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BANKING AND MONETARY S i v H & M l E N T S IN NOVEMBER 1964 — Research Library —* Seasonally adjusted commercial bank credit increased sharply in November following a sizable reduction in October. Nearly half of the rise was accounted for by increases in holdings of U. S. Government securities and in loans to Government security dealers associated in part with large Treasury financing operations. Other major loan categories and holdings of municipal and agency issues increased further. The seasonally adjusted money supply increased at a slightly slower rate than the average for the three previous months. Time deposits at commercial banks rose more rapidly than in other recent months, however, and U. S. Government deposits increased contraseasonally. Seasonally adjusted total and required reserves rose somewhat. Excess reserves averaged somewhat below member bank borrowings. Bank credit. Seasonally adjusted loans and investments at all commercial banks increased $4.1 billion in November following a $900 million reduction in October. Expansion was substantial, especially in the second half of the month, at both weekly reporting banks and at outside banks. This was associated in part with the large volume and late-month timing of Treasury financing. Over the July-November period, total credit growth was at an annual rate of 8.1 per cent, the same as over the first half of the year and the full year 1963. Holdings of U. S. Government securities increased $1.4 billion in November. Banks were allotted about $1.5 billion of the new 18-month Treasury notes, issued November 15, whereas they held only about $1 billion of the maturing issues; they were allotted practically all of the $1.5 billion June tax bills issued November 24 (the day before the lastWednesday condition report) for which 50 per cent of the payment was permitted through credit to tax and loan accounts. At weekly reporting banks, these bill acquisitions slightly more than offset heavy sales early in the month. Banks continued to reduce their holdings of longterm U. S. Government bonds. Through November, holdings of U, S. Government securities at all commercial banks declined at an annual rate of about 1-1/2 per cent compared with 5 per cent over the year 1963. Holdings of municipal and agency issues increased $600 million in November, about the same pace as the accelerated August-September rise, but twice as much as in October. The 10-1/2 per cent growth rate through November, however, was only about half that in the year 1963. Total loans increased $2.1 billion in November, reflecting not only heavy borrowing by Government security dealers in connection with the Treasury financing but also relatively strong growth in most other major loan categories. Over the July-November period, total loans increased at an annual rate of 7.8 per cent or considerably below the first-half rate. Over the first 11 months of the year, however, the 11-1/2 per cent rate was the same as that for the full year 1963. Business loans at all commercial banks, seasonally adjusted, increased $500 million in November, following a $200 million rise in October. Over the July-November period, the annual rate of growth was a little slower than earlier in the year and a little faster than over the full year 1963. At city banks in November, loans to food processors and commodity dealers increased substantially further. This was in line with the accelerated pace that developed in late 1963 when these businesses relied more on direct bank financing instead of the customary partial use of acceptance financing. Also, in November, there was a much larger-than-usual rise in total business loans at the smaller banks in the weekly series which do not report an industrial breakdown, and bank holdings of acceptances rose substantially. On the other hand, expansion in loans to petroleum and chemicals companies, which had been rapid in September and October, slowed in November, and loans to metals companies showed only about the usual seasonal rise. Seasonally adjusted security loans at all commercial banks increased $600 million in November following a reduction of similar volume in October. Loans to nonbank financial institutions increased $200 million in November following smaller than usual repayments in October. Real estate and consumer loans continued to show relatively substantial expansion. ' Money supply, turnover, and time deposits. The seasonally adjusted money supply increased $500 million in November, a little below the average monthly expansion of $600 million in the three previous months. Substantial growth in the first half of the month was followed by a small decline in the second half when U. S. Government deposits rose more than usual. Over the August-November period following the June-July accelerated expansion, money supply increased at an annual rate of 4.6 per cent, a little faster than the 3.9 per cent annual rate over the first 7 months of 1964. Turnover of demand deposits at 343 centers outside New York averaged 35.5 in November, the same as in October, and slightly below the April peak. Over the first 11 months of the year, turnover averaged 5.4 per cent above the corresponding months last year. Seasonally adjusted time and savings deposits at all commercial banks increased $2 billion in November, a record increase for this series. The annual rate of growth through November was 12.4 per cent compared with 14.7 per cent over the year 1963. Savings deposits at banks in leading cities continued to rise faster in November than in the corresponding weeks a year ago. In addition, total time and savings deposits at banks outside leading cities, where savings deposits account for about 70 per cent of the total, increased in November in contrast with declines in this month of previous years. Other time deposits at city banks, however, declined somewhat in November as redemption of Christmas Club funds and a decline in outstanding CD's at banks outside New York and Chicago were offset only in part by a moderate expansion in foreign time deposits and in CD's at banks in New York and Chicago. Bank reserves. Seasonally adjusted total and required reserves Excess reincreased in November following small reductions in October. serves averaged $395 million, $35 million below the $430 million average for borrowings. In the two previous months, free reserves had averaged close to $100 million. Excess reserves dropped slightly in November while borrowings rose substantially. Reserves were supplied principally through Federal Reserve purchases of U. S. Government securities and absorbed through currency outflow. Increase in discount rate and rates paid on time and savings deposits. Effective November 24, the Board of Governors approved actions by 5 Reserve Banks raising the discount rate from 3-1/2 per cent to 4 per cent. By November 30, the rate increase had become effective at all Reserve Banks. Also effective November 24, the Board of Governors set the maximum rate on savings deposits at 4 per cent regardless of the time the funds are on deposit and raised the maximum rates on time deposits and certificates of deposit to 4 per cent for maturities of less than 90 days from the previous 1 per cent and to 4-1/2 per cent for all longer maturities from the previous 4 per cent. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. December 15, 1964. 1.4.3 • EXHIBIi A, I ill I l O A N S AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted Billions of dollars 260 TOTAL LOANS AND I N V E S T M E N T S 220 180 140 LOANS 100 U.S. G O V T . SECURITIES OTHER SECURITIES I I 11 i I I 1 I I 1963 1964 1965 Exhibit A ~ Part II Date Total 1/ (In 1960--Dec. 31 1961--Dec. 31 1962--Dec. 31 1963--June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p Oct. 28 p Nov. 25 p 1/ Loans 1/ b :L 1 1 i 0 n s U. S. Gov't. Other securities securities of d 0 1 1 a r s) 2/ 194.5 209.8 228.3 113.8 120.5 133.9 59.9 65.4 65.2 20.8 23.9 29.2 2/ , 238.4 238.0 239.2 241.5 241.2 244. 2 246.5 141.7 142.6 143.6 145.4 146.1 148.4 149.4 64.4 62.6 62.0 62.2 60.8 61.4 62.1 32.3 32.8 33.6 33.9 34.3 34.4 35.0 246.7 248.4 251.4 251.8 253.5 256.3 254.5 258.7 261.7 260.8 264.9 151.0 151.8 153.9 155.4 157.3 160.0 159.7 161.5 163.0 163.1 165.2 60.8 ' 61. 2 62.1 60.8 60.3 60.0 58.4 60. 2 . 61.2 59.9 61.3 34.9 35.4 35.4 35.6 35.9 36.3 36.4 37.0 37.5 37.8 38.4 Adjusted to exclude interbank loans. 2/ Estimated as of December 31. 1.4.3. - LOANS I a s T AT ALL Wednesday oI COMMERCIAL month , seasonally EXHIBIT 0,. Part 1 B A N K S Billions of dollars adjusted BUSINESS REAL ESTATE CONSUMER SECURITY LLLLLL1! I (1,1111 \ \ M M J 1964 1965 Exhibit B - Part II Date Business * (In Real estate* b i 1 1 i 0 n s Consumer * of d e l Security * 1 a r s) 1960--Dec. 31 1961--Dec. 31 1962--Dec. 31 1,/ 42.1 43.9 47.6 28.6 30.2 34. 2 20.6 21.1 23.7 4.4 5.2 6.2 1963~~June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 1/ 49.4 49.6 49.7 50.1 50.7 51.5 52.0 36.7 37.2 37.6 38.0 38.4 38.8 39.1 25.3 25.5 25.7 25.9 26. 2 26.5 26.7 6.6 6.6 6.6 7.0 6.5 7.3 6.7 1964--Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p Oct. 28 p Nov. 25 p 52.5 52.9 53.0 53.6 54.1 "54.6 55.1 55.5 56.1 56.3 56.8 39.5 40.0 40.4 40. 6 41.0 41.4 41.7 42.0 42.5 42.8 43.1 26.8 27.1 27.4 27.6 27.8 28.0 28.2 28.4 28.7 28.9 29.2 7.5 6.9 7.3 7.4 7.7 8.0 7.8 7.8 7.6 7.1 7.7 1/ * Estimated as of December 31. Seasonal factors revised as of October 1964. Revised seasonally adjusted data beginning in 1952 available from Banking Section. Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item 1963 Oct. 1964 Nov. Loans and Investments 2/ Dec. k/ Jan. +2^3 +0.2 Feb. Mar. Apr. Hay June ± M +0.4 +1.7 +2.8 July Aug. +4.2 +3.0 -1.4 +0.6 +0.7 -1.3 +0.4 +0.9 -1.3 -0.5 -0.3 -1.6 +1.8 +1.0 -1.3 Other securities +0.4 +0.1 +0.6 -0.1 +0.5 1/ +0.2 +0.3 +0.4 +0.1 +0.6 +0.5 +0.3 +0.7 +2.3 +1.0 +1.6 +0.8 +2.1 +i.5 Business +0.6 +0.8 +0.5 +0.5 +0.4 +0.1 Real estate +0.4 +0.4 +0.3 +0.4 +0.5 Consumer +0.3 +0.3" +0.2 +0.1. Security -0.5 +0.8 -0.6 +0.8 y i/ +0.2 Nonbank financial +1.4 ! +0.6 ! I +2.1 i i | +0.5 +1.9 +2.7 -0.3 +1.8 +1.5 +0.6 +0.5 +0.5 +0.5 +0.4 +0.6 +0.2 +0.4 +0.2 +0.4 +0.4 +0.3 +0.3 +0.5 +0.3 +0.3 +0.3 +0.2 +0.2 +0.2 +0.2 +0.2 +0.3 +0.2 +0.3 —0.6 +0.4 +0.1 +0.3 +0.3 -0.2 -0.5 +0.6 -0.3 +0.2 +0.4 +0.1 +0.2 +0.5 -0.7 +0.1 y +0.2 • : y 1 +0.1 +0.3 -0.2 : | +o.3 +u. 1 Agriculture +0.1 y -0.1 y -0.2 +0.1 +0.1 +0.2 -0.1 r +0.1 +0.2 j +c.i i I jr -0:1 All other +0.2 +0.1 +0.2 +0.2 +0.3 +0.3 +0.5 +0.2 +0.6 r -0.2 +0.1 i +0.1 1r +0.2 +0.2 Total loans excluding security 3/ +1.6 +1.6 +1.3 +0.9 +1.5 +1.6 +1.7 +1.7 +2.1 +0.2 +1.3 1 .1.9 ; +0.8 +1 .b Total loans excluding security and nonbank financial 3/ +1.6 +1.6 +1.1 +1.2 +1.3 +1.2 +1.6 +1.5 +1.6 +0.9 +1.6 j +C.b 1 | +1.2 NOTE--Individual loan items may not add to change in total loans because: (1) loan items are gross of valuation reserves while total loans are net and (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. V Less than $50 million. 2/ Adjusted to exclude interbank loans. 2/ Derived by addition of items and not by subtraction from total loans. : +4.1 U. S. Gov't, securities Loans If Nov. Sept. p ]Oct. p i Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Last Wednesday of October to last Wednesday of Novem iber... Item All commercial banks Total loans U. S. Gov't, securities Other securities Total Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total 1964 1963 1962 1961 I960 1959 1958 +2.4 +2.6 +0.8 y +0.2 +1.0 -0.4 +0.2 +0.8 -0.2 —0.1 +0.1 +0.4 +0.8 -l.l +1.3 +1.5 S i 7zZ +0.4 -0.3 +0.6 -1.0 +0.8 +0.9 -0.5' +1.4 +0.2 +0.5 +0.6 +0&1 +1.2 i +1.2 +0.3 1/ +3-6 -0.4 +2.6 +1.4 +1.9 +0.6 -0.2 +1.8 -0.1 +1.0 +0.6 +0.7 +0.4 +0.2 +1.8 -0.4 +1.5 1/ +1.1 +1.1 +0.1 -0.3 +0.2 1/ +0.7 +0.3 -1L +1.1 +0.5 , -0.4 +0.1 +0.2 +0.5 1/ . +0.1 +0.6 -0.2 -0.1, . y +0.1 +0.1 +0.2 -0.2 -0.2 -0.1 -0.1 -0.1 End of December to last Wednesday of November Item 1963 2/ 1962 1961 i960 1959 1958 +11.5 -1.1 +2.9 +13.3 +10.7 +2.8 +5.2 +3.4 2/+9.8 -4.1 +4.8 +11.4 +8.4 -1.0 +4,9 +12.4 +10.6 , +1.5 +9.5 +2.4 +13.4 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +4.8 -1.5 +1.3 +4.6 +5.0 -4.4 +3.0 +3-6 +3.5 -3.1 +3.3 +3.7 —0»2 +2.3 Other banks Total loans U. S. Gov't, securities Other securities Total +6.7 +0.4 +1.6 +5-7 +0.3 +1.8 +7.8 +4.9 +2.1 +1.6 +8.7 +3.0 +1.9 +0.9 +5,9 All commercial banks Total loans U. S. Gov't, securities . Other securities , Total 1964 2/ 7Z7? +1.6 +4.7 +1.3 2/-7.9 -0.2 2 / ^ 5 +4.4 2/+1.7 +0.2 ' +5.3 -7.3 -0.5 -2.5 -1.1 +3.2 2/+4,5 -0.3 2/-0.6 •+2»6 +1.6 -0.2 +1.6 2/+0.2 2j+4.2 +6.1 +1.4 +6.2 +3.4 +1.0 +7.2 N0TE--Data exclude all interbank loans; call report data for weekly reporting banks used 1/ 2/ when available. Less than $50 million. . , As a result of bank structure changes, total credit increased about $1 billion: $600 million in loans; $300 million in U. S. Gov't, securities; and $100 million in other 3/ securities. Estimated as of December 31, 1962, for all commercial banks and weekly reporting banks and for all commercial banks, December 31, 1963. Exhibit B Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of October to end of November 1/ Business of borrower Food processors Commodity dealers Trade concerns Total Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services 1/ 2/ 1964 1963 1962 1961 +169 +217 +153 +125 +246 +524 + 71 + 65 +119 +115 +123 +357 + 79 - 32 8 + 44 - 58 + 53 + 67 -43 + 16 - 13 + 1 - 32 + 4 + 8l +467 + 43 -103 + 19 - 15 -- 9 + 29 + 54 + 48 + 54 Classified Unclassified Total change - 66 + + 80 +108 +244 + 61 83 - 34 End of December to end cf November 2/ I960 1964 1963 1962 1961 I960 +118 - 23 +384 +427 - 95 + 38 +470 +413 - 38 + 16 - 36 -220 +369 - 72 + 50 +346 +324 +193 +171 +357 - 21 - 74 + 19 +308 -135 - 11 +159 - 11 - 9 +175 - 83 -542 - 45 - 95 +478 +310 -105 +117 +131 +120 - 61 + 28 +178 +401 - 93 +432 +453 n.a. n.a. +201 - 52 +191 +243 n.a. n.a. n.a. n.a. +335 -257 +113 +635 n.a. n.a. +479 - 31 +388 +100 - 91 + 87 + 60 n.a. n.a. n.a. n.a. n.a. n.a. - 13 ±_33 n.a. n.a. +485 +l8l +863 + 95 +375 + 15 +239 - 93 +279 + 7 +1,972 +718 +1,714 +374 +1,400 +361 +315 -362 +1,472 -165 +666 +958 +390 +147 +286 +2,690 +2,088 +1,760 - 47 +1,307 +287 +395 n.a. n.a. Four most comparable weeks used throughout. Changes for 1964 are compiled from December 25, 1963, rather than from December 31, 1963; the December 25 date is more comparable with earlier years, e.g., December 26, 1962, and December 27, 1961. However, these data cannot be linked with all commercial bank data which are always for December 31. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1957—Dec. 1958—Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 19^3—Jan. Feb. Mar. Apr. May June 30 27 27 24 29 29 (old) (new) 1/ (est.) July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 (est.) Loans and investment! U. S. Gov't. 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 58.2 66.4 60.9 60.9 58.9 229.1 230.4 231.9 232.3 233.6 239.1 66.2 237.8 237.1 241.9 242.4 245.0 252.4 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p Oct. 28 p 246.2 247.2 249.9 250.6 251.5 257.3 254.3 256.1 262.2 262.1 Nov. 25 p 265.7 )ther zurities Total loans Business Real estate Security Farm Consumer 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 Nonbank financial institutions All other 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 29.5 29.9 30.7 31.4 31.7 32.4 133.4 135.2 136.4 136.9 138.9 143.1 47.3 47.7 48.6 48.6 48.8 49.9 34.5 34.7 34.9 35.4 36.0 36.7 5.6 6.5 6.0 5.8 6.0 6.9 7.4 7.4 7.5 7.4 7.5 7.5 23.8 24.0 24.2 24.7 25.1 -25.5 7.5 7.7 8.0 7.6 7.8 6.6 10.1 10.0 9.9 10.2 10.6 11.0 32.9 33.7 34.2 34.5 34.1 35.1 142.4 142.5 . 146.0 146.0 148.6 153.9 49.0 49.2 50.1 50.6 51.9 53.7 37.3 37.8 38.2 38.6 39.0 39.2 6.4 6.1 7.4 6.5 7.0 7.9 7.2 6.8 7.0 7.3 7.4 7.4 25.7 26.0 26.1 26.3 26.5 26.7 6.9 6.7 9.1 8.6 8.6 10.2 10.8 10.6 11.0 11.1 11.3 11.8 61.1 34.6 35.1 35.6 35.8 35.8 36.4 36.5 37.1 37.8 38.0 149.5 150.6 152.8 154.7 156.7 161.1 159.4 160.2 163.7 163.0 51.8 52.4 53.2 53.4 53.9 55.1 54.4 54.9 56.1 56.2 39.5 39.8 40.0 40.4 40.8 41.4 41.8 42.2 42.7 43.0 7.1 6.9 7.1 7.2 7.5 8.2 7.6 7.2 8.0 7.1 7.5 7.4 7.5 7.6 7.7 7.7 r 7.6 r7.4 r7.5 r7.6 26.6 26,8 27.0 27.4 27.8 28.2 28.5 28.7 28.9 29.0 8.6 8.8 9.3 9.3 9.3 10.5 9.5 9.7 10.2 . 9.6 62.3 38.0 1&5.4 57.2 43.4 7.4 7.8 29.2 61.0 66.6 66.4 65.3 64.8 64.0 63.0 63.5 62.5 60.9 61.8 62.0 62.3 63.4 62.1 61.5 61.5 60.1 59.1 59.3 58.3 58.0 60.6 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 ^ 5.9 7.1 7.1 7.3 8.5 9.7 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 11.5 11.7 11.8 12.4 13.0 13.8 r 13.3 rl3.4 rl3.6 rl3.8 14.0 p - Preliminary. 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. _,^TE—Data exclude interbank loans. Total loans are after and types of loans before deductions for vaulation 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 revis3d to exclude loans to nonbank financial institutions. Revised. Exhibit Q Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L O A N S Date 194b- -Dec, 1949- -Dec, 1950- -Dec, g 9 5 1 - -Dec. %952- -Dec. 1953--Dec. 1954--Dec. 1955- -Dec, 1956--Dec. #957- -Dec. 1958- -Dec. 1959--Dec. 1960--Dec. 1961--Dec, 1962--Dec, All commercial banks 31 31 31 31 31 31 31 31 31. 31 31 31 31 31 28 31.2 31.1 35.8 37.2 39.3 40,5 40.3 45,8 48,8 49.7 48.4 54.0 55.1 54.5 56,5 % 6 3 - -June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 25 57.7 57.8 58,4 58,6 58,4 59.0 58,6' 1964--Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug, 26 Sept.30 p Oct. 28 p w Nov. 25 p 58.8 59-3 59.3 60.2 60.8 60,7 61,1 61.1 60,5 60.5 60.8 e Total 31.3 30.9 36.1 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 58.7 58.7 59.4 59'. 6 59.5 60.2 59.9 60.0 60.5 60.5 61.4 61.9 61.9 62.2 62,2 61.6 Member banks Reserve city banks New York City of Other City Chicago 35.9 34.9 42.5 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 66.4 65.6 67.3 67.5 66.6, 69.3 67.4 67.3 67.6 67.5 68.4 69.3 69.1 68.7 30,4 25.6 32.3 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58,2 58.2 61.4 59.0 57.7 60,1, 60.8 58.0 58.8 58.5 60.4 62,0 61,7 61.2 62.1. 62.1 62.3 62.5 61,9 61.4 62.6 61.3 62.7 61.3 61.7 62.6 62.7 63.0 63.5 63.3 63.9 64.2 64.1 65.1 65.4 64.9 66.0 66.1 66,0 Country 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 All commercial banks y z/ y 50.2 51.7 53.6 53.7 53.8 53.8 53.6 54.0 53.8 53.9 54.5 54.7 55.6 56.1 56.2 56.4 56.2 55.8 55.8 . y 14.2 19.2 15.2 9.8 11.7 16.9 io.o 5.1 7.5 8.4 8.3 7,4 8.7 11.2 9.5 7,4 7.2 7.4 7.2 7.4 7.3 7.5 7.2 6.8 6.5 6.3 6.4 6.6 5.7 6.3 62.3 6.9 61.6 67.8 62.0 65.5 7.2 62.0 69.4 62.1 66.1 n.a. y Total loans (adjusted to exclude loans to bunks); U. S. Government securities maturing within one year estimated on basis of Treasury survey of ownership and total deposits (adjusted to exclude curjh 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 B m r i 1 9 5 1 a n d 1 9 5 2 a r e 2 1 * 5 a n d 1 9 ' 1 respectively, y Estimated for December 31 R01&—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. 69.0 68.0 1.4.3. EXHIBIT H, Part 1 DEPOSITS A N D CURRENCY A N D TURNOVER OF D E M A N D DEPOSITS Seasonally adjusted; deposits, s e mi - m o n l h l y a v e r a g e $ of d a i Iy f i g or as; I h I y Annual rate £ i 11 i o n s o f doll o r $ J60 40 MONEY SUPPLY HQ 35 I URN O VE R 3 4 3 centers /—"V V 30 120 25 100 TIME AND SAVINGS DEPOSITS * 20 IS U.S. GOVT, DEPOSITS* Not a d j u s t e d tor s e a s o n a l ' 19S9 - i960 1961 1962 1963 1964 1965 Exhibit H - Part I I ^ Period • S e a i s o n a l l y M o n e y S u p p l y * A d j u ;5 t e d D a t a U. S. » Govt, deposits Total Demand deposits Currency Time and savings deposits 1962—-Dec. 1963—Dec. 147.6 153.2 117.1 120.7 30.6 32.4 97.9 112.3 31.3 33.9 5.6 1964—June July Aug. Sept. Oct. Nov. p 155.6 156.7 157.2 158.0 158.6 159.1 122.1 123.3 123.5 124.2 124.7 124.9 33.4 33.5 33.7 33.8 33.9 34.2 118.5 119.4 120.6 121.7 123.1 125.1 35.0 35.6 35.1 35.1 35.5 7.8 7.0 6.4 6.6 5.6 5.8 • 1964—Oct. 158.9 158.2 125.0 124.3 33.9 34.0 122.7 123.4 n.a. n.a. 6.8 4.5 159.3 158.9 125.1 34.2 124.4 n.a. 124.7 34.2 125.8 n.a. 4.6 7.0 (1) (2) Nov. (1) (2) p p - Preliminary Turnover 343 centers outside NY 35.5 5.2 . 1.4.3 - EXHIBIT I, Pari 1 TIME A N D S A V I N G S DEPOSITS AT MEMBER B A N K S I N L E A D I N G CITIES Wednesday B i l l i o n s ©I d o l l a r i figure# TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS Of INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS OTHER TIME DEPOSITS Exhibit I - Part II T i m e and S a v : in g s Period Total (In 1961—Apr. < Dec. 1962—Dec. 1963—--Dec. Savings m :. 1 1 i 0 n s D e p 0 s i t s Individuals, partnerships, and corporations 0 ; • d o l l a r s Other time deposits 1/ 26 27 26 31 38,175 41,472 50,011 59,227 27,819 30.082 34,712 38.083 5,480 5,969 9,080 13,310 4,876 5,421 6,219 7,834 1964—Sept. 30 Oct. 28 64,719 65,478 39,873 40,061 > 15,854 16,464 8,992 8,953 65,329 65,536 65,561 65,596 40,128 ' 40,197 40,227 40,255 16,254 16,388 16,264 16,288 Nov. 1/ Tn A ! 4 11 18 25 Q 4* n ments and official institutions, and interbank. • 8,947 . ' 8,951 , 9,070 9,053 Government, foreign govern- Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date All member Monthly averages: 1956--December 1957--December 1958--December 1959--December 1960--December 1961--December 1962--December 1963--June July August September October November December 1964--January February March April May June July Augus t September October November p Reserve City Banks City of New York Other City Chicago Excess reserves Country All member Borrowings Total reserves held seasonally adjusted 1/ All member All member - 36 -133 - 41 -424 669 419 268 - 91 -105 — 80 -109 10 - 50 - 62 - 86 - 77 - 32 -104 - 4 - 22 - 11 -203 -228 -197 -449 80 20 - 52 344 277 268 237 583 471 394 652 577 516 482 756 568 572 688 710 557 906 87 149 304 17,185 17,077 17,942 17,978 18,283 18,977 19,548 138 161 133 91 94 33 209 - 59 15 - 80 - 55 - 99 - 74 19 - 7 12 27 41 11 36 21 -111 -149 - 75 -108 - 93 -138 -122 314 308 315 295 298 281 334 374 483 463 412 407 409 536 236 322 330 321 313 376 327 19,848 20,020 19,898 20,025 19,923 19,994 20,240 — — - 22 89 86 14 3 14 19 8 34 26 17 -116 - 87 - 54 - 78 -112 -115 -103 -155 -139 -118 -177 334 275 255 255 218 247 272 264 279 281 245 427 395 357 375 333 388 397 413 421 412 396 256 304 259 213 255 270 265 334 331 309 430 20,250 20,270 20,459 20,478 20,403 20,682 20,663 20,751 21,011 20,948 21,035 171 91 98 162 78 118 132 79 90 103 - 34 23 7 17 2 26 1 18 22 16 34 86 NOTE--Beginning July 26, 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, Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series \J (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Commercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, Savings savings and loan bonds 5/ shares 4/ U. S. Gov't, securities maturing within one year 6/ 8 3 4 5 6 7 1954 1955 1956 1957 1958 1959 1960 1961 1962 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0,6 0.5 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 30.6 31.6 33,2 38.8 35.6 48.8 41.9 42.6 46.8 1963 Aug. Sept. Oct. Nov. Dec. 482.5 483.9 489.0 493.2 495.3 146.2 147.1 148.8 149.6 149.6 107.1 107.9 110.1 111.9 112.9 43.5 43.7 44.2 44.6 44.5 0.5 0.5 0.5 0.4 0.5 87.2 88.3 89.1 90.0 90.8 48.4 48.5 48.5 48.6 49.0 49.5 48.0 1964 Jan. Feb. Mar. Apr. May June July Aug. Sept. p Oct. p Nov. p 498.8 499.5 503.9 505.9 507.5 511.3 511.7 514.7 520.7 523.1 526.5 149.5 148.4 150.2 149.9 149.6 151.1 • 151.6 152.1 154.8 154.6 154.7 114.8 115.5 115.9 117.0 117.9 118.6 119.% 120.6 121.9 123.7 125.7 45.0 45.5 45.6 46.0 46.3 46.8 47.1 47.5 47.9 48.3 48.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.8 95.7 96.5 97.7 98.9 99.7 100.6 49.1 49.0 49.0 49.1 49.1 49.2 49.3 49.3 49.4 49.4 1 For footnotes see next page. 2 49.5 Ratios: Commercial Demand deLiquid posits and bank deposits assets currency to and currency to to gross gross nation- liquid assets national ( 2 + 3 4-1) product 7/ al product If 11 10 9 55.7 35.0 85.9 55.0 32.6 81.3 54.4 31.2 . 79.6 53.6 30.3 80.3 54.8 29.9 80.2 52.6 28.7 80.5 53.0 27.6 79.2 53.0 26.4 78.5 52.9 80.4 25.4 81.6 25.0 81.9 24.8 47.9 48:1 48.1 48.6 48.4 49.3 49.5 49.4 49.4 46.7 47.1 47.4 46.8 47.0 82.0 24.5 82.0 24.3 82.0 24.3 52.5 52.7 52.9 53.0 53,0 53.0 52.8 52.8 52.8 52.7 52.7 53.1 53.0 53.2 53.2 53.3 2 x M M * 1 (Cautioned) ' isaiEisefl of the Census* States possessions are Included throughout., cat ad for demand deposits in footnote 2 above * savings capital compiled by the Federal Hose Loan Bank i^oard, *ss z z z r »• zu-zzz^wz^z -• sasaasaessBsg## tioas. Figures have been adjusted to include partially taa-execpt securities J £ of U* S. Government Securities. 7 - 2 S . - 2 S 2 ZXS22L - of the current quarter and the last month of the preceding quarter). # # # # # # # # #
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