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if March L.4.3 Not for Publication 1978 % %v BANKING AND MONETARY DEVELOPMENTS February 1978 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System Table I Changes in Commercial Bank Credit, Money Stock and Time Deposits Seasonally adjusted annual rates (per cent) w Year 2nd Qtr. 1978 1977 3rd 4 th Qtr.... Qtr. Ttec.p .Tan.p Feb.p 12.6 8.6 -1.0 12.3 10.4 -26.4 -18.9 -1Z-.8 64.9 8.0 7.5 11.3 10.3 10.6 22.5 .8 10.1 -3.9 26.7 2.3 6.6 2.7 7.3 .5 12.1 8.4 7.4 —6.8 3.0 -3,0 &5 9.0 13.9 13.7 10.4 14.1 13.8 14.0 3.3 18.6 5.8 2.7 4.6 12.4 12.8 10.9 12.6 10.3 15.2 5.4 14.2 14.7 Real estate loans 10.2 9.3 9.9 17.0 15.0 17.6 16.6 15.0 14.6 13.7 12.2 12.7 15.3 14.3 16.7 11.8 16.5 16.2 19.6 11.2 H.a. U.S. Govt, sec; Other securities Loans^ • Year 1st .Qtr. 8.8 Total bank credit™^ # 1976 4th 3rd Qtr. __ Qtr. Business loans Consumer loans 5.4 -19.4 18.4 e Adjusted to include loans sold to selected affiliates 8.6 7.2 11.2 10.6 10.6 12.6 , 1/ Loans- 8.3 8.5 13.7 10.5 -i.0.5 14.0 13.7 . 14:. 3 Business Loans 2.6 3.9 12.0 11.4 11.4 12.6 10.2 Money Stock - M 5.6 4.9 7.2 7.4 3.8 8.2 Total time deposits 8.1 6.2 15.7 11.4 9.5 ®Time other than CD's 15.2 14.5 18.1 11.1 CD's (dollar change in billions) -18.8 -7.1 .2 11.4 Total bank credit—^ # 1/ Adjusted to exclude domestic interbank loans, n.a. - Not available. 8.6 8.3 -.7 • U . l 10.1 3.7 18.3 5.4 16.0 6.4 3-2.8 13.9 10.6 6.1 7.6 7.2 -3.9 9.5 8.5 15.2 12,2 11.2 13.9 11.9 9.4 10.4 4.3 8.9 8.6 -1.1 1.7 -.7 3.8 1.6 3.1 7.3 ' 11.5 Table 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total-/ Loans^ U.S. Gov't Securities (In billions of dollars) 62.6 378.9 54.5 449.0 50.4 500.2 79.4 496.9 Other Securities 116.5 129.9 139.8 144.8 1972—December 1973—December 1974—December 1975—-December 31 31 31 2/3/ 31 558.0 633.4 690.4 721.1 1976—July August September October November December 28 25 29 27 24 31 751.4 758.0 762.9 771.6 778.8 784.4 512.1 516.0 520.8 529.6 533.1 538.9 93.2 95.6 94.9 94.4 95.4 97.3 146.1 146.4 147.2 147.6 150.3 148.2 1977—January February March April May June July August September October November December 26 23 30 27 25 30 27p 31p 28p 26p 3 Op 31p 787.3 797.9 805.1 815.7 823.9 830.5 837.0 845.6 848.4 857.9 866.1 865.4 541.4 546.6 552.9 560.7 566.1 572.4 579.0 587.0 592.2 602.5 611.2 612.9 97.0 101.7 103.8 103.2 105.1 105.2 103.6 103.1 97.8 95.0 93.5 148.9 149.6 148.4 151.8 152.7 152.9 154.4 155.5 156.1 157.6 159.9 159.0 1978—January February 25p 22p 874.3 881.9 622.4 625.4 92.5 97.5 159.4 159.0 100.1 1/ Adjusted to exclude domestic commercial interbank loans. 2/ Beginning June 30, 1974, data revised to include one large mutual savings bank which ~ merged with a nonmember commercial bank. Total loans and investments were increased by about $600 million, of which $500 million were in loans and $100 million in # "other securities." 3/ Beginning October 31, 1974, as the result of vhe liquidation of one large bank total ~~ loans were reduced by $1.0 billion; business loans by $0.6 billion; real estate^loans by $0.2 billion; nonbank financial loans by $0.2 billion; and other securities by $0.5 billion; however, business loans were increased and real estate loans were reduced by $0.1 billion as the result of loan classifications at one large mid@ eastern bank. # # # # # # # # # Table 3 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Loans sold outright by commercial banks i/ Commercial bank credit Total loans and investments Date 1972—Dec. 2 "o^"Dec'4/5/ 1974—Dec. 197 5—Dec. f. / 1976—Dec. 1977—Jan. 26 Feb. 23 Mar, 30 Apr. 27 May 25 June 30 July 27p Aug. 31p Sept.. 28p Oct. 26p Nov. 30p Dec. 31P 1978—Jan. 25 P Feb. 22p 1_/ . Total 2.6 4.3 4.8 4.4 3.8 4.0 3.9 4.0 4.0 4.0 4.0 4.1 4.1 4.0 4.1 4.4 4.6 4.5 4.3 Business Loans 1.7 2.6 2.7 2.5 2.4 2.6 2.6 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.9 3.1 3.3 3.1 3.0 Original 558.0 633.4 690.4 721.1 784.4 787.3 797.9 805.1 815.7 823.9 830.5 837.0 845.6 848.4 857.9 866.1 865.4 874.3 881.9 2/ Adjusted— 560.6 637.7 695.2 725.5 788.2 791.3 801.8 809.1 819.7 827.9 834.5 841.1 849.7 852.4 862.0 870.5 870.0 878.8 886.2 Total Loans Original ' 378.9 449.0 500.2 496.9 538.9 541.4 546.6 552.9 560.7 566.1 572.4 579.0 587.0 592.2 602.5 611.2 612.9 622.4 625.4 Adjusted^ 381.5 453.3 505.0 501.3 542.7 545.4 550.5 556.9 564.7 570.1 576.4 583.1 591.1 596.2 606.6 615.6 617.5 626.9 629.7 Business Loans Original 130.2 156.4 183.3 176.0 179.5 180.4 182.2 184.4 186.7 188.2 190.2 192.4 194.6 195.1 199.3 201.6?, 202.21/ 204.6 207.1 3/ Adjusted— 131.9 159.0 186.0 178.5 181.9 183.0 ' 184.8 187.1 189.5 191.0 193.0 195.2 197.4 197.9 202.2 204.7.,, 205.52J 207.7 210.1 To bank holding companies, affiliates, subsidiaries, and foreign branches. Beginning August 28, 1974, loans sold outright to-selected bank affiliates reflect a newly issued definition of the group of affiliates included as well as a somewhat different group of reporting banks.. 2/ Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign banks. 3/ Includes business loans gold to bank holding companies, affiliates, subsidiaries, or foreign branches. TjT/ Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a nonmember ~ commercial bank. Total loans and investments were increased by about $600 million of which $500 million were in loans, 5/ Beginning October 31, 1974, as the result of the liquidation of one large bank, total loans and investments were reduced by $1,5 billion; total loans by $1.0 billion; and business loans by $0.6 billion. However, as the result of loan reclassifications at another large bank, business loans were increased by $0.1 billion. 6/ Beginning March 31, 1976, as the result of loan reclassifications in Chicago City and in the San Francisco District, business loans were reduced by $1.2 billion. Tj Beginning December 31, 1977, business loans were reduced by $300 million as the result of loan reclassifications one large bank. P - Preliminary n.a. - Not available Digitized forat FRASER Table 4 Loans at Commercial Banks Seasonally adjusted Business Real Estate Consumer Security Nonbank Financial Agriculture (In 'billions of dc liars) 1972-r-Dec. 1973 *tDec. 19 74-'- Dec. 1975—Dec. 1976—rDec, 31 31 1/2/ 31 31 31- 130.2 156.4 183.3 176.0 179.5 98.1 117.7 130.2 134.4 149.0 1977—Jan. Feb. Mar. Apr. May June July Aug Sept Oct Nov Dec 26 23 30 27 25 30 27p 31p 28p 26p 180.4 182.2 184.4 186.7 188.2 190.2 192.4 194.6 195.1 .199.3 201.6, , 202.2— 150.8 152.5 154.6 156.8 159.0 161.4 163.6 166.1 168.1 170.1 172.3 174.7— 1978r "Jan Feb 25p 204.6 207.1 176.7 178.5 '«• / / !&/ 101.3 14.7 12.2 11.4 12.3 17.7 22,1 28.9 33.3 28.0 25.6 14.5 17.5 18.4 20.4 23,5 102.0 102.8 104.3 106.0 107.1 108.6 109.9 111, 9 113.6 114.8 116.3 118.2 n.a. n.a. 17.3 17.6 17.7 18.3 19.1 18.5 18.6 18.8 18.7 18.5 20.2 19.6 21.1 17.9 26,7 26.3 25.6 25.9 25.6 24.3 24.8 24.5 25.0 25.8 25.9 25.2 25.2 23.6 23.7 24.0 24.4 24.8 25.2 25.4 25.8 26.3 26.7 26.9 27.1 27.3 71.8 83.4 87.0 89.9 ' 22? 25.5 27.3 Preliminary. n.a. - Not available r - revised Beginning June 30, 1974, data revised to include one large mutual savings bank which converted to a nonmember commercial bank. Real estate loans were increased by $.5 billion. 2/ Beginning October 31, 1974, as the result of the liquidation of one large bank, business loans were reduced by $Q.6 billion; real estate loans by $0.2 billion; and nonbank financial loans by $0.2 billion. However, business loans were increased and real estate loans were reduced by $0.1 billion as the result of loan reclassifications one large mideastern bank. 3/ Beginning March 31, 1976, as the result of loan reclassification business loans were reduced by $1200 million, real estate loans increased by $800 million; and nonbank financial by $200 million. A/ *£»innino: n#»ceiaber 31, 1977, business Imam* wrrn reduced and real estate loans increased by $300 million as the result of reclassifications at one large bank. P JL/ Table 5 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1977 Item Jan. 1978 Feb. Mar. Apr. May June July p +2.9 +10.6 +7.2 +10.6 +8.2 +6.6 +6.5 +8.6 +2.8 +9.5 +8.2 U. S. Gov't, securities -.3 +4.7 +2.1 - .6 +1.9 + .1 -1.6 -.5 -3.0 -2.3 Other securities +.7 + .7 -1.2 +3.4 + .9 +.2 +1.5 +1.1 + .6 +2.5 +5.2 +6.3 +7.8 +5.4 +6.3 +6.6 +8.0 +.9 +1.8 +2.2 +2.3 +1.5 +2.0 +2.2 +1.8 +1.7 +2.1 +2.2 +2.2 +2.4 Consumer +.7 +.8 +1.5 +1.7 +1.1 Security -.4 +.3 +.1 +. 6 +1.1 -.4 -.7 +.1 +. 1 -1.7 +.9 Loans and Investments 2/ ! Loans 2/ Business Real estate Nonbank financial Agriculture All other 1/ Less than $50 million. 2/ Adjusted tp exclude interbank loans Aug. pr Sept. p Oct. p. Nov. p Jan. p jgeh,p -.7 +8.9 +7-6 -2.8 -1.5 -1.0 +5.0 +1.5 +2.3 -.9 +.4 -.4 +5.2 +10.3 +8.7 +1.7 +9.5 +3.0 +2.2 + .5 +4.2 +2.3 +.9 +2.4 +2.5 +2.2 +2.5 +2.0 +2.0 +2.2 +2.1 +2.0 +1.8 +1.5 +1.3 +2.0 +1.7 +1.2 +1.5 +1.9 +1,1 n.a. +.8 —. 6 + .1 + .2 -.1 -.2 +1.7 -.6 +1.5 -3.2 + .3 -.3 -1.3 + .5 -.3 +.5 + .8 +.1 -.7 1/ +.3 +.3 +.4 +.4 +.4 + .2 + .4 + .5 + .4 + .2 +.2 +.2 +»8 + .3 -.3 +1.9 + .1 +1.0 + .1 +1.9 + .7 -2.1 +2*3 p - Preliminary Dec . p 1/ n.a. Table 5A Changes In Loans and Investments at all Commercial Banks, Seasonally Adjusted Adjusted for Loans Sold to Affiliates JJUn 1977 Item May June July p Aug. p +10.6 +8.2 +6.6 +6.6 +8.6 +2.1 -.6 +1.9 +.1 -1.6 +.7 -1.2 +3.4 +.9 +.2 +2.7 +5.1 +6.4 +7.8 +5.4 +1.1 +1.8 +2.3 +2.4 +1.5 Jan. Feb. Mar. Apr. +3.1 +10.5 +7.3 U, S. Gov't, securities -.3 +4.7 Other securities +.7 Loans and Investments 2/ Loans 2/ Business 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. p - Preliminary Sept. p Oct. p Nov. P Dec. p Jan. p Feb.p +2.7 +9.6 +8.5 • — .5 +8.8 +7.4 -.5 -3.0 -2.3 -2.8 -1.5 -1.0 +5.0 +1.5 +1.1 + .6 +1.5 +2.3 -.9 +.4 -0.4 +6.3 +6.7 +8.0 +5.1 +10.4 +9.0 +1.9 +9.4 +2.8 +2.0 +2.2 +2.2 +.5 +4.3 +2.5 +1.1 +2.2 +1.4 x Table 6 Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted Adjusted for Loans Sold (In billions of dollars) Last Wednesday of January to last Wednesday of February Item 1978p 1977 1976 19.75 1974 1973 1972 All commercial banks Total loans U. S. Gov't, securities Other securities Total +.8 +1.7 -.4 +2.1 +3.5 +1.6 +.7 +5.9 -.5 + .6 -.5 -.4 -3.8 +1.1 + .5 -2.3 +4.3 -1.1 +1.0 +4.2 +9.6 -3.9 +.4 +6.0 +1.6 —. 8 +1.4 +2.2 All Large Banks Total loans U. S. Gov't, securities Other securities Total —. 8 +1.3 -. 8 -.3 +1.5 +. 6 -.2 +1.9 -.5 -.4 -.2 -1.1 -3.2 +1.1 +. 1 -2.0 +3.0 -.4 +.2 +2.8 +7.6 -3.3 -.2 +4.1 +1.3 -.4 +.3 +1.2 Other banks Total loans U. S. Gov't, securities Other securities Total +1.7 +.3 +.4 +2.4 +2.0 +1.1 +. 8 +3.9 1/ +1.0 -.3 + .7 -.7 1/ +.4 -.3 +1.3 —. 8 + .9 +1.4 +1.9 -.7 +.6 +1.8 +.4 -. 5 +1.1 +1.0 Item End of December to end of IFebruary 1978p 1977 1976 1975 1974 1973 1972 All commercial banks Total loans U. S. Gov't, securities Other securities Total -8.2 1/ -1.7 -9.9 -9.9 +.3 . -.4 -10.1 -15.4 +1.3 —1.9 -16.0 -18.2 +.5 -.4 -19.0 -5.1 —. 6 +1.2 -4.6 +5.8 -5.4 -.2 +.2 -3.8 -3.1 +1.5 -5.4 All Large Banks Total loans U. S. Gov't, securities Other securities Total -11.3 -1.2 -2.4 -14.9 -10.1 -2.1 -1.1 -13.4 -12.0 -.5 -1.2 -13.7 -14.4 +.1 -1.5 -15.7 -5.5 -.5 1/ -6.0 +3.5 —4.6 -.9 -2.1 -4.1 -2.1 +.1 —6.1 Other banks Total loans U. S. Gov't, securities Other securities Total +3.2 +1.2 +.7 +5.1 +.2 +2.4 +.7 +3.4 -3.4 +1.8 -.7 -2.3 -3.8 +.4 +1.1 -3.3 + .4 -.2 +1.2 +1.4 +2.3 -.8 +.7 +2.2 + .3 -.9 +1.4 + .8 1/ 2/ Less than $50 million. 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 1967-1978. NOTE: Data exclude all interbank loans; call report data for large banks used when available. Loans adjusted to include all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. Allowance has been made in monthly changes for all loan and security reclassifications. For description of reclassifications, see Table 3 and 8. Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late January 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 Communication Other public utilities Construction All other types of business Bankers acceptances Services Other Foreign business concerns Classified Unclass ified Total Change 1/ 2/ ~ 1974 -114 +122 +203 +132 +71 +270 -55 +153 +159 +13 +174 -75 +52 +61 —16 +232 -499 -55 -12 -432 -3 -255 -58 -35 -162 -145 +7 +229 +236 1975 to Late February Late December to Late February 1976 1977 1978p 1973 +2 -343 -23 -146 +27 -200 • +5 -87 +22 -113 -76 -153 +13 -23 -79 -113 +56 -100 +4 +13 +221 +19 +52 —96 +55 +95 -29 -187 +20 -208 +206 -99 -240 -539 -10 -51 —30 -58 -200 -430 —6 -103 -1082 +210 +627 -211 -70 -217 -801 -200 +174 -116 -1123 -1442 +101 -383 -1022 -1825 -43 +196 +263 +98 +165 +253 +148 +44 -13 +74 +128 -116 +31 +81 +62 +16 +413 +136 +184 +93 +66 -676 -631 +63 -108 —8 +666 +351 +1017 +17 -23 +488 +249 +239 +663 +116 +289 +177 +81 +161 —46 +257 +57 -17 +93 -73 T52T +54 -181 -14 -189 -539 +170 +180 -121 +1253 + 397 +1650 -221 +431 +59 -26 +85 +210 -24 -3 +210 +27 +199 -147 +3 +31 +2 +283 -283 -33 +125 -375 -152 —814 -153 -190 -471 —36 -435 +296 -139 1975 1976 -249 -762 +59 -349 -929 -344 -426 -224 -120 -503 -628 -743 -25 —61 -269 -784 +90 -212 —86 -24 +224 -339 +20 +76 +33 -42 -399 -73 +4 -342 +468 -51 —640 -567 -28 -33 +55 -170 -589 -442 -140 -442 -2602 +313 +697 -1294 -472 -83 +88 -1225 +225 • -212 -4049 -4382 -396 —64 —4446 -4445 -167 +186 +130 +48 +82 +234 +256 -49 -42 +69 +39 -134 +17 -56 +64 +76 +261 +29 +216 +16 +5 -2843 -2442 -120 -281 —100 -2288 +314 -1974 1974 1977p -27 +222 +578 +268 +310 +498 -154 +215 +279 +158 +49 -40 +262 -93 -29 +56 -35 +52 +107 -194 +30 -1864 -2419 +412 +143 -65 -458 +275 -183 Four most comparable weeks used throughout. . Changes are compiled from December 26, 1973, December 25, 1974, December 24, 1975, December 29, 1976 a n December 28, 1978. These data cannot be linked with all commercial bank data which are always tor December 31. # e % e • • • • • • • • # Table 8 Loans and Investments of All Commercial Banks (In billions of dollars) (Not seasonally adjusted) Loans and investments Date U.S. Gov't Other securities Total loans Business Real estate Security 98.4 118.0 130.6 134.8 149.5 17.6 14.6 13.7 14.8 21.2 14.3 17.3 18.2 20.2 23.3 Nonbank financial institutions All other 72.1 83.7 87.3 90.2 101.7 23.4 30.5 35.2 29.6 27.0 28.8 35.0 38.8 38.1 44.6 39.8 40.3 4.1 7 41.8 42.9 47.1 44.4 45.4 45.1 46.0 46.9 48.9 n.a. Farni Consumer 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 1976—Dec. 31571.4 51 z 647.3 312/1/ 705.6 737.0 801.6 67.0 58.3 54.5 84.1 102.5 117.1 130.6 140.5 145.5 148.9 387.3 458.5 510.7 507.4 550.2 132.7 159.4 186.8 179.5 182.9 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1978—Jan. 26 23 30 27 25 30 27p 31p 28p 26p 3 Op 31p 25p 785.6 791.5 803.2 812.9 821.1 835.5 834.2 842.8 848.4 856.1 866.4 884.5 872.7 101.2 102.8 105.0 103.4 102.4 101.6 100.0 99.4 98.5 97.7 97.9 98.9 97.2 147.9 148.6 148.7 153.0 153.4 154.1 154.3 155.2 155.9 157.1 158.4 159.8 158.5 536.6 540.1 549.5 556.5 565.3 579.8 579.9 588.2 594.0 601.3 610.1 625.7 617.0 178.4 150.6 180.4 151.7 184.3 153.7 186.9 156.0 188.4 158.4 192.7 161.3 192.4 163.6 193.6 166.6 195.5 168.9 198.6 171.1 200.8,, 173.2,, 206. (F-Z 175.2-' 202.5 176.5 17.0 17.2 17.6 17.2 18.7 18.9 18.0 18.3 18.3 18.1 20.2 23.5 20.7 23.2 23.3 23.7 24.3 24.9 25.6 25.9 26.3 26.6 26.6 26.7 26.8 26.8 101.5 101.7 102.9 104.9 106.7 109.0 110.6 113.0 114.6 115.6 116.6 118.7 n.a. 26.1 25.5 25.6 25.4 25.3 25.2 25.0 25.0 25.0 25.3 25.6 26.6 24.7 22p 875.0 98.9 158.1 617.9 205.0 17.5 26.8 R.p. 24.7 Feb. 177.6 n.a. - Not available p - Preliminary NOTE: Data exclude domestic interbank loans. Consumer and other loans were partly estimated for all dates. Other data are partly estimated on all but June and December call dates. 1/ Beginning June 1972, business loans were reduced by $400 million, nonbank financial institutions increased Jby $300 million, and "other" loans increased by $100 million as the result of loan reclassifications at one large bank. 2/ Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a nonmember commercial bank. Total loans and investments were increased by about $300 million of which $500 million were in loans and $100 in "other securities." 3/ Beginning October 31, 1974 as the result of the liquidation of one large bank, total loans were reduced by $1,0 billion; business by $0.6 billion, real estate loans by $0.2 billion, nonbank financial lozns by $0.2 billion; and "other securities" by $0.5 billion. However, business loans were increased and real estate loans reduced by $0.1 billion as the result of loan reclassifications at one large mideastern bank. 47 Beginning March 31. 1976* as the result of loan reclassifications, business loans were reduced by $1200 million, real estate loans increased by $800 million; nonbank financial by $200 million; and other loans by $200 million. Beginning December 31, 1977, business loans were reduced and real estate loans increased by $300 million as the Digitized for5/ FRASER http://fraser.stlouisfed.org/ result of reclassification at one large bank. Federal Reserve Bank of St. Louis * TABLE 9 * ^ L O A N S M e m b e r B a n k s Reserve City Banks All City commercial New York of banks Total City Chicago D A T E 1968--Dec. 1969--Dec. 1970 -Dec. 1971--Dec. 1972 -Dec. 1973--Dec. 1974--Dec. 1975--Dec. 1976--Dec. 3^2/ 64.7 (63.7.) 72.0 (69.8) 31* 31* 31* 31* 31* 65.7 67.9 72.0 72.9 68.7 69.7 (65.6) (67.7) (71.8) (72.5) f68.3) (69.1) 1977—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. 26* 23* 30* 27* 25* 30*p 27*p 31*p 28*p 26*p 30*p 28*p 70.4 70.4 70.5 71.1 72.2 71.7 72.5 72.7 73.3 73.7 73.3 72.2 (70.0) (70.1) (70.2) (70.8) (71.8) (71.3) (72.2) (72.3) (72.9) (73.2) (72.9) (71.7) 1978—Jan. 25*p Feb. 22*p 67.3 (66.2) 66.8 75.7 69.9 68.0 70.6 75.3 76.0 71.5 72.Q 73.6 83.5 102.8 87.5 84.1 85.4 87.7 87.4 84-6 85.7 (76.3) (86.4) (79.6) (83.2) (84.0) (86.4) (85.8) (81. 6t (81, 5) 81.7(79.3) 75.1 89.5 80.6 78.1 87.2 93.7 91.5 91.5 94.1 90.2 Other Country 69.1 79.5 73.3 71.6 77.3 81.7 81.9 75.4 76.0 58.2 62.8 79.1 60.2 59.2 60.1 53.9 64.6 61.5 62.2 65.1 73.8 (73.3) 73.4 (73.0) *-Ratios in parthentheses are those obtained by adding Euro-dollars to the deposit base. 1/ Total loans (adjusted to exclude loans to banks) and total deposits (adjusted to exclude cash items in process of collection). 2/ Beginning June 1969, total loans are reported gross of valuation reserves rather than net as previously reported. The higher loans level increased the ratio by about 1.3 percentage points for all commercial banks. 3/ Loan data revised to exclude only loans to domestic commercial banks. Previous data had also excluded loans to foreign commercial banks. Table 10 Money Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions) M„ M 2 plus deposits at nonplus bank thrift institutions time dep. and credit at comm. union other than 2/ 3/ large CD's — shares — M M 1 Currency plus demand 1 , deposits— Components of money stock measures and related items 2 Currency Demand Deposits CD's Time other than CD's 300.9 329.3 369.6 427.9 Total time U.S. Turnover Gov't. outside deposits NonN.Y. bank thrift (all City 4/ institutions— member) (percent) 1973—Dec. 1974—Dec. 1975—Dec. 1976—Dec. 270.5 283.1 294.8 312.4 571.4 612.4 664.3 740.3 919.6 981.5 1092.9 1237.1 61.5 67.8 73.7 80.5 209.0 215.3 221.0 231.9 63.0 89.0 82.1 63.3 363.4 418.3 451.7 491.1 348.1 369.1 428.2 496.8 5.0 3.5 3.0 3.2 65.0 74.8 73.7 83.7 1977—Apr. May June July Aug. Sept. Oct. Nov. Dec. 320.5 320.7 321.9 326.8 328.4 330.4 337.7 333.3 335.4 1973—Jan. p Fob. p Week Ending 337.4 326.3 764.6 767.6 772.8 783.5 787.7 792.9 799.6 802.7 806.5 812.0 514.3 1281.2 1289.0 1299.5 1316.9 1239.5 1343.1 1357.1 1365.6 1874.0 1383.0 13^7.% 83.1 83.6 84.0 85.1 85.5 86.4 87.1 87.8 88.4 89.2 90.1 237.4 237.1 238.0 241.7 242.9 244.0 246.6 245.5 247.0 248.2 245.3 61.6 444.1 505.7 62.3 446.9 509.2 63.9 450.9 514.8 62.8 456.7 519.5 63.2 459.3 522.5 63.2 462.6 525.8 66.4 465.9 532.2 70.9 469.4 540.3 74.7 471.1 545.8 76.3 474.6 550.9 79.4 478,0 557,3 516.6 521.4 526.7 533.5 541.7 550.2 557.5 563.0 567.6 5!'1.0 573.5 3.6 2.1 3.7 2.8 3.6 3.7 3.3 3.5 3.8 2.5 86.4 89.4 88.8 86.2 89.1 89,6 89.0 90.9 90.5 n.a. n.a. 336.0 337.3 336.4 335.8 811.7 814.8 814.2 814.3 n.a. n.a. n.a. n.a. 89.7 89.8 89.9 90.4 246.3 247.5 246.6 245.5 77.3 78.4 79.0 79.7 n.a. n.a. n.a. n.a. 2.0 2,5 2.2 2.6 n.a. n,a. n,a. n.a. Feb. 1 8 15 22 475.7 477.5 477.8 478.5 553.0 555.9 556.8 558.2 A/ Includes (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. 2J Includes in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposit other than negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting commercial banks. _3/ Includes Mg, plus the average of the beginning and end of month deposits of mutual savings banks, savings and loan shares, and credit union shares. Digitized4/forAverage FRASERof beginning and end of month deposits at mutual savings banks, savings anc loan shares, and credit union shares.
@FedFRASER