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BANKING AND MONETARY DEVELOPMENTS IN JANUARY" I960
.wCBank c r e d i t . Total c r e d i t a t a l l commercial banks showed a
v&^ham) W c l i h e of 53,6 b i l l i o n i n January, exceeding t h e l a r g e December
i n c a s e by $800 m i l l i o n . Loans declined $2.5 b i l l i o n o f f s e t t i n g the
rvg^ecember expansion. Usually in years of rapid loan growth, such as
y ^ 1955 and 1956, January loan declines are smaller than the preceding
December increases. The January loan reduction r e f l e c t e d l a r g e l y
seasonal repayments by businesses, s e c u r i t y d e a l e r s , and nonbank
financial institutions.
Holdings of U. S. Government s e c u r i t i e s declined $900
million in January following an increase of $200 million in December.
Holdings increased somewhat e a r l y in January when commercial banks
i n i t i a l l y acquired p r a c t i c a l l y a l l of the new $2 b i l l i o n Treasury
tax a n t i c i p a t i o n b i l l s issued on January 8, but reductions at other
times i n the month more than o f f s e t these purchases. Banks took
about $600 million of the $1.5 b i l l i o n Treasury b i l l s issued on
January 15 f o r cash or i n exchange .for the $2 b i l l i o n b i l l s maturing
on t h a t d a t e . Holdings of other s e c u r i t i e s declined moderatley in
January.
At both weekly reporting c i t y banks and a t country member
banks t o t a l c r e d i t declined more in January then i t had increased in
December. At each group of banks the reduction was l a r g e r than in
any other recent year j t h i s followed near-record growth in December.
Business loans—/ a t a l l commercial banks (excluding loans
t o s a l e s finance companies and other nonbank f i n a n c i a l businesses)
declined $800 million in January, s l i g h t l y l e s s than i n t h e comparable
1957-59 periods but considerably more than i n 1955 and 1956. In
December, business loans had increased about $700 m i l l i o n , more than
i n any other recent year. More than h a l f the decline a t weekly
reporting banks was seasonal repayments by food processors, commodity
d e a l e r s , and t r a d e concerns. Most other i n d u s t r y groups a l s o reduced
t h e i r outstanding indebtedness. Loans to metals processors and
t e x t i l e manufacturers rose, however, as i s usual in t h i s period.
Loans t o nonbank f i n a n c i a l i n s t i t u t i o n s a t a l l commercial
banks are estimated t o have declined $900 million in January. Loans
t o s a l e s finance companies a t weekly reporting banks (which are now
included in t h i s category) declined $650 million, considerably more
than i n January of any other year. These loans had shown a record
$730 million growth i n December.
1/ See note at end of Report.
http://fraser.stlouisfed.org/
Federal
L / Reserve Bank of St. Louis
Security loans a t a l l commercial banks declined $800
million i n January, somewhat more than in most other recent years.
The December r i s e of $600 million had been moderate. Real e s t a t e
loans probably showed l i t t l e f u r t h e r change i n January, as i s usual.
Consumer loans are estimated t o have increased moderately f u r t h e r .
Deposits and currency. Seasonally adjusted demand deposit
and currency holdings of businesses and individuals declined $200
million i n January following an increase of $300 million in December
( a f t e r adjustment f o r amended d e f i n i t i o n of demand d e p o s i t s ) . At
the end of January, t h e seasonally adjusted money supply was about
1/2 of 1 per cent above the l e v e l a year e a r l i e r . , I t had increased
about 1 per cent in 1959*
Seasonal adjustment f a c t o r s f o r demand deposits adjusted
and currency outside banks have been revised beginning in 19&6.
The above changes are based on these revised f a c t o r s . A t a b l e i s
appended t o t h i s report showing unadjusted d a t a , seasonal adjustment
f a c t o r s , and seasonally adjusted data f o r the two s e r i e s and the
t o t a l money supply, monthly, beginning i n 19lt6. A short description
of the seasonal adjustment method used i s a l s o included.
Seasonally adjusted semi-monthly averages of d a i l y demand
deposits a d j u s t e d a t member banks show a decline of $U00 million between
the second h a l f of December and the second half of January, (preliminary)
U. S. Government deposits declined -31.1 b i l l i o n i n January.
This was a smaller reduction than in t h e comparable periods of most
other recent years although i n January 1959 these deposits had
increased.
Time deposits a t commercial banks declined SitOO million in
January. In January 1959, these deposits ( a f t e r adjustement f o r
s t r u c t u r e changes) had declined $200 million while over the year
1959 they had increased $1,5 b i l l i o n . Deposits a t mutual savings
banks rose $200 million in January compared with an increase of $100
million l a s t year ( a f t e r s t r u c t u r e adjustments).
Deposit turnover. The seasonally adjusted annual r a t e of
turnover of demand deposits a t 337 centers outside New York and other
f i n a n c i a l centers was 2b.9 in January, the same as the revised December
r a t e . During 1959, turnover had increased 5 per cent with most of the
growth occurring e a r l y i n the year.
Bank r e s e r v e s . Net borrowed reserves of member banks averaged
$395 million i n January compared with $U25 million i n December. Borrowings averaged 090$ million i n January, about t h e same as a month
e a r l i e r b u t excess reserves a t $510 million were a l i t t l e h i g h e r .
Reserve p o s i t i o n s were s l i g h t l y e a s i e r a t c e n t r a l reserve c i t y banks
i n New York i n January than i n December but about the same a t other
banks.
During January, on a d a i l y average b a s i s , reserves were
supplied p r i n c i p a l l y by a $765 million inflow of currency from
c i r c u l a t i o n . A reduction i n "other Federal Reserve accounts"
r e f l e c t i n g l a r g e l y a $3lt0 million payment t o t h e United S t a t e s
Treasury as i n t e r e s t on Federal Reserve notes a l s o supplied
r e s e r v e s . Gold stock declined moderately f u r t h e r but t h i s l o s s of
reserves was more than o f f s e t by a reduction i n f o r e i g n deposits
at t h e Reserve Banks. Reserve were absorbed mainly by a $1.1
b i l l i o n reduction i n Federal Reserve System holdings of U. S.
Government s e c u r i t i e s . F loat declined only $80 m i l l i o n , cons i d e r a b l y l e s s than seasonally. Required reserves declined $100
million.
- .
MOTE? Tables on types of loans included i n t h i s r e p o r t have been
revised t o show loans t o nonbank f i n a n c i a l i n s i t u t i o n s s e p a r a t e l y and
t o exclude them from business and "other" l o a n s . Business loans on
on the new b a s i s exclude loans t o s a l e s finance companies, mortgage
companies, f a c t o r s , commercial finance companies, and other business
financing i n s t i t u t i o n s . "Other" loans now exclude loans t o personal
loan and finance companies, insurance companies, Federal lending
agencies and b u i l d i n g and savings and loan a s s o c i a t i o n s . This
reporting procedure was i n s t i t u t e d f o r weekly reporting banks i n
J u l y 1959* Data on both t h e new and old b a s i s are a v a i l a b l e f o r a l l
commercial banks as of June 10, 1959. Through June 2h» 1959, changes
i n loans t o s a l e s finance companies a t weekly reporting banks have
been included i n a l l the t a b l e s ; these changes have been subtracted
from business l o a n s , on t h e old b a s i s , t o derive some roughly comparable changes f o r business loans on the new b a s i s a t a l l commercial
banks f o r p r i o r y e a r s . Separate data f o r other f i n a n c i a l business
categories a r e not a v a i l a b l e . A s p e c i a l t a b l e i s a l s o appended
showing changes i n loans t o s a l e s finance companies a t weekly
reporting banks monthly, q u a r t e r l y , semi-annually# and annually,
beginning i n 1952. These changes may be used t o a d j u s t business
loans f o r other periods a t e i t h e r weekly reporting banks or a l l
commercial banks.
fabBelL
Estimated Changes i n Loans and Investments a t All Commercial Banks
"
(]h b i l l i o n s of d o l l a r s )
""
"""
L.U.3
End of December t o l a s t Wednesday of January 2 /
Item
Total loans ( l e s s bank)
Business 3 /
Real e s t a t e
Security
Agricultural
Consumer
Nonbank f i n a n c i a l
All other 3 /
I960 1
1959
2.5
- , 1*6
-
0*8
- 1.2
* 0.3
- o.5
-r
»
y
-
0.8
+ -0.1
- 0.9
- 0.1
Sales finance companies
Business l e s s s a l e s finance
l.i
+
+
0.5
0.1
O.ii
0.1
0.1
- 0.3
+ 0.2
— 0.5
0.2
0.9
— 0.2
- 0.3
-
-
0.9
-
0.7
1/
-
0.1
-
0.2
+ O.ii
2*2- -
2«Q
-
3*6
0*2
0.5
y
- "0.6
_=
,9#$
l
f
-
1/
0.3
O.P
End of Decentoer t o l a s t Wednesday of January 2 /
Item
1951
1952
1953
1951
1950
-l.il
*
0.6
-
0.9
*
0.1
-
0.3
A.,
*
*
O.ii
0.1
0*5
-
0/3
+ O.ii
+ 0.1
- 0.3
+
>
-
0.1
0.2
0.3
0.1
-
0*6
+ 0.1
- 0.1
+• Y . i
w
-
0.2
0.2
0.1*
-
0*1
0.3
n.a.
< 0.8
-
0*5
+ 0.5
y
-
+ 0.1
n.a.
1/
0.7
- 1.2
— 0.5
n . a . Not aval: .able
W
'• WWMWW*
J
-
-
19h9
m
0.1
n.a.
n.a.
n.a.
n.a.
%
0.2
n.a.
n.a.
n.a.
n.a.
n*a.
n.a*
n.a.
n. a.
2.0
+ 1.0
+
0.1t
+ 0.1
-
0.1
+ 0.8
+
0.2
\
+^.1
- "0.1
Other s e c u r i t i e s
* ' *" *
-
-
-
'-t-
— 0.6
•m 0#6
• 1.1
0.3
0.9
*
/
1.1
•
-
0.2
¥3 /
-
-"0.1
-
Total ( l e s s bank)
1 / Less than $50 million
2.0
- 4).l
Other s e c u r i t i e s
U. S. Government s e c u r i t i e s
-
--0.2
+ 1.1
Sales finance companies
Business l e s s s a l e s finance
1955
-"0.2
0,9
Business
Real e s t a t e
Security
Agricultural
Consumer
Nonbank f i n a n c i a l
All other
1956
X
-
Total loans ( l e s s bank)
2.7
1957
- "0.6
+ 0.1
- 0.1
U. S. Government s e c u r i t i e s
Total ( l e s s bank)
1958
y
1.9
-
www aAO *vx O
C
.LO V WVJl J&X115
U O j r
V
vJL WCVOU
li DJL
Data f o r I960 are on revised b a s i s (beginning June 1959) and exclude loans t o nembank
f i n a n c i a l i n s t i t u t i o n s . For previous y e a r s , loans t o s a l e s finance companies a t
f
weekly reporting banks have been shown s e p a r a t e l y t o provide roughly comparable changes
i n business loans on revised b a s i s .
U/ Included i n business and "other loans"•
J / See above d a t a .
t
L.li.3
Table 1
Estimated Changes i n Loans and Investments a t All Commercial Banks
(In b i l l i o n s oi' d o l l a r s )
—
End of June t o end of December
Item
1959
Total loans ( l e s s bank)
Business 5 /
Real e s t a t e
Security
Agricultural
Consumer
Nonbank f i n a n c i a l
All other 5 /
+
7*0
+
+
+
—
+
+
+
2.1
1.2
0.6
0.2
1.1
l.it
0.7
Sales finance companies
Business l e s s s a l e s finance
1958
y
V
>
+
+
+
+
1957
1956
2/
1955
3.6
+
3.1t
+
1.5
1.6
1.0
o.it
0.2
+
+
2.6
0.7
0.2
0.1
O.ii
K+
k i h
+
+
+
0.6
0.1
1.1
•
+
+
+
K . s
- 5> -
7.3
195it
+
3.2
+
+
+
+
+
0.7
1.2
0.7
0.1
0.1
0.3
0.1
o.it
+
+ "0.9
+ -0.1
+
0.2
+ -0.2
+-o.it
+
+
0.3
1.2
+
0.1
0.1
+
+
0.1
2.5
+
+
0.7
3.7
+ -0.7
y
U. S. Government s e c u r i t i e s
-
2.3
+
2.2
+
2.7
+
1.9
-
1« 7
+
5.5
Other s e c u r i t i e s
-
0.2
+ O.ii
+
1.1
-
0.2
-
0.1
+
0.8
+
it . 6
+
+
5.0
+
5.1
+
5.5
+
9.5
Total (less bank)
End of June t o end of December
Item
1953
Total loans (less bank)
Business j>/
Real e s t a t e
Security
Agricultural
Consumer
Nonbank f i n a n c i a l
All other 5 /
Sales finance companies
Business l e s s s a l e s finance
6.2
+
1952
1951
1950
1919
2.6
+
it.9
+
2.9
+
7.5
+
- 0.2
+ 0.5
+ 0.8
+ 1.3
+ 0.3
+
+
+
+
+
2.6
0.7
0.1
0.3
1.1
+
+
+
2.2
O.it
0.1
0.3
t
+
+
5.0
1.1
0.1
+
+
—
+
+
i f
+ "0.3
1/
+ 0.1
•
H . B
A
.
n • dim
n.a.
*
2/
1.9
0.6
o.5
0.3
0.2
0.7
6/
+ 0.3
n.a.
n.a.
— 0.1
- 0.1
+
+
0,5
2.1
U. S. Government s e c u r i t i e s
+
it.8
+
2.1
+
3.0
-
3.7
+
Other s e c u r i t i e s
+
O.ii
+
0.1
+
0.6
+
1.2
+ 0.7
+
7.7
+
7.2
+
6.6
+
it.9
+
Total (less bank)
y
19it8
+
+ 0.9
+
+
+
6.it
0*6
H . B
0.3
+ -0.1
n« st*
n • St#
3.8
2.7
n.a.
n.a.
-
2.2
1/
+ 0.5
Dates are f o r June 30, f o r a l l years except 1959, 1958, and 1957 which are f o r l a s t
Wednesday. Dates are f o r December 31 except f o r 1959 which i s f o r December 30.
3 / In October 1955, the l e v e l of business loans was increased by, and t h a t of r e a l e s t a t e
decreased by, $300 million t o correct c l a s s i f i c a t i o n e r r o r s .
V As a r e s u l t of inclusion of banks i n Hawaii, in August 1959 t o t a l c r e d i t increased
about #300 million; t o t a l loans $200 million; and U. S. Govt, s e c u r i t i e s , $100 million.
5 / Beginning June 1959 data are on revised b a s i s and exclude loans t o nonbank f i n a n c i a l
i n s t i t u t i o n s * For previous y e a r s , loans t o s a l e s finance companies a t weekly reporting
banks have been shown s e p a r a t e l y t o provide roughly comparable changes i n business
Digitized forloans
FRASERon revised b a s i s .
http://fraser.stlouisfed.org/
6 / Included i n business and "other loans". 7f See above d a t a .
Federal Reserve Bank of St. Louis
L.U.3
Table 1
Estimated Changes i n Loans and Investments a t All Commercial Banks
(In b i l l i o n s of d o l l a r s )
—
~
• — 6 •»
Year Endin, December
Item
1959
Total loans ( l e s s bank)
2/
+ 12.3
1958
1956
1957
1955
1951
+
it. 3
+
3.5
+
7.6
+ 11.6
+
2.9
+
+
+
+
0.1
2.1
o.it
0.9
0.2
+
+
+
1.8
0.6
0.1
0.1
1.2
+
+
+
5.5
1.7
0.8
0.3
+
+
+
+
+
+
+
0.3
1.7
0.9
0.2
i.ii
+ "1.0
+
0.3
3.9
-
0.6
+
+ 0.5
U. S. Government s e c u r i t i e s
-
7*8
+
Other s e c u r i t i e s
-
0.2
+
+
it.it
Business 3 /
Real estate"
Security
Agricultural
Consumer
Nonbank f i n a n c i a l
All other 3 /
Sales finance companies
Business l e s s s a l e s finance
Total ( l e s s bank)
W+
h . 2
+
y
2.8
- "0.2
+ 2.6
+
1.1
i/
l . h
6.it
2 . It
0.6
0.7
2.3
X,
0.3
+ ~o.lt
A.9
+
+
0.3
1.5
+
0.2
5.7
+
+
1.3
5.1
— 0.1
— 0.2
8.1
-
0.3
-
3.0
-
7.1&
+
5.6
2.6
+
1.7
-
o.it
+
o.it
+
1.6
+ 15.1
+
it. 9
+
it.2
+
it.6
+ 10.2
Year Ending December
1953
Total loans ( l e s s bank)
1952
1951
1950
1919
19it8
+
3.it
+
6.It
+
+
+
+
0.7
1.0
o.U
1.0
V5
+
+
+
+
+
2.0
1.1
0.6
0.5
1.9
+
+
+
+
+
0.2
+ "0.3
-
0.2
o.5
+
+
0.3
1.7
U. S. Government securities
+
0.1
+
1.8
-
o*5
-
5.0
+
it.it
— 6.6
Other securities
+
0.5
+
0.8
+
0.9
+
2.2
+
1.0
+
Business
Real estate
Security
Agricultural
Consumer
Nonbank financial
All other
Sales finance companies
Business l e s s sales finance
5 . It
+
9.3
+
0.5
+
it.it
it.O
1.0
0.3
o.5
0.1
V
+ 0.3
it.9
2.0
0.2
0.1
1.6
5/
+ 0.9
+
+
+
+
1.9
0.7
0.3
0.2
1.0
+
+
, +
+
+
0.8
l.it
0.3
1.2
1.0
0.3
+
n.a.
n.a.
n.a.
n.a.
+
+
+
—
+
*
2/
n.a.
n.a.
H0 . 3
n. &#
n.a#
0.2
Total ( l e s s bank)
+ it.i
+ 9.0
+ 5.9
+ 6,5
- 2.0
1/ ljess tnan %>i>u m i l l i o n .
n . a . Not a v a i l a b l e .
]?/ Structure changes i n 1959 added about $1 b i l l i o n t o t o t a l c r e d i t ; $600 million in loans;
$300 million i n U. S. Govt, s e c u r i t i e s ; and #100 million i n other s e c u r i t i e s . Real
e s t a t e loans increased about $300 million; business loans $100 m i l l i o n ; and consumer
loans $100 m i l l i o n . 3 / Beginning June 1959 data are on a revised b a s i s and exclude loan@
t o nonbank f i n a n c i a l - " i n s t i t u t i o n s . For previous years, loans t o s a l e s finance companies
a t weekly reporting banks have been shown s e p a r a t e l y t o provide roughly comparable
changes in business loans on revised b a s i s , k / Changes in business and other loans are
on old b a s i s f o r f i r s t half of 1959 and new b a s i s f o r second h a l f . Changes in nonbank
f i n a n c i a l i n s t i t u t i o n s are f o r second half only. 5 / Included i n business and "other
loans".
6 / F i r s t half 1959.
~
#
-7 Changes in Loans and Investments at City and Countrv Banks
(in millions of dollars)
Last Wednesday in Dec. t o Last Wednesday in Jan.
Item
Weekly reporting banks
I960
1959
1958
1957
-2 ,lli6
- 152
-3,007
-1,197
+ 232
- 130
-1,395
-2,1*13
- 5oo
+ 113
-2,000
—2,001
- 553
7b
-5,658
- 367
— 68
h9
- UBZt
- 153
+ aa
3
+ 292
- 220
- 136
+ 20
- 336
- 135
- 209
+ 61
- m
1956
1955
1/
Total loans
U. S. Government s e c u r i t i e s
Other s e c u r i t i e s
Total loans and investments
-
789
-
831
-
6h7
h9
-1,527
-
6h8
- I16I
+ 287
- m
Country member banks
Total loans
U. S. Government s e c u r i t i e s
Other s e c u r i t i e s
Total loans and investments
-
m
+
h7
+ 93
+ 79
+ 210
Last Wednesday i n Dec. t o Last Wednesday in Jan.
Item
1953
19$h
Weekly reporting banks
+ 58
- 2JU6
26
1952
1951
1950
192*9
1/
Total loans
U. S. Government s e c u r i t i e s
Other s e c u r i t i e s
Total loans and investments
-1,660
+ I187
•
62
-1*111
- 82li
+ 68
-1,502
- 671
+ 218
+ 10
- #3
58
-2,170
3k
-2,262
+
+
+
+
+
+ 8ii
+ 171
27
+ 220
19
+ 268
16
+ 233
+ 85
— 226
+
1
- 140
+ 92
+ 250
29
+ 313
-
7h6
315
608
loit
397
-
289
+
h2h
-
3h
+
+
—
-
7
36
50
6
+ 101
Country member banks
Total loans
U. S» Government s e c u r i t i e s
Other s e c u r i t i e s
Total loans and investments
M
IftCft _L_
50
77
13
14
-
N°te: Data f o r country banks include interbank loans, which on October 6, 1959 were
about $200 million. Data f o r weekly reporting banks include interbank loans p r i o r t o
1952.
Not f o r publication.
#
- 8 -
L.ii.3
Table 2
Changes in Commercial and I n d u s t r i a l Loans 1 /
~~
(In millions of d o l l a r s )
Last Wednesday in December t o Last Wednesday in January
Business of Borrower
Food processors
Commodity dealers
Trade concerns
Total
Classified
Unclassified
1958
1957
1956
1955
151
227
25ii
- 113
- 38
- 119
- 82
-
97
37
- 32 - 118
- 89 - 93
- 51 - 155
- 172 r i s r
+
5
- 153
- 106 - 320
— 60.
- 3it3
- 137
- 113
- 103
60
J
=353
2/
Sales finance
All other - t o t a l
Metals and products
T e x t i l e s , apparel
and l e a t h e r
Petroleum, coal e t c .
Other manufacturing
and mining
Public u t i l i t i e s
Construction
All other types of
business
I960 y i 9 $ 9
-
53
k
10
206
26U
571
233
W
305"
- 280
"8H T T T
-
hh
- 68 -116
- 108
= " H T - 242
r w
186 - 2 2 1
- 304 -
91
+ 110
+
66
6
+ 15
+
k
-
12
71
+
-
25
22
+
23
18
+
-
20
2lt
i*0
- lit
- 109
- 23
-
28
-
21
+
-
72 - 112 - 130
-
+ U8
10
+
+
-
81 + 100 + 6 5
h 1+
2k - 38 - 108
1x0$
- 81t8 - 1 , 3 1 8 - 833
- 198 - 271 - 281 - 1 9 9
-
Total change
- 603
-1,119 -1,599
Total change excluding
sales finance
- 603
- 855
l/
?/
3/
H/
68
-1,028
-
81 -
-331
- 139
-1,032 - it 70
- 81(6
1951
- 2ii9
7 - 152
28
10
9
It
80
+ lit
- loit
-
-
31
16
.11
it3
1952
1953
+
7
59
~
W
+ 392
T35C
6 -
39
2
+
10
+
h
25 it -
53
it6
*
19
30
1 9
58
- 112
160 + 21
219
- 293
i/-it2 9
- 878
379
- 272
- 725
- 2 73 +
- 371
y -
w - h 3 h
-737
it8
Prior t o week ending January 11, 1956, included changes i n a g r i c u l t u r a l loans.
Not included in business loans on revised b a s i s .
Data f o r 1959 have not been revised f o r a dditiona l banks and coverage.
Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have declined $85
million.
Note:
C l a s s i f i e d data are f o r a sample of about 210 banks reporting changes i n
t h e i r l a r g e r loans, these banks hold over 95 per cent of t o t a l commercial
and i n d u s t r i a l loans of a l l weekly reporting banks and n e a r l y 75 per cent
of those of a l l commercial banks.
J
e
L.lu3
Table 3
Estimated Changes i n Deposits and Currency
"
(In D i l l i o n s of d o l l a r s )
of December t o l a s t Wednesday in January
Item
1960
Seasonally adjusted data 1 / 5 /
Demand deposits a d j u s t e d "
Currency outside banks
Total
1/
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
- O.ii
*-0^2
* 0*2
- 2,b
— 0.8
r 0.2
• Oeit
+ 0.2
- 1.1
19#
1927
1956
1955
r « 0.U
r + 0,1
i.0.2
r + 0,3
r - 0.2
r - 0,1
r - 0,3
r + 1,0
r * 0,1
r + 1.1
0,9
- 1.9
- 1,2
- 1,0
2,2
+ 0.5
- i.i
— 0,6
+ 0,6
§fl
2J
- 2.2
- 1,2
- 1,3
+ 0.2
- 0.1
-~0.2
' + 0,2
- 1.9
- 1.3
- 0.7
- 1.2
- 1.3
- §{d
+ 0.1
- 0.2
I 9 $ 9 h /
r *
0 . 6 &
r - 0.1
r + 0,7
- 1.7^
" 1*1
T
*•
0*5
- 2,7
- 1.0
+ 0.1
+ 0.7
+ 0.2 V + 0 . 5
- 0,25
* O.li
r
+ 0.2
C.
— 2.8
+ 0,7
+ 0,1
0,2
+ 0,1
+ 0,2
- 1.8
— 2,0
1,6
- 0,9
T x n
• It,6
** lt.0
- l.lj.
- 3,9
(signs : Indicate e f f e c t on deposits and currency)
Factors a f f e c t i n g deposits
and currency
Bank loans and investments
other than U.S. Govt, s e c . j /
- 2,8
Commercial
Mutual savings
+ 0,1
Bank holdings of U. S.
Government s e c u r i t i e s :
- 2.1
Federal Reserve
n n r
Commercial
- 0.9
Mutual saving and other
+ 0.1
Gold stock and foreign
deposits a t F. R. Banks
f 0.2
Other f a c t o r s
A f O.ii"
2 .1
TTT8
- o.l
rrtf
+ o.b
- 1.5
+ 1.1
£/
» 0.1
•*
0m$.
Z T J S
+ 0,2
- 2,1*
- 0,5
- 0.1
- 1 3
0e9
2/
+ 0.1
- 0.7
+ 0,3
+ 0,3
£/
%
l / Seasonally adjusted data are f o r l a s t Wednesday throughout; unadjusted da: ;a are
f o r l a s t Wednesday except i n case of June and December c a l l d a t e s , when
a v a i l a b l e . Data f o r 1959 are f o r December 30.
2 / Less than #50 m i l l i o n .
3 / Total includes foreign lopns on gold, holdings of bankers' acceptances a t the
Federal Reserve, and loans t o foreign banksj changes in these items are generally
r e l a t i v e l y small, El addition even i f t h e r e were no changes i n these items,
changes a t commercial and mutual savings banks would not add t o t o t a l change
which i s "net" because commercial banks exclude a l l interbank loans, domestic
and f o r e i g n .
•
h/
® s u i t of the addition of a l l banks i n Alaska, time deposits a t commercial
banks increased almost $100 million and demand deposits adjusted increased about
$100 m i l l i o n . As the r e s u l t of the absorption of a mutual savings bank by a
commercial bank, time deposits a t commercial banks increased $300 million and
those a t mutual savings banks declined #300 m i l l i o n .
5 / Seasonally adjusted data revised beginning 19h6.
Table 3
Estimated Changes i n Deposits and Currency
(In b i l l i o n s of d o l l a r s )
Item
1 9 $ 9 h / t f
Seasonally adjusted data 1 /
Demand deposits adjusted""
Currency outside banks
Total
Seasonally unadjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
V
H i
V
5/
r — 0*8 r + 3.2
r - 0 . 1 r + 0*3
r T 3 3
+ 5.U
+ Q.5
+ 9.8
+ 0.9
+ 0.3
+ 2.7
2/
+M
+ 0.3
+1577
+ 1.6
+ 1.2
T & '
r — 1 . 5 r + O.it
r - 0.1
r
2/
rT%% r T O
+ h.7
+ o.5
+ 2.7
+ 2.1
+ 0.8
— 0.5
+
7»h
+ 6.7
2/
+ 6.7
+ 1.6
+ 0.9
+ 0.8
- 1.6
+T77
1951
r + 1.0 r + 3.1
r + O.lj.
r
T
+
+
+
+
+
+
+
t
t
6.7
0.9
7.6
1*3
0.6
0.8
l.it
7*5
+
+
+
+
+
+
+
8*5
0*8
9.5
2*0
1*1
0*9
1.7
9.5
(signs i n d i c a t e e f f e c t on deposits and currency)
+ 8.U
+~7%0
+ 1.0
- 2.0
+ 1.2
+ 7.1
+ 1.1
+ IwO
+ 1.2
+ 3*6
r r n
+ 2.7
+ 2*7
+TT5
+ 1.9
— 0.8
+ 1.2
- 1.7
- 0.3
+ 5.0
- 0.1
+ 5.5
— O.li
2/
— 5.1
— 0.2
- 0.7
+ 5.7
+ a*5
+ 1.2
+ 3.7
+ 2.3
+ 2.9
irnj
+ 1.8
— 2.3
— 0.7
™ 0.1
— 0.1|
— 0.8
+ o..U
+
+ 1.1
+ U.5
+ 3.2
CO
+
*
Factors a f f e c t i n g deposits
and currency
Bank loans and investments
other than U. S. Govt, s e c . 3 /
Commercial
Mutual savings
Bank holdings of U. S.
Government s e c u r i t i e s :
Federal Reserve
Commercial
Mutual saving and other
Gold stock and foreign
deposits a t F. R. Banks
Other f a c t o r s
End of June t o end of Decmeber
1958
1956
1957
1955
+ O.ij.
- 0.6
— O.it
+ 0.2
- 0.1
- o*6
+ 0.1
S . k
Seasonally adjusted data are f o r l a s t Wednesday throughoutj unadjusted data are
f o r l a s t Wednesday except in case of June and December c a l l d a t e s , when a v a i l a b l e .
Seasonally adjusted data revised beginning 191*6.
Less than $50 m i l l i o n .
Total includes foreign lpans on gold, holdings of bankers' acceptances a t the
Federal Reserve, and loans t o foreign banks; changes in these items are generally
r e l a t i v e l y small* In addition even i f t h e r e were no changes i n these items, changes
at commercial and mutual savings banks would not add t o t o t a l change which i s "net"
because commercial banks exclude a l l interbank loans, domestic and f o r e i g n , while
t o t a l loans exclude only those t o domestic banks. In a d d i t i o n , there i s some lack
of synchronization in reporting a s s e t and l i a b i l i t y items used in computing "loans ne
In August 1959, as a r e s u l t of the addition of nonmember banks in Hawaii demand
deposits adjusted increased $200.million and time deposits a t commercial banks
increased $200 m i l l i o n .
Demand deposits were reduced about $1(00 million as a r e s u l t of a change under
Regulation D amending the d e f i n i t i o n of such d e p o s i t s .
Table 3
L.LT.3
Estimated Changes i n Deposits and Currency
{in b i l l i o n s of d o l l a r s )
Year Ending December
Item
1957
1 9 5 8
Seasonally adjusted data 1 /
Demand deposits adjusted""
Currency outside banks
Total
Seasonally unadjusted data 1 /
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
1/
~~
2/
3/
r + 1.2
+ 0.6
+ 0.1
r + h.9
r + 0,3
r + 5.2
+
Tlx?
+
+
+ 2.2
+ 1.0
+ 0*6
r x j
1.1
5 . 2
+ O.lt
+ 5*6
3 . 1
r + 1.0
r r + 'O.U
r - 0 . 9 r + 1.0
+
1 . 5
+ 0.1
+ 7.1
+ 2.2
+
2 . 3
+
+
+
0 . 3
+ r
1 * 7
+ 0.2
r + 3.0
r + 0*5
r + 3.5
+
3 . 1
+
3 . 1
+
1 . 5
+ O.it
1 9 5 1
r + 3.8
r - O.it
r + 3.1
+ L.l
- 0.2
379
+ 6.9
+ 5.6
9 . 2
1 9 5 5
+
3 . 8
1 . 9
+ 1.8
— 0.6
"+T73
li.9
3.2
1.9
0.3
+ %0
(signs i n d i c a t e e f f e c t on deposits and currency)
+13.7
+ 9*8
+ 7.0
+ 2,8
+ 7.5
+ 5.5
+ 2.3
+ 9.9
+ 7.5
+ 2.5
+12.0
+ 2.3
+1l u 5
+ 7.3
+ it. 6
+ 2.5
— 8*0
+ 0.5
— 7.8
- 0.7
+
+
+
-
O.lt
- 1.8
- 6.8
— 0*3
— 0.8
— 3.6
+ 0.1
— 3.0
— 0.7
- 8.1
- 0.1
- 7.it
— 0.5
+
"
+
-
O-^t
# ••
HO
1 1
Factors a f f e c t i n g deposits
and currency
'
Bank loans and investments
other than U.S. Govt. s e c . 3 /
Commercial
Mutual savings
Bank holdings of U. S.
Government s e c u r i t i e s :
Federal Reserve
Commercial
Mutual saving and other
Gold stock and foreign
deposits at F. r . Banks
Other f a c t o r s
r + 1.1
r + 0,1
1 9 5 6
- 2.2
- 2.2
+ 0.8
— 0,6
+ 0.3
- 1.2
+ 0.1
— 0.2
— 0*1}.
— 1* 8
+12.1
+ 1.8
9*8
2*1
8.1
3.9
1*0
5*6
0*7
Seasonally adjusted data are f o r l a s t Wednesday throughout; unadjusted data are
f o r l a s t Wednesday except i n case of June and December c a l l d a t e s , when a v a i l a b l e .
Less than #50 m i l l i o n .
Total includes foreign loans on gold, holdings of bankers' acceptances at the
Federal Reserve, and loans t o foreign banks; changes i n these items are generally
r e l a t i v e l y small. In addition even i f t h e r e were no changes i n these items,
changes at commercial and mutual savings banks would not add t o t o t a l change which
i s "net" because commercial banks exclude a l l interbank loans, domestic and
f o r e i g n , while t o t a l loans exclude only those t o domestic banks. In a d d i t i o n ,
there i s some lack of synchronization i n reporting a s s e t and l i a b i l i t y items used
in computing "loans n e t " .
h/ During 1959, as a r e s u l t of s t r u c t u r e changes, demand deposits adjusted increased
~ $it00 million; time deposits a t commercial banks increased $700 m i l l i o n , and time
• deposits a t mutual savings banks declined #300 m i l l i o n .
J > / Demand deposits were reduced about $ 1 j D 0 million in December 1 9 5 9 as a r e s u l t of a
change under Regulation D amending t h e d e f i n i t i o n of such d e p o s i t s .
r Seasonally adjusted data revised beginning 19U6.
- 12 -
L.lt.3
Table 1*
Free Reserves
(excess reserves minus member bank borrowings;
based on averages of d a i l y figures} in millions of d o l l a r s )
All
member
New York
Reserve
city
Chicago
Country
Quarterly averages
1958:
1959:
First
Second
Third
Fourth
1959:
January
February
March
April
. May
June
July
August
' September
October
November
December
-
16
h
1
17
27
63
- 55
- 191
366
1*22
1*21*
280
- 25
- 52
- 202
— 168
-
67
56
12
83
-
215
393
1*31
385
225
137
11*6
196
-
65
28
16
- 89
- 51
- 15
- 151*
- 225
- 227
- 210
- m
-••109
- 53
- 26
- 122
- 61*
- 1*1
- 63
- 1*7
- 35
- a
- 82
- 62
- 101*
-
223
195
228
281*
360
535
182
It 20
391
338
369
1*1*9
281 :
202
19lt
178
133
101
121*
11*5
169
171
180
237
10
18
28
1*1*
- 82
- 363
— 528
- 1*39
-
First
Second
Third
Fourth
311+
568
3ia
25
59
1*7
lltO
258
318
513
557
535
193
1*59
1:35
125
-
-
-
I960:
January
- 391*
-
76
- 100
- 1*1*1*
226
1959:
December 30
- 1*66
V
77
- 151
- 399
161
I960:
January
-
- 215
- 91
- 11
- 32
- 63
- 156
- 72
- 126
- 26
- 71
Note:
6
13
20
27
February 3
507
339
31*0
U*6
1*27
1
, -
1*99
1*17
511*
399
h27
,
363
21*1
377
11
133
Data f o r second ialf of January and February are preliminary.
Hot f o r publication
Table 5
Change i n Member Bank Reserves, with Relevant Factors
Changes
(Mont hl\
Ly average of d a i l y f i g u r e s ; in millions of d o l l a r s )
January
Item
I960
December
12S1
January-December
1959
19#
1959
1 19#
Member bank reserves
Required reserves 1 /
E f f e c t of reduction i n
requirements
E f f e c t of deposit change
Excess reserves 1/
Total reserves held
Cash allowed as reserves
Reserve balances
-
98
13
+ 271
+ 3lt8
+
-
98
29
69
13
19
+ 27U
+ 37
+ 311
+ 318
m
Principal f a c t o r s
Currency i n c i r c u l a t i o n
Gold stock and foreign
accounts
Treasury operations
Federal Reserve f l o a t
Other f a c t o r s
E f f e c t of above
f a c t o r s on reserves
6
+
+
11
+ _359
7
359
+
-
68
-
68
35
-1,150
+ 989
60
- 521
ii6i
+
33
-
271
-
521
I*ol*
-
1*38
(sign $ i n d i c a t e e f f e c t m reserves)
+ 766
+ 81t9
-
>
-
63
28
83
+
89
2*2
326
+
337
-12*3
15
+ 332
+
2*0
71
59
+ 2*57
72*
-l,l8o
+ 322
70
32
-2,123
+ 77
+ 53
- 262
m
•+ '
38
568
-
638
-
+1,0#
+
Slh
-
351
-
385
-1,362*
-2,693
-1,111
-
522
+ 362
+
72*3
+1,092
+2,171*
-1,102
- 536
"=~m
+ 302*
+2,330
-
-
+ 722*
+ 777
53
+ 21
Federal Reserve loans and
investments:
Total
U. S. Govt, s e c u r i t i e s
Outright
Repurchase agreements
Acceptances
Discounts and advances:
To member banks
To others
=17m
23
*
10
1
1
1/ Data f o r January I960 a r e preliminary.
>3
1
12
+
32
+ 662
+ 651*
+
8
+
5
+
28
2
+
+
61
71 + 32*9
5;
2
+2,601
-
271
2*
- 153
+
1
NIL -
Year
or
month
End of Dec.
1953
195U
1955
1956
1957
1958
1959:
Jan. 2 8 3 /
Feb. 25 ~
Mar. 25
Apr. 29 U /
May 27
June 2k
July 29p
Aug. 26p 5 /
Sept.30p
Oct. 28p
Nov. 25p
Dec. 30p 6 /
I960:
Jan. 27p
Deposits and Currency
(In b i l l i o n s of d o l l a r s )
(1)
(2)
(3)
(5)
(6)
(7)
liil
M
1121
121
121 D O )
Seasonally adjusted
Seasonally
Time
deposits
Total
money supply 1 / *
adjusted
U. S.
Curdeposits
money
Demand
CurGov't,
rency
and
Demand rency supply and deposits Total
Total
CommerMutual
Postal
deposits
outside
currency
deposits outside time dep. adjusted (7+8+9)
(2+3)
c i a l savings savings
banks (5+6+10
If
adjusted banks
a t com1!
+11)
banks (1+7
126.6 *
130.0 *
133.5 *
13U.5 *
133.6 *
138.8 *
139.5
139.6
lUO.3
lltO.lt
1U0.6
#0.9
lUl.2
UtO.9
*
*
*
*
*
*
99.3
103.1
106.1
107.1
105.8
110.7
111.5
111.6
112.1
112.2
112.&
112.6
27.3
26.9
27 .U
27.lt
27.8
28.1
28.0
28.0
28.2
139.8
lll.U
28.U
82.2
89.1
98.3
113.8
98.U
98.7
99.5
99.9
U3.7
U6.8
U8.U
50.6
56.1
63.2
2U.U
26.3
28.1
30.0
31.7
3U.0
116.1
101.1
100.8
101.2
101.5
101.2
100.3
101.3
63.U
63.7
6U.1
6U.5
65.0
65.U
65.3
65.5
65.7
65.5
6U.7
65 .U
3U.3
3U.U
3U.6
3U.5
3U.7
3U.8
3U.6
3U.6
3U.9
113.7
101.1
65.0
35.1
20U.8
28.3
111.8
202.9
70.U
75.3
78.U
110.3
115.5
28.li
28.2
111.8
112.0
202.0
111.U
28.2
28.2
1U0.U
1U0.1
lUO.O
112.6
181.9
185.1
189.7
102.5
106.6
109.9
111.3
11D.3
112:5
110.7
110.7
112.7
112 Jt
11*0.8
176.8
203.3
20U.li
20U.9
205.6
206.3
206.5
206.U
206.5
205.9
20U.8
205 .U
28.3
28.3
28.3
28 .U
112.9
170.3
111.1
lll.U
112.7
113.1
100.5
33.8
3U.0
3Uw3
2.U
2.1
1.9
1.6
I : 3
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.0
1.0
1.0
U.8
5.1
u.u
U.5
U.7
U.9
5.3
5.0
U.U
5.1
%
5.6
6.5
7.1
1 , 0
6.0
1.0
5.1
5.5
1.0
U.U
1.0
2,8.1
27.9
28.3
it:l
28.7
27.6
205.7
21U.8
221.0
226.U
232.3
2U7.5
28.8
2U5.1
2U2.7
2U2.0
2U5.U
2U5.0
2U5.U
2U7.6
2U7.U
2U8.5
2U8.2
2U7.6
251.7
28.0
2U7.0
27.7
27.9
27»9
28.1
28.3
28.U
28.5
28.5
28.3
29.1
p Preliminary. 1/ seasonally adjusted s e r i e s begins in 19U6 and i s available only f o r l a s t Wednesday of tie month.
2 / At commercial, savings, and Federal Reserve Ban to. 3/ As a r e s u l t of the addition of a l l banks in Alaska, time
deposits a t commercial banks increased almost $100 million and demand deposits adjusted increased about $100 m i l l i o n .
As a r e s u l t of the absorption of a mutual savings bank, time deposits a t commercial banks increased %300 million and
those a t mutual savings banks declined $300 million. U/ As a r e s u l t of inclusion of a national bank i n Hawaii,
demand deposits adjusted increased about $100 million and time deposits a t commercial banks about $100 million.
5 / As a r e s u l t of inclusion of a l l banks in Hawaii, demand deposits adjusted increased about $200 million and time
deposits a t commercial banks about $200 million. On balance i n 1959, as a r e s u l t of structure changes, demand
deposits adjusted increased $U00 million, time deposits a t commercial banks increased $700 million; and time deposits
a t mutual savings banks declined $300 million. 6/ Demand deposits were reduced about $U00 million as a r e s u l t of a
technical change under Regulation D amending the d e f i n i t i o n of such deposits. * Seasonal adjustment f a c t o r s and
Digitized fordata
FRASER
revised beginning 19U6.
http://fraser.stlouisfed.org/
Not f o r publication
Federal Reserve Bank of St. Louis
—15 "
Loans and Investments a t All Commercial Banks
( i n b i l l i o n s of d o l l a r s )
Loans
and
investments
Date
U. S . Other
Govt, secur- Total
secur- i t i e s loans
ities .
Nonbank
financial
institutions
Business Real Secu- Farm Conestate r i t y
sumer
All
other
1953:
195b:
1955:
1956:
1957:
Dec.
Dec.
Dec:
Dec:
Dec.
31
31
31
31
31
H5.5
155.7
160.3
I 16U.5
169.3
63.a
69.0
61.6
58.6
58.2
Ui.7
16.3
16.7
16.3
17.9
67 .li
70.1;
82.0 ,
89.7
93.2
27.2
26.9
33.2
38.7
ii0.5
16.7
I8.ii
20.8
22.5
23.1
3.6
•It *5
5.0
ii.3
ii.2
5.0
5.2
ii.5
ii.2
ii.l •
10.9
10.9
13.2
lii . 6 ,
15.8
1958:
Nov. 26
Dec. 31
182.7
18U.1i
67.7
66.I4
20,3
20.6
911.7,
97.5
39.3
liO.li
25.0
25.3
3.9
ii.7
ii.9
5.0
15.7
15.9
7.9
8.2
1959:
1 / Jan.
Feb.:
Mar.
2 / Apr.
May
June
183.8
i 181.9
181.1
; 183,8
183.9
184.2
67.5
65.5
63.2
63.6
62.6
60.9
20.U
95.9
20.ii
96.0
20.6
97.ii
20.9
99.3
20..8. 100.5
20.6 102.8
39.2 , , 25.6
39.2
25.7
iiO.2
25.9
ii0,6
26.3
iil.ii , 26.6
26.9
U2.5
ii.2
ii.O
3.9
ii.3
ii.l
ii.l
5.0
5.0
ii.8
ii.9
ii.9
5.0
16.0
16.1
16.3
16.7
17.0
17.ii
8.0
8.1
8.2
8.1i
8.6
8.9
June 2U
July 29p
3/ Aug. 26p
Sept.30p
Oct. 28p
Nov. 25p
Dec. 30p
18U.2
185.7
186.1
186.3
186.6
186.0
188.8
60.9
61.1
60.3
59.2
59.6
58.ii
58.6
20.6
20.6
20.5
20.7
20.6
20.3
20.ii
102.8
103.9
105.3
106.3
106.5
107.3
109.8
37.8
37.8 ,
38.2
38.7
38.7
39.2
39.9
26.9
27.1
27.3
27 ;5
27.7
27.9
28.1
ii.l
it.2
ll.2
ii.l
ii.l
ii.l
ii.7
5.0
5.1
5.1
5.1
5.0
ii.9
U.8
17.4
17.6
17.9
18.1
18.3
18.3
18.5
5.9
6.2
6.6
6.5
6.1
6.3
7.3
7.7
7.8
8.0
8.3
8.5
8.5
8.ii
Jan. 27p
185.2
57.7
20.2
107.3
39.1
28.1
3.9
li.8
18.6
6.1i
8.3
I960:
—
f
28
25
25
29
27
2JU
w •
;
vvwiuwiy
M
WM
l i. wwu^v
Vi
w V
I uvuui o
mm
\ •
mmwm.mm
—
wiicuxg^u •
5.1
5.6
6.5
6.9
7.2
2 / Total c r e d i t increased about $200 million as a r e s u l t of bank s t r u c t u r e changes.
3 / Total c r e d i t increased about $300 million as a r e s u l t of bank s t r u c t u r e changes. Structure changes in
i n 1959, on balance through August, added almost $1 b i l l i o n to t o t a l c r e d i t ; #600 million i n loans; #300
million i n U. S. Government s e c u r i t i e s ; and $100 million in other s e c u r i t i e s . Real e s t a t e loans
increased about $300 m i l l i o n ; business loans $100 m i l l i o n j consumer loans, $100 m i l l i o n ; and other loans,
$100 m i l l i o n . Note; Data exclude interbank loans. Total loans are a f t e r and tyoes of loans before deductions
f o r valuation r e s e r v e s . Consumer and "other loans" are p a r t l y estimated f o r a l l d a t e s . Other data are p a r t l y
estimated on a l l but June and December.call d a t e s . Begihning June 2ii, 1959, " b u s i n e s s l o a n s " andj*all other
http://fraser.stlouisfed.org/
Federal Reserve Bank
l #ofnSt.s Louis
" have t # n revised # exclude l M n s t o n o n W k f i n ^ n c i a r i n s t i t u t i o n .
Changes i n Loans t o Sales Finance Companies
Weekly Reporting Member Banks
(In millions of dollars)
Period
1952
1953
1951
1955
1956
1957
1958
1959
Month
January
February
March
- 320
- 59
+ 5k
- 106
- 15
+ 15
- 153
- 83
> 16
+ 5
+ 3
+ 98
- 221
- 257
+ 158
- 186
+ 30
+ 292
- 571
- 1*1*
+ 106
- 261*
- 95
+ 235
April
May
June
3
+ 35
+ 70
+ 105
— 96
•
8
- 11
- 12
+ 67
> 198
* 1*7
• 239
+ 1*1
- 101
+ 59
+ 92
- 176
+ 315
- 268
- 133
+ 58
+ 139
- 30
+ 336
July
August
September
- 32
- 37
+ litl
+ 36
- 60
- 29
-
U*
Ill*
81
- 37
+ 27b
- 126
- 201*
• 137
- 107
- 280
+ 1*
• 181*
- 115
+ 1*8
- 88 '
October
November
December
+ 65
+ 1*06
- 199
- 56
+ 170
- 117
+ 63
• 228
- 20l*
• 315
• 1*82
- 305
+ 60
• 516
» 1*10
- 175
+ 569
- 79
+ 1*2
+ 1*86
Quarter
First
Second
Third
Fourth
+
+
+
+
-
- 220
106
1*81*
111
593
- 320
1
- 17k
+ 271
+
+
-
+
Half-year
First
Second
Year
*
106
17
53
85
- 11*2
•* 171*
•
+
•
+
- 217
+ 51*3
- 89
- 138
- 176
+ 32
+ 590
+ 701*
- 321
+ 97
+ 326
- 227
- 11*1*
+1,291* - 221*
325
108
72
1*71
• a
136
231
92
16
:
'
l/r
u
TA
1/.
IA
: IA
- 121*
509
3h3
155
1*1*9
- lA
TA
+ 367
- 108
- 852
+ 321
+ 259
- 558 - y
+ 291*
+ 1*1*5
. I/-
~y No longer available on s t r i c t l y comparable b a s i s . Change in loans t o
"sales f i n a n c e , personal finance e t c . " a t weekly reporting banks may be
used t o obtain roughly comparable comparisons beginning J u l y 1959.
Note:
All changes are based on l a s t Wednesday of month.
Banking Section
February 1?, I960
February 16, i960
REVISED SERIES FOR SEASONALLY ADJUSTED MONEY SUPPLY
Seasonal adjustment f a c t o r s for demand deposits a d j u s t e d and currency outside banks, which together c o n s t i t u t e the a c t i v e p r i v a t e money
supply, have been revised back t o the beginning of 19^6, the period covered
by the seasonally adjusted s e r i e s .
Since 1955# Taken the seasonal f a c t o r s
were f i r s t published, the pattern of seasonal movements has undergone
considerable change.
As additional data f o r the s e r i e s have become a v a i l a b l e ,
i t has been p o s s i b l e t o improve the measurement of seasonal movements.
The revised seasonal f a c t o r s were derived by the method generally
used i n compiling seasonally adjusted monthly data published by the Board.
A f e a t u r e of the revised f a c t o r s i s that a s p e c i a l adjustment i s made f o r
those months i n which t h e seasonal movement i s g r e a t l y a f f e c t e d by the
date on which the l a s t Wednesday f a l l s .
Since the s e r i e s r e l a t e to a single
day each month, namely the l a s t Wednesday, t h e reporting date can vary by as
much as seven days r e l a t i v e t o the end of the month.
Seasonal changes in
the l a s t few days of the month are of te n l a r g e .
The. accompanying t a b l e s show revised seasonally adjusted d a t a ,
together with the unadjusted f i g u r e s , beginning with 19U6, f o r the t o t a l
private money supply and the two component s e r i e s .
For the component s e r i e s
the seasonal adjustment f a c t o r s used in a d j u s t i n g the data are also included.
Demand deposits a d j u s t e d .
Seasonal movements in demand deposits
adjusted have changed s u b s t a n t i a l l y in the postwar p e r i o d .
A major influence
has been the provision far speeding up Federal corporate income t a x payments,
which began in 1951 and which w i l l be completed in i 9 6 0 .
Another f a c t o r has
been the s h i f t from March 15 to April 15 in the date f o r the f i n a l settlement
by individuals of t h e i r Federal income t a x payments.
-2-
The months in which v a r i a t i o n s in t h e date of the l a s t Wednesday
appear t o a f f e c t s i g n i f i c a n t l y the l e v e l of demand deposits adjusted are
March, June, October, and
December. The special adjustments f o r these
months, expressed as percentage point changes in the seasonal f a c t o r s , are
shown in notes t o t h e accompanying t a b l e s .
In March adjustments are provided when the l a s t Wednesday f a l l s on
the 30th or the 31 sb of the month.
These adjustments are necessary in large
part because of the property t a x assessment d a t e , April 1 , in Cook County,
I l l i n o i s , when many individuals and businesses in t h e area reduce t h e i r bank
deposits temporarily and put t h e i r funds in other a s s e t s , p a r t i c u l a r l y
short-term U. S. Government s e c u r i t i e s .
Adjustments for December cover Wednesdays a f f e c t e d by large withdrawals of deposits in currency over t h e Christmas holiday and by the sharp
year-end r i s e in d e p o s i t s , r e f l e c t i n g in p a r t window dressing by businesses
f o r statement purposes.
Small adjustments are made for June t o r e f l e c t currency outflow and
for October to r e f l e c t the usual s u b s t a n t i a l expansion in bank c r e d i t .
Currency outside banks.
Currency outside banks also tends to vary
with the date on which the l a s t Wednesday f a l l s .
The revised s e r i e s includes
s p e c i a l adjustments f o r f i v e months in which these v a r i a t i o n s are l a r g e ,
namely, May, June, October, November, and December.
Most of these s p e c i a l adjustments for currency movements are made
for months in which the l a s t Wednesday i s a holiday, e . g . , December 25,
Thanksgiving, or Memorial Day, or i s the day preceding a h o l i d a y .
In
November, currency outflow i s much larger than normal when the l a s t Wednesday
i s the day b e f o r e Thanksgiving.
At t h a t time Christmas savings are being
withdrawn and holiday demands for currency are l a r g e .
#
- 3
Demand Deposits Adjusted and Currency Outside Banks
Before and A f t e r Adjustment f o r Seasonal Variation 1/
, (Figures a r e as of l a s t Wednesday of t h e month)
Jan.
| Feb. [ Mar, j Apr. | May | June | July I Aug. . j Sept. | Oct.
| Nov,
1 Dec.
Unadjusted s e r i e s ( i n b i l l i o n s of d o l l a r s )
19k(£/
w
m
* w
1949
1950
1951
1952
# 1953
• 1954
1955
1956
1957
1958
m 1959
9
I960
102.9 102.5 101.1 103.7
108.6 106.8 106.5 107.4
112.lt 110.3 107.1 108.1
110.6 108.5 106.2 107.3
110.9 109.2 107.8 108.9
116.2 115.2 113.4 114.1
123.5 121.3 120.5 121.0
127.3 125.2 124.3 125.0
129.2 126.5 123.6 125.3
133.8 131.3 129.1 131.2
136.0 132.8 131.6 133.1
136.9 134.4 132.6 134.7
134.9 1 3 3 . 0 132.0 134.8
141.4 1 3 9 . 0 138.2 140.4
2/141.7
104.9
107.6
108.2
107.5
109.7
114.4
121.3
124.5
125.5
I30.I
131.6
132.7
133.6
138.8
106.0
108.5
108.3
107.2
110.0
114.5
121.8
124.3
125.2
130.3
132.5
133.4
133.5
139.0
106.7
109.0
108.8
108.0
110.9
115.8
121.9
124.6
126.8
131.0
132.6
134.4
136.0
141.1
107.2
109.4
109.4
108.5
111.9
116.7
122.1
108.9
107.9
110.4
109.6
108.0
112.5
117.4
123.0
125.2
128.1
111.6
110.8
109.2
113.8
120.7
125.3
127.7
109.7
112.4
111.1
lid.i
115.2
122.1
126.8
124.8
128.1
126.3
130.0 131.5
131.2
132.1 133.4 134.8
132.0
132.8
135.1
136.3
132.9
135.0
133.3
135.7
136.0
135.5
139.0
140.7
139.6 E/13?.9 2/141.0 2/1421.2
110.0
113.6
111.5
111.7
118.2
124.4
129.0
131.1
134.1
137.7
139.3
138.0
144.2
E/144.9
Adjusted s e r i e s ( i n b i l l i o n s of d o l l a r s )
# 1917
191*8
191*9
1950
1951
1952
# 1953
1954
1955
1956
1957
1958
# 1959
i960
101.9 103.1 102.8 105.0 106.1 106.8 107.3
107.5 107.5 108.3 108.8 108.9 109.3 109.6
110.8 110.6 110.5 109.5 109.5 109.6 109.4
109.0 108.8 108.8 108.7 108.8 108.5 108.8
109.1 109.2 109.4 110.3 111.0 111.3 111.8
114.2 115.2 l i c . l 115.6 115.6 115.9 116.8
121.1 121.3 121.9 122.0 122.9 123.3 123.0
124.9 125.2 125.7 126.0 126.1 125.8 125.7
126.5 126.5 126.7 126.3 127.1 126.9 127.9
131.1 131.3 131.5 131.7 132.1 132.1 132.0
133.2 132.9 133.5 133.6 133.3 134.2 133.2
134.8 134.7 134.5 134.6 134.2 135.1 135.0
133.1 133.6 134.0 134.8 135.3 135.3 1 3 6 . 1
139.5 139.6 140.3 140.4 l 4 o . 6 140.9 141.2
PA39.8
107.3
109.6
109.6
107.7
110.2
109.4
108.3
112.6 112.8
117.4
117.8
123.5
123.9
126.2
126.1
127.7
129.0
132.6
133.2
133.4
133.9
134.3
134.3
136.7
136.9
140.9: p/140.8
108.7
107.9
107.9
107.6
110.2
110.5 110.5
109.9
109.0
W.3
108.3
108.5
108.4
113.1
113.6
114.6
119.1
120.4
120.2
124.1
125.0
124.1
126.9
126.3
126.6
129.2
129.6
130.0
132.8
133.1
133.5
133.6
134.5
134.5
133.8
133.6
133.6
138.6
138.8
137.9
p / 1 4 0 . 4 2/140, p/140,0
2 / Preliminary
1 / The f i g u r e s i n t h i s t a b l e are the t o t a l of f i g u r e s f o r demand deposits adjusted
and currency outside banks shown separately.
2/ Estimates as of end of month.
February 16, i960
Demand Deposits Adjusted
Before and After Adjustment for seasonal yariation 1/
(Figures are as of last Wednesday of month)
Jan. 7 Feb.! Mar.
76.8
19462/
8 2.5
1947
86.6
1948
85.4
1949
86.4
1950
91.6
1951
1952
97.9
100.5
1953
102.3
1954
107.0
1955
108.9
1956
109.5
1957
107.6
1958
113.8
1959
I960 &/113.7
76.4
80.6
84.6
83.4
84.5
90.6
95.7
98.3
99.6
104.5
105.6
107.0
105.6
111.3
- k -
) Apr.F May f June | Julyf Aug.| Sept.'I Oct.
Unadjusted series (billions of dollars)
75.0
80.4
81.5
81.1
83.2
89.0
94.8
97.4
96.7
102.4
104.4
105.2
104.6
110.3
77.5
81.3
82.7
82.4
84.3
89.5
95.1
98.0
98.6
104.5
106.1
107.3
107.2
112.5
81.5
82.8
82.5
85.O
39.5
95.3
97.5
98.7
103.3
104.2
104.8
105.8
110.7
79.5
82.5
82.7
8 2.2
85.4
89.5
95.8
97.2
98.1
103.2
105.0
105.6
105.7
110.7
80.3
83.0
83.3
83.1
86.5
90.7
95.7
97.4
100.0
103.9
105.2
106.6
108.1
112.7
I Nov.
t
Dec.
82.4
80.6
81.4
83.0
83.3
84.1
85.4
87.1
85.9
83.3
85.8
85.1
85.2
83.8
83.9
85.0
84.3
86.7
83.4
83.1
88.0
89.2
87.4
90.3
93.2
98.1
92.0
91.4
96.3
95.0
98.6
96.4
99.4 101.5
95.8
100.3 100.2 103.3
97.7
97.5
99.4 101.2 103.1 104.0 106.7
106.1 106.9 109.8
103.9 104.9
104.5 105.4 107.4 108.3 110.8
105.1 105.5 107.2. 107.2 109.1
107.5 108.1 111.0 111.9 115.5
l l l . l B/111.4 Z/112.7 2/113.1 a/116.1
-
Seasonal adjustment factors (per cent)
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
i960
101.5
101.5
102.0
102.0
102.3
102.3
102.6
102.6
102.8
102.8
102.8
102.1
102.1
102.1
102.1
$9.3
99.3
99.8
99.8
100.1
100.1
100.1
100.1
100.1
100.1
100.1
99.9
99.7
99.7
99.7
98.0
98.0
j/96.2
3/97.1
98.3
98.3
98.8
98.8
2/97.1
2/97.9
98.4
98.4
98.4
98.4
3 / 97.5
98.6
98.6
98.6
98.6
98.6
98.6
99.2
99.2
99.2
99.7
99.7
100.3
100.3
100.3
100.3
98.6
98.6
98.6
98.6
98.6
98.6
98.6
98.6
98.6
98.3
98.3
98.5
98.5
98.5
98.5
99.4 99.7 100.1 , / 1 0 1 4
99.4 99.7 100.1 101.4
100.1 101.0
99.4 99.7
101.0
59.5
' 59.0 99.7
99.0 99.2
99.5 100.8
99.0 99.2
99.5 a/101.4
99.0 2/101.1
99.0 98.6
99.0 100.8
99.0 98.6
99.0 100.8
99.0 98.6
99.0 100.6
99.0 98.6
99.4 > 98.6 99.0 2/101.2
99.4 98.6
99.1 y i o i . o
99.8 98.7
99.1 2/100.9
99.1 100.6
99.8 98.7
99.8 98.7
99.1 100.6
101.9
101.9
101.5
101.5
101.5
101.5
101.2
101.2
101.2
101.2
101.2
101.2
101.2
101.2
101.2
102.5
2/103.2
102.5
103.5
103.5
103.5
2/104.5
2/104.0
103.5
103.5
103.5
yi03.1
2/104.3
yio3.8
103.3
Adjusted series (billions of dollars)
1946 2/
76.5 78.6 79.7
75.7 76.9
82.0 82.5 82.7
81.3 81.2
1947
84.7 83.9 84.0
84.9 84.8
1948
83.5 83.6 83.7
83.7 83.6
1949
84.6 85.5 86.2
84.5 84.4
1950
89.5 90.5
90.5 90.8 90.8
1951
96.0 95.9 96.7
1952
95.4 95.6
98.6 98.8 98.9
98.0 98.2
1953
99.6 99.4 100.1
1954
99.5 99.5
104.8 105.1
104.6
104.4
104.1
1955
105.9 105<5 106.1 106.4 106.0
1956
107.2 107.1 106.9 107.0 106.4
1957
105.4 105.9 106.3 106.9 107.4
1958
111.5 111.6 112.1 112.2 112.4
1959
p/lll.4
i960
For
footnote see reverse side of sheet
99.3
99.3
^98.3
3,98.4
98.6
98.6
98.6
98.6
ygs.i
2/98.2
98.4
98.4
98.3
98.3
3 / 98.1
80.1
83.1
84.1
83.5
86.6
90.8
97.2
98.6
100.0
105.1
106.7
107.3
107.5
112.6
80.8
83.5
83.8
83.9
87.4
91.6
96.7
98.4
101.0
104.9
105.8
107.2
108.3
112.9
80.8
81.5
81.5
81.3
81.3
84.0
84.4
84.2
84.3
83.6
84.1
84.3
83.8
83.9
83.7
83.8
83.5
83.7
83.5
83.7
88.4
88.1
89.0
90.0
88.5
94.8
94.9
92.1
92.5
93.7
98.2
97.1
97.4
97.5
97.2
98.7
99*0
98.9
99.5
99.3
100.8 102.2 102.3 102.8 103.1
105.4 106.0 105.5 105.6 106.1
106.0 106.5 106.1 107.0 107.1
106.6 106.5 106.1 105.9 105.8
108.9 109.1 110.0 110.6 110.7
112.6 p/112.4 E/112.0 g/111.8 p / l l l . 8
-
February 16, i960
U
- 5p
Preliminary.
1/
Demand deposits adjusted are t o t a l demand deposits, other than interbank and
U. S. Government, l e s s cash items reported as in process of collection;
figures are partly estimated.
2/
Estimates as of end of month.
3/
~~
The seasonal movements in some months are strongly affected by the date on
which the l a s t Wednesday f a l l s . The seasonal factor shown in the table for
f a l l s on the dates shown below:
Customary
seasonal
factor
-
Change in
factor
New
factor
97.1
97.9
March
tt
11
It
tt
30
30
30
31
31
(I9h9)
(1955)
(I960)
(1918)
(195U)
98.2
98.8
98.lt
98.2
98.8
-1.1
-0.9
-0.9
-2.0
-1.7
June
29
29
29
30
30
(19U9)
(1955)
(I960)
(1918)
(195b)
98.6
98.L
98.3
98.6
98.lt
-0.2
-0.2
-0.2
-0.3
-0.3
98.b
98.2
98.1
98.3
98.1
29
29
29
30
31
31
(19U7)
(1952)
(1958)
(1957)
(1951)
(1956)
101.1
100.8
100.6
100.6
100.8
100.6
+0.3
+0.3
+0.3
+0.1t
+0.6
+0.6
101 .k
101.1
100.9
101.0
101. h
101.2
103.5
103.5
103.3
102.5
103.5
103.3
—0 .It
+o.5
+0.5
+0.7
+1.0
+1.0
«
tt
tt
tt
October
tt
tt
tt
ft
tt
December 25 (1957)
n 30 (1953)
30 (1959)
n 31 (19U7)
tt 31 (1952)
it
31 (1958)
97.5
96.2
97.1
J
103.1
lOlt.O
103.8
103.2
101*.5
10lw3
Currency Outside Banks
Before and After Adjustment for Seasonal Variation
(Figures are as of l a s t Wednesday of the month)
Jan,I Feb. I Mar.1 Apr.I
May I June \
July I Aug.I
- 6 -
1/
Sept.!
Oct. |
Nov.I
Dec.
26.5
26.2
25.7
24.9
24.6
25.7
26.7
27.4
26.9
27.3
27.7
27.8
28.0
28.3 £ /
26.7
26.7
26.5
26.5
25.9
25*7
25.1
25.0
25.0
24.9
25.8
26.3
27.4
27.5
27.8
27.9
27.5
27.4
27.9
27.9
28.0
28.5
28.5
28.9
28.8 . 28.7
29.1 £ / 28.8
Unadjusted series (billions of dollars)
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
26.1
26.1
25.8
25.2
24.5
24.6
25.6
26.8
26.9
26.8
27.1
27.4
27.3
27.6
2/28.0
26.1
26.2
25.7
25.1
24.7
24.6
25.6
26.9
26.9
26.8
27.2
27.4
27.4
27.7
26.1
26.1
25.6
25.1
24.6
24.4
25.7
26.9
26.9
26.7
27.2
27.4
27.4
27.9
26.2
26.1
25.4
24.9
24.6
24.6
25.9
27.0
26.7
26.7
27.0
27.4
27.6
27.9
26.3
26.5
26.1
26.0
25.4 , 2 5 . 6
25.0
25.0
24.7
24.6
24.9
25.0
26.0
26.0
27.0
27.1
26.8
27.1
26.8
27.1
27.4
27.5
27.8
27.9
27.8
27.8
28.1
28.3
26.4
26.0
25.5
24.9
24.4
25.1
26.2
27.2
26.8
27.1
27.4
27.8
27.9
28.4
26.6
26.1
25.6
25.1
24.5
25.3
26.3
27.3
26.9
27.3
27.5
27.8
28.0 y
28.5 fi/
26.5
26.3
25.7
24.9
24.5
25.4
26.6
27.5
26.9
27.2
27.4
27.8
27.9 ,
28.5 £ /
Seasonal adjustment factors (per cent)
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.2
99.2
99.2
98.6
98.6
98.6
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.5
99.2
99.2
98.8
98.8
98.8
99.3
99.3
99.3
99.3
99.3
99.3
99.3
99.3
99.3
99.3
99.2
99.2
99.0
99.0
99.0
99.3
99.5 ,99.4 99.7
99.3
99.5
99.4 99.7
99.3
99.5 2/100.5 99.7
99.3
99.5 2/100.1 99.8
99.3 , .99.5
99.6 99.8
99.3 2/100.3
99.6 99.8
99.3
99.6 99.8
99.3
99.3
99.3 , / 99.6 99.8
99.1
99.3 2/100.7 99.8
99.1
99.3 2/100.3 100.0
99.1 2/100.4 100.0 100.0
99.1 2/100.4 100.0 100.0
99.1
99.7 100.0 100.2
99.1
99.7 100.0 100.2
99.1
99.7 2/100.7 100.2
Adjusted series (billions
19461
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
I960
' 26.2
26.2
25.9
25.3
24.6
24.7
25.7
26.9
27.0
27.0
27.3
27.6
27.7
28.0
p/28.4
26.2
26.3
25.8
25.2
24.3
24.7
25.7
27.0
27.0
26.9
27.4
27.6
27.7
28.0
26.3
26.3
25.8
25.3
24.8
24.6
25.9
27.1
27.1
26.9
27.4
27.6
27.7
28.2
26.4
26.3
25.6
25.1
24.3
24.3
26.1
27.2
26.9
26.9
27.2
27.6
27.9
28.2
For 1
26.4
26.2
25.5
25.1
24.8
24.8
26.2
27.2
27.0
27.0
27.3
27.8
27.9
28.2
see reverse' side of sheet
26.7
26.2
25.5
25.0
24.7
25.1
26.1
27.2
26.9
27.0
27.5
27.3
27.8
28.3
26.5
26.1
25.6
24.9
24.4
.25.2
26.3
27.3
26.9
27.1
27.4
27.3
27.3
28.3
100.2
100.5 , 1 0 0 . 4
101.1 101.6
100.2 100.5 2/100.8 2/101.8 101.6
100.2 100.5 100.4 2/101.8 101.6
100.2 100.4 100.4 101.1 101.6
100.1 100.4 100.1 101.3 101.6
100.1 100.4 2/101.2
2/103.5
100.1 100.2 2/100.5
102.0
100.1 100.2 100.1 2/102.3 102.0
100.1 100.2 ,100.1 3/102.5 ' 1 0 2 . 0
100.3
100.1 ,100.1 " 101.5 102.0
100.3 100.1 2/100.9
101.8 2/103.9
100.3 100.1 2/100.5 2/102.8 2/103.9
100.6 100.2 2/100.2 2/102.8 102.2
100.6 100.2
99.8 2/102.8 102.2
100.6 200.2
101.8 102.2
99.8
of dollars)
26.5
26.4
26.2
26.0
25.6
25.5
25.0
24.3
24.5
24.4
25.3
25.3
26.3
26.5
27.3
27.4
26.9
26.8
27.2
27.2
27.4
27.4
27.7
27.3
27.3 „ 27.8 ,
28.3 P/ 28.4 £ /
26.4
26.4
26.3
26.0
26.0
26.1
25.6
25.4
25.3
24.8
24.3
24.6
24.6
24.6
24.6
25,4
25.5
25.4
26.6
26.8
27.0
27.4
27.3
27.3
26.8
26.9
26.9
27.3
27.5
27.4
27.5
27.5
27.4
27.7
27.7
27.3
28.0
28.1
27.9
28.4 # 2 8 . 3 # 2 8 . 2
February 16, i960
p
Preliminary.
1/
Currency outside banks i s t o t a l currency outstanding l e s s the amounts held
by the Treasury, the Federal Reserve Banks, and vault cash a t a l l banks;
f i g u r e s are p a r t l y estimated.
2/
Estimates as of end of month.
jy
The seasonal movements in some months are strongly influenced by the date
on which the l a s t Wednesday f a l l s . The seasonal f a c t o r shown in the table
f o r each of these months has been adjusted as indicated when the l a s t Wednesday f a l l s on the dates shown below:
Customary
seasonal
factor
May 29 (1951)
29 (1957)
30 (1956)
New f a c t o r
99.5
99.3
99.3
+
+
+
0.8
1.1
1.1
100.3
100.4
100.4
+
+
+
+
+
0.7
0.7
0.7
1.1
1.1
100.1
100.3
100.7
100.5
100.7
+
0.4
0.4
0.4
0.7
1.1
1.1
100.8
100.5
100.2
100.5
101.2
100.9
0.7
1.0
l.C
1.0
0.7
1.0
1.0
1.0
101.8
102.5
102.3
102.8
101.8
102.3
102.8
102.8
1.9
1.9
1.9
103.9
103.5
103.9
June 29
29
29
30
30
(1949)
(1955)
(I960)
(1948;
(1954)
99.4
99.6
100.0
99*4
99.6
October 29
29
29
30
31
31
(1947)
(1952)
(1958)
(1957)
(1951)
(1956)
LOO.4
100.1
99.8
99.8
100.1
99.8
November 24
24
25
25
26
26
26
27
(1948)
(1954)
(1953)
(1959)
(1947)
(1952)
(1958)
(1957)
101.1
101.5
101.3
101.8
101.1
101.3
101.8
101.8
December 25 (1957)
25 (1951)
26 (1956)
102.0
101.6
102.0
Change in
factor
4-
f
+
+
+
+
+
+
+
+
+
+
+
+
@FedFRASER