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September 17, 1971 L.4.3 Not For Publication fEDcR/'.' k 1 1971 BANKING AND MONETARY DEVELOPMENTS August 1971 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 1968 # Year AUK. • 11.0 3.1 8.4 14.1 7.3 10.0 10.3 13.0 U.S. Gov't, sec. 3.0 -15.7 12.7 16.3 11.1 15.7 8.5 -3.9 Other securities 16.4 — 20.6 29.3 15.7 22.3 18.7 -3.7 Loans 11.6 8.4 4.5 9.4 3.9 5.2 8.2 22.0 11.1 10.6 3.8 6.6 2.5 2.4 7.2 29.8 Total bank credit ® Seasonally adjusted annual rates (per cent) 1969 1971 1970 Second Second First January Qtr.p Year Year Half Half p Aug. p Business loans Adjusted for loan sales to bank affiliates Total bank credit Loans Business loans Money stock Time deposits 11.0 4.1 8.1 11.4 7.4 10.0 10.2 13.0 11.6 9*9 4.1 5.6 4.2 5.2 8.0 21.8 11.1 13.3 3.2 -1.6 2.5 1.8 6.7 29.4 7.8 3.1 5.4 4.8 11.3 10.3 9.4 3.2 11.1 -5.0 18.4 27.9 13.5 20.8 18.1 6.5 TABLE 2 Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total 1/ ( I n Loans 1/ b i l l i o n s U.S. Gov't, securities of d o l l a r Other securities s ) 1968--Dec. 31 384.6 251.6 61.5 71.5 1969--June 30 (old series 2/ June 30 (new series Dec. 31 392.5 397.3 401.3 264.3 269.2 278.1 56.2 56.3 51.9 72.0 71.8 71.3 1970--June July Aug. Sept. Oct. Nov. Dec. 30 29 26 30 28 25 31 406.4 412.8 418.3 423.7 424.4 428.2 435.1 277.4 281.5 284.1 287 .3 287.3 288.4 290.5 54.1 55.8 57.5 57.6 56.3 56.7 58.5 75.0 75.5 76.7 78.8 1971--Jan. Feb. 28 May. 26 p 30 p (old) (new) 28 p 25 p 292.0 295.2 3/ 295.2 294.9 297 .9 298.1 297.4 4/ 300.2 305.7 58.7 59.9 61.4 Apr. 438.9 444 .6 _3 / 448.6 448.8 453.0 456.8 88.2 Mar. 27 24 31 60.2 60.2 93.7 94.9 95.6 96.3 4/ 97.8 97.5 June July Aug. 460.0 465.0 63.1 62.0 61.8 80.8 83.1 86.0 89.6 92.0 Adjusted to exclude interbank loans. p - Preliminary ' e - Estimated 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. Includes $800 million System matched.sale-purchase transactions outstanding on Feb. 24. 1/ 4/ Beginning June 30, 1971, Farmers Home Administration insured notes totaling approximately $700 million http://fraser.stlouisfed.org/ are included in other securities; previously they had been included in real estate loans. 1/ 2/ Federal Reserve Bank of St. Louis W TABLE 3 * LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES * Date 1970 June July Aug. Sept. Oct. Nov. Dec. 30 29 26 30 28 25 31 1971 Jan. Feb. Mar. Apr. May June June July Aug. 27 24 31 28 26 30 30 28 25 Loans sold outright by commercial banks (outstanding in billions of dollars N.S.A.) Sold to Sold to Affiliates 1/ nonbank public 2/ Business Business Business Total Loans Total Loans Total Loans 9.9 10.1 9.8 6.9 6.6 8.1 8.2 8.0 5.6 4.9 4.2 3.7 3.2 2.5 5.2 4.4 3.8 3.0 4.9 4.8 4.7 4.6 4.7 5.1 2.5 2.5 2.3 2.3 2.3 2.3 3.0 2.9 2.9 2.7 4.8 4.8 2.2 2.8 6.2 p p (old) p (new) p p 7.2 6.9 2.3 2.8 3.1 2.8 6.5 6.3 6.0 3.7 3.2 2.7 2.1 1.8 1.8 1.6 1.6 1.6 1.9 1.8 1.8 1.8 1.9 1.8 1.7 1.8 1.8 1.9 0.7 30 2? 26 30 28 35 31 1971 Jan. Feb. Mar. Apr. May June July Aug. 27 24 31 28 26 30 28 25 p e 1/ 2j _3/ 4/ 5/ 6/ 7/ * 5/ 0.2 -0.7 5/ -0.1 5/ 5/ -0.3 -2.9 -0.7 -0.6 p p p p 0.1 -0.3 -0.3 -2.4 -0.5 -0.5 -0.7 -0.1 -0.1 0.1 0.4 -0.3 -0.2 I -0.1 0.1 5/ 0.1 -0.2 2.8 -0.8 -0.6 0.1 -0.2 -0.3 -2.3 -0.5 -0.5 -0.8 -0.6 5/ J I -0.1 5/ -0.2 0.1 0.3 -0.3 -0.1 1/ I/ Total loans and investments O'riginial Adjusted 3/ Total loans Original Adjusted 3/ Business loans 0.5 0.5 0.5 0.4 406.4 412.8 418.3 423.7 424.4 428.2 435.1 414.5 421.0 426.3 428.9 428.8 432.0 438.1 277.4 281.5 284.1 287.3 287.3 288.4 290.5 285.5 289.7 292.1 292.5 291.7 292.2 293.5 106.6 107.0 108.5 109.9 109.5 109.3 110.1 113.1 113.3 114.5 113.6 112.7 112.0 112.2 1.9 1.9 1.8 1.9 1.9 0.4 0.4 0.4 0.4 0.4 0.4 438.9 6/ 444.6 448.6 448.7 453.0 456.8 441.9 , 447.5-/ 451.5 451.5 455.8 459.9 112.3 113.7 112.6 112.6 114.3 113.3 0.4 0.5 460.0 465.0 462.8 467.8 295.0,, 298.1298.1 297.6 300.7 301.2 300.5 303.0 308.5 110.2 111.6 110.7 110.7 112.4 111.4 2.0 292.0 , 295.2295.2 294.8 297.9 298.1 297.4 300.2 305.7 112.6 115.4 114.4 117.2 10.2 4.5 16.8 15.5 -4.4 -2.2 8.8 10.7 2.1 12.7 -9.4 -9.5 -7.5 2.1 1.1 15.2 -9.7 1.1 15.0 -11.6 18.4 -10.7 12.9 29.8 18.1 -10.5 11.7 29.4 2.0 2.0 0.6 0.6 Net Change (Billions of dollars) 1970 June July Aug. Sept. Oct. Nov. Dec. Commercial bank credit (seasonally adjusted) (Annual rates in per cent) 5/ 0.1 -0.1 -0.1 0.1 5/ 0.1 5/ -0.1 0.1 oa 1/ 1/ 5/ -0.1 5/ -0.1 5/ 5/ -0.1 !! II i; 0.1 1.5 18.9 16.0 15.5 2.0 10.7 19.3 1.4 18.8 15.1 7.3 -0.3 9.0 16.9 -2 .6 17 .7 11.1 13 .5 4.6 8.7 -2.5 17.7 9.9 1.6 -3.2 2.1 5.3 10.5 15.6 10.8 10.4 15.2 10.7 6.2 13.1 6.1 12.6 0.5 11.2 10.1 8.4 13.0 11.4 10.8 7.6 13.0 -1.2 12.2 -2.0 0.8 11.3 22.0 12.5 2.0 10.0 21.8 preliminary. Estimated. To bank holding companies affiliates subsidiaries or foreign branches. To other than banks1 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. Less than $50 million. Includes $800 million System matched sale-purchase transactions outstanding on February 24. Beginning June 30, 1971, Farmers Home Administration insured notes totaling approximately $700 million are included in "other securities" rather than in "real estate loans". Beginning July 1969. total loans and business loans sold to affiliates have been revised. All data shown in this table are on revised basis. Table 3-Supplementary shows data from July 1969 through May 1970. TABLE 3 - Supplementary LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS AND BANK CREDIT ADJUSTED FOR SELECTED LOAN SALES Date 1969 May June July Aug. Sept. Oct. Nov. Dec. 28 30 30 27 24 29 26 31 1970 Jan. Feb. Mar. Apr. May 28 25 25 29 27 During month ending: June 30 July 30 Aug. 27 Sept. 24 Oct. 29 Nov. 26 31 Dec 1970 Jan. Feb. Mar. Apr . May J3/ 9/ 28 25 25 29 27 Loans sold outright by commercial banks (outstanding in billions of dollars. N.S.A.) Sold to Sold to nonbank public 2/ Affiliates 1/ Business Business Business Loans Loans Total Total Total Loans 2 .0 1.5 0.8 8/ 1.3 8/ 1.9 102.3 102.3 102.4 103.4 104.1 104.5 104.8 106.1 103.1 103.6 104.3 105.6 0.7 0.6 270.5 271.3 272.7 273.6 275.1 278.6 281.2 282.0 0.7 0.8 0.7 0.8 0.7 398.5 399.7 400.9 403.5 405.9 404.5 406.3 407.7 410.7 414.0 276.6 278.5 277.6 277.0 278.0 282.6 285.1 2 84.4 284.2 286.1 105.4 105.6 105.1 105.2 105.7 109.8 110.6 110.4 110.8 112.1 4.4 5.0 5.3 5.6 6.4 1.7 1.8 1.8 1.8 1.8 2.2 7 .7 8.4 8.6 9.0 9.9 5.1 5.8 6.0 6.4 7.1 6.0 6.6 6.8 7.2 8.1 0.6 Net Change (Billions of dollars 0.8 0.9 0.5 0.5 1.2 0.2 -0.8 2.4 0.7 0.2 0.4 0.9 0.6 °.7 0.3 0.3 0.9 0.2 -0.9 1.9 0.7 0.2 0.4 0.7 0.6 n.7 0.5 0.5 0.5 0.6 0.3 0.3 5/ -0.9 -0.8 1.0 2.1 0.6 0.2 0.4 0.9 0.8 0.1 1.8 0.6 0.3 0.3 0.8 106.6 107.8 108.2 108.7 (Annual rates in per cent) 0.2 0.2 5/ 5/ 0.2 0.2 0.1 0.3 0.1 5/ 5/ 5/ 0.1 0.1 5/ 5/ 0.1 0.1 -0.1 0.1 0.1 -0.1 0.1 -0.1 Partly estimated. Adjusted to maintain comparability with subsequent data. Business loans Original Adjusted 4/ 269.0 9/ 269.2 269.9 270.3 271.3 273.8 276.4 278.1 2.5 3.3 3.4 2.6 3.3 3.8 4.8 4.8 3.9 Total loans Adjusted 3/ Original 398.5 399.4 400.5 400.8 400.3 402.4 406.0 405.2 0.3 8/ 0.4 8/ 0.5 0.5 0.5 3.7 4.2 4.7 5.9 6.1 5.3 2.1 2.8 Total loans and investments Originial Adjusted 3/ 397.0 9/ 397.3 397.7 397.5 396.5 397.6 401.2 401.3 0.5 0.7 0.9 0.9 0.9 1.1 1.3 1.4 1.1 8/ 1.7 8/ 2.4 2.7 3.0 3.9 4.1 3.2 2.8 Commercial bank credit (seasonally adjusted) 0.9 1.? -0.6 -3.0 3.3 10.9 0.3 2.7 3.3 0.9 -1.6 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 1.2 11.7 8.1 4.6 3.4 14.9 5.8 6.9 15.0 11.4 13.5 4.5 5.5 -8.4 3.6 3.6 7.8 7.1 -2.1 -6 .5 8.2 -3.9 -2.6 4.3 2.6 10.6 -3.0 -0.9 8.0 -7.9 2 .2 -5.7 1.1 5.7 12.1 8.7 -2.2 4.3 14.1 5.3 4.1 8.8 9.6 • • • # e e # # # e TABLE 4 • - - NONDEPOSIT SOURCES OF FUNDS AND METHODS OF FINANCE (Outstandings in billions of dollars) Date Total Total Euro-dollars Through branches outside U.S. Territories Foreign and possessions Through brokers and 1/ dealers Direct^ Commercial paper 2/ Loans sold under repurchase agreement 3/ Customer To the To bank ,, nonbank, guaranteed Ineligible paper acceptances public— Total affiliates— " 1969 May 28 June 25 July 30 A u g . 27 Sept .24 Oct. 29 Nov. 26 Dec . 31 12.7 16.8 19.4 19.6 19.1 19.4 20.9 19.6 1970 J a n . 28 F e b . 25 M a r . 25 A p r . 29 May 27 June 24 July 29 A u g . 26 i Sept.30 Oct. 28 N o v . 25 Dec. 30 21.5 21.5 20.5 20.6 21.7 21.5 19.8 19.5 15 .9 14.6 13.2 11.7 1971 10.2 J a n . 27 F e b . 24 0.8 1.2 1.9 ' 2.2 2.6 3.7 - 4.2 . 4.3 1.0 1.3 2.0 1.5 1.0 0.9 0.8 0.8 0.4 0.4 0.7 0.6 0.5 0.5 0.5 0.6 0.6 0.8 1.3 0.9 0.5 0.4 0.3 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 7/ 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 7/ 7/ 5.5 6.1 6.5 6.7 7.6 7.6 7.8 7.3 4.6 3.7 3.1 2.3 0.8 0.9 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 7/ 7/ 7/ 1/ 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.4 0.4 0.5 0.5 0.6 0.5 0.5 0.5 0.4 0.2 7/ 7/ 7/ 1/ 2.0 1.9 0.7 0.7 0.7 0.7 7/ 7/ 0.3 0.3 0.2 0.3 7/ 7/ 7/ 7/ 1.7 1.8 1.2 1.1 1.1 1.1 7/ 7/ 0.3 0.3 0.2 0.2 0.2 0.2 10.9 14.3 15.6 15.9 15.5 14.8 15.9 14.5 9.9 13.3 14.4 14.7 14.3 13.6 14.5 12.8 0.6 0.4 0.4 0.3 0.3 0.4 0.4 0.8 0.1 6/ 0.2 6/ 0.3 0.5 0.4 0.5 0.6 0.6 0.2 6/ 0.4 6/ 0.5 0.4 0.4 0.3 0.3 0.3 15.2 14.5 13.2 13.1 13.3 - 13.1 11.3 11.5 10.6 10.3 9.4 8.6 13.6 13.1 11.9 11.9 12.3 12.2 10.5 10.6 9.8 9.4 8.6 7.7 0.7 0.7 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 7.4 6 .5 3.5 2.8 6 .5 5.7 2.9 2.2 0.8 0.8 0.6 0.6 A p r . 28 9.1 6 .4 5.7 May 26 June 30 July 2 8 5.1 5.2 r 5 .2 2.2 2.2 2.1 1.6 1.5 1.5 0.6 0.6 0 .6 7/ 7/ 7/ 7/ 7/ 7/ 1.7 1.7 1.8 1.2 r 1.3 r 1.3 1.2 1.1 1.1 7/ r 0.2 r 0.2 0.3 0.3 0.3 A u g . 25 4.9 1.9 1.4 0.5 7/ 7/ 1.8 1.3 1.1 0.2 0.3 Mar. 31 1/ 2/ 3/ 4/ 5/ 6/ 7/ Includes an indeterminate amount of Federal funds purchases from U.S. Agencies of foreign banks. Issued by a bank holding company or other bank affiliates. Loans or participation.in pools of loans sold under repurchase agreements. T o bank holding companies, affiliates, or subsidiaries. T o other than banks and bank-related affiliates or subsidiaries. Partly estimated. Less than $50 million. These Data Are Not for Publication. r - Revised. 0.2 0.2 c - Corrected. T TABLE 5 Loans at All Commercial Banks Seasonally Adjusted Date Business Real Estate ( I n 1966--Dec. 1967--Dec. 1968--Dec. 1969--Dec. Dec. 31 31 31 31 1/ 31 1970--June July Aug. Sept. Oct. Nov. Dec. 30 29 26 30 28 25 31 106.6 107.0 108.5 109.9 109.5 109.3 110.1 1971—Jan. Feb. Mar. Apr. May June 27 24 31 28 26 p 30 p(old] (new] 28 p 25 p 110.2 111.6 110.7 110.7 112.4 111.4 July Aug. 1/ 2/ 3/ 4/ 5/ 78.6 86.3 95.9 106.1 112.6 115.4 b i l l i o n s 53.8 58.4 65.0 2/ 70.4 (old) 69.9 (new) Consumer o jE Security Nonbank financial Agr iculture d o 1 1 a i s ) 38.2 40.0 44.9 48.2 7.9 9.2 10.4 9.4 70.6 70.7 70.9 71; 2 71.5 71.8 72.3 48.6 3/48.9 49.1 49.4 49.6 49.4 49.8 7.2 8.2 9.1 9.6 10.1 9.5 10.6 13.4 15.0 14.7 14.5 14.5 14.7 14.4 11.0 11.1 11.4 11.5 11.4 11.3 11.4 72.7 73.2 73.8 74.3 74.8 75.7 5/ 75.0 75.8 76.5 50.0 50.2 50.4 50.6 50.9 51.0 10.6 4/ 10.7 10.6 9.3 9.0 9.0 15.2 15.2 15.5 15.2 16.3 15.8 11.2 11.3 11.6 ' 11.7 11.9 12.1 r 51.4 51.7 8.9 10.1 16.1 16.1 12.3 12.6 12.1 11.4 12.5 2/ 13.2(old) 13.7 (new ) 8.7 9.5 9.9 10.5 e - Estimated . p - Preliminary. r - Revised. c - Corrected Data are comparable with previous months. Individual loan items are gross throughout and the effect of consolidation in June 1969 on any one loan item was nominal. 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 . Consumer credit data adjusted in July to exclude about $500 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions, Includes $800 million System matched sale-purchase transactions outstanding on Feb. 24. Beginning June 30, 1971, Farmers Home Administration insured notes totaling approximately $700 million are included in other securities; previously, they had been included in real estate loans. These data are not for publication. • • # # # e # # e e e TABLE 6 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item July Aug. Sept. Oct. Nov. Dec . Jan. Feb. March April p May p Loans and Investments 2/ 4-6.4 +5.5 +5.4 +0.7 +3.8 +6.9 +3.8 +5.7^ +4.0 +0.2 U. S. Gov't, securities 4-1.7 +1.7 +0.1 -1.3 +0.4 +1.8 +0.2 +1.2 +1.5 Other securities +0.5 +1.2 +2.1 +2.0 +2.3 +2.9 +2.2 +1.4 +2.4 Loans 2/ +4.1 +2.6 +3.2 1/ +1.1 +2.1 +1.5 +3.2-/ Business +0.4 +1.5 +1.4 c -0.4 -0.2 +0.8 +0.1 +1.4 -0.9 Real estate +0.1 +0.2 +0.3 +0.3 +0.3 +0.5 +0.4 +0.5 Consumer +0.3-/ +0.2 +0.3 +0.2 -0.2 +0.4 +0.2 Security +1.0 +0.9 +0.5 +0.5 -0.6 +1.1 1/ Nonbank financial +1.6 -0.3 -0.2 1/ +0.2 -0.3 +0.8 Agriculture +0.1 +0.2 +0.1 -0.1 -0.1 +0.1 All other +0.6 -0.1 +0.8 -0.6 +0.6 Total loans excluding security 3/ +3.1 +1.7 +2.7 -0.5 Total loans excluding security and nonbank financial 3/ +1.5 +2.0 +2.9 -0.5 June p July p +4.2 +3.8 +3.2 -1.2 1/ +2.9 -1.1 -0.2 +1.7 +1.2 +0.7-/ +1.5 -0.3 * -0.3 +3.0 +0.2-/ +2.8 +5.5 1/ +1.7 -1.0 +1.2 +2.8 +0.6 +0.5 +0.5 +0.9^/ +0.8 +0.7 +0.2 +0.2 " +0.2 +0.3 +0.1 r +0.4 +0.3 +0.44/ -0.1 -1.3 -0.3 1/ -0.1 +1.2 1/ +0.3 -0.3 +1.1 -0.5 +0.3 1/ -0.1 +0.1 +0.3 +0.1 +0.2 +0.2 +0.2 +0.3 -0.5 +0.1 +0.9 -0.4 +0.5 -0.5 +0.5 1/ +0.2 +1.7 +1.0 +1.5 +3.1 +0.1 +1.0 +3.3 +0.2 +2.9 +4.3 +1.5 +1.3 +0.7 +3.1 -0.2 +1.3 +2.2 +0.7 +2.6 +4.3 1/ i r O £ ;G Aue. d \! Less than $50 million. 2/ Adjusted to exclude interbank loans. 3/ Based on consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to banking system but classified as loans to nonbank financial institutions on bank records. Repayments in subsequent months are also included in loans to nonbank financial institutions. 4/ Includes $800 million System matched sale-purchase transactions on February 24. 5/ Beginning June 30, 1971, Farmers Home Administration insured notes totaling approximately $700 million are included in other securities; previously they had been included in real estate loans. Changes have been adjusted to take account of this reclassification. Individual Loan Categories Are Not Available for Publication. TABLE 6-A Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1970 Item Aug. Sent Oct. Nov. Dec . Jan. Feb. March +2 .6 -0.1 +3.2 +6.1 +3.8 +5.3-/ +4.0 1/ April D i Mav D June D Julv D Aug 44.3 +4.1 +2.9 +5.0 +2.9 -1.1 -0.2 Loans and Investments 2/ +6 .5 U. S. Gov't, securities +1.7 +1.7 +0.1 -1.3 +0.4 +1.8 +0.2 +1.2 +1.5 -1.2 1/ Other securities +0.5 +1.2 +2.1 +2.0 +2.3 +2.9 +2.2 +1.4 +2.4 +1.7 +1.2 +0.7-/ +1.5 -0.3 Loans 2/ +4.2 +2.4 +0.4 -0.8 +0.5 +1.3 +1.5 +3.1-/ * -0.5 +3.1 +0.5-/ it Julv 1971 +5.5 +0.2 +1.2 c -0.9 -0.9 -0.7 +0.2 +0.1 +1.4 +1.7 -1.0 +1.0 +2.8 Business 1/ -1.1 1/ D Real estate Consumer Security Nonbank financial Agriculture NOT AVAILABLE All other Total loans excluding security 3/ Total loans excluding security and nonbank financial 3/ i 1/ 2/ 3/ 4/ - Less than $50 million. c - Corrected. Adjusted to exclude interbank loans. Includes $800 million System matched slae-purchase transactions on February 24. Beginning June 30, 1971, Farmers Home Administration insured notes totaling approximately $700 million are included in other securities; previously they had been included in real estate loans. Changes have been adjusted to take account of this reclassification. * ~ Total loans are adjusted to include all loans sold te-bank holding companies, affiliates, subsidiaries,' or foreign branches, Business loans are adjusted to include all business loans sold to bank holding companies, affiliates, subsidiaries, or foreign branches. Individual Loan Categories Are Not Available for Publication. TABLE 7 Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted Adjusted for Selected Loan Sales (In billions of dollars) Last Wednesday of July to last Wednesday of August Item All commercial banks 2J Total loans U. S. Gov't, securities Other securities Total All Large Banks 2_/ 3_! Total loans U. S. Gov't, securities Other securities Total Other banks 2/ 3/ Total loans U. S. Gov't, securities Other securities Total 1971 1970 + 2.5 - 0.6 - 0.1 +1.8 - 0.4 + 1.5 + 1.4 + 2.2 + 2.6 - 0.3 - 0.5 - 0.7 + 0.9 + 1.2 + 0.3 - 0.2 + 0.4 1/ + 0.7 + 1.6 + 0.6 + 0.8 + 0.9 + 1.0 1969 - 1.8 0.4 0.4 2.5 All commercial banks 2/ Total loans U. S. Gov't, securities Other securities Total All Large Banks 2/ 3/ Total loans U. S. Gov't, securities Other securities Total Other banks 2j 3j Total loans U. S. Gov't, securities Other securities Total NOTE: - 0.5 + 1.0 + 1.4 + 1.9 - 0.7 + 2.0 + 1.1 + 2.4 - 0.4 + 1.0 + 0.8 + 2.0 0.3 0.9 0.3 0.3 + 1.3 - 0,8 + 0.5 - 1.2 + 0.7 + 1.3 + 0.8 + 0.6 + + + 0.5 - 0.3 1/ + + + + + + + - 0.1 + 0,6 + 0.1 + 0.1 + 0.2 1/ + 0.3 + 0.9 + 0.2 0.7 0.3 0.1 1.1 last - 0.5 + 0.7 + 0.5 0.1 1.3 0.5 1.8 1968 1967 1966 + 7 A- + 2.8 +16 .4 +10.4 -10.2 - 0.5 - 0.3 + 9.9 - 1.0 + 4.5 +13.4 + 4.3 + 2.9 + 9.0 +16.3 +10.2-/ + 0.3 + 5.8 + 9.0 3.0 6 .0 2.6 5.6 + + + 3.9 1.0 2.7 5.7 + + + 0.4 1.7 6.1 7.3 7.4 4.2 2.1 5.2 + 6.0 + + + + 4.7 1.2 2.9 9.0 + 1.4 + 3.3 + - + 6.8- + 3.0 -0.3 + 3.0 + 5.6 + + + 0.6-/ + 0.9 4/ + 7 .4— +15.0 - 0.1 + 0.6 + 2.8 + 1.1 Wednesday of August 1969 + + 1.9 - 0.8 - 0.2 + 0.5 1970 1971 1965 - 2.3 - 0.1 - 0.4 -2.8 End of December to Item 1966 1967 1968 1/ + 1.8 + 7.7 1965 +12.2 - 7.5 + 4.6 + 9.3 + 6.8 + 1.8— - 5.4 + 2.9 + 4.4 ist! + + + + 0.6-/ + 5.2-' 5.4 2.1 1.7 4.9 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. 1/ Less than $50 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, 1968, 1969, 1970, and 1971. 4/ Allowance has been made in monthly changes in total loans and in other securities ~ for approximately $700 million of Farmers Home Administration insured notes shifted from loans to other securities on June 30, 1971; $200 million were at weekly reporting banks and $500 million at other banks. 5/ 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 at the end of June; $700 million were at weekly reporting and $300 million at nonweekly reporting. 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; $400 million were at weekly reporting banks and $700 million at other banks. TABLE 8 Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late July to August 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 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change 1J 2/ 3/ 1971 1970 1969 +102 + 40 +143 + 18 +125 -188 - 69 - 96 - 14 - 9 + 65 - 61 - 70 - 16 + 14 - 19 -228 -204 - 6 - 18 + 10 +629 +516 - 6 +119 +367 +790 - 24 +766 - 17 + 20 - 78 - 53 - 25 -143 - 85 + 2 - 2 - 58 + 13 - 4 - 54 - 16 - 92 - 67 -235 -133 -102 -273 - 1 -176 - 29 - 69 + 44 - 53 - 89 + 3 + 25 - 65 - 23 + 13 - 56 + 20 + 12 + 47 - 37 + 34 + 50 - 58 -824 +148 -676 — - 65 — - 44 + 18 + 26 + 61 + 60 +202 -101 - 41 + 11 -212 +112 -100 Late Decennber to 1968 + 54 - 18 -245 -217 - 28 -395 + 37 -262 -112 • - 58 + 89 - 2 -106 - 14 6 - 69 - 71 - 49 - 75 + 53 + 43 -260 - 40 - 17 -203 + 1 -999 - 12 -1,011 1967 + 5 25 238 168 70 446 19 313 25 89 + 40 166 16 + 26 + 48 113 111 + 1 19 93 34 162 + 18 80 100 + 20 - 1 , 172 84 - 1 , 256 - 1971 -608 -177 +626 +270 +356 -567 - 36 -356 -285 +110 +386 -400 - 87 +241 -108 -281 -178 -350 +200 - 28 +246 +412 -134 +122 +424 +640 +145""' +549 +694 1970 - 1969 D 725 319 19 52 + 33 + 478 + 39 + 173 + 103 + 163 + 528 - 210 - 235 + 328 + 103 - 681 -1,212 4 - 202 -1,006 + 159 99 + 25 - Ill 13 78 -1,982 - 377 -2,357 + 562 511 56 15 + 71 +1,088 + 56 + 615 + 165 + 252 + 600 + 226 + 154 + 251 + 183 32 + 398 + 235 + 4 + 159 + 357 +1,216 - 324 + 720 + 820 - 258 +3,166 + 323 +3,503 1968 + + + + 625 550 114 33 81 941 670 183 101 189 658 17 176 240 79 435 461 + 516 62 + 7 + 307 + 503 - 398 + 494 + 407 182 +2,188 + 128 +2,316 Four most comparable weeks used throughout. Changes are compiled from December 30> 1970; December 31 , 1969; December 25, 1968; December 27, 1967 and December 2 8, 1966. These data cannot be linked with all commercial bank data which are always for December 31. Prior to 1967, transportation, communication, services, and foreign loans were not reported separately. 1967 + + + 625 324 237 227 10 895 + + + + + + + + + + 235 90 382 253 227 98 35 639 290 - 126 + 464 - 121 +1,242 + 200 +1,422 TABLE 9 Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1964—Dec. 1965--Dec. 1966--Dec. 1967--Dec. 1968—Dec. 31 31 31 30 31 U. 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/ 230.5 257.4 385.0 384.1 385.4 391.5 390.2 396.4 401.3 397.7 394.7 396.5 397.2 400.7 410.5 63.2 59.5 58.5 58.0 55.4 54.0 54.0 54.7 54.3 53.2 54.4 55.1 54.7 70.5 70.9 71.4 72.3 71.8 72.6 72.4 71.3 70.9 71.2 70.4 70.9 71.3 251.3 253.7 255.5 261.2 263.0 269.8 274.9 271.7 269.5 272.1 272.4 274.7 284.5 1 9 7 0 — J a n . 28 Feb. 25 Mar. 25 Apr. 29 May 27 .June 30 July 29 Aug. 26 Sept. 30 Oct. 28 . Nov. 25 Dec. 31 397.6 395.7 399.0 403.5 403.9 410.1 412.6 415.4 423.3 424.0 427.7 445.1 53.0 51.4 51.5 52.3 52.6 51.6 53.5 55.1 55.8 57.2 58.3 61.7 70.6 70.8 72.7 74.3 74.3 75.6 75.7 77.1 79.5 81.0, 82.5 86.1 1971—Jan. Feb. Mar. Apr i May 438.0 440.9 6/ 446 .4 448.8 450.9 460.9 61.5 61.4 61.6 60.1 58.9 60.5 460.0 461.7 5 9.5 58.9 87.1 88.9 91.5 94 .1 94.8 96.4 97.17/ 98.1 98.0 1 9 6 9 — J a n . 29 Feb. 26 Mar. 26 Apr. 30 May 28 June 30 e June 30 July 30 Aug. 27 Sept. 24 Oct. 29 Nov. 26 Dec. 31 Dec. 31 (old) (new) 3/ (old) (new) 27 t 24 31 28 26 p June 30 (old) C*ew) July Aug. 28 p 25 p Busines 60.2 71.4 80.6 88.5 98.4 Real estate Security Farm Consumer Nonbank financial flit* i OTIS All other 43.7 49.3 54.0 58.5 65.1 8.4 8.5 9.0 10.5 11.8 96.5 97.7 99.7 101.6 101.8 104.5 104.5 103.1 102.0 103.8 103.6 104.4 106.8 65.6 66.1 66.6 67.2 67.8 68.4 68.4 68.8 69.3 69.7 70.0 70.3 70.5 70.0 4/ 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 10.3 274.0 273.5 274.8 276.9 277.0 282.9 283.4 283.2 288.0 285.9 286.9 297.2 104.1 104.1 105.0 105.6 105.3 108.6 107.4 107.1 109.6 108.5 108.9 113.0 70.1 70.1 70.1 70.2 70.3 70.6 70.8 71.1 71.6 71.9 72.2 72.5 8.2 8.3 8.8 8.8 8.6 7.9 8.4 8.9 9.3 9.4 9.1 12.1 10.4 10.5 10.6 10.8 11.1 11.2 11.3 11.4 11.4 11.3 11.2 11.2 48.0 47.8 47.8 48.1 48.4 49.0 49.3 49.6 49.8 49.8 49.5 49.9 12.7 12.4 12.2 12.7 12.3 14.4 14.9 14.4 15.1 14.3 14.3 15.9 20.6 20.3 20.3 20.7 21.0 21.3 21.3 20.7 21.2 20.7 21.7 r 22.7 289.3 290 .6 6/ 293.3 294.6 297.2 304.1 303.4 7/ 302.3 304.8 109.1 110 .1 72.6 72 .8 73 .3 73.8 74.5 75.7 75.0 7/ 10.3 10 .2 6/ 10.3 9 .5 9.0 9.9 11.0 11.2 11.6 11.8 12 .1 12.3 49.6 49.5 49.7 50.3 50.8 51.4 14.7 14.5 15.4 15.4 15.6 17.0 22.0 22.3 22.0 22.5 23.1 24.0 12.5 12.6 r 51.9 52.3 16.0 15.8 r 23.7 23.7 111.0 111 .3 112.0 113.7 113.2 113.9 75.9 76.7 9.1 9.8 7.5 8.2 8.6 2/ 9.3 9.7 31.0 35.7 38.3 40.0 44.9 v 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 10.9 13.3 13.3 12.5 13.7 13.9 15.0 13.6 1/ 15.9 18.9 12.1 12.5 12.3 13.3 12.7 13.7 13.7 12.4 12.1 12.4 12.0 12.2 14.6 15.1 4/ 18.2 18.2 18.1 18.8 19.8 20.4 20.5 19.9 19.8 19.8 20.0 20.2 21.2 e - Estimated r - Revised p - Preliminary. Other data are partly estimated on all but June NOTE: Data exclude interbank loans. Consumer and "other loans" are partly estimated for all dates. 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" 1/ loans. 2/ Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." 3/ Data revised to include all bank premises subsidiaries and other significant majority-owned domestic subsidiaries; earlier data are for commercial banks only. Also, total loans and investments are now reported gross of valuation reserves rather than net as previously. Individual loan items have always been gross. 4/ Real estate loans decreased by $500 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. Consumer credit data adjusted in July to exclude about $400 million of consumer paper sold by finance companies to the banking system but classified as loans to nonbank financial institutions on bank records. Subsequent repayments are also included in loans to nonbank financial institutions. Includes $800 million System matched sale-nurchasp t-rancarHnns outstanding on February 24. 1/ U 7/ Beginning June 30, 1971, previously they had been Farmers Home Administration insured notes totaling approximately$700 million are included in other securitiesincluded in real estate loans. ' Individual loan ' category data are available for publication only on a June and December Call data basis TABLE 10 Ratios to Total Deposits 1/ ( L O A N S D A T E U.S. Government securities maturing within one year All commercial banks M e m b e r B a n k s Reserve City Banks New York City of .Total City Chicago Other Country 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 63.8 64.7 (63.7) 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 65.4 67.9 65.8 66.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 67.4 69.3 75.9 83.5 79.9 83.5(76.3) 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 70.8 75.1 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 70.2 68.1 69.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 58.2 58.2 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 6.4 6.1 1969--Jurte 2/30* July 30* Aug. 27* Sept. 24* Oct. 29* Nov. 26* Dec. 31* 72.1 73.0 72.9 72.9 72.8 73.0 72.0 (69.7) (70.3) (70.1) (70.4) (70.3) (70.3) (69.8) 75.4 76.3 75.3 76.4 76.1 76.4 75.7 106.5(87.0) 110.9(88.6) 106.0(84.0) 108.0(86.3) 112.0(85.0) 106.2(85.9) 102.8(86.4) 90.9 91.8 94.2 97.5 96.2 93.6 89.5 78.3 78.8 78.8 79.4 78.9 80.3 79.5 62.5 63.2 63.6 63.3 63.4 63.3 62.8 4.5 4.5 4.7 4.6 4.3 5.2 5.0 1970--Jan. Feb. Mar. (70.6) (70.9) (70.8) (70.5) (70.6) (70.3) (70.2) (69.2) (68.3) (68.2) (67.9) (66.2) 76.5 76.7 76.3 76.0 76.1 72.5 74.8 73.8 72.6 92.6 93.8 92.2 91.5 91.5 95.8 88.0 88.1 86.5 81.3 81.0 80.4 63.7 63.9 63.8 63.7 64.0 72.1 71.8 69.9 102.9(84.5) 103.9(86.3 ) 103.1(86.8) 102.6(86.4) 103.7(86.5) 104.8(87.2) 97.6(84.0) 98.0(84.1) 93.7(81.8) „ 93.4(81.9) 94.3(83.3) 87.5(79.6] 4,7 4.4 5.2 4.8 4.6 4.3 4.8 5.0 5.1 5.1 5.7 5.7 (66.2) (66.4) (65.6) (66.1) (66.4) (65.7) (66.4) 69.5 69.6 68.2 68.5 68.8 68.2 68.8 2 5*p 66.7 (66.5) 68.9 1955--Dec. 1956--Dec. 1957--Dec. 1958--Dec. 1959--Dec. 1960--Dec. 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 1967--Dec. 1968—Dec . 31 31 31 31 31 31 31 28 25 31 31 31 30 31* 28* 25* 25* Apr. May June July Aug. Sept. 29* 27* 30* 29* 26* 30* Oct. Nov. Dec. 28* 25* 31* 73.2 73.4 73.0 72.7 72.9 71.8 72.0 71.1 70.2 69.7 69 »3 67.3 27* 24* 31* 28* 26*p 30*p 28*p 67.2 67.3 66.1 66.4 66.6 66.0 66.6 1971--Jan. Feb. Mar. Apr. May June July Aug. 1/ All commercial banks 79.9 80.0 80.0 78.6 76.7 75.6 60.5 63.6 62.9 62.2 85.7 80.6 75.0 74.1 73.3 62 .0 61.8 60.2 86.6(79.9) 88.0(82.3) 84.8(81.9] 84.7(82.5) 85.0(83.4) 84.2(82.4) 80.9 81.3 81.4 76.9 77.5 78.2 72.5 72.3 70.5 71.5 71.8 71.1 60.6 60.6 59.8 60.2 60.4 59.8 4.1 3.9 84.6(82.9) 85.4(84.3) 79.3 80.5 72.2 72.2 60.3 60.1 3.8 n .a. 85.6 5.5 4,9 4.7 4.3 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. . TABLE 11 Honey Stock Measures and Deposit Turnover (Seasonally adjusted; dollar amounts in billions.) M M „ 1 Currency plus demand deposit! V Turnover outside N.Y. Citjglf (per cent} 1964--December 1965--December 1966—December 1967—December 1968--December 1969--December 160.5 168.0 171.7 183.1 197.4 203.6 273.8 298.1 314.0 345.6 378.2 387.1 422.9 459.3 481.3 528.5 572.6 588.4 34.2 36.3 38.3 40.4 43.4 46.0 126.3 131.7 133.4 142.7 154.0 157.7 13.3 16.8 16.0 21.0 24.0 11.2 113.2 130.1 142.3 162.5 180.8 183.4 126.6 146.8 158.3 183.5 204.8 194.6 149.1 161.3 167.3 183.0 194.4 201.3 5.1 4.4 3.5 4.6 44 2 4.9 33.5 37.4 40.1 40.6 44.8 49.2 1970--March April May June July August September October November December 206.6 208.3 209.2 209.6 210.6 211.8 212.8 213.0 213.5 214.6 390.4 393.9 396.4 398.6 401.9 406.1 409.6 412.1 414.5 419.0 592.4 597.2 600.8 604.1 609.1 614.7 619.7 623.9 628.2 634.6 46.7 47.1 47.7 47.8 48.1 48.2 48.2 48.5 48.7 48.9 159.8 161.2 161.6 161.9 162.5 163.7 164.6 164.5 164.8 165,7 11.5 12.9 13.2 13.2 16.9 19.0 21.7 23.2 23.9 26.0 183.8 185.6 187.1 189.0 191.3 194.2 196.8 199.1 201.1 204.4 195.3 198.5 200.3 202.2 208.2 213.2 . 218.5 222.2 225.0 230.4 202.1 203.3 204.4 205.5 207.2 208.7 210.1 211.9 213.6 215.6 5.9 5.2 3.0 4.8 4.4 6.4 6.2 5.2 6.0 6.2 50.2 52.1 53.3 52.7 53.6 52.5 53.0 53.4 51.6 52.4 1971—January February March April May June 214.8 217.3 219.4 221.1 223.9 225.6 227.-5 228.1 423.-0 430.8 437.6 442.0 447.2 451.4 A5A. 1455.9 642.1 653.9 664.7 673.6 682.3 689,3 r 695.2 699.4 49.2 49.6 50.0 50.5 50.9 51.2 51.7 51.8 165.5 167.7 169.4 170.5 173,0 174:4 r 175.8 176.3 235.3 240.9 246.1 248.3 251.4 254.4 256.8 25 8.2 219.1 223.1 227.1 231.6 235.1 238.0 241,0 243.5 6.7 6.2 4.8 5.4 4.2 3.9 3.7 6.1 52.6 54.0 53.3 54.4 53.4 n .a n .a n.a n .a August*p Week ending; 1971--August September 1 p | ' M 0 2 3 M^ plus M, plus Components of money stock measures and related items time dep. deposits at nonTime and NonU.S. Gov't at comm. Demand savings deposits bank thrift deposits other than, bank thrift 2/ ,1/ Currency Deposits CD's Other Total institutions (all member) large CD' institutions- 1/ r % 27.1 208.2 27.4 213.5 27.8 218.3 27.3 221.0 28.0 223.4 28.6 225.8 30.1 226.6 30.3 227 .8 226 .7 228 .6 228 .7 228 .1 454 .1 456 .3 456 .3 456 .3 n .a. n .a. n .a. n.a. 51 .8 51 .9 51 .9 51 .7 174.9 176.7 176.7 176.5 30.1 29.7 30.3 30.5 227.4 227.7 227.6 228.2 257.5 257.4 257.9 258.7 n .a. n .a. n .a. n .a. 4.3 4.3 5.9 8.2 227.4 455.8 n.a. 51.8 175.6 30.8 228.4 259.1 n.a. 8.0 n.a. Includes (I) 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 Mg, plus the average of the beginning and end of month deposits of mutual savings banks and savings and loan shares. TABLE 12 Period ' Total Consumertype time & savings Time and Savings Deposits ConsumerLarge State Political Savings type Negotiable For. official etc . time CD's 1/ 1966—Dec. Dec. 1967--Dec. Dec. 1968--Dec. Dec. 28 28 27 27 21 31 (old) (new) (old) (new) (old) (new) 89,495 89,639 102,809 102,991 111,900 112,103 65,733 65,864 73,686 73,858 79,443 79,637 47,099 47,213 48,647 48,781 49,016 49,161 18,634 18,561 25,039 25,077 30,427 30,476 15,659 15,642 20,330 20,330 22,821 22,820 8,103 8,133 8,793 8,803 9,636 9,646 1969--June June July Aug. Sept. Oct. Nov. Dec. Dec. 25 (old) 25 (new) 30 27 24 29 26 31 (old) 31 (new) 103,967 103,959 100,602 98,998 97,899 97,238 96,333 96,589 96,787 79,619 79,604 78,784 78,189 78,140 77,795 77,241 77,616 77,812 47,550 47,550 46,953 46,688 46,533 46,376 46,334 46,486 46,632 32,069 32,054 31,831 31,501 31,607 31,419 30,907 31,130 31,180 15,270 15,271 13,538 12,616 11,744 11,524 11,319 10,919 10,919 9,078 9,084 8,280 8, 193 8,015 7,919 7,773 8,054 8,056 1970--Jan. Feb. "Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec v. Dec. 28 25 25 29 27 24 29 26 30 28 25 30 (old) 30 (new) 95,019 95,622 ' 97,352 99,281 99,470 99,676 106,494 109,725 113,640 114,803 116,447 119,442 120,206 76,500 70,400 76,876 76,702 76,995 77,348 78,435 79,070 80,722 81,150 81,554 82,776 83,473 45,831 45,632 45,996 45,888 46,077 46,174 46,345 46,330 46,808 47,016 47,332 48,032 48,479 30,669 30,768 ' 30,880 39,814 30,918 31,174 32,090 32,740 33,914 34,134 34,222 34,744 34,994 10,471 10,864 11,820 13,046 13 ,004 12,976 17,900 20,174 22,242 23,545 25,201 26,074 26,125 8,048 8,358 8,656 9,533 9,471 9,352 10,159 10,491 10,676 10,108 9,692 10,592 10,608 Week ending: 1971--Jan. 27 Feb. 24 Mar. 31 Apr. 2 8 May 26 June 30 July 28 123,102 125,842 129,175 :29,339 131,114 131,890 132,953 85,168 87,319 90,809 90,745 91,671 92,657 91,918 49,142 50,453 52,974 53,047 53,430 53,651 53,145 36,026 36,866 37,835 37,698 38,241 39,006 38,773 27,192 27,489 27,524 27,219 28,138 28,526 30,305 10,742 11,034 10,842 11,375 11,305 10,707 10.730 August 4 11 18 25 132,933 133,178 133,495 133,828 92,027 92,018 91,875 91,848 53,133 53,111 53,072 52,989 38,894 38,907 38,803 38,859 30,477 30,804 31,376 31,600 10,429 10,356 10,244 10,380 1/ — ' ' • Negotiable certificates of deposit issued in denominations of $100,000 or more. TABLE 13 Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) D A T E Reserve City Banks New York City of City Chicago All member Excess Reserves Country Other All member Borrowings 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--December 1970--Jan. Feb. Mar. Apr . May June July Aug. Sept. Oct. Nov. Dec . 1971—Jan. Feb. Mar . Apr. May June July Aug. NOTE: -424 669 419 268 209 168 -2 -165 107 -310 -829 -109 10 -50 -62 19 -14 -70 -95 -22 -130 -203 -104 -4 -22 -11 21 -31 -8 -50 -5 -70 -9 -449 80 20 -52 -122 -103 -161 -159 -55 -180 -473 237 583 471 394 334 315 238 140 187 70 -144 482 756 568 572 536 411 452 392 345 455 257 906 87 149 304 327 243 454 557 238 765 1,086 18,512 18,839 19,640 20,343 21,017 22,068 23,262 23,521 25,940 27,964 27,928 -799 -819 -781 -704 -795 -701 -1,217 -682 -335 -2 08 -305 -49 -132 -76 -148 -198 -171 -95 -260 -156 -56 29 -63 9 -82 -58 -15 -82 -25 3 -132 -67 -8 -13 -12 3 -473 -473 -501 -400 -447 -487 -726 -428 -337 -289 -359 -222 -112 -212 -117 -24 -152 -122 -99 -31 66 65 129 161 166 273 115 118 181 187 141 145 272 254 120 272 965 1,092 896 822 976 888 1,358 827 607 462 424 321 28,001 27,722 27,723 28,216 27,890 27,902 28,041 28,585 29,240 29,385 29,474 29,925 -91 -127 -120 -8 -18 -322 -658 -640 19 15 -90 -21 -67 -127 -110 -114 -6 19 -25 3 2 -39 -29 -1 -282 -333 -155 -154 -45 -173 -449 -448 178 172 150 164 92 17 -92 -77 279 201 199 140 312 131 162 165 370 328 319 148 330 453 82.0 805 30,229 30,515 30,748 30,816 31,253 31,257 31,266 31,658 ' . ~ Aggregate reserve series have been adjusted to eliminate changes in percentage reserve requirements against deposits, but reserve requirements on Euro-dollar borrowings are included beginning October 16, 1969, and requirements on bank-related commercial paper are included beginning October 1, 1970. ' TABLE 14 Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Commercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, U. S. Gov't, securities Savings maturing savings and loan within one bonds 5/ shares 4/ year 6/ 1 Liquid assets to gross national product 7/ 8 459.0 495.4 530.5 573.1 601.5 650.4 709.6 731.8 144.8 149.6 156.7 164.1 168.6 180.7 § 199.2 738.7 749.9 751.1 765.6 764.9 774.1 786.4 789.2 796.9 816.1 815.7 824.9 835.4 834.9 838.9 47.6 49.0 49.9 50.5 50.9 51.9 52.5 52.4 46.8 48.1 46.1 48.6 53.9 50.5 58.5 73.2 79.5 137.6 139.2 140.3 142.4 143.5 144.8 146.0 52.0 52.4 52.0 52.1 52.1 52.2 52.7 77.7 78.5 74.6 76.0 74.5 74.3 73.8 76.4 20.5 215.4 221.5 224.6 230.4 234.8 68.7 69.2 69.4 69.9 70.4 70.9 71.5 78.2 20.4 78.2 20.5 240.0 244.5 249.5 250.2 252.3 254.5 256.4 258.1 72.2 73.5 74.7 75.9 76.8 77.6 78.3 78.7 148.7 151.6 155.7 158.4 160.2 161.9 164.7 166.4 52.8 52.8 53.0 53.2 53.4 53.6 53.8 54.0 72.6 70.0 71.6 71.8 69.9 69.5 41.4 44.5 49.0 199.8 198.7 199.3 203.6 199.8 201.5 207.6 202.9 202.9 204.6 211.6 206.2 212.2 218.4 213.5 214.7 25.1 24.6 24.1 79.8 90.9 101.4 109.8 113.4 123.9 131.0 135.0 98.1 112.9 127. 147. 159. 183. 203.8 197.1 206.8 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets (2 + 3 -r 1) al product 7/ 11 10 211.8 52.6 55.2 60.3 64.7 67.3 0.5 0.5 0.4 0.3 0.1 81.0 81.5 79.8 77.6 78.7 78.3 76.1 68.2 22.8 21.8 21.8 21.6 20.9 78.1 20.2 r 78.9 r 20.3 52.9 53.0 53.5 54.3 54.5 55.9 56.8 55.2 54.5 54.7 55.2 55.5 55.5 55.8 56.3 56.1 56.4 56.5 56.0 56.3 56.6 56.3 56 .4 67.0 F o r footnotes see next page. r - ^Revised". P - Preliminary. * - Beginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. § - Figures are for Tuesday, December 31, rather than for the last W e d n e s d a y of December. NOTE: Total liquid assets and U.S. Government securities maturing w i t h i n 1 year revised beginning January 1969 to conform to new Budget concept. Both figures were increased by $1.7 billion on that date. • • • • • • # # # # # # T a B L E 14 # # (Continued) # # ( 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. 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. 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. 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. 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. 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 ca1lable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 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) .
@FedFRASER