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L.4.3 Not for Publication October 1978 9, X' • % % % BANKING A N D MONETARY DEVELOPMENTS September 1978 c, ^ % & * Banking Section Division of Research and Statistics Board of Governors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 percentage rates) 1976 1978 1977 4th Qtr. lst p Qtr. 2ndP Qtr. 3rdP Qtr. P July P Aug* P Sept. 9.3 9.9 13.5 10.7 16.7 5.1 10.1 ~ 11.7 -8.5 15.9 -32.5 -8.7 Year Year 3rd Qtr. Total bank credit* 8.8 10.9 10.2 US Govt securities 22.3 -2.4 10.4 -20.3 Other securities 2.3 6.6 7.5 4.6 5.3 6.7 8.8 5.2 11.0 10.2 Loans* 8.4 14.5 14.6 15.5 12.6 15.5 14.0 19.6 9.3 12.8 2.7 12.2 11.2 11.7 17.7 19.2 10.7 10.3 11.3 10.2 Real estate loans 10.3 18.3 18.3 17.8 16.1 17.2 17.1 16.9 18.5 15.2 Consumer loans 12.5 16.7 16.1 15.5 14.6 21.0 n.a. 14.9 22.1 n.a. Business loans Adjusted to Include Loans Sold1 to Selected Affiliates Total bank credit* 8.6 11.0 10.3 9.5 9.7 13.5 10.7 16.7 5.2 9.9 8.2 14.6 14.7 15.8 12.3 15.4 14.0 19.6 9.4 12.5 Business loans 2.6 12.2 11.2 11.7 16.3 19.0 11.0 10.8 12.3 9.5 Money s t o c k — M ^ 5.7 7.8 9.0 6.6 5.2 11.5 9.2 4.8 8.5 14.1 Total time deposits 8.0 11.4 9.9 14.5 12.3 9.1 10.4 10.2 7.5 13.4 Time other than CDs 15.0 11.2 10.8 7.7 7.4 6.8 11.2 10.3 12.5 11.4 CDs (dollar changes in billions) -18.6 11.3 0.5 10.2 8.0 4.6 1.4 0.7 -1.1 1.8 Loans* 1/ Adjusted to exclude domestic interbank loans. n . a . — n o t available Table 2 Loans and Investments at All Commercial Banks (seasonally adjusted) U.S. Gov 1 t Date Total1 1972- -December 1973- —December 1974- —December 1975- -December 1976--December 31 31 31^»^ 31 31 1977- -May 25 June 30 July 27 August 31 September 28 October 26 November 30 December 31 1978— -January 25? February 22? March 29? April 26? May 31? June 30? July 26p August 31? September 27? 17 2/ 3/ Other Loans^ Securities Securities (in billions of dollars) 558.0 633.4 691.1 721.8 784.4 378.9 449.0 500.2 496.9 538.9 62.6 54.5 51.1 80.1 97.3 116.5 129.9 139.8 144.8 148.2 823.1 829.7 566.6 573.0 103.2 103.4 153.3 153.3 838.5 845.8 850.8 860.0 866.2 870.6 580.0 587.9 593.9 602.7 611.6 617.0 104.1 102.4 100.7 99.4 96.3 95.6 154.4 155.5 156.2 157.9 158.3 158.0 880.6 886.6 892.2 906.0 917.9 922.4 935.2 939.2 947.1 624.9 628.2 636.5 646.3 657.9 661.2 672.0 677.2 684.4 96.3 99.0 95.6 97.6 97.1 98.4 99.7 97.0 96.3 159.4 159.4 160.1 162.1 162.9 162.8 163.5 165.0 166.4 Adjusted to exclude domestic commercial interbank loans. 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 a result of loan classifications at one large mideastern bank. Table 3 Loans Sold Outright by Commercial Banks and Bank Credit Adjusted for Selected Loan Sales Date Loans sold outright by commercial banks (outstanding in $ billions, NSA)-* Total loans & investments Business Adjusted^ Original Loans Total Commercial bank credit (seasonally adjusted) Total loans Adjusted^ Original Businesi3 loans Adjusted^ Original 1972--December 1973--December 1974- -December* > 5 1975- -December 1976--December^ 2.6 4.3 4.8 4.4 3.8 1.7 2.6 2.7 2.5 2.4 558.0 633.4 691.1 721.8 785.1 560.6 637.7 695.9 726.2 788.9 378.9 449.0 500.2 496.9 538.9 381.5 453.3 505.0 501.3 542.7 130.4 156.6 183.5 176.2 179.7 132.1 159.2 186.2 178.7 182.1 1977--October 26 November 30 December 31 4.3 4.7 4.9 2.5 2.6 2.8 860.0 866.2 870.6 864.3 870.9 875.5 602.7 611.6 617.0 607.0 616.3 621.9 198.7 200.2 201.4? 201.2 202.8 204.2? 1978--January 25 p February 22^ March 29? April 26P May 31 June 30P July 26P August 3lP September 27P 4.8 4.6 4.5 4.5 4.4r 4.5 4.6 4.7 4.6 2.5 2.3 2.2 2.3 2.3 2.2 2.3 2.5 2.4 880.6 886.6 892.2 906.0 917.9 922.4 935.2 939.2 947.1 885.4 891.2 896.7 910.5 922.3 926.9 939.8 943.9 951.7 624.9 628.2 636.5 646.3 657.9 661.2 672.0 677.2 684.4 629.7 632.8 641.0 650.8 662.3 665.7 676.6 681.9 689.0 203.9 206.1 210.3 213.3 219.2 220.4 222.3 224.4 226.3 206.4 208.43 212.5 215.6 221.5 222.6 • 224.6 226.9 228.7 p—preliminary r—revised 1/ To bank holding companies, affiliates, subsidiaries, and foreign branches. Beginning August 28, 1974, loans ~~ sold outright to selected bank affiliates reflect a newly issued definition of the group of affiliates included as well as a somewhat different group of reporting banks. 2/ Includes all loans sold to bank holding companies, affiliates, subsidiaries, or foreign banks. 3"/ Includes business loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. 47 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. 5/ 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. 6/ 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, 7/ Beginning December 31, 1977, business loans were reduced by $200 million as the result of loan reclassifications at one large bank. T Table 4 Loans at Commercial Banks (seasonally adjusted) Real Estate Business —December —December —December —December —December 31 31 31^>2 31 31^ Consumer Security (in billions of dollars) Nonbank Financial Agriculture 130 .4 156 .6 183 .5 176 .2 179 .7 98 .1 117 .7 130 .2 134 .4 149 .0 71,.8 83 .2 86 .8 89,.7 100,.9 14 .7 12 .1 11 .3 12 .2 17 .3 22 .1 29 .0 33 .8 28 .5 26 .0 14.5 17.5 18.4 20.4 23.5 —September 28 October 26 November 30 December 31^ 196 .0 198..7 200,.2 201,,4 4 168 .8 170 .9 174,.0 176,.64 113..4 114,.7 116,.3 117,.8 19 .2 18 .9 20,.1 18,.7 25 .2 26,.0 26,.0 26,.1 26.0 26.1 26.1 26.0 —January 25? February 22? March 29? April 26? May 31? June 30? July 26? August 31? September 27? 203,.9 206,.1 210,.3 213,,3 219,,2 220.,4 223..3 224..4 226,.3 178,.8 181,,3 183,,7 186,,0 189,.0 191,.6 194,,3 197,,3 199,,8 119,.1 120,,2 122..1 124..0 126..1 128.,5 130.,1 132..5 n.a, 21,,5 18,.9 17,,3 20,.4 18,,8 20..0 20..9 18.,6 18.,8 25,.8 25,.9 25,.8 25,.8 25..9 25..3 25..7 26..0 26.,6 26.1 26.0 p—preliminary 25.7 25.8 25.9 26.0 26.3 26.5 26.8 n . a . — n o t available V Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a nonmember commercial bank. Real estate loans were increased by $0.5 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. 3/ Beginning March 31, 1976, as the result of loan reclassification business loans were reduced by $1200 million, real estate loans increased by $800 million, and nonbank financial loans by $200 million. 4-/ Beginning December 31, 1977, business loans were reduced by $200 million and nonbank financial loans by $100 million while real estate loans were increased by $300 million as the result of reclassifications at one large bank. http://fraser.stlouisfed.org/ # Reserve Bank of e Federal St. Louis e # e e t e # e Table 5 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (in billions of dollars) 1977 1978 Loans & Investments^ Jul. 4-8.8 Aug. 4-7.3 Sept. 4-5.0 Oct. 4-9.2 Nov. 4-6.2 Dec. 4-4.4 Jan. 4-10.0 US Govt securities +0 .7 -1 .7 -1 .7 -1 .3 -3 .1 -0 .7 Other securities 4-1.1 4-1.1 40 .7 +1 .7 4-0.7 Loans^ 4-7.0 +7 .9 4-6.0 8 .8 4-2.0 4-2.2 4-1.0 4-0.1 4-0.1 4-0.1 4-1.4 4-2.0 4-2.7 +1 .9 1/ 4-0.3 +0 .2 4-0.8 4-1. 6 4-2.5 4-1.5 +0 .4 4-0.2 +0 .4 -0 .6 4-2.7 4-2.1 4-1.3 -0 .3 +0 .8 4-0.1 4-2.1 Business Real estate Consumer Security Nonbank financial Agriculture All other Feb. P 4-6.0 Mar .P 4-5.6 Apr .P 4-13.8 4-0.7 4-2.7 -3 .4 4-2.0 -0 .5 4-1.3 4-1.3 -2 .7 -0 .7 -0 .6 4-1.4 1/ 4-0.7 4-2.0 4-0.8 -0 .1 4-0.7 4-1.5 4-1.4 4-8.9 4-5.4 4-7.9 4-3.3 4-8.3 4-9.8 4-11.6 +3 .3 4-10.8 4-5.2 4-7.2 4-1.5 4-3.1 4-1.6 4-1.2 4-1.4 4-2.3 4-1.5 -1 .4 +0 .2 -0 .1 4-1.5 4-2.5 +2 .2 4-1.3 4-2.8 -0 .3 -0 .1 -0 .7 4-2.2 4-2.5 4-1.1 -2 .6 4-0.1 -0 .1 4-0A +4 .2 4-2.4 4-1.9 -1 . 6 -0 .1 -0 .3 4-1.8 4-3.0 4-2.3 4-1.9 4-3.1 1/ 4-0".1 -0 .6 4-5.9 4-3.0 4-2.1 -1 .6 4-0.1 4-0.1 4-2.0 4-1.2 4-2.6 4-2.4 4-1.2 -0 .6 4-0.1 -3 .6 4-2.1 4-3.0 4-2.4. -2 .3 4-0.3 4-0.2 -0 • 5 +1 .9 4-2.5 n.a. 4-0.2 4-0.6 4-0.3 n.a. i/ i/ 4-1".5 May. P1 Jun.P Jul.P 4-11.9 4-4.5 4-12 4-1.9 4-2,7 4-1.6. 4-0.9 4-0.4 4-0.3 4-3.0. Aue.P Sent 4-4To 4-7.9 Adjusted for Loans Sold to Affiliates Loans & Investments^ 4-8.9 4-7.4 4-5.1 4-9.2 46 . 6 4-4.6 4-9.9 4-5.8 4-5.5 4-13.8 4-11.8 4-4.6 4-12.9 4-4.1 4-7.8 US Govt securities 4-0.7 -1 .7 -1 .7 -1 .3 -3 .1 -0 .7 4-0.7 4-2.7 -3 .4 4-2.0 -0 .5 4-1.3 4-1.3 -2 .7 -0 .7 Other securities + 1.1 4-1.1 4-0.7 4-1.7 +0 .4 -0 .3 4-1.4 1/ 4-0.7 4-2.0 4-0.8 -0 .1 +0 .7 4-1.5 4-1.4 Loans^ +7 .1 +8 .0 +6 .1 +8 .8 4-9.3 +5 .6 4-7.8 4-3.1 4-8.2 4-9.8 4-11.5 4-3.4 4-10.9 4-5.3 4-7.1 4-2.0 4-1.9 4-1.5 4-2.6 4-1.6 4-1.6 4-2.2 4-2.0 4-4.1 +3 .1 4-5.9 4-1.1 4-2.0 4-2.3 4-1.8 Business T7 2/ Less than $50 million. Adjusted to exclude interbank loans. 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 (in billions of dollars) ItemP/ All Commercial Banks^ Total loans U.S. Gov't, securities Other securities Total 1978P 1977 1976 1975 1974 1973 1972 Last Wednesday of August to last Wednesday of September +7.7 + .2 +6.1 +5.8 -.8 +1.5 +6-1 +1.0 +1.0 +9.2 +7.8 +5.2 +2.6 +2.2 +.8 All Large Banks^,3 Total loans US Govt securities Other securities Total +6.3 +.7 +2.5 Other Banks^,3 Total loans US Govt securities Other securities Total +2.6 +.1 +.5 +3.2 +3.5 —.1 1/ +3.5 All Commercial Banks^ Total loans US Govt securities Other securities Total # +.i +1.0 -.8 +2.5 +3.3 +.5 +6.3 + .6 +4.8 +.8 +1.5 +6.4 +1.2 + .1 -.7 +2.7 +4.6 +. 7 +.3 +5.6 -1.3 + .2 +.2 +1.6 -1.1 +1.7 -1.7 +3.7 +1.0 +2.3 +1.7 +2.1 +.3 +4.9 +1.3 -.3 +.7 +4.6 1/ +.7 +2.9 +3.6 -.1 +.6 +.1 +1.8 + .2 + .8 + .6 +2/7 +7.1 +1.0 +9.3 +2.5 +.3 +.9 +3.7 End of December to last Wednesday of September +55.9 -6.1 +7.4 +57.2 +44.9 -3.7 +7.1 +48.3 Total loans US Govt securities Other securities Total +22.8 -4.1 +1.9 +20.5 +10.4 -5.2 +4.2 +9.4 Other Banks^> 3 Total loans US Govt securities Other securities Total +33.1 -2.0 +5.5 +36.7 +34.5 +1.5 +2.9 +39.0 +14.9 +9.4 +1.5 +25.8 -18.2 +43.2 +6.6 +6.9 +42.6 +20.9 +3.9 —7.6 +54.8 -11.9 +7.7 +50.6 +32.5 —4.6 +9.3 +37.2 +31.9 +16.0 All Large Banks^,3 -7.5 +2.8 +.1 -25.3 +11.0 -2.3 —4.6 -16.6 +22.4 +6.6 +1.4 +30.4 +7.1 +9.9 +6 .2 +23.2 +25.8 -5.7 +.3 +20.4 +17.4 -1.9 +6.6 +22.2 -8.0 +1.1 -3.3 +2.2 +25.0 +14.9 +22.9 -3.9 +6.6 +25.6 +16.5 -1.4 +7.1 +22.2 p—preliminary r—revised ~ Ij Less than $500 million. 2/ 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 1967-1978. 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 Tables 3 and 8. Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks (in millions of dollars) 1977 1978 P Late December to Late September 1978 1977 1976 1975 1974 Business of Borrower 1974 1975 1976 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 237 -85 2 45 -43 554 57 323 80 94 -122 32 128 139 120 114 -173 -69 -104 -246 25 -296 19 6 -72 56 95 -25 -144 48 12 49 -37 67 90 -50 17 10 9 367 -13 51 180 -58 170 130 40 350 104 90 50 106 -45 15 68 71 1 -23 228 188 40 232 17 56 28 131 -55 -51 63 90 273 -468 1838 955 883 3938 119 2084 982 753 1018 430 931 1423 -1515 -703 -1882 -1061 -821 -3405 47 -2539 —468 -445 -472 559 -554 -984 -404 —48 661 415 246 -2400 -71 -1055 -875 -399 816 96 -135 -89 —80 -598 1615 571 1044 517 209 —108 145 271 807 55 322 489 353 -207 2616 1483 1133 1609 —108 645 471 601 1091 -178 585 564 66 49 465 41 26 398 -12 96 30 153 -98 -49 -70 21 -28 103 81 -1 23 158 187 -15 172 5 295 -264 -91 -93 —80 -5 807 569 85 153 -45 1190 371 1561 71 73 -73 3 13 -89 130 -162 -33 -112 -17 -114 676 308 984 70 139 158 147 53 -42 496 663 2724 158 396 2170 815 1924 78 730 1116 403 16408 1718 18375 -469 337 -1823 -241 -168 -1414 -374 -879 466 -1390 45 918 -11236 -856 -12092 -20 1219 -2487 -765 -517 -1205 -1026 -4453 -1394 -270 -2789 210 —8060 -297 -8357 272 875 -931 -173 -110 -648 582 -2812 -3107 46 249 -971 142 2653 2795 212 1502 157 270 328 -441 787 -229 -3111 2330 552 -107 8755 2125 10880 12 84 -51 1498 138 1636 — 664 275 386 3 77 1593 197 1790 1/ Five most comparable weeks used throughout. ~2/ Changes are compiled from December 26, 1973; December 25, 1974; December 24, 1975; December 29, 1976, and December 28, 1977. These data cannot be linked with all commercial bank data which are always for December 31 I Table 8 Loans and Investments of All Commercial Banks* (in billions of dollars, not seasonally adjusted) Other Real Total SecuUS Loans and Security Estate Business Loans rities Investments Govt Date 14.6 118.0 159.4 458.5 130.6 58.3 647.3 1973- -Dec 31 1 2 13.7 130.6 186.8 510.7 140.5 54.5 705.6 1974- -Dec 31 , 14.8 134.8 179.3 507.4 145.5 84.1 737.0 1975- -Dec 31 21.2 149.5 182.9 550.2 148.9 102.5 801.6 1976--Dec 313 1977- -May Jun Jul Aug Sep Oct Nov Dec •Jan Feb Mar Apr May Jun Tul Aug Sep Farm 17.3 18.2 20.2 23.3 Nonbank Financial All Consumer Inst. Other 35.0 30 .5 83.7 38.8 35.2 87.3 38.4 29.6 90.2 44.6 27.0 101.7 25 30 27 31 28 26 30 31 821.1 835.5 834.8 843.9 849.9 858.2 869.3 888.9 102.4 101.6 100.1 99.7 98.8 98.2 98.5 100.2 153.4 154.1 154.4 155.3 156.1 157.3 158.8 158.8 565.3 579.8 580.3 588.9 595.0 602.6 612.1 629.9 188.4 192.7 192.4 193.6 195.3 198.2 200.2 205.0 4 158 4 161.3 163.8 167.0 169.6 171.9 174.7 177.2 4 18.7 18.9 18.0 18.4 18.5 18.4 20.6 22.9 24.9 25.6 25.9 26.1 26.3 26.1 25.9 25.7 106.7 109.0 110.6 113.0 114.6 115.6 25.3 25.2 • 25.0 25.2 25.3 25.7 116.6 26.1 118.7 27.1 4 25P 22P 876.1 878.4 889.7 97.9 99.6 98.6 619.3 620.3 631.6 21.1 17.8 17.3 25.6 25.5 25.4 185.1 19.2 25.7 26.0 118.7 118.9 120.4 122.8 25.3 25.3 25.5 99.6 96.6 201.7 204.2 210.0 213.8 178.6 180.2 182.6 904.9 917.0 928.9 931.1 936.6 946.1 158.8 158.5 159.6 163.1 125.2 128.5 130.8 25.9 26.0 26.0 133.8 26.2 26.7 29? 26P 31P 30P 26P 31P 27P 642.3 96.1 95.2 163.4 163.6 163.4 657.1 669.2 672.6 223.0 222.4 191.4 194.5 19.1 20.2 19.9 93.9 94.1 164.7 166.2 678.0 685.8 223.3 225.6 198.1 200.8 18.2 18.0 219.2 188.2 26.5 26.8 27.0 27.1 n.a. 25.5 42.9 47.1 44.6 45.6 45.4 46.7 48.0 48.3 48.4 50.4 50.2 53.5 53.6 52.2 51.4 n. a. n . a . — n o t available NOTE: Data exclude domestic interbank loans. Consumer and other loans were partly estimated for all daces. Other data are partly estimated on all but June and December call dates. 1/ Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a noamember — 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." 2/ 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 loauis reduced by $0.1 billion as the result of loan reclassifications at one large mideastern bank. 3/ Beginning March 31, 1976 as the result of loan reclassifications, business loans were reduced by $1200 million, real estate loans increased by $800 million, nonbank financial by $200 million and other loans by $20i) million# Beginning December 31, 1977, business loans were reduced by $200 million and nonbank financial by $10V million, Digitized for4/ FRASER http://fraser.stlouisfed.org/ while y a l estate ^ a n s were i^greased by $^00 million ^ the r e s u l ^ o f reclassification at ^ n e large bm^k\ Federal Reserve Bank of St. Louis Table 9 Liquidity Ratios Liquid Assets to Liabilities at Large Commercial Banks* Borrowing Ratios at Large Commercial Banks^ Loans to Deposits at all Commercial Banks^ 1972—December 1973—December 1974—December 1975—December 1976—December 1977—December 13.0 11.0 9.7 13.0 14.1 14.0 18.9 25.6 28.6 33.2(26.1) 29.7(24.4) 27.8(22.7) 67.9(67.7) 72.0(71.8) 72.9(72.5) 68.7(68.3) 69.7(69.1) 72.2(71.7) 1977—January February March April May June July Augu s t September October November December 14.0 13.2 13.2 13.7 13.1 13.5 13.3 13.5 13.5 13.4 13.8 14.0 28.9(23.6) 28.6(23.2) 28.3(23.0) 27.8(22.7) 29.0(23.9) 28.4(23.2) 28.8(23.5) 28.9(23.5) 29.5(24.1) 30.2(24.8) 30.6(25.1) 31.4(25.8) 70.4(70.0) 70.4(70.1) 70.5(70.2) 71.1(70.8) 72.2(71.8) 71.7(71.3) 72.5(72.2) 72.6(72.3) 73.3(72.9) 73.6(73.1) 73.2(72.8) 72.2(71.7) 1978—January February March April May June July August September 13.4 12.5 12.1 12.3 11.4 11.4 10.9 10.5 10.5 31.3(25.6) 32.1(26.3) 32.3(26.5) 32.2(26.4) 32.8(26.9) 32,7(26.9) 32.2(26.3) 33.4(27.3) 33.0(27.5) 73.8(73.3) 73.3(72.9) 74.0(73.6) 74.5(74.1) 74.5(74.1) 76.0(75.5) 76.7(76.2) 77.1(76.7) 76.9(76.5) Monthly averages of Wednesday figures. Liquid assets include Treasury and other securities maturing in one year or less, loans to brokers and dealers and domestic commercial banks, holdings of bankers acceptanes and gross sales of Federal funds. Liabilities are total liabilities less capital accounts, valuation reserves, and demand deposits due to banks. Monthly averages of Wednesday figures. The numerator includes gross liabilities of banks to their foreign branches, large negotiable CD's, net Federal funds purchased, and borrowings from others. Beginning in 1975 all large time deposits are included; the figures in parentheses include negotiable CD's only to maintain comparability with earlier data. The denominator is total assets less Federal funds sold less cash items in process of collection. Last Wednesday of the month except for June and December Call dates. Total loans exclude loans to banks and total deposits exclude cash items in process of collection. Ratios in parentheses are those obtained by adding Euro—dollars to the deposit base. T Table 10 Money Stock Measures and Deposit Turnover Time Other Mj 1 M22 M33 Nonbank US Govt Turnover Thrift deposits outside Insti(all NYC tutions^ member) (%) 347.8 5.0 65.0 369.1 3.3 74.8 427.8 2.9 73.7 496.0 3.2 83.7 919.2 981.2 1092.5 1236.5 Currency 61.5 67.8 73.7 80.7 Demand Deposits 209.0 215.1 221.5 232.8 CDs 63.0 89.0 81.3 62.7 than CDs 300.9 329.3 369.6 427.0 Total time 363.9 418.3 450.9 489.7 789.2 795.1 801.4 805.4 809.5 1331.3 1344.9 1357.9 1367.1 1376.1 85.5 86.3 87.1 87.7 88.6 245.0 246.6 248.7 248.5 249.9 63.2 63.8 66.4 70.9 74.0 458.7 462.1 465.6 469.3 471.0 521.9 525.9 531.9 540.2 545.0 542.1 549.8 556.5 561.7 566.6 3.2 3.3 3,1 3.0 3.6 84*. 6 84.3 82.1 88.7 87.0 341.7 341.8 342.9 348.5 350.6 352.8 354.2 356.7 360.9 815.9 819.1 822.6 830.3 835.2 840.6 846.2 853.5 862.4 1386.6 1393.1 1400.3 1411.4 1419.9 1429.8 1440.9 1455.1 1471.7 89.4 90.1 90.7 91.2 92.1 92.8 93.3 94.0 95.2 252.2 251.7 252.3 257.3 258.5 259.9 260.9 262.8 265.7 76.3 79.4 82.0 83.4 87.1 86.7 87.4 86.3 88.1 474.7 478.1 480.9 481.8 484.5 487.8 492.0 496.7 501.4 551.0 557.5 562.9 565.2 571.6 574.5 579.4 583.0 589.5 570.7 574.0 577.7 581.2 584.7 589.2 594.7 601.6 609.3 3.1 3.0 3.4 3.3 2.6 3.9 3.7 3.3 4.0 90.5 92.0 93.8 93.5 96.4 98.0 95.5 99.7 n.a. 361.4 360.5 361.9 359.9 861.3 861.7 862.6 864.2 87.5 88.6 89.1 87.5 499.9 501.2 501.5 502.3 587.4 589.8 590.6 589.8 Date 1973—Dec 1974—Dec 1975—Dec 1976—Dec 270.5 282.9 295.2 313.5 571.4 612.2 664.7 740.5 1977—Aug Sep Oct Nov Dec 330.5 333.0 335.9 336.2 338.5 1978—Jan Feb Mar Apr May Jun JulP AugP SepP Week Ending September 6 13 20 27 n.a. n.a. n.a. n.a. 95.1 95.0 95.1 95.4 266.3 265.5 260.0 266.4 n.a. n.a. n.a. n.a. 2.6 2.6 4.9 4.5 n.a. n.a. n.a. n.a. n.a.—not available p—preliminary r-revised 1J 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 process of collection, and FR float, (2) foreign demand balances at FR Banks, and (3) currency outside the Treasury, FR Banks, and vaults of all commercial banks. 2j Includes in addition to currency and demand deposits, savings deposits, time deposits open account, and time certificates of deposit other than negotiable time certificates of deposit issued in denominations of $100,000 or more by large weekly reporting commercial banks. 3/ Includes M 0 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 http://fraser.stlouisfed.org/ credi^ union s h a m s . 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