h6_19740131_revision.pdf

REVISION Revision - See Federal Reserve Bulletin February 1974

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

FEDERAL RESERVE s t a t i s t i c a l r e l e a s e

MONEY STOCK MEASURES

H.6 January 31, 1974

Ihe annual revision of money stock and related measures,

incorporating the usual benchioark adjustment for nonmember banks and

revised seasonal adjustment factors, has been completed, and revised

monthly data for 1971-73 and weekly data for 1973 are shown in the

attached special tables. This yeaxfs revision also incorporates data

from new monthly reports filed by internationally-oriented banking

institutions, revised estimates for these institutions for earlier

years^ and other minor: changes. Revised monthly data will be published

in the February issue of the Federal Reserve Bulletin along with a

detailed explanation of the revision* Monthly and weekly data from

1959 to date can be obtained from the Banking Section of the Board's

Division of Research and Statistics.

In the current revision, nonmember domestic bank estimates

are benchmarked to the March and October 1973 call reports, in addition

to the usual June and December calls. Last year was the first since

the early 1960*s that call report data appropriate for money supply

benchmarks have been available for the spring and fall call dates.

The current revision incorporates the largest nonmember

benchmark adjustment in the history of the series and points up the

serious need for more timely and more complete nonmember bank data. The

nonmember bank benchmark raised the level of the M- series $1.0 billion

in December 1972, $2.0 billion in March 1973, nearly $2.8 billion in

ajune 1973, and about the same amount m October 1973.

5t£2fe


-2-

The total revxsxon was less than the nonmember benchmark

adjustment because other factors offset some of the upward revxsxon

xn nonmember bank deposits. Changes xn monthly seasonal adjustment

factors were minor—January factors were lowered slightly., while June

factors were raxsed by about the same amount*

Rates of change for recent quarterly, half-year, and annual

periods for the narrowly defined money stocky JL, are shown in the

appended table. Both old and revised growth urates ̂ ore shown based

on end-of-period to end-of-period measures as well as the generally

less volatile quarterly-average to quarterly-average measurement. The

revision raised *L growth from 5.0 to 5.7 per cent for 1973 as a whole3

with all of the stronger growth occurring xn the first half of the

year Broader measures of the money stock (M^ and VL) show a similar

pattern*

Nonmember bank deposits currently account for more than one quarter

of the total demand deposit component of ML, and their proportion has been

rising by a little over 1 percentage point a year during the past three

years There are only infrequent single day observations—available

two to four times a year—for nonmember banks. The highly volatile day-to

day and week-to-week movement m demand deposits means that any single-day

number is quite likely not to be representative of deposits in surrounding

days or weeks. Thus, measures of the money supply can be distorted

by single day relationships between nonmember and member banks.


-3-

Alternative methods of using the call report relationships

have been investigated by the Board's staff, including estimates

for nonmember banks on the basis of a trend line derived mathematically

from the observed figures. Such an alternative, which will be described

iti more detail in the February Bulletin, yields growth rate estimates

that are different from the standard revision and illustrates the

degree of uncertainty in money supply estimates, given the present

limited availability of nonmember bank statistics* Annual rates of

growth for recent semi -annual periods for the old series as compared

with both the standard revised series and the illustrative series

derived from a trend lone are shown below.

Annual Rates of Growth in ML.

Alternative Trend Line

Old Standard Series Series Revised Series (illustrative)

Second half of 1972 8.5 9.4 9.7

First half of 1973 6.0 7.7 6.6

Second half of 1973 4*0 3.7 4.1

In view of the importance of having more accurate estimates of

the money supply, the Board of Governors has appointed a special committee

of prominent academic experts to review concepts, estimating procedures,

and methodology with respect to the monetary aggregates.


«<&£2&t. F E D E R A L RESERVE s t a t i s t i c a l r e l e a s e

H6

Table 1

H6 MONEY STOCK MEASURES For Immediate Release January 3 1 , 1974

iH BILLIONS Of OOILMS *l M2 *3 * l M2 [ M 3 ""

Date M j plus time deposits M2 plus deposits Mj plus time deposits 1 Mj plus deposits Date Currency plus at commercial banks at nonbank Currency plus

demand deposits^ at commercial banks at nonbank

demand deposits1' other than large CD's^ 1

thrift institutions v Currency plus

demand deposits^ other than large CD's^

thrift institutions2'

Seasonally Adjusted Not Seasonally Adjusted

1972--December 255.7 525 .5 822.4 263 .0 530 .6 826 .6

1973--January 256.7 529,6 830,4 263,5 5 3 5 . 4 835 .8 February 257.9 532 .3 836 .7 255 .2 529 .8 833 .6 March 258 .1 534 ,6 841 ,7 255 .5 5 3 4 , 0 841 .5 A p r i l 259 .4 5 3 8 . 3 847 ,7 260 .9 542 .3 852 .6 May 262 ,4 543 ,6 8 5 5 . 0 257 .9 541 .7 853 .6 June 265.5 5 4 9 . 4 863 .5 263 .6 548 .8 864 .0 July 266 .4 552 .0 867 .9 265.7 551 .0 868 .0 August 266 .2 5 5 4 . 9 8 7 0 . 9 262 .9 5 5 1 . 1 8 6 7 . 0 September 265 .4 556 .6 873 .2 263 .9 554 .2 870 4 October 266.5 561 .6 879 .8 266 .0 5 5 9 . 9 877 .5 November 268 .8 566 .7 886 .9 270 .5 565 .1 884 .0 December 270 .4 570 .7 893 .2 278 .1 575 .8 8 9 7 . 5

Week ending 1973--December 5 2 6 9 . 1 568 .2 273 .2 569 .0

12 270 .7 569 .7 276.5 572 .6 19 j 270 .9 571 .8 278 .3 576 .6 26 | 271.0 571 .6 278.7 576 .9

1974--January 2 5 7 0 . 3 572 .5 284 .4 584 .9 9 269 .3 571 .3 282.2 582.6

16p 269.9 5 7 3 . 1 279.9 581.7 23p 268.7 574 .7 273 .5 578 .3

J Includes (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the U S Goveri (2) foreign demand balance* at F R Banks an. (3) currency outside the Treasury F R Banks and vaults of a l l commercial banks

™ includes in addition to currency and demand deposits savings depos ts time depos ts open account and t me certificates of deposit! negotiable time certificates of deposit ssued n denomirtat ons of $100 000 or more by large weekly reporting commercial banks

•* Includes M2 plus the average of the beginning and end ot month deposits of mutual sav ngs banks and savings and loan shares

less cash items in the process of collection and F R float

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

FEDERAL RESERVE Statistical Release H 6

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS SEASONALLY ADJUSTED, IN BILLIONS OF DOLLARS

Currency Demand deposits j

Time and savings deposits

Date Currency Demand deposits j CD's^ Other Total

Nonbank j thrift institutions V

1972--December 5 6 , 9 1 9 8 . 7 4 3 . 4 2 6 9 . 9 3 1 3 . 3 2 9 6 . 9

1 9 7 3 — J a n u a r y 5 7 . 1 1 9 9 . 6 4 4 . 7 2 7 2 . 8 3 1 7 . 6 3 0 0 . 8 F e b r u a r y 5 7 . 5 2 0 0 . 4 4 9 . 1 2 7 4 . 4 3 2 3 . 5 1 304.4 March 5 8 . 0 2 0 0 . 1 5 4 . 6 2 7 6 . 6 3 3 1 . 1 3 0 7 . 0 A p r i l 5 8 . 6 2 0 0 . 8 5 8 . 4 2 7 8 . 9 3 3 7 . 3 3 0 9 . 4 May 58.9 203.4 61,3 2 8 1 . 3 3 4 2 . 6 3 U . 4 J u n e 5 9 . 4 2 0 6 . 2 6 2 . 0 2 8 3 . 8 3 4 5 . 8 3 1 4 . 2 J u l y 5 9 . 5 2 0 7 . 0 6 3 . 9 2 8 5 . 6 3 4 9 . 4 3 1 5 . 9 Augus t 5 9 . 8 2 0 6 . 4 6 6 . 3 2 8 8 . 7 3 5 5 . 0 3 1 5 . 9

6 0 . 2 2 0 5 . 2 6 6 . 7 2 9 1 . 2 3 5 7 . 9 3 1 6 . 6 O c t o b e r 6 0 . 4 2 0 6 . 1 6 3 . 8 2 9 5 . 1 3 5 8 . 9 3 1 8 . 3 November 6 0 . 9 2 0 7 . 9 6 2 . 0 2 9 7 . 8 3 5 9 . 9 3 2 0 . 2 December 6 1 . 6 2 0 8 . 8 6 2 . 8 3 0 0 . 3 3 6 3 . 1 3 2 2 . 5

Week e n d i n g 1973—December 5 6 1 . 0 2 0 8 . 1 6 1 . 7 2 9 9 . 1 3 6 0 . 8

12 6 1 . 5 2 0 9 . 2 6 3 . 0 2 9 8 . 9 3 6 1 . 9 19 6 1 . 6 2 0 9 . 4 6 2 . 2 3 0 0 . 9 3 6 3 . 1 26 6 2 . 0 2 0 8 . 9 6 3 . 0 3 0 0 . 7 3 6 3 . 7

1 9 7 4 - - J a n u a r y 2 6 1 . 5 2 0 8 . 8 64^3 3 0 2 . 1 3 6 6 . 4 9 6 1 . 7 | 2 0 7 . 6 6 4 . 8 3 0 2 . 0 3 6 6 . 7

16p 6 1 . 8 2 0 8 . 2 6 4 . 7 3 0 3 . 2 3 6 7 . 8 23p 6 2 . 0 2 0 6 . 8

1

6 5 . 7 3 0 6 . 0 3 7 1 . 6

.le time cert I caies of. deposii n ng and end of month depos t

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

FEDERAL RESERVE S t a t i s t i c a l Re lease H 6

T a b l e 2

MONEY STOCK MEASURES PER CENT CHANGE AT SEASONALLY ADJUSTED ANNUAL RATES

„. , _ _ i _ , s

Period Currency plus demand deposits1^

Mi plus time deposits at commercfal banks

other than large CO s 2/

Mj plu* de J Jilts i nons=>ok

thrift i «-titutions x/

December From*

Sept 1973 (3 Months p r e v i o u s ) June 1973 (6 Months p r e v i o u s ) Dec. 1972 (12 Months p r e v i o u s )

Four weeks end ing J a n . 2 3 , 1974 From four weeks end ing

Oct 24 , 1973 (13 weeks p r e v i o u s ) J u l y 2 5 , 1973 (26 weeks p r e v i o u s ) J a n . 24 , 1973 (52 weeks p r e v i o u s )

7 .5 3 .7 5 .7

5 . 1 2 . 4 5 . 1

1 0 . 1 7 .8 8 .6

8 .8 7.7 8 . 3

9.? C.9 8.6

J include., (1) demand epos t i alt commp/cial banks other than those due to domestic commercial banks And the U S GovernmBnt less cash items in th» proce j ol col t i ion and P R d o i t

(2) fore qn der and bala/ices at F R Banks and « (3) currency outside the Treasury F R Banks and vaults ot a l l commercial banks - ' includes n addition t o e cn r y and demand deposits savings deposits time deposits open account and time certificates of deposits other than

negoi able t me ceni f icates ol deposii issued in denominations of $100 000 or more by large weekly reporting commercial banks - ' i n c l u d e M2 plus the avenge ol the beginning and end ol month deposits of mutual savings banks and savings and loan shares Note A l l rates of change are based on daily average data rates ol change are not compounded Digitized for FRASER

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

FEDERAL RESERVE Statistical Release H 6

COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS NOT SEASONALLY ADJUSTED IN BILLIONS OF DOLLARS

Time and savings deposits | Nonbank thrift U S Gov t Date Currency Demand deposits I CDsv ~[ Other Total institutions ^ demand2/

L972--December 5 7 . 9 2 0 5 . 1 4 4 . 3 2 6 7 . 6 3 1 1 . 8 2 9 6 . 0 7 . 4

1 9 7 3 - - J a n u a r y 5 6 . 8 2 0 6 . 8 4 5 . 1 2 7 1 . 8 3 1 6 . 9 1 3 0 0 . 4 8 . 1

F e b r u a r y 5 6 . 8 198 .4 4 8 . 6 2 7 4 . 6 3 2 3 . 3 3 0 3 . 8 9 . 9 March 5 7 . 4 1 9 8 . 1 5 4 . 0 1 7 8 . 5 3 3 2 . 6 3 0 7 . 4 ! 1 0 . 4 A p r i l 5 8 . 3 2 0 2 . 6 5 6 . 1 2 8 1 . 4 3 3 7 . 6 3 1 0 . 3 ! 8 . 3 May 5 8 . 7 1 9 9 . 2 5 8 . 8 183.8 3 4 2 . 6 3 1 2 . 0 8 .7 June 5 9 . 4 2 0 4 . 1 5 9 . 3 2 8 5 . 2 3 4 4 . 5 3 1 5 . 3 7 . 1 J u l y 5 9 . 9 2 0 5 . 7 6 2 . 3 2 8 5 . 3 3 4 7 . 6 I 3 1 7 . 0 | 6 . 5 Augus t 6 0 . 0 2 0 2 . 9 6 8 . 4 2 8 8 . 2 3 5 6 . 6 3 1 5 . 9 4 . 1 Sep tember 6 0 . 1 2 0 3 . 8 6 8 . 8 2 9 0 , 3 3 5 9 . 2 ! 3 1 6 . 1 : 5 . 3

6 0 . 4 , 2 0 5 . 6 6 6 . 3 2 9 3 . 9 3 6 0 . 2 3 1 7 . 6 6 . 0 November 6 1 . 4 2 0 9 . 1 6 4 . 1 £ 9 4 . 6 3 5 8 . 7 3 1 8 . 9 4 . 3 December 6 2 . 6 2 1 5 . 5 6 4 . 1 2 9 7 . 7 3 6 1 . 8 321 ^7 6 . 3

Week e n d i n g 1973--December 5 6 1 . 8 2 1 1 . 4 6 3 . 5 2 9 5 . 8 3 5 9 . 3 4 . 4

12 6 2 . 6 2 1 3 . 9 6 4 , 4 2 9 6 . 1 3 6 0 . 5 3 . 2 19 6 2 . 7 2 1 5 . 7 6 3 . 4 2 9 8 . 3 3 6 1 . 7 5 . 6 26 6 3 . 3 2 1 5 . 4 6 4 . 4 2 9 8 . 3 3 6 2 . 7 8 . 6

1 9 7 4 - - J a n u a r y 2 6 1 . 9 2 2 2 . 5 6 4 . 6 3 0 0 . 4 3 6 5 . 0 1 0 . 0 9 6 2 . 3 2 1 9 . 9 6 5 . 6 300*5 3 6 6 . 0 8 . 5

16p 6 1 . 8 2 1 8 . 1 6 5 . 6 3 0 1 . 8 3 6 7 . 4 6 . 3 23p 6 1 . 3 2 1 2 . 2 6 6 . 3 3 0 4 . 8 3 7 1 . 2 7 . 4

includes negotiable time certificates of deposit Issued in denominations of $100 000 or more by large wjeKly reporting commercial banks Average of beginning and end of month deposits at mutual savings banks Md savings and loan shards P U S Government demand deposits at all commercial banks


TABLE ] MONEY STOCK MFASUR£S

8ILLI0NS OF DOLLARS

EL 6 ADDENDUM tSEftSOttiHY flnJU5TE.Pl i i»fl I-S£ASfltlALLl_ADJJJSIEJll J Ml » M2 1 M3 | 1 MJ. , i „ i £ £ _ I ea i DEMAND t M l PLUS 1 M2 PLUS 11 DFMAND 1 Ml PLUS 1 M2 PLUS 1

DATE I DEPOSITS I TIME OTHER DEPOSITS 11 nEPOSTTS ITTMF OTHERI n E P O S m 1 PLUS (THAN LARGE 1 AT NONBANKI1 PLUS (THAN LARGE 1 AT N0N6ANKI

[ CURRENCY » CQS 1 1 THRIFT j N T H CURRENCY J CDS , J THRIFT JNr\ 1 9 7 1 . . J A N , 2 2 1 . 6 1 4 2 9 . 4 6 4 8 . 9 | | 2 2 8 . 1 1 4 3 5 . 0 6 5 4 . 2 1

. . F E B . 1 2 3 * . 2 1 4 3 6 . 5 1 6 5 9 . 7 I I 2 2 1 , 9 * 4 3 4 . 1 1 6 5 6 . 7 1 • • M A R , I 2 2 6 . 1 1 4 4 3 * 3 6 7 0 . 0 I I 2 2 3 . 8 1 4 4 2 . 1 1 6 6 " . 2 1 • • A P R , 2 2 7 . 8 1 4 4 7 . 8 1 6 7 8 . 5 1t 2 2 9 . 0 1 4 5 0 . 4 1 6 8 2 . 0 1 • •MAY 1 2 3 0 , 3 1 4 5 2 . 7 1 6 8 6 . « 1t 2 2 6 . 3 1 4 5 0 . 2 6 8 4 . 7 1 • . J U N E f 2 3 2 . 2 1 4 5 6 , 7 1 6 9 3 . 8 11 2 3 0 . 5 1 4 5 6 . 1 6 9 4 . 2 1 . . J U L Y 1 1 2 3 3 . 6 1 4 5 9 . 4 1 6 9 9 , 5 11 2 3 2 . 5 1 4 5 8 . 7 6 9 9 . 8 1 . . A U G . 2 3 3 . 6 1 4 6 1 . 2 1 7 0 4 . 0 I I 2 3 1 , 0 1 4 5 8 . 2 1 TOO.9 1 • . S E P T 1 2 3 4 . 1 1 4 6 2 . 9 1 7 0 8 . 5 I I 2 3 2 . 8 t 4 6 1 . 4 1 7 0 6 . 6 1 • • O C T * 1 2 3 4 . 9 1 4 6 6 . 5 1 7 1 5 . 0 I I 2 3 4 . 5 1 4 6 5 , 6 1 7 1 3 . 5 1 • • N O V . 1 2 3 4 , 8 1 4 6 9 . 5 1 7 2 0 . 7 I I 2 3 6 , 4 1 4 6 8 . 9 1 7 1 8 . 9 1 • • D E C . 1 2 3 5 . 2 I 4 7 3 . 0 1 7 2 6 . 9 I 1 2 4 1 . 9 1 4 7 7 . 9 1 7 3 1 . 2 1

1 9 7 2 . » J A N . 1 2 3 S . 5 1 4 7 7 . 3 1 7 3 5 . 2 1 I 2 4 1 . 9 1 4 8 2 . 8 1 7 4 0 . 4 1 . . F E B . ! 2 3 8 . 2 1 4 8 2 . 9 1 7 4 5 . 0 I I 2 3 5 . 6 i 4 8 0 . 4 1 7 4 2 . 0 1 • • M A R , 1 2 4 0 . 5 1 4 8 7 . 6 1 7 5 3 . 5 11 238-1.1 1 4 8 6 . 9 1 7 5 3 . 2 1 • • A P R . 1 2 4 2 , 0 1 4 9 0 . 6 1 7 6 0 . 0 1 2 4 3 . 4 1 4 9 4 . 1 1 7 6 4 . 5 1 • •MAY 1 2 4 2 , 8 1 4 9 4 . 1 1 7 6 6 . 5 1 2 3 8 . 6 1 4 9 2 . 2 1 7 6 5 . 1 1 • • J U N E i 2 4 4 . 2 1 4 9 8 , 4 1 7 7 4 . 1 I I 2 4 2 . 4 1 4 9 7 . 9 1 7 7 4 . 7 1 . . J U L Y 1 2 4 6 . 6 1 5 0 3 . 7 1 7 8 3 . 3 1 2 4 5 . 7 i 5 0 2 . 7 1 7 8 3 . 4 1 • • A U G * 1 2 4 7 . 9 1 5 0 7 . 8 1 7 9 1 * 1 I 2 4 4 . 8 1 5 0 4 . 5 1 7H7 .6 1 • • S E P T 1 2 * 9 . 5 t 5 1 1 . 9 1 7 9 8 . 8 1 2 4 8 . 1 1 * 0 9 . 9 1 7 9 6 . 4 1 . . O C T , I 2 5 1 . 3 1 5 1 6 . 6 1 8 0 7 . 2 1 1 2 5 0 . 9 1 5 1 5 . 0 1 8 0 5 . 0 1 • •NOV* 1 2 5 2 . 6 1 5 2 0 . 1 1 8 1 3 . 9 I S 2 5 4 . 2 1 S 1 8 . 7 1 8 H . 2 1 • • D E C . 1 2 5 5 . 7 1 5 2 5 . 5 1 8 2 2 . 4 1 1 2 6 3 . 0 1 5 3 0 . 6 1 8 2 6 . 6 1

1 9 7 3 . . J A N . 1 2 5 6 . 7 I 5 2 9 . 6 1 8 3 0 . 4 I 1 2 6 3 . 5 1 5 3 5 . 4 1 8 3 5 . 8 1 . . F E B , 1 2 5 7 . 9 1 5 3 2 . 3 1 8 3 6 . 7 I 1 2 5 5 . 2 1 5 2 9 . 8 1 8 3 3 . 6 1 . . M A R . 1 2 5 8 . 1 1 5 3 4 . 6 1 8 4 1 . 7 1 1 2 5 5 . 5 1 5 3 4 . 0 1 8 4 1 . 5 1 . . A P R . 1 2 5 9 , 4 1 5 3 a , 3 1 8 4 7 . 7 1 1 2 6 0 . 9 1 5 4 2 . 3 1 8 5 2 . 6 1 • •NAY 1 2 6 2 . 4 1 5 4 3 . 6 1 6 5 5 . 0 1 1 2 5 7 . 9 1 5 4 1 . 7 1 8 5 3 . 6 1 • • J U N E ! 2 6 5 . 5 1 5 4 9 . 4 1 8 6 3 . 5 1 2 6 3 . 6 1 5 4 8 . 8 1 6 6 4 . 0 1 . . J U L Y 1 2 * 6 . 4 1 5 5 2 . 0 1 8 6 7 , 9 1 1 2 6 5 . 7 1 S 5 1 . 0 1 6 6 8 . 0 1 • •AUG* 1 2 6 6 . 2 1 5 5 4 . 9 1 8 7 0 . 9 1 1 2 6 2 . 9 t 5 5 1 . 1 1 8 6 7 . 0 1 • • S E P T 1 2 6 5 . 4 1 5 5 6 . 6 1 8 7 3 . 2 1 1 2 6 3 . 9 1 S 5 4 . 2 1 8 7 0 . 4 1 • • O C T . 1 2 6 6 . 5 1 5 6 1 . 6 1 8 7 9 . 8 I 2 6 A . 0 1 «?59.9 1 8 7 7 . 5 1 • • N O V . 1 2 6 6 . 6 1 5 6 6 . 7 1 8 8 6 . 9 | 2 7 0 . 5 1 «*65.1 1 6 8 4 . 0 1 • •nEc. 1 2 7 0 . 4 1 5 7 0 . 7 1 8 9 3 . 2 1 1 2 7 8 . 1 1 S 7 S . 8 1 6 9 7 . 6 1


http://flnJU5TE.Pl

H.6 ADDENDUM

TABLE P COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS

SEASONALLY APJUSIEPt ,,^ILUi&S~flE-.PPUflR5

DATF

1971 ..JAN. ..FFQ. ..MAP* •.APR* • •MAY •.JUNE ..JULY ••AUG. ••SEPT ..OCT, ••NOV* •.DEC*

397?#.JAN« ••FEB. ••MAR. ••APR. • •MAY •.JUNE ••JUL* ••AUG. ..SEPT ••OCT. ..NOV. ••DEC.

1973».JAN. ••FE*. ••MAR* ••APR* • •MAY .•JUNE .•JULY ••AUG. ..SEPT ••OCT* ••NOV. ••DEC.

1 DEMAND 1 . TIME" AND ..sayjass-aEEflsxis J . NONBANK CURRENCY 1 DEPOSITS 1 1 1 1 THRIFT

j. L CQS j flJJBES > TOTAL ITWgTTTUTTON 4?74 \ 1 7 2 . 4 1 2 6 , 5 t 2 0 7 . * 1 2 3 4 . 1 1 2 1 9 . 4 « 9 . 8 1 1 7 4 . 5 » 2 7 . 4 1 2 1 2 . 3 1 2 3 9 . 6 1 2 2 3 . 2 SO.O 1 1 7 6 . 1 J 2 8 . 3 I 2 1 7 . 2 1 2 4 5 . 5 1 2 2 6 . 8 ^ 0 . 5 1 1 7 7 . 3 \ 2 8 . 2 1 2 2 0 . 0 1 2 4 8 . 2 1 2 3 0 . 7 5 0 . 8 1 1 7 9 . 6 1 2 8 . 8 I 2 2 2 . 4 \ 2 5 1 . 2 1 2 3 4 . 1 5 1 . 0 1 1 8 1 . 2 1 2 9 , 6 | 2 2 4 . 5 i 2 5 4 . 1 1 2 3 7 . 0 5 1 , 5 i 1 8 2 , 1 » 3 0 . 4 | 2 2 5 . 9 1 2 5 6 . 3 I 2 4 0 . 1 5 1 . 6 1 1 8 2 . 2 1 3 0 . 5 ! 2 2 7 . 4 1 2 5 7 . 9 1 2 4 2 . 8 5 1 . 9 1 1 8 2 . 2 I 31*3 j 2 2 8 , 8 1 2 6 0 . 1 I 2 4 5 . 6 5 2 . 2 1 1 8 2 . 7 J 3 2 , 1 1 2 3 1 . 6 1 2 6 3 . 8 1 2 4 8 . 5 5 2 ^ 3 1 1 8 2 . 5 t 3 2 . 1 1 2 3 4 . 7 1 2 6 6 . 7 1 2 5 1 , 3 5 2 . 6 1 1 8 2 . 6 1 3 3 . 0 I 2 3 7 . 9 1 2 7 0 . 9 1 2 5 3 . 9

5 2 . 9 1 1 8 2 . 6 1 3 3 , 4 | 2 4 1 . 8 1 2 7 5 , 2 1 2 5 7 , 9 5 3 . 2 J 1 8 4 . 9 1 3 3 . 9 1 2 4 4 . 7 1 2 7 8 , 7 1 2 6 2 . 1 * 3 . 6 1 1 8 6 , 9 1 3 3 . 7 1 2 4 7 . 1 1 2 8 0 . 7 1 2 6 5 , 9 5 3 . 8 1 1 8 8 . 2 1 3 5 , 1 J 2 4 8 . 5 1 2 8 3 . 6 1 2 6 9 , 4 5 4 . 1 1 1 8 8 . 7 1 3 6 . 5 I 2 5 1 . 3 1 2 8 7 , 9 1 2 7 2 . 4 5 4 . 3 i 1 8 9 , 8 1 3 7 . 4 1 2 5 4 . 3 1 2 9 1 , 7 1 2 7 5 , 7 5 4 . 6 i 1 9 2 , 0 1 3 7 , 9 | 2 5 7 . 1 1 2 9 5 * 0 1 2 7 9 . 6 5 4 . 9 1 1 9 3 , 0 1 3 8 . 7 1 2 5 9 . 9 1 2 9 8 , 6 1 2 8 3 . 2 5 5 . 3 1 1 9 4 . 2 1 3 9 , 8 | 2 6 2 . 4 1 3 0 2 . 1 1 2 8 6 . 9 5 5 . 8 1 1 9 5 , 6 1 4 0 , 2 1 2 6 5 . 3 1 3 0 5 . 5 1 2 9 0 . 6 5 6 . 3 1 1 9 6 , 3 1 4 1 , 9 1 26? , 5 1 3 0 9 . 4 1 2 9 3 . 8 5 6 . 9 \ 1 9 8 . 7 1 4 3 . 4 I 2 6 9 . 9 1 3 1 3 . 3 1 2 9 6 . 9

5 7 . 1 1 1 9 9 , 6 1 4 4 . 7 I 2 7 2 . 8 1 3 1 7 . 6 1 3 0 0 . 8 5 / . 5 1 2 0 0 . 4 I 4 9 . 1 | 2 7 4 . 4 1 3 2 3 . 5 1 3 0 4 . 4 5 8 . 0 1 2 0 0 . 1 1 5 4 , 6 1 2 7 6 , 6 1 3 3 1 . 1 1 3 0 7 . 0 5 8 . 6 1 2 0 0 . 8 1 5 8 . 4 | 2 7 8 . 9 ) 3 3 7 . 3 1 3 0 9 , 4 5 8 . 9 1 2 0 3 . 4 1 6 1 . 3 I 2 8 1 . 3 1 3 4 2 . 6 1 3 1 1 , 4 5 9 . 4 1 2 0 6 . 2 1 62 .0 | 2 8 3 . 8 1 3 4 5 . 8 1 3 1 4 , 2 5 9 . 5 1 2 0 7 . 0 1 6 3 . 9 1 2 8 5 . 6 1 3 4 9 . 4 1 3 1 5 . 9 5 9 . 8 1 2 0 6 , 4 1 6 6 . 3 1 2 8 8 . 7 1 3 5 5 . 0 1 3 1 5 . 9 * 0 . 2 1 2 0 5 . 2 1 6 6 . 7 1 2 9 1 . 2 J 3 5 7 . 9 1 3 1 6 . 6 6 0 . 4 1 2 0 6 . 1 1 6 3 . 8 I 2 9 5 . 1 1 3 5 8 . 9 1 3 1 8 , 3 ft0.9 1 2 0 7 . 9 1 6 2 . 0 I 2 9 7 . 8 1 3 5 9 . 9 1 3 2 0 , 2 fcl.6 1 2 0 8 . 8 1 6 2 . 8 t 3 0 0 . 3 1 3 6 3 . 1 1 3 2 2 . 6


H.6 ADDENDUK l ,UP t r u N t " i s u r iturMc T ^ 1 U U * " t 4 3 U H t ^ > ttMU w t L f l » t U 1 1 t f * 3 NOT SE£?ONALLY ApjpSTEDt BILO^£_QfLI)IU~^ARS

i OEMANO i H U E , AfcfP. SimaSS-fl££flSIX5 _JL N0N8ANK | DATE 1 CURRENCY 1 DEPOSITS 1 1 1 THRIFT 1 U . S . GOVT 1

_ i J L CDg i. JDUBES I .JOIAL^ |IMgT*IUT*fl*' PEMANP | 1 9 7 1 # # J A N » 1 4 9 * 1 1 1 7 9 . 0 1 2 6 . 9 1 2 0 6 . 9 \ 2 1 3 . 8 1 2 1 9 . 3 t 6 . 8 1

• • F E B * f 4 9 . 1 1 1 7 2 * 7 1 2 7 . 3 f 2 1 2 . 2 I 2 1 9 . 6 1 2 2 2 . 6 1 B.5 1 . • M A R . I 4 9 , 5 » 1 7 4 . 3 ! 2 8 * 0 | 2 1 8 * 3 'I 2 4 6 * 2 1 2 2 7 . 2 1 5 . 5 1 • • A P R * j s o . i I 1 7 8 * 9 J 2 7 * 1 I 2 2 1 . 4 1 ?48.«5 1 2 3 1 . 5 1 5 . 6 ) • •MAY i 5 0 . 5 I 1 7 5 * 6 1 2 7 * 5 1 2 2 3 * 9 1 2 5 1 . 4 1 2 3 4 . 5 1 6 . 0 1 • • J U N E 1 5 1 . 0 1 1 7 9 . 4 1 2 8 « 3 1 2 2 5 . 7 1 2*54.0 1 2 3 8 . 0 I b . b 1 • • J U L Y 1 5 1 * 9 1 1 8 0 . 6 1 2 9 * 5 I 2 2 6 . 2 1 2 5 5 * 6 t 2 4 1 . 1 1 7 . 0 1 • • A U G * 1 S U 9 1 1 7 9 . 1 J 3 1 . 2 8 2 2 7 . 2 \ 2 5 8 . 3 1 2 4 2 . 8 1 7 .0 t • • S E P T 1 5 1 * 9 1 1 8 0 * 9 V 3 2 . 1 A 2 2 8 . 6 1 2 6 0 . 6 1 2 4 5 . 2 1 7 . 7 t • • O C T * ( S 2 * 2 I 1 8 2 . 3 ! 3 3 . 5 i 2 3 1 * 1 J 2 6 4 * 6 1 2 4 7 . 9 1 5 . 4 1 • • N O V * \ 5 2 . 7 1 1 8 3 * 6 1 3 3 . 6 2 3 2 . 5 1 2 6 6 . 1 1 2 5 0 . 0 1 4 . 0 1 ••nec« 1 5 3 . 5 I 1 6 8 * 4 1 3 3 . 8 2 3 6 * 0 \ 2 6 9 * 8 1 2 5 3 . 3 1 6 . 9 1

1 9 7 2 * # J A N » 1 * > 2 . 5 1 1 8 9 . 4 | 3 3 . 7 2 4 0 * 9 t 2 7 4 . 6 1 2 5 7 . 5 1 7 . * 1 • • F E n * i 5 2 . 6 1 1 8 3 . 1 t 3 3 * 6 1 2 4 4 . 8 \ 2 7 8 * 4 1 2 6 1 . 6 1 7 . 4 1 • * M A R * 1 S 3 . 1 t 1 8 5 . 5 1 3 3 * 3 1 2 4 8 . 7 | 2 * 2 . 0 1 2 6 6 . 3 1 7 . 9 1 • • A P R * { * 3 . 5 i 1 8 9 * 9 9 3 3 * 8 1 2 5 0 * 7 \ 2 8 4 . 5 1 2 T 0 . 3 1 7 . 7 1 • •MAY 1 S 3 . 9 1 1 8 4 # 7 1 3 5 . 1 \ 2 5 3 . 6 I 2 8 8 . 6 1 2 7 2 . 9 1 1 0 . S J • • J U N E t 5 4 * 4 1 1 8 7 . 9 1 3 5 * 8 \ 2 5 5 * 6 1 2 9 1 . 4 1 2 7 6 . 8 1 6 .V 1 • • J U L Y \ 5 5 * 1 1 1 9 0 # 6 I 3 7 . 0 2 5 7 . n 1 2 O 4 . 0 1 2 8 0 . 6 1 7 . 3 1 • • A U G * r ss . i 1 1 8 9 * 8 \ 3 9 * 9 2 5 9 . 6 1 ?o9.«5 1 2 8 3 . 2 1 b . 3 1 • • S E P T J ^ 5 * 3 1 1 9 2 * 8 I 4 1 . 0 2 6 1 * 8 1 3 0 2 . 7 1 2 8 6 . S 1 6.C 1 • • O C T . I 5 5 * 7 1 1 9 5 . 2 ! 4 1 * 9 2 6 4 . 1 ! 3 0 6 . 0 1 2 9 0 . 0 1 6 . 7 1 • • N O V * t 5 6 * 7 1 1 9 7 . * i 4 3 * 3 2 6 4 . 5 | 3 0 7 . f t I 2 9 2 . 5 1 6 . 3 1 • * O E € . I 5 7 . 9 1 2 0 5 . 1 1 4 4 * 3 2 6 7 . 6 1 3 1 1 . 8 1 2 9 6 . 0 \ 7 . 4 I

1 9 7 3 * . J A N * ! 5 6 * 8 1 2 0 6 , 8 1 4 5 . 1 2 7 1 . * 1 3 1 6 . 9 1 3 0 0 . 4 1 8 . 1 1 * * F E R * 1 5 6 « 8 1 1 9 8 . * J 4 8 . 6 1 2 7 4 . £ 1 3 2 3 . 3 1 3 0 3 . 8 1 9 . 9 1 . . M A R . 1 S 7 * 4 \ 1 9 8 . 1 1 5 4 . 0 ? 7 8 * S t 3 3 2 . 6 1 3 0 7 . 4 1 1 0 . 4 1 * . A P R . ( S S * 3 1 2 0 2 * 6 \ 5 6 * 1 2 6 1 . 4 \ 3 3 7 . 6 1 3 1 0 . 3 1 B.3 1 • •HAY i S B * 7 ! 1 9 9 * 2 i 5 8 * 8 2 8 3 * 8 1 3 4 2 . 6 1 3 1 2 . 0 1 8 . 7 t

• • J U N E 1 5 9 « 4 1 2 0 4 . 1 1 5 9 . 3 2 8 5 * 2 I 34* . 5 1 3 1 5 . 3 t 7 . 1 1 • • J U L Y I 5 9 . 9 1 2 0 5 . T 1 6 2 . 3 2 8 5 . 3 1 3 4 , . 6 1 3 1 7 . 0 1 6 . 5 I • • A U G . j <S0«0 1 2 0 2 . 9 \ 6 6 * 4 2 8 8 . 2 1 3 S 6 . 6 1 3 1 5 . 9 ( 4 . 1 1 . . S E P T t 6 0 » 1 1 2 0 3 . S 1 6 8 * 8 2 9 0 . 1 1 1 * 9 . ? 1 3 1 6 . 1 1 5 . 3 i • • O C T * f 6 0 * 4 1 2 0 5 . 6 1 6 6 . 3 2 9 3 * 9 1 1 6 0 . 2 1 3 1 7 . 6 1 6 , 0 1 • • N O V . 1 * 1 . 4 1 2 0 9 . 1 1 6 4 . 1 2 9 4 . 6 1 3 5 8 . 7 1 3 1 8 . 9 1 4 , 3 1 • • D E C . f 6 2 * 6 ! 2 1 5 . 5 1 6 4 * 1 2 9 7 . 7 | 3 6 1 . f l 1 3 2 1 . B 1 6 . 3 1


TABLF 4 I40N*Y STOCK MEASURES t COMPONENTS * AND PELATED ITEMS

r̂ . 6 ADDENDUM EEASpNAU Y AUJUSlEP* R I L L IONS OF DOLLARS

IZ zi J M 2 | DEMAND

I IIHE^AMI J S£YIISK?S D fcSQSIIS 1 DATE l"" FMAND i Ml PLUS | DEMAND

I IIHE^AMI J S£YIISK?S D

1 OFPnSITS JTIME OTHER 1 CURRENCY 1 DEPOSITS 1 CDS 1 OTHER 1 TOTAL \ 1 PS US ITHAN LARGE 1 qyPfcENCY J £DS„ | 1 1

197^ J A N T . . " 3 1 ? S 6 . 7 1 5 2 8 . 8 1 5 6 . 6 1 2 0 0 . 0 1 4 3 . 8 1 2 7 2 . 1 1 3 1 5 * 9 1 • • 1 0 1 2 ^ 6 . 1 1 5 2 8 * 1 1 5 7 . 2 1 1 9 8 . 9 ! 4 4 * 2 1 2 7 2 * 1 1 3 1 6 * 2 i . . I T 1 2 S 6 . 6 1 5 2 9 . 6 1 5 7 . 2 1 1 9 9 . 4 1 4 4 * 2 1 2 7 3 . 1 1 3 1 7 . 3 1 . . 2 4 1 2 ^ 6 . 2 1 5 2 9 . 5 1 5 7 . 2 1 1 9 9 . 0 1 4 5 * 0 » 2 7 3 * 2 I 3 1 8 * 2 1 . • 3 1 1 2 S 6 . 9 1 5 3 0 . 6 1 5 7 . 1 1 1 9 9 . A 1 4 6 * 0 1 2 7 3 * 7 t 3 1 9 * 7 t

F E B . . . 7 1 2 S 6 . 5 1 5 3 0 . 0 1 5 7 . 4 ! 1 9 9 . 1 1 4 7 * 6 J 2 7 3 * 5 I 3 2 1 . 1 1

• . 1 * 1 2 5 8 . 3 1 5 3 2 . 8 1 5 7 . 5 1 2 0 0 * 8 1 4 8 * 6 * 2 7 4 . 5 I 3 2 3 . 1 1 . . 2 1 J 2 ^ 8 . 6 1 5 3 3 . 3 1 5 7 . 7 t 2 0 0 * 9 1 4 9 . 5 ) 2 7 4 * 8 1 3 2 4 . 2 t • •28 1 2 ^ 8 . 3 1 5 3 3 . 4 1 5 7 . 6 1 2 0 * * * » J 5 0 . 9 1 2 7 5 . 1 1 3 2 5 . 9 I

M A R . . . 7 , I 2 ^ 8 * 4 1 5 3 4 . 2 1 5 7 . 8 1 2 0 0 . 6 1 5 2 . 0 1 2 7 5 . S 1 3 2 7 . 8 1 . • 1 * 1 2 5 7 * 8 1 5 3 3 . ? 1 5 7 . 9 1 1 ? 9 . 8 1 5 4 . ? 1 2 7 5 . 9 ! 3 3 0 . 1 1 . • 2 1 1 2 ^ 8 * 5 1 5 3 5 . 2 1 5 8 . 1 1 2 0 0 . 4 1 ^ 5 . 0 ] 1 2 T 6 . 8 1 3 3 1 * 8 I • •2d [ 2 5 8 . 4 1 5 3 5 . 7 1 5 8 . 1 1 2 0 0 . 3 \ 5 6 . 0 1 2 7 7 . 4 1 3 3 3 . 4 1

A P R , * . 4 2 5 8 . 2 1 5 3 5 . 7 ! 5 8 . 2 I 2 0 0 * 0 1 5 7 . 4 ( 2 7 7 . 5 t 3 3 4 . B ( . . 1 1 1 2 5 8 . 6 1 5 3 6 . 3 i 5 8 . 6 1 2 0 0 . 0 ! 5 8 . 4 1 2 7 7 . 8 1 3 3 6 * 1 1 • • 1 * 2 ^ 9 . 5 1 5 3 8 . 9 1 5 8 . 7 1 2 0 0 . * 1 iBml f 2 7 9 * 5 1 3 3 7 * 6 1 • . 25 2 ^ 9 . 6 1 5 3 9 . 0 1 5 8 . 8 1 2 0 0 . R \ 5B«7 1 2 7 9 * 4 1 3 3 8 * 1 1

MAY . . £ 2 * 0 . 3 1 5 4 0 . 1 t 5 8 . 6 1 2 0 1 . 7 1 5 9 . 4 \ 2 7 9 * 8 1 3 3 9 * 2 \ . . 9 2 * 1 . 4 5 4 1 . 5 1 5 9 . 0 1 2 0 2 * 4 1 6 0 * 7 1 2 8 0 * 1 \ 3 4 0 . 8 \ • . 1 6 2 * 2 . 3 1 5 4 3 . 5 1 5 R . O 1 2 0 3 * 4 1 6 1 . 3 t 2 8 1 * 1 1 3 4 2 . 4 \ • •23 2 6 2 . 9 \ 5 4 4 . 7 5 9 . 0 2 0 3 . 9 1 6 1 . 7 f 2 8 1 * 8 I 3 4 3 . 5 ? . . 3 0 2 * 3 . 0 \ 5 4 5 . 2 5 9 . 0 i 2 0 3 . 9 1 6 2 . 0 1 2 8 2 . 3 I 3 4 4 . 2 t

J U N E . . 6 2 * 4 . 1 1 5 4 7 . 2 59.1? 1 2 0 4 . 9 1 M . 3 1 2 8 3 . 1 1 3 4 4 . 4 1 . . 1 3 2 * 5 . 3 548 # fc 5 9 . 4 2 0 5 . 9 1 6 2 . 0 1 2 8 3 . 5 1 3 4 5 . 5 I . . 2 0 2 * 6 . 3 5 5 0 . 2 5 9 . 4 1 2 0 6 . Q 1 6 1 . 8 1 2 8 3 . 9 1 3 4 5 . 7 f . . 2 7 | 2 * 6 . 3 5 S 0 . S - 5 9 . 4 2 0 7 . 0 1 * 2 . 4 2 8 4 . 1 f 3 4 6 . 5 t

J U L Y . . 4 2 * 6 . 1 5 5 0 . 9 5 9 . 3 1 2 0 6 . A 1 6 2 . 9 I 2 8 4 . 8 1 3 4 7 . 7 1 . . 1 1 1 2 * 6 . 5 5 S 1 . 4 j 5 9 . 5 f 2 0 7 . 1 f 6 3 . 2 1 2 8 4 . 9 1 3 4 8 . 1 I • . I B 1 ? * 6 . 8 5 S 2 . * 5 9 . R 2 0 7 . 4 6 3 . 6 2 8 5 . 5 3 4 9 . 1 1 . . 2 5 1 ? * 6 . 3 j 5 S 2 . 2 5 9 . S 2 0 6 . A 6 4 . 4 2 8 5 . 9 3 5 0 . 3 1

ALIO. . . 1 1 2 * 6 . 1 I 5 S 3 . 0 5 9 . 4 2 0 6 . 6 6 4 . 9 I 2 8 6 . 9 3 5 1 . 8 \ . . 8 i ? * 6 . 0 1 5 5 3 . 7 5 9 . 8 2 0 6 . 2 t 6 5 . 6 2 8 7 . 7 3 5 3 . 3 1 . . 1 5 I 2 * 6 . 3 1 5 5 4 . 4 5 9 . 8 | 2 0 6 . 6 I 6 6 . 4 1 2 8 8 . 1 1 3 5 4 * 5 1 . . 2 2 I ? * 6 . 7 | 5 5 5 . 8 5 9 . 9 2 0 6 . 8 1 66.=> 1 2 8 9 . 1 3 5 5 . 6 1 . . 2 9 I 2 * 6 . 3 \ 5 5 5 . 7 1 5 9 . 9 I 2 0 6 . 4 1 * 6 * * 1 2 8 9 . 4 3 5 6 . 0 1

S E P T . . 5 | ? * 5 . 1 1 5 5 5 . 7 1 5 9 . 9 | 2 0 5 . 2 * 6 . 5 1 2 9 0 . 6 i 3 5 7 . 1 f . . ) 2 1 2 * 5 # 4 5 S 6 . 1 1 6 0 . 1 ! 2 0 5 . 3 6 6 . 8 2 9 0 . 7 3 5 7 . 4 1 . • 1 9 I 2 * 5 . 4 I 5 5 6 . 4 1 6 0 . 1 1 2 0 5 . 3 6 7 . 4 I 2 9 1 . 0 3 5 8 . 4 I . • 2 6 I 2 * 5 . A | 5 5 7 . 1 1 T 6 0 . 1 1 2 0 5 . 3 6 6 . 7 1 2 9 1 . 7 3 5 8 - 4 |

O C T . . , 3 I 2 * 6 . 0 I 5 5 8 . 8 1 ( 6 0 . 2 I 2 0 5 . 8 1 6 5 . 2 1 2 9 2 . 6 1 3 5 8 . 0 I . . 1 0 1 2 * 5 . 8 1 5 5 9 . 9 1 > 0 . 7 | 2 0 5 . 1 1 6 4 . 0 I 2 9 4 . 0 1 3 5 8 . 0 1 . . 1 7 1 2 * 7 . 8 I 5 6 2 . 7 1 6 0 . 4 | 2 0 7 . 5 1 6 3 . 5 1 2 9 4 . 8 1 3 5 8 . 3 1 . . 2 4 I 2 * 5 . 1 1 5 6 0 . 9 1 6 0 . 5 \ 2 0 4 . 6 1 6 3 . 7 | 2 9 5 . 8 1 3 5 9 . 5 1 . . 3 1 1 2 * 6 . 2 1 5 6 2 . 2 1 6 0 . 2 t 2 0 6 . 1 1 6 3 . 5 1 2 9 6 . 0 1 3 5 9 . 5 1

N O V . . . 7 | 2 * 8 . 1 1 5 6 5 . 7 1 6 0 . 7 I 2 0 7 . 4 1 6 2 . 5 1 2 9 7 . 6 1 3 6 0 . 1 1 . . 1 4 | 2 * 9 . 1 | 5 6 7 . 2 i 6 0 . 9 I 2 0 8 . 2 » 6 1 . 9 t 2 9 8 . 1 1 3 6 0 . 0 1 . . 2 1 J 2 * 9 . 4 | 5 6 6 . B 1 6 1 . 1 I 2 0 8 . 1 1 6 1 . 9 I 2 9 7 . 4 1 3 5 9 . 3 1 . . 2 8 1 2 * 9 . 0 1 5 6 7 . 2 I 6 1 . 0 \ 2 0 8 . 0 I 6 1 . 9 1 2 9 8 . 2 1 3 6 0 . 1 1

D E C . . . b \ 2 * 9 . } | 5 6 8 . 2 1 6 1 . 0 I 2 0 8 . 1 » M . 7 ! 2 9 9 . 1 1 3 6 0 . 8 1 . , 1 2 t 2 7 0 . 7 t 5 * 9 . 7 1 6 1 . 5 1 2 0 9 . 2 1 * 3 . o I 2 9 8 . 9 1 3 6 1 . 9 1 . . 1 * 1 2 7 0 . 9 t 5 7 1 . 8 1 6 1 . 6 I 2 0 9 . 4 1 * 2 . 2 1 3 0 0 . 9 1 3 6 3 . 1 1 . . 2 6 \ 2 7 L 0 1 5 7 1 . 6 1 6 2 . 0 | 2 0 8 . O I 6 3 . 0 1 3 0 0 . 7 1 3 6 3 . 7 1


TABLE 5

H-6 ADDENDUM HONEY STOCK MEASURES- COMPONENTS* AND RELATED I T F M S H-6 ADDENDUM NOT SEASflqAl t Y AOJ I lSTF f ) . B I L L I O N S OF_DOLLAft<;

j [IZZ*i J 1 *2 , . . -] 1 TT^E A W S A V I N G S Pf JPQSIIS.. 1 1 DATF [ DEMAND M l PLLUS 1 nfMANO ! 1 U . S . GOVT*

D E P O S I T S T I M E OTHFHI CURRENCY OFPOSITS \ COS 1 OTHEf* TOTAL DEMAND 1 PLUS THAN LARGE! 1

LCuggEftcy...] 1 COS | 1 1 9 7 3 J A N l ~ " T " ' 2 7 1 . 3 5 4 2 . 2 1 „

5 7 . 4 rimiM 2 1 3 . o

4 3 . 9 1 2 7 0 . 8 3 1 4 . 8 1 0 . 4 t . . 1 0 2 * 7 . 6 5 3 8 . 2 1 5 7 . 6 2 1 0 . 0 4 4 « * 1 2 7 0 . 6 3 1 5 . 5 I 7 . 5 1 . . I T 2 * 5 . 8 5 3 7 * 7 1 5 7 . 0 2 0 8 . 8 4 4 , 9 | 2 7 1 . 9 3 1 6 . 6 5 . 9 1 • . 3 4 2 6 0 . 2 5 3 3 . 4 1 5 6 . 4 2 0 3 . 8 4 5 , 4 i 2 7 2 . 2 3 1 7 . 6 6 . 0 1 • . 3 1 2 * 6 . 4 5 2 9 . 7 1 5 5 * 9 2 0 0 . 5 4 5 . a 1 2 7 3 . 3 3 1 9 * 1 F 1 0 . 1 \

F E B . ! • . r 2 S 6 . 8 5 2 9 . 8 1 5 6 . 8 I 2 0 0 . 0 4 7 . 1 i 2 7 3 . 0 3 2 0 . 1 6 . 6 1 • . 1 4 2 * 5 . 8 5 3 0 . 4 ! 5 7 . 0 1 9 8 . 7 4 8 * 0 | 2 7 4 . 6 3 2 2 . 6 9 . 1 1 • . 3 1 2 * 5 . 2 5 3 0 . 3 1 5 6 . 9 1 9 8 . 3 4 9 . 0 1 3 7 5 . 0 3 2 4 . 0 1 0 . 9 1 • * 3 8 2 * 3 . 9 5 2 8 . 7 ! 5 6 * 4 1 9 6 . 5 5 0 . * 1 2 7 5 . 8 3 2 6 . 3 1 1 0 . 6 1

* A « . , . . r 2 * 6 . 3 5 3 3 . 2 1 5 7 . 4 1 9 8 . 9 5 2 . 1 2 7 6 . 9 3 2 9 . 0 1 9 . 7 1

• . 1 ^ 2 S S . 4 5 3 3 . 3 1 5 7 . 6 1 9 7 . 8 5 3 . 9 3 7 7 . 9 3 3 L . 8 1 6 . 5 1 • • 3 1 2 * 6 . 3 5 3 4 . 9 1 5 7 . * 1 9 8 . 7 5 4 . 2 2 7 8 . 7 3 3 3 . 0 1 1 1 . 6 1

• . 2 * 1 2 * 3 . 7 5 3 3 . 5 1 5 7 . 1 1 9 6 . 6 * 5 . 2 3 7 9 . 8 t 3 3 5 ; o 1 U . 6 1 A P R * . • . * 2 * 8 . 5 5 3 8 . 8 1 5 7 . 7 2 0 0 . 8 * > 5 . 7 | 3 & 0 . 4 1 3 3 6 . 0 1 1 0 . 3 I

• . 1 1 ? 6 1 . 5 5 4 1 . 8 1 \ 5 8 . 7 2 0 2 . 9 5 6 . 6 3 8 0 . 2 I 3 3 6 . 8 1 6 . 3 1

• . 1 8 I 2 6 3 . 9 5 4 6 . 1 5 8 . 5 6 2 0 5 . 5 * 5 . 6 3 8 2 . 2 1 3 3 7 . 8 I 6 . 1 { • - 2 5 1 2 * 9 . * 1 5 4 1 . 1 f 5 8 . 1 1 2 0 1 . 2 * 6 . 2 2 8 1 . 7 1 3 3 7 . 9 1 9 . 4 1

MAY , • * 2 1 2 5 8 . 9 5 4 1 . 3 1 5 7 . 8 i 2 o i # i S 6 . 5 2 8 2 . 4 1 3 3 8 . 9 1 1 1 . 7 |

. * 9 1 2 5 7 . 7 5 4 0 . 3 1 \ 5 9 . 1 1 1 9 8 . 6 5 7 . 9 2 8 a . 5 1 3 4 0 . 4 1 1 0 . 9 I

- 1 6 1 2 5 9 . 1 5 4 2 . 7 1 1 5 8 . 8 1 2 0 0 . 3 5 8 . * 2 8 3 . 6 1 3 4 2 . 1 1 8 . 5 1

• . 2 3 1 2 * 6 . 6 1 5 4 0 . 9 1 1 5 8 . 6 1 1 9 8 . f t 5 9 . 4 2 8 4 . 4 1 3 4 3 . 6 1 7 . 8 1 . . 3 0 [ 2 * 7 . 0 1 5 4 3 . 0 t 5 8 . 6 1 1 9 8 . 4 5 9 . 7 2 8 5 * 0 1 3 4 4 . 7 I 6 . 9 1

JUNE. .* * 1 2 6 2 . 4 ( 5 4 7 . 7 1 5 9 . 4 1 2 f t3 . f t «59 .^ 3 8 5 . 3 I 3 4 4 . 6 i 5 . 1 1

• . 1 3 1 3 ^ 4 . 2 1 5 4 9 . 7 1 I 5 9 . 7 1 3 *>4 .4 5 9 . 7 2 8 5 . 5 1 3 4 5 * 2 I 3 . 4 I

• . 2 0 2 6 5 . 0 \ 5 * 0 . 1 5 9 . 5 1 2ff l5.S * 8 . * 2 8 5 . 1 1 3 4 3 . 6 I 8 . 5 1

• . 2 T 1 2 6 1 . 7 1 5 4 6 . 3 1 5 9 . 0 1 3 * 2 . 7 \ * 9 . 5 2 8 4 . 6 1 3 4 4 . 1 I 9 . 7 1

JULY! • * * 1 2 6 6 . 4 1 5 5 2 . 1 i 1 5 9 . 8 1 3 0 6 . 6 [ * 9 . 8 I 2 8 5 . 7 1 3 4 5 . 5 r 1 0 . 1 1

• . 1 1 2 6 8 . 0 1 5 5 2 . 7 i 6 0 . 5 1 2 0 7 . * [ 6 0 . 7 I 3 8 4 . 7 1 3 4 5 * 4 I 6 . 6 1

• . i a 1 2 6 7 . 0 t 5 5 3 . 1 1 6 0 . 1 1 2 f 0 6 . 9 6 1 . 9 I 2 8 5 . 1 1 3 4 7 . 0 1 5 . 1 1

i . 2 5 t 2 6 3 . 4 t 5 4 8 . 6 1 5 9 . 6 1 3 0 3 . 8 I 6 3 . 8 B 2 8 5 . 2 1 3 4 9 . 0 1 6 . 3 1 AUG.< • . 1 1 2 6 3 . 3 1 5 4 9 . 7 1 5 9 . 4 1 2 * 3 . 9 I 6 4 . 9 1 2 8 6 . 4 1 3 5 1 . 3 1 6 . 2 1

• . * I 2 6 3 . 7 1 \ 5 * 1 . 1 t 6 0 . 5 3 0 3 . 3 1 t 6 6 . 6 1 2 8 7 . 3 1 3 5 3 . 9 » 5 . 0 1

• . i s \ 2 6 4 . 4 1 5 5 2 . 1 1 6 0 . 3 1 2 0 4 . 2 1 6 8 . 2 1 2 8 7 , 7 1 3 5 5 . 9 1 3 . 9 1

i . 2 2 I 2 6 3 . 4 1 5 S 2 . 0 1 6 0 . 0 1 3 0 3 . 4 1 6 9 . 1 1 2 6 8 . 6 [ 3 5 7 . 7 1 4 . 0 1

. . 2 9 1 2 6 0 . 2 1 5 4 8 . 8 1 5 9 . 4 1 3 0 0 . 7 1 6 9 . 9 1 2 8 8 . 7 1 3 5 8 . 6 1 3 . 5 1

SEPT! . . s 1 2 6 3 . 3 1 5 * 3 . 6 1 6 0 * 3 1 2 0 3 . 1 1 6 9 . 1 1 2 9 0 . 3 1 3 5 9 . 3 1 3 . 2 1

• . 1 3 i 2 6 5 . 6 1 5 * 5 . 4 ! 6 0 . 5 1 2 0 5 . 1 I 6 9 . 0 1 3 6 9 . 9 1 3 5 8 . 9 [ 3 . 7 1

• . 1 9 t 2 * 5 . 5 f 5 5 5 . 3 1 6 0 . 1 2 0 5 . * 1 6 9 . 2 1 3 8 9 . 8 1 3 5 9 . 0 1 5 . 1 »

, . 2 6 • 7 * 0 . 9 5 * 1 . 4 1 5 9 . 6 2 0 1 . 3 6 8 . 8 I 2 9 0 . 6 1 3 5 9 . 4 1 6 . 9 1

O C T . ! • . 3 1 2 6 4 . 7 1 5 5 6 . 7 1 5 9 . 8 2 0 4 . 8 1 6 7 . 5 1 2 9 2 . 0 1 3 5 9 . 5 1 6 . 0 1

• . 1 0 [ 2 6 5 . 6 t 5 * 8 . 6 6 1 . 0 2 0 4 . * 1 6 6 . 8 1 2 9 3 . 0 1 3 5 9 . 7 1 6 . 5 1

• . 1 7 » 2 * 7 . 7 5 6 1 * 4 1 6 0 . 5 2 0 7 . 2 t 6 6 . 3 1 2 9 3 . 6 1 3 5 9 . 9 1 5 . 2 1

• . 2 * [ 2 * 4 . ? t 5 5 8 . 6 1 6 0 . 4 2 0 3 . 8 1 6 6 . 3 1 2 9 4 . 4 f 3 6 0 . 7 1 5 . 6 1

• . 3 1 t 2 * 6 . 2 f 5 6 0 . 5 1 5 9 . 8 2 0 6 . 4 6 5 . 5 1 2 9 4 . 3 1 3 5 9 . 8 1 5 . 6 1

N O V . , • . 7 2 7 0 . 1 5 6 4 * 8 6 1 . 1 3 0 9 . 0 6 4 . 5 3 9 4 . 7 3 5 9 . 2 1 5 . 7 i

• . 1 4 2 7 1 . 2 5 6 6 . 1 6 1 . * 2 0 9 . 8 6 3 . 9 1 2 9 4 . 9 3 5 8 . 6 1 3 . 7 1

• . 2 1 2 7 0 . 9 5 6 4 . 8 6 1 . 7 2 0 9 . 1 6 4 . 2 1 2 9 3 . 9 3 5 8 . 1 1 3 . 9 1

• . 2 8 2 6 9 . 6 1 5 6 4 . 1 6 1 . 3 2 0 8 . 2 6 4 . 1 1 2 9 4 . 5 J 3 5 8 . 6 1 4 . 1 1

ore. • . 5 1 2 ' 3 . 2 1 5 6 9 . 0 1 6 1 . 8 2 1 1 . 4 6 3 . * 2 9 5 . 8 t 3 5 9 . 3 1 * . 4 1

• * 1 3 1 2 7 6 . 5 5 7 2 . 6 1 6 2 * 6 2 1 3 . 0 6 4 . 4 2 9 6 . 1 3 6 0 . 5 1 3 . ? 1

• . 1 9 2 7 8 . 3 5 7 6 * 6 1 6 2 . 7 2 1 5 . 7 6 3 . 4 2 9 8 . 3 3 6 1 . 7 1 5 . 6 1

• •?*> P 7 8 . 7 5 7 6 . 9 6 3 . 3 2 1 5 . 4 6 4 . 4 i 2 9 6 . 3 3 6 2 . 7 6 . 6 (


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