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15, 1959. ANALYSIS OF THE TIMING OF THE MOVEMENTS OF DIFFERENT TYPES AND SIZES OF DEPOSITS IN A SELECTED GROUP OF BANKS IN THE MONTHS PRIOR TO SUSPENSION This report is being sent to you for comments which will be utilized in preparing a final draft for publication in the June Federal Reserve Bulletin. Lauchlin Currie, Assistant Director Division of Research and Statistics AN ANALYSIS OF THE TIMING OF DEPOSIT REDUCTIONS PRIOR TO SUSPENSION IN A SELECTED GROUP OF BANKS In earlier reports on this subject, summarized in the Federal Reserve Bulletin, analysis was made of the comparative severity of the presuspension withdrawals of deposits of different sizes and types. This discussion makes a similar examination of the timing of deposit reductions.^ The results of the investigation may be summarized as follows: 1. The timing of the movements of demand and time deposits in the six months immediately preceding suspension were substantially similar. In the last month before closing the rate of de- cline of demand deposits was somewhat greater than that of time deposits. 2. Minor variations appeared in the timing of personal and business demand deposit withdrawals. Personal demand deposits were reduced at a slightly more rapid rate than business demand deposits until the third month before suspension. Business deposits then showed a somewhat more pronounced decline than personal deposits until the last month before closing when both classes of deposits fell off sharply. The basic data for these reports were derived from an investigation, financed by the Works Progress Administration, of the records of a group of banks suspended between 1930-33. Previous reports were published in the Federal Reserve Bulletin for March and April 1939. The present article was prepared by R.C.Breithut. -2- 3. There was a wide divergence in the movements of large and small business deposits. Large business deposits were sharply re- duced the sixth month preceding suspension and continued an uninterrupted decline to date of suspension. Small business deposits in- creased in the sixth month before suspension; remained stable until the fourth month and showed no substantial contraction until the last month before closing. In general, the movements of local and nonlocal business deposits closely coincided. The withdrawals of small local busi- ness deposits tended to precede those of small nonlocal business deposits. 5. The changes in the deposits of different types of busi- ness showed wide variation. In all business groups, however, large business deposits were withdrawn more promptly than small ones. 6. Personal deposits show earlier declines the larger the size of the account. Deposits in accounts of #2,500 and over fell off sooner than deposits of #500 to #2,499 and the deposits in this size group in turn were more promptly withdrawn than those of less than #500. 7. Changes revealed in the number of open accounts during last six months before closing were distinctly less sharp and varied than the changes which occurred in deposit balances. Most severe deposit drains resulted from a reduction of balances rather than the closing of accounts. The Scope of the Data and Methods of Analysis As pointed out in earlier reports, deposit movements discernable in a particular group of suspended banks are not necessarily representative of movements in banks of different sizes or those suspended at different times or under different circumstances. For this analysis the basic data were drawn from a group of 124 banks of varying sizes. Measured on dates prior to severe deposit de- clines, the smallest bank included in this sample had total deposits of less than $50;000 and the largest slightly in excess of $325,000,000. The bonk suspensions discussed here occurred between November 1930 and July 1933. Three of these banks were suspended in 1930; 34 in 1931; 28 in 1932; and 59 in 1933. The distribution by location and size of the banks composing the sample is summarized in Table 1. In general, the sample banks were much larger than the typical bank suspended at this time; and the proportion of banks located in eastern and midwestern industrial centers is higher in this sample than in all bank suspensions. The combined deposits of all sample banks as of date of suspension represented about 18$ of the total deposits of all banks suspended during this period. Certain technical obstacles, however, made it impossible to classify all of the deposits of all of the banks included in the sample. In making this analysis, therefore, it was necessary to adapt the method of measurement tc the statistical adequacy of the basic sources. For 82 banks a continuous monthly record of total demand and total deposits from January 1928 to date of suspension Table 1 DISTRIBUTION OF BANKS SUPPLYING DATA ON TIMING OF DEPOSIT WITHDRAWALS Distribution by location and size Total Distribution by area: New England Middle Atlantic East North Central West North Central South Atlantic East South Central West South Central Mountain Pacific All sample banks Number of banks with totel1 deposits of (millions of dollLars) Less 25 th^ 1-1.9 2-4.9 5-9,9 10-24.9 over§/ 124 2 13 33 43 12 11 4 2 1 5 1 4 48 32 26 12 43 52 - 7 10 19 4 4 1 1 1 1 3 12 7. 4 5 1 3 4 1 - 1 8 11 1 2 1 2 6 16 12 1 2 3 1 m - - - - - 2 7 7 20 4 9 1 2 1 1 • 1 2 1 - - mm - - - - - - 1 i/rhe smallest bank had total deposits less than $50,000 2/ — The la rgest bank had total deposits of more thai $325,000,000 1 Number of b a n k s situated in Plaoes Plaoes of under 100,000 Suburban and over 100,000 j1 areas mm _ 1 - 3 29 - 10 11 7 mm mm 1 -5- was available. This information was used for the purpose of com- paring the timing of time and demand deposit withdrawals and for certain other purposes. In examining the movement of different types and sizes of demand deposits, information was drawn from the entire sample of 124 banks. The present discussion deals with the timing of the withdrawal of deposits of different types and sizes in the six months immediately preceding suspension. It must be emphasized that not all banks experienced exceptionally severe losses of deposits in the last months before closing and that in some banks heavy withdrawals of deposits began more than a year before date of suspension. In- vestigation indicates, however, that a preponderance of these banks experienced withdrawals during the last six months which carried total deposits well below previous levels. Deposits outstanding in different type and size classes are measured on selected dates in each of the six months immediately preceding suspension. Dates were chosen which appeared to yield figures most closely approximating average monthly balances. y The deposits in each class in the sixth month preceding suspension is then used as a base for calculating the percentage of deposits in each class outstanding in each of the subsequent months and on date of suspension. Thus for each class the deposits in each of After some experimentation, the date chosen for all banks was the Wednesday between the fifth and the twelfth of each month. -6- the last 5 months and on date of suspension are expressed as percentages of the deposits outstanding in the sixth month. This method makes it possible to compare the rates of increase and decrease of different classes of deposits and the timing of deposit withdrawals. It should be noted, however, that the absolute fig- ures for deposits in the sixth month will be different for different classes of deposits and that, on the basis of these figures, it is impossible to draw conclusions concerning the absolute magnitude of the withdrawals allocable to different classes of deposits.i/ The Timing of Demand and Time Deposit Withdrawals In Table 2 and Chart 1 the movements of total deposits and of time end demand deposits are compared. The basic information for this table was derived from the 82 sample banks for which a continuous monthly record of figures is available. Total deposits show an uninterrupted decline from the sixth month before suspension until date of suspension. During the first five months of this per- iod, however, the rate of decline was distinctly less severe than it is in the lest month. Thus, the combined withdrawals of the first five months reduced total deposits less than eight per cent of their level on the sixth month; whereas the withdrawals of the The comparative magnitude of presuspension withdrawals of deposits of different types and sizes is discussed in reports published in the Federal Reserve Bulletin for March and April 1939. Table 2 MOVEMENT OF DIFFERENT TYPES OF DEPOSITSi/ IN TEE SIX MONTHS PRIOR TO SUSPENSION (Deposit balances outstanding in sixth month prior to suspension * 100) 6th month Deiposit balances outstanding in 4th 1 3rd 5th 2nd 1st month 11 month month month month Date of suspension Total deposits, exclusive of U.S. and interbank 100.0 98.2 97.1 95.7 94.4 92.2 79.1 Total time deposits 100.1 99.0 97.2 96.1 95.1 93.4 85.7 Total demand deposits 100.0 97.2 97.0 95.2 93.5 90.7 70.8 Total deposits and total demand and time deposits in 82 banks, on selected dates it each of the six months immediately preceding suspension calculated as percentages of deposits in each class outstanding on the sixth month. For fuller explanation see pp. 4-5. -8- last month represented more than 12 per cent of total deposits at the opening of the period. The comparison of time and demand de- posits indicates that the sharp reduction in total deposits in the last month before suspension can be traced to heavy withdrawals of demand deposits. The total decline of time deposits for the first five months was somewhat less than seven per cent of total time deposits on the sixth month before suspension. In the last month the decline became more rapid, however, resulting in a reduction of seven per cent for this month alone. The record of demand deposits is similar for the first five months but the withdrawals of the last month were much more substantial and represented almost 20 per cent of total demand deposits at the opening uf the period. Thus for both classes of deposits withdrawals were comparatively light for the first five months and accelerated in the last month before suspension. Reductions of demand deposits, however, were recogniz- ably sharper than reductions of time deposits. Analysis of the Timing of Demand Deposit Movements In order to make a detailed analysis of the timing of the withdrawal of demand deposits from accounts of different types and sizes, information was collected from the 124 banks described above. For various technical reasons, however, it was impossible to include all demand deposits accounts in all sample banks. Taking the sample as a whole the deposits outstanding on date of suspension in the accounts selected represented 23.5 of all demand deposits, and in- -9- vestigation indicates that the demand deposits selected present an approximate representation of the timing of total demand deposit withdrawals. The Movement of Business and Personal Accounts In Table 3 and Chart 2 the timing of withdrawals from business and personal accounts is compared. During the early months of the period the movement of both classes of deposits was similar. In the third and second months before suspension, business deposits declined more sharply than personal deposits and a noticeable discrepancy appeared in the proportion of each class of deposits withdrawn one month before suspension. The rate of reduction of personal de- posits increased markedly in the last month, however, and the discrepancy was smaller on date of suspension than it was a month earlier. Table 4 presents a more detailed analysis of the movement of business demand deposits, and supplies the basic figures for Charts 3, 4, 5, and 6. Chart 3 compares the timing of the withdrawal of business deposits under #10,000 and of deposits of #10,000 and over, and reveals a marked contrast in the behavior of these two groups of accounts. Business deposits of #10,000 and over declined uninterruptedly throughout the period. The rate of decline was comparatively slow in the opening months; and became more severe between the third month before suspension and date of suspension. Business deposits under #10,000 increased somewhat during the first two months of the period; then declined sharply for one month; and continued the decline during the last four months before closing but at a rate of reduction less rapid than that of large -10- Table 3 MOVEMENT OF DEMAND DEPOSITS IN THE SIX MONTHS PRIOR TO SUSPENSION^ (Deposit balances outstanding in sixth month prior to suspension s Deposit balances outstand-Lng in 2nd 3rd 4th 1st month month month month 100) 6 th month 5th month Total selected demand deposits^/ 100.0 99.2 96.8' 94.1 88.0 80.7 65.2 Selected business demand deposits 100.0 99.6 97.3 94.5 87.4 78.4 63.7 Selected personal demand deposits 100.0 97.7 95.4 92.7 90.0 87.6 69.9 t)ate of suspension Selected demand deposits of different classes outstanding in 124 banks in each of the six months immediately preceding suspension calculated as percentages of deposits outstanding in each class in the sixth month. t For explanation see p. -11- Table 4 MOVEMENT OF DIFFERENT CLASSES OF BUSINESS DEMAND DEPOSITS IN THE 6lX MONTHS PRIOR TO SUSPENSION*/ 6th month Total selected business demand deposits 5th month Deposit balances outstanding in 4th 3rd 2nd 1st month month month month Date of suspension 100.0 99.6 97.3 94.5 87.4 78.4 63.7 100.0 107.0 107.1 101.3 97.7 92.0 77.8 100.0 97.0 93.7 92.1 83.7 73.5 58.6 Local business deposits Nonlocal business deposits 100.0 100.0 99.8 99.2 97.3 97.2 93.4 98.1 88.7 83.1 77.3 81.8 64.3 61.7 Local business deposits under #10,000 Nonlocal business deposits under #10,000 100.0 106.9 106.6 100,0 96.8 90.9 76.8 100.0 107.7 111.1 110.6 103.6 99.4 84.7 100.0 96.7 93.3 90.6 85.2 71.4 58.8 100.0 97.7 94.9 96.0 79.7 78.8 57.8 Business deposits under #10,000 Business deposits #10,000 and over Local business deposits #10,000 and over Nonlocal business deposits #10,000 and over -^Deposits of different classes outstanding in each of the six months immediately pre ceding suspension calculated as percentages of deposits outstanding in each class in the sixth month. -12- business deposits. Chart 4 compares the timing of withdrawals of local and nonlocal business deposits. The two classes of accounts display strikingly similar movement, but local business deposits declined at an approximately consistent rate throughout the period and the shrinkage of nonlocal deposits was less regular. Chart 5 and 6 analyze the rate of reduction of large and small local and nonlocal business deposits independently. The movements of large local and nonlocal business deposits are similar and exhibit characteristics resembling those observed in the comparison of all local and nonlocal business deposits. Such differences as appear in the timing of the reductions of small local and nonlocal deposits indicate that small local deposits decline more promptly than small nonlocal deposits. The Movement of Business Demand Deposits Classified by Type of Business Table 5 and Chart 7 present summaries of the timing of withdrawals of business demand deposits classified by type of "business. The presuspension movements of the tabulated business classes appear to be divisible into two groups. The variations in the de- posits of businesses engaged in Mining and Manufacturing* in Automobile Distribution, and in Finance were substantially similar. The deposits of Building and Construction and of Transportation and Public Utility enterprises, however, show violent fluctuations differing markedly from those of the other business groups. Table 6 analyzes the movement of some of these groups in detail. -13- Table 5 MOVEMENT OH DEMAND DEPOSITS OF DIFFERENT TYPES OF BUSINESS IN THE SIX MONTHS PRIOR TO SUSPENSION^/ (Deposit balances outstanding in sixth month prior to suspension s JL/t3JJUajL.ll usUUUVtSB VJUvO WCHIU-JLUK XU 4th 3rd '2nd I1 1st month month month 11 month 100) 6th month 5th month Total selected business demand deposits 100.0 101.2 98.9 97.7 90.7 80.8 65.6 Mining and manufacturing 100.0 98.8 96.5 93.5 81.6 78.4 62.9 Building and construction 100.0 91.8 95.9 92.5 109.6 47.3 69.0 Transportation, public utilities, etc. 100.0 113.1 105.3 113.7 120.1 97.2 79.0 Auto distribution and related services 100.0 98.3 91.7 95.7 88.7 78.2 67.4 Financial 100.0 100.4 102.0 97.4 86.0 83.0 60.1 Date of suspension Deposits held by different types of business depositors outstanding in each of the six months immediately preceding suspension calculated as percentages of deposits held by each type in the sixth month. -14- Table 6 ANALYSIS OF THE MOVEMENT OF DEMAND DEPOSITS OF CERTAIN TYPES OF BUSINESS IN THE SIX MONTHS PRIOR TO SUSPENSION (Deposits outstanding in sixth month = 100) Type of Business Building and construction Local Nonlocal Less than #1,000 11,000-9,999 10,000-and over Transportation, public utilities, etc. Local Nonlocal Less than #1,000 #1,000-9,999 10,000-and over Financial Less than #10,000 #10,000 and over Local over #10,000 Nonlocal over #10,000 6th month Deposit balances outstanding in 3rd 1st 5th 1 4 t h 2nd month month 1 month month month Date of suspensioi 100.0 100.0 93.0 61.9 97.4 56.8 93.9 57.3 111.3 66.6 46.5 69.0 69.5 56.0 100.0 100.0 100.0 160.1 105.1 78.0 170.4 93.5 88.5 146.6 92.2 86.4 138.5 95.5 112.7 130.6 90.4 18.2 111.1 100.3 49.9 100.0 100.0 113.4 112.6 102.7 110.9 112.2 117.2 125.9 107.0 95.8 100.2 80.3 76.0 100.0 100.0 100.0 136.3 120.7 112.3 187.2 117.5 103.6 170.3 121.0 112.7 145.5 131.3 118.9 142.2 108.4 95.9 114.5 92.8 77.5 100.0 100.0 110.5 96.0 117.8 95.0 114.9 89.7 106.7 76.8 100.9 75.1 79.9 51.3 100.0 100.0 93.8 103.1 92.4 103.5 85.5 103.5 73.7 87.1 69.6 93.2 50.8 52.7 -15- Comparison of the rate of withdrawal of large and small deposits of financial enterprises reveals that pronounced reductions in large deposits occurred well in advance of any substantial shrinkage in small deposits. If large financial deposits are further divided into those held locally and nonlocally, it appears that nonlocal deposits remained stable until the third month before suspension and then began a sharp but interrupted decline. Local finan- cial deposits of $10,000 and over, however, were withdrawn continuously from the sixth month preceding suspension until date of suspension. The deposits of businesses engaged in Mining and Manufac- turing and Automobile Distribution show a similar discrepancy in the timing of the withdrawals of large and small deposits. Compar- isons of the fluctuations of different sized deposits of Building and Construction companies and of Transportation and Public Utility enterprises suggest that whatever the causes of the erratic movement of these deposits large deposits generally were withdrawn earlier than small ones. The Timing: of Personal Demand Deposit Withdrawals Table 7 and Chart 8 present summaries of the movement of personal demand deposits of different sizes. Deposits in accounts of less than #500 increased markedly in the sixth month before suspension, remained stable for the next four months and then fell off abruptly. Balances in accounts of #500-^2,499 began a moderate but continuous decline in the sixth month before closing which concluded -16- Table 7 MOVEMENT OF PERSONAL DEMAND DEPOSITS OF DIFFERENT SIZES IN THE SIX MONTHS PRIOR TO SUSPENSIONi/ (Deposit balances outstanding in sixth month 6th month Total selected- personal demand deposits Personal demand deposits #5,000 and over Personal demand deposits under $5,000 Less than $500 $ 500-2,499 2,500-4,999 5th month g 100) Deposit balances outstanding in 4th I 3rd 2nd 1st month month month month Date of suspension . 100.0 90.0 87.6 69.9 100.0 78.3 76.7 58.6 100.0 96.0 93.2 75.8 100.0 117.1 86.5 79.1 114.2 84.2 75.4 94.0 68.6 58.7 100.0 100.0 i/Selected personal demand deposits of different sizes outstanding in each of the six months immediately preceding suspension calculated as percentages of total persona}, deposits in each size class outstanding in the sixth month. -17- with sharp reductions in the last month of the period. Accounts of $2,500-$4,999 showed presuspension deposit changes closely resembling those of accounts of $5,000 and over, which maintained a rate of reduction in excess of those of either of the smaller deposit groups throughout the ^period. Table 8 presents figures for sample banks grouped by the size of the communities in which they are located similar to the data for all sample banks discussed above. In general, the timing of the withdrawals of deposits of different types and sizes resembles those observed in the earlier discussion. The movement in subur- ban business deposits, however, exhibits somewhat exceptional characteristics. Changes in the Number of Open Accounts In this article attention has been primarily directed to the timing of reductions of deposit balances. Table 9 analyzes changes in the number of the open accounts to which these balances were credited. It is clear that the presuspension decreases in the num- ber of open accounts were less sharp and less varied than the changes found in deposit balances. It is noteworthy also that the greatest declines took place in small personal accounts, a group in which the withdrawals of balances were comparatively tardy and least pronounced. Thus it appears that the most severe deposit drains are a result of a reduction of balances rather than the closing 'of accounts. -18- l'able 8 DETAILED ANALYSIS OF MOVEMENT OF SELECTED DEMAND DEPOSITS .IN THE SIX MONTHS PRIOR TO SUSPENSION BY LOCATION OF BANKS*/ (Deposit balances outstanding in sixth month before suspension = 100) 6th month 5th month Denosit 1balances outstanding in 4th 3rd 2nd 1st month month month month Date of suST)ensior 43 banks in cities of over 100,000 rotal selected demand deposits 100.0 100.1 98.4 96.4 89.0 80.9 64.6 Business deposits 100.0 100.7 98.9 97.2 88.6 78.1 63.2 Business deposits under $10,000 Business deposits $10,000 and over 100.0 111.3 112.5 107.2 101.9 97.7 82.4 100.0 98.1 95.5 94.8 85.3 73.2 58.5 Local business deposits Nonlocal business deposits 100.0 100.0 101.3 99.1 99.7 96.5 97.0 97.9 91.6 79.7 77.8 78.7 64.8 58.7 Local business deposits tinder $10,000 Nonlocal business deposits under $10,000 Local business deposits over $10,000 Nonlocal business deposits over $10,000 100.0 111.3 112.4 106.1 100*8 96.5 81.1 100.0 111.4 113.5 115.9 110.7 106.6 91.7 100.0 90.3 95.8 94.2 88.8 72.1 59.8 100.0 97.9 94.8 96.1 76.5 75.9 55.3 Personal deposits $5,000 and over Under $5,000 100.0 100.0 100.0 98.0 91.7 103.0 96.9 89.2 103.0 93.2 83.2 101.3 90.6 79.2 99.7 91.0 79.8 100.1 69.6 58.0 76.9 Less than $500 $ * 500-2,499 2,500-4,599 100.0 100.0 100.0 118.4 98.9 90.8 124.2 96.8 87« 7 126.5 92.2 86.6 124.7 91.5 83.6 123.7 93.7 81.8 10 J. 4 72.9 62.9 Deposits of different classes outstanding in 124 banks in each of the six months preceding suspension calculated as percentages of the deposits in each class outstanding in sixth month. -19- Table 8 (continued) 6th month 5th month Deposit balances outstanding in 4th 2nd 3rd 1st month month month month Date of suspension 52 banks in cities of less than 100,000 100.0 99.7 97.0 91.6 89.0 84.0 69.8 Business deposits 100.0 101.2 98.1 91.3 88.5 83.8 68.2 Business deposits under $10,000 Business deposits $10,000 and. over 100.0 111.2 112.6 104.2 101.5 93.0 78.1 100.0 94.5 88.4 82.6 79.8 77.6 61.6 Local business deposits Nonlocal business deposits 100.0 100.0 101.9 98.8 97.6 99.9 89.0 99.7 85.9 98.0 80.7 95.1 66.2 75.7 Local business deposits under $10,000 Nonlocal business deposits under $10,000 Local business deposits over $10,000 Nonlocal business deposits over $10,000 100.0 113.0 113.6 104.0 102.7 93.4 77.7 100.0 103.4 108.3 104.8 96.4 91.2 80.0 100.0 94.1 86.4 78.4 74.2 71.8 58.1 100.0 96.2 95.2 96.9 98.8 97.3 73.3 100.0 100.0 100.0 95.9 86.8 98.0 94.2 87.4 95.8 92.5 82.7 94.8 90.1 77.1 93.2 84.6 67.2 88.6 73.7 66.8 75.3 100.0 100.0 100.0 111.0 89.1 86.7 112.7 84.4 80.0 115.6 81.8 74.0 113.2 81.3 71.3 108.3 75.7 70.3 91.1 67.9 53.2 Total selected demand deposits Personal deposits $5,000 and over Under $5,000 Less than $500 $ 500-2,499 2,500-4,999 -20- Table 8 (continued) .6th month 5th month Deposit balances outstanding in 4th 3rd 2nd 1st month mouth month month Date of suspension 29 banks in suburban areas Total selected demand deposits 100.0 90.0 83.5 81.7 78.4 71.7 59.8 Business deposits 100.0 83.1 77.5 74.8 71.5 66.5 55.4 Business deposits under #10,000 Business deposits #10,000 and over 100.0 83.7 77.6 74.9 75.2 70.2 60.9 100.0 82.1 77.5 74.7 65.9 61.0 47.2 Local business deposits Nonlocal business deposits 100.0 100.0 81.2 104.1 75.3 102.7 73.3 92.3 69.8 91.0 64.6 87.6 54.8 61.9 Local business deposits under #10,000 Nonlocal business deposits under #10,000 Local business deposits over #10,000 Nonlocal business deposits over #10,000 100.0 82.5 75.8 73.1 74.1 68.7 60.9 100.0 107.6 111.8 107.8 95.9 97.7 60.1 100.0 79.1 74.5 73.4 62.6 57.9 44.9 100.0 102.1 97.4 83.2 88.1 81.7 63.0 Personal deposits #5,000 and over Under #5,000 100.0 100.0 100.0 99.2 90.8 100.6 91.5 87.4 92.2 90.8 77.3 93.1 87.4 69.8 90.3 78.6 57.2 82.1 65.6 49.6 68.3 Less than #500 # 500-2,499 2,500-4,999 100.0 100.0 100.0 113.9 91.1 92.6 107.1 81.9 81.9 111.0 82.2 76.7 108.2 79.5 74.1 104.9 68.7 60.2 86.1 57.8 51.4 -21- Table 9 CHANGES IN THE NUMBER OP DIFFERENT CLASSES OF OPEN ACCOUNTS IN THE SIX MONTHS IMMEDIATELY PRECEDING SUSPENSION!/ Accounts open in 3rd 2nd month month 6th month 5th month 4th month 100.0 98.9 97.7 96.9 94.9 93.0 90.1 Business accounts 100.0 98.8 97.8 96.9 93.2 91.6 92.2 Personal accounts 100.0 98.9 97.7 96.8 95.5 93.6 89.3 100.0 98.7 97.3 96.4 94.9 92.8 88.0 Total selected!!/accounts 1st month Date of suspension Personal accounts Less than $500 2/,Number of accounts of different classes open in 124 banks in each of the six months before suspension calculated as percentages of the number of accounts in each clase open the sixth month before suspension. ifFor explanation see p. MOVEMENT OF DEPOSITS IN SIX MONTHS PRIOR TO SUSPENSION INDEX NUMBERS: SIXTH MONTH PRIOR TO SUSPENSION * 100 r .R CENT 1 1 1 I _ T I M E DEPOS ITS i 1 TOTAL DEP0SITS3>V S l DEMAND DE POSITS* CHART i1 TOTAL DEPOSITS IIO IwvNLOCAL "N \ k 1 1 1 1 QlHI 19 61 1e.99 K I1N11 \ \ \ \ CHART i1 BUSINESS DEMAND DEPOSITS i OVER $10,000 CHART lS 1 1 DEMAND DEPOSITS 1 1 1 1 l I JNONLO(SAL LOCAL 1 1 1 1 1 \ LOCAlS l \ 1 I 1 PERSiONAL 1 1 1 1 1 1 1 1 1 1 1 X \ i CHART 61 BUSINESS DEMAND DEPOSITS .UNDER *10,000 , 1 1 1 1 1 120 I 1 1 1 1 1 1 1 1 I NCINLOCAL \ LOCAL \ CHART t< BUSINESS DEMAND DEPOSITS 1 1 1 1 6 •N NUMBER OF MONTHS PRECEDING SUSPENSION Data derlYed from 1 DATE OP SUSPENSION NUMBER o r MONTHS PRECEDING SUSPENSION I 1 DATE OF SUSPENSION 184 banks. Figures for W#dn«pdny b*t*«een the fifth end twelfth of each month.
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