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EEDEE.A 1 , O; 1.4.3 Not for Publication pf 6 ywfc . r J U K °/4 — Research BAlvh • ' ' June 16, 1971 197! bbmrv Banking and Monetary Developments in May 1971 Summary. Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased substantially in May following a slight decline in April. Growth in loans, principally in loans to businesses and nonbank financial institutions, accounted for a major part of the May credit expansion. Holdings of municipal and Federal agency securities also increased substantially further over the month, although less rapidly than in other recent months. Holdings of U.S. Treasury securities were unchanged. The money stock (narrowly-defined) increased sharply in May, rising at a considerably faster pace than in April or the first quarter. Growth in time and savings deposits also picked up in May but was still well below the unusually rapid first quarter rate of expansion. Nondeposit sources of funds continued to decline but at a somewhat lower pace than in other recent months. Reserve positions fluctuated considerably during May but, on average, a nominal volume of free reserves prevailed. Changes in Commercial Bank Credit. Money Stock, and Time Deposits 1968 Year Seasonally adjusted annual rates (per cent) 1/ 1971 1970 1969 Jan.First First Second MayP MayP Qtr. Half Half Year Year 11.5 11.0 3.1 8.4 2.5 14.1 12.4 9.9 U.S. Gov't, sec. 3.0 -15.7 12.7 8.5 16.3 19.8 7.0 Other securities 16.4 20.6 10.4 29.3 27.9 24.8 16.7 Loans 11.6 8.4 4.5 -0.5 9.4 6.5 6.1 12.6 11.1 10.6 3.8 0.9 6.6 2.2 5.0 18.4 Total bank credit Business loans - - Ad lusted for loan sales to bank affiliates Total bank credit Loans Business loans Money stock Time deposits 1/ 11.0 4.0 8.1 4.5 11.3 12.2 9.7 11.7 11.6 9.9 4.0 2.4 5.5 6.3 5.9 12.9 11.1 13.1 3.2 8.1 -1.6 1.0 4.3 7.8 3.1 5.4 5.9 4.8 8.9 10.6 16.3 11.1 -5.0 18.4 7.8 27.9 27.3 21.8 14.5 1 18,2 Changes in commercial bank credit are based on data revised to reflect adjustments to December 31, 1970, Call Report benchmarks. All credit references are to the revised series. Bank credit. Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased $4.4 billion in M a y — about the same as the substantial average monthly expansion in the first quarter. Loan growth accounted for the bulk of the May credit expansion with a particularly strong advance registered at weekly reporting banks. Holdings of State and local and Federal agency issues also continued to expand but at a slower pace than in other recent months (this slackening occurred principally at the larger banks whereas at smaller banks, expansion continued very strong). Holdings of U.S. Treasury securities were unchanged, following some decline in April,Respite a late-month financing—$1.6 billion Treasury strip bills payable 100 per cent in tax and loan accounts on May 25. Business loans, adjusted for transfers, increased $1.7 billion in M a y — o r at an annual rate of 18.2 per cent. However, this unusually sharp rise appears attributable in part to seasonal adjustment problems. Borrowing around the mid-April and mid-March tax dates was much smaller than in earlier years; consequently, loan repayments in May were probably smaller than usual. Therefore, the use of seasonal adjustment factors reflecting the borrowing patterns of earlier years probably overstated the May increase. Since the beginning of the year, business loans have increased at an annual rate of 4.3 per cent compared with a decline of 1.6 per cent in the second half of 1970. Loans to nonbank financial institutions also increased sharply in May. As in the case of business loans, however, this rise may have been associated in part with a seasonal adjustment problem. However, there was heavy borrowing by mortgage brokers to finance warehousing of mortgages and apparently some increase in bank borrowing by sales finance companies. Real estate loans continued to show substantial growth and consumer loans rose moderately further. Money stock, time deposits, and nondeposit sources of funds. The narrowly-defined money stock increased at an annual rate of 16.3 per cent in May, as expansion in private demand deposits picked up markedly. Currency in circulation also increased sharply but at a somewhat slower pace than in April. So far this year, the money stock has increased at an annual rate of 10.6 per cent--considerably stronger than in the last half of 1970. Time and savings deposits at commercial banks increased at an annual rate of 14.5 per cent in M a y — u p somewhat from April but well below the unusually rapid pace of the first quarter. Banks sold a substantial volume of CD's in May, more than offsetting the April decline. IPC customers acquired some of these issues, but most of the growth was in "other" CD»s—particularly those issued to foreign official institutions. Inflows of time and savings deposits other than CD's were down somewhat from April and the first quarter but still substantial at all classes of banks. The downtrend in nondeposit sources of funds was extended in May but the rate of runoff diminished further. Most of the reduction in nondeposit sources since the end of last year is attributable to a $6.1 billion drop in head office liabilities to foreign branches, which partly reflects foreign bank purchases of special Ex-Im and Treasury certificates. Holdings of bank-related commercial paper also declined $600 million over the first five months of 1971 (after dropping $5.5 billion in the August-December 1970 period) but showed little net change over April and May. Changes in other nondeposit categories have been quite small. Bank reserves. Free reserves of member banks averaged about $10 million over the four weeks ended May 26, little different from the nominal average of the previous four weeks. Relatively high reserves in the first half of the month were about offset by net borrowed reserves in the second half. Over May, excess reserves increased but member bank borrowings also rose. Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System 1.4.3-EXHIBIT A, PARTI LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Billions Last Wednesday of month, seasonally adjusted TOTAL LOANS AND INVESTMENTS LOANS OTHER SECURITIES U.S. GOVT. SECURITIES S 1966 * CHANGE IN SERIES. 1967 D M J 1968 S D M J 1969 S D M J 1970 S D Exhibit A - Part II 6/ Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date 1962—Dec. 1963—Dec, 1964—Dec. 1965—Dec. 1966—Dec. 1967— Dec. 1968—Dec. 31 2/ 31 2/ 31 31 31 31 31 Total 1/ (In 227.9 246.2 267.2 294.4 310.5 3/ 346.5 384.6 Loans —/ b i l l i o n s 134.0 149.6 167.7 192.6 208.2 3/ 225.4 251.6 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 1969—June 30 (old series ) 4/ June 30 (new series) Dec. 31 392.5 397.3 401.3 264.3 269.2 278.1 56.2 56.3 51.9 72.0 71.8 71.3 1970—Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 r Nov. 25 r Dec. 31 r 398.5 399.7 400.9 403.5 405.9 406.4 412.8 418.3 423.7 424.4 428.2 435.1 276.6 278.5 277.6 277.0 278.0 277.4 281.5 284.1 287.3 287.3 288.4 290.5 50.4 49.8 50.3 52.4 53.4 54.1 55.8 57.5 57.6 56.3 56.7 58.5 71.5 71.4 73.0 74.0 74.5 75.0 75.5 76.7 78.8 80.8 83.1 86.0 . 88.2 58.7 292.0 438.9 1971—Jan. 27 r 89.6 59.9 295.2 5/ 444.6 5/ Feb. 24r 92.6 61.4 448.6 295.2 Mar. 3 1 r 93.6 448.7 Apr. 28r 60.2 294.8 94.9 60.2 ?97.9 453.0 Mav 26 D 1/ Adjusted to exclude interbank loans. p ~ Preliminary 2/ Estimated as of December 31. 3/ Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of persona loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. 4/ Beginning July 1969, bank credit data are revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data for commercial banks only. Also total loans and investments are now reported gross of valuation reserves rather than net as previously reported. Individual loan items have always been reported gross. 5/ Includes $800 million System matched sale-purchase transactions outstanding on Feb. 24. NOTE: Chart has not been completely revised for changes in data relating to benchmark revisions. Overlapping data for March 1969 and October 1969 are shown. 6/ Series revised beginning October, 1970 to reflect adjustments to December 31, 1970 Call. EXHIBIT A - PART H I IJ LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Loans sold outright by commercial banks (outstiHiding in b LIlions of dollars N.S.A.) Sold to Sold to Affiliates 1/ nonbank public 2/ Business Business Business Total Loans Total Loans Total Loans Date 1969 Dec. 31 5.2 1970 Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 r Aug. 26 r Sept. 30r Oct. 28 r Nov. 25 r Dec. 31 r 7.5 8.2 8.5 8.8 9.6 9.7 9.9 9.6 6.8 5.9 5.5 4.6 1971 Jan. Feb. Mar . Apr. 27 r 24 r 31 r 28 r May 26 p 3.0 3.8 Commercial bank credit (seasonally ad lusted Total loans and inv<istments Originial Ad lusted 3/ 2.4 1.4 0.6 401.3 398. r 399.7 400.9 403.5 405.9. 406.4 412.8 418.3 423.7 424.4 428.2 435.1 Total loans Original Ad iusted 3/ Business loans Original Ad lusted 4/ 405.1 278.1 281.9 106.1 108.5 . 404.3 406.1 407.6 410.4 413.7 414.3 420.8 426.1 428.7 428.6 431.8 437.8 276.6 278.5 277.6 277.0 278.0 277.4 281.5 284.1 287.3 287.3 288.4 290.5 282.4 284.9 284.3 283.9 285.8 285.3 289.5 291.9 292.3 291.5 292.0 293.2 105.4 105.6 105.1 105.2 105.7 106.6 107.0 108.5 109.9 109.5 109.3 110.1 109.7 110.4 110.2 110.6 111 9 112.9 113.2 114.3 113.4 112.5 111.8 112.0 292.0 295.2 6/ 295 .2 294.8 297.9 294.6 297.8 6/ 297 .8 297.2 300.4 110.2 111.6 110 .7 110.7 112.4 112.0 113.4 112 .3 112 .3 114.0 • 5.0 5.6 5.9 6.1 6.9 7.0 6.8 6.4 4.0 3.5 3.0 2.3 5.8' 6.4 6.7 6.9 7.8 7.9 8.0 7.8 5.0 4.2 3.6 2.7 4.3 4.8 5.1 5.4 6.2 6.3 6.2 5.8 3.5 3.0 2.5 1.9 1.7 1.8 1.8 1.8 1.8 1.8 1.9 1.8 1.7 1.8 1.8 1.9 0.7 0.8 0.7 0.8 0.7 0.7 0.6 , 0.6 0.5 -0.5 0.5 0.4 4.5 4.5 4.4 4.3 2.2 2.2 2.0 2.0 2.6 2.6 2.6 2.4 1.8 1.8 1.6 1.6 4.4 2.0 2.5 1.6 1.9 1.9 1.8 1.9 1.9 0.4 0.4 0.4 0.4 0.4 . 438.9 444.6 6/ 448.6 448.7 453.0 441.5 447.2 6/ 451.2 451.1 455.5 (Net change in billions o£ dollars) 1969 Dec. 31 -0.8 -1.0 -0.9 -0.9 -0.1 1970 Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 r Aug. 26 r Sept. 30r Oct. 28 r Nov. 25 r Dec. 31 r 2.3 0.7 0.3 0.3 0.8 0.1 0.2 •0.4 -2.8 -0.9 -0.4 -0.9 2.0 0.6 0.3 0.3 0.3 0.1 -0.2 -0.4 -?.4 -0.5 -0.4 -0.7 2.0 0.6 0.3 0.3 0.9 0.1 0.1 -0.2 2.8 -0.8 -0.6 -0.9 1.9 0.5 0.4 0.2 0.8 0.1 -0. 1 -0.4 -2.3 -0.5 -0.5 -0.6 0.3 0.1 5/ -0.1 5/ -0.2 , 5/ 1 5/ -0.1 5/ 5/ -072 0.1 -0.1 5/ 1/ -0.2 5/ 5/ 1/ -0.1 0.1 5/ 1971 Jan. 27 r -0.1 Feb. 24 r Mar. 31 r -0.1 Apr. 28 r -0.1 May 26 p 0.1 If If 5/ 0.1 -0.1 -0.1 0.1 1/ 0.1 (Annual rates iLn per cent) -0.1 0.3 -2.4 7.3 3.4 14.9 4.4 -2.4 5.3 4.4 8.2 9.6 1.7 18.8 15.1 7.3 -0.3 9.0 16.7 -6.5 8.2 -3.9 -2.6 4.3 -2.6 2.1 10.6 -2.6 -1.7 8.0 -2.1 17.7 11.1 13.5 -0.1 -8.4 3.6 3.6 7.8 7.1 1.5 18.9 16.0 15.5 2.0 10.7 19.3 17.7 9.9 1.6 -3.3 2.1 4.9 -7.9 2.2 -5.7 1.1 5.7 10.2 4.5 16.8 15.5 -4.4 -2.2 8.8 13.3 7.7 -2.2 4.4 14.1 10.7 3.2 11*7 -9.5 --9.5 -7.5 -2.1 5/ 5/ 5/ 5/ 5/ 10.5 15.6 10.8 0.3 11.5 10.4 15.5 10.7 -0.3 11.7 5.1 13.0 1.1 15.2 0.1 ' 0.1 5/ 5/ -0.1 5/ -0.1 5/ -0.1 If If 4.6 8. 7 6.2 13.1 —— -1.6 12.6 To bank holding companies, affiliates, subsidiaries, or foreign branches. To other than banks' and bank-related affiliates or subsidiaries. Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. Includes business loans sold to bank holding companies, affiliaties, subsidiaries, or foreign branches. Less than $50 million. Includes $800 million System matched-sale-purchase transactions outstanding on February 24. - Preliminary. Digitized forP FRASER e - Estimated. http://fraser.stlouisfed.org/ 7/ Data revi beginning J u l y , ^ 9 7 0 to reflect agistments to D e c e t ^ r 31, 1970 Call.| Federal Reserve Bank of St. Louis • -- -2.4 12.9 i 18.4 15.0 -11.7 18.2. ' EXHIBIT A - PART IV NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE (Outstandings in billions of dollars) Date Euro-dollars Through branches outside U.S. Territories Foreign Through brokers and 1/ dealers 1/ Direct— Total Total 1969 May 28 June 25 July 30 Aug. 27 Sept.24 Oct. 29 Nov. 26 Dec. 31 12.7 16.8 19.4 19.6 19.1 19.4 20.9 19.6 10.9 14.3 15.6 15.9 15.5 14.8 15.9 14.5 9.9 13.3 14 A 14.7 14.3 13.6 14.5 12.8 0.6 0.4 0.4 0.3 0.3 0.4 0.4 0.8 0.16/ 0.2 6/ 0.3 0.5 0.4 0.5 0.6 0.6 0.2 6/ 0.4 6/ 0.5 0.4 0.4 0.3 0.3 0.3 1970 Jan. 28 Feb. 25 Mar. 25 A p r . 29 May 27 June 24 July 29 Aug. 26 Sept.30 Oct. 28 N o v . 25 Dec. 30 21.5 21.5 20.5 20.6 21.7 21.5 19.8 19.5 15.9 14.6 13.2 11.7 15.2 14.5 13.2 13.1 13.3 - 13.1 11.3 11.5 10.6 10.3 9.4 8.6 13.6 13.1 11.9 11.9 12.3 12.2 10.5 10.6 9.8 9.4 8.6 7.7 0.7 0.7 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 Jan. Feb. Mar. Apr. 27 24 31 28 10.2 9.1 6.4 5.7 7.4 6.5 3.5 2.8 6.5 5.7 2.9 2.2 0.8 0.8 0.6 0.6 11 May 26 p 5.1 2.1 1.6 0.6 7/ 2/ 3/ £/ 5/ 6/ 7/ 7/ 7/ 7/ Commercial 0.8 1.2 1.9 2.2 2.6 3.7 • 4.2 4.3 1.0 1.3 2.0 1.5 1.0 0.9 0.8 0.8 0.4 0.4 0.7 0.6 0.5 0.5 0.5 0.6 0.6 0.1 0.8 0.1 1.3 0.9 0.5 0.4 0.3 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 7/ 1/ 5.5 6.1 6.5 6.7 7.6 7.6 7.8 7.3 4.6 3.7 3.1 2.3 0.8 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.4 0.4 0.5 0.5 7/ 0.7 0.7 1.2 1.1 0.7 0.7 1.1 1.1 0.3 0.3 0.2 7/ 2.0 1.9 1.7 1.8 0.3 0.3 0.2 0.2 7/ 1.7 1.2 1.2 0.3 0.2 1/ 11 includes an m u e i c i u a u a t c amwu.- ^ , ~ 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. Loans sold under repurchase agreement 3/ Customer To the nonbank, guaranteed Ineligible To bank 4/ acceptances Paper public-^ Total affiliate; , _U1. These Data Are Not for Publication. 0.2 0.1 0.1 0.1 0.1 0.1 0.1 I 7/ % i, 1/ 7/ 0.1 0.2 0.2 0.2 0.1 0.6 0.5 0.5 0.5 0.4 0.2 0.3 L.4.3-EXHIBITS, Part 1, LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted 1 1 1 1 1 1 1 Billions of dollars i L/rxuu <Tt> 1 1 1 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 II M i n i 100 BUSINESS.Z 90 - - . 80 70 - - 60 - 40 REAL ESTATE CONSUMER 30 15 To SECURITY 1 M I J 1966 1 I * CHANGE IN SERIES. 1 M l J 1967 1 1M M 1 1 1 1 M M 1 1 1 1 1 1 1 1 1 1 1 i i ii i i i i r i i J 1968 S J 1969 S M J 1970 S ,D / Exhibit B - Part II 5/ Loans at All Commercial Banks Seasonally Adjusted Business Date ( I n 19.62—Dec. 1963—Dec. 1964--Dec. 1965—Dec. 1966—Dec. 1967—Dec. 1968—Dec. 1969—Dec. Dec. 31 31 31 31 31 31 31 31 1/ 31 1970—Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec . 31 1971--Jan. Feb. Mar. Apr. May 27 24 31 28 26 p 47.6 52.0 58.4 69.4 78.6 86.3 95.9 106.1 Consumer Real Estate b i l l i o n s 34.2 39.1 43.6 49.2 53.8 58.4 65.0 2/70.4 (old) 69.9 (new) oi Security Nonbank finane ial Agriculture d o l l a r • s ) 23.7 27.2 31.1 35.6 38.2 40.0 44.9 48.2 6.1 6.9 7.4 7.4 7.9 9.2 10.4 9.4 8.1 9:1 9.4 8.6 8.6 7.2 8.2 9.1 9.6 10.1 9.5 10.6 105.4 105.6 105.1 105.2 105.7 106.6 107.0 108.5 109.9 109.5 109.3 110.1 70.2 70.5 70.7 70.7 70.7 70.6 70.7 70.9 71.2 71.5 71.8 72.3 48.4 48.5 48.4 48.4 48.5 48.6 3/ 48.9 49.1 49.4 49.6 49.4 49.8 110.2 111.6 110.7 110.7 112.4 72.7 73.2 73.8 74.3 74.8 50.0 50.2 50.4 50.6 50.8 10.6 10.7 4/ 10.6 9.3 9.0 7.6 9.1 9.8 11.9 12.1 11.4 12.5 2/l3.2(old) 13.7(new) 7.1 7.4 7.6 8.3 8.7 9.5 9.9 10.5 13.2 13.0 12.5 12.5 12.9 ' 13.4 15.0 14. 7 14. 5 14. 5 14.7 14.4 10.6 10.6 10.6 10.7 10.9 11.0 11.1 11.4 11.5 11.4 11.3 11.4 15 .2 15.2 15.5 15.2 16.5 11.2 11.3 11.6 11.7 11.9 e - Estimated. p - Preliminary. r - Revised. c - Corrected. Data are comparable with previous months. Individual loan items are gross throughout and the effect of consolidation in June 1969 on any one loan item was nominal, f 2/ Real estate loans decreased by $500 million on December 31, 1969, and loans to nonbank financial institutions increased by $500 million due to change in method of reporting mortgage loans held under repurchase agreements. 3/ Consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions. 4/ includes $800 million System matched sale-purchase transactions'outstanding on Feb. 24. NOTE: Chart has not been completely revised for changes in data relating to benchmark revisions. Overlapping data for March 1969 and October 1969 are shown. 5/ Data revised beginning July, 1970 to reflect adjustments to December 31, 1970 Call. These data are not for publication. 1/ Exhibit G Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1971 1970 Item March Aoril P Mav P +4.0 +0.1 +4.3 +1.2 +1.5 -1.2 1/ +1.4 +2 .4 +1.6 +1.3 1/ -0.4 +3.1 Feb. April Mav June Julv Aug. Sent. Oct. Nov. Dec. Jan. Loans and Investments 2/ +2.6 +2.4 +0.5 +6.4 +5.5 +5.4 +0.7 +3.8 +6.9 +3.8 U. S. Gov't, securities +2.1 +1.0 +0.7 +1.7 +1.7 +0.1 -1.3 +0.4 +1.8 +0.2 Other securities +1.0* +0.5 +0.5 +0.5 +1.2 +2.1 +2.0 +2.3 +2.9 +2 .2 Loans 2/ -0.6 +1.0 • -0.6 +4.1 +2 .6 +3.2 1/ +1.1 +2.1 *+1.5 +0.1 +0.5 +0.9 +0.4 +1.5 +1.4 -0.3 -0.2 +0.8 +0.1 +1.4 -0.9 Real estate 1/ 1/ -0.1 +0.1 +0 .2 +0.3 +0.3 +0.3 +0.5 +0.4 +0.5 +0.6 +0.5 +0.5 Consumer 1/ +0.1 +0.1 +0.3- +0.2 +0.3 +0.2 -0.2 +0.4 ' +0.2 +0.2 +0.2 +0.2 +0.2 Security -0.8 1/ -1.4 +1.0 +0.9 +0.5 +0.5 -0.6 +1.1 1/ +0.4 -0.1 -1.3 -0.3 1/ +0.4 +0.5 +1.6 -0.3 -0.2 1/ +0.2 -0.3 +0.8 1/ +0.3 -0.3 +1.3 +0.1 +0.2 +0.1 +0.1 +0.2 +0.1 -0.1 -0.1 + 0.1 -0.1 +0.1 +0.3 +0.1 +0.2 1/ -0.2 -0.7 +0.6 -0.1 +0.8 -0.6 +0.6 -0.5 +0.1 +0.9 -0.4 +0.4 -0.5 Total loans excluding security 3/ +0.2 +1.0 + 0.8 +3.1 +1.7 +2.7 -0.5 +1.7 +1.0 +1.5 +3.1 +0.1 +0.9 Total loans excluding security and nonbank financial 3/ +0.2 +0.6 +0.3 +1.5 +2.0 +2 .9 -0.5 +1.5 +1.3 +0.7 +3.1 -0.2 +1.2 Business Nonbank financial Agriculture All other +3.2-/ , 1/ +1.7 + l"4 +2.1 1 e - Estimated 3/ Based'on consumer^redit'data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records . Repayments in subsequent months are also included in loans to nonbank financial institutions. 4/ includes $800 million System matched sale-purchase transactions on February 24. HOTE: Changes in commercial kank credit beginning In July are based on data revised to reflect adjustments to December 31, 1970, Call Report benchmarks. 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 April to last Wednesday of May Item All commercial banks £/ Total loans U. S. Gov't, securities Other securities Total All Large Banks 2/ 3/ Total loans U. S. Gov't, securities Other securities Total Other banks 2J 3/ Total loans U. S. Gov't, securities Other securities Total 1971 1970 +0.7 +0.1 +0.3 _iz -1.0 -0.2 -0.2 1966 1965 +1.9 +0.6 +0.5 +1.9 -1.9 +2.6 -2.6 -0.5 -0.3 +0.7 +0.7 -0.4 +0.7 +1.1 1/ +0.4 -0.5 -0.9 -0.1 -0.3 -1.4 -0.1 +2.4 -0.9 +1.5 -0.2 +0.9 +2.3 1967 -1.2 +0.5 +i.i 1968 1969 +0.2 +1.7 +1.9 +0.6 +0.1 +0.2 +0.8 +1.3 -0.5 +0.5 +1.4 +0.6 +0.7 +0.5 -1.3 +0.3 -0.5 +1.3 +1.4 +1.3. +0.3 -0.6 +0.1 +1.2 +0.8 1967 1966 1965 +0.1 +4.1 -5.9 -0.6 End of December to end of May Item 1971 1970 All commercial banks 2/ Total loans U. S. Gov't, securities Other securities Total 1/ -2.8 -7.5 +8.7 +5.8 +3.0 All Laree Banks 2/ 3/ Total loans U. S. Gov't, securities Other securities Total -3.6 -3.1 +4.3 -2.3 Other banks 2/ 3/ Total loans U. S. Gov't, securities Other securities Total -2.1 -6.6 1969 +5.6 -9.1 +0.3 -3 .2 1968 +0.9 Zl*l +1.9 -7.6 +0.1 +8.1 +3.2 +0.8 +2.2 +0.4 +1.5 -4.3 1/ -6.3 +2.2 +0.1 +1.0 +3.5 -0.4 +5.9 +5.7 +3.0 -0.6 +1.4 +3.8 +1.0 -1.8 +3.5 -4.2 +1.4 +0.6 +3.2 -1.6 +0.9 +2.6 NOTE: Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. 2/ Based on revised reporting beginning July 1969. Changes have been adjusted to maintain comparability of series. 3/ Based on revised coverage beginning July 1966, and January 1967, 1968, 1969, 1970, " and 1971. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to late May 2/ Business of borrower 1971 D 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 I Total Change •jj -170 63 +243 +129 +114 2 + 3 7 4 + 6 + 28 2 55 + 35 7 3 30 7 + 19 42 +110 127 98 45 + 16 +158 +114 +231 4-345 1970 1969 1968 1967 1971 p 1970 -129 - 16 - 67 - 68 + 1 -149 - 25 - 57 - 48 - 19 + 66 - 37 -168 + 19 + 22 - 97 -209 -136 - 73 - 68 + 18 - 79 - 14 + 7 + 54 + 2 +153 + 75 + 40 - 94 - 12 + 68 - 32 - 48 +125 - 44 -151 + 48 + 59 - 37 - 90 + 67 - 23 -117 - 29 -193 -105 - 88 -251 + 25 -272 - 3 - 1 + 11 + 2 + 30 + 16 - 27 - 79 - 26 + 75 - 10 - 91 + 80 - 17 - 55 + 69 - 31 -100 -700 - 3 -703 -113 -128 -168 -110 - 58 -243 - 9 -216 - 74 + 56 - 43 + 31 -107 + 50 - 25 + 15 -102 764 239 + 420 + 277 + 143 - 227 + 153 174 286 80 + + 151 287 20 + 164 130 216 235 52 + + 111 398 + 310 + 161 333 70 64 + + 284 -1 ,128 + 770 358 - 559 - 227 58 39 19 + 230 47 + 97 + 27 + 153 + 284 - 172 - 137 + 117 87 - 644 -1 ,460 - 181 - 246 -1 ,033 7 596 163 - 296 - 137 76 -3 ,392 351 -3 ,743 - 86 + 9 +100 - 39 - 52 + 32 - 60 -105 - 50 + 95 + 34 -552 -122 -674 — — - 7 - 95 + 9 - 30 - 50 - 21 + 41 - 36 -890 + Z& -812 Changes 8 arecompiled f r ^ " " l e r ' w ^ i s ' o ; December 31, 1969; December - - - 1969 1967 1968 686 - 572 594 - 448 - 393 - 253 + 211 - 122 + 299 + 134 - 118 + 128 4 + 77 171 + + 507 + 843 + 976 142 + 381 + 106 + + 48 + 487 + 482 66 58 99 + + 136 + 280 + 289 176 + 408 + + 416 70 - 131 + + 415 + 132 + 334 + 242 105 + 97 + 167 + 96 + 17 + 61 + + 543 + 110 196 + 56 96 - 190 + 393 + 170 + 150 23 + 142 57 368 466 - 283 30 + 185 + 341 + 396 + 391 +1 ,063 - 270 . - 385 - + 146 + 385 - 126 + 784 + 396 + 371 + 549 36 - 135 - 152 + +1,097 + 874 +3 ,005 + 139 + 215 + 494 +1,236 +1 .089 +3 ,511 - Z$, 1968; December 27, 1967 and data which are always for December 31. were not reported separately. - Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1964-•-Dec. 1965- -Dec. 1966-•-Dec. 1967- -Dec. 1968- -Dec. 31 31 31 30 31 Loans and investments 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.S 2/ 61.5 71.5 172.1 197.4 213.0 1/2/ 230.5 257.4 1969- -Jan. 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 30 e June 30 (new) 3/ July 30 . Aug. 27 Sept . 24 Oct. 29 Nov. 26 Dec. 31 (old) Dec. 31 (new) 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 59.0 55.4 54.0 54.0 54.7 54.3 53.2 54.4 55.1 54.7 70.5 70.9 71.4 72.3 71.8 72.6 72.4 71.3 70.9 71.2 70.4 70.9 71.3 251.3 253.7 255.5 261.2 263.0 269.8 274.9 271.,7 269.5 272.1 272.4 274.7 284.5 1970--Jan. 28 Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept., 30 Oct. 28 Nov. 25 Dec. 31 397.6 395.7 399.0 403.5 403.9 410.1 412.6 415.4 423.3 424.0 427.7 445.1 53.0 51.4 51.5 52.3 52.6 51.6 53.5 55.1 55.8 57.2 58.3 61.7 70.6 70.8 72.7 74.3 74.3 75.6 75.7 77.1 79.5 274.0 273.5 274.8 276.9 277.0 282.9 283.4 283.2 1971--Jan. 27 Feb. 24 Mar. 31 Apr t 28 May 26 p 438.0 440.9 6/ 446 .4 448.8 450.9 61.5 614 61.6 60.1 58.9 Business 60.2 71.4 80.6 88.5 98.4 Real estate Security Farm Consul Nonbank financial institutions 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/ 15.9 18.9 12.1 12.5 12.3 13.3 12.7 13.7 13.7 12.4 12.1 12.4 18.2 18.2 18.1 18.8 19.8 20.4 20.5 19.9 19.8 19.8 All other 43.7 49.3 54.0 58.5 65.1 8.4 8.5 9.0 10.5 11.8 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 70.0 4/ 9.5 9.5 8.8 9.4 9.0 10.3 10.3 9.7 8.1 8.2 8.6 9.4 10.7 9.7 10.0 10.1 10.3 10*4 10.6 10.6 10.7 10.7 10.6 10.5 10.4 10.3 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 86.1 82.5 285.9 286.9 297.2 104.1 104.1 105.0 105.6 105.3 108.6 107.4 107.1 109.6 108.5 108.9 113.0 70.1 70.1 70.1 70.2 70.3 70.6 70.8 71.1 71.6 71.9 72.2 72.5 8.2 8.3 8.8 8.8 8.6 7.9 8.4 8.9 9.3 9.4 9.1 12.1 10.4 10.5 10.6 10.8 11.1 11.2 11.3 11.4 11.4 11.3 11.2 11.2 48.0 47.8 47.8 48.1 48.4 49.0 49.3 49.6 49.8 49.8 49.5 49.9 14 14, 14.4 15.1 14.3 14.3 15.9 20.3 20.3 20.7 21.0 21.3 21.3 20.7 21.2 20.7 21.7 22.7. 87.1 88.9 91.5 94.1 94.8 289.3 290.6 6/ 293.3 294.6 297.2 109.1 110 .1 111 .0 111 .3 112 .0 - 72.6 72.8 73.3 73.8 74.5 10,3 10.2 6/ 10.3 9 .5 9.0 11.0 11.2 11.6 11.8 12.1 49.6 49.5 49.7 50.3 50.7 14.7 14.5 15 .4 15.4 15.8 22.0 22.3 22.0 22.5 23.0 81.a 288.0 7.5 8.2 8.6 2/ 9.3 9.7 12.0 12.2 14.6 15.1 4/ 12 12 12 12 12 20.0 20.2 21.3 20.6 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 were reclassified as "other securities." 3/ Data revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data are for commercial 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 millionoon 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. 5/ Consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking' system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions. 6/ Includes $800 million System matched sale-purchase transactions outstaading oh February 24. 7_j Data revised beginning July, 1970 to reflect adjustments to December 31, 1970 Call. Individual loans category data are available for publication only on a June and December Call data basis Exhibit G Ratios, to Total Deposits 1/ 3/ L O A N S D A T E All commercial banks ,Total 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. 1968—Dec. 31 31 31 31 31 31 31 28 25 31 31 31 30 31* 1969--June 2/30* July 30*. Aug. 27* Sept. 24* Oct. 29* Nov. 26* Dec. 31* 1970--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1971—Jan. Feb. Mar. Apr. May M e m b e r B a n k s Reserve City Banks New York City of City Chicago Other Country U.S. Gove rnment securities maturing within on.6 year All commercial banks 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 63.8 64.7 (63.7) 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 65.4 67.9 65.8 66.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 67.4 69.3 75.9 83.5 79.9 83.5(76.3) 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 70.8 75.1 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 70.2 68.1 69.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 58.2 58.2 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 6.4 6.1 72.1 73.0 72.9 72.9 72.8 73.0 72.0 75.4 76.3 75.3 76.4 76.1 76.4 75.7 106.5(87.0) 110.9(88.6) 106.0(84.0) 108.0(86.3) 112.0(85.0) 106.2(85.9) 102.8(86.4) 90.9 91.8 94.2 97.5 96.2 93.6 89.5 78.3 78.8 78.8 79.4 78.9 80.3 79.5 62.5 63.2 63.6 63.3 63.4 63.3 62.8 4.5 4.5 4.7 4.6 4.3 5.2 5.0 102.9(84.5) 103.9(86.3) 103.1(86.8) 102.6(86.4) 103.7(86.5) 104.8(17.2) 97.6(84.0) 98.0(84.1) 93.7(81.8) , 93.4(81.9) 94.3(83.3) 87.5(79.6) 92.6 93.8 92.2 91.5 91.5 95.8 88.0 88.1 86.5 85.6 85.7 80.6 81.3 81.0 80.4 79.9 80.0 80.0 78.6 76.7 75.6 63.7 63.9 63.8 63.7 64.0 60.5 63.6 62.9 62.2 75.0 74.1 73.3 62.0 61.8 60.2 4.7 4.4 5.2 4.8 4.6 4.3 4.8 5.0. 5.1 5.1 5.7 5.7 86.6(79.9) 88.0(82.3) 84.8(81.9] 84.7(82.5; 85.0(83.4) 80.9 81.3 81.4 76.9 77.5 72.5 72.3 70.5 71.5 71.8 60.6 60.6 59.8 60.2 60.4 (69.7) (70.3) (70.1) (70.4) (70.3) (70.3) (69.8) 28* 73.2 (70.6) 76.5 25*: 73.4 (70.9) 76.7 25* 73.0 (70.8) 76.3 29* 72.7 (70.5 ) 76.0 27* 72.9 (70.6) 76.1 30* 71.8 (70.3) 72.5 29* 72.0 (70.2) 74.8 26* 71,1 (69.2) 73.8 30* 70.2 (68.3) 72.6 28* 69.7 (68.2) 72.1 25* ' 69.3 (67.9) 71.8 31* 67.3 (66.2) 69.9 27* 24* 31* 28* 26*p 1/ 67.2 67.3 66.1 66.4 66.6 (66.2) (66.4) (65.6) (66.1) (66.4) 69.5 69.6 68.2 68.5 68.8 5 45 4.9 4.7 4.3 n.a. 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 gross of valuation reserves rather than "" net as previously reported. The higher loan level increased the ratio by about 1.3 percentage points for all commercial banks. * - Ratios in parenthesis are those obtained by adding Euro-dollars to the deposit base. 3/for FRASER Series revised beginning October 1970 to reflect adjustments to December 31, 1970 Call. Digitized L. 4.3 EXHIBIT H, P A R T I DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally a d j u s t e d , D e p o s i t s , average of daily f i g u r e s . T u r n o v e r , m o n t h l y . Annual rate B i l l i o n s of d o l l a r s 55 225 50 205 TIME AND SAVINGS DEPOSITS ALL COMMERCIAL BANKS j 185 45 MONEY SUPPLY TURNOVER OUTSIDE N.Y.C. 232 SMSA'S 40 165 35 10 145 U.S. GOVT. DEPOSITS MEMBER BANKS z 0 1966 * CHANGE IN SERIES. 1967 1968 1969 1970 Exhibit H - Part II Money Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions) M30 M2 M 1 plus M, plus M i Components of money stock measures and related items deposits time dep. Currency U.S. Gov't Time and Nonat nonat comm. plus deposits Demand savings deposits bank thrift bank thrift other than^ , demand - , 3/ (all member) CD's Other Total institutions large CD'g- institutions—' Currency Deposits deposits— Turnover out s ide N.Y. City (per cent) 1964- •December 1965- •December 1966-•December 1967- -December 1968- •December 1969- -December 160.5 168.0 171.7 183.1 197.4 203.6 273.8 298.1 314.0 345.6 378.2 387.1 422.9 459.3 481.3 528.5 572.6 588.4 34.2 36.3 38.3 40.4 43.4 46.0 126.3 131.7 133.4 142.7 154.0 157.7 13. 3 16. 8 16. 0 21. 0 24. 0 11. 2 113.2 130.1 142.3 162.5 180.8 183.4 126.6 146.8 158.3 183.5 204.8 194.6 149. 1 161. 3 167. 3 183. 0 194. 4 201. 3 5.1 4.4 3.5 4.6 4.2 4.9 33.5 37.4 40.1 1970—March April May June July August September October November December 206.6 208.3 209.2 209.6 210.6 211.8 212.8 213.0 213.5 214.6 390.4 393.9 396.4 398. 6 401.9 406.1 409.6 412.1 414.5 419.0 592.4 597.2 600.8 604.1 609.1 614.7 619.7 623.9 628.2 634.6 46.7 47.1 47.7 47.8 48.1 48.2 48.2 48.5 48.7 48.9 159.8 161.2 161.6 161.9 162.5 163.7 164.6 164.5 164.8 165.7 11. 5 12.,9 13. 2 13..2 16.,9 19.,0 21..7 23..2 23..9 26.,0 183.8 185.6 187.1 189.0 191.3 194.2 196.8 199.1 201.1 204.4 195.3 198.5 200.3 202.2 208.2 213.2 218.5 222.2 225.0 230.4 202. 1 203. 3 204.,4 205,,5 207.,2 208.,7 210.,1 211.,9 213., 6 215..6 5.9 5.2 3.0 4.8 4.4 6.4 5.2 50.2 52.1 53.3 52.7 53.6 52.5 53.0 53.4 6.2 52.4 1971—January February March April May p 214.8 217.3 219.4 221.1 224.1 423.0 430.8 437.6 442.0 447.4 642.1 653.9 664.7 673.6 682.5 49.2 49.6 50.0 50.5 50.9 165.5 167.7 169.4 170.5 173.2 27,.1 27..4 27..8 27..3 28 .0 208.2 213.5 218.3 221.0 223.4 235.3 240.9 246.1 248.3 251.3 219..1 223 .1 227 .1 231.,6 235 .0 6.7 4.8 5.4 4.1 52.8 54.2 53.4 54.5 n.a. 220.6 223.1 224.6 225.5 442.9 446.1 448.0 449.5 n.a. n.a. n.a. n.a. 50.7 50.9 50.9 50.9 169.9 172.3 173.7 174.6 27 .6 27 .6 27 .9 28 .3 222.3 223.0 223.3 224.0 249.9 250.6 251.2 252.3 n.a n .a n.a IU«. 4.8 5.1 3.4 3.0 n.a. n.a. n.a. n.a. Week ending: 1971--May 1/ 5 12 19 26 6.2 6.0 6.2 44.8 49.2 51.6 Includes (1) demand deposits at all commercial banks other tnan tnose aue to domestic , 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. 2/ 3/ 40.6 Includes M%, plus the average of the beginning and end of month deposits of mutual savings banks and savings and loan shares. L.4.3-EXHIBIT I, P a r t i TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday figures i—i—i—i—i—1—|—i—i—i—i—i—i—i—n i n i i i i r~~! i i i i n 1 1 i1 1—1 Billions of dollars rn i TOTAL TIME AND SAVINGS DEPOSITS CONSUMER TYPE TIME AND SAVINGS SAVINGS DEPOSITS CONSUMER-TYPE TIME DEPOSITS NEGOTIABLE CD s STATE AND POLITICAL, FOREIGN OFFICIAL ETC. I I I I I I I I I I I I I 1 l I I I I I I I I I I I I fiiiitIiII 1970 0 EXHIBIT I - Part II Period Total Consumer- | type time & savings Time and Savings Deposits State Political Large ConsumerFor. official Negotiable type Savings etc. time CD's 1/ 1966--Dec. Dec. 1967—Dec'. Dec. 1968—Dec. Dec. 28 28 27 27 21 31 (old) (new) (old) (new) (old) (new) 89,495 89,639 102,809 102,991 111,900 112,103 65,733 65,864 73,686 73,858 79,443 79,637 47,099 47,213 48,647 48,781 49,016 49,161 18,634 18,561 25,039 25,077 30,427 30,476 15,659 15,642 20,330 20,330 22,821 22,820 8,103 8,133 • 8,793 8,803 9,636 9,646 1969—June June July Aug. Sept. Oct. Nov. Dec. Dec. 25 25 30 27 24 29 26 31 31 (old) (new) (old) (new) 103,967 103,959 100,602 98,998 97,899 97,238 96,333 96,589 96,787 79,619 79,604 78,784 78,189 78,140 77,795 77,241 77,616 77,812 47,550 47,550 46,953 46,688 46,533 46,376 46,334 46,486 46,632 32,069 32,054 31,831 31,501 31,607 31,419 30,907 31,130 31,180 15,270 15,271 13,538 12,616 11,744 11,524 11,319 10,919 10,919 9,078 9,084 8,280 8,193 8,015 7,919 7,773 8,054 8,056 1970—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Dec. 28 25 25 29 27 24 29 26 30 28 25 30 (old) 30 (new) 95,019 95,622 97,352 99,281 99,470 99,676 , 106,494 109,725 113,640 114,803 116,447 119,442 120,206 76,500 76,400 76,876 76,702 76,995 77,348 78,435 79,070 80,722 81.150 81,554 45,831 45,632 45,996 45,888 46,077 46,174 46,345 46,330 46,808 47,0*6 47,332 30,669 30,768 30,880 30,814 30,918 31,174 32,090 32,74 0 33,914 10,471 10,864 11,820 13,046 13,004 12,976 17,900 20,174 22,242 8,048 8,358 8,656 9,533 9,471 9,352 10,159 10,491 10,676 34,134 34,222 23,545 25,201 10,108 9,692 82,776 83,473 48,03? 48,479 34,744 34,994 26,074 26,125 10,592 10,608 123,102 125,842 129,175 129,339 l 85,168 87,319 90,809 90,745 49,142 50,453 32,974 53,047 36,026 36,866 37,835 ,37,698 27,192 27,489 27,524 27,219 10,742 11,034 10,842 11,375 129,535 129,792 130,567 131,118 91,012 91,190 91,519 91,660 37,854 37,932 38,125 38,215 27,126 27,186 27,607 28,043 11,397 11,416 11,441 11,415 Week ending: 1971—Jan. 27 Feb. 24 Mar. 31 Apr.28 M&y 5 12 19 26 . 53,158 53,258 53,394 53,445 • - - - £ Aak -A* • ' M i 'jmk. c 'd? i aa rsnn -•••• •. "i • 1/ Negotiable certificates of deposit issued in denominations of $100,000 or more. • • # • # e # e Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) D A T E All ember Reserve City Banks New York City of City Chicago Excess Reserves Other Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages 1959 December 1960- -December 1961- -December 1962 -December 1963- -December 1964 December 1965- -December 1966- -December 1967- -December 1968- "December -424 669 419 268 209 168 - 2 -165 107 -310 -109 10 - 50 - 62 19 - 14 -104 - 4 - 22 - 11 21 - 31 • 95 - 50 - 5 - 70 - 70 • 22 -130 1969-— J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -480 -596 -701 -844 -1,102 -1,064 -1,074 -946 -831 -992 -988 -829 - 67 - 44 -117 - 89 - 28 - 66 - 52 - 64 -126 -143 -203 1970- -Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -799 -819 -781 -704 -795 -701 -1,217 -682 -335 -208 -305 - 49 -132 - 76 -148 -198 -171 - 95 -260 -156 - 56 29 - 63 9 1971- -Jan. - 91 -127 -120 Feb. Mar. Apr. May p October 1 -8 -33 1970. - 60 19 15 -90 -21 -67 - 8 - 49 - 33 -101 -116 -148 8 - 15 47 37 26 67 9 - 82 58 15 82 25 3 -132 - 67 - 8 - 13 - 12 3 - 6 19 -25 3 3 -449 237 583 471 394 334 315 238 140 187 482 756 568 572 536 411 452 392 345 70 455 -337 -403 -456 -521 -538 -649 -611 -396 -447 -558 -525 -473 - 34 - 93 -100 - 90 -327 -395 -382 -451 -283 -282 -253 -144 217 228 217 152 300 343 116 303 236 143 253 257 -473 -473 -501 -400 -447 -487 -726 -428 -337 -289 -359 -222 -112 -212 -117 - 24 -152 -122 - 99 - 31 66 65 129 161 166 273 115 118 181 187 141 145 272 254 120 272 1,358 827 607 462 424 321 27.722 27.723 28,216 27,890 27,902 28,041 28,585 29,240 29,385 29,474 29,925 -282 -333 -155 -154 -59 178 172 150 164 91 279 201 199 140 297 370 32 8 319 148 330 30,229 30,515 30,748 30,816 31,253 80 20 - 52 -122 -103 -161 -159 - 55 -180 x 906 87 149 304 327 243 454 557 238 765 697 824 918 996 1,402 1,407 1,190 1,249 1,067 1,135 1,241 1,086 965 1,092 896 822 976 888 18,512 18,839 19,640 20,343 21,017 22,068 23,262 23,521 25,940 27,964 28,139 28,060 27,972 27,775 28,235 28,056 27,530 27.401 27.402 27,354 27,783 27,928 28,001 e Exhibit K 8 ^ Amount^ i t ^ b i^L 1 i o n s ' o f " d o l l a r Time deposits End of year or month 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966* 1967 1968 1969 1270 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nov. Dec. 1971 Jan. Feb. Mar. Apr. p May p Total 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 650.4 709.6 731.8 720.6 722.0 733.7 731.4 734.1 738.7 749.9 751.1 765.6 764.9 774.1 786 .4 789.2 796.0 814.6 814.2 822.8 Demand deposits and currency 2/ 130.2 133.3 134.6 133.5 138.8 139.7 ' 138.4 142.6 144.8 149.6 156.7 164.1 168.6 180.7 § 199.2 206.8 195 .4 194.8 199.3 196.7 197.9 199.8 198.7 199.3 203.6 199.8 201.5 207.6 202.9 204.6 211.6 206.2 212.0 Commercial banks 3/ 48.2 49,7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 183.1 203.8 197.1 Mutual banks Postal Savings Sys tern 26.3 2.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 1.6 28.1 5r.6 55.2 60.3 64.7 67.3 1.9 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 0.1 ;au::%prL:ir::%er::::geI) Savings and loan deposit and sharee Gov't savings bonds 5/ 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 113.4 123.9 131.0 135.0 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 52.4 196.0 196.7 198.8 201.5 201.7 202.9 211.8 215.4 221.5 224.6 230.4 234.8 67.0 67.4 67.5 68.0 68.4 68.7 69.2 69.4 69.9 70.4 70.9 71.5 133.7 134.3 135.9 136.5 137.0 137.6 139.2 140.3 142.4 143.5 144.8 146.0 240.0 244.5 249.5 250.2 252.3 72.2 73.5 74.7 75.9 76.7 148.7 151.6 155.7 158.4 160.1 52.2 52.1 52.0 52.0 52.0 52.0 52.4 52.0 52.1 52.1 52 .2 52.7 52.8 52.8 53.0 53.2 53.4 U. S. Gov't securities maturing within one year j>/ Commercial Demand deposits and bank deposits currency to and currency to gross nation liquid assets al product 7/ (2 + 3 4 1) Liquid assets to gross national product 7/ 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 73.2 85.3 81.3 79.7 80.5 79.5 34.7 32.6 31.3 30.4 29.7 79.0 78.4 79.5 27.5 26.4 25.1 24.6 24.1 28.6 80.2 81.0 81.5 79.8 77.6 78.7 78.2 75.8 76.3 76.6 80.1 76.8 77.2 77.7 78.5 74.6 76.0 74.5 74.3 73.o 72.6 69.0 70.1 70.3 68.4 22.8 21.8 . 21.8 21.4 20.8 75.8 20.7 75.6 20.4 76.2 20.3 78.1 20.5 s s r r . i - s s s w — — » > « • - « — - 54.3 54.2 54.3 54.4 54.4 54.5 54.7 55.2 55.5 55.5 55.8 56.3 56.1 56.4 56.6 56.1 56.4 20.3 78.0 -— , . a s s 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.5 55.9 56.8 55.2 — - — - — p t ' Exhibit K (Continued) 1. Excludes holdings of the United States Government,. Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. 2. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962,p. 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout. Data have not been revised to conform with the daily average money supply revision (beginning June 1967) associated with Euro-dollar transactions. 3. Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U . S . possessions are included as indicated for demand deposits in footnote 2 above. 4. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. 5. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled, by the U. S. Treasury Department. 6. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government, agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year v Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 7. Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for. four dates (each month of the current quarter and the last month of the preceding quarter). http://fraser.stlouisfed.org/ # Reserve Bank of St. # Louis Federal # # E E E # # # #
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