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L.4.3 Not for publication April 17, 1969. BANKING AND MONETARY DEVELOPMENTS IN MARCH 1969 Summary. Commercial bank credit declined in March following substantially reduced growth earlier in the year. Continued liquidation of bank holdings of U.S. Government securities and a decline in total loans more than offset small net acquisitions of municipal and Federal agency issues. Repayments of security and nonbank financial loans were large and growth in business loans moderated. The money supply continued to increase at a reduced pace while U.S. Government deposits declined following a buildup over the two previous months. Time and savings deposits were reduced only nominally in March following large outflows earlier in the year. Although attrition of large negotiable CD's continued heavy, it was nearly offset by accelerated inflows of consumer-type time and savings deposits--which had resumed expansion in late January after contraseasonal outflows earlier in that month. Net borrowed reserves increased further. Total and required reserves declined. FEDERAL RESERVE BANK Changes in Commercial Bank Credit 1/ Money Supply and Time Deposits (Seasonally Adjusted) 1966 1967 of KAfcV.S CITY A: Rese Annual rate (per cent) 1968 First Second Year Half Half ? 'i. Fourth OTR r nrv 1969 First OTR Year Year 5.8 11.6 11.0 6.5 14.9 10.4 U.S. Gov't, sec. -6.1 11.4 3.4 2.3 4.3 -14.4 Other securities 6.5 26.1 14.8 8.1 20.7 20.9 5.7 8.5 Total loans 9.2 8.3 11.9 7.2 16.1 13.9 7.9 -2.8 13.3 9.8 9.7 7.6 11.4 12.2 14.4 4.9 Money supply 2.2 6.4 6. 5 6.7 6.1 7.6 2.3 2.5 Time and savings deposits at all commercial banks 8.6 16.1 5.1 17.1 15.7 -6.7 -0.6 Total loans and investments Business loans 11.3 1.5 March -2.5 -29.8 -14.5 JL/ Where necessary, change in loans and other securities described above are adjusted for the definitional shift of about $1 billion of participation certificates from loans to other securities on June 30, 1966. Change in total credit, total loans, and total time and savings deposits described above are also adjusted for the reduction of $1.1 billion of balances accumulated for the payment of personal loans excluded on June 9, 1966, as a result of change in Federal Reserve regulation affecting reserve requirement. Bank credit. Total loans and investments at all commercial banks declined $800 million in March following sharply reduced growth earlier in the year. For the first quarter as a whole, expansion was at an annual rate of only 1-1/2 per cent compared with 10-1/2 per cent in the fourth quarter of 1968. At large banks, credit rose less than usual in March and declined much more than usual over the January-March period. At small banks, on the other hand, increases in earning assets were more than usual in March and were about in line with first-quarter changes for other recent years. Total loans declined $600 million in March following substantial expansion earlier in the year. Sharp reductions in security and nonbank financial loans—both of which had increased in February--were offset only in part by continued sizable expansion in real estate loans, only moderate expansion in consumer loans--as has been the case since year-end--and a much reduced increase in business loans. Loan expansion in March, as well as for the entire first quarter, was much less than usual at large banks but somewhat more than usual at small banks. Business loans rose $400 million in March compared with the unusually sharp average monthly expansion of $1.5 billion over the January— February period. While growth continued rapid over the first half of March, it was much less than usual over the tax period. In part, this may have reflected earlier-than-usual tax borrowing, perhaps in anticipation of the prime rate increase which occurred on March 17. Also, during the tax week there were substantial loan repayments by a large utility out of the proceeds of a capital market financing. In addition, there were some transfers of domestic loans to foreign branches by one New York bank. Banks also sold bankers acceptances in contrast with fairly heavy acquisitions in the corresponding weeks of the two previous years. Over the month, borrowing by wholesale trade concerns, commodity dealers, machinery manufacturers, construction firms and the service industries were relatively strong. Borrowing by most other industries tended to be smaller than usual. Holdings of U.S. Government securities were reduced $700 million further in March bringing the annual rate of decline for the first quarter to almost 30 per cent. At both large and small banks, liquidation of Governments was much larger than usual over the January-March period. In March, banks acquired virtually all of the $1 billion Treasury strip bill delivered on the 3rd, but subsequently resumed sales of bills. Holdings of coupon issues—both long- and short-term--were also reduced further. Holdings of municipal and Federal agency issues increased moderately in March bringing the annual rate of growth for the first quarter to about 6 per cent compared with over 20 per cent in the fourth quarter of 1968. The slowdown occurred at large banks who reduced their holdings contraseasonally over the January-March period; declines in holdings of both short- and longterm municipals were sharp and reductions also occurred in holdings of participations and Federal agency issues. Smaller banks, however, continued to acquire such securities at a pace well above that in the comparable periods of other recent years, possibly reflecting some shifts out of Governments. - 3- Money supply and time deposits. The money supply increased $400 million in March—about the same as the average January-February expansion— but only one-third as much as the average monthly rise in late 1968. This slowdown in growth of the money stock during the first quarter was associated with a sharply reduced rate of growth in privately-held demand deposits, which probably reflected increased pressures on bank reserve positions as well as high and rising market rates of interest. Currency in the hands of the public continued to expand in early 1969 at about the 6-1/2 per cent annual rate of fourth quarter 1968. U.S. Government deposits declined sharply in March following a substantial buildup earlier in the year. Time and savings deposits at all commercial banks declined only nominally in March following average reductions of about $1.7 billion in January and February. Attrition of large negotiable CD's continued heavy as outstanding CD's at weekly reporting banks declined $1.2 billion in March. The March run-off was slightly more than in February but was less than the $1.5 to $1.8 billion reductions in December and January when the volume of maturing issues was extraordinarily large. Banks in New York City—which held only about 30 per cent of the outstanding CD's in early December--accounted for about 55 per cent of the four months' $5.5 billion run-off. On the other hand, inflows of consumer-type time and savings deposits at large commercial banks accelerated somewhat in March and were about the same as in the corresponding weeks of 1968. Savings deposits increased relatively substantially in March following contraseasonal declines earlier in the year. Consumer-type time deposits continued to expand at a respectable pace, with growth in March exceeding that in the corresponding weeks of 1968. Bank reserves. Net borrowed reserves of m e m b e r banks averaged about $650 m i l l i o n over the four weeks ending M a r c h 26 compared with $580 m i l l i o n in February. Borrowings w e r e unchanged but excess reserves declined. T o t a l and required reserves w e r e a l s o reduced. Banking S e c t i o n , D i v i s i o n of R e s e a r c h and S t a t i s t i c s , Board of Governors of the F e d e r a l R e s e r v e System. L.4.3-EXHIBIT A, PARTI LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted Billions of dollars 400 TOTAL LOANS AND INVESTMENTS 300 LOANS 200 80 OTHER SECURITIES U.S. GOVT. SECURITIES 40 1966 1967 1968 1969 Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total 1/ Loans ( I n 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 1967--Sept. Oct. Nov. Dec. 27 25 29 30 339.1 342 .0 344.3 346.5 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 31 28 27 24 29 30 31 28 25 30 p 27 p 31 p 1969—Jan. Feb. Mar. 29 p 26 p 26 p 1/ 2/ 3/ 2/ 2/ 227.9 246 .2 267.2 294.4 310.5 1/ b i l l i o n s of d o l l a r s Other securities ) 64.6 61.7 60.7 57.1 53.6 29.2 35.0 38.7 44.8 48.7 219.9 221.4 222.7 225.4 61.4 61.9 61.2 59.7 57.7 58.6 60.4 61.4 349.9 353.9 352.5 355.2 357.3 357.8 365.9 370.4 374.8 379.6 381.6 384.5 227.5 229.2 229.0 231.4 232.6 233.5 238.4 241.1 243.8 246.9 250.4 252.3 60.0 62.0 59.9 60.3 61.0 60.4 63.1 63.9 64.0 64.2 61.0 61.7 62 .4 62 .7 63.6 63.4 63.6 63.9 64.4 65.5 67 .0 68.5 70.2 70.5 385.3 386.7 385.9 253.8 257.9 257 .3 60.4 57.8 57.1 71.0 71.0 71.5 3/ 134.0 149.6 167.7 192.6 208.2 U.S. Gov 1 1. securities 3/ Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. L.4.3 EXHIBIT B, Part 1 LOANS AT ALL COMMERCIAL BANKS Billions of dollars Last Wednesday of m o n t h , seasonally adjusted r i i f i no 100 BUSINESS 90 80 70 60 REAL ESTATE 50 40 CONSUMER 30 r SECURITY L 1 _L _LJ. 1 1 1 M 1966 J 1967 S D M J 1968 S D M J 1969 S Consumer loans revisuU on chart beginning in September 1968. Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Date Business ( I n 1962--Dec. 1963—Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 1967--June July Aug. Sept. Oct. Nov. Dec. .b i l l i o n s Consumer o i: 1 j^ Security d o l l a r• s ) 47.6 52.0 58.4 69.4 78.6 34.2 39.1 43.6 49.2 53.8 23.7 27.2 31.1 35.6 38.2 6 6 7 7 7 30 26 30 27 25 29 31 82 .8 83.4 83.9 84.3 84.6 84.9 86.3 55.3 55.7 56.2 56.7 57.2 57 .8 58.4 38.6 38.8 39.1 39.3 39.6 39.8 40.0 7 .4 8.6 9.3 9.6 9 .8 9.6 9.2 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 31 28 27 24 29 30 31 28 25 30 p 27 p 31 p 86.6 87.1 87.8 88.8 89.2 89.6 90.7 91.4 91.9 92 .7 94.3 94.7 58.9 59.5 60.1 60.6 61.1 61.4 61.8 62.2 62.7 63.5 64.2 64.9 40.4 40.8 41.0 41.4 41.6 41.8 42.2 42.7 43.3 44.0 44.3 44.9 10.1 10.2 8.7 8.5 8.5 8.2 11.0 11.6 12.0 11.8 11.3 10.9 1969—Jan. Feb. Mar. 29 p 26 p 26 p 96.5 97.7 98.1 65.5 66.2 66.8 45.3 r 45.5 45.7 9.8 10.6 9.2 1/ 1/ 1/ Real Estate Estimated as of December 31. http://fraser.stlouisfed.org/ ) # * ^ £ Federal Reserve Bank of St. Louis • • • • p - Preliminary Tt^s^data a r ^ n ^ for put^i^tion. .1 .9 .4 .4 .9 r - Revised \ Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1 9 6 8 Item Feb. Mar . Apr . May June July 1 9 6 9 Aug . Sept.p Oct . P Nov. P Dec . P Jan. Feb. P Loans and Investments 2/ + 4.0 - 1 4 + 2.7 + 2 1 + 0 5 + 8.1 + 4.5 + 4.4 + 4.8 + 2 .0 + 2.9 + 0.8 + 1.4 U. S. Gov't, securities + 2.0 - 2 1 + 0.4 + 0 7 - 0 6 + 2.7 + 0.8 + 0.1 + 0.2 - 3 .2 + 0.7 - 1.3 - 2.6 Other securities + 0.3 + 0 9 - 0.2 4- 0 2 + 0 3 + 0.6 + 1.1 + 1.5 + 1.5 + 1 .7 + 0.3 + 0.5 1/ Loans 2/ + 1.7 - 0 2 + 2.4 + 1. 2 + 0 9 + 4.9 + 2.7 + 2.7 + 3.1 + 3 .5 + 1.9 + 1.5 Business + 0.5 + 0..7 + 1.0 + 0.,4 + 0.,4 + 1.1 + 0.7 + 0.5 + 0.8 + 1 .6 + 0.4 + 1.8 Real estate + 0.6 + 0.,6 + 0.5 + 0. 5 + 0.,3 + 0.4 + 0.4 + 0.5 + 0.8 + 0 .7 + 0.7 Consumer + 0.4 + 0.,2 + 0.3 + 0. 2 + 0. 2 + 0.4 + 0.5 + 0.6 + 0.7 + 0 .3 Security + 0.1 - 1.,5 - 0.2 - 0.,3 + 2.8 + 0.6 + 0.4 - 0.2 Nonbank financial - 0.4 - 0.,2 - 0.3 1/ - 0.1 + 0.1 + 0.2 Agriculture + 0.1 1/ + 0.1 + 0.1 1/ All other + 0.4 - o".2 + 0.4 - 0. 1 + 0.2 Total loans excluding security 3/ + 1.6 + 1. 3 + 2.6 + 1.2 + 2.1 Total loans excluding security and nonbank financial 3/ 1/ + 0. 2 1/ + 0. 3 1/ + 1.2 Mar . p p I - 0.8 + 0.5 + 4.1 - 0.6 + 0.6 i + 1.2 | 1 ! + 0.7 + 0.6 + 0.6 + 0.4 c + 0.2 + 0.2 - 0,.5 - 0.4 - 1.1 + 0.8 - 1.4 + 0.5 + 0,.4 + 0.5 - 0.2 + 0.2 | - 0.6 + 0.1 - 0.1 - 0 .2 + 0.1 - o.i + 0.3 - 0.1 + 0.4 + 0.4 + 0.6 + 1,.2 + o.i j r + 0.7 i + 0.3 + 2.1 + 2.3 + 3.3 + 4..0 j + 3.3 | + 0.8 1/ + 2.3 + 2.6 + 0.4 i + 2.0 + 1.5 + 2.3 + 1. 0 + 1. 2 + 2.2 + 2.0 + 2.1 + 2.8 + 3..6 + 1.8 + 2.8 + 3.1 1/ 27 Less than $50 million. Adjusted to exclude interbank loans. 3/ At large banks on a last-Wednesday basis, bankers' acceptances declined $6 million in March 1969, compared with increases of $106 million in March 1968 and $187 million in March 1967. + 1.4 Individual Loan Categories Are Not Available For Publication 4 Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Last W e d n e s d a y of F e b r u a r y to last W e d n e s d a y of M a r c h Item ^\11 commercial banks 0 Total loans U. S. Gov't, securities Other securities Total 1969 1968 1967 1966 1965 1964 1963 + + + + + + 1.7 2.0 0.9 0.6 + + + + 3.1 1.2 1.3 5.6 + + + 3.9 1.9 0.3 2.4 + + + 4.0 1.5 0.6 3.2 + 2.2 1/ + 0.5 + 2.7 + + + + 0.4 + 1.0 - 1.7 + 0.6 V + + + + 1.9 1.1 1.0 4.1 + 2.7 - 1.1 1/ + 1.6 + + + 3.1 0.9 0.3 2.6 + + + + 1.4 0.2 0.4 2.0 + 0.7 1/ + 0.5 + 1.2 + + + + + + + + + + 1.2 0.1 0.3 1.5 + + + + + + 0.9 0.6 0.3 0.6 + + + 0.8 0.2 0.1 0.7 + + + 2.2 0.9 0.5 1.8 1.2 0.5 .0.8 1.5 ^ L a r g e banks 3/ # Total loans U. S. Gov't, securities Other securities Total ^father banks Total loans U. S. Gov't, securities Other securities Total + 0.7 - 0.3 u 1.5 0.6 0.5 1.4 0.7 0.3 0.3 0.6 1.2 0.8 0.3 0.8 0.5 0.5 0.3 0.3 End of December to end of M a r c h Item 1969 y 1968 1967 1966 1965 1964 2/ 1963 : - 2.6 -6.4 + 0.4 - 8.6 + - 3.3 1.3 1.6 3.0 + + + 2.7 1.6 3.2 2,2 1/ - 4.1 + 0.5 - 3.5 + 2 .4 - 4.0 + 1.5 3/ 1/ + - 1.1 1.9 0.5 2.5 + - 1.5 1.6 1.4 1.7 " Total loans * U. S. Gov't, securities t Other securities Total - 3.5 -4.5 - 0.9 - 9.0 + - 3.1 1.7 1.2 3.6 + + + 2.9 1.6 2.9 1.5 - 0.1 - 3.4 1/ - 3.6 + + - 1.7 3.3 1.0 0.5 + - 1.6 1.2 0.4 2.5 + - 1.9 0.9 1.0 1.9 Other banks Total loans ® U. S. Gov't, securities # Other securities Total + + + + + + 0.2 0.4 0.4 0.6 + 0.2 1/ + 0.3 + 0.7 + + + 0.7 0.7 0.5 0.5 + 0.5 - 0.7 + 0.1 1/ + + + 0.4 0.7 0.4 0.2 All commercial banks Total loans * U. S. Gov't, securities # Other securities Total Large banks 3/ 0.9 1.9 1.3 0.4 + + + 0.1 0.7 0.5 0.1 ; NOTE--Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. 2_f 3/ Based on data for December Based on preliminary data for all commercial banks on December 31, 1968 and estimated December 31 1963 and 1962; based on estimated data for large banks on 31, 1962. revised coverage beginning July 1966, January 1967, 1968, and 1969. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Laite February to late March 1./ Business of borrower Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated metals Textiles, apparel, etc. Petroleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation 3/ Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change 19b9p 41 62 + 157 432 + 125 + 549 + 38 + 367 410 + 134 + 114 + 15 + 128 440 + 95 58 58 + 73 84 47 478 4- 232 6 4141 + 97 48 + 1 ,197 + 149 + 1 ,346 - - 1968 + 90 109 + 190 4152 + 38 + 388 + 123 + 144 + 45 76 + + 168 • 11 + 96 + 96 + 55 + 92 + 44 + 86 + 80 122 + 52 + 263 + 106 + 99 + 58 18 +1 ,392 + 64 4-1,456 - 1967 75 26 + 157 + 84 + 73 + 840 436 + 473 4189 + 142 + 127 1 4190 + 77 464 52 12 487 + 35 134 25 + 278 + 187 + 17 + 74 + 32 +1 ,574 + 148 4-1,722 - - Late December to late March 2/ 1966 1965 22 64 + 287 4- 204 + 83 + 364 + 90 + 148 4123 + 3 4- 187 + 31 4- 172 499 + 64 + 35 + 20 n.a. n.a. n.a. + 9 + 5 92 n.a . 497 n.a. 4-1,23% 4179 +1 ,411 31 147 + 286 4159 + 127 + 417 + 71 + 243 + 11 + 92 4142 443 + 104 + 81 + 62 + 35 + 26 n.a. n.a. n.a. 411 62 4 63 n.a. + 125 n.a. + 1,091 + 170 +1 ,261 + - - 1969p 592 11 + 4 182 4186 + 854 + 86 4- 453 4169 4146 + 235 4- 315 11 437 45 4- 243 163 + 135 101 197 4- 204 4- 751 154 + 541 + 364 40 4-r ,831 + 100 +i ,931 - 1968 1967 1966 1965 294 275 20 29 + 9 4- 570 + 262 + 240 48 460 + 325 113 4116 + 20 + 14 4- 497 336 + 155 72 419 442 4153 120 + 173 + 100 48 •f 652 443 4- 695 472 145 167 184 417 +1 ,067 4100 + 598 + 226 4143 4- 211 463 4- 308 457 + 53 + 194. 368 + 88 + 66 321 107 4- 379 + 236 142 + 152 493 +i ,236 21 +i ,215 39 100 5 11 + 6 + 683 4153 4- 213 4125 496 + 325 4149 4- 330 4156 493 4118 123 n.a. n.a. n.a. 436 4- 242 1 n.a. 4- 243 n.a. 4-1,769 4- 242 4-2,011 179 20 4- 540 4- 414 + 126 4- 782 492 4- 457 464 4169 4- 248 4166 4190 4143 497 + 218 15 n.a. . n.a . n.a. 42 4121 307 n.a. 4- 428 n.a . 4-2,293 4- 208 4-2,501 - - - 1_/ Four most comparable weeks used throughout. 2/ 3/ Changes are compiled from December 25, 1968; December 27, 1967; December 28, 1966; December 29, 1965; and December 30, 1964. These data cannot be linked with all commercial bank data which are always for December 31. Prior to 1967, transportation, communiciation, services, and foreign loans were not reported separately. - Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1957- -Dec . 31 1958- -Dec . 31 1959- -June 24 June 24 Dec . 31 1960- -Dec . 31 1961- -Dec . 30 1962 -Dec . 31 1963- -Dec . 31 1964- -Dec . 31 1965- -Dec . 31 1966- -Dec . 31 (old) (new) If (est.) (est.) .S. Gov 1 1. Other securities Total loans 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 317.9 2/ 58.2 66 .4 60.9 60.9 58.9 61.0 66.6 66 .4 63.4 63.0 59.5 56.2 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 35.1 38.8 44.9 48.8 3/ 93.2 97.5 102 .8 102.8 110.0 116 .7 123.9 137.9 153.9 172.1 197.4 213.0 2/3/ 1 9 6 7 - Sept. Oct. Nov . Dec . 27 25 29 30 338.8 341.6 344.1 354.5 60.1 62.4 62.9 62.5 58.3 59.0 59.8 61.5 220.4 220.2 221.5 230.5 1968- -Jan. Feb . Mar . Apr . May June July Aug. Sept Oct. Nov. Dec. 31 28 27 24 29 29 31 25 30 p 27 P 31 p 1969--Jan. Feb. Mar . 29 p 26 p 26 p 350.5 350.9 351.5 354.7 355.4 361.4 366.0 367 .9 374.6 379.5 381.1 393.3 384.4 382.9 384.7 62.2 63.2 61.2 59.8 60.3 58.6 60.5 61.5 62.5 64.8 62.8 64. 6 62.8 59.1 58.2 61.7 62.2 63.1 63.8 63.5 64.4 64.6 66.0 67.6 68.8 69.5 70.6 70.2 70.5 71.0 226.5 225.5 227.2 231.0 231.6 238.4 240.9 240.4 244.5 245.9 248.8 258il 251.5 253.3 255.5 28 ' p - Preliminary 1/ Security Farm Consumer 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 71.4 80.6 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 54.0 4.2 4.7 4.1 4.1 4.9 5.1 6 .2 7 .3 7.9 8.4 8.5 9.0 4.1 5.0 5.0 5 .0 5.0 5.7 6.2 7.1 7 .4 7 .5 8.2 8.6 15.8 15.9 17.5 17 .5 18.8 20.6 21.4 23.7 27.2 31.0 35.7 38.3 5 .9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 13.3 7.2 8.2 8.8 7 .6 8.1 8.7 9.8 10.7 11.3 13.9 15.0 13.6 2/_ 84.0 83.8 84.6 .88.5 57 .0 57.5 58.1 58.5 9.3 9.2 8.7 10.5 9.3 9.3 9.2 9.3 39.6 39.7 39.9 40.0 12.0 11.5 11.3 12.5 13.7 13.6 14.2 15.9 58.8 59.2 59.6 60.2 60.8 61.4 61.9 62.4 63.1 63.9 64.6 65.0 65.4 65.9 66.3 10.8 9.7 8.7 8.7 8.5 9.2 11.4 11.3 11.8 11.0 10.3 12.4 9.9 9.7 9.2 9.3 9.5 9.6 9.7 9.8 10.0 10.1 10.0 9.9 9.9 9.8 9.7 9.7 10.0 10.1 40.1 40.2 40.5 41.1 41.6 42.1 42.6 43.2 43.6 44.1 44.4 44.9 44.9 r 44 ,9 45.1 11.3 10.7 10.8 11.1 10.8 12.2 12.0 11.2 11.9 11.9 12.1 14.2 12.4 12.5 15.3 15.2 15.1 15.8 16.2 16.8 16.5 17.0 17.4 17.8 18.6 19.7 18.8 r 18.9 19.1 85.7 85.9 87.8 89.2 88.7 91.5 . 91.2 90.0 91.6 92 .0 93.9 97.2 95.3 96.3 98.2 - Revised Structure changes in 1959, on balance through August, added almost $1 billion total credit; $600 million in loans: $300 million in cinn G o ^ r n m e n t securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer $100 million; and other loans $100 million. 2/ Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and 311 other loans * 3/ Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." Individual loans category data are available for publication only on a June and December call data basis . »• Nonbank financial ins titutions Real estate Business 12.4 All other Exhibit G Ratios to Total Deposits 1/ L O A N Date All commercial banks U.S. Government securities maturing within one year S B a n k s M e m b e r Reserve City Banks Total . New York City of Other Chicago City Country All commercial banks 1951--Dec. 1952--Dec . 1953--Dec. 1954--Dec. 1955--Dec. 1956--Dec. 1957--Dec. 1958--Dec. 1959--Dec. 1960--Dec. 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 31 31 31 31 31 31 28 25 31 31 31 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 65.4 67.9 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 67 .4 69.3 75.9 83.5 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 70.2 32.1 33.9 36.1 37 .1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 1967--Sept. Oct. Nov. Dec. 27 25 29 30 64.6 64.0 64.1 63.8 66.3 65.5 65.7 65.8 79.8 77.8 78.7 79.9 72.2 70.7 71.0 70.8 68.3 67.7 68.3 68.1 58.8 58.6 58.4 58.2 5.8 6.4 6.5 6.6 64.0 63.9 64.6 65.4 65.7 66.1 66.2 66.2 66.2 65.6 ' 66.3 65.2 65.6 65.5 66.4 67.4 67.6 68.1 68.1 68.1 68.1 67.4 68.3 67.1 70.0 70.3 75.1 75 .6 75.6 78,6 76.1 75.5 76.6 74.4 76.4 75.2 67.4 67.5 68.6 69.8 70.0 70.5 69.6 69.3 69.6 69.3 70.6 69.3 58.2 58.2 58.3 58.9 59.1 59.3 59.5 59.6 59.5 59.0 1969--Jan. 29p• Feb. 26\) 66.4 67.5 68.4 69.7 80.2 79.7 81.8 84.4 84.9 85.1 87.5 89.2 87.5 85.7 87.9 84.2 86.1 91.0 77.1 80.1 71.4 72.1 59.2 58.5 59.2 59.8 6.5 6.1 5.6 5.0 5.2 5.1 5.4 5.3 5.5 6.6 5.7 6.1 6.0 5.5 Mar. 26j: 68.3 70.6 94.2 83.5 72.9 60.3 1968--Jan. 31 Feb. 28 Mar. 27 Apr . 24 May 29 June 29 July 31 Aug. 28 Sept. 25 Oct. 30p Nov. 27p Dec. 31p NOTEi 2/ n .a . Comparability of figures affected by changes in Federal Reserve membership, mergers, and by changes in the reserve classification of cities or individual banks. p - Preliminary. r - Revised 1/ 2/ Total loans (adjusted to exclude loans to banks); U.S. government securities maturing within one year estimated on basis of Treasury survey of ownership; and total deposits (adjusted to exclude cash items in process of collection.) Beginning in June, 1966 loans at all commercial banks exclude about $1 billion of participation certificates now reported in other securities. If the $1 billion were included in loans in June the ratio for all commercial banks would be 66.3 compared with 66.0 on the current basis. L.4.3-EXHIBIT H, P A R T I DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally adjusted. Deposits, average of daily figures. Turnover, monthly. Annual rate Billions of dollars II I II II I I I I I I I I I I I I 225 205 TIME AND SAVINGS DEPOSITS ALL COMMERCIAL BANKS 185 MONEY SUPPLY TURNOVER OUTSIDE N.Y.C 232SMSA'S U.S. GOVT. DEPOSITS MEMBER BANKS I I 1966 1967 1 1 1 l I I 1968 1 1 1 1 1 1 1 1 1 I I 1969 1 1 1 Exhibit H - Part II S e a s o n a l l y P e r i o d M o n e y Total Currency U.S . Gov 1 1. deposits (all member) Turnover outside N.Y. City i (per cent] 1964--December 1965--December 1966--December 1967--December 159.3 166.8 170.4 181.3 125.1 130.5 132.1 140.9 34.2 36.3 38.3 40.4 126.6 146.9 158.1 183.5 5.1 4.2 3.5 4.6 33.3 37.4 40.0 41.1 1968--January February March April May June July August September October November December 182 .3 182.7 183.4 184.4 186.1 187.3 189.4 190.2 189.5 190.2 191.9 193.1 141.7 141.9 142.2 143.0 144.5 145.3 147.2 147.6 146.7 147.4 148.7 149.6 40.6 40.7 41.1 41.4 41.6 42.0 42 .2 42.6 42.7 42 .8 43.2 43.4 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 196.6 199.6 201.9 204.3 5.4 7.1 6.7 5.2 3.7 3.9 2 .7 4.8 4.3 5.0 4.7 4.2 41.6 42 .1 41.6 42.3 43.0 43.4 43.7 43.7 43.8 46.5 44.9 44.5 1969--January February March p 193.7 193.8 194.2 150.1 149.9 150.1 43.6 43.9 44.1 202.5 201.0 200.9 5.3 6 .7 4.8 r 46.1 47.4 n .a . 193.8 193.6 194.0 194.6 149.9 149.5 149.9 150.4 43.8 44.1 44.2 44.3 200.7 200.9 . 200.7 200.9 Week ending: March 5 12 19 26 p NOTE: Dollar amounts in billions. p - Preliminary * - Beginning January 1964, data for 232 metropolitan centers outside New York City 1/ D a t a Time and 1/ savings deposits (all commercial) S u p p 1 y Demand deposits A d j u s t e d Beginning on June 9, 1966, payment of personal leans. 5.6 6.5 5.1 3.6 r - Revised time deposit data exclude $1.1 billion of balances accumulated for the n.a. n.a. n.a. n.a. L.4.3-EXHIBIT I, Parti TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday figures Billions of dollars TOTAL T I M E AND SAVINGS DEPOSITS CONSUMER-TYPE TIME AND SAVINGS SAVINGS DEPOSITS CONSUMER TYPE TIME DEPOSITS NEGOTIABLE C D ' ; STATE AND POLITICAL,FOREIGN OFFICIAL ETC L M J J 1967 1 IIII IIIIIIII S 1968 EXHIBIT I - Part II Period Total Consumertype time & savings Time and Savings Deposits Large ConsumerState Political Savings Negotiable For. official type etc. time CD's 1, 41,472 50,011 59,227 66,881 73,672 80,467 85,298 89,495 89,639 102,809 102,991 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 65,733 65,847 73,b86 73,820 30,082 34,712 38,083 40,698 43,137 48,314 50,694 47,099 47,213 48,647 48,781 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 18,634 18,634 25,039 25,039 2,782 2/ 5,442 3/ 9,579 12,585 15,203 15,587 16,251 15,659 15,642 20,330 20,330 n.a. n.a. n.a . n .a. n.a . n.a. n.a. 8,103 8,150 8,793 8,841 1968—Feb. 28 104,961 75,071 48,620 26,451 21,094 8,796 1968—Oct. Nov. Dec. Dec. 30 27 31 (old) 31 (new) 4/ 110,771 111,895 112,067 112,103 78,456 78,656 79,601 79,637 48,522 48,668 49,128 49,161 29,934 29,988 30.473 30.476 23,303 24,302 22,822 22,820 9,012 8,937 9,644 9,646 1969—Jan. 29 10,030 79,473 48,342 31,131 21,031 9,526 1969—Feb. 26 109,211 79,944 48,335 31.609 19,968 9,299 Mar. 5 12 19 26 108,979 108,885 108,343 108,408 80,131 80,305 80,488 80,539 48,445 48,514 48,634 48,667 31.686 31,791 31,854 31,872 19,592 19,395 18,809 18,795 9,256 9,185 9,046 9.074 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec. 1965—July July Dec. 1966—Dec. Dec. 1967--Dec. Dec. 1/ 2/ 3/ 4/ 27 26 31 30 7 7 29 28 28 27 27 (old) (new) 4/ (old) (new) 4/ (old) (new) 4/ Negotiable certificates of deposit issued in denominations of $100,000 or more. Estimated. As of December 5, 1962. Revised series. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) D A T E All member Reserve City Banks New York City of City Chicago Other Excess Reserves Country Borrowings All member All member Total reserves held seasonally adjusted All member Monthly Averages: 1958--December 1959--December 1960--December 1961--December 1962--December 1963--December 1964--December 1965--December 1966--December 1967--December - 41 -424 669 419 268 209 168 - 2 -165 107 - 80 -109 10 - 50 - 62 19 - 14 - 70 - 95 - 22 - 32 -104 4 - 22 - 11 21 - 31 8 - 50 - 5 -197 -449 80 20 - 52 -122 -103 -161 -159 - 55 268 237 583 471 394 334 315 238 140 187 516 482 756 568 572 536 411 452 392 345 557 906 87 149 304 327 243 454 557 238 18,160 18,200 15,530 19,290 19,950 20,640 21,500 22,640 22,900 25,150 1968--Jan. Feb. Mar . Apr. May June July Aug. Sept. Oct. Nov. Dec . 144 38 -315 -413 -326 -341 -226 -190 -132 -167 -245 -297 - 9 57 13 59 34 22 - 25 -164 -136 - 40 - 18 -130 - 2 2 - 59 -105 - 64 - 43 - 78 2 - 19 - 4 9 - 70 - 80 - 73 -253 -257 -189 -224 - 97 - 94 -133 -191 -258 -167 236 166 11 9 - 38 - 96 - 27 66 156 68 40 70 381 399 356 270 420 351 299 375 383 260 324 455 237 361 671 683 746 692 525 565 515 427 569 752 25,500 25,765 25,812 25,623 25,711 25,816 25,923 26,431 26,395 26,610 26,728 26,976 1969--Jan. Feb. Mar. p -480 -627 -742 - 60 - 70 - 49 - 49 - 33 -101 -337 -419 -475 - 34 -105 -117 217 197 176 697 824 918 27,193 27,209 27,038 Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Commercial banks 3/ Mutual savings banks Postal Savings System 1 2 3 4 5 1954 1955 1956 1957 1958 1959 1960 1961 1962 1.963 1964 1965 1966 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.1 168.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 52.6 55.2 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 0.1 1967 Sept. Oct. Nov. Dec. 635.7 638.1 645.9 650.5 176.3 175.8 177.9 180.7 178.1 180.1 183.8 183.1 59.1 59.5 59.9 60.3 0.1 1968 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. p Dec . p 655.9 658.7 665.7 664.6 667.9 670.9 676.6 679.7 684.5 692 .3 697. 9 707.3 179.6 178.3 181.8 181.1 183.9 186.8 186.2 186.0 186.3 187.6 189.4 # 60.6 61.1 61.4 61.7 62.1 62.6 62.8 63.0 63.4 63.8 64.3 § 197.8 186.5 187.6 187.9 187.6 187.7 187.9 191.5 194.0 195.9 200.0 204.4 203.1 1969 Jan. p Feb. p Mar . p 700.5 701.7 708.4 188.1 189.1 191.6 202.8 202.3 201.4 64.8 65.2 65.4 —— - — -- —— —— —— - — —— - — - — —— - - 64.5 - — i U. S. Gov't, securities maturing within one year 6/ | Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ ( 2 + 3 4 1) 10 11 6 7 8 Liquid assets to gross national product 7/ 9 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 * 113.4 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 50.9 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 53.9 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.0 81.5 79.8 77.9 34.7 32.6 31.3 30.4 29.7 28.6 27.5 26.4 25.1 24.6 24.1 22.8 21.8 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.5 122.5 123.0 123.7 123.9 51.4 51.4 51.5 51.9 48.2 48.3 49.1 50.5 79.1 21.9 78.9 21.9 55.8 55.8 56.0 55.9 # 123.6 124.6 125.9 126.0 126.5 126.8 127.2 128.1 129.5 130.0 130.8 130.9 51.9 51.8 51.8 51.8 51.8 51.9 51.9 52.0 52.0 52.0 52.1 52.5 53.6 55.4 57.0 56.5 55.9 54.9 56.9 56.6 57.4 58.9 57.0 58.5 131.0 132.0 e 133.3 52.5 52.3 52.2 61.3 60.7 64 .4 Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ ! 79.1 21.7 78.2 21.5 77.8 21.4 78.4 21.4 55.8 55.5 55.5 55.4 55.6 55.9 55.8 56.0 55.8 56.0 56.4 56.7 21.2 55.8 55.8 55.5 78.0 For footnotes see next page. p - Preliminary. * - Beginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. -h - Reflects conversion of a savings and loan association with share capital of about $175 million to a mutual savings bank. § - Figures are for Tuesday, December 31 rather than for the last-Wednesday of December. e - Estimated. Exhibit K (Continued) 1. Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. 2. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962,p. 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout . 3. Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S. possessions are included as indicated for demand deposits in footnote 2 above. 4. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. 5. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U . S . Treasury Department. 6. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 7. Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter) . http://fraser.stlouisfed.org/ e e e Federal Reserve Bank of* St. Louis e # e e # e e e # # e e # # § 1 ^
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