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January 1978 L.4.3 Not for Publication A % %% •& v&\ 70 0. t X BANKING AND MONETARY DEVELOPMENTS December 1977 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System Table I Changes in Commercial Bank Credit, Money Stock and Time Deposits Seasonally adjusted annual rates (per cent) 1977 3rd 4 th Qtr... Qtr. 1976 3rd Qtr. 4th Qtr. ' 1st 2nd Year .Qtr. . Qtr. 8.8 7.5 11.3 10.3 10.6 22.5 .8 10.1 -3.9 26.7 2.3 6.6 2.7 7.3 .5 12.1 8.4 7.4 11.5 17.5 -6.8 &5 9.0 13.9 13.7 10.4 14.1 13.8 14.0 20.9 17.3 3.3 2.7 4.6 12.4 12.8 10.9 12.6 10.3 15.2 25.8 13.8 5.4 Real estate loans 10.2 9.3 9.9 17.0 15.0 17.9 16.3 15.0 14.3 15.5 14.6 15.3 14.3 n.a. 11.8 16.5 18.4 n.a. 12.7 15.7 n.a. Year Total bank credit^ U.S. Govt. sec. Other securities 1/ Loans— Business loans Consumer loans 12.7 12.6 8.6 8.0 5.4 -19.4 14.0 Octo 13.4 Novn DS£P 11.5 —1.0 -27.6 -34.3 -18.9 AdjustedI to include loans sold to selected affiliates Total bank credit—^ 8.6 7.2 11.2 10.4 10.6 12.6 8.6 8.3 13.5 11.8 -.7 1/ Loans- 8.3 8.5 13.7 13.8 10.5 14.0 13.7 14;. 3 20.3 17.8 3.7 Business Loans 2.6 3.9 12.0: 13.1 11.4 12.6 101.2 16.0 26.1 14.8 6.4 Money Stock - 5.6 4.9 7.2 7.4 3.8 8.2 10.6 6.1 12.0 -1.8 7.9 Total time deposits 8.1 6.2 15.7 11.4 9.5 9.5 8.5 15.2 . 14. o 18.3 12.2 Time other than CD's 15.2 14.5 18.1 11.1 11.9 9.4 10.4 7.3 8.6 9.0 4.3 CD's (dollar change in billions) -18.8 -7.1 .2 11.4 -1.1 1.7 -.7 11.5 3,2 4.5 3.8 1/ Adjusted to exclude domestic interbank loans, n.a. - Not available. Table 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total—7 Loans 17 Securities (In billions of dollars) 378.9 62.6 449.0 54.5 500.2 50.4 496.9 79.4 0ther . Securities 1972—December 1973—December 1974—December 1975—December 31 31 31 2/3/ 31 558.0 633.4 690.4 721.1 197 6—July August September October November December 28 25 29 27 24 31 751.4 758.0 762.9 771.6 778.8 784.4 512.1 516.0 520.8 529.6 533.1 538.9 93.2 95.6 94.9 94.4 95.4 97.3 146.1 146.4 147.2 147.6 150.3 148.2 197-7—January February March April May June July August September October November December 26 23 30 27 • 25 30 27p 31p 28p 26p 3 Op 31p 787.3 797.9 805.1 815.7 823.9 830.5 837.0 845.6 848.4 857.9 866.1 865.4 541.4 546.6 552.9 560.7 566.1 572.4 579.0 587.0 592.2 602.5 611.2 612.& 97.0 101.7 103.8 103.2 105.1 105.2 163.6 103.1 100.1 97.8 95.0 93.5 148.9 149.6 148.4 151.8 152.7 152.9 154.4 155.5 156.1 157.6 159.9 159. a 116.5 129.9 139.8 144.8 1/ Adjusted to exclude domestic commercial interbank loans. 2/ Beginning June 30* 1974, data revised to include one large mutual savings bank which merged with a nonmember commercial bank. Total loans and investments were increased by about $600 million, of which $500 million were in loans and $100 million in "other securities." 3/ Beginning October 31, 1974, as the result of uhe liquidation of one large bank total loans were reduced by $1.0 billion; business loans by $0.6 billion; real estate loans by $0.2 billion; nonbank financial loans by $0.2 billion; and "other securities" by $0.5 billion; however, business loans were increased and real estate loans were reduced by $0.1 billion as the result of loan classifications at one large mideastern bank. Table 3 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Loans sold outright by commercial banks (outstanding in billions of dollars, N.S.A.) Total loans and investments Commercial bank credit (seasonally adjusted) Total Loans Business Loans Total Business Loans Original 3/ Adjusted- Original 1972—Dec. 1973—Dec. 197 4—Dec.5/6/ 1975—Dec. 2.6 4.3 4.8 4.4 1.7 2.6 2.7 2.5 558.0 633.4 690.4 721.1 560.6 637.7 695.2 725.5 378.9 449.0 500.2 496.9 381.5 453.3 505.2 501.3 130.2 156.4 183.3 176.0 131.9 159.0 1976—Sept. 29 Oct. 27 Nov. 24 Dec. 31 3.9 3.8 3.8 3.8 2.5 2.4 2.4 2.4 762.9 771.6 778.8 784.4 766.8 775.4 782.6 788.2 520.8 529.6 533.1 538.9 524.7 533.4 536.9 542.7 174.1 176.8 179.0 179.5 176.6 179.2 181.4 181.9 1977—Jan. 26 Feb. 23 Mar. 30 Apr. 27 May 25 June 30 July 27p Aug. 31p Sept*28p Oct. 26p Nov. 3Op DP.P. . 31 p 4.0 3.9 4.0 4.0 4.0 4.0 4.1 4.1 4.0 4.1 4.4 4.6 2.6 2.6 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.9 3.1 787.3 797.9 805.1 815.7 823.9 830.5 837.0 845.6 848.4 857.9 866.1 791.3 801.8 809.1 819.7 827.9 834.5 841.1 849.7 852.4 862.0 870.5 870,. fl 541.4 546.6 552.9 560.7 566.1 572.4 579.0 587.0 592.2 602.5 611.2 63,2.9 545.4 550.5 556.9 564.7 570.1 576.4 583.1 591.1 596.2 606.6 615.6 617.5 Date | 3/ : : Adjusted— Original 180.4 182.2 184.4 186.7 188.2 190.2 192.4 194.6 195.1 199.3 201,6 -202^. 4/ Adjusted— 186.0 178.5 183.0 184.8 187.1 189.5 191.0 193.0 195.2 197.4 197.9 202.2 204.7 205.58/ 865.4 JL/ 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 mutal savings bank which merged with a nonmember commercial bank. Total loans and investments were increased by about $600 million of which $500 million were in loans. 6/ Beginning October 31, 1974, as the result of the liquidation of one large bank, total loans and investments were reduced by $1.5 billion; total loans by $1.0 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 8/dU°Beginning*3December 31, 1977, business loans were reduced by $300 million as the result of loan reclassifications ~ at one large bank. P " Preliminaryn.a. - Not available. Table 4 Loans at Commercial Banks Seasonally adjusted Business Real Estate Consumer Security Nonbank Financial Agriculture (In billions of dollars) 130.2 156.4 183.3 176.0 98.1 117.7 130.2 134.4 71.8 83.4 87.0 89.9 14.7 12.2 11.4 12.3 22,1 28.9 33.3 28.0 14.5 17.5 18.4 20.4 1976—Sept. 29 Oct. 27 Nov. Dec. : I / 174.1 176.8 179.0 179.5 145.4 146.4 147.7 149.0 97.8 98.8 99.7 101.3 14.9 16.7 15.8 17.7 25.8 26.9 26.7 25.6 22.7 23.0 23.3 23.5 1977—Jan. Feb. Mar. Apr. May June July Aug Sept Oct Nov Dec 23 30 27 25 30 27p 31p 28p 26p 180.4 182.2 184.4 186.7 188.2 190.2 192.4 194.6 195.1 199.3 150.8 152.5 154.6 156.8 159.0 . 161.4— 163.6 , 102.0 102.8 104.3 17.3 17.6 17.7 18.3 19.1 18.5 3 > 202.2-4/ 26.7 26.3 25.6 25.9 25.6 24.3 24.8 24.5 25.0 25.8 25.9 25.2 23.6 23.7 24.0 24.4 24.8 25.2 25.4 25.8 26.3 26.7 26.9 27.1 19?2—Dec. 1973 —Dec• 1974—Dec. 1975—Dec. P —/ 2/ 3/ LJ 31 31 — 31 26 — 201.6 166.1 168.1 170.1 172.3 174.73/ 106.0 107.1 108.6 109.9 111.9 113.6 114.8 116.3 n.a. 18.6 18.8 18.7 18.5 20.2 19.6 Preliminary. n.a. Not available ^ * revised 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. 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. 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. TWinnino; nnCei»>or 31, 1977, Ted"ce4 and r*nl nstatn Imanm increased by $ 3 0 0 n* the result of reclassifications at one large bank. Table 5 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) n I Item1 Dec. Jan. ' ' ' ' ' • ' • ' '• • 1977 Feb. Mar. Apr. May June JulV D P Sept. p Oc t. p Nov. p Dec. p +2.9 +10.6 +7.2 +10.6 +8.2 +6.6 +6.5 +8.6 +2.8 +9.5 +8.2 -.7 U. S. Gov't, securities : +1.9 i -.3 +4.7 +2.1 -.6 +1.9 +.1 -1.6 -.5 -3,0 -2.3 -2.8 -1,5 Other securities 1 -2.1 +.7 +.7 -1.2 +3.4 +.9 +.2 +1.5 +1.1 +>6 +1.5 +2.3 -.9 +2.5 +5.2 +6,3 •+7.8 +5.4 +6.3 +6.6 +8.0 +5.2 +10.3 +8.7 +1.7 ! +'5 +.9 +1.8 +2.2 +2,3 +1.5 +2.0 +2.2 +2.2 +.5 +4.2 +2.3 + .9 1 +1.3 +1.8 +1.7 +2.1 +2.2 +2.2 +2.4^ +2.2^/ +2.5 +2.0 +2,0 +2.2 . +2.1 Consumer +1.6 +.7 +,8 +1.5 +1.7 +1.1 +1.5 +1.3 +2.0 +1.7 +1.2 +1.5 n.a. Security +1.9 -,4 +.3 +.1 +.6 +.8 -.6 +.1 +.2 -.1 -.2 +1.7 .6 Nonbank financial -1.1 +1.1 -v4 -.7 +.3 -.3 -1.3 +.5 -.3 + .5 + .8 +.1 -.7 +.2 +.1 +a +.3 +.4 +r4 + .4 +.2 +.4 +.5 +.4 +.2 +.2 +1.4 -1.7 +.9 +.8 +.3 -.3 +1.9^ +1,0 +.1 +1.9 +.7 n.a. Loans .and Investments 2/ Loans 2/ Business Real estate Agriculture All other 1/ 2/ i, +5.6 00 I 1976 Less than $50 million. Adjusted to exclude interbank +.1-' , loans p - Preliminary • , 1 Table 5A Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted Adjusted for Loans Sold to Affiliates ". '• I — b i ^ l 9 R § olfoUars)— Item Dec. Jan. Loans and Investments 2/ +5.6 +3.1 U. S. Gov't, securities +1.9 -.3 Other securities -2.1 +.7 Loans 2/ +5.8 +.5 Business — | Sept. P Oct. p Nov. p Dec. p Feb. Mar. Apr. May June July n AUK. P +10,5 +7,3 410.6 +9.2 +6.6 +6.6 +8.6 +2.7 +9.6 +8.5 -.5 +2,1 - ,6 +1.9 +.1 -1.6 -.5 -3.0 -2.3 -2.8 -1.5 +,7 -1.2 +3.4 +.9 +.2 +1.5 +1.1 +.6 +1,5 +2.3 -.9 +2.7 +5.1 +6.4 +7.8 +5,4 +6.3 +6.7 +8.0 +5.1 +10.4 +9.0 +1.9 +1.1 +1.3 +2,3 +H.4 +1.5 +2.0 +2.2 +2.2 +.5 1-4.3 +2.5 +1.1 V Less than $50 million. 2/ Adjusted to exclude interbank loans. p - Preliminary - ! ' V1 ••• v ' 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 (In billions of dollars) Last Wednesday of November to end of December Item 1977 p 1976 1975 1974 1973 1972 1971 All commercial banks Total loans U. S. Gov't, securities Other securities Total +15.7 +1.1 +1.4 +18.3 +18.3 +4.6 +0.3 +23.1 +9.4 +4.7 +0.1 +14.2 +8.7 +2.3 +2.4 +13.4- +14.5 +0.5 +4.1 +19.1 +15.6 +3.8 +2.2 +21.6 +11.0 +3.9 +3.1 +18.0 All Large Banks Total loans U. S, Gov't, securities Other securities Total +12.4 +0.3 +0.8 +13.5 +12.7 +3.7 +.1 +16.6 +5.3 +2.9 —.6 +7.6 +5.7 +2 .0 +1.1 +8.8 +12.4 +1.4 +2.7 +16.5 +12.6 +2.4 +0.8 +15.8 +8.5 +2.2 +1.6 +12.3 Other banks Total loans B. S. Gov't, securities Other securities Total +3.5 40.8 +0.6 +4.8 +5.5 +0.8 +.2 +6.5 +4.1 +1.8 +0.7 +6.6 +2.9 +0.3 +1.2 +4.5 +2.1 -0.9 +1.4 +2.6 +2.9 +1.5 +1.4 +5.8 +2.5L +1.7 +1.5 +5.7 Year ended December Item 1977 d ~ 1976 1975 1974 1973 h 1972 1971 All commercial banks Total loans D. S-. Gov't, securities Other securities Total +76.3 +42.2 —3.6 +18.4 +10.9 • +3.4 +83.7 +64.1 -3.7 +29.7 +5.0 +31.0 +53.4 -3.8 +10.3 +59.9 : +72.9 -8.8 +13.5 • +77.6 +58.8 +2.1 +12.4 +73.3 +30.0 +3.2 +17.9 +51.1 AIT Large Banks Total loans U. S. Gov't. securities Other securities Total +33.8 -4.9 +6.5 +35.4 +9.5 +10.1 +0.9 +20.5 -17.7 +16.4 -2.4 -3.7 +31.8 -1.8 +1.4 +31.3 +44.7 -4.6 +5.1 +45.2 +34.4 +0.7 +3.6 +38.7 +12.9 +0.9 +7 .7 +21.5 Other banks Total loans U. S. Gov 1 1. securities Other securities Total +42.6 +1.4 +4.3 +48.3 +32.7 +8.3 +2.6 +43.5 +14.0 +13.3 +7.4 +34.7 +21.5 -2.0 +9.0 +28.5 +28.2 -4.1 +8.4 +32.5 +24.4 +1.4 +8.8 +34.6 +17.1 +2.3 +10.2 +29.6 1/ 2/ 3/ available. Loans adjusted to include all loans sold to bank holding companies, a ffiliates, subsidiaries, or foreign branches. Allowance has been made in monthly changes for all loan and security reclassifications. For description of reclassifications, see Table 3 and 8. Less than $50 million. Based on revised reporting beginning July 1969. Changes have been adjusted to maintain comparability of series. Based on revised coverage beginning July 1966, and January 1967-1977. Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Voav ended December End of November to the PDH nf Tlprpinhpr Business of borrower 1973 Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated metals Textiles, apparel, etc. Pettoleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation Communication Other public utilities Construction All other types of business Bankers acceptances Services Other Foreign business concerns Classified Unclassified Total Change 1/ 2/ +269; +99 -300 -394 +94 +455 -148 +440 +156 +7 -137 +295 . +48 -32 -25 -6 +651 +161 +138 +352 -26 +821 +62 +351 +408 +17 +2128 +361 i m . +313 -181 -355 , -411 +56 +651 +38 +307 +309 -3 —194 +105 +136 -82 +106 +43 +532 +145 +49 +338 -179 +8 -7 +138 -123 -124 +779 +809 +T5B5" 1975 +211 -20 -338 -358 +20 -188 +56 -123 -86 -35 -143 -116 _IM. +91 -67 -138 -192 +54 +177 +85 +21 +79 —8 -191 +73 +4 +28 -97 -53 +21 1977 P +57 +27 -342 -503 +161 +277 +379 +33 -134 -1 -265 +11 -81 -70 • —16 +110 +428 +50 +53 +14 +224 +73 +40 +293 -4 -74 +1405 +787 +93 +525 +78 +111 +260 -59 +1075 +1007 +69 —81 +1379 +1029 -1 +169 -34 +1493 +589 +2U82 +1 +1221 +34 +1255 +239 +1397 +390 +1787 +212 -45 -3 +181 1973 +752 +58 +1883 1974 +787 +96 +2119 +1118 +1002 +765 +2893 -205 +2114 +379 +605 +527 +414 +1117 +4476 +187 +2323 +1381 +585 +429 +781 +964 +1231 +414 +904 +2530 +193 +4 +2333 +737 +2198 +366 +760 +1072 +52 +17718 +660 +799 +452 +175 +2949 +456 +189 +2304 +849 +4187 -277 +2114 +2350 +193 +16791 +2319 T +2621 1975 1976 -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 -11342 -317 +287 +1496 +741 +755 -2225 +105 -1141 -874 -315 +374 +217 -142 -276 +64 +1263 -2818 -903 -557 -1358 -1170 -1470 +1605 -420 -2655 +276 -4441 +194 -4Z4/ 1977 P +244 -96 +1819 +809 +1010 +654 +465 -112 +56 +245 +144 +290 +285 +258 +346 +1412 -509 -156 •+5 -358 +551 +348 -652 +332 +668 -1209 +4537 +3708 +8245 Four most comparable weeks used throughout. , 1973;December 31, 1974; December 31, 1975;and Changes are compiled from December 27, 1972; December 26 commercial bank data which are always for December December 29, 1976. These data cannot be linked with all •< Table 8 Loans and Investments of All Commercial Banks (In billions of dollars) (Not seasonally adjusted) Loans and investments Date U.S. Gov't Other securities Total loans Business 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 197 6—Dec. 31 31 1/ 31 31 31?-/—/ & 446.8 497.9 571.4 647.3 705.6 737.0 801.6 61.7 64.9 67.0 58.3 54.5 84.1 102.5 86.1 104.7 117.1 130.6 140.5 145.5 148.9 299.0 328.3 387.3 458.5 510.7 507.4 550.2 112.5 118.5 132.7 159.4 186.8 179.4 182.9 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 26 23 30 27 25 30 27p 31p 28p 26p 30p 31p 785.6 791.5 803.2 812.9 821.1 835.5 834.2 842.8 848.4 856.1 866.4 884.5 101.2 102.8 105.0 103.4 102.4 147.9 148.6 148.7 153.0 153.4 154.1 154.3 155.2 155.9 157.1 158.4 159.8 536.6 540.1 549.5 556.5 565.3 579.8 579.9 588.2 594 .0 601.3 610.1 625.7 178.4 180.4 184.3 186.9 188.4 192.7 192.4 193.6 195.5 198.6 101.6 100.0 99.4 98.5 97.7 97.9 98.9 Real estate 72.5 81.6 98.4 118.0 130.6 134.8 149.5 150.6 151.7 153.7 156.0 158.4 161.3 163.6 166.6 168.9 171.1 200.8,, 173.2,, 2 0 6 . O f / 175.2-' Security 12.1 12.9 17.6 14.6 13.6 14.8 21.2 17.0 17.2 17.6 17.2 18.7 18.9 18.0 18.3 18.3 18.1 20.2 23.5 Farm. Consumer Nonbank financial institutions All other 11.2 53.6 61.2 72.1 83.7 87.3 90.2 101.7 15.9 16.9 23.4 30.5 35.2 29.6 27.0 21.2 24.7 28.8 35.0 38.8 38.1 44.6 23.2 23.3 23.7 24.3 24.9 25.6 25.9 26.3 26.6 26.6 26.7 26.8 101.5 101.7 102.9 104.9 106.7 109.0 110.6 113.0 114.6 115.6 26.1 25.5 25.6 25.4 25.3 25.2 25.0 25.0 25.0 25.3 25.6 26.6 39.8 40.3 41.7 41.8 42.9 47.1 44.4 45.4 45.1 46.0 46.9 n.a. 12.5 14.3 17.3 18.2 20.2 23.3 116.6 n.a. n.a. - Not available p - Preliminary NOTE: Data exclude domestic interbank loans. Consumer and other loans were partly estimated for all dates. Other data are partly estimated on all but June and December call dates. 1/ Beginning June 1972, business loai^s were reduced by $400 million, nonbank financial institutions increased-by $300 million, and "other" loans increased by $100 million as the result of loan reclassifications at one large bank. 2/ Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a nonmember commercial bank. Total loans and investments were increased by about $300 million of which $500 million were in loans and $100 in "other securities." _3/ Beginning October 31, 1974 as the result of the liquidation of one large bank, total loans were reduced by $1,0 billion; business by $0.6 billion, real estate loans by $0.2 billion, nonbank financial loans by $0.2 billion, and "other securities" by $0.5 billion. However, business loans were increased and real estate loans reduced by $0.1 billion as the result of loan reclassifications at one large mideastem bank. 4/ Beginning March 31. 1976, as the result of loan reclassifications, business loans were reduced by $1200 million, real estate loans increased by $800 million; nonbank financial by $200 million; and other loans by $200 million. 5/ Beginning December 31, 1977, business loans were reduced and real estate loans increased by $300 million as the result of reclassification at one large bank. TABLE 9 * ^ Ratios of Total Deposits LOANS M e m b e r Banks Reserve City Banks City All New York of commercial Chicago City Total banks DATE 83.5 102.8 87.5 68.0 84.1 85.4 70.6 87.7 75.3 87.4 76.0 66.8 75.7 69.9 (76.3) (86.4) (79.6) (83.2) (84.0) (86.4) (85.8) 75.1 89.5 Other Country 69.1 79.5 73.3 71.6 77.3 81.7 81.9 58.2 64.7 72.0 67.3 65.7 67.9 72.0 72.9 (63.7.) (69.8) (66.2) (65.6) (67.7) (71.8) (72.5) 68 1976—June 30* July 28* Aug. 25* Sept.29* Oct. 27* Nov. 24* Dec. 31* ' 69.4 70.3 70.9 70.9 71.0 70.6 69.7 LFC>]ILY ON c l £ t 4 D A T E S banPcITA 76.8 82.7 (78.6) 87.9 71.9 (69.1) (69.9) (70.4) (70.3) (70.5) (70.1) 76.0 85.7 (81.5) 94.1 72.0 (69.1) 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. 70.4 70.4 70.5 71.1 72.2 71.7 72.5 72.7 73.3 73.7 73.3 72.2 (70.0) (70.1) (70.2) (70.8) (71.8) (71.3) (72.2) (72.3) (72.9) (73.2) (72.9) (71.7) 1968- Dec.. 1969- Dec. 1970- Dec. 1971- Dec. 1972- •Dec. 1973- Dec. 1974- •Dec. 1975- •Dec. 3^*2/ 31*=31*3/ 31*^' 31* 31* 31* 31* 26* 23* 30* 27*. 25*; 30*p 27*p 31*p 28*0 26*p 30*p 28*p 73.6 80.6 78.1 87.2 93.7 91.5 81.7(79.3) 90.2 79.1 62.8 60.2 59.2 60.1 53.9 64.6 61.5 62.7 62.2 65.1 *-Ratios in parthentheses are those obtained by adding Euro-dollars to the deposit base. 1/ Total loans (adjusted to exclude loans to banks) and total deposits (adjusted to ~~ exclude cash items in process of collection). 2/ Beginning June 1969, total loans are reported gross of valuation reserves rather than net as previously reported. The higher loans level increased the ratio by about 1.3 percentage points for all commercial banks. 3/ Loan data revised to exclude only loans to domestic commercial banks. Previous data ~ had also excluded loans to foreign commercial banks. Table 10 Honey Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions) M Mn M M i 2 M^ plus time dep. Currency at comm, plus demand .. , other than large CD's deposits— 3 plus Components of money stock measures and related items deposits at nonbank thrift institutions and credit union ^j 2/ — shares — Currency Demand Deposits CD's Time other than CD's Turnover U.S. outside Gov't. N.Y. deposits NonCity (all Total bank thrift 4/ institutions— member) (percent) time 363.4 418.3 451.7 491.1 1974—Dec. 1975—Dec. 1976—Dec. 270.5 283.1 294.8 312.4 571.4 612.4 664.3 740.3 919.6 981.5 1092.9 1237.1 61.5 67.8 73.7 80.5 209.0 215.3 221.0 231.9 63.0 89.0 82.1 63.3 300.9 329.3 369.6 427.9 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. p 313.8 314.0 315.4 320.5 320.7 321.9 326.8 328.4 330.4 337.7 333.2 335.4 746.3 750.7 756.1 764.6 767.6 772.8 783.5 787.7 792.9 799.6 806.5 1248.9 1258.2 1268.1 1281.2 1289.0 1299.5 1316.9 1329.4 1343.1 1357.1 1365.6 1373.9 81.1 81.8 82.2 83.1 83.6 84.0 85.1 85.5 86.4 87.1 87.8 88.4 232.7 232.1 233.2 237.4 237.1 238.0 241.6 242.8 244.0 246.6 245.5 247.0 63.1 63.3 62.2 61.6 62.3 63.9 62.8 63.2 63.2 66.4 70.9 74.7 432.5 495.6 436.7 500.0 440.6 502.8 444.1 505.7 446.9 509.2 450.9 514.8 456.7 519.5 459.4 522.5 462.6 525.8 465.9 532.2 469.4 540.3 471.1 545.8 334.9 333.9 335.4 335.7 806.1 805.1 805.8 807.0 88.0 88.1 88.5 88.7 246.9 245.7 246.9 247.0 72.9 471.2 74.0 471.3 75.2 470.4 76.0 471.3 1973—Dec. 802.6 Week Ending Dec. 7 14 21 28 n.a. n.a. n.a, n.a. 544.1 545.3 545.7 547.3 348.1 369.1 428.2 496.8 5.0 3.5 3.0 3.2 65.0 74.8 73.7 83.7 502.6 507.5 512.1 516.6 521.4 526.7 533.5 541.7 550.2 557.5 563.0 567 .4 2.7 2.5 84.7 83.0 86.0 86.4 89.4 88.8 86.8 89.8 90,3 89.6 91.6 n.a. n.a. n.a. n.a. 2.8 3.6 2.1 3.7 2.8 3.6 3.7 3.3 3.5 3.7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Table 11-" A' Liquid Asset Holdings of Private Domestic Nonfinancial Investors (Seasonally adjusted monthly averages; amounts in billions of dollars, ratios in per cent) Other Liquid Assets U.S. shortTime Deposits term marketable Negotiable CommerTreasury Savings Demand Commercial Thrift deposits banks institutions Total CDls cifl paper securities Bonds 11 10 Currency and Deposits Period Total liquid assets Total 1970- -Dec. 1971- -Dec. 1972- -Dec. 1973- -Dec. 1974- -Dec. 1975- -Dec. 769.5 851.8 967.4 1079.2 1166.9 1290.4 632.4 718.9 817.0 887.5 945.2 1054.4 49.1 52.6 56.9 61.5 67.8 73.7 151.8 161.6 176.4 183.3 187.2 191.7 198.9 233.6 264.5 294.5 321.2 360.6 232.7 271.1 319.3 348.1 369.1 428.3 137.1 132.9 150.4 191.7 221.7 236.1 21; 8 27.7 36.3 53.8 70.4 59.4 21.4 19.6 22.2 34.3 40.5 43.0 41.9 31.3 34.4 43.3 47.5 66.5 52.0 54.3 57.6 60.3 63.3 67.2 1976—Aug. Sept Oct. Nov. Dec. 1376.7 1386.9 1402.8 1413.0 1423.7 1142.9 1155.1 1171.0 1182.2 1194.2 78.6 79.2 79.8 198.0 197.4 199.8 198.3 198.8 395.9 401.0 406.5 412.7 418.1 470.5 477.6 484.8 491.0 496.8 233.8 231.8 231.8 230.8 229.5 46.1 44.6 44.0 43.4 44.2 47.4 47.8 47.8 47.5 47.4 69.9 68.7 68.9 68.5 66.1 70.4 70.7 71.1 71.5 71.9 230.9 502.6 236.9 507.5 238.3 512.1 239.2 516.6 240.5 521.4 243.6 526.7 246.0 533.5 249.4 541.7 550.2 557.5 263.7 562.7 268.8 567.4 Table 11~C« 43.6 44.2 43.3 42.5 42.8 48.1 49.7 51.7 53.3 54.7 66.9 70.3 70.3 70.0 69.2 72.3 72.6 73.0 73.4 73.8 44.3 43.4 43.8 43.5 46.8 56.6 58.1 58.7 59.3 59.9 68.4 69.8 71.8 74.2 74.7 75.1 75.4 75.8 1438.5 1977—Jan. 1453.6 Feb. 1464.3 Mar. 1478,6 Apr. 1486.8 May 1499.6 June July 1519.4 Aug. 1534.1 Sept. 154$.7 1570.2 Oct. 1585.1 Nov. 1599.6 Dec NOTE: For description Currency 80,2 80.5 423.0 200.9 81.1 1207.6 427.2 200.1 1216.7 81.8 430.8 200.9 1226.0 82.2 434.2 205.5 1239.4 . 83.1 204.5 436.8 1246.3 83.6 440.4 205.0 84.0 1256.0 446.1 208.7 85.1 1273.4 208.6 448.9 85.5 1284.7 452.5 209.9 86.4 1299.0 213.3 455.7 87.1 1313.5 212.4 458.5 87.8 1321.4 460.3 214.7 88.4 1330.8 of items, and computation q£ ratios, see SI :J Jil >± M 75.8 76.4 M TABLE 11-B Period Currency and demand deposits to liquid assets 12 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 1976—Dec. 1977—Q1 Q2 Q3 Q4 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Bank liability to liquid assets 13 Time deposits at thrifts institutions to liquid assets 14 Liquid assets to GNP 15 Currency and demand deposits to GNP 16 19.6 19.3 19.3 19.1 49.3 49.3 49.6 47.4 46.4 46,1 46.0 45.6 33.0 32.3 31.6 33.2 34.9 35.0 35.1 35.5 78.0 78.8 80.3 80.3 79.8 80.2 79.6 80.3 19.2 18.3 17.7 17.1 18.9 45.6 35.5 n.a. n.a. 19.6 19.4 19.3 19.5 19.4 19.3 19.3 46.4 46.2 46.1 46.1 46.0 46.0 46.0 45.7 45.6 45.6 45.6 45.6 34.9 34.9 35.0 34.9 35.1 35.1 35.1 35.3 35.5 35.5 35. 5 n.a. n.a. n.a. n.a. n.a-. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 35.5 n.a. n.a. 24.1 22.7 21.9 20.6 19.2 19.1 19.1 18.9 18.9 16.1 15.6 ll-.i TABLE 11-C Liquid Asset Holdings Sum of columns 2 and 7. Sum of columns 3, 4, 5, and 6. Money stock components after deducting foreign holdings and holdings by domestic financial institutions. The three columns add to held by domestic nonfinancial sectors. Deposits at nonbank thrift institutions and credit unions, as published in money stock statistics. Sum of columns 8, 9, 10, and 11. Negotiable certificates of deposits over $100,000 at weekly reporting banks, except foreign holdings. Commercial paper held outside banks and other financial institutions. Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings. All issues due in one year or less, including bonds and notes, plus a sliding proportion of issues due in 13 to 24 months. Series E and H savings bonds held by individuals. Sum of columns 3 and 4 to column 1. Column 6 to column 1. Column 1 to GNP. Annual averages are based on 12-month averages of column 1 and annual GNP. Quarterly averages are based on 3-month averages of column 1 and quarterly GNP. Sum of columns 3 and 4 to GNP. Annual averages are based on 12-month average of columns 3 and 4 and annual GNP. Quarterly averages are based on 3-month average of columns 3 and 4 quarterly GNP.
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