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M»3. Jfp-fr- for publication Lf t '- ^ i August 18, 1964. BANKING AND MONETARY DEVELOPMENTS IN JULY 1964 " T — " — Seasonally adjusted loans and investments at all commercial banks declined in 0July following substantial increases in the two previous months. Heavy liquidation of U. S. Government securities was primarily responsible for the reduction. The money supply increased substantially further and time and savings deposits at commercial banks continued to expand. U. S. Government deposits declined more than usual in July but they had increased more than usual in June. Free reserves, excess reserves, and borrowings were close to the levels of other recent months. Seasonally adjusted required reserves 0 increased. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, declined $900 million in July following increases of $1.7 and $1.6 billion respectively in May and June. Over the first seven months of 1964, the annual rate of growth was 5.4 per cent, well below the 8.6 per cent rate in the last five months of 1963» £ and also below the 7.3 per cent rate earlier in that year. Holdings of U. S. Government securities declined $1.6 billion in July, the fourth and largest consecutive monthly reduction in these holdings. Declines at city banks were concentrated around the mid-month and were associated with substantial sales of short and intermediate term coupon issues eligible in the advance refunding. In @addition, heavy sales of bills were made at depressed yield levels and bill holdings also declined as a result of the July 15 maturity. Bill sales and redemptions were offset only in part by moderate bank allotments of the $1 billion Treasury bill on July 7 and the $1 billion bill strip on July 29. Heavier liquidation of U. S. Government securities thus far in 1964 has brought the annual rate of decline through July to 10.5 per cent compared with 2 per cent in the latter months of 1963. * On July 24, large shifts occurred within U. S. Government security portfolios in connection with the Treasury's advance refunding. All commercial banks shifted about $5.5 billion of issues maturing within three years into those maturing in. over five years. Total loans, ^fter allowance for seasonal factors, increased $600 million in 0July, much less than in earlier months this year. The smaller loan rise resulted in large part from reductions in security loans and in loans to finance companies. Through July the annual rate of growth was nearly 12 per cent, slightly above the 1963 expansion. Holdings of non-Government securities (municipal and agency issues) also rose less than in most earlier months of 1964. Purchases of these issues have moderated sharply 0 this year. Seasonally adjusted business loans at all commercial banks rose $300 million in July, a little below the average monthly increase over the first half of the year. So far in 1964, growth has been faster than in the corresponding months of 1963 but slower than in the latter months of that year. At city banks, repayments by metals and petroleum ^concerns were heavier than usual although borrowing in June had been relatively light. On the other hand, loans to miscellaneous manufacturing groups and to public utilities, which frequently decline in July, increased. # 4 - 2 - Real estate and consumer loans at all commercial banks^ continued to expand in July at about the same rate as in other recent months. Loans to nonbank financial institutions declined more than seasonally in July following heavier-than-usual borrowing by sales finance companies over the June tax and dividend period, oecurity loans were also reduced in July following increases in May and June. Deposits and turnover. The seasonally adjusted money supply increased $1.1 billion further in July bringing the annual rate of growth since December to 3.9 per cent, the same as in the year 1963* Growth in June had also been substantial following more moderate expansion earlier in the yf ar. U. S. Government deposits declined more than usual in July but they had also increased more than usual in June. Turnover of demand deposits at 3^3 centers outside New York increased to 35*5 (preliminary) in July from 35.0 in June. Over the past four months turnover has averaged 3.5 per cent above the first quarter of 1964 and 6.6 per cent above the April-July period last year. Turnover began to increase in April of this year after having shown little net change since last July. Seasonally adjusted time and savings deposits at all commercial banks increased $900 million in July, a little less than in May and June. Growth was small in the first half of July, as it had been in late June, but subsequently accelerated markedly. So far this year, these deposits have increased at an annual rate of 10.8 per cent, 4 percentage points below the 1963 rate of expansion. Growth in savings deposits continued moderate at city banks over the four weeks ending July 29; the increase was a little over @ half that in the corresponding weeks last year as has been true for most other recent months. But other time deposits increased considerably more than in July last year, reflecting a larger rise in IPC deposits and also expansion in State and local and foreign official deposits compared with reductions last year. Bank reserves. Free reserves of all member banks averaged $135 million in July,* about the same as the average over the first half of the year. Excess reserves at $400 million and borrowings at $265 million were also close to averages of other recent months. Seasonally adjusted required reserves increased further in July. The effective rate on Federal funds fell below 3.50 per cent on only two days during the month but some transactions took place below that rate on eight days. Reserves were supplied principally through System purchases of U. S. Government securities and absorbed through currency @ outflow. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. August 18, 1964. 1.4.3. - IXHIHI a. Part I I O A N S AT ALI C O M M E K C I A l B A N K S toil Weinetdey el *en«h, ••.a»eeell|f ed|«»led Billions el dotlort' REAL ESTATE 1959 1958 1960 1961 11 111111111111111 1111 Hh 1964 1963 1*62 Exhibit B - Part II Business Date (I n Real estate b i l l i o n s Consumer o f Security d o l l a r s ) 1960——D6C • 3*1 1961—Dec. 31 1962—Dec. 31 1/ 42.1 44.1 47.9 28.7 30.3 34.2 20.5 21.3 23.6 4.3 5.2 6.1 1963—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 48.3 48.7 48.8 49.5 49.3 49.5 35.0 35.5 36.1 36.7 37.3 37.8 38.1 38.4 38.9 39.1 24.6 24.9 25.2 25.4 25.5 25.7 25.8 26.1 26.4 26.6 6.7 5-7 6.1 6.9 6.4 6.3 7.2 6.5 7.3 6.6 27 24 29 29 31 28 25 30 27 31 V 50.0 50.7 51.5 52.4 39.5 52.6 1964—Jan. 29 P 39.8 53.0 Feb. 26 p 40.2 52.8 Mar. 25 p 40.7 53.6 Apr. 29 p 41.2 54.0 May 27 P . . 41.6 54.5 June 30 p y s4_R , 42.0 July ..29 p 1/ Estimated as of December 31 and June 30. 26.7 27.2 27.4 27.6 27.9 28.1 . ?8.2 7.3 7.0 7.9 7.1 7.7 8.1 -&JZ—- 1.4.3 - EXHIBIT A, Part 1 L O A N S A N D I N V E S T M E N T S AT A l l C O M M E R C I A L B A N K S B i l l i o n s of d o l l a r s Lost Wednesday f month, seasonally adjusted TOTAL LOANS AND INVESTMENTS U.S. GQVT. SECURITIES OTHER SECURITIES 1960 1*5* 1961 1962 1**3 M 1 I I I II II II II I I I I 114$ 1164 Exhibit A - Part II Date 1960—-Dec • 31 1961—Dec. 31 1962——Dec. 31 £/ 1963—Apr. 24 May 29 June 29 , July 31 Aug. 28 Sept. 25 Oct. 30 Nov. 27 Dec. 31 1/ Total 1/ Loans 1/ —rrr b i 1 1 i o n a 194.5 209.8 228.3 233.5 235.5 238.4 238.0 239.2 241.5 241.2 244.2 246.5 113.8 120.5 133.9 59.9 65.4 65.2 137.6 139.4 141.7 142.6 143.6 145.4 146.1 148.4 149.4 64.7 64.2 64.4 151,0 246.7 1964—Jan. 29 P 151.8 248.4 Feb. 26 p 153.9 251.4 Mar. 25 p 155.4 251.8 Apr. 29 P 157.3 253.5 May 27 p 158.9 255.1 June 30 p 2/ 254.2 252*5 July 29t> 37 Adjusted to exclude interbank loans. 2/ Estimated as of December 31 or June 30. U. S. Gov't.I Other securities I securities o f d o 1 l a r a) 62.6 62.0 62.2 60.8 61.4 62.1 60.8 61.2 62.1 60.8 60.3 59.9 •?8,? 20.8 23.9 29.2 31.2 31.9 32.3 32.8 33.6 33.9 34.3 34.4 35.0 34.9 35.4 35.4 35.6 35.9 36.3 16.4 I L US Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted* (In billions of dollars) 19 19 6 3 6 4 Jan. p Feb. p Mar . p Apr. p May p June p 4/ +2.3 +0,2 +JU7 +3.0 +0.4 +1.7 +1.6 +0.6 +0.7 -1.3 +0.4 +0.9 -1.3 -0.5 -0.4 -1.6 +0.4 +0.1 +0. 6 -0.1 +0.5 +0.2 +0.3 +0.4 +0.1 +1.8 +0.7 +2.3 +1.0 +1.6 +0.8 +2.1 +1.5 +1.9 +1.6 +0. 6 +0.2 +0.5 +0.7 +0.8 +0.9 +0.2 +0.4 -0.2 +0.8 +0,4 +0.5 +0.3 +0.6 +0.5 +0.3 +0.3 +0.5 +0.2 +0.4 +0.3 +0.4 +0.5 +0.5 +0.4 +0.4 +0.2 +0.1 +0.2 +0.1 +0.3 +0.3 +0.2 +0.1 +0.5 +0.2 +0.2 +0.3 +0.2 +0.1 Security +0.8 -0.5 -0.1 +0.9 -0.7 +0.8 -0.7 +0.7 -0.3 +0.9 -0.8 +0. 6 +0.4 -0.4 Nonbank financial +0.4 +0.6 -0.3 +0.2 +0.2 -0.1 +0.3 -0.3 +0.£ +0.4 -0.1 1/ +0.4 -0.3 Agriculture -0.1 -0.3 -0.3 +0.2 +0.3 +0.2 -0.1 +0.2 -0.2 +0.1 +0.1 +0.1 1/ 1/ Item June July Aug. Sept. Oct. Nov. Loans and Investments 2/ +2.9 -0.4 +1.2 +2.3 -0.3 +3.0 U. S. Gov't, securities +0.2 -1.8 -0.6 +0.2 -1.4 Other securities +0.4 +0.5 +0.8 +0.3 Loans 2/ +2.3 +0.9 +1.0 Business +0.7 -0.2 Real estate +0.6 Consumer Dec. 4/ -1 - July p All other +0.3 +0.1 1/ 1/ +0.2 1/ +0.3 -0.1 +0.3 +0.4 +0.4 -0. 2 +0.2 +0.1 Total loans excluding security 3/ +2.1 +0.9 +0.3 +1.3 +2.0 +1.7 +1.8 +0.5 +1.5 +1.3 +1.9 +1.1 +1.7 +0.6 Total loans excluding security and nonbank financial 3/ +1.7 +0.3 +0.6 +1.1 +1.8 +1.8 +1.5 +0.8 +1.3 +0.9 +2.0 +1.1 +1.3 +0.9 NOTE—Individual loan items may not add to change in total loans because: (1) loan items are gross of valuation reserves while total loans are net and (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject 1/ 2) 3/ 4/ * to revision. Less than $50 million. Adjusted to exclude interbank loans. Derived by addition of items and not by subtraction from total loans. Estimated as of December 31, 1963 and June 30, 1964. Changes based on recently revised seasonally adjusted data; figures for the period beginning 1948 are published in the June 1964 Federal Reserve Bulletin. Only major credit components have been revised. Individual loan items have not been changed. 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 June to last Wednesday of July Item All commercial banks Total loans U. S. Gov't, securities Other securities Total Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total 1961 1960 1959 1958 -0.7 -0.7 + 2.5 +1.1 +0.2 +2.4 +1.9 1/ +1.5 -1.4 -0.5 -0.1 -2.0 -0. 6 -0.8 + 2.0 +0. 2 1964 4/ 1963 1962 -0.5 -0.7 +0.3 -0.8 -0.7 -1.0 +0.5 -1.3 -1.6 +0.5 -1.4 -0.4 -0.6 +0.1 -0.9 -1.2 +0.4 -1.6 -1.5 -0.9 +0.3 -2.1 -0.1 -0.1 +0.7 +0.2 +0. 2 +0. 2 +0.1 +0. 2 -0.1 +0.8 1/ 1/ +0.3 +0.7 +0.8 -0.8 -0.1 -0. 2 +2.8 +0. 2 +2.0 +0. 2 +1.6 +0.1 +1.0 +0.2 +1.3 +1. 2 -1.6 -0. 6 -0.1 -2.3 +0.1 +0.5 -0.1 +0.1 +0. 2 1/ 1/ +0.3 +0.1 1/ +0.3 1/ +0. 6 End of December to end of July Item 1964 2/ 1963 2/ 1962 1961 1960 1959 1958 +5.3 -5.2 +1.5 +2.2 +1.6 +4.5 -3.9 +3.6 +4.2 +3.4 -0.4 +3.7 +1.4 +4.8 +1.9 -2.2 -0.5 -0.9 37+6.4 3Z-5.3 3/ 1/ 3/+1.3 -1.0 +5.9 42.0 +6.9 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +1.5 -3.3 +0.7 -1.1 +0.9 -3.2 + 2.7 +0.4 -0.5 -2.5 +2.7 -0.2 -2.0 +3.5 +0.9 + 2.5 -0.4 -0.4 -0.3 -1.0 43.3 -4.4 -0.1 •1.1 -2.5 +5.6 +1.4 +4.5 Other banks Total loans U. S. Gov't, securities Other securities Total +3.8 -1.9 +0.8 + 2.7 +3.6 -0.7 +0.9 +3.8 +2.7 +0.1 +1.6 +0.2 +0.9 +3.6 +0.5 +2.3 +2.3 -1.8 -0.2 +0.1 3/+3.1 3/-0.9 3/+0.1 3/+2.4 +1.5 +0.3 40. 6 + 2.4 All commercial banks Total loans U. S. Gov't, securities Other securities Total -2.4 +3. 6 NOTE--Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. | 2/ Based on estimated data for December 31, 1963 and 1962. 3/ In January and April 1959, total credit increased over $600 million as a result of bank structure changes; loans, $400 million; U. S. Government securities, $200 million; and other securities, $100 million. 4/ From June 24, 1964; data for four previous years based on June 30. Digitized forData FRASER for June 24, 1964 revised. m Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) i End of June to end of July Business of borrower 1964 1963 1962 1961 I960 Food processors Commodity dealers Trade concerns Total + - + - 54 49 74 79 - 78 + 17 + 8 - 53 -109 + 78 - 7 - 38 + - 74 16 37 95 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 -363 + 22 -158 -153 + 44 -116 -203 + 18 - 92 -187 + 28 - 71 + 82 + 57 + 42 - 43 -134 +10 + 38 + 38 + 18 +139 +114 + 25 -18 n.a. n.a. -250 + 6 -244 -491 -54 -545 Classified Unclassified Total change 76 55 50 71 1 End of December to end of Jul: 1964 2/ 1961 I960 -863 -597 -234 +_77 -754 -607 -274 -203 -1,084 -662 -686 +327 -1,021 +193 +228 - 29 - 73 +332 - 43 -101 +298 - 74 -342 +173 + 30 +754 +298 -131 + 25 - 37 + 12 +387 -322 +333 +377 -389 +143 +525 -507 +192 +224 -380 + 69 +361 - 68 +101 + 67 n.a. n.a. + 49 n.a. n.a. +565 n.a. n.a. +161 n.a. n.a. +226 n.a. n.a. +421 n.a. n.a. +160 n.a* n.a. -252 - 18 -270 -379 -160 -539 +143 +503 +646 -354 +202 -152 -195 +22? + 34 -888 ±33 ^55 +453 + 63 +516 1963 . 1962 -706 -474 - 32 -1£L2 -648 -215 -298 + 49 - 83 - 21 - 48 + 18 + 32 n.a. n.a. -205 - 4 -208 — — T 7 F i v e most comparable weeks used throughout. 2/ Changes for 1964 are compiled from December 25, 1963, rather than from December 31, 1963; the December 25 date is more comparable with earlier years e.g., December 26, 1962 and December 27, 1961. However, these data can not be linked with all commercial bank data which are always for December 31• Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1957—Dec. 1958—-Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 1963—Jan. Feb. Mar. Apr. May June 30 27 27 24 29 29 (old) (new) 1/ (est.) July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 (est.) 1964—Jan. Feb. Mar. Apr. May June July 29 26 25 29 27 30 29 p p p p p p (est.) p v Loans and investments U. S. Gov't. 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 >ther :urities Business Real estate 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 23.7 229.1 230.4 231.9 232.3 233.6 239.1 66.2 65.3 64.8 64.0 63.0 63.5 29.5 29.9 30.7 31.4 31.7 32.4 133.4 135.2 136.4 136.9 138.9 143.1 47.3 47.7 48.6 48.6 48.8 49.9 34.5 34.7 34.9 35.4 36.0 36.7 5.6 6.5 6.0 5.8 6.0 6.9 7.4 7.4 7.5 7.4 7.5 7.5 237.8 237.1 241.9 242.4 245.0 252.4 62.5 60.9 32.9 33.7 34.2 34.5 34.1 35.1 142.4 142.5 146.0 146.0 148.6 153.9 49.0 49.2 50.1 50.6 51.9 53.7 37.3 37.8 38.2 38.6 39.0 39.2 6.4 6.1 7-4 6.5 7.0 7.9 246.2 247.2 249.9 250.6 251.5 256.1 254.0 62.1 61.5 61.5 34.6 35.1 35.6 35.8 35.8 36.4 36.6 149.5 150.6 152.8 154.7 156.7 160.5 159.2 51.8 52.4 53.2 53.4 53.9 55.0 54.4 39.5 39.8 40.1 40.6 41.1 41.6 42.0 7.1 6.9 7.1 7.2 7.5 8.1 7.7 61.0 61.8 62.0 62.3 63.4 60.1 59.1 59.1 58.2 • s t t r f c r t s s s r j s x loans" have been revised to exclude loans to nonbank financial institutions. w r i s . ' Nonbank financial Institutions Consumer Farm Security Total loans 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 23.8 24.0 24.2 24.7 25.1 25.5 7.5 7.7 8.0 7.6 7.8 8.6 10.1 10.0 9.9 10.2 10.6 11.0 7.2 6.8 7.0 7.3 7.4 7.4 25.7 26.0 26.1 26.3 26.5 26.7 8.9 8.7 9.1 8.6 8.6 10.2 10.8 10.8 11.0 11.1 11.3 11.8 7.5 7.4 7.5 7.6 7.7 7.8 7.8 26.6 26.8 27.0 27.4 27.8 28.2 28.4 8.6 8.8 9.3 9.3 9.3 10.1 9.5 11.3 11.4 11.5 12.1 12.3 12.6 12.4 i s : -—— : = : ' = Exhibit G Ratios To Total Deposits 1/ U« S. Government securities maturing within one year L O A N S Date At I All timercial banks Total Member banks Reserve1 city banks City of New York Other Chicago City Country 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 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 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 35.9 34.9 42.5 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 30.4 25.6 32.3 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 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 1963—Mar. 27 Apr. 24 • May 29 June 29 • July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 25 57.0 57.1 57.9 57.7 57.8 58.4 58.6 58.4 59.0 58.6 58.1 58.2 58.9 58.7 1 58.7 59.4 59.6 59.5 60.2 59-9 65.I 64.9 66.4 66.4 65.6 67.3 67.5 66.6 69.3 67.4 61.1 59.8 58.7 58.8 58.5 60.4 62.0 61.7 61.2 62.1 60.9 61.4 61.8 61.3 61.7 62.6 62.7 63.O 63.5 63.3 52.7 52.9 53.6 53.6 53.7 53.8 53-8 53.6 54.0 53.8 1964—Jan. Feb. Mar. Apr. May # June July 58.8 59.3 59.3 60.2 60.8 60.9 61.0 60.0 60.5 60.5 61.4 61.9 62.0 62.1 67.3 67.6 67.5 68.4 69 .,3 68.6 68.7 62.1 62.3 62.5 61.9 61.4 62.7 61.3 63.9 64.2 64.1 65.I 65.4 65'. 4 66.0 53.9 54.5 54.7 55.6 56.1 56.4 56.4 1948—Dec. 1949—Dec. •950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—-Dec. 1955—Dec. #956—Dec. 1957—Dec. 1958—Dec. 1959—Dec. 1960—Dec. 1961—Dec. #.962—Dec. # 29p 26p 25p 29p 27p 24p 29p All commercial banks I 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 y 7.5 7.6 7.8 7.4 7.2 7.4 7.2 7.4 7.3 7.5 7.2 6.8 6.5 6.3 6.4 6.5 n.a. 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 ft (adjusted to exclude cash items in process of collection). 2/ Prior to 1951, data are on call basis and beginning in 19511 they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. !>/ Estimated for December 31. NOTE—Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.; by changes in the reserve classification of cities or individual banks, and by changes in items. 1.4.3. - E X H I B I T M, Port 1 DEPOSITS A N D CURRENCY A N D TURNOVER OF DEMAND DEPOSITS Seasonally adjusted; deposit*, semi-monthly averages of dolly figures; . turnover, monthly Annual rate Billions of dollars MONEY SUPPIV TURHOVti 3 4 3 centers V T I M ! AMD SAVINGS DEPOSITS U.S. GOVT. DEPOSITS N o t a d j u s t e d for s e a s o n a l I II II I I IiM 1951 1961 i960 1962 g-Hibit S e a s o n a 1 1 y M o n e y Period Tdtal H . part II Demand deposits A l l c o m m e r c i a l banks. A d j u s t e d S u p p i y Currency 1965 1964 1963 Time and savings deposits D et t a Turnover 343 centers outside NY U. S. Gov't, deposits 1962—Dec. 1963—Dec. 147.6 153.2 117.1 120.7 30.6 32.4 97.9 112.3 31.3 33.9 5.6 5.2 1964--Jan. Feb. Mar. Apr. May June July 153.8 153.8 154.2 154.7 154.5 155.6 156.7 121.2 121.1 121.3 121.7 121.3 122.1 123.3 32.6 32.7 32.9 33.0 33.3 33.4 33.5 113.9 115.1 115.7 116.4 117.4 118.5 119.4 34.8 33.7 34.4 36.0 35.3 35.0 35.5 4.2 4.8 6.1 4.2 6.9 7.8 7.0 155.2 155.9 156.8 156.7 121.7 122.5 123.4 123.2 33.5 33.4 33.4 33.5 118.4 118.6 118.9 119.8 n. a. n. a. n. a. n.a. 6.3 9.3 9.1 5.1 p 1964--June (1) (2) July (1) (2) p p Preliminary. . 4 g , 1 A 1 1.4.3 - E X H I B I T I, fart I-'} TIME A N D S A V I N G S DEPOSITS AT MEMBER B A N K S U N L E A D I N G CITIES I Wednesdoy B i l l i o n s of d o l l a r s figure* TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS Of INDIVIDUALS, PARTNERSHIPS, AND CORPORA!IONS SITS 1H2 l?*4 1143 Exhibit I - Part II T i m e Period 'Total (I n and S a v i n g s Savings ni i 1 l i o n s D e p o s i t s Individuals, Other time partnerships, deposits \/ and corporations of d o l l a i • s) 1961--Apr. Dec. 1962--Dec. 1963—Dec. 26 27 26 31 38,175 41,472 50,011 59,227 27,819 30,082 34,712 38,083 5,480 5,969 9,080 13,310 4,876 5,421 6,219 7,834 1964--Mar. Apr. May June 25 29 27 24 61,414 62,223 62,997 63,082 38,566 38,437 38,664 38,848 14,513 14,950 15,411 15,481 8,335 8,836 8,922 . 8,753 July 1 8 15 22 29 63,112 63,332 63,481 63,769 63,921 " 39,053 39,084 39,118 39,156 39,168 15,360 15,530 15,658 15,838 15,943 8,699 8,718 8,705 8,775 8,810 1/ Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. Exhibit J Member Be** Bnwrres (Based on. averages of daily figures; in nrillions of dollars) Total reserves held seasonally adjusted Free reserves (excess reserves minus borrowings) Beserve City Banks City of New York cit Monthly averages: 1956—December 1957—December 1958—December 1959—December 1960«—December 1961—December 1962—December 17,201 17,077 17,942 17,978 18,283 18,977 19,609 -203 -228 -197 -449 80 20 - 52 344 277 268 237 583 471 394 652 577 516 482 756 568 572 1963—March April May June July August September October November December 269 313 247 138 161 133 91 94 33 209 - 8 - 1 - 1 - 59 15 - 80 - 55 - 99 - 74 19 - 347 350 318 314 308 315 295 298 281 334 424 434 456 374 483 463 412 407 409 536 155 121 209 236 322 - 21 - 33 - 27 - 64 -111 -149 - 75 -108 - 93 -138 -122 20,080 19,798 19,985 19,903 19,994 20,299 1964—January February March April May June 173 88 98 162 84 - 23 - 7 - 17 - 2 - 26 - -116 - 87 - 54 • - 77 • -112 -315 334 273 255 257 223 24? 429 3S2 357 375 339 388 256 304 259 213 255 20,307 20,270 20,460 20,436 20,409 20,703 1 • - 86 - 77 32 -104 - 4 - 22 -11 688 268 • 91 .105 - 80 .109 10 - 50 - 62 oU - 36 -133 - 41 -424 669 419 37 9 8 7 12 27 41 - 11 - 36 22 89 86 14 5 14 710 557 906 87 149 304 330 321 313 376 327 270 19,752 19,730 19,858 19,868 formerly classified as NOTE—Beginning July 26, 1962, figures for both New York and the City of Chicago include banks 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 Total Demand deposits and currency 1/ Commercial banks 3/ Mutual savings banks 1 2 3 4 1954 1955 1956 1957 1958 1959 1960 1961 1962 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 130.2 133.3 134.6 133.5 138.8 139.7 - 138.4 142.6 144.8 1963 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 466.5 469.8 472.9 476.0 478.2 482.5 483.9 489.0 493.2 495.3 1964 Jan. p Feb. p Mar. p Apr. p May p June p July p 498.8 499.5 503.9 505-9 507.6 511.1 510.4 End of year or month f Digitized for For FRASER footnotes Savings and Postal: loan Savings shares System 4/ 5 6 U. S. U. S. Government Gov1t. securities savings maturing bonds within one 5/ year JS/ 7 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 '48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 27.2 32.0 37.0 41.7 47.7 . 54.3 61.8 70.5 79.8 145.0145.4 145.2 146.5 146.9 146.2 • 147.1 148.8 149.6 149.6 102.2 102.9 104.0 105.0 106.2 107.1 107.9 110.1 111.9 112.9 42.2 42.5 42.8 43.1 ^-43.3 43.5 43.7 44.2 44.6 44.5 0.5 0.5 0.5 0.5 -°-5 0.5 0.5 0.5 0.4 0.5 83.2 83.9 84.7 85.6 86.2 87.2 88.3 89.1 90.0 90.8 47.9 48.0 48.1 48.2 48.3 48.4 48.5 48.5 . 48.6 49.0 149.5 148.4 150.2 149.9 149.6 151.2 151.4 114.8 115.5 115.9 117.0 117.9 118.4 119.8 45.0 45.4 45.6 46.0 46.3 46.6 4?.l 0.5 0.4 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.8 95-7 96.7 49.1 49.0 49.0 49.1 49.1 49.2 49.3 see next page. 8 Ratios: Demand de- Commercial Liquid posits and bank deposits assets currency and currency to gross to liquid to gross national assets , national product product 7/ (2 + 3 * 1 ) 7/ 11 : 10 9 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.5 80.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 *5.5 ' 46.5 47.6 47.2 46.7 49.5 48.0 47.9 48.1 48.1 81.0 ' 25.3 81.6 25.2 81.8 25.0 81.9 24.8 53.0 52.9 52.7 52.8 52.9 52.5 52.7 52.9 53.0 53.0 48.6 48.4 49.3 49.5 49.4 49.4 45.7 82.0 24.5 82.0 24.3 53.0 52.8 52.8 52.8 52.7 52.8 53.1 Exhibit K (Continued) Hoi fHng* of the United States Goveracent, Governcent agencies and trust funds, domestic commercial banks, and Federal Be serve Banks. Adjusted to avoid double counting whenever possible. Ail series adjusted for seasonal variation by the X-9 variant of Method H 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 iiifch*Federal Reserve Bulletin for August 1962, p. 9'H, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Deinand 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 Waited 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 Kank* 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 Tonn Bnnk Board. >. Includes all types of savings bonds held by investors other than commercial and mutual savings Holdings of savings and loan associations hanif« and 0. S. Government agencies and trust funds. 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 TJ. 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 D. S. Treasury Department1 s Survey of Ownership of U. S. Government Securities. Gross national product figures-ere 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).
@FedFRASER