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^ ^ ^ ^:KVk Not for publication / } ;;8 2 5 K A N k O * Y February 18, 1971 1971 BANKiNG%Kp^#@#$&inhsuomms in January 1971 Summary. Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased substantially in January—at a pace more than double that of the fourth quarter. Acquisitions of State and local securities continued very heavy and holdings of U.S. Treasury issues increased moderately further. Total loans rose somewhat more than in other recent months reflecting expansion in most major categories. The money stock grew less rapidly in January than in the fourth quarter. But U.S. Government deposits increased further. And expansion in time and savings deposits continued large. Reductions in bank-related commercial paper moderated but reductions in Euro-dollar borrowings remained substantial. Net borrowed reserves of member banks increased somewhat . Changes in Commercial Bank Credit. Money Stock, and Time Deposits Seasonal 1v adjusted annual rates (per cent) 1970 1968 1969 First Second Fourth Dec. Otr. Half Half Year Year Year Jan. 3.1 7.8 2.5 12.8 8.3 14.6 15.3 3.0 -•15.7 11.8 8.5 14.4 2.8 31.9 8.3 20.1 10.4 28.3 34.5 34.6 39.3 3.9 -0.5 8.3 2.2 5.0 9.6 11.0 Total bank credit U.S. Govt. sec. 1971 Other securities 16.4 - - Loans 11.6 8.4 11.1 10.6 2.6 0.9 11.0 4.0 7.4 4.5 10.1 6.1 12.0 14.9 11.6 9.9 3.4 2.4 4.4 -1.0 1.2 9.1 11.1 13.1 2.1 8.1 -3.7 -9.2 Business loans i Total bank credit Loans Business loans I -3.6 ! 4.3 i ! i Ad lusted for loan sales to bank affiliates i i Money stock Time deposits i i 6.6 -6.5 | 5.4 i . 7.8 3.1 5.4 5.9 | 4.8 3.4 11.1 -5.0 18.4 7.8 1 27.9 I 21.8 6.2 1 1-7 28.8 j 25.5 Bank credit. Total loans and investments at all commercial banks, after adjustment for loan transfers, increased $5.4 billion in January compared with an average monthly increase of $2.1 billion over the fourth quarter. Loan growth picked up somewhat and acquisitions of investments, concentrated in State and local issues, continued very heavy. At large banks, total credit adjusted for loan sales, declined less than in the comparable January weeks of 1970 and 1969 reflecting principally a contraseasonal increase in investment holdings. At small banks, total credit increased slightly whereas it usually declines; investment holdings rose substantially and loan repayments were somewhat smaller than usual. Holdings of securities, other than U.S. Treasury issues, increased $2.8 billion in January compared with an average monthly increase of $2.3 billion over the fourth quarter. The bulk of the increase was in State and local securities with intermediate and longer-term maturity dates. But holdings of short-term municipals declined less than usual and holdings of Federal agency securities rose contraseasonally. Holdings of U.S. Treasury issues increased $400 million further in January--much less than in December which included a Treasury financing but more than the average increase for the fourth quarter. At large banks, a substantial part of the increase was in notes and bonds with less than one year to maturity. This probably reflected bank acquisitions of rights to be exchanged in the Treasury's mid-February refinancing. Holdings of longer-term issues declined. Total loans, adjusted for transfers, increased $2.2 billion in January--considerably more than in other recent months. Business borrowing rose following a four month reduction. Security loans increased further as a sharp month-end expansion, presumably associated in part with borrowing for rights purchases, more than offset reductions early in the month. Loans to nonbank financial institutions also increased following only small growth in late 1970. Moderate expansion continued in real estate and consumer loans. Business loans, adjusted for transfers, increased $500 million in January following an average monthly reduction of about $900 million over the previous four months. In part, however, the January increase may have reflected technical window dressing adjustments affecting both December and January and if the two months were taken together, business loans about levelled off compared with the sharp declines of the previous three months. The recent stronger business loan picture may have been associated in part with the post auto-strike recovery in business activity. In addition, loan repayments out of the proceeds of capital market financing may have fallen off in January. At weekly reporting banks, borrowing by public utilities accounted for a large part of the January increase but loans to firms in several other industries--commodity dealers, retail trade, chemicals, and construction--appeared fairly strong. Money stock, time deposits, and nondeposit sources of funds. The money stock increased at an annual rate of 1.7 per cent in January compared with 3.4 per cent over the fourth quarter. Currency holdings of the public continued to show strong growth but private demand deposits levelled off. U.S. Government deposits increased further. Growth in time and savings deposits at all commercial banks was at an annual rate of 25.5 per cent in January, somewhat less rapid than in December but faster than in the fourth quarter. At large commercial banks, inflows of consumer type time and savings deposits were heavy and acquisitions of large negotiable CD 1 s continued relatively substantial. Expansion in State and local deposits was also large. In addition, at country banks, growth in total time and savings deposits continued strong. Nondeposit sources of funds declined $1.5 billion in January-little different from the reduction in each of the three previous months. However, the recent decline was concentrated in Euro-dollar borrowings— whereas the reduction of the early fall reflected principally run-offs of bank-related commercial paper. Bank reserves. Net borrowed reserves of member banks averaged about $125 million over the four weeks ending January 27 compared with $85 million in December. Member bank borrowings increased somewhat and excess reserves declined. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L.4.3 - EXHIBIT A, PART 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted J 400 TOTAL LOANS AND INVESTMENTS 300 LOANS 200 80 OTHER SECURITIES U.S. GOVT. SECURITIES 40 1966 * CHANGE IN SERIES. 1967 1968 1969 1970 Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Total Date 1962—Dec. 1963--Dec. 1964—Dec. 1965—Dec. 1966—Dec. 1967—Dec. 1968—Dec. 31 2/ 31 2/ 31 31 31 31 31 1/ ( I n 227.9 246.2 267.2 294.4 310.5 3/ 346.5 384.6 Loans —/ b i l l i o n s ' 134.0 149.6 167.7 192.6 208.2 3/ 225.4 251.6 U.S. Gov 1 1. securities of d o l l a r s 64.6 61.7 60.7 57.1 53.6 59.7 61.5 56.2 56.3 51.9 Other securities ) 29.2 35.0 38.7 44.8 48.7 61.4 71.5 72.0 71.8 71.3 1969—June 30 (old series 4/ June 30 (new series) Dec. 31 392.5 397.3 401.3 264.3 269.2 278.1 1970—Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 p Nov. 25 p Dec. 31 e 398.5 399.7 400.9 403.5 405.9 406.4 412.8 418.3 423.7 424.0 427.3 432.5 276.6 278.5 277.6 277.0 278.0 277.4 281.5 284.1 287.3 286.9 287.7 288.9 50.4 49.8 50.3 52.4 . 53.4 54.1 55.8 57.5 57.6 56.3 56.5 58.0 71.5 71.4 73.0 74.0 74.5 75.0 75.5 76.7 78.8 80.8 83.2 85.6 1971—Jan. 27 p 438.0 291.2 58.4 88.4 1/ 2/ 3/ Adjusted to exclude interbank loans. p - Preliminary e - Estimated Estimated as of December 31. Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal "™ loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. 4/ 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. EXHIBIT A - PART H I 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 nonbank public 2/ Affiliates 1/ Business Business Business Total Total Loans 1969 Dec. 31 1970 Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 p Nov. 25 p Dec. 31 e 1971 Jan. 27 p 5.2 3.0 3.8 2.4 7.5 8.2 8.5 5.0 5.6 5.9 6.1 6.9 7.0 5.8 6.4 6.7 6.9 7.8 7.9 6.8 8.0 6.4 4.0 3.5 2.3 7.8 5.0 4.2 3.6 2.7 4.3 4.8 5.1 5.4 6.2 6.3 6.2 5.8 3.5 3.0 2.5 1.9 2.2 2.6 1.8 8.8 9.6 9.7 9.9 9.6 6.8 5.9 5.5 4.6 4.5 1.0 1.4 Total loans and investments AH justed 3/ O'riginial Total loans Adjusted 3/ Original Business loans Adjusted 4/ Original 0.6 401.3 405.1 278.1 281.9 106.1 108.5 0.7 404. 3 406.1 407.6 410.4 413.7 414.3 0.5 0.5 0.5 0.4 398.5 399.7 400.9 403.5 405.9 406.4 412.8 418.3 423.7 424.0 427.3 432.5 426.1 428.7 428.2 430.9 435.2 276.6 278.5 277.6 277.0 278.0 277.4 281.5 284.1 287.3 286.9 287.7 288.9 282.4 284.9 284.3 283.9 285.8 285.3 289.5 291.9 292.3 291.1 291.3 291.6 105.4 105.6 105.1 105.2 105.7 106.6 106.9 108.4 109.9 109.1 108.9 108.9 109.7 110.4 110.2 110.6 111 9 112.9 113.1 114.2 113.4 0.4 438.0 440.6 291.2 293.8 109.5 111.3 0.8 0.7 0.8 0.7 0.7 0.6 0.6 1.9 Commercial bank credit (seasonally adjusted) 420.8 112.1 111.4 110.8 (Annual rates in per cent) (Net change in billions of dollars) 1969 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 Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 p Nov. 25 p Dec. 31 e 2.3 0.7 0.3 0.3 0.8 0.1 0.2 -0.4 -2.8 -0.9 -0.4 -0.9 2.0 0.6 0.3 0.3 0.3 0.1 -0.2 -0.4 -2.4 -0.5 -0.4 -0.7 2.0 0.6 0.3 0.3 0.9 0.1 0.1 -0.2 2.8 -0.8 -0.6 -0.9 1.9 0.5 0.4 0.2 0.8 0.1 -0.1 -0.4 -2.3 -0.5 -0.5 -0.6 0.3 0.1 0.1 0.1 5/ 5/ 0.1 -0.1 -0.1 0.1 1/ 1/ -0.1 5/ -0.1 5/ -0.1 5/ 2.1 10.6 -2.6 -1.7 8.0 -2.1 -7.9 2.2 -5.7 1.1 5.7 10.2 13.3 7.7 -2.2 4.4 14.1 10.7 1/ -0.1 -2.4 5.3 4.4 8.2 9.6 1.7 18.8 15.1 7.3 -1.4 7.6 12.0 -6.5 8.2 -3.9 -2.6 4.3 -2.6 1/ 0.1 -8.4 3.6 3.6 7.8 7.1 1.5 18.9 16.0 15.5 0.8 9.3 14.6 17.7 11.1 13.5 -1.7 3.3 5.0 17.7 9.9 1.6 -4.9 0.8 1.2 3.4 16.8 16.6 -8.7 -2.2 1971 Jan. 27 p -0.1 -0.1 -0.1 -0.1 5/ 5/ 15.3 14.9 9.6 9.1 H 5/ i To bank holding companies, affiliates, subsidiaries, or foreign branches. 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, affiliaties, subsidiaries, or foreign branches 1/ Less than $50 million. P * Preliminary. Es t i n t e d . ^ ® ^ ® ® 1/ 2/ 6. 6 2.1 11.7 -8.4 -13.8 -7.5 -6.5 5.4 # # e e e * 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 28 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 Dec. 30 21.6 21.5 20.7 20.7 21.8 21.6 19.9 19.6 15 .9 14 .6 13.2 11.6 15.2 14.6 13.3 13.2 13.4 13.2 11.4 11.6 10.6 10.3 9.4 8. 6 13.6 13.1 11.9 12.0 12.4 12.2 10.5 10.7 9.8 9.4 8.6 7.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.8 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.1 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 1971 Jan. 27 p 10.2 7.4 6.5 0.8 7/ . 1J 2/ 3/ ZT/ 57 6/ 7/ V 1J Commercial paper 2/ Loans sold under repurchase agreement 3/ Customer To the nonbank. guaranteed Ineligible To bank paper acceptances pub1ic— Total affiliates— 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 7/ 7/ 7/ 1/ 0.3 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 0.2 7/ 0.3 0.2 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 5.6 6.1 6.5 6.6 7.6 7.6 7.8 7.3 4.6 3.7 3.1 2.3 0.8 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 2.0 0.7 0.7 11 1 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. V 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.8 1.2 1.9 2.2 2.6 3.7 • 4.2 4.3 * r - Revised. c - Corrected. ) L.4.3 EXHIBIT B, Part 1 LOANS AT ALL COMMERCIAL BANKS B i l l i o n s of dollars 110 Last Wednesday of m o n t h , seasonally adjusted BUSINESS REAL ESTATE CONSUMER SECURITY L U L U M J 1966 * C H A N G E IN SERIES. S II II .LI II I I 1 I 1 I 1 1 1 1969 1970 # • • e • e • • # # Exhibit 5 - Part II Loans at All Commercial Banks Seasonally Adjusted Date Business (In 31 31 31 31 31 31 31 31 1/ Dec . 31 1962- -Dec. 1963- -Dec. 1964- -Dec. 1965- -Dec. 1966- -Dec. 1967- -Dec. 1968- -Dec. 1969- -Dec. 47.6 52.0 58.4 69.4 78.6 86.3 95.9 106.1 Real Consumer Estate b i 1 L i o n s 34.2 39.1 43.6 49.2 53.8 58.4 65.0 /70.4 (old) 69.9 (new) of d o l l a r 23.7 27.2 31.1 35.6 38.2 40.0 44.9 48.2 Security Nonbank f inaneial Agriculture s ) 6.1 6.9 7.4 7.4 7.9 9.2 10.4 9.4 7.1 7.6 7.4 9.1 7.6 9.8 : 8.3 ! 11.9 8.7 | 12.1 9.5 j 11.4 | 1 9.9 ! 12.5 10.5 12/13.2(old) ! 13.7(new) | 106.9 108.4 109.9 109.1 108.9 108.9 70.2 70.5 70.7 70.7 70.7 70.6 70.7 70.8 71.0 71.2 71.5 71.9 48.4 48.5 48.4 48.4 48.5 48.6 3/ 48.9 49.1 49.4 49.6 49.4 r 49.8 8.1 9:1 9.4 8.6 8.6 7.2 8.4 9.3 9.9 10.4 10.1 10.9 13.2 13.0 12.5 12.5 12.9 ' 13.4 15.0 14.6 14.6 14.6 15.0 1.4.9 10.6 10.6 10.6 10.7 10.9 11.0 11.1 11.4 11.5 11.4 11.3 11.3 109.5 72.3 50.8 11.4 15 .6 11.2 1970- -Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept .30 Oct. 28 P Nov. 25 P Dec . 31 e 105.4 105.6 105.1 105.2 105.7 1971 --Jan . 27 P 106.6 e - Estimated. P " Preliminary. r - Revised. 1/ Data are comparable with previous months. Individual loan items are gross throughout and the ~~ effect of consolidation in June 1969 on any one loan item was nominal. 2/ ~ Real estate loans decreased by $500 million on December 31, 1969, and loans to nonbank financial institutions increased by $500 million due to change in method of reporting mortgage loans held under repurchase agreements. 3/ Consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by ~~ finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions 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. These data are not for publication. %- 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 Adiusted Sold Date Real Estate Loans Loans Adiusted Sold 1969--June July August September October November December 25 30 27 24 29 26 31 1.3 1.8 2.1 2.4 3.2 3.3 2.4 103.6 104.2 105.5 106.5 107.7 108.1 108.5 0.1 0.1 0.1 0.1 1970--January February March April May June July August September October November December 28 25 25 29 27 30 29 26 30 28 25 31 4.3 4.8 5.1 5.4 6.2 6.3 6.2 5.8 3.5 3.0 2.5 1.9 109.7 110.4 110.2 110.6 111.9 112.9 113.1 114.2 113.4 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1971--January 1/ 27 p 1.8 111.3 0.1 0.1 o°:i 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.4 0.3 70.0 70.5(old)" 0.1 70.0(new) 68.5 68.8 69.1 69.4 69.7 70.3 70.6 70.8 70.8 70.8 70.7 70.8 70.9 71.1 71.3 71.6 72.0 72.4 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.5 0.3 0.2 0.1 0.1 0.1 Security Loans Loans Adiusted 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 15.1 15.0 15.7 47.0 46.8 47.1 47 .6 48.1 48.1 48.6 1/ 1/ 1/ 1/ 1/ 1/ 1/ 10.4 10.6 10.7 10.8 10.6 10.5 10.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.3 0.3 48.9 49.0 48.9 48.9 48.9 49.0 49.2 49.5 49.7 1/ 10.6 10.3 11.0 0.2 0.2 49-6 50.0 11.5 0.1 50.1 9.2 9.7 8.4 8.4 9.4 10.5 9.6 1/ 8.1 1/ 1/ 9.1 9.4 1/ If 0.2 0.4 0.3 0.2 0.2 0.1 0.1 Agriculture Loans Loans Adiusted Sold 0.3 0.1 0.2 0.3 0.4 0.4 0.4 1/ 0.1 0.1 0.1 0.2 0.2 0.2 0.1 Consumer Loans Loans Adjusted Sold 8.6 8.7 7.2 8.6 9.7 10.2 10.6 49.9 l 1/ 10.6 10.6 10.7 10.9 1/ I/ 1/ If I If 11.0 11.1 11.4 11.5 11.4 11.3 11.3 11.2 •••ePieK- Less than $50 million. NOTE: 112.1 111.4 110.8 0.1 Nonbank Financial Loans Adiusted See footnote 3, Exhibit B, Part II • • • • # • e # t • ^ • r Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1970 Item July Aug. Sept. + 2.4 + 0.5 + 6.4 + 5.5 + 5.4 + 0.3 + 3.3 + 5.2 + 5.5 ' + 1.0 + 0.7 + 1.7 + 1.7 + 0.1 - 1.3 + 0.2 + 1.5 + 0.4 + 0.5 + 0.5 + 1.2 + 2.1 + 2.0 + 2.4 + 2.4 + 2.8 + 1.0 s - 0.6 + 4.1 + 2.6 + 3.2 - 0.4 + 0.8 + 0.5 + 0.9 + 0.3 + 1.5 + 1.5 - 0.8 - 0.2 1/ - 0.1 + 0.1 + 0.1 + 0.2 I + 0.2 + 0.1 + 0.1 + 0.3-/ + 0.2 + 0.3 - 1.4 + 1.2 + 0.9 + 0.6 + 0.4 + 0.5 + 1.6 - 0.4 + 0.2 + 0.1 + 0.1 + 0.2 | + 0.1 - 0.1 - 0.1 1/ - 0.2 - 0.7 + 0.5 + 0.1 j + 0.5 - 0.4 + 0.9 jr- 0.3 - 1.2 + 0.2 + 1.0 + 0.8 + 2.9 + 1.7 ! + 2.6 - 0.9 +1.1 ! +0.4 - 0.7 ! + 0.2 + 0.6 + 0.3 + 1.3 + 2.1 - 2.6 - 0.9 Jan. Feb. Mar. April May Loans and Investments 2/ + o-i - 2.8 + 1.2 + 1.2 + 2.6 U. S. Gov't, securities - 1.5 - 1.5 - 0.6 + 0.5 +2.1 Other securities - 0.1 + 0.2 - 0.1 + 1.6 + 1.0 + 0.5 Loans 2/ + 1.7 - 1.5 + 1.9 - 0.9 - 0.6 Business + 1.3 - 0.7 + 0.2 - 0.5 + 0.1 Real estate + 0.5 + 0.3 + 0.3 - 0.2 1/ Consumer + 0.5 + 0.2 + 0.1 - 0.1 1/ Security - 0.9 - 1.3 + 1.0 + 0.3 - 0.8 Nonbank financial + 0.5 - 0.5 - 0.2 - 0.5 1/ + 0.1 1/ 1/ All other - 0.2 + 0.4 + 0.5 - 0.3 Total loans excluding security 3/ + 2.6 - 0.2 + 0.9 + 2.1 + 0.3 + 1.1 Agriculture Total loans excluding security and nonbank financial 3/ e - Estimated. 1/ + 0.1 1/ r - Revised. I p - Preliminary. 1/ Less than $50 million. I! " Based'on : n : ^ : r : : 1 : : adTsted m ^ u l y to exclude but classified as loans to nonbank financial instituc _______ Individual Loan Categories Are Not Available for Publication. financial institutions. | i/ : Oct. p; Nov. pj Dec, e Jan. p June Dec . + 1.2 + 2.3 + 0.6 + 0.3 + 0.4 + 0.4 | + 0.2 - 0.2 r + 0.4 + 0.2 + 0.5 - 0.3 + 0.8 + 0.5 - 0.1 + 0.7 | v 1 ,+ i 0.4 + 0.8 - 0.1 i + 0.5 + 1.8 + 1.1 <7 Exhibit D C h a n g e s in L o a n s and I n v e s t m e n t s at A l l C o m m e r c i a l B a n k s , at W e e k l y R e p o r t i n g B a n k s , and at Other B a n k s , Not S e a s o n a l l y A d j u s t e d (In b i l l i o n s of d o l l a r s ) End Item 1971 -/ All c o m m e r c i a l b a n k s 6/ T o t a l loans U. S. Gov't, s e c u r i t i e s Other s e c u r i t i e s Total A l l Large Banks of D e c e m b e r 1970 1969 1968 Other b a n k s 5/6/ Total loans U. S. Gov't, s e c u r i t i e s Other s e c u rities Total 1965 1966 1967 + + - 7.0 0.1 1.6 5.4 -10.4 - 1.7 - 0.7 -12.9 - 6.1 1.3 1.0 8.4 + - 4.0 0.3 0.2 4.0 + - 4.5 0.2 0.6 4.1 + - 4.7 0.1 0.5 5.0 + - 3.6 1.5 0.3 4.8 + - 6.4 0.2 0.7 5.9 - 8.3 - 1.5 - 0.6 -10.4 - 5.1 1.7 0.8 7.6 + - 2.9 0.7 0.4 3.2 + - 3.8 0.3 0.8 3.4 - 3.5 0.6 0.3 4.4 + - 2.9 1.6 0.2 4.3 - + - 0.9 0.4 0.2 0.8 + - 1.2 0.4 0.1 0.8 + - 0.7 0.1 0.2 0.7 + - 1.2 0.7 0.2 0.6 + + - 0.7 0.1 0.1 0.5 5/6/ Total loans U. S. Gov't, s e c u r i t i e s Other s e c u r i t i e s Total tn last Updnpsriav nf J a n u a ry - 0.6 + 0.3 + 0.9 + 0.6 2.1 0.3 0.1 2.5 Year ended D e c e m b e r Item All c o m m e r c i a l banks _6/ Total loans U. S. Gov't, securities Other securities Total A l l Large Banks 1969 1968 1967 1966 1965 +11.0 +22.1 +26.9 - 9.9 1/ + 2.0 +10.1 +25.3 -3.4 +12.2 +38.9 +17.6 + 6.3 +12.7 +36.6 +17.7^- + 6.5 4-14.4 +31.9 + 3. " 3 ^ +17.2- t 5.1 +27.9 + 4.5 + 4.4 + 8.3 +17.3 +10.4 +16.7 + 0.5 + 5.3 +22.5 + 8.7 + 3.6 + 7.3 +19.5 + + +11.7 - 4.3 + 3.1 +10.5 +10.2 + 8.9 + 2.7 + 5.4 +17.0 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 NOTE: 2/ 1970£/ Data exclude all 6.5 + 2.1 + 6.0 +14.6 - 5.6 - 3.1 + 1.7 + 1.5 + 4.8 +16.4 i n t e r b a n k loans; Call report d a t a for 3/Z/ +15.5 9.4— - 3.3 U S ' + 7.0=-' + 2.6 +14.8 3(4)/ + 9.8 + 8.3— - 0.1 - 1.4 3/ + 3.5 3 5 - a/ +13.1 +10.2large c o m m e r c i a l b a n k s used w h e n a v a i l a b l e . 1/ B Less than $ 5 0 m i l l i o n . Based on e s t i m a t e d d a t a for D e c e m b e r 31, 1970 and D e c e m b e r 31, 1963. A l l o w a n c e has b e e n m a d e in m o n t h l y c h a n g e s in total loans and in other s e c u r i t i e s for a p p r o x i m a t e l y $1 b i l l i o n of p a r t i c i p a t i o n c e r t i f i c a t e s shifted from loans to other s e c u r i t i e s in late J u n e 1966: $ 7 0 0 m i l l i o n at large b a n k s and $ 3 0 0 m i l l i o n at other b a n k s . 4/ t; A l l o w a n c e h a s b e e n made in m o n t h l y changes in total credit and in t o t a l loans for the $ l o l b i l l i o n of b a l a n c e s a c c u m u l a t e d for the payment of p e r s o n a l loans e x c l u d e d from time d e p o s i t s and from loans on June 9, 1966: $ 4 0 0 m i l l i o n at large b a n k s and $ 7 0 0 m i l l i o n at other b a n k s . Based on r e v i s e d c o v e r a g e b e g i n n i n g J u l y 1966; J a n u a r y 1967, 1968, 1969, and 1970. Based on r e v i s e d r e p o r t i n g b e g i n n i n g J u l y 1969. Changes h a v e b e e n a d j u s t e d to m a i n t a i n c o m p a r a b i l i t y of s e r i e s . Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late D e c e m b e r to late D e c e m b e r 2/ Late December to late January 1/ Business of borrower 1971 F o o d processors C o m m o d i t y dealers T r a d e concerns Retail trade W h o l e s a l e trade Metals Primary m e t a l s Machinery T r a n s p o r t a t i o n equipment Other fabricated m e t a l s T e x t i l e s , apparel, e t c . 194 138 287 65 513 316 197 284 33 244 15 22 70 120 113 129 63 253 527 119 218 190 115 652 125 251 129 53 -1,718 73 -1,791 276 113 -3,304 318 -3,622 + - Pettoleum Chemicals Other durable m a n u f a c t u r i n g Other n o n d u r a b l e m a n u f a c t u r i n g Mining Public 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 u t i l i t i e s Construction A l l other types of b u s i n e s s Bankers a c c e p t a n c e s S e r v i c e s 3/ Other F o r e i g n b u s i n e s s concerns Classified Unclassified T o t a l Change 1/ 2/ ~~ 3/ 80 45 215 + + 111 86 4- 18 7 461 3/ 319 5 236 76 160 340 47 199 15 79 138 29 112 118 1969 1970 - - + + + + + - + - + - + - + 398 10 280 187 93 155 38 34 81 2 13 315 204 36 30 23 281 8 85 204 54 98 125 27 1968 1967 - - 260 77 28 23 51 198 8 54 73 79 27 - 33 882 202 1,084 + + + + 33 84 47 45 254 + + 11 46 219 26 171 54 35 152 18 -1,198 98 -1,296 267 21 129 73 56 18 17 10 18 27 15 52 48 69 30 4 116 34 18 20 - - 1970 100 + + 4- 76 146 251 152 47 46 511 94 605 + 149 189 2 + 4+ 3 135 132 234 61 497 297 95 19 192 65 + 39 86 834 -1.184 + 264 231 -1,217 + 269 +1,342 + 983 + 378 + - 19 171 756 704 52 1968 1969_ + 276 + 206 + 342 + 144 + 198 +2.708 + 194 +1,317 + 712 + 153 + 150 + 115 + 362 + 332 + 314 + 126 +1,610 + 556 + 360 + 694 + 224 +2.220 +1,044 20 +1,196 356 +7,955 + 374 +8,329 + 219 + 279 + 824 + 510 + 314 +1,096 515 319 108 154 438 49 142 187 42 527 +1,408 + 773 + 180 + 455 + 425 +1.605 475 + 980 +1,100 146 +6,537 + 678 +7,215 1967 + 38 + 200 12 143 21 + 164 + 742 540 257 183 128 113 128 226 33 256 + 359 +1.077 + 701 + 227 + 149 93 +1,617 671 + 408 + 263 +2,428 + 98 +1,260 832 238 276 + +1.141 n .a. n .a. n.a. + 16 + 248 668 168 - + 781 132 +4,481 + 590 +5,071 + + + Four most c o m p a r a b l e weeks used throughout , 1968; D e c e m b e r 27, 1967; D e c e m b e r 28, 1966; and Changes are compiled from December 31, 1969; December 25 c o m m e r c i a l b a n k data w h i c h are always for D e c e m b e r 31. linked with all December 29, 1965. These data cannot be and foreign loans were net reported separately. c o m m u n i c a t i o n , services, Prior to 1967, transportation, 2 486 474 373 526 168 n .a. 416 n .a. +7,072 + 511 +7,583 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments U. S. Gov't. Other securities Total loans 60.2 71.4 80.6 88.5 98.4 273.9 301.8 317.9 1/ 354.5 393.4 63.0 59.5 56.2 62.5 64.5 38.8 44.9 48.8 2/ 61.5 71.5 172.1 197.4 213.0 1 / 2 / 230.5 257.4 385.0 384.1 385.4 391.5 390.2 396.4 401.3 397.7 394.7 396.5 397.2 400.7 410.5 63.2 59.5 58.5 58.0 55.4 54.0 54.0 54.7 54.3 53.2 54.4 55.1 54.7 70.5 70.9 71.4 72.3 71.8 72.6 72.4 71.3 70.9 71.2 70.4 70.9 71.3 251.3 253.7 255.5 261.2 263.0 269.8 274.9 271.7 269.5 272.1 272.4 274.7 284.5 96.5 97.7 99.7 101.6 101.8 104.5 104.5 103.1 102.0 103.8 103.6 •104.4 108.8 1970- -Jan. Feb. Mar. Apr. May 28 25 25 29 27 30 July 29 Aug. 26 Sept . 30 Oct. 28 P Nov. 25 P Dec. 31 e 397.6 395.7 399.0 403.5 403.9 410.1 412.6 415.4 423.3 423.6 426.8 442.4 53.0 51.4 51.5 52.3 52.6 51.6 53.5 55.1 55.8 57.1 58.0 61.2 70.6 70.8 72.7 74.3 74.3 75.6 75.7 77.1 79.5 81.0 82.6 85.7 274.0 273.5 274.8 : 276.9 i 277.0 j 282.9 283.4 1 283.2 1 288.0 285.5 286.2 295.5 1971-•-Jan. 27 P 437.1 61.3 87.3 j 288.5 1964- -Dec. 1965- -Dec. 1966- -Dec. 1967- -Dec. 1968- -Dec. 31 31 31 30 31 1969- -Jan. 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 30 June 30 July 30 Aug. 27 Sept., 24 Oct. 29 Nov. 26 Dec. 31 Dec. 31 (new) 3/ (old) (new) 1 ! | ; | : ' ! Real estate Security 43.7 49.3 54.0 58.5 65.1 - 8.4 8.5 9.0 10.5 11.8 Nonbank financial institutions 7.5 8.2 8.6 2/ 9.3 ! 9.7 65.6 66.1 66.6 67.2 67.8 68.4 68.4 68.8 69.3 69.7 70.0 70.3 ' 70.5 70.0 4 / 9.5 9.5 8.8 9.4 9.0 10.3 10.3 9.7 8.1 8.2 8.6 9.4 10.7 9.7 10.0 10.1 10.3 10.4 10.6 10.6 10.7 10.7 10.6 10.5 10.4 10.3 104.1 104.1 105.0 105.6 105.3 108.6 107.3 io7.o 109.6 108.2 108.5 111.7 70.1 70.1 70.1 70.2 70.3 70.6 70.8 71.0 71.4 71.6 71.9 72.1 8.2 8.3 8.8 8.8 8.6 7.9 8.6 9.1 9.6 9.7 9.7 12.5 10.4 10.5 10.6 10.8 11.1 11.2 11.3 11.4 11.4 11.3 11.2 11.1 108.4 72.2 11.1 11.0 j | | ; I ! | | i 31.0 35.7 38.3 40.0 44.9 10.9 13.3 13.3 12.5 13.7 13.9 15.0 13.6 15.9 18.9 44.9 44.9 45.2 45.8 46.4 46.9 46.9 47.2 47.4 47.7 47.8 47.8 48.2 12.1 12.5 12.3 13.3 12.7 13.7 13.7 12.4 12.1 12.4 12.0 12.2 14.6 15.1 4/ 18.2 18.2 18.1 18.8 19.8 20.4 20.5 19.9 19.8 19.8 20.0 20.2 21.3 48.0 47.8 47.8 48.1 48.4 49.0 49.3 49.6 49.8 49.8 49.5 r 49.9 12.7 12.4 12.2 12.7 12.3 14.4 14.9 14.3 15.2 14.4 14.6 16.4 20.6 20.3 20.3 20.7 21.0 21.3 21.2 20.8 21.1 20.5 20.7 r 21.8 49.6 15.1 21.1 i i NOTE: Data exclude interbank loans. r ™ Revised c _ Estimated Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June 1/ Beginning June%"l966"$l! 1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" 2/ classified Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reel 4/ Real estate loans^ecreased by $500 millionoon December 31, 1969, and loans to nonbank financial institutions increased by $500 million due to Individual loans category data are available for publication only on a June and December Call data basis Exhibit G Ratios to Total Deposits J./ L O A N S D A T E 1955- -Dec. 31 1956- -Dec. 31 1957- -Dec. 31 1958- -Dec. 31 1959- -Dec. 31 1960- -Dec. 31 1961- -Dec. 31 1962- -Dec. 28 1963- -Dec. 25 1964- -Dec. 31 1965- -Dec. 31 1966- -Dec. 31 1967- -Dec. 30 1968-— D e c . 31* 1469" ^June 2/30* July 30* Aug. 27* Sept,. 24* Oct. 29* 26* Nov. 31* Dec. All commercial banks B a n k s M e m b e r Reserve Citv Banks New York City of Other Country Chicago 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 64.7 (63.7) 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 66.8 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 83.5(76.3) 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 75.1 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 69.1 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 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 6.1 75.4 76.3 75.3 76.4 76.1 76.4 75.7 106.5(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) 90.9 91.8 94.2 97.5 96.2 93.6 89.5 78.3 78.8 78.8 79.4 78.9 80.3 79.5 62.5 63.2 63.6 63.3 63.4 63.3 62.8 4.5 4.5 4.7 4.6 4.3 5.2 5.0 81.3 81.0 80.4 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 72.1 73.0 72.9 72.9 72.8 73.0 72.0 73.2 73.4 73.0 72.7 Apr. 72.9 May 71.8 June 72.0 29* July A u g . 26* 71.1 Sept . 30* 70.2 Oct., 28*; 69.6 Nov. 25*p 69.2 30*p 68,0 Dec. 1970-•-Jan. Feb. Mar . 1971--Jan . U.S. Government securities maturing within one vear 28* 25* 25* 29* 27* 30* 27*f> 67.2 (69.7) (70.3) (70.1) (70.4) (70.3) (70.3) (69.8) (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) 72.1 (67 .9) 71.8 (66.8)1 70.5 (66.2:)j 69.5 102.9(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 88.1 98.0(84.1) 93.7(81.8) . 86.5 93.4(81.9) 85.6 94.3(83.3) 85.7 90.2(81.8) 83.5 86.6(79.9] 80.9 79.9 80.0 80.0 78.6 76.7 75.6 60.5 63.6 62.9 62.2 62.0 75.0 74.1 73.4 61.8 60. 7 72.5 60.6 All commercial banks 5.1 5.1 5.7 . ~ within1^yearJestimated on basis of Treasury survey of ownership; and total deposits 1.3 percentage points for all commercial banks. , * - Ratios in parenthesis are those obtained by adding Euro-dollars to the deposit base. L. 4 . 3 E X H I B I T H, PART 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 . Billions Annual rate 225 205 50 TIME AND SAVINGS DEPOSITS ALL COMMERCIAL BANKS j 185 45 MONEY SUPPLY TURNOVER OUTSIDE N . Y . C . 232 SMSA'S 40 165 35 145 10 U.S. GOVT. DEPOSITS MEMBER BANKS 1966 * C H A N G E IN SERIES. 1967 y 1968 1969 1970 Exhibit H - Part II P e r i o d Total Turnover outside N.Y. City* (per cent) U.S. Gov't. deposits (all member) V Gross liabilities of U.S. banks to 3/ 4/ their foreign branches 160.5 168,0 171.7 183.1 197 .4 126.3 131.7 133.4 142.7 154.0 34.2 36.3 38.3 40.4 43.4 126.6 146.7 158.5 183.7 204.8 5.1 4.4 3.5 4.6 4.2 37.4 40.1 40.6 44.8 1,183 I,345 4,036 4,241 6,039 1969--January February March April May June July August September October November December 198.1 199.3 200.1 154.5 155.5 156 .0 156.8 157.1 157.6 158.1 157.4 157.6 157.6 157.6 157.7 43.6 43.8 44.1 44.2 44.5 44.8 45.0 45.2 45.3 45.6 45.9 46.0 203.7 203.2 202 .5 202.1 201.7 201.2 198.1 195.4 194.8 194.2 194.0 194.6 5.4 6.7 4.8 5.9 5.9 4.0 2.4 2.9 4 .4 3.1 5.6 4.9 46.2 46.9 46.1 47.2 47.5 48.4 49.4 49.7 50.9 50.6 49.4 49.2 8,545 8,822 9,877 9,436 9,868 13,269 14,434 14,658 14,349 13,648 14,574 12,822 1970--January February March April May June July August 205.2 204.5 46.2 46 .4 46.7 47.1 47.7 47.8 48.1 48.2 48.2 48.5 48.7 48.9 193.3 193.5 : 195.8 198.5 200.3 213.0 213.5 214.6 159.0 158.1 159.8 161.2 161.6 161.9 162.5 163.7 164.6 164.5 164.8 165.7 5.3 5.6 5.9 5.2 3.0 4.8 4.4 6.4 6.2 5.2 50.6 52.0 50.3 52.2 53.4 52.9 53.7 52.6 53.1 53.6 51.7 52.5 13,623 13,094 II,942 11,973 12,373 12,220 10,514 10,733 9,787 9.439 8,585 7,669 214.9 165.7 49.2 235.3 6.7 215.4 215.3 215.1 214.2 166.2 166.2 165.9 164.9 49.2 49.1 49.2 49.3 233.6 234.2 235.7 236.5 5.3 5.3 6.0 8,1 1964--December 1965-December 1966--December 1967--December 1968--December 201.0 201.6 202.4 203.1 202 .6 202.8 203.2 203.5 203.6 206.6 208.3 209.2 209.6 210.6 211.8 212.8 September October November December 1971--January p Week ending; 1971—Jan. 13 20 27 p 1, Not Seasonally Adj . (In mil. of dollars) S e a s o n a l l y A d j u s t e d (Dollar amounts in billions) Time and V 1/ M o n e y St savings 2/ deposits Currency Demand deposits (All commercial) " ' S I ; ; . 1964, d„„>, 232 213.2 218.5 222 .2 225.0 230.4 d.=, „ . l « d , i l l billion .1 b . l , ™ . , « = — l . « . d h.« d... 202.2 208.2 «h. t ....... .h. 33.5 6.0 6.2 I-r «h, •' " » -I - 6,530 - 7,438 7,861 7,823 6.530 n. a. n. a. n. a. n.a. ™ 1 " " " "• " " L.4.3 - EXHIBIT I, P a r t 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Billions of d o l l a r s Wednesday figures TOTAL TIME AND SAVINGS DEPOSITS CONSUMER-TYPE TIME AND SAVINGS SAVINGS DEPOSITS CONSUMER TYPE TIME DEPOSITS NEGOTIABLE CD's STATE AND POLITICAL, FOREIGN OFFICIAL ETC i i , i i i i i i i 1 I I—I—I—I I 1 I—I—I—1 1970 EXHIBIT I - Part II Period Total Consumertype time & savings Time and Savings Deposits State Political Large ConsumerFor. official Negotiable type Savings etc . CD's 1/ time 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 32,740 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 28 114,803 116,447 81,150 81,554 47,016 47,332 34,134 34,222 23,545 25,201 10,108 9,692 119,44? 120,206 «2,776 83,473 48,039 48,479 34,744 34,994 26,074 26,125 10,592 10,608 120,843 121,988 122,772 123,098 84,083 84,419 84,777 85,222 48,798 48,832 48,974 49,120 35,285 35,587 35,803 36,102 26,215 27,044 27,278 27,137 10,545 10,525 10,717 10,739 Oct. (old) (new) 2/ Nov. 25 Dec. 30 (old) Dec . 30 (new) 2J Week ending: 1971--Jan. 6 13 20 27 _1/ 2/ Negotiable certificates of deposit issued in denominations of $100,000 or more. Revised series. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) D A T E All member Reserve City Banks New York City of City Chicago Excess Reserves Other Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages: 1959- December 1960- -December 1961- -December 1962- -December 1963- December 1964- December 1965- -December 1966- -December 1967- -December 1968- December -424 669 419 268 209 168 -165 107 -109 10 - 50 - 62 19 - 14 - 70 - 95 - 22 -104 - 4 - 22 - 11 21 - 31 - 8 - 50 - 5 -310 -130 - 70 1969- - Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. -480 -596 -701 -844 -1,102 -1,064 -1,074 -946 -831 -992 -988 -829 - 60 - 67 - 44 -117 - 89 - 28 - 66 - 52 - 64 -126 -143 -203 - 49 - 33 -101 -116 -148 1970- -Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -799 -819 -781 -704 -795 -701 -1,217 -682 -335 -208 -305 - 49 -132 - 76 -148 -198 -171 - 95 -260 -156 - 56 29 - 63 9 -111 19 1971- -Jan. NOTE: 2 - -449 237 583 471 394 334 315 238 140 187 482 756 568 572 536 411 452 392 345 906 87 149 304 327 243 454 557 238 18,512 18,839 19,640 20,343 21,017 22,068 23,262 23,521 25,940 70 455 765 27,964 15 47 37 26 67 9 -337 -403 -456 -521 -538 -649 -611 -396 -447 -558 -525 -473 - 34 - 93 -100 - 90 -327 -395 -382 -451 -283 -282 -253 -144 217 228 217 152 300 343 116 303 236 143 253 257 697 824 918 996 1,402 1,407 1,190 1,249 1,067 1,135 1,241 1,086 28,139 28,060 27,972 27,775 28,235 28,056 27,530 27,401 27,402 27,354 27,783 27,928 82 58 15 82 25 3 -132 - 67 - 8 - 13 - 12 3 -473 -473 -501 -400 -447 -487 -726 -428 -337 -289 -359 -222 -112 -212 -117 - 24 -152 -122 - 99 - 31 66 65 129 161 166 273 115 118 181 187 141 145 272 254 120 272 965 1,092 896 822 976 888 1,358 827 607 462 424 321 28,001 27,722 27,723 28,216 27,890 27,902 28,041 28,585 29,240 29,385 ' 29,474 29,925 -280 152 258 369 80 20 - 52 -122 -103 -161 -159 - 55 -180 8 - 30,238 but reserve requirements series have b e e * j u s t e d to eliminate R a n g e s in percentage reserve requirements against ^ p o s i t s , Aggregate reserve bank-related commercial paper are included beginning on Euro-dollar borrowings are included beginning October 16, 1969, and requirements October 1 http://fraser.stlouisfed.org/ E Reserve Bank of St. • Louis Federal 1970. • E • • • # E # Exhibit @ Liquid Assets Held 1/ l e ^ by the Public - Seasonally Adjusted Series (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total 1 Demand deposits and currency _2/ 2 4 1 2.1 28.1 1.9 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 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 5T.6 55.2 60.3 64.7 188.8 189.9 192.4 190.8 191.6 194.2 191. 9 193.3 194.1 r 193.9 195.8 206.8 203.4 202.9 201.9 201.8 202.7 200.4 197.5 195.6 195.5 195.7 197.9 197.1 64.,8 65.,2 65.,5 65.,7 66.,1 66.,3 66.,3 66.,4 66.,6 66.,7 67.,0 67,.3 720.6 722.0 733.7 731.4 734.1 738.7 749.9 751.1 765.6 764.7 773.7 785.0 195.4 194.8 199.3 196.7 197.9 199.8 198.7 199.3 203.6 199.6 r 201.2 r 207.6 196.0 196.7 198.8 201.5 201.7 202.9 211.8 215.4 221.5 224.5 230.3 233.7 67.,0 67.,4 67.,5 68.,0 68.4 68. 7 69. 2 69. 4 69. 9 70. 4 70. 9 71. 2 785.8 201.7 239.6 71.,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 1969 JarT" Feb! Mar. Apr. May June July Aug. Sept. OCt. Nov. Dec. r ! r | r j! r r !r 1 ! r ,1 r 703.7 705.7 713,2 711.3 714.4 713.9 709.6 713.3 718.2 715 .1 722.2 731.8 r r r r r r r r r r r r U. S. Gov't, Savings securities and loan U. S. Gov't, maturing savings deposits bonds 5/ within one and year 6/ shares 6 5 26.3 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 650.4 709.6 1971 Jan. ! 48.2 49.7 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966* 1967 1968 1970 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. p Nov. p Dec. p Mutual savings banks Commercial banks 3/ 3 Postal Savings System 1 8 7 30,6 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 r r r r r r r r 131.0 132.0 133.4 133.3 133.6 133.7 133.7 134.2 135.4 135.0 135.4 135.0 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 r r r r r r r r r r r r 133.7 134.3 135.9 136.5 137.0 137.6 139.2 140.3 142.4 143.5 144.8 146.0 52.2 52.1 52.0 52.0 52.0 52.0 52.4 52.0 52.1 52.1 52.2 52.7 76.3 76.6 80.1 76.8 77.2 77.7 78.5 74.6 76.0 74.5 74.3 73.8 148.6 52.8 27.2 32.0 37.0 41.7 47.7 54.3 1.6 1.3 1.1 0.9 0.8 61.8 0.6 0.5 0.5 0.4 0.3 0.1 — — 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 r 71.9 I __J_ Liquid assets to gross national product 7/ 9 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.0 81.5 79.8 77.6 78.7 78.2 Ratios: Demand deposits and currency to gross national product 7/ 10 [ 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 78.0 21.2 77.2 20.8 75.7 20.5 20.8 75.8 r 20.7 75.6 20.4 76.2 20.3 77.9 20.5 Commercial bank deposits and currency to liquid assets ! (2 + 3 t 1) 11 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.5 55.9 56.8 55.7 55.7 55.3 55.2 55.2 55.3 54.9 54.5 54.3 54.5 54.5 55.2 54.3 54.2 54.3 54.4 54.4 54.5 54.7 55.2 55.5 55.5 55.8 56.2 56.2 For footnotes see next page. r - Revised. p - Preliminary. * " 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 1969 to conform to new Budget concept. FRASER Both figures were increased by $1.7 billion on that date. Digitized for Exhibit K (Continued) Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962,p. 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout. Data have not been revised to conform with the daily average money supply revision (beginning June 1967) associated with Euro-dollar transactions. Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available . Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U . S . possessions are included as indicated for demand deposits in footnote 2 above. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. Includes all types of savings bonds held by investors other than commercial and mutual sav ings banks and U.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U. S. Treasury Department. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for. four dates (each month of the current quarter and the last month of the preceding quarter).
@FedFRASER