Full text of L.4.3 Banking and Monetary Developments : November 17, 1970

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L. 4. 3

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November 17 t

1970.

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BANKING AND MONETARY DEVELOPMENTS IN OCTOBER 1970

Summary. Commercial bank credit, after adjustment for changes in
loans sold to affiliates, declined somewhat in October following rapid growth
over the third quarter. Total loans and holdings of U.S. Treasury securities
both declined after showing substantial expansion in the third quarter.
Holdings of other securities, on the other hand, continued to increase
markedly.
The money supply declined nominally in October following expansion
at about a 5 per cent annual rate over the third quarter. Growth in time and
savings deposits slowed somewhat from the exceptionally rapid July-September
advance. Net borrowed reserves and member bank borrowings declined further.

Changes in Commercial Bank Credit. Money Supply, and Time Deposits 1/

e
-

Seasonally adjusted annual rates (per cent)
1970
1969
1968
Jan.Second Second First Third
Oct.
Qtr.
Half
Qtr.
Half
Year
Year

Oct.

6.8

0.8

Total bank credit

11.0

3.1

2.0

5.5

2.5

17.0

U.S. Govt. sec.

3.0

-15.7

-15.6

30.2

8.5

25.9

10.2 -27.1

-1.4

11.0

10.4

20.3

16.0

30.5

Other securities

16.4

—

Loans

11.6

8.4

6.6

-0.3

-0.5

14.3

3.8

-1.7

11.1

10.6

7.4

5.7

0.9

12.4

3.4

-8.7

Business loans

Adjusted for loan sales to bank affiliates

#
Total bank credit
Loans
Business loans

#

——

11.0

4.0

2.9

6.6

4.5

13.9

6.8

-1.7

11.6

9.9

7.8

1.4

2.4

9.8

3.9

-5.3

11.1

13.1

9.5

9.8

8.1

1.8

4.0 -13.8

7.2

2.5

0.6

4.2

4.0

5.1

3.9

-0.6

11.5

-5.3

-6.7

13.8

7.1

31.8

16.6

22.1

I

—

Money supply
Time deposits
VfLlClLl^e o

A.LI

V VUlLUt- JL V. -l-t* X.

X- *-

-

—

adjustments to June 30, 1970, Call Report benchmarks.




All credit references are to the revised series

- 2-

Bank credit. After adjustment for reacquisition of loans sold
to affiliates, total loans and investments at all commercial banks declined
$600 million in October. This decline followed an average monthly increase
of almost $5 billion during the third quarter. Over the first 10 months of
the year, credit increased at an annual irate of 6-3/4 per cent compared with
4 per cent over the year 1969.
Total loans (adjusted for loans sold) at all commercial banks
declined $1.3 billion in October. (The rate of loan expansion in the third
quarter averaged $2.3 billion per month, but growth in September was quite
moderate following sharp increases in July and August.) A further sharp
reduction in business loans in October accounted principally for the decline
in total loans. The drop was associated with sluggish business conditions
heightened by the auto strike, further reductions of bank loans with funds
acquired in capital market financing, and with some shifting of borrowing
to the commercial paper market as rates dropped below those charged by banks.
Loans to brokers and dealers in securities increased somewhat further while
those to nonbank financial institutions remained unchanged as in September.
Growth in real estate and consumer loans continued close to the moderate pace
prevailing over other recent months.
Holdings of U.S. Treasury securities also declined $1.3 billion in
October following little change in September but sharp expansion earlier in
the summer. While banks acquired a substantial volume of the $2.5 billion
June tax bills delivered on October 21--and payable 100 per cent in tax and
loan accounts--they sold bills at other times during the month. Also, the
volume of the October Treasury financing was considerably smaller than that
in October of most other recent years.
Holdings of other securities rose $2 billion further in October
bringing the total increase to $5.3 billion since the end of July--equivalent
to an annual rate of advance of 28 per cent. The October expansion reflected
acquisitions of both municipals--largely in the over one-year category—and
Federal agency securities. Reports from some dealers indicated that banks
made some purchases of municipals in the 10 and 20 year categories.
Money supply, time deposits, and nondeposit sources of funds. The
money supply declined slightly in October as a drop in demand deposits more
than offset a fairly substantial rise in currency holdings. The money supply
had also shown little change in September following substantial growth in
July and August. For the third quarter as a whole, growth was at an annual
rate of 5.1 per cent and over the first 10 months of the year, at an annual
rate of 3.9 per cent. U.S. Government deposits declined somewhat in October
following relatively sharp growth in the third quarter.
Growth in time and savings deposits slowed somewhat in October—$4
billion compared with an expansion of over $5 billion per month during the
third quarter. At large commercial banks, both acquisitions of large




-3-

•

#

9

0

negotiable CD's and inflows of consumer-type time and savings deposits were
smaller than in other recent months. "Other" time deposits declined primarily
because of a drop in deposits of foreign official institutions. At country
banks, however, growth in total time and savings deposits continued strong.
Nondeposit sources of funds declined further in October but at a
pace considerably reduced from that recorded in September. Commercial paper
indebtedness of bank affiliates was reduced $900 million—about a third the
size of the drop in September when new reserve requirements had gone into
effect and much of the month's maturing paper was not rolled over. Indebtedness to foreign branches declined for the fifth consecutive month--$400 million-bringing the total reduction since May to $3 billion. Funds obtained from
other sources outside the United States and from loan RP's trended down.
Net borrowed reserves of member banks averaged about $285 million
over the four weeks ending October 28 compared with $375 million in September.
Member bank borrowings declined further but excess reserves also dropped
somewhat.




Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.

L.4.3 • EXHIBIT A, PART 1

LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS
Billions of dollars

Last Wednesday of month, seasonally adjusted

I I I I II I I I I I

I IT H

-I 400
TOTAL LOANS
AND INVESTMENTS

1 300

LOANS

200
80
OTHER SECURITIES
U.S. GOVT. SECURITIES

40

I 1 I 11 I I I I I I
J

1966
* CHANGE IN SERIES.




1970

•

•




•

•

•

•

•

Exhibit A - Part II

•

•

•

Loans and Investments at All Commercial Banks
(Seasonally Adjusted)
Date

1962—Dec.
1963—Dec.
1964—Dec.
1965-—Dec.
1966—Dec.
1967—Dec.
1968~-Dec.

31 2/
31 2/
31
31
31
30
31

Total
(In
227.9
246.2
267.2
294.4
310.5 3/
346.5
384.6

Loans
b i l l i o n s
134.0
149.6
167.7
192.6
208.2 3/
225.4
251.6

U.S. Gov 1 1.
securities
of

d o l l a r s
64.6
61.7
60.7
57.1
53.6
59.7
61.5

Other
securities

)
29.2
35.0
38.7
44.8
48.7
61.4
71.5

1969—June 30 (old serie s)
4/ June 30 (new serie s)
July 30
Aug. 27
Sept.24
Oct. 29
Nov.26
Dec. 31

392.5
397.3
397.7
397.5
396.5
397.6
401.2
401.3

264.3
269.2
269.9
270.3
271,3
273.8
276.4
278.1

56.2
56.3
56.8
56.9
54.7
53.5
53.4
51.9

72.0
71.8
71.0
70.3
70.5
70.3
71.4
71.3

1970—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept.30
Oct. 28 p

398.5
399.7
400.9
403.5
405.9
406.4
412.8
418.3
423.7
424.0

276.6
278.5
277.6
277 .0
278.0
277.4
281.5
284.1
287.3
286.9

50.4
49.8
50.3
52.4
53.4
54.1
55.8
57.5
57.6
56.3

71.5
71.4
73.0
74.0
74.5
75.0
75.5
76.7
78.8
80.8

1/
2/
3/

Adjusted to exclude interbank loans
p - Preliminary
r - Revised
e - Estimated
Estimated as of December 31.
Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal
loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion
of participation certificates.
4/ 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.
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 b y 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
Total
1969
June 30
July 30
A u g . 27
Sept.24
Oct. 29
Nov. 26
D e c . 31
1970
Jan. 28
F e b . 25
M a r . 25
A p r . 29
May
27
June 30
July 29
A u g . 26
Sept.30
Oct. 2 8 p

2.8
3.6
4.1
4.6
5.8

6.0
5.2
7.5

8.2
8.5

8.8
9.6
9.7
9.9
9.6
6.7
5.9

1.7 5/
2.3

2.1

1.3 5/

0.7
0.9
0.9
0.9

0.4 5/
0.5
0.5
0.5

2.7
3.2
3.7
4.7
4.7
3.8

1.8
2.1

4.3
4.8
5.1
5.4

6.9
7.0

5.8
6 .4
6.7
6.9
7.8
7.9

6.2

0.6

6.4
4.0
3.5

7.8
5.0
4.1

5.8
3.5
3.0

0.5
0.5

2.6
2.9
3.8
4.0
3.0
5.0
5.6
5.9

6.1

6.8

8.0

2.4
3.2
3.3
2.4

1.1

0.6

1.3
1.4

0.7

0,6
0.7

0.8
0.7

0.8

6.2

0.7
0.7

6.3

0.6

Commercial bank credit
(seasonally adjusted)
Total loans
and investments
Original
Adjusted 3/

1970
J a n . 28
F e b . 25
M a r . 25
Apr. 29
May
27
June 30
July 29
A u g . 26
Sept.30
Oct, 2 8 p

!

0.2

0.1

-0.9

-0.9

-0.1

-0.1

2.0
0.6

2.0

0.3

0.1
0.1

0.3
0.3
0.3

0.3
0.3
0.9

1.9
0.5
0.4

0.5
0.5

0.5
0.5

0.2

0.3
0.3
0.9

-0.8

-1.0

2.3
0.7
0.3
0.3

0.1

0.1
-0.2

-0.3
-2.9

-0.4
-2.4
-0.5

0.2

0.8
0.2

-0.8

0.1

0.2

0.6
0.6

0.2

0.6
1.0

6/

0.6

0.1

0.1
-0.2

2.8

-0.9

0.8
0.1

0.2

0.8

0.1
-0.1
-0.4
-2.3
-0.5

0.2

1/

0.2

f

0.1

0.1
-0.1
-0.1

0.1

399.4
400.4
400.7
400.2
402.3
405.9
405.1

269.2
269.9
270.3
271.3
273.8
276.4
278.1

271.3
272.6
273.5
275.0
278.5
281.1
281.9

102.3
102.4
103.4
104.1
104.5
104.8
106.1

103.6
104.2
105.5
106.5
107.7

398.5
399.7
400.9
403.5

404.3
4%.l
407.6
410.4
413.7
414.3
420.8
426.1
428.7
428.1

276.6
278.5
277 .6

282.4
284.9
284.3

105.4
105.6

109.7
110.4

277.0
278.0
277.4
281.5
284.1
287.3
286.9

283.9
285.8
285,3
289.5
291.9
292.3
291.0

105.1
105.2
105.7

110.6

405.9
406.4
412.8
418.3
423.7
424.0

0.1

1/

0.1

i
£/
-0.1
6/
-0.1
6/

0.9
1.2
-0.6
-3.0
3.3
10.9
0.3

2.7
3.0
0.9
-1.5
6.3
10.7
-2.4

0.9
3.1
1.8
4.4
11.1
11.4
7.3

3.5
5.7
4.0
6 .6
15.3
11.2
3.4

-8.4
3.6
3.6
7,8
7.1
1.5
18.9
16.0
15.5
0.8

-2.4
5.3
4.4
8.2
9.6

-6.5
8.2
-3.9

2.1
10.6
-2.6
-1.7
8.0
-2.1
17.7
9.9
1.6
-5.3

1.7
18.8
15.1
7.3
-1.7

-2.6
4.3
-2 .6
17 .7
11.1
13.5
-1.7

Y7
2_/
3/
4/

I

T o bank holding companies, affiliates, subsidiaries, or foreign branches.
T o other than banks' and bank-related affiliates or subsidiaries.
Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches.
Includes business loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches.

5/
67
U

Partly estimated.
Less than $50 million.
Adjusted to maintain comparability w i t h subsequent data.

p - Preliminary
c - Corrected.
r - Revised.

Business loans
Adjusted 4/
Original

106,6
106.9
108.4
109.9
109.1

108.1
108.5

110.2
111.9
112.9
113.1
114.2
113.4

112.1

(Annual, rates in per cent)

0.5
0.5
0.3
0.3

0.6

0.8
0.8

3/

397.3 7/
397.7
397.5
396.5
397.6
401.2
401.3

(Net change in billions of dollars)
1969
June 30
July 30
A u g . 27
Sept.24
O c t . 29
Nov. 26
D e c . 31

Total loans
Original
Adjusted

1.2
11.7
8.1
4.6
3.4
14.9
-7.9
2.2
-5.7
1.1
5.7
10.2
3,4
16.8
16.6
-8.7

5.8
6.9
15.0
11.4
13.5
4.5
4.4
13.3
7.7
-2.2
4.4
14.1
10.7
2.1
11.7
-8.4
-13.8

EXHIBIT A - PART IV
NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE
(Outstandings in billions of dollars)

o_i.iv,

2/
3/

ZT/

Euro-dollars
Through branches out• side U.S.
Territories
Foreign and possessions

Total

Total

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

21.6
21.5
20.7
20.7
21.7
21.5
19.9
19.5
15.8
14.5

15.2
14.6
13.3
13.2
13.4
13.2
11.4
11.5
10.5
10.1

13.6
13.1
11.9
12.0
12.4
12.2
10.5
10.7
9.8
9.4

0.7

O.H

uiuctcj.uij.uouc

oiuuuuu

VF J- r c u c i d i

0.8

0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6

iUUUS

Through
brokers
and 1/
dealers
0.1 6/

0.2 6/
0.3
0.5
0.4
0.5

0.6
0.6

0.6
0.5
0.5
0.4
0.3
0.2

0.2
0.1
0.1
0.1

pux. Ullctses

Commercial

Direct^ paper 2/
0.2 6/

0.8

1.0

0.4 6/
0.5
0.4
0.4
0.3
0.3
0.3

1.2
1.9
2.2

1.3

0.3
0.3

0.2

0.2
0.2
0,1

0.1
0.1
0.1
0.1




2.0

2.6

7.6
7.6
7.8
7.3
4.6
3.7

OI

0.9

0.5
0.5
0.5

0.6

0.9

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

I<

0.6

0.8
0.8
0.8
0.8

6 .6

J_L UU1 U . D . A g e n c i e s

0.6

0.8
0.8

5.6
6.1
6.5

0.4
0.4
0.7

1.5

1.0

3.7
• 4.2
4.3

Issued by a bank holding company or other bank affiliates.
Xoans 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.

I

Loans sold under
repurchase agreement 3/
To the
Customer
To bank
, . nonbank. guaranteed Ineligible
paper
Total affiliates—
public—
acceptances

0.6

0.6
0.8
1.3
0.9
0.5
0.4
0.3

0.2
0.2
0.2

0.1
0.1
0.1

0.1
0.1
0.1

y

7/

r - Revised.

0.1
0.1

0.1
0.2
0.2
0.2
0.2
0.3

0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3
0.3

V

0.1
0.1

0.1

0.2

0.2
0.2
0.1

0.2
0.3

0.4
0.4
0.5
0.5
0.6
0.5
0.5

0.5

Corrected,

L.4.3 • EXHIBIT B, Part 1

LOANS AT ALL COMMERCIAL BANKS

Billions of dollars

Last Wednesday of month, seasonally adjusted

110

BUSINESS

REAL ESTATE

CONSUMER

30

SECURITY

i .i i r i
M

J
1966

* CHANGE IN SERIES




S

S

D




Exhibit B - Part II
Loans at All Commercial Banks
Seasonally Adjusted

( I n
1962--Dec.
1963--Dec.
1964--Dec.
1965--Dec.
1966--Dec.
1967--Dec.
1968--Dec.

31 _1 /
31 1/
31
31
31
31
31

102.3
102.4
103.4
104.1
104.5
104:8
106.1

1970--Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept.30
Oct. 28 p

105.4
105.6
105.1
105.2
105.7
106.6
106.9
108.4
109.9
109.1

1/

2/

b i l l i o n s
34.2
39.1
43.6
49.2
53.8
58.4
65.0

47.6
52.0
58.4
69.4
78.6
86.3
95.9

1969--June 30
July 30 2/
Aug. 27
Sept.24
Oct. 29
Nov. 26
Dec. 31
Dec. 31

ju"%f

Consumer

Real Estate

Business

Date

68.4
68.7
69.0
69.3
69.6
69.9
3/70.4 (old)
69.9 (new)
70.2
70.5
70.7
70.7
70.7
70.6
70.7
70.8
71.0
71.2

-1th previous

of

d o l l a r

Security

Agriculture

s )

23.7
27.2
31.1
35.6
38.2
40.0
44.9

6.1
6.9
7.4
7.4
7.9
9.2
10.4

46.7
46.7
46.9
47.3
47.7
47.7
48.2

9.2
9.6
8.3
8.3
9.2
10.3
9.4

48.4
48.5
48.4
48.4
48.5
48.6
4/ 48.9
49.1
49.4
49.6

Nonbank
finaneial

8.1
9:1
9.4
8.6
8.6
7.2
8.4
9.3
9.9
10.4

7.6
9.1
9.8
11.9
12.1
11.4
12.5
12.8
12.3
12.4
12.1
12.3
12.7
3/13.2(old)
13.7(new)
13.2
13.0
12.5
12.5
12.9
13.4
15.0
14.6
14.6
14.6

7.1
7.4
7.6
8.3
8.7
9.5
9.9
10.4
10.6
10.7
10.8
10.6
10.5
10.5
10.6

10.6
10.6
10.7
10.9
11.0
11.2
11.4
11.5
11.5

lLn lt«™ «re gro,. throughout and th«

3/
4/

e

EEi'2E".fEEEi;>-e
Ks$nl, r p r n r d q

NOTE

Subsequent repayments are also included in loans to nonbank financial institutions,
Chart has not been completely revised for changes in data relating to benchmark revisions. Overlapping data for March 1969 and October 1969 are shown.
These data are not for publication.

^srri.sr?s!trld,"tedT°Incl",eL"°s
Exhibit B, Part III

—Date

Business Loans
Loans
Loans
Adiusted
Sold

1969--June
July
August

September 24
October
November
December

1970--January
February
March
April
May
June
July
August
September
:ito"_3r

1/

Less than $50 million.

NOTE

A
are
on
and




Sold

103.6
104.2
105.5
106.5
107.7
108.1
108.5

Real Estate
LoansILoans
Adiusted

Nonbank Financial
Loans
|Loans
Sold
lAdiusted

70 .5(old)
70.0(new)

Secur it
Loans
Adiusted

Consumer
Loans
Adiusted
47 .0

13.3(old)* 0.2
13.8(new)

109.7
110.4
110.2

48.9
48.9
49.0

111.9
112.9
114.2
113.4
112.1

*-See footnote 4, Exhibit B, Part II

riculture
Loans
Adjusted

Exhibit C
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted
(In billions of dollars)
June

July

Aug.

Sept.

| Oct. p

4-2.4

4- 0.5

4- 6.4

4-5.5

+ 5.4

! + 0.3

4-2.1

4- 1.0

+ 0.7

+ 1.7

4- 1.7

+ 0.1

- 1.3

4- 1.6

4- 1.0

4- 0.5

4- 0.5

4- 0.5

4- 1.2

+ 2.1

+ 2.0

4-1.9

- 0.9

- 0.6

4- 1.0

- 0.6

+ 4.1

4- 2.6

+ 3.2

- 0.4

- 0.7

4- 0.2

- 0.5

4- 0.1

4- 0.5

+ 0.9

4- 0.3

4- 1.5

+ 1.5

4- 0.5

4- 0.3

4- 0.3

- 0.2

1/

1/

- 0.1

4- 0.1

4- 0.1

+ 0.2

+ 0.2

1/

4- 0.5

4- 0.2

4- 0.1

- 0.1

1/

+ 0.1 •

4- 0.1

+ 0.3-/

+ 0.2

+ 0.3

+ 0.2

+ 0.9

+ 1.1

- 0.9

- 1.3

+ 1.0

4- 0.3

- 0.8

1/

-1.4

+ 1.2

4- 0.9

+ 0.6

+ 0.5

- 0.3

+ 0.2

+ 0.4

4- 0.5

- 0.5

- 0.2

- 0.5

V

4- 0.4

4- 0.5

4- 1.6

- 0.4

1/

+ 0.1

- 0.2

- 0.1

1/

4- 0.1

1/

1/

+ 0.1

4- 0.2

4- 0.1

1/

4- 0.2

+ 0.1

Agriculture

- 0.2

4- 0.5

4- 0.6

- 0.2

4- 0.4

4- 0.5

- 0.3

- 1/

0.2

- 0.7

4- 0.6

+ 0.1

+ 0.5

- 0.5

All other

+ 1.0

+ 1.6

4- 1.5

4- 2.6

- 0.2

4- 0.9

- 1.2

4- 0.2

4- 1.0

4-0.8

4- 2.9

4- 1.7

+ 2.6

- 0.9

Total loans excluding
security 3/

+ 1.3

+ 1.4

4- 1.1

4- 2.1

4- 0. 3

+ 1.1

- 0.7

4- 0.2

4- 0.6

4- 0.3

4- 1.3 : 4-2.1

-2.6

Item

Sept.

Oct.

Nov.

Dec .

Jan.

Feb.

Ma r .

April

May

Loans and Investments 2/

- 1.0

+ 1.1

+ 3.6

4- 0.1

- 2.8

4- 1.2

4- 1.2

4- 2.6

U. S. Gov't, securities

- 2.2

- 0 1

- 1 5

- 1.5

- 0.6

4- 0.5

Other securities

+ 0.2

- 0.2

+ 1.1

- 0.1

4- 0.2

- 0.1

Loans 2/

4- 1.0

+ 2.5

+ 2.6

4- 1.7

-1.5

Business

+ 0.7

+ 0.4

+ 0.3

4- 1.3

Real estate

4- 0.3

+ 0.3

4- 0.3

Consumer

+ 0.4

+ 0.4

Security

1/

Nonbank financial

Total loans excluding
security and nonbank financial 3/
1/ Less than $50 million.

financial institutions.



e

" Estimated.

r

Revised.

1
p - Preliminary.

Individual Loan Categories Are Not Available for Publication.

I,

- 0.8

-

1/
y

i
!

- 0.9

Exhibit D
Changes in Loans and Investments at All Commercial Banks, at Weekly
Reporting Banks, and at Other Banks, Not Seasonally Adjusted
(In billions of dollars)

ikst Wednesday of September to last Wednesday of October
Item

All commercial banks —
Total loans
U. S. Gov't, securities
Other securities
Total

1970 p

+
+
+

2.5
1.3
1.5
0.3

All Large Banks —^ ^
Total loans
U. S. Gov't, securities
Other securities
Total

+ 0.8

Other banks —^ ^
Total loans
U. S. Gov't, securities
Other securities
Total

+ 0.5

Item

- 2.0

+ 0.7
- 0.5

- 0.6
+ 0.8
+ 0.7

1969

1968

- 0.3

+ 1.4
+ 2.3

+ 1.1
- 1.0

+ 1.2

1967

- 0.2

0.6
0.1
0.8

+ 2.3
+ 0.7

- 0.2

+ 4.9

+ 2.8

- 0.2
+ 1.1
- 0.9

+ 0.6

- 0.6
+ 1.6

- 0.1

+ 0,8
+ 0.8

- 0.1
- 0.2

+ 1.5
+ 0.5
+ 2.5

+ 0.7
+ 2.4

+ 0.3
+ 1.3
+
+
+
+

0.4
0.7
0.4
1.5

+ 8.5
-10.5
- 1.9
- 3.9

+15.4
+ 2.3
+ 7.3
+25.0

+ 7.2-

+ 2.3
+ 9.6
+13.0

All Large Banks ^
^
Total loans
U. S. Gov't, securities
Other securities
Total

+
+
+

2.3
1.7
5.0
4.3

+
-

2.2
6.1
3.5
7.4

+ 7.2
+ 1.3
+ 4.3
+12.9

+ 1.5
+ 3,4

+ 3,4

%+

6.4
- 4.4
+ 1.6
+ 3.6

+ 8.1
+ 1.0

+ 5.7

+12.1

+12.1

NOTE:

1/

1.0

0.4
0.4
1.8

+ 0.4
+ 0.4
+ 0.3

+ 1.0

1965

+ 0.7

+ 2.6
+ 0.2
+ 3.4

1/
1.6
0.1
+ 1.5
+ 0.7

+ 1.0
+ 0.3
+ 1.9

End o£ D timber tn Iflgf UeHnpfldav of October
1965
1966-/
1967
1968
1969
1970 p

All commercial banks —
Total loans
U. S. Gov't, securities
Other securities
Total

Other banks —^ ^
Total loans
U. S. Gov't, securities
Other securities
Total

1966

+ 1.1

+ 0.6
+ 4.7
+ 8.7

+ 3.0

+ 6.2
+10.2

+ 2.8

- 0.7
+ 0.7

+ 0.2
+ 0.2
- 1.2
- 0.3
1/

- 1.5
+ 0.5
+ 1.0

+ 0.2
+ 1.7

2/

1964-

+10.5--

+15.6
- 4.5
+ 5.3
+16.3

+ 9.1
- 2.0
+ 2.9
+10.0

+
- 4.4
+ o4'/

+
+
+

8.7
3.8
2.9
7,8

+
+
+

3.4
2.1
1.5
2.8

+ 5.9** + 6.9

+
+
+
+

5.7
0.1
1.4
7.2

+23.7

+ 6.6
+11.6

1964

+ 0.6—

" 1.5

+ 3.6

+ 6.7—

- 0.7
+ 2.4
+ 8.5

Data exclude all interbank loans; Call report data for large commercial banks
used when available.
1/ Less than $50 million.
....
2/ Based on estimated data for all commercial banks on December -51, 19Dj.
3/ Allowance has been made in monthly changes in total loans and in other securities
~
for approximately $1 billion of participation certificates shifted from loans
to other securities in late June 1966: $700 million at large banks and $300
million at other banks.
4/ Allowance has been made in monthly changes in total credit and in total loans for
~~
the $1.1 billion of balances accumulated for the payment of personal loans excluded
from time deposits and from loans on June 9, 1966: $400 million at large banks
and $700 million at other banks.
^ in_n
5/ Based on revised coverage beginning July 1966; January 1967, 1968, 1969, and 197 .
67 Based on revised reporting beginning July 1969. Changes have been adjusted to
~
maintain comparability of series.




Exhibit E
Changes in Commercial and Industrial Loans at Large Commercial Banks
(In millions of dollars)
Late September to late October 1/

Business of borrower
Food processors
Commodity dealers
Trade concerns
Retail trade
Wholesale trade
Metals
Primary metals
Machinery
Transportation equipment
Other fabricated metals
Textiles, apparel, etc.
Petroleum
Chemicals
Other durable manufacturing
Other nondurable manufacturing
Mining
Public Utilities, total
Transportation 3/
Communication 3/
Other public utilities
Construction
All other types of business
Bankers acceptances
Services 37
Other
Foreign business concerns 3^/
Classified
Unclassified
Total Change
1/
2/
3/

1970 p

+
+
+
+

142
116
244
245
1
745
219
351
71
104
157
117
151
98
113
79
128
18
73
37
12
112
4- 203
49
266
479
-1 ,121
+
55
-1 ,066

1969

+

64
4- 125
4- 315
4- 327
12
3U
25
221
+
32
97
198
194
+
24
81
35
38
+
49
43
43
+
89
106
4- 144
rf
33
10
+ 121
+
24
218
+ 201
419

1968
44444-

81
140
482
365
117
297
67
- 251
4- 86
- 65
- 119
95
+ 30
56
- 86
122
4- 42
4- 29
4- 25
12
4- 36
4- 150
9
4- 158
41
49
4- 195
4- 64
+ 259

1967

+ 188
4- 207
448
73
4- 121
359
422
322
410
69
173
446
416
142
73
60
483
478
5
410
33
4- 281
+ 181
4- 108
8
82
53
482
429

Late December to late October ? 1
1966

4- 232
+
91
4- 263
4- 244
+
19
107
49
17
426
67
197
11
18
2
70
68
4- 207
n.a.
n.a.
n.a.
46
485
468
n .a.
417
n.a.
4- 359
82
4- 277

1970 p
620
60
4- 416
4- 324
492
+
63
43
255
4- 240
475
4- 358
191
210
4- 187
411
743
-1 ,235
4- 129
363
-1 ,001
4- 111
421
4- 166
425
170
422
-1 ,870
4- 206
,610l
-

1~

1969
329
377
4- 480
4- 342
4- 138
4-1,373
+
93
4- 767
4- 342
4- 171
4- 423
428
4- 186
+ 241
4- 243
4- 103
4- 714
+ 313
470
4- 331
A- 262
+1.297
281
4- 626
4- 952
308
,338
4- 169
+4 3,507

1968

-

-

4444444-

+
+
—

270
441
580
309
271
970
672
51
85
156
536
78
32
198
38
289
676

1967

1966

.

4-

-

4. 4-

+
+

444444-

408
176
3
99
96
750
356
318
94
170
137
52
215
86
244
86
566

44444- 530
4- 424
414
4- 193
4- 132
51
4- 382
67
+ 881
4- 915
_ 454 ; 4- 517
4- 706
69
+ 629
4- 467
195
185
4-3,,534
4-2,040
4- 350
4- 296
+3, 866
4-2,336

+

Four most comparable weeks used throughout.
Changes are compiled from December 31, 1969; December 25, 1968; December 27, 1967; December 28, 1966 and
December 29, 1965. These data cannot be linked with all commercial bank data which are always for December 31.
Prior to 1967, transportation, communication, services, and foreign loans were not reported separately.




62
265
4- 647
4- 448
4- 199
4-2,087
4- 111
4-1,094
4- 592
4- 290
4- 462
4- 166
4- 433
4- 469
4- 369
4- 522
4- 694
n.a.
n.a.
n .a.
489
4- 122
309
n .a.
4- 431
n .a.
4-5 3,857
4- 543
+6,,400

Exhibit F
Loans and Investments at All Commercial Banks
(In billions of dollars)

Date

Loans and

S. Gov't.

Other
securities

Total loans

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

1969—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 30 e(old)
June 30 (new) 3/
July 30
Aug. 27
Sept.24
Oct. 29
Nov. 26
Dec. 31
(old)
Dec. 31
(new)

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.<
261.2
263.0
269.8
274.9
271.7
269.5
272.1
272.4
274.7
284.5

1970—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept.30
Oct. 28 p

397.6
395.7
399.0
403.5
403.9
410.1
412.6
415.4
423.3
423.6

53.0
" 51.4
51.5
52.3
52.6
51.6
53.5
55.1
55.8
57.1

70.6
70.8
72.7
74.3
74.3
75.6
75.7
77.1
79.5
81.0

274.0
273.5
274.8
276.9
277.0
282.9
283.4
283.2
288.0
285.5

1964—Dec.
1965—Dec.
1966—Dec.
1967—Dec.
1968—Dec.

31
31
31
30
31

NOTE^'^Data^exclude interbank loans.

1/
2/

Business

Real
estate

Security

Farm
7.5
8.2
8.6 2/
9.3
9.7

Consumer
31.0
35.7
38.3

Nonbank
financial
institutions
10.9
13.3
13.3
12.5
13.7

All
other
13.9
15.0
13.6 1/2/
15.9
18.9

43.7
49.3
54.0
58.5
65.1

8.4
8.5
9.0
10.5
11.8

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 4/
70.0

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
48.2

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 4/
15.1

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

104.1
104.1
105.0
105.6
105.3
108.9
107.3
107.0
109.6
108.2

70.1
70.1
70.1
70.2
70.3
70.6
70.8
71.0
71.4
71.6

8.2
8.3
8.8
8.8
8.6
7.9
8.6
9.1
9.6
9.7

10.4
10.5
10.6
10.8
11.1
11.2
11.4
11.4
11.4
11.4

48.0
47.8
47.8
48.1
48.4
48.7
49.0
49.3
49.8
49.8

12.7
12.4
12.2
12.7
12.3
14.4
14.9
14.3
15.2
14.4

20.6
20.3
20.3
20.7
21.0
21.3
21.2

60.2
71.4
80.6
88.5
98.4

e - Estimated.
Consumer and "other l o a n s " e s t i m a t e d

for all dates.

40.0
44.9

20.&
21.1
20.5

r - Revised.
Other data are partly estimated on all but June

Beginning^June\^*i966^$l! 1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other"
Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified

3/

A/

Rell estate loans^ecreased by $500 million on December 31, 1969, and loans to nonbank financial institutions increased by $500 million due to

5/



Individual laang category data are available for publication only on a June and December Call data basis.

^

^

Exhibit G
Ratios to Total Deposits 1/

U.S. Government

L O A N S
D A T E
All
commercial
banks
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.

B a n k s
M e m b e r
Reserve City Banks
New York City of
Chicago Other Country
City
Total
|t
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

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

31
31
31
31
31
31
31
28
25
31
31
31
30

within one year
All commercial
banks

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

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

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

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

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

1968- -Sept.,
Oct.
Nov.
Dec.

25
30
27
31*

68.1
67.4
68.3
66.8

87.5
85.7
87.9
83.5(76.3)

76.6
74.4
76.4
75.1

69.6
69.3
70.6
69.1

59.5
59.0
59.2
58.2

5.5
6.5
5.7
6.1

1969- -Jan.
Feb.
Mar.
Apr.
May
2/ June
July
Aug.
Sept .
Oct.
Nov.
Dec.

29* 66.2 (64.7) 68.4
26* 67.4 (65.9) 69.7
26* 68.1 (66.4) 70.5
30* 70.2 (68.5) 70.9
28* 69.9 (68.1) 72.6
30* 72.1 (69.7) 75.4
30* 73.0 (70.3) 76.3
27* 72.9 (70.1) 75.3
24* 72.9 (70.4) 76.4
29* 72.8 (70.3) 76.1
26* 73.0 (70.3) 76.4
31** 72.0 (69.8) 75.7

86.1(76.0
71.0(79.7)
94.1(80.9)
94.4(80.2)
99.7(84.9)
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)

77.1
80.1
83.8
83.1
85.5
90.9
91.8
94.2
97.5
96.2
93.6
89.5

71.4
72.1
72.9
73.4
75.0
78.3
78.8
78.8
79.4
78.9
80.3
79.5

59.2
59.8
60.2
60.3
61.4
62.5
63.2
63.6
63.3
63.4
63.3
62.8

6.0
5.4
5.7
5.0
4.6
4.5
4.5
4.7
4. 6
4.3
5.2
5.0

19701970---Jan.
Feb.
Mar .
Apr.
May
June!
Julv
Aug.
Sept
Oct .

28*
25*:
25*
29*
27*
30*r
29*r
26*r
30*r

81.3
81.0
180.4
79.9
80.0
80.0
78.6
76.7
75.6

63.7
63.9
63.8
63.7
64.0
60.5
63.6
62.9
62 .2

4.7
4.4
5.2
4.8
4.6
4.3
4.8
5 .0

75.3

62.0

1/
~

66.0
65.4
66.0
64.7 (63.7)

73.2
73.4
73.0
72.7
72.9
71.8
72.0
71.1
70.2
28* 69.6

102.9(84.5) 92.6
(70.6) 76.5
103.9(86.3) 93.8
(70.9) 76.7
103.1(86.8) 92.2
(70.8) 76.3
(70.5 ) 76.0 102.6(86.4) 91.5
103.7(86.5) 91.5
(70.6) 76.1
95.8
104.8(87.2)
(70.3] 72.5
97.6(84.0) 88.0
(70.2; 74.8
98.0(84.1) 88.1
(69.2]> 73.8
86.5
93.7(81.8)
)
72.6
(68.3!
93.4
(81.<
3)
85.6
)
72.6
(68.1]

4.6
na

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 - E X H I B I T H, PART 1

DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS
Seasonally a d j u s t e d . D e p o s i t s , a v e r a g e of d a i l y 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 of d o l l a r s

A n n u a l rate

I I I I I I I I I I I I I I I II I 1 I I II I 2 2 5

205

TIME AND SAVINGS DEPOSITS
ALL COMMERCIAL BANKS

185

MONEY SUPPLY
TURNOVER
OUTSIDE N.Y.C
2 3 2 SMSA'S

10

U.S. GOVT. DEPOSITS
MEMBER BANKS

1 1 1 1 1 1 1 1 1 1 1

o




1966

1967

1968

1969

1 1 1 1 1 1 II

1970

1 1 1

Exhibit H - Part II

Per

i o d
Total

Turnover outside
N.Y. City*
(per cent)

Gross liabilities of
U.S. banks to 3/ 4/
their foreign branches

44.8

1,183
1,345
4,036
4,241
6,039

43.5
43.8
44.1
44.2
44.5
44.8
45.0
45.3
45.2
45.6
45.9
45.9

203.2
202.4
202.3
202.3
201.7
200.8
197.7
194.5
194.1
193.5
193.4
194.1

5.4
6.7
4.8
5.9
5.9
4.0
2.4
2.9
4.4
3.1
5.6
4.9

46.2
46.9
46.1
47.2
47.5
48.4
49.4
49.7
50.9
50.6
49.4
49.2

8,545
8,822
9,877
9,399
9,868
13,269
14,434
14,658
14,349
13,649
14,528
12,822

155.0
153.0
154.8
156.2
156.2
155.9
156.2
157.8
158.0
157.6

46.1
46.4
46.7
47.0
47.6
47.8
48.1
48.2
48.2
48.5

192.1
192.0
194.3
197.9
199.6
201.0
206.9
211.8
217.0
221.0

5.3
5.6
5.9
5.2
3.0
4.8
4.4
6.4

50.6
52.0
50.3
52.2
53.4
52.9
53.7
52.6
53.1

5.2

n.a.

13,623
13,094
11,942
11,973
12,373
12,220
10,514
10,733
9,787
9.433

158.9
156.5
158.7
156.5

48.3
48.6
48.6
48.5

219.8
220.8
221.5
221.7

5.4
4.7
4.1
6.2

n.a.

34.2
36.3
38.3
40.4
43.4

1969—January
February
March
April
May
June
July
August
September
October
November
December

195 .8
196.3
196.8
198.1
198.3
199.0
199.3
199.0
199.0
199.1
199.3
199.6

152.3
152.5
152.7
154.0
153.8
154.2
154.4
153.8
153.7
153.6
153.4
153.7

1970—-January
February
March
April
May
June
July
August
September
October

201.1
199.3
201.5
203.3
203.9
203 .6
204.3
206.0
206.2
206.1

207.2
205.1
207.2
205.0

Begrinneing°ondJunI 9 ^ 9 6 6 t i m e deposit

deposits
(all m e m b e r ) V

33.5
37 .4
40.1

125.1
130.4
132.1
141.3
151.4

28

U.S. Gov't.

5.1
4.4
3.5
4.6
4.2

159.3
166.7
170.4
181.7
194.8

21

Not Seasonally Adj.
(In mil, of dollars)

126.6
146.7
158.5
183.7
204.9

1964—December
1965—December
1966—December
1967—December
1968—December

Week ending:
1970-- Oct. 7
14

1/

S e a s o n a l l y
A d j u s t e d
Da
(Dollar amounts in billions)
Time and _!/
i/
M o n e y
S u p p l y
savings 2J
deposits
Currency
Demand deposits
(All commercial)

;

40.6

6.2

n.a.
n.a.

n.a.

9,957
9,714
9,732
9,433

data exclude $1.1 billion of balances accumulated for the payment of personal loans.

Certa^ich an ges"in"c"overage and definitions have occurred that affect somewhat the comparability of the data.
small however.
„ .
* - Beginning
January 1964, data for 232 metropolitan centers outside New York City.



p

- Preliminary.

Breaks in the series are relatively

L . 4 . 3 - E X H I B I T I, P a r t i

TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS
B i l l i o n s of d o l l a r s
Wednesday figures




120
TOTAL TIME AND SAVINGS DEPOSITS

100

CONSUMER-TYPE TIME AND SAVINGS

80

SAVINGS DEPOSITS

CONSUMER-TYPE TIME DEPOSITS

20
NEGOTIABLE CD's

STATE AND POLITICAL, FOREIGN OFFICIAL ETC.

1967

1968

1969

1970

EXHIBIT I - Part II

Period

Total

Consumer- |
type time
& savings

Savings

Consumertype
time

State P o l i t i c a l
Large
For. official
Negotiable
etc .
C D ' s 1/

1966--Dec.
Dec.
1967--Dec.
Dec .
1968--Dec.
Dec.

28
28
27
27
21
31

(old)
(new) 2/
(old)
(new) 2/
(old)
(new) 2/

89,495
89,639
102,809
102,991
111,900
112,103

65,733
65,864
73,686
73,858
79,443
79,637

47,099
47,213
48,647
48,781
49,016
49,161

18,634
18,561
25,039
25,077
30,427
30,476

15,659
15,642
20,330
20,330
22,821
22,820

8,103
8,133
8,793
8,803
9,636
9,646

1969--June
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.

25
25
30
27
24
29
26
31
31

(old)
(new) 2J

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

10,471
10,864
11,820
13,046
13,004
12,976
17,900
20,174
22,242

8,048
8,358
8,656
9,533
9,471
9,352
10,159
10,491
10,676

Week ending:
1970—Oct.
7
14
21
28

114,216
114,573
114,687
114,803

80,901
80,935
81,110
81,150

46,892
46,936
47,025
47,016

34,009
33,999
34,085
34,134

22,718
23,165
23,261
23,545

10,597
10,473
10,316
10,108


http://fraser.stlouisfed.org/ 2/ Estimated,
Federal Reserve Bank of St. Louis

(old)
(new) 2/

1

Exhibit J
Member Bank Reserves
(Based on averages of daily figures; in millions of dollars)

Excess
Reserves

Free reserves
(excess reserves minus borrowings)
D A T E
All
member

Reserve City Banks
New York
City of
City
Chicago

Country

Other

Borrowings

All
member

All
member

Total reserves
held seasonally
adjusted
All
member

Monthly Averages:
1959--December
1960--December
1961--December
1962--December
1963--December
1964—December
1965--December
1966--December
1967--December
1968--December

1969--Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

-424
669
419
268
209
168
- 2
-165
107
-310

-109
10
- 50
- 62
19
- 14
- 70
- 95
- 22
-130

-104
- 4
- 22
- 11
21
- 31
- 8
- 50
- 5
- 70

-449
80
20
- 52
-122
-103
-161
-159
- 55
-180

237
583
471
394
334
315
238
140
187
70

482
756
568
572
536
411
452
392
345
455

906
87
149
304
327
243
454
557
238
765

18,512
18,839
19,640
20,343
21,017
22„068
23,262
23,521
25,940

-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

- 49
- 33
-101
-116
-148
8
- 15
- 47
- 37
- 26
- 67
- 9

-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
228
217
152
300
343
116
303
236
143
253
257

697
824
918
996
1,402
1,407
1,190
1,249
1,067
1,135
1,241
1,086

28,139
28,060
27,972
27,775
28,235
28,056
27,530
27,401
27,402
27,354
27,783
27,928

965
1,092
896
822
976
888
1,358
827
607
463

28,001
27,722
27,723
28,216
27,890
27,902
28,041
28,585
29,240
29.373

.

-799
-132
- 82
-473
1970--Jan.
-819
76
- 58
-473
Feb.
.
-501
-148
-781
- 15
Mar.
- 82
-400
-704
-198
Apr,
-447
- 25
-795
-171
May
-701
- 95
3
-487
June
July
-132
-260
-1,217
-726
-156
-682
- 67
-428
Aug.
- 56
-335
Sept. r
" 8
-337
-298
-19?
- 11
23
Oft,, -E
NOTE: Total reserves reflect percentage reserve requirements made effective
r - Revised.



-112
166
-212
273
-117
115
- 24
118
-152
181
-122
187
- 99
141
- 31
145
66
272
271
95
April 23, 1969.

27,964

#
£xhiblt K
#
#
Liquid Assets Held by the Public - Seasonally Adjusted Series JL/
(Amounts in billions Of dollars; ratios expressed as percentages)
Time deposits
End of

year or
month

Total

Demand
iapoait* and
currency 2/

Commercial
banks 3/

Postal
Savings
Sys tem

Mutual
savings
banks

U. S. Gov't,
Savings
and loan U. S. Gov't, securities
savings
maturing
deposits
bonds 5/
within one
and
year 6/
shares

Ratios:

Liquid
assets
to gross
national
product 7/

8
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966*
1967
1968

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

1969
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

703.7
705.7
713.2
711.3
714.3
713.8
709.5
713.2
718.1
714.9
722.1
731.6

r 720.5
721.8
733.4
r 731.2
r 734.0
r 738.5
r 749.7
r 754.8
r 765.5
764.9

1970
Jan.
Feb.
Mar.
Apr.
May
June
Julv
Aug.
Sept.
Oct.

r

r
r
r

'

130.2
133.3
134.6
133.5
138.8
139.7
138.4
142.6
144.8
149.6
156.7
164.1
168.6
180.7
§ 199.2

48.2
49.7
52.0
57.5
65.4
67.4
73.1
82.5
98.1
112.9
127.1
147.1
159.3
183.1
203.8

26.3
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

188.8
r 189.9
192.4
190.8
r 191.6
r 194.2
r 191 9
r 193.3
194.1
r 194.0
r 195.8
206.8

203.4
202.9
201.9
201.8
202.7
200.4
197.5
r 195.6
r 195.5
195.7
197.9
197.1

64.8
65.2
65.5
65.7
66.1
66.3
66.3
66.4
66.6
66.7
67.0
67.3

r 195.4
194.8
199.3
r 196.7
r 197.9
r 199.8
r 198.7
r 199.3
r 203.6
199.9

196.0
196.7
198.8
201.5
201.7
202.9
211.8
215.4
221.6
224.5

67.0
67.4
67.5
68.0
68.4
68.7
69.2
69.4
r 69.9
70.3

r

r
r
r
r

'

2.1
1.9
1.6
1.3
1.1
0.9
0.8
0.6
0.5
0.5
0.4
0.3
0.1
__
- -

__
—
——
— —

——

__
—
—
——
——

—

__

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

131.0
132.0
133.4
133.3
133.5
133.6
133.6
134.1
135.3
134.9
135.3
134.8
133.5
134.1
135.7
136 .4
136.8
137 .4
r 139.0
140.0
r 142.3
143.4

5 5 . 6)
5 5 . 9>
5 4 . 8}
5 1 . 6j
5 0 . 5i
4 7 . 9)
4 7 . 0)
4 7 . 4i
4 7 . 6>
4 9 . 0>
4 9 . 9»
50.5
5 0 . 91
5 1 . 91
52.5

52.5
52.3
52.2
52.2
52.2
52.2
52.2
52.1
52.0
52.0
52.0
52.4

52.2
52.1
52.0
52.0
52.0
52.0
52.4
52.0

52 .1
52.1

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

85.3
81.3
79.7
80.5
. 79.5
80.2
79.0
78.4
79.5
81.0
81.5
79.8
77.6
78.7
78.2

63.4
63.4
67.7
67.5 .
68.3
67.3
68.1
71.6
74.6
71.7
74.2
73.2
76.3
76.6
80.1
76.8
77.2
77.7
78.5
78,6
r 76.1
74.6

Demand deCommercial
posits • and bank deposits
currency to and currency to
gross nation- liquid assets
al product 7/ (2 + 3 -r 1)
10
11
34.7
32.6
31.3
30.4
29.7
28.6
27.5
26.4
25.1
24.6
24.1
22.8
21.8
. 21.8
21.4

78.0

21.2

77.2

20.8

75.7

20.5

75.8

20.8

75.7

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
r 55.2
55.2
55.3
54.9
54.5
54.3
54.5
54.5
55.2

20.6
r

75.6

20.4

r
r

76 .3
|

20.3

r

54.3
54.2
54.3
54.5
54.4
54.5
54.8
54.9
55.5
55.5

1
r - Revised.
For footnotes see next page
p - Preliminary.
* - BBeeinnine
for u u n e i?oo, l u l b i iiquia a s s e t s a n a time d e p o s i t s at c o m m e r c i a l b a n k s e x c l u d e $ 1 . 1 b i l l i o n o f b a l a n c e s a c c u m u l a t P d f
e g i n n i n g wwith
i t n adata
a t a tur
ror
payment of personal loans.
§ - Figures are for Tuesday, December 31, rather than for the last Wednesday of December.

NOTE: Total liquid assets and U.S. Government securities maturing with 1a 1 year revised beginning January 1969 to confc
http://fraser.stlouisfed.org/
form to n e w B u d g e t c o n c e p t .
figures were increased by $1.7 billion on that date.

Federal Reserve Bank of St. Louis

m

tne

Both

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) .