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February 1977 L.4.3 Not for Publication i % ^ \ n 1 > . f ,f 4• • £ ?- rr • - D BANKING AND MONETARY DEVELOPMENTS January 1977 r i 3 ty 1 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System f Table 1 Changes in Commercial Bank Credit, Money Stock and Time Deposits* Seasonally adjusted annual rates (per cent) 1975 1976 2nd half 1976 3rd 1st 2nd Qtr. Qtr. Qtr. Year Year 1st half 4.4 6.4 4.9 7.8 57.5 21.5 36.8 5.3 44.3 26.3 Other securities 3.6 3.2 -1.0 7.4 -4.1 2.2 1/ Loans- -.7 5.0 1.3 8.3 2.3 -4.2 .8 -5.3 7.1 Real estate loans 3.2 7.7 8.0 7.1 Consumer loans -.7 3.2 4.9 11.3 Total bank credit—^ U.S. Govt, securities Business loans 1977 4th Qtr. Nov.p Dec.p Jan.p 8.0 9.5 1.9 8.8 10.6 10.3 28.0 -9.9 8.3 6.3 22.0 -6.4 -3.2 .8 8.5 8.0 5.8 -.5 15.6 -7.7 -2.8 4.2 9.8 13.0 -3.4 3.4 8.9 6.9 6.0 8.1 7.5 10.0 8.2 4.0 5.7 11.3 11.0 • 7.5 16.2 n.a. 5.6 4.2 7.4 — adjusted for loans sold to selected affiliates Total bank credit—^ Loans^ Business Loans 4.4 6.4 4.9 7.6 5.5 4.3 7.2 7.9 9.4 2.0 9.0 -.7 4.9 1.6 8.1 2.1 1.0 8.2 7.9 5.7 -.2 16.0 .8 -4.9 6.6 -7.4 -2.1 3.5 9.6 12.9 -3.3 5.4 8.1 5.8 -4.2 Money stock - M^ 4.1 5.9 5.7 5.9 4.5 6.8 4.5 7.3 Total time deposits 8.0 8.6 6.0 10.9 5.4 6.6 6.5 15.1 15.3 16.1 10.0 Time other than CD's 12.2 15.6 13.8 16.4 16.0 11.1 15.0 17.1 17.6 15.6 12.1 CD's (dollar change in billions) —6.9 -18.8 -11.9 -6.9 -8.7 -3.2 -7.1 .2 -.1 1.1 -.2 1/ Adjusted to exclude domestic interbank loans. n.a. - Not available. • * Money supply figures have revised to reflect adjustment to the June 30, 1976, Call Digitized forReport FRASER and new seasonal factors. # Table 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total-/ 1/ Loans— U.S. Gov 1 1. Securities Other Securities (In billions of dollars) 1972--December 1973--December 1974--December 1975--December 31 31 O / Q / 31 ±/ ±f 31 1976--January February March April May June July August September October November December 28 25 31 28 26 30 28 25 29 27 24 31 1977—January 558.0 633.4 690.4 721.1 378.9 449.0 500.2 496.9 62.6 54.5 50.4 79.4 116.5 129.9 139.8 144.8 p p p p p p p p p p p p 723.3 726.7 731.2 734.5 737.6 738.8 743.1 748.7 752.5 760.3 766.3 767.5 497.3 497.8 499.7 500.5 500.6 500.7 504.7 507.6 511.4 519.3 521.8 521.6 81.0 84.4 88.2 90.0 93.0 94.0 92.7 95.0 94.0 93.5 94.3 96.5 145.0 144.5 143.3 144.0 144.0 144.1 145.7 146.1 147.1 147.5 150.2 149.4 26 p 773.1 528.4 95.7 149.0 1/ Adjusted to exclude domestic commercial interbank loans. p - Preliminary 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." 3J Beginning October 31, 1974, as the result of the 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. Table 3 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Date Loans sold outright by commercial banks (outstanding in billions of dollars, N.S.A.) Sold to Sold to 1, lonbank public — Affiliates Business business Business Loans Total Loans Total Loans Total 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 4.5 4.4 6.1 n.a. n.a. 2.0 2.0 2.9 n.a. n.a. 2.8 2.6 4.3 4.8 4.4 1.6 1.7 2.6 2.7 2.5 June 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. n.a. n.a 4.3 4.5 4.2 4.2 4.4 4.5 4.6 4.1 4.1 4.0 2.5 2.7 2.6 2.6 2.7 2.9 2.9 2.6 2.6 2.6 2.6 1:1 2.6 1.7 1.8 1.8 0.4 0.3 0.3 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. n.a. n.a. n.a. n.a. n.a. n.a. Commercial bank credit (seasonally adjusted) Total loans and investments Original 485.7 558.0 633.4 690.4 721.1 723.3 726.7 731.2 734.5 737.6 738.8 743.1 748.7 752.5 760.3 766.3 767.5 Adjusted 3/ 488.5 560.6 637.7 695.2 725.5 727.6 731.2 735.4 738.7 742.0 743.3 747.7 752.8 756.6 764.3 770.3 771.6 Total Loans Original Adjusted 3/ 320.9 323.7 381.5 378.9 453.3 449.0 505.2 500.2 501.3 496.9 497.3 497.8 499.7 500.5 500.6 500.7 504.7 507.6 511.4 519.3 521.8 521.6 501.6 502.3 503.9 504.7 505.0 505.2 509.3 511.7 515.5 523.3 525.8 525.7 Business Loans Original Adjusted 4/ 117.7 116.1 130.2 131.9 159.0 156.4 186.0 183.3 176.0 178.5 176.6 175.1 171.4 170.5 170.7 170.2 171.0 171.0 172.0 174.8 176.7 176.2 179.1 177.8 174.0 173.1 173.4 173.1 173.9 173.6 174.6 177.4 179.3 178 JB 1977 180.0 177.1 532.7 528.4 777.4 773.1 n.a. 2.9 4.3 n.a. Jan. 26 p lj To bank holding companies, affiliates, subsidiaries, and foreign branches. Beginning August 28, 1974, loans sold outright to selected bank 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. 5/ Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a nonmember commercial bank. Total loans nr\A 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 billion; 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 of 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 Table 4 Loans at all Commercial Banks Seasonally Adjusted Business Real Estate Consumer Security Nonbank Financial Agriculture (I i billions of do liars) 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 31 31 31-, / 0/ 31— 31 116.1 130.2 156.4 183.3 176.0 81.4 98.1 117.7 130.2 134.4 60.9 71.8 83.4 87.0 89.9 10.8 14.7 12.2 11.4 12.3 15.9 22.1 28.9 33.3 28.0 12.7 14.5 17.5 18.4 20.4 1976—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec . 28 25 31 28 26 30 28 25 29 27 24 31 176.6 175.1 171.4 170.5 170.7 170.2 171.0 171.0 172.0 174.8 176.7 176.2 135.2 136.4 138.2 139.0 140.0 140.6 141.5 141.7 142.7 143.5 144.4 145.6 90.3 90.4 90.8 91.6 91.8 92.1 93.1 93.8 94.7 95.4 96.0 97.3 10.6 11.1 13.3 13.3 13.8 14.2 14,3 15.9 15.2 16.7 15.8 15.3 29.0 29.3 28.9 28.7 28.1 27.2 26.9 26.1 25.8 26.5 26.6 25.9 20.6 20.8 21.2 21.4 21.8 22.0 22.2 22.5 22.9 23.2 23.4 1977—Jan. 26 P 177.1 146.6 n.a. 17.4 26.6 23.9 P P-V P~ P P P P P P P P P 23.7 p - Preliminary. n.a. - Not available. 1/ Beginning June 30, 1974, data revised to include one large mutual savings bank which converted to a nonmember commercial bank. Real estate loans were increased by $.5 billion. 2/ Beginning October 31, 1974, as the result of the liquidation of one large bank, business loans were reduced by $0.6 billion; real estate loans by $0,2 billion; and nonbank financial loans by $0.2 billion. However, business loans were increased and real estate loans were reduced by $0,1 billion as the result of loan reclassifications at one large mideastern bank, 3/ Beginning March 31, 1976, as the result of loan reclassification business loans were reduced by $1200 million, real estate loans increased by $800 million; and nonbank financial by $200 million. Table 5 Change in Loans and Investments at All Commercial Banks, Seasonally Adjusted Not Adjusted for Loans Sold"to Affiliates (In billions of dollars) 1976 Item Jan.p Feb.p Mar. p Apr. p May p June p July p Aug.p Sept.p Oct.p Nov.p Dec.p Jan.p Loans and Investments 2/ +2.2 +3.4 +4.5 +3.3 +3.1 +1.2 +4.3 +5.6 +3.8 +7.8 +6.0 +1.2 +5.6 U. S. Gov't, securities +1.6 +3.4 +3.8 +1.8 +3.0 +1.0 -1.3 +2.3 -1.0 -.5 +.8 +2.2 -.8 Other securities +.2 -.5 -1.2 +. 7 1/ +. 1 +1.6 +.4 +1.0 +.4 +2.7 -.8 -. 4 Loans 2/ +.4 +. 5 +1.9 +.8 +.1 +. 1 +4.0 +2.9 +3.8 +7.9 +2.5 -.2 +6.8 Business +• 6 -1.5 -2.5 -.9 +.2 -.5 +.8 1/ +1.0 +2.8 +1.9 -.5 +.9 Real estate +.8 +1.2 +1.0 +. 8 +1.0 +.6 +.9 +.2 +1.0 +.8 +.9 +1.2 +1.0 Consumer +.4 +.1 +.4 +.8 +.2 + .3 +1.0 +.7 +.9 +.7 +. 6 +1.3 Security -1.7 +.5 +2.2 1/ +. 5 +.4 +.1 +1.6 -.7 +1.5 -.9 -.5 +2.1 Nonbank financial +1.0 +.3 —. 6 -.2 —. 6 -.9 -.3 -.8 -.3 +.7 +. 1 -.7 +.7 Agriculture +.2 +.2 +.4 +.2 +.4 +.2 +.2 +.3 +.4 +.3 +.2 +.3 +.2 All other -.9 -.5 +1.0 +.1 -1. 6 1/ +1.3 +.9 +1.5 +1.1 -.3 -1.3 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. p - Preliminary n.a. n.a. Table 5A Change in Loans and Investments at All Commercial Banks, Seasonally Adjusted Adjusted for Loans Sold to Affiliates (In billions of dollars) 1976 Item Jan.p Feb.p Mar.p Apr.p May p June p July p Aug.p Sept.p Oct.p Nov.p Dec.p Jan. Loans and Investments 2/ +2.1 +3. 6 +4.2 +3.3 +3.3 +1.3 +4,4 +5.1 +3.8 +7.7 +6.0 +1.3 +5.8 U. S. Gov* t. securities +1,6 +3.4 +3.8 +1.8 +3.0 +1.0 -1.3 +2.3 -1.0 -.5 +. 8 Other securities +.2 -.5 -1.2 +.7 1/ +.1 -1.6 +.4 +1.0 +.4 Loans 2/ +.3 +.7 +1.6 +. 8 +.3 +.2 +4.1 +2.4 +3.8 +. 6 -1.3 -2.6 -.9 +.3 -.3 +.8 -.3 +1.0 Business 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. P - Preliminary. +2.2 -.8 +2.7 -.8 -.4 +7.8 +2.5 -.1 +7.0 +2.8 +1.9 -.5 +1.2 Table 6 Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted Adjusted for Loans Sold End of December to last Wed nesdav of Januarv Item 1977i> 1976r 1975 —8.8 1974 1973 1972 1971 2/ All commercial banks — Total loans U. S. Gov't, securities Other securities Total -1.9 -2.2 -12.9 -14.9 +.7 -1.5 -15.7 -14.4 -1.0 -1.4 -16.7 -9.4 +.5 +.1 —8 • 8 -3.7 -1.5 -.6 -5.8 -5.5 -2.2 +.1 All Large Banks 2J U Total loans U. S. Gov't, securities Other securities Total -7.9 -2.3 -1.5 -11.7 -11.5 -.2 -1.0 -12.7 -11.2 -1.0 -1.5 -13.7 -8.5 -.1 -.2 -4.1 -1.4 -.7 -6.2 -5.5 -1.8 -.2 -7.4 —6.8 Other banks 2J 3/ Total loans U. S. Gov't, securities Other securities Total -.9 +.4 -.7 —1.2 -3.4 +.9 -.5 -3.0 -3.1 + .4 -.1 1/ -.5 +.3 -.2 -1.3 +.2 +.6 — .6 — — +.1 -3.0 —8.8 -.4 -.1 +.1 -.4 + .1 +.4 —7.6 -8.2 -.2 +1. 0 -7.3 —6.8 -.4 +.4 Year ended December Item 1 97fin All commercial banks 2J Total loans U. S. Gov't, securities Other securities Total 1975r 1976 1073 1Q77 1071 1 970 +58.8 +2.1 +12.4 +73.3 +30.0 +3,2 +17.9 +51.1 +11.9 +7.0 +14.8 +33.7 +34.4 +.7 +3.6 +38.7 +12.9 +.9 +7.7 +21.5 +4.1 +4.5 +8.6 +17.2 +24.4 +1.4 +17.1 +2.3 +10.2 +29.6 +7.8 +2.5 +6.2 +16.5 +24.9 +17.5 +4.7 +47.1 —3.7 +29.7 • +5.0 +31.0 +53.4 -3.8 +10.3 +59.9 +72.9 +6.1 —8.8 +13.5 +77.6 All Large Banks 2/ 3/ Total loans U. S. Gov't, securities Other securities Total -17.7 +16.4 -2.4 -3.7 +31.8 -1.8 +1.4 +31.3 +44.7 +9.8 +1.4 +17.3 Other banks 2J U Total loans U. S. Gov't, securities Other securities Total +18.8 +7.7 +3.3 +29.8 +14.0 +13.3 +7.4 +34.7 +21.5 -2.0 +9.0 +28.5 +28.2 -4.1 +8.4 +32.5 1/ 27 —4.6 +5.1 +45.2 +8.8 +34.6 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 1967-1977. NOTE: Data exclude all interbank loans; call report data for large banks used when available, subsidiaries, or foreign branches. Allowance has been made in monthly changes for all loan and security reclassifications. For description of reclassifications, see Tables 3 and 8. Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to Tate January.1 7 Year, ending December-/ 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 bther durable manufacturing bther nondurable manufacturing Wining 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 1974 1975 1976 1977 197? 1971 1974 -47 109 -159 -120 -39 162 41 46 43 32 -35 104 199 -47 -13 243 132 —26 87 71 -12 -182 -256 94 -20 31 485 —63 422 -107 309 -144 -158 14 —60 31 -156 51 14 25 -72 -49 -30 18 51 216 -613 -350 -657 -127 -530 -442 -32 -397 20 -33 -261 —16 -92 -231 -104 -181 -1029 -162 -151 -716 -91 -210 209 -350 -69 73 -4210 2 -4209 -287 24 —76 -13 -63 -224 -37 -227 45 -5 70 -124 -10 -132 -51 -81 -26 104 -93 -31 —6 -96 -19 -14 -136 3 55 -141 -99 33 -75 —60 -2157 •1811 -169 -177 -92 -2949 54 2895 554 117 1096 875 814 73 787 96 2119 1393 815 1002 22 137 57 -149 -559 -95 -155 -309 109 -442 67 -375 -2 -113 10 61 -1 —608 -155 -138 -315 -204 -2184 -1224 -203 -757 -172 -3706 18 -3688 221 -293 9 223 -568 43 401 -197 -397 409 -128 -178 1349 -56 545 860 808 571 -743 1251 63 704 4816 2420 2208 2810 -223 2066 370 597 524 417 511 811 395 105 2611 404 91 2116 867 4010 -249 2010 2249 254 16410 2297 35HT 1117 4476 187 2323 1381 585 429 781 964 1231 414 904 2530 193 4 2333 737 2198 366 760 1072 52 17718 2621 jioaa. 1975 -1134 -544 -1783 -607 -1176 -4280 115 -2967 -618 -810 -765 143 -714 -1350 —608 671 -2494 -363 -445 -1686 -665 1896 3154 -1288 30 971 -10656 —686 33322Z 19761? -320 327 1103 405 698 -2269 119 -1180 -890 -318 289 270 —166 -333 51 1280 -2917 -866 —641 -1410 -1261 -1064 1874 -413 -2525 223" -4787 368=6.419 Four most comparable weeks used throughout. Changes are compiled from December 29, 1971; January 3, 1973; January 2, 1974; December 31, 1974; and December 31, 1975. These data cannot be linked with all commercial bank data which are always for December 31. Table 8 Loans and Investments of All Commercial Banks (In billions of dollars) (Not seasonally adjusted) Loans and investments Date 1966—Dec. 1967—Dec. 1968—Dec. 1969—Dec. 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 31 30 31,/ 3131 5»/ Siw 31 324.ol/ 360.8 400.4 412.1 446.8 497.9 571.4 647.3 705.6 737.0 Other securities 771.4 Real estate Security Farm Consumer 80.6 88.4 98.4 108.4 112.5 118.5 132.7 159.4 186.8 179.4 53.9 58.5 65.1,. 70.0^ 72.5 81.6 98.4 118.0 130.6 134.8 9.0 10.5 11.8 10.7 12.1 12.9 17.6 14.6 13.6 14.8 84.8 85.4 89.3 89.3 90.2 90.5 90.8 89.5 91.8 92.6 93.5 96.9 101.7 144.0 143.6 143.5 143.5 145.2 144.6 145.3 145.6 145.8 147.0 147.0 148.6 150.2 492.6 491.9 496.9 496.9 496.7 500.0 507.2 505.2 508.5 513.3 518.2 520.6 532.6 174.4 173.5 172.5 171.3 170.6 170.8 172.4 170.7 170.3 172.5 174.2 176.0 179.5 135.1 135.7 136.6 137.4 138.3 139.4 140.5 141.5 142.1 143.4 144.4 145.1 146.0 10.4 10.9 13.2 13.2 12.5 13.5 14.5 13.9 15.5 14.9 16.4 15.8 18.4 22.9 23.1 23.2 23.2 23.5 89.8 89.4 89.6 89.6 90.7 91.4 92.5 93.7 94.7 95.6 96.1 96.3 97.7 99.8 148.0 523.6 175.2 146.5 17.1 23.5 n.a. 8.6^ 9.3 9.7 10.3 11.2 12.5 14.3 17.3 18.2 20.2 20.2 20.4 20.9 20.9 20.3 21.9 22.4 22.6 Consumer and "other loans" were partly estimated for all dates. Nonbank financial institutions 38.3 40.6 46.3 51.0 53.6 61.2 72.1 83.7 87.3 90.3 V 15.9 16.9 23.4 30.5 35.2 29.6 28.2 28.3 28.8 29.0 28.3 27.9 28.2 27.1 26.4 26.0 26.0 26.0 27.4 15.3 16.9 19.3 20.6 21.2 24.7 28.8 35.0 38.8 38.4 34.5 33.7 35.3 35.5 35.0 35.1 36.7 35.7 36.6 37.8 37.9 38.2 40.1 26.0 Other data are partly estimated on all w*"Sth% JUn * itl 1 « 6 6 ' abOUt $1 b l U l o n of p * r t l c i p a t l o n certificate, previously Included In agricultural and "all other" loans were reclassified u «/ 13.3 12.5 All other Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time depoalts and "all other" « 2/ Business 219.0^/ 236.8 264.4 286.1 299.0 328.3 387.3 458.5 510.7 507.4 n.a. - Hot available p - Preliminary NOTE* Data exclude domestic interbank loans. but June and December call dates. 1/ Total loans 48.8^ 61.5 71.5 71.3 86.1 104.7 117.1 130.6 140.5 145.5 56.2 62.5 64.5 54.7 61.7 64.9 67.0 58.3 54.5 84.1 1976—Jan. 28p 731.4 Feb. 25p 720.8 Mar. 31p(old) 729.6 Mar. 31p(new)&729.6 Apr. 28p 732.1 May 26p 735.1 June 30p 743.3 July 28p 740.3 Aug. 25p 746.1 Sept.29p 752.9 Oct. 27p 758.7 Nov. 24p 766.0 Dec. 31p 784.4 1977—Jan. 26p U.S. Gov't. Beginning June 30, 1974, data revised to Include one large mutual savings bank which merged with a t+r r i r s n I ml bank investments were increased by about $600 million of which $5«0 million were in loans and $100 in "other - r-'Mti " y -Total loans and billions t > TABLE 9 * ^ Ratios of Total Deposits L O A N S Me m b e r B a n k s Reserve City Banks City All of New York commercial City Chicago total banks DA T E 1963—Dec. 1964—Dec. 1965—Dec. 1966—Dec. 1967—Dec. 1968—Dec. 1969—Dec. 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 25 31 31 31 30 31*„ , 31*^' 31* . 31*— 31* 31* 31* 31* Other 62.1 58.6 59.9 67.4 63.3 69.3 64.4 65.0 60.5 61.9 68.7 65.4 75.9 70.2 63.7 65.8 83.5 67.9 77.0 70.2 63.8 70.8 65.8 68.1 79.9 83.5 (76.3) 75.1 64.7 (63.7: 66.8 69.1 72.0 (69.8; 75.7 102.8 (86.4) 89.5 79.5 87.5 (79.6:i 80.6 67.3 (66.2: 69.9 73.3 65.7 (65.6: 68.0 84.1 (83.2) 78.1 71.6 67.9 (67.7: 70.6 85.4 (84-0) 87.2 77.3 87.7 (86.4) 93.7 72.0 (71.8: 75.3 81.7 87.4 (85.8) 91.5 72.9 (72.5: 76.0 81.9 68.7 (68.3 71.5 84.6 (81.6: 91.5 75.4 MEMBER BANK DATA NOW AVAILABLE ONLY ON CALL DATES 1976—Jan. 28*p Feb. 25*p Mar. 31*p Apr. 28*p May 26*p June 30*p July 28*p Aug. 25*p Sept.29*p Oct. 27*p Nov. 24*p Dec. 29*p 69.6 69.7 68.6 69.4 69.7 68.8 69.7 70.2 70.1 70.2 69.8 69.4 1977—Jan. 26*p 69.6 (69.2) (69.3,! (69.4 (68.2] (69.2] (69.41 (68.5: (69.3: (69.8: (69.6: (69.7: (69.3: (68.9) Country 53.8 56.0 57.9 59.2 58.2 58.2 62.8 60.2 59.2 60.1 53.9 64.6 61.5 1 * - Ratios in parentheses are those obtained by addiriig Euro-dollars to the c eposit base 1/ Total loans (adjusted to exclude loans to banks) and total deposits (adjusted to exclude cash items in process of collection). 2/ 3/ 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. Loan data revised to exclude only loans to domestic commercial banks. Previous data had also excluded loans to foreign commercial banks. table 10 Money Stock Measures and Deposit Turnover * (Seasonally adjusted; dollar amounts in billions) Mi Currency plus demand . deposits— M2 M% plus time dep at comm other than, 2/ large CD1 M3 Mg plus deposits at nonbank thrift institutions and credit union Demand 3/ shares— •Currency Deposits Components of money stock measures and related items CD's Time other than CD's Total time Nonbank thrift institutions U.S. Gov't, deposits (all member) Turnover outside N.Y. City (per cent) 1973-Dec. 270.5 571.4 919.6 61.5 209.0 63.0 300.9 363.4 348.1 5.0 75.8 1974-Dec. 283.1 612.4 981.5 67.8 215.3 89.0 329.3 418.3 369.1 3.5 86.6 1975-Dec. 294.8 664.3 1092.9 73.7 221.0 82.1 369.6 451.7 428.6 3.0 84.7 1976-July Aug. Sept. Oct. Nov. Dec. 305.0 306.3 306.6 310.1 310.1 312.2 705.2 710.5 716.5 725.9 732.0 739.7 1169.2 1181.4 1194.5 1211.2 1223.6 1236.9 78.1 78.6 79.2 79.9 80.3 80.7 226.8 227.7 227.4 230.3 229.8 231.6 68.9 65.0 63.1 62.3 62.2 63.3 400.2 404.1 409.9 415.8 421.9 427.4 469.1 469.1 472.9 478.1 484.2 490.7 464.0 470.9 478.0 485.3 491.6 497.3 2.7 3.9 3.6 3.4 4.0 3.2 89.9 94.8 94.0 89.8 93.1 96.8 1977-Jan. 313.7 745.5 1247.9 81.4 232.3 63.1 431.7 494.8 502.4 2.7 315.2 314.6 313.7 313.0 745.4 746.0 745.6 745.8 n.a. n.a. n.a. n.a. 80.9 81.2 81.4 81.7 234.3 233.4 232.3 231.2 64.7 63.3 62.4 62.5 430.2 431.4 431.9 432.9 494.9 494.7 494.3 495.4 Week ending: Jan. 5 12 19 26 3? 1.9 3.8 3.4 2.9 n.a. n.a. n.a. n.a. Includes (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the IT.S. Cnvammanf, process of collection and F.R. float; (2) foreign demand balances at F.R. banks, and C3) currency outside the Treasury, F.R. Banks and vaults of all commercial banks. 2/ Includes in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposits other than negotlaft negotiable time certificates of deposit issued in denomination of $100,000 or more by large weekly reporting commercial banks. 3/ Includes M 2 , plus the average of the beginning and end of month deposits of mutual savings banks, savings and loan shares and credit union shares. 4/ Average of beginning and end of month deposits at mutual savings banks, savings and loan shares, and credit union shares. * Money stock figures have revised to reflect adjustment to the June 30, 1976 call report and new seasonal factors. Table 11-A Liquid Asset Holdings of Private Domestic Nonfinaneial Investors (Seasonally adjusted monthly averages; amounts in billions of dollars, ratios in per cent) Currency and Deposits Other Liquid Assets Time Deposits Commercial paper U.S. shortterm marketable Treasury securities 9 10 Total liquid assets Total Demand Currency 1 2 3 4 5 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 769.5 852.5 967.9 1079.5 1166.2 1289.8 632.4 718.7 817.0 887.4 944.5 1053.5 49.1 52.6 56.9 61.5 67.8 73.7 151.8 161.5 176.5 183.3 186.5 190.6 198.9 233.6 264.4 294.4 321.1 360.5 232.7 271.1 319.3 348.1 369.1 428.6 137.1 133.8 150.9 192.1 221.8 236.3 21.8 27.6 36.2 54.0 70.7 60.0 21.4 20.2 22.7 34.5 40.4 42.6 41.9 31.7 34.5 43.2 47.4 66.4 52.0 54.3 57.5 60.4 63.3 67.3 1976—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. 1300.2 1312.4 1321.2 1334.9 1345.7 1355.9 1370.3 1379.5 1389.9 1407.3 1419.9 1435.1 1065.3 1079.1 1088.0 1101.4 1111.8 1118.0 1130.1 1142.5 1154.9 1170.7 1181.9 1194.7 74.3 75.0 75.7 76.6 77.3 77.5 78.1 78.6 79.2 79.9 80.3 80.7 191.1 192.0 192.0 194.4 195.7 194.5 195.4 196.1 195.3 197.8 196.5 197.8 366.1 372.7 376.1 380.9 384.4 387.3 392.5 396.9 402.4 407.8 413.6 418.8 433.8 439.4 444.3 449.5 454.4 458.6 464.0 470.9 478.0 485.3 491.6 497.3 235.0 233.3 233.2 233.5 233.9 237.9 240.2 237.0 235.0 236.5 238.5 240.5 56.8 54.3 52.9 51.4 49.6 51.2 50.2 46.6 45.3 45.1 45.4 46.5 43.3 43.4 43.6 44.3 45.5 46.7 47.6 48.2 48.7 49.4 50.4 51.5 67.3 67.6 68.4 69.1 69.8 70.6 72.6 71,9 70.3 70.9 70.7 70.7 67.6 68.0 68.3 68.7 69.0 69.4 69.8 70.3 70.8 71.1 71.5 71.9 1977—Jan. 1447.4 1206.7 81.4 199.2 423.6 502.4 240.7 45.8 52.3 70.4 72.3 Period NOTE: Demand deposits Commercial banks For description of items, and computation of ratios, see Table 11-C. Thrift institutions 6 Total 7 Negotiable CD's 8 Savings bonds 11 TABLE 11-B Period Currency and demand deposits to liquid assets 12 Bank liability to liquid assets 13 Time Deposits at thrift institutions to liquid assets 14 Liquid assets to GNP 15 Currency and demand deposits to GNP 16 1970——Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 1976—Dec. 26.1 25.1 24.1 22.7 21.8 20.5 19.4 48.4 49.6 49.3 49.3 49.6 47.4 46.2 30.2 31.8 33.0 32.3 31.6 33.2 34.7 75.7 76.7 78.0 78.8 80.3 81.0 80.6 20.0 19.7 19.2 18.4 17.7 17.2 16.1 1976—Q1 Q2 Q3 Q4 20.3 20.1 19.7 19.4 47.0 46.7 46.3 46.2 33.6 33.8 34.4 34.7 80.1 80.3 80.7 81.3 16.3 16.2 16.0 15.9 1976—July Aug. Sept. Oct. Nov. Dec. 20.0 19.9 19.7 19.7 19.5 19.4 46.6 46.4 46.3 46.2 46.2 46.2 33.9 34.1 34.4 34.5 34.6 34.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1977—Jan. 19.4 46.2 34.7 n.a. n.a. TABLE 11-C Liquid Asset Holdings Coli 1 Sum of columns 2 and 7. 2 Sum of columns 3, 4, 5, and 6. 4 Money stock components after deducting foreign holdings and holdings by domestic financial institutions. The three columns add to held by domestic nonfinancial sectors. 6 Deposits at nonbank thrift institutions and credit unions, as published in money stock statistics. 7 Sum of columns 8, 9, 10, and 11. 8 Negotiable certificates of deposits over $100,000 at weekly reporting banks, except foreign holdings. 9 Commercial paper held outside banks and other financial institutions. 10 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. 11 Series E and H savings bonds held by individuals. 12 Sum of columns 3 and 4 to column 1. 14 Column 6 to colum 1. 15 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. 16 Sum of columns 3 and 4 to GNP. Annual averages are based on 12-month average of columns 3 and 4 and annual GNP. Quarterly averages are based on 3—month average of columns 3 and 4 quarterly GNP.
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