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FEDERAL RETT'S BANK
of K A N S
1
Loif 3
'
AUG
20
S CITY
)L 2
^ fc&earch L'A—-y —
BANKING AND MONETARY DEVELOPMENTS IN JULY 1962
Total commercial bank credit, seasonally adjusted, declined
in July following substantial growth both in June and earlier in the
year. Holdings of U. S„ Government securities dropped but holdings
of other securities continued to expand rapidly. Total loans increased
slightly further with business, consumer, and real estate loans continuing to show moderate growth. The money supply declined somewhat
further while time deposits at commercial banks continued to rise.
U. So Government deposits declined. Total reserves and free reserves
of member banks increased.
Bank credit. Total credit at all commercial banks, seasonally
adjusted, declined $1.5 billion in July following an increase of almost
$3 billion in June. 1/ U. S. Government security holdings, unadjusted
for seasonal, declined slightly in July, whereas for seasonal reasons
they would be expected to rise, influenced in the past by large seasonal
Treasury financing operations in that month. This year, however, financing in July included only increases of $200 million in each weekly
bill issue. And after seasonal adjustment bank holdings of U. S. Government securities declined by about $3 billion.
Holdings of non-Government securities rose substantially
further reflecting in large part continuing bank purchases of Federal
agency issues. Total seasonally adjusted loans increased slightly
further but less than in other recent months. Business, consumer, and
real estate loans continued to show moderate growth but security loans
dropped sharply.
The decline in total credit in July occurred at weekly
reporting banks in leading cities. At other banks, total credit
appeared to grow about as usual. Changes in U. S. Government security
holdings at weekly reporting and other banks followed a pattern similar
to that in total credit. Holdings of other securities increased more
than they usually do at each group of banks. There was a fairly substantial decline in total loans at city banks as there has been four of
the past five years (1959 being the exception), while loans at other
banks showed little change, as is usual.
2/
Seasonally adjusted data for total bank credit and major components
were presented through June in the July 1962 Federal Reserve Bulletin.
Monthly data for July were shown in the Board's G.7 release, "Assets
and Liabilities of All Banks in the United States." Beginning next
month, the format of "Banking and Monetary Developments" will be
revised to incorporate those data and other changes.
Not for publication
So far this year, total bank credit, seasonally adjusted,
has increased $7.8 billion, or at an annual rate of 6.3 per cent.
This was slower than the rate of growth in 1961 but faster than usual
in the postwar period. Since March, however, there has been some
slowdown in credit expansion. During the first seven months, bank
credit at leading city banks fell much less than in other recent years
when it had declined—1955-57 and 1959-60? at other banks credit growth
has been larger than usual.
Loan growth was moderate over the entire January-July period
while holdings of non-Government securities increased rapidly, associated early in the period with purchases of municipal issues and more
recently with purchases of Federal agency issues. Holdings of U. S.
Government securities declined more than usual through July, wholly as
a result of experience during the last month.
Business loans at all commercial banks rose moderately further
on a seasonally adjusted basis in July. So far this year growth in
business loans has been at about the same rate as in i#6l but considerable below that in earlier periods of economic expansion.
Loan repayments by metals concerns in July more than offset
the smaller-than-usual rise in June. Loans to petroleum concerns
declined about as usual for this time of year. Net repayments by
food processors and net new borrowing by commodity dealers were also
about seasonal» Loans to public utilities increased slightly further
following a moderate rise in June. Loans to "other manufacturing"
groups, which had been increasing substantially earlier in the year
declined more than usual in July after allowance for one large lumber
loan included in the category.
Security loans declined substantially further on a seasonally
adjusted basis in July. Loans to U. S. Government security dealers
dropped almost steadily following mid-June tax and dividend borrowing.
Broker loans on other securities, which had been declining since early
May, dropped further in July. So far this year, seasonally adjusted
security loans have declined almost $1 billion—about the same as the
increase in 1961.
Real estate loans at all commercial banks continued to
expand substantially in July. So far this year these loans have increased at an annual rate of 12 per cent, only slightly below growth
in the comparable months of the two previous recoveries. Consumer
loans at all commercial banks rose further in July.
Money supply. The daily average money supply, seasonally
adjusted, declined $200 million further between the second half of
June and the second half of July. In late July, deposits and currency were somewhat below the late December level, over $1 billion
below the April peak, and about 2 per cent above the year-ago level.
Not for publication
Time and savings deposits at all commercial banks, seasonally
adjusted increased $700 million further in July, a somewhat smaller expansion than in May or June, At weekly reporting banks in leading cities,
savings deposits, which had picked up in late June following some slowdown in the spring, rose substantially further in July. Other time deposits, however, declined for the first time this year.
The seasonally adjusted annual rate of demand deposit turnover
at banks in 343 centers outside New York increased to 32,3 (preliminary)
in July from 31*4 in June, After increasing in January, turnover showed
little further change in the first quarter, Since then it has been rising, however, and over the past four months has averaged 9 per cent above
the comparable months a year ago.
Bank reserves, Required and excess reserves of member banks
increased further in July. Excess reserves at $530 million were somewhat above the $4?0 million June average while borrowings at $90 million
were about unchanged. Free reserves averaged $445 million compared with
$370 million a month earlier. At central reserve and reserve city banks,
reserve positions shifted to free reserves from net borrowed reserves,
and at country banks, free reserves increased. The effective rate on
Federal funds was high during July and early August—seldom below 2-3/4
per cent and often at 3 per cent.
During July, on a daily average basis, reserves were absorbed
primarily through an increase in currency in circulation and an outflow
of gold. Reserves were supplied through an increase in float, which was
above seasonal levels throughout the month primarily because of the airline strike. In addition, other F. R. accounts declined reflecting in
part System purchases of foreign currencies. Federal Reserve holdings of
U. S. Government securities were about unchanged. Purchases were substantial in late June and early July, associated in part with turn-of-the-month
and holiday currency drains. Sales were heavy, however, around the midmdnth
when float increased sharply.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
August 15, 1962.
Not for publication
L.lt.3
- 4 Table 1
e
Estimated Changes in Loans and Investments at All Commercial Banks
(in billions of dollars)
Item
Total loans (less interbank)
Business (excluding nonbank financial
or sales finance companies 2/
Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies))
Real estate
Security
Agricultural
Consumer
All other 2/
End <
of June to last Wednesday of July
1962 6/
1961
I960 6/ 1959 6/ 1958 6/ 1957 i}m
-0.9
-0.7
-0.7
-0.5
-0.2
y
-0.5
-0.3
y
-0.7
-0.1
y
+1.1
V
7X-0.7) &(-0.8) 7/(-0#8) lA+0.3)
+0.1* ' +0.2
+0.2
+0.2
+0.1
-0.5
+0.1
+0.1
+0.3
—0*1
y
-0.2
-1.1*
-1.0
—0,8
—0*6
•ki
•fc.
(-0.9)
+0.2
-0.9
M.1
y
(-0*9)
+0.1
—0.2
-0.1
+0.1$
y
-0.5
+0.8
U. S. Government securities
-0.2
+2.8
+2.5
Other securities
+0.7
+0.2
+0.1
y
—0.1
-0.4 1
4
+1*9
+1.5
-2.0
Total (less bank)
Item
Total loans (less interbank)
Business (excluding nonbank financial
or sales finance companies) 2/
Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies))
Real estate
Security
Agricultural
Consumer
All other 2/
2»li
+0.2
End or June to last Wednesday oj July
1956
1955
1954
1953
1952
2/.
—0.2
1951
—0.1*
*0.6
-0,6
+0.3
+0*2
-0.6#
—0*1
+0.2
—0.3
+0.1
-0.2
y
n*a*
n*a0
y
n.a.
(+0.1)
+0*1
+0.2
+0.1
+0.1
y
(-0.2)
+0.1
+1*,6
+1.7
+0.2
+0.1
+0.1
%
(-0,3) (+0*2)
+0*1
+0.2
-0.1
1/
-0.1
-5.2
+0.1
+0*2
-0.1 ' +0.1
if
(-0.3)
+0.2
-0.1*
U. S. Government securities
-o.l*
+o.l*
+0.8
Other securities
-0.2
-0.1
+0.2
y
+ U.1
+0.1
+0.1
(-0.3*
+0.1
-0,1
•0.1
*
w
Total (less bank)
—1.0
>5.0
+1.0
+0.1*
+2.1
-0.3
"TT i^ess znan
minion, n.a.June 1959 and exclude loans to nonbanjc financial institutions. For previous yearss loans
to sales finance companies at weekly reporting banks have been shown separately to provide
roughly comparable changes in business loans on revised basis. 3/ Included in business
and "all other." V
Included with nonbank financial, 5/ Includes about $100 million
repayment on Sears' transaction. 6/ Data are for last Wednesday of June. 7/ Not strictly
comparable with previous data since all nonbank financial are included rather than sales
finance
only.
#
L.lt«3
Table 1
Estimated Changes in Loans and Investments at All Commercial Banks
(in billions of dollars)
Item
"#tal loans (less interbank)
Business (excluding nonbankfinancial
or sales finance companies) 2/
Nonbank financial
~
Sales finance companies
(Business (including nonbank financ i a l or sales finance companies))
Real estate
Security
Agricultural
Consumer
All other 2/
End ofr December to last Wednesday of Jul;
fT95o
¥t c\c?e> 'a >1i "tnro
9^r
1957"
l^" JZ
ucn "™
1952
*1*8
=0^2:
°0oU
y
+1.9
-0^8
y
+1.0
-0.1
V
7/(->Oo6) ji"202)7/(+0.9)
' " ^ +0.8
+2.1
+0.3
-1.8
-1.1
+6.1*
-1.0
+1.U
+1,8
—1.6
+1.0
9/+0.3
tiy+o.s
k)
,8
y
-loO
(—2*6)
+0,8
—o< 5
+0< 1
+1, 9
+0.3
+0.5
(+0.9)
+0.2
—0.6
+1.1 5/+0.6
+0.6 +0.3
+0.5
>1.3
1/
U, S 0 Government securities
-2.6
-2.2
-5 #3
+5.9
-2.3
Other securities
+3.8 | +l.lt
-0.5
1/
+2.0
+0.5
+3.0 ( +U.8
-0.9
+1.3
+6.9
-0,1*
*0.5
#
Total (less bank)
Item
Total loans (less interbank)
Business (excluding nonbankfinancial
#»r sales finance companies) 2/
Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies))
Real estate
#curity
Agricultural
Consumer
All other 2/
U. S. Government securities
e
Other securities
S
|
X>
+3.7
—0.3
+0.9
+0.2
+0, 6
End of December to last Wednesday of July
1955
i m
I 195S
" W
+3.8
+5.o
-0.8
+1.2
+1.7
+1.9
+3.1
+1.6
—1.2
-0.3
-0.6
-£2
J a
.£2
n.a«
3/
Ms
y
+0.6
(•2.6) (+2.2)
+1.1 +1.6
-0.7
-0o3
+1.1
+0.2
-t{o
+l„h
+0.7
-5.U
-5.3
-0.1*
+0.1&
(-i»lt)
+0.7
—0.3
+0.1
-0.1
+0.2
(-O.li)
+0.6
—0*2
—0»1
+1.3
(—0.8)
+0.5
+0.5
+0.1*
(+1.5)
+0.7
—o.U
+0.3
+0.2
+0.9
+0.2
+0.9
-0.1
+i#U
—3.3
+1.0
+0.2
+0.8
+0.I1
Total (less bank)
-2.0 +0.1 +1.1
+1.3
+3.9
-1.0
1/ Less than $50 million8 n.a.—Not available. 2 / EData are on revised basis beginning June
±959 and exclude loans to nonbank financial institutions. For previous years, loans to sales
finance companies at weekly reporting banks have been shown separately to provide roughly
comparable changes in business loans on revised basis, 3/ Included in business and "all other.
h/ Included with nonbank financial. 5/lncludes about $6u0 million net increase due to Sears'
transaction.
j/ Business loans subsequent to 1959 are rut strictly comparable with previous
data since alx nonbank financial are included rather tuctn sales finance only. 61/ As a result
of bank structure changes in January and April 1959 total credit increased about $700 million;
#>tal loans $4,00 million| U. S. Government securities $200 million; and other Securities
$100 million.
9/ July. 10/ January - June.
6
I/™ u«j
Table 2
Changes in loans and Investments at Weekly Reporting
Meafeer Brake and Nonrei
( a billions ef
Last Wednesday in June to last Wednesday in July
Item
1962
Weekly reporting banks
1961 y
1960
1958
1957
-1 6
-0*6
—0.1
—0.9
+0.3
-&L
—0 • 6
+0.1
+0.2
+0,1
—0 0 1
J L
JL.
1959
1/
Total loans
U» S« Government securities
Other securities
Total loans and investments
-0.9
-0.7
+0.4
— 101
—0 a 6
+2.0
+0.2
+ 1.6
-0.8
+2.0
+0.2
+1.3
-0.1
+0.8
2/
T O
+0.1
+0.5
-0.1
+0.6
+1.0
+0.2
JkL
+1.2
6
i
-2.3
Soarewtlng banks 1/
Total loans
U, S. Government securities
Other securities
Total loans and Investments
y
+0.5
+0.3
+0.7
+0.3
Last Wednesday in June to last Wednesday in July
Item
1956
Weekly reporting banks
+0.3
+0.5
1955
1954
1953
1952
1951
Ȥfs
+0.2
+1.0
-0.4
-0.2
+0.1
-0.5
+0.2
+0.9
=0 01
+1.1
—0.2
+0.4
2/
+0.2
1/
Total loans
U« S. Government securities
Other securities
Total loans and Investments
-0.4
-0.5
-0.2
=*1 0 1
+0.4
2/
%oT5
-0.7
+0.5
+0.1
-0.2
+0.2
+0.3
-0.1
+0.6
+0.1
+0.3
+0.1
+0.6
+0.1
+0.2
+3.5
+0,1
Nonreporting banks 1/
Total loans
U. S. Government
Other securities
Total loans and investments
^
y
+0,1
M-
+0.1
+0.1
4-1 0 1
-0.1
+10 2
Changes may not correspond exactly with published data for weekly reporting banks
because loans to foreign banks have been excluded from this tabulation.
2/ Less than $50 million.
"$/ Call report data for June 30, 1961.
Not for publication
- 7 L.U.3
*
Table 2
Changes In loans sad Investments at Weekly Reporting
Mentoer Banks and NanreporfcLag Barikg
(In billions of dollar*)
End of December to last Wednesday in July
Item
#
1962
Weekly reporting banks
#
1961
1960
1959
1958
1957
1/
Total loans
tJ# S. Government securities
Other securities
Total loans and investments
-0.5
-2,5
+2.7
-0.2
—2 0 0
+3.5
+0.9
+2.5
-0 0 4
—0 0 4
-0.5
-1.0
+2.3
-0,1
+ 1o1
+3,2
+1.6
+0.2
+0.5
+2,3
+2.3
-1.8
-0,2
+0.1
+3.3
-4.4
-0.1
-1.11
-2.5
+5,6
+1.4
—0.2
-1.4
+0.1
-1.6
+1.5
+0.3
+0.6
+1.6
-0.9
+0.4
+1.2
Nonreiortlng banks 1/
•
f
Total loans
U, S. Government securities
Other securities
Total loans and investments
1956
$
y-0.9
Vi°4
y+2.4
+2.4
End of December to last Wednesday in July
Item
Weekly reporting banks
y+3.1
1955
1954
1953
1952
1951
1/
Tot il loans
U. S. Government securities
Other securities
Total loans and investments
+2 <.3
-4.1
-0.5
-2.2
+3.1
—4 0 7
+0.1
—1.6
—2 01
+1.4
+0.8
+0.1
2/
-0.3
+0.1
-0.2
+0.4
+1.0
+0.7
+2.1
+0.9
-2.7
+0.1
-1.7
+1.5
-1 = 3
+0,1
+0.2
+1,9
—0.6
+0.3
+1.7
+1.3
-0.5
+0.2
+1.0
+1.2
+0.2
+0.1
+1.5
+1.3
+0.4
+0.1
+1.8
+1.0
-0,6
Nonreporting banks 1/
#
Total loans
U. S. Government
Other securities
Total loans and investments
+0.7
Changes may not correspond exactly with published data for weekly reporting banks
because loans to foreign banks have been excluded from this tabulation. Also call
report data for weekly reporting banks for end of December 1959» 1960, and 1961 have
been used,
2/ Less than $50 million.
~y As a result of bank structure changes in January and April 1959» total credit increased
about $700 million; total loans $400 million; U. S. Govt, securities, $200 million; and
other securities, $100 million.
NOTE-—Prior to 1958, December 51 Call Report data for weekly reporting banks are not
available and therefore weekly reporting data are not on the same basis as all commercial bank data. Consequently, the nonreporting bank data, which are residual items,
are neither strictly accurate nor comparable with later data.
Not forfor
publication
Digitized
FRASER
L.U.3
— 8 —
Table 3
Changes In Commercial and Industrial Loans 1/2/
(In millions of dollars)
"™
Business of Borrower
1962
1961
1960
1959
1958
1957
1956
1955
- 97
+ 6
- 18
-109
—104
-108
+ 51
- 28 . - 45
T35
-158
-131
+ 29
- 26
3125
-116
- 7
- 6
-129
- 89
+ 41
- 39
387
-100
+142
- 4
+ 38
+
+
+
6/+134
- 74
-292 .
-204
- 37
-121
- 46
9
65
66
30
31
y
y
-276
-242
-308
+ 41
£OJ
1
Food processors
Commodity dealers
Trade concerns
Total
Last Wednesday in June to last Wednesday in July
-166
+ 9
- 83
- 4
- 51
+ 25
- 79
+ 57
- 18
- 11
- 84
+ 8
- 23
+ 29
+ 64
+ 28
+ 18
+ 45
5
7
- 25
- 50
+ 16
+ 7
- 20
+ 5
+ 58
+101
-120
+ 3
- 23
- 82
+ 2
+ 75
- 28
- 16
+ 29
+ 2
+ 36
+ 22
+ 15
+
5
-117
+ 13
-
4
+ 24
+ 65
Classified
Unclassified
-380
- 14
-425
- 24
-524
=140
+128
- 13
-687
- 47
-638
-104
-139
- 90
+125
4/-100
Total change
-394
-449
-664
+115
-734
-742
-229
y * 53
Total change excluding
sales finance
-394
-449
-664
- 19
-660
-450
- 25
i A 62
Sales finance
Metals and products
Textiles, apparel
and leather
Petroleum, coal etc.
Other manufacturing
and mining
Public utilities
Construction
All other types of
business
1/
2/
V
%/
2/
y
+
+
•WW
Prior to week ending January 11, 1956, includes changes in agricultural loans.
•
At weekly reporting banks.
Not included in business loans on revised basis.
Includes CCC certificates of interest which are estimated to have declined $100 million.
In order to keep comparisons oh a four-week basis, the following dates were used:
1959, June 24-July 22; 1958, June 25-July 23? 1957, June 26-July 24.
@
6/ Week of July 1 only.
Not for publication
- 9 Table 4
Demand Deposits, Currency, and Related Items
(Averages of daily figures. In billions of dollars)
1
9
Money Supply
Seasonally adjusted
CurDemand
Total
rency
deposits
Period
Related deposits—all commercial banks
Without seasonal adjustment
Gross
U. S. Govt, demand
time
1954—Dec,
1955—Dec,
1956—Dec,
1957—Dec o
1958—Dec.
1959—Dec.
1960—Dec.
(2)
(2)
(2)
(2)
(2)
(2)
(2)
132.0
134.7
136.6
135.5
140,9
141.5
140.5
27.4
27.8
28,3
28»3
28.6
28.9
29.0
104,6
106.9
108.3
107.2
112.3
112.6
111.5
48.7
50.1
52.0
57.3
65.3
67.2
72.8
4.6
3.5
3.5
3.7
4.0
5.2
5.2
1961—May
(1)
(2)
(1)
(2)
142.0
141.9
142.4
141.9
29.0
28.9
28.9
29.0
113,0
113.0
113.5
112.9
77.8
78.3
78.8
79.2
3.9
5.3
3.3
5.8
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
142.1
141.9
141.9
141.8
142.7
143.3
143.1
144.2
144,5
143.7
144.4
145.5
29(0
29.0
29,0
29.0
29.2
29.2
29.4
29.3
29.4
29,5
29.4
29.6
113.1
112.9
112,8
112.8
113.6
114.1
113.8
114,9
115.1
114.2
114.9
115.9
79.7
80.1
80.5
80,8
81,2
81.5
81.9
82.1
82.2
81.9
82.1
82.4
4.8
3.9
5.1
5.8
4.5
5.9
6.9
6.1
5.3
6.3
4.3
5.5
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
(1)
(2)
144.9
144.3
144.7
144.0
144.6
144.8
145.3
146.1
146.0
144.9
145.5
145.1
11*5.1
liiii.9
29.6
29.6
29.6
29.7
29.8
29.9
30.0
30o0
30,0
29-9
30.0
30.1
30.1
30.0
115.4
114.8
115.1
114.3
114.8
114.9
115.3
116.1
116.0
115.0
115.5
115.1
115.0
M.9
83.4
84.5
85.5
86.2
87.3
88.1
89.0
89.3
89.8
90.5
91.2
91.7
92.U
92.6
4.4
3.4
4.3
5.2
4.2
6.0
4.0
3.8
6.2
7.7
6.3
8.3
8.2
6.1
l
"
June
July
t
Aug.
1
Sept.
Oct.
Nov.
h
9
Dec,
1962—Jan 0
k
9
Feb.
Mar.
Apr.
k
May
June
July
>
NOTE:
Demand deposits are those other than domestic commercial interbank and U. S, Government, less cash items reported as in process of collection and Federal Reserve float.
Currency is that outside the Treasury, the Federal Reserve, and the vaults of all
commercial banks»
Notforfor
publication
Digitized
FRASER
-
10-
Table 5
#
Negotiable Time Certificates of Deposit as
Reported by Selected Large Banks in
New York and Chicago 1/
(In millions of dollars)
Date 1/
1961:
April
May
June
July
Sept.
Oct.
Nov.
Dec.
1962;
Jan.
1/
2J
New York
Chicago
n*&»
H08.9
n.a*
n.a*
New York
Chicago
7
14
21
28
1,102
1,113
1,141
1,197
289
296
307
317
7
14
21
28
1.243
1.244
1,253
1,289
326
326
336
374
4
11
18
25
1,234
1,223
1,255
1,252
432
450
442
429
e
2
9
16 .
23
30
1,240
1,291
1,34?
1,380
1,395
421
422
427
435
453
e
6
13
20
27
1,415
1,412
1,393
1,404
462
464
455
465
k
11
18
25
1,39k
1.372
1,358
1,365
457
2*53
Date y
1962:
Feb.
26
31
28
26
463
632
792
999
6
13
20
27
1,061
1,097
1,079
1,073
lie a e
n.a.
n.a,
n.a.
March
4
11
18
25
1,139
1,150
1,146
1,160
256
255
268
267
April
1
8
15
22
29
1,149
1,154
1,152
1,163
1,166
248
248
259
264
262
May
6
13
20
27
1,142
1,094
1,043
1,004
267
258
250
254
June
3
10
17
24
31
960
952
978
1,017
1,052
244
243
252
267
270
July
Not for publication
#
#
135
Reported by 9 banks in New York and 5 banks in Chicago? prior to September 8, 1961,
10 banks in New York reported but on that date 2 reporting banks merged.
Data first reported as of April 19, 1961» for banks in New York and October 4, 1961,
for banks in Chicago.
n.a. - Not available.
*
#
L,4.3
- 11 -
Table 6
Ratios to Total Deposits 1/
U.S. Govt, securities maturing
within one year
L O A N S
Date
1946 s
1947s
1948;
1949 s
1950s
1951s
1952 s
# 1953s
1954s
1955s
1956 s
1957 s
1958 s
# 1959s
1960s
#
1961s
W
• 1962s
A
#
All commercial
banks
Total
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
23.3
27,7
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
23.7
28.2
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
May
June
31
30
55.8
55.7
July
Aug.
Sept.
Oct.
Nov.
Dec.
26
31
27
25
29
30
Jan.
Feb.
Mar.
Apr!,
MayJune
July
31p
28p
28p
25p
30p
27P
25P
1/
Member banks
Central reserve city keserve
Mew York
Chicago
city
27.7
26.0
AIT
Country
57.
67.
65.
27,
30,
30,
25.
32.
36,
38,
39.
38.
46,
52,
5549.
58.
60.8
31.1
33.4
32.4
38
39
41
42
41
48
52.7
53.3
51.3
56.9
56.6
65.4
64.0
58.3
57.1
59.
58,
51.4
54.8
55.1
54.7
54.3
54,7
54,5 '
55.7
56.1
55.7
55.3
55.7
55,7
62.0
62.8
63.6
62.9
63.5
65 oO
54.8
57.1
58.0
58.6
57
57
58
57
51.1
51.1
50.7
54.1
54.9
55.4
55.4
55.7
55.8
55.5
55»3
56.0
56.5
56.5
56.8
56.8
56.5
63.0
64.7
65.8
65.4
64.4
31.0
35.9
34.9
42
46
50
50
46.8
56,
61,
61,
63.8
63=0
56.6
57.9
57.7
58,0
56.8
58.8
59
58
57
57
56.
58.2
59.0
57
58
58
58
59
58.8
59.3
18.9
23.4
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
51.8
I
commercial
banks
14.3
14.0
14.2
19.2
15.2
9.8
11.7
16.9
10.0
5.1
7.5
8.4
8.3
6.7
8.1
9.8
10.8
12.2
11.4
11.8
50.2
11.4
10.4
10.6
50.1
10.9
11.7
10.6
10.9
50.5
50.2
50.8
51.2
51.3
51.8
52.3
51.7
11.1
10.8
Total loans (adjusted to exclude loans to banks)5 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 19511 they are on maturity
basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively.
NOTEs 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.
)P - Preliminary, n.a. - Not available„
Not for
for
publication
Digitized
FRASER
Lelt»3
— 12 —
Table 7
Free Reserves and Total Reserves Held
(Based on averages of daily figures; in millions of dollars)
Total reserves
held seasonally
adjusted l7
"Air- Central reserve city Reserve
All
Country
member New York | Chicago
city
member
Free reserves
(excess reserves minus borrowings)
Date
Monthly averages;
1958:Dec.
1959:
1960:
Dec.
Dec.
- 41
-424
669
• 80
-109
10
1961:
May
June
453
• 22
549
40
5
5
July
Aug.
Sept.
Oct.
Nov.
Dec.
530
537
553
441
509
424
7
7
2
1
Jan.
Feb.
Mar.
Apr.
May
June
July
536
1962s
434
379
440
434
370
443
Weekly averages:
1962s June 2?
July
4
11
18
25
12
14
50
41
11
24
50
10
12
18
325
- 21
423
491
399
517
10
8
- 33
75
• 32
• 104
- 4
2
-197
-449
18,494
18,540
18,887
451
438
18,989
19,099
467
484
499
446
494
471
19,025
19,242
19,411
19,640
19,792
19,704
476
15
9
36
- 4
3
4o4
394
401
385
389
416
19,812
19,789
19,764
19,822
19,957
19,984
20,003
31
372
n»a»
34
23
73
33
369
464
523
399
n © a. o
n.a.
n o a. e
n o 3.0
80
18
66
56
44
50
8
24
13
22
13
24
2
3
22
6
20
3
3
6
10
5
15
10
268
237
583
17
NOTEs Data for July are preliminary»
1/ Series revised; revised data first published in "Banking and Monetary Developments"
for August, 1961. Revised seasonal factors and back data may be obtained from
Banking Section.
p - Preliminary.
Not for publication
- 13 - '
Table 8
L.k.3
Liquid Assets Held by the Public — Seasonally Adjusted Series
(Amounts in billions of dollars; ratios expressed as percentages)
End of
year or
month
Ratio:
Ratio:
Demand
Commercial Commercial
Personal-type savings
Total
U. S. Govt
Total
deposits
bank demand bank deposits
Total
liquid
securities
Savings
adjusted personal- Time deposits
and time de- + currency to assets to
liquid
Govt,
maturing
and
adjusted 1/
type
and
posits adj
assets
gross
total liquid
savings within one
currency .savings Commer- Mutual' loan
and currency
(2+3+8)
national
assets
year 5/
shares bonds
cial savings
outside (U+5+6+7)
(2 + It)
product 6/
banks banks 2/
I2 + D
banks 1/
3L
w
11
10
J.
85.3
55.6
176.8
29.9
46.8
27.2 5 5 . 6
28.5
158.1
130.0
318.0
80.7
182.0
55.1
30.4
32.0 5 5 . 9
30.0
166.4
48.5
133.5
330.3
78.8
185.2
54.5
54.8
31.3
37.0
31.6
174.1
50.7
134.5
339.9
5
4
.
0
79.3
190.0
41.7
51.7
182.8 5 6 . 4
33.0
35.3
133.6
351.7
79.4
5
4
.
8
202,2
33.4
47.7
50.5
63.4
35.1
138.8
196.7
368.9
2
0
6
.
4
53.1
79. h
44.1
48.0
204.4
66.2 3 5 . 9
140.2
388.7
78.3
2
1
0
.
9
5
3
.
3
&
1
4
7
.
1
3
9
.
1
3
7
.
1
7
1
.
7
2
1
7
.
7
1
3
9
.
2
396.0
0. s.
T
1954
1955.
1956
1957
1958
1959
1960
1961
Apr,
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1962:
Jan.
Feb:
Mar.
Apr.
• May
. June
July
-
406.8
408.1
413.2
414.4
414.4
417.2
420.9
420.6
424.6
141.5
2/140.8
140.9
141.5
141.3
141,9
143.8
143.4
144-.8
425.7
430.6
%3$.3
43'8.8
437.5
162.3
n.a.
143.7
144.4
144.6
145.7
143.4
143.4
lUt.3
224.0
227.5
229.6
231.1
232.7
234.6
236.3
238.4
239.6
242.8
244.9
247.4
248.8
250.9
253*0
n.a.
74.8
1/7 7 . 4
78.4
79.0
79.8
80.6
3 7 . 6V
37.7
38.1
38.3
38.3
38.6
81.4
82.5
82.4
38.7
38.9
39.1
84.8
39.2
39.4
39.6
39.8
39.9
40.2
W.5
86.2
87.6
88.3
89.5
e 90.7
91.U
.
* •
64.5
65.2
65.9
66.5
67.3
-68.0
68.9
69*7
70.5
47.1
47.2
47.2
47.3
47.3
47.4
47.3
47.3
47.6
41.3
39.8
42.7
41.8
40.440.7
40.8
71.2
47.6
47.5
47.5
47.4
47.4
39.2
41.3
43.9
44.3
43.2
n»a»
U5.9
a.a.
71.8
72.7
73.3
74.1
7it.T
n.a*
38.8
40.2
216.3
218.2
219.3
220.5
221.1
222.5
225.2
225.9
227.2
228.5
230.6
231.6
234.0
232.9
234.1
235.7-
53.2
53.5
53.1
53.2
53.4
53.3
53.5
53.7
53.5
53.7
53.6
53.2r
53.3
53.2
-52.-9
m.a*
79.5
794
78.1
78.7
79.U
p1/
2j
kf
. %/
6/
7/
Preliminary.
Estimated.
- 14
Data for demand and time deposits adjusted and currency outside banks are as of last Wednesday
of month, except that time deposits are as of June 30 and December 31 when call data for these
dates were available. Demand deposits adjusted are total demand deposits less interbank and
U. S. Government demand deposits and cash items reported as in process of collection. Time
deposits adjusted are total time deposits less interbank and U, S. Government time deposits.
Includes savings deposits in the Postal Savings System.
Prior to 1955 data, are Board estimates based on monthly figures of inflow of new savings and
withdrawals of savings capital compiled by the Federal Home Loan Bank Board.
Includes all types of savings bonds held by investors other than banks and U, S. Government
agencies and trust funds.
Beginning May 1953 includes all marketable securities maturing within one year (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; figures include
holdings of insurance companies, brokers and dealers, State and local governments, nonbank
corporations, corporate pension funds, non-profit institutions, foreign accounts, and individuals; prior to May 1953 includes securities callable within one year.
Gross national product estimates are available quarterly and annually only. For 1950-58
ratios are for last quarter of year; for 1959 and i960* for each quarter of year. Data for
total liquid assets used in computing these ratios_are quarterly average for four dates: each
month of the current quarter and the last month of the preceding quarter.
Demand deposits adjusted (before seasonal adjustment) was increased by $400 million and time
deposits adjusted (before seasonal adjustment) was increased by $1.5 billion due to the
reclassification of deposits of foreign official institutions which formerly were grouped
with interbank deposits and excluded from demand and time deposits adjusted.
•
Not for publication
e-
- 15 Table 9
Loans and Investments at All Commercial Banks
(In billions of dollars)
L.4.3
Loans
and
investments
Date
Dec.
Dec.
Dec.
June
June
Dec.
Dec.
31
31
31
24 (old)
24 (new)
31
31
1961:
MayJune
July
Aug.
Sept.
Oct.
Nov.
Dec.
31
30
26
30
27
25
29
30
1962:
Jain.
Feb.
Mar.
Apr.
MayJune
July
31
28
28
28
30
27
25
1956:
1957:
1958:
1959:
I960:
y
p
p
p
p
p
P
p
U. S. Other
Total
Govt, secur"loans
secur- ities
ities
Business
Real
estate
Secur- Farm
ity
Nonbank
financial All
institu- other
tions
4.2
4.1
5.0
5.0
5.0
5.0
5.7
14.6
15.8
15.9
17.5
17.5
18.8
20.6
5.9
7.1
7.1
4.8
4.9
5.1
4.6
5.1
5.2
5.0
6.2
6.0
6.0
6.0
5.8
5.8
5.9 .
6.0 .
6.2
21.1
21.2
21.2
21.2
21.0
21.0
21.0
21.1
. 6.0
6.0
5.7
5.9
6.4
6.1
6.3
7.3
4.7
5.4
5.4
5.7
5.1
4.9
luu
6.4
6.6
6:6
6.7
6.6
6.7
6.7
21.0
20.9
21.1
21.4
21.7
22.0
22.2
164.5
169.3
184.4
184.2
184.2
189.5
198.5
58.6
58.2
66.4
60.9
60.9
58.9
61.0
16.3
89.7
17.9
93.2
20.6
97.5
20.6 102.8
20.6 102.8
20.5 '110.0
20.9 116.7
38.7
40.5
40.4
42.5
37.8
40.2
43.1
22.5
23.1
25.3
26.9
26.9
28.1
28.7
4.3
4.2
4.7
.4.1
4.1
4.9
5.1
gl99.2
200.9
203.3
203.0
207.5
208.3
209.1
214.4
61.5
61.8
64.7
64.2
66.1
66.6
66.2
66.6
21.9
22.1
22.3
22.5
23.3
23.2
23.4
23.9
115.8
117.0
116.3
116.3
118.1
118.5
119.5
123.9
42.3
42.8
42.3
42.5
43.0
43.2
43.6
45.2
29.0
29.3
29.5
29.7
29.8
29.9
30.1
30.3
67.2 24.1 119.6
66.0 24.5 121.1
64.4 25.4 122.6
64.6 26.2 123.9
64.3 26.2 124.5
64.2 27.0 126.6
61**0 27,7 125.7
43.4
43.7
44.8
44.7
44.9
45.5
U5.0
30.4
30.5
30.7
31.1
31.5
32.0
32 .u
210.9
211.6
212.4
214.7 :
215.0
217.8
217 .U
Consumer
— —
—
— —
6.4
6.4 '
6.5
6.5
6.6
7.1
6.9
6.9
7.2
8.2
8.8
7.6
8.1
8.7
2/8.9
9.2
9.0
9.1
9.4
9.6
9.9
10.2
10.0
10.1
: 10.2
10.4
10.7
10.9
10.8
p - Preliminary. 1/ Structure changes in 1959* on balance through August, added almost $1 billion to 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. 2/ Increase of $200 million due to reclassification of foreign
interbank loans into other loans. Total loans are also affected by this same amount. 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
http://fraser.stlouisfed.org/revised ^ exclude l ^ n s to nonb^k financia^institutioi^.
Federal Reserve Bank of St. Louis
@FedFRASER