FEDERAL ESERVE BULLETIN FEBRUARY 1952 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON

Transcription

1 FEDERAL ESERVE BULLETIN FEBRUARY 95 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON

2 EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations opinions expressed, except in official statements signed articles. CONTENTS Money Credit in. 5- The Second Armament Budget. - Law Department - Current Events Announcements 5-6 Directors of Federal Reserve Banks Branches. 7- National Summary of Business Conditions 9- Financial, Industrial, Commercial Statistics, U. S. (See p. 5 for list of tables). 5-0 International Financial Statistics (See p. 0 for list of tables). 0- Board of Governors Stafif; Open Market Committee Staff; Federal Advisory Council Senior Officers of Federal Reserve Banks; Managing Officers of Branches Federal Reserve Board Publications.. -5 Map of Federal Reserve Districts 6 PAGE Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundl (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, Venezuela is $.00 per annum or 0 cents per copy; elsewhere, $.60 per annum or 5 cents per copy. Group subscriptions in the United States for 0 or more copies to one address, 5 cents per copy per month, or $. for months.

3 FEDERAL RESERVE BULLETIN VOLUME February 95 NUMBER MONEY AND CREDIT IN Bank credit in the aggregate continued to exp substantially in but the amount of credit extended to private borrowers was considerably less than in the preceding year. Commercial bank holdings of United States Government securities, which declined substantially during 9 the early part of, increased in the latter part of. As a result of bank credit expansion reversal of the gold outflow at midyear, the privately held money supply dem time deposits currency increased by a larger amount than in 9. Increased holdings of money by businesses individuals represented in part increased need for cash balances associated with expansion in economic activity, in part dems for additional liquidity, in part increased savings funds temporarily awaiting investment. Turnover of dem deposits, the major component of the privately held cash balances, slowed down moderately over the last half of after rising sharply from early 9 to the spring of. Growth in bank credit during reflected some abatement of the record private credit dems during 9. It was also affected by a reduced willingness on the part of banks to extend credit to private borrowers. The sharp reduction in bank holdings of United States Government securities during 9 early, an increase in reserve requirements early in, the rapid expansion in loans to individuals businesses over the preceding year had lowered somewhat the liquidity position of banks. At the same time higher yields made Government securities more attractive for holding their lower prices discouraged lending institutions from selling existing holdings in order to obtain funds to make loans. A decrease after April in Federal Reserve purchases of Government securities from nonbank investors, as well as from banks, removed a source of additional reserve funds for banks. The net effect of these developments was to make banks less willing to exp their portfolios of private loans investments more interested in holding short-term Government securities for liquidity reasons. In the consumer, real estate, stock market areas of credit, selective regulation helped to keep down growth. The Voluntary Credit Restraint Program worked to direct available funds toward financing of essential activity to hold down nonessential financing. Reflecting the reduced availability of funds, along with the continuing active dem for credit, money rates rose moderately during. Yields on short-term Government securities increased about one-third of a percentage point on the average, following a similar increase in 9, showed wider fluctuations than in previous years in re- FEBRUARY 95 5

4 MONEY AND CREDIT IN sponse to changing money market developments. Rates charged by the larger banks on prime loans to customers rose from about per cent in the middle of 9 to per cent at the end of. Yields on the longestterm Government bonds on outsting high-grade corporate bonds rose about one-third of a point to approximately the levels of 99. GROWTH OF BANK CREDIT Over-all growth of commercial bank credit, which gained momentum following the Korean outbreak, continued at a rapid rate in, as is shown in the table. outsting loans investments of all commercial banks increased 6.7 billion dollars during the year as compared with 6.5 billion LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS Type of loan or investment [In billions of dollars] loans investments.. U. S. Gov't. securities... securities * Loans, total * Business Real estate Consumer Allother» Outsting Dec. 6, nd half Change: st half nd half st half Includes mainly corporate State local government bonds. loans are after, individual loan items are before, deductions for valuation reserves. * Includes mainly agricultural loans, loans on securities, loans to banks, loans of more than $,000 to individuals. NOTE. Changes are based on data for Dec., 99; 0, 9; Dec. 0, 9; 0, ; Dec. 6,. Figures on types of loans for Dec. 6, are estimated; those on consumer loans for all dates are partly estimated. Figures may not add to totals because of rounding. during 9. Private credit, that is, loans investments other than United States Government securities, was the dominant element in the total expansion in both years, but the increase in private credit was considerably smaller in than in 9. Bank holdings of Government securities, which had decreased by about 5.0 billion dollars in 9, changed little in. Banks sharply reduced their holdings in the first quarter of, in large part to meet increases in legal reserve requirements in January February. Further moderate reduction in the second quarter was followed by a considerable increase in the last half of at reserve city country banks. The increases were principally in holdings of shortterm securities reflected in part desire for greater liquidity. Increased holdings of Government securities at country banks also reflected a flow of funds from commercial to agricultural areas a smaller dem for loans. The reserve positions of country banks during the last half of the year were somewhat easier, on the average, than those of city banks. This was due partly to the seasonal movement of crops partly to the heavy concentration of country bank loan portfolios in real estate consumer loans. Growth in these loans slackened as a result of selective general credit restraints as well as reduced dem for many types of consumer durable goods. Also, most of last fall's loan dem was from industrial businesses that were financed mostly by larger city banks. Bank loan expansion was not as large in as it was in 9, amounting to 6. billion dollars or per cent in compared with 9. billion or per cent in 9. The growth was smaller for all major categories of credit, but particularly for real estate consumer loans. Whereas in 9 about four-fifths of the loan increase came after midyear, less than three-fifths of the loan expansion occurred in that part of the year. Notwithsting more steady growth in bank loans throughout the year in than in 9, there was some seasonal step-up of 6 FEDERAL RESERVE BULLETIN

5 MONEY AND CREDIT IN expansion in business loans during the second half of. An increase of. billion dollars or about 0 per cent in business loans, typically the major component of changes in commercial bank loan portfolios, accounted for the bulk of the increase in all commercial bank loans during the half-year period. This contrasted with a rise of 5 billion or about 0 per cent in the comparable period a year earlier. Defense defense-related businesses, like metal metal products manufacturers public utility companies, were an important factor in business credit dem at banks in the last half of, taking up about half of business loan expansion. Borrowers in nondef ense lines of business that customarily borrow in the fall to help move the crops, like commodity dealers food, liquor, tobacco manufacturers, accounted for the other half. This was in decided contrast to experience in the same period a year earlier when the volume of defense borrowing was small borrowing for nondefense purposes including both crop movements other lines of activity was the dominant element in the increase in bank loans. Cumulative weekly changes in the outsting bank indebtedness of the lines of businesses that experienced the largest increases last fall are shown in the accompanying chart. In contrast to the industries shown on the chart, textile, apparel, leather manufacturers construction companies reduced their bank debt in the second half of. Each of these broad groups of borrowers had increased its debt appreciably a year earlier. Loan reductions in late reflected closer alignment of production schedules to current dem, changed expectations as to the strength of prospective markets, some liquidation of inventories. CHANGES IN BANK DEBT OF SELECTED INDUSTRIES Millions Millioi of Dollars CUMULATIVE WEEKLY CHANGES SINCE MARCH. of Dolla Apr May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan NOTE. Data reported by over 00 of the largest weekly reporting member banks. Metal manufacturing includes metal products, machinery, transportation equipment. Food manufacturing includes liquor tobacco. Public utilities include transportation. Latest data are for Jan. 0, 95, are preliminary. The autumn increase in total business loans was of about seasonal proportions. Loans to finance direct defense contracts defense-supporting activities increased sharply, while credit extended to business concerns that customarily borrow heavily in the fall was less than might have been expected on the basis of the behavior of such loans in prior years. The more moderate dem for credit from the usual business borrowers in the fall was due to a variety of developments, including the moderation of inflationary pressures, the leveling off in inventory accumulation prices, the fact that business loans had not experienced their usual seasonal decline earlier in the year. Moreover, under the accelerated program of corporation income tax payments, corporations had to pay 60 per cent of their taxes in the FEBRUARY 95 7

6 MONEY AND CREDIT IN first half of last year only 0 per cent in the second half. Real estate loans of commercial banks rose about a billion dollars or 7 per cent in. In the preceding year they had risen billion or about 7 per cent. Since mid-99 the growth in real estate loans has been less rapid at commercial banks than at the other major types of mortgage lending institutions, including life insurance companies, savings loan associations, mutual savings banks. Outsting bank loans to consumers rose only about a quarter billion dollars or per cent last year as compared with a growth of.6 billion or about 7 per cent a year earlier. CREDIT EXPANSION AT OTHER MAJOR FINANCIAL INSTITUTIONS consumer credit outsting at all types of consumer lending agencies considered as a group, including commercial banks, increased by half a billion dollars or less than per cent last year as compared with. billion or almost 0 per cent in 9. Outsting consumer instalment credit changed little in whereas it had been responsible for most of the increase in total consumer credit the year before. Consumer instalment loans in the aggregate increased somewhat after the relaxation of credit terms on. In the five months from the end of through December, the outsting volume of consumer instalment credit at consumer lending agencies rose 0.6 billion dollars, a fairly substantial amount though by no means as large as increases in earlier periods of stronger dem for consumer durable goods. This increase in consumer instalment credit followed a decline of 0.5 billion dollars from October 9 through. The real estate mortgage holdings of life insurance companies increased about. billion dollars in each of the last two years or by 5 0 per cent, respectively, in 9. In the last half of, however, the rate of increase was considerably slower than in the two preceding half-year periods. Life insurance companies also increased their holdings of business securities by.6 billion dollars in as compared with.9 billion in 9, reflecting heavy business dem for long-term external financing, particularly by concerns which held defense contracts or were engaged in defense-related activities. The increase in mortgage business security holdings of life insurance companies in exceeded the new funds available to them from premium interest receipts, these companies reduced their holdings of Government securities by about. billion dollars. Approximately two-thirds of this reduction was in the first half of the year. Savings loan associations increased their mortgage portfolios somewhat less, mutual savings banks about the same, in as in 9. At each type of institution there has been a tendency for the rate of increase to slacken somewhat in recent months. Savings loan associations increased their real estate loan holdings by an estimated. billion dollars in as compared with. billion in 9; savings banks increased their holdings of these loans.7.5 billion, respectively, in 9. Savings banks continued to reduce their holdings of Government securities in, but the rate of reduction was less in the second half of the year than in the first. TREASURY FINANCING During the first half of the Treasury had a substantial surplus of cash receipts over expenditures was able to reduce the outsting debt held by the public as well as to increase its cash balance. In the latter FEDERAL RESERVE BULLETIN

7 MONEY AND CREDIT IN half of the year, however, the cash deficit was nearly as large as the previous surplus. The Treasury drew down its cash balance also borrowed new funds in the market in order to meet the deficit to retire maturing or redeemable debt issues offered for cash redemption. Over the year redemptions of nonmarketable savings bonds notes exceeded current sales plus current interest accruals, the amount of such issues outsting declined slightly. In addition, part of the maturing marketable debt was redeemed for cash. Most of the maturing or called issues were refunded with new issues of certificates maturing within a year. Beginning early in the Treasury offered 00 million dollars of additional bills in each of its weekly refinancings. These new offerings were discontinued in mid- August but resumed for three weeks in September. Altogether the amount of regular weekly issues of bills outsting increased by billion dollars. In October the Treasury also offered a new type of short-term issue when it sold % billion dollars of -day tax-anticipation bills maturing on March 5, 95. These bills, which were sold at auction on a discount basis at a rate of.55 per cent per annum, were designed primarily to attract additional short-term funds accumulated by business corporations prior to tax payment dates. A second issue of this type of the same amount, maturing on 5, 95, was offered in November sold at an average rate of.97 per cent. Banks originally purchased the major portions of both of these issues, but thereafter sold a sizable amount of their holdings to business corporations. New issues of Government securities offered in, both for refunding for new money, were designed primarily to tap liquid funds of banks, business corporations, others. There appeared to be little dem for long-term Government securities; in fact, some of the larger institutional investors continued to reduce their holdings of Treasury bonds. The chart shows monthly changes in holdings of Government securities by principal groups of investors. OWNERSHIP OF U.S. GOVERNMENT SECURITIES BANKS AND FEDERAL AGENCIES OTHER INVESTORS Billions of Dollars END OF MONTH FIGURES B illions of Dollar* NOTE. Treasury Department estimates except for Federal Reserve Banks Federal agencies trust funds, which are reported holdings. Latest figures plotted: Federal Reserve Banks, January 95; Federal Agencies etc., December ; all others, November. The Federal Reserve purchased substantial amounts of Government securities early in the year in connection with the increase in reserve requirements of member banks in support of bond prices. After April Federal Reserve purchases were largely confined to periods of Treasury refunding temporary money market tightness in, September, December. These purchases were subsequently offset by sales, including sales made in January 95. As previously pointed out, commercial banks increased their holdings in the latter part of the year. FEBRUARY

8 MONEY AND CREDIT IN EXPANSION OF THE MONEY SUPPLY Expansion during in bank credit outsting to private borrowers was a major factor responsible for the large increase during the year in the privately held money supply, that is, in the dem time deposits currency holdings of individuals businesses. Cash balances increased about 9 billion dollars as compared with about 7 billion during 9, as sho.wn on the table. CHANGES IN THE MONEY SUPPLY, WITH RELEVANT FACTORS Item Changes in adjusted deposits currency i U. S. Government deposits... Privately held money supply, total Dem deposits adjusted. Time deposits adjusted... Currency outside banks... Principal factors Bank loans investments other than U. S. Gov't. securities Bank holdings of U. S. Gov't. securities Gold stock Foreign deposits at Federal Reserve Banks factors 6 [In billions of dollars] nd half st half nd half st half (Sign indicates effect on money supply) Adjusted to exclude interbank deposits, items in process of collection, bank vault cash. * Commercial mutual savings banks the Postal Savings System. Commercial mutual savings banks. Commercial, mutual savings, Federal Reserve Banks. * Less than million dollars. * Includes bank capital, miscellaneous bank assets liabilities, differences between deposits due to from banks. NOTE. Changes are based on data for Dec., 99; 0, 9; Dec. 0, 9; 0, ; Dec. 6,. Figures may not add to totals because of rounding. All elements of the privately held money supply increased over the year with the major growth in dem deposits. Time deposits increased significantly following a decline in the second half of 9. Individuals also increased their savings in other liquid forms, particularly their holdings of savings loan shares currency. After a moderate but fairly steady decline since the end of 96, currency in circulation, adjusted for seasonal variation, began to increase late in 9 continued to do so throughout last year. This rise reflected a variety of factors, including the growth increased movement of the armed forces civilian personnel engaged in defense production as well as higher incomes savings. The increase in currency in circulation was concentrated in the small denominations, particularly in $0 $0 bills. Coins in circulation also rose, with mintage restricted to save scarce metals, coin shortages developed from time to time in various sections of the country. The factors responsible for the rise in the privately held money supply last year differed substantially from those underlying the rise a year earlier. In 9 the expansion of private credit exceeded considerably the increase in the money supply; a significant reduction in bank holdings of Government securities a sizable outflow of gold from the United States, resulting in part from substantial United States imports, offset in part the effect of private credit expansion on private holdings of cash. In, on the other h, private credit exped by practically the same amount as the privately held money supply but the banking system as a whole, including Federal Reserve mutual savings banks as well as commercial banks, increased its holdings of Government securities by.5 billion dollars for the year as a wkole there was little change in the gold stock of the country. The changes in these elements, in part offset by miscellaneous factors, tended to make the growth in privately held cash balances larger than a year earlier, 0 FEDERAL RESERVE BULLETIN

9 MONEY AND CREDIT IN notwithsting the reduced volume of private credit expansion. deposit growth in was largest at the smaller banks in the Southern Western sections of the United States. Banks in the Mid-West also showed substantial gains. Larger banks in the Northeastern section of the country tended generally to show the smallest deposit expansion. In 9, deposit growth had been much more evenly distributed. Accompanying the substantial increase in all elements of the privately held money supply in, the use or turnover of its principal component, dem deposits, began to decline fairly steadily in the latter part of the year, following a sharp increase since early 9. The turnover of dem deposits at banks in leading cities outside New York, adjusted for seasonal variation, as is shown on the accompanying chart, increased from 0_-5 TURNOVER OF DEMAND DEPOSITS BANKS IN LEADING CITIES OUTSIDE NEW YORK ANNUAL RATE OF TURNOVER NOTE. Quarterly turnover rates are seasonally adjusted are compiled by the Federal Reserve Bank of New York. Deposits used are averages of dem deposits, except U. S. Government interbank deposits, as reported weekly by member banks in leading cities. Annual data for 99 were computed on a slightly different basis from that used for other years. an annual rate of about ls l / times in 99 to about in the second quarter of then decreased to about in the fourth quarter. The recent decline in the use of deposits has reflected in part their greater supply. It has also reflected the lessening of inflationary pressures, including reduced consumer business dems for goods bank credit. BANK RESERVES Reserve positions of commercial banks were under greater pressure during than in other postwar years. Effective in January early February the Board of Governors raised the reserve requirements against dem deposits for member banks by percentage points against time deposits by one percentage point, thereby increasing the amount of required reserves by about billion dollars or over 0 per cent. These increases absorbed the additional reserves being made available at the time by a return flow of currency a decline in Treasury deposits at Reserve Banks. The Federal Reserve also purchased Government securities from banks from nonbank investors to assist in the adjustment to the increased reserve requirements. In the course of the year, dems for reserve funds arose from an increase in the volume of currency in circulation, as well as from increased amounts required because of the deposit growth at member banks. On the other h, the cessation of the gold outflow in the spring of the development of an inflow, as well as a reduction in foreign deposits at the Reserve Banks in the latter part of the year, removed a previous drain on reserves. Gold began to flow back into the United States in the third quarter of last year after little change in the second quarter a fairly steady outflow in the FEBRUARY 95

10 MONEY AND CREDIT IN first quarter of the year in the last half of 9. The inflow of gold, like the reduction in foreign balances at the Federal Reserve Banks, tended to increase bank reserves, as shown in the table the chart. Reduced Federal Reserve buying of Government securities after April was an important factor limiting bank reserve expansion as compared with 9 early. As bank reserves became less readily available than they had been previously, the level of excess reserves was somewhat lower a larger number of banks relied on short-term borrowing from the Federal Reserve Banks to meet temporary shortages in reserves. Because of the reluctance of banks to remain in debt for long periods of time, this in- CHANGES IN MEMBER BANK RESERVES, WITH RELEVANT Item Changes in member bank reserve balances Required J Excess Principal factors Currency in circulation Treasury operations Gold stock Foreign deposits at Federal Reserve Banks... Federal Reserve Bank credit, total.. Transactions in U. S. Government securities Borrowings Fl at... All other factors FACTORS [In billions of doll irs] nd half st half nd half st half (Signs indicate effect on reserves) (*) ( ) ( ) P. +0. Increase in first half of includes.0 billion due to increase in legal percentages required. Decrease (+) or increase ( ) in Treasury deposits with Federal Reserve Banks Treasury cash less change in Treasury currency outsting; an increase in net Treasury balances causes a decrease in reserves. Less than million dollars. Includes nonmember deposits at Federal Reserve Banks other than foreign miscellaneous Federal Reserve assets liabilities. NOTE. Changes are based on data for Dec., 99; 0, 9; Dec. 0, 9; 0, ; Dec. 6,. Figures may not add to totals because of rounding. MEMBER BANK RESERVES AND RELATED ITEMS Billions Billior of Dollars MONTHLY AVERAGES OF DAILY FIGURES of Dolla f. R. HOLDINGS OF U. S. GOV'T SECURITIES MEMBER BANK RESERVES "DISCOUNTS AND ADVANCES, MONTHLY RANGE" I I. I I I I I l I crease in borrowing tended to make banks feel under some pressure to use any new funds becoming available to them for paying off their indebtedness as soon as possible rather than for lending or investing. The high low points of member bank borrowing for each month in 9 are shown in the accompanying chart. MONEY MARKETS Continued dem for credit the reduced availability of bank reserves were reflected in a rise in money rates bond yields in. Levels of various types of interest rates during selected months in 9 are shown in the table on the following page. Dem for investment funds, which had been exping rapidly up to the first quarter, stabilized at a high level. Business consumer dems for goods services were also less insistent during most of the year. Personal savings increased sharply '5 FEDERAL RESERVE BULLETIN

11 MONEY AND CREDIT IN Type of debt SELECTED INTEREST RATES [Per cent per annum] Short-term Public: U. S. Treasury bills U. S. certificates of indebtedness.. Federal Reserve discount rates... Private: Bankers' acceptances Call loans Commercial paper Commercial loans l Long-term Public: U. S. Government bonds High-grade municipal bonds Private: Commercial bank term loans x... Corporate Aaa bonds Corporate Baa bonds Dec Dec , Rates on new loans made at a sample of banks in leading cities in the first 5 days of each month. a Term loans are loans with a maturity over one year. Sources. Treasury Department, Stard Poor's Corporation, Moody's Investors Service, the Federal Reserve. from the first to the second quarter continued at the higher level throughout the balance of the year, but a large part of these savings were held in money forms were not invested in securities or used to repay debts. Altogether, the strength of dem for funds in relation to supply tended to produce a moderately rising trend in interest rates throughout the last three quarters of the year. At times during the year a concentration of dems, reflecting tax payments other seasonal factors, resulted in somewhat greater money market tightness than at other times called forth resort to Federal Reserve credit. Some tightness developed in September at times of Treasury refunding operations, the Federal Reserve supplied funds by buying securities in order to assure success of Treasury financing. In the latter part of December a combination of corporate tax dividend payments, holiday currency dem, other end-ofyear needs brought considerable pressure on the money market. At the same time an announcement by large commercial banks in New York other leading cities of a rise in their lending rate to prime business borrowers from % to per cent gave an indication of a possible general rise in the rate structure. As a result, open market yields on short-term paper bonds, both private public, rose sharply bank borrowing from the Federal Reserve increased. The rate on new Treasury bills rose to.65 per cent, the highest since 9, the yield on long-term Treasury bonds to.7 per cent. In view of the temporary seasonal nature of the tightness, the Federal Reserve made funds available to the market through its open market operations in Government securities. It purchased short-term securities in the market both outright under repurchase agreements with dealers in such securities. Money market conditions eased considerably after the turn of the year, reflecting the return flow of currency from holiday circulation a seasonal contraction in outsting bank credit. As a result of a greater availability of funds relative to dems, yields on securities some types of short-term paper declined, by the end of January were back to early December levels. Member bank borrowings were largely paid off the Federal Reserve portfolio of Government securities was substantially reduced. FEBRUARY 95

12 THE SECOND ARMAMENT BUDGET The Federal Budget for the fiscal year ending 0, 95 calls for expenditures of 5. billion dollars the third largest in our history. It reflects the effort of this nation to develop further its military economic capacity. The total of estimated expenditures is.6 billion dollars above outlays in 95 over twice as large as expenditures in 9, the fiscal year before the Korean outbreak. Nevertheless this is not a budget for all-out mobilization, the rearmament pace shows some signs of leveling off as requests for new spending authority are somewhat below the peak of the fiscal year 95. Receipts are also expected to grow in 95 but, as the chart shows, not rapidly enough to keep pace with expenditures forestall a large budgetary deficit. Estimated receipts of 7 billion dollars for fiscal year 95 are only. billion greater than in 95 less than twice as large as 9 receipts of 7 billion. The lag of revenue behind expenditure will result in an estimated deficit of. billion dollars for 95. This coupled with an estimated deficit of over billion in 95 would increase the public debt to its statutory limit of 75 billion dollars by the end of fiscal year 95. The estimates include additional receipts from three major tax measures enacted since mid-9, they also reflect the higher levels reached by prices income since that time. The estimates do not include any new tax proposals, however, the President has called for at least 5 billion dollars of additional revenue through taxation. Major emphasis of the Budget Message is on a long-term mobilization effort which can be carried without unduly straining the present economy but which will provide the basis for increased economic capacity military strength in the future. Emphasis is thus not primarily on the current flow of This article was prepared by Donald C. Miller under the supervision of Richard Youngdahl, Chief of the Government Finance Section of the Board's Division of Research Statistics. FEDERAL BUDGET RECEIPTS AND EXPENDITURES Billions of Dollars 00 Fiscal Y( Billions of Dollars t&; Deficit V^v\ EXPENDITURES I I tsrimated-l FEDERAL RESERVE BULLETIN

13 THE SECOND ARMAMENT BUDGET production with the goal of accumulating large inventories of military equipment but rather on the creation of industrial capacity which can be utilized quickly to produce advanced-design equipment in substantial volume if the need arises. This policy would avoid the sharp production peak that had been envisioned for 95 in earlier programs would make for an easier balance between civilian military production. Expenditures other than for security purposes are million dollars lower than 95. Some nondefense programs have been reduced or eliminated. s classified as necessary for the long-run development of human natural resources have been exped. The high rate of expenditure for 95 reflects the results of the many defense orders placed in the last months under Budget authorizations granted to the services during this period. That Congress has already enacted appropriations to cover much of the defense build-up is suggested by the decline of new obligational authority requested for 95. New obligational authority includes all types of new authority to incur financial obligations on the part of the Government. Although such authority may decline even further in 95, the Budget Message presupposes continued large expenditures for military expansion after 95 in view of the large unexpended balances available from previous years. As the following table indicates, 76 per cent of total Budget expenditures in 95 will be for major national security programs as contrasted with 70 per cent 59 per cent for 95 respectively. The rate of growth of these expenditures for military services, international security foreign relations, the development of atomic energy, defense production economic stabilization, civil MAJOR NATIONAL SECURITY PROGRAMS AS A PERCENTAGE Item Budget expenditures New obligational authority i Estimated. OF THE TOTAL BUDGET Fiscal year ending * defense, promotion of the merchant marine is expected to diminish, however, as the defense program approaches its peak. New obligational authority for national security requested for 95 will be about the same proportion 76 per cent of total new obligational authority that Budget expenditures for the purpose are of total expenditures. This is a decrease from the 7 per cent estimated for 95 is a return to approximately the ratio of. Thus national security expenditures will continue to rise in 95, but a reduction in new obligational authority is possible because of Budget authorizations enacted by Congress in earlier years. MAJOR NATIONAL SECURITY EXPENDITURES Greatly increased expenditures for major national security programs, which began after the invasion of Korea, will continue throughout 95 will again dominate the Budget for the fiscal year 95. These expenditures, shown in the table, will increase to 65 billion dollars in 95 over 5 billion greater than 95 9 billion in excess of. A resume of the important parts changes in the Budget for the fiscal year 95 compared with FEDERAL BUDGET EXPENDITURES Function Budget expenditures [In billions of dollars] Major national security programs, total Military services International security Development of atomic energy... Defense production economic stabilization Civil defense Promotion of merchant marine... All other Fiscal year ending Estimated. Less than million dollars. Includes adjustment to daily Treasury statement. NOTE. Details may not add to totals because of rounding ".i. earlier fiscal years follows, based on a functional rather than agency classification of expenditures. Military services. Maintenance expansion of the military services is the largest item of the national security program, with expenditures totaling 5 billion dollars. This is more than double the expenditures over billion greater than estimates for 95. Higher cost of military production as well as a more rapid rate of production, as FEBRUARY 95 5

14 THE SECOND ARMAMENT BUDGET the armed forces are built toward higher goals than those previously established, account for these increases. These goals contemplate the start of a build-up toward an Air Force of wings compared to the presently authorized 95 wings an Army of divisions, a Navy with increased personnel manning 0 major combatant vessels 6 large carrier air groups, a Marine Corps of divisions. The President estimates that most of this currently planned military expansion will be completed by the end of the fiscal year 95 that "by the end of the fiscal year 95, we will have reached or passed the peak production rates for all our major military items except some of the newer model aircraft some weapons not yet in production." With the peak of the rearmament program in sight because of the substantial provisions already enacted by Congress, a reduction in the amount of new obligational authority for military services is possible. Almost 6 billion dollars of authority was requested in 95 but only 5 billion for the coming fiscal year. Of total expenditures for military services, the Air Force accounts for the largest share with.9 billion dollars, the Army follows with 6. billion, the Navy's share is. billion. An additional. billion of expenditures for military services provides for the Office of the Secretary of Defense, the critical materials stockpiling program, new military public works, as well as for increased military pay. The largest increase in expenditures for military services appears in the heavy cost of major procurement production, of the 0 billion dollars of estimated expenditure for this purpose over half will be for aircraft. One billion will be spent for ships, the remaining billion will provide other major weapons military hard goods. The military personnel to go with this materiel is expected to increase from a present force of.5 million men to.7 million during 95, expenditures for their provision will increase over 95 by a billion dollars, from 0 to billion. Expansion of the armed forces also will necessitate additional expenditure for the acquisition construction of real property. These expenditures for military construction are expected to reach.5 billion dollars. The operation maintenance of the military establishments the complex large amounts of military equipment are expected to require over billion dollars in 95. This includes funds to pay over. million Department of Defense civilian employees who will be engaged in military functions in 95. The Budget also provides for an increase in the civilian reserve components such as National Guard Reserve Officers' Training Corps units to a strength of over 900,000 in 95. In order to provide technical superiority for the armed forces, increased expenditures are also budgeted for military research development work. Such expenditures are estimated at. billion dollars for 95, an increase of almost one-half billion over 95. Stockpiling of strategic critical materials for the support of military services will continue in 95 as expenditures exceed a billion dollars for the first time. The stockpile inventory on 0, 95 will be worth 5 billion dollars valued at September prices. The amount of new obligational authority requested is again decreased since total obligational authority of 5 billion dollars already has been provided by Congress in the years International security foreign relations. Following the expenditures for military services in size are those requested for the international security foreign relations programs. These expenditures, 0. billion dollars for 95, are largely accounted for by the mutual security program of military economic assistance to nations having common security interests with the United States. The Budget Message emphasizes the importance of mutual security aid in the building of European defenses. In order to complete the defense plan on schedule, a large part of this aid will be in the form of military equipment that the Europeans cannot obtain from their own resources. It is pointed out that some European nations especially France Great Britain have again been forced to use their limited dollar reserves to buy essential imports that continued economic aid is also needed to prevent the interruption of the defense effort. In other areas of the free world, such as parts of Asia the Middle East, the mutual security program will place greater emphasis on economic aid technical assistance than on military aid. Accordingly, Budget figures include contributions to the technical assistance program of the United Nations, the Point Four Program, the Export- Import Bank. 6 FEDERAL RESERVE BULLETIN

15 THE SECOND ARMAMENT BUDGET In 95, 0.5 billion dollars, compared to 6.9 billion in 95, will go for such military, economic, technical assistance. The sharp increase will be financed in part from present authorizations, but over billion will come out of proposed new authorizations to be submitted at a later date. authorizations made under the existing program through 95 are 5. billion dollars which are about equally divided between outlays for economic technical assistance those for military assistance. Although deliveries of military equipment to allied nations in the past months have fallen behind schedule, a sharp acceleration is expected in 95. Expenditures for military assistance, which are estimated to reach billion dollars for 95, are expected to double in 95. This equipment will be allocated for the most part to North Atlantic Treaty Organization forces in Western Europe, including the United States component. Expenditures for the overseas information education program are expected to increase by 7 million dollars in 95 to a total of 57 million. This continues the increasing effort to counteract Soviet propaga agitation in the critical areas of the world. Development of atomic energy. The 95 Budget calls for expenditure of,775 million dollars for the development of atomic energy compared with,75 million in 95. Operating costs of this program have increased greatly in the past two years now account for over 0 per cent of total expenditures for development of atomic energy. The expansion program which began in 9 is "well under way, major production facilities now under construction will begin to contribute to output in the fiscal year 95." Increased funds are recommended for the procurement of uranium ores as well as the production of fissionable materials their improved usage. In addition to the program specified in the Budget Message, President Truman has stated that he will ask for 5 to 6 billion dollars of new funds for further expansion of the atomic energy program. The expansion would be devoted to production facilities most of the spending would come after 95. The President expressed the hope that these outlays would eventually result in a decrease in expenditures for conventional armaments. Defense production economic stabilization. Additional expenditures in 95 are requested for the purpose of exping the economic base of the security effort. Expenditures for economic stabilization other payments under the Defense Production Act are expected to increase to over 00 million dollars in 95 from under 700 million in million in. New obligational authority of. billion dollars is requested for the proposed extension of the Defense Production Act. Some 900 million of this new authority is requested primarily for the development of new sources of strategic raw materials since the existing borrowing authority under the Act will be fully obligated by 0, 95. Of this amount it is estimated that 5 million dollars will be spent in 95. Over 00 million from existing authority will be spent under present programs to extend financial aid to defense industries through the purchase of equipment raw materials, Government loans, guarantees of private loans. Maintenance of direct controls on the flow of materials on prices wages is expected to require more outlays in the fiscal year 95 than currently. Over 60 million dollars is budgeted for controls over the allocation of scarce materials for the Small Defense Plants Administration in aiding small businesses to participate in the defense program. Almost million dollars, 7 million more than in 95, is requested for the Economic Stabilization Agency to control prices, wages, rents. PROGRAMS OTHER THAN MAJOR NATIONAL SECURITY After expenditures for major national security programs are accounted for, about 0 billion dollars remain in the 95 Budget. This is a decrease of almost billion from 95 billion from 9 but still over billion above such expenditures in. Some of these programs have been reduced or deferred, some have been maintained at current levels, others which the Budget characterizes as contributing directly to the defense effort have been exped. The expenditures for these programs are shown in the table on the next page. About one-fifth of the total is for veterans' services benefits which arise for the most part from World War II. Expenditures for veterans are expected to continue their downward trend in 95 from the immediate postwar peaks. The estimate of. billion dollars in 95 is about billion below 95. Future declines are considered unlikely, however, because of growth in the FEBRUARY 95 7

16 EXPENDITURES FOR OTHER THAN MAJOR Function expenditures, total SECURITY PROGRAMS [In billions of dollars] Veterans' services benefits Interest on public debt Social security, welfare, health.. Transportation communication. Natural resources Agriculture Housing community development General Government All other THE SECOND ARMAMENT BUDGET NATIONAL Fiscal year ending 0 95» 95 i Estimated. Includes adjustment to daily Treasury statement. NOTE. Details may not add to totals because of rounding l....6 number of veterans continued increases in compensation pensions. Most of the 95 decrease in veterans' expenditures will result from a decline in the enrollment of World War II veterans in the education training programs which stopped accepting new enrollees in. The Budget asks for new legislation, however, to provide 75 million dollars in 95 for a new education program for Korean veterans. Another factor is a drop in national service life insurance requirements based on the assumption that hostilities will cease in Korea during 95. Veterans' compensation pension payments for both service- nonservice-connected disabilities will increase slightly in 95. The increase arises from nonservice-connected payments proposed cost-of-living increases in compensation rates. Current expenses for hospital medical care are also expected to increase with the opening of 0 new veterans' hospitals in 95, while expenditures for hospital construction will decline somewhat. Because of the predicted increase in the amount of interest-bearing debt as total expenditures exceed total receipts because of higher interest rates, expenditures for interest payments are estimated to increase from 6.0 billion dollars in 95 to 6. billion in 95. The increase is not as large as these factors might suggest, however, since the rise in interest rates will affect only refunding new borrowing, not the entire debt, the full impact on interest cost of the increased size of the debt will be delayed because of the lag between borrowing initial interest payments. Also the amount of interest accruals on savings bonds is not expected to continue to increase in 95 may even decline, which would be a reversal of the trend prevailing since savings bonds were introduced in 95. The remaining 0 billion dollars of estimated expenditures represents a variety of Government programs functions. The total has changed little, compared with 95, but decreases for some programs have been offset by increases for other programs. Five functional classifications account for almost 9 billion dollars of the total. Social security, welfare, health expenditures of about.7 billion dollars constitute the largest share. For each of the others transportation communication, natural resources, agriculture, general Government expenditures will approximate.5 billion dollars. Some expenditures included are rather directly connected with the present defense effort, such as the expansion of electric power generation defense housing projects, dispersal of Government facilities, assistance to schools in defense areas. Social security, welfare, health expenditures estimated for 95 are almost the same as for 95 only million dollars higher than in. This includes allowance for new legislation requested to provide 00 million dollars in 95 for cost-of-living increases in public assistance payments. With this increase the public assistance program will account for almost half the social security, welfare, health budget total. There are several proposals in the Budget Message, however, that would exp the social security program in later years. The President expressed the desire to "move closer to our objective of making old-age survivors insurance a basic protection for all employed groups, with special pension plans supplementing this basic protection." He also asked that the present limitation of $,600 on taxable earnings be raised that benefit payments be increased by $5 a month. Some receipts expenditures, such as those for the old-age survivors trust fund the unemployment trust fund, are not included in Budget totals but are reflected in the cash budget described below. For transportation communication a decrease in expenditures of almost 00 million dollars is expected in 95. Most of the decrease results from proposals to reduce the postal deficit. Although some higher postal rates were recently enacted, they have been offset by increased operating costs; the deficit without further rate changes will be FEDERAL RESERVE BULLETIN

17 THE SECOND ARMAMENT BUDGET almost 700 million dollars. The President has requested postal rate increases to provide 0 million dollars annually, with the major part to be authorized in the current session of Congress. Approval of these requests would result in a decline of 5 million dollars in the deficit predicted for 95. Development of l water resources accounts for an increase of about 00 million dollars in expenditures for 95. The President asked for some new exped public power projects, such as 7 million dollars for the St. Lawrence seaway three other projects 6 million for new steam hydroelectric generation units in the Tennessee Valley Authority. It may be noted, however, that net additional expenditures for TVA would increase only 0 million dollars. An interesting proposal in this sector of the Budget is for legislation which would require new Congressional approval for continuation of projects whenever the total cost, after allowance for changes in construction cost levels, had increased by more than 0 per cent above the last estimate approved by Congress. Expenditures for agriculture have been subject to large fluctuations in recent years as a result of the price support program. The Commodity Credit Corporation had large net receipts in when inventories acquired from earlier support operations were liquidated. Some liquidation has also occurred in 95 so Budget expenditures for the support program are estimated at only 70 million dollars. If production in calendar year 95 is as high as anticipated, reserves of some commodities will be built up again with a resulting increase in price support outlays to about million dollars in 95. Expenditures for general Government services activities in 95 are expected to amount to.5 billion dollars, an increase of million dollars over 95. Part of the increase results from an increase of million in the Government's share of payments to the civil service retirement system, due to recent pay increases amortization of the Government's accrued liability to the fund. Increased funds are requested to hle the growing volume of tax collections, a supplemental appropriation will be needed in the fiscal year 95 for 7,000 employees who will be added to the star? of the Bureau of Internal Revenue before. Decreases in expenditures are estimated for public building construction the management of public property records. The President reiterated his request for legislation to provide grants to the States for operation maintenance of local schools. This request for 90 million dollars of new funds, together with proposals for 70 million of new Federal aid to schools in critical defense areas 0 million of new funds for scholarship aid loans to needy college students, constitutes the important parts of additional expenditures requested for education general research. expenditures for this program amounted to 5 million dollars in 9 million in, they are expected to reach 6 million in 95. Expenditures for housing community development, excluding the civil defense program, are scheduled to decline almost 0 million dollars from the 95 total of over 00 million. This is expected to result for the most part from the sharp reduction in housing starts scheduled for 95 from large supplies of private mortgage funds. A decline of almost one-half billion dollars in net purchases of mortgages is expected, net receipts instead of net expenditures are expected in various public housing programs as Federal loans are repaid. It is expected that these funds will be raised by local housing authorities through the sale of taxexempt securities to private investors. Expenditures for housing community facilities in military defense installation areas will rise sharply, however, since almost a third of all new homes built will be in these areas. EXPENDITURE AUTHORIZATIONS Many orders placed by the Government during the earlier years of the present mobilization effort could not be delivered until later, much of the expenditure for 95 reflects delivery of payment for such goods. Spending in 95 will depend not only on commitments entered into under the new obligational authority received during the year but also upon the authorizations commitments made in previous years. Thus some 95 expenditures will arise out of commitments to pay for goods received not paid for at the start of the year or for goods not yet received but under contract. Of the 5 billion dollars of Budget expenditures for 95, it is expected that almost half will come out of expenditure authorizations of previous years nearly half will come from new obligational authority granted for 95. Under ordinary one-year appropriations, the right to incur obligations ceases at the end of the fiscal year, but FEBRUARY 95 9

18 THE SECOND ARMAMENT BUDGET authority to make expenditures continues for two additional years. Both the new obligational authority the expenditure totals shown in the Budget document have important implications for the economy. The large build-up of authorizations following the attack on Korea had an inflationary impact on business individual expectations spending as new orders for vast quantities of military equipment were placed or anticipated. On 0, 9 there were less than 5 billion dollars of unexpended balances available for expenditure purposes out of 9 prior year appropriations. By 0, such unexpended balances had jumped to over billion dollars as new obligational authority of over billion was enacted for that year expenditures were less than 5 billion. This trend has continued in the current fiscal year. New obligational authority of over 9 billion dollars was recommended by the President, it is estimated that some billion of this amount will be expended in future years. With anticipated expenditures of 7 billion, the backlog of unexpended balances is expected to climb to over 70 billion dollars by 0, 95. In 95 the trend in new obligational authority of the past two years will be reversed as the total drops to billion dollars while expenditures climb to 5 billion. Nevertheless a large backlog of unexpended balances will remain at the end of the year around 70 billion dollars as some 0 billion of the new authority requested for 95 is earmarked for expenditure in future years. Reversal of this trend will mean that the volume of new orders will drop in 95 but that heavy outlays for previously ordered materials will continue for some time. BUDGET RECEIPTS The increases in revenue that have occurred since the beginning of the Korean crisis are expected to continue in 95 have resulted in the highest Budget receipts in history, far above the World War II peaks reached in In general, rates of taxation now approximate those of World War II, so the bulk of increased revenue is the result of the large growth in incomes. The increases come largely from income taxes on individuals corporations. In 95, under existing legislation, about 5 per cent of total Budget receipts of 7 billion dollars are expected to come from these taxes. Compared with 9 levels, the yield from these taxes on individuals is expected to almost double in 95 while the yield from corporate income excess profits taxes will more than double. Source Budget receipts FEDERAL BUDGET RECEIPTS [In billions of dollars] Direct taxes on individuals Direct taxes on corporations Excise taxes Employment taxes Customs Miscellaneous receipts Deduct: Appropriations to Federal old-age survivors insurance trust funds Refunds of receipts (excluding interest) Fiscal year ending Estimated. Excludes deposits by States in unemployment trust fund of payroll taxes on employers. NOTE. Details may not add to totals because of rounding. With this growth in receipts, the share of gross national product taken by Federal taxes other miscellaneous Federal receipts since has reversed the downward trend which began after World War II. Under present estimates this share will again exceed the 0 per cent level in The ratio of Government cash income (which includes all net cash Budget receipts, all social security taxes, additional miscellaneous receipts) to gross national product increased from about 7 per cent in 90 to over per cent in 9. The postwar decline to about 5 per cent in 9 was reversed in. On the basis of data given in the Budget this ratio will reach per cent in 95. If Federal purchases of goods services, which provide a more accurate indication of the drain of governmental activities upon the resources of the economy, are compared with gross national product, an even more striking change is shown. In 95 the ratio of such expenditure to gross national product may approach 0 per cent, compared with about 9 per cent in 9. The three tax laws enacted in the past months have increased the annual revenue yield by about 5 billion dollars thus far have kept the nation's Budget close to a "pay-as-we-go" basis. By the end of fiscal year 95, however, the President estimates.. 0 FEDERAL RESERVE BULLETIN

19 THE SECOND ARMAMENT BUDGET that we will have departed from this basis states that, in view of large anticipated expenditures the inadequacy of the Revenue Act of, we will not be able to regain this policy for the "next year or two." The President had asked in for legislation to raise 0 billion dollars of revenue, but the Revenue Act of provided only about half that amount. The recent Budget Message calls for, "at the very least," additional revenue sufficient to replace the 5 billion dollars that was not enacted last year. This is regarded as a first step toward a return to the "pay-as-we-go" policy. This return would also be aided by the anticipated reduction in expenditures after fiscal year 95. The Budget Message does not recommend how the new 5 billion dollars of revenue should be raised other than calling for the elimination of loopholes special privileges from existing tax laws. Elsewhere, in his Economic Report, the President does call for tax rate increases but does not specify which bases would be affected or the amounts involved. THE CASH BUDGET Budget receipts, Budget expenditures, the creation of new obligational authority are important factors affecting the economic outlook of the nation, these are factors that are emphasized in the 95 Budget. The Budget contains some supplementary material, however, which shows the consolidated cash budget or the cash income outgo of the United States Treasury. This method of budgetary accounting, which shows cash transactions with the public, is also important for measuring the economic impact of the Government's activities is especially significant from the point of view of future monetary developments. The cash budget supplements the conventional administrative budget by showing theflowof money income expenditure between the Federal Government the public. From this the borrowing repayment of borrowing from the public can be determined as well as the changes in their holdings of liquid assets resulting from such transactions. The financial transactions of the Federal Government as shown in the cash budget include transactions of trust funds as well as Federal funds. The table indicates the importance of the trust funds in the cash approach. The elimination of noncash items various intra-governmental transactions from both Federal trust funds are the most FEDERAL CASH TRANSACTIONS WITH THE PUBLIC Item Receipts from the public Federal funds (Budget receipts)' Less: Noncash transactions.. Equals: Cash Federal funds Trust funds Less: Noncash transactions.. Equals: Cash trust funds.. Cash operating income... Payments to the public Federal funds (Budget expenditures) Less: Noncash transactions.. Equals: Cash Federal funds Trust funds other accounts. Less: Noncash transactions.. Equals: Cash trust funds other accounts Cash operating outgo.... Budget surplus or deficit ( )... Net cash operating income or outgo ( ) [In billions of dollars] Fiscal year ending Estimated. NOTE. Details may not add to totals because of rounding important adjustments made to derive a cash budget from the administrative Budget. Elimination consolidation of these accounts to move to a cash accounting basis reveals for recent years larger surpluses or smaller deficits than are shown by the conventional budget accounts. The difference between the cash conventional surplus or deficit for, 95, 95 amounts to about billion dollars in each year, as is shown in the table. INCREASED CASH BORROWING The cash deficit or surplus together with any changes in the Treasury cash balance determines the amount of borrowing or repayment of borrowing from the public. The expected cash deficit of billion dollars in 95 may be financed largely by a decrease of over billion in Treasury cash balances, less than billion of additional cash borrowing from the public may be necessary. For the first seven months of the current fiscal year preliminary data show that cash payments have been 7. billion dollars cash receipts.0 billion. The resulting cash deficit of 5. billion has been FEBRUARY 95

20 THE SECOND ARMAMENT BUDGET covered by a decrease in Treasury balances of.5 billion. billion of cash borrowing. With this amount of net cash borrowing accomplished in the first part of the current fiscal year, debt retirement of about.7 billion dollars is expected in the remaining five months. This is likely to occur largely through the retirement of tax anticipation bills the use of savings notes for payment of taxes. For expenditures in 95 to reach the levels projected in the Budget, the rate of expenditure will have to accelerate rapidly in the last five months of the year. If this does not occur, the Treasury cash balance at the end of the year would be somewhat larger than anticipated in the Budget; new borrowing would not have to be as great in 95. In 95, as shown in the table, additional cash borrowing from the public of over 0 billion dollars is expected. As in 95, this borrowing will be concentrated in the period -December, the first half of the fiscal year, since payments of both corporate personal income taxes will be much smaller than in the last half of the fiscal year. THE PUBLIC DEBT AND CASH BORROWING OR REPAYMENT OF BORROWING FROM THE PUBLIC Item Net cash operating income or outgo ( ) Less: Increase or decrease ( ) in Treasury cash balance.. Equals: Net cash borrowing or repavment ( ) Plus: Noncash borrowing or repayment ( ) Equals: Net increase or decrease ( ) in public debt... fin billions of dollars] Fiscal year ending i i Estimated. NOTE. Details may not add to totals because of rounding Such concentration may be accentuated in 95 since under the accelerated payments plan 0 per cent of corporate income taxes on calendar year 95 income will be due in the January- 95, period. Cash borrowing from the public or retirement of debt held by the public does not account fully for the expected changes in the public debt in Accrued discount on savings bonds, which increases the value of the bonds the size of the public debt, is not a part of cash borrowing. More important, the expected excess of receipts over expenditures of Government trust accounts will be invested in Government securities. This borrowing will be reflected in an increase in the total Federal debt but will not represent cash borrowing from the public. These factors are reflected in the greater growth of the public debt predicted for compared to the cash borrowing required from the public. Although only a small amount of cash borrowing from the public is anticipated in 95, it is estimated that the public debt will increase by 5 billion dollars. In 95 the expected large increase in cash borrowing of over 0 billion dollars will be accompanied by expansion of the public debt by almost 5 billion. Most of the differential in both years results from the investment in Federal securities by trust funds. In 95, if the rate of expenditure reaches the pace predicted for that year if sufficient additional taxes are not enacted, the cash deficit cash borrowing from the public will be very large. The effects of this Government cash deficit will depend to a considerable extent on the manner in which the deficit is financed. Its inflationary impact will be diminished if savings can be maintained or increased are attracted into Government securities rather than used to finance private investment expenditures.. FEDERAL RESERVE BULLETIN

21 LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, other similar material Real Estate Credit Maximum Maturity in Refinancing A Federal Reserve Bank recently asked whether the owner of new residential construction may refinance credit outsting with respect to the property for a term equal to the maximum maturity permitted by Regulation X. For example, if the property was purchased in November 9 the borrower is refinancing the credit in January 95, may the refinanced credit have a maturity of twenty years? After considering this request in the light of the principle stated in the January 95 Federal Reserve BULLETIN, at page, that the maximum permissible maturity of credit extended to the purchaser should be calculated from the time of resale, the Board replied to the above inquiry as follows: "Principle stated applies also to refinancing where borrower is original owner of property. This assumes, of course, that refinancing does not reflect evasive side agreement which would permit final maturity to be deferred beyond date permitted at time credit was originally extended." Consumer Credit Court Proceedings Suspension of License The United States District Court in St. Louis, Missouri, on January, 95, issued injunctions against the Kahn Motor Company, a partnership composed of Irvin L. Cohn Harold Greenberg, engaged in selling automobiles, Kahn Investment Company, a corporation engaged in financing such sales, enjoining them from further violations of Regulation W, Consumer Credit, the Board of Governors of the Federal Reserve System suspended for a period of fourteen days from January to February 0, 95, inclusive, their licenses under Regulation W to make instalment sales to finance such sales, respectively. The issuance of the injunctions the entry of the Orders by the Board were consented to by both companies. Verification of OPS Ceiling Price Questions have been presented concerning the application of Part of the Supplement to Regulation W, as amended, effective December,, particularly as it relates to instalment loans subject to section (<ar) of the regulation. As so amended, Part provides in effect that where the "cash price" of a listed article is not less than the applicable maximum retail price prescribed by Federal price authorities, any instalment credit extended in connection with the purchase of the article shall not exceed the amount of such credit which would have been permitted if the article had been sold at the maximum retail price. While the above provision, like section (^)() of the regulation, applies to both instalment vendors instalment lenders, the position of the latter, as a practical matter, may not be identical with that of the former who always has specific, first-h knowledge of the price for which he sells a listed article, whether that price be, for example, the prescribed maximum retail price to which he is subject or a lesser price. Furthermore, section (</) specifically provides that if an instalment lender "relies in good faith on the facts set out by the obligor in" the Statement of the Borrower (one such fact being the cash price of the article), "it shall be deemed to be correct for the purposes of the Registrant." The Amendment to Part of the Supplement was not intended to change the practice permissible to instalment lenders under section (V) or to require an independent verification of a Statement of the Borrower the truth of which the Registrant had no reason to doubt. However, neither that section nor section (<?)() would protect an instalment lender who, from any source, knew or had reasonable grounds for suspecting that the particular credit, if granted, would exceed the amount permitted by Part because of either a fictitiously inflated price for the article or a price therefor in excess of the applicable maximum retail price. FEBRUARY 95

22 LAW DEPARTMENT "Combination Units" A question has been presented concerning the meaning of item 6 in Group B, Part, of the Supplement to Regulation W which covers "Combination units incorporating any listed article in the foregoing (5) classifications of this Group B." Inasmuch as item of Group B covers "Dishwashers, mechanical, designed for household use," the Board, in the 9 Federal Reserve BULLETIN, at page 6, stated that a "combination unit" such as a kitchen sink including a dishwasher of the kind just described, would constitute a Group B article. For these purposes, the Board is of the further view that to constitute such a "combination unit," the components thereof must be so manufactured as not to be reasonably susceptible of being sold separately. For example, a mechanical dishwasher which is manufactured as a separate unit which may be purchased as a separate unit, a counter top-sink bowl unit similarly manufactured offered for sale would not constitute a "combination unit," even though they may be sold delivered at or about the same time installed so that the dishwasher may become an attached or supporting part of the counter top-sink bowl. In such a case, that portion of the credit applicable to the dishwasher would be subject to Group B, while that portion of the credit applicable to the counter top-sink bowl would be subject to Group D; the resulting combined credit may be treated as provided by section 6(d) of the regulation. Interpretations Cancelled or Modified In view of Amendment No. 5 to Regulation W, effective December,, the following interpretations or summary-interpretations published in the Federal Reserve BULLETIN are no longer effective should be regarded as cancelled as from the effective date of Amendment No. 5: "Automobile Appraisal Guides," 9 Federal Reserve BULLETIN. " 'Used' Automobiles," 9 Federal Reserve BULLETIN 7. "Sale of 'demonstrator' Automobile," 9 Federal Reserve BULLETIN 6, para. (). "Automobile Appraisal Guides," Federal Reserve BULLETIN. "Automobile Appraisal Guides," Federal Reserve BULLETIN 69. "Automobile Appraisal Guides," Federal Reserve BULLETIN 9. "Automobile Appraisal Guides," Federal Reserve BULLETIN 66. interpretations or summary-interpretations issued prior to the effective date of Amendment No. 5 which refer, for example, to "automobile appraisal guides" or "Part 5 of the Supplement to the regulation," should be considered applied in the light of the changes made in the regulation by Amendment No. 5. FEDERAL RESERVE BULLETIN

23 CURRENT EVENTS AND ANNOUNCEMENTS Bank Suspensions During there were three bank suspensions, of which two were unincorporated private banks. There has been no suspension of a member bank since 9. The following table shows the number of suspensions the deposits of the suspended banks in recent years: Number of banks suspended: Deposits of suspended banks (in thouss of dollars): , all banks , ,, Member banks 0,9 State 6 Nonmember banks 6 05 National Insured Noninsured 7,6,06 6,5 5,567, 67,, Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). Deposits of member banks insured nonmember banks suspended are as of dates of suspensions, deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures. See Banking Monetary Statistics, pp. -9; for description, see pp. - in same publication. Publication of Technical Study The Development of Ban\ Debits Clearings Their Use in Economic Analysis, by George Garvy of the Federal Reserve Bank of New York, is now ready for distribution at the offices of the Board of Governors. This study combines a statistical review of debits clearings statistics in the United States with a critical review of their use by economists monetary analysts to interpret project economic developments. The purpose of the study is to provide the basis for better understing of debits the velocity of deposits hence of the appropriateness of these series for different types of economic analysis. Mr. Garvy's study is a by-product of the research program of the Federal Reserve System. This program includes the development maintenance of statistical tools materials that contribute to an understing of banking monetary developments. Publication of any findings resulting from the research program does not indicate official endorsement of the views or conclusions expressed. The pamphlet may be purchased for 5 cents or 5 cents in group purchases of 0 or more for single shipment. Orders should be sent to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 5, D. C. Appointment of Branch Director On January 7, 95, the Federal Reserve Bank of Kansas City appointed Mr. George R. Gear, President, The City National Bank of Guymon, Guymon, Oklahoma, as a director of the Oklahoma City Branch for the unexpired portion of the term ending December, 95. Mr. Gear succeeded Mr. S. A. Bryant, President, The Farmers National Bank of Cushing, Cushing, Oklahoma, whose term expired. Death of Director Mr. Robert P. Patterson, a member of the firm of Patterson, Belknap Webb, attorneys at law. New York, New York, who had served as a Class C director of the Federal Reserve Bank of New York since April, 9, died on January, 95. New Edition of U. S. Government Manual The -5 edition of the U. S. Government Organization Manual is off the press may be purchased from the Superintendent of Documents, Government Printing Office, Washington 5, D. C, for $ a copy. The Manual is published by the Federal Register Division, National Archives Records Service, General Services Administration. It contains sections descriptive of the agencies in the legislative, judicial executive branches of the Government. FEBRUARY 95 5

24 CURRENT EVENTS AND ANNOUNCEMENTS Supplemental information includes () brief descriptions of quasi-official agencies selected international organizations, () charts of the more complex agencies, () appendixes relating to abolished or transferred agencies to governmental publications. Federal Register The official text on prices, wages, production, transportation, housing, finance, fuels, minerals etc. is published in the daily Federal Register. The Federal Register is the only official Government periodical in which publication of all emergency regulations is required by law. It is an invaluable indispensable aid to businessmen, attorneys, others who deal with the United States Government. Subscription price (includes postage) $5.00 a year; $. a month. Order from Superintendent of Documents, Government Printing Office, Washington 5, D. C. A sample copy will be sent upon request to: Director, Federal Register Division, Washington 5, D. C. Hbook of Emergency Defense Activitis The Federal Register Division has announced publication of the third edition of the Hbook of Emergency Defense Activities, Oct. -Mar. 95, Edition. The 9 page booklet is a guide to Federal agencies all or part of whose functions are devoted to mobilization or to other related phases of the defense program. It includes brief organizational outlines the names addresses of officials of emergency defense agencies, the Department of Defense, the United States Coast Guard. This revised edition may be purchased for 0^ a copy from the Superintendent of Documents, Government Printing Office, Washington 5, D. C. Abstracts of Orders The sixth issue of Abstracts of Defense Regulations went on sale this week. It contains a cumulative list (through Dec., ) of all regulations, orders, delegations of authority, forms issued pursuant to the Defense Production Act, together with brief abstracts of their content, citations to their publications in full in the Federal Register, the names of the persons to whom inquiries concerning each document should be directed. This issue contains a cumulative listing of documents which are currently in effect. Abstracts of Defense Regulations are revised monthly may be obtained on a subscription basis at $6 per year. Prices of individual copies vary. Orders for subscriptions or for individual copies should be addressed to the Superintendent of Documents, Washington 5, D. C. 6 FEDERAL RESERVE BULLETIN

25 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES "DOLLOWING is a list of the directorates of the Federal Reserve Banks branches as at present * constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A three Class B directors, who are elected by the stockholding member banks, three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, may not be officers, directors, or employees of any bank. For the purpose of electing Class A Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, each group elects one Class A one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors Federal Reserve Agent another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. Class A: Earle W. Stamm Lloyd D. Brace. Russell H. Britton.. Class B.- Roy L. Patrick. Harvey P. Hood Frederick S. Blackall, jr. Class C.- Harold D. Hodgkinson., Karl T. Compton.. Ames Stevens. District No. Boston Term Expires Dec. President, The National Bank of Commerce of New London, New London, Conn 95.. President, The First National Bank of Boston, Boston, Mass Executive Vice President Cashier, First National Bank of Rochester, Rochester, N. H.. 95 President, Rock of Ages Corporation, Burlington, Vt President, H. P. Hood & Sons, Inc., Boston, Mass President Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. I. 95. Vice President, General Manager Chairman of Management Board, Wm. Filene's Sons* Company, Boston, Mass 95 Chairman of the Corporation, Massachusetts Institute of Technology, Cambridge, Mass. 95.President, Ames Worsted Company, Lowell, Mass District No. New York Class A: John C. Traphagen..... Chairman of the Board, Bank of New York Fifth Avenue Bank, New York, N. Y Burr P. Clevel President, First National Bank of Cortl, Cortl, N. Y.. F. Palmer Armstrong President, The Keyport Banking Company, Keyport, N. J.. Chairman. Deputy Chairman FEBRUARY 95 7

26 Class B.- Clarence Francis.. DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec... Chairman of the Board, General Foods Corporation, New York, N. Y 95 Marion B. Folsom.... Treasurer Director, Eastman Kodak Company, Rochester, N. Y 95 Jay E. Crane...Vice President, Stard Oil Company (New Jersey), New York, N. Y.. 95 Class C: Vacancy 95 Robert T. Stevens... Chairman of the Board, J. P. Stevens & Company, Inc., New York, N. Y 95 William I. Myers.... Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y.. 95 Buffalo Branch Appointed by Federal Reserve Ban\: George F. Bates. Vice President, The Marine Trust Company of Western New York, Buffalo, N. Y. (In charge of the Power City Trust offices, Niagara Falls) 95 Bernard E. Finucane....President, Security Trust Company of Rochester, Rochester, N. Y 95 C. Elmer Olson. President, The First National Bank of Falconer, Falconer, N. Y 95 Lewis G. Harriman.... President, Manufacturers Traders Trust Company, Buffalo, N. Y.. 95 Appointed by Board of Governors: Edgar F. Wendt....President, Buffalo Forge Company, Buffalo, N. Y 95 Robert C. Tait....President, Stromberg-Carlson Company, Rochester, N. Y.. 95 Clayton White.Dairy farmer, Stow, N. Y District No. Philadelphia Class A: J. Nyce Patterson... President, Watsontown National Bank, Watsontown, Pa 95 Archie D. Swift.... Chairman of Board, Central-Penn National Bank, Philadelphia, Pa 95 Wadsworth Cresse.... Cashier Director, First National Bank Trust Company, Woodbury, N. J Class B.- Charles E. Oakes.... President Director, Pennsylvania Power Light Company, Allentown, Pa 95 Warren C. Newton....President, O. A. Newton Son Company, Bridgeville, Del. 95 Andrew Kaul, III President Director, Speer Carbon Company, St. Marys, Pa. 95 Class C: Warren F. Whittier.,. Agricultural Consultant, Chester Springs, Pa Chairman. Deputy Chairman. FEDERAL RESERVE BULLETIN

27 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES C. Canby Balderston. William J. Meinel. Term Expires Dec. Dean, Wharton School of Finance Commerce, University of Pennsylvania, Philadelphia, Pa 95. President Chairman of Board, Heintz Manufacturing Company, Philadelphia, Pa.. 95 Class A: John D. Bainer. Lawrence N. Murray. Edison Hobstetter Class B.- Edward C. Doll... Charles J. Stilwdl.. Joel M. Bowlby.. Class C: George C. Brainard. John C. Virden. Leo L. Rummell. District No. Clevel. President, The Merchants National Bank Trust Company of Meadville, Meadville, Pa. 95. President, Mellon National Bank Trust Company, Pittsburgh, Pa. 95 President, Pomeroy National Bank, Pomeroy, Ohio. 95.President, Lovell Manufacturing Company, Erie, Pa.. 95.President, The Warner Swasey Company, Clevel, Ohio 95,. Chairman of the Board, The Eagle-Picher Company, Cincinnati, Ohio 95.President, Addressograph-Multigraph Corporation, Clevel, Ohio 95. Chairman of the Board, John C. Virden Company, Clevel, Ohio.. 95 Dean, College of Agriculture, The Ohio State University, Columbus, Ohio 95 Cincinnati Branch Appointed by Federal Reserve Ban\: Sterling B. Cramer First Vice President, The Fifth Third Union Trust Company, Cincinnati, Ohio L. M. Campbell. President, Second National Bank, Ashl, Ky E. S. Dabney...President, Security Trust Company, Lexington, Ky Joseph B. Hall. President, Kroger Company, Cincinnati, Ohio. 95 Appointed by Board of Governors: Henry C. Besuden.... Farmer, Winchester, Ky. 95 Granville R. Lohnes.. Treasurer, National Cash Register Company, Dayton, Ohio. 95 Ernest H. Hahne. President, Miami University, Oxford, Ohio. 95 Pittsburgh Branch Appointed by Federal Reserve Ban\: John Barclay, Jr.... President, Barclay-Westmorel Trust Company, Greensburg, Pa 95 Hugo E. Laupp.... President, Wheeling Dollar Savings Trust Company, Wheeling, W. Va. 95 Montfort Jones....Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa. 95 Chairman. Deputy Chairman. FEBRUARY 95 9

28 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. William B. McFall.... President, Commonwealth Trust Company of Pittsburgh, Pittsburgh, Pa Appointed by Board of Governors: Sidney A. Swensrud President, Gulf Oil Corporation, Pittsburgh, Pa.. 95 Henry A. Roemer, Jr President, Sharon Steel Corporation, Sharon, Pa 95 Clifford F. Hood Executive Vice President Operations, United States Steel Company, Pittsburgh, Pa. 95 Class A: District No. 5 Richmond Warren S. Johnson.... Vice Chairman, Peoples Savings Bank Trust Company, Wilmington, N. C. 95 John A. Sydenstricker Executive Vice President, First National Bank in Marlinton, Marlinton, W. Va 95 James D. Harrison..,..President, First National Bank of Baltimore, Baltimore, Md.. 95 Class B: H. L. Rust, Jr......President, H. L. Rust Company, Washington, D. C. 95 Cary L. Page......President Treasurer, Jackson Mills, Wellford, S. C Edwin Hyde.....Executive Vice President, Miller & Rhoads, Inc., Richmond, Va. 95 Class C.- John B. Woodward, Jr. President, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 95 Charles P. McCormick.... President Chairman of Board, McCormick & Company, Inc., Baltimore, Md.. 95 W. G. Wysor.... Management Counsel, Southern States Cooperative, Inc., Richmond, Va. 95 Baltimore Branch Appointed by Federal Reserve Ban\: Eugene G. Grady President, The Western National Bank, Baltimore, Md. 95 Lacy I. Rice President, The Old National Bank, Martinsburg, W. Va. 95 Charles W. Hoff...President, Union Trust Company of Maryl, Baltimore, Md. 95 Charles A. Piper....President, The Liberty Trust Company, Cumberl, Md. 95 Appointed by Board of Governors: L. Vinton Hershey...President General Manager, Hagerstown Shoe Company, Hagerstown, Md James M. Shriver. President, The B. F. Shriver Company, Westminster, Md.. 95 Alonzo G. Decker, Jr Vice President, The Black & Decker Manufacturing Company, Towson, Md. 95 Charlotte Branch Appointed by Federal Reserve Ban\: George S. Crouch... Chairman of the Board, Union National Bank, Charlotte, N. C. 95 Jonathan Woody... President, First National Bank, Waynesville, N. C. 95 Chairman. Deputy Chairman. 0 FEDERAL RESERVE BULLETIN

29 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. A. K. Davis... Senior Vice President, Wachovia Bank & Trust Company, Winston-Salem, N. C.. 95 Thomas J. Robertson.. President, First National Bank of South Carolina, Columbia, S. C. 95 Appointed by Board of Governors: W. A. L. Sibley....Vice President Treasurer, Monarch Mills, Union, S. C. 95 R. E. Ebert..President, Dixie Home Stores, Inc., Greenville, S. C Paul T. Taylor...President, Taylor Warehouse Company, Winston-Salem, N. C. 95 District No. 6 Atlanta Class A: Leslie R. Driver President, The First National Bank in Bristol, Bristol, Tenn.. 95 Rol L. Adams.President, Bank of York, York, Ala W. C. Bowman.. Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala. 95 Class B: Donald Comer Chairman of the Board, Avondale Mills, Birmingham, Ala.. 95 A. B. Freeman.. Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La.. 95 J. A. McCrary Vice President Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga. 95 Class C: Rufus C. Harris.. President, The Tulane University of Louisiana, New Orleans, La.. 95 Frank H. Neely.... Chairman of the Board, Rich's, Inc., Atlanta, Ga. 95 Paul E. Reinhold President, Foremost Dairies, Inc., Jacksonville, Fla. 95 Birmingham Branch Appointed by Federal Reserve Ban\: J. B. Barnett... President, The First National Bank of Monroeville, Monroeville, Ala.. 95 A. M. Shook......President, Security Commercial Bank, Birmingham, Ala.. 95 T. J. Cottingham. President, State National Bank of Decatur, Decatur, Ala A. J. Goodwin, Jr... Vice President, The Anniston National Bank, Anniston, Ala.. 95 Appointed by Board of Governors: Thad Holt....President Treasurer, Voice of Alabama, Inc., Birmingham, Ala. 95 John M. Gallalee. President, University of Alabama, Tuscaloosa, Ala.. 95 Edwin C. Bottcher Farming, Cullman, Ala. 95 Appointed by Federal Reserve Ban\: Jacksonville Branch J. E. Bryan.....President, Union Trust Company, St. Petersburg, Fla.. 95 N. Ray Carroll President, The First National Bank of Kissimmee, Kissimmee, Fla 95 Clement B. Chinn President, The First National Bank of Miami, Miami, Fla. 95 Chairman. Deputy Chairman. FEBRUARY 95

30 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. G. W. Reese... President, The Citizens Peoples National Bank of Pensacola, Pensacola, Fla.. 95 Appointed by Board of Governors: Howard Phillips....Vice President General Manager, Dr. P. Phillips Company, Orlo, Fla 95 Marshall F. Howell.... Vice President, Bond-Howell Lumber Company, Jacksonville, Fla 95 J. Hillis Miller...President, University of Florida, Gainesville, Fla.. 95 Nashville Branch Appointed by Federal Reserve Ban\: T. L. Cathey....President, Peoples Union Bank, Lewisburg, Tenn.. 95 Thos. D. Brabson....President, The First National Bank of Greeneville, Greeneville, Tenn 95 G. C. Graves.. President, The First National Bank of Athens, Athens, Tenn. 95 Sam M. Fleming....President, Third National Bank in Nashville, Nashville, Tenn. 95 Appointed by Board of Governors: W. Bratten Evans.....President, Tennessee Enamel Manufacturing Company, Nashville, Tenn C. E. Brehm......President, University of Tennessee, Knoxville, Tenn.. 95 H. C. Meacham...Agriculture livestock, Franklin, Tenn.. 95 New Orleans Branch Appointed by Federal Reserve Ban\: Percy H. Sitges President, Louisiana Bank & Trust Company, New Orleans, La. 95 Elbert E. Moore....President, Louisiana National Bank of Baton Rouge, Baton Rouge, La. 95 Win. C. Carter. President, Gulf National Bank of Gulf port, Gulf port, Miss. 95 G. M. Me Williams. President, Citizens Bank of Hattiesburg, Hattiesburg, Miss.. 95 Appointed by Board of Governors: E. O. Batson President, Batson-McGehee Company, Inc., Millard, Miss.. 95 H. G. Chalkley, Jr.... President, Sweet Lake L & Oil Company, Inc., Lake Charles, La 95 Joel L. Fletcher, Jr.. President, Southwestern Louisiana Institute, Lafayette, La.. 95 Class A: District No. 7 Chicago Class B.- Horace S. French.... President, The Manufacturers National Bank of Chicago, Chicago, 95 Vivian W. Johnson.. President, First National Bank, Cedar Falls, Iowa. 95 Walter J. Cummings... Chairman, Continental Illinois National Bank Trust Company of Chicago, Chicago,. 95 William J. Grede....President, Grede Foundries, Inc., Milwaukee, Wis.. 95 Chairman. FEDERAL RESERVE BULLETIN

31 Class C: William R. Sinclair. Walter E. Hawkinson. DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. Chairman of the Board Chief Executive Officer, Kingan & Company, Indianapolis, Ind. 95 Vice President in Charge of Finance, Secretary, Allis- Chalmers Manufacturing Company, Milwaukee, Wis.. 95 John S. Coleman. President, Burroughs Adding Machine Company, Detroit, Mich 95 Allan B. Kline. President, American Farm Bureau Federation, Chicago,.. 95 Franklin J. Lunding.. Director Chief Executive Officer, Jewel Tea Company, Inc., Chicago,. 95 Detroit Branch Appointed by Federal Reserve Ban\: Howard P. Parshall...President, Commonwealth Bank, Detroit, Mich. 95 John A. Stewart.,.Vice President Cashier, Second National Bank & Trust Company, Saginaw, Mich. 95 Joseph M. Dodge...President, The Detroit Bank, Detroit, Mich.. 95 Appointed by Board of Governors: John A. Hannah. President, Michigan State College, East Lansing, Mich.. 95 William M. Day Vice President General Manager, Michigan Bell Telephone Company, Detroit, Mich. 95 District No. St. Louis Class A: J. E. Etherton President, Carbondale National Bank, Carbondale,.. 95 William A. McDonnell.. President, First National Bank in St. Louis, St. Louis, Mo.. 95 Phil E. Chappell....President, Planters Bank & Trust Company, Hopkinsville, Ky.. 95 Class B.- Ralph E. Plunkett...President, Plunkett-Jarrell Grocer Company, Little Rock, Ark. 95 Louis Ruthenburg....Chairman of Board, Servel, Inc., Evansville, Ind.. 95 M. Moss Alexer... President, Missouri-Portl Cement Company, St. Louis, Mo. 95 Class C.- Russell L. Dearmont.. Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo. 95 Wm. H. Bryce... Vice President Director, Dixie Wax Paper Company, Memphis, Tenn 95 Joseph H. Moore.... Farmer, Charleston, Mo.. 95 Appointed by Federal Reserve Ban\: Little Rock Branch Harvey C. Couch, Jr...President, Union National Bank, Little Rock, Ark Gaither C. Johnston... Farming, Dermott, Ark 95 H. C. McKinney, Jr.. President, First National Bank, El Dorado, Ark 95 Thos. W. Stone...Executive Vice President, The Arkansas National Bank, Hot Springs, Ark. 95 Chairman. Deputy Chairman. FEBRUARY 95

32 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec, Appointed by Board of Governors: Stonewall }. Beauchamp.. President, Terminal Warehouse Company, Little Rock, Ark.. 95 Sam B. Strauss. President, Pfeifers of Arkansas, Little Rock, Ark 95 Shuford R. Nichols Farmer, ginner cotton broker, Des Arc, Ark.. 95 Louisville Branch Appointed by Federal Reserve Ban\: A. C. Voris....President, Citizens National Bank, Bedford, Ind Noel Rush..President, Lincoln Bank Trust Company, Louisville, Ky. 95 M. C. Minor..President, Farmers National Bank, Danville, Ky Ira F. Wilcox. Vice President Cashier, The Union National Bank, New Albany, Ind. 95 Appointed by Board of Governors: Smith Broadbent, Jr Farmer, Cadiz, Ky Alvin A. Voit.....President, Mengel Company, Louisville, Ky.. 95 Pierre B. McBride....President, Porcelain Metals Corporation, Louisville, Ky. 95 Memphis Branch Appointed by Federal Reserve Ban\: Ben L. Ross...Chairman of Board, Phillips National Bank, Helena, Ark. 95 C. H. Reeves President, Merchants Farmers Bank, Columbus, Miss. 95 John A. McCall.. President, First National Bank, Lexington, Tenn. 95 William B. Pollard. President, National Bank of Commerce, Memphis, Tenn. 95 Appointed by Board of Governors: Hugh M. Brinkley. Farmer, Hughes, Ark 95 M. P. Moore.....Owner, Circle M Ranch, Senatobia, Miss.. 95 CafTey Robertson President, Caffey Robertson Company, Memphis, Tenn.. 95 District No. 9 Minneapolis Class A: Edgar F. Zelle. Chairman of the Board, First National Bank, Minneapolis, Minn. 95 H. N. Thomson.,.Vice President, Farmers Merchants Bank, Presho, S. Dak. 95 C. W. Burges Vice President Cashier, Security National Bank, Edgeley, N. Dak. 95 Class B: Homer P. Clark.Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn 95 W. A. Denecke.. Livestock rancher, Bozeman, Mont. 95 Ray C. Lange President, Chippewa Canning Company, Chippewa Falls, Wis. 95 Class C: F. A. Flodin.. President, Lake Shore Engineering Company, Iron Mountain, Mich.. 95 Roger B. Shepard...St. Paul, Minn 95 Paul E. Miller.... Director, Agricultural Extension Division, University of Minnesota, St. Paul, Minn Chairman. Deputy Chairman. FEDERAL RESERVE BULLETIN

33 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. Helena Branch Appointed by Federal Reserve Ban\: Theodore Jacobs President, First National Bank, Missoula, Mont.. 95 E. D. MacHafrle...Investments, Helena, Mont A. W. Heidel..Vice President, Powder River County Bank, Broadus, Mont.. 95 Appointed by Board of Governors: John E. Corette, Jr....Vice President, Montana Power Company, Butte, Mont.. 95 G. R. Milburn..Livestock rancher, Grass Range, Mont.. 95 District No. 0 Kansas City Class A: W. S. Kennedy..,.President Chairman of the Board, The First National Bank of Junction City, Junction City, Kan.. 95 W. L. Bunten....Executive Vice President, Goodl State Bank, Goodl, Kan. 95 T. A. Dines...Chairman of the Board, The United States National Bank of Denver, Denver, Colo.. 95 Class B: E. M. Dodds.. President, United States Cold Storage Corporation, Kansas City, Mo L. C. Hutson...Director, Chickasha Cotton Oil Company, Chickasha, Okla.. 95 Vacancy 95 Class C: Robert B. Caldwell...Caldwell, Downing, Noble Garrity, Kansas City, Mo.. 95 Vacancy 95 Lyle L.Hague...Farmer stockman, Cherokee, Okla.. 95 Denver Branch Appointed by Federal Reserve Ban\: Albert K. Mitchell Rancher, Albert, N. Mex Ramon B. Hy.Executive Vice President, The First National Bank of Greeley, Greeley, Colo 95 Merriam B. Berger.. Vice President, The Colorado National Bank of Denver, Denver, Colo. 95 Appointed by Board of Governors: G. Norman Winder..Rancher, Craig, Colo 95 Cecil Puckett.Dean, College of Business Administration, University of Denver, Denver, Colo. 95 Oklahoma City Branch Appointed by Federal Reserve Ban\: Frank A. Sewell... Chairman of the Board President, The Liberty National Bank Trust Company of Oklahoma City, Oklahoma City, Okla. 95 Chairman. Deputy Chairman. FEBRUARY 95 5

34 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. F. M. Overstreet. President, First National Bank at Ponca City, Ponca City, Okla. 95 George R. Gear President, The City National Bank of Guymon, Guymon, Okla. 95 Appointed by Board of Governors: Rufus J. Green... Rancher farmer, Duncan, Okla 95 Cecil W. Cotton.. President, C. W. Cotton Supply Company, Tulsa, Okla.. 95 Omaha Branch Appointed by Federal Reserve Ban\: Fred W. Marble....President, The Stock Growers National Bank of Cheyenne, Cheyenne, Wyo 95 I. R. Alter... President, The First National Bank of Gr Isl, Gr Isl, Neb 95 Ellsworth Moser...President, The United States National Bank of Omaha, Omaha, Neb. 95 Appointed by Board of Governors: Fred S. Wallace.....Farmer, Gibbon, Neb 95 Joe W. Seacrest.. President, State Journal Company, Lincoln, Neb District No. Dallas Class A: J. Edd McLaughlin... Vice President, Security State Bank Trust Company, Rails, Tex 95 W. L. Peterson.....President, The State National Bank, Denison, Tex.. 95 P. P. Butler....President, First National Bank of Houston, Houston, Tex Class B: George L. MacGregor.... Chairman of the Board, President General Manager, Dallas Power & Light Company, Dallas, Tex 95 W. F. Beall.... President General Manager, Beall Brothers, Department Stores, Jacksonville, Tex 95 George H. Zimmerman.. Chairman of the Board President, Wm. Cameron & Company, Waco, Tex.. 95 Class C: J. R. Parten.. President, Woodley Petroleum Company, Houston, Tex.. 95 G. A. Frierson..... G. A. Frierson & Son, Merchants & Planters, Shreveport, La.. 95 R. B. Anderson.. General Manager, W. T. Waggoner Estate, Vernon, Tex.. 95 El Paso Branch Appointed by Federal Reserve Ban\: George G. Matkin....President, State National Bank, El Paso, Tex 95 W. H. Holcombe..Executive Vice President, Security State Bank, Pecos, Tex John W. Cordts....President, Southwest National Bank, El Paso, Tex 95 J. M. Sakrison President, Southern Arizona Bank & Trust Company, Tucson, Ariz.. 95 Appointed by Board of Governors: Hiram S. Corbett President, J. Knox Corbett Lumber Company, Tucson, Ariz.. 95 Chairman. Deputy Chairman. 6 FEDERAL RESERVE BULLETIN

35 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. Hal Bogle..Livestock feeding, farming ranching, Dexter, N. Mex James A. Dick, Jr...,..President, James A. Dick Company, El Paso, Tex 95 Houston Branch Appointed by Federal Reserve Ban\: Melvin Rouff President, Houston National Bank, Houston, Tex 95 R. Lee Kempner President, United States National Bank, Galveston, Tex P. R. Hamill.....President, Bay City Bank & Trust Company, Bay City, Tex O. R. Weyrich President, Houston Bank & Trust Company, Houston, Tex Appointed by Board of Governors: Charles N. Shepardson.... Dean of Agriculture, A. & M. College of Texas, College Station, Tex 95 Herbert G. Sutton T. O. Sutton Sons, Colmesneil, Tex 95 Ross Stewart President, C. Jim Stewart & Stevenson, Inc., Houston, Tex San Antonio Branch Appointed by Federal Reserve Ban\: Riley Peters President, First State Bank, Kerrville, Tex 95 E. R. L. Wroe President, American National Bank, Austin, Tex. 95 E. A. Baetz President, Bexar County National Bank, San Antonio, Tex V. S. Marett President, Gonzales State Bank, Gonzales, Tex 95 Appointed by Board of Governors: D. Hayden Perry Livestock farming, Robstown, Tex 95 Edward E. Hale..,..Chairman of the Department Professor of Economics, The University of Texas, Austin, Tex Henry P. Drought., Attorney at Law, San Antonio, Tex.. 95 Class A: William W. Crocker.. District No. San Francisco..Chairman of the Board, Crocker First National Bank of San Francisco, San Francisco, Calif 95 Chas. H. Stewart....Chairman of the Board, Portl Trust Bank, Portl, Ore Carroll F. Byrd....President, The First National Bank of Willows, Willows, Calif. 95 Class B: Walter S. Johnson....President, American Forest Products Corporation, San Francisco, Calif 95 Alden G. Roach....President, Columbia-Geneva Steel Division of United States Steel Company, San Francisco, Calif 95 Reese H. Taylor....President, Union Oil Company of California, Los Angeles, Calif. 95 Class C: Bray ton Wilbur President, Wilbur-Ellis Company, San Francisco, Calif 95 William R. Wallace, Jr.. Member of the firm of Wallace, Garrison, Norton & Ray, Attorneys at Law, San Francisco, Calif 95 Harry R. Wellman.... Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif Chairman. Deputy Chairman. FEBRUARY 95 7

36 DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Appointed by Federal Reserve Ban\: Los Angeles Branch Term Expires Dec. M. Vilas Hubbard..President, Citizens Commercial Trust & Savings Bank of Pasadena, Pasadena, Calif 95 Frank L. King....President, California Bank, Los Angeles, Calif.. 95 W. R. Bimson.., President, The Valley National Bank of Phoenix, Phoenix, Ariz. 95 Appointed by Board of Governors: Fred G. Sherrill. Vice President, J. G. Boswell Company, Los Angeles, Calif.. 95 Paul H. Helms...President, Helms Bakeries, Los Angeles, Calif.. 95 Portl Branch Appointed by Federal Reserve Ban\: W. W. Flint.. President, The First National Bank of Cottonwood, Cottonwood, Idaho. 95 Frank Wortman.President, The First National Bank of McMinnville, McMinnvillc, Ore 95 E. C. Sammons... President, The United States National Bank of Portl, Portl, Ore. 95 Appointed by Board of Governors: Robert B. Taylor....Livestock farming, Adams, Ore 95 Aaron M. Frank. President, Meier & Frank Company, Inc., Portl, Ore.. 95 Appointed by Federal Reserve Ban\: Salt Lake City Branch Chas. L. Smith. Chairman of the Board, First Security Bank of Utah, National Association, Salt Lake City, Utah John A. Schoonover. President, The Idaho First National Bank, Boise, Idaho. 95 Harry Eaton Vice President, Twin Falls Bank & Trust Company, Twin Falls, Idaho 95 Appointed by Board of Governors: Merle G. Hyer...Livestock farming, Lewiston, Utah. 95 Frank M. Browning..President, Ogden Buick Sales Company, Ogden, Utah 95 Seattle Branch Appointed by Federal Reserve Ban\: Fred C. Forrest...Chairman of the Board President, The First National Bank of Pullman, Pullman, Wash.. 95 Benj. N. Phillips...Chairman of the Board, First National Bank in Port Angeles, Port Angeles, Wash Chas. F. Frankl...President, The Pacific National Bank of Seattle, Seattle, Wash. 95 Appointed by Board of Governors: Ralph Sundquist...Sundquist Fruit & Cold Storage, Yakima, Wash 95 D. K. MacDonald....President, D. K. MacDonald & Company, Inc., Seattle, Wash.. 95 Chairman. FEDERAL RESERVE BULLETIN

37 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January, released for publication January 0] Over-all stability in economic activity continued in December January. Prices of some basic commodities have weakened in recent weeks, while prices of finished goods have generally been maintained. Bank loans to business exped considerably in December showed some decline in early January. Easing in money market conditions in January was reflected in reduction of Federal Reserve holdings of Government securities to the lowest level since early. INDUSTRIAL PRODUCTION The Board's index of industrial production in December was per cent of the 95-9 average, about the same as in the preceding months in December the year before. The index averaged 0 for the year, up 0 per cent from 9. Durable goods output exped further in December topped the previous postwar high reached in April. There were offsetting declines, however, in nondurable goods minerals. Activity in producers' equipment munitions industries generally increased in December. Gains were particularly marked for machine tool, electrical power equipment, aircraft industries. Output of steel nonferrous metals held close to the high November rates. In January a rise in steel capacity to 0.6 million tons per year was announced; output was scheduled close to the level of the preceding month but somewhat below the new rated capacity. Curtailed production of building materials in December reflected large inventories the reduced level of residential construction. Output of household durable goods continued at a level moderately above the summer low close to the 97-9 average rate. Auto assemblies were considerably reduced in late December early January, partly because of model changeovers. The decline in nondurable goods production in December largely reflected moderate cuts in cotton textiles, paperboard, newsprint consumption a more than seasonal decline in manufactured foods. Operations at chemical rubber plants continued at the high November levels petroleum refining activity increased slightly further. Coal production decreased in December after a marked rise in October November. Crude petroleum output was stable at rates slightly below the peak reached last autumn. EMPLOYMENT Seasonally adjusted employment in nonagricultural establishments continued unchanged in December. The average workweek at factories in mid-december, however, rose to. hours, more CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL :ASONALL " PRODUCTION Federal Reserve indexes. Monthly figures, latest shown are for December. I F. W. Dodge Corporation data for 7 Eastern States. Monthly figures, latest shown are for December. May figures for "public ownership" "total" include several large awards by Atomic Energy Commission totaling 90 million dollars. FEBRUARY 95 9

38 NATIONAL SUMMARY OF BUSINESS CONDITIONS than half an hour above the level in other recent months. Average factory hourly earnings showed a slight further gain average weekly earnings advanced considerably to $67.6. Unemployment at.7 million was down about,000 from November to a level of 5,000 below a year ago. CONSTRUCTION Value of new construction work put in place showed no change in December, after allowance for seasonal influences. The total for the year rose to 0 billion dollars as building costs were at new record levels the construction of industrial military facilities increased sharply. The number of housing units started declined seasonally in December to 6,000, bringing the total to,090,000 as compared with the record,96,000 in 9 with,05,000 in 99. DISTRIBUTION In the first three weeks of January, seasonally adjusted dollar sales at department stores were close to the high December level, although about one-sixth below the record January rate. Sales of apparel other nondurable goods have been maintained in recent months. Sales by automotive building materials hardware stores continued to decline in December. Value of department store stocks was reduced less than seasonally in December, according to preliminary estimates. WHOLESALE COMMODITY PRICES Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending February 5. COMMODITY PRICES Prices of hides declined sharply there were moderate decreases in textiles, chemicals grains from the early part of December to the latter part of January. Foreign prices of metals, which had been far above domestic levels, also decreased, while the domestic price for tin was advanced. Prices of most foods other finished goods have continued to change little. Manufacturers' ceilings selling prices on new models of some leading makes of autos were raised about 5 per cent in the latter part of January. The consumers price index advanced slightly further from mid-november to mid-december, reflecting mainly higher food prices, offset in part by declines in apparel housefurnishings. MONEY AND BANK CREDIT Bank credit, particularly business loans, exped more sharply than usual in December then contracted somewhat early in January. Metal metal product manufacturers have been particularly important borrowers in recent weeks. The December credit expansion contributed to a substantial rise in the private money supply the amount of currency bank deposits held by businesses individuals. The money supply has not experienced its usual decline in January mainly because of a large transfer of bank balances from Treasury to private accounts. Member bank reserve positions tightened sharply in the last half of December eased considerably early in January. Federal Reserve holdings of Government securities have declined sharply in January are now below the level of a month ago at about the level of April following the Treasury-Federal Reserve accord. Common stock prices rose further in the first three weeks of January, reaching their highest level since April 90. Accompanying an easing in money market conditions, yields on short- medium-term United States Government securities declined during the first three weeks of January. Yields on long-term Governments showed little change, while yields on high grade corporate bonds declined substantially, returning to their November levels. FEDERAL RESERVE BULLETIN

39 FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, related items 5-5 Federal Reserve Bank rates, reserve requirements; margin requirements; fees rates under Regulation V; terms under Regulations X W 5-56 Federal Reserve Bank statistics Guaranteed Regulation V loans.. 59 Deposits reserves of member banks Bank debits deposit turnover; Postal Savings System 60 Money in circulation 6 Consolidated statement of the monetary system, deposits currency 6 All banks in the United States, by classes 6-65 All insured commercial banks in the United States, by classes Weekly reporting member banks Life insurance company commitments Commercial paper, bankers' acceptances, brokers' balances 7 Money rates; bank rates on business loans; bond yields 7 Security prices new issues Corporate sales, profits, dividends 7-76 Treasury finance Government corporations credit agencies 0 Business indexes. -90 Department store statistics 9-9 Consumers' prices 9 Wholesale prices Gross national product, national income, personal income Consumer credit statistics 9-00 Changes in number of banking offices in the United States. 0 Number of banking offices on Federal Reserve par list not on par list 0 Tables on the following pages include the principal available statistics of current significance relating to financial business developments in the United States. The data relating to the Federal Reserve Banks the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money security markets commodity prices other series on business activity are obtained largely from other sources. Back figures for banking monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. FEBRUARY 95 5

40 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Billions of Dollars Wednesday Figures Billions of Dollars 0 MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS TOTAL RESERVE BANK HOLDINGS OF U- 5 GOVERNMENT SECURITIES Wednesday figures, latest shown are for February 6. See page 5. 5 FEDERAL RESERVE BULLETIN

41 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Date or period Discounts advances Reserve Bank credit outsting U. S. Government securities Bonds Bills, certificates, notes All other Gold stock Treasury currency outsting Money in circulation Treasury cash holdings Treasury deposits with Federal Reserve Banks Nonmember deposits Member bank reserve balances Federal Reserve accounts Required Excess Wednesday figures: 9 Dec. 6. Dec.. Dec. 0. Dec. 7. Jan.. Jan. 0. Jan. 7. Jan.. Jan.. Feb. 7. Feb.. Feb.. Feb.. Mar. 7. Mar.. Mar.. Mar.. Apr.. Apr.. Apr.. Apr. 5. May. May 9. May 6. May. May Aug.. Aug.. Aug. 5. Aug.. Aug. 9. Sept. 5. Sept.. Sept. 9. Sept. 6. Oct.. Oct. 0. Oct. 7. Oct.. Oct.. Nov. 7. Nov.. Nov.. Nov.. Dec. 5. Dec.. Dec. 9. Dec Jan... Jan. 9.. Tan. 6.. Jan... Jan ,9 69 0,59 5 0,7 0 0,7 0,57 7 0,6 0 0,79 7 0,55 79, 6,6 9,0 96,5 97, 07,79,6 5, 7,606 6,9 9,06,06,90 6 5,76,5,97 6,,9,65 79,75 65,06 0,,977 6,09 00,0 7,057 0,0 00,,5,0 7,066,079 5,0 59,5 6,7 69,09 79,07 69, 5,666,55,7 7,97 7,75,9 959,9 70,9 9,9 797, 05,65 9,5 5,9,99 0,75,57,0,5,59,6,67,77,77,965 5,00 5,0 5,0 5,9 5,59 5,59 5,9 6,0 6, 6,9 6,5 6,570 6,570 6,6 6,6 6,7 6,79 6,69 6,96 6,76 6,09 6, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5, 5,5 5,5 5,5 5,5 5,5 5,5 5,5 5. 5, 5,57 5,76 5, 5, 5, 5, 5, 5, 5, 5, ,9,976 5,709 76,,96 5,69,5,6,796 5,7,0,70,795 5,97 5,77 6,05 5,79 6,59 6,56 6,606 6,5 6, 6,57 0,6,95 6,567,09,65,900 6,57,09,607,56 6,57 775,5,55 6,66 6,5 6,5 6,70 6,6 5,96 5,75 5,700 5,57 5,7 5, 6,070 6,0 6,55 7,70 7,59 7,5 7,59 7,96 7,9 7,6 7, 7,57 7,6 7, 7,65,,7,5,,7,, ,905 7, 7,6 7,905,6,,0 7,775 7,69 7,, 700, ,60,,9,0,60,,,07 909,, , ,7 5 9, 9 79,,759 77, 06, , 60,00 77,75,00 657,00, , ,00, , 957,0,057,76,06 90,,00 7,79,706,5,56,9,9, 60,,05,9,,06,95,06,,07,79,07,7,755,706,755,9,755,,755,96,755,56,756,7,756,,755,96,755, 970,756,67,757,605,75,06,759,006,5,,5,7,9,677,0 5,(,05 5,05,055 5,7,05,,,7,,595,,60,,75,,679, 5,0,,90, 5,75,9 5,576,6,5,697,55,77,7,,6,7,707,9,6,6,60,6,6,65,65,65,6,6,67,67,60,69,69,6,67,60,60,60,6,6,6,6,6,6,6,67,6,6,65,656,656,65,66,665,666,667,66,67,67,67,676,60,60,6,6,66,66,6,69,69,699,700,70,70,706,707,70,7,76 7,69 7,759 7,99 7,96 7,65 7,5 7,00 7,0 7,0 7,5 7,59 7,6 7, 7,9 7,67 7, 7,0 7, 7,66 7,57 7, 7,55 7,5 7,7 7,5 7,6 7, 7,99 7,79 7,60 7,9 7,9 7,7 7,706 7, 7,90 7,95 7,9,0,6,6,0,7,0,,5,0,0,5,60,70,7,9 9,07 9,6 9,0 9,,00,56,,7,9,9,9,95,99,0,0,0,97,07,9,77,9,0,,95,99,0,7,9,96,9,9,97,90,9,0,9,5,6,7,96,96,05,0,9,,9,9,99,9,5,,,6,96,9,,9,,5,,9,,69,9,75 0,9,0, ,0,,0,5,,7,,095,06,00,6,,7,065,0,0,97,,9C,,,6,95,,0,7,0,095,099,9,0,07,,9,75,06,, ,0,07 9,0 966, , , , , ,075 7,95 7,9 79 9, , 75 9,5 75 9, , ,69 7,,57,60,9 9,00 9,9 9,0 9,0,9, 9,07,606, 9,9 66 9,7 77 9, 9,0 76 9,9 76 9, , ,0 7 9, , 79 9,5 7 9,7 77,7,5 9,67 9,5 7 9,69 0,00 7 9,99 5 0,06 9, 70 9, , , 77 9, , ,96 7 0,79 0,0 0,6 7 0,69 7 0, 7 0, ,0 6,00 6,65 6,5 6,5 6,0 6,9 7,6 7,60,07,9,,57,66,,56,7,55,95,56,55,,6,70,06,5,0,5,7,6,56,556,59,65,0,0,,6,57,5,06,555,6,7,,6,9 9, 9,060,9,976 9, 9,9 9,96 9,7 9,767 9,67 9,6 9,55 P9.57O P9,56O P , ,9, , , , ,6,07, , P9 Pl,09 P5 v Preliminary. r Revised. Includes industrial loans acceptances purchased shown separately in subsequent tables. Wednesday figures end-of-month figures (shown on next page) are estimates. Back figures. See Banking Monetary Statistics, Tables 0-0, pp. 69-9; for description, see pp in the same publication. FEBRUARY 95 5

42 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Continued [In millions of dollars] Date or period Discounts advances Reserve Bank credit outsting U. S. Government securities Bonds Bills, certificates, notes All other Gold stock Treasury currency outsting Money in circulation Treasury cash holdings Treasury deposits with Federal Reserve Banks Nonmember deposits Member bank reserve balances Federal Reserve accounts Required Excess End of period: Dec Dec Dec Dec Dec Dec Dec Dec j an Feb.. Mar Apr May... Aug Sept Oct Nov... Dec 95 Jan, ,99,,5,6.,559,66, 9,,5, 0,77 79, 97, 75,90,7 59,9 5,9 77,07 55,7 90,7 6,55 6,9 9,0,79 7,5, ,5 6,06 0,977 7, ,6,60,965 5,9 6,7 6,570 6,0 6, 5, 5, 5, 5,5 5, 5, 5, 5,557, 77, ,706 5,60,56,56.667,7 6,5 6,59 6, 6,7 6,7 5,706 6,60 7,56 7,05 7,9,7 7,905,57 7, , , , 690 7,9 76,00,0,59,6 5,09,09,,900,097 9,696 9,99,70,6,05,,,560,,0,0,09 5,05,7,7 5,009,7,07,0 7,6,77 0, ,75,5,,66,7,,706,9,06,06,05,755,756,759,5,0,,,695 P,95,09,6,96,7,9,56,56,565 L,59,597 :,59,607,66,6,60,60,6,66,655,666,67,6,6,700 ',709 ^,76,59 5, 7,59,60,55,95,6 7,90, 7,9 7,600 7,56 7,7 7,0 7, 7,9 7,7 7,59 7,09 7,5,55,,7,09 r 9,06 P.6 0 6,09,5,7,7,6,7,5,07,,9,9,9?,9,9,,9,,0,7,5,,,70 Pi, ,9, , ,60, ,9 9,57,,60,06,7,,6,79,6,59,0, ,56,9,65, 5,95 6,9 7,99 7,9 0,79 7,67 6,56 5,9 7,6,9 9,066 9,0,90,56 9,00,6 9, 9,9 9,557 9,670 0,056 0,077,,7 6, 5,09 9,65,05,57, ,00 6,67 9,77 6,99 5,5 5,9 6,9,07,66,67,9,06,60,96,6, 9,060 9,0 9,667 ^9,7 75,99 7,0 9,0 6, P599 Averages of daily figures: 9 Nov Dec Jan Nov Dec 95 Jan 5 9, 0,5 0,699,6 657,09 00,06,7,590, ,5 5, 5,0 5,755 5,96,05,057 7,6 6,9 97,07,0,0 0,59,606,9,75 5,6,,57,79,5,9,,,6,69,65,6,70,709 7,0 7,06 7,0,6 9,9,67,90,90,97,6,0, ,,7, ,7 79 7,9 7, , ,0 7 0,70 6,009 6,6 7,6 9,065 9, 7, For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Savings deposits Postal savings deposits deposits payable: b In 6 months or more In 90 days to 6 months... In less than 90 days Nov., 9-Feb., 95- Jan., 95Dec., 95Jan. Effective, 96 NOTE. Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb., 96, are the same as those in effect for member banks. MARGIN REQUIREMENTS ] [Per cent of market value] Prescribed in accordance with Securities Exchange Act of 9 Regulation T: For extensions of credit by brokers dealers on listed securities For short sales Regulation U: For loans by banks on stocks Feb., 97- Mar. 9, Mar. 0, 99- Jan. 6/ V Effective Jan. 7, Monetary Statistics, Table 5, p., p. 95, February 97, p. 6. MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Effective date of change 9 Apr. 6 9 Nov. 9 Aug. 0 Sept. Oct. 9 Feb. 7 Sept. 6 Sept. 99 May May 5 0 Aug. Aug, Aug. 6 Aug. Aug. 5 Sept. Jan. Jan. 6, Jan. 5 Feb. In effect Feb., Net dem deposits Central reserve city banks % *' H ^ Reserve city banks Country banks 6 is' Time deposits (all member banks) 7, '5» 5 Dem deposits subject to reserve requirements, which beginning Aug., 95, have been total dem deposits minus cash items in process of collection dem balances due from domestic banks (also minus war loan series E bond accounts during the period Apr., 9-0, 97). Requirement became effective at country banks. Requirement became effective at central reserve reserve city banks. Present legal minimum maximum requirements on net dem deposits central reserve cities, 6 per cent; reserve cities, 0 0 per cent; country, 7 per cent, respectively; on time deposits at all member banks, 6 per cent, respectively. Back figures. See Banking Monetary Statistics, Table 07, p. 00. *6 6 FEDERAL RESERVE BULLETIN

43 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Federal Reserve Bank Discounts for advances to member banks Advances secured by Government obligations discounts of advances secured by eligible paper (Sees. a) secured advances [Sec. 0(b)] Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. ) Rate on Jan. In effect beginning Previous rate Rate on Jan. In effect beginning Previous rate Rate on Jan. In effect beginning Previous rate Boston, New York Philadelphia., Clevel Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Aug., 9 Aug., 9 Aug. 5, 9 Aug. 5, 9 Aug. 5, 9 Aug., 9 Aug. 5, 9 Aug., 9 Aug., 9 Aug. 5, 9 Aug. 5, 9 Aug., 9 Aug., 9 Aug., 9 Aug. 5, 9 Aug. 5, 9 Aug. 5, 9 Aug., 9 Aug. 5, 9 Aug., 9 Aug., 9 Aug. 5, 9 Aug. 5, 9 Aug., 9 Jan., 9 Oct. 0, 9 Aug., 9 Aug. 5, 9 Oct., 9 Aug., 9 Aug., 9 Jan., 9 Aug., 9 Jan. 9, 9 Feb., 9 Oct., 9 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. Certain special rates to nonmember banks were in effect during the wartime period. NOTE. Maximum maturities for discounts advances to member banks are: 5 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances discounts made under Sections a of the Federal Reserve Act (except that discounts of certain bankers' acceptances of agricultural paper may have maturities not exceeding 6 months 9 months, respectively); months for advances under Section 0(b). The maximum maturity for advances to individuals partnerships, or corporations made under the last paragraph of Section is 90 days. Back figures. See Banking Monetary Statistics, Tables 5-6, pp. 9-. FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Maturity - 90 days 9-0 days -0 days Rate on Jan. IK V In effect beginning Dec., Dec., Dec., Previous rate % IVs NOTE. Effective minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures. See Banking Monetary Statistics, Table 7, pp. -5. FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 9 AND EXECUTIVE ORDER NO. 06 [In effect January ] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan 70 or less Over 95 Percentage of loan guaranteed Maximum Rates Guarantee fee (percentage of interest payable by borrower) Financing Institutions May [Per cent per annum] Percentage of any commitment fee charged borrower Charge Borrowers FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS Federal Reserve Bank Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco... AND COMMITMENTS UNDER SECTION B OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect January. Per cent per annum] To industrial or commercial businesses On loans On commitments To financing institutions On discounts or purchases Portion for which institution is obligated Remaining portion On commitments Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. Rate charged borrower but not to exceed per cent above the discount rate. 6 Charge of per cent is made on undisbursed portion of loan. Back figures. See Banking Monetary Statistics, Table, pp Interest rate Commitment rate 5 FEBRUARY 95 55

44 REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing Home Finance Administrator terms on loans insured or guaranteed by the Federal Housing Administration the Veterans Administration as issued under the authority of the Housing Home Finance Administrator under the provisions of the Defense Production Act of 9, as amended, Executive Order 06 Value per family unit - to -family units farm residences Regulation X FHA VA Multi-unit residences (Reg. X FHA) Nonresidential properties (Regulation X) Not more than $7, $7,00-$0,000 $0,00-$,000 $,00-$5,000 $5,00 -$0, ,00-$,0... $,-$,0 Over $, $9,600 plus 0 per cent of excess over $,000 (0-7) $0,00 plus 0 per cent of excess over $5,000 (7-59) ]$,00 plus 0 per cent of excess over $0,000 j (59-) Maximum loan per family unit (in per cent of value unless otherwise specified) 96 per cent of price 9 per cent of price 9 per cent of price $,00 plus 7 per cent of price over $,000 (9-77 per cent of price) $,5 plus 5 percent of price over $5,000 (77-6 per cent of price) $,00 plus 5 per cent Vof price over $0,000 (6-55 per cent of price) 55 per cent of price $5,0 plus 5 per cent of excess over $7,000 (-67) $0,0 plus 0 per cent of excess over $5,000 (67-) - Maximum maturity (years) Maximum loan per property per cent of value Not more than $,000 Over $, » 5 «0 \ None specified } Amortization requirements All values..... Minimum annual reduction of 5 per cent of original loan until amount outsting is per cent or less of property value at time the loan was made or liquidation of loan by maturity through substantially equal periodic payments or payments of principal None specified under Regulation X; periodic payments satisfactory to Commissioner on FHA loans Liquidation of loan by maturity through substantially equal periodic payments or payments of principal Effective date September, «September, January, February 5, Properties generally described as commercial recreational. Maximum amount of loan insured by FHA may not exceed $,000 on -family, $6,000 on -family, $0,0 on -family, $5,000 on -family residences, or $,00 per unit on multi-unit projects. On existing - to -family units the loan amount may not exceed 0 per cent of value. Under special circumstances with the approval of the Veterans Administrator, the maximum maturity on a loan may be 0 years. For terms effective before Sept.,, see BULLETIN for October 9, p., January, pp. -. NOTE. These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate credit terms on dwelling units programmed by the Housing Home Finance Administrator in critical defense housing areas have been suspended or relaxed as provided by the Defense Housing Community Facilities Services Act of as prescribed by the Administrator. For full explanation of the scope provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal Reserve Banks or branches. For similar information on regulations of the FHA VA, consult the FHA or VA offices. MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES UNDER REGULATION W Prescribed by Board of Governors of the Federal Reserve System under authority of the Defense Production Act of 9, approved September, 9, as amended, Listed articles loans Sept. - Oct. 5, 9 Minimum down payment (per cent) Oct. 6, 9-0,, Sept. - Oct. 5, 9 Maximum maturity (months) Oct. 6, 9-0,, Listed articles: Passenger automobiles Major appliances Furniture floor coverings Home improvement materials, articles, services ' % H Loans: To purchase listed articles Unclassified ( ) ( ) ( ) ( ) 5 ( ) For automobiles, payable in cash, trade-in, or both; for other listed articles, payable in cash from Sept., 9, to 0,, in cash, trade-in, or both from,. Exempted from down payment requirements: Sept. -Oct. 5, 9, listed articles costing less than $00; beginning Oct. 6, 9, those costing less than $. Includes radio or television receiving sets, phonographs, refrigerators, food freezers, cooking stoves, ranges, dishwashers, ironers, washing machines, clothes driers, sewing machines, suction cleaners, room-unit air conditioners, dehumidifiers. * Includes heating, plumbing, other household fixtures. Requirements same as on instalment sales of respective articles. 56 FEDERAL RESERVE BULLETIN

45 STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS [In thouss of dollars] Wednesday figures End of month 95 Jan. 0 Jan. Jan. 6 Jan. 9 Jan. Jan. Dec. Jan. Assets Gold certificates Redemption fund for F. R. notes. gold certificate reserves.. cash Discounts advances: For member banks For nonmember banks, etc.. Industrial loans U. S. Government securities: Bills Certificates: Special Notes Bonds U. S. Government securities. loans securities Due from foreign banks F. R. notes of other Banks. Uncollected cash items Bank premises assets assets Liabilities Federal Reserve notes Deposits: Member bank reserve accounts.. U. S. Treasurer general account. Foreign deposits.. Deferred availability cash items liabilities accrued dividends liabilities. Capital Accounts Capital paid in Surplus (section 7) Surplus (section b) capital accounts liabilities capital accounts. Ratio of gold certificate reserves to deposits F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents, Industrial loan commitments Discounts advances total Within 5 days 6 days to 90 davs 9 days to vear... Industrial loans total Within 5 days 6 days to 90 days 9 days to year Over year to 5 years... U. S. Government securities total Within 5 days 6 to 90 days 9 days to year Over year to 5 years Over 5 years to 0 years Over 0 years...,0,5 0 79,,7,5,7 0,5,7 5,06 5,,0,75,9,99,9,9,9,5,05,657,65,7,59,0,5,,7,999,75,0,6,5,,65,,767,60,06,65,5,,5,959 0, ,77,5,5 9,766 5, 7,5,6,6 6,59 957,5 0 79,57,676, 60,7 55,75 7,7,7 ^9 5,00,000,6,9 5,06,07 5,,7,,7,,9 59,77,7,96,6,077,5,,7,955 5,05,67,0,66 5,06,09,06, 0,0, ,790 0,0,00 56,995 9,59 7,76 67,9,67,09,6 9,95 5, 7,5,0 7.,7 6,6,95 0,,95 79, 79, 07,,6,7,00 5,9 06,07,7,0,7,97,955 5, 9,00,69 9,9,67 9,97, 9,70,57,9,0,90,56 9,99,6 7,7,69 0,5 7,65 5,76,97 0,96,59,,65,,566,09,6,065,5,00,76,9, ,9,60,7,559 9,00 5, 7,5,6,76,9,9 9,00,69 9,9,67 9,97, 9,70,57,9,0,90,56 9,99,6 7,7, ,6 6,05 7, 97,606, 5,60,70,9 5,06,07 5,,7 56,597,,59,695,9 0, ,, ,06,56,576, 9,06,796,55,77 9,79,99,000,,990,9 6.59,657,07 5, 7,5, , 6,57 0, ,757 5,06 5,,0,5 79,,06,7,,6,067,60, ,69,,6,606 5,06 0,6,6 07 7,66 5,6 70,777 7,96 5, 7,5 0, 6.6 0,766 6,5 Maturity Distribution of Loans U. S. Government Securities l 0,5 0 5,,7 9,7,959,6,0.0 97,606 7,95,6 05,97 9,55,6f,6 65,6,00 0,7,5 '',570,6,9,79,79 5,06,07 5,06,07 5,,7 5,,7 05,9,99,07,9 6,60,57,,09 9,0 5, 7,5,55 7.9,6 7, 0,75,95 7,5,75 9,7,67 596,60 0,,905,7,599,57,076,976 0,055,76 6,599 6,67 5,6 56,75 0,9 6,79,5 0, 5,0,7,90,09 6,6 5, 7,5 06,5 0,9 6,06 9,7,5,0, ,5,07 0,56,90 595,7,7 79, ""', 5,69,66,0,,965,5 65,99,,67 0,75,,9, 07, 66,55 0,07 56,976, 6,90,0 7,5,6. 7,6,5 79, 7, 9,7 7,5 0 9, ,7,,570 67,0, ,007 97, 9,57,,77,6,6,0, ,0??,75,9??,99,9?,9,9?,5,05?,657,65,7,59,0,5,,7 7,00 0,00 9,0 9,0 59,90 69,599,07,,07,,7,7,75,0,60,9,07, 5,05,09,065 0,, 0,967,,0,7,,7,,9 0,776,7,,,57,5 5,0,56 5,0,56 5,0,56 5,0,56 5,0,56 5,0,56 5,0,56,00,0,0,6,0,6,0,6,0,6,0,6,0,6,0,6 96,700,6,705,6,705,6,705,6,705,6,705,6,705,6,705,69,700 Federal Reserve Notes Federal Reserve Agents' Accounts F. R. notes outsting (issued to Bank) Collateral held against notes outsting: Gold certificates Eligible paper U. S. Government securities collateral. 5,6,0 5,7, 5,,95 5,99,55 6,06,7 5,60,5 6,0,5,07,70,6,000 0,770,775,000,659,000 5,,75,000,659,000 60,7,975,000,559,000,6,75,000,,000,6,0,000,6,000,90,775,000,,000 7,96,0,000,9, ,75,90,000 6,569,770 6,5, 6,69,7 6,6,6 6,6,6 6,677,90 6,55,96 5,66,75 Callable U. S. Government securities classified according to nearest call date. FEBRUARY 95 57

46 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY, 95 [In thouss of dollars] Item Boston New York Atlanta Chicago St. Louis Philadelphia Clevel Richmond Minneapolis Kansas City Dallas San Francisco Assets Gold certificates. Redemption fund for F. R. notes. gold certificate reserves.. cash Discounts advances: Secured by U. S. Govt. securities... Industrial loans U. S. Govt. securities loans securities.... Due from foreign banks F. R. notes of other Banks. Uncollected cash items Bank premises... assets assets Liabilities F. R. notes Deposits: Member bk. reserve accts. U. S. Treas. gen. acct.... Foreign deposits...,00,76 Deferred avail. cash items...,57, liab. accrued div,09 liabilities Capital Accts. Capital paid in.. Surplus (Sec. 7).. Surplus (Sec. b) cap. accts.. liabilities cap. accts.. Reserve ratio... Cont. liab. on accept, purch. foreign cor res p. Industrial loan commitments..,0,5 79,,7, 0,7 7,75 7C,570 05,9,99,07,9 6,60,90,56,65,7,,900,9,79,06,5,6,0,76,7,96,6,09,77,9,,,,6,56 5,,657 0,076,976 6,599 5,6 0,9,000,565,56,6,99,,,975,0,0,96,,9,65,7,0,557,66,6,07 9, ,5,6 9,0 5, 7,5,55,90,56,65,7,,900,9,79,06,5,6,0,76,7,96,6,09,77,9,,,,6,56 5,, %,6 7, 6,590 6,660 75, 9,0,5 65 7, 5,,0,0 6,0,6 9,,097 0,75 0,75,,065,9,0 9,.6% 795 7,06,5,9,,,0 77,57 7,, 97,05,75,7,59,,0,9,0,95,67,65,996,5,90,6,7,,7,7,96,06,65,55,00,9,66,0,57,70,6,55,9,,5,56,7,66,6,0,65 7,6 5,6,0,66,0, 5,5,0,76,7,0,99,7,07,,69,66,0,0,9 6,7,6,0,5 56, 6,99,5,79,96 76, 59,7 7,9,5 60.%,7 56,076,5,9 9,0,0,669 7,,076, 0,79 95,70,0,96 6 7,,00 95,0,59, 66,0 70 6,6,9.9 9,67 6.%,000,,5,,55 5,,900 7,79 0,5,75 7,55 59,9,,,705,0,6,006,657.0%, ,09 66,9 96,07,070 6, ,09 66,7,67,76,66,,,60 6,6 7,00 6 0,96 7,05,9 9,5 6.% ,77,0,6 9,69 5,70 0,6, 6,,59,970 0,06 6,0,6,6 59 0,55,0 6,97,05,95 0, ,906,7 76 7,96 7.0% 55,6,,9 7,57 75,00 7,05 57,9 6,7 5, ,7,06 97,0,0 0,6 79,60,9,67 5.6%,7,7 5,57 9,9 599,79 0,55, 6,9,99,,99 76,67,66,0 7,9 7, 5,7 66,99,7 5 7,9.% Federal Reserve Notes Federal Reserve Agents' Accounts 7,5,99 7,,6, 7,79,09,06,07,05,9,9 7,77,,76,0,0,,79 6, 97,9,00 5,99 69,9 5,0,07,05,99 70,0 75,5 5 5,9,06,07 5,09.9% 709,9 7,00 76,99 6,76 9, ,90 9,6,5,0 95, 9,0 5,0, 970,0,00,07,99,77 6, ,06 0,67,7 6,906.7% 7 0,66,556,, 60,7 9,067 9, ,95,0 67 7,90 679,6,5,9 990,77,5,9,009,0 5 0,0,9,0,07 6,75 6.0% 7 6,0,69,55,5 0,0 0,555 0,75 6,75 5,55,0,5 7,9 7, ,569 7,,0,6 5.%,9 6 F. R. notes outsting (issued to Bank) Collateral held: Gold certificates Eligible paper.. U. S. Govt. sec. 5,60,5,56,9 5,699,65,,55,6,7,0,59,0,- 0,06,,75,9,6,6,000,90,775,000,000,90,00,000,70,000 6,75,00,000 7,000,0,00, ,000,000,65,65,666,00,000 5,000,570,000 9,000,00,000 70,000,,000,000 collateral.. 6,677,90,65,90 5,6,75,5,0,5,000,90,65,5,000,70,000,, 6,7,000, 5, , 0,000 9,90 7, ,,079,90 75,56,60,75 9,000,00,000 0,0 *55', 666,000,000 76,000,90,0 After deducting $0,000 participations of other Federal Reserve Banks. After deducting $,06,000 participations of other Federal Reserve Banks. After deducting $,95,000 participations of other Federal Reserve Banks. 5 FEDERAL RESERVE BULLETIN

47 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Date Hast Wednesday or las t day of period) Dec Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec [Amounts in thouss of dollars] Applications approved to aaie Number,9,5,5,57,607,69,69,707,706,70,77,7,7,77,7,7,7,76,76 Amount 55, 5 5, , 9 56, 76 65, 65 69, 6 65, 9 65, , , 55 66, 7 667, 9 67, 67, 77 69, , 7 700, , 5 70, 9 proved but not completed i (amount),95 0, ,9,6,5,90,95,57, 6,70,97,9,9,07,5 Loans outsting (amount),9,995 55,7 995,7,6,,6,9,5 5,55 5,76 5,0 5,7 5,06,7,5,67 Commitments outsting (amount),65,6,09 7,,6,,75,5,97,,595,6,70,767 6,0 6,7 7,5 6,6 6,06 Participations of financing institutions outsting' (amount),705,06,670,69,990,97,75 5,0 5,5 5,6 5, 5,999 6,99 6,5 7,60,0,990,06,95 Includes applications approved conditionally by the Federal Reserve Banks under consideration by applicant. Includes industrial loans past due months or more, which are not included in industrial loans outsting in weekly statement of condition of Federal Reserve Banks. Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE. The difference between amount of applications approved the sum of the following four columns represents repayments of advances, applications for loans commitments withdrawn or expired. LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO Date 9 Oct.... Nov Dec.... Jan.... Feb.... Mar.... Apr May Aug.... Sept Oct.... Nov Dec.... DEFENSE PRODUCTION ACT OF 9 AND EXECUTIVE ORDER NO. 06 [Amounts in thouss of dollars] Guaranteed loans authorized to date Number Amount,000,55,6 09,,5 00,955,67 5,66 65,9,5,05,7,5,9,,9,0,,95, Guaranteed loans outsting amount,0,07,77, 6, 6,00,60 5,00 5,99 05,0 9,67 556,9 65, 675,59 Portion guaranteed, 6,65 9,7 6,57 56,97 06,05 5,5 09,65 67,75,6 00,65 5,79,5 56,597 Additional amount available to borrowers under guarantee agreements outsting,5,99,7,0 7, 5,00 05,69 76,70 9,905,5,0 95,5 76,699 7,7 NOTE. The difference between guaranteed loans authorized sum of loans outsting additional amounts available to borrowers under guarantee agreements outsting represents amounts repaid, guarantees authorized but not completed, authorizations expired or withdrawn. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks New York Chicago Reserve city banks Country banks All member banks Central reserve city banks New York Chicago Reserve city banks Country banks Gross dem deposits: Interbank Net dem deposits Time deposits * Dem balances due from domestic banks... Reserves with Federal Reserve Banks: Required Excess Borrowings at Federal Reserve Banks 0,56,6 9,05 90,957 0,6 6, 9,96 9, First half of December Second half of December,9,7 9,056 0,69,976 5,6 5,7-9 5,5,55,697 5,75,9,7, ,5 6,0,95,65,76,7 7,70 7, ,607,0,0 0,9 5,60,5 5,6 5, ,5,95 9,0 9,7 0,7 6,60 0,679 9, ,9,00 0,09,707,99 9 5, 5, ,065,0,5 5,6,7 9,,7 69,7 6,7,6 5,,5,056,055 7,7 7 5,5,,60 0,0 5,,75 5,6 5, Averages of daily closing figures for reserves borrowings of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. Dem deposits subject to reserve requirements, i. e., gross dem deposits minus cash items reported as in process of collection dem balances due from domestic banks. * Includes some interbank U. S. Government lime deposits; the amounts on call report dates are shown in the Member Bank Call Report. FEBRUARY 95 59

48 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday reserves held: 9 December November December Dec. 9 Dec. 6 Jan.... Jan. 9 Jan. 6 Jan.... Excess reserves: 9 December November December Dec. 9 Dec. 6 Jan.... Jan. 9 Jan. 6 Jan. Borrowings at Federal Reserve Banks: 9 December November December Dec. 9 Dec. 6 Jan. Jan. 9 Jan. 6 Jan. All member banks * 7,9 9,79 0,0 0,7 0,5 0,765 0,70 0, 0,76, ,099,9 P5 Pl Central reserve city banks New York,7 5,06 5,75 5,6 5, 5,9 5, 5,7 5, ,99,,56,5,,5,6,7, - 5 f Chicago Reserve city banks 6,69 7,70 7,9 7,97 7,99,076,0 7,979, Country banksi,76 5,6 5,756 5,6 5, 5, 5,9 5,7 5, P60 P P Preliminary. Weekly figures of excess reserves of all member banks of country banks are estimates. Weekly figures of borrowings of all member banks of country banks may include small amounts of Federal Reserve Bank discounts advances for nonmember banks, etc. Back figures. See Banking Monetary Statistics, pp End of month 9 December 9 December 95 December 96 December 97 December 9 December December 9 August September... October November... December January February March April May August September... October November December.... POSTAL SAVINGS SYSTEM [In millions of dollars] Depositors' balances l,7,,9,,7,0,,0,99,967,97,9,90,77,5,,0,7,77,75,7 P.7 P,7O P.7O,,,0,7,55,9,,,,0,069,05,0,99,97,95,9,909,9,77,6 Cash in depository banks Assets U. S. Government securities,76,5,7,,0,,,96,9,90,,6,5,5,79,765,7,7,70,60,60 Cash reserve funds, etc P Preliminary. Outsting principal, represented by certificates of deposit. Includes working cash with postmasters, 5 per cent reserve fund miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, accounts due from late postmasters. Back figures. See Banking Monetary Statistics, p. 59; for description, see p. in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Year or month Debits to total deposit accounts, except interbank accounts Annual rate of turnover of total deposits, except interbank Debits to dem deposit accounts, except interbank Government Annual rate of turnover of dem deposits, except interbank Government, all reporting centers New York City 0 other centers reporting centers New York City reporting centers New York City leading cities New York City* leading cities * 96 old series» 96 new series December January February March April May August September October November December jl,0,0,5.07,9,60,, ,577,57 9,5,06,06,05, 0,70 5,0,5 5,9,05 9,0 ",5,00 7,75 05,99 9,00 5,97 5,970 55,9 5,590,07 9,067 5,7 5,77 5,75,5,,6,5 7,97,0 5,0 57,6 599,69 667,9 6,976 7,5 5,0 7,5 75,07 6,70 75,9 69, 7,97 7,0 67,5 69,7 66,59 75,799 7, 76,09 05,0 9,6,695 9,79 7, 7,97,06 5,,67,90,55,,,669,0,700 5,59,9 5, ,65 07,96 00,6 5, 7,,66,990 5, 7,56,96 5,,,7 9,9,67 9,007,6 5,, 55, 9, 5,9 59,5 660,55 69, ,9 7,5 7,6 6,9 75,97 6,57 6,7 7,79 6,6 67, 66,9 7,55 69,65 76, * Revised. National series for which bank debit figures are available beginning with 99. Weekly reporting member bank series. Statistics for banks in leading cities revised beginning, 96; for description of revision for back figures see BULLETIN for 97, pp , 97, pp. 7-, respectively; deposits debits of the new series for first six months of 96 are estimated. NOTE. Debits to total deposit accounts, except interbank accounts, have been reported for centers from 9 through November 97, centers from December 97 through December 9, for centers beginning January ; the deposits from which rates of turnover have been computed have likewise been reported by most banks have been estimated for others. Debits to dem deposit accounts, except interbank U. S. Government, the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since FEDERAL RESERVE BULLETIN

49 UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury Federal Reserve Banks. In millions of dollars] End of year or month in circulation i Coin small denomination currency Coin $ $ $5 $0 $0 $ Large denomination currency $00 $0 $,000 $5,000 $0,000 Unassorted , ,59 5,56 5, 6,5 6,5 6,56 7,59,7,60 5,0 0,9 5,07,55,95,6, October 7, November.., 7,595 December... 7,7 January 7,0 February... 7, March. 7,9 April... 7,7 May... 7, , ,5 August.,55 September..., October,7 November...,09 December... 9,06,67,9,5 5,0 5,05 5,7 5,55 6,7,0,576,7 7, 0,6 0,7 0,00 9,59 9,05,90 9,5 9,05,69,6,5 9,0 9,60 9,5 9,560 9, 9,96 9,955 0, 0, ,09,56,7,6,0,6,,57,57,55,,55,5,55,56,57,590,60,66,6,6, ,09,09,0,09,066,07,09,,056,057,059,07,07,09,09,0,,,, ,09,9,55,69,97,,,7,0,07,00,97,0,09,9,959,95,97,995,0,00,0,0,0,075,0,9,,7,56,560,6,77,0,7,05 5,9 5,9 6,7 6,97 6,75 6,060 5,97 5,7 6,0 5,99 5,79 5,0 5, 5,9 6,0 6, 6,0 6,76 6, 6,60 6,9 6,9,,6,59,,75,,576,00,55,096 5,705 7, 9,0 9,0 9,9,6.5,,5,59,,69,,,5,66,7,7,7,97 9,067 9,77,60,5,69,,5,7,0,9,0,7 5, 7,70 7,,5,,69.57,9,5,,56,9,75,57,59,9,9,,9,6,5, ,09,,996,7,9,5,9.5,6,,,9,5,69,7,,05,09,,7,5,, ,,,90,9,5,0,77 5,070 5,07 5,056,97,99 5,0 5,00,96,955,9,9,97,95,99 5,0 5,09 5, 5, of amounts of coin paper currency shown by denominations less unassorted currency in Treasury Federal Reserve Banks. Includes unassorted currency held in Treasury Federal Reserve Banks currency of unknown denominations reported by the Treasury as destroyed. s Paper currency only; $ silver coins reported under coin. Back figures. See Banking Monetary Statistics Table, pp UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] outsting, Dec., Money held in the Treasury As security against gold silver certificates Treasury cash For Federal Reserve Banks agents Money held by Federal Reserve Banks agents Dec., Money in circulation * Nov. 0, Dec., 9 Gold Gold certificates Federal Reserve notes Treasury currency total. Stard silver dollars Silver bullion Silver certificates Treasury notes of 90 Subsidiary silver coin M^inor coin... United States notes Federal Reserve Bank notes National Bank notes Dec., Nov 0 Dec 9,695,7 6,,709 9,07, () (),7 s,5 0,07,60,,9 56 6,70,,9,65,65,,6,6, ,06,60,,07,60 9,00, ,06 9,, 7 l] ,09 0,6, 77,0, ,7 r Revised. Outside Treasury Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. s for other end-of-month dates are shown in table above totals by weeks in the table on p. 5. Includes $56,09, held as reserve against United States notes Treasury notes of 90. To avoid duplication, amount of silver dollars bullion held as security against silver certificates Treasury notes of 90 outsting is not included in total Treasury currency outsting. Because some of the types of money shown are held as collateral or reserves against other types, a gr total of all types has no special significance is not shown. See note for explanation of these duplications. * Less than $0,000. NOTE. There are maintained in the Treasury (i) as a reserve for United States notes Treasury notes of 90 $56,09, in gold bullion; (ii) as security for Treasury notes of 90 an equal dollar amount in stard silver dollars (these notes are being canceled retired on receipt); (iii) as security for outsting silver certificates silver in bullion stard silver dollars of a monetary value equal to the face amount of such silver certificates; (iv) as security for gold certificates gold bullion of a value at the legal stard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States Federal Reserve Banks must maintain a reserve in gold certificates of at least 5 per cent, including the redemption fund with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes national bank notes are in process of retirement. FEBRUARY 95 6

50 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures ] Dartly estimated except on call dates. In millions of ( iollar Date Gold Treas- Loans, net Assets Bank credit U.S. Government obligations cur- rency Commercial savings banks Federal Reserve Banks securities assets, liabilities capital, net Liabilities Capital deposits currency Capital misc. accounts, net Dec 9 Dec. 95 Dec. 96 Dec 97 9 Dec 99 Dec 9 Dec. Jan. Feb Mar Apr. May Aug Sept. Oct. Nov Dec P 6P P?, , 7, 0, 7,, 7, 7, 7 7? 7? , , , 600,09,6,96,7,9,56,55,56,565,59,597,59,607,66,600,600,600,600,600,655,700,700,700,700,700,700 5,6, 5,56 6,65 67, S,66 S6,97 60, 57,95 60,57 56,9 6?,6 6, 7,667 70,0 70,700 7?,00 7?,00 7,00 7,7 7,00 7,00 76,00 7,00 70,00,00, 0, , 605 0, 7 5, 765, 7, 0 5, 99, 7, 0, , 66 60, 600 6, 0 6?, 0 67, 600 6, 900 6, 00 6, S , OS OS 000 OS ,99,99 9,7 5,5 0, 6,55,679,99 76,77 7,097 7,77 7, 77,0 7,9 70,00 69,00 69,00 6,900 6,00 6,76 6,900 69,00 69,700 70, ,700 6,99,,5,6,,7,559,66, 9,,5, 0,77,0,900,600,900,00,9,00,00,0,600,00,0 6, 0,, 67, 0,,, 6, 0, ? , 00 7, , 700,9 9,6 9,0,999,577 9,9 0,05 0,7,0,,95,6,60,7,700,00,900 5,000,900 5,76 5,00 5,00 5,00 5,0 5,0 5,00 6,69,65 75,7 90,67 9,75,57,5, 6,055 9,90 5,55 9,706 9,6 99,009 55,776,09 6,59, ,657 69, 75, 7,57 76, 7,60 77, 7,56,5 97,0?,0 97,0?,600 9,600,700 9,600,600 97,700,900 99,5 S,0 99,700,0 00,700 S,00 0,000 7,00 05,00 0,00 06, ,600 9, ? IS S S 0 S S Deposits Currency E>ate Foreign bank deposits, net U. S. Government balances Treasury cash At commercial savings banks At Federal Reserve Banks Dem deposits Deposits adjusted currency Time deposits Commercial banks Mutual savings banks * Postal Savings System Currency outside banks Dec Dec. 95 Dec Dec Dec 7S 9g j une 0 7? 57 Dec Dec Dec. 0,5 Jan. Feb. Mar. Apr. May Aug. Sept Oct Nov Dec P 9P P P 0,600,700,600,900 S,0 0 S,00 7, ,900 65,7,9,,5,657,6,77,0,97,,555,5,00,00,00,0,0,,00,00,00,00,00,00 0 6?,09,5?,7,7,,6,7,5,07,,9,9,00 L,00 L,00,00,00 L,,00,00,00,00,00, ,9,0,99,00,00 6,00 5,00,00 6,,600,00 S,00,700,00, ,9, , ,790 0, 6,5 76,6,79 6,00 6,0 70,00 65,695 69,9 65,66 69, ,97 75,00 7,00 7,0 7,00 7,700 7,6 75,00 77,000 77,900,600,700 5,700,, 9,79,99 75,5,,6 7,,697 5,,77 5,7 5,00 9,7 9,600 90,600 9,000 9,0 9,0,960 90,700 9,00 9,000 95,000 96,00 9, ,960 S5,655 56, 57,60 S7, 5, S,66 SO,79 59,7 SO,000 SO 000,00 59,00 SO, , ,900 60,600 6,00 9,557 0,9 5,5 5, 0,5,0,5 5,9 5,7 5,0 6,9 6,6 6,79 6, 6,00 6,00 6,00 6,00 6,00 6,7 6,00 7,00 7,00 7,0 7,00 7,600,905 9,6 0,5 0,5 5,5 6,69 7, 7,76,9,7,9 9,7 9,9 0,009 0,000 0,000 0,00 0,00 0,00 0, 0,00 0,0 0,600 0,700 0,600 0,900 9,6,7,,9,,9,6,7,9,59,97,097,9 7,900,900,00,00,00,75,00,00, ,700, ,90 6,70 76,99?6,76?S,6 76,079 5,66?S,5?S,5 5,9? 600?,600 7,00, ?S?S?s?s?s?s 6, , ,00 P Preliminary. Treasury funds included are the gold account, Treasury currency account, Exchange Stabilization Fund. Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. Excludes interbank time deposits; United States Treasurer's time deposits, open account; deposits of Postal Savings System in banks. Prior to 0, 97, includes a relatively small amount of dem deposits. NOTE. For description of statement back figures, see BULLETIN for January 9, pp. -. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in " securities" in "Capital miscellaneous accounts, net," balances of the Postal Savings System the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits Treasury cash. deposits currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" "Treasury cash." Except on call dates, figures are rounded to nearest 00 million dollars may not add to the totals. See Banking Monetary Statistics, Table 9, pp. -5, for back figures for deposits currency. 6 FEDERAL RESERVE BULLETIN

51 ALL BANKS IN THE UNITED STATES, BY CLASSES PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans investments Deposits Class of bank date Loans Investments U. S. Government obligations Cash assets * securities Interbank Dem Time capital accounts Number of banks All banks: 99 Dec. 0 9 Dec. 95 Dec. 96 Dec. 97 Dec. * 9 Dec. 99 Dec. 9 Dec P Aug. 9P Sept. 6P Oct. P Nov. P Dec. 6P All commercial banks: 99 Dec. 0 9 Dec. 95 Dec. 96 Dec. 97 Dec. 9 Dec. 99 Dec. 9 Dec P. Aug. 9P Sept. 6P Oct. P Nov. P Dec. 6P All member banks: 99 Dec. 0 9 Dec. 95 Dec. 96 Dec. 97 Dec. 9 Dec. 99 Dec. 9 Dec P Aug. 9P Sept. 6P Oct. P Nov. P Dec. 6P All mutual savings banks: I99 D ec- 0 9 ) ec I95 D ec> 96 Dec. 97 Dec.» 9 Dec. 99 Dec. 9 Dec P Aug. 9P Sept. 6P Oct. P Nov. P Dec. 6P, 6,6 0,7,69,9,69 0,59,0 7,7 7,70,9,5 5,5 5,90 55,60 0,66,76,09,99 6,,9 0,97 6,675 6,05 6,070 7,00,5 0,0,60,70,9,5 07, 96,6 97,6 95,66 0,5 07, 06,56 06, 07,76 0,559 0,,,96 0,6 0,79 6,0 7,70,6 9,95 0,00,6,697,00,90, ,0,60,65 6,65 0,6 5,6,00,7 9,5 60,6 6,0 6,7 6,70 65,0 66,0 66,990 6,70 7,,7 6,0,,057,,965 5,9 5, 5,590 55,60 55,960 56,7 57,70 5,00,96,0,775 6,696,6 6,060 6,0,705 6,66 6,65 7,69 7,75,65 9,0,,97,90,79,56,9 5,66 6,57,7 9,00 9,60 9,0 9,0 9,570 9,70 9,70,79,5 09,65 96,0 9,9 5,59 9,05 7,65,90,0,0 5,70 6,0 6,990 7,60,0 9,0 97,96,7 7,6 7, 77, 7,6 7, 7,0 7,70 7,590 7,70 7,590 75,070 9,979 5,0,0 69,666 65, 59,556 65,97 6,79 59,69 59, 60,07 60,6 6,697 6, 6, 5,9 5,7,9,79,696,709,,09,677,60,60,,0,00,90 9,7 5,5 0, 6,55,99 7, ,9 6,76 6, 69,0 69,70 70,70 7, 7,700 6,6,0 90,606 7,70 69, 6,6 67, ,70 59,0 59,690 60, 6,60 6,90, 9,59 7, 6,0 57,9 5,5 56, 5,65 9,0 9,09 9,9 9,90,97 5,57 5,7,0,70 0,6,77,97,76, 0,6 0,05 0,0 0,090 0,00 9,90 9,0 9,790 9,0,999,577 9,9 0,7,,6,7 5,76 5,70 5, 5,0 5, 5, 5,760 7, 7,5 7,,09 9,006 9,9 0,7,99,70,760,70,900,0,960,60 5,65 5,96 6,070 6,65 7,0 7,0, 0,55 0,590 0,65 0,65 0,7 0,75 0,797 0,979,,77,6,00,7,,9,,7,,,,570,,600,9 7, 5,5 5,0, 9,7 6,5,06,5 7,70 7,090,90 0, 9,90,0,7 6,55,06, 7,,596 5,6 0,9 7, 6,90 6,00,70 9,6 9,60,0 9,7, 9,5 9,57,5,0,7 5,5,,607,076,76,,5 6, ,,6 65,6 55,90 6,65 6, 6,67 75,96 7,60 7,00 7,00 7,0 77,70 7,00,690 57,7 7,,7 9,0,0, 5,7 55,65 5,57,560,570 5,70 57,060 57, 60,70 9,0 6,77 9,670,70,5,6,5,09 9,77,605,5,5,07,5 7,0 0,5 0,5 5,5 6,69 7,76,05 9,9 0,0 0,0 0,60 0, 0,60 0,670 0,660 0,90 9,7 0,9,065,656,0,69,70,09,97,90,00,0,90,0,060 9,7 0,9,065,656,0,69,709,09,96,90,00,0,90,0,060 9,0 0,55,60,060,0,6,097,7,7,7,57,5,9,65,57,56,55 05,95 9,6 95,77 9,67 96,56 0,7 0,57 0, 0,0 0,670 05,0 06,690 0,60,5,9 05,9 9,6 95,7 9,65 96, ,7 0,0 0,090 0,6 05,00 06,670 0,0,,6 9,0 7,90,75 0,,6 90,06,67 7,05 7,05 9, 90,90 9,0 9, ,5 6,79 5,6,7 5,05 5,0 55,60 56,5 57,6 57,0 57,790 5,000 5,0 5,0 5,770 5, 5,95 0,,90 5,60 5,9 6, 6. 7,00 7,00 7,0 7,0 7,770 7, 7,0,699,7,0 7,90,0,0 9, ,7 9,79 9,900 9,97 0,7 0, 0,99 0,5 0,57 5,7 6,5 7,75,7 9,7 0,009 0, 0,0 0, 0,590 0,6 0,60 0,90,9, 0,5,60,9,79,0,7,6,70,60,0,,,60 6,5 7,7,9 9,577 0,059 0,0 0,967,590,95,90,060,090,00,00,0 5,5 5,6 7,59,095,6,0 9,7 9,695 9,97 0,00 0,067 0,0 0,00 0,05 0,0,09,,59,7,9,999,,7,5,90,00,0,0,0,0 5,05,6,55,55,7,70,67,6,66,67,6,6,6,65,6,,7,0,0,,7,56,,07,0,05,05,0,096,09 6,6 6,69 6, 6,900 6,9 6,9 6,9 6,7 6,59 6,56 6,5 6, 6,5 6, 6, P Preliminary. * "All banks" comprise "all commercial banks" "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" "all member banks" with exception of three mutual savings banks that became members in 9. Stock savings banks nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, the reserve classifications of cities individual banks, by mergers, etc. Beginning 0, 9, excludes reciprocal balances, which on Dec., 9, aggregated 5 million dollars at all member banks 55 million at all insured commercial banks. For other footnotes see following two pages. FEBRUARY 95 6

52 ALL BANKS IN THE UNITED STATES, BY CLASSES * Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans investments Deposits Class of bank date Loans Investments U. S. Government obligations Cash assets i securities Interbank Dem Time capital accounts Number of banks Central reserve city member banks: New York City: 99 Dec. 0 9 Dec 95 Dec. 96 Dec 97 Dec. 9g Dec. 99 Dec 9 Dec P Aug. 9P Sept. 6P Oct. P Nov.? Dec. 6P 9,9,96 6, 0 0, ,6 0,60 0,00 0,0 0,75 0,79 0,79,5,96,07 7, 6 6 7,79,0 7,5 9,79 0, 0,09 0,79 0,6 0,6 0,9, 6,0,09,65, 0,7,0 0, 0,70 9,9 9,69 0,007 9,95 9,67 0,0,77 7,65 7,57,0,97 9,69 0,76,99,60 7,9 7,77 7,97,0 7,909,09,7,559,5 L,5,,06,7 L,90,90,99,99 ',0 :,9,95 ',06 6,70 6,67 6,9 6, 7,6 7,75 6,95 7,9 7.9 ( 5,6 ( 5,6 7, 7,5 7,076 7,7,9 7,9 0,,7 5,6,0,9 5,66 5,06,695,,0,7,56 5,676,,07,657,6,6,,9,6,07,57,975,5,59,, 9,5,97,7 9,0 9,07,,9 9,7 9,9 7,90 7,99,6,9,7 9, ,6,9,5,60 L.65,7,666,59 L,60,65,59,609,66,59,6,0 05,59,06,5,9,96,07,99,,5, Chicago: 99 Dec. 0 9 D ec i 95 Dec. 96 Dec 97 Dec... 9 Dec. 99 Dec 9 Dec P Aug. 9P Sept. 6P Oct. P Nov.? Dec. 6P,05,760 5,9,765 5,0, ,569 5, 5, 5,7 5,59 5,5 5,55 5, , 99,0,7 6,0,5,5,0,97,57,0,,56,06,59,66,7,06,06,7,05,7,7.,66,5,9,0,0,,9,90,6,,9,7,6,60,6,60,6, ,6,566,9,55,79,9, J.0,9,906,906,96,970,97?,9,0,057 7,06 5,905 6,0 6,9 6,0 7,09 6,9 6,7 6,7 6,9 6, ,,05.,5,7,06,9,,00,5,0,70,5,,7,97,56 5,05,9,7,7,55,77,756,57,59,70,6,7, ,00,0,0,6,0,,09,6,9, Reserve city member banks: 99 Dec. 0 9 Dec. 95 Dec 96 Dec. 97 Dec. 9g Dec Dec. 9 Dec ? Aug. 9P Sept. 6P Oct. P Nov. P Dec. 6P,7 5, ,5 6,00 5,0 0,65 9,99 0, 0,796,6,97,75, 5,9 7,05,5 0,5,9,5,70 7,906,55,57,79,956 9,9 9,59 9, 6,9,,59,57,59,07,9,779,,97,00,06,796,06, 5,9 6,67 9,55, 0,96,59 0,95 9,0 7,659,7,7, 9,00 9,95 9,67,79,776,0,76,96,5,90.695,77,7,7,76,7,, t5.75,5,6,65,066,7,6,99,75,0,,9,69,5,07 7,7, 9,05,77 6,67 5,9 7,559 5,7 9,7 9,07 9,7, 5,75 5,9 5,6 5.66,60 6, 5,570 5,69 5,00 5,7 6, 5,6 5,99 5,9 5,7 6,7 6,7 6,76 9,9,07,77,09 9,95 9,5 0,,,79,67,0,065.6,769,570 Lt.66, ,5,,9,66,67,9,,90,966,06,05,70,, ,7,,9,07,,,9,,5,95,5, Country member banks: 99 Dec Dec. 95 Dec 96 Dec. 97 Dec. 9 Dec. 99 Dec. 9 Dec 0 0 5P Aug. 9P Sept. 6P Oct. P Nov. P Dec. 6P 0,, , 6, 6,76,9 0,55 0, 0,65,005,,0,60,55,76 5,90 5, ,99,95,69,9 5,5 5,7 5,9 6,05 6, 6, 6,5 5,56 6,6 9,07 7,0 6,5,7 5,57 5,570,590, 5,07 5,9 5,790 6,90 6,0,59,77 6,999,57,57,7,6,77 0,7 0,69 0,7 0,9,,0,66,97,,0,6,6,,665,9,,59,5,6,77,,5, 6,0 0,6 0,5 0,77,96 0,,57 0,779,075 0,97,,7,7,79,76 7,5,,066, 5,0 5,5,97 7,77,5,55 9,7,6,7 5, 59,,09,07 96, ,07,7,67, 7, 0,5 9,700 7,9,0 9,70 9,77,99,0,7,9,90,7,9,570 5,5 6,5,9,05,560,76, ,0 5,70 5,6 5,7 5,9 5, 5,5,5,9 55,757,9, ,6,77,7,77,769,77 5,966 6, ,9 6, , ,9 6,95 6,9 6,90 6,7 6,6 December, 97 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 97 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 5 noninsured nonmember commercial banks with total loans investments of approximately 0 million dollars was added, banks with total loans investments of million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding opposite page. 6 FEDERAL RESERVE BULLETIN

53 ALL BANKS IN THE UNITED STATES, BY CLASSES * Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS Continued Amounts in million of dollars] Loans investments Deposits Class of bank date Loans Investments U. S. Government obligations Cash assets i securities Interbank! Dem Time capital accounts Number of banks All insured commercial banks: 9 D ec 95 Dec. 97 Dec. 9g Dec 99 Dec. 9 Dec. 0 0 National memtjer banks: 9 Dec. 95 Dec. 97 Dec. 9g Dec 99 Dec. 9 Dec ,90,09,7,6,7,, 7,57 69, 65,0 6,5 67,9 7,090 7,0 7,59?S, ,96?,5 5,7 5,06,75,95,?,75 7,5 79, 0,79,0 96,0 76, C >,79 7: , <>.7,5 0,09,090,906 0,5?,06?,9 67,9 6, ,7?,09 5,?,67,5,6 5,57,965 f,9 7,?,7,99,97?,,9,06 t, 7 E,7 G, E,90 -r.0 r,569?5,7,9 6,96,07 5,07 9, 6,960,977 70,,0??,97 70,995 7,76,9 69 7, 775, 5 0 6, 5, 7 9, 6 9,,,, 9, 6, ,65, 7,670,900 7,6,7,5 6,76 9,9,0 7,,7, 7,65,059 0,05 9,00 9,00 9,9 0,,99 0, 7, 5<,6 5,5 5, ,5 5, S , , f,67 <5,7 ( 5 (,65,6,6,60,6 5,09 «i,657,90 f,, , , S t,96 State member banks: 9 Dec. 95 Dec. 97 Dec. 9 Dec 99 Dec 9 Dec. 0 0 Insured nonmcsmber commercial t)anks: 9 Dec. 95 Dec. 97 Dec. 9 Dec 99 Dec. 9 Dec Noninsured nonmem- banks: ber com merelal 9 Dec. 95 Dec. 97 Dec. 9 Dec. 99 Dec. 9 Dec 0 0 All nonmember comes: merclal ban! 9 Dec. 95 Dec. 97 Dec 9 Dec. 99 Dec 9 Dec Insured mutiuil savings banks: 9 Dec 95 D e p 97 Dec 9 Dec 99 Dec 9 SO Dec 0 0 5,9 7,7,566,77,55 5, 5,5 5,776,69 6, 6,65 6,766 7, 7,55,57,,009,0,99,5,9 7, 6,9,5,69,66 9,67 9, , 09 5 ioi 5,66 6,95,,00?,0?,7 5,5 6,6,?,99,95 5,9 6,5 7,07 7, ,0 5, 6, 6,79 7,5 7, ,560,09, ,9 9, , 9,6.55 L.67,6 0,77 0, 0.9 (,9,00,9,55,9,,7,99 J.56,59,0,67,97,7, <?, <?,O? ,9 J,0 7 r.o r.0,7 6,77 6,,9 0,5 0,09 9,6,97,6,0 76,69,0 L.,5,00 L,09.0,77, 0,79 0, 9,67 9, fi9q ,795 7, 7 7 7,69,55,9,5,6...05,00,05,06, L,5 L,56,759, ,66,6 L,70 L,7,,06, ,07,56,5,670,5 9,7 0,, 0,,76,06 7,66,,0,7,9,99, ,,96,659,96,,767, , 70 0, , 777, 0, 9 7, 707, 9 9, , , 7 77, 57., , , ,79,,99,799,9,5, ,95, ,055 9,96. \,,96,55.9 i: ',6 L,9,905,,5,, L,7 5,,0,96,77,,7, , 0, ,9, ,0,905 f t j i j,6,95,055,,5,, 959,0,7,5,7,570, , L.6,596,60,79,97,966 6 L 0,5,,0 I 5,5 I 67,9 I 97 I 97,95,9» Kin 6 6 6,7 6 0 <5 5, ,66 7, ,5 7, Noninsured miitual savings banks: 9 Dec 95 Dec 97 Dec. 0.Q DPP 99 Dec 9 Dec , , , ,9 6,57 6 9, 075 5, ^ *an ,06 L ,7 s5,00,55 5,6 s,699 5,70 5,77 I For nji footnotes luumulcb see sec yicccuing preceding two LWKJ pages ydgca. Backfigures. SeeBanking Monetary Statistics, Tables -7, pp. 6-; for description, see pp. 5-5 in the same publication. For revisions in series prior to 0, 97, see BULLETIN for 97, pp FEBRUARY 95 65

54 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Class of bank call date * loans investments Commercial, eluding openmarket paper Agricultural Loans for purchasing or carrying securities To brokers dealers To others Real estate loans Consumer loans loans U. S. Government obligations Bills Direct Notes Bonds nf OI Certificates of indebtedness Guaranteed Obligations States polkical subdivisions securities All Insured commercial banks: 9 r> ec -ii 95 Dec.. 9 Dec.. 99 Dec.. 9 Dec Member banks, total:,5 9 Dec. 95 Dec.. 07, 9 Dec.. 95,66 99 Dec.. 0,5 9 Dec , 0. 06,56 Oct. 0. 0, New York City:* 9 Dec.. 95 Dec.. 9 Dec.. 99 Dec.. 9 Dec Oct. 0. Chicago:* 9 Dec.. 95 Dec.. 9 Dec.. 99 Dec.. 9 Dec Oct. 0. Reserve city banks: 9 Dec.. 95 Dec.. 9 Dec. 99 Dec.. 9 Dec Oct. 0. Country banks: 9 Dec.. 95 Dec.. 9 Dec.. 99 Dec.. 9 Dec Oct. 0. Insured nonmember commercial banks: 9 jj ec#. 95 Dec.. 9 Dec.. 99 Dec.. 9 Dec ,90,09,6,7,,,96 6,,759 9,5 0,6 0,60 0,0,760 5,9,799 5, 5,569 5, 5,7 5, ,,0 0,65 9,99,09,5 5,00 6,76,9 0,55 0,,5 5,776,69 6,65 6,766 7, 7,55,59 5,765,96,5 5,7 5,06,0,775 6,060 6,0,705 6,66 7,96,07 7,,0 7,5 9,79 0, 0,57 95,,7,6,0,5,5 7,05 5,5,70 7,906,55,96 5,90 5,596,95,69,9 5,5 6,09,,99 5,9 6, ,6 9,, 9,6,,76,775 6,95,96,776,,7,0,67,99 7,6 5,57 0,5,6,07,0 5,6,79 6, 6,5 7, 7 760,,,567,77,65,56,66 7, 6,70,66 9,5 9,57,676,,96,,90,5, ,00,95,0,99,65,7 '" ,56,0,07,7, , 975,07,0,55,05,6, 6,6,6.79,79,66 59,,,77,770,60, 69,5,7,0 5,0 9, 5, , ,06,000 59, , ,77 5,0,677,5,9 96,0 0,666,907,99 70,,05 6,00, 75,79,9 7,6,955 7,099,9 7,697,66 69,5 9,( 9 5,0,55,07,977,0,,9,65 59,556,,776,09 65,97 0,5 6,67,55 6,79 0,975 6,7,7 59,69,7 6,6,96 60, ,57,59,,,6,575,7, ,5,,609,7,965,,567,55,9,6,95,,5, 9,67,95,7,0 5,59,9 5.6,00 5,95,0 975,5,6, , ,,,5,559, ,05.5, > 5 70,,09 0,7.0 0, 0,70 9,75,06,59,06,06,7,05,9,,59,07,9,779,,6 6,6 9,07,7 5,57 5,570,590 5,,55,67 0,77 0, 0,9 0,9,06,9 6, 65,0 60,96 57,7 9,59 7, 5,5 56, 5,65 9,0 9,67 7,65 7,57 9, ,99,60 7,7,0,,6,,9,7,599 6,67 9,55,59 0,95 9,0 7,659,6,77 6,999,7,6,77 0,7 0,970,9 0,5 9,6,97,6,0 9,55,,69,,9 97,75,5,9,665,5, , ,0,056,9,,77, ,,90,065, ,07 0,065,79,9, 6,95 7,999 0,09,6,5,79 ',,,75 5, ',9,0,0 99,069,07 5,0,0, ,07,07, ,59,797 6,05 5,,9 5,00 5,0. 6,756,6,76 5,7,007,79,7,79,00,76 5,05 7,996,05,70, 0,77 0,9 0,70,6,5 65 5,7.565, ,65,090, 5,56,665,06,5,,76 6,07 5,0, 5, ,70,9,65 0,7 7, ,06 5,6 5,97 90,6,95,95,7,79,69 75,,7 5,7 5,7,57,0 0,76 0,5 7,96 6,7 6,06 5,9,7,797,77,069 6,5 6,9 5,6 5,00,956,0 6, 6 5 7, ,,76, , ',7,5 5,9,0 6,00,57 7,9,79,9, ,7,5,5,0,9 5,7,0 6,60,7 6,97,6 7,, ,6,,77,,,,,,6,5,99,7, ,00,7,9, * These figures do not include data for banks in possessions of the United States. During 9 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability offiguresfor classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, the reserve classifications of cities individual banks, by mergers, etc. Beginning 0, 9,figuresfor various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total are not entirely comparable with prior figures. loans continue to be shown net. For other footnotes see opposite page ,0,5,5,56,9,0,067,7,60,9.06, FEDERAL RESERVE BULLETIN

55 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * Continued RESERVES AND LIABILITIES [In millions of dollars] Class of bar call date lk Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adjusted * Interbank deposits Domestic* Foreign ] DemancI deposits U. S. Government States political subdivisions Certified officers' hecks, etc. Individuals partnerships, corporations Interbank Time deposits U. S. Government Postal Savings States political subdivisions Individuals, artnerships, corporations Borrowings Capital accounts AH insured commercial banks: 9 Dec Dec... 9 Dec Dec... 9 Dec Member banks, total:.. 9 Dec. 95 Dec... 9 Dec Dec... 9 Dec Oct. 0.. New York City: * 9 Dec Dec... 9 Dec Dec... 9 Dec. 0.. Tune 0.. Oct. 0.. Chicago: 9 Dec Dec... 9 Dec Dec.. 9 Dec Oct. 0.. Reserve city banks. 9 Dec Dec... 9 Dec D ec#.. 9 Dec Oct. 0. Country banks: 9 Dec.. 95 Dec.. 9 Dec.. 99 Dec.. 9 Dec Oct. 0. Insured nonmember commercial banks: 9 Dec.. 95 Dec.. 9 D ec 99 Dec. 9 Dec , ,,6, 77,060 6,6 76,70, 6,06 77,,5,0 5,57,76,7 5,75,7 5,579,5,9,99,9,5,7,07,,6,5,6,0, , , lit 570 7, 5 9, 075 7, 7,566, 97, C, 9, 66, 576 C,5 0, 6 9, 099,955, 657 7, 9, ,6,665,69,00,,5,0,5,959,7,7,596, ,5 60,797,95 7,590,7,7,7,5 5,07,965 5,7,06 7,9,0 7,067,07,00 9,66,595 7,70 7,95 0,5 9,0,6,09 0,57,059,9,79,75 9,7 67,, C ),09,0 C),6,0,669,7 S>,659,7 5,5,55,07,9,0 L,5,77,006,6 i,0 (,07 5, 5,9 < 5,7,996 < 5,0 790, , 9, c 0 0 \ 6 t * 5,55,05 6.,90,7 5,996,0 5,07,6 >,7,0 5,, ,0 00 7, , 0, 976,7,7 5 5, ,,0 5, , 677 5, 09 7, 7, 9 7, 9, 90, 5, ,,76,0,7,575,7,5,70,00,95,05,,0,6 6 5,,0,9, , 06 6, , 97,5 7, 59,7 7, 659,09 7, , , 7 95, , 5 7, 59, 6, 06 9, 9, , 695 6, 0 7, ,7 7,90 6,56,60, 9,6 0,76 0,5,6 0, ^ ^ ; li Yi ( I io ,00,,, ,05,,, i 0 5, 6 9, 77,,, 55, 55, 7, 7 7, 0 7, 9, 0, 6, ,0,,69,9,9,56,7,76 5,579 6,59 6,5 6, 6, " i ( 6 60 l: 6,, 67 0, 5 0, 65, 6, 6 5, 6 0 7, 59 5, 0 9, ,566 9,07,,,79,9,55,,05,5,65,7 959,0,5,7,570,67 Central reserve city banks. Beginning 0, 9, excludes reciprocal bank balances, which on Dec., 9, aggregated 5 million dollars at all member banks 55 million at all insured commercial banks. * Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures. See Banking Monetary Statistics, Tables -5, pp FEBRUARY 95 67

56 WEEKLY REPORTING MEMBER BANKS NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments Date or month l loans investments Commercial, industrial, agricultural For purchasing or carrying securities To brokers dealers U. S. Govt. obligations securities To others U.S. Govt. obligations Real estate loans Loans to banks loans U. S. Government obligations Bills securities Certificates of indebtedness Notes Bonds' securities - Leading Cities 9 December.. 70,5 October... 7, November. 7,695 December.. 7, Nov ,0 Nov.... 7,56 Nov.... 7,65 Nov.... 7,60 Dec Dec.... Dec. 9. Dec Jan.... Jan Jan Jan.... Jan ,07 7,77 7, 7,7 7,7 7,79 7,7 7,5 7,07 0,97,790,0 5,,7,9,5,,5,9 5,5 5, 5,6,5 5,6,567,757 7,590 0,0 0,,5 0,667 0, 0,7 0,65,006,9,,59,9,67,,6,60 5, , ,00,0,07 9, , 5,6 5,66 5,66 5,655 5,675 5,67 5,670 5,66 5,669 5,67 5,66 5,65 5,66 5,66 5,67 5, , 9,6,7 5, ,99,0,9 9,0 5,99, 5,99 0 5,9,9 5,99,77 5,97,55 5,97 5,97 9,0 6,00 9,75 6,0 9,056 6,00,90 6,007 9,0 5,999 9,06 6,0 9,60,7,665,6,596,57,5,0,56,5,577,5,,07,,66,9,59,0,5,57,55,6,6,99,7,0,55,5,9,076,,09,9 6,9,99,0,9,990,00,99,960,995,6,5,596,55,605,65,69,,5 6,9 6,0 5,95 5,9 5,9 5,95 5,96 5,95 5,96 5,9 5,9 5,95 5,96 5,967 5,965 5,96 5,96 9,59 6,707 9,9 6,66,775 6,755 9,6 6,67,57 9,0 6,65 9,5 6,690 9,097 6,69 9, 6,79,0 6,75,7 6,5,5 6,,7 6,0,9 6,79,6 6,,56 6, New York City 0, 9 December.. October... 0,7 November. 0,09 December.. 0,969 Nov ,59 Nov.... 0,0 Nov.... 0,0 Nov.... 0,56 Dec Dec.... Dec Dec Jan....,6 Jan ,7 Jan. 6...,06 Jan.... 0,57 Jan ,97 Outside New York City October... November. December.. Nov , Nov.... 5, Nov.... 5, Nov.... 5,697: Dec ,65 Dec.... 5,96 Dec ,! Dec ,57 95 Tan.... Jan Jan Jan.... Jan ,9 0,07,5.,9 5,77 5,6 5,7,9,997 5,9 005: 00 9,660 0,65 0,,7 0,67 0,5 0,5 0,0 0,05,00,,59,9,6, 0,9,6 9 December..,7,,7,59,9,9,65,66,60,7,907,00,,6,709,,6,596 6,5 7,69 7,5 7,797 7,5 7,560 7,5 7,57 7,65 7,757 7,7 7,9 7,56 7,75 7, 7, 7,79,65,9,6,5,6,,,9,55,6,595,659,56,,560,6, ,06 5,0 5,9 5,5 5,7 5,5 5,5 5,56 5, 5,5 5,55 5,5 5,5 5,9 5,55 5,60 5, ,0 0,7,97,0,0,97,97,0,06,0,95,95,7,6,6,,,5 9,6 9,97 9,795 9, 9,59 9,65 9,6 9,6 9,777 9,56 9,9 9,9 9,66 9,7 9,6 9,6,5 9,076,7,65,0,66,79,67 9,,6,65,67,6,666,679,69,7,7,669,67 9,09,90 9,057 9,7 9,,70 9,,675 9,,67 9,,665 9,7,666 9,,96 7,65 7,59 7,6 7,569 7,9 7,576 7,7 7,705 7, 7,96 7, 7,7 7,565 7,69 7,55 7,775,6,07,,07,966,9,,5,7,66,6,6!,9,55,5, , ,0,076,0 5 9,056,597,9,7,5,79,66,599,0,9,070,,6,06,6,07,5, ,7,57,79,560,569,5,5,556,567,007,97,0,95,9,05,09,69,90,6,,6,5,6,6,76,,5,77,,79,70,,76 6,5 5,77,59,69,59,55,5,57,60,56,56,55,556,577 6,07,0 5,090 5,00,9,999,90,959 5,09,9 5,00,6 5,0,9 5,0,95 5,0 5,05,6,,67,79,790,765,7,909,96,90,05,060,05,00,059,05,069,70,6,7, 796,67,75,,70,66,76,5,75,065,79,0,7,67,,6,0,55,66,77,5,675,779,595),70,75,,, 696,79,570jl, 7,790 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net, Includes guaranteed obligations. 6 FEDERAL RESERVE BULLETIN

57 WEEKLY REPORTING MEMBER BANKS NEW YORK CITY AND OUTSIDE Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Dem deposits, except interbank Time deposits, except interbank Interbank deposits Date or month Reserves with Federal Reserve Banks Cash in vault Balances with domestic banks Dem deposits adjusted Individuals, partnerships, corporations States political subdivisions Certified Officers' checks, etc. U. S. Government Individuals, partnerships, corporations States political subdivisions Dem Time U. S. Government Postal Savings Domestic Foreign Borrowings Capital accounts Bank debits - Leading Cities 9 December..,5 October November.. December.. Nov. 7...,5 Nov....,555 Nov....,569 Nov....,6 Dec Dec.... Dec Dec Tan....,6 Jan. 9...,9 Tan ,09 Jan.... 5,77,7 Jan New York City 9 December.. October... November.. December.. Nov Nov. Nov.... Nov.... Dec Dec. Dec Dec Jan.... Jan Jan Jan.... Jan Outside New York City 9 December.. October November.. December.. Nov. 7 Nov.... Nov. Nov.... Dec Dec.... Dec Dec Jan.... Jan Jan Jan.... Jan. 0...,6,9,99,7,6 5,,90,67 5,0 5,06 5,5 5,00 5,7 5,05 5,00 5,65 5,59 5,06 5,0 5, 5,5 5,07 5,55 5,0, 9,6 9,9 9,66 9,5 9, 9,5 9, 9,57 9,59 0,0 9,6 9,60 9,66 9,96 9,79 9,7 96 9, ,0,005, ,557 5,5 5,0,69,66,7,5,55 5,9 5,,5 5,55 5,06,,57 5,0 55,6, 9 5,75 5,06,66 5,9 55,6,7 5,57 5,0, 5 5,00 5,96,9 5, 0 5,07,6 5, 56,09,59 5, 55,996, 5,059,9 6,9 7,6 5,77 6,5 5,99 6, 6,6 7,9 5,7 6,59 5,7 6, ,9 6,5 6,57 6,99 6,9 7,06 6,65 7,66 6,96 7,779 6,555 7,55 6,65 7,606 6, 7,05 6,5 7,590 6,790 7,5 6,760 7,56,56 5,66 6,99,5 6,56 7,0, 7,7 7,9,0 6,7 6,57,69 6,,0,77 6,66 7,06, 6,7 6,97, ,0, 7 7,59,57,55 7,906,7, 7, 7,95,70 7,05 7,9,5 5 7,9,70,006,70, ,70,9 7,56 7,5,0,,6,5,7,5,66,7,6,9,0 9 5,70 55,55,5 60 5,706 5,7,9 79 5,5 56,9,9 5,56 55,0,5 5,: 5,,79, , 5,6 5,67,9,9,059,6,00,06,99,097,00,05,,5,5,99,7,5,79,,,66,70,9,57,,56,66,90,6,097,7,,6, , ,9,7,999,9,70 5,0,55,97,795,96,0,9,,95,7,99,00,96,06 5,0,9 5,0,5 5,5,6 5,00,5 5,6,5 5,75,6 5, ,09,96,907,,,7,5,97,6,0 95,6,55,9, ,09,557,69,67,5,6,67,6,79,,55,,56,,,65,6,6,09,75,99,,96,55,6,55,7,,56,6,697,696,707, ,79, , 0,557 0,65 0,59,057 0,5 0,07 0,06 0,60 0,90 0,67,7,65,7 0,96 0,7,9,,07,0,96,0,97,09,99,000,007,0,96,09,6,00,0,00,90,07,06,06,9,0,79,099,,056,,00,,06,007,0 7,9 7,6 7,6 7,705 7,6,0 7,5 7, 7,576 7,706 7,56 7,6,0,07,9 7,79 7,7,9,,7,,9,5,6,9,5,6,9,6,76,7,55, ,5 6,0 6 75, , , ,7 6, 6, 6, 6,5 6, 6,9 6, 6, 6,7 6,7 6,9 6,5 6,9 6,5 6,7,06,6,75,7,79,7,7,7,76,69,6,7,,,5,6,,5,5,5,6,5,7,6,6,6,6,59,66,6,75,6,67,9 7,9,,9,6, 0,,9,96 7,096,79,6,9 6,57 7,96 6,59 5,60 5, 5,, 55, 9,7,69,996,07,6,,70 0,6,5 0,5 0,77 9,66 9,75 7,5 7,55 69,65 76,007 5,6 5,0,7, 7,0 5,5 9,0,566,669 5,96 7,09 6,6 5,77 X Dem deposits other than interbank U. S. Government, less cash items reported as in process of collection. Monthly weekly totals of debits to dem deposit accounts except interbank U. S. Government accounts. Back figures. For description of revision beginning, 96, see BULLETIN for 97, p. 69, for back figures on the revised basis, see BULLETIN for 97, pp. 7-; for old series, see Banking Monetary Statistics, pp FEBRUARY 95 69

58 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND PURPOSE * [Net declines, ( ). In millions of dollars] Business of borrower Purpose of lc an Manufacturing mining Periods Food, liquor, tobacco Textiles, apparel leather Metals metal products (incl. machinery trans. equip.) Petroleum, coal, chemical rubber Trade (wholesale retail) Commodity dealers Sales finance companies Public utilities (incl. transportation) Construction other Net changes classified Defense defensesupporting Nondefense Net changes classified tod?,' agr'l change total April-.. -Sept... October November.. December January Week ending: Nov Nov.... Nov.... Nov.... Dec 5 Dec.... Dec Dec Jan.... Jan. 9 Jan Jan.... Jan " Sample includes about 0 weekly reporting member banks reporting changes in their larger loans as to industry purpose; these banks hold nearly 95 per cent of total commercial industrial loans of all weekly reporting member banks about 75 per cent of those of all commercial banks. During April May the coverage was smaller, some banks were classifying only the new loans, not repayments, as to purpose. Quarterly monthly figures are based on weekly changes during period. Net change at all banks in weekly reporting series OUTSTANDING COMMITMENTS OF LIFE INSURANCE COMPANIES TO ACQUIRE LOANS AND INVESTMENTS FOR DEFENSE AND NONDEFENSE PURPOSES [In millions of dollars] Defense defense-supporting Nondefense End of month Public utility Railroad business industry To business industry Farm To others, on real estate mortgages Nonfarm residential VA guaranteed FHA insured Conventional State, county, municipal April* May i August l September October November December,,,97,055,79,9,07,9,75,67,677,760,757,6,706,67,, ,005 9,005,0 97,06,6,567,59,709,56,6,,05,6,9,, , ,6,59,7,90,9,6,07, Excludes business mortgage loans of less than $00,000 each foreign investments, which were not reported until September. NOTE. Data for 5 companies, which account for 5 per cent of the assets of all United States life insurance companies; they are compiled by the Life Insurance Association of America in accordance with the Program for Voluntary Credit Restraint. 70 FEDERAL RESERVE BULLETIN

59 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outsting End of month Commercial paper outsting outsting Held by Accepting banks Own bills Bills bought s Imports into United States Exports from United States Based on Dollar exchange Goods st( Dred in or shipped between points in United States Foreign countries 9 November January February March... April May August September.... October November December a As reported by dealers; includes some finance company paper sold in open market. 'None held by Federal Reserve Banks except on Mar.,, on Apr. 0,, when their holdings were $,996,000 $7,000, respectively. Less than $0,000. Back figures. See Banking Monetary Statistics, Table 7, pp ; for description, see p. 7. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' debit balances (net)* Debit balances in partners' investment trading accounts Debit balances in firm investment trading accounts Cash on h in banks Money borrowed Customers' credit balances * Free (net) In partners' investment trading accounts credit balances In firm investment trading accounts In capital accounts (net) 9 December... 9 December December December December... 9 December December... 9 December ,0,, ,56, January... February... March April May August September.. October November.. December?..,,67,0,6,7,75,66,60,90,9 79, »690 *6 «75»66»6 60 «67 *6 «60 « » « P Preliminary. Excludes balances with reporting firms () of member firms of New York Stock Exchange other national securities exchanges () of firms' own partners. Includes money borrowed from banks also from other lenders (not including member firms of national securities exchanges). As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): October, 0; November,. NOTE. For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 96. The article describes the method by which the figures are derived reported, distinguishes the table from a "statement of financial condition," explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures. See Banking Monetary Statistics, Table, pp. -, for monthly figures prior to 9, Table, p., for data jn detail at semiannual dates prior to 9. FEBRUARY 95 7

60 OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week L99 average L9 average average January... February.. March April May August... September. October... November. December.. 95 January... Week ending: Jan Jan.... Jan Jan Feb.... Prime commercial paper, - to 6- months % % % % *A Prime bankers' acceptances, 90 days x L.9 L..6 L L.6 L.6 L M m H Stock exchange call loan renewals H-H H~% H-H A~ A H-V U. S Government securities (taxable) - month bills s to - month issues to 5- year issues \ Monthly figures are averages of weekly prevailing rates. The average rate on 90-day Stock Exchange time loans was.6 per cent, Aug. 7, 9-Jan.,. In changes were made on the following dates: Jan.,.; May 6,.; Dec.,.56 per cent. Rate on new issues within period. Series includes certificates of indebtedness selected note bond issues. 6 Series includes selected note bond issues. Back figures. See Banking Monetary Statistics, Tables 0- pp BULLETIN for May 95, pp. -90, October 97, pp BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] Area period Annual averages: 9 cities: 9, Quarterly: 9 cities: Mar Sept Dec New York City: Mar Sept.... Dec 7 Northern Eastern cities: Mar Sept Dec Southern Western cities: Mar Sept Dec All loans $,000- $0, Size of loan i $0,000- $00,000 $00,000- $00, $00,000 over NOTE. For description of series see BULLETIN for March 99. pp. -7. BOND YIELDS * [Per cent per annum] Year, month, or week U. S. Government (taxable) 7 to 9 years 5 years or more Municipal (highgrade) Corporate (highgrade) Aaa Corporate ^Moody's) By ratings Aa A Baa By groups Industrial Railroad Public utility Number of issues 99 average 9 average average January February March April May... August September October November.. December 95 January.. Week ending: Jan. 5 Jan. )an. 9 Jan. 6 Feb (6) Monthly weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. Stard Poor's Corporation. ' U. S. Treasury Department. Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa Aa groups have been reduced from 0 to 6 issues, the railroad Aaa Aa groups from 0 to 5 issues, respectively. 6 Series discontinued. Back figures. See Banking Monetary Statistics, Tables -9, pp. 6-7, BULLETIN for May 95, pp. -90, October 97, pp FEDERAL RESERVE BULLETIN

61 SECURITY MARKETS l Bond prices Stock prices Year, month, or week U. S. Government Municipal Corporate (highgrade) (highgrade) Stard Poor's series (index, 95-9 = 00) Preferred* Industrial Railroad Public utility Common Securities Exchange Commission series (index, 99=00) Manufacturing Durable Nondurable Transportation Public utility Trade, finance, service Mining Volume of trading 5 (in thouss of shares) dumber of issues average... 9 average... average... j an Feb Mar Apr 95 j an. May Aug.. Sept Oct Nov Dec... Week ending: Jan. 5.. Jan... Jan. 9.. Tan. 6.. Feb ,07,0,6,97,0,59,57,60,05,,6,96,0,6,67,57,95,5,5,70,66 Monthly weekly data are averages of daily figures, except for municipal corporate bonds, preferred stocks, common stocks (Stard Poor's series), which are based on figures for Wednesday. Average of taxable bonds due or callable in 5 years or more. Prices derived from average yields, as computed by Stard Poor's Corporation, on basis of a per cent 0-year bond. Stard Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures. See Banking Monetary Statistics, Tables 0,,, 6, pp. 75, 79,, 6, respectively, BULLETIN for May 95, pp. -90, October 97, pp NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Year or month (new refunding) (domestic foreign) Domestic State municipal Federal agencies i Corporate Bonds notes Stocks Foreign (domestic foreign) Tota Domestic State municipal Federal agencies Corporate Bonds notes Stocks Foreign November December January. February March.... April May - August... September October.. November, 69,6 006,65 9, " ",9,06,6, «96,5 969, ,77,65 7,566 9,05, »69, ,095 0» , ,76,65 7,55 9,076,, , , ,,60,0, ,6,556,77 6,77 5,095, e 607,0,567 5,69,5, ,7, , "'5' ,09,57,0 6,,000,5,5,59, ,09,, 6,7,95,9,5,9, ,66,97,95, 5, ,7,5, , S 6 0S 77 0 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories Possessions. s These figures for 97, 9, February September include million dollars, 00 million, million, 00 million, respectively, of issues of the International Bank for Reconstruction Development. Includes the Shell Caribbean Petroleum Company issue of million dollars, classified as "foreign" by the Chronicle. Source. For domestic issues, Commercial Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures. See Banking Monetary Statistics, Table 7, p. 7. FEBRUARY 95 7

62 NEW CORPORATB SECURITY ISSUES» PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month Estimated gross proceeds * Estimated net proceeds * New money Plant equipment Working capital Retirement of securities Bonds notes Preferred stock Repayment of other debt purposes December January February March April May August September October November December...,55,6,677,667,06,70,0 6,0 6,900 6,577 7,07 6,05 '6,6 7,766»-656, '655»-679 0,0,5,65,6,0,7, 5,90 6,757 6,66 6, ,6 7,6 ' r ,00,79,59 5,99,606 ',006 6,5 ' r 5» ,5,09, 7 ',966 5,00 ' r 0» ,6,,70,0, r ' 5,06,695,5, ,9,555,6,5 07 0,7 9 >" '6 '5 5,9,67,76, ,0,7,9, ,9 5 ' '5 ' '60 ' '65 ' '6 0 ' '7 9 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Year or month Manufacturing ' net proceeds 9 New money Retirements 0 Commercial miscellaneous * net proceeds 9 New money Retirements 0 net proceeds 9 Railroad New money Retirements 0 net proceeds 9 Public utility' New money Retirements 0 Communication net proceeds 9 New money Retirements 0 net proceeds 9 Real estate financial New money Retirements ,0,969,60,66,0,9 ',75, ,0,97,76 5 r 6, , ' '6 0 ' , ' ' , ,0 0,0 6 69,00,9,9,,,65 ',66, ,,99.0,97,7 9, ,,59, ' ' '0 6 9 ' ' ' December 66 9 ' 0 '6 ' ' 7 '99 January.... February March April May August September October November December '0 ' ' '7 ' '5 ' 6 G ' '6 i ' ' ' ' ' ' 6 6 r Revised. Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. * Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., expenses. Classifications for years 9-7 are not precisely comparable with those beginning 9, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through. Prior to 9 this group corresponds to that designated "Industrial" in the old classification. 6 Included in "Manufacturing" prior to 9. 7 Includes " transportation" for which separate figures are available beginning in 9. Included in "Public utility" ' prior r to 9. 9 Includes issues for repayment of other debt for other purposes not shown separately. 0 Retirement of securities only. Source. Securities Exchange Commission; for compilation of back figures, see Banking Monetary Statistics, Table, p. 9, a publication of the Board of Governors. 7 FEDERAL RESERVE BULLETIN

63 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets ol 0 million dollars over (00 corporations) Assets oi" million dollars over ( corporations) Assets of 0- million dollars ( corporations) Year or quarter Sales Profits before taxes Profits after taxes Sales Profits before taxes Profits after taxes Sales Profits before taxes Profits after taxes Dividends Dividends Dividends Annual ,59,006,9,77,0 0, 6,5,6 0,797 6,90 6,675,056,09,,56,95,6,5,,0,099 5, 5,0 7,9 997,7,59,0,60,55 t.9.0,5,09,09, ,6,0,65,7 9,00, 5,69.5,60 5,5,7 7,6 5,66,,57 7,,07,6,77,76,,9,976,57,,59,6 6,995,7,9,056,097, ,05,60,76, ,000,0,7,0,5,69,600,7,00,97,5,900 5, 5,69 5, Quarterly i I 9,06,55 9,56 0,67,0,9,,00,00,,5, ,07, , 7,59 7,95 9, 0,56 0,55,,05,5,6,95, , , 5 75,5,6,,65,67, ,65,09,,,, ,,079 0,5,95,9, ,7 L.90 L, PUBLIC UTILITY CORPORATIONS [In millions of dollarsl Railroad Electric power Telephone Year or quarter Operating revenue Profits before taxes Profits after taxes Dividends Operating revenue Profits before taxes Profits after taxes Dividends Operating revenue Profits before taxes Profits after taxes Dividends Annual,995,97 5,7 7,66 9,055 9,7,90 7,6,65 9,67, 9, ,65,, , 700, ,67,797,09,6,6,65,6,5,9,0 5,055 5, ,9, ,06,,,69,5.979,,,69,967, i i Quarterly,0,066,95,,5,76,0,596, ,,,7.,7,5,,9, Certain tax accruals for the first six months of 9, required by subsequent increases in Federal income tax rates charged by many companies against third quarter profits, have been redistributed to the first second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 9 profits to cover 9 liability for excess profits taxes. As reported. NOTE. Manufacturing corporations. Data are from published company reports, except sales for period beginning 96, which are from reports of the Securities Exchange Commission. For certain items, data for years 99- are partly estimated. Assets are total assets as of the end of 96. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A B electric utilities (which account for about 95 per cent of all electric power operations) are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues profits are for telephone operations of the Bell System Consolidated (including the 0 operating subsidiaries the Long Lines General departments of American Telephone Telegraph Company) for two affiliated telephone companies, which together represent about 5 per cent of all telephone operations. Dividends are for the 0 operating subsidiaries the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges before Federal income taxes dividends. For description of series back figures, see pp of the BULLETIN for 99 (manufacturing); pp. 5-7 of the BULLETIN for March 9 (public utilities); p. 90 of the BULLETIN for September 9 (electric power). FEBRUARY 95 75

64 SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry i i i i Nondurable goods Industries (9 corps.): Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods kindred products ( corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals allied products (6 corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining ( corps.):» Sales Profits before taxes Profits after taxes Dividends Durable goods industries (06 corps.): Sales Profits before taxes Profits after taxes Dividends Selected industries: Primary metals products (9 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (7 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles equipment (5 corps.): Sales Profits before taxes Profits after taxes Dividends,6,0,7 656, , , ,567,05,5 76 9,066, , ,09, 69,790,, 70,5 77, , ,6,9,7 9, , ,577,7 6 5,70,70, 7,6 6 5,56, 560, ,6 5,90,59,5 0,6, , ,05,06,09 67, , ,0 0 6,5 9 75, ,79 697, ,6 7 9, ,00 96, , , , ,5,0 69 9, , , , ,9 76, 7,9, , , , , , , , , , ,5 66 9, , , , , 67 5, , , , , ,5 7, ,9 9 75, , Certain tax accruals for the first six months of 9, required by subsequent increases in Federal income tax rates charged by many companies against third quarter profits, have been redistributed to the first second quarters. Available information does not permit a similar redistribution of accruals charged against fourth quarter 9 profits to cover 9 liability for excess profits taxes. includes 6 companies in nondurable goods groups not shown separately, as follows: textile mill products (0); paper allied products (5); miscellaneous (). includes 5 companies in durable goods groups not shown separately, as follows: building materials (); transportation equipment other than automobile (6); miscellaneous (7). CORPORATE PROFITS, TAXES AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly dataat seasonally adjusted annual rates) [In billions of dollars] Year Profits before taxes Income taxes Profits after taxes Cash dividends Undistributed profits Quarter Profits before taxes Income taxes Profits after taxes Cash dividends Undistributed profits ' ' r ' ' r Revised. Source. Same as for national income series 76 FEDERAL RESERVE BULLETIN

65 End of month gross debt* UNITED STATES GOVERNMENT DEBT VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues a Nonmarketable public issues gross Certificates of Treasury Treasury U. S. direct debt» Treasury Treasury bills indebtedness bonds notes bonds * savings tax savings notes Treasury bonds investment series Special issues Noninterestbearing debt 95 Dec Dec Dec 9 Dec Dec 9 Dec. Jan., Feb Mar Apr May Aug Sept, Oct. Nov Dec 95 Jan 59,5 7,6 69,9 59,7 5,76 56,9 5,66 5,5 5,79 57,60 57,77 56,7 56, 55,95 55,0 5,7 55, 55,5 55,65 56,677 57,6 5,6 59,67 59,6 59, 5,6 7,5 69, 59,9 5,6 56,900 5,9 5,00 5,770 57,0 57,57 56,70 56,5 55,9 5,997 5,77 55,09 55, 55,657 56,6 57,5 5,9 59,60 59,9 59,775,9 9,77 9,606 76,6 6,70 65,75 60,6 57, 55,7 55, 55,0 5, 5,60 5,65 5,6,075,0 7,97 9,79 9,7 0,69,75,7,65,690 7,0 7,07 7,09 7,0 5,775 5,6,757,,56,9,5,67,69,6,60,67,6,6, 5,0 5,67 6,9,00,0,0,6,55,0 9,97 5,96,0,5 6,55 9,7 9,66, 5,7 9,9 9,5,70 5,7,06,07 9,07 9,079,97,967,6 0,090,,75,75 7,,596,9 0,0 9,5,00,0,0,0,0 5,06 6,60,00,0,669,06,09, 06, 0, 9, 9, 9, 7,6,6,0 0,6 0,75 0,795 9,05 9,05 9,05 9,05 0,90 0,69 7, 7,0 7,7 7,070 7,06 7,066 76,95 76,9 56,6 56,95 56,7 56,5 59,05 59,9 59,6 6, 6,9 66,000 67,5 6,5 6,09 67, 67,05 0,65 0,69 0, 79,9 79, 79,5 7,57 7,6 7, 7,559 5,56, 9,05 9,776 5,67 5,05 5,7 55,05 56,60 56,707 57,56 5,09 5,07 57,769 57,76 57,65 57,607 57,57 57,5 57,9 57, 57, 57,55 57,57 57,66 0,6,5 6,7 5,75 5,560 5,,9,57,60 7,60,7,60,7,70,96,09,5 7, 7,96,0 7,775 7,705 7,77 7,5 7, ,9,5,56,5,5,59,07,0,0,99, 0,000,,55 7,66,955 0,,7,776,96,56,707,99,9,55,590,09,65,707 5,6 5,67 5,65 5,6 5,90 6,,6,,,0,7,695,9,0,009,,,5,,559,,7,6,70,,,95,59,5,,9 Includes fully guaranteed securities, not shown separately. Includes amounts held by Government agencies trust funds, which aggregated,5 million dollars on Dec.,. marketable public issues includes Postal Savings prewar bonds, total nonmarketable public issues includes adjusted service bonds, depositary bonds, Armed Forces Leave bonds, not shown separately. Back figures. See Banking Monetary Statistics, Tables 6-, pp. 9-5, UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING JANUARY, 95 [On basis of daily statements of United States Treasury. of dollars] Issue coupon rate Treasury bills» Feb. 7, 95 Feb., 95 Feb., 95 Feb., 95 Mar. 6, 95 Mar., 95 Mar. 5, 95 Mar Mar. 7, 95 Apr., 95 Apr. 0, 95 Apr. 7, 95 Apr., 95 May, 95 5, 95 Certificates Apr., 95 \y %, 95 V Aug. 5, 95 % Sept., 95 IK Oct., 95 % Dec.,95 % Treasury notes Mar. 5, 95 IX Mar. 5, 955 ^ Dec. 5, 955 \% Apr., 956 ^ Oct., 956 ^ Treasury bonds Mar. 5, 95-5».. Amount,00,0,0,00,0,00,,0,0,0,0,0,0,0,9 9,5 5,6 5, 0,6,06,675 5,65 6,5,007,0 Issue coupon rate Treasury bonds Cont. Postal Savings bonds Panama Canal Loan. direct issues Guaranteed securities Federal Housing Admin. Various In millions Amount 5,5, 7, ,6,9 9, 99 5,,69,5,,0,760,6 5,96,0,000 76,07 Sold on discount basis. See table on Open-Market Money Rates, p. 7. Tax Anticipation Series.» Called for redemption on Mar. 5, 95. * Maturity Dec. 5, Partially tax exempt. 6 Restricted. FEBRUARY 95 9 Month Fiscal year ending: Jan Feb.... Mar... Apr.... May Aug.... Sept... Oct... Nov... Dec Jan... UNITED STATES SAVINGS BONDS [In millions of dollars] Amount outsting at end of month 5,56 9,05 5,67 5,7 56,60 57,56 57,57 5,07 57,769 57,76 57,65 57,607 57,57 57,5 57,9 57, 57, 57,55 57,57 57,66 Funds All series,9 9,6 7,0 6,5 7, 5,67 5, received from sales during period Series E,55 6,79,7,06,7,99, Series F Series G Maturities amounts outsting January, 95 Year of maturity Unclassified All series,75 6,0,0 6,56 5,065,5,97,75 5,,, ,66 Series E,75 5,7 5,7,6,67,59,57,67,,5 0, Series F ,60 6 Redemr.- tions maturities All series,9 6,77 5,55 5, 5,067 5, 6, Series G 976,,95,6,0,0,,9,5, 6 7,95 Includes bonds with extended maturities totaling 776 million dollars. 77

66 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY [Par value in millions of dollars] GUARANTEED End of month Held by U. S. Government agencies trust funds x Special issues Public issues Federal Reserve Banks gross debt (including guaranteed securities) Commercial banks Mutual savings banks Held by the public Insurance companies corporations Individuals Savings bonds securities State local governments Miscellaneous investors Dec. 99 Dec 9 Dec Sept Oct Nov,96 55, ,796 0,66 59,5 69,9 5,76 5,66 5,5 5,79 57,60 57,77 56,7 55,5 57,6 5,6 59,67,775 6,0 7,5 0,7,7,, 7,66 0,,7,776,96,56,707,65 5,67 5,65 5,6,05,75,77,5,0 6, 6,79 5,5 5,59 5,6 5,5 5,6 5,7 5,90 6,05 6,6 6,67 6,5,6 6,7 66,69 6,7,59,75 0,76 5,565 6,606 5,56, 7,00 9,57 7,5,9 5,0 6,5 7,,66,,65 7,0,90,79,7,7,66 9,,5, 0,77,9,7,55,9 6,00 9, ,00 6,00,00,00 70,000 6,600 6,0 6,000 66,00 65,600 6,00 5,00 59,00 60,600 6,00,00, ,00 7,00 9,600,0,00,000 0,600,00,600 0,900 0,00 0,00 0,000 9,900 6,0 7, ,00 7,00,700,900,600, ,0 0,00 9,00,600 7,000 6,700 6,600 6,0,00,000,900,900 0,000,900 7,700,900,0 00 5,00 6,00,00 9,900 0,00 0,00 0,900, ' 00 ' 700 ' 00 '9 00 '9 r ,600, ,00,00 0,700,0 5,0 7,00 7,00,00 9,00 9,900 9,600 9,000,900,900 9,000 7,0 7,600,700,700,00,00 9,00 0,700,00 7,00,00 '7,00 '7,00 '6,00 '6,00 '5,900 '5,900 5, ,00,00 6,00,900,00 9,00 9,00 9,00 0,000 9,00 '0,000 0,700 '0,900 ',00 '0,0,00 Includes the Postal Savings System. ' Revised. Includes holdings by banks in territories insular possessions, which amounted to million dollars on 0,. Includes savings loan associations, dealers brokers, foreign accounts, corporate pension funds, nonprofit institutions. NOTE. Holdings of Federal Reserve Banks U. S. Government agencies trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] End of month Type of security: : Dec 9... Dec... Oct Nov.... Treasury bills: Dec 9... Dec... Oct Nov.... Certificates: Dec 9... Dec... Oct Nov... Treasury notes: Dec 9... Dec... Oct Nov... Treasury bonds: Dec 9... Dec... Oct Nov... outsting 55,60 55, 55,5 5,7 7,9,7,77,56,9,5,67.6 6,9,00 9,7 9,66, 5,7 9,9,06,07,596,9 0,0 9,5 5,06,669,06 0,6 0,75 0,795 9,05 7, 7,06 7,066 U. S. Govt. agencies trust funds 5,7 5,7 5, 5,65,7,, (*) ,0 5,7 5,7 5,,7,9,7 Federal Reserve Banks 9,,5, 0,77 0.6, 5,09,05 5,9,6,9,56, ,57 6,75 5,57,,9,, ,0,57,9 5,06 5,06 7,70 7, 5,6,60,0,,0 Commercial banks 56,7 59,56 5,97 5,9 5,55,7,5,70,.7 5,5 6,6 9,56, 5,5,5,75 5,95 5,95,0 5,569,0 5,.70 0,5 0,5,0 9,5,69,607,6,09,00 Mutual savings banks,09 0,77 0,77 0,,5,00 7, ,76 0,0 0,6 9,967 7,97 7,7 7,75 Insurance companies 9,090,55, 6,6,077,6,06,59, ,07,76,66,9,55,7,0 5,6 7,90,60 9,7 0,7,7 0,99 7,5,5,,5,66.,75 5, 0,05,,690,9,5 6,0 7,579 5,09 7,9 5,0 5,67,9 0,6,0 9,95,977 9,900, End of month Treasury bonds notes, due or callable: Within year: Dec 9... Dec... Oct. Nov -5 years: 99 Dec 9... Dec... Oct Nov years: Dec 9... Dec... Oct Nov.... After 0 years: Dec 9 Dec... Oct Nov outsting,6,9 0,7,905 7,6,0 7,965 9,75 5,067 5,0,7.0 7, 7, ,57 5,96 7, 5,96,57,56,55 5,0 5,0,599 0,0 0,05 0,0 U. S. Govt. agencies trust funds ,55,,,6,69,6,697 Federal Reserve Banks 9 7 5,7 0,,70,577,70,,,9 5,6,5,7 5,96,7 5,96,79 5,, 9,0,0,0,5,59,9,,97,00,09 Commercial banks 7,0 9,0 7,00,65 5,0 6,0,907,7,5 0,5 6,57 6,995 5,675 7,9 6,7,6,,9,7,09,9,7,777,766 Mutual savings banks ,79,, ,00,60,9,5,009,9,9 7,9 6,5 7,0 7,0 5,9 5,05 5,5 Insurance companies ,0 6 59,,6,7, ,7,0,055,9,5,65,655,79,5,7,0 7,9 7,0 7,05,55,65,00 0,7 0,77,70, 7,5 5,90 0, 5,660 5,69 5,5 5,55,60,76,6,65,,06,,,090,5,99 0,5 0,7 0,0 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks all insurance companies for certain dates are shown in the table above. Includes stock savings banks. Includes Postal Savings prewar bonds a small amount of guaranteed securities, not shown separately below. Less than $0, FEDERAL RESERVE BULLETIN

67 Fiscal year or month Net receipts SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] Budget expenditures Fiscal year: 99,6 0, ,05 0,67,,6 Jan...,,0 Feb...,57, Mar..,,05 Apr...,66,007 May..,6,57.. 7,09 5,969..,57,79 Aug..,59 5,07 Sept.. 6,09 5,6 Oct...,65 5, Nov...,5 5,7 Dec.. 5,79 5,67 95 Jan...,95 5,55 Fiscal year or month Fiscal year: 99 9 Jan.... Feb... Mar... Apr.... May Aug.... Sept... Oct.... Nov Dec Jan.... Fiscal year: Jan Feb. Mar Income taxes 9, 0,07, ,0,7 57,0, 76,0, 70,77,6 P7 Fiscal year or month May AUJT. Sept Oct Nov.. Dec.. 95 Jan "Rnri xjuq^ci. surplus (+) or deficit - - S ,06 7, On basis of daily statements of United States Treasury Trust accounts, etc Clearing account Increase (+) or decrease ( ) during period Gross debt +7 +,57, , General fund balance -,6 +,07 +, ,7 -,6 -,7 +,57 -, , -, General fund of the Treasury (end of period) Balance in general fund ,6 5,97 7,7,65 5,06,99 76,60,76 7,7 6,0 5, 7,56 5, 5,7,6,06 DETAILS OF TREASURY RECEIPTS On bas is of daily statements of United States Treasury 9,6,9,,709, 6,5,6 5, ,5 5,96,0 Cash income Withheld by employers Miscellaneous internal revenue,,0 9, Social Security taxes,7,9, P75 receipts,56,5, receipts,77, 5,69,6,0,,9,09 7,60,,65 6,5,70,95 5,576 5,5 Refunds of taxes Deduct,,60, Social Security employment taxes,690,6,06 7,05,0,, 7,57 9,,66 5,6 0 7,09 75,57 56,59 5 6,09,65 00,5 66 5,79 7,95 Assets Deposits in Federal Reserve banks , Special depositaries assets,77,65,6,709 5,60,5,7 :,9,6,76 5,900,97 5,00,79,09,6 5,60 L,5,69 L,75,,77,57,6,0 L.79,90,765,69,0 6,0,096 liabilities Cash operating income outgc Cash outgo 9, , ,9 5 0,696,77 5,9 9 05,960 59, 55,5 5 7,67,,5, 6,600 5, ,555,6 7,57 5,0 5,9 5,6 5 5,6 5,6 7 Excess income (+)or outgo ,,006,,99-965,69,96, + On basis of reports by collectors of internal revenue Withheld individual income old-age insurance taxes 5,7,76 5,90 9, ,9 56,5,600 0,7, 75 Net receipts Individual income tax not withheld 7,996 7,6 9,90,57,0, ,95 6, DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS 0,057 0,67,6,0,,05,007,57 5,969,79 5,07 5,6 5, 5,7 5,67 5,55 National defense,5,7 9,95,65,695,057,60,96,95,90,00,6,66,05,070 P. Interest on debt On basis of daily statements of United States Treasury Budget expenditures 5,9 5,7 5, , ,057 International finance aid 6,06,657, P5 Veterans Administration 6,79 6,0 5, ,656, ( 7 ) P5 96, ( 7 ) P7 6, 6,970 7, P69 Social Security accounts,7,9 5, ,79,0, Corporation income profits taxes,55 0,5, 97 5,6 99, ,9 5 60,69 Estate gift taxes Trust accounts, etc.,5,, ,99,76, , Excise other miscellaneous taxes p Preliminary. Excess of receipts (+) or expenditures ( ). Excludes items in process of collection. For description, see Treasury Bulletin for September 97 subsequent issues. These are appropriated directly to the Federal old-age survivors insurance trust fund. 5 Beginning January, old-age insurance employment taxes are not reported separately. Figures for prior periods have been combined for purpose of comparison. 6 Beginning January, Treasury reports combine income taxes withheld employment taxes.. Figures shown for withheld income taxes exclude, figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age survivors insurance trust fund. 7 Less than $0,000. 7,55 7,599, Aid to agriculture Transfers to trust accounts Receipts Investments Expenditures Receipts Investments Expenditures,66, FEBRUARY 95 79

68 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items * In millions of dollars] Liabilities, other than interagency items Corporation or agency Cash U. S. Govt. securities Loans receivable Commodities, supplies, materials Investments securities L, structures, equipment assets Bonds, notes, debentures payable Fully guaranteed by U. S. liabilities U. S. Government interest Privately owned interest All agencies: Dec., 9 Mar., 0, Sept. 0,,65 5,0 5, 5, ,,96,,906,77,76,79,55,075,6,5,6,7,67,7,7,95,95,999, ,90,7,7,99,9,995,,7 9,5 99, Classification by agency, Sept. 0, Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Agricultural Marketing Act Revolving Fund Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corporation Farmers' Home Administration Federal Crop Insurance Corp ,777, , , () 09 () ,777, Housing Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings Loan Insurance Corp. Home Owners' Loan Corp Public Housing Administration 5 Federal Housing Administration Office of the Administrator: Federal National Mortgage Association.. Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 ^ Export-Import Bank Federal Deposit Insurance Corp Tennessee Valley Authority All other s,0 0,90,7 77 7, 60,,5,5 7,900 ) ,75 9 7,,0 0 () 77,,5,5 ) 5 () () 6 97 (),, ,,6,5 7, 99 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Purpose of loan Fed. Farm Mort. Corp. Fed. intermediate credit banks Banks for cooperatives Commodity Credit Corp. Rural Electrification Adm. Sept. 0, Farmers' Home Adm. Fed. National Mortgage Assn. Public Housing Adm. Fed. home loan banks Reconstruction Finance Corp. Ex- port- Import Bank All other All agencies 0,, all agencies To aid agriculture To aid home owners To aid industry: Railroads To aid financial institutions: Banks.. Foreign loans Less: Reserve for losses loans receivable (net) ,69, ,75,75 m (S) 0 5 () ,9 7, ,7 0 9,065,96, , 70 7,906,675, ,5 67 6, Assets are shown on a net basis, i. e., after reserve for losses. s for each quarter include the United States' investment of 65 million dollars in stock of the International Bank for Reconstruction Development its subscription of,7 million to the International Monetary Fund. Less than $0,000. Includes assets liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law, st Congress. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 60, 0th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. Figures for one small agency are as of Aug.,. NOTE. Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by () the adoption of a new reporting form the substitution of quarterly for monthly reports beginning Sept. 0, 9, () the exclusion of figures for the U. S. Maritime Commission beginning 0, 9. For back figures see earlier issues of the BULLETIN Banking Monetary Statistics, Table 5. p FEDERAL RESERVE BULLETIN

69 BUSINESS INDEXES [The terms "adjusted" "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year or month Industrial production (physical volume)* 95-9=00 Manufactures Durable Nondurable Minerals Construction contracts awarded (value) 9-5=00 Residential All other Nonagricultural Employment 99=00 Factory Factory payrolls» 99 = 00 Freight carloadings* 95-9 = 00 Department store sales (value) ** 97-9 = 00 Consumers' prices 95-9 = 00 Wholesale commodity prices 96 = 00 Adjusted Unadjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Unadjusted Unadjusted Adjusted Adjusted Unadjusted Unadjusted February March April May... August.... September October.. November December January. February March April May. August September October November.. December P z> P P P P ^ P P P P P P , ' P ^ P P * A r 7. '.. « P P January e e l e e 5 66 mo * Average per working day. * Estimated. v Preliminary. Revised. For indexes by groups or industries, see pp. -5. Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for 9, p. 5. For monthly data (dollar value) by groups, see p. 9. The unadjusted indexes of employment payrolls, wholesale commodity prices consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. The consumers' price index is the adjusted series, reflecting: () beginning 90, allowances for rents of new housing units () beginning January 9, interim revision of series weights. Nonagricultural employment covers employees only excludes personnel in the armed forces. For indexes by Federal Reserve districts for other department store data, see pp Back figures in BULLETIN. For industrial production. August 90, pp. 5-, September 9, pp. 9-97, October 9, pp. 95-9; for department store sales, December, pp r FEBRUARY 95

70 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors average =00] Industry 9 Dec. Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec Industrial Production. Manufactures Durable Manufactures Iron Steel l.. Pig iron Steel Open hearth. Electric Machinery Transportation Equipment Automobiles (including parts), (Aircraft; Railroad Equipment; Shipbuilding Private Government), Nonferrous Metals Products.. Smelting refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) Lumber Products Lumber... Furniture... Stone, Clay, Glass Products... Glass products Glass containers Cement Clay products stone clay products. Nondurable Manufactures... Textiles Products... Textile fabrics Cotton consumption Rayon deliveries Nylon silk consumption Wool textiles Carpet wool consumption Apparel wool consumption. Wool worsted yarn Woolen yarn Worsted yarn Woolen worsted cloth.. Leather Products.... Leather tanning Cattle hide leathers Calf kip leathers Goat kid leathers Sheep lamb leathers Shoes Manufactured Food Products.. Wheat flour Cane sugar meltings Manufactured dairy products. Butter Cheese Canned dried milk... Ice cream ' r " P Preliminary. r Revised. c Corrected Methods used in compiling the iron steel group index have been revised beginning October 99. A description of the new methods may be obtained from the Division of Research Statistics. Series included in total group indexes but not available for publication separately. Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp sulphite pulp series are no longer available separately. Individual indexes through are shown in preceding BULLETINS ' '56 '5/5 ' 99 P57 '6 '7 ' ' P55 P07 P FEDERAL RESERVE BULLETIN

71 INDUSTRIAL PRODUCTION, BY INDUSTRIES Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors average = 00] Industry 9 Dec. Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec. Manufactured Food Products Continued Meat packing Pork lard... Beef Veal Lamb mutton. manufactured foods... Processed fruits vegetables Confectionery.. food products Alcoholic Beverages.. Malt liquor... 6 Whiskev 57 distilled spirits Rectified liquors... 0 Tobacco Products. Cigars Cigarettes... tobacco products.. Paper Paper Products... Paper pulp Pulp Groundwood pulp Soda pulp Sulphate sulphite pulp Paper Paperboard Fine paper.. Printing paper Tissue absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard) Printing Publishing.... Newsprint consumption 6 Printing paper (same as shown under Paper)... Petroleum Coal Products.. Petroleum refining... Gasoline... Fuel oil Lubricating oil Kerosene petroleum products.. Coke Bv-product coke Beehive coke Chemical Products.. Paints. Ravon Industrial chemicals chemical products.. Rubber Products.. Minerals... Fuels.. Metals Coal... Bituminous coal Anthracite Crude petroleum Metals other than gold silver Iron ore (Copper; Lead; Zinc) Gold Silver ' ' ' ' '76 ' ' ' ' ' ' '9 ' r t ' '9 ' '0 " ' V P P 70 P6 7 pj P] For other footnotes see preceding page. NOTE. For description back figures see BULLETIN for October 9, pp. 90-9, September 9, pp , August 90, pp P6 P P6 *> 56 Pi 57 P560 P5 5 P95 P7 FEBRUARY 95

72 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors average = 00] Industry 9 Dec. Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec. Industrial Production.. Manufactures Durable Manufactures I r o n a n d S t e e l *..... Pig iron Steel Open hearth Electric Machinery Transportation Equipment Automobiles (including parts).. (Aircraft; Railroad equipment; Shipbuilding Private Government) Nonferrous Metals Products Smelting refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)... Fabricating (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin ' r ' r 09 ' P6 P6 P P56 P5 P0 P5?99 Lumber Products P Lumber..... Furniture P\6 P7 Stone Clay, Glass Products Glass products Glass containers Cement Clay products ' '9 5 ' P P P75 Nondurable Manufactures ' P5 Textiles a n d Products r 5 57 P5 Textile fabrics.... Cotton consumption Nylon silk consumption Wool textiles Carpet wool consumption Apparel wool consumption Woolen worsted yarn Woolen yarn Worsted yarn Woolen worsted cloth Leather Products Leather tanning Cattle hide leathers Calf kip leathers Goat kid leather? Sheep lamb leathers Shoes Manufactured Food Products ' '6 '9 0 ' ' ' P5 Wheat flour... Cane sugar meltings Manufactured dairy products Butter Cheese Ice cream P Preliminary. r Revised. c Corrected. Methods used in compiling the iron steel group index have been revised beginning October 99. A description of the new methods may be obtained from the Division of Research Statistics. Series included in total group indexes but not available for publication separatelv. Because of a reclassincation of the basic data used to measure changes in production, the sulphate pulp sulphite pulp series are no longer available separately. Individual indexes through are shown in preceding BULLETINS. FEDERAL RESERVE BULLETIN

73 INDUSTRIAL PRODUCTION, BY INDUSTRIES Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors average = 00] Industry 9 Dec. Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec. Manufactured Food Products Continued Meat oackins Pork lard Beef Veal Lamb mutton Processed fruits vegetables. Confectionery food products r P Alcoholic Beverages M!alt liquor. Whiskey distilled spirits Rectified liquors Tobacco Products Cigars Cigarettes tobacco products Paper Paper Products '9 Paper pulp Pulp Groundwood pulp Soda pulp Sulphate sulphite pulp Paper Paperboard Fine naner * Printing paper Wrapping paper... Newsprint ^ Printing Publishing Newsprint consumption Printing paper (same as shown under Paper) Petroleuttt Coal Products '69 75 P79 Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene netroleum nroducts' Coke By-product coke Beehive coke "* Chemical Products P0 Paints Rayon Industrial chemicals chemical products P57 P P560 Rubber Products P Minerals P60 Fuels P7 Coal Bituminous coal Crude petroleum M5 5 P95 Metals '6 5 P9 Iron ore (Conner* Lead* Zinc)* Gold Silver I'll 7 P97 For other footnotes see preceding page. NOTE. For description back figures see BULLETIN for October 9* pp. 90-9, September 9, pp , August 90, pp FEBRUARY 95 5

74 OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 97-9 average = 00] Product group 9 Dec. Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. pdec. Passenger automobiles Household goods, total Carpets Furniture Major appliances Radios television P Preliminary. NOTE. For description back series see BULLETIN for October, pp Unadjusted indexes for these series individual series for major appliances radios television may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 5, D. C. FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thouss of persons] Industry group or industry 9 Dec. Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec ADJUSTED FOR SEASONAL VARIATION Manufacturing Durable goods Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Lumber wood products Furniture fixtures Stone, clay, glass products.. Instruments related products Misc. manufacturing industries.. Ordnance accessories Nondurable goods Textile-mill products Apparel other finished textiles Leather leather products... Food kindred products Tobacco manufactures Paper allied products Printing, publishing allied industries Chemicals allied products... Products of petroleum coal. Rubber products WITHOUT SEASONAL ADJUSTMENT Manufacturing Durable goods Primary Metal Industries Blast furnaces, steel works rolling mills Fabricated Metal Products Machinery except Electrical Metalworking machinery... Electrical Machinery Electrical apparatus (generating, etc.) Communication equipment. Transportation Equipment Motor vehicles equipment Aircraft parts Lumber Wood Products Sawmills planing mills.. Furniture Fixtures Household furniture Stone, Clay, Glass Products.. Instruments Related Products. Misc. Manufacturing Industries.. Ordnance Accessories For footnotes see following page.,95 7,9, 9,57 70, ,760,9,0 6,7 5 9,056 7,5, 556 5, , ,0 7,9, 9,9 70, ,,5,070 6, ,0 7,56, , , , 7,5,7,09 709, ,6,,0 67, 5 9,6 7,7, , , , 7,95,5,9 77, ,,,07 6, ,9 7,, , 7 6 7, ,9 7,9,6 55, 7, ,00,,06 57, ,0 7,5, , , , 7,9,7 59,6 7, ,76,,05 5, ,99 7,06,6 565, , ,0 7,0,7 5,6 70, ,76,05,07 5, ,06 7,09,7 57, , ,06 7,5,7,7 705, ,75,0,05, ,5 7,6,55 57, , ,967 7,0,7 9, 7, '5,66,70,0 6, ,069 7,6, , , ,55 '7,65 ',6 '0 ',5 '7 ', 70 '0 '6 ' ' '5,590,7 ',007 ', ' 55 9,07 '7,79 ',6 '57 '0 ',9 ' '707 7 '7 ', 679 '60 75 ' 5 96 ' '6 ' ',79 '7,5 ',5 '05 ', '70 ',99 7 '7 ' '70 7 '5,5 ', '95 7 ',57 ' 5 5 9,997 '7,9 ',57 '570 '09 ', ' '75 7 '57 ',99 '66 '6 79 '0 9 0 '0 '9 '7 7,77 7,,55 00,6 7, ,6, 99, ,95 7,,6 57 0, , ,779 7,70,56 796,56 7, ,9,,06, ,9 7,0,6 0,6 7, FEDERAL RESERVE BULLETIN

75 FACTORY EMPLOYMENT, BY INDUSTRIES Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thouss of persons] Industry group or industry Nondurable goods Textile-mill Products Broad-woven fabric mills... Knitting mills A pparel Finished Textiles Men's boys' furnishings Women's misses' outerwear Leather Leather Products.... Footwear (except rubber)... Food Kindred Products Meat products Canning preserving.... Bakery products Tobacco Manufactures Paper A Hied Products Pulp, paper paperboard mills Printing, Publishing Allied Industries Newspapers Commercial printing Chemicals Allied Products... Industrial organic chemicals Products of Petroleum Coal.. Petroleum refining Rubber Products 9 Dec. 5,0,5 60, , Jan. Feb. Mar. Apr. May Aug. Sept. Oct. Nov. Dec, 5,76,57 60, , ,5, , , ,76, 56 6, , ,66, 567 0, , ,57, , ,655,05 5 6, , ,659, , ,0,5 56,07 95, '5,0, ', ', r '5,70 n, '56 '09 ',09 ' r,5 '6 ' '95 r ' ,5 7, 7J 5 0, , ,559 7,70,0 6, HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Average hours worked (per week) Average hourly earnings (dollars per hour) Industry group Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Manufacturing.. Durable goods Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Lumber wood products Furniture fixtures Stone, clay, glass products Instruments related products Miscellaneous manufacturing industries. Ordnance accessories ' ' '77.90 '6.7 '76.95 '6.7 '5.66 '66.00 '70. '57.96 ' '.5 '. '.6 '0.7 '0. '. '0.9 '. '0.5 ' ".6.9 '.7 ' ' Nondurable goods 5. ' ' Textile-mill products Apparel other finished products.... Leather leather products Food kindred products Tobacco manufactures '9.9 '.57 '5. '6.7 ' '7. '5. '5.6 '.0 ' Paper allied products Printing, publishing allied products. Chemicals allied products Products of petroleum coal... Rubber products '66.07 '76.5 '6.6 '.0 ' '.7 '.6. '0. ' '.6 '.995 ' ' Revised. NOTE. Data are for production related workers. Figures for December are preliminary. Back data are available from the Bureau of Labor Statistics. FEBRUARY 95 7

76 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thouss of persons] Year or month Mining Contract construction Manufacturing Transportation public utilities Trade Finance Service Federal State, local government ,0 0,069,,7,0,006, 6,0 7, 5,0,6 5,7 5,6,6, 5, ,09,,66,9,65,56,,567,79,7,0,,5,977,00, 7,60 7,5,60 9,96 9,9 9, 9,5 9,795.7,9,56 L.6,76,76.,,9,055,6,76,799,7,76,75 6,06 5,967 5,607 5,5 5,6 5, 5,90 6,6 SEASONALLY ADJUSTED 9 December 5,605 5,69 9,5,5 9,69,6,7 6,9 January... February March April May. August September October November December 5,0 6,07 6,66 6, 6,7 6,66 6,60 '6,555 '6,65 '6, 6,55 6, 5,5 6,009 6,05 6,0 6,0 6,097 6,06 '5,9 '5,0 '5,7 5,77 5, '9 '9 9 95,7,,556,57,57,55,57,60 ',57 ',65,57,55,07,7,7,5,0,,,,57 ',75,70,7 9,7 9,769 9,76 9,77 9, 9,57 9,7 9, '9,79 '9,755 9,797 9,5,0,,5,56,65,7,0,95 ',90 ',90,96,96,77,7,79,75,765,77,70,79 ',7 ',76,75,75 6,00 6,65 6,0 6,9 6,7 6,9 6,7 6,96 6,56 6,57 6,5 6,5 UNADJUSTED 9 December. 6,595 5,79 97,0,5 0,,,69 6,76 January February March April M^ay - August September October November December 5,6 5,90 5, 5,99 6,6 6,567 6, 6,7 '6,956 '6,6 6, 7, 5,7 5,97 6,0 5,955 5,5 5,956 5, 6,00 '6,09 '5,9 5,99 5, '97 ' ,,,6,7,59,66,75,09 ',76 ',756,6,,07,0,,,7,6,76,90,7 ',6,66,7 9,59 9,55 9,7 9,67 9,6 9,7 9,667 9,6 '9,7 '9,7 0,07 0,59,,9,5,65,7,9,90,9 ',9 ',90,907,97,666,657,6,75,79,5,5,9 ', ',770,7,69 6,0 6, 6,7 6,9 6,77 6,77 6,56 6,0 6,5 6,5 6,97 6, ' Revised. NOTE. Data include all full- part-time employees who worked during, or received pay for, the pay period ending nearest the 5th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, members of the armed forces are excluded. December figures annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted ifigures beginning January 99 may be obtained from the Division of Research Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thouss of persons years of age over] Civilian labor force Year or month civilian noninstitutional population J Employed In nonagricultural industries In agriculture Unemployed Not in the labor force December Tanuarv February... May August September October November December.... 9,0 9,090 0,070 06,0 07,75 0, ,976 09,9 09,70 0,9 0,96 0,79 0, 0,6 0,56 0,96 0,956 09,06 09, 09,00 5,60 5,60 57, 60,6 6, 6, , 6,5 6,5 6, 6,5 6,79 6,0 6,7 6, 6,0 6,6 6,5 6,6 6,6 5,960 5,0 55, 5,07 59,7 5,70 59,957 6,005 60,0 59,00 5,905 60,79 60,0 6,9 6,0 6,56 6,60 6, 6,6 6,6 6,0 5,00,0 6,90 9,76 5,05,6 5, 5,95 5,075 5,99 5,976 5,75 5,00 5,75 5,76 5,6 5,9 5,05 5,6 5, 5,66,9,,0,66 7,97,06 7,7 7,05 6, 6,0 5,90 6,9 6,65 7,0,05 7,90 7,6 7,56 7, ,7 670,00,70, 06,95,,79,9, 07 7 L.7,609 I 90,56,57 L 606 L,66 I 67-, ,5 5, 5 7 6,05 6, 6,09 6,657 7, ,09 6, , , ,5 The number of persons in the armed forces, previously included in the total noninstitutional population total labor force items, is no longer available for reasons of security. Includes self-employed, unpaid family, domestic service workers. NOTE. Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. FEDERAL RESERVE BULLETIN

77 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Residential building Factories Nonresidential building Commercial Educational Public works public utilities January February March April May August September October November December Year 70,0. 779,0.5,00,67.5,,75.0,7.6,57.0,5,0,5,6,5,07,6,0.9,79.,6.,0.9, , ,. 6,7.0,.,0.5,79.,65.0, CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month Jan Feb Mar.... Apr.... May Aug Sept Oct Nov... Dec ,07, ,00,,,5,0,59,7,6,07,6,0,,6,75,57,09,0,6,0,05 9, Public ownership , Private ownership , , Year. 0,59, 5,75,7,09 6, 6,6 0,09 9,69 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Year or month 9 Dec... Jan... Feb... Mar... Apr... May Aug... Sept... Oct... Nov... Dec ,77,,., Title ] loans Property improvement Small home construction (*) () 7 «7 9 0) - to - family houses (Title ID 7 6 0,55.66, MortgEiges Rental group housing (Title ID () War Veterans' housing (Title VI) 5 0,6,9, Military housing (Title "n 0 Net proceeds to borrowers. Mortgages insured under War Housing Title VI through April 96; figures thereafter represent mainly mortgages insured under the Veterans Housing Title VI (approved May, 96) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with December 97, figures include mortgages insured in connection with sale of Government owned war housing, beginning with February 9 include insured loans to finance the manufacture of housing. Mortgages insured on new rental housing at or near military installations under Title VIII, approved Aug., 99. * Less than $0, Includes about million dollars of Class loans insured before expiration of this program Feb., 9, but tabulated after that date not shown separately. Includes almost one million dollars of mortgages insured since August under new Sec. small homes program. NOTE. Figures represent gross insurance written during the period do not take account of principal repayments on previously insured loans. Figures include some reinsured mortgages, which are shown in the month in which they were reported by FHA. Reinsured mortgages on rental group housing (Title II) are not necessarily shown in the month in which reinsurance took place CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 7 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thouss of dollars] Federal Reserve district Boston New York.... Philadelphia Clevel.. Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas ( districts) Dec. 6,5 9,79 79,0,7 7,9 9,0 9,,6,65 5,5 9,07,,9 Nov. 96,669,069,090 96,9 9,9 77,76,56 7,7 9,70 6,00 7,57 9,76 9 Dec. 7,76 09, 70, 5,9,5,9 6,95,06 9,5 0,69,6, INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION End of month 96 Dec 97 Dec 9 Dec 99 Dec 90 Dec 9 Dec 9 Dec 9 Dec 9 Dec 95 Dec 96 Dec 97 Dec 9 Dec 99 Dec 9 Dec 65 77,99,79,09,07,60,66,99,56,0,96,60,7,9,7,9,75 6,695 [In millions of dollars] Commercial banks ,6,65,669,705,590,6,,9,6,79,0,9,57,77,05 Mutual savings banks ,0,,07, ,,,,7 Savings loan associations Insurance companies Federal agencies * The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, the United States Housing Corporation. Includes mortgage companies, finance companies, industrial banks, endowed institutions, private State benefit funds, Qtc. NOTE. Figures represent gross amount of mortgages held, excluding terminated mortgages cases in transit to or being audited at the Federal Housing Administration. FEBRUARY 95 9

78 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Month 97» Merchise exports Merchise imports * ' Excess of exports January February.. March,9.9,,09,05,9,05,0, P97 Pl.076 Pl Pl,0 P909 Pl p- P67 *6 April May September....,6,,0.65,65,5,,0,0, ,7,095, Pl.70 Pl.5 PI.9 Pl.90 P,67 Pi, Pl,0 Pl.0 P99 P95 P P7 7, P7 P7 P65 P95 P6 P5 October November December,0,,7,0, ,065 Pl.55 Pl,6 Pl, P P ^ P P56 P66 Jan -Dec.... 5,0,65,05 0,75 P5.09 5,756 7, 6,6,5?0,960 9,55 5,59 5,9, P,059 p Preliminary. Includes both domestic foreign merchise. General imports including merchise entered for immediate consumption that entered for storage in bonded warehouses. Figures for 97 have been revised to include shipments under the Army Civilian Supply Program for occupied areas, which had been previously included only for 9 subsequent years. Includes 7.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May,. Source. Department of Commerce. Back figures. See BULLETIN for February, p. 0; March 97, p. ; March 9, p. 6; February 90, p. 5; February 97, p. 5; 9, p. ; January 9, p.. Year or month SEASONALLY ADJUSTED 9 December... January Februarv... March April May August September October November... December... UNADJUSTED 9 December... January February... March April May.... August September... October November... December... FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 95-9 average =00] Coal Coke Grain » Ore ' Livestock Forest products Mis- Mercelchislaneous I.C.I REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS Year or month SEASONALLY ADJUSTED 9 December.. January February... March April May August September.. October November.. UNADJUSTED 9 December.. January February... March... April May August September.. October November.. [In millions of dollars operating revenues,995,97 5,7 7,66 9,055 9,7,90 7,6,65 9,67, 9, expenses 06,6 5, ,,07 7,009 7, ,9, C C 09 Net operating income ,5 60, ,00 67, c7q C 95 Net income P P6 r Revised. NOTE. For description back data, see BULLETIN for 9, pp Based on daily average loadings. Basic data compiled by Association of American Railroads. index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. P Preliminary. c Corrected. NOTE. Descriptive material back figures may be obtained from the Division of Research Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 90 FEDERAL RESERVE BULLETIN,

79 DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 97-9 average = 00] Year or month SALES» SEASONALLY ADJUSTED 9 December January February Miarch April.. May August October November December UNADJUSTED 9 December January February April May August.... September October November December STOCKS i SEASONALLY ADJUSTED 9 December January February March April May August.... October November December UNADJUSTED 9 December January March *. May.... October November.... December United States P P P P P P07 Federal Reserve district Boston P no P P New York P ' P Philadelphia P P Clevel Pill P Richmond ni P Atlanta P P P P Chicago P P St. Louis P ^ P Minneapolis P P P P99 Kansas City Pill P P P P P0 Dallas P P San Francisco P P P Preliminary. r Revised. Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE. For description monthly indexes for back years, see BULLETIN for December, pp FEBRUARY 95 9

80 DEPARTMENT STORE STATISTICS Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change from a year ago (value) Ratio of stocks to sales i Index numbers without seasonal adjustment 9 average monthly sales = 00 Department Number of stores reporting Sales during period Nov. months Stocks (end of month) Nov. November 9 Nov. Sales during period Oct 9 Nov. Nov. Stocks at end of month Oct. 9 Nov. GRAND TOTAL entire store» MAIN STORE total Piece goods household textiles. Piece goods Silks, velvets, synthetics Woolen yard goods Cotton yard goods Household textiles Linens towels Domestics muslins, sheetings Blankets, comforters, spreads. Small wares Laces, trimmings, embroideries, ribbons Notions Toilet articles, drug sundries Silverware jewelry, Silverware clocks Costume jewelry Fine jewelry watches Art needlework Books stationery Books magazines, Stationery Women's misses' apparel accessories. Women's misses' ready-to-wear accessories. Neckwear scarfs Hkerchiefs Millinery Women's children's gloves Corsets brassieres Women's children's hosiery Underwear, slips, negligees Knit underwear Silk muslin underwear, slips Negligees, robes, lounging apparel... Infants' wear Hbags small leather goods Women's children's shoes Children's shoes Women's shoes Women's misses' ready-to-wear apparel... Women's misses' coats suits Coats Suits Juniors' girls' wear Juniors' coats, suits, dresses Girls' wear Women's misses' dresses Inexpensive dresses Better dresses Blouses, skirts, sportswear Aprons, housedresses, uniforms Furs Men's boys' wear Men's clothing Men's furnishings hats Boys' wear Men's boys' shoes slippers. Homef urnishings. Furniture bedding Mattresses, springs, studio beds Upholstered other furniture Domestic floor coverings Rugs carpets Linoleum Draperies, curtains, upholstery Lamps shades China glassware. Major household appliances Housewares (including small appliances) Gift shop Radios, phonographs, television, records, etc.. Radios, phonographs, television Records, sheet music, instruments.... Miscellaneous merchise departments... Toys, games, sporting goods, cameras Toys games Sporting goods cameras Luggage Cy n n , , , ,007,5 90 9, ,00 5,9 9, 769,0,66, , , ,06, ,0,00 95, ,0 5,57 67,60,69, , , ,0 65, ,00,05,05 5, ,7 97, 7,6,5,,077 9 For footnotes see following page. FEDERAL RESERVE BULLETIN

81 DEPARTMENT STORE STATISTICS Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Continued Percentage change from a year ago (value) Ratio of stocks to sales Index numbers without seasonal adjustment 9 average monthly sales =00 * Department Number of stores reporting Nov. Sales during period months Stocks (end of month) Nov. November 9 Nov. Sales during period Oct. 9 Nov. Nov. Stocks at end of month Oct. 9 Nov. BASEMENT STORE total Domestics blankets Women's misses' ready-to-wear Intimate apparel *... Coats suits Dresses * Blouses, skirts sportswear Girls' wear Infants' wear * Men's boys' wear Men's wear Men's clothing IVten's furnishings.. Boys' wear Homef urnishings Shoes NONMERCHANDISE total * Barber beauty shop * ( 5 ) ( 5 ) ( 5 ) ( 5 ) ( 5 ) ( 5 ) The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month hence indicates the number of months' supply on h at the end of the month in terms of sales for that month. The 9 average of monthly sales for each department is used as a base in computing the sales index for thac department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description monthly indexes of sales stocks by department groups for back years, see BULLETIN for August 96, pp The titles of the tables on pp were reversed. For movements of total department store sales stocks see the indexes for the United States on p. 9. Index numbers of sales stocks for this department are not available for publication separately; the department, however, is included in group total indexes. 5 Data not available. NOTE. Based on reports from a group of large department stores located in various cities throughout the country. In 9, sales stocks at these stores accounted for almost per cent of estimated total department store sales stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. Year or month 9 average... 9 average average average average... 9 average,. 99 average... 9 average... average... 9 Dec Jan Feb Mar Apr May Aug Sept Oct Nov Dec SALES, STOCKS, ORDERS, AND RECEIPTS AT 96 DEPARTMENT STORES Sales (total for month) ' P60 [In millions of dollars] Reported data Stocks (end of month) , r ,09,7,0,9,,069,06 L,7 L.5,7 P90 Outsting orders (end of month) P00 Derived data Receipts (total for month) P56» P9 New orders (total for month) P P0 r P Preliminary. Revised. These figures are not estimates for all department stores in the United States. Figures for sales, stocks, outsting orders are based on actual reports from the 96 stores. Receipts of goods are derived from the reported figures on sales stocks. New orders are derived from estimates of receipts reported figures on outsting orders. Back figures. Division of Research Statistics. WEEKLY INDEX OF SALES [Weeks ending on dates shown average = 00] 9 Without seasonal adjustment Mar Mar Sept U Apr Apr Oct May May Nov Dec Jan Aug Aug Feb Sept Oct Nov Dec. Jan Feb ' Revised. NOTE. For description of series for back figures, see BULLETIN for September 9, pp FEBRUARY 95 9

82 DEPARTMENT STORE STATISTICS Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year Dec. Nov. Year United States.. Boston New Haven... Portl Boston Area Downtown Boston Lowell- Lawrence.. New Bedford Springfield.. Worcester... Providence.. New York... Bridgeport *. Newark. Albany Binghamton Buffalo Elmira Niagara Falls... New York City * Poughkeepsie... Rochester Schenectady... Syracuse Utica Philadelphia... Trenton * Lancaster * Philadelphia.. Reading i Wilkes-Barre».. York i Clevel Akron Canton» Cincinnati *. Clevel *.. Columbus i.. Springfield. Toledo i Youngstown *.. P i i io Clevet-cont. Erie i Pittsburgh» Wheeling» Richmond Washington... Baltimore Hagerstown... Asheville, N. C. Raleigh Winston-Salem Anderson, S.C.. Charleston Columbia Greenville, S. C. Lynchburg Norfolk Richmond Roanoke Ch'ls'ton.W.Va. Huntington Atlanta Birmingham *.. Mobile Montgomery... Jacksonville *... Miami i Orlo St. Petersburg,. Tampa i Atlanta * Augusta Columbus Macon Rome Savannah Baton Rouge >.. New Orleans *.. Jackson Meridian Bristol Chattanooga.. Knoxville Nashville * p P+7 P P i ' Chicago Chicago i Peoria Fort Wayne».. Indianapolis *.. Terre Haute.. Des Moines... Detroit» Flint i Gr Rapids Lansing Milwaukee *... Green Bay... Madison St. Louts Fort Smith Little Rock l... Evansville Louisville J Quincy St. Louis St. Louis Area. Springfield Memphis.... Minneapolis. Minneapolis.. St. Paul Duluth- Superior..., Kansas City... Denver, Pueblo, Hutchinson... Topeka Wichita Kansas City Joplin, St. Joseph Omaha, Oklahoma City Tulsa, P- P- P0-7 P+ + P P P P+ P P+ P0 + P A ' r j ( ) ( ) c Dallas Shreveport Corpus Christi. Dallas i El Paso Fort Worth.. Houston l San Antonio... San Francisco Phoenix Tucson Bakersfield i Fresno l Long Beach.,. Los Angeles... Area Oakl Berkeley Riverside San Bernardino Sacramento... San Diego.... San Francisco *. San Jose l Santa Rosa.... Stockton Vallejo?nd Napa Boise Nampa.... Portl Salt Lake City V Bellingham... Everett i.., Seattle * Spokane i..... Tacoma Yakimai P Preliminary. r Revised. Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. J Data not available. Seven months P+ + P- + P P P CONSUMERS' PRICES [Bureau of Labor Statistics index for moderate income families in large cities, 95-9 average = 00] Year or month All items Food Apparel Rent Fuel, electricity, refrigeration House furnishings Miscellaneous December Tanuarv February March April May., August September October November..... December Series is the adjusted one reflecting: () beginning 90, allowances for rents of new housing units () beginning January 9, interim revision of series weights. Back figures. Bureau of Labor Statistics, Department of Labor. 9 FEDERAL RESERVE BULLETIN

83 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 96 =00] Year, month, or week All commodities Farm products Foods Hides leather products Textile products commodities Fuel lighting materials Metals metal products Building materials Chemicals allied products Housefurnishing goods Miscellaneous Raw materials Manufactured products December. January February March April August September October November... December Week ending: * Dec... Dec Dec 6 95 Tan Tan Tan IS Tan Jan ? r A & 0.& 6. 6.a S Subgroups 9 Dec. Sept. Oct. Nov. Dec. Subgroups 9 Dec. Sept. Oct. Nov. Dec. Farm Products: Grains Livestock poultry.... farm products Dairy products Cereal products Fruits vegetables.... Meats, poultry fish.. foods Hides Leather Products: Shoes Hides skins Leather leather products... Textile Products: Clothing Cotton goods Hosiery underwear... Silk Rayon nylon Woolen worsted good* textile products.... Fuel Lighting Materials: Anthracite Bituminous coal Coke Electricity Gas Petroleum products ' Metals Metal Products: Agricultural mach. & equip. Farm machinery Iron steel Motor vehicles Nonferrous metals Plumbing heating Building Materials: Brick tile Cement Lumber Paint paint materials.. Plumbing heating Structural steel building materials... Chemicals Allied Products: Chemicals Drugs Pharmaceuticals Fertilizer materials Mixed fertilizers Oils fats Housefurnishing Goods: Furnishings Furniture Miscellaneous: Auto tires tubes Cattle feed Paper pulp Rubber, crude miscellaneous ' * JS * 0." 9..5" 69.0«..5" *.9= , r Revised. Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures. Bureau of Labor Statistics, Department of Labor. FEBRUARY 95 95

84 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters r ' Gross national product Less: Capital consumption allowances.. Indirect business tax related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises Equals: National Income (*) Less: Corporate profits inventory valuation adjustment Contributions tor social insurance.. Excess of wage accruals over disbursements Plus: Government transfer payments... Net interest paid by government Dividends Business transfer payments , Less: Personal tax related payments. Federal State local Equals: Disposable personal income. Less:Personal consumption expenditures Equals: Personal saving , NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual by quarters rates I"- r ' National income Compensation of employees Wages salaries Private Military Government civilian Supplements to wages salaries.. Proprietors' rental income.. Business professional. Farm Rental income of persons Corporate profits inventory valuation adjustment Corporate profits before tax.... Corporate profits tax liability. Corporate profits after tax Inventory valuation adjustment... Net interest n a n a n a n a n a n a n.a. Not available. r Revised. Less than million dollars. Includes employee contributions to social insurance funds. Includes noncorporate inventory valuation adjustment. NOTE. Details may not add to totals because of rounding. Source. National Income Supplement ( edition) o the Survey of Current Business, Department of Commerce. 96 FEDERAL RESERVE BULLETIN

85 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by Quarters Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction x Residential, nonfarm Producers' durable equipment. Change in business inventories Nonfarm only Net foreign investment Government purchases of goods services Federal National security Less: Government sales... State local ( ) ( ) PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Year or month Personal income receipts Wages salaries Wage salary disbursements disbursements Commodity producing industries Distributive industries Service industries Government labor income' Less employee contributions for social insurance Proprietors' rental income 6 Dividends personal interest income Transfer payments 7 Nonagricultural income November.... December January February March April... May September... October... November A r Revised. Includes construction expenditures for crude petroleum natural gas drilling. Consists of sales abroad domestic sales of surplus consumption goods materials. Less than million dollars. «wage salary receipts, as included in "Personal income" is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension welfare funds, other payments. 6 Includes business professional income, farm income, rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans readjustment allowances other payments, as well as consumer bad debts other business transfers. Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, net dividends paid by agricultural corporations. NOTE. Details may not add to totals because of rounding. Source. Same as preceding page. FEBRUARY 95 97

86 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outsting. In millions of dollars] End of year or month consumer credit instalment credit Instalment credit Sale credit Automobile Loans noninstalment credit Noninstalment credit Singlepayment loans Charge accounts Service credit ?... 9 November.. December... January... February... March April May Tune August September.. October Novembers. December?. 7,0,6,6 5,69,600,976 5,67,677,6,66 6,09 0,097 0,60 9,05 0,097 9,97 9,5 9,79 9,6 9,07 9,56 9, 9,6 9,6 9,55 9,9 0,60, 5,7 5,7,0,00,06,6,000 6,,600 0,90,59,,06,59,5,07,976,90,90,955,90,05,67,96,6,,79,,7,67 9 9,6,06,5 6,0 7,90 7,555 7,05 7,90 7,69 7,5 7,6 7,70 7, 7, 7,7 7,7 7,7 7,55 7,00 7,555,67,79, ,5,96,,6,09,75,6,056,990,96,9,90,0,06,,75,,00,09,55,7,0, ,0,95,567,096,77,56,60,77,6,5,,6,6,9,,09,5,,00,56,6,967,,,9,70,,5,,07,6 5,555 5,9 5, 5,555 5,55 5,55 5,60 5,6 5,67 5,7 5,70 5,79 5,0 5, 5,6 5,9,607,76,99,6,599,95, ,766 5,99 6,6 7, 6,099 6,6 6,65 6,60 6,0 6, 6,7 6,0 6,9 6,7 6,95 6,9 6,7 7, ,0,,5,9,,5,69,,9,9,99,9,9,0,,,5,5,6,76,5,9 75,9,05,6,5,909,9,57,79,9,,00, ,7,696,6,90, ,067,00',06',067,05'-,0,0,06-,096.,09^,09-,095,09,0,0,00? Preliminary. Includes repair modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks pawnbrokers). NOTE. Back figures by months beginning January 99 may be obtained from Division of Research Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outsting (end of period) Loans made by principal lending institutions (during period) Year or month Commercial banks i Small loan companies Industrial banks Industrial loan companies Credit unions Miscellaneous lenders Insured repair modernization loans Commercial banks i Small loan companies Industrial banks Industrial loan companies Credit unions ? 9 November.. December... January... February... March April May Tuly... August September.. October November?. December?..,6,967,,,9,70,,5,,07,6 5,555 5,9 5, 5,555 5,55 5,55 5,60 5,6 5,67 5,7 5,70 5,79 5,0 5, 5,6 5, ,5,709,95,,,5,,,,76,97,6,55,9,5,5,5,9, ,0,6,07,0,090,09,,9,,5,67,,0,9,, ,07, ,79,66,069,,75, ,,,5,77,96, & P Preliminary. Figures include only personal instalment cash loans retail automobile direct loans shown on the following page, a small amount of other retail direct loans not shown separately. retail direct loans outsting at the end of December amounted to 06 million dollars other loans made during December were million. Figures include only personal instalment cash loans, retail automobile direct loans, other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans. 9 FEDERAL RESERVE BULLETIN

87 CONSUMER CREDIT STATISTICS Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outsting. In millions of dollars] [Estimates. lions of dollars] Automobile retail End of year or month ? 9 November. December. January... February.. March... April May August... September. October... November? December?,55,7 0, ,0,95,567,096,77,56,60,77,6,5,,6,6,9,,09,5,,00,56, excluding automobile Department stores mailorder houses ,00,5,5,7,5,0,6,,0,0,055,0,05,0,056,099,5 Furniture stores ,09 970,00, Household appliance stores Jewelry stores All other retail stores CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year or month Retail instalment paper Automobile Repair modernization loans l Personal instalment cash loans Year or month Outsting at end of period: ? 9 November... December... January February... March April May August September... October November?.. December?.. Volume extended during month: 9 November... December... January February... March April May August September... October November?.. December?..,56,6 5,65 5, 5,66 5,65 5,60 5, 5,56 5,90 5,9 5, 5,0 5,7 5,0 5, 5,6 5, Purchased 570 5,,060,59,,6,096,079,07,0,090,06,097,05,090,079, Direct loans 76 95,,9,,,9,,,,,6,0,0,9,6,09, retail, purchased direct 75 9,67,0,6,67,6,7,90,5,,09,06,059,00,00,07, Repair modernization loans Personal instalment cash loans 70 9,07,,00,07,7,,,,5,6,60,77,,9,9, CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year or month Retail instalment paper Automobile Repair modernization loans x Personal instalment cash loans Outsting at end of period: ? 9 November.. December.. January... February... March April May August.... September. October November? December P. Volume extended during month: 9 November. December.. January... February... March April May August September. October November? December? A Outsting at end of period: ? 9 November. December.. January... February.. March April May August... September. October November? December?. Volume extended during month: 9 November.. December.. January... February.. March April May August... September. October November? December? A ? Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans paper purchased. FEBRUARY 95 99

88 CONSUMER CREDIT STATISTICS Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Item Percentage change from preceding month Dec.? Nov. Oct. Percentage change from corresponding month of preceding year Dec.? Nov. Oct. Year or month Instalment accounts Department stores Furniture stores Household appliance stores Charge accounts Department stores Net sales: Cash sales Credit sales: Instalment Charge account Accounts receivable, end of month: Instalment Collections during month: Instalment Inventories, end of month, at retail value. p Preliminary c November December January February March April May August September October November December? p Preliminary. Collections during month as percentage of accounts outsting at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 9 average=00 Percentage of total sales Year or month Sales during month Cash Charge account Accounts receivable at end of month Charge account Collections during month Charge account Cash sales Instalment Instalment Instalment Instalment sales Charge account sales Averages of monthly data: ? 9 November December January February March April M^ay... August.. September October November December? '67 ' P Preliminary. r Revised. NOTE. Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p FEDERAL RESERVE BULLETIN

89 CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] All banks Commercia i stock savings banks nondeposit trust companies Member banks State member Nonmember banks National Insured Noninsured Mutual savings banks Insured * Noninsured Dec 9 Dec., 9 Dec., 9 Dec 96 Dec., 97 «Dec., 9 Dec Banks (head offices) Branches additional offices Dec Dec., 9 Dec 9 Dec., 96 Dec., 97 a Dec. 9 Dec.,... Changes, Jan. -Dec., Banks New Banks 5 Suspensions Consolidations absorptions: Banks converted into branches Voluntary liquidations 6 changes 7 Interclass changes: Conversions National into State State into national Federal Reserve membership: Admissions of State banks Withdrawals of State banks Federal deposit insurance: 9 Admissions of State banks Net increase or decrease Number of banks, Dec., Branches additional offices 0 De novo branches Banks converted into branches Discontinued changes n Interclass branch changes: National to nonmember State member to national State member to nonmember Nonmember to national Nonmember to State member Noninsured to insured... Net increase or decrease Number of branches additional offices Dec., Banking facilities I Established.... Inter-class changes Net increase Number of banking facilities, Dec., ,06,5 55,7,6,6 9, 699,, 5,056 5, , , ,,77,0,,,09,76,007 56,9,6, 5, , , ,0 6, 6,69 6,900 6,9 6,7 6,0,0,,9,05,59, , , ,5 5,6 5,7 5,007 5,005,95,99,, 565,7,70,0, , , ,,9,9,95, ,05,,,59, , ,9 +,9 9,0 7,66 7,7 7,6 7,5 7, ,06,0,5, p , , , 7,699 6,0 6,57 6,7 6,56 6,60 7C 5 < 7 9,006,0,0, , , , I The State member bank figures the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 9. These banks are not included in the total for "commercial banks" are included only once in "all banks." Federal deposit insurance did not become operative until Jan., 9. As of 0, 97, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 97 by the Federal bank supervisory authorities. The revision resulted in a net addition of 5 banks 9 branches. Separate figures not available for branches of insured noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, absorption of banks. 7 Three institutions restored to series, previously eliminated because reported as not engaged in deposit or fiduciary banking. Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 0 Covers all branches other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. II Three de novo branches opened prior to but not previously reported. Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries financial agents of the Government at military other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures. See Banking Monetary Statistics, Tables, pp , descriptive text, pp _ FEBRUARY 95 0

90 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Federal Reserve district or State banks on which checks are drawn, their branches offices * Banks Branches offices Banks Branches offices On par list Banks Member Branches offices Nonmember Banks Branches offices Not on par list (nonmember) Banks Branches offices United States total: Dec., 96 Dec., 97 Dec., 9 Dec., 99 Dec., 9 Dec., P.... By districts by States Dec., v District Boston New York Philadelphia Clevel Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco,0,07,07,05,05, ,06,00,7,,6,7,75,0 9,9,,,56, 5, 6, ,6,957,07,06,7,6, ,06 6,,9 677,7 9 9,65,,05,9,5,0 6, ,6 6,9 6,97 6,9 6,7 6,6 6, , ,9,05,97,7,59, , 5,06 5,0 5,9 5,9 5, , , ,06,0,0,7,5, State Alabama Arizona Arkansas California Colorado , , * Connecticut Delaware District of Columbia Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryl Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Isl South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming ' ' ' P Preliminary. l Excludes mutual savings banks, on a few of which some checks are drawn. Branches other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations other Government establishments (see BULLETIN for February 95, p. 0, footnotes 0 ). Back figures. See Banking Monetary Statistics, Table 5, pp. 5-55, Annual Reports. 0 FEDERAL RESERVE BULLETIN

91 INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 0-09 Gold production 09 Reported gold reserves of central banks governments 0 Gold movements; gold stock of the United States International Monetary Fund Bank. Central Banks -6 Money rates in foreign countries 7 Commercial banks Foreign exchange rates 9 Price movements: Wholesale prices 0 Retail food prices cost of living Security prices Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, financial developments abroad. The data are compiled for the most part from regularly published sources such as central commercial bank statements official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, dealers in the United States in accordance with the Treasury Regulation of November, 9. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking Monetary Statistics. FEBRUARY 95 0

92 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE. NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY, 95, BY TYPES [Net movement from United States, (-). In millions of dollars] From Jan.. 95, through Increase in banking funds in U. S. Foreign official * Foreign other International Decrease in U. S. banking funds abroad J Domestic securities: Inflow of foreign funds * Foreign securities: Return of U. S. funds Inflow in brokerage balances 95 Dec. 96 Dec. 97 Dec. 9 Dec. 99 Dec. 9 Dec.,0.,009.5,.7,569.,76.5 0,5. 6,.5 5,76. 6,6. 6,96.9 6, ,(9.0,.6, ,675.5,9.7,99.5,99.6,0.,7. 5.,.0,.,67., , ,7.9,76.9 L,. L.09.9, Jan. Feb. Mar. Apr. 0 May 0 Aug. Sept. 0 Oct. v Nov. 0P 0,66. 0,0.6 0,5. 0,7.6 0,6. 0,. 0,5.6 r 0,.0 0,9.9 0,6.6 0,5. 7,79. 7,79. 7,696. 7,67. 7,60. 7,90. 7,797.0»-,0.,06.0,9.6,6.,675.9,70.,66.,5.5,590.0,76.,60.,7.,70.,767.5,7.7,.,.5,9.,59.0,5.,56.0,56. ',67.,69.7,90.7,976.6,65.5,59.,600.,605.6,56.,6.,657.,6.9,67.,7., [,0.7,7.0,05.5,99. L..,.9 L L.06. ] L.05.9, TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outsting, in millions of dollars] Date International institutions foreign countries Official private Official» France Italy Europe Europe United Kingdom Netherls Switzerl* Canada Latin America Asia All other 95 Dec Dec Dec Dec Dec Dec.... Jan.... Feb.... Mar.... Apr May Aug.... Sept. 0.. Oct. P. Nov. 0P. 7.7,6.0, ,7.,65.,6.,60.0,65.6,5.,6.,677.,66.,67,76., ,. 6,006.5,5. 5,5.7 5, ,9.6 6,. 6,7.0 6,0. 6, , , ,7.9 7,05.7 7,5.0 7,0. 7,9.,79.,0.9,.,6.,90.,5.9,6.,.7,57.,9.,00.,57.,.6,.7,0.5,77., ', ,..,. 9.,06.6,5.0,0.7,976.7,7.,5.9 6,777.7,75.6,70.,696.,60.,599.,77.,657.9 ',760.,799.,.,9.7, ,0.,0.,57.,9.9,06.,59.7.,0.,6..,6.6, ,7.0, ,6.9, ,55.,596.,66.,705.,7.0,67.9,6., ,.0,56.5,69.7,0.,0.9,6.0,7.,99.,0., ,5. 7., r P Preliminary. Revised. Certain of the movement figures in Table have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN for August, p. 00). Reported figures from banks, however, did not permit similar adjustments in Tables, representing outsting amounts. Therefore changes in outsting amounts as may be derived from Tables will not always be identical with the movement of funds shown in Table. Represents funds held with banks bankers in the United States by foreign central banks by foreign central governments their agencies (including official purchasing missions, trade shipping missions, diplomatic consular establishments, etc.), also special deposit accounts held with the U. S. Treasury. Beginning with 97, these figures include transactions of international institutions, which are shown separately in Tables 6 7. Securities of such institutions are included in foreign securities. "Short-term liabilities" reported in these statistics represent principally dem deposits U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, other official institutions (see footnote above) as well as other banks, organizations, individuals domiciled outside the United States, including U. S. citizens domiciled abroad the foreign subsidiaries offices of U. S. banks commercial firms. (Footnote above also applies to this table.) 6 Beginning January 9, excludes Bank for International Settlements, included in "International institutions" as of that date. 6 Data for August 9 include, for the first time, certain deposit balances other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE. These statistics are based on reports by banks, bankers, brokers, dealers. Beginning with the BULLETIN for September, certain changes were made in the order selection of the material published. An explanation of the changes appears on page 0 of that issue. For further explanation information on back figures see BULLETIN for August, p FEDERAL RESERVE BULLETIN

93 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES Continued [Amounts outsting, in millions of dollars] Table a. Europe Date Europe Greece Spain USSR Austria Belgium Czechoslovakia Denmark Finl Germany Norway Pol Portugal Rumania Sweden Yugoslavia All other 95 Dec D ec>. m 97 Dec... 9 Dec. 99 Dec... 9 Dec... Jan... Feb... Mar... Apr. 0.. May Aug... Sept. 0.. Oct. P. Nov. 0P r l, 097.,.,.,06.6 *l! r "s'.6' A Table b. Latin America Date Brazil Chile Cuba Peru Latin America Argentina Bolivia Colombia Dominican Republic Guatemala Mexico Netherls West Indies Surinam Republic of Panama El Salvador Uruguay Venezuela Latin America' 95 Dec.. 96 Dec.. 97 Dec.. 9 Dec.. 99 Dec.. 9 Dec.. Jan.. Feb.. Mar.. Apr. 0. May. 0.. Aug.. Sept. 0. Oct. P Nov. 0P,06.,0.,6.6,7.0,6.7,6.9,55.,596.,66.,705.,7.0,67.9,6,57.,5.0,.0, A Q Table c. Asia All Date Asia Hong Kong India Iran Israel Japan Asia All other Formosa China Mainl Indonesia Philippine Republic Thail Turkey Australia Belgian Congo Egypt Anglo- Egyptian Sudan Union of South Africa * 95 Dec.. 96 Dec.. 97 Dec.. 9 Dec.. 99 Dec.. 9 Dec.. Jan. Feb.. Mar.. Apr. 0. May. 0.. Aug.. Sept. 0. Oct. \P Nov. 0?,59.7,6,057.9, ,7.5,69.7,0.,0.9,6.0,7.,99.,0.,95.,.,5., * * * FEBRUARY 95 05

94 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outsting, in millions of dollars] Date France Italy Europe Europe United Kingdom Netherls Switzerl Canada Latin America Asia All other 95 Dec. 96 Dec. 97 Dec. 9 Dec. 99_D ect 9 Dec. Jan. i Feb..... Mar. Apr. 0 May. Tune 0... Aug. Sept. 0 Oct. P Nov. 0P , A Table a. Europe Date Europe Greece Spain USSR Austria Belgium Czechoslovakia Denmark Finl Germany Norway Pol Portugal Rumania Sweden Yugoslavia All other 95 Dec Dec Dec... 9 Dec Dec... 9 Dec... Jan... Feb.,. Mar... Apr. 0.. May Aug.. Sept. 0.. Oct. P. Nov. 0P (').. ( ) 00 ( ) (') (') «s (') Table b. Latin America 00 (*) (') (') («) ( ) («) (') ( ) ( ) (') ( ) ( ) (') ( ) ( ) 6.0 («} ( ) ( ). L.7.7 L.5.9 L.I Date Brazil Chile Cuba Peru Latin America Argentina Bolivia Colombia Dominican Republic Guatemala Mexico Netherls West Indies Surinam Republic of Panama El Salvador Uruguay Venezuela Latin America* 95 rj> ec# 96 Dec... I97 D ec# 9 Dec Dec... 9 Dec... Jan... Feb... Mar... Apr. 0.. May Aug... Sept. 0.. Oct. P. Nov. 0P "i! " L.5 L. L. L.I L. L.I L. L.6 L. L. L "h'.k' *.6' p Preliminary. See footnote, p. 0. Beginning January 9, excludes Austria, Czechoslovakia, Pol, reported separately as of that date. Less than $,000. * Beginning January 9, excludes Dominican Republic, Guatemala, El Salvador, Uruguay, reported separately as of that date. 06 FEDERAL RESERVE BULLETIN

95 Date INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Co#i/ijf«^ TABLE. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES Continued [Amounts outsting, in millions of dollars] Table c Asia All Asia India Iran Israel Japan Asia* All other Formosa Hong China Kong Mainl Indonesia Philippine Republic Thail Turkey Australia Belgian Congo Egypt Anglo- Egyptian Sudan Union of South Africa * 95 D ec 96 Dec.. 97 Dec... 9 Dec Dec... 9 Dec... Jan... Feb... Mar... Apr. 0.. May Aug... Sept. 0. Oct. P. Nov. OP " ' i ^ * 'A A TABLE. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES» (Inflow of Foreign Funds) [In millions of dollars] Year or month U. S. Government bonds notes Purchases Sales Net purchases Corporate bonds stocks 5 Purchases Sales Net purchases purchases sales Net purchases of domestic securities December... January... February... March April May August September.. October?... November P « , , , TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES» (Return of U. S. Funds) [In millions of dollars] Year or month Purchases Foreign stocks Sales Net purchases Purchases Foreign bonds Sales Net purchases purchases sales Net purchases of foreign securities December.. January... February... March April May August September.. Octoberp NovemberP r -A ( 7 ) ' p Preliminary. r Revised. Beginning January 9, includes Pakistan, Burma, Ceylon, previously included with India. Beginning January 9, excludes Iran, Israel, Thail, reported separately as of that date. FEBRUARY 95 07

96 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE 6. DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( ). In millions of dollars] Year or month I n t e r - n a t i o n a l i n s t i - t u t i o n s U n i t e d K i n g - d o m France N e t h e r * l a n d s S w i t z e r - l a n d I t a l y O t h e r E u r o p e T o t a l E u r o p e Canada L a t i n A m e r - i c a A s i a All other (i) ^7 9 Dec Jan Feb... Mar... Apr... May..... A u g... S e p t... O c t. P... N o v. P ) - 5 ' # ) TABLE 6a. DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Europe; Latin America; Asia Year or month O t h e r E u r o p e Austria A l l o t h e r L a t i n A m e r - i c a B r a z i l Cuba Belgium Norway Sweden Mexico Republic of Panama El Salvador ' Asia Latin America Formosa China Mainl Japan Asia Dec... Jan... Feb... Mar... Apr... May..... Aug... S e p t... O c t. P.. N o v. P "isli 0) ) ). 0) W ) ) -9. 0) ) 0) 0)'. o)' -. 0) 0) ) ) 0) 0)' A W ) "io!9 0) 0) 0) 0) 0) 0* ) C ) 0) ) 0) (0*!i ) 0)' T A B L E 7. F O R E I G N S E C U R I T I E S : N E T P U R C H A S E S B Y F O R E I G N E R S O F L O N G - T E R M F O R E I G N S E C U R I T I E S O W N E D I N T H E U N I T E D S T A T E S, B Y C O U N T R I E S ( R e t u r n o f U. S. F u n d s ) [ N e t s a l e s, ( ). I n m i l l i o n s o f d o l l a r s } 0) ( J ) 0) 0). 0) 0) 0) ( l ) 0) 0) Year or month International institutions United Kingdom France N e t h e r - l a n d s S w i t z e r - l a n d I t a l y Europe Europe Canada Latin America A s i a A l l other Dec... Jan Feb Mar Apr May Aug Sept Oct.?... Nov. P 9. 0) ) ) ) ) ) 0) 0) 0) 0) ) P J P Preliminary. Less than $,000. Not available until 9 0 FEDERAL RESERVE BULLETIN

97 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES Continued TABLE. INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. of Decreases in Balances Held by Brokers Dealers in U. S. with Brokers Dealers Abroad) [In millions of dollars] Year or month United Kingdom France Netherls Switzerl Italy Europe Europe Canada Latin America Asia All December January February March April May August September Octobers November** ).... 0) 0) ) ).6. _0) P Preliminary.» Less than $,000. Amounts outsting (in millions of dollars): foreign brokerage balances in U. S.,.; U. S. brokerage balances abroad, 5.9. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Year or month Estimated world production outside USSRi reported monthly South Africa Africa West Africa Belgian Congo Production reported monthly United States* North South America Chile Rhodesia Canada Mexico Colombia Nicaragua Australia India , , $ = =5*/n gwins of gold ViojS. 7. A ne: i. e. t an ounce of fine g old =$ November.. December.. January... February March.... April May August September. October November O 0? L Gold production in USSR: No regular Government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 9, 5 million dollars; 95, 5 million; 96, 7 million; 97, 5 million; 9, 0 million. Estimates of United States Bureau of Mines. Beginning 9, figures reported by American Bureau of Metal Statistics. Beginning 9, they are for Gold Coast only. Reported by American Bureau of Metal Statistics. Includes Philippine production received in United States through 95. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 9 having been adjusted by subtracting from each monthly figure $5,000 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE. For explanation of table sources, see BULLETIN for 9, p. 7, Banking Monetary Statistics, p. 5. For annual estimates compiled by the United States Mint for these other countries in the period 90-9, see Banking Monetary Statistics, pp FEBRUARY 95 09

98 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Estimated total world (excl. USSR)* United States Treasury * Argentina Belgium Bolivia Brazil Canada Chile Colombia Cuba Denmark Ecuador 95 Dec 96 Dec 97 Dec 9 Dec 99 Dec 9 Dec Jan Feb... Mar... Apr. May Aug Sent Oct Nov Dec....,770,0,5,90 5,0 5,0 5, *> ,065 0,59,75,,7,706,9,06,06,05, ,759 5,0,695 0,0 0,706,6,99,56,0,6,6,97,900,6 7,5,96,6 9,579,7,97, End of month Egypt France Guatemala India Iran Italy Java Mexico Netherls New Zeal Norway Pakistan Peru 95 Dec 96 Dec 97 Dec.... 9g Dec 99 Dec Dec <0 < Tan Feb Mar... Apr.... May.... Tuly Aug Sept Oct Nov Dec S ? End of month Portugal El Salvador South Africa Spain Sweden Switzerl Thail Turkey United Kingdom Uruguay Venezuela International Monetary Fund Bank for International Settlements 95 Dec. m m 96 Dec Dec... 9 Dec Dec.. 9 Dec... Jan Feb Mar Apr May... Aug Sept Oct... Nov Dec P ,,0,56,7,,70,7,,,,5,5,5 7,6,, ,76 S.696 6,079 *,56 5,6 6,00,75 «,67 B,69 5, P ,6,5,95,95 L.95,95,95,95,5 L 59 I 59,59,59,, P Preliminary. * Includes reported gold holdings of central banks governments international institutions, unpublished holdings of various central banks governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, estimated official holdings of countries from which no reports are received. Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, Related Items" in the Treasury statement "United States Money, Outsting in Circulation, by Kinds." Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). Figures are for following dates: 96 Mar., 97 Mar.. Exchange Equalization Account holdings of gold, U. S. Canadian dollars, as reported by British Government. (Gold reserves of Bank of Engl have remained unchanged at million dollars since 99, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE. For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking Monetary Statistics, pp. 5-55; for back figures through 9 see Table 60, p. 56 pp , in the same publication for those subsequent to 9 see BULLETIN for April, p. 6; February 9, p. 5; November 97, p.. For revised back figures for Argentina Canada, see BULLETIN for January 99, p. 6, February 99, p. 96, respectively. 0 FEDERAL RESERVE BULLETIN

99 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $5 per fine troy ounce) Year or quarter United Kingdom Belgium France Netherls Portugal Sweden Switzerl Europe Canada Argentina Cuba Mexico Jan.-Mar Apr Sept Oct.-Dec 9 Jan.-Mar Apr Sept Oct.-Dec Jan.-Mar Apr.- -Sept ,6., , , a NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES Continued [Negative figures indicate net sales by the United States] Year or quarter Jan.-M!ar. Apr.- -Sept.... Oct.-Dec 9 Jan.-Mar... Apr -. Tuly-Sept Oct.-Dec Jan.-Mar Apr.- -Sept (In millions of dollars at $5 per fine troy ounce) Uruguay Venezuela '.6 "* Asia Oceania» Union of South Africa , All other «-.0 ".7 « Includes Bank for International Settlements. Includes sale of. million dollars of gold to Italy. Includes sales of 5. million dollars of gold to China. Includes sales of gold to Egypt as follows: 9,. million dollars; Jan.-Mar., 0.0 million; Apr.-, 5.0 million; -Sept.,.0 million. NOTE. This series replaces the series on "Net Gold Imports to United States, by Countries," published previously. 9 9, Period ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Gold stock at end of period Latin America Jan... Feb... Mar... Apr... May Aug... Sept... Oct... Nov... Dec Jan... Treasury,76,9 0,69 0,065 0,59,75,,7,706,695,9,06,06,05,756,756,759,5,0,,,695,95,79,9 0,6 0,0 0,706,6,99,56,0,7,6!,6,97,900,6,7,5,96,6,9,579,7,055 Increase in total gold stock , *,6., , Net gold import or export (-) ,66. l t ( ) Earmarked gold: decrease or increase (-) , Domestic gold production J ( ) See footnote on opposite page. Yearly figures through 9 are estimates of United States Mint. Figures for are estimates of American Bureau of Metal Statistics. Change includes transfer of 67.5 million dollars gold subscription to International Monetary Fund. Not yet available. Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to,70.7 million dollars on Jan., 95. Gold under earmark is not included in the gold stock of the United States. NOTE. For back figures ^ description of statistics, see Banking Monetary Statistics, Table 56, pp. 56-5, pp FEBRUARY 95

100 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] International Fund Oct. Apr. 9 Oct. International Bank Dec. Sept. 9 Dec. Gold Currencies (balances with depositories securities payable on dem): United States Unpaid balance of member subscriptions. assets Member subscriptions Accumulated net income Net currency purchased (Cumulative millions of dollars) Australian pounds Belgian francs Brazilian cruzeiros Chilean pesos Czechoslovakian koruny. Danish kroner Egyptian pounds French francs Indian rupees Iranian rials Mexican pesos Netherls guilders... Norwegian kroner South African pounds... Turkish liras Pounds sterling Yugoslav dinars All other.,59,,09 69,7-6 Dec ,59,6,7 69,07-6 Nov ' ,95,,5 907,07-6 Oct " ,9,05,,00,07-9 Dec Gold Currencies (balances with depositories securities payable on dem): United States Investment securities (U. S. Govt. obligations) Calls on subscriptions to capital stock.. Loans (incl. undisbursed portions incl. obligations sold under Bank's guarantee) assets Bonds outsting Liability on obligations sold under guarantee Loans undisbursed liabilities General reserve Special reserve CapitaP r, 0 6 0,6 9, , , , ,66 Revised. As of Dec.,, the Fund had sold 766. million U. S. dollars; in addition, the Fund sold to the Netherls.5 million pounds sterling in May million Belgian francs in May 9, sold to Norway 00 million Belgian francs in 9, sold to Brazil 0 million pounds sterling in January. Repurchases amounted to 79.7 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." Less than $0,000. Excludes uncalled portions of capital subscriptions, amounting to 6,75 million dollars as of Dec.,, of which, million represents the subscription of the United States. CENTRAL BANKS Bank of Engl (Figures in millions of pounds sterling) Assets of issue department Gold i assets Notes coin Assets of banking department Discounts advances Securities Note circulation Bankers' Liabilities of banking department Public Deposits ECA liabilities capital 9 Dec. 0 9 Dec. 9 9 Dec Dec Dec Dec. 9 Dec Dec. 9 Dec. 7 Jan. Feb. Mar. Apr. 5 May Aug. 9 Sept. 6 Oct. Nov. Dec ,00.0 L,.0,00.0,.0 L,.0,5.0,.0,75.0,.0,.0 L,.0 L,.0 L,.0 L,00.0,00.0 *,00.0 L,00.0,00.0,00.0, ,0.7,.6,79.9,.,9.7,9.,.9,57.7,.0,9.0,0.,.,.6,9.,0.9,5.0,.9,5.,6.7, "H'A" On 9, 95, the official buying price of the Bank of Engl for gold was increased from 6 shillings to 7 shillings threepence per fine ounce, on Sept. 9, 99, it was raised to shillings. For details regarding previous changes in the buying price of gold for internal gold transfers during 99, see BULLETIN for March 9, p., footnotes. Securities silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. Nptes issued less amounts held in banking department. * Fiduciary issue decreased by 5 million pounds on Jan. 0, increased by million on by 5 million on, decreased by 5 million on Aug., increased by million on Dec.,. For details on previous changes, see BULLETIN for February, p. ; February 9, p. 5; April 99, p. ; February 9, p. 5. NOTE. For back figures, see Banking Monetary Statistics, Table 6, pp. 6-60; for description of statistics, see pp in same publication. FEDERAL RESERVE BULLETIN

101 CENTRAL BANKS Continued Assets Liabilities Bank of Canada (F'gures in millions of Canadian dollars) Gold Sterling United States dollars Dominion provincial government securities Shortterm assets Note circulation Chartered banks Deposits Dominion government liabilities capital 99 Dec Dec.. 9 Dec Dec Dec... 9 Dec Dec Dec.. 97 Dec... 9 Dec.. 99 Dec... 9 Dec. 0. Tan. Feb.... Mar.... Apr May... Tune 0... Tuly Aug.... Sept. 9 Oct.... Nov Dec ( ) , 57, 97, 0 0, 7, 7, 9., 7 0, 65,.9, 7 6, 7, 5, 7, 9 6, 97 6, 7. 5, 7, ,0., ,06.0,9.,6.,.,9.,07.,67.,9.,95.,9.5,.0,7.5,5.,70.5,70.7, 0,06.5,07., ^ Assets Liabilities Bank of France (Figures in millions of francs) Gold 5 Foreign exchange Open market 6 Domestic bills Special Advances to Government 6 Current assets * Note circulation Government Deposits 7 ECA liabilities capital 99 Dec Dec Q i) ec i 9 Dec Dec Dec Dec Dec Dec Dec Dec Dec ,67,66,59,59,59 75,5 9,7 9,7 65,5 65,5 6,7,75 5, 7,0 6, 7,0 7 9,5,70 6 7,90 7 7,6 67, ,7 6,9 7,69 6,07 6,97 Tan. 5...,75 7,79,55 Feb....,75 5,75,59 Mar. 9...,75 9,6,959 Apr ,7 7,566,9 May... 9,7 69,05 5, ,7 6,0 96, ,7 5,60,7 Aug , ,69 Sept ,7 5, Oct.... 9,7 07 6, Nov ,7 5,6 Dec ,7 0,9, ,5 6,577,5,0 5,9,66,57 5,6 7,5,59 5,5 76,5 7,6,576 5,77 9,05 5,907 7,5 9,9 9, 7 7,59,6 5 5,967 5,56 7 9,,55 670,05 76,956 7, ,00 6,900 69,0 6, 6,00 5, 67,900 7,00,900 57,900 5,900 59,00 59,000 5,00 59,700 5,700 57,600 5,00 60,600 60,00 66,00 60,00 60,000 0,7,7,7,965 66,97 75,7 5,7 0,7 55,09 55,09 560,990,09,09,09,09,09,09,09,09,09,09,09,09,09 5,59,57 7, 6,990 6,60 0,9,7, 59,0 57,6,65, L5,, 70,,77 0,6 57, 570,006 7,65 90, 97,6,7,,560,56 97,5,55,6,55,5 90,95,576 5,06,597,67 59,7,6,0 5,07,660,,,699,90 5,9,'75 5 5,9, ,0 M?7 7 99,55, ,0, , 7, 5, 9,, 7, 57, 6,, 7, 5, 6, 5, 60, 9, 60, 60, 90, 66, 6, 5, 66, 57, 66, ,95,96 6,7, 5,596 7,07,07 7, 0,9 6,06 9,77,,07 6,6,56,,65 6,70,79 6,90 7,77 5,905 7,9, Securities maturing in two years or less. Includes notes held by the chartered banks, which constitute an important part of their reserves. Beginning November 9, includes a certain amount of sterling United States dollars. On May, 90, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for 90, pp ). 6 For details on devaluations other changes in the gold holdings of the Bank of France, see BULLETIN for September, p. ; September 9, pp. 6; 99, p. 77; May 9, p. 60; May 90, pp ; January 99, p. 9; September 97, p. 5; November 96, pp For explanation of these items, see BULLETIN for January 9, p. 7, footnote 6. 7 Beginning January 9, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 90,,00; 9, 6,; 9, 6,57; 9, 0,7. 9 Includes advance to Stabilization Fund, amounting to 75.5 billion francs on Dec. 7. NOTE. For back figures on Bank of Canada Bank of France, see Banking Monetary Statistics, Tables 66 65, pp pp. 6-6, respectively; for description of statistics, see pp in same publication. For last available report from the Reichsbank (February 95), see BULLETIN for December 96, p.. FEBRUARY 95

102 CENTRAL BANKS Continued Central Bank (Figures as of last report date of month) Dec. Nov. Oct. 9 Dec. Central Bank (Figures as of last report date of month) Dec. Nov. Oct, 9 Dec. Central Bank of the Argentine Republic (millions of pesos): Gold reported separately gold foreign exchange Government securities, Rediscounts loans to banks.. assets Currency circulation Deposits Nationalized sight obligations liabilities capital Commonwealth Bank of Australia (thouss of pounds): Gold foreign exchange Checks bills of other banks.. Securities (incl. Government Treasury bills) assets Note circulation Deposits of Trading Banks: Special liabilities capital Austrian National Bank (millions of schillings): Gold Foreign exchange Loans discounts, Claim against Government, assets, Note circulation, Deposits Banks, Blocked National Bank of Belgium (millions of francs): Gold* Foreign claims balances (net). Loans discounts Consolidated Government debt.. Government securities assets Note circulation Deposits Dem ECA liabilities capital Central Bank of Bolivia Monetary dept. (millions of bolivianos): Gold at home abroad Foreign exchange (net) Loans discounts Government securities assets Note circulation Deposits liabilities capital... Central Bank of Ceylon (thouss of rupees): Foreign exchange Paid-in capital Int'l. Bank Government securities assets. Currency in circulation Deposits Government Banks liabilities capital Central Bank of Chile (millions of pesos): Gold Foreign exchange (net) Net claim on Int'l. Fund Discounts for member banks.... Loans to Government loans discounts assets Note circulation Deposits Bank liabilities capital Bank of the Republic of Colombia (thouss of pesos): Gold foreign exchange Net claim on Int'l. Fund Paid-in capital Int'l. Bank i 5 5 6,559, 7,0 59 5,,070 9,5 7,0,60 7,967,669 9,60,967,0 7.97,0,05, 6 6,00 5, 76, , 9,6,05 0,66 9: 5,5 6, ,0 55,75,9 90,6,565 9, 6,97 90,070 6,9 09,6 66,0 6,5,,6,0,5,,695 7,06 0,6 5,00 9,,, , ,655,0,7,606,9,6,70 7, 5 5 6,5,60 6 7, ,69 0,97,9 7,55,60,76,576 9,6,,07 5,097 67,9 0,700 6,7,9 5 07,7 67 5,67, 7,955,96 60,5 0,67,70 7, 55,757,6,570 '5, 7, ,6,5 6 7,6 00,0,09 6,9 7,,60 7,57,5 9,5,06,09,65 (Sept.),70 7,06,57 5,05 6,7,7,5,07 0,9 69,707 7, 6,,05 07, 67 5,67,67.09,7 0,5 77,66,69 7, 656,0,0,00 7,5, 5,05 567,6 5,09 7,7 69,79 7,00 5,90,669,7 9,76, 7, ,69i 6,0 0,566,99 7,65 5, 7,,05 5,59,70,9 7 5, 5 '56 565,059,9,9,799 67,57,6 65,9,770,5 0,0 60,,75 7,07,096,9 96,09,70,7 Bank of the Republic of Colombia Cont. Loans discounts Government loans securities. assets Note circulation Deposits liabilities capital Central Bank of Costa Rica (thouss of colones): Gold Foreign exchange Net claim on Int'l. Fund Loans discounts Securities assets Note circulation Dem deposits liabilities capital Rational Bank of Cuba (thouss of pesos): Gold Foreign exchange (net) Foreign exchange (Stabilization Fund) Silver Net claim on Int'l. Fund Loans discounts Credits to Government assets Note circulation Deposits liabilities capital [National Bank of Czechoslovakia National Bank of Denmark (millions of kroner): Gold Foreign exchange Contributions to Int'l. Bank Loans discounts Securities Govt. compensation account... assets Note circulation Deposits Government liabilities capital... Central Bank of the Dominican Republic (thouss of dollars): Gold Foreign exchange (net) Net claim on Int'l. Fund» Paid-in capital Int'l. Bank Loans discounts Government securities assets Note circulation Dem deposits liabilities capital Central Bank of Ecuador (thouss of sucres): Gold «Foreign exchange (net)., Net claim on Int'l. Fund Credits Government assets Note circulation Dem deposits Private banks liabilities capital National Bank of Egypt (thouss of pounds): Golds Foreign exchange Foreign Egyptian Government securities Loans discounts assets Note circulation Deposits Government liabilities capital:::... 69,77 59,5 9,6 5,5,70 5,070 7,57 7,00 0,6 5,57 6,660,57,6 6,79 75,05 59,0 6,5 6,,5 7,75 7,0 96,770,09,,7 5,05, ,9 665,7,5,67,066 7,65, 7,06 69: 9,77 7,66,76,5 0,0 7,0 00,577,7,79 0,66 7,07 9,7,5 6,97 7,0 97,5,,65 0,,9,709 0,56 0,56 55,77 6, ,90 6,709,,7,066,95, 0 7, 5 7,7,90 5 5,6 5 5,6 7,75 9,5 95 0,6 70 7,0. 9,5 7.,60 7, 9,,, ,95 7,05 5,9,7, 6,90,5,5,7 7,,69,97 0, 0,7,5 7,960,7,67 60,5 li, 67,05,79 0,96 5,5 6,97 7,57 7,65 9,557 60,55,966 5,7,70,7 0,679,6,9, ,90 590,66,06,657,066 5,9, 0 6, ,957 9, 5,57 0,9,75 05,99 75,965 90,7 9,9 5, 5,7 66,5 60,55 7,09 9,,7,670, 96,690,666,0, i 7,09,9 55, 6,^ 6,659 5,957,5 9,5 7,0 0,5,555 5, 07,5, 9, 70,56 59, ,99,709,5,9 07,05 5,0, 0 5 6, 7,5,579 67,56,9,756,,99 67,99 9,5 70,66 95,,,697, 7,0,05 ',07,90,76 0,5 7,06 r * Latest month available. Revised. c Corrected. On Aug. 7, 9, gold reserve revalued from to.0777 grams of fine gold per franc. «It is understood that, beginning 9, gold reserves have been revalued at a rate of 60 bolivianos per dollar. «This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the net claim" will equal the country's gold contribution «For last available report (March 9), see BULLETIN for September 9, p. 6. In December 9, gold foreign exchange holdings revalued from. to 5.00 sucres per dollar. «Beginning April, gold previously held in Issue Department revalued from 7.75 grams of fine gold to.557 grams of fine gold per Egyptian pound. NOTE. For details relating to individual items in certain bank statements, see BULLETIN for January 95, p. 0; January, p. ; January 9, p.. FEDERAL RESERVE BULLETIN

103 CENTRAL BANKS Continued Central Bank (Figures as of last report date of month) Dec. Nov. Oct. 9 Dec. Central Bank (Figures as of last report date of month) Dec. Nov. Oct. 9 Dec. Central Reserve Bank of El Salvador (thouss of colones): Gold Foreign exchange (net) Net claim on Int'l Fund x Loans discounts Government debt securities.. assets Note circulation Deposits liabilities capital State Bank of Ethiopia Bank of Finl (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans discounts Securities assets Note circulation Deposits liabilities capital Bank of German States (millions of German marks): Gold Foreign exchange Loans discounts Loans to Government assets Note circulation Deposits Government Banks liabilities capital Bank of Greece (billions of drachmae): Gold foreign exchange (net). Loans discounts Advances Government assets Note circulation Deposits Government Reconstruction relief accts liabilities capital Bank of Guatemala (thouss of quetzales): Gold Foreign exchange (net) Gold contribution to Int'l Fund.. Rediscounts advances assets Circulation Notes Coin Deposits Government Banks liabilities capital National Bank of Hungary Reserve Bank of India (millions of rupees): Issue department: Gold at home abroad Foreign securities Indian Govt. securities Rupee coin Note circulation Banking department: Notes of issue department... Balances abroad Bills discounted Loans to Government assets Deposits liabilities capital... Central Bank of Irel (thouss of pounds): Gold Sterling funds Note circulation r 6,7 9,767,566,756 5,,,767 6, 7,76 5,65,9,97 9,70 9,99,77 7,0 6,99 5,,, 9,,5,6,5 7,,5, 7,70 7,60,67,5,90 0,5 0,7,66 5, 60,79 6,,99,566 6,70 5,5,5 75,077,06 6,967 5,65 6,5,7,59 96,70,05,6,06 5,9,7,5,5 9,9,69,07,,07 9 7,6,67,5,9 79 5,,57,05 7,,0, 7,96 7,66 7,,9,5.59 0, ,,6 69,6 5,95 7,6, 6,66 55, 57,990 6,,07,565,59 5,57,657 7,65,0 6,96 5,0 6,0 6,59 90,7,0,,0,95,9,75,,99,6,9,60,0 95 7,6,59.09, ,59,, 7, 6.7, 7,79,65 6,67,9,75,7 0,7 00 5,9,6 690, 70,9 70,6,5 5,66 5,9 55,5 57,56 9,5,565,96,9,09: 7,95 7,09 6,7,67-9 -,66 0,55 99,6:,,. 0,6,6,9 9,5,55,,5, 5,7,55,900 77,,00,699 7,9 '9,7, 5,6,05 7,55.59, 0,05 r 9, ,,66 59,6 0,96 9,00,955 7,66 5,9 56,99 Bank of Italy (billions of lire): Gold Foreign exchange Advances to Treasury Loans discounts Government securities assets Bank of Italy notes Allied military notes. Deposits Government Dem liabilities capital Bank of Japan (millions of yen): Cash bullion Advances to Government... Loans discounts Government securities assets Note circulation Deposits Government liabilities The Java Bank (millions of rupiah): Gold < Foreign exchange (net) Loans discounts Advances to Government assets Note circulation Deposits liabilities capital Bank of Mexico (millions of pesos): Monetary reserve 5 "Authorized" holdings of securities, etc Bills discounts assets Note circulation Dem liabilities liabilities capital Netherls Bank (millions of guilders): Gold 6 ;. # Silver (including subsidiary coin). Foreign assets (net) Loans discounts Govt. debt securities assets Note circulation Old New Deposits Government ECA liabilities capital Reserve Bank of New Zeal (thouss of pounds): Gold Foreign exchange reserve Loans discounts Advances to State or State undertakings Investments assets Note circulation Dem deposits liabilities capital Bank of Norway (millions of kroner): Gold Foreign assets (net) Clearing accounts (net) Loans discounts Securities Occupation account (net) assets Note circulation Deposits Government Banks Blocked ECA liabilities capital , , 90, , , ,99 5, ,6 9,5 6,09 5,56 5,,6 69,66 76,097 6, , q , ,, 5 7,0 970,7, ,900 77,9,9 7,0, , 9,959 7,6,0 5,06,5 76, 9 6, , 7,75 5 5,5 9,09,09.5,9,576,6,7, ,0,9 76,55, ,997,6, ,7 67 6,, , 59,6 6,09 5,7 6,,77 6,9 9,66 6, ,0 65,,77, '557,6 5 59,066 6,05 69,07 6,77 0,67,06 7,757 5,06 5,6 79 7,76,56, 6,5,69 7 0,79,6 0 7,0 95, 7 56,9 59, 76,697,96 5,70 57,76 0,97,607 6,6, 6,56 Revised. This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. For last available report ( 9), see BULLETIN for December 9, p For last available report (February 9), see BULLETIN for September 9, p. 6. Gold revalued on Jan., 9, from.97 to.6 grams of fine gold per rupiah. 6 Includes gold, silver, foreign exchange forming required reserve (5 per cent) against notes other dem liabilities. Gold revalued on Sept , from.97 to.6 grams of fine gold per guilder. NOTE. For details relating to individual items in certain bank statements, see BULLETIN for January 95, p. 0; January, p ,0 79,6, FEBRUARY 95 5

104 Central Bank (Figures as of last report date of month) State Bank of Pakistan (millions of rupees): Issue department: Gold at home abroad... Sterling securities Pakistan Goyt. securities... Govt. of India securities.... India currency Rupee coin Notes in circulation Banking department: Notes of issue department.. Balances abroad Bills discounted Loans to Government assets Deposits liabilities capital.. Bank of Paraguay Monetary dept. (thouss of guaranies): Gold Foreign exchange (net) Net claim on Int'l. Fund Paid-in capital Int'l. Bank Loans discounts Government loans securities. assets Note coin issue Dem deposits liabilities capital Central Reserve Bank of Peru (millions of soles): Gold foreign exchange Net claim on Int'l. Fund Contribution to Int'l. Bank Loans discounts to banks... Loans to Government assets Note circulation Deposits liabilities capital Central Bank of the Philippines (thouss of pesos): Gold Foreign exchange Net claim on Int'l. Fund Loans Domestic securities assets Note circulation Dem deposits liabilities capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans discoxmts Advances to Government assets Note circulation Dem deposits Government.. EGA liabilities capital South African Reserve Bank (thouss of pounds): Gold * Foreign bills bills loans assets Note circulation Deposits liabilities capital Bank of Spain (millions of pesetas): Gold Silver Government loans securities. loans discounts assets. Dec ,0 0 67, ,00 CENTRAL BANKS Continued ,65 0,79 5,6 -,05,0,0 6,09 6,9 0,695 90, ,7,7, 77,5 590, ,,9 7,7 6,709,67 7,,6 6,07 0,7 Oct , ,65 6,57 5,6 -,05 7,,0,0,59 0,96, , 07 5,6,7 70,5 677,07,06 5,0,0 7,959 5,90 6, ,7 6,5, ! 7 7 5,7 5,90 6, ,06!,0 9 Dec , ,9,70 -,5,7, ,957 7,6 0 i ,0; 0,, 6, 0,7 9, , 9, 9,,7 7,7, 57!, 0,6 57,,79 05,; 75, 57,9, ,99, ! 0,0 99,0 9, 5,75,6,6,95,0,76'! -0,! 669l M.76! ',796i,600! Central Bank (Figures as of last report date of month) Bank of Spain Cont. Note circulation Deposits Government liabilities capital... Bank of Sweden (millions of kronor): Gold Foreign assets (net) Net claim on Int'l. Fund Paid-in capital Int'l. Bank Swedish Govt. securities advances to National Debt Office 6 domestic bills advances assets Note circulation Dem deposits Government.. liabilities capital Swiss National Bank (millions of francs): Gold Foreign exchange Loans discounts assets Note circulation sight liabilities liabilities capital Central Bank of the Republic of Turkey (millions of pounds): Gold Foreign exchange foreign clearings Loans discounts Securities assets Note circulation Deposits Gold liabilities capital Bank of the Republic of Uruguay (thouss of pesos): Gold Silver Paid-in capital Int'l. Bank Advances to State Government bodies loans discounts assets Note circulation Deposits Government liabilities capital ICentral Bank of Venezuela (mill! lions of bolivares): Gold Foreign exchange (net).. assets Note circulation Deposits liabilities capital Bank for International Settlements (thouss of Swiss gold francs): Gold in bars Cash on h with banks... Sight funds at interest Rediscountable bills acceptances (at cost) Time funds at interest Sundry bills investments... Funds invested in Germany assets Dem deposits (gold), Short-term deposits: Central banks Own account.. t. _ Long-term deposits: Special liabilities capital Dec.,7 0, 7 6, ,00 6,97,59 0 5,7 9, I , 57,90 0,5, 7 69,579 5,6 0, 567 0,56 0,569 6, 07, 7, 97,, 0, Nov.,0,07,77 0,9 00, 0, 57, ,05!,6, , 5 7, , -6! 775' ,797 75, ,7 0 97,0 66,0 57 0, Oct.,97 7,05,59 95,5 0,05 5, , ,6 99 0, 5 7, ,6 9,677 l 6,6,657,05 5,9,00 0,59 5,5, ,0 5,5 6,5 97,0,6 7, ,, ,5 96,7, 909,909,909 67, 66,67 66,076 Dec.,66 959,7 0, , 09 0, , ,66, , ,976 0,, 7,670 07,70 6,0 6,999 07,0 6,, ,709 6,667,9 6,59 5,5 6,7 97,0,576 7,765 6,,9,909 6,56 T Revised. As of Mar. 5,, gold revalued from.7595 to. grams of fine gold per guarani. This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time ts^the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. ' In November 99, part of the gold foreign exchange holdings of the bank were revalued. < On Dec., 99, gold revalued from 7 to shillings per fine ounce. Includes small amount of non-government bonds. NOTE. For details relating to individual items in certain bank statements, see BULLETIN for January 9, p. 0 6 FEDERAL RESERVE BULLETIN

105 MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Date effective France Central bank of United Kingdom Germany Belgium Netherls Sweden Switzerl Central bank of Rate Dec. Date effective Central bank of Rate Dec. Date effective In effect Dec., 90 Mar. 7, 9.. May Jan 6 95 Jan. 0 Feb 9 Nov 7 96 Dec Jan. 0, 97 Aug 7 Oct. 9 9 Sept Oct. May 7 99 Oct 6, 9 Sept Sept 6 Oct. 7 Dec Apr. 7,.. 5 Sept. Oct Nov. Nov. 9 In effect Dec., H V M IK &M K& H i 5 i ^ 6 6 IK / M M V M ^ ^ V Argentina Austria Belgium Bolivia Canada Chile Colombia... Costa Rica Denmark Ecuador... El Salvador... Finl France Germany Greece India Irel Italy Mar., 96 Dec. 6. Sept., Sept. 0, 9 Oct. 7, 9, 95 Tuly, 9 Feb., 9 Nov., 9 May, 9 Mar., 9 Dec. 6, Nov. 9, Oct. 7, 9, 9 Nov. 5, Nov., 9 Apr. 6, 9 Japan Java Mexico Netherls.. New Zeal. Norway Pakistan.... Peru Portugal... South Africa. Spain Sweden Switzerl.. Turkey United Kingdom USSR Rate established for the L Central banks. NOTE. Changes since Dec. r Netherls Jan. per cent Y Oct., Apr., 96, 9 Apr. 7, 6, 9 Jan. 9, 96, 9 Nov.. 97 Jan., 9 Oct., 99 Mar., 99 Dec., 9 Nov. 6, 96 Feb. 6, Nov.,, 96, 95, from to l A OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherls Sweden Switzerl Month Treasury bills months Bankers' acceptances months Treasury bills months Day-today money Bankers' allowance on deposits Day-today money Treasury bills months Day-today money Loans up to months Private discount rate 9 November November November November November November November November November December January February... March... April May August September... October November v L L.6.0 L.0 L, t L. L.9 L L % -5 K -5 M ^-5 H-H K-^ K-K K-K K-K L. [.6 L. L. L. L. L. L.. L. L. L. L. L. L. L. p Preliminary. NOTE. For monthly figures on money rates in these other foreign countries through 9, see Banking Monetary Statistics, Table 7, pp , for description of statistics see pp in same publication. FEBRUARY 95 7

106 COMMERCIAL BANKS United Kingdom» ( London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call short notice Bills discounted Assets Treasury deposit receipts Securities Loans to customers assets Deposits Liabilities Dem Time liabilities capital 95 December., 96 December. 97 December. 9 December. 99 December. 9 December. January... February.. March April, May August... September. October November ,09,0,70,,,00,6,7, L.5,76,0 90,5,560,, ,,7, :,7,5,5,59,5,55,55,556 L,5,55,59,55,555,0 7 99,9,96,5,660,656,7,766,775,06,95,6,6,,90, , 5,65 5,95 6, ,6 6,60 6,0 6,07 6,0 6,9 6,67 6,7 6, 6,5 6,0 6,9,6,,96,59,6,6,,99,97,055,06,099,06,06,06,0,,5,6,97,0,0,06,07,07,09,075,06,06,0,07,067,06, Assets Liabilities Canada (0 chartered banks. End of month figures in millions of Canadian dollars) Cash reserves Entirely in Canada Security loans loans discounts Security loans abroad net due from foreign banks Securities assets Note circulation Deposits payable in Canada excluding interbank deposits Dem Time liabilities capital 95 December. 96 December. 97 December. 9 December. 99 December. 9 December. January... February.. March April May August September. October November ,7,7,999,,7,776,795,7,00,06,066,06,0,07,05,0, ,0,,7,6,5,6,,09,96,9,6,,0,,76,76,9 69,09,59,69,05,0,70,,66,,79,,9,9,,0, 6 6 () < ) 00 (») («) (*) («) (*) ( ) 5,9 6,5 6, 7,07 7,7 7, 7,7 7,675 7,6 7,6 7,66 7,59 7,65 7,667 7,67 7,75 7,9,076,7,67,970,79,70,7,057,00,06,097,0,07,0,0,77,,65,69,70,057,,55,577,6,6,59,59,559,,5,595,575,66,6,55,5,57,77,667,6,67,660,70,6,66,665,70,69,6,75 France ( large banks. End of month figures in millions of francs) Cash reserves Due from banks Assets Bills discounted Loans assets Deposits Liabilities Dem Time Own acceptances liabilities capital 95 December. 96 December. 97 December. 9 December. 99 December.,7,007,590 5,97 0,97,,90 9,7 5,6, 55,7 95, 9,6 5,5 6,690 6,6 65,70 6,75 6,6 9,,7 7,5 7,09,00 9, 5,65 9,95,57 55, 67,66,59 90,055,090 55,5 69,0,0,90,57 6,6,06,90 5,69 5,75 0,6 6,55 7, 7,5,96,69 5,66 9 November. December. January... February.. March... April May August September October...,00, 9,769,5,69 7,59,09 7,56 5, 9,5 5,05,996 5,709 5,9 56,95 60,9 6,60 65,5 6,0 6,05 66,660 65,57 6, 79,7 60,69 57,55 77,00 77,766 99,5 90,676 75,05 5,657 7,56 5,,96,57 6,0 5,9 5, 5,660,99 60,9 66,9 59,95 7,65 7,0 67,6 7, 9,79,6,59,67,5,7 6,69 7,5,00 9,5 5, 59, ,66 79,9 709,69 70,70 7, 7,0 79,07 777,9 75,6 75,67 05,60 799,9 660,06 7,0 69, 70,95 7,79 7,559 79,05 756,997 7,56 7,96 7, 777,97 6,,6,,775 9,69 0,5 9,666 0, 0,0 0,66,79,96 7,555, 6,599 7,5 9,79 0,67,5,5,9 0,6 0,95 5,,07 7,6,707 9,560,676 5,70,0 0, 5, 7,57 0,5 6,0 From September 99 through November 96, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 96, figures for all banks are compiled on the third Wednesday of each month, except in December, when the statements give end-of-month data. Represent six-month loans to the Treasury at % per cent through Oct. 0, 95, at % per cent thereafter.» Less than $0,000. NOTE. For back figures figures on German commercial banks, see Banking Monetary Statistics, Tables 6-7, pp , for description of statistics see pp in same publication. FEDERAL RESERVE BULLETIN

107 FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Year or month Basic Argentina (peso) Preferential Free Australia (pound) Belgium (franc) "Bank notes" account Official Brazil (cruzeiro) Free British Malaysia i (dollar) Official Canada (dollar) Free February March April May.. August October November 95 January , L I 96 L.990 L966 [ Year or month Ceylon (rupee) Czechoslovakia (koruna) Denmark (krone) Finl (markka) Official France (franc) Free Germany (deutsche mark) India (rupee) Irel (pound) Mexico (peso) Netherls (guilder) February March April May. August September October November December 95 January S «.5 « < 0. « Year or month New Zeal (pound) Norway (krone) Philippine Republic (peso) Portugal (escudo) South Africa (pound) Sweden (krona) Switzerl (franc) United Kingdom (pound) Uruguay (peso) February. March April May August September October November December 95 January Beginning Aug. 7,, quotations on Straits Settlements dollar were discontinued quotations on Malayan dollar substituted. The two rates had been identical for a considerable period. Based on quotations through Sept. 9,. Based on quotations through Oct. 6,. Based on quotations beginning Oct. 9,. NOTE. For back figures, see Banking Monetary Statistics, Table 7, pp For description of statistics, see pp in same publication, for further information concerning rates averages for previous years, see BULLETIN for December, p. 60; October 9, p. 9; January 9, p. ; October 99, p. 9; January 99, p. 0; 97, p. 9; February 9, p. 09. FEBRUARY 95 9

108 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Index numbers] Year or month United States (96 = 00) Canada (95-9 = 00) Mexico (99 = 00) United Kingdom (90 = 00) France (99 = 00) I Japan (9-6 average = ) Netherls (9 = 00) Sweden (95 = 00) Switzerl (Aug. 99 -=00) December January February March April... May September October November December >6 P '9 P tns ^ P5 P ,59 5, 5, , 5,65 5,7 5,7 5,697 5,677 5,595 5,557 5,56 '5, P5,5 ^5, P5 P P06 P ?0 P P r P Preliminary..,. Revised. Sources. See BULLETIN for Tanuary 95, p. 0; August, p. C6; Tanuary 9, p. ; 99, p. 75; Tune 9, p. 76; 9 7, p. 9; January 9, p. ; April 97, p. 7; March 97, p. 76; 'October 95, p. 67. WHOLESALE PRICES GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (96=00) Canada (95-9=00) United Kingdom (90=00) Netherls (9=00) Year or month Farm products Foods commodities Farm products Raw partly manufactured goods Fully chiefly manufactured goods Foods Industrial products Foods Industrial raw products Industrial finished products , Q5O 9 December January February March April.. May. August.. October November December f»o S6 '** '7 6 '5 '6 '7 '65 '65 7» r?5 r5 5 ' 'Ml ?? »6 *>67 P6 P6 P6 P P Preliminary. r Revised. Sources. See BULLETIN for January 95, p. 0f August, p. 06; 97, p. 9; May 9, p. 5; March 95, p. 0; March 9, p FEDERAL RESERVE BULLETIN

109 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES Continued RETAIL FOOD PRICES [Index numbers] COST OF LIVING [Index numbers] Year or month United States i (95-9 = 00) Canada (95-9 = 00) United Kingdom ( 7, 97 = 00) France (99 = 00) Netherls (99 = 00) Switzerl (Aug. 99 = 00) Year or month United States (95-9 = 00) Canada (95-9 = 00) United Kingdom ( 7, 97 = 00) France (99 = 00) Netherls (99 = 00) Switz. erl (Aug. 99» 00) QSO P P S P P P67 9-December December January.., February, March April May... August... September. October... November. December P P -January... February.. March... April... May August September. October... November. December P P P7 p Preliminary. Adjusted series reflecting allowances for rents of new housing units, beginning January 9, interim revision of series weights. Sources. See BULLETIN for Tanuary 95, p. C9; August, p. 07; October 9, p. ; Tanuary 9, p. 5; 97, p. 95; Ma 9, p. 5; October 99, p. 9; April 97, p. 7. SECURITY PRICES (Index numbers except as otherwise specified] Bonds Common stocks Year or month United States (high grade) l Canada (95-9 = 00) United Kingdom (December 9=00) France (99 = 00) United States (95-9 = 00) Canada (95-9 = 00) United Kingdom (96=00) France (December 9=00) Netherls Netherls Number of issues S U ^ ,9,6,9,00 PI, January February.... March April May August September... October November... December , ,0,,59,69,7,,5,00,,79,06 Pi, p Preliminary. Prices derived from average yields, as computed by Stard Poor's Corporation, on basis of a per cent 0-year bond. NOTE. For sources description of statistics, see BULLETIN for September, p. 9; March, p. 57; 9, p. 77; March 97, p. 9; November 97, p. 7; 97, p. 69; April 97, p. 7; 95, p. 9; February 9, p.. FEBRUARY 95

110 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS OLIVER S. POWELL ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary G. R. MURFF, Assistant Secretary KENNETH A. KENYON, Assistant Secretary LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel OFFICE OF THE SOLICITOR J. LEONARD TOWNSEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DWIGHT L. ALLEN, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director EDWIN J. JOHNSON, Assistant Director DIVISION OF SELECTIVE CREDIT REGULATION GUY E. NOYES, Director GARDNER L. BOOTHE, II, Assistant Director HENRY BENNER, Assistant Director ELIOT J. SWAN, Acting Assistant Director FEDERAL OPEN MARKET COMMITTEE WM. MCC. MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman R. M. EVANS RAY M. GIDNEY R. R. GILBERT H. G. LEEDY OLIVER S. POWELL M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist WATROUS H. IRONS, Associate Economist DONALD S. THOMPSON, Associate Economist CLARENCE W. TOW, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar\et Account FEDERAL ADVISORY COUNCIL WALTER S. BUCKLIN, BOSTON DISTRICT N. BAXTER JACKSON, NEW YORK DISTRICT GEOFFREY S. SMITH, GEORGE GUND, ROBERT V. FLEMING, PAUL M. DAVIS, EDWARD E. BROWN, PHILADELPHIA DISTRICT CLEVELAND DISTRICT RICHMOND DISTRICT ATLANTA DISTRICT CHICAGO DISTRICT V. J. ALEXANDER, ST. LOUIS DISTRICT JOSEPH F. RINGLAND, DAVID T. BEALS, DEWITT T. RAY, JAMES K. LOCHEAD, MINNEAPOLIS DISTRICT KANSAS CITY DISTRICT DALLAS DISTRICT SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN

111 CHAIRMEISI, DEPUTY CHAIRMEN,,\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman l President Bank of Deputy Chairman First Vice President Vice r residents Boston New York Philadelphia... Clevel Richmond Atlanta Chicago Minneapolis... Kansas City... Dallas San Francisco... VICE Federal Reserve Bank of New York Clevel Richmond Atlanta Chicago St. Louis Harold D. Hodgkinson Ames Stevens Robert T. Stevens William I. Myers Warren F. Whit tier C. Canby Balderston George C. Brainard John C. Virden Charles P. McCormick John B. Woodward, Jr. Frank H. Neely Rufus C. Harris Franklin J. Lunding John S. Coleman Russell L. Dearmont Wm. H. Bryce Roger B. Shepard Paul E. Miller Robert B. Caldwell J. R. Part en R. B. Anderson Brayton Wilbur William R. Wallace, Jr. Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis J. A. Erickson Alfred C. Neal Allan Sproul L. R. Rounds Alfred H. Williams W. J. Davis Ray M. Gidney Wm. H. Fletcher Hugh Leach J. S. Walden, Jr. Malcolm Bryan L. M. Clark C. S. Young E. C. Harris Delos C. Johns 0. M. Attebery J. N. Peyton A. W. Mills H. G. Leedy Henry 0. Koppang R. R. Gilbert W. D. Gentry C. E. Earhart H. N. Mangels I. B. Smith 6 W. D. Fulton J. W. Kossin D. F. Hagner R. L. Cherry P. L. T. Beavers T. A. Lanford R. E. Moody, Jr. E. P. Paris H. J. Chalfont CM. Stewart C. A. Schacht Paul E. Schroeder Minneapolis... Kansas City... Dallas San Francisco... John J. Fogg Robert B. Harvey E. G. Hult H. A. Bilby H. H. Kimball L. W. Knoke Walter S. Logan A. Phelan Karl R. Bopp Robert N. Hilkert E. C. Hill Wilbur T. Blair Roger R. Clouse W. D. Fulton J. W. Kossin N. L. Armistead R. L. Cherry D. F. Hagner R. W. Mercer P. L. T. Beavers V. K. Bowman J. E. Denmark T. A. Lanford Allan M. Black H. J. Chalfont Neil B. Dawes W. R. Diercks W. A. Hopkins Frederick L. Deming Dale M. Lewis Wm. E. Peterson C. A. Schacht H. C. Core C. W. Groth E. B. Larson L. H. Earhart G. A Gregory R. L. Mathes John Phillips, Jr. E. B. Austin R. B. Coleman J. L. Cook W. E. Eagle W. H. Holloway J. M. Leisner S. A. MacEachron E. R. Millard W. L. Partner Helena Denver Oklahoma City Omaha El Paso Houston San Antonio Los Angeles Portl Salt Lake City Seattle E. 0. Latham Carl B. Pitman 0. A. Schlaikjer R. F. Van Amringe H. V. Roelse Robert G. Rouse William F. Treiber V. Willis R. B. Wiltse Wm. G. McCreedy P. M. Poorman J. V. Vergari Richard G. Wilgus * A. H. Laning a Martin Morrison Paul C. Stetzelberger Donald S. Thompson C. B. Strathy K. Brantley Watson Edw. A. Wayne Chas. W. Williams R. E. Moody, Jr. E. P. Paris Harold T. Patterson S. P. Schuessler L. H. Jones L. G. Meyer George W. Mitchell A. L. Olson Alfred T. Sihler W. W. Turner Paul E. Schroeder C. M. Stewart H. H. Weigel J. C. Wotawa H. G. McConnell Otis R. Preston M. H. Strothman, Jr. Sigurd Uel G. H. Pipkin C. E. Sy Clarence W. Tow D. W. Woolley Watrous H. Irons L. G. Pondrom C. M. Rowl Mac C. Smyth H. F. Slade Ronald T. Symms W. F. Volberg 0. P. Wheeler PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Chief Officer Bank of Branch Chief Officer Also Federal Reserve Agent. Cashier. Also Cashier. Counsel. * General Manager. C. W. Groth G. H. Pipkin R. L. Mathes L. H. Earhart C. M. Rowl W. H. Holloway W. E. Eagle W. F. Volberg S. A. MacEachron W. L. Partner J. M. Leisner FEBRUARY 95