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L.4.3
Not for Publication
November 1977
BANKING AND MONETARY DEVELOPMENTS
October 1977
%%%%
vn
Banking Section
Division of Research and Statistics
Board of Governors of the Federal Reserve System
Table I
Changes in Commercial Bank Credit, Money Stock and
Time Deposits
Seasonally adjusted annual rates (per cent)
1976
3rd
2nd
Year
half Qtr.
^otal bank credit^
U.S. Govt, sec.
Other securities
^oans-^
Business loans
4 th
Qtr.
1st
Qtr.
2nd
Qtr.
3rd
Qtr.
11.2
8.5
8.8
9.5
7.5
11.3
9.5
22.5
5.5
.8
10.1
25.9
2.3
4.7
6.6
2.7
.5
12.9
7.3
&5 11.6
9.0
13.9
9.0
11.6
2.7
8.6
4.6
12.4
7.6
10.2
9.7
9.3
9.9
12.7 15.1
15.3
14.3
6.6 -22.0
1977
1st
half Augp Septp Qct.p
10.5 12.4
3.9
13.5
16.4 -3.5 -36.3 -27.7
6.7
7.8
4.6
12.3
14.5
10.4 16.5
10.7
20.8
11.8
7.6
9.8 12.7
1.9
23.8
12.6
15.1
16.1
14.1 16.4
16.9
13.7
11.8
16.5
18.4
14.4 21.8
18.2
n.a.
Adjusted to include loans sold to selected affiliates
Total bank credit^
9.3
7.2
11.2
9.5
11.2
8.5
10.5 12.3
3.7
13.6
Loansr^
8.3 11.2
8.5
13.7
9.1
11.5
14.4
10.4 16.4
10.4
20.9
Business Loans
2.6
8.0
3.9
12.0
8.1
11.9
7.5
10.112.5
1.9
23.8
poney Stock - M
5.6
5.5
4.9
7.2
3.8
8.2
10.6
6.4
5.9
7.3
12.0
Total time deposits
8.1
9.7
6.2
15.7
9.5
9.5
8.5
10.5
6.9
7.6
14.6
Time other than CD's 15.2 15.2 14.5
18.1
11.9
9.4
10.4
12.1
7.1
8.4
8.6
J)d's (dollar change
in billions) -18.8 -6.9 -7.1
.2
-1.1
1.7
-.7
1
1/
8.6
.6
.4
—
3.1
Adjusted to exclude domestic interbank loans.
n.a. - Not available.
* Data revised beginning January 1977 on basis of June 30, 1977, Call Report benchmarks.
{
Table 2
Loans and Investments at All Commercial Banks
(Seasonally Adjusted)
Date
Total
1/
1/
Loans—
U.S. Gov't
Securities
(In billions of dollars)
62.6
378.9
54.5
449.0
50.4
500.2
79.4
496.9
Other
Securities
116.5
129.9
139.8
144.8
1972—December
1973—December
1974—December
1975—December
31
31
31 2/3/
31
558.0
633.4
690.4
721.1
1976—July
August
September
October
November
December
28
25
29
27
24
31
751.4
758.0
762.9
771.6
778.8
784.4
512.1
516.0
520.8
529.6
533.1
538.9
93.2
95.6
94.9
94.4
95.4
97.3
146.1
146.4
147.2
147.6
150.3
148.2
1977—January
February
March
April
May
June
July
August
September
October
26p
23p
3 Op
27p
25p
30p
27p
31p
28p
26p
786.6
796.4
803.0
812.4
819.4
825.5
831.8
840.4
843.1
852.6
540.9
545.4
551.0
557.7
562.1
567.0
574.5
582.4
587.6
597.8
96.9
101.5
103.6
102.8
104.6
105.3
102.9
102.6
99.5
97.2
148.8
149.5
148.4
151.9
152.7
153.2
154.4
155.4
156.0
157.6
s
1/ Adjusted to exclude domestic commercial interbank loans.
2/ Beginning June 30, 1974, data revised to include one large mutual savings bank which
merged with a nonmember commercial bank. Total loans and investments were increased
by about $600 million, of which $500 million were in loans and $100 million in
"other securities."
3/ Beginning October 31, 1974, as the result of che 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 mideastern bank.
ee
ee
ee
ee
ee
ee
ee
ee
ee
ee
ed
Table 3
LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES
Loans sold outright by commercial banks
Commercial bank credit
Total loans
and investments
Date
Business
Loans
Total
Original
Total Loans
3/
Adjusted—
Original
3/
Adjusted—
Business Loans
Original
4/
Adjusted—
1972—Dec.
1973—Dec. , ,
1974—Dec.— —
1975—Dec.
2.6
4.3
4.8
4.4
1.7
2.6
2.7
2.5
558.0
633.4
690.4
721.1
560.6
637.7
695.2
725.5
378.9
449.0
500.2
496.9
381.5
453.3
505.2
501.3
130.2
156.4
183.3
176.0
131.9
159.0
186.0
178.5
1976—Sept. 29
Oct. 27
Nov. 24
Dec. 31
3.9
3.8
3.8
3.8
2.5
2.4
2.4
2.4
762.9
771.6
778.8
784.4
766.8
775.4
782.6
788.2
520.8
529.6
533.1
538.9
524.7
533.4
536.9
542.7
174.1
176.8
179.0
179.5
176.6
179.2
181.4
181.9
1977—Jan. 26p
Feb. 23p
Mar. 30p
Apr. 27p
May 25p
June 30p
July 27p
Aug. 31p
Sept«28p
Oct. 26p
4.0
3.9
4.0
4.0
4.0
4.0
4.1
4.1
4.0
4.1
2.6
2.6
2.7
2.8
2.8
2.8
2.8
2.8
2.8
2.9
786.6
796.4
803.0
812.4
819.4
825.5
831.8
840.4
843.1
852.6
790.6
800.3
807.0
816.4
823.4
829.5
835.9
844.5
847.1
856.7
540.9
545.4
551.0
557.7
562.1
567.0
574.5
582.4
587.6
597.8
544.9
549.3
555.0
561.7
566.1
571.0
578.6
586.5
591.6
601.9
179.8
181.2
182.9
184.9
185.9
188.3
189.6
191.6
191.9
195.7
182.4
183.8
185.6
187.7
188.7
191.1
192.4
194.4
194.7
1
|
I
|
|
1
j
j
!
i
•— r -
1
!
198.6
i -A.
j1
% Am
i* A A 1 M JX M
affiliates reflect a newly issued definition of the group of affiliates included as well as a somewhat different group of reporting banks.
2/
To other than banks' and bank-related affiliates or subsidiaries.
3/ Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches.
47 Includes business loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches.
5/ Beginning June 30, 1974, data revised to include one large mutal 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
by $1.2 billion.
reduced
http://fraser.stlouisfed.org/
p - Preliminary.
n.a. - Not available.
Federal Reserve Bank of St. Louis
Table 4
Loans at Commercial Banks
Seasonally adjusted
Business
Real
Estate
1
Consumer*
^ Security
Nonbank
Financial
Agriculture
'
(In billions of do liars)
1972—Dec.
1973—Dec.
1974—Dec.
1975—Dec.
31
31
31
31
130.2
156.4
183.3
176.0
98.1
117.7
130.2
134.4
71.8
83.4
87.0
89.9
14.7
12.2
11.4
12.3
22,1
28.9
33.3
28.0
14.5
17.5
18.4
20.4
1976—Sept.
Oct.
Nov.
Dec.
29
27
24
31
174.1
176.8
179.0
179.5
145.4
146.4
147.7
149.0
97.8
98.8
99.7
101.3
14.9
16.7
15.8
17.7
25.8
26.9
26.7
25.6
22.7
23.0
23.3
23.5
1977—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug
Sept
Oct
26p
23p
3 Op
27p
25p
3 Op
27p
31P
28p
26p
179.8
181.2
182.9
184.9
185.9
188.3
189.6
191.6
191.9
195.7
150.5
152.1
153.7
155.5
157.2
159.5
161.4
163.6
165.9
167.8
102.0
102.8
104.3
106.0
107.1
108.6
109.9
111.9
113.6
n.a.
17.2
17.3
17.6
18.2
18.7
17.7
18.0
18.7
18.6
18.6
27.1
27.0
26.4
26.8
26.6
26.1
25.7
25.4
25.8
26.8
23.7
23.8
24.2
24.7
25.1
25.6
26.0
26.5
27.0
27.4
* Data revised beginning Janu ary 1977 on bzisis of June 3C , 1977, Call Report benchmaijcs.
n.a. - Not available
r - revised
P " Preliminary.
Beginning June 30, 1974, data revised to include one large mutual savings bank which converted to a nonmember
1/
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
$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 bank.
Beginning
March 31, 1976, as the result of loan reclassification business loans were reduced by $1200 million,
3/
.
real
^^jzate
loans ^^creased bv$800
by_$800 million; and nonbank financially $200 million.
http://fraser.stlouisfed.org/
w®
Federal Reserve Bank of St. Louis
Table 5
Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted
(In billions of dollars)
Item
1976
1977
Feb. d
Mar p
Apr,,p
May p
June p
Julv^P
Au£ p
Sept p
+2.2
+9.8
+6.6
+9.4
+7.0
+6 • 1
+6.3
+8.6
+2.7
+9.5
+1.9
-.4
+4.6
+2.1
-.8
+1.8
+ .7
-2.4
-.3
-3.1
-2.3
+2.7
-2.1
+ .6
+.7
-1.1
+3.5
+ .8
+ .5
+1.2
+1.0
+ .6
+1.6
+8.8
+3.5
+5.8
+2.0
+4.5
+5.6
+6.7
+4.4
+4.9
+7.5
+7.9
+5.2
+10.2
Business
+2.7
+2.2
+.5
+.3
+1.4
+1.7
+2.0
+1.0
+2.4
+1.3
+2.0
+ .3
+3.8
Real estate
+1.0
+1.3
+1.3
+1.5
+1.6
+1.6
+1.8
+1.7
! +2,3
+1.9
+2.2
+2.3
+1.9
Consumer *
+1.0
+.9
+1.6
+ .7
+.8
+1.5
+1.7
+1.1
: +1.5
+1.3
+2.0
+1.7
Security
+1.8
-.9
+1.9
-.5
+.1
+.3
+.6
+.5
! -1.0
j
+.3
+ .7
-.1
-.2
1
|
Ort.
Nov.
Dec.
Jan. n
+8.7
+7.2
+5.6
U.S. Gov't securities
-.5
+1.0
Other securities
+.4
2/
Loans and Investments—
2/
Loans-
Nonbank financial
±J
+1.1
-.2
-1.1
+1.5
Agriculture
+.3
+.3
+.2
+.2
All other
+.9
-.1
+1.4
-1.7
Less than
-. 6
-.1
+.lc
+.6
1
1
+.4
+ .4
+.5
+:4
+.5
+.7
-.3
-.1
-.3
o million.
2/ Adjusted to exclude interbank loans
p-Preliminary.
"Consumer loans revised beginning January 1977 on basis of June 30, 1977, Call Report benchmarks.
-.5
-.4
1
I
1
- •
+5
!-
+2.7
+.8
—
n.a.
1/
+ .4
3
+.4
Oct, p.
!
+1.0
+.5
+ .4
+
n.a.
e
l
:
Table 5A
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted
Adjusted for Loans Sold to Affiliates
(In billions of dollars)
1976
Item
'
1977
Oct.
Nov.
T)ac -
Jan.p
Foh.p •
Mar .p
4-8.6
+7.2
+5.6
+2.4
+9.7
+6.7
U.S. Gov't securities
-.5
+1.0
+1.9
-.4
+4.6
+2.1
Other securities
+.4
+2.7
-2.1
+ .6
+ .7
+8% 7
+3.5
+5.8
+2.2
+2.2
+.5
+.5
2/
Loans and Investments—
2/
LoansBusiness
+2.6
May p
A p r .p
+9.4 •
... - ,Juna p
Aug:. a
Sept. P
0ct-.iL.
+7.0
+6.1
+6.4
+8,.6
+2.6
+9.6
-.8
+1.8
+.7
-2.4
.3
-3.1
-2.3
-1.1
+3.5
+.8
+.5
+1.2
+1,.0
+ .6
+1.6
+4.4
+5.7
+6.7
+4.4
+4.9
+7.6
+7,.9
+5.1
+10.3
+1.4
+1.8
+2.1
+1.0
+2.4
+2,.0
+.3
+3.9
!
+i 3
!i
1/ Less than $50 million.
2/ Adjusted to exclude interbank loans
p-Preliminary.
July p
:
i
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
>'
Item
Last Wednesday of September to the last Wednesday of October
1977p
All commercial banks 2J
Total loans
U. S. Gov't, securities
Other securities
Total
All Large Banks — ^
Total loans
U. S. Gov't, securities
Other securities
Total
Other banks—/—/
Total loans
U. S. Gov't, securities
Other securities
Total
(
Item
1976
1975
+5.6
+0.9
1/
+6.5
+1.2
+0.6
+0.6
-0.4
+4.1
+3.0
+0.8
-0.2
+3.5
+3.2
-0.2
+0.5
+3.6
+2.7
+0.1
+0.3
+3.0
+7.3
—0.8
+1.2
+7.7
+4.1
-0.6
+0.6
+2.3
+0.2
-0.1
+1.5
+0.6
+0.3
+2.4
1974
-.6
1973
1972
1971
+ .5
-.9
40.9
+0.9
+2.3
+4.1
+4.5
+0.6
+0.2
+5.3
+1.6
+1.2
+1.6
+4.5
-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
+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
11
End of December to last Wednesday of October
1977D
1976
1975
1974
1973
1972
1971
All commercial banks?/
Total loans
U. S. Gov't, securities
Other securities
,
Total
+46.7
+20.5
+10.3
-5.3
+8.1 - +1.5
+49.5
+32.4
-17.0 +42.6
+21.5
-7.5
+4.4
+7.4
+8.9 +42.6
+55.7
-11.0
+10.0
+54.7
+36.4
-4.0
+9.4
+41.8
+14.7
+29.7
All Large Banks — —
Total loans
U. S. Gov't, securities
Other securities
|
Total
+14.8
-5.7
+4.8
+13.9
-4.5
+3.6
-0.2
-1.1
-25.6 +24.6
+11.0
-5.3
-2.1
-16.7 +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
Other banks — —
Total loans
U. S. Gov't, securities
Other securities
'
Total
+31.9
+0.4
+3.3
+35.6
+25.1
+6.7
+1.7
+33.5
+8.6 +18.2
+10.5
-2.3
6.5
+7.5
+25.6 +23.2
+24.1
-3.9
+18.7
-0.4
+7.0
+25.3
+12.5
+0.7
+8.4
+21.6
1/
2J
+7.0
+27.2
+16.8
—1.8
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 1967-77.
\NOTE: Data exclude all interbank loans; call report data for large banks used when
available. Loans adjusted to include all loans sold to bank holding companies,
affiliates, subsidiaries, or foreign branches. Allowance has been made in monthly
changes for all loan and security reclassifications. For description of reclassifications, see.Table 3 and 8.
Table 7
Changes in Commercial and Industrial Loans at Large Commercial Banks
(In millions of dollars)
Business of borrower
Late September to late October
1973
Food processors
Commodity dealers
Trade concerns
Retail trade
Wholesale trade
Metals
Primary metals
Machinery
Transportation equipment
Other fabricated metals
Textiles, apparel, etc.
Pettoleum
Chemicals
Other durable manufacturing
Other nondurable manufacturing
Mining
Public Utilities, total
Transportation 3/
Communication 3/
Other public utilities
Construction
All other types of business
Bankers acceptances
Services 3/
Other
Foreign business concerns 3/
Classified
Unclassified
Total Change
1J
2J
—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
1974
24
244
58
~
W
10
-129
—7
-88
13
-47
-141
102
—87
-4
-109
84
-324
-30
-96
-198
-57
356
100
—46
302
-76
-59
-25
—84
1975
85
77
298
1
W
56
-615
-409
-132
—81
-194
—81
12
-188
-59
14
—466
-106
—206
-154
-104
—66
1970
12
267
219
142
77
-216
—26
-115
—26
-105
39
87
-87
—36
229
-294
~ = W
-75
-121
-10
997
~ m r
6
-467
-44
-1331
-171
-1502
9
181
-56
1046
-65
zm=
Lata December,to late October
197 7p
124
278
361
140
221
36
-58
94
-21
21
-136
111
33
-28
8
147
42
—60
30
72
-74
835
"BIT
-52
70
138
1875
267
2142
-L22JL
326
-531
1971
1341
630
2537
2
1683
247
605
840
214
754
996
528
323
2252
416
226
1610
922
3269
-213
1518
1964
123
14524
1632
1974
297
-224
1896
931"
965
3809
112
1996
995
706
877
532
844
1419
387
747
2400
128
300
1972
758
2280
178
684
1418
327
16349
1693
ianA?
1Q7S
1Q76
-1515
-694
-1391
-432
-262
-1129
-3901
—16
-2623
-654
—608
-542
310
-549
-1098
-555
282
-2499
-370
-412
-1717
-445
-1150
972
-1437
-685
806
-12941
-63
-1191
-833
-353
706
197
—81
-175
-6
1198
-2975
-972
-577
-1426
-1058
-3946
-508
-491
-2947
121
-7286
-13473
Four most comparable weeks use<Tthroughout.
Changes are compiled from December 27, 1967; December 28 , 1966; December 29, 1965; December 30, 1964 and
December 25, 1963. These data cannot be linked with all commercial bank data which are always for December 31,
Table 8
Loans and Investments of All Commercial Banks
(In billions of dollars)
(Not seasonally adjusted)
Loans and U.S.
investments Gov1t
Date
1970 -Dec.
1971 -Dec.
1972 Dec.
1973
1974 Dec!
1975—Dec.
31
31
3/
31—
3 1 ^
31
197 6—"Sept..29
Oct. 27
Nov. 23
Dec. 31
1977—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
26p
23p
3 Op
27p
25p
30p
27p
31p
28p
26p
Real
Other
Total
estate
Business
securities loans
Security
Farm
Nonbank
financial All*
Consumer* instiutions other
61.7
64.9
67.0
58.3
54.5
84.1
86.1
104.7
117.1
130.6
140.5
145.5
299.0
328.3
387.3
458.5
510.7
507.4
112.5
118.5
132.7
159.4
186.8
179.4
72.5
81.6
98.4
118.0
130.6
134.8
12.1
12.9
17.6
14.6
13.6
14.8
11.2
12.5
14.3
17.3
18.2
20.2
53.6
61.2
72.1
83.7
87.3
90.2
15.9
16.9
23.4
30.5
35.2
29.6
21.2
24.7
28.8
35.0
38.8
38.1
763.3
93.5
94.4
770.0
98.0
778.5
801.6 102.5
147.0
147.1
148.6
148.9
522.8
528.5
531.9
550.2
174.6
176.2
178.3
182.9
146.1
147.3
148.4
149.5
14.6
16.4
15.8
21.2
22.9
23.0
23.1
23.3
98.7
99.5
100.0
101.7
26.0
26.3
26.1
27.0
39.9
39.8
40.2
44.6
101.1
102.6
104.7
103.0
101.9
101.7
99.5
98.9
98.0
97.2
147.9
148.5
148.7
153.1
153.4
154.4
154.2
155.1
155.8
157.0
536.0
538.9
547.7
553.5
561.3
574.4
575.4
583.6
589.3
596.6
177.8
179.4
182.8
185.1
186.1
190.7
189.6
190.6
192.3
195.1
150.3
151.3
152.8
154.7
156.6
159.3
161.4
164.1
166.7
168.8
16.9
17.0
17.5
17.1
18.3
18.1
17.5
18.2
18.2
18.2
23.3
23.4
23.9
24.6
25.3
26.1'
26.5
27.0
27.3
27.3
101.5
101.7
102.9
104.9
106.7
109.0
110.6
113.0
114.6
n.a.
26.5
26.1
26.4
26.3
26.3
27.1
25.9
25.9
25.9
26.2
39.7
40.0
41.4
40.8
42.0
44.1
43.9
44.8
44.3
n.a.
446.8
497.9
571.4
647.3
705.6
737.0
784.9
790.0
801.1
809.6
816.6
830.5
829.1
837.6
843.1
850.8
n.a. - Not available p - Preliminary
NOTE: Data exclude domestic interbank loans. Consumer and other loans' were partly estimated tor all dates. Other data are partly estimated on all
but June and December call dates.
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.
Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified
as "other securities".
Data revised beginning June 1969, to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries.
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 Toans held under repurchase agreements.
Beginning June 1972, business loans were reduced by $400 million, nonbank financial institutions increased by $?00 million, and "other" 1 loans
increased by $100 million as the result of loan reclassifications at one large bank.
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."
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;vnonbank financial loans by $0.2 billion; and "other securities" by $0.5 billion. However, business loans were
increased and real estate loans reduced by $0.1 Billion as the result of loan reclassifications at one large mideastern bank.
Consumer and "all other" loans revised beginning January 1977 based on June 30, 19//, call Report benchmarks.
TABLE 9 * y
Ratios of Total Deposits
L O A N S
M e m b e r
B a n k s
Reserve City Banks
All
City
commercial
New York
of
banks
Total
City
Chicago
D A T E
1968- -Dec.
1969- -Dec.
1970- -Dec.
1971- -Dec.
1972- -Dec.
1973- -Dec.
1974- -Dec.
1975- -Dec.
4
31* ,
31*^'
31*.,
SV&
31*
31*
31*
31*
64.7
72.0
67.3
65.7
67.9
72.0
72.9
68
'
(63.7.)
(69.8)
(66.2)
(65.6)
(67.7)
(71.8)
(72.5)
75.7
69.9
68.0
70.6
75.3
76.0
83.5
102.8
87.5
84.1
85.4
87.7
87.4
(76.3)
(86.4)
(79.6)
(83.2)
(84.0)
(86.4)
(85.8)
75.1
89.5
80.6
78.1
87.2
93.7
91.5
Other
Country
69.1
79.5
73.3
71.6
77.3
81.7
81.9
58.2
69.4
70.3
70.9
70.9
71.0
70.6
69.7
(69.1)
(69.9)
(70.4)
(70.3)
(70.5)
(70.1)
(69.1)
1977—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
70.4
70.5
70.6
71.1
72.2
72.3
72.6
72.7
73.4
73.7
(70.0)
(70.1)
(70.2)
(70.8)
(71.8)
(71.9)
(72.3)
(72.4)
(72.9)
(73.3)
71.9
82.7 (78.6) 87.9
59.2
60.1
4
76.8
62.7
a
I
72.0
85.7 (81.5) 94.1
76.0
62.2
^-Ratios in parthentheses are those obtained by adding Euro-dollars to the deposit base.
1/ Total loans (adjusted to exclude loans to banks) and total deposits (adjusted to
exclude cash items in process of collection).
2/ Beginning June 1969, total loans are reported gross of valuation reserves rather than
net as previously reported. The higher loans level increased the ratio by about 1.3
percentage points for all commercial banks.
3/ Loan data revised to exclude only loans to domestic commercial banks. Previous data
had also excluded loans to foreign commercial banks.
#
•
62.8
60.2
53.9
64.6
61.5
b a n j ^ I T A §(to 6 A$tlil& ,iP(%LY ON CI£I DATES
1976—June 30*
July 28*
Aug. 25*
Sept.29*
Oct. 27*
Nov. 24*
Dec. 31*
26*p
23*p
30*p
27*p
25*p
29*p
27*p
31*p
28*0
26*p
66.8
'
f
#
f
#
%
Table 10
Money Stock Measures and Deposit Turnover
(Seasonally adjusted; dollar amounts in billions)
M
M
i
Currency
plus
demand ^
deposits—
3i
M 0 plus
deposits
at nonM
2
bank thrift
M plus
time dep. institutions
and credit
at comm.
union.,
other than 2/
shares—
large C
Components of money stock measures and related items
Currency
Demand
Deposits
Time
other
than
CD's CD's
Total
time
Turnover
outside
NonU.S. Gov't
N.Y. City
bank thrift 4/ deposits
institutions (all member) (percent)
1973-—Dec.
270.5
571.4
919.6
61.5
209 .0
63 .0
300 .9
363 .4
348 .1
5.0
65.0
1974--Dec.
283.1
612.4
981.5
67.8
215 .3
89 .0
329 .3
418 .3
369 .1
3.5
74.8
1975-—Dec.
294.8
664.3
1092.9
73.7
221 .0
82 .1
369 .6
451 .7
428 .2
3.0
73.7
1976--July
Aug.
Sept.
Oct.
Nov.
Dec.
305.0
306.5
306.9
310.4
310.4
312.4
705.2
710.4
716.3
725.9
732.3
740.3
1168.8
1180.8
1193.9
:210.7
1233.4
1237.1
78.1
78.6
79.2
79.8
226 .9
227 .9
227 .7
230 .6
230 .2
231 .9
68 .9
65 .0
63 .1
62 .3
62 .2
63 .3
400 .1
403 .9
409 .4
415 .5
422 .8
427 .9
469 .0
468 .9
472 .5
477 .8
484 .2
491 .1
463 .6
470 .5
477 .6
484 .8
491 .0
496 .8
2.7
3.9
3.6
3.4
4.0
3.2
1977--Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.P
313.8
314.0
1248.9
1258.2
1268.1
1281.2
1289.0
1299.5
1316.9
1329.4
1343.1
1357.1
81.1
81.8
63 .1
63 .3
62 .2
61 .6
62 .3
63 .9
62 .8
63 .2
63 .2
432 .5
436 .7
440 .6
444 .1
446 .9
450 .9
456 .7
459 .4
462 .6
495 .6
500 .0
502 .8
505 .7
509 .2
514 .8
519 .5
522 .5
525 .8
2.8
86.0
3.6
86.4
89.4
87.1
66 .3
465 .9
532 .2
502 .6
507 .5
512 .1
516 .6
5 ?.i.4
5 26 .7
533 .5
541 .7
550 .2
557 .5
84.7
83.0
82.2
83.1
83.6
84.0
85.1
85.5
86.4
232 .7
232 .1
233 .2
237 .4
237 .1
238 .0
241 .6
242 .8
244 .0
246 .6
2.7
2.5
320 5
320.7
321.9
326.8
328.4
330.4
333.7
746.3
750.7
756.1
764.6
767.6
772.8
783.5
787.7
792.9
799.6
334.2
334.5
333.3
799.0
800.1
799.0
n.a.
n.a.
n.a.
n.a. -
86.7
86.9
87.1
87. 3
247 .5
247 .6
246 .1
9/. 7 /,
65 .0
65 .4
66 .1
67 n
464 .8"
465 .6
465 .7
uac, /,
529 .8
531 .0
531 .8
K11 A
315.4
Ending
Oct.
5
12
19
—24;
334-6
am .n
80.2
80.5
3/
4/ Average of beginning and end of month deposits at mutual savings banks, savings anc loan snares,
n.a .
n.a •
n.a •
n.a
,
2.1
79.5
82.1
82.2
80.0
80.3
83.7
3.7
2.8
88.8
86.1
3.6
3.7
3.3
89.2
90.1
n.a.
3.4
3.4
4.0
_3.3_
n.a.
n.a.
n.a.
n,a.*
Table 11-A
Liquid Asset Holdings of Private Domestic Nonfinancial Investors
(Seasonally adjusted monthly averages; amounts in billions of dollars, ratios in per cent)
Currency and Deposits
Total
liquid
assets
Period
1
Total
2
Currency
Other Liquid Assets
U.S. shortTime Deposits
term
marketable
Demand Commercial Thrift
Negotiable CommerTreasury Savings
deposits
banks institutions Total
CD's
cial paper securities Bonds
3
4
5
6
7
8
9
10
11
1970--Dec.
1971--Dec.
1972--Dec.
1973--Dec.
1974--Dec.
1975--Dec.
769.5
851.8
967.4
1079.2
1166.9
1290.4
632.4
718.9
817.0
887.5
945.2
1054.4
49.1
52.6
56.9
61.5
67.8
73.7
151.8
161.6
176.4
183.3
187.2
191.7
198.9
233.6
264.5
294.5
321.2
360.6
232.7
271.1
319.3
348.1
369.1
428.3
137.1
132.9
150.4
191.7
221.7
236.1
21*8
27.7
36.3
53.8
70.4
59.4
21.4
19.6
22.2
34.3
40.5
43.0
41.9
31.3
34.4
43.3
47.5
66.5
52.0
54.3
57.6
60.3
63.3
67.2
1976--Aug.
Sept
Oct.
Nov.
Dec.
1376.7
1386.9
1402.8
1413.0
1423,7
1142.9
1155.1
1171.0
1182.2
1194.2
78.6
79.2
79.8
80.2
80.5
198.0
197.4
199.8
198.3
198.8
395.9
401.0
406.5
412.7
418.1
470.5
477.6
484.8
491.0
496.8
233.8
231.8
231.8
230.8
229.5
46.1
44.6
44.0
43.4
44.2
47.4
47.8
47.8
47.5
47.4
69.9
68.7
68.9
68.5
66.1
70.4
70.7
71.1
71.5
71.9
1977-—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1438.5
1453.6
1464.3
1478,6
1486.8
1498.5
1516.9
1531.8
1546.8
1563.4
1207.6
1216.7
1226.0
1239.4 .
1246.3
1255.4
1272.3
1284.6
1299.1
1313.3
81.1
81.8
82.2
83.1
83.6
84.0
85.1
85.5
86.4
87.1
200.9
200.1
200.9
205.5
204.5
204.4
207.6
208.2
209.7
212.5
423.0
427.2
430.8
434.2
436.8
440.4
446.3
449.2
452.8
456.2
502.6
507.5
512.1
516.6
521.4
526.6
533.3
541.7
550.2
557.5
230.9
236.9
238.3
239.2
240.5
243.0
244.6
247.2
43.6
44.2
48.1
49.7
51.7
53.3
54.7
56.1
56.6
247.7
250.1
44.0
46.9
66.9
70.3'
70.3
70.0
69.2
68.3
69.7
71.8
72.5
71.7
72.3
72.6
73.0
73.4
73.8
74.2
74.7
75.1
75.3
NOTE:
For description of items, and computation of ratios, see Table 11-C.
43.3
42.5
42.8
44.5
43.7
44.2
56.2
55.8
55.7
75.8
# #
# #
# e
+ #
# #
# e
# e
# #
< r T Z
TABLE 11-B
Period
Currency
and demand
deposits to
liquid assets
12
Bank
liability
to liquid
assets
13
Time deposits
at thrifts
institutions to
liquid assets
14
Liquid
assets
to GNP
15
Currency
and demand
deposits to GNP
16
1972—Dec.
1973—Dec.
1974—Dec.
1975—Dec.
1976—Dec.
1977—Q1
Q2
03
1976—Sept.
Oct.
Nov.
Dec.
24.1
22.7
21.9
20.6
19.6
19.3
19.2
19.1
19.9
19.9
19.7
19.6
49.3
49.3
49.6
47.4
46.4
46.1
46.0
45.7
46.4
46.4
46.3
46.4
33.0
32.3
31.6
33.2
34.9
35.0
35.1
35.6
34.4
34.6
34.8
34.9
78.0
78.8
80.3
80.3
79.8
80.2
79.6
80.1
n.a.
n.a.
n.a.
n.a.
19.2
18.3
17.7
17.1
16.1
15.6
15.4
15.4
n.a.
n.a.
n.a.
n.a.
1977—Jan.
Feb.
Mar.
Apr.
May
June
July
August
September
Oct.
19.6
19.4
19.3
19.5
19.4
19.2
19.3
19.2
19.1
19.2
46.4
46.2
46.1
46.1
46.0
46.0
46.0
45.8
45.7
45.8
34.9
34.9
35.0
34.9
35.1
35.1
35.2
35.4
35.6
35.7
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 columns add to M„ held by domestic nonfinaneial
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 column 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.
@FedFRASER