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L.4.3 Not. fBr publication ^ • : . > r . „ 0 T -' , December 18, 1970. AND MONETARY DEVELOPMENTS IN NOVEMBER 1970 ,C0C 6® Summary. Commercial bank credit, after adjustment for changes in loans sold to affiliates, increased somewhat in November following a small decline in October. Holdings of municipal and Federal agency issues continued o expand sharply while holdings of U.S. Treasury issues and loans increased slightly following substantial contraction in October. The money supply increased at an annual rate of 3.9 per cent in November, considerably faster than in October. Growth in time and savings deposits, while slowing somewhat further, remained substantial. U.S. Government deposits increased. Bank-related commercial paper and Euro-dollar borrowings declined further as did net borrowed reserves. Changes in Commercial Bank Credit. Money Supply, and Time Deposits 1/ 1968 Year 1'969 Second First Year Half Half Third Otr. 1970 Jan. Nov. Oct. Nov • 7.1 0.8 9.3 25.9 9.7 -27.1 4.3 10.4 20.3 18.2 30.5 35.6 Total bank credit 11.0 3.1 2.0 2.5 17.0 U.S. Govt. sec. 3.0 -15.7 -15.6 8.5 -1.4 Other securities 16.4 — Loans 11.6 8.4 6.6 -0.5 14.3 3.8 -1.7 3.3 11.1 10.6 7.4 0.9 12.4 2.8 -8.7 -3.3 Business loans Ad 1ui3ted for loan !sales to bank a;Ef iliattas Total bank credit Loans Business loans Money supply Time deposits 11.0 4.0 2.9 4.5 13.9 6.9 -1.7 7.8 11.6 9.9 7.8 2.4 9.8 3.6 -5.3 1.2 11.1 13.1 9.5 8.1 1.8 2.8 -13.8 -8.6 7.8 3.1 1.2 5.9 6.1 5.4 1.1 3.9 11.1 -5.0 -6.6 7.8 32.2 17.0 20.3 15.1 Bank credit. Total loans and investments at all commercial banks, after adjustment for outstanding loans sold to affiliates, increased $2.8 billion in November following a slight decline in October and an average monthly increase of almost $5 billion during the third quarter. Most of the November expansion reflected net acquisitions of municipal and Federal agency securities concentrated at large city banks. Holdings of U.S. Government securities increased slightly more than usual at both large and small banks while total loans, which also increased slightly, were weak at the larger banks but relatively strong at the smaller banks. Over the January-November period, total credit increased at an annual rate of almost 7 per cent, more than half again as fast as over the year 1969. Holdings of municipal, Federal agency, and other securities increased $2.4 billion in November following increases almost as sharp in each of the two previous months. On balance, over the September-November period, the $6.5 billion increase in these holdings was much larger than in any other threemonth period on record. Most of the municipal acquisitions in November were short- and medium-term issues but banks also purchased some longer-term ^ • securities. Over the first 11 months of 1970, holdings of "other securities increased at the relatively high annual rate of 18 per cent following no overall change in the year 1969. Holdings of U.S. Treasury issues increased $200 million in November following a substantial contraction in the previous month. On November 15, the Treasury offered two notes (3 years, 6 months and 5 years, 9 months) in exchange for a $7.7 billion maturing note issue; over 90 per cent of the issue was exchanged. And on November 16, $2 billion of new 18-month notes (payable 50 per cent in tax and loan accounts) were delivered. On balance, the Treasury raised $1.3 billion of new cash as a result of the exchange and auction. Total loans, after adjustment for outstanding loans sold to affiliates, increased $300 million in November following a substantial decline in October. Business borrowing continued weak and over the three months ending November, these loans declined at an annual rate of over 10 per cent. Apparently, in November, corporations continued to use some of the proceeds of capital market financings to repay.bank borrowings. Also, the auto strike and generally sluggish economic activity were presumably associated with weak loan demands. Security loans—which had been increasing sharply since early summeralso declined somewhat in November reflecting in part net repayments as U.S. Government securities dealers reduced inventories. On the other hand, loans to nonbank financial institutions rose somewhat following little change over the 2 previous months and consumer and real estate loans continued to increase at the moderate pace prevailing over the past few months. Money supply, time deposits, and nondeposit sources of funds. The money supply increased at an annual rate of 3.9 per cent in November after increasing only slightly in October. (Data are on revised basis.) Currency expansion slowed in November but this was more than offset by a rise in privately-held demand deposits which had declined in October. Over the January-November period the money supply increased at an annual rate of 5.4 per cent compared with 3.1 per cent over the year 1969. U.S. Government deposits also rose in November. On average, over recent months, these deposits have been considerably above their year-ago levels. Growth in time and savings deposits slowed somewhat further in November--$2.8 b i l l i o n — c o m p a r e d with $3.7 billion in October and with over $5 billion per month during the third quarter. At large commercial banks both acquisitions of large negotiable CD's and inflows of consumer-type time and savings deposits were relatively strong but somewhat smaller than in most other recent months when growth had been exceptionally rapid. Over the first 11 months of 1970, time and savings deposits increased at an annual rate of 17 per cent following a 5 per cent reduction over the year 1969. Nondeposit sources of funds declined $1.4 billion further in November — or at about the same pace as in October but much below the sharp drop in September when reserve requirements on commercial paper had become effective. Bank-related commercial paper outstanding was reduced over $500 million in November bringing the total reduction since July to $4.6 billion and Euro-dollar borrowing was reduced over $900 million bringing the reduction since May to $3.8 billion. Funds obtained from other sources outside the United States and from loan RP's also drifted down over the summer months. Bank reserves. Net borrowed reserves of member banks averaged about $165 million over the 5 weeks ending December 2 compared with $275 million in October. Member bank borrowings declined further and excess reserves rose. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. 1.4.3-EXHIBIT A, P A R T I LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Billions of dollars Last W e d n e s d a y o f m o n t h , s e a s o n a l l y a d j u s t e d j 400 TOTAL LOANS AND INVESTMENTS 300 LOANS 200 80 OTHER SECURITIES U.S. GOVT. SECURITIES 40 J 1966 ^ C H A N G E IN SERIES. S 1969 1970 Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) ( I n 1962—Dec. 1963—Dec. 1964--Dec. 1965—Dec. 1966--Dec, 1967—Dec. 1968—Dec. 31 2/ 31 2/ 31 31 31 30 31 227.9 246.2 267.2 294.4 310.5 3/ 346.5 384.6 Other securities U.S. Gov't. securities Loans Total Date b i 1 1 i o n s 134.0 149.6 167.7 192,6 208.2 3/ 225.4 251,6 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 1969--June 30 (old series) 4/ June 30 (new series) July 30 Aug. 27 Sept.24 Oct, 29 Nov. 26 Dec. 31 392.5 397.3 397.7 397.5 396.5 397.6 401.2 401.3 269.2 269.9 270.3 271.3 ' 273.8 276.4 278.1 56.2 56.3 56.S 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 1970- - Ja n. 28 Feb. 25 Mar. 25 Apr. 29 27 May June 30 July 29 Aug. 26 Sept.30 398.5 399.7 400.9 403.5 405.9 406 .4 412.8 418.3 423.7 424.0 427.3 276.6 278.5 277.6 277 .0 278.0 277 .4 281.5 284.1 287.3 286.9 287.7 50.4 49.8 50.3 52 .4 53.4 54.1 55.8 57.5 57.6 56.3 56.5 71.5 71.4 73.0 74.0 74.5 75.0 75.5 76.7 78.8 Oct . 28 Nov. 25 1/ Adjusted to exclude interbank loans 264.3 p - Preliminary r - Revised 80.8 83.2 e - Estimated of participation certificates. Beginning July 1969, bank credit data are revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data for commercial banks only. Also total loans and investments are now reported gross of valuation reserves rather than net as previously reported. Individual loan items have always been reported gross. NOTE; Chart has not been completely revised for changes in data relating to benchmark revisions. Overlapping data for March 1969 and October 1969 are shown. 4/ ~ • # # • • • # # # a ' # # " Loans # E S E B I T A - PART I # # # LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES sold (outstanding outright in by billions - Sold Date commercial of Business Total N.S.A.) to Sold to Affiliates nonbank 1/ Total 2/ and loans Total investments Original Loans Total Loans Total public Business Business Loans Ad lusted 3/ Ad lusted 1969 104.2 270.3 273.5 103.4 105.5 400.2 271.3 275.0 104.1 1 0 6 .5 402.3 273.8 278.5 104.5 107.7 405.9 276.4 281.1 104.8 108.1 405.1 278.1 281.9 106.1 108.5 1.3 0.7 0.4 399.4 269.2 2.7 1.8 0.9 0.5 397.7 400.4 269.9 Aug. 27 4.1 2.6 3.2 2.1 0.9 0.5 397.5 400.7 Sept.24 4.6 2.9 3.7 2.4 0.9 0.5 396.5 Oct. 29 5.8 3.8 4.7 3.2 1.1 0.6 397.6 Nov. 26 6.0 4.0 4.7 3.3 1.3 0.7 401.2 Dec. 31 5.2 3.0 3.8 2.4 1.4 0.6 401.3 . . 4/ 103.6 102.4 2.1 2.3 7/ Ad lusted 1 0 2 .3 1.7 3.6 397.3 Original 272.6 .2.8 30 5/ 3/ 271.3 30 July 5/ Business; loans loans Original June 5/ # Commercial bank credit (seasonally ad lusted) banks dollars # ' 1970 Jan. 28 7.5 5.0 5.8 4.3 1.7 0.7 398.5 404.3 276.6 282.4 105.4 109.7 Feb. 25 8.2 5.6 6.4 4.8 1.J8 0,8 399.7 406.1 278.5 284.9 195.6 110.4 Mar. 25 8.5 5.9 6.7 5.1 1.8 0.7 400.9 407.6 277.6 284.3 105.1 110.2 Apr. 29 8.8 6.1 6.9 5.4 1.8 0.8 403.5 410.4 277.0 283.9 105.2 110.6 May 21 9.6 6.9 7.8 6.2 1.8 0.7 405.9 413,7 278.0 285.8 105.7 111.9 June 30 9.7 7.0 7.9 6.3 1.8 0.7 406.4 414.3 277.4 285.3 1 0 6 .6 112.9 July 29 9.9 6.8 8.0 6.2 1.9 0.6 412.8 420.8 281.5 289.5 106.9 113.1 Aug. 26 426.1 284.1 291.9 108.4 114.2 428.7 287.3 292.3 109.9 113.4 9.6 6.4 7.8 5.8 1.8 0.6 418.3 Sept.30 Oct. 2 8 p 6.7 4.0 5.0 3.5 1.7 0.5 423.7 5.9 3.5 4.1 3.0 1.8 0.5 424.0 428.1 286.9 291.0 109.1 112.1 Nov. 5.5 3.0 3.6 2.5 1.8 0.5 427.3 430.9 287.7 291.3 10*.9 111.3 5.8 25 p (Net change in b i l l i o n s of . (Annual dollar s) rates in per cent) 1969 J une 30 0.8 0.6 0.6 0.5 0.2 0.1 0.9 2.7 0.9 3.5 — July 30 0.8 0.6 0.6 0.5 0.2 0.1 1.2 3.0 3.1 5.7 1.2 6.9 Aug. 27 0.5 0.3 0.5 0*.3 6/ 6/ -0.6 0.9 1.8 4.0 11.7 15.0 Sept.24 0.5 0.3 0.5 0.3 6/ 6/ -3.0 -1.5 4,4 6.6 8.1 11.4 Oct. 29 0.2 0.9 1.0 0.8 0.2 0.1 3.3 6.3 11.1 15.3 4.6 13.5 Nov. 26 0.2 0.2 6/ 0.1 0.2 0.1 10.9 10.7 11.4 11.2 3.4 4.5 Dec. 31 -0.8 -1.0 -0.9 -0.9 -0.1 -0.1 0.3 -2.4 7.3 3.4 14.9 4.4 1970 13;3 Jan. 28 2.3 2.0 2.0 1.9 0.3 0.1 -8.4 -2.4 -6.5 2.1 -7.9 Feb. 25 0.7 0.6 0.6 0.5 0.1 0.1 3.6 5.3 8.2 10.6 2.2 7.7 -2.2 Mar. 25 0.3 0.3 0.3 0.4 6/ 6/ 3.6 4.4 -3.9 -2.6 -5.7 Apr. 29 0.3 0.3 0.3 0.2 6/ 6/ 7.8 8.2 -2.6 -1.7 1.1 4.4 May 27 0.8 0.3 0.9 0.8 6/ -0.1 7.1 9.6 4.3 8.0 5.7 14.1 10.7 June 30 0.1 0.1 0.1 0.1 6/ 6/ 1.5 1.7 -2.6 -2.1 10.2 July 29 0.2 -0.2 0.1 -0.1 0.1 -0.1 18.9 18.8 17.7 17.7 3.4 2.1 Aug. 26 -0.3 -0.4 -0.2 -0.4 -0.1 6/ 16.0 15.1 11.1 9.9 16.8 11.7 Sept.30 Oct. 28 p -2.9 -0.8 -2.4 -0.5 2.8 -2.3 -0.1 -0.1 15.5 7.3 -0.5 0.1 6/ 0.8 -1.7 -5.3 1 6 .6 -8.7 -13.8 NOV. 13.5 -1.7 1.6 -0.9 -0.4 -0.4 -0.5 -0.5 i/ 6/ 9.3 7.8 3.3 1.2 -3.3 -8.6 25 p T 7 To bank 2/ To other holding than companies, banks' 3/ Includes all 4/ Includes business loans 5/ Partly and sold loans affiliates, bank-related to bank sold to subsidiaries, affiliates holding bank or companies, holding or affiliates, companies, estimated. 6J Less Tj Adjusted than $50 to p - Preliminary c - Corrected. r - Revised. million. maintain comparability with subsequent foreign branches . subsidiaries . data. subsidiaries, affiliates, or foreign subsidiaries, or branches. foreign branches . -8.4 , # # # # # * e # # e # EXHIBIT A - PART IV NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE (Outstandings in billions of dollars) Date Euro-dollars Through branches outside U.S. Territories Foreign and possessions Through brokers and 1/ dealers Direct^ Total Total 1969 May 2 8 June 25 July 30 Aug. 27 Sept.24 Oct. 29 Nov. 26 Dec. 31 12.7 16.8 19.4 19.6 19.1 19.4 20.9 19.6 10.9 14.3 15.6 15.9 15.5 14.8 15.9 14.5 9.9 13.3 14.4 14.7 14.3 13.6 14.5 12.8 0.6 0.4 0.4 0.3 0.3 0.4 0.4 0.8 0.1 6/ 0.2 6/ 0.3 0.5 0.4 0.5 0.6 0.6 0.2 6/ 0.4 6/ 0.5 0.4 0.4 0.3 0.3 0.3 1970 Jan. 28 Feb. 25 Mar. 25 Apr . 29 May 27 June 24 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 p 21.6 21.5 20.7 20.7 21.7 21.5 19.9 19.5 15.8 14.5 13.1 15.2 14.6 13.3 13.2 13.4 13.2 11.4 11.5 10.5 10.2 9.3 13.6 13.1 11.9 12.0 12.4 12.2 10.5 10.7 9.8 9.4 8.6 0,7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.3 0,3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 i 1/ 2/ 3/ 4/ 5/ 6/ 7/ .i Commercial paper 2/ Loans sold under repurchase agreement 3/ Customer To the To bank , , nonbank, guaranteed Ineligible acceptances paper public-^ Total affiliates— 0.8 1.2 1.9 2.2 2.6 3.7 - 4.2 4.3 1.0 1.3 2.0 1.5 1.0 0.9 0.8 0.8 0.4 0.4 0.7 0.6 0.5 0.5 0.5 0.6 0.6 0.8 1.3 0.9 0.5 0.4 0.3 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 Z/ 0.1 0.1 0.1 0.2 0.2 0.2 0.1 5.6 6.1 6.5 6.6 7.6 7.6 7.8 7.3 4.6 3.7 3.1 0.8 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.2 • 0.2 0.1 0.1 0.1 0.1 0.1 0.1 7/ 7/ 7/ 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.4 0.4 0.5 0.5 0.6 0.5 0.5 0.5 0.4 Includes an indeterminate amount of Federal funds purchases from U.S. Agencies of foreign banks. Issued by a bank holding company or other bank affiliates. Loans or participation.in pools of loans sold under repurchase agreements. To bank holding companies, affiliates, or subsidiaries. To other than banks and bank-related affiliates or subsidiaries. Partly estimated. Less than $50 million. These Data Are Not for Publication. r - Revised. c - Corrected. L.4.3-EXHIBIT B, P a r t i LOANS AT ALL COMMERCIAL BANKS Billions of dollars Last Wednesday of m o n t h , seasonally adjusted , r r I II r 110 100 BUSINESS 90 i 80 - 70 - 60 REAL ESTATE 50 40 CONSUMER 30 15 10 1 1 1 1 M J S 1966 * CHANGE IN SERIES. SECURITY 1 D 1968 M J 1969 S D 1970 Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Security Real Estate ( I n 1962—Dec. 1963—Dec. 1964—-Dec. 1965—Dec. 1966—Dec. 1967—Dec, 1968—Dec. 31 1/ 31 1/ 31 31 31 31 31 47.6 52.0 38.4 69.4 78.6 86.3 95.9 1 9 6 9 — J u n e 30 July 30 2/ Aug. 27 Sept.24 Oct. 29 Nov. 26 Dec. 31 Dec. 31 102.3 102.4 103.4 104.1 104.5 104 .'8 1970—Jan. 105.4 105.6 105.1 105.2 105.7 June 30 July 29 Sept.30 Nov. 25 1/ 2/ 106.1 A g r i c u l t u r e o n 34.2 39.1 43.6 49.2 53.8 58.4 65.0 68.4 68.7 69.0 69.3 69.6 69.9 " 3/70.4 (old) 69.9 (new) 6.1 23.7 27.2 31.1 35.6 38.2 40.0 44.9 6.9 7.4 7.4 7.9 9.2 10.4 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 7.6 9.1 9.8 11.9 12.1 11.4 12.5 7.1 7.4 7.6 8.3 8.7 9.5 9.9 12.8 10.4 12.3 12.4 12.1 12.3 12,7 3/13.2(old) 13.7(new) 10.6 10.7 10.8 10.6 10.5 10.5 48.4 12.9 106 .6 4/ 48.9 106.9 108.4 109.9 109.1 11.5 108.8 SH£SS=S~ JBifS=s 3/ Nonbank financial 4/ lapping data for March 1969 and October 1969 are shown. These data are not for publication. ™its? Exhibit B, Part III Loans Sold Outright To Affiliates, By Major Loan Categories, and Outstanding Loans Adjusted To Include Loans Sold (Seasonally adjusted, in billions of dollars) Business Loans Loans Loans Adjusted Sold Date 1969--June July August September October November December •January February March April May June July August September : : o ir November 1/ 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 28 25 25 29 27 30 29 26 30 4.,3 4..8 5,.1 5,.4 6,.2 6,.3 6 .2 5 .8 3 .5 3..0 2 .5 109.7 110.4 110.2 112.6 111.9 112.9 113.1 114.2 113.4 112.1 111.3 0.1 0.1 P 25 p 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Nonbank Financial Loans Loans Adjusted Sold 0.2 0.2 68.8 0.2 69.1 0.3 69.4 0.4 69.7 0.3 70.0 70.5(old)' 0.1 70.0(new) 68.5 7U.3 70.6 70.8 70.8 70.8 70.7 70.8 70.9 71.1 71.3 71.5 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.5 0.3 0.2 0.1 Security Loans Loans Adjusted Sold 13.0 12.5 12.6 12.4 12.7 13.0 13.3(old)* 13.8(new) 13 .6 13.4 12.9 12.9 13.4 13.9 15.6 15.1 14.9 14.8 15.0 1/ 0.1 0.1 0.1 0.2 0.2 0.2 1/ 1/ 1/ 1/ 0.1 1/ 0.2 0.4 0.3 0.2 0.2 Consumer Loans Loans Adjusted Sold 9.2 9.7 8.4 8.4 9.4 10.5 9.6 0.3 0.1 8.1 9.1 9.4 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.3 0.3 8.6 8.7 7.2 8.6 9.7 10.2 10 .6 10.3 0.2 0.3 0.4 0.4 0.4 0.2 47 .0 46.8 47 .1 47.6 48.1 48.1 48.6 48.9 49.0 48.9 48:9 48.9 49.0 49.2 49.5 49.7 49.9 50.0 Agriculture Loans Loans Adjusted Sdld # 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 10.4 1-0.6 10.7 10.8 10.6 10.5 10.5 10.6 10.6 10.6 10.7 10.9 11.0 11.1 11.4 11.5 11.4 11.3 mammmses,. Less than $50 million. NOTE: Real Estate Loans Loans Adjusted Sold --See footnote 4, Exhibit B, Part II Exhibit Changes in Loans and Investments (In at All billions C Commercial of Banks, Seasonally Aug. June Jan. Nov. Adjusted dollars) !• S e p t . i Oct. p | Nov. p + 0*5 Loans and Investments U. Gov't, 2/ j 1*1 I - 1.2 + 0.7 S. Other securities + 1.0 + 0.2 securities Loans 2/ Business + 0.4 Real estate + 0.3 + 0.5 financial + 0.2 + 0.6 Total loans security + 0.9 + 0,3 _ Less than $50 million. financial institutions. r + 0.1 4- 0.2 + 0„6 + 0.2 + 0.1 r - 0.4 + 0.4 + 0.2 + 0.9 + 0.2 + 0.3 * ' Estimated. Individual I + 0.3 3/ Total loans excluding security and nonbank financial 3/ + 0.2 + 0.5 + 0.4 + 0.5 excluding 1+0. + 0.2 + 0.2 other - 0.4 + 0.3 Agriculture All - 0.6 + 0.2 + 1.0 + 0.4 + 1.0 : + 0.2 + 0.5 + 0.3 + 0.5 + 0.9 Nonbank ] + 0.5 + 0.2 + 0.3 Consumer + 0.5 -1.3 r - Revised. Loan Categories Are + 0.6 P " Preliminary. Not Available for Publication. 14- 0.8 Exhibit D Changes in Loans and Investments at All Commercial Banks, at W e e k l y Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of d o l l a r s ) Last W e d n e s d a y of October to last W e d n e s d a y of November Item All commercial banks 6J Total loans U. S. Gov't, securities Other securities Total All Large Banks 1970 1969 + 0.7 4- 1.0 + + + + + 1.6 + 3.2 5/ 6/ Total loans U. S. Gov't, securities Other securities Total Other banks 5/ 6/ Total loans U. S. Gov't, securities Other securities Total All Large Banks Other banks 5J 6J Total loans U. S. Gov't, securities Other securities Total 1/ 2/ 3/ + 2.9 + 1.3 + 0.5 - 2.0 + 0.7 + 0.8 + 1.6 + 2.5 + + + 1.9 1.9 0.3 0.4 + 0.8 + 0.1 + 3.9 + + + + 1.4 + 0.7 + 1.0 - 0.1 + 0.5 + 0.4 + 0.4 + 1.2 + 0.7 + 1.9 1968 1967 +12.3 - 9.5 - 0.5 + 2.4 +18.3 + 0.3 + 8.5 + 6.7 + 8.0 +26.6 +11.0 +26.2 + 3.3 - 5.5 - 3.1 -5.4 + 9.1 + 2.2 - 0.6 + 3.2 + 6.7 + 9.1 -3.9 + 2.7 + 7.8 + 9.2 + 0.9 + 3.3 +13.3 + 1.8 + 1970 1969 + 1.7 + 3.3 +11.3 +16.3 - 2.8 + 0.1 + 0.1 + 4.9 +10.5 - 0.4 + 2.1 - 0.8 +. 1.2 + 1.0 - 0.8 + 1.0 + 0.5 -4- 1.2 + 0.4 + 0.3 + 4.5 + 2.2 + 0.2 + 0.1 + 0.6 + 2.0 1.4 + 4.7 +13.3 + 0.8 +12.2 + 6.3 + 3.5 + 4.1 +14.0 1964 + 0.8 + 0.9 - 0.1 - 0.6 + 0.5 + 0.4 + 2.3 + 6.3 + 5.8 1965 1966 + 0.5 + 0.7 + 1.1 5/ 6/ Total loans U. S. Gov't, securities Other securities Total NOTE: 1967 - 0.3 0.5 0.6 1.4 1.5 4+ + Item All commercial banks 6/ Total loans U. S. Gov't, securities Other securities Total 2.3 0.7 0.5 3.5 1968 + 0.1 U 104 0.6 0.2 1.8 + 0.8 1.1 + 0.3 0.7 0.3 + 0.2 + + 0.5 + 2.5 + 1.3 1.4 1965 1966 + 2.1 1964 +17 .9 - 4.3 + 4.9 +18.5 +11.6 + 5. A +10.1 l:U< + l.d^1. - 4.0 + 2.3 + 8.5 + + + +11.4-- : : + 6 . 3 ^ + 7.8 - 0.3 l:U< + 2.6 +10.0 + 7.3- - 0.7 + 3.0 +13.9 4.8 1.5 1.3 4.6 + 6,.8 + 0.8 + 1.7 + 9.3 Data exclude all interbank loans; Call report data for large c o m m e r c i a l banks used w h e n a v a i l a b l e . Less than $50 m i l l i o n . Based on estimated data for all commercial banks on D e c e m b e r 31, . 4/ at other b a n k s . # Allowance has b e e n made in monthly changes in total credit and in total loans for the $1.1 b i l l i o n of balances accumulated for the payment of p e r s o n a l loans excluded 5/ and $700 m i l l i o n at other b a n k s . Based on revised coverage beginning July 1966; January 1967, 1968, l^ui?, and 1970. Based on revised r e p o r t i n g b e g i n n i n g July 1969. Changes have been adjusted to from time deposits and from loans on June 9, 1966: 6/ m a i n t a i n comparability of series. $400 m i l l i o n at large banks Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to late November 2/ Late October to late November Business of borrower F o o d processors C o m m o d i t y dealers T r a d e concerns R e t a i l trade W h o l e s a l e trade Metals P r i m a r y metals Machinery T r a n s p o r t a t i o n equipment Other fabricated metals T e x t i l e s , apparel, etc, Pettoleum Chemicals Other d u r a b l e manufacturing Other n o n d u r a b l e manufacturing Mining P u b l i c U t i l i t i e s , total T r a n s p o r t a t i o n 3/ C o m m u n i c a t i o n 3/ Other public utilities Construction A l l other types of business B a n k e r s acceptances S e r v i c e s 3/ Other F o r t i m business concerns 2/ Classified Unclassified T/~ 2_/ ~~ 3/ 103 4- 87 2 . 24 22 + 258 6 + 190 6 430 195 43 f 52 71 88 89 77 + -f + + 444- 4+ - Total Change 1969 1970 42 85 204 54 201 179 57 35 70 256 193 63 272 + 132 13 + 185 + 198 4- 131 36 + 138 4- 84 55 + + + - 4+ + - 4+ 4- 114 1 41 44 19 56 80 55 32 57 59 14 19 171 138 33 199 155 354 1968 1967 1966 4- 222 4- 219 4- 191 + + 444+ - 4- 4- + 4+ 4+ + + + 4+ +1 4+1 174 243 225 18 21 23 72 6 17 38 79 53 30 6 25 315 76 75 164 69 317 8 184 125 44 ,344 150 ,494 296 130 + 132 + 2 85 23 + 5 47 56 123 23 + . 54 58 54 21 4- 86 433 32 + 85 8 4- 183 112 62 + 9 419 44- 553 497 4- 650 + 1969 1970 517 27 + 242 + , + 414 130 + + 300 + 57 + 114 + 73 195 76 9 + 4 445 4 + 246 4 124 5 40 + 163 101 234 37 158 — + 116 17 77 16 832 41 + 161 -1 ,312 n .a. + 171 278 n .a. n .a. -1 ,205 -4- 165 7b + 222 4- 61 4- 345 4- 60 82 n.a. + 205 + 1 92 n.a. + 4- 573 -2 ,126 + 453 118 -1 ,673 455 + 57 245 + 493 + 157 + 336 +i,,506 + 57 + 905 + 428 + 116 + 309 ' + 29 + 227 + 197 + 224 + 47 + 634 + 258 + 102 •h 274 + 203 + 1 ,311 300 + 797 + 814 341 + 4 ,537 + 260 + 4 ,797 - 48 267 + 823 + 534 289 4 991 -r 644 + 129 + 79 + 139 + 498 1 + 85 + 168 44 + 4- 2 6 4 + 991 4- 606 + 89 + 296 4- 451 4-1 ,198 446 + 890 + 754 151 + 4 ,878 4- 482 4-5 ,360 - •- 189 - # e e # e • s 4- 253 4- 120 + + 4- + 4- + - + 4- + 4- + + - + + + + 23 127 + 777 33 4" 505 272 9-t i 42|,163 665 107 379 + +1,,090 313 141 + 716 4- 250 114 14 4- 361 75 4- 129 161 4- 433 28 -4- 452 190 4- 353 4- 481 107 + 855 652 n.a. 457 161 n.a. 75 + 1 ,098 + 629 7 + 476 166 + 2 ,591 + 363 + 2 ,954 - Four most comparable w e e k s 1968; December .7, 1967: December 28, 1966 and cha as are compiled from December 31, 1969; December 25, commercial bank da La which are always f or December data cannot be linked w i t h all Dece er 2 9, 196 5. These loans were not reoorted separately. nd furel Prio: Lo 1967, transportat ion 3 communication, services, a http://fraser.stlouisfed.org/ # Reserve Bank of#St. Louis Federal 1966 . 1967 1968 + 13 4- 183 - 4+6 4+6 249 n.a. 43" n.a. ,430 467 ,397 j1, # # Exhibit Loans and Investments (In at F All Commercial billions of loans Business Banks dollars) Nonbank Loans Date 1964--Dec. and U. investments S. 273.9 31 Other Gox Total securities Real All financial Consumer Farm Security estate other institutions 63.0 38.8 172.1 60.2 43.7 8.4 7.5 31.0 10.9 13.9 59.5 44.9 197.4 71.4 49.3 8.5 8.2 35.7 13.3 15.0 213.0 80.6 54.0 9.0 8.6 38.3 13.3 13.6 88.5 58.5 10.5 9.3 40.0 12.5 15.9 98.4 65,1 11.8 9.7 44.9 13.7 18.9 1965—Dec. 31 301.8 1966—Dec. 31 317.9 56.2 48.8 1967—Dec. 30 354.5 62.5 61,5 230.5 1968—Dec. 31 393.4 64.5 71.5 257.4 70.5 251.3 96.5 65.6 44.9 12.1 18.2 63.2 9.7 29 385.0 9.5 1969—Jan. 70.9 44.9 12.5 18.2 384.1 66.1 10.0 26 97.7 9.S Feb. 253.7 71.4 8.8 45.2 18.1 58.5 66.6 12.3 385.4 99.7 10.1 M a r . 2 6 255. < 72.3 261.2 101.-6 45.8 18.8 30 58.0 10.3 13.3 391.5 9.4 Apr. 67.2 71.8 263.0 101.8 67.8 9.0 10.4 46.4 19.8 28 55.4 12.7 390.2 e(old) 104.5 68.4 10.3 20.4 30 269.8 10.6 June 72.6 13.7 54.0 46,9 396.4 72.4 274.9 104.5 68.4 10.3 13.7 m . 5 ( n e w ) .3/ 54.0 46.9 30 401.3 10.6 June 271.7 103.1 68.8 9.7 10.7 47.2 12.4 19.9 19.8 May 1/ 59.5 2/ 1/2 - ' July 30 397.7 54.7 71.3 54.3 70.9 269.5 102.0 69.3 10.7 47.4 12.1 27 394.7 8.1 Aug. 71.2 69.7 8.2 47.7 12.4 19.8 396.5 103.8 10.6 Sept.24 272.1 272.4 103.6 70.0 8.6 10.5 47.8 12.0 20.0 9.4 10.4 47.8 12.2 10.7 10.3 48.2 14.6 4/ 15.1 - 53.2 Oct. 29 397.2 54.4 70.4 Nov. 26 400.7 55.1 70.9 274 7 104.4 70.3 Dec. 31 (old) 410.5 54.7 71.3 284.5 108.8 70.5 4 / Dec. 31 (new) 1970—Jan. 28 397.6 25 395.7 Feb. ' 20.6 53.0 70.6 274.0 104.1 70.1 8.2 10.4 48.0 12.7 70.8 273.5 104.1 70.1 8.3 10.5 47.8 12.4 20.3 51.4 72.7 274.8 105.0 70.1 8.8 10.6 47.8 12.2 20.3 20.7 25 399.0 Apr. 29 403.5 52.3 74.3 276.9 105.6 70.2 8.8 10.8 48.1 12.7 May 27 403.9 52.6 74.3 2 7 7 .0 105.3 70.3 8.6 11.1 48.4 12.3 21.0 June 30 410.1 51.6 75.6 282.9 108.9 70.6 7.9 11.2 48.7 14.4 21.3 July 29 412.6 53.5 75.7 283.4 107.3 70.8 8.6 11.3 49.0 14.9 21.2 Aug. 26 415.4 55.1 77.1 283.2 107.0 71.0 9.1 11.4 49.3 14.3 20,8 Sept.30 423.3 55.8 79.5 288.0 109.6 71.4 9.6 11.4 49.8 15.2 n. i 423.6 57.1 285.5 108.2 71.6 9.7 11.3 49.8 14.4 20.5 426.8 58.0 286.2 108.4 71.8 9.7 11.2 49.9 14.5 20.6 28 25 p p , 81.0 82.6 Preliminary. NOTE: Data e exclude interbank loans. 1/ B e g i n n i n g J u n e ^ ' m e ! ^ ! ' . 1 2/ Beginning 3/ Data - banks 4/ Rell June revised only. estate to 30, 1966, include Also, total billion about all $1 bank loans loans^ecreased Consumer by of premises $500 "other balances billion and and of accumulated for the on are now December and other estimated payment certificates reported 31, r r partly subsidiaries r Estimated. are participation investments million - loans" 1969, and of dates. loans included majority-owned valuation loans all personal previously significant gross of for to reserves nonbank in Other were data deducted agricultural domestic rather financial 5/ ~ 21.3 Mar. Nov. - 70.0 20.2 51.5 Oct. n 2/ " Revised. are partly from and "all subsidiaries; than net as institutions loans to nonbank financial institutions on bank records. Subsequent repayments are also included deposits other" earlier previously. increased •>, as time estimated . in loans to nonbank and loans data on all "all were are for Individual by $500 . . million financial d a t a - a r e - available for publication only on a June and December Call data basis. but June other" reclassified commercial loan due items to ^ institutions, 1/2/ Exhibit G Ratios to Total Deposits 1/ L O A N S D A T E 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. 31 31 31 31 31 31 31 28 25 31 31 31 30 U.S. Government securities maturing within one year All commercial banks B a n k s M e m b e r Reserve City Banks New York City of Chicago Other Country City Total 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 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 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 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 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 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 6.4 All commercial banks 1968- -Sept. Oct. Nov. Dec. 25 30 27 31* 68.1 67.4 68.3 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 59.0 59.2 58.2 5.5 6.5 5.7 6.1 1969- -Jan. Feb. Mar. Apr. May June 1 ! July Aug. Sept . Oct. Nov. Dec. 29* 66.2 (64.7) 68.4 26* 67.4 (65.9) 69.7 26* 68.1 (66.4) 70.5 30* 70.2 (68.5) 70.9 28* 69.9 (68.1) 72.6 30* 72.1 (69.7) 75.4 30* 73.0 (70.3) 76.3 27* 72.9 (70.1) 75.3 24* 72.9 (70.4) 76.4 29* 72.8 (70.3) 76.1 26* 73.0 (70.3) 76.4 31*- 72.0 (69.8) 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(85.9) 102.8(86.4) 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 73.4 75.0 78.3 78.8 78.8 79.4 78.9 80.3 79.5 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 5.4 5.7 5.0 4.6 4.5 4.5 4.7 4. 6 4. 3 5.2 5.0 19701970---Jan. Feb. Mar . Apr. May June July Aug. Sept Oct . Nov., 28* 25*: 25* 29* 27* 30* 29* 26* 30* 81.3 81.0 i 80.4 79.9 80.0 80.0 78.6 76.7 75 .6 63.7 63.9 63.8 63.7 64.0 4.7 4 .4 5.2 4.8 4. 6 4.3 4.8 5 .0 r75 .0 74.1 62.0 61.8 1/ 2/ 66.0 65.4 66.0 64.7 (63.7) 73.2 73.4 73.0 72.7 72.9 71.8 72.0 71.1 70.2 • 28*i 69.6 25*1) 69.2 (70.6) 76.5 (70.9) 76.7 (70.8) 76.3 (70.5) 76.0 (70.6) 76.1 (70.3]> 72.5 (70.2] 74.8 (69.2]) 73.8 (68.3!>72.6 (68.1:)'r72 .1 (67.9)| 71.8 102.9(84.5) 92.6 103.9(86.3) 93.8 103.1(86.8) 92 .2 102.6(86.4) 91.5 103.7(86.5) 91.5 104.8(87.2) 95.8 97.6(84.0) 88.0 98.0(84:1) 88.1 93.7(81.8) 86.5 93.4 (81.<3) 85.6 94.3 (83.:0 85.7 60.5 63.6 62.9 62 .2 4.6 5.1 na Total loans (,aa j us Lea lu exiiuue luans lu ucmixo , , u .u . uuvtuiu^ui. ----- ^^ ° within one year estimated on basis of Treasury survey of ownership; 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 loan level increased the ratio by about 1.3 percentage points for all commercial banks. Ratios in parenthesis are those obtained by adding Euro-dollars to the deposit base. L. A . 3 - E X H I B I T H , P A R T 1 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 . Annual rate Billions of d o l l a r s 55 225 50 205 TIME AND SAVINGS DEPOSITS ALL COMMERCIAL BANKS > 185 45 MONEY SUPPLY TURNOVER OUTSIDE N.Y.C 232 SMSA'S 165 40 35 10 145 10 U.S. GOVT. DEPOSITS MEMBER BANKS 1966 * CHANGE I N SERIES. 1967 z 1968 1969 1970 Exhibit H - Part II S e P e r i o d y S u p p l y Demand Total e a o n a 1 1 s V A d j Time 5/ (All Not Seasonally Adj . (In mil. of dollars) D a t a and 1/ savings 2/ deposits Currency deposits t e d 5J commercial) U.S. Gov't. deposits (all member) 126.3 34.2 1 2 6 .6 5.1 33.5 I,183 168,0 131.7 36.3 146.7 4.4 133.4 38.3 158.5 3.5 1967—December 183.1 142.7 40.4 183.7 4.6 40.6 4,036 1966—December 171.7 37.4 40.1 154.0 43.4 204.8 '4.2 44.8 6,039 1968—December 197.4 198.1 154.5 43.6 203.7 5.4 46.2 8,545 1969—January 6.7 46.9 8,822 1965—December 199.3 155.5 43.8 156.0 44.1 202 .5 4.8 46.1 9,877 156.8 44.2 202.1 5.9 47.2 9,436 44.5 201.7 5.9 47.5 9,868 May 157.1 157.6 44.8 201.2 4.0 48.4 13,269 June 202.4 203.1 158.1 45.0 198.1 2.4 49.4 14,434 July 157.4 45.2 195.4 2.9 49.7 14,658 157.6 45.3 194.8 4.4 50.9 14,349 September 202.6 202.8 203.2 157.6 45.6 194.2 3.1 50.6 13,648 October 157.6 5.6 14,574 203.5 194.0 49.4 November 45.9 4.9 49.2 12,822 April August 203.6 157.7 46.0 194.6 205.2 159.0 46.2 193.3 5.3 50.6 13,623 204.5 158.1 46.4 193.5 5 .6 52.0 13,094 February 159.8 46.7 195.3 5.9 50.3 11,942 March 206.6 47.1 198.5 5.2 52.2 II,973 208.3 161.2 209.2 47.7 200.3 3.0 53.4 12,373 May 161.6 June 209.6 161.9 47.8 202.2 4.8 52.9 12,220 210.6 162.5 48.1 208.2 4.4 53.7 10,514 July 211.8 163.7 48.2 213.2 6 .4 52.6 10,733. August 164.6 48.2 218.5 6.2 53.1 9,787 September 212.8 213.0 164.5 48.5 2 2 2 .2 5.2 53,6 9.439 213.7 165.1 48.6 225.0 6 .0 n.a. 8,578 9,162 December 1970—-January April October November p ending: 4 212.7 164.1 48.6 223.4 6.2 n .a. 11 18 213.1 164.4 48.6 223.8 6.3 n.a. 9,037 213.9 165.2 48.7 224.9 5.8 n.a. 8,917 25 213.7 165.0 48.6 226.0 6.3 n.a. 8,578 1970-- Nov. ll Beginning°ondJune !/ Certain''changes°in^'overage and definitions have occurred that affect somewhat the comparability of the data. - Beginning6January Data 4,241 200.1 201.0 201.6 February Week 1,345 203.2 March 5/ Gross liabilities of U.S. banks to 3/ their foreign branches 160.5 1964—-December * Turnover outside N.Y. C i t y * '(per cent) revised time 1964, beginning data 1959. for deposit 232 data exclude metropolitan $1.1 centers billion outside of New balances York accumulated City. for the payment of p - Preliminary. personal loans. Breaks in the series are relatively L.4.3-EXHIBIT I, Parti TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Billions pf dollars Wednesdgy^gures ^ 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 iiIIiiiiIII i i i i i 1 i i i i i i l—l I l I I I I—I—I—I . 1 I l—' ' 1 M 1967 D M J 1968 S D M J S 1969 D M J s 1970 d EXHIBIT I - Part II Period Time and Savings Deposits State Political Large ConsumerF o r . official Negotiable type Savings etc. CD's 1/ t ime 1966—Dec. Dec. 1967—Dec. Dec. 1968—Dec. Dec. 28 28 27 27 21 31 (old) (new) 2/ (old) (new) 2/ (old) (new) 2/ 89,495 89,639 102,809 102,991 111,900 112,103 65,733 65,864 73,686 73,858 79,443 79,637 47,099 47,213 48,647 48,781 49,016 49,161 18,634 18,561 25,039 25,077 30,427 30,476 15,659 15,642 20,330 20,330 22,821 22,820 8,103 8,133 8,793 8,803 9,636 9,646 1969—June June July Aug. Sept. Oct. Nov. Dec. Dec. 25 25 30 27 24 29 26 31 31 (old) (new) 2/ 103,967 103,959 100,602 98,998 97,899 97,238 96,333 96,589 96,787 79,619 79,604 78,784 78,189 78,140 77,795 77,241 77,616 77,812 47,550 47,550 46,953 46,688 46,533 46,376 46,334 46,486 46,632 32,069 32,054 31,831 31,501 31,607 31,419 30,907 31,130 31,180 15,270 15,271 13,538 12,616 11,744 11,524 11,319 10,919 10,919 9,078 9,084 8,280 8,193 8,015 7,919 7,773 8,054 8,056 1970—Jan. Feb. Mar. Apr. May June July Aug. Sept. 28 25 25 29 27 24 29 26 30 95,019 95,622 97,352 99,281 99,470 99,676 106,494 109,725 113,640 76,500 76,400 76,876 76,702 76,995 77,348 78,435 79,070 80,722 45,831 45,632 45,996 45,888 46,077 46,174 46,345 46,330 46,808 30,669 30,768 30,880 30,814 30,918 31,174 32,090 32 , 74 0 33,914 10,471 10,864 11,820 13,046 13,004 12,976 17,900 20,174 22,242 8,048 8,358 8,656 9,533 9,471 9,352 10,159 10,491 10,676 28 114,803 81,150 47,016 34,134 23,545 10,108 W e e k ending: 1970--Nov. 4 11 18 25 114,783 115,394 115,647 116,346 81,226 81,160 81,392 81,512 • 47,123 47,184 47,287 47,325 . 34,103 33,976 34,105 34,187• 23,610 24,297 24,493 25,209 Oct. 1 Total Consumertype time & savings / KT —1_ 1 - 2/ Estimated, (old) (new) 2/ j_ • r- • _ . i- 9,947 9,937 9,762 9,625 • • • • • • # # ^ Exhibit Member (Based on averages of Bank daily # t e e J Reserves figures; in millions of dollars) Total Free (excess reserves D A T E All member Monthly New York City minus City City Reserves borrowings) Banks All of Country Other Chicago member Borrowings All member held reserves seasonally adjusted All member Averages: 906 756 87 18,839 471 568 149 19,640 20,343 -424 -109 -449 237 669 10 - 4 80 583 1961--December 419 - 50 - 22 20 - 62 - -104 1962--December 268 1963--December 209 1964--December 168 - 14 - 19 18,512 482 1959--December 1960--December ' 11 - 52 394 572 304 21 -122 334 536 327 21,017 31 -103 315 411 243 22,068 1965--December - 2 - 70 - 8 -161 238 452 454 23,262 1966--December -165 - 95 - 50 -159 140 392 557 23,521 1967--December 107 - 22 - 5 - 55 187 345 238 25,940 1968--December -310 -130 - 70 -180 70 455 765 27,964 1969--Jan. -480 - 60 - 49 -337 -34 217 697 28,139 Feb. -596 - 67 - 33 -403 -93 228 824 28,060 Mar. -701 - 44 -101 -456 -100 217 918 27,972 -117 -116 -521 -90 152 996 27,775 May -1,102 - 89 -148 -538 -327 300 1,402 28,235 June -1,064 - 28 8 -649 -395 343 1,407 28,056 July -1,074 - 66 - 15 -611 -382 116 1,190 27,530 -844 Apr. Aug. -946 - 52 - 47 -396 -451 303 1,249 27,401 Sept. -831 - 64 - 37 -447 -283 236 1,067 27,402 Oct. -992 -126 - 26 -558 -282 143 1,135 27,354 Nov. -988 -143 - 67 -525 -253 253 1,241 27,783 Dec. -829 -203 - 9 -473 -144 257 1,086 27,928 . 1970--Jan. -799 -132 - 82 -473 -112 166 965 Feb. -819 - 76 - 58 -473 -212 273 1,092 Mar. -781 -148 -117 115 896 27,723 -704 -198 15 82 -501 Apr, - -400 - 24 118 822 28,216 May -795 -171 - 27,890 June -701 - July - 27,722 25 -447 -152 181 976 3 -487 -122 187 888 27,902 -1,217 -260 -132 -726 - 141 1,358 28,041 Aug ; -682 -156 - 67 -428 - Sept. -335 - - 8 - 337 -208 Oct. NOTE: 28,001 95 Nov. r Reserve Excess reserves Total p reserves Revised. - -304 reflect percentage 56 99 31 145 827 28,585 66 272 607 29,240 29 - 13 -289 65 254 462 59 - 10 -368 133 120 424 reserve requirements made effective April 23, 1969. 29.385 29,482 # Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series _l/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966* 1967 1968 Total 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 650.4 709.6 Demand deposits and currency 2/ 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 Mutual savings banks Commercial banks 3/ 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 183.1 203.8 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 - 5f.6 55.2 60.3 64.7 Postal Savings System 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 0.1 — Savings and loan U. S. Gov't savings deposits bonds 5/ and shades U. S. Gov't, securities maturing within one year 6/ 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 113.4 123.9 131.0 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 50.9 51.9 52.5 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 53.9 50.5 58.5 131.0 132.0 133.4 133.3 133.5 133.6 133.6 134.1 135.3 134.9 135.3 134.8 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 68.1 71.6 74.6 71.7 74.2 73.2 133.5 134.1 135.7 136.4 136.8 137.4 139,0 140.0 142.3 143.4 144.5 52.2 52.1 52.0 52.0 52.0 52.0 52.4 52.0 52.1 52.1 52.2 76.3 \ 76.6 ' 80.1 76 .8 77.2 77.7 78.5 78,6 76.1 Liquid to gross national product 7/ 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.3 81.5 79.8 77.6 78.7 78.2 Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ 11 11:+ 3 _±1_ 34.7 32.6 31.3 30.4 29.7 28.6 27.5 26.4 25.1 24.6 24.1 22.8 21.8 . 21.8 21.4 55.7 55.0 54.4 53.0 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.5 55.9 56.8 " 703.7 705.7 713.2 711.$ 714.3 713.8 709.5 713.2 718.1 714.9 722.1 731.6 188.8 189.9 192.4 190.8 191.6 194.2 191 9 193.3 194.1 194.0 195.8 206.8 203.4 202.9 201.9 201.8 202.7 200.4 197.5 195.6 195.5 195.7 197.9 197.1 64.8 65.2 65.5 65.7 - 66.1 66.3 66.3 66.4 66.6 66.7 67.0 67.3 720.5 721.8 733.4 731.2 734.0 738.5 749 J 754.8 765.5 764.7 195.4 194.8 199.3 196.7 197.9 199.8 198.7 199.3 203.6 r 199.8 201.6 196.0 196.7 198.8 201.5 201.7 202.9 211.8 215.4 221.6 224.5 230.3 67.0 67.4 67.5 68.0 68.4 68.7 69.2 69.4 69.9 70.4 71.0 772.4 r -—— —— —— —— -— —— —— — ——-—— — -—— -—— — r 74.5 72'. 7 78.0 21.2 77.2 20.8 75.7 20.5 75.8 20.8 75.7 20 6 75.6 20.4 ,76.3 20.3 ' 55.3 55.2 55.2 55.3 54.9 54.5 54.3 54.5 54.5 55.2 54.3 54.2 54.3 54.5 54.4 * 54.5 54.8 54.9 55.5 55.5 55.9 r - Revised. p - Preliminary. For footnotes see next page. * - Beginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. * § - Figures are for Tuesday, December 31, rather than for the last Wednesday of December. NOTE: Total liquid assets and U.S. -Government securities maturing within 1 year revised beginning January 1959 to conform to new Budget concentRnr figures were increased by $1.7 billion on that date. " Exhibit K ever possible. (Continued) All series adjusted for seasonal variation by the X - 9 variant of Method developed by the Bureau of the Census. Data are for demand deposits adjusted and currency outside banks and are as of the last W e d nesday 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 d e m 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 in. spectively. 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. lElEEiEIIilP^ Treasury Department. i * * *
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