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L.4.3 Not for Publication August 1977 BANKING AND MONETARY DEVELOPMENTS July 1977 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System Table I Changes in Commercial Bank Credit, Money Stock and Time Deposits Seasonally adjusted annual rates (per cent) 1st half 1976 2nd 3rd half Qtr; 4th Qtr. 1st Qtr. 2nd Qtr. 1st half Mayp JuneP Julyp 7.7 9.5 7.5 11.3 9.5 11.2 10.5 10.3 8.9 9.2 U.S. Govt, securities 22.5 38.5 5.5 .8 10.1 25.9 6.6 16.4 21.0 8.0 -27.4 Other securities 2.3 — 4.7 6.6 2.7 .5 12.9 6.7 6.3 3.9 9.4 1/ Loans- 8.5 5.0 11.6 9.0 13.9 9.0 11.6 10.4 9.5 10.5 15.9 2.7 -3.1 8.6 4.6 12.4 7.6 11.8 9.8 6.5 15.5 8.3 Real estate loans 10.2 10.2 9.7 9.3 9.9 12.6 15.1 14,1 13.1 17.6 14.3 Consumer loans 12.7 15.1 15.3 14.3 10.3 14.6 12.6 9.1 15.8 n.a. Year Total bank credit—^ : Business loans 8.8 9.6 1977 Adjusted to include loans sold to selected affiliates 8.6 7.7 9.3 7.2 11.2 9.5 11.2 10.5 10.3 8.9 9.3 1/ T Loans— 8.3 5.0 11.2 8.5 13.7 9.1 11.5 10.4 9.4 10.4 16.0 Business Loans 2.6 -2.7 8.0 3.9 12.0 8.1 11.9 10.1 6.4 15.3 8.2 Money Stock - 5.6 5.6 5.5 4.9 7.2 3.8 8.2 6.4 .7 4.5 18.3 ,Total time deposits 8.1 6.3 9.7 6.2 15.7 9.5 9.5 10.5 8.3 13.2 11.0 Time other than CD's 15.2 14.1 15.2 14.5 18.1 11.9 9.4 12.1 7.6 10.7 15.4 CD's (dollar change in billions) -18.8-11.9 -6.9 -7.1 .2 -1.1 1.7 0.6 .7 1.6 -1.1 (Total » bank credit—^ i • i r n.a. - Not available. Table 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total-/ i/ Loans- U.S. Gov't. Securities Other Securities (In billions of dollars) 1972--December 1973--December 1974--December 1975--December 31 31 31 — 31 1976-July August September October November December 28 25 29 27 24 31 1977-January February March April May June Ju.i-y 26 23 30 27 25 30 27 p p p p p p p , — 558.0 633.4 690.4 721.1 378.9 449.0 500.2 496.9 62.6 54.5 50.4 79.4 116.5 129.9 139.8 144.8 751.4 758.0 762.9 771.6 778.8 784.4 512.1 516.0 520.8 529.6 533.1 538.9 93.2 95.6 94.9 94.4 95.4 97.3 146.1 146.4 147.2 147.6 150.3 148.2 786.6 796.4 803.0 812.4 819.4 825.5 831.8 540.9 545.4 551.0 557.7 562.1 567.0 574.5 96.9 101.5 103.5 148.8 149.5 148.4 151.9 152.7 153.2 154.4 1/ Adjusted to exclude domestic commercial interbank loans. 102.8 104.6 105.3 102.9 D . P r e l , arv tt e# »# ee ee ee ee ee Table 3 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Commercial bank credit (seasonally adjusted) Loans sold outright by commercial banks (outstanding in billions of dollars, N.S.A.) Date Total loans and investments Total 2.8 2.6 Business Loans 1.6 1971—Dec. 1972—Dec. 1973—Dec., 1974—Dec.— — 1975—Dec. 4.3 4.8 4.4 2.6 1976 July 28 Aug. 25 Sept.29 Oct. 27 Nov. 24 Dec. 31 4.5 4.0 3.9 3.8 3.8 3.8 2.8 1977 Jan. Feb. Mar. Apr. May June July 4.0 3.9 4.0 4.0 4.0 4.0 4.1 2.6 26 23 30 27 25 30 27 1.7 2.7 2.5 2.5 2.5 2.4 2.4 2.4 2.6 2.7 2.8 2.8 2.8 2.8 Business Loans Total Loans U Adjusted— Original 3/ Adjusted Original 3/ Adjusted- Original 485.7 558.0 633.4 690.4 721.1 488.5 560.6 637.7 695.2 725.5 320.9 378.9 449.0 500.2 496.9 323.7 381.5 453.3 505.2 501.3 116.1 130.2 156.4 183.3 176.0 117.7 131.9 159.0 186.0 178.5 751.4 758.0 762.9 771.6 778.8 784.4 755.9 762.0 766.8 775.4 782.6 788.2 512.1 516.0 520.8 529.6 533.1 538.9 516.1 520.0 524.7 533.4 536.9 542.7 172.8 173.1 174.1 176.8 179.0 179.5 175.6 175.6 176.6 179.2 181.4 181.9 786.6 796.4 803.0 812.4 819.4 825.5 831.8 790.6 800.3 807.0 816.4 823.4 829.5 835.9 540.9 545.4 551.0 557.7 562.1 567.0 574.5 544.9 549.3 555.0 561.7 566.1 571.0 578.6 179.8 182.4 183.8 185.6 187.7 188.7 191.1 192.4 181.2 182.9 184.9 185.9 188.3 189.6 1/ To bank holding companies, affiliates, subsidiaries, and foreign branches. Beginning August 28, 1974, loans sold outright to selected bank If filiates reflect a newly issued definition of the group of affiliates included as well as a somewhat different group of reporting banks. 2/ To other than banks1 and bank-related affiliates or subsidiaries. 3/ Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. 4/ Includes business loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. *5/ Beginning June 30, 1974, data revised to include one large mutal savings bank which merged with a nonmember commercial bank. Total loans 7/ S ^Beginning^arch 31, 1976, as the result of loan reclassifications in Chicago City and in the San Francisco District, business loans were reduced by $1.2 billion. Digitizedpfor- FRASER Preliminary. n.a. - Not available. Table 4 Loans at all Commercial Banks' Seasonally Adjusted Business Real Estate Consumer Security Nonbank Financial Agriculture (It billions of dollars) 31 60.9 71.8 83.4 87.0 89.9 10.8 14.7 12.2 11.4 12.3 15.9 130.2 156.4 183.3 176.0 81.4 98.1 117.7 130.2 134.4 28.9 33.3 28.0 12.7 14.5 17.5 18.4 20.4 1976—July Aug. Sept. Oct. Nov. Dec. 28 25 29 27 24 31 172 8 173.1 174.1 176.8 179.0 179.5 143.2 144.0 145.4 146.4 147.7 149.0 95.9 96.5 97.8 98.8 99.7 101.3 14.6 16.0 14.9 16.7 15.8 17.7 26.6 25.9 25.8 26.9 26.7 25.6 22.0 22.2 22.7 23.0 23.3 23.5 1977—Jan. Feb. Mar. Apr. May June July 26 23 30 27 25 30 27 179.8 150.5 152.1 153.7 155.5 157.2 159.5 161.4 101.8 102.6 103.9 105.5 106.3 107.7 n.a. 17.2 17.3 17.6 18.2 ,18.7 17.7 27.1 27.0 26.4 26.8 26.6 26.1 25.7 23.7 23.8 24.2 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 31 31 116.1 181.2 182.9 184.9 185.9 188.3 189.6 18.0 22.1 M 25.6 26.0 n.a. - Not available. P ' Preliminary. 1/ Beginning June 30, 1974, data revised to include one large mutual savings bank which converted to a nonmember commercial bank. Real estate loans were increased by $.5 billion. 2/ Beginning October 31, 1974, as the result of the liquidation of one large bank, business loans were reduced by $0.6 billion; real estate loans by $0.2 billion; and nonbank financial loans by $0.2 billion. However, business loans were increased and real estate loans were reduced by $0.1 billion as the result of loan reclassifications at one large mideastern bank. Beginning March 31, 1976, as the result of loan reclassification business loans were reduced by $1200 million, 3/ real estate loans increased by $800 million; and nonbank financial by $200 million. http://fraser.stlouisfed.org/ Federal Bank of St. # Reserve # H Louis H •I ee e* e* #* ee *e #e #e *# A Table 5 Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted (In billions of dollars) 1976 1977 Item June July Aug. Sept. Oct. Nov. Dec. Jan.p Feb. p Mar. p Apr. p May p Loans and Investments 2/ +4.8 +2.6 +6.6 +4.9 +8.7 +7.2 +5.6 +2.2 +9.8 +6.6 +9.4 +7.0 +6.1 +6.3 U.S. Gov't, securities +1.6 -1.5 +2.4 -.7 -.5 +1.0 +1.9 -.4 +4.6 +2.1 -.8 +1.8 + .7 -2.4 +.4 +1.3 + .3 + .8 +.4 +2.7 -2.1 +.6 + .7 -1.1 +3.5 + .8 + .5 +1.2 +2.8 +2.8 +3.9 +4.8 +8.8 +3.5 +5.8 +2.0 +4.5 +5.6 +6.7 +4.4 +4.9 +7.5 Business -.1 +.7 + .3 +1.0 +2.7 +2.2 + .5 + .3 +1.4 +1.7 +2.0 +1.0 +2.4 +1. 3 Real estate +. 8 +1.1 + .8 +1.4 +1.0 +1.3 +1.3 +1.5 +1.6 +1.6 +1.8 +1.7 +2.3 +1.9 Consumer + .7 +1.3 +1.0 +1.3 +1.0 + .9 1/ +.4 +1.4 -1.1 +1.8 -.9 Nonbank financial -.7 -.2 -.7 -.1 +1.1 -.2 Agriculture + .3 +.2 + .2 + .5 + .3 +1.8 -.7 +.9 +1.8 +.9 Other securities Loans 2/ Security All other 1/ Less than $50 million. l ! Adjusted to exclude interbank loans P- Preliminary. • + .5 + .8 +1.3 +1.6 + .8 +1.4 n.a. +1.9 -.5 + .1 + .3 +.6 + .5 -1.0 + .3 -1.1 +1.5 -.1 —. 6 +.4 -.2 -.5 -.4 + .3 + .2 + .2 + .1 + .4 +.5 + .4 + .5 + .4 -. 1 +1.4 -1.5 + .6 +.9 -.2 + .2 -.2 n.a. +1.6 , Table 5A Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted Adjusted for Loans Sold to Affiliates (In billions of dollars) 1976 1977 Item June July Aug. Sept. Oct. Nov. Dec. Jan. p Feb. p Mar. p Apr. p May.p. June p July /• pa •— Loans and Investments 2/• +4.9 +2.6 +6.1 +4.8 +8.6 +7.2 +5.6 +2.4 +9.7 +6.7 +9.4 +7.0 +6.1 +6.4 U.S. Gov* t securities +1.6 -1.5 +2.4 -.7 -.5 +1.0 +1.9 -.4 +4.6 +2.1 —. 8 +1.8 + .7 -2.4 +. 4 +1.3 +.3 + .8 + .4 +2.7 —2.1 + .6 + .7 -1.1 +3.5 + .8 + .5 +1.2 +2.9 +2.8 +3.4 +4.7 +8.7 +3.5 +5.8 +2.2 +4.4 v +5.7 +6.7 +4.4 +4.9 +7.6 + .7 1/ +1.0 +2.6 +2.2 + .5 + .5 +1.4 +1.8 +2.1 +1.0 +2.4 +1.3 Other securities Loans 2/ Business V Less than $50 million. 2/ Adjusted to exclude interbank loans. p - Preliminary. •• e* ee e* e# ## #» e* •• e# Table 6 Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted Adjusted for Loans Sold End of June to last Wednesday of July Item 1977p 1976r All commercial banks Total loans U. S. Gov't, securities Other securities Total +1.1 -2.2 -.2 -1.3 -3.3 -1.4 1/ -4.7 —6.3 +1.2 -.5 -5.6 All Lar#e Banks Total loans U. S. Gov't, securities Other securities Total -1.0 -2.3 —. 6 -3.9 -4.0 -1.0 +.1 -4.9 -6.5 -.5 Other banks Total loans U. S. Gov't, securities Other securities Total +2.1 +. 1 +.4 +2.6 + .7 -.4 -.1 + .2 1975 1973 1972 1971 +5.4 + .1 -.7 +4.8 +3.2 —1.4 +.6 +2.4 +.4 -.7 1/ -.3 -1.8 -1.0 +.8 -2.0 -7.4 +4.4 -.3 -.6 +3.5 +1.2 —2.0 +.6 -.2 — .6 -1.0 1/ -*1.6 -2.3 -1.2 +.1 —3.5 +.2 +1.7 -.1 +1.8 +1.0 +.5 -.2 +1.3 +2.0 + .6 1/ +2.6 +1.1 + .3 +*1 +1.5 +.5 +.3 +.7 +1.5 -X End of December tc> end of JFuly Item 1977n 1976r All commercial banks Total loans U. S. Gov't, securities Other securities Total +25.5 —3.1 +5.3 +27.7 +5.4 +5.9 +.4 +11.7 -19.9 +14.9 +2.9 —2.1 All Large Banks Total loans U. S. Gov't, securities Other securities Total +4.0 -4.3 +2.8 +2.5 -10.6 + .6 -1.0 -11.0 Other banks Total loans U. S. Gov't, securities Other securities Total +21.5 +1.2 +2.5 +25.2 +16.0 +5.3 +1.4 +22.7 2/ 1.974 1975 ' 1974 1973 1972 +39.3 —6.0 +6.3 +39.6 +43.5 -10.6 +4.6 +37.5 +21.5 -5.4 +6.8 +22.9 +7.2 -2.5 +11.3 +16.0 -23.0 +8.1 -2.2 -17.1 +25.2 -4.9 + .8 +21.1 +25.5 -7.6 -.1 +17.8 +9.0 -3.8 1.3 +6.5 -1.1 -3.3 +5.0 +.7 +3.1 +6.8 +5.1 +15.0 +14.6 -1.2 +5.6 +19.0 +18.0 -3.0 +4.7 +19.7 +12.5 -1.6 +5.6 +16 i 5 +8.3 + .8 +6.3 +15.4 1971 Based on revised reporting beginning July 1969. Changes have been adjusted to maintain comparability of series. 3/ Based on revised coverage beginning July 1966 and January 1967-1977. NOTE. Data exclude all interbank loans; Call Report data for large banks used when available. Loans adjusted to include all loans sold to bank holding companies affiliates, subsidiaries, or foreign branches. Allowance has been made in monthly changes for all loan and security reclassifications. For description of reclassifications, see Tables 3 and 8. Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) late June to late Ju!Ly 1/ Business of borrower 1973 56 16 3 -23 26 -14 -12 4 8 -14 -4 7 -50 -15 41 82 24 7 5 12 -15 late December to late July if 1974 1975 1976 1977p 1973 1974 1975 1976 -83 -19 -7 -57 351 -123 -1813 Food processors -409 11 47 -10 —8 -512 -397 -951 Commodity dealers —66 -77 —81 -33 117 1861 2025 -1588 Trade concerns 931 -43 ' -121 —62 127 1188 1129 Retail trade -516 468 -34 40 29 -10 673 896 Wholesale trade -1072 463 18 -119 -160 11 2425 Metals 3312 -2301 —1840 —8 -11 -31 -15 Primary metals 65 -11 -54 12 -38 -52 20 Machinery 1739 1884 -1609 -910 30 -36 —60 . —18 Transportation equipment 119 724 -297 -574 -16 -34 -17 Other fabricated metals 9 582 639 -384 -302 3 -97 -20 Textiles, apparel, etc. 86 857 971 -274 714 23 26 -10 Petroleum 36 273 345 273 -120 -73 -42 Chemicals -26 -15 746 698 -516 -145 -26 -11 Other durable manufacturing -52 -14 881 1058 -782 —108 3 Other nondurable manufacturing -70 -3 -13 410 390 -329 77 40 -47 Mining -27 5 no 45 55? 35 643 -189 -152 Public Utilities, total 2198 in -5 1905 -1HH5 -2138 35 Transportation 12 -12 56 454 76 -312 -697 Communication -166 -78 -31 -33 297 384 -304 -372 Other public utilities -58 61 -109 -13 1154 1738 -1522 —816 Construction 16 7 -13 31 941 670 -281 -1005 All other types of business «5 -245 -252 -93 45 ' 1947 2977 —6010 -803 Bankers acceptances -310 74 59 -227 71 -219 286 637 -2252 Services 33 -9 -109 -7 -4 1275 706 -1247 -503 Other 32 20 -43 -18 -22 1921 955 -193 -3255 Foreign business concerns 63 28 40 -22 44 561 877 650 -137 Classified -440 244 -528 -799 318 .4176 14523 -10818 -9360 Unclassified 17 —16 32 20 •a 84 1568 1354 -532 —614 Total Change -423 228 -496 -779 402 .5744 T7877 - i n s n -9974 17 Four most comparable weeks used throughout. 2/ Changes are compiled from December 27, 19721 December 26 , 1973; January 1, 1975; December 31, 1975; and December 29, 1976. These data cannot be linked with all commercial bank data which are always for December 31 ee 1977P -359 -426 1451 1013 438 515 38 65 180 232 835 -27 209 359 118 803 -R?1 -227 —146 -450 459 -2996 -3182 170 16 -847 -729 2166 1442_ ei Table 8 Loans and Investments of All Commercial Banks (In billions of dollars) (Not seasonally adjusted) Loans and investments Date 1966—Dec. 1967—Dec. 1968—Dec. 1969—Dec. 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 31 30 31 q/ 3131 311, 3131, /7/ 31-31 324.0^/ 360.8 400.4 412.1 446.8 497.9 571.4 647.3 705.6 737.0 U.S. Gov1t. 56.2 62.5 64.5 54.7 61.7 64.9 67.0 58.3 54.5 84.1 Other securities Total loans Business Real estate Security 48.8— 61.5 71.5 71.3 86.1 104.7 117.1 130.6 140.5 145.5 219.0^- — 236.8 264.4 286.1 299.0 328.3 387.3 458.5 510.7 507.4 80.6 88.4 98.4 108.4 112.5 118.5 132.7 159.4 186.8 179.4 72.5 81.6 98.4 118.0 130.6 134.8 9.0 10.5 11.8 10.7 12.1 12.9 17.6 14.6 13.6 14.8 53.9 58.5 S:Jw • Nonbank financial institutions All other Farm Consumer 8.6— 9.3 9.7 10.3 11.2 12.5 14.3 17.3 18.2 20.2 38.3 40.6 46.3 51.0 53.6 61.2 72.1 83.7 87.3 90.2 15.9 16.9 23.4 30.5 35.2 29.6 15.3 16.9 19.3 20.6 21.2 24.7 28.8 35.0 38.8 38.1 13.3 12.5 S:I* 1976—July 28 Aug. 25 Sept.29 Oct. 27 Nov. 24 Dec. 31 748.6 755.4 763.3 770.0 778.5 801.6 90.1 92.5 93.5 94.4 98.0 102.5 145.9 146.1 147.0 147.1 148.6 148.9 512.6 516.8 522.8 528.5 531.9 550.2 172.5 172.4 174.6 176.2 178.3 182.9 143.2 144.4 146.1 147.3 148.4 149.5 14.2 15.6 14.6 16.4 15,8 21.2 22.4 22.6 22.9 23.0 23.1 23.3 96.1 97.5 98.7 99.5 100.0 101.7 26.8 26.2 26.0 26.3 26.1 27.0 37.4 38.1 39.9 39.6 40.2 44.6 1977—Jan. Feb. Mar. Apr. May June July 784.9 790.0 801.1 809.6 816.6 830.5 101.1 102.6 104.7 103.0 101.9 101.7 99.5 147.9 148.5 148.7 153.1 153.4 154.4 154.2 536.0 538.9 547.7 553.5 561.3 574.4 575.4 177.8 179.4 182.8 185.1 186.1 190.7 150.3 151.3 152.8 154.7 156.6 159.3 16.9 17.0 17.5 17.1 23.3 23.4 23.9 24.6 18:1 26.5 26.1 26.4 26.3 26.3 27.1 189.6 161.4 17.5 101.3 101.5 102.5 104.4 105. $ 108.1 n.a. 39.9 40.2 41.8 41.3 42.8 45.0 n.a. 26p 23p 30p 27p 25p 3Op 27p 829.1 26.5 25.9 n.a. - Not available p - Preliminary NOTE: Data exclude domestic interbank loans. Consumer and "other loans" were partly estimated for all dates. Other data are partly estimated on all but June and December call dates. 1/ 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". 37 Data revised beginning June 1969, to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries. 4V 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. 5/ Beginning June 1972, business loans were reduced by $400 million, nonbank financial institutions increased by $?00 million, and "other"1loans increased by $100 million as the result of loan reclassifications at one large bank. 6/ Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a nonmember commercial bank. Total loans and investments were increased by about $600 million of which $500 million were in loans and $100 in "other securities." 7J Beginning October 31, 1974 as the result of the liquidation of one large bank, total loans were reduced by $1.0 billion; business by $0.6 billion; real estate loans by $0.2 billion;rnonbank financial loans by $0.2 billion; and "other securities" by $0.5 billion. However, business loans were increased and real estate loans reduced by $0.1 billion as the result of loan reclassifications at one large mideastern bank. 8/ Beginning March 31, 1976, as the result of loan reclassifications business loans were reduced by $1200 million, real estate loans increased by $800 million; and nonbank financial by $200 million, and all other by $200 million. TABLE 9*Ratios of Total Deposits L O A N S M e m b e r B a n k s Reserve City Banks City All of New York commercial Chicago City otal banks D A T E 1963-—Dec. 1964--Dec. 1965--Dec. 1966--Dec. 1967--Dec. 1968--Dec. 1969--Dec. 1970--Dec. 1971-—Dec. 1972- -Dec. 1973 -Dec. 1974--Dec. 1975- -Dec. 25 31 31 31 30 3 ^ 31* 31* 31* 31* 63.3 62.1 67.4 59.9 58.6 65.0 64.4 69.3 61.9 60.5 68.7 70.2 75.9 65.4 63.7 70.2 77.0 83.5 67.9 65.8 68.1 70.8 79.9 65.8 63.8 69.1 83.5 (76.3) 75.1 64.7 (63. 66.8 79.5 102.8 (86.4) 89.5 75.7 72.0 (69 73.3 87.5 (79.6 80.6 69.9 67.3 (66 71.6 84.1 (83.2: 78.1 68.0 65.7 (65 77.3 85.4 (84.0) 87.2 70.6 67.9 (67 81.7 87.7 (86.4) 93.7 75.3 72.0 (71 81.9 87.4 (85.8 91.5 76.0 72.9 (72 75.4 84.6 (81.6) 91.5 71.5 68.7 (68 MEMBER BANK DATA NOW AVAILABLE ONLY ON CALL DATES 1976-—June 30* July 28* Aug. 25* Sept.29* Oct. 27* Nov. 24* Dec. 31* 69.4 70.3 70.9 70.9 71.0 70.6 69.7 (69.1) 71.9 (69.9) (70.4) (70.3) (70.5) (70.1) (69.1) 72.0 1977—Jan. Feb. Mar. Apr. May June July 70.4 70.5 70.6 71.1 72.2 72.3 72.6 (70.0) (70.1) (70.2) (70.8) (71.8) (71.9) (72.3) — 1J 2/ _3/ 26*p 23*p 30*p 27*p 25*p 29*p 27*p Other Country 53.8 56.0 57.9 59.2 58.2 58.2 62.8 60.2 59.2 60.1 53.9 64.6 61.5 82.7 (78.6) 87.9 76.8 62.7 85.7 (81.5) 94.1 76.0 62.2 p " - 1 - a . i . G i.iiuoc uuLfliucu uy auuxiig mra-QOiiars to cne deposit Das Total loans (adjusted to exclude loans to banks) and total deposits(adjusted to exclude cash items in process of collection). Beginning June 1969, total loans are reported gross of valuation reserves rather than net as previously reported. The higher loans level increased the ratio by about 1.3 percentage points for all commercial banks. Loan data revised to exclude only loans to domestic dommercial banks. Previous data had also excluded loans to foreigh commercial banks. Table 10 Money Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions) Mi Currency plus demand deposits^ M% M^ plus time dep. at comm. other .than 2/ large CD1: M3 M2 plus deposits at nonbank thrift institutions and credit union, shares&—* Currency .Components of money stock measures and related items Demand Deposits CD's Time other than CD's Total time Nonbank thrift 4/ Institutions— U.S. Gov't. deposits (all member) Turnover outside N.Y. City (per cent) 1973—Dec. 270.5 571.4 919.6 61.5 209.0 63.,0 300,.9 363.4 348.1 5.0 75.8 1974—Dec. 283.1 612.4 981.5 67 .8 215.3 89.,0 329,.3 418.3 369.1 3.5 86.6 1975—Dec. 294.8 664.3 1092.9 73.7 221,0 82. 1 369 .6 451.7 428. 2 3.0 84.7 1976—July Aug. Sept. Oct. Nov. Dec. 305.0 306.5 306.9 310.4 310.4 312.4 705.2 710.4 716.3 725.9 732.3 740.3 1168.8 1180.8 1193.9 1?10.7 1233.4 1237.1 78.1 78.6 79.2 79.8 80.5 226.9 227.9 227,7 230.6 230*2 231.9 68.,9 65.,0 *3,,1 62,,3 62.,2 63.,3 400,.1 403,.9 409,.4 415 .5 422 .1 427,.9 469.0 46 8.9 472. 5 47 7.8 484.2 491.1 463.6 470.5 477.6 484.8 491.0 496.8 2.7 3.9 3.6 3.4 4.0 3.2 89.9 94.8 93.9 89.7 93.2 97.0 1977—Jan. Feb. March April May June July 313.8 314.0 315.4 320.5 320.7 321.9 326.8 746.3 750.7 756.1 764.6 767 .6 772.8 783.5 1248.9 1258.2 1268.1 1281.2 1289.0 1299.5 1316.8 81.1 81.8 82.2 83.1 83.6 84,0 85.1 232.7 232.1 233.2 237.4 237.1 238.0 241.7 63,,1 63,,3 62.,2 61 .6 62,.3 63. 62,,8 432 .5 436 .7 440 .6 444 .1 446 .9 450,.9 456 .7 495.6 500.0 502.8 505.7 509.2 514.8 519.5 502.6 507.5 512.1 516.6 521.4 526.7 533.3 2.7 2.5 2.8 3.6 2.1 3.7 2.8 94.6 93.8 97.3 96.8 97.7 325.7 324.3 329.0 327.8 780.1 780.7 785.9 786.0 n.a. n.a. n.a. 85,.0 84.,8 84.,9 85.,3 240.7 239.5 244.1 242.6 64.0 62.8 62.4 62.3 454.4 456.4 456.9 458.1 513.4 519.2 519.3 520.4 n..a. n..a. n.,a. n. a. 1,3 2,6 3.8 3.5 80.2 100.8 n*a. W&ek Ending: July 6 13 20 27 , n.a. n.a. n.a. n.a. n.a. 1/ Includes (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Government, less cash items in ~ the process of collection and F.R. float, (2) foreign demand balances at F.R. banks, and (3) currency outside the Treasury, F.R. banks, and vaults of all commercial banks. , 2/ Includes in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposit other than negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting commercial banks. 3/ Includes M , plus the average of the beginning and end of month deposits of mutual savings banks, savings and loan shares, and credit union shares. http://fraser.stlouisfed.org/ "4/ Average ofbeginning an4 end of month deposits at mutual savings banks, savings anc loan shares, and credit union shares. Federal Reserve Bank of St. Louis Table ll-A Liquid Asset Holdings of Private Domestic Nonfinaneial Investors* ^ (Seasonally adjusted monthly averages; ampunts in billions of dollars, ratios in per cent) Other Liquid Assets Currency and Deposits Time Deposits U.S. shortterm marketable Treasury securities Savings bonds 10 11 Total liquid assets Total 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 769.5 852.5 967.9 1079.5 1166.2 1289. *7 632.4 718.7 817.0 887.4 944.5 1053. 3 49.1 52.6 56.9 61.5 67.8 73,7 151.8 161.5 176.5 183.3 186.5 190.7 198.9 233.6 264.4 294.4 321.1 360,6 232.7 271.1 319.3 348.1 369.1 428.3 . 137.1 133.8 150.9 192.1 221.8 236.4 21.8 27.6 36.2 54.0 70.7 60.0 21.4 20.2 22.7 34.5 40.4 42.8 41.9 31.7 34.5 43.2 47.4 66.3 52.0 1976- -Jan. Feb. Mar. Apr May June July Aug Sept Oct. Nov. Dec. 1300.1 1311.9 1321.1 1334.5 1344.9 1354.9 1368.8 1378.5 1388.2 1404.0 1414.8 1425.5 1064.9 107.8.7 108 7.8 1100.9 liii.i 11.17.1 1129.1 1141.3 1153.2 1168.9 1180.0 1192.1 74.3 75.0 75,7 76,6 77.3 77,5 78.1 78.6 79,2 79.8 80.2 #0.5 191. 2 192. 2 192. 3 194. 6 195. 9 194. 7 195.6 196.3 195. 5 197.8 196.2 196.8 366,0 372.6 375,9 380.6 383.9 386,7 391,8 395.9 401.0 406.5 412.6 413.1 433.4 438.9 443. 9 449. 1 454.0 458.2 463.6 470.5 477.6 484.8 . 491.0 496.8 235.2 233.2 233.3 233.6 233.9 237.7 239.7 237.2 235.0 235.1 234.8 233.4 56.9 54.3 52.8 51.3 49,6 51.2 50.3 46.7 45.3 44.8 44,3 44.9 43.5 43.6 43.9 44.8 46.1 47.4 48.2 48.8 49.2 49.5 49.5 49.7 67.2 67.3 68.3 68.9 69.1 69.7 71.4 71.4 69.7 69.7 69.5 66.9 67.6 502.6 507.5 512.1 516.6 521.4 526.7 533.2 234.7 240.2 240.7 241.2 44.3 44.6 43,2 42.4 42.8 44,6 43.7 50.2 51.1 52.3 53.1 53.8 54.3 54.4 6 / .y Period Currency Demand deposits Commercial banks 422.9 198.9 81.1 1205.5 1440.2 1977—Jan. 427.1 81.8 197.8 1214.3 Feb. 1454.5 430.7 198.5 Mar. 82.2 1223.6 1464.3 434.1 203.3 Apr, 83.1 1237,1 1478.3 436.8 202.3 1487.4 83.6 May 1244,1 440.3 202.4 84.0 1253.4 1500.1 June 445.7 205.7 85.1 1269.6 1516.0 July NOTE: For description of items, and computation of ratios, see Table ll-C. Thrift institutions Total 243.4 246.7 246.4 Negotiable CD1 s Commercial paper 71.8 72.1 72.3 73.0 73.6 73.6 54.3 57.5 60.4 63.3 67.3 68.0 68.3 68.7 69.0 69.4 69.7 70.2 70.8 71.1 71.5 71.9 72.3 72.7 73.0 73.4 73.8 74.2 74.6 #e ee ## #e #e ## ee #e ## e# TABLE 11-B Period 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec• 1975—Dec. 197 6—Dec. 1976—Q1 Q2 Q3 Q4 1977—Q1 Q2 1976—July Aug. Sept. Oct. Nov. Dec. 1977—Jan. Feb. Mar. Apr. May June July Currency and demand deposits to liquid assets 12 26.1 25.1 24.1 22.7 21.8 20.5 19.5 20.3 20.1 19.8 19.5 19.2 19.1 20.0 19.9 19.8 19.Q 19.5 19.5 19.4 19.2 19.2 19.4 19.2 19.1 19.2 Bank liability to liquid assets 13 Time Deposits at thrift institutions to liquid assets TT Liquid assets to GNP 15 Currency and demand deposits to GNP 16 48.4 49.6 49.3 49.3 49.6 47.4 46.2 30.2 31.8 33.0 32.3 31.6 33.2 34.9 47.0 46.7 46.2 46.2 45.9 45.8 46.6 46.4 46.2 46.2 46.2 46.3 33.6 33.8 34.4 34.9 35.0 80.6 81.1 81.1 33.9 34.1 34.4 34.5 34.7 34.8 80.4 n.a. n.a. n.a. n.a. n.a. n.a. 16.3 16.2 16.1 15.9 15.6 15.5 n.a. n.a. n.a. n.a. n.a. n.a. 35.0 34.9 35.1 35.1 35.2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.. . n.a. n.a. n.a. n.a. n.a. n.a. 46.2 46.0 . 45.9 46.0 45.8 45.8 45.8 M 75.7 76. 7 78.0 78.8 80.3 81.0 80.5 80.1 80.3 20.0 19.7 19.2 18.4 17.7 17.2 16.1 TABLE 11-C Liquid Asset Holdings Sum of columns 2 and 7. Sum of columns 3, 4, 5, and 6. Money stock components after deducting foreign holdings and holdings by domestic financial institutions. The three columns add to M" held by domestic nonfinancial sectors. Deposits at nonbank thrift institutions and credit unions, a& published; in money stock statistics. Sum of columns 8, 9, 10, and 11. Negotiable certificates of deposits over $100,000 at weekly reporting banks, except foreign holdings. Commercial paper held outside banks and other financial institutions. Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings. All issues due in one year or less, including bonds and notes, plus a sliding proportion of issues due in 13 to 24 months. Series E and H savings bonds held by individuals. Sum of columns 3 and 4 to column 1. Column 6 to colum 1. Column 1 to GNP. Annual averages are based on 12-month averages of column 1 and annual GNP. Quarterly averages are based on 3-month averages of column 1 and quarterly GNP. Sum of columns 3 and 4 to GNP. Annual averages are based on 12-month average of columns 3 and 4 and annual GNP. Quarterly averages are based on 3-month average of columns 3 and 4 quarterly GNP..
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