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ttDERAL RESERVE BAN, or K < ^ \5 CITY L.4.3 A'1 Not for publicationm 1971 April 19, 1971 L m r n n ^ - BANKING AND MONETARY DEVELOPMENTS IN MARCH 1971 Summary. Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased substantially further in March. Bank holdings of U.S. Treasury securities continued to expand associated in part with Treasury financing operations and growth in holdings of municipal and Federal agency issues--which had slackened in Febr u a r y -accelerated in March. Expansion in loans slowed reflecting principally weakness in business loans. The money stock increased substantially in March although at a less rapid rate than in February. Time and savings deposits rose substantially and at about the same sharp pace as earlier in the first quarter. Inflows of consumer type time and savings deposits at large banks were exceptionally heavy as were increases in total time and savings deposits at small banks. Sales of large negotiable CD's moderated. Net borrowed reserves increased somewhat. Changes in Commercial Bank Credit, Money Stock, and Time Deposits 1968 Year Total bank credit U.S. Govt. sec. Seasonally adjusted annual rates (per cent) 1971 1970 1969 Second First Fourth First Qtr.p March p Halfp Qtr.p Half Year Year 3.1 7.8 2.5 12.8 8.3 14.0 10.8 3.0 -15.7 11.8 8.5 14.4 2.8 22.1 32.2 20.1 10.4 28.3 34.5 30.4 30.7 11.0 Other securities 16.4 — Loans 11.6 8.4 3.9 -0.5 8.3 2.2 7.5 11.1 10.6 2.6 0.9 4.3 -3. 6 3.7 Business loans -9.8 Ad lusted for loan sales to bank affiliates Total bank credit Loans Business loans Money stock Time deposits 10.8 11.0 4.0 7.4 4.5 10.1 6.1 13.8 11.6 9.9 3.4 2.4 4.4 -1.0 7.3 11.1 13.1 2.1 8.1 -3.7 -9.2 2.5 -11.7 7.8 3.1 5.4 5.9 4.8 3.4 8.6 10.5 11.1 -5.0 18.4 7.8 27.9 21.8 27.3 25.9 - - Bank credit. Loans and investments at all commercial banks after adjustment for loan transfers, increased $4 billion further in March. If allowance were made for the run-off of System matched sale-purchase transactions outstanding at the end of February, the increase would be $800 million greater--the same as the adjusted February rise and somewhat below the large January expansion. In March, however, loan expansion slowed and over four-fifths of the month's total credit growth was in investment h o l d i n g s — a considerably larger share than earlier in the year. On balance, total credit increased at an annual rate of almost 14 per cent in the first quarter of 1 9 7 1 — m o r e than double the rate of the fourth quarter of 1970. Expansion was strong at both large and small banks. Commercial bank holdings of U.S. Treasury issues increased $1.6 billion further in March bringing the total increase for the first quarter to $3.2 billion; this compared with only nominal growth in the fourth quarter of 1970. The March increase was partly associated with two Treasury financings. On February 26 (included in the March reporting period) $1.2 billion of strip bills were delivered, payable 100 per cent in tax and loan accounts; and on March 30, $2 billion of April tax bills were delivered but with no tax and loan privilege. At large banks, holdings of Treasury issues increased contraseasonally and at small banks, the reduction was less than usual. Bank holdings of municipal and Federal agency securities also increased sharply in March, rising $2.3 billion, following some slackening in growth in February. Over the first quarter, however, expansion at an annual rate of 30 per cent was not too far below the unusually high fourth quarter 1970 pace. At large banks, acquisitions of longer-term municipal i s s u e s — w h i c h had dropped off somewhat in February—accounted for a subPurchases of Federal agency issues stantial part of the growth in March. were also sizable. At small banks growth in total "other securities" (no breakdown available) was particularly strong. Total loans, adjusted for transfers and System matched salepurchase transactions increased $800 million in March compared with an average monthly increase of $2.3 billion earlier in the first quarter and an average monthly decline of $200 million in the fourth quarter of 1970. The March slowdown in loan growth was associated largely with weakness in business loans. These loans declined $900 million following relatively substantial increases in January and February. The March reduction was associated in part with heavy capital market financing with part of the proceeds used to repay bank debt. In January and February, on the other hand, there had been a temporary cutback in the volume of loans being repaid from capital market financings. Also in March, the volume of corporate borrowing over the mid-month income tax period was smaller than in any other recent year. Over the month, weakness was apparent in several industry l i n e s — e s p e c i a l l y machinery, textile, petroleum and chemical manufacturing and public utilities. Holdings of banker's acceptances also declined in contrast with increases in the corresponding weeks of previous years. Money stock, time deposits, and nondeposit sources of funds. The money stock increased sharply further in M a r c h — a t an annual rate of 10.5 per cent following expansion at a 14 per cent annual rate in February. Growth in currency holdings continued close to the accelerated February pace while that in private demand deposits was somewhat below the unusually rapid February rate. Over the first quarter of 1971, money stock increased at an annual rate of 8.6 per cent compared with 3.4 per cent in the fourth quarter of 1970 and 6.1 per cent in the third. U.S. Government deposits dropped fairly substantially over March and over the first quarter following little change in late 1970. Time and savings deposits at all commercial banks increased $5.2 billion further in March-about the same as the average January-February increase and well above the average monthly rise of $4 billion in the fourth quarter of 1970. At large commercial banks, inflows of consumer type time and savings deposits were over 3-1/2 times as large as the average 1967-70 inflow for corresponding weeks. And at country banks, growth in total time and savings deposits was over twice as large. Sales of large negotiable CD's, however, moderated further. Nondeposit sources of funds declined sharply further in M a r c h — $2.5 billion. The decline was associated principally with a large reduction in Euro-dollar liabilities reflecting in large part the impact of an additional $500 million sale of Export-Import Bank certificates to foreign branches and the rise in the cost of Euro-dollar borrowings relative to domestic sources of funds. Bank-related commercial paper also declined somewhat further but at the relatively moderate pace prevailing earlier in the first quarter. Loans sold under repurchase agreements to bank affiliates increased somewhat. Bank reserves. Net borrowed reserves of member banks averaged about $110 million over the five weeks ending March 31 compared with $70 million in February. Member bank excess reserves declined but borrowings also dropped slightly. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L.4.3 - EXHIBIT A, PART 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Billions of dollars Last Wednesday of month, seasonally adjusted 400 TOTAL LOANS AND INVESTMENTS 300 LOANS 200 80 OTHER SECURITIES U.S. GOVT. SECURITIES 40 _L ___ D 1966 * C H A N G E IN SERIES. 1967 M J 1968 S D M J 1969 S D M J 1970 S D # . # # # # e e e e Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total -V ( I n 1962—Dec. 1963—Dec. 1964--Dec. 1965—Dec. 1966—Dec. 1967—Dec. 1968—Dec. 31 2/ 31 2/ 31 31 31 31 31 Loans b i l l i o n s 227.9 246.2 267.2 294.4 310.5 3/ 346.5 384.6 134.0 149.6 167.7 192.6 208.2 225.4 251.6 1 9 6 9 — J u n e 30 (old series ) 4/ June 30 (new series) Dec. 31 392.5 397.3 401.3 1 9 7 0 — J a n . 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 p Nov. 25 p Dec. 31 e 1 9 7 1 — J a n . 27 p Feb. 24 p Mar. 31 p 1J 2J 3/ —/ U.S. Gov11. securities of d o l l a r s Other securities ) 64.6 61.7 60.7 57.1 53.6 59.7 61.5 29.2 35.0 38.7 44.8 48.7 61.4 71.5 264.3 269.2 278.1 56.2 56.3 51.9 72.0 71.8 71.3 398.5 399.7 400.9 403.5 405.9 406.4 412.8 418.3 423.7 424.0 427.3 432.5 276.6 278.5 277.6 277.0 278.0 277.4 281.5 284.1 287.3 286.9 287.7 288.9 50.4 49.8 50.3 52.4 53.4 54.1 55.8 57.5 57.6 56.3 56.5 58.0 71.5 71.4 73.0 74.0 74.5 75.0 75.5 76.7 78.8 80.8 83.2 85.6 438.0 443.6 5/ 447.6 291.2 294.3 5/ 58.4 59.6 88.4 89.8 294.3 61.2 92.1 3/ . Adjusted to exclude interbank loans. p - Preliminary e - Estimated Estimated as of December 31. Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates . 4/ Beginning July 1969, bank credit data are revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data for commercial banks only. Also total loans and investments are now reported gross of valuation reserves rather than net as previously reported. Individual loan items have always been reported gross. 5/ Includes $800 million System matched sale-purchase transactions outstanding on Feb. 24. NOTE: Chart has not been completely revised for changes in data relating to benchmark revisions. Overlapping data for March 1969 and October 1969 are shown. p • EXHIBIT A - PART III LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS ANP BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Loans sold outright by conmercial banks Date 1 1 Sold to Affiliates 1/ (Business Total Loans Bus iness Total Loans Sold to nonbank public 2 Business Total Loans 196° Dec. 31 5.2 3.0 3.8 2.4 5.5 6.4 6.7 6.9 4.5 5.1 1970 Jan. 28 Feb. 25 Mar. 25 Anr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 p Nov. 25 p Dec. 31 e ~. 5 5.2 8,5 8.8 . 9.6 9.7 9. 0 9.6 6.6 5.C 5.6 5.9 6.1 6. 0 7.0 6.8 6.4 4.0 3.5 4. 6 1971 Jan. 27 p Feb. 24 p Mar. 31 p 4.5 4.5 4 .4 Commercial bank credit 'lid iiy du | us Total loans ' and investments Total loans ! Business loans Originial Adjusted 3/ Original Adjusted 3/ jOriginal Adjusted 4/ 1.4 0.6 401.3 405.1 278.1 281.9 106.1 108.5 0." 0.5 0.7 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.4 398.5 399.7 400.9 403.5 405.9 406.4 -12.8 418.3 423.7 424.0 427.3 432.5 404. 3 406.1 407.6 410.4 413.7 414.3 420.8 426.1 428.7 428.2 430.9 435.2 276.6 278.5 277.6 277.0 278.0 277.4 281.5 284.1 287.3 286.9 287.7 288.9 282.4 284.9 284.3 283.9 285.8 285.3 289.5 291.9 292.3 291.1 291.3 231.6 105.4 105.6 105.1 105.2 105.7 106.6 106.9 108.4 109.9 109.1 108.9 108.9 109.7 110.4 110.2 110.6 111 9 112.9 113.1 114.2 113.4 112.1 111.4 110.8 0.4 0.4 0.4 438.0 +43.6 6 447.6 440.6 446.2 6 450.2 291.2 29 4.3 6' 294.3 293.8 296.9 6 29o.9 109.5 i 110.8 109.9 111.3 112 .6 111.5 2.3 7.9 8.0 7.8 5.0 4.2 3.6 2.7 6.2 6.3 6.2 5.8 3.5 3.0 2.5 1.9 1. " 1.5 1.8 1.8 1.8 1.8 1.9 1.8 1.7 1.8 l.S 1.9 2.2 2 .2 2.0 2.6 2.6 2.6 1.8 1.8 1.6 1.9 1.9 1.8 (Anrm a l rates iIn per cent) (Net change in billions of dollars) 1969 Dec. 31 -0.8 -1.0 -0.9 -0.9 -0.1 -0.1 0.3 -2.4 7.3 3.4 14.9 4.4 1970 2.3 Jan. 28 0.7 Feb. 25 0.3 Mar. 25 Apr. 29 0.3 0.8 May 27 0.1 June 30 0.2 July 29 -0.4 Aug. 26 -?.S Sept. Oct. 28 p -0.9 Nov. 25 p -0.4 Dec. 31 e -0.9 2.0 0.6 0.3 0.3 0.3 0.1 -0.2 -0.4 -?.4 -0.5 -0.4 -0.7 2.0 0.6 0.3 0.3 0.9 0.1 0.1 -0.2 ?.S -0.8 -0. 6 -0.9 1.9 0.5 0.4 0.2 0.8 0.1 -0.1 -0.4 -?. 3 -0.5 -0.5 -0. 6 0.3 0.1 5 ' 5 '' 5/ 5/ 0.1 -0.1 -0.1 0.1 5 ' 0. 1 0.1 0.1 5/ 5/ -0.1 5/ -0.1 5/ -0.1 5 ' 5/ -0.1 -8.4 3.6 3.6 7.8 7.1 1.5 18.9 16.0 15.5 0.8 9.3 14.6 -2.4 5.3 4.4 8.2 9.6 1.7 18.8 15.1 -6.5 8.2 -3.9 -2.6 4.3 -2.6 2.1 10.6 -2. 6 -1.7 8.0 -2.1 -7.9 2.2 -5.7 1.1 5.7 10.2 13.3 7.7 -2.2 4.4 14.1 10.7 17.7 11.1 13.5 -1.7 3.3 5.0 17.7 9.9 1.6 -4.9 0.8 1.2 3.4 16.8 16.6 -8.7 -2.2 -0.1 5/ -0.1 5/ -0.1 5/ 5/ 5/ 5/ 15.3 15.3 9.6 12.8 9.1 12.7 -0/2 ' 5/ -u. 2 -u.l 5/ 10.8 6. 6 14 .2 -9.8 1971 Jan. 27 p -0.1 Feb. 24 p 5/ Mar. 31 p -0.1 IV 2' _3 ' 4/ 5/ 6/ p e - I I j j 7 3 ' -1.4 7.6 12.0 ! 14.9 15.3 lu.8 2.1 11.7 -8.4 -13.8 -7.5 -6.5 5.4 14.0 -11.7 To bank holding companies, affiliates, subsidiaries, or foreign branches. To other than banks' and bank-related affiliates or subsidiaries. Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. Includes business loans sold to bank holding companies, affiliaties, subsidiaries, or foreign branches. Less than $50 million. Includes $800 million System matched sale-purchase transactions outstanding on February 24. Preliminary. Estimated . # # # # # # t ' # EXHIBIT A - PART IV NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE (Outstandings in billions of dollars) Date Euro-dollars Through branches outside U.S. Territories Foreign and possessions Through brokers and 1J dealers Total Total 1969 May 28 June 25 July 30 Aug. 27 Sept.24 Oct. 29 Nov. 26 Dec. 31 12.7 16.8 19.4 19.6 19.1 19.4 20.9 19.6 10.9 14.3 15.6 15.9 15.5 14.8 15.9 14.5 9.9 13.3 14.4 14.7 14.3 13.6 14.5 12.8 0.6 0.4 0.4 0.3 0.3 0.4 0.4 0.8 0.1 6/ 0.2 6/ 0.3 0.5 0.4 0.5 0.6 0.6 0.2 6/ 0.4 6/ 0.5 0.4 0.4 0.3 0.3 0.3 1970 Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 24 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 30 21.5 21.5 20.5 20.6 21.7 21.5 19.8 19.5 15 .9 14.6 13.2 11.7 15.2 14.5 13.2 13.1 13.3 13.1 11.3 11.5 10.6 10.3 9.4 8.6 13.6 13.1 11.9 11.9 12.3 12.2 10.5 10.6 9.8 9.4 8.6 7.7 0.7 0.7 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 1971 Jan. 27 Feb. 24 Mar. 31 p 10.2 9.1 6 .6 7.4 6.5 3.7 6.5 5.7 3.1 0.8 0.8 0.6 7/ 7/ 7/ _ 2/ 3/ 57 5_/ 6/ 7/ - Direct - ^ Commercial paper 2/ Loans sold under repurchase agreement 3/ To the Customer To bank nonbank . guaranteed Ineligible Total affiliates-^ pub1ic paper acceptances 0.8 1.2 1.9 2.2 2.6 3.7 - 4.2 4.3 1.0 1.3 2.0 1.5 1.0 0.9 0.8 0.8 0.4 0.4 0.7 0.6 0.5 0.5 0.5 0.6 0.6 0.8 1.3 0.9 0.5 0.4 0.3 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 7/ 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 7/ 5.5 6.1 6.5 6.7 7.6 7.6 7.8 7.3 4 .6 3.7 3.1 2.3 0.8 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 7/ 7/ 7/ 1/ 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.4 0.4 0.5 0.5 0.6 0.5 0.5 0.5 0.4 0.2 7/ 2.0 1.9 1.7 0.7 0.7 1.2 0.7 0.7 1.1 7/ 7/ 0.3 0.3 0.2 0.3 7/ 0.3 0.2 7/ V 7/ Includes an indeterminate amount of Federal funds purchases from U.S. Agencies of foreign banks. Issued by a bank holding company or other bank affiliates. Loans or participation.in pools of loans sold under repurchase agreements. To bank holding companies, affiliates, or subsidiaries. To other than banks and bank-related affiliates or subsidiaries. Partly estimated. Less than $50 million. These Data Are Not for Publication. r - Revised. c - Corrected. L.4.3-EXHIBIT B, P a r t i LOANS AT ALL COMMERCIAL BANKS Billions of d o l l ^ s Last Wednesday of month, seasonally adjusted 100 BUSINESS 90 80 70 60 REAL ESTATE 40 CONSUMER 30 15 SECURITY S 1966 * C H A N G E IN SERIES. 1967 D M J 1968 S D M J 1969 S D M J 1970 S D Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Date Business ( I n 1962- -Dec. 1963- -Dec. 1964- -Dec. 1965- -Dec. 1966- -Dec. 1967- -Dec. 1968- -Dec. 1969- -Dec. Dec . 31 31 31 31 31 31 31 31 1/ 31 47.6 52.0 58.4 69.4 78.6 86.3 95.9 106.1 Real Estate b i l l i o n s 34.2 39.1 43.6 49.2 53.8 58.4 65.0 2/70.4 (old) 69.9 (new) Consumer of Security Nonbank financial Agriculture d o l l a r s ) 23.7 27.2 31.1 35.6 38.2 40.0 44.9 48.2 1970--Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept .30 Oct. 28 P Nov. 25 P Dec . 31 e 105.4 105.6 105.1 105.2 105.7 106.6 106.9 108.4 109.9 109.1 108.9 108.9 70.2 70.5 70.7 70.7 70.7 70.6 70.7 70.8 71.0 71.2 71.5 71.9 48.4 48.5 48.4 48.4 48.5 48.6 3/ 48.9 49.1 49.4 49.6 49.4 49.8 1971---Jan. 27 P Feb. 24 P Mar. 31 P 109.5 110.8 109.9 72.3 72.9 73.4 50.0 r 50.2 50.5 6.1 6.9 7.4 7.4 7.9 9.2 10.4 9.4 8.1 9:1 9.4 8.6 8.6 7.2 8.4 9.3 9.9 10.4 10.1 10.9 11.4 11.6 4/ 11.3 7.6 9.1 9.8 11.9 12.1 11.4 12.5 2/l3.2(old) 13.7(new) 13.2 13.0 12.5 12.5 12.9 ' 13.4 15.0 14.6 14.6 14.6 15.0 14.9 7.1 7.4 7.6 8.3 8.7 9.5 9.9 10 5 10.6 10.6 10.6 10.7 10.9 11.0 11.1 11.4 11.5 11.4 11.3 11.3 15.6 15.6 11.2 11.3 15.8 11.6 p - Preliminary. r - Revised. c - Corrected. e - Estimated. Data are comparable with previous months. Individual loan items are gross throughout and the effect of consolidation in June 1969 on any one loan item was nominal. 2/ Real estate loans decreased by $500 million on December 31, 1969, and loans to nonbank financial institutions increased by $500 million due to change in method of reporting mortgage loans held under repurchase agreements. 3/ Consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions. 4/ Includes $800 million System matched sale-purchase transactions outstanding on Feb. 24. NOTE: Chart has not been completely revised for changes in data relating to benchmark revisions. Overlapping data for March 1969 and October 1969 are shown. 1/ These data are not for publication. Exhibit C Changes in Loans and Investments at All Commercial Banks ^ Seasonally Adjusted (In billions of dollars) 1970 Item 1971 Feb. Mar. April May June July Aug. Sept. Oct. p Nov. p Dec. e Jan. p Feb. p _ March p Loans and Investments 2/ +1.2 +1.2 +2.6 +2.4 +0.5 - +6 .4 - +5.5 +5.4 +0.3 +3.3 +5.2 +5.5 +5.6-/ +4.0 U. S. Gov't, securities -0.6 +0.5 +2.1 +1.0 +0.7 +1.7 +1.7 +0.1 -1.3 +0.2 +1.5 +0.4 +1.2 +1.6 Other securities -0.1 +1.6 +1.0 +0.5 +0.5 +0.5 +1.2 +2.1 +2.0 +2.4 +2.4 +2.8 +1.4 +2.3 Loans 2/ +1.9 -0.9 -0.6 +1.0 -0.6 44.1 +2.6 +3.2 *-0.4 +0.8 +1.2 +2.3 +3.1- Business +0.2 -0.5 +0.1 +0.5 +0.9 +0.3 +1.5 +1.5 -0.8 -0.2 +0.6 +1.3 -0.9 Real estate +0.3 -0.2 1/ 1/ -0.1 +0.1 +0.1 +0.2 +0.2 +0.3 +0.4 +0.4 +0.6 ! +0.5 Consumer +0.1 -0.1 1/ +0.1 +0.1 +0.3-/ +0.2 +0.3 +0.2 -0.2 +0.4 +0.2 r+0.2 +0.3 Security +1.0 +0.3 -0.8 1/ -1.4 +1.2 +0.9 +0.6 +0.5 -0.3 +0.8 +0.5 Nonbank financial -0.2 -0.5 1/ +0.4 +0.5 +1.6 -0.4 I/ 1/ +0.4 -0.1 +0.7 1/ +0.2 V V +0.1 +0.2 +0.1 +0.1 +0.2 +0.1 -0.1 -0.1 -0.1 +0.1 +0.3 All other +0.5 -0.3 1/ -0.2 -0.7 +0.5 +0.1 +0.5 -0.4 +0.9 -0.3 r+0.7 -0.1 Total loans excluding security _3/ +0.9 -1.2 +0.2 +1.0 +0.8 +2.9 +1.7 +2.6 -0.9 +1.1 +0.4 +1.8 +2.9 +0.3 Total loans excluding security and nonbank financial 3/ +1.1 -0.7 +0.2 +0.6 +0.3 +1.3 +2.1 1 Revised. -2.6 -0.9 +0.8 +0.5 +1.1 +2.9 +0.1 Agriculture 1/ 2/ 3/ 4/ — +0.2-/ 1/ -0.3 p - Preliminary. Less than $50 million. e - Estimated. Adjusted to exclude interbank loans. Based on consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Repayments in subsequent months are also included in loans to nonbank financial institutions . Includes $800 million System matched sale-purchase transactions on February 24. , Individual Loan Categories Are Not Available for Publication. 4 • • • • • • # • • Exhibit D Changes in Loans and Investments at All C o m m e r c i a l Banks, at W e e k l y R e p o r t i n g B a n k s , and at Other Banks, Not Seasonally Adjusted (In billions of d o l l a r s ) Last W e d n e s d a y of F e b r u a r y to lat W e d n e s d a y of March Item 1970 1971 All commercial banks 4/ Total loans U. S. Gov't, securities Other securities Total All Larpe Banks + 1 + 1 + ! + 1969 1968 1967 1966 2.6 0.2 2.6 5.5 + + + + 1.4 0.1 1.9 3.3 + + + 1.8 1.0 0.5 1.3 + + + 1.7 2.0 0.9 0.6 + 3.1 + 1.2 + 1.3 + 5.6 + + + 1.6 0.3 1.5 3;3 + + + + 0.7 0.3 1.4 2.4 + + + 0.7 0.3 0.1 0.5 + 1.0 - 1.7 + 0.6 V + 1.9 + 1.1 + 1,0 + 4.1 + 2.7 - i.i 3/ 4/ Total loans U. S. Gov't, securities Other securities Total 4+ + + Other banks 3/ 4/ Total loans U. S. Gov't, securities Other securities Total + + + V + : j 1.6 4.0 1.5 0.6 3.2 i + 3.1 - 0.9 +0.3 + 2.6 i + + + ' j 1.0 0.1 1.2 2.1 + + + 0.6 0.2 0.5 0.9 End Item 9 / + + + 1.1 0.7 0.4 0.8 + + + 0.7 0.3 0.3 0.6 of December to end + 1.2 + 0.1 + 0.3 + 1.5 + + + 12 0.8 0.3 0.8 0.9 0.6 0.3 0.6 of M a r c h 1968 1967 1966 1965 1.9 6.1 0.1 8.0 + - 3.3 1.3 1.6 3.0 + + + 2.7 1.6 3.2 2.2 1/ - 4.1 + 0.5 - 3 5 + 2.4 - 4.0 + 1.5 3/ 1/ - 3 5 4.5 0.9 9.0 + - 3 1 1.7 1.2 3.6 + + + 2.9 1.6 2.9 1.5 - 0.1 - 3.4 1/ - 3.6 + + - 1.7 3.3 1.0 0.5 + + + 1.6 1.6 1.1 1.0 + + + 0.2 0.4 0.4 0.6 + 0.2 1/ + 0.3 + 0.7 + + + 0.7 0.7 0.5 0.5 1971- 1970 1969 All commercial banks 4/ Total loans U. S. Gov't, securities Other securities Total + + + 3.1 0.2 6.0 3,0 - 9 6 - 3.2 + 1.3 -11.5 + - All Large Banks 3/ 4/ Total loans U. S. Gov't, securities Other securities Total + - 4 2 0.6 3.2 1.7 + - 7.8 2.0 1.2 8 6 Other banks 3/ 4 ' Total loans U. S. Gov't, securities Other securities Total + 1.1 + 0.8 + 2.8 + 4.7 + - 1.9 1.2 0.2 2.9 NOTE: + + + 3.9 1.9 0.3 2.4 + + + . 0.1 0.7 0.5 0.1 Data exclude all interbank loans; call report data for w e e k l y reporting banks V 2/ "3/ used w h e n a v a i l a b l e . Less than $50 m i l l i o n . Based on estimated data for D e c e m b e r 31, 1970. Based on revised coverage beginning J u l y 1966, and J a n u a r y 4/ and 1971. Based on revised r e p o r t i n g beginning July 1969. m a i n t a i n c o m p a r a b i l i t y of series . 1967, 1968, 1969, 197 . Changes have been adjusted to , i < i Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Business of borrower Late February to late March 1/ 1971 p Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated metals Textiles, apparel, etc. Petroleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation 3J Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3V Classified Unclassified Total Change 1J 2/ 3/ - 51 - 9 +211 -*-126 + 85 +109 +140 -136 + 38 + 69 + 85 -199 + 35 + 85 + 2 -107 -273 +148 - 61 -360 +105 -114 -130 - 24 + 40 +131 + 12 +370 +382 1970 1969 - 92 - 53 +229 + 65 +164 +285 + 51 +107 + 52 + 75 +146 + 34 + 7 +110 + 1 -105 -246 + 17 + 55 -318 - 1 +262 + 60 - 31 +233 + 35 +615 + 67 +682 29 88 + 162 + 15 + 147 + 584 + 41 + 401 22 + 164 + 142 + 5 + 144 + 50 + 93 76 55 + 93 41 - 107 + 62 + 505 + 35 + 169 + 301 24 +1 ?505 37 + +1, 542 - Late December to late March 2/ 1968 1967 + 25 128 + 302 187 + 115 + 441 + 181 + 124 + 42 + 94 + 191 25 + 71 + 126 + 56 + 269 + 127 + 128 + 133 134 + 46 + 391 + 120 + 139 + 132 13 +1,879 + 77 +1,956 - + - + + + + + + + 150 41 35 41 76 800 44 476 137 143 131 — — + + + 211 87 69 49 31 + 88 + 25 144 8 + 279 + 154 + 15 + 110 + 55 +1 ,388 + 170 +1 ,558 1971 n 503 67 + 54 + 82 28 152 + 146 248 80 + 30 + 162 287 + 25 + 124 82 157 31 + 276 + 23 330 + 159 494 182 255 57 + 126 -1 ,123 + 411 - 712 - 1970 - + - •+ + + -1 - 415 158 195 103 92 296 74 149 96 125 169 124 1 8 445 -1 ,169 156 220 793 83 368 156 128 84 106 -2 ,726 389 -3 ,115 - - | 1 969 607 16 12 • 179 + 167 + 840 + 87 + 454 + 157 + 142 + 241 + 315 7 + 38 + 4 + 236 156 + 144 104 196 + 205 + 822 155 + 545 + 432 43 +1, 860 + 62 +1, 922 1968 -294 -275 - 20 - 29 + 9 +570 +262 +240 + 8 + 60 +325 -113 +116 + 20 + 14 +497 -336 +155 - 72 -419 + 42 +153 -120 +173 +100 - 48 +652 + 43 +695 Five most comparable weeks used throughout. Changes are compiled from December 30, 1970; December 31, 1969; December 25, 1968; December 27, 1967 and December 28, 1966 . Th<.se uata cannot be linked with all commercial bank data which are always for December 31. Prior ct:» 1967, trans,oi i aticL, ccinn-.unicncior, services, ar.d foreign loans were not reported separately. 1967 472 145 167 184 + 17 +1 ,067 + 100 + 598 + 226 + 143 + 211 + 63 + 308 + 57 + 53 + 194 368 + 88 + 66 321 107 + 379 + 236 142 + 152 + 93 +1 j236 21 +1,215 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments 1964--Dec. 1965--Dec. 1966--Dec. 1967--Dec. 1968--Dec. 31 31 31 30 31 U. S. Gov't. Other securities Real estate Total loans Security 273.9 301.8 317.9 1/ 354.5 393.4 63.0 59.5 56.2 62.5 64.5 38.8 44.9 48.8 2/ 61.5 71.5 172.1 197.4 213.0 1/2/ 230.5 257.4 385.0 384.1 385.4 391.5 390.2 396.4 401.3 397.7 394.7 396.5 397.2 400.7 410.5 63.2 59.5 58.5 58.0 55.4 54.0 54.0 54.7 54.3 53.2 54.4 55.1 54.7 70.5 70.9 71.4 72.3 71.8 72.6 72.4 71.3 70.9 71.2 70.4 70.9 71.3 251.3 253.7 255.5 261.2 263.0 269.8 274.9 271.7 269.5 272.1 272.4 274.7 284.5 96.5 97.7 99.7 101.6 101.8 104.5 104.5 103.1 102.0 103.8 103.6 104.4 108.8 65.6 66.1 66.6 67.2 67.8 68.4 68.4 68.8 69.3 69.7 70.0 70.3 70.5 70.0 4/ 1970--Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 p Nov. 25 p Dec. 31 e 397.6 395.7 399.0 403.5 403.9 410.1 412.6 415.4 423.3 423.6 426.8 442.4 53.0 51.4 51.5 52.3 52.6 51.6 53.5 55.1 55.8 57.1 58.0 61.2 70.6 70.8 72.7 74.3 74.3 75.6 75.7 77.1 79.5 81.0 82.6 85.7 274.0 273.5 274.8 276.9 277.0 282.9 283.4 283.2 288.0 285.5 286.2 295.5 104.1 104.1 105.0 105.6 105.3 108.6 107.3 107.0 109.6 108.2 108.5 111.7 70.1 70.1 70.1 70.2 70.3 70.6 70.8 71.0 71.4 71.6 71.9 72.1 8.8 8.6 7.9 8.6 9.1 9.6 9.7 9.7 12.5 1971--Jan. 27 p Feb. 24 p Mar. 31 P 437.1 440.0 6/ 445.4 61.3 61.2 61.4 87.3 89.0 91.7 288.5 289.8 6/ 292.4 108.4 109.4 110.2 72.2 72.5 72.9 11.1 11.0 6/ 11.0 1969--Jan. Feb. Mar. Apr. May 29 26 26 30 28 30 e 30 (new) 3/ July 30 Aug. 27 Sept . 24 Oct. 29 Nov. 26 Dec. 31 (old) Dec. 31 (new) 60.2 71.4 .80.6 88.5 98.4 43.7 49.3 54.0 58.5 65.1 8.4 8.5 9.0 10.5 11.8 9.5 9.5 8.8 9.4 9.0 10.3 10.3 9.7 8.1 8.2 8.6 9.4 10.7 8.2 8.3 8.8 Farm 7.5 Consumer Nonbank financial institutions All 31.0 35.7 38.3 40.0 44.9 10.9 13.3 13.3 12.5 13.7 9.7 10.0 10.1 10.3 10.4 10.6 10.6 10.7 10.7 10.6 10.5 10.4 10.3 44.9 44.9 45.2 45.8 46.4 46.9 46.9 47.2 47.4 47.7 47.8 47.8 48.2 12.1 12.5 12.3 13.3 12.7 13.7 13.7 12.4 12.1 12.4 12.0 12.2 14.6 15.1 4/ 18.2 18.2 18.1 18.8 19.8 20.4 20.5 19.9 19.8 19.8 20.0 20.2 21.3 10.4 10.5 10.6 10.8 11.1 11.2 11.3 11.4 11.4 11.3 11.2 11.1 48.0 47.8 47.8 48.1 48.4 49.0 49.3 49.6 49.8 49.8 49.5 49.9 12.7 12.4 12.2 12.7 12.3 14.4 14.9 14.3 15.2 14.4 14.6 16.4 20.6 20.3 20.3 20.7 21.0 21.3 21.2 20.8 21.1 20.5 20.7 21.8 11.0 49.6 49.5 49.8 15.1 14.9 15.7 21.1 21.2 21.2 8.2 8.6 2/ 9.3 9.7 11.2 11.6 e - Estimated r - Revised p - Preliminary. NOTE: Data exclude interbank loans. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. If Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans. 2/ Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." 3/ Data revised to include all bank premises subsidiaries and other, significant majority-owned domestic subsidiaries; earlier data are for commercial banks only. Also, total loans and investments are now reported gross of valuation reserves rather than net as previously. Individual loan items have always been gross. 4/ Real estate loans decreased by $500 millionoon December 31, 1969, and loans to nonbank financial institutions increased by $500 million due to change in method of reporting mortgage loans held under repurchase agreements. j>/ Consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions. 6/ Includes $800 million System matched sale-purchase transactions outstanding on February 24. http://fraser.stlouisfed.org/ vidua 1 loans category data are available for publication only on a June and December Call data basis Ir^^n Federal Reserve Bank of St. Louis Exhibit G Ratios to Total D e p o s i t s 1/ L O A N S D A T E All commercial banks 1955--Dec. 1956--Dec. 1957--Dec. 1958--Dec. 1959--Dec. 1960--Dec. 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec.. 1965--Dec. 1966--Dec. 1967--Dec. 1968--Dec. 31 31 31 31 31 31 31 28 25 31 31 31 30 31* 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 63.8 64.7 | 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 65.4 67.9 65.8 (63.7) 66.8 i$69-^June 2/30* July 30* Aug. 27* Sept. 2 4 * Oct. 29* Nov. 26* Dec. 31*' 72.1 73.0 72.9 72.9 72.8 73.0 72.0 1970--Jan. Feb. Mar. 73.2 (70.6) 73.4 (70.9) 73.0 (70.8) 28* 25*: 25* 72.7 72.9 71.8 72.0 July 29* Aug. 26* 71.1 Sept. 30* 70.2 Oct. 28*p 69.6 Nov. 25*p 69.2 Dec. 30*p 68JO Apr. May June 1971--Jan. Feb. Mar. 29* 2.7* 30* 27*p 24*p 31*p B a n k s M e m b e r Reserve City Banks City of New York Other C o u n t r y Chicago City Total (69.7) (70.3) (70.1) (70.4) (70.3) (70.3) (69.8) 75.4 76.3 75.3 76.4 76.1 76.4 75.7 76.5 76.7 76.3 (70.5 ) 76.0 (70.6) 76.1 (70.3) 72.5 (70.2) 74.8 (69.2) 73.8 (68.3) 72.6 (68.1) 72.1 (67.9) 71.8 (66.8) 70.5 67.2 (66.2) 67.3 (66.4) 6 6 . 0 (65.5: 69.5 69.6 68.2 U.S. Government securities matur w i t h i n one year A l l commercial banks 46.3 56.7 52.7 61.7 55.2 61.9 49.4 57.7 58.2 67.3 60.8 65.9 58.0 65.0 61.4 67.9 62.1 67.4 64.4 69.3 70.2 75.9 77.0 83.5 70.8 79.9 83.5(76.3) 75.1 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 70.2 68.1 69.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 58.2 58.2 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 6.4 6.1 90.9 91.8 94.2 97.5 96.2 93.6 89.5 78.3 78.8 78.8 79.4 78.9 80.3 79.5 62.5 63.2 63.6 63.3 63.4 63.3 62.8 4.5 4.5 4.7 4.6 4.3 5.2 5.0 102.9(84.5) 92.6 103.9(86.3) 93.8 103.1(86.8) 92.2 102.6(86.4) 91.5 103.7(86.5) 91.5 104.8(87.2) 95.8 97.6(84.0) 88.0 98.0(84.1) 88.1 93.7(81.8) .86.5 93.4(81.9) 85.6 94.3(83.3) 85.7 90.2C&1.8) 83,5 81.3 81.0 80.4 79.9 80.0 80.0 78.6 , 76.7 75.6 75.0 74.1 73.4 63.7 63.9 63.8 63.7 64.0 60.5 63.6 62.9 62.2 62.0 61.8 60.7 4.7 4.4 5.2 4.8 4.6 4.3 4.8 5.0 80.9 81.3 81.4 72.5 72.3 70.5 60.6 60.6 59.8 5.5 4.9 106.5(87.0) 110.9(88.6) 106.0(84.0) 108.0(86.3) 112.0(85.0) 106.2(85.9) 102.8(86.4) 86.6(79.9) 88.0(82.3) 84.8(81.9] 5.1 5.1 5 .7 n.a. 1/ T o t a l loans (adjusted to exclude loans to banks); U . S . Government securities maturing w i t h i n one year estimated on basis of Treasury survey of ownership; and total deposits 2/ (adjusted to exclude cash items in process of collection). Beginning June 1969, total loans are reported gross of v a l u a t i o n reserves rather than net as previously r e p o r t e d . The higher loan level increased the ratio by about 1.3 percentage points for all commercial banks. Ratios in parenthesis are those obtained by adding E u r o - d o l l a r s to the deposit base. L. 4 3-EXH IB IT H, PART 1 DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally a d j u s t e d . D e p o s i t s , a v e r a g e of d a i l y f i g u r e s . T u r n o v e r , m o n t h l y . B i l l i o n s of d o l l a r s A n n u a l rate m m TIME AND SAVINGS DEPOSITS ALL COMMERCIAL BANKS MONEY SUPPLY TURNOVER OUTSIDE N.Y.C 232 SMSA'S U.S. GOVT. DEPOSITS MEMBER BANKS I i I II II I II 1967 * C H A N G E IN SERIES 1969 1970 Exhibit H - Part II S e a s o n a l l y P e r i o d M o Total Stock Demand deposits Not Seasonally Adj. (In mil. of dollars) Turnover outside N.Y. City* (per cent) Gross liabilities of U.S. banks to i their foreign branche 1964--December 1965—December 1966—December 1967--De cember 1968—December 160.5 168,0 171.7 183.1 197.4 •126.3 131.7 133.4 142.7 154.0 34.2 36.3 38 ^3 40.4 43.4 126.6 146.7 158.5 183.7 204.8 5.1 4.4 3.5 4.6 4.2 33.5 37.4 40.1 40.6 44.8 1,183 1,345 4,036 4,241 6,039 196 9--January February March April May 198.1 199.3 200.1 201.0 201.6 202.4 203.1 202.6 202.8 203.2 203.5 203.6 154.5 155.5 156.0 156.8 157.1 157.6 158.1 157.4 157.6 157.6 157.6 157.7 43.6 43.8 44.1 44.2 44.5 44.8 45.0 45.2 45.3 45 .6 45.9 46.0 203.7 203.2 202 .5 202.1 201.7 201.2 198.1 195.4 194.8 194.2 194.0 194.6 5.4 6.7 4.8 5.9 5.9 4.0 2.4 2.9 4.4 3.1 5.6 4.9 46.2 46.9 46.1 47.2 47.5 48.4 49.4 49.7 50.9 50.6 49.4 49.2 8,545 8,822 9,877 9,436 9,868 13,269 14,434 14,658 14,349 13,648 14,574 12,822 205.2 204.5 206.6 208.3 209.2 209.6 210.6 211.8 212.8 213.0 213.5 214.6 159.0 158.1 159.8 161.2 161.6 161.9 162.5 163.7 164.6 164.5 164.8 165.7 46.2 46.4 46.7 47.1 47.7 47.8 48.1 48.2 48.2 48.5 48.7 48.9 193.3 193.5 195.8 198.5 200.3 202.2 208.2 213.2 218.5 * 222.2 225.0 230.4 5.3 5.6 5.9 5.2 3.0 4.8 4.4 6 .4 6.2 5.2 6.0 6.2 50.6 52.0 50.3 52.2 53.4 52.9 53.7 52.6 53.1 53.6 51. 7 52.4 13,605 13,086 11,885 11,944 12,346 12,172 10,469 10,629 9,787 9.439 8,585 7,669 165.5 167.7 169.2 49.2 49.6 50. C 235.3 240.9 246.1 168.7 168.5 168.4 169.1 170.6 49 .8 49.8 50.0 50.0 50.1 243.7 244.7 246.2 247 .1 247.7 July August September October November December 1970—January February March April May June July August September October November December 1971--Januarv February Week ending: 1971--Mar. 3 10 17 24 31 r 214. 8 217.3 219.2 218.5 218.3 218.4 219.3 220.7 \! Averages of daily figures . 2/ Beginning on June 9, 1966, time deposit 3/ Last Wednesday of month. %/ ney A d j u s t e d D a t a (Dollar amount:s in billions) Time and 1/ U.S. Gov 1 1. 1/ savings 2/ deposits deposits Currency (all member) 1/ (All commercial) r . n.a . 5.0 5 .9 6.3 3.5 2.7 n.a. n.a. n.a. r r 6,535 5,667 3.058 5,018 4,807 4,177 4,329 3,058 data exclude $1.1 billion of balances accumulated for the payment of personal loans. Certain changes in coverage and definitions have occurred that affect somewhat the comparability of the data. small however. * - Beginning January 1964, data for 232 metropolitan centers outside New York City. 52.8 54.2 n.a. 6.7 r6.2 4.8 p - Preliminary. Breaks in the series are relatively L.4.3 - EXHIBIT I, F^art 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS B i l l i o n s of d o l l a r s Wednesday figures 120 TOTAL TIME AND SAVINGS DEPOSITS 100 | CONSUMER-TYPE TIME AND SAVINGS 80 60 I SAVINGS DEPOSITS 40 CONSUMER TYPE TIME DEPOSITS 20 NEGOTIABLE CD's STATE AND POLITICAL, FOREIGN OFFICIAL ETC 1967 1968 1969 1970 EXHIBIT I - Part II Period Total Consumertype time & savings Time and Savings Deposits State Political Large Consumer^ For. official Negotiable type Savings etc . time CD's 1/ 1966--Dec. Dec. 1§67--Dec. Dec. 1968--Dec. Dec. 28 28 27 27 21 31 (old) (new) (old) (new) (old) (new) 89,495 89,639 102,809 102,991 111,900 112,103 65,733 65,864 73,686 73,858 79,443 79,637 47,099 47,213 48,647 48,781 49,016 49,161 18,634 18,561 25,039 25,077 30,427 30,476 15,659 15,642 20,330 20,330 22,821 22,820 8,103 8,133 8,793 8,803 9,636 9,646 1969--June June July Aug. Sept. Oct. Nov. Dec, Dec. 25 25 30 27 24 29 26 31 31 (old) (new) (old) (new) 103,967 103,959 100,602 98,998 97,899 97,238 96,333 96,589 96,787 79,619 79,604 78,784 78,189 78,140 77,795 77,241 77,616 77,812 47,550 47,550 46,953 46,688 46,533 46,376 46,334 46,486 46,632 32,069 32,054 31,831 31,501 31,607 31,419 30,907 31,130 31,180 15,270 15,271 13,538 12,616 11,744 11,524 11,319 10,919 10,919 9,078 9,084 8,280 8,193 8,015 7,919 7,773 8,054 8,056 1970--Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 24 July 29 Aug. 26 Sept30 Oct. 28 Nov. 25 Dec. 30 (old) Dec. 30 (new) 95,019 95,622 97,352 99,281 99,470 99,676 106,494 109,725 113,640 114,803 116,447 HQ,44? 120,206 76,500 76,400 76,876 76,702 76,995 77,348 78,435 79,070 80,722 81,150 81,554 45,831 45,632 45,996 45,888 46,077 46,174 46,345 46,330 46,808 47,016 47,332 30,669 30,768 30,880 30,814 30,918 31,174 32,090 32,740 33,914 34,134 34,222 10,471 10,864 11,820 13,046 13,004 12,976 17,900 20,174 22,242 8,048 8,358 8,656 9,533 9,471 9,352 10,159 10,491 10,676 23,545 25,201 10,108 9^692 82,776 83,473 48,03? 48,479 34,744 34,994 26,074 26,125 10,592 10,608 Week endipr: 1971--Jan. 27 Feb. 24 123,102 125,842 85,168 87,319 49,142 50,453 36,026 36,866 27,192 27,489 10,742 11,034 127,090 128,155 129,019 129,077 129,191 88,242 88,939 89,578 89,994 90,678 51,023 51,540 52,023 52,378 52,856 37,219 37,399 37,555 37,616 37,822 27,822 28,180 28,391 28,127 27,630 11,026 11,036 11,050 10,956 10,883 Mar. 1/ 3 10 17 24 31 Negotiable certificates of d e p o s i t issued in d e n o m i n a t i o n s o f $ 1 0 0 , 0 0 0 or m o r e . Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) D A T E All member Monthly Averages: 1959- December 1960- -December 1961- December 1962- December 1963 -December 1964 -December 1965- -December 1966- December 1967- •December 1968- •December -424 669 419 268 209 168 - -165 107 -310 1969—Jan. Feb. Mar. Apr. May -480 -596 -701 -844 -1,102 -1,064 -1,074 -946 -831 -992 -988 -829 July Aug. Sept. Oct. Nov. Dec. 1970—-Jan. Feb. Mar. Apr. May -799 -819 -781 -704 -795 -701 -1,217 -682 -335 October 1 -109 10 - 50 -104 - 4 - 62 - 11 - 60 - 28 - 66 - 52 - 64 -126 -143 -203 - 91 r -127 -138 19 r 15 -92 1970. 21 - 31 -103 - -161 8 -122 - 49 - 33 -337 -403 -456 -521 -538 -649 -101 -116 -148 8 - 15 - 47 - 37 - 26 - 67 - 9 - 82 - 58 - 15 - 82 - 25 3 -132 - 67 - 8 - 13 - 12 - -449 80 20 - 52 -159 - 55 -130 - 67 - 44 -117 - 89 Country - 50 - 5 - 70 - 22 -305 - 49 -208 - 22 19 - 14 - 70 - 95 -132 - 76 -148 -198 -171 - 95 -260 -156 - 56 29 - 63 9 July Aug. Sept. Oct. Nov. Dec. 1971—Jan. ' Feb. Mar. p 2 Reserve City Banks New York City of City Chicago Excess Reserves -180 -611 -396 -447 -558 -525 -473 -473 -473 -501 -400 -447 -487 -726 -428 -337 -289 -359 All member Borrowings All member Total reserves held seasonally All member 237 583 471 394 334 315 238 140 187 70 482 756 568 572 536 411 452 392 345 455 906 87 149 304 327 243 454 557 238 765 18,512 18,839 19,640 20,343 21,017 22,068 23,262 23,521 25,940 - 34 - 93 217 228 217 152 300 343 697 824 918 996 1,402 407 190 249 067 135 1,241 1,086 28,139 28,060 27,972 27,775 28,235 28,056 27,530 27.401 27.402 27,354 27,783 27,928 965 1,092 896 822 976 888 1,358 827 607 462 424 321 28,001 27.722 27.723 28,216 27,890 27,902 28,041 28,585 29,240 29,385 29,474 29,925 370 r 328 319 30,229 r 30,515 30,758 -100 - 90 -327 -395 -382 -451 -283 -282 -253 -144 -112 -212 -117 - 24 -152 -122 - 99 - 31 66 65 129 3 -222 161 6 -282 19 -29 r -333 -179 178 172 162 116 303 236 143 253 257 166 273 115 118 181 187 141 145 272 254 120 272 279 r 2 01 181 27,964 Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series V (Amounts in billions of dollars; ratios expressed as percentages) Time deposits month 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966* 1967 1968 1969 Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Dec. 1970 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. P Nov. P Dec. P 1971 P Feb . P Mar. P Jan. 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 650.4 709.6 Demand deposits and currency 2/ Commercial banks 3/ 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.1 168.6 180.7 S 199.2 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 183.1 203.8 Mutual savings 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 5T.6 55.2 60.3 64.7 Postal Savings System 2.1 1.9 1.6 1.3 •1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 0.1 Savings and loan deposits and shares 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 113.4 123.9 131.0 U. S. Gov't, U. S. Gov't, securities maturing savings within one bonds 5/ year 6/ 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 50.9 51.9 52.5 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 53.9 50.5 58.5 703.7 705.7 713.2 711.3 714.4 713.9 70-9.6 713.3 718.2 715.1 722.2 731.8 188.8 189.9 192.4 190.8 191.6 194.2 191. 9 193.3 194.1 193.9 195.8 206.8 203.4 202.9 201.9 201.8 202.7 200.4 197.5 195.6 195.5 195.7 197.9 197.1 64.8 65.2 65.5 65.7 66.1 66.3 66.3 66.4 66.6 66.7 67.0 67.3 131.0 132.0 133.4 133.3 133.6 133.7 133.7 134.2 135.4 135.0 135.4 135.0 52.2 52.2 52.2 52.2 52.2 52.1 52.0 52.0 52.0 - 52.4 63.4 63.4 67.7 67.5 68.3 67.3 68.1 71.6 74.6 71.7 74.2 73.2 720.6 722.0 733.7 731.4 734.1 738.7 749.9 751.1 765.6 764.7 773.7 r 785.3 195.4 194.8 199.3 196.7 197.9 199.8 198.7 199.3 203.6 199.6 201.$ 207.6 196.0 196.7 198.8 201.5 201.7 202.9 211.8 215.4 221.5 224.5 230.3 233.7 67.0 67.4 67.5 68.0 68.4 68.7 69.2 69.4 69.9 70.4 70.9 71.5 133.7 134.3 135.9 136.5 137.0 137.6 139.2 140.3 142.4 143.5 144.8 146.0 52.2 52.1 52.0 52.0 52.0 52.0 52.4 52.0 52.1 52.1 52.2 52.7 76.3 76.6 80.1 76.8 77.2 77.7 78.5 74.6 76.0 74.5 74.3 73.8 202.5 204.2 210.8 239.6 244.2 249.2 72.2 73.5 74.0 148. 7 151.6 155 .5 52.8 52.8 53.u 72.6 r 69.0 69.7 78 8.4 795.2 812.2 II:! Commercial Demand deLiquid posits and bank deposits assets to gross currency to and currency to national gross nation- liquid assets product 7/ al product 7/ ( 2 + 3 4-1) 11 10 9 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.0 81.5 79.8 77.6 78.7 78.2 34.7 32.6 31.3 30.4 29.7 28.6 27.5 26.4 25.1 24.6 24.1 22.8 21.8 21.8 21.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.5 55.9 56.8 78.0 21.2 il:? 55.3 77.2 20.8 75.7 20.5 75.8 20.8 20.5 54.3 54.2 54.3 54.4 54.4 54.5 54.7 55.2 55.5 55.5 55.8 56.2 20.3 56.1 56 .4 56 .6 75.8 20.7 75.6 20.4 76.2 r 7 8. 0 78.1 55.2 55.2 55.3 54.9 54.5 54.3 54.5 54.5 55.2 Exhibit K (Continued) Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962,p. 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout. Data have not been revised to conform with the daily average money supply revision (beginning June 1967) associated with Euro-dollar transactions. Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U . S. possessions are included as indicated for demand deposits in footnote 2 above. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled, by the U. S. Treasury Department. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U . S. Treasury Department's Survey of Ownership of U. S. Government Securities. Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for. four dates (each month of the current quarter and the last month of the preceding quarter).
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