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fy~] L.4.3 Not for Publication federal r h e i ^ M W 6 8 of KANSAS CITY. BANKING AND MONETARY DEVELOP|fS'NTSOffl ^URlH 1968 — Research Library — Summary. Commercial bank credit declined somewhat in March following rapid expansion earlier in the first quarter. Substantial reductions in both holdings of U.S. Government securities and in security loans more than offset moderate increases in most other loan categories and in bank holdings of municipal and agency issues. The money supply increased at a somewhat faster pace than over the January-February period. U.S. Government deposits declined following a sharp build-up earlier in the year. Time and savings deposits increased more rapidly than in the three previous months as substantial inflows of savings and consumer-type time deposits more than offset heavy attrition of large negotiable CD's associated with corporate tax and dividend payments. Net borrowed reserves rose to a relatively high level in March compared with a minimal free reserves average in February. Member bank borrowings increased substantially and excess reserves declined. Changes in Commercial Bank Credit Money Supply and Time Deposits (Seasonally adjusted) 1968 Jan.Mar . Feb. Total loans and investments U.S. Govt. sec. Other sec . Total loans Business loans Money supply Time and savings deposits at all commercial banks T7 1/2/ Annual rate (per cent) 1966 1965 1967 Jan.- Nov.- : 2nd 1st Year Year Year Mar. Dec . Half Half 5.8 12.5 - 4.1 12.3 6.8 -36.9 22.1 2.0 -26.0 15.2 17 .2 11.7 13.7 - 1.1 10.1 6.4 11.0 4.9 7.0 13.5 5.9 3.3 4.2 4.0 10.4 3.9 6.1 9.9 11.5 5.7 10.2 6.3 11.0 -6.3 -5 .6 28.7 18.1 31.2 26.1 6.5 15.8 8.2 9.1 14.7 8.4 10.3 5.9 8.2 10.9 6.0 6 .8 9.8 13.3 18.8 6.5 10.0 13.2 17.4 15.9 2 .2 4.7 8.8 16.0 Where necessary, changes 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. Changes 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 regulations affecting reserve requirements. 2_/ Changes in commercial bank credit are based on data revised to reflect adjustments to December 30, 1967, Call Report benchmarks. Bank credit. Total loans and investments at all commercial banks declined $1.2 billion in March following large increases in January and February averaging $3.5 billion per month. (Data used in this report have been revised to reflect adjustments to December 30, 1967 Call Report data. Months most affected by the adjustment were December and January reflecting for the most part a higher level of year-end "window dressing" than estimated and consequently a larger increase in credit in December than previously reported and a smaller increase in January) . The March decline was associated principally with heavy bank liquidation of U.S. Government securities and reductions in security loans. At weekly reporting banks, total credit (not adjusted for seasonal) was unchanged over the month whereas usually it increases substantially; at banks not reporting weekly, credit growth also appeared relatively weak. U.S. Government securities declined $1.9 billion at all commercial banks in March, offsetting over two-thirds of the February increase that had been associated principally with the late-month Treasury note financing. Weekly reporting banks reduced their Treasury bill holdings substantially and also sold securities in the 1 to 5 year area--presumably including some of the new 15 month notes. Over the first quarter of 1968, there was little over-all change in Treasury securities held at all commercial banks following large acquisitions in the second half of 1967. Holdings of municipal and agency securities increased $900 million in March; at an annual rate of 17 per cent this was similar to expansion over the second half of 1967 and somewhat above that of early 1968. Weekly reporting banks acquired a substantial volume of short-term municipals in March--especially banks in New York Cifv--and also added moderately to their holdings of longer-term issues . Total loans declined slightly in March as expansion in business, real estate, and consumer loans was more than offset by a sharp decline in security loans,a further reduction in loans to nonbank financial institutions, and also some decline in "other" (miscellaneous) loans. Loans to U.S. Government security dealers declined as dealers reduced their inventories over the month. Broker loans were also repaid. Borrowing by finance companies was smaller than usual over the corporate tax and dividend payment period and was largely repaid in the following week. Business loans increased $800 million in March, or at a somewhat faster pace than in January and February when average growth was $400 million. Business borrowing over the corporate tax and dividend payment period was of about the same substantial volume as in the corresponding period of the three previous years even though corporate income tax payments were considerably lower. Loan demand at banks in New York City continued realtively weaker than at other weekly reporting banks through the early part of the month but in late:March and early April borrowing at New York City banks picked up substantially. At weekly reporing banks borrowing by primary metals concerns--concentrated in term loans--continued large while that by other metals concerns was relatively weak. Among other industry categories, borrowing by mining concerns, construction firms, public utilities, and food processors exceeded those of other years. In addition, purchases of bankers' acceptances were large in March of both 1968 and 1967. Money supply and time deposits. The money supply increased $900 million in March, on average, following no change in February. Sharp expansion early in the month was followed by some decline over mid-March--perhaps associated with corporate tax payments; late in the month, the money stock increased to a new high. U.S. Government deposits declined following a heavy build-up in late February when payment was made for the new Treasury notes. v Time and savings deposits increased $1.6 billion in March at an annual rate of 10-1/2 per cent, the pace was somewhat faster than in any month since November. At weekly reporting banks, growth in savings and consumer-type time deposits more than offset a reduction in large negotiable CD's associated with corporate tax and dividend payments. At country and nonmember banks, growth in time and savings deposits appeared very strong. Bank reserves . Total and required reserves increased somewhat further in March but much less rapidly than earlier in the year. Net borrowed reserves averaged about $310 million over the four weeks ending March 27 compared with a minimal free reserves level over the previous four weeks. Member bank borrowings rose substantially to an average of $650 million and excess reserves declined somewhat. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L.4.3 - EXHIBIT A, Part 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally Billions adjusted of dollars I I I I I I I I I I I I II I I I II I I I I I 4 0 0 TOTAL LOANS AND INVESTMENTS LOANS U.S. GOVT. SECURITIES OTHER SECURITIES i 1 iiiiiiiiiI 1962 1963 1964 1965 1966 1967 iiiii 1968 Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total 1/ ( I n U.S . Gov't, securities Loans JL/ b i l l i o n s of Other securities d o l l a r s ) 1962—Dec. 1963--Dec. 1964—Dec. 1965--Dec. 31 2/ 31 2/ 31 31 227.9 246.2 267.2 294.4 134.1 149.7 167.7 192.4 64.5 61.5 60.7 57.3 29.2 35.0 38.7 44.8 1966—June July • Augg Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 306.8 3/ 307.5 309.9 309.4 308.9 309.3 310.2 203.4 3/ 204.5 205.8 206.2 207,2 207 .5 207.8 54.9 54.5 56.0 54.9 33.4 53.4 53.7 48.5 3/ 48.5 48.0 48.3 48.4 48.4 48.7 1967—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25 22 29 26 31 30 26 30 27 25 29 31 210.4 211.0 211.3 213.5 213.5 213.9 217.1 218.2 220,9 221.8 222 .3 224.9 54.2 55.9 57.8 56.1 56.1 55.4 58.8 61.8 61.6 62.3 61.8 59.6 49.9 51.1 52.3 53.6 55.0 56.3 56.5 57.3 51,7 4/ 4/ 314.4 318.0 321.4 323.2 324.6 325.6 332.4 337.3 339.5 342.6 344.4 • 345.9 • 31 4/ 349.0 •' 227.5 • 59.1 62.4 4/ 28 27 P 4/ 353.0 •' 351.8 ' 228.7 • 228.5 61.8 59.9 62.6 / 63.5 .968-- Jan. Feb. Mar. . i 60.3 61.4 \J 2J 3j Adjusted to exclude interbank loans Estimated as of December 31. Beginning June 9, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, total loans exclude, and other securities include, about $1 billion of participation certificates . 4/, Revisions beginning in November 1967 reflect adjustments to December 30, 1967, Call Report benchmarks. e e e e e e e e e L.4.3 - EXHIBIT B, Port 1 LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally Billions adjusted of dollars II i1 iII 1 1 I! i i 11 i i i I iI i 100 — BUSINESS 80 — 60 REAL EST lA T E _ / - — 40 1 CONSUME!R — 1 • - SECURITY 10 H I H II llll i i 11 i i 11111 1 1962 20 i 1963 1964 1965 1966 1967 1968 Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Business Date ( I n 1962--Dec . 1963- -Dec. 1964- -Dec . 1965--Dec . 1966- -Dec . 31 1/ 31 1/ 31 31 31 1967- -Jan. 25 Feb. 22 Mar. 29 Apr. 26 May 31 June 30 July 26 Aug. 30 Sept .27 Oct. 25 Nov. 29 Dec . 31 of d o l l a r s ) 34.2 39.1 43.6 49.2 53.8 23.7 27.2 31.1 35.7 38.8 6.2 6 .7 7.1 7.4 7.9 79.5 54.1 54.3 54.5 54.7 55.0 55 .3 55.7 56.2 56.7 57.2 57.8 58.4 39.0 39.1 39.2 39.4 39.4 39.6 39.8 40.0 40.3 40.6 40.9 41.0 8.4 8.3 8.3 8.1 7.9 7.2 8.9 9.3 9.7 10.0 9.5 9.2 58.9 59.5 41.4 41.9 42.4 10.0 80.1 80.8 2/ 2/ 2/ 2/ 2/ 2/ 1968--Jan. 31 2/ Feb. 28 2/ Mar. 27 2/ 86.5 87.0 87.8 b i l l i o n s Security 47 .6 52.0 58.4 69.4 78.6 81.7 82 .3 82.9 83.7 83.9 84.2 84.4 84.7 86.3 1/ 2/ Consumer Real Estate Estimated as of December 31. 60.0 P Preliminary 10.3 9.0 r Revised Revisions beginning in July 1967, reflect adjustments to December 31, 1967, Call Report Benchmarks These data are not for publication Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1 S 6 4/ 7 1 9 Item Feb. Mar. Apr. May Loans and Investments 2/ + 3.6 + 3.4 +1.8 + U. S. Gov't, securities + 1.7 + 1.9 - 1.7 Other securities + 1.2 + 1.2 + Loans 2/ + 0.6 + 0.3 1.3 + 0.6 + 0.7 + 0.9 Real estate + 0.2 + 0.2 + 0.2 Consumer + 0.1 + 0.1 4- 0.2 Security - 0.1 1/ - 0.2 Nonbank financial - 0.3 0.4 + Agriculture 1/ All other + 0.1 Total loans excluding security 3/ + Total loans excluding security and nonbank financial 3/ + 0.7 1.0 - 1/ +,1.4 + 2.2 Business 1.4 1/ Aug. + 1.0 + 6.8 + 4.9 - 0.7 + 3.4 + + 1.3 + 0.2 + + 0.4 + 3.2 + Sept. Oct. Nov. Dec. Jan. Feb. Mar . P + 2.2 + 3.1 + + + 3.1 + 4.0 - 1.2 3.0 - 0.2 + 0.7 - 0 .5 0.5 + 2.7 - 1.9 0.8 + + 0.9 + 0.2 + + 1.6 1.2 - 0.2 1.1 0.4 + 2.0 i i + + 0.6 + 0.8 + 0.2 + 0.3 + 0.2 0.3 + 0.3 + 0.4 + 0.5 + 0.5 + 0.5 1/ + 0.2 + 0.2 + 0.2 + 0.3 + 0.3 + - 0.2 - 0.7 + 1.7 + 0.4 + 0.3 + 0.3 - 0.2 - 0.1 - 0.2 - 0.1 1/ + 0.3 + 1/ + + 0.2 + 0.1 + 1/ + 0.1 - 0.2 1.1 + 1.5 + + 0.2 - 0.5 + 0.9 - 0.7 + 0.3 + 2.4 + 0.7 July 0.6 + + + June + 2.2 + 0.1 0.2 0.3 + + 1.3 + 1.6 + 6 8 0.7 1.5 - 2.2 1 .7 + 1.1 + 1.0 0 .5 + 2.6 + 2 0.9 .6 , + „ ! 1 i 1 + 0.5 + 0.8 + 0.6 + 0.5 0.5 1.6 + + 0.6 + 0 .3 + 0.1 + 0.4 + 0.5 + 0,.5 - 0.3 + 0.8 + 0.5 - 1.3 0.3 - 0..2 - 0.3 + 0.1 - 0.4 1/ 1/ - 0..1 + 0.2 1/ + + 0.3 1/ + 0..1 + 0.7 0.5 - 0.4 - 0.7 + 1.7 1.3 + 1.,0 + 2.9 + 0.9 + 1.1 + 1.3 + 1.1 0.1 0.7 + 1 .8 + 1.4 + + 1.0 | 0 .3 + 0 .6 + + 0.3 ! 0.1 | 1/ ! 1/ ! | + 1. 2 + + 1.8 i i l i ! 3.2 I 1 + 1.7 | 1J Less than $50 million. 2/ Adjusted 3/ At large b a n k s o n a last W e d n e s d a y b a s i s , b a n k e r s ' a c c e p t a n c e s i n c r e a s e d $125 m i l l i o n in M a r c h 1 9 6 8 , c o m p a r e d w i t h an i n c r e a s e of $ 1 8 7 m i l l i o n in M a r c h 1967 and a d e c l i n e of $92 m i l l i o n in M a r c h 1 9 6 6 . C h a n g e s in c o m m e r c i a l b a n k c r e d i t are b a s e d on d a t a r e v i s e d to r e f l e c t a d j u s t m e n t s to D e c e m b e r 30, 1967, Call Report b e n c h m a r k s . 4/ to e x c l u d e interbank loans. 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 February to last Wednesday of March Item 1968 1967 1966 1965 1964 1963 1962 All commercial banks Total loans U. S. Gov't, securities Other securities Total + + + 1.7 2,1 0.9 0.5 + + + + 3.1 1.2 1.3 5.6 + + + 4.0 1.9 0.3 2.5 + + + 4.0 1.5 0.6 3.2 + 2.2 1/ + 0.5 + 2.7 + + + 1.2 0.5 0.8 1.5 + + + 1.5 1.6 0.9 0.8 Large banks 3/ Total loans U . S . Gov't, securities Other securities Total + 1.0 - 1.7 + 0.6 1/ + + + + 1.9 1.1 1.0 4.1 + + 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 + + + 1.1 1.3 0.8 0.5 Other banks 3/ Total loans U. S. Gov't, securities Other securities Total + + + + + .+ + 1.2 0.1 0.3 1.5 + + + 1.3 0.8 0.4 0.9 + + + 0.9 0.6 0.3 0.6 + + + 0.8 0.2 0.1 0.7 + + + + + + 0.4 0.3 0.1 0.3 0.7 0.4 0.3 0.5 0.5 0.5 0.3 0.3 End of December to end of March Item 1968 1967 1966 1965 1964-/ 1963-/ 1962 • All commercial banks Total loans U. S. Gov't, securities Other securities Total + - 3.6 1.4 1.6 3.4 + + + 2.7 1.6 3.2 2.1 + + - 0.2 4.1 0.5 3.3 + + 3/ 2.4 4.0 1.5 1/ + - 1.1 1.9 0.5 2.5 + - 1.5 1.6 1.4 1.7 + - Large Banks 3/ Total loans U. S. Gov't, securities Other securities Total + - 3.1 1.7 1.2 3.6 + + + 2.9 1.6 2.9 1.6 - 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 -1.4 - 2.0 + 1.2 - 2.3 Other banks 3/ Total loans U. S. Gov't, securities Other securities Total + + + 0.5 0.3 0.4 0.2 + 0.2 1/ + 0.3 + 0.5 + + + + + + 0.7 0.7 0.5 0.5 + 0.5 - 0.7 + 0.1 .1/ + + + 0.4 0.7 0.4 0.2 + + + 0.3 0.7 0.5 0.3 NOTE: Data exclude all interbank loans; call report data for large banks used when available. ]_/ Less than $50 million 2/ Based on estimated data for December 31, 1963, and 1962, for all commercial 3/ banks and for December 31, 1962, for large banks. Based on revised coverage beginning July 1966, January 1967, and January 1968 1.3 2.2 1.5 2.0 0.1 0.2 0.3 0.3 Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late Demember to late March Late February to late Mar ch 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 2/ 1968 1967 90 116 + 164 + 129 + 35 + 351 x + 122 + 118 + 39 + 72 + 161 + 9 + 93 + 88 + 55 + 93 + 49 + 86 + 81 118 + 46 + 315 + 125 + 103 + 87 19 +1 ,379 + 80 +1 ,459 75 26 + 157 + 84 + 73 + 840 + 36 + 473 + 189 + 142 + 127 1 + 190 + 77 + 64 52 12 + 87 + 35 134 25 + 278 + 187 + 17 + 74 + 32 +1 ,574 + 148 +1 ,722 + - 1966 1965 22 64 + 287 + 204 + 83 + 364 + 90 + 148 + 123 + 3 + 187 + 31 + 172 + 99 + 64 + 35 + 20 n.a. n.a. n.a. + 9 + 5 92 n.a. + 97 n.a. +1,232 + 179 +1,411 31 147 + 286 + 159 + 127 + 417 + 71 + 243 + 11 + 92 + 142 + 43 + 104 + 81 + 62 + 35 + 26 n.a. n.a. n.a. + 11 + 62 63 n.a. + 125 n.a. +1,091 + 170 +1,261 + - - + + + + + + + + + - + + + - + + - + + + + 41 109 179 124 55 152 27 32 36 57 95 54 79 71 17 10 65 n.a. n.a. n.a. 44 101 43 n.a. 144 n.a. 459 123 582 1967 1966 472 145 167 184 + 17 +1.,067 + 100 + 598 + 226 + 143 + 211 + 63 + 308 + 57 + 53 + 194 268 + 88 + 66 321 107 + 379 + 236 142 + 152 + 93 +1 ,236 21 +1 ,215 39 100 5 11 + 6 + 683 + 153 + 213 + 125 + 96 + 325 + 149 + 330 + 156 + 93 + 118 123 n.a. n.a. n.a. + 36 + 242 1 n.a. + 243 n.a. +1,769 + 242 +2,011 1968 1964 - + + + + + + + + + + + + - + - + + - + + + + + 290 282 47 51 4 533 261 214 2 56 318 7 113 12 14 398 339 147 71 415 36 213 101 185 129 49 639 59 698 - - Changes S are°compiled from December 27, 1967; December 28, 1966; December 29, 1965; December 30 3/ - 2/ 1964 1965 179 20 + 540 + 414 + 126 + 782 + 92 + 457 + 64 + 169 + 248 + 166 + 190 + 143 + 97 + 219 15 n.a. n.a. n.a. 2 + + 121 307 n.a. + 428 n.a. +2 ,293 + 208 +2' ,501 1964 and - - - - + - + + + + + + - + + + - + + + + + 468 245 114 82 32 422 38 2 96 27 61 184 9 129 41 11 82 306 n.a. n.a. n.a. 65 356 n.a. n.a. n.a. n.a. 127 187 314 Exhibit F Loans and Investments at All Commercial Bankd (In billions of dollars) Date 1957--Dec. 1958—Dec. 1959—Jun. Jun. Dec. 1960--Dec. 1961—Dec. 1962—Dec. 1963—Dec . 1964—Dec . 1965—Dec . 31 31 24 24 31 31 30 31 31 31 31 Loans and investments (old) (new) 1/ (est.) (est.) 1 9 6 6 — J u l . 27 A u g . 31 Sept.28 O c t . 26 N o v . 30 Dec . 31 1967—Jan. Feb. Mar . Apr . May Jun. 25 22 29 26 31 30 J u l . 26 A u g . 30 Sept.27 O c t . 25 4/ 4/ 4/ 4/ N o v . 2 9 4/ D e c . 31 (est.) 4_/ 1 9 6 8 — J a n . 31 Feb. 2 8 M a r . 27 NOTE: 4/ 4/ p jU. S. Gov't. Other securities 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 63.4 63.0 59.5 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 35.1 38.8 44.9 306.9 2 207.4 308.8 308.0 309.0 317.9 52.7 53.7 53.6 53 .6 54.4 56.2 48.6 48.4 48.8 48.7 47.9 48.8 Total loans 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 197.4 3/ 205.6 2/3 205.2 206.4 205.8 206.7 213.0 77.1 76.7 77.9 78.0 78.6 80.6 52.3 52.8 53.2 53.6 53.8 54.0 78.9 79.1 81.1 81.8 81.7 84.6 38.1 38.5 38.5 38.5 38.7 38.9 12.8 12.0 12.5 11.9 11.9 13.3 8.7 8.9 9.1 9.2 9.3 38.7 38.6 38.7 39.1 39.4 39.9 11.7 11.3 11.5 9.4 9.4 ' 9.3 9.3 9.2 9.3 40.2 40.5 40.6 40.7 40.9 41.1 11.4 9.4 9.6 9.7 41.1 41.3 41.8 11.3 10.9 7.1 7.4 7.5 7.2 7.7 7.0 8.6 8.6 8.2 8.6 8.6 8.7 8.5 9.1 9.3 9.2 8.7 230.5 55.8 56.4 57.0 57.5 58.1 58.5 226.1 225.2 226.9 85 .7 86.0 87.9 58.8 59.1 59.5 56.7 57.8 58.3 59.0 218.0 217.3 220.4 220.2 221.5 8.1 8.2 10.5 10.8 9.9 9.0 15.8 15.9 17.5 17.5 Nonbank financial institutions 21.4 23.7 27.2 31.0 35.8 6.2 7.3 7.9 8.4 8.5 6.8 6.8 Consumer 5.9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 6.2 18.8 20.6 11.6 11.3 12.2 11.2 12.0 11.5 11.3 12.5 11.1 % are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. P " Beginning June 24, 1959, asr-arsr- 1/ 47 4.1 5.0 5.0 5.0 5.0 5.7 84.1 82.6 84.0 83.8 84.6 88.5 57.1 59.1 60.1 62.4 62.9 61.7 62.2 63.1 4.2 4.7 4.1 4.1 4.9 5.1 8.6 331.8 334.2 338.8 341.6 62.5 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 8.6 49.4 50.7 52.0 54.0 54.7 56.7 62.2 63.2 61.1 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 71.4 Farm 8.5 7.6 8.3 8.3 56.0 56 .6 57.8 56.2 55.8 54.2 350.1 350.6 351.1 Security 54.0 54.0 54.1 54.4 54.8 55.3 313.8 314.5 320.1 322.5 323.6 329.5 344.1 354.5 / Real estate 9.0 208.5 207.2 210.3 212.4 213.1 218.6 59.8 61.5 Business as "other securities." Revisions beginning in July 1967, reflect adjustments to December 3 0 , 1 9 6 7 , Call Report benchmarks. Individual loans category data are available for publication only on a June and December call data b a s i s . Exhibit G Ratios to Total Deposits 1/ V U.S. Government securities maturing within one year L O A N S Member banks All Reserve city banks commercial Total New York City of Other banks City Chicago Date Country 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 1967—Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. ' Dec. 25 22 29 26 31 30 26 30 27 25 29 3 / 27 3/ 65.6 65.3 65.1 65.1 65.1 65.6 65.1 64.9 64.6 64.0 64.1 63.8 67.6 67.2 66.9 66.8 66.6 67.3 66.2 66.5 66.3 65.5 65.7 65.8 81.8 81.8 81.2 80.9 80.0 82.1 81.5 81.0 79.8 77.8 78.7 79.9 75.8 74.8 73.4 72.1 70.9 74.0 72.3 71.4 72.2 70.7 71.0 70.8 70.4 69.5 68.7 68.3 68.3 68.6 67.8 68.4 68.3 67.7 68.3 68.1 59.3 59.3 59.5 59.8 59.9 60.0 59.6 60.4 58.8 58.6 58.4 58.2 1968—Jan. 31 3 / Feb. 28 3 / Mar. 27p 63.9 63.8 64.6 65.6 65.5 66.4 80.2 79.7 81.8 70.0 70.3 75.1 67.4 67.5 68.6 58.2 58.2 58.3 All commercial banks 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 .11.2 9.5 2/ 7.5 8.0 7.3 6.1 r r r r r r r r 6.2 5.5 5.5 5.2 4.6 4.4 5.2 5.7 5.8 6.4 6.5 6.7 • • # @ * 6.5 6.1 n.a. 1 1 f tT /~V f -P-l <-V« Comparability of figures affected by changes in Federal Reserve membership , mergers, and by changes in the reserve classification of cities or individual banks. r - Revised P - Preliminary. 1/ 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!) 2/ 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. 3/ Revisions beginning in November 1967 reflect adjustments to December 31 1967 Call Report, benchmarks. ' ' NOTE: # 14 3 DEPOSITS AND CURRENCY AND TURNOVER Seasonally Annual adjusted, deposits, monthly averages of daily figures, - EXHIBIT H, Part 1 OF DEMAND DEPOSITS turnover, monthly Billions rate of dollars 180 55 MONEY SUPPLY 50 160 45 140 TIME AND SAVINGS DEPOSITS All commercial banks 120 40 232 SMS A S 100 35 / \/\ 343 TURNOVER Outside NYC. Centers 80 30 U.S. GOVT. JEPOSITS Member 10 10 banks [ m 11 rr 1111111111111 ii m 0 1962 1963 1964 1965 1966 1967 1968 0 Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S. Gov. Deposits beginning July 1967. Exhibit H - Part II S e a s o n a l l Period M c) n e y Total Demand deposits y A d j u s t e d D a t a Currency Time and 1/ savings deposits (all commercial) U.S. Govt. deposits (all member) S u p p l y Turnover outside N.Y. City i (per cent) 1964--December 1965--December 1966--December 159.3 166.8 170.4 125.1 130.5 132.1 34.2 36.3 38.3 126.6 146.9 158.6 5.1 4.2 3.2 33.3 37.4 40.0 1967--January February March April May June July August September October November December 170.3 171.5 173.1 172.7 174.5 176.2 177.9 179.1 179.2 180.3 181.2 L81.5 131.8 132.8 134.2 133.6 135.3 136.8 138.4 139.6 139.5 140.3 141'. 2 141.1 38.5 38.7 38.9 39.1 39.2 39.3 39.5 39.6 39.8 39.9 40.0 40.4 160.8 163.5 166.1 168.1 170.0 172.4 174.6 177.2 178.9 180.8 182 .5 183.8 4.9 4.0 4.8 5.8 4.1 2.2 3.2 3.7 4.5 5.6 5.3 4.4 39.4 39.4 39.1 40.8 39.2 40.1 40.7 41.1 40.8 40.8 41.2 41.1 1968--January February p March p 182.5 182.5 183.4 141.9 141.8 142.3 40.5 40.7 41.1 183.7 185.0 186.6 5.3 6.9 6.5 41.6 42 .1 n.a. Week ending: March 6 13 20 27 183.6 183.4 182.8 183.9 142.7 142 .3 141.7 142.8 40.9 41.1 41.1 41.1 185.9 186.5 186.8 186.9 8.0 7.1 6.4 5.7 n.a. n.a. n*a. n.a. NOTE: Dollar amounts in billions. p - Preliminary r - Revised * - Beginning January 1964, data for 23? metropolitan centers outside New York City. I/ Beginning on June 9, 1966, time deposit data exclude $1.1 billion of balances accumulated for the ' j r http://fraser.stlouisfed.org/ payment of personal loans . Federal Reserve Bank of St. Louis L.4.3 - E X H I B I T I, Part 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday figures 100 TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS TIME DEPOSITS EXCLUDING LARGE CD's - — — 1 LARGE CD's 1965 1966 1967 1968 Exhibit I - Part II Large Commercial Banks T i m e anc[ S a v i n g s P e i i o d Savings Total 1/ (In 1961- -Dec 1962- -Dec 1963- -Dec 1964- -Dec . . . . 1965- -July July 27 26 31 30 7 (Old) 7 (New) 5/ 1965- -Dec . 29 1966- -Dec. 28 (Old) Dec . 28 (New) 5/ 1967- -Mar. 29 m i l l Time V i o n s D e p o s i t s Large certificates of deposit of 2/ d o l l a r ' s ) 41,472 50,011 59,227 66,881 30,082 34,712 38,083 40,698 11,390 14,299 21,144 26,183 3/ 2,782 4/ 5,442 9,579 12,585 8,608 9,857 11,565 13,598 73,672 80,467 43,137 48,314 30,535 34,153 15,203 15,587 15,332 16,566 85,298 50,694 34,604 16,251 18,353 -89,495 89,639 47,099 47,213 42,396 42,426 15,659 15,642 26,737 26,784 96,133 47,098 49,035 19,299 29,736 48,349 48,428 48,533 48,647 48,781 53,310 53,745 54,436 54,162 54,210 19,897 20,107 21,131 20,330 20,330 33,413 33,638 33,305 33,832 33,880 48,516 48,620 55,662 56,341 20,920 21,094 34,742 35,247 1967- -Sept .27 Oct. 25 Nov. 29 Dec . 27 (Old) Dec. 27 (New) 101,659 102,173 102,969 102,809 102,991 1968- -Jan. 31 Feb. 28 104,178 104,961 . 35,322 20,998 56,320 48,741 105,061 35,479 21,035 56,514 48,838 105,352 20,543 35,417 55,960 48,928 104,888 35.460 20,554 56,014 49,120 105,134 .. exclude $400 million of balances accumulated for the payment of 1/ 6 13 20 27 Beginning June 15, 1966, data 2/ 3/ 4/ 5/ personal loans. Negotiable certificates of deposit issued in denominations of $100,000 or more. Estimated. As of December 5, 1962. Revised series. 1968- -Mar. Time other 1/ than large certificates of deposit Exhibit J Member Bank Reserves (Based on a v e r a g e s of d a i l y f i g u r e s ; in m i l l i o n s of d o l l a r s ) Free reserves (excess reserves minus borrowings) D a t e All member Reserve Citv Banks City of New York Chicago Citv Other Excess Reserves Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthlv Averages: 1958--December 1959--December 1960--December 1961--December 1962--December 1963--December 1964—December 1965—December - 41 -424 669 419 268 209 168 - 2 - 80 -109 10 - 50 - 62 19 - 14 - 70 - 32 -104 - 4 - 22 - 11 - 21 - 31 - 8 -197 -449 80 20 - 52 -122 -103 -161 268 237 583 471 394 334 315 238 516 482 756 568 572 536 411 452 557 906 87 149 304 327 243 454 17,866 17,903 18.223 18,961 19,596 20,259 21,096 22,186 1966--Oct. Nov. Dec. -431 -222 -165 -124 - 71 - 95 - 95 - 24 - 50 -246 -245 -159 34 118 140 302 389 392 733 611 557 22,490 22,431 22,415 1967—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. - 16 - 4 236 .175 269 297 272 298 268 160 270 107 - 46 67 68 10 12 7 20 6 39 - 10 23 - 22 -123 - 64 - 15 - 20 1 - 3 - 15 4 3 • 4 11 - 5 - 80 - 84 13 - 38 - 9 33 12 16 6 - 24 14 - 55 233 211 306 242 266 258 254 271 231 191 222 187 373 358 435 309 370 420 359 387 358 286 403 345 389 362 199 134 101 123 87 89 90 126 133 238 22,774 22,992 23,407 23,456 23,448 23,612 23,835 24,104 24,297 24,608 24,765 24,620' 1968--Jan. Feb. p Mar. p 136 30 -311 - 9 - 57 - 14 - 83 - 76 -251 230 160 12 373 391 359 237 361 671 25,009 25,245 25,304 - 1 2 - 59 - 1/ 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 U. S. Gov't, Savings savings and loan bonds 5/ shares 4/ 1966 May June July Aug. Sept. Oct. Nov. Dec . < 1967 Jan. Feb. Mar . Apr . May June July Aug. Sept Oct. Nov. Dec . 1968 Jan. Feb. Mar . 2.1 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.0 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.0 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 585.9 589.5* 588.6 592 .9 594.5 596.2 163.7 166.5 164.3 167.0 53.3 53.6 53.7 53.9 54.2 54.6 54.8 55.2 0.3 166.1 166.0 168.0 168.6 153.6 153.9* 156.1 156.6 156.7 156.6 158.3 159.3 166.9 165.8 171.0 163.6 165.3 167.6 55.5 55.9 56.3 56.8 57.4 57.8 58.4 58.7 58.9 59.5 59.9 600.6 601.5 52.6 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 50.4 50.4 112.2 50.5 50.6 113.0 113.4 50.6 50.9 53.3 53.4 52.8 53.3 54.5 56.0 55.8 53.9 0.1 0.1 0.1 0.1 113.7 114.8 116.3 117.1 122.5 123.0 123.7 123.9 51.0 50.9 51.0 51.1 51.1 51.2 51.3 51.3 51.4 51.4 51.5 51.9 54.2 •51.7 52.9 50.9 49.5 46.5 46.7 47.8 48.2 48.3 49.1 50.5 # 123.7 124.6 125.9 51.9 51.8 51.8 53.6 55.4 56.1 0.2 0.2 0.2 0.2 0.2 0.1 0.1 111.3 111.5 110.9 111.4 112.3 Liquid assets to gross national product 7/ 8 6 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 U. S. Gov't, securities maturing within one year 6/ 50.6 50.6 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nationi- liquid assets al product 7/1 (2 + 3 -r 1) 10 11 85.3 81.3 79.7 80.5 79.5 34.7 32.6 31.3 30.4 29.7 80.2 28.6 79.0 78.4 79.5 27.5 26.4 25.1 24.6 24.1 81.0 81.5 80.0 22.8 79.7 22.5 79.0 22.2 78.5 21.9 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.2 54.3 54.4 54.6 54.3 54.1 54.3 54.5 I 605.1 604.7 615.1 613.2 619.7 168.6 168.6 623.0 630.2 635.4 638.1 645.8 650.2 172.9 173.7 171.9 174.1 176.2 175.7 177.8 180.7 170.7 172.4 174.7 177.2 178.1 655,.8 658 .6 664 .1 179.5 178.2 181.5 186.5 187.6 187.8 620.6 r r P For footnotes see next page. 180.1 183.8 183.1 P - Preliminary 60.1 # 60.6 61.1 61.1 0.1 118.0 0.1 0.1 118.9 119.9 0.1 0.1 121.0 79.2 21.9 79.6 22.1 79.3 22.0 79.6 22.0 79.4 21.7 54.6 54.8 55.0 55.0 55.4 55.8 55.6 55.7 55.8 55.8 56.0 55.9 55.8 55.5 55.6 r - Revised on basis of December 30, 1967, Call Report. * - 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. Digitized for#FRASER - Reflects conversion of a savings and loan association with share capital of about $175 million to a mutual savings bank. Exhibit K (Continued) 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. 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 . 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. 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. 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. 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. 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 q w r l w r ) .
@FedFRASER