L.4.3 Not for Publication

"sasw-BANKING AND MONETARY DEVELOPMENTS

December 1978

Banking Section Division of Research and Statistics

Board of Governors of the Federal Reserve System

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Table 1 Changes in Commercial Bank Credit, Money Stock, and Time Deposits

(seasonally adjusted annual percentage rates)

1977 1978

Year 4th Qtr. Year

1st Qtr.

2nd Qtr.

3rdP Qtr.

4thp Qtr.

P Sept.

P Oct.

P Nov.

P Dec.

Total bank creditl 10.9 9.3 11.1 10.8 17.0 8.7 6.3 9.9 10.7 7.0 1.0

US Govt securities -2.4 -20.3 -7.5 2.1 17.1 • -12.0 -36.2 -8.6 -•24.7 -61.8 -25.2

Other securities 6.6 4.6 7.5 7.1 8.5 9.0 4.8 10.1 7.1 3.6 3.5

Loansl 14.5 15.5 14.9 13.1 19.2 11.7 12.6 12.5 16.6 17.2 3.7

Business loans 12.2 11.7 13.7 16.7 17.5 10.2 7.7 9.7 12.8 10.0 —

Real estate loans 18.3 17.8 19.1 17.2 19.3 17.6 17.5 15.7 16.7 21.1 13.8

Consumer loans 16.7 15.5 n.a. 16.4 23.7 15.6 n.a. 12.9 17.3 20.8 n.a.

Adjusted to Include Loans ; Sold to Selected Affiliates

Total bank creditl 11.0 9.5 10.9 10.6 17.0 8.7 5.9 9.7 9.8 6.7 1.1

Loansl 14.6 15.8 14.6 12.7 19.1 11.7 12.1 12.3 15.3 16.8 3.9

Business loans 12.2 11.7 13.0 15.3 17.4 10.3 6.7 9.1 10.6 10.0 -0.5

Money stock— 7.8 6.6 7.2 5.2 11.5 9.2 4.3 14.1 3.7 —4.6 0.7

Total time deposits 11.4 14.5 11.7 12.3 9.1 10.6 12.5 13.8 7.9 23.7 4.8

Time other than CDs 11.2 7.7 8.6 7.4 6.8 11.3 9.6 11.8 9.1 10.7 2.1

CDs (dollar changes in billions) 11.3 10.2 22.9 8.0 4.6 1.4 6.2 1.8 0.1 7.2 1.5

1/ Adjusted to exclude domestic interbank loans. n.a.—not available

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Table 2 Loans and Investments at All Commercial Banks

(seasonally adjusted)

U, .S. Gov't Other Date Totall Loans! Securities Securities

(in billions of dollars)

1972--December 31 558.0 378.9 62.6 116.5 1973--December 31 633.4 449.0 54.5 129.9 1974--December 312,3 691.1 500.2 51.1 139.8 1975--December 31 721.8 496.9 80.1 144.8 1976--December 31 784.4 538.9 97.3 148.2

1977--May 25 823.1 566.6 103.2 153.3 June 30 829.7 573.0 103.4 153.3

July 27 838.5 580.0 104.1 154.4 August 31 845.8 587.9 102.4 155.5 September 28 850.8 593.9 100.7 156.2 October 26 860.0 602.7 99.4 157.9 November 30 866.2 611.6 96.3 158.3 December 31 870.6 617.0 95.6 158.0

1978--January 25p 881.2 625.1 96.5 159.6 February 22p 887.7 628.4 99.4 159.9 March 29P 894.1 637.2 96.1 160.8 April 26p 909.0 647.6 98.3 163.1 May 3 IP 921.7 659.7 97.9 164.1 June 30P 932.2 667.8 100.2. 164.2 July 26p 940.7 675.1 100.6 165.0 August 31p 944.6 680.2 97.9 166.5 September 27P 952.4 687.3 97.2 167.9 October 25P 960.9 696.8 95.2 168.9 November 29P 966.5 706.8 90.3 169.4 December 31p 967.3 709.0 88.4 169.9

2/

3/

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.H

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.

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• • • • Table ? • • # Loans Sold Outright by Commercial Banks and Bank Credit Adjusted for Selected Loan Sales

Loans sold outright by commercial banks Commercial bank credit (outstanding in $ billions, NSA) 1 (seasonally adjusted)

Total loans Business & investments Total loans Business loans

Date Total Loans Original Adjusted2 Original Ad justed2 Original Ad justed3

1972--December 2.6 1.7 558.0 560.6 378.9 381.5 130.4 132.1 1973--December 4.3 2.6 633.4 637.7 449.0 453.3 156.6 159.2 1974--December4,5 4.8 2.7 691.1 695.9 500.2 505.0 183.5 186.2 1975--December 4.4 2.5 721.8 726.2 496.9 501.3 176.2 178.7 1976--December^ 3.8 2.4 785.1 788.9 538.9 542.7 179.7 182.1

1977--October 26 4.3 2.5 860.0 864.3 602.7 607.0 198.7 201.2 November 30 4.7 2.6 866.2 870.9 611.6 616.3 200.2 202.8 December 31 4.9 2.8 870.6 875.5 617.0 621.9 201.47 204.27

1978--January 25p 4.8 2.5 881.2 886.0 625.1 629.9 203.8 206.3 February 22P 4.6 2.3 887.7 892.3 628.4 633.0 205.8 208.1 March 29P 4.5 2.2 894.1 898.6 637.2 641.7 209.8 212.0 April 26P 4.4 2.3 909.0 913.5 647.6 652.1 212.4 214.7 May 31 4.4 2.3 921.7 926.1 659.7 664.1 217.9 220.2 June 30P 4.5 2.2 932.2 936.7 667.8 662.3 219.0 221.2 July 26P 4.6 2.3 940.7 945.3 675.1 679.7 220.8 223.1 August 31P 4.7 2.4 944.6 949.3 680.2 684.9 222.8 225.2 September 27P 4.6 2.3 952.4 957.0 687.3 691.9 224.6 226.9 October 25P 3.9 1.9 960.9 964.8 696.8 700.7 227.0 228.9 November 29P 3.7 1.9 966.5 970.2 706.8 710.5 228.9 230.8 December 31P 3.8 1.8 967.3 971.1 709.0 712.8 228.9 230.7

p—preliminary r—-revised

i.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. 17 Includes business loads 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 pillion; 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, If76, as the result of loan reclassifications in Chicago City and in the San Francisco District, business loans were reduced by $1.2 billion.

V Beginning December 31, 1977, business loans were reduced by $200 million as the result of loan reclassi-fications at one large bank.

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Table 4 Loans at Commercial Banks

(seasonally adjusted)

Business Real

Estate Consumer Security Nonbank

Financial Agriculture (in billions of dollars)

1973—-December 31 156.6 117.7 83.2 12.1 1974—December 311,2 183.5 130.2 86.8 11.3 1975—December 31 176.2 134.4 89.7 12.2 1976—-December 313 179.7 149.0 100.9 17.3

1977—September 28 196.0 168.8 113.4 19.2 October 26 198.7 170.9 114.7 18.9 November 30 200.2 174.0 116.3 20.1 December 314 201.44 176.64 117.8 18.7

1978—January 25P 203.8 179.0 140.9 21.4 February 22P 205.8 181.6 142.5 18.8 March 29P 209.8 184.2 144.9 17.1 April 26p 212.4 186.6 147.7 20.3 May 31p i 217.9 190.0 150.4 18.7 June 30P ' 219.0 191.3 153.5 20.9 July 26p 220.8 195.9 155.1 21.4 August 31p 222.8 199.0 157.8 19.1 September 27p 224.6 201.6 159.5 19.5 October 25P 227.0 204.4 161.8 18.4 November 29p 228.9 208.0 164.6 17.6 December 31P 228.9 210.4 n.a. 17.4

29.0 33.8 28.5

26.0

25.2 26.0 26.0 2 6 . 1

25.4 25.4 25.3 25.4 25.6 25.6 25.4 25.9 26.4 26.7 26.6 27.0

17.5 18.4 20.4

23.5

26.0 26.1 26.1 26.0

26.1 26 .0 25.7 25.9 26.2 26.5 26.8 27.1 27.5 28.0 28.4 28.5

p—preliminary n.a.—not available

If Beginning June 30, 1974, data revised to include one large mutual savings bank which merged with a non-member commercial bank. Real estate loans were increased by $0.5 billion.

2f 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 la#e bank. # # # # # # # <

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• • • # # # # # * • #

Loans & Investments2

US Govt securities

Other securities

Loans2

Business Real estate Consumer Security Nonbank financial Agriculture All other

Table 5 Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted

(in billions of dollars)

JiZZ 1978

Nov. +6.2

Dec. +4.4

Jan. Feb. +10.6 +6.5

Mar. Apr. May. Jun. Jul.p Aug.p Sept.p Oct. , p Nov . p Dec .p +6 .4 + 14.9 + 12 .7 + 10.5 +8.5 +3.9 + 7.8 +8.5

-5- r£— +5.0 +0.8

-3.3 +2.2 -0 .4 +2.3 +0.4 -2.7 -0.7 -2.0 -4.9 -1.9

+0.9 +2.3 + 1 .0 +0.1 +0.8 + 1.5 + 1.4 + 1.0 +0.5 +0.5

+8.8 + 10.4 +12 .1 +8.1 +7.3 +5.1 +7.1 +9.5 + 10.0 +2.2

+4.0 +2.6 +5 .5 + 1.1 + 1.8 +2.0 + 1.8 +2.4 + 1.9 1/ +2.6 +2.4 +3 .4 +3.1 +2.8 +3.1 +2.6 +2.8 +3.6 +2.4 +2.4 +2.8 +2 .7 +3.1 + 1.6 + 2.7 + 1.7 +2.3 +2.8 n.a. -1.7 +3.2 -1 .6 +2.2 +0.5 -2.3 +0.4 -1.1 -0.K -0.2 -0.1 +0.1 +0 .2 1/ -0.2 +0.5 +0.5 +0.3 -0.1 +0.4 -0.3 +0.2 +0, .3 +0.3 +0.3 +0.3 +0.4 +0.5 +0.4 + 1.0 + 1.9 -0.9 + 1, .6 -1.7 +0.5. -1.2 -0.3 +2.3 +2.2 n.a.

-3.1

+0.4

+8.9

+ 1.5 +3.1 +2.3 + 1.2 1/ 1/

+078

-0.7

-0.3

+5.4

+ 1.4 +2.3 +2.2 -1.4 +0.2 -0.1 +0.8

+0.9 +2.9

+1.6 +0.3

+8.1 +3.3

+2.4 +2,4 + 1.7 +2.7 -0.7 +0.1 -0.5

+ 2 . 0 + 2 . 6 + 1.6 -2.6 1/

-0.1 -0.2

Adjusted for Loans Sold to Affiliates

Loans & Investments2 +6.6 +4 .6 + 10, .5 +6.3 +6.3 + 14.9 + 12.6 + 10.6 +8 .6 +4.0 +7,7 +7 .8 +5.4 +0.9

US Govt securities -3.1 -0, .7 +0. ,9 +2.9 -3.3 +2.2 -0.4 +2.3 +0 .4 -2.7 -0.7 -2 .0 -4.9 -1.9

Other securities +0.4 -0, .3 + 1. ,6 +0.3 +0.9 +2.3 + 1.0 +0.1 +0 .8 +1.5 +1.4 + 1 .0 +0.5 +0.5

Loans2 +9.3 +5, .6 +8. ,0 +3.1 +8.7 + 10.4 + 12.0 +8.3 +7 .4 +5.2 +7.0 +8 .8 +9.8 +2.3

Business + 1.6 + 1. ,6 +2. ,1 + 1.8 +3.9 +2.7 +5.5 + 1.0 + 1, .9 +2.1 + 1.7 +2 .0 + 1.9 1/ T7 Less than $50 million. 2/ Adjusted to exclude interbank loans.

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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/ 1978 1977p 1976 1975 1974 1973 1972 1971. Last Wednesday of November to end of December •

All Commercial Banks2 Total loans +16.7 +17.8 +18.3 +9.4 +8.7 + 14.5 +15.6 +11.0 U.S. Gov't, securities +0.5 + 1.7 +4.6 +4.7 +2.3 +0.5 +3.8 +3.9 Other securities +1.2 0.0 +0.3 +0.1 +2.4 +4.1 +2.2 +3.1 Total +18.3 +9.6 +23.1 +14.2 +13.4 +19.1 +21.6 +18.0

a

All Large Banks2,3 w

Total loans +14.3 +1.6 +12.7 +5.3 +5.7 +12.4 +12.6 +8.5 US Gov't, securities +0.6 + 1.2 +3.7 +2.9 +2.0 + 1.4 +2.4 +2.2 Other securities +0.6 -0.1 + .1 — .6 +1.1 +2.7 +0.8 +1.6 Total +15.5 +2.8 +16.6 +5.4 +8.8 +16.5 +15.8 +12.3

Other Banks2,3 #

Total loans +2.4 +6.2 +5.5 +4.1 +2.9 +2.1 +2.9 +2.5 US Gov't; securities -0.2 +0.5 +0.8 + 1.8 +0.3 -0.9 + 1.5 + 1.7 Other securities +0.5 +0.1 + .2 +0.7 +1.2 +1.4 +1.4 +1.5 Total +2.8 +6.8 +6.5 +6.6 +4.5 +2.6 +5.8 +5.7

Year ended December #

All Commercial Banks2 Total loans +94.0 +79.7 +42.2 -3.7 +53.4 +72.9 +58.8 +30.0 US Gov't, securities -7.1 -2.3 +18.4 +29.7 -3.8 -8.8 +2.1 +3.2 Other securities +11.9 +9.9 +3.4 +5.0 +10.3 +13.5 +12.4 +17.9 Total +98.7 +87.3 +64.1 +31.0 +59.9 +77.6 +73.3 +51.10

All Large Banks2,3 Total loans +49.4 +33.1 +9.5 -17.7 +31.8 +44.7 +34.4 +12.9 US Gov't, securities -5.1 -3.8 +10.1 +16.4 -1.8 -4.6 +0.7 +0.9 Other securities +3.6 +5.8 +0.9 -2.4 +1.4 +5.1 +3.6 +7.7 Total +47.4 +35.1 +20.5 -5.1 +31.3 +45.2 +38.7 +21.5*

Other Banks2,3

Total loans +44.6 +46.7 +32.7 +14.0 +21.5 +28.2 +24.4 +17.1 US Gov't, securities -2.1 + 1.6 +8.3 +13.3 -2.0 -4.1 + 1.4 +2.3 Other securities +8.3 +4.0 +2.6 +7.4 +9.0 +8.4 +8.8 +10.2 Total +50.9 +52.2 +43.5 +3577 +28.5 + 3 1 3 +34.6 +29.6^

r—revised \J Less than $500 million. 2/ Basel 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.

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• • • • • • • # + •- «

Table 7 Changes in Commercial and Industrial Loans at Large Commercial Banks

(in millions of dollars)

Business of Borrower Late

1974 November 1975

to Late 1976

December 1/ 1977 1978 p 1974

Year 1975

Ended December 2/ 1976 1977 1978

Food Processors 313 211 91 37 126 787 -1134 -317 244 875 Commodity Dealers -181 -20 -67 6 123 96 -544 287 -96 -35 Trade Concerns -355 -338 -138 -323 -661 2119 -1783 1496 1816 3058

Retail Trade 56 20 54 187 -159 1002 -607 741 809 1376 Wholesale Trade -411 -358 -192 -510 -502 1117 -1176 755 1010 1682

Metals 651 -188 177 263 435 4476 -4280 -2225 654 1764 Primary Metals 38 56 85 392 64 187 115 105 465 -181 Machinery 307 -123 21 29 -118 2323 -2967 -1141 (-112 612 Transportation Equipment 309 —86 79 -151 439 1381 -618 -874 > 56 790 Other Fabricated Metals -3 -35 -8 -7 50 585 -810 -315 245 543

Textiles, Apparel, etc. -194 -143 -191 -270 -210 429 -765 374 144 474 Petroleum 105 -116 73 23 74 781 143 217 290 -73 Chemicals 136 4 28 -81 225 964 -714 -142 285 574 Other Durable Manufacturing -82 -97 -53 -64 -2 1231 -1350 -276 258 503 Other Nondurable

258 503

Manufacturing 106 21 -16 95 -63 414 -608 64 346 109 Mining 43 428 14 305 -40 904 671 1263 1412 1507 Public Utilities, total 532 50 224 220 245 2530 -2494 -2818 -509 915

Transportation 145 53 73 -25 —64 193 -363 -903 -156 232 Communication 49 1 40 -15 -4 4 -445 -557 5 365 Other Public Utilities 338 -4 111 260 313 2333 -1686 -1358 -358 318

Construction -179 -74 -59 -67 -14 737 -665 -1170 551 658 All Other Types of Business 8 1405 1075 1389 716 2198 1896 -1470 348 1511

Bankers Acceptances -7 787 1007 980 275 366 3154 1005 -652 —2406 Services 138 93 69 184 361 760 -1288 -420 332 3154 Other -123 525 -1 225 80 1072 30 -2655 668 1054

Foreign Business Concerns -124 78 239 -6 144 52 971 276 -1209 763 Classified 779 1221 1397 1527 1098 17718 -10656 -4441 4537 12896 Unclassified 809 34 390 709 225 2621 -686 194 3708 3257

Total Change 1588 1255 1787 2236 1323 20339 -11342 -4247 8245 16153

iy 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table 8 Loans and Investments of All Commercial Banks*

Date Loans and Investments

US Govt

Other Secu-rities

Total Loans Business

Real Estate

1973--Dec 31 647.3 58.3 130.6 458.5 159.4 118.0 1974--Dec 311, 2 705.6 54.5 140.5 510.7 186.8 130.6 1975--Dec 31 737.0 84.1 145.5 507.4 179.3 134.8 1976--Dec 313 801.6 102.5 148.9 550.2 182.9 149.5

1977--Aug 31 843.9 99.7 155.3 588.9 193.6 167.0 Sep 28 849.9 98.8 156.1 595.0 195.3 169.6 Oct 26 858.2 98.2 157.3 602.6 198.2 171.9 Nov 30 869.3 98.5 158.8 612.1 200.2 174.7 Dec 31 888.9 100.2 158.8 629.9 205.04 177.24

1978--Jan 25p 876.6 98.1 159.1 619.5 201.6 178.8 Feb 22P 879.4 99.9 158.9 620.6 203.9 180.5 Mar 29P 891.6 99.0 160.3 632.3 209.5 183.1 Apr 26p 907.9 100.2 164.1 643.6 212.9 185.7 May 31p 920.8 97.3 164.6 658.9 217.9 189.2 Jun 30P 938.7 97.8 165.1 675.8 221.6 192.9 Jul 26P 936.6 96.1 164.9 675.6 220.9 196.1 Aug 31p 942.0 94.8 166.2 681.0 221.7 199.8 Sep 27P 951.4 95.0 167.7 688.6 223.9 202.6 Oct 25P 958.4 93.5 168.3 696.6 226.5 205.6 Nov 29P 969.3 92.6 169.5 707.2 228.9 208.8 Dec 31P 987.6 93.1 170.7 723.9 233.0 211.0

Farm Consumer

Nonbank Financial All

Inst. Other 14.6 13.7 14.8 21.2

18.4 18.5 18.4 20.6 22.9

21.0 17.7 17.1 19.1 19.0 21.1 20.4 18.7 18.7 17.9 17.9 21.3

17.3 18.2 20.2 23.3

26.1 26.3 26.1 25.9

25.7

25.6 25.5 25.4 25.8 26.3 27.0 27.3 27.6 27.8 28.0 28.2 28.2

83.7 87.3 90.2

101.7

113.0 114.6 115.6 116.6

118.7

140.5 140.9 142.9 146.2 149.3 153.5 155.9 159.4 161.3 163.1 165.1 n. a.

30.5 35.2 29.6

27.0

25.2 25.3 25.7 26.1 27.14

24.9 24.8 25.0 25.1 25.6 26.3 25.7 26.1 26.5 26.4 26.6 28.0

35.0 38.8 38.4 44.6

45.6 45.4 46.7 48.0

31.8

27.1 27.3 29.3 28.8 31.6 33.4 29.3 27.7 27.8 29.1 31.7 n. a.

n. a. — n o t ava liable ~ — —

NOTE: Data exclude domestic interbank loans. Consumer and other loans were partly estimated for all dates. Other data are partly estimated on all but June and December call dates.

—/ 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 "o^her securities" by $0.5 billion. However, business loans were increased and real estate loans reduced by $0.1 billion as the result of loan reclassifications at one large mideasterri 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 $200 million!

4/ Beginning December 31, 1977, business loans were reduced by $200 million and nonbank financial by $100 million while real estate loans were increased by $300 million as the result of reclassification at one large bank.

• • # # # # # • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table 9 Liquidity Ratios

Liquid Assets to Liabilities

at Large Commercial Banks1

Borrowing Ratios at Large

Commercial Banks2

Loans to Deposits at all Commercial

Banks3

1972—December 13.0 18.9 67.9(67.7) 1973—December 11.0 25.6 72.0(71.8) 1974—December 9.7 28.6 72.9(72.5) 1975—December 13.0 33.2(26.1) 68.7(68.3) 1976-—December 14.1 29.7(24.4) 69.7(69.1) 1977—December 14.0 27.8(22.7) 72.2(71.7)

1977—January 14.0 28.9(23.6) 70.4(70.0) February 13.2 28.6(23.2) 70.4(70.1) March 13.2 28.3(23.0) 70.5(70.2) April 13.7 27.8(22.7) 71.1(70.8) May 13.1 29.0(23.9) 72.2(71.8) June 13.5 28.4(23.2) 71.7(71.3) July 13.3 28.8(23.5) 72.5(72.2) August 13.5 28.9(23.5) 72.6(72.3) September 13.5 29.5(24.1) 73.3(72.9) October 13.4 30.2(24.8) 73.6(73.1) November 13.8 30.6(25.1) 73.2(72.8) December 14.0 31.4(25.8) 72.2(71.7)

1978—J anuary 13.4 31.3(25.6) 73.7(73.2) February 12.5 32.1(26.3) 73.1(72.7) March 12.1 32.3(26.5) 73.8(73.4) April 12.3 32.2(26.4) 74.2(73.8) May 11.4 32.8(26.9) 74.1(73.7) June 11.4 32,7(26.9) 75.4(74.9) July 10.9 32.2(26.3) 76.3(75.9) August 10.5 33.4(27.3) 76.7(76.2) September 10.5 33.0(27.5) 76.5(76.1) October 10.3 33.9(27.9) 77.4(76.7) November 10.4 35.2(29.0) 78.1(77.3) December 10.5 35.5(29.3) 76.9(76.0)

1 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.

2 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 other than the Federal Reserve. 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.

3 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. Digitized for FRASER

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

Date 1973——Dec 1974—Dec 1975—Dec 1976——Dec

1977—Oct Nov Dec

Table 10 Money Stock Measures and Deposit Turnover

(seasonally adjusted; dollar amounts in billiohs)

M, 1 M 22

270.5 282.9 295.2 313.5

335.9 336.2 338.5

571.4 612.2 664.7 740.5

801.4 805.4 809.5

Mrj3 Demand Currency Deposits CDs

Time Other

than CDs

Total time

919.2 981.2

1092.5 1236.5

1357.9 1367.1 1376.1

61.5 67.8 73.7 80.7

87.1 87.7 88.6

209.0 215.1 221.5 232.8

248.7 248.5 249.9

63.0 89.0 81.3 62.7

66.4 70.9 74.0

300.9 329.3 369.6 427.0

465.6 469.3 471.0

363.9 418.3 450.9 489.7

531.9 540.2 545.0

Nonbank US Govt Turnover Thrift deposits outside

Insti- (all NYC tutions4 member) (%)

347.8 369.1 427.8 496.0

556.5 561.7 566.6

5.0 3 .3 2.9 3 .2

3.1 3 .0 3.6

65 .0 74 .8 73.7 83.7

82.1 88.7 87 .0

1978—J an Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecP

341.7 341.8 342.9 348.5 350.6 352.8 354.2 356.7 360.9 362.0 360.6 360.8

Week Ending December 6 360.7

13 360.9 20 361.2 27 360.6

815.9 819.1 822.6 830.3 835.2 840.6 846.2 853.5 862.4 867.4 870.5 871.6

871.8 871.8 871.5 871.1

1386.6 1393.1 1400.3 1411.4 1419.9 1429.8 1441.0 1455.1 1472.1 1483.9 1492.1 1498.1

n.a. n.a. n.a. n.a.

89.4 90.1 90.7 91.2 92.1 92.8 93.3 94.0 95.2 96.0 96.7 97.5

97.2 97.2 97.2 97.9

252.2 251.7 252.3 257.3 258.5 259.9 260.9 262.8 265.7 266.1 263.9 263.3

263.5 263.7 263.9 262.7

76.3 79.4 82.0 83.4 87.1 86.7 87.4 86.3 88.1 88.2 95.4 96.9

474.7 478.1 480.9 481.8 484.5 487.8 492.0 496.7 501.6 505.4 509.9 510.7

551.0 557.5 5 6 i . 9 565.2 57%.6 574.5 579.4 583.0 589.7 593.6 605.3 607.6

570.7 574.0 577.7 581.2 584.7 589.2 594.7 601.6 609.6 616.5 621.6 626.4

3.1 3 .0 3.4 3 .3 2.6 3 .9 3.7 3 .3 4 .1 3.5 2 .3 2 .4

90.5 92.0 93.8 93.5 96.4 98.9 95.5 99.7 98.6 102.2 101.1 n. a.

96.3 511.2 607.4 n.a. 2.2 n.a 97.1 510.8 607.9 n.a. 1.8 n.a 97.7 510.3 608.0 n.a. 3.7 n. a 96.7 510.5 607.2 n.a. 1.5 n.a

n.a.—not available p—preliminary r-revised

_1_/ 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 o| all commercial banks.

2/ 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—2 plus the average of the beginning and end of month deposits oi; 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 credi^ union shares. ^ ^ ^ • " # #

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