Full text of Federal Reserve Bulletin : October 1976
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OCTOBER
1976
FEDERAL RESERVE
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FEDERAL RESERVE BULLETIN
NUMBER
10 •
V O L U M E 62 •
OCTOBER
1976
CONTENTS
815 Recent Growth in Activities
of U.S. Offices of Foreign Banks
A1
Financial and Business Statistics
A1 Contents
A2 U.S. Statistics
A58 International Statistics
825 Changes in Time and Savings
Deposits at Commercial Banks,
January-April 1976
A76 Board of Governors and Staff
833 Statement to Congress
A78 Open Market Committee and Staff;
Federal Advisory Council
837 Record of Policy Actions
of the Federal Open Market Committee
A79 Federal Reserve Banks and Branches
849 Law Department
A80 Federal Reserve Board Publications
879 Announcements
A82 Index to Statistical Tables
884 Industrial Production
A84 Map of Federal Reserve System
Inside Back Cover:
Guide to Tabular Presentation and
Statistical Releases
PUBLICATIONS
COMMITTEE
Lyle E. Gramley
Stephen H. Axilrod
Joseph R. Coyne
Janet O. Hart
John M . Denkler
John D. Hawke, Jr.
James L. Kichline, Staff Director
The Federal Reserve BULLETIN is issued monthly under the direction of the staff publications committee. This
committee is responsible for opinions expressed except in official statements and signed articles. Direction for
the art work is provided by Mack R. Rowe. Editorial support is furnished by the Economic Editing Unit headed
by Elizabeth B. Sette.
815
Recent Growth in Activities
of U.S. Offices of Foreign Banks
This article was prepared in the International
Banking Section of the Division of International Finance.
The rapid expansion of activities of foreign bank
offices in the United States in recent years constitutes an increasingly important phase in the
widespread growth of international banking.
Assets of U.S. banking offices of foreign banks
have increased more than two and a half times
since November 1972, when the Federal Reserve first began collecting monthly balance
sheet data on their operations. Although a few
foreign banks have made highly publicized acquisitions of existing U.S. banks, most of the
growth has resulted from the expansion in size
and number of their U.S. banking offices.
Foreign bank offices are located in major
money market centers, primarily in New York
and California. In addition, the number of
foreign bank offices in Illinois has expanded
significantly since passage of State legislation
in 1973 permitting the establishment of branches
in one part of downtown Chicago, but total
assets held by these offices are still relatively
small. Foreign banks have a few offices in
certain other States and in Puerto Rico and the
Virgin Islands. Most States, however, either
make no legal provisions concerning foreign
bank offices or specifically prohibit such banks
from conducting a banking business through
offices within their respective jurisdictions.
As of August 1976, 194 U.S. offices of
foreign banks reported $61.9 billion in total
assets—equal to about 12 per cent of total assets
held at domestic offices of the large U.S. banks
with which they compete most actively in
money market operations, in the transfer of
funds for international payments, and in the
financing of international trade. (Large U.S.
banks hold more than half of the assets of all
U.S. cormnerical banks.) Moreover, commer
cial and industrial loans made by U.S. offices
of foreign banks amounted to one-fifth of the
loans made by large U.S. banks to domestic
and foreign borrowers.
U.S. offices of foreign banks have also become major participants in the U.S. Federal
funds market, where they place short-dated
funds or borrow for liquidity needs. Many offices actively arbitrage between the U.S. Federal
funds market and foreign markets, especially
Euro-currency markets. Thus, these offices,
acting as extensions of their parent banks, have
increasingly served as channels through which
economic and financial conditions in their home
countries influence U.S. financial markets and
vice versa. Consequently, their growth, which
has paralleled the rapid expansion in assets of
U.S. banks' foreign branches and overseas subsidiaries, has contributed significantly to the
integration of international financial markets.
The rapid growth and current scale of operations of foreign bank offices in the United States
have drawn attention to their increasing significance in U.S. banking and credit markets and
have highlighted major differences in the legal
and regulatory treatment of these offices as
compared with domestic U.S. banks. In recognition of these differences, the Board of Governors of the Federal Reserve System in late 1974
proposed legislation that would establish uniform national treatment for foreign banks in the
United States, thereby placing them on a nondiscriminatory basis vis-a-vis U.S. banks. The
Congress has held hearings on this and other
proposals but has not passed legislation.
FORMS OF
ORGANIZATION
Foreign banks conduct their U.S. banking activities primarily through agencies, branches,
and U.S.-chartered bank subsidiaries. The se-
A 816
Federal Reserve Bulletin •
October 1975
lection of organizational forms reflects the type
of business in which the foreign bank is engaged
and the legal and regulatory differences pertaining to the establishment, powers, and regulation
of each type of office.
CHART 1
Growth in U.S. ofTices
of foreign banks by type of office
Billions of dollars
AGENCIES
Although individual State laws permitting the
establishment of agencies and branches of
foreign banks differ, agencies are considered to
be banking offices that lend and transfer funds
but do not accept deposits from domestic residents; however, they may accept credit balances, which resemble deposits in important
respects. I n California, agencies of foreign
banks may accept deposits from foreigners upon
receipt of written authorization from the State
banking authorities.
As seen in Chart 1, agencies are the most
important form of organization for U.S.-based
foreign banking offices both in the number of
offices and in total volume of assets. I n New
York State, agencies are established by Canadian banks and by banks of other countries that
are unable to operate branches there because of
New York State reciprocity requirements. (The
reciprocity requirements preclude a foreign bank
from establishing a branch in New York unless
New York-chartered banks are permitted to conduct specified banking activities through offices
in the country under whose laws the foreign bank
is authorized.) Japanese banks in New Y o r k , with
two exceptions, also use the agency form. The
absence of limits on the amount of loans and
credits that an agency may make to an individual
borrower enables Japanese agencies to finance the
needs of their large customers with less difficulty.
Agencies are also the dominant form of
foreign bank organization in California because
under California State law foreign branches
cannot accept domestic deposits that are not
insured by the Federal Deposit Insurance Corporation. Current Federal law does not provide
FDIC insurance for any deposits of U.S.
branches of foreign banks. California agencies
are also not subject to loan limits to individual
borrowers unless they accept deposits from foreigners.
Investment companies ^^
t
Number
NUMBER OF OFFICES
Investment companies ^
72
1973
"1974
1975
1976
F . R . data.
Agency assets expanded rapidly from late
1972 to mid-1974; thereafter, these assets have
remained relatively stable despite a steady increase in the number of agency offices. This
pattern primarily reflects changes in the growth
of Japanese agencies, which account for twothirds of all agency assets.
BRANCHES
I n States where they are permitted, branches of
foreign banks conduct a full-service banking
business, including the acceptance of deposits
from domestic and foreign residents. Branches
are limited in the amount of credit they can
provide to an individual borrower, but these
limits are not uniform in all States. For example,
in New York such limits are determined by the
capital and surplus of the parent bank, whereas
in Illinois, loan limits are more complex but
large loans to individual customers may be made
if funded by borrowings from related institutions.
Branch office assets have almost quadrupled
since the initiation of monthly reports in No-
Growth in Activities of U.S. Offices of Foreign Banks
vember 1972. Although starting from a much
smaller base, this increase has exceeded that of
agencies. The expansion of continental European bank branches in New York has accounted
for the major portion of this growth.
817
sidiaries has increased by only eight since November 1972. However, assets of foreign bank
subsidiaries have tripled since then, for a gain of
nearly $9 billion. Almost half of this gain resulted
from several large, highly publicized acquisitions of assets of existing U.S. banks.
SUBSIDIARIES
Foreign banks also own banks chartered in the
United States. Virtually all bank subsidiaries of
foreign banks have a State charter because of
the requirement in U.S. law that all directors
of nationally chartered banks be U.S. citizens.
A number of these subsidiaries serve the needs
of particular ethnic groups associated with the
home country of the parent bank. Since their
deposits are insured by the FDIC, subsidiaries
frequently engage in a deposit and loan business
with consumers and small businesses. Subsidiaries provide trust services, primarily in States
where a foreign bank cannot open a branch.
Lending limits for subsidiaries, as for domestic
U.S. banks, are based on their own capital. Several subsidiaries are members of the Federal Reserve System.
In order to acquire or establish a bank subsidiary, foreign banks must receive the approval
of the Board of Governors of the Federal Reserve System under the Bank Holding Company
Act. That Act subjects a foreign bank holding
company to restrictions against owning chartered banks in more than one State, although
several foreign banks own subsidiaries in two
States under "grandfather" provisions. However, foreign banks, regardless of whether they
own a U.S. banking subsidiary, may have
branches or agencies in more than one State,
provided such offices are permitted under State
law. The Bank Holding Company Act also
restricts foreign bank holding companies from
acquiring significant interests in U.S. conmiercial enterprises, including securities firms. Consequently, a few foreign banks that have wanted
to maintain U.S. securities firms as affiliates
have avoided the bank subsidiary form of
operation. Foreign banks may own securities
affiliates in conjunction with U.S. branches or
agencies, however.
The number of U.S.-based foreign bank sub-
OTHER
A limited number of European banks have chosen to establish so-called investment companies
chartered under New York State law. These
companies resemble agencies in their activities,
including the maintenance of credit balances in
lieu of deposits, but in addition they have
powers to deal in securities, subject to certain
limitations. The assets of investment companies, currently five in number, have grown very
little.
Recently a Japanese bank utilized a new form
of entry by establishing under Section 25 of the
Federal Reserve Act an Agreement corporation
to conduct international banking activities in
Texas, where the bank did not have the option
of establishing a banking subsidiary, branch, or
agency.
Many foreign banks also have representative
offices in several States. These offices act as
sales and information-gathering posts for their
head offices but do not make loans or accept
deposits. Some representative offices are eventually upgraded to branch or agency status in
States that permit branch or agency operations.
Representative offices are generally exempt
from banking regulation. However, the State of
California requires them to obtain a license from
the State Superintendent of Banking. Although
two-thirds of these offices are located in New
York, significant numbers are in California,
Illinois, and Texas.
NATURE
AND
GROWTH OF
ACTIVITIES
Several factors have contributed to the marked
growth of foreign banks in the United States
and to the specialized nature of their operations.
The increase—more than fourfold—in the size
A 818
Federal Reserve Bulletin •
October 1975
of the Euro-dollar market since 1970 and, generally, the use of the U.S. dollar as a vehicle
for international transactions have spurred banks
in major industrial countries to establish a presence in the United States in order to clear the
progressively larger volume of dollar transactions generated by their expanding international
activities, to manage their liquidity positions,
and to take advantage of arbitrage opportunities
in international money markets.
Foreign banks have also established U.S.
offices to finance trade and working capital
needs and to provide foreign exchange, payments, and other corporate services for large
home-country corporations that have invested in
the United States. These investments have increased significantly since 1971. I n addition,
foreign banks compete with U.S. banks in financing trade of U.S. businesses with their
home countries and in meeting the financing
needs of multinational companies.
ASSETS
U.S. affiliates of foreign banks increased their
assets by $37 billion, or more than 150 per cent,
in the past 4 years (Chart 2). I n comparison,
assets at domestic offices of large U.S. banks
increased by $107 billion, or about 28 per cent.
CHART 2
Total assets of US. oflfices
of foreign banks and large U.S. banks
Ratio scale, billions of dollars
1976
F . R . data. Large U . S . banks consist of member banks that
report w e e k l y to the Federal Reserve. Assets of four foreigno w n e d banks are included i n b o t h groups.
CHART 3
Total assets and clearing balances
held by U.S. offices of foreign banks
Ratio scale, billions of dollars
wmmmmmmTi
-
50
Total assets
Balances:
Due from directly
related institutions
i
i ^ ^
Due from
other liiiil
1
72
. ^ V
/"^mjr
^
1
1973
10
1
1974
1975
1976
F . R . data. Balances due f r o m other banks include cash items
in process of collection, demand deposits due f r o m U . S . banks
( w i t h reciprocal demand deposits reported o n a net basis) and
deposits due f r o m f o r e i g n banks ( w i t h reciprocal demand
deposits reported on a gross basis). Balances due f r o m directly
related institutions include all claims o n directly related institutions i n the U n i t e d States and abroad i n c l u d i n g deposit
balances, overdrafts, or loans.
over the same period. Growth i n both number and
assets of U.S.-based foreign bank offices—especially agencies and branches—^has been based
primarily on the expansion of clearing transactions, money market activities, and conmiercial
lending. As shown in Chart 3, the major importance of these offices in clearing international
payments and in engaging in foreign exchange
transactions has resulted in a rising volume of
collection items and working balances due from
other banks, including related institutions here
and abroad. Such items constitute a significant
proportion of activities on both sides of their
balance sheets.
Compared with large U.S. banks, U.S. offices of foreign banks also have a higher
proportion of interbank claims relative to nonbank loans, vividly illustrating the role that
these offices have assumed in managing the
liquid dollar assets of their parent bank networks. As a result of operations in both the U.S.
Federal funds and the Euro-dollar markets, interbank money market claims of these offices
currently equal about half those of large U.S.
banks (Chart 4).
Interbank claims expanded rapidly during the
first half of 1974 and in 1975 as U.S. offices
Growth in Activities
CHART 4
Interbank money market assets
Ratio scale, billions of dollars
30
F . R . data. Includes all loans, advances, and time deposits
that represent claims o n U . S . and f o r e i g n commercial banks.
of continental European banks significantly increased their placements in the United States
of dollar balances received from parent bank
networks and foreign customers. The continued
expansion of interbank assets in 1976, however,
reflected a growing volume of interbank placements in the Euro-dollar market by U.S.
branches of continental European banks. This
expansion of interbank claims counterbalanced
a slowdown and subsequent decline in growth
of commercial and industrial and other nonbank
loans.
The structure of the asset portfolio of U.S.
offices of foreign banks also reflects their largescale lending to multinational customers. Thus,
as seen in Chart 5, more than 80 per cent of
the loan portfolios of these offices consist of
commercial and industrial loans. I n comparison,
approximately half of the nonbank loans made
by large U.S. banks consist of such diverse
credits as mortgages, consumer loans, and agricultural loans. Moreover, greater than 20 per
cent of the commercial and industrial loans of
U.S. offices of foreign banks consist of claims
on foreigners, compared with less than 5 per
cent of such loans of large U.S. banks.
I n contrast to the decline in commercial and
industrial loans at large U.S. banks since early
1975, U.S. offices of foreign banks continued
to expand such loans to both domestic and
foreign borrowers throughout 1975, albeit at a
slower pace than earlier. But in the first half
of U.S. Offices of Foreign Banks
819
of 1976, they also suffered a decline. This
pattern suggests that both groups of banks were
affected, although to a different degree, by the
weaker loan demand resulting from the recession in the United States, a slowdown in the
growth of world trade, and a shift of corporate
borrowers from bank credit to other sources of
funds.
U.S. branches and agencies of foreign banks
hold only limited amounts of U.S. Government
and tax-exempt securities, whereas such securities comprise approximately one-fifth of the
asset portfolios of large U.S. banks. However,
U.S. subsidiaries of foreign banks include a
significant portion of these securities among
their total assets (see Appendix Table). I n fact,
the asset portfolios of U.S. subsidiaries of
foreign banks, which tend to conduct a more
diversified banking business than agencies andj
branches, resemble the portfolios of large U.S.
banks.
CHART 5
Nonbank loans and credits
Ratio scale, billions of dollars
"Urie^uTiSmTiks:'
300
. .. 200
100
Commercial and industrial
50
U.S. offices of foreign banks:
Total
72
1973
1974
1975
i
20
-
10
1976
F . R . data. Nonbank loans and credits include commercial
and industrial, mortgage, agricultural, and other loans made
to nonbanks and f o r e i g n official institutions, but exclude sales
of Federal funds and loans f o r purchasing or carrying securities.
LIABILITIES
The specialized nature of the activities of U.S.
offices of foreign banks also results in sharp
contrasts between the structure of their liabilities
and that of large U.S. banks. Reflecting the
A 820
Federal Reserve Bulletin •
October 1975
wholesale activities of agencies and branches,
U.S. offices of foreign banks fund only
a third of their total assets with deposits
and other borrowings from nonbanks, whereas
large U.S. banks fund about two-thirds of their
total assets in this manner. Nevertheless, as seen
in Chart 6, deposits and borrowings from nonbanks have risen f r o m approximately $6 billion
in November 1972 to more than $20 billion as
of August 1976, constituting the single most
important source of funds for U.S. offices of
foreign banks.
The growth i n deposits and borrowings from
nonbanks has stemmed from two quite different
sources (see Appendix Table). U.S. agencies
and branches of foreign banks have accounted
for $7.3 billion of the increase; nearly twothirds of this amount was derived from foreign
sources, mostly in the form of foreign corporate
and foreign official time deposits and other nonbank foreign borrowings . U . S . branches of continental European banks provided an active channel
for shifting funds f r o m the Euro-dollar market to
the United States following the highly publicized
collapse in mid-1974 of a German bank heavily
engaged in foreign exchange activities. Subsequently, these banks continued to receive funds
from foreign nonbank customers that wished to
maintain dollar balances in the United States for
reasons related to favorable interest differentials
between U.S. and foreign money markets, or
portfolio diversification, or exchange controls
imposed by other countries.
U.S. banking subsidiaries of foreign banks
accounted for about $6.8 billion of the increase
in deposits and other borrowings from nonbanks. This increase, however, consisted
largely of domestic liabilities; domestic nonbank demand deposits increased about $1.9 billion and domestic time deposits and other borrowings from nonbanks about $4.3 billion. Such
deposits increased considerably as a result of
acquisitions of several existing large U.S. banks
by foreign banks during this period.
U.S. agencies and branches of foreign banks
also rely heavily on net borrowings from parent
banks and other related institutions abroad to
fund their lending activities. This dependency
parallels the behavior of foreign branches of
CHART 6
US. ofTices of foreign banks: sources of funds
Billions of dollars
F . R . data. Deposits and b o r r o w i n g s consist o f credit balances, deposits, and a l l other b o r r o w i n g s f r o m nonbanks and
official institutions. N e t interbank b o r r o w i n g s consist o f domestic
and f o r e i g n interbank m o n e y m a r k e t l i a b i l i t i e s less domestic
and f o r e i g n interbank m o n e y m a r k e t assets. N e t advances f r o m
d i r e c t l y related institutions abroad i n c l u d e a l l l i a b i l i t i e s t o these
institutions less a l l c l a i m s due f r o m t h e m .
U.S. banks, which also fund a significant share
of their activities through advances from their
parent banks and affiliated organizations. U.S.
subsidiaries of foreign banks, on the other hand,
transfer more limited amounts of funds to and
from parent banks. From a low of about $5
billion in early 1973, net advances to all U.S.
offices of foreign banks from their parent organizations increased to $SV2 billion through late
1974, but have changed relatively little since.
This stable pattern in aggregate net advances
from related institutions abroad conceals considerable diversity among offices of different
national origin, however. For specific groups of
branches and agencies, net flows vis-a-vis parent
banks and affiliated organizations abroad fluctuate in response to changing interest rate differentials between U.S. and foreign money
markets and to regulatory policies of central
banks.
Nevertheless, over the long run, U.S.
branches and agencies of all foreign banks have
manifested a strong tendency to depend signifi-
Growth in Activities of U.S. Offices of Foreign Banks
cantly on their parent bank organizations for
funding their U.S. activities.
U.S. offices of foreign banks—while very
active in both lending and borrowing interbank
funds—have consistently relied on other banks
as an additional net source of funds, except in
recent months. Net interbank borrowing rose
slowly from approximate balance in November
1972 to a peak of $4 billion in February 1975,
then tapered off, and since May 1976 has been
in near balance.
The aggregate trend of net interbank borrowing, as in the case of net borrowing from directly
related foreign institutions, reflects a composite
of very diverse patterns among U.S. banking
offices of different national origins. U.S.
branches of banks of continental Western
Europe, especially Switzerland, and to a lesser
extent the United Kingdom, have persistently
increased the volume of their gross and net
interbank placements. A n especially marked increase occurred in mid-1974, when a number
of foreign banks shifted assets from the Eurodollar market to their U.S. affiliates in the wake
of severe strains in international financial markets. U.S. agencies of Canadian banks have also
been significant net interbank lenders, although
the levels of both gross and net interbank placements have declined over the period.
U.S. agencies of Japanese banks, on the other
hand, have accounted for most of the net interbank borrowing of all U.S. offices of foreign
banks. In fact, the increase in their net interbank
borrowing from $1 billion in late 1972 to $6.5
billion at the end of 1974 and the decline thereafter to a level of around $5 billion since April
1976 has been a dominant influence on the
over-all trend of net interbank borrowing of
U.S. offices of foreign banks.
NATIONAL
ORIGIN
Although, as a group, U.S. offices of foreign
banks engage in a more specialized range of
operations than large U.S. banks, offices of
different national origin reveal considerable divergence in patterns of growth and in the specific types of activities in which they engage.
821
The activities and growth of these offices are
shaped not only by economic and financial conditions in the United States but also by economic
and financial conditions and by banking and
exchange regulations in the home countries of
the parent banks. Reflecting responses to a wide
variety of conditions abroad, the composition
of foreign bank activities by country of parent
bank has changed markedly since November
1972 (Chart 7).
JAPAN
Japanese bank offices in this country have concentrated on financing Japanese trade both with
the United States and with other countries, and
on financing U.S. subsidiaries of Japanese corporations. Commercial and industrial loans of
these offices—currently accounting for about
half the total for all foreign banks—rose from
$5.4 billion in November 1972 to $10.8 billion
in December 1974. Thereafter, these commercial loans declined gradually as a result of the
sharp drop-off in U.S.-Japanese bilateral trade
and Japanese trade with other countries.
U.S. offices of Japanese banks have remained
heavily dependent upon net interbank borrowing
from U.S. banks and on net advances from
related foreign institutions for funding their
lending operations. A substantial proportion of
advances from related institutions abroad represents funds borrowed from U.S. banks in the
name of parent Japanese banks and then recorded as advances by parent banks to their New
York agencies. Similarly, agencies of Japanese
banks also raise funds from U.S. banks that are
recorded as liabilities of Japanese agencies in
California, which in turn show these funds as
advances to affiliated agencies in New York.
Following a request by the Board of Governors of the Federal Reserve System in June 1973
that U.S. agencies and branches of foreign
banks voluntarily maintain reserves on increases
in net borrowings from foreign banks above
base-period levels, net advances from related
institutions abroad have remained stable; on the
other hand, advances from California agencies
of Japanese banks to their New York and other
U.S. affiliates have risen to more than $4 billion.
A 822
Federal Reserve Bulletin • October 1975
CHART 7
U.S. offices of foreign banks
by national origin
Billions o f dollars
• l l l l .
T O T A L ASSETS
Resf of world
United Kingdom
Canada
Continental Europe
Japan
N U M B E R OF OFFICES
Rest of world
United Kingdom
Canada
Continental Europe
Japan
72
73
74
75
F.R. data: 1972-75, November; 1976, August.
Total assets of U.S. offices of Japanese
banks increased by $2 billion in the past 2 years
compared with an increase of $11 billion in the
previous year and three-quarters (Chart 7). This
marked change in trend reflected a decline in
Japanese agency assets beginning in early 1975,
following earlier rapid increases. As a result,
Japanese banks' share of assets of all U.S.
offices of foreign banks shrank moderately, from
45 per cent in November 1972 to 40 per cent
($24.8 billion) in August 1976.
C O N T I N E N T A L WESTERN EUROPE
U.S. offices of continental Western European
banks concentrate heavily on money market and
clearing activities and engage in less trade financing than do U.S. offices of Japanese banks.
This is evidenced by large clearing and interbank items on their balance sheets and by the
smaller volume of commercial and industrial
loans relative to total assets. Moreover, these
offices supply on a net basis to the Federal funds
and Euro-dollar markets large amounts of funds
received from nonbank deposits and from related offices abroad. Two-thirds of these nonbank deposits are due to foreigners.
U.S. offices of banks in continental Western
Europe have nearly quadrupled their assets from
$5 billion in November 1972 to $19 billion as
of August 1976, with their share of assets of
all U.S.-based foreign bank offices increasing
from 21 per cent to 31 per cent. U.S. offices
of Swiss banks have accounted for a major share
of this growth; currently they account for about
one-third of the total assets of this group. U.S.
offices whose parent banks are located in Germany, Italy, France, and—to a lesser extent—
the Netherlands have also reached significant
levels of activity.
In contrast to the preference of Japanese
banks for the agency form of organization for
conducting their U.S. operations, continental
European banks have relied primarily on
branches for expanding their activities in the
United States. These branches more than tripled
in number from November 1972 to August
1976, with an especially sharp expansion in
1974, and their total assets rose by more than
$10 billion. Assets of U.S. subsidiaries also
increased by $3 billion, about half of which
reflected an acquisition of assets of a large New
York bank that failed in late 1974.
During 1975 branches of continental Western
European banks continued to expand their balance sheets in response to a more rapid decline
in European than in U.S. short-term interest
rates—^resulting in continued inflows of funds
through these branches into the U.S. interbank
market—and in response to the growth in activities of branches newly established in 1974. In
1976, however, as the level of foreign deposits
and advances from related banks abroad failed
to expand further, branches increased their net
interbank placements at a slower pace.
CANADA
U.S. offices of Canadian banks, long active in
the U.S. money markets, have concentrated on
managing and clearing U.S. dollar balances for
their parent banks, which derive dollar balances
Growth in Activities of U.S. Offices of Foreign Banks
from a wide variety of sources, including Canadian subsidiaries of U.S. corporations, U.S. and
Canadian residents, offices in the Caribbean,
and Euro-dollar operations. These balances are
invested in the U.S. interbank market and in
the Euro-dollar market. The money market position of these offices fluctuates quite sharply in
the short run as Canadian banks shift funds
among U.S., Canadian, Euro-dollar, and other
short-term money markets. Over the longer run,
however, the volume of net liabilities to parent
banks in Canada has not increased; this may
reflect in part a higher effective cost of these funds
resulting from the request that reserves be held
against increases in net borrowings from foreign
banks and related institutions abroad. While
their money market operations have remained
relatively stable, U.S. offices of Canadian banks
have steadily increased their commercial and
industrial loans to a current level of $2.2 billion.
Since the end of 1973, total assets of these
offices have ranged mostly between $6.5 billion
and $7.5 billion.
UNITED KINGDOM
U.S. offices of banks in the United Kingdom
held $6.4 billion in assets as of August 1976,
an increase of $4.4 billion from November
1972. Of this increase, $1.4 billion represented
the acquisition of a major banking network in
California. That acquisition substantially augmented retail loans and, to a lesser extent,
823
conmiercial and industrial loans to U.S. customers of U . K . subsidiaries in the United States
and added significantly to their nonbank demand
and time deposits. Most of the remaining expansion reflected a steady growth of commercial
and industrial loans and of net lending in interbank markets by branch offices. This asset growth
was funded by net advances from related offices
abroad and by a significant increase in foreign time
deposits.
OTHER COUNTRIES
U.S. offices of banks in other countries increased their total assets by $3.3 billion, to $4.4
billion as of August 1976. Banks from 5 Latin
American countries, 10 Asian countries, and
Australia have participated in this increase.
These banks have relied on agency and branch
offices much more than on subsidiaries for conducting their U.S. activities. U.S. agencies of
these banks have expanded commercial and
industrial and other loans as well as their net
lending to parent banks and overseas affiliates. This growth in assets has been accompanied by an expansion of foreign credit balances
and interbank borrowing. U.S. branches of
these banks have been active in expanding
conmiercial and industrial loans and are net
interbank lenders. They rely primarily on
foreign deposits and net borrowing from parent
banks and affiliates for funding their operations.
•
A 824
Federal Reserve Bulletin • October 1975
APPENDIX
TABLE
Assets and liabilities o f U.S. offices o f foreign banks, August 1976
I n millions of dollars
New Y o r k
investment
companies
All
reporters
Agencies
Branches
Commercial
banks
Total.
61,921
25,868
21,221
13,245
1,586
STANDARD B A N K I N G ASSETS
44,125
23,806
19,608
14,976
4,632
4,198
11,851
11,161
7,270
3,892
690
3,729
4,738
16,925
10,276
9,755
7,990
1,765
521
3,374
3,018
2,383
634
357
659
2,616
14,467
6,157
5,645
3,444
2,201
512
7,209
6,977
4,048
2,929
232
456
646
11,448
6,798
3,783
3,243
540
3,015
975
874
738
136
101
2,436
1,239
1,285
575
425
299
126
150
293
293
100
193
Item
ASSETS
Loans and credits
Commercial and industrial
U.S
Foreign
Other loans
Money market assets
Interbank loans and deposits
U.S
Foreign
Loans for purchasing or carrying securities.
Securities
Miscellaneous
179
237
4,902
1,059
2,342
1,354
148
12,894
5,384
7,510
7,884
4,451
3,433
4,412
758
3,655
443
121
323
154
54
100
Total.
61,921
25,868
21,221
13,245
1,586
STANDARD B A N K I N G LIABILITIES
35,782
20,356
4,652
3,591
1,062
15,704
9,407
6,298
11,210
10,268
942
4,216
12,567
2,082
498
272
226
1,584
458
1,126
7,871
7,769
101
2,614
11,274
8,001
961
474
487
7,040
2,918
4,122
2,643
1,877
767
629
11,097
9,732
3,030
2,784
246
6,702
6,008
694
593
525
68
111
845
541
163
61
102
378
22
356
102
97
6
202
CLEARING BALANCES
D U E FROM DIRECTLY RELATED INSTITUTIONS.
U.S
Foreign
LL^BILITIES
Liabilities to nonbanks
Demand deposits and credit balances
U.S
Foreign
Time and savings deposits and other borrowings.
U.S
Foreign
Interbank
U.S
Foreign
Miscellaneous
CLEARING LIABILITIES
D U E TO DIRECTLY RELATED INSTITUTIONS.
U.S
Foreign
CAPITAL ACCOUNTS A N D RESERVES.
NOTE.—Details may not add to totals due to rounding.
3,196
1,107
1,323
454
312
20,942
5,771
15,172
11,872
3,040
8,832
8,458
2,499
5,960
348
212
135
264
19
244
2,001
322
166
1,347
166
825
Changes in Time and Savings Deposits
at Commercial Banks, January-April 1976
For the 3 months ending A p r i l 30, 1976, the
growth of time and savings deposits of individuals, partnerships, and corporations (IPC) at
insured commercial banks proceeded at approximately the same moderate pace observed during
the three previous survey quarters. The most
recent survey conducted jointly by the Federal
Reserve System and the Federal Deposit Insurance Corporation (FDIC) indicates that time and
savings deposits, IPC, rose at a 9.6 per cent
annual rate to a level of $401 billion, not seasonally adjusted, after having risen at a 9.2 per
cent rate in the previous 3 months. W i t h interest
rates paid on consumer-type time and savings
deposits remaining near the maximum allowable
rates at most banks and with short-term Treasury
bill issues yielding below 5 per cent during most
of the period, savings deposits and small denomination (less than $100,000) time deposits
expanded sharply for the second consecutive
quarter. I n contrast, l a r g e - d e n o m i n a t i o n
($100,000 and over) certificates of deposit
( C D ' s ) — b o t h negotiable and nonnegotiable—declined in absolute volume, as banks
cut offering rates to slow inflows of such deposits in light of other strong deposit inflows and
the continuing weak demand for business
loans. ^
The aggregate weighted-average interest cost
on savings and small-denomination time deposits remained at 5.54 per cent—the result of a
balancing in the growth of low-cost savings
deposits and relatively higher-cost consumertype time deposits. The survey data also indicate
that neither bank size nor location is related to
NOTE.—Virginia Lewis and John R. Williams of the
Board's D i v i s i o n of Research and Statistics prepared
this article.
^Business loans at all commercial banks declined
$1.7 billion, not seasonally adjusted, during the Februa r y - A p r i l period.
the average rates offered on specific types of
deposits. However, the largest banks, because
they hold proportionately more savings than
consumer-type time deposits, pay a lower overall average rate on the total of consumer-type
time and savings deposits.
SAVINGS
DEPOSITS
W i t h yields on market securities relatively l o w ,
offering rates on banks' savings deposits—a
significant volume of which earn interest from
day of deposit to day of withdrawal—were
particularly attractive, and such deposits expanded at an annual rate of about 30 per cent
over the February to A p r i l interval. This increase—the largest since the survey began in
1968—was mainly a reaction to the rate advantage of commercial bank savings deposits relative to money market assets; in early January
the 3-month Treasury bill rate dropped below
the ceiling on commercial bank savings deposits
for the first time in more than 3 years.
In addition to the inducement offered by relatively attractive rates, regulatory changes in
November 1975 permitting profitmaking organizations to hold savings deposits also contributed to the acceleration in growth of such deposits. For the 3 months ending in A p r i l , savings balances of businesses at the approximately
320 large commercial banks for which data are
available accounted for about one-fifth of the
total savings deposit inflows at those banks.
According to a survey conducted by the Federal
Reserve, a significant proportion of the rise in
business savings during the November-December 1975 period probably reflected transfers
from demand balances. However, in view of
the rate incentives that prevailed during the
February-April period, a substantial portion of
A 826
Federal Reserve Bulletin • October 1975
the funds deposited in business accounts during
that period probably represented a substitution
of savings deposits for relatively low-yielding
alternative market assets.
SMALL-DENOMINATION
TIME
DEPOSITS
Growth in the outstanding volume of small-denomination time deposits remained strong over
the January-April interval, registering about a
14.0 per cent annual rate of growth. Deposits
with original maturities greater than 4 years
recorded the sharpest percentage increase, in
large part because Regulation Q permits higher
rates to be paid on longer-maturity deposits.
Since certificates maturing in 4 years or more
were fifst offered in mid-1973, their proportion
of total small-denomination time deposits has
increased from 3.8 to 32.7 per cent in April
1976. For the previous survey year alone, these
longer-maturity, small-denomination time deposits increased their relative share of consumer-type time deposits by more than 6.0
percentage points. Nevertheless, after having
declined absolutely in late 1975, small-denomination time deposits maturing in less than 1 year
displayed positive growth for the second consecutive quarter, perhaps reflecting use of such
deposits as temporary investments while yields
on market instruments remained low.
LARGE-DENOMINATION
TIME
DEPOSITS
Between January and April commercial banks
allowed a substantial volume of large-denomination time deposits to run off, reflecting pro-
TABLE 1
Types of time and savings deposits o f individuals, partnerships, and corporations held by
insured commercial banks on survey dates, July 31, 1975-April 30, 1976
N u m b e r o f issuing banks
A m o u n t (in millions o f dollars)
1976
1975
1975
Percentage change
i n deposits
(quarterly rate)
1976
Type o f deposit
July 31
T o t a l time and savings deposits..
Savings
Time deposits in denominations of less than
$100,000—Total
Accounts w i t h original
maturity o f —
Less than 1 year
1 up to 2Vi years
up to 4 years
4 up to 6 years
6 years and over:
Negotiable deposits
Nonnegotiable deposits.
A l l maturities: Open accounts—Passbook or
statement f o r m i
Time deposits in denominations
of $100,000 or more
Negotiable C D ' s
Nonnegotiable C D ' s and
open account
Christmas savings and other
special funds
Oct. 31
Jan. 31
A p r . 30
July 31
Oct. 31
Jan. 31
A p r . 30
Jan. 3 1 A p r . 30
14,305
14,378
14,369
14,449
375,731
383,485
392,385
401,673
2.3
2.4
14,088
14,214
14,206
14,287
151,965
154,282
165,470
178,190
7.3
7.7
14,194
14,280
14,266
14,347
128,771
131,580
136,953
141,868
4.1
3.6
13,587
13,858
12,592
12,047
13,719
14,003
12,659
12,188
13,699
14,024
12,732
12,296
13,824
14,129
12,829
12,471
37,443
35,872
19,500
32,658
31,262
35,397
20,318
34,553
38,424
36,006
20,453
36,773
40,019
36,093
19,357
39,785
3.1
1.7
.7
6.4
4.2
• .2
-5.4
8.2
4,371
2,098
4,623
2,296
5,230
2,534
5,491
2,729
1,464
1,834
1,664
2,386
2,150
3,147
2,648
3,966
29.2
31.9
23.2
26.0
3,866
3,921
3,898
3,990
31,125
31,820
32,622
33,876
2.5
3.8
8,442
3,976
8,699
3,960
8,684
3,808
8,719
3,758
89,008
62,830
92,241
64,895
85,049
58,840
76,047
52,725
-7.8
-9.3
-10.6
-10.4
4,943
5,230
5,357
5,502
26,178
27,346
26,209
23,322
-4.2
-11.0
9,039
8,226
8,826
9,011
5,987
5,382
4,913
5,568
-8.7
13.3
1 Includes time deposits, open account, issued in passbook, statement, or other forms that are direct alternatives for regular savings
accounts. M o s t o f these are believed to be i n accounts totaling less
than $100,000. The figures shown o n this line are included above i n
the appropriate m a t u r i t y category.
NOTE.—Data were compiled j o i n t l y by the Board o f Governors o f
the Federal Reserve System and the Federal Deposit Insurance
Oct. 3 1 Jan. 31
Corporation. The i n f o r m a t i o n was reported by a probability sample
o f all insured commercial banks.
Some deposit categories include a small amount o f deposits outstanding i n a relatively few banks that no longer issue these types o f
deposits and are not included i n the number o f issuing banks. D o l l a r
amounts m a y not add to totals because o f rounding.
Changes in Time and Savings Deposits
827
TABLE 2
Small-denomination time and savings deposits, IPC, held by insured commercial banks on
January 31, 1976 and A p r i l 30, 1976, by type o f deposit, by most c o m m o n rate paid on new
deposits i n each category, and by size of bank
Size of bank (total deposits in
millions of dollars)
Size of bank (total deposits in
millions of dollars)
Deposit group.
and distribution
of deposits by most
common rate
A l l banks
A l l banks
Less than 100
Apr.
30
Jan.
31
Apr.
30
Jan.
31
Less than 100
100 and over
Apr.
30
Jan.
31
Apr. 30
4.01-4.50
4.51-5.00
MEMO: paying ceiling
rate 2
Time deposits in denominations of less than $100,000:
Maturing in—
Less than 1 year:
Issuing banks
Distribution:
Total
5.00 or less
5.01 5.50
MEMO: paying ceiling
rate2
5.51-6.00
MEMO: paying ceiling
rate 2
lYi up to 4 years:
Issuing banks
Distribution:
Total
5.50 or less
5.51-6.00
6.01 6.50
MEMO: paying ceiling
rate 2
4 up to 6 years:
Issuing banks
Distribution:
Total
6,50 or less
6.51-7.00
7.01-7.25
MEMO: paying ceiling
rate 2
100,262
65,208
109,098
4.0
8.2
87.8
100
3.0
5.2
91 .8
100
3.3
6.1
90.6
100
4.8
10.0
85.2
82.1
87.3
86.6
91 .7
90.4
84.6
84.1
919
951
40,019
38,424
17,348
17,129
22,671
21,295
100
6.0
94.0
100
6.1
93.9
100
100
2.7
97.3
100
5.3
94.7
100
6.1
93.9
100
4.6
95.4
100
6.4
93.6
93.2
93.5
93.0
95.7
94.1
91.7
92.0
911
941
36,093
36,006
23,763
23,854
100
1 .6
98.4
100
1 .7
98.3
13,254
918
952
100
5.3
5.1
89.6
100
5.8
5.2
89.0
100
6.3
11 . 6
82.1
100
6.1
11 . 6
82.3
89.1
88.5
89.6
88.9
81.6
13,824
13,699
12,905
12,748
100
6.5
93.5
100
7.7
92.3
100
6.6
93.4
100
7.8
92.2
92.3
91.7
92.3
91 . 5
92.1
14,129
14,024
13,218
13,083
100
1.8
98.2
100
1 .7
98.3
100
1.8
98.2
100
1 .7
98.3
97.4
97.2
97.4
97.2
96.7
12,829
12,732
11,946
11,815
100
100
.1
1 .2
98.7
Jan. 31
69,092
13,369
100
5.9
5.6
88.5
100
Apr. 30
100
4.0
9.1
86.9
14,206
100
5.3
5.5
89.2
100
Jan. 31
165,470
14,287
178,190
100
1 up to 2VI years:
Distribution:
Total
5.50 or less
Apr. 30
Amount of deposits (in millions of dollars),
or percentage distribution
Number of banks, or percentage distribution
Savings deposits:
Issuing banks
Distribution:
Total
4.00 or less
Jan. 31
100 and over
883
100
100
4.6
11 .0
84.4
7.3
92.7
12,330
12,152
2.2
97.8
100
1 .7
98.3
100
1 .6
98.4
100
1 .0
99.0
100
3.2
96.8
100
96.6
97.0
97.1
97.9
98.0
95.4
95.1
917
19,357
20,453
11,726
12,357
7,631
8,096
100
100
100
100
100
100
(1)
100
100
98.9
.2
.5
99.3
99.6
.1
2.3
97.6
98.0
98.4
98.6
98.8
97.0
97.7
39,785
36,773
20,100
18,076
19,685
18,697
100
100
100
100
100
0)
98.9
.1
1 .2
98.7
1.0
99.0
.1
1 .6
98.3
.1
1 .6
98.3
.1
1 .2
98.7
98.3
98.7
98.4
98.5
97.2
97.7
12,471
12,296
11,593
11,382
878
914
100
1 .2
15.4
83.4
100
1.1
15.1
83.8
100
1 .2
15.8
83.0
100
1.1
15.5
83.4
100
1.7
10.4
87.9
100
I .7
10.0
88.3
83.2
83.5
82.8
83.1
87.3
5,491
5,230
5,178
4,923
100
100
100
100
3.0
97.0
1.3
9.5
89.2
.3
10.0
89.7
.5
11.3
88.2
.3
11.3
88.4
100
2.2
7.6
90.2
87.9
88.9
89.3
87.8
87.8
90.1
2,648
2,150
1 ,614
1 ,308
1 ,034
100
100
100
100
100
2.1
97.9
.5
8.7
90.8
90.7
6 years and over—
Negotiable deposits:
Distribution:
Total
6.00 or less
6.01-7.00
7.01-7.50
MEMO: paying ceiling
rate 2
6 years and over—Nonnegotiable deposits:
Issuing banks
Distribution:
Total
6.00 or less
6.01-7.00
7.01-7.50
MEMO: paying ceiling
rate 2
313
307
100
1 .0
2.7
96.3
.4
.9
98.7
.3
1 .0
98.7
.3
.7
99.0
.2
.9
98.9
100
2.7
3.6
93.7
94.8
95.9
95.0
96.1
90.7
2,729
2,534
2,242
2,011
100
100
.8
.6
98.6
100
1 .2
.7
98.1
.8
.2
99.0
100
1 .4
.4
98.2
96.5
96.0
97.0
96.3
487
100
842
100
1 .7
98.1
.4
1 .6
98.0
.2
2.1
97.7
.6
2.1
97.3
.3
.9
98.8
99.3
92.5
93.0
92.0
96.1
96.0
88.0
85.7
523
3,966
3,147
1,095
776
2,871
2,371
100
100
100
100
100
100
.2
100
.4
2.6
97.0
.6
1 .6
97.8
2.7
97.1
.1
4.3
95.6
.5
.2
99.3
.3
(1)
99.7
.1
3.6
96.3
94.0
94.8
95.6
92.3
96.8
94.6
95.1
.2
.1
.6
5.'6
94.3
91.5
A 828
Federal Reserve Bulletin • October 1975
longed weak business loan demand, coupled
with the rapid growth in consumer-type time and
savings deposits. This continues the pattern that
began in early 1975; between January 1975 and
April 1976 the outstanding volume of large-denomination time deposits—including negotiable
and nonnegotiable CD's and open accounts—
contracted by $26.0 billion. Moreover, the decline was proportionally divided between negotiable and nonnegotiable deposits, with both
categories declining approximately 25 per cent.
With yields on commercial paper and on other
money market instruments dropping from 10 to
25 basis points, rates of interest on large-denomination time deposits also declined during
the 3 months ending in April. At the end of
April, three-fourths of all large CD's outstanding were at banks offering rates of less than 5.5
per cent; the proportion in January was about
three-fifths.
•
TABLE 3
Average o f most common interest rates paid on various categories o f time and savings deposits,
IPC, at insured commercial banks on A p r i l 30, 1976
T i m e deposits in denominations o f less t h a n $100,000
Bank location and
size o f bank
(total deposits in
millions o f dollars)
Savings
and
smalldenomination
time
deposits
Maturing in—
Savings
6 years aii d over—
Total
Less than
1 year
1 up to
21/2 years
up to
4 years
4 up to
6 years
Negotiable
deposits
Nonnegotiable
deposits
A l l banks:
A l l size groups
Less than 10
10-50
50-100
100 500
500 and over
5.54
5.77
5.69
5.57
5.49
5.40
4.92
4.91
4.94
4.96
4.90
4.90
6.32
6.23
6.35
6.35
6.33
6.31
5.47
5.47
5.49
5.48
5.47
5.46
5.99
5.99
5.99
5.99
5.99
5.98
6.49
6.50
6.49
6.49
6.49
6.49
7.21
7.20
7.22
7.22
7.21
7.21
7.47
7.50
7.49
7.41
7.47
7.43
7.47
7.49
7.49
7.48
7.48
7.46
Banks in—
Selected large S M S A ' s i :
A l l size groups
Less than 10
10-50
50-100
100-500
500 and over
5.44
5.62
5.50
5.51
5.45
5.40
4.92
4.93
4.94
4.95
4.91
4.91
6.32
6.30
6.35
6.35
6.31
6.31
5.47
5.48
5.48
5.48
5.47
5.46
5.98
5.98
5.98
5.98
5.99
5.97
6.48
6A1
6.41
6.49
6.50
6.48
7.21
7.18
7.20
7.22
7.22
7.21
7.44
7.50
7.48
7.35
7.49
7.41
7.46
7.48
7.48
7.44
7.47
7.46
A l l other S M S A ' s :
A l l size groups
Less than 10
10-50
50-100
100-500
500 and over
5.53
5.68
5.66
5.58
5.49
5.37
4.87
4.86
4.90
4.94
4.88
4.75
6.33
6.34
6.38
6.34
6.32
6.27
5.48
5.48
5.48
5.48
5.46
5.49
5.99
6.00
5.99
6.00
5.99
6.00
6.49
6.50
6.49
6.50
6.49
6.50
7.22
7.20
7.23
7.22
7.21
7.20
7.48
7.50
7.49
7.50
7.45
7.50
7.49
7.50
7.48
7.50
7.48
7.50
Banks outside S M S A ' s :
A l l size groups
Less than 10
10-50
50-100
100-500
500 and over
5.75
5.79
5.77
5.70
5.61
5.79
4.95
4.91
4.95
4.99
4.89
5.00
6.32
6.22
6.34
6.37
6.39
6.45
5.48
5.47
5.49
5.48
5.47
5.50
5.99
5.99
5.99
6.00
5.96
6.00
6.50
6.50
6.50
6.50
6.45
6.50
7.22
7.21
7.22
7.23
7.21
7.25
7.50
7.49
7.50
7.50
7.48
7.50
7.50
7.50
7.50
7.50
7.50
1 The selected large Standard M e t r o p o l i t a n Statistical Areas, as defined by the Office o f Management and Budget and arranged by size o f populat i o n in the 1970 Census, are as follows:
New Y o r k City
Los Angeles-Long Beach
Chicago
Philadelphia
Detroit
San Francisco-Oakland
Washington, D . C .
Boston
Pittsburgh
St. Louis
Baltimore
Cleveland
Houston
Newark
Minneapolis-St. Paul
Seattle-Everett
Milwaukee
Atlanta
Cincinnati
Paterson-Clifton-Passaic
Dallas
Buffalo
San Diego
Miami
Kansas City
Denver
San Bernardino-Riverside
Indianapolis
San Jose
New Orleans
T a m p a - S t . Petersburg
Portland
Phoenix
Columbus
Rochester
San A n t o n i o
Dayton
Louisville
Sacramento
Memphis
Ft. W o r t h
Birmingham
Albany-Schenectady-Troy
Akron
Hartford
Norfolk-Portsmouth
Syracuse
G a r y - H a m m o n d - E . Chicago
Oklahoma C i t y
Honolulu
Ft. L a u d e r d a l e - H o l l y w o o d
Jersey City
Salt Lake C i t y
Omaha
Nashville-Davidson
Youngstown-Warren
Richmond
Jacksonville
Flint
Tulsa
Orlando
Charlotte
Wichita
West Palm Beach
Des Moines
Ft. Wayne
Baton Rouge
Rockford
Jackson, Miss.
NOTE.—The average rates were calculated by weighting the most c o m m o n rate reported on each type o f deposit at each bank by the amount
o f that type o f deposit outstanding. Christmas savings and other special funds, for which no rate i n f o r m a t i o n was collected, were excluded.
Changes in Time and Savings Deposits
APPENDIX
1.
829
TABLES
Savings deposits
Most common interest rates paid by insured commercial banks on'new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Group
Total
Most common rate paid (per cent)
Total
4.00
or
less
4.50
5.00
Memo:
ceiling
rate 3
4.00
or
less
NUMBER OF BANKS
A l l banks
Size of bank (total deposits in millions of
aoiiarsj:
Less than 10
10-50
50-100
100-500
500 and over
2.
4.50
5.00
Memo:
ceiling
rate 3
M I L L I O N S OF D O L L A R S
14,287
764
785
12,738
12,728
178,190
7,226
4,444
7,673
1,252
736
182
423
254
29
45
13
131
489
59
83
23
3,890
6,930
1,164
608
146
3,890
6,925
1,164
605
144
5,655
43,272
20,164
38,915
70,184
406
1,209
434
1,981
3,196
14,561 156,403
123
2,587
894
3,796
7,161
5,126
39,476
18,836
33,138
59,827
155,634
5,126
39,369
18,836
32,903
59,400
Time deposits, IPC, i n denominations of less than $100,000—
M a t u r i n g i n less than 1 year
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Group
Total
Most common rate paid (per cent)
Total
5.00
or
less
5.50
Memo:
ceiling
rate 3
5.00
or
less
NUMBER OF BANKS
A l l banks
Size of bank (total deposits in millions of
dollars):
Less than 10
10-50
50-100
100-500
500 and over
3.
5.50
Memo:
ceiling
rate 3
M I L L I O N S OF D O L L A R S
13,824
902
12,922
12,759
40,019
1,845
38,174
37,403
4,276
7,387
1,242
737
182
354
439
54
40
15
3,922
6,948
1,188
697
167
3,901
6,881
1,131
683
163
1,651
10,813
4,884
9,221
13,450
78
251
139
514
863
1,573
10,562
4,745
8,707
12,587
1,530
10,522
4,553
8,551
12,247
Time deposits, IPC, i n denominations of less than $100,000—
M a t u r i n g i n 1 up to 2Vi years
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Group
Total
Most common rate paid (per cent)
Total
5.50
or
less
6.00
Memo:
ceiling
rate 3
5.50
or
less
NUMBER OF BANKS
A l l banks
Size of bank (total deposits in millions of
dollars):
Less than 10
10-50
50-100
100-500
500 and over
For notes to Appendix Tables 1-8, see p. 831.
6.00
Memo:
ceiling
rate 3
M I L L I O N S OF DOLLARS
14,129
256
13,873
13,758
36,093
784
35,309
35,017
4,363
7,607
1,248
730
181
80
143
19
9
5
4,283
7,464
1,229
721
176
4,279
7,384
1,215
710
170
5,052
15,400
3,311
5,064
7,266
66
282
36
97
303
4,986
15,118
3,275
4,967
6,963
4,984
15,039
3,235
4,885
6,874
830
4.
Federal Reserve Bulletin • October 1976
Time deposits, I P C , i n denominations o f less than $100,000—
Maturing in
years up to 4 years
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Group
Total
Most common rate paid (per cent)
Total
6.00
or
less
6.50
Memo:
ceiling
rate 3
6.00
or
less
N U M B E R OF B A N K S
A l l banks
Size of bank (total deposits in millions of
dollars):
Less than 10
10-50
50 100
100-500
500 and over
5.
6.50
Memo:
ceiling
rate 3
M I L L I O N S OF D O L L A R S
12,829
170
12,659
12,614
19,357
260
19,097
18,968
3,569
7,162
1,215
712
171
33
76
45
14
2
3,536
7,086
1,170
698
169
3,536
7,053
1,167
691
167
1,684
7,970
2,072
2,945
4,686
9
53
15
1,675
7,917
2,057
(2)
(2)
1,675
7,839
2,050
2,867
4,537
(2)
(2)
Time deposits, I P C , i n denominations o f less than $100,000—
M a t u r i n g i n 4 years up to 6 years
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Group
Total
Most common rate paid (per cent)
Total
6.50
or
less
7.00
7.25
Memo:
ceiling
rate 3
6.50
or
less
N U M B E R OF B A N K S
A l l banks
Size of bank (total deposits in millions of
dollars):
Less than 10
10-50
50-100
100-500
500 and over
6.
7.00
7.25
Memo:
ceiling
rate 3
M I L L I O N S OF D O L L A R S
12,471
149
1,926
10,396
10,369
39,785
514
3,769
35,502
35,383
3,454
6,944
1,196
704
173
22
81
32
10
4
780
957
97
77
15
2,652
5,906
1,067
617
154
2,652
5,884
1,067
612
154
1,849
13,294
4,957
8,435
11,250
5
53
29
127
300
327
1,515
434
743
750
1,517
11,726
4,494
7,565
10,200
1,517
11,631
4,494
7,541
10,200
Time deposits, I P C , i n denominations of less than $100,000M a t u r i n g i n 6 years or more—negotiable and nonnegotiable deposits
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Group
Total
Most common rate paid (per cent)
Total
6.50
or
less
7.00
7.50
Memo:
ceiling
rate 3
6.50
or
less
N U M B E R OF B A N K S
8,219
78
31
8,110
7,835
6,614
75
Size of bank (total deposits in millions of
dollars):
Less than 10
10-50
50-100
100 500
500 and over
1,670
4,792
958
626
173
42
16
16
4
7
10
12
2
1,670
4,743
932
598
167
1,572
4,614
908
580
161
184
1,785
740
1,488
2,417
5
33
7.50
Memo:
ceiling
rate 3
M I L L I O N S OF DOLLARS
A l l banks
For notes to Appendix Tables 1-8, see p. 831.
7.00
(2)
(2)
88
(2)
(2)
6,451
6,253
184
1,780
700
1,462
2,325
180
1,737
694
1,434
2,208
Changes in Time and Savings Deposits
7.
400
Negotiable CD's, IPC, i n denominations o f $100,000 or more
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Most common rate paid (per cent)
Group
Total
Total
5.00
or
less
5.50
6.00
6.50
7.00
5.00
or
less
7.50
or
more
5.50
6.00
6.50
7.00
7.50
or
more
M I L L I O N S OF D O L L A R S
N U M B E R OF BANKS
A l l banks
3,758
676
838
919
359
242
724 52,725 23,808 15,714 ,6,323 2,922 2,712 1,246
Size of bank (total deposits in millions
of dollars):
Less than 10
10-50
50-100
100-500
500 and over
646
2,224
413
318
157
56
291
126
129
74
164
472
68
92
42
216
548
84
48
23
45
232
39
31
12
28
144
59
8
3
174
68
15
12
16
35
137
399
298
473
596
120
537 2,401
344
352
82
295
368
37 1,717
598
447
48
10 4,712 1,969 1,536
3 43,721 21,129 13,326 4,693 1,810 2,450
28
515
276
114
313
Nonnegotiable CD's and open account deposits, IPC,
i n denominations o f $100,000 or more
Most common interest rates paid by insured commercial banks on new deposits on A p r i l 30, 1976
Most common rate paid (per cent)
Most common rate paid (per cent)
Group
Total
Total
5.00
or
less
5.50
6.00
NUMBER
OF
A l l banks
5,502 1,278 1,365 1,260
Size of bank (total deposits in millions
of dollars):
Less than 10
10-50
50-100
100-500
500 and over
667
3,264
860
553
158
217
585
222
201
53
91
752
277
186
59
163
736
255
86
20
6.50
7.00
7.50
or
more
5.00
or
less
5.50
MILLIONS
BANKS
6.00
OF
6.50
7.50
or
more
DOLLARS
578
531
490 23,322 7,106 9,990 4,003 1,078
69
421
34
42
12
27
446
37
18
3
100
324
35
20
11
168
51
26
15
632
3,022
643
778
2,264
556 1,109
382
5,879 1,875 2,422
908
11,989 3,992 5,801 1,909
7.00
25
323
45
498
187
657
488
33
388
129
78
29
18
258
43
98
71
NOTES T O A P P E N D I X TABLES 1-8:
1 Less than $500,000.
2 Omitted to avoid individual bank disclosure.
3 See p. A-8 for maximum interest rates payable on time and savings
deposits at the time of each survey. Note that the ceiling rate is
included in the rate interval in the column to the left.
NOTE.—Data were compiled from information reported by a
probability sample of member and insured nonmember commercial
banks. The data 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. Dollar amounts
may not add to totals because of rounding.
I n the headings of these tables under " M o s t 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.
NOTES T O T A B L E 2:
1 Less than .05 per cent.
2 See p. A-8 for maximum interest rates payable on time and
savings deposits at the time of each survey. Note that the ceiling rate
is included in rate interval in the line above.
NOTE.—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 of deposit inflows. I f 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 of
deposit inflows during the 30-day period. I f the rate changed during
that period, the rate reported was the rate prevailing on the largest
dollar volume of inflows from the time of the last rate change to the
survey date.
While rate ranges of V4 or Y2 of 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 amount of deposits outstanding in
a relatively few banks that no longer issue these types of deposits and
are not included in the number of issuing banks.
Figures may not add to totals because of rounding.
401
Statement to Congress
Statement by Philip C. Jackson, Jr.,
Member,
Board of Governors of the Federal
Reserve
System, before the Subcommittee on Commerce,
Consumer, and Monetary Affairs of the Committee on Government Operations, U.S. House
of Representatives, September 16, 1976.
I welcome the opportunity to testify today before the Subcommittee on Commerce, Consumer, and Monetary Affairs regarding the issue
of enforcement of the Truth in Lending Act.
The Board of Governors appreciates your interest in our enforcement efforts. As you are
aware, the Board's staff and members of the
subcommittee staff have met on a number of
occasions during the last few weeks in preparation for these hearings. I would like to begin
by presenting an overview of the Federal Reserve System's previous effort at enforcement
of Truth in Lending and the new plan for enforcement of all consumer laws and regulations
in the future.
The Federal Reserve System has a dual responsibility under the Truth in Lending Act.
First, the Board of Governors has the responsibility to issue regulations to implement the
Act. To this end, the Board issued Regulation
Z in 1969. These regulations apply to all persons and entities who regularly extend consumer
credit. This task also includes the issuance of
numerous amendments and interpretations designed to resolve uncertainties as to the impact
of the legislation. The staff has also issued more
than 1,100 public position letters regarding the
Regulation.
While the Board's emphasis has been on
rulewriting, the Federal Reserve System also
has responsibility to enforce the Regulation
among some 1,050 State chartered banks that
are members of the System. This enforcement
responsibility is carried out in the first instance
by the 12 Federal Reserve Banks, which maintain a force of examining personnel who perform annual examinations of the State member
banks.
Compliance by State member banks is monitored through a review of each bank's formal
policies and procedures, as well as an examination of the actual practices followed. To illustrate, compliance with Truth in Lending requirements is verified through review of the
bank's policies and procedures in granting direct
and indirect consumer loans, the disclosure
forms used in connection with those loans, and
copies of its advertising. Violations are called
to the attention of management with a view
toward informing the bank of the law's requirements, obtaining correction, and getting the
bank to adopt measures to prevent future occurrences. Violations and the bank management's
plan for correction are also noted on a separate
page in the Examination Report. Depending
upon the nature and seriousness of the violation,
the Federal Reserve Bank, in transmitting a
copy of the Examination Report to the bank,
may highlight the violation and ask for management's response by a given date as to the
action taken to prevent recurrences of the violation. Of course, during any subsequent examination, a determination is made as to whether
violations previously cited have been corrected.
Enforcement of the Truth in Lending Act is
also carried out through the investigation of
consumer complaints concerning the State
member banks. During the first half of 1976,
the 12 Federal Reserve Banks handled 1,131
complaints. Two-thirds of these complaints
were investigated by the Reserve Banks, as they
related to State member banks. The remaining
one-third involved creditors not under the System's direct supervision and were forwarded to
the appropriate enforcement agency. Where
A 402 Federal Reserve Bulletin • October 1975
violations of the Act have been found, the banks
are told to correct them. The Board is made
aware of compliance deficiencies at State member banks by the Reserve Banks, which prepare
a quarterly report for the Board summarizing
the consumer complaint activity.
The Board and the Federal Reserve Banks
have taken a number of steps to provide examiners with the training and investigatory tools
needed to perform effective Truth in Lending
compliance reviews. Before Regulation Z became effective (July 1, 1969), members of the
Board's staff conducted seminars for examiners
at the Federal Reserve Banks explaining the
requirements of the Regulation. This program
was repeated in 1973. In addition, the Board
prepared an extensive examination manual and
checklist on Truth in Lending designed to be
used by examiners for enforcing Regulation Z.
In connection with the Fair Credit Billing Act,
the Board conducted intensive reviews of the
new requirements for both the key examination
personnel of the Reserve Banks and for persons
from the other Federal enforcement agencies.
In addition, the Federal Reserve Banks have
held numerous training sessions for examiners,
particularly newly appointed examiners.
Each System examiner attends our Assistant
Examiner and Examiner Schools, which devote
time to explaining Regulation Z and to training
examiners to determine whether State member
banks are in compliance with the law. It should
be noted that some examiners from State banking departments also attend the System's
schools.
Since enactment of the Truth in Lending Act
in 1968, the Board has conducted an extensive
consumer and creditor educational program relating to the Act and to Regulation Z. Education
to assist the consumer in understanding the
information and other benefits that the legislation is intended to provide is regarded as very
important. Newspaper articles, interviews, and
radio appearances continue to be used in our
efforts to acquaint the general public with the
Truth in Lending Act. Consumer affairs liaison
officers and staff at the Federal Reserve Banks
also conduct frequent meetings and seminars for
creditor and consumer groups.
The Board believes that education of creditors
is an important device in preventing noncompliance problems. As an example of this educational program, following the passage of the
recent Fair Credit Billing Amendments to the
Act and the Board's issuance of implementing
amendments to Regulation Z , the Board's staff
participated in numerous meetings and seminars
for the purpose of explaining to creditors the
new provisions and requirements. Approximately 6,200 creditors attended these meetings,
which were held throughout the United States
during 1975.
The System has also distributed more than
two million copies of a pamphlet that contains
provisions of both the Act and Regulation Z,
as well as questions and answers concerning
compliance matters. In addition, more than SVi
million copies of a leaflet explaining the basics
of Truth in Lending to consumers have been
distributed, including more than a half-million
copies of a Spanish language version. Our staff
is developing similar pamphlets on the provisions of the Fair Credit Billing and Equal Credit
Opportunity Acts.
Up to this point, the System has been able
to utilize the standard bank examination process
to determine State member bank compliance
with Truth in Lending. However, with the
growth of consumer credit legislation, we recognize the need for expanding our enforcement
efforts. These new consumer-oriented laws, all
of which have been enacted during the past 2
years, include the Fair Credit Billing Act, Equal
Credit Opportunity Act, Consumer Leasing Act,
Home Mortgage Disclosure Act, Real. Estate
Settlement Procedures Act, and the provisions
of the Federal Trade Commission Improvement
Act relating to unfair and deceptive acts and
practices by banks. In recognition of this expansion, the Board has recently approved the
following program.
1. The establishment of a special consumer
compliance examination school to be held in
Washington, D.C. This school w i l l acquaint
examiners more fully with the requirements of
the many consumer credit regulations and the
methods for enforcing them. The first school is
scheduled to begin September 27, 1976, and
Statement to Congress
additional schools w i l l be scheduled thereafter.
2. Institution of an intensive educational and
advisory service in each Federal Reserve Bank
to assist State member banks in their efforts
toward compliance. Each Reserve Bank is establishing a team of specialists to assist State
member banks in complying with the Board's
consumer regulations.
3. Special examination of State member
banks shortly to be initiated by bank examiners who have received special training in the
consumer credit regulations. These examinations ordinarily would be conducted and scheduled to coincide with the regular commercial
examinations, but they may, at times, be
scheduled separately. After the first 24 months
of the program (December 31, 1978), a
thorough evaluation of the program would be
conducted.
4. The immediate formation of a special task
force, comprised of representatives from the
Board and the examining departments of the
Federal Reserve Banks, to study and promptly
report to the Board on the following issues:
a. The implementation of specific examination procedures to carry out consumer regulation compliance.
b. The appropriate sample size needed to
measure a bank's compliance with the regulations, for example, the quantity of disclosure
forms, finance charge computations, and annual
percentage rate calculations to be reviewed.
c. The determination of what steps should
be taken when violations are discovered.
d. The expansion of the System's public
education program to inform creditors and consumers about the new consumer legislation.
5. A plan to involve the new Consumer
Advisory Council to the fullest extent possible
in bringing to its attention Truth in Lending
abuses.
The efforts outlined above should result in
an even more effective enforcement program.
In this connection, the Comptroller of the Currency and the Federal Deposit Insurance Corporation have also been evaluating existing procedures. During the last 3 months, the staff of
the Board has been working with the staffs of
these two agencies toward developing a uniform
835
approach to examinations of commercial banks.
To date, the product of this effort includes
development of examination manuals, report
pages, training manuals, and interagency instructors for the agencies' consumer regulations
training schools.
The subcommittee also requested that the
Board present its position on the merits of three
issues relating to noncompliance disclosure.
These issues are: (1) notification to individual
borrowers that their loan transaction may contain a violation of some section of the Truth
in Lending regulations; (2) disclosure through
the media of the degree of individual bank
noncompliance with Truth in Lending regulations; and (3) the relationship of disclosure to
the self-enforcing nature of the Truth in Lending
Act.
The Board believes it would be premature to
take positions on these issues prior to receipt
of the task force report mentioned earlier. These
issues involve numerous and difficult considerations that the Board believes need the results
of further analysis and experience before being
decided. I can assure you, however, that the
Board w i l l give these matters the attention they
deserve, and I would be happy to report to you
when the Board finally adopts its positions.
However, in order to be as helpful to this
subcommittee as possible, I would like to now
raise some of our primary concerns with the
points you mention.
As the Board has repeatedly indicated both
in testimony and reports to the Congress, the
majority of violations of the Truth in Lending
Act are purely technical in nature. Given the
highly complex nature of the Regulation, technical violations w i l l occur due to unintentional
and inevitable human error. A n example of such
an error would be the failure to denote a prepaid
finance charge as such (although it is disclosed
as a finance charge). In most violations, the
customer is neither overcharged nor misled. It
may be unwarranted to notify borrowers and/or
the media that a bank has committed such technical violations. Such a procedure may unduly
encourage a proliferation of civil actions to be
brought against the offending bank even when
only technical violations have occurred.
A 404 Federal Reserve Bulletin • October 1975
Much of the present complexity of the Act
and Regulation Z reflects the impact of the civil
liability considerations. The threat of severe
penalties for relatively minor technical violations has led many creditors to seek greater
certainty by requesting official Board amendments and interpretations, which further complicate the Regulation. Although private causes
of action provide an important enforcement tool
for the Act, the Board believes that the Congress
should carefully review the present civil liability
provisions to determine whether modification of
them might reduce needless litigation and the
resulting regulatory complications.
The Board has taken one action and is considering another that may assist in reducing
unnecessary litigation. The Board has adopted
procedures implementing the provisions of
Public Laws 94-222 and 94-239, which provide
a defense for creditors relying upon letters issued by duly authorized officials of the Board
in connection with Regulations B and Z. In
addition, the Board is considering the development of standardized Truth in Lending disclosure forms, or portions of forms, on which
creditors could rely in complying with the Act.
It is hoped that these forms w i l l prove especially
beneficial to those creditors, such as small retailers, who do not have access to, or cannot
afford, specialized legal counsel to design their
own forms.
While these measures should reduce the
present volume of litigation and help alleviate
confusion resulting from the complexity of the
Act and the Regulation, the Board has asked
that the Congress also study the possibility of
limiting the penalty provisions of the statute to
violations that actually interfere with the consumer's ability to make meaningful comparisons
of credit terms. Only a limited number of terms
seem to be genuinely helpful in this regard.
These probably include the annual percentage
rate, the finance charge, the amount financed,
and the repayment schedule. Perhaps only material misstatements of these terms should be
brought to the attention of consumers and civil
liability should attach only when such misstatements have occurred. This would leave technical violations to be dealt with by administrative
remedies. Under present law, a creditor may be
penalized for purely technical violations of
which the consumer may have been unaware
at the time and which in no way entered into
the decision to accept or reject the credit terms
offered. This situation lends itself to abuse and
has overburdened some courts with Truth in
Lending litigation.
From 1972 through September 1975, approximately 6,100 suits were filed in Federal District
courts alleging violations of the Truth in Lending Act. This indicates to some degree that the
self-enforcement mechanism within the Act is
being exercised. Many of these suits, however,
were the result of technical violations being
committed and were not initiated solely on the
basis of a violation of the Act, but as a part
of a bankruptcy or other collection proceeding;
thus, it would appear that the thrust of civil
actions brought under the Act has not been
directed to improving those pertinent disclosure
items that assist consumers in shopping for
credit. The Board shares the concern of the
Congress that these issues concerning compliance with Truth in Lending and other consumer-oriented regulations must be resolved.
The Board sincerely appreciates the opportunity to come before this subcommittee and to
be of assistance to it in its oversight responsibilities. I would be more than glad to answer
any questions you may have.
•
405
Record of Policy Actions
of the Federal Open Market Committee
M E E T I N G H E L D O N AUGUST 17, 1976
1. Domestic Policy Directive
Preliminary estimates of the Commerce Department indicated that
growth in real output of goods and services had slowed to a rate
of 4.4 per cent in the second quarter from the rate of 9.2 per
cent to which it had accelerated in the first quarter. The preliminary
estimates also indicated that the fixed-weighted price index for gross
domestic business product^ had risen at an annual rate of 4.6 per
cent in the second quarter, up f r o m the relatively low rate of 3.7
per cent in the first quarter. Staff projections continued to suggest
that real GNP would expand at a moderate pace in the current
quarter and that moderate growth in output would continue well
into 1977. The projections also suggested that average prices in
the current quarter and in subsequent quarters would rise somewhat
faster than they had during the second quarter.
Retail sales, which had declined in M a y and then rebounded
in June, fell again in July and in current dollars were no higher
than in March. I n July sales were particularly weak at automobile
outlets and at food and general merchandise stores. Sales of
automobiles apparently picked up in early August, owing in part
to special sales incentives provided by manufacturers.
I n contrast w i t h the recent behavior of consumer demands,
business demands for plant and equipment appeared to be gaining
some momentum. New orders for nondefense capital goods rose
in June for the sixth consecutive month. While orders in real terms
were still below the pre-recession peak in the summer of 1974,
they were up substantially f r o m the level of last December. Unfilled
orders for nondefense capital goods, which had declined persist-
^ Gross domestic business product (GDBP) includes product originating in farm
and nonfarm businesses. It excludes product originating in government, in households and nonprofit institutions, and in the rest of the world (and accruing to
U.S. residents).
A 406 Federal Reserve Bulletin • October 1975
ently since the summer of 1974, stabilized in M a y and June. I n
addition, contract awards for commercial and industrial buildings
(measured in terms of floor space) advanced in June. More significantly, f r o m the first to the second quarter, contract awards expanded
sharply to the highest level since the first quarter of 1975.
The index of industrial production increased only a little i n July.
As in June, output of both durable and nondurable consumer goods
was about unchanged. The expansion in production of business
equipment slowed more in June than had been indicated at first,
and the rise continued at a reduced rate in July. Over-all output
of materials increased slightly, reflecting further gains among
durable goods materials. Capacity utilization i n the materialsproducing industries registered 81 per cent, the same as i n M a y
and June.
Over the 4-month period A p r i l through July the rise in industrial
production slowed to an annual rate of about 5 per cent f r o m a
rate of about 12 per cent over the first 3 months of the year. This
retardation apparently was in response to an accumulation of
nondurable goods inventories beyond desired levels as well as to
the easing in consumer demands. Over-all output of nondurable
goods grew no further after March. Output of durable goods
continued to advance, but the rise was somewhat less rapid than
earlier in the year and was concentrated in production of steel and
other durable goods materials.
I n manufacturing, both employment (adjusted for strikes) and
the average workweek continued to change little in July. However,
employment gains were large in State and local government, trade,
and services. I n consequence, total nonfarm payroll employment
rose substantially after 2 months of little change. The civilian labor
force, as well as total employment, apparently increased sharply,
and the unemployment rate rose further—to 7.8 per cent in July
f r o m 7.5 per cent in June. From M a y to July unemployment rates
for adult males and for household heads rose along w i t h the rate
for females.
The employment gains in July suggested that wage and salary
disbursements had risen, after having fallen in June for the first
time in 16 months. I n addition, a large increase in transfer payments
was anticipated, owing to a cost-of-living increase of 6.4 per cent
in social security payments. As a result, the expansion in total
Record of Policy Actions of FOMC
personal income—which had slowed in June—was estimated to
have accelerated considerably in July.
Private housing starts were little higher in the second quarter
than in the first, as had been reported at the time of the July meeting
of the Committee; data for July were not yet available at the time
of the August meeting. I n June, the latest month for which figures
were reported, total mortgage debt financed by savings and loan
associations reached a new high, and their outstanding mortgage
commitments were near a record level at the end of the month.
The ready availability of mortgage credit was helping to keep
mortgage interest rates from rising significantly even though demands for such credit were increasing.
The index of average hourly earnings for private nonfarm production workers advanced more in July than in June. Over the
first 7 months of this year, however, the rise in the index was
somewhat below the rapid rate of increase during 1975. I n the
second quarter, productivity in the private business sector of the
economy continued to improve at a good pace, and the rate of
increase in labor costs per unit of output remained moderate.
The wholesale price index for all commodities continued to rise
at a moderate rate in July. Prices of industrial commodities, which
had risen more in June than on the average during the first 4 months
of the year, rose at a somewhat higher rate in July. The advance
was accounted for in large part by increases in prices for three
major groups of commodities: fuels and power, metals and metal
products, and lumber and plywood. A t the same time, average
prices of farm products and foods declined, reflecting mainly
decreases in prices of livestock and meats.
The consumer price index rose at an annual rate of about 6 per
cent in June and also over the second quarter, compared w i t h a
rate of only 3 per cent over the first quarter and more than 7 per
cent over the second half of 1975. The sharp first-quarter deceleration and the subsequent acceleration were attributable in large part
to prices of foods and petroleum products: Foods advanced
throughout the second quarter after having declined throughout the
first, and gas and oil increased in M a y and June after having
declined for 5 months.
Staff projections for the second half of 1976 differed little f r o m
those of 4 weeks earlier; they continued to suggest that the slack-
839
A 408 Federal Reserve Bulletin • October 1975
ening in economic growth in recent months would prove to be
temporary. It was expected that expansion in business fixed investment would accelerate and that business investment in inventories
would increase further as manufacturers and distributors endeavored
to maintain stocks in line w i t h rising sales. It was anticipated that
disposable personal income and personal consumption expenditures
would grow at faster rates than they had in the second quarter
and that residential construction activity would continue to recover.
Projected growth in State and local government expenditures for
goods and services was a little stronger now than a month earlier.
The U.S. foreign trade balance—which had remained in deficit
in M a y , according to revised figures—was in still larger deficit
in June, reflecting an upsurge in imports of fuels from a reduced
level. I n the second quarter as a whole, however, the deficit in
the trade balance was slightly below that in the first quarter. Exports
of agricultural products rose considerably in the latest quarter, and
exports of other commodities continued their upward trend in
response to further recovery in economic activity abroad. However,
the gain in exports was offset by an expansion in imports of fuels,
which reflected rising business activity in this country and declining
domestic production of fuels. Imports of other commodities were
about unchanged after having risen sharply in the first quarter.
The average value of the dollar against leading foreign currencies
changed little in the interval between the July and August meetings
of the Committee. On balance, the dollar remained close to the
level reached in A p r i l following the rise of some 15 per cent during
the previous 12 months.
Late in the inter-meeting period, a rise in the German mark,
triggered by substantial orders for marks just before the monthend, revived market expectations that the relatively low rate of
inflation in Germany would eventually require a revaluation of the
mark. The mark's rise exerted pressure on the exchange-rate
margins maintained among certain European currencies; this pressure subsided in the wake of significant increases in interest rates
in Belgium and the Netherlands.
Total loans and investments at U.S. commercial banks increased
further during July. For the first time in many months, most of
the gain in the total was accounted for by an increase in loans.
Outstanding business loans rose, on a seasonally adjusted basis.
Record of Policy Actions of FOMC
and w i t h outstanding commercial paper of nonfinancial businesses
continuing to expand, total short-term business credit advanced for
the third consecutive month.
Bank holdings of securities changed little during July. While
holdings of U.S. Government securities declined—in contrast to
the preceding 18 months when acquisitions of Treasury securities
had accounted for the bulk of the expansion in total bank credit—
holdings of other securities, chiefly short-term State and local
government notes, increased.
The narrowly defined money stock ( M i ) grew at a seasonally
adjusted annual rate of nearly 7 per cent in July, after the m i l d
contraction in June that had resulted in part f r o m a large increase
in U.S. Treasury cash balances. M u c h of the renewed growth in
July appears to have reflected a reversal of the earlier build-up
in Treasury balances. Over the first 7 months of this year the annual
growth rate of M i averaged about 5% per cent.
Growth of M2 and M3 accelerated in July—to annual rates of
12.5 and 13.2 per cent, respectively—reflecting not only the rebound in M l but also increased flows into savings and consumertype time deposits at commercial banks and thrift institutions.
Savings accounts at commercial banks, which had held steady in
June after several months of rapid growth, expanded rapidly in
July. Inflows at thrift institutions, which had fallen off somewhat
in June, resumed the strong growth evident over the first 5 months
of the year.
The bank credit proxy expanded at a much slower rate in July,
following the surge that had developed in June when banks, partly
to increase deposit totals on their midyear statements, raised the
outstanding amount of negotiable CD's by nearly $2.5 billion. I n
July banks resumed net redemptions of C D ' s , reducing their
amounts outstanding by about $1 billion.
System open market operations since the July meeting had been
guided by the Committee's decision to seek bank reserve and money
market conditions consistent with moderate growth in the monetary
aggregates over the period ahead. As the inter-meeting period
progressed, incoming data suggested that in the July-August period
growth in M i and M2 would be close to the midpoints of the ranges
specified by the Committee. I n these circumstances. System open
market operations were directed toward maintaining conditions of
839
A 410 Federal Reserve Bulletin • October 1975
reserve availability consistent w i t h a Federal funds rate of about
5V4 per cent—the rate prevailing at the time of the July meeting
and the midpoint of the operating range that the Committee had
specified for the inter-meeting period.
W i t h the Federal funds rate holding at about 5V4 per cent, w i t h
money growth remaining moderate, and w i t h other data suggesting
less economic strength than had been generally anticipated, interest
rates declined somewhat further during the inter-meeting period.
I n short-term markets these declines ranged from about 10 to 20
basis points; the market yield on 3-month Treasury bills was 5.14
per cent on the day before this meeting compared w i t h 5.23 per
cent on the day before the July meeting. I n early August major
commercial banks responded to the further declines i n short-term
market rates by cutting the rate on their prime business loans f r o m
IV4 to 1 per cent.
I n markets for longer-term securities, rate declines during the
inter-meeting period also ranged up to nearly 20 basis points.
Investor demand was strong for the new securities offered in the
Treasury's large mid-August refinancing. Three new Treasury
issues were involved: $2 billion of a 3-year note, auctioned on
August 3 to yield 6.91 per cent; $1 billion of a 25-year bond,
auctioned on August 6 to yield 8.01 per cent; and $4 billion—or
more, at the discretion of the Treasury—of an 8 per cent, 10-year
note, sold at par on subscriptions accepted through August 4.
Subscriptions for the 10-year note were heavy, and the Treasury
announced that it had made allotments totaling $7.6 billion. Accordingly, new cash raised in the refinancing amounted to $6.1
billion, instead of the $2.5 billion originally announced. Even so,
prices of the new Treasury securities—particularly the two longerterm issues—rose to a premium in the secondary market. Prices
also rose in the markets for corporate and municipal bonds. The
volume of new debt offerings i n those markets declined about
seasonally in July and was expected to remain relatively modest
in August.
The unexpectedly large sale of 10-year notes by the Treasury
boosted its net cash borrowing in July and the first half of August
to $11.5 billion. As a result. Treasury cash needs for the remainder
of the third quarter were expected to be covered w i t h no difficulty.
A t its July meeting, the Committee had agreed that f r o m the
Record of Policy Actions of FOMC
second quarter of 1976 to the second quarter of 1977 average rates
of growth in the monetary aggregates within the following ranges
appeared to be consistent w i t h broad economic aims: M i , AV2 to
7 per cent; M2, IV2 to 9V2 per cent; and M3, 9 to 11 per cent.
The associated range for growth in the bank credit proxy was 5
to 8 per cent. It was agreed that the longer-term ranges, as well
as the particular aggregates for which such ranges were specified,
would be subject to review and modification at subsequent meetings. It also was understood that short-run factors might cause
growth rates f r o m month to month to fall outside the ranges
contemplated for annual periods.
I n the discussion of current policy at this meeting, it was brought
out that the accelerated expansion in M i since early this year, taken
in conjunction w i t h the reduced rate of growth in nominal GNP
and w i t h relatively little change in interest rates, could indicate
that the downward shift in the demand for money that was so
evident in the latter part of 1975 was proceeding much more slowly.
It was also suggested that M i and M2 might grow at moderate
rates over the August-September period, although wide fluctuations
in Treasury deposits could have an impact on the rate of monetary
growth from month to month. W i t h respect to M2, inflows to banks
of time and savings deposits other than money market C D ' s might
be temporarily restrained in August by payments for the new 8
per cent, 10-year note sold by the Treasury.
It was anticipated that demands in credit markets would be
modest in the weeks ahead. The monthly volume of corporate and
of State and local government bonds offered to the public in the
August-September period was expected to be well below the
average in the first 6 months of this year. However, dealers in
Government securities held a large volume of U.S. Government
and Federal agency issues that had yet to be distributed to ultimate
holders.
During the Committee's discussion at this meeting no member
expressed substantial disagreement w i t h the staff projection of
moderate growth in real GNP, although several members did stress
the elements of weakness that had developed in the past few
months. It was felt that uncertainty about the precise course of
economic developments had increased, and a few members who
earlier had viewed the outlook as somewhat stronger than suggested
839
A 412 Federal Reserve Bulletin • October 1975
by the staff projections no longer did so. One member who had
been concerned about the possibility of a boom during the next
12 months—with attendant shortages, bottlenecks, and intensified
upward price pressures—now regarded that as unlikely.
While agreeing that moderate growth in the economy was the
most likely outcome, a few members suggested that one could place
more emphasis on the elements of current and potential weakness
in the situation. W i t h respect to consumer demands, for example,
one could note that retail sales of automobiles had been stimulated
to a degree by extension of maturities on instalment credit, which
could not be counted on as a continuing stimulus; that sales of
other consumer goods had not been especially buoyant; and that
the rapid rise in prices of various consumer services might be
dampening growth in sales of goods. It was also noted that
questions could be raised about the outlook for residential construction, for purchases of goods and services by State and local
governments, and for business fixed investment. W i t h respect to
the last, while the expansion in new orders for nondefense capital
goods was promising, one member noted that it did not seem to
be confirmed by reports from machine tool producers. Moreover,
one member observed that business attitudes toward both fixed and
inventory investment might be more conservative in this expansion
than in the past because of the severe impact of the preceding
recession on many businessmen who had forgotten about the
business cycle.
It was repeatedly pointed out, however, that the current l u l l in
the expansion had not lasted long enough to suggest that a decline
in economic activity was imminent. I n this connection it was
stressed that detailed studies of business cycles in the United States
and other industrial countries had revealed that the expansion phase
was frequently characterized by retardation in growth of activity
or even a brief minor decline at some time during its second year.
Afterwards growth accelerated again. I n large part, those subcyclical movements reflected minor and transitory inventory adjustments. The notion that a business cycle expansion is a continuous
upward movement at a constant or gradually diminishing rate does
not conform to experience.
I n general. Committee members felt that the pace of expansion
in over-all economic activity would soon pick up again. Business
Record of Policy Actions of FOMC
fixed investment was seen to be recovering, even if at a slower
pace than had been anticipated. It was noted that, in addition to
the rise in new orders for nondefense capital goods over the first
6 months of the year, the physical volume of contracts for commercial and industrial buildings was increasing for the first time
in this business expansion, and that construction of pipelines, power
plants, and refineries for some time had been an expansive force.
Moreover, corporate profits had experienced a considerable recovery. It was observed that business confidence had been badly shaken
by the severity of the recession—especially because many businessmen had come to believe that fluctuations in business activity
could be prevented or at least minimized—but that now confidence
was gradually reviving and business fixed investment was again
becoming the driving force of the economy. The caution that now
existed, it was noted, assured avoidance of excesses and promised
continuance of the expansion.
As to policy for the period immediately ahead, Committee
members in general advocated continuation of the current stance.
Most members favored directing operations toward maintaining
about the current Federal funds rate. Accordingly, they preferred
to give more weight than usual to money market conditions in
formulating the operating instructions contained i n the last paragraph of the domestic policy directive, and they advocated specifying a relatively narrow range for the Federal funds rate centered
on the prevailing rate of 5V4 per cent. A range of 5 to
per
cent was suggested.
Some members preferred to specify a somewhat wider range
for the Federal funds rate and to continue to base operating
decisions in the period immediately ahead primarily on the behavior
of the monetary aggregates. However, the range they favored—4%
to 5% per cent—also was centered on the prevailing rate of 5V4
per cent.
One or two members indicated that, whereas a case might be
made for a slight easing in money market conditions in reaction
to the elements of weakness in the business expansion, they were
not prepared to urge that case. A number of reasons were advanced
by various members against such a course at this time: Liquidity
already was ample to finance a good rate of expansion; the degree
of easing that was being contemplated was too slight to have a
839
A 414 Federal Reserve Bulletin •
October 1975
beneficial effect i n the short run, and the pace of expansion i n
activity probably w o u l d have picked up long before the easing
w o u l d have had m u c h effect; and any easing at this time might
be misinterpreted—perhaps increasing rather than allaying uncertainties and making business attitudes still more cautious.
There was near unanimity i n the preferences expressed for ranges
of g r o w t h i n the monetary aggregates over the August-September
period. The members favored a 2-month range of 4 to 8 per cent
for M l and either IV2 to l l V i or 7 to 11 per cent for Mg.
A t the conclusion of the discussion the Committee decided to
seek to maintain prevailing bank reserve and money market conditions over the period immediately ahead, provided that monetary
aggregates appeared to be growing at about the rates now expected.
Specifically, the Committee concluded that growth i n M i and M ^
over the August-September period at annual rates w i t h i n ranges
of 4 to 8 per cent and 7V2 to l i y 2 per cent, respectively, w o u l d
be appropriate. As at other recent meetings, the Committee decided
that, i n assessing the behavior of the aggregates, approximately
equal weight should be given to M i and Mg.
It was agreed that System operations until the next meeting w o u l d
be directed toward maintaining the weekly-average Federal funds
rate at about its current level of
per cent. The members also
agreed that, if growth i n the aggregates should appear to be
deviating significantly f r o m the rates expected, the weekly-average
Federal funds rate might be expected to vary i n an orderly fashion
w i t h i n a range of 5 to 5V2 per cent. As customary, it was understood
that the Chairman might call upon the Committee to consider the
need for supplementary instructions before the next scheduled
meeting if significant inconsistencies appeared to be developing
among the Committee's various objectives.
The f o l l o w i n g domestic policy directive was issued to the Federal
Reserve Bank of N e w Y o r k :
The information reviewed at this meeting suggests that growth
in real output of goods and services is remaining moderate in the
current quarter. In July industrial production changed little, but total
employment expanded by a substantial amount. The civilian labor
force also increased sharply, and the unemployment rate rose from
7.5 to 7.8 per cent. Retail sales declined in July, following the
rebound in June. The rise in the wholesale price index for all
Record of Policy Actions of FOMC
commodities remained moderate, as average prices of farm products
and foods declined. However, average prices of industrial commodities rose more than in other recent months. So far this year the
advance in the index of average wage rates has been somewhat
below the rapid rate of increase during 1975.
The average value of the dollar against leading foreign currencies
has remained relatively steady in recent weeks, despite some disturbances in exchange markets for European currencies. In June
the U.S. foreign trade deficit increased, but the deficit for the second
quarter as a whole was somewhat smaller than that for the first
quarter.
M l , which had declined slightly in June, expanded appreciably
in July. Inflows of the time and savings deposits included in the
broader aggregates were considerably stronger than in June, and
growth in Mg and M3 was rapid. Market interest rates have declined
somewhat further in recent weeks.
In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster financial conditions that
w i l l encourage continued economic expansion, while resisting inflationary pressures and contributing to a sustainable pattern of
international transactions.
To implement this policy, while taking account of developments
in domestic and international financial markets, the Committee seeks
to maintain prevailing bank reserve and money market conditions
over the period immediately ahead, provided that monetary aggregates appear to be growing at about the rates currently expected.
Votes for this action: Messrs. Burns, Volcker,
Black, Coldwell, Gardner, Jackson, Kimbrel, L i l l y ,
Partee, Wallich, Winn, and Guffey. Absent and not
voting: Mr. Balles. (Mr. Guffey voted as alternate
for Mr. Balles.)
2. Open Market Operations in Federal Agency Issues
A t this meeting the Committee reviewed its current practices w i t h
regard to System operations i n Federal agency issues. I n the
discussion it was noted that operations i n such securities had proved
to be useful i n achieving the Committee's reserve objectives. A t
the conclusion of the discussion, the members agreed to continue
the System's participation i n the markets for the securities of the
various agencies.
Records of policy actions taken by the Federal Open Market Committee at each
meeting, in the form in which they w i l l appear in the Board's Annual Report,
are released about a month after the meeting and are subsequently published in
the
BULLETIN.
839
849
Law Department
Statutes, regulations, interpretations, and decisions
Credit by Brokers and Dealers
The Board of Governors has adopted amendments to its Regulation T instituting a uniform
margin requirement in connection with options
writing.
1. Effective January 1, 1977, section 220.3(d)
is amended and a new paragraph (i) is added as
follows:
Section 220.3—General Account
(d) Adjusted debit balance. For the purpose
of this part, the adjusted debit balance of a general
account, special bond account, or special convertible debt security account shall be calculated by
taking the sum of the following items:
(5) The amount of margin as provided for
in paragraph (i) of this section and section 220.8
(the Supplement to Regulation T) for each transaction involving the issuance, endorsement or
guarantee of any put, call or combination thereof.
(i) Options. (1) The amount to be included in
the adjusted debit balance of an account as the
margin required for each transaction involving the
issuance, endorsement or guarantee of any put or
call shall be such amount as the Board shall
prescribe from time to time in section 220.8 (the
Supplement to Regulation T) as the margin required for the writing of options, increased by any
unrealized loss on each such commitment, or reduced by any excess of the exercise price over
the current market value of the underlying security
in the case of a call or any excess of the current
market value of the underlying security over the
exercise price in the case of a put. Such sum,
however, shall not exceed the current market value
of the underlying security in the case of a call,
or the exercise price in case of a put, nor be less
than $250 in the case of either a call or a put.
Such sum need not be included in the adjusted
debit balance when there is held in the account
any of the following:
(i) The underlying security in the case of a
call or a short position in the underlying security
in the case of a put;
(ii) Securities immediately convertible into or
exchangeable for the underlying security without
restriction or the payment of money in the case
of a call, provided that the right to convert or
exchange does not expire on or before the expiration date of the option;
(iii) An agreement under which a bank, which
is holding the underlying securities or the required
cash, is obligated to deliver, in the case of a call,
or accept, in the case of a put, the underlying
securities against payment of the exercise price
upon exercise of the option;
(iv) A long position in a call on the same
number of shares of the same underlying security
which does not expire before the expiration date
of the call issued, endorsed or guaranteed, provided that there is also added to the adjusted debit
balance the amount, if any, by which the exercise
price of such long position exceeds the exercise
price of the call issued, endorsed or guaranteed;
(v) A long position in a put on the same
number of shares of the same underlying security
which does not expire before the expiration date
of the put issued, endorsed or guaranteed, provided that there is also added to the adjusted debit
balance the amount, if any, by which the exercise
price of the put issued, endorsed or guaranteed
exceeds the exercise price of such long position;
or
(vi) A warrant to purchase the underlying
security, in the case of a call, which does not
expire on or before the expiration date of the call,
provided that there is also added to the adjusted
debit balance the amount, if any, by which the
exercise price of the warrant exceeds the exercise
price of the call, issued, endorsed or guaranteed.
A warrant used in lieu of the required margin under
this provision shall have no loan value in the
account.
A 850
Federal Reserve Bulletin •
October 1975
(2) When a security held in the account serves
in lieu of the margin required for a call, such
security shall be valued at no greater than the
exercise price of the call.
(3) When a short position held in the account
serves in lieu of the margin required for a put,
the amount prescribed by paragraph (d)(3) of this
section as the amount to be added to the adjusted
debit balance in respect of short sales shall be
increased by any unrealized loss on the position.
(4) When both a put and a call are issued,
endorsed or guaranteed in a general account, special bond account or special convertible debt security account on the same number of shares of
the same underlying security with the same expiration date and the same exercise price (a straddle),
the amount of margin required shall be the margin
on either the put or the call whichever is greater
plus any unrealized loss on the other option.
(5) Any security position held in the account
which serves in lieu of the margin required for
a put or a call shall be unavailable to support any
other option transaction in the account.
(6) The customer may either designate at the
time the option order is entered which security
position held in the account is to serve in lieu of
the margin required or have a standing agreement
with the creditor as to the method to be used for
making the determination on any given day as to
which security position will be used in lieu of the
margin to support an option transaction.
2. Effective January 1, 1977, section 220.4(i)
is amended and a new subparagraph (6) is added
to paragraph (j) as set forth below:
Section 220.4—Special Accounts
(i) Special bond account. In a special bond
account a creditor may effect and finance transactions in exempted securities and registered nonequity securities for any customer.^ Call options
may be issued, endorsed or guaranteed in this
account on shares of any underlying equity security which is held in this account because it is
an exempted security.
(j) Special convertible debt security account.***
(6) Without regard to the margin required for
the writing of options in section 220.8(j) (Supplement to Regulation T), call options may be issued,
endorsed or guaranteed in this account on the
number of shares of an underlying security into
which a margin debt security held in the account
is convertible, and put options may be issued,
endorsed or guaranteed in this account on the
number of shares of an underlying security sold
short in the account. Such option positions may
be carried in the account in conformity with the
requirements of section 220.3(d) and (i).
3. Effective January 1, 1977, a new paragraph
(j) is added to section 220.8 as set forth below:
Section 220.8—Supplement
(j) Margin required for the writing of options. The amount to be included in the adjusted
debit balance of a general account, special bond
account or special convertible debt security account pursuant to paragraphs (d)(5) and (i) of
section 220.3, as the margin required for the
issuance, endorsement or guarantee of any put or
call shall be 30 per cent of the current market value
of the underlying security with an adjustment for
any applicable increase or reduction.
Unfair or Deceptive Acts or Practices
The Federal Trade Commission Act as amended
(Public Law 93-637) requires each of the Federal
bank supervisory agencies to establish a separate
division of consumer affairs and to institute a
procedure for handling consumer complaints regarding unfair or deceptive acts or practices of
banks under their jurisdiction. Pursuant to § 18(f)
of that Act, the Board of Governors has instituted
a procedure for receiving and handling consumer
complaints regarding State-chartered banks that
are members of the Federal Reserve System.
Effective September 27, 1976, the Board of
Governors amends 12 CFR Chapter I I by adding
a new Part 227, to read as follows:
Section 227.1—Definitions
For the purposes of this Part,^ unless the context
indicates otherwise, the following definitions
apply:
(a) Board means the Board of Governors of the
Federal Reserve System.
(b) Consumer complaint means an allegation
by or on behalf of an individual, group of individ^The w o r d s " t h i s P a r t , " as used herein, m e a n T i t l e 12,
Chapter I I , Part 227 of the Code of Federal Regulations, cited
as 12 C F R 227 and designated as R e g u l a t i o n A A .
Law Department
uals, or other entity that a particular act or practice
of a State member bank is unfair or deceptive,
or in violation of a regulation issued by the Board
pursuant to a Federal statute, or in violation of
any other Act or regulation under which the bank
must operate.
(c) State member bank means a bank that is
chartered by a State and is a member of the Federal
Reserve System.
(d) Unless the context indicates otherwise,
" b a n k " shall be construed to mean a "State
member bank," and "complaint" to mean a
''consumer complaint.''
Section 227.2—Consumer Complaint Procedure
(a) Submission of complaints. (1) Any consumer having a complaint regarding a State member bank is invited to submit it to the Federal
Reserve System. The complaint should be submitted in writing, if possible, and should include the
following information:
(i) a description of the act or practice that
is thought to be unfair or deceptive, or in violation
of existing law or regulation, including all relevant
facts;
(ii) the name and address of the bank that
is the subject of the complaint; and
(iii) the name and address of the complainant.
(2) Consumer complaints should be made to:
(i) the Director, Division of Consumer Affairs, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551; or
(ii) the Federal Reserve Bank of the District
in which the bank is located. The addresses of
the Federal Reserve Banks are as follows:
Federal Reserve Bank of Boston
30 Pearl Street
Boston, Massachusetts 02106
Federal Reserve Bank of New York
33 Liberty Street
New York, New York 10045
Federal Reserve Bank of Philadelphia
100 North 6th Street
Philadelphia, Pennsylvania 19105
Federal Reserve Bank of Cleveland
1455 East Sixth Street
Cleveland, Ohio 44101
851
Federal Reserve Bank of Richmond
100 North Ninth Street
Richmond, Virginia 23261
Federal Reserve Bank of Atlanta
104 Marietta Street, N.W.
Atlanta, Georgia 30303
Federal Reserve Bank of Chicago
230 South LaSalle Street
Chicago, Illinois 60690
Federal Reserve Bank of St. Louis
411 Locust Street
St. Louis, Missouri 63166
Federal Reserve Bank of Minneapolis
250 Marquette Street
Minneapolis, Minnesota 55480
Federal Reserve Bank of Kansas City
925 Grand Avenue
Kansas City, Missouri 64198
Federal Reserve Bank of Dallas
400 South Akard Street
Dallas, Texas 75222
Federal Reserve Bank of San Francisco
400 Sansome Street
San Francisco, California 94120
(b) Response to complaints. Within 15 business days of receipt of a written complaint by the
Board or a Federal Reserve Bank, a substantive
response or an acknowledgment setting a reasonable time for a substantive response will be sent
to the individual making the complaint.
(c) Referrals to other agencies. Complaints
received by the Board or a Federal Reserve Bank
regarding an act or practice of an institution other
than a State member bank will be forwarded to
the Federal agency having jurisdiction over that
institution.
Rules Regarding Delegation of Authority
The Board of Governors has delegated to the
Committee on Federal Reserve Bank Activities
certain responsibilities with respect to supervision
of the sale by Federal Reserve Banks of real
property in connection with construction programs.
A 852
Federal Reserve Bulletin •
October 1975
1. Effective September 8, 1976, paragraph 6 of
section 265.1a is amended to read as follows:
Section 265.1a—Specific
Functions Delegated to Board Members
(a) The Committee on Federal Reserve Bank
Activities, consisting of at least three members
of the Board designated by the Chairman, is authorized, to act upon matters as set forth in this
section pursuant to the twenty-second paragraph
of section 4 and l l ( j ) of the Federal Reserve Act
(12 U.S.C. §§ 307 and 248(j)) and subject to such
general guidelines as may be prescribed by the
Board. With respect to any approval action taken
by the Committee pursuant to authority delegated
herein involving a controversial matter, a policy
consideration, or an expenditure of funds exceeding $500,000, the Committee will inform the
Board by memo before giving notice of its approval to the Reserve Bank. For a period of three
days, any member of the Board may request that
the matter be scheduled for review by the Board.
The Committee is authorized:
(6) To approve or disapprove specific Reserve
Bank proposals to acquire or dispose of real property for current or future building purposes, provided that the Board has previously authorized the
general Reserve Bank expansion or building program in connection with which the real property
is being sought or disposed of and provided that
each proposed acquisition requires commitment of
no more than one million dollars ($1,000,000).
The Board of Governors has delegated to the
Secretary of the Federal Open Market Committee
authority to approve policy record entries for inclusion in the annual report if no Board member
has asked for review at a Board meeting of a draft
distributed for review by Board members individually.
2. Effective September 1, 1976 section 265.2
is amended by adding a new paragraph (i) to read
as follows:
Section 265.2—Specific Functions Delegated to
Board Employees and to Federal Reserve Banks
(i) The Secretary of the Federal Open Market
Committee (or, in his absence, the Deputy Secretary) is authorized:
To approve for inclusion in the Board's annual
report to Congress records of policy actions of the
Federal Open Market Committee.
BANK HOLDING COMPANY AND BANK MERGER ORDERS ISSUED BY THE BOARD OF GOVERNORS
Orders Under Section 3
of Bank Holding Company Act
Agri-Bank Corporation,
Webster City, Iowa
Order Approving
Formation of Bank Holding Company
Agri-Bank Corporation, Webster City, Iowa,
has applied for the Board's approval under §
3(a)(1) of the Bank Holding Company Act (12
U.S.C. § 1842(a)(1)) of formation of a bank
holding company through acquisition of 80 per
cent or more of the voting shares of The Farmers
National Bank of Webster City, Webster City,
Iowa C'Bank").
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired. The Board has considered the application and all comments received, including those
of the Comptroller of the Currency, in light of
the factors set forth in § 3(c) of the Act (12 U.S.C.
§ 1842(c)).
Applicant, a nonoperating corporation with no
subsidiaries, was organized for the purpose of
becoming a bank holding company through the
acquisition of Bank. Bank, with deposits of $32.2
million,^ is the largest of six banking organizations
and controls approximately 41 per cent of the total
deposits in the relevant banking market.^ Upon
acquistion of Bank, Applicant would control the
66th largest banking organization in Iowa, holding
^ A l l b a n k i n g data are as of December 31, 1975.
^The relevant b a n k i n g m a r k e t is a p p r o x i m a t e d b y H a m i l t o n
County.
Law Department
.27 per cent of the total commercial bank deposits
in the State. Inasmuch as the proposed transaction
is merely a reorganization whereby the shareholders who presently control Bank directly w i l l
control Bank indirectly through Applicant, and
since Applicant presently has no subsidiaries nor
engages in any activities, consummation of the
proposal would not eliminate existing or potential
competition or increase the concentration of banking resources in the relevant market. Therefore,
competitive considerations are consistent w i t h approval of the application.
The financial and managerial resources of Applicant, which are dependent upon those of Bank,
are considered to be generally satisfactory, and
their future prospects appear favorable. Although
Applicant w i l l incur some debt as a result of this
proposal, it appears that the projected earnings to
be derived f r o m Bank by way of dividends should
provide Applicant w i t h sufficient revenue to meet
its debt service requirements and preferred stock
dividends without adversely affecting the financial
position of Bank. While the principals of Applicant have certain interests in and relationships w i t h
other banking organizations in the State of Iowa,
the financial and managerial resources of such
organizations are such that they may be regarded
as generally consistent w i t h approval of the application. Accordingly, considerations relating to
banking factors are consistent w i t h approval of the
application. While no major changes are contemplated in Bank's services, considerations relating
to the convenience and needs of the community
to be served are consistent w i t h approval of the
application. Accordingly, it is the Board's judgment that the proposed transaction would be consistent w i t h the public interest and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
effective date of this Order, unless such period
is extended for good cause by the Board, or by
the Federal Reserve Bank of Chicago pursuant to
delegated authority.
B y order of the Board of Governors, effective
September 29, 1976.
Voting for this action: Vice Chairman Gardner and
853
Governors Coldwell, Jackson, Partee, and L i l l y . Absent
and not voting: Chairman Burns and Governor Wallich.
(Signed)
[SEAL]
Assistant
GRIFFITH L .
Secretary
GARWOOD,
of the
Board.
First W e w o k a Bancorporation, I n c . ,
W e w o k a , Oklahoma
Order Denying
Formation of Bank Holding
Company
First Wewoka Bancorporation, Inc., Wewoka,
Oklahoma, has applied for the Board's approval
under § 3(a)(1) of the Bank Holding Company Act
(12 U.S.C. § 1842(a)(1)) C ' A c t " ) of formation
of a bank holding company through acquisition
of 80 per cent or more of the voting shares of
First National Bank in Wewoka, Wewoka, Oklahoma ( " B a n k " ) .
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance w i t h § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received, including
those submitted by the Comptroller of the Currency recommending denial of the application, in
light of the factors set forth in § 3(c) of the Act
(12 U.S.C. § 1842(c)).
Applicant is a nonoperating company formed for
the express purpose of becoming a bank holding
company through the acquistion of Bank. The
proposed transaction involves the transfer of control of Bank f r o m individuals to a corporation
owned by the same individuals. Bank holds deposits of approximately $11.3 million,^ representing 20.9 per cent of the total deposits in
commercial banks in the Seminole County banking
market,2 and ranks as the second largest of six
banks operating in the market. Since the subject
proposal is essentially a corporate reorganization
and Applicant has no subsidiaries, it does not
appear that consummation of the proposal would
have any adverse effects on existing or potential
competition, increase the concentration of banking
resources, or have other adverse effects on any
other banks in any relevant area. Thus, the Board
^ A l l banking data are as of December 31, 1975.
^The Seminole County banking market, the relevant geographic market for purposes of analyzing the competitive
effects of the subject proposal, is approximated by all of
Seminole C o u n t y , Oklahoma.
A 854
Federal Reserve Bulletin •
October 1975
concludes that competitive considerations are consistent with approval of the application.
Under § 3(c) of the Act, the Board is required
to consider the financial and managerial resources
and future prospects of the proposed bank holding
company and the bank to be acquired. With respect
to the subject application, it appears that the future
prospects of Applicant are entirely dependent upon
the profitable operations of Bank. In this regard.
Applicant proposes to service a debt of more than
$430,000,^ which it w i l l incur as part of this
transaction, over a twelve-year period primarily
through dividends from Bank. In view of Bank's
operating history, the Board is unable to conclude
that Applicant's projected earnings for Bank are
reasonable or attainable. The Board is of the view
that the future earnings of Bank would not provide
Applicant with the financial flexibility necessary
to meet its debt servicing requirements as well as
any unexpected problems that might arise at Bank.
Furthermore, the dividends involved in the subject
proposal may not provide Applicant with the necessary financial strength to service its acquisition
debt while maintaining Bank's capital position. On
the basis of the foregoing and other facts of record,
the Board concludes that the considerations relating to the banking factors weigh against approval
of the application.'^
As stated previously, the proposed formation of
Applicant merely represents a restructuring of
Bank's ownership with no changes in Bank's
operations or services. Consequently, considerations relating to the convenience and needs of
the community to be served lend no weight toward
approval of the application. Moreover, in view of
Applicant's debt servicing requirements, consummation of the subject proposal could diminish
Bank's ability to continue to serve the area as a
viable banking alternative.
On the basis of all of the facts of record, it
is the Board's judgment that the subject proposal
would result in a bank holding company with
financial resources that would be inadequate to
service its debt while maintaining Bank's capital
account. Accordingly, the Board concludes that
consummation of the proposed transaction would
^ T w o hundred thousand dollars of the total indebtedness is
to be injected into BaiJc to strengthen its capital.
^The Comptroller of the Currency recommended denial of
this application p r i m a r i l y on the basis of the financial considerations involved. W h e n given an opportunity to respond to
the C o m p t r o l l e r ' s comments, A p p l i c a n t d i d not do so.
not be in the public interest and that the application
should be denied.
By order of the Board of Governors, effective
September 22, 1976.
Voting for this action: Chairman Burns and Governors Gardner, Wallich, Coldwell, Jackson, and L i l l y .
Absent and not voting: Governor Partee.
(Signed)
[SEAL]
RICHARD D .
Assistant
Secretary
ABRAHAMSON,
of the
Board.
First Bank System, Inc.,
Minneapolis, Minnesota
Order Approving Acquisition
of Bank
First Bank System, Inc., Minneapolis, Minnesota, a bank holding company within the meaning
of the Bank Holding Comany Act, has applied for
the Board's approval under § 3(a)(3) of the Act
(12 U.S.C. § 1842(a)(3)) to acquire all of the
voting shares, less directors' qualifying shares, of
First National Bank of Burnsville, Burnsville,
Minnesota ( ' ' B a n k " ) , a proposed new bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received, including
those of the Minnesota Commissioner of Banks
and the Independent Bankers Association of Minnesota C'Protestants"), in light of the factors set
forth in § 3(c) of the Act (12 U.S.C. § 1842(c)).
Applicant controls 49 banks in Minnesota with
aggregate deposits of $3.9 billion,^ representing
approximately 26.4 per cent of the total commercial bank deposits in Minnesota, and is the largest
banking organization in the State.^ Since Bank is
a proposed new bank, its acquisition by Applicant
would not immediately increase Applicant's share
of commercial bank deposits in the State.
Bank is a new bank which has received preliminary charter approval from the Comptroller of the
Currency and is to be located in Burnsville, a
suburban community within the Minneapolis-St.
Paul banking market.^ With 16 subsidiaries in the
^In all, A p p l i c a n t controls a total of 86 banks located i n
five States w i t h aggregate deposits of $5.7 b i l l i o n .
^Unless otherwise noted, banking data are as of December
31, 1975.
^The Minneapolis-St. Paul market is approximated b y the
R M A , adjusted to include all of Carver County.
Law Department
Minneapolis-St. Paul market (the relevant market),
Applicant controlled, as of June 30, 1975, deposits
of $2.8 billion, representing about 39 per cent of
the market deposits, and was the largest banking
organization in the market. The second and third
largest banking organizations in the market controlled, respectively, about 28.7 per cent and 3.4
per cent of the market deposits. Since Bank is a
proposed new bank, consummation of Applicant's
proposal would not eliminate any existing competition, nor would it have any immediate effect on
Applicant's share of commercial bank deposits in
the market. Although Applicant is the largest
banking organization in the market, it is noted that
its growth in the market in the recent past has
been primarily internal; it has acquired only one
bank in the market since 1956. Since that time,
37 charters for new banks within the market have
been issued, and Applicant's market share has
declined slightly from 43.0 per cent to 39.0 per
cent. In the market. Applicant faces competition
from over 100 commercial banking organizations.
In its analysis of the subject application, the
Board has also considered the comments and requests for a hearing submitted by Protestants.
Generally speaking, Protestants contend that the
proposal would have anticompetitive effects and
have requested a hearing to discuss the impact this
proposal would have upon competition and the
concentration of financial resources in the relevant
market. Protestants argue that the area to be served
by Bank cannot support another bank at this time
and that the acquistion of Bank by Applicant will
adversely affect the viability of two new banks
in the proposed service area of Bank.
The Board has examined the records of the
hearings held in connection with the chartering of
Bank, the written submissions of Protestants, and
the responses thereto by Applicant and concludes
that a formal hearing would not add significant
new information or raise issues not already discussed at length in the written submissions of
Protestants and Applicant and in the record of the
hearings held by the Comptroller of the Currency
in December 1973 and November 1974. In view
of the failure of Protestants to present new information, raise new issues or demonstrate that a
hearing would elicit new information or present
new issues, the Board concludes that the record
is sufficiently complete to enable it to make an
informed judgment. Accordingly, Protestants' requests for a formal hearing are hereby denied.
The Board has analyzed the information sub-
855
mitted by Protestants in support of the issues they
have raised and, for the reasons set forth hereinafter, it is the Board's judgment that the issues
raised by Protestants are not sufficient to warrant
denial of the subject application.
With respect to the first issue, the Board disagrees with Protestants' assessment of the adverse
effects that the proposal would have on the viability of the two new banks in the proposed service
area of the Bank. The only bank in Burnsville
opened in 1972 and in 1975 became a subsidiary
of American Bancorporation, the third largest
banking organization in the market with total deposits of $243 million. This bank has total deposits
of $6.4 million and appears to be well established
in the market. The second new bank in the proposed service area of Bank has obtained $5.9
million of deposits since it opened in 1974, and
has become profitable in its second year of operation. On the basis of the record, the Board concludes that the attractive growth of the Burnsville
area in recent years^ and the corresponding demand for banking services will continue to support
existing banks, and Applicant's new bank w i l l not
seriously threaten their viability.
Similarly, the Board is unable to conclude that
Protestants' assessment of the effects that this
acquisition would have on the concentration of
financial resources in the relevant market is correct. On the contrary, the record indicates that the
Minneapolis-St. Paul area has been experiencing
substantial economic growth. As noted above, this
growth has resulted in new banking entrants and
has reduced Applicant's market share of total
deposits. Furthermore, there is no evidence in the
record to suggest that Applicant is using its size
and resources to the disadvantage of other banking
organizations to preempt a desirable future banking location before a new bank is needed, or that
this acquisition in and of itself would significantly
affect the trend towards deconcentration of financial resources in the relevant market. On the basis
of the facts of record, including the records of
the two chartering hearings, the submissions of
Protestants, and the submissions of Applicant, the
Board concludes that, given the growth of the
market, the large number of competing organizations, and the propensity for deconcentration.
^The p o p u l a t i o n of D a k o t a C o u n t y , w h i c h includes Burnsv i l l e , has increased 5 3 . 6 per cent f r o m 1960-1970. T h e popul a t i o n f o r this c o u n t y is estimated to have increased an additional 12.0 per cent f r o m 1970-1973.
A 856
Federal Reserve Bulletin •
October 1975
consummation of this proposal would not result
in a concentration of financial resources in the
relevant market or adversely affect competition in
the relevant market.
Accordingly, on the basis of the facts of record
and having considered the comments of Protestants, the Board concludes that consummation of
the proposed acquisition would not have significant adverse effects on existing or potential competition and that competitive considerations are
consistent with approval of the application.
The financial and managerial resources of Applicant and its subsidiaries are regarded as generally satisfactory based upon the information in the
record, including all bank examination information
available to the Board. Bank, a proposed new
bank, has no financial or operating history; however, its prospects as a subsidiary of Applicant
appear favorable. Considerations relating to banking factors, therefore, are consistent with approval
of the application.
Bank will serve as an additional full service
banking facility to the residents of the area, including the businesses and customers of the new
shopping center in which Bank will be located.
Applicant has proposed that Bank will offer some
services not being comparably offered by nearby
banks and Bank w i l l be open more hours than the
other banks in the service area. Accordingly,
these considerations relating to the convenience
and needs of the community to be served lend
some weight toward approval of the application.
It is the Board's judgment that the proposed acquisition would be in the public interest and that
the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after that
date, and (c) First National Bank of Burnsville,
Burnsville, Minnesota, shall be opened for business not later than six months after the effective
date of this Order. Each of the periods described
in (b) and (c) may be extended for good cause
by the Board, or by the Federal Reserve Bank of
Minneapolis, pursuant to delegated authority.
By order of the Board of Governors, effective
September 15, 1976.
Voting for this action: Vice Chairman Gardner and
Governors Wallich, Coldwell, and Jackson. Present and
abstaining: Governor L i l l y . Absent and not voting:
Chairman Burns and Governor Partee.
(Signed)
[SEAL]
Assistant
GRIFFITH L .
Secretary
GARWOOD,
of the
Board.
The First National Bancorporation, Inc.,
Denver, Colorado
Order Approving Acquisition
of Bank
The First National Bancorporation, Inc.,
Denver, Colorado, a bank holding company within
the meaning of the Bank Holding Company Act,
has applied for the Board's approval under §
3(a)(3) of the Act [12 U.S.C. § 1842(a)(3)] to
acquire 80 per cent or more of the voting shares
of The First National Bank of Montrose, Montrose, Colorado ( " B a n k " ) .
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received, including
those submitted by the Attorney General of the
State of Colorado and by the Comptroller of the
Currency,^ in light of the factors set forth in §
3(c) of the Act [12 U.S.C. § 1842(c)].
Applicant, the largest banking organization in
Colorado, controls 11 banks (including the largest
bank in the State) with aggregate deposits of $1.2
billion, representing approximately 16 per cent of
the total deposits held by commercial banks in that
State.^ Colorado currently has 10 multi-bank
holding companies that collectively control approximately 67 per cent of the total deposits and
34 per cent of all the banks in the State. The five
largest banking organizations (all multi-bank
holding companies) control approximately 57 per
cent of total deposits and 25 per cent of all banks
^In a letter to the Board, dated M a r c h 30, 1976, the C o m p troller of the Currency recommended approval of this application stating that it was i n the public interest. The Attorney
General of Colorado, i n a letter to the Board, dated M a r c h
17, 1976, w h i l e not recommending denial of the application,
requested that the B o a r d consider issues pertaining to concentration i n the Colorado banking industry, competition in both
the State and relevant banking markets, convenience and needs
of the c o m m u n i t y to be served, and public benefits to be derived
f r o m consummation of the proposal. The Board's conclusions
w i t h respect to these issues as they relate to this application
are herein set forth.
^ A l l banking data are as of June 30, 1975, unless otherwise
indicated.
Law Department
in Colorado. Acquisition of Bank^ by Applicant
would contribute to some extent to increasing
deposit concentration in Colorado; however, the
Board regards the effects upon concentration to
be only slight inasmuch as Applicant's share of
State deposits would increase by no more than
approximately four-tenths of one per cent.
Bank (deposits of $30 million) is the larger of
two banks^ in the relevant banking market^ and
controls approximately 63 per cent of the total
deposits in that market. Applicant has no subsidiaries operating in the relevant banking market, and
its closest bank subsidiary to Bank is located 61
miles to the northwest of Montrose. It appears that
no meaningful competition currently exists between Bank and any of Applicant's subsidiary
banks, and that it is unlikely that significant competition between these institutions would develop
in the future in view of the distances involved.
On the basis of the facts of record, the Board
concludes that consummation of the proposal
would not have any significant adverse effect upon
existing competition in the relevant banking market.
Applicant, as the largest banking organization
in Colorado, appears to possess the financial and
managerial resources necessary to establish a de
novo bank in the relevant market and, thereby,
to increase the number of banking alternatives
operating therein. Although population per banking office for the market is 7,800,® compared to
9,300 for the State, and deposits per bank in the
market^ are below the average deposits per bank
for the entire State, Montrose is growing rapidly
and exhibits good prospects for continued growth
in population, income, and employment opportunities.^ As a result, the Montrose banking market
may be regarded as marginally attractive for de
=^Bank is the 18th largest independent bank and the 5 0 t h
largest of the 277 banks i n C o l o r a d o .
^The smaller bank is a subsidiary of the second largest
b a n k i n g o r g a n i z a t i o n i n C o l o r a d o . I n a d d i t i o n , a n e w bank
opened o n A u g u s t 3 0 , 1976, i n O l a t h e , w h i c h is ten miles
n o r t h of M o n t r o s e .
^The relevant b a n k i n g m a r k e t is a p p r o x i m a t e d b y the eastern
p o r t i o n of M o n t r o s e C o u n t y , w h i c h is d i v i d e d i n half b y the
U n c o m p a h g r e Forest.
®This figure is reduced to 5 , 2 0 0 w h e n the new bank i n Olathe
is taken i n t o account.
^Nevertheless, the m a r k e t ' s average f o r deposits per bank
is nearly d o u b l e that of any of the three adjacent counties.
®From 1970-1975, the populations of M o n t r o s e C o u n t y and
t o w n , respectively, increased 13.6 and 2 5 . 9 per cent. I n
a d d i t i o n , the average household i n c o m e f o r M o n t r o s e C o u n t y
increased 8 5 . 6 per cent d u r i n g the same period.
857
novo entry in the future. In light of the future
economic prospects for the Montrose area and
Applicant's ability to effect an alternative means
of entry into the area, consummation of this proposal would eliminate Applicant as a potential de
novo entrant into the relevant market. However,
the effects of this elimination are minimized by
the existence of several other potential entrants
into the relevant market, including several Colorado multi-bank holding companies that have not
entered the market but have the resources to do
so. Inasmuch as the relevant market is only marginally attractive for de novo entry in the future
and there exist other potential entrants into that
market, it is the Board's judgment that, on balance, consummation of Applicant's proposal
would have only slightly adverse effects upon
potential competition.
The financial and managerial resources and future prospects of Applicant, its subsidiaries, and
Bank are considered to be generally satisfactory
based upon information in the record, including
all bank examination information available to the
Board. In addition. Applicant's overall financial
condition w i l l enable it to augment the capital of
any of its subsidiaries should there be a need to
do so in the future. Accordingly, the Board regards
the banking factors as being consistent w i t h approval of the application.
Affiliation of Bank w i t h Applicant would enable
Bank to receive Applicant's financial and managerial expertise and would provide a variety of additional services to the market. I n view of the
increase in economic activity that is expected in
the Montrose area, it appears that the provision
of these additional services by Applicant, through
Bank, w i l l have some beneficial effect upon the
area in providing for its convenience and needs
for banking services. Accordingly, the Board concludes that the considerations relating to the convenience and needs of the community to be served
lend weight toward approval of the application and
are sufficient to outweigh any slightly adverse
effects that the proposal may have on potential
competition. It is the Board's judgment that consummation of the proposed acquisition would be
in the public interest and that the application
should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
A 858
Federal Reserve Bulletin •
October 1975
effective date of this Order, unless such period
is extended for good cause by the Board, or by
the Federal Reserve Bank of Kansas City pursuant
to delegated authority.
B y order of the Board of Governors, effective
September 30, 1976.
Voting for this action: Vice Chairman Gardner and
Governors Wallich, Jackson, and L i l l y . Voting against
this action: Governor Cold well. Absent and not voting:
Chairman Burns and Governor Partee.
(Signed)
[SEAL]
Dissenting
Assistant
GRIFFITH L .
Secretary
Statement of Governor
GARWOOD,
of the
Board.
Coldwell
I would deny the application of The First National Bancorporation, Inc., to acquire The First
National Bank of Montrose ( " B a n k " ) , since I
believe that the proposal would have significant
adverse effects upon both concentration of banking
resources in the State of Colorado and potential
competition in the relevant banking market. I n my
view, such adverse effects are not clearly outweighed by other considerations reflected in the
record and, therefore, the application should be
denied.
Colorado is a State whose banking resources are
becoming more concentrated, as is evidenced by
the fact that ten multi-bank holding companies
control approximately 67 per cent of the total
deposits held by commercial banks in the State
and 34.3 per cent of all the banks in the State.
The five largest banking organizations (all multibank holding companies) control approximately 57
per cent of total deposits and 25.6 per cent of all
the banks. Furthermore, among the nation's unit
banking States, Colorado ranks as one of the most
concentrated in terms of commercial bank deposits
and among those shows the highest rate of concentration over the past seven years. Applicant,
the largest bank holding company (controlling the
largest bank) in Colorado, has 11 subsidiary banks
and controls approximately 15.8 per cent of the
total deposits held by commercial banks in that
State. Applicant has been engaged in an aggressive
plan of expansion since its formation in 1968 and
the present proposal represents a further effort by
Applicant to entrench its leading position in the
State through the acquisition of a market's leading
banking organization. Bank holds 63 per cent of
the deposits in its market. Approval of this application would enable the State's largest banking
organization to acquire Bank, and, thereby, to
continue what I regard as an undesirable trend
toward increased concentration of banking resources in Colorado. This result is further exacerbated by the fact that Applicant has chosen the
largest bank as a means of expanding into a new
market.
I n addition to the adverse effects upon concentration and banking structure in Colorado, I am
concerned about the impact that the proposal
would have upon potential competition in the
relevant market. The Board's majority concludes,
and the record supports the conclusion, that the
market is somewhat attractive for de novo entry.
It is clear that Applicant possesses the capabilities
to enter the Montrose area through the establishment of a new banking organization and that
Applicant must be perceived as a likely entrant
into that market. Accordingly, consummation of
this proposal would eliminate Applicant as a potential entrant into the market and, since the proposal involves the largest bank in that market, that
elimination would have significant adverse effects
upon potential competition.
Therefore, in view of the rapidly increasing
concentration of banking resources in Colorado,
the aggressive expansion of Applicant, and the
adverse effects of this proposal upon potential
competition, the application should be denied
unless the anticompetitive effects of the proposal
are clearly outweighed in the public interest by
the probable effect of the transaction in meeting
the convenience and needs of the community to
be served.
The Board's majority has concluded that the
anticompetitive effects of this proposal are outweighed by benefits that would accrue to the
public. I disagree w i t h that conclusion. Bank appears to be a strong, well-capitalized, independent
institution that is already maintaining its competitive standing against the other Montrose bank,
which is a subsidiary of the State's second largest
bank holding company. The benefits to the public
that may result f r o m this acquisition are, in my
view, weak and insufficient to outweigh the anticompetitive effects inherent in this acquisition. If
the affiliation of Bank w i t h another banking organization is thought to be desirable and beneficial
to the public, such affiliation should be with another banking organization that is not one of the
larger banking organizations in Colorado.
For the foregoing reasons, I would deny the
application.
Law Department
I B & T Corp.,
Pocatello, Idaho
Order Approving
Acquisition
of Bank
I B & T Corp., Pocatello, Idaho, a bank holding
company within the meaning of the Bank Holding
Company Act, has applied for the Board's approval under § 3(a)(3) of the Act (12 U.S.C. §
1842(a)(3)) to acquire 80 per cent of more of the
voting shares of First Bank of Troy, Troy, Idaho
("Bank").
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the application and all comments
received, including those of the Idaho Department
of Finance recommending approval of the subject
application, have been considered by the Board
in light of the factors set forth in § 3(c) of the
Act (12 U.S.C. § 1842(c)).
Applicant, the fourth largest banking organization in Idaho, controls one bank with total deposits of $209 m i l l i o n , representing 7.94 per cent
of the total deposits in commercial banks in the
State.^ Acquisition of Bank (deposits of $22 million) would increase Applicant's share of Statewide deposits by .82 of one per cent. Consummation of the proposed transaction would not result
in a significant increase in the concentration of
banking resources in Idaho, nor would it alter
Applicant's Statewide ranking.
Bank is the second largest of four banks located
in the Moscow-Troy, Idaho banking market (the
relevant banking market for purposes of this proposal), and controls 35 per cent of market deposits.
Applicant's nearest office is 33 miles f r o m Bank
and no significant competition exists between
them. Under Idaho banking law. Applicant could
branch de novo into the Moscow-Troy market but
such entry appears unlikely in view of the fact
that the area has been growing less rapidly than
other parts of the State. I n view of the foregoing
and other factors of record, the Board concludes
that approval of this application would not have
any significant adverse effects upon competition.
The financial and managerial resources of Applicant and its subsidiary are considered satisfactory and their future prospects appear favorable.
^Unless otherwise indicated, all banking data are as of
December 31, 1975.
859
As a result of consummation of this proposal.
Bank's financial and managerial resources and
future prospects w i l l be strengthened. Accordingly, considerations relating to banking factors
lend weight toward approval of the application.
While no major changes are contemplated in
Bank's services, the proposal w i l l improve Bank's
ability to continue to serve its customers and the
community. Therefore, considerations relating to
convenience and needs of the community to be
served are consistent with, and lend some weight
toward, approval of the application. Accordingly,
it is the Board's judgment that the proposed acquisition would be in the public interest and should
be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
effective date of this Order, unless such period
is extended for good cause by the Board, or by
the Federal Reserve Bank of San Francisco pursuant to delegated authority.
B y order of the Board of Governors, effective
September 10, 1976.
Voting for this action: Chairman Burns and Governors Gardner, Wallich, and Cold well. Absent and not
voting: Governors Jackson, Partee, and L i l l y .
(Signed)
[SEAL]
Assistant
GRIFFITH L .
Secretary
GARWOOD,
of the
Board.
Lisco State C o m p a n y ,
L i s c o , Nebraska
Order
Approving
Formation of a Bank Holding
Company
Lisco State Company, Lisco, Nebraska ( " A p p l i c a n t " ) , has applied for prior approval pursuant
to section 3(a)(1) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1842(a)(1)) and section
225.3(a) of Regulation Y (12 CFR 225.3(a)) to
become a bank holding company through the acquisition of 89 per cent or more of the voting
shares of Lisco State Bank, Lisco, Nebraska
("Bank").
Notice of the application, affording an opportunity for interested persons to submit conmients and
views, has been given in accordance w i t h section
3(b) of the Act (41 Federal Register 30068). Time
for filing comments and views has expired and the
application and all conmients received have been
A 860
Federal Reserve Bulletin •
October 1975
considered in light of the factors set forth in section
3(c) of the Act (12 U.S.C. 1842(c)).
Upon acquisition of Bank (deposits of $3.6
million), Applicant would control the 356th largest
bank in Nebraska, holding .05 per cent of total
deposits in commercial banks in the State.^ Bank
is the smallest of the three banks located in Garden
County, which approximates the relevant banking
market, and controls 20.52 per cent of deposits
therein. Acquisition of Bank would result in no
immediate change in banking services available in
the relevant market.
Applicant's principal shareholder has ownership
interests in one Colorado and two Nebraska onebank holding companies. The subsidiary banks of
these holding companies are located considerable
distances from Bank and operate in different
banking markets. Inasmuch as the proposal to form
a bank holding company represents a restructuring
of the existing ownership of Bank into corporate
form, consummation of the proposal would eliminate neither existing nor potential competition, nor
does it appear that there would be any adverse
effects on other banks in the trade area.
The financial and managerial resources and future prospects of Applicant, which are dependent
on those of Bank, are considered satisfactory and
consistent with approval. The debt to be incurrred
by Applicant appears to be serviceable from the
income derived from Bank without having an
adverse effect on the financial condition of either
Applicant or Bank. Accordingly, considerations
relating to banking factors are consistent with
approval of the application.
Although consummation of the proposal would
cause no changes in the banking services offered
by Bank, considerations relating to the convenience and needs of the community to be served
are consistent with approval. It has been determined that consummation of the transaction would
be in the public interest and that the application
should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction involving acquisition of shares of Bank
shall not be consummated before the thirtieth calendar day following the effective date of this Order
and Bank should not be acquired later than three
months after the effective date of this Order, unless
^Unless otherwise indicated, all banking data are as of
December 31, 1975.
such period is extended for good cause by the
Board of Governors or by the Federal Reserve
Bank of Kansas City pursuant to delegated authority.
By order of the Secretary of the Board, acting
pursuant to delegated authority from the Board of
Governors, effective September 16, 1976.
(Signed)
[SEAL]
Assistant
GRIFFITH L .
Secretary
GARWOOD,
of the
Board.
M & S BanCorp,
Janesville, Wisconsin
Order Approving Acquisition
of Bank
M & S BanCorp, Janesville, Wisconsin, a bank
holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under § 3(a)(3) of the Act (12 U.S.C.
§ 1842(a)(3)) to acquire 98.83 per cent of the
voting shares of Merchants Bank of Evansville,
Evansville, Wisconsin ( " B a n k " ) .
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U.S.C.
§ 1842(c)).
Applicant, the seventeenth largest banking organization in Wisconsin, controls two banks with
aggregate deposits of approximately $84 million,
representing 0.6 per cent of the total deposits in
commercial banks in the State.^ Acquisition of
Bank, which opened for business on May 3, 1976,
would neither immediately increase Applicant's
share of commercial bank deposits in Wisconsin
nor result in a significant increase in the concentration of banking resources in the State.
Bank recently commenced operations in Evansville, a city located in the south-central portion
of Wisconsin, with a population of approximately
3,OCX) persons, according to the 1970 Census.
Prior to Bank's entry a few months ago, only one
other bank operated in Evansville. Applicant,
through its two existing subsidiary banks, is the
largest of 14 banking organizations in the relevant
^ A l l banking data are as of June 30, 1975, and reflect bank
holding company formations and acquisitions approved through
August 31, 1976.
Law Department
banking market^ and controls approximately 21 per
cent of total deposits in that market. The second
largest banking organization therein controls 19
per cent of total deposits in the market. The office
of Applicant's banking subsidiary closest to Bank
is in Janesville, 16 miles southwest of Evansville.
However, neither of Applicant's subsidiary banks
may branch into Evansville because of the " h o m e
office protection" afforded by Wisconsin's restrictive branching laws. Accordingly, in view of the
fact that this proposal involves the acquisition of
essentially a de novo bank, it appears that the
proposed transaction would have no significant
adverse effects on existing or potential competition. Therefore, based upon all facts of record,
the Board has determined that competitive considerations are consistent w i t h approval of the application.
The financial and managerial resources and future prospects of Applicant, its subsidiary banks,
and Bank are regarded as generally satisfactory.
Therefore, considerations relating to banking factors are consistent with approval of the application.
The addition of a second banking alternative in
Evansville should enhance banking competition
and thus increase services to the residents of the
area. I n fact, apparently in response to Bank's
formation, the other competing bank has increased
both the interest paid on savings accounts and its
banking hours to include Saturday morning banking services. Accordingly, considerations relating
to the convenience and needs of the community
to be served lend weight toward approval of the
application. It is the Board's judgment that the
proposed acquisition would be in the public interest and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
effective date of this Order, unless such period
is extended for good cause by the Board, or by
the Federal Reserve Bank of Chicago pursuant to
delegated authority.
B y order of the Board of Governors, effective
September 22, 1976.
Voting for this action: Chairman Burns and Gover-
2 The Janesville-Beloit banking market is the relevant market
in this case and is approximated by Rock County, Wisconsin.
861
nors Gardner, Wallich, Coldwell, Jackson and L i l l y .
Absent and not voting: Governor Partee.
(Signed)
[SEAL]
RICHARD D .
Assistant
Secretary
ABRAHAMSON,
of the
Board.
National Detroit Corporation,
Detroit, M i c h i g a n
Order Approving
Acquisition
of Bank
National Detroit Corporation, Detroit, Michigan, a bank holding company within the meaning
of the Bank Holding Company A c t , has applied
for the Board's approval under § 3(a)(3) of the
Act (12 U.S.C. § 1842(a)(3)) to acquire all of the
voting shares, less directors' qualifying shares, of
National Bank of Port Huron, Port Huron, Michigan ( " B a n k " ) , a proposed new bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance w i t h § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received, including
those of The Commercial and Savings Bank of
St. Clair County, St. Clair, Michigan ( " C o m m e r cial B a n k " ) and the Peoples Bank of Port Huron,
Port Huron, Michigan ("Peoples B a n k " ) , in light
of the factors set forth in § 3(c) of the Act (12
U.S.C. § 1842(c)).
Applicant controls five banks in Michigan w i t h
aggregate deposits of $4.9 billion, representing
approximately 16.7 per cent of the total commercial bank deposits in Michigan, and is the largest
banking organization in the State.^ Since Bank is
a proposed new bank, its acquisition by Applicant
would not immediately increase Applicant's share
of commercial bank deposits in the State.
Applicant is seeking to make its initial entry
into the Port Huron banking market (the relevant
market),^ and Bank w i l l be located in the city of
Port Huron. Applicant has no offices within the
relevant market and the nearest office of any of
Applicant's subsidiary banks to Bank's proposed
location is 40 miles southwest of Bank in the
Detroit banking market.
In its consideration of the subject application,
the Board has also considered the comments sub^Unless otherwise indicated, all banking data are as of
December 31, 1975.
2The Port H u r o n market is approximated by St. Clair
C o u n t y , excluding a small western portion that includes the
t o w n of Capac. A l l market data are as of June 30, 1975.
A 862
Federal Reserve Bulletin •
October 1975
mitted by the two Protestants. Generally speaking,
Protestants contend that the proposal would have
anticompetitive effects and would adversely affect
the viability of existing banks in the market. The
Board has analyzed the information submitted by
each of the Protestants and, for the reasons set
forth below, it is the Board's judgment that the
issues raised by Protestants are not sufficient to
warrant denial of the subject application.^
The first Protestant, Commercial Bank, principally argues that consummation of the proposal
would (1) increase market concentration, (2)
hinder market deconcentration and (3) adversely
affect Peoples Bank. Commercial Bank contends
that the relevant market for analyzing the competitive effects of this proposal encompasses the sixcounty area of Wayne, Oakland, Macomb, Washtenaw, Livingston and St. Clair counties. It is the
Board's opinion, however, that Protestant Commercial Bank's definition of the relevant market
is too broad as it includes the Detroit banking
market and portions of several other banking markets'^ and that the correct market for purposes of
analyzing the competitive effects of this proposal
is the Port Huron market as defined above (see
footnote two). It is the Board's view that consummation of this proposal, would add an additional
full service banking competitor to this highly concentrated market in which the three largest banking organizations hold approximately 86 per cent
of the total commercial bank deposits and would
increase the likelihood of eventual market deconcentration. Finally, the Board disagrees with
Commercial Bank's assessment of the adverse
effect that consummation of the proposal would
have on Peoples Bank. The Board notes that
3Protestant Peoples B a n k , i n its o r i g i n a l submission, requested that the B o a r d h o l d a hearing o n the application. U n d e r
§ 3(b) of the A c t , the B o a r d is required to h o l d a hearing
o n l y w h e n the p r i m a r y supervisor of the bank to be acquired
recommends disapproval o f the application (12 U . S . C . §
1842(b)). I n this case, the C o m p t r o l l e r of the C u r r e n c y issued
a p r e l i m i n a r y charter approval o n October 2 1 , 1975 and has
not subsequently r e c o m m e n d e d that the a p p l i c a t i o n be denied.
T h u s , there was no statutory requirement that a hearing be
held. Protestant Peoples B a n k s u b m i t t e d w r i t t e n material i n
support of its protest and b y letter of M a y 2 7 , 1976, w i t h d r e w
its request f o r a f o r m a l hearing.
' ' I n c o n j u n c t i o n w i t h its consideration of a recent application
by Michigan National Corporation, Bloomfield Hills, M i c h i gan, to acquire Peoples B a n k and T r u s t , N . A . , T r e n t o n ,
M i c h i g a n . ( B o a r d Order of A u g u s t 2 4 , 1976), the B o a r d had
occasion to consider the proper d e f i n i t i o n o f the D e t r o i t b a n k i n g
m a r k e t and f o u n d that it was a p p r o x i m a t e d b y the counties
of M a c o m b , O a k l a n d and W a y n e .
Peoples Bank increased its deposits 13.6 per cent
between year-end 1974 and 1975, that its return
on assets for 1975 was far in excess of the Statewide average for like-sized banks, and that it was
better capitalized during 1975 than the average
like-sized banks in Michigan.
The second Protestant, Peoples Bank, contends
that the Port Huron area has experienced significant economic deterioration since the hearings held
by the Comptroller of the Currency in connection
with the chartering of Bank, and therefore, the
Port Huron area could not now support an additional bank. The record shows that the population
of St. Clair County increased 7.4 per cent from
1970-1975. At the same time, the banking organizations with their head offices in St. Clair County
increased their deposits at almost twice the average
rate for all banks in the State for the period June
1974 to December 1975. Similarly, the record
does not support Peoples Bank's assessment of the
effect this acquisition would have on the existing
banks in the market. With the exception of a small
branch of a bank whose main office is located
outside of the relevant market, the banking organizations in the market are well established institutions, and as noted above, those banking organizations with their head offices in St. Clair
County have experienced significant deposit
growth. As already noted. Peoples Bank itself has
experienced above average growth of deposits and
an above average return on its assets. On the basis
of the above and other facts of record, the Board
is of the view that the Port Huron banking market
will continue to support the existing banks in the
market and that Bank w i l l not have a serious
adverse effect upon those institutions.
Having considered the comments of the Protestants and all of the facts of record, the Board
concludes that consummation of the proposed, acquisition would not have an adverse effect on
future competition and that Applicant's acquisition
of Bank can be reasonably expected to stimulate
competition in this highly concentrated market by
introducing an additional banking alternative
without significantly adversely affecting any of the
existing banks in the market. Therefore, for the
reasons summarized above, the Board concludes
that competitive considerations are consistent
with, and lend some weight toward, approval of
the application.
The financial and managerial resources and future prospects of Applicant and its subsidiaries are
regarded as satisfactory. As a proposed new bank.
Law Department
Bank has no financial or operating history; however, its prospects as a subsidiary of Applicant
appear favorable. Considerations relating to banking factors, therefore, are consistent w i t h approval
of the application.
Bank w i l l serve as an additional f u l l service
banking alternative to the residents of Port Huron,
increasing the number of banks in that city f r o m
two to three. Bank w i l l offer all services normally
considered to be f u l l service banking including
trust services, selected week-day evening hours,
and Saturday hours. Accordingly, these considerations relating to the convenience and needs of
the community to be served lend some weight
toward approval of the application. It is the
Board's judgment that the proposed acquisition
would be in the public interest and that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after that
date, and (c) National Bank of Port Huron, Port
Huron, Michigan, shall be opened for business not
later than six months after the effective date of
this Order. Each of the periods described in (b)
and (c) may be extended for good cause by the
Board, or by the Federal Reserve Bank of Chicago
pursuant to delegated authority.
B y order of the Board of Governors, effective
September 27, 1976.
Voting for this action: Chairman Burns and Governors Gardner, Wallich, Jackson, Partee, and L i l l y .
Absent and not voting: Governor Coldwell.
(Signed)
[SEAL]
Assistant
GRIFFITH L .
Secretary
GARWOOD,
of the
Board.
863
for the Board's approval under § 3(a)(3) of the
Act (12 U.S.C. § 1842(a)(3)) to acquire an additional 4.6 per cent of the voting shares of The State
Bank of Delphos, Delphos, Kansas ( " B a n k " ) .
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance w i t h § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U.S.C.
§ 1842(c)).
Applicant currently owns 22.2 per cent of the
voting shares of Bank,^ and also engages in insurance activities.^ Bank, w i t h total deposits of approximately $4.5 million,^ controls approximately
.05 per cent of the total deposits in commercial
banks in the State and is the fourth largest of the
five banks in the relevant market w i t h approximately 15.2 per cent of the total deposits in the
market.^ Applicant proposes to acquire 23 shares
of Bank f r o m a principal shareholder of Bank and
Applicant.
The proposed acquisition of additional shares
of Bank would have no effect on competition,
since Applicant and its officers, directors and
principal shareholders together already control a
majority of Bank's outstanding voting shares.
Thus, competitive considerations are consistent
with approval of the application.
The financial condition and managerial resources of Applicant and Bank are considered
satisfactory. Applicant w i l l not incur any debt in
connection w i t h this acquisition and the banking
factors are consistent w i t h approval. Although
there w i l l be no immediate change in the services
or facilities of Bank as a result of this acquisition
of additional voting shares, considerations relating
to the convenience and needs of the community
Roger B i l l i n g s , Incorporated
Delphos, Kansas
Order Approving Acquisition
Additional Shares of Bank
of
Roger Billings, Incorporated, Delphos, Kansas,
a registered bank holding company,^ has applied
^Applicant registered as a bank h o l d i n g company i n 1971
at the request of the Federal Reserve Bank of Kansas C i t y .
Under § 225.2(b) of the Board's Regulation Y (12 C F R §
225.2(b)) a rebuttable presumption exists that Applicant controls The State B a n k of Delphos, Delphos, Kansas; however,
the Board has not previously made a determination that A p p l i cant controls that bank.
^Applicant acquired additional shares of Bank d u r i n g 1973
and 1974 w i t h o u t the prior approval of the Board. A t the
request of the Federal Reserve Bank of Kansas C i t y , A p p l i c a n t
divested those shares and filed this application to reacquire
them.
^Applicant claims § 4 ( c ) ( i i ) as authority for its continuing
to engage i n its nonbanking activities. I n the event the Board
determines that A p p l i c a n t is not entitled to that exemption.
Applicant has agreed to either file an application pursuant to
§ 4(c)(8) or divest itself of the shares of Bank it has applied
to acquire and thus reduce its holdings of B a n k ' s stock to less
than 25 per cent of the outstanding v o t i n g shares.
^ A l l banking data are as of December 31, 1975.
^The relevant market is approximated by northern Ottawa
and southern C l o u d Counties.
A 864
Federal Reserve Bulletin •
October 1975
to be served are consistent with approval of the
application. Therefore, it is the Board's judgment
that the proposed transaction is consistent with the
public interest and that the application should be
approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
effective date of this Order, unless such period
is extended for good cause by the Board or the
Federal Reserve Bank of Kansas City.
By order of the Board of Governors, effective
September 14, 1976.
Voting for this action: Chairman Burns and Governors Gardner, Coldwell, Jackson and L i l l y . Absent and
not voting: Governors Wallich and Partee.
(Signed)
[SEAL!
Assistant
GRIFFITH L .
Secretary
GARWOOD,
of the
Board.
Orders Under Section 4
Of Bank Holding Company Act
C.I.T. Financial Corporation,
New Y o r k , New York
Order Approving Acquisition
of Assets
C.I.T. Financial Corporation, New York, New
York, has applied for the Board's approval under
§ 4(c)(8) of the Bank Holding Company Act
C ' A c t " ) (12 U . S . C . § 1843(c)(8)) and §
225.4(b)(2) of the Board's Regulation Y (12 CFR
§ 225.4(b)(2)), to acquire substantially all of the
assets of Guardian Commercial Corporation, Roslyn. Heights, New York, a company that engages
in consumer finance activities. Such activities have
been determined by the Board to be closely related
to banking (12 CFR § 225.4(a)(1)).
Notice of the application, affording opportunity
for interested persons to submit comments and
views on the public interest factors has been duly
published (41 Federal Register 2169). The time
for filing comments and views has expired, and
the Board has considered the applications and all
comments received in light of the public interest
factors set forth in § 4(c)(8) of the Act (12 U.S.C.
§ 1843(c)(8)).
On the basis of the record, the Board has determined that the balance of the public interest factors
the Board is required to consider under § 4(c)(8)
is favorable. Accordingly, the application is
hereby approved for the reasons set forth in the
Board's Statement, which will be released at a
later date. This determination is subject to the
conditions set forth in § 225.4(c) of Regulation
Y and to the Board's authority to require such
modification or termination of the activities of a
holding company or any of its subsidiaries as the
Board finds necessary to assure compliance with
the provisions and purposes of the Act and the
Board's regulations and orders issued thereunder,
or to prevent evasion thereof.
The transaction shall be made not later than
three months after the effective date of this Order,
unless such period is extended for good cause by
the Board or by the Federal Reserve Bank of New
York.
By order of the Board of Governors, effective
August 27, 1976.
Voting for this action: Vice Chairman Gardner and
Governors Wallich, Coldwell, Partee, and L i l l y . Absent
and not voting: Chairman Burns and Governor Jackson.
(Signed)
[SEAL]
THEODORE E .
Secretary
ALLISON,
of the
Board.
Statement by Board of Governors of the
Federal Reserve System regarding the
application by C.I.T. Financial Corporation
for approval to acquire assets of Guardian
Commercial Corporation
C.I.T. Financial Corporation, New York, New
York, a bank holding company within the meaning
of the Bank Holding Company Act, applied for
the Board's approval, under § 4(c)(8) of the Act
(12 U.S.C. § 1843(c)(8)) and § 225.4(b)(2) of the
Board's Regulation Y (12 CFR § 225.4(b)(2)), to
acquire substantially all of the assets of 27 subsidiary consumer finance offices of Guardian Commercial Corporation ("Guardian"),
Roslyn
Heights, New York. Consumer finance activities
have been determined by the Board to be closely
related to banking (12 CFR § 225.4(a)(1)). By
Order of August 27, 1976, the Board acted to
approve the application for the reasons that are
set forth in this Statement.
Applicant controls one bank. National Bank of
North America ( " B a n k " ) . Bank, with total domestic deposits of $2.2 billion, representing 1.6
per cent of the total commercial bank deposits in
the State, is a full-service commercial bank with
Law Department
141 offices in the New York City metropolitan area
and is the tenth largest bank in New York State.^
Applicant has total assets of about $7 billion and
engages in four principal lines of activity: business
and consumer finance, banking, manufacturing
and merchandising, and insurance.^ Applicant,
with approximately 1,000 consumer and business
finance offices located throughout the United
States, Puerto Rico and Canada, is one of the
largest diversified finance companies in the United
States. Business and consumer finance activities
comprise approximately 50 per cent of Applicant's
assets and 56 per cent of Applicant's net income.
Guardian, with total assets of approximately $36
million, is a subsidiary of First Jersey National
Corporation ( " F J N C " ) , Jersey City, New Jersey,
a registered bank holding company, and engages
through its three direct subsidiaries. Guardian
Loan Company, Tilden Commercial Alliance, and
Tilden Life Insurance, in consumer and sales financing, automobile and equipment lease financing, the sale of credit life and credit accident and
health insurance in connection with extensions of
credit, and the reinsuring of credit life and credit
disability insurance. Applicant proposed to acquire
approximately $12 million of Guardian's assets,
representing substantially all of the assets relating
to the consumer finance business of 27 subsidiary
offices of Guardian located in the four States of
Pennsylvania, New Jersey, Delaware and Connecticut. These assets include consumer finance
and sales finance receivables, customer lists, furniture, fixtures, and leasehold interests.
Applicant and Guardian operate one office each
in the Wilmington and Harrisburg markets. Applicant and Guardian operate two offices and five
offices, respectively, in the Philadelphia-Camden
market. Accordingly, consummation of this acquisition would result in the elimination of some
existing competition. However, in each of these
markets the share of the estimated total dollar
volume of direct consumer loans outstanding held
by Applicant and Guardian combined is less than
1 per cent, and a large number of small loan
companies operate in each of the markets. Fur-
^ A l l b a n k i n g data are as of December 3 1 , 1975.
2Certain of A p p l i c a n t ' s n o n b a n k i n g activities are subject to
r e v i e w under § 4(a)(2) of the A c t . It is anticipated that this
r e v i e w w i l l be c o m p l e t e d shortly. Pending c o m p l e t i o n of this
r e v i e w . A p p l i c a n t m a y not c o m i n g l e the assets of G u a r d i a n
w i t h assets that m i g h t be subject to divestiture or f o r w h i c h
A p p l i c a n t m a y be required to file an a p p l i c a t i o n to retain
pursuant to § 4 ( c ) ( 8 ) of the A c t .
865
thermore, the facts of record of this application
indicate that the consumer finance activities of
Guardian have not been profitable due to its high
cost of obtaining operating funds. This situation
has necessitated a contraction of Guardian's consumer finance business and the closing of numerous loan offices. Unless the operating difficulties in the consumer finance business of Guardian
are overcome, FJNC may find it more expedient
to liquidate additional finance offices than to continue to incur the losses associated with such
operations. On the basis of these considerations,
the Board concludes, with respect to existing
competition, that Guardian does not have a significant competitive presence in the markets it serves.
With respect to potential and future competition,
the facts of record show that Applicant has the
financial and managerial capabilities to open additional offices in markets where it presently competes with Guardian and to expand on a de novo
basis into other attractive areas presently served
by Guardian. However, in view of Guardian's
uncertain viability as a competitor in the markets
it serves and the unsuccessful attempt by FJNC
over the last three years to sell Guardian, it does
not appear that any significant competition between Applicant and Guardian would be likely to
develop in the future absent approval of this application. The Board further notes that Guardian's
uncertain future, past operating performance, and
relatively wide geographic diversification within
Pennsylvania and New Jersey, tend to lessen its
attractiveness as a "going concern" acquisition
vehicle for bank holding companies that have not
yet entered the consumer finance field. In light of
the foregoing and other facts of record, it appears
conjectural whether Applicant's acquisition of
Guardian would foreclose an amount of future or
potential competition that would be regarded as
significant.
Under § 4(c)(8) of the Act, the Board is required
to consider the public benefits that are likely to
be derived from the acquisition of a nonbanking
concern by a bank holding company and, in the
context of this application, the Board believes that
some public benefit may reasonably be expected
to result from consummation of the proposal.
Consummation of the proposal would insure a
continuity of services to Guardian's existing loan
customers, while relieving FJNC of the necessity
of funding Guardian's consumer finance business
and enabling FJNC to retain Guardian's other,
more profitable activities, particularly its leasing
A 866
Federal Reserve Bulletin •
October 1975
activities. I n addition, Applicant has committed
to expand the services offered to current and
prospective customers by making available larger
loans (where permitted by State law) and real
estate loans, and by offering additional credit insurance coverage. Applicant would bring to the
markets served by Guardian its substantial financial and managerial resources and broadened,
more sophisticated, financing services. While the
Board is concerned about some aspects of this
proposal to which adverse weight has been accorded in previous Orders dealing w i t h similar
proposals by other bank holding companies,^ the
Board concludes that, on balance, this proposal
can be expected to result in benefits to the public
that are sufficient to outweigh possible adverse
effects.
Board of Governors of the Federal Reserve
System, September 23, 1976.
(Signed)
[SEAL]
THEODORE E .
ALLISON,
Secretary of the
Board.
^The Board has previously indicated that it w i l l v i e w a
proposed acquisition of a going concern as offering substantially diminished returns to the public interest where the A p plicant is a leading bank h o l d i n g company w i t h a substantial
and g r o w i n g consumer finance subsidiary that has achieved
a significant presence i n the industry and where the Applicant
has the expertise, managerial talent, and financial resources
to expand its operations by means other than acquisition (see
the Board's Order denying C i t i c o r p ' s applications to acquire
A m f a c Credit Corporation, West Coast Credit Corporation and
Federal Discount Corporation, 61 Federal Reserve BULLETIN
896 (1975)). A l t h o u g h some of these elements are present i n
the proposed acquisition, the Board notes that Applicant is
a diversified corporation that engages p r i m a r i l y i n nonbanking
activities and already derives the m a j o r i t y of its income f r o m
consumer and business finance activities. A c c o r d i n g l y , this
proposal does not present the possibility that the resources of
its bank may give the h o l d i n g company some competitive
advantage i n the performance of the nonbanking activity; and,
there is otherwise no evidence i n the record to indicate that
consummation of this proposal, i n and of itself, w o u l d result
i n any undue concentration of resources, conflicts of interests,
or unsound banking practices.
Citicorp,
New York, New York
Order Approving De Novo Expansion of the
Activities of Gateway Life Insurance Company
Citicorp, New Y o r k , New Y o r k , a bank holding
company within the meaning of the Bank Holding
Company A c t , has applied for the Board's approval, under § 4(c)(8) of the Act and §
225.4(b)(2) of the Board's Regulation Y , to ex-
pand the activities of its indirect subsidiary Gateway L i f e Insurance Company ( " G a t e w a y " ) ,
Phoenix, Arizona.^ Gateway, a subsidiary of Applicant's consumer finance subsidiary. Nationwide
Financial Services Corporation ( " N a t i o n w i d e " ) ,
St. Louis, Missouri, currently engages in the activity of underwriting, as reinsurer, credit life and
credit accident and health insurance directly related to extensions of credit by Nationwide in the
13 States in which Nationwide operated at the time
of its acquisition by Applicant i n 1973.^ If the
instant proposal is approved, Applicant proposes
to expand Gateway's reinsurance activities de novo
to include Applicant's lending subsidiaries in 13
additional States^ and the Commonwealth of
Puerto Rico. Applicant further proposes to modify
the scope of Gateway's underwriting activities by
causing Gateway to act as a direct underwriter,
rather than as reinsurer, in those States in which
it has developed the greatest reinsurance experience. This modification of the activity would be
instituted on a selective State-by-State basis. The
Board has previously determined that the activity
of direct underwriting or underwriting as reinsurer
of credit life and credit accident and health insurance which is directly related to extensions of
credit by the bank holding company system is
closely related to banking.^
Notice of the application, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (41 Federal Register 32668 (1976)).
The time for filing comments and views has expired, and the Board has considered the application
^ B y Order dated September 11, 1973, the Board approved
A p p l i c a n t ' s application to acquire Gateway and thereby to
engage in underwriting/reinsuring activities [38 Federal Register 26507 (1973)].
^These States are: A r i z o n a , C a l i f o r n i a , Colorado, Georgia,
Louisiana, M i s s o u r i , Nevada, N e w M e x i c o , Oklahoma, Oregon, U t a h , Washington, and W y o m i n g .
^The additional States are: A l a b a m a , Florida, Idaho, Indiana, M a r y l a n d , Mississippi, M o n t a n a , Nebraska, N e w Y o r k ,
N o r t h Carolina, South Dakota, Texas, and V i r g i n i a .
^ B y Order dated M a y 21, 1973, the Board approved the
application of Northwest Bancorporation, Minneapolis, M i n nesota, to acquire Banco Credit L i f e Insurance Company [38
Federal Register 14205 (1973)]. I n that Order, the B o a r d
stated:
I n adopting Section 225.4(a)(10), the Board d i d not consider the u n d e r w r i t i n g of l o n g term, h i g h value decreasing
term life insurance where age is a factor i n the rate to be
charged. A c c o r d i n g l y , u n d e r w r i t i n g insurance of this type,
w h i c h is c o m m o n l y offered i n connection w i t h real estate
mortgage loans, is not regarded as having been determined
to be closely related to banking under Section 225.4(a)(10).
Law Department
and all comments received in the light of the public
interest factors set forth in § 4(c)(8) of the Act
(12 U.S.C. § 1843(c)(8)).
Applicant, the largest banking organization in
New Y o r k State and the second largest banking
organization in the United States, controls two
subsidiary banks w i t h aggregate domestic deposits
of approximately $19.5 billion, representing about
14.4 per cent of the total deposits in commercial
banks in New Y o r k State.^ Applicant engages in
a variety of permissible nonbank activities through
85 direct and indirect domestic nonbank subsidiaries. Applicant's nonbank activities include
mortgage banking activities,® leasing activities,
consumer and sales finance activities, and insurance agency activities for the sale of insurance
which is directly related to extensions of credit.
Gateway's activities w i l l be limited to acting
as direct underwriter or as reinsurer of credit life
and credit accident and health insurance directly
related to extensions of credit by Nationwide and
Applicant's other lending subsidiaries. Since this
proposal essentially involves a de novo expansion
and modification of Applicant's existing underwriting/reinsuring activities, approval of this proposal would not have any adverse effects on either
existing or potential competition in any relevant
market.
Credit life and credit accident and health insurance is generally made available by banks and
other lenders and is designed to assure repayment
of a loan in the event of death or disability of
the borrower. I n connection w i t h its addition of
the underwriting of such insurance to the list of
permissible activities for bank holding companies,
the Board stated:
To assure that engaging in the underwriting of
credit life and credit accident and health insurance can reasonably be expected to be in the
public interest, the Board w i l l only approve
applications in which an applicant demonstrates
that approval w i l l benefit the consumer or result
in other public benefits. Normally, such a
^ A l l b a n k i n g data are as of December 3 1 , 1975.
^ A p p l i c a n t engages i n mortgage b a n k i n g activities through
A d v a n c e M o r t g a g e C o m p a n y ( " A d v a n c e " ) , Southfield, M i c h igan, a n o n b a n k subsidiary w h i c h A p p l i c a n t acquired o n June
15, 1970. U n d e r the provisions o f § 4(a)(2) o f the A c t ,
A p p l i c a n t m a y not retain the shares of A d v a n c e b e y o n d December 3 1 , 1980, w i t h o u t B o a r d approval. B y order dated
December 2 6 , 1973, the B o a r d denied A p p l i c a n t ' s application
to retain A d v a n c e pursuant to § 4 ( c ) ( 8 ) of the A c t [60 Federal
Reserve BULLETIN
50],
867
showing would be made by a projected reduction in rates or increase in policy benefits due
to bank holding company performance of this
service. (12 CFR § 225.4(a)(10) n. 7)
Applicant's proposal involves two aspects: (1)
the expansion of reinsurance activities into 13
additional States and the Commonwealth of Puerto
Rico, and (2) the conversion of some of the
existing reinsurance activities into direct underwriting activities. Applicant has stated that following approval of this proposal, Gateway w i l l
offer at reduced permiums the several types of
credit insurance policies that it w i l l reinsure in the
additional areas it proposes to enter. Applicant's
proposed rate reductions vary according to the
various prima facie rates established in each of
the respective additional States and in Puerto Rico.
Thus, Applicant's proposal involves rate reductions for credit life insurance ranging f r o m 2.3 per
cent to 15 per cent below the maximum allowable
premium rates established in each respective State
and Puerto Rico, and rate reductions for credit
accident and health insurance of 5 per cent below
the maximum allowable rate established in each
respective State and Puerto Rico. The Board is
of the view that these reductions in insurance
premiums which Applicant proposes to establish
are procompetitive and in the public interest. W i t h
regard to the portion of Applicant's proposal relating to the conversion of reinsurance activities
into direct underwriting activities in those States
where Applicant has already gained reinsurance
experience, the Board regards this change as being
primarily a change in f o r m which w i l l not materially alter the facts considered by the Board in
connection with the original approval of Applicant's acquisition of Gateway. I n this regard.
Applicant w i l l maintain the public benefits to
which it was previously committed.
Based upon the foregoing and other considerations reflected in the record, including a commitment by Applicant to maintain on a continuing
basis the public benefits that the Board has found
to be reasonably expected to result f r o m this proposal and upon which the approval of this proposal
is based, the Board has determined that the balance
of the public interest factors the Board is required
to consider under § 4(c)(8) is favorable. Accordingly, the application is hereby approved. This
determination is subject to the conditions set forth
in § 225.4(c) of Regulation Y and to the Board's
authority to require such modification or termination of the activities of a holding company or any
A 868
Federal Reserve Bulletin •
October 1975
of its subsidiaries as the Board finds necessary to
assure compliance with the provisions and purposes of the Act and the Board's regulations and
orders issued thereunder, or to prevent evasion
thereof.
The transaction shall be made not later than
three months after the effective date of this Order,
unless such period is extended for good cause by
the Board or by the Federal Reserve Bank of New
York, pursuant to authority hereby delegated.
By order of the Board of Governors, effective
September 20, 1976.
V o t i n g for this action: C h a i r m a n Burns and G o v e r nors Gardner, W a l l i c h , Jackson, and L i l l y . Absent and
not v o t i n g : Governors C o l d w e l l and Partee.
[SEAL]
(Signed) R I C H A R D D . ABRAHAMSON,
Assistant Secretary of the Board.
First Security Corporation,
Salt Lake City, Utah
Order Amending Requirement
for Filing a Plan of Divestiture
By Order dated July 30, 1976, the Board denied
further extensions of time for divestiture by First
Security Corporation, Salt Lake City, Utah
( " F S C " ) , of First Security Savings and Loan
Association, Pocatello, Idaho ( " F S S & L " ) , a
company engaged in the business of operating a
savings and loan association, and determined not
to process FSC's tendered application to retain
FSS&L pursuant to § 4(c)(8) of the Bank Holding
Company Act. The Board's Order required FSC
to divest itself of any and all direct or indirect
interest in and control over FSS&L by no later
than November 1, 1976. FSC was further directed
to file a plan of divestiture with the Board by no
later than September 15, 1976.
By letter dated August 25, 1976, and attachments thereto, FSC has requested that the Board
grant reconsideration of its July 30 Order. The
Board expects to act on such petition shortly and
has determined that pending its action it is appropriate to extend the deadline by which FSC is to
file a plan of divestiture with the Board. Accordingly, in the event the Board acts to deny the
petition, FSC is hereby directed to file a plan of
divestiture no later than two weeks subsequent to
the date of such Board action.
By order of the Board of Governors, effective
September 15, 1976.
V o t i n g f o r this action: V i c e C h a i r m a n Gardner and
Governors W a l l i c h , C o l d w e l l , Jackson, and L i l l y . A b sent and not v o t i n g : C h a i r m a n Burns and Governor
Partee.
[SEAL]
(Signed) G R I F F I T H L . G A R W O O D ,
Assistant Secretary of the Board.
Hampton Bankshares Corporation, Clayton
Bancshares Corporation, and Crestwood Bank
Shares Corporation, St. Louis, Missouri
Order Approving
Retention of Clayton Trust Company
Hampton Bankshares Corporation, Clayton
Bancshares Corporation, and Crestwood Bank
Shares Corporation, all of St. Louis, Missouri,
bank holding companies within the meaning of the
Bank Holding Company Act, have each applied
for the Board's approval, under § 4(c)(8) of the
Act and § 225.4(b)(2) of the Board's Regulation
Y , to retain indirectly 32.8 percent^ of the voting
shares of Clayton Trust Company, Clayton, Missouri ("Company"), a company that engages in
activities that may be carried on by a trust company including providing services of a trust, fiduciary, agency, or custodian nature. Such activities
have deen determined by the Board to to be closely
related to banking (12 CFR § 225.4(a)(4)).
Notice of the applications, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (41 Federal Register 27133). The time
for filing comments and views has expired, and
the Board has considered all comments received
in the light of the public interest factors set forth
in section 4(c)(8) of the Act (12 U.S.C. §
1843(c)(8)).
Each Applicant is a separate one-bank holding
company and each controls a different bank; Applicants are affiliated with each other through
common ownership. Their three subsidiary banks
have aggregate deposits of approximately $272.4
million.^ Company, which commenced operations
in 1973, was organized by the individual who
serves as chief executive officer and is principal
shareholder of each of Applicants. In 1974, the
shares of Company were placed in a voting trust
^Applicants have applied to retain in the aggregate 98.32
per cent of Company's outstanding voting shares.
^All banking data are as of December 31, 1975.
Law Department
and voting trust certificates were issued to Applicants' three subsidiary banks. As a result, each
Applicant controls approximately 32.8 per cent of
the voting shares of Company.^ Company had total
trust assets of approximately $12.5 million as of
April 30, 1976.
In acting on applications submitted pursuant to
§ 4(c)(8) of the Act, the Board analyzes an application to retain a company engaged in § 4(c)(8)
activities by the same standards that it analyzes
an application to acquire a company engaged in
such activities. In addition, the Board analyzes the
competitive effects of a proposal both at the time
of the acquisition and at the time of the application
for retention. Applicants acquired their interests
in Company from Company's organizer through
the above-described voting trust arrangement. That
transaction was essentially a reorganization in
which control of voting shares of Company was
transferred from an individual to companies, not
then engaged directly or indirectly in providing
trust services, but controlled by the same individual and the transaction does not appear to have
had any significant adverse effects on competition
at that time. At present. Company competes with
several other companies offering similar services
in the St. Louis market.^
The retention of Company by Applicants should
provide benefits to the public by assuring a convenient and continued source of trust and related
services. There is no evidence in the record indicating that retention of Company would lead to
any undue concentration of resources, unfair competition, conflicts of interests, unsound banking
practices, or other adverse effects on the public
interest.
Based upon the foregoing and other considerations reflected in the record, the Board has
determined that, in accordance with the provisions
of section 4(c)(8), retention of shares of Company
by Applicants can reasonably be expected to result
in benefits to the public that outweigh possible
adverse effects. Accordingly, the applications are
hereby approved. This determination is subject to
the conditions set forth in section 225.4(c) of
Regulation Y and to the Board's authority to
require such modification or termination of the
activities of a holding company or any of its
subsidiaries as the Board finds necessary to assure
compliance with the provisions and purposes of
the Act and the Board's regulations and orders
issued thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
September 27, 1976.
V o t i n g for this action: Chairman Burns and Governors Gardner, W a l l i c h , Jackson, Partee, and L i l l y .
Absent and not voting: Governor C o l d w e l l .
[SEAL]
^Section 2(g)(2) of the A c t provides i n pertinent part that
for purposes of the A c t "shares held or controlled directly
or indirectly by trustees for the benefit of . . . a company
. . . shall be deemed to be controlled by such c o m p a n y . "
The shares of Company that are subject to the v o t i n g trust
are held for the benefit of Applicants' subsidiary banks and
thus are deemed to be controlled indirectly by Applicants.
It is the Board's judgment that Applicants, by acquiring
control of Company w i t h o u t prior Board approval, violated
the A c t . It appears, however, f r o m the facts of record that
such violations resulted f r o m a misunderstanding of the statutes
applicable to nonbanking activities of bank holding companies
and were inadvertent. Applicants mistakenly believed that
control of shares of Company was permissible without Board
approval under section 4(c)(5) and 4(c)(1)(C) of the A c t . The
Board has scrutinized the underlying facts surrounding the
acquisition of shares of Company w i t h o u t prior Board approval. I n particular, the Board notes that Company's activities
are in every respect permissible under section 4(c)(8) of the
A c t and that Applicants took prompt action in bringing their
activities into compliance w i t h the A c t by applying for Board
approval upon being advised by the Federal Reserve Bank of
Kansas C i t y of the violations. U p o n an examination of all the
facts of record, the Board believes that the facts are such that
they do not warrant denial of the application to retain shares
of Company.
''The St. L o u i s market is approximated by the C i t y and
County of St. L o u i s , portions of St. Charles and Jefferson
Counties, M i s s o u r i , and portions of M a d i s o n and St. Clair
Counties i n I l l i n o i s .
869
(Signed) G R I F F I T H L . G A R W O O D ,
Assistant Secretary of the Board.
Philadelphia National Corporation,
Philadelphia, Pennsylvania
Order Approving Acquisitions
of Liberal Finance Company and
Liberal Consumer Discount Company
Philadelphia National Corporation,
Philadelphia, Pennsylvania, a bank holding company
within the meaning of the Bank Holding Company
Act, has applied for the Board's approval, under
§ 4(c)(8) of the Act (12 U.S.C. § 1843(c)(8)) and
§ 225.4(b)(2) of the Board's Regulation Y (12
CFR § 225.4(b)(2)), to purchase, through Signal
Finance Corporation, Pittsburgh, Pennsylvania
("Signal"), a wholly-owned indirect subsidiary of
Applicant engaged in the consumer finance business, all the outstanding shares of Liberal Finance
Company and Liberal Consumer Discount Company ("Liberal Companies"), both of Edwardsville, Pennsylvania, both of which engage in the
A 870
Federal Reserve Bulletin •
October 1975
activities of making instalment loans for personal,
family or household purposes; purchasing sales
finance contracts in connection with the sale of
personal, family or household goods or services;
selling credit life insurance and credit disability
insurance (both of which will be reinsured by
existing subsidiaries of Applicant) and casualty
insurance in connection with personal instalment
loans made and sales contracts purchased, and
generally engaging in the business of a consumer
finance company. Upon approval of these applications, the name of the Liberal Companies w i l l be
changed to "Signal Consumer Discount Company." A l l of the above activities have been
determined by the Board to be closely related to
banking (12 CFR § 225.4(a)(1) and (9)).
Notice of the applications, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (41 Federal Register 141). The time for
filing comments and views has expired, and the
Board has considered the applications and all
comments received in the light of the public interest factors set forth in § 4(c)(8) of the Act (12
U.S.C. § 1843(c)(8)).
Applicant, the third largest banking organization
in Pennsylvania, controls The Philadelphia National Bank ( ' ' B a n k " ) with total domestic deposits
of $2.4 billion.^ Signal Financial Corporation,
Pittsburgh, Pennsylvania ("Financial"), is a
holding company and direct parent of Signal, the
corporation through which Applicant will acquire
the Liberal Companies, and is a wholly-owned
subsidiary of Applicant.^ Financial's subsidiaries
are engaged in consumer lending and, to a lesser
extent, the sale of credit related life, disability,
and property insurance to its customers through
73 consumer loan offices in twelve States, two
insurance companies, and a thrift and loan association in California.
The Liberal Companies with total assets of $1.6
million together are engaged at a common location
in Edwardsville, Pennsylvania, in the general
consumer finance business including the extension
of direct personal loans, the purchase of retail
instalment paper and the sale of credit-related
^ A l l banking data are as of December 31, 1975, unless
otherwise indicated.
2Applicant acquired Financial w i t h Board authorization b y
Board Order of June 18, 1973 (38 Federal Register
16679
(1973)). A t that t i m e . Financial was k n o w n as Signet Corporation.
insurance. Applicant's direct subsidiary. Financial, conducts through its subsidiaries including
Signal, substantially the same activities as the
Liberal Companies. Bank is also active in consumer lending and credit insurance sales. The
Liberal Companies' only office is located in the
Wilkes-Barre market;^ within that market, 25
consumer finance companies operate 36 offices. In
addition, 16 commercial banks operate 46 offices
and there are at least 7 large credit unions active
in consumer lending.
Financial operates offices in northeastern Pennsylvania, its office nearest to that of the Liberal
Companies is 21 miles distant. However, they
operate in separate geographic markets and service
area overlap is minimal. Bank does not maintain
an office in the Wilkes -Barre market and has not
originated or purchased a significant amount of
consumer loans in the market. Accordingly, the
proposal would not eliminate significant existing
competition.
Applicant, through Financial, is a potential entrant into the Wilkes-Barre market. However,
there are also numerous other entrants. Of the
more than 200 consumer finance organizations in
Pennsylvania alone, only 25 are currently represented in the Wilkes-Barre market. The WilkesBarre market is considered competitive with no
significant barriers to entry known to exist. Hence,
no adverse effects on potential competition in the
Wilkes-Barre market are expected. The current
owners of the Liberal Companies have committed
themselves to the sale of their business and subsequent retirement. Since the Liberal Companies
appear to be so small and nonaggressive, the
probability of their branching is minimal. Hence,
the Liberal Companies are not considered likely
entrants to other markets and their disappearance
is not likely to affect potential competition.
The proposed acquisition of the Liberal Companies through Signal is expected to yield public
benefits. Applicant intends to market aggressively
the larger and longer term loans permissible under
the Pennsylvania Consumer Discount Act. Applicant also plans the introduction of reduced rate
loans to select customers within a year. Upon
consummation of this proposal, credit insurance
rates at the Edwardsville office of Signal Consumer
^The Wilkes-Barre market encompasses the northern half
of Luzerne C o u n t y , the southwestern half of W y o m i n g County
below the Susquehanna R i v e r , and the southern tip of Lackawanna County.
Law Department
Discount Company would be reduced from the
maximums permitted by Pennsylvania law.^ Furthermore, it is expected that customers will be
afforded greater expedience in insurance claims
handling because Applicant owns the reinsurer of
insurance that would be sold at that office. Moreover, there is no evidence in the record indicating
that consummation of the proposed transaction
would result in any undue concentration of resources, unfair competition, conflicts of interest,
unsound banking practices or other adverse effects
on the public interest.
Based on the foregoing and other considerations
reflected in the record, the Board has determined,
in accordance with the provisions of section
4(c)(8) of the Act, that consummation of the
proposal can reasonably be expected to produce
benefits to the public that outweigh possible adverse effects. Accordingly, the applications are
hereby approved. This determination is subject to
the conditions set forth in § 225.4(c) of Regulation
Y (12 CFR § 225.4(c)) and to the authority of
the Board to require such modification or termination of the activities of a holding company or any
of its subsidiaries as the Board may find necessary
to assure compliance with the provisions and purposes of the Act and the Board's regulations or
orders issued thereunder, or to prevent evasion
thereof.
The transaction shall be made not later than
three months after the effective date of this Order
unless such period is extended for good cause by
the Board or by the Federal Reserve Bank of
Philadelphia, pursuant to authority hereby delegated.
By order of the Board of Governors, effective
September 24, 1976.
V o t i n g for this action: C h a i r m a n B u r n s and G o v e r nors W a l l i c h , Jackson, Partee, and L i l l y . Present and
abstaining: Governor Gardner. Absent and not voting:
Governor Coldwell.
[SEAL]
(Signed) G R I F F I T H L . G A R W O O D ,
Assistant Secretary of the Board.
^ Board Order of June 18, 1973, approving the acquisition
of Financial by A p p l i c a n t was conditioned on Financial's
c o m m i t m e n t to sell credit-related insurance at rates below those
that w o u l d otherwise apply to such insurance sold by the
underwriter. Premiums on credit l i f e insurance w i l l be reduced
by 3.3 per cent and premiums on credit disability insurance
by 5 per cent.
871
Harlan National Company,
Harlan, Iowa
Order Approving Formation
of Bank Holding Company and
Engaging in Insurance Agency Activities
Harlan National Company, Harlan, Iowa, has
applied for the Board's approval under § 3(a)(1)
of the Bank Holding Company Act (12 U.S.C.
§ 1842(a)(1)) of formation of a bank holding
company through acquisition of 98.2 per cent of
the voting shares of The Harlan National Bank,
Harlan, Iowa ( " B a n k " ) .
At the same time. Applicant has applied, pursuant to § 4(c)(8) of the Bank Holding Company
Act (12 U.S.C. § 1843(c(8)) and § 225.4(b)(2)
of the Board's Regulation Y (12 CFR §
225.4(b)(2)), for permission to acquire voting
shares of Bank Insurance Agency, Harlan, Iowa
( " A g e n c y " ) , and thereby engage as agent in the
sale of credit life and credit accident and health
insurance directly related to extensions of credit
or the provision of other financial services by Bank
and Applicant. Such activities have been determined by the Board in §225.4(a)(9)(ii) (a) and (b)
of Regulation Y to be permissible for bank holding
companies, subject to Board approval of individual
proposals in accordance with procedures of
§ 225.4(b).
Notice of the applications, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § § 3
and 4 of the Act (41 Federal Register 26077).
The time for filing comments and views has expired, and the Board has considered the applications and all comments received in light of the
factors set forth in § 3(c) of the Act and the
considerations specified in § 4(c)(8) of the Act.
By Order dated October 31, 1975, the Board
of Governors denied the application of Harlan
National Company to become a bank holding
company through the acquisition of Bank (40
Federal Register 52440).^ Thereafter, Applicant
filed a Request for Reconsideration pursuant to §
262.3(g)(5) of the Board's Rules of Procedure (12
CFR § 262.3(g)(5)). By Order dated June 11, 1976
(41 Federal Register 26077), the Board agreed to
reconsider the application.
^In v i e w of this action, the Board considered the application
to acquire A g e n c y to be moot.
A 872
Federal Reserve Bulletin • October 1975
Applicant is a nonoperating corporation organized for the purposes of becoming a bank holding
company through acquisition of Bank and of acquiring the insurance agency business of the
principal shareholders of Bank. Bank ($24.6 million in deposits) controls .2 of 1 per cent of the
total commercial bank deposits in Iowa. Bank is
the largest of seven commercial banks operating
in the Shelby County banking market (the relevant
market),^ holding approximately 30 per cent of the
total commercial bank deposits i n the market.
Inasmuch as the proposal represents merely a
restructuring of Bank's ownership from individuals to a corporation owned by the same individuals and Applicant has no other subsidiary banks,
acquisition of Bank by Applicant would have no
adverse effects on competition in any relevant
area. Accordingly, the Board concludes that competitive considerations are consistent with approval
of the application.
In its earlier Order denying the application, the
Board noted that the financial and managerial
resources and future prospects of Bank were generally satisfactory but expressed concern over such
factors as applied to Applicant. I n the Board's
view. Applicant lacked the necessary financial
flexibility and resources to meet its annual debt
servicing requirements as well as any unforeseen
financial problems that might arise at Bank. This
situation was aggravated by the substantial acquisition debt involved in the formation of another
bank holding company. First National Company
of Missouri Valley, Inc., Missouri Valley, lowa,^
also wholly owned by Applicant's sole owner, Mr.
Fred R. Home, Jr., and the apparent lack of
sufficient financial resources on Mr. Home's part
to retire the personal debt associated with both the
previously approved formation and the instant
proposal without adversely affecting the resources
of the subsidiary banks.
In connection with its Request for Reconsideration, Applicant has submitted current information with respect to the financial conditions of
Bank, Mr. Home and the First National Company
of Missouri Valley. This new information indicates that Applicant w i l l have significantly greater
financial resources and flexibility as a result of the
improvement in both Bank's capital and earnings
position and Mr. Home's personalfinancialcondition. The strengthened financial condition of
Bank and Mr. Home and the recent actions of Mr.
Home to reduce to an acceptable level the acquisition debt involved in the Missouri Valley formation causes the Board to believe that the acquisition
debt involved in both the proposed formation of
Applicant and in the Missouri Valley formation
can now be serviced by both holding companies
as well as by the resources of Mr. Home without
adversely affecting the subsidiary banks.
Accordingly, the Board is of the view that
considerations relating to the financial and managerial resources and future prospects of Applicant's proposal are now consistent with approval
of the application. The Board, however, reiterates
its concern with holding company formations involving substantial acquisition debt where, as
here, the owner or owners are already principals
in one or more other bank holding companies
whose formations likewise involved a considerable
amount of acquisition debt incurred by both the
proposed holding company and the principals. As
it has previously stated,^ the Board believes it
advisable to apply to such cases the more restrictive standards regularly applied in analyzing multibank holding company proposals.
With respect to convenience and needs considerations, Applicant proposes to increase business
and installment loans and to host local seminars
for area farmers. These considerations are consistent with approval of the application. Accordingly,
it is the Board's view that consummation of the
proposal to form a bank holding company would
be consistent with the public interest and that the
application to acquire Bank should be approved.
With respect to the proposed acquisition of
Agency, there is no evidence in the record indicating that proposal would result in any undue
concentration of resources, unfair competition,
conflicts of interests, unsound banking practices,
or other adverse effects on the public interest. On
the other hand, approval of the application would
allow the continued convenience to Bank's customers of a readily accessible source of creditrelated insurance services. This result is regarded
as being in the public interest.
Based on the foregoing and other considerations
2All banking data are as o f December 31, 1975.
^Approved by the Board, February 20, 1973, 3S Federal
Register 5512 ( M a r c h 1, 1973).
^ B H C o . I n c . , H a r d i n , M o n t a n a , 60 Federal Reserve BULLETIN 123 (1974); Nebraska Banco, I n c . , O r d , Nebraska, 62
Federal Reserve BULLETIN 638 (1976).
Law Department
reflected in the record, it is the Board's judgment
that considerations relating to the factors under §
3(c) of the Act and the balance of the public
interest factors under § 4(c)(8) of the Act both
favor approval of Applicant's proposals.
Accordingly, the applications are approved for
the reasons summarized above. The acquisition of
Bank shall not be made before the thirtieth calendar day following the effective date of this Order.
The acquisition of Bank and the commencement
of insurance agency activities shall be made not
later than three months after the effective date of
this Order, unless such period is extended for good
cause by the Board, or by the Federal Reserve
Bank of Chicago pursuant to delegated authority.
The determination as to Applicant's insurance activities is subject to the conditions set forth in
§225.4(c) of Regulation Y and to the Board's
authority to require reports by, and make examinations of, holding companies and their subsidiaries and to require such modification or termination of the activities of a bank holding company
or any of its subsidiaries as the Board finds necessary to assure compliance with the provisions and
purposes of the Act and the Board's regulations
and orders issued thereunder, or to present evasion
thereof.
By order of the Board of Governors, effective
September 20, 1976.
V o t i n g f o r this action: C h a i r m a n Burns and G o v e r nors Gardner, W a l l i c h , C o l d w e l l , Jackson, and L i l l y .
Absent and not v o t i n g : G o v e r n o r Partee.
[SEAL]
(Signed) R I C H A R D D . ABRAHAMSON,
Assistant Secretary of the Board.
First Progressive Bank,
Brewton, Alabama
Order Approving Application to Become a
Member of the Federal Reserve System
First Progressive Bank, Brewton, Alabama
("Applicant"), a proposed new bank chartered
under the laws of the State of Alabama, has
applied, pursuant to section 9 of the Federal Reserve Act [12 U.S.C. 321-338] and the Board's
Regulation H [12 CFR 208], to become a member
of the Federal Reserve System.
Applicant, which has not opened for business,
was organized in 1974 for the purpose of obtaining
873
a State bank charter and engaging in a commercial
banking business. After denial of its initial application for a State bank charter. Applicant reapplied
and its application was approved by the State
Banking Department of Alabama by letter dated
July 11, 1975. Approval of Applicant's charter
was conditioned, in part, upon Applicant obtaining
insurance coverage for its deposits from the Federal Deposit Insurance Corporation C ' F D I C " ) .
Consequently, Applicant filed an application for
insurance pursuant to section 5 of the Federal
Deposit Insurance Act [12 U.S.C. 1815]. That
application was denied by the FDIC on the basis
of the FDIC's unfavorable findings with regard to
the future earnings prospects of Applicant and the
convenience and needs of the community to be
served.
Under section 9 of the Federal Reserve Act, the
Board, in acting upon an application to become
a member of the Federal Reserve System, is required to consider the financial condition of the
applying bank, the general character of its management, and whether or not the corporate powers
of the institution are consistent with the purposes
of the Federal Reserve Act. In addition, under
section 4(b) of the Federal Deposit Insurance Act
[12 U.S.C. 1814], the admission to membership
in the Federal Reserve System of an uninsured
State bank automatically confers deposit insurance
upon the bank from the time the Board certifies
to the FDIC that the bank is a member of the
Federal Reserve System. The Board's certificate
to the FDIC is required to state that the Board
has given consideration to the factors enumerated
in section 6 of the Federal Deposit Insurance Act
[12 U.S.C. 1816], namely, the financial history
and condition of the bank; the adequacy of its
capital structure; the bank's future earnings prospects; the general character of its management;
the convenience and needs of the community to
be served by the bank; and whether or not the
bank's corporate powers are consistent with the
purposes of the Federal Deposit Insurance Act.
The Board has considered the subject application and all comments received with respect
thereto, including those submitted by First National Bank of Brewton, Brewton, Alabama, and
by Bank of Brewton, Brewton, Alabama (hereinafter referred to as "Protestants"), in light of the
statutory factors enumerated above, and, on the
basis of the record, the Board makes the following
findings.
Brewton is located in southwestern Alabama
A 874
Federal Reserve Bulletin •
October 1975
and is the seat of Escambia County (population
34,906). The population of Brewton and contiguous East Brewton was 9,083 as of the 1970
Census. According to Applicant, its proposed
service area would include the eastern three-quarters of Escambia County, Alabama, the southern
portion of adjacent Conecuh County, Alabama,
and fringe areas of Santa Rosa and Escambia
Counties, Florida. The economic base of the area
is diversified, consisting of agricultural, forest and
manufacturing production, as well as service activities related to Brewton's position as the county
seat. In recent years the area has derived significant economic benefit from newly developed oil
fields, and it is estimated that the residents of the
Jay, Florida-Brewton, Alabama, area will derive
significant income from future oil production. On
balance, it appears that the area has experienced
moderate though steady growth. Between 1970
and 1973, the per capita income of Escambia
County increased by approximately 20 per cent.
Personal income for the same period increased by
an even greater percentage. Retail sales in the
Brewton-East Brewton area increased from $48.9
million in 1970 to $72 million in 1974. During
the first nine months of 1975 retail sales in
Escambia County increased by 5.5 per cent while
Statewide retail sales declined by 2.7 per cent.
Deposits in Escambia County, Alabama, commercial banks increased from $48 million in 1968 to
$107 million in 1974, an increase of 121 per cent.
From 1974 to 1975, deposits in First National
Bank of Brewton and Bank of Brewton, the only
banks in Brewton, grew by 16.6 per cent and 10.5
per cent, respectively. Based on the foregoing and
other information in the record, it is apparent that
the economy of the area that would be served by
Applicant has expanded in recent years, and in
the Board's view, it is reasonable to conclude that
it w i l l continue to expand in the foreseeable future.
Presently Protestants operate five banking offices
in the Brewton area. Despite the fact that most
of the services that would be provided by Applicant are currently being offered by Protestants, the
record reflects a desire on the part of a significant
number of local residents for a locally owned bank
such as Applicant. Approval of the subject application would result in an additional banking alternative being made available to residents of the
area. Based on the local economic conditions and
the apparent local support the Applicant would
enjoy, the Board concludes that considerations
with regard to the convenience and needs of the
community to be served by Applicant are consistent with approval of the subject application.
Applicant has no operating history, and its future earnings prospects are, of course, related to
the amount of deposits Applicant will be able to
attract. The FDIC, in denying Applicant's application for deposit insurance, questioned whether
Applicant could attract sufficient deposits to
achieve profitability within a reasonable time. The
FDIC's uncertainty as to Applicant's ability to
achieve profitability in a reasonable period of time
was apparently due, at least in part, to the FDIC's
view of the prevailing economic conditions in the
area. The Board views the local economic conditions and prospects of the area as generally favorable to the introduction of an additional banking
alternative. The Board's assessment of the prospects for the area is based on the information of
record, including some financial and population
data that were not available to the FDIC in November 1975, the time of the FDIC's action.
Applicant would be located about five blocks
from the main business section of Brewton. Although removed somewhat from the principal area
of commercial activity, Applicant should benefit
by its ability to provide ample parking facilities
not currently available in the downtown area.
Businesses currently operating in the vicinity and
the establishment of new businesses nearby should
further enhance Applicant's profitability. In general, it appears that Applicant's location, while it
may not be optimum, is sufficiently attractive to
enable Applicant to operate at a profitable level.
Furthermore, as mentioned previously, there are
indications in the record of strong community
support for a new bank in the area of Brewton.
Applicant's initial stock offering of $1 million was
oversubscribed. According to Applicant, the 260
subscribers to its stock (none of whom will own
more than 5 per cent of the stock) have each
pledged to bring all of his or her banking business
to Applicant. From the list provided by Applicant,
it appears that many of its subscribers are owners
of businesses or self employed professionals who
will be able to provide Applicant with an initial
nucleus of customers to serve. In the Board's
judgment, such expressions of local support for
the proposal are a positive factor not only with
respect to the convenience and needs of the community but also with respect to the future earnings
prospects of Applicant.
In assessing the future earnings prospects of
Applicant, the Board has also considered the views
Law Department
of the staff of the State Banking Department,^ the
staff of the FDIC, the Federal Reserve Bank of
Atlanta and the Board's staff, all of which project
that Applicant will achieve profitability by the end
of its third year of operation. Protestants have
averred that Applicant would not achieve profitability in that period due primarily to lower deposit
projections and higher operating and fixed expense
projections than were used by the above organizations. It is the Board's judgment that the Protestant's projections with regard to deposits and expenses of Applicant are overly pessimistic and
therefore do not accurately reflect the likely profitability of Applicant. Based on the above information and other information in the record, the
Board has concluded that Applicant's future earnings prospects are consistent with approval of the
subject application.
While Applicant has no operating or financial
history, it appears that it would open with adequate
capital structure. The general character of Applicant's management also appears satisfactory, particularly in view of the fact that Applicant's executive vice president would be an experienced
banker familiar with the area. The corporate
powers of Applicant are consistent with the Federal Reserve Act and the Federal Deposit Insurance
Act.
In view of the foregoing discussion and having
considered the facts of record and all the comments
of Protestants in light of the statutory factors the
Board must consider under section 9 of the Federal
Reserve Act and section 6 of the Federal Deposit
Insurance Act, it is the Board's judgment that the
application should be approved.
Protestant, First National Bank of Brewton, has
expressed the opinion that the decision of the FDIC
denying deposit insurance for Applicant creates a
presumption against the Applicant in this proceeding such that the Board must deny the present
application unless the Applicant can produce evidence that overcomes that presumption. In acting
on the subject application, the Board has carefully
considered the findings of the FDIC. The Board
does not believe, however, that those findings
create any presumption as to the relevant statutory
^Under applicable State l a w , the Superintendent of the State
B a n k i n g Department, before granting a certificate, is required
to satisfy himself that there is sufficient business to support
the proposed bank i n the c o m m u n i t y , Code of Alabama, T i t .
5, § 88. A p p r o v a l of A p p l i c a n t ' s charter application therefore
reflects a favorable determination by State authorities w i t h
regard to the future earnings prospects of Applicant.
875
factors that must be considered by the Board, and
it has accordingly considered the subject application de novo.
The Board recognizes that in seeking membership in the Federal Reserve System Applicant was
following an alternative means of obtaining FDIC
insurance after the FDIC itself had denied such
insurance. However, Applicant's motive in filing
this application is not a relevant statutory consideration. The proposal before the Board is an application for membership in the Federal Reserve
System and only incidentally may it be considered
an application for Federal deposit insurance. Such
membership provides certain benefits to member
banks but also carries with it certain obligations
not applicable to insured nonmember banks. Federal banking laws reflect the judgment of Congress
that a State bank, in order to obtain Federal deposit
insurance, need not become a member of the
Federal Reserve System, but that if a State bank
chooses to become a member and thereby subject
itself to all of the laws and regulations applicable
to member banks, then the deposits of such bank
will automatically be subject to Federal deposit
insurance.^ Congress has required the Board, when
passing on a membership application, to consider
the same statutory factors as does the FDIC in
passing upon an insurance application. Implicit in
this statutory structure is the potential for differing
judgments by the two agencies on similar facts.
The Board's responsibility, however, is to exercise
its independent judgment with respect to the subject application after giving due regard to the
recommendations and findings of other agencies
and organizations, and, based on the record, it is
the Board's judgment that the application should
be, and it is, hereby approved for the reasons
summarized herein.
By order of the Board of Governors, effective
September 27, 1976.
V o t i n g f o r this action: V i c e C h a i r m a n Gardner and
Governors W a l l i c h , Jackson, Partee, and L i l l y . A b s e n t
and not voting: C h a i r m a n Burns and G o v e r n o r C o l d well.
[SEAL]
(Signed) G R I F F I T H L . G A R W O O D ,
Assistant Secretary of the Board.
2 Congress has s i m i l a r l y provided that a decision of the
Comptroller of the Currency to charter a national bank w i l l
carry w i t h it both membership i n the Federal Reserve System
and Federal deposit insurance [12 U . S . C . 222, 501a].
A 876
Federal Reserve Bulletin •
October 1975
ORDERS APPROVED U N D E R B A N K H O L D I N G COMPANY A C T
By the Board of Governors
During September 1976, the Board of Governors approved the applications listed below. The orders
have been published in the Federal Register, and copies are available upon request to Publications
Services, Division of Administrative Services, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551.
Section 3
Applicant
F A M Financial Incorporated,
Macksville, Kansas
First City Bancorporation
of Texas, Inc., Houston,
Texas
Fishback Insurance Agency, Inc.
Brookings, South Dakota
King Ranch, Inc., Kingsville,
Texas
Lawrence Bancshares, Inc.,
Lawrence, Kansas
Bank(s)
The Farmers and Merchants
State Bank, Macksville,
Kansas
Red Bird National Bank,
Dallas, Texas
First National Bank in
Brookings, Brookings,
South Dakota
Kleberg First National
Bank of Kingsville,
Kings ville, Texas
Lawrence National Bank
and Trust Company,
Lawrence, Kansas
Board action
(effective
date)
Federal
Register
citation
9/7/76
41 F.R. 39388
9/15/76
9/15/76
41 F.R. 41970
9/24/76
9/17/76
41 F.R. 41971
9/24/76
9/27/76
41 F.R. 43960
10/5/76
9/21/76
41 F.R. 42992
9/29/76
Board action
(effective
date)
Federal
Register
citation
9/7/76
41 F.R. 41967
9/24/76
ORDER APPROVED U N D E R THE B A N K M E R G E R A C T —
Applicant
Bank(s)
Bankers Trust of Suffolk,
Bankers Trust New York
National Association,
Corporation, New York, New
Patchogue, New York and
York and Bankers Trust
Bankers Trust Company of
Company of Western New York,
Rochester, Rochester, New
Jamestown, New York
York
Law Department
877
PENDING CASES INVOLVING THE BOARD OF GOVERNORS*
Michigan National Corporation v. Board of
Governors, September 1976, U.S.C.A. for
the 6th Circuit.
First Security Corporation v. Board of Governors, filed August 1976, U.S.C.A. for the
10th Circuit.
Anthony R. Martin-Trigona v. Board of Governors, filed August 1976, U.S.C.A. for the
District of Columbia.
First State Bank of Clute, Texas, etal v. Board
of Governors, filed July 1976, U.S.C.A. for
the 5th Circuit.
International Bank v. Board of Governors, et
al, filed July 1976, U.S.D.C. for the District
of Columbia.
North Lawndale Economic Development Corporation V. Board of Governors, filed June
1976, U.S.C.A. for the 7th Circuit.
Central Wisconsin Bankshares, Inc. v. Board
of Governors, filed June 1976, U.S.C.A. for
the 7th Circuit.
A.R. Martin-Trigona v. Board of Governors,
et al., filed June 1976, U.S.D.C. for the
District of Columbia.
National Urban League, et al. v. Office of the
Comptroller of the Currency, et al., filed
April 1976, U.S.D.C. for the District of
Columbia Circuit.
Farmers & Merchants Bank of Las Cruces,
New Mexico v. Board of Governors, filed
April 1976, U.S.C.A. for the District of
Columbia Circuit.
United States ex rel. A.R. Martin-Trigona
v.
Arthur F. Burns, et al., March 1976,
U.S.D.C. for the District of Columbia.
Grandview Bank & Trust Company v. Board
of Governors, filed March 1976, U.S.C.A.
for the Eighth Circuit.
Association of Bank Travel Bureaus, Inc. v.
Board of Governors, filed February 1976,
U.S.C.A. for the Seventh Circuit.
Memphis Trust Company v. Board of Governors, filed February 1976, U.S.D.C. for the
Western District of Tennessee.
First Lincolnwood Corporation v. Board of
Governors, filed February 1976, U.S.C.A.
for the Seventh Circuit.
* T h i s list of p e n d i n g cases does not include suits against
the Federal Reserve B a n k s i n w h i c h the B o a r d of G o v e r n o r s
is not named a party.
Helen C.- Hatten, et al. v. Board of Governors,
filed January 1976, U.S.D.C. for the District
of Connecticut.
International Bank v. Board of Governors, filed
December 1975, U.S.C.A. for the District of
Columbia.
Roberts Farms, Inc. v. Comptroller of the Currency, er a/., filed November 1975, U.S.D.C.
for the Southern District of California.
National Computer Analysts, Inc. v. Decimus
Corporation, et al., filed November 1975,
U.S.D.C. for the District of New Jersey.
tPeter E. Blum v. First National Holding Corporation, filed November 1975, U.S.D.C. for
the Northern District of Georgia.
tPeter E. Blum v. Morgan Guaranty Trust Co.,
et al., filed October 1975, U.S.D.C. for the
Northern District of Georgia.
tLogan V. Secretary of State, et al., filed September 1975, U.S.D.C. for the District of
Columbia.
Florida Association of Insurance Agents, Inc.
V. Board of Governors, and National Association of Insurance Agents, Inc. v. Board
of Governors, filed August 1975, actions
consolidated in U.S.C.A. for the Fifth Circuit.
•ftDavidR. Merrill, etal. v. Federal Open Market
Committee of the Federal Reserve System,
filed May 1975, U.S.D.C. for the District of
Columbia, appeal pending, U.S.C.A. for the
District of Columbia.
Curvin I. Trone v. United States, filed April
1975, U.S. Court of Claims.
Louis J. Roussel v. Board of Governors, filed
April 1975, U.S.D.C. for the Eastern District
of Louisiana.
Georgia Association of Insurance Agents, et al.
V. Board of Governors, filed October 1974,
U.S.C.A. for the Fifth Circuit.
Alabama Association of Insurance Agents, et
al. V. Board of Governors, filed July 1974,
U.S.C.A. for the Fifth Circuit.
Investment Company Institute v. Board of Governors, dismissed July 1975, U.S.D.C. for
t D e c i s i o n s have been handed d o w n i n these cases, subject
to appeals noted.
$ T h e B o a r d of G o v e r n o r s is not n a m e d as a party i n this
action.
A 878
Federal Reserve Bulletin •
October 1975
the District of Columbia, appeal pending,
U.S.C.A. for the District of Columbia Circuit.
East Lansing State Bank v. Board of Governors, filed December 1973, U.S.C.A. for the
Sixth Circuit.
^Consumers Union of the United States, Inc.,
et al. V. Board of Governors, filed September
1973, U.S.D.C. for the District of Columbia.
Bankers Trust New York Corporation v. Board
of Governors, filed May 1973, U.S.C.A. for
the Second Circuit.
879
Announcements
R E G U L A T I O N
A A
The Board of Governors of the Federal Reserve
System on September 28, 1976, published its
procedures for handling complaints by consumers
alleging unfair or deceptive practices by banks.
The Board embodied its consumer complaint
procedures in a new Regulation A A , effective
immediately. The regulation formalizes procedures for handling consumer complaints, in use
since early this year, under statutes for which the
Congress has given the Board implementing responsibilities.
In an announcement the Board emphasized that
any consumer having a complaint regarding an
unfair or deceptive practice by a bank, or a violation of law or regulation, can obtain an investigation of the complaint by submitting it, preferably
in writing, to the Director of the Division of
Consumer Affairs at the Board of Governors of
the Federal Reserve System, Washington, D.C.
20551. Complaints may also be registered at the
Federal Reserve Bank for the district in which the
bank is located.
The Board said the complaint should describe
the bank practice or action objected to, give the
name and address of the bank concerned, and
furnish the name and address of the person complaining.
The Board w i l l attempt to make a substantive
reply within 15 days; if that is not possible, the
Board w i l l acknowledge the complaint within 15
days and set a reasonable time within which a
substantive reply w i l l be made.
The Board w i l l receive complaints regarding
any bank. For banks other than State-chartered
banks that are members of the Federal Reserve
System, complaints w i l l be referred to the relevant
Federal bank regulator (Comptroller of the Currency for national banks and Federal Deposit Insurance Corporation for State-chartered banks that
are not members of the Federal Reserve System).
The Board noted that more than 2 years ago
it established a separate Office of Saver and Con-
sumer Affairs to administer consumer legislation
for which the Board writes regulations or has other
responsibilities. These laws now include the Truth
in Lending Act, the Fair Credit Billing Act, the
Equal Credit Opportunity Act, the Home Mortgage
Disclosure Act, the Consumer Leasing Act, the
Fair Credit Reporting Act, and the provisions
against unfair and deceptive practices by banks in
recent amendments to the Federal Trade Commission Act.
The Board said its procedures for dealing with
consumer complaints are designed to:
1. Assure consumers of prompt and responsive
action on complaints involving State member
banks, and prompt referral of complaints involving
other banks.
2. Through records kept of complaints, and of
findings concerning them, provide the means to
single out banking practices or acts that are widespread or frequent enough to require possible regulatory action by the Board.
The Board obtains quarterly reports from the
FDIC and the Comptroller on the number and
nature of complaints they receive.
In announcing procedures by which consumers
can get the assistance of the Federal Reserve in
investigating complaints alleging unfair or deceptive practices by banks, the Board said the following:
The Board's complaint procedure is not
limited to those persons who are customers
of the State member bank in question, nor
to those acts or practices which are already
the subject of Federal regulation. Any person with knowledge of an act or practice
which that person considers unfair or deceptive may utilize the complaint procedure.
Similarly, while a consumer complaint may
arise under an existing Federal statute or
Board regulation, a complaint may also be
directed at an act or practice which is either
expressly authorized, or not prohibited, by
current Federal or State laws or regulation.
However, the complaint procedure does not
apply to requests for general information or
A 880
Federal Reserve Bulletin •
October 1975
publications such as statistical data. Nor
does it apply to complaints regarding such
matters as monetary policy, fiscal policy, or
Treasury issues.
REGULATION F: Amendment
The Board of Governors has amended Regulation
F (Securities of Member State Banks) to make its
reporting requirements conform to comparable
rules of the Securities and Exchange Commission,
effective November 15, 1976.
The Board acted under the Depository Institutions Act of 1974 that requires the Board to make
its Regulation F conform to like SEC rules unless
the Board determines that such changes are unnecessary or inappropriate.
Under the amended regulation, State member
banks that are subject to Regulation F will file
expanded quarterly reports to include a condensed
balance sheet, a summary statement of changes
in financial position, a narrative analysis of results
of company operations, and additional financial
disclosures deemed appropriate by management.
The amended regulation provides also for certain
changes in accounting procedures—including revised reporting treatment of a bank's reserve for
loan losses, of subordinated debt, of unearned
income on loans, and of direct loan financing—
and for specified additional information in the
annual financial reports of certain larger member
banks subject to Regulation F.
The amendment as adopted was substantially
similar to changes in Regulation F proposed by
the Board in February, except that the due date
of the new quarterly report will be 45 days after
the end of the quarter, instead of 30 days.
REGULATION T: Amendment
The Board of Governors has adopted an amendment to its Regulation T (Credit by Brokers and
Dealers), effective January 1, 1977. The amendment is designed to prevent the excessive use of
credit in connection with the issuance, endorsement, or guarantee of puts and calls, which are
options to sell or buy stock.
The principal effect of the amendment to Regulation T will be to set the level of margin required
for the writing of uncovered options at 30 per cent
of the market value of the underlying security,
with additional adjustment for unrealized losses
and gains. This is the current minimum require-
ment of the major stock exchanges, and it is not
anticipated that the amendment w i l l require material changes in current industry practices.
No margin w i l l be required where the option
is covered, that is, where the security itself or its
equivalent is held in the option writer's account.
The amendment specifies what the Board regards
as adequate cover.
The amendment will apply to brokers and
dealers when they effect transactions in options
written by their customers. Under a previous
Board ruling no credit could be extended by
brokers and dealers to their customers for the
purchase of options.
REGULATION Y: Ruling
The Board of Governors announced on October
13, 1976, that it will continue to allow automobile
leasing to be an activity permissible to bank holding companies under the conditions of its existing
personal property leasing regulation.
The Board issued public notice on November
11, 1975, of a request for comment on the question
of whether automobile leasing should continue to
be a permissible activity for bank holding companies and, if so, under what conditions and limitations. The Board also held a public hearing on
the question last March 23.
These actions were taken after the National
Automobile Dealers Association had sought judicial review of the Board's leasing regulation insofar as it permitted bank holding companies to
engage in auto leasing. The case had been remanded to the Board for further study.
Automobile leasing has been a permissible activity since April 17, 1974, when the Board permitted bank holding companies to engage in,the
general activity of leasing real or personal property
under certain conditions.
On the basis of the record before it, the Board
concluded that automobile leasing by bank holding
companies is essentially financial rather than commercial, is equivalent to a bank's lending functions, does not cause unfair competition, and is
not contrary to the provisions of the Consumer
Leasing Act of 1976.
The Board also added a footnote to the regulation providing a more specific definition of the
requirement that a lease may only be made by a
bank holding company on a nonoperating basis.
The definition specifies, among other things, that
for the purposes of automobile leasing
. .the
Announcements
bank holding company may not, directly or indirectly, provide for the servicing, repair or maintenance of the leased vehicle (or) provide for the
loan of an automobile during servicing of the
leased vehicle; purchase insurance for the
lessee. . . . "
REGULATION Z: Amendments
The Board of Governors has announced adoption
of regulatory amendments to carry out provisions
of the Consumer Leasing Act of 1976 requiring
disclosure of terms under which personal property
is leased.
The amendments to Regulation Z (Truth in
Lending) w i l l become effective March 23, 1977,
when the Consumer Leasing Act becomes effective. The Act requires accurate, meaningful disclosure of the terms of leases of personal property,
basically automobiles and furniture, leased primarily for personal, family, or household use, for
more than 4 months and for which the total contractual obligation is less than $25,000. Enforcement will be the responsibility of the same agencies that enforce the Truth in Lending Act.^
The disclosures required by the Consumer
Leasing Act have been added as a new section
(Section 226.15) of Regulation Z. Other amendments have been made elsewhere in the regulation
to comply with the Act, including the provisions
of sections dealing with general disclosures, definitions, advertising, and exemptions of States with
substantially similar laws.
To assist in compliance with the new law the
Board will propose sample disclosure forms for
use with leases of personal property subject to the
Act. Proper use of these forms will ensure compliance with the Board's regulation.
The amendments to Regulation Z reflect consideration of written suggestions and comment
received by the Board following publication of
proposed consumer leasing disclosure rules on July
1, 1976, and consideration of testimony received
in a hearing held by the Board on August 3, 1976.
^Enforcement agencies are: Comptroller of the Currency, Board of Directors of the Federal Deposit Insurance Corporation, Federal H o m e L o a n Bank Board
(acting directly or through the Federal Savings and L o a n
Corporation), Administrator of the National Credit
U n i o n A d m i n i s t r a t i o n , C i v i l Aeronautics Board, Secretary of A g r i c u l t u r e , F a r m Credit Administration, Board
of Governors of the Federal Reserve System, and the
Federal Trade Commission.
881
The main disclosures required are as follows:
1. A brief description of the leased property
adequate to identify it to both parties to the lease.
2. The total amount of any payment or payments
the lessee is to pay at the consummation of the
lease, such as a refundable security deposit, advance payment, or the like.
3. The number, amount, and due dates of periodic payments and their total.
4. The total amount of taxes, fees, and other
charges involved.
5. Identification of those responsible for maintaining or servicing the leased property.
6. The means by which any penalty or delinquency charge w i l l be determined, and the
amount.
7. A statement as to whether the lessee has an
option to purchase the property at the end of the
lease term, or earlier, and at what price.
8. A statement of the conditions under which
either party to the lease may terminate it, and the
method used in determining any penalty or other
charge.
9. A statement that the lessee shall be responsible for the difference between the estimated value
of the property leased and its realized value at the
end of the lease or upon earlier termination, if
such liability exists.
10. A statement that in an open-end lease the
lessee may obtain a professional appraisal of the
property by an independent third party at the end
of the lease or upon earlier termination, and that
this appraisal will be binding.
11. When the lessee's liability at the end of the
lease term is based upon the estimated value of
the property:
— A statement of the value of the property
at the consummation of the lease, the itemized
total lease obligation at the end of the lease, and
the difference between them.
—When the estimated value of the leased
property exceeds three times the average monthly
lease payment for the property concerned, a statement that there is a rebuttable presumption that
the estimated value is unreasonable and can only
be collected by legal action of the lessor, taken
at his expense, with certain exceptions.
The final regulation permits lessors to understate
the estimated value of the property in leases with
a purchase option as a safety factor in open-end
automobile leasing.
At the same time, the Board exempted from the
amendments many applications of the Act to leases
A 882
Federal Reserve Bulletin •
October 1975
of personal property that are incidental to the lease
of real property, such as furniture in a rented,
furnished apartment.
In letters to the Senate and House banking
committees, the Board said neither the Act nor
its legislative history mentions combined leases of
real and personal property. After considering all
comments received on this question, the Board
concluded that an exemption provides the most
equitable solution pending specific legislative action, and imposes the smaller burden on consumers
and lessors.
A new paragraph has been added to the advertising requirements of the regulation to permit the
use of merchandise tags without full advertising
disclosures when a number of items are being
leased, so long as the tags clearly and conspicuously refer to a posted schedule of required
disclosures.
The requirement in the July 1 proposal that all
disclosures be made on a single page has been
eliminated.
The consumer leasing requirements do not apply
to:
1. Transactions over $25,000.
2. Agricultural credit transactions.
3. Leases of personal property that are incident
to the lease of real property and that provide that
the lessee (a) has no liability for the value of the
property at the end of the lease other than for
abnormal wear and tear and (b) has no option to
purchase the property leased.
PROPOSED A M E N D M E N T
The Board of Governors has proposed to ease its
rules to permit interlocking relationships between
a member bank and a minority bank (Regulation
L—Interlocking Bank Relationships under the
Clayton Act). The Board will receive comment
through November 15, 1976.
NEW PUBLICATION
Annual Statistical Digest
The first issue of the Annual Statistical Digest,
which covers the period 1971-75, is now available. The purpose of the Digest is twofold: First,
to provide historical data for many of the tables
in the statistical section of the Federal Reserve
BULLETIN. Second, to make available materials
that are no longer being published in the B U L L E -
TIN; henceforth these materials to be published
only in the Digest. The Digest is designed to
provide a convenient source of economic, and
especially financial, data for a broad range of
users. The availability of such a publication is
considered to be of particular importance in view
of the changes that are expected to be made soon
in the statistical section of the B U L L E T I N .
Many of the series in the Digest represent continuations of series that appear in Banking and
Monetary Statistics, 1941-70. In such cases, the
table in the Digest usually overlaps its counterpart
table in Banking and Monetary Statistics by
repeating the last week or month of the data for
1970.
Copies of the Digest are available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve
System, Washington, D.C. 20551. The cost is
$5.00 per copy except for each paid B U L L E T I N
subscription the cost is $4.00 per copy.
INDUSTRIAL PRODUCTION
DATA AVAILABILITY
The four major industrial production series (1976
revision) that were published for the period
1963-75 in the June 1976 BULLETIN—total, consumer goods, business equipment, and materials—are now available for the period 1954-75
with corrected rounding and have been mailed with
the October 1976 G.12.3 release.
Also, the data that are obtainable in computer
tape form (page 812, September BULLETIN) have
been printed out for noncomputer users and may
be ordered at a cost of $28.80 from Publications
Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551. These printed
data—both seasonally adjusted and not seasonally
adjusted—generally begin in 1954 and end in
March 1976; a listing in ascending F.R. code order
is also included.
CHANGES I N BOARD STAFF
The Board's Office of Saver and Consumer Affairs
was changed to the Division of Consumer Affairs
effective October 1, 1976. This redesignation reflects the expanding responsibilities of this
department within the Board's organizational
framework.
Announcements
Robert S. Plotkin, Assistant Director of the
Office of Saver and Consumer Affairs, has been
named Assistant Director, Division of Banking
Supervision and Regulation, effective September
28, 1976.
SYSTEM MEMBERSHIP:
Admission of State Banks
The following banks were admitted to membership
883
in the Federal Reserve System during the period
September 16, 1976, through October 15, 1976:
Ohio
Canal Winchester
The Central Trust
Company of Canal Winchester
Illinois
Northbrook
Bank of the North Shore
Utah
Salt Lake City
Tracey-Collins
Bank & Trust Company
884
Industrial Production
Released for publication
October 15
Industrial production is estimated to have been
unchanged in September, following increases of
0.5 per cent in each of the two preceding months.
In September, production losses from the auto
strike more than offset post-strike gains in the
rubber and bituminous coal industries; the net
effect of these strike developments reduced the
total index by an estimated 0.3 per cent. In September, at 131.3 per cent of the 1967 average,
total industrial production remained slightly below
its peak of 131.9 per cent reached in June 1974.
Output of consumer goods declined by approximately 0.7 per cent, reflecting the effects of the
auto strike. Auto assemblies, at a 7.7-million-unit
annual rate in September, were down from an 8.8
million rate in August. Production of consumer
durable goods other than autos and utility vehicles
expanded further in September, and output of
nondurable consumer goods rose somewhat. Production of business equipment is estimated to have
increased 0.3 per cent in September, after having
increased slightly in August (based on revised
data). Output of construction products and business supplies increased further.
Materials production was about unchanged in
September as some renewed increases in nondurable materials production, notably chemicals, were
offset by declines in steel and automotive parts.
Seasonally adjusted, ratio scale, 1 9 6 7 = 1 0 0
_ TOTAL INDEX
- 160
140
120
BUSINESS EQUIPMENT
Energy^yy'
Durable
CONSUMER GOODS:
Durable
./I
16
_
12
-
_
MANUFACTURING:
1.
1 K
Nondurable
10
8
6
140
120
Durable X V
•
1
^^^
-
F . R . indexes, seasonally adjusted. Latest figures: September.
* A u t o sales and stocks include i m p o r t s .
Seasonally adjusted, 1967 ==
100
Per cent changes f r o m —
1976
Industrial p r o d u c t i o n
Total
Products, total
F i n a l products
Consumer goods
D u r a b l e goods
N o n d u r a b l e goods
Business equipment
Intermediate products
C o n s t r u c t i o n products
Materials
^Preliminary.
'^Estimated.
June
July
Aug.P
Sept.^
Month
ago
Year
ago
130.1
130.7
131.3
131.3
.0
7.5
1.3
129.5
127.6
137.8
144.2
135.1
135.0
135.9
131.8
131.1
129.7
127.7
137.3
142.2
135.4
136.3
136.9
132.9
132.3
130.2
128.4
138.3
145.1
135.4
136.5
137.1
133.1
133.0
130.2
128.1
137.3
140.8
135.9
136.9
137.8
133.8
133.1
.0
-.2
-.7
-3.0
.4
.3
.5
.5
.1
6.0
5.4
6.4
6.5
6.5
6.0
8.0
9.4
10.0
.9
.8
.4
— 1
.7
1.5
1.6
2.4
1.9
Q 2 to
Q3
1
Financial and Business Statistics
CONTENTS
INSIDE B A C K COVER
Guide to Tabular
Presentation
Statistical Releases: Reference
U.S. STATISTICS
A2
A5
A6
Member bank reserves, Reserve Bank
credit, and related items
Federal funds—Money
market banks
Reserve Bank interest rates
securities
A 3 7 Federally sponsored credit
A 3 8 Security issues
A 4 0 Business finance
agencies
A 4 2 Real estate credit
A 4 5 Consumer credit
A 4 8 Industrial
production
A 5 0 Business activity
A50
Construction
A7
Reserve
A8
Maximum
A9
AlO
All
A12
A13
A14
requirements
Open market account
Federal Reserve Banks
Bank debits
Money stock
Bank reserves; bank credit
Commercial banks, by classes
A 5 3 Wholesale prices
A 5 4 National product and income
A 5 6 Flow of funds
A18
A23
A24
A25
A25
Weekly reporting banks
Business loans of banks
Demand deposit ownership
Loan sales by banks
Open market paper
A 5 8 U.S. balance of payments
A 5 9 Foreign trade
A 5 9 U.S. reserve assets
A 6 0 Gold reserves of central banks and
A26
A29
A29
A30
Interest rates
Security markets
Stock market credit
Savings institutions
requirements
A 3 2 Federal finance
A 3 4 U.S. Government
interest rates;
margin
A52
Labor force, employment,
unemployment
A53
Consumer
and
prices
I N T E R N A T I O N A L STATISTICS
governments
A 6 1 International
capital
transactions
of the United States
A 7 4 Open market rates
A 7 5 Central bank rates
A 7 5 Foreign exchange rates
A82 I N D E X TO STATISTICAL TABLES
A2
BANK RESERVES AND RELATED ITEMS • OCTOBER 1976
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Reserve Bank credit outstanding
Period or date
U.S. Govt, securities!
Total
Bought
outright 2
Held
under
repurchase
agreement
Loans
Float
Other
F.R.
assets
Total 3
Gold
stock
Special
Drawing
Rights
certificate
Treasury
currency
outstanding
Averages of daily figures
1969—De c
1970—De c
1971—De c
1972—De c
1973—De c
1974—De c
57,500
61,688
69,158
71,094
79,701
86,679
57,295
61,310
68,868
70,790
78,833
85,202
205
378
290
304
868
1,477
1,086
321
107
1,049
1,298
703
3.235
3,570
3,905
3.479
3,414
2,734
2,204
1,032
982
1,138
1,079
3,129
64,100
66,708
74,255
76,851
85,642
93,967
10,367
11,105
10,132
10,410
11,567
11,630
400
400
400
400
400
9,179
1975—Sep t
Oct
Nov
Dec
89,191
90,476
90,934
92,108
87,531
89,547
89,560
91,225
1,660
396
191
61
127
1,823
1,945
2.480
3,029
3,060
3,521
3,481
3,534
95,277
96,931
97,817
99,651
11,599
11,599
11,599
11,599
500
500
500
500
9,797
9,877
10,010
10,094
1976—Ja n
Feb
Mar
92,998
94,610
94,880
93,243
95,967
95,592
97,105
98,458
98,797
91,524
92,812
93,503
92,187
94,049
94,289
96,210
96,058
96,689
1,474
1,798
1,377
1,056
1,918
1,303
895
2,400
79
76
58
44
121
120
123
104
76
2,684
2,375
2,204
2.236
2,071
2,678
2,721
2,512
2,895
3,505
3,384
3,412
4,144
4,051
4,069
4,375
3,739
3,681
100,172
101,369
101 ,336
100,317
102,951
103,106
104,799
105,393
105,896
11,599
11,599
11,599
11,599
11,599
11,598
11,598
11,598
11,598
500
500
500
500
500
530
700
700
703
10,177
10,267
10,436
10,501
10,552
10,623
10,648
10,690
10,737
99,935
95,804
96,359
96,352
97,531
95,804
95,988
95,794
2,404
371
558
126
176
59
159
2,680
2,461
3,448
2,471
4,566
4,460
4,579
4,087
107,883
104,239
104,046
103,424
11,598
11,598
11,598
11,598
700
700
700
700
10,641
10,641
10,656
10,664
98,096
94,828
97,336
101,312
95,387
94,828
95,714
96,996
2,709
157
1 ,622
85
68
2,450
2,513
2,754
2,274
4.020
4,239
3,587
3,388
105,395
102,015
104,231
107,745
11 ,598
11,598
11,598
11,598
700
700
700
700
10,658
10,681
10,695
10,698
100,655
97,388
93,935
99,629
103,069
97,203
97,277
93,935
97,086
98,252
3,452
93
45
61
44
2,573
2,441
3,467
3,136
2,425
3,657
3,505
3,709
3,693
3,675
107,748
103,645
101,426
107,051
109,860
11,598
11,598
11,598
11 ,598
11 ,598
700
700
700
700
700
10,702
10,720
10,735
10,741
10,753
97,524
100,949
103,507
95,316
2,208
4,289
5,102
48
64
323
2,211
1,984
2,275
3,946
3,665
3,800
104,385
107,470
110,743
11,598
11 ,598
11,598
700
700
800
10,645
10,757
98,386
96,809
96,286
98,125
96,985
96,809
96,286
95,247
1,401
2,878
71
,013
125
676
3,038
3,862
3,546
2,965
4,538
4,400
4,411
3,941
106,593
106,427
104,708
106,157
11,598
11,598
11,598
11,598
700
700
700
700
10,641
10,644
10,661
10,667
100,262
5,499
3,180
770
599
286
73
3,596
3,367
3,825
3,300
4,088
4,209
3,105
4,041
109,515
101,270
109,619
108,750
11,598
11,598
11,598
11,598
700
700
700
700
10,667
10,692
10,698
10,698
271
40
167
51
324
3,186
2,844
4,283
3,341
2,904
4,528
3,622
3,587
3,669
3,749
111 ,135
103,925
102,288
108,850
113,972
11.598
700
700
700
700
700
10,715
10,733
10,738
10,750
10,757
May
June
July
Aug
Sept.J'
929
1,374
883
2,108
6,841
7,145
7,611
8,293
8,668
Week ending—
1976—July
7
2U
28
Aug.
4
\s'.
25
Sept.
1
8
15
223^
293'
4,316
111
2,543
4,817
122
Daily figures for—
End of month
1976—July
Aug
Sept.®
96,660
98,405
10,602
Wednesday
1976—July
7
14
21
28
Aug. 4
Sept.
IS.'.'.'.'.'.'.'.'.'.
25
92,795
101,719
100,787
95,341
92,795
96,220
97,607
1
8
15,
22P
29P
102,282
97,098
94,006
101,363
106,276
96.408
96,320
94,006
98.409
98,076
4,921
5,874
778
2,954
8,200
1 Includes Federal agency issues held under repurchase agreements
beginning Dec. 1, 1966, and Federal agency issues bought outright beginning 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.
li;598
11 ,598
11,598
11,598
3 Includes acceptances. For holdings of acceptances on Wed. and endof-month dates, see p. A-10.
4 Beginning July 1973, this item includes certain deposits of domestic
nonmember banks and foreign-owned banking institutions held with
member banks and redeposited in full with F.R. Banks in connection
Notes continued on opposite page.
OCTOBER 1976 • BANK RESERVES AND RELATED ITEMS
A3
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS-Continued
(In millions o f dollars)
Factors absorbing reserve funds
Currency
m
circulation
Deposits, other
than member bank
reserves
w i t h F.R. Banks
Treasury
cash
holdings
Treasury
Foreign
Other 4
Other
F.R.
liabilities
and
capital
Member bank
reserves
Period or date
With
F.R.
Banks
Currency
and
coin 5
Total 6
Averages of daily figures
53,591
57,013
61,060
66,060
71,646
78,951
656
427
453
350
323
220
1,194
849
1,926
1,449
1,892
1,741
146
145
290
272
406
357
458
735
728
631
717
874
2,192
2,265
2,287
2,362
2,942
3,266
23,071
23,925
25,653
24,830
28,352
29,767
4,960
5,340
5,676
6,095
6,635
7,174
28,031
29,265
31,329
31,353
35,068
36,941
1971—Dec.
81,907
82,215
83,740
85,810
362
387
415
452
3,415
4,940
4,333
3,955
308
271
297
259
798
632
649
906
3,169
3,208
3,276
3,247
27,215
27,254
27,215
27,215
7,431
7,313
7,356
7,773
34,646
34,567
34,571
34,989
1975—Sept.
Oct.
Nov.
84,625
84,002
85,014
86,565
87,389
88,547
89,423
89,548
89,872
496
527
511
524
507
510
469
454
434
5,903
8,811
7,653
5,211
7,215
6,778
7,404
7,797
8,270
287
280
264
254
286
252
262
275
249
916
716
810
815
655
784
945
979
1 ,071
3,225
3,231
3,252
3,203
3,314
3,275
3,310
3,326
3,315
26,995
26,168
26,366
26,345
26,236
25,711
25,933
26,001
25,724
8,445
7,646
7,456
7,568
7,838
7,903
8,064
7,989
8,114
35,575
33,953
33,967
34,063
34,228
33,774
34,146
34,141
33,994
1976—Jan.
Feb.
Mar.
1969—Dec.
1973—Dec.
1974—Dec.
May
Sept.2'
Week ending—
89,231
89,971
89,582
89,077
510
476
443
456
10,415
7,121
5,622
6,218
257
255
282
250
1,025
772
945
1,043
3,232
3,212
3,286
3,427
26,153
25,370
26,842
25,915
8,220
8,400
7,429
8,155
34,521
33,919
34,420
34,219
89,226
89,759
89,897
89,484
443
439
436
432
7,623
5,416
6,067
10,135
288
224
352
240
1,023
934
909
943
3,398
3,136
3,253
3,394
26,351
25,088
26,311
26,111
8,190
8,324
7,946
7,556
34,691
33,562
34,408
33,818
89,273
89,917
90,355
89,883
89,450
423
419
410
425
425
10,126
6,735
3,768
9,316
12,303
259
267
262
229
220
1,245
1,062
1,197
953
914
3,538
3,095
3,206
3,371
3,529
25,884
25,168
25,261
25,913
26,069
8,017
8,242
8,414
7,432
8,360
34,052
33,564
33,835
33,501
34,586
:..i4
21
11
18
25
Sept.
1
8
15
22^'
29P
Daily figures for—
End of month
88,948
89,494
89,636
454
412
425
8,739
10,795
13,296
295
254
393
953
962
1,024
3,525
3,716
3,625
24,371
24,782
25,499
8,190
8,017
8,275
32,712
32,950
33,923
90,014
90,120
89,529
89,297
492
446
431
432
7,478
6,987
5,042
6,320
260
234
277
227
800
743
1,142
1,134
3,134
3,246
3,309
3,523
27,354
27,593
27,937
28,189
8,220
8,400
7,429
8,155
35,722
36,142
35,515
56,493
:..i4
21
28
89,662
90,181
89,961
89,513
427
431
419
419
5,856
4,666
9,323
10,167
264
199
222
219
1,063
921
815
1,873
3,145
3,136
3,390
3,512
32,062
24,726
28,485
26,043
8,190
8,324
7,946
7,556
40,402
33,200
36,582
33,750
.11
18
.25
89,683
90,590
90,349
89,826
89,769
412
416
414
425
425
9,959
3,421
5,684
10,841
12,212
216
292
327
230
245
2,227
967
1,112
877
920
3,410
3,123
3,283
3,363
3,649
28,241
28,148
24,155
26,336
29,807
8,017
8,242
8,414
7,432
8,360
36,409
36,544
32,729
33,449
34,324
July
Sept.f
Wednesday
with voluntary participation by nonmember institutions in the F.R. System's program o f credit restraint.
As of Dec. 12, 1974, the amount of voluntary nonmember bank and
foreign-agency and branch deposits at F.R. Banks that are associated
with marginal reserves are no longer reported. However, two amounts are
reported: (1) deposits voluntarily held as reserves by agencies and branches
of foreign banks operating i n the United States; and (2) Euro-dollar
liabilities.
5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed
thereafter. Beginning Jan. 1963, figures are estimated except weekly
averages. Beginning Sept. 12, 1968, amount is based on close-of-business
figures for reserve period 2 weeks previous to report date.
6 Beginning with week ending Nov. 15, 1972, includes $450 million of
Sept,
1
8
15
22P
29P
reserve deficiencies on which F.R, Banks were allowed to waive penalties
for transition period associated with bank adaptation to Regulation J,
as amended effective Nov. 9, 1972. For 1973, allowable deficiencies included are (beginning with first statement week o f quarter): Q l , $279
million; Q2, $172 m i l l i o n ; Q3, $112 million; Q4, $84 million. For 1974,
Q l , $67 million, Q2, $58 million. Transition period ended after 1974, Q2.
Beginning with week ending Nov, 19, 1975, adjusted to include waivers
of penalties for reserve deficiencies in accordance with Board policy,
effective Nov. 19, 1975, o f permitting transitional relief on a graduated
basis over a 24-month period when a nonmember bank merges into an
existing member bank, or when a nonmember bank joins the Federal
Reserve System.
For other notes see opposite page.
A4
BANK RESERVES AND RELATED ITEMS • OCTOBER 1976
RESERVES A N D
BORROWINGS
OF M E M B E R
BANKS
( I n millions o f dollars)
A l l member banks
Large banks 2
A l l other banks
Reserves
Period
Total
heldi
Required
Borrowings
Excess 1
Total
Seasonal
New Y o r k City
C i t y o f Chicago
Excess
Borrowings
Excess
41
111
18
40
230
259
25
35
Borrowings
Other
Excess
Borrowings
15
67
228
330
92
15
18
7
1
50
90
6
42
-35
105
270
479
264
22
267
250
177
189
174
80
180
321
28
42
Exci
Borrowings
1965—Dec.
22,719
22,267
452
454
1967—Dec.
1968—Dec.
1969—Dec.
1970—Dec.
1971—Dec,
25,260
27,221
28,031
29,265
31,329
24,915
26,766
27,774
28,993
31,164
345
455
257
272
165
238
765
1,086
321
107
1972—Dec.
1973—Dec,,
1974_Dec.
31,353
35,068
36,941
31,134
34,806
36,602
219
262
339
1,049
1,298
703
-23
132
301
74
80
13
43
5
-42
28
39
429
761
323
-160
41
32
133
163
264
435
282
1975—Sept.
Oct
Nov
Dec
34,646
34,567
34,571
34,989
34,447
34,411
34,281
34,727
199
156
290
262
396
191
61
127
61
65
28
13
17
42
50
64
68
31
7
63
27
-23
34
23
3
42
89
141
32
5
26
132
134
164
127
185
128
49
38
1976—Jan..
Feb,,
Mar.
Apr..
May.
June,
July,
Aug.
Sept. P
35,575
33,953
33,967
34,063
34,228
33,774
34,146
34,141
33,994
35,366
33,939
33,531
33,974
33,846
33,657
34,076
33,844
33,690
209
14
436
89
382
117
70
297
304
79
76
58
44
121
120
123
104
76
52
-147
177
2
13
22
-41
58
43
9
20
21
- 1 8
3
-2
108
-47
297
-125
-27
13
16
14
15
33
22
61
20
4
172
177
115
138
141
129
156
119
124
40
39
21
21
57
65
62
50
47
3
10
17
24
34,529
34,098
34,552
34,617
34,228
34,104
34,285
34,584
301
-6
267
33
222
385
327
395
17
28
58
34
174
115
168
136
152
73
164
136
142
201
10
17
24
31
34,088
33,379
33,710
33,562
34,236
33,678
33,276
33,509
33,451
33,838
410
103
201
111
398
85
48
40
78
36
98
53
26
-27
105
122
-67
13
70
109
14
3
22
23
14
179
135
141
81
174
29
19
18
19
22
7
14
21
28
33,587
33,762
34,447
34,384
33,464
33,589
34,317
34,272
123
173
130
112
24
61
40
54
-13
29
-4
16
27
17
-15
41
-43
4
32
2
26
135
151
115
112
20
14
20
28
5
12
19
26
35,296
33,720
34,136
33,597
34,855
33,753
33,891
33,519
441
-33
245
78
30
55
122
136
12
65
-43
40
-53
6
3
-14
30
216
-112
80
10
2
34
32
154
119
139
91
27
16
42
51
2
9
16
23
30
33,825
33,127
33,971
33,594
34,866
33,372
33,197
33,400
33,774
34,341
453
-70
571
-180
525
242
93
49
165
165
17
14
16
21
28
60
-42
118
-106
95
-15
-13
68
-30
37
244
-153
210
-134
213
45
24
164
138
175
90
180
149
35
38
58
127
7
14
21
28
34,521
33,919
34,420
34,219
33,959
33,890
34,192
34,187
562
29
228
32
126
176
59
159
26
23
23
27
317
-93
88
-129
52
3
10
33
173
126
141
115
104
38
49
63
4
11
18
25
34,691
33,562
34,408
33,818
34,255
33,598
34,071
33,700
436
-36
337
118
157
122
85
68
22
26
27
29
113
-53
13
64
16
18
37
15
184
129
184
71
55
39
46
53
1
8
15
22^^
29P
34,052
33,564
33,835
33,501
34,586
33,762
33,291
33,576
33,449
34,374
290
273
259
52
212
93
45
61
44
88
32
29
28
29
34
6
1
6
160
167
157
42
57
44
41
43
52
100
56
34
25
-20
29
26
37
28
22
- 1 8
-14
36
-4
-69
91
- 1 8
59
-3
-90
11
Week ending—
1975_Sept.
1976—Mar.
Apr.
May
June
July
Aug.
Sept.
50
53
60
64
9
11
1 Beginning w i t h week ending N o v . 15, 1972, includes $450 m i l l i o n o f
reserve deficiencies o n which F . R . Banks are allowed to waive penalties
f o r a transition period i n connection w i t h bank adaptation to Regulation J
as amended effective N o v . 9, 1972. Beginning 1973, allowable deficiencies
included are (beginning w i t h first statement week o f quarter): Q l , $279
m i l l i o n ; Q2, $172 m i l l i o n ; Q3, $112 m i l l i o n ; Q4, $84 million. Beginning
1974, ()1, $67 m i l l i o n ; Q2, $58 m i l l i o n . Transition period ended after
second quarter, 1974. F o r weeks for w h i c h figures are preliminary, figures
by class o f bank do not add to the total because adjusted data by class are
n o t available.
Beginning w i t h week ending N o v . 19, 1975, adjusted to include waivers
o f penalties f o r reserve deficiencies i n accordance w i t h Board policy,
effective N o v . 19, 1975, o f permitting transitional relief on a graduated
basis over a 24-month period when a nonmember bank merges i n t o an
28
-45
79
- 6 6
-74
119
• -79 •
24
-31
19
-2
31
26
- 1 8
215
36
-100
11
21
-13
10
- 1 6
8
- 2 2
3
34
40
53
36
62
14
50
- 2 8
63
86
41
- 2 2
45
82
62
-6
81
- 6 6
30
57
19
-6
53
-38
21
5
24
2
81
4
30
- 2 0
-44
63
22
24
- 2 0
14
-6
60
-225
-53
79
5
11
122
existing member bank, or when a nonmember bank joins the Federal
Reserve System.
2 Beginning N o v . 9, 1972, designation o f banks as reserve city banks
for reserve-requirement purposes has been based o n size o f bank (net
demand deposits o f more than $400 m i l l i o n ) , as described i n the BULLETIN
for July 1972, p. 626. Categories shown here as " L a r g e " and " A l l o t h e r "
parallel the previous "Reserve c i t y " and " C o u n t r y " categories, respectively
(hence the series are continuous over time).
NOTE.—Monthly and weekly data are averages o f daily figures w i t h i n
the m o n t h or week, respectively.
Borrowings at F. R. Banks: Based o n closing figures.
Effective A p r . 19, 1973, the Board's Regulation A , which governs lending by F . R . Banks, was revised to assist smaller member banks to meet
the seasonal b o r r o w i n g needs o f their communities.
OCTOBER 1976 • MONEY MARKET BANKS
BASIC RESERVE P O S I T I O N , A N D FEDERAL F U N D S A N D RELATED
A5
TRANSACTIONS
(In millions of dollars, except as noted)
Net surplus, or
deficit ( - )
LessReporting banks
and
week ending—
Excess
Borreserves 1 rowings
at F.R.
Banks
Related transactions with
U.S. Govt, securities dealers
Interbank Federal funds transactions
Basic reserve position
Net
Per cent
interof
bank
Amount
avg.
Federal
required
funds
reserves
trans.
Gross transactions
Purchases
Sales
Net transactions
Total
two-way
transactions 2
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Borrowings
from
dealers 4
Net
loans
Total—46 banks
1976—Aug.
2,202
1,357
1,168
1,392
1,321
2,617
3,728
4,916
3,220
2,298
980
848
1,155
892
1,131
25
12,589
16,357
15,043
13,555
-12,506
-16,490
-15,002
-13,410
82.3
111 .4
99.0
91 .8
19,498
22,636
21,530
20,425
6,909
6,279
6,487
6,869
4,615
4,326
4,408
4,362
14,883
18,310
17,122
16,063
2,294
1 ,952
2,079
2,507
1
8
15
22
29
151
120
179
-9
56
13,301
16,843
17,798
14,964
13,114
-13,180
-16,723
-17,633
-14,973
-13,094
89.8
115.6
119.9
104.4
87.7
20,840
24,246
23,809
21,509
20,643
7,539
7,404
6,545
7,529
4,621
4,548
4,160
4,537
4,176
16,219
19,698
19,648
16,971
16,468
2,918
2,855
1,851
25
3-45
56
41
3,514
5,083
4,630
4,510
-3,598
-5,170
-4,575
-4,469
59.0
87.5
75.0
76.8
4,712
5,886
5,487
5,216
1,198
803
857
706
1,195
803
856
706
3.518
5,083
4,631
4,510
1,290
1 ,910
1,783
1 ,580
309
301
228
322
981
1,609
1,556
1,258
1
8
15
22
29
58
104
144
21
-4
5,192
7,180
6,109
4,519
5,323
-5,165
-7,075
-5,965
-4,498
-5,357
87.7
123.1
102.7
80.3
90.8
5,881
7,726
6,558
5,230
6,080
688
547
448
71
758
689
546
448
71
758
5,192
7,180
6,109
4.519
5,323
1,885
2,290
2,230
1,968
1,400
226
300
292
287
146
1,659
1,990
1,937
1,681
1,254
97.9
127.3
115.3
101 .7
14,786
16,750
16,043
15,209
5,711
5,475
5,630
6,164
3,420
3,523
3,552
3,656
11,365
13,226
12,491
11,553
2,291
1,952
2,079
2,507
912
1,427
951
739
1,048
867
1,165
999
-136
561
-214
104
9,075 - 8 , 9 0 8
11,274 -11,321
10,413 -10,428
9,045 - 8 , 9 4 1
93
15
35
-30
60
8,109 -8,016
9,663 - 9 , 6 4 7
11,688 -11,668
10,445 -10,474
7,791 - 7 , 7 3 7
91.2
110.6
131.2
119.8
85.7
14,959
16,520
17,251
16,279
14,563
6,850
6,857
5,563
5,834
6,772
3,932
4,002
3,712
3,826
3,418
11,027
12,518
13,539
12,453
11,145
2,918
2,855
1,851
732
1,439
2,686
1,251
753
548
863
605
985
5,430
6,248
5,661
5,267
-5,364
-6,284
-5,652
-5,237
355.0
417.0
361 .0
350.3
6,037
6,808
6,291
5,902
607
560
630
635
607
560
615
606
5,430
6,248
5,676
5,296
345
459
306
244
450
413
444
525
-281
5,458
6,234
6,420
5,834
5,204
-5,440
-6,198
-6,435
-5,833
-5,167
361.9
423.4
405.9
390.6
345.3
6,200
6,851
6,973
6,475
5,854
743
618
553
641
650
716
618
553
641
650
5,485
6,234
6,420
5,834
5,204
27
227
480
674
422
272
351
259
174
256
542
-124
221
500
165
-270
3,645
5,026
4,752
3,778
-3,544
-5,037
-4,776
-3,705
46.7
63.8
50.8
8,749
9,942
9,752
9,307
5,104
4,915
5,000
5,529
2,813
2,963
2,937
3,050
5,936
6,979
6,815
6,257
2,291
1,952
2,063
2,478
567
968
645
495
597
453
720
473
-31
515
-75
21
2,651
3,429
5,268
4,611
2,587
-2,576
-3,450
-5,233
-4,641
-2,570
35.4
47.5
71.6
64.0
34.1
8,759
9,669
10,278
9,804
8,709
6,108
6,239
5,010
5,193
6,121
3,217
3 384
3,159
3,185
2,768
5,542
6,284
7,119
6,619
5,941
2,891
2,855
1,851
2,012
505
959
402
289
689
348
443
103
669
1,323
481
183
18.'.'!
Sept.
3,337
2,734
2,319
178
-58
55
145
4
6,011
2,008
3,354
845
2,169
I ,342
998
1,638
2,881
3,760
2,328
1,167
8 in New York City
1976—Aug.
4
18.'.'.';
Sept.
30
38 outside
New York City
1976—Aug.
4.
11 .
18.
25.
Sept.
1.
8.
15.
22.
29.
176
-13
- 1
14
2,008
3,354
-260
- 2 1
891
1,823
647
-87
5 in City of Chicago
1976—Aug.
4.
11 .
18.
25.
Sept.
65
-13
11
31
1.
8.
14
15.
22.
29.
-105
46
-138
33 others
1976—Aug.
Sept.
4...
111
11 . . .
- 1
18...
25...
- 1 2
1.
8.
15.
22.
29.
74
76
- 2 1
35
-30
23
68.2
1 Based upon reserve balances, including all adjustments applicable to
the reporting period. Prior to Sept. 25, 1968, carryover reserve deficiencies,
i f any, were deducted. Excess reserves for later periods are net of all carryover reserves. Beginning with week ending Jan. 7, 1976, adjusted to
include waivers of penalties for reserve deficiencies in accordance with
Board policy change effective Nov. 19, 1975.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank's weekly average purchases and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
2,008
3,354
830
626
banks, repurchase agreements (purchases of securities from dealers
subject to resale), or other lending arrangements.
4 Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt, or other issues.
NOTE.—Weekly averages of daily figures. For description of series
and back data, see Aug. 1964 BULLETIN, pp. 944-74. Revised data for
Jan. 1976 may be obtained from the Public Information Office, Office of
the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C.20551.
A6
F.R. BANK INTEREST RATES • OCTOBER 1976
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 Sees. 13 and 13ai
Federal Reserve
Bank
Regular rate
Rate on
9/30/76
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas C i t y . .
Dallas
San Francisco
Effective
date
Previous
rate
Rate on
9/30/76
Effective
date
Special rate 3
Rate on
9/30/76
Previous
rate
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/23/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/23/76
1/19/76
1/19/76
1/19/76
1/19/76
1 Discounts of eligible paper and advances secured by such paper or by
U.S. Govt, obligations or any other obligations eligible for F.R. Bank
purchase.
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.
Effective
date 3
Previous
rate
Rate on
9/30/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/23/76
1/19/76
1/19/76
1/19/76
1/19/76
61/2
II
I
61/2
61/2
Previous
rate
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/19/76
1/23/76
1/19/76
1/19/76
1/19/76
1/19/76
3 Applicable to special advances described
Regulation A .
4 Advances to individuals, partnerships, or
member banks secured by direct obligations
guaranteed as to principal and interest by,
agency thereof.
S U M M A R Y OF EARLIER
Effective
date
in Section 201.2(e)(2) o f
corporations other than
of, or obligations fully
the U.S. Govt, or any
CHANGES
(Per cent per annum)
Effective
date
I n effect Dec. 31. 1955
1956—Apr. 13
20
Aug. 24
31
1957—Aug.
9
23
Nov. 15
Dec. 2
1958—Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15
Sept. 12
23
Oct. 24
Nov. 7
1959—Mar.
6
16
May 29
June 12
Sept. 11
18
1960—June 3
10
14
Aug. 12
Sept. 9
1963—July 17
26
Range
(or level)—
A l l F.R.
Banks
F.R.
Bank
of
N.Y.
21/2
21/2
21/2-3
234-3
234-3
234
234
3
3
3
3 -31/2
31/2
3 ^-31/2
3
31/2
3
3
3
234-3
23/4-3
214-3
214-234
214
134-214
234
214
214
214
134
Range
(or level)—
A l l F.R.
Banks
F.R.
Bank
of
N.Y.
1964—Nov. 24
30
31/2-4
4
4
4
1965—Dec.
4
-41/2
41/2
41/2
41/2
-41/2
4
4 -41/2
41/2
4
4
41/2
41/2
Effective
date
6
13
1967—Apr.
7
14
Nov. 20
27
1968—Mar. 15
22
Apr. 19
26,
Aug. 16
30
Dec. 18
20
iy4
1969—Apr.
2
2
21/2
4
8
2 -21/2
21/2
21/2-3
3 ^-31/2
31/2
31/2-4
4
31/2-4
3 ^-31/2
3
3
31/2
31/2
4
4
4
3
3
5 ^-51/2
51/4-^/2
514
51/2
514
51/2
51/2
6
6
1970—Nov. 11
13
16
Dec. 1
4
11
534-6
534-6
534
51/2-534
51/2-534
6
534
534
51/2
51/2
1971—Jan.
514-51/2
514
8
15
19
22
29
Feb. 13
19
July 16
5
5
514
-514
-514
434-5
434
434-5
5
31/2
NOTE.—Rates under Sees. 13 and 13a (as described in table and notes
above).
41/2-5
5V.-6
IV4
2
4
5
5
5
434
5
5
Effective
date
1971—Nov. 11
19
Dec. 13
17
24
1973—Jan. 15
Feb. 26
Mar. 2
Apr. 23
May 4
is!!!!!!!!!!!
June 11
15
July
2
Aug. 14
23
Range
(or level)—
A l l F.R.
Banks
F.R.
Bank
of
N.Y.
434-5
434
5
434
434
41/2
41/2
41/2
5
5 -51/2
51/2
51/2-534
534
554-6
6
6
-6I/2
61/2
7
7 -71/2
71/2
5
II
53/4
6
6
61/2
61/2
71/2
71/2
1974—Apr. 25
30
Dec. 9
16
71/2-8
8
734-8
734
734
1975—Jan.
714-734
714-734
714
634714
0/4
61/4-634
614
6 -614
6
734
6
10
24
Feb. 5
7
Mar. 10
14
May 16
23
1976—Jan.
19
23
51/2
I n effect, Sept. 30, 1976....
5'A
714
634
63/
ei
614
6
6
5Vi
OCTOBER 1976 • RESERVE REQUIREMENTS
RESERVE R E Q U I R E M E N T S O N DEPOSITS OF M E M B E R
A7
BANKS
(Deposit intervals are in millions of dollars. Requirements are in per cent of deposits.)
Net demand 2
Effective
date 1
Time 3
(all classes o f banks)
Reserve city
Other
Other time
Savings
Over 5
0-5
I n effect
Jan. 1, 1963
Over 5
0-5
0-5
12
161/2
4
4
1966—July 14,21
Sept 8 15
1967 Mar. 2
Mar 16
1968—Jan. 11,18
1969—Anr 17.
1970—Oct. 1
Over 5
4
5
6
f/.
12
121/2
17
171/2
5
Beginning Nov. 9, 1972
Time 3
Net demand 2,4
Other time
Effective
date
0-5, maturing in—
0-2
2-10
10-100
100400
Over
400
30-179
days
1972—Nov. 9
Nov. 16
1973
July 19
1974
Dec. 12
8
Jan 8
12
101/i
121/2
131/2
18
10
12
13
161/i
171/2
180
days to
4 years
4 years
or more
m
m
10
12
13
161/2
3
8 21/2
3
8 21/2
Net demand deposits, reserve city banks
Net demand deposits, other banks
Time deposits
4 years
or more
75
3
8 1
3
8 1
3
Present legal limits:
1 When two dates are shown, the first applies to the change at reserve
city banks and the second to the change at country banks. For changes
prior to 1963 see Board's Annual Reports,
2 (a) Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand
balances due from domestic banks.
(b) Requirement schedules are graduated, and each deposit interval
applies to that part of the deposits of each bank.
(c) Since Oct. 16, 1969, member banks have been required under
Regulation M to maintain reserves against foreign branch deposits
computed on the basis of net balances due from domestic offices to their
foreign branches 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 computation 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.
Beginning Nov. 10, 1975, profitmaking businesses may maintain savings
deposits of $150,000 or less at member banks. For details of 1975 action,
see Regulations D and Q, and also BULLETINS for Oct. 1975, p. 708, and
Nov. 1975, p. 769.
Notes 2(b) and 2(c) above are also relevant to time deposits.
4 Effective Nov. 9, 1972, a neW criterion was adopted to designate reserve cities, and on the same date requirements for reserves against net
demand deposits of member banks were restructured to provide that each
180
days to
4 years
6
...
I n effect Sept. 30, 1976. . . .
30-179
days
73
73
171/2
1975—Feb. 13
Oct 30
1976
10
Over 5 5, maturing in—
Savings
8 21/2
8 1
6
8 1
8 21^
Minimum
Maximum
10
7
3
22
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 supplements 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 classifications, see "Announcements" in BULLETINS 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.
8 The average of reserves on savings and other time deposits must be
at least 3 per cent, the minimum specified by law. For details, see Regulation D .
NOTE.—Required reserves must be held in the form of deposits with
F.R. Banks or vault cash.
A8
MAXIMUM INTEREST RATES; MARGIN REQUIREMENTS • OCTOBER 1976
MAXIMUM
INTEREST RATES PAYABLE O N T I M E A N D SAVINGS
DEPOSITS
(Per cent per annum)
Rates July 20, 1966—June 30, 1973
Rates beginning July 1, 1973
Effective date
July 20,
1966
Type and size
of deposit
Savings deposits
Other time deposits : i
Multiple maturity:2
30-89 days
90 days to 1 year.
1-2 years
2 years or m o r e . . .
Single-maturity:
Less than $100,000:
30 days to 1 year.
1-2 years
2 years or more. .
$100,000 or more:
30-59 days
60-89 days
90-179 days
180 days to 1 year
1 year or m o r e . . .
Sept. 26,
1966
Effective date
Apr. 19,
1968
Jan. 21,
1970
Type and size
of deposit
4V2
Savings deposits
Other time deposits (multipleand single-maturity):!, 2
Less than $100,000:
30-89 days
90 days to 1 year
1-21/2 years
2Vi years or more
M i n i m u m denomination
of $1,000:4
4-6 years
6 years or more.
Governmental units
$100,000 or more
41/2
5
5
1/2
534
4
5
5^/2
(3)
(3)
(3)
(3)
SVi
SVz
53/4
SVz
6
61^
1 For exceptions with respect to certain foreign time deposits, see
BULLETIN for
Feb.
1968, p.
167.
2 Multiple-maturity time deposits include deposits that are automatically renewable at maturity without action by the depositor and deposits
that are payable after written notice o f 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:
6 Va per cent
6Vi per cent
6 ^ per cent
7
per cent
71/i per cent
30-59 days
60-89 days
90-179 days
180 days to 1 year
1 year or more
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-maturing deposits was eliminated.
4 Effective Dec. 4, 1975, the $1,000 minimum denomination does not
apply to time deposits representing funds contributed to an Individual
Retirement Account established pursuant to 26 U.S.C. (LR.C. 1954) §408.
5 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
MARGIN
July 1,
1973
5
51/2
6
61/2
(5)
(6)
(3)
Nov. 1,
1973
Nov. 27,
1974
5
5»/2
61/2
5
5
6
I'''
61/2
61/2
71/4
(6)
71/4
71/2
(3)
O)
1937_Nov.
1945—Feb.
July
1946—Jan.
1947—Feb.
1949_Mar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug,
Oct.
1960—July
1962—July
1963—Nov.
1968—Mar.
June
1970—May
1971—Dec.
1972_Nov.
Effective Jan.
5
5
21
1
30
17
For credit extended under Regulations T (brokers and dealers),
U (banks), and G (others than brokers, dealers, or banks)
11
8
6
6
24
3, 1974
On convertible bonds
On short sales
(T)
Ending
date
1945—Feb.
July
1946—Jan.
1947—Jan.
1949_Mar.
1951—Jan.
1953—Feb.
1955—Jan.
Apr.
1958—Jan.
Aug.
Oct.
1960—July
1962—July
1963—Nov.
1968—Mar.
4
4
20
31
29
16
19
3
22
15
4
15
27
9
5
10
June
7
1970—May
5
1971—Dec.
3
1972—Nov. 22,
1974_jan.
2
50
50
75
40
50
75
100
75
50
75
50
60
70
50
70
90
70
50
70
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
NOTE.—Regulations G, T, and U , prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit
to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is
a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference
between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation.
Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective
Mar. 11, 1968.
71/2
7V4
NOTE.—Maximum rates that may be paid by member banks are established by the Board of Governors under provisions of Regulation Q ;
however, a member bank may not pay a rate in excess of the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located. Beginning
Feb. 1, 1936, maximum rates that may be paid by nonmember insured
commercial banks, as established by the F D I C , have been the same as
those in effect for member banks.
For previous changes, see earlier issues of the BULLETIN.
REQUIREMENTS
On margin stocks
Beginning
date
7V4
5 per cent of its total time and savings deposits. Sales in excess of that
amount were subject to the 6 i ^ per cent ceiling that applies to time deposits maturing in 2Vi years or more.
Effective Nov. 1, 1973, a ceiling rate of 71^ 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.
6 Prior to Nov. 27, 1974, no distinction was made between the time
deposits of governmental units and of other holders, insofar as Regulation Q 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.
(Per cent of market value)
Period
Dec. 23,
1974
OCTOBER 1976 • OPEN MARKET ACCOUNT
T R A N S A C T I O N S OF T H E SYSTEM O P E N M A R K E T
(In millions o f dollars)
A9
ACCOUNT
Outright transactions in U.S. Govt, securities, by maturity (excluding matched sale-purchase transactions)
Others within 1
Treasury bills i
Period
Gross Redempsales
tions
Gross
purchases
Gross
purchases
1-5 years
year2
Exch.,
Gross maturity
sales shifts, or
redemptions
Gross
purchases
5-10 years
Gross Exch. or
sales maturity
shifts
Gross
purchases
Over 10 years
Gross Exch. or
sales maturity
shifts
Gross
purchases
Gross Exch. or
sales maturity
shifts
5,214
3,642
6,467
4,880
5,830
5,599
2,160
1,064
2,545
3,405
4,550
6,431
99
1,036
125
1,396
450
3,886
-3,483
-6,462
2,933
-140
-1,314
-3,553
848
1,338
789
579
797
2,863
5,430
4,672
-1,405
-2,028
-697
4,275
249
933
539
500
434
1,510
-1,845
685
-2,094
895
1,675
-4,697
93
311
167
129
196
1,070
-102
150
250
87
205
848
1975_Aug....
Sept....
Oct
Nov....
Dec....
312
282
2,118
1,263 ' " 7 6 6
983
652
1,984
400
200
400
919
200
2,002
-2,144
278
48
-265
28
150
562
1,299
-278
-48
-135
-28
64
137
-1,444
47
124
300
155
78
300
244
71
100
1976—Jan
Feb.. . .
Mar....
Apr....
May. ..
June...
July....
Aug
243 1,239
1,664
1,069 "'sii
2,869
1,335 1,355
2,719 1,224
524
279 1,413
1,100
600
389
600
1,000
403
350
875
37
40
38
27
-i,i53
349
110
177
185
249
100
63
63
51
968
73
59
24
38
200
83
-449
59
617
11,074
8,896
8,522
15,517
11,660
11,562
1970
1971
1972
1973
1974
1975
12,362
12,515
10,142
18,121
13,537
20,892
197 0
197 1
1972
197 3
197 4
197 5
1975—Aug..
Sept..
Oct..
Nov.
Dec..
2,574
2,940
1,263
1,693
2,281
1976—Jan..
Feb..
Mar. .
563
2,003
1,380
3,233
1,335
3,709
279
1,579
mly.
June.,
July.
Aug..
5,214
3,642
6,467
4,880
5,830
5,599
282
""766
652
1,239
618
1,425
1,224
524
1,413
-1,525
Matched
sale-purchase
transactions
(U.S. Govt,
securities)
Period
Gross
sales
72
2,602
42
Total outright!
Gross
purchases
43
31
Redemptions
Gross
sales
Gross
purchases
301
Repurchase
agreements
(U.S. Govt,
securities)
Gross
purchases
107
70
174
-349
-72
-3,105
449
-59
-79
418
195
Gross
sales
Outright
Gross
purchases
4,988
8,076
-312
8,610
1,984
7,434
6,881
14,857
13,838
17,275
7,247
663
4,451
186
-2,047
2,797
353
394
284
14,919
20,943
14,783
15,963
21,203
13,643
14,657
24,655
2,037
-982
763
2,061
-1,202
3,834
-3,773
3,357
239
297
2,389
200
400
919
200
14,234
19,931
15,886
14,442
10,559
13,730
19,835
16,113
15,207
10,058
8,146
16,664
13,699
14,342
8,464
600
200
600
11,407
7,551
12,697
15,138
12,417
20,973
10,522
16,389
11,503
7,957
18,135
17,753
14,899
12,355
21,205
10,468
16,180
17,456
20,355
14,409
12,947
26,641
1,000
403
350
875
12,082
16,000
1,354
Federal agency obligations
Net
change
in U.S.
Govt,
securities
85
96
72
12,177 33,859 33,859
2,160
12,177
16,205 44,741 43,519
2,019
16,205
32,228
2,862 23,319 23,319 31,103
4,592 45,780 45,780 74,755 74,795
4,682 64,229 62,801 71,333
70,947
9,559 151,205 152,132 140,311 139,538
1 Before Nov. 1973 BULLETIN, included matched sale-purchase transactions, which are now shown separately.
2 Includes special certificates acquired when the Treasury borrows
directly from the Federal Reserve, as follows (millions of dollars): June
1971, 955; Sept. 1972, 38; Aug. 1973, 351; Sept. 1973, 836; Nov. 1974,
131; Mar. 1975, 1,560; Aug. 1975, 1,989.
267
118
Sales or
redemptions
Repurchase
agreements,
net
65
250
Bankers
acceptances,
net
Net
change ^
Repurchase
agreements
Outright
181
-145
-36
420
-35
4,982
8,866
272
9,227
6,149
8,539
156
94
50
-300
385
5,155
445
-2,537
3,315
98
-109
-31
162
-69
229
-339
220
2,567
-1,101
812
2,019
-1,080
4,086
-4,375
3,577
- 6
485
1,197
865
3,087
1,616
-88
22
-9
29
469
-392
511
163
101
370
239
322
246
40
240
27
90
203
-124
-169
118
187
-236
217
-155
22
123
-231
95
- 2
- 1
14
49
-21
15
5
-70
-138
-50
-51
-78
-31
- 6 8
1,222
3 Net change in U.S. Govt, securities, Federal agency obligations, and
bankers acceptances.
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings. Details may not add to
totals because of rounding.
AlO
FEDERAL RESERVE BANKS • OCTOBER 1976
CONSOLIDATED S T A T E M E N T OF C O N D I T I O N OF ALL FEDERAL RESERVE
BANKS
(In millions of dollars)
Wednesday
End of month
1976
Item
Gold certificate account
Special Drawing Rights certificate account.
Cash
Loans:
Member bank borrowings
Other
Acceptances:
Bought outright
Held under repurchase agreements.
Federal agency obligations:
Bought outright
Held under repurchase agreements.
U.S. Govt, securities:
Bought outright:
Certificates—Special.
Other..
Notes
Bonds
Total bought outright i
Held under repurchase agreements.
Total U.S. Govt, securities.
Total loans and securities
Cash items in process o f collection...
Bank premises
Operating equipment
Other assets:
Denominated in foreign currencies.
A l l other
Total assets.
Sept. 15
1976
Sept. 29
Sept. 22
Sept. 8
11,598
700
,598
700
11,598
700
11,598
700
365
360
360
324
51
167
212
507
225
201
6,757
295
Sept. 1
Sept. 30
1975
Aug. 31
Sept. 30
11,598
700
11,598
800
11,598
700
350
362
370
365
403
40
271
323
64
283
245
258
63
258
610
207
631
262
546
698
250
6,757
70
6,757
6,778
25
6,778
220
6,757
323
6,778
141
5,789
293
38,372
38,705
34,923
37,216
37,304
38,245
37,556
35,422
46,482
6,465
46,482
6,465
45,915
6,411
45,915
6,411
45,915
6,411
46,897
6,506
45,915
6,411
43,400
5,104
91,319
7,905
91,652
2,884
87,249
89,542
753
89,630
5,654
91,648
4,779
89,882
4,148
83,926
3,072
1,599
500
99,224
94,536
87,249
90,295
95,284
96,427
94,030
86,998
107,319
f8,174
354
26
101,840
353
22
94,418
10,497
353
22
97,459
8,715
352
22
103,421
8,541
350
22
104,668
^7,046
354
26
101,821
7,576
350
22
94,311
6,720
306
4
638
2,731
646
2,648
664
2,548
660
2,588
645
3,511
2,682
738
645
2,648
247
2,702
^'l 31,905
^127,033
121,160
122,444
129,150
3'128,282
125,725
116,792
P8,866
Liabilities
F.R. notes
Deposits:
Member bank reserves
U.S. Treasury—General account.
Foreign
Other:
A l l other 2
79,802
79,861
80,385
80,622
79,742
79,674
79,624
72,563
2'29,807
12,212
245
^26,336
10,841
230
24,155
5,684
327
28,148
3,421
292
28,241
9,959
216
f25,499
13,296
393
24,782
10,795
254
25,913
8,075
324
920
877
1,112
967
2,227
1,024
962
616
Total deposits.
^'43,184
^>38,284
31,278
32,828
40,643
2^40,212
36,793
34,928
5,270
1,248
5,525
1,081
6,214
1,117
5,871
1,065
5,355
1,037
4,771
1,205
5,592
1,276
5,829
1,165
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
f129,504
2^124,751
118,994
120,386
126,777
f125,862
123,285
114,485
965
929
507
965
929
388
965
929
272
965
929
164
965
929
479
965
929
526
965
929
546
914
897
496
Pi 31,905
f127,033
121,160
122,444
129,150
^128,282
125,725
116,792
49,219
49,835
49,856
49,519
48,540
49,690
48,294
41,360
Capital accounts
Capital paid i n
Surplus
Other capital accounts
Total liabilities and capital accounts
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
Total collateral.
1 See note 2 on p. A-2.
2 See note 4 on p. A-2.
85,571
85,653
85,538
85,315
85,446
85,526
85,209
78,643
11,595
394
11,596
394
11,596
394
11,596
394
11,595
394
11,595
421
11,597
394
11,596
302
75,230
75,230
75,180
74,930
74,930
75,230
74,930
69,330
87,219
87,220
87,170
86,920
86,919
87,246
86,921
81,228
OCTOBER 1976 • FEDERAL RESERVE BANKS; BANK DEBITS
MATURITY
D I S T R I B U T I O N OF LOANS A N D U.S. G O V E R N M E N T
H E L D BY F E D E R A L R E S E R V E B A N K S
All
SECURITIES
(In millions of dollars)
End of month
Wednesday
1976
1976
Item
1975
Sept. 29
Sept. 22
Sept. 15
Sept. 8
Sept. 1
Sept. 30
Aug. 31
Sept. 30
Loans—Total
Within 15 d a y s . . .
16-90 days
91 days to 1 year..
324
311
13
51
41
10
168
156
12
41
36
5
271
248
23
323
299
24
64
46
18
283
251
32
Acceptances—Total.
Within 15 d a y s . . .
16-90 days
91 days to 1 year.
719
569
109
41
426
284
135
7
245
54
151
40
321
112
165
44
868
645
175
48
838
691
105
42
585
174
49
948
353
288
307
99,224
12,142
17,066
26,061
29,034
9,896
5,025
94,536
7,663
16,908
26,010
29,034
9,896
5,025
87,249
4,022
14,672
25,181
28,694
9,709
4,971
90,295
4,640
16,256
26,025
28,694
9,709
4,971
95,284
8,428
17,428
26,054
28,694
9,709
4,971
96,427
6,688
17,269
27,864
29,559
9,981
5,066
94,030
5,643
18,713
26,300
28,694
9,709
4,971
86,998
5,608
19,533
22,198
30,099
5,893
3,667
7,052
327
383
967
3,267
1,415
693
6,827
6,757
383
967
3,267
1,415
693
•••'4i5'
6,803
106
276
981
3,245
1,502
693
6,998
301
208
1,049
3,245
1,502
693
7,080
355
383
967
3,267
1,415
693
6,919
275
208
996
3,245
1,502
693
6,082
303
201
613
3,073
1,310
582
U.S. Govt, securities—Total.
Within 15 daysi
16-90 days
91 days to 1 year
1-5 years
5-10 years
Over 10 years
Federal agency obligations—Total.
Within 15 daysi
16-90 days
91 days to 1 year
1-5 years
5-10 years
Over 10 years
102
967
3,267
1,415
693
1 Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
BANK DEBITS A N D DEPOSIT
TURNOVER
(Seasonally adjusted annual rates)
Turnover of demand deposits
Debits to demand deposit accounts i
(billions of dollars)
Period
6others2
Total 232
SMSA's
(excl.
N.Y.)
226
other
SMSA's
335.0
330.7
364.0
360.8
351.8
124.4
123.8
118.7
119.5
118.4
86.2
85.1
83.5
84.9
84.7
71.2
70.0
69.8
71.5
71.6
366.0
375.4
377.5
374.9
380.2
400.8
405.0
400.6
115.4
128.1
131.4
124.6
126.9
131.9
128.7
138.2
82.9
89.6
92.5
88.4
88.2
90.9
89.9
91.9
70.3
74.6
77.2
74.2
73.3
75.1
74.9
74.8
6 others 2
226
other
SMSA's
Total
233
SMSA's
N.Y.
10,628.8
10,585.0
11,801.5
11,529.9
10,970.9
5,125.1
5,153.0
4,921.3
4,937.3
4,932.5
12,640.5
12,596.9
12,335.6
12,537.8
12,594.2
7,515.4
7,443.8
7,414.3
7,600.5
7,661.8
130.4
128.8
134.0
134.0
131.0
11,517.7
12,212.0
12,629.6
12,482.8
12,179.0
12,844.3
13,354.2
13,221.1
4,789.0
5,324.6
5,560.9
5,302.4
5,327.1
5,561.2
'•5,497.7
5,935.8
12,327.3
13,316.4
13,844.8
13,310.0
13,311.9
'•13,781 .3
'•13,748.1
14,656.0
7,538.3
7,991.8
8,283.9
8,007.7
7,984.7
8,220.1
'•8,250.4
8,720.2
132.4
140.9
144.6
140.3
139.3
145.0
145.9
144.8
N.Y.
1975—Aug
Sept
Oct
Nov
Dec
23,269.4
23,181.9
24,137.1
24,067.7
23,565.1
1976_Jan
Feb
Mar
Apr
May
June
July
Aug
23,845.0
25,528.4
26,474.4
25,792.8
25,490.9
''26,625.6
'•27,102.3
27,877.1
1 Excludes interbank and U.S. Govt, demand deposit accounts.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
Leading SMSA's
Total 232
SMSA's
(excl.
N.Y.)
Leading SMSA's
Total
233
SMSA's
NOTE.—Total SMSA's include some cities and counties not designated
as SMSA's.
For back data see pp. 634-35 of the July 1972 BULLETIN.
MONEY STOCK • OCTOBER 1976
A12
M E A S U R E S OF T H E M O N E Y
STOCK
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Period
Ml
Mz
M2
Ma
Ml
M5
M2
Ms
Mi
Ms
Composition of measures is described in the NOTE below.
1973—Dec
1974—Dec
270.5
283.1
571.4
612.4
919.5
981 .6
634.9
702.2
982.9
1,071.4
278.3
291.3
576.5
617.5
921.8
983.8
640.5
708.0
985.8
1,074.3
1975—Aug
Sept
Oct
Nov
Dec
293.2
293.6
293.4
295.6
294.8
650.6
652.9
655.8
662.1
664.3
1,060.6
1,068.1
1,075.8
1,086.5
1,092.9
129.Z
731 .9
736.7
743.9
747.2
1,139.3
1,147.1
1,156.6
1,168.3
1,175.8
290.0
291.7
292.3
297.4
303.2
647.2
649.5
653.2
660.2
669.3
1,057.1
1,062.8
1,070.4
1,080.6
1,094.6
728.4
732.2
736.9
743.0
752.8
1,138.3
1,145.5
1,154.1
1,163.5
1,178.1
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
295.1
296.5
298.0
301 .7
303.3
303.1
304.8
306.3
670.2
678.5
683.4
691.9
697.2
700.3
707.6
713.4
1,103.7
1,117.2
1,127.4
1,141.2
1,151.5
1,159.2
'•1,172.0
1,184.8
749.4
753.8
756.5
763.4
765.4
770.9
777.2
777.7
1,182.9
1,192.6
1,200.5
1,212.7
1,219.7
1,229.8
'•1,241 .6
1,249.1
301.0
292.9
295.2
303.3
298.4
302.4
305.1
303.0
675.3
675.3
683.3
696.7
695.6
701 .7
708.0
710.0
1,107.1
1,113.3
1,129.0
1,149.4
1,152.4
1,164.1
'•1,175.9
1,181.3
753.7
748.4
755.1
766.1
763.0
770.8
776.9
776.3
1,185.6
1,186.3
1,200.8
1,218.7
1,219.7
1,233.2
'•1,244.8
1,247.6
NOTE.—Composition of the money stock measures is as follows:
Mw Averages of daily figures for (1) demand deposits of commercial
banks other than domestic interbank and U.S. Govt., less cash items in
process of collection and F.R. float; (2) foreign demand balances at F.R.
Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of
commercial banks.
Mr. Averages of daily figures for M\ plus savings deposits, time deposits open account, and time certificates of deposit other than negotiable CD's of $100,000 of large weekly reporting banks.
Ma: A/2 plus the average of the beginning and end-of-month deposits
of mutual savings banks, savings and loan shares, and credit union shares
(nonbank thrift).
Mm MZ plus large negotiable CD's.
Ms: Ms plus large negotiable CD's.
For a description of the latest revisions in M i , M2, Ms, M4, and Ms, see
"Revision of Money Stock Measures" on pp. 82-87 of the Feb. 1976
BULLETIN. Beginning Oct. 1975, money stock measures and related data
have been revised to incorporate benchmark data from the Dec. 31, 1975,
call report.
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.
C O M P O N E N T S OF M O N E Y STOCK M E A S U R E S A N D RELATED
ITEMS
(In billions of dollars)
Seasonally adjusted
N o t seasonally adjusted
Commercial banks
Commercial banks
Time and savings
deposits
Period
Currency
Demand
deposits
CD'si
Other
Total
Nonbank
thrift
institutions 2
Demand deposits
Currency
Member
Domestic
nonmember 3
Time and savings
deposits
Total 4
CD'si
Other
Total
Nonbank
thrift
institutions 2
U.S.
Govt,
deposits 5
1973—Dec
1974—Dec
61 .5
67.8
209.0
215.3
63.5
89.8
300.9
329.3
364.4
419.1
348.0
369.2
62.7
69.0
156.5
159.7
56.3
58.5
215.7
222.2
64.0
90.5
298.2
326.3
362.2
416.7
345.3
366.3
6.3
4.9
1975—Aug
Sept
Oct
Nov
Dec
71.9
72.0
72.6
73.4
73.7
221.3
221.6
220.8
222.1
221.0
78.8
79.1
80.9
81.8
82.9
357.4
359.2
362.4
366.5
369.6
436.2
438.3
443.3
448.3
452.4
410.0
415.2
420.0
424.4
428.6
72.1
71.9
72.5
73.9
75.1
155.8
157.0
156.6
159.0
162.1
59.0
59.7
60.3
61 .4
62.6
217.8
219.9
219.9
223.5
228.1
81.1
82.7
83.7
82.9
83.5
357.3
357.7
360.8
362.8
366.2
438.4
440.4
444.5
445.6
449.6
409.9
413.3
417.2
420.4
425.3
2.7
3.9
3.4
3.5
4.1
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
74.2
75.1
75.7
76.7
77.4
77.6
78.2
78.6
220.8
221.5
222.3
225.0
226.0
225.5
226.6
227.6
79.2
75.4
73.1
71.4
68.2
70.6
69.6
64.4
375.2
381.9
385.4
390.2
393.9
397.3
402.8
407.1
454.4
457.3
458.5
461.7
462.1
467.9
472.4
471.5
433.5
438.8
444.0
449.3
454.3
458.9
'•464.4
471.4
73.8
74.1
75.1
76.3
77.2
77.8
78.8
78.9
162.0
155.7
156.8
161.7
157.1
159.1
160.1
158.3
62.1
59.9
60.2
62.3
61.0
62.3
62.7
62.4
227.2
218.8
220.1
227.0
221.2
224.6
226.3
224.1
78.5
73.0
71.8
69.4
67.4
69.1
68.9
66.3
374.3
382.5
388.1
393.4
397.2
399.3
403.0
407.0
452.8
455.5
459.9
462.8
464.6
468.4
471.8
473.3
431.9
438.0
445.7
452.6
456.7
462.4
'•467.9
471.3
3.8
4.5
3.9
3.8
3.7
4.7
3.4
3.6
1 Negotiable time certificates of deposit issued in denominations of
$100,000 or more by large weekly reporting commercial banks.
2 Average of the beginning and end-of-month figures for deposits of
mutual savings banks, for savings capital at savings and loan associations,
and for credit union shares.
3 Based on most recent call report single-day observations.
4 Total deposits include, in addition to the member and domestic nonmember deposits shown, deposits due to foreign and international institutions at F. R. Banks and M i type balances at agencies and branches
of foreign banks.
5 A t all commercial banks.
See also NOTE above.
OCTOBER 1976 • BANK RESERVES; BANK CREDIT
AGGREGATE RESERVES A N D M E M B E R B A N K
( I n billions of dollars)
Member biank reser
Deposit
S.A.i
DEPOSITS
abject to reserve req[uirements
S.A.
Period
Total
Nonborrowed
R
qui red
Total
Tot;al member
ban k deposits
plus nondeposit
items 4
N.S.A.
Demand
Available 2
Time
and
savings
Private
A13
Demand
Total
U.S.
Govt.
Time
and
savings
Private
S.A.
N.S.A.
U.S.
Govt.
1973—Dec....
1974—Dec. 1..
34.98
36.63
33,.69
35,.90
34 .68
36 .37
32 .78
34,.42
442.8
486.9
279 .7
322,.9
158. 1
160..6
5,.0
3,.4
447,,5
491,,8
278.5
321.7
164,.0
166,,6
5,,0
3.,5
449,.4
495,.3
454.0
500.1
1975—Aug....
Sept....
Oct.i..
Nov....
Dec....
34.88
34.99
34.79
34.73
34.75
34,.67
34,.59
34,.60
34,.67
34,.62
34 .69
34 .80
34 .58
34 .44
34 .49
32 .77
32 .77
32,.61
32 .43
32,.44
496.3
498.4
500.1
505.9
506.0
328,.4
329 .8
333 .1
336 .1
338,.7
165,,1
165,,6
164,,0
165,.9
164,,4
2,.8
3,.0
3,.0
3,.9
3,.0
494,,8
499, 1
500,.4
503,,6
510,,9
330.5
332.2
334.7
334.3
337.2
162,.3
164 .0
163 .3
166 .7
170 .7
2,,0
2,,9
2,,5
2,,6
3,,1
503,,3
505,.5
508,.0
514,.1
514,.4
501 .8
506.1
508.3
511 .9
519.3
1976—Jan. 1. .
Feb....
Mar....
Apr....
May...
June...
July. . .
Aug....
34.32
34.05
34.00
34.02
34.14
34.34
34.39
34.53
34,.24
33,.97
33,.95
33.,98
34.,02
34 .21
34 .25
34 .43
34 .08
33 .83
33 .78
33,.87
33,.93
34 .12
34 .15
34 .32
32,.17
31 .85
,
31 .75
31,,87
31,,95
32 .01
32 .19
32 .17
506.2
507.6
507.8
509.8
507.8
513.9
514.9
513.6
338,.9
339,.5
339 .4
340,,2
338.,3
342 .3
344 .2
341 .1
164,.7
165,,5
165,,8
167..2
167.,2
167,.9
168 .0
168 .7
2,.6
2,.6
2,.5
2,.5
2,,3
3 .7
2 .7
3 .9
511 ,1
504,'.2
506,.4
511.,9
506. 0
512,.7
513,.9
511 .3
,
337.9
337.5
339.6
340.2
339.9
342.5
343.7
342.7
170 .3
163 .4
163 .9
168,.8
163,.4
166 .7
167 .7
165 .9
2,.9
3,.4
2,.9
2..9
2.,8
3,.6
2,,5
2,.7
514,.1
515.,6
516,.0
517.,3
515.,3
522,.3
523,.6
522,.5
519.0
512.2
514.7
519.4
513.6
521 .2
522.7
520.2
1 Averages of daily figures. Member bank reserve series reflect actual
reserve requirement percentages with no adjustment to eliminate the
effect of changes in Regulations D and M . There are break
because of change;
irements effective Dec. 12, 1974, Feb.
13, May 22, and Oct. 30, 1975, a id Jan. 8, 1976. I n addition, effective
Jan. 1, 1976, statewide branching n New York was instituted. The subsequent merger of a number of ba: iks raised required reserves because of
higher reserve requirements on aggr(
regate deposits at these banks,
2 Reserves available to support pi •ivate nonbank deposits are defined
; (1) required reserves for (a) p i ' te demand deposits, (b) total time
reser
idepo 5it source;
reand savings deposits, and (c)
bject
quirements, and (2) excess resei •ves. This series excli ides requ ired rese ves
for net interbank and U.S. Goy •t. 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 ries for deposits is referred to as
"the adjusted bank credit proxy."
NOTE.—Back data and estimates of the imp; t of req •ed reserve
changes may be obtained from the Ban
nking Sectio D] • • f Research
and Statistics, Board of Governors of the Federal Resei
System, Washington, D.C. 20551.
LOANS A N D I N V E S T M E N T S AT ALL C O M M E R C I A L
(In billions of dollars)
Season ally aidjt isted
Loans
Total
loans
and
investments 1
Date
Total 1
Plus
loans
sold2
N o t s ;easonally adjusted
Secui•ities
Co mmercia I
and industriail3
Total
Plus
loans
sold2
BANKS
U.S.
Treasury
Othe;r4
Loans
Total1
loans
and
invest
ments
Total 1
Plus
loans
sold 2
Securities
Commercial
and industrial 3
Total
iPlus
loans
SOld2
U.S.
Treasury
Other4
1971—Dec.
1972—Dec.
1973—Dec.
1974—Dec.
31
31
31
315. . .
485..7
558.,0
633.,4
690.,4
320..9
378.,9
449,,0
500..2
323.7
381.5
453.3
505.0
116. 1
130.,2
156.,4
183.,3
117. 7
131.,9
159..0
186. 0
60.6
62.6
54.5
50.4
104..2
116..5
129,,9
139.,8
497.,9
571.,4
647,.3
705.,6
328,.3
387,.3
458,.5
510,.7
331 . 1
389 .9
462 .8
515 .5
118.5
132.7
159.4
186.8
120.2
134.4
162.0
189.6
64.9
67.0
58.3
54.5
104.7
117.1
130.6
140.5
1975—Sept.
Oct.
Nov.
Dec.
24
29
26
31
712.,7
716.,3
722..2
721,.1
491,,5
495,.0
498,.5
496,.9
496.0
499.7
503.2
501.3
175. 4
176.,3
177., 1
176,,0
178.,2
179.,2
179..9
178.,5
76.7
76.0
76.8
79.4
144.,5
145.,3
146.,9
144.,8
712.,5
714.,6
722.,4
737.,0
492,.8
493,.7
497,.6
507,.4
497 .3
498 .4
502 .3
511 .8
175.8
175.3
176.5
179.3
178.6
178.2
179.3
181.8
75.4
75.9
79.4
84.1
144.3
144.9
145.4
145.5
1976—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
2BP...
25P...
723,,3
726,.7
731,.2
734,.5
737 .6
738,.8
743 .1
748 .7
752 .5
497,.3
497,.8
499 .7
500 .5
500 .6
500 .7
504 .7
507 .6
511 .4
501.6
502.3
503.9
504.7
505.0
505.2
509.2
511.6
515.3
176,,6
175,, 1
171,.4
170,.5
170,.7
170,.2
171 .0
171 .0
172 .0
179,,1
177,,8
174,.0
173,.1
173,.4
173,.0
173 .8
173 .5
174 .5
81.0
84.4
88.2
90.0
93.0
94.0
92.7
95.0
94.0
145. 0
144.,5
143. 3
144.,0
144. 0
144. 1
145,.7
146,,1
147,
721. 4
720. 8
729. 6
732. 1
735. 1
743. 3
740,.3
746,.1
752,.9
492,,6
491,,9
496,,9
496,,7
500,,0
507.,2
505,
508,!5
513,.3
496 .9
496 .4
501 .1
500 .9
504 .4
511,.7
509 .7
512 .5
517 .2
174.4
173.5
171.3
170.6
170.8
172.4
170.7
170.3
172.5
176.9
176.2
173.9
173.2
173.5
175.2
173.5
172.8
175.0
84.8
85.4
89.3
90.2
90.5
90.8
89.5
91 .8
92.6
144.0
143.6
143.5
145.2
144.6
145.3
145.6
145.8
147.0
28f. . .
26®...
30». . .
282'...
25P ...
29V..
.
1 Adjusted to exclude domestic: commercial interbank loans,
2 Loans sold are those sold <utright to banks' own foreign branches,
nonconsolidated nonbank afhlicates of the banks, the banks' holding
company (if not a bank), and : nconsolidated 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 "Commercial 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 and by about $1.2 billion as of
March 31, 1976.
4 Farmers Home Administration nsured notes included in "Other
securities" rather than in loans begii] ing June 30, 1971, when such notes
totaled about $700 million.
5 Data beginning June 30, 1974, ir elude one large mutual savings
bank that merged with a nonmember c ommercial bank. As of that date
there were increases of about $500 millior in loans, $100 million in "Other
securities," and $600 million in "Total lo ms and investments."
As of Oct. 31, 1974, "Total loans and investme ts" of all commercial
bank: were reduced by $1.5 billion in connectioi with the liquidation
of or ; large bank. Reductions in other items wer : "Total loans," $1.0
billio I (of which $0.6 billion was in "Commercial ; nd industrial loans"),
and ' 'Other securities," $0.5 billion. I n late Novembe; Commercial and
indus trial loans" were increased by $0.1 billion as £ esult of loan re;lassifications at another large bank.
NOTE.—Tota/ loans and investments: Back data for 1959-75 available
from Banking Section, Division of Research and Statistics; for 1948-58,
see Aug. 1968 BULLETIN, pp. A-94—A-97. For description of seasonally
adjusted series for total loans and investments, see Dec. 1971 BULLETIN,
pp. 971-73 and for commercial and industrial loans, see July 1972 BULLETIN, p. 683. Data are for last Wed. 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.
A14
COMMERCIAL BANKS • OCTOBER 1976
P R I N C I P A L ASSETS A N D L I A B I L I T I E S A N D N U M B E R , BY CLASS OF
BANK
(Amounts in millions of dollars)
Loians and iiivestments
Classification by
FRS membership
and F D I C
insurance
Securities
Total
Loans
1
U.S.
Treasury
Total
assetsTotal
liaCash
bilities
assets 3 and
capital
Other
2
Deposits
Interbank 3
Total 3
Borrowings
Demand
Demand
counts^
Other
Total Numcapital
ber
of
accounts6 banks
Times
Time
U.S.
Govt.
Other
Last-Wednesday-of-month series 7
AH commercial b anks:
1941—Dec. 3 1 . . .
1947_Dec. 31 8..
I960—Dec. 3 1 . . .
1970—Dec. 319..
1971—Dec. 3 1 . . .
1972—Dec. 3 1 . . .
1973—Dec. 3 1 . . .
1974_Dec. 3 1 . . .
50 ,746
116 ,284
199 ,509
461 ,194
516 ,564
598 ,808
683 ,799
744 ,107
21 ,714
38 ,057
117 ,642
313 ,334
346 ,930
414 ,696
494 ,947
549 ,183
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
54 ,451 140,,473 128 ,042
79,.104
155;,377
257,,552
576,,242
640,,255
739 ,033
835:,224
919;,552
71,.283
144,,103
229 ,843
480,,940
537,,946
616;.037
681,,847
747;,903
10.982
44 ,349
12 ,792
240 1 ,343 94 ,367
17 ,079 1,799 5 ,945 133 ,379
30 ,608 1,975 7 ,938 209 ,335
32 ,205 2,908 10 ,169 220 ,.375
33 ,854 4,194 10 ,875 252 ,223
36 ,839 6,773 9 ,865 263 ,367
43 ,483 11,496 4 ,807 267 ,506
1975—Sept.
Oct.
Nov.
Dec.
24...
29...
26...
31...
743 ,970
747 ,250
151 ,450
115 ,794
524 ,270
526:,420
532;,660
546;,172
75 ,360 144,,340 106 ,220
75 ,940 144;,890 110 ,670
79 ,400 145;,390 123 ,150
84:,119 145;,503 133 ,614
906 ,410
915 ,890
939;,310
964;,918
726,,840
736;,870
753;,000
786;,252
31 ,330
31 ,900
34 ,560
41 ,811
10,990
11,210
11,160
12,020
3 ,180
2 ,650
3 ,530
3 ,114
1976—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
28...
28...
31 10.
28...
26
30'•f.
28'-..
25...
29...
756 ,630
757 ,540
767 ,260
765 ,550
766 ,760
779 ,820
772 ,540
782 ,080
790 ,400
527,,820
528:,560
534;,530
530;,170
531:,780
543 ,740
537 ,550
544 ,460
550;,820
84 ,770 144,,040 112 ,720
85 ,420 143;.560 111 ,470
89 ,260 143;.470 120 ,870
90 ,180 145:,200 113 ,210
90 ,430 144;,550 111 ,710
90 ,800 145 ,280 125 ,170
89 ,490 145 ,500 111 ,530
91 ,800 145 ,820 109 ,110
92 ,630 146 ,950 118 ,660
927 ,140
928 ,540
934 ,440
926 ,370
927 ,690
957 ,130
934 ,250
940 ,510
960 ,030
743 ,140
741 ,230
766 ,680
753 ,150
754 ,070
782 ,850
761 ,180
759 ,400
773 ,320
32 ,110
31 ,560
37 ,510
32 ,280
33 ,100
38 ,270
33 ,100
33 ,380
35 ,180
11,540
11,370
11,860
10,990
10,530
10,580
10,160
9,650
9,520
Members of
F.R. System:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
1973—Dec.
1974_Dec.
31...
31...
31...
319..
31...
31...
31...
31...
43 ,521
97 ,846
165 ,619
365 ,940
405 ,087
465 ,788
528 ,124
568 ,532
18 ,021
32 ,628
99 ,933
253 ,936
211.,717
329 ,548
391 ,032
429^,537
19 ,539 5 ,961 23 ,113
57 ,914 7,,304 32 ,845
49 ,106 16 ,579 45 ,756
45 ,399 66:,604 81 ,500
47 ,633 79;,738 86 ,189
48 ,715 87,,524 96 ,566
41 ,494 95;,598 100 ,098
38 ,921 100,,073 106 ,995
68 ,121
132 ,060
216 ,577
465;,644
511;,353
585 ,125
655 ,898
715,,615
61 ,717
122 ,528
193 ,029
384 ,596
425 ,380
482 ,124
526 ,837
575,,563
10 ,385
12 ,353
16 ,437
29 ,142
30 ,612
31 ,958
34 ,782
41 ,062
1975—Sept.
Oct.
Nov.
Dec.
24...
29...
26...
31...
555 ,096
556 ,383
564 ,023
578 ,560
400 ,695
401 ,492
405 ,805
416;,366
54 ,355 100 ,046 88 ,004
54 ,546 100:,345 91 ,397
57 ,471 100:,747 102 ,103
61 ,519 100;,675 108 ,489
689 ,717
695 ,312
714;,112
733;,635
546 ,360
552:,649
564;,835
590;,776
1976—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
28...
28.. .
3110.
28...
26
30^.
28^.
25f..
29...
563 ,387
562:,940
569;,913
561 ,384
561.,050
511 ,509
510.,060
578 ,200
583:,553
402,,020
401;,731
406:,148
402;,147
402:,319
411;,707
405 ,282
410:,790
415;.076
61 ,704 99,.663 93,,808
61 ,869 99,.340 91:,914
64 ,636 99;,129 100;,455
64 ,892 100,,345 93:,743
65 ,037 99:,694 92:,323
65 ,626 100;,176 104;,036
64 ,442 100;,336 92;,277
66 ,747 100;,663 89:,366
66;,973 101;,504 98;.897
705,,093
704;.357
710;.228
702;,130
702;,269
126..826
106..225
710:.710
726 i.823
556 ,274
552;,942
573;,878
561;,110
561;,220
585;,345
565;.107
562;.360
573;.939
15 ,952
35 ,360
71 ,641
231 ,084
212.,289
314 ,891
365 ,002
420 ,611
23
65
163
19 ,375
25 ,912
38 ,083
58 ,994
58 ,369
7 ,173
10 ,059
20 ,986
42,,958
47 ,211
52 ,658
58 ,128
63 ,650
14,278
14,181
13,472
13,686
13,783
13,927
14,171
14,465
240 ,570
247 ,590
257 ,640
278 ,692
440 ,770
443 ,520
446 ,110
450 ,615
61 ,030
60 ,640
66 ,780
60 ,224
66 ,980
67 ,550
68 ,000
69 ,125
14,612
14,628
14,624
14,633
3 ,790
4 ,010
2 ,430
4 ,120
3 ,520
4 ,660
3 ,540
3 ,710
5 ,840
245 ,600
242 ,810
256 ,930
250 ,200
247 ,550
266 ,450
250 ,590
247 ,400
252 ,890
450 ,100
451 ,480
457 ,950
455 ,560
459 ,370
462 ,890
463 ,790
465 ,260
469 ,890
67 ,25C
68 ,49C
63 ,42c
68 ,480
66 ,160
65 ,87C
66 ,79C
72 ,25C
77 ,520
68 ,870
69 ,110
70 ,070
70 ,610
71 ,400
72 ,090
72 ,190
72 ,550
73 ,140
14,611
14,624
14,628
14,632
14,637
14,636
14,635
14,649
14,649
140
50
1,639
1,733
2,549
3,561
5,843
10,052
1 ,709
1 ,176
5 ,287
6 ,460
8 ,427
9 ,024
8 ,273
3 ,183
37 ,136
80 ,609
112 ,393
168 ,032
174 ,385
197 ,817
202 ,564
204 ,203
12 ,347
28 ,340
57 ,273
179 ,229
209 ,406
239 ,763
275 ,374
317 ,064
4
54
130
18 ,578
25 ,046
36 ,357
55 ,611
52 ,850
5 ,886
8 ,464
17 ,398
34 ,100
37 ,279
41 ,228
44 ,741
48 ,240
6,619
6,923
6,174
5,767
5,727
5,704
5,735
5,780
29 ,150
29 ,568
32 ,064
38 ,569
9,360
9,578
9,527
10,015
2 ,343
1 ,952
2 ,708
2 ,255
181 ,340
186 ,851
194 ,492
210 ,824
324 ,167
324 ,700
326 ,044
329 ,113
54 ,929
54 ,250
60 ,162
53 ,646
50 ,543
50 ,963
51 ,199
52 ,078
5,792
5,796
5,791
5,788
29 ,712
29 ,145
34 ,934
29 ,923
30 ,675
35 ,595
30 ,720
30 ,943
32 ,659
9,529
9,357
9,848
8,978
8,517
8,570
8,150
7,642
7,521
2 ,908
2 ,977
1 ,769
3 ,281
2 ,701
3 ,669
2 ,720
2 ,793
4 ,349
185 ,773
183 ,458
194 ,932
189 ,361
187 ,038
202 ,131
188 ,636
185 ,915
191 ,011
328 ,352
328 ,005
332 ,395
329 ,567
332 ,289
335 ,380
334 ,881
335 ,067
338 ,399
61 ,022
62 ,051
57 ,470
62 ,002
59 ,588
59 ,302
60 ,343
65 ,878
70 ,636
52 ,167
52 ,300
53 ,191
53 ,753
54 ,450
54 ,987
55 ,051
55 ,372
55:,740
5,765
5,768
5,778
5,775
5,777
5,776
5,762
5,771
5,771
10,(554
1 ,762
54 1;,325
12,,615
16,,921 1,667 5;,932
30,,233 1,874 7,,898
33, 366 4,113 10:,820
36, 248 6,429 9;,856
42, 587 10,693 4,,799
41..298
92,,975
132.,533
208;,037
250,,693
261,,530
265,,444
15, 699
34, 882
71, 348
231, 132
313, 830
363, 294
418, 142
10
61
149
19,,149
37,,556
57, 531
55, 988
6,,844
9,,734
20,,628
42,,427
52,,166
57,,603
63,,039
13,426
13,398
13,119
13,502
13,721
13,964
14,216
Ca 11 date series
Insured banks:
iotai.
1941—Dec.
1947—Dec.
I960—Dec.
1970—Dec.
1972—Dec.
1973—Dec.
1974—Dec.
31...
31...
31...
319..
31...
31...
31...
49 ,290
114 ,274
198 ,011
458 ,919
594 ,502
678 ,113
734,,516
21 ,259
37;,583
117,,092
312;,006
411;,525
490;,527
541,,111
21,,046 6,,984 25 ,788
67,,941 8.,750 36 ,926
60,,468 20;,451 51 ,836
61,,438 85,,475 92 ,708
66,,679 116,,298 111 ,333
57,,961 129,,625 116 ,266
54,,132 139,,272 125;,375
76 ,820
152 ,733
255 ,669
572 ,682
732 ,519
827 ,081
906 ,325
69 ,411
141 ,851
228 ,401
479 ,174
612 ,822
677 ,358
741 ,665
1975—June 3 0 . . . 736 ,164 526,,272 67,,833 142,,060 125,,181 914 ,781 746 ,348 41, 244 10,252
Dec. 3 1 . . . 162,,400 535,,170 83, 629 143, 602 128;,256 944;,654 775 ,209 40, 259 10,733
3,,106 261,,903 416, 962 59,,310 65,,986 14,320
3,,108 276,,384 433, 352 56, 775 68,,474 14,372
1976—Mar. 3 1 . . . 758,,753 527,,718 85, 372 145,,663 119 ,026 919 ,546 759 ,615 36, 123 10,420
2,,474 256,,356 454, 241 61, 716 67, 300 14,368
National member:
1941—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
I960—Dec. 3 1 . . .
1970—Dec. 319..
1972—Dec. 3 1 . . .
1973—Dec. 3 1 . . .
1974—Dec. 3 1 . . .
27,,571
65;,280
107.,546
271;,760
350,,743
398,,236
428,,433
11 ,725
=
21,,428
63,,694
187,,554
247,,041
293,,555
321,,466
12, 039
38, 674
32, 712
34, 203
37, 185
30, 962
29, 075
3,,806
5,,178
11,,140
50, 004
66, 516
73, 718
77, 892
14 ,977
22;,024
28;,675
56;,028
67,.390
70,.711
76;,523
43 ,433
88;,182
139;,261
340;,764
434,,810
489 ,470
534,.207
39 ,458
82 ,023
124 ,911
283 ,663
359 ,319
395 ,767
431 ,039
6,786
35
8, 375
9, 829
611
982
051
18,
19, 096 2,155
20, 357 3,876
23, 497 6,750
1,,088
795
3,,265
4,,740
6, 646
5, 955
2, 437
23,,262
53,,541
71,,660
122,,298
146,,800
152, 705
154, 397
8, 322
19, 278
39, 546
137, 592
184, 622
212, 874
243, 959
4
45
111
13, 100
26, 706
39, 696
39, 603
3, 640
5, 409
11, 098
24,,868
30, 342
33, 125
35, 815
5,117
5,005
4,530
4,620
4,612
4,659
4,706
1975—June 3 0 . . . 428,,167 312,,229 37, 606 78, 331 75,,686 536,.836 431 ,646 21, 096 6,804
Dec. 3 1 . . . 441,,135 315,,738 46, 799 78, 598 78,,026 553,.285 447 ,590 22, 305 7,302
1, 723 152, 576 242, 492 41, 954 37, 483
1, 788 159, 840 250, 493 40, 875 38, 969
4,730
4,741
1976—Mar. 3 1 . . . 435,,453 308,,481 46, 726 80, 246 73,,103 536,,191 435 ,144 19, 406 6,590
441 147, 557 260, 151 44, 112 38, 468
4,748
For notes see opposite page.
OCTOBER 1976 • COMMERCIAL BANKS
15
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
( A m o u n t s i n millions o f dollars)
L o ans and investments
Classification by
F R S membership
and F D I C
insurance
Deposits
Secu rities
Total
Loans
1
U.S.
Treasury
Other
2
Total
assetsTotal
Cash
liaassets 3 bilities
Total 3
and
capital
accounts 4
I n t e r l ?ank3
Other
Borrowings
Demand
Total
capital
accounts 6
Number
of
banks
Time
Demand
5
Time
U.S.
Govt.
Other
Call date series
Insured banks (cont.):
State member:
1 9 4 1 _ D e c . 3 1 . . . . 15,950
6 ,295
1947—Dec. 3 1 . . . . 32,566 11 ,200
1960—Dec. 3 1 . . . . 58,073 36 ,240
1 9 7 0 _ D e c . 319... 94,760 66 ,963
1972—Dec. 3 1 . . . . 115,426 82 ,889
1973—Dec. 3 1 . . . . 130,240 97 ,828
1974—Dec. 3 1 . . . . 140,373 108;,346
1975—June 3 0 . . . 134,759 100 ,968
1975—Dec. 31 . . . 137,620 100 ,823
1 9 7 6 _ M a r . 3 1 . . . . 135,853 98 ,568
Nonmember:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1972—Dec.
1973—Dec.
1974—Dec.
31....
5,776
3 ,241
3 1 . . . . 16,444
4 .958
3 1 . . . . 32,411 17 .169
319... 92,399 51 ,489
3 1 . . . . 128,333 81,,594
3 1 . . . . 149,638 99:,143
3 1 . . . . 165,709 i n ; ,300
2 ,155
7 ,500
19 ,240
2 ,125
16 ,394
5 ,439
11 ,196 16 ,600
11 ,530 21 ,008
10 ,532 21 ,880
9 ,846 22 ,181
24 ,688
43 ,879
77 ,316
125 ,460
150 ,697
166 ,780
181 ,683
22,259
40,505
68,118
101,512
123,186
131,421
144,799
12 ,004 21 ,787 31,466 179 ,787 141,995
14 ,720 22 ,077 30,451 180 ,495 143,409
14 ,641 22 ,644 28,670 175 ,394 139,011
1 ,509
10 ,039
11 ,368
16 ,039
17 ,964
16 ,467
15 ,211
1 ,025
1 ,448
3 ,874
18 ,871
28 ,774
34 ,027
39 ,199
1975—June 3 0 . . . 173,238 113 ,074 18 ,223 41 ,942
1975—Dec. 31. . . 183,645 118 ,609 22 .109 42 ,927
1976—Mar. 3 1 . . . . 187,448 i 2 o ; ,669 24;,006 42 .773
Noninsured
nonmember:
1941—Dec.
1947—Dec.
I960—Dec.
1970_Dec.
1971—Dec.
1972—Dec.
1973—Dec.
1974 Dec.
8,145
10,822
17,081
25,472
29,176
29,387
30,473
2,668
4,083
6,082
11,208
14,767
16,167
18,380
8 ,708
20 ,691
39 ,114
106 ,457
147 ,013
170 ,831
190,,435
3,739
3,978
15
6,608
1 ,028
11,091
750
12 ,862
1 ,406
14,425
1 ,968
17 ,565
3 ,301
18 ,751
16 ,265
15 ,438
2,771
2 ,712
3 ,086
6
959
1 ,271
7
19
3 ,232
8 ,326
571
1 ,199 10 ,938
1 ,920 12 ,862
3 ,138 14,,799
6,810
6,478
6,948
7,735
8,017
8,229
8,436
2 ,976
3 ,128
2 ,898
15 ,730
16 ,400
16 ,234
8,526
8,585
8,590
13
253
4
478
14
293
226
756
283
1,,134
1;,620
527
2,,215 1 ,463
2,,857 2 ,382
329
325
358
532
480
491
524
611
852
783
352
184
181
206
207
249
3,,320
5;,115
570
651
253
261
18
3.,613
1 ,288
1;,596
12
7;,036
3;,590
14;,388
33
8;,858
52;,078
796
9,,932
866
63,,081
75,,305 1,,726 11=,429
89,,784 3;,383 13.,386
103,,661 5,,520 15,,410
7,662
7,261
7,300
7,919
8,056
8,223
8,436
8,685
1 ,397
1 ,689
1 ,280
676
719
743
940 60 ,706 108 ,816
853 65 .560 115 ,203
676 61 ,374 121;,386
2 ,283
2;,643
1 ,883
4;,365
5;,130
7;,073
8;,650
13;,616
1,872
2,251
1,443
2,570
2,923
3,775
4,996
6,627
177
159
375
380
488
591
897
185
132
101
116
81
344
803
1 9 7 5 _ j u n e 3 0 . . . 11,725
1975—Dec. 31 . . . 13,674
9.,559
11;,283
358
490
1 ,808
1;,902
3,534
5,359
16 ,277
20,,544
8,314
11,323
1 ,338
,552
957
1 ,291
1,,266
3,431
1 .703
4,659
4;,287
6,396
19 .514 12,143
24;,966 13,643
29;,559 16,562
34;,976 18,177
40,,400 21,047
10.,992
23;,334
40.,997
n o ; ,822
129.,100
154;,085
179;,480
204,,051
9.573
21,591
36,834
96,568
112,764
134,091
155,165
172,454
1975—June 3 0 . . . 184,963 122, 633 18.,581 43,,750 21,563 214,,434 181,021
1 9 7 5 _ D e c . 31 . . . 197,319 129, 892 22,,599 44;,829 25,137 231;,418 195,533
1 Loans t o farmers directly guaranteed by C C C were reclassified as
securities and E x p o r t - I m p o r t Bank p o r t f o l i o f u n d participations were
reclassified f r o m loans t o securities effective June 30, 1966. This reduced
" T o t a l l o a n s " and increased " O t h e r securities" by about $1 b i l l i o n .
" T o t a l l o a n s " include Federal funds sold, and beginning w i t h June 1967
securities purchased under resale agreements, figures for which are included i n "Federal funds sold, etc.," o n p. A-16.
Effective June 30, 1971, Farmers H o m e A d m i n i s t r a t i o n notes were
classified as " O t h e r securities" rather t h a n " L o a n s . " As a result o f this
change, approximately $300 m i l l i o n was transferred to " O t h e r securities"
f o r the period ending June 30, 1971, f o r all commercial banks.
Effective M a r . 31, 1976, includes "reserves f o r loan losses" and " u n earned income o n l o a n s . "
See also table (and notes) at the b o t t o m o f p. A-24.
2 See first 2 paragraphs o f note 1.
3 Reciprocal balances excluded beginning w i t h 1942.
4 Includes items n o t shown separately. See also note 1.
ned income
Effective M a r . 31, 1976, "reserves for loan losses" and u
o n loans," w h i c h f o r all commercial banks are estimated to• be approximately $14.5 billion, have been netted against " o t h e r assets"" n d " o t h e r
liabilities" and, therefore, against " t o t a l assets/liabilities."
5 See t h i r d paragraph o f note 1 above.
6 Effective M a r . 31, 1976, includes "reserves f o r securities" and a
p o r t i o n o f "reserves f o r loan losses."
^ F o r the last-Wednesday-of-the-month series, figures f o r call dates
are shown f o r June and December as soon as they became available.
8 Beginning w i t h Dec. 31, 1947, the series was revised; f o r description,
see note 4, p. 587, M a y 1964 BULLETIN.
9 Figure takes i n t o account the f o l l o w i n g changes, w h i c h became
effective June 30, 1969: (1) inclusion o f consolidated reports (including
1,064
1,046
1,030
18,029 198 ,157 172,707
19,778 210 .874 184,210
17,253 207 .960 185,460
763
576
314
934
1,551
1,794
2,010
2,667
2 ,270
,696
3=
,432 11 ,318
5=
17,,719 11;,904
59.,621 16;,342
69,,411 17;,297
85,,325 18;,313
104,,070 16;,783
119,,761 15,,530
12 ,773
13 .105
12 ,598
53
4 ,162
3 .360
149 12 ,366
6 ,558
645 20 ,140 14 .095
1 ,438 40 ,005 51;,322
1 ,796 52 ,876 73 ,685
1 ,582 58 .966 87,.569
1 ,616 61:.240 100,,804
241
255
413
642
684
785
949
I ,201
7,233
18,454
33,910
95,478
111,674
133,198
155,830
175,690
443 48 ,621 65 ,654 14 ,380
467 50 ,984 61 ,656 12 ,771
356 47 ,425 12, ,705 14 ,706
4
27
141
552
586
642
129
761
1:,280
535
304
239
349
316
319
31....
31....
31...
319...
31....
31....
31... .
31....
1,502
1,918
1,644
1,147
1,092
1,076
1,074
262
484
1,091
1 ,408
1 ,467
1 ,525
455
474
550
2,,132
1. .224
3;,731
4.,927
8,,461
T o t a l nonmember:
1941—Dec.
1947—Dec.
1960—Dec.
1970—Dec.
1971—Dec.
1972—Dec.
1973—Dec.
1974_Dec.
2 ,246
3 ,055
6 ,299
9 ,232
10 ,886
11 ,617
12 ,425
7,702
19,342
35,391
93,998
130,316
150,170
165,827
1,457
2,009
1,498
3,079
3,147
4,865
6,192
9,981
31....
318...
31....
319...
31....
31....
31....
31....
13 ,874
4 ,025
1
9 .062
9
27 ,068
40 ,733 17 ,727
20
45 ,734 42 .218 5 ,478
51 ,017 55 .523 9 ,651
49 ,859 62 ,851 15 ,914
49 ,807 73 ,380 13 ,247
621
381
2,022
1 ,720
2,378
2 ,318
746
329
457
439
190
643
160
243
1,,466
1;,592
359
633
1;,895
2;,057
930
2, ,422
1,,445
2,,735
3;,241
1 ,633
2,010
1,291
18
1 .392
13
846
1 ,298
40
19
1 ,273
1;,530
55
1 ,836
9
2',,062
8
11
6
2,,124
2;,308
5,504
167 13 .758
657 20 ,986
1 ,478 41;,303
1;,742 45;,990
1;,850 54,,406
1 ,592 60,,802
1;,624 63,,302
3 ,110
3:,449
951 62.,830 112,,136 6.,086
859 61, ,868 120,,318 6;,577
16,,300
17, 051
8,779
8,846
figures f o r all bank-premises subsidiaries and other significant m a j o r i t y owned domestic subsidiaries) and (2) reporting o f figures f o r t o t a l loans
and f o r individual categories o f securities o n a gross basis—that is, before
deduction o f valuation reserves—rather than net as previously reported.
10 See last paragraph o f note 1, second paragraph o f note 4, and
note 6.
NOTE.—Data are f o r all commercial banks i n the U n i t e d States (including
Alaska and H a w a i i , beginning w i t h 1959). C o m m e r c i a l banks represent
all commercial banks, b o t h member and n o n m e m b e r ; stock savings
banks; nondeposit trust companies; and U.S. branches o f foreign banks.
Figures f o r member banks before 1970 include m u t u a l savings banks
as f o l l o w s : 3 before Jan. 1960 and 2 t h r o u g h Dec. 1960. Those banks
are not included i n insured commercial banks
Effective June 30, 1969, commercial banks and member banks exclude
a small national bank i n the V i r g i n Islands; also, member banks exclude,
and noninsured commercial banks include, t h r o u g h June 30, 1970, a small
member bank engaged exclusively i n trust business; beginning 1973,
exclude 1 national bank i n Puerto Rico.
Beginning Dec. 31, 1973, June 30, 1974, Dec. 31, 1974, June 30, 1975,
and M a r c h 31, 1976, respectively, member banks exclude and noninsured
nonmember banks include 1, 2, 3, 4, and 5 noninsured trust companies
that are members o f the Federal Reserve System.
Comparability o f figures f o r classes o f banks is affected somewhat by
changes i n F . R . membership, deposit insurance status, and by mergers
etc.
Figures are partly estimated except o n call dates.
F o r revisions i n series before June 30, 1947, see July 1947 BULLETIN,
pp. 870-71.
A16
COMMERCIAL BANKS • OCTOBER 1976
A S S E T S B Y C L A S S O F B A N K , M A R C H 31, 1976
(Assets and liabilities are shown in millions of dollars.)
Member banks i
Assets
Insured
commercial
banks
Nonmember
banksi
Large banks
Total
A l l other
New York
City
City of
Chicago
Other
large
Cash bank balances, items in process
Currency and coin
Reserves with F.R. Banks
Demand balances with banks in U.S
Other balances with banks in U.S
Balances with banks in foreign countries
Cash items in process of collection
119,026
11,216
28,525
27,671
6,586
2,910
42,119
101,773
8,440
28,525
17,248
4,267
2,530
40,763
26,340
714
4,702
6,704
40
169
14,010
4,185
158
2,065
102
16
41
1,803
39,319
2,845
11,946
3,187
1,593
1,465
18,283
31,929
4,723
9,812
7,255
2,618
856
6,666
""16^436'
2,319
379
1,356
Total securities held—Book value
U.S. Treasury—Total 4
Other U.S. Govt, agencies—Total 4
States and political subdivisions 4
A l l other securities 4
Unclassified total 4
Trading account securities
U.S. Treasury 4
Other U.S. Govt, agencies 4
States and political subdivisions 4
A l l other trading acct. securities 4
Unclassified 4
Bank investment portfolios
U.S. Treasury
Other U.S. Govt, agencies
States and political subdivisions
A l l other portfolio securities
229,529
162,998
17,581
7,459
53,826
84,131
66,534
F.R. stock and corporate stock
5^664'
5;584'
2^364'
'"'223;865' ' " i 5 7 ! 4 i 4 " " " i s ^ i i - ? '
85,372
61,367
7,315
20,181
873
32,946
72,384
6,666
100,143
5,404
3,482
363
772*
2;i89'
259*
17,260
2,776
19
6;687" " " 5 i ^ 6 3 7 ' • • " 8 3 ; 8 7 2 ' ""66,454
20,840
30^074
3,137
24,007
5,869
324
13,115
12,765
24,090
27,759
3,083
38,545
838
143
2,138
1,923
1,506
1,259
243
82
457
478
248
36,012
31,447
3,200
1,365
491,706
11,218
6,063
474,425
27,144
22,809
3,019
1,316
379,905
7,829
4,858
367,217
1,684
979
352
354
68,332
407
1,081
66,844
1,484
1,110
344
30
20,815
83
331
20,401
13,321
10,490
2,008
824
143,842
2,741
1,812
139,289
10,655
10,231
314
109
146,916
4,599
1,634
140,683
8,893
8,663
181
49
111,801
3,388
1,205
107,207
138,288
15,933
6,111
78,347
73,858
8,212
65,646
4,489
431
4,058
37,897
98,569
13,096
2,644
56,662
53,354
7,108
46,246
3,308
365
2,943
26,167
8,778
3,203
6
3,953
3,509
560
2,949
444
126
318
1,615
2,007
502
15
923
827
52
775
96
25
71
567
36,408
6,177
287
20,954
19,709
3,888
15,821
1,244
100
1,144
8,990
51,377
3,214
2,336
30,831
29,309
2,608
26,700
1,522
113
1,409
14,996
39,719
2,836
3,466
21,686
20,504
1,104
19,400
1,182
66
1,115
11,731
Loans to financial institutions
Loans to real estate investment trusts
Loans to domestic commercial banks
Loans to banks in foreign countries
Loans to other depository institutions
Loans to other financial institutions
Loans to security brokers and dealers
Other loans to purch./carry securities
Loans to farmers—except real estate
Commercial and industrial loans
Loans to individuals—Total
Instalment loans
Passenger automobiles
Residential-repair/modernize
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
A l l other loans
37,463
10,381
3,069
5,687
2,408
15,918
6,125
3,868
20,433
167,013
105,656
83,121
34,120
5,853
11,923
9,216
2,707
15,122
8,628
6,494
16,103
22,535
12,859
35,574
10,072
2,407
5,560
2,281
15,254
6,017
3,238
11,379
138,858
74,974
58,674
22,443
4,175
10,519
8,270
2,249
10,491
6,187
4,304
11,046
16,300
11,293
13,065
3,877
799
2,526
601
5,262
4,085
405
78
34,725
4,846
3,291
489
261
1,080
772
308
183
107
76
1,278
1,555
2,350
4,772
1,536
111
327
15
2,783
627
315
170
10,642
1,604
903
157
35
511
481
30
92
36
56
108
701
678
14,761
3,930
1,066
2,299
1,495
5,971
1,182
1,619
2,607
54,574
27,304
21,703
6,895
1,739
6,032
4,828
1,204
3,836
2,279
1,557
3,201
5,601
5,386
2,975
728
431
408
170
1,238
122
900
8,525
38,917
41,220
32,777
14,902
2,140
2,897
2,190
707
6,380
3,765
2,615
6,458
8,443
2,879
1,887
309
662
126
126
664
108
630
9,054
28,155
30,681
24,447
11,677
1,678
1,403
946
457
4,631
2,441
2,190
5,057
6,234
1,565
Total loans and securities, net
Direct lease financing
Fixed assets—Buildings, furniture, real estate
Investment in unconsolidated subsidiaries
Customer acceptances outstanding
Other assets
741,472
4,200
17,832
1,982
9,731
25,301
558,618
3,988
13,368
1,958
9,440
22,440
86,352
636
1,454
810
4,814
7,940
29,426
129
560
152
350
1,677
206,893
2,619
5,437
925
3,992
9,061
235,947
604
5,916
71
284
3,761
182,881
212
4,466
24
291
2,907
Total assets
919,546
711,585
128,347
36,481
268,246
278,512
208,043
Federal funds sold and securities resale agreement
Commercial banks
Brokers and dealers
Others
Other loans, gross
Less: Unearned income on loans
Reserves for loan loss
Other loans, net
Gross other loans, by category:
Real estate loans—Total
Construction and land development
Secured by farmland
Secured by residential
One to four family residences
F H A insured
Conventional
Multi-family residences
F H A insured
Conventional
Secured by other properties
1 Member banks exclude and nonmember banks include 5 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 of 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.
4 Not available.
NOTE.—Data include consolidated reports, including figures for all
bank-premises subsidiaries and other significant majority-owned domestic
subsidiaries. Figures for total loans are shown on a gross basis before
deduction of valuation reserve and on a net basis after deduction of
valuation reserve. Securities are reported on a gross basis only.
Back data in lesser detail were shown in previous BULLETINS.
Details may not add to totals because of rounding.
OCTOBER 1976 • COMMERCIAL BANKS
A17
L I A B I L I T I E S A N D C A P I T A L B Y C L A S S O F B A N K , M A R C H 31, 1976
(Assets and liabilities are shown in millions of dollars.)
Member banks i
Liabilitie and capital
Accounts
Insured
commercial
banks
Nonmember
banksi
Large banks
A l l other
Total
New York
City
Other
large
City of
Chicago
Demand deposits
Mutual savings bank
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
294,953
1,033
228,651
2,474
15,860
1,434
29,608
5,482
10,410
231,623
941
173,801
1,798
11,183
1,388
28,550
5,353
8,610
52,202
432
29,202
121
502
1,168
13,167
4,089
3,522
8,997
2
6,577
25
191
18
1,756
136
291
83,922
222
65,625
661
3,471
172
10,215
1,011
2,545
86,501
284
72,397
990
7,019
30
3,413
117
2,252
63,331
92
54,849
676
4,677
47
1,058
130
1,801
Time deposits
Accumulated for oersonal loan oavments
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
285,241
197
553
219,140
618
46,328
8,550
8,504
1,351
213,442
152
537
161,988
478
32,819
8,337
7,843
1,288
33,200
13,467
297
22,954
91
1,032
5,122
3,001
703
2
9,460
1
1,442
1,136
1,340
86
78,372
12
193
58,504
201
14,147
2,047
2,786
482
88,403
139
45
71,069
186
16,198
33
716
17
71,799
45
16
57,152
141
13,508
213
661
63
179,421
170,989
5,437
2,925
68
129,091
123,059
3,978
1,988
65
8,650
8,247
192
161
50
2,706
2,616
66
23
47,534
45,430
1,677
418
8
70,201
66,767
2,042
1,385
7
50,330
47,930
1,459
938
3
759,615
574,155
94,053
25,169
209,828
245,105
185,460
57,248
35,330
5,608
16,309
4,467
770
10,385
15,212
54,654
34,269
5,408
14,976
4,164
554
10,094
13,223
11,733
6,625
751
4,357
1,913
53
5,431
4,266
7,536
5,261
1,001
1,273
58
16
352
897
27,819
18,388
2,967
6,464
1,872
304
4,026
5,164
7,566
3,995
689
2,881
321
182
285
2,897
2,594
1,061
200
1,333
304
216
291
2,065
847,697
656,844
117,448
34,028
249,013
256,355
190,930
4,549
3,676
916
84
1,698
978
873
67,300
53
15,699
27,112
22,710
1,725
51,065
34
11,631
20,277
17,906
1,218
9,983
2,368
2,259
3,906
3,745
75
570
1,149
600
50
17,535
10
3,875
7,279
5,962
410
21,178
24
4,928
7,944
7,600
684
16,240
20
4,070
6,836
4,807
508
Total liabilities and equity capital
919,546
711,585
128,347
36,481
268,246
278,512
208,043
Demand deposits adjusted
220,752
160,512
24,904
5,413
54,763
75,432
60,241
Individuals and nonprofit organizations
Corporations and other profit organizations
U.S. Government
A l l other
Total deposits
Federal funds purchased and securities sold under agreements to repurchase
Commercial banks
Brokers and dealers
Others
Other liabilities for borrowed money
Mortgage indebtedness
Bank acceptances outstanding
Other liabilities
Total liabilities
Subordinated notes and debentures
Equity capital
Preferred stock
Common stock
Surplus
Undivided profits
Other capital reserves
Average for last 15 or 30 days:
Average cash and due from bank
Average Federal funds sold and securities purchased
under agreements to resell
Average total loans
Average time deposits of $100,000 or more
Average total deposits
Average Federal funds purchased and securities sold
under agreements to repurchase
Average other liabilities for borrowed money
117,460
101,147
26,918
4,255
38,935
31,039
16,316
36,716
486,101
144,427
751,437
27,406
371,737
120,645
567,916
1,767
68,027
30,152
91,522
1,379
20,768
11,156
25,125
12,856
140,866
50,764
207,676
11,404
142,077
28,574
243,593
9,340
114,363
23,781
183,520
59,318
4,093
56,753
3,813
14,503
1,666
7,312
47
27,223
1,815
7,715
286
2,565
280
Standby letters of credit outstanding
Time deposits of $100,000 or more
Certificates of deposit
Other time deposits
9,756
123,946
119,853
23,301
9,304
103,711
99,898
20,501
4,800
26,372
24,706
5,253
950
9,098
9,051
2,159
2,940
42,807
40,992
9,478
614
25,434
25,148
3,610
452
20,235
19,955
2,800
14,368
5,778
11
9
155
5,603
8,595
Number of banks
For notes see opposite page.
WEEKLY REPORTING BANKS • OCTOBER 1976
A18
ASSETS A N D LIABILITIES OF LARGE C O M M E R C I A L
BANKSA
(In millions of dollars)
Loans
Other
Federal funds sold, etc. 2
Wednesday
For purchasing
or carrying securities
To brokers
and dealers
involving—
Total
loans
and
investments!
Total
To
commercial
banks
ComTo
mercial
U S . Other others Total 1
and
Treas- securiindusury
setrial
ties
curities!
To brokers
and dealers
Agricultural
To nonbank
financial
institutions
To
others
Pers.
U.S.
U.S.
and
Treas- Other Treas- Other
sales
ury
sees.
ury
sees. finance
sees.
COS.,
sees.
etc.
Real
estate
Other
Large banks—
Total
1975
16,941
18,754
16,705
14,503
14,762
14,989
13,065
12,177
1,190
2,549
2,359
1,310
477
619
671
392
512
597
610
624
274,570
274,529
275,220
273,886
119,213
119,245
119,481
119,243
3,642
3,637
3,648
3,643
696
1,118
1,602
763
3,486
3,514
3,628
3,239
99
96
94
81
2,274
2,276
2,270
2,272
9,274 19,870 59,279
9,037 19,763 59,285
9,099 19,526 59,337
9,022 19,395 59,351
25
388,969 18,946
390,949 20,533
391,647 19,412
390,049 19,356
15,929
15,758
15,613
15,914
1,611
3,189
2,198
2,110
715
817
719
594
691
769
882
738
268,089
268,658
269,133
267,602
110,953
111,033
110,782
110,673
4,176
4,173
4,173
4,179
1,058
1,717
1,204
1,170
6,395
6,507
7,020
6,637
79
82
83
82
2,527
2,544
2,539
2,551
7,049
6,961
7,159
6,855
17,607
17,501
17,455
17,304
61,875
61,911
61,960
61,958
1
8
15
22
29
393,119
395,136
397,347
392,506
392,830
20,705
23,455
23,315
18,791
18,689
17,536
19,584
18,190
15,574
15,701
1,635
2,424
3,608
1,819
1,685
653
752
701
622
517
881
695
816
776
786
269,475
268,911
270,748
270,243
270,430
111,137
111,238
111 ,853
112,166
112,347
4,191
4,203
4,205
4,202
4,247
1,613
1,632
2,224
1,226
1,035
6,815
6,391
6,463
6,714
6,368
78
79
78
76
81
2,554
2,537
2,536
2,532
2,558
6,887
6,800
6,884
6,624
6,636
17,316
17,276
17,297
17,110
17,131
62,082
62,260
90,051
90,074
90,164
89,591
2,608
1,196
1,523
2,151
2,428
982
1,267
1,849
30
26
54
36
72
150
188
202
194
70,409
70,865
70,999
70,063
37,216
37,387
37,346
37,311
107
603 2,198
108 1,023 2,258
109 1,308 2,319
707 1,948
109
29
29
29
15
414
412
408
408
3,193
3,230
3,225
3,214
7,796
7,715
7,655
7,519
8,928
8,931
8,975
9,026
18
25
86,431
86,762
88,221
87,261
1,726
2,257
2,201
2,554
1,292
1,613
1,186
1,792
147
337
570
482
62
75
78
68
225
232
367
212
65,614
66,035
66,485
65,503
32,551
32,634
32,477
32,309
867 3,686
85
81 1,497 3,734
79 1,028 4,278
79 1,042 3,970
13
14
16
16
388
390
393
396
2,415
2,420
2,578
2,345
6,589
6,500
6,511
6,504
9,277
9,251
9,280
9,233
1
8
15
22
29
87,758
86,242
88,070
86,769
85,768
1,701
1,266
2,505
1,526
1,177
946
851
1,658
956
689
356
277
572
387
258
81
81
78
69
32
318
57
197
114
198
66,564
65,932
66,583
65,743
65,360
32,604
32,626
32,796
32,725
32,864
81
82
80
81
83
1,499
1,513
1,618
1,074
909
3,960
3,636
3,737
3,754
3,520
15
15
15
14
14
394
392
389
386
386
2,457
2,382
2,512
2,251
2,245
6,548
6,415
6,453
6,374
6,298
296,143
299,238
297,679
294,357
14,333
17,558
15,182
12,352
12,334
14,007
11,798
10,328
1,160
2,523
2,305
1,274
477
619
671
320
362
409
408
430
204,161
203,664
204,221
203,823
81,997
81,858
82,135
81,932
3,535
3,529
3,539
3,534
93
95
294
56
1,288
1,256
1,309
1,291
70
67
65
66
1,860
1,864
1,862
1,864
6,081 12,074 50,351
5.807 12,048 50,354
5,874 11,871 50,362
5.808 11,876 50,325
18
25
302,538
304,187
303,426
302,788
17,220
18,276
17,211
16,802
14,637
14,145
14,427
14,122
1,464
2,852
1,628
1,628
653
742
641
526
466
537
515
526
202,475
202,623
202,648
202,099
78,402
78,399
78,305
78,364
4,091
4,092
4,094
4,100
191
220
176
128
2,709
2,773
2,742
2,667
66
68
67
66
2,139
2,154
2,146
2,155
4,634 11,018 52,598
4,541 11,001 52,660
4,581 10,944 52,680
4,510 10,800 52,725
1
8
15
22
29
305,361
308,894
309,277
305,737
307,062
19,004
22,189
20,810
17,265
17,512
16,590
18,733
16,532
14,618
15,012
1,279
2,147
3,036
1,432
1,427
572
671
623
553
485
563
638
619
662
588
202,911
202,979
204,165
204,500
205,070
78,533
78,612
79,057
79,441
79,483
4,110
4,121
4,125
4,121
4,164
114
119
606
152
126
2,855
2,755
2,726
2,960
2,848
63
64
63
62
67
2,160
2,145
2,147
2,146
2,172
4,430
4,418
4.372
4.373
4,391
Sept.
3
10
17
24
386,194
389,312
387,843
383,948
1976
Aug.
4
11
18
Sept.
62,055
62,362
62,423
New York City
1975
Sept.
3
10
17
24
1976
Aug.
4
11
Sept.
9,249
9,211
9,240
9,211
9,181
Outside
New York City
1975
Sept.
3
10
17
24
1976
Aug.
4
11
Sept.
A Effective with changes in New Y o r k State branch banking laws,
beginning Jan. 1,1976, three large New Y o r k City banks are now reporting
combined totals for previously affiliated banks that have been converted
to branches.
The principal effects of these changes were to increase the reported data
for New Y o r k City (total assets, by about $5.5 billion) and to decrease the
10,768
10,861
10,844
10,736
10,833
52,806
52,871
53,020
53,151
53,242
reported data for "Outside New Y o r k C i t y " (total assets, by about $4.0
billion).
Historical data (from Jan. 1972) on a basis comparable with 1976 data
are available from the Public Information Department of the Federal
Reserve Bank of New Y o r k on request.
For other notes see p. A-22.
OCTOBER 1976 • WEEKLY REPORTING BANKS
A19
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA—Continued
(In millions of dollars)
Investments
Loans (cont.)
Notes and bonds
maturing—
To commercial banks
Domestic
Foreign
Other securities
U.S. Treasury securities
Other (cont.)
ForConsumer eign
instal- govts.!
ment
All
other
Loan
loss
reserve
and un
earned
income
on
loans 1
Obligations
of States
and
political
subdivisions
Total
Other bonds,
corp. stocks,
and
securities
Wednesday
Total
Bills
Within
1 yr.
1 to
5 yrs.
After
5 yrs.
Tax
warAll
rants 4 other
Certif.
of
participations
All
other 6
Large banks—
Total
1975
2,286 5,846 34,742 1,530 18,123
2,334 5,785 34,774 1,432 18,043
2,434 5,713 34,840 1,414 17,939
2,473 5,864 34,904 1,452 17,992
5,790 34,432 9,056
5,810 35,388 9,644
5,805 35,158 9,845
35,160 10,076
4,972
5,331
5,386
5,354
17,361 3,043 60,251 6,262 40,045
17,393 3,020 60,641 6,500 40,084
17,045 2,882 60,760 6,552 40,253
16,862 2,r- 60,399 6,462 39,938
2,376 11,568
2,396 11,661
2,374 11,581
2,349 11,650
Sept.
3
10
17
24
1976
1,996 5,973 37,042 1,809
1,878 5,827 37,101 1,804
18,094
18,218
1,785 5,887 37,377
17,956
2,016 6,130 37,208 1,749 18,287
1,915
1,654
1,838
1,759
1,904
1,806
5,999 37,559 1,847 18,143
5,899 37,655 1,928 18,203
5,818 37,725 1,943 18,312
6,168 37,849 1,851 18,305
6,111 37,969 1,879 18,379
8,544 42,745 11,918 6,443 21,106
8,599 42,376 11,533 6,351 21,091
8,632 43,546 11,012 6,240 22,000
8,618 43,385 11,397 6,142 21,546
8,634 43,141 10,791 6,141
8,666 42,632 10,585 6,162
8,688 43,267, 10,978 6,238
8,701 43,603 11,331 6,194
8,638 43,422 10,934 6,127
3,278
3,401
4,294
4,300
59,189
59,382
59,556
59,706
5,864 40,069
6,122 40,168
6,152 40,217
6,073 40,199
22,128 4,081 59,798 6,130 40,250
21,823 4,062 60,138 6,578 40,354
22,001 4,050 60,017 6,298 40,305
22,038 4,040 59,869 6,210 40,126
22,238 4,123 60,289 6,410 40,319
2,476
2,455
2,459
2,509
10,780
10,637
10,728
10,925
2,656 10,762
2,545 10,661
2,560 10,854
2,648 10,885
2,400 11,160
Aug. 4
'.'as
25
Sept.
1
8
15
22
29
New York City
1975
1.032
1.033
1,063
1,054
2,568
2,506
2,407
2,536
3,552
3,558
3,564
3,568
614
535
529
530
3,961
3,950
3,863
3,920
1,802
1,810
1,801
1,802
744
627
753
637
2,634
2,443
2,663
2,541
3,814
3,821
3,836
3,866
545
495
504
548
3,670
3,812
3,786
3,707
746
667
816
689
791
2,619
2,469
2,416
2,692
3,870
3,864
3,884
3,935
548
603
567
518
3,699
3,773
3,784
3,766
1,725
1,716
1,724
1,727
3,934
525
3,644
1,655
7,630
8,524
7,843
7,756
1,880
2,533
2,318
2,265
9,404 1,371
9,489 1,402
9,799 1,550
9,621 1,513
5,875
5,922
6,167
6,025
173
177
178
173
1,985
1,988
1,904
1,910
1,594
1,590
1,498
1,431
6,092
1,464
1,451
1,443
1,464
Aug.
6,139
185
188
203
192
4
11
18
25
9,272 1,442
9,295 1,490
9,326 1,467
9,188 1,423
9 , 2 6 2 1,437
6,175
6,187
6,226
6,130
281
280
280
290
1,374
1,338
1,353
1,345
1,369
Sept.
1
8
15
22
29
598
631
607
650
4,309
4,550
4,231
4,136
843
810
687
705
1,664 9,756
1,684 9,123
1,697 10,229
1,690 9,978
3,224
924
2,765
91
2,709 1,004
2,838
954
4,618
4,451
5,123
4,948
990
996
1 ,393
1,238
9,335
9,347
9,306
9,226
10,221
2,735 1,026
2,511
997
2,678 1,025
3,448
970
2,904
930
5,274
5,051
4,829
4,843
1,186
1,190
Sept.
3
10
17
24
1976
2,621
9,749
9,656
10,312
9,969
5,009
1,124
1,051
1,126
6,118
6,162
6,166
290
Outside
New York City
1975
14,162
14,093
14,076
14,072
3,988
4,000
4,004
4,006
26,802
26,864
27,315
27,404
7,176
7,111
7,527
7,811
4,374
4,700
4,779
4,704
13,052
12,843
12,814
12,726
2,200 50,847
2,210 51,152
2,195 50,961
2,163 50,778
34,170
34,162
34,086
33,913
2,203
2,219
2,196
2,176
9,583
9,673
9,677
9,740
33,228
33,280
33,372
33,511
1,264 14,424
1,309 14,406
1,245 14,501
1,258 14,249
6,880
6,915
6,935
6,928
32,989
33,253
33,317
33,407
8,694
8,768
8,303
8,559
5,519
5,440
5,236
5,188
16,488
16,640
16,877
16,598
2,288 49,854 4,270 33,977
2,405 50,035 4,532 34,050
2,901 50,250 4,654 34,055
3,062 50,480 4,642 34,060
2,291
2,267
2,256
2,317
9,316
9,186
9,285
9,461
. Aug.
1,169 3,380 33,689
987 3,430 33,791
1,022 3,402 33,841
1,070 3,476 33,914
1,113 3,490 34,035
1,299 14,444
1,325 14,430
1,376 14,528
1,333 14,539
1,354 14,735
6,909
6,950
6,964
6,974
6,983
32,920
32,883
33,611
33,291
33,453
8,056
8,074
8,300
7,883
8,030
5,115
5,165
5,213
5,224
5,197
16,854
16,772
17,172
17,195
17,229
2,895
2,872
2,926
2,989
2,997
2,375
2,265
9,388
9,323
9,501
9,540
9,791
.Sept.
1,254
1,301
1,371
1,419
3.278
3.279
3,306
3,328
31,190
31,216
31,276
31,336
1,252
1,251
1,263
1,148
3,339
3,384
3,467
3,346
916
897
885
922
4,891
5,098
5,002
4,949
.Sept.
3
10
17
24
1976
For notes see pp. A-18 and A-22.
50,526
50,843
50,691
50,681
51,027
4,688
5,088
4,831
4,787
4,973
34,075
34,167
34,079
33,996
34,153
2,280
2,358
2,110
4
11
18
25
1
.15
.22
.29
WEEKLY REPORTING BANKS • OCTOBER 1976
A20
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA-Continued
(In millions of dollars)
Deposits
Demand
Wednesday
Cash
items
in
process
of
collection
Reserves
with
F.R.
Banks
Currency
and
coin
Balances
with
domestic
banks
Investments
in subsidiaries not
consolidated
Other
assets
Total
assets/
total
liabilities!
Total
IPC
States
and
political
subdivisions
Domestic
interbank
U.S.
Govt.
Commercial
Foreign
M u t u a l govts..
etc. 3
savings
Large banks—
Total
1975
37,023 22,697
31,811 21,040
32,397 18,735
28,676 22,445
4,836
4,967
5,004
5,067
11,750
10,723
11,264
11,609
1,752
1,753
1,751
1,747
37,483
38,337
37,868
38,071
501,735
497,943
494,862
491,563
165,982
160,562
162,191
154,991
120,825
119,082
118,751
114,055
6,271
6,161
5,921
6,140
1,255
1,485
2,777
1,454
24,638
21,680
22,177
21,616
795
725
713
663
1,215
1,144
1,297
1,038
nV.V.V.V.'.V.V.
25
36,692 25,324
32,998 18,588
33,295 21,653
31,131 18,838
4,838
5,216
5,348
5,421
11,253
11,556
11,612
11,674
2,124
2,151
2,155
2,114
45,880
44,701
45,133
44,937
515,080
506,159
510,843
504,164
167,253
161,392
161,896
158,539
119,730
118,537
118,387
115,471
6,210
5,573
5,570
5,445
3,084
1,643
2,621
1,797
24,470
22,001
22,214
23,040
879
788
778
734
1,193
1,193
1,028
1,126
1
8
15
22
29
35,358 21,805
36,446 22,214
39,051 17,964
33,460 19,404
35,985 23,215
5,308
5,209
5,444
5,474
5,615
12,176
11,550
12,028
10,502
11,885
2,136
2,119
2,116
2,120
2,116
45,773
46,255
46,157
45,277
46,035
515,675
518,929
520,107
508,743
517,681
166,689
166,596
175,122
162,256
166,042
120,365
121,168
126,196
117,377
119,195
6,346
5,788
6,148
6,010
5,601
1,127
1,701
4,737
2,603
2,694
24,617
24,829
24,031
23,142
24,000
845
849
764
744
761
1,023
1,011
1,176
1,138
1,017
Sept.
3
10
17
24
Aug.
4
1976
Sept.
New York City
1975
11,349
10,557
10,759
9,554
6,392
6,791
4,377
6,212
675
705
684
693
4,800
4,596
4,952
5,533
798
790
791
799
12,871
13,525
12,703
12,896
126,936
127,038
124,430
125,278
46,748
44,898
45,913
44,348
27,193
26,893
26,832
25,539
616
547
567
654
126 11,005
234 10,096
321 10,692
204 10,923
463
411
407
377
996
929
1,014
828
4
11
18
25
12,442
11,436
11,245
11,047
7,475
5,373
7,009
5,288
691
718
733
722
4,489
4,917
4,759
5,285
946
954
956
949
15,865
14,717
15,259
15,062
128,339
124,877
128,182
125,614
47,113
45,601
45,664
45,420
26,565
25,888
26,523
25,871
607
526
495
465
567
214
455
307
11,335
10,337
10,286
11,064
481
422
425
388
925
978
796
898
1
8
15
22
29
11,991
11,479
12,263
11,845
14,181
7,080
7,877
5,086
5,373
6,949
740
746
735
755
766
5,409
4,737
5,388
4,422
5,046
954
951
949
949
956
15,640 129,572 47,476
16,183 128,215 45,572
1 5 , 7 3 0 1 2 8 , 2 2 1 49,614
15,169 125,282 45,736
15,906 129,572 48,704
26,540
26,149
83
138
11,623
10,908
1,354
11,284
25,068
26,585
596
482
523
651
515
399
386
11,514
11,930
479
457
400
391
405
798
778
946
907
780
25,674
21,254
21,638
19,122
16,305
14,249
14,358
16,233
4,161
4,262
4,320
4,374
6,950
6,127
6,312
6,076
954
963
960
948
24,612
24,812
25,165
25,175
119,234
115,664
116,278
110,643
93,632
92,189
91,919
88,516
5,655
5,614
5,354
5,486
1,129
1,251
2,456
1,250
13,633
11,584
11,485
10,693
332
314
306
286
219
215
283
210
Sept.
3
10
17
24
Aug.
Sept.
1976
28,074
Outside
New York City
1975
374,799
370,905
370,432
366,285
Sept.
3
10
17
24
Aug.
4
11
18
25
24,250
21,562
22,050
20,084
17,849
13,215
14,644
13,550
4,147
4,498
4,615
4,699
6,764
6,639
6,853
6,389
1,178 30,015 386,741 120,140
1,197 29,984 381,282 115,791
1,199 29,874 382,661 116,232
1,165 29,875 378,550 113,119
93,165
92,649
91,864
89,600
5,603
5,047
5,075
4,980
2,517
1,429
2,166
1,490
13,135
11,664
11,928
11,976
398
366
353
346
268
215
232
228
Sept.
1
8
15
22
29
23,367
24,967
26,788
21,615
21,804
14,725
14,337
12,878
14,031
16,266
4,568
4,463
4,709
4,719
4,849
6,767
6,813
6,640
6,080
6,839
1,182
1,168
1,167
1,171
1,160
93,825
95,019
98,122
92,309
92,610
5,750
5,306
5,625
5,359
5,086
1,044
1,563
3,383
2,204
2,308
12,994
13,921
12,747
11,628
12,070
366
392
364
353
356
225
233
230
231
237
1976
For notes see pp. A-18 and A-22.
30,133
30,072
30,427
30,108
30,129
386,103
390,714
391,886
383,461
388,109
119,213
121,024
125,508
116,520
117,338
OCTOBER 1976 • WEEKLY REPORTING BANKS
A21
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA-Continued
(In millions of dollars)
Deposits (cont.)
Borrowings
from—
Time and savings
Demand (cont.)
IPC
Foreign
commercial
banks
Certified
and
officers'
checks
Total 7
Savings
Other
States
and
political
subdivisions
Domestic
interbank
Foreign
govts. 3
Federal
funds
purchased,
etc. 8
Other
liabilities,
etc. 9
F.R.
Banks
Total
equity
capital
and sub,
notes/
debentures 10
Wednesday
Other
Large banks—
Total
1975
5,024
4,651
4,941
5,034
5,959
5,634
5,614
4,991
223,614
224,118
223,787
225,853
65,645
65,622
65,607
65,613
114,958
115,413
115,204
116,585
22,483
22,213
22,144
22,271
7,815
7,742
7,770
7,999
11,409
11,798
11,782
11,985
49,065
48,051
45,215
45,895
85
1,589
201
1,182
4,036
4,075
4,014
4,023
22,99:
23,604
23,579
23,665
35,961
35,944
35,875
35,954
5,303
5,290
5,265
5,117
6,384
6,367
6,033
5,809
221,988
221,959
221,548
221,780
80,379
80,515
80,555
80,777
105,516
105,419
105,316
105,450
20,029
20,093
19,966
20,141
6,344
6,338
6,242
6,004
8,126
8,006
7,924
7,870
59,805
56,904
60,453
57,959
707
562
213
3,889
3,885
3,941
3,847
21,428
21,451
22,879
22,076
40,010
40,006
39,913
39,963
Aug.
5,095
5,398
5,390
5,344
5,742
7,271
5,852
6,680
5,898
7,032
221,423
221,432
221,052
222,285
223,647
80,937
81,340
81,280
81,593
82,061
105,378
105,046
104,932
105,704
106,371
19,824
19,765
19,659
19,672
19,778
6,002
7,776
7,885
7,856
7,919
7,944
61,621
65,778
57,515
58,824
62,488
210
3,941
3,790
4,042
3,801
3,786
21,681
40,110
40,054
40,040
40,061
40,127
Sept.
Sept.
3
10
17
24
1976
5,932
5,863
5,915
5,926
131
24
259
21,279
22,205
21,492
21,332
4
25
1
8
15
22
29
New York City
1975
12,221
3,747
3,358
3,637
3,768
2,602
2,430
2,443
2,055
47,799
47,810
47,597
48,096
7,291
7,282
7,268
7,263
27,562
27,374
27,212
27,457
1,552
1,552
1,539
1,517
3,454
3,310
3,208
3,227
7,110
7,421
7,528
7,674
12,481
10,726
11,879
3,922
3,962
4,000
3,834
2,711
3,274
2,684
2,593
42,045
41,853
41,762
41,528
8,956
8,953
8.942
8,930
22,938
22,918
23,033
1,303
1,256
1,291
1,281
2,838
2,829
2,788
2,592
5,051
4,967
4,916
4,848
15,968
14,614
16,774
15,755
3,773
4,097
3,938
4,017
4,349
3,584
2,563
3,095
2,789
3,754
41,390
41,070
40,676
40,707
40,903
8,901
8.943
8,940
8,968
9,024
23,009
22,772
22,507
22,537
22,519
1,227
1,197
1,164
1,159
1,227
2,600
2,533
2,479
2,457
2,456
4,805
4,813
4,781
4,759
4,754
1,941
1,913
1,895
1,890
8,330
8,514
8,415
8,572
9,897
9,920
9,884
9,925
600
287
1,731
1,783
1,754
1,603
9,465
9,296
10,781
9,844
18,232
210
15,051
16,293
16,991
215
1,528
1,567
1,422
1,642
1,664
9,280
8,930
9,970
9,420
9,610
1,502
"'568
Sept.
3
10
17
24
11,417
11,443
11,447
11,464
Aug.
4
11,456
11,474
11,488
11.484
11.485
Sept.
1976
22,921
19,602
25
1
8
15
22
29
Outside
New York City
1975
1,277
1,293
1,304
1,266
3,357
3,204
3,171
2,936
175,815
176,308
176,190
177,757
58,354
58,340
58,339
58,350
87,396
88,039
87,992
89,128
20,931
20,661
20,605
20,754
4,361
4,432
4,562
4,772
4,299
4,377
4,254
4,311
36,844
35,570
34,489
34,016
85
87
201
614
2,095
1,381
1,328
1,265
1,283
3,673
3,093
3,349
3,216
179,943
180,106
179,786
180,252
71,423
71,562
71,613
71,847
82,578
82,501
82,395
82,417
18,726
18,837
18,675
18,860
3,506
3,509
3,454
3,412
3,075
3,039
3,008
3,022
43,837
42,290
43,679
42,204
107
275
213
2.158
1,322
1,301
1,452
1,327
1,393
3,687
3,289
3,585
3,109
3,278
180,033
180,362
180,376
181,578
182,744
72.036
72,397
72,340
72,625
73.037
82,369
82,274
82,425
83,167
83,852
18,597
18,568
18,495
18,513
18,551
3,402
3,399
3,384
3,458
3,470
2,971
3,072
3,075
3,160
3,190
43,389
46,176
42,464
42,531
45,497
2,162
2,119
2,133
14,662
15,090
15,164
15,093
26,064
26,024
25,991
26,029
11,963
12,155
12,098
12,232
28,593
28,563
28,466
28,499
Aug.
12,401
12,349
12,235
12,072
11,722
28,654
28,580
28,552
28,577
28,642
Sept.
Sept.
3
10
17
24
1976
For notes see pp. A-18 and A-22.
2,102
2,187
2,244
2,413
2,223
131
24
44
2,620
2.159
2,122
4
11
18
25
1
8
15
22
29
WEEKLY REPORTING BANKS • OCTOBER 1976
A22
ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKSA—Continued
( I n millions o f dollars)
Memoranda
Total
DeTotal
loans
mand
loans
and
(gross) invest- deposits
ments
adadjustedii (gross) justed 12
adjusted"
Wednesday
Large
Large negotiable
time C D ' s
included i n time
and savings deposits 13
Savings ownership categories
A l l other large
time deposits 14
Total
Issued
to
IPC's
Issued
to
others
Total
Issued
to
IPC's
Individ- Partuals
Donerand
ships
mestic
nonand
governAll
Issued
profit
cormental other 16
porato
orgaunits
others
niza- tions for
tions profit 15
Gross
liabilities o f
banks
to
their
foreign
branches
banks—Total
1975
Sept.
3.
280,253
281,770
282,231
279,547
374,936
377,799
378,149
375,106
103,066
105,586
104,840
103,245
81,897
82,456
82,161
84,263
55,266
55,665
55,376
56,808
26,631
26,791
26,785
27,455
33,381
33,395
33,311
33,305
18,099
18,152
18,235
18,217
15,282
15,243
15,076
15,088
65,645
65,622
65,607
65,613
4.
11.
18.
25.
277,654
280,154
279,548
277,877
379,588
381,912
382,650
380,968
103,007
104,750
103,766
102,571
66,672
66,534
65,963
65,937
44,211
44,092
43,777
43,857
22,461
22,442
22,186
22,080
28,097
28,003
27,993
28,117
15,343
15,306
15,397
15,448
12,754
12,697
12,596
12,669
76,154
76,206
76,181
76,294
3,240
3,301
3,335
3,420
897
919
955
984
88
89
84
79
3,781
4,211
5,763
4,708
1.
279,363
279,794
282,723
280,402
280,152
382,302
382,564
386,007
383,874
383,863
105,587
103,620
107,303
103,051
103,363
65,382
65,120
64,618
65,543
66,017
43,360
43,134
42,755
43,463
43,703
22,022
21,986
21,863
22,080
22,314
27,711
27,701
27,608
27,383
27,664
15,412
15,384
15,408
15,219
15,518
12,299
12,317
12,200
12,164
12,146
76.413
76,682
76,672
76,901
77,265
3,453
3,543
3,506
3,534
3,603
998
1,010
1,019
1,074
1,120
73
105
83
84
73
3,583
3,427
4,698
4,123
4,633
71,359
71,856
71,993
71,113
88,393
89,869
89,635
88,490
24,268
24,011
24,141
23,667
29,062
29,111
28,903
29,570
19,267
19,126
18,951
19,356
9,795
9,985
9,952
10,214
8,051
8,065
7,995
7,870
5,005
5,000
4,974
4,850
3,046
3,065
3,021
3,020
7,291
7,282
7,268
7,263
66,968
67,736
68,444
67,318
86,059
86,206
87,979
86,522
22,769
23,614
23,678
23,002
23,099
23,056
22,815
22,718
14,752
14,793
14,690
14,867
8,347
8,263
8,125
7,851
6,014
5.877
5,987
5.878
4,262
4,211
4,262
4,210
1,752
1,666
1,725
1,668
8,432
8,423
8,414
8,407
297
309
309
317
163
157
157
151
64
64
62
55
2,909
3,332
4,949
3,792
68,298
67,396
68,338
67,351
66,712
87,791
86,440
87,320
86,851
85,943
23,779
23,047
24,713
21,978
22,207
22,519
22,177
21,704
21,770
21,766
14,685
14,505
14,134
14,246
14,162
7,834
7,672
7,570
7,524
7,604
5,913
5,948
5,984
5,881
6,003
4,306
4,291
4,350
4,229
4,275
1,607
1,657
1,634
1,652
1,728
8,386
8,396
8,403
8,405
8,459
317
325
325
331
333
150
143
155
174
183
48
79
57
58
49
2,828
2,488
3,970
3,342
3,616
208,894
209,914
210,238
208,434
286,543
287,930
288,514
286,616
78,798
81,575
80,699
79,578
52,835
53,345
53,258
54,693
35,999
36,539
36,425
37,452
16,836
16,806
16,833
17,241
25,330
25,330
25,316
25,435
13,094
13,152
13,261
13,367
12,236
12,178
12,055
12,068
58,354
58,340
58,339
58,350
::::::: :::::::
799
748
848
822
210,686
212,418
211,104
210,559
293,529
295,706
294,671
294,446
80,238
81,136
80,088
79,569
43,573
43,478
43,148
43,219
29,459
29,299
29,087
28,990
14,114
14,179
14,061
14,229
22,083
22,126
22,006
22,239
11,081
11,095
11,135
11,238
11,002
11,031
10,871
11,001
67,722
67,783
67,767
67,887
2,943
2,992
3,026
3,103
734
762
798
833
24
25
22
24
872
879
814
916
211,065
212,398
214,385
213,051
213,440
294,511
296,124
298,687
297,023
297,920
81,808
80,573
82,590
81,073
81,156
42,863
42,943
42,914
43,773
44,251
28,675
28,629
28,621
29,217
29,541
14,188
14,314
14,293
14,556
14,710
21,798
21,753
21,624
21,502
21,661
11,106
11,0^3
11,058
10,990
11,243
10,692
10,660
10,566
10,512
10,418
68,027
68,286
68,269
68,496
68,806
3,136
3,218
3,181
3,203
3,270
848
867
864
900
937
25
26
26
26
24
755
939
728
781
1,017
10.
17.
24.
2,327
2,353
2,613
2,304
1976
Aug.
Sept.
8.
15.
22.
29.
New York
City
1975
Sept.
3.
10.
17.
24.
::::::: :::::::
1,528
1,605
1,765
1,482
1976
Aug.
4.
18:
25.
Sept.
1.
8.
15.
22.
29.
Outside New York
City
1975
Sept.
3.
10.
17.
24.
1976
Aug.
4.
18!
25.
Sept.
1.
8.
15.
22.
29.
A See p. A-18.
1 L o a n loss reserve and unearned income on loans had been reported
as liability items through M a r . 24, 1976. Since then the item is netted
against total loans, and therefore against total assets also. As a proxy for
this item p r i o r to M a r . 31, 1976, reserves for loans have been used to
calculate year-ago figures.
2 Includes securities purchased under agreements to resell.
3 Includes official institutions and so forth.
4 Includes short-term notes and bills.
5 Federal agencies only.
6 Includes corporate stocks.
7 Includes U.S. Govt, and foreign bank deposits, not shown separately.
8 Includes securities sold under agreements to repurchase.
9 Includes m i n o r i t y interest i n consolidated subsidiaries. Beginning
M a r . 31, 1976, also includes deferred tax p o r t i o n o f reserves for loans.
10 Includes reserves f o r securities. Beginning M a r . 31, 1976, also
includes contingency p o r t i o n o f reserves f o r loans.
11 Exclusive o f loans and Federal funds transactions w i t h domestic
commercial banks.
12 A l l demand deposits except U.S. Govt, and domestic commercial
banks, less cash items in process o f collection.
13 Certificates o f deposit issued i n denominations o f $100,000 or more.
14 A l l other time deposits issued in denominations o f $100,000 or more
(not included in large negotiable CD's).
15 Other than commercial banks.
16 Domestic and foreign commercial banks, and official international organizations.
NOTE.—Effective M a r . 24, 1976, i n the city o f Chicago and M a r . 31,
1976, i n the San Francisco D i s t r i c t reclassification o f loans resulted i n the
following major revisions: commercial and industrial, —$1,168 m i l l i o n ;
other nonbank
financial
i n s t i t u t i o n s , -|-$185 m i l l i o n ; r e a l estate,
+$783
m i l l i o n ; other loans, + $ 2 0 0 m i l l i o n . These reclassifications are n o t
reflected for earlier dates.
OCTOBER 1976 • BUSINESS LOANS OF BANKS
C O M M E R C I A L A N D I N D U S T R I A L LOANS OF LARGE C O M M E R C I A L
A23
BANKS
(In millions of dollars)
Outstanding
Net change during—
1976
1976
1976
1976
1975
1st
half
2nd
half
Industry
Sept.
29
Sept.
22
Sept.
15
Sept.
8
Sept.
1
Durable goods manufacturing:
1,946
2,059 2,042 2,038 1,955
Primary metals
4,690 4,669 4,719
4,645
4,727
Machinery
2,410 2,376 2,367 2,405
2,428
Transportation equipment
1,713 1,713
1,711
Other fabricated metal products...
1,689
1,708
3,567 3,542
3,506
3,556
3,524
Other durable goods
Nondurable goods manufacturing:
3,394
3,376
3,299 3,267
Food, liquor, and tobacco
3,268
3,562
3,546
3,603 3,589
3,505
Textiles, apparel, and leather
2,280
2,220
2,211
2,503
2,488
Petroleum refining
2,552
2,534 2,522 2,545 2,575
Chemicals and rubber
1,902 1,902
1,883
1,909
1,918
Other nondurable goods
Mining, including crude petroleum
6,946
6,894
6,963
6,819
and natural gas
6,899
1,451
1,562
1,478
1,514 1,396
Trade: Commodity dealers
6,032 6,004 5,976 5,947 5,945
Other wholesale
6,302 6,221
6,012 6,163
6,232
Retail
5,162 5,196
5,215 5,225
5,265
Transportation
1,487
1,537 1,540
1,554
1,476
Communication
5,807
5,752
5,730
Other public utilities
5,699
5,759
4,221
4,265 4,208 4,247
4,263
Construction
10,407 10,458 10,458 10,41^ 10,439
Services
7,420 7,342 7,298 7,225
A l l other domestic loans
7,308
3,407 3,265
3,005
Bankers acceptances
3,538
3,368
Foreign commercial and industrial
5,722 5,790 5,696
5,744
loans
5,619
Total classified loans
92,558 92,454 92,165 91,575 91,598
Comm. paper included in total clas326
sified loans'^
Total commercial and industrial loans
112,347 112,166 111,853 111,238 111,137
of large commercial banks
Sept.
Aug.
July
III
II
I
106
-95
35
-11
1
-69
-132
-111
-10
22
-16
-162
-108
-32
-129
-39
-389
-250
-53
-106
73
-429
-315
-144
106
-48
-296
-52
-87
53
25
50
-725 -1,668
-367
-465
-231
-750
159
-688
-126
-32
382
-1
-22
119
135
-120
-13
-24
38
81
-62
64
14
31
184
200
50
-32
92
235
79
-167
17
-509
395
-138
-40
90
-417
630
-59
-207
107
310
132
76
44
-125
-82
-110
-52
35
223
739
19
-88
-2
54
-73
-50
-379
38
-29
-48
147
-97
-250
114
-113
-320
-133
-37
-7
-178
270
-306
232
-206
188
-15
-518
-265
-526
-21
-172
445
580
330
448
778 , 1,065
121
65
186
All
357
405
48
-181
392
133
525
-517
-157
-231
-388
3
-232
57
-289
-158
-772
113
-885
-198
-177
-706
-883
-436
-240
-15
-309
69
-862 -2,566 -3,428
643
-337 -1,650 -1,987
2,685
-141
1,286
317
-231
-363 -1,660
-55
-737
82
304
386
-930 -5,805 -6,735
50
1,674
-97
-95
-287 -1,807
-142
-420
24
7
468
-532
-116
-431
-415
757
-422
31
197
-893 -6,994 -7,887
-942
For notes see table below.
TERM"
C O M M E R C I A L A N D I N D U S T R I A L LOANS OF LARGE C O M M E R C I A L
(In millions of dollars)
Net change during—
Outstanding
Industry
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment.
Other fabricated metal
products
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco.
Textiles, apparel,
and
leather
Petroleum refining
Chemicals and rubber
Other nondurable goods..
Mining, including crude petroleum and natural gas.
Trade: Commodity dealers..
Other wholesale
Retail
Communication
Other public utilities
Construction
Services
A l l other domestic loans . . . .
Foreign commercial and industrial loans
Total loans
Aug.
25
July
28
June
30
May
26
Apr.
28
Mar.
31
Feb.
25
Jan.
28
III
II
I
1975
1976
IV
1st
half
1,214
2,675
1,381
1,146
2,748
1,357
1,191
2,901
1,399
1,241
3,029
1,505
1,293
3,088
1,488
1,283
3,055
1,632
1,291
3,144
1,691
1,335
3,072
1,643
1,341
3,117
1,686
-27
-354
-124
-50
-115
-186
-81
-169
76
34
-424
-78
-131
-284
-110
756
1,736
765
1,758
767
1,763
799
1,815
879
1,843
919
1,871
909
1,793
1,035
1,838
1,041
1,874
-43
-79
-110
22
-115
-30
-244
-189
-225
-8
1,435
1,463
1,444
1,403
1,334
1,366
1,391
1,536
1,547
32
12
-187
107
-175
1,144
1,908
1,464
935
1,159
1,606
1,460
948
1,123
1,659
1,444
982
1,116
1,707
1,466
986
1,075
1,781
1,462
961
1,044
1,785
1,495
979
993
1,685
1,540
962
1,055
1,886
1,603
942
1,032
1,859
1,588
925
28
201
-2
-51
123
22
-74
24
-2
-146
-82
74
-108
-136
-43
-168
121
-124
-156
98
5,342
209
1,394
2,134
3,934
903
3,604
1,696
4,967
2,419
5,144
186
1,340
2,080
3,941
948
3,689
1,716
4,917
2,356
5,125
191
1,308
2,061
4,032
937
3,895
1,690
4,948
2,415
5,227
207
1,308
2,032
4,237
990
3,908
1,744
5,097
2,350
5,117
206
1,355
2,031
4,246
1,008
3,811
1,755
5,240
2,349
5,015
180
1,312
2,036
4,252
984
3,770
1,876
5,317
2,507
4,904
190
1,344
2,008
4,250
998
3,898
1,915
5,368
2,700
4,731
182
1,279
1,987
4,329
1,095
3,940
2,141
5,147
3,093
4,528
196
1,290
2,007
4,291
1,101
3,995
2,258
5,038
3,396
115
2
86
102
-303
-87
-304
-48
-130
69
323
17
-36
24
-13
-8
10
-171
-271
-350
420
18
68
12
-140
-83
-81
-266
233
-599
637
22
-43
-157
-1
-51
13
-178
13
55
743
35
32
36
-153
-91
-71
-437
-38
-949
3,522
3,462
3,141
3,157
3,121
3,085
2,984
3,001
2,999
365
173
63
158
236
44,772 44,189 44,416 45,324 45,443 45,763 45,958 46,870 47,109
-552
1 Reported the last Wednesday of each month.
NOTE.—For description of series see article "Revised Series on Commercial and Industrial Loans by Industry," Feb. 1967 BULLETIN, p. 209.
1976
1976
Sept.
29
BANKS
-634 -1,017
-781 -1,651
Commercial and industrial " t e r m " loans are all outstanding loans with
an original maturity of more than 1 year and all outstanding loans panted
under a formal agreement—revolving credit or standby—on which the
original maturity of the commitment was in excess of 1 year.
DEMAND DEPOSIT OWNERSHIP • OCTOBER 1976
A24
GROSS D E M A N D DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, A N D
CORPORATIONS'
(In biUions of dollars)
Type of holder
Class of bank, and quarter or month
Total
deposits,
IPC
Financial
business
Nonfinancial
business
Consumer
1970—Dec
17.3
92.7
53.6
1.3
10.3
1971—Dec
18.5
98.4
58.6
1.3
10.7
187.5
1972
Dec
18.9
109.9
65.4
1.5
12.3
208.0
1973
June
Sept
Dec
18.6
18.8
19.1
106.6
108.3
116.2
67.3
69.1
70.1
2.0
2.1
2.4
11.8
11.9
12.4
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—Mar
June
Sept
Dec
18.6
19.4
19.0
20.1
111 .3
115.1
118.7
125.1
73.2
74.8
76.5
78.0
2.3
2.3
2.2
2.4
10.9
10.6
10.6
11.3
216.3
222.2
227.0
236.9
1976—Mar
June
19.9
20.3
116.9
121.2
77.2
78.8
2.4
2.5
11.4
11.4
227.9
234.2
1971 Dec
1972—Dec
1973—Dec
1974—Dec
14.4
14.7
14.9
14.8
58.6
64.4
66.2
66.9
24.6
27.1
28.0
29.0
1.2
1.4
2.2
2.2
5.9
6.6
6.8
6.8
104.8
114.3
118.1
119.7
1975_Aug
Sept
Oct
Nov
Dec
14.4
14.7
15.1
15.4
15.6
64.6
65.5
66.7
68.1
69.9
29.1
29.6
29.0
29.4
29.9
2.0
2.1
2.2
2.2
2.3
5.9
6.2
6.3
6.4
6.6
116.1
118.1
119.3
121.6
124.4
1976—Jan
Feb
Mar
Apr
May
June
July
AugP
15.2
15.3
15.4
15.1
15.7
16.1
16.3
15.0
68.0
65.6
65.2
65.5
67.8
67.3
64.8
61.4
30.3
29.2
30.8
33.6
26.4
31.2
33.3
29.2
2.2
2.2
1.8
1.8
2.2
2.0
2.3
1.8
6.7
6.4
6.2
6.0
6.1
6.1
5.8
5.6
122.4
118.7
119.5
122.0
118.2
122.6
122.5
112.9
Foreign
All
other
A l l insured commercial banks:
175.1
Weekly reporting banks:
1 Including cash items in process of collection.
from reports supplied by a sample of commercial banks. For a detailed
description o f the type of depositor in each category, see June 1971
NOTE.—Daily-average balances maintained during month as estimated
BULLETIN, p . 466.
D E P O S I T S A C C U M U L A T E D FOR P A Y M E N T OF P E R S O N A L
LOANS
(In millions of dollars)
Class of
bank
A l l commercial....
Insured
National member
State member....
A l l member
Dec. 31,
1974
389
387
236
39
275
June 30,
1975
338
335
223
36
260
Dec. 31,
1975
280
280
188
35
223
Mar. 31,
1976
197
117
35
152
1 Beginning Nov. 9,1972, designation of banks as reserve city banks for
reserve-requirement purposes has been based on size of bank (net demand
deposits of more than $400 million), as described in the BULLETIN for
July 1972, p. 626. Categories shown here as "Other large" and " A l l other
member" parallel the previous "Reserve C i t y " (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
A l l member—Cont.
Other large, banks i
A l l other member i
A l l nonmember
Insured
Noninsured
Dec. 31,
1974
69
206
115
112
3
June 30,
1975
74
186
79
76
3
Dec. 31,
1975
76
146
58
58
Mar. 31,
1976
12
139
45
NOTE.—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-14;
from the figures for weekly reporting banks as shown on pp. A-18-A-22
(consumer instalment loans); and from the figures in the table at the
bottom of p. A-13. But they are included in the figures for " T i m e deposits" and "Loans" for call dates as shown on pp. A-14-A-17.
OCTOBER 1976 • LOAN SALES BY BANKS; OPEN MARKET PAPER
LOANS SOLD
OUTRIGHT
BY
LARGE C O M M E R C I A L
A25
BANKS
(Amounts outstanding; in millions o f dollars)
To selected related institutions!
By type of loan
Date
Total
Commercial
and
industrial
1976—June
Real
estate
All
other
2
9
16
23
30
4,432
4,424
4,478
4,442
4,491
2,757
2,767
2,839
2,810
2,837
204
205
205
205
206
1,471
1,452
1,434
1,427
1,448
July
7
14
21
28
4,530
4,518
4,549
4,529
2,862
2,826
2,825
2,823
219
212
207
209
1,449
1,480
1,517
1,497
1 To bank's own foreign branches, nonconsolidated nonbank affiliates of the bank, the bank's holding company (if
not a bank), and nonconsolidated nonbank subsidiaries of
the holding company.
Aug.
4
11
18
25
4,598
4,298
4,103
3,990
2,886
2,613
2,538
2,508
209
209
211
213
1,503
1,476
1,354
1,269
NOTE.—Series changed on Aug. 28,1974. For a comparison
o f the old and new data for that date, see p. 741 o f the Oct.
1974 BULLETIN. Revised figures received since Oct. 1974
that affect that comparison are shown in note 2 to this table
Sept.
1
8
15
22
29
3,952
3,935
3,818
3,826
3,920
2,491
2,426
2,354
2,386
2,463
210
213
213
211
222
1,251
1,296
1,251
1,229
1,235
i n t h e D e c . 1974 B U L L E T I N , p . A - 2 7 .
COMMERCIAL PAPER A N D BANKERS ACCEPTANCES
OUTSTANDING
a n millions of dollars)
Dollar acceptances
Commercial paper
End
of
period
Bank-related 5
Financial
companies i
All
issuers
Dealer- Diplaced 2 rectlyplaced 3
Nonfinancial
companies
Accepting banks
F.R. Banks
Others
Total
Own
bills
Bills.
bought
Own
acct.
Foreign
corr.6
191
156
109
146
250
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
524
1,226
1,938
1,814
1,449
1,411
2,943
6,518
7,889
6,898
8,892
18,484
3,480
2,706
2,837
4,226
2,689
2,006
2,318
3,685
791
700
519
542
261
106
68
999
12,072
11,993
12,187
11,726
11,120
10,175
1,649
1,482
1,634
1,715
1,762
7,038 16,930
7,392 16,456
7,316 16,790
7,114 17,304
6,974 17,875
6,892 18,727
4,778
4,546
5,002
5,213
6,497
7,333
4,275
3,988
4,190
4,288
5,684
5,899
503
558
812
924
813
1,435
685
840
948
1,047
727
1,126
11,481
11,992
11,633
12,183
12,228
12,738
12,438
1.657
1,567
1.654
1.658
1,724
1,710
1.655
6,918
6,753
6,773
6,304
5,974
6,297
5,936
6,294
5,950
6,340
6,126
6,175
6,171
5,473
5,367
5,255
5,651
5,305
5,397
5,378
5,255
927
695
689
821
778
793
218
1,230
1,051
883
995
875
1,027
656
13,645
17,085
21,173
32,600
33,071
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
197 1
197 2
197 3
1974
32,126
34,721
41,073
49,144
5,297
5,655
5,487
4,611
20,582
22,098
27,204
31,839
6,247
6,968
8,382
12,694
1975-July.
Aug.
Sept.,
Oct..
Nov.,
Dec.
49,352
49,810
48,257
50,394
49,512
47,690
6,018
5,645
5,574
6,360
6,389
6,239
31,263
32,172
30,496
32,308
32,003
31,276
1976-Jan..
Feb..
Mar.
48,858
49,927
49,300
49,572
50,537
50,011
51,138
6,072
6,401
6.428
6,246
6,443
6,075
6,187
31,305
31,534
31,239
31,143
31,866
31,198
32,513
i,5r
18,677
19,060
18,901
19,559
19,681
19,783
19,544
1 Financial companies are institutions engaged primarily i n 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.
Based on-
Total
Dealer- Diplaced rectlyplaced
196 6
1967
196 8
196 9
197 0
May.'
June.
July.
Held b y -
Imports
into
United
States
Exports
from
United
States
All
other
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
254 3,894
179 3,907
581 5,406
1,109 12,150
2,834
2,531
2,273
4,023
1,546
1,909
3,499
4,067
3,509
2,458
3,120
10,394
329
304
302
284
279
293
11,138
10,766
10,538
10,760
10,372
9,975
3,474
3,305
3,313
3,467
3,545
3,726
3,865
3,806
3,783
3,947
3,888
4,001
9,591
9,344
9,693
9,890
10,443
11,000
248
231
245
344
440
427
447
10,904
11,827
11,433
12,094
12,147
12,157
12,968
3,891
3,977
4,027
4,258
4,267
4,384
4,611
3,906 10,880
4,039 11,044
4,193 10,681
4,258 11,043
4,304 11,110
4,308 11,091
4,327 10,606
4 Nonfinancial companies include public utilities and firms engaged
primarily in activities such as communications, construction, manufacturing, 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.
<» Beginning November 1974, the Board of Governors terminated the
System guarantee on acceptances purchased for foreign official accounts.
A26
INTEREST RATES • OCTOBER 1976
P R I M E R A T E C H A R G E D BY
BANKS
(Per cent per annum)
Effective date
1974—Apr. 11
19
25
May
10
iOV4
1975—Jan.
lOi/i
1034
2
6
10
17
1114
lUA
June 26
1134
July
5
12
Oct.
7
21
Nov.
9
15,
1975—July
10V4
10
20,
28,
Feb.
11
3.
10.
9V4
9
18.
24.
Mar.
28
Effective date
Rate
Effective date
Rate
m
5.
10.
734
18.
24.
m
May 20.
1134
June
4
14
25
IVa
7
9.
18.
28.
71/4
m
Aug. 12.
m
Sept. 15.
8
Oct.
27.,
m
Nov.
5.
m
Dec.
2.
m
1976—Jan.
12.,
21.,
7.
7
evA
y
m
2.
7
June
Aug.
Monthly average rate
Rate
1975—July
Aug.
Sept.
Oct.
Nov.
Dec.
7.15
7.66
7.88
7.96
7.53
7.26
1976—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
7.00
6.75
6.75
6.75
6.75
7.20
7.25
7.01
7.00
ik
RATES O N BUSINESS LOANS OF
BANKS
Size of loan (in thousands of dollars)
A l l sizes
1-9
10-99
100-499
500-999
1,000 and over
Center
Aug.
1976
May
1976
Aug.
1976
May
1976
Aug.
1976
May
1976
Aug.
1976
May
1976
Aug.
1976
May
1976
Aug.
1976
May
1976
7.78
7.65
7.99
7.62
7.84
7.71
8.00
7.84
7.77
8.16
7.71
7.85
7.61
8.06
7.52
7.29
7.95
7.46
7.20
7.48
7.71
7.61
7.36
7.98
7.55
7.54
7.55
8.05
7.18
6.83
7.45
7.29
7.25
7.11
7.61
7.59
7.49
7.44
7.99
8.35
7.67
7.39
7.80
7.56
8.36
7.74
7.47
7.91
7.35
7.29
7.58
7.74
8.15
7.23
7.14
7.88
8.19
7.47
7.90
7.13
7.80
7.68
7.32
7.43
7.83
7.34
7.69
7.48
7.12
8.16
8.45
8.52
7.94
7.70
8.40
7.73
8.60
8.44
7.50
8.36
8.18
8.69
10.00
8.33
8.51
8.10
9.08
7.75
7.64
8.29
8.40
8.56
8.70
7.92
8.06
8.30
8.46
7.92
7.76
6.64
8.65
8.01
7.74
8.26
Short-term
35 centers
New York City
7 Other Northeast
8 N o r t h Central
7 Southeast
8 Southwest
4 West Coast
7.80
7.48
8.18
7.70
7.95
7.75
8.15
7.44
6.99
7.79
7.44
7.66
7.51
7.75
9.06
8.85
9.41
8.65
9.33
8.83
9.26
8.91
8.84
9.24
8.39
9.20
8.75
9.14
8.58
8.40
8.84
8.50
8.76
8.24
8.79
8.38
8.29
8.58
8.21
8.65
8.13
8.51
7.99
7.91
8.25
7.85
8.00
7.80
8.28
Revolving credit
35 centers
New York C i t y . . .
7 Other Northeast
8 North Central..
7 Southeast
8 Southwest
4 West Coast
7.87
8.14
7.59
7.96
7.48
7.81
7.73
7.36
7.42
7.78
7.48
8.01
7.50
7.15
8.70
7.25
8.00
8.94
8.75
8.74
9.10
9.23
'•8.'92"
9.19
9.85
8.93
8.61
8.33
8.26
8.22
9.03
8.40
8.09
8.08
8.12
7.73
7.84
8.69
8.95
8.23
7.84
8.02
7.70
7.67
8.50
8.16
8.20
7.95
Long-term
35 centers
New Y o r k C i t y . . ,
7 Other Northeast
8 North Central..
7 Southeast
8 Southwest
4 West C o a s t . . . .
8.45
8.52
8.62
8.05
8.88
8.42
8.67
8.02
7.85
7.35
8.59
8.03
7.89
8.23
9.61
••9.'46'"
8.83
9.60
10.85
9.28
9.21
7.68
9.10
8.38
9.49
10.53
9.43
9.02
8.27
9.43
9.07
9.08
9.04
8.58
8.80
8.45
9.19
8.28
8.90
8.92
8.97
8.55
8.05
8.93
8.26
9.88
8.23
8.81
OCTOBER 1976 • INTEREST RATES
MONEY MARKET
A27
RATES
(Per cent per annum)
U.S. Government securities^
Prime
commercial
paper 1
Finance
CO.
Prime
bankers'
acceptances,
90 days3
Federal
funds
rate 4
3-month bills 6
6-month bills «
4 to 6
months
paper
placed
directly,
3 to 6
months 2
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
4.66
8.20
10.05
6.26
7.72
5.11
4.69
8.15
9.87
6.33
7.23
4.91
4.52
7.40
8.62
6.16
7.31
4.85
4.47
8.08
9.92
6.30
7.17
4.66
4.44
8.74
10.51
5.82
6.458
4.348
4.071
7.041
7.886
5.838
6.39
4.33
4.07
7.03
7.84
5.80
6.562
4.511
4.466
7.178
7.926
6.122
6.51
4.52
4.49
7.20
7.95
6.11
6.49
4.67
4.77
7.01
7.71
6.30
6.90
4.75
4.86
7.30
8.25
6.70
7.37
5.77
5.85
6.92
7.81
7.55
1975—Sept
Oct
Nov.
Dec
6.79
6.35
5.78
5.88
6.86
6.48
5.91
5.97
6.53
6.43
5.79
5.86
6.83
6.28
5.79
5.72
6.24
5.82
5.22
5.20
6.383
6.081
5.468
5.504
6.42
5.96
5.48
5.44
6.870
6.385
5.751
5.933
6.92
6.25
5.80
5.85
7.20
6.48
6.07
6.16
7.54
6.89
6.40
6.51
8.22
7.80
7.51
7.50
1976_Jan
Feb
Mar
Apr
May
June
Jirfy
Aug
Sept
5.15
5.13
5.25
5.08
5.44
5.83
5.54
5.35
5.33
5.27
5.23
5.37
5.23
5.54
5.94
5.67
5.47
5.45
5.16
5.09
5.27
5.14
5.38
5.78
5.53
5.46
5.31
5.08
4.99
5.18
5.03
5.53
5.77
5.50
5.32
5.28
4.87
4.77
4.84
4.82
5.29
5.48
5.31
5.29
5.25
4.961
4.852
5.047
4.878
5.185
5.443
5.278
5.153
5.075
4.87
4.88
5.00
4.86
5.20
5.41
5.23
5.14
5.08
5.238
5.144
5.488
5.201
5.600
5.784
5.597
5.416
5.311
5.14
5.20
5.44
5.18
5.62
5.77
5.53
5.40
5.30
5.44
5.53
5.82
5.54
5.98
6.12
5.82
5.64
5.50
5.71
5.78
6.12
5.85
6.36
6.52
6.21
5.99
5.79
7.18
7.18
7.25
6.99
7.35
7.40
7.24
7.04
6.84
Period
90-119
days
1967
1968
1969
1970
1971
1972
1973
1974
1975
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
9- to 12-month issues
1-year
bill (mar- Other 7
ket yield) 6
3- to 5year
issues 7
Week ending—
1976—June
5
12
19
26
5.88
5.88
5.90
5.78
6.00
6.00
6.00
5.90
5.78
5.88
5.88
5.75
5.92
5.82
5.74
5.69
5.54
5.44
5.47
5.48
5.578
5.459
5.380
5.356
5.53
5.44
5.38
5.34
5.952
5.768
5.695
5.722
5.90
5.75
5.74
5.71
6.27
6.11
6.07
6.06
6.66
6.55
6.50
6.44
7.52
7.42
7.38
7.32
July
3
10
17
24
31
5.70
5.72
5.53
5.48
5.38
5.80
5.81
5.65
5.65
5.50
5.50
5.63
5.53
5.50
5.50
5.69
5.66
5.48
5.47
5.34
5.58
5.37
5.27
5.30
5.28
5.368
5.412
5.190
5.226
5.194
5.36
5.34
5.15
5.23
5.17
5.754
5.768
5.430
5.536
5.497
5.75
5.61
5.44
5.54
5.45
6.08
5.90
5.72
5.84
5.74
6.46
6.35
6.13
6.17
6.12
7.36
7.30
7.18
7.26
7.21
Aug.
7
14
21 ,
28..
.
5.38
5.38
5.38
5.30
5.50
5.50
5.50
5.43
5.50
5.50
5.50
5.40
5.34
5.34
5.33
5.30
5.36
5.25
5.29
5.28
5.151
5.181
5.143
5.138
5.16
5.17
5.15
5.11
5.473
5.422
5.390
5.380
5.46
5.42
5.40
5.35
5.72
5.65
5.64
5.59
6.11
6.04
5.95
5.92
7.12
7.06
7.04
6.98
4
11
18 , ,
25... ,
5.35
5.38
5.38
5.28
5.45
5.50
5.50
5.38
5.35
5.34
5.35
5.25
5.28
5.31
5.30
5.26
5.28
5.25
5.22
5.21
5.091
5.087
5.099
5.028
5.09
5.11
5.10
5.05
5.351
5.333
5.309
5.236
5.35
5.31
5.31
5.27
5.56
5.53
5.52
5.43
5.88
5.83
5.79
5.72
6.91
6.88
6.84
6.80
5.25
5.38
5.25
5.25
5.32
5.072
5.06
5.325
5.30
5.48
5.74
6.80
Sept.
Oct.
2
1 Averages of the most representative daily offering rate quoted by
dealers.
2 Averages o f the most representative daily offering rate published by
finance companies, for varying maturities in the 90-179 day range.
3 Beginning Aug. 15, 1974, the rate is the average o f the 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 of daily effective rates for week ending Wednesday.
Since July 19, 1973, the daily effective Federal funds rate is an average o f
the rates on a given day weighted by the volume of transactions at these
rates. Prior to this date, the daily effective rate was the rate considered
most representative of the day's transactions, usually the one at which
most transactions 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.
NOTE.—Figures for Treasury bills are the revised series described on p.
A - 3 5 o f the O c t . 1972 BULLETIN.
INTEREST RATES • OCTOBER 1976
A28
BOND AND
STOCK
YIELDS
(Per cent per annum)
Corporate bonds
Government bonds
Aaa utility
State and local
United
States
(longterm)
Period
Stocks
By selected
rating
Dividend/
price ratio
By
group
Earnings/
price ratio
Total 1
Total 1
New
issue
Baa
Aaa
Recently
offered
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
Seasoned issues
1970
1971
1972
1973
1974
1975
6.59
5.74
5.63
6.30
6.99
6.98
6.42
5.62
5.30
5.22
6.19
7.05
6.12
5.22
5.04
4.99
5.89
6.42
6.75
5.89
5.60
5.49
6.53
7.62
8.68
7.62
7.31
7.74
9.33
9.40
8.71
7.66
7.34
7.75
9.34
9.41
8.51
7.94
7.63
7.80
8.98
9.46
8.04
7.39
7.21
7.44
8.57
8.83
9.11
8.56
8.16
8.24
9.50
10.39
8.26
7.57
7.35
7.60
8.78
9.25
8.77
8.38
7.99
8.12
8.98
9.39
8.68
8.13
7.74
7.83
9.27
9.88
7.22
6.75
7.27
7.23
8.23
8.38
3.83
3.14
2.84
3.06
4.47
4.31
6.46
5.41
5.50
7.12
11.60
9.03
1975—Sept..
Oct..
Nov..
Dec..
7.29
7.29
7.21
7.17
7.40
7.40
7.41
7.29
6.70
6.67
6.64
6.50
7.96
8.01
8.08
7.96
9.68
9.45
9.20
9.36
9.57
9.43
9.26
9.21
9.55
9.51
9.44
9.45
8.95
8.86
8.78
8.79
10.38
10.37
10.33
10.35
9.35
9.32
9.27
9.26
9.42
9.40
9.36
9.37
9.98
9.94
9.83
9.87
8.56
8.58
8.50
8.57
4.39
4.22
4.07
4.14
9.12
1976—Jan..
Feb . .
Mar..
Apr..
May.
June.
July.
Aug.,
Sept.,
6.94
6.92
6.87
6.73
6.99
6.92
6.85
6.79
6.70
7.08
6.94
6.90
6.61
6.85
6.83
6.71
6.53
6.42
6.22
6.04
5.99
5.68
5.88
5.85
5.71
5.51
5.40
7.81
7.76
7.72
7.50
7.75
7.75
7.64
7.48
7.36
8.70
8.63
8.62
8.48
8.82
8.72
8.63
8.52
8.29
8.79
8.63
8.61
8.52
8.77
8.73
8.63
8.50
8.33
9.33
9.23
9.18
9.04
9.06
9.05
8.97
8.85
8.72
8.60
8.55
8.52
8.40
8.58
8.62
8.56
8.45
8.38
10.24
10.10
9.99
9.83
9.76
9.72
9.63
9.49
9.30
9.16
9.12
9.10
8.98
9.00
8.96
8.90
8.79
9.32
9.25
9.16
9.05
8.96
8.88
8.81
8.75
8.66
8.16
8.00
8.07
8.04
8.06
8.10
8.08
7.99
7.90
3.80
3.67
3.65
3.66
3.76
3.75
3.64
3.74
3.71
'•8.26
8.66
9.68
9.50
9.43
9.27
9.31
9.36
9.26
9.07
8.91
7..
14..
21..
28..
6.80
6.75
6.82
6.79
6.57
6.53
6.53
6.50
5.54
5.50
5.52
5.49
7.52
7.47
7.47
7.44
8.60
8.49
8.92
8.87
8.82
8.51
8.48
8.42
8.42
9.58
9.50
9.45
9.44
8.85
8.82
8.77
8.74
8.80
8.75
8.75
8.71
9.16
•8.'47
8.60
8.49
8.46
8.44
9.10
9.02
9.02
8.01
8.02
8.01
7.90
3.70
3.73
3.71
3.81
4..
11..
18..
25..
6.77
6.73
6.70
6.66
6.43
6.43
6.41
6.42
5.42
5.40
5.40
5.40
7.38
7.38
7.35
7.35
8.38
8.28
8.28
8.23
8.38
8.35
8.30
8.29
8.78
8.75
8.73
8.68
8.41
8.38
8.39
8.36
9.41
9.35
9.31
9.24
8.72
8.67
8.66
8.63
8.69
8.71
8.67
8.63
8.98
8.95
8.92
8.85
7.93
7.97
7.90
7.85
3.74
3.71
3.74
3.64
2..
6.69
6.40
5.40
7.34
8.29
8.29
8.68
8.37
9.22
8.63
8.60
8.86
7.84
3.72
16
20
5
5
121
20
30
41
30
40
14
500
8.61
Week ending—
1976—Aug.
Sept.
Oct.
Number of
issues2..
1 Includes bonds rated A a and A , data for which are n o t shown separately. Because o f a limited number o f suitable issues, the number
o f corporate bonds in some groups has varied somewhat. As o f Dec.
23, 1967, there is no longer an Aaa-rated railroad b o n d series.
2 N u m b e r o f issues varies over t i m e ; figures shown reflect most recent
count.
NOTE.—Annual yields are averages o f weekly, monthly, or quarterly
data.
Bonds: M o n t h l y and weekly yields are computed as follows: (1) U.S.
Govt., averages o f daily figures f o r bonds m a t u r i n g or callable i n 10 years
or m o r e ; f r o m Federal Reserve Bank o f N e w Y o r k . (2) State and local
500
govt., general obligations only, based on Thurs. figures, f r o m M o o d y ' s
Investors Service. (3) Corporate, rates f o r " N e w issue" and "Recently
oflFered" A a a u t i l i t y bonds, weekly averages compiled by the B o a r d o f
Governors o f the Federal Reserve System; and rates f o r seasoned issues,
averages o f daily figures f r o m M o o d y ' s Investors Service.
Stocks: Standard and Poor's corporate series. D i v i d e n d / p r i c e ratios
are based o n Wed. figures. Earnings/price ratios as o f end o f period.
Preferred stock ratio based o n 8 median yields f o r a sample o f noncallable issues—12 industrial and 2 public u t i l i t y . C o m m o n stock ratios
o n the 500 stocks i n the price index. Quarterly earnings are seasonally
adjusted at annual rates.
NOTES T O T A B L E S O N OPPOSITE P A G E :
Security Prices:
Stock Market Customer Financing:
1 Standard and Poor's corporate series. Effective July 1976, Standard
a n d Poor added a new financial group, including banks and insurance
companies, to the index. Stocks i n this revised group are 400 industrials
(formerly 425), 20 transportation (formerly 15 rail), 40 public u t i l i t y
( f o r m e r l y 60), and 40 financial.
1 M a r g i n credit includes all credit extended to purchase o r carry stocks
or related equity instruments and secured at least i n part by stock (Dec.
1970 BULLETIN, p. 920). Credit extended by brokers is end-of-month data
f o r member firms o f the N e w Y o r k Stock Exchange. June data f o r banks
are universe totals; all other data f o r banks represent estimates for all
commercial banks based o n reports b y a reporting sample, w h i c h accounted for 60 per cent o f security credit outstanding at banks o n June 30,
1971.
2 I n addition to assigning a current l o a n value to margin stock generally.
Regulations T and U permit special l o a n values for convertible bonds and
stock acquired t h r o u g h exercise o f subscription rights.
3 N o n m a r g i n stocks are those not listed o n a national securities exchange
and n o t included o n the Federal Reserve System's list o f over the counter
margin stocks. A t banks, loans t o purchase or carry nonmargin stocks are
unregulated; at brokers, such stocks have no loan value.
4 Free credit balances are i n accounts w i t h no unfulfilled commitments
to the brokers and are subject t o w i t h d r a w a l by customers o n demand.
NOTE.—Annual data are averages o f daily or weekly figures. M o n t h l y
and weekly data are averages o f daily figures unless otherwise noted and are
computed as follows: U.S. Govt, bonds, derived f r o m average market
yields i n table o n p. A-28 on basis o f an assumed 3 per cent, 20-year
bond. Municipal
and corporate bonds, derived f r o m average yields as
computed by Standard and Poor's Corp., o n basis o f a 4 per cent, 20year b o n d ; Wed. closing prices. Common stocks, derived f r o m c o m ponent c o m m o n stock prices. Average daily volume of trading, presently
conducted 5 days per week f o r 6 hours per day.
OCTOBER 1976 • SECURITY MARKETS
SECURITY
A29
PRICES
Common stock prices
New Y o r k Stock Exchange
Bond prices
foer cent of oar)
New Y o r k Stock Exchange index
(Dec. 31, 1965=50)
Standard and Poor's index
(1941-43= 10)
Period
Volume of
trading in
Amerstocks
ican
(thousands
Stock
of shares)
Exchange
total
index
(Aug.
NYSE A M E X
31,
1973 =
100)
Total
Industrial
Transpor- Utility
tation
54.48
59.33
56.90
53.47
38.91
41.21
45.72
54.22
60.29
57.42
43.84
45.73
48.03
57.92
65.73
63.08
48.08
51.88
32.14
44.35
50.17
37.74
31.89
30.73
37.24
39.53
38.48
37.69
29.82
31.45
54.64 96.63 10,532
70.38 113.40 15,381
78.35 129.10 16,487
70.12 103.80 16.374
49.67 79.97 13,883
46.62
83.15 18,568
3,376
4,234
4,447
3,003
1,908
2,150
40.53
42.59
43.77
43.25
44.97
46.87
47.64
46.78
50.05
52.26
52.91
51.89
29.46
30.79
32.09
31.61
30.65
31.87
32.99
32.75
43.38
44.36
45.10
43.86
84.26
83.46
85.60
82.50
12,717
15,893
16.795
15,859
1,439
1,629
1,613
1,977
108.45
113.43
113.73
114.67
113.76
114.50
117.01 i 4 ! 9 4 '
115.63 14.47
117.87 14.32
46.99
47.22
45.67
46.07
45.70
45.61
47.48 i i ! 8 3 '
48.81 11.97
50.50 11.96
51.31
53.73
54.01
54.28
53.87
54.23
55.70
55.06
56.16
57.00
59.79
60.30
60.62
60.22
60.70
62.10
61.09
62.2
35.78
38.53
39.17
38.66
39.71
40.41
42.12
40.63
40.33
35.23
36.12
35.43
35.69
35.40
35.16
36.49
37.56
38.47
48.83
91.47
52.06 100.58
52.61 104.04
52.71 103.00
50.99 103.65
51.82 103.57
54.06 105.24
54.22 102.79
54.37 102.82
32,794
31.375
23,069
18,770
17.796
18,965
18,977
15,758
18,406
3,070
4,765
3,479
2,368
2,127
2,177
2,280
1,605
1,856
115.80
117.27
117.36
120.05
49.24
50.28
50.73
51.31
55.21
55.91
55.96
57.14
61.11
61.89
61.91
63.32
40.27
40.33
40.04
40.79
37.84
37.47
38.78
39.35
54.09 102.23 15,492
54.51 102.94 17,383
54.10 102.48 17,974
55.07 103.81 21,786
1,510
1,825
1,696
2,416
TransIndus- porta- Public
trial
utility
tion
U.S.
Govt.
(longterm)
State
and
local
Corporate
AAA
197 0
197 1
197 2
197 3
197 4
197 5
60.52
67.73
68.71
62.80
57.45
57.44
72.3
80.0
84.4
85.4
76.3
68.9
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
56.2 85.17 96.15
1975—Sep t
Oct
Nov
Dec
55.23
55.23
55.77
56.03
66.1
66.1
66.2
67.4
55.8
56.0
56.3
56.1
84.62 94.96
88.57 99.29
90.07 100.86
88.74 94.89
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
57.75
57.86
58.23
59.33
57.38
57.86
58.38
58.88
59.54
69.7
68.8
69.2
71.3
69.1
69.3
71.1
74.1
74.8
57.0
57.1
57.3
58.2
56.5
56.8
57.1
57.9
58.8
96.86
100.64
101.08
101.93
101.16
101.78
104.20
103.29
105.45
59.03
59.33
59.59
59.86
74.7
75.1
74.6
74.6
58.5
58.8
58.8
59.2
103.45
104.76
104.81
107.06
Total
Finance
Finance
Week ending—
1976—Sept.
4...
11...
18...
25...
14.32
14.38
14.21
14.43
11.92
12.0
12.0
12.07
For notes see opposite page.
STOCK MARKET CUSTOMER
FINANCING
(In millions of dollars)
Margin credit at brokers and banks J
Regulated 2
End of period
By source
Free credit balances
at brokers ^
By type
Margin stock
Total
Unregulated 3
Convertible
bonds
Subscription
issues
Brokers Banks
Nonmargin
stock
credit at
banks
Brokers Banks Brokers Banks Brokers Banks
Margin
accts.
Cash
accts.
1975_Aug.
Sept.
Oct.
Nov.
Dec.
6,197
6,251
6,455
6,527
6,500
5,365
5,399
5,448
5,519
5,540
832
852
1.007
1.008
960
5,220
5,250
5,300
5,370
5,390
791
811
956
958
909
142
145
144
146
147
30
30
36
37
36
11
10
15
13
15
2,457
2,520
2,311
2,270
2,281
515
470
545
490
475
1,500
1,455
1,495
1,470
1,525
1976—Jan..
Feb.
Mar.
6,568
7,152
7,617
7,932
8,110
8,276
8,417
8,683
5,568
6,115
6,575
6,856
7,103
7,248
7,519
7,622
1,000
1,037
1,042
1,076
1,007
1,028
898
1,061
5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
946
984
988
1,023
957
976
854
1,008
146
162
162
163
161
166
176
167
34
34
34
32
31
33
28
34
20
20
20
21
19
19
16
19
2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368
655
685
595
570
540
540
530
555
1,975
2,065
1,935
1,740
1,655
1,680
1,635
1,605
May
June
July.
Aug.
For notes see opposite page.
A30
STOCK MARKET CREDIT; SAVINGS INSTITUTIONS • OCTOBER 1976
EQUITY STATUS OF M A R G I N ACCOUNT
AT BROKERS
SPECIAL MISCELLANEOUS ACCOUNT
A T B R O K E R S , BY E Q U I T Y S T A T U S OF
DEBT
(Per cent o f total, except as noted)
(Per cent of total debt, except as noted)
End of
period
Equity class (per cent)
Total
debt
(millions
of
dollars)!
BALANCES
ACCOUNTS
Net
credit
status
End of period
80 or
more
70-79
60-69
50-59
40-49
Under
40
1975—Aug
1975—Aug..
Sept..
Oct...
Nov..
Dec..
5,220
5,250
5,300
5,370
5,390
5.5
5.1
5.5
5.2
5.3
6.8
7.3
6.7
6.7
6.9
11.3
10.6
11.2
12.2
11.6
20.7
19.6
21.8
23.2
22.3
31.0
31.0
29.7
28.6
28.8
24.7
26.5
25.2
24.0
25.0
1976—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7.0
6.8
6.0
6.1
5.8
6.3
6.1
6.0
9.4
8.9
8.7
7.7
7.2
7.7
8.0
7.0
18.3
17.4
16.0
12.9
12.4
14.4
13.0
13.0
21.3
29.0
29.0
27.7
23.8
32.2
27.7
28.0
28.8
22.6
25.0
30.2
34.2
25.4
31.1
32.1
15.5
15.3
16.0
15.4
16.6
14.1
14.0
18.0
1 Note 1 appears at the bottom of p. A-28.
NOTE.—Each customer's equity in his collateral (market value o f collateral less net debit balance) is expressed as a percentage of current collateral values.
Oct
Dec
Feb
Apr
May
June
July
Equity class of accounts
in debit status
Total
balance
(millions
60 per cent Less than
or more 60 per cent o f dollars)
43.5
45.3
44.4
45.3
43.8
40.6
38.9
40.1
40.2
40.8
16.0
15.8
15.5
14.5
15.4
7,494
7,515
7,362
7,425
7,290
45.8
44.4
44.0
43.0
41.4
40.6
40.5
42.1
44.0
44.7
46.0
45.0
46.2
49.0
48.7
46.5
10.3
10.9
10.4
12.0
12.4
10.4
10.8
11.4
7,770
8,040
8,050
7,990
8,030
8,150
8,300
8,320
NOTE.—Special miscellaneous accounts contain credit balances that
may be usei
ised by customers as the margin deposit required for additional
purchases. Balances may arise as transfers based on loan values o f other
collateral in the customer's margin account or deposits of cash (usually
sales proceeds) occur.
M U T U A L SAVINGS BANKS
(In millions of dollars)
Loans
End o f period
Mortgage
Other
Securities
U.S.
Govt.
State
and
local
govt.
Corporate
and
other1
Cash
Other
assets
Total
assets—
Total
liabilities
and
general
reserve
accts.
Deposits
Mortgage loan
commitments 2
classified by maturity
(in months)
Other General
liabili- reserve
acties
counts
3 or
less
3-6
6-9
Over
9
Total
62,069
67,563
73,231
74,891
77,127
2,808
2,979
3,871
3,812
4,028
3,334
3,510
2,957
2,555
4,777
385
873
926
930
1,541
17,674
21,906
21,383
22,550
27,964
1,389
1,644
1,968
2,167
2,367
1,711
2,117
2,314
2,645
3,195
81,440
91,613
96,496
98,701
109,796
1,810
2,024
2,566
2,888
2,770
6,118
6,956
7,589
7,961
8,433
1,047
1,593
1,250
664
896
627
713
598
418
301
463 1,310 3,447
609 1,624 4,539
405 1,008 3,261
232
726 2,040
403 1,803
203
1975—July... 76,097
Aug.... 76,310
Sept.. . 76,429
O c t . . . . 76,655
N o v . . . 76,855
D e c . . . . 77,221
4,396
4,405
4,487
4,481
4,550
4,023
3,965
4,187
4,279
4,368
4,601
4,740
1,436
1,451
1,495
1,523
1,551
1,545
26,976
27,104
27,033
27,106
27,421
27,992
1,835
1,730
1,783
1,805
1,872
2,330
3,004 117,709 106,533
3,067 118,254 106,745
3,136 118,643 107,560
3,152 119,089 107,812
3,223 120,073 108,480
3,205 121,056 109,873
2,970
3,255
2,778
2,950
3,215
2,755
8,208
8,254
8,304
8,328
8,378
8,428
957
981
1,011
950
972
896
463
431
372
368
323
301
266
237
256
275
222
203
526
573
499
394
379
403
2,212
2,222
2,138
1,987
1,896
1,803
1976—Jan....
Feb...
Mar...
Apr...
May...
June...
JulyP..
4,839
5,243
5,366
5,027
5,103
5,158
5,363
4,918
5,211
5,452
5,533
5,660
5,578
5,585
1,581
1,765
1 ,867
2,149
2,318
2,357
2,395
28,473
29,035
30,043
30,707
31,179
31,537
32,071
1,961
1,853
1,740
1,647
1,539
1,532
1,512
3,245
3,301
3,321
3,361
3,385
3,425
3,457
2,892
3,275
2,859
3,106
3,296
2,847
3,165
8,455
8,527
8,577
8,612
8,654
8,703
8,764
923
930
1,092
1,175
1,237
1,174
1,201
315
352
360
398
419
438
423
195
184
251
281
290
215
185
426
401
427
436
480
575
624
1,859
1,867
2,130
2,290
2,426
2,402
2,433
1971
19723
1973
1974
1975
77,308
77,413
77,738
78,046
78,286
78,735
79,328
1 Also includes securities o f foreign governments and international
organizations and nonguaranteed issues of U.S. Govt, agencies.
2 Commitments outstanding of banks in New Y o r k 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-valua-
89,369
100,593
106,651
109,550
120,999
122,325
123,821
125,526
126,470
127,470
128,324
129,712
110,979
112,019
114,090
114,752
115,521
116,774
117,782
tion-reserves basis. The data differ somewhat from balance sheet data
previously reported by National Assn. o f Mutual Savings Banks, which
were net of valuation reserves. For most items, however, the differences
are relatively small.
NOTE.—NAMSB estimates for all savings banks in the United States.
OCTOBER 1976 o SAVINGS INSTITUTIONS
A31
LIFE I N S U R A N C E C O M P A N I E S
(In millions o f dollars)
Business securities
Government securities
Total
assets
End of period
Total
United State and
Foreign 2
States 1
local
Total
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
197 1
197 2
197 3
197 4
197 5
222,102
239,730
252,436
263,349
289,304
10,373
10,637
10,519
10,900
13,758
3,828
3,827
3,444
3,372
4,736
3,363
3,367
3,412
3,667
4,508
3,182
3,443
3,663
3,861
4,514
100,432
113,720
118,599
119,637
135,317
79,825
86,875
92,680
97,717
107,256
20,607
26,845
25.919
21.920
75,496
76,948
81,369
86,234
89,167
6,904
7,295
7,693
8,331
17,065
18,003
20,199
22,862
24,467
11,832
13,127
14,057
15,385
16,974
1975—July.
Aug..
Sept.,
Oct..
Nov.,
Dec..
279,550
280,700
282,065
285,015
287,122
289,304
11,894
12,140
12,253
12,858
13,243
13,758
3,788
3,819
3,821
4,342
4,613
4,736
3,934
4,106
4,165
4,193
4,260
4,508
4,172
4,215
4,267
4,323
4,370
4,514
131,130
131,473
132,037
133,865
134,961
135,317
103,586
104,434
105,440
106,250
107,040
107,256
27,544
27,039
26,597
27,615
27,921
88,060
88,208
28,061
88,331
88,481
88,657
89,167
9,048
9,104
9,197
9,342
9,450
9,621
23,892
23,963
24,099
24,242
24,343
24,467
15,589
15,812
16,148
16,227
16,468
16,974
1976_Jan..
Feb..
Mar..
Apr..
May.
June.
JulyP
293,870
296,479
298,625
299,983
301,754
304,728
307,005
14,036
14,816
15,701
15,917
15,975
15,947
16,672
5,102
5,132
5,093
5,198
5,141
4,863
5,150
4,652
4,790
5,016
5,100
5,146
5,196
5,263
4,282
4,894
5,592
5,619
5,688
5,888
6,259
140.309
141,658
142.310
143,197
144,496
147,193
148,617
109,474
110,647
110,816
111,757
113,087
114,583
30,835
31,011
31,494
31,440
31,409
32,610
32,516
89,395
89,543
89,474
89,489
89,529
89,691
89,753
9,661
9,726
9,798
9,852
9,909
10,004
10,050
24,498
24,633
24,754
24,873
24,978
25,142
25,257
15,971
16,103
16,588
16.655
16,867
16,751
16.656
1 Direct and guaranteed obligations. Excludes Federal agency securities,
which are included here with business securities.
2 Issues o f foreign governments and their subdivisions and bonds o f
the International Bank for Reconstruction and Development.
116,101
28,061
9,621
NOTE.—Estimates o f the American Council o f Life Insurance for a l l
life insurance companies in the United States. Figures are annual statement
values, with bonds carried on an amortized basis and stocks at market
value.
SAVINGS A N D LOAN
ASSOCIATIONS
(In millions of dollars)
Liabilities
Assets
End of period
Mortgages
Investment
securities 1
Cash
Other
Total
assets—
Total
liabilities
10,731
12,590
19,117
22,991
28,802
Mortgage
loan commitments
outstanding
at end of
period 4
Savings
capital
Net
worth 2
Borrowed
money 3
Loans
in
process
206,023
243,127
271,905
295,524
338,395
174,197
206,764
226,968
242,959
286,042
13,592
15,240
17,056
18,436
19,776
8,992
9,782
17,172
24,780
20,730
5,029
6,209
4,667
3,244
5,187
4,213
5,132
6,042
6,105
6,659
7,328
11,515
9,526
7,454
10,675
Other
1971.
1972.
19735
1974.
1975
174,250
206,182
231,733
249,293
278,693
1975-- A u g
Sept
Oct
Nov
Dec
267,717
270,600
273,596
275,919
278,693
31,694
30,786
31,652
32,498
30,900
27,127
27,745
28,145
28,610
28,802
326,538
329,131
333,393
337,027
338,395
273,504
277,201
279,465
281,711
286,042
19,495
19,414
19,663
19,919
19,776
19,216
20,031
20,306
20,413
20,709
4,995
5,128
5,207
5,164
5,187
9,328
7,357
8,752
9,820
6,680
12,673
12,585
11,748
11,365
10,675
1976-- J a n
Feb
Mar
Apr
May
June
July
Aug. J'
280,071
282,487
286,556
290,727
294,759
299,574
303,815
308,035
34,271
36, 128
36,722
36,437
37.005
35,:316
36.029
35,1852
29,716
30,251
30,462
30,663
31,268
31,708
32,112
32,459
344,058
348,866
353,740
357,827
363,032
366,598
371,956
376,346
291,418
295,364
302,436
305,234
308,284
313,326
316,510
318,668
19,948
20,162
20,211
20,475
20,688
20,761
20,997
21,262
19,630
18,746
18,220
17,759
17,670
18,251
18,439
18,944
5,051
5,134
5,379
5,787
6,156
6,464
6,640
6,702
8,011
9,460
7,494
8,572
10,234
7,796
9,370
10,770
11,111
12,878
14,445
15,512
16,620
16,639
16,328
15,826
2,857
18,185
21,574
2,781
21,055
23,:240
30,900
1 Excludes stock of the Federal Home Loan Bank Board. Compensating
changes have been made in " O t h e r " assets.
2 Includes net undistributed income, which is accrued by most, but not
all, associations.
3 Advances from F H L B B 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
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 o f the passthrough type, previously included in "Cash" and "Investment securities"
are included in " O t h e r " assets. These amounted to about $2.4 billion at
the end of 1972.
NOTE.—FHLBB data; figures are estimates for all savings and loan
assns. in the United States. Data are based on monthly reports of insured
assns. and annual reports of noninsured assns. Data for current and
preceding year are preliminary even when revised.
FEDERAL FINANCE • OCTOBER 1976
A32
FEDERAL FISCAL OPERATIONS:
SUMMARY
(In millions of dollars)
U.S. budget
Means o f financing
Borrowings from the public
Period
Receipts Outlays
Surplus
or
deficit
(-)
Public
debt
securities
Less: Cash and
monetary assets
Less: Investments by Govt,
Agency
accounts
Less: Equals:
securiSpecial
Total
ties
notes 1
Special
issues Other
Fiscal year:
1973
1974
1975
1976
232,225 246,526 - 1 4 , 3 0 1
264,932 268,392 - 3 , 4 6 0
280,997 324,601 - 4 3 , 6 0 4
300,005 365,610 - 6 5 , 6 0 5
30,881
216
903
16,918
58,953 - 1 , 0 6 9
87,244
-90
Half year:
1974_July-Dec
1975—Jan.-June
July-Dec
1976—Jan.-June
139,607 153,147 - 1 3 , 5 4 0
141,189 171,202 - 3 0 , 0 1 3
139,453 184,545 - 4 5 , 0 9 2
160,552 181,066 - 2 0 , 5 1 3
18,429
40,524
43,460
43,784
Month:
1975—Aug
Sept
Oct
Nov
Dec
'•23,604
28,615
19,316
21,745
25,995
'•30,654 - 7 , 0 5 0
29,044
-429
32,425 - 1 3 , 1 0 9
29,401 - 7 , 6 5 6
31,792 - 5 , 7 9 7
9,472
5,935
8,352
4,800
9,850
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
25,634
20,845
20,431
33,348
22,679
37,615
22,660
27,360
30,725 - 5 , 0 9 1
29,833 - 8 , 9 8 7
29,054 - 8 , 6 2 3
872
32,476
28,410 - 5 , 7 3 1
30,567
7,048
33,906 - 1 1 , 2 4 7
29,571 - 2 , 2 1 1
7,757
9,465
6,620
1,483
8,699
9,760
4,114
8,782
Treasury
operating
balance
Other
Other
means
of
financing,
net 2
11,712
109
13,673
1,140
8,112 - 1 , 0 8 1
6,581 - 2 , 2 3 9
19,275
3,009
50,853
82,813
2,459
-3,417
-1,570
7,246
-1,613
889
1,890
550
-4,129
-2,077
-6,920
-9,412
2,840
150
-689
-423
5,272 - 1 , 2 3 1
- 3 9 -4,739 -1,186
- 5 1 11,320 - 1 , 0 5 3
14,751
36,059
49,347
33,466
-3,228
1,657
866
6,380
557
1,643
-980
1,530
-3,881
-2,746
-4,368
-5,044
-94
-367
260
-390
-249
7,189
8,463
11,743
5,936
8,215
-630
6,961
-203
-3,844
1,971
-2
-393
328
5 1,062
-564
-623
-6
-83
-32
50
4
5,130
-9
-549
6,094
-8
-189
-139 -1,645
-345
353
1,711 - 1 , 3 1 0
7,820
8,972
7,320
1,398
4,109
3,847
5,964
8,733
3,532
64
-4,032
3,517
-3,383
6,682
-4,784
1,658
6 2,384
9 -2,151
- 5 -3,656
-3
-749
1,860
-24
'•-262 - 1 , 0 3 2
446
-627
815
-348
392 - 1 , 7 3 2
166
-281
114
-125
-288
545
502
782
-229
299
918
-46
-3,018
1,792
-1,259
-3,431
270
-4,565
Selected balances
Treasury operating balance
End
of
period
F.R.
Banks
Fiscal year:
197 1
197 2
197 3
1974
197 5
197 6
Tax
and
loan
accounts
Other
depositaries 3
Borrowing from the public.
Total
Public
debt
securities
Agency
securities
Less:
Investments o f
Govt, accounts
Special
issues
Other
Less:
Special
notes 1
Equals:
Total
Memo:
Debt of
Govt.sponsored
corps.—
Now
private 4
1,274
2,344
4,038
2,919
5,773
11,972
7,372
7,634
8,433
6,152
1,475
2,856
109
139
106
88
343
7
8,755
10,117
12,576
9,159
7,591
14,835
398,130
427,260
458,142
475,060
533,188
620,432
12,163
10,894
11,109
12,012
10,943
10,853
82,740
89,536
101,248
114,921
123,033
129,614
22,400
24,023
24,133
25,273
24,192
21,952
825
825
825
825
(5)
304,328
323,770
343,045
346,053
396,906
479,719
37,086
41,814
51,325
65,411
76,092
Calendar year:
197 3
1974
197 5
2,543
3,113
7,286
7,760
2,745
1,159
70
70
7
10,374
5,928
8,452
469,898
492,664
576,649
11,586
11,323
10,904
106,624
117,761
118,294
24,978
25,423
23,006
825
(5)
349,058
360,804
446,253
59,857
76,459
78,842
Month:
1975—Aug
Sept
Oct
Nov
Dec
2,349
8,074
8,517
4,919
7,286
1,214
2,162
1 ,251
1,558
1,159
-141
529
559
9
7
3,423
10,765
10,327
6,485
8,452
547,711
553,647
561,999
566,799
576,649
10,926
10,935
10,931
10,928
10,904
122,990
120,839
117,183
116,434
118,294
23,752
23,385
23,645
23,255
23,006
411,895
420,358
432,102
438,037
446,253
76,659
77,026
78,016
78,451
78,842
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
10,077
10,350
7,145
9,808
6,746
11,972
8,739
10,795
1,899
1,682
864
1,723
1,407
2,856
1,312
914
7
7
7
7
7
7
11,982
12,039
8,016
11,537
8,159
14,835
10,051
11,709
584,405
584,405
600,490
601,973
610,672
620,432
624,546
633,328
10,902
10,902
10,901
10,870
10,861
10,853
10,714
11,066
117,901
117,901
118,340
118,390
123,520
129,614
127,969
129,680
23,333
23,333
22,686
22,690
22,140
21,952
21,607
20,297
454,072
463,045
470,365
471,763
475,872
479,719
485,683
494,417
79,355
78,359
78,712
80,039
77,665
79,325
80,123
1 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.
2 Includes accrued interest payable on public debt securities until June
1973 and total accrued interest payable to the public thereafter; deposit
funds; miscellaneous liability (includes checks outstanding) and asset
accounts; seigniorage; increment on gold; fiscal 1974 conversion of interest receipts of Govt, accounts to an accrual basis; gold holdings, gold
certificates and other liabilities, and gold balance beginning Jan. 1974;
and net gain/loss for U.S. currency valuation adjustment beginning June
1975.
3 As o f Jan. 3, 1972, the Treasury operating balance was redefined to
exclude the gold balance and to include previously excluded "Other deposi-
taries" (deposits i n certain commercial depositaries that have been converted from a time to a demand basis to permit greater flexibility i n
Treasury cash management).
4 Includes debt of Federal home loan banks, Federal land banks, R . F . K .
Stadium Fund, F N M A (beginning Sept. 1968), and Federal intermediate
credit banks and banks for cooperatives (both beginning Dec. 1968).
5 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 i n
series that are not yet available on a monthly basis.
OCTOBER 1976 • FEDERAL FINANCE
A33
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Budget receipts
Individual income taxes
Period
Pres.
election
campaign
fund
Total
Withheld
Nonwithheld
Refunds
27,017
30.812
34,296
35,528
21,866
23,952
34,013
27,367
Fiscal year:
197 3
197 4
197 5
197 6
232,225
264,932
280,997
300,005
98,093
112,092
122,071
123,408
Half year:
1974_July-Dec..
1975—Jan.-June.
July-Dec..
1976—Jan.-June.
139,607
141,190
139,453
160,552
61,378
60,694
59,549
63,859
Month:
1975—Au g
Sept
Oct
Nov
Dec
'•23,604 10,246
28,615 9,182
19,316 9,983
21,745 10,195
25,995 10,738
488
4,809
589
283
571
9,518
10,938
11,377
10,029
10,749
11,249
22,660 10,731
27,360 11,813
5,843
933
2,532
12,723
573
5,275
1976—Ja n
Feb
Mar
Apr
May
June
July
Aug
Social insurance taxes
and contributions
Corporation
income taxes
Employment
taxes and
Excise
Gross
contribution! Un- Other
taxes
net
Reempl.
reNet
reinsur.
ceipts funds
total
ceipts 2
PaySelfroll
empl.
taxes
Net
total
103,246 39,045
118,952 41,744
122,386 45,747
131,603 46,783
2,893
3,125
5,125
5,374
52,505
62,878
71,789
76,391
3,614
4,051
4,466
4,752
64,542
76,780
86,441
92,714
7,098
,016 67,461 18,247
27,198 32,997 54,926 27,500
7,649 1,362 65,835 18,810
33 27,879 26,004 65,767 27,973
2,016
3,109
2,735
2,639
34,418
254 2,914 2,187
37,371 3,163 3,856 2,279
35,443
268 2,861 2,314
40,947 3,250 5,193 2,438
39,774
46,667
40,886
51,828
331 10,403 1,045
382 13,609 6,277
10,653 1,694
124 10,354 1,072
109 11,200 6.884
425
264
821
399
354
8,085
5,555
4,551
6,900
5,043
1,257
75
259
716
110
17
372
400
395
377
395
218
422
621
607
380
391
372
422
223
5,540
225
693
8,330
237
129
5,796
275
952
6,179 1,832
9,132
359 2,940
254
5,969
322
723
5,937
1,822
9,328
442
370
435
386
380
425
408
464
- 8 1
86
4,100
8,646
7,512
5,171
490
1,018
549
542
267
25,634
20,845
20,431
33,348
22,679
37,615
15,276
7,778
5,272
15,248
6,157
16,037
1,771
1,203
6,485
6,727
1,396
10,391
11,201 1.885
12,088 1,111
2,371
3,008
3,417
3,518
6,051
6,837
6,770
8,054
251
Cus- Estate Misc.
toms and
regift ceipts 3
3,188
3,334
3,676
4,074
16,260
16,844
16,551
16,963
9,713
8,761 1,958
7,790 1,718
8,759 1,927
8,204 2,147
2,284
2,327
2,573
2,643
3,140
3,370
3,397
4,630
302
312
343
310
347
430
431
396
428
386
'•742
539
382
511
485
348
288
384
357
349
421
389
394
292
401
538
475
482
450
535
387
528
489
442 2,255
524
454
552
547
1,394
6,280 1 ,430
5,206 1,462
7,994 1,476
5,565 1,482
6,430
9,631
6,635
9,349
12,811
6,971
7,068
11,614
4,917 3,921
5,035 5,369
4,611 6,711
5,216 8,026
1,335
1,354
1,344
1,353
1,329
1,489
1,510
1,476
Budget outlays
General
science.
space.
and
tech.
Agriculture
Natural
ComreCommun.
sources, merce
and
envir.,
and
region.
and
transp. develenergy
opment
Education,
training, Health
employand
welment.
and
fare
social
serv.
Total
National
defense
268,392
324,601
365,610
102,100
400,000
78,569
86,585
90,216
26,000
101,600
3,593
4,358
4,462
2,000
7,100
3,977
3,989
4,197
1,200
4,500
Month:
1975—Aug.
Sept
Oct
Nov
Dec
30,654
29,044
32,425
29,401
31,792
8,248
6,923
8,192
7,533
7,981
433
47
362
419
290
376
398
398
405
409
85
507
312
196
175
813
844
740
786
814
2,173
1,899
1,965
1,203
1,994
570
440
462
315
433
1,658
1,571
896
1,653
1,515
12,453
12,738
13,575
12,612
13,721
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
30,725
29,833
29,054
32,476
28,410
30,567
33,906
29,571
6,915
6,120
7,752
7,994
7,136
8,134
7,462
7,268
351
320
320
249
292
1,077
902
395
336
413
379
360
348
371
403
417
228
315
44
-51
270
-181
99
130
718
1,833
935
984
924
929
1,313
1,106
1,819
900
-672
1,610
466
1,238
2,056
651
421
421
270
464
448
528
450
531
1,478
1,530
1,809
1,606
1,258
1,738
1,348
1,473
13,714
13,360
14,382
13,679
13,229
13,501
14,066
13,885
Period
Fiscal year:
1974
1975
1976
TQ5,6
19775
Intl.
affairs
2,230 6,571 13,096
1,660 9,537 16,010
1,994 11,674 17,239
900 3,900 5,300
1,800 15,100 16,400
1 Old-age, disability, and hospital insurance, and Railroad Retirement
accounts.
2 Supplementary medical insurance premiums and Federal employee
retirement contributions.
3 Deposits of earnings by F. R. Banks and other miscellaneous receipts.
^ Consists of interest received by trust funds, rents and royalties on the
Outer Continental Shelf, and Govt, contributions for employee retirement.
5 Estimates presented in Mid-session Review of the 1977 Budget^ July
16, 1976. Figures for outlay categories exclude special allowances for
Veterans
Interest
General
Govt.,
law
enforce..
and
justice
Revenue
shar.
and
fiscal
assistance
Undistrib.
offsetting
receipts 4
28,072
30,974
35,500
9,500
40,200
5,789
6,031
6,277
1,800
6,900
6,746
7,005
7,114
2,000
7,400
1,457
1,334
1,518
1,624
1,704
2,672
2,859
2,957
2,996
2,820
549
548
492
531
1,154
237 - 1 , 0 7 1
4 -1,068
1,592 - 1 , 0 3 5
-887
15
1 -1,221
1,626
1,696
1,659
1,652
1,555
1,248
1,367
1,385
2,813
3,143
3,407
3,356
3,220
2,652
3,298
2,831
121
570
567
420
617
668
502
601
4,911 11,598 106,505 13,386
4,431 15,248 136,252 16,597
5,023 17,678 160,497 18,444
1,700 4,900 42,100 4,400
6,000 18,400 172,700 17,800
1,627
53
16
1,605
96
32
1,776
-16,651
-14,075
-14,704
-3,600
-16,800
-1,441
-841
-1,814
-1,452
-1,449
-1,368
-1,136
-1,213
civilian agency pay raises totaling $800 million for fiscal year 1977, and
therefore do not add to totals.
6 Effective in calendar year 1976, the fiscal year for the U.S. Govt, is
being changed from July 1-June 30 to Oct. 1-Sept. 30. The period July 1 Sept. 30 of 1976, data for which are shown separately from fiscal year
1976 and fiscal year 1977 totals, will be a transition quarter.
NOTE.—Half years may not add to fiscal year totals due to revisions in
series that are not yet available on a monthly basis.
A34
U.S. GOVERNMENT SECURITIES • OCTOBER 1976
GROSS P U B L I C DEBT, BY T Y P E OF
SECURITY
(In billions of dollars)
Public issues (interest-bearing)
End of period
Total
gross
public
debt 1
Marketable
Nonmarketable
Total
Total
Certificates
Bills
Notes
Bonds 2
Special
issues 5
Convertible
bonds
Total 3
Foreign
issues 4
Savings
bonds
and
notes
1968—Dec..
1969—Dec..
1970_Dec..
358.0
368.2
389.2
296.0
295.2
309.1
236.8
235.9
247.7
75.0
80.6
87.9
76.5
85.4
101.2
85.3
69.9
58.6
2.5
2.4
2.4
56.7
56.9
59.1
4.3
3.8
5.7
52.3
52.2
52.5
59.1
71.0
78.1
1971—Dec..
1972—Dec..
1973—Dec..
1974—Dec..
424.1
449.3
469.9
492.7
336.7
351.4
360.7
373.4
262.0
269.5
270.2
282.9
97.5
103.9
107.8
119.7
114.0
121.5
124.6
129.8
50.6
44.1
37.8
33.4
2.3
2.3
2.3
2.3
72.3
79.5
16.8
20.6
26.0
22.8
54.9
58.1
60.8
63.8
85.7
95.9
107.1
118.2
1975—Sept..
Oct..
Nov..
Dec..
553.6
562.0
566.8
576.6
431.5
443.6
447.5
457.1
338.9
350.9
355.9
363.2
142.8
147.1
151.1
157.5
158.5
166.3
166.1
167.1
37.7
37.6
38.7
38.6
2.3
2.3
2.3
2.3
90.3
90.5
89.3
91.7
21.5
66.9
67.2
67.6
67.9
117.4
116.7
118.5
l976_Jan
Feb.
Mar..
584.4
593.9
600.5
602.0
610.7
620.4
624.5
633.3
634.7
463.8
473.7
480.7
482.4
484.4
489.5
495.5
502.5
505.7
369.3
378.8
385.3
386.4
388.0
392.6
397.7
404.3
407.7
159.6
162.1
163.1
161.8
161 .8
161 .2
161 .4
161 .4
161 .5
171.1
177.6
183.1
185.8
186.5
191 .8
197.2
203.0
206.3
38.6
39.1
39.0
38.9
39.7
39.6
39.1
39.9
39.8
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
92.2
92.7
93.1
93.6
94.1
94.6
95.5
95.9
95.8
May!
June.
July.
Aug..
Sept..
1 Includes non-interest-bearing debt (of which $613 million on August 31,
1976, was not subject to statutory debt limitation).
2 Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
3 Includes (not shown separately): depositary bonds, retirement plan
bonds. Rural Electrification Administration bonds. State and local government bonds, and Treasury deposit funds.
88.2
88.2
21.2
21.3
21.6
21.6
21.7
21.7
21 .6
21 .5
21 .5
21.4
21.0
20.8
68.2
68.6
69.0
69.4
69.8
70.1
70.8
71.5
71.2
121.1
118.1
119.2
118.5
118.6
123.7
129.8
128.1
129.8
127.9
4 Nonmarketable certificates of indebtedness, notes, and bonds in the
Treasury foreign series and foreign-currency-series issues.
5 Held only by U.S. Govt, agencies and trust funds and the Federal
home loan banks.
NOTE.—Based on Monthly Statement of the Public Debt of the United
States, published by U.S. Treasury. See also second paragraph in NOTE to
table below.
O W N E R S H I P OF P U B L I C
DEBT
(Par value, in billions of dollars)
Held b y End of
period
Total
gross
public
debt
U.S.
Govt,
agencies
and
trust
funds
F.R.
Banks
Held by private investors
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Indiv iduals
Savings
bonds
Other
securities
Foreign
Other
and
misc.
interinvesnational 1 tors 2
1968—Dec
1969—Dec
1970—Dec
358.0
368.2
389.2
76.6
89.0
97.1
52.9
57.2
62.1
228.5
222.0
229.9
66.0
56.8
62.7
3.8
3.1
3.1
8.4
7.6
7.4
14.2
10.4
7.3
24.9
27.2
27.8
51.9
51.8
52.1
23.3
29.0
29.1
14.3
11.2
20.6
21.9
25.0
19.9
1971—Dec
1972—Dec
1973—Dec
424.1
449.3
469.9
106.0
116.9
129.6
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
54.4
57.7
60.3
18.8
16.2
16.9
46.9
55.3
55.6
15.6
17.0
19.3
1974—Dec
492.7
141.2
80.5
271.0
55.6
2.5
6.1
11.0
29.2
63.4
21.5
58.4
23.2
1975—July
Aug
Sept
Oct
Nov
Dec
538.2
547.2
553.6
562.0
566.8
576.6
142.5
144.8
142.3
138.8
137.7
139.3
81.9
82.5
87.0
87.2
85.1
87.9
313.8
320.4
324.4
336.0
343.9
349.4
.8
'•74.8
'•78.3
'•79.3
'•82.2
'•85.1
3.7
3.9
4.0
4.2
4.4
4.5
'•7.4
'•7.5
'•7.7
7.9
8.8
9.3
16.2
16.0
15.0
17.5
20.0
20.2
31 .3
31.2
32.2
33.8
33.9
33.8
65.9
66.2
66.5
66.8
67.1
67.3
21.8
22.6
23.0
'•23.8
'•23.9
'•24.0
66.7
67.3
65.5
66.9
66.1
66.5
'•27.6
^•29.1
'•31.1
^•32.2
'•35.5
'•38.6
I976_jan
Feb
Mar
Apr
May
June
July J'
584.4
593.9
600.5
602.0
610.7
620.4
624.5
139.3
139.7
139.1
139.1
143.7
149.6
147.6
89.8
89.0
89.8
91.8
90.5
94.4
90.7
355.3
365.1
371.7
371.0
376.4
376.4
386.2
'•86.0
'•87.2
'^91.9
'•91 .7
'•91.6
'•91.8
94.0
4.7
4.9
5.1
5.1
5.3
5.1
5.3
'•10.0
noA
10.4
'•10.3
^10.4
10.5
11.1
21.2
23.2
23.0
23.8
26.0
25.0
27.0
34.6
36.4
37.8
37.7
37.6
39.5
37.2
67.7
68.0
68.4
68.8
69.2
69.6
70.3
'•24.0
'•25.8
'•26.0
'•25.8
'•26.6
ne.s
26.8
68.3
69.6
68.1
70.2
71.0
69.8
72.8
'•38.9
'•39.9
'•40.8
'•37.4
'•38.7
''38.2
41.9
1 Consists o f investments of foreign and international accounts in
the United States.
2 Consists of savings and loan assns., nonprofit institutions, corporate pensions trust funds, and dealers and brokers. Also included
are certain Govt, deposit accounts and Govt.-sponsored agencies.
NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and
trust funds; Treasury estimates for other groups.
The debt and ownership concepts were altered beginning with the
Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed securities and (2) remove from U.S. Govt, agencies and trust funds
and add to other miscellaneous investors the holdings o f 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 I M F ($825 million).
OCTOBER 1976 • U.S. GOVERNMENT SECURITIES
O W N E R S H I P OF MARKETABLE SECURITIES,
BY
A35
MATURITY
(Par value, in millions of dollars)
\
Vithin 1 yea r
1-5
years
5-10
years
10-20
years
Over
20 years
33,785
28,339
42,209
46,064
43,354
81,715
85,311
112,270
126,716
128,994
25,134
27,897
26,436
38,063
44,010
15,659
14,833
14,264
13,742
13,260
6,145
6.764
10;530
11,735
13,263
631
588
207
436
512
1,589
1,812
2,562
1,979
1,779
7,714
7,823
7,058
6,474
5,784
4,389
4,721
3,283
3,015
2,556
5,019
4,670
4,233
4,090
3,676
1,620
1,777
2,053
2,007
2,350
46,189
45,388
46,845
48,453
49,192
36,928
36,990
38,018
37,897
40,161
9,261
8,399
8,827
10,556
9,031
23,062
23,282
30,518
29,200
29,814
7,504
9,664
6,463
8,354
9,932
1,577
1,453
1,507
1,593
1,598
184
713
, 2,601
3,073
3,495
170,746
180,999
255,860
289,045
293,627
93,162
100,298
150,078
156,595
153,304
70,227
82,168
119,258
123,066
121,306
22,935
18,130
30,820
33,529
31,998
50,939
54,206
74,694
91,042
93,396
13,241
13,512
16,690
26,694
31,522
9,063
8,710
8,524
8,059
7,986
4,341
4,274
5,876
6,655
7,418
45,737
42,755
64,398
71,256
70,015
17,499
14,873
29,875
28,795
26,926
7,901
6,952
17,481
16,334
14,791
9,598
7,921
12,394
12,461
12,135
22,878
22,717
29,629
36,287
36,165
4,022
4,151
4,071
5,417
6,002
1,065
733
552
491
487
272
280
271
266
435
Mutual savings banks:
1973—Dec. 31
1974 Dec. 31
1975_Dec. 31
1976—July 31
Aug. 31
1,955
1,477
3,300
3,890
4,032
562
399
983
1,041
1,059
222
207
554
407
391
340
192
429
634
668
750
614
1,524
2,014
2,102
211
174
448
570
602
300
202
232
192
188
131
88
112
73
80
Insurance companies:
1973 Dec. 31
1974—Dec. 31
1975—Dec. 31
1976—July 31
Aug. 31
4,956
4,741
7,565
9,237
9,749
779
722
2,024
1,775
2,003
312
414
1,513
1,189
1,349
467
308
511
586
654
1,073
1,061
2,359
3,576
3,748
1,278
1,310
1,592
2,197
2,300
1,301
1,297
1,154
1,140
1,134
523
351
436
549
564
4,905
4,246
9,365
14,749
15,182
3,295
2,623
7,105
11,707
11,244
1,695
1,859
5,829
9,784
9,766
1,600
764
1,276
1,923
1,478
1,281
1,423
1,967
2,653
3,595
260
115
175
298
241
54
26
61
61
63
15
59
57
29
39
2,103
1,663
2,793
4,436
4,393
576
350
914
1,963
1,963
121
87
518
1,345
1,348
455
263
396
618
615
1,011
835
1,558
2,170
2,169
320
282
216
206
171
151
173
82
78
72
45
23
22
19
19
9,829
7,864
9,285
10,896
11,298
5,845
4,121
5,288
6,029
6,472
4,483
3,319
4,566
4,922
5,239
1,362
802
722
1,107
1,233
1,870
1,796
1,761
2,215
2,252
778
815
782
1,078
1,103
1,003
800
896
790
766
332
332
558
784
706
101,261
118,253
159,154
174,580
178,957
64,606
77,210
103,889
105,285
103,637
55,493
69,330
88,797
89,085
87,876
9,113
7,880
15,092
16,200
15,761
22,076
25,760
35,894
42,126
43,366
6,372
6,664
9,405
16,927
21,103
5,189
5,479
5,546
5,308
5,277
3,023
3,141
4,420
4,933
5,576
Type of holder and date
Total
Total
Bills
Other
270,224
282,891
363,191
397,719
404,314
141,571
148,086
199,692
207,463
204,787
107,786
119,747
157,483
161,399
161,433
U.S. Govt, agencies and trust funds:
1973_Dec. 31
1974_Dec. 31
1975—Dec. 31
1976_July 31
Aug. 31
20,962
21,391
19,347
18,001
16,657
2,220
2,400
2,769
2,415
2,291
Federal Reserve Banks:
1973 Dec. 31
1974_Dec. 31
1975 Dec. 31
1976—July 31
Aug. 31
78,516
80,501
87,934
90,673
94,030
A l l holders:
1973 Dec.
1974_Dec.
1975—Dec.
1976—July
Aug.
31
31
31
31
31
Held by private investors:
1973—Dec. 31
1974 Dec. 31
1975—Dec. 31
1976_July 31
Aug. 31
Commercial banks:
1973 Dec. 31
1974—Dec. 31
1975 Dec. 31.
1976_July 31
Aug. 31
Nonfinancial corporations:
1973 Dec 31
1974_Dec. 31
1975 Dec. 31
1976—July 31
Aug. 31
Savings and loan
1973—Dec.
1974—Dec.
1975 Dec.
1976—July
Aug.
associations:
31
31
31
31
31
State and local governments:
1973 Dec. 31
1974—Dec. 31
1975—Dec. 31
1976—July 31
Aug. 31
A l l others:
1973 Dec.
1974—Dec.
1975—Dec.
1976—July
Aug.
31
31
31
31
31
NOTE.—^Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt, agencies and trust funds and F.R. Banks,
but data for other groups include only holdings of those institutions
that report. The following figures show, for each category, the number
and proportion reporting: (1) 5,511 commercial banks, 471 mutual savings
banks, and 728 insurance companies combined, each about 80 per cent;
(2) 451 nonfinancial corporations and 500 savings and loan assns., each
about 50 per cent; and (3) 500 State and local govts., about 40 per cent.
" A l l others," a residual, includes holdings o f all those not reporting
in the Treasury Survey, including investor groups not listed separately.
U.S. GOVERNMENT SECURITIES • OCTOBER 1976
A36
DAILY-AVERAGE DEALER
TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
Period
Total
Within
1 year
1-5
years
5-10
years
Over
10 years
U.S. Govt, U.S. Govt,
securities securities
dealers
brokers
Commercial
banks
All
other 1
U.S. Govt.
agency
securities
1975—Aug
Sept
Oct
Nov
Dec
5,183
5,566
8,714
7,594
7,586
3,375
4,032
5,929
5,519
5,919
1,340
1,315
2,332
1,353
1,270
333
128
309
534
278
134
91
144
189
120
742
931
1,271
1,070
1,190
1,405
1,405
2,675
2,176
2,217
1,185
1,198
1,839
1,875
1,977
1,851
2,033
2,929
2,474
2,202
845
787
1,250
1,217
1,059
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
9,509
8,329
9,044
10,293
8,557
8,582
9,663
10,579
7,049
5,863
6,763
7,667
6,002
6,415
6,846
6,170
1,765
1,553
1,807
2,186
1,593
1,616
1,771
2,548
569
755
358
306
700
426
946
1,498
126
158
116
134
263
126
99
363
1,265
951
1,308
1,341
952
1,312
1,356
1,401
3,118
2,389
2,777
3,154
2,907
2,543
3,230
3,284
2,192
2,196
2,276
2,426
2,128
1,983
2,078
2,355
2,935
2,793
2,683
3,372
2,571
2,743
2,999
3,539
1,417
1,163
1,185
1,665
1,131
1,118
1,371
1,557
Week ending—
1976—Aug.
4
11
18
25
9,175
10,757
11,018
11,111
5,972
5,581
6,034
7,066
2,235
2,208
2,754
2,750
856
2,522
1,777
1,003
113
446
453
293
1,041
1,478
1,488
1,370
3,004
3,106
3,289
3,542
2,035
2,454
2,557
2,409
3,096
3,719
3,684
3,791
946
1,432
1,499
1,949
Sept.
1
8
15
22
29
10,417
7,776
7,259
11,839
10,118
6,081
4,495
4,204
7,519
6,417
2,979
2,295
2,098
2,852
2,395
980
774
743
1,103
1,024
377
211
215
365
283
1,479
1,066
852
1,498
1,387
3,267
2,248
2,048
3,922
3,237
2,393
1,892
1,817
2,674
2,230
3,278
2,570
2,541
3,745
3,265
1,740
1,321
1,319
2,368
1,265
1 Since Jan. 1972 has included transactions of dealers and brokers in
securities other than U.S. Govt.
NOTE.—The transactions data combine market purchases and sales of
U.S. Govt, securities dealers reporting to the F.R. Bank of New York.
DAILY-AVERAGE DEALER
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.
POSITIONS
DAILY-AVERAGE DEALER
U.S. Government securities, by maturity
Period
Within
All
1
maturiyear
ties
1-5
years
5-10
years
FINANCING
(In millions of dollars)
(Par value, in millions of dollars)
Over
10
years
U.S.
Govt,
agency
securities
Commercial banks
All
sources
Period
New
York
City
where
Else-
Corporations 1
All
other
Aug
Sept
Oct
Nov
Dec
5,501
5,718
7,322
6,752
6,061
4,491
5,214
6,019
5,011
5,274
609
410
1,091
640
322
262
56
111
594
218
138
39
102
506
247
610
529
491
953
982
1975—Aug
Sept
Oct
Nov
Dec
6,167
6,576
6,940
7,215
7,107
1,009
1,160
1,658
1,958
2,001
1,148
1,640
1,792
1,393
1,304
1,120
972
817
991
1,086
2,890
2,804
2,673
2,873
2,716
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
6,305
6,263
6,884
6,733
5,272
5,895
7,118
8,511
5,287
5,477
6,360
6,328
4,852
5,489
6,370
6,948
449
381
286
190
232
251
254
493
398
224
122
131
126
144
466
624
170
183
116
84
62
11
29
446
694
602
537
508
183
335
568
806
1976_Jan
Feb
Mar
Apr
May
June
July
Aug
6,766
6,700
7,175
7,587
6,089
7,326
7,772
9,264
1,757
1,705
1,865
1,966
1,346
1,819
1,496
1,671
1,337
850
1,138
1,734
1,026
1,494
1,522
1,600
1,147
1,017
1,225
1,126
975
1,258
1,569
1,879
2,526
3,128
2,947
2,761
2,742
2,756
3,185
4,114
7
14
21
28
6,971
, ,, 7,014
6,800
7,626
5,915
6,184
6,304
6,935
75
163
186
461
975
609
272
209
6
58
38
21
481
517
703
558
7...
14...
21...
28...
6,614
7,852
8,280
7,870
1,276
1,947
1,572
1,263
1,170
1,802
1,748
1,335
1,170
1,577
1,494
1,807
2,998
2,526
3,464
3,466
4
11
18
25
7,800
8,783
8,199
8,211
6,951
6,885
6,370
6,696
568
607
399
488
284
853
781
514
-2
437
649
514
519
753
771
894
4...
11...
18...
25...
8,781
8,951
8,919
9,150
1,225
1,751
1,661
1,618
1,555
1,950
1,637
1,344
1,974
1,897
1,810
1,793
4,026
3,353
3,812
4,396
1975
Week ending—
Week ending—
1976—July
Aug.
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract, unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
1976—July
Aug.
Average of daily figures based on number of trading days in the period.
1 A l l business corporations, except commercial banks and insurance
companies.
NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
NOTE to the table on the left.
OCTOBER 1976 • FEDERALLY SPONSORED CREDIT AGENCIES
M A J O R BALANCE SHEET I T E M S OF SELECTED FEDERALLY S P O N S O R E D CREDIT
A37
AGENCIES
(In millions of dollars)
Federal National
Mortgage Assn.
(secondary market
operations)
Federal home loan banks
Liabilities and capital
Assets
End of
period
Cash
and
deposits
Member
deposits
Mortgage
loans
(A)
Debentures
and
notes
(L)
Loans
to
cooperatives
(A)
Bonds
1,607
1,618
1,756
2,122
2,624
15,502
17,791
19,791
24,175
29,709
15,206
17,701
19,238
23,001
28,201
2,281
2,275
2,291
2,527
2,701
2,660
2,679
2,685
2,690
2,705
30,881
31,157
31,466
31,647
31,916
2,971
3,085
3,182
2,990
2,891
2,949
2,907
3,073
2,802
2,829
2,827
2,829
2,836
2,839
2,848
2,854
31,866
31,704
31,564
31,468
32,113
32,090
32,075
32,131
Advances
to
members
Investments
1970
1971
1972
1973
1974
10,614
7,936
7,979
15,147
21,804
3,864
2,520
2,225
3,537
3,094
105
142
129
157
144
10,183
7,139
6,971
15,362
21,878
2,332
1,789
1,548
1,745
2,484
1975—Aug...
Sept...
Oct...
Nov. .
Dec...
16,945
17,482
17,578
17,606
17,845
4,680
4,247
4,368
4,439
4,376
89
114
70
87
109
18,736
18,720
18,766
18,874
18,863
1976—Jan.. .
Feb...
Mar. .
Apr...
May..
June..
July. .
Aug...
17,106
16,380
15,757
15,336
15,215
15,274
15,403
15,751
5,549
5,286
6,063
6,394
5,585
3,739
5,626
5,292
97
69
110
113
97
118
103
95
18,850
17,738
17,714
17,713
17,114
17,136
17,101
17,112
Bonds
and
notes
Banks
for
cooperatives
Capital
Stock
NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among omitted balance
sheet items are capital accounts of all agencies, except for stock of FHLB's.
Bonds, debentures, and notes are valued at par. They include only publicly
Federal
intermediate
credit banks
Federal
land
banks
Bonds
(L)
Loans
and
discounts
(A)
(L)
Mortgage
loans
(A)
2,030
2,076
2,298
2,577
3,575
1,755
1,801
1,944
2,670
3,561
4,974
5,669
6,094
7,198
8,848
4,799
5,503
5,804
6,861
8,400
7,186
7,917
9,107
11,071
13,643
6,395
7,063
8,012
9,838
12,427
28,718
28,933
29,373
29,319
29,963
3,738
3,847
4,087
4,041
3,979
3,004
3,109
3,453
3,664
3,643
10,176
10,100
9,933
8,784
9,947
9,715
9,657
9,505
9,319
9,211
15,851
16,044
16,247
16,380
16,564
14,351
14,351
14,774
14,774
14,773
29,809
29,758
30,021
30,148
29,805
29,863
29,845
30,429
4,356
4,546
4,656
4,590
4,470
4,413
4,420
4,360
3,793
3,878
3,918
3,921
3,761
3,733
3,757
3,908
9,944
10,013
10,272
10,762
10,823
11,188
11,417
11,555
9,201
9,254
9,812
9,877
10,034
9,998
10,531
10,643
16,746
16,930
17,264
17,514
17,731
17,979
18,202
18,390
15,243
15,120
15,120
15,834
15,834
15,834
16,340
16,340
Bonds
(L)
offered securities (excluding, for FHLB's, bonds held within the F r l L B
System) are not guaranteed by the U.S. Govt. Loans are gross of valuation
reserves and represent cost for F N M A and unpaid principal for other
agencies.
N E W I S S U E S OF S T A T E A N D LOCAL G O V E R N M E N T
SECURITIES
(In millions of dollars)
Issues for new capital
A l l issues (new capital and refunding)
Type of issuer
Type of issue
Period
Total
197 1
1972
197 3
1974
197 5
24,963
23,653
23,969
24,315
30,607
1975—Aug..
Sept..
Oct.. .
Nov..
Dec...
2,786
2,171
2,337
2,385
1976—Jan.'-.
Feb.^
Mar..
Apr.
May.
June
July..
Aug...
2,358
2,722
3,346
2,440
3,490
3,028
2,581
2,684
2,062
General
obligations
Revenue
HAAl
U.S.
Govt,
loans
State
Special
district
Other2
and
Total
Stat,
Education
Roads
and
bridges
Utilities 4
Hous- Veter- Other
purans'
ings
aid
auth.
8,681
9,332
10,632
10,212
16,020 14,511
15,220
13,305
12,257
13,563
1,000
959
1,022
461
5,999
8,714 10,246
4,991 9,496 9,165
4,212 9,505 10,249
4,784
8,638 10,817
7,438 12,441 10,660
24,495
^2,079
22,397
23,508
29,495
5,278
4,981
4,311
4,730
4,689
2,642
1,689
1,458
768
1,277
5,214
'•4,714
5,654
5,634
7,209
2,068
1,910
2,639
1,064
647
9,293
'•8,785
8,335
11,312
15,673
1,725
1,252
1,203
1,341
1,057
376
357
482
470
434
1,665
1,185
979
1,244
1,043
747
614
855
667
576
2,561
2,123
2,241
2.318
1,990
379
279
212
219
287
55
134
60
88
29
626
447
487
618
495
67
48
44
28
20
1,434
1,215
1,438
1,365
1,159
1,136
1,332
2,173
1,211
1,211
1,375
1,324
1,408
1,426
1,073
1,449
824
1,227
1,400
1,097
1,219
638
810
1,262
746
1,256
1,331
1,048
894
2,274
1,689
1,164
1,251
639
446
1,254
457
824
590
307
669
432
360
439
356
710
414
264
363
95
135
215
26
384
75
19
95
601
574
710
679
956
745
963
781
88
130
692
367
70
113
160
102
1,058
1,423
1,124
891
1,183
1,460
957
1,106
1,058
907
1,120
1,040
995
1,866
1,166
1,218
1,611
1,116
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 o f sale.
Use of proceeds
Total
amount
delivered 3
2,622
3,180
2.319
3,303
2,807
2,363
2,447
4 Water, sewer, and other utilities.
5 Includes urban redevelopment loans.
NOTE.—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.
SECURITY ISSUES
A38
• OCTOBER 1976
TOTAL NEW
ISSUES
(In millions of dollars)
Gross proceeds, all issues i
Noncorporate
Corporate
Period
Bonds
Total
84,792
99,050
1972
1973
1974
1975'1975
U.S.
Govt. 2
17,080
19,057
U.S.
Govt,
agency3
State
and local
(U.S.)4
Others
12,825
23,883
23,070
22,700
1,589
1,385
Stock
Total
May
June
July
Aug.
Sept
Oct
Nov
Dec.'^
1976—Jan
Feb.
Mar
Apr
May
Total
Publicly
offered
Privately
placed
Preferred
Common
40,228
32,025
38,311
53,644
26,132
21,049
32,066
42,781
17,425
13,244
25,903
32,603
8,706
7,802
6,160
10,177
3,370
3,337
2,253
3,458
10,725
7,642
3,994
7,405
5,798
5,596
4,327
2,405
2,836
4,705
4,068
4,325
4,298
4,594
3,673
1,842
1,999
3,158
3,296
3,528
3,796
3,943
2,658
1,356
1,414
2,389
1,666
1,761
502
651
1,014
486
585
769
1,630
1,767
346
230
198
129
308
332
444
462
1,154
772
456
434
529
1,215
324
335
3,373
3,827
6,632
3,482
4,124
2,804
2,900
4,577
2,961
2,934
2,189
2,127
3,238
2,350
1,959
614
773
1,347
611
975
139
173
443
58
291
431
754
1,604
463
899
Gross proceeds, major groups of corporate issuers
Period
Manufacturing
Commercial and
miscellaneous
Transportation
Bonds
Stocks
Bonds
Stocks
6,349
5,578
8,873
9,658
4,966
4,691
3,964
6,235
3.709
3,523
3.710
3,464
1,126
7,728
5,344
6,459
3,242
2,745
562
488
415
211
338
17
154
626
1,000
339
845
838
715
719
723
571
851
539
704
640
324
305
541
676
424
363
153
362
254
93
249
373
45
205
260
379
603
1,081
286
304
443
444
679
10
45
22
68
105
23
57
83
299
650
323
329
662
487
747
329
643
435
302
1,411
312
505
16
151
577
448
10
472
559
876
718
790
9
37
146
35
63
Stocks
Bonds
4,560
4,199
9,867
17,006
1,833
638
544
1,670
2,526
1,318
1,845
2,757
2,786
1,532
940
1,470
1,258
1,084
1,550
3,439
1975—May
June
July.
Aug,
Sept.
Oct.,
Nov.
Dec.
2,266
2,195
1,056
580
512
810
874
1,295
384
123
64
101
107
142
229
130
242
384
229
147
57
335
81
473
141
194
227
70
37
152
53
193
1976—Jan..
Feb.,
Mar.
Apr.
May
1,025
733
1,840
507
1,176
39
435
405
60
484
330
319
221
630
199
87
132
84
115
136
1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2 Includes guaranteed issues.
3 Issues not guaranteed.
4 See NOTE to table at bottom of preceding page.
Real estate
and financial
Stocks
Bonds
197 2
197 3
197 4
1975'-
Communication
Bonds
Stocks
Bonds
Public utility
118
Stocks
148
26
22
1
1,348
217
1,002
16
19
48
555
10
27
20
1
6,218
5 Foreign governments and their instrumentalities, International Bank
for Reconstruction and Development, and domestic nonprofit organizations.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
OCTOBER 1976 • SECURITY ISSUES
NET CHANGE IN OUTSTANDING CORPORATE
A39
SECURITIES
(In millions of dollars)
Derivation of change, all issuers i
Period
Bonds and notes
A l l securities
Common and preferred stocks
New issues
Retirements
Net change
New issues
Retirements
Net change
New issues
Retirements
Net change
1972
1973
1974
1975
42,306
33,559
39,334
53,255
10,224
11,804
9,935
10,991
32,082
21,754
29,399
42,263
27,065
21,501
31,554
40,468
8,003
8,810
6,255
8,583
19,062
12,691
25,098
31,886
15,242
12,057
7,980
12,787
2,222
2,993
3,678
2,408
13,018
9,064
4,302
10,377
1975—1
II
Ill
IV
15,211
15,602
9,079
13,363
2,088
3,211
2,576
3,116
13,123
12,390
6,503
10,247
12,759
11,460
6,654
9,595
1,587
2,336
2,111
2,549
11,172
9,124
4,543
7,047
2,452
4,142
2,425
3,768
501
875
465
567
1,951
3,266
1,960
3,200
1976—1
13,671
2,315
11,356
9,404
1,403
8,001
4,267
912
3,355
Type of issues
Commercial
and other 2
Manufacturing
Public
utility
Transportation 3
Communication
Real estate
and financial i
Period
Bonds
and
notes
Stocks
Bonds
and
notes
Stocks
Bonds
and
notes
Stocks
Bonds
and
notes
Stocks
Bonds
and
notes
Stocks
Bonds
and
notes
Stocks
1,995
801
7,404
13,219
2,094
658
17
1,607
1,409
-109
1,116
1,605
2,471
1 ,411
-135
1,137
711
1,044
341
2,165
254
-93
-20
65
5,137
4,265
7,308
7,236
4,844
4,509
3,834
6,015
3,343
3,165
3,499
2,980
1,260
1,399
398
1,084
7,045
3,523
5,428
4,682
2,096
1,181
207
468
1975-- I
II
Ill
IV
5,134
4,574
1,442
2,069
262
500
412
433
373
483
221
528
77
490
108
462
1
429
147
1,588
1
7
53
4
2,653
1,977
1,395
1,211
1,569
1,866
1,043
1,537
1,269
810
472
429
24
359
97
604
1,742
852
866
1,222
18
43
247
160
1976-- I
2,966
838
203
149
985
5
1,820
2,174
498
47
1,530
203
1972,
1973
1974,
1975
1 Excludes investment companies.
2 Extractive and commercial and miscellaneous companies.
3 Railroad and other transportation companies.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on preceding page, new issues
exclude foreign sales and include sales of securities held by affiliated companies, special offerings to employees, and also new stock issues and cash
proceeds connected with conversions of bonds into stocks. Retirements
are defined in the same way and also include securities retired with internal funds or with proceeds of issues for that purpose.
OPEN-END INVESTMENT
COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Year
Cash
position 3
Month
Net
sales
Total 2
1,504
1,875
1,962
952
1,528
2,395
25,214
29,116
35,220
1,341
1,329
1,803
23,873
27,787
33,417
4,671
4,670
6,820
2,005
2,745
3,841
2,665
1,927
2,979
34,829
44,701
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
1,637
394
48,291
47,618
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
-1,261
1,409
59,831
46,518
35,777
3,035
4,002
5,637
31,858
42,135
49,490 l976_Jan....
Feb...
44,445
Mar...
Apr...
43,969
May..
52,007
June..
56,796
July...
42,516
Aug...
30,140
1975
10,057
9,571
486
42,179
3,748
38,431
Sales 1
Redemptions
1963
1964
1965
2,460
3,404
4,359
1966
1967
1968
Other
1 Includes contractual and regular single-purchase sales, voluntary and
contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains dividends.
2 Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt, securities, and other
short-term debt securities, less current liabilities.
4 Beginning Jan. 1976, sales and redemption figures exclude money
market funds.
1975—Aug...
Sept...
Oct....
Nov...
Dec...
Sales and redemption
of own shares 4
Sales 1
Redemptions
753
760
914
786
1,040
411
262
326
305
241
321
281
256
Assets (market value
at end of period)
Net
sales
Total 2
Cash
position 3
788
874
995
911
1,093
-35
-114
-81
-125
-53
41,672
40,234
41,860
42,460
42,179
3,660
3,664
3,601
3,733
3,748
38,012
36,570
38,259
38,727
38,431
538
577
677
620
589
599
596
536
-47
-315
-351
-315
-348
-278
-315
-280
46,529
46,540
46,866
45,956
45,122
46,801
45,986
45,457
3,287
3,084
2,881
2,683
2,769
2,679
2,547
2,561
43,242
43,546
43,985
42,273
42,353
44,122
43,439
42,896
Other
NOTE.—Investment Company Institute data based on reports of members, which comprise substantially all open-end investment companies
registered with the Securities and Exchange Commission. Data reflect
newly formed companies after their initial offering of securities.
A40
BUSINESS FINANCE • OCTOBER 1976
SALES, R E V E N U E ,
PROFITS,
AND
DIVIDENDS
OF LARGE M A N U F A C T U R I N G
CORPORATIONS
(In millions of dollars)
1975
1974
Industry
1973
1974
1976
1975
I
II
III
IV
I
II
III
IV
QI
Total (170 corps.) : •
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
442,351 564,724 586,813 126,812 143,077 145,054
448,919 573,136 595,205 128,711 145,227 147,251
16,596
17,860
53,845
67,737 60,286
18,218
9,292
7,739
28,767
32,531 27,004
8,428
7,627
9,222
8,497
32,720 27,775
28,798
2,912
3,073
12,442
12,421
2,928
11,516
Nondurable goods industries
(86 corps.)
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
210,216 309,033 323,136
214,028 314,584 328,502
30,211 46,446 40,905
16,303
15,537 20,568
20,465
15,415
16,719
6,873
7,228
6,104
68,782
70,066
11,887
5,055
4,958
1,626
77,193
78,654
11,998
5,740
5,689
1,645
80,543
82,021
12,618
5,473
5,398
1,720
82,515
83,843
9,943
4,300
4,420
1,882
77,297
78,616
9,378
3,586
3,572
1,815
78,656
79,940
9,989
3,919
3,900
1,784
82,361
83,595
10,924
4,441
4,439
1,803
84,822
86,351
10,614
4,357
4,808
1,826
86,987
88,231
10,638
4,775
4,794
1,879
Durable goods industries (84
corps.): 3
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
232,135 255,691 263,677
234,891 258,552 266,703
23,634 21,291
19,381
13,230
10,701
11,963
13,383
11,056
12,255
5,214
5,412
5,548
58,030
58,645
4,709
2,684
2,669
1,286
65,884
66,573
6,220
3,552
3,533
1,283
64,511
65,230
5,242
2,955
3,099
1,353
67,266
68,104
5,120
2,772
2,954
1,626
61,025
61,795
3,517
1,965
2,095
1,313
67,216
67,845
4,870
2,788
2,696
1,248
65,625
66,225
4,569
2,653
2,607
1,269
69,811
70,838
6,425
3,295
3,658
1,384
72,304
73,503
6,072
3,762
3,764
1,304
42,629
43,198
3,957
2,062
2,073
936
52,753
53,728
4,602
2,298
2,329
1,011
57,149
58,156
5,025
2,496
2,601
1,100
11,885
12,110
1,046
529
533
243
12,729
12,996
1,190
607
610
248
13,663
13,939
1,289
645
646
253
14,476
14,683
1,077
517
540
267
13,490
13,708
1,066
502
526
268
14,117
14,356
1,190
607
615
271
14,600
14,844
1,385
919
745
274
14,942
15,248
1,384
668
715
287
14,762
14,986
1,448
643
644
307
43,208
43,785
6,264
3,505
3,469
1,496
55,083
55,676
8,263
4,876
4,745
1,647
57,735
58,376
7,082
3,889
4,015
1,723
12,507
12,667
1,856
1,044
1,031
383
13,892
14,066
2,293
1,247
1,245
405
14,606
14,778
2,194
1,223
1,180
422
14,078
14,165
1,920
1,362
1,289
437
13,618
13,756
1,647
932
927
430
14,329
14,503
1,622
929
937
425
14,660
14,791
1,858
1,035
1,028
429
15,128
15,326
1,955
993
1,123
439
15,816
15,958
2,166
1,232
1,213
444
93,504 165,150 172,645
95,722 168,680 175,915
30,657 26,305
17,493
8,551
8,551
11,775
8,712
11,746
8,505
3,635
3,801
3,146
36,103
36,913
8,296
3,098
3,011
864
41,362
42,261
7,564
3-, 349
3,304
853
42,747
43,659
8,339
3,181
3,132
899
44,938
45,847
6,458
2,147
2,299
1,019
41,988
42,851
6,227
1,905
1,871
966
41,342
42,100
6,612
2,078
2,040
937
43,873
44,633
6,961
2,300
2,268
949
45,442
46,331
6,505
2,268
2,533
949
46,656
47,407
6,254
2,481
2,512
971
Primary metals and products
(23 corps.):
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
42,400
43,103
3,221
1,966
2,039
789
54,044
55,048
5,579
3,199
3,485
965
48,578
49,534
2,921
1,822
2,003
945
11,888
12,045
973
589
607
221
13,976
14,171
1,586
927
942
209
14,285
14,504
1,791
1,028
1,137
238
13,895
14,328
1,229
655
799
297
12,482
12,782
1,015
633
639
273
12,393
12,604
711
478
485
227
12,274
12,479
487
396
381
216
11,429
11,669
708
315
498
229
12,733
12,904
633
409
416
218
Machinery (27 corps.):
,
Sales
.
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT u n a d j . i . . . .
Dividends
65,040
65,925
7,670
4,236
4,209
1,607
73,894
74,725
7,661
4,210
4,149
1,957
78,914
79,868
8,665
4,801
4,864
2,015
16,830
17,012
1,829
1,006
996
441
18,836
19,023
2,074
1,149
1,137
441
18,853
19,075
1,943
1,074
1,096
476
19,375
19,615
1,815
981
920
599
18,245
18,464
1,727
971
975
483
19,881
20,104
2,089
1,178
1,173
485
19,764
19,956
2,219
1,224
1,231
519
21,024
21,344
2,630
1,428
1,485
528
20,375
20,928
2,445
1,344
1,343
529
Motor vehicles and equipment
(9 corps.):
.
Sales
.
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
83,017
83,671
7,429
3,991
4,078
2,063
80,386
80,881
2,920
1,686
1,742
1,537
85,863
86,475
3,077
1,471
1,604
1,121
18,467
18,597
636
369
361
384
20,979
21,146
1,115
657
648
382
19,443
19,593
231
133
147
386
21,497
21,545
938
527
586
385
18,866
19,011
-98
-127
-12
294
22,275
22,341
854
451
455
276
21,005
21,083
590
328
280
274
23,717
24,040
1,731
819
881
277
26,395
26,702
1,794
1,331
1,337
285
Selected industries:
Food and kindred products
(28 corps.):
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
Chemical and allied products
(22 corps.):
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
Petroleum refining (15 corps):
Sales
Total revenue
Profits before taxes
Profits after taxes
Memo: PAT unadj.i
Dividends
^ Historical data covering revisions for the textile, apparel, and leather
industry, as well as total nondurables and all manufacturing, are available
upon request from the Capital Markets Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
1 Profits after taxes unadjusted are as reported by the individual companies. These data are not adjusted to eliminate differences in accounting
treatments of special charges, credits, and other nonoperating items.
2 Includes 21 corporations in groups not shown separately.
3 Includes 25 corporations in groups not shown separately.
149,781 138,322 145,872 147,986
151,947 140,411 147,785 149,820
15,493
15,063 12,895
14,859
5,551
6,707
7,094
7,072
7,374
5,667
6,596
7,046
3,032
3,072
3,128
3,508
154,633 159,291
157,189 161,734
17,039
16,710
7,652
8,537
8,558
8,466
3,210
3,183
NOTE—Data are obtained from published reports of companies and
reports made to the Securities and Exchange Commission. Sales are net
of returns, allowances, and discounts, and exclude excise taxes paid directly by the company. Total revenue data include, in addition to sales,
income from nonmanufacturing operations and nonoperating income.
Profits are before dividend payments and have been adjusted to exclude
special charges and credits to surplus reserves and extraordinary items not
related primarily to the current reporting period. Income taxes (not
shown) include Federal, State and local government, and foreign.
Previous series last published in June 1972 BULLETIN, p. A-50.
OCTOBER 1976 D BUSINESS FINANCE
CORPORATE PROFITS, TAXES, A N D
A41
DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1968,
1969,
1970,
85.6
83.5
71.5
39.3
39.7
34.5
46.2
43.8
37.0
21.9
22.6
22.9
24.2
21.2
14.1
1971,
1972
1973
1974,
1975,
82.0
96.2
115.8
127.6
114.5
37.7
41.4
48.7
52.4
49.2
44.3
54.6
67.1
75.2
65.3
23.0
24.6
27.8
30.8
32.1
21.3
30.0
39.3
44.4
33.2
Year
Undistributed
profits
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
126.3
126.4
138.6
119.2
50.5
53.0
57.6
48.6
75.8
73.3
81.0
70.6
29.9
30.7
31.3
31.1
45.9
42.6
49.7
39.5
94.2
105.8
126.9
131.3
40.2
44.8
54.8
57.2
54.0
61.0
72.1
74.2
31.7
31.9
32.6
32.2
22.3
29.1
39.5
41.9
141.1
61.4
79.7
33.1
46.6
II
IV
1975-1
Ill
IV
1976—1
Undistributed
profits
NOTE.—^Dept. o f Commerce estimates. Quarterly data are at seasonally
adjusted annual rates.
C U R R E N T ASSETS A N D LIABILITIES OF N O N F I N A N C I A L
CORPORATIONS
(In billions of dollars)
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt,
securities
Current liabilities
Notes and accts.
receivable
U.S.
Govt. 1
Other
Inventories
Other
Total
1970....
197 1
197 2
187.4
203.6
221.3
492.3
529.6
574.4
50.2
53.3
57.5
7.7
11.0
10.2
4.2
3.5
3.4
201.9
217.6
240.0
193.3
200.4
215.2
35.0
43.8
48.1
304.9
326.0
352.2
1973_IV
242.3
643.2
61.6
11.0
3.5
266.1
246.7
54.4
1974—1..
II.
III
IV
250.1
253.9
259.5
261.5
666.2
12.1
685.4
708.6
712.2
59.4
58.8
60.3
62.7
3.2
3.4
3.5
3.5
276.2
289.8
295.5
289.7
258.4
269.2
282.1
288.0
56.9
53.5
56.1
56.6
1975—1..
II.
III
IV
260.4
269.0
271.8
274.1
698.4
703.2
716.5
731.6
60.6
63.7
65.6
68.1
12.1
12.7
14.3
19.4
3.2
3.3
3.3
3.6
281 .9
284.8
294.7
294.6
285.2
281.4
279.6
285.8
1976—1..
287.6
753.5
68.4
21.7
3.6
307.3
288.8
10.7
11.0
11.7
1 Receivables from, and payables to, the U.S. Govt, exclude amounts
offset against each other on corporations' books.
Notes and accts.
payable
Accrued
Federal
income
U.S.
taxes
Other
Govt.i
6.6
4.9
4.0
204.7
215.6
230.4
401.0
4.3
416.1
431 .5
449.1
450.6
4.5
4.7
5.1
5.2
55.4
57.3
59.0
60.0
438.0
434.2
444.7
457.5
63.6
465.9
10.0
Other
83.6
92.4
13.1
15.1
102.6
261.6
18.1
117.0
266.5
278.5
287.0
287.5
20.6
124.5
129.1
134.3
134.8
5.3
5.8
6.2
6.4
271.2
270.1
273.4
281.6
21.8
17.7
19.4
20.7
139.8
140.6
145.6
148.8
6.4
280.5
23.9
155.0
19.0
22.7
23.2
NOTE.—Securities and Exchange Commission estimates.
BUSINESS EXPENDITURES ON NEW PLANT AND
EQUIPMENT
(In billions of dollars)
Manufacturing
Period
Total
Public utilities
Transportation
Mining
15.64
19.25
22.62
21.84
15.72
18.76
23.39
26.11
2.45
2.74
3.18
3.79
1.80
1.96
2.54
2.55
2.46
2.41
2.00
1.84
1.46
1.66
2.12
3.18
14.48
15.94
17.63
17.00
2.52
2.76
2.92
3.14
11.89
12.85
13.96
12.74
20.07
21.40
22.05
20.60
1974—11
Ill
IV
28.16
28.23
31.92
5.59
5.65
6.64
5.69
5.96
6.99
.78
.80
.91
.64
.64
.78
.61
.43
.48
.49
.58
.71
4.56
4.42
4.80
.75
.78
.87
3.60
3.39
3.78
5.46
5.57
5.97
111.40
113.99
116.22
1975—1
II
Ill
IV
25.82
28.43
27.79
30.74
5.10
5.59
5.16
5.99
5.74
6.55
6.51
7.30
.91
.97
.94
.97
.59
.71
.62
.62
.44
.47
.50
.43
.62
.77
.85
.93
3.84
4.15
4.16
4.85
.58
.79
.91
.85
3.11
3.22
3.14
3.26
4.88
5.19
5.00
5.52
114.57
112.46
112.16
111.80
1976—1
II
III2
25.87
29.70
30.54
4.78
5.61
5.90
6.18
7.05
7.35
.92
.99
.95
.49
.68
.54
.26
.42
.34
.72
1.02
.96
4.18
4.74
4.90
.62
.76
.98
2.92
3.21
4.82
5.21
114.72
118.12
122.96
Other
Electric
Total
(S.A.
A.R.)
88.44
99.74
112.40
112.78
1 Includes trade, service, construction, finance, and insurance.
2 Anticipated by business.
Air
Gas
and other
Other 1
Durable
1972
1973
1974
1975
Railroad
Communications
Nondurable
8.62
NOTE.—Dept. of Commerce estimates for corporate and noncorporate
business; excludes agriculture, real estate operators, medical, legal,
educational, and cultural service, and nonprofit organizations.
A42
REAL ESTATE CREDIT • OCTOBER 1976
MORTGAGE DEBT OUTSTANDING
BY T Y P E O F
HOLDER
(In millions of dollars)
End of year
Type of holder, and type of property
End of quarter
1975
1972
1973
1976
1974
II
III
IV
I
II
A L L HOLDERS
1 - to 4-famiIy
Multifamily
Commercial
Farm
603,417
372,793
82,572
112,294
35,758
682,321
416,883
92,877
131,308
41,253
742,522
449,937
99,851
146,428
46,306
766,839
467,747
99,202
150,424
49,466
782,581
479,540
99,246
153,530
50,265
800,440
492,191
99,374
157,628
51,247
815,113
502,812
99,768
159,783
52,750
837,180
519,531
99,944
163,158
54,547
MAJOR FINANCIAL INSTITUTIONS...
Commercial banks i
1- to 4-family
Multifamily
Commercial
Farm
450,000
99,314
57,004
5,778
31,751
4,781
505,400
119,068
67,998
6,932
38,696
5,442
542,552
132,105
74,758
7,619
43,679
6,049
558,179
133,012
75,356
6,816
44,598
6,242
570,049
134,514
76,149
6,363
45,694
6,308
581,486
136,186
77,018
5,915
46,882
6,371
592,061
137,986
78,218
5,515
47,812
6,441
609,169
141,086
80,218
5,115
49,112
6,641
67,556
46,229
10,910
10,355
62
73,230
48,811
12,343
12,012
64
74,920
49,213
12,923
12,722
62
75,796
49,458
13,262
13,024
52
76,490
49,719
13,523
13,194
54
77,249
50,025
13,792
13,373
59
77,738
50,344
13,876
13,456
62
78,735
50,989
14,030
13,653
63
206,182
167,049
20,783
18,350
231,733
187,750
22,524
21,459
249,293
201,553
23,683
24,057
261,336
211,290
24,409
25,637
270,600
218,483
24,976
27,141
278,693
224,710
25,417
28,566
286,556
231,337
25,990
29,229
299,657
242,213
27,029
30,415
76,948
22,315
17,347
31,608
5,678
81,369
20,426
18,451
36,496
5,996
86,234
19,026
19,625
41,256
6,327
88,035
18,377
19,795
43,287
6,576
88,445
17,964
19,756
44,085
6,640
89,358
17,602
19,708
45,288
6,760
89,781
17,321
19,726
45,907
6,827
89,691
16,861
19,374
46,456
7,100
40,157
5,113
2,513
2,600
46,721
4,029
1,455
2,574
58,320
4,846
2,248
2,598
61,470
5,610
2,787
2,823
64,464
6,534
3,692
2,842
66,891
7,438
4,728
2,710
66,760
7,619
4,886
2,733
66,158
5,557
3,165
2,392
Farmers Home Administration
1- to 4-family
Multifamily
Commercial
Farm
1,019
279
29
320
391
1,366
743
29
218
376
1,432
759
167
156
350
1,169
367
268
176
358
1,118
343
134
181
460
1,109
208
215
190
496
650
97
23
96
434
623
70
23
96
434
Federal Housing and Veterans Administration
1- to 4-family
Multifamily
3,338
2,199
1,139
3,476
2,013
1,463
4,015
2,009
2,006
4,297
1,915
2,382
4,681
1,951
2,730
4,970
1,990
2,980
5,143
1,922
3,221
5,443
1,981
3,462
19,791
17,697
2,094
24,175
20,370
3,805
29,578
23,778
5,800
30,015
23,988
6,027
31,055
25,049
6,006
31,824
25,813
6,011
31,482
25,562
5,920
32,028
26,112
5,916
9,107
13
9,094
11,071
123
10,948
13,863
406
13,457
15,435
497
14,938
16,043
525
15,518
16,563
549
16,014
17,264
563
16,701
17,978
575
17,403
1,789
1,754
35
2,604
2,446
158
4,586
4,217
369
4,944
4,543
401
5,033
4,632
401
4,987
4,588
399
4,602
4,247
355
4,529
4,166
363
14,404
5,504
5,353
151
18,040
7,890
7,561
329
23,799
11,769
11,249
520
29,550
15,437
14,856
581
31,483
16,595
15,924
671
34,653
18,772
18,014
758
37,684
20,479
19,693
786
40,803
22,967
22,086
881
441
331
110
766
617
149
757
608
149
1,193
1,008
185
1,323
1,105
218
1,598
1,349
249
1,999
1,698
301
2,153
1,831
322
8,459
5,017
131
867
2,444
9,384
5,458
138
1,124
2,664
11,273
6,782
116
1,473
2,902
12,920
8,112
116
1,687
3,005
13,565
8,563
296
1,765
2,941
14,283
9,194
295
1,948
2,846
15,206
9,516
542
2,122
3,026
15,683
9,818
563
2,195
3,107
98,856
45,040
21,465
19,043
13,308
112,160
51,112
23,982
21,303
15,763
117,851
53,331
24,276
23,085
17,159
117,640
55,193
21,m
22,015
18,295
116,585
55,441
21,330
21,470
18,344
117,410
56,403
20,925
21,381
18,701
118,608
57,408
20,780
21,161
19,259
121,050
59,446
20,474
21,231
19,899
Mutual savings banks
1- to 4-family
Multifamily
Commercial
Farm
Savings and loan associations
1 - to 4-family
Multifamily
Commercial
Life insurance companies
1- to 4-family
Multifamily
Commercial
Farm
FEDERAL A N D R E L A T E D A G E N C I E S . .
Government National Mortgage Association
1- to 4-family
Multifamily
Federal National Mortgage Association
1- to 4-family
Multifamily
Federal land banks
1- to 4-family
Farm
Federal Home Loan Mortgage
1- to 4-family
Multifamily
Corporation
M O R T G A G E POOLS OR TRUSTS 2 . . . .
Government National Mortgage Association
1- to 4-family
Multifamily
Federal Home Loan Mortgage
1- to 4-family
Multifamily
Corporation
Farmers Home Administration
1 - to 4-family
Multifamily
Commercial
Farm
I N D I V I D U A L S A N D OTHERS 3
1- to 4-family
Multifamily
Commercial
Farm
1 Includes loans held by nondeposit trust companies but not bank trust
departments.
2 Outstanding principal balances o f mortgages backing securities insured or guaranteed by the agency indicated.
3 Other holders include mortgage companies. Real Estate Investment
Trusts, State and local credit agencies. State and local retirement funds,
noninsured pension funds, credit unions, and U.S. agencies for which
amounts are small or separate data are not readily available.
NOTE.—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, i f not reported directly, and interpolations and extrapolations where required, are
estimated mainly by Federal Reserve. Multifamily debt refers to loans on
structures of 5 or more units.
OCTOBER 1976 • REAL ESTATE CREDIT
FEDERAL N A T I O N A L MORTGAGE ASSOCIATION A N D FEDERAL H O M E LOAN M O R T G A G E
SECONDARY MORTGAGE MARKET
A43
CORPORATION-
ACTIVITY
(In millions of dollars)
FHLMC
F N M A
Mortgage
transactions
(during period)
Mortgage
holdings
End o f
period
Total 1
FHAinsured
VAguaranteed
Purchases
197 1
197 2
197 3
197 4
197 5
17,791
19,791
24,175
29,578
31,824
12,68f
14,624
16,852
19,189
19,732
5,110
5,112
6,352
8,310
9,573
3,574
3,699
6,127
6,953
4,263
1975—Aug..
Sept..
Oct..
Nov..
Dec..
30,777
31,055
31,373
31,552
31,824
19,507
19,560
19,641
19,648
19,732
8,942
9,122
9,309
9.430
9,573
594
488
508
372
451
1976—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
31,772
31,618
31,482
31,389
32,052
32,028
32,011
32,069
19,674
19,541
19,431
19,368
19,296
19,238
19,184
19,180
9,554
9,521
9,473
9.431
9.390
9.391
9,388
9,394
76
56
85
103
877
240
210
277
Sales
336
211
71
5
2
55
22
184
597
689
Mortgage
commitments
Mortgage
holdings
Made
during
period
Outstanding
Total
9,828
8,797
8,914
10,765
6,106
6,497
8,124
7,889
7,960
4,126
968
1,789
2,604
4,586
4,987
814
575
282
332
517
5,888
5,399
4,685
4,385
4,126
189
355
405
213
1,305
857
584
492
3,170
3,201
3,120
2,788
3,732
4,153
4,245
4,335
1 Includes conventional loans not shown separately.
NOTE.—Data from F N M A and F H L M C , respectively.
For FNMA: Holdings include loans used to back bond issues guaranteed
by G N M A . Commitments include some multifamily and nonprofit
hospital loan commitments in addition to 1- to 4-family loan commitments
accepted in F N M A ' s free market auction system, and through the F N M A G N M A Tandem Plans.
Mortgage
transactions
(during period)
Mortgage
commitments
Conventional
Purchases
Sales
Made
during
period
821
1,503
1,743
1,904
1,824
147
286
861
2,682
3,163
778
1,297
1,334
2,191
1,716
64
409
409
52
1,020
1,606
1,629
4,553
982
4,942
5,033
5,119
4,971
4,987
1,863
1,852
1,843
1,834
1,824
3,080
3,181
3,276
3,137
3,163
98
148
176
104
69
145
31
59
225
30
132
79
45
50
71
509
403
201
124
111
4,958
4,686
4,602
4,520
4,486
4,529
4,551
1,816
1,802
1,787
1,768
1,752
1,729
1,713
3,142
2,884
2,815
2,752
2,735
2,801
2,838
47
51
95
43
73
163
152
57
296
98
86
64
75
84
42
43
93
209
178
72
39
99
87
128
289
376
285
154
FHAVA
Outstanding
182
198
186
2,390
111
For FHLMC: Holdings and transactions cover participations as well as
whole loans. Holdings include loans used to back bond issues guaranteed
by G N M A . Commitments cover the conventional and Govt.-underwritten loan programs.
FEDERAL N A T I O N A L MORTGAGE ASSOCIATION A U C T I O N S OF C O M M I T M E N T S TO BUY H O M E
MORTGAGES
Date of auction
Item
Amounts (millions of dollars):
Govt.-underwritten loans
Offered 1
Accepted
Conventional loans
Offered 1
Accepted
Average yield (per cent) on shortterm commitments 2
Govt.-underwritten loans
1976
June 14 June 28
July 12
July 26
Aug. 9
Aug. 23
Sept. 7
146.6
98.8
261.2
157.5
148.3
88.4
311.8
212.0
190.1
107.4
171.3
107.0
121.9
68.8
99.1
49.1
124.3
61.8
131.4
90.5
77.3
70.3
93.6
59.2
90.7
82.0
130.5
105.2
136.7
93.4
162.1
115.3
170.6
117.8
151.1
107.6
153.8
94.4
9.20
9.31
9.14
9.30
9.12
9.31
9.05
9.27
9.04
9.23
9.01
9.17
8.97
9.14
8.92
9.13
8.84
9.09
8.80
9.07
May 3
May 17
June 1
483.3
222.3
634.3
321.4
349.5
224.7
110.7
60.1
128.8
68.9
8.94
9.09
9.13
9.24
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
Sept. 20
Oct. 4
period o f 12 years for 30-year loans, without special adjustment for
F N M A commitment fees and F N M A stock purchase and holding requirements. Commitments mature in 4 months.
REAL ESTATE CREDIT • OCTOBER 1976
A44
MAJOR HOLDERS OF FHA-INSURED A N D VA-GUARANTEED RESIDENTIAL MORTGAGE
DEBT
(End of period, in billions of dollars)
Holder
A l l holders
FHA
VA
Commercial banks
FHA
VA
Mutual savings banks
FHA
VA
Savings and loan assns
FHA
VA
Life insurance cos
FHA
VA
Others
FHA
VA
Sept. 30,
1974
Dec. 31,
1974
Mar. 31,
1975
June 30,
1975
Sept. 30,
1975
Dec. 31,
1975
Mar. 31,
1976
138.6
84.1
54.5
10.7
7.4
3.3
27.8
15.0
12.8
140.3
84.1
56.2
10.4
7.2
3.2
27.5
14.8
12.7
142.0
84.3
57.7
10.5
7.2
3.3
27.3
14.7
12.6
143.0
85.0
58.0
9.6
6.4
3.2
27.2
14.7
12.5
144.9
85.1
59.8
9.7
6.4
3.3
27.0
14.5
12.5
147.0
85.4
61.6
9.4
6.3
3.1
27.4
14.7
12.7
148.3
85.4
62.9
9.5
6.3
3.2
27.7
14.7
13.0
}
29.9
12.9
8.7
4.2
57.4
}
29.9
12.7
8.6
4.2
59.9
}
NOTE.—VA-guaranteed residential mortgage debt is for 1- to 4-family
properties while FHA-insured includes some debt in multifamily structures.
29.9
12.5
8.4
4.1
61.6
}
30.2
12.2
8.2
4.0
62.2
}
30.4
12.1
8.1
4.0
65.7
\
30.6
11.8
7.9
3.9
67.8
\
/
11.6
7.8
3.8
Detail by type of holder partly estimated by Federal Reserve for first
and third quarters, and for most recent quarter.
C O M M I T M E N T S OF LIFE I N S U R A N C E C O M P A N I E S FOR I N C O M E P R O P E R T Y
MORTGAGES
Averages
Number
o f loans
Total
amount
committed
(millions of
(dollars)
2,132
2,140
1,166
599
4,986.5
4,833.3
2,603.0
1,717.0
2,339
2,259
2,232
2,866
1975-- A p r
May
June
July
Aug
Sept
Oct
Nov
Dec
32
73
61
53
44
57
57
47
52
108.4
227.5
167.5
178.6
106.5
123.8
144.7
252.8
159.4
1976--Jan
Feb
Mar
Apr
May
June
32
40
71
78
104
104
99.2
140.2
294.6
292.1
294.8
297.2
Period
1972.
1973.
1974.
1975
Loan
amount
(thousands
o f dollars)
Contract
interest
rate
(per cent)
Maturity
(yrs./mos.)
Loanto-value
ratio
(per cent)
Capitalization rate
(per cent)
Debt
coverage
ratio
Per cent
constant
8.57
8.76
9.47
10.22
23/3
23/3
21/3
21/9
75.2
74.3
74.3
73.8
9.6
9.5
10.1
10.8
1.29
1.29
1.29
1.33
9.8
10.0
10.6
11.2
3,386
3,116
2,745
3,370
2,420
2,172
2,538
5,378
3,065
10.02
10.23
10.11
10.19
10.26
10.24
10.29
iO.24
10.15
23/0
20/9
21/9
20/7
21/2
22/8
20/10
22/7
23/4
75.6
74.7
73.0
74.6
72.7
73.6
74.3
72.7
73.7
10.8
10.8
10.5
10.9
10.8
10.7
10.7
10.9
11.0
1.36
1.30
1.29
1.31
1.32
1.37
1.28
1.35
1.34
10.8
11.1
11.2
11.3
11.4
11.1
11.3
11.2
11.0
3,099
3,506
4,150
3,745
2,834
2,858
10.25
10.08
10.04
9.88
9.80
9.90
20/11
20/6
21/11
23/1
21/2
20/9
74.3
74.2
73.8
73.0
74.4
73.9
10.7
10.5
10.6
10.4
10.4
10.1
1.29
1.26
1.30
1.31
1.30
1.31
11.2
11.0
11.0
10.8
11.1
10.6
NOTE.—American Life Insurance Association data for new commitments
of $100,000 and over each on mortgages for multifamily and nonresidential
nonfarm properties located largely in the United States. The 15 companies
account for a little more than one-half of both the total assets and the
nonfarm mortgages held by all U.S. life insurance companies. Averages,
which are based on number of loans, vary in part with loan composition
by type and location of property, type and purpose of loan, and loan
amortization and prepayment terms. Data for the following are limited
to cases where information was available or estimates could be made:
capitalization rate (net stabilized property earnings divided by property
value); debt coverage ratio (net stabilized earnings divided by debt service);
and per cent constant (annual level payment, including principal and
interest, per $100 of debt). A l l statistics exclude construction loans,
increases in existing loans in a company's portfolio, reapprovals, and loans
secured by land only.
OCTOBER 1976 • REAL ESTATE CREDIT AND CONSUMER CREDIT
TERMS A N D YIELDS O N N E W H O M E
45
MORTGAGES
Conventional mortgages
Terms 1
Yields (per cent) in
Drimarv market
Period
FHAinsured
loans—Yield
in private
secondary
markets
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. o f
dollars)
FHLBB
series 3
HUD
series 4
197 1
197 2
197 3
197 4
197 5
7.60
7.45
7.78
8.71
8.75
.87
.88
1.11
1.30
1.54
26.2
27.2
26.3
26.3
26.8
74.3
76.8
77.3
75.8
76.1
36.3
37.3
37.1
40.1
44.6
26.5
28.1
28.1
29.8
33.3
7.74
7.60
7.95
8.92
9.01
7.75
7.64
8.30
9.22
9.10
7.70
7.53
8.19
9.55
9.19
1975_Aug..
Sept..
Oct.. .
Nov..
Dec...
8.63
8.70
8.75
8.74
8.74
1.56
1.46
1.59
1.65
1.65
26.7
26.7
27.3
27.6
27.8
77.0
75.9
77.5
76.5
76.9
44.6
45.6
43.9
46.4
45.9
33.7
34.1
33.2
34.8
34.7
8.89
8.94
9.01
9.01
9.01
9.15
9.25
9.25
9.20
9.15
9.32
9.74
9.53
9.41
9.32
1976—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July. .
Aug.f
8.71
8.67
8.67
8.67
8.75
8.69
8.76
8.81
1 .74
1.56
1.60
1.52
1.35
1.27
1.29
1.56
27.4
26.0
27.1
27.3
26.5
26.5
27.1
27.8
76.9
75.1
76.4
75.3
77.5
75.1
75.8
76.0
47.2
45.2
46.8
48.5
46.3
48.9
49.4
49.0
35.4
33.4
35.0
35.8
35.3
36.2
36.7
36.5
8.99
8.93
8.93
8.92
8.97
8.89
8.97
9.03
9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.06
9.04
1 Weighted averages based on probability sample survey o f characteristics o f mortgages originated by major institutional lender groups (including mortgage companies) for purchase o f single-family homes, 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 o f property ownership.
3 Effective rate, reflecting fees and charges as well as contract rates
8.82
9.03
9.05
8.99
8.93
(as shown in first column o f 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 o f prevailing
local conditions as of the first o f the succeeding month. Yields are derived
from weighted averages o f private secondary market prices for Sec. 203,
30-year mortgages with minimum downpayment and an assumed prepayment at the end o f 15 years. A n y gaps in data are due to periods o f
adjustment to changes in maximum permissible contract interest rates.
FINANCE RATES O N SELECTED TYPES OF I N S T A L M E N T
CREDIT
(Per cent per annum)
Finance companies
Commercial banks
New
automobiles
(36 mos.)
Mobile
homes
(84 mos.)
1974—Aug.
Sept.
Oct..
Nov.
Dec.
11.15
11.31
11.53
11.57
11.62
1975—Jan..
Feb..
Mar.
Apr.
May
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
11.61
11.51
11.46
11.44
11.39
Month
1976—Jan..
Feb..
Mar.
May!
June
July.
Aug.
11.26
Other
consumer
goods
(24 mos.)
Personal
loans
(12 mos.)
11.71
11.72
11.94
11.87
11.71
13.10
13.20
13.28
13.16
13.27
13.45
13.41
13.60
13.47
13.60
11.66
12.14
13.28
13.20
13.07
13.22
13.11
13.10
13.13
13.05
13.06
13.00
12.96
13.11
13.14
13.02
13.02
12.95
11.66
11.78
11.57
12.02
11.30
11.31
11.33
11.24
11.24
11.25
11 .94
11 .80
11.99
12.05
11.76
11.83
11.21
11.76
11.77
11.82
11.66
11.61
11.82
11.80
11.84
11.18
11.13
11.08
11.00
11.02
11.06
11.07
12.96
12.99
13.02
13.02
Automobiles
Mobile
homes
New
Used
17.21
17.15
17.17
17.16
17.21
12.67
12.84
12.97
13.06
13.10
17.32
17.61
17.78
17.88
17.89
13.60
13.44
13.40
13.55
13.41
13.40
13.49
13.37
13.41
13.38
13.40
13.46
17.12
17.24
17.15
17.17
17.21
17.10
17.15
17.14
17.14
17.11
17.06
17.13
13.08
13.07
13.07
13.07
13.09
13.12
13.09
13.10
13.18
13.15
13.17
13.19
17.27
17.39
17.52
17.58
17.65
17.67
17.69
17.70
17.73
17.79
17.82
17.86
13.40
13.24
13.13
13.16
13.27
13.32
13.38
13.31
17.08
17.14
16.99
17.04
17.02
17.04
16.91
17.01
13.18
13.14
13.13
13.13
13.15
13.17
13.16
17.25
17.37
17.48
17.58
17.64
17.68
17.71
NOTE.—Rates are reported on an annual percentage rate basis as
specified in Regulation Z (Truth i n Lending) o f the Board o f Governors.
Commercial bank rates are "most common" rates for direct loans with
Creditcard
plans
Other
consumer
goods
13.43
19.31
i3;66'
'i9.'49"
13.60
'i3.'59'
13.57
'is.ik'
19.80
'20.00
Personal
loans
20.87
ii'M'
21.09
'20.S2
19.63
20.72
'i9!87'
'26.'93'
'iy.is
'i9!69'
'2i!i6'
'i3!43'
'i9.'66'
'2i.'69'
13.18
19.58
21.13
'l3.'35'
'i9!37'
'io.sY
specified maturities; finance company rates are weighted averages for
purchased contracts (except personal loans). For back figures and description o f the data, see BULLETIN for Sept. 1973.
CONSUMER CREDIT • OCTOBER 1976
A46
INSTALWIENT CREDIT-TOTAL OUTSTANDING, AND NET CHANGE
(In millions o f dollars)
1976
Holder, and type o f credit
1973
1974
1975
Mar.
Feb.
Apr.
' g(
TOTAL
May
June
July
Aug.
•
)
d f peno
146,434
155,384
162,237
160,402
160,729
162,334
164,101
166,664
168,674
171,160
71,871
35,4(H
19,609
16,395
3,155
75,846
36,208
22,116
17,933
3,281
78,703
36,695
25,354
18,002
3,483
77,957
36,458
25,492
16,769
3,726
78,039
36,450
26,025
16,375
3,840
78,982
36,745
26,403
16,448
3,756
79,785
37,022
26,975
16,465
3,854
80,850
37,490
27,842
16,633
3,849
81,930
38,026
28,234
16,660
3,824
82,961
38,398
28,956
16,911
3,934
50,065
31,502
18,997
12,505
10,718
7,456
389
50,392
30,994
18,687
12,306
10,618
8,414
366
53,028
31,534
18,353
13,181
11,439
9,653
402
53,044
31,322
18,135
13,187
11,579
9,704
439
53,650
31,580
18,200
13,381
11,695
9,908
467
54,572
32,162
18,472
13,690
11,903
10,051
456
55,484
32,664
18,671
13,993
12,080
10,269
471
56,667
33,269
18,912
14,358
12,333
10,601
464
57,659
33,877
19,151
14,726
12,573
10,749
460
58,665
34,414
19,404
15,010
12,748
11,024
479
8,340
3,358
8,972
3,524
8,704
3,451
8,532
3,384
8,485
3,363
8,439
3,351
8,408
3,336
8,390
3,343
8,384
3,333
8,379
3,323
6,950
4,083
7,754
4,694
8,004
4,965
7,973
4,907
8,026
4,924
8,089
4,978
8,209
5,048
8,367
5,129
8,452
5,192
8,562
5,263
6,838
2,254
8,281
2,797
9,501
2,810
9,408
2,803
9,221
2,769
9,343
2,775
9,402
2,777
9,531
2,805
9,725
2,835
9,924
2,870
68,629
18,854
12,873
20,914
16,483
11,564
16,395
902
73,664
20,108
13,771
21,717
16,961
13,037
17,933
869
76,738
21,188
14,629
21,655
17,681
14,937
18,002
956
75,258
20,985
14,549
21,348
17,500
15,020
16,769
1,136
75,215
21,060
14,578
21,247
17,434
15,333
16,375
1,200
75,765
21,285
14,743
21,350
17,528
15,557
16,448
1,125
76,485
21,486
14,871
21,466
17,631
15,894
16,465
1,174
77,561
21,726
15,034
21,675
17,811
16,402
16,633
1,125
78,286
21,917
15,148
21,983
18,079
16,635
16,660
1,091
79,438
22,112
15,308
22,192
18,275
17,060
16,911
1,163
By holder:
Commercial banks
Credit unions
Retailers!
Others 2
By type of credit:
Automobile, total
Commercial banks
Purchased
Direct
Finance companies
Others
Mobile homes:
Commercial banks
Finance companies
Revolving credit:
Bank credit cards
Bank check credit
AU other, total
Personal loans
Finance companies, total
Personal loans
Credit unions
Retailers
Others
Net change (during period) 3
19,676
8,952
6,843
1,123
1,473
1,427
1,474
1,330
1,303
1,403
11,001
4,006
2,696
1,632
341
3,975
806
2,507
1,538
126
2,851
483
3,238
69
202
467
160
420
58
17
552
282
514
108
16
575
326
392
177
-42
713
157
521
5
78
409
230
482
214
-5
619
264
365
116
-61
518
169
386
183
148
5,968
4,197
2,675
1,523
740
1,024
7
327
-508
-310
-198
-100
958
-23
2,631
535
-340
875
821
1,239
36
614
303
35
267
146
165
663
237
99
138
240
192
—6
732
356
162
194
224
151
2
652
340
110
230
122
181
9
526
229
32
197
116
186
—4
556
327
60
267
108
135
-13
621
377
159
218
62
136
46
Mobile homes:
Commercial banks
Finance companies
1,933
444
632
168
-268
-73
-53
— 35
-18
-52
— 11
-37
— 17
-42
-28
—9
-35
-16
Home improvement, total
Commercial banks
1,033
482
804
611
248
271
58
29
69
41
39
26
70
36
79
29
19
22
39
25
Revolving credit:
Bank credit cards
Bank check credit
1,430
478
1,443
543
1,220
14
132
18
192
16
139
35
193
44
98
14
171
27
86
-6
8,389
2,480
1,492
2,564
1,746
1,591
1,632
122
5,036
1,255
898
803
479
1,473
1,538
-33
3,072
1,080
858
-64
717
1,900
69
87
389
40
27
50
128
241
58
1
550
84
51
43
62
307
108
7
546
70
69
119
116
228
177
-49
570
138
112
53
21
326
5
48
655
81
86
115
95
282
214
-38
567
101
70
170
143
220
116
-39
714
71
46
126
106
240
183
96
TOTAL
By holder:
Commercial banks
Credit unions
Retailers
Others
By type of credit:
Automobile, total
Commercial banks
Purchased
Direct
Credit unions
Other..
A l l other, total
Commercial banks, total
Personal loans
Finance companies, total
Personal loans
Retailers
Others
1 Excludes 30-day charge credit held by retailers, oil and gas companies,
and travel and entertainment companies.
2 M u t u a l savings banks, savings and loan associations, and auto dealers.
*
3 Figures for all months are seasonally adjusted and equal extensions
minus liquidations (repayments, charge-offs, and other credits).
OCTOBER 1976 • CONSUMER CREDIT
A47
INSTALMENT CREDIT EXTENSIONS AND LIQUIDATIONS
(In millions of dollars)
1976
Holder, and type o f credit
1973
1974
1975
Feb.
Mar.
Apr.
May
June
July
Aug.
Extensions!
TOTAL
160,228
160,008
163,483
15,045
15,521
15,003
15,041
15,592
15,240
15,685
72,216
38,922
21,143
25,440
2,507
72,605
35,644
22,403
27,034
2,322
77,131
32,582
24,151
27,049
2,570
7,196
3,018
2,248
2,347
236
7,352
2,945
2,389
2,596
238
6,989
2,913
2,386
2,544
171
7,223
2,776
2,448
2,313
280
7,289
2,986
2,456
2,650
211
7,358
2,861
2,329
2,533
159
7,487
2,965
2,313
2,548
372
46,105
29,369
17,497
11,872
9.303
7;009
424
43,209
26,406
15,576
10,830
8,630
7,788
385
48,103
28,333
15,761
12,572
9,598
9,702
470
4,523
2,672
1,435
1 ,238
930
881
40
4,689
2,699
1,514
1,185
990
964
35
4,583
2,677
1,475
1,202
975
891
40
4,471
2,616
1,413
1,204
914
892
49
4,600
2,660
1,386
1,274
935
968
36
4,477
2,680
1,417
1,263
891
879
27
4,712
2,762
1,480
1,282
937
928
84
4,438
1,573
3,486
1,413
2,681
771
211
55
233
63
186
61
182
49
204
68
223
59
186
54
4,414
2,487
4,571
2,789
4,398
2,722
405
244
414
253
413
259
385
233
410
235
381
240
400
242
13,863
3,373
17,098
4,227
20,428
4,024
2,012
392
2,118
380
1,985
394
2,103
422
2,088
435
2,152
401
2,183
413
86,462
18,686
12,928
27,627
17,885
13,768
25,440
941
86,004
18,599
13,176
25,316
16,691
14,228
27,034
827
83,079
18,944
13,386
22,135
17,333
13,992
27,049
959
7,447
1,665
1,179
2,030
1,685
1,319
2,347
86
7,624
1,669
1,182
1,890
1,551
1,376
2,596
93
7,382
1,489
1,081
1,874
1,545
1,446
2,544
29
7,429
1,667
1,203
1,810
1,465
1,511
2,313
127
7,786
1,666
1,221
1,981
1,641
1,440
2,650
50
7,546
1,661
1,174
1,907
1,535
1,403
2,533
43
7,937
1,702
1,197
1,970
1,607
1,338
2,548
180
By holder:
Commercial banks
Finance companies
Credit unions
Retailers 2
Others 3
By type of credit:
Automobile, total
Commercial banks
Purchased
Direct
Finance companies
Credit unions
Others
Mobile homes:
Commercial banks
Commercial banks
Revolving credit:
Bank check credit
A l l other, total
Personal loans
Personal loans
Retailers
Liquidations 1
140,552
151,056
156,640
13,923
14,048
13,576
13,566
14,261
13,937
14,282
61,215
34,916
18,447
23,808
2,166
68,630
34,838
19,896
25,496
2,196
74,280
32,099
20,913
26,980
2,368
6,729
2,858
1,828
2,289
219
6,800
2,663
1,875
2,488
222
6,414
2,587
1,994
2,367
214
6,510
2,619
1,927
2,308
202
6,879
2,756
1,974
2,436
216
6,739
2,597
1,964
2,417
220
6,970
2,796
1,927
2,365
224
40,137
25,172
14,823
10,349
8,563
5,985
417
42,883
26,915
15,886
11,029
8,730
6,830
408
45,472
27,798
16,101
11,697
8,777
8,463
434
3,909
2,370
1,399
970
783
716
40
4,026
2,463
1,416
1,047
750
772
42
3,851
2,321
1,313
1,008
751
740
39
3,819
2,276
1,303
973
792
711
39
4,074
2,432
1,354
1,077
819
783
40
3,922
2,354
1,357
996
784
745
39
4,090
2,385
1,321
1,064
874
792
39
2,505
1,129
2,854
1,245
2,949
844
264
89
251
63
237
72
219
67
247
68
251
68
222
70
3,381
2,005
3,767
2,178
4,150
2,451
348
216
344
212
374
232
314
197
330
206
362
218
361
216
Revolving credit:
Bank credit cards
Bank check credit
12,433
2,894
15,655
3,684
19,208
4,010
1,881
374
1,926
364
1,846
359
1,911
378
1,990
421
1,981
374
2,097
419
A l l other, total
Commercial banks, total
Personal loans
Finance companies, total
Personal loans
Credit unions
Retailers
Others
78,072
16,205
11,435
25,063
16,139
12,177
23,808
819
80,969
17,345
12,278
24,513
16,212
12,755
25,496
860
80,007
17,864
12,528
22,199
16,616
12,092
26,980
872
7,058
1,625
1,151
1,981
1,556
1,077
2,289
86
7,074
1,584
1,131
1,846
1,489
1,069
2,488
86
6,836
1,418
1,012
1,756
1,429
1,218
2,367
77
6,859
1,529
1,091
1,758
1,445
1,185
2,308
79
7,132
1,585
1,135
1,866
1,546
1,158
2,436
87
6,979
1,560
1,104
1,737
1,392
1,183
2,417
82
7,023
1,631
1,151
1,844
1,501
1,098
2,365
85
TOTAL
By holder:
Commercial banks
Finance companies
Retailers 2
By type of credit:
Automobile, total
Commercial banks
Purchased
Direct
Others
Mobile homes:.
Finance companies
Home improvement, total
Commercial banks
1 Monthly figures are seasonally adjusted.
2 Excludes 30-day charge credit held by retailers, o i l and gas companies
and travel and entertainment companies.
3 M u t u a l savings banks, savings and loan associations, and auto dealers.
A48
INDUSTRIAL PRODUCTION • OCTOBER 1976
INDUSTRIAL PRODUCTION—1976 REVISION
(Seasonally adjusted, 1967 = 100)
Grouping
1967
proportion
1975
1975
average
Sept.
Oct.
Nov.
1976
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.f Sept.®
Major market groupings
100.00 117.8
Total index
Products, total
Final products
Consumer goods
Equipment
Intermediate products
Materials
122.1 122.2 123.5
124.4
122.8
121.5
129.0
111.3
127.6
121.0
122.4
120.9
128.7
110.0
128.0
122.0
123.8
122.3
131.1
110.0
129.3
123.1
124.9 126.0 127.4
123.5 123.9 125.3
132.3 133.1 134.9
111.5 111.2 112.1
129.9 133.6 135.3
123.3 125.3 127.3
7.89 121.4 132.2
2.83 125.9 142.1
2.03 113.7 133.9
1.90 101.1 118.5
.80 156.6 162.7
131.9
140.8
133.6
119.1
159.0
132.5 134.0
143.2 147.7
134.7 140.0
120.9 122.8
164.9 167.0
118.8
98.0
100.2
126.8
126.9
127.0
105.3
109.3
141.9
132.6
126.5
100.9
103.7
144.7
132.9
60.71
47.82
27.68
20.14
12.89
39.29
119.3
118.2
124.0
110.2
123.1
115.5
125.7
127.3
128.1 128.4 129.6
130.1
130.7
128.0
126.3
136.1
112.9
134.7
129.2
129.5
127.6
137.8
113.8
135.9
131.1
129.7 130.2 130.2
127.7 128.4 128.1
137.3 138.3 137.3
114.5 115.0 115.4
136.9 137.1 137.8
132.3 133.0 133.1
128.1
126.4
136.1
112.9
134.9
128.2
128.9
127.3
137.4
113.5
135.0
130.6
131.3
131.3
Consumer goods
Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
Auto parts and allied goods
Home goods
Appliances, A/C, and T V
Appliances and T V
Carpeting and furniture
Misc. home goods
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and t o b a c c o . . .
Nonfood staples
Consumer chemical products..
Consumer paper products
Consumer energy products
Residential utilities
5.06
1.40
1.33
1.07
2.59
19.79
4.29
15.50
8.33
126.7
107.0
111.0
141.1
131.4
126.4
101.1
104.4
142.0
133.6
134.7 137.9 140.3
142.8 148.9 155.2
133.4 142.0 149.5
118.9 125.8 133.6
167.4 166.5 169.5
130.3
107.8
110.6
144.8
136.6
131.7 132.0 133.1 137.2
112.6 114.6 117.2 123.5
115.2 117.1 119.6 126.4
145.6 141.4 143.0 142.6
136.3 137.9 137.8 142.5
125.1 127.6 127.4 130.6 131.5 132.5 133.9 134.4
111.6 116.8 120.4 123.2 123.9 127.4 127.6 130.1
128.8 130.7 129.3 132.5 133.6 133.9 135.7 135.6
122.8 125.2 125.3 127.6 127.2 128.5 129.9 129.0
7.17 135.8 137.1
2.63 151.3 150.4
1.92 107.0 108.0
2.62 141.6 145.0
1.45 152.3 154.1
133.8
149.8
104.4
139.2
148.6
141.1 143.2 144.2
155.2 154.0 156.6
152.1 153.4 156.6
134.3 134.3 137.5
163.1 155.6 156.9
138.2 141.0 140.2 142.3 143.3
157.8 159.7 157.3 161.1 163.6
107.5 113.4 113.3 113.9 113.4
140.9 142.8 142.4 144.3 145.0
152.0 152.0 154.5 153.7 153.7
142.2
155.8
155.9
135.0
155.7
145.1 140.8
160.1 146.6
159.4 139.0
138.5 120.8
162.1 165.9
137.4
123.8
126.7
142.5
142.6
134.6 136.9 137.5
110.7 120.3 120.4
114.6 123.2 124.0
143.0 144.8
144.0 142.6 1*43 .'5
134.0 135.1
129.6 132.1
135.2 135.8
128.4 129.8
135.1
127.9
137.1
130.8
135.4
127.6
137.6
131.7
143.3 142.7
162.1 161.4
114.2 113.8
145.9 145.1
144.5
165.4
112.3
147.2
153.2
144.6
166.2
112.8
146.4
135.4
135.9
'i37'.8 'i38'.4
131.6
145.1
166.5
113.9
146.1
145.3
Equipment
Business equipment
Industrial equipment
Building and mining equip
Manufacturing equipment
Power equipment
Commercial transit, farm e q u i p . . . .
Commercial equipment
Transit equipment
Farm equipment
Defense and space equipment
12.63 128.2 129.2 128.8 129.6 131.6 131.0 132.6
6.77 121.2 121.9 122.1 123.0 124.5 123.5 124.0
1.44 168.3 170.5 172.9 174.9 172.9 171.4 171.5
3.85 99.9 100.7 100.5 99.9 101.3 101.2 102.7
1.47 130.8 129.5 128.9 132.3 137.6 134.6 133.1
5.86
3.26
1.93
.67
136.3
157.8
101.9
130.6
137.8
160.4
104.4
123.7
7.51
80.0
81.2
78.5
116.3 122.3
129.8 132.8
150.6 150.9
114.5
110.8
119.0
113.7
100.0
134.0
125.6
172.1
104.4
135.6
134.1
125.3
170.7
105.4
132.7
136.4 137.2 139.7 139.7 142.4 143.7 144.6
158.5 159.5 164.4 165.0 166.6 168.5 170.0
102.4 102.8 102.9 100.2 103.7 104.7 105.6
126.6 127.7 125.6 131.5 135.3 134.7 132.7
134.6 135.0 136.3 136.5 136.9
126.9 127.4 127.2 127.7 127.9
174.6 174.9 176.1 176.9 177.4
106.4 106.5 106.7 107.5 108.0
134.0 135.4 132.6 132.2 131.6
143.7 143.8 146.9
169.5 171.4 173.2
104.2 102.9 107.0
133.1 128.0 134.6
146.9
173.4
106.2
135.4
147.3
174.0
105.8
78.2
78.3
78.0
79.0
79.1
122.1
133.3
147.5
123.1 124.1 126.8 129.6 128.7 128.0 130.9
135.4 135.9 140.3 140.9 141.2 141.3 139.0
149.8 147.9 158.1 154.0 157.6 156.8 157.1
131.8
140.1
156.1
132.9
140.9
157.8
133.1
141.2
157.1
133.8
114.6
107.2
120.6
114.8
99.5
115.2 115.5 118.3 121.6
109.3 111.6 111.7 116.7
122.3 123.9 125.7 127.5
114.0 112.9 117.4 120.7
99.5 96.1 101.9 105.1
122.4
118.5
128.5
121.0
104.0
124.5 126.8 127.0
119.2 123.0 123.1
130.5 133.0 134.0
123.5 125.2 125.0
107.8 113.2 111 .3
130.4
125.5
136.3
129.5
117.5
131.3 130.5
125.6 122.0
137.3 138.0
130.6 130.4
119.3
146.7
152.7
115.5
130.1
178.0
146.9 146.2 147.5 146.5
152.2 150.9 151.8 151 .3
114.1 116.4 116.1 115.5
132.1 131.2 134.2 133.8
177.2 173.9 174.7 174.1
77.3
77.7
78.0
77.6
77.4
77.3
Intermediate products
Construction supplies
Business supplies
Commercial energy products
6.42
6.47
1.14
Materials
Durable goods materials
Durable consumer parts
Equipment parts
Durable materials n.e.c
Basic metal materials
20.35 109.1
4.58 97.7
5.44 118.9
10.34 109.0
5.57 99.1
Nondurable goods materials
Textile, paper, and chem. mat
Textile materials
Paper materials
Chemical materials
10.47
7.62
1.85
1.62
4.15
126.6
129.0
100.6
113.2
147.9
138.8 140.3
142.9 144.9
118.2 117.3
120.4 121.6
162.7 166.3
141.3
146.2
118.4
124.4
167.2
1.70
1.14
8.48
4.65
3.82
127.9
108.3
117.2
108.3
128.0
140.2
109.1
114.5
106.0
124.8
137.3
114.3
117.0
109.6
125.9
134.8 136.1 139.0
118.4 116.7 118.3
119.7 118.7 120.6
110.5 107.3 107.7
130.8 132.3 136.3
9.35 115.5
12.23 125.5
3.76 144.3
8.48 117.2
122.1
124.5
146.8
114.5
124.0
124.5
141.8
117.0
125.0
127.1
143.7
119.7
Containers, nondurable
Nondurable materials n.e.c
Energy materials
Primary energy
Converted fuel materials
142.6 142.9 145.5
147.9 147.5 150.5
118.9 117.8 116.2
125.9 126.5 130.0
169.5 168.9 173.9
142.2 141.3
117.3 115.1
118.8 119.6
105.4 106.2
135.2 136.0
141.9
120.4
118.8
105.0
135.7
147.5
152.3
114.9
133.4
176.5
148.2
153.0
140.7 146.6 142.6 143.2
123.2 119.6 119.6 120.7
120.6 120.6 119.4 119.7 '{20.3
106.2 107.5 106.8 106.4
138.1 136.7 134.8 136.0
Supplementary groups
Home goods and clothing
Energy, total
Products
Materials
For NOTES see opposite page.
125.2
126.6
144.5
118.7
129.9 129.8
128.8 127.5
147.2 147.1
120.6 118.8
131.1
128.6
148.8
119.6
131.5 134.9
128.2 129.3
149.3 148.8
118.8 120.6
133.0
129.7
149.9
120.6
131 .4
128.9
149.9
119.4
132.3
128.8
149.5
119.7
132.7
129.5
149.9
120.3
OCTOBER 1976 o INDUSTRIAL PRODUCTION
A49
INDUSTRIAL PRODUCTION—1976 REVISION
(Seasonally adjusted, 1967 = 100)
Grouping
SIC
code
1967
proportion
1976
1975
1975
average
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.^' Sept.®
Gross value of products in market structure
(Annual rates, in billions of 1972 dollars)
me. 3
^221.4
1156.3
165.3
Products, total
Final products
Consumer goods.
Equipment
Intermediate products.
505.9
393.3
274.4
119.0
521.5
405.3
284.3
121.0
164.9 112.6 116.1
521.1 527.1
404.0 409.7
285.0 290.5
119.1 119.3
528.4
410.6
292.0
118.9
546.0 545.0 551.5 552.4 552.3 556.6
423.0 421.8 427.5 428.3 427.9 432.6
299.7 299.9 303.7 305.5 303.5 306.3
123.6 122.1 123.7 123.1 124.2 126.2
553.2
427.0
302.3
124.6
124.2
126.0
131.5 131.6 131.2 132.0 131.9 130.7 130.9
112.7 113.9 113.5 113.0 114.4 112.3 113.7
152.5 151.4 150.8 153.0 151.2 151 .4 149.9
168.7 167.3 165.7 169.8 167.2
131.8
114.4
151.2
131.2 131.7
141.4 141.7
124.1 124.9
131.6
142.4
124.0
126.5
112.6
112.4
114.2
121.4
III.6
531.9 544.3
410.9 421.7
292.3 300.6
119.1 121.1
116.6 117.6 117.9 120.8 122.8 122.6
123.0
123.7
124.1
124.1
Major industry groupings
127.2
111.6
144.6
159.0
130.5 129.2 131.8
114.2 112.9 113.6
148.8 147.2 152.0
165.5 162.3 167.4
Mining and utilities.
Mining
Utilities
Electric
12.05 128.5
6.36 112.8
5.69 146.0
3.88 160.8
Manufacturing.
Nondurable.
Durable
87.95 116.3 121.4 121.2 122.7 123.6 125.2 127.0 127.9 128.5 129.6 130.2
35.97 126.4 132.9 133.6 136.2 136.9 138.4 140.2 140.7 140.7 140.9 141.3
51.98 109.3 113.5 112.7 113.4 114.4 115.8 117.9 119.0 120.1 121.7 122.3
127.9
113.8
143.8
157.3
Mining
10
11,12
13
14
.51
.69
4.40
.75
115.8
113.4
113.3
107.0
113.5
112.6
III.8
108.0
112.5
122.2
113.1
110.9
118.1
125.6
112.3
112.1
117.9
109.9
113.1
111.5
122.2
111.2
112.5
117.1
124.2
109.6
110.1
120.0
122.3
114.4
III.9
119.3
124.3
114.4
111.3
117.5
118.3 118.3
119.2 122.7
n o . 8 112.3
116.7 116.5
Foods
Tobacco products
Textile mill products.
Apparel products
Paper and products..,
20
21
22
23
26
8.75
.67
2.68
3.31
3.21
123.4
111.8
122.3
107.6
116.3
126.2
114.1
138.3
111.5
124.5
126.4
113.9
137.5
115.9
126.5
128.8
118.5
141.6
118.3
127.7
128.5
116.0
139.0
121.2
129.5
129.2
117.3
137.6
123.8
130.3
130.8
118.8
138.7
128.0
133.0
128.3
122.4
136.4
126.3
132.2
129.2
115.4
135.7
126.1
133.9
131.2
114.5
138.0
130.3
130.4
130.5 130.9 131.2
115.4 113.9
138.1 136.8 136.5
126.8 125.9
139.1 131.8 '134 .'4 •i33!9
Printing and publishing
Chemicals and products....
Petroleum products
Rubber & plastic products.
Leather and products
27
28
29
30
31
4.72
7.74
1.79
2.24
.86
113.4
147.3
124.1
166.7
76.5
114.7
154.4
130.8
187.6
80.9
113.2
157.5
125.1
185.1
85.8
115.4
161.9
124.9
185.2
87.7
118.4
163.3
126.3
185.3
83.2
120.0
162.9
125.7
188.4
86.0
121.0
167.6
129.1
196.7
86.1
121.0 122.0
170.6 168.7
131.8 131.6
203.5 198.2
86.0 87.7
120.5
166.6
132.7
185.6
91.4
119.7 122.0 121.0 119.8
170.0 168.5 170.1
135.1 134.6 132.2 131.6
189.1 190.7 194.0
84.0
86.8
78.8
Metal mining
Coal
Oil and gas extraction
Stone and earth minerals
121 .6
104.8
111 .7
116.5
Nondurable manufactures
Durable manufactures
Ordnance, pvt. & govt,..
Lumber and products..
Furniture and fixtures. .
Clay, glass, stone prod.
Primary metals
Iron and steel
Fabricated metal p r o d . . .
Nonelectrical machinery.
Electrical machinery
Transportation equip
Motor vehicles & pts
Aerospace «& misc. tr. eq..
Instruments
Miscellaneous mfrs
19,91
24
25
32
33
34
35
36
37
""38
39
3.64 76.6 75.9 72.0 70.0 70.1
69.9 69.5
69.5
1.64 107.6 115.8 116.8 114.1 116.4 123.5 123.9 121.1
1.37 118.2 128.4 127.9 128.7 130.3 132.7 134.1 130.6
2.74 117.9 126.4 127.8 127.5 129.4 128.6 128.5 133.7
71.4 73.1
69.1
122.8 123.0 120.3
131.7 131.0 130.1
132.7 133.9 136.1
6.57 96.4 97.9 95.4 98.1 92.6
98.1
4.21 95.8 93.4 92.0 96.5
89.1 92.9
5.93 109.9 115.3 114.4 116.3 117.3 116.6
9.15 125.1 125.5 125.4 126.6 128.6 129.0
8.05 116.5 120.2 120.1 120.1 122.7 124.7
105.4
103.5
121.5
133.5
130.0
9.27 97.4
4.50 I I I 1
4.77
84.5
2.11 132.3
1.51 128.3
105.9
126.8
86.3
135.1
132.1
104.4
126.5
83.6
136.0
134.6
104.7
127.1
83.6
136.4
137.6
1 1972 dollars.
N.B. Published groupings include some series and subtotals not shown
separately. For summary description and historical data, see BULLETIN for
June 1976, pp. 470-79. Availability of detailed descriptive and historical
data will be announced in a forthcoming BULLETIN.
103.9
100.9
120.9
131.5
126.5
I0I.4
97.7
120.2
132.9
127.8
106.7 105.8 109.0 111.2 110.6
130.1 126.7 135.2 140.8 141.3
84.7
81.7
86.1
84.3
83.3
140.9 142.0 141.8 144.4 145.4
137.3 139.5 140.7 142.5 140.7
113.2
110.7
121.4
134.0
131.8
III.5
110.0
124.0
133.5
132.0
74.0 74.8
125.2 122.8
131.6 133.1
137.0 139.0
73.5
116.9 118.2 116.3
115.3 116.2 112.8
124.8 126.5 125.9
134.8 135.1 134.8
131.0 132.1 129.9
112.9 112.6 112.8
144.3 146.5 147.3
80.3
83.3
80.7
149.0 149.5 151.3
145.5 145.9 148.5
114.7
149.8
81.7
150.0
142.0
106.4
132.1
82.3
148.9
143.7
A50
BUSINESS ACTIVITY; CONSTRUCTION • OCTOBER 1976
SELECTED BUSINESS INDEXES
(1967= 100, except as noted)
Industrial p r o d u c t i o n
Manufacturing 2
Market
Period
Products
Total
Final
Total
Total
Capacity
utilization
in mfg,
(1967
M a n u - output
factur- = 100)
ing
Industry
InterCon- E q u i p - mediate
sumer ment
goods
Materials
1955.
1956.
1957.
1958.
1959.
58,.5
61 .1
61 .9
57,.9
64 .8
56 .7
59 .9
61 .2
58 .7
64 .5
55 .4
58 .6
60 .4
57,.6
63 .2
59 .0
61 .2
62 .7
62 , 1
68 '.1
50 .4
55 .3
57,.5
51,.5
56 .5
61 .6
64 .4
64 .4
62,.9
69 .5
61 .3
62 .9
62 .8
56 .6
65 .3
58 .2
60 .5
61 .2
56 .9
64 .1
90 .0
88 .2
84 .5
75 .1
81 .4
1960.
1961.
1962.
1963.
1964.
66,.2
66,.7
72,.2
76,,5
81,.7
66 .3
67 .0
72 .3
76 .4
80 .9
65 .3
65 .8
71,.4
75,.5
79,.8
70 .7
72 .2
77 1
81 .3
85 .8
58 .0
57 .3
63 .7
67,.5
71 .4
69 .9
71,.3
75,.7
79,.9
85 .2
66 .1
66 .2
72 . 1
76 .7
82 .9
65,.4
65,.6
71,.5
75,.8
81 .0
80 .1
77 .6
81 .4
83 .0
85 .5
1965.
1966.
1967.
1968.
1969.
89,.8
97,.7
100,.0
106,,3
111,.1
88,.2
95 .9
100 .0
106 .2
110 .3
87,.6
95 .9
100 .0
106,.2
109 .6
92 .6
97 .3
100 .0
105 .9
109 .8
80 .7
94 .0
100 .0
106 .5
109 .3
90,.6
96 .2
100 .0
106 .3
112,.9
92 .4
100 .7
100 .0
106 .5
112 .5
89 .7
97,.9
100 .0
106 .4
111,.0
1970.
1971.
1972.
1973.
1974.
1975.
107.,8
109,,6
119.,7
129.,8
129,,3
117.,8
106 .9
108,.5
118 .0
127,.1
127 .3
119 .3
105 .3
106 .3
115 .7
124,.4
125,.1
118,.2
109 .0
114 .7
124 .4
131 .5
128 .9
124 .0
100 .1
94 .7
103 .8
114,.5
120 .0
110 .2
112,,9
116,.7
126,.5
137,.2
135,.3
123,.1
109 .2
111 .3
122 .3
133 .9
132 .4
115,.5
106,.4
108,.2
118,.9
129,.8
129,.4
116,.3
1975—Sept
Oct
Nov
Dec
122,,1
122.,2
123.,5
124,,4
122,.8
122,.4
123,.8
124,.9
121,,5
120,.9
122,.3
123,.5
129 .0
128 .7
131 .1
132 .3
111 .3
110 .0
110,.0
111,.5
127,.6
128,.0
129,.3
129,.9
121 .0
122 .0
123 .1
123 .3
121,.4
121 ,2
,
122,.7
123.,6
1976-- J a n
Feb
Mar
Apr
May
June
July
Aug
Sept
125,.7
127,.3
128, 1
128,A
129..6
130,,1
130,,7
131,,3
131..3
126 .0
127 .4
128 .1
128 .0
128,.9
129,.5
129 .7
130 .2
130 .2
123,.9
125,.3
126,.4
126,.3
127,.3
127,.6
127,.7
128,.4
128,.1
133 .1
134 .9
136 .1
136 .1
137 .4
137 .8
137 .3
138 .3
137 .3
111,.2
112,.1
112,.9
112,.9
113,.5
113 .8
114,.5
115,.0
115,.4
133,.6
135,.3
134,,9
134,.7
135,.0
135,.9
136,.9
137,.1
137,,8
125 .3
127,.3
128,.2
129 .2
130 .6
131 .1
132 .3
133 .0
133,.1
125,.2
127,.0
127,,9
128,,5
129,,6
130,,2
131,.2
131,.7
131,.6
A Revised data for 1955-62, comparable t o the revised data beginning
1963 shown below, w i l l be published later.
1 Employees o n l y : excludes personnel i n the A r m e d Forces.
2 Production workers only. Revised back to 1973.
3 F . R . index based o n Census Bureau figures.
4 Prices are n o t seasonally adjusted. Latest figure is final.
NOTE.—All series: D a t a are seasonally adjusted unless otherwise noted.
Nonagricultural
employment—
Total 1
Employment
Payrolls
Total
retail
sales 3
Consumer
Wholesale
commodity
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
68.6
70.2
78.1
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
89 .0
91 .9
87 .9
87 .7
86 .5
93.2
94.8
100.0
113.2
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
90
97
100
109
114
94.5
97.2
100.0
104.2
109.8
96.6
99.8
100.0
102.5
106.5
78,.3
75,.0
78,.6
83 .0
78,.9
68,.7
123.1
145.4
165.3
179.5
169.7
166.0
107.7
108.1
111.9
116.8
119.1
116.9
98 1
94 '.2
97 .6
103 .2
102 I
91 '.4
114,.1
116,.7
131,.5
149 .2
157,.1
151,.0
119
130
142
160
171
186
116.3
121.2
125.3
133.1
147.7
161.2
110.4
113.9
119.8
134.7
160.1
174.9
69 .0
157.0
166.0
148.0
137.0
117.4
117.8
117.8
118.1
92 .0
92,.5
92 .4
93 .0
157,.0
158,.4
158,.9
162,.3
189
192
192
198
163.6
164.6
165.6
166.3
177.7
178.9
178.2
178.7
183.0
170.0
185.0
189.0
73,.0 2 0 5 . 0
187.0
184.0
73,.6 162.0
118.7
119.0
119.4
119.9
119.8
119.9
120.2
120.4
120.8
94 .0
94 .3
94 .9
95 .5
95 .4
95 .3
95 .1
95 .3
96 .1
165,.9
165,.4
167,.4
166 .1
170,.7
171,.6
173,.2
175,.7
177,.6
197
201
204
205
202
206
206
210
166.7
167.1
167.5
168.2
169.2
170.1
171.1
171.9
179.3
179.3
179.6
181.3
181.8
183.1
184.3
183.7
184.7
70 .7
•
Construction
contracts
Prices 4
72,.1
Capacity utilization:
Based o n data f r o m Federal Reserve, M c G r a w H i l l Economics Department, and D e p t . o f Commerce.
Construction contracts: M c G r a w - H i l l Informations Systems C o m p a n y ,
F . W . Dodge D i v i s i o n , m o n t h l y index o f dollar value o f t o t a l c o n s t r u c t i o n
contracts, including residential, nonresidential, and heavy engineering.
Employment and payrolls: Based o n Bureau o f L a b o r Statistics d a t a ;
includes data for A l a s k a and H a w a i i beginning w i t h 1959.
Prices: Bureau o f L a b o r Statistics data.
CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS
( I n millions o f dollars, except as noted)
1975
Type o f ownership and
type o f construction
1974
Aug.
Total construction contracts i
1976
1975
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
93,685
90,237 10,037
7,692
7,767
5,573
5 , 4 3 1 6,390
6,149
8,908
9,408
9,836 10,533
9,774
8,505
By type o f ownership:
Public
Private i
32,062
61,623
31,415
58,822
3,040
6,997
2,725
4,967
2,544
5,223
1,597
3,976
1,724 1,655
3,708 4,734
1,719
4,430
2,192
6,716
2,383
7,025
3,915
5,921
3,136
7,397
3,246
6,528
2,505
5,999
By type o f construction:
Residential building i
Nonresidential building
Nonbuilding
33,567
33,131
26,988
31,347
30,577
28,313
2,784
2,666
4,587
2,966
2,526
2,200
3,189
2,629
1,949
2,404
1,859
1,309
2,233 2,157
1,865 1,939
1,334 2,294
2,546
1,996
1,608
3,618 4,003
2 , 5 6 1 2,741
2,729 2,664
3,955
2,819
3,062
4,166
2,805
3,562
4,149
3,031
2,594
4,099
2,536
1,869
1,074
926
995
1,092
1,111
1,127
1,091
1,147
1,165
1,188
1,082
1,158
1,150 '•1,215
1,298
Private housing units a u t h o r i z e d . . .
( I n thousands, S.A., A . R . )
1 Because o f improved procedures f o r collecting data for I -family homes,
some totals are n o t strictly comparable w i t h those p r i o r t o 1968. T o i m prove comparability, earlier levels may be raised by approximately 3 per
cent f o r total and private construction, i n each case, and by 8 per cent f o r
residential building.
NOTE.—Dollar value o f construction contracts as reported by the
M c G r a w - H i l l Informations Systems Company, F . W . Dodge D i v i s i o n .
Totals o f m o n t h l y data may differ f r o m annual totals because adjustments
are made i n accumulated m o n t h l y data after original figures have been
published.
Private housing units authorized are Census Bureau series f o r 14,000
reporting areas w i t h local building permit systems.
OCTOBER 1976 • CONSTRUCTION
A51
VALUE OF NEW CONSTRUCTION ACTIVITY
( I n millions o f dollars)
Private
Public 1
Nonresidential
Period
Total 1
Total
Buildings
Residential
Total
Industrial
Commercial
Other
buildings 2
Public
utilities
and
other
Military
Total
Highway
Conservation
and
development
Other
196 7
196 8
196 9
78,082
87,093
93,917
52,546
59,488
65,953
25.564
30.565
33,200
26,982
28,923
32,753
6,021
6,783
7,761
9,401
4,382
4,971
10,759
11,598
25,536
27,605
27,964
695
808
879
8,591
9,321
9,250
2,124
1,973
1,783
14,126
15,503
16,052
197 0
197 1
1972
197 3
1974
197 5
94,855
109,950
124,085
137,917
138,526
132,043
66,759
80,079
93,901
105,412
100,179
93,034
31,864
43,267
54,288
59,727
50,378
46,476
34,895
36,812
39,613
45,685
49,801
46,558
6,518
5,423
4,676
6,243
7,902
8,017
9,754
11,619
13,464
15,453
15,945
12,804
5,125
5,437
5,898
5,888
5,797
5.585
13,498
14,333
15,575
18,101
20,157
20,152
28,096
29,871
30,184
32,505
38,347
39,009
718
901
1,087
1,166
1,188
1,391
9,981
10,658
10,429
10,505
12,069
10,345
1,908
2,095
2,172
2.313
2,741
3,227
15,489
16,217
16,496
18,521
22,349
24,046
1975_Aug..
Sept..
Oct...
Nov..
Dec..
132,178
136,310
136,204
138,040
137,833
92.062
95,365
95,561
97,346
98.063
46,332
48,375
49,396
50,409
52,061
45,730
46,990
46,165
46,937
46,002
8,045
7,895
7,591
7,720
7,582
12,365
12,369
12,418
12,420
12,209
5,581
5,820
5,604
5,754
5,608
19,739
20,906
20,552
21,043
20,603
40,116
40,945
40,643
40,694
39,770
1,403
1.597
1,500
1,617
1,583
11,010
10,738
10,425
10,389
10,423
3,454
3,429
3.314
3,575
3.670
24,249
25,181
25,404
25,113
24,094
1976—Jan.'-.
136,713
139,030
145,085
143,901
142,840
146,444
145,174
146,410
99,345
102,635
107,068
106,004
106,626
107,528
108,408
109,143
52,755
55,227
58,119
58,398
58,346
59,555
60,589
60,248
46,590
47,408
48,949
47,606
48,280
47,973
47,819
48,895
7,522
7,842
7,605
7,227
6,967
6,738
6,097
6,543
11,479
12,762
13,346
12,604
12,331
12,006
12,574
12,324
5,843
6,024
5,957
5,567
5,967
6,499
6,178
6.586
21,746
20,780
22,041
22,208
23,015
22,730
22,970
23,442
37,368
36,395
38,017
37,897
36,214
38,916
36,766
37,267
1,505
1.598
1,454
1,522
1,423
1,368
1,446
1,439
9,808
9,018
9,632
10,575
9,901
10,292
8,030
3,295
3,751
3,385
3,774
3,546
3,674
3.671
23,546
22,026
21,344
23,582
23,619
Feb.^
Mar.*"
Apr.r
May''.
June
July..
Aug.f
22,760
22,028
2 Includes religious, educational, hospital, institutional, and other buildings.
1 D a t a beginning Jan. 1976 are n o t strictly comparable w i t h p r i o r data
because o f change by Census Bureau i n its procedure for estimating construction outlays o f State and local governments. Such governments
accounted f o r 86 per cent o f all public construction expenditures i n 1974.
NOTE.—Census Bureau data; m o n t h l y series at seasonally
annual rates.
adjusted
PRIVATE HOUSING ACTIVITY
( I n thousands o f units)
Starts
Under construction
(end o f period)
Completions
N e w 1-family homes sold
and for sale i
M e d i a n prices
( i n thousands
o f dollars) o f
units
Units
Period
Total
1family
2-ormore
family
Total
1family
2-ormore
family
Total
1family
2-ormore
family
Mobile
home
shipments
Sold
For
sale
(end o f
period)
Sold
For
sale
1967
1968
1969
1,292
1,508
1,467
844
899
811
448
608
656
1,320
1,399
859
807
461
591
885
350
535
240
318
413
487
490
448
190
218
228
22.7
24.7
25.6
23.6
24 6
27.0
1970
1971
1972
1973
1974
1975
1,434
2,052
2,357
2,045
1,338
1,160
813
1,151
1,309
1,132
888
892
621
901
1,047
913
450
268
1,418
1,706
1,971
2,014
1,692
1,297
802
1,014
1,143
1,174
931
866
617
692
828
840
760
430
922
1,254
1,586
1,599
1,189
1,003
381
505
640
583
516
531
541
749
947
1,016
673
472
401
497
576
567
329
216
485
656
718
620
501
544
227
294
416
456
407
383
23.4
25.2
27.6
32.5
35.9
39.3
26.2
25.9
28.3
32.9
36.2
38.9
1975—Aug
Sept
Oct
Nov
Dec
1,264
1,304
1,431
1,381
1,283
979
966
1,093
1,048
962
285
338
338
333
321
1,267
1,315
1,115
1,386
1,329
880
969
738
992
993
387
346
377
394
336
1,033
1,033
1,057
1,056
1,041
526
528
556
560
558
507
505
501
496
482
225
228
235
230
224
573
571
610
660
641
378
384
389
381
378
38.2
39.7
40.7
41.1
42.1
37.8
38.2
38.4
38.6
38.9
1976—Jan
Feb
Mar
Apr
May
June
July
Aug.
1,236
1,547
1,417
1,367
1,422
1,510
1,391
1,542
957
1,295
1,110
1,055
1,065
1,139
1,130
1,195
279
252
307
312
357
371
261
347
1,213
1,299
1,399
1,266
'^1,360
1,355
1,248
926
953
1,032
986
'•934
1,039
991
287
346
367
280
'•426
316
257
1,042
1,053
1,057
1,061
'•1,055
1,066
1,070
564
584
594
599
'^603
611
620
478
469
463
462
452
455
450
263
287
244
237
260
233
224
244
573
679
573
'•628
541
582
609
379
384
389
394
'•399
406
410
41.6
42.7
43.6
'•43.3
'•43.8
46.2
45.1
39.1
39.3
39.6
39.8
40.2
40.5
40.7
1 Merchant builders only.
NOTE.—All series except prices, seasonally adjusted. A n n u a l rates f o r
starts, completions, mobile home shipments, and sales. Census data except
for mobile homes, which are private, domestic shipments as reported by
the M o b i l e H o m e Manufactured Housing Institute and seasonally adjusted by Census Bureau. D a t a f o r units under construction seasonally
adjusted by Federal Reserve.
A52
EMPLOYMENT o OCTOBER 1976
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
( I n thousands o f persons, except as noted)
Civilian labor force (S.A.)
T o t a l noninstitutional
population
(N.S.A.)
Period
N o t in
labor force
(N.S.A.)
Total
labor
force
(S.A.)
Employed i
Total
Total
I n nonagricultural
industries
In
agriculture
Unemployed
Unemployment
rate 2
(percent;
S.A.)
140,182
142,596
145,775
148,263
150,827
153,449
54,280
55,666
56,785
57,222
57,587
58,655
85,903
86,929
88,991
91,040
93,240
94,793
82,715
84,113
86,542
88,714
91,011
92,613
78,627
79,120
81,702
84,409
85,935
84,783
75,165
75,732
78,230
80,957
82,443
81,403
3,462
3,387
3,472
3,452
3,492
3,380
4,088
4,993
4,840
4,304
5,076
7,830
4.9
5.9
5.6
4.9
5.6
8.5
Sept
Oct
Nov
Dec
154,052
154,256
154,476
154,700
59,087
58,825
59,533
59,812
95,298
95,377
95,272
95,286
93,128
93,213
93,117
93,129
85,158
85,151
85,178
85,394
81,646
81,743
81,877
82,158
3,512
3,408
3,301
3,236
7,970
8,062
7,939
7,735
8.6
8.6
8.5
8.3
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
154,915
155,106
155,325
155,516
155,711
155,925
156,142
156,367
156,595
60,110
60,163
60,065
59,898
59,988
57,674
56,817
57,530
59,476
95,624
95,601
95,866
96,583
96,699
96,780
97,473
97,634
97,348
93,484
93,455
93,719
94,439
94,557
94,643
95,333
95,487
95,203
86,194
86,319
86,692
87,399
87,697
87,500
87,907
87,981
87,819
82,851
83,149
83,513
83,982
84,368
84,206
84,566
84,557
84,533
3,343
3,170
3,179
3,417
3,329
3,294
3,341
3,424
3,286
7,290
7,136
7,027
7,040
6,860
7,143
7,426
7,506
7,384
7.8
7.6
7.5
7.5
7.3
7.5
7.8
7.9
7.8
1970
1971
1972
1973
1974
1975
1975
1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent o f civilian labor force.
NOTE.—Bureau o f L a b o r Statistics. I n f o r m a t i o n relating to persons 16
years o f age and over is obtained o n a sample basis. M o n t h l y data relate
to the calendar week that contains the 12th day; annual data are averages
o f monthly figures. Description o f changes i n series beginning 1967 is
available f r o m Bureau o f L a b o r Statistics.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
( I n thousands o f persons)
Contract
construction
Total
Manufacturing
70,920
71,216
73,711
76,896
78,413
76,987
19,349
18,572
19,090
20,068
20,046
18,342
623
603
622
644
694
745
3,536
3,639
3,831
4,015
3,957
3,462
1975—Sept
Oct
Nov
Dec
77,310
77,555
77,574
77,796
18,417
18,493
18,482
18,568
752
774
766
769
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.2'
78,179
78,368
78,630
78,963
78,923
78,943
79,176
79,317
79,561
18,722
18,763
18,877
18,973
18,964
18,950
18,933
18,968
19,113
1975—Sept
Oct
Nov
Dec
77,614
78,193
78,339
78,527
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.f
77,091
77,339
77,906
78,688
79,115
79,900
78,891
79,170
79,859
Period
1973
1974
1975
Transportat i o n and
public
utilities
Trade
Finance
Service
Government
4,504
4,457
4,517
4,644
4,696
4,499
15,040
15,352
15,975
16,674
17,017
16,949
3,687
3,802
3,943
4,091
4,208
4,473
11,621
11,903
12,392
13,021
13,617
13,996
12,561
12,887
13,340
13,739
14,177
14,771
3,432
3,402
3,409
3,406
4,467
4,476
4,496
4,477
17,045
17,043
17,010
17,080
4,239
4,246
4,248
4,2.64
14,113
14,157
14,188
14,229
14,845
14,964
14,975
15,003
764
763
770
772
773
779
788
749
788
3,428
3,375
3,366
3,399
3,386
3,362
3,373
3,344
3,331
4,494
4,517
4,498
4,510
4,498
4,477
4,500
4,500
4,495
17,233
17,326
17,386
17,444
17,439
17,460
17,567
17,611
17,641
4,266
4,266
4,276
4,293
4,278
4,297
4,303
4,315
4,345
14,307
14,360
14,422
14,498
14,514
14,557
14,623
14,696
14,755
14,965
14,998
15,035
15,074
15,071
15,061
15,089
15,134
15,093
18,694
18,687
18,635
18,584
758
763
763
763
3,659
3,620
3,522
3,338
4,503
4,503
4,509
4,477
17,084
17,136
17,313
17,737
4,243
4,238
4,235
4,243
14,113
14,185
14,174
14,158
14,560
15,061
15,188
15,227
18,495
18,545
18,679
18,813
18,872
19,117
18,821
19,160
19,396
756
752
759
766
775
795
804
763
794
3,061
3,014
3,103
3,270
3,386
3,523
3,582
3,611
3,511
4,440
4,445
4,462
4,474
4,494
4,531
4,540
4,527
4,531
17,026
16,926
17,028
17,295
17,405
17,552
17,517
17,552
17,681
4,223
4,228
4,246
4,276
4,278
4,344
4,368
4,371
4,349
14,049
14,188
14,307
14,498
14,616
14,775
14,784
14,814
14,755
15,041
15,241
15,322
15,296
15,289
15,168
14,475
14,372
14,802
Mining
SEASONALLY ADJUSTED
NOT SEASONALLY ADJUSTED
NOTE.—Bureau o f L a b o r Statistics; data include all full- and parttime employees who worked during, or received pay f o r , the pay period
that includes the 12th o f the m o n t h . Proprietors, self-employed persons.
domestic servants, u n p a i d family workers, and members o f A r m e d
Forces are excluded.
Beginning w i t h 1973, series has been adjusted to M a r . 1974 benchmark.
OCTOBER 1976 • PRICES
A53
CONSUMER PRICES
(1967 = 100)
Housing
Period
All
items
Food
Total
Rent
Homeownership
Gas
and
electricity
F u r - Apparel Transnishand
portaings
tion
upkeep
and
operation
Medical
care
Total
Reading
and
recreation
Personal
care
Other
goods
and
services
79.6
98.6
99.4
"9^*8'
95.3
48.5
36.9
44.8
61.5
89.6
93.7
97.0
100.0
103.1
105.6
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
128.5
133.7
140.1
146.7
163.2
181.7
110.1
117.5
118.5
136.0
214.6
235.3
107.3
114.7
120.5
126.4
145.8
169.6
113.4
118.1
121.0
124.9
140.5
158.1
116.1
119.8
122.3
126.8
136.2
142.3
112.7
118.6
119.9
123.8
137.7
150.6
116.2
122.2
126.1
130.2
140.3
153.5
120.6
128.4
132.5
137.7
150.5
168.6
113.2
116.8
119.8
125.2
137.3
150.7
113.4
119.3
122.8
125.9
133.8
144.4
116.0
120.9
125.5
129.0
137.2
147.4
138.0
138.4
139.3
139.9
140.6
182.8
183.9
184.8
186.8
187.8
235.7
238.7
243.3
246.5
248.7
171.2
174.0
174.2
176.8
179.0
158.8
160.1
160.9
161.6
162.0
142.3
143.5
144.6
145.5
145.2
153.6
155.4
156.1
157.4
157.6
154.6
155.4
156.3
156.5
157.5
170.9
172.2
173.5
173.3
174.7
151.4
152.1
152.9
153.6
154.6
144.7
146.0
146.6
147.0
147.5
148.1
148.0
148.5
148.9
149.8
141.2
142.1
142.7
143.2
143.8
144.4
145.0
145.6
188.8
188.6
188.7
188.9
189.6
190.7
192.2
193.4
248.9
249.4
247.6
246.6
246.2
247.3
248.1
249.3
179.5
181.9
183.7
184.4
186.1
187.9
189.6
190.3
163.7
165.2
166.6
167.4
167.9
168.5
168.9
169.1
143.3
144.0
145.0
145.7
146.8
146.9
146.5
148.1
158.1
158.5
159.8
161.3
163.5
165.9
167.6
168.5
158.6
159.7
160.6
161.4
162.1
162.8
163.9
164.4
176.6
178.8
180.6
181.6
182.6
183.7
185.5
186.8
155.7
157.0
157.4
158.3
158.9
159.8
160.5
161.6
148.2
148.5
149.0
149.5
150.3
150.9
151.2
151.4
150.5
151.3
151.8
152.5
152.9
153.2
153.6
153.8
76.0
54.1
"46.'5'
57.2
48.0
58.8
89.2
91.7 " 8 6 . ' 3 '
92.7
94.6
96.9
1929
1933
1941
1945
1960
1965
51.3
38.8
44.1
53.9
88.7
94.5
48.3
30.6
38.4
50.7
88.0
94.4
"53.'7'
59.1
90.2
94.9
196 6
196 7
196 8
196 9
97.2
100.0
104.2
109.8
99.1
100.0
103.6
108.9
97.2
100.0
104.2
110.8
98.2
100.0
102.4
105.7
96.3
100.0
105.7
116.0
197 0
197 1
197 2
1973....,
1974
197 5
116.3
121.3
125.3
133.1
147.7
161 .2
114.9
118.4
123.5
141.4
161.7
175.4
118.9
124.3
129.2
135.0
150.6
166.8
110.1
115.2
119.2
124.3
130.6
137.3
1975—Aug
Sept
Oct
Nov
Dec
162.8
163.6
164.6
165.6
166.3
178.1
177.8
179.0
179.8
180.7
167.7
168.9
169.8
171.3
172.2
1976—Jan
Feb
Mar
166.7
167.1
167.5
168.2
169.2
170.1
171.1
171 .9
180.8
180.0
178.7
179.2
180.0
180.9
182.1
182.4
173.2
173.8
174.5
174.9
175.6
176.5
177.5
178.4
uly
June
July
Aug
Fuel
oil
and
coal
Health and recreation
"44;2'
47.8
89.6 " s s l i '
93.4
95.9
"37.'6' " i i . ' i "
55.1
42.1
90.1
79.1
95.2
89.5
" 4 7 .'7' " 4 9 .'2'
62.4
56.9
87.8
87.3
94.2
95.9
NOTE.—Bureau o f L a b o r Statistics index for city wage earners and clerical workers.
WHOLESALE PRICES: SUMMARY
(1967 = 100, except as noted)
Industrial commodities
Period
All
commodities
ProFarm cessed
prod- foods
and
ucts
feeds
Total
Textiles,
etc.
Hides, Fuel,
etc.
etc.
Chem- Rubicals,
ber,
etc.
etc.
Lumber,
etc.
Paper,
etc.
Metals,
etc.
MaNonchinF u r n i - meery
ture,
tallic
and
etc.
minequiperals
ment
Transporta- M i s t i o n cellaequip- neous
ment!
1960.
1965.
94..9
96.,6
97.2
98.7
89.5
95.5
95 .3
96 .4
99.5
99.8
90,.8
94,.3
96.1
95.5
101.8
99.0
103.1
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
1966.
1967.
1968.
1969.
99..8
100,.0
102..5
106.,5
105.9
100.0
102,.5
109
101.2
100.0
102.2
107.3
98 .5
100 .0
102 .5
106 .0
100.1
100.0
103.7
106.0
103,.4
100 .0
103,.2
108 .9
97.8
100.0
98.9
100.9
99.4
100.0
99.8
99.9
97.8
100.0
103.4
105.3
100.2
100.0
113.3
125.3
98.8
100.0
101.1
104.0
98 .8
100 .0
102 .6
108 .5
96.8
100.0
103.2
106.5
98.0
100.0
102.8
104.9
98.4
100.0
103.7
107.7
97.7
100.0
102.2
100.8 105.2
1970.
1971 .
1972.
1973.
1974.
1975.
110.A
113..9
119,, 1
134..7
160.. 1
174,.9
111,.0
112,.9
125..0
176..3
187..7
186..7
112.0
114.3
120.8
148.1
170.9
182.6
110 .0
114 .0
117 .9
125 .9
153 .8
171 .5
107.2
108.6
113.6
123.8
139.1
137.9
110 .1 105.9
114,.0 114.2
131 .3 118.6
143 .1 134.3
145,.1 208.3
148 .5 245.1
102.2
104.2
104.2
110.0
146.8
181.3
108.6
109.2
109.3
112.4
136.2
150.2
113.7
127.0
144.3
177.2
183.6
176.9
108.2
110.1
113.4
122.1
151.7
170.4
116 .7
119 .0
123 .5
132 .8
171 .9
185 .9
111.4
115.5
117.9
121.7
139.4
161.4
107.5
109.9
111.4
115.2
127.9
139.7
113.3
122.4
126.1
130.2
153.2
174.0
104.5
110.3
113.8
115.1
125.5
141.5
109.9
112.8
114.6
119.7
133.1
147.7
1975—Sept
Oct
Nov
Dec
177,.7
178,.9
178,.2
178,.7
197,.1
197,.3
191 .7
193,.8
186.1
186.2
182.6
181.0
173 1
174 .7
175 .4
176 •1
138.4
141.3
143.2
144.0
151,.3 254.9
152,.4 256.5
154 .4 257.0
154,.6 258.0
182.2
182.3
182.9
183.4
150.8
151.5
151 .8
151.9
179.9
179.1
178.3
183.1
170.3
170.9
171 .3
173.1
185 .5
187 .2
187 .0
187 .1
163.1
164.1
165.3
165.8
140.1
141.1
141 .5
142.0
176.1
177.1
177.7
178.0
141.1
146.6
147.2
147.5
148.2
147.6
148.6
151.1
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
179,.3
179,.3
179,.6
181.,3
181,.8
183,.1
184,.3
183 .7
184 .7
192,.8
191 .0
187,.2
192..9
192,.6
196 .5
196 .9
189 .3
191 .8
179.4
176.4
175.8
178.0
179.9
181.8
182.6
176.8
177.1
177 .3
178 .0
178 .9
180..0
180 .4
181 .3
182 .6
183 .6
184 .7
145.1
146.3
146.7
147.4
147.0
148.1
149.0
149.2
149.0
157,.5 257.3
159 .9 255.7
162,.0 255.7
165,.4 256.9
169,.6 257.2
167 .4 260.3
169 .8 265.0
171 .3 269.1
173 .6 270.9
184.2
184.9
185.6
187.1
186.9
187.1
187.0
187.7
188.5
152.4
154.2
155.5
156.7
157.1
157.2
158.2
161.0
163.6
190.5
196.0
202.3
203.3
202.3
199.8
203.7
207.5
212.7
174.8
175.8
176.9
178.5
179.2
179.5
180.5
181.0
181.6
187 .7
189 .2
190,.6
192.,9
194,.0
196,.4
198,.7
199,.0
200,,0
167.0
167.7
168.2
168.9
169.4
170.2
170.9
171.4
172.9
143.1,
143.4
143.9
144.4
144.8
145.3
145.7
146.1
146.5
181.1
181.3
182.5
185.2
185.6
186.0
186.9
187.7
188.2
148.7
148.8
149.1
149.2
149.0
149.1
149.2
150.2
151.0
151.8
152.1
152.6
152.4
152.7
154.4
153.8
153.5
153.9
1 Dec. 1 9 6 8 = 100.
A54
NATIONAL PRODUCT AND INCOME • OCTOBER 1976
GROSS NATIONAL PRODUCT
( I n billions o f dollars)
Item
1975
1950
1970
1972
1973
1974
1976
1975
III
IV
Gross national product.
Final purchases
286.2
279.4
982.4 1 , 1 7 1 . 1 1,306.6 1,413.2 1,516.3 1 , 4 8 2 . 3 1,548.7 1,588.2 1 , 6 3 6 . 2 1 , 6 7 5 . 2
978.6 1,161.7 1,288.6 1,402.5 1,531.0 1,512.3 1,550.6 1,592.5 1,621.4 1,659.2
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
192.0
30.8
98.2
63.0
618.8
84.9
264.7
269.1
733.0
111.2
299.3
322.4
809.9
123.7
333.8
352.3
887.5
121.6
376.2
389.6
973.2
131.7
409.1
432.4
960.3
127.0
405.8
427.4
987.3
136.0
414.6
436.7
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment.
Residential structures
Nonfarm
Change in business inventories
Nonfarm
53.8
47.0
27.1
9.3
17.8
19.9
18.7
140.8
137.0
100.5
37.7
6.0
36.6
35.1
3.8
3.7
188.3
178.
116.8
42.5
74.3
62.0
60.3
9.4
220.0
202.1
136.0
49.0
87.0
66.1
64.3
17.9
14.7
215.0
204.3
149.2
54.1
95.1
55.1
52.7
10.7
12.2
183.7
198.3
147.1
52.0
95.1
51.2
49.0
-14.6
-17.6
164.4
194.3
145.8
51.2
94.6
48.6
46.7
-30.0
-31.2
Net exports of goods and services.
Exports
Imports
1.9
13.9
12.0
3.9
62.5
58.5
-3.3
72.7
75.9
7.1
101.6
94.4
7.5
144.4
136.9
20.5
148.1
127.6
Government purchases of goods and services.
Federal
National defense
Other
State local
38.5
18.7
14.0
4.7
19.8
218.9
95.6
73.5
253.1
102.1
73.5
123.2
151.0
269.5
102.2
73.5
28.7
167.3
303.3
111.6
77.3
34.3
191.6
339.0
124.4
84.3
40.
214.5
Gross national product in 1972 dollars
1,012.0 1,043.6 1 , 0 6 4 . 7
141.8
421.6
448.6
151.4
429.1
463.2
155.0
434.8
474.9
196.7
198.6
146.1
51.8
94.3
52.6
50.2
-2.0
-4.2
201.4
205.7
148.
52.
96.6
57.0
54.2
-4.3
-9.5
229.6
214.7
153.4
53.2
239.2
223.2
157.9
54.9
103.0
65.3
62.9
24.4
142.9
118.5
21.4
148.2
126.8
21.0
153.7
132.7
8.4
154.1
145.7
9.3
160.3
151.0
333.2
122.4
83.4
39.0
210.9
343.2
124.6
84.6
40.0
353.
130.4
87.1
43.2
223.
354.7
129.2
42.9
225.5
362.0
131.2
86.0
44.2
230.9
533.5 1,075.3 1 , 1 7 1 . 1 1,235.0 1,214.0 1,191.7 1 , 1 7 7 . 1 1,209.3 1,219.2 1,246.3
1,260.0
6.8
62.8
22.
28.6
218.6
100.2
61.3
58.6
14.8
12.7
16.0
17.3
86.2
NOTE.—Dept. o f Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. F o r back data and explanation o f series,
see the Survey of Current Business, Jan. 1976.
NATIONAL INCOIVIE
( I n billions o f dollars)
1975
Item
1950
1970
1972
1973
1974
1976
1975
II
III
IV
I
II
National income
236.2
798.4
Compensation of employees
154.8
609.2
715.1
799.2
875.8
928.8
912.9
935.2
963.1
994.4 1 , 0 1 7 . 2
147.0
124.4
22.6
546.5
430.5
116.0
633.8
496.2
137.6
701.2
552.6
148.6
764.5
604.1
160.4
806.7
630.8
175.8
792.8
619.0
173.8
811.7
634.4
177.3
836.4
654.1
182.2
861.5
676.1
185.4
881.1
692.4
188.7
7.8
4.2
3.7
62.7
30.7
32.0
81.4
39.4
42.0
98.0
49.3
48.7
111.3
55.8
55.5
122.1
59.7
62.5
120.1
58.7
61.4
123.5
60.2
63.3
126.7
61.6
65.2
132.9
65.9
67.1
136.2
67 A
69.0
38.4
24.9
13.5
65.1
51.2
13.9
76.1
58.1
18.0
92.4
60.4
32.0
86.9
61.1
25.8
90.2
65.3
24.9
86.8
62.7
24.1
95.5
66.3
29.2
97.2
69.0
28.3
93.2
71.4
21.9
100.3
72.8
27.5
7.1
18.6
21.5
21.6
21.0
22.4
22.3
22.4
22.9
23.3
23.1
Wages and salaries
Private
Government and govt, enterprises
Supplements to wages and salaries
Employer contributions for social insurance
Proprietors' income with inventory valuation and
capital consumption adjustments
Farm
Rental income of persons with capital consumption
adjustment
Corporate profits and inventory valuation adjustment
and without capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
37.6
66.4
89.6
97.2
87.8
103.1
97.9
117.9
119.1
129.6
131.8
42.6
17.9
24.7
8.8
15.9
71.5
34.5
37.0
22.9
14.1
96.2
41.5
54.6
24.6
30.0
115.8
48.7
67.1
27.8
39.3
127.6
52.4
75.2
30.8
44.4
114.5
49.2
65.3
32.1
33.2
105.8
44.8
61.0
31.9
29.1
126.9
54.8
72.1
32.6
39.5
131.3
57.2
74.1
32.2
41.9
141.1
61.4
79.7
33.1
46.6
146.2
63.5
82.7
34.4
48.3
-5.0
-5.1
-6.6
-18.6
-39.8
-11.4
-7.8
-9.0
-12.3
-11.5
-14.4
-4.0
1.5
2.5
1.9
-3.0
-11.6
-11.4
-12.6
-13.5
-14.5
-15.4
2.3
37.5
47.0
52.3
67.1
74.6
74.0
74.9
75.8
78.6
80.3
NOTE.—Dept. o f Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table above.
951.9 1,064.6 1,135.7 1 , 2 0 7 . 6 1 , 1 8 2 . 7 1 , 2 3 3 . 4 1,264.6 1,304.7 1 , 3 3 7 . 4
OCTOBER 1976 • NATIONAL PRODUCT AND INCOME
A55
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING
(In billions of dollars)
Item
1950
1970
1972
1973
1974
1975
1976
1975
III
Gross national product
286.2
Less: Capital consumption allowances with capital
consumption adjustment
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
982.4 1,171.1 1,306.6 1,413.2 1,516.3 1,482.3 1,548.7 1,588.2 1,636.2 1,675.2
90.8
94.0
4.0
-2.1
23.9
23.4
.8
2.0
Plus: Subsidies less current surplus of government
enterprises
IV
105.4
111.0
4.7
1.7
117.7
120.2
5.4
2.6
3.6
3.9
137.7
128.4
5.6
6.6
161.4
138.7
6.3
4.4
158.7
136.5
6.2
.1
164.4
141.5
6.4
5.1
169.5
144.1
6.6
6.1
173.6
144.9
6.8
7.2
177.7
148.2
7.0
5.8
2.0
1.9
2.1
2.7
.9
.7
.1
2.7
236.2
798.4
33.7
2.3
7.1
67.9
37.5
58.7
92.1
47.0
73.6
99.1
52.3
91.5
84.8
67.1
103.4
91.6
74.6
109.7
86.6
74.0
108.
105.3
74.9
110.3
105.6
75.8
112.6
115.
78.6
119.3
116.4
80.3
121.4
14.4
8.9
75.9
64.3
22.9
4.0
99.4
74.6
24.6
4.7
113.5
84.
27.8
5.4
134.6
101.4
30.8
5.6
168.9
110.7
32.1
6.3
169.3
109.0
31.9
6.2
172.7
111.0
32.6
6.4
176.0
114.4
32.2
6.6
181.8
118.0
33.1
6.8
180.6
120.7
34.4
7.0
226.1
801.3
942.5
,052.4
,153.3
,249.7
,230.3
,265.5
,299.7
20.6
115.3
141.2
150.8
170.4
168.8
142.2
174.0
179.8
Equals: Disposable personal income
205.5
685.9
801.3
901.7
982.9
,080.9
,088.2
,091.5
,119.9
,147.6 [,172.5
Less: Personal outlays
Personal consumption expenditures
Interest paid by consumer to business
Personal transfer payments to foreigners (Net)
194.7
192.0
2.3
.4
635.4
618.8
15.5
1.1
751.9
733.0
17.9
1.0
831.3
809.9
20.2
1.3
910.7
887.5
983.6
960.3
22.4
.9
,011.1
987.3
,036.2
1.0
996.9
973.2
22.8
.9
,068.0
,043.6
23.4
1.0
10.8
50.6
49.4
70.3
72.2
84.0
104.5
80.5
83.7
79.5
82.9
361.9
741.6
801.3
854.7
855.5
869.7
857.1
867.5
880.4
890.5
Equals: National income
Less: Corporate profits with inventory valuation and
capital consumption adjustments
Net interest
Contributions for social insurance
Wage accruals less disbursements
Plus: Government transfer payments to persons.
Personal interest income
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and nontax payments.
Equals: Personal saving
Disposable personal income in (1972) dollars.
951.9 1,064.6 1,135.7 1,207.6 1,182.7 1,233.4 1,264.6 1,304.7 1,337.4
22.2
22.8
,012.0
23.3
.9
.9
,331.3 L,362.0
183.8
189.5
,089.6
,064.7
23.9
1.0
NOTE.—Dept. of Commerce estimates. Quarterly data seasonally adjusted totals at annual rates. See also NOTE to table at top of opposite page.
PERSONAL INCOME
(In billions of dollars)
Item
1975
Aug.
Total personal income.
Wage and salary disbursements
Commodity-producing industries..
Manufacturing only
Distributive industries
Service industries
Government
1976
1975
1974
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.^
1153.3 1249.7 1267.5 1277.1 1290.8 1300.2 1308.2 1320.8 1331.4 1341.9 1352.5 1362.9 1370.4 1383.4 1389.5
765.0
273.9
211.4
184.4
145.9
160.9
806.7
275.3
211.7
195.6
159.9
175.8
813.0
276.4
212.9
197.9
161.6
177.1
819.
279.
215,
198.
162.
178.
828.5
282.9
218.1
200.9
163.6
181.1
836.6
285.7
220.1
202.5
166.0
182.4
844.0
288.6
222.8
203.5
168.8
183.2
854.2
292.8
227.2
206.5
170.8
184.2
861.4
294.9
229.4
208.8
172.4
185.4
868.8
298.4
2J2.2
209.8
174.1
186.6
876.9
301.7
234.8
212.3
175.3
187.6
883.3
303.5
235.8
213.9
177.2
188.7
883.1
303.
236.2
212.4
177.7
189.6
892.0
306.5
238.0
214.9
179.9
190.7
896.5
306.6
239.1
215.7
182.4
191.7
64.5
65.2
65.8
66.4
67.
67.7
68.4
69.0
69.7
70.4
71.1
97.5
68.3
29.2
97.1
68.7
28.4
97.2
69.9
27.3
95.2
70.6
24.6
92.4
71.3
21.1
92.2
72.2
20.0
96.0
72.7
23.3
100.0
72.5
27.5
105.0
73.4
31.6
103.1
73.8
29.2
99.8
74.0
25.7
23.2
Other labor income
55.5
62.5
63.3
Proprietors' income with inventory
valuation and capital consumption
adjustments
Business and professional
Farm
86.9
61.1
25.8
90.2
65.3
24.9
96.1
66.5
29.6
Rental income of persons with capital
consumption adjustn
adjustment
21.0
22.4
22.5
22.
22.9
22.9
22.9
23.2
23.4
23.3
23.3
23.4
22.7
23.4
Dividends
30.8
32.
32.6
32.
32.9
32.9
30.8
32.9
33.3
33.0
33.4
33.9
35.9
35.2
35.4
115.5
116.7 117.9
119.3
120.0 120.7
121.5
123.0
125.8
188.7 187.1
186.8
191.3
192.9
54.3
54.9
55.1
63.9
Personal interest income
101.4
110.7 110.9
112.
113.2 114.4
Transfer payments
140.3
175.2 179.3
180.
182.1 182.1 183.4
185.3
189.2
191.3
51.4
53.1
53.4
53.7
Less: Personal contributions for social
insurance
Nonagricultural income.
Agricultural i n c o m e . . . .
47.6
50.0
50.2
50.4
1117.3 1213.4 1226.5 1236.
36.0 36.3 41.0 41.
50.7
51.0
54.1
54.4
1249.9 1260.0 1269.1 1284.4 1298.6 1310.1 1317.3 1323.3 1326.6 1341.8 1351.2
35.2 39.6 43.8 41.6 38.3
40.9 40.2 39.1 36.
32.8 31.8
NOTE.—Dept. of Commerce estimates. Monthly data seasonally adjusted totals at annual rates. See also NOTE to table at top of opposite page.
A56
FLOW OF FUNDS • OCTOBER 1976
SUMMARY OF FUNDS RAISED IN U.S. CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1975
Transaction category, or sector
1967
1968
1970
1969
1972
1971
1973
1974
1976
1975
HI
H2
HI
Credit market funds raised by nonfinancial sectors
1 Total funds raised by nonfinaneia] sectors
2 Excluding equities
83. 8
81.,3
98.0
98.0
13.6
10.5
3.1
84.5
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
U.S. Government
Public debt securities
Agency issues and mortgages
A l l other nonfinancial sectors
Corporate equities
Debt instruments
Private domestic nonfinancial
sectors
Corporate equities
Debt instruments
Debt capital instruments
State and local obligations
Corporate bonds
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages
Other debt instruments
Consumer credit
Bank loans n.e.c
Open market paper
Other
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
13.,0
8,,9
4,, 1
70,.8
2,.4
68..3
66 .7
2,.4
64 .4
46..0
7,.8
14,.7
13 .3
3 .6
4 .7
2 .0
18 .4
4,.5
9 .6
1 .7
2,.6
66 .7
7 .9
22 .2
3 .3
4 .4
28 .9
30
31
32
33
34
35
36
37
Foreign
Corporate equities
Debt instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. Government loans
Memo: U.S. Govt, cash balance
Totals net of changes in U.S. Govt, cash balances:.
Total funds raised
By U.S. Government
4 .0
2.8
.1
.2
4 .0
2.7
1.2
1.1
— .3
-.5
-.2
.5
2 .6
2.2
1 .2 - 1 . 2
38
39
82 .6
11 .8
93.9 100.6 150.9 176. 8 197. 6 187. 1 211. 6 185. 1 238.1 245. 6
90.0 94.8 139.5 166.,3 190. 0 183. 3 201. 6 174,.6 228.7 232. 3
11.9
12.9
-1.0
88.7
5.8
83.0
86.0
5.7
80.3
60.2
11.2
19.8
14.3
6.9
7.1
.8
20.1
5.9
6.7
2.6
5.0
86.0
11.3
25.2
2.3
5.7
41.5
24.7
26.0
-1.3
126.2
11.5
114.7
121.0
11.4
109.6
86.7
17.5
18.8
28.5
9.7
9.8
2.4
22.8
11.6
6.5
-.4
5.1
121.0
17.8
42.0
4.5
10.4
46.3
15.,2
14.,3
1.,0
161. 6
10.,5
151.,7
157. 6
10.,9
146..7
102,,7
15,A
12,.2
42..5
12..7
16 .4
3..6
44,.0
18,.6
18,.1
.8
6..5
157,.6
15,.2
64,.7
5,.8
13,.1
58,.8
3.7
.5
3.2
1.0
-.2
.3
2.1
.5
2.7
.1
2.7
.9
-.3
.8
1.3
2.8
5.2
5.2
.9
2.1
.3
1.8
3.2
4 .0
— .4
4 .4
1 .0
3 .0
— 1.0
1 .5
— , .3
6..4
1.,0
2,,8
,9
1 .7
- i . .7
15.,3
— .2
75,,5
2.,1
4.,7
7. 1
1.,6
- 4 . .6
93.4
-4.1
97.8
9.1
147.7
21.6
177 .1
15 .5
199,.3
9,.9
191,.7 208,.7
16.,6 82,.3
-3.7
-1.3
-2.4
97.5
*
3.9
84.5
93.7
81.6 93.9
3.4
-.2
8J.8
90.5
51.6 52.9
9.9
9.5
12.9
12.0
J8.4
16.9
4.9
3.S
6.6
5.8
2.2
1.8
30.2
37.6
10.4
10.0
13.8
15.5
1.5
1.8
9.9
5.0
81.6 93.9
9.8
10.7
34.1
31.7
2.8
3.1
5.3
7.5
32.0 38.6
99.2
14.8
*
8. 3
7. 9
4
189! 4
7. 7
181..7
183. 1
7. 9
775,.3
106.,7
16.,3
9.,2
46..4
10..4
18..9
5.,5
68.,6
21.,7
34,,8
2.,5
9.,6
183.
14.!8
73.,5
9.,7
12.,3
72..9
6.,2
— , ,2
12. 0
12. 0
*
175. 1
3. 8
777. 3
159. 8
4. 1
755..7
101..2
19. 6
19.,7
34..6
7..0
15.,7
5.,7
54.,6
9.,8
26.,2
6.,8
11.,8
159.,8
18. 1
45..2
7. 9
6.,7
81.,9
85.,2 81,,0
85. 8 82,.2
—. 6
— 1,.2
126. 4 104 .1
9..9
10,.5
116..4 93 .6
113,,5 95 .5
9,,9
10 .3
103..<5 85 .2
101,.5 97 .0
17,.3
16 .2
27,,2 33 .4
41.
34 .5
— .5
-1 .3
10..9
8 .6
5..2
5 .6
2..1 - 1 1 .8
1 .1
8,.5
- 1 4 , .0 - 2 3 .2
— .2
- 2 , .2
9,.7
10 .4
113,.5 95 .5
.
1
14 .2
15,
50,,3 40 .0
9,.3
9 .4
1,.2
.8
37,.4
32 .8
12 .9
*
12 .9
6,.2
4,.0
— .1
2,.8
2,.9
8 .6
1
8 .5
5 .7
.6
- 1 .2
3 .4
.5
89.4
89.5
—, 1
148.6
9.4
139.2
131.4
9.5
121.9
106.0
18.4
21.0
48.3
.3
13.2
4.7
16.0
16.0
-4.8
-4.2
9.0
131.4
16.1
60.6
9.3
3.3
42.1
17.2
-.1
17.3
6.7
7.4
1.0
2.2
5.2
1
2
74. 6
3
74. 7
4
— 1
5
171. 0
6
13. 3
7
757..8
8
9
155. 9
12..9 10
142..9 11
116,.8 12
17..9 13
24,.7 14
56..7 15
.8 16
10..4 17
6..3 18
26.,2 19
19,,4 20
- 1 3 . ,6 21
8.,5 22
11.,9 23
155.,9 24
16.,4 25
74.,4 26
10..7 27
5,.7 28
48,.7 29
15 .1
.3
14
7..6
4.,0
,4
2.,8
10.,5
30
31
32
33
34
35
36
37
184 .5 232.9 235.,1
80 .4
84.2 64,.1
38
39
Credit market funds raised by financial sectors
1 Total funds raised by financial sectors
Sponsored credit agencies
2
U.S. Government securities
3
4
Mortgage pool securities
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
14 Total funds raised, by sector
Sponsored credit agencies
15
Mortgage pools
16
Private financial sectors
17
Commercial banks
18
19
Bank affihates
Foreign banking agencies
20
21
Savings and loans associations
22
Other insurance companies
Finance companies
23
24
REIT's
Open end investment companies
25
Money market funds
26
2.0
.1
-.6
.7
-.1
2.0
3.1
-7.7
.7
1.0
-2.0
1.8
-2.5
2.0
-.6
.7
2.0
17.,2
4..0
3.,2
,5
,2
13!,2
6.,5
6.,7
,4
,4
1..5
3..4
.9
17!.2
3,.5
,5
13!,2
.8
35,,2 17.8
18.0 29.1 56.7
8.4
9,.5
9.8
5.9
19.9
9,.1
1.1
8.2
16.3
3.5
.7
4.8
1.6
4.9
3.6
— , .3
25,.8 " " 8 . 0 " i i . ' i " 2 6 .'7 "36." 8
6,.3
3.5
4.8
2.8
1.5
19..5
3.2
8.6
18.0
35.3
.8
2.7
3.8
5.1
3.5
.2
.7
2.1
1.7 - 1 . 2
1,.5
3.5
6.8
14.0
12,.9 - 1 . 5
4.4
1.9
11.8
*
4,.0
1.3 - 2 . 7
7.2
35,.2 17.8
18.0 29.1 56.7
8,.8
8.2
3.5
16.3
1.6
.7
4!8
4.9
3.6
25!.8
8.0
12.1 20.7
36.8
*
2,.4
3.4
4.8
8.1
4,.3 - 1 . 9
-.4
2.2
.7
,1
.2
1.6
.8
5.1
—. 1
A..1
1.8
2.0
6.0
.4
.5
.6
.5
.5
9.4
.0
2.1
2.5
6.2
1,.4
2.7
3.1
6.3
6.5
4 .9
2.8
1.3
- . 5 -1.2
44,,6
23, 1
16,.6
5,.8
.7
21!.5
.0
20..5
2,, 1
— 1,.3
7,.5
5,,5
6,.7
44 ,6
17,,3
5,,8
21,,5
.5
3!.5
2,.9
6,.3
.9
4!.5
1,.1
— , .5
2,.4
15.2
14.1
2.3
10.9
.9
1.1
1.0
.7
2.9
2.3
-3.9
2.8
-4.0
15.2
3.2
10.9
1.1
1.7
.3
-.3
-2.1
.8
1.1
-2.4
.8
1.3
16.1 24.2
14.2
16.2
3.9
3.3
10.2
12.3
*
.6
2.0
8.0
1.0
.3
1.0
7.7
3.3
6.1
3.4
1.2
-3.2 -3.2
-1.9
5.9
- . 6 -2.3
16.1 24.2
4.0
3.9
10.2
12.3
2.0
8.0
8.4
-2.3
-.3 -1.3
.2 - 1 . 5
3.6
-.7
.8
.7
3.0
8.0
-3.1 -3.4
.1 - 1 . 4
»
-.7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
85.8 115.3 129.1 118.3 169.0 206.0 254.3 231.7 226.8 199.3 254.2 269.8
5.9
3.0
4.9
2.8
1.3
-1.4
.8
-.5 -1.2
.5
1.5
.6
5.2
10.4
5.4
2.5
7.7
13.7
13.8
10.2
1O!3
10.0
15.0
80.2 108 .7 119.0 107.8 154.0 192.7 245.2 226 .8 215.8 187.8 243.8 256.2
17.4
13.2
6.2 21.7
30.7 23.7 28.3
34.5 98.5
93.7 103.2 90.7
7.8
18.4
9,.5
9.9
11.2
15.4
17.9
17.5
16.3
17.3
16.2
19.6
14.4
38.4
16.6
13,.8 23.3 23.5
18.4
36.3 41.6
13.6 23.9
31.0
24.5 29.,5 31,.1 29.8
52.4 76.7 79.9
75.4
59.2 48.7 69.8
60.5
10.4
4.5
10.0
19.4
5.9
11.6
18.6 21.7
9..8
8.5
1.1
16.0
7.3
14.8
6.3
12.1 27.8
38.4 - 1 3 . 9 - 2 7 . 3
16,.8
- . 6 -12.8
51.6
3.9
4.8
15,. 1
1.9
4.1
19.4
1.8
15.2
6.2 - 5 . 1
14.9
.5
2.5
12.4
8.3
15,.8
4.2
9.4
11.2
7.7
18.5 20. 8
7.6
8.0
2
3
4
5
6
7
8
9
10
11
12
*
•
-1.7
1!. 1
. 1
.2
.6
4!. 4
.7
5!.9
•
3.0
14.3
14.0
1.4
11.5
1.1
.3
2.5
1.2
-4.7
7.6
-7.3
14.3
2.5
11.5
.3
5.7
.9
-.9
-7.8
.8
-.8
-1.6
1.5
2.6
Total credit market funds raised, all sectors, by type
1
2
3
4
5
6
7
8
9
10
11
12
Total funds raised
Investment company shares
Other corporate equities
Debt instruments
U.S. Government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c
Open market paper and RP's
Other loans
NOTE.—Full statements for sectors and transaction types quarterly, and
annually for flows and for amounts outstanding, may be obtained from
1
Flow of Funds Section, Division of Research and Statistics, Board o f
Governors of the Federal Reserve System, Washington, D.C. 20551.
OCTOBER 1976 d FLOW OF FUNDS
A57
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(Seasonally adjusted annual rates; in billions of dollars)
1975
Transaction category, or sector
1967
1968
1969
1970
1971
1972
1973
1974
HI
1 Total funds advanced in credit markets to nonfinancial sectors
By public agencies and foreign
2 Total net advances
3
U.S. Government securities
Residential mortgages
4
F H L B advances to S&L's
5
Other loans and securities
6
Totals advanced, by sector
7
U.S. Government
8
Sponsored credit agencies
Monetary authorities
9
Foreign
10
11 Agency borrowing not included in line 1
12
13
14
15
16
17
18
Private domestic funds advanced
Total net advances
U.S. Government securities
State and local obligations
Corporate and foreign bonds
Residential mortgages
Other mortgages and loans
Less: F H L B advances
20
21
22
23
Private
financial
intermediation
Credit market funds advanced by private financial
institutions
Commercial banks
Savings institutions
Insurance and pension funds
Other finance
24
25
26
Sources of funds
Private domestic deposits
Credit market borrowing
19
27
28
29
30
31
Other sources
Foreign funds
Treasury balances
Insurance and pension reserves
Other, net
32
33
34
35
36
37
Private domestic nonfinancial
Direct lending in credit markets
U.S. Government securities
State and local obligations
Corporate and foreign bonds
Commercial paper
Other
38
39
40
41
42
Deposits and currency
Time and saving accounts
Large negotiable CD's
Other at commercial banks
A t savings institutions
43
44
45
H2
HI
81.3
98.0
90.0
94.8
139.5 166.3 190.0 183.3 201.6 174.6 228.7 232.3
1
12.0
6.9
2.6
-2.5
5.2
13.0
3.3
3.3
.9
5.5
16.5
.5
5.1
4.0
6.9
29.2
15.1
6.5
1.3
6.2
43.4
34.4
7.0
-2.7
4.6
19.8
7.6
7.0
»
5.1
34.2
9.6
8.2
7.2
9.2
51.0
11.9
14.7
6.7
17.8
44.2
22.5
16.7
-4.0
8.9
50.1
32.6
15.9
-7.3
8.9
38.2
12.4
17.6
-.6
8.8
51.5
26.7
9.3
-2.3
17.8
2
3
4
5
6
4.7
.6
4.8
2.0
.1
5.2
3.8
3.7
.3
4.0
3.1
9.4
4.2
-.3
9.5
2.8
11.1
5.0
10.3
9.8
2.8
5.2
8.9
26.4
5.9
1.8
9.2
.3
8.4
8.4
2.8
21.4
9.2
.7
19.9
8.1
25.6
6.2
11.2
23.1
15.7
15.1
8.5
4.8
14.1
15.7
15.9
6.9
11.6
14.0
15.7
14.2
10.1
-1.9
14.2
4.8
18.1
13.7
14.9
16.2
7
8
9
10
11
69.3
6.3
7.8
16.0
14.3
22.4
-2.5
89.0
14.1
9.5
13.8
17.0
35.5
.9
82.9
5.6
9.9
12.5
18.1
40.8
4.0
75.4 102.0 154.9 175.7 155.3 171.6 138.4 204.7 197.0
6.6 - 3 . 7
16.1
18.7 22.6
76.0 61.2 90.8
64.0
11.2
15.4
18.4
16.3
19.6
17.3
17.5
16.2
17.9
20.0
13.1
32.8
19.5
10.0 20.9
26.7
38.9
31.3
14.6
17.4
31.1 48.0 48.5
26.9
24.1
30.8 48.3
24.4
17.4 - 2 . 5
89.3
71.9
35.0 62.3
37.3
33.3
4>
1.3 - 2 . 7
7.2
6.7 - 4 . 0 - 7 . 3
- . 6 -2.3
12
13
14
15
16
17
18
63.6
35.8
15.0
12.9
-.1
75.9
38.7
15.4
13.8
8.0
57.4
18.6
14.6
13.3
10.8
77.0 109.7 149.4 163.8 126.2 116.7
35.0 50.6
70.5
64.6 27.6
86.5
17.4 39.1 47.2
36.0 27.0
52.0
14.2
38.9
17.8 23.8
30.1
17.1
17.4
7.5
5.9
13.8
4.5 - 1 . 7
99.2 134.3 132 A
13.6 41.5
21.3
51.3
52.7
66.7
36.4 41.3
42.0
-2.2 -1.3
2.4
19
20
21
22
23
63.6
49.8
-1.1
75.9
45.9
6.7
57.4
2.3
19.5
77.0 109.7 149.4 163.8 126.2 116.7
89.4 96.9
86.4
73.4 91.5
60.7
3.2
8.6
18.0 35.3 20.5
.1
99.2 134.3 132.4
90.6 92.3
90.6
1.0
-.8
7.7
24
25
26
14.9
2.3
.2
11.4
1.0
23.3
2.6
-.2
11.4
9.5
35.6
9.6
4.6
-1.1
-2.6
3.8
1.8
2.6
19.8
8.6
-.1
3.8
4.2
3.3
investors
Money
Demand deposits
Currency
1976
1975
10.8
15.1
13.1
-8.1
2.9
13.3
5.1
11.6
-3.9
2.2
8.6
4.7
34.5
5.3
.7
11.6
16.8
42.1
6.9
-1.0
18.4
17.8
32.2
14.5
-5.1
26.0
-3.2
25.1
-.4
-1.7
29.9
-2.7
9.3
-5.7
-3.5
27.4
-9.0
41.0
5.0
.1
32.5
3.5
34.1
-.8
3.1
31.5
.2
27
28
29
30
31
45.0
17.5
8.2
5.4
10.0
4.0
1.6
.9
- 7 . 1 -10.8
-1.3
.5
9.5
8.3
-.1
-3.1
3.6
3.1
23.6
4.2
3.1
4.2
3.0
9.1
47.2
19.4
7.5
.9
12.5
6.9
49.6
17.9
12.2
5.3
6.2
8.1
55.0
23.6
9.7
10.1
4.3
7.2
38.5
4.4
10.5
12.6
6.0
5.0
71.4
42.8
8.9
7.5
2.7
9.4
72.4
28.6
9.2
11.8
6.9
15.8
32
33
34
35
36
37
99.4 94.9
94.6
81.8
2.9 - 2 3 . 1
36.4
39.0
55.4
65.9
38
39
40
41
42
51.8
38.8
4.3
17.9
16.6
48.5
5.1
33.7 - 2 . 2
3.5 - 1 3 . 7
17.2
3.1
8.4
13.0
64.2
55.3
15.0
23.6
16.6
92.8
79.1
7.7
31.8
39.6
101.3
83.7
8.7
29.7
45.4
90.3
76.2
18.4
29.4
28.4
79.7
67.4
23.6
21.4
22.4
13.0
11.0
2.0
14.8
12.3
2.5
7.3
4.5
2.8
8.9
5.4
3.5
13.7
10.4
3.4
17.6
13.2
4.4
14.1
10.2
3.9
12.3
6.0
6.3
65.8
46
Total of credit market instr., deposits, and currency.
56.5
68.3
50.2
47
48
49
Private support rate (in per cent)
Private financial intermediation (in per c e n t ) . . . .
Total foreign funds
14.8
91.7
4.3
13.3
85.3
2.9
18.4
69.2
9.4
97.7 96.0
84.8
75.0
-9.7 -22.3
35.4 34.4
59.2 63.0
12.8
6.6
6.2
4.7
-2.4
7.1
13.1
8.8
4.3
43
44
45
93.8 124.9 137.5 129.3 152.6 134.5 170.7 167.2
46
30.8
31.1
102.1 107.5
2.2 22.5
11.9
96.4
13.7
18.0
93.2
7.6
27.8
81.2
25.7
21.9
68.0
4.5
21.0
15.6
5.3
28.7
71.6
6.0
16.7
65.6
3.0
22.2
67.2
14.2
11.5
1.5
10.0
9.2
2.3
10.4
.1
10.3
7.4
3.0
13.6
-1.4
15.0
11.5
47
48
49
Corporate equities not included above
1 Total net issues
2
Mutual fund shares
3
Other equities
4 Acquisitions by financial institutions.
5 Other net purchases
5.6
3.0
2.5
9.3
-3.7
6.5
5.9
.6
11.3
-4.8
10.1
4.9
5.2
13.0
-2.9
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 plus 44.
26. Excludes equity issues and investment company shares. Includes
line 18.
28. Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates.
10.5
2.8
7.7
10.6
-.1
15.0
1.3
13.7
17.8
-2.9
13.3
-.5
13.8
15.3
-2.1
9.2
-1.2
10.4
13.3
-4.1
4.9
-.5
5.4
5.5
-.7
11.0
.8
10.2
8.3
2.6
2.1
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.
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
Lines 1 and 3. Includes issues by financial institutions.
A58
U.S. INTERNATIONAL TRANSACTIONS • OCTOBER 1976
1. U.S. INTERNATIONAL TRANSACTIONS—SUMMARY
(In millions of dollars. Quarterly figures are seasonally adjusted except as noted.^
1975'1973
Credits ( + ) , debits ( - )
Line
1974
II
71,410 98,310
70,499 103,679
911 - 5 , 3 6 9
Merchandise exports
Merchandise imports
Merchandise trade balance 2.
Military transactions, net
Investment income, net
Other service transactions, net.
-2,287
5,178
102
III
IP
107,088
98,058
9,030
25,851
22,568
3,283
26,562
24,483
2,079
27,657
25,437
2,220
26,836
28,510
-1,674
28,450
29,735
-1,285
-883
6,007
2,163
-378
1,531
648
-115
1,682
619
12
1,670
455
-5
2,279
458
-13
2,157
715
3,905
3,586
16,316
5,084
4,265
4,357
1,058
1,574
-7,185
-1,710
-5,475
-4,620
-1,727
-2,893
-1,146
-434
-712
-1,044
-429
-615
-1,251
-433
-818
-1,118
-872
-441
-431
22
-3,598
11,697
3,938
3,934
3,221
513
3,106
4,305
Balance on current account.
Not seasonally adjusted. .
13
U.S. Govt, capital transactions, other than official reserve assets,
net ( o u t f l o w , - )
14
15
16
17
18
Change in U.S. official reserve assets (increase,—).
Gold
SDK's
Reserve position in I M F
Foreign currencies
19
20
21
22
23
24
25
26
27
Change in U.S. private assets abroad (increase,—).
Bank-reported claims
Long-term
Short-term
Nonbank-reported claims
Long-term
Short-term
U.S. purchase of foreign securities, net
U.S. direct investments abroad, net
28
29
30
31
32
Change in foreign official assets in the United States (increase,+).
U.S. Treasury securities
Other U.S. Govt, obligations
Other U.S. liabilities reported by U.S. banks
Other foreign official assets
5,145
114
582
4,126
323
10,257
3,282
902
5,818
254
5,166
4,338
891
-2,158
2,095
1,913
818
65
591
439
33
34
35
36
37
38
39
40
41
42
Change in foreign private assets in the United States (increase,+).
U.S. bank-reported liabilities
Long-term
Short-term
U.S. nonbank-reported liabilities
Long-term
Short-term
Foreign private purchases of U.S. Treasury securities, n e t . . . .
Foreign purchases of other U.S. securities, net
Foreign direct investments in the United States, net
12,220
4,702
227
4,475
1,035
298
737
-214
4,041
2,656
21,452
16,017
9
16,008
1,615
-212
1,827
697
378
2,745
8,427
647
-300
947
171
345
-174
2,667
2,505
2,437
43
44
45
46
Allocations of SDR's
Discrepancy
Owing to seasonal adjustments
Statistical discrepancy in recorded data before seasonal
adjustment
-2,107
4,557
4,570
-483
-635
-60
1,479
702
625
-1,492
1,089
-1,731
-422
-401
-453
798
-234
209
-1,434
-607
-29
-342
89
-773
-1,578
-172
-1,265
3
-66
-16
-33
233
-466
-75
-7
-25
-95
-222
-57
167
-45
-237
-491
14
-798
-794
- 1 3 , 9 9 8 - 3 2 , 3 2 3 -27,523
- 5 , 9 8 0 - 1 9 , 4 9 4 -13,487
-933 -1,183 -2,373
- 5 , 0 4 7 - 1 8 , 3 1 1 -11,114
-2,378 -3,221 -1,521
-474
-396
-441
-1,982 -2,747 -1,081
-671 -1,854 -6,206
-4,968 -7,753 -6,307
-7,074
-3,820
-381
-3,439
59
55
4
-979
-2,334
-3,297 -10,375
-617 -5,348
-608
-943
- 9 -4,405
-972
-972
-139
-379
-833
-593
-938 -2,361
-770 -1,694
-8,615
-3,582
-250
-3,332
-751
-187
-564
-2,525
-1,757
-6,228
-4,665
-338
-4,327
-579
233
-1,977
-2,847
25
320
525
2,272
1,069
307
134
762
2,460
1,998
68
-275
669
3,162
2,151
316
4
691
1,576
776
-287
1,063
58
77
-19
-423
385
780
4,313
1,639
-114
1,753
-141
-99
-42
2,125
738
-48
3,103
691
146
545
10
-78
213
1,038
1,229
1,454
675
-91
766
24
-332
356
453
1,030
-728
3,197
3,586
23
3,563
-479
-308
-171
-586
130
547
98
-39
-1,517
-2,561
2,258
1,275
4,736
1,348
-108
Memoranda:
Changes in official assets:
U.S. official reserve assets (increase,—)
Foreign official assets in the U.S. (increase,-f-)
Transfers under military grant programs (excluded from lines
1, 4, and 10 above)
1 Seasonal factors are no longer calculated for capital transactions—
lines 14 through 49.
2 Adjusted to a balance of payments basis; among other adjustments,
excludes military transactions and includes imports into the Virgin
Islands.
3 Differs from the definition of "net exports of goods and services" in
the national income and product (GNP) account. The GNP definition
IV
-3,883
-1,945
-1,938
Balance on goods and services '
Unilateral transfers
Remittances, pensions, and other transfers . .
U.S. Government grants (excluding military).
-2,083
10,227
812
1976
1975'-
- 6
-21
- 6 8
-812
-1,448
463
979
-2,107
4,557
4,570
137
1,044
983
3,388
1,087
209
5,145
-1,434
10,257
-607
5,166
-29
1,913
-342
-1,977
89
2,272
-773
2,460
-1,578
3,162
2,809
1,817
2,232
1,202
56
177
50
95
excludes special military sales from exports and U.S. Govt, interest payments from imports.
NOTE.—Data are from U.S. Dept. of Commerce, Bureau of Economic
Analysis, Survey of Current Business. A detailed description of items in
this revised format of U.S. International Transactions will appear in a
future issue of the BULLETIN.
OCTOBER 1976 • FOREIGN TRADE; U.S. RESERVE ASSETS
A59
2. MERCHANDISE EXPORTS AND IMPORTS
(Seasonally adjusted; i n millions o f dollars)
Exports 1
Imports 2
1973
1974
1975
1976
1973
7,150
7,549
7,625
8,108
7,652
8,317
8,307
8,379
8,399
8,673
8,973
8,862
9,374
8,756
8,681
8,649
9,103
June..
July...
Aug...
Sept...
Oct.. .
Nov...
Dec...
4,955
5,070
5,311
5,494
5,561
5,728
5,865
6,042
6,420
6,585
6,879
6,949
8,716
8,871
8,980
9,104
9,226
9,409
9,250
5,244
5,483
5,414
5,360
5,703
5,775
5,829
Quarter:
I
II
III....
IV....
15,336
16,783
18,327
20,413
22,325
24,077
25,085
26,508
26,811
25,586
26,955
27,885
Year4...
70,823
97,908
107,130
Month:
Jan...,
Feb.. .
Mar...
M?y!!
8,222
8,800
8,956
9,394
9,578
9,716
10,022
9,688
26,859
28,688
19743
1975
5,644
5,996
6,684
6,291
6,498
7,318
7,742
8,025
8,265
8,577
8,922
9,267
8,696
8,773
8,973
9,257
9,633
7,927
7,467
7,959
7,263
7,103
7,832
7,877
8,196
8,169
16,140
16,839
17,483
18,972
21,558
24,867
26,885
27,003
25,026
22,325
23,904
24,892
69,476
100,251
96,116
6,011
1 Exports o f domestic and foreign merchandise (f.a.s. value basis);
excludes Department o f Defense shipments under m i l i t a r y grant-aid
programs.
2 General imports, w h i c h includes imports for immediate consumption
plus entries i n t o bonded warehouses. See also note 3.
3 Beginning w i t h 1974 data, imports are reported o n an f.a.s. transactions value basis; p r i o r data are reported o n a Customs i m p o r t value
Trade balance
1976
9,176
8,941
9,607
9,596
9,182
10,094
10,849
10,446
8,201
8,522
27,723
28,872
1973
19743
1975
-289
-413
-103
+ 133
-142
-47
+37
+32
+776
+ 589
+ 195
+658
+652
+231
-117
+83
-612
-260
-615
-395
-259
+829
+ 1,215
+690
+958
+1,613
+1,039
+ 1,103
+908
+ 1,056
+ 1,208
+728
-804
-56
+844
+ 1,441
+767
-790
-1,800
-495
+1,785
+3,261
+ 3,051
+2,993
+ 1,347
-2,343
11,014
-888
-297
-100
1976
-73
-141
-651
-202
+396
-377
-827
-758
-864
-184
basis. F o r calendar year 1974, the f.a.s. i m p o r t transactions value was
$100.3 b i l l i o n , about 0.7 per cent less than the corresponding Customs
i m p o r t value o f $101.0 b i l l i o n .
4 Sum o f unadjusted figures.
NOTE.—Bureau o f the Census data. Details may n o t add to totals because o f rounding.
3. U.S. RESERVE ASSETS
( I n millions o f dollars)
G o l d stock 1
End of
year
Total
Total2
Treasury
Convertible
foreign
currencies
Reserve
position
in
IMF
1961..
1962..
1963..
1964..
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
1965..
1966..
1967..
1968..
1969..
15,450
14,882
14,830
15,710
416,964
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
42,781
863
326
420
1,290
2,324
1970..
1971 . .
19726.
19737 .
1974. .
14,487
512,167
13,151
14,378
15,883
11,072
10,206
10,487
11,652
11,652
10,732
10,132
10,410
11,567
11,652
629
5 276
241
8
5
1,935
585
465
552
1,852
G o l d stock
SDR's3
Total
Total2
1975—
Sept....
Oct....
Nov....
Dec....
1976—
Jan
Feb....
Mar....
851
1,100
1,958
2,166
2,374
1 Includes (a) gold sold t o the U n i t e d States by the I M F w i t h the right
o f repurchase, and (b) gold deposited by the I M F t o mitigate the impact
o n the U.S. gold stock o f foreign purchases for the purpose o f making
gold subscriptions t o the I M F under quota increases. F o r corresponding
liabilities, see Table 5.
2 Includes g o l d i n Exchange Stabilization F u n d .
3 Includes allocations by the I M F o f Special D r a w i n g Rights as follows:
$867 m i l l i o n o n Jan. 1, 1970; $717 m i l l i o n on Jan. 1, 1971; and $710
m i l l i o n o n Jan. 1, 1972; plus net transactions i n SDR*s.
4 Includes gain o f $67 m i l l i o n resulting f r o m revaluation o f the German
m a r k i n Oct. 1969, o f w h i c h $13 m i l l i o n represents gain o n m a r k holdings
at time o f revaluation.
5 Includes $28 m i l l i o n increase in dollar value o f foreign currencies
revalued to reflect market exchange rates as o f Dec. 31, 1971.
6 T o t a l reserve assets include an increase o f $1,016 m i l l i o n resulting
f r o m change i n par value o f the U.S. dollar o n M a y 8, 1972; o f which,
End of
month
May'!
June...
July. . .
Aug
Sept....
Treasury
Convertible
foreign
currencies
Reserve
position
in
IMF
SDR's 3
16,291
16,569
16,592
16,226
11,599
11,599
11,599
11,599
11,599
11,599
11,599
11,599
247
413
423
80
2,144
2,192
2,234
2,212
2,301
2,365
2,336
2,335
16,622
16,661
16,941
17,437
17,958
18,477
18,246
18,586
818,946
11,599
11,599
11,599
11,598
11,598
11,598
11,598
11,598
11,598
11,599
11,599
11,599
11,598
11,598
11,598
11,598
11,598
11,598
333
296
571
936
938
1,365
864
845
1,039
2,314
2,390
2,420
2,578
3,113
3,198
3,466
3,818
8 3,952
2,376
2,376
2,351
2,325
2,309
2,316
2,318
2,325
82,357
t o t a l gold stock is $828 m i l l i o n (Treasury g o l d stock $822 m i l l i o n ) , reserve
position i n I M F $33 m i l l i o n , and S D R ' s $155 m i l l i o n .
7 T o t a l reserve assets include an increase o f $1,436 m i l l i o n resulting
f r o m change i n par value o f the U.S. dollar o n Oct. 18, 1973; o f w h i c h ,
t o t a l gold stock is $1,165 m i l l i o n (Treas. gold stock $1,157 m i l l i o n ) ,
reserve position i n I M F $54 m i l l i o n , and S D R ' s $217 m i l l i o n .
8 Beginning July 1974, the I M F adopted a technique f o r valuing the
S D R based o n a weighted average o f exchange rates for the currencies
o f 16 member countries. The U.S. S D R holdings and reserve p o s i t i o n
i n the I M F are also valued o n this basis beginning July 1974. A t valuat i o n used p r i o r to July 1974 ( S D R 1 = $1.20635) S D R holdings at end
o f September amounted t o $2,453 m i l l i o n , reserve p o s i t i o n i n I M F , $4,034
m i l l i o n , and total U.S. reserves assets, $19,124.
NOTE.—See Table 20 for gold held under earmark at F . R . Banks f o r
foreign and international accounts. G o l d under earmark is n o t included
i n the gold stock o f the U n i t e d States.
A60
GOLD RESERVES • OCTOBER 1976
4. GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars; valued at $35 per fine ounce through Apr. 1972, at $38 from May 1972-Sept. 1973, and at $42.22 thereafter)
End of
period
Estimated
total
world 1
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Algeria
Argentina
Australia
Austria
Belgium
Canada
China,
Rep. of
(Taiwan)
Denmark
Egypt
1970.
1971.
1972.
1973.
1974.
41,275
41,160
44,890
49,850
49,800
4,339
4,732
5,830
6,478
6,478
11,072
10,206
10,487
11,652
11,652
25,865
26,220
28,575
31,720
31,670
191
192
208
231
231
140
90
152
169
169
239
259
281
312
312
707
729
791
881
882
1,470
1,544
1,638
1,781
1,781
791
792
834
927
927
82
80
87
97
97
65
64
69
77
76
85
85
92
103
103
1975—Sept..
Oct..
Nov.,
Dec..
49,750
6,478
6,478
6,478
6,478
11,599
11,599
11,599
11,599
31,675
31,665
231
231
231
231
169
169
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
97
76
76
76
76
103
103
103
103
6,478
6,478
6,478
6,478
6,478
6,448
6,412
6,412
11,599
11,599
11,599
31,415
11,598
11,598
11,598 P31,520
11,598
11,598
231
231
231
231
231
231
231
231
169
169
169
169
169
169
312
312
312
312
312
312
312
312
882
882
882
882
882
882
882
882
1,781
1,781
1,781
1,781
1,781
1 ,781
1,781
1,781
927
927
916
916
916
916
916
916
97
97
94
94
94
98
98
76
76
76
76
76
76
76
76
103
103
103
103
103
103
Germany
Greece
1976—Jan....
Feb....
Mar...
May.' ;
June..
July...
Aug.f.
End of
period
49,740
49,490
^49,565
France
India
Iran
Iraq
Italy
Japan
Kuwait
86
87
94
197 0
197 1
197 2
197 3
197 4
3,532
3,523
3,826
4.261
4.262
3,980
4,077
4,459
4,966
4,966
117
98
133
148
152
243
243
264
293
293
131
131
142
159
158
144
144
156
173
173
2,887
2,884
3,130
3,483
3,483
532
679
801
891
891
1975—Sept..
Oct...
Nov..
Dec...
4,262
4,262
4,262
4,262
4,966
4,966
4,966
4,966
153
153
153
153
293
293
293
293
158
158
158
158
173
173
173
173
3,483
3,483
3,483
3,483
891
891
891
891
1976_Jan...
Feb..,
Mar..
Apr..
May.
June.
July..
Aug.f
4,262
4,262
4,262
4,262
4.262
4.263
4,266
4,266
4,966
4,966
4,966
4,966
4,966
4,966
4,966
4,966
153
153
153
153
153
153
154
154
293
293
293
293
293
293
158
158
158
158
158
158
158
158
173
173
173
173
173
173
173
3,483
3,483
3,483
3,483
3,483
3,483
3,483
3,483
891
891
891
891
891
891
891
891
Portugal
Saudi
Arabia
South
Africa
End of
period
Pakistan
Spain
Sweden Switzerland
Thailand
Lebanon
Libya
Mexico
Netherlands
288
322
350
388
389
85
85
93
103
103
176
184
188
196
154
1,787
1,909
2,059
2,294
2,294
160
160
160
389
389
389
389
103
103
103
103
154
154
154
154
2,294
2,294
2,294
2,294
169
176
176
183
214
192
192
192
389
103
103
103
103
103
103
103
103
152
152
152
2,294
2,294
2,294
2,294
2,294
2,294
2,294
2,294
120
148
169
Turkey
United
Kingdom
Uruguay
Venezuela
Bank
for Intl.
Settlements 2
1970
1971
1972
1973
1974
54
55
60
67
67
902
921
1 ,021
1,163
1,175
119
108
117
129
129
666
410
681
802
771
498
498
541
602
602
200
200
217
244
244
2,732
2,909
3,158
3,513
3,513
82
82
89
99
99
126
130
136
151
151
1,348
777
801
887
888
162
148
133
148
148
384
391
425
472
472
-282
310
218
235
250
1975—Sept
Oct
Nov
Dec
67
67
67
67
1,175
1,175
1,175
1,170
129
129
129
129
762
754
752
749
602
602
602
602
244
244
244
244
3,513
3,513
3,513
3,513
99
99
99
99
151
151
151
151
888
888
888
888
135
135
135
135
472
472
472
472
254
256
259
246
1976—Jan
Feb
Mar
Apr
May
June
July
Aug.^*
67
67
67
69
69
69
69
69
1,170
1,170
1,170
1,170
1,170
1,170
129
129
129
129
129
129
129
129
753
749
3543
539
538
540
540
544
602
602
602
602
602
602
602
244
244
244
244
244
244
244
244
3,513
3,513
3,513
3,513
3,513
3,514
3,514
3,517
99
99
99
99
99
99
99
99
151
151
151
151
151
151
151
151
888
888
888
888
888
888
135
135
135
135
135
135
472
472
472
472
472
472
472
472
213
205
206
231
245
290
298
1 Includes reported or estimated gold holdings o f 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
G o l d ; excludes holdings of the U.S.S.R., other Eastern European countries, and People's Republic of China.
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 assets minus gold deposit liabilities.
3 Reflects South African Reserve Bank sale of gold spot and repurchase
forward.
OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A61
5. U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS, AND LIQUID
LIABILITIES TO ALL OTHER FOREIGNERS
(In millions of dollars)
Liabilities to foreign countries
End
of
period
Total
Liquid
liabilities to
IMF
arising
from
gold
transactions 1
Official institutions 2
Total
Shortterm
liabilities reported
by
banks
in
U.S.
Marketable
U.S.
Treas.
bonds
and
notes 3
Liquid liabilities to other
foreigners
Nonmarketable U.S.
Treas.
bonds
and
notes 4
Other
readily
marketable
liabilities 5
Liquid
liabilities
to commercial
banks
abroad <>
Total
Shortterm
liabilities reported
by
banks
in
U.S.
Marketable
U.S.
Treas.
bonds
and
notes 3,7
Liquid
liabilities to
nonmonetary
intl.
and regional
organizations 8
1964.
29,364
800
15,786
13,220
1,125
1,283
158
7,303
3,753
3,377
376
1,722
1965.
29,568
834
15,825
13,066
1,105
1,534
120
7,419
4,059
3,587
472
1,431
19669.
/31,144
131,019
1,011
1,011
14,840
14,895
12,484
12,539
860
860
583
583
913
913
10,116
9,936
4.271
4.272
3.743
3.744
528
528
906
905
19679.
/35,819
135,667
1,033
1,033
18,201
18,194
14,034
14,027
908
908
1,452
1,452
1,807
1,807
11,209
11,085
4,685
4,678
4,127
4,120
558
558
691
677
19689.
(38,687
138,473
1,030
1,030
17,407
17,340
11,318
11,318
529
462
3,219
3,219
2,341
2,341
14,472
14,472
5,053
4,909
4,444
4,444
609
465
725
722
19699.
'0/45,755
145,914
1,109
1,019
1015,975
15,998
11,054
11,077
346
346
10 3,070
3,070
1,505
1,505
23,638
23,645
4,464
4,589
3,939
4,064
525
525
659
663
1970—Dec..
/47,009
146,960
566
566
23,786
23,775
19,333
19,333
306
295
3,452
3,452
695
695
17,137
17,169
4,676
4,604
4,029
4,039
647
565
844
846
1971—Dec. 11
/67,681
167,808
544
544
51,209
50,651
39,679
39,018
1,955
1,955
9,431
9,534
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
15,747
543
14,666
5,043
4,618
425
1.627
1973—Dec
92,490
66,861
1243,923
5,701
1215,564
1,673
17,694
5,932
5,502
430
2,003
[119,240
ill9,204
76,801
76,823
53,057
53,079
5,059
5,059
16,339
16,339
2,346
2,346
30,314
30,146
8,803
8,913
8,305
8,415
498
498
3,322
3,322
124,843
123,949
124,101
127,208
126,593
79,911
78,762
80,676
80,198
80,650
50,150
48,594
50,111
49,634
49,513
6,472
6,644
6,485
6,640
6,599
19,466
19,666
30,422
30,360
28,527
32,266
29,556
9,621
9,854
9,971
19,976
19,976
3,999
4,030
4,255
4,353
4,521
8,950
9,153
9,232
9,490
671
701
739
710
731
4,889
4,973
4,927
4,544
5.628
128,196
131,841
129,724
136,714
139,126
135,234
139,135
138,759
81,198
82,326
82,561
84,205
85,630
85,129
85,815
86,679
49,487
50,429
49,634
50,538
51,606
50,023
50,467
51,289
6,851
7,027
7,757
8,187
8,450
9,167
9,417
9,737
20,051
20,051
20,051
20,151
20,151
20,251
20,151
19,801
4,809
4,819
5,119
5,329
5,423
5,688
5,780
5,852
30,964
33,149
30,512
35,256
36,476
32,654
34,762
32,833
9,766
738
748
804
821
804
858
888
968
5,530
5,558
5,729
5,674
5,659
5,947
6,738
7,039
1974—Dec. 9
1975—Au g
Sept
Oct
Nov
Dec
1976—Ja n
Feb
Mar
Apr
May
June
JulyP
Aug.p
1 Includes (a) liability on gold deposited by the I M F to mitigate the
impact on the U.S. gold stock of foreign purchases for gold subscriptions
to the I M 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 I M F to the United States to acquire income-earning assets.
2 Includes Bank for International Settlements; also includes European
Fund through Dec. 1972.
3 Derived by applying reported transactions to benchmark data.
* Excludes notes issued to foreign official nonreserve agencies.
5 Includes long-term liabilities reported by banks in the United States
and debt securities of U.S. Federally sponsored agencies and U.S. corporations.
6 Includes short-term liabilities payable in dollars to commercial banks
abroad and short-term liabilities payable in foreign currencies to commercial banks abroad and to other foreigners.
7 Includes marketable U.S. Treasury bonds and notes held by commercial banks abroad.
8 Principally the International Bank for Reconstruction and Development and the Inter-American and Asian Development Banks.
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
19,666
10,200
10,759
10,028
10,504
10,808
10,060
11,579
11,361
11,504
11,820
12,206
10,118
10,758
10,557
10,646
10,932
11,238
10,922
shown for the preceding date; figures on second line are comparable with
those shown for the following date.
10 Includes $101 million increase in dollar value of foreign currency
liabilities resulting from revaluation of the German mark in Oct. 1969.
11 Data on the second line differ from those on first line because certain accounts previously classified as official institutions are included
with banks; a number of reporting banks are included in the series for
the first time; and U.S. Treasury securities payable in foreign currencies
issued to official institutions of foreign countries have been increased in
value to reflect market exchange rates as of Dec. 31, 1971.
12 Includes $ 162 million increase in dollar value of foreign currency
liabilities revalued to reflect market exchange rates, as follows: shortterm liabilities, $15 million; and nonmarketable U.S. Treasury notes,
$147 million.
NOTE.—Based on Treasury Dept. data and on data reported to the
Treasury Dept. by banks and brokers in the United States. Table excludes
I M F holdings of dollars, and U.S. Treasury letters of credit and nonnegotiable, non-interest-bearing special U.S. notes held by other international and regional organizations.
A62
I N T L . CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
6. U.S. LIABILITIES TO OFFICIAL INSTITUTIONS
OF FOREIGN COUNTRIES, BY AREA
(Amounts outstanding; in millions o f dollars)
Total
foreign
countries
E n d o f period
Western
Europe i
Canada
Latin
American
republics
Other
countries 2
Asia
Africa
61,526
66,861
34,197
45,764
4,279
3,853
1,733
2,544
17,577
10,887
777
788
2,963
3,025
1974—Dec. 3
/76,801
\76,823
44,328
44,328
3,662
3,662
4,419
4,419
18,604
18,626
3,161
3,161
2,627
2,627
1975—Aug...
Sept...
Oct...
Nov...
Dec...
79,911
78,762
80,676
80,198
80,650
44,301
43,858
45,354
45,095
45,676
2,929
3,003
3,044
3,218
3,132
4,937
4,840
4,254
4,056
4,448
21,379
21,153
22,406
22,263
22,514
3,392
3,145
3,018
2,951
2,983
2,973
2,763
2,600
2,615
1,897
1976—Jan.. .
Feb...
Mar...
Apr...
May..
June..
Julyf.
Aug.p.
81,198
82,326
82,561
84,205
85,630
85,130
85,815
86,679
45,741
45,091
45,583
43,581
43,247
42,425
42,321
41,503
3,416
3,645
3,663
3,600
3,590
3,578
3,410
3,230
3,552
3,377
3,779
3,850
3,827
4,104
3,980
4,379
23,780
25,462
26,911
28,596
30,047
29,879
30,904
32,572
2,724
2,731
2,718
2,805
3,141
3,245
3,134
3,098
1,985
2,020
1,907
1,773
1,777
1,898
2,066
1,897
1972
197 3
1 Includes Bank for International Settlements; also includes European
F u n d through 1972.
2 Includes countries i n Oceania and Eastern Europe, and Western European dependencies i n L a t i n America.
3 See note 9 to Table 5.
institutions o f foreign countries, as reported by banks i n the United States;
foreign official holdings o f marketable and nonmarketable U.S. Treasury
securities w i t h an original maturity o f more than 1 year, except f o r nonmarketable notes issued to foreign official nonreserve agencies; and investments by foreign official reserve agencies i n debt securities o f U.S.
Federally sponsored agencies and U.S. corporations.
NOTE.—^Data represent short- and long-term liabilities to the official
7. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions o f dollars)
T o nonmonetary international
and regional organizations 5
T o all foreigners
Payable in dollars
End o f period
Deposits
Total 1
Total
60,200
Demand
Time 2
U.S.
Treasury
bills and
certificates 3
Other
shortterm
liab.4
Payable
in
foreign
currencies
IMF
gold
investment
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.6
197 2
197 3
197 4
60,696
69,074
94,811
68,477
94,044
8,290
11,310
14,051
6,882
9,932
31,850
31,886
35,662
14,457
18,399
34,399
496
597
766
1,412
1,955
3,171
86
101
139
202
83
111
326
296
497
799
1,474
2,424
1975—Aug.
Sept.
Oct..
Nov.
Dec.
94,325
93,008
92,453
95,861
94,390
93,763
92,454
91,818
95,221
93,833
12,211
13,402
12,128
12,810
13,564
10,394
10,170
10,259
10,076
10,348
38,529
36,653
37,728
37,268
37,414
32,629
32,230
31,702
35,068
32,506
562
554
635
637
549
4,804
4,901
4,583
4,471
5,293
110
107
132
145
139
148
127
150
156
148
3,156
3,008
2,397
1,605
2,554
1,389
1,659
1,903
2,563
2,451
1976—Jan..
Feb..
Mar.
95,151
98,159
95,033
102,070
104,151
98,688
101,832
100,999
94,542
97,505
94,462
101,303
103,419
97,997
101,159
100,305
12,271
13,350
13,091
14,244
13,846
14,135
14,714
14,227
10,483
10,222
10,488
10,235
10,104
9,973
10,261
10,210
38,789
39,763
37,977
39,430
40,258
38,257
39,653
40,974
32,998
34,169
32,907
37,394
39,211
35,632
36,530
34,894
600
642
565
763
727
687
673
686
4,933
4,520
4,768
5,519
5,512
5,360
5,671
5,631
114
130
140
91
258
483
379
217
162
192
193
185
160
192
148
2,498
2,435
2,495
2,739
2,876
2,236
3,137
3,475
2,103
1,806
1,952
2,446
2,361
2,706
1,860
1,629
May
June
July.
Aug.
F o r notes see opposite page.
5,603
118
OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A63
7. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE-Continued
(Amounts outstanding; in millions o f dollars)
T o official institutions 8
T o t a l to official, banks and other foreigners
Payable in dollars
Payable in dollars
E n d o f period
Total
Deposits
Demand
1973
67,119
Time 2
U.S.
Treasury
bills and
certificates 3
Other
shortterm
liab.4
Payable
m
foreign
currencies
Total
Deposits
Demand
Time 2
U.S.
Treasury
bills and
certificates 3
Other
shortterm
liab.6
11,209
6,799
31,590
16,925
597
43,923
2,125
3,911
31,511
6,248
127
35,165
35,165
31,822
31,975
766
766
53,057
53,079
2,951
2,951
4,257
4,167
34,656
34,656
11,066
11,178
127
127
1974_Dec.7
/91,676
\91,640
13,928
13,912
9,995
9,821
1975—Aug..
Sept..
Oct..
Nov..
Dec..
89,522
88,107
87,870
91,390
89,097
12,101
13,295
11,996
12,665
13,426
10,245
10,043
10,109
9,920
10,200
35,373
33,645
35,330
35,663
34,860
31,240
30,571
29,800
32,506
30,063
562
554
635
637
549
50,150
48,594
50,111
49,634
49,513
2,493
2,444
2,448
2,242
2,644
4,102
3,886
3,877
3,579
3,423
35,102
33,339
35,004
35,242
34,182
8,453
8,925
8,782
8,571
9,264
1976_Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
90,217
93,638
90,264
96,551
98,638
93,323
96,161
95,360
12,158
13,233
12,962
14,104
13,755
13,877
14,231
13,848
10,266
10,060
10,296
10,042
9,919
9,813
10,069
10,062
36,291
37,328
35,482
36,691
37,382
36,021
36,517
37,499
30,903
32,376
30,959
34,951
36,855
32,925
34,677
33,265
600
642
565
763
727
687
667
686
49,487
50,429
49,634
50,538
51,606
50,023
50,402
51,289
2,445
2,695
2,671
2,782
2,799
2,632
2,912
2,410
3,291
2,908
2,767
2,319
2,400
2,392
2,251
2,224
35,645
36,761
34,989
36,196
36,859
35,532
35,964
36,983
8,106
8,066
9,207
9,241
9,547
9,468
9,275
9,673
T o other foreigners
T o banks9
Payable i n dollars
E n d o f period
Payable
in
foreign
currencies
Total
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.4
Deposits
Total
Demand
Time 2
U.S.
Treasury
bills and
certificates
Other
shortterm
liab.6
T o banks
and other
foreigners:
Payable in
foreign
currencies
23,196
17,224
6,941
529
11
9,743
5,502
2,143
2,359
68
933
469
/38,619
138,560
29,676
29,507
8,248
8,231
1,942
1,910
232
232
19,254
19,134
8,304
8,414
2,729
2,729
3,796
3,744
277
277
1,502
1,664
639
639
1975—Aug
Sept
Oct
Nov
Dec
39,371
39,513
37,759
41,756
39,584
29,860
29,806
27,891
31,630
29,006
6,903
7,962
6,780
7,584
7,534
1,623
1,656
1,565
1,544
1,942
88
89
100
135
335
21,245
20,099
19,446
22,367
19,195
8,950
9,153
9,232
9,490
10,029
2,705
2,889
2,769
2,839
3,248
4,520
4,501
4,666
4,797
4,835
183
217
226
287
342
1,542
1,547
1,572
1,568
1,604
562
554
635
637
549
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
40,730
43,209
40,630
46,014
47,033
43,300
45,760
44,070
30,364
32,507
29,947
34,493
35,749
31,967
34,096
32,147
6,809
7,418
7,248
7,883
7,737
8,100
8,012
7,933
1,979
2,036
2,268
2,317
2,092
1,882
2,278
2,206
369
275
217
134
151
154
155
163
21,208
22,777
20,215
24,160
25,769
21,831
23,651
21,845
9,766
10,060
10,118
10,757
10,557
10,647
10,997
11,238
2,904
3,120
3,044
3,439
3,219
3,146
3,307
3,505
4,996
5,116
5,261
5,406
5,427
5,539
5,541
5,632
277
293
276
361
372
335
398
353
1,588
1,532
1,538
1,551
1,538
1,626
1,751
1,747
600
642
565
763
727
687
667
686
1973
I A J JT^o/^
l1yQ—
e c . '7
1 D a t a exclude I M F holdings o f dollars.
2 Excludes negotiable time certificates o f deposit, which are included
i n " O t h e r short-term liabilities."
3 Includes nonmarketable certificates o f indebtedness and Treasury
bills issued to official institutions o f foreign countries.
4 Includes liabilities o f U.S. banks to their foreign branches, liabilities
o f U.S. agencies and branches o f foreign banks to their head offices and
foreign branches, bankers' acceptances, commercial paper, and negotiable
time certificates o f deposit.
5 Principally the International Bank for Reconstruction and Development and the Inter-American and Asian Development Banks.
6 Principally bankers' acceptances, commercial paper, and negotiable
time certificates o f deposit.
7 D a t a on the 2 lines shown f o r this date differ because o f changes i n
reporting coverage. Figures o n the first line are comparable i n coverage
w i t h those shown for the preceding date; figures o n the second line are
comparable w i t h those shown for the following date.
8 Foreign central banks and foreign central govts, and their agencies.
Bank for International Settlements, and European F u n d t h r o u g h Dec.
1972.
9 Excludes central banks, which are included i n "Official institutions."
NOTE.—"Short t e r m " obligations are those payable o n demand or having
an original maturity o f 1 year or less. F o r data o n long-term liabilities
reported by banks, see Table 9. D a t a exclude International Monetary F u n d
holdings o f dollars; these obligations to the I M F constitute contingent
liabilities, since they represent essentially the amount o f dollars available
for drawings f r o m the I M F by other member countries. D a t a exclude also
U.S. Treasury letters o f credit and nonnegotiable, noninterest-bearing
special U.S. notes held by the Inter-American Development Bank and
the International Development Association.
INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
A64
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End of period. Amounts outstanding; in millions of dollars)
1975
1974
1976
Area and country
Dec.i
Europe:
Austria
Belgium-Luxembourg. . .
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe2 .
U.S.S.R
Other Eastern Europe...
Total.
Canada.
Latin America:
Argentina
Bahamas
Brazil
Chile
Colombia
Mexico
Panama
Peru
Uruguay
Venezuela
Other Latin American republics
Netherlands
Antilles
and
Surinam
Other Latin America
Total.
Asia:
China, People's Rep. of
(China Mainland)
China, Republic of (Taiwan)..
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting
countries 3
Other
Total.
Africa:
Egypt
South Africa
Oil-exporting countries 4.
Other
Total.
Other countries:
Australia
A l l other
Total
Total foreign countries.
International and regional:
International 5
Latin American regional..
Other regional 6
Total
Grand total.
For notes see opposite page.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
754
2,898
332
391
7,733
4,357
284
749
2,678
375
309
7,499
3,823
263
1,052
3,409
888
243
445
715
2,440
434
313
6,480
4,468
340
1,044
3,828
925
221
400
2,312
8,648
104
8,231
178
581
2,395
678
334
577
2,213
649
403
4,529
5,206
299
1,418
3,111
797
189
392
2,437
9,129
101
7,096
174
2,250
45
153
549
2,336
452
405
4,776
4,932
346
1,560
2,256
807
196
446
2,435
10,125
95
6,430
43
201
6,726
222
2,144
38
159
585
2,332
681
350
4,856
5,830
289
1,504
3,281
915
213
462
2,352
8,965
113
6,589
179
2,002
34
161
607
2,506
369
266
4,287
9,420
248
2,617
3,234
1,040
310
382
1,138
9,986
152
7,559
183
4,073
82
206
607
2,506
369
266
4,287
9,429
248
2,617
3,234
1,040
310
382
1,138
10,139
152
7,584
183
4,073
82
206
682
2,919
361
385
7,159
4,841
313
1,042
3,579
970
190
402
2,251
8,049
7,186
175
2,375
38
128
6,886
126
2,970
40
200
8,611
88
7,606
83
2,313
45
160
48,667
48,853
43,167
44,028
42,906
43,441
41,320
41,692
41,168
3,517
3,520
4,091
3,076
3,885
4,721
4,126
4,173
886
1,448
1,034
276
305
1,770
488
272
147
3,413
886
1,054
1,034
276
305
1,770
510
272
165
3,413
1,150
2,989
1,075
266
387
2,183
840
249
175
3,188
1,147
1,827
1,227
317
417
2,078
1,099
244
172
3,289
3.190
1.191
248
484
1,899
1,145
219
185
2,711
1,208
1.134
2,940
1.135
248
536
2,048
953
223
204
2,571
1,169
1,715
1,320
273
516
2,004
779
235
242
2,574
1,316
1,316
1,369
1,500
1,437
1,456
158
526
158
596
118
2,191
129
1,507
129
1,620
142
2,448
12,038
11,754
16,181
14,954
15,665
50
818
530
261
1,221
386
10,897
384
747
333
50
530
261
1,221
389
10,931
384
747
333
93
1,051
683
123
1,025
623
418
342
10,790
386
593
193
4,633
813
4,623
845
21,073
June
July^'
Aug.^
412
1,971
440
435
4,214
4,738
350
2,646
2,194
684
257
419
2,227
9,245
188
589
1,977
322
446
4,408
4,961
361
2,263
2,182
900
250
416
2,384
9,551
80
6,289
128
2,163
35
209
40,587
39,912
38,999
4,997
3,789
3,995
3,808
1,238
4,600
1,475
310
582
2,133
961
219
216
2,742
1,368
5,162
1,176
367
629
2,218
1,098
230
215
2,757
1,398
2,905
1,271
369
686
2,158
1,207
221
229
2,643
1,407
4,835
1,308
301
762
2,110
1,052
235
219
2,747
1,510
2,993
1,196
303
772
2,301
1,387
239
231
3,092
1,640
1,713
1,671
1,836
1,796
1,710
119
1,735
121
2,530
125
1,881
129
1,533
135
2,057
149
1,717
16,037
14,322
18,839
18,897
16,593
18,963
17,600
224
1,072
682
324
583
312
11,764
382
616
224
101
1,100
741
338
498
346
12,265
361
605
225
120
1,134
709
423
920
323
12,789
360
525
244
139
1,130
803
632
324
13,246
327
593
218
63
1,182
747
845
706
316
12,847
343
742
261
42
1,070
788
938
390
698
252
263
1,015
667
203
762
325
10,556
395
601
279
298
13,631
346
636
244
45
1,131
842
1,072
1,002
351
14,194
369
663
249
6,157
885
6,461
867
6,444
969
6,993
933
7,723
967
8,008
1,017
8,543
984
7,290
1,250
7,286
1,122
8,102
1,376
21,130
21,774
21,539
22,480
24,109
25,271
26,570
28,061
26,591
27,522
29,396
103
130
2,814
504
103
130
2,814
504
255
108
2,372
643
343
169
2,239
623
177
218
2,135
562
180
314
133
186
609
1,919
680
231
177
2,256
598
197
202
2,423
651
211
2,208
161
2,567
652
236
123
2,443
672
200
164
2,368
736
3,551
3,551
3,377
3,373
3,091
3,131
3,099
3,262
3,472
3,591
3,473
3,469
2,742
89
2,742
89
2,713
87
2,014
114
2,046
143
2,070
131
2,001
125
1,931
84
1,950
93
2,066
107
2,185
1,964
122
818
120
181
1,112
3,411
996
195
426
2,286
8,514
118
126
369
386
10,218
2,266
2,116
6,210
4,195
261
1,338
3,397
798
209
386
2,287
8,854
106
1,121
182
2,079
40
1,122
111
100
6,139
142
2,139
34
215
2,831
2,831
2,800
2,128
2,190
2,201
2,126
2,015
2,043
2,173
2,296
2,087
91,676
91,640
91,390
89,097
90,217
93,638
90,264
96,551
98,638
93,323
96,161
95,360
2,900
202
69
2,900
202
69
4,217
193
61
5,064
187
42
4,629
219
86
4,188
262
70
4,459
182
128
5,269
141
108
5,247
156
109
5,063
176
126
5,383
176
112
5,285
168
3,171
3,171
4,471
5,293
4,933
4,520
4,769
5,519
5,512
5,365
5,671
5,639
94,847
94,811
95,861
94,390
95,151
98,159
95,033
102,070 104,151
186
98,688 101,832 100,999
OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A65
8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY-Continued
(End of period. Amounts outstanding; in millions of dollars)
Supplementary data 7
1975
1974
1976
Area and country
Apr.
Dec.
Apr.
10
11
53
7
21
29
17
20
29
Other Western Europe:
Cyprus
Iceland
Ireland, Rep. of
Dec.
Apr.f
6
33
75
38
Other Asia—Cont.:
Cambodia
Jordan
39
Lebanon
Malaysia
Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad and Tobago
102
88
137
90
129
245
28
71
52
119
40
21
96
118
128
122
129
219
35
88
69
127
46
107
93
120
214
157
144
255
34
92
62
125
38
31
110
125
169
120
171
260
38
99
41
133
43
131
Other Latin America:
Bermuda
British West Indies
201
354
116
449
100
627
170
1,311
11
42
18
65
19
49
41
31
104
69
149
128
177
36
69
49
89
43
Singapore
Sri Lanka (Ceylon)
Vietnam
Other Africa:
Ethiopia (incl. Eritrea)
Ghana
Liberia
Southern Rhodesia
Sudan
Tanzania
Tunisia
Zambia
Other Asia:
Afghanistan
Burma
1975
1974
Area and country
Apr.
Dec.
Apr.
Dec.
4
6
3
68
40
108
165
13
98
4
22
3
126
63
91
245
14
126
4
30
5
180
92
118
215
13
70
4
39
2
117
77
74
255
13
62
118
22
20
29
1
2
12
17
11
66
95
18
31
39
2
4
11
19
13
22
76
13
32
33
3
14
21
23
38
18
60
23
19
53
1
12
30
29
22
78
33
47
36
42
54
1 Data in the 2 columns shown for this date differ because of changes
in reporting coverage. Figures in the first column are comparable in
coverage with those for the preceding date; figures in the second column
are comparable with those shown for the following date.
2 Includes Bank for International Settlements.
3 Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).
A l l other:
New Zealand
1976
Apr.P
20
2
"ios'
89
9
33
70
37
61
17
18
33
29
4 Comprises Algeria, Gabon, Libya, and Nigeria.
5 Data exclude holdings of dollars of the International Monetary Fund.
6 Asian, African, and European regional organizations, except BIS,
which is included in "Europe."
7 Represent a partial breakdown of the amounts shown in the other
categories (except "Other Eastern Europe").
9. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED
BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Country or area
To foreign countries
End of period
Total
To
intl.
and
regional
Total
Official
institutions
Other
Banks 1 foreigners
Germany
United
Kingdom
Total
Latin
Total
Europe America
Middle
East2
Other
Asia 3
33
83
All
other
countries
197 2
197 3
1974
1,018
1,462
1,285
580
761
822
439
700
464
93
310
124
259
291
261
87
100
79
165
159
146
63
66
43
260
470
227
136
132
115
94
10
16
20
1975—Aug..
Sept..
Oct...
Nov..
Dec..
1,586
1,608
1,525
1,561
1,812
372
395
311
297
415
1,214
1,213
1,212
1,263
1,395
871
873
868
894
931
263
261
261
286
364
81
79
83
83
100
120
118
118
115
214
61
61
61
66
66
222
221
226
231
331
123
121
126
147
140
839
841
832
857
894
23
23
24
24
24
1976—Jan...
Feb...
Mar..
Apr...
May.
June.
Julyf.
Aug.f
1,935
1,919
2,132
2,137
2,134
2,255
2,308
2,275
306
286
1,627
1,631
1,949
1,938
1,997
2,065
2,072
2,024
1,027
1,050
1,342
1,372
1,429
1,490
1,479
1,423
477
473
492
435
431
434
450
452
123
107
115
131
137
141
143
149
314
312
306
309
306
308
307
311
70
69
78
87
87
88
89
92
448
444
443
457
453
459
463
469
142
141
147
108
104
107
117
990
1,009
1,305
1,335
1,399
1,458
1,448
1,394
182
197
135
189
235
246
1 Excludes central banks, which are included with "Official institutions."
2 Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq,
122
16
12
16
14
16
16
17
15
41
26
40
25
26
26
28
28
Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial
States).
3 Until Dec. 1974 includes Middle East oil-exporting countries.
A66
INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. TREASURY BONDS AND NOTES
(End o f p e r i o d ; i n millions o f dollars)
1975
1974
1976
Area and country
Aug.
Sept.
10
9
251
30
493
'•88
5
14
210
278
41
520
102
5
14
217
275
44
501
114
5
14
216
275
54
441
152
5
13
216
275
58
414
165
4
13
215
276
55
363
159
4
Dec.
Europe:
Belgium-Luxembourg
Germany
Sweden
Switzerland
United Kingdom
Other Western Europe
Eastern Europe
Dec.
Feb,
Mar.
13
212
276
68
374
209
4
13
238
276
72
370
213
4
13
247
276
75
386
381
4
14
228
276
89
389
465
4
Jan.
May
Apr.
June
JulyJ'
Aug.f
13
225
281
99
349
472
4
12
227
291
101
380
551
4
11
221
291
132
368
577
4
9
324
275
171
383
572
4
885
1,169
1,170
1,157
1,145
1,085
1,156
1,186
1,382
1,465
1,443
1,566
1,604
1,738
406
404
400
402
395
395
418
419
425
340
340
341
337
12
83
5
13
149
5
13
149
5
13
158
6
33
160
6
33
161
6
33
159
7
33
131
7
33
121
7
33
120
7
34
125
7
34
141
7
39
157
7
39
222
10
100
167
168
177
199
200
200
171
161
160
166
182
203
271
3,498
212
3,496
1,518
3,502
1,668
3,520
1,818
3,269
1,869
3,271
2,099
3,268
2,229
3,212
2,436
3,217
2,987
3,217
3,330
3,074
3,800
3,075
4,391
3,077
4,578
2,952
4,885
3,709
5,014
5,170
5,339
5,138
5,370
5,497
5,648
6,204
6,547
6,874
7,466
7,655
7,838
151
211
261
311
311
321
340
350
396
411
431
471
501
521
5,557
6,967
7,173
7,383
7,195
7,372
7,589
7,775
8,561
9,009
9,254
10,026
10,305
10,705
97
53
66
20
51
20
324
20
59
14
321
14
593
4
1,034
4
957
5
153
3
149
-1
583
-1
1,059
9
1,382
19
Latin America:
L a t i n A m e r i c a n republics..
Netherlands Antilles i
Other L a t i n A m e r i c a
Total.
Total
Nov.
713
Total
Canada
Asia:
Japan
Other A s i a .
Oct.
Africa
A l l other
T o t a l foreign countries.
International and regional:
International
Latin American regional..
150
86
71
344
73
335
597
1,038
961
155
148
581
1,067
1,400
5,708
7,053
7,245
7,727
7,268
7,707
8,185
8,812
9,521
9,163
9,401
10,607
11,372
12,105
Total
Grand total.
1 Includes Surinam u n t i l Jan. 1976.
NOTE.—Data represent estimated official and private holdings o f marketable U.S. Treasury securities w i t h an original m a t u r i t y o f more than 1
year, and are based o n a benchmark survey o f holdings as o f Jan. 31,1971,
and m o n t h l y transactions reports (see Table 14).
11. SHORT-TERIVI CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY TYPE
( A m o u n t s outstanding; in millions o f dollars)
Payable i n dollars
Payable i n foreign currencies
Loans t o —
End o f period
Total
Total
197 2
197 3
Collections
outstanding
Acceptances
made
for acct.
o f foreigners
2,538
2,838
3,276
4,307
3,226
4,160
Total
15,676
20,723
14,830
20,061
5,671
7,660
Official
institutions
Banks 1 Others 2
163
284
2,970
4,538
Other
Total
Foreign
govt, seDeposits curities,
with for- coml.
eigners
and finance
paper
2,657
3,935
846
662
441
428
223
119
Other
182
115
197 4
39,056
37,859
11,296
381
7,337
3,579
5,637
11,237
9,689
1,196
669
289
238
1975—Aug.
Sept.
Oct..
Nov.
Dec.
45,962
45,843
48,169
48,752
50,248
44,807
44,706
46,848
47,432
48,938
13,474
12,822
12,811
13,562
13,287
628
574
649
697
614
8,352
7,638
7,642
8,392
7,733
4,495
4,610
4,519
4,472
4,939
5,314
5,314
5,465
5,363
5,467
9,977
10,071
10,134
10,610
11,135
16,040
16,499
18,438
17,898
19,049
1,155
1,138
1,321
1,319
1,309
616
581
749
652
633
240
236
231
340
301
299
320
341
327
376
1976—Jan..
Feb.,
Mar.
Apr.,
May,
June
July.
Aug.
51,583
54,173
53,580
55,668
57,658
57,924
59,237
57,750
50,338
52,773
52,259
54,219
56,240
56,363
57,779
56,205
13,495
14,303
13,640
14,549
15,819
15,182
15,597
15,304
697
754
765
769
1,014
815
737
1,038
8,147
8,762
8,059
8,824
9,532
9,124
9,673
9,092
4,652
4,788
4,817
4,956
5,272
5,243
5,186
5,175
5,311
5,191
5,367
5,325
5,379
5,517
5,542
5,495
11,047
10,994
11,148
11,297
11,310
11,541
11,451
10,976
20,485
22,285
22,105
23,048
23,733
24,124
25,190
24,430
1,246
1,401
1,321
1,449
1,419
1,560
1,457
1,546
696
728
794
920
878
916
850
907
263
241
145
156
141
158
132
143
286
431
382
373
399
487
475
496
1 Excludes central banks which are included w i t h " O f f i c i a l institutions."
2 Includes international and regional organizations.
OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A67
12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES, BY COUNTRY
(End o f period. Amounts outstanding; in millions o f dollars)
1974
1975
1976
Area and country
Dec.
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
21
384
46
122
673
589
64
345
348
119
20
196
180
335
15
2,580
22
22
46
131
32
496
54
133
1,289
689
91
418
285
92
19
261
20
401
55
132
1,397
486
55
369
316
66
20
274
124
250
59
4,588
37
26
101
125
23
417
55
120
1,513
426
52
402
267
63
20
262
111
278
82
4,778
49
29
84
159
22
430
55
128
1,256
474
53
360
269
66
21
231
121
340
73
4,550
64
29
85
109
39
398
59
105
1,233
452
63
406
290
71
18
241
105
400
68
5,295
50
27
63
107
25
427
57
109
1,109
448
62
492
267
76
32
321
116
355
90
4,987
47
41
70
35
537
62
125
1,145
384
53
554
318
71
40
285
337
121
4,117
55
25
165
103
15
352
49
128
1,471
441
49
370
300
71
16
249
167
237
86
4,718
38
27
103
114
6,255
8,964
9,000
8,899
9,190
8,737
9,491
Canada.
2,776
2,751
2,817
3,020
2,983
2,917
Latin America:
Argentina
Bahamas
Brazil
Chile
Colombia
Mexico
Panama
Peru
Uruguay
Venezuela
Other L a t i n American republics...
Netherlands Antilles and Surinam.
Other L a t i n America
720
3,405
1,418
290
713
1,972
505
518
63
704
866
62
1,142
1,229
6,887
1,807
381
649
2,565
904
565
56
980
969
46
2,659
1,203
7,577
2,225
360
692
2,813
1,052
588
51
1,086
980
49
1,885
1,246
8,048
2,157
312
654
2,783
1,055
53
3,085
1,338
10,048
2,204
343
586
3,079
1,193
634
62
925
1,061
43
3,264
12,377
19,698
20,561
22,368
Asia:
4
China, People's Rep. o f (China Mainland)
500
China, Republic o f (Taiwan)
223
Hong Kong
14
India
157
Indonesia
255
Israel
12,518
Japan
955
Korea
372
Philippines
458
Thailand
330
M i d d l e East oil-exporting countries i .
441
Other
11
681
258
16
94
387
10,429
1,505
347
499
506
665
22
737
258
21
105
491
10,753
1,556
384
495
524
684
10
725
234
19
129
419
10,121
16,226
15,398
111
329
115
300
Europe:
Austria
Belgium-Luxembourg..
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United K i n g d o m
Yugoslavia
Other Western Europe.
U.S.S.R
Other Eastern E u r o p e .
Total.
Total.
Total.
Africa:
Egypt
South A f r i c a
Oil-exporting countries ^
Other
Total.
Other countries:
Australia
A l l other
Total
T o t a l foreign c o u n t r i e s . . . . ,
102
401
99
5,077
45
57
70
110
432
70
644
251
74
53
302
97
374
81
5,435
45
'42
69
147
9,232
9,572
10,003
9,424
3,253
3,364
3,166
3,027
3,031
1,290
10,324
2,318
324
545
3,034
1,110
597
46
1,040
986
33
2,729
1,374
10,267
2,351
349
539
3,236
787
638
39
1,077
1,052
32
3,718
1,342
11,104
2,414
352
518
3,444
991
621
33
1,153
32
3,996
1,145
11,460
2,692
340
533
3,494
840
623
34
1,153
999
33
3,667
1,143
12,286
2,633
364
537
3,562
697
665
31
1,237
1,078
28
4,121
1,149
11,522
2,771
352
501
3,559
777
666
31
1,503
991
29
3,751
24,781
24,375
25,458
27,280
27,015
28,381
27,600
22
775
229
25
162
309
18
793
200
26
162
314
10
863
273
38
160
315
10,358
1 ,713
524
490
746
719
12
908
296
36
125
269
10,340
1,614
389
465
780
665
4
939
251
36
1,605
434
535
525
734
17
729
225
26
131
365
9,870
1,715
507
516
600
705
331
9,872
1,551
459
437
836
838
16,029
15,489
130
540
215
410
104
545
231
351
855
1,294
466
99
554
91
182
1,281
624
68
1,001
1,280
106
1,100
510
537
646
731
1,713
520
533
605
632
9
860
228
34
171
285
10,004
1,675
559
491
742
785
15,405
15,756
15,635
15,841
16,209
15,898
15,661
106
547
213
349
101
546
230
330
103
575
226
270
110
631
210
301
106
672
336
117
689
181
327
117
698
185
311
115
695
268
317
1,231
1,215
1,207
1,174
1,252
1,325
1,314
1,310
1,395
535
73
503
87
492
113
521
98
498
79
547
67
548
542
74
553
85
10,208
1,600
10,118
211
100
108
565
645
609
589
605
619
577
615
647
617
638
39,055
48.751
50,246
51,581
54.172
53,578
55,666
57.657
57.923
59.236
57,750
1
1
3
2
3
2
1
1
39,056
48.752
50,248
51,583
54.173
53,580
55,668
57.658
57.924
1 Comprises Bahrain, I r a n , I r a q , K u w a i t , Oman, Qatar, Saudi Arabia,
and United A r a b Emirates (Trucial States).
2 Comprises Algeria, Gabon, L i b y a , and Nigeria.
NOTE.—Short-term claims are principally the following items payable
o n demand or w i t h a contractual maturity o f not more than 1 year: loans
24
562
68
133
Aug.f
24
472
50
176
928
414
68
617
266
78
57
239
143
442
77
,105
40
50
53
125
International and regional.
Grand total
Julyf
1
59.237
57,750
made to, and acceptances made for, foreigners; drafts drawn against
foreigners, where collection is being made by banks and bankers for
their o w n account or for account o f their customers i n 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.
A68
INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
13. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN THE UNITED STATES
(Amounts outstanding; in millions o f dollars)
Country or area
Type
Payable i n dollars
End of
period
Total
Loans t o —
Total
Official
institutions
Banks 1
Other
foreigners 2
Other
longterm
claims
Payable
in
foreign
currencies
Total
Europe
Canada
Total
Latin
America
Japan
Middle
East 3
Other
Asia 4
All
other
countries 2
1972
1973
1974
5,063
5,996
7,179
4,588
5,446
6,490
844
1,160
1,328
430
591
931
3,314
3,694
4,231
435
478
609
40
72
80
853
1,272
1,907
406
490
501
2,020
2,116
2,614
353
251
258
384
918
1,331
977
514
536
537
1975—Aug
Sept
Oct
Nov
Dec
8,328
8,607
8,948
9,158
9,550
7,456
7,705
7,994
8,137
8,499
1 ,278
1,343
1,281
1,318
1,375
1,343
1,371
1,536
1,567
1,712
4,835
4,991
5,177
5,253
5,412
787
809
840
903
934
85
93
114
118
116
2,432
2,459
2,567
2,562
2,695
438
508
595
569
555
3,010
3,139
3,175
3,287
3,497
259
265
292
293
296
237
237
222
249
220
1,223
1,214
1,233
1,237
1,276
739
785
865
961
1,011
9,432
9,531
9,800
9,980
10,252
10,216
10,386
10,961
8,369
8,372
8,641
8,783
9,004
8,957
9,098
9,625
1,293
1,268
1,316
1,337
1,381
1,370
1,346
1,363
1,653
1,652
1,740
1,842
1,933
1,961
2,085
2,132
5,423
5,452
5,584
5,603
5,689
5,626
5,667
6,130
945
1,012
1,011
1,081
1,133
1,138
1,155
1,204
118
148
149
116
115
121
133
133
2,697
2,622
2,702
2,736
2,831
2,742
2,871
3,104
552
576
570
558
607
590
575
599
3,382
3,471
3,605
3,785
3,973
4,081
4,103
4,371
289
289
292
307
307
324
337
353
205
210
296
196
196
182
183
187
1,277
1,270
1,195
1,279
1,263
1,261
1,290
1,294
1,030
1,093
1,140
1,118
1,075
1,037
1,027
1,052
1976—Jan
Feb
Mar
Apr
May....
June
Julyf. ..
Aug.f...
Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates
(Trucial States).
4 U n t i l Dec. 1974 includes Middle East oil-exporting countries.
1 Excludes central banks, which are included with "Official institutions."
2 Includes international and regional organizations.
3 Comprises Middle East oil-exporting countries as follows: Bahrain,
14. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2,3
Marketable U.S. Treas. bonds and notes i
Foreign bonds 3
Foreign stocks 3
Net purchases or sales (—)
period
Total
Intl.
and
regional
TotaH
Official
1973
1974
1975
305
-472
1,994
-165
101
180
470
-573
1,814
465
-642
1,596
Net pur- Purchases or chases
sales ( - )
Purchases
Sales
6 18,574
69 16,207
233 20,741
13,810
14,679
15,321
4,764
1,529
5,421
Foreign
Sales
Net purchases
sales ( - )
PurSales
Sales
1,474
1,036
2,383
2,467
3,254
8,683
-993
-2,218
-6,301
1,729
1,907
1,541
1,554
1,723
1,730
176
184
-189
Net purchases or
sales ( - )
Other
1976—Jan.-Aug.p
4,398
1,065
3,333
3,096
237
16,900
13,352
3,548
2,991
9,024
-6,032
1,295
1,591
-296
1975—Aug
Sept
Oct
Nov
Dec
9
192
482
-459
439
-67
-14
272
-270
262
77
206
210
-189
177
117
175
173
-159
156
-40
31
38
-29
21
1,466
1,288
2,133
1,674
1,894
1,345
1,131
1,382
1,249
964
121
157
751
426
930
158
194
195
248
281
318
285
678
991
1,471
-160
-91
-483
-743
-1,190
90
91
138
108
148
257
81
162
79
97
-167
10
-24
28
51
1976—Jan
Feb
Mar
Apr
May
June
JulyP
Aug.?'
478
627
709
-358
238
1,205
765
733
261
441
-77
-805
-7
434
486
333
217
186
786
447
245
772
279
400
210
176
731
430
263
717
249
320
7
10
55
18
-18
55
30
80
2,834
2,503
2,524
2,260
1,636
1,820
1,901
1,460
2,078
2,086
1,972
1,689
1,501
1,331
1,515
1,193
756
417
552
571
135
489
386
267
462
402
360
341
373
281
440
333
800
1,547
1,293
763
822
813
2,173
811
-339
-1,145
-933
-422
-450
-531
-1,734
-478
145
162
193
182
198
162
128
123
142
222
246
143
240
206
257
134
3
-60
-53
40
-42
-44
-129
-11
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
sold abroad by U.S. corporations organized to finance direct investments
abroad.
3 Includes transactions of international and regional organizations.
4 Includes transactions (in millions o f dollars) o f oil-exporting countries
in Middle East and Africa as shown in the tabulation in the opposite
column:
Middle East
1975
Africa
1,797
170
2,659
200
1975—Aug.
Sept.
Oct.
Nov.
Dec.
80
150
150
51
179
10
50
50
1976—Jan.
Feb.
Mar.
Apr.
May
June
JulyP
Aug.?*
116
191
532
320
460
611
200
228
20
10
45
15
20
40
30
20
1976—Jan.-Aug.p
10
OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A69
15. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY
( I n millions o f dollars)
Period
1973
1974
1975
1976—Jan.-Aug.p
1975
Aug
Sept
Oct
Nov
Dec
1976—Jan
Feb
Mar
Apr
May
June
Julyf
A u g . 2'
Purchases
Sales
N e t purchases or
sales ( - )
12,767
7,636
15,347
9,978
7,096
10,678
2,790
540
4,669
439
203
262
13,290
Netherlands
Switzerland
United
Kingdom
Total
Europe
2
39
251
339
330
359
686
36
889
366
— 377
594
2,104
281
2,491
99
—6
361
4
— 33
-7
1,640
577
288
142
5
17
33
Germany
France
Total
Canada America
Latin
Middle
Easti
Other
Asia 2 Other3
10,700
2,590
233
82
-72
91
303
643
231
137
1,438
107
33
1,186
898
1,475.
1,155
1,380
718
646
1,047
817
691
468
252
428
338
689
52
10
16
22
28
54
6
-6
42
38
47
22
17
-5
64
83
64
36
42
122
39
7
48
44
32
304
122
143
134
295
21
20
60
36
103
-7
-15
7
-1
-9
108
83
190
157
289
25
34
22
8
13
16
7
6
2
-3
2.087
2,095
2,137
1,690
1,209
1,429
1,594
1,049
1,546
1,724
1,555
1,279
1,096
1,176
1,361
962
541
371
582
411
113
252
233
88
1
15
79
10
3
24
72
28
136
12
26
10
-44
-27
-20
-10
-48
-14
-6
31
4
2
-22
-21
-2
63
147
-21
21
-47
-58
-11
88
41
69
49
20
20
5
12
208
133
327
84
—11
-47
-32
-19
40
48
16
23
30
5
44
35
76
11
28
25
7
11
5
-25
222
175
153
254
67
266
209
92
-6
5
42
22
16
20
10
-2
1
2
13
4
4
3
-1
7
2 U n t i l 1975 includes M i d d l e East oil-exporting countries.
3 Includes international and regional organizations.
1 Comprises M i d d l e East oil-exporting countries as f o l l o w s : Bahrain,
I r a n , I r a q , K u w a i t , Oman, Qatar, Saudi Arabia, and U n i t e d A r a b Emirates
( T r u c i a l States).
16. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY
( I n millions o f dollars)
Period
197 3
197 4
197 5
Total
France
Germany
1,948
988
752
201
96
82
-11
-33
33
982
35
59
1975—Aug
Sept
Oct
Nov
Dec
-347
-94
323
88
242
14
-14
-3
6
-50
1976_Jan
Feb
Mar
215
47
-31
160
22
236
153
179
5
2
3
3
3
6
10
4
1976—Jan.-Aug,
May.'.'!!!
June
JuiyP
Aug.f
39
2
Nether- Switzerlands
land
United
Total
K i n g d o m Europe
307
96
117
-19
183
15
-5
-7
12
9
26
2
-17
3
1
2
-3
- 5*
- 1
- 1
-56
9
- 2
- 1
- 2
-3
-3
4
-3
106
49
45
128
44
43
31
1,553
88
632
-42
-99
41
56
26
952
70
*
-73
-19
40
-25
74
6
-5
38
1
5
11
6
6
11
7
23
-70
-25
29
4
9
7
-3
-30
- 2
-11
- 2 6
19
8
3
23
- 2
- 1
6
29
49
29
1 See note 1 to Table 15.
2 See note 2 to Table 15.
1
2
9
Intl.
and
regional
5
94
247
93
150
221
30
35
179
37
224
104
121
1
3
- 3*
7
9
Total
Africa
Other I n t l . and
countries regional
10
10
1
-293
-162
- 6
- 1 1
- 2 0
-34
- 2 0
-13
6
-19
14
- 2 0
1
-4
4
52
-483
-1,030
3
- 1 1
11
1
16
1
-14
18
20
4
-13
- 2
1
4
7
- 2
5
18. FOREIGN CREDIT AND DEBIT
BALANCES IN BROKERAGE ACCOUNTS
( A m o u n t s outstanding; in millions o f dollars)
( I n millions o f dollars)
Total
Other
Asia2
NOTE.—Statistics include State and local govt, securities, and securities
o f U.S. G o v t , agencies and corporations. Also includes issues o f new
debt securities sold abroad by U.S. corporations organized to finance direct investments abroad.
17. NET PURCHASES OR SALES BY FOREIGNERS OF
LONG-TERM FOREIGN SECURITIES, BY AREA
Period
Middle
Easti
1,204
741
78
-41
56
36
20
5
4
23
18
35
16
Total
Latin
America
275
395
87
157
- 1 8
Canada
Total
foreign
countries
Europe
Canada
Latin
America
Asia
Africa
Other
countries
End of
period
Credit
balances
(due to
foreigners)
Debit
balances
(due f r o m
foreigners)
1973
1974
1975
-818
139
-2,034
-60
- 6 , 4 9 0 -2,192
-957
-1,974
-4,299
-141
-546
-53
-569
-1,508
-3,178
-120
-93
-306
-168
142
-622
3
7
15
37
22
-155
1973—Sept
Dec
290
333
255
231
1976—
Jan.-Aug.?*..
- 6 , 3 2 8 -1,167
-5,161
-504
-3,812
-34
-624
45
-232
Sept
Dec
383
354
298
293
225
241
178
194
1975—Aug....
Sept....
Oct
Nov....
Dec.. . .
-327
-81
-508
-715
-1,139
12
18
5
-62
-839
-339
-99
-513
-653
-300
24
-20
48
-27
79
-202
-129
-460
-584
-310
-164
25
-48
6
9
24
-55
2
-79
1
-1
-3
-2
-1
2
1
6
-48
1
Sept
Dec
349
380
343
365
209
233
258
319
1976—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June...
July P . . .
Aug.?'..
-335
-1,205
-986
-382
-491
-576
-1,862
-489
94
-139
9
-94
-158
6
-819
-66
-429
-1,067
-995
-288
-333
-582
-1,044
-423
-109
33
-168
-304
-973
-738
-286
-233
-328
-853
-98
-9
5
-72
6
-39
10
19
47
-7
-113
-14
-15
-77
12
-93
-317
-3
-4
-5
4
32
11
9
1
2
-14
2
2
3
-234
3
3
411
333
*
-19
-52
-130
-60
*
NOTE.—Data represent the money credit balances and
money debit balances appearing o n the books o f reporting
brokers and dealers i n the U n i t e d States, i n accounts o f
foreigners w i t h them, and i n their accounts carried by
foreigners.
A70
INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
19a. ASSETS OF FOREIGN BRANCHES OF U.S. BANKS
(In millions of dollars)
Claims on U.S.
Location and currency form
I N A L L F O R E I G N COUNTRIES
Total, all currencies
Month-end
Payable in U.S. dollars.
For notes see p. A-74.
Other
Total
Other
branches
of parent
bank
Other
banks
NonOffibank
cial
forinstitutions eigners
Other
5,091
6,900
1,886
4,464
3,205
2,435
111,974
138,712
19,177 56,368
27,559 60,283
2,693 33,736
4,077 46,793
4,802
6,294
1975—Jul y
Aug
Sept
Oct
Nov
Dec
162,511
167,672
167,886
171,465
173,736
176,493
5,926
9,151
6,575
7,924
8,705
6,743
2,795
6,098
3,268
4,896
5,777
3,665
3,131
3,054
3,307
3,027
2,928
3,078
149,946
151,897
154,905
156,989
158,179
163,391
31,055
32,062
32,140
33,496
34,385
34,508
63,126
62,974
65,876
65,348
65,296
69,206
4,798
4,901
4,863
5,237
5,516
5,879
50,967
51,960
52,026
52,908
52,982
53,798
6,639
6,623
6,407
6,553
6,852
6,359
1976—Jan.'-
179,761 8,033
181,651 8,959
186,870 6,742
189.437 9,054
194,592 10,019
194,482 6,701
8,640
196,753
5,045
5,926
3,525
6,049
6,924
3,272
5,570
2,988
3,033
3,217
3,005
3,095
3,429
3,071
165,548
166,250
173,577
173,827
177,806
181,151
37,064
35,200
38,867
39,563
39,982
40,971
41,675
67,787
69,244
72,404
70,652
73,619
74,404
71,752
6,121 54,576
6,332 55,473
6,661 55,645
7,213 56,399
7,820 56,385
7,909 57,867
8,444 59,409
6,180
6,443
6,551
6,557
6,767
6,629
6,832
12,799 39,527
19,688 45,067
1,777 18,915
3,289 28,164
1,828
3,157
181,280
1973—De c
1974—De c
79,445
105,969
4,599
6,603
1,848
4,428
2,751
2,175
73,018
96,209
1975—Jul y
Aug
Sept
Oct
Nov
Dec
118,558
122,781
124,373
127,355
130,233
132,901
5,519
8,827
6,238
7,506
8,350
6,408
2,744
6,044
3,211
4,822
5,725
3,628
2,776
2,783
3,027
2,684
2,625
2,780
109,544
110,654
115,178
116,673
118,603
123,496
25,001
25,758
26,043
27,357
28,317
28,478
48,874
48,250
51,998
50,820
51,624
55,319
3,930
4,148
4,042
4.363
4,646
4,951
31,739
32,498
33,095
34,133
34,016
34,748
3,495
3,299
2,957
3,176
3,280
2,997
1976_Jan.'Feb.
Mar.'Apr.''
May ^
June
Julyf
134,713
136,307
138,201
140,971
146.438
145,997
149,050
7,697
8,644
6,464
8,759
9,704
6,385
8,371
5,005
5,881
3,478
5,980
6,848
3,203
5,525
2,692 123,925
2,763 124,433
2,986 128,629
2,778 129,141
2,855 133,491
3,181 136,543
2,847 137,287
30,113
28,730
30,496
31,510
32,121
32,856
33,786
53,370
54,497
56,039
54,496
57,540
58,857
56,587
5,229
5.364
5,719
6,158
6,656
6,706
7,148
35,214
35,842
36,374
36,978
37,175
38,125
39,766
3,091
3,230
3,108
3,072
3,243
3,070
3,392
1973—Dec
1974_Dec
61,732
69,804
1,789
3,248
738
2,472
1,051
776
57,761
64,111
8,773 34,442
12,724 32,701
735
788
13,811
17,898
2,183
2,445
1975—Jul y
Aug
Sept
Oct.. , . . . .
Nov
Dec
70,382
72.455
72,120
72,742
73,924
74,883
1,904
3,795
2,042
807
2.698
1,076
1.699
2,137
1,449
1,097
1,097
967
982
975
943
66,277
66,428
67,923
67,631
68,494
70,331
14,414
15,213
15,249
16,555
17,549
17,557
34,090
33,486
35,569
33,882
34,077
35,904
923
948
825
830
852
881
16,851
16,780
16,280
16,364
16.017
15,990
2.232
2,155
2,430
2,319
2,159
1976—Ja n
Feb
Mar
Apr
May
June
Julyf
73,437
72,963
74,668
74,055
75,926
74,461
73,494
2,253
2,947
1,469
2,270
1,237
1,447
1,534
803
69,062
67,843
70,300
69,555
71,189
70,526
69,359
18,026 34,152
1,002
784
677
875
827
909
900
860
16,050
17,363
18,394
18,619
18,138
18,838
1,034
964
927
934
851
888
909
15,850
15,941
15,287
15,348
15,449
15,695
16.018
2,123
2,174
2,256
2,226
2,294
2.233
2,273
1973—De c
1974—De c
40,323
49,211
1,642
3,146
730
2,468
912
678
37,816
44,693
6,509 23,389
10,265 23,716
510 7,409
610 10,102
865
1,372
1975—Jul y
Aug
Sept
Oct
Nov
Dec
51,665
53.456
54,256
54,192
56,221
57,361
1,742
3,661
1,910
2,552
2,988
2,273
793
2,681
1,054
1,687
2,123
1,445
949
980
856
865
865
828
48,787
48,763
51,369
50,494
52,145
54,120
12,664
13,315
13,488
14,654
15,555
15,645
25,428
24,719
27,514
25,450
26,233
28,224
713
740
596
592
638
648
9,983
9,989
9,772
9,799
9,720
9,604
1,136
1,032
977
1,146
1,087
967
1976—Ja n
Feb
Mar
55,046
55,041
55,115
54,516
56,667
55,363
54,871
2,141
2,856
2,261
1,459
2,155
2,322
1,615
1,780
683
595
775
721
803
819
783
52,024
51,266
52,147
51,469
53,466
52,902
52,249
15,574
14,278
14,450
15,424
15,860
15,454
26,008
1,234
1,434
1,519
796
997
837 9,606
715 9,532
691 9,482
633 9,593
635 9,754
631 9,750
659 10,018
880
918
958
891
879
846
841
1973—Dec
1974—De c
23,771
31,733
2,210
2,464
317
1,081
1,893
1,383
21,041
28,453
1,928
3,478
9,895
11,354
2,022 11,599
1,151
8,068
520
815
1975—Jul y
Aug
Sept
Oct
Nov
Dec
39,614
41,624
41,601
44,166
44,471
45,203
2,787
4,117
3,189
3,989
4,544
3,229
1,134
2,580
1,289
2,295
2,929
1,477
1,653
1,536
1,900
1,694
1,615
1,752
35,676
36,555
37,479
39,225
38,973
41,040
5,015
5,222
5,220
5,604
5,321
5,411
14,065
14,117
14,604
15,414
15,134
16,298
2,747
2,891
3,020
3,308
3,434
3,576
13,849
14,324
14,635
14,899
15,084
15,756
1,150
953
933
952
954
933
1976—Jan
Feb
Mar
Apr
May
June
Julyf
48,694
50,276
51,075
54,398
57,247
57,118
259,909
4,488
4,765
3,482
5,695
6,294
3,804
5,772
2,614
2,750
1,485
3,835
4,424
1,636
3,865
1,874
2,014
1,996
1,860
1,870
2,169
1,908
43,104
44,396
46,636
47,536
49,631
52,275
52,957
6,296
6,257
6,745
6,437
6,435
7,254
7,149
17,195
17,556
18,205
18,503
20,181
21,204
20,665
3,677
3,908
4,251
4,680
5,101
5,160
5,699
15,935
16,675
17,434
17,917
17,915
18,657
19,444
1,102
May.'
June
JulyP
I N BAHAMAS AND CAYMANS i
Total, all currencies
Parent
bank
121,866
151,905
Mar,'Apr.
May
June
Julyf
I N UNITED KINGDOM
Total, all currencies
Total
1973—De c
1974—De c
Feb.'^
Payable in U.S. dollars.
Total
Claims on foreigners
2,681
3,112
2,392
2,112
2,275
2,443
1,702
1,862
2,010
34,887
36,723
34,879
36,270
35,804
33,593
26,741
27,526
25,820
27,218
27,068
16,202 25,371
2,202
1,115
957
1,166
1,322
1,039
1,180
OCTOBER 1976 • I N T L CAPITAL TRANSACTIONS OF THE U.S.
A71
19b. LIABILITIES OF FOREIGN BRANCHES OF U.S. BANKS
( I n millions o f dollars)
T o foreigners
T o U.S.
Total
Total
Parent
bank
1,642
5,809
Other
Total
Other
branches
of parent
bank
Other
banks
NonOffibank
cial
forinstitutions eigners
Other
Month-end
111,615
132,990
18,213
26,941
65,389 10,330 17,683
65,675 20,185 20,189
4,641
6,933
1973—Dec.
1974—Dec.
6,162 138,458
7,162 143,926
7.476 143,182
7,872 146,066
8,657 147,011
8,057 149,815
31,673
31,926
31,567
33,216
33,892
34,111
65,949
70,198
70,853
70,560
70,567
72,259
20,387
21,114
19,780
20,642
21,200
22,773
20,449
20,688
20,981
21,648
21,352
20,672
6,282
6,411
6,202
6,246
6,867
6,456
1975—July
Aug.
Sept.
Oct.
Nov.
Dec.*^
9,880 151,212
10,409 151,104
9,350 156,329
12,212 156,870
12,354 160,261
11,467 160,364
12,671 161,536
35,908
35,257
37,846
38,811
38,994
39,969
41,061
72,481
70,957
72,769
72,720
75,919
75,527
74,182
21,710
23,189
22,493
21,857
22,467
21,605
22,233
21,114
21,700
23,221
23,482
22,881
23,263
24,060
5,978
6,047
5,896
5,812
6,059
6,149
6,611
1976—Jan.'Feb.'Mar.'^
Apr.*May
June
Julyf
12,554 43,641
19,330 43,656
7,491
17,444
9,502
12,072
2,158
3,951
1973—Dec.
1974—Dec.
25,422
25,646
25,607
27,118
28,030
28,217
45,884 17,393 11,630
49,410 18,080 12,064
50,726 16,777 12,654
49,911 17,476 13,177
50,450 18,407 13,326
51,583 19,982 13,097
3,277
3,439
3,213
3,409
3,919
3,526
1975—July
Aug.
Sept.
Oct.
Nov.
Dec.*^
29,682
28,659
30,011
31,428
31,661
32,757
33,850
51,994 18,906 12,965
50,549 20,317 13,457
51,654 19,518 14,315
51,679 19,080 14,557
54,559 19,791 14,434
54,085 19,036 14,265
53,561 19,580 14,947
3,351
3,385
2,995
3,063
3,107
3,191
3,377
1976—Jan.
Feb.*Mar.'^
Apr.
MayJune
Julyf
121,866
151,905
5,610
11,982
3,968
6,173
162,511
167,672
167,886
171,465
173,736
176,493
17,771 11,609
17,335 10,173
18,502 11,026
19,154 11,282
19,858 11,201
20,221 12,165
179,761
181,651
186,870
189,437
194,592
194,482
196,753
22,571
24,500
24,645
26,755
28,272
27,968
28,606
12,691
14,091
15,295
14,543
15,918
16,502
15,936
80,374
107,890
5,027
11,437
1,477
5,641
3,550
5,795
73,189
92,503
120,763 17,157 11,402
9,992
125,328 16,689
126,850 17,871 10,823
129,569 18,477 11,078
133,291 19,159 11,008
135,907 19,503 11,939
5,755
6,698
7,048
7,399
8,151
7,564
100,329
105,200
105,765
107,682
110,213
112,879
9,412 113,546
9,913 112,981
8,831 115,497
11,725 116,743
11,914 120,445
10,938 120,144
12,158 121,937
138,828
140,125
142,348
145,817
151,124
150,502
153,153
21,931
23,759
23,855
26,011
27,572
27,167
27,840
12,519
13,846
15,023
14,286
15,657
16,229
15,681
61,732
69,804
2,431
3,978
136
510
2,295
3,468
57,311
63,409
3,944
4,762
34,979
32,040
8,140
15,258
10,248
11,349
1,990
2,418
1973—Dec.
1974—Dec.
70,382
72,455
72,120
72,742
73,924
74,883
4,679
5,251
5,112
4,905
5,497
5,646
1,718
1,904
1,833
1,766
2,028
2,122
2,961
3,348
3,279
3,139
3,468
3,523
63,482
64,994
64,962
65,681
66,210
67,240
6,475
6,260
6,396
6,746
6,470
6,494
30,617
32,079
33,130
32,315
33,284
32,964
15,312
15,617
14,486
14,909
15,180
16,553
11,077
11,038
10,950
11,711
11,275
11,229
2,222
2,210
2,046
2,157
2,218
1,997
1975—July
Aug.
Sept.
Oct.
Nov.
Dec.
73,437
72,963
74,668
74,055
75,926
74,461
73,494
5,645
5,491
5,382
6,105
6,483
5,874
5,628
1,749
1,914
1,549
1,764
1,796
1,562
1,727
3,896
3,577
3,833
4,340
4,687
4,312
3,901
65,899
65,544
67,217
65,977
67,212
66,536
65,594
6,444
6,648
7,099
6,898
7,030
7,288
6,927
33,522 15,053 10,879
31,444 16,463 10,989
32,485 15,905 11,729
31,805 15,521 11,752
33,189 15,782 11,212
33,313 14,825 11,111
31,487 15,462 11,718
1,893
1,928
2,069
1,974
2,231
2,051
2,272
1976—Jan.
Feb.
Mar.
Apr.
May
June
Julyf
39,689
49,666
2,173
3,744
113
484
2,060
3,261
36,646
44,594
2,519 22,051
3,256 20,526
5,923
13,225
6,152
7,587
870
1,328
1973—Dec.
1974—Dec.
51,826
54,017
54,683
54,478
56,696
57,820
4,421
4,975
4,889
4,696
5,288
5,415
1,684
1,873
1,808
1,735
2,009
2,083
2,737
3,103
3,081
2,961
3,279
3,332
46,198
47,896
48,814
48,641
50,159
51,447
5,478
5,288
5,456
5,708
5,478
5,442
20,756
22,071
23,645
22,433
23,615
23,330
12,915
13,249
12,182
12,500
12,999
14,498
7,049
7,287
7,531
7,999
8,066
8,176
1,207
1,146
980
1,142
1,249
959
1975—July
Aug.
Sept.
Oct.
Nov.
Dec.
55,987
55,848
56,266
55,750
57,923
56,574
55,978
5,446
5,311
5,179
5,880
6,271
5,682
5,443
1,732
1,901
1,509
1,723
1,759
1,546
1,703
3,714
3,410
3,670
4,156
4,513
4,136
3,740
49,609
49,606
50,126
48,992
50,727
50,043
49,691
5,422
5,471
5,969
5,771
5,863
6,218
5,878
23,357 13,070
21,911 14,326
21,973 13,710
21,230 13,450
22,544 13,914
22,690 13,074
21,765 13,604
7,761
7,899
8,474
8,541
8,406
8,061
8,444
932
931
961
877
925
849
844
1976—Jan.
Feb.
Mar.
Apr.
May
June
Julyf
23,771
31,733
1,573
4,815
307
2,636
1,266
2,180
21,747
26,140
5,508
7,702
14,071
14,050
492
2,377
1,676
2,011
451
778
1973—Dec.
1974—Dec.
39,614
41,624
41,601
44,166
44,471
45,203
9,991
8,800
9,928
10,833
11,082
11,147
7,407
5,715
6,490
7,056
6,710
7,628
2,584
3,085
3,439
3,778
4,372
3,520
28,933
31,913
30,861
32,372
32,239
32,949
8,401
9,128
8,918
9,725
10,553
10,569
15,539
17,317
16,834
17,296
15,972
16,825
2,500
2,860
2,570
2,775
3,230
3,308
2,492
2,607
2,540
2,577
2,483
2,248
690
911
812
961
1,150
1,106
1975—July
Aug.
Sept.
Oct.
Nov.
Dec.'^
48,694 13,111
8,088
50,276 15,042 9,197
51,075 15,494 10,915
54,398 16,872 9,904
57,247 18,286 11,529
57,118 18,286 12,203
259,909 19,366 11,606
5,023
5,845
4,579
6,968
6,757
6,083
7,760
34,475
34,133
34,905
36,553
38,112
37,817
39,412
11,169
10,231
10,850
11,903
11,918
12,117
13,317
17,724
18,130
18,360
18,907
20,303
19,724
20,351
3,416
3,407
2,998
2,970
2,950
2,917
2,811
2,166
2,366
2,697
2,774
2,941
3,059
2,933
1,109
1,100
676
972
849
1,016
1,131
1976—Jan.
Feb.'Mar.*Apr.'May
June
Julyf
For notes see p. A-74.
Location and currency f o r m
I N A L L FOREIGN COUNTRIES
Total, all currencies
Payable in U.S. dollars
I N UNITED KINGDOM
Total, all currencies
Payable in U.S. dollars
I N BAHAMAS A N D CAYMANS i
Total, all currencies
INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
A72
21. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS
REPORTED BY NONBANKING CONCERNS
20, DEPOSITS, U.S. TREAS. SECURITIES,
AND GOLD HELD AT F.R. BANKS FOR
FOREIGN OFFICIAL ACCOUNT
( A m o u n t s outstanding; i n millions o f dollars)
( I n millions o f dollars)
Payable i n
Payable i n dollars foreign currencies
Assets i n custody
End of
period
End of
period
Deposits
U.S. Treas.
securities i
Earmarked
gold
1972
1973
1974
325
251
418
50,934
52,070
55,600
215,530
217,068
16,838
1975—Sept...
Oct....
Nov...
Dec.. .
324
297
346
352
58,420
60,307
60,512
60,019
16,795
16,751
16,745
16,745
1976—Jan....
Feb....
Mar...
Apr....
May. .
June..
July...
Aug.. .
Sept...
294
412
305
305
303
349
295
254
392
61,796
62,640
61,271
62,527
63,225
63,212
62,955
63,457
64,215
16,669
16,666
16,660
16,657
16,647
16,633
16,607
16,565
16,590
Total
Deposits
1 Marketable U.S. Treasury bills, certificates o f indebtedness, notes, and bonds and nonmarketable U.S.
Treasury securities payable i n dollars and i n foreign
currencies.
2 The value o f earmarked gold increased because o f the
changes i n par value o f the U.S. dollar i n M a y 1972, and
i n Oct. 1973.
Shortterm
investments 1
Deposits
2,374
3,164
3,357
1,910
2,588
2,591
55
37
68
340
435
429
68
105
268
911
1,118
1,350
536
765
967
1975—June
July
Aug
Sept
Oct
Nov
Dec
3,250
3,334
3,562
3,696
3,527
3,922
3,782
2,177
2,207
2,291
2,456
2,498
2,709
2,699
214
246
239
266
351
468
332
427
479
512
478
429
461
510
432
402
520
496
249
284
241
997
925
1,052
1,139
1,199
1,308
1,304
1,142
1,122
1,322
1,261
1,167
1,382
1,148
1976—Jan
Feb
Mar
Apr
May
JuneP
JulyP....
4,206
4,416
4,410
4,936
5,175
4,923
5,190
3,081
3,265
3,352
3,851
4,087
3,962
4,172
374
377
393
412
426
345
380
476
449
437
435
455
435
431
274
325
228
238
207
181
207
1,506
1,508
1,690
2,061
1,912
1,910
2,060
1,312
1,357
1,325
1,354
1,495
1,257
1,415
NOTE.—Data represent the l i q u i d assets abroad o f large nonbanking concerns i n
the U n i t e d States. They are a p o r t i o n o f the total claims on foreigners reported b y
n o n b a n k i n g concerns i n the U n i t e d States and are included i n the figures shown i n
Table 22.
( A m o u n t outstanding; i n millions o f dollars)
Liabilities
Claims
Payable i n foreign
currencies
Total
Payable
in
foreign
currencies
Total
Payable
in
dollars
Deposits w i t h
banks abroad
i n reporter's
name
Other
2,933
3,119
3,417
2,435
2,635
2,948
498
484
469
5,487
5,721
6,302
4,833
5,074
5,643
426
410
393
228
237
267
1973—Mar
June
Sept
Dec
3,320
3,295
3,579
4,006
2,848
2,772
2,931
3,290
472
523
648
716
7,017
7,290
7,625
8,482
6,147
6,448
6,698
7,569
456
493
528
493
414
349
399
421
1974—Mar
June
Sept
Dec
4,414
5,139
5,605
5,916
3,590
4,184
4,656
5,007
823
955
949
909
10,475
11,046
10,698
11,276
9,541
10,122
9,730
10,219
407
429
430
473
526
496
537
584
1975
5,930
5,924
5,997
5,958
5,068
5,091
5,149
5,353
862
834
849
605
10,929
10,886
11,712
12,244
9,798
9,606
10,364
11,069
453
479
529
565
678
801
819
611
6,264
5,598
666
12,808
11,759
487
562
1972—Sept
T> 1i
Dec.
Mar
June
Sept
Dec
1976—Mar.f
/
\
1 D a t a o n the 2 lines shown f o r this date differ
because o f changes i n reporting coverage. Figures o n
the first line are comparable w i t h those shown f o r the
Canada
1972
1973
1974
22. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY
NONBANKING CONCERNS, BY TYPE
Payable
in
dollars
United
Kingdom
1 Negotiable and other readily transferable foreign obligations payable o n demand
or having a contractual m a t u r i t y o f n o t more than 1 year f r o m the date on w h i c h the
obligation was incurred by the foreigner.
NOTE.—Excludes deposits and U.S. Treasury securities
held f o r international and regional organizations. Earmarked gold is gold held for foreign and international
accounts and is n o t included i n the gold stock o f the
U n i t e d States.
E n d o f period
Shortterm
investments 1
preceding date; figures on the second line are comparable w i t h those shown for the f o l l o w i n g date.
OCTOBER 1976 • INTL. CAPITAL TRANSACTIONS OF THE U.S.
A73
23. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(End o f period. A m o u n t s outstanding; in millions o f dollars)
Claims on foreigners
Liabilities to foreigners
Area and country
Mar.
Europe:
Austria
Belgium-Luxembourg
Denmark
Finland
France
Germany
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United K i n g d o m
Yugoslavia
Other Western Europe
Eastern Europe
Total
Canada
L a t i n America:
Argentina
Bahamas
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other L . A . republics
Neth. Antilles and Surinam
Other L a t i n America
Total
Asia:
China, People's Republic o f (China
Mainland)
China, Rep. o f (Taiwan)
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Other Asia
Total
Africa:
Egypt
South A f r i c a
Zaire
Other Africa
Total
Other countries:
Australia
A l l other
Total
International and regional
Grand total
1976
1975
June
Mar.
June
Dec,
Sept.
Mar.p
26
480
23
16
151
352
25
109
122
9
13
55
32
155
12
1,192
52
5
45
22
340
14
12
137
293
27
110
143
8
13
60
30
168
14
1,054
45
4
49
18
336
8
14
150
276
21
156
154
13
13
75
47
167
22
945
60
5
38
14
294
9
14
148
151
19
173
115
20
4
82
24
130
25
970
76
6
31
6
291
12
10
204
153
25
126
165
23
3
70
25
159
14
923
91
6
33
15
137
35
77
328
276
59
309
157
35
42
360
66
86
33
1,655
33
23
114
13
132
22
87
287
346
69
300
135
41
32
324
74
113
28
1,555
32
16
154
15
131
24
114
311
319
56
380
139
48
39
315
100
220
31
1,781
24
19
170
16
133
39
91
300
357
33
382
172
41
44
408
62
242
27
1,905
36
14
219
2,875
2,545
2,518
2,304
2,339
3,838
3,761
4,238
4,519
4,970
263
283
299
295
314
1,859
1,954
2,102
2,124
2,236
31
387
121
23
12
30
357
127
15
12
28
290
116
13
14
31
270
96
14
17
35
376
91
11
16
63
631
349
57
50
1
322
128
50
5
166
179
13
159
52
686
385
41
47
1
317
103
48
5
153
165
12
192
58
662
403
38
49
1
352
92
41
4
167
157
12
301
48
882
470
28
47
1
331
86
36
4
147
167
7
292
17
116
35
36
372
306
40
408
182
58
45
514
80
207
27
2,291
30
18
186
69
18
18
3
39
65
56
134
71
27
16
3
45
67
60
145
81
19
19
2
56
69
76
142
82
24
23
3
100
71
35
138
92
17
24
2
163
72
58
214
76
615
378
69
54
1
336
110
46
15
180
193
16
196
975
973
924
903
1,171
2,286
2,171
2,205
2,337
2,546
8
102
19
10
63
62
327
47
19
9
642
6
100
30
21
87
62
273
43
17
6
841
2
101
29
22
104
45
279
63
15
8
908
6
97
18
7
137
29
296
69
14
18
1,027
5
111
24
9
137
23
308
54
19
18
958
19
122
83
32
117
46
1,326
165
83
30
394
32
125
85
39
147
60
1,250
178
91
25
465
45
152
85
48
137
63
1,269
207
93
21
532
65
164
111
39
169
54
1,141
265
99
22
555
35
100
67
60
194
42
1,170
108
106
21
643
1,308
1,488
1,575
1,717
1,667
2,416
2,497
2,652
2,683
2,546
5
54
17
137
34
65
9
209
34
79
9
212
37
100
6
240
30
112
7
347
24
104
18
236
15
104
17
218
15
78
22
263
22
93
28
287
22
79
28
239
217
323
341
391
502
387
364
388
440
378
60
31
37
18
52
21
55
17
47
18
97
45
99
39
79
48
101
39
96
37
133
*
*
»
*
*
91
55
73
73
65
141
138
127
140
201
257
267
276
219
1
1
•
1
1
5,930
5,924
5,997
5,958
6,277
10,929
10,886
11,712
12,244
12,810
NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions i n the United States.
Mar.f
Dec.
Sept.
1976
1975
D a t a exclude claims held through U.S. banks, and intercompany accounts
between U.S. companies and their foreign affiliates.
INTL. CAPITAL TRANSACTIONS OF THE U.S. • OCTOBER 1976
A74
24. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS
(Amounts outstanding; in millions o f dollars)
Claims
C o u n t r y or area
Total
liabilities
E n d o f period
Total
United
Kingdom
Other
Europe
Canada
Brazil
Mexico
Other
Latin
America
Japan
Other
Asia
Africa
All
other
1971—Dec
3,138
3,068
128
704
717
174
60
653
136
325
86
84
1972—Sept
T-y-- 1
3,448
3,540
3,603
3,187
3,312
3,666
128
163
191
695
715
745
757
775
1,141
177
184
187
63
60
64
662
658
703
132
156
133
390
406
378
89
87
86
96
109
38
1973—Mar
June
Sept
Dec
3,781
3,785
4,000
3,886
3,798
3,853
3,999
4,057
156
180
216
290
802
805
822
761
1,151
1,163
1,166
1,172
165
146
147
145
63
65
73
79
796
825
832
829
123
124
134
125
393
390
449
488
105
108
108
115
45
48
51
53
1974—Mar
June
Sept
Dec
3,836
3,536
3,371
3,850
4,194
4,191
4,324
4,544
369
363
370
364
737
699
704
644
1,210
1,226
1,256
1,290
194
184
181
187
81
138
145
153
809
756
796
1,045
123
123
119
112
488
515
571
569
122
126
122
127
61
61
59
54
1975—Mar
June
Sept
Dec
4,129
4,230
4,180
4,232
4,523
4,454
4,590
4,971
340
299
366
396
655
634
620
589
1,334
1,328
1,347
1,426
182
182
177
171
169
161
228
216
1,008
982
930
1,251
102
98
95
90
540
556
608
604
139
146
154
168
54
68
67
61
1976—Mar.f
4,046
5,162
348
586
1,474
182
199
1,386
91
621
214
62
/
\
1 D a t a on the 2 lines shown for this data differ because o f changes
i n reporting coverage. Figures o n the first line are comparable w i t h those
shown for the preceding date; figures o n the second line are comparable
w i t h those shown for the following date.
25. OPEN MARKET RATES
(Per cent per annum)
United Kingdom
Canada
France
Germany,
Fed. Rep. o f
Netherlands
Switzerland
Month
Day-toTreasury
bills.
day
3 months i money 2
Prime
Treasury
bank
bills.
bills.
3 months
3 months
Day-today
money
Clearing
banks*
deposit
rates
Day-today
money 3
Treasury
bills.
60-90
days 4
Day-today
moneys
Treasury
bills.
3 months
Day-today
money
Private
discount
rate
1973
1974
1975
5.43
7.63
7.36
5.27
7.69
7.34
10.45
12.99
10.57
9.40
11.36
10.16
8.27
9.85
10.13
7.96
9.48
7.23
8.92
12.87
7.89
6.40
6.06
3.51
10.18
8.76
4.23
4.07
6.90
4.41
4.94
8.21
3.65
5.09
6.67
6.25
1975—Sept
Oct
Nov
Dec
8.37
8.28
8.44
8.59
7.74
7.92
8.29
8.66
10.43
11.38
11.21
10.88
10.36
11.42
11.10
10.82
9.40
9.88
11.34
9.61
6.50
6.93
7.00
7.00
6.91
6.53
6.74
6.42
3.38
3.13
3.13
3.13
4.25
3.27
3.36
3.84
2.60
4.22
4.67
4.88
.94
4.35
4.19
4.34
5.50
5.50
5.50
5.50
1976—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
8.59
8.70
9.04
8.97
8.93
8.99
9.02
9.12
9.11
8.75
8.74
9.05
8.65
8.96
9.04
8.98
9.22
9.20
9.83
8.86
8.66
9.10
10.31
11.05
11.00
10.94
9.87
8.81
8.46
8.97
10.45
10.94
10.89
10.88
12.05
9.08
8.42
6.25
7.69
10.16
10.69
10.88
10.53
11.88
5.75
6.50
6.50
6.50
6.50
6.50
6.50
6.50
6.38
7.27
7.63
7.56
7.53
7.63
8.33
9.50
9.25
3.13
3.13
3.13
3.13
3.13
3.13
3.13
3.13
3.13
3.58
3.08
3.62
2.76
3.68
4.23
4.38
4.08
4.20
4.52
2.86
2.50
2.96
3.60
5.68
6.94
9.27
3.76
3.05
2.12
2.50
3.98
4.82
5.22
7.60
5.00
5.00
4.78
4.50
4.50
4.50
4.50
4.50
4.50
1 Based on average yield o f weekly tenders during month.
2 Based on weekly averages o f daily closing rates.
3 Rate shown is on private securities.
4 Rate in effect at end o f month.
5 M o n t h l y averages based on daily quotations.
N O T E S T O T A B L E S 19a A N D 19b O N P A G E S A-70 A N D A-71, R E S P E C T I V E L Y :
F o r a given month, total assets may not equal total liabilities because
1 Cayman Islands included beginning A u g . 1973.
some branches do not adjust the parent's equity in the branch to reflect
2 T o t a l assets and total liabilities payable in U.S. dollars amounted to
unrealized paper profits and paper losses caused by changes i n exchange
$56,073 m i l l i o n and $56,633 m i l l i o n , respectively, o n July 31, 1976.
rates, which are used to convert foreign currency values into equivalent
dollar values.
NOTE.—Components may not add to totals due to rounding.
OCTOBER 1976 • CENTRAL BANK AND EXCHANGE RATES
A75
26. CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Rate as o f Sept. 30, 1976
Rate as o f Sept. 30, 1976
Country
Country
Per
cent
Argentina
Austria
Belgium
Brazil
:
Canada
Denmark
France
Germany, Fed. Rep. o f
Per
cent
Month
effective
18.0
4.0
9.0
28.0
Feb.
June
Aug.
May
1972
1976
1976
1976
Netherlands
9.5
8.5
10.5
3.5
Mar.
Mar.
Sept.
Sept.
1976
1976
1976
1975
Switzerland
United K i n g d o m
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt, securities for commercial banks or brokers. F o r countries w i t h
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 p r o p o r t i o n o f its credit operations. Other rates for some o f
these countries f o l l o w :
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type o f transaction;
Brazil—^ per cent for secured paper and 4 per cent for certain agricultural
paper;
Month
effective
12.0
6.5
4.5
7.0
Mar.
Oct.
June
Aug.
1976
1975
1942
1976
6.0
6.0
2.0
13.0
5.0
Sept.
June
June
Sept.
Oct.
1976
1976
1976
1976
1970
Japan—Penalty rates (exceeding the basic rate shown) for borrowings
f r o m the central bank in excess o f an individual bank's q u o t a ;
United Kingdom—The
bank's m i n i m u m lending rate, which is the
average rate o f discount for Treasury bills established at the most recent
tender plus one-half per cent rounded to the nearest one-quarter per cent
above;
Venezuela—2 per cent for rediscounts o f certain agricultural paper, 4Vi
per cent for advances against government bonds, and 5\fi per cent for
rediscounts o f certain industrial paper and on advances against promissory
notes or securities o f first-class Venezuelan companies.
27. FOREIGN EXCHANGE RATES
( I n cents per unit o f foreign currency)
Australia
(dollar)
Austria
(schilling)
Belgium
(franc)
1972
1973
1974
1975
119.23
141.94
143.89
130.77
4.3228
5.1649
5.3564
5.7467
2.2716
2.5761
2.5713
2.7253
100.937
99.977
102.257
98.297
14.384
16.603
16.442
17.437
19.825
22.536
20.805
23.354
31.364
37.758
38.723
40.729
13.246
12.071
12.460
11.926
250.08
245.10
234.03
222.16
.17132
.17192
.15372
.15328
.32995
.36915
.34302
.33705
1975—Sept
Oct
Nov
Dec
126.87
126.26
126.26
125.38
5.4029
5.4586
5.4535
5.3986
2.5485
2.5662
2.5618
2.5311
97.437
97.557
98.631
98.627
16.445
16.601
16.564
16.253
22.367
22.694
22.684
22.428
38.191
38.737
38.619
38.144
11.281
11.244
11.238
11.134
208.34
205.68
204.84
202.21
.14740
.14745
.14721
.14645
.33345
.33076
.33053
.32715
1976_Jan
Feb
Mar
Apr
May , ,
June
July
Aug
Sept
125.65
125.85
124.79
123.72
123.37
122.75
123.59
124.18
124.25
5.4300
5.4628
5.4383
5.4964
5.4535
5.4136
5.4500
5.5645
5.6567
2.5443
2.5554
2.5480
2.5667
2.5517
2.5220
2.5182
2.5632
2.6046
99.359
100.652
101.431
101.668
102.02
102.71
102.86
101.49
102.56
16.231
16.278
16.273
16.553
16.487
16.314
16.225
16.448
16.694
22.339
22.351
21.657
21.411
21.272
21.109
20.651
20.131
20.334
38.425
39.034
39.064
39.402
39.035
38.797
38.842
39.538
40.169
11.178
11.186
11.157
11.123
11.080
10.980
11.205
11.143
11.036
202.86
202.62
194.28
184.63
180.79
176.40
178.50
178.28
172.72
.14245
.13021
.12113
.11371
.11676
.11780
.11943
.11936
.11837
.32826
.33157
.33276
.33433
.33444
.33424
.33940
.34410
.34800
Period
Period
Malaysia
(ringgit)
Mexico
(peso)
Canada
(dollar)
Denmark
(krone)
France
(franc)
Netherlands
(guilder)
New
Zealand
(dollar)
Norway
(krone)
Portugal
(escudo)
Germany
(deutsche
mark)
South
Africa
(rand)
India
(rupee)
Spain
(peseta)
Ireland
(pound)
Sweden
(krona)
Italy
(lira)
Japan
(yen)
Switzerland
(franc)
United
Kingdom
(pound)
1972
1973
1974
1975
35.610
40.988
41.682
41.753
8.0000
8.0000
8.0000
8.0000
31.153
35.977
37.267
39.632
119.35
136.04
140.02
121.16
15.180
17.406
18.119
19.180
3.7023
4.1080
3.9506
3.9286
129.43
143.88
146.98
136.47
1.5559
1.7178
1.7337
1.7424
21.022
22.970
22.563
24.141
26.193
31.700
33.688
38.743
250.08
245.10
234.03
222.16
1975—Sept
Oct
Nov
Dec
38.219
38.931
38.929
38.670
8.0000
8.0000
8.0000
8.0000
37.229
37.658
37.638
37.234
105.50
104.74
104.75
103.77
17.834
18.089
18.116
17.988
3.7048
3.7359
3.7318
3.6836
131.40
114.84
114.69
114.75
1.6914
1.6883
1.6869
1.6765
22.501
22.769
22.788
22.685
36.905
37.555
37.683
37.970
208.35
205.68
204.84
202.21
1976—Jan
Feb
Mar
Apr
May, ,
June
July
Aug
Sept
38.696
38.998
39.047
39.032
39.079
39.148
39.589
40.077
39.753
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
8.0000
5.0286
37.429
37.529
37.149
37.215
36.811
36.524
36.643
37.393
38.390
104.06
104.25
102.42
100.19
99.33
98.09
99.05
99.66
98.87
17.992
18.098
18.022
18.201
18.184
18.020
17.899
18.150
18.427
3.6562
3.6394
3.4987
3.3759
3.3195
3.2145
3.1810
3.1982
3.2062
114.80
114.79
114.83
114.84
114.85
114.94
114.83
114.84
114.77
1.6751
1.5523
1.4947
1.4864
1.4788
1.4724
1.4685
1.4651
1.4721
22.831
22.861
22.702
22.709
22.653
22.475
22.379
22.660
22.998
38.418
38.912
38.980
39.531
40.205
40.484
40.242
40.302
40.431
202.86
202.62
194.28
184.63
180.79
176.40
178.50
178.28
172.72
NOTE.—^Averages o f certified n o o n buying rates i n N e w Y o r k f o r cable
transfers.
>
Board of Governors of the Federal Reserve System
A R T H U R F . BURNS,
STEPHEN S. GARDNER,
Chairman
PHILIP E . COLDWELL
HENRY C . W A L L I C H
OFFICE OF B O A R D
FOR
DAVID M . LILLY
J. CHARLES PARTEE
PHILIP C . JACKSON, JR.
OFFICE OF
STAFF DIRECTOR
OFFICE OF
MEMBERS
STAFF
DIRECTOR FOR M O N E T A R Y
MANAGEMENT
T H O M A S J . O ' C O N N E L L , Counsel
JOHN M . DENKLER, Staff
Director
ROBERT J. LAWRENCE, Deputy
Staff
Director
GORDON B . GRIMWOOD, Assistant
Director
and Program Director
for
Contingency
Planning
W I L L I A M W . LAYTON, Director
of Equal
Employment
Opportunity
BRENTON C . LEAVITT, Program Director
for
Banking
Structure
Vice Chairman
to
Chairman
JOSEPH R. COYNE, Assistant to the Board
KENNETH A . GUENTHER, Assistant to the Board
JAY PAUL BRENNEMAN, Special Assistant to the
Board
FRANK O'BRIEN, JR., Special Assistant to the
Board
DONALD J. W I N N , Special Assistant to the
Board
STEPHEN H . AXILROD, Staff
Director
ARTHUR L . BROIDA, Deputy Staff
Director
MURRAY ALTMANN, Assistant to the Board
PETER M . KEIR, Assistant to the Board
STANLEY J. SIGEL, Assistant to the Board
NORM AND R . V . BERNARD, Special Assistant
the Board
DIVISION OF RESEARCH A N D
LYLE E. GRAMLEY,
EDWARD C. ETTIN,
LEGAL
WILLIAM H. WALLACE,
Director
ALBERT R . HAMILTON, Associate
Director
CLYDE H . FARNSWORTH, JR. , Assistant
Director
P. D . RING, Assistant
Director
DIVISION
JOHN D . HAWKE, JR., General
Counsel
BALDWIN B . TUTTLE, Deputy
General
Counsel
ROBERT E . MANNION, Assistant
General
Counsel
ALLEN L . RAIKEN, Assistant General
Counsel
GARY M . WELSH, Assistant General
Counsel
C H A R L E S R . M C N E I L L , Assistant
General
Counsel
to
the
Director
Director
Adviser
JOHN H . KALCHBRENNER,
to
STATISTICS
Director
JAMES L . KICHLINE, Associate
JOSEPH S. ZEISEL, Associate
DIVISION OF FEDERAL RESERVE
BANK EXAMINATIONS AND BUDGETS
POLICY
the
Adviser
JAMES B . ECKERT, Associate
Adviser
t JOHN J. MINGO, Associate
Adviser
ELEANOR J. STOCKWELL, Associate
Adviser
HELMUT F. WENDEL, Associate
Adviser
JAMES R . WETZEL, Associate
Adviser
JAMES M . BRUNDY, Assistant
Adviser
JARED J. ENZLER, Assistant
Adviser
ROBERT VA. FISHER, Assistant
Adviser
J. CORTLAND G . PERET, Assistant
Adviser
STEPHEN P. TAYLOR, Assistant
Adviser
LEVOK H . GARABEDIAN, Assistant
Director
DIVISION O F
FEDERAL
DIVISION
RESERVE
B A N K
OF
CONSUMER
JANET O . HART,
JAMES R . K U D L I N S K I ,
Director
W A L T E R A . A L T H A U S E N , Assistant
Director
D A T A
Director
BEARDSLEY, Associate
Director
B L A C K , Assistant
Director
C U M M I N S , Assistant
Director
Z E M E L , Assistant
Director
DIVISION
OF
OFFICE
OF THE
SECRETARY
DIVISION
OF
SUPERVISION
PERSONNEL
CHARLES W . W O O D , Assistant
THE
JOHN KAKALEC,
Director
CONTROLLER
Controller
TYLER E . W I L L I A M S , J R . , Assistant
DIVISION OF ADMINISTRATIVE
WALTER
W . KREIMANN,
Adviser
Secretary
SAMUEL PIZER,
Adviser
GEORGE B . H E N R Y , Associate
CHARLES J. SIEGMAN, Associate
E D W I N M . T R U M A N , Associate
Adviser
Adviser
Adviser
B A N K I N G
A N D
BRENTON C . LEAVITT,
OF
Director
Adviser
Director
BRUCE M .
UYLESS D .
GLENN L .
ROBERT J.
OFFICE
ROBERT F . G E M M I L L ,
REED J. IRVINE,
* RICHARD D . ABRAHAMSON, Assistant
Secretary
GRIFFITH L . GARWOOD, Assistant
Secretary
PROCESSING
CHARLES L . HAMPTON,
FINANCE
tHELEN B. JuNZ, Adviser
THEODORE E . ALLISON,
OF
Director
Director
HARRY A . G U I N T E R , Assistant
DIVISION
DIVISION OF INTERNATIONAL
JOHN E . REYNOLDS, Acting
JERAULD C . K L U C K M A N , Assistant
Director
B R I A N M . C A R E Y , Assistant
AFFAIRS
OPERATIONS
Controller
SERVICES
Director
REGULATION
t O n leave o f absence.
Director
R A L P H H . GELDER, Associate
Director
JOHN E . R Y A N , Associate
Director
W I L L I A M W . W I L E S , Associate
Director
PETER E . B A R N A , Assistant
Director
FREDERICK R . D A H L , Assistant
Director
JACK M . EGERTSON, Assistant
Director
JOHN N . L Y O N , Assistant
Director
JOHN T . M C C L I N T O C K , Assistant
Director
THOMAS E . M E A D , Assistant
Director
ROBERT S. P L O T K I N , Assistant
Director
THOMAS A . S I D M A N , Assistant
Director
D O N A L D E . ANDERSON, Assistant
Director
JOHN D . S M I T H , Assistant
Director
* O n loan f r o m the Federal Reserve B a n k o f Chicago.
>
A78
Federal Open Market Committee
Chairman
ARTHUR F. BURNS,
J O H N J.
STEPHEN S.
BALLES
ROBERT P.
PHILIP E .
PAUL A .
BLACK
COLDWELL
ARTHUR L . BROIDA,
GARDNER
J. C H A R L E S
P H I L I P C . JACKSON, JR.
HENRY C.
MONROE
W I L L I S J.
KIMBREL
DAVID M .
Secretary
NORMAND R . V . BERNARD,
Assistant
(Domestic
Economist
Economist
R I C H A R D G . D A V I S , Associate
T H O M A S J . O ' C O N N E L L , General
E D W A R D G . G U Y , Deputy
Counsel
General
Counsel
B A L D W I N B . T U T T L E , Assistant
General
Economist
W I L L I A M J . H O C T E R , Associate
MICHAEL W .
Economist
K E R A N , Associate
Economist
JAMES L . K I C H L I N E , Associate
Economist
JAMES P A R T H E M O S , Associate
Counsel
STEPHEN H . A X I L R O D ,
(Domestic
Economist
Economist
J O H N E . R E Y N O L D S , Associate
Economist
JOSEPH S . Z E I S E L , Associate
Finance)
A L A N R . H O L M E S , Manager,
System
PETER D . S T E R N L I G H T , Deputy
Manager
SCOTT E . P A R D E E , Deputy
WINN
Business)
H A R R Y B R A N D T , Associate
Secretary
PARTEE
WALLICH
LILLY
LYLE E. GRAMLEY,
Secretary
M U R R A Y A L T M A N N , Deputy
Vice Chairman
VOLCKER,
Manager
Open
for
for
Market
Domestic
Foreign
Economist
Account
Operations
Operations
Federal Advisory Council
E L L M O R E C . P A T T E R S O N , SECOND F E D E R A L RESERVE DISTRICT.
President
W I L L I A M F . M U R R A Y , S E V E N T H FEDERAL RESERVE DISTRICT, Vice
R I C H A R D D . H I L L , FIRST F E D E R A L
RESERVE DISTRICT
RESERVE DISTRICT
JAMES F . B O D I N E , T H I R D F E D E R A L
RESERVE DISTRICT
M.
BROCK W E I R , FOURTH FEDERAL
J O H N H . L U M P K I N , F I F T H FEDERAL
RESERVE DISTRICT
E U G E N E H . A D A M S , T E N T H FEDERAL
B E N F . L O V E , E L E V E N T H FEDERAL
RESERVE DISTRICT
SIXTH
F E D E R A L RESERVE DISTRICT
DONALD R . GRANGAARD, NINTH
F E D E R A L RESERVE DISTRICT
RESERVE DISTRICT
RESERVE DISTRICT
LAWRENCE A . MERRIGAN,
President
E D W I N S . JONES, E I G H T H FEDERAL
GILBERT F . BRADLEY,
TWELFTH
F E D E R A L RESERVE DISTRICT
HERBERT V . PROCHNOW,
W I L L I A M J . K O R S V I K , Associate
Secretary
Secretary
A79
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
Frank R. Milliken
Robert H. Knight
Rupert Warren
Paul A. Volcker
Thomas M. Timlen
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
John R. Coleman
John W. Eckman
David P. Eastburn
Mark H. Willes
CLEVELAND*
44101
Willis J. Winn
Walter H. MacDonald
Cincinnati
Pittsburgh
45201
15230
Horace A. Shepard
Robert E. Kirby
Lawrence H. Rogers, II
G. Jackson Tankersley
RICHMOND*
23261
E. Angus Powell
E. Craig Wall, Sr.
James G. Harlow
Charles W. DeBell
Robert P. Black
George C. Rankin
Baltimore
21203
Charlotte
28230
Culpeper Communications
and Records Center.. 22701
ATLANTA
Birmingham
Jacksonville
Miami
Nashville
New Orleans
30303
35202
32203
33152
37203
70161
CHICAGO*
60690
Detroit
48231
ST. LOUIS
63166
Little Rock
Louisville
Memphis
72203
40201
38101
MINNEAPOLIS
55480
Helena
KANSAS CITY
Denver
Oklahoma City
Omaha
DALLAS
El Paso
Houston
San Antonio
59601
64198
80217
73125
68102
75222
79999
77001
78295
SAN FRANCISCO ... .94120
Los Angeles
Portland
Salt Lake City
Seattle
90051
97208
84110
98124
Vice President
in charge of branch
Robert E. Showalter
Robert D. Duggan
Jimmie R. Monhollon
Stuart P. Fishburne
Albert D. Tinkelenberg
H. G. Pattillo
Clifford M. Kirtland, Jr.
Harold B. Blach, Jr.
Egbert R. Beall
Castle W. Jordan
James W. Long
Edwin J. Caplan
Monroe Kimbrel
Kyle K. Fossum
Peter B. Clark
Robert H. Strotz
Jordan B. Tatter
Robert P. Mayo
Daniel M. Doyle
Edward J. Schnuck
William B. Walton
Ronald W. Bailey
William H. Stroube
Robert E. Healy
Lawrence K. Roos
Eugene A. Leonard
James P. McFarland
Stephen F. Keating
James C. Garlington
Bruce K. MacLaury
Clement A. Van Nice
Robert T. Person
Harold W. Andersen
Maurice B. Mitchell
James G. Harlow, Jr.
Durward B. Varner
Roger Guffey
John T. Boysen
John Lawrence
Charles T. Beaird
J. Luther Davis
Thomas J. Barlow
Margaret Scarbrough Wilson
Ernest T. Baughman
T. W. Plant
O. Meredith Wilson
Joseph F. Alibrandi
Joseph R. Vaughan
Loran L. Stewart
Sam Bennion
Lloyd E. Cooney
John J. Balles
John B. Williams
Hiram J. Honea
Edward C. Rainey
W. M. Davis
Jeffrey J. Wells
George C. Guynn
William C. Conrad
John F. Breen
Donald L. Henry
L. Terry Britt
John D. Johnson
Wayne W. Martin
William G. Evans
Robert D. Hamilton
Fredric W. Reed
James L. Cauthen
Carl H. Moore
Richard C. Dunn
Angelo S. Carella
A. Grant Holman
James J. Curran
• A d d i t i o n a l offices of these B a n k s are located at L e w i s t o n , M a i n e 0 4 2 4 0 ; W i n d s o r L o c k s , Connecticut 0 6 0 9 6 ; C r a n f o r d ,
N e w Jersey 0 7 0 1 6 ; Jericho, N e w Y o r k 11753; C o l u m b u s , O h i o 4 3 2 1 6 ; C o l u m b i a , South C a r o l i n a 2 9 2 1 0 ; Des M o i n e s , I o w a
5 0 3 0 6 ; I n d i a n a p o l i s , I n d i a n a 4 6 2 0 4 ; and M i l w a u k e e , W i s c o n s i n 53202.
A 80
Federal Reserve Board Publications
Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where
a charge is indicated, remittance should accompany
request and be made payable to the order of the Board
of Governors of the Federal Reserve System in a form
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coupons are not accepted.)
THE
INDUSTRIAL
FEDERAL
RESERVE
SYSTEM—PURPOSES
AND
FUNCTIONS. 1974. 125pp. $1.00each; l O o r m o r e
to one address, $.75 each.
REPORT
FEDERAL
RESERVE
BULLETIN.
Monthly.
$20.00
BANKING
AND
MONETARY
STATISTICS,
1914-1941.
AND
MONETARY
STATISTICS,
SURVEY
BOOK. Issued a n n u a l l y i n
REPORT
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Elsewhere, $20.00 per year or $.50 each.
SELECTED INTEREST A N D E X C H A N G E
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$.40 each in the United States, its possessions,
Canada, and Mexico; 10 or more of same issue
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Elsewhere, $20.00 per year or $.50 each.
T H E FEDERAL RESERVE A C T , as a m e n d e d t h r o u g h D e -
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Reserve System. 252 pp. $1.25.
R E G U L A T I O N S OF T H E B O A R D OF G O V E R N O R S OF T H E
1975.
T H E FEDERAL FUNDS M A R K E T .
1959.
ILL
pp.
$1.00
FUNDS.
1965.
116
pp.
$1.00
each; 10 or more to one address, $.85 each.
FINANCIAL
CHARACTERISTICS
OF
CON-
1968.
321
OF T H E
JOINT
OF T H E
TREASURY-FEDERAL
U.S.
GOVERNMENT
RESERVE
SECURITIES
JOINT
TREASURY-FEDERAL
RESERVE
STUDY
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G O V E R N M E N T SECURITIES M A R K E T : STAFF
THE
STUD-
IES—PART 1. 1970. 86 pp. $.50 each; 10 or more
to one address, $.40 each. PART 2. 1971. 153 pp.
a n d PART 3. 1973. 131 p p . E a c h v o l u m e
$1.00;
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OPEN
MARKET
POLICIES
DURES—STAFF
AND
STUDIES.
OPERATING
1971.
218
PROCE-
pp.
$2.00
each; 10 or more to one address, $1.75 each.
REAPPRAISAL
OF
THE
FEDERAL
RESERVE
DISCOUNT
MECHANISM. V o l . 1. 1971. 2 7 6 pp. V o l . 2.
1971.
173 pp. Vol. 3. 1972. 220 pp. Each volume $3.00;
10 or more to one address, $2.50 each.
THE
ECONOMETRICS
OF P R I C E D E T E R M I N A T I O N
CON-
FERENCE, O c t o b e r 3 0 - 3 1 , 1970, W a s h i n g t o n , D . C .
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.
F E D E R A L RESERVE STAFF S T U D Y : W A Y S TO M O D E R A T E
FLUCTUATIONS I N HOUSING CONSTRUCTION.
1972.
487 pp. $4.00 each; 10 or more to one address,
$ 3 . 6 0 each.
LENDING
FUNCTIONS
BANKS.
OF
THE
FEDERAL
RESERVE
1973. 2 7 1 p p . $ 3 . 5 0 each; 10 or
more
I N T R O D U C T I O N T O F L O W OF F U N D S . 1 9 7 5 . 6 4 p p .
$.50
each; 10 or more to one address, $.40 each.
$2.50.
each; 10 or more to one address, $.85 each.
FEDERAL
1968.
to one address, $3.00 each.
SYSTEM
P U B L I S H E D I N T E R P R E T A T I O N S OF T H E B O A R D OF G O V -
IN
COMPANIES.
MARKET. 1969. 48 pp. $.25 each; 10 or more to
one address, $.20 each.
CAPITAL M A R K E T DEVELOPMENTS. W e e k l y . $ 1 5 . 0 0 per
TRADING
OF
STUDY
Sept.
Subscription to Monthly Chart Book includes one
issue. $1.25 each in the United States, its possessions, Canada, and Mexico; 10 or more to one
address, $1.00 each. Elsewhere, $1.50 each.
31,
HOLDING
pp. $1.00 each; 10 or more to one address, $.85
each.
Subscrip-
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$12.00 per year or $1.25 each in the United States,
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ERNORS, as o f D e c .
BANK
S U R V E Y OF C H A N G E S I N F A M I L Y F I N A N C E S .
F E D E R A L RESERVE M O N T H L Y C H A R T B O O K .
F E D E R A L RESERVE
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SUMERS. 1966. 166 pp. $1.00 each; 10 or more
to one address, $.85 each.
A N N U A L STATISTICAL DIGEST, 1 9 7 0 - 7 5 . 1976. 3 3 9 p p .
$4.00 per copy for each paid subscription to Federal Reserve Bulletin. A l l others, $5.00 each.
383
102 pp. $1.00 each; 10 or more to one address,
$.85 each.
1941-1970.
1976. 1,168 pp. $15.00.
HISTORICAL CHART
PERFORMANCE
B A N K CREDIT-CARD AND CHECK-CREDIT PLANS.
(Reprint of Part 1 only) 1976. 682 pp. $5.00.
BANKING
1972.
1967. 29 pp. $.25 each; 10 or more to one address,
$.20 each.
per
year or $2.00 each in the United States, its possessions, Canada, and Mexico; 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.
EDITION.
each.
THE
ANNUAL
PRODUCTION—1971
pp. $ 4 . 0 0 each; 10 or m o r e to one address, $ 3 . 5 0
IMPROVED F U N D A V A I L A B I L I T Y AT R U R A L B A N K S ( R e -
port and study papers of the Committee on Rural
Banking Problems). 1975. 133 pp. $1.00 each; 10
or more to one address, $.85 each.
Federal Reserve Board Publications
IMPROVING THE M O N E T A R Y AGGREGATES ( R e p o r t o f the
Advisory Committee on Monetary Statistics).
1976. 43 pp. $1.00 each; 10 or more to one
address, $.85 each.
Y I E L D S O N N E W L Y ISSUED C O R P O R A T E B O N D S .
RECENT
ACTIVITIES
BANKS.
YIELDS
ON
9/72.
B R A N C H E S OF
U.S.
10/72.
HOLDING
AMENDMENTS.
Studies and papers on economic and financial subjects
that are of general interest in the field of economic
research.
OF F O R E I G N
R E V I S I O N OF C O N S U M E R C R E D I T S T A T I S T I C S .
ONE-BANK
STAFF E C O N O M I C STUDIES
A 81
COMPANIES
BEFORE
10/72.
THE
1970
12/72.
RECENTLY
OFFERED
CORPORATE
BONDS.
5/73.
CAPACITY U T I L I Z A T I O N IN MAJOR MATERIALS
TRIES.
SUMMARIES O N L Y PRINTED I N THE B U L L E T I N
INDUS-
8/73.
(Limited supply of mimeographed copies of full text
available upon request for single copies.)
CREDIT-CARD AND CHECK-CREDIT PLANS AT COMMERRATES ON CONSUMER INSTALMENT LOANS.
9/73.
HOUSEHOLD-SECTOR
NEW
MANUFACTURING
CORPORA-
ENERGY SUPPLIES AND USES, S t a f f
Economic
ECONOMIC ACCOUNTS, b y
David
CIAL BANKS.
F. Seiders. Jan. 1975. 84 pp.
THE
PERFORMANCE
OF
THE
GROWTH
INDIVIDUAL
OF M U L T I B A N K
BANK
HOLDING
HOLDING
1975.
EXTENDING MERGER ANALYSIS B E Y O N D THE
MARKET FRAMEWORK, b y Stephen A .
May
SINGLE-
Rhoades.
pp.
1976. 25
OF
MI—CURRENTLY
LISHED A N D A L T E R N A T I V E M E T H O D S , b y
1976. 22
PUBEdward
pp.
OF C O M M E R C I A L B A N K S I N
1974-75, by John
D.
Paulus. Sept. 1976. 49 pp.
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 RESERVES.
M E A S U R E S OF M E M B E R B A N K RESERVES.
BANKING
STRUCTURE
2/58.
OF
PERFORM-
MANUFACTURING
CAPACITY,
Staff Economic Study by Frank de Leeuw with
Frank E. Hopkins and Michael D. Sherman. 11/66.
U.S.
INTERNATIONAL
1960-67.
TRANSACTIONS:
MEASURES
UTILIZATION.
AND
OF
BANK
IN
12/70.
DEBITS,
12/71.
FOREIGN
DEPOSITS, A N D DEPOSIT
CAPACITY
SELECTED LARGE COMMERCIAL B A N K S .
7/72.
AT
4/75.
B A N K I N G A N D M O N E T A R Y STATISTICS, 1 9 7 4 .
7/75.
Selected
series of banking and monetary statistics for 1974
only. 2/75, 3/75, 4/75, and 7/75.
10/75.
A
SMALL
MIT-PENN-SSRC
VERSION
ECONOMETRIC
OF
THE
MODEL,
BRANCHES
OF
A N ASSESSMENT OF B A N K H O L D I N G C O M P A N I E S ,
Staff
Economic Study by Robert J. Lawrence
Samuel H. Talley. 1/76.
2/76.
S U R V E Y OF F I N A N C E C O M P A N I E S ,
3/76.
1975.
C H A N G I N G PATTERNS I N U . S . I N T E R N A T I O N A L
ACTIONS.
REVISED
and
1/76.
R E V I S I O N OF M O N E Y S T O C K M E A S U R E S .
TRANS-
4/76.
SERIES
FOR
MEMBER
A G G R E G A T E RESERVES.
BANK
DEPOSITS
AND
4/76.
B A N K HOLDING COMPANY FINANCIAL
DEVELOPMENTS
4/76.
INDUSTRIAL PRODUCTION—1976 R e v i s i o n .
SUMMARY.
CHANGES IN TIME
AND
MECHA-
S A V I N G S DEPOSITS A T
1976.
R E C E N T G R O W T H I N A C T I V I T I E S OF U . S .
FOREIGN B A N K S .
4/76.
6/76.
6/76.
MERCIAL B A N K S , J a n u a r y - A p r i l
TURNOVER—
Staff
Economic Study by Douglas Battenberg, Jared J.
Enzler, and Arthur M . Havenner. 11/75.
NISMS: A
2/72.
R E V I S E D SERIES.
4/75.
N E W S T A T I S T I C A L SERIES O N L O A N C O M M I T M E N T S
F E D E R A L RESERVE OPERATIONS I N P A Y M E N T
OF
IN-
10/74.
C H A N G E S I N B A N K L E N D I N G PRACTICES, 1 9 7 5 .
MANUFACTURING
10/71.
LIABILITIES
U . S . BANKS.
DUSTRIAL COUNTRIES.
IN 1975.
R E V I S I O N OF B A N K C R E D I T SERIES.
ASSETS
TRENDS
4/68.
M E A S U R E S OF S E C U R I T Y C R E D I T .
REVISED
5/74.
INFLATION AND STAGNATION IN MAJOR FOREIGN
INDUSTRIAL ELECTRIC POWER USE.
7/63.
AND
ANCE, Staff Economic Study by Tynan Smith.
4/66.
INDEX
RE-
VARIABLES
AND THEIR ROLE IN MONETARY POLICY.
MARKETS.
REPRINTS
(Except for Staff Papers, Staff Economic Studies, and
some leading articles, most of the articles reprinted do
not exceed 12 pages.)
REVISED
MATERIALS:
N U M E R I C A L S P E C I F I C A T I O N S OF F I N A N C I A L
M I N N I E :
Staff Economic Studies shown in list below.
A
FOR M A J O R
4/74.
RECENT DEVELOPMENTS IN INTERNATIONAL FINANCIAL
PRINTED I N F U L L I N THE B U L L E T I N
ON
VISED M E A S U R E S .
RECENT TRENDS I N FEDERAL B U D G E T POLICY.
EFFECTS OF N O W A C C O U N T S O N COSTS A N D E A R N I N G S
RESEARCH
Study by Clayton Gehman. 12/73.
T H E S T R U C T U R E OF M A R G I N C R E D I T .
ADJUSTMENT
R. Fry. May
U.S.
10/73.
CAPACITY U T I L I Z A T I O N
COMPANIES:
1956-73, by Gregory E. Boczar. Apr. 1976. 27
pp.
SEASONAL
SERIES FOR L A R G E
TIONS.
COMPANIES, by Arthur G. Fraas. Aug.
27 pp.
9/73.
10/76.
COM-
10/76.
OFFICES OF
A82
Federal Reserve Bulletin • October 1976
Index to Statistical Tables
References are to pages A-2 through A-75 although the prefix " A " is omitted in this index
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
B A N K credit proxy, 13
Bankers balances, 16, 17, 20
{See also Foreigners)
Banks for cooperatives, 37
Bonds (See also U.S. Govt, securities):
New issues, 37, 38, 39
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)
C A P A C I T Y 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, 46, 47
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, 4 2 - ^ 4
Commercial paper, 23, 25, 27
Condition statements (See Assets and liabilities)
Construction, 50, 51
Consumer instalment credit, 45, 46, 47
Consumer price indexes, 50, 53
Consumption expenditures, 54, 55
Corporations:
Profits, taxes, and dividends, 41
Sales, revenue, profits, and dividends of large
manufacturing corporations, 40
Security issues, 38, 39
Security yields and prices, 28, 29
Cost of living (See Consumer price indexes)
Currency and coin, 3, 16
Currency in circulation, 3, 12
Customer credit, stock market, 29, 30
DEBITS to deposit accounts, 11
Debt (See specific types of debt or
securities)
Demand deposits:
Adjusted, commercial banks, 11, 13, 17
Banks, by classes, 14, 17, 20, 21
Ownership by individuals, partnerships, and corporations, 24
Subject to reserve requirements, 13
Turnover, 11
Deposits (See 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 (See Loans)
Dividends, corporate, 40, 41
E M P L O Y M E N T , 50, 52
F A R M 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
Federal Home Loan Mortgage Corporation, 42, 43
Federal Housing Administration, 42, 43, 44, 45
Federal intermediate credit banks, 37
Federal land banks, 37
Federal National Mortgage Assn., 37, 42, 43
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
Finance companies:
Loans, 18, 45, 46, 47
Paper, 25, 27
Financial institutions, loans to, 16, 18
Float, 2
Flow of funds, 56, 57
Foreign:
Currency operations, 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
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
A83
References are to pages A-2 through A-75 although the prefix " A " is omitted in this index
I N C O M E , national and personal, 54, 55
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
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, 45
Prime rate, commercial banks, 26
Time and savings deposits, maximum rates, 8
International capital transactions of U.S., 61-74
International institutions, 60-64, 66, 67-69, 73
Inventories, 54
Investment companies, issues and assets, 39
Investments {See also specific types of investments):
Banks, by classes, 14, 16, 19, 30
Commercial banks, 13
Federal Reserve Banks, 10, 11
Life insurance companies, 31
Savings and loan assns., 31
L A B O R force, 52
Life insurance companies (See Insurance companies)
Loans (See 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, 45
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
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 (See Interest rates)
Money stock and related data, 12
Mortgages (See Real estate loans and Residential
mortgage loans)
Mutual funds (See Investment companies)
Mutual savings banks, 20, 30, 34, 42, 44
N A T I O N A L banks, 14, 24
National defense expenditures, 33
National income, 54, 55
Nonmember banks, 15, 16, 17, 24
OPEN market transactions, 9
P A Y R O L L S , 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, 40, 41
R E A L estate loans:
Banks, by classes, 16, 18, 30, 42
.Mortgage yields, 43, 45
Type of holder and property mortgaged, 4 2 - ^ 4
Reserve position, basic, member banks, 5
Reserve requirements, member banks, 7
Reserves:
Central banks and govts., 60
Commercial banks, 17, 20, 22
Federal Reserve Banks, 10
Member banks, 3, 4, 13, 17
U.S. reserve assets, 59
Residential mortgage loans, 43, 44, 45
Retail credit, 46, 47
Retail sales, 50
SALES, revenue, profits, and dividends of large manufacturing corporations, 40
Saving:
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 (See also U.S. Govt, securities):
Federally sponsored agencies, 37
International transactions, 68, 69
New issues, 37, 38, 39
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, 37, 38
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 (See also Securities):
New issues, 38, 39
Yields and prices, 28, 29
T A X 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
U N E M P L O Y M E N T , 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, 38
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
W E E K L Y reporting banks, 18-22
Y I E L D S (See Interest rates)
A84
Federal Reserve Bulletin • October 1976
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
July 1975
f
1
ALASKA
1
1
f
1
1
!
/
/ '
\\
LEGEND
—
Q
Boundaries of Federal Reserve Districts
©
Federal Reserve Bank Cities
Boundaries of Federal Reserve Branch
Territories
•
Federal Reserve Branch Cities
Board of Governors of the Federal
Reserve System
Federal Reserve Bank Facility
Guide to
Tabular Presentation and Statistical Releases
SYMBOLS A N D ABBREVIATIONS
e
c
p
r
rp
Estimated
Corrected
Preliminary
Revised
Revised preliminary
I, II,
III, IV
n.e.c.
A.R.
S.A.
Quarters
Not elsewhere classified
Annual rate
Monthly (or quarterly) figures adjusted for
seasonal variation
N.S.A.
IPC
SMSA
A
L
S
U
*
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Standard metropolitan statistical area
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,(XX) when
the unit is millions)
(1) Zero, (2) no figure to be expected, or
(3) figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2)
a negative figure, or (3) an outflow.
A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when
the components shown to the right (left) of it add to
that total (totals separated by ordinary rules include
more components than those shown), (2) to the right
(to the left) of items that are not part of a balance sheet,
(3) to the left of memorandum items.
' ' U . S . Govt, securities" may include guaranteed
issues of U.S. Govt, agencies (the flow of funds figures
also include not fully guaranteed issues) as well as direct
obligations of the Treasury. **State and local g o v t . "
also includes municipalities, special districts, and other
political subdivisions.
In some of the tables details do not add to totals
because of rounding.
The footnotes labeled NOTE (which always appear
last) provide (1) the source or sources of data that do
not originate in the System; (2) notice when figures
are estimates; and (3) information on other characteristics of the data.
LIST PUBLISHED S E M I A N N U A L L Y , W I T H LATEST B U L L E T I N REFERENCE
Anticipated schedule of release dates for individual releases
Issue
Page
June 1976
A-82
@FedFRASER