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^ u h FEDERAL RESERVE B A N K ' 3 of K A N S A S CITY Not for publication |_g f963 — Research Library BANKING AND MONETARY DEVELOPMENTS IN MARCH 1963 Total commercial bank credit, seasonally adjusted, increased substantially further in March and more than in most other recent months# Holdings of U. S, Government securities rose substantially and loans and holdings of other securities continued to expand. The money supply increased somewhat. Seasonally adjusted time and savings deposits at all commercial banks continued to increase rapidly. Total reserves of member banks declined less than usual. Free reserves were reduced somewhat. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, increased $2.7 billion in March, somewhat more than the January-February average. Holdings of U. S. Government securities declined much less than usual in March, and on a seas on allv adjusted basis, rose $1.3 billion, thus accounting for about half the total credit growth. On March 22, commercial banks were allotted about $700 million of the $1.5 billion June tax bills. In most other recent years, cash financing has not occurred in March. Holdings of other securities increased further but somewhat less rapidly than in January and February. Loans rose $1 billion following a sharp rise in February which had reflected in part an unusually large increase in security loans. Credit expansion was larger than usual in March at both weekly reporting banks and at other banks. Credit expanded more rapidly in the first quarter of 1963 than in the fourth quarter last year. Total loans and investments rose $7.3 billion compared with $$.6 billion, or at an annual rate of 13 per cent compared with 10 per cent. Holdings of U. S. Government securities increased $2.6 billion in the early months of 1963 accounting for about a third of the total credit growth; these holdings had declined slightly in late 1962. Holdings of other securities also increased more rapidly. On the other hand, the $3.2 billion growth in total loans was considerably smaller than the $£.1 billion expansion in the fourth quarter of 1962. Business loans rose at a considerably slower pace and real estate loans, while continuing to show substantial growth, rose less rapidly than earlier. Consumer loans and loans to noribank financial institutions increased at a somewhat faster rate, however. Business loans at all commercial banks showed little further change in March following small increases in the earlier months of 1963. Borrowing over the two tax and dividend payment weeks ending March 20 was smaller than in the corresponding weeks of other recent years. Loans to finance companies, however, increased much more this year than usual and combined business and financial borrowing was comparable with that of past years. Corporate tax payments were about the same this March as in March of other recent years. The dollar volume of securities turned in for tax payments was larger, although the volume of outstanding maturing tax anticipation bills was smaller. Loans to most industry groups increased in March as is usual. The expansion in loans to metals companies and to public utilities, however, was considerably smaller than in most other recent years. On the other hand, loans to the textile and petroleum industries and to "other manufacturing and mining" concerns showed record growth. Loans to food processors and to commodity dealers declined seasonally. Seasonally adjusted security loans at all commercial banks increased slightly further in March following a large rise in February. At weekly reporting banks in leading cities, loans for purchasing and carrying non-Government securities increased. Loans to Government security dealers declined as substantial borrowing early in the month associated with the Treasury1s refunding operations was more than offset by subsequent repayments. Loans to noribank financial institutions increased substantially further on a seasonally adjusted basis at all commercial banks in March. Consumer loans also continued to expand at a faster pace than in late 1962. Real estate loans showed further substantial growth. Money supply. The daily average money supply, seasonally adjusted, increased $300 million between the second half of February and the second half of March. The late March level was about 2—I/I4. per cent higher than a year ago. Over the first quarter of 1963, the money supply increased at an annual rate of about 1 per cent. Time and savings deposits at all commercial banks, seasonally adjusted, increased $1.^ billion between the second half of February and the second half of March. This was about the same as the rapid average expansion in other recent months. In the first quarter of 1963, growth was at an annual rate of about 18 per cent and deposits in late March were over 16 per cent higher than a year ago. In March, growth in savings deposits at banks in leading cities was somewhat larger than in other recent months and that in other time deposits of individuals, partnerships, and corporations, continued substantial. The seasonally adjusted annual rate of turnover of demand deposits at banks in 3h3 centers outside New York declined slightly in March to 31.9. Over the first quarter of the year, turnover averaged only slightly above that of the fourth quarter of 1962 and about 5 per cent above the first quarter of 1962. Bank reserves. Total reserves of member banks declined less than usual in March. Excess reserves dropped to an average of $1|25> million compared with million in February. Borrowings from the Reserve Banks also declined somewhat to $155 million. Accordingly, free reserves averaged $270 million compared with #300 million in February. At country member banks free reserves declined $50 million but this was offset in part by a reduction in net borrowed reserves at city banks. Required reserves declined slightly as a less-than-seasonal reduction in reserves required against private demand deposits was offset in large part by increases in reserves required against time and U. So Government deposits. The effective rate on Federal funds was at 3 per cent during March with the exception of three days around the midmonth when it dropped slightly below. Over the monthj on an average basiss reserves were abosrbed principally through currency outflow and were supplied through an increase in float and through System purchases of U„ S„ Government securities. Banking Section$ Division of Research and Statisticss Board of Governors of the Federal Reserve System* April 12, 1963. 1.4.3 - EXHIBIT A, Part 1 L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S Last W e d n e s d a y of m o n t h , s e a s o n a l l y Billions adjusted o f d o IJ a r s 260 TOTAL LOANS AND INVESTMENTS U. S. GOVT. SECURITIES OTHER SECURITIES 1957 1958 1960 1959 1962 1961 1963 Exhibit A - Part II Total 1/ Date Loans 1/ J U. S. Gov't, securities Other securities (In billions of dollars 1960—Dec. 1961—Dec. 31 31 194.5 209.6 114.2 121.1 1962—March April May June July Aug. Sept. Oct. Nov. 2/Dec. 1963—Jan. Feb. Mar. 28 25 30 30 25 p 29 p 26 p 31 p 28 p 31 p 30 p 27 p 27 p 215.2 215.0 216.4 220.3 217.8 220.3 222.0 224.4 225.8 227.6 228.8 232.2 234.9 123.8 124.5 124.8 126.6 126.1 127.3 129.7 131.7 132.3 134.8 134.9 137.0 138.0 l/ Adjusted to exclude interbank loans. of December 31. Digitized 5/ for FRASER Estimated as 59.6 64.7 20.7 66.1 25.3 25.9 64.6 65.5 66.6 64.1 65.0 '64.3 64.1 6li.l+ 63.8 64.3 65.1 66.it 23.8 26.1 27.1 27.6 28.0 28.0 28.6 29.1 29.0 29.6 30.1 30.5 1.4.3. - EXHIBIT B, P a r i 1 REAL ESTATE SECURITY Exhibit B - Part II Date Business (in 1960—Dec. 31 1961—Dec. 31 1962—Mar. 28 Apr. 25 May 30 June 30. July 25 P Aug. 29 p Sept.26 p Oct. 31 p Nov. 28 p l/Dec. 31 p 1963——Jan. 30 p Feb. 27 P Mar. 27 p Real Estate b i :. l i o n s 12.1 kk.l a.5 Ik. 8 1*5.0 1*5.5 1*5.5 1*6.1 1*6.7 1*7.2 1*7.5 1*8.1 1*8.2 r 1*8.6 1*8.1* p -'Preliminary. Digitized forrFRASER - Revised. http://fraser.stlouisfed.org/ 1/ Estimated as Federal Reserve Bank of St. Louis of December 31. of Consumer Security d <a 1 1 a r s ) 28.7 30.3 20.5 21.3 1*.3 5.2 30.9 31.2 31.6 32.0 32.1* 32.8 33.1 33.5 33.9 31*. 2 31*. 5 31*.8 35.1 21.8 22.1 22. k 22.6 22.7 22.9 22.9 23.2 23.3 23.5 23.R 21*. 1 2l*.l* 6.0 5.6 5.2 5.3 l*.lt 1*.7 5.7 5.9 5.5 6.1 5.9 6.6 6.7 Exhibit G Changes in Loans and Investments at all Commercial Banks3 Seasonally Adjusted (In billions of dollars) Item Mar «p Oct.p NOVep Dee.p 1'iar. Loans and Investments 2/ +1,1 U, S. Gov't, securities Other securities +2.0 Loans 2/ +0=1 r+0o2 Business Real estate +0,1 Consumer +0-1 Security +0.1 Noribank financial +0.1 Agriculture +0.1 All other Total loans excluding security 3/ Total loans excluding security and noribank financial 3/ r+1.0 ^ ^ +1.1 +1.5 +1.0 r+0«9I+0.o NOTE—Individual loan items may not add tc change in.total loans becauset h j loan items are'gross of valuation reserves while total loans are net5 and (2) loan items and total loans are independently seasonally adjusted* Seasonally adjusted loans9 by category* are experimental and are subject to revision* l/ Less than $50 million* 2( Adjusted to exclude interbank loans * 3/ Derived by addition of items and not by & subtraction from total loans* Estimated as of December 31* 1962* Exhibit D Changes in Loans and Investments at All Commercial Banks, at WeeklyReporting Banks, and at Other Banks, Not Adjusted for Seasonal. (In billions of dollars) Item Last Wednesday of February to last Wednesday of March 1963 1962 1961 i960 1958 1959 1957 All commercial banks Total loans U.S. Gov't securities Other securities Total Other banks Total loans U.S. Gov't securities Other securities Total 1.2 O.li 0.8 1.5 r0 + Weekly reporting banks Total loans U. S. Gov't securities Other securities Total + + + V + 5.5 + 1.2 + 0.5 - 0.I4. + 0.3 + 0.3 + — + + 1.5 1.6 0.9 0.8 + 1.1 - 1.3 + 0.8 + 0.5 + O.li - 0.3 + 0.1 + 0.3 - 0.2 — 0.8 + - 0.2 1.1 0.3 1.0 + 0.7 - 1.0 1/ - 0*3 + — + - 1/ - 3.5 + 0.1 - O.Zi + 0.3 - 1.0 1/ - 6.6 + 0.3 — 0.8 1.1 1.5 0.2 0.2 1/ - 0.6 + 0.9 + 1.3 + 0.7 + 1.2 - 1.1 + 0.2 + 0.7 + + + + 2.8 + 1.3 + 0.5 + 2.5 + 0.2 1/ + 0.2 + o.3' + 0.3 + + - 1.1 0.6 0.1 0.6 0.1 0.5 0.1 0.3 End of December to end of March 1963 1962 1961 All commercial banks Total loans U.S. Gov't securities Other securities Total - leit - 1«3 — 2.2 - 1.3 — 2.5 - 1.3 Other banks Total loans U.S. Gov't securities Other securities Total + l.h - 2.3 + 0.2 - 0.9 Item Weekly reporting banks Total loans U.S. Gov't securities Other securities Total + 1.0 - 2.0 1/ — 1.6 + O.li - l.li 2/ - 1.3 — 1.8 - O.li + 0.9 r-13 + O.li - 0.9 + 0.6 ~ i r + 1.5 — l.lt + 0.8 — 2 el -2.0 + 1.2 - 1.1 + o.i — O.li - 0.2 + 0.3 + 0.3 + 0.7 - 2.5 - 0.2 + 0.1 ^oTH I960 1959 0.9 3/- 0.1 h<>7 3 A 3.2 O.li — 6.1 l.fc 3.2 0.2 TTf + 0.5 - 0.6 - 2.7 A - 1.5 3 ' h o'.S ^T7H Ir^r - 0.2 1958 - 1.7 + l.lt + 1.0 + 0.6 - 1.7 + 1.7 + 0.8 + 0.8 1/ — 0.3 + 0.2 — 0.2 NOTE—Data exclude all interbank loans5 call report data for weekly reporting banks used when available. l/ Less than $50 million. 2/ Based on estimated data for December 31» 1962. 3/ In January 1959, total credit increased over $1^00 million as a result of bank structure changes; loans, $300 million; U. S. Government securities, $100 million; and other securities, $100 million. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of December to end of MarcE" End of February to end of March 2/ Business of borrower Food processors Commodity dealers Trade concerns Total 1963 1962 1961 I960 1959 1963 1962 — 61 - 66 - 33 — 1*7 -116 - 1*6 -365 - 68 - 83 -315 - 77 - 9 +235 1/ y +21*9 +166 - 82 r Sales finance +102 r n 1/ - 1*9 +il*l* 1/ + 76 1/ -ll*5 +132 y - 13 +152 + 93 1961 -271 — 22 -161 335 I960 -3U7 4*18 +172 1/ y +272 +21*7 + 95 +788 - ll* + 63 - 1*6 +161* +125 +303 +103 +369 + 79 + 88 +n*3 + 7k + 15 +157 + 35 + 95 + 88 + 25 + 37 + 27 +1*05 -263 + 18 - 1*0 +196 -288 + 18 + 89 +108 +125 + 51* + 39 -116 - 26 - 37 + 19 + 59 + 67 +171 + 71 + 21* + 20 + 79 +271 + 1*0 Classified Unclassified +6ll* + 30 +7U9 +613 + 93 +781 +135 + 37 + 5 + 80 + ll* +102 +586 + 61 +619 + 53 Total change +61*1* +810 +672 +706 +916 + 1*2 + 91* + 28 +555 Total change excluding sales finance +61*1* +810 +672 +706 +681 + 1*2 + 91* + 28 +555 Metals and products Textiles, apparel# etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business +155 +118 + 16 + 8? 1/ Not included in business loans on revised basis. 2/ Four weeks used throughout. + 5 + 57 - 10 + 18 +208 + 58 +178 - 7h +253 - 31 1959 -268 -176 + 92 9 Exhibit F w Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1963? Total loans Business 31 31 31 21* (old) 2l* (new) 31 31 30 161* .5 169.3 18U.lt ltil*.2 181*.2 189.5 198.5 211*.l* 58.6 58.2 66 .1* 60.9 60.9 58.9 61.0 66.6 16.3 17.9 20.6 20.6 20.6 20.5 20.9 23.9 89.7 93.2 97.5 102.8 102.8 110.0 116.7 123.9 30.7 1*0.5 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 28 28 30 30 25 29 26 p 31 p 28 p 31p(est. 212.1* 211*. 8 215.3 219.2 217.8 219.0 223.1 225.7 226.7 233.1 61*.1* 61*.7 61*.l* 61*.!* 61*.2 63.9 61*.3 65.5 65.1* 65.9 25.1* 26.1 26.1 27.0 27.5 27.9 28.2 26.6 28.8 29.2 122.6 12t*.0 12U.8 127.7 126.1 127.3 130.6 131.6 132.1* 138.0 1*1**8 1*1*.7 1*5.0 1*5.9 1*5.2 1*5.8 1*6.7 1*7.1 Jan. Feb. Mar. 30 p 27 P 27 P 229.0 230.3 231.8 65.9 65.0 61*.6 29.5 29.9 30.7 133.6 135.1* 136.6 1*7.1* rl*7.8 1*8.7 1956: Dec. 1957: Dec. 1958: Dec. 1959: June June Dec . I960: Dec. 1961: Dec. 1962: U. S. Govt. Other securities y 1*0.1* Real Security Farm estate 22.5 23.1 2 5 . 3 1*2.5 37.8 26.9 26.9 1*3.1 1*5.2 28.7 30.3 1*0.2 1*7.8 1*9.3 28.1 1*.3 U.2 1*.7 l * . l l * . l 1*.9 5.1 6.2 32.0 5.1* 5.7 5.1 5.3 32.8 1*.6 30.7 31.1 31.5 32.1* l*.l* 33.2 33.6 3l*.0 3l*.3 5.8 5.9 5.3 7.2 31*.5 5.7 6.5 3l*.8 35.0 6.0 Consumer 1*.2 l l t . 6 5.0 5.0 5.0 5.0 5.7 18.8 20.6 l*.l 6.2 6.6 15.8 15.9 17.5 17.5 21.1* Nonbank financial institutions 5.9 7.1 7.1 7.3 21.5 21.9 22.3 22.7 22.9 23.1 23.1 23.3 23.1* 6.5 6.5 6.9 23.6 7.1 7.3 7.1* 23.7 7.5 7.7 6.7 6.6 6.8 6.7 6.2 6.3 6.5 6.6 23.8 2i*,0 6.6 7.2 6.9 III* 7.2 7.2 8.5 8.1 1/ Structure changes in 1959, on balance through August# added almost $1 billion total credit; |600 million in loansi ~ I300 million in U. S. Government securities | and $100 million in other securities. Real estate loans increased about $300 millions business loans #100 millionj consumer loans $100 millionj and other loans $>100 million. ^ NOTE—Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 2ks 19599 "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. Exhibit G Ratios to Total Deposits 1/ U.S. Gov't, securities maturing within one year LOANS Member banks Reserve city banks All City of commercial Total New York Other banks city Chicago Date 191$2 19ii9« 1950S Dec. 31 Dec. 31 Dec. 31 1951s 1952s 1953s 195b 1955$ 1956s 1957s: 1958s 1959s 1960s Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 31 31 1961s Nov. 29 Dec. 30 , 1962s Feb. 28 Mar. 28 Apr. 25 May 30 June 30 July 25 Aug. 2 9 Sept.26 Oct. 31 Nov. 28 Dec. 26 19632 Jan. 30 Feb. 27 Mar. 27 p p p P p p p p P 31.2 31.1 35.8 37.2 39.3 li0.5 ii0,3 JU5.8 18.8 2*9.7 1*8.U 51i.o 55.1 31.3 30.9 36.1 37.6 39.9 1*1.1 1*0.7 1*6.7 50.1 51.0 Country AH commercial banks 30.lt 25.6 32.3 36.2 38.9 39.1 38.3 1*6.3 52.7 55.2 1*9.1* 58.2 60.8 33.1* 32.lt 38.1 39.lt la.i 1|2.2 111. 9 1*8.5 52.7 53.3 51.3 58.2 59.0 27.1 28.5 31.5 32.1 33.9 36.1 37.1 lt0.7 55.6 56.5 35.9 31*.9 1*2.5 1*6.3 50.6 50.6 1*6.8 56.7 61.7 61.9 57.7 67.3 65.9 51*. 7 51u5 55.7 55.7 63.5 65.0 57.7 58.0 58.3 57.7 56.5 50.2 rll.O rll.2 5b. 9 55.1 55.1* 55.8 55.9 55.6 56.0 56.1* 56.1 56.ii 56.7 56.lt 56.9 57.2 56.0 56.5 56.5 56.8 56.8 56.5 57.0 57.6 57.3 57.5 57.8 57.1* 58.0 58.1 61*. 7 65.8 65.1* 61t.lt 5S.8 59.2 58.3 57.3 57.5 56.5 57.1 58.6 57.6 57.3 58.6 57.7 59.1* 61.1 58.0 58.3 58.it . 59.1 59.0 59.3 59.5 59.9 60.0 60.7 60.1 60.5 60.8 60.9 50.8 51.2 51.3 51.8 52.1 51.7 51.7 51.6 51.2 51.6 52.0 52.0 52.it 52.8 rl2.3 rll.2 rll.5 41.7 rll.3 rll.3 11.9 9.8 10.it 9.2 9.6 9.5 9.5 n*&* 1*9.It 63.6 63.0 65.8 68.8 67.1* 66.6 67.8 61*. 7 66.2 65.1 I12.6 ltlt.1 ltlt.lt I18.2 50.3 2/ 2/ ?/ lit.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.1* 8.3 3/ r 7 .it ~ r 8.7 . ™ # * # A * * * • 1/ Total loans (adjusted to exclude loans to banks)j 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). 2/ Prior to 1951* data are on call basis and beginning in 1951 > they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. 3/ Data revised .December 1959 through July 1962 to include one partially-tax exempt issue ^ that was first callable in December I960 and was called for redemption in December 1962, announced in August 1962. NOTE* Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.5 by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks — whose classification as reserve city is continue cC p - Preliminary. * 1.4.3. - EXHIBIT H, P a r t 1 DEPOSITS A N D CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally ad|»,t.d= t u r n o v e r , monthly at d.po.ll., ,. ml-oMhl y av.ra... annual rate ol dally ll B u,..; B i l l i o n s of d o l l a r s 160 Annua MONEY S U i P t Y TURNOVER 343 c e n l e r i /V"V TIME AND SAVIMOSOEPOSITS -FTlTuvii Dipviiis* Not a djuMed tor seasonal 1957 1959 1958 1961 I960 1962 I*** vt" All commercial bankt. Exhibit H - Part II U. S. Turnover Govt, Money supply Time and 3U3 cent- deposits savings ers outDemand Currency deposits side NY deposits larsj (In billions ol' do! 5.2 27.6 28.8 67.4 113.0 28.1 5.3 73.0 28.9 112.2 5.5 29.4 82.7 29.6 116.4 Seasonally adjusted data Period Total 19#—Dec. 1960—Dec . 1961—Dec. (2) (2) (2) 1962—Oct. (1) : (2) Nov. (l) Dec. 1963——Jan. Feb. Mar. (2) (l) (2) (l) (2) (1) ii) (2) p 141.8 141.2 146.0 146.1 146.2 146.7 147.1 147.5 148.3 149.3 148.2 148.7 148,4 149.0 148.8 115.8 115.9 116.3 116.6 116.9 117.8 118.7 117.5 117.9 117.4 118.0 117.6 30.3 30.3 30,4 ' 30.5 30.6 30.5 30.7 30.7 30.8 30.9 31.0 1 31.1 94.3 95.0 95.6 96.4 97.0 97.9 98.6 99.7 99.9 100.8 101.3 102.2 8:2 6.5 5.4 6.6 5.0 6.1 32.5 32,5 31.3 32.6 •. 32.2 31.9 • ? e l 4 , 4.1 4.9 6.5 5.2 6.6 L.4.3 TIME AND Wednesday S A V I N G S figure* DEPOSITS AT EXHIBIT I, P o r t 1 MEMBER BANKS IN LEAPING CITIES 1 f B i l l i o n * pi d o l l a r s TOTAL TIME A N D S A V I N G S D E P O S I T S SAVINGS DEPOSITS T I M E D E P O S I T S Off I N D I V I D U A L S , PARTNERSHIPS, AND CORPORATIONS 1962 1961 1963 Exhibit I -Part II T i m e Total \ 1961—April Dec. 1962—-Dec. 1963—Jan. Feb. Mar. 1/ and S a v i n g s Be p 0 s i t s individuals, partnerships, and corporations m i 1 1 i 0 11 s o f d o l l a r s Savings In Other time deposits 1/ ) 26 27 26 30 27 38,175 41,472 5b,011 51,302 52,150 27,819 30,082 34,712 35,143 35,426 5,480 5,969 9,080 9,542 , 9,928 4,876 5,421 6,219 6,617 6,796 6 13 20 27 52,562 52,938 52,971 53,187 35,562 35,657 35,751 35,874 ' 10,159 10,363 10,328 10,372 6,841 6,918 6,892 6,941 Includes States and political subdivisions, U. 8. Government, foreign governments and official institutions, and inteztank. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Date Monthly averages: 1956: December 1957J December 1958: December 19591 December I960: December 1961: December 1962: Free reserves (excess reserves minus borrowings) Reserve City Banks All Country City of New York Other Chicago City member - 36 -133 - 41 -424 669 424 - 91 -105 January February March April May June 546 434 379 440 434 370 41 July August September October November December 442 437 378 419 470 265 19631 January February March NOTE? Beginning July 26, as central reserve p - Preliminary. 1/ Revised series< Back December 1962. - 80 -109 10 - 50 11 - 24 50 10 - 12 18 7 - 19 34 13 -62 - 86 - 77 - 32 -104 - 4 -203 - 22 24 2 20 -228 -197 -449 80 3 - 3 22 15 i 9 36 - 4 6 - 14 .2 - 3 6 - 20 3 - 10 - 1 7 - 11 5 - 19 - 52 Excess reserves All member All Total reserves held seasonally adjusted l/ All member member Borrowings 344 277 268 237 583 471 651 577 516 481 756 573 688 710 483 404 394 616 70 401 385 389 416 441 408 382 483 391 502 470 509 497 470 531 564 458 484 589 569 557 906 87 149 68 91 69 63 100 89 127 80 65 119 304 17,201 17,077 17,942 17,978 18,283 18,977i 19,062 18,986 19,060 19,148 19,253 19,312 19,348 19,237 19,305 19,427 19,484 19,606 19,681 99 426 483 - 50 19,698 172 472 390 - 54 19j]$Q_ 1 # 123 30 3U3 268 9 37 1962, figures for both New York and the City of Chicago include banks formerly classified city and three banks whose classification as reserve city is continued* 384 300 13 - 25 - 6 - 11 data and seasonal factors available, Exhibit L, "Banking and Monetary Developments" for 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 1 Savings Demand Postal and deposits .Commercial Mutual Savings loan and savings System shares banks currency y banks 2/ V 2 3 4 5 6 U. S. Govt, savings bonds 1/ 7 Ratios: Demand U. S. Govt securities Liquid assets deposits Commercial bank deposits and to gross maturing within one national pro- currency & currency to to gross liquid assets year 6/ duct i f national (2+3+1) croduct?/ 10 11 9 8 1954 1955 1956 1957 1958 1959/ I960 1961 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 48.2 ,49.7 52.0 57.5 65 ;4 67.4 73.1 82.5 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 55.6 55.9 54.8 51.6 50.5i 47.9 47.0 47.4 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 1962 Jan. Feb. Mar. Apr. May June July p Aug. p Sept.p Oct. p Nov. p Dec. p 427.1 4^0.6 4%5.3 4#.2 439.6 442.9 444.2 447.9 449.1 453.4 456.8 458.3 142.0 142.3 142.2 14).4 142.8 142.3 142.2 141.3 142.5 143.8 143.3 144.5 85.1 86.4 87.8 88.6 89.7 91.2 91.7 92.7 93.9 95.2 96.8 .97.6 38.6 38.8 39.0 39.2 39.3 39.7 40.0 .40.2 40.6 ^ 40.9 41.2 41.3 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0,6 0.5 0.5 71.1 47.4 71.8 47.4 72.8 47.4 73.4 47.4 74.0 47.4 74.8 47.4 75.4 47.5 76.3 47.5 77.4 , 47.5 78.2 47.5 79.2 47.5 80.0 47.6 42.4 43.3 45.5 45.6 45.7 46.9 46.8 49.2 46.6 47.2 48.2 46.8 85.9 81.3 79.6 80.3 80.2 80.5 79.0 78.2 35.0 32.6 31.2 30.3 29.9 28.7 27.5 26.3 78.8 26.1 79.5 25.9 80.3 25.6 80.6 25.5 55.7 55.0 54.4 53.6 54*8 52.6 53.0 53.0 . 53.2 53.1 52.8 52.9 52.9 52.7 52.6 52.2 52.6 . 52.7 52.6 52.8 1963 0.5 Jan. p 81.0 47.8 462.2 41.7 144.2 99.9 52v8 101.0 0.5 Feb. p U65»0 lWi.2 41.9 83.0 b?.? 52.? W.6 n.a. 1 Mar, p | n.a. 102.0 n.a. rua* n.a. 1 n.a. U2.1 0.5 For footnotes see next page. NOTE: This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs from the one pertLoasly^shown in concept and coverage. Back figures available from-Banking Section, Division of Research and Statistics. • 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 monty 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. 2/ Total time deposits at commercial banks except interbank, U. S. Treasurer's open account, and postal savings redeposited An 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. y 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. <~J 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 I960, 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 I960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first eall 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 r-.al 1 ahl e within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 2/ 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) = # • * # # # # # * #
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