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LJ.
RESEARCH LIBRARY

Week ending: July 25, 1973

Federal Reserve Bank
of St. Louis

M 2 6 1998’
The nation's money stock averaged $264.2 billion
in the four weeks ending July 18, up at a rapid 10.8 percent
annual rate in the past three months. In the past twelve
months, money has increased 7 percent, compared with a 6.3
percent average rate from 1967 to 1972. The demand deposit
component of money has risen at an 11.7 percent rate in the
past three months, compared with a 6.1 percent average rate
from 1967 to 1972.
The reserve aggregates underlying the money stock
have continued to increase at substantial rates in recent
months. The monetary base has increased at a 6.7 percent
rate in the past three months, compared to a 6.1 percent
average rate from 1967 to 1972. Federal Reserve credit, the
major source component of the base, has increased at an 8.1
percent rate in the past three months.
Despite the heavy loan demands in the past several
months, banks have been able to obtain funds to meet part of
this loan demand through the issuance of large CDs. The
volume of these large certificates of deposits rose from
$43 billion in last December to $64.3 billion on July 18.
By comparison, during 1969 when market interest rates rose
above the Regulation Q ceilings on large CDs, these deposits
fell over $12 billion.
Since banks have been able to obtain large amounts
of funds through the issuance of CDs, nondeposit sources of
bank funds have remained at fairly low levels in recent
months compared with 1969-70 levels. Eurodollar borrowings
by U.S. banks were about $1.7 billion in early July, about
the same as last December. By contrast, Eurodollar borrowings
rose as high as $14.7 billion in November of 1969. Bankrelated commercial paper has increased somewhat in recent
months. The outstanding volume of this paper was $4.3 billion
in early July, up from $3.1 billion in early March. For com­
parison, the volume of this paper averaged $7.8 billion in
mid-1970.


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

Prepared by Federal Reserve Bank of St. Louis
Released: July 27, 1973

MONETARY BASE 1/
MULTIPLIER 2/

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED BY THIS BANK

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
104

COMPOUNDED ANNUAL RATES
OF CHANGE, AVERAGE OF
THE FOUR WEEKS ENDING
---- JULY 25, 1973 FROM
THE FOUR WEEKS END ING»
-

MAY
APR.
MAR.
— FEB.

23,
25,
28,
28,

1973
1973
1973
1973

102

8.0
6.7
7.9
9.5

100

MONETARY BASE

98

96
973

MILLIONS

94

Mill
LATEST DATA PLOTTED WEEK ENDING: JULY 25, 1973
RATIO
2.9

RATIO

2.8

MULTIPLIER
2.7

2.6

2.5
RATIO
2.629
2.612

H 2-<

2.626
2.600

7 21

5 19

2

16 30 13 27 11

SEP
1972

25

8 22

6 20

3 17 31

OCT

LATEST DATA PLOTTED WEEK ENDING: JULY 18, 1973 .

14 28 14 28 11

FEB

25

9 23

6 20

4 18

1

15 29

MAR
-

.

1/ USES OF MONETARY BASE ARE MEMBER BANK RESERVES AND CURRENCY HELD BY THE PUBLIC AND NOVEMBER
BANKS, ADJUSTED FOR RESERVE REQUIREMENT CHANGES AND SHIFTS IN DEPOSITS. FOR A DESCRIPTION
OF TH£ BASE SEE THE AUGUST 1968 "REVIEW* OF THIS BANK.
2/ RATIO OF MONEY STOCK (Ml ) / MONETARY BASE.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

RESERVES AVAILABLE TGfcSUPPORT
“RIVATE NONBANK DETOSITSi/
ALL MEMBER BANKS

FEDERAL RESERVE CRED I T 2/
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS
31.5 ---------- ----------- ------

BILLIONS OF DOLLARS
“I------- K------------- 31.5

30.5
RESERVES

1973

BILLIONS —|
■0.60
'0.54

28.5
I . 18

ill I I I I I I

94
COMPOUNDED ANNUAL RATES
92

—

JULI £3.

l-KUM

THE FOUR WEEKS ENDING
90

MAR. 28
-----FEB. 28
_ JAN. 2
DEC. 2
JUL. 26

1973
1973
1973
1972
1972

FEDERAL RESERVE CREDIT

13.5
14.5
H.9
11.7

88

86
84

82
1973
JUN.

MILLIONS

2'

80

78

5 19

JUN

JUL

2

16 30 13 27

AUG

SEP

II

OCT

25

8 22

NOV

6 20

DEC

3 17 31

JAN

H 28 U 28 11

FEB

MAR

1972
LATEST DATA PLOTTED WEEK ENDINGi JULY 25,

25

9 23

6 20

4 16

JUN

APR

JUL

1

15 29

1973
1973

1/ CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS' H.9 RELEASE.
2/

IN?9 TO INCLUDE HOLDINGS OF SECURITIES. LOANS. FLOAT AND ''OTHFR'' icvtc inimnn
CLaIseI oPbankS^1 CHANGES AND CHANGES IN REQUIREMENTS DUE TO SHIFTS IN DEPfisiTS AMONG^

3/ ^GA^SgE°^EGULAT!ON2JDATA ARE A0JUSTED DUE T0 WA1VERS ASSOCIATED WITH THE EFFECTS
*

BREAK IN SERIES DUE TO THE EFFECT OF CHANGES IN REGULATION D.


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

PREPARED BY FEDERAL RESERVE BAFK OF ST. LOUIS

0

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

210
BILLIONS

203.8
203.5
205.0
205.0

205

200

I 95

l 90

5

19

6

30

13 77

II

75

8 77

3

6 70

17

31

13 ?8

M 78

II

75

9 73

1 18

1

15 79

1973

1972
LATEST DATA PLOTTED WEEK ENDING: JULY 18,

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS1 H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE , AVERAGE OF FOUR WEEKS ENDING:
7/19/72

11/15/72 12/20/72

1/17/73

2/21/73

3/21/73

4/18/73

0.3
3.1
7.1
7.2

4.3
9.1
8.9

13.5
11.7

5/16/73

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73
5/16/73
6/20/73
7/18/73


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

6.4
7.2
5.8
5.2
4.7
5.0
6.3
6.4

8.5
5.0
4.0
3.3
4. 1
6. 1
6.3

4.5
3.3
2.5
3.7
6.2
6.4

-0. 3
-0.2
1.9
5.2
5.6

13. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

5
MONEY STOCK

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
270

BILLIONS
263.3
263.9
262.8
264.5
264.4
264.9

— JUL.

265

260

255

250

245

S

JUN

IB

2

16 SO

IS 27

II

25

6 22

6 20

S

17

31

M 26

M 26

11

25

9 23

1 16

l

13 29

JUL
l 973

LATEST DATA PLOTTED WEEK ENDING: JULY IS,

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.

COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING-.
7/l9/72

ll/l5/72 12/20/72

1/17/73

2/21/73

3/21/73

4/18/73

5/16/73

0.9
1 .7
3.5
6.0
6.2

3. 1
5.2
8.0
7.8

6.5
9.7
9. 1

12.5
10.8

11.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
l2/20/72
1/17/73
2/2l/73
3/21/73
4/l8/73
5/l6/73
6/20/73
7/l8/73


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

6.9
7.8
6.5
6.0
5.8
6. I
7.0
7.0

9.8
6.0
5.2
4.9
5.6
7. I
7.1

5.3
4.5
4.3
5.2
7.0
7. 1

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

#IME DEPOSITS
ALL

COMMERCIAL BANKS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

TOTAL TIME DEPOSITS

NET TIME DEPOSITS*

S 19

JUN

2 16 90 19 27

II

25

8 22

6 20

J 17 31

JUL

14 28 H 28 11

FEB

MAR

25

8 23

6 20

4 18

JUN

APR

JUL

1

13 2#

1973
LATEST DATA PLOTTED WEEK ENOINGi JULY 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS* H.6 RELEASE.
* NET TIME DEPOSITS ARE DEFINED AS: SAVINGS DEPOSITS, TIME DEPOSITS OPEN ACCOUNT PLUS TIME
CERTIFICATES OF DEPOSIT OTHER THAN NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN
DENOMINATIONS OF 8100,000 OR MORE BY LARGE WEEKLY REPORTING COMMERCIAL BANKS.

NET TIME DEPOSITS
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING,
7/19/72

11/15/72 12/20/72

1/17/73

2/21/73

3/21/73

4/18/73

5/16/73

8. 1
8.5
8.6
8.8
8.3

9. 1
9.0
9.2
8.4

9. 1
9.3
8.3

9.3
8.0

7.7

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73
5/16/73
6/20/73
7/18/73


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

12. 1
12.9
12.0
1 1 .7
11.4
11.2
11.0
10.6

12.5
10.7
10.3
10. 1
9.9
9.9
9.3

1 1.7
10.8
10.5
10.2
10. 1
9.4

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

£

MONEY STOCK PLUS TIME DEPOSITS
BILLIONS OF DOLLARS

AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

MONEY STOCK PLUS TOTAL Tlfct DEPOSITS

MONEY STOCK PLUS NET TIME DEPOSITS

I 1 1 1 I 1 1
9 19

JUN

2

6 90 19 77 11

29

12?

• 20

3 17 51

JUL

14 21 M 21 II 29
FEB
MAR

1972

m

• 20
JUN

4 14
JUL

I

19 29

1973

LATEST DATA PLOTTED WEEK ENDING. JULY 18,
CURRENT DATA APPEAR

S 29

1973

IN THE BOARD OP GOVERNORS'

H.6 RELEASE.

M* IS DEFItCD AS. CURRENCY, DEMAND DEPOSITS PLUS NET TIME DEPOSITS (SEE PAGE 6).

MONEY STOCK PLUS NET TIME DEPOSITS (M2)
COMPOUNDED ANNUAL RATES OF CHANGE, AVERAGE OF FOUR WEEKS ENDING:
7/19/72

11/13/72 12/20/72

1/17/73

2/21/73

3/21/73

4/18/73

5/16/73

4.6
5. 1
6. 1
7.4
7.2

6.0
7. 1
8.6
8. 1

7.8
9.5
8.6

10.9
9.4

9.4

TO THE AVERAGE
OF FOUR WEEKS
ENDING:
12/20/72
1/17/73
2/21/73
3/21/73
4/18/73
5/16/73
6/20/73
7/18/73


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

9.5
10.4
9.2
8.8
8.6
8.7
9.0
8.8

1 1.5
8.5
7.9
7.6
7.9
8.6
8.2

8.7
7.8
7.4
7.8
8.6
8.3

PREPARED BY FEDERAL RESERVE BAM< OF ST. LOUIS

CERTIFICATES OF DEPOSIT
LARGt COMMERCIAL BANKS
WEDNESDAY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

7 21

5 19

JUN

JUL

7 16 50 IS 27

SEP

II

2S

• 72

6 20

S IT S]

H 2* M 2« II 2S

FEB

OCT

BILLIONS OF DOLLARS

MAR

• 29

« 20

JUN

APR

4 1*
JUL

I

IS 29

1073

1972

LATEST DATA PLOTTED WEEK ENDINGi JULY 18,

1973

CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.6 RELEASE.
NEGOTIABLE TIME CERTIFICATES OF DEPOSIT ISSUED IN DENOMINATIONS OF 8100,000 OR MORE BY LARGE
WEEKLY REPORTING COMMERCIAL BANKS.


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

MONEY AND TIME DEPOSIT DATA

1973
JUNE

6
13
20
27
JULY
4
1 1
18
25
AUG.
1
8
15
22
29

CERTIFICATES
OF DEPOSIT

BILLIONS
NET TIME
DEPOS1TS *

61.3
61.9
61 .6
62.6
63. 1
63.9
64.3

281.6
281 .9
281.9
282.0
283.0
282.3
283.3

M2 *K
544.8
545.2
545.8
544.8
547.5
546.7
548. 1

X SEE FOOTNOTE PAGE 6.
SB* SEE FOOTNOTE PAGE 7.
PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

MEMBER BANK DEPOSITS
SUBJECT TO RESERVE REQUIREMENTS
(CREDIT PROXY )
AVERAGES OF DAILY FIGURES
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
145

435

•125
CREDIT PROXY ADJUSTED 1/
115

105

395

CREDIT PROXY

385

375

5 19

2

16 90 13 27

II

25

8 22

6 20

3 17 31

H 28 M 28 11

25

23

6 20

3

18

1

15 29

1973
LATEST DATA PLOTTED WEEK ENDINGt JULY 18, 1973
CURRENT DATA APPEAR IN THE BOARD OF GOVERNORS’ H.9 RELEASE.
1/ INCLUDES MEMBER BANK DEPOSITS. BANK-RELATED COMMERCIAL PAPER. EURODOLLAR BORROWINGS OF
U.S. BANKS, AND CERTAIN OTHER NONDEPOSIT SOURCES.

J973

BILLIONS
CREDIT
PROXY

CRED1T
PROXY
JUN.
JUL.


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

13
20
27
1
1 1
18

adjusted

127;9
129.7
129.3
132.1
130.3
130.6

133.1
135.1
135. 1
438.3
436.6
437.0

COMPOUNDED ANNUAL RATES OF CHANGE.
AVERAGE OF THE FOUR WEEKS ENDING
JULY 18. 1973 FROM THE FOUR
WEEKS ENDING*.
CRED1T
CRED1T
PROXY
PROXY
ADJUSTED
MAY
APR.
MAR.
FEB.
JAN.
DEC.
JUL.

16,
18,
21,
21.
17,
20.
19,

1973
1973
1973
1973
1973
1972
1972

10.2
10.7
12. 1
14. 1
13.2
13.7
12.5

11.4
11.7
12.9
15.0
13.9
14.3
12.9

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

YIELDS ON SELECTED SECURITIES
AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT

CORPORATE Aaa BONDS

MUNICIPAL
BONDS** —

-DISCOUNT RATE

THREE-MONTH TREASURY
BILL MARKET YIELD

2 16 30 14 28 11 25

6 22

6 20

3 17

5 29 12 26 9 23
JAN
FEB

9 23

6 20
APR

4 1*
MAY

5 29 IS 27 10 24

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDING: JULY 27, 1973

1973
JUNE

1
8
15
22
29
JULY 6
13
20
27 *
AUG.
3
10
17
24
31

CORPORATE
AAA BONDS

3-MONTH
TREASURY
BILLS

3-5 YEAR
GOVERNMENT
SECURITIES

LONG-TERM
GOVERNMENT
SECURITIES

MUNICIPAL
BONDS x*

7.35
7.36
7.36
7.38
7.40
7.41
7.44
7.45
7.46

6.91
7.07
7.15
7.25
7.32
7.94
7.78
8.03
8. 13

6.79
6.72
6.70
6.74
6.89
7.15
7.29
7.48
7.68

6.31
6.31
6.29
6.32
6.36
6.44
6. 43
6.50
6.56

5.22
5. 13
5. 13
5. 19
5.25
5.34
5. 40
5. 37
N. A.

* AVERAGES OF RATES AVAILABLE.
*X BOND BUYER'S AVERAGE INDEX OF 20 MUNICIPAL BONDS,
N.A. - NOT AVAILABLE


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

THURSDAY DATA.

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

SELECTED SHORT-TERM

INTEREST RATES

AVERAGES OF DAILY RATES ENDED FRIDAY

PERCENT

PERCENT
—i 11.0

|l.O r-

PRIME BANK
LOAN RATE
CIAL PAPER

FEDERAL FUNDS RATE

2

16 30

14 28

II

25

8 22

6 20

3

17

1

15 29

12 26

9 23

9 23

6 20

1972

4

18

1

IS 29

JUNE

1
8
15
22
29
JULY
6
13
20
27 X
AUG.
3
10
17
24
31
1________________

10 24

1973

LATEST DATA PLOTTED ARE AVERAGES OF RATES AVAILABLE FOR THE WEEK ENDINGs JULY 27,

1973

13 27

PRIME
COMMERCIAL
PAPER
4-6 MONTH

FEDERAL
FUNDS XX

PRIME
BANKERS’
ACCEPTANCES

90 DAY
CD’Sjw

7.53
7.83
7.90
8.03
8.28
8.75
8.90
9. 15
9.59

7.95
8.43
8. 17
8.55
8.59
10.21
9.52
10.22
10.58

7.41
7.75
7.88
8.05
8.35
8.94
9.00
9.05
9.38

1973

7.58
7.85
8.01
8.09
8.29
8.67
9.03
9.36
9.85

* AVERAGES OF RATES AVAILABLE.
Mt FEDERAL FUNDS AND CD RATES ARE SEVEN-DAY AVERAGES FOR WEEK ENDING
WEDNESDAY TWO DAYS EARLIER THAN DATES SHOWN.
CURRENT DATA APPEAR IN
THE BOARD OF GOVERNORS * H.9 RELEASE.
CD DATA ARE SECONDARY MARKET RATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS

12

BORROWINGS FROM FEDERAL RESERVE BANKS
ALL MEMBER BANKS IN THE NATION
AVERAGES OF DAILY FIGURES

BILLIONS OF DOLLARS

1973

BILLIONS OF DOLLARS

MILLIONS

JUN. 20
BORROW INGS

5 19

JUN

2

16 30 13 27

11

25

8 22

3 17 31

6 20

14 26 14 28 11

FEB

JUL

LATEST DATA PLOTTED WEEK ENDING, JULY 25,

MAR

25

0 23

6 20

4

18

1

13 2S

APR

1973

BUSINESS LOANS

(COMMERCIAL AND
BILLIONS OF DOLLARS

INDUSTRIAL)

WEEKLY REPORTING LARGE COMMERCIAL BANKS
SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

I 10
108
106
.BUSINESS LOANS ADJUSTED

APR.

18,

1973
29.0
35.2

FEB. 21

1/

104

19.6
23.4
30.0
35.8
34.0
25.0

102
100
98
96
94
MILLIONS

BUS I NESS LOANS____

— ’JUN.

92

BUSINESS
BUS I NESS
LOANS LOANS
ADJUSTED

90

88

13

86
84

H-lLll
5 19

2

16 30

13 27

11

25

8 22

6 20

3 17 31

14 26 14 28 II

FEB

LATEST DATA PLOTTED WEEK ENDING, JULY 18,

25

9 23

6 20

4

18

I

15 29

MAR

1973

1/ INCLUDES LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS TO OWN SUBSIDIARIES, FOREIGN BRANCHES,
HOLDING COMPANIES, AND OTHER AFFILIATES.


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

PREPARED BY FEDERAL RESERVE BANK OF ST. LOUIS


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102