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Federal Reserve tsarm
of St. Louis

u.s.Week ending: November 26,1969
FinflncmL drth

^JUJG ^ ? 1998
The money stock, showing essentially no growth
since early June, continues to be a restrictive influence
on the economy (page 4). This prolonged lack of signifi­
cant change can be attributed to the restraint on the
growth of Federal Reserve credit, the policy determinant
of the money supply (page 2). Federal Reserve credit has
increased at a 3.4 per cent annual rate during this period,
compared with a 6 per cent rate of growth from last
December to June, and a 10 per cent increase in 1968.
During 1969 total time deposits at banks and
^Wiher financial intermediaries have declined, as the rates
these intermediaries are permitted to pay have been low
relative to market interest rates. From December to July
large negotiable certificates of deposit at large commercial
banks declined by $9.8 billion, while growth rates of smaller
types of deposits were slower than in 1968. During the last
three months, smaller types of deposits have decelerated even
more, probably due to the effect of interest rate ceilings on
these deposits.
The flow of funds through channels not subject to
interest rate ceilings has continued to increase. Commercial
paper outstanding averaged $31.1 billion in October, a $1.6
billion increase over September and a 54 per cent annual rate
of increase from last December. Commercial paper outstanding
)se at half this rate during 1968.
Business loans at large commercial banks have not
increased in recent weeks but show a 6.8 per cent annual
rate of growth in the last three months. These loans in­
creased at an 11 per cent annual rate from December to
early August (page 9).


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

Changes in Selected Deposits
Dec. 1968 to
July 1969
Amount
(billions)
Time
,
Large CD's —
Time less large CD' s
Savings & Loan
Mutual Savings Bank
>te:

$-7.2
-9.8
2.9
3.0
1.8

Rate —^

- 5.9%
-59.9
2.8
4.0
4.8

Latest 3 months
Available a/
Amount
(billions)
$-2.2
-1.7
- .9
.1
.4

Rate —^

- 4.5%
-52.8
- 4.5
1.5
2.4

Data are seasonally adjusted except for large CDr&x

3L /

—

Latest three months available are the four weeks ending
August 20 to the four weeks ending November 19 for time
deposits and large CD's. Latest three months are July toy
tober for remaining three deposit types.

i /
— Compounded annual rates of change except that the latest
three-month changes in time deposits and large CD's are
simple annual rates.
—

Negotiable certificates of deposit of $100,000 or more
at large commercial banks.

Rates of change reported in this release are
intended to serve as summaries which may be
useful in analyzing recent developments.

Prepared by Federal Reserve Bank of St. Louis
Released: November 28,1969

MONETARY BASE II
FEDERAL RESERVE CREDIT^
Averages of Daily Figures

Billions of Dollars

2
Billions of Dollars

Seasonally adjusted by this bank.
— .Annual rates of change, average of four weeks
--ending Nov. 26, 1969 from four weeks ending:
Monetary
Base

F.R. Credit

-rAug. 27, 1969
_"May 28, 1969
__ Feb. 26, 1969
—I-Nov. 27, 1968

P

_’june 11, 1969
-1957-1968
Monetary Base

F.R.Credit

Federal Reserve Credit
1/

Uses of the monetary base are member bank
reserves and currency held by the public
and nonmember banks, adjusted for reserve
requirement changes and shifts in deposits.
For a description of the base See the August
1968 Review of this bank.
‘
■
2/

Defined to include holdings of securities,
loans, float, and "other" assets, adjusted
___for reserve requirement changes and changes in
Latest data preliminary
— requirements due to shifts in deposits among
Latest data plotted week ending: Nov. 26, 19691 —' classes of banks.
10

24

7 21


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

4

18
Sept.

16 30 13 27 11 25
Oct.
Nov.
Dec.
68

8

22
Jan.

5

19
Feb.

5

19
Mar.

2

16 30 14 28
Apr.
May

11 25 9 23
June
July
1969

V !U P-

6

20
Aug.

3 17
Sept.

1

15 29
Oct.

12 26
Nov.

Prepared by Federal Reserve Bank of St. Louis

10 24
Dec.

7 21
Jan.
1970

RESERVES
All Member Banks in the Nation
Averages of Daily Figures
----- Seasonally Ad justed TIT

Billions of Dollars

Billions of Dollars

Annual rates of change, average of four weeks
ending Nov. 26, 1969 from four weeks ending:
“Aug.
_ May
Feb.
— Nov.

27,
28,
26,
27,

1969
1969
1969
1968

June 11, 1969
1959-1968

TOTAL

Series adjusted by the Board of Governors
to reflect changes in reserve requirements.
For comparability back data have been re­
vised due to the change in Regulation D effec-

London checks" as deposits subject to reserve
requirements.
Data exclude increase in required reserves of
about $400 million due to changes in Regulations

—Latest data preliminary
^■Latest data plotted


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

21

4

18

Current data including required reserves
due to changes in Regulations M and D effective
October 16, 1969 appear in the Board's H.9 release.

Nov. 26, 1969
2

16 30

13 27

11 25

16- 30

14 23

11 25
June

9

6

20

3

17

12 26

July

Prepared by Federal Reserve Bank of St. Louis

10 24

?ill i

DEMAND DEPOSIT COMPONENT OF MONEY STOCK
Averages of Daily Figures
Seasonally Adjusted

s of Hollars

171
170
169
168

] Annual rates of change, average of four
weeks ending Nov. 19, 1969 from four
weeks ending:

167
166
165
164

-h £>*
June 11, 1969

163
162
161

Dec. 25 - June 11
1957-1968

160
159
158
157
156
155
154
153
152
151
150
149
148
147
146
145
144
143
142
14 i

Data include the annual revision of seasonal factors
and benchmark adjustments of nonmember bank deposits
Current data appear in the Board's H.6 release

roiiiimmiifflffmr-ifff

.Latest data preliminary
Latest data plotted week ending*

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

Nov. 19, 1969

ttttj
h)
1968

n 2/ n
'() v.

9
Jan.

16
Apr.

30 14

28 11

May

25

June

20
Au".

3

17

Sept.

i

ic

yq

Ocf

Prepared hv Federal Reserve Bank of St.

MONE^TOCK
Averages of Daily Figures
Seasonally Ad us ted

Billions of Dollars

Billions oi Dollars

215
214

Annual rates of change, average of four
_ weeks ending Nov. 19, 1969 from four
— weeks ending:

213

/ 99.1

212
“ Aug. 20,
_ May 21,
Feb. 19,
Nov. 20,

1969
1969
1969
1968

211

199. 3

210
209

_ June 11, 1969

208
207

Dec. 25 - June

206

_ 1957-1968

205
204
203
202
201
200
199
198
197
196
195
194
193
192
191
190
189
188
“ Data include the annual revision of seasonal factors
_ and benchmark adjustments of nonmember bank deposits.
_ Current data appear in the Board's H.6 release.
1 1 i I I. ) -i_ I I I I I I I I I 1 1
__ Latest data, preliminary
Nov. 19, 1969
2_ Latest data plotted week ending:
10

I I !7 I

24

July


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

21

4

............ ..30 13 27 11 25
...............111:
16

18 2
Sept.

1968

Nov.

Dec.

8

22

187
186
185
5

19

5

19
Mar.

2

16 30
Apr.

14 28
May

11 25 9
June
1969

23

6

20

3

17 1
Sept.

15 29

12 26

Prepared by Federal Reserve Bank of St. Louis

10 24
Dec.

7

21
Jan.
1970

0

6

TIME DEPOSITS
All Commercial Banks
Averages of Daily Figures
Seasona lly Ad

Billions of Dollars

Billions of

CLc* . A

/ 9J.9

-

_

234

I i I I I I [

-----Annual rates of change, average of four weeks
969 from four weeks ending:
ending Nov. 19,

~ U

Feb. 19, 1969
Nov. 20, 1968

---- 1957-1968

__ Data include the annual revision of seasonal factors
__ and benchmark adjustments of nonmember bank deposits.
— Current data appear in the Board's H.6 release.

-----Latest data preliminary
2~Latest data plotted week ending:
10

24

7


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

21

4 18

2

16

30 13

Nov. 19, 1969
27 11
Nov.

25

8

22

5

19

5

19
Mar.

2

16 30

14

28 11 25 9 23
July
June
1969

6

20
Aug.

3

17 1
Sept.

15

29

12 26
Nov.

Prepared by Federal Reserve Bank of St. Louis

Dollars

10 24
Dec.

7

21
J an.

MONEY STOCK

S TIME DEPOSITS
aily Figures
Seasonally Adjusted

Averages
Billi

of Dollars

432
430
428
426
424
422
420

Billions of Dollars

■Annual rates of change, average of four weeks
^ ending Nov. 19, 1969 from four weeks ending:
- Aug. 20,
— May 21,
Feb. 19,
Nov. 20,

1969
1969
1969
1968

-3.4
- /. 8

June 11, 1969

418
1957-1968
416
414
412

J9J A

410
408
406
404
402
400
398
396
394
392
390
388
386
384
382
380
378
376
374
372

Data include the annual revision of seasonal factors
and benchmark adjustments of nonmember bank deposits.
Current data appear in the Board's H.6. release.

TT~t 1 f I I I I I I I I I 1 l"1 t I I I I I | 11 I I I l
Latest Data Preliminary
Latest Data Plotted Week Ending:


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

21

4

18

2

16
1968

30 13

Nov. 19, 1969

27 11

rfTTTT
25

19
b.

5

19
Mar.

2

16 30 14 28
Apr.
May

11 25
June

9 23
July
1969

6

20

3

17

1

15

29 12

Prepared by Federal Reserve Bank of St. Louis

26

10 24

7

21
1970

CERTIFICATES OF DEPOSIT jl_
Large Commercial Banks

Billions of Dollars

Billions of

Annual rates of change, ijata not seasonally
. adjusted, average of four weeks ending Nov. 19,
1969 from four weeks ending:
Aug.
May
Feb.
Nov.

20,
21,
19,
20,

___Millions of Dollars _
A3
•4.0
<=37

to
' /7

1969
1969
1969
1968

/<3., /V9____
/SL, WVio____
<W4>-----/&,sn4------

/a, 07? —
//, r-a-t —

Se.pt.

_

1964-1968

___ Current and year ago data appear in the
'Board's 11.4.2. release.
-----1/ Negotiable time certificates of deposit
----- in denominations of $100,000 or more.
_Latest data preliminary
;;—Latest data plotted:
10

24

7


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

21
Aug.

4 18
Sept.

2

16

30

I I I J..L
13 27 11 25
Dec.

8
Jan.

5

19
Feb.

5

19
Mar.

2

16 30 14 28
Apr.
May

11 25
June

9 23
July
1969

6

20
Aug.

3 17
Sept.

1

15 29 12 26
Oct.
Nov.

Prepared by Federal Reserve Bank of St. Louis

10 24
Dec.

7
.

Dollars

BUSINE0LOANS
Billions if

9

Large Commercial Banks
Wednesday Figures

! 1 nrs

Seasonal ly ad justed by this bank.

Annual rates of change, average of
tour weeks ending Nov. 19, 1969
from four weeks ending:
Aug.
May
Feb.
Nov.

20,
21,
19,
20,

1969
1969
1969
1968

y-1 /•0

MILLIONS OF DOLLARS -

m.™™ “LLI :
7 7,
S/
7 7,
7 7, LT 7

7 c, r.j/

7,. ,„yy
7 7,
77 9/7

7/,V/ 1

is
4"
/2L

Latest data preliminary
Latest data plotted:


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

7 / yu
77,77f
7 r,
7 s', V54,

77,7c V?
75', // 7
7f,

n

7 7. 6V?

7

^

7 7. ~> 7 S 7 7, / / 7 -

7 if iff*

Current and year ago unadjusted data appear in
the Board's H. 4.2 release. Seasonal adjustment
computed by this bank using 1963 through 1968 data.

Nov, 19, 1969

rr~ o
Sept.

Jan.

Sept.

Oct.
1970

Prepared by Federal Reserve Bank of St. Louis

YIELDS ON SELECTED SECURITIES
Averages of Daily Rates Ended Friday

Per Cent

9.50
3-5 Year

1969

Long Term

Per Cent

Corporate

9.50

7.07
9.00

7 /«*
7.

7.3t,
7. 13.

8.00

8.00
Prime Commercial
Corporate
Aaa Bonds

7. 6?

7.50

7. V9 -

7.50

TreasuryBill Market Yield

6.00
Long-Term
Government Bonds
Discount Rate

4.50

4.00

3.50

Latest data plotted are averages of rates available for the week ending:
12

26

9

23

6

20

4

1968
AGES OF RATES AVAILABLE

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

15 29 13
7
Nov.
Dec.

10

24 7

21

7

21

4

Nov. 28, 1969
I i . i i i I

18
June

July
1969

22
Aug.

5 19
Sept.

3

17

31 14

Prepared by Federal Reserve Bank of St. Louis

2,9 1?

26

4

SELECTED SHORT-TERM INTEREST RATES
Averages of Daily Rates Ended Friday

Per Cent
11.00
Prime
.Commercial
Prime
Paper
Bankers'
-4~^ Mogth Acceptances

90 Day
.CD's **

S. / 3

S'. .TO

2.00

S.3S

t Oo
2-1C
?. 13
2- /J.

2,38
s. ro
8,^~e

S'. AT

?.63

2. 03
10.00

8. (o 0

Per Cent
11.00

9.50

10.50

S’, vT<5

8.2*
10.00
Federal Funds Rate

?.7f
y-ar

S’. As''

?. Jj'

8^3

S'. U 3
S’.ss'a

9.00

S’. 63
?■ OO

S’. 63
2. 63

y.
8.50

8.00

4-to- 6 Month
Bankers'
Acceptance

7.50

6.50

6.00
Discount Rate

sLatest data plotted are averages of rates available for the week ending:
Sept.

Oct.

Npv. 28j 1969

June

8 22
Aug.

5 19
Sept.

3

17 31

14

* AVERAGES OF RAXES AVAILABLE; FEDERAL FUNDS LAST FIVE DAYS AVAILABLE


**
SOURCE: SALOMON BROTHERS AND HUTZLER
http://fraser.stlouisfed.org
Federal Reserve BankSECONDARY MARKET RATE ON 90-DAY PRIME CD'S
of St. Louis

Prepared by Federal Reserve Bank of St. Louis

28 12

26

9

23

BORROWINGS AND EXCESS RESERVES
All Member Banks in the Nation
Averages of Daily Figures

of Dollars
BORROWING'S

EXCESS
1969

RESERVES

Suott 3
/o

n
Qct

1
%
IS
AA.
IX
n
»1<B

12
Million? of Dollars
3,200

FREE
RESERVES

/A VO
3^ i
/3 a-

/£>/f

-3*9
- S3 U

Jjo

// Ole
/yJ4
94.7

3,000

-93S

?3 2>y

/J9
17*
/sc
JA7
•3/0
3 Si

13*7
/our
//93
73*7
/A9i

/■3 7
43

P

07

/
A.
/J07

2,800
2,600

~ ?o&.
- UlL
- fA) g '
- mjz

2,400
2,200

- 9*9.

-/o^S'-S"
—/c/7
- 99o
-9*5
-//yy

2,000
Borrowings

1,800

s

p

1,600
1,400

/jo 7

1,200
1,000

Excess Reserves
-

200

-

400

-

600

-

800
1,000

-

//r Y

1,200

-

-1,400

Net Free Reserves

-1,600
-1,800
2,000

-

2,200

-

-2,400
-2,600
Latest data preliminary
-Latest data plotted week ending:

Nov. 26, 1969

-J—l—i_ l_ i__ i__ i_ i___i__ U.-l.-J__ i_ i__ i__ l_l
_ _
_
_
_i—.—i_i_i
4 18
2
16 30 13 27 11 25 8 22 5 19
Sept.
Oct.
Nov.
Dec. .Tan.
Feb,
1968


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

-2,800
2

16 30
Apr.

14 28 11 25
May
June

9
23
July
1969

6

20
Aug.

3 17
Sept.

1

15 29
Oct.

12 26
Nov.

10 24
Dec.

7

21
Jan.

Prepared by Federal Reserve Bank of St. Louis

3,000
4

18 4 18
Feb.
Mar.
1970

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