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&
publication
July 20, 1970.
BANKING AND MONETARY DEVELOPMENTS IN JUNE 1970
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"
'
Summary, Commercial bank credit increased somewhat further
in June but at a much slower pace than earlier in the second quarter.
Outstanding loans sold outright to bank affiliates were about unchanged
following increases in April and May. Investment holdings rose further
but much less rapidly than in other recent months. Total loans declined
somewhat reflecting principally a sharp reduction in loans to security
brokers and dealers offset in part by moderate increases in loans to
businesses and finance companies.
The money supply declined slightly in June following substantially reduced growth in May. U.S. Government deposits increased.
Growth in time and savings deposits was smaller than that of other
recent months. Holdings of large negotiable CD's declined over most
of June but increased sharply late in the month after ceiling rates
on short maturities were suspended. Inflows of consumer-type time
and savings deposits at large banks continued moderate. The total
volume of nondeposit sources of funds declined somewhat as Euro-dollar
borrowings with foreign branches were reduced. Net borrowed reserves,
excess reserves, and borrowings of member banks were about unchanged.
1/
Changes in Commercial Bank CreditMoney Supply and Time Deposits
(Seasonally adjusted)
Total loans and
investments
U.S. Gov't, sec.
1968
1969
Year
Year
11.0
3.1
4.1
2.0
- 0.4
4.4
2.0
1.2
3.0 -15.7
-17.2
-15.6
-12.3
25.4
6.2
4.5
1.4
- 1.4
9.5
11.5
10.7
11.3
1969
First Second
Half
Half
1970
First Second First
Qtr.
Otr. Half
Other securities
16.4
Loans
11.6
8.4
9.9
6.6
- 0.7
11.1
10.6
13.3
7.4
- 4.5
7.2
2.5
4.3
0.6
3.8
4.4
11.5 - 5.3
- 4.0
- 6.7
0.4
13.8
Business loans
Money supply
Time and savings
deposits at all
commercial banks
June
- 1.3 - 1.0 - 1.7
1.9 - 1.3
4.6
4.1 - 1.2
7.1
8.4
diaries, 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.
Where necessary, in the computation of annual rates, data prior to July 1969
have been adjusted to maintain comparability with current data
1/ Changes in commercial bank credit are based on data revised to reflect
adjustments
to December 31, 1969, Call Report benchmarks. All credit
references are to the revised series.
Bank credit. Total loans and investments incr^ised^ $400 million in June following an average monthly rise of $2 billion earlier
in the second quarter. Outstanding loans sold outright to bank
affiliates were about unchanged following increases in April and May.
At large banks, credit growth was somewhat smaller than the average
June expansion of other recent years but at smaller banks, it was
generally similar. Over the second quarter of 1970, bank credit adjusted
to include loan sales rose at about a 5-1/2 per cent annual rate, over
twice as fast as in the first quarter and nearly twice as fast as in
the second half of 1969.
Total investment holdings increased $900 million in June —
considerably below the April-May pace. This slowing reflected a much
reduced rate of expansion in holdings of U.S. Treasury securities
associated with bank reductions in their holdings of notes acquired
in the mid-May Treasury financing. Holdings of municipal and Federal
agency securities, however, rose in June at about the average AprilMay pace. The increase was associated with acquisitions of short-term
municipals around the mid-month--principally New York City bank purchases of notes sold by New York S t a t e — a n d with purchases of other
municipals and agency issues toward the end of June.
Over the first half of the year, total investment holdings
increased about $5-1/2 billion, slightly more than offsetting the
reduction in the second half of 1969. At large banks, total security
holdings were almost the same in June 1970 as in June 1969 and at small
banks, they were slightly higher.
.:
Total loans declined $400 million in J u n e — b o t h adjusted and
unadjusted for loan sales to affiliates. The decline reflected a sharp
drop in security loans as U.S. Government security dealers reduced
substantially their inventory positions after the mid-May financing
and other security dealers reduced inventories in the late June bond
market rally. Real estate and consumer loans showed little further
change as has been the case over recent months.
Loans to nonbank financial institutions increased $400 million in June as an extremely sharp rise at the month end more than
offset sluggish borrowing earlier in June. Heavy borrowing by finance
companies at weekly reporting banks in the week ended July 1 reflected
the need for funds by these companies to meet short-term commercial
paper maturities which, in some cases, investors were not willing to
renew.
Business loans, after adjustment for loan sales, increased
$500 million in June or at about the same average rate as earlier in
the second quarter. The June increase (as in the case of finance
companies) reflected considerably larger-than-usual borrowing toward
the month end; and this borrowing was associated in part with nonfi-
nancial business needs for funds to meet maturing short-term paper.
Between late May and late June borrowing by most industry categories
was smaller than in the comparable weeks of other recent years-especially public utilities and metals manufacturers. On the other
hand, borrowing by retail trade concerns was strong.
Money supply, time deposits, and nonbank sources of funds.
The money supply declined $200 million in June following substantially
reduced growth in May. Private demand deposits declined somewhat
while currency rose moderately following an unusually rapid increase
in May. U.S. Government deposits increased sharply. Over the first
half of 1970, deposits and currency increased at an annual rate of
slightly over 4 per cent compared with nominal expansion in the second
half of 1969.
Time and savings deposits increased $1.4 billion in J u n e somewhat less than in May and far below the high $2.9 billion MarchApril average rise. Large negotiable CD's declined over most of the
month but increased sharply late in June after ceiling rates on maturities
of 30 to 89 days were suspended. During the week ending July 1, weekly
reporting banks increased their CD holdings by $1.2 billion. Inflows
of consumer-type time and savings deposits at large banks continued
over most of June at about the same moderate rate
as in May while
inflows of total time and savings deposits at smaller banks slackened
somewhat. During the week ending July 1, however, deposits at both
groups of banks increased relatively substantially.
The total volume of nondeposit sources of funds declined
somewhat in June (through June 24) following a substantial increase in
May.
Reductions in Euro-dollar borrowings with foreign branches
accounted for most of the decline. Commercial paper was about unchanged
over the four weeks as moderate increases over most of the month
were offset by declines over the mid-month tax period when some maturing
paper was not renewed. There was little change in the over-all volume
of funds between late January and late June as a $2.1 billion increase
in commercial paper was offset by reductions in Euro-dollar borrowing.
Bank reserves. Net borrowed reserves of member banks averaged
about $750 million over the five weeks ending July 1, little different
from the previous month's average. Both member bank borrowings and
excess reserves remained close to May levels.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
L.4.3-EXHIBIT A, PARTI
LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS
Last Wednesday of month, seasonally adjusted
Billions of dollars
I I II .1 II ITTI
r n ~rrr i i ~rr rj
TOTAL LOANS
AND INVESTMENTS
LOANS
#
OTHER SECURITIES
U.S. GOVT. SECURITIES
LLill I II I I I
M
J
1966
* CHANGE IN SERIES.
S
D
1970
Exhibit K -
Part II
Loans and Investments at All Commercial Banks
(Seasonally Adjusted)
Loans
Total
Date
( I n
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968 - -Dec.
31 2/
31 2/
31
31
31
30
31
1 9 6 9 — J u n e 30
4/ June 30
July 30
Aug. 27
Sept.24
Oct. 29
Nov. 26
Dec. 31
1970—Jan.
Feb.
Mar.
Apr,
May
June
28
25
25
29
27
30
227.9
246.2
267.2
294.4
310.5 3/
346.5
384.6
b i l 1 i o n s
134.0
149.6
167.7
192.6
208.2 3/
225.4
251.6
Other
securities
U.S. Gov't,
securities
of
d o l l a r s
64.6
61.7
60.7
57.1
53.6
59.7
61.5
)
29.2
35.0
38.7
44.8
48.7
61.4
71.5
r
r
r
392.5
397.3
397.7
397.5
396.5
397.6
401.2
401.3
264.3
269.2
269.9
270.3
271.3
273.8
276.4
278.1
56.2
56.3
56.8
56.9
54.7
53.5
53.4
51.9
72.0
71.8
71.0
70.3
70.5
70.3
71.4
71.3
r
r
r
r
r
e
398.5
399.7
400.9
402.9
404.9
405.3
276.6
278.5
277.6
276.6
277.1
276.7
50.4
49.8
50.3
52.3
53.3
53.5
71.5
71.4
73.0
74.0
74.4
75.1
(old serie s)
(new serie s)
y,
1/
Estimated
Adjusted to exclude interbank loans
p - Preliminary
r - Revised
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/ See note on page 1.
. .
OverNOTE: Chart has not been completely revised for changes in data relating . to benchmark revisions
1969 to
lapping
data
for
March
1969
and
October
1969
are
shown.
Series
revised
beginning
Oct
reflect adjustments to December 31, 1969 Call.
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS " n D B A w f c R E D I T ADJUSTED FOR SELECTED LOAN SALES
Loans sold outright by commercial banks
N.S.A.)
(outstanding in billions of dollars
Sold to
Sold to
nonbank public 2/
Affiliates 1/
Business
Busines
Loans
Total
Loans
Total
Loans
Total
June
Nov.
Mar.
June
During
month
ending:
June 30
July 30
Aug. 27
Sept.24
Oct. 29
Nov.
Dec,
1970
Jan.
Feb
Mar
Apr.
May
June
f
Commercial bank credit
(seasonally adjusted)
Total loans
and investments
usted 3
Originial
- Corrected.
- Revised.
Total loans
Ad justed
Original
Business loans
Adjusted
Original
397.0
397.3
397.7
397.5
396.5
397.6
401.2
401.3
398.5
399.4
400.4
400.7
400.2
402.3
405.9
405.1
7/269.0
269.2
269.9
270.3
271.3
273.8
276.4
278.1
270.5
271.3
272.6
273.5
275.0
278.5
281.1
281.9
102.3
102.3
102.4
103.4
104.1
104.5
104.8
103.1
103.6
398.5
399.7
400.9
402.9
404.9
405.3
404.3
406.1
407.6
409.8
412.7
413.1
276.6
278.5
277.6
276.6
277.1
276.7
282.4
284.9
284.3
283.5
284.9
284.5
105.4
105.6
104.9
104.7
105.0
105.4
109.7
110.4
t Chan
(Billions of dollars
106.1
(Annual rates in per cent)
14.9
Partly estimated.
;
8/
10
.»«cau.
104.2
105.5
106.5
107.7
108.1
108.5
110.0
110.1
111.2
111.7
L.4.3
Not for publication
EXHIBIT A - PART IV
NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE
(Outstandings in billions of dollars)
Date
Total
Total
28
25
30
27
24
29
26
31
12.6
10.9
14.3
15.6
15.9
15.5
14.8
28
25
25
29
27
24
1969
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1970
Jan.
Feb.
Mar.
Apr.
May
June
i
1/
2j
3/
4/
5/
6/
7/
Euro-dollars
Through branches outside ILS,
Territories
Foreign and possessions
21.2
16.2
19.7
14.7
9.9
13.3
14.4
14.7
14.4
13.6
14.9
13.0
21.7
21.7
21.0
21.1
22.3
21.9
15.5
14.9
13.7
13.7
14.1
13.7
13.9
13.4
12.4
12.5
13.0
12.7
16.7
19.4
19.6
19.1
19.4
Through
brokers
and 1J
dealers
0.6
0.8
0.6
0.6
0.7
0.6
0.4
0.4
0.3
0.3
0.4
0.4
0.6
0.6
0.6
0.6
0.6
0.3
0.5
0.4
0.5
0.5
0.5
0.4
0.3
0.2
Direct^
0.5
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.2
0.2
0.2
0.1
Commercial
paper 2/
Loans sold under
repurchase agreement 3/
Customer
To the
To bank
, , nonbank, guaranteed Ineligible
acceptances
paper
pub1ic—
Total affiliates—
0.8
1.2
1.9
2.2
2.6
3.7
4.1
4.2
1.0
1.2
2.0
1.5
1.0
0.9
0.8
0.8
0.4
0.4
0.7
0.6
0.5
0.5
0.5
0.6
0.6
0.8
1.3
0.9
0.5
0.4
0.3
0.2
0.1
0.1
0.1
0.2
0.2
0.2
0.2
0.3
7/
0.1
0.1
0.1
0.2
0.2
0.2
0.1
5.4
6.0
6.4
6.5
7.5
7.5
0.8
0.9
0.8
0.8
0.8
0.7
0.6
0.7
0.2
0.2
0.1
0.1
0.1
0.1
0.3
0.3
0.3
0.3
0.3
0.3
0.2
0.3
0.4
0.4
0.4
0.5
ii
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.
0.7
0.7
0.7
0.7
Revised.
L.4.3-EXHIBIT B, Part 1
LOANS AT ALL COMMERCIAL BANKS
Last weanesaay ui niunui, smsum
! '
1
1
1
1
1
1 I'll II 1 1 1 M
-1 | I III II III
11 III II 1 1 1 1
100
BUSINESS
90
-
80
-
70
-
60
REAL ESTATE
50
""^CONSUMER
-
-
SECURITY
J
M
J
1966
* CHANGE IN SERIES
L
S
1968
1970
40
t
#
•
#
e
#
#
#
#
p
•
Exhibit B - Part II
Loans at All Commercial Banks
Seasonally Adjusted
Date
Business
( I n
1962--Dec.
1963--Dec.
1964--Dec.
1965—Dec.
1966--Dec.
1967—Dec.
1968—Dec.
31 1/
31 JL/
31
31
31
31
31
1969--June 30
July 30
Aug. 27
Sept.24
Oct. 29
Nov. 26
Dec. 31
Dec. 31
2/ r
r
r
r
r
r
r
1970—Jan.
Feb.
Mar.
Apr.
May
June
r
r
r
r
r
e
1/
1/
3/
4/
28
25
25
29
27
30
47.6
52.0
58.4
69.4
78.6
86.3
95.9
102.3
102.4
103.4
104.1
104.5
104.8
106.1
105.4
105.6
104.9
104.7
105.0
105.4
Estimated as of December 31.
4/
Real Estate
b i l l i o n s
34.2
39.1
43.6
49.2
53.8
58.4
65.0
68.4
68.7
69.0
69.3
69.6
69.9
3/70.4 (old)
69.9 (new)
70.2
70.5
70.8
70.9
71.0
71.0
Estimated
Consumer
o iE
Security
d o 1 1 a i: s )
23.7
27.2
31.1
35.6
38.2
40.0
44.9
6.1
6.9
7.4
7.4
7.9
9.2
10.4
46,7
46.7
46.9
47.3
47.7
47.7
48.2
9.2
9.6
8.3
8.3
9.2
10.3
9.4
48.4
48.5
48.4
48.4
48.4
48.4
8.1
9:1
9.4
8.6
8.7
7.7
p - Preliminary.
' r ~ Revised
July data are comparable with previous months.
Individual loan items are gross throughout and the
effect of consolidation on any one loan item was nominal.
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.
Series revised beginning July 1965, to reflect adjustments to December 31, 1969 Call.
NOTE:
Chart has not been completely revised for changes in data relating to benchmark revisions.
lapping data for March 1969 and October 1969 a r e shown.
These data are not for publication
Over-
Exhibit C
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted 3/
(In billions of dollars)
—
Item
June
May
Loans and Investments 2/ I + 1.5
U. S. Gov't, securities
I - 1.6
Other securities
j -0.1
Loans 2/
J +3.1
I
| + 1.3
•
Business
|
j July r
[959
~
j Aug. r Sept. r
+ 0.3
+ 0.4
; - 0.2
+ 0.1
+ 0.5
!
-
1.0
1
Oct. r
Nov. r
+ 1.1
+ 3.6
S
Dec. r
|+
0.1
Jan. r
: Feb. r
+ 0.4
+ 0.2
+ 0.1
- 2.2 I - 1.2 ; - 0.1 | - 1.5
-1.5
- 0.6
+0.5
+ 2.0
+1.0
- 0.8
- 0.7
+ 0.2 | - 0.2 ; + 1.1 ' - 0.1
+ 0.2
- 0.1
+ 1.6
+ 1.0
+ 0.4 j + 0.7
+ 0.2
+ 0.6
+ 0.5
+ 1.0
+ 2.5
+ 2.6 j + 1.7
- 1.5
I* + 1.9
! - 0.9
- 1.0
+0.5
- 0.4
1/
+ 0.1
+ 1.0
+ 0.7
+ 0.4
1
+ 1.3
- 0.7
+ 0.2
0.7
- 0.2
+0.3
I
1 + 0.4
+ 0.3
+ 0.3
+ 0.3
+ 0.3
;
+ o.3 ; + 0.5
+ 0.3
+ 0.3
! + 0.3
+ 0.1
+ 0.1 i
+ 0.2
+ 0.4
+ 0.4
|
+ 0.5
+ 0.2
+ 0.1 j - 0.1
+ 0.9
| + 1.1
; - 0.9
- 1.3
+ 1.0 i + 0.3
- 0.8
+ 0.1 I - 1.0
- 0.5
j - 0.2
+ 0.4 i + 0.4
i + 0.1
+ 0.2 ; + 0 . 3
1/
i
I
I
I + 0.3
!
Consumer
4-0.2
j + 0.3
Security
+0.1
+ 0.2
+ 0.4
- 1.3
Nonbank financial
+0.3
- 0.6
- 0.5
+ 0.1
- 0.3
+ 0.2 j + o.4 ; + 0.5
- 0.5
- 0.2
_1/
+ 0.2
+ 0.2
+ 0.1
+ 0.1
- 0.2 j - o.l
+ 0.1
i.
1/
1/
1/
: 1/
i/
1 /
- 0.2
+ 0.4
+ 0.5 ; - 0.2
: i/
-0.6
+ 1.6
+ 1,5
, + 2.6
- 0.2
+ 0.9 ; - 1.2
: - 0.2
+ 0.4
+ 1.4
+ 1*1 , + 2.1
+ 0.3
+1.1
1/
_1 /
+ 0.8
- 0.2
+ 0.1
+ 0.1
- 0.2
+ 0.5
Total loans excluding
security
+ 3.0
i/
+ 0.2
+ 1.8
+ 1.0
Total loans excluding
security and nonbank financial
+2.7
+ 0.6
+ 0.7
+ 1.7
+ 1.3
1/
+ 0.6
All other
Less than $50 million.
Call.
e - Estimated.
r - Revised.
' June
+ 2.0
j + 0.3
If
May r
+ 2.0
+ 0.4
!
) Apr, r
- 2.8 : + 1.2 ; + 1.2
Real estate
Agriculture
j Mar, r
!
i - 0.7
1/
1/
j
j
1/
+ 0.6
+ 0.2
2/ Adjusted to exclude interbank loans. 3/ Series revised beginning July 1969 to reflect adjustments to December 31, 1969,
Individual Loan Categories Are Not Available for Publication
Exhibit D
Changes in Loans and Investments at All Commercial Banks, at Weekly
Reporting Banks, and at Other Banks, Not Seasonally Adjusted
(In billions of dollars)
Last Wednesday of May to end of June
Item
1966
1965
1964
+
+
+
8.5 4J
0.1
0.7 4/
9.0 4/
+
+
+
6.1
0.3
1.1
6.8
+
+
+
+
4.9
0.2
0.6
5.8
3.5
0.9
0.7
3.3
+
+
+
6.0 4/
0.8
0.2 4/
6.6 4/
+
+
+
+
4.6
0.3
0.8
5.8
+
+
+
+
3.4
0.4
0.4
4.3
2.0
0.7
1.3
2.6
+
+
+
2.5 4/
0.9
0.9 4/
2.4 4/
+
+
+
1.5
0.6
0.3
1.0
+
+
+
1.5
0.2
0.2
1.5
1970 2/
1969
1968
1967
All commercial banks
Total loans
U. S. Gov't, securities
Other securities
Total
+
+
+
6.1
1.4
1.4
6.0
+
+
+
6.8
1.4
0.8
6.2
+
+
+
6.8
1.7
0.9
6.0
+
+
+
5.5
1.6
2.0
5.9
All Large Banks
Total loans
U. S. Gov't, securities
Other securities
Total
+
+
+
4.6
0.7
0.5
4.4
+
+
5.8
0.1
0.1
5.6
+
+
4.9
0.7
0.2
4.1
+
+
+
Other banks
Total loans
U. S. Gov't, securities
Other securities
Total
+
+
+
1.5
0.7
0.9
1.6
+
+
+
1.0
1.3
0.9
0.5
+
+
+
1.9
1.0
1.1
1.9
+
+
+
End of December to end of June
Item
1969
1970 2/
1965
1964
1968
1967
1966
+
+
+
7.9
3.9
2.9
6.9
+ 5.6
- 1.9
+ 7.9
+11.6
+12.6 4/
- 6.0
+ 2.9 4/
+ 9.4 4/
+12.8
- 6.1
+ 3.4
+10.1
+
+
+
7.7
4.1
1.3
4.9
All commercial banks
Total loans
U. S, Gov't, securities
Other securities
Total
+
-
2.2
3.6
4.4
1.6
All Large Banks
Total loans
U. S. Gov't, securities
Other securities
Total
4-
3.8
1.8
2.4
3.1
+
-
5.8
6.3
1.5
2.0
+
+
+
3.9
2.9
0.8
1.8
+
+
+
0.6
0.7
5.2
5.1
+
+
+
7.5 4/
3.6
0.8 4/
4.8 4/
+
+
+
8.1
3.9
2.2
6.4
+
+
+
3.5
2.3
0.6
1.9
Other banks
Total loans
U. S. Gov't, securities
Other securities
Total
4+
+
1.5
1.8
1.9
1.5
+
+
+
6.6
4.1
2.5
5.0
+
+
+
4.0
1.0
2.1
5.1
+
+
+
5.0
1.2
2.7
6.4
+
+
+
5.1 4/
2.4
2.1 4/
4.6 4/
+
+
+
4.7
2.3
1.3
3.7
+
+
+
4.2
1.8
0.7
3.0
+ 12.4
-10.5
- + 1.1
4- 3.0
j
Data exclude all interbank loans; call report data for large banks used when
available.
1/ Less than $50 million.
2/
Based on estimated data for June 30, 1970, and December 31, 1963, for all commercial
banks and for June 30, 1970 for large banks.
3/
Based on revised coverage beginning July 1966, and 1969 and January 1967, 1968, 1969,
and 1970.
4/ Allowance has been made in monthly changes in total loans and in other securities
for approximately $1 billion of participation certificates shifted from loans to
other securities at the end of June; $700 million were at weekly reporting and
$300 million at nonweekly reporting. Allowance has been made in monthly changes
in total credit and in total loans for the $1.1 billion of balances accumulated
for the payment of personal loans excluded from time deposits and from'loans
on June 9; $400 million were at weekly reporting banks and $700 million at other
banks.
NOTE:
Exhibit E
Changes in Commercial and Industrial Loans at Large Commercial Banks
(In millions of dollars)
Late December tci late June 21
Late May to Late June _1/
Business of borrower
+
Food processors
Commodity dealers
Trade concerns
Retail trade
Wholesale trade
Metals
Primary metals
Machinery
Transportation equipment
Other fabricated metals
Textiles, apparel, etc.
Petroleum
Chemicals
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
iy
2/
3/
49
67
+ 276
+ 223
53
+
+ 368
+ 124
+ 138
56
+
50
+
+ 105
+
82
2
+ 101
80
+
62
+
+ 207
59
+
41
+ 189
69
+
32
26
65
+
71
66
+1 ,232
12
+ 1 ,220
+
51 +
49 +
93 +
70 +
+
4- 23 +
+ 604 +
+ 190 +
+ 238 +
+ 102 +
+
74 +
+ 119 +
63 +
+
39 +
+ 117 +
+
55 +
15 +
+
+ 551 +
+ 167 +
+ 125 +
+ 259 +
+
78 +
+ 378 +
7 + 162 +
+ 223 +
+
3 + 2 ,117 +1
69 +
+
+2 ,186 + 1
+
198
119
+ 147
+ 118
29
+
+ 175
55
+ 193
8
+
+
29
+
78
+
42
+
7
+
47
22
+
1
+ 356
+ 100
91
+
+ 165
20
+
+ 153
+
72
54
+ 135
16
+
4-1 ,141
+ 578
+1 ,719
109
86
163
91
72
659
111
400
19
129
121
171
25
70
65
85
443
103
81
259
40
95
32
73
54
56
,854
94
,948
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
59
180
117
63
633
61
346
111
115
159
57
92
132
116
52
421
n,• a.
n .a.
n .a.
+
77
149
159
n .a.
+
10
n .a.
+1 ,829
+ 124
+ 1 ,953
495
285
+ 232
+ 168
64
+
+ 715
+
83
+ 275
+ 112
+ 245
+ 370
84
126
+ 227
16
+
572
1,177
146
235
823
+
59
463
194
188
81
73
- 1,656
347
- 2,003
-
1968
1967
521
497
+ 304
+ 204
+ 100
+!J 111
+ 571
+ 286
+
44
+ 210
+ 527
68
+ 171
+ 214
+
72
+ 558
+ 455
+ 560
+ 102
207
+ 263
+ 714
392
+ 547
+ 559
149
+3 ,154
+ 208
+ 3 ,362
577
479
+
41
27
+
68
+1,,502
+ 253
+ 887
47
+ 409
+ 297
+ 241
+ 309
+ 175
+ 161
+ 195
+ 387
+ 273
+ 223
109
+
10
+ 619
+ 114
53
+ 558
20
+2 ,861
+ 176
+ 3 ,037
1969
1970
1966
1967
1968
1969
1970
396
372
+
446
+
246
+
200
+1,151
+
51
+
675
+
107
+
318
+
494
+
457
+
249
+
214
+
83
4
195
+
166
+
250
+
34
118
+
361
+1.221
198
+
730
+
689
119
+4,499
+
761
+5,260
-
-
-
-
1966
154
321
+
581
+
453
+
128
+1.533
+
268
+
683
+
332
+
250
+
570
+
379
+
350
+
387
+
312
+
210
+
217
n.a.
n.a.
n.a.
+
189
+
269
198
n.a.
+
467
n.a.
+4,522
+
641
+5,163
Four most comparable weeks l i s C U L11JL U U g l l U U L .
Changes are compiled from December 31, 1969; December 25, 1968; December 27, 1967; December 28, 1966; and
December 29, 1965,
These data cannot be linked with all commercial bank data which are always for December 31,
Prior
to
1967,
transports
http://fraser.stlouisfed.org/
s Reserve Bank
e of St. Louis e
Federal
s
Ion, c o m m u n i c a t i o n ,
services,
•
and
•
foreign
loans were
•
net
•
reported
•
separately.
¥
#
•
i
•
#
#
•
t
#
e
p
e
Exhibit F
Loans and Investments at A l l Commercial Banks
(In billions of d o l l a r s )
Date
1964--Dec.
1965—Dec.
1966--Dec.
1967--Dec.
1968--Dec.
Loans and
investments
31
31
31
30
31
1 9 6 9 — J a n . 29
Feb. 26
Mar. 26
Apr. 30
28
May
June 30
June 30
July 30
Aug. 27
Sept..24
Oct. 29
Nov. 26
Dec. 31
Dec. 31
e(old)
(new) 3/
r
r
r
r
r
r (old)
(new)
1970--Jan.
Feb.
Mar.
Apr.
May
June
r
r
r
r
r
e
28
25
25
29
27
30
U. S. Gov't.
Other
securities
Total loans
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. t
397.6
395.7
399.0
402.9
402.9
408.9
53.0
* 51.4
51.5
52.3
52.5
51.1
70.6
70.8
72.7
74.3
74.3
75.7
Business
60.2
71.4
80.6
88.5
98.4
Real
estate
43.7
49.3
54.0
58.5
65.1
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
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 4/
70.0""
274.0
273.5
274.8
276.4
276.1
282.2
104.1
104.1
104.8
105.1
104.6
107.5
70.1
70.1
70.2
70.4
70.6
71.0
Security
8.4
8.5
9.0
10.5
11.8
Farm
Consumer
Nonbank
financial
institutions
All
other
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 1/2/
15.9
18.9
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
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
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
8.2
8.3
8.8
8.8
8.7
8.5
10.4
10.5
10.6
10.8
11.1
11.4
48.0
47.8
47.8
48.1
48.4
48.8
12.7
12.4
12.2
12.5
12.2
20.6
20.3
20.4
20.7
20.5
14.1
20.9
9.5
9.5
7.5
8.2
8.6 2/
9.3
9.7
*
p - Preliminary*
e - Estimated•
r - Revised.
NOTE:
Data exclude interbank loans.
Consumer and "other loans" are partly estimated for all dates.
Other data are partly estimated on all but June
and December call dates.
1/ Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other"
loans.
2/
Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans w e r e reclassified
as "other securities."
3/ Data revised to include all bank premises,subsidiaries and other significant majority-owned domestic subsidiaries; earlier data are for c o m m e r c i a l
banks only. Also, total loans and investments are now reported gross of valuation reserves rather than net as previously.
Individual loan items
have always been gross.
4/
Real estate loans decreased by $500 million on December 31, 1969, and loans to n o n b a n k financial institutions increased by $500 million due to
change in method of reporting mortgage loans held under repurchase agreements.
5/
Series revised beginning July 1969 to reflect adjusatments to December 31, 1969 Call.
Individual loans category data are available for publication only on a June and D e c e m b e r Call data basis
Exhibit G
Ratios to Total Deposits 1/
2/
4
L O A N S
D A T E
All
commercial
banks
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
31
31
31
31
31
31
31
28
25
31
31
31
30
|
B a n k s
M e m b e r
Reserve City Banks
New York City of
Chicago Other Country
City
Total
45.8
48.8
49.7
48.4
54.0
55.1
54.5
56.5
58.6
60.5
63.7
65.8
63.8
46.7
50.1
51.0
49.4
55.6
56.5
55.7
57.7
59.9
61.9
65.4
67.9
65.8
56.7
61.7
61.9
57.7
67.3
65.9
65.0
67.9
67.4
69.3
75.9
83.5
79.9
46.3
52.7
55.2
49.4
58.2
60.8
58.0
61.4
62.1
64.4
70.2
77.0
70.8
48.5
52.7
53.3
51.3
58.2
59.0
57.7
60.1
63.3
65.0
68.7
70.2
68.1
40.7
42.6 .
44.1
44.4
48.2
50.3
50.2
51.7
53.8
56.0
57.9
59.2
58.2
U.S. Gove rnment
securities maturing
within one year
All commercial
banks
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
1968—Sept.
Oct.
Nov.
Dec.
25
30
27
31*
66.0
65.4
66.0
64.7 (63.7)
68.1
67.4
68.3
66.8
87.5
85.7
87.9
83.5(76.3)
76.6
74.4
76.4
75.1
69.6
69.3
70.6
69.1
59.5
59.0
59.2
58.2
5.5
6.5
5.7
6.1
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29*
26*
26*
30*
28*
30*
30*
27*
24*
29*
26*
31*
66.2
67.4
68.1
70.2
69.9
72.1
73.0
72.9
72.9
72.8
73.0
72.0
(64.7)
(65.9)
(66.4)
(68.5)
(68.1)
(69.7)
(70.3)
(70.1)
(70.4)
(70.2)
(70.2)
(69.7)
68.4
69.7
70.5
70.9
72.6
75.4
76.3
75.3
76.4
76.1
76.4
75.7
86.1(76.0
71.0(79.7)
94.1(80.9)
94.4(80.2)
99.7(84.9)
106.5(87.0)
110.9(88.6)
106.0(84.0)
108.0(86.3)
112.0(85.0)
106.2(85.3)
102.8(86.0)
77.1
80.1
83.8
83.1
85.5
90.9
91.8
94.2
97.5
96.2
93.6
89.5
71.4
72.1
72.9
73.4
75.0
78.3
78.8
78.8
79.4
78.9
80.3
79.5
59.2
59.8
60.2
60.3
61.4
62.5
63.2
63.6
63.3
63.4
63.3
62.8,
6.0
5.4
5.7
5.0
4.6
4.5
4.5
4.7
4.6
4. 3
5.2
5.0
1970—Jan.
Feb.
Mar.
Apr.
May
June
28*
25*
25*
29*
27*
24*
73.2
73.4
73.0
72.7
72.9
73.1
(70.5)
(70.8)
(70.7)
(70.4)
(70.5)
(70.7)
76.5
76.7
76.3
76.0
76.1
76.4
102.9(84.1)
103.9(85.8)
103.1(86.2)
102.6(85.6)
103.7(85.4)
104.8(86.7)
92.6
93.8
92.2
91.5
91.5
95.8
81.3
81.0
i80.4
63.7
63.9
63.8
63.7
64.0
63.9
4.7
4 .4
5.2
4.8
NOTE:
79.9
80.0
80.0
4
-6
n.a.
and by changes in the reserve classification of cities of individual ha^ks.
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).
* - Ratios in parenthesis are those obtained by adding Euro-dollars to the deposit base.
2/
Series revised beginning October 1969 to reflect adjustments to December 31, 1969 Call.
^
<
,
1
{
1
,
L. 4.3-EXHIBIT H, PART 1
DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS
Seasonally adjusted. Deposits, averageof daily figures. T u r n o v e r , monthly.
Billions of d o l l a r s
Annual rate
I I I I I I I I I I I I I I I I I I I I I 225
TIME AND SAVINGS DEPOSITS
ALL COMMERCIAL BANKS
MONEY SUPPLY
TURNOVER
OUTSIDE N.Y.C
232 SMSA'S
U.S. GOVT. DEPOSITS
MEMBER BANKS
Ml
1966
1967
1968
I 1 1 I I I I I I I I I I 1 I
1969
1970
Exhibit H - Part II
P e r
i o d
Total
A d j u s t e d
D fi t a
S e a s o n a l l y
(Dollar amounts in billions)
Time and
1/
U.S. Gov't.
M o n e y
S u p p l y
v
savings 2/
deposits
deposits
(all member) 1/
Demand deposits
Currency
(All commercial)
Not Seasonally Adj.
(In mil. of dollars)
Turnover outside
N.Y. C i t y *
(per cent)
33.5
Gross liabilities of
U.S. banks to
3/ *
their foreign branch*
1964—December
1965—December
1966—December
1967—December
1968—December
159.3
166.7
170.4
181.7
194.8
125.1
130.4
132.1
141.3
151.4
34.2
36.3
38.3
40.4
43.4
126.6
146.7
158.5
183.7
204.9
5.1
4.4
3.5
4.6
4.2
37.4
40.1
40.6
44.8
1,183
1,345
4,036
4,241
6,039
1969—January
February
March
April
May
June
July
August
September
October
November
December
195.8
196.3
196.8
198.1
198.3
199.0
199.3
199.0
199,9
199.1
199.3
199.6
152.3
152.5
152.7
154.0
153.8
154.2
154.4
153.8
153.7
153.6
153.4
153.7
43.5
43.8
44.1
44.2
44.5
44.8
45.0
45.3
45.2
45.6
45.9
45.9
203.2
202.4
202.3
202.3
201.7
200.8
197.7
194.5
194.1
193.5
193.4
194.1
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
a, 545
8,822
9,877
9,399
9,868
13,269
14,434
14,658
14,349
13,649
14,903
13,032
1970—January
February
March
201.1
199.3
201.5
203.3
203.9
203.7
155.0
153.0
154.8
156.2
156.2
155.9
46.1
46.4
46.7
47.0
47.6
47.8
192.1
192.0
194.3
197.9
199.6
201.0
5.3
5.6
5.9
5.2
3.0
4.8
50.6
52.0
50.3
52.2
53.4
n.a.
13,863
13,403
12,356
12,489
13,036
12,694
204.0
203.4
203.9
202.1
156.4
155.7
156.0
154.3
47.6
47.7
47.8
47.8
200.0
200.5
200.7
201.0
3.0
4.1
5.1
5.4
April
May
June p
W e e k ending:
1970--June
3
10
17
24
1/
2/
Averages of daily figures.
Beginning on June 9, 1966, time deposit
3/
4/
Last Wednesday of month.
Certain changes in coverage and definitions have occurred that affect somewhat the comparability of the data.
&
*a *
a'
n.a.
n
12,572
12,435
12,575
12,694
data exclude $1.1 billion of balances accumulated for the payment of personal loans.
small however.
* - Beginning January 1964, data for 232 metropolitan centers outside New York City.
n
n
p - Preliminary.
Breaks in the series are relatively
L.4.3 - EXHIBIT I, Part 1
TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS
Billions of dollars
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 1 i1
1967
1968
1
' ' i—I—I—I ,1,1
EXHIBIT I - Part II
Period
1966—Dec.
Dec.
1967—Dec.
Dec.
1968—Dec.
Dec.
28
28
27
27
31
31
1969—Jan.
Feb.
Mar.
Apr.
May
June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.
1970—Jan.
Feb.
Mar.
Apr.
May
1970--June
1/
2/
Total
(old)
(new) 2/
(old)
(new) 2/
(old)
(new) 2/
ConsumerI
type time
& savings
Time and Savings Deposits
ConsumerLarge
State Political
Savings
type
Negotiable
For. official
time
CD's 1/
etc.
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
18,651
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
29
26
26
30
110,030
109,211
108,408
106,949
79,471
79,944
80,492
79,834
48,340
48,335
48,667
47,737
31,131
31,609
31,825
21,031
19,968
18,792
9,526
9,299
9,124
28
25
25
30
27
24
29
26
31
31
106,188
103,967
103,959
100,602
98,998
97,899
97,238
96,333
96,589
96,787
79,811
79,619
79,604
78,784
78,189
78,140
77,795
77,241
77,616
77,812
47,691
47,550
47,550
46,953
46,688
46,533
46,376
46,334
46,486
46.632
32,097
32,120
32,069
32,054
31,831
31,501
31,607
31,419
30,907
31,130
31,180
17,622
16,973
15,270
15,271
13,538
12,616
11,744
11,524
11,319
10,919
10,919
9,493
9,404
9,078
9,084
8,280
8,193
8,015
7,919
7,773
8,054
8,056
28
25
25
29
27
95,019
95,622
97,352
99,281
99,470
76,500
76,400
76,876
76,702
76,995
45,831
45,632
45,996
45,888
46,079
30,669
30,768
30,880
30,814
30,918
10,471
10,864
11,820
13,046
13,004
8,048
8,358
8,656
9,533
9,471
3
10
17
24
99,539
99,599
99,390
99,658
77,157
77,230
77,260
77,287
46,124
46,145
46,163
46,172
31,033
31,085
31,097
31,115
12,981
12,972
12,757
12,968
9,401
9,397
9,373
9,403
(old)
(new) 2/
(old)
(new) 2/
Negotiable certificates of deposit issued in denominations of $100,000 or more.
Estimated,
Exhibit J
Member Bank Reserves
(Based
on a v e r a g e s
of d a i l y
figures;
in m i l l i o n s of d o l l a r s )
Excess
Reserves
Free reserves
(excess r e s e r v e s m i n u s b o r r o w i n g s )
DATE
All
member
Reserve City Banks
C i t y of
Chicago
New Y o r k
City
All
Other
Country
member
Borrowings
All
member
Monthly Averages;
1959—December
1960—-December
1961—December
1962—December
1963—December
1964—December
1965—December
1966—December
1967—-December
1968—-December
1969—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1970--Jan.
Feb.
Mar.
April
May
June p
Total reserves
held s e a s o n a l l y
adjusted
All
member
18,512
18,839
19,640
20,343
21,017
455
906
87
149
304
327
243
454
557
238
765
-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
-112
-233
-117
- 24
-152
-134
166
232
115
118
181
170
965
1,091
896
822
976
889
28,001
27.722
27.723
28,216
27,890
27,894
-424
669
419
268
209
168
- 2
-165
107
-310
-109
10
- 50
- 62
19
- 14
- 70
- 95
- 22
-130
-104
4
- 22
- 11
21
- 31
- 8
- 50
- 5
- 70
-449
80
20
- 52
-122
-103
-161
-159
- 55
-180
237
583
471
394
334
315
238
140
187
70
482
756
568
572
536
411
452
392
345
-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
8
- 15
- 47
- 37
- 26
- 67
- 9
-337
-403
-456
-521
-538
-649
-611
-396
-447
-558
-525
-473
-799
-859
-781
-704
-795
-719
-132
- 79
-148
-198
-171
- 94
- 82
- 57
- 15
-82
- 25
-473
-493
-501
-400
-447
-491
NOTE: Total reserves reflect percentage reserve requirements made effective April 23, 1969.
r - Revised.
22,068
23,262
23,521
25,940
27,964
28,060
27,972
27,775
28,235
28,056
27,530
27.401
27.402
27,354
27,783
27,928
*
®
ExhiU't K
•
/
Liquid Assets Held by the Public - Seasonally Adjusted Series
(Amounts in billions of dollars; ratios expressed as percentages)
Time deposits
End of
year or
month
Total
Demand
deposits and
currency 2/
Commercial
banks 3/
Mutual
savings
banks
Postal
Savings
System
U. S. Gov't,
Savings
and loan U. S. Gov't, securities
maturing
savings
deposits
within one
bonds 5/
and
year
6/
shares
T
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966*
1967
1968
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
1969
Jan.
Feb,
Mar.
Apr.
May
June
July
Aug.
Sept,
Oct.
Nov.
Dec.
1970
Jan.
Feb.
Mar.
Apr.
May
June p
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
703.7
705.7
713.2
711.2
714.3
713.8
709.5
713.1
718.0
714.9
722.0
731.6
188.8
720.4
721.8
733.4
731.0
733.7
737.0
195.3
194.8
199.3
196.4
197.5
199.3
189.8
192.4
190.8
191.5
194.1
191.8
193.2
194.1
193.9
195.7
206.8
F o r footnotes see next page.
* - Beginning with data for June
§ - Eigures a r e ^ o r ^ e s d a y , D e c e m b e r
N
°
TO:
48.2
49.7
52.0
57.5
65.4
67.4
73.1
82.5
98.1
112.9
127.1
147.1
159.3
183.1
203.8
26.3
28.1
30.0
31.6
33.9
34.9
36.2
38.3
41.4
44.5
49.0
5f.6
55.2
60.3
64.7
203.4
202.9
201.9
202.7
200.4
197.5
195.7
195.6
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
r 67.3
196.0
196.7
198.7
201.5
201.7
r
r
r
r
r
201.8
202 . 0
'tota^liauid
,
-B —
— •
* —
* mm
— •»
— mm
mm mm
- -
— —
— —
— —
—
27.2
32.0
37.0
41.7
47.7
54.3
61.8
70.5
79.8
90.9
101.4
109.8
113.4
123.9
131.0
55.6
55.9
54.8
51.6
50.5
47.9
47.0
47.4
47.6
49.0
49.9
50.5
50.9
51.9
52.5
30.6
31.6
33.2
38.8
35.6
48.8
41.9
42.6
46.8
48.1
46.1
48.6
53.9
50.5
58.5
131.0
132.0
133.4
133.3
133.5
133.6
133.6
134.1
135.3
134.9
135.3
134.8
52.5
52.3
52.2
52.2
52.2
52.2
52.2
52.1
52.0
52.0
52.0
52.4
63.4
63.4
67.7
67.5
68.3
67.3
68.1
71.6
74.6
71.7
74.2
73.2
133.6
52.2
52.1
52.0
52.0
52,0
52.0
76.3
134.1
135.7
136 .4
137.0
137.5
76.6
80.1
76.8
77.2
77.5
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
r 78.2
Ratios:
Commercial
Demand debank deposits
posits and
currency to and currency to
gross nation- liquid assets
2 + 3 f 1)
al product 7/
11
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
r 78.0
21.2
r 77.2
20.8
75.7
20.5
r 75.8
r 20.8
75.5
20.6
75.6
20.4
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
ii:?
55.3
55.1
55.2
55.3
54.9
54.5
54.3
54.5
54.5
55.2
54.3
54.2
54.3
54.4
54.5
54.5
assets and time deposits at commercial banks exclude $1.1 billion of balances a c c u m u l a t e d for
d u r i n g S h i f f y e f ^ r e v i s e d ' b e g i n n i n g January 1969 to conform to new Budget c o n c e p t .
figures'were increased b y " $ 1 . 7 b i l l i o n on that date.
67.0
67.4
67.5
68.0
68.4
68.7
2.1
1.9
1.6
1.3
1.1
0.9
0.8
0.6
0.5
0.5
0.4
0.3
0.1
8~
Liquid
assets
to gross
national
product 7/
9_
the
Both
Exhibit K (Continued)
1
Excludes holdings of the United States Government, Government agencies and trust funds, do' - mestic 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.
2
Dataware for demand deposits adjusted and currency outside banks and are as of the last W e d nafMay of the month.
In concept the figures agree with the daily average money supply de- C .A»ibed in detail in the Federal Reserve Bulletin for August 1962,p. 941, except that demand
3§eposits held by mutual savings banks and by savings and loan associations have been deducted
- > A o avoid double counting.
Demand deposits of commercial banks in Alaska and Hawaii are in* eluded 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.
drawal of savings capital compiled by the Federal Home Loan Bank Board.
mmmm
Treasury Department.
(each month of the current quarter and the last month of the preceding quarter) .
@FedFRASER