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Not'for P u b l i c a n
r
M
December 18 , 1967.
BANKING AND MONETARY DEVELOPMENTS IN NOVEMBER 1967
«•"*" k ''
Summary. Seasonally adjusted commercial bank credit increased
moderately in November, as it had in the previous two months, following the
sharp mid summer expansion associated principally with large Treasury financings. Accelerated acquisitions of municipal and agency issues accounted
for most of the November rise. Holdings of U.S. Government securities and
security loans declined while other major loan categories rose only
moderately. The money supply increased at about the same relatively high
rate as earlier in the year. Growth in time and savings deposits, however,
slowed further following the generally rapid pace through August. Total
and required reserves rose less rapidly than in other recent months while
free reserves were about unchanged.
Changes in Commercial Bank Credit - ^
Money Supply and Time Deposits
(Seasonally adjusted)
Nov.
Total loans and
investments
Sept.Oct.
Annual rate (per cent)
1966
1967
1st
2nd
1st
11
1st
Julyhalf
half
months
half
Aug.
1965
Year
Year
6.0
9.4
21.6
9.9
12.0
2.2
9.2
5.7
10.2
U.S. Govt. sec.
-9.6
4.9
69.3
6.3
16.5
-4.4
-8.4
-6.3
-5.6
Other sec.
32.8
13.6
10.7
31.2
25.8
0.8
12.1
6.5
15.8
Total loans
2.7
9.9
12.1
5.9
7.6
4.3
13.6
9.1
14.7
Business loans
5.7
3.6
6.5
10.9
8.5
7.7
18.2
13.3
18.8
Money supply
7.3
3.7
9.9
6.8
7.0
-0.2
4.6
2.2
4.7
11.9
12.2
16.7
17.4
16.4
6.5
10.8
8.8
16.0
Time and savings
deposits at all
commercial banks
wnere necessary, ciiaugeB iu
adjusted for the definitional shift of about $1 billion of participation
certificates from loans to other securities on June 30, 1966. Changes in
total credit, total loans, and total time and savings deposits described
above are also adjusted for the reduction of $1.1 billion of balances
accumulated for the payment of personal loans excluded on June 9, 1966 as a
result of a change in Federal Reserve regulations affecting reserve requirements.
- 2-
Bank credit. Total loans and investments at all commercial banks
increased $1.7 billion in November. This was a somewhat smaller rise than
in either September or October and far below the unusually rapid $5.8 billion
average increase of July and August. Growth in November was concentrated at
banks outside the weekly reporting group where both holdings of U.S.
Government securities and municipal and agency issues increased substantially;
loan growth, on the other hand, was not particularly large. While "other
securities" showed a fairly strong contraseasonal increase at weekly reporting banks, their holdings of Governments declined and their l o a n s — r e flecting in part repayments of security l o a n s — w e r e weak.
At all commercial banks, over the first 11 months of the year,
credit growth was at an annual rate of 12 per cent--or slightly more than the
10.2 per cent record postwar expansion of the calendar year 1965. U.S.
Government security holdings increased for the first time since 1 9 6 1 — a t
an annual rate of 16.5 per c e n t — m u c h more than in any other year. Growth in
municipal and agency i s s u e s — a t a 26 per cent annual r a t e — w a s also slightly
faster than in any other year. Loans, on the other hand, grew at a slower
pace than at any time since the 1960-61 period. While both weekly reporting
and other banks shared in the unusual increase in investment holdings, the
slower loan expansion was concentrated at the larger banks; the smaller banks
maintained fairly well the pace of other recent years.
Commercial bank holdings of municipal and agency issues increased
sharply in November--$1.6 billion; at the high annual rate of 33 per cent,
growth was similar to that in the January-June 1967 period and much faster
than in the July-October months. Weekly reporting banks purchased municipals
of over one year (for which detailed data are available beginning June 1966)
in much heavier volume than in the corresponding weeks of 1966 and reduced their
short-term municipals much less. They also continued to add to their holdings
of participation certificates.
U.S. Government security holdings declined $500 million (seasonally
adjusted) in November. While banks acquired some new securities, net, (an
estimated $1.5 billion) in the midmonth financing they also sold Treasury
bills in large v o l u m e — p r e s u m a b l y , in part, tax anticipation bills acquired
in the October offering. On November 15, the Treasury issued about $12.4
billion notes ($10.7 due in 15 months and $1.7 due in 7 years) and paid off
$10.2 billion maturing issues.
Total loans at commercial banks rose only $500 million in N o v e m b e r —
about one-quarter of the average increase over the preceding four months.
This slowdown was associated in large part with a reduction in security loans
following a steady buildup since June.
In addition, nonbank financial loans
leveled off. Real estate and consumer loans continued to rise at the
slightly higher pace evident since midyear.
Business loans rose $400 million in N o v e m b e r — a little faster than
in other recent months--but at a rate only half that of the moderate JanuaryJune expansion. Over the first 11 months of 1967, business loans rose at an
annual rate of 8.5 per c e n t — a b o u t half as fast as the unusually rapid pace
of the years 1965 and 1966.
In November, most of the expansion occurred at
banks outside New York City; at banks in New York City, business loans
were weak. Loans to food processors and commodity dealers were larger than
usual over the month and banks also continued to purchase bankers' acceptances,
although relatively not as heavily as in September and October.
Money stock and time deposits. .The money supply rose $1.1 billion
in November. At the relatively high annual rate of 7.3 per cent, growth was
close to the general pace of O c t o b e r , t h e third quarter, and the first half
of the year. Expansion in November reflected, to some extent, larger-thanusual reductions in Government deposits.
Inflows of time and savings deposits in November--at an 11 per cent
annual rate--were at a slightly slower pace than in October and in the third
quarter and much below the high 17 per cent annual rate of the first half.
In November, however, negotiable CD's increased by an unusually large amount-over $1 billion at weekly reporting banks. Growth in time and savings
deposits other than CD's moderated further in November.
Bank reserves. Total and-required reserves rose further in November
but less rapidly than in other recent months. Over the four statement weeks
ending November 29, free reserves averaged about $220 million, little
different from the average of the previous four weeks.
Both borrowings and
excess reserves were reduced slightly.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
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L . 4 . 3 - EXHIBIT A , P A R T 1
LOANS AND
I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S
Billions
400
TOTAL LOANS AND INVESTMENTS
300
200
LOANS
100
U.S. GOVT. SECURITIES
OTHER SECURITIES
1961
1962
1963
1964
1
1965
1966
1967
Chart revised beginning August 1967.
Exhibit A - Part II
Date
Total 1/
(I
U .S. G o v 1 1 .
securities
Loans 1/
n
b i 1 1 i o n s
of
Other
securities
d o l l a r s )
1962—Dec.
1963—Dec .
1964—Dec.
1965—Dec.
31 2/
31 2/
31
31
227.9
246.2
267.2
294.4
134.1
149.7
167.7
192.4
64.5
61.5
60.7
57.3
29.2
35.0
38.7
44.8
1966—June
July
Aug.
Sept..
Oct.
Nov.
Dec.
30
27
31
28
26
30
31
306.8 3/
307.5
309.9
309.4
308.9
309.3
310.2
,
203.4 3/
204.5
205.8
206.2
207,2
207.5
207.8
54.9
54.5
56.0
54.9
53.4
53.4
53.7
48.5 3/
48.5
48.0
48.3
48.4
48.4
48.7
1967—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sent.
Oct.
25
22
29
26
31
30
26
30 .
27 D
25 p
314.4
318.0
321.4
323.2
324.6
325.6
332.4
337.3
339.5
342.6
344.3
210.4
211.0
211.3
213.5
213.5
213.9
217.1
218.2
220.2
221.8
222.3
54.2
55.9
57.8
56.1
Nov.
c
c
c
c
29 p
c
c
c
.i c
49.9
51.1
52.3
53.6
55.0
56.3
56.5
57.3
JlLuL
58.6
56.1
55.4
58.8
61.8
61.6
62.3
60.2
61.8
y
Adjusted to exclude interbank loans.
Estimated as of December 31.
Beginning June 9, loan data exclude $1.1 billion of balances accumulated for payment of personal
loans. Beginning June 30, total loans exclude, and other securities include, about $1 billion
of participation certificates.
c - Corrected
V
http://fraser.stlouisfed.org/
•
Federal
Reserve Bank #of St. Louis
e
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L . 4 . 3 - EXHIBIT B# P a r t 1
l O A N S AT ALL C O M M E R C I A L B A N K S
Last W e d n e s d a y
of
month, seasonally
Billions of
adjusted
dollars
BUSINESS
REAL ESTATE
CONSUMER
SECURITY
M I N I M I
1960
1961
1962
1963
1964
1965
I I I I IIII I I I
1966
Chart revised beginning August 1967.
Exhibit B - Part II
Date
Business
( I n
Real Estate
b i 1
. i o n
of
d o 1
Consumer
Security
a r s )
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
31 1/
31 1/
31
31
47.6
52.0
58.4
69.4
34.2
39.1
43.6
49.2
23.7
27.2
31.1
35.7
6.2
6.7
7.1
7.4
1966—June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30
27
31
28
26
30
31
75.7
77.1
77.7
78.1
78.6
78.6
78.6
51.9
52.2
52.6
52.9
53.3
53.5
53.8
37.5
37.7
38.0
38.2
38.4
38.7
38.8
7.5
7.5
7.4
7.4
7.4
7.3
7.9
1967—Jan.
Feb.
Mar.
Apr.
May
June
Jul.
Aug.
Sept.
Oct.
Nov.
25
22
29
26
31
30
26
30
27 p
25 p
29 p
79.5
80.1
80.8
81.7
82.3
82.9
83.6
83.8
84.1
84.3
84.7
54.1
54.3
54.5
54.7
55.0
55.3
55.6
56.0
56.3
56.7
57.2
39.0
39.1
39.2
39.4
39.4
39.6
39.8
40.0
40.3
40.6
40.9
8.4
8.3
8.3
8.1
7.9
7.2
8.8
9.1
9.4
9.7
9.2
1/
Estimated as of December 31.
p - Preliminary.
These data are not for publication.
5
Exhibit C
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted
(In billions of dollars)
Item
Oct.
Nov.
Dec.
Loans and Investments 2/
- 0.5
+ 0.4
+ 0.9
U. S. Gov't, securities
- 1.5
Other securities
Loans 2/
Business
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
+ 4.2
+ 3.6
+ 3.4
+ 1.8
+ 1.4
+ 1.0
+ 6.8
+ 4.9
+ 2.2
JUL1
1/
+ 0.3
+ 0.5
+ 1.7
+ 1.9
- 1.7
1/
- 0.7
+ 3.4
+ 3.0
- 0.2
+ 0.7
+ 0.1
1/
+ 0.3
+ 1.2
+ 1.2
+ 1.2
+ 1.3
+ 1.4
+ 1.3
1 + 0.2
+ 0.8
+ 0.4
+ 0.9
+ 1.0
+ 0.3
+ 0.3
+ 2.6
+ 0.6
+ 0.3
+ 2.2
+ 0.4
+ 3.2
+ 1.1
+ 2.0
+ 1.6
~
+ 0.5
1/
Real estate
+ 0.4
Consumer
I/
+ .0.9
+ 0.6
+ 0.7
+ 0.9
+ 0.6
+ 0.6
+ 0.7
+ 0.2
+ 0.3
+ 0.2
+ 0.2
+ 0.3
+ 0.3
+ 0.2
+ 0.2
+ 0.2
+ 0.3
+ 0.3
+ 0.3
+ 0.4
+ 0.3
+ 0.4
+ 0.2
+ 0.3
+ 0.1
+ 0.2
+ 0.1
+ 0.1
+ 0.2
1/
+ 0.2
+ 0.2
+ 0.2
+ 0.3
+ 0.3
1/
- 0.1
+ 0.6
+ 0.5
- 0.1
1/
- 0.2
- 0.2
- 0.7
+ 1.6
+ 0.3
+ 0.3
+ 0.3
+ 0.2
- 0.1
- 0.1
+ 0.1
- 0.3
- 0.4
+ 0.2
- 0.1
•0.2
- 0.1
1/
+ 0.3
+ 0.4
Agriculture
1/
1/
1/
V
1/
+ 0.2
1/
+ 0.1
+ 0.2
+ 0.1
+ 0.1
1/
1/
All other
- 0.3
1/ *
- 0.6
+ 0.6
+ 0.1
- 0.5
+ 0.9
- 0.7
1/
+ 0.4
- 0.1
+ 0.5
v
Total loans excluding
security 3^/
+ 1.0
+ 0.4
- 0.3
+ 2.1
+ 0.7
+ 0.3
+ 2.4
+ 0.2
+ 1.1
+ 1.6
+ 0.8
+ 1.7
+ 1.3
Total loans excluding
security and nonbank financial 3/
+ 0.8
+ 0.5
- 0.2
+ 2.0
+ 1.0
+ 0.7
+ 2.2
+ 0.3
+ 1.3
+ 1.7
+ 0.8
+ 1.4
+ 0.9
Security
Nonbank financial
1./
2/
3j
Less than $50 million.
Adjusted to exclude interbank loans.
At large banks on a last Wednesday basis, bankers' acceptances increased $112 million in November 1967, compared with an increase of $60
in November 1966 and a decline of $1 million in November 1965.
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 nf NnvAmhg
Item
All commercial banks
Total loans
U. S. Gov't, securities
Other securities
Total
1967
+ 1.3
+ 0.5
+ 0.6
+ 2.4
1966
1965
1964
1963
+ 0.9
+ 2.2
+ 0.2
+ 2.5
+ 1.3
+ 2.6
+ 0.8
+ 0.3
- 0.4
1/
+ 3.9
+ 2.6
+ 0.2
+ 1.1
+ 0.8
- 0.8
+ l.o'
- 0.4
+ 2.1
+ 0.1
1962
Weekly reporting banks 5/
Total loans
U. S. Gov t. securities
Other securities
Total
Other banks
5/
Total loans^
U. S. Gov't, securities
Other securities
Total
Item
All commercial banks
Total loans
U. S. Gov't, securities
Other securities
,
Total
Weekly reporting banks 5/
Total loans
U. S. Gov't, securities
Other securities
Total
Other banks 5/
Total loans
U. S. Gov't, securities
Other securities
Total
NOTE:
1/
2/
3/
4/
+ 0.8
+ 0.5
+ 0.7
+ 1.4
+ 1.4
+ 1.9
+ 0.1
+ 0.1
+ 0.6
- 0.8
- 0.6
- 0.2
+ 0.7
+ 1.8
+ 0.2
+ 0.5
- 0.4
+ 1.5
+ 0.5
+ 0.4
+ 0.8
+ 1.1
+ 0.3
+ 0.2
+ 0.7
+ 0.3
+ 0.7
+ 0.4
1/
;
+ 0.7
+ 0.3
1/
+ 1.4
+ 2.1
+ 1.1
+ 1.1
•End of December to last Wednesday: of
ovember
- 0.3
+ 0.8
+ 0.5
+ 1.8
1967
+ 8.5
+ 6.7
+10.8
+26.1
+ 2.2
+ 3.2
+ 64 7
+12.2
+ 6.3
+ 3.5
+ 4.1
+13.9
+ 0.1
1/
4 f\5
1966
- 0.1
1965
3/1/
+11.4—' +17.9
- 5.1
- 4.3
+ 2.02/ + 4.9
+ 8.3 y
+18.5
+
+
5.12/ L/+10.1
3.7
- 4.0
0.41/ +.2^3
1.0it/ + 8.5
+ 0.6
1962
+11.6
- 0.7
+ 3.0
+13.9
+10.7
- 4.1
+ 4.8
+11.4
+ 8.4
+ 4.9
4 : 2 ,4
+
+
+
+
+
+
+
+
+
4.8
1.5
1.3
4.6
+ 7.3it/
+ 1.7
+ 9.3
+ 2.6
1 7 —
1963 2/
+ 6.8
+ 0.8
+10.0
- 0.3
1964 2/
3 APZ+ 7.8
+ 6.32
- 0.3
Li&,
- 0.1
5.0
4.4
3.0
3.6
+ 5.7
+ 0.3
- 1.0
3.5
3.1
3.3
3.7
+ 4.9
+ 2.1
+ 1.8
+ 1.6
+ 7.8
+ 8,7
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.
Allowance has been made in monthly changes in total loans and in other securities
frr 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.
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.
Based on revised coverage beginning July 1966 and January 1967.
5/
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Exhibit E
Changes in Commercial and Industrial Loans at Large Commercial Banks
(In millions of dollars)
Late December to late November
Late October to late November
Business of borrower
Food processors
Commodity dealers
Trade concerns
Retail trade
Wholesale trade
Metals
Primary metals
Machinery
Transportation equipment
Other fabricated metals
Textiles, apparel, etc.
Petroleum
Chemicals
Other durable manufacturing
Other nondurable manufacturing
Mining
Public Utilities, total
Transportation 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
1965
1966
1967
+
+
+
+
+
+
+
-
+
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
179
226
175
51
26
17
19
38
24
114
13
11
17
16
1
221
n.a.
n.a.
n.a .
39*
45
1
n.a.
46
n.a.
774
173
947
1964
+
+
+
+
+
+
209
223
223
189
34
69
35
+
66
46
+
8
- 134
12
+
52
27
31
+
108
+
44
n.a.
n.a.
n.a.
+
22
187
+
+
103
n.a.
+
84
n.a.
+
933
+
184
+1,117
1963
+
+
+
+
+
+
+
+
+
+
201
189
284
254
30
9
11
54
47
13
93
8
11
38
10
78
145
n.a.
n.a.
n.a.
7
107
n.a.
n.a.
n.a.
n.a.
858
86
944
1967
1966
+
253
189
23
+
120
.+
777
127 v
+
+
505
+
33
+
272
+
94
+ 665, +2.163
+
379
+
107
+1,090
+
313
+
716
- 141
+
250
+
114
+
361
+
14
+
129
75
+
+
433
+
161
+ 452
+
28
+
353
+
190
+
481
107
+
855
+ 652
n.a.
+ 457
n.a.
+
161
n.a.
+
34
+
13
75
+
183
+1.098
- 249
+ 629
n.a.
7
+ 432
+ 476
n.a.
- 166
+6,430
1+2,591
+
467
+
363
+6,397
+2,954
1964
1965
+
121
+
14
+1,272
+
844
+ 428
+1,260
+
122
+
563
241
+
+
334
+
399
+
343
+ 297
+
360
+ 252
+ 221
+
999
n.a.
n.a.
n.a.
+
342
+ 204
- 493
n.a.
+ 697
n.a.
+6,084
+
748
1 +6,832
64
41
417
228
189
110
8
28
+
5
+
125
+
16
185
+
239
113
+
+
74
63
- 210
n.a.
n.a.
n.a.
+ 406
+ 225
22
n.a.
+
247
n.a.
+1,119
+ 636
+1,755
+
+
+
+
+
+
2/
1963
23
384
427
352
75
135
31
+
57
- 174
+
13
178
+
+
22
33
+
43
75
+
360
+
30
n.a.
n.a .
n.a.
+ 201
+
243
n.a.
n.a.
n.a.
n.a.
+1,713
+ 375
+2,088
+
+
+
+
-
Communication 3/
+
Other public utilities
+
+
Construction
+
+
+
+
All other types of business
+
+
Bankers acceptances
+
Services
3/
+
+
+
Other
+
Foreign business concerns 3/
+
+
-»
+
Classified
+
+
+
Unclassified
+
+
+
+
Total Change
1/ Five most comparable weeks used throught.
2/ Changes are compiled from December 28, 1966 ; December 29, 1965 ; December 30, 1964, December 25, 1963.; and
December 26, 1962. These data cannot be linked with all commercial bank data which are always for December 31.
3/ Prior to 1967, transportation, cominunciation, services, and foreign loans were not reported separately.
Exhibit F
Loans and Investments at All Commercial Banks
(In billions of d o l l a r s )
Date
1957--Dec.
1958—Dec.
1959—Jun.
Jun.
Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—Dec.
31
31
24
24
31
31
30
31
31
31
31
L o a n s and
investments
(old)
(new)
1/
(est.)
(est.)
1 9 6 6 — Jul. 27
A u g . 31
Sept.28
O c t . 26
Nov. 30
D e c . 31
1 9 6 7 — Jan.
Feb.
Mar.
Apr.
May
Jun.
Other
securities
169.3
184.4
184.2
184.2
58.2
66.4
60.9
60.9
17.9
20.6
20.6
20.6
189.5
198.5
214.4
233.6
252.4
273.9
301.8
58.9
61.0
66.6
66.4
63.4
63.0
59.5
20.5
20.9
23.9
29.3
35.1
38.8
44.9
52.7
53.7
53.6
53.6
54.4
56.2
48.6
48.4
48.8
48.7
47.9
48.8
56.0
56.6
306.9 2
207.4
308.8
308.0
309.0
c317.9
313.8
25
22
29
26
31
30
J u l . 26
A u g . 30
Sept.27P
Oct. 2 5 P
Nov. 29 p
NOTE:
D. S. G o v 1 t .
314.5
320.1
322.5
323.6
329.5
57.8
56.2
55.8
54.2
49.4
50.7
52.0
54.0
54.7
56.7
331.8
334.2
338.8
341.6
344.0
57.1
59.1
60.1
62.4
62.9
56.7
57.8
58.3
59.0
59.6
Business
Real
estate
Security
Farm
- Revised.
Consumer
Nonbank
financial
institutions
93.2
97.5
102.8
102.8
110.0
116.7
123.9
137.9
153.9
172.1
197 .4
40.5
40.4
42.5
37.8
40.2
43.1
45.2
49.1
53.7
60.2
71.4
23.1
25.3
26.9
26.9
28.1
28.7
30.3
34.3
39.2
43.7
49.3
4.2
4.7
4.1
4.1
4.9
5.1
6.2
7.3
7.9
8.4
8.5
4.1
5.0
5.0
5.0
5.0
5.7
6.2
7.1
7.4
7.5
8.2
15.8
15.9
17.5
17.5
18.8
20.6
21.4
23.7
27.2
31.0
35.8
5.9
7.1
7.1
7.3
8.5
10.2
10.9
13.3
205.6 2/5
205.2
206.4
205.8
206.7
213.0
77.1
76.7
52.3
52.8
12.8
12.0
53.2
53.6
53.8
54.0
8.6 3/
8.6 ~~
8.6
8.6
8.7
8.6
38.1
38.5
77.9
78.0
78.6
80.6
7.2
7.7
7.0
6.8
6.8
9.0
38.5
38.5
38.7
38.9
12.5
11.9
11.9
13.3
208.5
207.2
210.3
212.4
213.1
218.6
78.9
79.1
81.1
81.8
81.7
84.6
54.0
54.0
54.1
54.4
54.8
55.3
8.5
7.6
8.3
8.3
8.1
8.2
8.7
8.9
9.1
9.2
9.3
38.7
38.6
38.7
39.1
39.4
39.9
11.7
11.3
11.5
11.6
11.3
12.2
218.0
217.3
220.4
220.2
84.0
82.5
83.9
83.7
84.6
55.7
56.2
56.6
57.0
57.5
8.4
8.9
9.0
8.9
8.4
9.4
9.4
9.3
9.3
Q.7
40.2
40.5
40.6
40.7
4o.g
11.4
11.2
12.0
11.6
221.5
»
8.6
D a t a e x c l u d e i n t e r b a n k l o a n s . T o t a l loans are after and type of loans before deductions for valuation reserve
are p a r t l y estimated for all dates.
Other data are partly estimated on all but June and December call dates,
" b u s i n e s s loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions.
r
2/
3/
3/
Total loans
All
other
7.2
___
8.2
8.8
7.6
8.1
8.7
9.8
10.7
11.3
13.9
14.9
Ha
yi
12.8
'
12.5
12.4
13.0
12 .4
12.2
12.1
12.4
12.9
13.5
13.2
13.0
13.5
13.5
13*7
11.6
{
—
Consumer and
Beginning June 24, 1959,
c - Corrected.
r e c l a s s i f i e d as "other s e c u r i t i e s . "
http://fraser.stlouisfed.org/
Federal Reserve Bank•of St. Louis
TnHividual loans category dat* are available for publication only °n a June and December call data b a s i s .
#
e
e
t
•
#
#
#
e
Exhibit G
Ratios to Total Deposits 1/
U. S. Government
securities maturing
within one year
L O A N S
Date
All
commercial
Total
banks
Member banks
Reserve city banks
City of
New York
Other
City
Chicago
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.
31
31
31
31
31
31
31
31
31
31
31
28
25
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
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
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
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
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
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
9.8
11.7
16.9
10.0
5.1
7.5
8.4
8.3
7.4
8.7
11.2
9.5
2/ 7.5
8.0
7.3
1966 - -June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30 2,
27
31
28
26
30
31
66.0
66.5
66.4
66.6
66.4
66.4
65.8
67.7
68.3
68:3
68.5
68.3
68.3
67.9
80.9
82.6
81:9
81.8
82.9
82.7
83.5
73.4
73.3
74.0
75.3
74.2
77.7
77.0
70.3
71.0
71:3
71.9
71.6
71.5
70.2
59.6
60.0
59.9
60.1
59.9
59.8
59.2
5.3
5.0
5:6
5.6
5.8
5.6
6.1
1967- -Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
25
22
29
26
31
30
26
30
27 P
25 P
29 P
65.6
65.3
65.1
65.1
65.1
65.6
65. 1
64. 9
64.6
64.0
64.1
67.6
67.2
66.9
56.8
56.6
r 67.3
36.2
66.5
66.3
65.5
65.7
81.8
81.8
81.2
80.9
80.0
82.1
81.5
81.0
79.8
77.8
78.7
75.8
74.8
73.4
72.1
70.9
r.74,0
72.3
71.4
72.2
70.7
71.0
70.4
69.5
68.7
• 68.3
r 68.3
r 68.6
r 67.8
r 58.4
r 68.3
r 67.7
68.3
59.3
59.3
59.5
r 59. 8
r 59.9
r 60. 0
r 59.6
r 60.4
r 58,6
6.1
5.4
5.5
5.1
4.6
4.3
5.1
5.5
5.6
, 6.3
n.a.
\
Oct.
Nov.
JTE:
-
r 58.6
58.4
'
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/ 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.)
2/ Beginning in June, 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
•
•
DEI O S I T S A N D
Seaso
ally
Annu
I rate
adjusted,
•
•
l.4.3 Exhibit h, Par#i
#
CURRENCY AND TURNOVER OF DEMAND DEPOSITS
deposits,
monthly
averages
of
daily
figures,
turnover,
monthly
Billions
of
I IIIIIIIIIIII
55
MONEY SUPPLY
50
45
TIME AND SAVINGS DEPOSITS
All
commercial
banks
40
232
SMS A S
35
A
- /
343
/
x/X
S
TURNOVER
Outside
N Y C
Centers
30
U.S. GOVT. DEPOSITS
Member
10
banks
11 i i i i i i i i i i
0
1962
1963
1964
1965
1966
1967
1968
Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S.Govt. Deposits beginning July 1967
Exhibit H - Part II
S e a s o n a l l y
M c n e y
S u p • p l y
Time and V
savings
deposits
(all commercial)
1/
Period
Total
Demand
deposits
A d j u s t e d
Currency
D a t a
Turnover
outside
N.Y. City*
(per cent)
U. S.
Govt,
deposits
(all member)
1964—December
1965—December
1966--December
159.3
166.8
170.4
125.1
130.5
132.1
34.2
36.3
38.3
126.6
146.9
158.6
5.1
4.2
3.2
33.3
37.4
40.0
1966—November
170.1
132.0
38.1
157.4
4.0
39.6
1967—January
February
March
April
May
June
July
August
September
October
November p
170.3
171.5
173.1
172.7
174.5
176.2
177.9
179.1
179.2
180.2
181.3
131.8
132.8
134.2
133.6
135.3
136.8
138.4
139.6
139.5
140.3
141.3
38.5
38.7
38.9
39.1
39.2
39.3
39.5
39.6
39,8
39.9
40.0
160.8
163.5
166.1
168.1
170.0
172.4
174.6
177.2
178.9
180.8
182.5
4.9
5.0
4.8
5.8
4.1
2.2
3.2
3.7
4.5
5.6
5.3
39.4
39.4
39.1
40.8
39.2
40.1
40.7
41.1
40.8
40.8
n.'a..
•
W e e k ending:
November
1
8
15
22
29
180.3
181.3
181.3
181.3
181.1
N O T E : Dollar amounts
p - Preliminary
r * - Beginning January
1/
Beginning on June
personal loans.
http://fraser.stlouisfed.org/
e
Federal Reserve Bank•of St. Louis
140.5
141.3
141.3
141.2
141.0
39.8
40.0
40.0
40.1
40.1
181.6
181.7
182.3
182.9
183.2
n.a.
n.a.
n.a.
n.a.
n.a.
6.7
5.7
5.5
5.4
4.7
in billions.
Revised
1964, data for 232 metropolitan centers outside New York City.
9, 1966, time deposit data exclude $1.1 billion of balances accumulated for the payment o
e
e
#
•
•
•
e
#
1.4.3
- EXHIBIT I, P a r t
1
T I M E A N D S A V I N G S D E P O S I T S AT LARGE C O M M E R C I A L B A N K S
Wednesday
figures
Billions
of d o l l a r s
100
TOTAL TIME AND SAVINGS DEPOSITS
SAVINGS DEPOSITS
TIME D E P O S I T S
TIME DEPOSITS EXCLUDING LARGE C D ' s
LARGE C D ' s
1965
1966
1967
1968
Exhibit I - Part II
Large Commercial Banks
T i m e
a n d
S a v i n g s
P e r i o d
Total V
( I n
1961—Dec.
1962—Dec.
1963—Dec.
1964—Dec.
1965—July
5/ July
27
26
31
30
7 (Old)
7 (New)
Time 1/
Savings
m i l
i o n s
D e p o
Large
certificates
of deposit 2 J
s i t s
Time other 1 /
than large
dertificates
of deposit
d o l i a r s )
o f
3/ 2,782
4/ 5,442
9,579
12,585
8,608
41,472
50,011
59,227
66,881
30,082
34,712
38,083
40,698
11,390
15,299
21,144
26,183
73,672
80,467
43,137
48,314
30,535
32,153
15,203
15,587
15,332
16.566
9,857
11.565
13,598
1965—Dec.
29
85,298
50,694
34,604
16 251
18,353
1966—Dec.
5/ D e c .
28 (Old)
28 (New)
89,495
89,639
47,099
47,213
42,396
42,426
15,659
15,642
26,737
26,784
1967--June
July
Aug.
• Sept.
Oct.
28
26
30
27
25
98,848
100,200
101,827
101,659
102,173
47,739
47,817
47,956
48,349
48,428
51,109
52,383
53,870
53,310-1
53,745
19,153
19,696
20,742
19,897
20,107
31,956
32,687
33,128
33,413
33,638
1
8
15
22
29
102,189
102,367
102,320
102,789
102,990
48,438
48,501
48,489
48,527
48,541
53,751
53,866
53,831
54,262
54,449
20,233
20,435
20,646
20,937
21,137
33,518
33,431
33,185
33,325
33,312
Nov.
2/
personal loans.
Negotiable certificates off deposit issued in denominations of $100,000 or more.
3/
4/
5/
Estimated.
As of December 5, 1962 .
Revised series.
Exhibit J
Member Bank Reserves
(Based oil averages of daily figures; in millions of dollars)
Free reserves
(excess reserves minus borrowings)
D a t e
All
member
Reserve Citv Banks
City of
New York
Chicago
Citv
Other
Excess
Reserves
Country
All
member
Borrowings
All
member
Total reserves
held seasonally
adjusted
1/
All
member
MonthIv Averages:
1958—December
1959—December
1960--December
1961--December
1962--December
196 3 — D e c e m b e r
1964—December
1965—December
- 41
-424
669
419
268
209
168
- 2
- 80
-109
10
- 50
- 62
19
- 14
- 70
- 32
-104
- 4
- 22
- 11
- 21
- 31
- 8
-197
-449
80
20
- 52
-122
-103
-161
268
237
583
471
394
334
315
238
516
482
756
568
572
536
411
452
557
906
87
149
304
327
243
454
17,866
17,903
18.223
18,961
19,596
20,259
21,096
22,186
1966--Oct.
Nov.
Dec.
-431
-222
-165
-124
- 71
- 95
- 95
- 24
- 50
-246
-245
-159
34
118
140
302
389
392
733
611
557
22,490
22,431
22,415
1967—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov. p
- 16
- 4
236
175
269
297
272
298
268
160
251
-
-123
- 64
- 15
- 20
1
- 3
- 15
4
3
4
11
- 80
- 84
13
- 38
- 9
33
12
16
6
- 24
3
233
211
306
242
266
258
254
271
231
191
214
373
358
435
309
370
420
359
387
358
286
384
389
362
199
134
101
123
87
89
90
126
133
22,774
22,992
23,407
23,456
23,448
23,612
23,835
24,104
24,297
24,608
24,747
NOTE:
46
67
68
10
12
7
20
6
39
- 10
23
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 calssification as reserve city is continued.
l/~ B r l a k t n series due to redefinition of time deposits effective June 9, 1966, which reduced member bank reserves by $24 million in June 1966
and $34 million thereafter.
Exhibit K
Liquid Assets Held by the Public - Seasonally Adjusted Series
(Amounts in billions of dollars; ratios expressed as percentages)
Time deposits
Total
Demand
deposits and
currency 2I
Commercial
banks 3/
Mutual
savings
banks
Postal
Savings
Sys tern
U. S. Gov't,
securities
U. S. Gov't,
Savings
maturing
savings
and loan
within
one
bonds 5/
shares 4/
year 6/
7
320.2
130.2
48.2
26.3
2.1
332.5
343.2
356.0
373.1
393.9
399.2
424.6
459.0
495.4
530.5
573.0 -
133.3
134.6
133.5
138.8
139.7
138.4
142.6
144.8
149.6
156.7
164.0
49.7
52.0
57.5
65.4
67.4
73.1
82.5
98.1
112.9
127.1
147.1
28.1
1.9
585.9
589.5*
588.6
592.9
594.5
596.2
163.7
166.5
164.3
167.0
600.6
601.7
605.1
604.7
615.1
613.2
619.7
620.6
623.0
630.2
635.3
638. 1
645.0
166.1
166.0
168.0
168.6
166.9
165.8
171.0
168.6
172.9
173.7
171.9
174.1
176.2
175 .7
177.3
30.0
31.6
33.9
34.9
36.2
38.3
41.4
44.5
49.0
52 6
1.6
1.3
1.1
0.9
0.8
0.6
0.5
0.5
0.4
0.3
153.6
153.9*
156.1
156.6
156.7
156.6
158 3
159.6
53.3
53.6
53.7
53.9
54.2
54.6
54.8
55.2
0.3
163.6
165.3
167.6
168.6
170.7
172.4
174.7
177.2
178.1
180.1
55.5
55.9
56.3
56.8
57.4
57.8
58.4
58.7
58.9
59.5
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
183.7
60.0
0.2
0.2
0.2
0.2
0.2
0.1
0.1
27.2
32.0
37.0
41.7
47.7
54.3
8
55.6
30.6
55.9
54.8
31.6
33.2
38.8
35.6
48.8
41.9
42.6
46.8
51.6
101.4
109.8
50.5
47.9
47.0
47.4
47.6
49.0
49.9
50.5
111.3
111.5
110.9
111.4
112.3
112.2
113.0
113.4
50.4
50.4
50.6
50.6
50.5
50.6
50.6
50.9
53.3
53.4
52.8
53.3
54.5
113.7
114.8
116.3
117.1
51.0
50.9
51.0
51.1
51.1
51.2
51.3
51.3
51.4
51.4
51.5
54.2
51.7
52.9
50.9
49.5
46.5
46.7
47.8
48.2
48.3
48.8
61.8
70.5
79.8
90.9
118.0
118.9
119.9
121.0
122.4
123.0
123.7
Liquid
assets
to gross
national
product 7/
48.1
46.1
48.6
85.3
81.3
79.7
80.5
79.5
Ratios;
Commercial
Demand deposits and bank deposits
currency to and currency to
gross nation- liquid assets
( 2 + 3 4 1)
al product 7/
10
34.7
32.6
31.3
30.4
29.7
80.2
28.6
79.0
78.4
79.5
27.5
26.4
25.1
81.0
24.6
24.1
81.5
80.0
22.8
79.7
22.5
79.0
22.2
78.5
21.9
79.2
21.9
79.6
22.1
79.3
22.0
56.0
55.8
53.9
For footnotes see next page.
* - B e g i n n i n g w i t h data for J u n e 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for
the payment of personal loans, p - P r e l i m i n a r y .
IxhibitK (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 whenever possible.
All series adjusted for seasonal variation by the X-9 variant of Method II
developed by the Bureau of the Census.
2.
Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month.
In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962, p. 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
in Alaska and
one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout .
3.
Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and
postal savings redeposited in commercial banks.
Data are as of the last Wednesday of month
except June 30 and December 31 when call data for these dates were used when available. Time
deposits
of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S.
possessions are included as indicated for demand deposits in footnote 2 above.
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 within 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 12months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months.
Prior to December 1950 figures for marketable
issues include securities callable within one year. Figures represent par value and are from
the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities.
7.
Gross national product figures are available quarterly and annually only.
Data for total
liquid assets used jn computing these ratios are quarterly averages calculated for four dates
(each month of the current quarter and the last month of the preceding quarter).
@FedFRASER