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FEDERAL RESERVE BANK of KANSAS CITY L.U.3. AUG 24 1961 Research Library — BANKING AND MONETARY DEVELOPMENTS IN JULY 1961 Total reserves of all member banks were about unchanged in July, The seasonally adjusted money supply increased slightly between the second half of June and the second half of July# Time deposits at all commercial banks continued to expand rapidly. Bank credit increased substantially further as banks added to holdings of U. S. Government securities in connection with Treasury financing operations. Loans declined somewhat and holdings of State, local, and other securities rose. . Bank credit. Total credit at all commercial banks increased $2.8 billion further in July. This was accounted for mainly by increased holdings of U. S. Government securities. Banks made large additions to such holdings in the second half of the month, after having reduced their holdings somewhat in the first half. They took about half of the |2 billion bills offered on July 15 for cash or in exchange for $1.5 billion bills maturing on that date; most bank takings were for cash, as they held only about $200 million of the maturing issue at the end of June. On July 26, commercial banks acquired practically all of the $3.5 billion Treasury tax anticipation bills offered for cash. Total credit growth in July was considerably larger than in the same month of any past year since 1953 • Credit movements in July are generally closely related to Treasury financing operations. Large cash financings have often occurred in July of other years, but they have generally been scheduled earlier in the month than during this year and the usual post-financing sales have then occurred during the month* Through July this year, total credit at all commercial banks has increased $lu6 billion, more than in the comparable period of any other year except 1958; in some years credit has declined. Holdings of U. S. Government securities increased contraseasonally while holdings of State, local, and other securities rose more than usual. Loans have declined $800 million on balance since the beginning of the year, about the same as in the first seven months of 1958 and 195b and in contrast with substantial growth in other years. Credit increased substantially both at weekly reporting banks in lending cities, where it usually declines, and at banks outside leading cities where growth appeared somewhat larger than usual. Loan reduction in July was more moderate than in July last year and also smaller than reductions that had occurred in 1956-58. In 1955 and 1959, loans had expanded rapidly in July, but the increase in 1959 was influenced by anticipation of the steel strike that began in mid-July. Not for publication Business loans at weekly reporting banks in leading cities declined $1±50 million in the month just past. This was smaller than the reduction in the comparable period of last year but June tax and dividend related borrowing also had been somewhat smaller than in I960. So far this year, business loans at all commercial banks have declined $1 billion, somewhat less than in the comparable periods of 1958 and 195h> in all other recent years business loans have increased substantially, however. Loans to metals manufacturers declined substantially in July following a smaller-than-usual rise in June and a net decline earlier in the year when normally there is an increase. These loans generally decline in July but the 1961 reduction was larger than in any other year except I960 where substantial repayments had followed a sharp expansion in the first half of I960* Loans to public utilities and petroleum processors declined during July as is usual following tax borrowing. Loans to food processors declined further and loans to commodity dealers began to rise as usually occurs in this period. Loans to nonbank financial institutions declined in July, as is usual, but this followed a contraseasonal reduction in June. So far this year, these loans have declined a record $l.lj. billion. Loans to U. S. Government security dealers increased in July as a sharp rise late in the month associated with Treasury financing operations was offset only in part by reductions at other times. Loans for purchasing and carrying securities other than those of the U. S, Government declined slightly following substantial expansion in other recent months. Total security loans have shown little over-all change so far this year whereas generally they decline during this period. Real estate loans continued to increase moderately in July. Growth this year appears to have been slightly larger than in the comparable period last year and -slightly smaller than in 195>8. Consumer loans showed little further change in July. As in 1958 and 19E>it, they have increased only slightly this year (after allowance for the Sears' transaction). Deposit ratios. The ratio of total loans to total deposits at all commercial banks declined slightly in July to 51|.6 per cent, about the same as the recent low in January 1961. This ratio reached a postwar peak, 57 per cent, in mid-1960 and then declined fairly steadily through early 1961. The ratio of U. S. Government securities maturing within one year to total deposits rose further in June (data for July not yet available) to 10.8 per cent. This rate has risen almost steadily from its mid-1960 low of i|.l per cent. Not for publication I»*li»3 - 3 - Money supply. The daily average money supply, seasonally adjusted, increased slightly between the second half of June and the second half of July. The level in late July, however, was little different from that of late March, following rapid growth earlier in the year. The money supply is now about 1-1/2 per cent above the year-ago level. The end-of-month series increased $600 million in July and is about 2 per cent above July I960. Average U. S. Government deposits at all commercial banks declined $1.9 billion between the second half of June and the second half of July. Variation in this series in past years have been wide with substantial declines in some years and large increases in others. Time deposits at all commercial banks, seasonally adjusted, increased $1.1 billion further in July, slightly more rapidly than in most past months. At the month end, time deposits were almost 15> per cent above a year ago. Recent expansion has reflected in part the increased use of negotiable time certificates of deposit issued by large city banks, mainly to business corporations. Deposit turnover. The seasonally adjusted annual rate of demand deposit turnover ~t banks outside New York and other financial centers declined from 26.6 ier cent in June to 26. 2 per cent in July. Over the past three months, turnover has been averaging about 2 per cent above the comparable period of last year. Earlier in the year turnover had been averaging about the same as last year. Bank reserves. Average total reserves were about unchanged over July. Required reserves increased somewhat as a sharp rise toward the month end reflecting credit and deposit expansion associated with bank acquisitions of new Treasury securities offset reductions over most of the earlier part of the month. Excess reserves declined slightly. Borrowings were also reduced in small volume and free reserves averaged $535 million, very little changed from the June average. Reserve positions were somewhat tighter at central reserve city banks in New York and easier at country banks in July than in June. The effective rate on Federal funds continued low until late July—often below 1 per cent and only infrequently as high as 2 per cent. It rose somewhat toward the month end and remained at a generally higher level during early August. During July, on a daily average basis, reserves were absorbed principally through currency outflow; heavy currency drains early in the month around the July ij. holiday were followed by less than seasonal inflow. Reserves were supplied through increases in Reserve Bank float, and reductions in Treasury and other deposits at the Reserve Banks. Gold stock Not for publication L«i|.*3 — Ij. — rose somewhat on a monthly average basis, but declined on a weeklyaverage basis as sales occurred toward the month end. System holdings of U. S. Government securities increased $90 million, including additional acquisitions of longer term issues. Purchases were heavy early in the month, associated with currency and float drains and again late in July when required reserves increased sharply. Not for publication Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. August 17, 1961 Note: A corrected page 11 of "Banking and Monetary Developments in June 1961" is appended to this report. -5- L.lt.3 Table 1 Estimated Changes in Loans and Investments at All Commercial Banks (In billions of dollars) Item Total loans (less interbank) Business (excluding noribank 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/ -0.3 -0.5 -0.2 y -0.7 -0.7 -0.1 y +1.1 +073 y -l.il -1,0 -O.li —0 * 8 -0*6 -0,1 -o:i -0:3 -0:2 (-0.7) (-0.8) (+0.3) (-0.9) +0.1 +0.2 +0.1 +0.1 +0.2 (-0.9) (-0.3) it it +0.1 +0.1 -0.2 +0.3 y *o:i V +0.1 -0.2 —0.1 +0.1 1/ U. 8* Government securities +2.8 +2.5 +0.2 -0. £ +0.8 -O.ii Other securities +0.2 +0.1 1/ 1/ -0.2 +2.8 +1.9 -0*2 —1.0 Total (less bank) Item Total loans (less inteibank) 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/ +0.3 -0.1 Jiti- -0.9 -0.1 -2* 0 +0.1 -0.1 -0.1 +0.1 -0.1 End of June to last Wednesday of July 1955 I 195L 1950 1222 12SEL +0.6 -0.6 +0.3 +0.2 -0.6 +1.0 +0.2 -0.3 +0.1 i-0 . 2 n.a. n.a. it i n.a. y n.a* n.a. (-0.3) +0.1 -0.1 +0.1 '+0.10 -0:2 +0.1 it 3/ (+0.2) (-0.3) (+0.1) -0,2) +0.2 +0.2 +0.1 +0.1 -O.lj. +0.2 -0:2 +0.1 +0:1 +0.2 +0.1 +0.1 it +0.1 +0.1 +0.1 y y +0.2 +0.3 -0.1 +0.2 U. S, Government securities +0.1i +0.8 +I4.6 +1.7 +0.2 -0.8 Other securities -0.1 +0.2 1/ +0.1 +0.1 +0.2 Total (less bank) +1,0 +2,1 0,3 ! +0,3 l/ Less than $50 million, n.a.—Not available: 'on-rcvxseabiexs'' beginning June 1959 and exclude loans to noribank 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." k/ Included with nonbank financial, 5/ "Includes about $100 million repayment on Sears' transaction. —6/ Data are for last Digitized for Wednesday FRASER of June — 6 - L.U.3 Table 1 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 December to last Wednesday of July 1961 6/ I960 6/ tL959 6/8K958 6/ M 957 6/ 7/0.8 -1.0 -l.lt y +6.U —1.0 +1.U +3.8 +1.0 +1.8 -0.1 W+0.3 -1.6 +1.0 +3.1 -i:o -oil -0:5 (+0.9) (+2.6) +1.1 +1.9 h/ (-2.ii) (+0.9) +o„5 +0.3 y -1.1 +0.7 +1.1 +0.2 U. S. Government securities +3.8 —2.2 Other securities +1.5 -0,5 7A . 6 -0.9 Total (less bank) +0.2 jy+o.i +0.5 (+2.1|) +1.8 -0.5 +0.1 +1.9 (-2.6) +0.8 +0.3 +0.5 +1.3 -0.3 +0.9 -0.7 -0.3 +0.2 +1.1 +0.2 +5.9 -2.3 -5.1* +2.0 +0.5 -o.ii +6.9 -0.1* +0.6 v +0.2 —0.6 flprgpihpr t,n .las.t Warlnmsjiay gf Jitily 1953 19% ^ 1 1950 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/ lP/!"0-3 +5.o -0.8 +1.2 +1.7 +1.9 +2.8 +1.6 -1.2 -0.3 -0.6 n.a. +0:6 -0:2 A n. • B. 3/ n.a. (+1.5) (+0.2) +1.1 +0.5 -0"~2 (+2.2) (-1.10 (-0.fi.) (-0.8) +1*6 +0.7 +0.6 +0.5 -0.2 +0.5 -0.3 +0.1 -i:o -0.1 +0.1t +i.ii. —0.1 +1.3 +0.9 +0.2 +0.7 +0.2 +0.2 +0.7 -0 .ii +0.3 3/ n # a# -0.3 +1.0 +0.3 U» S« Government securities -5.3 +0.9 -0.1 +1.1 -3*3 Other securities +0.ii +1.0 +0.2 +0.8 +0.k +1.2 -2.0 +0.1 +1.1 +1.3 +3.9 +1.9 —1*0 Total (less bank) l/ Less than $50 million, n.a.—Not available. 2/ Data are on revised basis beginning June 1959 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." it/ Included with nonbank financial. 5/ Includes about $600 million net increase due to Sears' transaction. 6/ Data are for last Wednesday of June. ]/ Increase of $200 million due to reclassification of foreign official loans into "other loans." 8/ As a result of bank structure changes in January and April 1959 total credit increased about #700 million; total loans SI4OO million5 U, S„ Government securities $200 million; and other securities http://fraser.stlouisfed.org/ $100 million. 9/ July, 10/ January - June, Federal Reserve Bank of St. Louis - 7 Table 2 L.U.3 Changes im $eaa» and Inveetments at Weekly Reporting Ifenfeer B sties and Mcrareporting Batiks — ( & ef m i w — Last Wednesday in June to last Wednesday in July Item Weekly reporting banks 1961 I960 1959 1958 1957 1956 -0.3 +2.1 +0.1 +1.9 —0.8 +2.0 +0.2 +1.3 +0.8 +0.1 -0.1 -1.6 —0.6 -0.1 =23 -0.9 +0.3 -0.1* -0.5 -0.2 7E7T Ml +0.1 + o +0.1 +0.5 -0.1 +03 +0.3 +0.1 +0.1 +53 +0.2 +0.1 -0.1 +0.5 2/ +0.1 2/ "?orr 1/ Total loans U. S. Government securities Other securities Total loans and investments Soffi^SBtftdjag banks 1/ Total loans U. S. Government securities Other securities Total loans and investments Last Wednesday in June to last Wednesday^ in July Item Weekly reporting banks 1953 1952 1951 1950 19# 195k +0.1t +0.1 -0.7 +0.5 +0.1 1ST? +0.2 +3.5 +0.1 2/ +0.8 +0.2 +1.0 +0.8 -O.li —0*2 -0.9 +0.1 •• +0.2 +0.2 +0.3 -0.1 ?03 +0.1 +0.3 +0.1 +03 +0.1 +1.1 -0.1 +0.2 +0.9 -0.1 +T7I -0.2 +0.1* 1/ Total loans U. S. Government securities Other securities Total loans and investments Nonreporting banks 1/ Total loans U. S. Government Other securities Total loans and investments +0.2 +0.1 70& 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 $50 million. http://fraser.stlouisfed.org/ Not for publication Federal Reserve Bank of St. Louis - 8 - L.U.3 Table 2 Changes in loans and Investments at Weekly Reporting Mantoer Banks and Mcnreporti&R Banks b t m o a s ef m i w End of December to last Wednesday in July Item * 1961 Weekly reporting banks • I960 1959 1958 1957 1956 V-2.0 " +3.5 +0.9 y+2.5 —Oelj. -0.it -0.3 -1.0 +3.2 -li»3 -0.1 -1.2 -2.5 +5*6 +l.lt 7IT3 -0.2 -l.lt +0.1 =173 +2.3 -lt.1 +1.2 +0.3 +0.6 7571 +2.3 —Is 8 -0.2 +o7I +1.5 +0.3 +0.6 727H +1.6 —0*9 1/ Total loans U. S. Government securities Other securities Total loansand investments -0.5 =5^ &onr$g©i»ting banks 1/ # # Total loans U, S. Government securities Other securities Total loans and investments # +o*h +1.5 -1.3 +0.1 7o7? End of December to last Wednesday in July Item Weekly reporting banks mi 1955 1951 1953 1952 1951 1950 +3.1 -ii.7 +0.1 =13 -2.1 +1.L +0.8 +03 2/ -0.3 +0.1 =57? +0*1: +1.0 +0.7 7?7T +0.9 -2.7 +0.1 +1.5 -1.7 +0.9 7o3 +1.9 -0.6 +0.3 7177 +1.3 -0.5 +0.2 +T^ +1.2 +1.3 +1.0 +1.3 -0.3 +0.3 713 1/ Total loans U. S. Government securities Other securities Total loans and investments Nonreporting banks 1/ e "# # Total loans U. S. Government Other securities Total loans and investments +0.2 +0.1 713 +o.it +0.1 +175" —0.6 +0.3 7577 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 and I960 have been used. 2/ Less than $50 million. 3/ As a result of bank structure changes in January and April 1959* total credit increased about $700 millionj total loans $L00 million; U. S. Govt, securities, $200 millionj and other securities, $100 million. It/ Credit expansion overstated by $200 million due to reclassification of foreign interbank loans into "other loans." Not for publication L.U.3 - 9Table 3 Changes in Commercial and Industrial Loans 1/ %/ (In millions of dollars) "" Business of Borrower -108 + 51 - ?8 - 85 -10k - 9 - 1*5 - 158 - 60 + kk 1951* -100 +1L2 - L +3B - 65 + 66 +H + 5 + 66 - 27 + kk -323 -201*. - 37 - 11* -228 -197 -121 - 1*6 -133 + 50 + 6 - 26 - 13 + 17 + 5 + 29 + 6h + 28 + 18 + 36 - 61* + 7 - 20 + 5 + 73 + k7 - 2 - 20 - 96 + 10 + 21 + 38 + 17 — 28 + + 29 2 - 16 + 36 - 13 - 88 + 16 + 15 + 5 -129 + a - 31 + 21* + 65 - 29 Classified Unclassified -1*2 5 - 2l* -521 + 55 + 1*8 -782 - 76 -5oU - 63 +125 -139 -21*5 - 90 I/-100 y -115 Total change —JLiii9 -66k +103 -858 -567 -229 h/+ 25 5A 360 Total change excluding sales finance -1*1*9 -66k +103 -1*69 -21U*. - 25t */ + 62 £/-3l*6 Food processors Commodity dealers Trade concerns Total Sales finance Metals and products Textiles, apparel and leather Petroleum, coal etc. Other manufacturing and mining Public utilities Construction All other types of business ^ Lzist Wednesday in June to last Wednesday in July 1961 I960 1958 1956 1959 1957 1955 - 52 ris - 85 + 30 — 6 Z-5T 3/ 3/ -389 -2h2 -308 + 21 - 1* - 51 + 25 - 79 - 25 - 50 + 16 3/ -ll*0 + 6 + 33 - 32 + 75 + 36 . 1/ Prior to week ending January 11, 1956, includes changes in agricultural loans. z/ At weekly reporting banks. 3/ Not included in business loans on revised basis. 11/ Includes CCC certificates of-interest which are estimated to have declined $100 million. 5/ Includes CCC certificates of interest which are estimated to have declined $>1*0 million. 6/ In order to keep comparisons on a. four-week basis, the following dates were used: 1959, July 1-29 ; 1958, July 2-30; 1957, July 3-31. # Not for publication # L.U.3 - 10 - Table 3 Changes in Commercial and Industrial Loans 1/ 2/ (In millions of dollars) ~ •uuo-Liieoo VJ. duxtuwoi Food processors Commodity dealers Trade concerns Total Sales finance Last Wednesday in December to last Wednesday in July 1961 -607 -27li -203 -E58H 3/ i960 1957 -579 -320 -538 -1*97 - 1*3 - w -1*02 -2hk +167 -579 -605 -395 +176 •=H22I -500 +289 -775 -263 -169 -im 3 / . 4/ +1*55 -968 + 86 -525 +552 -189 -662 -686 -327. -ion 1956 1955 -297 - 67 -31* 2 +751+ +886 -212 +706 +12ltl +131 -710 +173 + 30 +298 -131 +268 + 62 -156 -225 +168 +263 +267 +1*88 +21*8 +331 - 75 +22 k -380 + 69 +361 - 68 +101 +261 - 9It +116 -303 - 11* + 67 +223 +li2 9 - +14.21 +160 + 16 Classified Unclassified -888 + 33 <53 + 63 Total change -855 Total change excluding sales finance -855 Metals and products Textiles, apparel and leather Petroleum, coal etc. Other manufacturing and mining Public utilities Construction All other types of business Not for publication + 91 +1*1*5 +182 2 +337 + 39 +169 + 38 + 87 + 97 - 57 +172 +208 + 77 +1130 +190 -251*3 -21*7 -277 +739 +1985 +516 +1320 -2790 +1*62 +2011*# v+1103 s S/-1856 +516 +865 -1822 +376. +2539 _,/ +551 5/-1667 +101- +386 +1382 -1559 + 29 y -279 y -297 1/ Prior to week ending January 11, 1956# includes changes in agricultural loans. ?/ At weekly reporting banks. 3 / Not included in business loans on revised basis. 5/ December 31-July 1. 5/ Includes CCC certificates of interest which are estimated to have declined $620 million, 6/ Includes CCC certificates of interest which are estimated to have increased $25 million. r 1951* 1958 1959 • 11 — L. h. 3 Table h Estimated Changes in Deposits and Currency (In billions or dollars) Item Seasonally adjusted data 1/ Demand deposit component Currency component Total Seasonally adjusted data 2/ Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data 2/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S, Government deposits Total Factors affecting deposits and currency Bank loans and investments other than U. S. Govt. sec. h/ Commercial ~~ Mutual savings Bank holdings of U. S. Govt, securities: Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. R. Banks Other factors I960 1961 19# 1958 1957 1956 Last half of June to last half of July +0.2 +0.1 703 3 3 +0.2 +0.2 +0.1 -0.6 7073 7075 to^T 3^5 Bad of June to last Wednesday of July"]?/ +0.5 +0.1i 703 +53 +2.2 +0.2 +2.3 +1.1 +0.6 +0.1 753 +0.2 +0.1 3 3 3 3 -0.1 —0.8 +0.3 -0.7 3 3 +%2 +0.2 733, +0.1 +0.3 +0.8 +5^ +2.0 +0.1 -o.i 3/ -0.9 -0.1 3 3 +2.L +0.1 +l.o 3/ +0*5 -0.9 +2*5, +1.0 -O.ii 7o7T +07H "37 —5*L 3 3 —1.0 753 —1.9 3 3 +1.5 713 +0.1 -l.ii 3 3 +0.3 3 3 +0.8 -0.6 7571 3 3 —0.1 +0.1 +0.8 +0.1 +0.3 3/ +0.1 1/ 71 753 (signs indicate effect on deposits and currency) 371 +0.1; +3.0 753 +2.8 -0.1 -0.1 +0.2 +2.9 7073 +2.5 703 -0.8 +0.2 +1*2 733 —0.1 -0.1 +0.2 —0.5 +0.1 -0.1 —0.1 -0.2 -0.1 —0.2 +0.1 —0.2 3/ +0.1 +0.8 -0.8 3 3 +0.2 -0.8 • -O.ii —o.L 3/ +0.1 -0.7 1/ Averages of daily figures. 2/ Seasonally adjusted data are for last Wednesday ~ throughout; unadjusted data are for last Wednesday except in case of June and December call dates, when available. 3/ Less than $50 million, h/ Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banks; changes in these items are generally relatively small. Even if there were no changes in other items, changes at commercial banks exclude all interbank loans, domestic and foreign, while total loans exclude only those to domestic banks. In addition there is some lack of synchronization in reporting asset and liability items used in computing "loans net." 5/ Except for 1956, data are for last Wednesday of June Table U Estimated Changes in Deposits and Currency IIn billions of dollars) Item 1961 all W o rl 4 nA/9 H *9 n4* m O Demand deposits adjusted Currency outside banks Total .Qo o 6An +i.ii +0.1 713 0 Seasonally adjusted data 1/ bemand deposit component Currency component Total 1 s 3 * I960 -1.9 +0.1 =13 1926 1929 6/| 1928 | 1927 !tHj " ffu labi riaif uf Ji +1.7 +o.L 7^3 ; w m a 61 Lie 661111jsp +2.1* +0.1 753 +o.2 +0*2 753 -0.2 =53 id 'i W6dii@y(Ikjf 1 U.T J a. Ljr / Seasonally unadjusted data 2/ Demand deposits adjusted ~ Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Factors affecting deposits and currency Bank loans and investments other than U. S. Govt. sec. U/ Commercial *™ Mutual savings Bank holdings of U. S. Govt, securities! Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. R. Banks Other factors 2/ +2.2 "" +0.2 2/7?3 2/ -2.1 ~ -0.9 2/=33 "" +9.2 -1.7 +2.2 =T3 753 -2.3 **2e 8 +0.1 -1.0 3 3 +2,h 753 +0.2 -0.3 =23 +2.2 -W7L +0.2 +2.2 -2.2 -0.lt =53 753 +0.1 +0.k 753 -Ji.8 -0.2 =53 +1.2 7/ -0.3 =53 -1.7 -0.9 =53 +2.3 713 713 +0.9 +1.1 +0.1 -0*3 +0.7 -0.2 -0.3 = o =13 =33 +53 2/753 T O (signs indicate effect on deposits and currency) +1.2 +2.1 T O +1.2 +0.6 +1.2 +2.0 +13 +1.3 -0.1 s -0.3 +0.9 -0.2 -1.9 =03 +3.8 —0.2 +6.8 +1.2 *2.7 713 +1.9 +3.0 713 +1.3 +Iu6 753 —2.2 +53 +6.3 -0.1 -0.2 -iu2 =13 -2.3 -0.3 -7.0 =13 -2.1 —0*3 +0.6 —0.6 +0.3 ~l*lt 753 +0.9 -2.3 -0.9 —0.6 +2.9 -1*2 —2.6 +1.2 1/ Averages of daily figures* 2/ Seasonally adjusted data are for last Wednesday ~ throughout; unadjusted data are for last Wednesday except in case of June and December call dates, when available. 3/ Less than $20 million, h/ Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banksj changes in these items are generally relatively small. Even if there were no changes in other items, changes at commercial banks exclude all interbank loans, domestic and foreign, while total loans exclude only those to domestic banks. In addition there is some lack of synchronization in reporting asset and liability items used in computing "loans net*" *2/ Due to the reclassification of deposits of foreign official institutions in May 1961, demand deposits adjusted were increased by about SliOO million and time deposits by about #1.2 billion; deposits of banks were reduced by about $1.9 billion. 6/ln January and April 1929, as a result of bank structure changes, demand deposits adjusted were increased by about $200 million and time deposits by about $200 million. Deposits at mutual savings banks were reduced $300 million. 7/ http://fraser.stlouisfed.org/ for 1926, Federal Except Reserve Bank of St. Louis data are for last Wednesday of June throughout* L.U.3' « 13 — Table $ Ratios to Total Deposits U.S. Govt, securities maturing within one year L O A N S Date 1946 s 1947 s *948s 19495 1950s 1951? 19525 1953s #954: 1955s 1956s 1957s 1958s j959s 1960S * 1961s * w Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. All commercial banks 31 31 31 31 31 31 31 31 31 31 31 31 31 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 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 Member banks Central reserve city keserve New York Chicago city 27.7 26.0 27.3 31.0 30.3 31.1 35.9 30.4 33.4 34.9 25.6 32.4 42,5 32.3 38.1 46.3 36.2 39.4 50.6 41.1 38.9 50.6 42.2 39.1 46.8 38.3 41.9 56.7 46.3 48.5 61.7 52.7 52.7 61.9 55.2 53.3 49.4 57.7 51.3 67.3 58.2 58.2 67.6 68.0 67.4 66.9 67.7 66.0 65.5 2/ 66.0 65-9 Total Apr. 27 May 25 June 29 July 27 Aug. 31 Sept.38 Oct. 26 Nov. 30 Dec. 31 56.6 56.3 55-3 55.4 55-1 57.7 58.3 58.5 57.5 58.0 57.6 56.7 56.8 56.5 Jan. Mar. Mar. Apr. May June July 54.5 55.5 55«8 55-6 55°7 55.5 54.6 55.8 56.8 57.2 56.9 56.9 56.6 55.7 25p lp 29p 26p 31p 28p 26p 56.2 5608 57.1 56.2 65.O 65.3 65.4 63.9 62.0 61.7 6I.9 60.5 63.2 61.7 61.1 61.4 61.4 60.3 60.8 58.8 62.0 64.7 62.1 58.3 57.5 54.8 61.0 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 50.6 51.4 51.7 51.1 51.6 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 4.9 4.4 4.1 5.2 5.4 6.4 7.7 60.6 59.4 59.7 59.0 .5/50.4 50.3 8.1 8.1 58.8 50.1 8.5 8.9 . 59-5 59.3 58.9 58.0 51.5 50.6 50.5 5/51.0 8.1 51.0 9.3 9.8 51.3 n. 0,9 51.6 51.8 10.8 !u 1 "*"oans (adjusted to exclude loans to banks)? U. S. Government securities maturing within one year estimated on basis of Treasury survey of ownerships and total deposits Iadjusted 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. n a ca, H basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. 2] ata not strictly comparable with previous figures as one large country bank merged with a central reserve city bank. ® 4/ Includes merger with nonmember. 5/ Reserve city banks reclassified to country banks, n.a. Not available. ^ T0 62.7 65.8 61.1 62.0 63.8 HI Country e L.U.3 - lb Table 6 Free Reserves and Total Reserves Held (Based on averages of daily figures; in millions of dollars) Date Free reserves (excess reserves minus borrowings) "nr Central reserve city Reserve member New York f Chicago city Country Total reserves" held seasonally adjusted TIT member Monthly averages: 1958* 1959: Dec. Dec. 4l 425 80 109 32 104 - 197 - 449 268 237 18,602 18,671 50 1 31 45 16 3 27 2 9 34 10 126 152 100 49 59 39 38 5 2 4 4 - 381 252 254 173 120 128 62 44 2 38 80 197 182 190 144 204 290 375 464 483 546 596 18,360 18,228 18,104 18,276 18,275 18,389 18,464 18,750 18,915 19,097 19,031 695 517 476 562 453 549 533 26 26 9 60 22 40 7 29 1 4 5 5 89 10 35 39 18 66 57 583 510 431 467 451 438 469 19,119 19,112 19,013 18,879 18,889 19,018 18,918 June 8 547 37 16 99 394 n.a. July 5 12 19 26 498 610 638 599 10 25 7 62 4 6 2 5 51 89 30 115 433 489 615 417 XI# 8,* n.a. n.a. n.a. Aug. 2 420 19 420 n.a. I960: Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1961s — - Jan. Feb. Mar. Apr. May June July - 361 - 219 - 195 33 • 41 120 247 413 489 614 681 - - Weekly averages: 1961$ - 20 NOTEi Data for late July and August are preliminary. 1/ Data have been adjusted to exclude effect of changes in reserve requirements• Not for publication L.U.3 — x5 ** Table 7 Changes in Member Bank Reserves, with Relevant Factors (Monthly average of daily figures; in millions of dollars) January-July July Item 1961 I960 1961 2/ Year ending July i960 I960 1961 Member bank reserves Required reserves 1/ Effect of change in requirements Effect of deposit change Excess reserves 1/ Total reserves held 1/ + Effect of above factors on reserves - 44 - 440 + 461 - 440 + 5 + 456 - 262 + 76 + 109 mmmm - 262 — + 41 + 182 - - 28 + 42 - 184 + + 1?. + 224 - 228 - 4l4 + 537 -153 12 1 + 17 + 207 - 88 - 140 + 6 - 420 +2198 -1661 + 310 - 463 - 100 + 114 - 113 - 282 + 529 - 170 44 26 (signs iridicate ei feet on 1eserves) Principal factors Currency in circulation Gold stock and foreign accounts Treasury operations Federal Reserve float J/ Other factors 3/ + 182 mmmm Cash allowed as reserves 1/ + Reserve balances + Total reserves held, seasonally adjusted 41 + 433 + 601 - 413 - 124 + + 399 109 277 278 - 89 + 67 - 285 + 256 -1727 + 118 + 248 + 39 - 373 + 68 + 118 + 227 - 253 + 144 + 550 -1735 - 72 + 458 - 284 - 972 + 75 - 382 + + + - 90 67 2 4 + 495 + 403 + 92 - 223 - 15b - 68 - 19 - 417 - 4/2 . + 55 - 32 + 406 + 197 + 167 + 30 + 2 - 12 2 - - 518 - 337 - 340 - 247 + 35 + 69 + 123 + 41 + + - 72 + 90 14 19 90 84 Federal Reserve loans and investments: Total U. S. Govt, securities Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others mm am 37 — - 36 6 - 5 + 1 : 88 5 1 - 569 - 12 1 l/ Preliminary for July 1961. 2/ Computed on daily averages for December and July. Jjj Beginning February I960, data are on new basis excluding collected funds. for publication DigitizedHot for FRASER - 16 - L*li«3 Table 8 Liquid Assets Held by the Public — Seasonally Adjusted Series (Amounts in billions of dollars; ratios expressed as percentages) Total liquid assets (2+3+8) End of year or month J. 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 I960 June July Aug. Sept. Oct. Nov. Dec. 1961 Jan. Feb. Mar. Apr. May June V 271.8 284.0 296.2 308.3 318.0 330.3 339.9 351.7 368.9 388.7 114.6 120.2 124.1 126.6 130.0 133.5 134.5 133.6 138.8 140.2 129.0 132.7 140.6 148.6 158.1 166.4 174.1 182.8 196.7 204.4 36.3 37.8 40.6 43.6 46.8 48.5 50.7 56.4 63.4 66.2 23.O 23.6 25.2 26.7 28.5 30.0 31.6 33.0 35.1 35.9 14.0 16.1 19.2 22.8 27.2 32.0 37.0 41.7 47.7 54.3 55.7 55.2 55.6 55.5 55.6 55.9 54.8 51.7 50.5 48.0 28.2 3I.I 31.5 33.1 29.9 30.4 31.3 35.3 33.4 44.1 150.9 158.0 164.7 170.2 17608 182.0 185.2 190.0 202.2 206.4 55.5 55.6 55.6 55.2 55.6 55.1 54.5 54.0 54.8 53.1 89.1 83-3 82.2 85.1 85.3 80.7 78.8 79.3 79.4 79.5 388.7 388.8 390.3 392.7 394.0 393.7 396.0 138.0 138.6 138.6 138.5 139.9 138.8 139.2 207.7 209.2 211.0 212.6 214.2 216.0 217.7 66.8 67.5 68.6 69.3 70.0 71.1 71.7 36.1 36.4 36.4 36.6 36.8 36.9 37.1 57.7 58.3 59.1 59.7 60.5 61.1 61.8 47.1 47.0 46.9 47.0 46.9 46.9 47.1 43.0 41.0 40.7 41.6 39.9 38.9 39.1 204.8 206.1 207.2 207.8 209.9 209.9 210.9 52.7 53.0 53.1 52.9 53.3 53.3 53.3 76.8 140.7 398.1 400.8 139.4 140.4 403.9 406.8 141.5 408.0 %'l40.8 141.0 412.6 219.3 221.4 222.7 224.0 72.2 73.7 74,1 74.8 ^77.3 77.9 37.3 37.3 37.5 37.6 37.7 37.9 62.6 63.2 63.9 64.5 65.2 65.9 47.2 47.2 47.2 47.1 47.2 47.2 38.1 40.0 40.8 41.3 39.8 42.7 212.9 215.1 214.5 216.3 218,1 218.9 53.5 53.2 53.1 53.2 53.5 53.1 # # Forforfootnotes see Digitized FRASER • Ratio: Ratioi Demand Personal-type savings Commercial Commercial Total U, S. Govt Total deposits bank demand bank deposits liquid Savings U. S. securities adjusted personal- Time deposits and time de- + currency to assets to Govt, maturing and adjust ed l/ type and posits adj. gross total liquid savings within one loan currency savings Commer- Mutual and currency national assets shares bonds year 5/ cial savings outside (ii+5+6+7) (2 + li) (9 + 1) product 6> banks banks 2/ banks 1/ 3/ 11 10 8 9 6 7 5 h 3 2 other side. # 227.4 228.9 # # # # # 77.2 78.1 79"8 79-2 # Preliminary. Dat#. 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 )0 and December )1 when call data for these dates were available« 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 1955 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 24 months; figures include holdings of insurance companies, brokers and dealers, State and local governments, nonbank corporations, corporate pension funds, nonprofit institutions, foreign accounts, and individuals; prior to May 1955 includes securities callable within one year. Gross national product estimates are available quarterly and annually ^nly. 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. - 17 - L.4.3. Table 9 Demand Deposits, Currency, and Related Items (Averages of daily figures. In billions of dollars) Period • 1954—Dec. .. 1955—Dec. 1956—Dec. •1957—Dec. 1958—Dec. S 1959—Dec. (2) (2) 2) (2) (2) (2) I960—July • • # # (1) 2 Aug. 1 (2) Sept, (1) (2) Oct. (1) (2) Nov. (1) 2 Dec. (1) 2 l96l—Jan. Cl) (2) Feb. (1) (2) March (1) (2) April 1 2 May CD (2) June July N (1) (2) P Money Supply Related deposits-all commercial banks Seasonally adjusted Without seasonal adjustment demand Gross CurTotal rency deposits time U. S. Govt, demand 132.0 104.6 27.lt 48.7 It.6 106.9 13k. 7 27.8 50.1 3.5 136.6 , 28.3 108.3 52.0 3.5 28.3 , 107.2 ! 135.5 57.3 3.7 llO. 9 28.6 , 112.3 65.3 4.0 111.5 ; 28.9 ; 112.6 , 67.2 5.2 110.6 139.6 ' 28.9 29.0 ; 110.7 139.7 29.0 110.7 139.7 28.8 139.8 111.0 29.0 110.3 111.3 28.9 ; 111.6 110.5 lliO.O 29.0 111.0 111.2 , 29.0 112.2 11*0.6 29.0 111.6 29.0 110.9 139.9 28.9 140.3 111.1 29.0 Ho. 5 111.5 lli0.2 28.9 111.3 141.0 29.0 112.0 28.9 112.it Hi.3 ibl.l , 28.9 112.1 lltl.l 29.0 112.1 142.0 29.0 113.0 lia.8 112.8 29.0 142.2 29.0 113.2 29.0 112.0 113.0 , iia.9 28.9 113.0 , H2.lt 28.9 113.5 29.0 Hl.9 112.9 H2.1 29.0 113.1 H2.0 112.9 29.1 69.3 69.7 70.0 70.7 71.0 71.3 71.7 72.0 72.1 71.9 72.2 72.8 73.5 73.9 74.9 75.2 75.7 76.1 76.7 77.1 77.8 78.3 78.8 79.2 79.7 80.1 6.5 6.8 6.1 6.0 Lit 6.3 5.9 5.4 5.8 5.8 Jul 5.2 It.7 3.5 4.0 5.7 4.6 lt.9 3.4 2.3 3.9 5.3 3.3 5.8 4.8 3.9 p - Preliminary. 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. — 18 — L.U.3 - Year or month End of Dec. 1954 1955 1956 1957 1958 1959 3/ I960: June 29 July 27 Aug. 31 Sept.28 Oct. 26 Nov. 50 Dec. 51 1961: Jan. 25p Mar. lp Mar. 29p Apr. 26p May 51p June 28p July 26p Table 10 Deposits and Currency (In billions of dollars) (12) (11) (10) (9) (8) (6) (7) (5) (U) (1) (2) (3) Seasonally Total Seasonally adjusted Time deposits adjusted deposits money supply 1/ Curu. s. Demand money and rency Govt, Cursupply and deposits currency Demand Total Commer- Mutual Postal deposits outside rency Total deposits outside time dep. adjusted (7+8+9) cial banks (5+6+10 savings savings 1/ (2+3) at comm. +11) adjusted banks banks(1+7) 176.8 181.9 185.1 189.7 202.0 206.1 106.6 109.9 111.4 110.5 115.5 115.4 75.5 78.4 82.2 89.1 98.5 101.8 46.8 4-8.4 50.6 56.1 65.2 65.9 26.5 28.1 50.0 51.7 54.0 54.9 2,1 1.9 1.6 1.5 1,1 0,9 5.1 4.4 4.5 4.7 4.9 5.8 27.9 28.5 28.5 28.5 28.7 29.4 214.8 221.0 226.4 25" 5 247.5 25^.4 28.1 28.5 28.5 28.2 28.4 28.2 28.2 205.4 206.5 207.5 207.9 209.9 208.8 210.6 107.8 110.1 108.9 109.5 112.2 111.9 115.1 105.6 104.2 105.5 106.0 106.7 106,7 108.5 67.4 67.9 68.9 69.4 70.0 70.0 71.4 55.4 55.5 55.6 55.8 55.9 55.9 56.5 0.8 0.8 0,8 0.8 0.8 0.8 0.8 7.8 7.0 6.2 8.2 6.7 6.1 6.7 28,5 28.4 28.5 28.5 28.5 28.7 29.4 24-7.7 249.6 248.8 251.8 254.0 255.5 259.6 28.4 28,5 28.5 28.2 28.5 28.5 28.4 212.4 212.7 214.6 216.5 4/ 218.6 219.6 221.1 109.0 114.7 71.7 110,6 110.7 75.5 111.9 74.2 110.5 112.7 115.6 75.0 V 1 1 0 . 6 4/ 12 5 6 4/77.8 lib , 6 78.6 ~ 110.8 115.0 117.7 79.5 56.5 5606 57.0 56.9 57.0 57.5 57.5 0,8 0.7 0.7 0.7 0.7 0.7 0.7 4.1 6.5 4.9 2.8 5.5 6.5 6.4 28.0 255.7 256.0 28,2 28,0 255.1 257.0 27.9 28.4 4/ 260.1 262.2 28.5 265.6 28,5 150.0 155.5 154.5 155.6 158.8 14-0.2 105.1 106.1 107.1 105.8 110.7 112.0 26.9 27.4 27.4 27.8 28.1 28.2 158.0 158.6 158.6 158.5 159.9 158.8 159.2 109.9 110.5 110.5 110.5 111.5 110.6 111.0 112.5 110.9 112.1 115.5 112.5 112.7 115.2 14-0,7 159.4 140.4 141.5 4/140.8 4/ 141.0 141.6 ' 2/ At commercial, savings and Federal Reserve Banks, Demand deposits were reduced about $4-00 million as a result of a technical change under Regulation D amending the definition of such deposits. On balance in 1959, as a result of structure changes, demand deposits adjusted increased $400 million, time deposits at commercial banks increased $700 million, and time deposits at mutual savings banks declined $500 million, 4/ Demand deposits adjusted increased $4-00 million and time deposits at commercial banks increased $1,5 billion due to the reclassification of Digitized deposits for FRASER of foreign central banks. 19 L.U.3 Table 11 Loans and Investments at All Commercial Banks (in billions of dollars) Date 1954: 1955: 1956: 1957: 1958: 1959' Dec. Dec. Dec. Dec. Dec. June June Dec. 31 31 31 31 31 (old) (new) 31 H I960: May 25 June 29 July 27 Aug. 31 Sept.28 Oct. 26 Nov. 30 Dec. 31 1961: Jan. Mar. Mar. Apr. May June July 25 1 29 26 31 28 26 p p p p p Loans and Investments 155.7 160.3 164.5 169.3 184.4 184.2 184.2 189.5 U.S. Other Govt, secur- Total securities loans ities 70.469.0 16.3 82.0 61.6 16.7 16.3 89.7 58.6 93.2 58.2 17.9 66.4 20.6 97.5 20.6 102.8 60.9 20.6 102.8 6O.9 20.5 110.0 58.9 — 1 Nonbank financial All Coninstituother sumer tions 5.6 — — 10.9 — — . 6.5 13.2 14.6 — — 6.9 - - 7.2 15.8 8.2 — — 15.9 8.8 — — 17.5 7.6 17.5 5.9 8.1 18.8 7.1 r Busi- Real Secur- Farm ness estate ity 26.9 33.2 38.7. 40.5 40.4 42.5 37-8 40.2 18.4 20.8 22.5 23.1 25.3 26.9 26.9 28.1 4.5 5.0 4.3 4.2 4.7 4.1 4.1 4.9 •5.2 4.5 4.2 4.1 5.0 5.0 5.0 5.0 41.3 41.9 41.2 41.2 41.8 41.8 42.3 43.1 28.3 28.4 28.4 28.5 28.6 28.7 28.7 28.7 3.7 3.8 3.8 4.1 4.4 4.2 4.0 5.1 5.3 5.4 5.5 5.6 5.6 5.7 5.7 5.7 19.5 19.8 19.9 20.0 20.1 20.1 20.1 20.1 6.7 7.1 7.0 6.8 6.7 6.2 6.1 7.1 4.2 4.5 4.Or 4.7r 4.8r 4.8r 5.1 5.9 6.0 6.Or 6.1r 6.Or 6.0 5.9 20.0 20.8 20.7 20.6 20.7 20.8 20.8 6.1 6.2 5-9r 5.8r 6.0 5.9 5.7 185.9 186.7 188.6 189.0 191.4 193.8 193.9 198.5 55.1 54.2 56.7 5 6.6 57-7 60.4 60.2 61.0 19.8 110.9 19.9 112.6 20.0 111.9 20.0 112.5 20.2 113.5 20.4 113.0 20.3 113.4 20.9 116.7 195.6 197.0 195.6 197.2 2/198.9 200.3 203.1 6I.9 61.3 59.7 60.7 61.5 62.0 64.8 28.7 20.9 112.8 41.5 28.7 21.3 114.4 41.8 21.7 114.2 42.8r 28.8 21.8 114.7 42.4r 28.8r 21.9 115.5 42.2r 29. Or 22.2 116.2 42.7r 29. lr 22.4 115.9 42.2 29.2 8.4 8.5 8.3 8.5 8.6 8.5 8.8 9.2 8.9 8.8 6. 5r 8.8 2/9.2r 9.3r 9-3 p-Preliminary. 1/ Structure changes in 1959, on balance through August, added almost »l Diixion 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. NOTEs Data exclude interbank loans. Total loalis 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. Loar detail http://fraser.stlouisfed.org/ reused on bas|| of April call. ^ ^ # ' # # # Federal Reserve Bank of St. Louis Erratum* , T L. U« 3 Please substitute for pape 11 of June 1961 issue. - 20 Table h Estimated Changes in Deposits and Currency (In billions of dollars) 6/ 1958 I960 1956 1961 1959-' 1957 Last half of December to last half of tune Item Seasonally adjusted data 1/ Demand deposit component Currency component Total Factors affecting deposits and currency Bank loans and investments other than U. S. Govt. sec. ij/ Commercial ~~ Mutual savings Bank holdings of U. S. Govt, securities! Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. R. Banks Other factors -2.1 +1.5 +T7IT Z27T +T3 +Q.U +2.2 +0.1 +1.1 +0.2 +213 TT3 End of December to last Wednesday of June 7/ Seasonally adjusted data 2/ Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data 2/ Demand deposits adjusted ~ Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total +1.5 +1.7 -2.1 +1.9 +T78 -272 +23 +0.1 5/ ~h*3 ~ -1.1 5/ +8.1 V -0.1 -7.6 -1.1 ^77 +1.8 +0.2 3 +0.2 +0.U +0.6 +0.1 +53 wn -U.8 -5.8 -Q.5 +2.8 +1.1.2 =& -O.b =F72 +2.2 +3.E +0,6 +1.0 +0.9 +0.5 +1.0 +0.3 +1.6 +0.7 -0.2 +2.0 =13 =U77 =T3 5/+?3 (signs indicate effect on deposi a and currency) +1.8 +2.7 +075 +1.1 +275" +1.1 +0.3 —0.6 -5.6 =031 3/ +1.0 -0.2 +0.7 +5.3 +F7T +U.1 +0.8 +1.6 —6.0 +6.9 -b.8 -o.L =53 -5.5 2/ -o.l -0.8 -1.9 —0.6 +3.8 7279 +1.2 -5#b +5.U +o +1.3 -6.2 -2.0 =175 -0.3 -0.2 -3.1 -5.0 -0.2 -1.3 -2.7 +0.6 -0.5 -0.7 +575 +6.L +0.2 T7 Averages of daily figures. 2/ Seasonally adjusted data are for last Wednesday ~ throughout.; unadjusted data are for last Wednesday except in case of June and December call dates, when available. 3/ Less than #50 million. V Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banks; changes in these items are generally relatively small. Even if there were no.changes in other items, changes at commercial banks exclude all interbank loans, domestic and foreign, while total loans exclude only those to domestic banks. In addition there is some lack of synchronization in reporting asset and liability itema used in computing "loans net." £J D u e to the reclassification of deposits of foreign central banks in May 1961 demand"deposits adjusted were increased by about $1j00 million and time deposits by about Si.5 billionj deposits of banks were reduced by about $1.9 billion. 6/ In January and April 1959, as a result of bank structure changes, demand deposits adjusted were increased by about $200 million and time deposits by about $500 million. Deposits at mutual savings banks were reduced $300 million. jJ Except for 1956, data are for last Wednesday of June throughout.
@FedFRASER