Full text of Federal Reserve Bulletin : October 1978
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OCTOBER
1978
FEDERAL RESERVE
BULLETIN
Summary Measures of the Dollar's Foreign Exchange Value
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NUMBER
10 •
VOLUME
64 •
OCTOBER
1978
FEDERAL RESERVE
BULLETIN
Board of Governors of the Federal Reserve System
Washington, D.C.
PUBLICATIONS COMMITTEE
Joseph R. Coyne, Chairman • Stephen H. Axilrod • John M. Denkler
Janet O. Hart • James L. Kichline • Neal L. Petersen • Edwin M. Truman
The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications c o m m i t t e e . This c o m m i t t e e
is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided
by M a c k R. R o w e . Editorial support is furnished by the E c o n o m i c Editing Unit headed by Mendelle T . Berenson.
Table of Contents
783
SUMMARY MEASURES OF THE
DOLLAR'S FOREIGN EXCHANGE VALUE
Assessment of changes in the dollar's
over-all international position through use
of a summary index of the dollar's average
exchange value against a broad spectrum
of foreign currencies.
790
RECORD OF POLICY ACTIONS OF THE
FEDERAL OPEN MARKET COMMITTEE
At its meeting on August 15, 1978, the
Committee decided that ranges of tolerance for the annual rates of growth in M-1
and M-2 over the August-September period should be 4 to 8 per cent and 6 to
10 per cent, respectively. With regard to
the Federal funds rate, the Manager was
instructed to seek a rate of around 8 per
cent early in the period following the
meeting. Subsequently, if the 2-month
growth rates of M - l and M-2 appeared to
be significantly above or below the midpoints of the indicated ranges, the objective for the funds rate was to be raised
or lowered in an orderly fashion within
a range of 13A to 8V£ per cent. It was also
agreed that in assessing the behavior of
the aggregates, the Manager should give
approximately equal weight to the behavior of M - l and M-2.
801
LAW DEPARTMENT
Amendment of Regulation T, various bank
holding company and bank merger orders,
and pending cases.
821
ANNOUNCEMENTS
Approval of
rate from 8
October 16,
from 73A to 8
22.
an increase in the discount
to SV2 per cent, effective
1978, following an increase
per cent, effective September
Regulations implementing the Community
Reinvestment Act announced by Federal
regulators of banks and thrift institutions.
Amendment of Regulation T to permit
brokers and dealers to extend and maintain
credit on certain convertible corporate
bonds. (See Law Department.)
Guidance to member banks concerning
advertising for automatic transfer of funds
from savings to checking accounts.
Completion of a nationwide network for
making payments electronically through
use of Federal Reserve facilities.
Adoption of a uniform interagency system
for rating the trust departments of the
Nation's commercial banks.
Policy statement on tax transactions between State member banks and their parent
holding companies.
Proposed simplification of reports of condition and income.
Revised OTC stock list.
Changes in Board staff.
Four State banks admitted to membership
in the Federal Reserve System.
827
A1
INDUSTRIAL PRODUCTION
A70
BOARD OF GOVERNORS AND STAFF
Output increased an estimated 0.5 per cent
in September.
A72
OPEN MARKET COMMITTEE AND
FINANCIAL AND BUSINESS STATISTICS
A73
A3 Domestic Financial Statistics
A46 Domestic Nonfinancial Statistics
A54 International Statistics
A69
STAFF; ADVISORY COUNCILS
FEDERAL RESERVE BANKS,
BRANCHES, AND OFFICES
A74
FEDERAL RESERVE BOARD PUBLICATIONS
A76
INDEX TO STATISTICAL TABLES
A78
MAP OF FEDERAL RESERVE SYSTEM
GUIDE TO TABULAR PRESENTATION
AND STATISTICAL RELEASES
Summary Measures of the
Dollar's Foreign Exchange Value
This article was prepared by Peter Hooper and
John Morton of the Division of International
Finance.
The changing value of the dollar on foreign
exchange markets has received considerable attention during the past 2 years. Most of this
attention has focused on the sharp decline in
the dollar's value against the Swiss franc, the
Japanese yen, and the German mark. Relatively
little attention has been paid to the fact that the
dollar has declined by much less against the
British pound and the Italian lira and has increased in value against the Canadian dollar
(Chart 1). Assessing the dollar's value on
foreign exchange markets by looking at only one
or a few exchange rates can be misleading, just
as it can be misleading to judge the over-all
price level by looking at the prices of only one
or a few commodities. In order to assess
changes in the dollar's over-all international
position it is helpful to consider a summary
index of the dollar's average exchange value
against a broad spectrum of foreign currencies,
much as the consumer and wholesale price indexes are used to measure the average prices
of a large number of goods.
This article describes in general terms the
uses of average or "effective" exchange-rate
indexes and the construction of such indexes for
the dollar (including the index published in the
FEDERAL RESERVE BULLETIN). T h e benefit of
effective exchange-rate indexes has become
especially evident since the emergence of a
system of relatively flexible exchange rates and
the substantial increase in the variability of
individual exchange rates in recent years.
Moreover, because increased exchange-rate
variation often has been closely associated with
increasing divergences in rates of inflation
among countries, it is useful, when addressing
a number of economic issues, to consider
1. Exchange rates of U.S. dollar
in terms of selected currencies
March 1973=100
mmm I1 mm
1976
E x c h a n g e rates in terms of units of foreign currency per U . S .
dollar, quarterly averages of daily rates.
changes in effective exchange rates that have
been adjusted for movements in relative prices.
The latter part of this article describes such
price-adjusted or "real" exchange-rate indexes.
EFFECTIVE
EXCHANGE-RATE
INDEXES
As with any price index, individual foreign
currency prices of the dollar can be combined
in a number of ways to construct an effective
exchange-rate index. The method employed to
construct the index should be determined by the
A2
Federal Reserve Bulletin • September 1978
use of the index. Before describing the methods
of construction, therefore, it is desirable to
consider several major uses for effective exchange-rate indexes.
U S E S OF
EFFECTIVE E X C H A N G E - R A T E
INDEXES
First, effective exchange-rate indexes can be
used to measure shifts in the over-all supply and
demand for dollars on foreign exchange markets, complementing other summary measures
of changes in over-all U.S. international transactions. The total supply of and demand for
dollars on foreign exchange markets derive from
U.S. demands for foreign goods and foreigncurrency-denominated financial assets and
foreign demands for U.S. goods and dollardenominated financial assets. Shifts in these
demands are measured in part by changes in
the U.S. trade balance and in net capital flows.
When such shifts are not balanced they result
in excess demand for or supply of dollars at
current exchange rates, and the market price of
dollars must adjust. An excess supply of dollars
resulting from a decline in demand for U.S.
goods or dollar-denominated financial assets
would tend to cause a decline in the foreign
currency price of the dollar. An effective exchange-rate index is more useful than any individual (bilateral) exchange rate in summarizing
these overall exchange market pressures, just as
the total trade balance is more useful than the
balance of U.S. trade with any single country
in summarizing net U.S. international transactions in goods.
Second, effective exchange-rate indexes
measure one of the important determinants of
U.S. international transactions (imports, exports, and capital flows). For example, a decline
in the average foreign-currency price of the
dollar tends to improve U.S. price competitiveness by lowering the average price of U.S.
goods relative to the average price of foreign
goods. As a result, over time U.S. exports tend
to increase and U.S. imports tend to decrease.
Thus, movements in the dollar's effective exchange rate provide clues to future movements
in the trade balance.
Third, changes in exchange rates have direct
and indirect impacts on the level of domestic
prices. After a depreciation of the dollar, the
prices of imported goods, as well as the prices
of domestically produced goods that compete
with imports, tend to rise, and thereby put
upward pressure on the U.S. price level. Moreover, increased demand for U.S. exports, stimulated by the decline in the foreign-currency
prices of those exports, also contributes to an
increase in domestic U.S. prices. The effective
exchange-rate index provides a useful summary
statistic to help in assessing the over-all effect
on the domestic price level of diverse bilateral
exchange-rate movements.
C O N S T R U C T I O N OF E F F E C T I V E
EXCHANGE-RATE
INDEXES
Indexes of the dollar's effective exchange value
are constructed by averaging the dollar's bilateral exchange values in terms of a number of
foreign currencies. The construction of such
indexes may differ with regard to the selection
of foreign currencies included and the choice
of weights assigned to the individual foreign
currencies. The following discussion describes
the general aspects of the construction of exchange-rate indexes. Additional technical details were summarized in the August 1978
BULLETIN (page 700).
The index of the effective exchange rate of
the dollar published in the BULLETIN is an
average of the dollar's exchange rates against
the currencies of 10 major foreign industrial
countries (listed in Table 1). While no group
of currencies can be ideal for all purposes, this
particular group of foreign currencies was chosen for several reasons. Each of the 10 foreign
countries has a well-developed foreign exchange
market with rates determined primarily by private market transactions. As a group, these
countries account for nearly two-thirds of total
world trade and more than half of U.S. trade;
their importance in international financial flows
is even greater. Moreover, of the countries
whose currencies are not included in the index,
many either seek to link their currencies directly
to one or more of the currencies included or
Foreign Exchange Value of the Dollar
use these currencies for their international
transactions.
Once the currencies to be included in the
index have been selected, weights must be assigned to them prior to averaging. Ideally, the
weights assigned to each foreign currency in an
index should reflect the importance of that currency with respect to the particular economic
problem being analyzed. The appropriate weight
to be assigned to the German mark in an index
used to measure the impact of changes in the
dollar's foreign exchange value on the U.S.
trade balance is one that would reflect the magnitude of total U.S. trade with Germany, the
extent to which German and U.S. producers
compete in third markets, and the price sensitivity of producers and consumers in all of these
markets. The weight assigned to the mark in
an index used to measure the impact of changes
in exchange rates on the U.S. price level should
reflect the magnitude of U.S. imports from
Germany, the importance of alternative sources
of supply, and the price sensitivity of U.S.
import demand. Such an "ideal" procedure for
constructing exchange-rate indexes requires a
variety of complex weighting schemes and the
construction of a different index for each problem being analyzed. This method reintroduces
the complexity that was to have been eliminated
through the use of a summary statistic.
In order to simplify construction procedures,
1. Weights of foreign currencies in indexes of the
dollar's effective exchange rate
Foreign
currency
German mark
Japanese yen —
French franc . . . . . . . . . . . . . ,
United Kingdom pound . . .
C a n a d i a n dollar
Italian lira
N e t h e r l a n d s guilder
Belgian f r a n c
Swedish krona
Swiss franc
Sum
Multilateral
weights
Bilateral
weights
.208
.136
.131
.119
.091
.090
.083
.064
.042
.036
1.000
.101
.207
.047
.080
.401
.048
.046
.034
.016
.020
1.000
NOTE.—Multilateral w e i g h t s are e a c h c o u n t r y ' s share of the
total trade ( m e a s u r e d b y the s u m of i m p o r t s p l u s e x p o r t s ) of
all 10 c o u n t r i e s in the p e r i o d 1972 t h r o u g h 1976; these are
the w e i g h t s u s e d in the i n d e x p u b l i s h e d in the FEDERAL
RESERVE BULLETIN. Bilateral w e i g h t s are e a c h c o u n t r y ' s s h a r e
of total U . S . trade w i t h these 10 c o u n t r i e s in the s a m e p e r i o d .
785
2. Indexes of average exchange value of U.S. dollar,
alternative weighting schemes
Bilateral
A . /^v
/
v \
w
V
i
!
1974
Multilateral \
1
i
1976
i
1978
G e o m e t r i c w e i g h t e d a v e r a g e s against 10 f o r e i g n c u r r e n c i e s ,
with w e i g h t s d e s c r i b e d in T a b l e 1.
most effective exchange-rate indexes employ
broadly based weights such as a country's share
in international trade. Trade shares are intuitively appealing in view of the importance of
trade-related questions in the use of effective
exchange-rate indexes.
Several types of trade weights can be used
in constructing effective exchange-rate indexes.
Two in particular have been widely employed:
bilateral and multilateral (Chart 2). In an exchange-rate index for the dollar, bilateral
weights are determined by each country's share
of total U.S. exports plus imports. By contrast,
multilateral weights are the shares of each
country in the combined total trade of all the
foreign countries whose currencies are included
in the index.
Each weighting scheme has its conceptual
advantages and disadvantages. Bilateral weights
emphasize trade between two countries but do
not capture the effects of trade competition in
third markets. In an exchange-rate index for the
dollar, for example, a bilateral weight on the
German mark allows for a decline in U.S.
demand for German cars following a depreciation of the dollar against the mark, but it does
not allow for a shift in that demand toward
Japanese cars. Multilateral trade weights allow
for such third-market competition, but in some
cases they may overstate its importance.
In calculating an effective exchange-rate
index for the dollar, the most important practical
difference between bilateral and multilateral
weights concerns the weight given the Canadian
A2
Federal Reserve Bulletin • September 1978
dollar. In a 10-currency index Canada's bilateral
trade weight is four times as great as its multilateral trade weight, reflecting the close trading
relations of Canada and the United States (Table
1). This difference in weights is reflected in the
wide disparity between movements in the multilaterally and bilaterally weighted dollar indexes shown in Chart 2. Since 1976 the bilaterally weighted dollar index has declined by
less than half as much as the multilaterally
weighted index, largely because of the sharp rise
in the U.S. dollar relative to the Canadian dollar
during this period. Both indexes, however, have
declined over the same period by much less than
the individual values of the dollar in terms of
the mark, the yen, or the Swiss franc.
Multilateral weights appear to be marginally
preferable to bilateral weights in an exchangerate index for the dollar for at least two reasons.
First, Canada's weight in the bilaterally
weighted index seems excessively large. Most
of the trade between Canada and the United
States consists of raw materials and intra-automotive industry transactions, and the prices of
these goods may be little affected by changes
in U.S.-Canadian exchange rates. Second, according to empirical tests by the Federal Reserve
staff, the multilaterally weighted index does
marginally better than the bilaterally weighted
index in predicting changes in the volumes and
prices of U.S. imports and exports.
ALTERNATIVE
EFFECTIVE
EXCHANGE-RATE
INDEXES
A number of official and private institutions
publish indexes of the effective exchange rate
of the dollar. These indexes differ with respect
to currency coverage and choice of weights but
still show broadly similar patterns of fluctuations in the average foreign exchange value of
the dollar. As an example, the index published
in the BULLETIN (based on 10 currencies, with
the multilateral trade weights listed in Table 1)
is plotted in Chart 3, along with the value of
the dollar in special drawing rights (SDR's), as
calculated by the International Monetary Fund.
Both indexes show the dollar declining in value
to mid-1975, then rising from mid-1975 to
3. Alternative measures
of average value of U.S. dollar
F . R . index is multilaterally weighted average against 10 foreign
currencies.
mid-1976, remaining relatively stable for a year,
and then declining again from mid-1977 to
mid-1978. Movements in the SDR index have
been less pronounced (including a much smaller
decline over the past year) largely because the
SDR index is based on a basket of currencies
that includes the dollar itself with a weight of
one-third.
PRICE-ADJUSTED
EXCHANGE-RATE
OR
REAL
INDEXES
Because of the way in which changes in exchange rates affect the prices and volumes of
trade flows, an effective exchange-rate index is
often viewed as an indicator of movements in
a country's price competitiveness in international markets. Changes in an index of nominal
exchange rates, however, are only a partial
indicator of changes in price competitiveness.
Other variables, such as domestic production
costs and output prices, also have important
impacts.
If a depreciation of the dollar, which would
tend to reduce the foreign-currency price of
U.S. goods, were accompanied by a proportional increase in U.S. domestic prices relative
to domestic prices of foreign competitors, the
international price competitiveness of the United
States would show little net change. In fact,
over extended periods of time, changes in many
bilateral exchange rates have been associated
with changes in relative domestic price levels.
The sharp declines in the British pound and the
Foreign Exchange Value of the Dollar
Italian lira against the U.S. dollar during 1975
and 1976 shown in Chart 1, for example, reflected the relatively high domestic inflation
rates in those countries. These currencies have
since stabilized against the dollar as inflation
rates in Britain and Italy have converged toward
the U.S. inflation rate. Because of this type of
association between changes in domestic prices
and changes in exchange rates, it is more appropriate to assess movements in international
price competitiveness in terms of changes in
effective exchange-rate indexes that have been
adjusted for movements in relative prices.
C A L C U L A T I O N OF
EXCHANGE-RATE
PRICE-ADJUSTED
INDEXES
An index of the price-adjusted, or real, exchange value of the dollar is calculated by
dividing the dollar's nominal effective exchange-rate index by an index of the ratio of
average foreign prices to U.S. prices. This procedure is illustrated in Chart 4. The weights
used in computing average foreign prices are
the same as those used in constructing the effective exchange-rate index.
4. Construction of real exchange-rate index
using consumer prices
March 1973=100
petitiveness. It is evident from Chart 4 that, on
a consumer-price-adjusted basis, U.S. price
competitiveness has improved substantially
since early 1974, although it worsened from
early 1975 to mid-1976. This long-run improvement reflects a combination of the net
effective depreciation of the dollar during this
period and the increase in the average of foreign
prices relative to U.S. prices. Viewed somewhat
differently, over the past 4 years the dollar has
depreciated by a greater amount in real terms
than it has in nominal terms because the average
U.S. inflation rate over this period has been
lower than the average inflation rate in the major
foreign industrial countries.
The price-adjusted exchange-rate index is
more comprehensive than the nominal exchange-rate index, but it is still only a partial
and inexact measure of international competitiveness and should be interpreted with caution.
Any such aggregate measure is subject to problems due to incorrect measurement of prices,
incorrect weighting systems, and an inability to
measure sectoral shifts in productivity. In addition, real exchange-rate indexes are rough
measures of price competitiveness only and do
not measure important nonprice factors such as
quality, dependability, and servicing, which
have an important influence on trade patterns
but may change relatively slowly.
ALTERNATIVE
PRICE-ADJUSTED
EXCHANGE-RATE
" R e l a t i v e C P " is foreign divided by U . S . consumer prices.
" C P I - a d j u s t e d d o l l a r " is " W e i g h t e d - a v e r a g e d o l l a r " divided
by " R e l a t i v e C P . "
I N T E R P R E T A T I O N OF
EXCHANGE-RATE
PRICE-ADJUSTED
INDEXES
A decline in the price-adjusted exchange-rate
index for the dollar can be interpreted as an
improvement in U.S. international price com-
787
INDEXES
In view of the deficiencies of individual aggregate measures of international price competitiveness, more than one real exchange-rate
index should be considered. This section lists
several alternative price and cost indexes used
in computing real exchange-rate indexes. Each
has its advantages and disadvantages.
First, consumer price indexes, which cover
a broad range of domestic finished goods and
services, provide a good indication of over-all
domestic inflation. Moreover, the statistical
bases and coverage of these indexes are relatively consistent across countries. Consumer
price indexes, however, are imperfect indicators
of changes in the prices of tradable goods be-
A2
Federal Reserve Bulletin • September 1978
cause they reflect changes in the prices of such
nontraded items as housing and services.
Wholesale price indexes focus more narrowly
on the goods sector, but their coverage varies
substantially across countries. In many countries
these indexes assign heavy weights to basic
commodities whose prices may not be closely
linked to underlying domestic costs and manufacturing output prices.
Export price indexes provide the most direct
measure of the relative prices of goods that are
actually traded. This fact alone would suggest
their use for trade-related questions. However,
these indexes have the undesirable property of
excluding prices of potentially tradable goods,
such as domestic import substitutes, which do
not appear in current exports. Moreover, to the
extent that export prices are set in the short run
to meet competition in foreign markets, measures of competitiveness based on them do not
reflect the potential for adjustment over the
longer term. Exporting firms can maintain their
price competitiveness in the short run by fixing
their foreign-market prices and absorbing exchange-rate changes in the form of changes in
their domestic currency prices and profit margins. These domestic price and profit-margin
changes, however, may not be sustainable in
the longer run.
Finally, unit labor cost indexes provide a
broad indication of a major component of underlying domestic costs of production and avoid
the problem of short-run fluctuations in profit
margins associated with changes in exchange
rates. Moreover, they are available on a fairly
consistent basis across countries. On the other
hand, these indexes have several important
drawbacks as measures of competitiveness.
First, they do not measure costs due to capital
or material inputs. Second, they ignore longerrun shifts in the relationship between costs and
prices. Third, they do not reflect differences in
labor costs between firms that produce exports
and import substitutes and other sectors of the
economy. Fourth, they are published less often
and with a longer lag than most price indexes.
No one of these price or cost indexes appears
to have a clear superiority as a basis for measuring the real exchange value of the dollar.
Considered in combination, however, they can
5. Real U.S. dollar exchange-rate indexes,
adjusted by selected measures
March 1 9 7 3 = 1 0 0
Price-adjusted indexes, constructed as in Chart 4 , using export
price indexes (XPI); c o n s u m e r price indexes (CPI); wholesale
price indexes ( W P I ) ; unit labor cost indexes ( U L C ) .
provide a useful qualitative indication of shifts
in U.S. price competitiveness. Indexes based on
the four alternative price series discussed above
have exhibited roughly similar patterns of
change over the past 4 years. U.S. price competitiveness in general improved from early
1974 to early 1975, worsened from early 1975
to early 1976, and then improved substantially
on all four bases (Chart 5). From mid-1976
through early 1978 the increase in U.S. price
competitiveness improved between 8 and 12 per
cent as measured by the decline in the dollar's
real exchange rate when using these four indexes.
RELATIONSHIP
NOMINAL
BETWEEN
REAL
EXCHANGE-RATE
AND
INDEXES
In addition to serving as indicators of changes
in price competitiveness, price-adjusted exchange-rate indexes are sometimes used to
measure the over- or undervaluation of a currency and its expected future movements. This
interpretation of real exchange rates is based on
a "purchasing power parity" view of exchange-rate determination, which holds that exchange rates adjust over time exactly to offset
movements in relative prices. One implication
of this view is that if a currency's real effective
exchange rate is below some base-period or
trend level, the currency is undervalued and will
appreciate. Judgments of this type should be
made with great caution for several reasons.
First, whereas historical experience suggests
Foreign Exchange Value of the Dollar
a tendency for exchange rates to move in a
direction that offsets changes in relative prices
over the long run, there is little evidence for
such a tendency in the short run. If exchangerate changes exactly offset price changes at each
moment, price-adjusted exchange rates would
be constant over time. In reality, the short-term
variability of real exchange rates is nearly as
great as that of nominal exchange rates. Second,
secular trends in productivity and changes in the
789
quality of goods, among other factors, can cause
shifts in the "equilibrium'' level of real exchange rates over time. Such shifts greatly
complicate interpretations of a deviation of real
exchange rates from base-period levels as an
over- or undervaluation. Finally, there are a
number of alternative plausible measures of real
exchange rates, and these different measures
may, at times, lead to differing and even conflicting conclusions.
•
791
Record of Policy Actions
of the Federal Open Market Committee
MEETING HELD ON AUGUST 15, 1978
Domestic Policy Directive
The information reviewed at this meeting suggested that real output
of goods and services was growing moderately in the current
quarter, although the rate of expansion appeared to be a little below
the average pace in the first two quarters of the year. The rise
in prices—as measured by the fixed-weighted price index for gross
domestic business product—seemed to have slowed appreciably
from the second-quarter rate but was still well above the rise in
other recent quarters.
Staff projections for the year ending in the second quarter of
1979 were little changed from a month earlier. They continued
to suggest that output would grow at a moderate pace, with the
unemployment rate projected to decline slightly from its July level.
The rate of inflation was expected to remain rapid but to moderate
considerably from its pace in the second quarter of 1978.
In July the index of industrial production increased an estimated
0 . 5 per cent, equal to the gains now indicated for May and June
but well below the rapid advances in March and April. Total
nonfarm payroll employment rose in July at close to the May-June
pace, after exceptional gains in March and April. In manufacturing,
employment rose slightly in July while the average workweek
was unchanged. The over-all unemployment rate jumped 0 . 5 of
a percentage point, following a decline of 0 . 4 of a percentage point
in June; the July level of 6 . 2 per cent was about the same as
the average in the first 5 months of the year.
In June, private housing starts exceeded an annual rate of 2
million units for the fourth consecutive month. Starts averaged 2.1
million units in the second quarter, about the same as in the second
half of 1977 and well above the rate for the first quarter of 1978.
Total retail sales changed little in July for the third consecutive
792
Federal Reserve Bulletin • October 1978
month following exceptional gains earlier in the year. Unit sales
of new automobiles fell somewhat in July from the very rapid pace
in the second quarter, while dollar sales of other durable goods
rose considerably further.
The index of average hourly earnings for private nonfarm
production workers increased at an annual rate of nearly 10 per
cent in July; over the first 7 months of the year the index had
risen at an annual rate of close to 9 per cent, considerably above
its advance in 1977. The rise in average prices of producer goods
moderated somewhat in July as prices of consumer goods declined
after moving up rapidly in most earlier months of the year. In
June the consumer price index for all urban consumers continued
to rise at a rapid pace; over the first half of the year the index
advanced at an annual rate of more than 10 per cent.
In foreign exchange markets the trade-weighted value of the
dollar had declined nearly 6 per cent further since mid-July to a
level about 10 per cent below the 1978 peak in May. The downward
pressure on the dollar appeared to reflect widespread concern about
the outlook for inflation in the United States and the persistence
of large imbalances in the international payments positions of the
United States and some of its major trading partners. The U . S .
trade deficit, however, had declined in the second quarter from
an extraordinarily high rate in the first quarter.
Following a substantial slowdown in June, the expansion in total
credit at U . S . commercial banks accelerated in July to a pace close
to the unusually rapid growth experienced in April and May.
Expansion in bank loans was very strong in July and included
growth in all major loan categories. Banks also made sizable
additions to their holdings of U . S . Treasury and other securities.
While growth in business loans was above the reduced pace in
June, it remained well below the average rate in the first half of
the year. Outstanding commercial paper of nonfinancial businesses
continued to expand rapidly in July.
Growth of the narrowly defined money supply ( M - l ) remained
moderate in July. Growth in M - 2 and M-3 also continued moderate,
as substantial inflows of funds into large-denomination time deposits at banks and into the new money market certificates at nonbank
thrift institutions were partly offset by weakness in savings and
small-denomination time deposits.
Record of Policy Actions of FOMC
At its meeting on July 18 the Committee had decided that the
ranges of tolerance for the annual rates of growth in M-1 and M-2
during the July-August period should be 4 to 8 per cent and 6
to 10 per cent, respectively. The Committee had agreed that during
the coming inter-meeting period operations should be directed
toward maintaining the weekly-average Federal funds rate within
a range of 13A to 8 per cent. It was also agreed that if, with
approximately equal weight given to M - l and M-2, growth rates
of the aggregates appeared to be close to or beyond the limits
of the indicated ranges, the objective for the funds rate was to
be raised or lowered in an orderly fashion within its specified range.
Following the July 18 meeting the Manager of the System Open
Market Account sought bank reserve conditions consistent with a
weekly-average Federal funds rate somewhat above 73A per cent.
Data that became available throughout the inter-meeting interval
suggested that growth in the monetary aggregates over the JulyAugust period would be well within the Committee's ranges and
the Manager continued to seek conditions consistent with a Federal
funds rate within a range of 13A to 8 per cent. The average rate
during the inter-meeting period was about IVs per cent.
Market interest rates on most short- and long-term securities had
declined 10 to 30 basis points since mid-July. The fall in rates
apparently reflected a shift in expectations that was influenced by
the recent pattern of moderate growth in the monetary aggregates,
a smaller rise in the Federal funds rate than many had anticipated,
and signs of some slowing in economic expansion. Declines in
Treasury bill rates were also encouraged by sizable investments
by foreign central banks of dollars obtained in currency support
operations.
Conditions in mortgage markets, which had tightened significantly during the first half of the year, had stabilized in recent
weeks. Interest rates on new commitments for conventional mortgage loans at savings and loan associations had changed little during
the inter-meeting period, while yields in the secondary market for
home mortgages had declined in line with reductions in most other
market rates.
In the Committee's discussion of the economic situation, there
was general agreement that the outlook for economic activity had
changed little since the July meeting, and that in the year ending
793
A2
Federal Reserve Bulletin • September 1978
with the second quarter of 1979 output of goods and services was
most likely to grow at about the moderate pace projected by the
staff. This judgment was qualified by the recognition that the
weakness of the dollar in foreign exchange markets might have
unfavorable repercussions on the domestic economy.
Committee members who differed with the staff economic projection all expected average growth to be a little less than the staff
figure. A few members, while anticipating somewhat greater growth
than the staff was projecting for the last half of 1978, continued
to believe that growth in 1979 would slow more abruptly.
Several members noted that although economic growth had
moderated recently, the pattern of expansion appeared to be well
balanced. In their judgment none of the key economic sectors was
exhibiting either serious sluggishness or unsustainably rapid
growth; there was little evidence of developing capacity constraints
and inventory surpluses were not a problem.
One negative element in this pattern, which seriously concerned
all members of the Committee, was the unexpectedly high recent
rate of inflation in prices and wages and the related possibility
that an appreciable slowing of inflation would prove more difficult
to achieve than previously had been anticipated. It was observed
in this connection that the declining value of the dollar in foreign
exchange markets was contributing significantly to inflation in the
United States. Nearly all the Committee members expected price
increases for the year ahead to be more rapid than the staff was
projecting.
One member suggested that although the economy appeared to
be fairly well balanced by the usual standards, there were potential
problem areas: He identified the heavy reliance of consumers on
credit to finance their spending; growing, if still limited, capacity
constraints and materials shortages; and, of particular concern to
him, the likely inflationary effects of impending wage settlements.
Because of these generally strong inflationary pressures, he thought
the risks of an early end to the expansion had become greater.
Other members of the Committee suggested that an important
change in the outlook since the July meeting was an apparent
stiffening in the resolve of labor leaders to hold out in forthcoming
contract negotiations for sizable wage settlements. One member
also cited apparent efforts by some businessmen to accelerate
Record of Policy Actions of FOMC
increases in wages and prices because of their concern that controls
might be imposed.
Committee members differed little in their estimates of the likely
unemployment rate in the second quarter of 1979. Those estimates
were all relatively close to the average rate thus far in 1978. It
was suggested that productivity would show little increase over
the projection period.
At its meeting in July the Committee had agreed that from the
second quarter of 1978 to the second quarter of 1979 average rates
of growth in the monetary aggregates within the following ranges
appeared to be consistent with broad economic aims: M - l , 4 to
6V2 per cent; M-2, 6V2 to 9 per cent; and M-3, IV2 to 10 per
cent. The associated range for the rate of growth in commercial
bank credit was 8V2 to IIV2 per cent. It had also been agreed that
the longer-run ranges, as well as the particular aggregates for which
such ranges were specified, would be subject to review and modification at subsequent meetings.
In the discussion of policy for the period immediately ahead,
most members expressed a preference for some slight firming of
money market conditions. Several members emphasized the need
to restrain the expansion of the monetary aggregates, especially
in light of current and prospective inflationary pressures. It was
suggested that an indication at this time of the System's continued
determination to resist inflation would have a favorable impact on
confidence, both in the domestic economy and in foreign exchange
markets. With regard to the latter, the members were seriously
concerned about the weakness of the dollar. They recognized that
interrelated governmental actions would be needed to make
progress in this area.
N o sentiment was expressed at this meeting for an easing of
money market conditions. On the other hand, it was suggested
that a sharp move toward restraint under present circumstances
might incur an undue risk of precipitating a recession. Two members preferred to retain current money market conditions for the
time being.
There were only small differences among most Committee
members in their preferences for operating specifications for the
period immediately ahead. They were nearly unanimous in favoring
a return to basing decisions for open market operations between
795
A2
Federal Reserve Bulletin • September 1978
meetings primarily on the behavior of the monetary aggregates.
In its previous directive the Committee had called for giving greater
weight than usual to money market conditions.
For the annual rate of growth in M-1 over the August-September
period, most members favored ranges of 4 to 8 per cent or 5 to
9 per cent, but two members also found acceptable a range of
3 to 8 per cent and one preferred a lower range* of 3 to 7 per
cent. For M-2 most members advocated ranges of 6 to 10 per
cent or 6V2 to 10V2 per cent and one proposed a range of 6 to
11 per cent. One member preferred narrower ranges for both M - l
and M-2 that would be relatively close to the 12-month ranges
adopted by the Committee; for M - l he suggested a range of 5l/i
to IV2 per cent and for M-2 a range of 6V2 to %lh or 9 per cent.
Other members, while preferring wider 2-month ranges, also felt
that those ranges should more or less encompass the 12-month
ranges in order to facilitate achievement of the Committee's objectives.
Most of the members favored directing open market operations
toward a Federal funds rate of about 8 per cent shortly after today's
meeting, but two members urged some delay in order to assess
further information on the monetary aggregates and developments
in foreign exchange markets. One member preferred to continue
aiming initially for a Federal funds rate of around 7% per cent
in light of uncertainties about the economic outlook and the related
performance of the monetary aggregates.
With respect to the inter-meeting range for the Federal funds
rate, all but two members favored 7% to 8 l A per cent; one preferred
8 to 8V4 per cent and another 73A to 8V2 per cent. The latter member
felt that more leeway should be provided for raising the rate in
the event that the monetary aggregates appeared to be growing
rapidly in relation to the Committee's preferences for the AugustSeptember period. However, a majority of the members indicated
that they did not want to see the Federal funds rate exceed 8 V*
per cent without further assessment of new developments and the
opportunity for consultation among the members.
At the conclusion of the discussion the Committee decided that
ranges of tolerance for the annual rates of growth in M - l and M-2
over the August-September period should be 4 to 8 per cent and
6 to 10 per cent, respectively. With regard to the Federal funds
Record of Policy Actions of FOMC
rate, the Manager was instructed to seek a rate of around 8 per
cent early in the period following today's meeting. Subsequently,
if the 2-month growth rates of M - l and M-2 appeared to be
significantly above or below the midpoints of the indicated ranges,
the objective for the funds rate was to be raised or lowered in
an orderly fashion within a range of 13A to 8V4 per cent. It was
also agreed that in assessing the behavior of the aggregates, the
Manager should give approximately equal weight to the behavior
of M - l and M-2.
The Committee decided to include in its directive a reference
to developments in foreign exchange markets as well as the usual
reference to conditions in domestic financial markets. The purpose
of the added instruction was to provide the Manager with some
flexibility to adjust the nature and timing of his operations in light
of possible pressures on the dollar in foreign exchange markets.
As is 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 following domestic policy directive was issued to the Federal
Reserve Bank of New York:
The information reviewed at this meeting suggests that real output
of goods and services is growing moderately in the current quarter,
although the pace is a little less than the average for the first two
quarters of the year. In July retail sales remained at about the
advanced level reached in April. Industrial production and nonfarm
payroll employment continued to expand at lower rates than in the
early spring months. The unemployment rate, which had dropped
0.4 of a percentage point in June, jumped 0.5 of a percentage point
in July to 6.2 per cent, about the average rate in the first 5 months
of the year. Average prices of goods and services have continued
to rise rapidly, although producer prices of foods and foodstuffs
declined in July. The advance in the index of average hourly
earnings has been somewhat faster so far in 1978 than it had been
on the average during 1977.
Since mid-July the trade-weighted value of the dollar against
major foreign currencies has declined sharply further. The U.S. trade
deficit was lower in the second quarter than the very high rate of
the first quarter.
797
A2
Federal Reserve Bulletin • September 1978
Growth in M-l remained moderate in July. Inflows of the interest-bearing deposits included in M-2 and M-3 picked up, owing
to substantial flows into large-denomination time deposits at banks
and into the new money market certificates at nonbank thrift institutions. Nevertheless, expansion in the broader aggregates also remained moderate in July. Most market interest rates have declined
appreciably on balance in recent weeks.
In light of the foregoing developments, it is the policy of the
Federal Open Market Committee to foster monetary and financial
conditions that will resist inflationary pressures while encouraging
continued moderate economic expansion and contributing to a sustainable pattern of international transactions. At its meeting on July
18, 1978, the Committee agreed that these objectives would be
furthered by growth of M - l , M-2, and M-3 from the second quarter
of 1978 to the second quarter of 1979 at rates within ranges of
4 to 6V2 per cent, 6V2 to 9 per cent, and IV2 to 10 per cent,
respectively. The associated range for bank credit is W2 to IIV2
per cent. These ranges are subject to reconsideration at any time
as conditions warrant.
In the short run, the Committee seeks to achieve bank reserve
and money market conditions that are broadly consistent with the
longer-run ranges for monetary aggregates cited above, while giving
due regard to developing conditions in domestic and international
financial markets more generally. Early in the period until the next
regular meeting, System open market operations shall be directed
at attaining a weekly-average Federal funds rate slightly above the
current level. Subsequently, operations shall be directed at maintaining the weekly-average Federal funds rate within the range of
73A to 8XA per cent. In deciding on the specific objective for the
Federal funds rate the Manager shall be guided mainly by the
relationship between the latest estimates of annual rates of growth
in the August-September period of M-l and M-2 and the following
ranges of tolerance: 4 to 8 per cent for M-l and 6 to 10 per cent
for M-2. If, giving approximately equal weight to M-l and M-2,
their rates of growth appear to be significantly above or below the
midpoints of the indicated ranges, the objective for the funds rate
shall be raised or lowered in an orderly fashion within its range.
If the rates of growth in the aggregates appear to be above the
upper limit or below the lower limit of the indicated ranges at a
time when the objective for the funds rate has already been moved
to the corresponding limit of its range, the Manager is promptly
to notify the Chairman who will then decide whether the situation
calls for supplementary instructions from the Committee.
Record of Policy Actions of FOMC
Votes for this action: Messrs. Miller, Volcker,
Baughman, Coldwell, Eastburn, Gardner, Jackson,
Wallich, and Winn. Votes against this action:
Messrs. Partee and Willes.
Mr. Partee dissented from this action because he favored a
2-month range of tolerance for growth in M - l that was somewhat
higher than the range advocated by the majority. He did not believe
that a further move toward firmer money market conditions was
warranted unless monetary expansion proved to be distinctly on
the high side, especially in view of the marked slowing in real
economic growth that now appeared to be in progress.
Mr. Willes dissented because he favored a more vigorous effort
to curb the expansion of the monetary aggregates in light of current
and expected inflationary pressures in the domestic economy and
the weakness of the dollar in foreign exchange markets. He preferred to specify a 2-month range of tolerance for M - l below the
range agreed upon by the majority.
Subsequent to the meeting, on September 8, the Committee held
a telephone conference meeting pursuant to its decision on August
15 to consult further if the rates of growth in the monetary
aggregates appeared to be above or below the limits of the Committee's ranges of tolerance for the August-September period and
the Federal funds rate had already moved to the corresponding
limit of its range. The latest staff projections suggested that M - l
and M-2 would grow at annual rates of 9 . 0 and 11.3 per cent,
respectively, over the August-September period; the ranges of
tolerance established at the August 15 meeting were 4 to 8 per
cent for M - l and 6 to 10 per cent for M-2. The Manager had
been aiming for a funds rate of about 8XA per cent, the top of
the range that the Committee had specified at its August meeting,
and the average rate in each of the two latest statement weeks
was at about that level.
Against this background, the Committee decided to raise the
upper limit of the range for the Federal funds rate to 8V2 per cent
and to instruct the Manager to aim promptly for a weekly-average
Federal funds rate of about 83/s per cent. It was understood that
the funds rate might be raised to the upper limit of the range if
new data suggested that the aggregates were strengthening further,
799
A2
Federal Reserve Bulletin • September 1978
or be reduced slightly if such data suggested significant weakening
from current projections.
On September 8, 1978, the Committee modified the domestic
policy directive adopted at its meeting of August 15, 1978, by
increasing the upper limit of the 7% to 8V^ per cent range specified
for the Federal funds rate to 8V2 per cent and by calling for operations
directed at raising the weekly-average Federal funds rate promptly
to 8% per cent.
Votes for this action: Messrs. Miller, Volcker,
Coldwell, Eastburn, Gardner, Jackson, Partee,
Willes, Winn, and Kimbrel. Votes against this
action: None. Absent and not voting: Messrs.
Baughman and Wallich. (Mr. Kimbrel voted as
alternate for Mr. Baughman.)
Records of policy actions taken by the Federal Open Market Committee at each
meeting, in the form in which they will appear in the Board's Annual Report, are
released about a month after the meeting and are subsequently published in the
BULLETIN.
801
Law Department
Statutes, regulations, interpretations, and decisions
CREDIT BY BROKERS A N D
DEALERS
The Board of Governors of the Federal Reserve
System has amended its provision of Regulation
T concerning credit by brokers and dealers on
non-convertible debt securities to permit brokers
and dealers, for the first time, to extend and
maintain credit on non-convertible debt securities
not listed on national securities exchanges which
satisfy certain criteria as to size of issue, availability of information and status of payments for
principal and interest.
Effective October 30, 1978, Sections 220.2,
220.4, and 220.8 are amended to read as follows:
SECTION 2 2 0 . 2 — D E F I N I T I O N S
(f) The term "margin security" means any
registered security, OTC margin stock or OTC
margin bond.
is an insurance company which meets all of the
conditions specified in section 12 (g)(2)(G) of the
Act.
(3) At the time of the extension of credit, the
creditor has a reasonable basis for believing that
the issuer is not in default on interest or principal
payments:
SECTION 2 2 0 . 4 — S P E C I A L ACCOUNTS
(i) Special bond account.
In a special bond account a creditor may extend
and maintain credit on any exempted security,
registered non-equity security or OTC margin
bond. The maximum loan value of securities held
in this account shall be as prescribed from time
to time in § 220.8 (the Supplement to Regulation
T). Call options may be issued, endorsed or
guaranteed in this account on any underlying equity security which is held in this account because
it is an exempted security.
*
(i) The term "OTC margin bond" means a
debt security not traded on a national securities
exchange which meets all of the following requirements:
(1) At the time of the extension of credit, a
principal amount of not less than $25,000,000 of
the issue is outstanding.
(2) The issue was registered under section 5 of
the Securities Act of 1933 and the issuer either
files periodic reports pursuant to section 13(a) or
15(d) of the Securities Exchange Act of 1934 or
*
*
*
SECTION 2 2 0 . 8 — S U P P L E M E N T
(b) Maximum loan value for special bond
account.
The maximum loan value of an exempted security, a registered non-equity security or an OTC
margin bond held in a special bond account subject
to § 220.4(i) shall be as determined by the creditor
in good faith.
A2
Federal Reserve Bulletin • September 1978
BANK HOLDING COMPANY
AND
B A N K MERGER ORDERS ISSUED B Y THE B O A R D OF
ORDERS UNDER SECTION 3
OF B A N K HOLDING COMPANY A C T
Bellevue Holding Corporation,
Geneva, Switzerland
Colonial General, Inc.,
New York, New York
Order Approving
Formation of Bank Holding
Companies
Bellevue Holding Corporation ("Bellevue"),
Geneva, Switzerland, and its wholly owned subsidiary, Colonial General, Inc. ("Colonial"), New
York, New York, have applied for the Board's
approval under section 3(a)(1) of the Bank Holding
Company Act (12 U.S.C. § 1842(a)(1)) to become
bank holding companies through the direct acquisition by Colonial of 62 per cent of the voting
shares of First Coolidge Corporation ("First Coolidge"), Watertown, Massachusetts, a bank holding company that controls Coolidge Bank and
Trust Company ( " B a n k " ) , Watertown, Massachusetts.
Notice of the applications, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with section
3(b) of the Act. The time for filing comments and
views has expired and the Board has considered
the applications and all comments received in light
of the factors set forth in section 3(c) of the Act
(12 U.S.C. § 1842(c)).
Applicants are non-operating corporations organized for the purpose of becoming bank holding
companies by acquiring 62 per cent of First Coolidge, thereby acquiring indirect control of Bank.
Bellevue, a corporation organized under the laws
of the Republic of Panama and headquartered in
Geneva, Switzerland, owns all outstanding shares
of Colonial, which is chartered under the laws of
Delaware and which has its principal place of
business in New York, New York. Upon acquisition of First Coolidge, Applicants would control
the 13th largest commercial bank in Massachusetts
with 0.9 per cent of total commercial bank deposits
in the State. 1
Bank holds deposits of $133.5 million, representing approximately one per cent of total deposits in commercial banks in the Boston banking
1
All banking data are as of December 31, 1977.
GOVERNORS
market. 2 Inasmuch as Applicants control no other
banks, consummation of the proposed transaction
would not have any adverse effects upon existing
or potential competition and would not increase
the concentration of banking resources in any
relevant area. Thus, competitive considerations are
consistent with approval of the applications.
The financial and managerial resources and future prospects of Applicants appear to be consistent with approval of their applications. Consummation of the proposal will result in an immediate
injection of capital into Bank, and Applicants
intend to devote significant attention to the provision of additional capital and managerial expertise
in the immediate future. These actions are expected to strengthen the financial and managerial
resources and future prospects of Bank and First
Coolidge. Accordingly, banking factors lend
weight toward approval of the applications.
Consummation of the transaction is expected to
enable Bank to provide more effectively the services it currently offers. In addition, Applicants
intend to expand and improve those services and
to establish new areas of service. Therefore, it is
the Board's judgment that considerations relating
to the convenience and needs of the community
to be served lend some weight toward approval
of the applications. The Board concludes that
consummation of the proposal to form bank holding companies would be in the public interest and
that the applications should be approved.
On the basis of the record, the applications are
approved for the reasons summarized above. The
transaction shall not be consummated before the
thirtieth day following the effective date of this
Order, or later than three months after the effective
date of this Order, unless such period is extended
for good cause by the Board of Governors or by
the Federal Reserve Bank of Boston, pursuant to
delegated authority.
By order of the Board of Governors, effective
September 8, 1978.
Voting for this action: Chairman Miller and Governors Wallich, Coldwell, Jackson, and Partee. Absent
and not voting: Governor Gardner.
[SEAL]
(Signed) G R I F F I T H L. G A R W O O D ,
Deputy Secretary of the Board.
2
The Boston banking market is approximated by the Boston
S M S A , which includes all of the Suffolk County and portions
of Essex, Middlesex, N o r f o l k , and Plymouth Counties.
Law Department
Commerce Bancshares, Inc.,
Kansas City, Missouri
Order Approving Acquisition
of Bank
Commerce Bancshares, Inc., Kansas City,
Missouri, a bank holding company within the
meaning of the Bank Holding Company Act, has
applied for the Board's approval under § 3(a)(3)
of the Act (12 U.S.C. § 1842(a)(3)) to acquire
all of the voting shares of Commerce Bank of Clay
County, N.A., Kansas City, Missouri, a proposed
de novo 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 submitted on behalf of Metro North State
Bank, Kansas City, Missouri ("Protestant"), in
light of the factors set forth in § 3(c) of the Act
(12 U.S.C. § 1842(c)).
Applicant, the third largest banking organization
in Missouri, controls 32 banks with aggregate
deposits of approximately $1.6 billion, representing 7.7 per cent of the total deposits in commercial banks in the State. 1 Since Bank is a
proposed new bank, its acquisition by Applicant
would not in the near future increase the concentration of banking resources in Missouri.
Bank is to be located in the Kansas City banking
market, 2 in which Applicant is the largest banking
organization, with six subsidiary banks controlling
12.1 per cent of total market deposits. Applicant's
market share would not change initially as a result
of approval of this application. Since Bank would
be a de novo bank, there will be no elimination
of existing competition. Moreover, given the de
novo nature of Bank, the size of the market, the
number of banking organizations operating
therein, and the prospects for continuing growth
in the area, it does not appear that consummation
of the proposal would have any adverse effects
on potential competition. On the basis of the above
and other facts of record, competitive considerations appear consistent with approval of the
application.
The financial and managerial resources of Applicant, its subsidiaries, and Bank are regarded as
1
All banking data are as of D e c e m b e r 31, 1977.
T h e Kansas City banking market is approximated by the
northern half of Cass C o u n t y , all of C l a y , J a c k s o n , and Platte
Counties in Missouri and Johnson and W y a n d o t t e Counties
in K a n s a s .
2
803
satisfactory. Bank has no financial or operating
history; however, its future prospects as a subsidiary of Applicant appear favorable and considerations relating to banking factors are therefore
regarded as consistent with approval of the application. As a new institution in Clay County and
the Kansas City market, Bank would serve as an
additional source of a full range of banking services in the market. Accordingly, considerations
relating to the convenience and needs of the community to be served appear consistent with approval of the application.
In its review of the subject application, the
Board has given careful consideration to the comments submitted on behalf of Protestant, a bank
located near the proposed site of Bank. Protestant
contends, among other things, that the banking
needs of the community are being adequately met
at the present time and there is no need for a new
bank. In this regard, Protestant questions the validity of a study prepared for Applicant to establish
the feasibility of Bank and claims that the information contained in the feasibility study either has
changed or is different from that presented in
connection with the subject application. Protestant
further contends that Bank would act as a de facto
branch of Applicant's subsidiary banks in violation
of Missouri law and that consummation of the
proposed acquisition would have anti-competitive
effects. 3
Protestant gave evidence at a public hearing
before the Regional Administrator of the Comptroller of the Currency, Kansas City, Missouri, on
February 23, 1977, related to the chartering of
Bank. Many of the objections made by Protestant
to the chartering of Bank are essentially the same
as it has made in protesting the instant application.
The Comptroller of the Currency, however, found
3
Protestant also requested a hearing on the instant application. Under section 3(b) of the A c t , the Board is required to
hold a hearing w h e n the primary supervisor of the Bank to
be acquired r e c o m m e n d s disapproval of the application (12
U . S . C . § 1842(b)). In this case, after a hearing on the charter
application, the Comptroller of the C u r r e n c y issued preliminary
charter approval to Bank on August 31, 1977, and he has not
subsequently r e c o m m e n d e d that the subject application be
denied. T h u s , there is no statutory requirement that the Board
hold a hearing. Further, the Board has e x a m i n e d the record
of the hearing held in connection with the chartering of B a n k ,
the written submissions by Protestant and A p p l i c a n t ' s responses, and is unable to conclude that a hearing would
significantly supplement the record b e f o r e the Board or resolve
issues not already discussed at length in the written submissions
of Protestant and Applicant and in the record of the hearing
before the Office of the Comptroller of the C u r r e n c y . In view
of these facts, the Board concludes that the record in this case
is sufficiently complete to render a decision and hereby denies
Protestant's request for a hearing.
A2
Federal Reserve Bulletin • September 1978
that adequate demand for banking services existed
to support an additional bank and approved Bank's
application for a national charter. By letter dated
June 30, 1978, to the Board, the Comptroller of
the Currency, after reviewing all submissions
made by Protestant and Applicant in connection
with the subject application, reaffirmed to the
Board his original decision that acquisition of
Bank by Applicant is in the public interest and
will provide the community with an additional
convenient source of banking services.
The Clay County section of the Kansas City
market in which Bank will be located has been
one of the fastest-growing counties in the Kansas
City market. 4 For example, from 1970 to 1974,
the population of Clay County increased at an
annual average rate of 1.9 per cent as opposed
to 0.6 per cent for the entire Kansas City market.
In addition, this population growth is expected to
continue at an estimated annual rate for Clay
County of 2.9 per cent through 1980, as opposed
to 1.8 per cent for the market as a whole. Furthermore, the average annual compound growth rate
for total personal income for Clay County was 9.7
per cent during the 1969-76 period, relative to a
9.0 per cent for the entire market.
The average annual growth rate of total deposits
in commercial banks located in Clay County was
29.7 per cent from 1970-77, as opposed to a 14.0
per cent rate for all banks in the market. 5 Furthermore, banks located in Clay County are more
profitable than the average firms within the market
as measured by return on assets and equity capital.
For example, during 1977, the banks in Clay
County averaged a return on assets and equity
capital of 0.89 and 11.3 per cent, respectively,
as opposed to 0.75 and 10.5 per cent for all firms
within the market. 6 Thus, it appears from these
and other facts of record that the market, including
Clay County, would be capable of supporting an
4
B a n k ' s prospects are even further enhanced by the location
of a regional shopping center containing 139 business establishments near B a n k ' s proposed site.
5
T h e annual deposits growth rate of the two b a n k s located
in B a n k ' s proposed primary service area is greater than that
of Clay County as a w h o l e . For e x a m p l e , Protestant was
f o r m e d de novo in 1973 and has experienced an annual deposit
growth rate of 147.7 per cent f r o m year-end 1973 to 1977.
T h e remaining bank in the proposed P S A has experienced a
5 3 . 0 per cent annual growth rate f r o m June 1970 to D e c e m b e r
1977.
6
The profitability of the t w o banks in the proposed PSA
has been m o r e favorable than for the average Clay County
b a n k . For e x a m p l e , Protestant earned 1.2 and 15.6 per cent
return on assets and equity capital, respectively, for 1977. The
other bank located in the proposed P S A earned 1.1 and 2 0 . 0
per cent return on assets and equity capital, respectively, during
1977.
additional banking facility and that, despite possible errors or inconsistencies in the data utilized
in Applicant's feasibility study, the ultimate conclusion of that study appears warranted.
Protestant also contends that Bank's proposed
affiliation with Applicant would offend Missouri
law prohibiting branch banking. It is clear from
a long line of court cases that a State's restrictive
branch banking laws do not automatically bar bank
holding company operations. In a given case, the
Board must examine the facts to determine
whether a particular acquisition would constitute
an illegal branch under State law. (See Gravois
Bank v. Board of Governors 478 F.2d 546
(1973).) If the Board determines that a violation
of State law would occur as a result of consummation of a proposal, it is required to disapprove
the transaction. (Whitney National Bank v. Bank
of New Orleans 323 F.2d 290 (D.C. Cir. 1963),
reversed on other grounds, 379 U.S. 411 (1965).)
The facts of record indicate: that Bank will be
a separate corporation, with its own capital stock
and a loan limit based upon such capital stock;
that Bank will be managed by its own officers;
that Bank's board of directors will be generally
separate and independent from the board of Applicant and of Applicant's subsidiaries; and that
Bank will maintain its own separate books of
account, issue its own distinctive checks, and use
its own stationery. Moreover, except as permitted
by law, money deposited at Bank will not be
credited to the account of a depositor at any other
banking subsidiary, nor will money deposited at
the other subsidiaries be credited to accounts at
Bank; Bank's officers and employees will not
directly perform any services for customers of
Applicant's other subsidiary banks other than those
services that would be provided for customers of
other area banks, and, conversely, officers and
employees of Applicant's other subsidiary banks
will not directly perform any services for customers of Bank that would not be provided for customers of other area banks. Applicant further represents that it will purchase Bank's shares through
use of its own capital resources.
The Board concludes, based upon the above and
other facts of record, that Applicant is a ''traditionally recognized bank holding company which,
with its own capital, invests in or buys the stock
of banks," 7 and that, upon consummation of the
proposed acquisition, Bank would not be an illegal
7
Whitney National Bank v. Bank
F . 2 d 2 9 0 , 303 ( D . C . Cir. 1963).
of New
Oorleans,
323
Law Department
branch of any of Applicant's other banking subsidiaries. Furthermore, it appears that any indicia
of unitary operations that may be present in Applicant's future operations of Bank are those that
are inherent in the structure of bank holding companies generally and permissible under Missouri
law (Grandview Bank and Trust Company v.
Board of Governors 550 F.2d 415 (1977)).
Finally, Protestant contends that consummation
of the proposal will result in adverse competitive
effects and cause undue injury to it. Protestant
characterizes Applicant as "dominant" within the
relevant banking market and argues that Applicant's acquisition of the de novo Bank would not
be pro-competitive. Applicant controls 12.1 per
cent of total market deposits and the market itself
is not highly concentrated. Protestant has not submitted any information substantiating its claim that
Applicant's presence in the market will be injurious to itself or general competition in the market.
On the contrary, the growth trends and other
factors discussed above and in the record, and the
fact that Bank is a de novo bank support the
conclusion that competitive considerations are
consistent with approval.
In view of the foregoing discussion and having
considered the facts of record and all the comments
of Protestant in light of the statutory factors the
Board must consider under § 3(c) of the Act, it
is the Board's judgment that consummation of the
subject proposal would be in the public interest
and that the application to acquire Bank 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; (b) later than three months after that
date, and (c) Commerce Bank of Clay County,
N.A., Kansas City, Missouri, 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 Kansas City pursuant to delegated authority.
By order of the Board of Governors, effective
September 29, 1978.
V o t i n g for this a c t i o n : C h a i r m a n M i l l e r and G o v e r nors G a r d n e r , W a l l i c h , C o l d w e l l , J a c k s o n , P a r t e e , and
Teeters.
DETROITBANK Corporation
Detroit, Michigan
Order Approving Acquisition
(Signed) G R I F F I T H L . G A R W O O D ,
Deputy Secretary of the Board.
of Bank
DETROITBANK Corporation, Detroit, Michigan, has applied for the Board's approval under
section 3(a)(3) of the Bank Holding Company Act
(12 U.S.C. § 1842(a)(3)), to acquire 100 per cent
of the voting shares (less directors' qualifying
shares) of The Detroit Bank-Novi, National Association, Novi, Michigan, a proposed new bank
("Bank").
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with section
3(b) of the Act. The time for filing comments and
views has expired, and the application and all
comments received have been considered in light
of the factors set forth in section 3(c) of the Act
(12 U.S.C. § 1842(c)).
Applicant, the third largest banking organization
in Michigan, controls eight banks with aggregate
deposits of approximately $3.3 billion, representing 9.3 per cent of the total deposits in commercial banks in the State. 1 Since Bank is a
proposed new bank, its acquisition by Applicant
would not increase the concentration of banking
resources in Michigan.
Bank will be located in Novi and will be competing in the Detroit banking market. 2 Applicant
is the second largest banking organization competing in the relevant market, with six of its
banking subsidiaries controlling 16.4 per cent of
market deposits. Since bank is a proposed new
bank, Applicant's acquisition of Bank would not
have any immediate effect on Applicant's share
of commercial bank deposits in the Detroit banking
market, nor would it eliminate any existing competition. Moreover, Applicant's relative size in the
market and the number and concomitant growth
of other banking organizations within the relevant
market would assure that consummation of this
proposal would not lead to a significant increase
in Applicant's market share nor create a tendency
toward monopoly by Applicant in the market.
Accordingly, considerations of competitive effects
are consistent with approval.
The financial and managerial considerations and
prospects of Applicant and Bank are considered
1
All deposit data are as of December 31, 1977.
The Detroit banking market is approximated by M a c o m b ,
Oakland, and W a y n e counties, and portions of the five surrounding counties of St. Clair, Lapeer, Livingston, Washtern a w , and M o n r o e .
2
[SEAL]
805
A2
Federal Reserve Bulletin • September 1978
generally satisfactory. Accordingly, banking factors are consistent with approval of the application.
Establishment of Bank in Novi will provide the
convenience of an added banking alternative to
that community. Bank will offer directly or provide access to all services normally considered to
be "full-service banking." Considerations of convenience and needs lend weight toward approval
of the application. Accordingly, 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 provided 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, and (c) The
Detroit Bank-Novi, National Association, Novi,
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.
By order of the Secretary of the Board, acting
pursuant to delegated authority for the Board of
Governors of the Federal Reserve System, effective September 27, 1978.
[SEAL]
(Signed) G R I F F I T H L . G A R W O O D ,
Deputy Secretary of the Board.
Duclarkee, Inc.,
Knoxville, Iowa
Order Approving Retention of Bank Shares
Duclarkee, Inc., Knoxville, Iowa, 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 retain 31.64 per cent of the voting
shares of Iowa State Savings Bank, Knoxville,
Iowa ("Bank").
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U.S.C.
§ 1842(c)).
Applicant is a bank holding company by virtue
of its ownership since 1960 of 49.3 per cent of
the outstanding voting shares of Bank. Between
April 1973 and May 1976, Applicant acquired by
purchase an additional 1,107.5 shares or 31.64 per
cent of Bank's outstanding voting shares. These
acquisitions were made without the Board's prior
approval. 1 Applicant now seeks Board approval
to retain these shares.
Bank ($25.2 million in deposits) is the 156th
largest banking organization in Iowa, controlling
0.18 per cent of the total deposits in commercial
banks in the State. 2 Bank is the fourth largest of
five commercial banks in Marion County, Iowa
(the relevant banking market), controlling 19.1 per
cent of market deposits. In view of the fact that
Applicant already controlled Bank before acquiring the additional shares, it does not appear that
retention of Bank's shares by Applicant would
have any adverse effect on competition, or increase
the concentration of banking resources. Thus,
competitive considerations are consistent with approval of the application.
The financial resources and future prospects of
Applicant and Bank are satisfactory. In making
its analysis of the managerial resources of these
organizations, the Board notes that this application
represents an after-the-fact request for the Board's
approval to retain Bank shares acquired in violation of the Act. Upon consideration of the facts
and circumstances surrounding Applicant's violation and other information in the record evidencing
Applicant's intent and efforts to comply with the
requirements of the Act, the Board has determined
that the circumstances of the violation do not
reflect so adversely on the managerial resources
of Applicant as to warrant denial of the application. In other respects, the managerial resources
of Applicant and Bank are regarded as satisfactory.
Accordingly, considerations relating to banking
factors are consistent with approval.
Although there are no changes contemplated in
the services or facilities of Bank as a result of
the retention of the voting shares, considerations
1
As of April 1973, Applicant's sole shareholder owned an
additional 1.0 per cent of the voting shares of Bank. Applicant,
relying upon the advice of counsel, believed that for the
purpose of qualifying for the exception from required Board
approval pursuant to section 3(a)(B) of the Act, which permits
a company to acquire additional bank shares without prior
Board approval if the company already owns or controls a
majority of the b a n k ' s shares, it could aggregate its sole
shareholder's shares with those owned directly by Applicant.
When informed of the inapplicability of section 3(a)(B), Applicant promptly filed the subject application.
2
All banking data are as of December 31, 1977.
Law Department
relating to the convenience and needs of the community 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.
By order of the Board of Governors, effective
September 18, 1978.
V o t i n g for this action: V i c e C h a i r m a n Gardner and
G o v e r n o r s W a l l i c h , C o l d w e l l , and Partee. A b s e n t and
not v o t i n g : C h a i r m a n M i l l e r and G o v e r n o r J a c k s o n .
[SEAL]
(Signed) G R I F F I T H L. G A R W O O D ,
Deputy Secretary of the Board.
First Banc Group of Ohio, Inc.,
Columbus, Ohio
Order Approving Acquisition of Bank
First Banc Group of Ohio, Inc., Columbus,
Ohio, a bank holding company within the meaning
of the Bank Holding Company Act, has applied
for the Board's approval under § 3(a)(3) of the
Act (12 U.S.C. § 1842(a)(3)) to acquire all of the
voting shares (less directors' qualifying shares) of
the successor by merger to The Sterling State
Bank, Mount Sterling, Ohio ("Bank"). 1 The bank
into which Bank is to be merged has no significance except as a means to facilitate the acquisition
of the voting shares of Bank. Accordingly, the
proposed acquisition of shares of the successor
organization is treated herein as the proposed acquisition of the shares of Bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and 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 sixth largest banking organization in Ohio, controls seventeen banking subsidiaries with aggregate deposits of approximately
$1.5 billion, representing 4.5 per cent of total
deposits in commercial banks in the State. 2 Ac1
By separate action of this date, the Board denied Applicant's proposal to acquire The Fairfield National Bank of
Lancaster, Lancaster, Ohio.
2
All banking data are as of June 30, 1977.
807
quisition of Bank with deposits of $13.9 million,
would increase Applicant's share of commercial
bank deposits in Ohio by a nominal amount, and
would not have an appreciable effect upon the
concentration of banking resources in Ohio.
Bank is the seventeenth largest of twenty-seven
banking organizations in the Columbus banking
market 3 with 0.4 per cent of total deposits in
commercial banks in the market. The City National Bank and Trust Company ( " C N B " ) , Applicant's lead bank, also operates in the Columbus
banking market, and is the third largest banking
organization in the market with deposits of $627
million, representing 18 per cent of total market
deposits. 4 CNB has 28 branches located in the
Franklin County portion of the Columbus banking
market, while Bank has its only office in Madison
County. Furthermore, the Board notes that current
Ohio law prohibits Applicant from branching into
Madison County. 5 While consummation of the
proposal would appear to eliminate some existing
competition between Bank and Applicant, in view
of the facts of record in this application, the Board
does not regard an increase of 0.4 per cent as so
significant as to require a denial of the application.
Moreover, while the Columbus banking market is
somewhat concentrated with the three largest
banking organizations holding 80.9 per cent of the
total deposits in the market, Applicant is the
smallest of such organizations, and in view of the
facts presented in the record of this application,
the Board concludes that the proposed acquisition
of Bank by Applicant would have only slightly
adverse effects on competition.
The financial and managerial resources of Applicant, its subsidiaries and Bank are regarded as
satisfactory, and their future prospects appear favorable. Thus, considerations relating to banking
factors are consistent with approval of the application. Upon consummation of the proposed acquisition, Applicant will take steps to cause Bank
to improve its services in order to better meet the
banking needs of its customers. More specifically,
Applicant will assist Bank in revising its lending
3
The Columbus banking market is approximated by all of
Franklin, Fairfield, and Licking Counties, all of Pickaway
County except Perry and Salt Creek T o w n s h i p s , the southern
two-thirds of Madison County, all of Delaware County except
the northernmost townships, and Thorn Township in northwestern Perry County.
4
Applicant has another banking subsidiary located in Columbus, but its activities are limited to providing fiduciary
services.
5
Ohio law has been a m e n d e d , effective January 1, 1979,
to permit a bank to branch into any county that is contiguous
to the county in which it is headquartered.
A2
Federal Reserve Bulletin • September 1978
policies, in particular providing for extended
maximum maturities on mortgage loans, and for
more competitive interest rates on instalment and
commercial loans. Applicant also intends to cause
Bank to reduce the minimum deposit required for
certificates of deposit of less than four years maturity, and to increase the yield of all certificates
of deposit offered by computing the interest on
such certificates on a daily compounded basis.
Following the acquisition of Bank, Applicant will
improve Bank's premises by installing drive-in
window facilities and equipping Bank with automated banking equipment. Finally, Bank's affiliation with Applicant will provide Bank's customers
with more convenient access to certain specialized
services, such as equipment leasing and trust
services offered by Applicant's subsidiaries.
Therefore, considerations relating to convenience
and needs of the community to be served lend
weight toward approval of the application and, in
the Board's view, outweigh any slightly adverse
effects on competition that might result from consummation of this proposal. Accordingly, 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
transactions 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 Cleveland pursuant
to delegated authority.
By order of the Board of Governors, effective
September 1, 1978.
V o t i n g for this a c t i o n : C h a i r m a n M i l l e r and G o v e r nors W a l l i c h , C o l d w e l l , J a c k s o n , and Partee. A b s e n t
and not v o t i n g : G o v e r n o r Gardner.
[SEAL]
(Signed) G R I F F I T H L. G A R W O O D ,
Deputy Secretary of the Board.
First Banc Group of Ohio, Inc.,
Columbus, Ohio
Order Denying Acquisition
of Bank
First Banc Group of Ohio, Inc., Columbus,
Ohio, a bank holding company within the meaning
of the Bank Holding Company Act, has applied
for the Board's approval under § 3(a)(3) of the
Act (12 U.S.C. § 1842(a)(3)) to acquire all of
the voting shares (less directors' qualifying shares)
of the successor by merger to The Fairfield National Bank of Lancaster, Lancaster, Ohio
("Bank"). The bank into which Bank is to be
merged has no significance except as a means to
facilitate the acquisition of the voting shares of
Bank. Accordingly, the proposed acquisition of
shares of the successor organization is treated
herein as the proposed acquisition of the shares
of Bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and 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 sixth largest commercial banking
organization in Ohio, controls 17 banks 1 with
aggregate deposits of $1.5 billion, representing
approximately 4.5 per cent of the total deposits
held by commercial banks in that State. 2 Acquisition of Bank ($44.9 million in deposits) would
increase Applicant's share of Statewide deposits
by approximately 0.1 per cent and would not alter
Applicant's ranking among the other banking organizations in the State. Accordingly, consummation of this proposal would not result in a significant increase in the concentration of commercial
banking resources in Ohio.
Bank, the eighth largest of 27 banking organizations in the Columbus market (the relevant
banking market), 3 controls approximately 1.3 per
cent of market deposits. Applicant is the third
largest banking organization in the market, controlling 18.0 per cent of market deposits. Consummation of the proposed transaction would increase Applicant's already significant share of deposits in the market to 19.3 per cent and increase
the percentage of deposits held by the three largest
banking organizations in the market to 82.2 per
cent.
1
By a separate action of this date, the Board has approved
the § 3(a)(3) application by Applicant to acquire the successor
by merger to The Sterling State Bank, Mount Sterling, Ohio
("Sterling Bank").
2
All banking data are as of June 30, 1977.
3
The Columbus banking market is approximated by all of
Franklin, Fairfield, and Licking Counties; all of Pickaway
County except Perry and Salt Creek Townships; the southern
two-thirds of Madison County; all of Delaware County except
the northernmost townships; and Thorn T o w n s h i p in northwestern Perry C o u n t y , Ohio.
Law Department
In addition to the adverse effects upon the concentration of banking resources in the Columbus
market, the proposal also would have substantially
adverse effects upon competition within that market. As noted above, Applicant is already represented in the relevant market. The record indicates
that existing competition would be eliminated
upon consummation of this proposal. Furthermore,
the proposal would foreclose the development of
competition by removing Bank, the third largest
(with three banking offices)4 of seven banks in the
Fairfield County portion of the market as an entry
vehicle into the relevant market by Ohio bank
holding companies not currently represented in the
market. In addition, Applicant clearly is capable
under Ohio law to expand in Fairfield County
through the establishment of a branch or a subsidiary bank. In light of the above and other facts
of record, the Board concludes that consummation
of the proposal would have significant adverse
competitive effects within the Columbus banking
market.
The financial and managerial resources and future prospects of Applicant, its subsidiaries, and
Bank are regarded as satisfactory and consistent
with approval of the application. Accordingly,
banking factors are consistent with approval of the
subject application.
Although there is no evidence in the record that
the banking needs of the Columbus banking market are not adequately being met, Applicant proposes to expand the range of services presently
offered by Bank. While certain benefits to the
convenience and needs of the communities to be
served might result from Applicant's acquisition
of Bank, such benefits would also result from entry
by less anticompetitive means. Accordingly, although considerations relating to the convenience
and needs of the communities to be served lend
some weight toward approval, they do not clearly
outweigh the adverse competitive considerations
inherent in the subject proposal.
On the basis of all relevant facts of record, it
is the Board's judgment that consummation of the
proposed acquisition would not be in the public
interest, and the application should be and hereby
is denied.
By order of the Board of Governors, effective
September 1, 1978.
4
Bank is headquartered in the city of Lancaster and has
three offices in the Fairfield County portion of the Columbus
banking market, two in Lancaster, and one in the Village of
Baltimore.
809
Voting for this action: Chairman Miller and Governors Wallich, Coldwell, and Partee. Voting against this
action: Governor Jackson. Absent and not voting: Governor Gardner.
[SEAL]
(Signed) GRIFFITH L. G A R W O O D ,
Deputy Secretary of the Board.
Dissenting Statement of Governor Jackson
I would approve the application of First Banc
Group of Ohio to acquire The Fairfield National
Bank. I do not believe that the proposed acquisition would have "substantially adverse" effects
on competition in the market. Rather, I believe
that the effect on competition would be only
slightly anticompetitive, and that the effect on
competition would be outweighed by the favorable
effects that the acquisition would have on Bank's
ability to serve the convenience and needs of its
community.
The record shows that seven of the ten largest
banking organizations in Ohio already operate in
the Columbus banking market, and two of these
operate in Fairfield County. Acquisition of The
Fairfield National Bank—a bank with total deposits of approximately $45 million, representing only
1.3 per cent of the market's commercial bank
deposits—would, therefore, strengthen Bank and
enable it to be a more effective competitor of the
larger banking organizations in the market. Applicant plans, for example, to cause Bank to adopt
more aggressive lending policies and improve its
physical facilities. Thus, in my opinion, considerations related to the convenience and needs of
the community to be served clearly outweigh the
slightly adverse competitive effects that would
result from Applicant's acquisition of Bank.
First Steuben Bancorp, Inc.,
Toronto, Ohio
Order Approving Acquisition
of Bank
First Steuben Bancorp, Inc., Toronto, Ohio, a
bank holding company within the meaning of the
Bank Holding Company Act, has applied for the
Board's approval under Section 3(a)(3) of the Act
(12 U.S.C. § 1842(a)(3)) to acquire all of the
voting shares (less directors' qualifying shares) of
the successor by merger to The Eastern Ohio
Bank, Morristown, Ohio ("Bank"). The bank into
which Bank is to be merged has no significance
810
Federal Reserve Bulletin • October 1978
except as a means to facilitate the acquisition of
the voting shares of Bank. Accordingly, the proposed acquisition of shares of the successor organization is treated herein as the proposed acquisition of the shares of Bank.
Notice of the application, affording opportunity
for interested persons to submit comments, has
been given in accordance with Section 3(b) of the
Act. The time for filing comments has expired and
the Board has considered the application and all
comments received in light of the factors set forth
in Section 3(c) of the Act (12 U.S.C. § 1842(c)).
Applicant, the 29th largest banking organization
in Ohio, controls four banks with aggregate deposits of approximately $203 million, representing
about 0.6 per cent of the total deposits in commercial banks in the State. 1 Acquisition of Bank
($3.9 million in deposits) would increase Applicant's share of Statewide commercial bank deposits by less than 0.1 per cent and would have no
appreciable eff ect upon the concentration of banking resources in the State.
Bank is the smallest of four banking organizations in the Barnesville banking market, 2 and
controls approximately 5.3 per cent of the total
deposits in commercial banks in the market. 3 Applicant, with one subsidiary bank in the market,
is the second largest banking organization in that
market, and holds deposits of approximately $14.2
million, representing 20.6 per cent of market deposits. In addition to its principal banking office,
Applicant's subsidiary bank has one branch office
located in the Barnesville banking market. While
consummation of this proposal would eliminate
some existing competition inasmuch as Applicant
and Bank operate in the Barnesville banking market, in view of the nature of the market and Bank's
small size, the Board regards the effects of the
proposal on competition as being only slightly
adverse. Moreover, while the Barnesville banking
market is concentrated, in view of the facts presented in the record of this application, the Board
does not regard the increase in concentration of
1
All banking data are as of December 31, 1977, except as
otherwise indicated. On April 26, 1978, Applicant received
the B o a r d ' s prior approval for the acquisition of Community
National Bank, Flushing, Ohio ( " C o m m u n i t y B a n k " ) , which
is located in B a n k ' s market area. C o m m u n i t y Bank is treated
as a subsidiary of Applicant for the purposes of the B o a r d ' s
competitive analysis.
2
The Barnesville banking market, a primarily rural area
on the periphery of the Wheeling, West Virginia, banking
market, is approximated by the Western two-thirds of Belmont
County, Ohio.
3
Market deposit data are as of June 30, 1977.
market deposits associated with this proposal as
being significant. Accordingly, the Board concludes that the proposed acquisition of Bank by
Applicant would not have significant adverse effects on competition. Moreover, when viewed in
light of the other considerations reflected in the
record discussed below, the Board does not view
the effects on competition as being so serious as
to require denial of this proposal.
The financial and managerial resources and future prospects of Applicant and its subsidiaries are
satisfactory, and those of Bank are also satisfactory. Considerations relating to banking factors
are consistent with approval of the application.
Affiliation with Applicant would provide Bank
with access to Applicant's financial resources and
enable Bank to offer new and improved services
in order to better meet the banking needs of its
customers. In particular, Applicant has indicated
that it intends to cause Bank to reduce auto loan
interest rates and to offer additional maturities and
reduced minimum amounts on certificates of deposit. In addition, the trust services of Applicant's
lead bank will be more conveniently available to
customers of Bank. Finally, upon affiliation with
Applicant, Bank's ability to make larger loans will
be substantially enhanced. Thus, considerations
relating to the convenience and needs of the community to be served lend weight toward approval
of the application and outweigh any adverse effects
on competition that might result from consummation of the proposal. Accordingly, 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 before the thirtieth
calendar day following the effective date of this
Order or later than three months after the effective
date of this Order, unless the latter period is
extended for good cause by the Board or by the
Federal Reserve Bank of Cleveland pursuant to
delegated authority.
By order of the Board of Governors, effective
September 5, 1978.
V o t i n g for this a c t i o n : C h a i r m a n M i l l e r and G o v e r nors Gardner, W a l l i c h , J a c k s o n , and Partee. A b s e n t and
not v o t i n g : G o v e r n o r C o l d w e l l .
( S i g n e d ) GRIFFITH L .
[SEAL]
GARWOOD,
Deputy Secretary of the Board.
Law Department
State Bancshares, Inc.,
Olton, Texas
Order Approving Acquisition
of Bank
State Bancshares, Inc., Olton, Texas, a bank
holding company within the meaning of the Bank
Holding Company Act, has applied for the Board's
approval under § 3(a)(3) of the Act (12 U.S.C.
§ 1842(a)(3)) to acquire 56.8 per cent of the voting
shares of Security State Bank, Littlefield, Texas
("Bank").
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with § 3(b)
of the Act. The time for filing comments and views
has expired, and the Board has considered the
application and all comments received in light of
the factors set forth in § 3(c) of the Act (12 U.S.C.
§ 1842(c)).
Applicant, the 410th largest banking organization in Texas, controls one bank with deposits
of $22.1 million, representing 0.04 per cent of
the total deposits in commercial banks in the
State. 1 Acquisition of Bank, with deposits of $30.9
million, would make Applicant 2 the 127th largest
banking organization in the State and would increase Applicant's share of deposits in commercial
banks in Texas by less than 0.1 per cent. Consequently, the acquisition would not have an appreciable effect upon the concentration of banking
resources in the State.
Bank is the largest of four banks competing in
the relevant market, 3 holding 53.6 per cent of the
total deposits in commercial banks in that market.
Applicant's only subsidiary bank does not compete
in the relevant market and is located approximately
30 miles from Bank's sole office. From the record,
it appears that no significant competition currently
exists between Applicant's subsidiary bank and
Bank, and it appears unlikely that any significant
competition would develop between them in the
future. In addition, Applicant's nonbank subsidiary, which makes agricultural loans in the same
811
area as Applicant's subsidiary bank, does not
compete to any significant extent with Bank.
Moreover, the relevant market does not appear to
be attractivs for de novo entry in view of the
declining population in the market and the fact
that the ratio of population to banking offices is
well below the comparable Statewide average
ratio. Accordingly, consummation of the proposal
will have no significant adverse effect on either
existing or potential competition or on concentration of banking resources in the relevant banking
market. Therefore, the Board concludes that competitive considerations are consistent with approval
of the application.
The financial and managerial resources of Applicant and its subsidiaries, as well as those of
Bank, are regarded as satisfactory, and their future
prospects appear favorable. Thus, banking factors
are consistent with approval of the application. If
the application is approved, Applicant proposes to
make expanded services available to customers of
Bank, including mortgage loans, accounts receivable financing, and direct deposit of payroll
checks. Applicant also intends to extend banking
hours and to increase Bank's loan portfolio, especially its agricultural loans. These considerations
relating to convenience and needs of the community to be served are consistent with, and lend
some weight toward, approval of the application.
Therefore, it is the Board's judgment that the
proposed acquisition is in the public interest and
that the application should be approved.
On the basis of the record, the application is
approved for the reasons summarized above. The
transaction shall not be made (a) before the thirtieth calendar day following the effective date of
this Order or (b) later than three months after the
effective date of this Order, unless such period
is extended for good cause by the Board or by
the Federal Reserve Bank of Dallas pursuant to
delegated authority.
By order of the Board of Governors, effective
September 29, 1978.
1
All banking data are as of December 31, 1977.
Applicant, a " c o m p a n y covered in 1 9 7 0 " as that term
is defined in the Act, has continuously since June 30, 1968,
leased a service station that it owns. This activity is permanently " g r a n d f a t h e r e d " pursuant to § 4(a)(2) of the Act, and
the Board sees no reason to require Applicant to terminate
this activity at this time.
3
An analysis of topographical population, highway access,
and advertising media data indicates that the relevant banking
market is approximated by the southern two-thirds of L a m b
County, Texas.
2
V o t i n g for this a c t i o n : C h a i r m a n M i l l e r and G o v e r nors Gardner, W a l l i c h , C o l d w e l l , J a c k s o n , Partee, and
Teeters.
( S i g n e d ) GRIFFITH L .
[SEAL]
GARWOOD,
Deputy Secretary of the Board.
A2
Federal Reserve Bulletin • September 1978
Texas Commerce Bancshares, Inc.,
Houston, Texas
Order Approving Acquisition
of Bank
Texas Commerce Bancshares, Inc., Houston,
Texas, a bank holding company within the meaning of the Bank Holding Company Act, has applied for the Board's approval under section
3(a)(3) of the Act (12 U.S.C. § 1842(a)(3)) to
acquire 100 per cent of the voting shares (less
directors' qualifying shares) of Richmond Commerce Bank, Houston, Texas ("Bank"), a proposed de novo bank.
Notice of the application, affording opportunity
for interested persons to submit comments and
views, has been given in accordance with section
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 Western Bank and Post Oak Bank
("Protestants"), both located in Houston, Texas,
and the Texas Banking Commissioner, in light of
the factors set forth in section 3(c) of the Act (12
U.S.C. § 1842(c)).
Applicant is the largest banking organization in
Texas and controls 38 banking subsidiaries, with
aggregate deposits of approximately $4.9 billion,
representing 8.2 per cent of total deposits in commercial banks in the State. 1 Since Bank is a
proposed new bank, Applicant's acquisition of
Bank would not cause any immediate increase in
Applicant's share of deposits in commercial banks
in Texas.
Bank has received charter approval from the
Department of Banking of the State of Texas and
is to be located in the southwest part of the city
of Houston. Applicant ranks as the second largest
of 123 banking organizations in the Houston
banking market, 2 with 14 subsidiary banks controlling 19.2 per cent of total market deposits.
Since Bank is a proposed new bank, Applicant's
acquisition of Bank would not eliminate any existing competition, nor would it have any immediate effect upon Applicant's share of commercial
bank deposits in the market. In addition, the facts
of record indicate that even after consummation
of this proposal the Houston banking market,
1
All deposit data are as of D e c e m b e r 31, 1977, and reflect
bank holding c o m p a n y formations and acquisitions approved
as of J u n e 30, 1978.
2
T h e Houston banking market is approximated by the
Houston Ranally Metropolitan Area ( " R M A " ) , which includes
Harris County and portions of M o n t g o m e r y , Libery, Brazoria,
Fort B e n d , and Galveston Counties in T e x a s .
including the southwestern sector, appears to be
capable of supporting additional entrants.
As part of its analysis of the subject application,
the Board has considered the comments of the
Texas Banking Commissioner and the comments
and request for a hearing submitted by Protestants.
In summary, Protestants contend that consummation of the subject proposal would further increase
Applicant's dominant position in the State of
Texas and, more particularly, in the Houston
banking market; Applicant's de novo expansion
in the southwestern part of the market, where
Applicant is already well-represented, has increased the concentration of banking resources in
that section of Houston; the acquisition of Bank
by Applicant would preempt an attractive site for
future de novo entry; because of the high number
of bank charters being granted in the Houston
market, further entry has become highly restricted,
particularly in Houston's southwestern portion;
Bank's proposed service area cannot support an
additional bank and the growth of smaller banks
in the area will be adversely affected by the establishment of Bank; finally, Protestants maintain
there is no need for additional banking services
in Bank's proposed service area. Protestants have
requested a hearing on the subject application. The
Texas Banking Commissioner has suggested that
the Board, in acting upon the subject application,
give special attention to the proximity of Applicant's subsidiary banks to Bank's proposed site.
With regard to Protestants' request for a hearing, the Board has examined the record of the
hearing held in connection with the chartering of
Bank and in which the Protestants participated,
as well as the voluminous written submissions of
the Protestants and Applicant, and is unable to
conclude that a hearing would significantly supplement the record before the Board or serve to
resolve issues already thoroughly discussed in the
above-noted submissions and in the record of the
hearing before the State Banking Board of Texas.
In view of the foregoing, Protestants' request for
a hearing is hereby denied. 3
The Board notes that Applicant is but one of
four banking organizations of comparable size in
Texas, as measured by total deposits. Within the
Houston banking market, Applicant is the second
3
Under section 3(b) of the Act, the Board is required to
hold a hearing only if the primary supervisor of the bank to
be acquired r e c o m m e n d s disapproval of the application (12
U . S . C . § 1842(b)). W h e r e , as in this instance, the primary
supervisor has not r e c o m m e n d e d disapproval there is no statutory requirement that the Board hold a hearing.
Law Department
largest banking organization, competing with 122
other banking organizations in the market. Moreover, the Houston banking market has the lowest
four-firm concentration ratio of Texas' four primary banking markets, with the top four banking
organizations controlling 55.6 per cent of market
deposits. To characterize Applicant as "dominant" in the Houston market is not an accurate
description of Applicant's standing in that market.
In addition, the Board is unable to conclude that
consummation of the subject proposal would have
the effects on Statewide concentration ascribed by
Protestants.
While under some circumstances de novo expansion in a market by a leading organization
within that market could reduce prospects for
market deconcentration by preempting viable sites
for de novo entry or expansion by other firms,
Applicant's de novo expansion in the rapidly
growing southwest sector of Houston would have
only a minimal impact upon market entry conditions. 4 Further, it appears that the southwestern
part of the Houston market is clearly capable of
supporting an additional bank without having a
significant adverse effect upon Protestants' banks
or the other banks in the area. From the facts of
record, it appears that even after consummation
of the proposal the market would remain attractive
for de novo entry and that ample opportunities for
market deconcentration remain through foothold
or de novo entry into the market.
In the Board's view, the concern expressed by
the Texas Banking Commissioner and Protestants
over the proximity of two of Applicant's subsidiary banks to Bank is not warranted in light of the
facts of record. The record indicates that Applicant's two closest subsidiary banks to Bank presently do not derive a significant amount of their
loans or deposits from Bank's proposed service
area. Moreover, located within Bank's proposed
service area are five other competing commercial
banks three of which are subsidiaries of multi-bank
4
T h e Houston banking market experienced a population
increase of 2 5 . 4 per cent during the 1 9 7 0 - 1 9 7 8 period. T h e
population of the city of Houston increased by 18.4 per cent,
compared with a population increase of 14.6 per cent for the
State of T e x a s during the same period. It is also noted that
the ratio of population-to-banking offices in the Houston banking market is 13,555, or 1.45 times the Statewide average.
Also, per capita deposits in the market are 1.32 times the
Statewide average. The southwestern sector of Houston has
participated in the rapid expansion experienced throughout the
Houston market over the last f e w years; m o r e o v e r , n u m e r o u s
shopping areas, office buildings, and apartment buildings are
located within B a n k ' s service area.
813
holding companies that are among the ten largest
in the State. Furthermore, as noted above, Bank's
service area is experiencing rapid growth, and
appears attractive for de novo entry. Based upon
these and other facts of record, it appears that
Applicant's proposal to acquire Bank, will not give
Applicant an undue competitive advantage in
Bank's service area, the southwestern section of
Houston, or in the Houston banking market as a
whole.
Accordingly, based upon all the facts of record,
including the record of the chartering hearing, the
submissions of Protestants, and the submissions
of Applicant, and given the growth of the Houston
market, the large number of competing organizations, and the number of opportunities for market deconcentration, the Board concludes that approval of this application would not result in any
adverse effects upon competition in any relevant
area.
The financial and managerial resources and future prospects of Applicant and its subsidiary
banks are regarded as generally satisfactory, particularly in light of Applicant's commitment to
inject additional capital into Texas Commerce
Bank upon consummation of the proposal. Bank,
as a proposed de novo bank, has no financial or
operating history; however, its prospects as a
subsidiary of Applicant appear favorable. Accordingly, considerations relating to banking factors
are consistent with approval of this application.
The establishment of Bank would provide a new
and convenient banking alternative for the area's
residents. Moreover, as a subsidiary of Applicant,
Bank would have access to Applicant's financial
and managerial resources and would be able to
institute and develop a full line of banking services. Thus, considerations relating to the convenience and needs of the community to be served
lend some weight toward approval of the application. Accordingly, it is the Board's judgment 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 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) Richmond Commerce Bank, Houston, Texas, 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,
A2
Federal Reserve Bulletin • September 1978
or by the Federal Reserve Bank of Dallas, pursuant
to delegated authority.
By order of the Board of Governors, effective
September 5, 1978.
V o t i n g for this a c t i o n : V i c e C h a i r m a n Gardner and
G o v e r n o r s W a l l i c h , J a c k s o n , and Partee. A b s e n t and
not v o t i n g : C h a i r m a n M i l l e r and G o v e r n o r C o l d w e l l .
[SEAL]
(Signed) G R I F F I T H L . G A R W O O D ,
Deputy Secretary of the Board.
ORDER U N D E R SECTION
4
OF B A N K H O L D I N G C O M P A N Y
ACT
People's Corporation,
Providence, Rhode Island
Order Approving
Acquisition of 667 Corporation
People's Corporation, Providence, Rhode Island, 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 B o a r d ' s Regulation Y (12 CFR
§ 225.4(b)(2)), to acquire 100 per cent of the
voting shares of 667 Corporation, Providence,
Rhode Island, a company that engages in the
activity of real property leasing. Such activity has
been determined by the Board to be closely related
to banking (12 CFR § 225.4(a)(6)(b)).
Notice of the application, affording opportunity
for interested persons to submit comments and
views on the public interest factors, has been duly
published (43 Fed. Reg. 27894). The time for
filing comments and views has expired, and the
Board has considered the application 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 is a bank holding company by virtue
of its control of People's Trust Company, Providence, Rhode Island ("Bank"). Applicant, in
turn, is a wholly-owned subsidiary of People's
Savings Bank, Providence, Rhode Island ("Savings"), a Rhode Island chartered, insured mutual
savings bank. While Savings controls Bank indirectly, Savings is not deemed to be a bank holding
company by reason of section 2(a)(5)(F) of the
Act. 1 In 1973, Savings formed 667 Corporation
to invest in and lease certain real estate located
in Virginia. It was subsequently determined that
this was not a permissible investment for Savings
under section 2(a)(5)(F) of the Act and that Savings would have to divest its direct ownership of
667 Corporation. Accordingly, the sole purpose
of the proposed transaction is to enable Savings
to divest itself of its direct ownership of 667
Corporation in order to conform its investments
with statutory requirements of the exemption provided in section 2(a)(5)(F) of the Act.
Applicant, the seventh largest commercial
banking organization in Rhode Island, controls
deposits of approximately $19.6 million, representing 0.57 per cent of total deposits in commercial banks in that State. 2 Applicant does not currently engage in any nonbanking activities, either
directly or through subsidiaries. Since the proposed transaction is merely a corporate reorganization, it does not appear that consummation of
the proposal would have any adverse effects on
competition in any relevant area. On the other
hand, approval of the proposed transaction will
ensure the continuation of the services provided
by 667 Corporation to its customer on the same
terms. Furthermore, there is no evidence in the
record to indicate that consummation of the proposed transaction would result in any undue concentration of resources, unfair competition, conflicts of interests, unsound banking practices, or
other effects that would be adverse to the public
interests.
Based upon the foregoing and other considerations reflected in the record, the Board has
determined, in accordance with the provisions of
§ 4(c)(8), that consummation of this proposal can
reasonably be expected to produce benefits to the
public that outweigh possible adverse effects and
that the application to engage in real property
leasing activities should be approved. Accordingly, the application is hereby approved. The
transaction shall be accomplished 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
Boston. The approval of this application is subject
to the conditions set forth in § 225.4(c) of Regu1
Section 2(a)(5)(F) provides that no insured mutual savings
bank is a bank holding company by virtue of its control of
a bank located in the same State, if the mutual savings bank
does not acquire directly more than 5 per cent of the voting
shares of any c o m p a n y .
2
All banking data are as of December 31, 1977.
Law Department
lation 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 B o a r d ' s regulations and orders issued
thereunder, or to prevent evasion thereof.
By order of the Board of Governors, effective
September 1, 1978.
V o t i n g for this a c t i o n : V i c e C h a i r m a n Gardner and
G o v e r n o r s W a l l i c h , J a c k s o n , and Partee. A b s e n t and
not v o t i n g : C h a i r m a n M i l l e r and G o v e r n o r C o l d w e l l .
[SEAL]
(Signed) G R I F F I T H L. G A R W O O D ,
Deputy Secretary of the Board.
CERTIFICATION U N D E R
THE
B A N K H O L D I N G C O M P A N Y T A X A C T OF
1976
University Bancorp, Inc.,
Kansas City, Missouri
Prior Certification Pursuant to the
Bank Holding Company Tax Act of 1976
University Bancorp, Inc., Kansas City, Missouri ("University") (formerly Orwig and Company, Inc. ("Orwig")), has requested a prior
certification pursuant to section 6158(a) of the
Internal Revenue Code ("Code"), as amended by
section 3(a) of the Bank Holding Company Tax
Act of 1976 (the "Tax Act"), that the sale on
June 12, 1975, by Ward Parkway Building Company ("Ward Parkway"), a wholly-owned subsidiary of Merchants Investors, Inc., Kansas City,
Missouri ("Merchants"), of substantially all the
assets of Ward Parkway, was necessary or appropriate to effectuate section 4 of the Bank Holding
Company Act (12 U.S.C. § 1843) ("BHC Act"). 1
University is the successor under Missouri law to
all of the rights, privileges and interests of Merchants.
In connection with this request, the following
information is deemed relevant for purposes of
issuing the requested certification: 2
1. Merchants was a corporation organized
1
Pursuant to section 3(e)(2) of the Tax Act, in the case
of any sale that takes place on or before December 31, 1976
(the 90th day after the date of the enactment of the Tax Act),
the certification described in § 6158(a) shall be treated as made
before the sale, if application for such certification was made
before the close of December 31, 1976. University's application for such certification was received by the Board on
December 29, 1976.
815
under the laws of the State of Missouri on June
1, 1953. Ward Parkway was a corporation organized under the laws of the State of Missouri.
Merchants acquired 750 shares, representing 100
per cent of the outstanding shares, of Ward Parkway on January 28, 1955.
2. On December 3, 1956, Merchants acquired 14,500 shares, representing 24.2 per cent
of the outstanding shares, of University Bank,
Kansas City, Missouri. On May 1, 1969, the
shares of University Bank held by Merchants were
exchanged for 24.2 per cent of the shares of
University Bancorp, Kansas City, Missouri, a
holding company that had been formed to hold
99 per cent of the shares of University Bank.
3. On July 7, 1970, Merchants was a subsidiary of, i.e. approximately 38.75 percent of its
voting shares were held by, Mawn Investment
Company ( " M a w n " ) , a company that would have
been a bank holding company had the 1970
Amendments to the BHC Act been in effect on
that date. Mawn held, directly and indirectly, an
additional 21 per cent of the voting shares of
University Bancorp. The remaining 61.25 per cent
of Merchants' voting shares, as well as all of the
shares of Mawn, were owned by members of the
Schultz family. 3 The President and two of the three
directors of Merchants were members of the
Schultz family. Those members of the Schultz
family who were officers and directors of Merchants, and their immediate relatives, directly and
indirectly owned an additional 45.1 per cent of
the voting shares of University Bancorp.
4. During July 1970 the corporate holdings
of the Schultz family were reorganized so that
Mawn ceased to exist and Merchants became a
subsidiary of Orwig, with Orwig owning 38.75
per cent of Merchant's stock and 24.2 per cent
of Bancorp's stock. All of Orwig's shares were
held by members of the Schultz family. Between
July 24 and December 31, 1970, Merchants redeemed all of its own voting shares held by Orwig.
As a result of these transactions, by December 31,
1970, Orwig and Merchants both stood as independent corporations, each controlled by the
Schultz family and each owning 24.87 per cent
of the voting shares of Bancorp.
2
This information derives f r o m University's correspondence with the Board concerning its request for certification, O r w i g ' s and M e r c h a n t ' s Registration Statements filed
with the Board pursuant to the B H C Act, and other records
of the Board.
3
The family m e m b e r s referred to are Sonia and Sam
Schultz, their sons William, N o r m a n and Michael, and their
daughter, Aletha Simon, and her husband.
A2
Federal Reserve Bulletin • September 1978
5. Merchants registered as a bank holding
company on September 20, 1971.
6. In accordance with section 1103(b)(2) of
the Tax Act, Merchants is deemed, solely for the
purpose of issuing the requested certification, to
have controlled University as of July 7, 1970, by
virtue of exercising a controlling influence over
University Bancorp as of that date pursuant to
section 2(a)(2)(c) of the BHC Act.
7. During 1972 and 1973, as the result of
treasury stock acquisition by University Bancorp,
Merchants' percentage ownership in University
Bancorp increased to 38.57 per cent. This situation
remained the same at the time of the Ward Parkway sale (June 17, 1975) and until Merchants and
Orwig merged on December 31, 1975.
8. On June 12, 1975, Merchants held property acquired by it on or before July 7, 1970, the
disposition of which would be necessary or appropriate to effectuate section 4 of the BHC Act if
Merchants were to continue to be a bank holding
company beyond December 31, 1980, which
property is "prohibited property" within the
meaning of sections 6158(f)(2) and 1103(c) of the
Code.
9. In 1962 Ward Parkway purchased property located at 7215 Topeka Boulevard, Topeka,
Kansas, known as the "Heart of America warehouse property." On June 12, 1975, Ward Parkway sold this warehouse property to a third party,
Graham Investment Company, Wichita, Kansas,
for $1,450,000 in cash. No debtor-creditor relationship existed or exists between Graham Investment Company and Merchants or any corporation
succeeding to the rights and liabilities of Merchants. Ward Parkway was liquidated into Merchants on December 31, 1975.
10. On December 1, 1975, the Board of
Governors of the Federal Reserve System issued
an Order approving the application of Orwig and
Company, Kansas City, Missouri ( " O r w i g " , a
bank holding company controlled by the Schultz
family) to merge with Merchants pursuant to section 3(a)(5) of the BHC Act. On December 31,
1975, Merchants merged with Orwig under the
charter and title of Orwig. On June 9, 1976, Orwig
amended its articles of corporation to change its
name to University Bancorp, Inc. ("University").
11. No director, officer, or employee with
policy-making functions of University or any of its
subsidiaries (including honorary and advisory
directors) holds any such position with Graham
Investment Company.
12. No interest in Graham Investment Company is held by trustees for the benefit of University, its shareholders or employees.
13. University has no means, directly or indirectly, by which it is able to exercise or has
the power to exercise a controlling influence over
the management or policies of Graham Investment
Company.
14. Under Missouri law, Section 351.450
Mo. Rev. Stat. (1969), University succeeded to
all the rights that Merchants held prior to the
merger of Merchants and Orwig on December 31,
1975.
On the basis of the foregoing information, it
is hereby certified that:
(A) At the time of the sale by Ward Parkway
of its warehouse property to Graham Investment
Company, Merchants was a qualified bank holding
corporation within the meaning of section
6158(f)(1) and subsection (b) of section 1103 of
the Code, and satisfied the requirements of that
subsection;
(B) the assets sold by Ward Parkway were
"prohibited property" within the meaning of sections 6158(f)(2) and 1103(c) of the Code; and
(C) the sale of the Ward Parkway properties
was necessary or appropriate to effectuate section
4 of the BHC Act.
This certification is based upon the representations made to the Board by University and
upon the facts set forth above. In the event the
Board should hereafter determine that facts material to this certification are otherwise than as represented by University, or that University has
failed to disclose to the Board other material facts,
it may revoke this certification.
By order of the Board of Governors acting
through its General Counsel pursuant to delegated
authority (12 CFR § 265.2(b)(3)), effective September 14, 1978.
[SEAL]
(Signed) J O H N M. W A L L A C E ,
Assistant Secretary of the Board.
Law Department
817
ORDERS APPROVED UNDER BANK HOLDING COMPANY ACT
During September 1978, the Board of Governors approved the applications listed below. Copies
are available on request to Publications Services, Division of Administrative Services, Board of Governors
of the Federal Reserve System, Washington, D. C. 20551.
SECTION 3
Applicant
Bates County Bancshares, Inc.,
Rich Hill, Missouri
BYRON BANCSHARES, INC.,
Byron, Illinois
Exchange Bancorporation, Inc.,
Tampa, Florida
First Bancorp of N.H., Inc.,
Manchester, New Hampshire
Guaranty Corporation,
Denver, Colorado
Herget Financial Corp.,
Pekin, Illinois
Pecatonica Bancshares, Inc.,
Pecatonica, Illinois
St. Joseph Bancshares, Inc.,
St. Joseph, Missouri
Board action
(Effective
date)
Bank(s)
Security Bank of Rich Hill,
Rich Hill, Missouri
First National Bank of Byron,
Byron, Illinois
The Vanderbilt Bank,
Naples, Florida
Wolfeboro National Bank,
Wolfeboro, New Hampshire
Guaranty Bank and Trust
Company, Denver, Colorado
The Herget National Bank of
Pekin, Pekin, Illinois
Bank of Pecatonica,
Pecatonica, Illinois
Farmers State Bank,
St. Joseph, Missouri
September 27, 1978
September
5, 1978
September 22, 1978
September 15, 1978
September 28, 1978
September 22, 1978
September 15, 1978
September 20, 1978
ORDERS APPROVED UNDER BANK MERGER ACT
Applicant
Bank(s)
First Virginia Bank-Eastern,
Bank of Warrenton,
Warrenton, Virginia
Warrenton, Fauquier
County, Virginia
Southern Bank and Trust Company, Williamsburg National
Bank, Williamsburg,
Richmond, Virginia
Virginia
The Sterling State Bank,
The F.B.G. Bank of Mount
Mount Sterling, Ohio
Sterling, Mount Sterling,
Ohio
Bank of Brigham City,
Bank of Utah,
Brigham City, Utah
Ogden, Utah
Reserve
Bank
Effective
date
Richmond
September
6, 1978
Richmond
September
6, 1978
Cleveland
September 20, 1978
San Francisco
September 20, 1978
A2
Federal Reserve Bulletin • September 1978
BY FEDERAL RESERVE BANKS
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies of
the orders are available upon request to the Reserve Banks.
Section 3
Applicant
Bank(s)
First American Bank Corporation,
Kalamazoo, Michigan
First Virginia Banks, Inc.,
Falls Church, Virginia
Van Buren State Bank,
Hartford, Michigan
Bank of Warrenton,
Warrenton, Virginia
Reserve
Bank
Effective
date
Chicago
September 20, 1978
Richmond
September
6, 1978
Section 4
Applicant
Southwest Bancshares
Inc., Houston,
Texas
Nonbanking
company
(or activity)
Underwriting credit
life and credit
accident and
health insurance
directly related
to banking
Reserve
Bank
Effective
date
Dallas
September 12, 1978
PENDING CASES INVOLVING THE BOARD OF GOVERNORS
D o e s not include suits against the Federal Reserve Banks in which the Board of Governors is not named a party.
Cradel v. The United States and the Reserve
Bank of Philadelphia, filed July 1978,
U.S.D.C. for the Eastern District of Pennsylvania.
Beckley v. Board of Governors, filed July
1978, U.S.D.C. for the Northern District of
Illinois.
Independent Bankers Association of Texas v.
First National Bank in Dallas, et al., filed
July 1978, U.S.C.A. for the Northern District of Texas.
Mid-Nebraska Bancshares, Inc. v. Board of
Governors, filed July 1978, U.S.C.A. for the
District of Columbia.
NCNB Corporation v. Board of Governors,
filed June 1978, U.S.C.A. for the Fourth
Circuit.
NCNB Corporation v. Board of Governors,
filed June 1978, U.S.C.A. for the Fourth
Circuit.
Citicorp v. Board of Governors, filed March
1978, U.S.C.A. for the Second Circuit.
Ellis Banking Corporation v. Board of Governors, filed May 1978, U.S.C.A. for the
Fifth Circuit.
United States League of Savings Associations
v. Board of Governors, filed May 1978,
U.S.D.C. for the District of Columbia.
Law Department
Hawkeye Bancorporation v. Board of Governors, filed April 1978, U.S.C.A. for the
Eighth Circuit.
Dakota Bankshares, Inc. v. Board of Governors, filed April 1978, U.S.C.A. for the
Eighth Circuit.
Security Bancorp and Security National Bank
v. Board of Governors, filed March 1978,
U.S.C.A. for the Ninth Circuit.
Michigan National Corporation v. Board of
Governors, filed January 1978, U.S.C.A. for
the Sixth Circuit.
Wisconsin Bankers Association v. Board of
Governors, filed January 1978, U.S.C.A. for
the District of Columbia.
Vickars-Henry Corp. v. Board of Governors,
filed December 1977, U.S.C.A. for the Ninth
Circuit.
Emch v. The United States of America, et al.,
filed November 1977, U.S.D.C. for the
Eastern District of Wisconsin.
Corbin v. Federal Reserve Bank of New York,
Board of Governors, et. al., filed October
1977, U.S.D.C. for the Southern District of
New York.
Central Bank v. Board of Governors, filed
October 1977, U.S.C.A. for the District of
Columbia.
Investment Company Institute v. Board of
Governors, filed September 1977, U.S.C.A.
for the District of Columbia.
BankAmerica Corporation v. Board of Governors, filed May 1977, U.S.C.A. for the
Northern District of California.
819
BankAmerica Corporation v. Board of Governors, filed May 1977, U.S.C.A. for the
Ninth Circuit.
National Automobile Dealers Association, Inc.
v. Board of Governors, filed November
1976, U.S.C.A. for the District of Columbia.
Central Wisconsin Bankshares, Inc. v. Board
of Governors, filed June 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.
Roberts Farms, Inc. v. Comptroller of the
Currency, et. al., filed November 1975,
U.S.D.C. for the Southern District of California.
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.
David R. Merrill, et. al. v. Federal Open
Market Committee of the Federal Reserve
System, filed May 1975, 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.
821
Announcements
CHANGES IN DISCOUNT RATE
The Board of Governors of the Federal Reserve
System announced approval of an increase in the
discount rate from 8 to 8V2 per cent, effective
October 16, 1978.
The action was taken to bring the discount rate
into closer alignment with increased short-term
market interest rates, and in recognition of continued high inflation, the recent rapid rate of monetary expansion, and current international financial
conditions.
In making the change, the Board acted on requests from the directors of the Reserve Banks
of Boston, New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
Earlier, the Board had announced an increase
in the discount rate from 7% to 8 per cent, effective September 22, 1978.
Action was taken in recognition of recent increases in other short-term interest rates, to bring
the discount rate into closer alignment with shortterm rates generally, and as a further step to
strengthen the dollar.
In making the change, the Board acted on requests from the directors of the Federal Reserve
Banks of Boston, New York, Philadelphia,
Cleveland, Richmond, Atlanta, Chicago, St.
Louis, Minneapolis, Kansas City, Dallas, and San
Francisco. The discount rate is the interest rate
that member banks are charged when they borrow
from their district Federal Reserve Banks.
institutions they regulate to help meet the credit
needs of their communities, including low- and
moderate-income neighborhoods, consistent with
safe and sound operations.
Before issuing these final rules, the agencies
considered more than 500 letters of comment from
the public. In response to numerous suggestions,
the requirements were clarified and simplified.
The Board of Governors, the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank Board will
be assessing institutions' records of providing local
credit services.
Key factors are listed in the regulations for
examiners to use in assessing a lender's record.
An institution's performance will be taken into
account when it applies for branches, mergers,
charters, insurance, and certain other approvals.
Past performance may be grounds for denial of
an application.
The regulation applies to all such applications
pending on November 6, 1978, as well as to those
filed on or after that date.
The agencies will also consider the views of
State supervisory authorities when State-chartered
institutions apply for Federal deposit insurance or
other approvals.
The CRA regulation approved by the agencies
includes the following principal provisions designed to assist lenders in complying with the act,
to inform the public, and to help regulators discharge their responsibilities:
D E L I N E A T I O N OF C O M M U N I T Y
COMMUNITY REINVESTMENT ACT:
Regulations
Federal regulators of banks and savings and loan
associations have announced final regulations implementing the Community Reinvestment Act
(CRA), to take effect November 6, 1978.
The act requires the agencies to have in force
regulations by that date and to encourage the
Lenders subject to the act are required to prepare
and at least annually to review a map delineating
the local community or communities comprising
the lender's entire community, without excluding
low- and moderate-income neighborhoods. A local
community consists of the contiguous areas around
each office or group of offices of the institution
but need not take account of off-premises electronic facilities that receive deposits for more than
822
Federal R e s e r v e Bulletin • October 1978
one lender. The regulation specifies three bases
for delineation of a community:
• Boundaries such as those of a standard
metropolitan statistical area (SMSA), or
counties, where an institution's office or
offices are located. Where appropriate, adjacent areas may be included, and adjustments
may be made for boundaries such as State
lines. Small institutions may delineate those
areas of an SMSA or county it may reasonably be expected to serve.
• A lender may use its effective lending
territory by delineating its local community,
defined as areas where it makes a substantial
portion of its loans, and other equidistant
areas around each of its offices.
• A lender may use any other reasonably
delineated area that meets the purposes of
the act and does not exclude low- and moderate-income areas.
COMMUNITY REINVESTMENT
ACT
STATEMENT
Within 90 days after November 6, 1978, the board
of directors of each institution subject to the act
shall adopt a Community Reinvestment Act Statement (CRA Statement) for each delineated local
community including the following main features:
1. The delineation of the local community;
2. A list of the principal types of credit the
lender is prepared to extend in the local
community;
3. A copy of the Community Reinvestment Act
notice cited below.
Lenders are encouraged to include also in their
CRA Statement a statement of how they are helping to meet community credit needs, a periodic
report on their record of helping to meet community credit needs, and how they attempt to ascertain the credit needs of their local community.
The lender's board of directors shall review and
update the lender's CRA Statement at least annually.
performance in helping to meet the credit
needs of this community, and to take this
evaluation into account when the regulator
decides on certain applications submitted by
us. Your involvement is encouraged.
You should know that:
• You may obtain our current CRA Statement for this community in this office.
(Current CRA Statements for other communities served by us are available at our head
office, located at (address).)
• You may send signed written comments
about our CRA Statement(s) or our performance in helping to meet community
credit needs to (title and address of State
member bank official) and to Community
Reinvestment Officer (appropriate Reserve
Bank) (address). Your letter, together with
any responses by us, may be made public.
• You may look at a file of all signed,
written comments received by us within the
past two years, any responses we have made
to the comments, and all CRA Statements
in effect during the past two years at our
office located at (address). (You also may
look at the file about this community at
(name and address of designated office).)
• You may ask to look at any comments
received by the (appropriate Federal Reserve
Bank).
• You also may request from (the appropriate F e d e r a l R e s e r v e B a n k ) an announcement of applications covered by the
CRA filed with the Federal Reserve.
• We are a subsidiary of (name of bank
holding company), a bank holding company.
Applications filed by bank holding companies that are covered by the CRA are included in (the Federal Reserve's) announcement of applications referred to in a
previous paragraph.
Consumers should note that they may request
to be placed on a roster to receive announcements
of CRA-covered applications that have been filed
with the supervisory agency.
F I L E S OF P U B L I C
COMMUNITY REINVESTMENT A C T NOTICE
Within 90 days after November 6, 1978, each
lender shall provide in the lobby of each of its
premises the following public notice (statements
that are in parentheses apply only to lenders that
serve more than one local community):
The Federal Community Reinvestment Act
(CRA) requires the regulator to evaluate our
COMMENTS
Each lender shall maintain in files, readily available upon request for inspection by any member
of the public, all signed written comments received
from the public within the past 2 years that refer
specifically to any CRA Statement or to the
lender's performance in helping to meet the credit
needs of its community or communities. The
lender may include its responses in this file. Any
comments that reflect adversely upon the good
Announcements
name or reputation of any persons (natural or legal)
or violate specific provisions of a law shall be
deleted. Also, files pertaining to all offices of a
lender shall be maintained at its head office. Materials relating to a local community shall be
maintained at an office in that community.
All letters in these files are open to public
inspection.
REGULATION T: Amendment
The Board of Governors on September 20, 1978,
amended its Regulation T (Credit by Brokers and
Dealers) to permit brokers and dealers to extend
and maintain credit on certain nonconvertible corporate bonds.
The amendment affects corporate bonds with
characteristics specified by the Board that are sold
only on the over-the-counter (OTC) market. Before adoption of the amendment, credit could be
extended by brokers and dealers only for bonds
listed on a national securities exchange.
The Board maintains a list of some 1,100 equity
securities sold over the counter on which brokers
and dealers may extend credit. This list includes
seven convertible corporate bonds (debt issues that
may be converted to equity issues).
The amendment adopted provides that credit
may be extended and maintained by brokers and
dealers also on unlisted nonconvertible corporate
bonds that are sold on the OTC market and have
the following characteristics:
• At the time the credit is extended, the
outstanding principal amount of the issue is
not less than $25 million.
• All payments of principal and interest are
current.
• The issue was registered with the Securities and Exchange Commission (SEC) and
the issuer is providing current reports under
SEC regulations.
The amendment provided that these securities
will be designated "OTC margin bonds."
After reviewing the various characteristics of
unlisted and exchange-traded corporate bonds—
including investment quality, price behavior, and
marketability—the Board decided to permit extensions of credit on a "good faith" basis for listed
securities and for those unlisted bonds meeting its
criteria as well as for listed nonconvertible bonds.
The amount of credit that may be extended on
a good faith basis is the amount a broker or dealer
823
would customarily extend on such collateral, in
his best judgment, if the creditor had no other
collateral that could be used to protect the loan.
The amendment as proposed would have required a 30 per cent margin (downpayment). The
50 per cent margin requirement for convertible
corporate bonds listed on a national exchange, or
appearing on the Board's OTC list, remains in
effect.
ADVERTISING OF
AUTOMATIC FUNDS TRANSFER
The Board of Governors has provided guidance
to member banks concerning advertising of plans
for the automatic transfer of funds from savings
to checking accounts.
In a letter sent to all member banks, the Board
advised banks that advertisements and promotional
materials should indicate clearly that the automatic
transfer service involves two separate accounts—a
checking account and a savings account. Banks
are also advised that advertisements for the automatic transfer service should not convey the impression that interest is being paid on a checking
account or that checks may be written against an
interest-bearing savings account.
The Board has approved the automatic transfer
of funds from savings to checking accounts, beginning November 1. The service that has been
approved by the Board requires that member banks
offering the service specifically disclose in written
agreements with customers desiring the service
that the bank reserves the right to require at least
30 days' notice of withdrawal from savings accounts.
The Federal Deposit Insurance Corporation will
issue similar guidance to insured nonmember
banks in the near future.
NATIONWIDE EFT NETWORK
The Board of Governors has announced the completion of a nationwide network for making payments electronically through the use of Federal
Reserve facilities. The Board in April had authorized Federal Reserve Banks to provide services
for automated clearinghouse (ACH) associations
necessary to tie together ACH facilities in a national network.
The Board said it expected the availability of
the new payments system network to enhance and
A2
Federal Reserve Bulletin • September 1978
improve financial services to individuals and to
financial institutions, as well as to encourage the
use of the electronic payments mechanism as a
more efficient and less costly alternative to making
payments by check.
The Federal Reserve approved a pilot program
for a national electronic payments network in
1975. In conjunction with the National Automated
Clearing House Association (NACHA) pilot work
started in early 1976. The last links in the national
system were completed on September 11, 1978.
NACHA was responsible for training local ACH
associations 1 in the techniques of interregional
electronic payments transfer. The local associations gave technical assistance to member financial
institutions.
The new network ties together, over the Federal
Reserve's communications system, 32 ACH associations. These associations use computers in 34
Federal Reserve offices where payments instructions recorded on magnetic tapes are cleared and
sorted and in 1 privately operated ACH. The
system makes intensified use of existing Federal
Reserve computers and wires and requires no new
facilities.
The system that has now been completed hooks
up for the interchange of electronic payments some
9,400 banks, 1,500 thrift institutions that are currently members of ACH associations, and some
6,000 customer corporations. Any financial institution that is a member of an ACH association
can now present payment instructions recorded on
magnetic tape to the nearest ACH for transmission
nationwide.
Linkage of ACH associations in all parts of the
Nation makes possible the electronic transfer of
payments to and from virtually any place in the
United States. Payments that can be made by
check can also be made electronically. At present,
most electronically transmitted payments are
payroll deposits and payments of recurring bills
(such as mortgages) or other recurring amounts
(such as U.S. Treasury deposits for social security
beneficiaries and the like).
A magnetic tape bearing instructions for payroll
deposits might contain instructions to make salary
payments to a company's employees located in
many parts of the country. The ACH that receives
such a tape sends the instructions, over the Federal
1
A C H associations are local organizations of financial institutions agreeing to initiate and receive a m o n g themselves
electronic transfers of f u n d s authorized by their customers.
Reserve's wire network, to other ACH's. This
procedure provides for the sorting and forwarding
of payment instructions on checks electronically
rather than by mail or courier.
The ACH serving the area where the electronically recorded and forwarded payment instructions
are to be carried out again sorts the instructions
by computer and forwards them to the indicated
commercial banks or thrift institutions. These
depositories will debit the accounts of customers
who are making the payments and credit the accounts of customers receiving payments, completing the electronic transfer of funds.
Increased efforts will be made to educate the
public in the uses of electronic payments. Financial institutions are committing additional funds
to marketing and educational efforts. The U.S.
Treasury is conducting quarterly conferences to
promote the use of direct deposits in making its
payments. Available ACH facilities are adequate
to accommodate very large increases in volume.
The Federal Reserve ACH facilities linked by
the new system are located at:
B i r m i n g h a m , Ala.
Little R o c k , Ark.
Los Angeles, Calif.
San Francisco, Calif.
D e n v e r , Colo.
Jacksonville, Fla.
M i a m i , Fla.
Atlanta, G a .
Chicago, 111.
Indianapolis, Ind.
Des M o i n e s , Iowa
Louisville, K y .
N e w Orleans, L a .
Baltimore, M d .
Boston, M a s s .
Detroit, M i c h .
Minneapolis, M i n n .
Kansas City, M o .
St. Louis, M o .
Charlotte, N . C .
Cincinnati, O h i o
Cleveland, Ohio
Columbus, Ohio
Portland, Oreg.
Philadelphia, Pa.
Pittsburgh, Pa.
Columbia, S.C.
Memphis, Tenn.
Nashville, T e n n .
Dallas, T e x .
Salt Lake City, Utah
R i c h m o n d , Va.
Seattle, W a s h .
Milwaukee, Wise.
The system also includes a privately operated
ACH at New York, N.Y. that is operated by the
New York Automated Clearing House on its
premises.
UNIFORM INTERAGENCY
TRUST RATING SYSTEM
The three Federal bank regulatory agencies have
announced adoption of a uniform interagency system for rating the trust departments of the Nation's
commercial banks.
In adopting the new system, the three agencies
said:
The Uniform Interagency Trust Rating System recognizes the consumer oriented nature
Announcements
of trust department activities and emphasizes
the trust department's proper role in carrying
out its fiduciary responsibilities in the public
interest. Examiners are encouraged by the
new system to focus on any conditions that
could adversely impact the interests of account beneficiaries and to recommend corrective action before any such conditions
might give rise to loss either to account
beneficiaries or to the bank.
The new trust rating system is currently being
implemented by the Office of the Comptroller of
the Currency (for national banks), by the Federal
Deposit Insurance Corporation (for insured State
chartered banks that are not members of the Federal Reserve System), and by the Board of Governors (for State-chartered member banks).
The uniform system for rating trust departments
of commercial banks has two main elements:
1. An assessment by Federal bank examiners
of six critical areas of a trust department's administration and operations. These areas encompass
the capability of the department's managment, the
soundness of the policies and procedures to carry
out the department's fiduciary obligations, the
quality of service rendered to the public, and the
effect of the department's activities on the
soundness of the bank.
The critical areas are as follows: supervision and
organization of the trust department; the department's operations, controls, and audits; asset administration; account administration; conflicts of
interest; and earnings, volume trends, and prospects.
Examiners will rate each of these critical areas
of the trust department on a scale of 1 to 5, with
1 representing the top and 5 the bottom of the
scale.
2. A combination of these ratings into a composite—over-all—rating of the trust department.
This composite rating is arrived at by totaling the
ratings assigned to the separate areas.
The agencies agreed upon qualitative guidelines
that examiners will use in rating the six critical
areas and in combining these ratings into a composite rating.
Agreement on the factors that constitute the
main characteristics of a trust department's operations and soundness, and on how those factors
should be combined into an over-all rating, is
expected to provide a basis for comparable judgments about bank trust departments by all three
Federal agencies and to enhance interagency evaluations and reports by the agencies to the Congress
825
and to the public. Such a common yardstick is
new.
The three agencies began to use a similar uniform interagency bank rating system in May.
POLICY STATEMENT ON
TAX TRANSACTIONS
The Board of Governors has approved a policy
statement on tax transactions between State member banks and their parent holding companies. The
statement is available on request from Publications
Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
PROPOSED REPORT
SIMPLIFICATION
The Federal bank regulatory agencies on October
11, 1978, proposed for comment a simplified version of the reports of condition and income that
could be used by more than 90 per cent of the
Nation's commercial banks to reduce their reporting burden. The agencies (Comptroller of the
Currency, Board of Governors, and Federal Deposit Insurance Corporation) asked for comment
by November 15, 1978.
REVISED OTC STOCK LIST
The Board of Governors has published a revised
list of over-the-counter (OTC) stocks that are subject to its margin regulations, effective October
2, 1978.
The list supersedes the revised list of OTC
margin stocks that was issued on April 3, 1978.
Changes that have been made in the list, which
now includes 1,157 OTC stocks, are as follows:
81 stocks have been included for the first time;
8 stocks previously on the list have been removed
for substantially failing to meet the requirements
for continued listing; and 44 stocks have been
removed for reasons such as being listed on a
national securities exchange or the companies
being acquired by another firm.
The list is available on request from Publications
Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
A2
Federal Reserve Bulletin • September 1978
C H A N G E S IN B O A R D STAFF
The Board of Governors has announced that the
Division of Administrative Services will be redesignated the Division of Support Services, effective
January 1, 1979.
Donald E. Anderson, Assistant Director for
Construction Management in the Office of Staff
Director for Management, will be Director of the
Division.
Walter W. Kreimann, Director, Division of
Administrative Services, has been named Associate Division Director for Staff Support.
John L. Grizzard, Assistant Director, Division
of Administrative Services, will be Associate Division Director for Building Services.
SYSTEM MEMBERSHIP:
A d m i s s i o n of State B a n k s
The following banks were admitted to membership
in the Federal Reserve System during the period
September 16, 1978, through October 15, 1978:
Alabama
Oxford
Ohio
Cleveland
Kansas
Topeka
Virginia
Norfolk
Bank of Oxford
Midwest Bank and Trust
Company
Columbian Trust Company
Fidelity American Bank
827
Industrial Production
Released
for publication
October
17
Industrial production increased an estimated 0.5
per cent in September, the same as in August.
The September increase reflected further advances
in the production of equipment, business and construction supplies, and materials. Output of consumer goods was constrained by a decline in auto
production, due in part to the end-of-month strike
by railroad clerks. At 147.5 per cent of the 1967
average, total industrial production in September
was 6.5 per cent higher than a year earlier. In
the third quarter, output rose at an annual rate of
7.7 per cent from the second quarter.
Production of consumer durable goods declined
0.7 per cent in September, as a decrease in auto
production more than offset a small rise in output
of home goods; auto assemblies declined to an
annual rate of 8.9 million units in September from
a 9.4-million rate in August. Output of consumer
nondurable goods in September increased 0.3 per
cent; revised data for August and July indicate
somewhat more growth in production of these
goods over recent months than shown earlier.
Production of business equipment increased 0.6
per cent further in September, following 3 months
of very large increases, and was 9.3 per cent
higher than a year earlier.
Output of materials increased 0.8 per cent in
September, as both durable goods and nondurable
P r o d u c t s , total
Final p r o d u c t s
Consumer goods
Durable
Nondurable
Business e q u i p m e n t . .
I n t e r m e d i a t e p r o d u c t s ..
Construction supplies
Materials
p
Preliminary.
F.R. indexes, seasonally adjusted. Latest figures: September. Auto sales
and stocks include imports.
1967 == 100
Percentage change from preceding month to—
1978
1978
Industrial p r o d u c t i o n
Total
goods materials increased sharply. The increase
in output of nondurable goods materials largely
reflects the resumption of production in the paper
industry that had been affected by strikes. Output
of energy materials increased 0.3 per cent, with
coal production again limited by the strike in the
railroad industry.
Percentage
change
9/77
to
9/78
Aug.p
Sept.''
Apr.
May
June
July
Aug.
146.7
147.5
1.6
.5
.7
.7
.5
.5
6.5
145.9
143.0
148.2
161.2
143.0
165.2
156.4
155.3
148.0
146.4
143.4
148.3
160.0
143.5
166.2
157.3
155.9
149.2
1.0
1.2
1.1
2.7
.4
1.2
.5
.4
2.7
.1
.0
-.3
-1.0
-.1
.6
.3
1.3
1.0
.6
.4
.0
.2
-.1
1.0
1.4
1.1
.9
.5
.6
.3
.0
.5
1.1
.5
1.0
1.0
.8
.8
.5
.4
.5
1.0
.6
1.1
.1
.3
.3
.1
-.7
.3
.6
.6
.4
.8
5.5
4.8
2.3
2.8
2.0
9.3
7.4
8.9
8.2
* Estimated.
Sept.
NOTE.—Indexes are s e a s o n a l l y a d j u s t e d .
A1
Financial and Business Statistics
CONTENTS
DOMESTIC FINANCIAL STATISTICS
W E E K L Y REPORTING COMMERCIAL
A3
A4
A5
Assets and Liabilities of—
A20
All reporting banks
A21
Banks in New York City
A22
Banks outside New York City
A23 Balance sheet memoranda
A24 Commercial and industrial loans
A6
Monetary aggregates and interest rates
Factors affecting member bank reserves
Reserves and borrowings of member
banks
Federal funds transactions of money
market banks
POLICY
INSTRUMENTS
A8 Federal Reserve Bank interest rates
A9 Member bank reserve requirements
A10 Maximum interest rates payable on
time and savings deposits at Federally
insured institutions
A10 Margin requirements
A11 Federal Reserve open market
transactions
FEDERAL RESERVE BANKS
BANKS
A25 Gross demand deposits of individuals,
partnerships, and corporations
FINANCIAL
MARKETS
A25 Commercial paper and bankers
acceptances outstanding
A26 Prime rate charged by banks on
short-term business loans
A26 Terms of lending at commercial banks
A27 Interest rates in money and capital
markets
A28 Stock market—Selected statistics
A12 Condition and F.R. note statements
A13 Maturity distribution of loan and
security holdings
A29 Savings institutions—Selected assets
and liabilities
M O N E T A R Y AND C R E D I T
FEDERAL FINANCE
AGGREGATES
A13 Bank debits and deposit turnover
A14 Money stock measures and components
A15 Aggregate reserves and deposits of
member banks
A15 Loans and investments of all
commercial banks
C O M M E R C I A L B A N K ASSETS A N D LIABILITIES
A16 Last-Wednesday-of-month series
A17 Call-date series
A18 Detailed balance sheet, Mar. 31, 1978
A30 Federal fiscal and financing operations
A31 U.S. Budget receipts and outlays
A32 Federal debt subject to statutory
limitation
A32 Gross public debt of U.S. Treasury—
Types and ownership
A33 U.S. Government marketable
securities—Ownership, by maturity
A34 U.S. Government securities dealers—
Transactions, positions, and financing
A35 Federal and Federally sponsored credit
agencies—Debt outstanding
A2
Federal Reserve Bulletin • September 1978
SECURITIES M A R K E T S A N D
CORPORATE FINANCE
A36 New security issues—State and local
governments and corporations
A37 Open-end investment companies—Net
sales and asset position
A37 Corporate profits and their distribution
A3 8 Nonfinancial corporations—Assets and
liabilities
A38 Business expenditures on new plant
and equipment
A39 Domestic finance companies—Assets
and liabilities; business credit
REAL ESTATE
A40 Mortgage markets
A41 Mortgage debt outstanding
INTERNATIONAL STATISTICS
A54 U.S. international transactions—
Summary
A55 U.S. foreign trade
A55 U.S. reserve assets
A56 Foreign branches of U.S. banks—
Balance sheet data
A58 Selected U.S. liabilities to foreign
official institutions
R E P O R T E D BY B A N K S IN T H E U N I T E D S T A T E S :
A59 Liabilities to foreigners
A61 Banks' own claims on foreigners
A62 Banks' own and domestic customers'
claims on foreigners
A63 Banks' own claims on unaffiliated
foreigners
A63 Liabilities to and claims on foreigners
CONSUMER INSTALMENT CREDIT
A42 Total outstanding and net change
A43 Extensions and liquidations
F L O W OF F U N D S
A44 Funds raised in U.S. credit markets
A45 Direct and indirect sources of funds to
credit markets
SECURITIES HOLDINGS AND TRANSACTIONS
A64 Marketable U.S. Treasury bonds and
notes—Foreign holdings and
transactions
A64 Foreign official assets held at F.R.
banks
A65 Foreign transactions in securities
R E P O R T E D BY N O N B A N K I N G C O N C E R N S IN
DOMESTIC NONFINANCIAL STATISTICS
A46 Nonfinancial business activity—
Selected measures
A46 Output, capacity, and capacity
utilization
A47 Labor force, employment, and
unemployment
A48 Industrial production—Indexes and
gross value
A50 Housing and construction
A51 Consumer and wholesale prices
A52 Gross national product and income
A53 Personal income and saving
THE U N I T E D
STATES:
A66 Short-term liabilities to and claims on
foreigners
A67 Long-term liabilities to and claims on
foreigners
INTEREST AND EXCHANGE RATES
A68 Discount rates of foreign central banks
A68 Foreign short-term interest rates
A69 GUIDE TO TABULAR PRESENTATION
AND STATISTICAL RELEASES
Domestic Financial Statistics
A3
1.10 MONETARY AGGREGATES AND INTEREST RATES
1978
1977
Item
Q3
r
Q4
r
Ql'
1978
Q2
r
Apr.
r
May
r
Juner
July
Aug.
Monetary and credit aggregates
(annual rates of change, seasonally adjusted in per cent) 1 2
1
2
3
Member bank reserves
Total
Required
Nonborrowed
4
5
6
Concepts of money
M-l
M-2
M-3
7
8
9
Time and savings deposits
Commercial banks:
Total
Other than large CD's
Thrift institutions 2
7.3
6.9
1.7
6.1
6.3
3.4
8.5
5.7
14.5
6.3
11.8
0.3
9.3
11.0
1.8
10.0
7.8
-11.4
15.0
16.4
19.4
14.9
14.3
8.0
-9.0
-8.1
-3.5
8.0
9.9
11.9
7.5
8.1
10.6
6.2
6.9
7.7
9.9
7.9
7.8
19.6
11.2
9.5
7.2
7.1
7.2
7.5
7.8
8.4
4.8
8.0
9.3
8.5
10.4
11.8
10.3
11.2
15.0
13.0
8.5
14.4
12.8
7.3
8.9
10.1
6.4
7.6
7.5
5.3
7.3
13.6
6.7
7.2
6.1
8.2
9.2
10.2
10.3
11.2
7.5
11.5
13.9
11.1
9.9
9.6
13.0
18.5
15.6
6.0
16.7
5.2
1
10 Total loans and investments at commercial banks 3
1977
Q4
1978
1978
Q1
Q2
Q3
May
June
July
Aug.
Sept.
Interest rates (levels, per cent per annum)
11
12
13
14
Short-term rates 4
Federal funds
Federal Reserve discount 5
Treasury bills (3-month market yield) 6
Commercial paper (90- to 119-day) 7
6.51
5.93
6.11
6.56
6.76
6.46
6.39
6.76
7.28
6.78
6.48
7.16
8.09
7.50
7.31
8.03
7.36
6.84
6.41
7.06
7.60
7.00
6.73
7.59
7.81
7.23
7.01
7.85
8.04
7.43
7.08
7.83
8.45
7.83
7.85
8.39
15
16
17
Long-term rates
Bonds:
U.S. Governments
State and local government
Aaa utility (new issue) 1 o
7.78
5.57
8.27
8.19
5.65
8.70
8.43
6.02
8.98
8.53
6.16
8.94
8.44
6.03
8.95
8.53
6.22
9.09
8.69
6.28
9.14
8.45
6.12
8.82
8.47
6.09
8.86
9.05
9.23
9.58
9.80
9.60
9.75
9.80
9.80
9.80
18
Conventional mortgages
11
9
1
M-l equals currency plus private demand deposits adjusted.
M-2 equals M - l plus bank time and savings deposits other than large
negotiable certificates of deposit (CD's).
M-3 equals M-2 plus deposits at mutual savings banks, savings and
loan associations, and credit union shares.
2
Savings and loan associations, mutual savings banks, and credit
unions.
3
Quarterly changes calculated from figures shown in Table 1.23.
4
Seven-day averages of daily effective rates (average of the rates on
a given date weighted by the volume of transactions at those rates).
5 Rate for the Federal Reserve Bank of New York.
6
Quoted on a bank-discount basis.
7
Beginning Nov. 1977, unweighted average of offering rates quoted by
five dealers. Previously, most representative rate quoted by these dealers.
8 Market yields adjusted to a 20-year maturity by the U.S. Treasury.
9 Bond Buyer series for 20 issues of mixed quality.
I o Weighted averages of new publicly offered bonds rated Aaa, Aa,
and A by Moody's Investors Service and adjusted to an Aaa basis.
Federal
Reserve compilations.
II
Average rates on new commitments for conventional first mortgages
on new homes in primary markets, unweighted and rounded to nearest
5 basis points, from Dept. of Housing and Urban Development.
12
Unless otherwise noted, rates of change are calculated from average
amounts outstanding in preceding month or quarter.
A4
Domestic Financial Statistics • October 1978
1.11 FACTORS AFFECTING MEMBER BANK RESERVES
Millions of dollars
Monthly averages of daily
figures
Weekly averages of daily figures for weeks ending—
Factors
1978
1978
July
Aug.
Sept.f
Aug. 16
1 Reserve Bank credit outstanding...
126,958
125,955
127,906
U.S. Govt, securities1
Bought outright
Held under repurchase agreement
Federal agency securities
Bought outright
Held under repurchase agreement
108,626
107,350
109,243
108,380
110,604
109,862
1,276
8,584
8,166
863
8,220
8,016
742
8,323
7,958
418
204
Acceptances
Loans
Float
Other Federal Reserve assets...
337
1,286
5,399
2,726
963
5,066
2,590
12 Gold stock
13 Special Drawing Rights certificate
account
14 Treasury currency outstanding....
Aug. 23
Aug. 30
Sept. 6
124,323
127,101
127,849
107,720
107,720
110,373
109,093
111,595
109,912
7,983
7,983
1,280
8,204
7,981
1,683
8,485
7,981
7,976
365
223
504
242
145
1,147
4,826
2,374
257
1,067
5,316
2,339
152
4,821
1,945
1,606
329
1,023
4,446
1,971
258
1,165
4,029
2,218
3
510
6,382
2,294
923
5,803
2,385
570
1,559
5,337
2.299
11,698
11,683
11,670
11,680
11,680
11,680
11,679
11,668
11,668
11,668
1,250
11,612
1,279
11,644
1,300
11,682
1,271
11,640
1,300
11,651
1,300
11,658
1,300
11,666
1,300
11,674
1,300
11,683
1.300
11,692
107,057
343
107,241
315
108,022
302
107,516
319
107,260
314
107,066
306
107,841
300
108,512
306
108,127
315
107,663
300
10,512
281
709
10,065
281
609
11,080
279
692
8,419
262
588
10,810
270
563
11,675
264
601
9,468
267
830
7,803
278
673
9,497
299
724
15,429
271
579
Sept. 13
Sept. 20* Sept. 27p
126,118
123,902
126,894
132,435
110,231
109,299
106,744
106,614
109,832
109,832
113,750
112,330
932
130
7,969
7,963
7,950
7,950
1,420
8,920
7,950
SUPPLYING RESERVE FUNDS
2
3
4
5
6
7
8
9
10
11
8,218
970
ABSORBING RESERVE FUNDS
15 Currency in circulation
16 Treasury cash holdings
Deposits, other than member bank
reserves with F.R. Banks:
17
Treasury
18
Foreign
19
Other2
20
21
Other F.R. liabilities and capital...
Member bank reserves with F.R.
Banks
4,047
3,971
4,077
3,805
4,061
4,319
4,109
3,783
4,046
4,285
28,570
28,079
28,105
28,007
28,455
28,256
27,947
27,189
28,537
28,568
End-of-month figures
Wednesday figures
1978
1978
SUPPLYING
22
RESERVE
Reserve Bank credit outstanding
U.S. Govt, securities1
Bought outright
Held under repurchase agreement
Federal agency securities
Bought outright
Held under repurchase agreement
23
24
25
26
27
28
29
30
31
32
July
Aug.
Sept.P
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20* Sept. 27*
126,509
128,374
131,940
126,999
130,192
130,702
121,931
126,356
128,948
135,076
108,885
108,149
111,739
109,858
115,279
113,027
109,512
109,512
112,744
109,687
112,303
109,800
106,175
106,175
108,975
108,067
109,824
109,824
116,363
113,259
736
8,235
8,164
1,881
8,097
7,978
2,252
8,597
7,950
7,981
7,981
3,057
8,645
7,981
2,503
8,874
7,978
7,972
7,972
908
7,996
7,950
7,950
7,950
3,104
9,138
7,950
FUNDS
Acceptances
Loans
Float
Other Federal Reserve assets
33 Gold stock
34 Special Drawing Rights certificate
account
35 Treasury currency outstanding.
71
119
647
664
896
46
268
1,127
5,092
2,902
296
954
5,225
2,063
715
1,363
3,547
2,439
1,089
6,510
1,907
401
1,803
4,645
1,954
449
1,310
5,752
2,014
785
3,052
3,947
23
566
6,380
2,416
2,032
6,781
2,361
753
1,157
5,335
2,330
11,693
11,679
11,668
11,680
11,680
11,680
11,679
11,668
11,668
11,668
1,250
11,592
1,300
11,641
1,300
11,695
1,300
11,651
1,300
11,654
1,300
11,669
1,300
11,672
1,300
11,683
1,300
11,683
1,300
11,695
106,577
313
107,588
299
107,672
302
107,690
321
107,359
308
107,640
304
108,591
305
108,684
306
108,150
297
107,985
297
10,331
347
771
12,068
309
691
16,647
325
628
10,435
272
622
11,460
243
627
12,162
235
631
7,414
301
1,566
7,880
285
592
12,997
337
660
13,543
253
559
1,188
ABSORBING RESERVE FUNDS
36 Currency in circulation
37 Treasury cash holdings
Deposits, other than member bank
reserves with F.R. Banks:
38
Treasury
39
Foreign
40
Other2
41 Other F.R. liabilities and capital.. ,
42 Member bank reserves with F.R.
Banks
4,247
4,329
4,372
3,855
4,201
4,421
3,644
3,819
4,671
4,312
28,461
27,705
26,656
28,435
30,628
29,957
24,762
29,441
26,487
32,789
1 Includes 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.
2
Includes certain deposits of foreign-owned banking institutions
voluntarily held with member banks and redeposited in full with Federal
Reserve Banks.
NOTE.—For amounts of currency and coin held as reserves, see Table
1.12.
Member Banks
A5
1.12 RESERVES AND BORROWINGS Member Banks
Millions of dollars
Monthly averages of daily figures
Reserve classification
All member banks
Reserves:
At F.R. Banks
Currency and coin
Total held1
Required
Excess 1
Borrowings at F.R. Banks: 2
Total
6
Seasonal
7
1
2
3
4
5
8
9
10
11
Large banks in New York City
Reserves held
Excess
12
13
14
15
Large banks in Chicago
Reserves held
Required
Excess
Borrowings 2
16
17
18
19
Other large banks
Reserves held
Required
Excess
Borrowings 2
20
21
22
23
All other banks
Reserves held
Required
Excess
1977
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.*
27,057
9,351
36,471
36,297
174
28,129
9,980
38,185
37,880
305
27,337
9,320
36,738
36,605
133
27,155
8,992
36,231
35,925
306
27,776
9,028
36,880
36,816
64
27,890
9,151
37,119
36,867
252
27,840
9,345
37,262
37,125
137
28,570
9,542
38,189
38,049
140
28,079
9,512
37,666
37,404
262
28,105
9,600
37,776
37,612
164
558
54
481
32
405
52
344
47
539
43
1,227
93
1,111
120
1,286
143
1,147
188
1,067
197
6,244
6,279
-35
48
6,804
6,775
29
77
6,563
6,584
-21
12
6,276
6,193
83
21
6,247
6,320
-73
61
6,315
6,236
79
113
6,341
6,376
-35
54
6,606
6,581
25
129
6,334
6,290
44
58
6,152
6,252
-100
78
1,593
1,613
-20
26
1,733
1,684
49
14
1,623
1,633
-10
1,629
1,620
9
11
1,670
1,686
-16
11
1,697
1,669
28
19
1,668
1,670
-2
20
1,708
1,707
1
20
1,648
1,646
2
3
1,642
1,650
-8
35
13,993
13,931
62
243
14,487
14,504
-17
164
13,867
13,861
6
150
13,729
13,662
67
92
14,135
14,077
58
249
14,106
14,079
27
500
14,250
14,225
25
536
14,553
14,569
-16
499
14,502
14,423
79
417
14,444
14,536
-92
362
14,641
14,474
167
241
15,161
14,917
244
226
14,685
14,527
158
243
14,597
14,450
147
220
14,828
14,733
95
218
15,001
14,883
118
595
15,003
14,854
149
501
15,322
15,192
130
638
15,182
15,045
137
669
15,190
15,174
16
592
Weekly averages of daily figures for weeks ending—
1978
All member banks
Reserves:
At F.R. Banks
Currency and coin
Total held i
Required
Excess 1
Borrowings at F.R. Banks: 2
29
Total
30
Seasonal
24
25
26
27
28
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20*
28,362
9,565
38,004
38,041
-37
28,101
9,881
38,058
37,705
353
27,194
9,890
37,159
37,144
15
28,007
9,790
37,872
37,549
323
28,455
8,777
37,307
37,316
-9
28,256
9,474
37,804
37,535
269
27,947
9,578
37,600
37,295
305
27,189
9,973
37,236
37,123
113
28,537
8,895
37,501
37,278
223
1,462
151
1,438
162
878
179
963
182
1,606
196
1,023
204
1,165
187
510
175
923
189
6,419
6,480
6,287
6,207
80
25
6,158
6,198
-40
66
6,378
6,281
97
143
6,106
1,610
1,609
1
4
1,662
1,662
1,669
1,669
1,699
1,684
15
1,580
1,621
-41
134
31
32
33
34
Large banks in New York City
Reserves held
Required
Excess
Borrowings 2
6,352
6,428
-76
9
6,432
6,370
62
327
6,267
6,255
12
35
36
37
38
Large banks in Chicago
Reserves held
Required
Excess
Borrowings 2
1,688
1,679
9
1,654
1,663
-9
7
1,646
1,637
9
1,658
1,668
39
40
41
42
Other large banks
Reserves
held...
Required
Excess
Borrowings 2 ....
14,496
14,555
-59
696
14,630
14,496
134
409
14,206
14,318
305
14,635
14,446
189
338
14,246
14,395
-149
846
14,689
14,526
163
158
14,372
14,336
36
379
14,376
14,356
20
123
14,197
14,401
-204
210
43
44
45
46
All other banks
Reserves held.
Required...
Excess
Borrowings 2 ..
15,468
15,379
89
757
15,342
15,176
166
695
15,040
14,934
106
573
15,160
14,955
205
584
15,164
15,105
59
731
15,295
15,149
146
799
15,181
15,009
172
634
15,055
14,911
144
387
15,157
15,137
20
573
41
-112
1
Adjusted to include waivers of penalties for reserve deficiencies in
accordance with Board policy, effective Nov. 19, 1975, of 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
-61
-10
6,172
-66
6,266
6,119
147
6
nonmember bank joins the Federal Reserve System. For weeks for which
figures are preliminary, figures by class of bank do not add to total
because adjusted data by class are not available,
2
Based on closing figures.
A6
Domestic Financial Statistics • October 1978
1.13 FEDERAL FUNDS TRANSACTIONS Money Market Banks
Millions of dollars, except as noted
1978, week ending—
Type
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
41
93
136
227
202
Sept. 27
Total, 46 banks
1
Basic reserve position
Excess reserves1
109
39
71
43
131
144
481
118
212
299
129
297
12,965
16,499
16,804
16,079
14,334
16,176
18,905
15,867
14,917
-13,337
-16,578
-16,945
-16,335
-14,333
-16,328
-18,864
-16,001
-14,983
83.9
105.9
106.2
105.0
91.4
104.2
120.8
103.3
93.9
21,816
8,851
6,814
23,680
7,181
5,693
24,010
7,206
5,690
23,037
6,957
5,655
22,130
7,796
5,680
23,697
7,522
5,428
25,096
6,191
5,380
23,696
7,828
5,434
23,266
8,350
5,133
15,002
2,038
17,987
1,489
18,321
1,571
17,382
1,303
16,450
2,116
18,270
2,094
19,717
811
18,262
2,394
18,134
3,218
2,584
1,879
705
4,071
1,682
2,390
3,396
1,399
1,997
2,649
1,701
948
2,524
2,028
496
2,985
1,297
1,688
5,342
1,421
3,921
3,128
951
2,178
3,005
2,574
431
2
91
LESS:
2
3
4
5
6
7
8
9
10
Borrowings at F.R. Banks
Net interbank Federal funds
transactions
EQUALS : Net surplus, or
deficit ( - ) :
Amount
Per cent of average required
reserves
Interbank Federal funds transactions
Gross transactions:
Purchases
Sales
Two-way transactions 2
Net transactions:
Purchases of net buying banks...
Sales of net selling banks
Related transactions with U.S.
Government securities dealers
Loans to dealers 3
11
12
Borrowing from dealers*
13
Net loans
8 banks in New York City
14
Basic reserve position
Excess reserves1
32
LESS:
15
16
17
18
Borrowings at F R Banks . . . .
Net interbank Federal funds
transactions
EQUALS : Net surplus, or
deficit ( - ) :
Amount
Per cent of average required
22
23
Interbank Federal funds transactions
Gross transactions:
Purchases
Sales
Two-way transactions2
Net transactions:
Purchases of net buying b a n k s . . .
Sales of net selling banks
24
25
26
Related transactions with U.S.
Government securities dealers
Loans to dealers 3
Borrowing from dealers 4
Net loans
19
20
21
50
327
-33
53
3
101
36
25
66
143
27
99
2,947
5,195
5,877
4,595
3,906
4,664
5,504
5,062
5,050
-3,242
-5,145
-5,946
-4,567
-3,969
-4,707
-5,502
-4,971
-5,122
56.3
91.0
101.3
81.5
70.9
83.0
98.8
89.7
89.9
4,750
1,803
1,778
5,977
781
781
6,703
826
825
5,570
975
975
5,453
1,547
1,547
5,686
1,022
1,022
6,067
564
564
5,932
871
871
5,858
808
808
2,972
25
5,195
5,877
4,595
3,906
4,664
5,504
5,062
5,050
1,593
872
721
2,567
961
1,606
2,444
746
1,697
1,815
731
1,084
1,657
598
1,060
2,129
546
1,583
3,300
848
2,453
2,180
536
1,643
1,848
539
1,309
2
109
38 banks outside New York City
Basic reserve position
77
27
LESS:
28
29
30
31
Borrowings at F R Banks
Net interbank Federal funds
transactions
EQUALS: Net surplus, or
deficit ( - ) :
Amount
Per cent of average required
reserves
..
Interbank Federal funds transactions
Gross transactions:
32
33
34
35
36
37
38
39
Sales
Two-way transactions 2
Net transactions:
Purchases of net buying b a n k s . . .
Sales of net selling banks
Related transactions with U.S.
Government securities dealers
Loans to dealers 3
Borrowing from dealers4
For notes see end of table.
154
-11
104
-10
128
43
118
176
274
64
154
40
227
104
11,511
13,402
10,806
9,867
10,018
11,304
10,927
11,484
10,429
-10,095
-11,433
-10,999
-11,768
-10,364
-11,622
-13,362
-11,031
-9,861
99.6
114.3
109.1
118.3
102.8
116.2
133.0
110.9
96.1
17,066
7,049
5,036
17,704
6,400
4,912
17,308
6,381
4,864
17,466
5,982
4,679
16,677
6,249
4,133
18,012
6,500
4,406
19,029
5,627
4,816
17,763
6,958
4,563
17,409
7,542
4,325
12,030
2,012
12,792
1,489
12,443
1,517
12,787
1,303
12,545
2,116
13,606
2,094
14,213
811
13,200
2,394
13,084
3,218
991
1,007
-16
1,504
720
784
953
653
300
834
970
-136
866
1,431
-564
856
750
105
2,042
574
1,468
949
414
535
1,157
2,036
-878
Federal Funds
A7
1.13 Continued
1978, week ending—
Type
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
7
74
5 banks in City of Chicago
40
Basic reserve position
Excess reserves1
3
2
14
3
1
8
22
LESS:
41
42
43
44
Borrowings at F.R. Banks
Net interbank Federal funds
transactions
EQUALS: Net surplus, or
deficit ( - ) :
Amount
Per cent of average required
reserves
48
49
Interbank Federal funds transactions
Gross transactions:
Purchases
Sales......
Two-way transactions 2
Net transactions:
Purchases of net buying b a n k s . . .
Sales of net selling banks
50
51
52
Related transactions with U.S.
Government securities dealers
Loans to dealers 3
Borrowing from dealers 4
Net loans
45
46
47
7
132
4,666
5,031
4,618
4,845
4,356
4,922
5,593
5,206
4,998
-4,670
-5,017
-4,616
-4,842
-4,349
-4,921
-5,571
-5,331
-4,924
300.4
327.9
296.4
322.6
280.0
315.5
353.5
352.4
325.8
6,283
1,617
1,617
6,499
1,468
1,468
6,150
1,532
1,533
6,338
1,494
1,494
5,749
1,393
1,392
6,240
1,319
1,318
6,918
1,325
1,325
6,436
1,230
1,229
6,175
1,178
1,178
4,666
5,031
4,618
4,845
4,356
4,922
5,593
5,207
4,997
188
133
55
335
77
258
223
106
117
188
167
22
173
336
-163
253
341
-88
247
196
51
103
58
45
166
727
-561
18
-6
35
94
104
33 other banks
53
Basic reserve position
Excess reserves 1
LESS:
54
55
56
57
58
59
60
61
62
63
64
65
Borrowings at F R Banks
Net interbank Federal funds
transactions
EQUALS: Net surplus, or
deficit ( - ) :
Amount
Per cent of average required
reserves
Interbank Federal funds transactions
Gross transactions:
Purchases
Sales
Two-way transactions 2
Net transactions:
Purchases of net buying b a n k s . . .
Sales of net selling banks
Related transactions with U.S.
Government securities dealers
Loans to dealers 3
74
-25
102
-13
120
42
147
118
176
274
64
154
5,352
6,273
6,309
6,639
6,072
6,589
7,809
5,600
4,870
-5,425
-6,416
-6,383
-6,926
-6,016
-6,701
-7,791
-5,700
-4,938
63.2
75.7
74.9
82.0
70.6
79.4
92.0
10,783
5,431
3,419
11,205
4,932
3,444
11,157
4,848
3,332
11,128
4,488
3,186
10,929
4,856
2,740
11,771
5,182
3,088
12,111
4,302
3,491
11,328
5,728
3,334
11,234
6,364
3,147
7,364
2,012
7,761
1,489
7,825
1,517
7,942
1,303
8,188
2,116
8,684
2,094
8,620
811
7,994
2,394
8,087
3,218
804
874
-71
1,169
643
526
730
547
183
645
803
-158
694
1,094
-401
603
409
193
1,795
378
1,417
846
356
490
991
1,308
-317
1 Based on reserve balances, including adjustments to include waivers
of penalties for reserve deficiencies in accordance with changes in policy
of 2the Board of Governors effective Nov. 19, 1975.
Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which the bank's average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases from dealers subject to resale),
or other lending arrangements.
67.6
56.4
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 U.S. Govt, or other securities.
NOTE.—Weekly averages of daily figures. For description of series,
see August 1964 BULLETIN, pp. 944-53. Back data for 46 banks appear
in the Board's Annual Statistical Digest, 1971-1975, Table 3.
A8
Domestic Financial Statistics • October 1978
1.14 FEDERAL RESERVE BANK INTEREST RATES
Per cent per annum
Current and previous levels
Loans to member banks—
Loans to all others
under Sec. 13, last par. 4
Under Sec. 10(b)2
Under Sees. 13 and 13a*
Federal Reserve
Bank
Regular rate
Rate on
9/30/78
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
m
m
m
m
m
m
m
m
m
m
m
m
Special rate 3
Effective
date
Previous
rate
Rate on
9/30/78
Effective
date
Previous
rate
Rate on
9/30/78
Effective
date
Previous
rate
Rate on
9/30/78
Effective
date
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
IVA
IVA
7 VA
IVA
IVA
IVA
IVA
IVA
IVA
IVA
IVA
IVA
8 VA
8 VA
8 VA
8 VA
8 VA
81/4
8 VA
8 VA
8 VA
8 VA
8 VA
8 VA
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
IVA
m
IVA
7 VA
IVA
7VA
7VA
IVA
IVA
IVA
IVA
IVA
83^
83/4
834
834
834
834
834
834
834
834
834
834
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
814
814
814
814
814
81/4
814
81/4
814
814
814
814
1034
1034
1034
1034
1034
103/4
1034
1034
1034
1034
1034
1034
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
8/21/78
1014
IOI/4
1014
1014
I01/4
1014
1014
1014
1014
1014
1014
1014
Range
(or level)—
All F.R.
Banks
F.R.
Bank
of
N.Y.
1976—Jan.
19
23
Nov. 22
26
5%-6
5V4
514-5%
514
5%
5%
514
514
1977—Aug. 30
31
Sept. 2
Oct. 26
514-534
514-534
534
6
51/4
534
534
6
1978—Jan.
6-6%
6%
6%-7
7
7-714
71/4
734
8
6%
6%
7
7
714
714
734
8
Previous
rate
Range of rates in recent years 5
Effective date
In effect Dec. 31, 1970
1971 _ j a n .
Feb.
July
Nov
Dec.
8
15
19
22
29
13
19
16
23
11
19
13
17
24
1973—Jan. 15
Feb. 26
Mar. 2
Apr. 23
Range
(or level)—
All F.R.
Banks
5\ft
5*4-5%
514
5-514
5-51/4
5
434-5
434
43/4-5
5
434-5
434
F.R.
Bank
of
N.Y.
5i/4
41/4-434
4%
5i4
5i4
514
5
5
5
434
5
5
5
434
4 VA
4%
4i/4
5
5-5%
5V4
5%-534
5
5%
5V4
51/4
Effective date
1973—May
4
11
18
June 11
15
July 2
Aug. 14
23
1974—Apr. 25
30
Dec. 9
16
6
10
24
Feb. 5
7
Mar. 10
14
May 16
23
1975—Jan.
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.
3 Applicable to special advances described in Section 201.2(e)(2) of
Regulation A.
Range
(or level)—
All F.R.
Banks
5VA
534-6
6
6-6%
6%
7
7-7%
7%
7%-8
8
734-8
734
F.R.
Bank
of
N.Y.
s*
6
6%
6%
7
7%
7%
8
8
714-734
714-734
IVA
634-7V4
634
6^-634
614
6-614
714
634
634
614
614
66
Effective date
9
20
May 11
12
July
3
10
Aug. 21
Sept. 22
In effect Sept. 30, 1 9 7 8 . . .
8
8
4
Advances to individuals, partnerships, or corporations other than
member banks secured by direct obligations of, or obligations fully
guaranteed as to principal and interest by, the U.S. Govt, or any agency
thereof.
5
Rates under Sees. 13 and 13a (as described above). For description
and earlier data, see the following publications of the Board of Governors:
Banking and Monetary Statistics, 1914-1941, Banking and Monetary
Statistics, 1941-1970, Annual Statistical Digest, 1971-75, and Annual
Statistical Digest, 1972-76.
Policy Instruments
A9
1.15 MEMBER BANK RESERVE REQUIREMENTS1
Per cent of deposits
Requirements in effect
September 30, 1978
Previous requirements
Type of deposit, and deposit interval
in millions of dollars
Per cent
Effective date
7
12/30/76
12/30/76
12/30/76
12/30/76
12/30/76
Net demand: 2
2 10
10-100
100-400
Over 400
m
HV4
12*/4
I6V4
Per cent
Effective date
m
2/13/75
2/13/75
2/13/75
2/13/75
2/13/75
10
12
13
Time: 2 -3
Other time:
0 - 5 , maturing in—
30 179 days
Over 5, maturing in—
30-179 days
4 years or more
3
3/16/67
3
4
2Vi
41
3/16/67
1/8/76
10/30/75
m
3
3
3/2/67
3/16/67
3/16/67
46
12/12/74
1/8/76
10/30/75
5
3
3
10/1/70
12/12/74
12/12/74
2Vi
41
3/2/67
Legal limits, September 30, 1978
Net demand:
Reserve city banks
Other banks
Time
1
For changes in reserve requirements beginning 1963, see Board's
Annual Statistical Digest, 1971-1975 and for prior changes, see Board's
Annual Report for 1976, Table 13.
2
(a) Requirement schedules are graduated, and each deposit interval
applies to that part of the deposits of each bank. 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) The Federal Reserve Act specifies different ranges of requirements
for reserve city banks and for other banks. Reserve cities are designated
under a criterion adopted effective Nov. 9, 1972, by which a bank having
net demand deposits of more than $400 million is considered to have the
character of business of a reserve city bank. 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
Minimum
Maximum
10
7
3
22
14
10
reserve cities and are permitted to maintain reserves at ratios set for banks
not in reserve cities. For details, see the Board's Regulation D.
(c) Effective August 24, 1978, the Regulation M reserve requirements
on net balances due from domestic banks to their foreign branches and
on deposits that foreign branches lend to U.S. residents were reduced to
zero from 4 per cent and 1 per cent, respectively. The Regulation D
reserve requirement on borrowings from unrelated banks abroad was
also reduced to zero from 4 per cent.
3 Negotiable orders of withdrawal (NOW) accounts and time deposits
such as Christmas and vacation club accounts are subject to the same
requirements as savings deposits.
4 The average of reserves on savings and other time deposits must be
at least 3 per cent, the minimum specified by law.
NOTE.—Required reserves must be held in the form of deposits with
F.R. Banks or vault cash.
A10
Domestic Financial Statistics • October 1978
1.16 MAXIMUM INTEREST RATES PAYABLE on Time and Savings Deposits at Federally Insured Institutions
Per cent per annum
Commercial banks
Type and maturity of deposit
In effect August 31, 1978
Per cent
1 Savings
2
Negotiable orders of withdrawal
accounts 1
3
Money market time deposit of less than
$100,0002
Other time (multiple- and singlematurity unless otherwise indicated) 30-89 days:
4
Multiple-maturity
}
Single-maturity
5
6
7
90 days to 1 year:
Multiple-maturity
Single-maturity
4
}
Previous maximum
Effective
date
Per cent
5
7/1/73
5
1/1/74
(10)
(9)
(9)
(9)
5
7/1/73
5%
7/1/73
}6
Savings and loan associations and
mutual savings banks
In effect August 31, 1978
Effective
date
Per cent
1/21/70
/
I
(9)
41/4
5
'
(
J 5 V4
1 5V4
8
9
10
1 to 2 years
2 to i y 2 years 4
i y 2 to 4 years 4
11
12
13
4 to 6 years 5
6 to 8 years 5
8 years or more 5
m
m
m
14
15
Governmental units (all maturities)..
Individual retirement accounts and
Keogh (H.R. 10) plans*
8
6/1/78
8
6/1/78
7/1/73
7/1/73
11/1/73
12/23/74
6/1/78
5%
1
O)
71/4
(10)
m
1
For authorized States only. Federally insured commercial banks,
savings and loan associations, cooperative banks, and mutual savings
banks were first permitted to offer negotiable orders of withdrawal
(NOW) accounts on Jan. 1, 1974. Authorization to issue N O W accounts
was extended to similar institutions throughout New England on Feb.
27, 1976.
2 Must have a maturity of exactly 26 weeks and a minimum denomination of $10,000, and must be nonnegotiable.
3 For exceptions with respect to certain foreign time deposits see the
Federal Reserve BULLETIN for October 1962 (p. 1279), August 1965 (p.
1094), and February 1968 (p. 167).
4
A minimum of $1,000 is required for savings and loan associations,
except in areas where mutual savings banks permit lower minimum denominations. This restriction was removed for deposits maturing in less
than 1 year, effective Nov. 1, 1973.
5 $1,000 minimum except for deposits representing funds contributed
to an Individual Retirement Account (IRA) or a Keogh (H.R. 10) Plan established pursuant to the Internal Revenue Code. The $1,000 minimum
requirement was removed for such accounts in December 1975 and N o vember 1976, respectively.
6 3-year minimum maturity.
i July 1, 1973, for mutual savings banks; July 6, 1973, for savings and
loan associations.
8 Oct. 1, 1966, for mutual savings banks; Jan. 21, 1970, for savings and
loan associations.
9 Commercial banks, savings and loan associations, and mutual savings
banks were authorized to offer money market time deposits effective
June 1, 1978. The ceiling rate for commercial banks is the discount rate
on most recently issued 6-month U.S. Treasury bills. The ceiling rate for
5
1/1/74
(10)
(9)
(9)
(9)
7/20/66
9/26/66
} 45V4
Effective
date
(8)
(9)
(10)
(10)
5V4
(7)
61/4
m
73/4
1/21/70
/ sy4
1
!
(7)
(7)
8
11/1/73
12/23/74
6/1/78
12/23/74
8
6/1/78
7/6/77
8
6/1/78
11/1/73
Per cent
(7)
}
}
Effective
date
SV4
5
1/21/70
9/26/66
1/21/70
1/21/70
1/21/70
Previous maximum
1/21/70
1/21/70
1/21/70
m
11/1/73
m
m
12/23/74
(10)
7/6/77
savings and loan associations and mutual savings banks is V4 per cent
higher than the rate for commercial banks. The rates and effective dates
for Sept. were:
Aug. 31
7.550
7.800
Thrifts
Sept. 7
7.742
7.992
Sept. 14
Sept. 21
Sept. 28
7.793
8.043
7.979
8.229
8.276
8.526
10
N o separate account category.
n Between July 1, 1973, and Oct. 31, 1973, there was no ceiling for
certificates maturing in 4 years or more with minimum denominations
of $1,000; however, the amount of such certificates that an institution
could issue was limited to 5 per cent of its total time and savings deposits.
Sales in excess of that amount, as well as certificates of less than $1,000,
were limited to the 6Vi per cent ceiling on time deposits maturing in 2lA
years or more.
Effective Nov. 1, 1973, the present ceilings were 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 can
issue.
NOTE—Maximum rates that can be paid by Federally insured commercial banks, mutual savings banks, and savings and loan associations are
established by the Board of Governors of the Federal Reserve System,
the Board of Directors of the Federal Deposit Insurance Corporation,
and the Federal Home Loan Bank Board under the provisions of 12
CFR 217, 329, and 526, respectively. The maximum rates on time deposits in denominations of $100,000 or more were suspended in mid1973. For information regarding previous interest rate ceilings on all
types of accounts, see earlier issues of the Federal Reserve BULLETIN,
the Federal Home Loan Bank Board Journal, and the Annual Report
of the Federal Deposit Insurance Corporation.
1.161 MARGIN REQUIREMENTS
Per cent of market value; effective dates shown.
Type of security on sale
1 Margin stocks
2 Convertible bonds
3 Short sales
Mar. 11, 1968
June 8, 1968
May 6, 1970
Dec. 6, 1971
Nov. 24, 1972
Jan. 3, 1974
70
50
70
80
60
80
65
50
65
55
50
55
65
50
65
50
50
50
NOTE.—Regulations G, T, and U of the Federal Reserve Board of
Governors, 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.
Policy Instruments
All
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS
Millions of dollars
1978
1977
1976
1975
Type of transaction
Feb.
Mar.
Apr.
May
June
July
Aug.
U.S. GOVT. SECURITIES
Outright transactions (excl. matched salepurchase transactions)
1
Treasury bills:
Gross purchases
11,562
5,599
6,431
2
Others within 1 year: 1
1 to 5 years:
2
14,343
8,462
5,017
13,738
7,241
2,136
2
3,886
472
3,017
-4
3,549
792
4.499
2.500
3,284
2
3,202
177
-2,588
-6,649
379
1,974
1,100
-653
2,833
748
50
31
416
737
300
1,670
288
100
261
me
813
r
53
r
—2,343
4,395
701
466
972
689
-241
— i,544
135
-380
235
290
631
—136
r _ 79
467
171
424
241
10
Exchange, or maturity shift
3,854
11
12
13
5 to 10 years:
Gross purchases
Gross sales
Exchange or maturity shift
1,510
1,048
758
-4,697
1,572
584
14
15
16
Over 10 years:
Gross purchases
Gross sales
Exchange or maturity shift
1,070
642
553
848
225
1,565
450
19,707
8,639
5,017
20,898
7,241
4,636
379
1,974
1,100
2,367
50
31
2,341
935
737
300
5,451
701
466
1,919
689
196,078 425,214
196,579 423,841
40,128
44,270
44,976
44,129
42,262
42,799
40,634
40,362
52,544
52,557
44,657
44,712
29,162
29,641
140,311 232.891
139,538 230,355
178.683
180,535
16,057
16,057
13,155
11,468
8,044
8,999
11,517
11,819
14,956
13,100
15,822
17,374
16,286
15,140
1,447
3,127
1,923
-674
-1,261
2,854
7,434
9,087
5,798
246
1,616
169
891
223
1,433
22
53
15,179
15,566
10,520
10,360
13,811
13,638
1,966
1,966
2,638
2,374
163
-35
8,539
-545
410
9,833
-196
159
7,143
770
-480
-17
747
-753
28
1,425
4,107
1,315
-834
8,673
-2,305
2,744
All maturities: 1
18
19
Gross sales
Redemptions
221,313
5,599
2
9,980
Matched sale-purchase transactions
21
Gross purchases
Repurchase agreements
24
2
Net change in U.S. Government securities...
FEDERAL AGENCY OBLIGATIONS
25
26
27
151,205
152,132
2
Outright transactions:
Gross purchases
Gross sales
Redemptions
Repurchase agreements:
1,109
-261
370
191
-906
147
145
-490
101
176
238
i ,526
-87
1,434
74
115
113
895
600
7,320
1,282
1,410
34
28
301
4
173
13
3,927
4,037
3,421
3,088
5,170
5,457
3,080
3,032
BANKERS ACCEPTANCES
30 Outright transactions, net
31 Repurchase agreements, net
32 Net change in total System Account
1
Both gross purchases and redemptions include special certificates
created when the Treasury borrows directly from the Federal Reserve,
as follows (millions of dollars): 1975, 3,549; 1976, none; Sept. 1977,
2,500.
2
In 1975, the System obtained $421 million of 2-year Treasury notes
in exchange for maturing bills. In 1976 there was a similar transaction
amounting to $189 million. Acquisition of these notes is treated as a
purchase; the run-off of bills, as a redemption.
NOTE.—Sales, redemptions, and negative figures reduce holdings of
the System Open Market Account; all other figures increase such holdings.
Details may not add to totals because of rounding.
A12
Domestic Financial Statistics • October 1978
1.18 FEDERAL RESERVE BANKS Condition and F.R. Note Statements
Millions of dollars
Wednesday
End of month
1978
1978
Account
Aug. 30
Sept. 6
Sept. 13
Sept. 20*>
July
Sept. 21 p
Aug.
Sept.*3
Consolidated condition statement
ASSETS
11,680
1,300
11,679
1,300
11,668
1,300
11,668
1,300
11,668
1,300
11,693
1,250
11,679
1,300
11,668
1,300
277
267
267
276
279
276
283
292
1,310
785
566
2,032
1,157
1,127
954
1,363
753
268
296
715
7,978
896
7,972
7,950
46
7,950
7,950
1,188
8,164
71
7,978
119
7,950
647
45,075
41,450
43,342
45,099
47,783
44,370
45,133
47,551
53,229
11,496
109,800
2,503
53,229
11,496
106,175
53,229
11,496
108,067
908
53,229
11,496
109,824
53,859
11,617
113,259
3,104
52,997
10,782
108,149
736
53,229
11,496
109,858
1,881
53,859
11,617
113,027
2,252
17
112,303
106,175
108,975
109,824
116,363
108,885
111,739
115,279
18
122,936
114,932
117,560
119,806
127,411
118,515
121,086
125,954
11,990
392
11,061
394
13,116
393
13,905
394
11,997
396
9,466
389
10,728
392
9,320
394
18
1,604
18
3,535
17
2,006
43
1,924
20
1,914
67
2,446
18
1,653
20
2,025
150,197
143,186
146,327
149,316
154,985
144,102
147,139
150,973
1
2
Gold certificate account
Special Drawing Rights certificate account
3
Loans:
4
Member bank borrowings
S
Other
Acceptances:
6
7
Federal agency obligations:
8
9
10
11
1?
13
14
15
U.S. Government securities
Bought outright:
Bills
449
Other
Notes
Total 1
16
19
20
23
Other assets:
21
22
All other
23
LIABILITIES
24
96,553
97,490
97,574
97,040
96,867
95,571
96,534
96,572
29,957
12,162
235
631
24,762
7,414
301
1,566
29,441
7,880
285
592
26,487
12,997
337
660
32,789
13,543
253
559
28,461
10,331
347
771
27,705
12,068
309
691
26,656
16,647
325
628
42,985
34,043
38,198
40,481
47,144
39,910
40,773
44,256
6,238
1,639
8,009
1,396
6,736
1,430
7,124
2,126
6,662
1,689
4,374
1,469
5,503
1,541
5,773
1,700
147,415
140,938
143,938
146,771
152,362
141,324
144,351
148,301
1,059
1,029
694
1,059
1,029
160
1,060
1,029
300
1,059
1,029
457
1,062
1,029
532
1,057
1,029
692
1,058
1,029
701
1,061
1,029
582
150,197
143,186
146,327
149,316
154,985
144,102
147,139
150,973
85,717
85,463
85,265
85,468
85,412
86,620
85,731
86,450
Deposits:
25
26
27
28
U.S. Treasury—General account
Other 2
29
30
31
Deferred availability cash items.
32
Total liabilities
CAPITAL ACCOUNTS
33
34
35
Other capital accounts
36
37
MEMO: Marketable U.S. Govt, securities held in
custody for foreign and intl. account
Federal Reserve note statement
38
39
40
41
42
43
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
Special Drawing Rights certificate account....
108,520
108,782
108,995
109,223
109,572
107,558
108,625
109,590
11,680
1,300
1,117
94,423
11,679
1,300
732
95,071
11,668
1,300
525
95,502
11,668
1,300
1,627
94,628
11,668
1,300
1,067
95,537
11,693
1,250
1,056
93,559
11,679
1,300
886
94,760
11,668
1,300
1,137
95,485
Total collateral
108,520
108,782
108,995
109,223
109,572
107,558
108,625
109,590
l Includes 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.
2
includes certain deposits of domestic nonmember banks and foreignowned banking institutions voluntarily held with member banks and
redeposited in full with F.R. Banks.
Reserve Banks
A13
1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holdings
Millions of dollars
Type and maturity
Aug. 30
2
3
4
Sept. 6
1,310
1,272
38
Within 15 days
16 days to 90 days
91 days to 1 year
785
660
125
449
449
5 Acceptances
6
Within 15 days
7
16 days to 90 days
8
91 days to 1 year
Wednesday
End of month
1978
1978
July 31
Aug. 31
Sept. 30
Sept. 13
Sept. 20
Sept. 27
565
413
113
39
2,032
1,994
38
1,157
1,115
42
1,132
1,055
77
953
892
61
1,363
1,288
75
753
753
268
268
296
296
715
715
23
23
9 U.S. Government securities
10
Within 15 days i
11
16 days to 90 days
12
91 days to 1 year
13
Over 1 year to 5 years
14
Over 5 years to 10 years
112,303
6,404
22,059
29,458
31,154
13,521
9,707
106,175
4,728
17,722
29,538
30,959
13,521
9,707
108,975
5,484
21,079
28,225
30,959
13,521
9,707
109,824
3,730
22,833
29,074
30,959
13,521
9,707
116,363
8,008
23,444
30,142
31,309
13,632
9,828
108,885
6,094
19,449
31,475
31,025
11,849
8,993
111,739
4,086
22,058
31,408
30,959
13,521
9,707
115,279
5,150
25,203
30,157
31,309
13,632
9,828
16 Federal agency obligations
17
Within 15 days i
18
16 days to 90 days
19
91 days to 1 year
20
Over 1 year to 5 years
21
Over 5 years to 10 years
22
Over 10 years
8,874
1,041
258
1,479
3,594
1,641
861
7,972
97
320
1,459
3,594
1,641
861
7,996
46
394
1,467
3,619
1,609
861
7,950
54
340
1,467
3,619
1,609
861
9,138
1,242
340
1,467
3,619
1,609
861
8,235
114
299
1,495
3,825
1,631
871
8,097
264
258
1,479
3,594
1,641
861
8,597
701
340
1,467
3,619
1,609
861
i Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
1.20 BANK DEBITS AND DEPOSIT TURNOVER
Debits are shown in billions of dollars, turnover as ratio of debits to deposit. Monthly data are at annual rates.
1978
Bank group, or type
of customer
1975
1976
1977
Apr.
r
Debits to demand deposits
1 All commercial banks
2 Major New York City b a n k s . .
3 Other banks
25,028.5
9,670.7
15,357.8
29,180.4
11,467.2
17,713.2
34,322.8
13,860.6
20,462.2
39,113.7
15,128.0
23,985.7
May
2
r
June r
Aug.
July
(seasonally adjusted)
39,590.0
14,774.6
24,815.4
41,538.5
15,976.0
25,562.5
40,575.1
15,355.3
25,219.7
42.722.1
16,432.9
26.289.2
432.1
55.6
376.5
433.0
57.6
375.4
139.0
553.0
95.5
146.2
577.5
99.7
2.0
5.1
1.8
2.0
5.2
1.8
Debits to savings deposits 3 (not seasonally adjusted)
4 All customers
5 Business 1
6 Others
174.0
21.7
152.3
425.5
49.5
376.0
Demand deposit turnover
7 All commercial banks
8 Major New York City b a n k s . .
9 Other banks
105.3
356.9
72.9
116.8
411.6
79.8
129.2
503.0
85.9
137.6
547.9
93.5
398.1
51.9
346.1
2
444.0
61.5
382.6
(seasonally adjusted)
139.4
555.3
96.4
144.4
596.0
98.0
Savings deposit turnover 3 (not seasonally adjusted)
10
11
12
All customers
Business 1
Others
1
Represents corporations and other profit-seeking organizations (excluding commercial banks but including savings and loan associations,
mutual savings banks, credit unions, the Export-Import Bank, and
Federally sponsored lending agencies).
2
Represents accounts of individuals, partnerships, and corporations,
and of States and political subdivisions.
3 Excludes negotiable orders of withdrawal (NOW) accounts and special
club accounts, such as Christmas and vacation clubs.
1.6
4.1
1.5
1.9
4.6
1.8
1.8
4.7
1.6
2.0
5.5
1.8
NOTE.—Historical data—estimated for the period 1970 through June
1977, partly on the basis of the debits series for 233 SMSA's, which were
available through June 1977—are available from Publications Services,
Division of Administrative Services, Board of Governors of the Federal
Reserve System, Washington, D.C. 20551. Debits and turnover data for
savings deposits are not available prior to July 1977.
A14
Domestic Financial Statistics • October 1978
1.21 MONEY STOCK MEASURES AND COMPONENTS
Billions of dollars, averages of daily figures
1974
Dec.
1975
Dec.r
1976
Dec.r
1977
Dec.r
Item
1978
Mar. r
Apr. r
May r
June r
July
Aug.
350.6
835.2
1,419.9
922.2
1,506.9
352.8
840.6
1,429.8
927.3
1,516.5
354.2
846.2
1,440.9
933.6
1,528.3
356.7
853.5
1,455.1
939.8
1,541.4
Seasonally adjusted
MEASURES i
1
2
3
4
5
282.9
612.2
981.2
701.2
1,070.3
M-l
M-2
M-3
M-4
M-5
295.2
664.7
1,092.5
746.1
1,173.8
313.5
740.5
1,236.5
803.2
1,299.2
338.5
809.5
1,376.1
883.5
1,450.1
342.9
822.6
1,400.3
904.7
1,482.3
348.5
830.3
1,411.4
913.7
1,494.9
COMPONENTS
6 Currency
Commercial bank deposits:
7
Demand
Time and savings 2
8
9
Negotiable C D ' s
10
Other
67.8
73.7
80.7
88.6
90.7
91.2
92.1
92.8
93.3
94.0
215.1
418.3
89.0
329.3
221.5
450.9
81.3
369.6
232.8
489.7
62.7
427.0
249.9
545.0
74.0
471.0
252.3
561.7
82.0
479.7
257.3
565.2
83.4
481.8
258.5
571.6
87.1
484.5
259.9
574.5
86.7
487.8
260.9
579.4
87.4
492.0
262.8
583.0
86.3
496.7
11 Nonbank thrift institutions 3
369.1
427.8
496.0
566.6
577.7
581.2
584.7
589.2
594.7
601.6
345.3
833.6
1,420.3
918.2
1,505.0
351.7
842.0
1,435.2
928.3
1,521.5
356.0
848.7
1,447.9
936.0
1,535.2
354.2
850.8
1,453.1
938.8
1,541.1
N o t seasonally adjusted
MEASURES i
12
13
14
15
16
291.3
617.5
983.8
708.0
1,074.3
M-l
M-2
M-3
M-4
M-5
303.9
670.0
1,095.0
753.5
1,178.4
322.6
745.8
1,238.4
810.0
1,320.7
348.2
814.9
1,377.5
890.9
1,453.4
338.2
821.1
1,400.2
901.4
1,480.5
350.9
836.6
1,421.2
917.9
1,502.6
COMPONENTS
17 Currency
Commercial bank deposits:
18
Demand
19
Member
20
Domestic nonmember
21
Time and savings
22
Negotiable CD's 2
23
Other
24 Nonbank thrift institutions 3
25 U.S. Government deposits (all commercial banks)
1
69.0
75.1
82.1
90.1
89.9
91.0
91.9
92.9
94.1
94.3
222.2
159.7
58.5
416.7
90.5
326.3
228.8
162.8
62.6
449.6
83.5
366.2
240.5
169.4
67.5
487.4
64.3
423.1
258.1
177.5
76.2
542.6
75.9
466.7
248.2
170.0
74.3
563.6
80.2
483.0
259.9
177.3
78.5
567.1
81.4
485.7
253.3
172.6
76.9
572.9
84.6
488.3
258.8
175.7
79.1
576.6
86.3
490.3
262.0
177.7
80.3
579.9
87.3
492.6
259.9
176.1
79.9
584.6
88.0
496.6
366.3
424.9
492.7
562.5
579.1
584.6
586.7
593.2
599.2
602.2
4.9
4.1
4.4
5.1
4.8
5.0
4.0
6.2
4.5
3.6
Composition of the money stock measures is as follows:
M - l : Averages of daily figures for (1) demand deposits at commercial
banks other than domestic interbank and U.S. Govt., less cash items in
process of collection and F.R. float; (2) foreign demand balances at F.R.
Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults
of commercial banks.
M-2: M - l plus savings deposits, time deposits open account, and time
certificates of deposit (CD's) other than negotiable CD's of $100,000 or
more at large weekly reporting banks.
M-3: M-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).
M-4: M-2 plus large negotiable CD's.
M-5: M-3 plus large negotiable CD's.
Latest monthly and weekly figures are available from the Board's 508
(H.6) release. Back data are available from the Banking Section, Division
of Research and Statistics.
2 Negotiable time CD's issued in denominations of $100,000 or more
by large weekly reporting commercial banks.
3
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.
NOTES TO TABLE 1.23:
1 Adjusted to exclude domestic commercial interbank loans.
2 Loans sold are those sold outright to a 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. 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 Data beginning June 30, 1974, include one large mutual savings
bank that merged with a nonmember commercial bank. As of that date
there were increases of about $500 million in loans, $100 million in
"Other" securities, and $600 million in "Total loans and investments."
As of Oct. 31, 1974, "Total loans and investments" of all commercial
banks were reduced by $1.5 billion in connection with the liquidation
of one large bank. Reductions in other items were: "Total loans," $1.0
billion (of which $0.6 billion was in "Commercial and industrial loans"),
and "Other securities," $0.5 billion. In late November "Commercial and
industrial loans" were increased by $0.1 billion as a result of loan reclassifications at another large bank.
4
Reclassification of loans reduced these loans by about $1.2 billion
as of Mar. 31, 1976.
5 Reclassification of loans at one large bank reduced these loans by
about $200 million as of Dec. 31, 1977.
NOTE.—Data are for last Wednesday of month except for June 30
and Dec. 31; data are partly or wholly estimated except when June 30
and Dec. 31 are call dates.
Monetary Aggregates
A15
1.22 AGGREGATE RESERVES AND DEPOSITS Member Banks
Billions of dollars, averages of daily figures
1977
Item
1974
Dec.
1975
Dec.
1978
1976
Dec.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Seasonally adjusted
36.57
1 Reserves 1
35.84
2 Nonborrowed
36.31
3 Required
4 Deposits subject to reserve requirements 2 . . 4 8 6 . 1
322.1
5 Time and savings
Demand :
160.6
6
Private
3.3
7
U.S. Government
34.68
34.55
34.42
504.6
337.1
34.93
34.89
34.29
528.9
354.3
36.14
35.57
35.95
569.1
387.0
36.61
36.12
36.34
575.8
390.5
36.93
36.52
36.69
577.9
395.4
36.67
36.34
36.47
582.1
399.2
36.95
36.39
36.80
586.0
400.7
37.26
36.05
37.04
592.0
406.0
37.73
36.63
37.55
595.6
407.1
38.19
36.88
38.00
600.3
410.5
37.91
36.77
37.74
600.9
411.4
164.5
2.9
171.4
3.2
178.5
3.6
182.1
3.1
179.5
3.0
179.6
3.4
182.0
3.3
183.5
2.6
184.6
3.9
186.1
3.7
186.3
3.3
N o t seasonally adjusted
8 Deposits subject to reserve requirements 2 .. 4 9 1 . 8
321.7
9
Time and savings
Demand:
166.6
10
Private
3.4
11
U.S. Government
510.9
337.2
534.8
353.6
575.3
386.4
581.3
390.3
572.5
393.2
579.4
399.3
588.6
401.2
588.3
406.1
596.8
408.6
600.6
411.1
599.0
412.8
170.7
3.1
177.9
3.3
185.1
3.8
187.9
3.1
176.1
3.1
176.6
3.5
183.8
3.6
179.3
2.9
183.7
4.5
186.4
3.2
183.7
2.5
1
Series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Regulations D and M. There
are breaks in series because of changes in reserve requirements effective
Dec. 12, 1974; Feb. 13, May 22, and Oct. 30,1975; Jan. 8, and Dec. 30,1976.
In addition, effective Jan. 1, 1976, statewide branching in New York
was instituted. The subsequent merger of a number of banks raised
required reserves because of higher reserve requirements on aggregate
deposits at these banks.
2
Includes 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 f r o m domestic commercial banks.
NOTE.—Back data and estimates of the impact on required reserves
and changes in reserve requirements are shown in Table 14 of the Board's
Annual Statistical Digest, 1971-1975.
1.23 LOANS AND INVESTMENTS All Commercial Banks
Billions of dollars; last Wednesday of m o n t h except for June 30 and Dec. 31
1978
Category
1974
Dec. 31
3
1975
Dec. 31
1976
Dec. 31
1977
Dec. 31
Apr. 26
V
May 31
V
June 30
July 26
V
V
Aug. 30 Sept. 27
V
V
Seasonally adjusted
1 Loans and investments 1
2
Including loans sold outright 2
690.4
695.2
721.1
725.5
784.4
788.2
870.6
875.5
906.0
910.5
917.9
922.3
922.4
926.9
935.2
939.8
939.2
943.9
947.1
951.7
3
4
5
6
Loans:
Total
Including loans sold o u t r i g h t 2
Commercial and industrial
Including loans sold o u t r i g h t 2
500.2
505.0
183.3
186.0
496.9
501.3
176.0
178.5
538.9
542.7
4179.5
4181.9
617.0
621.9
5201.4
5204.2
646.3
650.8
213.3
215.6
657.9
662.3
219.2
221.5
661.2
665.7
220.4
222.6
672.0
676.6
222.3
224.6
677.2
681.9
224.4
226.9
684.4
689.0
226.3
228.7
7
8
Investments:
U.S. Treasury
Other
50.4
139.8
79.4
144.8
97.3
148.2
95.6
158.0
97.6
162.1
97.1
162.9
98.4
162.8
99.7
163.5
97.0
165.0
96.3
166.4
Not seasonally adjusted
9 Loans and investments 1
10
Including loans sold o u t r i g h t 2 . . .
705.6
710.4
737.0
741.4
801.6
805.4
888.9
893.8
904.9
909.4
917.0
921.4
928.9
933.3
931.1
935.7
936.6
941.3
946.1
950.8
11
12
13
14
Loans:
Total1
Including loans sold o u t r i g h t 2 .
Commercial and industrial
Including loans sold o u t r i g h t 2 ,
510.7
515.5
186.8
189.5
507.4
511.8
179.3
181.8
550.2
554.0
4182.9
4185.3
629.9
634.8
5205.0
5207.8
642.3
646.8
213.8
216.1
657.1
661.5
219.2
221.5
669.2
673.7
223.0
225.2
672.6
677.1
222.4
224.7
678.0
682.7
223.3
225.8
685.8
690.5
225.6
228.0
15
16
Investments:
U.S. Treasury
Other
54.5
140.5
84.1
145.5
102.5
148.9
100.2
158.8
99.6
163.1
96.6
163.4
96.1
163.6
95.2
163.4
93.9
164.7
94.1
166.2
F o r notes see bottom of opposite page.
A16
DomesticNonfinancialStatistics • October 1978
1.24 COMMERCIAL BANK ASSETS AND LIABILITIES Last-Wednesday-of-Month Series
Billions of dollars except for number of banks
1976
1977
Dec.
Dec.
19783
Account
Jan."
Feb."
Mar."
Apr."
May."
June?
July"
Aug."
Sept."
All commercial
1 Loans and investments
2
Loans, gross
Investments:
3
U.S. Treasury securities
4
Other
846.4
594.9
939.1
680.1
921.6
664.9
926.0
668.0
936.0
677.8
947.7
685.0
967.4
707.4
966.8
707.8
972.1
713.5
977.0
718.4
987.7
727.4
102.5
148.9
100.2
158.8
97.9
158.8
99.6
158.5
98.6
159.6
99.6
163.1
96.6
163.4
95.9
163.2
95.2
163.4
93.9
164.7
94.1
166.2
5
6
7
8
9
136.1
12.1
26.1
49.6
48.4
168.7
13.9
29.3
59.0
66.4
126.9
14.0
26.6
42.4
43.9
145.2
13.8
31.0
46.9
53.5
131.5
14.3
30.2
44.1
43.0
134.1
14.1
27.6
44.7
47.6
162.7
14.3
30.3
53.3
64.7
142.6
14.6
30.8
45.5
51.6
131.8
14.6
23.6
46.3
47.3
139.9
15.0
29.7
44.9
50.3
143.6
15.0
32.6
46.4
49.6
1,030.7 1,166.0 1,113.7 1,136.4 1,136.7 1,151.2
1,199.5
1,177.3 1,170.4
Currency and coin
Reserves with F . R . Banks
Balances with banks
Cash items in process of collection..
10
Total assets/total
capital i
11
15
16
Deposits
Demand:
Interbank
U.S. Government
Other
Time:
Interbank
Other
17
18
Borrowings
Total capital accounts 2
19
MEMO: Number of banks
12
13
14
liabilities
and
1,184.5
1,200.6
838.2
939.4
883.6
899.7
896.2
910.3
946.1
926.2
924.0
929.8
941.1
45.4
3.0
288.4
51.7
7.3
323.9
37.1
4.5
284.2
42.6
5.8
288.6
37.4
4.8
280.2
38.8
6.1
292.0
50.7
3.2
310.6
40.5
7.1
294.9
40.2
4.2
293.2
40.1
2.7
295.8
41.6
10.7
294.2
9.2
492.2
9.8
546.6
9.1
548.8
8.7
554.0
9.0
564.8
9.0
564.4
9.4
572.2
9.8
573.9
10.2
576.2
10.6
580.6
11.5
583.1
80.2
78.1
96.2
85.8
99.9
82.4
103.7
82.8
105.7
83.3
104.5
83.7
111.4
84.6
109.0
84.7
102.3
85.4
108.2
85.9
111.9
87.1
14,671
14,707
14,703
14,682
14,689
14,697
14,702
14,701
14,713
14,721
14,721
Member
20
21
22
23
Loans, gross
Investments:
U.S. Treasury securities
Other
24
25
26
27
28
Cash assets, total
Currency and coin
Reserves with F.R. Banks
Balances with banks
Cash items in process of collection..
29
Total assets/total
capital i
liabilities
30
Demand:
31
32
33
34
35
36
37
U.S. Government
Other
Time:
Interbank
Other
Borrowings
Total capital accounts 2
38
620.5
442.9
675.5
494.9
659.5
481.8
661.8
483.1
668.6
490.5
676.8
495.3
693.8
514.3
691.5
512.8
695.8
517.7
698.9
520.3
706.9
527.0
74.6
103.1
70.4
110.1
67.7
110.0
69.2
109.5
68.2
109.9
68.8
112.7
66.9
112.7
66.2
112.5
65.7
112.5
65.3
113.3
65.4
114.5
108.9
9.1
26.0
27.4
46.5
134.4
10.4
29.3
30.8
63.9
102.2
10.4
26.6
23.0
42.2
117.2
10.2
31.0
24.6
51.4
104.8
10.6
30.2
22.9
41.2
106.5
10.5
27.6
22.7
45.7
130.7
10.6
30.3
28.1
61.7
114.6
10.8
30.8
23.6
49.4
104.2
10.8
23.6
24.3
45.4
111.6
11.1
29.7
22.9
48.0
115.4
11.1
32.6
24.0
47.7
and
772.9
861.8
818.0
835.3
833.2
843.3
884.7
864.5
857.3
868.9
882.2
618.7
683.5
636.8
649.2
645.1
655.1
686.7
668.4
666.1
670.5
679.6
42.4
2.1
215.5
48.0
5.4
239.4
34.4
3.4
208.4
39.5
4.4
211.8
34.7
3.7
205.1
36.0
4.5
213.4
47.5
2.2
229.1
37.7
5.1
216.2
37.3
3.1
214.6
37.2
1.9
217.0
38.6
8.1
215.6
7.2
351.5
7.8
382.9
7.1
383.5
6.7
386.9
7.0
394.7
6.9
394.3
7.3
400.5
7.7
401.7
8.2
402.9
8.6
405.9
9.4
407.8
71.7
58.6
84.9
63.7
88.0
61.8
90.8
62.1
91.8
62.4
91.1
62.7
96.9
63.3
94.2
63.4
88.0
64.0
93.9
64.3
97.2
65.1
5,759
5,669
5,659
5,659
5,654
5,645
5,638
5,611
5,613
5,610
5,610
1 Includes items not shown separately.
Effective Mar. 31, 1976, some of the item "reserve for loan losses"
and all of the item "unearned income on loans" are no longer reported
as liabilities. As of that date the "valuation" portion of "reserve for
loan losses" and the "unearned income on loans" have been netted
against "other assets," and against "total assets" as well.
Total liabilities continue to include the deferred income tax portion of
"reserve for loan losses."
2
Effective Mar. 31, 1976, includes "reserves for securities" and the
contingency portion (which is small) of "reserve for loan losses."
3 Figures partly estimated except on call dates.
NOTE.—Figures include all bank-premises subsidiaries and other significant majority-owned domestic subsidiaries.
Commercial banks: All such banks in the United States, including
member and nonmember banks, stock savings banks, nondeposit trust
companies, and U.S. branches of foreign banks, but excluding one national bank in Puerto Rico and one in the Virgin Islands.
Member banks: The following numbers of noninsured trust companies
that are members of the Federal Reserve System are excluded from member banks in Tables 1.24 and 1,25 and are included with noninsured banks
in Table 1.25: 1974—June, 2; December, 3; 1975—June and December,
4; 1976 (beginning month shown)—July, 5; December, 7; 1977-January, 8.
Commercial Banks
A17
1.25 COMMERCIAL BANK ASSETS AND LIABILITIES Call-Date Series
Millions of dollars except for number of banks
1976
1977
1976
1977
Account
June 30
Dec. 31
June 30
Dec. 31
June 30
Total insured
1 Loans and investments, gross
Loans:
Gross
Net
Investments:
4
U.S. Treasury securities
5
Other
6 Cash assets
2
3
7
Total assets/total liabilities 1
8
9
10
11
12
13
Demand:
Other
Time:
Interbank
Other
Dec. 31
June 30
Dec. 31
National (all insured)
773,701
827,696
854,734
914,783
443,959
476,610
488,240
523,000
539,021
520,976
578,734
560,076
601,122
581,143
657,513
636,323
315,628
305,280
340,691
329,971
351,311
339,955
384,722
372,702
90,947
143,731
124,072
101,461
147,500
129,562
100,568
153,053
130,726
99,333
157.937
159,264
49,688
78,642
75,488
55,727
80,191
76,072
53,345
83,583
74,641
52,244
86,033
92,050
548,702
583,304
599,743
651,360
776,957
825,003
847,372
922,664
444,251
469,377
476,381
520,167
4,622
37,502
265,671
3,022
44,064
285,200
2,817
44,965
284,544
7,310
49,849
319,873
2,858
20,329
152,383
1,676
23,149
163,346
1,632
22,876
161,358
4,172
25,646
181,821
9,406
459,753
8,248
484,467
7,721
507,324
8,731
536,899
5,532
263,147
4,907
276,296
4,599
285,915
5,730
302,795
942,519 1,003,969 1,040,945 1,129,711
14
15
Total capital accounts
63,828
68,988
75,291
72,061
81,137
75,503
89,332
79,084
45,187
39,501
54,421
41,319
57,283
43,142
63,218
44,994
16
MEMO: Number of banks
14,373
14,397
14,425
14,397
4,747
4,735
4,701
4,654
State member (all insured)
17
Loans:
18
19
20
21
22
Net
Investments:
U.S. Treasury securities
Other
Insured nonmember
136,915
144,000
144,597
152,518
192,825
207,085
221,896
239,265
98,889
96,037
102,277
99,474
102,117
99,173
110,247
107,210
124,503
119,658
135,766
130,630
147,694
142,015
162,543
156,411
16,323
21,702
30,422
18,849
22,874
32,859
19,296
23,183
35,918
18,179
24,091
42,305
24,934
43,387
18,161
26,884
44,434
20,631
27,926
46,275
20,166
28,909
47,812
24,908
23
179,649
189,578
195,452
210,441
214,167
231,086
245,749
267,910
24
142,061
149,491
152,472
163 443
190,644
206,134
218,519
239,053
869
15,833
49,659
429
19,295
52,204
371
20,568
52,570
1,241
22,353
57,605
894
1,339
63,629
917
1,619
69,648
813
1,520
70,615
1,896
1,849
80,445
28
29
3,074
72,624
2,384
75,178
2,134
76,827
2,026
80,216
799
123,980
956
132,993
988
144,581
973
153,887
30
31
15,300
12,791
17,310
13,199
19,697
13,441
21,729
14,184
3,339
16,696
3,559
17,542
4,155
18,919
4,384
19,905
32
1,029
1,023
1,019
1,014
8,597
8,639
8,705
8,729
Demand:
25
26
27
Time:
Noninsured nonmember
Total nonmember
15,905
18,819
22,940
24,415
208,730
225,904
244,837
263,681
13,209
13,092
16,336
16,209
20,865
20,679
22,686
22,484
137,712
132,751
152,103
146,840
168,559
162,694
185,230
178,896
472
2,223
4,362
1,054
1,428
6,496
993
1,081
8,330
879
849
9,458
25,407
45,610
22,524
27,938
45,863
27,127
28,919
47,357
28,496
29,788
48,662
34,367
39
21,271
26,790
33,390
36,433
235,439
257,877
279,139
304,343
40
11,735
13,325
14,658
16,844
202,380
219,460
233,177
255,898
4
1,006
2,555
4
1,277
3,236
8
1,504
3,588
10
1,868
4,073
899
2,346
66,184
921
2,896
72,884
822
3,025
74,203
1,907
3,718
84,518
1,292
6,876
1,041
7,766
1,164
8,392
1,089
9,802
2,092
130,857
1,997
140,760
2,152
152,974
2,063
163,690
3,372
663
4,842
818
7,056
893
6,908
917
6,711
17,359
8,401
18,360
11,212
19,812
11,293
20,823
270
275
293
310
8,867
8,914
8,998
9,039
33
Loans:
34
35
36
37
38
Investments:
U.S. Treasury securities
Demand:
41
42
43
Time:
44
45
46
47
Total capital accounts
48
i Includes items not shown separately.
For Note see Table 1.24.
A18
DomesticNonfinancialStatistics • October 1978
1.26 COMMERCIAL BANK ASSETS AND LIABILITIES Detailed Balance Sheet, March 31, 1978
Millions of dollars, except for number of banks.
Member banks 1
Asset account
Insured
commercial
banks
Large banks
Total
New York
City
1 Cash bank balances, items in process
2
Currency and coin
3
Reserves with F.R. Banks
4
Demand balances with banks in United States.
5
Other balances with banks in United States. . .
6
Balances with banks in foreign countries
7
Cash items in process of collection
8 Total securities held—Book value
9
U.S. Treasury
10 Other U.S. Government agencies
11
States and political subdivisions
12 All other securities
13
Unclassified total
14
15
16
17
18
19
Trading-account securities
U.S. Treasury
Other U.S. Government agencies
States and political subdivisions
All other trading account securities
Unclassified
20
21
22
23
24
Bank investment portfolios
U.S. Treasury
Other U.S. Government agencies
States and political subdivisions
All other portfolio securities
25 F.R. stock and corporate stock
26 Federal funds sold and securities resale agreement
27
Commercial banks
28
Brokers and dealers
29
Others
30 Other loans, gross
31
LESS: Unearned income on loans
32
Reserves for loan loss
33
Other loans, net
34
35
36
37
38
39
40
41
42
43
44
Other loans, gross, by category
Real estate loans
Construction and land development
Secured by farmland
Secured by residential properties
1- to 4-family residences
FHA-insured or VA-guaranteed
Conventional
Multifamily residences
FHA-insured
Conventional
Secured by other properties
City of
Chicago
Other
large
All other
148,275
11,654
29,373
35,658
5,250
4,235
62,105
126,359
8,556
29,373
22,002
2,914
3,713
59,801
40,297
922
5,021
10,601
584
582
22,588
4,853
183
1,338
95
5
327
2,904
44,741
2,734
11,935
2,928
726
1,819
24,599
36,468
4,718
11,079
8,377
1,598
985
9,710
256,200
98,358
37,712
113,825
6,202
103
177,684
68,855
24,043
80,789
3,923
74
20,044
9,874
1,767
8,027
376
8,012
3,223
976
3,616
197
57,309
22,426
6,868
26,803
1,192
20
92,319
33,333
14,432
42,344
2,157
54
5,922
3,358
981
998
482
103
745
338
974
983
377
74
2,143
1,361
365
285
132
867
659
65
96
47
2,487
1,245
496
529
197
20
248
72
48
73
250,278
94,999
36,731
112,827
5,720
171,939
65,518
23,069
79,807
3,546
17,901
8,513
1,402
7,742
244
54,822
21,180
6,372
26,274
996
92,071
33,261
14,384
42,270
2,156
7,145
2,564
911
3,520
150
1
54
1,624
1,373
307
107
488
471
45,780
38,829
4,315
2,636
35,129
28,401
4,168
2,560
3,622
2,139
1,151
332
1,931
1,587
269
75
17,552
13,391
2,166
1,995
12,024
11,284
581
158
616,444
14,864
6,904
594,676
459,958
9,980
5,471
444,507
72,630
586
1,233
70,811
24,555
96
321
24,137
173,551
3,243
2,070
168,237
189,222
6,054
1,846
181,322
182,790
21,562
7,919
104,315
99,365
7,612
91,754
4,950
387
4,562
48,994
125,708
16,178
3,453
73,123
69,561
6,613
62,948
3,562
325
3,237
32,953
9,472
2,253
21
4,769
4,203
547
3,655
566
129
437
2,430
2,463
505
8
1,344
1,244
45
1,199
67,105
5,470
3,042
39,552
37,951
2,440
35,511
25
74
607
46,667
7,951
381
27,459
26,163
3,581
22,582
1,296
84
1,212
10,875
13,951
4,298
1,008
2,681
840
5,124
2,497
1,833
3,321
64,071
2,910
658
247
696
212
1,097
291
983
10,312
49,221
100
1,600
86
1,514
19,041
45
46
47
48
49
50
51
52
53
54
Loans to financial institutions
REIT's and mortgage companies
Domestic commercial banks
Banks in foreign countries
Other depository institutions
Other financial institutions
Loans to security brokers and dealers
Other loans to purchase or carry securities
Loans to farmers—except real estate
Commercial and industrial loans
34,258
8,476
2,806
6,597
1,424
14,955
10,108
4,216
25,440
201,203
32,199
8,092
2,136
6,427
1,302
14,242
9,805
3,494
13,955
163,093
11,202
2,267
743
2,786
5,196
5,597
376
165
37,199
4,135
869
138
264
40
2,824
1,420
302
157
12,602
55
56
57
58
59
60
61
62
63
64
65
66
67
Loans to individuals
Instalment loans
Passenger automobiles
Residential repair and modernization
Credit cards and related plans
Charge-account credit cards
Check and revolving credit plans
Other retail consumer goods
Mobile homes
Other
Other instalment loans
Single-payment loans to individuals
All other loans
142,918
115,070
51,361
7,325
18,708
14,819
3,888
17,696
9,097
8,599
19,980
27,848
15,510
98,541
79,424
32,804
4,834
16,487
13,256
3,231
12,036
6,376
5,659
13,262
19,117
13,163
6,336
4,732
889
286
2,085
1,351
734
368
169
199
1,104
1,604
2,284
2,195
1,406
157
69
1,003
964
39
53
20
33
124
789
1,279
35,289
29,071
9,796
1,771
8,846
7,288
1,558
4,480
2,359
2,121
4,178
5,921
54,721
44,215
21,962
2,708
4,554
3,653
900
7,136
3,828
3,307
7,856
10,505
3,679
898,279
658,693
94,784
34,187
243,587
286,136
5,990
21,948
3,079
13,803
37,661
5,626
16,359
3,038
13,376
33,818
1,041
2,380
1,498
6,540
14,263
140
760
242
939
1,283
3,458
6,227
1,201
5,492
13,472
988
6,992
98
405
4,800
1,129,035
857,269
160,802
42,404
318,177
335,885
68 Total loans and securities, net
69
70
71
72
73
Direct lease financing
Fixed assets—Buildings, furniture, real estate
Investment in unconsolidated subsidiaries
Customer acceptances outstanding
Other assets
74 Total assets
For notes see opposite page.
211
6,218
Commercial Banks
A19
1.26 Continued
Member b a n k s 1
Liability or capital account
Insured
commercial
banks
Nonmember
banks1
Large banks
Total
All other
New York
City
City of
Chicago
Other
large
75 Demand deposits
76
Mutual savings banks
77
Other individuals, partnerships, and corporations
78
U.S. Government
79
States and political subdivisions
80
Foreign governments, central banks, etc
81
Commercial banks in United States
82
Banks in foreign countries
83
Certified and officers' checks, etc
343,578
1,242
264,540
3,550
16,671
1,439
36,160
7,023
12,955
264,614
1,068
196,602
2,370
11,298
1,346
34,900
6,856
10,173
61,165
511
31,756
146
663
1,083
17,748
5,306
3,951
10,354
2
7,025
31
277
15
2,499
213
293
94,367
252
75,203
681
3,340
203
10,586
1,130
2,971
98,728
304
82,618
1,512
7,019
44
4,067
207
2,957
78,977
176
67,937
1,180
5,372
92
1,271
167
2,783
84 Time deposits
340,980
97
367
267,045
858
56,281
8,469
6.473
1,389
247,508
77
350
192,741
669
38,502
8,224
5,719
1,226
36,646
14,894
171
27,651
45
1,820
4,872
1,380
708
45
10,975
22
1,340
1,442
982
88
88,682
1
113
67,811
354
15,789
1,794
2,599
221
107,286
76
21
86,305
249
19,553
116
758
209
93,472
21
17
74,304
189
17,779
245
754
163
93 Savings deposits
94
Individuals and nonprofit organizations
95
Corporations and other profit organizations
96
U.S. Government
97
States and political subdivisions
98
All other
224,267
208,729
10,674
60
4,766
38
155,670
145,150
7,433
47
3,006
35
11,086
10,324
509
4
231
18
2,909
2,758
142
56,219
52,523
3,103
18
559
15
85,456
79,545
3,678
26
2,205
2
68,597
63,579
3,241
13
1,760
4
99 Total deposits
908,825
667,792
108,896
28,157
239,268
291,470
241,046
89,613
45,167
10,272
34,175
6,413
1,686
14,394
21,389
84,592
43,009
9,595
31,988
6,073
1,380
13,966
18,620
21,755
8,459
2,115
11,181
2,583
229
7,119
6,655
9,112
6,188
1,115
1,808
123
29
942
1,158
40,981
22,824
5,029
13,128
2,608
681
5,499
7,006
12,744
5,537
1,336
5,871
759
442
407
3,802
5,026
2,158
682
2,186
340
310
428
2,897
1,042,320
792,424
147,237
39,521
296,042
309,623
250,047
5,734
4,459
1,109
80
1,995
1,275
1,275
80,981
80
17,439
31,468
30,246
1,748
60,387
32
12,623
22,763
23,763
1,206
12,456
2,802
2,645
4,542
5,137
132
570
1,404
776
52
20,141
2
3,926
7,997
7,855
361
24,987
29
5,482
8,821
9,994
660
20,606
49
4,822
8,708
6,485
543
1,129,035
857,269
160,802
42,404
318,177
335,885
271,928
117 D e m a n d deposits adjusted
Average for last 15 or 30 days:
118
Cash and due f r o m bank
119
Federal funds sold and securities purchased under agreements to resell
120
Total loans
121
Time deposits of $ 100,000 or m o r e
122
Total deposits
123
Federal funds purchased and securities sold under agreements to repurchase
124
Other liabilities for borrowed money
241,764
167,543
20,683
4,920
58,500
83,439
74,223
133,088
113,373
32,111
5,086
42,039
34,136
19,722
46,678
596,705
165,180
887,163
35,671
446,117
135,150
649,600
4,328
71,996
30,866
101,607
1,997
24,061
11,960
26,568
16,675
168,519
56,901
233,300
12,671
181,541
35,422
288,125
11,090
150,589
30,030
237,573
91,131
6,488
86,470
6,176
23,676
2,702
9,751
117
40,486
2,538
12,557
820
4,661
312
125 Standby letters of credit outstanding
126 Time deposits of $100,000 or more
127
Certificates of deposit
128
Other time deposits
16,408
168,974
144,741
24,233
15,465
138,295
117,812
20,483
8,772
31,243
27,027
4,216
1,169
12,496
10,698
1,798
4,378
58,552
49,085
9,467
1,146
36,004
31,002
5,002
944
30,679
26,930
3,750
14,372
5,652
12
9
153
5,478
8,733
86
87
88
89
90
91
92
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
100 Federal funds purchased and securities sold under agreements
to repurchase
101
Commercial banks
102
Brokers and dealers
103
Others
104 Other liabilities for borrowed money
105 Mortgage indebtedness
106 Bank acceptances outstanding
107 Other liabilities
108 Total liabilities
109 Subordinated notes and debentures
110 Equity capital
Ill
Preferred stock
112
C o m m o n stock
113
Surplus
114
Undivided profits
115
Other capital reserves
116 Total liabilities and equity capital
MEMO ITEMS:
129 N u m b e r of banks
1
2
Member banks exclude and nonmember banks include 13 noninsured
trust companies that are members of the Federal Reserve System.
2
Demand deposits adjusted are demand deposits other than domestic
commercial interbank and U.S. Govt., less cash items reported as in
process of collection.
*
io
NOTE.—Data include consolidated reports, including figures for all
bank-premises subsidiaries and other significant majority-owned domestic subsidiaries. Securities are reported o n a gross basis before deductions of valuation reserves. Holdings by type of security will be reported
as soon as they become available.
Back data in lesser detail were shown in previous BULLETINS. Details
may not add to totals because of rounding.
A20
DomesticNonfinancialStatistics • October 1978
1.27 ALL LARGE WEEKLY REPORTING COMMERCIAL BANKS Assets and Liabilities
Millions of dollars, Wednesday figures
1978
Account
1 Total loans and investments
2
3
4
5
6
Loans:
Federal funds sold1
To commercial banks
To brokers and dealers involving—
U.S. Treasury securities
Other securities
To others
7
8
9
Other, gross
Commercial and industrial
Agricultural
For purchasing or carrying securities:
To brokers and dealers:
U.S. Treasury securities
Other securities
To others:
U.S. Treasury securities
Other securities
To nonbank financial institutions:
Personal and sales finance cos., etc
Other
Real estate
To commercial banks:
Domestic
Foreign
Consumer instalment
Foreign govts., official institutions, etc
All other loans
LESS: Loan loss reserve and unearned income
on loans
Other loans, net
10
11
12
13
14
15
16
17
18
19
20
21
22
23
32
33
Investments:
U.S. Treasury securities
Bills
Notes and bonds, by maturity:
Within 1 year
1 to 5 years
After 5 years
Other securities
Obligations of States and political
subdivisions:
Tax warrants, short-term notes, and
bills
All other
Other bonds, corporate stocks, and
securities:
Certificates of participation 2
All other, including corporate stocks
34
35
36
37
38
39
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
24
25
26
27
28
29
30
31
40 Total assets/total liabilities
Deposits:
Demand deposits
Individuals, partnerships, and corps
States and political subdivisions
U.S. Govt
Domestic interbank:
Commercial
Mutual savings
Foreign:
Governments, official institutions, e t c . . . .
Commerial banks
Certified and officers' checks
Time and savings deposits 3
Savings 4
Time:
Individuals, partnerships, and corps
States and political subdivisions
Domestic interbank
Foreign govts., official institutions, etc...
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57 Federal funds purchased, etc. 5
Borrowings from:
58
F.R. Banks
59
Others
60 Other liabilities, etc. 6
61 Total equity capital and
subordinated
notes/debentures 7
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30"
Sept. 6"
Sept. 13" Sept. 20" Sept. 27"
467,710
470,167
473,202
467,324
469,516
479,086
474,578
477,078
475,523
25,649
19,981
27,084
19,762
26,805
20,720
22,900
17,600
23,813
18,346
28,575
21,101
24,741
19,287
24,591
18,858
23,119
17,947
2,874
577
2,217
4,446
551
2,325
3,390
511
2,184
2,721
554
2,025
2,768
519
2,180
4,601
558
2,315
2,991
513
1,950
3,020
567
2,146
2,360
592
2,220
342,412
135,352
5,217
343,201
134,541
5,249
345,689
135,106
5,249
344,078
134,958
5,245
345,497
134,968
5,259
348,286
135,402
5,282
348,142
135,546
5,314
350,215
136,543
5,314
351,173
136,710
5,334
1,022
8,424
1,712
8,308
1,505
8,898
927
8,150
933
8,857
1,600
8,915
1,493
8,602
1,321
8,942
921
9,253
106
2,620
106
2,623
106
2,619
105
2,626
107
2,625
106
2,637
109
2,620
106
2,599
105
2,586
8,097
15,423
82,752
8,044
15,557
83,177
7,969
15,700
83,713
8,274
15,577
84,061
7,874
15,702
84,423
8,242
15,638
84,671
8,309
15,786
85,158
8,074
15,875
85,555
8,118
15,904
85,882
2,483
5,776
51,911
1,644
21,585
2,317
6,209
52,105
1,671
21,582
2,312
5,991
52,477
1,591
22,453
2,231
5,985
52,693
1,564
21,682
2,313
5,929
53,043
1,634
21,830
2,392
6,024
53,242
1,714
22,421
2,162
5,968
53,372
1,706
21,997
2,329
5,962
53,637
1,645
22,313
2,561
6,063
53,941
1,666
22,129
10,448
331,964
10,543
332,658
10,621
335,068
10,677
333,401
10,682
334,815
10,732
337,554
10,793
337,349
10,840
339,375
10,789
340,384
42,847
4,497
42,613
4,418
43,577
4,278
43,331
4,737
42,777
4,590
43,803
4,610
43,518
4,506
43,918
4,838
42,917
4,338
7,255
26,242
4,853
67,250
7,227
26,085
4,883
67,812
6,912
26,564
5,823
67,752
6,623
26,242
5,729
67,692
6,741
25,850
5,596
68,111
6,915
26,694
5,584
69,154
6,920
26,487
5,605
68,970
6,937
26,500
5,643
69,194
6,979
26,014
5,586
69,103
6,131
44,764
6,540
44,947
6,110
45,352
6,079
45,382
6,156
45,750
6,784
45,931
6,069
46,226
6,080
46,028
6,141
45,953
2,870
13,485
2,847
13,478
2,796
13,494
2,836 , 2,835
13,395
13,370
2,840
13,599
2,855
13,820
2,936
14,150
2,855
14,154
45,413
24,721
6,256
14,621
3,369
63,121
40,752
20,679
6,191
13,727
3,378
63,473
47,325
21,711
6,354
15,736
3,267
61,397
41,698
23,163
6,506
13,737
3,274
63,955
43,132
22,408
6,782
14,295
3,256
63,298
52,742
18,229
6,155
15,275
3,325
63,412
46,007
22,708
6,863
13,104
3,306
64,970
47,020
19,210
6,755
14,362
3,315
65,876
43,352
25,261
6,936
14,783
3,328
65,367
625,211
618,367
628,992
619,657
622,687
638,224
631,536
633,616
634,550
192,013
138,220
6,632
1,444
183,778
134,261
5,643
1,065
194,654
140,184
6,007
1,342
183,366
133,405
5,484
1,155
186,538
135,136
5,592
1,030
200,217
141,823
5,736
2,985
192,868
142,160
5,364
1,482
195,335
139,295
5,832
5,700
191,858
135,128
5,802
5,970
28,213
913
26,295
816
29,093
871
26,872
753
27,563
784
31,272
945
27,263
804
27,784
801
28,666
754
1,273
7,275
8,043
267,169
91,862
175,307
135,914
25,351
6,071
6,355
1,060
6,726
7,912
268,002
91,879
176,123
136,351
25,679
6,187
6,279
1,031
6,937
9,189
267,895
91,858
176,037
136,466
25,652
6,054
6,209
1,264
7,035
7,398
269,280
91,898
177,382
136,923
26,153
6,371
6,278
1,261
6,497
8,675
270,102
91,592
178,510
137,420
26,298
6,453
6,655
1,656
6,758
9,042
270,573
91,805
178,768
137,482
26,278
6,487
6,775
1,074
6,534
8,187
272,167
91,540
180,627
139,084
26,335
6,730
6,745
1,238
6,658
8,027
271,820
91,459
180,361
138,877
26,200
6,950
6,604
1,346
6,634
7,558
272,480
91,633
180,847
139,486
26,153
7,041
6,409
78,014
80,263
80,066
80,213
79,304
80,175
79,797
78,034
82,370
1,696
6,544
33,133
392
6,300
32,958
611
6,185
32,978
1,192
6,106
32,827
608
6,688
32,694
350
6,882
33,043
176
6,746
32,738
1,487
6,616
33,407
509
6,661
33,658
46,642
46,674
46,603
46,673
46,753
46,984
47,044
46,917
47,014
1 Includes securities purchased under agreements to resell.
Federal agencies only.
Includes time deposits of U.S. Govt, and of foreign banks, which are
not4 shown separately.
For amounts of these deposits by ownership categories, see Table 1.30.
2
3
5 Includes securities sold under agreements to repurchase.
6
Includes minority interest in consolidated subsidiaries and deferred
tax portion of reserves for loans.
7 Includes reserves for securities and contingency portion of reserves
for loans.
Weekly Reporting Banks
A21
1.28 LARGE WEEKLY REPORTING COMMERCIAL BANKS IN NEW YORK CITY Assets and Liabilities
Millions of dollars, Wednesday figures
1978
Account
1 Total loans and investments
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Loans:
Federal funds sold1
To commercial banks
To brokers and dealers involving—
U.S. Treasury securities
Other securities
To others
Other gross
Commercial and industrial
Agricultural
For purchasing or carrying securities:
To brokers and dealers:
U.S. Treasury securities
Other securities
To others:
U.S. Treasury securities
Other securities
To nonbank financial institutions:
Personal and sales finance cos., e t c . . . . . .
Other
Real estate
To commercial banks:
Domestic
Foreign
Consumer instalment
Foreign govts, official institutions, etc
All other loans
LESS: Loan loss reserve and unearned income
on loans
Other loans, net
32
33
Investments:
U.S. Treasury securities
Bills
Notes and bonds, by maturity:
Within 1 year
1 to 5 years
After 5 years
Other securities
Obligations of States and political
subdivisions:
Tax warrants, short-term notes, and bills.
All other
Other bonds, corporate stocks, and
securities:
Certificates of participation 2
All other, including corporate s t o c k s . . . .
34
35
36
37
38
39
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
24
25
26
27
28
29
30
31
40 Total assets/total liabilities
Deposits:
41
42
43
44
Individuals, partnerships, and corps
States and political subdivisions
U.S. Govt
Domestic interbank:
Commercial
Mutual savings
Foreign:
Governments, official institutions, e t c . . . .
Commercial banks
Certified and officers' checks
45
46
47
48
49
50
51
52
53
54
55
56
Savings 4
Time
Individuals, partnerships and corps
States and political subdivisions
Domestic interbank
Foreign govts., official institutions, etc...
57 Federal funds purchased, etc.5
Borrowings from:
58
F.R. Banks
59
Others
60 Other liabilities, etc. 6
61 Total eauitv capital and subordinated notes/
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30p
Sept. 6p
95,187
95,211
97,832
93,929
94,099
96,907
94,792
96,634
94,795
5,799
3,769
5,038
2,773
5,614
3,517
4,464
2,943
4,534
2,900
4,586
2,795
3,442
2,008
4,294
2,604
3,884
2,344
1,261
19
750
1,622
11
632
1,435
3
659
947
6
568
929
10
695
1,322
4
465
963
4
467
1,114
4
572
900
4
636
70,871
35,721
151
71,513
35,361
152
72,973
35,816
153
70,728
35,586
154
71,156
35,745
163
72,979
36,205
163
72,917
36,318
167
73,728
36,667
161
73,148
36,771
157
919
4,406
1,532
4,309
1,394
A,111
807
4,147
786
4,605
1,477
A,112
1,371
4,652
1,204
5,075
809
4,801
24
358
25
367
25
367
26
368
28
364
28
368
29
359
28
354
26
358
2,786
4,804
9,319
2,754
4,808
9,368
2,675
4,813
9,394
2,926
4,824
9,407
2,626
4,746
9,428
2,802
4,710
9,447
2,879
4,723
9,603
2,790
4,827
9,657
2,759
4,820
9,718
823
2,551
4,735
320
3,954
797
2,968
4,756
357
3,959
787
2,756
4,804
330
4,882
681
2,643
4,822
345
3,992
672
2,737
4,841
375
4,040
730
2,744
4,854
409
4,270
612
2,697
4,886
395
4,226
736
2,706
4,907
361
4,255
767
2,737
4,935
389
4,101
1,806
69,065
1,824
69,689
1,838
71,135
1,839
68,889
1,847
69,309
1,867
71,112
1,889
71,028
1,889
71,839
1,849
71,299
9,761
1,771
9,783
1,777
10,275
1,714
9,866
1,935
9,477
1,893
10,002
1,982
9,274
1,385
9,415
1,630
8,723
1,178
926
6,123
941
10,562
988
6,099
919
10,701
910
6,065
1,586
10,808
619
5,887
1,425
10,710
672
5,629
1,283
10,779
597
6,282
1,141
11,207
561
6,121
1,207
11,048
539
6,010
1,236
11,086
566
5,762
1,217
10,889
1,551
6,900
1,834
6,906
1,694
7,072
1,690
7,016
1,732
7,023
2,150
7,034
1,772
7,174
1,868
6,949
1,850
6,910
516
1,595
502
1,459
500
1,542
521
1,483
517
1,507
517
1,506
501
1,601
540
1,729
521
1,608
14,127
6,300
906
7,337
1,715
24,889
13,865
5,869
899
6,749
1,707
25,295
15,739
5,509
920
8,406
1,701
23,171
13,950
4,884
933
7,413
1,716
26,344
15,534
4,683
973
7,786
1,722
25,361
15,451
6,650
955
6,840
1,713
24,723
14,706
6,442
1,025
6,427
1,729
26,510
15,327
3,657
1,034
7,409
1,729
27,330
14,243
5,658
1,039
7,145
1,732
26,912
150,461
149,595
153,278
149,169
150,158
153,239
151,631
153^120
151,524
53,215
28,715
549
115
50,584
27,517
412
132
54,828
29,118
416
120
51,388
27,115
509
141
53,163
28,215
388
114
54,312
27,707
411
563
51,990
28,152
397
133
54,469
28,753
511
1,174
53,142
27,281
509
1,155
13,392
472
12,528
401
14,158
439
13,475
373
13,648
377
13,977
482
13,005
407
13,769
402
14,447
371
1,018
5,505
3,449
45,614
9,598
36,016
27,843
1,741
2,003
3,695
808
5,154
3,632
45,572
9,591
35,981
27,798
1,759
2,027
3,670
111
5,194
4,606
45,589
9,573
36,016
27,963
1,806
1,945
3,592
1,005
5,329
3,441
45,374
9,560
35,814
27,640
1,831
1,965
3,646
994
4,924
4,503
45,634
9,526
36,108
27,681
1,790
1,919
3,956
1,354
5,157
4,661
45,908
9,551
36,357
27,900
1,766
1,870
4,028
849
4,844
4,203
46,105
9,540
36,565
28,142
1,797
1,890
3,949
1,007
5,052
3,801
45,800
9,525
36,275
27,821
1,829
1,967
3,847
1,084
4,849
3,446
45,770
9,571
36,199
27,835
1,845
2,015
3,666
19,654
22,739
21,850
21,286
20,150
22,244
22,937
22,330
21,822
878
3,029
14,890
0
2,996
14,490
285
3,112
14,387
175
3,180
14,542
460
3,379
14,143
0
3,315
14,176
0
3,398
13,914
0
3,257
13,979
0
3,289
14,217
13,181
13,214
13,227
13,224
13,229
13,284
13,287
13,285
13,284
1 Includes securities purchased under agreements to resell.
Federal agencies only.
3 Includes time deposits of U.S. Govt, and of foreign banks, which
are not shown separately.
4 For amounts of these deposits by ownership categories, see Table 1.30.
2
Sept. 13 p Sept. 20p Sept. 21p
5 Includes securities sold under agreements to repurchase.
6 Includes minority interest in consolidated subsidiaries and deferred
tax portion of reserves for loans.
7 Includes reserves for securities and contingency portion of reserves
for loans.
A22
DomesticNonfinancialStatistics • October 1978
1.29 LARGE WEEKLY REPORTING COMMERCIAL BANKS OUTSIDE NEW YORK CITY
Assets and Liabilities
Millions of dollars, Wednesday figures
1978
Account
1 Total loans and investments
Loans:
Federal funds sold1
To commercial banks
To brokers and dealers involving—
U.S. Treasury securities
Other securities
To others
2
3
4
5
6
7
8
9
Other, gross
Commercial and industrial
Agricultural
For purchasing or carrying securities:
To brokers and dealers:
U.S. Treasury securities
Other securities
To others:
U.S. Treasury securities
Other securities
To nonbank financial institutions:
Personal and sales finance cos., etc
Other
Real estate
To commercial banks:
Domestic
Foreign
Consumer instalment
Foreign govts., official institutions, etc.
All other loans
LESS: Loan reserve and unearned income on
loans
Other loans, net
10
11
12
13
14
15
16
17
18
19
20
21
22
23
32
33
Investments:
U.S. Treasury securities
Bills
Notes and bonds, by maturity:
Within 1 year
1 to 5 years
After 5 years
Other securities
Obligations of States and political subdivisions :
Tax warrants, short-term notes, and bills
Allother
Other bonds, corporate stocks, and
securities:
Certificates of participation 2
All other, including corporate s t o c k s . . .
34
35
36
37
38
39
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
24
25
26
27
28
29
30
31
40 Total assets/total liabilities
Deposits:
Demand deposits
Individuals, partnerships, and corps
States and political subdivisions
U.S. Govt
Domestic interbank:
Commercial
Mutual savings
Foreign:
Governments, official institutions, etc
Commercial banks
Certified and officers' checks
Time and savings deposits 3
Savings 4
Time
Individuals, partnerships, and corps.
States and political subdivisions
Domestic interbank
Foreign govts., official institutions, etc..
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57 Federal funds purchased, etc. 5
Borrowings from:
58
F.R. Banks
59
Others
60 Other liabilities, etc. 6
61 Total equity capital and subordinated
notes/debentures 7
1
2
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30p
Sept. 6p
Sept. 13p Sept. 20p Sept. 27p
372,523
374,956
375,370
373,395
375,417
382,179
379,786
380,444
380,728
19,850
16,212
22,046
16,989
21,191
17,203
18,436
14,657
19,279
15,446
23,989
18,306
21,299
17,279
20,297
16,254
19,235
15,603
1,613
558
1,467
2,824
540
1,693
1,955
508
1,525
1,774
548
1,457
1,839
509
1,485
3,279
554
1,850
2,028
509
1,483
1,906
563
1,574
1,460
588
1,584
271,541
99,631
5,066
271,688
99,180
5,097
272,716
99,290
5,096
273,350
99,372
5,091
274,341
99,223
5,096
275,307
99,197
5,119
275,225
99,228
5,147
276,487
99,876
5,153
278,025
99,939
5,177
103
4,018
180
3,999
111
4,121
120
4,003
147
4,252
123
4,143
122
3,950
117
3,867
112
4,452
82
2,262
81
2,256
81
2,252
79
2,258
79
2,261
78
2,269
80
2,261
78
2,245
79
2,228
5,311
10,619
73,433
5,290
10,749
73,809
5,294
10,887
74,319
5,348
10,753
74,654
5,248
10,956
74,995
5,440
10,928
75,224
5,430
11,063
75,555
5,284
11,048
75,898
5,359
11,084
76,164
1,660
3,225
47,176
1,324
17,631
1,520
3,241
47,349
1,314
17,623
1,525
3,235
47,673
1,261
17,571
1,550
3,342
47,871
1,219
17,690
1,641
3,192
48,202
1,259
17,790
1,662
3,280
48,388
1,305
18,151
1,550
3,271
48,486
1,311
17,771
1,593
3,256
48,730
1,284
18,058
1,794
3,326
49,006
1,277
18,028
8,642
262,899
8,719
262,969
8,783
263,933
8,838
264,512
8,835
265,506
8,865
266,442
8,904
266,321
8,951
267,536
8,940
269,085
33,086
2,726
32,830
2,641
33,302
2,564
33,465
2,802
33,300
2,697
33,801
2,628
34,244
3,121
34,503
3,208
34,194
3,160
6,329
20,119
3,912
56,688
6,239
19,986
3,964
57,111
6,002
20,499
4,237
56,944
6,004
20,355
4,304
56,982
6,069
20,221
4,313
57,332
6,318
20,412
4,443
57,947
6,359
20,366
4,398
57,922
6,398
20,490
4,407
58,108
6,413
20,252
4,369
58,214
4,580
37,864
4,706
38,041
4,416
38,280
4,389
38,366
4,424
38,727
4,634
38,897
A,291
39,052
4,212
39,079
4,291
39,043
2,354
11,890
2,345
12,019
2,296
11,952
2,315
11,912
2,318
11,863
2,323
12,093
2,354
12,219
2,396
12,421
2,334
12,546
31,286
18,421
5,350
7,284
1,654
38,232
26,887
14,810
5,292
6,978
1,671
38,178
31,586
16,202
5,434
7,330
1,566
38,226
27,748
18,279
5,573
6,324
1,558
37,611
27,598
17,725
5,809
6,509
1,534
37,937
37,291
11,579
5,200
8,435
1,612
38,689
31,301
16,266
5,838
6,677
1,577
38,460
31,693
15,553
5,721
6,953
1,586
38,546
29,109
19,603
5,897
7,638
1,596
38,455
474,750
468,772
475,714
470,488
472,529
484,985
479,905
480,496
483,026
138,798
109,505
6,083
1,329
133,194
106,744
5,231
933
139,826
111,066
5,591
1,222
131,978
106,290
4,975
1,014
133,375
106,921
5,204
916
145,905
114,116
5,325
2,422
140,878
114,008
4,967
1,349
140,866
110,542
5,321
4,526
138,716
107,847
5,293
4,815
14,821
441
13,767
415
14,935
432
13,397
380
13,915
407
17,295
463
14,258
397
14,015
399
14,219
383
255
1,770
4,594
221,555
82,264
139,291
108,071
23,610
4,068
2,660
252
1,572
4,280
222,430
82,288
140,142
108,553
23,920
4,160
2,609
254
1,743
4,583
222,306
82,285
140,021
108,503
23,846
4,109
2,617
259
1,706
3,957
223,906
82,338
141,568
109,283
24,322
4,406
2,632
267
1,573
4,172
224,468
82,066
142,402
109,739
24,508
4,534
2,699
302
1,601
4,381
224,665
82,254
142,411
109,582
24,512
4,617
2,747
225
1,690
3,984
226,062
82,000
144,062
110,942
24,538
4,840
2,796
231
1,606
4,226
226,020
81,934
144,086
111,056
24,371
4,983
2,757
262
1,785
4,112
226,710
82,062
144,648
111,651
24,308
5,026
2,743
58,360
57,524
58,216
58,927
59,154
57,931
56,860
55,704
60,548
818
3,515
18,243
392
3,304
18,468
326
3,073
18,591
1,017
2,926
18,285
148
3,309
18,551
350
3,567
18,867
176
3,348
18,824
1,487
3,359
19,428
509
3,372
19,441
33,461
33,460
33,376
33,449
33,524
33,700
33,757
33,632
33,730
Includes securities purchased under agreements to resell.
Federal agencies only.
3 Includes time deposits of U.S. Govt, and of foreign banks, which
are4 not shown separately.
For amounts of these deposits by ownership categories, see Table 1.30.
5
6
Includes securities sold under agreements to repurchase.
Includes minority interest in consolidated subsidiaries and deferred
tax portion of reserves for loans.
7 Includes reserves for securities and contingency portion of reserves
for loans.
Weekly Reporting Banks
A23
1.30 LARGE WEEKLY REPORTING COMMERCIAL BANKS Balance Sheet Memoranda
Millions of dollars, Wednesday figures
1978
Account
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30*>
Sept. 6p
Sept. 13? Sept. 20? Sept. 21p
1
2
3
Total loans (gross) and investments adjusted 1
Large Banks
New York City banks
Banks outside New York City
455,694
92,401
363,293
458,631
93,465
365,166
460,791
95,366
365,425
458,170
92,144
366,026
459,539
92,374
367,165
466,325
95,249
371,076
463,922
94,061
369,861
466,731
95,183
371,548
465,804
93,533
372,271
4
5
6
Total loans (gross), adjusted
Large banks
New York City banks
Banks outside New York City
345,597
12,on
273,519
348,206
72,981
275,225
349,462
74,283
275,179
347,147
71,568
275,579
348,651
72,118
276,533
353,368
74,040
279,328
351,434
73,739
277,695
353,619
74,682
278,937
353,784
73,921
279,863
7
8
9
Demand deposits, adjusted 2
Large Banks
New York City banks
Banks outside New York City
116,943
25,581
91,362
115,666
24,059
91,607
116,894
24,811
92,083
113,641
23,822
89,819
114,813
23,867
90,946
113,218
24,321
88,897
118,116
24,146
93,970
114,831
24,199
90,632
113,870
23,297
90,573
87,243
24,780
62,463
87,869
24,807
63,062
87,608
24,748
62,860
88,426
24,539
63,887
89,248
24,817
64,431
89,385
24,958
64,427
90,893
25,088
65,805
90,569
24,723
65,846
90,977
24,595
66,382
62,227
17,945
44,282
62.562
17,999
44.563
62,448
18,073
44,375
62,823
17,761
45,062
63,164
17,794
45,370
63,111
17,976
45,135
64,363
18,129
46,234
63,912
17,725
46,187
64,380
17,721
46,659
25,016
6,835'
18,181
25,307
6,808
18,499
25,160
6,675
18,485
25,603
6,778
18,825
26,084
7,023
19,061
26,274
6,982
19,292
26,530
6,959
19,571
26,657
6,998
19,659
26,597
6,874
19,723
33,808
6,301
27,507
33,999
6,288
27,711
34,018
6,304
27,714
34,496
6,307
28,189
34,628
6,328
28,300
34,719
6,455
28,264
34,820
6,481
28,339
34,707
6,512
28,195
34,654
6,540
28,114
20,200
5,100
15,100
20,326
5,068
15,258
20,395
5,095
15,300
20,443
5,085
15,358
20,419
5,096
15,323
20,504
5,143
15,361
20,626
5,186
15,440
20,705
5,227
15,478
20,724
5,223
15,501
13,608
1,201
12,407
13,673
1,220
12,453
13,623
1,209
12,414
14,053
1,222
12,831
14,209
1,232
12,977
14,215
1,312
12,903
14,194
1,295
12,899
14,002
1,285
12,717
13,930
1,317
12,613
85,751
8,951
76,800
85,717
8,950
76,767
85,683
8,929
76,754
85,641
8,914
76,727
85,306
8,891
76,415
85,465
8,903
76,562
85,220
8,881
76,339
85,197
8,863
76,334
85,342
8,902
76,440
4,948
454
4,494
5,020
460
4,560
5,003
461
4,542
5,094
467
4,627
5,134
470
4,664
5,163
474
4,689
5,137
473
4,664
5,077
470
4,607
5,113
473
4,640
1,143
183
960
1,123
169
954
1,147
165
982
1,140
163
977
1,138
158
980
1,154
160
994
1,152
169
983
1,153
172
981
1,145
176
969
20
10
10
19
12
7
25
18
7
23
16
7
14
7
7
23
14
9
31
17
14
32
20
12
33
20
13
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Large negotiable time3 CD's included in time and
savings deposits
Total:
Large banks
New York City
Banks outside New York City
Issued to IPC's:
Large banks
New York City Banks
Banks outside New York City
Issued to others:
Large banks
New York City banks
Banks outside New York City
All other large time deposits 4
Total:
Large banks
New York City banks
Banks outside New York City
Issued to IPC's:
Large banks
New York City banks
Banks outside New York City
Issued to others:
Large banks
New York City banks
Banks outside New York City
37
38
39
Savings deposits, by ownership category
Individuals and nonprofit organizations:
Large banks
New York City banks
Banks outside New York City
Partnerships and corporations for profit: 5
Large banks
New York City banks
Banks outside New York City
Domestic governmental units:
Large banks
New York City banks
Banks outside New York City
All other:6
Large banks
New York City banks
Banks outside New Yotk City
40
41
42
Gross liabilities oi banks to their foreign branches
Large banks
New York City banks
Banks outside New York City
5,970
3,138
2,832
5,453
2,450
3,003
5,352
3,151
2,201
5,305
2,766
2,539
5,040
2,631
2,409
5,545
3,245
2,300
4,623
2,016
2,607
5,668
2,632
3,036
5,311
2,175
3,136
43
44
45
Loans sold outright to selected institutions by all
large banks 7
Commercial and industrial 8
Real estate 8
All other 8
2,381
249
2,027
2,472
245
2,014
2,424
249
2,016
2,481
251
2,027
2,479
247
1,958
2,412
256
2,033
2,424
253
2,061
2,366
252
2,020
2,376
252
2,022
28
29
30
31
32
33
34
35
36
1
Exclusive of loans and Federal funds transactions with domestic
commercial
banks.
2
All demand deposits except U.S. Govt, and domestic commercial
banks, less cash items in process of collection.
3 Certificates of deposit (CD's) issued in denominations of $100,000 or
more.
4
All other time deposits issued in denominations of $100,000 or more
not included in large negotiable (CD's).
5
Other than commercial banks.
6 Domestic and foreign commercial banks, and official international
organizations.
7
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.
8 Data revised beginning July 7, 1977, due to reclassifications at one
large bank.
A24
DomesticNonfinancialStatistics • October 1978
1.31 LARGE WEEKLY REPORTING COMMERCIAL BANKS Commercial and Industrial Loans
Millions of dollars
Outstanding
Industry classification
Net change during—
1978
Aug. 30
Sept. 6
Sept. 13
1978
Sept. 20
Sept. 27"
Q2r
1978
Q3"
July
Aug.
Sept."
Total loans classified 2
109,709
110,182
110,408
111,283
111,500
5,384
1,346
-655
210
1,791
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products...
Other durable goods
2,721
5,324
2,696
2,393
3,943
2,751
5,268
2,655
2,422
3,987
2,699
5,317
2,705
2,474
4,020
2,706
5,375
2,760
2,502
4,048
2,732
5,388
2,747
2,522
4,045
43
177
66
181
382
-66
-16
-52
69
136
-95
2
-69
-45
-14
18
-82
-34
-15
48
11
64
51
129
102
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
4,152
4,439
2,566
3,399
2,399
4,190
4,483
2,502
3,474
2,439
4,232
4,495
2,480
3,467
2,439
4,114
4,420
2,544
3,494
2,471
4,154
4,383
2,521
3,468
2,480
409
565
159
154
61
-101
240
-116
-101
213
-186
129
-75
-55
56
83
167
4
-115
76
2
-56
-45
69
81
10,453
10,427
10,509
10,627
10,577
883
172
-33
81
124
1,766
8,973
8,062
5,337
1,678
5,114
5,204
13,546
1,825
8,998
8,023
5,366
1,708
5,191
5,209
13,635
1,745
8,905
8,001
5,407
1,699
5,120
5,200
13,749
1,771
8,999
8,034
5,452
1,784
5,138
5,209
13,956
1,744
9,172
8,194
5,494
1,733
5,099
5,221
13,959
-187
458
639
-147
249
38
483
1,134
-323
232
-80
53
68
89
110
520
-86
81
-14
-177
17
166
86
98
-215
-48
-198
73
-4
-62
7
9
-22
199
132
157
55
-15
17
413
8,030
2,879
7,992
3,039
7,932
3,188
8,013
3,177
8,036
3,112
296
-429
282
-149
161
-627
115
245
6
233
4,635
4,598
4,625
4,689
4,719
-230
166
25
57
84
—8
—7
— 19
18
329
1,742
1 Total
2
3
4
5
6
7
8
9
10
11
12 Mining, including crude petroleum
and natural gas
Trade:
13 Commodity dealers
14
Other wholesale
15
Retail
16 Transportation
17 Communication
18 Other public utilities
19 Construction
20 Services
21 All other domestic loans
22 Bankers acceptances
23 Foreign commercial and industrial
loans
MEMO ITEMS:
24 Commercial paper 1included in total
classified loans
25 Total commercial and industrial
loans of all large weekly reporting banks
63
45
134,968
135,402
135,546
136,543
136,710
— 60
6,601
1978
May 31
June 28
July 26
1,333
-738
1978
Aug. 30
Sept. 27"
Q2
1978
July
Q3
Aug.
Sept.
"Term" loans classified 3
26 T o t a l . .
51,205
51,293
51,905
52,618
53,012
1,926
1,719
612
713
394
27
28
29
30
31
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products..
Other durable goods
1,736
2,622
1,460
973
1,625
1,706
2,576
1,420
994
1,678
1,695
2,712
1,439
1,000
1,718
1,710
2,669
1,586
990
1,699
1,672
2,650
1,565
1,007
1,713
128
45
-69
87
106
-34
74
145
13
35
-11
136
19
6
40
15
-43
147
-10
-19
-38
-19
-21
17
14
32
33
34
35
36
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and l e a t h e r . . . .
Petroleum refining
Chemicals and rubber
Other nondurable goods
1,671
1,097
1,962
2,229
1,093
1,671
1,122
1,947
2,412 v
1,091
1,691
1,138
1,882
2,418
1,103
1,740
1,133
1,882
2,322
1,156
1,727
1,126
1,846
2,301
1,177
150
84
74
296
-78
56
4
-101
49
-5
86
20
16
-65
6
12
-96
53
-13
-7
-36
-21
21
7,604
7,760
7,660
7,757
7,862
676
102
-100
97
105
254
2,141
2,855
3,702
980
3,770
2,101
6,301
2,525
228
2,175
2,834
3,738
1,009
3,529
2,117
6,490
2,320
233
2,233
2,782
3,678
1,061
3,714
2,177
6,592
2,436
248
2,276
2,827
3,732
1,057
3,860
2,245
6,606
2,616
250
2,360
2,791
3,753
1,076
3,847
2,224
6,797
2,712
-24
187
275
-133
85
-293
51
609
-145
22
185
-43
15
67
318
107
307
392
5
58
-52
-60
52
185
60
102
116
15
43
45
54
-4
146
68
14
180
2
84
-36
21
19
-13
-21
191
96
2,504
2,476
2,543
2,507
2,556
-185
80
67
-36
49
37 Mining, including crude petroleum
and natural gas
Trade:
38
Commodity dealers
39
Other wholesale
40
Retail
41 Transportation
42 Communication
43 Other public utilities
44 Construction
45 Services
46 All other domestic loans
47 Foreign commercial and industrial
loans
1 Reported for the last Wednesday of each month.
Includes "term" loans, shown below.
Outstanding loans with an original maturity of more than 1 year and
2
3
all outstanding loans granted under a formal agreement—revolving credit
or standby—on which the original maturity of the commitment was in
excess of 1 year.
Deposits and Commercial Paper
A25
1.32 GROSS DEMAND DEPOSITS of Individuals, Partnerships, and Corporations
Billions of dollars, estimated daily-average balances
At commercial banks
Type of holder
1973
Dec.
1 All
holders,
individuals,
partnerships,
and
2 Financial business
1974
Dec.
1976
1977
1978
1975
Dec.
Dec.
Mar.
June
Sept.
Dec.
Mar.
June
220.1
225.0
236.9
250.1
242.3
253.8
252.7
274.4
262.5
271.2
19.1
116.2
70.1
2.4
12.4
19.0
118.8
73.3
2.3
11.7
20.1
125.1
78.0
2.4
11.3
22.3
130.2
82.6
2.7
12.4
21.6
125.1
81.6
2.4
11.6
25.9
129.2
84.1
2.5
12.2
23.7
128.5
86.2
2.5
11.8
25.0
142.9
91.0
2.5
12.9
24.5
131.5
91.8
2.4
12.3
25.7
137.7
92.9
2.4
12.4
At weekly reporting banks
1975
Dec.
7 All
holders,
individuals,
partnerships,
8 Financial business
9 Nonfinancial business
12 Other
and
1976
Dec.
1978
1977
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
124.4
128.5
139.1
132.5
131.9
135.6
134.3
136.9
139.9
137.7
15.6
69.9
29.9
2.3
6.6
17.5
69.7
31.7
2.6
7.1
18.5
76.3
34.6
2.4
7.4
18.1
70.7
34.4
2.4
6.9
18.2
68.9
35.4
2.3
7.0
17.9
70.9
37.6
2.2
7.0
18.1
70.7
36.0
2.4
7.1
19.0
71.9
36.6
2.3
7.1
19.4
73.7
37.1
2.3
7.3
19.4
72.0
36.8
2.4
7.1
NOTE.—Figures include cash items in process of collection. Estimates of
gross deposits are based on reports supplied by a sample of commercial
banks. Types of depositors in each category are described in the June 1971
BULLETIN, p. 466.
1.33 COMMERCIAL PAPER AND BANKERS ACCEPTANCES OUTSTANDING
Millions of dollars, end of period
Instrument
1975
Dec.
1976
Dec.
1978
1977
Dec,
Feb.
Mar.
Apr.
May
June
July
Aug.
Commercial paper (seasonally adjusted)
2
3
4
5
Financial companies: 1 2
Dealer-placed p a p e r :
Total
Bank-related
Directly-placed paper:3
Total
Bank-related
48,459
53,025
65,209
65,578
67,476
70,289
71,213
74,536
74,900
73,960
6,202
1,762
7,250
1,900
8,871
2,132
8,918
1,997
8,889
1,993
9,670
2,078
10,314
2,217
10,327
2,442
10,617
2,633
10,868
2,935
31,374
6,892
32,500
5,959
40,496
7,102
42,238
7,718
42,903
8,153
44,326
7,995
44,664
9,258
47,315
9,585
46,594
10,030
45,510
9,634
10,883
13,275
15,842
14,422
15,684
16,293
16,235
16,894
17,689
17,582
Dollar acceptances (not seasonally adjusted)
7 Total
18,727
22,523
25,654
25,411
26,181
26,256
26,714
28,289
27,579
28,319
7,555
5,899
1,435
10,442
8,769
1,673
10,434
8,915
1,519
7,513
6,583
931
7,375
6,375
1,000
7,091
6,117
974
7,286
6,365
921
7,502
6,520
983
7,244
6,345
899
7,048
6,131
917
1,126
293
991
375
954
362
456
522
550
679
625
568
633
9,975
10,715
13,904
17,442
18,283
18,614
18,749
20,160
19,766
20,638
3,726
4,001
11,000
4,992
4,818
12,713
6,532
5,895
13,227
6,842
5,739
13,026
6,979
6,034
13,168
7,108
6,216
12,932
7,027
6,494
13,193
7,578
6,906
13,805
7,415
6,565
13,599
7,885
6,558
13,876
Held by:
9
10
11
12
13
Own bills
Bills bought
F . R . Banks:
Own account
Foreign c o r r e s p o n d e n t s . . .
Others
Based o n :
14
Imports into United States
16
All other
1 Institutions engaged primarily in activities such as, but not limited to,
commercial, savings, and mortgage banking; sales, personal, and mortgage
financing; factoring, finance leasing, and other business lending; insurance
underwriting;
and other investment activities.
2
Includes all financial company paper sold by dealers in the open
market.
3 As reported by financial companies that place their paper directly
with investors.
4
Includes public utilities and iirms engaged primarily in activities such
as communications, construction, manufacturing, mining, wholesale and
retail trade, transportation, and services
A26
DomesticNonfinancialStatistics • October 1978
1.34 PRIME RATE CHARGED BY BANKS on Short-term Business Loans
Per cent per annum
Month
Rate
61/2
63/4
7
71/4
71/2
7y4
Effective date
1978—Jan. 10.
May
5,
26
81/4
8%
8%
June 16
30
9
Aug. 31
9Ya
Sept. 15
9Vi
9V*
28
Average
rate
Rate
1977—Jan..
Feb.
Mar,
Apr.
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
Dec.
Month
6.25
6.25
6.25
6.25
6.41
6.75
6.75
6.83
7.13
7.52
7.75
7.75
1978—Jan..
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
1.35 TERMS OF LENDING AT COMMERCIAL BANKS Survey of Loans Made, August 7-12, 1978
Size of loan (in thousands of dollars)
Item
All
sizes
1-24
25-49
50-99
100-499
500-999
1,000
and over
Short-term commercial and industrial loans
7,198,593
1,049,321
559,214
638,138
1,899,754
532,767
Amount of loans (thousands of dollars)
187,673
147,855
16,858
10,683
10,445
863
Number of loans
3.0
2.8
3.4
2.4
3.0
3.3
Weighted-average maturity (months)
9.97
10.45
10.19
10.30
10.19
9.93
Weighted-average interest rate (per cent per a n n u m ) . .
9 . 3 1 - 1 0 . 4 7 9 . 2 5 - 1 1 . 6 5 9 . 3 4 - 1 0 . 5 0 9.73-10.75 9 . 3 8 - 1 0 . 6 4 9 . 3 1 - 1 0 . 4 3
Interquartile range 1
Percentage of amount of loans:
48.3
32.0
36.6
46.5
43.2
57.4
6
With floating rate
38.1
15.2
21.0
27.5
31.2
58.5
7
Made under commitment
1
2
3
4
5
2,519,400
970
3.1
9.47
9.00-9.88
60.1
54.9
Long-term commercial and industrial loans
1,417,990
Amount of loans (thousands of dollars)
22,251
Number of loans
45.2
Weighted-average maturity (months)
Weighted-average interest
rate
(per
cent
per
a
n
n
u
m
)
.
.
10.20
Interquartile range 1
9.38-11.00
Percentage of amount of loans:
13
With floating rate
65.5
14
Made under commitment
51.3
293,717
19,735
33.7
10.66
9.89-11.57
8
9
10
11
12
355,547
99,274
669,452
2,218
150
148
47.2
57.7
47.4
10.35
9.83
9.96
9.38-11.02 9.25-10.50 9.00-10.48
30.1
25.0
62.3
35.7
55.1
50.6
84.3
71.2
Construction and land development loans
15
16
17
18
19
20
21
22
23
24
25
228,314
Amount of loans (thousands of dollars)
1,177,413
144,262
155,635
381,591
22,364
Number of loans
30,901
4,546
2,278
1,490
Weighted-average maturity (months)
8.4
10.7
9.6
3.8
7.2
10.27
Weighted-average interest
rate
(per
cent
per
a
n
n
u
m
)
.
.
10.43
10.66
11.05
10.33
Interquartile range 1
9 . 9 5 - 1 1 . 0 2 9.27-10.87 10.00-11.00 10.00-12.73 10.03-10.70
Percentage of amount of loans:
With floating rate
49.3
12.3
13.0
18.3
80.2
Secured by real estate
92.9
85.4
97.1
94.5
97.1
Made under commitment
55.2
49.7
32.7
68.2
43.5
Type of construction: 1 - t o 4-family
42.1
77.2
71.3
64.9
20.2
Multifamily
8.5
1.2
10.0
1.7
7.8
Nonresidential
49.4
21.6
18.8
33.4
71.9
All
sizes
10-24
1-9
25-49
50-99
267,611
223
9.6
10.23
9.27-11.30
74.3
90.3
81.3
14.5
18.8
66.8
100-249
250
and over
Loans to farmers
26
27
28
29
30
31
32
33
34
35
824,790
Amount of loans (thousands of dollars)
63,389
Number of loans
6.6
Weighted-average maturity (months)
9.62
Weighted-average interest rate (per cent per a n n u m ) . .
9.13-10.21
Interquartile range 1
By purpose of loan:
9.49
Feeder livestock
Other livestock
9.47
Other current operating expenses
9.66
Farm machinery and equipment
9.63
Other
9.87
1 Interest rate range that covers the middle 50 per cent of the total
dollar amount of loans made.
2
Fewer than three loans.
159,057
45,994
7.5
9.33
8.77-9.73
9.13
9.36
9.27
9.52
9.61
157,111
150,908
10,109
4,942
6.6
10.2
9.33
9.46
8.77-9.73 9.00-10.00
9.11
9.44
9.44
9.53
9.22
9.37
10.03
9.26
9.86
9.67
82,007
92,298
183,409
1,338
689
317
6.1
5.8
3.9
9.51
9.92
10.15
9 . 2 0 - 9 . 8 4 9.25-10.38 9 . 5 4 - 1 0 . 9 7
9.48
8.86
9.81
9.41
9.77
9.60
10.19
2 9.96
()
10.39
2
9.91
9.76
10.41
()
10.28
NOTE.—For more detail, see the Board's 416 (G.14) statistical release,
Securities Markets
All
1.36 INTEREST RATES Money and Capital Markets
Averages, per cent per annum
1978, week ending—
1978
1975
Instrument
1976
1977
June
July
Aug.
Sept.
1
I
Sept. 2 Sept. 9 Sept. 16jSept. 23^Sept. 30
Money market rates
1 Federal funds
1
Prime commercial paper
2 90- to 119-day
3 4- to 6-month
5.82
5.05
5.54
7.60
7.81
8.04
8.45
8.28
8.30
8.33
8.36
8.62
6.26
6.33
5.24
5.35
5.54
5.60
7.59
7.63
7.85
7.91
7.83
7.90
8.39
8.44
7.97
8.03
8.18
8.24
8.39
8.43
8.48
8.51
8.56
8.60
2
4 Finance company paper, directly placed,
3- to 6-month 3
5 Prime bankers acceptances, 90-day
4
Large negotiable certificates of 5 deposit
6
3-montli, secondary market
7
8 Euro-dollar deposits, 3-month
7
U.S. Government securities
Bills:«
Market yields:
9
3-month
6-month
10
1-year
11
Rates on new issued
12
13
6.16
5.22
5.49
7.41
7.66
7.65
8.18
7.74
7.98
8.14
8.27
8.37
6.30
5.19
5.59
7.75
8.02
7.98
8.54
8.19
8.31
8.44
8.62
8.82
6.43
5.26
5.15
5.58
5.52
7.82
7.68
9.00
8.00
8.05
7.86
8.61
8.42
8.19
7.90
8.35
8.14
8.44
8.38
8.63
8.50
8.83
8.65
6.97
5.57
6.05
8.33
8.52
8.48
9.12
8.61
8.88
8.85
9.09
9.41
5.80
6.11
6.30
4.98
5.26
5.52
5.27
5.53
5.71
6.73
7.23
7.53
7.01
7.44
7.79
7.08
7.37
7.73
7.85
7.99
8.01
7.50
7.65
7.86
7.60
7.69
7.86
7.77
7.87
7.95
8.02
8.10
8.08
7.96
8.28
8.16
5.838
6.122
4.989
5.266
5.265
5.510
6.707
7.200
7.074
7.471
7.036
7.363
7.836
7.948
7.323
7.550
7.659
7.742
7.695
7.793
7.884
7.979
8.106
8.276
Capital market rates
14
15
16
17
18
19
20
21
22
23
24
25
26
Government notes and bonds
U.S. Treasury
Constant maturities: 1 0
1-vear
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Notes and bonds maturing in — 1 1
3 to 5 years
Over 10 years (long-term)
State and local: 1 2
Moody's series:
Aaa
Baa
Bond Buyer series 1 3
6.76
5.88
7.49
7.77
7.90
7.99
8.19
6.77
7.18
7.42
7.61
7.86
6.09
6.45
6.69
6.99
7.23
7.42
7.67
8.09
8.24
8.30
8.36
8.40
8.46
8.53
8.50
8.39
8.49
8.54
8.54
8.55
8.64
8.69
8.65
8.31
8.37
8.33
8.33
8.38
8.41
8.45
8.47
8.64
8.57
8.41
8.43
8.42
8.42
8.47
8.47
8.47
8.46
8.37
8.39
8.39
8.38
8.43
8.45
8.46
8.45
8.35
8.37
8.35
8.34
8.39
8.41
8.56
8.45
8.34
8.35
8.33
8.31
8.36
8.38
8.72
8.62
8.45
8.46
8.46
8.46
8.49
8.50
8.81
8.73
8.49
8.52
8.54
8.55
8.61
8.59
7.55
6.98
6.94
6.78
6.85
7.06
8.31
7.94
8.54
8.09
8.31
7.87
8.38
7.82
8.36
7.82
8.33
7.77
8.32
7.73
8.40
7.83
8.48
7.94
6.42
7.62
7.05
5.66
7.49
6.64
5.20
6.12
5.68
5.73
6.44
6.22
5.80
6.45
6.28
5.56
6.54
6.12
5.53
6.63
6.09
5.50
7.00
6.16
5.50
7.00
6.13
5.40
6.80
6.02
5.60
6.40
6.12
5.60
6.30
6.09
9.57
9.01
8.43
9.13
9.22
9.08
9.08
9.05
9.04
9.01
9.03
9.08
8.83
9.17
9.65
10.61
8.43
8.75
9.09
9.75
8.02
8.24
8.49
8.97
8.76
8.95
9.18
9.60
8.88
9.07
9.33
9.60
8.69
8.96
9.18
9.48
8.78
8.96
9.11
9.47
8.67
8.91
9.15
9.46
8.67
8.91
9.14
9.43
8.63
8.89
9.10
9.40
8.70
8.92
9.10
9.39
8.77
8.97
9.11
9.46
9.40
9.41
8.48
8.49
8.19
8.19
9.09
9.07
9.14
9.18
8.82
8.91
8.86
8.86
8.80
8.85
8.77
8.79
8.74
8.73
8.90
8.92
9.06
9.00
8.38
4.31
7.97
3.77
7.60
4.56
8.31
5.19
8.42
5.25
8.26
4.93
8.24
4.97
8.28
••4.97
8.25
4.88
8.27
4.85
8.20
5.07
8.22
5.08
Corporate bonds
S e a s o n e d issues * 4
27
28
29
30
31
32
33
34
35
All industries
By rating groups:
Aaa
Aa
A
Baa
Aaa utility b o n d s : 1 5
New issue
Recently offered issues
Dividend/price ratio
Preferred stocks
Common stocks
1 Weekly figures are 7-day averages of daily effective rates for the week
ending Wednesday; the daily effective rate is an average of the rates on
a given day weighted by the volume of transactions at these rates.
2
Beginning Nov. 1977, unweighted average of offering rates quoted
by five dealers. Previously, most representative rate quoted by those
dealers.
3
Averages of the most representative daily offering rates published by
finance companies for varying maturities iq this range.
4
Average of the midpoint of the range of daily dealer closing rates
offered for domestic issues; prior data are averages of the most representative daily offering rate quoted by dealers.
s Weekly figures (week ending Wednesday) are 7-day averages of the
daily midpoints as determined from the range of offering rates; monthly
figures are averages of total days in the month. Beginning Apr. 5, 1978,
weekly figures are simple averages of offering rates.
6 Posted rates, which are the annual interest rates most often quoted
on new offerings of negotiable CD's in denominations of $100,000 or
more by large New York City banks. Rates prior to 1976 not available.
Weekly figures are for Wednesday dates.
7 Averages of daily quotations for the week ending Wednesday.
r
8 Except for new bill issues, yields are computed from daily closing
bid prices. Yields for all bills are quoted on a bank-discount basis.
9 Rates are recorded in the week in which bills are issued.
I
o Yields on the more actively traded issues adjusted to constant
maturities by the U.S. Treasury, based on daily closing bid prices.
II Unweighted averages for all outstanding notes and bonds in maturity
ranges shown, based on daily closing bid prices. "Long-term" includes
all bonds neither due nor callable in less than 10 years, including a number of very low yielding "flower" bonds.
1 2 General obligations only, based on figures for Thursday, from
Moody's Investors Service.
13
Twenty issues of mixed quality.
14
Averages of daily figures from Moody's Investors Service.
15
Compilation of the Board of Governors of the Federal Reserve
System.
Issues included are long-term (20 years or more). New-issue yields are
based on quotations on date of offering; those on recently offered issues
(included only for first 4 weeks after termination of underwriter price
restrictions), on Friday close-of-business quotations.
A28
DomesticNonfinancialStatistics • October 1978
1.37 STOCK MARKET Selected Statistics
1978
1975
Indicator
1976
1977
Mar.
Apr.
May
June
July
Aug.
Sept.
54.61
59.35
44.74
39.28
57.97
58.53
64.07
49.45
40.20
63.28
58.58
64.23
50.19
39.82
63.22
Prices and trading (averages of daily figures)
Common stock prices
45.73
51.88
30.73
31.45
46.62
54.45
60.44
39.57
36.97
52.94
53.67
57.84
41.07
40.91
55.23
49.50
52.77
38.95
39.26
51.44
51.75
55.48
41.19
39.69
55.04
6 Standard & Poor's Corporation (1941-43 = 10) i . .
85.17
102.01
98.18
88.82
92.71
97.41
97.66
97.19
103.92
103.86
7 American Stock Exchange (Aug. 31,1973 = 100).
83.15
101.63
116.18
126.11
133.67
142.26
147.64
149.87
162.52
170.95
18,568
2,150
21,189
2,565
20,936
2,514
22,617
2,940
34,780
4,151
35,261
4,869
30,514
4,220
27,074
3,496
37,603
5,526
33,612
5,740
1 New York Stock Exchange (Dec. 31,1965 = 50).
4
Utility
Volume of trading (thousands of shares) 2
8
New York Stock Exchange
9
American Stock Exchange
54.49
59.14
44.21
39.47
57.95
54.83
59.63
44.19
39.41
58.31
Customer financing (end-of-period balances, in millions of dollars)
10 Regulated margin3 credit at brokers/dealers
and banks
11 Brokers, total 4
12
Margin stock
13
Convertible bonds
14
Subscription issues
15
Banks, total
16
Margin stocks
17
Convertible bonds
18
Subscription issues
19 Unregulated nonmargin stock credit at banks*
MEMO: Free credit balances at brokers
20
Margin-account
21
Cash-account
10,866
9,995
9,740
250
3
873
827
30
16
11,027
10,172
9,920
250
2
855
824
24
7
11,424
10,510
10,260
248
2
914
882
25
7
2,283
2,568
2,544
2,560
585
1,855
640
2,060
630
1,795
715
2,170
6,500
9,011
5,540
5,390
147
3
960
909
36
15
8 J 66
7,960
204
2
845
800
30
15
2,281
R
10,910
10,660
245
1
11,332
11,090
242
11,190
11,740
755
2,395
700
2,300
710
2,295
795
2,555
6
475
1,525
Margin-account debt at brokers (percentage distribution, end of period)
22 Total
23
24
25
26
27
28
By equity class (in per cent): 7
Under 40
40-49
50-59
60-69
70-79
80 or more
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
24.0
28.8
22.3
11.6
6.9
5.3
12.0
23.0
35.0
15.0
8.7
6.0
18.0
36.0
23.0
21.0
33.0
24.0
6.0
5.0
6.0
5.0
15.0
32.0
27.0
13.0
7.0
6.0
15.0
33.0
26.0
13.0
7.0
6.0
16.0
34.0
26.0
12.0
7.0
5.0
13.0
34.0
25.0
14.0
8.0
6.0
12.0
34.0
23.0
16.0
9.0
6.0
11.0
11.0
Special miscellaneous-account balances at brokers (end of period)
29 Total balances (millions of dollars) » . . .
Distribution by equity status (per cent)
30 Net credit status
Debit status, equity of—
31
60 per cent or more
32
Less than 60 per cent
7,290
8,776
9,910
10,190
10,212
10,516
43.8
41.3
43.4
42.6
41.9
42.6
40.8
15.4
47.8
10.9
44.9
11.7
43.7
13.5
46.2
11.9
46.0
11.4
1 Effective July 1976, includes a new financial group, banks and insurance companies. With this change the index includes 400 industrial
stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public
utility (formerly 60), and 40 financial.
23 Based on trading for a 5 ^ - h o u r day.
Margin credit includes all credit extended to purchase or carry
stocks or related equity instruments and secured at least in part by stock.
Credit extended by brokers is end-of-month data for member firms of
the New York Stock Exchange; June data for banks are universe totals;
all other data for banks are estimates for all commercial banks based on
data from a sample of reporting banks.
In addition to assigning a current loan value to margin stock generally,
Regulations T and U permit special loan values for convertible bonds
and4 stock acquired through exercise of subscription rights.
A distribution of this total by equity class is shown on lines 23-28.
5
Nonmargin stocks are those not listed on a national securities exchange and not included on the Federal Reserve System's list of over-thecounter margin stocks. At banks, loans to purchase or carry nonmargin
stocks
are unregulated; at brokers, such stocks have no loan value.
6
Free credit balances are in accounts with no unfulfilled commitments
to 7the brokers and are subject to withdrawal by customers on demand.
Each customer's equity in his collateral (market value of collateral
less net debit balance) is expressed as a percentage of current collateral
values.
8 Balances that may be used by customers as the margin deposit required for additional purchases. Balances may arise as transfers based
on loan values of other collateral in the customer's margin account or
deposits of cash (usually sales proceeds) occur.
NOTE.—For table on "Margin Requirements" see p. A-10, Table 1.161.
Thrift Institutions
A29
1.38 SAVINGS INSTITUTIONS Selected Assets and Liabilities
Millions of dollars, end of period
1977
1974
1975
1978
1976
Nov.
Account
Feb.
Dec.
Mar.
Apr.
May
June
July
Augf
Savings and loan associations
1 Assets
295,545 338,233 391,907 455,644 459,282 469,726 475,320 480,986 487,091 491,616 498,341 504,348
2 Mortgages
3 Cash and investment
securities 1
4 Other
249,301 278,590 323,005 376,468 381,216 387,644 392,479 397,335 402,356 408,019 412,008 416,801
5 Liabilities and net worth
295,545 338,233 391,907 455,644 459,282 469,726 475,320 480,986 487,091 491,616 498,341 504,348
6
7
8
9
10
11
Savings capital
Borrowed money
FHLBB
Other
Loans in process
Other
12 Net worth 2
13 MEMO: Mortgage loan commitments outstanding 3 . .
23,251
22,993
30,853
28,790
35,724
33,178
40,522
38,654
39,197
38,869
41,646
40,436
41,870
40,971
41,901
41,750
42,493
42,242
41,553
42,044
43,676
42,657
242,974 285,743 335,912 381,333 386,875 391,917 399,070 399,628 402,008 408,665 411,740 414,091
25,540
35,633
19,083
27,796
28,666
29,274
31,838
32,689
34,183
37,140
24 J 80 20,634
17,524 15,708 18,275 19,945 20,602 21,030 22,692 23,323 24,875 26,151 27,375
21,508
7,265
8,244
3,375
8,064
9,366
9,482
3,272
9,146
9,308
9,765
3,110
7,851
9,024
3,244
5,128
6.840
9,932
9,924
10,435 10,959 11,408
11,650 11,558
11,430
8,074 13,846
6,949
10,081 12,016
13,901
9,498 13,456
10,511 12,194 14,252
6,105
18,442
19,779
21,998
25,001
25,181
25,763
26,030
26,367
26,734
27,037
27,394
27,786
7,454
10,673
14,826
21,270
19,886
20,625
22,320
23,409
23,951
22,936
22,401
22,032
Mutual savings banks
14 Assets
15
16
17
18
19
20
21
23
24
25
26
27
28
29
30
109,550 121,056 134,812 146,346 147,287 149,528 150,962 151,383 152,202 153,158 154,290
Loans:
74,891
Mortgage
3,812
Other
Securities:
2,555
U.S. Government
930
State and local government.
22,550
Corporate and otheH
2,167
Cash
2,645
Other assets
22 Liabilities
Deposits
Regular: 5
Ordinary savings
Time and other
Other
Other liabilities
General reserve a c c o u n t s . . . .
MEMO: Mortgage loan commitments outstanding 6 . .
77,221
4,023
81,630
5,183
87,333
7,241
88,195
6,210
89,247
7,398
89,800
7,782
90,346
7,422
90,915
7,907
91,535
7,793
92,217
8,240
4,740
1,545
27,992
2,330
3,205
5,840
2,417
33,793
2,355
3,593
6,071
2,809
37,221
1,887
3,783
5,895
2,828
37,918
2,401
3,839
5,737
2,808
38,605
1,838
3,895
5,677
2,850
38,964
1,990
3,899
5,670
2,915
39,146
1,940
3,945
5,491
2,994
39,225
1,798
3,873
5,268
3,007
39,447
2,188
3,921
5,225
3,024
39,673
2,033
3,879
109,550 121,056 134,812 146,346 147,287 149,528 150,962 151,383 152,202 153,158 154,290
98,701 109,873 122,877 132,537 134,017 135,200 136,997 136,931 137,307 138,674 139,093
98,221 109,291 121,961 131,319 132,744 133,846 135,558 135,349 135,785 137,062 137,403
64,286 69,653 74,535 77,460 78,005 77,837 78,783 78,170 78,273 77,269 76,053
33,935 39,639 47,426 53,859 54,739 56,009 56,775 57,179 57,512 59,793 61,350
1,208
1,690
1,439
1,521
1,612
480
582
916
1,354
1,582
1,272
3.938
4,658
3,735
4,481
3,996
2,888
2,755
2,884
4,155
4,152
3,292
9,882
10,414 10,487 10,538
7,961
8,428
9,052
10,174 10,230 10,301
9,978
2,040
1,803
2,439
4,458
4,066
4,027
4,185
4,342
4,606
4,958
4,872
Life insurance companies 9
31 Assets
32
33
34
35
36
37
38
Securities:
Government
United States7.
State and local,
Foreign 8
Business
Bonds
Stocks
39
40
41
42
Mortgages
Real estate
Policy loans
Other assets
263,349 289,304 321,552 348,770 351,722 356,266 359,110 363,269 366,938 369,879 374,415
19,447
17,942
19,401
19,489
19,692
19,330
13,758
19,573
19,553
19,738
10,900
5,006
5,368
4,984
5,206
5,373
5,087
4,736
5,229
5,315
5,704
3,372
5,925
5,594
5,943
5,915
6,071
5,923
4,508
6,041
6,051
5,962
3,667
8,516
6,980
8,474
8,368
8,248
8,320
4,514
8,303
8,187
8,072
3,861
119,637 135,317 157,246 174,998 175,654 179,547 181,441 184,917 187,126 188,500 192,112
97,717 107,256 122,984 141,349 141,891 147,509 148,849 150,419 152,267 153,812 156,207
21,920 28,061 34,262 33,649 33,763 32,038 32,592 34,498 34,859 34,688 35,905
86,234
8,331
22,862
15,385
89,167
9,621
24,467
16,971
91,552
10,476
25,834
18,502
95,200
11,010
27,413
20,411
96,848
11,060
27,556
21,051
97,475
11,218
27,839
20,495
98,022
11,213
28,024
20,837
98,585
11,269
28,246
20,922
99,190 100,040 100,596
11,537 11,540 11,562
28,431 28,649 28,843
21,165 21,749 21,855
Credit unions
43 Total assets/liabilities and
capital
44
Federal
45
State
31,948
16,715
15,233
38,037
20,209
17,828
45,225
24,396
20,829
53,141
28,954
24,187
54,084
29,574
24,510
54,989
30,236
24,753
56,703
31,274
25,429
56,827
31,255
25,572
58,018
31,925
26,093
59,381
32,793
26,588
59,152
32,679
26,473
46 Loans outstanding
47
Federal
48
State
24,432
12,730
11,702
28,169
14,869
13,300
34,384
18,311
16,073
41,427
22,224
19,203
42,055
22,717
19,338
42,331
22,865
19,466
43,379
23,555
19,824
44,133
23,919
20,214
45,506
24,732
20,774
47,118
25,762
21,356
47,620
25,970
21,650
49 Savings
50
Federal (shares)
51
State (shares and deposits)
27,518
14,370
13,148
33,013
17,530
15,483
39,173
21,130
18,043
45,977
25,303
20,674
46,832
25,849
20,983
48,093
26,569
21,524
49,706
27,514
22,192
49,931
27,592
22,339
50,789
28,128
22,661
52,076
28,903
23,173
51,551
28,627
22,924
For notes see bottom of page A30.
44,173
43,374
A30
DomesticNonfinancialStatistics • October 1978
1.39 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Calendar year
Type of account or operation
1
2
3
4
5
U.S. Budget
Receipts 1
Outlays 1 , 2 , 3
Surplus, or deficit
Trust funds
Federal funds 4
6
7
Off-budget entities surplus, or
deficit ( - )
Federal Financing Bank o u t l a y s . . .
Other 2 ,5
( —)
U.S. Budget plus off-budget, including Federal Financing Bank
Surplus, or deficit (—)
Financed by:
9
Borrowing f r o m the public 3. . . .
10
Cash and monetary assets (decrease, or increase (—))
Other 6
11
8
Fiscal
year
1976
Transition
quarter
(JulySept.
1976)
Fiscal
year
1977
1978
1977
HI
H2
HI
1978
June
July
Aug.
300,005
366,451
-66,446
2,409
-68,855
81,772
94,742
-12,970
-1,952
-11,018
357,762
402,803
-45,041
7,833
-52,874
190,278
200,350
-10,072
7,332
-17,405
175,820
216,781
-40,961
4,293
-45,254
210,650
222,518
-11,870
4,334
-16,204
47,657
38,602
9,055
1,597
7,458
29,194
36,426
-7,232
-2,810
-4,421
35,040
39,572
-4,532
3,890
-8,422
-5,915
-1,355
-2,575
793
-8,415
-269
-2,075
-2,086
-6,663
428
-5,105
-790
-499
-155
-824
72
-1,056
-525
-73,716
-14,752
-53,725
-14,233
-47,196
-17,765
8,401
-7,984
-6,113
82,922
18,027
53,516
16,480
40,284
23,374
5,401
3,195
9,039
-7,796
-1,396
-2,899
-373
-2,238
2,440
-4,666
2,420
4,317
2,597
-5,098
-511
-14,091
289
5,824
-7,035
-956
-1,970
14,836
11,975
2,854
7
17,418
13,299
4,119
19,104
15,740
3,364
16,255
15,183
1,072
12,274
7,114
5,160
17,526
11,614
5,912
17,526
11,614
5,912
13,078
12,068
1,010
13,078
12,068
1,010
MEMO ITEMS :
12 Treasury operating balance (level, end
of period)
13
F.R. Banks
14
Tax and loan accounts
15
Other demand accounts 7 .
1 Effective June 1978, earned income credit payments in excess of
an individual's tax liability, formerly treated as income tax refunds, are
classified as outlays retroactive to January 1976.
2
Outlay totals reflect the reclassification of the Export-Import Bank,
and the Housing for the Elderly and Handicapped Fund effective October
1977, from off-budget status to unified budget status.
3 Export-Import Bank certificates of beneficial interest (effective July
1,1975) and loans to the Private Export Funding Corp. (PEFCO), a wholly
owned subsidiary of the Export-Import Bank, are treated as debt rather
than asset sales.
4
Half years calculated as a residual of total surplus/deficit and trust
fund surplus/deficit.
5 Includes Pension Benefit Guaranty Corp.; Postal Service Fund, Rural
Electrification; Telephone Revolving Fund, Rural Telephone Bank; and
Housing for the Elderly or Handicapped Fund until October 1977.
6 Includes public debt accrued interest payable t o the public; deposit
funds; miscellaneous liability (including checks outstanding) and asset
accounts; seignorage; increment on gold; net gain/loss for U.S. currency
valuation adjustment; net gain/loss for I M F valuation adjustment.
7
Excludes the gold balance but includes deposits in certain commercial
depositories that have been converted f r o m a time deposit to a demand
deposit basis to permit greater flexibility in Treasury cash management.
SOURCE.—"Monthly Treasury Statement of Receipts and Outlays of
the U.S. Government," Treasury Bulletin, and U.S. Budget, Fiscal Year
1978.
N O T E S T O TABLE 1.38
1 Holdings of stock of the Federal home loan banks are included in
" o t h e r assets."
2 Includes net undistributed income, which is accrued by most, but not
all, associations.
3
Excludes figures for loans in process, which are shown as a liability.
4
Includes securities of foreign governments and international organizations and nonguaranteed issues of U.S. Govt, agencies.
5 Excludes checking, club, and school accounts.
6 Commitments outstanding (including loans in process) of banks in
New York State as reported to the Savings Banks Assn. of the State of
New York.
7
Direct and guaranteed obligations. Excludes Federal agency issues
not guaranteed, which are shown in this table under "business" securities.
8
Issues of foreign governments and their subdivisions and bonds of the
International
Bank for Reconstruction and Development.
9
D a t a for 1977 and 1978 have been revised by the American Council
of Life Insurance.
NOTE.—Savings and loan associations: Estimates by the F H L B B for
all associations in the United States. D a t a are based on monthly reports
of Federally insured associations and annual reports of other associations.
Even when revised, data for current and preceding year are subject to
further revision.
Mutual savings banks: Estimates of National Association of Mutual
Savings Banks for all savings banks in the United States. D a t a are reported on a gross-of-valuation-reserves basis.
Life insurance companies: Estimates of the Institute of Life Insurance
for all life insurance companies in the United States. Annual figures are
annual-statement asset values, with bonds carried on an amortized basis
and stocks at year-end market value. Adjustments for interest due and
accrued and for differences between market and book values are not
made on each item separately but are included, in total, in "other assets."
Credit unions: Estimates by the National Credit Union Administration
for a group of Federal and State-chartered credit unions that account for
about 30 per cent of credit union assets. Figures are preliminary and
revised annually to incorporate recent benchmark data.
Federal Finance
A31
1.40 U.S. BUDGET RECEIPTS AND OUTLAYS
Millions of dollars
Calendar year
Source or type
Fiscal
year
1976
Transition
quarter
(JulySept.
1976)
Fiscal
year
1977
1978
1977
HI
H2
HI
1978
June
July
Aug.
Receipts
1 All sources 1
2 Individual income taxes, net
3
Withheld
4
Presidential Election Campaign
Fund
5
Nonwithheld
6
Refunds 1
7 Corporation income taxes:
8
Gross receipts
9
Refunds
10 Social insurance taxes and contributions, net
11
Payroll employment
taxes and
contributions 2
12
Self-employment taxes
and
contributions 3
13
Unemployment insurance
14
Other net receipts 4
15
16
17
18
Excise taxes
Customs deposits
Estate and gift taxes
Miscellaneous receipts
5
300,005
81,772
357,762
190,278
175,820
210,650
47,657
29,194
35,040
131,602
123,408
38,800
32,949
157,626
144,820
78,816
73,303
82,911
75,480
90,336
82,784
20,301
14,490
14,590
14,182
14,784
14,370
34
35,528
27,367
1
6,809
958
37
42,062
29,293
37
32,959
27,482
1
9,397
1,967
36
37,584
30,068
5
6,627
820
2
1,088
682
868
454
46,783
5,374
9,808
1,348
60,057
5,164
37,133
2,324
25,121
2,819
38,496
2,782
15,054
399
2,127
342
1,509
388
92,714
25,760
58,099
52,347
66,191
9,287
9,518
15,587
76,391
21,534
108,683
88,196
45,242
44,384
51,668
8,383
7,960
12,191
3,518
8,054
A,152
269
2,698
1,259
4,014
11,312
5,162
3,687
6,575
2,595
316
4,936
2,711
3,892
7,800
2,831
265
169
470
1,094
464
2,912
484
16,963
4,074
5,216
8,026
4,473
1,212
1,455
1,612
17,548
5,150
7,327
6,536
8,432
2,519
4,332
3,269
9,284
2,848
2,837
3,292
8,835
3,320
2,587
3,667
1,651
653
436
674
1,707
596
407
590
1,591
681
515
760
Outlays 9
19 AH types 1 , 6
20
21
22
23
24
25
National defense
International affairs 6
General science, space, and
technology
Energy
Natural resources and environment.
Agriculture
26 Commerce and housing credit
27 Transportation
28 Community and regional
development
29 Education, training, employment,
and social services
30 Health
31 Income security 1
32 Veterans benefits and services
33 Administration of justice
34 General government
35 General-purpose fiscal assistance....
36 Interest ^
37 Undistributed offsetting receipts
366,451
94,742
402,803
200,350
216,781
222,518
38,602
36,426
39,572
89,430
5,567
22,307
2,180
97,501
4,831
48,721
2,522
50,873
2,896
52,979
2,904
9,120
1,099
8,495
231
9,742
987
4,370
3,127
8,124
2,502
1,161
794
2,532
584
4,677
4,172
10,000
5,526
2,108
2,318
2,628
5,477
2,395
2,487
4,959
2,353
393
627
990
-165
368
548
854
183
405
620
982
386
3,795
13,438
1,391
3,306
-31
14,636
-946
7,723
-121
1,585
460
1,415
-110
1,288
4,709
1,340
6,283
3,149
4,924
5,928
983
859
1,218
18,737
33,448
127,406
5,162
8,720
32,795
20,985
38,785
137,905
9,775
18,654
70,785
10,800
19,422
71,081
12,792
21,391
75,201
2,222
3,876
12,512
2,099
3,597
11,641
2,716
4,039
12,266
18,432
3,320
2,927
7,235
34,589
-14,704
3,962
859
878
2,092
7,246
-2,567
18,038
3,600
3,357
9,499
38,092
-15,053
9,382
1,783
1,587
4,333
18,927
-6,803
9,864
1,723
1,749
4,926
19,962
-8,506
9,603
1,946
1,803
4,665
22,280
-7,945
2,433
312
293
50
6,617
-4,225
610
303
186
1,964
3,013
-402
1,529
317
340
36
3,539
-729
1
Effective June 1978, earned income credit payments in excess of an
individual's tax liability, formerly treated as income tax refunds, are
classified
as outlays retroactive to January 1976.
2
Old-age, disability and hospital insurance, and Railroad Retirement
accounts.
3
Old-age, disability, and hospital insurance.
4
Supplementary medical insurance premiums, Federal employee retirement contributions, and Civil Service retirement and disability fund.
5 Deposits of earnings by F.R. Banks and other miscellaneous receipts.
« Outlay totals reflect the reclassification of the Export-Import Bank
from off-budget status to unified budget status on Oct. 1, 1976.
7 Effective September 1976, "Interest" and "Undistributed Offsetting
Receipts" reflect the accounting conversion for the interest on special
issues for U.S. Govt, accounts from an accrual basis to a cash basis.
8 Consists of interest received by trust funds, rents and royalties on
the Outer Continental Shelf, and U.S. Govt, contributions for employee retirement.
9 For some types of outlays the categories are new or represent regroupings; data for these categories are from the Budget of the United
States Government, Fiscal Year 1979; data are not available for half years
or for months prior to February 1978.
Two categories have been renamed: "Law enforcement and justice"
has become "Administration of justice" and "Revenue sharing and
general purpose
fiscal assistance" has become "General purpose fiscal
assistance. w
In addition, for some categories the table includes revisions in figures
published earlier.
A32
DomesticNonfinancialStatistics • October 1978
1.41 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars
1976
1975
1977
1978
Item
Dec. 31
June 30
1 Federal debt outstanding
587.6
631.9
2 Public debt securities
Held by public
3
576.6
437.3
139.3
620.4
470.8
149.6
5 Agency securities
6
Held by public
7
Held by agencies
10.9
8.9
2.0
11.5
9.5
2.0
Sept. 30
2
Dec. 31
June 30
646.4
665.5
634.7
488.6
146.1
653.5
506.4
147.1
11.6
9.7
1.9
2
Sept. 30
Dec. 31
Mar. 31
June 30
685.2
709.1
729.2
747.8
758.8
674.4
523.2
151.2
698.8
543.4
155.5
718.9
564.1
154.8
738.0
585.2
152.7
749.0
587.9
161.1
12.0
10.0
1.9
10.8
9.0
1.8
10.3
8.5
1.8
10.2
8.4
1.8
9.9
8.1
1.8
9.8
8.0
1.8
577.8
621.6
635.8
654.7
675.6
700.0
720.1
739.1
750.2
9 Public debt securities
10 Other debt*
576.0
1.7
619.8
1.7
634.1
1.7
652.9
1.7
673.8
1.7
698.2
1.7
718.3
1.7
737.3
1.8
748.4
1.8
11 MEMO: Statutory debt limit
595.0
636.0
636.0
682.0
700.0
700.0
752.0
752.0
752.0
8 Debt subject to statutory limit
1 Includes guaranteed debt of Govt, agencies, specified participation
certificates, notes to international lending organizations, and District of
Columbia stadium bonds.
2
Gross Federal debt and agency debt held by the public increased
$0.5 billion due to a retroactive reclassification of the Export-Import Bank
certificates of beneficial interest f r o m loan asset sales to debt, effective
July 1, 1975.
NOTE.—Data f r o m Treasury Bulletin (U.S. Treasury Dept.).
1.42 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period
Type and holder
1 Total gross public debt
2
3
4
5
6
7
8
9
10
11
12
By type:
Interest-bearing debt
Marketable
Bills
Notes
Bonds
Nonmarketable^
Convertible b o n d s 2
State and local government series
Foreign issues 3
Savings bonds and notes
Government account series 4
13 Non-interest-bearing debt
By holder:5
14
U.S. Government agencies and trust funds
15
F.R.Banks
16
17
18
19
20
21
Private investors
Commercial banks
Mutual savings banks
Insurance companies
Other corporations
State and local governments
1974
1975
1976
1978
1977
May
June
July
Sept.
492.7
576.6
653.5
718.9
741.6
749.0
750.5
764.4
771.5
491.6
282.9
119.7
129.8
33.4
208.7
2.3
.6
22.8
63.8
119.1
575.7
363.2
157.5
167.1
38.6
212.5
2.3
1.2
21.6
67.9
119.4
652.5
421.3
164.0
216.7
40.6
231.2
2.3
4.5
22.3
72.3
129.7
715.2
459.9
740.6
473.7
159.4
261.6
52.7
266.9
2.2
18.6
22.4
79.0
144.4
748.0
477.7
159.8
265.3
52.6
270.3
20.6
21.5
79.4
146.4
749.5
481.0
160.1
266.6
54.4
268.4
2.2
20.8
20.8
79.7
144.7
763.4
485.6
160.6
268.5
56.4
227.8
2.2
24.2
22.2
79.9
149.0
767.0
485.2
160.9
267.9
56.4
281.8
2.2
24.2
21.7
80.2
153.3
1.1
1.0
1.1
3.7
1.0
1.0
1.0
4.6
138.2
80.5
145.3
84.7
149.6
94.4
154.8
102.5
159.1
102.8
161.1
110.1
159.3
108.9
271.0
55.6
2.5
6.2
29.2
349.4
85.1
4.5
9.5
20.2
34.2
409.5
103.8
5.9
12.7
26.5
41.6
461.3
101.4
5.9
15.1
22.7
55.2
479.7
98.4
5.6
14.9
19.7
60.2
477.8
98.5
5.5
14.7
19.0
62.7
482.3
97.7
5.6
15.0
20.0
61.7
11.0
161.1
251.8
47.0
255.3
2.2
13.9
22.2
77.0
139.8
2.2
22
23
Individuals:
Savings bonds
Other securities
63.4
21.5
67.3
24.0
72.0
28.8
76.7
28.6
78.8
28.9
79.1
29.0
79.4
29.0
24
25
Foreign and international 6
Other miscellaneous investors 7
58.8
22.8
66.5
38.0
78.1
38.9
109.6
46.1
119.7
53.5
119.3
50.3
120.5
53.4
1 Includes (not shown separately): Securities issued to the Rural
Electrification Administration and t o State and local governments, depositary bonds, retirement plan bonds, and individual retirement bonds.
2
These nonmarketable bonds, also known as Investment Series B
Bonds, may be exchanged (or converted) at the owner's option for
per cent, 5-year marketable Treasury notes. Convertible bonds that have
been so exchanged are removed f r o m this category and recorded in the
notes category above.
3
Nonmarketable foreign government dollar-denominated and foreign
currency denominated series.
4
Held almost entirely by U.S. Govt, agencies and trust funds.
5 D a t a for F.R. Banks and U.S. Govt, agencies and trust funds are
actual holdings; data for other groups are Treasury estimates.
Aug.
6
Consists of the investments of foreign balances and international
accounts in the United States. Beginning with July 1974, the figures exclude
non-interest-bearing notes issued to the International Monetary F u n d .
7
Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, certain Govt, deposit
accounts, and Govt.-sponsored agencies.
NOTE.—Gross public debt excludes guaranteed agency securities and,
beginning in July 1974, includes Federal Financing Bank security issues.
Data by type of security f r o m Monthly Statement of the Public Debt of
the United States (U.S. Treasury Dept.); data by holder f r o m Treasury
Bulletin.
Federal Finance
A33
1.43 U.S. GOVERNMENT MARKETABLE SECURITIES Ownership, by maturity
Par value; millions of dollars, end of period
1978
Type of holder
1976
1977
1976
June
June
July
All maturities
1 All holders
2 U.S. Govt, agencies and trust funds
3 F. R. Banks
4 Private investors
5
Commercial banks
6
Mutual savings banks
7
Insurance companies
8
Nonfinancial corporations
9
Savings and loan associations
10
State and local governments
11
All others
13 U.S. Govt, agencies and trust funds
14 F. R. Banks
15 Private investors
16
Commercial banks
17
Mutual savings banks
18
Insurance companies
19
Nonfinancial corporations
20
Savings and loan associations
21
State and local governments
22
All others
421,276
459,927
477,699
481,041
141,132
151,264
174,302
175,250
16,485
96,971
14,420
101,191
13,904
110,134
13,902
108,885
6,141
31,249
4,788
27,012
4,856
31,903
4,856
31,377
307,820
78,262
4,072
10,284
14,193
4,576
12,252
184,182
344,315
75,363
4,379
12,378
9,474
4,817
15,495
222,409
353,660
71,675
3,736
11,531
6,390
4,342
15,446
240,540
358,255
70,901
3,869
11,780
6,839
4,359
14,543
245,964
103,742
40,005
2,010
3,885
2,618
2,360
2,543
50,321
119,464
38,691
2,112
4,729
3,183
2,368
3,875
64,505
137,543
42,198
2,077
5,316
3,280
2,503
4,792
77,377
139,017
42,050
2,179
5,327
3,707
2,421
4,549
78,784
5 to 10 years
211,035
230,691
220,683
221,343
43,045
45,328
44,443
44,441
2,012
51,569
1,906
56,702
1,145
57,005
1,145
56,580
2,879
9,148
2,129
10,404
1,989
11,995
1,987
11,880
157,454
31,213
1,214
2,191
11,009
1,984
6,622
103,220
172,084
29,477
1,400
2,398
5,770
2,236
7,917
122,885
162,533
20,988
903
1,455
2,597
1,656
6,235
128,700
163,619
19,993
896
1,557
2,637
1,744
5,662
131,129
31,018
6,278
567
2,546
370
155
1,465
19,637
32,795
6,162
584
3,204
307
143
1,283
21,112
30,458
6,538
527
2,616
293
112
1,257
19,114
30,573
6,714
526
2,707
222
122
1,230
19,052
10 to 20 years
Bills, within 1 year
23 AH holders
24 U.S. Govt, agencies and trust funds
25 F. R. Banks
26 Private investors
27
Commercial banks
28
Mutual savings banks
29
Insurance companies
30
Nonfinancial corporations
31
Savings and loan associations
32
State and local governments
33
All others
July
1 to 5 years
Total, within 1 year
12 All holders
1978
1977
163,992
161,081
159,757
160,092
11,865
12,906
14,894
16,638
449
41,279
32
42,004
1
44,597
2
44,644
3,102
1,363
3,102
1,510
3,273
1,855
3,273
1,852
122,264
17,303
454
1,463
9,939
1,266
5,556
86,282
119,035
11,996
484
1,187
4,329
806
6,092
94,152
115,158
7,010
233
565
1,309
401
4,123
101,516
115,446
6,172
193
650
1,218
450
3,600
103,173
7,400
339
139
1,114
142
64
718
4,884
8,295
456
137
1,245
133
54
890
5,380
9,766
798
123
1,232
130
56
1,040
6,387
11,513
1,012
139
1,300
138
55
1,078
7,790
Over 20 years
Other, within 1 year
34 All holders
47,043
69,610
60,926
61,251
14,200
19,738
23,377
23,370
35 U.S. Govt, agencies and trust funds
36 F. R. Banks
1,563
10,290
1,874
14,698
1,144
12,408
1,143
11,936
2,350
3,642
2,495
5,564
2,641
7,376
2,640
7,197
37 Private investors
38
Commercial banks
39
Mutual savings banks
40
Insurance companies
41
Nonfinancial corporations
42
Savings and loan associations
43
State and local governments
44
All others
35,190
13,910
760
728
1,070
718
1,066
16,938
53,039
15,482
916
1,211
1,441
1,430
3,875
28,733
47,375
13,978
670
890
1,288
1,255
2,112
27,184
48,173
13,821
703
907
1,419
1,294
2,062
27,956
8,208
427
143
548
55
13
904
6,120
11,679
578
146
802
81
16
1,530
8,526
13,360
1,153
106
911
89
16
2,123
8,962
13,533
1,132
128
889
134
16
2,024
9,209
NOTE.—Direct public issues only. Based on Treasury Survey of Ownership f r o m Treasury Bulletin (U.S. Treasury Dept.).
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 as of July 31, 1978; (1) 5,470 commercial
banks, 464 mutual savings banks, and 728 insurance companies, each
about 90 per cent; (2) 435 nonfinancial corporations and 485 savings
and loan assns., each about 50 per cent; and (3) 493 State and local
govts., about 40 per cent.
"All others," a residual, includes holdings of all those not reporting
in the Treasury Survey, including investor groups not listed separately.
A34
DomesticNonfinancialStatistics • October 1978
1.44 U.S. GOVERNMENT SECURITIES DEALERS Transactions
Par value; averages of daily figures, in millions of dollars
1978
Item
1 U.S. Government securities. .
By maturity:
Bills
Other within 1 year
1-5 years
5-10 years
Over 10 years
2
3
4
5
6
1975
1976
1978, week ending Wednesday—
1977
June
July
Aug.
July 19
July 26
Aug. 2
Aug. 9
Aug. 16 Aug. 23
6,027
10,449
10,838
9,704
8,829
11,526
7,522
9,986
12,540
13,817
11,638
10,663
3,889
223
1,414
363
138
6,676
210
2,317
1,019
229
6,746
237
2,318
1,148
388
5,982
386
1,931
675
730
5,367
428
1,524
668
842
6,074
386
2,251
1,619
1,196
5,040
259
921
605
695
5,989
561
1,985
677
774
6,782
749
2,516
1,167
1,326
6,033
467
2,729
2,783
1,805
6,235
499
2,046
1,807
1,051
6,309
258
1,768
1,270
1,057
By type of customer:
U.S. Government securities
dealers
8
U.S. Government securities
brokers
9
Commercial banks
10
All others i
885
1,360
1,267
1,210
1,053
942
1,052
1,134
1,011
1,142
983
859
1,750
1,451
1,941
3,407
2,426
3,257
3,709
2,295
3,567
3,393
1,687
3,414
3,299
1,419
3,058
4,988
1,908
3,688
2,791
1,155
2,524
3,654
1,587
3,612
5,322
2,132
4,076
6,088
2,262
4,324
5,026
2,042
3,586
4,653
1,737
3,413
11 Federal agency s e c u r i t i e s . . . .
1,043
1,548
693
1,828
1,918
2,077
2,276
1,704
2,742
2,302
1,896
2,051
7
1
Transactions are market purchases and sales of U.S. Govt, securities
dealers reporting to the F.R. Bank of New York. The figures exclude
allotments of, and exchanges for, new U.S. Govt, securities, redemptions
of called or matured securities, or purchases or sales of securities under
repurchase, reverse repurchase (resale), or similar contracts.
Includes, among others, all other dealers and brokers in commodities
and securities, foreign banking agencies, and the F.R. System.
NOTE.—Averages for transactions are based on number of trading days
in the period.
1.45 U.S. GOVERNMENT SECURITIES DEALERS Positions and Sources of Financing
Par value; averages of daily figures, in millions of dollars
1978
Item
1975
1976
1978, week ending Wednesday—
1977
June
July
Aug.
June 28
July 5
July 12
July 19
July 26
Aug. 2
Positions 2
1 U.S. Government securities..
5,884
7,592
5,172
2,942
633
2,753
1,506
634
381
-435
1,689
1,656
2
3
4
5
4,297
265
886
300
136
6,290
188
515
402
198
4,772
99
60
92
149
2,862
477
38
-85
-350
1,260
330
-474
-321
-162
2,330
348
-64
218
-78
1,550
451
206
-158
-544
730
231
-218
-156
46
1,043
274
-595
-272
-67
640
335
-965
-293
-151
2,120
384
-229
-366
-221
1,960
407
143
-448
-405
943
729
693
894
214
656
634
424
75
218
154
423
Bills
Other within 1 year
1-5 years
5-10 years
7 Federal agency s e c u r i t i e s . . . .
Sources of
8 All sources
9
10
11
12
Commercial banks:
New York City
Outside New York C i t y . . .
Corporations 1
All others
6,666
8,715
9,877
11,120
1,621
1,466
842
2,738
1,896
1,660
1,479
3,681
1,313
1,987
2,358
4,170
995
2,728
2,276
5,121
1
All business corporations except commercial banks and insurance
companies.
2
Net amounts (in terms of par values) of securities owned by nonbank
dealer firms and dealer departments of commercial banks on a commitment, that is, trade-date basis, including any such securities that have been
sold under agreements to repurchase. The maturities of some repurchase
agreements are sufficiently long, however, to suggest that the securities
involved are not available f o r trading purposes. Securities owned, and
hence dealer positions, do not include securities purchased under agreements to resell.
3
Total amounts outstanding of funds borrowed by nonbank dealer
r
financing3
8,239
11,041
8,843
8,576
8,312
7,701
7,861
9,111
r
38
1,759
1,981
4,460
608
2,370
2,501
5,563
-105
2,234
1,896
4,817
59
2,066
1,779
4,672
430
1,968
1,886
4,029
-169
1,495
2,021
4,353
-208
1,509
1,864
4,696
-39
1,953
2,353
4,843
firms and dealer departments of commercial banks against U.S. Govt,
and Federal agency securities (through both collateral loans and sales
under agreements to repurchase), plus internal funds used by bank dealer
departments to finance positions in such securities. Borrowings against
securities held under agreement to resell are excluded where the borrowing
contract and the agreement to resell are equal in amount and maturity,
that is, a matched agreement.
NOTE.—Averages for positions are based on number of trading days
in the period; those for financing, on the number of calendar days in the
period.
Federal Finance
A35
1.46 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding
Millions of dollars, end of period
1978
Agency
1975
1976
1977
Feb.
Mar.
Apr.
May
June
July
1 Federal and Federally sponsored agencies
97,680
103,325
110,409
112,945
114,371
115,903
119,728
121,239
123,497
2 Federal agencies
3
Defense Department 1
4
Export-Import Bank 2 -3
5
Federal Housing Administration 4
6
Government National Mortgage Association
participation certificates 5
7
Postal Service®
8
Tennessee Valley Authority
9
United States Railway Association 6
19,046
1,220
7,188
564
21,896
1,113
7,801
575
23,245
983
9,156
581
23,284
963
9,156
602
23,695
954
9,416
607
23,766
949
9,416
607
23,864
935
9,416
608
23,983
926
9,455
606
24,145
916
9,455
603
4,200
1,750
3,915
209
4,120
2,998
5,185
104
3,743
2,431
6,015
336
3,743
2,431
6,045
344
3,743
2,431
6,195
349
3,701
2,431
6,310
352
3,701
2,364
6,485
355
3,701
2,364
6,575
356
3,666
2,364
6,785
356
10 Federally sponsored agencies
11
Federal home loan banks
12
Federal Home Loan Mortgage Corporation..
13 Federal National Mortgage Association
14
Federal land banks
15
Federal intermediate credit banks
16 Banks for cooperatives
17
Student Loan Marketing Association 7
18
Other
78,634
18,900
1,550
29.963
15,000
9,254
3,655
310
2
81,429
16,811
1,690
30,565
17,127
10,494
4,330
410
2
87,164
18,345
1,686
31,890
19,118
11,174
4,434
515
2
89,661
19,893
1,768
32,553
19,350
10,958
4,622
515
2
90,676
20,007
1,768
33,350
19,350
10,881
4,728
590
2
92,137
20,163
1,639
34,024
19,686
10,977
5,046
600
2
95,864
22,217
1,637
35,297
19,686
11,081
5,264
680
2
97,256
22,306
1,937
36,404
19,686
11,257
4,974
690
2
99,352
23,430
1,937
36,900
20,198
11,392
4,788
705
2
17,154
28,711
38,580
40,605
42,169
42,964
43,871
44,504
45,550
4,595
1,500
310
1,840
209
5,208
2,748
410
3,110
104
5,834
2,181
515
4,190
336
5,834
2,181
515
4,220
344
6,094
2,181
590
4,370
349
6,094
2,181
600
4,485
352
6,094
2,114
680
4,660
355
6,132
2,114
690
4,750
356
6,132
2,114
705
4,960
356
7,000
566
1,134
10.750
1,415
4,966
16,095
2 Ml
6,782
17,545
2,947
7,019
18,050
3,124
7,411
19,120
3,323
6,809
20,090
3,498
6,380
20,910
3,602
5,950
21,580
3,684
6,019
MEMO ITEMS :
19 Federal Financing Bank debt 6 ' 8
Lending to Federal and Federally sponsored
agencies:
20
Export-Import Bank3
21
Postal Service 6
22
Student Loan Marketing Association 7
23
Tennessee Valley Authority
24
United States Railway Association 6
25
26
27
Other lending: 9
Farmers Home Administration
Rural Electrification Administration
Other
1
Consists of mortgages assumed by the Defense Department between
1957
and 1963 under family housing and homeowners assistance programs.
2
Includes participation certificates reclassified as debt beginning
Oct. 1, 1976.
3 Off-budget Aug. 17,1974, through Sept. 30,1976; on-budget thereafter.
4
Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold
privately
on the securities market.
5
Certificates of participation issued prior to fiscal 1969 by the Government National Mortgage Association acting as trustee for the Farmers
Home Administration; Department of Health, Education, and Welfare;
Department of Housing and Urban Development; Small Business Administration
; and the Veterans Administration.
6
Off-budget.
7
Unlike other Federally sponsored agencies, the Student Loan
Marketing Association may borrow from the Federal Financing Bank
(FFB) since its obligations are guaranteed by the Department of Health,
Education, and Welfare.
8
The FFB, which began operations in 1974, is authorized to purchase
or sell obligations issued, sold, or guaranteed by other Federal agencies.
Since FFB incurs debt solely for the purpose of lending to other agencies,
its debt is not included in the main portion of the table in order to avoid
double counting.
9 Includes FFB purchases of agency assets and guaranteed loans;
the latter contain loans guaranteed by numerous agencies with the
guarantees of any particular agency being generally small. The Farmers
Home Administration item consists exclusively of agency assets, while the
Rural Electrification Administration entry contains both agency assets
and guaranteed loans.
A36
DomesticNonfinancialStatistics • October 1978
1.47 NEW SECURITY ISSUES of State and Local Governments
Millions of dollars
1978
Type of issue or issuer,
or use
1976
1975
1977
Housing Assistance Administration
2
By type of issuer:
7
8
Special district and statutory authority
Municipalities, counties, townships, school d i s t r i c t s . . . .
9 Issues for new capital, total
By use of proceeds:
Apr.
May
June
July
Aug.
30,607
35,313
46,769
4,754
3,811
5,440
4,244
3,719
6,152
16,020
14,511
18,040
17,140
18,042
28,655
1,426
3,325
1,363
2,437
2,216
3,204
1,972
2,266
1,031
2,685
2,142
4,001
76
133
72
3
11
20
6
3
9
7,438
12,441
10,660
7,054
15,304
12,845
6,354
21,717
18,623
409
2,606
1,735
237
1,861
1,702
873
2,186
2,360
912
1,383
1,944
650
2,023
1,043
919
2,885
2,339
29,495
32,108
36,189
3,068
2,595
3,134
3,816
3,389
3,331
4,689
2.208
7,209
4,392
445
10,552
4,900
2,586
9,594
6,566
483
7,979
5,076
2,951
8,119
8,274
4,676
7,093
348
273
959
684
328
476
332
158
720
845
273
267
673
130
557
955
357
462
401
359
616
667
412
1,361
498
315
955
1,125
219
277
275
631
681
975
291
478
By type of issue:
4
Mar.
SOURCE.—Public Securities Association.
t Par amounts of long-term issues based on date of sale.
2 Only bonds sold pursuant to the 1949 Housing Act, which are secured
by contract requiring the Housing Assistance Administration t o make
annual contributions to the local authority.
1.48 NEW SECURITY ISSUES of Corporations
Millions of dollars
Type of issue or issuer,
or use
1
1975
1976
1978
1977
Jan.
Feb.
Mar.
April
May
June
53,619
53,488
54,205
3,013
2,657
4,442
3,285
4,035
5,215
2 Bonds
42,756
42,380
42,193
2,380
2,131
3,620
2,811
2,996
3,810
By type of offering:
3
Public
4
Private placement
32,583
10,172
26,453
15,927
24,186
18,007
1,382
1,464
998
667
1,902
1,718
,958
853
1,719
1,277
1,744
2,066
16,980
2,750
3,439
9,658
3,464
6,469
13,264
4,372
4,387
8,297
2,787
9,274
12,510
5,887
2,033
8,261
3,059
10,438
268
280
123
284
519
907
716
87
101
205
9
1,155
428
217
631
291
898
534
421
291
505
35
,027
837
314
244
885
714
1,105
562
225
815
344
761
10,863
11,108
12,013
633
822
474
1,039
1,405
3,458
7,405
2,803
8,305
3,878
8,135
171
462
138
388
148
674
235
239
390
649
586
819
1,670
1,470
2,237
1,183
24
6,121
776
771
1,265
1,838
418
6,058
1,379
1,054
5
138
91
74
94
627
15
183
28
238
41
90
20
800
28
10
88
366
245
38
429
5
320
1 All issues
5
6
7
8
9
10
By industry group:
Manufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
11 Stocks
By type:
12
Preferred
13
Common
14
15
16
17
18
19
By industry group:
M anufacturing
Commercial and miscellaneous
Transportation
Public utility
Communication
Real estate and financial
6,235
1,002
488
i Figures, which represent gross proceeds of issues maturing in more
than 1 year, sold for cash in the United States, are principal amount or
number of units multiplied by offering price. Excludes offerings of less
than $100,000, secondary offerings, undefined or exempted issues as
defined in the Securities Act of 1933, employee stock plans, investment
360
136
1,012
526
260
25
150
companies other than closed-end, intracorporate transactions, and sales to
foreigners.
SOURCE.—Securities and Exchange Commission.
Corporate Finance
A37
1.49 OPEN-END INVESTMENT COMPANIES Net Sales and Asset Position
Millions of dollars
1978
Item
1976
1977
Feb.
Mar.
Apr.
June
May
July
Aug.
INVESTMENT COMPANIES
excluding money market funds
1
2
3
4
5
6
Sales of own shares 1
Redemptions of own shares 2
Other
4,226
6,802
-2,496
6,401
6,027
357
451
348
103
613
459
154
625
580
45
558
831
-273
487
757
-270
474
645
-181
585
882
-297
47,537
2,747
44,790
45,049
3,274
41,775
42,747
4.258
38,489
44,052
4,331
39,721
46,594
4,592
42,002
46,969
4,642
42,327
46,106
4,493
41,613
47,975
4,285
43,690
49,249
3,948
43,301
1
Includes reinvestment of investment income dividends. Excludes
reinvestment of capital gains distributions and share issue of conversions
f r o2m one fund to another in the same group.
Excludes share redemption resulting f r o m conversions f r o m one fund
t o another in the same group.
3 Market value at end of period, less current liabilities.
4
Also includes all U.S. Govt, securities and other short-term debt
securities.
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.
1.50 CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1977
1976
Account
1975
1976
1978
1977
Q4
Q1
Q2
Q3
Q4
Ql
Q2
1 Profits before tax
120.4
155.9
173.9
154.6
164.8
175.1
177.5
178.3
172.1
205.5
2 Profits tax liability
3 Profits after tax
49.8
70.6
64.3
91.6
71.8
102.1
62.4
92.2
68.3
96.5
72.3
102.8
72.8
104.7
73.9
104.4
70.0
102.1
85.0
120.5
4 Dividends
31.9
38.7
37.9
53.7
43.7
58.4
41.4
50.8
41.5
55.0
42.7
60.1
44.1
60.6
46.3
58.1
47.0
55.1
48.1
72.4
89.2
127.9
97.1
150.8
106.0
164.4
100.5
151.3
102.0
157.0
105.0
165.1
107.6
168.2
109.3
167.4
111.3
166.4
113.3
185.7
7 Net cash flow
SOURCE.—Survey of Current Business (U.S. Dept. of Commerce).
A38
DomesticNonfinancialStatistics • October 1978
1.51 NONFINANCIAL CORPORATIONS Current Assets and Liabilities
Billions of dollars, except for ratio
1977
1976
Account
1974
1978
1975
Q2
Q3
Q4
Ql
Q2
Q3
Q4
Ql
1 Current assets
734.6
756.3
801.7
817.4
823.1
842.0
856.4
880.3
900.1
921.8
2
3
4
5
6
73.0
11.3
265.5
318.9
65.9
80.0
19.6
272.1
314.7
69.9
80.7
23.4
290.2
333.7
73.6
79.5
24.1
297.9
342.2
73.6
86.8
26.0
292.4
341.4
76.4
80.8
26.8
304.1
352.1
78.3
83.1
22.1
312.8
358.8
79.6
83.4
21.5
326.9
367.5
81.0
94.2
20.9
325.7
375.0
84.3
88.3
20.8
336.8
389.5
86.4
7 Current liabilities
451.8
446.9
470.3
484.0
487.5
502.6
509.5
528.9
543.2
564.6
8
9
272.3
179.5
261.2
185.7
269.5
200.8
271.2
212.8
273.2
214.2
280.2
222.4
286.8
222.7
297.8
231.1
306.8
236.3
316.3
248.3
282.8
309.5
331.4
333.4
335.6
339.5
346.9
351.4
357.0
357.2
1.626
1.693
1.705
1.689
1.688
1.675
1.681
1.664
1.657
1.633
Cash
U.S. Government securities
Notes and accounts receivable
Inventories
Other
Notes and accounts payable
Other
10 Net working capital
11 MEMO : Current r a t i o
1
I (Total current assets)/(Total current liabilities).
SOURCE.—Federal Trade Commission.
NOTE.—For a description of this series see "Working Capital of Nonfinancial Corporations" in the July 1978 BULLETIN, pp. 533-37.
1.52 BUSINESS EXPENDITURES on New Plant and Equipment
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
1977
Industry
1 All industries
Manufacturing
2
Durable goods industries
3
Nondurable goods industries
4
5
6
7
8
9
10
11
Nonmanufacturing
Mining
Transportation :
Railroad
Air
Other
Public utilities:
Electric
Gas and other
Communication
Commercial and other *
1
2
Ql
Q2
Q3
Q4
Ql
Q2
Q32
Q42
135.72
152.28
130.16
134.24
140.38
138.11
144.25
150.76
155.13
158.98
27.75
32.33
31.53
36.23
26.30
30.13
27.26
32.19
29.23
33.79
28.19
33.22
28.72
32.86
31.40
35.80
32.11
36.54
33.89
39.72
4.49
4.78
4.24
4.49
4.74
4.50
4.45
4.81
4.80
5.07
2.82
1.63
2.55
3.28
2.45
2.27
2.71
1.62
2.96
2.57
1.43
2.96
3.20
1.69
1.96
2.80
1.76
2.32
3.35
2.67
2.44
3.09
2.08
2.23
3.64
2.97
2.37
3.05
2.08
2.05
21.57
4.21
15.43
22.95
24.49
4.48
21.19
4.16
14.19
22.67
21.14
4.16
15.32
22.73
21.90
4.32
16.40
23.14
22.05
4.18
15.82
23.27
23.15
4.78
17.07
24.76
23.83
4.62
18.18
24.71
25.04
4.22
} 43.44
25.94
4.28
42.90
Includes trade, service, construction, finance, and insurance.
Anticipated by business.
NOTE.—Estimates for corporate and noncorporate business, excluding
1978
1978 2
1977
agriculture; real estate operators; medical, legal, educational, and cultural
service; and nonprofit organizations.
SOURCE.—Survey of Current Business (U.S. Dept. of Commerce).
Corporate Finance
A39
1.521 DOMESTIC FINANCE COMPANIES Assets and Liabilities
Billions of dollars, end of period
1977
1972
Account
1973
1974
1975
1978
1976
Q2
Q3
Q4
Q1
Q2
ASSETS
1
2
3
4
5
6
7
8
Accounts receivable, gross
Consumer
Business
Total
LESS: Reserves for unearned income and losses
Accounts receivable, net
Cash and bank deposits
Securities
All other
9 Total assets
31.9
27.4
59.3
7.4
51.9
2.8
.9
10.0
35.4
32.3
67.7
8.4
59.3
2.6
.8
10.6
36.1
37.2
73.3
9.0
64.2
3.0
.4
12.0
36.0
39.3
75.3
9.4
65.9
2.9
1.0
11.8
38.6
44.7
83.4
10.5
72.9
2.6
1.1
12.6
40.7
50.4
91.2
11.1
80.1
2.5
1.2
13.7
42.3
50.6
92.9
11.7
81.2
2.5
1.8
14.2
44.0
55.2
99.2
12.7
86.5
2.6
.9
14.3
44.5
57.6
102.1
12.8
89.3
2.2
1.2
15.0
47.1
59.5
106.6
14.1
92.6
2.9
1.3
16.2
65.6
73.2
79.6
81.6
89.2
97.5
99.6
104.3
107.7
112.9
5.6
17.3
7.2
19.7
9.7
20.7
8.0
22.2
6.3
23.7
5.7
27.5
5.4
25.7
5.9
29.6
5.8
29.9
5.4
31.3
4.3
22.7
4.8
4.6
24.6
5.6
4.9
26.5
5.5
4.5
27.6
6.8
5.4
32.3
8.1
5.5
35.0
9.4
5.4
34.8
13.7
6.2
36.0
11.5
5.3
38.0
12.9
6.6
40.1
13.6
LIABILITIES
10 Bank loans
11 Commercial paper
Debt:
12
Short-term, n.e.c
13
Long-term, n.e.c
14
Other
15 Capital, surplus, and undivided profits
10.9
11.5
12.4
12.5
13.4
14.4
14.6
15.1
15.7
16.0
65.6
73.2
79.6
81.6
89.2
97.5
99.6
104.3
107.7
112.9
NOTE.—Components may not add to totals due to rounding.
1.522 DOMESTIC FINANCE COMPANIES Business Credit
Millions of dollars, seasonally adjusted except as noted
Type
Accounts
receivable
outstanding July 31,
19781
Changes in accounts
receivable during—
Extensions
Repayments
1978
1978
1978
May
June
July
May
June
July
May
June
July
1 Total
58,859
545
560
284
14,786
14,994
14,688
14,241
14,434
14,404
2 Retail automotive (commercial vehicles)
3 Wholesale automotive
4 Retail paper on business, industrial, and
farm equipment
5 Loans on commercial accounts r e c e i v a b l e . . .
6 Factored commercial accounts receivable....
7 All other business credit
13,600
11,401
223
1
400
-472
111
103
1,155
6,195
1,314
5,705
1,073
6,148
932
6,194
914
6,177
962
6,045
15,472
4,128
2,455
11,803
182
59
51
29
283
182
104
63
210
-140
-11
11
1,153
2,943
1,663
1,677
1,194
3,314
1,743
1,724
1,324
2,748
1,716
1,679
971
2,884
1,612
1,648
911
3,132
1,639
1,661
1,114
2,888
1,727
1,668
i Not seasonally adjusted.
A40
DomesticNonfinancialStatistics • October 1978
1.53 MORTGAGE MARKETS
Millions of dollars; exceptions noted.
1978
Item
1975
1976
1977
Mar.
Apr.
May
June
July
Aug.
Terms and yields in primary and secondary markets
PRIMARY MARKETS
Conventional
mortgages on new homes
Terms: 1
1
Purchase price (thous. dollars)
2
Amount of loan (thous. dollars)
3
4
Maturity (years)
Fees and charges (per cent of loan amount) 2 .
5
6
Contract rate (per cent per annum)
7
8
Yield (per cent per
annum):
FHLBB series 3
H U D series 4
44.6
33.3
74.7
26.8
1.54
8.75
48.4
35.9
74.2
27.2
1.44
8.76
54.3
40.5
76.3
27.9
1.33
8.80
58.8
43.5
75.5
27.4
1.37
9.03
61.6
45.7
76.1
28.4
1.44
9.07
59.8
44.2
75.5
27.7
1.34
9.14
62.6
45.9
75.6
28.3
1.40
9.23
r
61.9
r
45.3
r
75.3
28.2
1.40
9.34
63.6
46.4
75.3
28.0
1.43
9.45
9.01
9.10
8.99
8.99
9.01
8.95
9.26
9.30
9.30
9.40
9.37
9.60
9.46
9.75
9.57
9.80
9.70
9.80
9.19
8.52
8.82
8.17
7.96
8.04
9.29
8.60
9.37
8.71
9.67
8.71
9.05
9.92
9.16
9.78
8.96
9.26
9.37
8.99
9.11
8.73
8.98
9.35
9.61
9.44
9.72
9.66
9.90
9.91
10.10
10.01
10.19
9.81
10.11
SECONDARY MARKETS
t)
10
11
12
Yields (per cent per annum):
F N M A auctions: 7
Conventional loans
Activity in secondary markets
F E D E R A L NATIONAL
M O R T G A G E ASSOCIATION
13
14
15
16
17
18
Mortgage holdings (end of period)
Total
VA-guaranteed
Mortgage transactions (during period)
Purchases
Sales
31,824
19,732
9,573
2,519
32,904
18,916
9,212
4,776
34,370
18,457
9,315
6,597
36,030
18,759
9,727
7,543
36,702
18,950
9,905
7,847
37,937
19,382
10,255
8,300
38,753
19,608
10,398
8,747
39,409
19,763
10,457
9,189
40,325
20,034
10,535
9,752
4,263
2
3,606
86
497
891
4
937
1,551
1,148
945
1,230
6,106
4,126
6,247
3,398
1,333
4,698
1,563
7,445
2,119
8,486
3,439
10,271
1,517
10,395
927
10,171
527
9,419
7,042.6
3,848.3
4,929.8
2,787.2
1,184.5
794.0
523.7
334.9
909.3
529.2
2,117.7
1,093.7
1,095.0
636.6
756.7
471.5
499.1
277.2
1,401.3
765.0
2,595.7
1,879.2
591.6
359.4
823.5
512.5
974.2
578.1
1,935.8
968.3
574.5
342.0
316.0
178.9
224.7
128.5
4,987
1,824
3,163
4,269
1,618
2,651
3,276
1,395
1,881
3,372
1,387
1,985
3,092
1,373
1,719
2,878
1,356
1,522
2,255
1,338
917
2,024
1,321
702
2,448
1,304
1,144
1,716
1,020
1,175
1,396
489
477
344
120
356
466
479
651
500
1,093
520
725
742
299
982
111
1,477
333
361
1,063
593
1,233
512
1,346
811
1,640
762
l,870
737
2,055
838
2,142
8
19
20
21
22
23
24
Mortgage commitments:
Contracted (during period)
Auction of 4-month commitments to buy—
Government-underwritten loans:
Offered 9
Conventional loans:
Offered 9
F E D E R A L H O M E LOAN
MORTGAGE CORPORATION
25
26
27
Mortgage holdings (end of period) 1 0
Total
FHA/VA
Conventional
Mortgage transactions (during period)
28
29
30
31
Sales
Mortgage commitments: 1 1
Contracted (during period)
1
Weighted averages based on sample surveys of mortgages originated
by major institutional lender groups. Compiled by the Federal Home Loan
Bank Board in cooperation with the Federal Deposit Insurance Corporation.
2
Includes all fees, commissions, discounts, and "points" paid (by
the borrower or the seller) in order to obtain a loan.
3
Average effective interest rates on loans closed, assuming prepayment
at the end of 10 years.
4
Average contract rates on new commitments for conventional first
mortgages, rounded to the nearest 5 basis points; from Dept. of Housing
and Urban Development.
5 Average gross yields on 30-year, minimum-downpayment, Federal
Housing Administration-insured first mortgages for immediate delivery
in the private secondary market. Any gaps in data are due to periods of
adjustment to changes in maximum permissible contract rates.
6
Average net yields to investors on Government National Mortgage
Association-guaranteed, mortgage-backed, fully-modified pass-through
r
securities, assuming prepayment in 12 years on pools of 30-year FHA/VA
mortgages carrying the prevailing ceiling rate. Monthly figures are
unweighted averages of Monday quotations for the month.
7
Average gross yields (before deduction of 38 basis points for mortgage
servicing) on accepted bids in Federal National Mortgage Association's
auctions of 4-month commitments to purchase home mortgages, assuming
prepayment in 12 years for 30-year mortgages. No adjustments are made
for F N M A commitment fees or stock related requirements. Monthly
figures are unweighted averages for auctions conducted within the month.
8
Includes some multifamily and nonprofit hospital loan commitments
in addition to 1- to 4-family loan commitments accepted in FNMA's
free market auction system, and through the F N M A - G N M A Tandem
plans.
9 Mortgage amounts offered by bidders are total bids received.
10
Includes participations as well as whole loans.
11
Includes conventional and Government-underwritten loans.
Real Estate Debt
A41
1.54 MORTGAGE DEBT OUTSTANDING
Millions of dollars, end of period
1977
1973
Type of holder, and type of property
1974
1975
Q3
1 All holders
2
1- to 4-family
3
Multifamily
4
Commercial
5
Farm
6 M a j o r financial institutions
7
Commercial banks1
8
1- to 4-family
9
Multifamily
10
Commercial
11
Farm
12
13
14
15
16
Mutual savings banks
1 - t o 4-family
Multifamily
Commercial
Farm
17
18
19
20
Savings and loan associations
1 - t o 4-family
Multifamily
Commercial
21
22
23
24
25
Life insurance companies
1 - t o 4-family
Multifamily
Commercial
Farm
26 Federal and related agencies
27
Government National Mortgage
28
1- to 4-family
29
Multifamily
Assn.
30
31
32
33
34
Farmers Home Admin
1- to 4-family
Multifamily
Commercial
Farm
35
36
37
Federal Housing and Veterans
1- to 4-family
Multifamily
38
39
40
Federal National Mortgage Assn...
1- to 4-family
Multifamily
41
42
43
Federal land banks
1 - t o 4-family
Farm
44
45
46
Federal Home Loan Mortgage
1- to 4-family
Multifamily
47 Mortgage pools or trusts 2
48
Government National Mortgage
49
1- to 4-family
50
Multifamily
51
52
53
Federal Home Loan Mortgage
1- to 4-family
Multifamily
54
55
56
57
58
Farmers Home Admin
1- to 4-family
Multifamily
Commercial
Farm
59 Individuals and others 3
60
1- to 4-family
61
Multifamily
62
Commercial
63
Farm
Admin.
.
Corp.,
Q4
Q1
Q2 P
682,321
742,512
801,537
889,327
986,395
1,023,470
1,052,358
1,089,740
416,211
93,132
131,725
41,253
449,371
99,976
146,877
46,288
490,761
100,601
159,298
50,877
556,557
104,516
171,223
57,031
630,498
109,389
182,510
63,998
656,159
111,809
189,834
65,668
675,556
114,206
194,550
68,046
701,238
116,940
200,668
70,894
505,400
542,560
581,193
647,650
718,153
745,064
764,665
792,152
119,068
67,998
6,932
38,696
5,442
132,105
74,758
7,619
43,679
6,049
136,186
77,018
5,915
46,882
6,371
151,326
86,234
8,082
50,289
6,721
171,166
100,474
8,815
54,260
7,617
178,979
105,115
9,215
56,898
7,751
184,423
108,699
9,387
58,407
7,930
193,223
113,886
9,816
61,194
8,327
73,230
48,811
12,343
12,012
64
74,920
49,213
12,923
12,722
62
77,249
50,025
13,792
13,373
59
81,639
53,089
14,177
14,313
60
86,079
56,313
14,952
14,762
52
88,104
57,637
15,304
15,110
53
89,800
58,747
15,398
15,401
54
91,382
59,782
15,873
15,672
55
231,733
187,078
22,779
21,876
249,301
200,987
23,808
24,506
278,590
223,903
25,547
29,140
323,130
260,895
28,436
33,799
366,838
298,459
31,585
36,794
381,216
310,728
32,518
37,969
392,479
319,910
33,478
39,091
407,943
332,514
34,798
40,631
81,369
20,426
18,451
36,496
5,996
86,234
19,026
19,625
41,256
6,327
89,168
17,590
19,629
45,196
6,753
91,555
16,088
19,178
48,864
7,425
94,070
15,022
18,831
51,742
8,475
96,765
14,727
18,807
54,388
8,843
97,963
14,476
18,851
55,426
9,210
99,604
14,226
19,165
56,631
9,582
46,721
58,320
66,891
66,753
69,068
70,006
72,014
74,783
4,029
1,455
2,574
4,846
2,248
2,598
7,438
4,728
2,710
4,241
1,970
2,271
3,599
1,522
2,077
3,660
1,548
2,112
3,291
948
2,343
3,200
922
2,278
1,366
743
29
218
376
1,432
759
167
156
350
1,109
208
215
190
496
1,064
454
218
72
320
1,292
548
192
142
410
1,353
626
275
149
303
1,179
202
408
218
351
1,429
245
495
264
425
3,476
2,013
1,463
4,015
2,009
2,006
4,970
1,990
2,980
5,150
1,676
3,474
5,130
1,566
3,564
5,212
1,627
3,585
5,219
1,585
3,634
5,289
1,607
3,682
24,175
20,370
3,805
29,578
23,778
5,800
31,824
25,813
6,011
32,904
26,934
5,970
34,148
28,178
5,970
34,369
28,504
5,865
36,029
30,208
5,821
38,753
32,974
5,779
11,071
123
10,948
13,863
406
13,457
16,563
549
16,014
19,125
601
18,524
21,523
649
20,874
22,136
670
21,466
22,925
691
22,234
23,857
727
23,130
2,604
2,446
158
4,586
4,217
369
4,987
4,588
399
4,269
3,889
380
3,376
2,818
558
3,276
2,738
538
3,371
2,785
586
2,255
1,856
399
64,667
70,289
74,080
77,917
41,089
39,865
1,224
44,896
43,555
1,341
46,357
44,906
1,451
48,032
46,515
1,517
18,040
23,799
34,138
49,801
Assn.
7,890
7,561
329
11,769
11,249
520
18,257
17,538
719
30,572
29,583
989
Corp.
766
617
149
757
608
149
1,598
1,349
249
2,671
2,282
389
5,332
4,642
690
6,610
5,621
989
7,471
6,286
1,185
9,134
7,685
1,449
9,384
5,458
138
1,124
2,664
11,273
6,782
116
1,473
2,902
14,283
9,194
295
1,948
2,846
16,558
10,219
532
2,440
3,367
18,426
11,127
768
2,824
3,527
18,783
11,379
759
2,945
3,682
20,252
12,235
732
3,528
3,757
20,751
12,536
750
3,615
3,850
112,160
117,833
119,315
125,123
141,599
144,888
53,331
24,276
23,085
17,141
56,268
22,140
22,569
18,338
62,643
20,420
21,446
20,614
134,507
69,315
20,163
21,986
23,043
138,111
51 ,112
23,982
21,303
15,763
71,665
20,501
22,375
23,570
73,878
20,732
22,479
24,510
75,763
20,939
22,661
25,525
1 Includes loans held by nondeposit trust companies but not bank trust
departments.
2
Outstanding principal balances of 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.
1978
1976
NOTE.—Based on data f r o m various institutional and Govt, sources,
with some quarters estimated in part by Federal Reserve in conjunction
with the Federal H o m e Loan Bank Board and the Dept. of Commerce.
Separation of n o n f a r m mortgage debt by type of property, if 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.
A42
DomesticNonfinancialStatistics • October 1978
1.55 CONSUMER INSTALMENT CREDIT Total Outstanding, and Net Change
Millions of dollars
1978
Holder, and type of credit
1975
1976
1977
Feb.
Mar.
Apr.
May
June
July
Aug.
Amounts outstanding (end of period)
164,955
185,489
216,572
216,297
219,203
222,mi
227,561
233,416
237,197
242,538
By holder:
Commercial banks
Finance companies
Credit unions
Retailers 1
Others2
78,667
35,994
25,666
18,002
6,626
89,511
38,639
30,546
19,052
7,741
105,291
44,015
37,036
21,082
9,149
105,663
44,107
37,217
20,060
9,250
107,166
44,486
38,185
19,920
9,446
109,336
45,182
38,750
19,941
9,528
111,673
46,136
39,951
20,141
9,660
114,756
47,147
41,388
20,310
9,815
117,110
47,967
41,802
20,432
9,886
119,889
48,982
42,931
20,655
10,081
7
8
9
10
11
12
13
By type of credit:
Automobile
Commercial banks
Indirect
Direct
Finance companies
Credit unions
Others
55,879
31,553
18,353
13,200
11,155
12,741
430
66,116
37,984
21,176
16,808
12,489
15,163
480
79,352
46,119
25,370
20,749
14,263
18,385
585
79,984
46,547
25,696
20,851
14,374
18,475
588
81,666
47,534
26,327
21,207
14,577
18,955
600
83,490
48,731
27,049
21,682
14,921
19,239
599
85,954
50,119
27,854
22,265
15,382
19,835
618
88,767
51,714
28,773
22,941
15,863
20,549
641
90,671
52,938
29,496
23,442
16,327
20,754
652
92,956
54,224
30,202
24,022
16,753
21,314
665
14
15
16
Mobile homes
Commercial banks
Finance companies
14,423
8,649
3,451
14,572
8,734
3,273
15,014
8,862
3,109
14,973
8,807
3,098
15,062
8,845
3,085
15,156
8,876
3,095
15,220
8,912
3,098
15,309
8,967
3,103
15,438
9,061
3,123
15,577
9,117
3,139
17
18
Home improvement
Commercial banks
9,405
4,965
10,990
5,554
12,952
6,473
12,968
6,436
13,162
6,479
13,375
6,598
13,691
6,782
14,037
6,971
14,260
7,129
14,633
7,331
19
20
Revolving credit:
Bank credit cards
Bank check credit
9,501
2,810
11,351
3,041
14,262
3,724
14,174
3,822
14,142
3,844
14,345
3,856
14,456
3,919
14,929
3,996
15,288
4,043
15,857
4,178
21
22
23
24
25
26
27
28
Allother
Commercial banks, total
Personal loans
Finance companies, total.
Personal loans
Credit unions
Retailers
Others
72,937
21,188
14,629
21,238
17,263
10,754
18,002
1,755
79,418
22,847
15,669
22,749
18,554
12,799
19,052
1,971
91,269
25,850
17,740
26,498
21,302
15,518
21,082
2,321
90,376
25,877
17,769
26,489
21,283
15,594
20,060
2,356
91,327
26,322
18,002
26,675
21,416
15,999
19,920
2,411
92,515
26,930
18,383
27,012
21,700
16,232
19,941
2,400
94,321
27,485
18,640
27,496
22,110
16,735
20,141
2,464
96,378
28,179
19,049
28,012
22.547
17,337
20,310
2,540
97,497
28,651
19,301
28,336
22,906
17,511
20,432
2,567
99,337
29,182
19,655
28,898
23,344
17,984
20,655
2,618
1 Total
2
3
4
5
6
Net change (during period) 3
29 Total
7,504
20,533
31,090
2,661
4,068
3,719
3,857
3,792
3,301
2,986
By holder:
30
Commercial banks
31
Finance companies
32
33
Retailers *
34
Others 2
2,821
-90
3,771
69
933
10,845
2,644
4,880
1,050
1,115
15,779
5,376
6,490
2,032
1,413
1,280
418
603
202
158
2,021
662
836
367
182
2,001
781
699
129
109
1,881
763
911
170
132
1,960
553
836
282
161
1,915
605
369
364
48
1,645
607
508
45
181
Commercial banks
Indirect
Direct
Finance companies
Credit unions
Other
3,007
559
-334
894
532
1,872
44
10,238
6,431
2,823
3,608
1,334
2,422
50
13,235
8,135
4,194
3,941
1,774
3,222
105
1,104
599
389
210
201
300
4
1,522
882
564
318
238
406
-4
1,728
989
603
386
375
343
21
1,789
944
575
369
367
465
13
1,543
946
554
392
199
383
15
1,520
937
553
384
371
206
6
1,446
894
464
430
260
261
31
42
43
44
Mobile homes
Commercial banks
Finance companies
-195
-323
-73
150
85
-177
441
128
-164
23
2
-9
108
46
2
95
28
11
58
33
-3
15
—1
-7
104
79
14
87
26
7
45
46
Home improvement
Commercial banks
881
211
1,585
588
1,967
920
171
69
217
74
212
111
222
109
209
95
156
101
229
123
1,220
14
1,850
231
2,911
683
285
87
448
120
311
56
263
129
362
90
398
27
280
44
2,577
1,080
858
-348
279
1,580
69
196
6,479
1,659
1,040
1,509
1,290
2,045
1,050
217
11,853
3,003
2,070
3,749
2,748
2,719
2,032
350
991
238
167
223
183
252
202
76
1,653
451
263
419
309
358
367
58
1,317
506
333
387
307
301
129
-6
1,396
403
207
395
327
371
170
57
1,573
468
303
358
301
383
282
82
1,096
373
220
210
238
133
364
16
900
278
154
329
236
212
45
36
35
36
37
38
39
40
41
47
48
49
50
51
52
53
54
55
56
By type of credit:
Revolving credit:
Bank credit cards
Allother
Commercial banks, total
Personal loans
Finance companies, total
Personal loans
Credit unions
Retailers
Others
1 Excludes 30-day charge credit held by retailers, oil and gas companies,
and travel and entertainment companies.
2
Mutual savings banks, savings and loan associations, and auto dealers.
3
N e t change equals extensions minus liquidations (repayments, chargeoffs, and other credits); figures for all months are seasonally adjusted.
NOTE.—Total consumer noninstalment credit outstanding—credit
scheduled to be repaid in a lump sum, including single-payment loans,
charge accounts, and service credit—amounted to $44.2 billion at the end
of 1977, $38.7 billion at the end of 1976, $35.7 billion at the end of 1975,
and $33.8 billion at the end of 1974. Comparable data for Dec. 31, 1978
will be published in the February 1979 BULLETIN.
Consumer Debt
A43
1.56 CONSUMER INSTALMENT CREDIT Extensions and Liquidations
Millions of dollars
1978
Holder, and type of credit
1975
1976
1977
Feb.
Mar.
Apr.
May
June
July
Aug.
Extensions 3
164,169
193,328
225,645
20,179
21,595
22.117
22,336
22,680
22,332
22,632
By holder:
Commercial banks
Finance companies
Credit unions
1
Retailers
Others 2
77,312
31,173
24,096
27,049
4,539
94,220
36,028
28,587
29,188
5,305
110,777
41,770
33,592
33,202
6,303
9,905
3,691
3,028
2,976
579
10,608
3,914
3,309
3,148
616
11,120
4,226
3,267
2,955
549
11,004
4,241
3,508
2,995
588
11,329
4,113
3,433
3,185
620
11,315
4,078
3,128
3,300
511
11,474
4,214
3,271
2,995
678
7
8
9
10
11
12
13
By type of credit:
Automobile
Commercial banks
Indirect
Direct
Finance companies
Credit unions
Others
51,413
28,573
15,766
12,807
9,674
12,683
483
62,988
36,585
19,882
16,704
11,209
14,675
518
72,888
42,570
22,904
19,666
12,635
17,041
642
6,400
3,700
2,065
1,635
1,080
1,565
55
6,822
3,924
2,173
1,751
1,173
1,679
46
7,248
4,212
2,347
1,865
1,314
1,654
68
7,387
4,189
2,327
1,862
1,337
1,798
63
7,241
4,178
2,305
1,873
1,278
1,721
64
7,156
4,267
2,329
1,938
1,208
1,624
57
7,399
4,349
2,370
1,979
1,324
1,644
82
14
15
16
Mobile homes
Commercial banks
Finance companies
4,323
2,622
764
4,841
3,071
690
5,244
3,153
651
406
236
62
502
284
74
508
279
85
490
294
74
460
271
69
517
334
81
546
310
78
17
18
Home improvement
Commercial banks
5,556
2,722
6,736
3,245
8,066
3,968
710
338
770
352
753
382
798
395
801
390
736
390
850
429
19
20
Revolving credit:
Bank credit cards
Bank check credit
20,428
4,024
25,862
4,783
31,761
5,886
3,143
535
3,231
608
3,255
646
3,245
677
3,482
694
3,466
599
3,499
625
21
22
23
24
25
26
27
28
All other
Commercial banks, total.
Personal loans
Finance companies, total,
Personal loans
Credit unions
Retailers
Others
78,425
18,944
13,386
20,657
16,944
10,134
27,049
1,642
88,117
20,673
14,480
24,087
19,579
12,340
29,188
1,830
101,801
23,439
16,828
28,396
22,348
14,604
33,202
2,160
8,985
1,953
1,405
2,541
1,989
1,288
2,976
227
9,662
2,209
1,537
2,659
2,105
1,429
3,148
217
9,707
2,346
1,669
2,814
2,226
1,431
2,955
161
9,739
2,204
1,511
2,819
2,273
1,500
2,995
221
10,002
2,314
1,614
2,755
2,231
1,501
3,185
247
9,858
2,259
1,574
2,773
2,211
1,335
3,300
191
9,713
2,262
1,587
2,793
2,194
1,444
2,995
219
1 Total
2
3
4
5
6
Liquidations 3
29 Total
156,665
172,795
194,555
17,518
17,527
18,398
18,479
18,888
19,031
19,646
30
31
32
33
34
By holder:
Commercial banks
Finance companies
Credit unions
Retailers 1
Others 2
74,491
31,263
20,325
26,980
3,606
83,376
33,384
23,707
28,138
4,191
94,998
36,394
27,103
31,170
4,890
8,625
3,273
2,425
2,774
421
8,587
3,252
2,473
2,781
434
9,119
3,445
2,568
2,826
440
9,123
3,478
2,597
2,825
456
9,369
3,560
2,597
2,903
459
9,400
3,473
2,759
2,936
463
9,829
3,607
2,763
2,950
497
35
36
37
38
39
40
41
By type of credit:
Automobile
Commercial banks
Indirect
Direct
Finance companies
Credit unions
Others
48,406
28,014
16,101
11,913
9,142
10,811
439
52,750
30,154
17,059
13,095
9,875
12,253
468
59,652
34,435
18,710
15,726
10,819
13,819
536
5,296
3,101
1,676
1,425
879
1,265
51
5,300
3,042
1,609
1,433
935
1,273
50
5,520
3,223
1,744
1,479
939
1,311
47
5,598
3,245
1,752
1,493
970
1,333
50
5,698
3,232
1,751
1,481
1,079
1,338
49
5,636
3,330
1,776
1,554
837
1,418
51
5,953
3,455
1,906
1,549
1,064
1,383
51
42
43
44
Mobile homes
Commercial banks
Finance companies
4,517
2,944
837
4,691
2,986
867
4,802
3,025
806
383
234
71
394
238
72
413
251
74
432
261
77
445
272
76
413
255
67
459
284
71
45
46
Home improvement
Commercial banks
4,675
2,451
5,151
2,657
6,098
3,048
539
269
553
278
541
271
576
286
592
295
580
289
621
306
47
48
Revolving credit:
Bank credit cards
Bank check credit
19,208
4,010
24,012
4,552
28,851
5,202
2,858
448
'2,783
488
2,944
590
2,982
548
3,120
604
3,068
572
3,219
581
49
50
51
52
53
54
55
56
All other
Commercial banks, total
Personal loans
Finance companies, total
Personal loans
Credit unions
Retailers
Others
75,849
17,864
12,528
21,005
16,665
8,554
26,980
1,446
81,638
19,014
13,439
22,578
18,289
10,295
28,138
1,613
89,948
20,436
14,757
24,647
19,600
11,884
31,170
1,811
7,994
1,715
1,238
2,318
1,806
1,036
2,774
151
8,009
1,758
1,274
2,240
1,796
1,071
2,781
159
8,390
1,840
1,336
2,427
1,919
1,130
2,826
167
8,343
1,801
1,304
2,424
1,946
1,129
2,825
164
8,429
1,846
1,311
2,397
1,930
1,118
2,903
165
8,762
1,886
1,354
2,563
1,973
1,202
2,936
175
8,813
1,984
1,433
2,464
1,958
1,232
2,950
183
1
Excludes 30-day charge credit held by retailers, oil and gas companies,
and travel and entertainment companies.
2
3
Mutual savings banks, savings and loan associations, and auto dealers.
Monthly figures are seasonally adjusted.
A44
DomesticNonfinancialStatistics • October 1978
1.57 FUNDS RAISED IN U.S. CREDIT MARKETS
Billions of dollars; quarterly data are at seasonally adjusted annual rates.
Transaction category, or sector
1972
1973
1974
1975
1976
1977
1977
Ql
1978
Q2
Q3
Q4
Ql
Q2
Nonfinancial sectors
! Total funds raised
2
Excluding equities
By sector and instrument:
3
U.S. Government
4
Public debt securities
Agency issues and mortgages
5
6
All other nonfinancial sectors
7
Corporate equities
8
Debt instruments
9
Private domestic nonfinancial sectors. .
10
Corporate equities
11
Debt instruments
12
Debt capital instruments
13
State and local o b l i g a t i o n s . . . .
14
Corporate bonds
Mortgages :
15
Home
16
Multifamily residential
17
Commercial
18
Farm
19
Other debt instruments
20
Consumer credit
21
Bank loans n.e.c
22
Open market paper
23
Other
24
25
26
27
28
29
30
31
32
33
34
35
36
By borrowing sector
State and local governments
Households
Farm
Nonfarm noncorporate
Corporate
Foreign
Corporate equities
Debt instruments
Bonds
Bank loans n.e.c
Open market paper
U.S. Government loans
176.0
165.5
203.5
196.1
188.0
184.9
208.5
198.0
272.1
261.7
340.5
337.4
303.8
303.6
300.6
298.4
390.6
385.0
367.1
362.5
380.6
380.9
370.5
370.0
15.1
14.3
.8
160.9
10.5
150.4
156.9
10.9
146.0
102.3
14.7
12.2
8.3
7.9
.4
195.2
7.4
187.9
189.3
7.9
181.4
105.0
14.7
9.2
11.8
12.0
-.2
176.2
3.1
173.1
161.6
4.1
157.5
98.0
16.5
19.7
85.4
85.8
-.4
123.1
10.5
112.6
109.5
9.9
99.6
97.8
15.6
27.2
69.0
69.1
—. 1
203.0
10.4
192.6
182.8
10.5
172.3
126.8
19.0
22.8
56.8
57.6
-.9
283.8
3.1
280.6
271.4
2.7
268.7
181.1
29.2
21.0
47.3
48.0
-.7
256.5
.1
256.3
250.4
-.6
251.0
144.8
20.5
18.3
37.8
38.2
-.4
262.8
2.2
260.6
253.8
1.7
252.1
181.9
38.2
13.6
80.1
82.2
-2.1
310.5
5.6
304.9
288.5
4.4
284.1
198.4
33.0
27.3
61.9
62.2
-.3
305.2
4.6
300.6
292.9
5.4
287.5
199.3
25.0
24.7
66.1
61A
-1.4
314.6
-.3
314.9
301.4
1.0
300.4
171.7
22.3
15.0
48.5
49.0
-.5
322.0
.5
321.6
300.0
.7
299.3
188.5
35.8
18.7
42.6
12.7
16.5
3.6
43.7
17.1
18.9
.8
6.9
46.4
10.4
18.9
5.5
76.4
23.8
39.8
2.5
10.3
34.8
6.9
15.1
5.0
59.6
10.2
29.0
6.6
13.7
39.5
11.0
4.6
1.8
9.4
-14.0
-2.6
9.0
63.7
1.8
13.4
6.1
45.5
23.6
3.5
4.0
14.4
96.4
7.4
18.4
8.8
87.6
35.0
30.6
2.9
19.0
79.1
4.4
13.9
8.6
106.2
33.2
48.9
1.7
22.5
97.9
8.5
14.4
9.2
70.2
38.3
19.0
5.3
7.6
103.9
7.0
18.6
8.6
85.7
32.6
33.8
.5
18.8
104.6
9.7
26.6
8.8
88.2
36.2
20.7
4.2
21A
92.4
10.6
21.9
9.5
128.7
38.0
61.3
5.3
24.1
89.7
10.2
24.4
9.7
110.8
51.6
45.9
5.1
8.2
156.9
14.5
64.3
5.8
14.1
58.3
189.3
13.2
80.9
9.7
12.8
72.7
161.6
15.5
49.2
7.9
7.4
81.8
109.5
13.2
48.6
8.7
2.0
37.0
182.8
18.5
89.9
11.0
5.2
58.2
271.4
25.9
139.6
14.7
12.6
78.7
250.4
19.6
127.7
15.5
11.7
75.9
253.8
25.9
134.7
15.5
14.0
63.7
288.5
34.8
150.0
14.5
9.2
80.1
292.9
23.2
145.9
13.2
15.5
95.2
301.4
20.9
143.0
13.1
17.5
107.0
300.0
24.4
141.1
13.7
19.5
101.3
4.0
-.4
4.4
1.0
2.9
-1.0
1.5
5.9
-.5
6.4
1.0
2.8
.9
1.7
14.6
-1.0
15.6
2.1
4.7
7.3
1.5
13.6
.6
13.0
6.2
3.7
.3
2.8
20.2
-.1
20.4
8.5
6.6
1.9
3.3
12.3
.4
11.9
5.0
1.6
2.4
3.0
6.1
.8
5.3
2.2
-3.9
3.0
4.0
9.0
.5
8.5
6.6
-2.6
2.3
2.2
22.0
1.2
20.8
7.5
7.2
2.5
3.7
12.3
-.8
13.1
3.7
5.6
1.8
2.0
13.2
-1.3
14.5
5.1
7.4
-.9
2.9
22.0
-.3
22.2
4.0
8.0
8.1
2.1
*
Financial sectors
37 Total funds raised
By instrument :
38
U.S. Government related
39
Sponsored credit agency securities....
40
Mortgage pool securities
41
Loans from U.S. Government
42
Private financial sectors
43
Corporate equities
44
Debt instruments
45
Corporate bonds
46
Mortgages
47
Bank loans n.e.c
48
Open market paper and Rp's
49
Loans from FHLB's
50
51
52
53
54
55
56
57
58
59
60
By sector:
Sponsored credit agencies
Mortgage pools
Private financial sectors
Commercial banks
Bank affiliates
Savings and loan associations
Other insurance companies
Finance companies
REIT's
Open-end investment companies
Money market funds
28.3
57.6
36.4
11.7
29.2
58.8
57.6
65.4
41.3
71.1
111.1
94.3
8.4
3.5
4.9
19.9
16.3
3.6
18.6
3.3
15.7
-.4
10.6
1.0
9.6
5.8
2.1
-3.7
7.3
-2.0
26.3
7.0
20.5
-1.2
32.6
.6
32.0
10.1
3.1
29.7
7.2
22.5
38.8
23.7
15.2
39.8
24.4
15.3
14.4
4.3
27.4
9.4
22.6
-4.7
30.2
-1.4
31.6
7.3
2.7
1.9
17.1
2.6
25.4
1.7
23.7
37.7
1.5
36.2
3.5
-1.2
8.9
17.8
7.2
13.5
2.3
10.3
.9
-1.9
.6
-2.5
2.9
2.3
-3.6
—. 1
-4.0
22.6
9.5
13.1
19.9
2.8
17.1
5.1
1.7
5.9
4.4
23.1
16.6
5.8
.7
13.3
.3
13.0
2.1
-1.3
4.6
.9
6.7
42.8
2.5
40.3
13.0
3.8
-6.5
25.7
4.3
15.9
-1.4
17.3
8.5
3.1
-.1
5.8
-.1
41.4
2.8
38.7
11.7
2.8
4.7
9.0
10.4
72.2
1.2
71.1
10.3
2.6
-1.1
46.4
12.8
54.5
1.7
52.8
9.6
1.6
2.9
23.4
15.3
3.5
4.9
19.9
4.5
.7
2.0
.5
6.5
6.3
-.5
16.3
3.6
37.7
14.1
2.2
6.0
.5
9.4
6.5
-1.2
17.3
5.8
13.3
-5.6
3.5
6.3
.9
6.0
.6
-.7
2.4
3.2
10.3
-1.9
-1.4
.3
-2.2
1.0
.6
-1.4
-.1
1.3
2.9
15.7
10.6
7.5
-.8
5.8
20.5
32.6
4.8
1.3
11.9
.9
16.9
-2.4
-1.0
.2
4.7
22.6
30.2
10.0
.4
8.7
.9
15.1
-2.7
-2.6
.3
9.5
13.1
42.8
10.0
2.3
12.5
.9
19.8
-2.4
1.0
-1.3
1.7
23.7
15.9
2.5
1.5
5.6
.9
11.1
-2.6
-3.3
.1
7.2
22.5
41.4
-3.4
.9
20.7
1.0
21.6
-1.9
.9
1.7
23.7
15.2
72.2
31.1
3.6
18.1
1.0
14.0
-1.9
24.4
15.3
54.5
3.6
8.0
20.7
1.0
16.9
-1.4
.4
5.3
366.0
1.0
3.7
361.3
60.6
38.2
33.2
133.8
38.3
9.9
33.3
14.0
431.8
-3.3
7.5
427.6
105.5
33.0
43.3
141.0
32.6
40.9
8.8
22.4
438.2
.9
6.5
430.9
91.7
25.0
40.1
152.4
36.2
30.9
15.0
39.6
491.7
*
*
.9
6.4
-2.4
-1.0
*
*
*
6.4
All sectors
60 Total funds raised, by instrument
62
Investment company shares
63
Other corporate equities
64
Debt instruments
U.S. Government securities
65
66
State and local obligations
67
Corporate and foreign bonds
Mortgages
68
69
Consumer credit
70
Bank loans n.e.c
71
Open market paper and Rp's
72
Other loans
204.3
-.5
13.8
191.0
23.6
14.7
18.4
77.0
17.1
27.8
4.1
8.4
261.1
-1.2
10.1
252.3
28.3
14.7
13.6
79.9
23.8
51.6
21.2
19.1
224.4
-.7
4.1
221.0
34.3
16.5
23.9
60.5
10.2
38.3
14.8
22.6
220.2
-.1
11.2
209.1
98.2
15.6
36.4
57.2
9.4
-13.9
-2.4
8.7
301.3
-1.0
12.4
289.8
88.1
19.0
37.2
87.1
23.6
6.4
13.3
15.3
399.4
-1.0
4.8
395.6
84.3
29.2
36.1
134.0
35.0
32.2
19.8
25.1
361.3
-2.6
1.3
362.6
79.5
20.5
27.7
108.6
33.2
46.9
21.9
24.4
*
.9
490.9
105.0
22.3
30.3
137.0
38.0
67.6
50.8
39.9
464.8
.4
1.8
462.6
88.4
35.8
32.3
135.5
51.6
56.8
36.6
25.6
Flow of Funds
A45
1.58 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
Billions of dollars, except as noted; quarterly data are at seasonally adjusted annual rates.
1977
1972
Transaction category, or sector
1 Total funds advanced in credit markets to
nonfinancial sectors
2
3
4
5
6
7
8
9
10
11
By public agencies and foreign:
Total net advances
U.S. Government securities
Residential mortgages
F H L B advances to S&L's
Other loans and securities
Totals advanced, by sector
U.S. Government
Sponsored credit agencies
Monetary authorities
Foreign
Agency borrowing not included in line 1 . .
Private domestic funds advanced
12 Total net advances
13
U.S. Government securities
14
State and local obligations
15
Corporate and foreign bonds
16
Residential mortgages
17
Other mortgages and loans
18
19
20
21
22
23
LESS : F H L B a d v a n c e s
Private financial intermediation
Credit market funds advanced by
financial institutions
Commercial banking
Savings institutions
Insurance and pension funds
Other finance
private
24 Sources of funds
25
Private domestic deposits
26
Credit market borrowing
27
28
29
30
31
Other sources
Foreign f u n d s
Treasury balances
Insurance and pension reserves
Other, net
.
Private domestic nonfinancial investors
32 Direct lending in credit markets
33
U.S. Government securities
34
State and local obligations
35
Corporate and foreign bonds
36
Commercial paper
37
Other
38 Deposits and currency
39
Time and savings accounts
40
Large negotiable C D ' s
41
Other at commercial banks
42
At savings institutions
43
44
45
Money
D e m a n d deposits
Currency
46 Total of credit market instruments, deposits and currency
1973
1974
1975
1976
1978
1977
Ql
Q2
Q3
Q4
Ql
Q2
165.5
196.1
184.9
198.0
261.7
337.4
303.6
298.4
385.0
362.5
380.9
370.0
19.8
7.6
7.0
5.1
34.1
9.5
8.2
7.2
9.2
52.6
11.9
14.7
6.7
19.4
44.3
22.5
16.2
-4.0
9.5
54.5
26.8
12.8
-2.0
16.9
85.4
40.2
20.4
4.3
20.5
59.2
14.8
23.6
2.6
18.2
79.3
39.7
16.3
4.3
19.1
81.4
40.8
18.8
—. 1
21.9
121.8
65.6
23.0
10.4
22.8
116.3
48.7
27.2
12.8
27.5
83.0
33.9
20.0
15.3
13.8
1.8
9.2
.3
8.4
8.4
2.8
21.4
9.2
.6
19.9
9.7
25.6
6.2
11.2
23.1
15.1
14.5
8.5
6.1
13.5
8.9
20.6
9.8
15.2
18.6
11.8
26.9
7.1
39.5
26.3
10.3
28.4
-5.8
26.2
21A
1.8
24.9
26.1
26.5
22.6
17.4
25.7
2.1
36.2
25.4
17.8
28.7
6.2
69.2
29.7
28.7
39.9
-4.1
51.8
38.8
8.5
43.6
30.7
.3
39.8
154.1
16.0
14.7
13.1
48.2
62.1
*
182.0
18.8
14.7
10.0
48.4
97.2
7.2
155.3
22.4
16.5
20.9
26.9
75.4
6.7
167.3
75.7
15.6
32.8
23.2
16.1
-4.0
225.7
61.3
19.0
30.5
52.7
60.4
-2.0
278.2
44.1
29.2
22.3
83.2
103.7
4.3
271.8
64.7
20.5
19.6
59.7
109.9
2.6
241.7
20.9
38.2
14.9
90.0
82.0
4.3
328.9
64.8
33.0
31.1
92.0
107.9
-.1
270.4
26.1
25.0
23.6
91.2
115.0
10.4
303.5
56.3
22.3
19.3
75.6
142.8
12.8
326.8
54.5
35.8
21.5
79.8
150.6
15.3
149.7
70.5
48.2
17.2
13.9
165.4
86.5
36.9
23.9
18.0
126.2
64.5
26.9
30.0
4.7
119.9
27.6
52.0
41.5
-1.1
191.2
58.0
71.4
51.7
10.1
249.6
85.8
84.8
62.0
16.9
239.3
85.0
85.5
58.6
10.2
242.9
11.1
85.1
62.0
18.7
280.6
103.1
89.1
66.4
22.0
235.4
77.9
79.6
61.1
16.8
266.6
114.2
79.1
62.7
10.6
307.9
136.8
81.6
66.2
23.3
149.7
100.6
17.1
165.4
86.6
36.2
126.2
69.4
13.0
119.9
90.6
-2.5
191.2
121.5
9.6
249.6
136.0
32.0
239.3
140.3
31.6
242.9
113.7
40.3
280.6
165.4
17.3
235.4
124.5
38.7
266.6
112.3
71.1
307.9
124.0
52.8
32.0
4.6
.7
11.6
15.0
42.5
5.8
-1.0
18.4
19.4
43.8
16.8
-5.1
26.0
6.0
31.9
.9
-1.7
29.6
3.1
60.1
5.1
—. 1
34.8
20.3
81.6
11.6
4.3
48.0
17.8
67.3
-7.6
4.3
40.6
30.0
89.0
9.1
-7.9
50.4
37.4
97.9
20.4
5.5
51.9
20.0
72.3
24.4
15.2
48.9
-16.2
83.2
-2.4
-14.1
47.7
52.0
131.1
16.4
12.3
50.1
52.3
21.5
3.9
3.0
4.4
2.9
7.3
52.8
19.2
5.4
1.3
18.3
8.6
42.2
17.5
9.3
4.7
2.4
8.2
44.9 • 44.1
23.0
19.6
8.3
6.8
8.0
2.1
-.8
4.1
6.4
11.5
60.6
24.6
9.1
1.1
9.5
16.2
64.1
34.3
2.1
.9
12.7
14.3
39.1
-6.0
14.2
13.3
17.6
65.6
37.8
7.3
3.5
.5
16.5
73.6
32.5
12.9
.2
11.5
16.5
108.0
51.7
4.4
-3.5
37.2
18.3
71.8
20.7
9.6
-2.1
22.6
21.0
105.0
83.8
7.7
30.6
45.4
90.6
76.1
18.1
29.6
28.5
75.7
66.7
18.8
26.1
21.8
96.8
84.8
-14.1
39.4
59.4
128.8
112.2
-14.4
58.1
68.5
144.3
120.1
9.3
41.7
69.1
146.9
119.6
-13.5
62.9
70.2
118.3
101.5
4.8
27.7
69.0
182.2
151.4
13.1
60.0
78.3
129.7
108.0
32.7
16.3
59.0
123.2
110.5
5.4
52.8
52.3
133.9
110.5
19.8
33.6
57.0
21.2
16.8
4.4
14.4
10.5
3.9
8.9
2.6
6.3
12.0
5.8
6.2
16.6
9.3
7.3
24.2
15.9
8.3
27.3
20.8
6.6
16.8
12.2
4.6
30.8
14.0
16.8
21.7
16.5
5.2
12.7
1.8
11.0
23.5
13.5
9.9
126.5
*
*
143.4
117.8
141.6
172.9
204.9
211.1
157.3
247.8
203.3
231.3
205.7
Public support rate (in per cent)
Private financial intermediation (in per
cent)
Total foreign funds
12.0
17.4
28.5
22.4
20.8
25.3
19.5
26.6
21.1
33.6
30.5
22.4
97.2
13.0
90.9
6.4
81.3
28.0
71.7
7.1
84.7
20.3
89.7
51.1
88.0
18.6
100.5
35.6
85.3
56.6
87.1
93.5
87.8
49.4
94.2
16.6
MEMO: Corporate equities not included
above
50 Total net issues
51
Mutual fund shares
52
Other equities
53 Acquisitions by financial institutions
54 Other net purchases
13.3
-.5
13.8
16.5
-3.3
8.9
-1.2
10.1
13.3
-4.4
3.4
-.7
4.1
5.8
-2.4
11.1
—. 1
11.2
9.7
1.4
11.4
-1.0
12.4
12.5
-1.1
3.8
-1.0
4.8
6.2
-2.4
-1.3
-2.6
1.3
6.0
-7.3
4.7
1.0
3.7
6.2
-1.5
4.2
-3.3
7.5
8.0
-3.8
7.4
.9
6.5
4.6
2.8
.9
2.1
.4
1.8
.4
1.8
47
48
49
NOTES BY LINE NUMBER.
1.
2.
6.
11.
12.
17.
25.
26.
28.
Line 2 of p. A-44.
Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by Federally sponsored credit agencies,
and net issues of Federally related mortgage pool securities. Included
below in lines 3, 13, and 33.
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.
Includes farm and commercial mortgages.
Sum of lines 39 and 44.
Excludes equity issues and investment company shares. Includes
line 18.
Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign affiliates.
*
.9
-1.5
2.3
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. Sum of lines 10 and 28.
50. 52. Includes issues by financial institutions.
NOTE.—Full statements for sectors and transaction types quarterly,
and annually for flows and f o r amounts outstanding, may be obtained
f r o m Flow of Funds Section, Division of Research and Statistics, Board
of Governors of the Federal Reserve System, Washington, D . C . 20551.
A46
Domestic Nonfinancial Statistics • October 1978
2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures
1967 = 100; monthly and quarterly data are seasonally adjusted. Exceptions noted.
1978
Measure
1976
1975
1977
Feb.
Mar.
Apr.
May
Juner
July
117.8
129.8
137.0
139.2
140.9
143.2
143.9
144.9
145.9
2
3
4
5
6
7
Market groupings:
Products, total
Final, total
Consumer goods
Equipment
Intermediate
Materials
119.3
118.2
124.0
110.2
123.1
115.5
129.3
127.2
136.2
114.6
137.2
130.6
137.1
134.9
143.4
123.2
145. 1
136.9
139.6
136.4
143.8
126.2
151.4
138.6
141.6
138.9
145.9
129.1
151.4
139.9
143.0
140.5
147.5
130.8
152.1
143.7
143.1
140.5
147.0
131.6
152.6
145.1
144.0
141.1
147.0
133.0
154.7
146.4
144.7
141.9
147.5
134.4
155.5
147.8
8
Industry groupings:
Manufacturing
116.3
129.5
137.1
139.4
141.4
143.5
144.3
145.5
146.6
73.6
73.6
80.2
80.4
82.4
81.9
81.9
81.3
82.7
81.9
83.7
84.0
83.9
84.5
84.3
85.1
84.7
85.7
1 Industrial production
Capacity utilization (per cent) 1
9
Manufacturing
10
Industrial materials industries
162.3
190.2
253.0
266.0
254.0
279.0
332.0
249.0
286.0
12 Nonagricultural employment, total 3
13
Goods-producing, total
14
Manufacturing, total
15
Manufacturing, production-worker
16
Service-producing
117.0
97.0
94.2
91.2
127.9
120.7
100.4
97.7
95.3
131.9
125.0
104.2
128.8
106.9
104.0
98.6
136.4
128.0
106.1
103.6
101.3
140.0
129.8
108.6
104.3
102.0
141.5
130.1
108.7
104.4
102.1
141.9
130.7
109.3
104.5
102.0
142.5
130.8
109.4
104.4
101.8
142.5
17 Personal income, total 4
18
Wages and salary disbursements
19
Manufacturing
200.4
188.5
157.3
220.4
208.2
177.1
244.0
230.1
198.6
259.3
245.0
213.6
262.7
249.5
218.0
266.4
253.5
219.5
268.4
254.6
270.6
256.9
222.3
274.5
259.5
224.9
20 Disposable personal income
199.6
217.5
239.3
261.6
21 Retail sales 5
184.6
203.5
224.4
235.6
239.5
244.8
246.7
245.9
Prices: 6
22
Consumer 7
23
Producer finished goods
161.2
174.9
170.5
183.0
181.6
194.2
188.4
202.1
189.8
203.7
191.5
206.5
196.7
209.4
210.6
11 Construction contracts
2
101.0
1
Ratios of indexes of production to indexes of capacity. Based on data
f r o m Federal Reserve, McGraw-Hill Economics Department, and Department of Commerce.
2
Index of dollar value of total construction contracts, including
residential, nonresidential, and heavy engineering, from McGraw-Hill
Informations Systems Company, F. W. Dodge Division.
3
The establishment survey data in this table have been revised to conform to the industry definitions of the 1972 Standard Industrial Classification (SIC) Manual and to reflect employment benchmark levels for
March 1977. In addition, seasonal factors for these data have been
revised, based on experience through May 1978. Based on data in Employment and Earnings (U.S. Dept. of Labor). Series covers employees
only, excluding personnel in the Armed Forces.
4
Based on data in Survey of Current Business U.S. Dept. of Commerce). Series for disposable income is quarterly.
101.8
140.8
220.7
265.5
245.4
193.3
207.9
5 Based on Bureau of Census data published in Survey of Current
Business (U.S. Dept. of Commerce).
6
D a t a without seasonal adjustment, as published in Monthly
Labor
Review (U.S. Dept. of Labor). Seasonally adjusted data for changes in
the price indexes may be obtained f r o m the Bureau of Labor Statistics,
U.S. Dept. of Labor.
7
Beginning Jan. 1978, based o n new index f o r all u r b a n consumers.
NOTE.—Basic data (not index numbers) for series mentioned in notes
3, 4, and 5, and indexes f o r series mentioned in notes 2 and 6 may also be
found in the Survey of Current Business (U.S. Dept. of Commerce).
Figures for industrial production for the last 2 months are preliminary
and estimated, respectively.
2.11 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION
Seasonally adjusted
1977
1977
1978
1977
1978
1978
Series
Q4
Q1
Q3
Q2
Output (1967 = 100)
1 Manufacturing
2
3
Primary processing
Advanced processing
4 Materials
5
6
7
8
9
10
11
12
Durable goods
Basic metal
Nondurable goods
Textile, paper, and chemical
Textile
Paper
Chemical
Energy
Q4
Q1
Q2
Q3
Capacity (per cent of 1967 output)
Q4
Q1
Q2
Q3
Utilization rate (per cent)
r
139.9
139.8
144.4
147.4
168.7
170.3
172.0
173.7
82.9
82.1
84.0
84.9
148.2
135.6
148.2
135.4
M54.1
r
139.3
157.6
141.9
175.1
165.3
176.8
166.9
178.5
168.5
180.2
170.2
84.6
82.0
83.8
81.1
86.3
82.7
87.5
83.4
138.9
139.2
145.1
148.3
168.9
170.4
171.7
173.0
82.2
81.7
84.5
85.7
137.7
109.4
155.0
159.5
117.9
132.3
188.9
121.9
137.9
110.5
158.0
163.1
115.3
136.5
194.9
119.1
144.0
117.5
r
163.2
r
167.7
117.1
139.7
201.4
125.5
149.5
172.8
145.5
180.4
188.9
143.0
152.5
223.6
145.7
174.0
145.8
182.3
190.8
143.5
153.6
226.6
147.2
175.2
146.1
184.4
193.1
144.1
154.8
230.1
147.8
176.3
79.6
75.2
85.9
84.5
82.4
86.7
84.5
83.7
79.3
75.8
86.7
85.5
80.3
88.9
86.0
80.9
82.2
80.4
88.5
r
86.8
81.2
90.3
87.5
84.9
84.8
r
162.6
167.4
127.8
186.5
195.4
148.4
87.2
85.7
86.1
Labor Market
A47
2.12 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data are seasonally adjusted. Exceptions noted.
1978
Category
1975
1976
1977
Apr.
Mar.
May
June
July
Aug.
Sept.
Household survey data
1 Noninstitutional population 1
2 Labor force 1(including Armed
Forces)
3 Civilian labor force
Employment:
4
Nonagricultural industries 2
5
Agriculture
Unemployment:
6
Number
7
Rate (per cent of civilian labor
force)
8 Not in labor force
153,449
156,048
158,559
160,313
160,504
160,713
160,928
161,148
161,348
161,570
94,793
92,613
96,917
94,773
99,534
97,401
101,536
99,414
101,902
99,784
102,374
100,261
102,671
100,573
102,734
100,618
102,671
100,549
102,993
100,870
81,403
3,380
84,188
3,297
87,302
3,244
89,956
3,310
90,526
3,275
90,877
3,235
91,346
3,473
91,038
3,387
91,221
3,360
91,457
3,411
7,830
7,288
6,855
6,148
5,983
6,149
5,754
6,193
5,968
6,002
8.5
7.7
7.0
6.2
6.0
6.1
5.7
6.2
5.9
6.0
58,655
59,130
59,025
58,776
58,602
58,340
58,257
58,414
58,677
58,577
85,996
20,316
879
4,278
4,881
19,412
4,670
15,963
15,597
86,033
20,302
882
4,317
4,827
19,469
4,690
15,989
15,557
86,164
20,272
886
4,295
4,844
19,525
4,711
16,072
15,559
86,106
20,282
885
4.275
4,852
19,509
4,723
16,104
15,476
Establishment survey data 4
9 Nonagricultural payroll employment 3
10
Manufacturing
11
Mining
12 Contract construction
13 Transportation and public utilities.
14 Trade
15
Finance
17
Government
76,945
18,323
751
3,529
4,542
17,053
4,165
13,892
14,683
79,382
18,997
779
3,576
4,582
17,754
4,271
14,552
14,869
82,256
19,647
809
3,827
4,695
18,487
4,452
15,247
15,078
1
Persons 16 years of age and over. Monthly figures, which are based
on sample data, relate to the calendar week that contains the 12th day;
annual data are averages of monthly figures. By definition, seasonality
does not exist in population figures. Based on data from Employment
and2 Earnings (U.S. Dept. of Labor).
Includes self-employed, unpaid family, and domestic service workers.
3 Data include all full- and part-time employees who worked during,
or received pay for, the pay period that includes the 12th day of the
month, and exclude proprietors, self-employed persons, domestic servants,
84,726
20,230
698
3,999
4,817
19,169
4,605
15,773
15,435
85,418
20,282
867
4,164
4,847
19,252
4,623
15,866
15,517
85,618
20,297
869
4,175
4,847
19,335
4,637
15,896
15,562
unpaid family workers, and members of the Armed Forces. Data are
adjusted to the February 1977 benchmark. Based on data from Employment
and Earnings (U.S. Dept. of Labor).
4
The establishment survey data in this table have been revised to
conform to the industry definitions of the 1972 Standard Industrial
Classification (SIC) Manual and to reflect employment benchmark
levels for March 1977. In addition, seasonal factors for these data have
been revised, based on experience through May 1978.
A48
Domestic Nonfinancial Statistics • October 1978
2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value
Monthly data are seasonally adjusted.
Grouping
1967
proportion
1977
average
1977
July
Aug.
1978
Sept.
Feb.
Mar.
Apr.
May
Juner
July
Aug.f Sept.®
Index (1967 = 100)
MAJOR M A R K E T
100.00 137.1 138.7 138.1 138.5 139.2 140.9 143.2 143.9 144.9 145.9 146.7
1 Total index.
2 Products
3
Final products
4
Consumer goods
5
Equipment
6
Intermediate products.
7 Materials
60.71
47.82
27.68
20.14
12.89
39.29
137.1
134.9
143.4
123.2
145.1
136.9
138.7 138.4 138.8 139.6 141.6
136.8 136.3 136.8 136.4 138.9
145.4 144.7 144.9 143.8 145.9
124.8 124.9 125.6 126.2 129.1
146.3 146.1 146.5 151.4 151.4
138.9 137.6 137.9 138.6 139.9
8
9
10
11
12
Consumer goods
Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
Auto parts and allied goods.
7.89
2.83
2.03
1.90
153.1
174.2
169.2
148.4
158.0
184.8
184.1
161.4
186.8 186.6
154.7
177.2
173.1
150.9
187.3
13
14
15
16
17
Home goods
Appliances, A/C; and T V . . .
Appliances and TV
Carpeting and f u r n i t u r e . . . .
Miscellaneous home goods.
5.06
1.40
1.33
1.07
2.59
141.3
127.3
130.5
152.2
144.3
142.1 143.6
129.6 129.4
133.0 134.
154.8 159.0
143.6 144.9
18
19
20
21
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco.
155.6 151.2
177.0 162.8
172.6 153.9
151.6 131.5
188.
185.3
143.0 143.1 144.0
140.5 140.5 141.1
147.5 147.0 147.0
130.8 131.6 133.0
152.1 152.6 154.7
143.7 145.1 146.4
144.7
141.9
147.5
134.4
155.5
147.8
157.5
175.8
171.0
149.7
188.5
161.8 160.2 160.6 160.6
184.3 180.0 179.9 182.3
182.7 175.6 174.3 176.7
159.1 151.6 149.8 152.7
188.2 191.5 193.9 196.4
144.6
133.3
135.7
160.2
144.3
147.2
135.4
137.9
159.3
148.7
149.2
142.2
144.7
158.9
149.0
148.9 149.7
138.3 139.0
140.7 141.0
163.4 166.0
148.8 148.8
148.4
133.8
136.8
168.
148.3
19.79 139.6 140.3 140.6 140.7 140.8
4.29 125.2 124.1 126.4 128.3 121.1
15.50 143.6 144.8 144.6 144.1 146.3
8.33 135.5 137.1 137.9 137.1 138.3
141.3
122.4
146.4
138.7
141.8 141.7 141.6
124.9 125.4 124.8
146.6 146.2 146.3
140.8 139.9 139.0
142.3
125.1
147.2
140.
.80
142.9
130.
134.4
154.
145.
152.4 152.4 155.8 155.3
181.8 182.5 184.3 182.
117.0 116.4 118.8 118.9
148.9 148.6 154.5 155.0
156.1 153.8 167.6 166.9
153.3
182.5
117.7
149.9
159.0
22
23
24
25
26
Nonfood staples
Consumer chemical products.
Consumer paper products
Consumer energy products
Residential utilities
7.17 152.9
2.63 180.5
1.92 117.
2.62 151.4
1.45 159.0
153.8
179.4
117.4
154.9
167.5
27
28
29
30
31
Equipment
Business equipment
Industrial equipment
Building and mining equipment.
Manufacturing equipment
Power equipment
12.63 149.2
6.77 138.5
1.44 202.5
3.85 113.9
1.47 140.2
210.6
151.2 151.1
140.7 140.4
203.9
114.3 115.3
141.2 143.7
152.1
141.4
204.5
117.6
141.4
161.8
150.9
227.3
122.8
149.2
163.5
151.7
229.0
122.5
152
163.3 163.4
191.7 193.0
121.5 121.9
144.6 139.2
164.4 165.5 169.4 172.6 172.3 174.4
193.7 200.9 202.0 203.8 204.2 206.9
125.
133.7 132.2 132.3
115.9 126.
134.9 134.8 137.0 132.9 131.9 137.3
177.1
210.
135.0
138.8
32
33
34
35
36
Commercial transit, farm equipment.
Commerical equipment
Transit equipment
Farm equipment
Defense and space
equipment...
37
38
39
Intermediate products
Construction supplies
Business supplies
Commercial energy products.
40
41
42
43
44
Materials
Durable goods materials. ..
Durable consumer parts.
Equipment parts
Durable materials n.e.c..
Basic metal materials.
45
46
47
48
49
Nondurable goods materials
Textile, paper, and chemical materials.
Textile materials
Paper materials
Chemical materials
50
51
52
53
54
Containers, nondurable
Nondurable materials n.e.c.
Energy materials
Primary energy
Converted fuel materials....
55
56
57
58
Supplementary groups
Home goods and clothing.
Energy, total
Products
Materials
For NOTE see opposite page.
5.86
3.26
1.93
.67
161.6
191.6
117.8
142.3
7.51
79.6
80.4
6.42 140.8 141.2
6.47 149.5 151.3
1.14 164.6 168.2
80.8
80.9
154.2
144.6
214.9
117.7
145.8
79.2
157.4
146.9
221.7
118.3
148.8
81.9
153.4
154.8 155.4
185.5 186.5
117.9 118.0 117.6
150.7 150.8 151.9
157.2 159.0
182.0
159.3 160.2
147.8 149.7
225.
226.0
119.0 121.3
147.3 149.2
82.9
141.7 143.2 148.6 147.9 148.5
150.6 149.7 154.2 155.0 155.6
165.0 162.7 165.6 164.3 163.5
83.6
84.6
85.4
153.6
150.4 152.
155.0 157.0 157.5
163.7
163.0
162.7
135.7
135.8
146.8
129.8
106.8
137.0
131.
146.6
134.6
142.7 143.9 145.4
136.8 137.9 138.7
154.8 155.8 157.4
138.9 140.3 141.8
116.7 117.5 118.2
148.5
142.1
111.0
138.6
133.1
151.3
134.5
110.4
154.1 155.1 153.9
158.9 159.6 159.0
110. 112.2 114.5
134.3 135.7 135.2
188.2
190.3 190.
158.5
162.8
115.8
136.8
194.2
160.5
165.7
115.1
137.8
199.2
162.0 163.5 164.1
166.4 167.9 168.8
116.5 116.7 118.0
139.9
139.2 140
199.5 201.7 202.9
162.3
168.0
117.
135.
203.7
1.70 150.9 152.4 156.2
1.14 125.3 124.9 122.4
8.48 122.4 125.2 121.4
4.65 107.3 108.9 106.
3.82 140.7 145.1 139.1
151.2
124.1
123.5
110.0
140.0
158.7
128.9
117.7
101.0
138.0
158.1
129.3
117.5
104.5
133.3
160.5
134.6
123.9
115.5
134.
161.9 162.8
135.8 135.0
125.2 127.5
114.4 116.
138.6 141.4
154.8
135.5
127.9
134.9
9.35 133.9 134
12.23 132.5 135.6 131.4
3.76 155.4 158.9 153.7
8.48 122.4 125.2 121.4
136.5
132.5
153.0
123.5
133.8
130.0
157.9
117.7
135.9
129.8
157.9
117.5
138.0 138
133.
134.2
154.1 154.3
123.9 125
20.35
4.58
5.44
10.34
5.57
134.5
132.0
143.
131.
110.9
10.47 153.5
7.62 158.3
1.85 113.0
1.62 133.5
4.15 188.2
136
137.2
145.0
132.4
112.6
135.4
135.2
145.6
130.
108.7
138
135.9
154.6
127.5
161.1
144.6
121.7
116.6
141.5
137.6
136.3
155.5
127.9
147.5
Output
A49
2.13 Continued
Grouping
1967
proportion
SIC
code
1977
average
1977
July
Aug.
1978
Sept.
Feb.
Mar.
Apr.
May
Juner
July
Aug.f
Sept. e
Index (1967 = 100)
MAJOR INDUSTRY
1 Mining and utilities.
2
Mining
Utilities
3
4
Electric
12.05
6.36
5.69
3.88
136.2 139.4
117.8 119.8
156.5 161.4
175.5 183.9
134.4
115.4
155.7
175.4
135.1
118.0
154.1
173.7
137.7
114.4
163.5
184.3
138.2 140.9
119.3 127.2
159.5 156.0
178.8 175.0
140.9
126.7
157.0
177.1
142.5
128.0
158.6
180.1
142.7
127.3
159.9
142.5
126.2
160.6
142.5
125.4
161.4
5
6
7
87.95
35.97
51.98
137.1
148.1
129.5
138.5
148.6
131.6
138.6 139.0
149.4 149.5
131.3 131.7
139.4
150.6
131.5
141.4 143.5
151.4 153.2
134.4 136.9
144.3
154.0
137.6
145.5
154.9
139.0
146.6
155.0
140.8
147.4
155.3
142.0
148.2
156.0
142.7
.51
.69
4.40
.75
105.4
118.0
118.0
124.9
101.9
120.7
120.6
126.7
70.0
113.6
119.3
125.0
71.4
133.0
119.6
126.7
119.9
56.5
120.4
129.1
127.6
78.4
123.3
128.2
122.3
129.5
127.3
128.9
120.0
131.7
126.3
130.1
121.1
136.4
127.1
130.7
118.2
132.3
126.8
131.3
117.3
126.1
126.4
130.9
115.0
126.9
8.75
.67
2.68
3.31
3.21
137.9
114.3
137.1
124.2
137.4
138.3
114.5
137.2
121.1
139.2
139.3
117 0
136i6
124 1
140.3
138.3
113.5
140.7
127.7
139.1
140.8
117 7
136.4
121.1
143.9
141.1
115.6
135.1
122.8
144.9
143.1
121.0
138.1
126.1
145.7
142.8 141.8
120 2 122.7
138.5 140.4
125.8 126.8
146.6 148.0
142.8
121.8
141.1
124.6
140.5
143.9
Manufacturing.
Nondurable.,
Durable
8
9
10
11
Mining
Metal mining
Coal
Oil and gas extraction
Stone and earth minerals.
12
13
14
15
16
Nondurable manufactures
Foods
Tobacco products
Textile mill products . . .
Apparel products
Paper and products
17
18
19
20
21
22
23
24
25
10
11,12
13
14
Printing and publishing
Chemicals and products
Petroleum products
R u b b e r & plastic products .
Leather and products
Durable manufactures
Ordnance, private & government .
Lumber and products
Furniture and fixtures
Clay, glass, stone products
139.8
140.6
145.2
4 . 7 2 124.9 124.9 125.0 124.2 128.3 129.1 128.6 128.2 128.7 130.4 129.8 129.7
7.74 180.7 182.6 182.6 181.3 183.7 185.2 185.5 188.1 191.1 192.0 191.9
1.79 141.0 140.4 139.9 141.9 139.0 140.1 141.7 143.4 142.8 143.9 144.6 "i45l7
2 . 2 4 232.2 235.2 237.4 239.5 240.0 243.1 249.1 252.7 255.5 258.9 261.1
72.1
76.0
.86 7 5 . 3
74.1
74.0
75.0
75.1
74.5
73.0
75.7
74.5
19,91
24
25
32
3.64
1.64
1.37
2.74
73.9
133.4
140.9
146.1
75.0
132.9
143.0
148.0
75.5
131.8
142.9
148.8
75.1
137.1
145.6
145.5
71.2
135.5
150.1
152.6
72.7
136.5
149.5
154.2
73.0
136.9
148.9
156.7
74.3
136.5
152.8
157.9
74.7
138.7
156.2
159.8
75.2
138.4
158.1
159.4
76.3
138.6
160.2
159.7
76.8
26
27
28
29
30
Primary metals
Iron and steel
Fabricated metal p r o d u c t s .
Nonelectrical m a c h i n e r y . . .
Electrical machinery
33
331,2
34
35
36
6.57
4.21
5.93
9.15
8.05
110.2
103.4
130.9
144.8
141.9
114.4
110.9
132.0
145.7
143.6
112.5
110.6
134.0
145.2
143.9
109.0
104.6
133.6
147.4
144.6
106.2
96.3
136.9
150.1
146.4
106.1
96.4
138.1
151.5
149.5
114.3
109.0
139.5
152.2
152.3
115.5
110.5
140.4
152.9
152.9
117.5
114.5
142.3
154.6
154.1
123.0
119.0
144.0
156.1
156.4
124.4
120.7
145.4
157.2
157.1
146
158.5
157.8
31
32
33
34
35
Transportation equipment
M o t o r vehicles & parts
Aerospace & misc. trans, e q .
Instruments
Miscellaneous mfrs
37
371
372-9
38
39
9.27
4.50
4.77
2.11
1.51
121.1
159.7
84.7
159.1
149.1
125.6
166.2
87.3
159.0
150.4
124.3
164.4
86.5
158.3
147.5
125.5
165.6
87.7
160.3
150.7
118.4
153.1
85.8
163.5
151.8
126.5
165.1
90.1
168.7
153.7
130.5
171.7
91.8
170.5
152.9
130.1
168.3
93.9
169.8
152.7
130.4
167.7
95.0
170.9
153.5
132.1
169.7
96.5
172.0
153.2
133.7
171.0
98.6
173.1
152.9
133.2
168.0
100.5
174.1
154.0
125.1
Gross value (billions of 1972 dollars, annual rates)
MAJOR
MARKET
.
.
.
.
40
. U 1 6 . 6 131.9
Intermediate products.
1507.4
i390.9
1277.5
1113.4
583.9 590.5 590.2 590.1 591.2 601.1 608.8 606.8 608.9 608.8 613.2 615.5
452.1 457.8 456.9 456.8 454.4 463.5 470.7 468.2 468.9 468.4 472.0 473.5
317.5 321.5 320.0 319.1 318.6 321.6 326.3 324.0 323.0 323.5 324.6 324.2
134.6 136.2 137.0 137.6 135.8 142.0 144.4 144.2 146.0 145.0 147.5 149.2
36 Products, total
37
Final products
38
Consumer g o o d s .
39
Equipment
132.8
i 1972 dollars.
NOTE.—Published groupings include some series and subtotals not shown
133.1
133.5
137.0
137.5
138.3
138.6
140.3
140.5
141.3
141.8
separately. For description and historical data, see Industrial
Production—
1976 Revision (Board of Governors of the Federal Reserve System:
Washington, D.C.), Dec. 1977.
A50
Domestic Nonfinancial Statistics • October 1978
2.14 HOUSING AND CONSTRUCTION
Monthly figures are at seasonally adjusted annual rates except as noted.
1978
1975
Item
1976
1977
Feb.
Mar.
Apr.
May'
June'
July
r
Aug.
Private residential real estate activity
(thousands of units)
NEW UNITS
1 Permits authorized
2
1-family
3
2-or-more-family
927
669
278
1,296
894
402
18,133
12,265
5,861
1,534
957
577
1,647
1,037
610
1,740
1,157
583
1,597
1,058
539
1,821
1,123
698
1,632
1,035
597
1,571
1,023
548
A Started
5
1-family
6
2-or-more-family
1,160
892
268
1,538
1,163
377
1,986
1,451
535
1,569
1,103
466
2,047
1,429
618
2,165
1,492
673
2,054
1,478
576
2,124
1,441
683
2,128
1,453
675
2,029
1,442
587
1,003
531
All
1,147
655
492
1,442
829
613
1,260
787
474
1,260
778
483
1,274
774
500
1,282
770
513
1,300
778
522
1,307
787
520
1,297
866
430
1,362
1,026
336
1,652
1,254
398
1,696
1,233
463
1,821
1,363
458
1,943
1,515
428
1,854
1,426
428
1,898
1,342
556
1,924
1,253
671
213
246
111
265
'285
252
258
263
232
276
544
383
639
433
819
407
774
404
793
404
827
410
846
412
824
418
791
420
757
423
39.3
38.9
44.2
41.6
48.9
48.2
53.2
53.2
53.3
55.7
56.8
55.0
56.6
42.5
48.1
54.4
59.1
60.0
59.3
62.3
63.3
63.1
63.7
2,452
3,002
3,572
3,460
3,770
3,880
3,770
3,780
3,890
4,080
35.3
39.0
38.1
42.2
42.9
47.9
46.3
51.3
46.5
51.1
48.2
53.6
47.8
54.8
48.4
55.1
49.4
56.5
50.3
57.5
7 Under construction, end of period
8
1-family
9
2-or-more-family
1
10 Completed
11
1-family
12
2-or-more-family
13 Mobile homes shipped
14
15
16
17
18
Merchant builder activity in
1-family units:
N u m b e r sold
N u m b e r for sale, end of p e r i o d 1 . .
Price (thous. of dollars) 2
Median:
Units sold
Units for sale
Average:
Units sold
r
E X I S T I N G U N I T S (1-family)
19 N u m b e r sold
Price of units sold (thous. of
dollars): 2
20
Median
21
Average
Value of new construction 4
(millions of dollars)
CONSTRUCTION
22 Total put in place
134,293
147,481
170,685
'177,631
'185,381
'195,261
201,555
205,843
208,334
205,438
23 Private
24
Residential
25
Nonresidential, total
Buildings:
26
Industrial
27
Commercial
28
Other
29
Public utilities and other
93,624
46,472
47,152
109,499
60,519
48,980
133,652
81,067
52,585
'141,902
'85,273
'56,629
'147,709
'88,141
'59,568
'153,728
'92,433
'61,295
156,456
94,533
61,923
160,594
94,902
65,692
159,907
93,994
65,913
157,667
92,724
64,943
8,017
12,804
5,585
20,746
7,182
12,757
6,155
22,886
7,182
14,604
6,226
24,573
7,674
15,154
5,867
'27,934
9,199
16,227
6,358
'27,784
9,244
17,177
6,806
'28,068
8,735
18,546
6,935
27,707
11,335
19,246
6,761
28,350
11,170
19,463
7,036
28,244
11,560
18,677
6,773
27,933
30 Public
31
Military
32
Highway
33
Conservation and development. . .
34
Other3
40,669
1,392
10,861
3,256
25,160
37,982
1,508
9,756
3,722
22,996
37,033
1,478
9,170
3,765
22,620
35,729
1,478
'7,364
3,891
'22,996
37,672
1,405
'8,125
4,237
'23,905
41,532
1,500
'8,491
4,586
'26,955
45,099
1,446
10,556
4,172
28,925
45,249
1,358
10,338
3,508
30,045
48,427
1,493
10,015
4,947
31,972
46,771
1,480
1
N o t at annual rates.
N o t seasonally adjusted.
Beginning Jan. 1977 Highway imputations are included in Other.
4
Value of new construction data in recent periods may not be strictly
comparable with data in prior periods due to changes by the Bureau of
the Census in its estimating techniques. For a description of these changes
see Construction Reports (C-30-76-5), issued by the Bureau in July 1976.
2
3
NOTE.—Census Bureau estimates for all series except (a) mobile
homes, which are private, domestic shipments as reported by the M a n u factured Housing Institute and seasonally adjusted by the Census Bureau,
and (b) sales and prices of existing units, which are published by the
National Association of Realtors. All back and current figures are available f r o m originating agency. Permit authorizations are for 14,000
jurisdictions reporting to the Census Bureau.
Prices
A51
2.15 CONSUMER AND PRODUCER PRICES
Percentage changes based on seasonally adjusted data, except as noted.
12 months to—
Item
3 months (at annual rate) to—
1977
1977
Aug.
1 month to—
1978
1978
1978
Aug.
Sept.
Dec.
Mar.
June
Apr.
May
June
July
Aug.
Index
level
Aug.
1978
(1967
= 100) 2
Consumer prices 3
1 All items
6.6
7.9
4.5
4.9
9.3
11.4
.9
.9
.9
.5
.6
197.8
2 Commodities
3
Food
Commodities less food
4
5
Nondurable
6
5.8
7.0
5.1
5.1
5.2
7.4
10.3
6.2
7.1
4.8
2.5
1.9
2.7
1.5
3.4
4.9
4.2
5.4
5.2
5.1
9.3
16.4
6.1
8.7
3.1
11.2
20.4
7.2
9.0
5.5
.9
1.9
.5
.5
.5
.9
1.5
.6
.8
.4
.9
1.3
.6
.8
.4
.4
.0
.6
.7
.5
.4
.3
.5
.5
.5
189.3
215.4
176.3
175.9
175.4
7 Services
8
Rent
Services less rent
9
8.0
6.0
8.2
8.7
6.9
9.0
7.6
6.7
8.0
4.9
6.3
4.8
9.1
6.2
9.6
11.8
8.5
12.2
.9
.7
.9
1.0
.7
1.0
.9
.6
.9
.8
.5
.9
.8
.5
.9
213.4
165.1
222.2
6.5
6.2
7.2
7.5
7.6
11.2
5.3
5.1
8.5
5.0
5.3
7.1
8.1
8.0
12.2
9.3
9.9
14.5
.7
.7
1.1
.8
.8
1.1
.7
.9
1.2
.7
.7
1.2
.7
.6
1.0
193.3
190.5
230.6
10
11
12
Other groupings:
All items less food
All items less food and energy
Homeownership
Producer prices, formerly Wholesale prices
15
16
17
Foods
Excluding foods
Capital Equiptment
20
21
Crude:
Nonfood
Food
6.6
7.7
2.9
7.2
9.6
11.2
'1.3
.7
.7
.5
-.1
195.3
6.6
6.8
6.5
6.8
7.6
8.4
7.1
8.1
1.8
-2.3
4.0
6.0
5.4
7.4
4.7
10.9
10.9
2r 1 . 2
5.3
7.1
12.0
14.6
r
10.5
9.1
1.5
1.8
1.3
'.6
.6
'.4
.8
'.8
.7
'1.2
'.3
.8
.5
-.3
1.0
.5
-.3
-1.5
.4
.4
193.4
205.8
185.3
199.8
5.4
7.1
8.3
6.5
.4
7.1
8.3
4.2
' 1r 3 . 9
9.2
8.4
'6.0
'1.0
.5
.5
.5
.6
'.4
.3
.4
1
'.7
221.2
218.3
7.5
-3.9
13.3
17.6
-5.3
-19.6
20.1
27.6
r
16.2
r
'11.9
28.1
'.8
'4.3
.4
.0
'1.6
1.9
2.3
-2.5
-.5
-1.8
291.7
213.2
1 Excludes intermediate materials for food manufacturing and manufactured animal feeds.
2
Not seasonally adjusted.
40.3
r
3 Beginning Jan. 1978 figures for consumer prices are those for all urban
consumers.
SOURCE.—Bureau of Labor Statistics.
A52
Domestic Nonfinancial Statistics • October 1978
2.16 GROSS NATIONAL PRODUCT AND INCOME
Billions of current dollars except as noted; quarterly data are at seasonally adjusted annual rates.
1977
1975
1976
1978
1977
Account
Q2
Ql
Q3
Q4
Ql
Q2r
Gross national product
1,528.8
1,700.1
1,887.2
1,806.8
1,867.0
1,916.8
1,958.1
1,992.0
2,087.5
979.1
132.6
408.9
437.5
1,090.2
156.6
442.6
491.0
1,206.5
178.4
479.0
549.2
1,167.7
173.2
465.9
528.6
1,188.6
175.6
473.6
539.4
1,214.5
111.4
479.7
557.5
1,255.2
187.2
496.9
571.1
1,276.7
183.5
501.4
591.8
1,322.9
197.8
519.3
605.8
Producers' durable equipment
Residential structures
Nonfarm
190.9
201.6
150.2
53.8
96.4
51.5
49.5
243.0
232.8
164.6
57.3
107.3
68.2
65.8
297.8
282.3
190.4
63.9
126.5
91.9
88.9
272.5
262.2
180.6
59.3
121.4
81.6
78.6
295.6
278.6
187.2
63.4
123.8
91.4
88.4
309.7
287.8
193.5
65.4
128.1
94.3
91.2
313.5
300.5
200.3
67.4
132.8
100.2
97.5
322.7
306.0
205.6
68.5
137.1
100.3
97.3
345.4
325.3
220.1
16.6
143.5
105.3
102.1
Nonfarm
-10.7
-14.3
10.2
12.2
15.6
15.0
10.3
11.1
17.0
16.5
21.9
22.0
13.1
10.4
16.7
16.9
20.1
22.1
20.4
147.3
126.9
7.4
163.2
155.7
-11.1
175.5
186.6
-8.5
170.9
179.4
-5.9
178.1
184.0
-7.0
180.8
187.8
-23.2
172.1
195.2
-24.1
181.7
205.8
-5.5
205.4
210.9
338.4
123.1
215.4
359.5
129.9
229.6
394.0
145.1
248.9
375.0
138.3
236.7
388.8
142.9
245.9
399.5
146.8
252.7
412.5
152.2
260.3
416.7
151.5
265.2
424.7
147.2
277.6
1,539.6
686.6
259.0
427.5
697.6
144.7
1,689.9
760.3
304.6
455.7
778.0
161.9
1,871.6
832.6
341.3
491.3
862.8
191.8
1,796.5
800.2
332.2
468.0
832.3
174.3
1,850.0
825.8
339.1
486.7
850.0
191.3
1,894.9
844.7
346.5
498.2
875.3
196.8
1,945.0
859.6
347.4
512.2
893.6
204.9
1,975.3
861.8
351.2
510.6
926.4
203.8
2,067.4
912.2
375.8
536.4
952.0
223.4
-10.7
-8.9
-1.8
10.2
5.3
4.9
15.6
8.4
7.2
10.3
6.1
4.2
17.0
9.1
7.9
21.9
11.9
10.0
13.1
6.3
6.8
16.7
14.8
1.9
20.1
10.8
9.3
1,202.3
1,271.0
1,332.7
1,306.7
1,325.5
1,343.9
1,354.5
1,354.2
1,382.6
1
2
3
4
5
By source:
Personal consumption expenditures
Durable goods
Nondurable goods
Services
6
7
8
9
10
11
12
Fixed investment
Nonresidential
13
14
15
16
17
Exports
18
19
20
Government purchases of goods and
Federal
State and local
services..
By major type of product:
21
22
23
24
25
26
Durable
Nondurable
27
28
29
Change in business inventories
Durable goods
Nondurable goods
MEMO: Total G N P in 1972 dollars
30
National income
31
32 Compensation of employees
33
Wages and salaries
34
Government and Government enterprises..
Other
35
36
Supplement to wages and salaries
Employer contributions for social
37
insurance
38
Other labor income
Business and professional 1
40
41
42 Rental income of persons 2
43 Corporate profits 1
44
Profits before tax 3
45
Inventory valuation adjustment
Capital consumption adjustment
46
47 Net interest
1,215.0
1,359,2
1,515.3
1,447.5
1,499.3
1,537.6
1,576.9
1,603.1
1,688.1
931.1
805.9
175.4
630.4
125.2
1,036.8
890.1
187.6
702.5
146.7
1,153.4
983.6
200.8
782.9
169.8
1,107.9
946.4
195.2
751.2
161.5
1,140.5
973.4
198.1
775.3
167.1
1,165.8
993.6
201.7
791.9
172.2
1,199.7
1,021.2
208.1
813.1
178.4
1,241.0
1,050.8
211.4
839.3
190.2
1,287.8
1,090.2
213.9
876.3
197.6
60.1
65.1
69.7
77.0
19 A
90.4
76.6
84.9
78.6
88.5
19.9
92.2
82.4
96.1
90.2
100.0
93.6
104.0
87.0
63.5
23.5
88.6
70.2
18.4
99.8
79.5
20.3
95.6
76.1
19.4
98.9
78.9
20.0
97.2
80.8
16.5
107.3
82.3
25.1
105.0
83.1
21.9
110.1
86.1
24.0
22.4
22.5
22.5
22.5
22.4
22.4
22.7
22.8
22.2
95.9
120.4
-12.4
-12.0
127.0
155.9
-14.5
-14.4
144.2
173.9
-14.8
-14.9
129.9
164.8
-20.3
-14.6
143.7
175.1
-16.6
-14.8
154.8
177.5
-7.7
-15.0
148.2
178.3
-14.8
-15.3
132.6
172.1
-23.5
-16.1
163.4
205.5
-24.9
-17.2
78.6
84.3
95.4
91.7
93.7
97.3
99.0
101.7
104.6
1 With inventory valuation and capital consumption adjustments.
With capital consumption adjustments.
2
3 F o r after-tax profits, dividends, etc., see Table 1.50.
SOURCE.—Survey of Current Business (U.S. Dept. of Commerce).
National Income Accounts
A53
2.17 PERSONAL INCOME AND SAVING
Billions of current dollars; quarterly data are at seasonally adjusted annual rates. Exceptions noted.
1977
1975
1976
1978
1977
Account
Ql
Q2
Q3
Q4
Ql
Q2r
Personal income and saving
1 Total personal i n c o m e . .
2 Wage and salary disbursements
3
Commodity-producing industries
5
6
7
Distributive industries
Service industries
Government and government enterprises
8 Other labor income
Business and professional 1
Farm1
10
11
12 Rental income of persons 2
16
Old-age survivors, disability, and health
17
LESS: Personal contributions for social
insurance
18 EQUALS: Personal income
1,255.5
1,380.9
1,529.0
1,470.7
1,508.6
1,543.7
1,593.0
1,628.9
1,682.4
805.9
275.0
211.0
195.3
160.1
175.4
890.1
307.5
237.5
216.4
178.6
187.6
983.6
343.7
266.3
239.1
200.1
200.8
946.4
327.3
254.6
231.2
192.7
195.2
973.4
342.0
264.1
236.5
196.8
198.1
993.6
348.3
269.3
241.2
202.3
201.7
1,021.2
357.1
277.3
247.5
208.5
208.1
1,050.8
365.9
286.9
257.0
216.5
211.4
1,090.2
387.0
296.1
266,4
222.8
213.9
65.1
77.0
90.4
84.9
88.5
92.2
96.1
100.0
104.0
87.0
63.5
23.5
88.6
70.2
18.4
99.8
79.5
20.3
95.6
76.1
19.4
98.9
78.9
20.0
97.2
80.8
16.5
107.3
82.3
25.1
105.0
83.1
21.9
110.1
86.1
24.0
22.4
22.5
22.5
22.5
22.4
22.4
22.7
22.8
22.2
31.9
37.9
43.7
41.5
42.7
44.1
46.3
47.0
48.1
115.5
126.3
141.2
135.9
139.1
143.6
146.0
151.4
156.3
178.2
193.9
208.8
203.4
204.0
211.9
215.9
219.2
220.6
81.4
92.9
105.0
99.7
101.8
108.5
110.1
112.1
113.7
50.5
55.5
61.0
59.4
60.5
61.4
62.6
67.2
69.2
1,255.5
1,380.9
1,529.0
1,470.7
1,508.6
1,543.7
1,593.0
1,628.9
1,682.4
168.8
196.5
226.0
222.7
223.3
224.6
233.3
237.3
249.1
20 EQUALS: Disposable personal income
1,086.7
1,184.4
1,303.0
1,248.0
1,285.3
1,319.1
1,359.6
1,391.6
1,433.3
21
LESS: Personal outlays
1,003.0
1,116.3
1,236.1
1,195.8
1,217.8
1,244.8
1,285.9
1,309.2
1,357.0
22 EQUALS: Personal saving
83.6
68.0
66.9
52.2
67.5
74.3
73.7
82.4
76.3
5,629
3,626
4,025
7.7
5,906
3,808
4,136
5.7
6,144
3,954
4,271
5.1
6,044
3,916
4,185
4.2
6,120
3,922
4,241
5.3
6,191
3,953
4,293
5.6
6,226
4,030
4,365
5.4
6,215
4,009
4,370
5.9
6,333
4,060
4,399
5.3
19
LESS: Personal tax and nontax p a y m e n t s . . . .
MEMO ITEMS :
23
24
25
Per capita (1972 dollars):
Gross national product
Personal consumption expenditures
Disposable personal income
Gross saving
27 Gross private saving
28
29
30
Personal saving
Undistributed corporate profits 1
Corporate inventory valuation a d j u s t m e n t . . . .
259.8
270.7
290.8
259.6
288.6
310.7
304.3
305.4
319.9
83.6
14.2
-12.4
68.0
24.8
-14.5
66.9
28.7
-14.8
52.2
20.1
-20.3
67.5
28.7
-16.6
74.3
38.0
-7.7
73.7
28.0
-14.8
82.4
15.6
-23.5
76.3
30.3
-24.9
101.3
60.7
111.5
66.3
120.9
74.3
116.6
70.7
119.8
72.6
122.6
75.9
124.6
77.9
127.4
79.9
130.5
82.8
-64.4
-70.6
6.2
-33.2
-53.8
20.7
-18.6
-48.1
9.6
-7.8
-37.3
29.5
-11.8
-40.3
28.5
-25.2
-56.4
31.2
-29.6
-58.6
29.0
-21.1
-52.6
31.5
6.2
-23.6
29.8
202.8
190.9
11.9
241.7
243.0
-1.2
276.9
297.8
-20.9
255.2
272.5
-17.3
280.4
295.6
-15.2
292.6
309.7
-17.1
279.5
313.5
-34.1
286.4
322.7
-36.3
326.6
345.4
-18.9
7.4
4.2
4.7
3.4
3.7
7.1
4.8
2.2
.5
Capital consumption allowances:
33
Wage accruals less disbursements
34 Government surplus, or deficit (—),
income and product accounts
35
Federal
36
State and local
national
37 Capital grants received by the United States,
net
39
Gross private domestic
41 Statistical discrepancy
1 With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
2
SOURCE.—Survey of Current Business (U.S. D e p t . of Commerce).
A54
International Statistics • October 1978
3.10 U.S. INTERNATIONAL TRANSACTIONS
Summary
Millions of dollars; quarterly data are seasonally adjusted except as noted. 1
1977
Item credits or debits
1975
Q2
QL
1 Merchandise exports
2 Merchandise imports
3
Merchandise trade balance
2
4 Military transactions, net
5 Investment income, n e t 3
6 Other service transactions, net
7 Balance on goods and services 3 , 4
8 Remittances, pensions, and other transfers
9 U.S. Government grants (excluding military)
10 Balance on current account 3
12 Change in U.S. Government assets, other than official
reserve assets, net (increase, —)
13 Change in U.S. official reserve assets (increase, —)
14
Gold
15
Special Drawing Rights (SDR's)
16
Reserve position in International Monetary Fund ( I M F ) .
17
Foreign currencies
1978
1977
1976
Q3
Q4
QL
107,088
98,041
9,047
114,694
124,047
-9,353
120,585
151,644
-31,059
29,477
36.495
-7,018
30,638
37,259
-6,621
31,013
38,263
-7,250
29,457
39,627
-10,170
30,664
41,865
-11,201
-876
12,795
2,095
312
15,933
2,469
1,334
17,507
1,705
568
4,599
229
295
4,487
412
467
4,610
583
5
3,812
482
307
4,161
428
23,060
9,361
-10,514
-1,623
-1,427
-1,591
-5,870
-5,700
-1,721
-2,894
-1,878
-3,145
-1,932
-2,776
-490
-636
-480
-763
-490
-787
-473
-591
-502
-752
18,445
4,339
-15,221
-2,749
-2,339
-2,670
-2,492
-2,868
-5,179
-6,934
-5,212
-6,954
-6,466
-3,470
-4,213
-3,679
-949
-795
-1,098
-838
-900
-388
-58
6
151
-389
59
-83
-80
169
—9
133
27
-60
-29
42
47
-11,214
-5,668
-13,862
-13,632
-4,582
-8,750
-16
-8,734
-6,270
-311
-5,959
-607
-2,530
-66
-466
-75
-78
-2,212
-240
-231
-118
-121
-294
302
18 Change in U.S. private assets abroad (increase, —) 3
-35,368
-43,865
-30,740
3
20
21
-13,532
-2,357
-11,175
-21,368
-2,362
-19,006
-11,427
-751
-10,676
3,684
-306
3,990
18
-4,600
-1,779
-447
-1,332
-1,357
-366
-991
-6,235
-14,244
-2,030
5
-2,035
-8,852
-11,614
-1,700
25
-1,725
-5,398
-12,215
-768
33
-801
-736
-2,177
-1,137
66
-1,203
-1,766
-3,729
1,389
205
1,184
-2,165
-3,113
-1,184
-279
-905
-731
-3,197
-2,015
-60
-1,955
-934
-4,413
6,907
4,408
905
1,647
-2,158
2,104
18,073
9,333
573
4,993
969
2,205
37,124
30,294
2,308
1,644
773
2,105
5,451
5,323
98
505
-725
250
7,884
5,123
610
417
752
982
8,246
6,948
627
332
-163
502
15,543
12,900
973
390
909
371
15,691
12,965
117
785
1,456
368
8,643
18,897
13,746
-2,962
6,180
6,005
4,522
2,125
628
-280
908
319
406
-87
10,990
231
10,759
-507
-958
451
6,719
373
6,346
257
-620
877
-5,304
42
-5,346
-346
-220
-126
6,240
104
6,136
-412
-176
-236
2,640
194
2,446
590
18
572
3,143
33
3,110
425
-242
667
-314
250
-564
418
45
373
2,590
2,503
2,603
2,783
1,284
4,347
563
2,869
3,338
981
828
880
-1,370
725
996
1,251
513
1,012
-299
803
450
881
462
679
5,449
9,300
-998
1,593
130
609
-111
-4,769
-2,230
1,569
2,276
3,423
176
5,449
9,300
-998
1,463
786
-2,539
-707
3,247
-607
5,259
-2,530
13,080
-231
35,480
—388
4,946
6
7,467
151
7,914
15,153
246
14,906
7,092
9,581
6,733
2,927
1,344
1,438
1,024
1,810
2,207
373
194
39
53
31
71
77
22
23
24
25
26
Long-term
Short-term
Nonbank-reported claims
Long-term
Short-term
U.S. purchase of foreign securities, net
U.S. direct investments abroad, n e t 3
27 Change in foreign official assets in the United States
(increase, - f )
28
U.S. Treasury securities
29
Other U.S. Government obligations
30
Other U.S. Government liabilities 5
31
Other U.S. liabilities reported by U.S. banks
32
Other foreign official assets 6
33 Change in foreign
private assets in the United States
(increase, + ) 3
34
35
36
37
38
39
40
41
42
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,
net
Foreign purchases of other U.S. securities, net
Foreign direct investments in the United States, n e t 3 . . .
43 Allocation of S D R ' s
44 Discrepancy
45
Owing to seasonal adjustments
46
Statistical discrepancy in recorded data before seasonal
adjustment
246
— 16
324
-62
MEMO ITEMS:
Changes in official assets:
47
U.S. official reserve assets (increase, —)
48
Foreign official assets in the United States (increase, + ) .
49 Changes in Organization of Petroleum Exporting Countries (OPEC) official assets in the United States (part
of line 27 above)
50 Transfers under military grant programs (excluded f r o m
lines 1, 4, and 9 above)
1 Seasonal factors are no longer calculated for lines 13 through 50.
2
D a t a are on an international accounts (IA) basis. Differs f r o m the
Census basis primarily because the I A basis includes imports into the
U.S. Virgin Islands, and it excludes military exports, which are part of
Line 4.
3
Includes reinvested earnings of incorporated affiliates.
4
Differs f r o m the definition of "net exports of goods and services" in
the national income and product ( G N P ) account. The G N P definition
excludes certain military sales to Israel f r o m exports and excludes U.S.
Govt, interest payments f r o m imports.
5 Primarily associated with military sales contracts and other transactions arranged with or through foreign official agencies.
6
Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments.
NOTE.—Data are f r o m Bureau of Economic Analysis, Survey of Current Business (U.S. Department of Commerce).
Trade and Reserve
Assets
A55
3.11 U.S. FOREIGN TRADE
Millions of dollars; monthly data are seasonally adjusted.
1978
1975 '
Item
1976 r
1977
Feb.
Mar.
Apr.
May
June
July
Aug.
9,922
10,912
11,635
11,754
12,126
11,793
12,469
1 E X P O R T S of domestic and foreign
merchandise excluding grant-aid
shipments
107,589
115,156
2 G E N E R A L I M P O R T S including
merchandise for immediate consumption plus entries into bonded
warehouses
96,573
121,009
147,685
14,440
13,699
14,496
13,992
13,723
14,779
14,090
3 Trade balance
11,016
-5,853
-26,534
-4,518
-2,787
-2,861
-2,238
-1,597
-2,987
-1,621
121,151
NOTE.—Bureau of Census data reported on a free-alongside-ship
(f.a.s.) value basis. Effective January 1978, major changes were made in
coverage, reporting, and compiling procedures. The internationalaccounts-basis data adjust the Census basis data for reasons of coverage
and timing. On the export side, the largest adjustments are: (a) the addition
of exports to Canada not covered in Census statistics, and (b) the exclusion
of military exports (which are combined with other military transactions
and are reported separately in the "service account"). On the import
side, the largest single adjustment is the addition of imports into the
Virgin Islands (largely oil for a refinery on St. Croix), which are not
included in Census statistics.
SOURCE.—FT 900 " S u m m a r y of U.S. Export and Import Merchandise
T r a d e " (U.S. Dept. of Commerce, Bureau of the Census).
3.12 U.S. RESERVE ASSETS
Millions of dollars, end of period
1978
Type
1975
1 Total
2 Gold stock, including
Stabilization F u n d 1
1976
1977
Mar.
Apr.
May
June
July
Aug.
Sept.
3 18,850
16,226
18,747
19,312
19,192
18,842
18,966
18,864
18,832
18,783
r
Exchange
11,599
11,598
11,719
11,718
11,718
11,718
11,706
11,693
l1,679
11,668
3 Special Drawing Rights 2
2,335
2,395
2,629
2,693
2,669
2,760
2,804
2,860
2,885
3 2,942
4 Reserve position in
Monetary Fund
2,212
4,434
4,946
4,701
4,388
4,347
4,270
4,177
4,196
34,214
80
320
18
80
67
141
84
102
23
26
International
5 Convertible foreign currencies
1 Gold held under earmark at F.R. Banks for foreign and international
accounts is not included in the gold stock of the United States; see Table
3.24.
2
Includes allocations by the International Monetary Fund ( I M F ) of
S D R ' s as follows: $867 million on Jan. 1, 1970; $717 million on Jan. 1,
1971; and $710 million on Jan. 1, 1972; plus net transactions in SDR's.
3 Beginning July 1974, the I M F adopted a technique for valuing the
S D R based on a weighted average of exchange rates for the currencies
of 16 member countries. The U.S. S D R holdings and reserve position in
the I M F also are valued on this basis beginning July 1974. At valuation
used prior to July 1974 (SDR1 = $1.20635) total U.S. reserve assets
at end of Sept. amounted to $18,298; S D R holdings, $2,770; and reserve
position in I M F $3,834.
A56
International Statistics • October 1978
3.13 FOREIGN BRANCHES OF U.S. BANKS Balance Sheet Data
Millions of dollars, end of period
1975
Asset account
1976
1978
1977
Jan.
Feb.
Mar.
Apr.
May 2
June
Julyf
All foreign countries
1 Total, all currencies
2
3
4
Claims on United States
Parent bank
Other
5
6
7
8
9
Claims on foreigners
Other branches of parent bank.
Banks
Public borrowers 1
Nonbank foreigners
10
Other assets
11 Total payable in U.S. dollars.. .
12
13
14
Claims on United States
Parent bank
Other
15
16
17
18
19
Claims on f oreigners
Other branches of parent bank
Banks
Public borrowers 1
,
Nonbank foreigners
20
Other assets
176,493
219,420
258,897
258,502
256,779
263,468
260,558
259,452
271,706
269,556
6,743
3,665
3,078
7,889
4,323
3,566
11,623
7,806
3,817
9,874
5,932
3,942
9,361
5,410
3,951
11,013
6,708
4,305
13,754
9,348
4,406
8,727
4.863
3.864
10,841
6,744
4,097
9,264
5,089
4,175
163,391
34,508
69,206
5,792
53,886
204,486
45,955
83,765
10,613
64,153
238,848
55,772
91,883
14,634
76,560
239,622
55,052
92,229
15,274
77,067
238,658
54,201
92,341
15,093
77,023
243,316
55,554
95,348
15,284
77,130
237,447
51,817
92,370
15,207
78,053
241,784
52,719
r
91,912
'21,139
'76,014
251,847
55,358
96,675
22,495
77,319
250,704
55,226
94,655
22,889
77,934
6,359
7,045
8,425
9,007
8,761
9,139
9,357
8,941
9,018
9,588
132,901
167,695
193,764
192,795
189,372
194,855
194,168
'192,466
202,792
198,209
6,408
3,628
2,780
7,595
4,264
3,332
11,049
7,692
3,357
9,252
5,781
3,470
8,629
5,162
3,467
10,320
6,611
3,709
12,952
9,158
3,795
8,035
4,712
3,323
10,025
6,574
3,451
8,466
4,899
3,567
123,496
28,478
55,319
4,864
34,835
156,896
37,909
66,331
9,022
43,634
178,896
44,256
70,786
12,632
51,222
179,237
43,618
70,535
13,097
51,987
176,737
42,664
69,721
13,087
51,267
180,341
43,502
71,934
13,276
51,628
176,877
40,628
70,504
13,232
52,513
'180,331
41,209
'70,124
'18,275
'50,723
188,676
43,549
74,901
19,515
50,711
185,436
43,447
71,588
20,223
50,178
2,997
, 3,204
3,820
4,307
4,005
4,195
4,339
4,100
4,091
4,307
United Kingdom
21 Total, all currencies
22
23
24
Claims on United States
Parent bank
Other
25
26
27
28
29
Claims on foreigners
Other branches of parent bank.
Banks
Public borrowers 1
Nonbank foreigners
30
Other assets
31 Total payable in U.S. dollars
32
33
34
Claims on United States
Parent bank
Other
35
36
37
38
39
Claims on foreigners
Other branches of parent bank,
Banks
Public borrowers 1
Nonbank foreigners
40
Other assets
74,883
81,466
90,933
90,789
89,626
90,162
87,100
89,645
93,538
92,989
2,392
1,449
943
3,354
2,376
978
4,341
3,518
823
3,701
2,928
773
2,547
1,775
771
3,075
2,274
802
2,506
1,548
958
2,333
1,476
857
3,134
2,279
855
2,615
1,515
1,100
70,331
17,557
35,904
881
15,990
75,859
19,753
38,089
1,274
16,743
84.016
22.017
39,899
2,206
19,895
84,346
21,427
40,605
2,303
20,010
84,423
21,114
40,996
2,100
20,213
84,648
21,092
41,612
2,192
19,753
81,871
19,514
40,436
2,020
19,901
84,700
19,550
40,807
4,150
20,193
87,816
19,944
43,044
4,400
20,428
87,479
20,438
42,465
A,251
20,319
2,159
2,253
2,576
2,742
2,656
2,439
2,724
2,612
2,588
2,895
57,361
61,587
66,635
65,744
63,870
64,565
62,330
63,565
67,016
65,452
2,273
1,445
828
3,275
2,374
902
4,100
3,431
669
3,443
2,815
628
2,186
1,558
628
2,850
2,236
614
2,312
1,520
793
2,163
1,452
711
2,862
2,178
684
2,321
1,386
935
54,121
15,645
28,224
648
9,604
57,488
17,249
28,983
846
10,410
61,408
18,947
28,530
1,669
12,263
61,094
18,102
28,661
1,770
12,560
60,521
17,782
28,641
1,640
12,457
60,610
17,603
28,947
1,710
12,349
58,845
16,531
28,177
1,631
12,507
60,277
16,406
28,324
3,254
12,293
63,051
17,025
30,686
3,366
11,974
61,938
17,438
29,458
3,611
11,431
967
824
1,126
1,208
1,163
1,104
1,173
1,125
1,103
1,193
Bahamas and Caymans
41 Total, all currencies.
42
43
Claims on United States.
Parent bank
Other
45
46
47
48
49
Claims on foreigners
Other branches of parent bank.
Banks
Public borrowers 1
Nonbank foreigners
50
Other assets
51 Total payable in U.S. dollars.
For notes see opposite page.
.
45,203
66,774
79,052
80,081
79,711
82,947
84,409
82,083
84,692
82,149
3,229
1,477
1,752
3,508
1,141
2,367
5,782
3,051
2,731
4,994
2,097
2,897
5,837
2.918
2.919
6,761
3,585
3,176
9,908
6,710
3,198
5,237
2,502
2,735
6,399
3,443
2,956
5,142
2,374
2,768
41,040
5,411
16,298
3,576
15,756
62,048
8,144
25,354
7,105
21,445
71,671
11,120
27,939
9,109
23,503
73,470
11,272
28,810
9,322
24,067
72,272
11,025
28,179
9,486
23,583
74,397
11,367
29,602
9,438
23,990
72,720
9,565
28,712
9,362
25,082
74,846
10,580
'29,045
'11,424
'23,797
76,322
10,792
30,344
12,394
22,792
74,982
10,275
29,295
12,580
22,832
933
1,217
1,599
1,617
1,602
1,789
1,781
2,000
1,971
2,025
41,887
62,705
73,987
74,831
74,283
77,521
79,324
'76,660
79,277
76,498
Overseas Branches
A57
3.13 Continued
Liability account
1975
1976
1978
1977
Jan.
Feb.
Mar.
Apr.
May 2
June
July27
All foreign countries
176,493
219,420
258,897
258,502
256,779
263,468
260,558
259,452
271,706
269,556
53
54
55
56
20,221
To United States
12,165
Parent bank
Other banks in United States.. " } 8,057
Nonbanks
32,719
19,773
12,946
44,154
24,542
19,613
45,810
28,311
17,499
45.810
26,999
18.811
50,860
27,650
23,209
49,088
26,643
22,445
49,907
28,500
f 9,120
\ 12,287
50,254
24,987
10,485
14,782
51,890
28,153
8,563
15,174
57
58
59
60
61
149,815
To foreigners
34,111
Other branches of parent bank. .
72,259
Banks
22,773
Official institutions
.
20,672
Nonbank foreigners
179,954
44,370
83,880
25,829
25,877
206,579
53,244
94,140
28,110
31,085
204,471
51,901
90,744
28,677
33,149
203,041
50,896
90,904
28,850
32,390
204,629
52,090
90,557
28,018
33,963
202,946
48,850
91,699
28,568
33,830
202,241
r
50,368
r
87,567
29,776
r
34,530
213,724
53,547
93,501
31,320
35,356
209,313
53,171
88,455
31,714
35,973
62
Other liabilities
52 Total, all currencies
.
6,456
6,747
8,163
8,220
7,929
7,980
8,524
7,304
7,728
8,353
135,907
173,071
198,572
197,760
194,537
199,879
197,575
196,746
206,900
202,411
64
65
66
67
19,503
To United States
11,939
Parent bank
Other banks in United States.. • } 7,564
Nonbanks
31,932
19,559
12,373
42,881
24,213
18,669
44,601
28,017
16,584
44,472
26,688
17,784
49,248
27,321
21,927
47,811
26,348
21,463
48,278
27,865
( 8,810
\ 11,603
48,548
24,273
10,192
14,083
49,964
27,383
8,230
14,351
68
69
70
71
72
112,879
To foreigners
28,217
Other branches of parent bank. .
51,583
Banks
19,982
Official institutions
.
13,097
Nonbank foreigners
137,612
37,098
60,619
22,878
17,017
151,363
43,268
64,872
23,972
19,251
148,878
41,812
61,571
24,546
20,949
145,958
40,720
60,815
24,453
19,970
146,406
41,636
60,353
23,593
20,824
145,350
39,214
61,665
23,865
20,606
144,758
40,099
r
57,871
25,124
r
21,664
154,341
42,464
62,523
26,493
22,861
148,135
42,235
56,375
26,726
22,799
73
Other liabilities
3,526
3,527
4,328
4,282
4,107
4,224
4,414
3,710
4,011
4,312
63 Total payable in U.S. dollars
.
United Kingdom
74,883
81,466
90,933
90,789
89,626
90,162
87,100
89,645
93,538
92,989
75
76
77
78
5,646
To United States
2,122
Parent bank
Other banks in United States. • } 3,523
Nonbanks
5,997
1,198
4,798
7,753
1,451
6,302
6,008
1,253
4,755
6,785
1,550
5,236
7,609
1,646
5,962
7,266
1,983
5,283
6,758
1,636
2,346
2,776
8,174
1,822
3,273
3,079
7,999
1,949
2,911
3,139
79
80
81
82
83
To foreigners
.
Other branches of parent bank
Banks
Official institutions
Nonbank foreigners
73,228
7,092
36,259
17,273
12,605
80,736
9,376
37,893
18,318
15,149
82,160
9,999
36,915
19,309
15,937
80,331
9,037
36,764
19,580
14,950
80,036
8,674
36,250
19,262
15,850
77,169
8,014
34,940
18,817
15,399
80,108
9,009
35,980
19,087
16,032
82,703
9,700
36,950
19,980
16,073
81,859
10,106
34,779
20,746
16,228
84
Other liabilities
74 Total, all currencies
85 Total payable in U.S. dollars
86
87
88
89
To United States
Parent bank
Other banks in United States. • |
Nonbanks
90
91
92
93
94
To foreigners
Other branches of parent bank
Banks
Official institutions
Nonbank foreigners
95
Other liabilities
67,240
6,494
32,964
16,553
11,229
f
\
1,997
2,241
2,445
2,621
2,509
2,518
2,665
2,779
2,661
3,131
57,820
63,174
67,573
66,619
65,021
65,477
62,662
64,025
67,718
65,671
5,415
2,083
3,332
5,849
1,182
4,667
7,480
1,416
6,064
5,737
1,222
4,515
6,479
1,524
4,955
7,250
1,598
5,652
6,938
1,953
4,985
6,446
1,609
2,281
2,556
7,852
1,794
3,176
2,882
7,640
1,917
2,828
2,895
51,447
5,442
23,330
14,498
8,176
56,372
5,874
25,527
15,423
9,547
58,977
7,505
25,608
15,482
10,382
59,671
8,164
24,015
16,459
11,033
57,386
7,211
23,352
16,541
10,282
57,045
6,747
23,075
16,213
11,009
54,498
6,202
22,115
15,672
10,509
56,274
6,696
22,554
15,908
11,116
58,638
7,041
23,566
16,772
11,259
56,648
7,704
20,644
17,280
11,020
959
953
1,116
1,210
1,156
1,182
1,227
1,305
1,228
1,383
84,409
82,083
84,692
82,149
37,350
23,333
5,742
8,275
35,140
19,101
5,628
10,411
37,552
22,399
4,607
10,546
43,394
11,250
21,452
4,419
r
6,273
48,133
11,657
25,746
4,583
6,147
43,142
10,540
21,936
4,221
6,445
(
(
Bahamas and Caymans
96 Total, all currencies
45,203
66,774
79,052
80,081
79,711
38,380
23,854
14,526
37,256
22,289
14,967
43,153
10,839
23,374
3,060
5,880
45,610
10,288
25,847
3,489
5,986
97
98
99
100
11,147
To United States
7,628
Parent bank
Other banks in United States. ' J 3,520
Nonbanks
22,721
16,161
6,560
32,176
20,956
11,220
35, 795
24,713
11,082
35,082
23,374
11,708
101
102
103
104
105
To foreigners
Other branches of parent bank..
Banks
Official institutions
Nonbank foreigners
32,949
10,569
16,825
3,308
2,248
42,899
13,801
21,760
3,573
3,765
45,292
12,816
24,717
3,000
4,759
42,929
11,642
22,264
3,183
5,840
43,272
11,598
22,840
3,207
5,628
106
Other liabilities
107 Total payable in U.S. dollars
f
(
r
1,106
1,154
1,584
1,357
1,358
1,414
1,543
1,339
1,419
1,455
42,197
63,417
74,463
75,479
75,253
78,467
80,243
78,254
80,651
78,135
1
In May 1978 a broader category of claims on foreign public borrowers,
including corporations that are majority owned by foreign governments,
replaced the previous, more narrowly defined claims on foreign official
institutions.
82,947
2
In May 1978 the exemption level for branches required to report
was increased, which reduced the number of reporting branches.
A58
International Statistics • October 1978
3.14 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1978
Item
1975
1976
1977
Feb.
Mar.
A.
1 Total i
2 Liabilities reported by banks in the United
States 2
3 U.S. Treasury bills and certificates 3
U.S. Treasury bonds and notes:
4
Marketable
5
Nonmarketable 4
6 U.S. securities other than U.S. Treasury
securities 5
82,572
95,634 131,049
16,262
34,199
17,231
37,725
6,671
19,976
5,464
Western E u r o p e 1
Canada
Latin America and Caribbean
Asia
Africa
Other countries 6
8
9
10
11
12
13
1
June
July*
Aug.f
By type
18,003
47,820
19,020
52,689
19,459
59,302
'19,450
57,613
'19,057
56,449
18,821
55,606
19,445
56,842
20,022
56,299
11,788
20,648
32,116
20,443
33,554
19,602
34,528
19,513
32,838
19,444
32,272
19,355
32,865
19,284
34,158
19,214
34,868
20,375
8,242
12,667
13,044
13,196
13,280
13,785
14,049
14,448
14,501
82,572
95,634 131,049
45,701
3,132
4,461
24,411
2,983
1,884
45,882
3,406
4,926
37,767
1,893
1,760
70,707
2,334
4,649
50,693
1,742
924
137,909
145,998
74,401
1,389
5,179
54,385
1,899
656
76,238
1,633
5,773
59,587
1,756
1,011
'142,625 '140,918
140,625 144,147 146,065
145,998
Includes the Bank for International Settlements.
Principally demand deposits, time deposits, bankers acceptances,
commercial paper, negotiable time certificates of deposit, and borrowings
under repurchase agreements.
3
Includes nonmarketable certificates of indebtedness (including those
payable in foreign currencies through 1974) and Treasury bills issued to
official institutions of foreign countries.
4
Excludes notes issued to foreign official nonreserve agencies. Includes
bonds and notes payable in foreign currencies.
2
May
137,909
B.
7 Total
Apr.
A
By area
'142,625 '140,918
73,666
2,493
5,554
'57,945
1,872
1,095
72,735
2,702
5,426
'57,203
1,945
907
140,625 144,147 146,065
74,493
2,609
4,665
56,199
1,689
970
75,748
2,490
4,630
58,081
2,219
979
79,717
2,071
4,611
56,847
2,035
784
5 Debt securities of U.S. Govt, corporations and Federally sponsored
agencies, and U.S. corporate stocks and bonds.
6
Includes countries in Oceania and Eastern Europe.
NOTE.—Based on Treasury Dept. data and on data reported to the
Treasury Dept. by banks (including Federal Reserve Banks) and securities
dealers in the United States.
• F o r a description of the changes in the International. Statistics
tables, see July 1978 BULLETIN, p. 612.
Nonbank-reported
Data
A59
3.15 LIABILITIES TO FOREIGNERS Reported by Banks in the United States
Payable in U.S. dollars
Millions of dollars, end of period
1978
1975
1976
1977
Feb.
A.
7 Banks' custody liabilities4
8
U.S. Treasury bills and certificates 5
9
Other negotiable
and readily transferable
instruments 6
10 Other
and
regional
12 Banks' own liabilities.
13 Demand deposits...
1
14 Time deposits
15 Other 2
16 Banks' custody liabilities4
17
U.S. Treasury bills and certificates
18 Other negotiable6 and readily transferable
instruments
19 Other
20 Official institutions 8 .
21
22
23
24
Banks' own liabilities.
Demand deposits...
1
Time deposits
Other 2
25
26
27
Banks' custody liabilities 4
U.S. Treasury bills and certificates 5
Other negotiable6 and readily transferable
instruments
Other
28
29 Banks 9
30
31
32
33
34
35
36
37
38
39
Banks' own liabilities
Unaffiliated foreign banks.
Demand deposits
1
Time deposits
Other 2
Banks' custody liabilities4
U.S. Treasury bills and certificates
Other negotiable6 and readily transferable
instruments
Other
41
42
43
44
Banks' own liabilities.
Demand deposits...
1
Time deposits
Other 2
45
46
47
Banks' custody liabilities4
U.S. Treasury bills and certificates
Other negotiable6 and readily transferable
instruments
Other
June
July*7
Aug.*7
65,364
17,863
11,665
7,343
28,493
61,604
17,828
11,810
7,239
24,727
60,547
17,189
11,638
6,495
25,225
61,411
17,953
11,921
6,876
24,661
64,017
16,101
12,623
7,243
28,050
'76,288
59,104
'75,704
58,262
75,196
57,138
75,769
57,629
77,098
57,262
'14,176
3,008
'14,796
2,646
15,358
2,700
15,419
2,722
17,192
2,644
3,618
2,998
3,120
2,942
2,678
2,823
245
109
831
272
143
416
499
286
59
154
480
265
119
97
1,017
257
116
644
808
142
97
569
2,166
892
2,621
1,153
2,462
922
1,662
228
2,014
368
1,274
1
1,467
1
1,537
3
1,432
1
1,645
78,761
'77,063
'75,506
74,427
76,286
76,320
9,017
3,092
1,982
3,943
8,453
2,611
1,981
3,862
9,422
3,473
2,277
3,673
9,057
2,639
2,583
3,835
13,564
10,267
16,803
11,347
18,996
11,521
17,675
12,038
17,163
11,274
37,414
40,744
48,906
54,233
61,071
5,699
5,714
3,274
139
148
290
205
231
139
2,554
2,701
706
50,461
54,956
65,822
3,102
180
120
1,11
71,709
1,317
2,644
3,423
3,394
2,321
3,528
1,797
2,782
2,570
2,804
1,777
9,586
3,703
1,884
3,999
34,199
37,725
47,820
52,689
59,302
'67,477
57,613
'66,489
56,449
65,974
55,606
66,864
56,842
67,263
56,299
'9,375
489
'9,457
583
9,870
498
9,498
524
10,326
638
42,115
47,283
43,531
43,132
42,904
46,155
10,113
1,734
42,841
14,348
10,195
1,643
2,511
39,251
14,524
10,343
1,595
2,585
38,697
13,472
10,164
1,255
2,053
38,341
13,680
10,240
1,321
2,119
41,141
13.091
9,229
1,395
2,468
28,493
24,727
25,225
24,661
28,050
4,442
314
4,280
363
4,435
300
4,564
269
5,014
296
1,991
2,137
2,174
1,744
2,260
1,875
2,417
1,877
2,892
1,826
14,919
14,309
15,150
15,242
15,312
15,818
4,000
7,654
12,106
3,693
7,995
418
12,836
4,106
8,173
557
12,917
4,149
8,284
484
12,631
3,983
8,208
441
13,010
4,091
8,548
371
2,203
286
2,314
297
2,325
310
2,680
290
2,808
300
1,536
381
1,699
319
1,691
323
2,071
320
2,329
179
'8,666
'9,135
9,260
9,290
9,990
29,330
7,534
1,873
37,174
9,104
2,297
335
10,100
3,248
4,823
119
12,814
42,335
10,933
2,040
40,549
10,570
1,823
141
14,736
165
14,745
4,015
6,524
4,304
7,546
4,143
7,526
198
240
268
49 MEMO: Negotiable time certificates of deposit
held in custody for foreigners
1 Excludes negotiable time certificates of deposit, which are included
in 2"Other negotiable and readily transferable instruments."
Includes borrowings under repurchase agreements.
3
U.S. banks: includes amounts due to own foreign branches and
foreign subsidiaries consolidated in "Consolidated Report of Condition"
filed with bank regulatory agencies. Agencies, branches, and majorityowned subsidiaries of foreign banks: principally amounts due to head
office or parent foreign bank, and foreign branches, agencies or whollyowned subsidiaries of head office or parent foreign bank.
4
Financial claims on residents of the United States, other than longterm securities, held by or through reporting banks.
5 Includes nonmarketable certificates of indebtedness (including those
payable in foreign currencies through 1974) and Treasury bills issued to
official institutions of foreign countries.
May
By holder and type of liability
Own foreign offices 3
40 Other foreigners.
48
Apr. A
95,590 110,657 126,168 130,105 139,414 141,652 '137,307 135,743 137,180 141,115
All foreigners.
2 Banks' own liabilities.
3
Demand deposits...
1
4
Time deposits
5
Other 2
6
Own foreign offices 3
11 Nonmonetary
international
organizations7
Mar.
161
6
Principally bankers acceptances, commercial paper, and negotiable
time certificates of deposit.
7 Principally the International Bank for Reconstruction and Development,
and the Inter-American and Asian Development Banks.
8
Foreign central banks and foreign central governments and the
Bank for International Settlements.
9 Excludes central banks, which are included in "Official institutions."
NOTE.—Data for time deposits prior to April 1978 represent shortterm only.
A For a description of the changes in the International Statistics
Tables, see July 1978 BULLETIN, p. 612.
A60
International Statistics • October 1978
3.15 Continued
Item
1975
1976
1978
1977
Feb.
Mar.
B.
1 Total
2 Foreign countries.
3 Europe
4
Austria
Belgium-Luxembourg...
5
Denmark
6
Finland
7
France
8
Germany
9
Greece
10
11 Italy
12
Netherlands
13 Norway
14 Portugal
15 Spain
16 Sweden
17 Switzerland
Turkey
18
United Kingdom
19
20 Yugoslavia
Other Western Europe *.
21
U.S.S.R
22
Other Eastern Europe 2 ..
23
Apr.
May
June
July*>
By area and country
95,590j 110,657 126,168 130,105 139,414 141,652 137,307 135,743 137,180 141,115
89,891 104,943 122,893 127,002 135,795 138,654 134,187 132,801 134,502
44,072
759
2,893
329
391
7,726
4,543
284
1,059
3,407
994
193
423
2,277
8,476
118
6,867
126
2,970
40
197
47,076
346
2,187
356
416
4.876
6,241
403
3,182
3,003
782
239
559
1,692
9,460
166
10,018
189
2,673
51
236
60,295
318
2,531
770
323
5,269
7,239
603
6,857
2,869
944
273
619
2,712
12,343
130
14,125
232
1,804
98
236
60,970
302
2,765
1,050
307
4,668
10,585
548
5,943
3,029
888
188
648
2,826
12,689
171
11,929
196
1,966
98
175
63,067
322
3,109
1,063
430
5,499
11,013
588
5,987
3,011
1,465
164
659
3,177
13,090
249
11,021
192
1,757
62
206
63,994
419
2,992
1,044
357
5,033
11,530
571
5,626
3,132
1,211
174
717
2,816
13,549
115
12,274
138
2,030
72
193
62,972
350
2,893
1,110
393
6,278
9,537
563
6,365
2,993
1.643
288
717
3,302
12,534
200
11,609
168
1,721
96
211
64,302
349
2,756
1.335
352
6,562
10,029
597
6,870
3,118
1,869
191
688
3,385
12,415
110
11,471
229
1,655
66
255
64,623
372
2,276
1,542
407
7,353
9,727
646
7,037
3,078
1,737
227
709
3,340
11,888
147
11,770
192
1,895
55
222
2,919
4,659
4,607
4,758
4,564
5,923
6,600
5,816
5,623
25 Latin America and Caribbean
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
31 Chile
32
Colombia
33 Cuba
34 Ecuador 3
35
Guatemala
36 Jamaica 3
37
Mexico
38
Netherlands Antilles 4
39 Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean.,
15,028
1,146
1,874
184
1,219
1,311
319
417
6
120
19,132
1,534
2,770
218
1,438
1.877
337
1,021
6
320
23,670
1,416
3,596
321
1,396
3,998
360
1,221
6
330
24,286
1,928
3,755
286
977
3,993
412
1,207
7
376
25,338
2,070
129
1,115
243
172
3,309
1,393
2,870
158
1,167
257
245
3,118
1,797
2,876
196
2,331
287
243
2,929
2,167
3,084
203
2,121
267
280
3,246
2,147
2,793
212
2,132
262
226
3,438
2,380
28,764
1,861
7,259
364
1,414
4,814
394
1,350
6
360
447
41
2,677
212
2,176
309
221
3,225
1,636
24,995
2,260
3,327
340
1,298
3,949
361
1,300
l\
318
552
46
2,965
289
2,559
274
208
3,298
1.644
25,367
1,692
3,981
399
1,220
4,742
376
1,424
7
325
448
66
2,774
320
2.336
282
220
3,147
1,608
24,759
1,550
3,612
383
1,295
4,009
380
1,429
9
378
414
75
2,920
435
2,586
309
218
3,229
1,531
44 Asia
45
China, People's Republic of (Mainland).
China, Republic of (Taiwan)
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting countries 5 . . . .
Other Asia
22,384
123
1,025
605
115
369
387
10,207
390
700
252
7,355
856
29,766
48
990
894
638
340
392
14,363
438
628
277
9,360
1,398
30,488
53
1,013
1,094
961
410
559
14,616
602
687
264
8,979
1,250
33,330
48
995
1,121
1,001
506
454
17,024
737
615
309
9,329
1,190
37,995
56
1,014
1,174
947
492
485
21,725
682
647
317
9,165
1,291
35,712
47
1,043
1,489
962
451
568
19,998
817
688
304
r
8,058
1,289
33,665
53
1,053
1,085
899
330
476
19,020
748
595
297
7,894
1,215
35,170
47
1,195
1,191
798
597
518
20,374
714
640
320
7,267
1,509
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 6 .
63
Other Africa
3,369
342
68
166
62
2,250
481
2,298
333
87
141
36
1,133
568
2,535
404
66
174
39
1,155
698
2,645
357
79
251
50
1,263
645
2,469
341
51
183
45
1,226
623
2,699
455
31
167
46
1,393
607
2,641
461
29
185
49
1,244
673
2,360
402
28
226
44
981
679
3,013
594
28
175
73
1,365
778
64 Other countries.,
Australia
65
66
All other
2,119
2,006
113
2,012
1,905
107
1,297
1,140
158
1,014
870
144
1,434
1,229
205
1,575
1,275
300
1,267
1,129
138
1,288
1,085
203
1,315
1,158
157
67 Nonmonetary international and regional
organizations
5,699
5,714
3,274
3,102
3,618
2,998
3,120
2,942
2,678
68
69
70
5,415
188
96
5,157
267
290
2,752
278
245
2,558
266
279
3,094
261
262
2,591
117
290
2,430
430
260
2,311
395
236
2,020
417
241
24 Canada.
International
Latin American regional.
Other regional 7
1 Includes the Bank for International Settlements. Beginning April
1978,
also includes Eastern European countries not listed in line 23.
2
Beginning April 1978 comprises Bulgaria, Czechoslovakia, German
Democratic
Republic, Hungary, Poland, and Romania.
3
Included in "Other Latin America and Caribbean" through March
1978.
4
Includes Surinam through December 1975.
5 Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).
Aug.f
1,801
4,199
322
1,327
4,097
415
1,290
8
438
r
36,625
50
1,208
1,118
937
649
486
20,392
753
601
258
r
8,866
1,307
r
6
7
Comprises Algeria, Gabon, Libya, and Nigeria.
Asian, African, Middle Eastern, and European regional organizations,
except the Bank for International Settlements, which is included in
"Other Western Europe."
A For a description of the changes in the International Statistics
tables, see July 1978 BULLETIN, p. 612.
Nonbank-reported
Data
3.16 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
Area and country
1978
1975
1976
1977
Mar.
Apr.
May
June
July*
1 Total
58,308
79,301
90,206
91,040
96,449
88,387
87,876
87,349
87,347
2 Foreign countries.
58,275
79,261
90,163
91,005
96,406
88,339
87,842
87,317
87,308
11,109
35
286
104
180
1,565
380
290
443
305
131
30
424
198
199
164
5,170
210
76
406
513
14,776
63
482
133
199
1,549
509
279
993
315
136
88
745
206
379
249
7,033
234
85
485
613
18,114
65
561
173
172
2,082
644
206
1,334
338
162
175
722
17,197
112
552
171
184
1,988
615
209
1,147
382
191
155
735
200
704
311
8,200
308
74
383
576
18,690 15,318
76
83
586
596
146
166
180
189
2,265
1,646
783
698
211
200
1,155
907
470
419
184
192
155
131
741
597
171
206
696
699
315
308
9,204
6,823
307
280
49
268
370
337
580
621
15,825
94
793
186
184
1,679
752
279
1,194
468
209
132
700
185
391
306
6,951
285
137
362
536
16,366
105
731
145
182
1,891
787
204
965
383
217
126
706
219
685
309
7,387
320
153
319
534
15,761
116
634
129
190
1,813
689
190
1,078
436
210
140
669
244
631
313
6,961
300
165
305
548
3 Europe
4
Austria
5
Belgium-Luxembourg....
6
Denmark
7
Finland
8
France
9
Germany
10
Greece
11
Italy
12
Netherlands
13
Norway
14
Portugal
15
Spain
16
Sweden
17
Switzerland
18
Turkey
19
United Kingdom
20
Yugoslavia
i
21
Other Western E u r o p e 1 . .
22
U.S.S.R
23
Other Eastern E u r o p e 2 . .
218
564
360
8,964
311
86
413
566
2,834
3,319
3,355
4,009
25 Latin America and Caribbean
26
Argentina
27
Bahamas
28
Bermuda
29
Brazil
30
British West Indies
31
Chile
32
Colombia
33
Cuba
34
Ecuador
35
Guatemala3
36
Jamaica 3
37
Mexico
38
Netherlands Antilles4
39
Panama
40
Peru
41
Uruguay
42
Venezuela
43
Other Latin America and Caribbean.,
23,863
1,377
7,583
104
3,385
1,464
494
751
14
252
38,879
1,192
15,464
150
4,901
5,082
597
675
13
375
45,850
1,478
19,858
232
4,629
6,481
675
671
10
517
47,249
1,574
21,517
233
4,559
5,589
700
640
4
530
3,745
72
1,138
805
57
1,319
1,302
4,822
140
1,372
933
42
4,909
224
1,410
962
80
2,318
1,394
44 Asia
45
China, People's Republic of (Mainland).
China, Republic of^Taiwan)
Hong K o n g
India
Indonesia
Israel
Japan
Korea
Philippines
Thailand
Middle East oil-exporting c o u n t r i e s 5 . . . .
Other Asia
17,706
22
1,053
289
57
246
721
10,944
1,791
534
520
744
785
3
1,344
316
69
218
755
11,040
1,978
719
442
1,459
862
1,933
123
8
657
181
382
581
24 Canada
57 Africa
58
Egypt
59
Morocco
60
South Africa
61
Zaire
62
Oil-exporting countries 6 .
63
Other
64 Other countries.,
65
Australia
66
All other
67 Nonmonetary International and Regional
Organizations 7
1
2,434
2,516
3,116
46,947
1,595
21,043
345
4,443
6,271
717
578
45,991
1,554
18,725
145
4,661
7,412
745
615
46,972
1,572
19,643
145
4,599
6,872
745
648
4,719
208
1,880
931
65
2,421
1,678
49,866 48,991
1,533
1,642
22,801 22,015
176
195
4,412
4,832
7,823
6,851
722
710
551
592
1
3
544
525
55
19
4,836
4,379
202
215
2,196
1,699
885
920
51
65
2,146
2,367
1,302
1,593
530
79
42
4,506
206
2,147
920
58
2,233
'1,233
562
90
53
4,864
212
1,902
930
53
2,242
1,225
546
83
49
5,065
206
2,278
918
52
2,337
1,213
19,236
10
1,719
543
53
232
584
9,839
2,336
594
633
1,746
947
18,985
13
1,663
495
72
222
498
9,767
2,315
642
647
1,753
898
20,039 18,064
11
15
1,656
1,422
609
826
97
53
202
165
491
434
10,266 9,532
2,090
1,850
660
615
656
686
2,219
1,488
1,082
978
19,453
22
1,456
755
70
137
494
9,745
1,800
751
730
2,522
'971
19,313
13
1,343
769
80
146
468
10,023
2,327
679
711
1,572
1,182
18,323
5
1,193
698
46
139
444
9,779
1,936
640
725
1,551
1,167
2,311
126
27
957
112
524
565
2,518
119
43
1,066
98
510
682
2,548
121
44
1,106
98
531
648
2,632
107
39
1,169
101
493
723
2,235
79
35
1,052
77
416
575
2,219
72
37
1,055
80
441
'534
2,137
70
38
1,054
79
383
513
2,133
79
36
1,036
79
340
563
830
700
130
772
597
175
1,090
905
186
1,017
813
204
1,095
879
216
953
785
168
964
798
166
995
828
167
1,002
836
167
33
40
43
35
43
48
34
31
40
1,828
1,293
19,204
Includes the Bank for International Settlements. Beginning April
1978, also includes Eastern European countries not listed in line 23.
2
Beginning April 1978 comprises Bulgaria, Czechoslovakia, G e r m a n
Democratic Republic, Hungary, Poland, and Romania.
3
Included in " O t h e r Latin America and Caribbean" through M a r c h
1978.
4 Includes Surinam through December 1975.
5 Comprises Bahrain, Iran, Iraq, Kuwait, O m a n , Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).
4,084
2,779
6
7
Comprises Algeria, G a b o n , Libya, and Nigeria.
Excludes the Bank for International Settlements, which is included
in "Other Western Europe."
• D a t a for period prior to April 1978 include claims of banks' domestic
customers on foreigners. F o r a description of the changes in the International Statistics tables, see July 1978 BULLETIN, p. 612.
A61
A62
International Statistics • October 1978
3.17 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the
United States
Payable in U.S. Dollars
Millions of dollars, end of period
1978
Type of claim
1975
1976
1977
Apr. A
May
June
July*3
Aug.f
2 Banks' own claims on foreigners
88,387
87,876
87,349
87,347
90,533
3
4
5
6
7
8
4,584
35,513
28,660
4,869
23,791
19,629
5,283
35,714
27,805
4,658
23,147
19,074
5,851
31,707
30,154
5,116
25,039
19,637
6,653
33,813
27,492
4,623
22,869
19,389
7,119
36,039
27,362
4,352
23,010
20,012
1 Total
58,308
79,301
90,206
Feb.
Mar.
91,040
96,449
Foreign public borrowers
Own foreign offices 1
Unaffiliated foreign banks
Deposits
Other
All other foreigners
9 Claims of banks' domestic customers 2
10
11
Deposits
Negotiable and readily transferable instruments 3
Outstanding collections and other claims 4
12
5,467
5,756
6,176
6,446
6,765
13 MEMO: Customer liability on acceptances . •
1
1
U.S. banks: includes amounts due from own foreign branches and
foreign subsidiaries consolidated in "Consolidated Report of Condition"
filed with bank regulatory agencies. Agencies, branches, and majorityowned subsidiaries of foreign banks: principally amounts due from head
office or parent foreign bank, and foreign branches, agencies, or whollyowned subsidiaries of head office or parent foreign bank.
2
Assets owned by customers of the reporting bank located in the
United States that represent claims on foreigners held by reporting banks
for the account of their domestic customers.
3
Principally negotiable time certificates of deposit and bankers acceptances.
4
Data for March 1978 and for period prior to that are outstanding
collections only.
NOTE.—Beginning April 1978, data for banks' own claims are given
on a monthly basis, but the data for claims of banks' domestic customers
are available on a quarterly basis only.
• For a description of the changes in the International Statistics
tables, see July 1978 BULLETIN, p. 612.
Nonbank-reported
Data
3.18 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States
Payable in U.S. Dollars
Millions of dollars, end of period
Maturity; by borrower and area
1 Total
By borrower:
Maturity of 1 year or less 1
Foreign public borrowers
All other foreigners
2
3
4
5
6
7
Maturity of over 1 year i
Foreign public borrowers
All other foreigners
N O F I G U R E S U N T I L J U N E 1978 D A T A A R E AVAILABLE A
8
9
10
11
12
13
By area:
Maturity of 1 year or less 1
Europe
Canada
Latin America and Caribbean
Asia
Africa
All other 2
14
15
16
17
18
19
Maturity of over 1 year 1
Europe
Canada
Latin America and Caribbean
Asia
Africa
All o t h e r 2
1
2
Remaining time to maturity.
Includes nonmonetary international and regional organizations.
A F o r a description of the changes in the International Statistics
tables, see July 1978 BULLETIN, p. 612.
3.19 LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Banks in the United States
Payable in Foreign CurrenciesA
Millions of dollars, end of period
1977
Item
1974
1975
Nov.
1 Banks' own liabilities
2 Banks' own claims 1
3
Deposits
4
Other claims
5 Claims of banks' domestic customers 2
766
1,276
669
607
560
1,459
656
802
1 Includes claims of banks' domestic customers through March 1978.
2
Assets owned by customers of the reporting bank located in the
United States that represent claims on foreigners held by reporting banks
for the accounts of their domestic customers.
1978
1976
781
1,834
1,103
731
944
2,086
841
1,245
Dec.
925
2,356
941
1,415
Jan.
831
2,371
940
1,432
Feb.
885
2,317
895
1,422
Mar.
986
2,383
948
1,435
NOTE.—Data on claims exclude foreign currencies held by U.S. monetary authorities.
A F o r a description of the changes in the International Statistics
Tables, see July 1978 BULLETIN, p. 612.
A63
A64
International Statistics • October 1978
3.20 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Holdings and Transactions
Millions of dollars
1978
Country or area
1976
1978
1977
Jan.Aug.f
Feb.
Mar.
Apr.
May
June
July*5
Aug.*
Holdings (end of period) •
1 Estimated t o t a l . . .
15,799
38,620
40,380
41,230
'39,662
39,367
40,707
41,178
41,603
2 Foreign countries.
12,765
33,874
35,479
36,475
'34,813
34,345
35,014
36,336
37,149
2,330
14
764
288
191
261
485
323
4
13,916
19
3,168
911
100
All
8,888
349
4
14,895
19
3,494
954
125
401
9,513
384
4
15,206
19
3,816
1,029
155
400
9,418
363
4
13,607
19
3,820
1,079
175
443
7,737
'332
4
12,946
19
4,031
1,070
175
447
6,856
346
4
13,156
19
4,361
1,113
185
509
6,597
370
4
14,256
19
5,531
1,113
180
569
6,473
368
4
14,184
19
5,761
1,278
190
615
5,932
385
4
Europe
Belgium-Luxembourg..
Germany
Netherlands
Sweden
Switzerland
United Kingdom
Other Western Europe.
Eastern Europe
3
4
5
6
7
8
9
10
11
12
Canada.
256
288
250
251
253
261
264
275
276
13
14
15
16
Latin America and Caribbean
Venezuela
Other Latin American and Caribbean.
Netherlands Antilles
313
149
47
118
551
199
183
170
587
241
184
162
551
200
189
162
535
189
184
162
503
174
167
162
494
174
158
162
485
174
149
162
545
244
139
162
17
18
Asia
9,323
2,687
18,745
6,860
19,378
7,617
20,120
8,313
20,070
8,332
20,137
8,964
20,605
9,616
20,831
9,927
21,647
10,791
543
362
362
341
341
491
491
491
491
11
7
6
6
8
4
-3
7
19
Japan
Africa
*
20
All other.
21 Nonmonetary international and regional
organizations
3,034
4,746
4,901
4,755
4,849
5,022
5,693
4,842
4,454
22
23
2,906
128
4,646
100
4,781
120
4,640
115
4,740
110
4,931
90
5,633
61
4,809
33
4,421
33
International
Latin American regional.
Transactions (net purchases, or sales {—), during period)
24 Total
8,096
22,823
2,982
278
851
-1,569
-295
1,341
470
425
25 Foreign countries
5,393
21,110
3,274
-169
996
-1,664
-467
669
1,322
813
26
27
4,958
435
20,328
782
2,744
530
-277
108
975
22
-1,690
26
'-574
'106
592
77
1,293
29
710
103
2,704
1,713
-292
447
-145
'95
171
671
-852
-387
3,887
221
4,451
-181
-990
130
-184
72
-20
-72
-563
150
-185
-85
-31
Official institutions
Other foreign
28 Nonmonetary international and regional
MEMO: Oil-exporting countries
29
Middle East i
30
Africa 2
1
Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and2 United Arab Emirates (Trucial States).
Comprises Algeria, Gabon, Libya, and Nigeria.
3 Estimated official and private holdings of marketable U.S. Treasury
securities with an original maturity of more than 1 year. Data are based
on a benchmark survey of holdings as of Jan. 31, 1971, and monthly
transactions reports. Excludes nonmarketable U.S. Treasury bonds and
notes held by official institutions of foreign countries.
3.21 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS
Millions of dollars, end of period
1978
Assets
1975
1976
1977
Mar.
1 Deposits
Assets held in custody:
2
U.S. Treasury securities 1
3
Earmarked gold 2
May
June
July
Aug.
Sept.
353
352
424
352
481
453
288
347
309
325
60,019
16,745
66,532
16,414
91,962
15,988
105,362
15,727
102,044
15,686
100,146
15,667
99,465
15,620
101,696
15,594
102,902
15,572
102,699
15,553
1
Marketable U.S. Treasury bills, certificates of indebtedness, notes,
and bonds; and nonmarketable U.S. Treasury securities payable in dollars
and in foreign currencies.
2
The value of earmarked gold increased because of the changes in
par value of the U.S. dollar in May 1972 and in October 1973.
Apr.
NOTE.—Excludes deposits and U.S. Treasury securities held for international and regional organizations. Earmarked gold is gold held for
foreign and international accounts and is not included in the gold stock
of the United States.
Investment transactions
A65
3.22 FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
1978
Transactions, and area or country
1976
1978
1977
Jan.Aug.
Mar.
Feb.
Apr.
May
June
July*5
Aug.f
U.S. corporate securities
1
2
Stocks
Foreign purchases
Foreign sales
18,227
15,475
14,155
11,479
13,301
11,606
825
762
1,413
921
1,864
1,151
2,391
1,963
2,035
1,925
1,305
1,296
2,444
2,678
3
Net purchases, or sales ( —)
2,753
2,676
1,695
63
492
713
427
110
9
-235
4
Foreign countries
2,740
2,661
1,740
63
510
720
427
131
9
-235
5
6
7
8
9
10
Europe
France
Germany
Netherlands
Switzerland
United Kingdom
336
256
68
-199
-100
340
1,006
40
291
22
152
613
1,096
87
352
-34
-244
964
41
-2
33
-13
-16
57
319
68
52
-9
7
187
508
79
125
16
103
173
323
-2
52
9
31
229
31
-39
80
-18
-78
98
-6
-15
17
9
-52
50
-152
9
-52
-22
-184
110
11
12
13
14
15
16
Canada
Latin America
and Caribbean
Middle East 1
Other Asia
Africa
Other countries
324
155
1,803
119
7
-4
65
127
1,390
59
5
8
-108
122
506
139
- 1 61
-26
-4
48
1
2
1
-3
17
170
5
1
44
37
97
35
—1
-58
36
90
39
-4
-12
33
59
23
-3
-16
-35
69
-5
1
-18
48
-134
35
-12
13
15
-45
1
-19
-7
1
-21
5,529
4,322
7,739
3,404
5,305
3,377
574
348
600
621
312
343
780
333
678
301
1,029
595
17
Nonmonetary international and regional
organizations
*
*
*
*
*
~
*
1
*
2
18
19
Bonds
Foreign purchases
Foreign sales
872
460
20
Net purchases, or sales (—)
1,207
4,335
1,928
226
-21
-31
447
377
434
412
21
Foreign countries
1,248
4,239
1,778
181
*
-29
449
306
412
360
91
39
-49
-29
158
23
2,006
-34
59
72
157
1,705
664
23
128
11
-170
704
32
1
7
1
3
22
-163
5
19
-20
-37
-122
-93
-4
10
3
-33
-54
41
8
21
-3
-36
75
159
-3
14
-7
5
154
388
13
18
11
-74
416
167
6
38
18
10
89
96
94
1,179
-165
-25
-21
141
64
1,695
338
-6
84
51
931
45
-1
3
7
6
125
11
—1
5
11
137
9
13
1
33
16
9
12
370
15
*
1
6
2
91
48
14
-8
135
-116
24
17
99
52
1
-41
96
22
23
24
25
26
27
Europe
France
28
29
30
31
32
33
Canada
Latin America
and Caribbean
Middle East 1
Other Asia
34
Netherlands
Switzerland
United Kingdom
Other countries
Nonmonetary international and regional
organizations
*
*
150
*
1
-20
45
*
*
-2
-1
*
*
•
*
*
72
22
53
Foreign securities
35 Stocks, net purchases, or sales (—)
-323
1,937
2,259
-410
2,255
2,665
462
2,505
2,044
113
280
167
114
337
223
143
404
261
-13
271
284
-59
244
303
10
333
323
50
381
331
38 Bonds, net purchases, or sales (—)
39
Foreign purchases
40
Foreign sales
-8,774
4,932
13,706
-5,115
8,052
13,167
-2,954
7,110
10,064
-181
522
703
-526
797
1,322
-501
1,169
1,670
-39
1,017
1,056
-648
1,012
1,659
-291
921
1,212
-196
982
1,178
41 Net purchases, or sales ( —) of stocks and bonds..
-9,097
-5,524
-2,492
-69
-412
-358
-51
-707
-281
-146
42 Foreign countries
43
Europe
44
Canada
45
Latin America and Caribbean
46
Asia
47
Africa
48
Other countries
-7,199
-850
-5,245
-3
-733
48
-416
-3,967
-1,145
-2,404
-80
-73
2
-267
-2,409
-93
-2,241
213
38
-164
-162
12
95
-4
37
-118
-263
116
-177
69
-277
-67
-194
-80
72
131
2
6
-428
106
-807
120
143
7
2
4
-752
-236
-420
-70
178
-22
-182
-283
-171
-146
8
44
-25
7
-150
94
-161
-17
54
-123
3
49 Nonmonetary international and regional
organizations
-1,898
-1,557
-83
-80
-148
70
16
45
2
5
1
Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq,
Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial
States).
*
*
*
2
Includes State and local government 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.
A66
International Statistics • October 1978
3.23 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Nonbanking Concerns
in the United States
Millions of dollars, end of period
1978
1977
1977
1978
Type, and area or country
Mar.
June
Sept.
Dec.
Mar.*>
Mar.
June
Liabilities to foreigners
1
By type:
Payable in dollars
2
3
4
Payable in foreign currencies
Deposits with banks abroad in reporter's
28
Canada
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Latin America
Argentina
Bahamas
Brazil
Chile
44
45
46
47
48
49
50
51
52
53
54
55
Asia
China, People's Republic of (Mainland)
China, Republic of (Taiwan)
Hong Kong
56
57
58
59
60
61
Africa
Egypt
62
63
64
Other countries
Australia
All other
Cuba
Uruguay
Other Latin American republics
Netherlands Antilles
Other Latin America
Indonesia
Israel
Japan
Philippines
Thailand
Other Asia
South Africa
Zaire
Other Africa
65 Nonmonetary international and regional
organizations
Mar.P
6,595
6,480
7,190
7,873
8,311
14,941
16,125
14,971
16,050
18,215
5,828
5,763
6,340
7,070
7,426
13,925
15,012
13,925
14,704
16,587
803
885
1,016
1,113
1,047
1,346
1,628
767
717
6,403
2,135
9
111
15
2
163
175
80
135
168
37
23
52
36
214
12
689
113
6
15
13
6,310
2,183
10
138
14
10
157
163
73
138
205
33
20
68
36
236
21
721
110
6
16
10
850
7,036
2,283
12
119
16
11
111
226
78
107
176
35
12
74
41
257
97
725
92
9
11
14
7,658
2,495
21
106
14
9
239
284
85
128
230
7
11
77
28
263
108
750
90
10
24
12
8,164
2,754
23
161
23
12
274
335
108
104
252
9
7
94
37
229
99
861
82
8
15
23
431
585
448
665
414
632
620
726
670
958
14,938
5,170
23
170
48
40
436
367
90
473
172
42
35
325
93
154
32
2,413
30
18
105
103
16,124
5,751
26
221
40
90
413
377
86
440
182
42
30
322
92
179
37
2,963
28
15
76
102
14,970
4,991
24
226
44
59
430
393
52
352
161
38
34
307
91
146
32
2,409
20
15
62
96
16,049
5,660
24
211
56
13
513
453
41
387
166
42
69
387
117
220
39
2,687
20
25
55
135
18,214
5,457
21
187
47
13
545
410
42
384
184
42
27
407
115
238
48
2,526
24
33
44
121
2,426
2,574
2,509
2,600
3,347
4,965
51
2,271
457
28
72
1
301
121
28
5
240
237
8
1,146
4,567
53
1,906
414
40
85
4,476
53
2,007
517
45
84
5,885
53
3,088
496
40
83
302
222
30
5
256
257
8
989
314
91
32
5
277
281
12
757
312
178
30
7
317
270
24
987
427
448
451
504
530
1,121
42
256
49
16
18
1,020
50
216
37
24
22
1,027
50
222
76
13
24
1,178
40
300
49
17
42
1,359
53
306
62
14
26
121
12
24
4
260
148
11
160
120
11
21
3
208
141
17
151
103
12
13
4
225
122
9
154
114
22
15
3
222
118
25
209
111
12
22
5
283
107
41
250
4,448
46
1,920
535
35
75
1
317
105
32
6
210
237
14
914
2,057
3
113
42
39
94
37
172
96
59
19
1,383
1,971
2
138
27
41
80
45
183
95
73
11
1,277
1
152
25
44
60
58
604
81
78
17
1,474
2,825
8
156
40
37
56
63
695
108
74
17
1,572
2,809
4
164
32
26
57
68
767
104
99
11
1,477
2,316
1
130
107
35
206
51
969
130
86
27
569
2,315
1
131
93
51
184
70
927
158
90
22
582
2,403
12
139
73
42
185
46
1,026
153
111
24
590
2,774
9
157
98
38
375
38
1,068
174
99
23
697
2,966
22
145
84
85
189
47
1,372
135
94
31
761
591
29
30
33
39
460
589
33
72
27
39
418
568
45
105
29
48
341
563
13
112
20
46
372
609
19
130
30
55
375
429
70
12
80
19
248
370
24
11
69
17
248
346
22
10
75
19
221
393
38
21
75
15
245
408
33
20
71
11
272
72
53
19
98
78
20
111
93
18
93
75
18
104
89
14
150
114
36
149
110
40
153
113
41
146
111
35
150
116
34
192
170
154
215
147
2
1
1
1
1
*
*
NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States.
Dec.
Claims on foreigners
Other
By area or country:
6 Foreign countries
7
8
Austria
9
10
11
12
13
14
Italy
15
16
Netherlands
Norway
17
Portugal
18
19
Sweden
20
21
22
United Kingdom
23
Yugoslavia
24
Other Western Europe
25
26
U.S.S.R
Other Eastern Europe
27
Sept.
*
2,594
*
*
*
*
*
Data exclude claims held through U.S. banks and intercompany accounts
between U.S. companies and their affiliates.
Nonbank-reported Data
A67
3.24 SHORT-TERM CLAIMS ON FOREIGNERS Reported by Large Nonbanking Concerns in the United States
Millions of dollars, end of period
1978
Type and country
1977
Feb.
Mar.
Apr.
May
June
Julyf
3,799
5,506
6,936
8,312
8,929
9,049
9,439
8,912
8,924
.
2,660
2,591
69
3,042
2,710
332
4,823
4,450
373
5,999
5,597
402
7,321
6,836
485
7,791
7,213
578
7,953
7,310
643
8,420
7,814
606
7,771
7,218
553
7,639
7,156
483
Payable in foreign currencies
Deposits
Short-term investments 1 .
697
429
268
757
511
246
683
397
286
955
553
402
991
533
458
1,137
607
530
1,096
597
499
1,018
492
526
1,142
599
543
1,285
669
616
1,350
967
391
398
252
1,306
1,156
546
343
446
1,817
1,541
1,322
113
713
2,006
1,696
1,883
153
1,198
1,908
2,284
2,656
267
1,197
1,810
2,463
2,951
405
1,300
1,746
2,702
2,988
290
1,323
1,595
2,771
3,569
258
1,246
1,683
2,547
2,975
273
1,435
1,861
2,513
3,222
286
1,042
By type:
2
Payable in dollars
3
Deposits
4
Short-term investments
8
9
10
11
12
1976
1975
3,357
1 Total
5
6
7
1974
1
By country:
United Kingdom
Canada
Bahamas
Japan
All other
1
Negotiable and other readily transferable foreign obligations payable
on demand or having a contractural maturity of not more than 1 year
f r o m the date on which the obligation was incurred by the foreigner.
NOTE.—Data represent the assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on
foreigners reported by nonbanking concerns in the United States and
are included in the figures shown in Table 3.26.
3.25 LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS Reported by Nonbanking Concerns
in the United States
Millions of dollars, end of period
1977
1978
1977
1978
Area and country
Mar.
June
Mar.25
Dec.
Sept.
Mar.
Liabilities to foreigners
June
Sept.
Dec.
Mar.f
Claims on foreigners
1 Total
3,523
3,364
3,355
3,222
3,205
4,946
4,898
4,697
5,054
5,114
2 Europe
3
Germany
4
Netherlands
Switzerland
5
6
United Kingdom
2,657
391
272
178
1,389
2,507
370
262
177
1,277
2,565
407
272
224
1,255
2,458
255
288
241
1,232
2,540
295
293
241
1,247
899
84
154
53
259
898
76
147
43
283
826
76
81
42
282
857
70
82
49
310
930
73
81
48
332
7 Canada
80
79
76
71
67
1,475
1,486
1,462
1,776
1,792
8 Latin America
9
Bahamas
10
Brazil
11
Chile
12
Mexico
292
163
5
1
23
301
167
7
1
26
294
159
7
1
30
289
156
7
1
30
253
146
6
1
30
1,489
34
125
210
180
1,457
34
125
208
178
1,371
36
134
201
187
1,406
40
144
203
177
1,387
42
154
194
183
13 Asia
14
Japan
432
413
408
386
358
319
342
305
284
250
817
96
833
111
809
94
797
66
789
83
15 Africa
16 All other i
1
2
3
3
2
2
199
158
165
161
156
59
67
59
60
60
67
67
63
59
60
Includes nonmonetary international and regional organizations.
A68
International Statistics • October 1978
3.26 DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Per cent per annum
Rate on Sept. 30, 1978
Rate on Sept. 30, 1978
Country
Rate on Sept. 30, 1978
Country
Country
Argentina
Austria
Belgium
Brazil
Canada
Denmark
Per
cent
Month
effective
Per
cent
18.0
4.5
6.0
30.0
9.5
8.0
Feb.
June
July
Sept.
Sept.
July
1972
1978
1978
1977
1978
1977
France
Germany, Fed. Rep. of.
Italy
Japan
Netherlands
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
government securities for commercial banks or brokers. For countries with
Month
effective
9.5
3.0
10.5
3.5
4.5
5.5
Aug.
Dec.
Sept.
Mar.
June
Sept.
1977
1977
1978
1978
1942
1978
Per
cent
Month
effective
7.0
6.5
1.0
10.0
5.0
Sweden
Switzerland
United Kingdom
Venezuela
Feb.
July
Feb.
June
Oct.
1978
1978
1978
1978
1970
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts the
largest proportion of its credit operations.
3.27 FOREIGN SHORT-TERM INTEREST RATES
Per cent per annum, averages of daily figures
1978
Country, or type
1977
1976
1975
Apr.
1 Euro-dollars
2 United Kingdom
3 Canada
4
5
6
7
June
July
Aug.
Sept.
7.02
10.63
8.00
5.58
11.35
9.39
6.03
8.07
7.47
7.38
7.47
8.14
7.82
9.17
8.01
8.33
10.02
8.12
8.52
10.13
8.23
8.48
9.42
8.77
9.12
9.29
9.08
4.87
3.01
5.17
7.91
4.19
1.45
7.02
8.65
4.30
2.56
4.73
9.20
3.54
.40
4.62
8.35
3.60
1.18
4.48
8.21
3.61
1.38
4.60
7.94
3.71
1.74
5.61
7.61
3.64
0.67
6.27
7.39
3.67
4.58
6.91
7.40
10.37
6.63
11.64
16.32
10.25
7.70
14.26
6.95
6.22
11.75
5.55
4.50
11.80
5.71
4.50
11.75
5.61
4.75
11.75
5.84
4.75
11.75
7.09
4.64
10.94
7.24
4.51
Germany
Switzerland
Netherlands
France
8 Italy
9 Belgium
10 Japan
May
NOTE.—Rates are for 3-month interbank loans except for—Canada,
finance company paper; Belgium, time deposits of 20 million francs and
over; and Japan, loans and discounts that can be called after being held
over a minimum of two month-ends.
3.28 FOREIGN EXCHANGE RATES
Cents per unit of foreign currency
1978
Country/currency
1
2
3
4
5
Australia/dollar
Austria/shilling
Belgium/franc
Canada/dollar
Denmark/krone
1975
1977
1976
130.77
5.7467
2.7253
98.30
17.437
Apr.
May
June
July
Aug.
Sept.
122.15
5.5744
2.5921
101.41
16.546
110.82
6.0494
2.7911
94.112
16.658
113.97
6.8081
3.1419
87.592
17.807
112.76
6.6031
3.0463
89.397
17.535
113.83
6.6718
3.0590
89.143
17.723
114.94
6.7547
3.0864
88.921
17.846
115.41
6.9490
3.1834
87.690
18.171
115.29
7.0102
3.2207
85.739
18.411
25.938
20.942
39.737
11.148
180.48
24.913
20.344
43.079
11.406
174.49
23.900
21.803
48.964
11.815
184.97
23.430
21.513
47.497
11.653
181.81
23.390
21.841
47.984
11.900
183.72
23.809
22.531
48.647
12.245
189.49
24.381
22.998
50.084
12.483
194.06
24.586
22.909
50.778
12.445
195.95
6
7
8
9
10
Finland/markka
27.285
France/franc
23.354
Germany/deutsche m a r k . . . 40.729
India/rupee
11.926
Ireland/pound
222.16
11
12
13
14
15
Italy/lira
Japan/yen
Malaysia/ringgit
Mexico/peso
Netherlands/guilder
16
17
18
19
20
New Zealand/dollar
Norway/krone
Portugal/escudo
South Africa/rand
Spain/peseta
121.16
19.180
3.9286
136.47
1.7424
99.115
18.327
3.3159
114.85
1.4958
96.893
18.789
2.6234
114.99
1.3287
101.92
18.621
2.4075
115.05
1.2475
100.69
18.360
2.2208
115.01
1.2317
101.90
18.450
2.1857
114.93
1.2587
103.85
18.524
2.1939
115.00
1.2885
105.42
19.018
2.2042
115.00
1.3344
105.58
19.189
2.1948
115.00
1.3605
21
22
23
24
Sri Lanka/rupee
Sweden/krona
Switzerland/franc
United K i n g d o m / p o u n d . . .
14.385
24.141
38.743
222.16
11.908
22.957
40.013
180.48
11.964
22.383
41.714
174.49
6.4950
21.731
52.511
184.97
6.2945
21.491
50.892
181.81
6.2859
21.690
53.046
183.72
6.3245
22.012
55.443
189.49
6.3926
22.523
60.013
194.06
6.3855
22.592
63.765
195.95
103.31
•-94.56
r
'94.74
89.99
89.51
MEMO:
25 United States/dollar i
.15328
.33705
41.753
8.0000
39.632
r
98.34
r
105.57
.11644
.45084
42.057
4.3945
45.865
.11328
.37342
40.620
4.4239
40.752
.12044
.33741
39.340
6.9161
37.846
r
1
Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries plus Switzerland. M a r c h 1973 = 100.
Weights are 1972-76 global trade of each of the 10 countries. Series
revised as of August 1978. F o r description and back data, see "Index of
the Weighted-Average Exchange Value of the U.S. D o l l a r : Revision" on
page 700 of the August 1978 BULLETIN.
.11488
.44215
41.462
4.3973
44.407
96.31
.11634
.46744
41.964
4.3840
44.716
.11804
.50101
42.447
4.3756
45.076
92.44
.11952
.53002
43.433
4.3758
46.203
.12050
.52656
43.603
4.3907
46.733
NOTE.—Averages of certified n o o n buying rates in New York for cable
transfers.
A69
Guide to
Tabular Presentation and Statistical Releases
GUIDE TO TABULAR
PRESENTATION
SYMBOLS A N D ABBREVIATIONS
e
c
n.e.c.
Rp's
IPC's
Preliminary
Revised (Notation appears on column heading
when more than half of figures in that
column are changed.)
Estimated
Corrected
Not elsewhere classified
Repurchase agreements
Individuals, partnerships, and corporations
SMSA's
REIT's
*
Standard metropolitan statistical areas
Real estate investment trusts
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or
(3) figure delayed or, (4) no change (when
figures are expected in percentages).
G E N E R A L INFORMATION
Minus signs are used to indicate (1) a decrease, (2)
a negative figure, or (3) an outflow.
"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
STATISTICAL
obligations of the Treasury. "State and local govt."
also includes municipalities, special districts, and other
political subdivisions.
In some of the tables details do not add to totals
because of rounding.
RELEASES
LIST P U B L I S H E D S E M I A N N U A L L Y , WITH LATEST B U L L E T I N
REFERENCE
Issue
Anticipated schedule of release dates for individual releases
June 1978
Page
A-76
A70
Federal Reserve Board of Governors
G . WILLIAM MILLER, Chairman
HENRY C , WALLICH
STEPHEN S . GARDNER, Vice
PHILIP E . COLDWELL
Chairman
OFFICE OF STAFF
DIRECTOR FOR MONETARY POLICY
OFFICE OF BOARD MEMBERS
Counsel
THOMAS J. O ' C O N N E L L ,
JOSEPH R . COYNE, Assistant
to the
to the
KENNETH A. GUENTHER,
Assistant
to the
SIDNEY L . JONES, Assistant
to the
Board
JAY P A U L B R E N N E M A N ,
Special
Chairman
Board
Assistant
STEPHEN H . AXILROD, Staff
Board
PETER M . KEIR, Assistant
to the
Board
F R A N K O ' B R I E N , J R . , Special Assistant
to the Board
J O S E P H S . S I M S , Special Assistant
to the Board
D O N A L D J . W I N N , Special Assistant
to the Board
Director
Assistant
MURRAY ALTMANN,
to the
to the
S T A N L E Y J . S I G E L , Assistant
NORMAND R . V . BERNARD,
Board
Board
to the Board
Special Assistant
to the
Board
DIVISION OF RESEARCH AND STATISTICS
JAMES L . KICHLINE,
LEGAL DIVISION
N E A L L . P E T E R S E N , General
Counsel
R O B E R T E . M A N N I O N , Associate
General
Counsel
A L L E N L . R A I K E N , Associate
General Counsel
C H A R L E S R . M C N E I L L , Assistant
to the General
Counsel
Director
JOSEPH S . ZEISEL, Deputy
Director
EDWARD C . ETTIN, Associate
Director
JOHN H . KALCHBRENNER, Associate
Director
JOHN J. MINGO,
Senior Research
Division
ELEANOR J. STOCKWELL, Senior
Officer
Research
Division
Officer
JAMES R . W E T Z E L ,
JAMES M . B R U N D Y ,
Senior Research Division Officer
Associate Research
Division
Officer
OFFICE OF THE SECRETARY
ROBERT A . EISENBEIS, Associate
Research
Division
Officer
THEODORE E . ALLISON,
Secretary
G R I F F I T H L . G A R W O O D , Deputy
Secretary
* J O H N M . W A L L A C E , Assistant
Secretary
R I C H A R D H . P U C K E T T , Manager,
Regulatory
Improvement
Project
JARED J . E N Z L E R ,
Associate
Research
Division
Officer
Associate
J. CORTLAND G . PERET,
Division
Research
Officer
"MICHAEL J . P R E L L ,
Associate
Research
Division
Officer
Associate
HELMUT F. WENDEL,
DIVISION OF CONSUMER AFFAIRS
ROBERT M .
JANET O . HART,
Associate
Associate
Division
FISHER,
Assistant
Research
Division
Officer
Director
NATHANIEL E . BUTLER,
JERAULD C . KLUCKMAN,
Research
Officer
Director
Director
FREDERICK M .
STRUBLE,
Assistant
Research
Division
Officer
Assistant
STEPHEN P . TAYLOR,
Research
Division
Officer
DIVISION OF BANKING
SUPERVISION AND REGULATION
LEVON H . GARABEDIAN, Assistant
Director
DIVISION OF INTERNATIONAL FINANCE
JOHN E . RYAN,
t F R E D E R I C K C.
Director
Deputy
Director
Associate
Director
W I L L I A M W . W I L E S , Associate
Director
J A C K M . E G E R T S O N , Assistant
Director
DON E. KLINE, Assistant
Director
R O B E R T S . P L O T K I N , Assistant
Director
T H O M A S A . S I D M A N , Assistant
Director
S A M U E L H . T A L L E Y , Assistant
Director
W I L L I A M T A Y L O R , Assistant
Director
SCHADRACK,
FREDERICK R . D A H L ,
EDWIN M . TRUMAN,
Director
JOHN E . REYNOLDS,
Counselor
Associate
ROBERT F . GEMMJLL,
GEORGE B . HENRY, Associate
Director
Director
Associate
Director
Senior International
Division
CHARLES J. SIEGMAN,
SAMUEL PIZER,
Officer
JEFFREY R . SHAFER,
Associate
International
Division
Officer
DALE W . HENDERSON, Assistant
International
Division
Officer
LARRY J . PROMISEL,
Assistant
International
Division
Officer
RALPH W . SMITH, JR.,
Officer
Assistant
International
Division
All
and Official Staff
PHILIP C .
JACKSON,
J. C H A R L E S
JR.
NANCY
OFFICE OF
STAFF DIRECTOR FOR
MANAGEMENT
J O H N M . D E N K L E R , Staff
Director
R O B E R T J . L A W R E N C E , Deputy Staff
Director
D O N A L D E . A N D E R S O N , Assistant
Director for
Construction
Management
Assistant Director and
of Equal Employment
Opportunity
JOSEPH W . D A N I E L S , S R . ,
Director
H.
TEETERS
PARTEE
OFFICE OF STAFF DIRECTOR FOR
FEDERAL RESERVE BANK ACTIVITIES
W I L L I A M H . W A L L A C E , Staff
Director
DIVISION OF FEDERAL RESERVE
BANK EXAMINATIONS AND BUDGETS
ALBERT R . HAMILTON,
Director
C L Y D E H . F A R N S W O R T H , J R . , Associate
DIVISION OF DATA
PROCESSING
CHARLES L . HAMPTON,
Director
B R U C E M . B E A R D S L E Y , Associate
Director
UYLESS D . B L A C K , Assistant
Director
G L E N N L . C U M M I N S , Assistant
Director
R O B E R T J . Z E M E L , Assistant
Director
DIVISION OF PERSONNEL
OFFICE OF THE
CONTROLLER
JOHN KAKALEC,
Controller
E D W A R D T . M U L R E N I N , Assistant
Controller
DIVISION OF ADMINISTRATIVE
SERVICES
WALTER W . KREIMANN,
Director
J O H N L . G R I Z Z A R D , Assistant
Director
J O H N D . S M I T H , Assistant
Director
* O n loan f r o m t h e F e d e r a l R e s e r v e B a n k of A t l a n t a .
t O n loan f r o m t h e F e d e r a l R e s e r v e Bank of N e w Y o r k .
P. D. RING, Assistant
RAYMOND L . TEED,
Director
Assistant
Director
DIVISION OF
FEDERAL RESERVE BANK
OPERATIONS
JAMES R . K U D L I N S K I ,
Director
W A L T E R A L T H A U S E N , Assistant
Director
B R I A N M . C A R E Y , Assistant
Director
HARRY A . G U I N T E R , Assistant
Director
LORIN S . M E E D E R , Assistant
Director
DAVID L . SHANNON,
Director
J O H N R . W E I S , Assistant
Director
C H A R L E S W . W O O D , Assistant
Director
Director
C H A R L E S W . B E N N E T T , Assistant
Director
J O H N F . H O O V E R , Assistant
Director
A 72
Federal Reserve Bulletin • October 1978
FOMC and Advisory Councils
FEDERAL OPEN MARKET
G . WILLIAM MILLER,
COMMITTEE
Chairman
ERNEST T . B A U G H M A N
PHILIP E . COLDWELL
D A V I D P . EASTBURN
PAUL A .
S T E P H E N S . GARDNER
P H I L I P C . JACKSON, J R .
, J . C H A R L E S PARTEE
N A N C Y H . TEETERS
M U R R A Y A L T M A N N , Secretary
N O R M A N D R . V . B E R N A R D , Assistant
Secretary
THOMAS J . O ' C O N N E L L , General Counsel
E D W A R D G . G U Y , Deputy General Counsel
ROBERT E . M A N N I O N , Assistant General Counsel
S T E P H E N H . A X I L R O D , Economist
JOSEPH B U R N S , Associate
Economist
J O H N M . D A V I S , Associate
Economist
VOLCKER
Vice
Chairman
HENRY C . WALLICH
MARK H . WILLES
WILLIS J. W I N N
Economist
RICHARD G . D A V I S , Associate
E D W A R D C . E T T I N , Associate
Economist
IRA K A M I N O W , Associate
Economist
P E T E R M . K E I R , Associate
Economist
JAMES L . K I C H L I N E , Associate
Economist
J O H N E . R E Y N O L D S , Associate
Economist
E D W I N M . T R U M A N , Associate
Economist
JOSEPH S . Z E I S E L , Associate
Economist
A L A N R . H O L M E S , Manager, System Open Market
Account
P E T E R D . S T E R N L I G H T , Deputy Manager for Domestic
Operations
SCOTT E . P A R D E E , Deputy Manager for Foreign
Operations
FEDERAL ADVISORY
COUNCIL
G I L B E R T F . B R A D L E Y , T W E L F T H FEDERAL RESERVE DISTRICT, President
J . W . M C L E A N , T E N T H FEDERAL RESERVE DISTRICT, Vice President
H E N R Y S . W O O D B R I D G E , FIRST DISTRICT
FRANK A . P L U M M E R , SIXTH DISTRICT
W A L T E R B . W R I S T O N , SECOND DISTRICT
E D W A R D B Y R O N S M I T H , SEVENTH DISTRICT
W I L L I A M B . E A G L E S O N , J R . , THIRD DISTRICT
C L A R E N C E C . BARKSDALE, EIGHTH DISTRICT
M . BROCK W E I R , FOURTH DISTRICT
RICHARD H . V A U G H A N , N I N T H DISTRICT
J O H N H . L U M P K I N , FIFTH DISTRICT
JAMES D . B E R R Y , E L E V E N T H DISTRICT
HERBERT V . P R O C H N O W , Secretary
W I L L I A M J . KORSVIK, Associate
Secretary
CONSUMER
ADVISORY
COUNCIL
St. Louis, Missouri, Chairman
Angeles, California, Vice Chairman
RICHARD F. K E R R , Cincinnati, Ohio
R O L A N D E . B R A N D E L , San Francisco, California
ROBERT J . K L E I N , New York, New York
A G N E S H . B R Y A N T , Detroit, Michigan
PERCY W . L O Y , Portland, Oregon
J O H N G . B U L L , Fort Lauderdale, Florida
R. C. MORGAN, El Paso, Texas
R O B E R T V. B U L L O C K , Frankfort, Kentucky
R E E C E A. O V E R C A S H , JR., Dallas, Texas
L I N D A M. C O H E N , Washington, D.C.
R O B E R T R . D O C K S O N , LOS Angeles, California
R A Y M O N D J . S A U L N I E R , New York, New York
A N N E G . D R A P E R , Washington, D.C.
E. G. SCHUHART, Dalhart, Texas
C A R L F E L S E N F E L D , New York, New York
BLAIR C. S H I C K , Cambridge, Massachusetts
J E A N A. Fox, Pittsburgh, Pennsylvania
JAMES E. S U T T O N , Dallas, Texas
MARCIA A. H A K A L A , Omaha, Nebraska
THOMAS R . S W A N , Portland, Maine
JOSEPH F. H O L T I I I , Oxnard, California
A N N E G A R Y T A Y L O R , Alexandria, Virginia
R I C H A R D H . H O L T O N , Berkeley, California
R I C H A R D D. W A G N E R , Simsbury, Connecticut
E D N A D E C O U R S E Y J O H N S O N , Baltimore, Maryland R I C H A R D L . W H E A T L E Y , JR., Stillwater, Oklahoma
LEONOR K. S U L L I V A N ,
W I L L I A M D. W A R R E N , LOS
A 73
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
Robert H. Knight
Boris Yavitz
Donald R. Nesbitt
Paul A. Volcker
Thomas M. Timlen
Buffalo
14240
John T. Keane
PHILADELPHIA
19105
John W. Eckman
Werner C. Brown
David P. Eastburn
Richard L. Smoot
CLEVELAND*
44101
Willis J. Winn
Walter H. MacDonald
Cincinnati
Pittsburgh
45201
15230
Robert E. Kirby
Otis A. Singletary
Lawrence H. Rogers, II
G. Jackson Tankersley
RICHMOND*
23261
E. Angus Powell
Maceo A. Sloan
I. E. Killian
Robert C. Edwards
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
Albeit D. Tinkelenberg
Clifford M. Kirtland, Jr.
William A. Fickling, Jr.
Harold B. Blach, Jr.
James E. Lyons
Alvaro L. Carta
John C. Bolinger
Edwin J. Caplan
Monroe Kimbrel
Kyle K. Fossum
Robert H. Strotz
John Sagan
Jordan B. Tatter
Robert P. Mayo
Daniel M. Doyle
Armand C. Stalnaker
William B. Walton
G. Larry Kelley
James H. Davis
Jeanne L. Holley
Lawrence K. Roos
Donald W. Moriarty
James P. McFarland
Stephen F. Keating
Patricia P. Douglas
Mark H. Willes
Clement A. Van Nice
Harold W. Andersen
Joseph H. Williams
A. L. Feldman
Christine H. Anthony
Durward B. Varner
Roger Guffey
Henry R. Czerwinski
Irving A. Mathews
Charles T. Beaird
Josefina Salas-Porras
Alvin I. Thomas
Pete Morales, Jr.
Ernest T. Baughman
Robert H. Boykin
Joseph F. Alibrandi
Cornell C. Maier
Caroline L. Ahmanson
Loran L. Stewart
Sam Bennion
Lloyd E. Cooney
John J. Balles
John B. Williams
Hiram J. Honea
Charles B. East
F. J. Craven, Jr.
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
J. Z. Rowe
Carl H. Moore
Richard C. Dunn
Angelo S. Carella
A. Grant Holman
Gerald R. Kelly
•Additional offices of these Banks are located at Lewiston, Maine 04240; Windsor Locks, Connecticut 06096; Cranford,
New Jersey 07016; Jericho, New York 11753; Utica, New York 13424; Columbus, Ohio 43216; Columbia, South Carolina 29210;
Charleston, West Virginia 25311; Des Moines, Iowa 50306; Indianapolis, Indiana 46204; and Milwaukee, Wisconsin 53202.
A 74
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Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where
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AND
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A N N U A L STATISTICAL D I G E S T , 1 9 7 1 - 7 5 . 1 9 7 6 . 3 3 9 p p .
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M E C H A N I S M . Vol.
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FLUCTUATIONS
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CONSTRUCTION .
1972. 487 pp. $4.00 each; 10 or more to one
address, $3.60 each.
LENDING
FUNCTIONS
OF
THE
FEDERAL
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BANKS. 1973. 271 pp. $3.50 each; 10 or more
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IMPROVING T H E M O N E T A R Y AGGREGATES (Report of the
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CONSUMER
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T H E E Q U A L C R E D I T O P P O R T U N I T Y A C T AND . . . A G E
T H E E Q U A L C R E D I T O P P O R T U N I T Y A C T AND . . .
C R E D I T R I G H T S IN H O U S I N G
THE E Q U A L C R E D I T O P P O R T U N I T Y A C T AND . . . D O C TORS, L A W Y E R S , S M A L L R E T A I L E R S , AND O T H E R S
W H O M A Y PROVIDE I N C I D E N T A L C R E D I T
T H E E Q U A L C R E D I T O P P O R T U N I T Y A C T AND .
WOMEN
FAIR C R E D I T B I L L I N G
A G U I D E TO F E D E R A L R E S E R V E R E G U L A T I O N S ,
H o w TO F I L E A C O N S U M E R C R E D I T C O M P L A I N T
IF Y O U B O R R O W T O B U Y STOCK
T R U T H IN L E A S I N G
U . S . CURRENCY
W H A T T R U T H IN L E N D I N G M E A N S TO Y O U
STAFF E C O N O M I C STUDIES
(Except for Staff Papers, Staff Economic Studies, and
some leading articles, most of the articles reprinted do
not exceed 12 pages.)
M E A S U R E S OF S E C U R I T Y C R E D I T . 1 2 / 7 0 .
REVISION OF B A N K C R E D I T S E R I E S . 1 2 / 7 1 .
ASSETS AND LIABILITIES OF F O R E I G N B R A N C H E S OF
U . S . BANKS. 2 / 7 2 .
B A N K D E B I T S , D E P O S I T S , AND D E P O S I T T U R N O V E R —
REVISED SERIES. 7 / 7 2 .
Y I E L D S ON N E W L Y ISSUED C O R P O R A T E B O N D S . 9 / 7 2 .
R E C E N T ACTIVITIES OF F O R E I G N B R A N C H E S OF U . S .
BANKS. 1 0 / 7 2 .
REVISION OF C O N S U M E R C R E D I T STATISTICS. 1 0 / 7 2 .
O N E - B A N K HOLDING COMPANIES BEFORE THE 1 9 7 0
AMENDMENTS. 1 2 / 7 2 .
Y I E L D S ON R E C E N T L Y O F F E R E D C O R P O R A T E B O N D S .
5/73.
R A T E S ON C O N S U M E R I N S T A L M E N T L O A N S . 9 / 7 3 .
N E W SERIES FOR L A R G E M A N U F A C T U R I N G C O R P O R A TIONS. 1 0 / 7 3 .
U.S.
Studies and papers on economic and financial
that are of general interest in the field of
research.
subjects
economic
SUMMARIES O N L Y P R I N T E D IN T H E B U L L E T I N
(Limited supply of mimeographed
copies of full text
available upon request for single copies.
ENERGY SUPPLIES AND USES,
IN
PERSPECTIVE,
and
A SUMMARY AND EVALUATION, b y S t e p h e n
A.
Rhoades. Dec. 1977. 45 pp.
A N ANALYSIS OF F E D E R A L R E S E R V E A T T R I T I O N S I N C E
1960, by John T. Rose. Jan. 1978. 44 pp.
PROBLEMS IN A P P L Y I N G DISCRIMINANT ANALYSIS IN
C R E D I T SCORING M O D E L S , by Robert A. Eisenbeis.
Jan. 1978. 28 pp.
EXTERNAL
CAPITAL
FINANCING
REQUIREMENTS
OF
COMMERCIAL BANKS: 1 9 7 7 - 8 1 , by G e r a l d A . H a n -
weck and John J. Mingo. Feb. 1978. 34 pp.
M O R T G A G E B O R R O W I N G A G A I N S T E Q U I T Y IN EXISTING
H O M E S : M E A S U R E M E N T , G E N E R A T I O N , AND I M PLICATIONS FOR E C O N O M I C A C T I V I T Y , by David F.
Seiders. May 1978. 42 pp.
T H E B E H A V I O R OF M E M B E R B A N K R E Q U I R E D RESERVE
R A T I O S AND T H E E F F E C T S OF B O A R D A C T I O N ,
1968-77, by Thomas D. Simpson. July 1978. 39
pp.
F O O T H O L D ACQUISITIONS AND B A N K M A R K E T
STRUC-
TURE, by Stephen A. Rhoades and Paul Schweitzer, July 1978. 8 pp.
INTEREST R A T E C E I L I N G S AND D I S I N T E R M E D I A T I O N , b y
Edward F. McKelvey. Sept. 1978. 105 pp.
P R I N T E D IN F U L L IN T H E B U L L E T I N
Staff Economic
Studies
shown under
"Reprints."
Economic
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 . 4 / 7 5 .
N E W STATISTICAL SERIES ON L O A N C O M M I T M E N T S AT
S E L E C T E D L A R G E COMMERCIAL B A N K S . 4 / 7 5 .
R E C E N T T R E N D S IN F E D E R A L B U D G E T P O L I C Y . 7 / 7 5 .
R E C E N T D E V E L O P M E N T S IN I N T E R N A T I O N A L F I N A N C I A L
MARKETS. 1 0 / 7 5 .
M I N N I E : A SMALL VERSION OF THE M I T - P E N N - S S R C
Economic
Study
by
Douglas Battenberg, Jared J. Enzler, and Arthur
M. Havenner.
S T R U C T U R E AND PERFORMANCE S T U D I E S IN B A N K I N G :
Staff
Study by Clayton Gehman. 12/73.
ECONOMETRIC MODEL, Staff
by Paul Schweitzer
Joshua Greene. Sept. 1977. 17 pp.
GREELEY
A 75
REPRINTS
PAMPHLETS
(Shortpamphlets
suitable for classroom use.
copies available without
charge.)
Board Publications
11/75.
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 and Samuel H. Talley. 1/76.
INDUSTRIAL E L E C T R I C P O W E R U S E . 1 / 7 6 .
REVISION OF M O N E Y STOCK M E A S U R E S . 2 / 7 6 .
S U R V E Y OF F I N A N C E C O M P A N I E S , 1 9 7 5 . 3 / 7 6 .
REVISED SERIES FOR M E M B E R B A N K DEPOSITS
AGGREGATE RESERVES. 4 / 7 6 .
INDUSTRIAL P R O D U C T I O N — 1 9 7 6 R e v i s i o n .
AND
6/76.
F E D E R A L RESERVE O P E R A T I O N S IN P A Y M E N T M E C H A NISMS: A S U M M A R Y . 6 / 7 6 .
R E C E N T G R O W T H IN ACTIVITIES OF U . S . O F F I C E S OF
BANKS. 1 0 / 7 6 .
N E W ESTIMATES OF CAPACITY U T I L I Z A T I O N : M A N U FACTURING AND M A T E R I A L S . 1 1 / 7 6 .
BANK HOLDING COMPANY FINANCIAL DEVELOPMENTS
IN 1 9 7 6 . 4 / 7 7 .
SURVEY OF T E R M S OF B A N K L E N D I N G — N E W S E R I E S .
5/77.
T H E COMMERCIAL P A P E R M A R K E T . 6 / 7 7 .
C O N S U M P T I O N AND F I X E D I N V E S T M E N T IN T H E E C O NOMIC R E C O V E R Y A B R O A D . 1 0 / 7 7 .
RECENT DEVELOPMENTS
IN U . S .
INTERNATIONAL
TRANSACTIONS. 4 / 7 8 .
SURVEY OF T I M E AND SAVINGS DEPOSITS AT A L L C O M MERCIAL B A N K S , A P R I L 1 9 7 8 . 8 / 7 8 .
T H E F E D E R A L B U D G E T IN T H E 1 9 7 0 ' S . 9 / 7 8 .
SUMMARY M E A S U R E S OF THE D O L L A R ' S FOREIGN E X CHANGE V A L U E . 1 0 / 7 8 .
A 76
Index to Statistical Tables
References are to pages A-3 through A-69 although the prefix " A " is omitted in this index
ACCEPTANCES, bankers, 11, 25, 27
Agricultural loans, commercial banks, 18, 20-22, 26
Assets and liabilities (See also Foreigners):
Banks, by classes, 16, 17, 18, 20-23, 29
Domestic finance companies, 39
Federal Reserve Banks, 12
Nonfinancial corporations, current, 38
Automobiles:
Consumer instalment credit, 42, 43
Production, 48, 49
BANKERS balances, 16, 18, 20, 21, 22
(See also Foreigners)
Banks for cooperatives, 35
Bonds (See also U.S. Govt, securities):
New issues, 36
Yields, 3
Branch banks:
Assets and liabilities of foreign branches of U.S.
banks, 56
Liabilities of U.S. banks to their foreign
branches, 23
Business activity, 46
Business expenditures on new plant and
equipment, 38
Business loans (See Commercial and industrial
loans)
CAPACITY utilization, 46
Capital accounts:
Banks, by classes, 16, 17, 19, 20
Federal Reserve Banks, 12
Central banks, 68
Certificates of deposit, 23, 27
Commercial and industrial loans:
Commercial banks, 15, 18, 23, 26
Weekly reporting banks, 20, 21, 22, 23, 24
Commercial banks:
Assets and liabilities, 3, 15-19, 20-23
Business loans, 26
Commercial and industrial loans, 24, 26
Consumer loans held, by type, 42, 43
Loans sold outright, 23
Number, by classes, 16, 17, 19
Real estate mortgages held, by type of holder and
property, 41
Commercial paper, 3, 24, 25, 27, 39
Condition statements (See Assets and liabilities)
Construction, 46, 50
Consumer instalment credit, 42, 43
Consumer prices, 46, 51
Consumption expenditures, 52, 53
Corporations:
Profits, taxes, and dividends, 37
Security issues, 36, 65
Cost of living (See Consumer prices)
Credit unions, 29, 42, 43
Currency and coin, 5, 16, 18
Currency in circulation, 4, 14
Customer credit, stock market, 28
DEBITS to deposit accounts, 13
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, commercial banks, 13, 15, 19
Banks, by classes, 16, 17, 19, 20-23
Ownership by individuals, partnerships, and
corporations, 25
Subject to reserve requirements, 15
Turnover, 13
Deposits (See also specific types of deposits):
Banks, by classes, 3, 16, 17, 19, 20-23, 29
Federal Reserve Banks, 4, 12
Subject to reserve requirements, 15
Turnover, 13
Discount rates at F.R. Banks (See Interest rates)
Discounts and advances by F.R. Banks (See Loans)
Dividends, corporate, 37
EMPLOYMENT, 46, 47
Euro-dollars, 27
FARM mortgage loans, 41
Farmers Home Administration, 41
Federal agency obligations, 4, 11, 12, 13, 34
Federal and Federally sponsored credit agencies, 35
Federal finance:
Debt subject to statutory limitation and
types and ownership of gross debt, 32
Receipts and outlays, 30, 31
Treasury operating balance, 30
Federal Financing Bank, 30, 35
Federal funds, 3, 6, 18, 20, 21, 22, 27, 30
Federal home loan banks, 35
Federal Home Loan Mortgage Corp., 35, 40, 41
Federal Housing Administration, 35, 40, 41
Federal intermediate credit banks, 35
Federal land banks, 35, 41
Federal National Mortgage Assn., 35, 40, 41
Federal Reserve Banks:
Condition statement, 12
Discount rates (See Interest rates)
U.S. Govt, securities held, 4, 12, 13, 32, 33
Federal Reserve credit, 4, 5, 12, 13
Federal Reserve notes, 12
Federally sponsored credit agencies, 35
Finance companies:
Assets and liabilities, 39
Business credit, 39
Loans, 20, 21, 22, 42, 43
Paper, 25, 27
Financial institutions, loans to, 18, 20-22
Float, 4
Flow of funds, 44, 45
Foreign:
Currency operations, 12
Deposits in U.S. banks, 4, 12, 19, 20, 21, 22
Exchange rates, 68
Trade, 55
Foreigners:
Claims on, 60, 61, 66, 67
Liabilities to, 23, 56-59, 64-67
GOLD.
Certificates, 12
Stock, 4, 55
Government National Mortgage Assn., 35, 40, 41
Gross national product, 52, 53
A125Federal Reserve Bulletin • October 1978
HOUSING, new and existing units, 50
INCOME, personal and national, 46, 52, 53
Industrial production, 46, 48
Instalment loans, 42, 43
Insurance companies, 29, 32, 33, 41
Insured commercial banks, 17, 18, 19
Interbank deposits, 16, 17, 20, 21, 22
Interest rates:
Bonds, 3
Business loans of banks, 26
Federal Reserve Banks, 3, 8
Foreign countries, 68
Money and capital markets, 3, 27
Mortgages, 3, 40
Prime rate, commercial banks, 26
Time and savings deposits, maximum rates, 10
International capital transactions of the United
States, 56-67
International organizations, 56-61, 64—67
Inventories, 52
Investment companies, issues and assets, 37
Investments (See also specific types of investments):
Banks, by classes, 16, 17, 18, 20, 21, 22, 29
Commercial banks, 3, 15, 16, 17, 18
Federal Reserve Banks, 12, 13
Life insurance companies, 29
Savings and loan assns., 29
LABOR force, 47
Life insurance companies (See Insurance
companies)
Loans (See also specific types of loans):
Banks, by classes, 16, 17, 18, 20-23, 29
Commercial banks, 3, 15-18, 20-23, 24, 26
Federal Reserve Banks, 3, 4, 5, 8, 12, 13
Insurance companies, 29, 41
Insured or guaranteed by U.S., 40, 41
Savings and loan assns., 29
MANUFACTURING:
Capacity utilization, 46
Production, 46, 49
Margin requirements, 10
Member banks:
Assets and liabilities, by classes, 16, 17, 18
Borrowings at Federal Reserve Banks, 5, 12
Number, by classes, 16, 17, 19
Reserve position, basic, 6
Reserve requirements, 9
Reserves and related items, 3, 4, 5, 15
Mining production, 49
Mobile home shipments, 50
Monetary aggregates, 3, 15
Money and capital market rates (See Interest
rates)
Money stock measures and components, 3, 14
Mortgages (See Real estate loans)
Mutual funds (See Investment companies)
Mutual savings banks, 3, 10, 20-22, 29, 32, 33, 41
NATIONAL banks, 17, 19
National defense outlays, 31
National income, 52
Nonmember banks, 17, 18, 19
OPEN market transactions, 11
PERSONAL income, 53
Prices:
Consumer and wholesale, 46, 51
Stock market, 28
Prime rate, commercial banks, 26
Production, 46, 48
Profits, corporate, 37
REAL estate loans:
Banks, by classes, 18, 20-23, 29, 41
Life insurance companies, 29
Mortgage terms, yields, and activity, 3, 40
Type of holder and property mortgaged, 41
Reserve position, basic, member banks, 6
Reserve requirements, member banks, 9
Reserves:
Commercial banks, 16, 18, 20, 21, 22
Federal Reserve Banks, 12
Member banks, 3, 4, 5, 15, 16, 18
U.S. reserve assets, 55
Residential mortgage loans, 40
Retail credit and retail sales, 42, 43, 46
SAVING:
Flow of funds, 44*, 45
National income accounts, 53
Savings and loan assns., 3, 10, 29, 33, 41, 44
Savings deposits (See Time deposits)
Savings institutions, selected assets, 29
Securities (See also U.S. Govt, securities):
Federal and Federally sponsored agencies, 35
Foreign transactions, 65
New issues, 36
Prices, 28
Special Drawing Rights, 4, 12, 54, 55
State and local govts.:
Deposits, 19, 20, 21, 22
Holdings of U.S. Govt, securities, 32, 33
New security issues, 36
Ownership of securities of, 18, 20, 21, 22, 29
Yields of securities, 3
State member banks, 17
Stock market, 28
Stocks (See also Securities):
New issues, 36
Prices, 28
TAX receipts, Federal, 31
Time deposits, 3, 10, 13, 15, 16, 17, 19, 20, 21,
22, 23
Trade, foreign, 55
Treasury currency, Treasury cash, 4
Treasury deposits, 4, 12, 30
Treasury operating balance, 30
UNEMPLOYMENT, 47
U.S. balance of payments, 54
U.S. Govt, balances:
Commercial bank holdings, 19, 20, 21, 22
Member bank holdings, 15
Treasury deposits at Reserve Banks, 4, 12, 30
U.S. Govt, securities:
Bank holdings, 16, 17, 18, 20, 21, 22, 29,
32, 33
Dealer transactions, positions, and financing, 34
Federal Reserve Bank holdings, 4, 12, 13, 32, 33
Foreign and international holdings and
transactions, 12, 32, 64
Open market transactions, 11
Outstanding, by type of security, 32, 33
Ownership, 32, 33
Rates in money and capital markets, 3, 27
Yields, 3
Utilities, production, 49
VETERANS Administration, 40, 41
WEEKLY reporting banks, 20-24
Wholesale prices, 46
YIELDS (See Interest rates)
A 78
The Federal Reserve System
Boundaries of Federal Reserve Districts and Their Branch Territories
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Federal Reserve Bank Cities
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