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tot w *~KVP * . n, J^NSAS « c L.4.3 L.4.j Not for Publication r : ,onr IP® BANKING AND MONETARY DEVELOPMENTS October 1976 Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System Table 1 Changes in Commercial Bank Credit, Money Stock and Time Deposits Seasonally adjusted annual rates (per cent) W" 1st half 1st Qtr. 1976 2nd 3rd Qtr. Otr. Atig.p 1975 * Year Year 9.1 4.4 4.4 4.7 4.9 5.6 4.2 -7.5 57.5 29.1 14.1 36.8 44.3 26.3 8.0 3.6 5.0 .8 -1.0 -4.1 2.2 11.5 -.7 .6 4.4 1.5 2.3 Business loans 17.5 -4.2 -3.2 .7 -5.3 Real estate loans 10.4 3.2 1.5 7.0 4.3 -.7 4.3 5.6 Total bank credit—^ U.S. Govt. securities Other Securities # # 3rd 4 th Otr. Qtr. Loans^ Consumer loans Seot.p Oct..? 9.0 6.1 12.4 29.8 -12.6 —6.4 8.3 3.3 8.2 3.3 1.8 8.5 6.9 9.0 18.5 -7.7 -2.8 4.2 7.0 19.5 8.0 8.9 6.9 6.0 -2.1 8.5 6.7 4.9 4.0 5.7 9.0 11.5 7.4 11.3 n.a. adjusted for loans sold to selected affiliates # 9.2 4.4 4.2 4.6 4.9 5.5 4.3 7.0 8.2 5.9 12.2 1/ Loans- 11.6 -.7 .4 4.3 1.6 2.1 1.0 8.0 5.7 8.7 18.2 Business Loans 17.4 -4.2 —3.3 -4.9 -7:4 -2.2 3.5 -2.1 6.9 18.6 Money stock - M^ 4.7 4.1 3.6 1.6 5.6 4.3 6.8 4.1 5.9 -.4 14.5 15.0 7.9 2.6 12.9 6.0 4.6 7.3 5.7 —3.3 9.7 13.7 Time other than CD's 9.4 12.2 8.9 11.6 13.9 16.1 31.3 15.0 12.0 16.9 17.0 CD's (dollar change in billions) 26.3 -6.9 -5.0 3.8 -12.3 -9.2 -2.6 -8.2 -5.2 -2.0 -.4 Total bank credit—^ . # • # Total time deposits 1/ Adjusted to exclude domestic interbank loans. n.a. - Not available. 1 Table 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total-/ 1/ Loans— U.S. Gov't. Securities Other Secutities (In billions of dollars) 19 72—December 1973—December 1974—December 31 31.3 / y 31- 558.0 633.4 690.4 378.9 449.0 500.2 62.6 54.5 50.4 116.5 129.9 139.8 1975—October November December 29 26 31 716.3 722.2 721.1 495.0 498.5 496.9 76.0 76.8 79.4 145.3 146.9 144.8 1976—January February March April May June July August September October 28 25 31 28 26 30 28 25 29 27 723.3 726.7 731.2 734.5 737.6 738.8 743.1 748.7 752.5 760.3 497.3 497.8 499.7 500.5 500.6 500.7 504.7 507.6 53,1.4 519:3 81.0 84.4 88.2 90.0 93.0 94.0 92.7 95.0 24.0 93:5 145.0 144.5 143.3 144.0 144.0 144.1 145.7 146.1 147.1 147.5 2/ 3/ p p p p p p p p p p — — "ii.ci.toud. J.UOUB. p - preliminary 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." Beginning October 31, 1974, as the result of the 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 mideastem bank. Table 3 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 . Affiliates — lonbank public —' Business business Business Loans Total Total Loans Total Loans Date Commercial bank credit (seasonally adjusted) Total loans and investments Adjusted 3/ Original Total Loans Adjusted 3/ Original Business Loans Adjusted 4/ Original 1971—Dec. 1972—Dec. 1973—Dec.-, 1974—Dec. 1975-—Dec. 4.5 4.4 6.1 n.a. n.a. 2.0 2.0 2.9 n.a. n.a. 2.8 2.6 4.3 4.8 4.4 1.6 1.7 2.6 2.7 2.5 1.7 1.8 1.8 n.a. n.a. 0.4 0.3 0.3 n.a. n.a. 485.7 558.0 633.4 690.4 721.1 488.5 560.6 637.7 695.2 725.5 320.9 378.9 449.0 500.2 496.9 323.7 381.5 453.3 505.2 501.3 116.1 130.2 156.4 183.3 176.0 117.7 131.9 159.0 186.0 178.5 1976 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. ; 4.3 4.5 4.2 4.2 4.4 4.5 4.5 4.0 3,9 3.8 2.5 2.7 2.6 2.6 2.7 2.8 2.8 2.5 2.5 2,4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. *.a. n.a. 723.3 726.7 731.2 734.5 737.6 738.8 743.1 748.7 752.5 760.3 727.6 731.2 735.4 738.7 742.0 743.3 747.6 752.7 756.4 764.1 497.3 497.8 499.7 500.5 500.6 500.7 504.7 507.6 501.6 502.3 503.9 504.7 505.0 505.2 509.2 511.6 176.6 175.1 171.4 170.5 170.7 170.2 171.0 171.0 179.1 177.8 174.0 173.1 173.4 173.0 173.8 173.5 511.4 519.3 515.3 523.1 172.0 174.8 174.5 177.2 28 25 31 28 26 30 28 25 29 27 p p7/ p^p p p p p p p affiliates reflect a newly issued definition of the group of affiliates included as well as a somewhat different group of reporting banks. 27 To other than banks' and bank-related affiliates or subsidiaries. 3/ Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. 4/ Includes business loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. 5/ 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. 6/ 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. 7/ 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. p preliminary n.a. not available T Table 4 Loans at all Commercial Banks Seasonally Adjusted Business Real Estate Consumer Security Nonbank Financial Agriculture 12.7 14.5 17.5 18.4 19.0 19.4 19.7 19.9 20.1 20.4 (In billions of dollars) 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. 31 31 1975—July 30 Sept. Oct. Nov. Dec. 3 \y 24 29 26 31 y 116.1 130.2 156.4 183.3 81.4 98.1 117.7 130.2 60.9 71.8 83.4 87.0 10.8 11.4 15.9 22.1 28.9 33.3 176.7 176.5 175.4 176.3 177.1 176.0 131.7 131.7 132.1 132.9 133.5 134.4 86.4 86.9 87.7 88.5 89.0 89.9 10.7 10.7 10.3 11.3 12.7 12.3 30.9 30.8 30.7 30.0 30.0 28.0 14.7 12.2 176.6 28 P 90.3 135.2 10.6 29.0 20.6 175.1 25 P ,, 90.4 136.4 11.1 29.3 20.8 171.4 90.8 31 138.2 13.3 28.9 21.2 170.5 91.6 28 P 139.0 13.3 28.7 21.4 170.7 91.8 26 P 140.0 28.1 21.8 I H 140.6 22.0 170.2 27.2 30 P 92.1 28 P 171.0 141.5 93.1 14.3 26.9 22.2 25 P 171.0 141.7 15.9 53,8 26.1 22.5 15,2 25.8 22.9 94.7 142.7 172.0 Sept. 29 P n.a. 26.5 16.7 143.5 23.2 174.8 27 -P Oct. n.a. - not available. p - Preliminary 1/ 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 by $0.6 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 at one large mideastern bant. —Jan. Feb. Mar. Apr. May June July Aug. Table 5 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item 1975 Sept. Oct. Nov. Dec. Jan. p Loans and Investments 2/ +3.4 +3.6 +5.9 -1.1 +2.2 +3.4 U. S. Gov't, securities +1.7 -.7 +.8 +2.6 +1.6 +.4 + .8 +1.6 -2.1 +1.3 +3.5 +3.5 -1.1 + .9 Real estate + .4 Consumer Feb. p March p 1976' r April p May p 44.5 +3.3 +3.1 +3.4 +3.8 +1.8 + .2 -.5 -1.2 -1.6 +.4 +.5 + .8 -1.1 + .6 + .8 +.6 + .9 +.8 +.8 + .5 Security -.4 +1.0 +1.4 Nonbank financial -.1 -.7 Agriculture + .3 +1.5 Other securities Loans 2/ Business All other June p July p August p Sent.d Oct. +1.2 44.3 +5.6 +3.8 +7. 8 +3.0 +1.0 -1.3 +2.3 -1.0 — #5 +.7 1/ +.1 +1.6 + .4 +1.0 +.4 +1.9 + .8 +.1 +.1 44.0 +2.9 +3.8 +7.9 -1.5 -2.5 -.9 +i2 -.5 +.8 1/ +1.0 +2.8 +.8 +1.2 +1.0 +.8 +1.0 + .6 +.9 + .2 +1.0 +.8 + .9 +.4 + .1 +.4 + .8 +.2 +.3 +1.0 +.7 +.9 n.a. - .4 -1.7 +.5 +2.2 1/ + .5 + .4 +.1 +1.6 -.7 +1.5 1/ -2.0 +1.0 +.3 -.6 -.2 r.6 -.9 -.3 -. 8 -.3 + ,2 +.2 +.3 + .2 +.2 + .4 +.2 + .4 +.2 + .2 +.3 +.4 + .6 + .1 -.1 -.9 -.5 +1.0 +. 1 -1.6 +1.3 +.9 +1.5 : J J y +.7 +. 3 n.a. D Item Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted Adjusted for Loans Sold to Affiliates (In billions of dollars) is>75 1976 Sept. Oct. Nov. Dec. Jan. p Feb. p Mar. p Apr. p May p June p July p Aug. p Sept.p Oct. Loans and Investments 2/ +3.4 +3.8 +5.9 -1.4 +2.1 +3.6 +4.2 +3.3 +3.3 +1.3 +4.3 +5.1 +3.7 +7.7 U. S. Gov't, securities +1.7 -.7 +.8 +2.6 1.6 3.4 +3.8 +1.8 3.0 +1.0 -1.3 +2.3 -1.0 -.5 +.4 +.8 +1.6 -2.1 +.2 -1.2 +.7 +. 1 +1.6 +.4 +1.0 +.4 +1.3 +3,7 +3.5 -1.9 +.3 + .7 +1.6 +.8 +.3 +.2 +4.0 +2.4 +3.7 +7.8 -1.1 +1.0 +.7 -1.4 +.6 -1.3 -2.6 -.9 +.3 - .4 + .8 -.5 +1.0 +2.7 Other securities Loans 2/ Business 1/ Less than $50 million. II Adjusted to exclude interbank loans P - Preliminary -.5 y D 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 Last Wednesday of September to the last Wednesday of Octobe Item 1975 1976D 1974 1973 1972 1971 1970 2/ All commercial b a n k s Total loans U. S. Gov't, securities Other securities Total +4.8 +0.8 +0.1 +5.7 +1.2 +0.6 +0.6 +2.3 —. 6 1/ +.5 —. 9 +0.9 +0.9 +2.3 +4.1 +4.5 +0.6 +0.2 +5.3 +1.6 +1.2 +1.6 +4.5 -3.0 +1.4 +1.4 -0.1 All Large Banks 2J U Total loans U. S. Gov't, securities Other securities Total -2.9 +0.5 +0.2 -2.2 -0.4 +0.2 -0.1 -1.3 +.5 -.3 —1.2 -0.3 +0.9 +2.0 +2.6 +2.3 -0.4 +0.3 +2.2 -0.3 +1.1 +0.9 +1.7 -2.8 +0.8 +0.7 -1.3 Other banks — — Total loans U. S. Gov't, securities Other securities Total +7.7 +0.3 -0.1 +7.8 +1.5 +0.6 +0.3 +2.4 +0.8 -0.4 +0.8 +1.1 +1.2 1/ +0.3 +1.5 +2.2 +1.0 -0.1 +3.1 +1.9 +0.1 +0.6 +2.7 -0.2 +0.6 +0.8 +1.2 — End of December to 1ast Wednesday of October Item 1974 1973 1972 1971 1970 -17.0 +21.5 • +4.4 +8.9 +42.6 -7.5 +7.4 +42.6 +55.7 -11.0 +10.0 +54.7 +36.4 -4.0 +9.4 +41.8 +16.8 —1.8 +14.7 +29.7 +1.9 +2.5 +9.6 +14.0 -4.4 +3.6 -0.3 -1.1 -25.6 +11.0 -2.1 -16.7 +24.6 -5.3 +19.3 +31.6 -7.1 +3.0 +27.5 +17.7 -3.6 +2.5 +16.5 +4.2 -2.5 +6.3 +8.0 -1.9 +1.7 +5.0 +4.8 +14.7 +5.7 +1.8 +22.2 +8.6 +10.5 +6.5 +25.6 +18.2 -2.3 +7.5 +23.2 +24.1 -3.9 +7.0 +27.2 +18.7 -0.4 +7.0 +25.3 +12.5 +0.7 +8.4 +21.6 +3.7 +0.8 +4.6 +9.1 197fin 197S All commercial banks 2J Total loans U. S. Gov't, securities Other securities Total +10.2 +9.3 +1.5 +21.1 All Large Banks U 3/ Total loans U. S. Gov't, securities Other securities Total Other banks —^ ^ Total loans U. S. Gov't, securities Other securities Total 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 1967-76. 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. V Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to late October.7 7 Late September-to late OctoberA/ 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 Unclassified Total Change 1/ 2/ ~~ 1972 191 128 457 418 39 -287 31 -132 —163 -23 -98 -83 -22 -22 -23 —46 149 33 24 92 -24 198 61 188 -51 67 677 220 897 1973 —86 41 55 39 16 -362 -40 -295 -42 15 -127 —16 -104 -166 11 -85 -165 -26 -41 -98 -127 148 263 -31 —84 -47 -1030 14 —1016 1974 113 389 91 68 23 -226 -38 -213 75 -50 -224 136 -117 -79 -113 87 -744 -112 -279 -353 -46 254 66 -7 195 -21 -500 1 -499 1975r 85 77 298 242 56 -615 7 -409 -132 —81 -194 -81 12 —188 -59 14 -466 -106 -206 -154 -104 -66 395 6 -467 -44 -1331 -171 -1502 1976P 33 254 191 117 74 -222 -59 -12 -128 -23 -95 41 116 -87 -30 230 -218 -59 -71 —88 16 884 669 -10 225 39 1152 60 1212 1222. 105 -236 1326 1127 199 -899 20 -405 -558 44 654 -290 -410 400 —86 -99 585 -258 422 421 746 -259 -984 881 -156 357 1894 1767 3661 1973 388 -516 2296 1616 680 2454 -16 1635 238 597 837 217 605 1008 471 253 1914 364 128 1422 940 3092 -185 1414 1863 184 14143 1610 15753 1974 399 -95 2163 1257 906 3760 85 1871 1112 692 765 644 928 1339 354 695 1676 68 —67 1675 865 2028 184 621 1223 292 [15753 1528 17281 1976? , 1975r -1515 -694 -1391 -262 -1129 -3901 —16 -2623 -654 —608 -542 310 -549 -1098 -555 282 -2499 -370 -412 -1717 -445 -1150 972 -1437 —685 806 -*12941 -532 -13473 -432 239 1363 747 616 -2439 —63 -1190 -833 -353 706 197 -81 -176 —6 1198 -2978 -975 -577 -1426 -983 -4015 -609 -491 -2915 225 -7182 -18 -7200 Four most comparable weeks used through out. , Changes are compiled from December 29, 1971; January 3, 1973; January 2, 1974; December 31, 1974; and December 31,1975. These data cannot be linked with all commercial bank data which are always for December 31. # # # e # e # e # # -*r- Table 8 Loans and Investments of All Commercial Banks (In billions of dollars) (Not seasonally adjusted) Loans and investments Date 1966—Dec# 196.7—Dec. 1968—Dec. 1969—Dec. 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—-Dec. 1975—Dec. 31 30 31., 31-' 31 31 5/ 3131ft , 7 , 31— — 31 324.0l/ 360.8 400.4 412.1 446.8 497.9 571.4 647.3 705.6 737.0 1976—Jan. 28p 731.4 Feb. 25p 720.8 Mar. 31p(old) 729.6 Mar. 31p(new)#29.6 Apr. 28p 732.1 May 26p 735.1 June 30p 743.3 July 28p 740.3 Aug. 25p 746.1 Sept.29p 752.9 Oct. 27p >58.7 U.S. Gov't. Other securities Total loans Business* 56.2 62.5 64.5 54.7 61.7 64.9 67.0 58.3 54.5 84.1 61.5 71.5 71.3 86.1 104.7 117.1 130.6 140.5 145.5 1/1/ 219.0=236.8 264.4 286.1 299.0 328.3 387.3 458.5 510.7 507.4 80.6 88.4 98.4 108.4 112.5 118.5 132.7 159.4 186.8 179.4 84.8 85.4 89.3 89.3 90.2 90.5 90.8 89.5 91.8 92.6 93.5 144.0 143.6 143.5 143.5 145.2 144.6 145.3 145.6 145.8 147.0 147.0 492.6 491*9 496.9 496.9 496.7 500.0 507.2 505.2 508.5 513.3 518.2 174.4 173.5 172.5 171.3 170.6 170.8 172.4 170.7 170.3 172.5 174.2 48.8^ Real estate 53.9 58.5 Security 9.0 10.5 11.8 130.6 134.8 10.7 12.1 12.9 17.6 14.6 13.6 14.8 135.1 135.7 136.6 137.4 138.3 139.4 140.5 141.5 142.1 ' 143.4 144.4 10.4 10.9 13.2 13.2 12.5 13.5 14.5 13.9 15.5 14.9 16.4 72.5 81.6 98.4 118.0 Farm Consumer 8.6^ 38.3 40.6 46.3 51.0 53.6 61.2 72.1 83.7 87.3 90.3 9.3 9.7 10.3 11.2 12.5 14.3 17.3 18.2 20.2 20.2 20.4 20.9 20.9 20.3 21.9 22.4 22.6 22.9 23.1 23.2 89.8 89.4 89.6 89.6 90.7 91.4 92.5 93.7 94.7 95.6 Nonbank financial institutions All other 13.3 12.5 15.3 16.9 19.3 15.9 16.9 23.4 30.5 35.2 29.6 21.2 24.7 S:5* 28.2 28.3 28.8 29.0 28.3 27.9 28.2 27.1 26.4 26.0 26.0 20.6 28.8 35.0 38.8 38.4 34.5 33.7 35.3 35.5 35.0 35.1 36.7 35.7 36.6 37.8 n.a. n.a. - Not available p - Preliminary NOTE: Data exclude domestic interbank loans. Consumer and "other loans11 were partly estimated for all dates. Other data are partly estimated on all but June and December call dates. 1/ Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans. 2/ Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities". 3/ Data revised beginning June 1969, to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries. 4/ 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. 5/ Beginning Juiie 1972, business loans were reduced by $400 million, nonbank financial institutions increased by $300 million, and "other" loans increased by $100 million as the result of loan reclassifications at one large bank. 6/ 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 in "other securities." 7J 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;rmonbank financial loans 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 mideastem bank. 8/ Beginning March 31, 1976, as the result of loan reclassifications business loans were reduced by $1200 million, real estate loans increased by $800 million; and nonbank financial by $200 million, and all other by $200 million. < TABLE 9 * ^ Ratios of Total Deposits L O A N S M e m b e r B a n k s Reserve City Banks City All of New York commercial Chicago City Total banks DATE 1963-—Dec. 1964--Dec. 1965--Dec. 1966--Dec. 1967--Dec. 1968-—Dec. 1969--Dec. 1970--Dec. 1971--Dec. 1972-—Dec. 1973--Dec. 1974-—Dec. 25 31 31 31 30 31^ 31* 31* 31* 58.6 60.5 63.7 65.8 63.8 64.7 72.0 67.3 65.7 67.9 72.0 72.9 59.9 61.9 65.4 67.9 65.8 (63.7 66.8 (69.8 75.7 (66.2 69.9 (65.6 68.0 (67.7 70.6 (71.8 75.3 (72.5 76.0 67.4 69.3 75.9 83.5 79.9 83.5 (76.3) 102.8 (86.4) 87.5 (79.6 84.1 (83.2) 85.4 (84.0) 87.7 (86.4) 87.4 (85.8) 62.1 64.4 70.2 77.0 70.8 75.1 89.5 80.6 78.1 87.2 93.7 91.5 Other Country 63.3 65.0 68.7 70.2 53.8 56.0 57.9 59.2 58.2 58.2 68.1 69.1 79.5 73.3 71.6 77.3 81.7 81.9 62.8 60.2 59.2 60.1 53.9 64.6 MEMBER BANK DATA NOW AVAILABLE ONLY ON CALL DATES 1975—June 30* July 30* Aug. 27* Sept.24* Oct. 29* Nov. 26* Dec. 31* 70.5 71.3 71.0 71.0 70.5 70.2 68.7 (70,3)73.4 (71.i: (70.8: (70.7) (70.2) (69.9) (68.3)71.5 85.0 (81.9) 93.6 78.4 62.7 84.6 (81.6) 91.5 75.4 61.5 1976—Jan. 28*p 69.6 (69.3} Feb. 25*p 69.7 (69.4) Mar. 31*p 68.6 (68.2) Apr. 28*p 69.4 (69.2) May ?6*p 69.7 (69.4) 68.R (68.5) June 30*p July 28*p 69.7(69.3f Aug. 25*p 70.2(69.8) 70.1 (69.6) Sept.29*p 70.2 (.69.7 M Oct. 2.7*P. * - Ratios in parentheses 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/ 3/ 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. 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 Turnovers (Seasonally adjusted; dollar amounts in billions) Mi M2 M3 M2 plus deposits at nonbank thrift institutions and credit Demand union , shares— Currency Deposits Components of money stock measures and related items Currency plus demand deposits^/ M*l plus time dep. at comm. other than large CD's— 1973-December 270.5 571.4 919.,5 61,,5 209.0 63.,5 300.9 364.4 348.2 5.0 75.8 1974-December 283.1 612.,4 981.6 67.,8 215.3 89.,8 329.3 419.1 369.3 3.0 86.6 1975-December 294.8 664. 3 1092. 9 73,,7 221.0 82,,9 369.6 452.4 428.8 3.0 84.7 1976-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 295.1 296.6 298.1 301.8 303.5 303.2 304.9 306.4 306.3 310.0 670.,0 677.,9 682.,6 690.,8 695,,7 698,,5 705,.4 710,,8 716,.4 725,,9 1103. 5 1116..7 1126,.5 1140.,0 1150.,0 1157.,4 1169.,9 1182,,3 1195,.4 1211,,7 74,,2 75,.0 75,.7 76,.7 77,.3 77,.6 78,.1 78,.6 79,.1 79,.8 220.9 221.6 222.4 225.2 226.2 225.6 226.8 227.8 227.2 230.2 79.,2 75.,4 73,.2 71,.4 68..2 70,.6 69,.6 64,.4 62,.4 62,.0 374.9 381.3 384.4 388.9 392.2 395.3 400.4 404.4 410.1 415.9 454.1 456.7 457.6 460.4 460.4 465.9 470.0 468.7 472.5 477.9 433.7 438.9 444.3 449.5 454.4 459.2 464.6 471.9 479.3 486.0 2.6 2.6 2.5 2.5 2.3 3.7 2.7 3.9 3.8 3.5 82.9 89.6 92.5 88.4 88.2 90.9 89.9 94.8 94.0 89.8 310.0 310.8 308.7 310.4 723.8 725.7 724.4 727.7 n.a. n.a. n.a. n.a. 79.9 79.7 79.6 79.5 230.1 231.1 229.0 230.9 62.7 62.4 62.0 61.4 413.8 414.9 415.7 417.3 476.5 477.3 477.7 478.6 n.a. n.a. n.a. n.a. 3.1 3.2 4.0 3.5 n.a. n.a. n.a. n.a. CD's Time than other CD's Total Time Nonbank thrifty, institutions— U.S. Gov't. deposits (all member) Turnover outside N.Y. City (per cent) Week ending; Oct. 6 13 20 27 1/ ~ 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. 2/ 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. 3/ Includes M , plus the average of the beginning and end of month deposits of mutual savings banks, savings and loan shares and credit union shares. 4/ Average of^beginning and end of month deposits at mutual savings banks, savings and loan shares, and credit union shares. / T table n-A Liquid Asset Holdings of Private Domestic Nonfinancial Investors (Seasonally adjusted monthly averages; amounts in billions of dollars, ratios in per cent) t Other Liquid Assets Currency and Deposits Time Deposits Period Total liquid assets Total Dem Currency Demand deposits Commercial banks Thrift institutions Total Negotiable Commercial paper CD's 8 22.7 34.6 40.4 52.0 54.3 57.6 60.4 63.3 71.9 69.0 69.1 70.6 71.6 72.9 41.2 40.6 40.2 40.4 41.5 42.7 54.6 57.1 58.2 60.5 64.0 65.7 65.6 65.9 66.2 66.6 66.9 67.3 69.5 66.1 64.1 62.3 58.9 61.1 43.1 43.3 43.6 44.4 45.8 47.2 48.0 48.2 48.2 48.6 66.5 66.8 67.8 68.5 69.1 70.0 72.0 71.4 69.0 68.3 67.6 770.9 857.4 972.0 1083.6 1175.2 632.5 719.9 816.1 887.4 944.6 49.1 52.6 56.9 61.5 67.8 151.8 161.5 176.5 183.3 186.6 198.9 233.6 264.4 294.4 321.1 232.7 273.4 319.6 348.0 369.2 138.4 136.4 154.6 196.2 230.6 23.0 21.4 39.8 58.1 79.8 1975—July Aug. Sept. Oct. Nov. Dec. 1345.4 1254.0 1262.6 1274.9 1291.5 1301.8 1012.2 1021.4 1028.8 1036.8 1047.5 1053.3 71.3 71.9 72.0 72.6 73.4 73.7 190.8 191.7 192.0 191.2 192.5 190.6 345.9 347.8 349.6 353.0 357.1 360.3 404.1 410.0 415.2 420.0 424.4 428.6 233.2 232.6 233.8 238.1 244.0 248.5 1976—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 1311.3 1322.3 1331.3 1345.3 1355.0 1366.5 1380.9 1388.7 1397.6 1413.2 1064.5 1078.1 1087.6 1101.6 1112.2 1118.9 1131.2 1144.0 1156.4 1171.9 74.2 75.0 75.7 76.7 77.3 77.6 78.1 78.6 79.1 79.8 191.0 191.8 192.0 194.5 196.0 195.0 195.9 196.7 195.7 . 198.2 365.8 372.5 375.9 381.1 384.6 387.4 392.7 397.1 402.6 408.1 433.5 438.8 444.0 449.3 454.3 458.9 464.5 471.6 479.0 485.8 246.8 244.2 243.7 243.7 242.8 247.7 249.7 244.7 241.2 241.3 Savings bonds 11 42.0 31.7 34.5 43.2 47.1 1970—Dec. 1971—Dec. 1972—Dec. 1973—Dec. 1974—Dec. NOTE: For description of items,, and computation of ratios, see Table 11-C U.S. shortterm marketable Treasury securities 10 30.2 60.0 54.9 53.4 53.5 20.2 68.0 68.3 68.6 69.0 69.4 69.7 70.3 70.6 70.9 • • e s s s e s s TABLE 11-B Period Currency and demand deposits to liquid assets 12 Bank liability to liquid assets 13 Time Deposits at thrift institutions to liquid assets 14 Liquid assets to GNP 15 Currency and demand deposits to GNP 16 1970—Dec. 1971——Dec. 1972—Dec. 1973—Dec. 1974—Dec. 1975—Dec. 26.1 25.0 24.0 22.6 21.6 20.3 48.5 49.6 49.5 49.5 50.0 47.9 30.2 31.9 32.9 32.1 31.4 32.9 75.8 77.0 78.3 79.1 80.6 81.7 20.0 19.7 19.2 18.4 17.7 17.2 1975—Q1 Q2 Q3 Q4 21.3 21.2 20.9 20.3 49.6 49.1 48.4 47.9 31.7 32.3 32.9 32.9 82.4 82.3 81.0 81.2 17.6 17.4 17.0 16.7 1976—Q1 Q2 Q3 20.1 19.9 19.7 47.5 47.1 46.6 33.4 33.6 34.3 81.8 80.9 81.2 16.3 16.3 16.1 1976—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 20.2 20.2 20.1 20.2 20.2 19.9 19.8 19.8 19.7 19.7 47.8 47.7 47.5 47.4 47.2 47.1 47.0 46.7 46.6 46.7 33.1 33.2 33.4 33.4 33.5 33.6 33.6 34.0 34.3 34.4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. / TABLE 11-C Liquid Asset Holdings Sum of columns 2 and 7. Sum of columns 3, 4, 5, and 6. Money stock components after deducting foreign holdings and holdings by domestic financial institutions. The three winning add to held by domestic nonfinancial sectors. Deposits at nonbank thrift institutions and credit unions, as published in money stock statistics. Sum of columns 8, 9, 10, and 11. Negotiable certificates of deposits over $100,000 at weekly reporting banks, except foreign holdings. Commercial paper held outside banks and other financial institutions. Short-term marketable U.S. Government securities excluding official, foreign, and financial institution holdings. All issues due in one year or less, including bonds and notes, plus a sliding proportion of issues due in 13 to 24 months. Series E and H savings bonds held by individuals. Sum of columns 3 and 4 to column 1. Column 6 to colum 1. Column 1 to GNP. Annual averages are based on 12-month averages of column 1 and annual GNP. Quarterly averages are based on 3-month averages of column 1 and quarterly GNP. Sum of columns 3 and 4 to GNP. Annual averages are based on 12—month average of columns 3 and 4 and annual GNP. Quarterly averages are based on 3™month average of columns 3 and 4 quarterly GNP.
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