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#fy-
I-
L.4.3
Not f o r
;?6 1971
p u b MfsSCQfich.
March 18, 1971
L ihrarv
BANKING AND MONETARY DEVELOPMENTS IN FEBRUARY 1971
Summary.
Commercial bank credit adjusted for transfers of loans
between banks and their affiliates, continued to increase substantially in
February. Bank holdings of U.S. Treasury securities rose sharply and holdings of other securities also increased further. In addition, most major
loan categories increased.
The money stock grew much more rapidly in February than in other
recent months. Expansion in time and savings deposits was also at a somewhat faster rate, as inflows of consumer type time and savings deposits were
exceptionally heavy. Sales of large negotiable CD's on the other hand
slackened further and U.S. Government deposits declined.
Bank-related
commercial paper showed little further change, but Euro-dollar borrowing
was reduced further. Net borrowed reserves of member banks declined slightly,
Changes in Commercial Bank Credit, Money Stock, and Time Deposits
1970
Second Fourth
First
Halfp Qtr.p
Half
1968
1969
Year
Year
Year
Total bank credit
11.0
3.1
7.8
2.5
12.8
U.S. Govt. sec.
3.0
-15.7
11.8
8.5
20.1
L971
Jan. Feb.p
Feb. p
8.3
15.4
15.3
14.4
2.8
16.5
24.7
10.4
28.3
34.5
29.4
19.0
Other securities
16.4
Loans
11.6
8.4
3.9
-0.5
8.3
2.2
11.2
12.8
11.1
10.6
2.6
0.9
4.3
-3.6
10.5
14.2
11.0
4.0
7.4
4.5
10.1
6.1
15.2
15.3
11.6
9.9
3.4
2.4
4.4
-1.0
10.9
12.7
11.1
13.1
2.1
8.1
-3.7
-9.2
9.7
14.0
7.8
3.1
5.4
5.9
4.8
3.4
7.8
14.5
11.1
-5.0
18.4
7.8
27.9
21.8
27.3
28.6
Business loans
Total bank credit
Loans
Business loans
Money stock
Time deposits
- -
Bank credit.
Loans and investments at all commercial banks,
after adjustment for loan transfers, increased $5.6 billion in February.
About $800 million of this increase reflected the temporary effect of
System matched sale-purchase transactions near the month end, however.
After allowing for these transactions, the February gain was somewhat
below the exceptionally strong January advance but was considerably above
the $2.1 billion monthly average expansion in the fourth quarter of 1970.
Credit expansion was substantial at both large and small banks with both
loan and investment holdings showing larger than usual growth.
Commercial bank holdings of U.S. Treasury issues increased $1.2
billion further in February. The maturity structure of note and bond
holdings was also altered markedly over the month, reflecting the February 15
Treasury refunding operation in which eligible issues with maturities up to
February 1972 were exchanged for new 4-1/2-year, 5-7/8 per cent notes and
7 year 6-1/4 per cent notes. Holdings of securities other than U.S. Treasury issues also increased substantially in February, but the gain of $1.4
billion was well below the exceptionally sharp increases of the SeptemberJanuary period.
Most of the reduced rate of growth appears attributable
to a drop-off in purchases of longer-term municipal issues.
Total loans, adjusted for transfers and for System matched salepurchase transactions, increased $2.3 billion in February. This advance
was almost the same as in January but contrasts markedly with an average
$200 million monthly reduction over the fourth quarter. Business loans
increased $1.3 billion--or more than twice as rapidly as January's expansion
which had followed a four-month reduction. The January-February growth was
attributable in part to a temporary cutback in the volume of loans being
repaid with proceeds from capital market financings. Larger than seasonal
increases were recorded in several industry lines. The rate of growth in
real estate loans continued to pick up in early 1971. Security loans
showed little further net change (after adjustment for System matched salepurchase transactions) while loans to nonbank financial institutions increased
somewhat.
Money stock, time deposits, and nondeposit sources of funds. The
money stock increased sharply in February—at an annual rate of 14.5 per
cent—with private demand deposits and currency both rising rapidly. This
increase followed a January advance at an annual rate of 1.1 per cent and
for the two months combined the money stock rose at an annual rate of 7.8
per cent which compared with 3.4 per cent over the last quarter of 1970.
Time and savings deposits at all commercial banks increased $5.6
billion in February, somewhat more than in January and substantially above
the $4 billion monthly average increase in the fourth quarter of 1970.
Growth in consumer-type time and savings deposits was exceptionally rapid
at large commercial banks. Total time and savings inflows at country member
banks also continued very heavy. At both groups of banks, savings deposits
inflows were particularly strong compared with other recent months. Sales
of large negotiable CD's, however, slowed substantially.
Nondeposit sources of funds declined $1.1 billion further in
February. Euro-dollar borrowings continued to decline at a relatively
substantial pace. Bank-related commercial paper on the other hand, dropped
only slightly. Recent monthly reductions in these liabilities have tapered
off sharply from the run-off pace set in the early fall.
Net borrowed reserves of member banks averaged about $90 million
over the five weeks ending March 3 compared with $130 million a month
earlier. Member bank borrowings declined but excess reserves also dropped
slightly.
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
Last Wednesday offnonth, seasonally adjusted
— y
~ J
^ -r r—r
{
|
rj-j
,
,
| | | I T FT I I
TOTAL LOANS
AND INVESTMENTS
OTHER SECURITIES
U.S. GOVT. SECURITIES
J
1966
* CHANGE IN SERIES.
I'M
e
e
#
•
Exhibit A - Part II
Loans and Investments at All Commercial Banks
(Seasonally Adjusted)
Date
Total
1/
( I n
Loans
b i l l i o n s
227.9
246.2
267.2
294.4
310.5 3/
346.5
384.6
134.0
149.6
167.7
192.6
208.2
225.4
251.6
1969—June 30 (old series )
4/ June 30 (new series)
Dec. 31
392.5
397.3
401.3
1970—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28 p
Nov. 25 p
Dec. 31 e
1 9 7 1 — J a n . 27 p
Feb. 24 p
1962--Dec.
1963—Dec.
1964—Dec.
1 9 6 5 — Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1/
2/
3/
~
31 2/
31 2/
31
31
31
31
31
—/
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
264.3
269.2
278.1
56.2
56.3
51.9
72.0
71.8
71.3
398.5
399.7
400.9
403.5
405.9
406.4
412.8
418.3
423.7
424.0
427.3
432.5
276.6
278.5
277.6
277.0
278.0
277.4
281.5
284.1
287.3
286.9
287.7
288.9
50.4
49.8
50.3
52.4
53.4
54.1
55.8
57.5
57.6
56.3
56.5
58.0
71.5
71.4
73.0
74.0
74.5
75.0
75.5
76.7
78.8
80.8
83.2
85.6
438.0
443.6 5/
291.2
294.3 5/
58.4
59.6
88.4
89.8
3/
.
Adjusted to exclude interbank loans.
p - Preliminary
e - Estimated
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.
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.
4/
#
EXHIBIT A - PART III
LOANS SOU) OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALRS
Loans sold outright by c corner rj
tand m g in billi«.ns of dollaj
Sold to
Affiliates 1/
Business
Total
Total
Date
banks
N.S.A.)
Scld to
nonbank public 2/
Loans
1969
Dec. 31
Feb. 25
June
July 29
Dec. 31
Commercial bank credit
(seasonally adjusted)
Total loans
and investments
AH justed 3/
O'riginial
Total loans
Adjusted 3/
Original
401.3
405.1
278.1
281.9
398.5
399.7
400.9
403.5
405.9
406.4
412.8
418.3
423.7
424.0
427.3
432.5
404.3
406.1
407.6
410.4
413.7
414.3
420.8
426.1
428.7
276.6
278.5
282.4
438.0
443.6 6/
277.0
278.0
277.4
281.5
284.1
430.9
435.2
286.9
287.7
288.9
440.6
446.2 6/
291.2
294.3 6/
284.3
283.9
285.8
285.3
291.9
292.3
291.1
Business loans
Adjusted 4
Original
106.1
105.6
105.1
105.7
106.6
106.9
108.5
109.7
110.4
110.6
112.9
113.1
114.2
291.6
109.9
109.1
108.9
108.9
111.4
110.8
293.8
296.9 6/
109.5
110.8
111.3
112.6
(Annual rates in per cent)
(Net change in billions of dollars)
1969
Dec. 31
-0.9
-0.1
-0.1
0.3
-2.4
7.3
3.4
4.4
-1.0
-0.9
14.9
-0.8
1970
Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28 p
Nov. 25 p
Dec. 31 e
2.0
0.6
0.3
0.3
0.3
0.1
-0.2
-0.4
-2.4
-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
0.1
-8.4
3.6
3.6
7.8
7.1
1.5
18.9
16.0
15.5
0.8
9.3
14.6
-2.4
5.3
4.4
8.2
9.6
1.7
18.8
15.1
7.3
-1.4
7.6
12.0
-6.5
8.2
-3.9
-2.6
4.3
-2.6
2.1
10.6
-2.6
-1.7
8.0
-2.1
-7.9
2.3
0.7
0.3
0.3
0.8
0.1
0.2
-0.4
-2.8
-0.9
-0.4
-0.9
13.3
7.7
-2.2
4.4
14.1
10.7
17.7
11.1
13.5
-1.7
3.3
5.0
17.7
9.9
1.6
-4.9
0.8
1.2
1971
Jan. 27 p -0.1
Feb. 24 p . 1/
-0.1
5/
-0.1
5/
-0.1
5/
15.3
15.3
14.9
15.3
9.6
12.8
9.1
12.7
1/
1/
1/
5/
0.1
-0.1
-0.1
0.1
5/
O.l
0.1
It
1/
-0.1
1/
-0.1
5/
-0.1
It
If
-0.1
5/
It
1/
5/
i
1/
To bank noiaing companies,
^"
'
,
.
To other than banks' and bank-related affiliates or subsidiaries.
or foreign branches,
Includes all loans sold to bank holding companies, affiliates, subsidiaries
subsidiaries, or foreign branches.
Includes business loans sold to bank holding companies, affiliatie
2/
It
4/
It
Includes"$800 million' System matched sale-purchase transactions outstanding on February 24
6/
p - Preliminary.
http://fraser.stlouisfed.org/
e - ^j^imated.
^
^
^
^
Federal Reserve Bank of St. Louis
2.2
-5.7
1.1
5.7
10.2
3.4
16.8
16.6
•8.7
-2.2
6.6
14.2
2.1
11.7
-8.4
-13.8
-7.5
-6.5
5.4
14.0
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 and possessions
Through
brokers
and 1/
dealers
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
14.4
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
1970
Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept.30
Oct. 28
Nov. 25
Dec. 30
r 21.5
21.5
r 20.5
r 20.6
r 21.7
r 21.5
r 19.8
r 19.5
15.9
14.6
13.2
r 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
r 11.9
r 12.3
12.2
10.5
r 10.6
9.8
9.4
8.6
7.7
0.7
r 0.7
0.6
0.6
r 0.5
0.6
0.6
0.6
r 0..6
0.7
0.7
r 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
7.4
6 .5
6.5
5.7
0.8
0.8
7/
1/
1971
Jan. 27
Feb. 24 p
2/
i,
5/
6/
7/
10.2
9.1
r
r
r
r
r
r
r
0.1 6/
0.2 6/
0.3
0.5
0.4
0.5
0.6
0.6
Commercial
D i r e c t ^ paper 2/
Customer
guaranteed Ineligible
paper
acceptances
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
0.8
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
0.3
0.3
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
r 7/
7/
r 5.5
6.1
6.5
r 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
0.2
0.1
0.1
0.1
0.1
0.1
0.1
7/
7/
7/
1/
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
0.6
0.5
0.5
0.5
0.4
0.2
7/
7/
2.0
1.9
0.7
0.7
0.7
0.7
7/
7/
0.3
0.3
0.2
0.3
0.2 6/
0.4 6/
0.5
0.4
0.4
0.3
0.3
0.3
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.
Loans sold under
repurchase agreement 3/
To the
To bank
, , nonbank
public—
Total affiliates—
L.4 3 EXHIBIT B, Part 1
LOANS AT ALL COMMERCIAL BANKS
Billions of doners
Last Wednesday of m o n t h , seasonally adjusted
1
I
T
10
100
BUSINESS
REAL ESTATE
CONSUMER
1 __
10
SECURITY
1
1
1
M
J
S
1966
* C H A N G E IN SERIES.
D
1
1
1
M
J
S
1967
1 1 1 1 II
D
M
J
1968
il
1 1 1 1 L.
S
D
M
I I I I 1 1 1 II
J
1969
S
D
M
I I I I I II
J
1970
S
1
D
Exhibit B - Fart II
_oans jt All Commercial Banks
Seasonally Adjusted
Date
Business
(In
1962--Dec.
1963--Dec.
1964--Dec.
1965--Dec.
1966--Dec.
1967--Dec.
1968--Dec,
1969-Dec.
Dec .
31
31
31
31
31
31
31
31 V
31
47.6
52.0
58.4
69.4
78.6
86.3
95.9
106.1
Real Estate
b i l l i o
34.2
39.1
43.6
49.2
53.8
58.4
65.0
2/70.4 (old)
69.9 (new)
1970--Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept.30
Oct. 28 p
Nov. 25 p
Dec . 31 e
106.9
108.4
109.9
109.1
108.9
108.9
70.2
70.5
70.7
70.7
70.7
70.6
70.7
70.8
71.0
71.2
71.5
71.9
1971--Jan. 27 p
Feb. 24 p
109.5
110.8
72.3
72.9
105.4
105.6
105.1
105.2
105.7
106.6
Consumer
of
Security
Nonbarik
financial
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
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
8.1
c 50.0
50.3
9:1
9.4
8.6
8.6
7.2
8.4
9.3
9.9
10.4
10.1
10.9
11.4
11.6 4/
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
10.6
13.2
13.0
12.5
12.5
12.9
' 13.4
15.0
14.6
14.6
14.6
15.0
14.9
10.7
10.9
11.0
11.1
11.4
11.5
11.4
11.3
11.3
15.6
15.6
11.2
11.3
10.6
10.6
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.
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.
1/
These data are not for publication.
Exhibit B, Part III
Loans Sold Outright To Affiliates, By Major Loan Categories, and Outstanding Loans Adjusted To Include Loans Sold
(Seasonally adjusted, in billions of dollars)
Business Loans
Loans
Loans
Adjusted
Sold
Date
1J
Real Estate
Loans
Loans
Adjusted
Sold
-June
July
August
September
October
November
December
25
30
27
24
29
26
31
1.3
1.8
2.1
2 .4
3.2
3.3
2.4
103.6
104.2
105.5
106.5
107.7
108.1
108.5
0.1
68.5
0.1
0.1
68.8
-January
February
March
April
May
June
July
August
September
October
November
December
28
25
25
29
27
30
29
26
30
28 p
25 p
31 e
4.3
4.8
5.1
5.4
6.2
6.3
6.2
5.8
3.5
: .0
2.5
1.9
109.7
110.4
110.2
110.6
111.9
112.9
113.1
114.2
113.4
0.1
0.1
0.1
0.1
112.1
111.4
110.8
•-January
February
27 p
24 p
1.8
1.8
111.3
112.6
Less than $50 million
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Nonbank Financial
Loans
Loans
Adjusted
Sold
69.1
69.4
69.7
70.0
70.5(old)*
70.0(new)
0.2
0.2
0.2
0.3
0.4
0.3
0.1
70.3
70.6
70.8
70.8
70.8
70.7
70.8
70.9
71.1
71.3
71.6
72.0
0.4
0.4
0.4
0.4
0.5
0.5
72.4
73.0
0.1
0.6
0.5
0.3
0.2
0.1
0.1
0.1
13.6
13.4
12.9
12.9
13.4
13.9
15.6
15.1
14.9
14.8
15.1
15.0
15.7
15.7
1/
0.1
0.1
0.1
0.2
0.2
0.2
1/
1/
1/
1/
1/
1/
1/
1/
0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.4
0.3
0.3
48.9
49.0
48.9
48.9
48.9
49.0
49.2
49.5
49.7
11.0
0.2
0.2
49-6
50.0
1/
11.5
11.7
0.1
0.1
50.1
50.3
1/
8.1
9.1
9.4
8.7
7.2
1/
0.2
8.6
0.4
0.3
0.2
3.7
10.2
10.6
10.3
0.2
0.1
0.1
0.1
This series begins m
Agriculture
Loans
Loans
Adjusted
Sold
47.0
46.8
47.1
47.6
48.1
48.1
48.6
0.3
0.1
8.6
0.1
Consumer
Loans
Loans
Adjusted
Sold
9.2
9.7
8.4
8.4
9.4
10.5
9.6
*-See footnote 3, Exhibit B, Part II
and therefore must be included in the figure "all other".
13.0
12.5
12.6
12 .4
12.7
13.0
13.3(old)'
13.8(new)
Security
Loans
Loans
Adjusted
Sold
June 1969.
0.2
0.3
0.4
0.4
0.4
49.9
10.4
10.6
10.7
1/
10.8
10.6
1/
1/
10.5
10.5
1/
1/
10.6
10.6
10.6
10.7
10.9
1/
1/
1/
1/
1/
1/
T!
1/
1/
1/
11.0
11.1
11.4
11.5
11.4
11.3
11.3
11.2
11.3
Exhibit C
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted
(In billions of dollars)
Item
!
Jan.
! Feb.
Mar.
April
May
June
July
Aug.
Sept.
Loans and Investments 2/
-a.
+1.2
+1.2
+2.6
+2.4
+0.5
+6.4
+5.5
U. S. Gov't, securities
-1.5
1 -0.6
+0.5
+2.1
+1.0
+0.7
+1.7
Other securities
+0.2
-0.1
+1.6
+1.0
+0.5
+0.5
Loans 2/
-1.5
+1.9
-0.9
-0.6
+1.0
Business
-0.7
+0.2
-0.5
+0.1
Real estate
+0.3
+0.3
-0.2
Consumer
+0.2
+0.1
Security
-1.3
Nonbank financial
Oct. p
Nov. p
Dec. e
Jan. p
Feb. p
+5.4
+0.3
+3.3
+5.2
+5.5
+5.6-/
+1.7
+0.1
-1.3
+0.2
+1.5
+0.4
+1.2
+0.5
+1.2
+2.1
+2.0
+2.4
+2.4
+2.8
+1.4
-0.6
+4.1
+2.6
+3.2
* -0.4
+0.8
+1.2
+2.3
+3. \-
+0.5
+0.9
+0.3
+1.5
+1.5
-0.8
-0.2
+0.6
+1.3
V
1/
-0.1
+0.1
+0.1
+0.2
+0.2
+0.3
+0.4
+0.4
+0.6
-0.1
1/
+0.1
+0.1
+0.3-/
+0.2
+0.3
+0.2
-0.2
+0.4
+0.2
+0.3
+1.0
+0.3
-0.8
1/
-1.4
+1.2
+0.9
+0.6
+0.5
-0.3
+0.8
+0.5
+0.2-/
-0.5
-0.2
-0.5
1/
+0.4
+0.5
+1.6
-0.4
1/
v
+0.4
-0.1
+0.7
1/
Agriculture
+0.1
1/
1/
+0.1
+0.2
+0.1
+0.1
+0.2
+0.1
-0.1
-0.1
-0.1
+0.1
All other
+0.4
+0.5
-0.3
1/
-0.2
-0.7
+0.5
+0.1
+0.5
-0.4
+0.9
-0.3
Total loans excluding
security 2/
-0.2
+0.9
-1.2
+0.2
+1.0
+0.8
+2.9
+1.7
+2.6
-0.9
+1.1
+0.4
+1.8
+2.9
Total loans excluding
security and nonbank financial 2_/
+0.3
+1.1
-0.7
+0.2
+0.6
+0.3
+1.3
+2.1
-2.6
-0.9
+0.8
j| +0.5
+1.1
+2.9
1/
2/
3/
4/
—
+0.6
Less than $50 million.
e - Estimated.
r - Revised.
p - Preliminary.
Adjusted to exclude interbank loans.
Based on 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. Repayments in subsequent months are also included in loans
to nonbank financial institutions.
Includes $800 million System matched sale-purchase transactions on February 24.
Individual Loan Categories Are Not Available for Publication.
Exhibit D
Changes in Loans and Investments at All Commercial Banks, at Week y
Reporting Banks, and at Other Banks, Not Seasonally Adjusted
(In billions of dollars)
Last Wednesday of January to
Item
All commercial banks 4/
Total loans
U. S. Gov't, securities
Other securities
Total
All Large Banks 3/ 4/
Total loans
U. S. Gov't, securities
Other securities
Total
Other banks 3/ 4/
Total loans
U. S. Gov't, securities
Other securities
Total
1agl
1971
1970
1969
1968
+ 1.2
- 0.1
+ 1.8
- 0.6
- 1.6
+ 2.4
- 3.7
+ 0.3
+ 1.0
~ tfprfnesdav of February
- 1.0
1967
1966
- 1.3
+ 0.9
- 2.3
+ 0.7
+ 0.6
+ 1.3
+ 0.7
1965
+ 2.0
- 1.0
+ 0.6
+ 2.9
- 1.9
- 1.0
+ 0.5
+ 0.4
+ 0.5
- 0.7
- 0.2
+ 0.9
- 2.5
- 1.3
+ 0.7
- 0.2
- 1.8
+ 0.2
- 0.4
+ 0.8
- 0.8
+ 1.1
-0.4
- 0.7
+ 1.5
- 0.2
- 0.1
+ 0.5
+ 0.3
- 0.5
+ 0.3
1/
+ 0.5
- 0.2
+ 0.3
+ 0.3
+ 0.3
+ 1.1
+ 0.9
+ 0.7
+ 0.6
+ 0.7
+ 2.0
+ 0.2
- 0.9
+ 0.4
- 0.7
- 1.2
- 1.2
+ 0.8
+ 0.8
- 0.8
+ 1.6
- 1.1
+ 0.7
-f 1.1
+ 0.6
- 1.8
+ 1.5
+ 0.2
- 0.1
+ 0.4
- 0.8
+ 0.5
- 0.2
+ 0.1
+ 0.5
End of December to end of February
Item
2/
1971 ~
1970
All commercial banks 4/
Total loans
U. S. Gov't, securities
Other securities
Total
- 5.8
1/
+ 3.3
- 2.5
-11.0
- 3.3
- 0.5
-14.8
-
3.7
5.0
0.7
9.3
+
+
-
All Large Banks 3 / 4 /
Total loans
U. S. Gov't, securities
Other securities
Total
+
-
5.8
0.9
1.7
5.0
- 8.5
- 2.4
- 0.2
-11.1
-
4.2
4.2
0.9
9.4
- 4.1
1/
- 4.9
+ 0.4
+ 1.9
+ 0.1
- 3.6
- 2.6
- 5.2
Other banks 3/ 4/
Total loans
U. S. Gov't, securities
Other securities
Total
+
+
+
+
0.1
0.9
1.6
2.6
-
+
+
+
0.6
0.8
0.3
0.1
- 0.9
+ 0.7
- 0.9
1/
1/
+ 0.1
2.5
0.9
0.3
3.7
1969
1968
5.0
0.7
0.7
3.6
+ 0.6
+ 0.1
1/
1967
+
+
-
5.8
0.4
1.9
3.4
- 0.8
1966
- 3.8
-2.2
+ 0.2
- 5.8
- 2.9
-2.4
- 0.9
+ 0.2
- 0.6
1965
-1.6
- 1.5
+ 0.9
3.2
-1.6
- 2.1
+ 0.7
- 3.1
1/
- 0.4
+ 0.2
- 0.1
NOTE:
1/
2/
3/
used when available.
Less than $50 million.
Based on estimated data for December 31, 1970.
.... 1 Q , Q 1 Q 7 n
Based on revised coverage beginning July 1966, and January 1967, 1968, 1969,
,
4/
Based on revised reporting beginning July 1969.
maintain comparability of series .
Changes have been adjusted to ;
•
#
e
e
•
•
•
#
e
#
e
Exhibit E
Changes in Commercial and Industrial Loans at Large Commercial Banks
(In millions of dollars)
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
1/
2/
3/
Late January to late February 1/
Late December to late February 2/
1971
1970
1969
1968
1967
1971
-106
- 59
+151
+ 95
+ 56
+133
+ 50
+127
-104
+ 60
+210
- 51
+128
+141
- 5
- 42
+ 24
+ 13
- 89
- 15
+208
+200
+ 8
+289
- 37
+170
+ 78
+ 78
+138
- 58
+125
+ 27
+ 51
-148
-293
- 51
+ 5
-247
+ 23
+ 1
- 74
+ 80
- 5
- 31
+228
-145
+ 83
- 58
+ 24
+337
+233
+104
+337
+ 4
+ 11
+ 70
+ 60
+162
+ 3
+ 10
+ 47
- 34
- 86
- 78
- 53
+ 21
- 91
+ 45
+378
- 54
+ 85
+ 72
- 23
+552
+279
+831
- 75
-103
- 19
- 32
+ 13
+270
+120
+ 75
+ 22
+ 53
+216
- 22
+ 38
+ 7
+ 5
- 26
-191
+ 26
- 38
-179
+ 1
- 38
- 94
+ 22
+ 34
-155
- 73
+128
+115
+ 13
+464
+ 13
+235
+156
+ 60
+180
- 50
+139
+ 19
- 7
-126
-129
+ 74
- 25
-178
- 3
-107
- 87
- 20
-448
- 61
- 9
+ 21
- 30
-158
+ 24
- 55
-130
+ 3
+ 80
-139
+ 9
+ 43
-109
- 37
+294
+146
+112
+ 36
+ 12
-390
- 12
-162
-216
- 2
-915
+133
-782
+ 11
+ 53
+159
+172
- 71
+ 58
+ 9
+745
+125
+870
~ -
+ 63
— —
+ 63
- —
+ 32
+308
+ 37
+345
1970
380
77
306
116
190
35
73
74
+
71
+
41
+
66
178
+
5
107
27
401
799
170
219
440
95
689
199
173
317
146
-3 ,202
353
-3 ,555
-
1969
1968
1967
-551
+ 51
-153
-214
+ 61
+305
+ 48
+ 86
+159
+ 12
+121
+300
-139
- 3
- 90
+301
-105
+ 62
- 17
-150
+126
+519
-148
+400
+267
- 48
+634
- 46
+588
-380
-166
-209
-180
- 29
+182
+139
+ 96
- 37
- 16
+157
-103
+ 20
- 76
- 41
+406
-380
+ 69
-152
-297
- 10
-150
-266
+ 74
+ 42
- 30
-740
- 21
-761
-322
-104
-202
-143
- 59
+271
+ 56
+126
+ 89
Four most comparable weeks used throughout.
Changes are compiled from December 30, 1970; December 31, 1969; December 25, 1968; December 27, 1967; and December
28, 1966. These data cannot be linked with all commercial bank data which are always for December 31.
Prior to 1967, transportation, communication, services, and foreign loans were not reported separately.
mm mm
+ 80
+ 61
+ 97
- 30
- 16
+243
-136
— —
+ 41
-177
- 99
- 33
+ 82
-157
+ 42
+ 38
-152
-191
-348
Exhibit F
Loans and Investments at All Conmercial Banks
(In billions of d o l l a r s )
Loans and
investments
1964--Dec.
1965-Dec.
1966--Dec.
1967--Dec.
1968--Dec.
31
31
31
30
31
U. S. Gov't.
Other
securities
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
1 9 6 9 — J a n . 29
Feb. 26
Mar. 26
A p r . 30
Hay
28
June 30 e (old)
(new) 3/
June 30
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
D e c . 31
(old)
(new)
Dec. 31
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
255.5
261.2
263.0
269.8
274.9
271.7
269.5
272.1
272.4
274.7
284.5
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
397.6
395.7
399.0
403.5
403.9
410.1
412.6
415.4
423.3
423.6
426.8
442.4
53.0
51.4
51.5
52.3
52.6
51.6
53.5
55.1
55.8
57.1
58.0
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
437.1
4 4 0 . 0 6/
61.3
61.2
28
25
25
29
27
30
29
26
30
28 p
25 p
31 e
1 9 7 1 — Jan. 27 p
F e b . 24 p
61.2
p - Preliminary.
N O T E: Data exclude interbank loans.
1/
2/
3/
A/
5/
6/
Real
estate
Total loans
60.2
88.5
98.4
43.7
49.3
54.0
58.5
65.1
96.5
97.7
99.7
66.1
66.6
71.4
80.6
101.6
101.8
104.5
104.5
103.1
102.0
103.8
103.6
104.4
108.8
104.1
104.1
105.0
105.6
105.3
108.6
85.7
295.5
107.3
107.0
109.6
108.2
108.5
111.7
87.3
89.2
288,5
289.8 6/
108.4
109.4
288.0
81.0
82.6
285.5
286.2
8.4
8.5
9.0
10.5
65.6
72.2
72.5
8.6 2/!
11.8
9.3
9.7
9.5
9.5
10.0
8.8
67.2
67.8
68.4
68.4
68.8
69.3
69.7
70.0
70.3
70.5
70.0 4/
70.1
70.1
70.1
70.2
70.3
70.6
70.8
71.0
71.4
71.6
71.9
72.1
Nonbank
financial
institutions
Security
9.4
9.0
10.3
10.3
9.7
9.7
10.1
10.3
10.4
10.6
10.6
8.1
10.7
10.7
9.4
10.7
10.5
10.4
10.3
8.2
8.6
8.2
8.3
10.6
10.4
10.5
10.6
8.6
7.9
8.6
9.1
9.6
9.7
9.7
12.5
10.8
11.1
11.2
11.3
11.4
11.4
11.3
11.2
11.1
11.1
11.0
11.0 6/
11.2
|
!
l
31.0
35.7
38.3
40.0
44.9
10.9
13.3
13.3
12.5
13.7
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
48.0
47.8
47.8
48.1
48.4
49.0
49.3
49.6
49.8
49.8
49.5
49.9
12.7
12.4
49.6
49.6
15.1
14.9
12.0
12.2
14.6
15.1 4/
12.2
12.7
12.3
14.4
14.9
14.3
15.2
14.4
14.6
16.4
^ - Estimated
r - Revised
Consumer and "other loans" are partly estimated for all dates.
Other data are partly estimated on all but June
B e g i n n i n g ^ n e % r i 9 6 6 r $ l ' 1 b i l l i o n of balances accumulated for the payment of personal loans were deducted from time deposits and "all other"
Beginning June 30, 1966, about $1 billion of participation certificates previously included
in agricultural and "all other" loans were reclassified
D a t a ^ e v i s e ^ t o ^ i n c l u d e all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data are for commercial
banks only. A l s o , total loans and investments are now reported gross of v a l u a t i o n reserves rather than net as previously.
Individual loan items
Real estate l o a n s S e c r e a s e d by $500 millionoon D e c e m b e r 31, 1969, and
4
Consumer'^credit d a t a ^ d justed
as loans to nonbank financial
Includes $800 million System
Individual
d
U
loans to nonbank financial institutions increased by $500 million due to
! r j u i r t o ° e x c l u d e a b o u r $ 4 0 0 m i l l i o n of consumer paper sold by finance companies to the banking system but classified
institutions on bank records.
Subsequent repayments are also included in loans to nonbank financial institutions.
matched sale-purchase transactions outstanding on February 24.
loans category data are available for publication only on a June and December Call data basis
Exhibit G
Ratios to Total Deposits 1/
L O A N S
D A T E
All
commercial
banks
.Total
1955—Dec.
1956—Dec•
1957—Dec.
1958—Dec.
1959—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967-r-Dec.
1968—Dec.
31
31
31
31
31
31
31
28
25
31
31
31
30
31*
M e m b e r
B a n k s
Reserve City Banks
New York City of
City
Chicago Other Country
U.S. Government
securities maturing
within one 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
106$—June 2/30*
July 30*
Aug. 27*
Sept. 24*
Oct. 29*
Nov. 26*
Dec. 31*
72.1
73.0
72.9
72.9
72.8
73.0
72.0
(69.7)
(70.3)
(70.1)
(70.4)
(70.3)
(70.3)
(69.8)
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
1970—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
73.2
73.4
73.0
72.7
72.9
71.8
72.0
71.1
70.2
69.6
69.2
68 t Q
(70.6) 76.5 102.9(84.5) 92.6
(70.9) 76.7 103.9(86.3) 93.8
(70.8) 76.3 103.1(86.8) 92.2
(70.5 ) 76.0 102.6(86.4) 91.5
(70.6) 76.1 103.7(86.5) 91.5
(70.3) 72.5 104.8(87.2) 95.8
(70.2) 74.8
97.6(84.0) 88.0
98.0(84.1) 88.1
(69.2) 73.8
93.7(81.8) . 86.5
(68.3) 72.6
(68.1) 72.1
93.4(81.9) 85.6
(67.9) 71.8
94.3(83.3) 85.7
(66.8) 70.5
90.2(81.8) 83.5
81.3
81.0
80.4
79.9
80.0
80.0
78.6
76.7
75.6
75.0
74.1
73.4
63.7
63.9
63.8
63.7
64.0
60.5
63.6
62.9
62.2
62 .0
61.8
60.7
4.7
4.4
5.2
4.8
4.6
4.3
4.8
5.0
5.1
5.1
5.7
72.5
72.3
60.6
60.6
5.5
n.a.
1971— Jan.
Feb.
17
28*
25*:
25*
29*
27*
30*
29*
26*
30*
28*p
25*p
30*p
27*p 67.2 (66.2) 69.5
24*p 67.3 (66.4) 69.6
86.6(79.9)
88.0(82.3)
80.9
81.3
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.
http://fraser.stlouisfed.org/
- Ratios
parenthesis are those obtained by adding Euro-dollars to the deposit base.
Federal*Reserve
Bank of in
St. Louis
L. 4.3-FXHIBIT H. P A R T 1
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 , a v p u u ' e o f daily figures. 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
Tirrniirn
55 r
n i i i ! i n/i
TIME AND SAVINGS DEPOSITS
ALL COMMERCIAL BANKS
MONEY SUPPLY
TURNOVER
OUTSIDE N Y
232 SMSA'S
U.S. GOVT. DEPOSITS
MEMBER BANKS
1 | | I I I I I I I I I I 1 I
1966
* C H A N G E IN SERIES
15F7
1968
1969
1970
Exhibit H - Part II
P e r
i o d
Total
S e a s o n a l l y
A d j u s t e d
Dai t a
(Dollar amounts; in billions)
Time and 1/
M o rl e y
S t o c k
U.S. Gov't.
v
savings 2/
deposits
deposits
Demand deposits
(all member) 1/
Currency
(All commercial)
Not Seasonally Adj.
(In mil. of dollars)
Turnover outside
N.Y. City*
(per cent)
Gross liabilities of
U.S. banks to 3/ 4/
their foreign branches
1964—December
1965—December
1966—December
1967—December
1968—December
160.5
168,0
171.7
183.1
197.4
126.3
131.7
133.4
142.7
154.0
34.2
36.3
38.3
40.4
43.4
126.6
146.7
158.5
183.7
204.8
5.1
4.4
3.5
4.6
4.2
33.5
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
198.1
199.3
200.1
201.0
201.6
202.4
203.1
202.6
202.8
203.2
203.5
203.6
154.5
155.5
156.0
156.8
157.1
157.6
158.1
157.4
157.6
157.6
157.6
157.7
43.6
43.8
44.1
44.2
44.5
44.8
45.0
45.2
45.3
45.6
45.9
46.0
203.7
203.2
202.5
202.1
201.7
201.2
198.1
195.4
194.8
194.2
194.0
194.6
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
8,545
8,822
9,877
9,436
9,868
13,269
14,434
14,658
14,349
13,648
14,574
12,822
1970—-January
February
March
April
May
June
July
August
September
October
November
December
205.2
204.5
206.6
208.3
209.2
209.6
210.6
211.8
212.8
213.0
213.5
214.6
159.0
158.1
159.8
161.2
161.6
161.9
162.5
163.7
164.6
164.5
164.8
165.7
46.2
46.4
46.7
47.1
47.7
47.8
48.1
48.2
48.2
48.5
48.7
48.9
193.3
193.5
195 .8
198.5
200.3
202.2
208.2
213.2
218.5
222.2
225.0
230.4
5.3
5.6
5.9
5.2
3.0
4.8
4.4
6 .4
6.2
5.2
6.0
6.2
50.6
52.0
50.3
52.2
53.4
52.9
53.7
52.6
53.1
53.6
51.7
r 52.4
13,605
13,086
11,885
11,944
12,346
12,172
10,469
10,629
9,787
9.439
1971—-Januarv
February p
r 214.8
217.4
r 165.5
167.8
49.2
49.6
235.3
240.9
6.7
6.1
52.8
n .a.
Week ending:
1971--Feb.
3
10
17
24 p
214.7
216.2
218.2
217.9
165.3
166.8
168.3
168.5
49.5
49.5
49.9
49.5
237 .6
239.8
240.7
241.9
8.3
7.1
6.3
5.0
n
n
n
n
1/
2/
Averages of daily figures.
Beginning on June 9, 1966, time deposit
i/
Cert a^in^ c ha rige s° i
.
r
6,537
5,662
6,435
6,236
5,873
5,662
data exclude $1.1 billion of balances accumulated for the payment of personal loans.
cove rage and definitions have occurred that affect somewhat the comparability of the data.
* - Beg inning 6 Janua ry 1964, data for 232 metropolitan centers outside New York City.
.a.
.a.
.a.
.a.
7,669
P " Preliminary.
Breaks in the series are relatively
1.4.3
EX HIB IT I, P a r t 1
TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS
Billions of d o l l a r s
Wednesday figures
TOTAL TIME AND SAVINGS DEPOSITS
100
CONSUMER-TYPE TIME AND SAVINGS
80
60
SAVINGS DEPOSITS
40
CONSUMER TYPE TIME DEPOSITS
20
NEGOTIABLE CD's
STATE AND POLITICAL, FOREIGN OFFICIAL ETC
1967
1968
1969
1970
EXHIBIT I - Part II
Period
Total
Consumertype time
& savings
Time and Savings Deposits
ConsumerLarge
State Political
Savings
type
Negotiable
For. official
time
etc.
CD's 1/
1966--Dec.
Dec.
1967—Dec.
Dec.
1968—Dec.
Dec.
28
28
27
27
21
31
(old)
(new) 2/
(old)
(new) 2/
(old)
(new) 2/
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) 2/
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.
28
25
25
29
27
24
29
26
30
95,019
95,622
97,352
99,281
99,470
99,676
106,494
109,725
113,640
76,500
76,400
76,876
76,702
76,995
77,348
78,435
79,070
45,831
45,632
45,996
45,888
46,077
46,174
46,345
46,330
30,669
30,768
30,880
30,814
30,918
31,174
32,090
32,740
80,722
46,808
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
Oct.
28
Nov.
Dec.
Dec.
25
30 (old)
30 (new) 2/
114,803
116,447
81,150
81,554
47,016
47,332
34,134
34,222
23,545
25,201
10,108
9,692
119,44?
120,206
82,776
48,03?
34,744
26,074
10,592
83,473
48,479
34,994
26,125
10,608
(old)
(new) 2_/
Week ending:
1971—Jan.
27
123,102
85,168
49,142
36,026
27,192
10,742
Feb.
3
10
17
24
123,630
124,574
124,775
125,837
85,687
86,219
86,761
86,342
49,456
49,788
50,143
50,451
36,231
36,431
36,618
36,891
26,995
27,416
27,226
27,471
10,948
10,939
10,788
11,024
Negotiable certificates of deposit issued in denominations of $100,000 or more.
V
2/
Exhibit J
Member B a n k Reserves
(Based on averages of daily figures; in millions of dollars)
Free reserves
(excess reserves minus b o r r o w i n g s )
DAT
All
member
Reserve City Banks
New Y o r k
City of
City
Chicago
Other
Excess
Reserves
Country
All
member
Borrowings
All
member
Total reserves
held seasonally
adjusted
All
member
Monthly Averages:
1959- D e c e m b e r
1960- - D e c e m b e r
1961- - D e c e m b e r
1962- - D e c e m b e r
1963- D e c e m b e r
1964- - D e c e m b e r
1965- D e c e m b e r
1966- D e c e m b e r
1967- D e c e m b e r
1968- D e c e m b e r
-424
669
419
268
209
168
-
2
-165
107
-310
1969--Jan.
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
1970--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
-799
-819
-781
-704
-795
-701
-1,217
-682
-335
- 62
19
- 14
- 70
- 95
- 22
-130
- 60
- 67
- 44
-117
- 89
- 28
- 66
- 52
- 64
-104
- 4
- 22
- 11
-122
8
-161
-
-159
- 55
- 49
- 33
-337
-403
-456
-521
-538
-649
-101
-116
-148
8
- 15
- 47
- 37
- 26
- 67
- 9
-260
-305
- 49
- 91
-117
19
31
-103
- 50
- 5
- 70
-143
-203
-132
- 76
-148
-198
-171
- 95
-449
80
20
- 52
21
- 31
-126
-156
- 56
29
- 63
9
-208
1971--Jan. r
Feb. p
-109
10
- 50
-180
-611
-396
-447
-558
-525
-473
237
583
471
394
334
315
238
140
187
70
482
756
568
572
536
411
452
392
345
455
906
87
149
304
327
243
454
557
238
765
18,512
18,839
19,640
20,343
21,017
22,068
23,262
23,521
25,940
- 34
- 93
217
228
697
824
918
996
1,402
1,407
1,190
1,249
1,067
1,135
1,241
1,086
28,139
28,060
27,972
27,775
28,235
28,056
27,530
27.401
27.402
27,354
27,783
27,928
965
1,092
896
822
976
888
1,358
827
607
462
424
321
28,001
27.722
27.723
28,216
27,890
27,902
28,041
28,585
29,240
29,385
29,474
29,925
370
329
30,229
30,509
-100
- 90
-327
-395
-382
-451
-283
-282
-253
-144
217
152
300
343
116
303
236
143
253
257
- 12
-473
-473
-501
-400
-447
-487
-726
-428
-337
-289
-359
3
-222
161
187
141
145
272
254
120
272
6
-282
19
-344
178
177
212
- 82
- 58
- 15
- 82
- 25
3
-132
- 67
-
8
- 13
-
-112
-212
-117
- 24
-152
-122
- 99
- 31
66
65
129
166
273
115
118
181
279
27,964
requirements
inning
NOTE:
October 1
1970.
Exhibit K
Liquid Assets Held by the Public - Seasonally Adjusted Series JL/
(Amounts in billions of dollars; ratios expressed as percentages)
Time deposits
Total
month
Demand
deposits and
currency 2/
Ccmercial
banks 3/
1
2
3
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
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
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
Postal
Savings
System
Mutual
savings
4
26.3
28.1
30.0
31.6
33.9
34.9
36.2
38.3
41.4
44.5
49.0
5T.6
55.2
60.3
64.7
•
1
5
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
—
U. S. Gov't,
Savings
and loan U. S. Gov't, securities
deposits
savings
maturing
bonds 5/
within one
and
year 6/
1 shares
i
6
1
7
8
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
133.6
133.7
133.7
134.2
135.4
135.0
135.4
135.0
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
133.7
134.3
135,9
136.5
137.0
137.6
139.2
140.3
142.4
143.5
144.8
146.0
52.2
52.1
52.0
52.0
52.0
52.0
52.4
52.0
52.1
52.1
52.2
52.7
76.3
76.6
80.1
76.8
77.2
77.7
78.5
74.6
76.0
74.5
74,3
73.8
r 148.8
150.7
52.8
52.8
r 72.6
69.4
Liquid
!
to gross
national
product 7/
9
Ratios:
Commercial
Demand deposits and bank deposits
currency to and currency to
gross nation- liquid assets
al product 7/
10
11
(2+ 3 4 1)
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
78.2
34.7
32.6
31.3
30.4
29.7
78.0
21.2
77.2
20.8
75.7
20.5
75.8
20.8
75.8
20.7
75.6
20.4
76.2
20.3
77.9
20.5
28.6
27.5
26.4
25.1
24.6
24.1
22.8
21.8
21.8
21.4
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
"
703.7
705.7
713.2
711.3
714.4
713.9
709.6
713.3
718.2
715 .1
722.2
731.8
188.8
189.9
192.4
190.8
191.6
194.2
191. 9
193.3
194.1
193.9
195.8
206.8
203.4
202.9
201.9
201.8
202.7
200.4
197.5
195.6
195.5
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
67.3
720.6
722.0
733.7
731.4
734.1
738.7
749.9
751.1
765.6
764.7
773.7
196.0
196.7
198.8
201.5
201.7
202.9
211.8
215.4
221.5
224.5
230.3
233.7
67.0
67.4
67.5
68.0
68.4
68.7
69.2
69.4
69.9
70.4
70.9
785.2
195.4
194.8
199.3
196.7
197.9
199.8
198.7
199.3
203.6
199.6
201. >
207.6
r
r 789.0
794.2
r 202.5
203.9
239.6
244.2
r 72.4
73.1
r
-—
—
-—
-—
—
-—
—-—
—
-*•
——
—
—
—-
71.5
--
ii:?
55.3
55.2
55.2
55.3
54.9
54.5
54.3
54.5
54.5
55.2
54.3
54.2
54.3
54.4
54.4
54.5
54.7
55.2
55.5
55.5
55.8
56.2
56.0
56.4
For footnotes see next page.
r - Revised.
p »• Preliminary.
* - Beginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the
payment of personal loans.
§ - Figures are for Tuesday, December 31, rather than for the last Wednesday of December.
NOTE: Total liquid assets and U.S. Government securities maturing within 1 year revised beginning January 1969 to conform to new Budget concept.
Both figures were increased by $1.7 billion on that date.
Exhibit K (Continued)
Excludes holdings of the United States Government , Government agenci&EL and, trust f u n d s d o 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.
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.
deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in
possessions are included as indicated for demand deposits in footnote 2 above.
U.S.
drawal of savings capital compiled by the Federal Home Loan Bank Board.
ISHH
wmmsmm
figures for these institutions are available.
Figures are from data compiled by the
Treasury Department.
the U
S. Treasury Department's Survey of Ownership of U. S. Government Securities.
(each month of the current quarter and the last month of the preceding quarter) .
U. S.
@FedFRASER