The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
a # # %S? l 1.4.3 Not for publication ;"0' , f y ^ April 18, 1966, BANKING AffP HONETARY DEVELOPMENTS IN MARCH 1966 Summary. Seasonally adjusted loans and investments at all commercial banks increased substantially in March after showing only nominal growth in February. Loan expansion was rapid and associated in part with heavy tax and dividend borrowings-especially by businesses and finance companies. Banks continued to liquidate holdings of U. S. Government securities,and they also reduced their holdings of municipal and Federal agency issues. While the money supply rose sharply, U. S. Government deposits declined contraseasonally. Expansion in time and savings deposits continued at about the same reduced rate as in earlier months this year, Net borrowed reserves increased further as member bank borrowings rose and excess reserves declined. Seasonally adjusted total and required reserves increased. Changes in Commercial Bank Credit. Money Supply and Time Deposits (Seasonally adjusted) Annual rate (per cent) 1966 1st Qtr. Total loans and investments U.S. Gov't, securities Other securities # 8.0 Mar. 11.3 1965 Feb.Mar. 4th Qtr. 5.9 10.9 -13.9 -14.9 -18.8 7.8 3.6 - 7.9 3rd Qtr. 4.8 2nd 1st Qtr.( Otr. 10.6 Year 12.4 10.0 -8.3 -12.8 -11.7 -6.2 5.4 10.1 13.3 20.0 14.5 15.2 Total loans 15.6 23.3 13.2 12,0 7.0 16.4 20.8 14.8 Business loans 19.6 20.1 16.1 15.5 11.7 19.4 26.1 19.4 Money supply 4.3 8.6 2.9 7.5 6.2 3.7 1.5 4.8 Time deposits at all commercial banks 7.1 6.5 6.5 15.0 16.8 11.5 17.4 16.1 Bank credit. Although loans and investments at all commercial banks increased at a relatively high seasonally adjusted annual r a t e " 11.3 per cent—in March, this expansion followed virtually no growth *-n February. Over the first quarter as a whole, credit increased at an annual rate of 8 per cent--below that for both the entire year and the fourth quarter of 1965, At weekly reporting banks in leading cities, the January-March credit decline (not adjusted for seasonal) was larger than that in the comparable months of other recent years. While loans rose much more than in any other year except 1965, holdings of U. S. Government securities showed an unusually large decline and, in addition holdings of other securities declined contraseasonally, On the other hand, at banks outside leading cities, credit growth was larger than usual, reflecting only slightly accelerated loan expansion, relatively small sales of U, S. Government securities, and a record increase in holdings of municipal and agency issues. For March alone, however, the pattern at banks outside leading cities reversed,and loan expansion was unusually rapid while security liquidation was larger than usual. Total loans rose sharply in March—$3.8 billion--considerably more than in any other recent month. This brought the annual rate of growth in the first quarter to slightly over 15 per cent, similar to that in the year 1965 but faster than that in the fourth quarter. Several factors were associated with the rapid March growth--unusually heavy borrowing by finance companies and nonfinaneial businesses around the tax and dividend period, a contraseasonal increase in U. S. Government dealer borrowing, and bank acquisitions of over $350 million of Export-Import Bank certificates (currently reported in "other loans"). Loans to nonbank financial businesses increased $700 million on a seasonally adjusted basis in March. This largely reflected unusually heavy borrowing by finance companies to meet tax period maturities of short-term paper held by nonfinancial businesses. Security loans increased $400 million in March reflecting in part dealer financing needs late in the month. Business loan expansion over the March tax and dividend period was larger than in the corresponding period of any other recent year. For the month as a whole, seasonally adjusted business loans increased $1.2 billion compared with $700 million in February. The February-March growth, however, was considerably below the unusually rapid December-January rise. At city banks in March, most industry groups showed larger borrowing than usual--particularly metals, textiles petroleum and chemicals, and miscellaneous manufacturing. Borrowing by trade concerns was also large following heavy repayments earlier in the year. On the other hand, repayments by food processors, which had been very small earlier, were generally similar to those in March of other recent years. -3- Total investments at all commercial banks declined $1 billion in March—more than in any other month since July. While the $700 million reduction in holdings of U. S. Government securities was about the same as the average reduction earlier in the year, holdings of municipal and Federal agency securities declined $300 million, the first monthly reduction since January 1964. The annual rate of decline in Governments over the first quarter--almost 14 per cent--was larger than that in each of the first three quarters of 1965 but followed an increase in holdings in the fourth quarter which had been associated with Treasury financing operations. In the case of other securities, the annual rate of growth over the January-March period was the smallest quarterly increase in the current expansion. Money supply and time deposits. The seasonally adjusted money supply increased $1.2 billion in March following a small decline in February. The March increase was associated in part with a substantial contraseasonal reduction in U. S. Government deposits. Over the first quarter, the money stock rose at an annual rate of 4.3 per cent, a little below that for all of 1965. Time and savings deposits at all commercial banks increased $800 million in March—or at an annual rate of 6.5 per cent—the same as in February. Growth in these deposits had been slackening since late last year ,and over the first quarter the 7 per cent annual rate of increase was less than half that of the year 1965 or even of the fourth quarter 1965. In March, there was some shift in inflows of time and savings deposits among banks. At reserve city banks, net inflows picked up sharply on a seasonally adjusted monthly average basis, whereas at country banks, they slackened. At weekly reporting banks in leading cities, in the five weeks ending March 30, time deposits other than negotiable CD's rose by over $900 million compared with only $200 million in the corresponding weeks last year. This year's increase probably reflected a sharp expansion in holdings of smaller denomination nonnegotiable certificates on which relatively high rates are now being offered. Holdings of negotiable CD's also rose substantially—$700 million compared with $100 million in the corresponding weeks last year—in spite of the fact that March 1966 maturities were the largest on record. Savings deposit inflows continued small, however,—presumably reflecting in part shifts of funds to the new nonnegotiable certificates. Bank reserves. Net borrowed reserves increased to about $220 million over the four statement weeks ending March 30; member bank borrowings rose and excess reserves declined somewhat. Seasonally adjusted total reserves increased further in March and required reserves also rose after leveling off in February. Reserves were supplied through reductions in Treasury deposits at the Reserve Banks and absorbed principally through currency outflows and sales of U. S. Government securities. EXHIBIT A. Pari I 1.4.3 L O A N S A N D I N V E S T M E N T S AT A I L C O M M E R C I A L B A N K S Billions of dollars 260 220 I 0 I A I LOANS AND INVESTMENTS MO 140 LOANS 100 U S G O V T . SECURITIES 0TNER SECURITIES 19*1 its* Date Total 1/ (I n 1 f 63 19*2 Exhibit A - Part II Loans V b i 1 1 i o n s If 64 U. S. Gov't, Other securities securities o f d o l l ; i r s) 1962—Dec. 31 2/ 1963—Dec. 31 2/ 1964—Dec. 31 228.3 246.5 267.2 133.9 149.4 167.1 65.2 62.1 61.4 29.2 35.0 38.7 1965—Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 31 p 2/ 272.1 275.5 277.3 279.4 282.8 281.5 286.1 286.2 288.9 291.5 294.0 171.9 175.8 177.1 179.5 183.0 182.7 185.8 186.2 188.0 189.8 191.8 60.2 59.6 59.1 58.6 57.7 56.4 57.0 56.5 57.0 57.6 57.6 40.0 40.1 41.1 41.3 42.1 42.4 43.3 43.5 43 * 9 44.1 44.6 1966—Jan. 26 p Feb. 23 p Mar. 30 p 297.0 297.1 299.9 195.0 195.5 199.3 57.4 56.3 55.6 44.6 45.3 45.0 1/ Adjusted to exclude interbank loans. 2/ Estimated as of December 31. p - Preliminary. L O A N S AT ALL C O M M E R C I A L B A N K S lest Wedneidey of month, teeienolly odjuslod SECURITY I I III I JXMJ Exhibit B - Part II Business Date (I n Real estate b 1 1 1 i o n Consumer d f < 1 Security d o l l a r s) 42.1 43.9 47.6, 52.0 58.2 28.6 30.2 34.2 39.1 43.5 20.6 21.1 23.7 26.7 29.4 4.4 5.2 6.2 6.7 7.1 1965—Jan. 27 Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 31 pi/ 59.7 60.8 62.0 62.7 63.6 65.0 65.6 66.2 66.9 67.4 68.1 69.5 43.9 44.4 44.9 45.3 45.7 46.2 46.6 47.1 47.6 48.0 48.3 48.8 29.7 30.1 30.4 30.9 31.2 31.6 32.0 32.4 32.8 33.2 33.5 33.9 7.8 7.1 8.0 8.1 8.1 8.7 7.2 7.6 6.3 6.9 7.5 7.3 1966—Jan. 26 p Feb. 23 p Mar. 30 p 71.0 71.7 72.9 49.2 49.7 50.2 34.0 34.4 34.7 8.0 7.1 7.5 I960—Dec. 1961—Dec. 1962—Dec. 1963—Dec. 1964—Dec. 1/ 31 31 31 1/ 31 If 31 Estimated as of December 31. P - Preliminary. These data are not for publication. Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1 9 6 6 1 96 5 Item Feb. Mar. Apr. May June July Aug. Sept. Oct. p Nov. p Dec.p4/j1 Jan. p Feb. p Mar. p + M ±0A +2^8 HA +L8 +2a ± M zl*l 44^6 +0.1 +2J. HA + M +0.3 -0.6 -0.5 -0.5 -0.9 -1.3 40.6 -0.5 40.5 40.6 1/ -0.2 -1.1 -0.7 Other securities +0,5 40.1 +1.0 40.2 +0.8 +0.3 +0.9 +0.2 +0.4 40.2 +0.5 1/ +0.7 -0.3 Loans 2/ +1.7 +3.9 +1.3 +2.4 +3.5 -0.3 +3.1 +0.4 +1.8 +1.8 +2.0 +3.2 +0.5 +3.8 Business +1.1 +1.2 40.7 +0.9 +1.4 +0.6 +0.6 +0.7 +0.5 +0.7 +1.4 +1.5 40.7 +1.2 Real estate +0.5 +0:5 +0.4 +0.4 +0.5 +0.4 +0.5 +0.5 +0.4 +0.3 +0.5 +0.4 40.5 +0.5 Consumer +0.4 +0.3 +0.5 +0.3 +0.4 +0.4 +0.4 +0.4 40.4 +0.3 +0.4 +0.1 +0.4. 40.3 +0.9 +0.1 1/ +0.6 -1.5 +0.4 -1.3 40.6 +0.6 -0.2 +0.7 -0.9 +0.4 +0.1 +0.5 1/ +0.2 +0.4 1/ +0.2 +0.3 40.1 +0.2 -0.2 +0.4 -Oil 1 +0.7 1/ +0.1 +0.2 +0.1 -0.1 +0.3 +0.1 1/ -0.2 V -0.1 +0.1 +0.1 y All other +0.3 +0.3 1/ 1/ +0.3 -0.1 +0.2 +0.1 1/ -0.1 1/ 1/ +0.1 +0.6 4/ Total loans excluding security 3/ +2.4 +2.9 +1.8 +1.9 +2.9 +1.6 +2.0 +2.0 +1.2 +1.4 +2.0 +2.5 +1.7 +3.3 Total loans excluding security and nonbank financial 3/ +2.3 +2.4 +1.8 +1.7 +2.5 +1.6 +1.8 +1.7 +1.1 +1.2 +2.2 +2.1 +1.8 +2.6 Nonbank financial Agriculture i Security o ±L1 U. S. Gov't, securities Loans and Investments 2/ | (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. V Less than $50 million. 2/ Adjusted to exclude interbank loans. *3/ Derived by addition of items and not by subtraction from total loans. % / Includes about $350 million of Export-Import Bank certificates delivered on February 24. Data on individual loan categories are not for publication. 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 Wednesday of Felbruary to last Wednesday of March Item 1966 1965 1964 1963 All commercial banks Total loans U. S. Gov't, securities Other securities Total +4.0 -1.9 +0.3 +2.4 +4.0 -1.5 +0.6 +3.2 +2.2 1/ +0.5 +2.7 +1.2 -0.5 +0.8 ' +1.5 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +2.7 -1.1 -0.1 +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 Other banks Total loans U. S. Gov't, securities Other securities Total +1.3 -0.8 +0.4 +0.8 +0.9 -0.6 +0.3 +0.6 +0.8 -0.2 +0.1 +0.7 +0.5 -0.5 +0.3 +0.3 - 1961 1960 +1.5. -1.6 +0.9 +0.8 -0.2 -1.6 +0.4 -1.4 +1.0 -2.0 +1.1 -1.3 +0.8 +0.5 -0.2 -1.1 +0.3 -1.0 +0.7 -1.0 1/ -0.3 +0.4 -0.3 +0.1' +0.3 1/ -0.5 +0.1 -0.4 +0.3 -1.0 1/ -0,6 1962 . J J L -0.9 End of Dece mber to e nd of March Item 1966 2/ 1965 1964 2/ 1963 2/ 1962 1961 1960 < All commercial banks Total loans U. S. Gov't, securities . Other securities Total +0.3 -3.9 +0.5 -3.2 +2.4 -4.0 +1.5 3/ 1/ -1.1 -1.9 +0.5 -2.5 -1.5 -1.6 +1.4 -1.7 -1.3 -2.2 +1.5 -2.0 -2.5 -1.3 +0.8 -2.9 -0.9 -4.7 -0.4 -6.1 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total -0.5 -3 ;4 -0.4 -4.2 +1.7 -3.3 +1.0 -0.5 -1.6 -1.2 +0.4 -2.5 -1.9 -0.9 +1.0 -1.9 -1.4 -2.0 +1.2 -2,3 • -2.1 -1.1 +0.7 -2.5 -1.4 -3.2 -0.2 -4.7 Other banks Total loans U. S. Gov't, securities Other securities Total +0.8 -0.5 +0.9 +1.0 +0.7 -0.7 +0.5 3/+0.5 +0.5 -0.7 +0.1 +0.4 -0.7 +0.4 +0.2 +0.1 -0.2 +0.3 +0.3 -0.4 -0.2 +0.1 -0.4 +0.5 -1.5 -0.2 -1.4 1/ i. NOTE--Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. 2/ Estimated as of December 31, 1965, and December 31, 1962, for all commercial banks and weekly reporting banks and for all commerical banks, December 31, 1963. 3/ Credit increase overstated by $200 million, about equally divided between loans and investments, as a result of a correction for reporting errors in one district in January. Exhibit B Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) 1963 1962 - 15 -106 +203 + 82 - 73 - 79 +138 - 14 - 80 - 56 +162 + 26 4475 +148 +159 +176 +100 ' + 59 +124 +137 +125 +205 + 93 + 36 +141 + 11 +130 +227 + 52 - 14 +131 - 30 +161 + 89 - 90 + 34 +124 - 30 +154 Classified Unclassified +1,419 +207 +1,378 +201 Total change +1,626 41,579 Business of borrower 1966 p 1965 Food processors Commodity dealers Trade concerns Total - 7 -103 +259 +149 + 17 -155 +338 +200 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services +417 +179 +199 1/ 2/ 1964 1966 p 1965 1964 1963 -306 -173 - 27 +391 +191 -467 -245 -107 -819 -371 - 69 - 96 -536 -345 - 77 - 9 -431 +245 +116 +132 +568 +264 +509 +786 +245 +423 +418 +183 +121 +158 +207 + 58 +272 +247 - 14 +121 + 17 + 32 + 74 n.a. n.a. + 73 + 87 + 39 + 78 n.a. n.a. +425 - 39 + 7 +328 + 27 +301 +594 + 84 - 5 +305 -284 +589 +112 -306 + 65 +351 n.a. n.a. +375 -233 - 42 + 33 n.a. n.a. +196 -288 + 18 + 79 n.a. n.a. +574 +144 +616 + 56 +796 + 64 +1,756 +418 +2,623 +329 +125 +189 + 21 + 21 + 80 + 14 +718 +672 +860 +2,174 +2,952 +314 + 42 + 94 Five most comparable weeks used throughout. Changes are compiled from December 22, 1965; December 23, 1964; December 25, 1963; December 26, 1962, December 27, 1961; and December 28, 1960. Dates other than last Wednesdays of 1965 and 1964 were selected in order to avoid turn-of-the-year dating differences. These data cannot be linked with all commercial bank data which are always for December 31. 1962 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments D. S. Gov't. Other securities Total loans Business Real estate Security Farm Consumer (est.) 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 1963—Dec. 31 (est,) 252.4 63.4 35.1 153.9 53.7 39.2 7.9 7.4 1964—Oct. 28 Nov. 25 Dec. 31 262.4 266.3 273.9 61.4 62.7 63.0 38.0 38.1 38.8 163.0 165.5 172.1 56.3 57.4 60.2 43.0 43.4 43.7 7.1 7.4 8.4 1965—Jan. Feb. Mar. Apr. May June 269.1 270.7 273.9 275.9 277.1 283.9 61.5 60.5 59.0 58.3 57.2 56.9 39.1 39.7 40.3 41.4 41.1 42.2 168.5 170.5 174.5 176.2 178.8 184.9 58.9 60.3 62.2 62.5 63.4 65.5 43.9 44.1 44.5 45.0 45.5 46.2 281.2 283.2 286.8 290.3 292.4 301.3 56.3 55.5 55.9 58.5 58.7 58.9 42.6 43.4 43.9 44.1 43.7 44.7 182.4 184.3 187.0 187.8 190.0 197.6 64.8 65.5 66.9 67.3 68.6 71.9 296.4 295.7 298.1 59.2 56.9 55.0 44.2 44.9 45.2 193.0 193.9 197.9 Date 1957—Dec. 1958—Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 (old) (new) 1/ 27 24 31 28 26 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 31 p (est.) 1966—Jan. 26 p Feb. 23 p Mar. 30 p Nonbank financial institutions All other 5.9 7.1 7.1 7.3 8.5 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 26.7 10.2 11.8 7.5 7.6 7.5 29.0 29.1 29.4 9.5 9.6 10.9 14.0 14.4 15.5 7.4 7.1 7.8 7.9 7.9 9.0 7.7 7.8 7.9 8.1 8.1 8.1 29.5 29.7 30.0 30.7 31.2 31.9 9.8 9.9 10.5 10.3 10.4 11.5 15.0 15.1 15.2 15.4 15.8 16.3 46.7 47.3 47.8 48.2 48.6 48.9 7.0 7.0 6.7 6.9 7.2 8.6 8.2 7.9 7.9 7.9 8.0 8.0 32.3 32.7 33.0 33.3 33.5 33.9 11.2 11.5 12.0 11.4 11.6 13.3 15.9 16.1 16.3 16.3 16.2 16.6 70.1 71.1 49.2 49.4 7.6 ^ 7.1 8.2 8.4 34.0 11.9 11.9 73.1 49.7 7.3 8.4 34.2 12.7 . . 3 3 . 8 w— 1 6 . 0 15.9 16.3 i p - Preliminary. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; 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 24, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. Individual loan category data are available for publication only on a June and December call date basis. Exhibit G Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L 0 A N S Date All commercial banks Total Member banks Reserve city banks New York City of City Chicago Other 33.4 30.4 35.9 32.4 25.6 34.9 32.3 38.1 42.5 36.2 39.4 46.3 41.1 38.9 50.6 42.2 50.6 39.1 38.3 41.9 46.8 46.3 48.5 56.7 52.7 52.7 61.7 53.3 55.2 61.9 51.3 49.4 57.7 58.2 58.2 67.3 59.0 60.8 65.9 58.0 57.7 65.0 60.1 61.4 67.9 63.3 62.1 67.4 Country All commercial banks 27.1 28.5 31.5 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 2/ 2/ 2/ 14.2 19.2 15.2 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 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 25 31.2 31.1 35.8 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 31.3 30.9 36.1 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 1964—Oct. 28 Nov. 25 Dec. 31 60.4 60.7 60.5 61.6 62.0 61.9 67.8 69.4 69.3 62.0 62.1 64.4 65.5 66.1 65.0 55.8 55.9 56.0 7.2 8.0 8.0 60.9 61.6 61.9 . 62.4 63.3 63.6 62.2 63.0 63.3 63.7 64.6 64.9 69.9 71.8 • 71.9 71.2 72.7 74.3 63.4 65.0 67.6 64.9 65.3 67.0 65.4 66.4 66.1 67.1 68.1 67.8 56.3 56.4 56.9 57.6 58.3 58.3 7.1 7.0 6.4 6.3 6.2 6.0 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 29 p 63.7 64.1 63.9 63.8 64.3 64.2 65.0 65.5 65.3 65.2 65.9 65.7 72.2 74.8 73.4 73.8 77.6 75.9 67.1 67.7 69.3 69.6 68.2 71.5 68.9 69.0 69.1 69.1 69.3 68.9 58.6 58.7 58.4 58.3 58.4 58.4 5.7 6.1 6.4 7.1 7.3 7.4 1966—Jan. 26 p Feb. 23 p Mar. 30 p 64.0 64.9 65.5 65.6 66.6 67.1 75.9 77.5 77.7 71.3 73.4 73.9 69.2 70.6 70.8 58.1 58.5 59.2 7.6 6.4 n.a. 1948—Dec. 1949—Dec. 1950—Dec. 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. 1965—Jan. Feb. Mar. Apr. May June / 27 24 31 28 26 30 3/ 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/ Estimated for December 31. NOTE: 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. http://fraser.stlouisfed.org/ r - Revised. Federal Reserve Bank of St. Louis I . 4 . 3 . - E X H I B I T H, P o r t 1 D E P O S I T S A N D CURRENCY AND T U R N O V E R OF DEMAND DEPOSITS 140 45 40 100 224 SMSA'S 343 Centers TURNOVER O u t s i d e N Y C. ! 60 10 [uTsT GO VT .DEPOSITS 1966 1964 *:Alt commerciol bonks | Exhibit H - fart II Sea s o n a 1 1y Period A d j u s ted M o ni e y Total Sup ply Demand deposits Currency D a t: a Time and savings deposits U. S. Turnover outside N. Y. Citv* Gov't. deposits 1963—December 1964—December 1965—De cember 153.1 159.7 167.4 120.6 125.4 131.2 32.5 34.2 36.3 112.2 126.6 147.0 33.9 * 33.4 37.5 5.1 5.5 4.5 1965—March 160.3 125.6 34.7 132.1 35.4 6.7 1966--January February March p 168.4 168.0 169.2 131.8 131.2 132.3 36.7 36,8 36.9 148.0 148.8 149.6 37.0 37.0 38.3 Week ending: March 2 9 16 23 30 p 3.7 5.1 4.5 168.4 168.6 169.2 169.8 169.2 131.6 131.8 132.3 132.9 132.3 36.8 36.9 36.8 36.9 36.9 149.2 149.2 149.5 149.8 150.2 n.a. n.a. n.a. n.a. n.a. 5.6 4.1 2.6 5.5 5.7 p - Preliminary. *Begining January 1964, data are for 224 metropolitan centers outside New York Digitized forCity. FRASER Figure for December 1964 on old basis is 35.3. NOTE: Dollar amounts in billions. TIME A N D S A V I N G S D E P O S I T S AT MEMBER B A N K S IN L E A D I N G C I T I E S Wednesday figures B i l l i o n * of d o l l a r s 90 TOTAL TIME AND S A V I N G S D E P O S I T S 80 70 60 50 SAVINGS D E P O S I T S 40 30 TIME D E P O S I T S OF INDIVIDUALS, P A R T N E R S H I P S , AND CORPORATIONS 20 10 OTHER TIME D E P O S I T S J I I I I I 1 L 1964 Exhibit I - Part II T i m e Period Total (I n and S a v i n g s Savings m i l l i o n s D e p o s i t s Individuals, partnerships, and corporations Other time deposits 1/ cj f d o l l a r s ) 27 26 31 30 29 41,472 50,011 59,227 66,881 78,260 30,082 34,712 38,083 40,698 45,362 5, 969 9,080 13,310 16,407 21,258 5,421 6,219 7,834 9,776 11,640 1965—Mar. 31 71,140 42,323 18,456 10,361 1966—Jan. 26 Feb. 23 79,170 79,324 45,081 45,064 22,414 22,716 11,675 11,544 79,600 79,940 79,707 80,173 81,001 45,064 45,100 45,109 45,099 45,111 22,961 23,258 23,012 23,482 24,160 11,575 11,582 11,586 11,592 11,730 1961—Dec. 1962—Dec. 1963—Dec. 1964—Dec. 1965—Dec. Mar. 1/ 2 9 16 23 30 Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. # # # # # # # # e e # Exhibit J ( Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Excess reserves Free reserves (excess reserves minus borrowings) Date Reserve City Banks City of New York Other Chicago City All member Country All member Borrowings Total reserves held seasonally ad lusted All member All member Monthly averages: NOTE: 268 237 583 471 394 334 315 516 482 756 568 572 536 411 557 906 87 149 304 327 243 17,942 17,978 18,283 18,977 19,548 20,240 21,082 36 45 39 4 15 -144 -147 -237 -334 -269 306 214 221 170 214 441 341 366 325 346 405 416 471 505 528 21,359 21,504 21,728 21,667 21,840 25 36 43 80 30 8 -214 -230 -243 -207 -178 -161 197 163 190 167 202 238 350 430 384 344 369 452 524 564 528 490 452 454 21,863 21,813 21,827 21,871 21,827 22,165 49 26 62 -141 -148 -218 219 143 66 358 371 300 402 478 551 22,282 22,367 22,427 36 - 75 -105 -180 -182 - 89 - 98 - 50 - 13 -114 - -174 -134 -144 -146 - 83 - 2 -134 - 32 - 46 - 28 - 77 - 70 - - 44 -107 -251 - 74 - 75 - 37 - 1965—February March April May June 1966--Jan. Feb. Mar. p -197 -449 80 20 - 52 -122 -103 - - 41 -424 669 419 268 209 168 July Aug. Sept. Oct. Nov. Dec. 32 -104 4 22 11 21 31 - 80 -109 10 - 50 - 62 19 - 14 1958--December 1959—December I960--December 1961--December 1962--December 1963--December 1964--December " - - - Beginning July 26, 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 continued. p - Preliminary. 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 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 r 530.5 1965 Jan. Feb. Mar. Apr. May June 534.9 r 536.5 ir 542.9 r 543.4, 543.0 550.2 Demand deposits and currency 7J Commercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, Savings U. S. Gov't, securities and loan savings maturing shares 4/ bonds 5/ within one year 6/ 2 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 3 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 4 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 5 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 6 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 r 101.4 7 55.6 55.9 54.8 ' 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 8 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 156.1 154.8 158.6 156.3 155.4 r 159.7 130.6 131.9 133.0 134.1 134.9 136.3 49.4 49.6 49.8 50.1 50.4 50.8 0.4 0.4 0.4 0.4 0.4 0.4 101.7 102.6 r 103.7 103.9 r 104.5 105.1 50.0 49.9 49.9 49.9 49.9 50.0 46.8 47.3 47.6 48.6 47.6 48.0 July Aug. Sept. Oct. p Nov. p Dec. p 550.9 r 555.7 r 560.7 r 565*1 568.2 572.4 157.7 157.8 160.6 161.1 160.3 163.7 138.3 139.8 141.6 144.0 146.5 147.1 51.1 51.3 51.6 52.0 52.3 52.5 0.4 0.3 0.3 0.3 0.3 0.3 105.5 106.5 r 107.8 r 108.4 r 109.3 109.7 50.1 50.1 50.1 50.1 50.1 50.5 47.9 49.8 48.7 49.1 49.4 48.6 1966 Jan. p Feb. p Mar. p 577.7 r 576.6 584.5 164.0 r 162.0 166.2 149.2 149.4 151.0 52.8 53.0 53.1 0.3 0.3 0.3 109.8 e 110.6 e 111.6 50.5 50.3 50.3 51.2 r 51.0 51.9 Ratios: Liquid Demand deCommercial assets posits and bank deposits to gross currency to and currency to national gross nation- liquid assets product 7/ al product 7/ (2+ 3 f 1) 9 10 11 85.9 35.0 55.7 55.0 81.3 32.6 79.6 31.2 . 54.4 53.6 80.3 30.3 80.2 54.8 29.9 52.6 80.5 28.7 79.2 27.6 53.0 53.0 78.5 26.4 80.4 25.4 52.9 53.0 81.3 24.7 82.0 24.2 53.5 81.5 23.8 81.5 23.5 53.6 53.4 53.7 53.5 53.5 53.8 81.3 23.3 81.3 23.2 53.7 53.6 53.9 54.0 54.0 54.3 23.0 54.2 54.2 54.3 80.9 For footnotes see next page. p - Preliminay e - Estimated. , ,^ , __ ^ .. NOTE: Begining in 1964, revisions in total liquid assets, demand deposits and currency, and savings and loan shares reflect revisions in savings and loan shares, cash, and deposits. 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 in eluded 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 quarterly averages calculated for four dates month of^he precedi^ quarter) ^ liquid assets used in computing these ratios are http://fraser.stlouisfed.org/ 0 (each moqph of the c^rent quarter and the l ^ t Federal Reserve Bank of St. Louis
@FedFRASER