ECONOMIC

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TABLE C-80.—Common stock prices\ earnings, and yields, and stock market credit, 1949-73Standard & Poor's common stock dataMargin credit at brokers and banksYear or monthTotal(500stocks)Price indexes lIndustrials(425stocks)Publicutilities(55stocks)Railroads(20stocks)Dividendyield(percent)2Price/earningsratio 3Regulated 5Total Brokers BanksUnregulated;Othernon-securitmargincreditstockatcreditbanks?atbanks e1941-43=10Millions of dollars1949..15.2315. 0017. 8712.836.596.491950..1951..1952.1953..1954..1955..1956.1957..1958..1959..18.4022.3424.5024.7329.6940.4946.6244.3846.2457.3818.3322. 6824. 7824. 8430.2542. 4049. 8047. 6349. 3661. 4519. 9620.5922. 8624. 0327. 5731. 3732. 2532. 1937.2244. 1515.5319.9122.4922.6023.9632.9433.6528.1127.0535.096.576.135.805.804.954.084.094.353.973.237.158.5710.579.7711.7512.5913.2512.7316.3317.32I960..1961..1962.1963.19641965.1966.1967.1968.1969..55.8566.2762.3869.8781.3788.1785.2691.9398.7097.8459. 4369. 9965. 5473. 3986. 1993. 4891. 0899. 18107. 49107.1346. 8660. 2059. 1664. 9969 9176.0868. 2168. 1066. 4262 6430.3132.8330.5637.5845.4646.7846.3446.7248.8445.953.472.983.373.173.013.003.403.203.073.2416.9821.6817.3918.2018.8117.9215.1517.4817.6616.481970.1971.1972.1973-.83.2298.29109. 20107.4391 29108 35121 79120.4454.4859.3356.9053 4732.1341.9444.1138.053.833.142.843.0615.6918.5018.201972:1973:Jan....Feb...Mar...Apr...May...June..July...Aug...Sept...Oct....Nov...Dec...Jan...Feb...Mar..Apr...May..June..103.30105. 24107.69108.81107.65108.01107.21111.01109.39109.56115.05117. 50118.42114.16112. 42110.27107.22104. 75114116119128673121.34120.16120.84119.98124 35122 33122 39128 29131 0813212712612311911755870556952060 1957 4157 7355 7054 9453 7353545556616160575547663666167301529455.3455.4354.3745.1645.6646.4847.3845.0643.6642.0043.2842.3741.2042.4144.6242.8740.6139.2938.8836.1434.352.962.922.862.832.882.872.902.802.832.822.732.702.692.802.832.903.013.0618.4517.9518.0018.3916.4014.426,8507,4277,8478,2508,4728,7478,9249,0929,0919,0249,0689,0458,8408,6408,3478,1657,6507,3695,9896,4776,8967,2837,4787,7927,9458,0608,0838,0818,1668,1807,9757,7737,4687,2936,7846,4168619509519679949559791,0321,0089439028658658678798728669531,1821,1701,1581,1501,1411,6441,7721,8001,8711,8751,8711,8961,9321,9511,8621,9521,9921,9731,3131,3271,2941,2781,2961,2741,2851,2981,2551,3511,3961,5281,4841,5081,5861,4921,513July..Aug_.Sept..Oct...Nov..Dec...105. 83103.80105.61109. 84102.0394.78118.65116.75118.52123.42114 64106.1653 3150 1452 3153 2248 3045.7435.2233.7635.4938.2439.7441.483.043.163.133.053.363.7014.177,2997,0816,9547,0936,2436,0565,9495,9125,6711,0561,0251,0051,1811,9571,9521,9091,8781 Monthly data are averages of daily figures and annual data are averages of monthly figures.2 Aggregate cash dividends (based on latest known annual rate) divided by aggregate market value based on Wednesdayclosing prices. Monthly data are averages of weekly figures; annual data are averages of monthly figures.3 Ratio of price index for last day of quarter to earnings for 12 months ending with that quarter. Annual ratios areaverages of quarterly data.4 Margin credit includes all credit extended to purchase or carry stocks or related equity instruments and secured atleast in part by stock. Credit extended by brokers is end-of-month data for member firms of the New York Stock Exchange.June data for banks are universe totals; all other data for banks represent estimates for all commercial banks,which accounted for 60 percent of security credit outstanding at banks on June 30,1971.5 1 n addition to assigning a current loan value to margin stock generally, Regulations T and U permit special loan valuesfor convertible bonds and stock acquired through exercise of subscription rights.8 Nonmargin stocks are those not listed on a national securities exchange and not included in the Board of Governorsof the Federal Reserve System's list of over-the-counter margin stocks. At banks, loans to purchase or carry nonmarginstocks are unregulated; at brokers, such stocks have no loan value.7 Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral.Sources: Board of Governors of the Federal Reserve System, New York Stock Exchange, and Standard & Poor's Corporation.342
TABLE C-81.—Business formation and business failures, 1929-73Year or month1929 .. . . .1933 31939 31940194119421943 ..1944194519461947 .19481949195019511952195319541955195619571958....1959196019611962 .1963...1964...19651966196719681969 ..1970 ..197119721973Indexof netbusinessformation(1967 = 100)112.687.893.193.398.294.491.399.195.290.489.596.802.488.390.793.397.298.698.2100.0109.8116.2108.0111.0117.94118.4Newbusinessrations(num-132,916112,89796, 34685,64093,09283,77892 946102 706117 411139,915141,163137,112150,781193,067182 713181 535182, 057186,404197, 724203,897200,010206,569233,635274,267264,209287, 577316,6014 306,404nessfailure103.9100.369.663.054.444.616.46.54.25.214.320.434.434.330.728.733.242.041.648.051.755.951.857.064.460.856.353.253.351.649.038.637.343.841.738.336.4TotalBusiness failures lNumber of failures22,90919,85914,76813,61911,8489,4053,2211 2228091,1293,4745,2509,2469,1628,0587 6118 86211 08610,96912,68613, 73914,96414,05315 44517 07515 78214,37413,50113,51413,06112 3649 6369,15410,74810,3269,5669,345Liability sizeclassUnder$100,00022,16518,88014, 54113,40011,6859,2823,1551 1767591,0033,1034,8538,7088,7467,6267 0818 07510,22610,11311,61512, 54713,49912,70713 65015 00613,77212,19211,34611,34010,83310 1447,8297,1928,0197,6117,0406,627$100,000andover7449792272191631236646501263713975384164325307878608561,0711,1921,4651,3461 7952 0692 0102,1822,1552,1742,2282 2201 8071,9622,7292,7152,5262,718Amount of currentliabilities (millionsof dollars)Total483.3457.5182.5166.7136.1100.845.331.730.267.3204.6234.6308.1248.3259.5283.3394.2462.6449.4562.7615.3728.3692.8938.61, 090.11,213.61,352.61,329.21,321.71,385.71 265.2941.01,142.11,887.81,916.92,000.22,298.6Liability sizeclassUnder$100,000261.5215.5132.9119.9100.780.330.214.511.415.763.793.9161.4151.2131.6131.9167.5211.4206.4239.8267.1297.6278.9327.2370.1346.5321.0313.6321.7321.5297.9241.1231.3269.3271.3258.8235.6$100,000andover221.8242.049.746.835.420.515.117.118.851.6140.9140.7146.797.1128.0151.4226.6251.2243.0322.9348.2430.7413.9611.4720.0867.11,031.61,015.61,000.01,064.1967.3699.9910.81,618.41,645.61,741.52,063.01972:JanFebMarAprMayJuneJulyAugSeptOctNovDec1973:JanFebMarAprMayJuneJulyAugSept.Oct .. .NovDecSeasonally adjusted114.7114.6116.9118.0118.5117.7118.0117.5118.7120.4120.2120.1119.1119.8121.9119.6119.0118.2118.1117.7115.6P115.8P117.824, 87125,05526, 86226, 68126,24326,30326,81526,42026, 79827,41726, 38727,61427,17328,64029,91428,69328, 42227, 85927, 83227,69626,277P26,215v27,68335.740.841.236.538.234.238.540.539.138 838.537.434.936.035.935.236.338.235.739.138.637.034.735.7750880986808856730740824730755799708772753874796838840714837717772739693553647672592670528538578551593574544534557647598559608520580502519513490197233314216186202202246179162225164238196111198279232194257215253226203101.6191.3220.7148.5190.1127.9204.6253.6113.5153 0208.686.8205.8137.2252.3119.3167.9180.2206.2190.1189.5185.7218.7245.620.123.024.428.523.318.119.221 019.621 421.019.119.119.323.120.719.020.419.620.418.518.719,617.281.5168.3196.3120.0166.8109.8185.4232.693.9131.6187.667.7186.7117.9229.298.7149.0159.8186.6169.8171.0167.0199.1228.41 Commercial and industrial failures only. Excludes failures of banks and railroads and, beginning 1933, of real estate,insurance, holding, and financial companies, steamship lines, travel agencies, etc.2 Failure rate per 10,000 listed enterprises.3 Series revised; not strictly comparable with earlier data.* Preliminary; based on seasonally adjusted data through November.Sources: Department of Commerce (Bureau of Economic Analysis) and Dun & Brad street, Inc.343
Page 1:
ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
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spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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important that the higher costs be
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improving the environment. The fund
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pollutants into the atmosphere will
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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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and estimates of some of these effe
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Since families typically pool their
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ability were not perfectly correlat
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
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policies, and the tensions among co
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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ply of oil, and by domestic price c
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in the United States. In view of th
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TABLE 52.—U.S. balances on intern
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esult from changes in market value
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TABLE 54.—Major changes in capita
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attempt was made to agree on a code
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The official price of gold was rais
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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prices of approximately the same or
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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Structural problems. Agreements on
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
Page 245 and 246:
Manpower and Social Affairs Committ
Page 247 and 248:
Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE C-2.—Gross national product
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TABLE C-3.—Implicit price deflato
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Page 263 and 264:
Page 265 and 266:
TABLE C—8.—Gross national produ
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TABLE C-10.—Gross national produc
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TABLE C-12.—Personal consumption
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TABLE C-14.—Relation of gross nat
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TABLE C—16.—Relation of nationa
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TABLE C-18.— Total and per capita
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TABLE C-19.—Sources of personal i
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TABLE C-21.—Saving by individuals
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POPULATION, EMPLOYMENT, WAGES, ANDP
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TABLE C-24.—Noninstitutional popu
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TABLE C-26.— Selected unemploymen
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TABLE C—28.—Unemployment insura
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TABLE C-29.—Wage and salary worke
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TABLE C-31.—.•Average weekly ea
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TABLE C-33.—Changes in output per
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TABLE C—35.—Industrial producti
Page 297 and 298: TABLE C-37.—Capacity utilization
Page 299 and 300: TABLE C—38.—New construction ac
Page 301 and 302: TABLE C-39.—New housing starts an
Page 303 and 304: TABLE C-41.—Sales and inventories
Page 305 and 306: TABLE C-43.—Manvjacturers* new an
Page 307 and 308: TABLE O45.—Consumer price indexes
Page 309 and 310: TABLE C—47.—Consumer price inde
Page 311 and 312: TABLE C~49.—Wholesale price index
Page 313 and 314: TABLE C-50.—Wholesale price index
Page 315 and 316: 194819491950.,1951195219531954Yearo
Page 317 and 318: TABLE C-53.—Commercial bank loans
Page 319 and 320: TABLE G-54.—Total funds raised in
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: TABLE C-58.—Bond yields and inter
Page 325 and 326: TABLE C-59.—Short- and intermedia
Page 327 and 328: TABLE C-61.—Mortgage debt outstan
Page 329 and 330: TABLE C-63.—Net public and privat
Page 331 and 332: TABLE C-65.—Federal budget receip
Page 333 and 334: TABLE C-66.—Relation of the Feder
Page 335 and 336: TABLE C-68.—Receipts and expendit
Page 337 and 338: TABLE C-10.—State and local gover
Page 339 and 340: TABLE C-72.—Estimated ownership o
Page 341 and 342: CORPORATE PROFITS AND FINANCETABLE
Page 343 and 344: TABLE C-76.—Relation of profits a
Page 345 and 346: TABLE C-77.—Sources and uses of f
Page 347: TABLE C-79.—State and municipal a
Page 351 and 352: Year1929...1933...1939...1940...194
Page 353 and 354: TABLE C-85.—Indexes of prices rec
Page 355 and 356: TABLE G-87.—Comparative balance s
Page 357 and 358: TABLE G-88.— U.S. balance of paym
Page 359 and 360: TABLE C-90.— U.S. merchandise exp
Page 361 and 362: TABLE C-92.—International reserve
Page 363 and 364: TABLE G-94.—International investm
Page 365: TABLE C-96.—Consumer price indexe
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