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L.4.3. Not for publication February 16, 1967. BANKING AND MONETARY DEVELOPMENTS IN JANUARY 1964r~ D£p 'Al Summary. Seasonally adjusted bank credit rose $3.8 billicyur in January, the largest increase since mid-1966. Bank holdings of munici]A2|/^Q ? ^ ^ and agency issues showed a substantial increase following a net redua%~ '""'-e Qr: tion over the previous half year. Business loans increased sharply rot®1 the first time since July, and loans to security dealers increasedlvAFRther. Holdings of U.S. Government securities declined. The money supply fei42%^ / offsetting about one-third of the large December increase. The rate of •ury growth in time and savings deposits, which picked up in December, accelerated further in January. Net borrowed reserves fell further to the lowest level since last January. Changes in Commercial Bank Credit* Money Supply and Time Deposits (Seasonally adjusted) Jan. Dec. Annual rate (per centt) 1966 Dec. - 2nd 1st Jan. Half Half Year Year 1965 1st Half 2nd Half Total loans and investments 14.6 8.9 11.8 1.9 9.8 5.9 10.2 10.9 9.0 U.S. Gov't, securities -11.2 31.8 10.2 -2.9 -9.0 -5.9 -5.6 -9.5 -1.7 Other securities 29.8 — 14.9 -1.2 12.5 5.6 15.8 17.6 12.8 Total loans 17.8 5.2 11.5 4.1 14.7 9.5 14.7 16.7 11.7 Business loans 21.2 - - 10.6 7.6 20.2 14.3 18.5 21.2 14.2 Money supply -5.0 7.1 1.7 -1.1 4.7 1.8 4.7 2.5 6.8 Time deposits at all commercial banks 18.1 9.1 13.7 6.1 10.3 8.4 16.0 15.2 15.7 are 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 balance accumulated for the payment of personal loans excluded on June 9 as a result of a change in Federal Reserve regulations affecting reserve requirements. NOTE: Revisions in bank credit data beginning in April 1966 reflect adjustments to June 30, 1966 call report data. Bank credit. Total loans and investments at commercial banks increased in January at an annual rate of about 15 per cent. The $3.8 billion expansion was nearly twice the December rise and exceeded the net growth over the entire last half of 1966. Since early December banks have made sizable net additions to their investments portfolios as well as to their loans. A primary factor in the $6 billion December-January credit rise was the resumption of substantial growth in time deposits. Holdings of municipal and agency issues increased $1.2 billion in January, following little change over the last half of 1966. The annual rate of growth of about 30 per cent was nearly five times greater than the pace over the entire year 1966. Most of the January increase was attributable to a contraseasonal rise at large banks, but holdings at other banks also rose contraseasonally, though by a smaller amount. Banks reduced their holdings of U.S. Government securities in January by $500 million, offsetting by nearly one-third the substantial December increase. At large banks these holdings, not seasonally adjusted, declined less than in comparable periods of other recent years, while at other banks holdings were unchanged, compared with a substantial increase last year. Total loans, expanding at a rapid rate of about 18 per cent, rose by $3.1 billion in January--the largest increase since June 1966. This sharp climb followed only small-to-moderate changes over the AugustDecember period, and like the moderate December rise was attributable in large part to an expansion in loans to security dealers. However, a substantial portion of the January rise also reflected an increase in loans to nonfinaneial businesses, which had been unchanged in the previous month. The $1.4 billion seasonally adjusted increase in business loans at all commercial banks was the largest since July, and followed five months of sluggish growth. The sharp growth was associated in part with borrowing by businesses to meet the accelerated payments of withheld income tax in January. The increase also reflected substantial acquisitions of bankers acceptances and smaller than usual seasonal repayments in view of the moderate seasonal expansion in the last half of 1966. The effects of these various influences were widely distributed among industries, although at large banks borrowing early in the month by mining concerns was particularly heavy and repayments by public utilities much smaller than usual. Repayments by food processors and construction companies, on the other hand, were larger than usual. -3Loans to security dealers and brokers have increased nearly $2.0 billion over the past two months. The larger part of the change occurred in January and was chiefly due to continued heavy financing needs of U.S. Government security dealers. Loans to nonbank financial institutions declined somewhat further as finance companies continued to find open market financing relatively cheaper than bank accommodations. Real estate loans expanded at the moderate pace of other recent months. Loans to consumers increased in January by about $200 million, the same as in December. All other loans showed little net change. Money supply and time deposits. The daily average money supply declined $700 million in January, following a more than $1 billion increase in December. Since July there has been little net change in the total money supply, as the decline in private demand deposits has about offset the moderate rise in currency. The decline in private demand deposits in January was associated in part with the larger than usual rise in Treasury deposits, reflecting in part the acceleration of withheld income tax payments by corporations. The rate of growth in time and savings deposits, which picked up in early December, accelerated further to an annual rate of about 18 per cent in January. The $2.4 billion increase over the month represented the most rapid expansion since October 1965. Most of the increase in these deposits was accounted for by negotiable CD's, which have increased in relative attractiveness since early December as market yields have declined. The largest banks--especially those in New York and Chicago--received the greatest CD inflows, thereby replacing a substantial part of the large attrition in these deposits that occurred over the mid-August to early December period. In addition to raising the level of CD's outstanding, banks in January also were able to extend somewhat the maturities of their new issues. At country banks, where negotiable CD's are relatively unimportant, the increase in time deposits was similar to the average 1965-1966 pace. While negotiable CD's accounted for the greater part of growth in interestbearing deposits at all commercial banks, other forms of time deposits also expanded more rapidly, although part of this growth apparently represented transfers from passbook savings accounts. Bank reserves. Member bank total and required reserves, seasonally adjusted, rose substantially more in January than in December. Over the four statement weeks ending January 25, excess reserves increased, while borrowings continued the decline that began in October. Consequently, net borrowed reserves fell to a level of about $60 million, the lowest since last January. In addition, the rate on Federal funds dropped over the month by about 50 basis points from the December level. Reserves were supplied principally through System purchases of U.S. Government securities and currency inflows, and absorbed chiefly by Treasury operations and member bank repayments of discounts and advances. 1.4.3 - EXHIBIT A, PART 1 NKS L O A N S A N D INVESTMENTS AT ALL COMME Lost Wednesday of month, seasonally adjusted jTOTAL LOANS AND INVESTMENTS 300 200 | LOANS 100| U.S. GOVT. SECURITIES! OTHER SECURITIES ' 1962 1961 11963 1965 1964 1966 1967 Exhibit A - Part II Loans 1/ Total 1/ Date ( I n b i l l i o n s U.S. Gov't. securities c> f Other securities d o l l a r ' s>) 1962—Dec. 1963—Dec. 1964--Dec. 31 2/ 31 2/ 31 227.9 246.2 267.2 134.1 149.7 167.4 64.5 61.5 61.1 29.2 35.0 38.7 1965--Oct. Nov. Dec. 27 24 31 289.9 291.5 294.4 188.6 189.8 192.0 57.4 57.5 57.7 43.9 44.2 44.8 1966--Jan. Feb Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 26 23 30 27 25 30 27 31 28 26 P , 30 P . 31 2' 297.4 297.5 300.3 302.9 304.9 307.7 3/ 309.2 310.8 308.7 308.1 308.4 310.7 314.5 194.5 196.2 198.6 200.8 202.3 204.0 3/ 206.4 206.6 206.1 207,3 207.3 208.2 211.3 58.0 55.9 56.0 55.9 55.1 55.1 54.4 56.1 54.3 52.4 52.9 54.3 53.8 44.9 45.4 45.7 46.2 47.4 48.6 3/ 48.5 48.1 48.3 48.4 48.3 48.3 49.5 Jan,. , 2*7 -DU 1/ 2/ 3/ Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, loan data exclude the $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. 1.4.3 - EXHIBIT ft, Fort 1 L O A N S AT ALL COMMERCIAL BANKS Billion* of doHor» I l o s t W•«!«•»day of month, f o i o n o l l y o d j o t f d BUSINESS REAL ESTATE CONSUMER,. SECURITY- 1962 11960 1963 1966; 1965 1964 Charts not revised and not updated for Business Loans. Exhibit B - Part II Date Business I960—Dec. 1961—Dec. 1962—Dec. 1963—Dec. 1964—Dec. 31 31 31 1/ 31 1/ 31 ( I n 42.1 43.9 47.6 52.0 58.4 Real Estate Consumer b i l l i o n s 28.6 30.2 34.2 39.1 43.5 Security of 20.6 21.1 23.7 27.2 31.1 d o 1 1 a r s) 4.4 5.2 6.2 6.7 7.1 68.3 69.2 48.7 49.2 35.4 35.8 7.5 7.2 1 9 6 6 — J a n . 26 Feb. 23 Mar. 30 70.5 71.3 72.2 72.9 74.2 76.2 49.7 50.3 50.8 51.2 51.5 51.9 36.1 36.3 36.9 37.0 37.3 37.5 8.0 6.9 7.2 7.9 7.7 8.3 i CM 1965--Nov. 24 Dec. 31 May 25 June 30 1/ Jtily 27 Aug. 31 Sept.28 Oct. 26 Nov. 30 Dec. 31 Jan. 25 Estimated 77.6 77.7 78.2 p 78.9 p 79.1 p V 79.1 p 80.5 as o: December 3\ 52.2 52.7 53.1 53.4 53.7 54.0 54.3 37.8 7.4 38.1 8.4 38.3 6.5 38.3 6.6 38.7 6.6 r 38.9 7.1 39.1 8.4 p - Preliminary. r - revised Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1965 Nov. 1966 Dec. Jan. Feb. Mar. Apr. May June Loans and Investments 2/ +1.6 +2.9 +3.0 ±oj, +2.8 +2^6 +2.0 ±m U. S. Gov't, securities +0.1 +0.2 +0.3 -2.1 +0.1 -0.1 -0.8 1/ Other securities +0.3 +0.6 +0.1 +0.5 +0.3 +0.5 +1.2 Loans 2/ +1.2 +2.2 +2.5 +1.7 +2.4 +2.2 Business +0.7 +0.9 +1.3 +0.8 +0.9 Real estate +0.4 +0.5 +0.5 +0.6 Consumer +0.3 +0.4 +0.3 Security +0.6 -0.3 Nonbank financial +0.1 Aug. Sept. Oct. p Nov.p- -0.6 Dec. p Jan. i +0.3 +&1 +3.8 ±lv5 +1.6 -0.7 +1.7 -1.8 -1.9 +0.5 +1.4 -0.5 +0,2 4/ -0.1 -0.4 +0.2 +0.1 -0.1 l/i +1.2 +1.5 +3.8 4/ +2.4 +0.2 -0.5 +1.2 1/ +0.9 +3.1 +0.7 +1.3 +2.0 +1.4 ' +0.1 +0.5 +0.7 +0.2 V +1.4 +0.5 +0.4 +0.3 +0.4 +0.3 +0.5 +0.4 +0*3 +0.3 +0.3 +0.3 +0.2 +0.6 +0.1 +0.3 +0.2 +0.3 +0.3 +0.2 1/ r +0.4 +0.4 +0.2 c+0.8 -1.1 +0.3 +0.7 -0.2 +0.6 -0.9 +1.0 -1.9 +0.1 1/ +0.5 +1.3 +0.1 +0.1 V +0.7 +0.3 -0.5 +1.2 -0.8 -0.9 +0.3 1/ 1/ -0.2 -0.2 1/ v 1/ 1/ +0.1 . I/ +0.3 -0.2 4/ +0.3 +0.5 1/ -0.3 1/ 1/ -0.1 All other -0.1 +0.4 -0.3 +0.1 +0.5 1/ +0.3 •H).6 4/ V -0.5 -0.2 -0.2 -0.3 1/ Total loans excluding security 3/ +1.4 +2.3 +1.9 +1.7 +3.3 +1.5 +2.0 * +4.2 +1.5 1/ +1.2 +0.5 +0.6 +0.5 +1.6 Total loans excluding security and nonbank financial 3/ +1.3 +2.2 +1.8 +1.7 +2.6 +1.2 +2 .5 +3.0 +2.3 +0.9 +0.9 +0.5 +0.6 +0.7 +1.8 Agriculture 1/ 2/ 3/ £/ July 11 Item y 1/ (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. Less than $50 million. Adjusted to exclude interbank loans. Derived by addition of items and not by subtraction from total loans. Allowance has been made in the monthly changes in total bank credit, total loans and "all other" 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. Allowance has been made in the monthly changes in total loans, other securities, agricultural loans and "all other loans*1 for approximately $1 billion of participation certificates shifted from loans to other securities on June 30, 1966. http://fraser.stlouisfed.org/ e Reserve * Bank*of St. Louis Federal Data on individual loan categories are not for publication. # # s # # e e # # Exhibit D Changes in Loans and Investments at All Commercial Banks, at Large Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) End of Dec< mber to last Wedm asdav of Januarv Item 1967-/ All commercial banks Total loans U. S. Gov't, securities Other securities Total Large Banks 4/ Total loans U.S. Gov't, securities Other securities Total + - 4.9 0.3 0.6 4.6' 1966^ + - 4.7 0.1 0.5 5.0 1965 1964~ / + - - 3.6 1.5 0.3 4.8 4.4 1.3 0.5 6.2 Other banks 4/ Total loans U. S. Gov't, securities Other securities Total NOTE: + + - - 3.9 + 0.9 1/ - 2.9 4.3 0.6 0.2 3.5 - 2.9 - 1.6 . " 3.8. - 1.3 - 3.9 - 0.3 - 3.5 + 0.2 + 0.4 - 3.7 - 0.3 - 4.4 + 0.2 - 4.3 - 0.4 " 5.4 + 0.1 - 4.1 1/ - 3.3 - 1.1 - 1.2 + 0.7 - 0.2 -0.6 — + 0.2 - 0.9 1966 2/3,' Large Banks 4/ Total loans U. S. Gov't, securities Other securities Total 4.5 0.2 0.2 4.5 1961 - 3.5 - 0.6 Item All commercial banks Total loans U. S, Gov't, securities Other securities , Total • + " 1962 - 3.8 - 0.3 • Other banks 4/ Total loans U. S. Gov't, securities Other securities Total 1963^ + + 5/- 0.7 0.1 0.1 0.5 -0.6 1/ - 0.1 - 0.8 1 ' v « tr endAdDppAmhpr' 1965 1 r + + - 0.6 - 0.8 0.1 + 0.4 0.1 + 0.2' 0.4 1 - 0.2 + + - 3.3 0.4 0.1 2.8 + - 0. 6 0.5 0.1 ,0.1 1964 1963 21 1962 2/ 1961 1960 +25.3 - 3.4 + 6.1 +27.9 +18.2 - 0.4 + 3.7 +21.5 +16.0 - 3.0 + 5.8 + 18.8 +14.0 - 0.2 + 5.4 +19.2 + 7.2 + 5.6 + 3.1 +15.9 + + + + 6.7 2.1 0.4 9.1 9.4 2.0 0.1 7.4 +15.5 - 3.3 + 2.6 +14-8 + + + + + + 92 3.3 3.6 9.5 + 7.9 - 1.9 + 3.7 + .9.7 + 9.3 - 1.4 + 2.7 +10.4 + 9.8 - 0.1 + 3.5 +13.1 + 8.6 + 0.4 + 1.9 +10.9 + + + + 6.8 0.3 2.2 9.3 + + + + +18.7 - 3.4 + 2.6 +17.8 • + , + 9.6 0.8 1.8 10. 6 6.1 1.7 1.7 9.5 1 + + + + 3.5 3.6 2.0 9.1 + + + + 2.7 2.5 0.2 5.5 + + + + 3.7 2.0 1.1 6.8 + + + 4.0 0.4 0.2 3.6 Data exclude all interbank loans; call report data for large banks used when available. JL/ Less than $50 million. 2/ Based on estimated data for December 31, 1966, 1963, and 1962, for all commercial banks and for December 31, 1966 and 1962, for large banks. 3/ Where necessary, allowance has been made in monthly changes in total loans and in other securities for approximately $1 billion of participation certificates shifted from other loans to other securities on June 30, 1966 ($700 million at large banks and $300 million at other banks); and in total credit and 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 ($400 million at large banks and $700 million at other banks). 4/ Based on revised coverage beginning July 1966 and January 1967. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) Late December to late December 2/ Late D e c e m b e r to late January 1/ Business of borrower 1/ 2/ 3/ 1965 -281 - 26 -388 -262 -126 +190 - 18 +195 + 37 - 24 - 82 + 91 + 17 - 31 - 47 +139 - 54 n. a. n.a. n.a. 4 + 31 n.a. n.a. n.a. n. a. -205 - 10 -268 -171 - 97 -147 - 23 - 48 - 55 - 21 - 47 - 20 - 39 - 44 - 19 +256 -146 n.a. n.a. n.a. - 50 -105 n.a. n.a. n.a. n.a. + 421 + 13 + 636 406 + 230 + +2,425 + 133 +1,263 + 806 + 223 + 296 + 125 + 483 + 471 376 + 392 + +1,138 n.a. n.a. n.a. + 11 + 280 168 n.a. + 448 n.a. + 390 46 + +1,057 + 604 + 453 +1,474 + 177 + 655 + 249 + 393 + 260 + 448 + 382 + 368 + 265 + 464 +1,466 n.a. n.a. n.a. + 285 + 546 399 n.a. + 945 n.a. 67 + 23 + 248 + + 59 189 + 481 + 18 + 243 + ,79 + 140 + 85 81 380 + 121 + + 33 378 + 159 + n. a. n. a. n. a. + 440 + 837 n;.a. n. a. n. a. n.a. + + + + + - 59 310 395 271 123 77 14 127 + - 200 9 + 148 + 23 + 16 23 + 75 + 386 + 158 + n.a. n.a. n. a. + 147 525 + n.a. n. a. n. a. n.a. 31 17 + 371 + 214 + 157 + 81 206 + 108 + 143 + 35 + 111 23 53 + 110 + 69 + 244 + 145 n.a. n.a. n.a. + 165 + 495 n.a. n.a. n.a. n.a. -119 -441 -844 +7,072 +7,451 + 3 ,001 + 2 ,157 +1,729 -47 -151 + 7 - 31 + + + + + -307 -270 -434 -875 +7,550 -202 - 37 -243 -203 - 40 + 60 + 40 + 36 3 - 13 - 66 +102 - 26 - 60 + 7 +326 - 28 - 23 + 53 - 58 -110 + 37 +177 - 86 - 54 + 14 - 50 + 5 -328 -228 -100 + 49 + 65 - 31 - 72 + 87 - 45 +116 + 18 + 29 9 +128 -211 n.a. n. a. n.a. 3 + 41 - 39 n.a. + 80 n.a. -120 + 81 +102 +182 - 80 + 68 + 6 + 42 + 21 1 - 15 - 51 - 32 + 4 - 20 + 45 - 86 n.a. n.a. n.a. - 31 - 64 -210 n.a. +146 n.a. Classified -226 -260 Unclassified - 74 -300 Total Change 1962 1966 1965 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/ Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ 1963 1964 1963 1966 1967 1964 478 994 +8445 809 +3 ,810 535 + 2 ,692 + +2,246 Four m o s t comparable w e e k s used throughout. Changes are compiled from D e c e m b e r 29, 1965; D e c e m b e r 30, 1964; D e c e m b e r 25; 1963, December 26, 1962; and D e c e m b e r 27, 1961. These data cannot be linked w i t h all commercial bank data w h i c h are always for D e c e m b e r 31. Prior to 1967, transportation, c o m m u n i c a t i o n , services, and foreign loans w e r e not reported separately. 518 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1957- -Dec. 1958- -Dec. 1959- -June June Dec. 1960- -Dec. 1961- -Dec. 1962- -Dec. 1963- -Dec. 1964 -Dec. 31 31 24 24 31 31 30 31 31 31 U. S. Gov't, Other securities Total loa..3 Business 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 58.2 66.4 60.9 60.9 58.9 66.4 63.4 63.0 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 35.1 38.8 1965--Oct. 27 Nov. 24 Dec. 31 290.2 292.3 301.8 58.5 58.8 59.5 44.1 43.8 44.9 187.7 189.8 197.4 1966--Jan. 26 Feb. 23 Mar. 30 Apr. 27 May 25 June 30 July 27 Aug. 31 Sept.28 Oct. 26 Nov. 30 Dec. 31 1967—Jan. 25 296.8 296.0 298.5 301.7 302.4 310.1 307.1 307.7 309.3 308.4 309.4 318.5 313.9 59.6 57.3 55.4 55.5 53.6 53.5 52.7 53.7 53.6 53.5 54.3 56.1 55.8 44.4 45.1 45.4 46.5 47.1 48.8 3/ 48.6 48.4 48.8 48.6 47.8 48.4 49.0 192.7 193.6 197.6 199.8 201.7 207.S2/3/ 205.8 205.5 206.9 206.3 207.3 214.0 209.1 (old) (new) 1/ (est.) (est.) (est.) 61.0 66.6 V Real estate Security Farm 60.2 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 7.3 7.9 8.4 7.1 7.4 7.5 67.1 68.3 71.4 48.5 49.0 49.3 6.9 7.2 8.5 69.7 70.7 . 72.6 72.8 74.0 77.2 77.1 76.8 78.1 78.3 79.0 49.7 50.0 50.3 50.9 51.2 51.9 52.4 52.9 53.3 53.7 54.0 54.2 54.3 7.6 6.9 7.0 7.7 7.5 81.6 79.6 4.2 4.7 4.1 4.1 4.9 5.1 6.2 Consumer 4.1 5.0 5.0 5.0 5.0 5.7 15.8 15.9 17.5 17.5 Nonbank financial institutions - — — — — — 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 21.4 23.7 27.2 31.0 5.9 7.1 7.1 7.3 8.5 10.2 10.9 8.1 35.2 35.4 35.8 11.2 11.3 13.3 14.2 14.1 14.9 8.4 8.5 35.8 35.9 36.4 36.8 37.3 37.8 38.1 38.5 38.5 38.5 38.7 39.1 38.8 11.6 11.7 12.5 12.6 11.9 13.9 12.8 12.0 12.5 11.8 11.8 13.5 11.5 14.0 13.9 14.2 14.4 15.1 „ 14.0 13.7 13.2 13.1 12.9 12.6 12.9 12.4 19.8 20.6 6.2 8.2 8.2 8.6 8.7 8.8 8.6 8.5 2/ 7.2 7.7 6.9 8.6 8.6 8.6 6.6 8.6 6 .4 8.4 7.9 8.7 8.7 8.8 11.3 13.9 p - Preliminary. changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in U.S. Government ^ v ? other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. . Beginning June 9, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and ''all other" loans. 3/ Beginning June 30, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as other securities. N0TE--Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959, "business loans" and all other loans" have been revised to exclude loans to nonbank financial Institutions. http://fraser.stlouisfed.org/ # Louis Federal Reserve Bank of St. Individual loan category data are available for publication only on a June and December call data basis. # # e # e e # * • J Exhibit G # Ratios to Total Deposits 1/ 4 Date »1951—Dec. : 31 All lommercial Total banks Member banks Reserve citv banks New York City of Other Citv Chicago 46.3 36.2 39.4 50.6 38.9 41.1 50.6 39.1 42.2 46.8 38.3 41.9 56.7 46.3 48.5 61.7 52.7 52.7 61.9 55.2 53.3 57.7 49.4 51.3 67.3 58.2 58.2 65.9 60.8 59.0 65.0 58.0 57.7 67.9 61.4 60.1 67.4 62.1 63.3 69.3 64.4 65.0 31 31 31 31 31 31 31 31 31 31 28 25 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 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 1965—June 30 .< July 28 Aug. 25 9 Sept.29 Oct. 27 Nov* 24 Dec., 31 63.6 63.7 64.1 63.9 63.8 64.2 63.7 64.9 65.0 65.5 65.3 65.2 65.8 65.4 74.3 72.2 74.8 73.4 73.8 77.6 75.9 67.0 67.1 67.7 69.3 69.6 68.2 70.2 1966--Jan. 26 Feb. 23 Mar. 30 - Apr. 27 - May 25 - June 3Q3/ - July 27 # • Aug. 31 p- Sept.28 p- Oct. 26 p- Nov. 30 p- Dec. 28 p- Jan. 25 63.8 64.6 65.2 64.9 66.0 66.0 66.5 66.5 66.8 ; 66.6 66. 6 66.4 65.9 65.5 66.5 67.0 66.6 67.6 67.7 68.3 68.3 68.6 68.4 68.5 68.3 67.7 75.9 77.5 77.7 75.7 79.3 80.9 82.6 81.9 81.8 82.9 82.7 84.0 81.8 71.3 73.4 73.9 68.4 70.4 73.4 73.3 74.0 75.3 74.2 77.7 75.8 75.8 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. # * U. S. Government securities maturing within one vear L O A N S All commercial banks Country 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 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 67.8 68.9 69.0 69.1 69.1 69x3 68.7 58.3 58.6 58.7 58.4 58.2 58.3 57.9 6.0 5.7 6.1 6.4 7.1 7.3 7.3 69.2 70.6 70.8 70.7 70.9 70.3 71.0 71.3 ' 71.9 71.4 71.2 70.5 70.3 57.9 58.3 59.0 59.2 60.1 59.6 60.1 60.2 60.2 60.1 60.1 59.9 59.7 7.5 6.3 5.7 5.6 5.4 5.3 5,0 5.6 5.6 5.8 5.6 6.2 n. a. i JL/ 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.) Estimated for December 31. _3/ Beginning in June, loans at all commercial banks exclude about $1 billion of participation certificates now reported in other securities. If the $1 billion were included in loans in July, the ratio for all commercial banks would be 66.3. NOTE: Comparability of figures affected by changes in Federal Reserve membership, - mergers, and by changes in the reserve classification of cities or individual # banks. http://fraser.stlouisfed.org/ p - Preliminary. Federal Reserve Bank of St. Louis | 1.4."V.-IX H i l l T H, Port l ) | P E P O S I T S A N P CURRENCY A N D T U R N O V E R O F D E M A N D DEPOSITS] [*$eoionelly odju»tod? dtpotln, jwonthly ovuagii of doily flgurot?! J t i t m o v f , ' IAhiimoI oonthlT' rotol «*———» IIIIII ^MONEY SUPPLY [time a n d s a v i n g s deposits; \ 10.0 343 C«nfr» TURNOVER lOt»Mi«U N.Y.C 224 SMSA'S ; [ u j r O O V T . DEPOSITS?* No» odiutf d lor f o»onol ? ~ I1960; u53 [79 6 31 trill ,[L!*3 "6tJ UJUJ ^/All cowwrciol bonkm.j Chart not revised and not updated for Money Supply, Time and Savings Deposits, and U.S. Government Deposits, Exhibit H - Part II S e a s o n a l l y M o n e y Period Total A d i u s S u p> p i y Demand deposits Currency t e d D a t a Time and Turnover savings outside d e p o s i t s ^ N.Y. City* (per cent) 112.2 33.9 126.6 33.4* 146.9 37.5 U.S. Gov11. deposits 1963—December 1964—December 1965--December 153.1 159.7 167.2 120.6 125.4 130.9 32.5 34.2 36.3 1966--January November December 168.0 169.2 170,4 131.4 131.2 132.1 36.6 38.0 38.3 147.8 156.8 158.0 37.0 39.8 39.7 3.8 3.7 3.5 1967--January p 16% 7 , 131.2, 38.5 160.4 n. a. 4.2 159.4 159,6 160.1 161.0 n.a. n.a. n.a. n. a. 5.1 4.5 2.8 4.5 Week ending: Jan. 4 p 11 p 18 p . 25 p t 170.8 170.1 170.3 169.1 132.4 131.6 131.8 130.7 5.1 5.5 4.6 • 38.4 38.5 38.5 38.4 Beginning on June 9, 1966, time deposit data exclude $1.1 billion of balances accumulated for the payment of personal loans. p - Preliminary. 1/ * " Beginning January 1964, data are for 224 metropolitan centers outside New York City. Figure for December 1964 on old basis is 35.3. http://fraser.stlouisfed.org/ NOTE: Dollar Federal Reserve Bank of St. Louis amounts in billions t.4.3 • EXHIBIT I. port 1 j ITIMI AND SAVINGS P i P O S I T S AT I A « Q I COMMI INKS j W e d n e e d e y figures Billiowt a* dollar* 1 TOTAL TIME A N 0 . S A V I N 6 S DEPOSITS SAVINGS DEPOSITS I TIME DEPOSITS OF INDIVIDUALS. PARTNERSHIPS. AND CORPORATIONS OTHER TIME DEPOSITS 19661 * | CHANGE IN SERIES Exhibit I - Part II T i m e Period Total ( I n a n d S a v i n g s Individuals,• partnerships, and corporations Savings m i 1 1 i o n s D e p o s :i t s o f Other time deposits 1) d o l l a r s ) 1 9 6 1 — D e c . 27 1962—Dec.26 1 9 6 3 — D e c . 31 1 9 6 4 — D e c . 30 1 9 6 5 — D e c . 29 41,472 50,011 59,227 66,881 78,260 30,082 34,712 38,083 40,698 45,362 ' 5,969 9,080 13,310 16,407 21,258 1966—Jan. • June 3/ June 26 29 (did) 29 (new) 79,170 82,868 90,185 45,081' 43,104 48,413 22,414 27,515 28,687 Dec. 3/ Dec. 28 (old) 28 (new) 89,495 89,639 47,099 47,213 ' 28,979 29,002 13,417 13,424 " 90,146 90,829 91,560 92,548 47,099 46,729 46,556 . 46,520 29,606 30,498 31,329 32,122 13,441 . 13,602 13,675 , 13,906 1967—Jan. 4 u 18 25 1/ 2/ 5,421 6,219 7,834 9,776 11,640 > 11,675 12,249 13,085 Includes States and political subdivision, U.S. Government, foreign governments and official institutions, and interbank. Beginning June 15, data exclude the $400 million of balances accumulated for the payment of personal loans. Series revised. 3/ Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date All member Reserve City Banks City of New York City Chicago Excess reserves Country Other Borrowings All member All member Total reserves held seasonally ad lusted All member 1/ Monthly Averages: 1958—December 1959—December 1960--December 1961--December 1962—December 1963—December 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 18,392 18,434 18,765 19,545 20,224 20,955 21,843 23,010 1966—Jan. Feb. Mar. Apr. May June - 44 -107 -246 -268 -352 -352 - 74 - 75 - 37 - 29 - 40 -143 - 49 26 62 33 3 12 -141 -148 -218 -238 -225 -223 219 143 71 32 -84 27 358 371 305 358 370 322 402 478 551 627 722 674 23,139 23,217 23,274 23,530 . 23,536 23,539 -358 -390 -367 -431 r -222 r -165 - 19 - 6 - 26 - 93 -124 - 71 - 95 - 46 - 54 - 24 - 64 - 95 - 24 - 50 -122 -312 -279 -217 -246 -245 - 99 - 79 9 -61 6 34 118 139 229 408 338 398 302 r 389 r 392 370 766 728 766 733 611 557 389 23,763 23,363 23,492 23,297 r 23,262 r 23,281 23,610 July Aug. Sept. Oct. Nov. Dec. Jan. p » r NOTE: Beginning July 26, 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. r - revised. 1/ Data have been adjusted for redefinition of time deposits effective June 9, 1966. Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time de posits End of year or month Total 1 Demand deposits and currency 2/ 2 6 7 8 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.7 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.5 80.4 81.0 81.6 80.5 52.8 53.0 53.1 53.1 53.3 53.4 0.3 0.3 0.3 0.3 0.3 0.2 109.8 110.6 111.4 111.0 111.2 111.4 50.5 50.3 50.3 50.4 50.4 50.4 51.2 51.0 52.1 53.3 53.3 53.4 53.7 53.9 54.2 54.6 54.8 55.1 0.2 0.2 0.2 0.2 0.1 0.1 110.7 111.3 112.2 112.1 112.8 r 113.3 50.6 50.6 50.5 50.6 50.6 50.9 52.7 53.3 54.4 56.0 55.8 r 53.9 55.3 0.1 113.8 51.0 54.0 Mutual savings banks Commercial banks 3/ 3 4 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 572.9 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 764*0 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 52.6 1966 Jan. Feb. Mar. Apr. r May r June r 578.5 577.5 585.5 587.0 585.7 589.1* 164.8 162.7 167.0 166.4 163.7 166.5 149.2 149.4 151.1 152.5 153.6 153.9* July r Aug. ± Sept. r Oct. r p Nov. r p Dec. p 1967 Jan. p 588.4 592.8 594.2 596.0 600.2 r 599.9 164.3 167.0 166.1 166.0 167.8 r 168.2 156.1 156.6 156.7 156.6 158.2 158.4 604.1 166.4 163.4 r U. S. Gov't, securities maturing within one year 6/ Liquid assets to gross national product 7/ 9 Postal Savings Sys tem 5 . Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ ( 2 + 3 - 5 - 1 ) 10 11 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 24.6 24.1 22.9 80.2 22.8 80.1* ' 22.7 79.3 22.3 78.7 22.0 . 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.3 54.1 54.3 54.3 54.2 54.4* 54.5 54.6 54.3 54.1 54.3 r 54.4 54.6 For footnotes see next page. p - Preliminary r - revised. * - Beginning with data 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. ^ ^ \ •' ' ' ' .. , >;.^/,- ;V- . . ; Exhibit_K (Continued) 1. Excludes holdings of the United States Government, Government agencies a W 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 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).
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