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FEDERAL RESERVE BANK
,
0
L.4. 3
Not for publication
of KANSAS CITY
MAY
24
May 19, 1971
197]
RankTtifi&$&cfjpynklogments
in April 1971
Summary.
Commercial bank credit, adjusted for transfers of
loans between banks and their affiliates, declined slightly in April
following unusually sharp expansion over the first quarter.
The reduction
reflected principally a sharp drop in holdings of U.S. Treasury securities
after substantial growth in other recent months. Holdings of municipal
and Federal agency issues rose further but less rapidly than in most other
recent months.
Total loans declined somewhat due largely to heavy repayments of broker and dealer loans. Business loans rose slightly.
The money supply increased substantially in April but at a pace
slightly below that in March. Growth in time and savings deposits at
commercial banks, however, slackened considerably in April compared with
sharp first quarter expansion.
Inflows of consumer-type time and savings
deposits were much below the exceptionally large inflows of other recent
months. Holdings of large negotiable CD's also dropped moderately. Nondeposit sources of funds were reduced somewhat further. Reserve positions
shifted from net borrowed to net free reserves.
Changes in Commercial Bank Credit, Money Stock, and Time Deposits
1968
Year
Seasonal Lly ad lusted annual rates (per cent)
1971
1970
1969
Second
Fourth First
First
Qtr. P AprilP
Qtr. P
Half P
Year Half
Year
Total bank credit
11.0
3.1
7.8
2.5
12.8
8.3
14.0
U.S. Govt, sec.
3.0
-15.7
11.8
8.5
14.4
2.8
22.1
-25.5
20.1
10.4
28.3
34.5
30.4
22.2
Other securities
16.4
- -
Loans
11.6
8.4
3.9
-0.5
8.3
2.2
7.5
-1.6
11.1
10.6
2.6
0.9
4.3
-3.6
3.7
1.1
Business loans
Ad lusted for loan sales to bank affiliates
Total bank credit
Loans
Business loans
Money stock
Time deposits
11.0
4.0
7.4
4.5
10.1
6.1
13.8
-0.5
11.6
9.9
3.4
2.4
4.4
-1.0
7.3
-2.4
11.1
13.1
2.1
8.1
-3.7
-9.2
2.5
1.1
7.8
3.1
5.4
5.9
3.4
8.9
9.8
11.1
-5.0
18.4
7.8
21.8
27.3
10.7
4.8 '
27.9
i
Bank credit. Commercial bank credit, adjusted for transfers of
loans between banks and their affiliates, declined $200 million in April-the first monthly reduction since October--following an average monthly
increase of $5 billion during the first quarter. Total investment holdings
showed only a small further increase as a sharp decline
in holdings of
U.S. Treasury securities was about offset by continued--but reduced-growth in holdings of other securities. Total loans declined reflecting
largely heavy repayments by brokers and dealers. Credit growth was weak
at large banks where the reductions in Treasury securities and security
loans were concentrated but of about the usual volume at small banks.
Commercial bank holdings of U.S. Treasury issues declined $1.3
billion in April--only the second monthly decline in over a year. On
April 6, $2.2 billion of Treasury strip bills were delivered but payment
through tax and loan accounts was not provided and commercial bank holdings of bills rose only moderately. Subsequently, bill holdings dropped
sharply associated with cash redemptions of April tax bills; apparently,
commercial banks were holding a relatively greater volume of the bills
redeemed for cash than in past tax periods.
In addition, banks sold some
longer-term issues over the month.
Bank holdings of "other" securities increased $1.7 billion in
A p r i l — s u b s t a n t i a l growth but somewhat less rapid than the average monthly
rise of $2.2 billion over the previous six months. Banks added to their
holdings of both municipals and Federal agency issues but the rate of
acquisition of longer-term municipals slackened somewhat compared with
the March pace. At both large and small banks, total expansion was larger
than in corresponding periods of previous years.
Total loans, adjusted for transfers, declined $600 million in
April following a marked slowdown in March. The reduction in April, however, was due to weakness in security loans and in loans to nonbank
financial institutions whereas in March, business loans had declined
sharply following substantial growth earlier in the year. Loans to brokers
and dealers dropped $1.3 billion in April associated in part with cutbacks
in dealer inventory positions. Loans to nonbank financial institutions
also declined somewhat due in part to much smaller than usual borrowing
by finance companies over the mid-month tax date. Real estate loans
continued to expand at the advanced pace of other recent months while other
categories rose moderately.
Business loans adjusted for transfers, rose $100 million in April
compared with a reduction of $900 million in March and an average monthly
increase of $900 million earlier in the year.
In April, as in March,
corporate borrowing over the tax date was smaller than in any other recent
year.
In March, however, there had also been exceptionally heavy capital
market financing with part of the proceeds used to repay bank debt. Over
April, borrowing by retail trade and metal, textile, and chemical manufacturing was relatively weak while that by the services and construction
groups was relatively strong.
- 3 -
Money stock, time deposits, and nondeposit sources of funds.
The narrowly-defined money stock increased substantially further in April-at an annual rate of 9.8 per cent--but somewhat below the March pace. Over
the entire first quarter, the money stock had increased at an annual rate
of 8.9 per cent.
In April, expansion in currency holdings was at an even
faster rate than the accelerated pace of the two previous months but growth
in private demand deposits slowed somewhat. U.S. Government deposits, h o w
ever, increased following a relatively substantial decline over the first
quarter.
Time and savings deposits at commercial banks increased $2.2
billion in April--less than half the exceptionally higher average monthly
increase of the previous six months. The slackened rate of growth was
associated primarily with much smaller inflows of consumer-type time and
savings deposits than in other recent months. Slowdowns occurred at both
large and small banks.
In addition, large negotiable CD 1 s--which had
increased sharply in late 1970 and moderately in early 1971--also declined.
On balance, expansion in the broad money stock (M )--currency, demand
deposits and time and savings deposits at all commercial banks other than
large CD 1 s--slackened to an annual rate of 12.6 per cent in April compared
with 17.8 per cent over the first quarter of 1971.
Nondeposit sources of funds declined somewhat further in April
but less rapidly than in other recent months. Most of the reduction was
associated with declines in head office
liabilities to foreign branches
largely in connection with foreign branch acquisitions of $1.5 billion
of special Treasury certificates on April 9. Holdings of bank-related
commercial paper rose slightly--the first monthly increase since midsummer 1970.
Bank reserves. Reserve positions turned positive in April and
free reserves averaged about $10 million over the four weeks ending the
28th compared with net borrowed reserves of $120 million in March.
Member bank borrowings declined sharply but excess reserves also declined
slightly.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System
M t I XHIHIl A, PARI I
LOANS A W
I N V E S T M E N T S AT A L L C O M M E R C I A L BANKS
I .ist Wednesday ofmonth, seasonally adjusted
i
i
i
i
i
i ii i i i r i i
Billions ol dollars
II I I I II III I I I
TOTAL LOANS
AND INVESTMENTS
LOANS
OTHER SECURITIES
U S. GOVT. SECURITIES
I IIIII
I llIlIlII
M
1968
* CHANGE IN SERIES
J
1970
S
Exhibit A - Part II
Loans and Investments at All Commercial Banks
(Seasonally Adjusted)
Date
Total
Loans
( I n
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
31 2/
31 2/
31
31
31
31
31
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
1 9 6 9 — J u n e 30 (old series )
4/ June 30 (new series)
Dec. 31
392.5
397.3
401.3
1 9 7 0 — J a n . 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
398.5
399.7
400.9
403.5
405.9
406.4
412.8
418.3
423.7
424.0
427.3
432.5
1971—Jan.
Feb.
Mar.
Apr.
438.0
443.6 5/
447.6
447.6
1/
2/
3/
4/
27
24
31
28
p
p
p
p
—/
U.S. Gov't.
securities
of
d o l l a r s
Other
securities
)
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
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
. 58.4
59.6
61.2
88.4
89.8
59.9
93.8
3/
291.2
294.3 5/
294.3
293.9
92.1
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 persona
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.
EXHIBIT A - PART H I
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES
Loans sold outright by commercial banks
(outstanding in billions of dollars.
N.S.A.
Sold to
Sold to
nonbank public 2/
Affiliates 1/
Business
Business
Business
Loans
Total
Loans
Total
Loans
Date
1969
Dec. 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 e
1971
Jan.
Feb.
Mar.
Apr.
27
24
31
28
Commercial bank credit
(seasonally adjusted)
Total loans
and inve s tment s
Ad justed 3/
O'riginial
Total loans
Adjusted 3/
Original
Business loans
Adjusted 4/
Original
5.2
3.0
3.8
2.4
1.4
0.6
401.3
405.1
278.1
281.9
106.1
108.5
7.5
5.8
1.7
0.7
6.7
6.9
7.8
7.9
4.3
4.8
5.1
5.4
6.2
6.3
1.8
1.8
1.8
1.8
1.9
0.7
5.8
3.5
3.0
2.5
1.9
1.8
1.7
1.9
0.5
0.5
0.5
0.4
426.1
428.7
428.2
430.9
435.2
276.6
278.5
277.6
277.0
278.0
277.4
281.5
284.1
287.3
286.9
287.7
288.9
282.4
284.9
284.3
283.9
285.8
285.3
289.5
291.9
292.3
291.1
291.3
291.6
105.4
105.6
105.1
105.2
105.7
7.8
5.0
4.2
3.6
2.7
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
5.9
5.5
4.6
5.0
5.6
5.9
6.1
6.9
7.0
6.8
6.4
4.0
3.5
3.0
2.3
106.9
108.4
109.9
109.1
108.9
108.9
109.7
110.4
110.2
110.6
111 9
112.9
113.1
114.2
113.4
112.1
111.4
110.8
4.5
4.5
4.4
4.3
2.2
2.2
2.0
2.0
2.6
1.8
1.8
1.6
1.9
1.9
1.8
1.9
0.4
0.4
0.4
0.4
438.0
443.6 6/
447 .6
447.6
440.6
446.2 6/
450.2
450.0
291.2
294.3 6/
294.3
293.9
293.8
296.9 6/
296.9
296.3
109.5
110.8
109.9
110.0
111.3
112.6
111.5
111.6
8.2
8.5
8.8
9.6
9.7
9.9
9.6
6.8
6.4
8.0
2.6
2.6
2.4
6.2
1.6
1.8
1.8
1.8
0.8
0.8
0.7
0.7
0.6
0.6
420.8
106.6
(Annual rates in per cent)
(Net change in billions of dollars)
1969
Dec. 31
-0.8
-1.0
-0.9
-0.9
-0.1
-0.1
0.3
-2.4
7.3
3.4
14.9
4.4
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
2.3
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
-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
5/
5/
5/
5/
0.1
-0.1
-0.1
0.1
5/
0.1
0.1
0.1
-8.4
3.6
3.6
7.8
7.1
1.5
18.9
-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
17.7
11.1
13.5
-1.7
3.3
5.0
2.1
10.6
-2.6
-1.7
8.0
-2.1
-7.9
2.2
-5.7
1.1
5.7
10.2
13.3
7.7
-2.2
4.4
14.1
10.7
17.7
9.9
1.6
-4.9
0.8
1.2
3.4
16.8
16.6
-8.7
-2.2
-0.1
5/
i -0.1
, -0.1
-0.1
5/
-0.1
5/
-0.1
5/
5/
5/
9.6
12.8
9.1
12.7
5/
-0.2
-0.2
5/
14.9
15.3
10.8
-0.5
6= 6
14.2
-9.8
1.1
1971
Jan.
Feb.
Mar.
Apr.
1/
27
24
31
28
-0?2 .
5/
-u. 1
|°.i
5/
5/
-0.1
5/
-0.1
5/
-0.1
5/
16.0
15.5
0.8
-0.1
1/
9.3
14.6
5/
5/
5/
15.3
15.3
10.8
1/
—. —
-1.6
--
|
-2.4
2.1
11.7
-8.4
-13.8
-7.5
-6.5
5.4
14.0
-11.7
1.1
To bank holding companies, affiliates, subsidiaries, or foreign branches.
If
If
A/
5/
6/
Includes $800 million System matched-sale-purchase transactions outstanding on February 24.
P - Preliminary.
- Estimated.
#
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
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
14.4
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
0.1 6/
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
Apr. 29
May 27
June 24
July 29
Aug. 26
Sept.30
Oct. 28
Nov. 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
0.3
0.3
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
7/
10.2
9.1
r 6.4
5.7
7.4
6.5
r 3.5
2.8
6.5
5.7
r 2.9
2.2
0.8
0.8
0.6
0.6
Jan.
Feb.
Mar.
Apr.
27
24
31
28 p
inciuaes
2/
3/
ZT/
1
mi
iiiucucj-miuatc
- —
1/
7/
7/
7/
»•
Commercial
paper 2/
0.8
1.0
1.2
1.9
2.2
1.3
2.0
2.6
1.0
0.6
3.7
- 4.2
4.3
0.9
0.5
0.5
0.5
5.5
0.8
0.6
0.9
0.2
0.2
0.1
0.1
0.1
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.6
0.7
0.7
0.7
0.7
2.0
0.7
0.7
0.7
0.7
-
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.
1.3
0.9
0.5
0.4
0.3
0.2
3.7
3.1
2.3
1.8
0.6
0.8
0.6
0.8
0.8
1.9
1.7
1/
7/
0.8
0.8
6.5
6.7
7.6
7.6
7.8
7.3
4.6
1/
7/
0.4
0.4
0.7
1.5
6.1
V
Loans sold under
repurchase agreement 3/
Customer
To the
To bank
, , nonbank. guaranteed Ineligible
acceptances
paper
public—
Total affiliates—
0.8
1.2
1.1
0.1
0.1
0.1
7/
0.6
1.1
1.1
I
y,
v,
0.1
1/
0.1
0.1
0.2
0.1
0.1
0.2
0.2
0.2
0.3
0.1
0.2
0.2
0.2
0.1
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
0.3
0.2
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
0.3
0.2
L.4.3 - EXHIBIT B, Part 1
LOANS AT ALL COMMERCIAL BANKS
Billions of d o l l a r
Last Wednesday of m o n t h , seasonally adjusted
BUSINESS
REAL ESTATE
CONSUMER
SECURITY
M
J
1966
*
C H A N G E IN SERIES,
S
Exhibit B - Part II
Loans at All Commercial Banks
Seasonally Adjusted
Consumer
Real Estate
Business
Date
( I n
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)
of
d o l l a r
23.7
27.2
31.1
35.6
38.2
40.0
44.9
48.2
31
31
31
31
31
31
31
31 1/
31
47.6
52.0
58.4
69.4
78.6
86.3
95.9
106.1
1 9 7 0 — J a n . 28
Feb. 25
Mar. 25
Apr. 29
May
27
June 30
July 29
A u g . 26
Sept.30
Oct. 28 p
Nov. 25 p
Dec . 31 e
105.4
105.6
105.1
105.2
105.7
106.6
106.9
108.4
109.9
109.1
108.9
3 08.9
70.2
70.5
70 .7
70.7
70,7
70.6
70.7
70.8
71.0
71.2
71.5
71.9
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
1 9 7 1 — J a n . 27 p
Feb. 24 p
109.5
110.8
72.3
72.9
M a r . 31 p
A p r . 28 p
109.9
110.0
73.4
73.9
50.0
50.2
r 50.4
50.6
1962—Dec.
1963—Dec.
1964--Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
1969—Dec.
Dec.
•
Security
Nonbank
financial
Agriculture
s )
6.1
6.9
7.4
7.4
7.9
9.2
10.4
9.4
I
7.6
9.1
1
9.8
11.9
i
!
12.1
!
11.4
12.5
l/l3.2(old)
13.7(new) I
7.1
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
14.6
14.6
14.6
15.0
14.9
10.6
10.6
10.6
10.7
10.9
11.0
11.1
11.4
11.5
11.4
11.3
11.3
11.4
11.6 4/
15 .6
15.6
11.2
11.3
11.3
10.0
15.8
15.5
11.6
11.7
8.1
9:1
9.4
8.6
8.6
7.2
8.4
9.3
9.9
10.4
10.1
10.9
Estimated.
.
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 w a s nominal. r
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/
~~
2/
~
These data are not for publication.
Exhibit C
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted
(In billions of dollars)
o
'
Item
June
July
April
May
Loans and Inves tmerits 2/
±Li
+2.6
±L£
+0.5
+6 .4
+5,5
U. S. Gov't, securities
+0.5
+2.1
+1.0
+0.7
+1.7
+1.7
Other securities
+1.6
+1.0
+0.5
_0.5
+0.5
Loans 2/
-0.9
-0.6
+1.0
-0.6
Business
-0.5
+0.1
+0.5
Real estate
-0.2
1/
Consumer
-0.1
Security
Nonbank financial
1
•
April p
Ja]n. p
Feb. p
March p
+5.2
+5.5
+5 .6-Z
+4.0
1/
Dec. e
+0.3
+3.3
+0.1
-1.3 -
+0.2
i
+1.5
+0.4
+1.2
+1.6
-1.3
+1.2
+2.1
+2.0
^ +2.4
:
+2.4
+2.8
+1.4
+2.3
+1.7
+4.1
+2.6
+3.2
-0.4
+0.8
;*
+1.2
+2.3
+3.1^/
1/
-0.4
+0.9
+0.3
+1.5
+1.5
-0.8
-0.2
+0.6
+1.3
-0.9
+0.1
-0.1
+0.1
+0.1
+0.2
+0.2
+0.3
+0.4
+0.4
+0.6
+0.5
+0.5
1/
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
+0.3
-0.8
-1.4
+1.2
+0.9
+0.6
+0.5
-0.3
+0.8
+0.5
+0.2-/
-0.3
-1.3
1/
-0.5
+0.4
+0.5
+1.6
-0.4
1/
+0.4
-0.1
+0.7
1/
+0.2
-0.3
1/
+0.1
+0.2
+0.1
+0.1
+0.2
+0.1
: -0.1
--
-0.1
+0.1
+0.3
+0.1
1/
-0.3
1/
-0.2
-0/7
+0.5
+0.1
+0.5
- -
+0.7
1/
+0.3
All other
Total loans excluding
security 3/
-1.2
+0.2
+1.0
+0.8
+2.9
+1.7
+2.9
+0.3
+0.9
Total loans excluding
security and nonbank financial 3/
-0.7
+0.2
+0.6
+0.3
+1.3
+2.1
+0.1
+1.2
Agriculture
1/
B
Sept.
Aug.
Mar.
Nov. p:
Oct. p
Less than $50 million.
E r J E s H E & i
~
e - Estimated.
;
1 7
:
-
;
^0.1
.
; -o.4
+0.9
-0.3
+2.6
\ -0.9
+1.1
+0.4
; +1 . 8
-2.6
; -0.9
+0.8
+0.5
+ 1.1
Revised.
:
| +2.9
p - Preliminary.
s a t
loans
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 Marc i to last Wednesday in April
Item
All commercial banks
Total loans
U. S. Gov't, securities
Other securities
Total
+2.1
+0.8
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
4-4.0
+2.0
+2.1
End of December to end of April
Item
1971 2/
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 4/
Total loans
U. S. Gov't, securities
Other securities
Total
NOTE:
1970
+3.8
-fu, 8
+1.8
+4.8
+2.5
+3.8
+1.6
+0,8
4-0.8
+0.8
Data exclude all interbank loans; call report data for weekly reporting banks
used when available.
Less than $50 million.
2/
3/
Based on rlvilld^covIrlgf^beginlinl^Jui; 1966, and January 1967, 1968, 1969, 1970,
Based^on'revised reporting beginning July 1969.
Digitized4/
for FRASER
maintain comparability of series.
Changes have been adjusted to
Exhibit E
Changes in Commercial and Industrial Loans at Large Commercial Banks
(In millions of dollars)
Late March to late April
Business of borrower
1971 p
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/
- 57
-111
+ 93
+ 22
+ 71
- 85
- 3
+ 74
-201
+ 45
- 40
+ 1
+ 12
+ 4
- 40
- 82
-143
-219
+102
- 26
+ 80
+204
- 80
+216
+ 68
- 16
-180
+187
+ 7
1970
- 4
- 30
+205
+106
+ 99
+135
+ 50
- 29
+ 49
+ 65
+ 72
6
+138
+104
- 71
- 94
-198
- 95
+ 73
-176
+ 60
+ 68
+178
-151
+ 41
- 12
+367
+189
+556
1969
+
10
120
+ 450
+ 331
+ 119
+ 208
+
23
+ 131
53
+ 107
+ 111
+ 116
+ 111
+
45
+
35
+
72
89
102
+
95
82
+
17
+ 321
+
22
+ 144
+ 155
47
+1 ,240
+ 175
+1 ,415
-
1968
126
108
+ 273
+ 154
+ 119
+ 161
+
90
+
80
53
+
44
+
70
3
+
91
+
48
+
23
+ 179
+ 125
+
87
36
+
+
2
+
44
+ 167
150
+ 101
+ 237
14
+ 951
+ 109
+1 ,060
-
1967
- 68
- 84
+164
+137
+ 27
- 43
+ 26
+ 89
-220
+ 62
- 2
- 24
+158
- 23
+ 58
- 83
+ 90
+ 50
+ 58
- 18
+ 51
+ 76
- 24
+ 10
+ 90
- 15
+255
+128
+383
1971 p
.
585
164
+ 152
+ 113
+
39
265
+ 144
2 06
278
+
75
+ 119
284
+
33.
+ 133
120
220
184
+
50
+ 127
361
+ 210
242
242
50
+
50
+ 124
-1 ,293
+ 606
687
-
1970
1969
430
211
+
9
+
29
20
+ 379
22
+ 154
+
75
+ 172
+ 218
135
+
31
+
98
87
558
-1 ,469
281
207
981
39
536
58
246
232
110
-2,840
229
-3 ,069
616
156
+ 508
+ 264
+ 244
+1 ,044
+
88
+ 561
+ 113
+ 282
+ 362
+ 413
+
89
+
92
+
21
+ 290
178
82
+
25
235
+ 216
+1 ,113
119
+ 736
+ 496
98
+3 ,100
+ 417
+3 ,534
-
15168
420
383
+ 254
+ 126
+ 128
+ 731
+ 352
+ 320
45
+ 104
+ 395
116
+ 207
+
68
+
37
+ 576
211
+ 242
36
417
+
86
+ 328
270
+ 274
+ 337
62
+1 ,603
+ 152
+1 ,755
Four most comparable weeks used throughout.
Changes are compiled from December 30, 1970; December 31, 1969; December Z$, 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 se parately.
1967
540
229
3
47
+
44
+1 ,028
+ 126
+ 691
6
+
+ 205
+ 209
+
37
+ 466
+
34
+ 111
+ 111
77
+ 138
+ 124
339
56
+ 322
+ 212
132
+ 242
+
78
+1 ,491
+ 107
+1 ,598
.
Exhibit F
Loans and Investments at All Commercial Banks
(In billions of dollars)
Loans and
Other
investments U. S. Gov't. securities Total loans
Date
1964—-Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.
31
31
31
30
31
Business
Real
estate
Security
43.7
49.3
54.0
58.5
65.1
8.4
8.5
9.0
10.5
11.8
273.9
301.8
317.9 1/
354.5
393.4
63.0
59.5
56.2
62.5
64.5
38.8
44.9
48.8 2/
61.5
71.5
172.1
197.4
213.0 1/2/
230.5
257.4
385.0
384.1
385.4
391.5
390.2
396.4
401.3
397.7
394.7
396.5
397.2
400.7
410.5
63.2
59.5 '
58.5
58.0
55.4
54.0
54.0
54.7
54.3
53.2
54.4
55.1
54.7
70.5
70.9
71.4
72.3
71.8
72.6
72.4
71.3
70.9
71.2
70.4
70.9
71.3
251.3
253.7
255.5
261.2
263.0
269.8
274.9
271.7
269.5
272.1
272.4
274.7
284.5
96.5
97.7
99.7
101.6
101.8
104.5
104.5
103.1
102.0
103.8
103.6
104.4
108.8
65.6
66.1
66.6
67.2
67.8
68.4
68.4
68.8
69.3
69.7
70.0
70.3
70.5
70.0 4/
1970—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28 p
Hov. 25 p
Dec. 31 e
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
1971—Jan. 27 p
Feb. 24 p
Mar. 31 p
Apr i 28 p
437.1
440.0 6/
445 .4
447.7
1969—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 30 e
June 30
July 30
Aug. 27 •
Sept. 24
Oct. 29
Nov. 26
Dec. 31
Dec. 31
(old)
(new) 3/
(old)
(new)
60.2
71.4
80.6
88.5
98.4
61.2
81.0
82.6
85.7
285.5
286.2
295.5
104.1
104.1
105.0
105.6
105.3
108.6
107.3
107.0
109.6
108.2
108.5
111.7
61.3
61.2
61.4
59.8
87.3
89.0
91.7
94.3
288.5
289.8 61
292 .4
293.7
108.4
109.4
110.2
110.5
288.0
Farm
Consumer
Honbank
financial.
^ { AM«
7.5
8.2
8.6 2/
9.3
9.7
31.0
35.7
38.3
40.0
44.9
10.9
13.3
13.3
12.5
13.7
All
other
13.9
15.0
13.6 1/
15.9
18.9
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
4S.2
12.1
12.5
12.3
13.3
12.7
13.7
13.7
12.4
12.1
12.4
12.0
12.2
14.6
15.1 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
8.2
8.3
8.8
8.8
8.6
7.9
8.6
9.1
9.6
9.7
9.7
12.5
10.4
10.5
10.6
10.8
11.1
11.2
11.3
11.4
11.4
11.3
11.2
11.1
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
12.2
12.7
12.3
14.4
14.9
14.3
15.2
14.4
14.6
16.4
21.8
72.2
72.5
72.9
73.4
11.1
11.0 6/
11.0
10.2
11.0
11.2
11.6
11.8
49.6
49.5
49.7
50.3
15.1
14.9
15.7
15.7
21.1
21.2
21.2
21.7
18.2
18.2
18.1
18.8
19.8
20.4
20.5
19.9
19.8
19.8
20.0
20.2
21.3
20.6
20.3
20.3
20.7
21.0
21.3
21.2
20.8
21.1
20.5
20.7
e - Estimated
r - Revised
p - Preliminary.
MOTE: Data exclude interbank loans. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June
end December call dates.
if 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 outstanding on February 24.
Individual 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
U.S. Government
securities maturing
within one year
All
commercial
banks
M e m b e r
B a n k s
Reserve City Banks
New York City of
Chicago
Other Country
City
,Total
45.8
48.8
49.7
48.4
54.0
55.1
54.5
56.5
58.6
60.5
63.7
65.8
63.8
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
(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
73.2
73.4
73.0
72.7
72.9
71.8
72.0
71*1
70.2
69.6
69.2
68.0
(70.6)
(70.9)
(70.8)
(70.5 )
(70.6)
(70.3)
(70.2)
(69.2)
(68.3)
(68.1)
(67.9)
(66.8>
76.5
76.7
76.3
76.0
76.1
72.5
74.8
73.8
72.6
92.6
93.8
92.2
91.5
91.5
95.8
88.0
88.1
86.5
81.3
81.0
80.4
63.7
63.9
63.8
63.7
64.0
4.7
4.4
5.2
4.8
4.6
4,3
4.8
5.0
72.1
71.8
70/5
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)
90.-2(81.8)
85.6
85.7
83.5
75.0
74.1
73.4
62.0
61.8
60.7
5.1
5.1
5.7
27*p 67.2
1971 — J a n .
24*p 67.3
Feb.
31*p 66.0
Mar.
A p r ., 28*p 66.4
(66.2)
(66.4)
(65.5)
(66.0)
69.5
69.6
68.2
68.5
86.6(79.9)
88.0(82.3)
84.8(81.9]
84.7(82.5)
80.9
81.3
81.4
76.9
72.5
72.3
70.5
71.5
60.6
60.6
59.8
60.2
5.5
4.9
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
Aug.
Sept.,
Oct.
Nov.
Dec.
1970- -Jan.
Feb.
Mar .
30*
27*
24*
29*
26*
31*^
28*
25*:
25*
29*
Apr.
May
27*
30*
June
July
29*
A u g * 26*
Sept . 30*
Oct. 28*p
Nov. 25*p
30*p
Dec.
1/
~~
79.9
80.0
80.0
78.6
76.7
75.6
60.5
63.6
62.9
62.2
All commercial
banks
4.7
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.
L.4.3-EXHIBITH, PARTI
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 .
B i l l i o n s 0/ d o l l a r s
Annual rate
55
I 1 I I / I I 225
'
205
50
TIME AND SAVINGS DEPOSITS
ALL COMMERCIAL BANKS
l
185
45
MONEY SUPPLY
TURNOVER
OUTSIDE N.Y.C.
232 SMSA'S
40
165
35
145
U.S. GOVT. DEPOSITS
MEMBER BANKS
1966
* CHANGE IN SERIES.
1967
Z
1968
1969
1970
Exhibit H - Part II
Money Stock Measures and Deposit Turnover
(Seasonally adjusted; dollar amounts in billions)
m
M
i
„
Currency
plus
demand - .
deposits
M
3
2
M^ plus
M 2 plus
time dep.
at comm.
at nonother than. , bank thrift 3 .
large CD's- institutions— Currency
Demand
Deposits
Time and
savings deposits
CD's Other Total
Nonbank thrift
institutions
U.S. Gov't
deposits
(all member)
outside
N.Y. Citv
(per cent)
1964- -December
1965- -December
1966- -December
1967- -December
1968--December
1 9 6 9 --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
1 9 7 0 - -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
6.2
5.2
6.0
6.2
1 9 7 1 - •January
February
March
April p
214.8
217.3
219.4
221.2
423.0
430.8
437.6
442.2
642.1
653.9
664.7
673.5
49.2
49.6
50.0
50.5
165.5
167.7
169.4
170.7
27.1
27.4
27.8
27.3
208.2
213.5
218.3
221.0
235.3
240.9
246.1
248.3
219.1
223.1
227.1
231.3
6.7
6.2
4.8
5.4
52.8
54.2
53.4
n.a.
223.1
222.6
220.4
219.2
443.6
443.3
441.2
440.6
n.a.
n.a.
n.a.
n.a.
50.4
50.6
50.5
50.6
172.7
172.1
169.8
168.7
27.4
27.5
27.0
27.4
220.5
220.6
220.8
221.4
247.9
248.1
247.9
248.8
n.a.
n.a.
n.a.
n.a.
3.3
5.3
7.9
5.4
n.a.
n.a.
n.a.
n.a.
Week ending:
1971--April
7
14
21
28 P
1/
2/
If
33.5
37.4
40.1
40.6
44.8
49.2
r
r
r
r
r
r
r
r
r
50=2
52.1
53.3
52.7
53.6
52.5
53 = 0
53 = 4
51.6
52.4
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.
Includes in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposits
other than negotiable time certificates of deposit issued in denomination of $100,000 or more by large weekly reporting commercial banks.
Includes Mg, 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, Part 1
TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS
Billions of dollars
Wednesday figures
TOTAL TIME AND SAVINGS DEPOSITS
CONSUMER-TYPE TIME AND SAVINGS
SAVINGS DEPOSITS
CONSUMER TYPE TIME DEPOSITS
NEGOTIABLE CD's
STATE AND POLITICAL, FOREIGN OFFICIAL ETC
• iiiiiiiiiIii'i 'ii'iii
1970
•
•
•
•
Period
•
•
•
•
EXHIBIT I - Part II
Total
Consumertype time
& savings
|
t
2
Time and Savings Deposits
ConsumerLarge
State Polit
Savings
type
Negotiable
F o r . offic
time
CD's 1/
etc.
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)
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
80,722
45,831
45,632
45,996
45,888
46,077
46,174
46,345
46,330
46,808
30,669
30,768
30,880
30,814
30,918
31,174
32,090
32,740
33,914
28
10,471
10,864
11,820
13,046
13,004
12,976
17,900
20,174
22,242
114,803
116,447
8,048
8,358
8,656
9,533
9,471
9,352
10,159
10,491
10,676
81.150
81,554
47,332
47,016
34,134
34,222
23,545
25,201
10.108 .
9,692
119,44?
120,206
82,776
83,473
48,037
48,479
34,744
34,994
26,074
26,125
10,592
10,608
123,102
125,842
129,175
85,168
87,319
90,809
49,142
50,453
52,974
36,026
36,866
37,835
27,192
27,489
27,524
10,742
11,034
10,842
128,845
128,723
128,632
129,334
90,799
90,543
90,626
90,741
53,080
53,023
53,019
53,052
37,719
37,520
37,607
37,689
27,316
27,237
26,739
27,233
10,730
10,943
11,267
11,360
Oct.
(old)
(new)
25
Nov.
Dec . 30 (old)
30 (new)
Dec.
W e e k ending:
1971--Jan.
27
Feb.
24
Mar.
31
1/
Apr.
7
14
21
28
Negotiable certificates of deposit issued in denominations of $100,000 or more,
Exhibit J
Member Bank Reserves
(Based on averages of daily figures; in millions of dollars)
Free reserves
(excess reserves minus borrowings)
DATE
All
ember
Monthl
y
1959- •December
19ti0- •December
1961- •December
1962- December
1963- December
1964- •December
1965- December
1966- December
1967- •eceaber
1968- December
-424
669
419
268
209
168
-
2
-165
107
-310
Reserve City Banks
New York
City of
City
Chicago
-109
10
- 50
- 62
19
- 14
- 70
- 95
- 22
-130
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
- 60
- 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
- 91
-127
-120
14
19
15
-90
-21
1971--Jan.
Feb.
Mar.
Apr. p
NOTE:
Excess
Reserves
Other
Country
All
member
All
Total reserves
held seasonally
adjusted
All
member
-104
- 4
- 22
-449
- 11
- 52
-122
-103
-161
-159
- 55
-180
237
583
471
394
334
315
238
140
187
70
-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
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
27,890
27,902
28,041
28,585
29,240
29,385
29,474
29,925
-282
-333
-155
-158
178
172
150
190
279
201
199
162
370
328
319
148
30,229
30,515
30,748
30,823
21
- 31
-
8
- 50
- 5
- 70
- 49
- 33
-101
-116
-148
-
8
15
47
37
26
67
9
-
82
58
15
82
25
3
-135
- 67
-
8
- 13
- 12
3
-
6
19
-25
z2
80
20
482
756
568
572
536
411
452
392
345
455
906
87
149
304
327
243
454
557
238
765
217
697
824
918
996
1,402
1,407
1,190
1,249
1,067
1,135
1,241
228
Aggregate reserve ...... h... w .
...li-i"'.
on Euro-dollar borrowings re Included beginning October 16, 1969, and requirements on
October 1 1970
Borrowings
a s s - ;
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
27.722
27.723
28,216
s s a r *
Exhibit K
Liquid Assets Held by the Public - Seasonally Adjusted Series 1/
(Amounts in billions of dollars; ratios expressed as percentages)
Time deposits
End of
year or
month
Total
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966*
1967
1968
p
p
p
p
Mutual
savings
banks
4
5
26.3
2.1
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
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
720.6
195.4
194.8
199.3
196.7
197.9
199.8
198.7
199.3
203.6
199.6
78 8.4
• 795.2
r 813.6
811.7
Postal
Savings
System
Commercial
banks 3/
1
722.0
733.7
731.4
734.1
738.7
749.9
751.1
765.6
764.7
773.7
785.3
1971
Jan.
Feb.
Mar.
Apr.
Demand
deposits and
currency 2/
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
28.1
30.0
31.6
33.9
34.9
36.2
38.3
41.4
44.5
49.0
5f.6
55.2
60.3
64.7
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
savings
deposits
maturing
bonds 5/
within one
and
year 6/
shares
6
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
7
8
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
52.5
52.3
63.4
63.4
67.7
67.5
68.3
67.3
68.1
71.6
74.6
71.7
74.2
73.2
202.7
200.4
197.5
195.6
195.5
195.7
197.9
197.1
66.7
67.0
67.3
131.0
132.0
133.4
133.3
133.6
133.7
133.7
134.2
135.4
135.0
135.4
135.0
207.6
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
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
52.2
52.1
52.0
52.0
52.0
52.0
52.4
52.0
52.1
52.1
52.2
52.7
76.8
77.2
77.7
78.5
74.6
76.0
74.5
74.3
73.8
202.5
204.2
r 210.9
205.3
239.6
244.2
249.5
249.9
72.2
73.5
r 74.7
75.8
148. 7
153.6
r 155.7
158.2
52.8
52.8
53.U
53.2
72.6
69.0
r 70.1
69.3
189.9
192.4
190.8
191.6
194.2
191.9
193.3
194.1
193.9
195.8
206.8
201. i
203.4
202.9
201.9
201.8
64.8
65.2
65.5
65.7
66.1
66.3
66.3
66.4
66. 6
52.2
52.2
52.2
52.2
52.2
52.1
52.0
52.0
52.0
52.4
Liquid
assets
to gross
national
product 7/
9
Ratios:
Demand deCommercial
posits and bank deposits
currency to and currency to
gross nation- liquid assets
al product 7/ (2 + 3 t 1)
10
11
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
80.2
81.0
81.5
79.8
77.6
78.7
78.2
28.6
22.8
21.8
21.8
21.4
78.0
21.2
77.2
20.8
75.7
20.5
75.8
20.8
76.3
76.6
80.1
75.8
20.7
75.6
20.4
76.2
20.3
7 8. 0
20.5
r 77.9
20.2
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
55.7
55.7
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
56.1
56.4
56.6
56.1
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. 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) .
r~~ —- -4
@FedFRASER