The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
L.4.3 Not for Publication Qesembsr 1977 .* v t % W\ \I BANKING AND MONETARY DEVELOPMENTS November 1977 Banking Section Division of Research and Statistics Board of Governors of the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) 4 th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr. 1977 1st half I a I 1976 3rd 2nd Yeai ' half Qtr. 8.8 9.5 7.5 11.3 10.6 12.6 8.6 11.8 22.5 5.5 .8 10.1 26.7 5.4 -19.4 16.2 2.3 4.7 6.6 2.7 .5 12.1 8.4 6.3 4.6 11.5 17.5 & 5 11.6 9.0 13.9 10.4 14-. 1 .13.8 12.4 10.6 20.9 17.3 2.7 8.6 4.6 12.4 10.9 12.6 10.3 11.9 3.1 Real estate loans 10.2 9.7 9.3 9.9 15.0 17.9. 16.3 16.8 14.4 14.3 12.7 15.1 15.3 14.3 11.8 16.5 18.A 14.4 18.2 12.7 Total bank credit^ U.S. Govt. sec. Other securities Loans^ Business loans Consumer loans 4.0 13.4 11.5 -34.9 -•27.6 -34.3 25.8 13.8 15.5 n.a. Adjusted to include loans sold to selected affiliates Total bank credit—^ 8.6 9.3 7.2 11.2 10.6 12.6 8.6 11.7 3.8 13.5 11.8 1/ Loans- 8.3 11.2 8.5 13.7 10.5 14.0 13.7 12.4 10.4 20.9 17.8 Business Loans 2.6 8.0 3.9 12.0 11.4 12.6 10.2 12.2 3.0 26.1 14.8 5V Money Stock - M^ 5.6 5.5 4.9 7.2 3.8 8.2 10.6 6.4 7.3 12.0 -1.8 Total time deposits 8.1 9.7 6.2 15.7 9.5 9.5 8.5 10.5 7.6 14.6 18.3 Time other than CD's 15.2 15.2 14.5 18.1 11.9 9.4 10.4 12.1 8.6 8.6 9.0 CD's (dollar change in billions) -18.8 -6.9 -7.1 .2 -1.1 1.7 -.7 .6 3.2 4.5 1/ Adjusted to exclude domestic interbank loans. n.a. - Not available. * Data revised beginning January 1977 on basis of June 30, 1977, Call Report benchmarks. Table 2 Loans and Investments at All Commercial Banks * (Seasonally Adjusted) Date 1/ Total- Loans—^ U.S. Gov't Securities (In billions of dollars) 62.6 378.9 54.5 449.0 50.4 500.2 79.4 496.9 Other Securities 116.5 129.9 139.8 144.8 December December •December •December 31 31 31 2/3/ 31 558.0 633.4 690.4 721.1 •July August September October November December 28 25 29 27 24 31 751.4 758.0 762.9 771.6 778.8 784.4 512.1 516.0 520.8 529.6 533.1 538.9 93.2 95.6 94.9 94.4 95.4 97.3 146.1 146.4 147.2 147.6 150.3 148.2 •January February March April May June July August September October November 26 23. 30 27 • 25 30 27p 31p 28p 26p 3 Op 787.3 797.9 805.1 815.7 823.9 830.5 837.0 845.6 848.4 857.9 866.1 541.4 546.6 552.9 560.7 566.1 572.4 579.0 587.0 592.2 602.5 611.2 97.0 101.7 103.8 103.2 105.1 105.2 103.6 103.1 100.1 97.8 95.0 148.9 149.6 148.4 151.8 152.7 152.9 154.4 155.5 156.1 157.6 159.9 1/ Adjusted to exclude domestic commercial interbank loans. 2/ 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 million in "other securities.11 3/ Beginning October 31, 1974, as the result of uhe liquidation of one large bank total loans were reduced by $1.0 billion; business loans by $0.6 billion; real estate loans by $0.2 billion; nonbank financial loans by $0.2 billion; and "other securities" by $0.5 billion; however, business loans were increased and real estate loans were reduced by $0.1 billion as the result of loan classifications at one large mideastern bank. *Data revised beginning January 1977 on basis of June 30, 1977, Call Report benchmarks. Table 3 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Loans sold outright by commercial banks , Commercial bank credit | Total loans and investments Date Business Loans Total Original Business Loans Total Loans 3/ Adjusted— Original 3/ Adjusted— Original 4/ Adjusted— 1972—Dec. 1973—Dec.-.,. 1974—Dec.-1975—Dec. 2.6 4.3 4.8 4.4 1.7 2.6 2.7 2.5 558.0 633.4 690.4 721.1 560.6 637.7 695.2 725.5 378.9 449.0 500.2 496.9 381.5 453.3 505.2 501.3 130.2 156.4 183.3 176.0 131.9 159.0 186.0 178.5 1976—Sept. 29 Oct. 27 Nov. 24 Dec. 31 3.9 3.8 3.8 3.8 2.5 2.4 2.4 2.4 762.9 771.6 778.8 784.4 766.8 775.4 782.6 788.2 520.8 529.6 533.1 538.9 524.7 533.4 536.9 542.7 174.1 176.8 179.0 179.5 176.6 179.2 181.4 181.9 1977—Jan. 26 Feb. 23 Mar. 30 Apr. 27 May 25 June 30 July 27p Aug. 31p Sept.28p Oct. 26p Nov. 3Op 4.0 3.9 4.0 4.0 4.0 4.0 4.1 4.1 4.0 4.1 4.4 2.6 2.6 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.9 3.1 787.3 797.9 805.1 815.7 823.9 830.5 837.0 845.6 848.4 857.9 866.1 791.3 801.8 809.1 819.7 827.9 834.5 841.1 849.7 852.4 862.0 870,5 541.4 546.6 552.9 560.7 566.1 572.4 579.0 587.0 592.2 602.5 611.2 545.4 550.5 556.9 564.7 570.1 576.4 583.1 591.1 596.2 606.6 615.6 180.4 182.2 184.4 186.7 188.2 190.2 192.4 194.6 195.1 199.3 201.6 183.0 184.8 187.1 189.5 191.0 193.0 195.2 197.4 197.9 202.2 204,7 i' ! ! ! i } j j | 1 | ! 1 i -1 — 1 J A..Vwt/vUf 4- r\ OA1 Vv QriV affiliates 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 banks' 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. 5J Beginning June 30, 1974, data revised to include one large mutal 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. . , 6/ Beginning October 31, 1974, as the result of the liquidation of one large bank, total loans and investments were reduced by $1.5 billion; Total loans by $1.0 billioh; and business loans by $0.6 billion. However, as the result of loan reclassifications at another large bank, business loans were increased by $0.1 billion. . 7/ Beginning March 31, 1976, as the result pf loan reclassifications in Chicago City and in the San Francisco District, business loans were reduced by $1.2 billion. p — Preliminary. n.a. — Not available. reyise.d beginning Digitized*Data for FRASER January 1977 on basis of June 30, 1977, C^ll Report benchmarks. Table 4 Loans at Commercial Banks* Seasonally adjusted Business Real Estate Security Consumer Nonbank Financial Agriculture I (In ^billions of dc liars) 1972—Dec. 1973 —Dec. 1974—Dec. 1975—Dec. 31 31 31 31 130.2 156.4 183.3 176.0 98.1 117.7 130.2 134.4 71.8 83.4 87.0 89.9 14.7 12.2 11.4 12.3 22.1 28.9 33.3 28.0 14.5 17.5 18.4 20.4 1976—Sept. Oct, Nov. Dec. 29 27 24 31 174.1 176.8 179.0 179.5 145.4 146.4 147.7 149.0 97.8 98.8 99.7 101.3 14.9 16.7 15.8 17.7 25.8 26.9 26.7 25.6 22.7 23.0 23.3 23.5 1977—Jan. Feb. Mar. Apr. May June July Aug Sept Oct Nov 26 23 30 27 25 30. 27p 31p 28p 26p 30p 180.4 182.2 184.4 186.7 188.2 190.2 192.4 194.6 195.1 199.3 201.6 150.8 152.5 154.6 156.8 159.0 161.5 163.6 166.1 168.1 170.1 172.3 .102.0 102.8 104.3 106.0 107.1 108.6 109.9 111.9 113.6 114.8 n.a. 17.3 17.6 17.7 18.3 19.1 18.5 18.6 18.8 18.7 18.5 20.2 26.7 26.3 25.6 25.9 25.6 24.3 24.8 24.5 25.0 25.8 25.9 23.6 23.7 24.0 24.4 24.8 25.2 25.4 25.8 26.3 26.7 26.9 * Data revised beginning Janu ary 1977 on bi sis of June 3C , 1977, Call Report benchmar as. p - Preliminary* n.a. - Not available r - revised 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 ndnbank financial loans by $0.2 billion. However, business loans wefe increased and real estate loans were reduced by $0.1 billion as the result of loan reclassifications at one large mideastern bank, 3/ Beginning March 31, 1976, as the result of loan reclassification business loans were reduced by $1200 million, ~~ real estate loaps increased by $800 million; and nonbank financial by $200 million. Table 5 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dpllars) 1976 ,. — „ Item ! Nov. w Dec. Jan. Feb. Mar. Apr. May June July p Aug. p Sept. p Oct. p Nov. p ! Loans and Investments 2/ +7.2 +5.6 +2.9 +10.6 +7.2 +10.6 +8.2 +6.6 +6.5 . +8.6 +2.8 +9.5 +8.2 U. S. Gov't, securities +1. 0 +1.9 -.3 +4.7 +2.1 — .6 +1.9 +.1 —1.6 -.5 -3.0 -2.3 -2.8 Other securities +2.7 -2.1 + .7 +.7 -1.2 +3.4 + .9 +.2 +1.5 +1,1 +.6 +1.5 +2.3 Loans If +3.5 +5.8 +2.5 +5.2 +6.3 +7.8 +5.4 +6,3 +6.6 +8.0 +5.2 +10.3 +8.7 Bus iness +2.2 +.5 +.9 +1.8 +2.2 +2.3 +1.5 +2.0 +2.f +2.2 +.5 +4.2 +2.3 Real estate +1.3 +1.3 +1.8 +1.7 +2.1 +2.2 +2.2 +2.5 +2,1 +2.5 +2.0 +2.0 +2.2 Consumer +.9 +1.6 +.7 + .8 +1.5 +1.7 +1.1 +1.5 +1.3 +2.0 +1.7 +1.2 Security -.9 +1.9 -. 4 + .3 + .1 +. 6 + .8 -.6 + .1 +.2 -.1 -.2 Nonbank financial -.2 -1.1 +1.1 -.4 -.7 + .3 -.3 -1.3 +.5 -.3 +.5 +.8 + .1 Agriculture +.3 +.2 +.1 +. 1 +.3 +.4 +.4 +.4 + .2 +.4 +.5 +.4 +.2 All other -.1 +1.4 -1.7 + .9 +.8 + .3 -.3 +1.8 +.2 +1.0 +.1 +1.9 1 2/ Adjusted to exclude interbank loans p-Preliminary *Data revised beginning January 1977 on basis of June 30, 1977, Call Report benchmarks. n.a. +1.7 n.a. Table 5A Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted Adjusted for Loans Sold to Affiliates* (In billions of dollars) Item Wav. Dec, Jan. Feb. Mar. Apr. May June July p £ug, p +3.1 +10.5 +7.3 +10.6 +8.2 +6.6 +6.6 +8.6 —. 6 +1.9 +.1 -1,6 Nov, p +2.7 +9,6 +8,5 -.5 -3.0 -2.3 -2.8 +1.5 +1.1 +.6 +1.5 +2.3 +6,3 +6.7 +8.0 +5.1 +10.4 +9.0 +2.0 +2.2 f2.2 + 5 +4.3 +2.5 +7,2 +5. 6 U.S. Gov't securities +1.0 +1.9 3 +4.7 +2.1 Other securities +2.7 -2.1 +,7 +.7 -1.2 +3.4 +,9 +.2 Loans^ +3.5 +5.8 +2.7 +5.1 +6.4 +7,8 +5.4 +2,2 +.5 +1.1 +1.8 +2.3 +2.4 +1.5 Business Sept. ,p Oct. p 2/ Loans and Investments— ' i 1 V Less than $50 million. ' "" ' — — 2/ Adjusted to exclude interbank loans p-Preliminary. *Data revised beginning January 1977 on fcasis of June 30, 1977, Call Report benchmarks. , j 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 Item 1977 p. 1976 1975 1974 1973 1972 1971 All commercial banks Total loans U. S. Gov't, securities Other securities Total +9.2 +.2 +1.3 +10.7 +3.4 +3.6 +1.6 +8.6 +3.8 +3.5 +.5 +7.8 +2.0 +1.4 +.5 +3.9 +2.7 +1.8 -.5 +4.0 +6.8 +2.3 +.7 +9.8 +2.1 +1.1 +.1 +3.3 All Lar@e Banks Total loans U. S. Gov't, securities Other securities Total +6.7 +.5 +.9 +8.0 +1.3 +2.8 +.9 +5.0 +2.6 +2.5 +.3 +5.4 +1.6 +1.4 +.2 +3.2 +. 6 +1.1 -.5 +1.2 +4.3 +2.0 +.5 +6.7 +. 1 +1.1 -.2 +1.0 Other banks Total loans U. S. Gov't, securities Other securities Total +2.5 -.4 +.5 +2.6 +2.1 +.7 +.7 +3.5 +1.2 +1.0 +.2 +2.4 +.4 +2.1 +.7 +. 4 +.7 +2.8 +2.5 +.3 +.2 +3.0 +2.0 1/ +.3 +2.3 1977 p. 1976 1975 1974 1973 1972 1971 Item — — — — All commercial banks Total loans U. S. Gov't, securities Other securities Total +60.6 -4.7 +9.5 +65.4 +24.0 +13.8 • +3.2 +40.9 -13.2 +24.9 +4.9 +16.6 +44.7 —6.1 +8.0 +46.5 +58.4 -9.3 +9.5 +58.6 +43.2 -1.7 +10.2 +51.6 +18.9 -.7 +14.8 +33.0 All Large Banks Total loans U. S. Gov't, securities Other securities Total +21.4 -5.2 +5.7 +21.9 -3.2 +6.4 +.7 +3.9 -23.0 +13.5 -1.8 -11.3 +26.2 -3.8 +.2 +22.5 +32.3 -6.0 +2.5 +28.8 +22.0 -1.8 +3.0 +23.2 +4.3 -1.4 +6.1 +9.0 +27.2 +7.4 +2.4 +37.0 +9.8 +11.4 +6.7 +27.9 +18.5 -2.3 +7.8 +24.0 +26.1 -3.3 +7.0 +29.8 +21.2 +14.6 +.7 +8.7 +23.9 Other banks Total loans U. S. Gov't, securities Other securities Total _ 2J - +39.2 +. 6 +3.8 +43.5 It +7.2 +28.4 Less than $50 million. 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 1967-77. 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, affilitates, subsidiaries, or foreign branches. Allowance has been made in monthly changes for all loan and security reclassifications. For description of reclassifications, see Table 3 and 8. Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) End cif October to end of November —' Business of borrower 1974 19J5 19J6 1977 1973 1974 1975 1976 1977p +157 +161 +400 +103 +231 +483 +207 -1284 -8 -440 +517 +490 +120 +195 +293 +84 +323 -41 -102 -574 +212 +480 +230 +139 +2183 +2376 -202 +1596 +2142 -1593 +171 +304 +101 +1512 +1235 -141 +145 +895 +1319 -403 +41 + 176 +85 +38 +671 -61 +1141 -1190 +701 +823 -99 -40 +136 +2438 -339 +3769 -170 -4240 -2304 +391 +14 +61 -59 +144 +45 -79 -57 +126 +81 +73 +44 -9 +13 -254 +1674 -145 +2040 -2877 -1178 -141 +19 +56 -24 +89 —68 +223 +1014 -598 +207 -901 -117 -7 -202 +47 +598 -35 +598 -810 +252 -306 -176 -248 -109 -161 -261 +664 +629 +414 +545 -651 +53 —94 +92 -14 -94 +120 +267 +585 +296 +103 -142 -60 -178 +13 -91 +612 +366 +784 -727 -172 -165 -85 -165 -56 -124 +831 +322 +1334 -1263 -231 -51 +88 -81 -70 -31 +251 +477 +82 +306 -625 +20 -142 +237 +48 +51 +181 +1107 +984 +302 +1246 +46 +134 +96 +119 +133 +2298 +2534 -2856 -729 -2403 +42 +102 -121 —63 -7 +295 +121 -131 -433 -930 +33 +20 +74 +51 +207 -544 -175 -29 -441 -93 +342 +234 +188 +44 +1952 —618 +2206 -43 -1529 -1382 +78 -47 +78 -200 -116 +875 +618 +836 -645 -1174 +97 +185 +2013 +802 +1697 +3366 +863 -1041 +2465 -2249 +190 -126 +1723 +1375 +554 +368 +2695 • +867 -1632 -339 +245 +73 +46 +12 +108 +148 +1763 +757 -479 -1391 -22 +244 +310 +140 -78 +1942 +443 +1340 -2637 -441 +53 +82 -132 +99 :: -1203 -22 . +888 -387 +176 +195 +139 +1141 +1285 +1854 +691 +3010 +14663 +17490 -5432 -11656 +326 +334 -281 +271 +456 +1958 +2027 -22 +3137 -813 +19517 +465 +1475 +1004 +2125 +16621 +1147 +6147 -ci4')4 -12469 Five most comparable weeks used throughout. Changes are compiled from December 27, 1972; December 26, 1973 December 31, 1974; December 31, 1975; and December 29, 1976. These data cannot be linked with all commercial bank data which are always for December 31. Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated medals Textiles, apparel, etc. Pettoleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation Communication Other public utilities Construction All other types of business Bankers acceptances Services Other Foreign business concerns Classified Unclassified Total Change 1/ 2/ ~* 1973 Late December to late November—' Table 8 Loans and Investments of All Commercial Banks (In billions of dollars) (Not seasonally adjusted) Loans and investments Date 1970--Dec. 1971--Dec. 1972--Dec. 1973--Dec. 1974--Dec. 1975--Dec. 1976--Dec. 1977--Jan, Feb. Mar. Apr. MayJune July Aug. Sept. Oct. Nov. U.S. Gov't Other securities Total loans Business Real estate Security Farm Consumer Nonbank financial institutions All other i/ 31— 31 / o / 312/3/ 31 31 446.8 497.9 571.4 647.3 705.6 737.0 801.6 61.7 64.9 67.0 58.3 54.5 84.1 102.5 86.1 104.7 117.1 130.6 140.5 145.5 148.9 299.0 328.3 387.3 458.5 510.7 507.4 550.2 112.5 118.5 132.7 159.4 186.8 179.4 182.9 72.5 81.6 98.4 118.0 130.6 134.8 149.5 12.1 12.9 17.6 14.6 13.6 14.8 21.2 11.2 12.5 14.3 17.3 18.2 20.2 23.3 53.6 61.2 72.1 83.7 87.3 90.2 101.7 15.9 16.9 23.4 30.5 35.2 29.6 27.0 21.2 24.7 28.8 35.0 38.8 38.1 44.6 26 23 30 27 25 30 27 P 31p 28p 26p 3 Op 785.6 791.5 803.2 812.9 821.1 835.5 834.2 842.8 848.4 856.1 866.4 101.2 102.8 105.0 103.4 102.4 101.6 100.0 99.4 98.5 97.7 97.9 147.9 148.6 148.7 153.0 153.4 154.1 154.3 155.2 155.9 157.1 158.4 536.6 540.1 549.5 556.5 565.3 579.8 579.9 588.2 594.0 601.3 610.1 178.4 180.4 184.3 186.9 188.4 192.7 192.4 193.6 195.5 198.6 200.8 150.6 ; 151.7 153.7 156.0 158.4 . 161.3 163.6 166.6 168.9 171.1 173.2 17.0 17.2 17.6 17.2 18.7 18.9 18.0 18.3 18.3 18.1 20.2 23.2 23.3 23.7 24.3 24.9 25.6 25.9 26.3 26.6 26.6 26.7 101.5 101.7 102.9 104.9 106.7 109.0 110.6 113.0 114.6 115.6 n.a. 26.1 25.5 25.6 25.4 25.3 25.2 25.0 25.0 25.0 25.3 25.6 39.8 40.3 41.7 41.8 42.9 47.1 44.4 45.4 45.1 46.0 n.a. 31 31 n.a. - Not availaboe 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 1972, business loans were reduced by $400 million, nonbank financial institutions increasedjby $300 million, and "other" loans increased by $100 million as the result of loan reclassifications at one large bank. 2/ 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 $300 million of which $500 million were in loans and $100 in "other securities." 3/ 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; nonbank 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. *Data revised beginning Januarv 1977 based on Jim a 10, 1977, flail Rennrt KpncHtnarVQ, TABLE 9 * ^ 4/ Ratios of Total Deposits L O A N S M e m b e r B a n k s Reserve City Banks All City commercial New York of banks Total City Chicago DATE 1968- -Dec. 1969- -Dec. 1970- -Dec. 1971- -Dec. 1972- -Dec. 1973- -Dec. 1974- -Dec. 1975- -Dec. 31* 31*=31* , 31*^' 31* 31* 31* 31* 64.7 72.0 67.3 65.7 67.9 72.0 72.9 (63.7.) (69.8) (66.2) (65.6) (67.7) (71.8) (72.5) 66.8 75.7 69.9 68.0 70.6 75.3 76.0 83.5 102.8 87.5 84.1 85.4 87 87 (76.3) (86.4) (79.6) (83.2) (84.0) (86.4) (85.8) 75.1 89.5 80.6 78.1 87.2 93.7 91.5 Other Country 69.1 79.5 73.3 71.6 77.3 81.7 81.9 58.2 1976—June 30* July 28* Aug. 25* Sept.29* Oct. 27* Nov. 24* Dec. 31* *7M£&§£]P BANlPtillA ,Fd§LiY ON ci£t4DATES 69.4 (69.1) 71.9 82.7 (78.6) 87.9 76.8 70.3 (69.9) 70.9 (70.4) 70.9 (70.3) 71.0 (70.5) 70.6 (70.1) 69.7 (69.1) 72.0 85.7 (81.5) 94.1 76.0 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. 70.4 70.4 70.5 71.1 72.2 71.7 72.5 72.7 73.3 73.7 26* 23* 30*; 27*. 25*; 30*p 27*p 31*p 28*0 26*p 68 (70.0) (70.1) (70.2) (70.8) (71,8) (71.3) (72.2) (72.3) (72.9) (73.2) 73.6 81.7(79.3) 90.2 79.1 62.8 60.2 59.2 60.1 53.9 64.6 61.5 62.7 62.2 65.1 *-Ratios in parthentheses are those obtained by adding Euro-dollars to the deposit base. If Total loans (adjusted to exclude loans to banks) and total deposits (adjusted to exclude cash items in process of collection)• 2/ 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. 3/ Loan data revised to exclude only loans to domestic commercial banks. Previous data had also excluded loans to foreign commercial banks. , 4/ Data revised beginning January 1977 on basis of June 30, 1977, Call Report benchmarks. Table 10 Money Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions) M 3 M_2 plus M 2 M^ plus i time dep. Currency at comm. plus demand - . other than deposits— large CD's M deposits at nonbank thrift institutions and credit Uunion UJ UU 2/ 3/ — shares — Currency Demand Deposits Components of money stock measures and related items CD's Time other than CD's Total time U.S. Turnover* Gov't. outside Nondeposits N.Y. bank thrift (all City institutions— member) (percent) 1973—Dec. 1974—Dec. 1975—Dec. 1976—Dec. 270.5 283.1 294.8 312.4 571.4 612.4 664.3 740.3 919.6 981.5 1092.9 1237.1 61.5 67.8 73.7 80.5 209.0 215.3 221.0 231.9 63.0 89.0 82.1 63.3 300.9 329.3 369.6 427.9 363.4 418.3 451.7 491.1 348.1 369.1 428.2 496.8 5.0 3.5 3.0 3.2 65.0 74.8 73.7 83.7 1977——Jan. Feb, Mar. Apr. May June July Aug. Sept. Oct. Nov.p 313.8 314.0 315.4 320.5 320.7 321.9 326.8 328.4 330.4 337.7 333.2 746.3 750.7 756.1 764.6 767.6 772.8 783.5 787.7 792.9 799.6 802.6 1248.9 1258.2 1268.1 1281.2 1289.0 1299.5 1316.9 1329.4 1343.1 1357.1 1365.3 81.1 . 81.8 82.2 83.1 83.6 84.0 85.1 85.5 86.4 87.1 87.8 232.7 232.1 233.2 237.4 237.1 238.0 241.6 242.8 244.0 246.6 245.5 63.1 63.3 62.2 61.6 62.3 63.9 62.8 63.2 63.2 66.4 70.9 432,5 436,7 440.6 444.1 446.9 450.9 456.7 459.4 462.6 465.9 469.4 495.6 500.0 502.8 505.7 509.2 514.8 519.5 522.5 525.8 532.2 540.3 502.6 507.5 512.1 516.6 521.4 526.7 533.5 541.7 550.2 557.5 562.7 2.7 2.5 2.8 3.6 2.1 3.7 2.8 3.6 3.7 3.3 3.5 84.7 83.0 86.0 86.4 89.4 88.8 86.1 89.2 90.1 88.8 n.a. Week Ending 2 9 16 23 30 331.3 333.8 334.1 331.5 333.1 798.0 801.8 803.0 801.8 803.8 87.5 87.6 87.7 87.7 88.1 243.8 246.2 246.4 243.8 245.1 68.2 69.4 70.5 71.8 72.5 466.7 468.0 468.9 470.3 470.7 535.0 537.4 . 539.5 542.2 543.2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 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. . 2J Includes in addition to currency and demand deposits, savings deposits, time depos:is 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 ML, plus the average of the beginning and end of month deposits of mutual savings banks, savings and loan shares, and credit union shares. Digitized for4/ FRASER Average of beginning and end of month deposits at mutual savings banks, savings anc loan shares, and credit union shares. * revised series. Table 11-A Liquid Asset Holdings of Private Domestic Nonfinancial Investors (Seasonally adjusted monthly averages; amounts in billions of dollars, ratios in per cent) Other Liquid Assets U.S. shortTime Deposits term marketable Demand Commercial Thrift Negotiable CommerTreasury Savings deposits banks institutions Total CD's cial paper securities Bonds Currency and Deposits Total liquid assets Period Total Currency 8 10 11 1970--Dec. 1971--Dec. 1972--Dec. 1973--Dec. 1974--Dec. 1975--Dec. 769.5 851.8 967.4 1079.2 1166.9 1290.4 632.4 718.9 817.0 887.5 945.2 1054.4 49.1 52.6 56.9 61.5 67.8 73.7 151.8 161.6 176.4 183.3 187.2 191.7 198.9 233.6 264.5 294.5 321.2 360.6 232.7 271.1 319.3 348.1 369.1 428.3 137.1 132.9 150.4 191.7 221.7 236.1 21*8 27.7 36.3 53.8 70.4 59.4 21.4 19.6 22.2 34.3 40.5 43.0 41.9 31.3 34.4 43.3 47.5 66.5 52.0 54.3 57.6 60.3 63.3 67.2 1976--Aug. Sept Oct. Nov. Dec. 1376.7 1386.9 1402.8 1413.0 1423,7 1142.9 1155.1 1171.0 1182.2 1194.2 78.6 79.2 79.8 80.2 80.5 198.0 197.4 199.8 198.3 198.8 395.9 401.0 406.5 412.7 418.1 470.5 477.6 484.8 491.0 496.8 233.8 231.8 231.8 230.8 229.5 46.1 44.6 44.0 43.4 44.2 47.4 47.8 47.8 47.5 47.4 69.9 68.7 68.9 68.5 66.1 70.4 70.7 71.1 71.5 71.9 1977--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1438.5 1453.6 1464.3 1478,6 1486.8 1499.6 -1519.4 1534.1 1544.7 1567.4 1580.1 1207.6 1216.7 1226.0 1239.4 . 1246.3 1256.0 1273.4 1284.7 1299.0 1313.4 1321.0 81.1 81.8 82.2 83.1 83,6 84.0 85.1 85.5 86.4 87.1 87.8 200.9 200.1 200.9 205.5 204.5 423.0 427.2 430.8 434.2 436.8 440.4 446.1 448.9 452.5 455.7 458,2 502.6 507.5 512.1 516.6 521.4 526.7 533,5 541.7 550.2 557.5 562.8 230.9 236.9 238.3 239.2 240.5 43.6 44.2 A3.3 42.5 42.8 48.1 49.7 51.7 53.3 54.7 66.9 70.3 70.3 70.0 69.2 72.3 72.6 73.0 73.4 73.8 243.6 246.0 249.4 250.7 253,9 259.1 44.3 43.4 43.8 43.5 46.8 51.6 56.6 58.1 58.7 59.3 59.9 60.4 68.4 69.8 £L.8" 72.5 71.5 70.9 74.2 74.7 75.1 75.4 75.8 76.2 NOTE: 205.0 208.7 208,6 209.9 213.2 212.2 For description of items, and computation of ratios, see Table 11-C. TABLE 11-B Period Currency and demand deposits to liquid assets 12 Bank liability to liquid assets 13 Time deposits at thrifts institutions to liquid assets 14 Liquid assets to GNP 15 Currency and demand deposits to GNP 16 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 1976—Dec. 1977—Q1 Q2 03 1976—sept. Oct. Nov. Dec. 24.1 22.7 21.9 20.6 19.6 19.3 19.2 19.1 r9.9 19.9 19.7 19.6 49.3 49.3 49.6 47.4 46.4 46.1 46.0 45.7 46.4 46.4 46.3 46.4 33.0 32.3 31.6 33.2 34.9 35.0 35.1 35.6 34.4 34.6 34.8 34.9 78.0 78.8 80.3 80.3 79.8 80.2 79.6 80.3 n.a. n.a. n.a. n.a. 19.2 18.3 17.7 17.1 16.1 15.6 15.4 15.4 n.a. n.a. n.a. n.a. 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 19.6 19,4 19.3 19.5 19.4 19.3 19.3 19.2 19.1 19.2 19.0 46.4 46.2 46.1 46.1 46.0 46.0 46.0 45.7 45.6 45.7 45.7 34.9 34.9 35.0 34.9 35.1 35.1 35.1 35.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 35.5 35.6 35.6 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 held by domestic nonfinancial sectors. Deposits at nonbank thrift institutions and credit unions, as 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 column 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.
@FedFRASER