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L • A- • 3 Not for Pub lie a ta&feV* ? V B/ December INGANCm 17 t 1968. .RY DEyELOPMENTS IN N O V E M B E R 1968 — : Summar , ^ oVth of seasonally adjusted b a n k credit slowed in N o v e m b e r t^gSS&fit one-half the pace of the last three m o n t h s . Bank holdiffgs of U . S . Government securities declined sharply, in large part b e c a u s e the T r e a s u r y delayed its usual N o v e m b e r financing until D e c e m b e r . Bank h o l d i n g s of m u n i c i p a l and agency i s s u e s — a s w e l l as b a n k loans--increased more rapidly than in other recent m o n t h s of this y e a r . The m o n e y supply also rose somewhat more than in the past few m o n t h s . Growth of time and savings d e p o s i t s slowed somewhat from the rapid pace prevailing since J u n e . T o t a l , required, and net borrowed reserves, and m e m b e r bank b o r r o w i n g s all increased. Changes in Commercial Bank Credit M o n e y Supply and Time D e p o s i t s (Seasonally a d j u s t e d ) 1965 1966 A n n u a l rate 1967 2nd Year Half 1/ (per c e n t ) 1st Half 1968 3rd Jan. Qtr . Nov. Year Year 10.2 5.8 11.6 12 .4 6 .5 19.0 11.0 6 .3 -5.9 - 6.1 11.4 13.6 2.3 23.8 2 .4 -59.8 Other sec . 15 .8 6 .5 26.1 18.5 8.1 19.4 15.6 29.8 T o t a l loans 14.8 9.2 8.3 10.6 7 .2 17 .6 12.1 17 .0 18.8 13.3 9.8 8.5 7 .6 10.3 10.1 20. 7 4.7 2.2 6.4 6.0 6.7 4.5 6 .5 11.3 15.8 8.6 16.1 12 .6 5.0 17 .9 11.0 15 .0 Total loans and investments U . S . G o v ' t . sec. Business loans Money supply Time and savings deposits at all c o m m e r c i a l banks Nov. adjusted for the d e f i n i t i o n a l shift of about $1 b i l l i o n of partidipation certificates from loans to other securities on J u n e 30, 1966. Changes in total credit, total loans, and total time ai>d savings d e p o s i t s described above are also adjusted for the reduction of $1.1 b i l l i o n of b a l a n c e s accumulated for the payment of personal loans excluded on June 9, 1966, as a result of change in F e d e r a l Reserve regulation affecting reserve r e q u i r e m e n t s . - 2 - Bank Credit. Total loans and investments at all commercial banks rose by $1.6 b i l l i o n in N o v e m b e r , or at about a 6 per cent annual rate. This increase w a s relatively concentrated at smaller banks, as m o s t of the decline in h o l d i n g s of U.S. Government securities took place at larger banks. Since the first of the year, bank credit has expanded at an 11 per cent annual r a t e — o n l y slightly below the increase over 1967--and has been about equally divided b e t w e e n w e e k l y r e p o r t i n g and other banks. Bank h o l d i n g s of U.S. G o v e r n m e n t securities increased by over $3.0 b i l l i o n during N o v e m b e r , w i t h m o s t of the r e d u c t i o n being in Treasury bills and short term notes and bonds. P o s t p o n m e n t to December of the Treasury bill financing that usually takes place in the latter h a l f of the month was a major factor in the decline. But continued strong loan demands, the r e l a t i v e l y attractive yields a v a i l a b l e on m u n i c i p a l securities, and the high cost of C D funds probably also contributed to b a n k liquidation of G o v e r n m e n t s during November. H o w e v e r , their h o l d i n g s of these securities still h a v e risen, on b a l a n c e , since the first of the year. A s has been the case since around m i d - y e a r , banks added substantially to their h o l d i n g s of other securities in N o v e m b e r — p a r t i c u l a r l y m u n i c i p a l issues. Recent increases — in October and N o v e m b e r - - h a v e been in longer m a t u r i t i e s , probably in part a response to the rise in long-term relative to short-term m u n i c i p a l yields over the past few m o n t h s . Since the first of the year banks have added to their h o l d i n g s of these securities at a 15.6 per cent annual rate, w h i c h , although rapid, is still below the record 1967 pace. E x p a n s i o n of b a n k loans was also rapid in N o v e m b e r , largely b e c a u s e of a further acceleration in the growth of b u s i n e s s loans. The $1.6 b i l l i o n rise in business loans--which w a s concentrated in loans to retail trade, construction, services, and public u t i l i t i e s w a s the largest m o n t h l y increase since June of 1966. H o w e v e r , real estate and consumer loans also continued to increase rapidly. Security loans declined for the second m o n t h in a row as security dealers continued to reduce their inventories. Over the first 11 m o n t h s of 1968, business loans and total loans both have expanded m o r e rapidly, on balance, than during 1967. M o n e y S t o c k and Time Deposits. The m o n e y supply rose $1.8 b i l l i o n in N o v e m b e r , or at an annual rate of 11.4 per cent, w h i c h is almost twice the rate of growth since the first of the year. The November rise reflected a large increase in d e m a n d deposits—while U . S . G o v e r n m e n t d e p o s i t s d e c l i n e d further-"-as w e l l as a s u b s t a n t i a l e x p a n s i o n in c u r r e n c y o u t s t a n d i n g . T h e r e c e n t e x p a n s i o n in b a n k loans and the h i g h l e v e l of s t o c k m a r k e t a c t i v i t y p r o b a b l y a l s o c o n t r i b u t e d to the i n c r e a s e b£ h o l d i n g s of m o n e y b a l a n c e s . Time and s a v i n g s d e p o s i t s at all c o m m e r c i a l b a n k s increased $ 2 . 4 b i l l i o n f u r t h e r in N o v e m b e r - - o r at only s l i g h t l y less than the S a l e s of n e g o rapid r a t e of g r o w t h over the p r e v i o u s four m o n t h s . t i a b l e C D ' s w e r e h e a v y , p a r t i c u l a r l y in the latter h a l f of the m o n t h . H o w e v e r , b a n k s had to pay i n c r e a s i n g l y h i g h e r r a t e s for these f u n d s , w i t h m o s t b a n k s o f f e r i n g m a x i m u m r a t e s on all m a t u r i t i e s b y the end of the m o n t h . S t r o n g l o a n d e m a n d , large D e c e m b e r and J a n u a r y m a t u r i t i e s , the h i g h cost of E u r o d o l l a r s , and p o s s i b l y the a n t i c i p a t i o n of the r e d u c e d a v a i l a b i l i t y of CD funds in the near f u t u r e p r o b a b l y all c o n t r i b u t e d to b a n k w i l l i n g n e s s to pay the i n c r e a s e d c o s t of o b t a i n i n g CD f u n d s . C o n s u m e r - t y p e time and s a v i n g s d e p o s i t i n f l o w s — as in O c t o b e r — w e r e a l s o large in N o v e m b e r . Bank Reserves. T o t a l and r e q u i r e d r e s e r v e s i n c r e a s e d f u r t h e r in N o v e m b e r , O v e r the four s t a t e m e n t w e e k s e n d e d N o v e m b e r 27, net b o r r o w e d r e s e r v e s a v e r a g e d about $ 2 9 4 m i l l i o n c o m p a r e d w i t h $191 m i l l i o n in O c t o b e r . Member bank borrowings increased almost $100 million. L.4.3 - EXHIBIT A, PART 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted Billions of dollars I I II I I I I I I T II I I I 400 TOTAL LOANS AND INVESTMENTS 300 LOANS 200 80 OTHER SECURITIES U.S. GOVT. SECURITIES 40 1967 1969 Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Total 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 1967--Sept. Oct. Nov. Dec. 27 25 29 30 339.1 342.0 344.3 346.5 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 31 28 27 24 29 30 31 28 25 30 p 27 p 349.9 353.9 352.5 355.2 357.3 357.8 365.9 370.4 374.8 379.6 381.6 1/ 2_/ 3/ 2/ 2/ 227 .9 246.2 267.2 294.4 310.5 U.S. Gov11. securities Loans ( I n 3/ b i l l i o n s 134.0 149.6 167.7 192.6 208.2 4/ of d o l l a r s Other securities ) 64.6 61.7 60.7 57.1 53.6 29.2 35.0 38.7 44.8 48.7 219.9 221.4 222 .7 225.4 61.4 61.9 61.2 59.7 57.7 58.6 60.4 61.4 227.5 229.2 229.0 231.4 232.6 233.5 238.4 241.1 243.8 246.9 250.4 60.0 62.0 59.9 60.3 61.0 60.4 63.1 63.9 64.0 64.2 61.0 62.4 62.7 63.6 63.4 63.6 63.9 64.4 65.5 67.0 68.5 70.2 3/ Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal loans . Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. Series revised beginning January 1968 to reflect adjustments to June 29, 1968, Call Report data. 4/ L.4.3- EXHIBIT B, P a r t i LOANS AT ALL COMMERCIAL BANKS Billions of dollars Last Wednesday of month, seasonally adjusted 1 . I M i l l I II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 100 - BUSINESS 90 • - - 80 70 - - REAL ESTATE 60 I 50 CONSUMER - — 40 30 15 10 SECURITY 1 M 1 J 1966 1 S ........ 1 M 1 J 1967 1 S II D 1 II 1 II 1 II M J S 1968 1 1 1 1 1 1 1 1 1 1 1 M J S D 1969 # Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Date Business ( I n 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966 --Dec . 31 31 31 31 31 1967--June July Aug. Sept. Oct. Nov Dec. 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct . Nov. 1/ 1/ 1/ Real Estate b i l l i o n s Consumer o ii Security d o 1 1 a i: s ) 47 .6 52.0 58.4 69.4 78.6 34.2 39.1 43.6 49.2 53.8 23 .7 27 .2 31.1 35.7 38.8 6 .1 6.9 7 .4 7 .4 7 .9 30 26 30 27 25 29 31 82 .8 83.4 83.9 84.3 84.6 84.9 86.3 55.3 55.7 56.2 56.7 57.2 57.8 58.4 39.6 39.8 40.1 40.3 40.6 40.8 41.0 7 .4 8.6 9 .3 9.6 9.8 9.6 9.2 31 28 27 24 29 30 31 28 25 30 p 27 p 86.6 87.1 87.8 88.8 89.2 89.6 90.7 91.4 91.9 92.7 94.3 58.9 59.5 60.1 60.6 61.1 61.4 61.8 62.2 62.7 63.5 64.2 41.4 41.9 42.0 42.5 42.7 42.9 43.4 44.0 44.4 44.9 45.5 10.1 10.2 8.7 8.5 8.5 8.2 11.0 11 .6 12.0 11.8 11.3 Estimated as of December 31. p - Preliminary These data are riot for publication. r - Revised Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1 9 6 7 Item Oct. 1 19 6 8 Nov. Dec. Jan. Feb. 4- 2.2 + 3.4 + 4.0 - 1.4 4-2.7 4-2.1 - 0 .7 - 1.5 -h 0.3 + 2.0 - 2.1 4- 0.4 4- .8 4- 1.0 4- 1.0 4- + 0.9 - 0.2 .3 4- 2.7 f 2.1 + 1.7 0.2 4- 0.3 4- 0.5 + 0.5 4- 0.4 4- U. S. Gov't, securities + 0.5 Other securities + 0.9 i Loans 2/ + 1.5 1 Business + a.3 4- 0 .3 Real estate + 0.5 -F 0 .5 4- Consumer + 0.3 4- 0 .2 + 0.2 Security 4- 0.2 - 0.2 Nonbank financial 4- 0.1 - 0.2 - 0.2 4- o'.8 4- 1/ 0.5 4- - 0.6 4- 2.7 4- 0.2 4- 0.3 4-2.4 4- 1.2 4- 4- 0.7 4- 1.0 4- 0.4 + 0.6 4- 0 . 6 4- 0.5 0.4 + 0.5 4- 0.1 0.9 + 0.1 - 0.2 + 0.1 - 0.4 - 0.3 - 0,1 • 4- 0.1 0.5 4- Total loans excluding security 3/ + 1.3 4- 1..5 + 3.1 Total loans excluding security and nonbank financial 3/ + 1.2 1. + 3.3 1/ 2/ 3/ Less than $50 million. Adjusted to exclude interbank loans. 0.3 - 8.1 Aug. 4.5 Sept. Nov. 4.4 4-4.8 + 0.8 4- 0.1 4- 0.2 3.2 0.5 4-1.1 4- 1.5 + 1.5 + 1.7 0.9 4-4.9 4- 2.7 4-2.7 4- 3.1 + 3.5 4- 0.4 4- 1.1 4- 0.7 4- 0.5 4- 0.8 4- 1.6 4- 0.5 4- 0.3 4- 0.4 4- 0.4 4- 0.5 4- 0.8 4- 0.7 4-0.5 4- 0.2 4- 0.2 ' 4-0.5 4- 0.6 4-0.5 4-0.5 4- 0.6 1.5 - 0.2 1/ - 0.3 4- 2.8 4- 0.6 4- 0.4 - 0.2 - 0.2 4- 0.3 4- 0.2 1/ - 0.1 4-0.1 4- 0.2 4- V 4- 0.1 1/ 0.3 4- 0.1 V 4- 0.1 - 0.1; - V 4- 0.1 4- 0.3 4- 0.5 4- 0.8 4- U.9 0.7 4- ! 4- 4- 4- 0.5 4- 2.0 0.5 4- 0.4 0.2 4- 0.3 - 0.1 4- 0.2 - 0.1 4- 1.2 4 1.6 + 1.3 4-2.6 4- 1.2 4- 1.2 4- 2.1 4- 2.1 , , 3 + 3.3 ! 4- 4 . 0 + 1.1 4- 1.5 4- 2.3 4- 1.0 4- 1.2 4- 2.2 4- 2.0 4-2.1 4-2.8 4- 3.6 + 2.0 . , , i ~ At large banks on a last-Wednesday basis, bankers' acceptance declined $12 million in November 1968 compared with an increase of $ 8 1 November 1967 and an increase of $ 16 million in November 1966 . Oct . 1/ 00 + 0.1 O All other 7 July 4- + 1.4 - June May 2 .3 4- Agriculture Apr . 4- Loans and Investments 2/ 2.9 Mar . Individual Loan Categories are Not: Available for Publication. million in 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 November Item 1968 1967 1966 1965 1964 1963 1962 + 2.9 -2.0 + 0.7 + + + + 1.3 0.5 0.8 2.5 + + + 0.9 0.8 0.8 1.0 + + + 2.2 0.2 0.4 2.1 + + + + 2.5 1.3 0.1 .3.9 + + + 2.6 0.3 0.4 2.6 + 0.8 1/ + 0..2 + 1,1 Weekly reporting banks 5/ Total loans U. S. Gov't, securities Other securities Total + + + 1.8 1.9 0.3 0.2 + + + 0.8 0.3 0.1 0.6 + + + 0.5 0.7 0.8 0.5 + + 1.4 0.1 0.6 0.7 + + + 1.4 0.6 0.2 1.8 + + 1.9 0.1 0.4 1.5 + 0.1 - 0.3 + 0.2 1/ Other banks 5/ Total loans U. S. Gov't, securities Other securities Total + + + 1.2 0.1 03 1.4 + + + + 0.5 0,8 0.7 1.9 + 0.4 + 0.1 1/ + 0.5 + + + + 0.8 0.3 0.2 1.4 + + + + 1.1 0.7 0.3 2.1 + 0.7 + 0.4 j 1/ + 1.1 All commercial banks Total loans U. S. Gov't, securities Other securities Total Item + 0.7 + 0.3 1/ + 1.1 End of December to last Wednesday of November 1967 1966 1965 1964 2/ 1963 2/ 1962 +11.6 - 0.7 + 3.0 +13.9 +10.7 - 4.1 + 4.8 +11.4 + 8.4 - 1.0 + 4.9 +12 .4 All commercial banks Total loans U. S. Gov't, securities Other securities Total +18.3 + 0.3 + 8.0 +26 .6 + 8.5 + 6.7 +11.0 +26.2 +11.4- / - / + 1 7 .9 - 5.1 / • 4-3 + 2.Of / + 4 . 9 + 8.3+18.5 Weekly reporting banks 5/ Total loans U. S. Gov't, securities Other securities Total + 9.0 - 0.6 + 47 +13.' 1 + 2,2 + 3.2 + 6.7 +12 .2 + + 5.1- z-/+io.i 3.7, , - 4.0 0.4% , + 2.3 1,0— + 8.5 + + + 4.8 1.5 1.3 4.6 + + + 5.0 4.4 3.0 3.6 + + + 3.5 3.1 3.3 3.7 Other banks 5/ Total loans U. S. Gov't, securities Other securities Total + 9.3 + 0.9 + 3.3 +13.5 + 6.3 + 3.5 + 4.1 +14.0 + + + 6.31-4 , 2At / 7.3— + + + + 6.8 0.8 1.7 9.3 + + + + 5.7 0.3 1.8 7.8 + + + + 4.9 2.1 1.6 8.7 NOTE: 1/ 2/ 7.8 - 0.3 +2.6 +10.0 Data exclude all interbank loans; call report data for large commercial banks used when available. Less than $50 million. Based on estimated data for all commercial banks on December 31, 1963, and December 31, 1962, and for large commercial banks on December 31, 1962. 3/ Allowance has been made in monthly changes in total loans and in other securities for approximately $1 billion of participation certificates shifted from loans to other securities in late June 1966: $700 million at large banks and $300 million at other banks. 4/ Allowance has been made in monthly changes in total credit and in total loans for the $1.1 billion of balances accumulated for the payment of personal loans excluded from time deposits and from loans on June 9, 1966: $400 million at large banks and $700 million at other banks. 5/ Based on revised coverage beginning July 1966, January 1967 and January 1968. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late October to late November Business of borrower 1968 1967 1966 1965 Late December to late November 1964 1968 1967 1966 1965 F o o d processors C o m m o d i t y dealers T r a d e concerns Retail trade W h o l e s a l e trade Metals Primary meta-ls Machinery T r a n s p o r t a t i o n equipment Other fabricated metals T e x t i l e s , apparel, etc. Petroleum chemicals Other durable manufacturing Other n o n d u r a b l e m a n u f a c t u r i n g Mining Public U t i l i t i e s , total T r a n s p o r t a t i o n 3V C o m m u n i c a t i o n 3/ Other public utilities Construction A l l other types of business Bankers acceptances Services 3/ Other F o r e i g n business concerns 3/ Classified Unclassified T o t a l Change 201 164 238 209 29 27 29 + 73 4 13 36 + 72 59 23 + 4 19 + 283 + 53 + 76 + 154 + 73 + 245 12 + 177 + 80 + 49 + 1 ,219 + 199 + 1 ,418 1/ Four most comparable weeks used throughout. 2/ Changes are compiled from December 27, 1967; December 28, 1966; December 29, 1965; December 30, 1964 and December 25, 1963. These data cannot be linked w i t h all commercial bank data which are always for December 3 1 . Prior to 1967, transportation, communication, services, and foreign loans were not reported separately. 3/ + + + + + + + + + + - + - + - + + - + - + + + + + + + + 219 296 130 132 2 85 23 5 47 56 123 23 54 58 54 21 86 33 32 85 8 183 112 62 9 19 553 97 650 + + + + + + - + - 191 242 130 57 73 76 4 4 124 40 101 37 - - - - + - + + + + - + 17 16 41 161 n.a. n.a. n.a. 76 61 60 n.a. 1 n.a. 573 118 455 + + + + + - + + - + - + - + + + - + + + + 204 + 209 179 + 223 226 + 223 175 + 189 51 + 34 26 + 69 17 35 19 + 66 38 + 46 24 8 114 134 13 12 11 + 52 17 27 16 31 1 + 108 221 + 44 n.a. n.a. n.a. n.a. n.a. n.a. 39 + 22 45 + 187 1 + 103 n.a . n.a. 46 + 84 n.a. n.a. 774 + 933 173 + 184 947 +1 ,117 + + + + ' + 48 267 823 534 289 991 644 129 79 139 498 1 85 168 + 44 264 991 606 + 89 + 296 + 451 +1,198 - 446 4- 890 + 754 151 +4,878 + 500 +5,378 189 120 127 33 94 665 379 313 141 + 114 + 14 + 75 + 161 + 28 + 190 107 + 652 + 457 + 161 + 34 75 + 1 ,098 + 629 7 + 476 166 +2 ,591 + 363 +2 ,954 - + + + + + + + + 2/ 1964 253 + 121 64 23 + 14 + 41 + 777 +1,272 + 417 + 505 + 844 + 228 + 272 + 428 + 189 +2.163 + 1 , 2 6 0 + 110 + 107 + 122 + 8 +1,090 + 563 28 + 716 + 241 + 5 + 250 + 334 + 125 + 361 + 399 + 16 + 129 + 343 185 + 433 + 297 + 239 + 452 + 360 + 113 + 353 + 252 + 74 + 481 + 221 63 + 855 + 999 - 210 n.a . n.a. n.a. n.a. n.a. n.a. n.a . n.a . n.a. + 13 + 342 + 406 + 183 + 204 + 225 249 . - 493 22 n.a . n.a. n.a. + 432 + 697 + 247 n.a . n.a . n.a. +6,430 + 6 , 0 8 4 +1 ,119 + 467 + 748 + 636 +6,397 +6,832 +1 ,755 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 317.9 2/ 58.2 66 .4 60.9 60.9 58.9 27 25 29 30 338.8 341.6 344.1 354.5 60.1 •Jan. 31 28 350.5 350.9 351.5 354.7 355.4 361.4 366.0 367.9 374.6 379.5 381.1 62.2 Feb. Mar . Apr . May June July Aug. Sept, Oct. Nov. 1957- -Dec . 1958- -Dec . 1959- -June June Dec . 1960- -Dec . 1961- -Dec . 1962- -Dec . 1963- -Dec . 1964- -Dec . 1965- -Dec . 1966- -Dec . 31 31 24 24 31 31 30 31 31 31 31 31 1967--Sept. Oct. Nov . Dec . 1968- NOTE: U.S. Gov't. (old) (new) 1/ (est.) (est.) 27 24 29 29 31 28 25 30 p 27 p 61.0 66.6 66.4 63.4 63.0 59.5 56.2 62.4 62.9 62 .5 63.2 61.2 59.8 60.3 58.6 60.5 61.5 62.5 64.8 62.8 Other securities 17.9 20.6 Total loans 93.2 97.5 20.6 20.6 102 .8 20.5 20.9 23.9 29.3 35.1 38.6 44.9 48.8 3/ 110.0 58.3 59.0 59.8 61.5 220.4 61.7 62.2 63.1 63.8 63.5 64 .4 64 .6 226.5 225 .5 227.2 231.0 231.6 238.4 240.9 240.4 244.5 245.9 248.8 66.0 67.6 68.8 69.5 102.8 116.7 121.9 137.9 153.9 172.1 197.4 213.0 2/3j 220.2 221.5 230.5 Business Real estate Security Farm Consumer Nonbank financial institutions 4.2 4.7 4.1 4.1 4.9 5.1 4.1 5.0 5.0 5 .0 5.0 5.7 15.8 15.9 17.5 17.5 18.8 6.2 6.2 7 .3 7 .9 8.4 8.5 9.0 7.1 7 .4 7.5 8.2 80.6 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 54.0 8.6 21.4 23.7 27.2 31.0 35.8 38.9 5 .9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 13.3 84.0 83.8 84.6 88.5 57.0 57.5 58.1 58.5 9.3 9.2 8.7 10.5 9.3 9.3 9.2 9.3 40.6 40.7 40.9 41.1 12.0 11.5 11.3 12.5 85.7 85.7 87.8 89.2 88.7 91.5 91.2 90.0 91.6 58.8 59.2 59.6 10.8 9.3 9.5 9.6 9.7 9.8 41.1 41.3 41.5 42 2 42.7 43.2 43.8 44.5 44.9 45.0 45.6 11.3 10.7 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 71.4 92.0 93.9 60.2 60.8 61.4 61.9 62.4 63.1 63.9 64.6 9.7 8.7 8.7 8.5 9.2 11.4 11.3 10.0 10.1 10.0 11.8 11.0 9.9 9.9 10.3 9.8 20.6 10.8 11.1 10.8 12.2 12.0 11.2 11.9 11.9 12.1 Consumer and "other loans' Data exclude interbank loans. Total loans are after and type of loans before deductions for valuation reserves. Beginning June 24, 1959, are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. p - Preliminary 1/ 2/ 3/ r - Revised 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 m i ll i o n in other securities. Real estate loans increased about $300 million; business loans $ 1 0 0 m i l l i o n ; consumer $100 million; and other loans $100 million. Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans . Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." In^-vidual loans c ^ e g o r y data are^available for publication only gg a June and D e ^ m b e r call d a t a ^ a s i s . §- Exhibit G Ratios to Total Deposits 1/ U.S. Government securities maturing within one year L O A N S Date All commercial banks Total , New York Citv City of Chicago Other Country All commercial banks 1951--Dec . 1952--Dec. 1953--Dec, 1954--Dec . 1955--Dec. 1956 --Dec. 1957--Dec. 1958--Dec. 1959--Dec. 1960--Dec.. 1961--Dec. 1962--Dec. 1963--Dec . 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 31 31 31 31 31 31 28 25 31 31 31 37,2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54,5 56.5 58.6 60.5 63.7 65.8 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57,7 59.9 61.9 65.4 67.9 46.3 50.6 50.6 46.8 56.7 61.7 61.9 , 57.7 67.3 65.9 65.0 67.9 67.4 69,3 75.9 83.5 36.2 38.9 39.1 38.3 46:3 52 .7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 39.4 41.1 42 .2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63,3 65.0 68.7 70,2 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 9.8 11.7 16.9 10.0 5.1 7 5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 1967--Sept. Oct. Nov. Dec . 27 25 29 30 64 .6 64.0 64.1 63.8 66,3 65.5 65,7 65,8 79.8 77,8 78.7 79.9 72.2 70.7 71.0 70.8 68,3 67.7 68.3 68.1 58.8 58.6 58.4 58.2 5.8 6.4 6.5 6.6 64.0 63.9 64.6 65 .4 65.7 66.1 66.2 66.2 66.2 65.6 66.3 65,6 65.5 66.4 67.4 67.6 68.1 68.1 68.1 68.1 67.4 68.3 80.2 79.7 81.8 84,4 84.9 85.1 87.5 89.2 87.5 85.7 70.0 70.3 75.1 75 .6 75,6 78.6 76.1 75.5 76.6 72.2 67.4 67.5 68,6 69,8 70.0 70,5 69.6 69.3 69.6 69.6 58.2 58.2 58.3 58.9 59.1 59.3 59.5 59.6 59.5 59.0 6.5 6.1 5.6 5.0 5.2 5.1 5.4 5.3 5.5 6.6 87.9 74.1 70.8 59.2 n .a . 1968--Jan. 31 Feb. 28 Mar. 27 Apr . 24 May 29 June 2 9 July 31 Aug. 28 Sept. 25 Oct. 30p Nov. 27p NOTEi : 2/ Comparability of figures affected by changes in Federal Reserve membership, mergers, and by changes in the reserve classification of cities or individual banks. p - Preliminary. r - Revised _1/ 2J Total loans (adjusted to.exclude loans to banks); U.S. government securities maturing within one year estimated on basis of Treasury survey of ownership; and total deposits (adjusted to exclude cash items in process of collection.) Beginning in June, 1966 loans at all commercial banks exclude about $1 billion of participation certificates now reported in other securities. If the $1 billion were included in loans in June the ratio for all commercial banks would be 66.3 compared with 66.0 on the current basis. L.4.3-EXHIBIT H, PARTI DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally adjusted. Deposits, average of daily figures. Turnover, monthly. Annual rate 55 Billions of dollars I I I I I I I I I I I I I I I I I I I n 50 225 205 TIME AND SAVINGS DEPOSITS, ALL COMMERCIAL BANKS 45 185 MONEY SUPPLY TURNOVER OUTSIDE N.Y.C. 232SMSA 'S 40 165 35 10 j U.S. GOVT. DEPOSITS 145 10 MEMBER BANKS 1966 1967 1 11 1 1 1 11 1 l 1 1968 1 11 1 I 1 I l 1 I l 1969 0 E x h i b i t H - Part II S e a s o n a l l y P e r i o d M < n e y Total 1964--December Demand 159.3 166.8 170.4 125.1 130.5 132.1 1967--September October 179.1 180.2 139.4 140.2 181.0 181.3 141.0 140.9 182.3 182.7 183.4 184.4 186.1 187.3 189.4 190.2 189.5 190.2 141.7 141.9 142.2 143.0 144.5 145.3 147.2 147.6 146.7 147.4 148.8 149.0 1968--January February March April May June July August September October November 192.0 T i m e and savings deposits P p i y Currency deposits 1965--December 1966--Tecember November December S u A d j u s t e d 1/ (all c o m m e r c i a l ) 34.2 126.6 36.3 38.3 146.9 39.7 39.9 40.1 40.4 D a t a U.S . Gov11. deposits (all m e m b e r ) Turnover outside N.Y. City ' (per cent] 33.3 158.1 5 .1 4.2 3.5 37.4 40.0 179.4 180.6 4.5 5.2 40.8 40.8 182.0 183.5 5.6 4.6 41.2 41.1 40.6 40.7 41.1 41.4 41.6 .42 .0 42.2 42.6 42.7 42.8 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 196.6 5.4 7.1 6.7 5.2 3.7 3.9 2 .7 4.8 5 .3 41.6 42.1 41.6 42.3 43.0 43.4 43.7 43.7 43.8 199.6 4.9 46 .5 43.2 201.9 4.9 n .a. 42 .9 43.2 43.2 43.4 200.8 5.8 6.3 n.a. • W e e k ending: 1968--Nov. 6 191.9 190.6 13 20 192.2 193.3 27 p NOTE: Dollar amounts * - Beginning January IV Beginning payment of http://fraser.stlouisfed.org/ e ' Louis Federal Reserve Bank of# St. on J u n e 201.4 201.7 202.9 n .a. n.a. n .a. 3.4 3.4 in b i l l i o n s . p - Preliminary 1964-, data for 232 m e t r o p o l i t a n c e n t e r s outside New Y o r k City* 9, personal # 147.3 149.0 150.0 1966, time d e p o s i t data e x c l u d e $1.1 b i l l i o n of b a l a n c e s a c c u m u l a t e d for the loans. # # # e e e # # L.4.3-EXHIBIT I, P a r t i TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday figures Billionsof dollars i i i i i i i i i i i | i i i i i ii i i i r 120 TOTAL TIME AND SAVINGS DEPOSITS 100 80 CONSUMER TYPE TIME AND SAVINGS 60 SAVINGS DEPOSITS 40 CONSUMER TYPE TIME DEPOSITS 20 NEGOTIABLE CD's STATE AND POLITICAL,FOREIGN OFFICIAL ETC. _L S D 1966 M J 1967 I I I I I I I I I I I I I I I I I I I I I I I S D M J 1968 S D M J 1969 S E X H I B I T I - Part II T i m e and S a v i n g s D e p o s i t s Period 1961- -Dec . 1962- -Dec . 1963- -Dec . 1964- -Dec . 1965- - J u l y 27 26 31 30 41,472 50,011 59,277 66,881 73,672 80,467 85,298 89,495 89,639 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 65,733 65,847 102,969 3 0 082 34.712 38,083 40,698 Consumertype time Large Negotiable CD's State Political For. official etc . 1/ 43,137 48,314 50,694 47,099 47,213 2 , 7 8 2 2/ 5 , 4 4 2 3/ 9,579 12,585 15,203 15,587 16,251 15,659 15,642 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 8,103 8,150 73,375 48,533 24,842 21,131 8,463 102,809 102,991 73,686 73,820 48,647 48,781 25,039 25,039 20,330 20,330 8,793 8,841 106,411 108,259 108,652 110,771 76,548 77,031 77,584 78,456 48,274 43,269 43,354 48,522 28,274 28,762 29,230 29,934 21,450 22,304 22,260 23,303 8,413 8,924 8,808 9,012 13 20 110,873 110,784 111,059 78,512 78,423 48,593 48,589 29,919 29,834 8,954 8,976 48,627 111,895 29,827 29,988 8,965 27 78,454 78,656 23,407 23,385 23,640 24,302 8,937 7 7 29 28 28 1967- -Nov. 29 1967- -Dec . Dec . 27 27 1968- -July Aug. Sept. Oct. 28 25 30 (old) ( n e w ) 4/ (old) (new) 4/ (old) (new) 4/ 31 6 1/ 2j 3/ N e g o t i a b l e c e r t i f i c a t e s of d e p o s i t Estimated. As of D e c e m b e r 5, 1 9 6 2 . 4/ Revised Savings n.a. n.a. n.a. n.a. n.a. n.a. n.a. 18,634 18,634 July Dec . 1966- -Dec . Dec . 1968- -Nov. Total Consumertype time & savings series. issued 48,668 in d e n o m i n a t i o n s of $ 1 0 0 , 0 0 0 or m o r e . Exhib:. J Member Bank Reserves (Based on a v e r a g e s of d a i l y figures: in m i l l i o n s of d o l l a r s ) Excess Reserves Free r e s e r v e s (excess r e s e r v e s m i n u s b o r r o w i n g s ) D A T E All member Reserve City Banks New York C i t y of Chicago Citv Other Country 1 Borrowings Total reserves held s e a s o n a l l y adjusted All member All member All member 516 482 756 568 557 906 Monthly Averages: 1958--December 1959--December I960--December - 41 -424 669 1961--December 1962--December 1963--December 1964--December 1965--December 1966—December 419 268 209 168 2 1967—Sept. Oct. Nov. Dec . 1968--Jan. Feb . Mar . Apr . May June July Aug. Sept. Oct. p Nov. p -165 268 160 270 107 - 80 -109 10 - 50 - 62 19 - 14 - 70 - 95 39 10 23 - 22 - - 32 -104 4 - 22 - 11 21 - 31 8 - 50 3 4 11 5 -197 -449 80 20 - 52 -122 -103 -161 -159 6 - 24 14 - 55 230 166 11 9 - 38 - 96 - 2 2 - 59 -105 - 64 - 43 - 83 - 73 -253 -341 -226 -190 9 57 13 59 34 22 - 25 -164 - 77 2 -132 -167 -146 -136 - 45 - 21 - 19 6 - 97 - 94 -133 -201 -283 - 11 583 471 394 334 315 238 140 231 136 38 -315 -413 -326 - 268 237 - 57 -189 -224 191 222 187 - 27 66 156 66 26 572 536 411 452 392 327 243 454 557 18,160 18,200 18,530 19,290 19,950 20,640 21,500 22,640 22,900 358 286 403 345 90 126 133 238 24,790 25,120 25,280 25,150 373 399 356 270 420 237 361 671 683 746 692 25,500 25,765 25,812 25,623 25,711 25,816 25,923 26,431 26,395 26,637 351 299 275 383 240 283 87 149 304 525 565 515 427 569 26,737 V Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 1967 Sept. Oct. Nov. Dec. 1968 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. p Demand deposits and currency 2/ 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.1 Commercial banks 3/ Mutual savings banks 168.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 52.6 55.2 635.7 638.1 645.9 650.5 176.3 175.8 177.9 180.7 178.1 180.1 183.8 183.1 59.1 59.5 59.9 60.3 655.9 658.7 665.7 664.6 667.9 670.9 676.6 279.7 684.5 692.6 697.2 179.6 178.3 186.5 187.6 187.9 187.6 187.7 187.9 191.5 194.0 195.9 # 60.6 181.8 181.1 183.9 186.8 186.2 186.0 186.3 187.6 189.4 200.0 204.4 26.3 28.1 61.1 61.4 61.7 62.1 62.6 62.7 63.0 63.4 63.8 64.2 Postal Savings System 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 0.1 0.1 Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ 27.2 32.0 37.0 41.7 47.7 54.3 U. S. Gov't, securities maturing within one year 6/ 70.5 79.8 90.9 101.4 109.8 113.4 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 50.9 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 53.9 122.5 123.0 123.7 123.9 51.4 51.4 51.5 51.9 48.2 48.3 49.1 50.5 123.6 124.6 125.9 51.9 51.8 51.8 51.8 51.8 51.9 51.9 52.0 52.0 52.0 52.1 53.6 55.4 57.0 56.5 55.9 54.9 56.9 56.6 57.4 59.2 56.4 61.8 126.0 126.5 126.8 127.2 128.1 129.5 130.0 130.8 Liquid assets to gross national product 7/ 85.3 81.3 79.7 80.5 79.5 Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 -r 1) 11 34.7 32.6 31.3 30.4 29.7 80.2 28.6 79.0 78.4 79.5 81.0 81.5 79.8 77.9 27.5 26.4 25.1 24.6 24.1 22.a 21.8 79.1 21.9 78.9 21.< 79.1 21.7 78.2 21.5 r 77.8 21.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.5 55.8 55.8 56.0 55.9 55.8 55.5 55.5 55.4 55.6 55.9 55.8 56.0 55.8 56.0 56.5 For footnotes see next page. P - Preliminary. r - Revised on basis of June 29, 1968 Call Report. Beginning with ata for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. ^ - Reflects conversion of a savings and loan association with share capital of about $175 million to a mutual savings bank. Exhibit K (Continued) 1. Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenAll series adjusted for seasonal variation by the X-9 variant of Method II ever possible. 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 m o n t h . In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962,p. 941, 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 rein Alaska and one national bank in H a w a i i were included in April 1954 and April 1959, spectively. 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 w h e n 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. 4. 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 1960, 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 w i t h i n one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 7. o Gross national product figures are available quarterly and annually only. D a t a 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). http://fraser.stlouisfed.org/ # Reserve Bank of tSt. Louis Federal # # # • • • s # e
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