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January 21, 1974 L.4.3. Not for Publication H t i & E & A L e? I I Z M R V 5 ?CAr:.S.'' F E B — I I R e s e a r c h B A N K C I T Y r/' t L i b i a r y — BANKING AND MONETARY DEVELOPMENTS December 1973 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System TABLE 1 Changes in Commercial Bank Credit, Money Stock, and Time Deposits Seasonally adjusted annual rates (per cent) 1972 1973 Year Year 1st half 2nd half 1st Qtr. 2nd Qtr . 3rd Qtr. 4 th Qtr . Nov.,D Dec. p 14.8 12 .4 16.4 7 .8 19.6 12.6 10.8 4.7 5.6 1.5 U.S. Gov't. sec . 3.0 -14.1 -1.0 -27.3 -9.7 7 .9 35.1 -22 .0 -8.7 -28.6 Other securities 11.8 9.4 5.8 12 .7 2 .4 9.2 12 .3 12 .6 -2 .8 11.4 Loans 18.0 17.7 22 .5 11.5 29.6 14.3 16.9 5 .8 9.8 2 .4 Business loans 11.9 20.5 28.5 10.9 37.3 18.1 15.7 6.0 11.7 6.2 Real estate loans 20.5 19.2 20.8 15 .9 20.4 20.2 17 .0 14.2 13 .6 13.5 Consumer loans 16.9 15.5 16.2 13.7 17.6 14.1 16.8 12 .2 10.5 10.4 Total bank credit Adjusted for loans sales to bank affiliates 14.6 12 .6 16.6 8.0 19.9 12 .7 11.4 4.4 5.0 1.5 Loans 17 .7 18.0 22 .8 11.8 30.1 14.5 17.8 5.5 8.9 -2 .4 Business loans 11.8 20.9 28.9 11.3 37 .7 18 .4 17 .3 5.1 9.9 5 .3 8.3 5.1 6.0 4.1 1.7 10.3 0.3 7 .9 10.0 9.0 15.5 15.2 20.0 9.5 23 .1 16.0 13 .4 5 .5 2 .4 12 .4 Time other than CD's 13 .3 10.5 9.2 11.3 9.5 8.7 9.8 12 .5 12 .3 8.5 19.3 18.9 0.5 11.7 7 .1 4.7 -4.3 -2 .3 1.4 Total bank credit Money stock Total time deposits CD's (dollar change in billions) 10.1 Table 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) U.S. G o v 1 1 . securities Loans 1/ Total Date ( I n b i l l i o n s of d o l l a r s Other securities ) 1 9 7 0 — D e c . 31 1971--Dec. 31 435.5 484.8 291.7 320.3 57.9 60.1 85.9 104.4 1 9 7 2 — J a n . 26 Feb. 23 Mar. 29 Apr. 26 May 31 June 30 July 26 Aug. 30 Sept. 27 Oct. 25 Nov. 29 Dec. 31 490.8 496.6 503.9 508.8 515.5 518.5 522.8 529.0 535.4 540.4 549.9 556.4 325.6 328.4 333.7 337.4 341.5 344.7 349.1 354.1 360.0 365.7 372.9 377.8 59.5 61.2 61.9 62.7 63.7 63.2 62.3 61.9 61.5 60.3 60.9 61.9 105.7 106.9 108.3 108. 7 110.3 110.6 111.4 113.0 113.9 114.4 116.1 116.7 1973--Jan. 31 Feb. 28 Mar. 28 Apr. 25 May 30 June 30 July 25 p Aug. 29 p Sept. 26p Oct. 31 p Nov. 28 p Dec. 31 p 564.7 575.4 583.6 589.6 597.7 602.0 608.2 616.0 618.2 621.7 624.6 625.4 385.8 397.2 405.8 411.1 417.4 420.3 427.3 435.3 438.1 440.0 443.6 444.5 61.8 60.6 60.4 61.0 61.0 61.6 59.6 57.7 56.3 54.9 54.5 117.1 117.6 117.4 117.5 119.3 120.1 121.3 123.0 123.8 126.8 126.5 53.2 127 .7 p - Preliminary. Adjusted to exclude 1 1 1 I 1 s 1 1 1/ domestic commercial interbank loans. Table 3 L O A N S S O L D O U T R I G H T BY C O M M E R C I A L BANKS A N D B A N K C R E D I T A D J U S T E D F O R SELECTED L O A N SALES L o a n s sold o u t r i g h t b y commercial banks (outstanding in b i l l i o n s of dollars, N.S.A.) Sold to Sold to n o n b a n k public 2/ A f f i l i a t e s 1/ Business Business Business Loans Total Loans Total Loans Total Date 1370--Dec, 1971--Dec, 1972--Dec, 1973 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 31 28 28 25 30 30 25p 29p 26p 31p 28p 31p 4.7 4.5 2.5 2.0 2.8 2. 1 1.6 1.7 1.7 0.4 0.4 4.4 2.0 2.6 1.7 1.8 0.3 4.4 4.9 5. 1 5.4 5.5 5.2 5.7 6.5 6.4 6.4 2.0 2.6 1.7 2.4 2.3 3. 1 3.2 3.6 3.7 3.5 4.0 4. 7 4.6 1.8 1.8 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 2.6 2.5 2.5 2.9 3.2 3.3 3.0 2.1 2.0 2.3 2.2 2.2 2.6 2.9 2.9 6.1 3.2 3.0 4.1 2.9 2.7 6.1 2.9 4.3 2.6 1.9 1.8 1.8 1.7 1.7 1.8 1.8 1.8 1.8 1.8 C o m m e r c i a l bank credit (seasonally a d j u s t e d ) T o t a l loans and investments Adjusted O'riginial 3/ T o t a l loans Adjusted Original 3/ B u s i n e s s loans Adjusted 4/ Original 435.5 484.8 556.4 438.5 487.6 559.0 291.7 320.3 377.8 294.7 323. 1 380.4 110.0 112. 1 115. 9 129.7 117.5 131.4 564.7 575.4 583.6 589.6 597.7 567.3 678.5 586.8 388.4 400.3 409.0 414.7 421.0 423.8 431.3 440.0 442.7 133.3 138.1 141.8 143. 9 146.8 148.2 151.4 153.6 154.0 135.0 140.2 143.8 146.2 149.0 150.3 622.8 385.8 397.2 405.8 411. 1 417.4 420.3 427.3 435.3 438. 1 626.3 628.9 440.0 443.6 444.6 447.9 154.0 155.5 156.9 0.*3 621.7 624.6 0.3 625.4 629.7 444.5 448.8 156.3 158.9 602.0 608.2 616.0 618.2 593.2 601.4 605.5 612.2 620.7 154.0 156.5 156.9 JL Net C h a n g e (Annual rates in p e r c e n t ) (Billions of d o l l a r s ) 1973 Jan. Feb. Mar. Apr. May June July Aug. Sept. 31 28 28 25 30 30 30p 29p 26p 1/ 0.5 5/ 0.4 0.2 -0.1 0.3 0. 1 0.3 -0.1 -0.2 1/ 0.5 0.8 -0. 1 Oct. 31p 5/ Nov. 28p -0.3 Dec. 3.1p 5/ 0.4 0.3 0.1 -0.1 -0.2 -0.1 1/ 0.5 0.1 0.4 0. 1 1/ 0.4 -0.1 5/ f/ 0.1 -0. 1 I !/ 8.6 16.6 8.2 13.3 16.7 4.1 25.4 35.5 26.0 15.7 18.4 8.3 20.0 22.5 7.7 6.7 5.2 17.9 22.7 17. 1 12.3 16.5 17.8 23.7 17.2 13.1 5.2 33.3 43.2 32.2 17.8 24.2 11.4 25.9 17.4 3. 1 32. 9 46.2 30.8 20.0 23.0 -0. 1 0.3 -0.1 5/ 0.4 0.3 5/ 5/ 5/ 5/ -0.2 -0.1 5/ 5/ 5.6 5.0 9.8 8.9 11.7 9.9 5/ 5/ 1.5 1.5 2.4 2.4 6.2 5.3 -0. 1 0.5 0.7 -0.3 5/ 5/ 0.1 12.4 15.4 4.3 -0.1 6.8 y , 1/ To b a n k h o l d i n g c o m p a n i e s a f f i l i a t e s , subsidiaries or foreign b r a n c h e s . 2/ To other than b a n k s 1 and b a n k - r e l a t e d affiliates or s u b s i d i a r i e s . 3/ Includes all loans sold to b a n k h o l d i n g companies, a f f i l i a t e s , s u b s i d i a r i e s , or f o r e i g n b r a n c h e s . 4/ Includes b u s i n e s s loans sold to b a n k holding c o m p a n i e s , a f f i l i a t e s , s u b s i d i a r i e s , or f o r e i g n b r a n c h e s . 5i L e s s than $50 m i l l i o n . 25.2 36.8 26. 1 16.7 18.5 7.7 21.2 24.2 7.4 11.3 28. 7 19.5 3. 1 TABLE 4 NONDE POSIT SOURCES OF FUNDS AND METHODS OF FINANCE (Outstandings in billions of dollars) Date Total 0.6 Directr^ 0.1 6/ 0.2 6/ 0.8 0.3 4.3 0.8 0.1 7/ 7.6 2.3 0.7 0.7 0.7 0.7 0.1 7/ 0.3 0,3 If 2.0 1.2 1.0 0.2 0.3 if if if if if if if if v if 2.1 1.2 1.2 1.1 1.0 1.0 0.9 0.9 0.2 0.2 0.1 0.1 10.9 14.5 12.8 21.5 11.7 13.1 12.2 0.6 7.7 0.7 0.1 29 4.4 1.3 0.9 0.4 Z/ 26 31 28 26 30 27 5.0 4.7 5.1 4.8 4. 6 4.6 4.7 4.7 5.3 1.8 1.4 1.8 1.6 1.7 1.7 1.6 1.5 2.2 1.4 1.1 1.5 1.4 1.5 1.4 1.3 1.3 2.0 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 25 4.9 1.6 1.4 0.2 5.2 4.9 1.9 1.7 0.2 If 7/ 1.6 1.4 0.2 1/ V 1.6 1.0 1.4 1.3 1.5 1.7 2.3 3.0 1.4 0.8 1.1 1.1 1.3 1.5 0.2 0.2 0.2 0.2 0.2 0.2 7/ If 1/ 2/ 2.1 2.8 0.1 0.1 June 24 1971 Dec. 23 29 26 Oct. Nov. 29 Dec. 27 1973 Jan. Feb. Mar. Apr. May 31 28 28 25 30 5.0 5.2 6.1 6.1 6.6 June July 27 25 6.9 7.6 Aii§. 29 8.4 8.6 9.9 0.8 0.6 0.2 1/ If If If If If If If V Commercial paper 2/ 2.1 2.2 2.2 2.0 1.0 0.6 0.1 0.1 0.4 0.4 0.6 0.1 0.4 0.4 0.4 0.3 2.6 2.6 0.7 0.6 0.7 0.7 7/ 7/ 2.7 3.1 3.5 3.8 4.0 4.3 V If o.: 7/ 4.5 5.1 7/ If If If 7/ H If 7*5 1.9 1.7 0.1 7.1 1.9 1.7 0.1 if if If If N o v . 28 Dec . 26 8.0 7.3 2.7 2.0 2.5 1.8 0.1 0.2 n if 0.1 0.1 0.8 1.0 0.6 0.9 1.3 1.1 1.1 0.9 0.9 1.0 0.9 0.8 0.3 0.8 0.6 If 0.2 0.2 0.1 0.1 0.2 0.2 0.1 - 0.2 0.1 0.2 0.2 0.1 5.2 0.3 0.2 0.1 . 4.9 0,3 0.1 5.0 4.9 0.4 0.4 JL2, 0.2 1/ Includes an indeterminate amount of Federal funds purchases from U . S . Agencies of foreign banks. 2/ Issued by a bank holding company or other bank affiliates. 3^/ Loans or participation in pools of loans sold under repurchase agreements. 4/ T o bank holding companies, affiliates, or subsidiaries. 5/ T o other than banks and bank-related affiliates or s u b s i d i a r i e s . 6/ Partly estimated. FRASER J_! Less than $50 million. 0.3 0.6 0.8 0.8 ' 1.0 0.1 0,2 0.2 1.0 0.9 2.0 0.6 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 2.3 2.4 2.4 2.5 S e p t . 26 Digitized for 0.4 0.9 0.9 0.9 0.7 0.7 0.7 Oct. 31 ~ Loans sold under repurchase agreement 3/ To the Customer T o bank nonbanjty guaranteed Ineligible 4/ Total affiliate; public paper acceptances Through brokers and 1/ dealers 12.7 19.6 Dec. 1972 Jan. Feb. Mar. Apr. May June July ; Aug., Sept. Total Euro-dollars T h r o u g h branches outside U.S. Territories F o r e i g n and possessions 0.2 0.2 0.2 o0:! I 0.3 0.4 0.3 1.1 .0,4 0.9 0.4 . 0.4 0.5 0.6 Table 5 Loans at All Commercial Banks Seasonally Adjusted Business Date ( I n 1970-Dec. 1971--Dec. 1972--Dec. 31 31 31 110.0 1973—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec . 31 28 28 25 30 30 25 29 26 31 28 31 133.3 138.1 141.8 143.9 146.8 148.2 151.4 153.6 154.0 154.0 155.5 156.3 115.9 129.7 P P P P P P p - Preliminary Consumer Real Estate b i l l i o n s of Security Nonbank financial I griculture d o l l a r s ) 72.3 81.4 98.1 60.2 53.4 10.2 10.8 70.4 14.7 99.7 101.3 103.1 104.6 106.5 108.3 109.7 111.4 112.9 114.3 71.5 72.5 73.5 74.2 75.2 76.1 77.0 78.2 78.9 79.9 14.3 14.3 14.0 14.0 13.9 13.2 12.4 13.2 12.1 12.6 25.9 27.1 28.5 28.7 27.3 115.6 116.9 80.6 81.3 12 .5 11.3 27.1 14.5 15.5 21.5 11.4 22.5 24.1 24.9 25.3 15.0 15.1 15.2 15.3 15.5 15.7 15.8 26.6 28.0 12.8 14.6 16.0 16.2 16.4 16.7 17 .1 C h a n g e s in Loans and Table 6 I n v e s t m e n t s at All C o m m e r c i a l B a n k s , Seasonally Adjusted (In b i l l i o n s of d o l l a r s ) 1979 Item Sept.p Oct. p Nov. p Dec. p May June July p Aug. p +6.0 +8.1 +4.3 +6.2 +7.8 +2.2 +3.5 +2.9 +0.8 -0. 2 +0.6 1/ +0. 6 -2.0 -1.9 -1.4 -1.4 -0.4 -1.3 +0.5 -0. 2 +0.1 + 1.8 +0.8 +1.2 +1.7 +0.8 +3.0 -0.3 +1.2 +8.0 +11.4 +8. 6 +5.3 +6.3 +2.9 +7.0 A +8.0 +2.8 +1.9 +3.6 +0.9 +1.5 +3.6 +4.8 +3. 7 +2.1 +2.9 +1.4 +3.2 +2.2 +0.4 — +1.5 +0.8 +1.7 +1.4 +1.6 +1.6 +1. 8 +1.5 +1.9 +1.8 +1.4 +1.7 +1.5 +1.4 +1.3 +1.3 Consumer +1.0 +1.1 +1.1 +1.0 +1. 0 +0.7 +1.0 +0.9 +0.9 * +1.2 +0.7 +1.0 +0.7 +0.7 Security +0.9 -0.4 -0.4 1/ -0.,3 1/ -0.1 -0.7 -0.8 +0.8 -1.1 +0.5 -0.1 -1.2 N o n b a n k financial +1.0 +0.4 +1.0 +1.6 +0.,8 +0.4 +1.3 -0.7 +1.2 +1.4 +0.2 -1.4 +0. 7 -0.9 Agriculture +0.4 +0.3 +0.4 +0.1 +0,,1 +0.1 +0.2 +0.2 +0.1 +0.2 +0.2 +0.2 +0.3 +0.4 A l l other +0.3 +0. 6 +0.7 +2.3 +1,,5 +0.5 -0.9 1/ +1.0 +0.5 +0.9 +0.2 -0.8 -0.2 Jan. +9.5 +6.5 +8.3 +10.7 +8. 2 U. S. Gov't, s e c u r i t i e s +0 • 6 +1.0 -0.1 -1.2 Other securities +1.7 +0.6 +0.4 Loans +7.2 +4.9 Business +1.9 R e a l estate L o a n s and Investments 2/ 2/ 1/ Less t h a n $50 m i l l i o n . 2/ Adjusted to e x c l u d e d o m e s t i c interbank loans. Feb. Mar. Dec. Nov. Apr. Changes T a b l e 6A in L o a n s and Investments at A l l C o m m e r c i a l B a n k s , Seasonally 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 ) 1972 1973 Item Nov. L o a n s and Investments 2/ Dec. Jan. Feb. Mar. Apr. May June July p Aug. p Sept.p Oct. p Nov. p Dec.p +9.7 +6. 6 +8.3 +11.2 +8.3 +6.4 +8.2 +4.1 +6.7 +8.5 +2.1 +3.5 +2.6 +0.8 4-0. 6 +1.0 -0.1 -1.2 -0.2 +0.6 iz +0.6 -2.0 -1.9 -1.4 -1.4 -0.4 -1.3 Other securities +1.7 +0.6 +0.4 +0,5 -0.2 +0.1 +1.8 +0.8 +1.2 +1.7 +0.8 +3.0 -0.3 +1.2 L o a n s _2/ +7.4 +5.0 +8.0 +11.9 +8.7 +5.7 +6.4 +2.7 +7.5 *+8.7 +2.7 +1.9 +3.3 +0.9 +2.1 +1.6 +3.6 +5.2 +3.6 +2.4 +2.8 +1.4 +3. 6 +2.5 +0.4 - - +1.3 +0.7 U. S. G o v ' t , securities Business Real estate Consumer Security Nonbank financial NOT AVAILABLE Agriculture All other 1/ 2/ L e s s than $ 5 0 m i l l i o n . A d j u s t e d to e x c l u d e d o m e s t i c i n t e r b a n k loans. Table 7 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 A d j u s t e d for L o a n s Sold L a s t W e d n e s d a y of N o v e m b e r to end of D e c e m b e r Item 1973p All commercial banks 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 1972r 1971 1970 1969 1968 1967 +13.5 + 1.3 + 3.0 +17.8 +15.6 + 3.8 + 2.2 +21.6 +11.0 + 3.9 + 3.1 + 1 8 .0 +9.7 + 3 .5 + 3 .6 +16.7 +9.2 - 0 .4 +0.5 +9.3 +8.6 +1.7 + 2 .0 +12.3 +9.0 -0.4 +1.7 +10.4 +10.9 + 1.3 + 2.5 +14.7 +12.6 + 2.4 + 0.8 +15.8 + 8.5 + 2.2 + 1.6 + 1 2 .3 + 7 .0 + 2 .2 +2.2 +6.4 +7.6 +1.1 +0.6 49.3 + 6 .3 + 0 .3 +0.5 +11.4 1/ 1/ +6.4 +7.1 + + 2.9 + 1.5 + 1.4 + 5.8 + + + + 2.5 1.7 1.5 5.7 + 2 .7 +1.2 +1.4 +5.3 +2.7 -0.3 +0.4 + 2 .9 +1.0 +0.6 +1.4 + 3 .0 + 2 .8 -0.8 +1.2 +3.3 All Large Banks 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 Other b a n k s T o t a l loans U. S. G o v ' t , s e c u r i t i e s Other s e c u r i t i e s Total 2.6 - - + + 0.5 3.1 Y e a r orxAoA Decemlber Item 1973p All commercial banks T o t a l loans U. S. G o v ' t , s e c u r i t i e s Other securities Total 1972r 1971 1970 1969 1,968 1967 +70.0 +58.8 +30.0 - 8.4 +11.0 + 7 2 .6 + 2.1 • +12.4 +73.3 + 3.2 +17.9 +51.1 +11.9 +7.0 +14.8 +33.7 +25.6 -9.8 1/ +15.8 +26.9 + 2 .0 +10.1 +38.9 +17.6 + 6 .3 +12.7 +36.6 T o t a l loans U. S. G o v ' t , s e c u r i t i e s Other s e c u r i t i e s Total +43.2 - 4.7 + 4.9 + 4 3 .4 +34.4 + 0.7 + 3.6 +38.7 +12.9 + 0.9 + 7.7 +21.5 +4.1 +4.5 + 8 .6 +17.2 +14.4 -5.6 -2.9 +5.9 +16.7 +0.5 +5.3 +22.5 +8.7 + 3 .6 + 7 .3 +19.5 Other banks T o t a l loans U. S. G o v ' t , s e c u r i t i e s Other securities Total +26.8 - 3.7 + 6.1 +29.2 +24.4 + 1.4 + 8.8 +34.6 +17.1 + 2.3 +7.8 +2.5 +6.2 + 1 6 .5 +11.1 -4.2 +2.9 +9.8 +10.2 +1.5 +4.8 +16.4 +8.9 +2.7 All Large Banks +10.2 +29.6 +5.4 +17.0 N O T E : D a t a e x c l u d e d o m e s t i c i n t e r b a n k loans; C a l l r e p o r t d a t a for large b a n k s used w h e n a v a i l a b l e . L o a n s a d j u s t e d to i n c l u d e a l l loans sold to b a n k h o l d i n g c o m p a n i e s , a f f i l i a t e s , s u b s i d i a r i e s , or f o r e i g n b r a n c h e s . JL/ L e s s than $ 5 0 m i l l i o n . 2/ 3/ 4/ 5/ B a s e d 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 . C h a n g e s h a v e b e e n a d j u s t e d to maintain comparability of series . B a s e d 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, a n d J a n u a r y 1967, 1968, 1969, 1970, 1971, and 1 9 7 2 . A l l o w a n c e h a s 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 o t h e r s e c u r i t i e s for a p p r o x i m a t e l y $ 7 0 0 m i l l i o n o f F a r m e r s H o m e A d m i n i s t r a t i o n i n s u r e d n o t e s shifted from loans to o t h e r s e c u r i t i e s on J u n e 3 0 , 1971; $ 2 0 0 m i l l i o n w e r e at w e e k l y r e p o r t i n g b a n k s and $ 5 0 0 m i l l i o n at o t h e r b a n k s . 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 t o t a l 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 o f 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 s h i f t e d from loans to o t h e r s e c u r i t i e s at the end of J u n e ; $ 7 0 0 m i l l i o n w e r e at w e e k l y r e p o r t i n g and $ 3 0 0 m i l l i o n at n o n w e e k l y r e p o r t i n g . 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 t o t a l c r e d i t and in total loans for the $ 1 . 1 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 p a y m e n t o f 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 J u n e 9; $ 4 0 0 m i l l i o n w e r e at w e e k l y r e p o r t i n g b a n k s and $ 7 0 0 m i l l i o n at o t h e r b a n k s . Table 8 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late November to late December 1/ Late December to late 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. Pettoleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation 3/ Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change 1J 2J 3/ 1973p 1972r 1971 +233 + 91 -269 -369 +100 +417 -144 +410 +138 + 13 -130 +286 + 43 - 14 - 21 + 6 +269 +173 -286 -359 + 73 +292 - 14 +318 - 41 + 29 - 94 + 49 + 85 + 74 + 4 - 3 +550 +167 +123 +260 + 63 +746 +207 +233 +306 +165 +2087 +374 +2461 +66 +179 -206 +120 -326 +50 - 1 +30 +23 - 2 -101 +77 - 3 -75 +22 +46 -82 -60 -89 +67 + 6 +685 +299 +198 +188 +199 +863 +249 +1112 +653 +179 +130 +344 - 18 +654 + 36 +332 +286 + 14 +1945 +108 +2053 1970 +466 +151 -330 + 1 -331 - 9 + 12 + 46 + 33. -100 -156 + 13 + 32 - 33 + 50 - 42 + 12 + 47 + 58 - 93 + 35 +860 +554 +154 +152 + 60 +1109 +220 +1329 1969 +322 + 50 - 16 -156 +140 +761 + 95 +456 +183 + 27 -105 + 63 +141 +129 + 73 + 52 +560 +152 +202 +206 + 7 +512 +236 + 55 +221 + 39 +2588 -116 +2472 1973p +716 + 50 +1914 +1143 +771 +2855 -201 +2084 +361 +611 +534 +406 +655 +817 +456 +187 +2951 +474 +181 +2296 +857 +4020 -303 +2095 +2228 +190 +16,608 +1862 +18,470 1972r +554 +117 +1096 +875 +221 -293 + 9 +223 -568 + 43 +401 -197 -397 +409 -128 -178 +1349 - 56 +545 +860 +808 +571 -743 +1251 + 63 +704 +4816 +2420 +7236 1971 1970 1969 -200 -149 +302 +189 +704 - 3 -135 + 7 +697 +132 -1718 -234 + 61 -158 -1080 -497 -251 +297 -229 - 95 - 31 - 19 -293 -192 -535 - 65 - 77 + 39 -149 - 86 -225 -834 - 6 -1184 -362 +264 - 17 -231 +373 -1217 +367 +269 +1342 +1915 +606 +983 +416 " +378 +893 - 19 +820 +171 +874 -756 +1057 +871 +1931 +115 +276 +206 +342 +144 +198 +2708 +194 +1317 +712 +153 +150 +115 +362 +332 +314 +126 +1610 +556 +360 +694 +224 +2220 +1044 + 20 +1196 -356 +7955 +374 +8329 Four most comparable weeks used throughout. Changes are compiled from December 27, 1972; December 29, 1971; December 30, 1970; December 31, 1969; and December 25, 1968. These data cannot be linked with all commercial bank data which are always for December 31, Prior to 1967, transportation, communication, services, and foreign loans were not reported separately. Table 9 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 (In b i l l i o n s of d o l l a r s ) Date L o a n s and investments 1964—Dec. 1965--Dec. 1966--Dec. 1967--Dec. 1968--Dec. 1969--Dec. 1970--Dec. 1971—Dec. 31 31 31 30 31 31 31 31 279.2 307.6 3 2 4 . 0 1/ 360.8 400.4 412.1 446.8 497.9 59.5 56.2 62.5 64.5 54.7 61.7 64.9 44.9 4 8 . 8 2/ 61.5 71.5 71.3 86.1 104.7 177.4 203.2 2 1 9 . 0 1/2/ 236.8 264.4 286.1 299.0 328.3 1972—Jan. Feb. Mar. Apr. May June 26 23 29 26 490.1 492.4 501.5 506.6 513.7 521.6 62.7 61.9 62.5 61.9 61.2 60.3 104.8 106.2 108.5 109.7 110.9 111.5 322.6 324.3 330.5 335.1 341.6 349.8 521.4 525.8 535.0 540.3 549.9 59.6 111,5 112.8 114.0 114.2 3/ 31 30 (old) (new) July 26 Aug. 30 , Sept . 27 Oct. 25 Nov. 29 Dec. 31 1973--Jan. 571.4 Other securities U . S. Gov't. 63.0 - 38.8 Total loans 59.3 60.3 60.9 63.2 67.0 114.9 117.1 350.3 353.7 360.7 365.2 371.8 387.3 Business 60.2 71.4 80.6 88.4 98.4 108.4 112.5 118.5 Real estate Security 43.7 49.3 53.9 58.5 65.1 7 o . o 4/ 72.5 81.6 8.4 ; Farm Consumer Nonbank financial institutions 8.5 9.0 10.5 11.8 10.7 12.1 12.9 7.5 • 8.2 8 . 6 2/ 9.3 9.7 10.3 11.2 12.5 31.0 35.7 38.3 40.6 46.3 51.0 53.6 60.5 10.9 13.3 13.3 12.5 13.7 15.1 15.9 16.9 16.0 115.2 116.1 118.4 120.1 120.8 123.6,/ 123.2^ 122.3 122.2 124.2 125.8 127.6 132.7 82.5 83.5 84.7 86.1 87.6 89.2 11.4 11.3 12.0 11.9 13.2 13.6 12.6 12.7 12.8 13.1 13.4 13.6 60.4 60.7 61.3 90.8 92.5 94.1 95.6 97.2 98.4 13.2 13.4 14.7 13.9 14.7 17.6 13.6 13.7 13.7 13.9 14.1 14.3 65.6 66.9 67.7 69.4 70.6 31 565.6 65.6 116.5 383.5 132.0 99.6 Feb. Mar. Apr. May June July Aug. Sept,, Oct, 28 28 25 30 30 25p 29p 26p 31p 14 i 9 571.1 580.6 587.3 594.8 605.6 606.8 612.0 617.9 621.4 14.6 61.6 61.2 60.4 58.3 57.9 56.4 54.7 54.8 55,6 71.0 116.8 117.7 118.6 119.9 121.1 121.4 122.8 123.9 125.9 392.6 401.7 136.6 22.2 141.7 100.9 102.5 14.4 13.6 14.8 15.0 71.6 72.5 408.3 416.6 426.6 429.1 434.6 439.1 439.9 23.3 24.5 144.4 146.4 150.4 151.8 152.2 154.1 153.3 104.1 106.1 108.2 109.7 111.6 113.5 115.0 13.4 13.6 13.4 12.0 12.7 12.2 12.3 15.3 15,7 16.0 16.2 16.4 16.4 16.4 73.7 75.1 76.5 77.5 79.0 79.5 80.3 24.8 Nov. 23p 624.5 57.3 125.1 | *442'. T * ' 1 5 4 . 6' 116.2 12.1 16.5 Dec. Sip 642.3 80.8 58.6 128.1 455.6 159.9 117.3 13.6 16.7 81.6 26.0 27.7 27.5 28.1 28.6 11 1 1 v "66, M i " " " " S L 1 °*™ _ ™ " • " <or th. payment „f praon.l lorn. ° f = « « » « « . ' « « • ,„ ducted £r „ tl 27.7 27.2 29.5 37.0 t l y „ a . p c l t . .«» « . u i - W - — — * « • 31.0 31.9 32.6 33.7_ 34.4 34.4 34.6 34.8 34.9 34.7 p - Preliminary * 21.2 25.3 29.2 18.1 68.6 20.6 1 8 . 4 5/ 18.3 18.7 19.2 19.8 20.5 23.4 16.8 16.9 16.9 63.3 64.7 15.7 16.8 15.3 16.9 19.3 24.5 23.8 24.5 26.4 27.0 27.0 2 7 . 2 5/ 26.4 26.3 27.1 27.6 28. 3 30.3 16.2 62.2 All other • » « » TABLE 10 Ratios of Total Deposits L 0 A N S B a n k s M e m b e r Reserve Ci.ty Banks D A T E 1959- -Dec. 1960- -Dec . 1961- -Dec . 1962- -Dec. 1963- -Dec. 1964- -Dec. 1965- -Dec . 1966- -Dec. 1967- -Dec . 1968- -Dec . 1969- -Dec . 1970- -Dec . 1971- -Dec . 1972- -Dec. 31 31 31 28 25 31 31 31 30 31*,, 31*=/ 31* 3 / 31*=/ 31* All commercial banks Total 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 63.8 64.7 72.0 67.3 65.7 67.9 55.6 56.5 55.7 57 .7 59.9 61.9 65.4 67.9 65.8 66.8 75.7 69.9 68.0 70.6 (63 .7) (69.8) (66.2) (65.6) (67 .7) New York City 67.3 65.9 65.0 67 .9 67.4 69.3 75.9 83.5 79.9 83.5 (76.3) 102 .8(86.4) 87.5 (79.6) 84.1 (83.2) 85.4 (85.4) U.S. Government securities maturing within one year City of > C hicagc Other Country 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 70.8 75.1 89.5 80.6 78.1 87.2 58.2 59.0 57.7 60.1 63 .3 65 .0 68.7 70.2 68.1 69.1 79.5 73.3 71.6 60.1 48.2 50.3 50.2 ; 51.7 53.8 56.0 57.9 59.2 58.2 58.2 62.8 60.2 59.2 60.1 All Commercial banks 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 6.4 6.1 5.0 5.7 3.9 4.1 MEMBER BANK DATA NOW AVAILABLE ONLY ON CALL DATES 1 9 7 3 — J a n . 31* Feb . 28* Mar. 28* A p r . 25* May 30* June 30* July 25*p Aug. 29*p Sept ,26*p Oct. 31*p Nov. 28*p Dec . 31*p 69.1 69.8 70.9 71.3 72 .3 72 .4 73 .2 73.8 74.5 72 .7 73.6 74.0 (68.9) (69.7) (70.8) (71.1) (72.1) 75.7 (72 .2) (72 .9) (73.5) (74.3) (72 .5) (73.3) (73.8) 94.2 (92.2) 92 .3 82.2 64.0 4.0 3.5 3.4 3.2 3.2 3.1 2.7 2 .8 2.9 2.9 3.2 n .a. * - Ratios in parentheses are those obtained by adding Euro-dollars to the deposit base. 1/ Total loans (adjusted to exclude loans to banks); U.S. Government securities maturing within one year estimated on basis of Treasury survey of ownership; and total deposits (adjusted to exclude cash items in process of collection) . 2/ Beginning June 1969, total loans are reported groess 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. 3/ Loan data revised to exclude only loans to domestic commercial banks . Previous data had also excluded loans to foreign commercial banks. TABLE 11 Money Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions) M i Currency plus demand its—^ 196 8--December 1969--December 1970-December 1971--December -January February March April May June July August September October November December —January February March April May June July Aug. Sept. Oct. Nov. r Dec. p «2 , M^ plus time dep. at comm. M3 M2 plus deposits Components of money stock measures and related items ti.S. Gov't. MonTime and deposits bank thrift savings deposits Demand (all member) institutions Total Other CD's Deposits Turnover outside N.Y. City (per cent) bank thrift ^, institutions— Currency 221.3 236.0 382.5 392.3 425.2 473.8 577.2 594.0 641.3 727.7 43.4 46.1 49.1 52.6 158.2 162.7 172.2 183.4 23.3 10.9 25.3 33.0 180.9 183.5 203.9 237.9 204.2 194.4 229.2 194.7 201.7 216.1 4.9 5.3 6.5 45.3 50.0 52.9 270.9 253.8 6.1 57.3 236,,2 239,,1 241,.4 243,.0 243,• 8 245,.1 247,J 248,•6 250,,1 251,.6 252,J 255,.5 477. 9 483. 9 488. 9 492.,1 495. 5 499.,3 504. 5 508.,4 512. 1 516.,4 519.,8 525.,1 735 .7 746 .0 754 .8 761 .5 767 .9 775 .1 784 .0 791 .6 799 .1 807 .0 813 .7 822 .0 52,.9 53,.7 53 .6 53 .9 54,.2 54,.4 54,.6 54,.8 55 .3 55 .7 56 .2 56 .8 183,.3 185,.8 187,.7 189,.1 189,.6 190,.7 193,.1 193 .8 194 .8 195 .9 196 .5 198 .7 33 .2 33 .7 33 .8 35 .2 36 .8 37 .5 38 .3 39 .1 39 .8 4 0 .0 41 .2 43 .2 241 .7 244 .8 247 .5 249 .1 251 .8 254 .2 256 .8 259 .8 262 .0 264 .8 267 .1 269 .6 274,.9 278,.6 281,.3 284,.3 288,.6 291,.7 295 .0 298 .9 301,.9 304 .8 308 .4 312 .8 257.8 6.3 4.6 5.7 56.3 56.2 57.2 58.9 58.7 58.6 57.1 255. 4 256. 7 256.,6 258.,2 260.,5 263.,2 264.,3 263.,9 263.,4 264.,4 266.,6 268,,6 527. 9 530. 5 532. 6 536. 2 540. 6 545. 3 547. 6 550. 5 552. 3 557. 1 562. 4 566. 5 828,.8 834,.9 839 .6 845,.6 852 .0 859 .4 863 .4 866 .4 868 .8 875 .4 882 .6 889 .1 57.,0 57.,5 57.,9 58.,7 59,,0 59,,4 59,.5 59,• 7 60.,1 60,.3 60,,8 61,,4 198.,4 199.,3 198.,7 199.,5 201,, 6 203.,9 204.,9 204.,2 203,,3 204..0 205,,8 207,,2 44.,4 48,.8 54,.9 58,,7 61,,7 62^0 64,.5 67,.0 66,.8 63,.4 61 .1 62 .5 272,.5 273,.8 276,.0 278,.0 280,,1 282,.0 283 .3 286 .6 288 .9 292 .8 295 .8 297 .9 316. 9 322. 6 330. 9 336.,7 341. 8 344.,1 347.,7 353,,6 355., 6 356.,1 356,,8 360.,5 300.8 304.4 307.0 309.4 311.4 314.1 315.8 315.9 316.6 318.3 266.6 563.3 564.3 567.4 567.7 n.a. n.a. n.a. n.a. 60.8 205.9 206.4 207.3 207.0 61.1 62.8 62.0 296.7 61.4 61.4 296.4 298.7 298.7 201.6 208.8 other than 2 / large C D ' s - 262.1 265.9 269.4 272 .4 275.7 279.6 283.3 286.9 290.6 293.9 296 .9 6.8 7.5 6.2 5.2 4.5 5.1 6.3 6.9 6.5 7.1 7.2 7.5 5.8 4.6 5.1 3.4 4.2 5.1 6.6 60.2 60.1 59.2 62.1 61.8 64.3 65.9 67.6 66.4 67.2 68.6 71.2 73.6 72.4 320.2 322.6 5.9 5.4 74.7 77.4 n.a. 357.8 n.a. 5.7 n.a. 359.2 360.7 361.6 n.a. n.a. n.a. 4.8 4.4 n.a. n.a. n.a. W e e k ending: 1973Dec. 5 12 267.9 19 26 268.8 269.2 1/ 62.1 62.9 6.0 Included (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Government, less cash items in the process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks and vaults of all commercial banks. 2/ Includes in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposits other than negotiable time certificates of deposit issued in denomination of $100,000 or more by large weekly reporting commercial banks. 3/ forIncludes Digitized FRASER M 2 , plus the average of the beginning and end of month deposits of mutual savings banks and savings and loan shares. TABLE 12 -A Liquid Asset Holdings of Private Domestic N o n f i n a n c i a l Investor^* (Seasonally adjusted monthly averages; amounts in billions of dollars, ratios in per c e n t ) Other Currency and deposits liquid assets Time Deposits Period Total liquid assets Total Currency Demand deposits Commercial banks Thrift institutions Total Negotiable CD's Commercial paper 10 8 110.0 52.6 119.1 121.1 129.4 139.4 143.6 151.5 161.3 125.2 136.9 156.3 174.4 177.2 198.7 233.4 170.4 177.3 194.2 205.9 215.4 231.4 272 .0 775 .7 783.3 790.9 799.1 805.9 814.6 54.6 54.8 55.3 55.7 56.2 56.8 169.5 170.2 171.2 172.1 172.7 174.7 251.9 254.9 257.0 259.8 299.6 303.4 307.4 311.5 314.9 318.2 151.6 152.5 153.5 154.2 157.8 821.2 57.0 267.6 268.9 271.0 272.8 274.8 276.9 278.1 160.1 163.0 1.023.4 1,032.6 1.041.1 57.5 57.9 58.7 59.0 59.4 59.5 173.9 174.6 174.2 175.3 177.1 179.2 179.9 322.7 827.5 832.6 839.0 845.5 853.1 857.1 Aug. 1.049.2 859.8 59.7 179.0 281.4 339.7 Sept. Oct. i Nov. i Dec. J 1,054.1 1.059.5 1.066.3 1.076.4 862.2 60.1 868.9 876.3 883.3 60.3 177:9 178. 8 283.7 287.4 290.1 340.5 342.4 344.5 347.0 J.965--Dec . 1966--Dec. 1967--Dec. L968--Dec. 1969--Dec. 1970--Dec. 1871--Dec. 561.0 590.6 640.7 699.1 730.9 781.5 865.7 1972-nJuly Aug. Sept. Oct. Nov. Dec. 927.3 935.9 944.4 953.3 963.8 1973—Jan. Feb. Mar. Apr. May June July 981.4 990.5 975.8 1,002.0 1,012.2 451.0 473.7 520.4 563.2 582.2 630.7 719.3 36.3 38.3 40.4 43.4 46.1 49.1 60.8 61.4 180.9 182.7 262.2 264.8 292.2 for description of items, and c o m p u t a t i o n of ratios see Table 14-C 326.6 329.5 332.3 334.6 337.7 339.6 117.0 120.4 135.9 148.7 150.8 146 .4 161.2 169.3 173.2 177.9 179.5 184.0 189.4 191.9 196.6 190.0 193.1 14.9 14.5 19.1 22.4 9.0 23.0 29.8 U . S . Shortterm marketable Treasury securities 6.8 8.8 10.4 14.9 23.4 22.6 21.5 38.7 43.6 39.9 47.2 65.3 53.8 41.5 38.9 39.1 39.4 40.2 35.2 36.1 36.7 36.6 37.5 39.2 21.9 21.5 21.3 39.9 44.0 49.8 53.6 56.4 56.4 21.6 41.5 20.5 19.4 42.2 21.0 21.5 21.6 18.8 18.8 42.1 43.4 40.9 59.0 61.5 19.4 26.3 21.5 42.6 44.2 45.0 45.7 47.2 61.1 2.2, 6 48.9 57.6 55.4 56.9 23.0 23.0 50.0 50.9 52.4 22.8 f V/ TABLE 12-B. Period Currency and demand deposits to liquid assets 12 Bank liability to liquid assets 13 1965--Dec. 1966—Dec. 1967--Dec. 1968—Dec. 1969—Dec. 1970--Dec. 1971--Dec. 1972--D6c. 27.7 27.0 26.5 26.2 25.9 25.7 24.7 23.7 46.2 46.1 47.6 48.1 45.1 47.8 49.0 49.1 1973-March June September 23.2 23.1 22.6 1972—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1973-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Time deposits at thrift institutions to liquid assets 16 Liquid assets to GNP IS Currency and demand deposits 0 a to GNP 30.4 30.0 30.3 29.5 29.5 29.6 31.4 32.6 78.9 77.3 77.6 77.5 77.3 77.4 79.0 80.2 22.1 21.2 20.8 20.4 20.2 20.1 19.9 19.4 49.4 49.6 49.6 32.9 32.7 32.3 80.2 80.5 80.4 18.8 18.6 18.3 24.5 24.6 24.6 24.5 24.3 24.2 24.2 24.0 24.0 23.9 23.7 23.7 49.1 49.2 49.2 49.2 49.2 49.2 49.2 49.3 49.2 49.1 49.0 49.1 31.6 31.8 31.9 32.0 32.1 32.2 32.3 32.4 32.6 32.7 32.7 32.6 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. 23.5 23.4 23.2 23.1 23.1 23.1 23.0 22.8 22.6 22.6 22.7 22.7 49.1 49.2 49.4 49.6 49.7 49.6 49.7 49.7 49.6 49.4 49. 4 49.4 32.9 33.0 32.9 32.8 32.7 32.7 32.6 32.4 32.3 32.3 32. 3 32.2 n.a. n.a. n.a. n. a. n.a. n.a. n,a. n.a. n.a. n.a. n. a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n. a. n.a. . n.a'. • W * 0 # # 9 a # • # t I TABLE 12 -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 nonfinaneial sectors. Deposits at nonbank thrift institutions, as published in money stock statistics, plus monthly-average deposits at credit unions. 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 GNPSum of columns 3 and 4 to GNP. Annual averages are based on 12-month average of columns 3 and 4 and annual GNP. Quarterly averages are based on 3-month average of columns 3 and 4 quarterly GNP.
@FedFRASER