The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
L.4.3 Not/lfor publication August 19, 1970, . vv*'N" BANKING AND MONETARY DEVELOPMENTS IN JULY 1970 Summary. Commercial bank credit, including loan transfers to affiliates, increased substantially in July--at a rate about three times that in the second quarter. Bank acquisitions of investments were bulged by takings of the two Treasury tax anticipation bill sales during the month, while total loan expansion was accounted for in large part by loans extended to security dealers and nonbank financial institutions. Growth in loans sold outright to bank affiliates during July remained somewhat sluggish relative to earlier months. The money supply increased $700 million in July, roughly equalling the average growth rate in the second quarter. Total time and savings deposits at all commercial banks rose at a rapid pace, with growth in holdings of CD's exceptionally large, following suspension of Regulation Q ceilings on 30- to 89-day CD's late in June. Consumer-type time deposits also registered an increased rate of growth in July. U.S. Government deposits declined slightly. The total volume of nondeposit sources of funds fell sharply due to a substantial decline in Euro-dollar borrowings. Net borrowed reserves and member bank borrowings increased while excess reserves declined slightly. Changes in Commercial Bank Credit, Money Supply, and Time Deposits Seasonally adjusted annual rates (per cent) 1968 1969 1970 Second First Second First Jan.July Year Qtr . Half July Year Half Qtr. Total bank credit 11.0 U.S. Govt. sec. 3.0 2.0 -0.4 4.2 1.9 4.0 16.6 -15.7 -15.6 -12.3 30.2 8.5 U.9 31.1 -1.4 9.5 9.9 9.8 9.6 8.0 3.1 Other securities 16.4 - - Loans 11.6 8.4 6 .6 - 0.7 - 2.0 -1.4 1.1 16.1 11.1 10.6 7.4 - 4.5 - 1.5 - 0.6 4.6 Business loans 1.5 Adjusted for loan sa!Les to bank al[filiates Total bank credit 11.0 4.0 2.9 2.5 5.3 3.9 5.8 16.6 11.6 9.9 7.8 3.4 - 0.3 1.6 3.6 16.1 11.1 13.1 9.5 5.5 5.8 5.7 5.4 3.2 Money supply 7.2 2.5 0.6 3.8 4.2 4.0 4.0 4.1 Time deposits 11.5 - 5.3 - 6.7 0.4 13.8 7.1 11.3 35.2 Loans Business loans # -2- Bank credit. Total loans and investments increased $5.6 billion in July—about $1.4 billion more than the total increase in the second quarter. Bank credit expanded at an annual rate of about 16-1/2 per cent--the largest monthly growth rate in more than 18 months. Loans sold outright to bank affiliates showed only a negligible increase in July so that, on balance, the rates of growth in bank credit, both unadjusted and adjusted for loan sales, were equal. Security holdings increased $1.9 billion in July--roughly equal to the total expansion over the two previous months. The bulk of this rise resulted from two Treasury tax bill financings in July amounting to $4.75 billion for which full tax and loan account privileges were granted. Acquisitions of other security holdings continued at the steady growth rate prevalent in more recent months. The $3.7 billion rise in total loans reflected, in large part, heavy borrowings by finance companies attempting to cover shortterm commercial paper maturing early in the month. In the wake of the Penn Central bankruptcy and general financial uncertainties some nonbank financial businesses experienced considerable difficulty in rolling over their indebtedness. By month-end, however, a sizable decrease in loans to these businesses occurred at large banks. After including $100 million in loan sales, loans to financial business increased $1.8 billion during the month. Growth in business loans was sluggish for the second consecutive month. Reflecting the general slowdown in business activity, commercial and industrial loans grew by only $400 million in July. C&I loans, adjusted for loan sales grew at an annual rate of only 3.2 per cent, although the increase was a little larger on an unadjusted basis. Security loans in July recaptured most of $1.2 billion decline of the previous month, but still remained below the high average level prevailing in the first quarter of this year. This rise probably reflected an increase in U.S. Government security dealers' financing needs associated with Treasury borrowing. After adjustment for loan sales, security loans increased $1 billion in July. Both real estate and consumer loans maintained the steady constrained growth rate predominate throughout most of the year. Money supply, time deposits, and nonbank sources of funds. The money supply increased $700 million in July--or at nearly the same rate as in the second quarter. The growth in the money stock was about equally divided between both components—a relatively small increase in private demand deposits coupled with the steady growth in currency that has been occurring throughout the first half. U.S. Government demand deposits declined slightly after a sharp rise in June. # 0 $ * % # # # Growth in time deposits was dramatic--increasing nearly $6 billion in the month of July. The suspension of Regulation Q ceiling rates on short-term maturities was primarily responsible for this rise. Since June 24, holdings of large negotiable CD's rose by $4.9 billion, compared with an increase of only $2 billion during the first half of this year. Both consumer-type deposits at large banks and time and savings deposits at smaller banks shared in the large influx of deposits with the total advance in deposits at both groups of banks amounting to nearly $2.8 billion. The total volume of nondeposit sources of funds declined substantially in July following a small decline in June. With large inflows of time deposits, banks reduced their borrowings from foreign branches by about $1.9 billion. After declining somewhat early in the month, commercial paper increased steadily from mid-month and showed a net increase of over $200 million for the month. Other nonbank funds were unchanged from the previous month. Bank reserves. Net borrowed reserves of member banks averaged about $1.2 billion over the month compared with aboyt $700 million in June. Member banks borrowed substantially in July to meet temporary loan demands related to uncertainties in the commercial paper market, while excess reserves declined Somewhat. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve Sys L.4.3-EXHIBIT A, PARTI LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted [• —i n— f— r I r Billions of dollars T T T 1 fT'Tl I I I -i 400 TOTAL LOANS AND INVESTMENTS 300 LOANS 200 80 OTHER SECURITIES U.S. GOVT. SECURITIES 1966 1967 1968 1970 # ^CHANGE IN SERIES. # Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) ( I 11 illi o n s Other U.S. Gov't. securities Loans Total Date o f securities d o 1 1 a r s ) 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 1 9 6 2 — D e c . "31 2/ 1 9 6 3 — D e c . 31 2/ 1 9 6 4 — D e c . 31 1 9 6 5 — D e c . 31 1 9 6 6 — D e c . 31 1 9 6 7 — D e c . 30 1 9 6 8 — D e c . 31 227.9 246.2 267.2 294.4 310.5 3/ 346.5 384.6 134.0 149.6 167.7 192.6 208.2 3/ 225.4 251.6 1 9 6 9 — J u n e 30 (old series 4/ June 30 (new seriejs July 30 A u g . 27 Sept.24 Oct. 29 Nov. 26 D e c . 31 392.5 397.3 397.7 397.5 396.5 397.6 401.2 401.3 264.3 269.2 269.9 270.3 271.3 273.8 276.4 278.1 56.2 56.3 56.8 56.9 54.7 53.5 53.4 51.9 72.0 71.8 71.0 70.3 70.5 70.3 71.4 71.3 28 398.5 399.7 400.9 402.9 404.9 405.1 410.7 276.6 278.5 277.6 276.6 277.1 276.2 279.9 50.4 49.8 50.3 52.3 53.3 54.1 55.5 71.5 71.4 73.0 74.0 74.4 74.8 75.3 1970—Jan. Feb. Mar. Apr. May June July 1/ 25 25 29 27 30 29 Adjusted to exclude interbank loans p - Preliminary - Revised e - Estimated 3/ of participation certificates. . , ... A B e g i n n i n g July 1969, bank credit d a t a are revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier d a t a for c o m m e r c i a l banks only. A l s o total loans and investments are now reported gross of v a l u a t i o n reserves rather than net as previously reported. Individual loan items have always been reported gross. . NOTE: Chart has not been completely revised for changes in data r e l a t i n g to b e n c h m a r k r e v i s i o n s . Over- 4/ lapping data for March 1969 and October 1969 are shown. # # # EXHIBIT A - P # T III 0 # LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AMD BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Date 1969 28 May June 30 July 30 A u g . 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 1970 Jan. 28 Feb. 25 Mar. 25 A p r . 29 p 27 P May June 30 e July 29 p 2.0 3.6 4.1 4.6 5.8 6.0 5.2 7.5 8.1 8.4 8.8 9.6 9.7 9.9 5/ 5/ 1.1 1.5 1.7 2.3 2.1 0.8 1.8 2.7 3.2 3.7 4.7 4.7 3.8 2.6 2.9 3.8 4.0 3.0 2.1 2.4 3.2 3.3 2.4 6.1 6.9 7.0 0.6 1.4 0.6 0.7 0.7 0.8 0.7 0.8 1.8 0.7 0.7 1.8 1.8 6.3 6.2 0.3 0.4 0.5 0.5 0.5 1.1 1.7 1.7 1.7 6.2 8.0 6.8 1/ 1/ 1.3 4.3 4.8 5.1 5.4 5.8 6.4 6.7 6.9 7.8 7.9 5.0 5.6 5.9 0.5 0.7 0.9 0.9 0.9 1.3 0.6 1.9 Total loans and investments Originial Adjusted 7/ 397.0 397.3 397.7 397.5 396.5 397.6 401.2 401.3 398.5 399.7 400.9 402.9 404.9 405.1 410.7 3/ 398.5 399.4 400.4 400.7 400.2 402.3 405.9 405.1 404.3 406.1 407.6 409.8 412.7 r 413.0 418.7 Net Change (Billions of dollars During month ending: June 30 July 30 Aug. 27 Sept.24 Oct. 29 Nov. 26 Dec. 31 1970 Jan. 28 Feb. 25 Mar. 25 Apr. 29 p May 27 p June 30 e 0.2 0.2 -0.8 July 29 p 0.2 0.8 0.6 0.6 0.6 0.5 0.5 0.3 0.3 0.9 0.5 0.5 0.8 0.2 -1.0 kf -0.9 0.6 0.3 0.4 0.3 0.3 0.1 0.3 0.3 0.9 • 0.1 -0.2 0.1 0.8 ^sin'sYo^ Partly estimated. Less than $50 million. Corrected. Revised. 0.1 6/ 6/ 6/ 6/ 0.1 0.1 -0.1 0.1 0.1 6/ 6/ 0.1 0.2 0.8 -0.1 ¥/ 0.1 6/ -0.1 0.1 -0.1 - -affiliates, - - dJ-J-J-J- 0.1 0.1 0.3 6/ 6/ 1.9 0.5 0.4 0.6 0.2 0.2 -0.1 -0.9 Total loans Adjusted Original 7/269.0 269.2 269.9 270.3 271.3 273.8 276.4 278.1 276.6 278.5 277.6 276.6 277.1 276.2 279.9 3/ Bu s ine s s loans'"" ~ Adjusted 4/ Original 103.1 270.5 271.3 272.6 273.5 275.0 278.5 102.3 102.3 102.4 103.4 104.1 104.5 104.8 281.9 106.1 108.5 282.4 284.9 284.3 283.5 284.9 284.1 287.9 105.4 105.6 104.9 104.7 105.0 r105.3 105.7 109.7 110.4 281.1 103.6 104.2 105.5 106.5 107.7 108.1 110.0 110.1 111.2 111.6 111.9 (Annual rates in per c e n t ) 0.2 0.2 0.8 1.0 2.0 0.8 0.1 0.5 0.5 0.3 0.3 0.6 2.0 0.6 2.3 IO DaillS. 11U i-VJi J-Uft B E E Commercial bank credit (seasonally adjusted) Loans sold outright b y commercial banks (outstanding in billions of dollars N.S.A.) Sold to Sold to nonbank public 2/ Affiliates 1/ Business Business Business Loans Total Loans Total Loans 2.8 85/ 0.9 1.2 -0.6 -3.0 3.3 10.9 0.3 -8.4 3.6 3.6 6.0 6.0 r 0.6 16 .6 subsidiaries, or foreign branches. > ,.1 J -viae b:nt , . 2.7 3.0 0.9 -1.5 6.3 10.7 -2.4 0.9 3.1 1.8 4.4 11.1 11.4 7.3 -2.4 5.3 4.4 6. 5 8.5 r 0.9 -6.5 8.2 -3.9 -4.3 2.2 -3.9 16.1 16.6 3.5 5.7 4.0 6.6 15.3 11.2 3.4 2.1 10.6 -2.6 -3.4 5.9 r -3.4 16.1 „ 1.2 11.7 8.1 4.6 3.4 14.9 5.8 6.9 15.0 11.4 13.5 4.5 4.4 -7.9 2.2 -8.0 -2.3 3.4 r 3.4 4.6 13.3 7.7 -4.4 1.1 12.0 r 4.3 3.2 # # e # # # e e * e V L.4.3 Not for publication EXHIBIT A - PART IV NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE (Outstandings in billions of dollars) Total Total 28 12.6 25 30 27 24 29 16.7 19.4 19.6 19.1 19.4 10.9 14.3 15.6 15.9 15.5 14.8 26 21.2 16.2 31 19.7 14.7 28 21.7 21.7 21.0 21.1 22.3 21.9 15.5 14.9 13.7 13.7 14.1 13.7 25 25 29 27 24 29 p 1/ 2/ 37 4/ 5/ <3/ 7/ 20.2 11.8 Euro-dollars Through branches outside U.S. Territories Foreign and possessions Through brokers and V dealers 2$ 9.9 13.3 14.4 14.7 14.4 13.6 14.9 13.0 0.6 0.8 0.6 13.9 13.4 12.4 12.5 13.0 12.7 10.9 0.7 0.6 0.4 0.4 0.3 0.3 0.4 0.4 0.6 0.6 0.6 0.6 0.6 0.6 Direc 0.3 0.5 0.4 0.5 0.6 0.5 0.5 0.4 0.3 0.2 0.2 1/ Commercial paper 2/ 0.8 Loans sold under repurchase agreement 3/ Customer To the nonbank . guaranteed To bank paper public— Total affiliates— 1.0 1.5 0.6 0.9 0.5 0.5 0.5 1.3 0.9 0.5 0.4 0.3 0.6 0.2 0.3 0.8 0.6 0.2 0.9 0.7 0.7 0.7 0.7 0.7 0.7 0.1 0.1 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1.0 3.7 4.1 4.2 0.8 0.8 0.3 0.3 6.0 5.4 6.4 6.5 7.5 7.5 7.7 0.8 0.8 0.8 0.7 0.7 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. 0.1 0.1 0.1 1.9 2.6 0.2 0.1 0.1 0.6 0.8 2.2 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.2 0.4 0.4 0.7 1.2 2.0 1.2 These Data Are Not for Publication. 0.2 0.1 0.1 0.1 r - Revised. 0.2 0.2 0.2 0.2 1.4.3-EXHIBIT B, P a r t i LOANS AT ALL COMMERCIAL BANKS Billions of dollars Last Wednesday of month, seasonally adjusted rrn no 100 BUSINESS 90 80 70 60 REAL ESTATE 50 40 CONSUMER 30 15 z 10 SECURITY 1 M 1 J 1 S 1966 * CHANGE IN SERIES 1 1 1 M J S 1967 1I 1 1 1 1 1 1 1 1 1 1M 1i l M J 1968 S D M J 1969 S D M J S 1970 D 0 e E x h i b i t B - Part II L o a n s at A l l C o m m e r c i a l B a n k s Seasonally Adjusted (In 1 9 6 2 — D e c . 31 1/ 1 9 6 3 — - D e c . 31 1/ 1 9 6 4 — D e c . 31 1 9 6 5 — D e c . 31 1 9 6 6 — D e c . 31 1 9 6 7 — D e c . 31 1 9 6 8 — D e c . 31 47.6 52.0 1 9 6 9 — J u n e 30 J u l y 30 2/ A u g . 27 Sept.24 O c t . 29 Nov. 26 D e c . 31 D e c . 31 102.3 102.4 103.4 104.1 104.5 104 .'8 1970—Jan. Feb. Mar. Apr. May June 105.4 105.6 104.9 104.7 105.0 28 25 25 29 27 30 e J u l y 29 p 1/ 2/ Estimated 58.4 69.4 78.6 86.3 95.9 106.1 7.1 7.4 7.6 8.3 8.7 9.5 9.9 34.2 39.1 43.6 49.2 53,8 58.4 65.0 23.7 27.2 31.1 35.6 38.2 40.0 44.9 6.1 6.9 7.4 7.4 7,9 9.2 10.4 7.6 9.1 9.8 11.9 12.1 11.4 12.5 68.4 68.7 69.0 69.3 69.6 69.9 3/70.4 69.9 46.7 46.7 46.9 47.3 47.7 47.7 48.2 9.2 9.6 8.3 8.3 9.2 10.3 9.4 12.8 12.3 12.4 12.1 12.3 12.7 13.2(old) 13.7(new) 10.4 10.6 10.7 10.8 10.6 10.5 10.5 48.4 48.5 48.4 48.4 8.1 9:1 9.4 8.6 8.7 13.2 13.0 12.5 12.3 12.7 13.0 14.7 10.6 10.6 10.6 10.7 10.9 11.2 11.4 (old) (new) 70.2 70.5 70.8 70.9 71.0 71.0 r 105.3 105.7 r 48.5 r 48.6 48.8 71.1 as of D e c e m b e r 3 1 . Agriculture ) d o l l a r b i l l i o n Nonbank financial Security Consumer Real Estate Business Date e - Estimated J u l y d a t a are c o m p a r a b l e with p r e v i o u s m o n t h s p - Preliminary. r r 7.6 8.4 " Revised I n d i v i d u a l loan items are gross t h r o u g h o u t and the 3/ under repurchase agreements. NOTE: Chart h a s not b e e n c o m p l e t e l y revised l a p p i n g d a t a for M a r c h 1969 and for c h a n g e s October 1969 a r e in d a t a r e l a t i n g to b e n c h m a r k r e v i s i o n s . shown. T h e s e d a t a are not for p u b l i c a t i o n Over- Exhibit B, Part III Loans Sold Outright To Affiliates, By Major Loan Categories, and Outstanding Loans Adjusted T o Include Loans Sold (Seasonally adjusted, in billions of d o l l a r s ) Business Loans Loans Loans Sold Adjusted Date Real Estate Loans Loans Sold Adjusted Nonbank Financial Loans Loans Sold Adjusted Security Loans Loans Sold Adjusted Consumer Loans Loans Sold Adjusted Agriculture Loans Loans Sold Adjusted 1969--June July August September October November December 25 30 27 24 29 26 31 1.3 1.8 2.1 2.4 3.2 3.3 2.4 103.6 104.2 105.5 106.5 107.7 108.1 108.5 0.1 0.1 0.1 0.1 0.1 0.1 0.1 68.5 68.8 69.1 69.4 69.7 70.0 70.5(old)* 70.0(ne*0 0.2 0.2 0.2 0.3 0.4 0.3 0.1 13.0 12.5 12.6 12.4 12.7 13.0 13 .3(old)* 13.8(nev 7) 1/ 0.1 0.1 0.1 0.2 0.2 0.2 9.2 9.7 8.4 8.4 9.4 10.5 9.6 0.3 0.1 0.2 0.3 0.4 0.4 0.4 47.0 46.8 47.1 47.6 48.1 48.1 48.6 1/ 1/ 1/ 1/ 1/ 1/ 1/ 10.4 10.6 10.7 10.8 10.6 10.5 10.5 1970--January February March April May June July 28 25 25 29 27 30 29 4.3 4.8 5.1 5.4 6.2 6.3 6.2 109.7 110.4 110.0 110.1 111.2 111.6 111.8 0.1 0.1 0.1 0.1 0.1 0.1 0.1 70.3 70.6 70.9 71.0 71.1 71.1 71.2 0.4 0.4 0.4 0.4 0.5 0.5 0.6 13.6 13.4 12.9 12.7 13.2 13.5 15.3 1/ 1/ 1/ 1/ 0.1 1/ 0.2 8.1 9.1 9.4 8.6 8.8 7.6 8.6 0.5 0.5 0.5 0.5 0.4 0.4 0.4 48.9 49.0 48.9 48.9 48.9 49.0 49.2 1/ 1/ 1/ 1/ 1/ 1/ 1/ 10.6 10.6 10.6 10.7 10.9 11.2 11.4 * - See footnote 3, preceding table. NOTE: The above table,which extends Exhibit A, Part III, provides information on the outstanding volume of loans sold outright by major loan categories and the total volume of loans outstanding, adjusted to include loans sold in each category. Users of these data should be aware of their potentially imprecise nature due to several problems inherent in reporting and tabulation procedures. A small problem of coverage exists because the loan figures are those reported at all commercial banks while loan sale figures are those collected only from weekly reporting banks. A larger problem exists in regard to accounting for revisions in the data on loans sold. A revision in loans sold which is not supplemented by revisions reported in a specific category cannot be classified and therefore must be included in the figure "all other". This series begins in June 1969. # e e e # e # # e # Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1970 1969 i Item Sept. Aug. July June ! Oct. Nov. Jan. Dec . Feb. Mar. Apr. p May p j June e r July p ! 1 Loans and Investments 2/ + 0.3 + 0.4 - 0.2 - 1.0 + 1.1 4-3.6 + 0.1 - 2.8 4- 1.2 + 1.2 + 2.0 + 2.0 + 0.2 i + 5.6 U. S. Gov't, securities + 0.1 + 0.5 + 0.1 - 2.2 - 1.2 - 0.1 - 1.5 - 1.5 - 0.6 j + 0.5 + 2.0 + 1.0 + 0.8 | + 1.4 - 0.8 - 0.7 rf 0.2 - 0.2 + 1.1 1 - 0.1 + 0.2 - 0.1 + 1.6 + 1.0 + 0.4 + 0.4 j + 0.5 + 0.6 + 0.5 + 1.0 + 2.5 + 2.6 + 1.7 ! - 1.5 + 1.9 - 0.9 | - 1.0 + 0.5 - 0.9 + 3.7 i/ + 0.1 + 1.0 + 0.7 + 0.4 4- 0.3 4- 1.3 1 - °-7 4- 0.2 - 0.7 ! - 0.2 + 0.3 ; + 0.3 + 0.4 Real estate + 0.3 + 0.3 + 0.3 + 0.3 + 0.3 + 0.3 j + 0.1 + 0.1 j + 0.1 + 0.3 + 0.2 + 0.4 + 0.4 ! + 0.3 j + 0.3 1 4- o.i ' + 0.2 + 0.3 Consumer i + 0.5 j 4-0.5 Security + 0.2 1/ Other securities + 0.2 Loans 2/ Business Nonbank financial ! j - 0.6 - 1.3 1/ + 0.9 + 1.1 - 0.9 - 0.5 + 0.1 - 0.3 + 0.2 + 0.4 ! 4- 0.5 j + 0.4 1 1/ | Agriculture + 0.2 + 0.2 + 0.1 + 0.1 - 0.2 - 0.1 1/ All other - 0.2 + 0.1 + 0.1 j - 0.2 + 0.5 + 0.6 - 0.2 Total loans excluding security Total loans excluding security and nonbank financial 1/ 1/ Less than $50 million. - 1.3 ! - 0.5 1 + 0.1 1 4- 0.4 ; 1 +i.o - 0.2 ! - 0.1 i + 0.3 : - 0.5 y 17 | + 0.5 j - 0.2 + 0.9 - 1.2 1 + 0.2 1/ + 1.8 1 + 1.0 + 1.6 + 1.5 j + 2.6 + 0.7 2/ + 1.7 + 1.3 + 1.4 + 1.1 Adjusted to exclude interbank loans. I + 2 a 4- 0.3 e - Estimated. - 0.7 + 1.1 i r - Re Individual Loan Categories Are Not Available for Publication. 1 +0-1 + 0.8 - 0.8 + 0.1 | - 0.2 + 0.4 1 + 0.2 - y : j + 0.1 1 l - 2 + 0.2 + 0.3 - 0.6 - 0.6 | - ! + 1.7 i + 0.2 + 0.3 j 1 - 0.2 + 0.2 + 0.1 j i i + 0.6 !r 1/ + 0.4 ; + 0.3 ! + 2.9 + 0.1 + 1.2 ! 1/ Exhibit D C h a n g e s in L o a n s and I n v e s t m e n t s at A l l C o m m e r c i a l B a n k s , at W e e k l y R e p o r t i n g B a n k s , and at O t h e r B a n k s , Not Seasonally Adjusted (In b i l l i o n s of d o l l a r s ) End 27 Item All commercial banks Total loans U. S. Gov't, securities Other securities Total , of J u n e to last W e d n e s d a y of J u l y 1969 1968 + 0.1 + 2.5 + 1.9 + 0.1 1965 1964 - 2 . 1 4/ - 2.5 - 2.2 - 0.8 - 0.6 + 0.4 - 1.0 + 0.1 - 2.7 - 3.1 1966 + 1.7 - 3.2 + 0.7 - 1.1 + 0.2 + 0.6 + 1.9 - 3.6 + 4.6 + 3.0 - 0.2 4/ - 3.0 + 1.3 - 0.4 - 2 . 4 4/ - 2.6 - 2.0 + 1.2 + 1.7 + 0.4 - 1.0 - 0.7 + 0.3 - 3.0 + 0.1 + 0.2 2.3 + 3/ All Large Banks Total loans U. S. Gov't, securities Other securities Total 3.3 0.4 0.7 3.6 + - - 0.4 + 1.3 - 0.3 + 0.6 Other banks 3—/ Total loans U. S. Gov't, securities Other securities Total + 0.5 + 0.4 + 0.5 + 1.3 + 0.6 + 3.1 + 1.6 + 0.2 - 3.2 + 0.1 + 1.2 + + + 0.3 - 0.4 + 0.7 - 0.4 + 1.5 + 0.2 1/ End Item 2/ 1970 - All commercial banks Total loans U. S. Gov't, securities Other securities Total - 2.6 - 1.5 + 4.2 All Large Banks 3/ Total loans U. S. Gov't, securities Other securities Total Other banks 2/ Total loans U. S. Gov't, securities Other securities Total NOTE: 1967 1970 - + 0.6 + 0.2 + + 0.2 1.4 - 0 . 4 4/ of D e c e m b e r to end + 9.3 - 9.9 +10.4 + 5.0 + 0.9 + 1 0 . 5 4/ - 2.0 + 3.1 +11.5 + 7.9 +13.9 + + + 5.2 1.7 1.4 4.9 + 0.2 + 1.0 + 5.2 - 0.3 + 1.7 - 4.1 - 0.5 + 2.5 - 6.0 + 2.1 - 2.2 2.5 - 5.6 + 6.8 - 3.9 + 2.1 + 2.1 + 2.7 + 5.0 + 6.6 - 1.0 - 3.0 - 0.2 1/ 1/ - 0.1 2/ 1964 - 1965 1966 1967 1/ + 0.3 of J u l y 1968 - 0.6 + 0.1 + 0.1 + 0.1 0 . 3 4/ 1969 + 0.1 + 1.5 - 0.9 0.5 4/1 + 2 . 8 3/ + 6 . 4 4/ +10.3 - 6.7 + 3.8 + 7.3 + 5.5 - 5.1 + 1.4 + + + 5.5 4.6 2.4 3.3 + 1.5 - 3.3 + 0.7 + 6.8 + + + + 4.8 + 5 . 4 4/ + 4.8 + 4.0 + 5.6 1/ + 2.3 + 7.1 D a t a e x c l u d e a l l i n t e r b a n k loans; c a l l r e p o r t d a t a for - 6.8 5 . 1 4/ 4.6 1.0 3/ 1.5 4/ + 1.8 - 1.1 - 2.2 - 2.1 - 1.8 + 4.9 4/ + 1.4 + 4.0 + 0.7 + 2.9 + 1.8 large b a n k s u s e d w h e n available. 1/ 2/ 3/ E l T S l ! B U ' L S n i n s ' X 0 ; ^ 2 * 5 5 1,67, 1968, 196,, 4/ other s e c u r i t i e s at the end of J u n e ; $ 7 0 0 m i l l i o n w e r e at w e e k l y r e p o r t i n g and $ 3 0 0 m i l l i o n at n o n w e e k l y r e p o r t i n g . A l l o w a n c e h a s b e e n m a d e in m o n t h l y c h a n g e s in t o t a l c r e d i t and in total loans for the $1.1 b i l l i o n of b a l a n c e s a c c u m u l a t e d for the p a y m e n t of p e r s o n a l loans e x c l u d e d from time d e p o s i t s and from loans o n J u n e 9; $ 4 0 0 m i l l i o n w e r e at w e e k l y r e p o r t i n g b a n k s and $ 7 0 0 m i l l i o n at other banks . Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to late Julv ./ End of June to end of July 1/ Business of borrower 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 ,3/ Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change - + - + - + + - + + - + + + + + - 194 45 190 180 10 82 38 95 5 20 135 84 49 124 88 27 22 146 30 198 17 302 24 159 119 3 30 129 159 - + - + + - + - + - + - + + - + - 37 74 166 152 14 88 10 83 21 6 33 186 16 5 43 162 156 77 41 192 49 98 84 95 81 36 509 287 796 - + + + + + + - ;+ + + - + + - + + - + + - + - 158 35 55 46 9 225 62 159 33 37 42 53 241 40 13 54 77 5 89 161 1 11 34 36 9 34 27 32 59 1966 1970 1969 1968 1967 1966 129 + 138 + 213 + 160 53 + + 276 23 + 185 47 + 67 + 68 + 77 45 51 + 64 + + 134 + 175 n • a. n .a. n .a. 5 76 45 n .a. 31 n .a. + 787 66 + 721 708 339 59 + 1 + 58 + + 621 + 124 + 171 + 105 + 221 + 515 206 181 + 344 + 103 616 -1 ,212 40 + 220 -1 ,032 98 + 159 177 10 28 + 89 -1 ,770 466 -2 ,236 470 444 + 291 + 118 + 173 +li,334 + 55 + 764 + 194 + 321 + 556 + 306 + 243 + 248 + 158 33 + + 421 + 222 60 + + 139 + 345 +1 ,169 287 + 686 + 770 200 +3 ,994 + 485 +4 ,479 679 532 + 359 + 250 + 109 +i,,336 + 633 + 445 + 11 + 247 + 569 15 70 + 254 85 + + 504 + 532 + 565 13 + 46 + 264 + 763 358 + 511 + 610 183 +3 ,187 + 176 +3 ,363 597 99 35 101 66 + ,387 + 328 + 815 63 + 307 + 297 33 + + 212 + 126 + 196 + 135 + 532 + 292 + 235 + 5 17 + + 830 + 221 93 702 129 +2 ,805 + 117 +2 ,922 - 267 - 293 + 607 + 411 + 196 +1,757 + 215 + 815 + 403 + 324 + 598 + 180 + 309 + 438 + 374 + 482 + 385 n.a. n.a. n.a. + 197 + 179 - 286 n.a. + 465 n.a. +4,946 + 664 +5,610 1967 1968 1969 1970 + - + - + - + - + + - + + + + - 53 180 40 32 8 161 53 65 33 116 27 123 154 68 26 172 106 21 23 104 11 304 158 7 139 121 314 25 339 / - - - - - - - - - - - - - - - - - - - - - - - - - These Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date Loans and investments U. S. Gov't. Other securities Total loans Business 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 60.2 1 9 6 9 — J a n . 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 30 e(old) June 30 (new) 3/ July 30 Aug. 27 Sept.24 Oct. 29 Nov. 26 Dec. 31 (old) Dec. 31 (new) 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.Q 54.0 54.7 54.3 53.2 54.4 55.1 54.7 70.5 70.9 71.4 72.3 71.8 251.3 96.5 97.7 99.7 70.4 70.9 71.3 263.0 269.8 2?4:9 271.7 269.5 272.1 272.4 274.7 284.5 1970—Jan. Feb. Mar. Apr. May June July 397.6 395.7 399.0 402.9 402.9 408.7 410.6 53.0 51.4 51.5 52.3 52.5 51.6 53.3 70.6 70.8 72.7 74.3 74.3 75.4 75.6 274.0 273.5 274.8 276.4 276.1 281.7 281.8 1964--Dec. 1965—Dec. 1966—Dec. 1967—Dec. 1968—Dec. 31 31 31 30 31 28 25 25 29 27 30 e r 29 p 72:6 72.4 71.3 70.9 71.2 253.7 255. 6 261.2 71.4 80.6 88.5 98.4 101.6 101:8 104.5 104.5 103.1 102.0 103.8 103.6 104.4 108.8 104.1 104.1 104.8 105.1 104.6 107.4 106.4 Real estate Security 43.7 49.3 54.0 58.5 65.1 8.4 8.5 9.0 10.5 11.8 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 4/ 70.0"" 9.5 9.5 is. 8 9.4 9.0 id. 3 10.3 9.7 8.1 8.2 8.6 9.4 10.7 8.2 8.3 8.8 8.8 8.7 8,3 8.6 70.1 70.1 70.2 70.4 70.6 71.0 71.2 Farm Consumer Nonbank financial institutions All other 31.0 35.7 38.3 40.0 44.9 10.9 13.3 13.3 12.5 13.7 13.9 15.0 13.6 1/ 15.9 18.9 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 4/ 15.1 "- 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 11.4 11.6 48.0 47.8 47.8 48.1 48.4 49.0 49.2 12.7 12.4 12.2 12.5 12.2 13.8 14.6 20.6 20.3 20.4 20.7 20.5 20.8 20.1 7.5 8.2 8.6 2/ 9.3 9.7 e - Estimated. r - Revised. p - Preliminary, NOTE: Data exclude interbank loans. Consumer and "other loans" arc partly estimated for all dates. Other data are partly estimated on all but June arid 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" 2/ 3/ 4/ ~~ loans. Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." 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. 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. Individual loans category data are available for publication only on a June and December Call data basis Exhibit G Ratios to T o t a l D e p o s i t s 1/ L O A N S D A T E All commercial banks ( B a n k s M e m b e r Reserve City Banks C i t y of New York Other Country Chicago City Total 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 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 68.1 67.4 68.3 ( 6 3 . 7 ) 66.8 87.5 85.7 87.9 83.5(76.3) 76.6 74.4 76.4 75.1 69.6 69.3 70.6 69.1 59.5 (64.7) 68.4 ( 6 5 . 9 ) 69.7 (66.4) 7 0 . 5 (68.5) 70.9 (68.1) 72.6 (69.7) 75.4 (70.3) 76.3 (70.1) 75.3 (70.4) 7 6 . 4 (70.2) 76.1 (70.2) 76.4 ( 6 9 . 7 ) 75.7 86.1(76.0 71.0(79.7) 94.1(80.9) 94.4(80.2) 99.7(84.9) 106.5(87.0) 110.9(88.6) 106.0(84.0) 108.0(86.3) 112.0(85.0) 106.2(85.3) 102.8(86.0) 77.1 80.1 83.8 83.1 85.5 90.9 91.8 94.2 97.5 96.2 93.6 89.5 71.4 72.1 72.9 59.2 59.8 60.2 60.3 61.4 62.5 63.2 63.6 63.3 63.4 63.3 62.8 6.0 7 3 . 2 ( 7 0 . 5 ) 76.5 7 3 . 4 (70.8) 76.7 73.0 ( 7 0 . 7 ) 7 6 . 3 72.7 (70.4) 7 6 . 0 72.9 ( 7 0 . 5 ) 76.1 73.1 (70.7) 7 6 . 4 71.8 (69.9) 74.8 102.9(84.1) 103.9(85.8) 103.1(86.2) 102.6(85.6) 103.7(85.4) 104.8(86.7) 97.6(83.6) 92.6 93.8 92.2 91.5 91.5 95.8 88.0 63.7 63.9 63.8 63.7 64.0 63.9 63.6 4.7 4.4 5.2 4.8 1 9 6 8 - - S e p t . 25 Oct. 30 Nov. 27 Dec. 31* 66.0 65.4 66.0 64.7 1969--Jan. Feb. 29* 26* 66.2 67.4 Mar. Apr. Hay 26* 30* 28* June July Aug. Sept. Oct. Nov. Dec. 30* 30* 27* 24* 29* 26* 31* 68.1 70.2 69.9 72.1 73.0 72.9 72.9 72.8 73.0 72.0 2.1 1970--Jan. Feb. Mar. 28* 25* 25* Apr. May June 29* 27* 24* July 29* 73.4 75.0 78.3 78.8 78.8 79.4 78.9 80.3 79.5 81.3 81.0 i 80.4 79.9 80.0 80.0 78.6 59.0 59.2 58.2 w i t h i n one y e a r estimated on b a s i s of T r e a s u r y survey of o w n e r s h i p ; and (adjusted items in p r o c e s s of c o l l e c t i o n ) . to e x c l u d e Ratios cash in p a r e n t h e s i s are 5.1 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 70.8 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 31 31 31 31 31 31 31 28 25 31 31 31 30 All commercial banks 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 67.4 69.3 75.9 83.5 79.9 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 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. U.S. Government securities maturing w i t h i n one y e a r those obtained by a d d i n g 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 6.4 5.5 6.5 5.7 6.1 5.4 5.7 5.0 4.6 4.5 4.5 4.7 4.6 4.3 5.2 5.0 4.6 4.4 n.a. total deposits L.4.3-EXHIBITH, PARTI DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS S e a s o n a l l y 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 i m n II I ! I I I I ! I I 1 I I I I I 225 205 TIME AND SAVINGS DEPOSITS ALL COMMERCIAL BANKS 185 MONEY SUPPLY TURNOVER OUTSIDE N.Y.C 232 SMSA'S U.S. GOVT. DEPOSITS MEMBER BANKS 1 1 II 1966 1967 1968 1969 1 1 1 I 1 1 1 1970 Exhibit H - Part II P e r i o Total Data S e a s o n a l l y A d j u s t e d (Dollar amounts in billions) Time and _1/ U.S. Gov't. M o n e y S u p p l y V savings 2/ deposits deposits (all member) V Currency Demand deposits (All commercial) Not Seasonally Adj. (In mil, of dollars) Turnover outside N.Y. City* (per cent) 33.5 37.4 1964—December 1965—-December 1966—-December 1967—December 1968—December 159.3 166.7 170.4 181.7 194.8 125.1 130.4 132.1 141.3 151.4 34.2 36.3 38.3 40.4 43.4 126.6 146.7 158.5 183.7 204.9 5.1 4.4 3.5 4.6 4.2 40.1 1969—January February March April May June July August September October November December 195.8 196.3 196.8 198.1 198.3 199.0 199.3 199.0 199.0 199.1 199.3 199.6 152.3 152.5 152.7 154.0 153.8 154.2 154.4 153.8 153.7 153.6 153.4 153.7 43.5 43.8 44.1 44.2 44.5 44.8 45.0 45.3 45.2 45.6 45.9 45.9 203.2 202.4 202.3 202.3 201.7 197.7 194.5 194.1 193.5 193.4 194.1 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 1970—January February March April May June 201.1 155.0 153.0 154.8 156.2 156.2 155.9 156.2 46.1 46.4 46.7 47.0 47.6 47.8 48.1 192.1 192.0 194.3 197.9 199.6 201.0 206.9 5.3 5.6 5.9 5.2 3.0 4.8 4.4 156.6 157.5 156.2 154.8 156.3 47.8 48.1 48.0 48.1 48.0 202.3 204.5 199.3 201.5 203.3 203.9 203.6 204.3 July p Week ending: 1970--July 1 8 15 22 p 29 p 204.5 205.6 204.3 202.8 204.3 l ^ time deposit 200.8 44.8 50.6 52.0 50.3 52.2 53.4 52.9 n .a. n .a. n .a . n .a. n .a. 5.3 206.0 4.0 3.9 207.6 209.1 3.4 5.6 1,183 1,345 4,036 4,241 6,039 8,545 8,822 9,877 9,399 9,868 13,269 14,434 14,658 14,349 13,649 14,903 13,032 13,863 13,403 12,356 12,489 13,036 12,700 10,890 11,923 12,041 12,132 11,783 10,890 data exclude $1.1 billion of balances accumulated for the payment of personal loans. ll Beginning^n"June ^ 1/ Certa^i n^changes°in^coverage and definitions have occurred that affect somewhat the comparability of the data. * - Beginning 6 January 1964, data for 232 metropolitan centers outside New York City. 40.6 Gross liabilities of U.S. banks to 3/ 4/ their foreign branches P " Preliminary. Breaks in the series are relatively L . 4 . 3 - E X H I B I T I, P a r t i 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 SAVINGS DEPOSITS 40 CONSUMER TYPE TIME DEPOSITS 20 NEGOTIABLE CD's STATE AND POLITICAL, FOREIGN OFFICIAL ETC 1970 EXHIBIT I - Part II Period 1966- -Dec. Dec. 1967- -Dec. Dec . 1968- -Dec . Dec. 28 28 27 27 31 31 1969- -Jan. Feb. Mar. Apr. 29 26 26 30 May June June July Aug. Sept. Oct. Nov. Dec. Dec. 1970- -Jan. Feb. Mar. Apr. May June --July 1970 28 25 25 30 27 24 29 26 31 31 28 25 25 29 27 24 1 8 15 22 29 2 / Estimated. Total (old) (new) 2/ (old) (new) 2/ (old) (new) 2/ (old) (new) 2/ (old) (new) 2/ Consumertype time & savings Time and Savings Deposits State Political Large ConsumerFor. official Negotiable type Savings etc. CD's 1/ time 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 18,651 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 9,646 110,030 109,211 108,408 106,949 79,471 79,944 80,492 79,834 79,811 79,619 79,604 78,784 78,189 78,140 77,795 77,241 77,616 77,812 48,340 48,335 48,667 47,737 47,691 47,550 47,550 46,953 46,688 46,533 46,376 46,334 46,486 46.632 31,131 31,609 31,825 32,097 32,120 32,069 32,054 31,831 31,501 31,607 31,419 30,907 31,130 31,180 21,031 19,968 18,792 17,622 16,973 15,270 15,271 13,538 12,616 11,744 11,524 11,319 10,919 10,919 9,526 9,299 9,124 76,500 76,400 76,876 76,702 76,995 77,348 77,882 78,005 78,107 78,363 78,435 45,831 45,632 45,996 45,888 46,077 46,174 46,426 46,441 46,395 46,403 46,345 30,669 30,768 30,880 30,814 30,918 31,174 31,456 31,564 31,712 31,960 32,090 10,471 10,864 11,820 13,046 13,004 12,97b 14,132 15,214 15,996 16,925 17,900 8,048 8,358 8,656 9,533 9,471 9,352 9,567 9,578 9,804 9,951 10,159 106,188 103,967 103,959 100,602 98,998 97,899 97,238 96,333 96,589 96,787 95,019 95,622 97,352 99,281 99,470 99,676 101,581 102,797 103,907 105,239 106,494 9,493 9,404 9,078 9,084 8,280 8,193 8,015 7,919 7,773 8,054 8,056 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 Reserve City Banks New York City of City Chicago Other Excess Reserves Country Borrowings Total reserves held seasonally adjusted All member All member All member 18,512 18,839 19,640 20,343 21,017 22,068 23,262 23,521 25,940 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 - 2 -165 107 -310 -109 10 - 50 - 62 19 - 14 - 70 - 95 - 22 -130 -104 4 - 22 - 11 21 - 31 - 8 - 50 - 5 - 70 -449 80 20 - 52 -122 -103 -161 -159 - 55 -180 237 583 471 394 334 315 238 140 187 482 756 568 572 536 411 452 392 345 70 455 906 87 149 304 327 243 454 557 238 765 1969--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -480 -596 -701 -844 -1,102 -1,064 -1,074 -946 -831 -992 -988 -329 - 60 - 67 - 44 -117 - 89 - 28 - 66 - 52 - 64 -126 -143 -203 - 49 - 33 -101 -116 -148 8 - 15 - 47 - 37 - 26 - 67 - 9 -337 -403 -456 -521 -538 -649 -611 -396 -447 -558 -525 -473 -34 -93 -100 -90 -327 -395 -382 -451 -283 -282 -253 -144 217 228 217 152 300 343 116 303 236 143 253 257 697 824 918 996 1,402 1,407 1,190 1,249 1,067 1,135 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 1970--Jan. Feb. Mar. April May June r July p -799 -859 -781 -704 -795 -701 -1,252 -132 - -473 -493 -S01 -400 -447 -487 -734 -112 -233 -117 - 24 -152 -122 -120 166 232 115 118 181 187 106 965 - 79 -148 -198 -171 - 95 -266 1,091 896 822 976 888 1,358 28,001 27,722 27,723 28,216 27,890 27,902 28,025 82 57 15 82 25 3 -132 Total reserves reflect percentage reserve requirements made effective April 23, 1969. - Revised. 27,964 Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series Time deijosits End of year or month Total Demand deposits and currency 2/ Postal Savings System Commercial banks 3/ Mutual savings banks 4 5 U. S. Gov't, Savings and loan U. S. Gov't, securities maturing savings deposits within one bonds 5/ and year 6/ shares i 1 2 3 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966* 1967 1968 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 650.4 709.6 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.1 168.6 180.7 199.2 26.3 2.1 27.2 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 28.1 1.9 32.0 37.0 41.7 47.7 54.3 1969 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 703.7 705.7 713.2 711.2 714.3 713.8 709.5 713.1 718.0 714.9 722.0 731.6 188.8 189.8 192.4 190.8 191.5 194.1 191.8 193.2 194.1 193.9 195.7 203.4 202.9 201.9 201.8 202.7 200.4 197.5 195.7 195.6 195.7 197.9 197.1 64.8 65.2 65.5 65.7 1970 Jan. Feb. Mar. Apr. May June Julv D 720.4 721.8 733.4 730.9 733.5 737.0 747.9 195.3 194.8 199.3 196.4 197.5 199.2 198.4 196.0 196.7 198.7 201.5 201.7 67.0 67.4 67.5 206.8 48.2 NOTE: 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 5?. 6 55.2 60.3 64.7 66.1 66.3 66.3 66.4 66. 6 66.7 67.0 67.3 68.0 68.4 68.7 69.5 202.0 2.10.9 For footnotes see next page. * - Beginning with data for June 1966, total liqui p a y m e n t of personal loans. § - Figures are for Tuesday, ® e = e ™ b e 30.0 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 0.1 1/ ±> 2 Liquid assets to gross national product 7/ § ! 70.5 79.8 90.9 101.4 109.8 113.4 123.9 131.0 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 46.1 131.0 132.0 133.4 133.3 133.5 133.6 133.6 134.1 135.3 134.9 135.3 134.8 52.5 52.3 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 67.3 133.5 134.1 135.7 136.4 136.8 137.4 139.0 52.2 52.1 52.0 52.0 52,0 52.0 52.4 76.3 76.6 61.8 j 85.3 81.3 79.7 80.5 79.5 80.2 28.6 27.5 26.4 25.1 24.6 24.1 81.5 79.8 77.6 78.7 78.2 53.9 50.5 58.5 34.7 32.6 31.3 30.4 29.7 79.0 78.4 79.5 81.0 48.6 \ Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 t 1) 11 10 22.8 21.8 21.8 21.4 78.0 21.2 77.2 20.8 75.7 20.5 75.8 20.8 68.1 71.6 74.6 71.7 74.2 73.2 80.1 76.8 77.2 77.7 77.7 r 75.7 20.6 75.6 20.4 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 55.7 55.7 55.3 55.1 55.2 55.3 54.9 54.5 54.3 54.5 54.5 55.2 54.3 54.2 54.3 54.4 54 .4 54.4 54.7 p - Preliminary. assets and time deposits at commercial banks exclude $1.1 billion of balance:s accumulated for the rather than for the last Wednesday of December. ' m e n t securities maturing within 1 year revised beginning January 1969 to conf orm to new Budget concept. C r e a s e d by'$1.7 billion on that date. Both 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) .
@FedFRASER