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FEDERAL RESERVE BANK of KANSAS CITY L 4 3 -- AUG z r Not for publications 23 Research 1963 Library BANKING AND MONETARY DEVELOPMENTS IN JULY 1963 Total commercial bank credit, seasonally adjusted, declined somewhat in July following a very sharp rise in June. For the two months together, the average increase was about the same as the average for the earlier months of the year. Declines in holdings of U. S. Government securities and in security loans in July were offset in part by further expansion in holdings of non-Government securities and in other types of loanso The money supply increased and time and savings deposits at commercial banks rose moderately further. U. S. Government deposits declined in the course of the month. Required and excess reserves rose, as did member bank borrowings. Free reserves showed little further change. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, declined $2 billion in July following a sharp $4.6 billion rise in June. Movements in both months were influenced by the scheduling of Treasury financing in June rather than in July normally a financing month. With financings in the past generally taking place in July, currently available seasonal factors tend to reduce July relative to June. If the two months are taken together, however, the average increase of $1.3 billion was little different from the average monthly expansion earlier in 1963. Over the first seven months of the year, total credit expanded at an annual rate of 7 per cent, somewhat less than the rapid 8.8 per cent in the year 1962. In July, holdings of U. S. Government securities, seasonally adjusted, dropped $3,8 billion. This followed an increase of almost $2 billion in June, reflecting in part bank purchases of new bonds offered in the Treasury's late month financing. In July, at banks in leading cities, holdings of both bills and long-term issues were reduced. Holdings of non-Government securities at all commercial banks rose $700 million further, about the same rapid pace as in the second quarter. Total loans rose $1.1 billion, just about the same as the average monthly rise over the first half of 1963. Business loans at all commercial banks, seasonally adjusted, increased $200 million further in July. This was somewhat slower than in June but about the same as earlier in the year when expansion in these loans had slowed relative to late 1962. At weekly reporting banks in leading cities, repayments following mid-June tax and dividend borrowings were relatively heavier than in most other recent years. For instance, repayments by petroleum and chemicals manufacturers, "other manufacturing and mining" concerns, trade concerns, and "all other businesses" were larger than in most other recent years, although June borrowing had generally been little different from earlier years. Loans to nonbank financial institutions, showed a sharp $600 million rise in July, following substantial growth in June. Repayments occurred over most of the month but the large June borrowing was not fully repaid and in addition, new borrowing at the month-end was heavy. Growth in real estate and consumer loans continued in July at about the same substantial rate as in the earlier months of the year. Agricultural loans dropped sharply reflecting the early turn-in of CCC certificates maturing on August 1. Security loans, seasonally adjusted, at all commercial banks, declined $400 million in July following a $700 million rise in June. Repayments were substantial over most of the month both in loans for purchasing and carrying U. S. Government securities and other securities. Late in July, however, loans to Government security dealers increased when subscription books were open for the August refunding. Other security loans also rose somewhat. Deposits and turnover. The daily average money supply, seasonally adjusted, increased $900 million in July, with most of the growth in the first half of the month. Over the first seven months of 1963, privatelyheld deposits and currency increased at an annual rate of 3-1/4 per cent and were about 3-1/2 per cent above the year-ago level. U. S. Government deposits at commercial banks increased slightly further over July, following the usual pattern of little change in this month on an average basis. During the course of the month, however, such deposits declined, with the largest declines coming in the early weeks of the month. Time and savings deposits at commercial banks, seasonally adjusted, increased $1 billion in July on average. This was slightly more than the average $900 million monthly rise over the second quarter when the annual rate of growth was about 10 per cent but substantially below the first quarter's rapid 18 per cent. At weekly reporting banks in leading cities, savings deposits in July increased at about the June pace. Other time deposits of individuals, partnerships, and corporations rose more rapidly than in June when expansion had lagged over the tax period, but the increase was not too different from most earlier months this year. Growth accelerated, however, in the latter part of July when rates on time deposits maturing between 90 days and one year were raised. The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York rose to a new high for recent years, 34.3, in July from the reduced 32.2 in June. So far this year, turnover has averaged about 5 per cent above the corresponding months last year. Bank reserves. Free reserves of member banks averaged $160 million in July, little different from the $140 million level in June. Excess reserves, however, at $480 million, were about $100 million higher than in June but borrowings at $320 million were also up. Total and required reserves increased more than seasonally. Reserves were absorbed principally by an increase in currency in circulation and an outflow of gold and were supplied through an increase of $620 million in System holdings of U. S. Government securities. The effective rate on Federal funds was almost consistently at 3 per cent during the first half of July. On July 17, when the discount rate increase became effective, it rose to 3-1/4 per cent. Subsequently, it fluctuated between 3/4 of 1 per cent to 3-1/2 per cent; the latter rate prevailed late in the month. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. August 19, 1963. 1.4.3 - EXHIBIT A, P o r t 1 L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S Last Wednesday of m o n t h , s e a s o n a l l y , — — adjusted B i l l i o n s of d o l l a r s — — ——I -J—— -| 260 OTHER SECURITIES 1957 1958 1959 I960 1961 1963(1 „ _ _ _ 1 9 6 3 Exhibit A - Part II Total Date l/ (In Loans 1/ U. S. Gov't, securities 1i i 1 1 i o n s of d 0 1 1 a r s Other securities ) I960—Dec. I96I—Dec. 31 31 194.5 209.6 114.2 121.1 59.6 64.7 20.7 23.8 1962—June July Aug. Sept. Oct. Nov. 2/ Dec. 30 25 29 26 31 28 31 220.3 217.8 22O.3 222.0 224.4 225.9 228.1 126.6 126.1 127.3 129.7 131.6 I32.2 134.7 66.6 64.1 65.O 64.3 64.2 64.6 64.3 27.I 27.6 28.0 28.0 . 28.6 29.1 29.1 1963—Jan. Feb. Mar. Apr. May June July 30 2.7 27 24 29 26 31 228.9 232.3 235.0 232.6 234.8 239.4 237.4 ' 134.7 136.8 137.8 137.4 138.8 140.8 141.9 64.6 65.4 66.7 64.0 64.1 66.0 62.2 29.6 30.1 30.5 31.2 31.9 32.6 33.3 \J p p p p Adjusted to exclude interbank loans, 2J Estimated as of December )!• L 4.3. - E X H I B I T B, P a r t 1 L O A N S A T ALL C O M M E R C I A L B A N K S Lost W e d n e s d a y of month, seasonally Billions ol d o l l a r t l adjusted SO RIAL ESTATE 1958 1957 1959 I960 1961 1962 1963 Exhibit B - Part II (In Consumer Real Estate Business Date b ]. 1 1 i 0 n s 0 f Security d o l l a r s ) I960——Dec. I96I—Dec. 31 31 42.1 44.1 28.7 30.3 20.5 21.3 4.3 5.2 1962—June July Aug. Sept. Oct. Nov. 1/ Dec. 30 25 29 26 31 28 31 45.5 45.5 46.1 46.7 47.2 47.4 47.9 32.0 32.4 32.8 33.1 33.5 33.9 34.2 22.6 22.7 22.9 22.9 23,2 23.3 23.5 5.3 4.4 4.7 5.7 5.9 5.5 6.1 1963—Jan. Feb. Mar. Apr. May June July 30 27 27 24 29 26 31 48.1 48.3 48.3 48.7 48.8 49.1 49.3 34.5 34.7 35.0 35.4 35.9 36.3 36.7 23.8 24.1 24.3 24.4 24.8 5.7 6.6 1/ p p p p Estimated as of December 3!• 25.0 25.2 6.7 5-7 6.1 6.8 6.4 Exhibit C Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted (in billions of dollars) 1 9 6 1 9 6 2 Item Loans & Investments 2/ June July ±hl Aug. Sept. Oct. +2.5 iliI +2.4 Nov. Dec.4/ Jan. ±&2 + M Feb. Mar. +5.4 July Apr. May June zlA +2.2 +4.6 _=2_/b U.S. Govt, securities +1.1 -2.5 +0.9 -0.7 —0.1 +0.4 -0.3 +0.3 0.8 +1.3 -2.1 +0.1 +1.9 -3*8 Other securities +1.0 +0.5 +0.4 1/ +0.6 +0.5 1/ +0.5 +0.5 +0.4 +0.7 +O.7 +0.7 +0.7 Loans 2/ +1.8 —0.5 +1.2 +2.4 +1.9 +0.6 +2.5 1/ +2.1 +1 • 0 -0.4 +1.4 +2.0 +1.1 Business +0.5 1/ +0.6 +0.6 +0.5 +0.2 +0.5 +0.2 +0.2 1/ +0.4 +0.1 +0.3 +0.2 Real estate +0.4 +0.4 +0.4 +0.3 +0.4 +0.4 +0.3 +0.3 +0.2 +0.3 +0.4 +0.5 +0.4 +0.4 Consumer +0.2 +0.1 +0.2 1/ +0.3 +0.1 +0.2 +0.3 +0.3 +0.2 +0.1 +0.4 +0.2 +0.2 Security +0.1 -0.9 +0.3 +1.0 +0.2 —0.4 +0.6 -0.4 +0.9 +0.1 -1.0 +0.4 +0.7 -0.4 Nonbank financial +0.3 —0 « 1 +0.2 +0.1 + 0.3 1/ +0.1 +0.2 +0.1 +0.3 -0.5 +0.2 +0.4 +0.6 Agriculture +0.1 il -0.5 1/ +0.2 +0.7 1/ +0.3 1/ +0.1 1/ 1/ -0.2 -0.4 All other +0.2 +0.1 +0.1 +0.2 —0.1 —0.4 +0.2 -0.1 +0.1 +0.3 +0.1 1/ +0.2 +0.3 Total loans excluding security +1.7 +0.5 +1.0 +1.2 +1.6 +1.0 +1.3 +1.2 +0.9 +1.2 +0.5 +1.2 +1.3 +1.3 Total loans excluding security and nonbank financial j>/ +1.4 +0.6 +0.8 +1.1 +1.3 +1.0 +1.2 +1.0 +0.8 +0.9 +1.0 +1.0 +0.9 +0.7 NC while total ]nans are net* and (2) loan items adjusted leans, by category, are experimental 1/ Less than $50 million. 2/ Adjusted to exclude subtraction from total loans, 4/ Estimated as and total loans are independently seasonally adjusted. Seasonally and are subject to revision. interbank loans. 1/ Derived by addition of items and not by of December 31 * 1962. Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Adjusted for Seasonal. (in "billions of dollars) Item jast Wednesday of June to last Wednesday of July 1965 1962 *A11 commercial banks Total loans U.S. Gov't, securities Other securities Total + - 0.2 J-3 0.6 0.8 — + - 1.6 0.2 0.5 1.4 + 0.2 + 2.4 Weekly reporting banks Total loans U.S. Gov't, securities Other securities Total + — 0.4 1.3 0.5 1*2 + - 1.5 0.9 0.3 2.1 — + + + ^Other banks Total loans U.S. Gov't, securities Other securities Total + 0.2 1/ + 0.1 + 0.4 — + + + 0.1 0.7 0.2 0.7 ) Item All commercial banks ^ Total loans U.S. Gov't securities Other securities Total 1961 I960 1959 1958 - 1.4 - 1.0 - 0.5 + 0.8 .+ + + 0.7 2.5 0.1 1.9 + 1.1 + 0.2 1/ + 1.5 0.6 2.0 0.2 1.6 + + + 0.8 2.0 0.2 1.3 + 1. C + 0.2 1/ + 1.2 - 0.1 + 0.8 1/ + 0.8 + + — + 0.1 0.5 0.1 0.6 + 0.1 1/ 1/ + 0.3 — 0.7 + 2.8 1957 - 0.1 - 2.0 1/ - 0.2 — 1.6 - 0.6 — 0.1 - 0.9 + 0# 3 v - 0.6 - 2.3 + 0.2 + 0.1 - 0.1 + 0.5 1/ 1/ + 0.3 + 0.4 1958 1957 End of December to end of July 1963 1962 1961 I960 + 4.0 - 4.2 13.9 + + + 2.2 2.4 3.6 3.4 + + + 0.4 3,7 1.4 4.8 + - 1.9 2.2 0.5 0.9 + 0.9 - 3.2 + - 0.5 2.5 2.7 0.2 — + + + 2.0 3.5 0.9 2.5 — 0.4 0.4 0.3 1.0 + 3.3 - 4.4 — 0.1 + 2.7 + 0.1 + 0.9 + + + + 1.6 0.2 0.5 2.3 + + 2.3 1.8 0.2 0.1 i A 3.1 1/- 0.9 V + 0.1 2/ + 3.8 Weekly reporting banks p Total loans U.S. Gov't securities Other securities Total + 2.7 + 0.4 Other banks | Total loans U.S. Gov't securities Other securities Total + 3.1 - 1.0 + 1.2 + 3.4 + 3.6 1959 l/+ 6.4 I/- 5.3 1/ V 1/+ 1.3 -1.1 V + 2.4 - 1.0 +1.4 + 5.9 - 2.3 + 0.5 - 0.4 + + + 2.5 5*6 1.4 4.5 - 0.2 -1.4 + 0.1 + 1.5 +1.6 + 0.3 — 0.9 + 0.4 +1.2 + 2.0 + 6.9 + 0.6 + 2.4 ~ 1.6 ^TCTE—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 $1, 1962. j/ 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. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (in millions of dollars) Business of borrower 1963 1962 1961 I960 + - 55 50 82 87 - 78 + 17 + 8 - 53 -109 + 78 - 7 - 38 + - 1/ 1/ 1/ 1/ -187 + 28 - 71 -298 + 49 -116 -203 + 18 - 92 - 46 -134 + 5 + 38 + 38 + 18 - 21 - 48 + 18 + 25 - 37 + 12 + 61 + 62 - 15 + 32 + 67 + Classified Unclassified -496 -205 - 4 -252 - 18 Total change -535 -208 -535 -208 Food processors Commodity dealers ^rade concerns Total Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Total change excluding sales finance l/ 2/ jj/ 4/ End of December to end of Jul]r End of June to end of July 2/ -146 + 43 1959 1963 ; 1962 1961 i960 1959 -120 -648 -213 - 8 -869 -597 -234 + 77 -754 -607 -662 -274 -686 -527 -1,021 -579 -320 +289 -610 1/ 1/ 1/ 1/ - 66 +331 - 43 -101 -342 +173 + 30 +754 +298 -131 +886 +298 - 74 +525 -507 +19z +224 -380 + b9 +361 +261 1 +374 -389 +138 - 68 +101 - 94 +104 -114 +I65 +226 +421 +160 + 16 -379 -] 60 +123 -359 -195 +217 +229 -888 + 33 +453 + 63 +1,130 8 -270 -539 +115 -142 + 34 -855 +516 +1,320 -270 -539 - 19 -142 + 34 -855 +516 +865 74 16 57 95 + 34 - 18 -104 2/+134 - 83 9 + 42 + 55 - 14 — - ' -203 -1,084 4/+455 +268 -156 +190 Not included in business loans on revised basis. Five weeks used throughout. Week of July 1 only. Through July 1. f Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1956; 1957§ 1958; 1959: 1960s 1961i 1962? 1963; Loans and investments U. S. Govt. Other securities Total loans Business Real estate Security Farm Consumer Nonbank financial institutions Dec. Dec. Dec. June June Dec. Dec. Dec. 31 31 31 24 (old) 24 (new) 31 1/ 31 30 164.5 169.3 184.4 184.2 184.2 189.5 198.5 214.4 58.6 58.2 66.4 60.3 60.9 58.9 61.0 66.6 16.3 17.9 20.6 20.6 20.6 20.5 20.9 23.9 89.7 93.2 97.5 102.8 102.8 110.0 116.7 123.9 38.7 40.5 40.4 42.5 37.8 40.2 43.1 45.2 22.5 23.1 25.3 26.9 26.9 28.1 28.7 30.3 4.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 4.2 4.1 5.0 5.0 5.0 5.0 5.7 6.2 14.6 15.8 15.9 17.5 17.5 18.8 20.6 21.4 May June July Aug. Sept. Oct. Nov. Dec. 30 30 25 29 26 31 28 31 (est) 215.3 219.2 217.8 219.0 223.1 225.7 26.1 27.0 27.5 27.9 28.2 28.6 28.8 29.3 124.8 127.7 126.1 127.3 130.6 131.5 132.3 137.9 45.0 45.9 45.2 45.8 46.7 47.1 47.7 49.1 31.5 32.0 32.4 32.8 33.2 33.6 34.0 34.3 5.1 5.3 4.4 4.6 5.8 5.9 5.3 7.3 6.6 6.8 6.8 6.2 6.2 6.4 7.0 7.1 22.3 22.7 22.9 23.1 23.1 23.3 23.4 23.6 6.6 233.6 64.4 64.4 64.2 63.9 64.3 65.6 65.6 66.4 Jan. Feb. Mar. Apr. May June July 30 2? 27 24 29 26 31 229.1 230.4 231.9 232.4 233.6 238.2 237.4 66.2 65.3 64.8 64.0 62.9 63.5 62.2 29.5 29.9 30.7 31.4 31.9 32.6 33.2 133.4 135.2 136.4 136.9 138.8 142.1 141.9 47.3 47.7 48.6 48.6 48.8 49.5 49.0 34.5 34.7 34.9 35.3 35.8 36.3 36.7 5.6 6.5 6.0 5.8 6.0 6.8 6.4 7.3 7.4 7.5 7.5 7.5 7.4 7.0 23.7 23.8 23.9 24.2 24.7 25.1 25.4 7.5 7.7 p p p P 226.8 5.9 7.1 7.1 7.3 7.2 6.9 7.2 7.4 7.2 7.2 8.5 8.0 7.6 7.8 8.6 8.9 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit; $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about$300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. NOTE Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959» "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. Exhibit G Ratios to Total Deposits 1/ L Date 1918: 191*9: 1950: 1951: 1952: 1953: 195U: ±955: 1956: 1957: 1958: 1959: I960: 1961: 1962: 1963: All commercial Total ' banks 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. 30 0 A -N U.S. Gov't securities maturing within one year# S Member banks Reserve city banks New York City of Other City Chicago 31.2 31.1 35.8 37.2 39.3 1*0.5 1*0.3 1*5.8 1*8.8 1*9.7 1*8.1* 51*.0 55.1 51*.5 31.3 30.9 36.1 37.6 39.9 1*1.1 1*0.7 16.7 50.1 51,0 1*9.1* 55.6 56.5 55.7 35.9 31*.9 1*2.5 1*6.3 50.6 50.6 1*6.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 30.U 25.6 32.3 36.2 38.9 39.1 38.3 1*6.3 52,7 55.2 1*9.1* 58,2 60.8 58.0 May ' June July Aug. Sept. Oct, Nov. Dec, 30 30 25 29 26. 31 28 28 55.8 55.9 55.6 56.0 56.1* 56.1 56.3 56.5 56.8 56.8 56.5 57.0 57.6 57.2 57,1 57,7 61*.1* 63.6 63.0 65.8 68.8 67.1* 66,6 67.9 57.3 57.5 56.5 57.1 58.6 57,6 57.3 61.1* Jan. Feb. Mar. Apr. May June ! July 30 27 27 2l*p 29p 26p 51p 56.2 56.7 57.0 57.1 57.8 57.8 57-7 57.3 57,9 58,1 58.2 58,9 58.8 58 o 8 61.7 66.2 65.1 61*.9 66.1* 66.5 57.7 59.1* 65.6 61.1 59.8 58.7 59.8 58.5 33.1* 32.1* 38.1 39.1* 1*1.1 1*2.2 1*1.9 1*8.5 52.7 53.3 51.3 58.2 59.0 57.7 59.1, 59.0 59.3 59.5 60.0 60,0 60.7 60.1 60.5 60.8 60.9 61.1* 61.8 61.4 6I.7 Country 2/ 27.1 28.5 y 2/ 31.5 32.1 33.9 36.1 37.1 1*0.7 1*2.6 1*1*.1 1*1* .1* 1*8.2 50.3 50.2 51.8 52.1 51.7 51.7 51.6 5l.l 51.5 51.7 51.9 52.3 52.7 53.0 53.8 53.7 55.8 All commercial banks ll*.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.U 8.3 7.U 8.7 11.2 11.7 11,3 11.3 11.9 9.9 10,1* 9.3 9.5 9.5 9.5 7.5 7.6 7.8 7.4 n.a. 1/ Total, loans (adjusted to exclude loans tjo 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/ Prior to 1951> data are on call basis and beginning in 1951, they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. NOTE; Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.j by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. p - Preliminary. # 19.2 # • • • * 1.4.3. - EXHIBIT H, P a r i 1 DEPOSITS A N D C U R R E N C Y A N D T U R N O V E R OF D E M A N D DEPOSITS Seasonally adjusted; deposits, semi-monthly t u r n o v e r , m o n t h l y at a n n u a l r a t e averages of daily figures; Billions of dollars 160 Annual rate MONEY SUPPLY TURNOVER 343 centers /v-v TIME AND SAVINGS DEPOSITS * -u, s, ooYi.'Wfiniis;* Not a d j u s t e d tor seasonal . If57 1951 1959 ~t9tf I9tf 19 60 J 9 63" A W commercial banks. Exhibit H - Part II S e a s;0 n a 1 1 y Period M o n e y Total 1959—Dec. 1960—Dec. 1961—Dec. 1962——Dec. (2) (2) (2) (2) 1963--Apr. (1) (2) May (1) (2) June (1) (2) July (1) (2) p A d j u s t e d Sup p l y Demand deposits Currency D a t a Time and Turnover 343 centers savings outside N Y deposits 141.8 141.2 146.0 148.3 113.0 112.2 116.4 117.8 28.8 28.9 29.6 30.5 67.4 73.0 82.7 97.9 149.5 149.3 149.8 149.1 149.9 149.7 150.6 150.9 118.3 118.1 118.5 117.8 118.4 118.1 118.9 119.3 31.3 31.1 31.3 31.3 31.5 31.6 31.7 31.6 102.4 102.8 103.3 104.0 ' 104.3 104.7 105.2 105.7 27.6 28.1 29.4 31.3 33.3 33.2 32.2 34.3 U. S. Gov't. deposits 5.2 5.3 5.5 6.1 4.5 3.9 6.3 7.7 5.4 9.4 9.1 6.4 1.4.3 - E X H I B I T I, P o r t 1 T I M E A N D S A V I N G S DEPOSITS AT M E M BE* B A N K S I N IE A D I N CECITIES Wxiwsdoy —-— l O m jIMI AND SAVINGS DEPOSITS 40 SAVINGS DEPOSITS 30 TIME DEPOSITS OF INDIVIDUALS, - PAST ME RS HIPS, AND CORPORATIONS 1963 1962 Exhibit I - Part II T i m e Period and S a v i n g s D e p o s i t s Individuals, Other time partnerships, deposits 1/ and corporations of d 0 l i s 1 r s) m i 1 1 i 0 n s 4,876 5,480 27,819 5,421 5,969 30,082 6,219 9,080 34,712 Savings Total (In 1961—April 26 Dec. 27 1962—Dec # 26 38,175 41,472 50,011 1963—April 24 May 29 June 26 53,650 54,538 54,856 35,801 36,048 36,355 10,601 11,175 11,269 7,248 7,315 7,232 54,910 55,086 55,117 55,336 55,577 36,518 36,621 36,660 36,700 36,737 11,234 11,314 • 11,358 11,549 11,696 7,158 7,151 7,099 7,087 7,144 July 1/ 3 10 17 24 31 Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Excess reserves Free reserves (excess reserves minus borrowings) Date Monthly averages: 1956; December 19575 December 1958s December 1959! December i960: December 1961: December 1962; All member Reserve City Banks City of New York Other Chicago City All member 471 651 577 516 481 756 573 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977 36 385 389 497 470 63 100 19,253 19,312 3 416 441 408 382 483 391 531 89 19,348 19,237 19,305 19,427 19,484 19,606 -203 424 -109 10 - 50 - 77 - 32 -104 - 4 , - 22 -228 May June 434 370 10 - 12 - 3 3 July August September October November December 442 437 378 419 470 18 7 - 6 14 10 1 7 669 265 - 91 -105 - 80 - 19 34 13 - 62 - 11 -197 -449 80 24 - All member All member - 86 - 36 -133 - 4l -424 Borrowings Total reserves held seasonally adjusted 4 2 5 - 19 - 52 Country 344 277 268 237 583 564 458 484 489 569 688 127 80 65 119 304 483 426 99 - 6 - 50 13 384 January 172 472 390 11 55 25 300 February 426 155 346 - 30 - 8 - 37 271 March 121 434 332 25 1 9 313 April 209 457 66 322 8 248 May 236 315 377 -1C9 6 141 - 59 June 322 480 305 -150 13 15 158 July P cum ^ . NOTE; beginning Juiy zo, Lyo*, ngures iur uu un as central reserve city and three banks whose classification as reserve city is continued. p - Preliminary. 19,681 19,698 19,753 19,732 19,855 19,874 20.077 1965: "1 M n 4 "P A A ' ' Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Ratios: Demand Liquid assets Demand Commercial deposits Savings U. S. U.S. Govt to gross Postal deposits bank deposits and Govt, securities and national proand Commercial Mutual Savings & currency to currency loan savings maturing duct 2/ banks savings System currency to gross liquid assets shares bonds within one banks 2/ 2/ (2 + 3 + 1) national year 6/ 4/ V product 7/ 11 10 8 6 9 4 2 5 7 3 Time .deposits End;of year -or . montji > Total 1 1954 1955 1956 1957 1958 1959 I960 1961 320.3 332.5 343.2 356.0 373-1 393.9 399-2 424.6 130.2 133.3 439.6 442.9 444.2 447.9 449.1 453.4 456.9 459.2 142.8 142.3 142.1 141.2 142.5 143.8 143.4 144.8 154.6 133.5 138.8 139.7 138.4 142.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 27.2 32.0 37-0 41.7 47.7 54.3 61.8 70.5 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 30.6 31.6 33.2 38.8 35-6 48.8 41.9 42.6 89.7 39.3 39.7 40.0 40.2 40.6 40.9 41.2 41.4 0.6 0.6 74.1 74.8 75.4 76.4 77.4 78.3 79.2 80.0 47.4 47.4 47.5 47.5 47.5 47.5 47.5 47.6 45.7 46.9 46.8 1962 May June July Aug. Sept. Oct. Nov. Dec. 91.2 91.7 92.7 93.9 95.2 96.9 98.1 0.6 0.6 0.6 0.5 0.5 0.5 49.2 46.6 47.2 48.2 46.8 85-9 81.3 79.6 80.3 80.2 80.5 79.2 78.4 35.0 '79.5 25.8 80.1 25.5 32.6 31.2 30.3 29.9 28.7 27.6 26.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 52.7 52.6 52.2 52.6 52.7 52.6 •80.4 , 25.4 52.9 1963 52.8 81.1 47.1 Jan.p 462.8 100.1 144.4 47.8 41.7 0.5 Feb.p 46.5 52.9 82.2 101.2 41.9 464.7 144.5 47.9 0.5 81.0 25.3 53.0 42.2 Mar.p 102.2 466.7 83-4 45.5 145-0 47.9 0.5 52.8 48.0 469,9 84.1 46.5 Apr.p 102.9 42.5 0.5 145.3 52.7 48.1 ' 47.6 84.9 104.0 42.8 145.2 0.5 May p 473.1 25.1 81.3 52.8 48.2 47.6 146.4 45.0 105.0 0.5 85.7 Junep 476.4 52.8 48.4 47.1 86.5 106.1 0.5 Julyp 146.9 43.5 478.8 For footnotes see next page. NOTE: This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs from the one previously shown in concept and coverage. Back figures available from Banking Section, Division of Research and Statistics. ' ' ' ' . # # # # # # # # # # + # # # # # # # Exhibit K (Continued) ]_. Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial hanks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. 2. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962, p. 94l, 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. 3. Total time deposits at commercial banks except interbank, U. S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S. possessions are included as indicated for demand deposits in footnote 2 above. k. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. 5. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U. S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February i960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U. S. Treasury Department. 6. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February i960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and, prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 7. Gross national product figures are available quarterly and annually only. Data for total 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). t
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