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LIBRARY

u.s. FinnnciHL

drtd_
Week ending November 8, 1967

MEMBER BANK RESERVES

MONEY STOCK (Continued)

Total reserves of member banks (page 3) aver­
aged $24.7 billion during the four weeks ended November
8, up at an 11 per cent rate since late July, about the
same rate as since January.
In contrast, total reserves
rose at a 3 per cent trend rate from 1957 to 1966.

a shift of deposits from private to Government accounts,
as the Government has rebuilt its balances from the un­
usually low levels of last summer. Money rose at a 2.4
per cent trend rate from 1957 to 1966.

During the past three months, a substantial
share of the growth in total member bank reserves has
been used to support an increase in Government demand
sits associated with Treasury financing through tax
loan credit.
The upward trend in time deposits in
commercial banks since January (page 7) also has reduced
the volume of reserves available for other deposits.
As
a result, reserves available for private demand deposits
(total reserves less reserves required for Government,
time, and net interbank deposits) have risen at a dece­
lerated 5 per cent annual rate since late July.
These
reserves, which provide a base for monetary expansion,
have risen at about an 8 per cent rate since early this
year, compared with a 1.5 per cent trend rate from 1957
to 1966.
MONEY STOCK
The nation's money stock (page 5), consisting
rivate demand deposits and currency in the hands of
public, averaged $180.3 billion in the four weeks
ended November 1, up at a 5 per cent rate since July,
and at an 8 per cent rate since January.
The somewhat
lower rate of growth in the past three months reflects


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

A broader concept of money (page 4), which
includes time deposits at commercial banks, has risen
at a 9.5 per cent rate since July, and at a 12 per
cent rate since January.
Recent deceleration in the
growth of this measure has also reflected the increase
of Treasury deposits. From 1957 to 1966, this measure,
which is similar in magnitude to total bank credit, rose
at a 6 per cent trend rate.
BUSINESS LOANS
Business loans at large commercial banks (page 9)
averaged $63.6 billion during the four weeks ended November
1, about $500 million below their mid-July peak, but up
about $3 billion for the year to date.
These loans have
risen at a 7 per cent rate since January, facilitated by
sizable tax related loan demands in the first half of the
year. Expectations of higher interest rates in coming
months may have led some corporate borrowers to accelerate
security offerings in the capital markets, which has had
a dampening effect on the demand for bank credit. By way
of comparison, business loans rose at a 10 per cent rate
from i960 to 1966.

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

Prepared by Federal Reserve Bank of St. Louis
Released. November 10, 1967

FEDERAL RESERVE CREDIT [1
Weekly Averages of Daily Figures

Billions of Dollars

Billions of Dollars

Seasonally Adjusted by this Bank
1

I

I

I

I
federal reserve

Annual rates of change Federal Reserve Creditadjusted for reserve requirements changes
average of four weeks ending Nov. 8, 1967
from four weeks ending:
Aug. 9, 1967
•/•'?./
May 10, 1967
+-).$
Feh. 8, 1967

Nov.

9j 1966

. IJbf HOLDINGS
Q.uL d"

*

*(..//
V&.7/

■

/j

■
H67

A
O' 9 *<^7

y- /j, y.

/(.

*(33"

yj

1957-1966

'

CREDIT

*6.7$.
■
■

*7.ot

'K,7y

3o *(.Ze
,<W. <. *i-A3
•
‘/3
J7

■

i-i.AS'
*(,.30
*6, <T/
y*.7£

SU. i

*6-37

11

I

V(3f

-

-

*7.*7

iS

H 733
hi 3?
*1.11

-

V7-0Ji

/*
*

,

'

;
V7.?J

.

HI. 31?

Federal Reserve Credit

Federal Reserve Holdings of U.S. Government
and Federal Agency Securities

-Borrowings

1/ Federal Reserve Credit excluding float and a few minor
items, and adjusted for reserve requirement changes.

2/ Seasonal, adjustment for Federal Reserve Holdings
computed By this bank using data ending December 1966.
Borrowings from Federal Reserve not seasonally adjusted.
Current unadjusted data appear in the Board's H.4.1 release

Latest data preliminary
Latest data plotted week ending: Nov. 8, 1967

I I I I .1

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

21
Jan.

Mar.

June

6

20

Mar.

Prepared by Federal Reserve Bank of St. Louis

3
Apr

^ ■*

►

RESERVES
All Member Banks in the Nation
Weekly Averages of Daily Figures

Billions of Dollars
26.0

FT 1 1 i ~1 r"T"r 1 r 1 i" ill—r
Seasonal adjustment computed by this
bank using data ending December 1965.
Unadjusted data appear in the Board's
H.4.1 release.

TOTAL RESERVES
Annual rates of change, average of
four weeks ending Bov. 8, 1967
from four weeks ending:
Aug. 9, 1967
i-H./
May 10, 1967
+ S’. S
Feb. 8, 1967
y-/0-X
Hov. 9, 1966
+ /o. /
1957-1966

Billions of Dollars
1 1 1 1 1 11 1 r
TOTAL
RESERVES

Hi
n
2.0
CLc<-^. <2-

/<4

<£¥.7/

-f 3. 1

A3
30
JyU. t>
v
/3

<3 0
//
it

*3.e/
iJ.1t
AJ.gX

j-y.j/
1339
7397
i3.it
11.13
Al./O
A1-/3
If./t
Silt,
SI 1/
sy fo

Jt. (.3L
7/
P

fjf-7//.

RESERVES
AVAILABLE
FOR PRIVATE
DEMAND DEPOSITS

Hi?
22.0

H.3)

/6-si
/6.0C
/i.A(c
It AO
/iJJ*
JV'
/(■iV

Reserves Available for
Private Demand Deposits

3

RESERVES AVAILABLE FOR
PRIVATE DEMAND DEPOSITS
Annual rates of change, average
four weeks ending Nov. 8, 1967
from four weeks ending
Aug. 9,
1967
+ ¥-7
May 10,
1967
+7 /
Feb. 8,
1967
A7 o
Nov. 9,
1966
9- X 7

H-33
/631

/t n
/(,/S

/<*. ft
n. to
/(>/&
/ & .37-

/k.SS f

1957-1966

. . . dataI preliminary I I
I *,L I, I I
Latest 1 1.
Latest data plotted week ending: Nov. 8, 1967

Seasonal adjustment factors nave been revised
to incorporate data through early 1967.,
7
21
Sept.

5 19
Oct.


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

2

16

Nov.
1966

30 14 28 11 25
Dec.
Jan.

8 22
Feb.

8 22
Mar.

5
19
Apr.

3 17 31 14 28 12 26
May
June
July

1967

9
23
Aug.

6

20 4 18
Sept. Oct.

..—1—.—1—.—.—.—1—1 1 24 1 7 1 21 - 6 20
1
1
1
■
1 15 29 13 2t 10
Nov.
Dec.
Jan.
Feb.
Mar.
1968

Prepared by Federal Reserve Bank of St.Louis

26.0

—

—

!-

25.5

—
—

—
—
—
—

25.0

-

—

_

24.0

ons of Dollars

382

rm

MONEY STOCK PLUS TIME DEPOSITS *
Averages of Daily Figures
Seasonally Ad ustec

Billions of Do;

380

1967

from four weeks ending:
378

;

QJLS 35 1.0
*'0. 35*1.3

376

II

.

374

3H.1 .

Jt 35A f

^ i 3J3. 1
J •)

372

3SS.V ■

/fc 3X4.3

A3 3S<*.£

(370

JO 3X7. i

Ufj- 4. i st-i

368

13 3se.b
ao

3510

ai

366

3sr*

v 3xr7

3a

y/ J to / 1
//
"

362

ir
AW

360

-

358
356

3a
352

350
348

|346
344

342
340
338
336
334
332
330
328
326

2*
324
0

Latest data preliminary
Latest data plotted week ending:
Nov. 1, 1967
1 -i J 1.1 I I 1 I L I L. I I .1 I I I [ I I I I I I I I
7 21 5 19 2 16 30 14 28 11 25
8 22 8
Oct.
Nov.
Dec.
Jan.
Feb.
M
Sept.
1966


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

--------------------------

Current data appear in the Board's H.6 release.
Back
data appear in the August 1967 Federal Reserve Bulletin.
For trend of money stock plus time deposits by months
see this bank's monthly release entitled "Monetary Trends"._ ~
_

I I M 17 I 31 I 14 28I II I26 i 9 i i23i i 6 i i20i mi i 1i i15i i 29i i m 27 i
I I II 12 ,i
i
i
3
4 18
13

19
ir.

May

June
July
1967

Aug.

Sept. Oct.

Nov.

Dec.

i n i 7i

10 24
Jan.

m
21

i 6 i 20 3
i in

Feb.
Mar.
1968

Prepared by Federal Reserve Bank of St. Louis

A

t
Bill

MONEY STOCK*
Averages of Daily Figures
Seasonally Ad usted

sns of Dollars

Billions of Dollars

196

195

Annual rates of change, average of
four weeks ending Bov. 1, 1967
from four weeks ending:
Aug. 2, 1967
+S.X
May 3,
1967
+ t. S
Feb. 1,
1967
+ 1.1
Nov. 2,
1966
+ b.)

194

193
192
191

1957-1966
190

189

188
I87
186

185
184
183

182
181

tra¥

180
179
178
177
176

13-week centered

175

moving average

174

«-

173
Weekly
172

171
170

>A.X:

169

168

Current data appear in the Board1s H.6 release,
data appear in the August 1967 Federal Reserve Bulletin
For trend of money stock by months see this bank's
monthly release entitled "Monetary Trends”.

167

Latest data preliminary
Latest data plotted week ending: Nov
0

1 i i i 1 1 1 1 1 1_I_I_1_I_I_I—I—I—I "
5


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

19
Oct.

2
1966

16 30
Nov.

14 28
Dec.

11 25
Jan.

' 1 1 1 1 1 1 1 1 1 1 .1 1 1 1 1 1 1 1 1 1 1 1 I I I 1 1-1
31

14 28
June
1967

12 26 9 23
July
Aug.

29 13

27

Dec.

10 24
Jan.

7

21
Feb.

6
1968

Prepared by Federal Reserve Bank of St. Louis

20 3
Mar. Apr.

CERTIFICATES OF DEPOSIT 1
Large Commercial Banks
Wednesday Figures

Billions of Dollars

0
Billions of Dollars

Millions of Dollars
.
1967

—Annual rates of change, seasonally unadjusted data
— average of four weeks raiding Nov. 1, 19t>7 from
“four weeks ending:

J01V

5

IS,?S3

H

/9,

19

/9,

7

22.0

22.0

21.0

20.0

Current and year ago data appear in the
Board's H.4.2. release.
1/ Negotiable time certificates of deposit

Latest data preliminary
latest data plotted:Nov. 1, 196 7
7

21

5

19


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

2

1966

16

30 14

28

11 25
Jan.

8 22
Feb

8

22

5

19

3

17 31

14 28
June
1967

12

26

9

23

6

20

4

18

.1

15

29 13

27

10 24

7

21

6

July
1968

Prepared by Federal Reserve Bank of St. Louis

20

3

'

\

TIME DEPOSITS*
All Commercial Banks
Weekly Averages of Daily Fig
Seasonally Ad usted

Billions of Dollars

Billions of Dollars

from four veeks ending:

l tO. I

* Current data appear in the Board's H.6 release.

Back
data appear in the August 1967 Federal Reserve Bulletin.

latest data preliminary

Mill
7

21

5

19


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

2

16 30

14

28 11

25

Jan.

8

22

8

22

5

19

3

17 31

l4 28

June

1 t 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

12 26 9
23
July
Aug

6

20

4

18

1

15

29

13 27

10

2k

7

6

Prepared by Federal Reserve Bank of St. Louis

20

3

Millions of Dollars

1,900

s

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

Mllliens of Dollars

1,900

1,800

aranmr *****
EXCESS
! .RESERVES

BORROWINGS

FREE .
RESERVES

1,700
1,600
1,500

1,U00
1,300

1,200

BIWEEKLY SETTLEMENT PERIODS

1,100
1,000
900
800
700
600
500

Excess Reserves

1+00
300

Net Free Reserves

200

100
Borrowings

0
100
200
300

1|00
500
600
700
800
900
-

-

1,000

1,000 ____ Latest data preliminary
__.latest data plotted: two weeks ending Nov. 6, 1967
1,100


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

1,100
7

21

June

5

19

2

30

13 27

11 25

8

22

6

20

3

17

31 14

28

July

Prepared by Federal Reserve Bank of St. Louis

13 27

BUSINESS LOANS
Large Commercial Banks
Wednesday Figures

Billions of Dollars

Billions of Dollars
T'TI

Seasonally Adjusted by this Bank
-Annual rates of change, average of
four weeks ending Nov. 1, 1967
from four weeks ending:
Aug. 2, 1967
-4L.S
___May
3, 1967
+-9.S

_ Feh.
_
ZTnov.

1, 1967
2, 1966

IMill
TTTT
Millions of Dollars
SEASONALLY
UNADJUSTED
ADJUSTED

6y <5vjT=1

53,879

/- 6.7
f- b.X

6.3, 7e g

62/97

63*99
69 444.

63, *yr
64 *99
6 3,03-6
64 ~ri6

I96O-I966

63'??*.
63/79
63,373
66) 999

64 1*9

64,69/

6,4,43?

63,3/■/

64,4*3'

6.3,/19
63,337

€>0~

6 4,^98

6>3fe3
\ 63,5 Sf

i

*4 gjf
63 3/X

63. V/6
6 3 3818

Current and year Ago unadjusted data appear in
the Board's H.lf.2. release.
Seasonal adjustment
computed by this bank using 1962 through 1966 data,

Latest data preliminary
latest data plotted: Nov. 1, 1967
7

21

5

19


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

2

16

30

Ik- 28 11

25

.

63/4*
.
6 3,6?? g

8

22

8

22

5

19

3

17

31 14 28
June

12

20

if

18

1

15

29

13

27 10

2if

7

21

Prepared by Federal Reserve Bank of St. Louis

20

3

1°

YIELDS ON SELECTED SECURITIES
Weekly Avera ges of Daily Rates Ended Friday

Per Cent

Per Cent

TT" ITT
3-MOUTH
TfCKAS. 3-5
LOHG-CORPORATE
BILL YEAR TERM
Am

,7

W-30 S.M. Vft

S.SJ

it

v. n

s.r/ V./4

ssj

J./

y. il

S', /* y. rf

s si,

if

v jy
y. at
y. /?
y. a#

if tio
s. it y. ?/

ssi
ss)
s.st
s.n,

. y
/g

V-

v?/
-r.A<r y?fc

^

yi

r

y.3/

f-Tj

s ts

if.33 V
J-3J. vtj

y y/

ifW
otw.

✓3"

V.37

37

y.,rV 3\vy

if.

yy7 irvrf'
y.V7
f.o*
y.fj f. ** f. 16

s.us.7fc

*7
y
'3

if 39

-fifeT

ao y.t/
37 y.ft 3.f7
-'3 y.j^ Sxt s is
•to

s.v> s.to

yms

.r.£A

rra
.f.yo
SfS
Corporate
Aaa Bonds

koa-

Government Bonds

Discount Rate

Three-Month Treasury
Bill Market Yield

I I I I I I I I
9

23

7

21

4

18

2

16

30 13

27 10

24

10 24

7

21

5

19 2
•

1966


•AVERAGES OF RATES AVAILABLE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

16 30
June

1967

14

28 11

25 8

22

6

20

3

17

1

15

29

12 26

9

23

8
1968

Prepared By Federal Reserve Bank of St. Louis

22

5

11
•“

SELECTED SHORT-TERM INTEREST RATES
Weekly Avera jes of Daily Rates Ended Friday

Per Cent

Per Cent

m~TT
PRIME
LARGE
V-6-MDBTH

ACCEPTAHCES
V lo

sr, oo

Pri»e Conmercial Paper
Month

,

Prime Bankers

Latest data plotted are averages of rates available
9

i i i i I l
23

7

21

* AVERAGES OF RATES AVAILABLE

** SOURCE: SAKM5H BROTHERS AHD HOTZIER
http://fraser.stlouisfed.org
SECONDARY MARKET RATE OH 90-DAT PRIME CD'S
Federal Reserve Bank of St. Louis

June

Prepared by Federal Reserve Bank of St. Louis

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