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bank. L.4.3 fttr* Not for publication gt Y F-lii' ' j..: " February 17, 1965. BANKING" i ^ S M C T ^ A R Y ' DEVELOPMENTS IN JANUARY 1965 Seasonally adjusted commercial bank credit increased substantially in January following a moderate rise in December. Strong growth in bank loans and in holdings of municipal and Federal agency securities more than offset further reductions in holdings of U. S. Treasury issues. Three-fourths of the increase in loans was due to unusually large increases in business loans and an expansion in security loans. The seasonally adjusted money supply increased somewhat while time and savings deposits at all commercial banks rose at a record rate. Both seasonally adjusted total and required reserves continued to increase. Free reserves declined somewhat but remained above the fourth quarter average as member bank borrowings rose from their reduced December level and excess reserves declined slightly. Bank credit. Seasonally adjusted loans and investments at all commercial banks increased $2.7 billion in January, considerably more than the $1.1 billion rise in December. The $1.9 billion average expansion over the two months was a little higher than the monthly average rate over all of 1964. The expansion in bank credit over the December-January period was concentrated at city banks, where the growth in credit was considerably larger than in the corresponding months of recent years. At other banks credit expansion over this period was about normal. Several records were set in January. Seasonally adjusted loans at all commercial banks increased $3.2 billion in January--a monthly record. Business loans rose about twice as much as in any previous month, after increasing substantially in December. Holdings of "other securities" increased $900 million January, also a record increase. This expansion presumably reflected in part delivery on the large volume of December offerings of municipals . Holdings of U. S. Government securities declined $1.4 billion in January after allowance for usual seasonal changes. Moreover, there was considerable churning in bank portfolios. While commercial banks acquired virtually all of the $1-3/4 billion June tax anticipation bills, delivered on January 18, for which they could make payments up to 50 per cent by credit to Tax and Loan Accounts, they sold bills and other securities in substantial volume at other times in the month. On January 19, commercial banks shifted $5.6 billion of securities maturing in 5 years or less into those maturing in over 5 years through participation in the Treasury's advance refunding. This was somewhat greater than the large volume exchanged in the July refunding, but exchanges into the longest bonds were almost twice as large this time. Business loans at all commercial banks, seasonally adjusted, increased $1.7 billion in January, or about twice as much as in any previous month. Including the accelerated $800 million rise in December, the average $1.3 billion expansion over the two months was sharply above the $500 million monthly rate over the year 1964. Business loans at city banks (not adjusted for seasonal) increased $1.3 billion over December and January compared with a decline of $100 million in the corresponding months last year. Banks in New York City accounted for almost two-thirds of this year's rise whereas last year loans at these banks had accounted for all of the decline. But in practically all Federal Reserve districts, loans this year showed either larger-than-usual increases, smaller-than-usual declines, or contraseasonal expansion. Most major loan categories showed contraseasonal increases or smaller-than-usual declines at city banks in January. Loans to seasonally oriented industries (food processors, commodity dealers, and trade concerns) were especially strong. The dock strike, which generated borrowing to cover tied-up outgoing as well as incoming merchandise, probably accounted for most of the contraseasonal rise in commodity dealer loans, but it may also have affected the loan trend for food processors and trade concerns as well. Dealer inventories of new automobiles, which at times have contributed to unusual short-run movements in trade borrowing, declined slightly on a seasonally adjusted basis in January. Loans to metals companies (reflecting continued inventory stockpiling) increased contraseasona11y while those to mining concerns and public utilities declined less than usual. While information for January is not yet available, a step-up in foreign lending may have contributed to the strong business loan demand. Real estate and consumer loans continued to show relatively substantial expansion at all commercial banks in January. Security loans increased $700 million following a decline of approximately that amount in December. Early-year repayments by nonbank financial institutions were about seasonal. Money supply and time deposits. The seasonally adjusted money supply increased in January by $400 million or at a 3 per cent annual rate, a little below the 4.1 per cent annual rate in the last five months of 1964. Money supply increased substantially over the first half of January but subsequently declined in about comparable volume; these fluctuations were associated in part with contraseasonal movements in U. S. Government deposits. Seasonally adjusted time and savings deposits at all commercial banks rose a record $2.4 billion in January after many banks raised their deposit rates under new Regulation Q changes . Relatively, the annual rate of 23 per cent in January was exceeded only by the 27 per cent rate in February 1962 which followed an earlier increase in interest rates paid on time and savings deposits. At city banks, both savings deposits and other time deposits increased more than usual in January. Growth was especially rapid early in the month in both categories but subsequently moderated somewhat. Growth in time deposits reflected in part substantial sales of negotiable CD's, especially at banks outside New York and Chicago, and presumably also the new nonnegotiable savings certificates that some banks recently have introduced. Seasonally adjusted total and required reserves increased further in January. Free reserves averaged $100 million, somewhat lower than in December, but a little above the fourth quarter average. Member bank borrowings rose from their reduced December average to $300 million in January while excess reserves declined slightly. Reserves were supplied principally by a return flow of currency from circulation and absorbed by reductions in Federal Reserve holdings of U. S. Government securities, in gold stock, and in float. 1 . 4 . 3 - EXHIBIT A, P o r t I LOANS AND INVESTMENTS AT A l l COMMERCIAL BANKS Iqst W e d n e s d a y of m o n t h , s e e sen o i l y a d j u s t e d Billions ol d o l l a r s tAo I0IAI tie LOANS AND I N V I S f t l l N f S ISO 140 10ANS 100 U.S. 6 0 9 1 . SlCUtlfliS 40 0 1 H I * SICURIIIIS to "list 1940 *941 1942 1943 1944 I94S Exhibit A - Part II Date Total 1./ (In I960—Dec. 31 1961—Dec. 31 1962—Dec. 31 1963—Nov. 27 Dec. 31 1/ b iL 1 1 1 o n s U. S. Gov't, Other securities securities of d o 1 1 a r s) 2/ 194.5 209.8 228.3 113.8 120.5 133.9 59.9 65.4 65.2 20.8 23.9 29.2 2/ 244.2 246.5 148.4 149.4 61.4 62.1 34.4 35.0 29 26 25 29 27 30 246.7 248.4 251.4 251.8 253.5 256.3 151.0 151.8 153.9 155.4 157.3 160.0 60.8 61.2 62.1 60.8 60.3 60.0 34.9 35.4 35.4 35.6 35.9 36.3 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 254.5 258.7 261.7 260.8 264.9 266.0 159.7 161.5 163.0 163.1 165.2 166.7 58.4 60.2 61.2 59.9 61.3 60.9 36.4 37.0 37.5 37.8 38.4 38.4 268.7 169.9 59.5 39.3 1964—Jan. Feb. Mar. Apr. May June p p p p 2/ 1965—Jan. 27 p 1/ Loans Adjusted to exclude interbank loans. as of December 31. 2/ Estimated 1.4.3. - EXHIBIT B, P e r t 1 LOAWS AT A l l COMMERCIAL B A N K S leTii W » * » « » d e y ol • l l l l e m el d e l l e r i . ••e»e»olly edieil.d •HI H U H I l I I I I 1 I I I HI U U X m$ Exhibit B - Part II Real estate Business Date Consumer Security do l i a r s ) (I n b 1 1 1 1 o n ei 1/ 42.1 43.9 47.6 28.6 30.2 34.2 20.6 21.1 23.7 4.4 5.2 6.2 1963—Nov. 27 Dec. 31 1/ 51.5 52.0 38.8 39.1 26.5 26.7 7.3 6.7 1964—Jan. Feb. Mar. Apr. May June 24 26 25 29 27 30 52.5 52.9 53.0 53.6 54.1 54.6 39.5 40.0 40.4 40.6 41.0 41.4 26.8 27.1 27.4 27.6 27.8 28.0 7.5 6.9 7.3 7.4 7.7 8.0 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 55.1 55.5 56.1 56.3 56.8 57.6 41.7 42.0 42.5 42.8 43.1 43.5 28.2 28.4 28.7 28.9 29.1 r29.4 7.8 7.8 7.6 7.1 7.7 6.9 59.3 43.8 29.6 7.6 I960—Dec. 31 1961—Dec. 31 1962—Dec. 31 p p p p 1,/ 1965—Jan. 27 p JL/ Estimated as of December 31, r - Revised. of ' * Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1963 Item Dec. 4/ | 1964 Jan. Feb. Mar. Apr. May June July Aug. Sept. p Oct. p Nov. P Dec. p 1965 Jan. p 5/ Loans and Investments 2/ +2.3 +0. 2 +1.7 +3.0 +0.4 +1.2 +2.JL -1.8 +4.2 +3.JO z M +4.J, +1.1 ±L1 U. S. Gov't, securities +0.7 -1. 3 +0.4 +0.9 -1.3 -0. 5 -0. 3 -1.6 +1.8 +1. 0 -1.3 +1. 4 -0.4 -1.4 Other securities +0.6 -0. 1 +0.5 1/ +0.2 +0. 3 +0,,4 +0.1 +0.6 +o.5 +0.3 +0. 6 1/ +0.9 Loans 2/ +1.0 +1. 6 +0.8 +2.1 +1.5 +1. 9 +2..7 -0.3 +1.8 +1. 5 +0.1 +2. 1 +1.5 +3.2 Business +0.5 +0. 5 +0.4 +0.1 +0.6 +0. 5 +0..5 +0.5 +0.4 +0. 6 +0.2 +0. 5 +0.8 +1.7 Real estate +0.3 +0. 4 +0.5 +0.4 +0.2 +0.,4 +0..4 +0. 3 +0.3 +0. 5 +0.3 +0. 3 +0.4 +0. 3 Consumer +0.2 +0. 1 +0.3 +0.3 +0.2 +0. 2 +0,.2 +0.2 +0.2 +0. 3 +0.2 +0. 2 r+0.3 +0.2 Security -0.6 +0. 8 -0.6 +0.4 +0.1 +0. 3 +0.,3 -0.2 1/ -0. 2 -0.5 +0. 6 -0.8 +0.7 Nonbank financial +0.2 -0. 3 +0.2 +0.4 +0.1 +0. 2 +0..5 -0.7 +0.1 +0. 3 1/ +0. 2 -/ 1/ Agriculture -0.1 1/ -0.2 +0.1 +0.1 +0. 2 -0.,1 +0.1 +0.2 +0. 1 -0.1 +0.,1 -0.1 +0.1 All other +0.2 +0. 2 +0.3 +0.3 +0.5 +0. 2 +0..6 -0.2 +0.1 +0. 1 +0.2 +0,.2 4/+0.7 +0.3 Total loans excluding security 3/ +1.3 +0. 9 +1.5 +1.6 +1.7 +1. 7 +2..1 +0.2 +1.3 +1. 9 +0.8 +1..5 +2.1 +2.6 Total loans excluding security and nonbank financial 3/ +1.1 ! j +2.1 +2.6 | NOTE—Individual loan items may not add to change in total loans because: (1) loan items are gross of valuation reserves while total loans are net and (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. V Less than $50 million. 2i Adjusted to exclude interbank loans. 3/ Derived by addition of items and not by subtraction from total loans. 4/ Increase in "all other" reflects bank purchases of $450 million of Export-Import Bank certificates. 5/ Credit increase overstated by $200 million, about equally divided between loans and investments, as a result of a correction for reporting errors in one district. +1. 2 +1.3 +1.2 +1.6 +1. 5 +1.,6 +0.9 +1.2 +1. 6 +0.8 +1..3 ! Exhibit D Changes In Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Hot Seasonally Adjusted (In billions of dollars) End of December to last Wednesday of Januarv Item 1965 3/ 1964 3/ 1963 3/ • 1960 1961 1962 1959 ' All commercial banks Total loans U. S. Gov't, securities Other securities Total -3.5 -1.4 +0.4 5/-4.5 1 -4.4 -1.3 -0.5 -6.2 -4.5 -0.2 +0.2 -4.5 -4.3 +0.6 +0. 2 -3.5 -3.9 +0.9 JJL -2.9 -2.6 -0.9 -0.2 -3.9 4/-1.6 4/+1.1 4/-0.2 4/-0.6 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total -3.1 -1.3 +0.2 -4.2 -3.8 -1.3 -0.4 -5.4 -3.9 -0.3 +0.1 -4.1 -3 5 +0.2 JJL -3.3 -3.3 +0.4 +0.1 "2.8, -2.4 -1.0 -0.1 -3.5 -1.7 +0.1 -0.2 -1.8 Other banks Total loans U. S. Gov't, securities Other securities Total -0.4 -0.1 +0.2 5/-0.3 -0.6 1/ -0.1 -0.8 -0.6 +0.1 +0.1 -0.4 -0.8 +0.4 +0. 2 -0.2 -0.6 +0.5 -0.1 -0.1 4/+0.1 -0.2 4/+1.0 +0.1 -0.1 „ 4/+1.2 -0.4 Year endine December Item 1964 3/ 1963 3/ 1962 3/ 1961 1958 1960 1959 2/+12.5 2/ -7.4 2/ -0.1 2/ +5.0 +7.7 -7.0 -0.4 +0.3 +0.7 +5.5 +1.4 +7.6 2/ +4.8 -0.4 2/ +0.3 2/ +4.7 +3.6 +2.6 +1.2 +7.5 • - All commercial banks Total loans U. S. Gov't, securities . Other securities Total 4-17.8 -1.0 +3.4 +20.2 +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 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +9.8 -1.0 +1.8 +10.5 +9.2 -3.3 +3.6 +9.5 +7.9 -1.9 +3.7 +9.7 +3.5 +3.6 +2.0 +9.1 +2.7 +2.5 +0.2 +5.5 1. Other banks Total loans U. S. Gov't." securities Other securities Total +8.0 1/ +1.6 +9.7 +6.8 +0.3 +2.2 +9.3 +6.1 +1.7 +1.7 +9.5 +3.7 +2.0 +1.1 +6.8 +4.0 -0.4 +0.2 +3.6 1/ 44.3 +8.1 • +2.6 +15.1 NOTE--Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. 2/ As a result of bank structure changes, total credit Increased about $1 billion: $600 million in loans; $300 million in U. S. Gov't, securities; and $100 million in other securities. 3/ Estimated as of December 31, 1962, and December 31, 1964, for all commercial banks and weekly reporting banks and for all commercial banks, December 31, 1963. 4/ In January 1959, total credit increased over $400 million as a result of bank structure changes; loans, $300 million; U. S. Gov't, securities, $100 million; and other securities $100 million. 5/ Credit decline understated by $200 million, about equally divided between loans and investments, as a result of a correction for reporting errors in one district. ^ • # # # e e # e • # # Exhibit B Changes in Commercial and Industrial Loans at Weekly Reporting Banks . (In millions of dollars) Late-December to end of January 1/ Business of borrower End i of December to end of Decernber 1963 2/ 1965 1964 1963 1962 1961 1964 2/ Food processors Commodity dealers Trade concerns Total -114 + 74 - 47 - 87 -300 - 32 -395 -727 -205 + 19 -288 -474 -180 - 15 -219 -414 -215 - 9 -303 -527 + 73 + 16 +105 +194 + 59 +311 +395 +765 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services + 72 - 18 - 16 + 81 -103 +118 -130 - 38 - 51 -161 + 22 - 99 -134 - 8 + 70 +480 - 89 +367 - 77 +149 + 8 +165 +" 13 - 38 +114 -193 +307 + 26 -106 - 5 + 89 n.a. n.a. +168 -183 - 67 - 45 n.a. n.a. +146 -265 - 23 - 36 n.a. n.a. - 70 - 69 - 25 + 31 n. a. n.a. +668 +258 +433 1-1,016 n.a. n.a. Classified Unclassified +205 - 39 -627 - 36 -821 - 50 -830 -102 -732 -130 Total change +166 -663 -871 -932 -862 1/ 2/ 1962 1961 1960 + 55 +135 + 8 +198 + 21 -171 +346 +196 • + 80 +111 • - 76 -419 - 64 - 44 +397 + 58 + 7 +484 +158 +147 +525 n.a. n.a. +423 +145 +164 +496 n.a. n. a. +468 - 50 +106 +833 n.a. n.a. +325 + 13 +131 +466 n.a. n. a. +3,329 +932 1-2,157 +535 f1,729 +518 +1,028 -264 +1,592 -101 +4,261 1-2,692 4-2,246 +764 +1,491 " + 34 - 20 +373 +387 Five most comparable weeks used throughout in order to avoid turn-of-the-year dating differences. Periods begin December 23, 1964; December 25, 1963; December 26, 1962, December 27, 1961; and December 28, 1960. These changes cannot be linked with all commercial bank data which are always for December 31. Changes for 1964 are compiled from December 25, 1963, rather than from December 31, 1963; the December 25 date is more comparable with other years, e.g., December 30, 1964; December 26, 1962; and December 27, 1961. The ending date for 1963 is also December 25. However, these data cannot be linked with all commercial bank data which are always for December 31. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Nonbank financial Loans and investments U. S. Gov't. Other securities Total loans Business Real estate Security (est.) 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 5.9 7.1 7.1 7.3 8.5 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 1963--June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 (est.) 239.1 237.8 237.1 241.9 242.4 245.0 252.4 63.5 62.5 60.9 61.8 62.0 62.3 63.4 32.4 32.9 33.7 34.2 34.5 34.1 35.1 143.1 142.4 142.5 146.0 146.0 148.6 153.9 49.9 49.0 49.2 50.1 50.6 51.9 53.7 36.7 37.3 37.8 38.2 38.6 39.0 39.2 6.9 6.4 6.1 7.4 6.5 7.0 7.9 7.5 7.2 6.8 7.0 7.3 7.4 7,4 25.5 25.7 26.0 26.1 26.3 26.5 26.7 8.6 8.9 8.7 9.1 8.6 8.6 10.2 11.0 10.8 10.8 11.0 11.1 11.3 11.8 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 246.2 247.2 249.9 250.6 251.5 257.3 254.3 256.1 262.2 262.1 265.7 272.6 62.1 61.5 61.5 60.1 59.1 59.3 58.3 58.8 60.6 61.1 62.3 62.4 34.6 35.1 35.6 35.8 35.8 36.4 36.5 37.1 37.8 38.0 38.0 38.5 149.5 150.6 152.8 154.7 156.7 161.6 159.4 160.2 163.7 163.0 165.4 171.7 51.8 52.4 53.2 53.4 53.9 55.1 54.4 54.9 56.1 56.2 57.2 59.6 39.5 39.8 40.0 40.4 40.8 41.4 41.8 42.2 42.7 43.0 43.4 43,6 7.1 6.9 7.1 7.2 7.5 8.2 7.6 7.2 8.0 7.1 7.4 8.1 7.5 7.4 7.5 7.6 7.7 7.7 7.6 7.4 7.5 7.6 7.8 7.8 26.6 26.8 27.0 27.4 27.8 28.2 28.5 28.7 28.9 29.0 29.1 r29.4 8.6 8.8 9.3 9.3 9.3 10.5 9.5 9.7 10.2 9.6 9.7 11.4 11.5 11.7 11.8 12.4 13.0 13.8 13.3 13.4 13.6 13.8 14.0 2/ 15.1 268.1 61.0 38.9 168.2 58.5 43.8 7.2 8.0 29.4 9.9 14.8 Date 1957—Dec, 1958—Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 (old) (new) 1/ p p p p (est.) 1965--Jan. 27 p Farm Consumer All other p - Preliminary. r - Revised. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. 2! Increase in "all other" reflects bank purchases of $450 million of Export-Import Bank certificates. N O T E — D a t a 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. % Exhibit G Ratios to Total Deposits 1/ U. S. Government. securities maturing within one year L O A N S Date 1948- -Dec. 1949- -Dec. 1950- -Dec. 1951- -Dec. 1952- -Dec. 1953- -Dec. 1954- -Dec. 1955- -Dec. 1956- -Dec. 1957- -Dec. 1958- -Dec. 1959- -Dec. 1960- -Dec. 1961- -Dec. 1962- -Dec. • All commercial banks Total Member banks Reserve city banks New York City of Other City Chicago Country 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 31.2 31.1 35.8 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 31.3 30.9 36.1 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 35.9 34.9 42.5 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 30.4 25.6 32.3 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 27.1 28.5 31.5 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 1963--Nov. 27 Dec. 25 59.0 58.6 60.2 59.9 69.3 67.4 61.2 62.1 63.5 63.3 54.0 53.8 60.0 67.3 67.6 67.5 68.4 69.3 69.1 68.7 69.0 68.0 67.8 69.4 70.1 62.1 62.3 62.5 61.9 61.4 62.6 61.3 62.7 62.3 62.0 62.1 65.1 63.9 64.2 64.1 65.1 65.4 64.9 66.0 66.1 65.5 66.1 65.3 53.9 54.5 54.7 55.6 56.1 56.2 56.4 56.2 55.8 55.8 55.9 56.2 69.9 63.4 65.4 56.3 1964--Jan. 29 Feb. 26 Mar. 25 0 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p ^ Oct. 28 p ™ Nov. 25 p Dec. 30 p 58.8 59.3 59.3 60. 2 60.8 60.7 61.1 61.1 60.5 60.5 61.1 60.5 60.5 61.4 61.9 61.9 62.2 62.2 61.6 61.6 62.0 62.2 1965—Jan. 27 p 61.0 62.2 1/ 60.8 66.0 All commercial banks 2/ 2/ 2/ 1/ 14.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.3 7.5 7.2 6.8 6.5 6.3 6.4 6.6 5.7 6.3 6.9 7.2 c8.0 8.0 n. a. 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/ Prior to 1951, data are on call basis and beginning in 1951, they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. 3/ Estimated for December 31. NOTE--Comparability of figures affected by changes in Federal Reserve membership, mergers, , etc.; by changed in the reserve classification of cities or individual banks, and by changes in items. c - Corrected. 1 . 4 . 3 . - EXHIBIT M, P # , t 1 D E P O S I T S AND CURRENCY AND TURNOVER O f DEMAND D E P O S I T S S e o s o n o l l y a d j u s t e d ; d e p o s i t s , s e m i - m o n t h l y o v e r a g e s of d o i l y i i f w i e i i t u r n o v e r , monthly Annuel rate i i l l i o m of d o l l a r s 140 moiiiy surrtt 3 4 3 centers imi AND SAVINGS OifOSIIS * U.S. GOV!. O i f O S I I S Nol odivsled tor » eoionot list 1141 19*0 11*1 IH3 All cemmertiel Exhibit H - Part II Sea s o n a 1 1y Period M o n <i y Total A d j \i a t e d S u p ;? i y Demand deposits Currency If 45 M44 Time and savings deposits 1) a t a i t c U. 5. Turnover 343 Gov't, centers deposits outside NY 1 1962-'December 1963--December 147.6 153.2 117.1 120.7 30.6 32.4 97.9 112.3 31.3 33.9 5.6 5.2 1964—September October November December 158.0 158.6 159.1 159.4 124. 2 124.7 124.9 125.2 33.8 33.9 34.2 34.2 121.7 123.1 125.1 126.5 35.1 35.5 35.5 35.2 6.6 5.6 5.8 5.5 1965—January 159.8 125.4 34.4 128.9 n.a. 4.2 1964—Nov. (1) (2) Dec. (1) (2) 1965—Jan. (1) (2) p 159.3 158.9 159.4 159.4 160.1 159.5 125.1 124.7 125.2 125.2 125.8 125.0 34.2 34.2 34.2 34.2 34.4 34.5 124.4 125.8 126.3 126.7 128.0 129.7 n• a. n.a. n.a. it.*. n.a. n.a. 4.6 7.0 4.9 6.1 4.7 3.7 p - Preliminary. 1.4.1 - tXHieil I, Pail I TIME A N D S A V I N G S D E P O S I T S AT MEMBER B A N K S IN L E A D I N G CITIES Wednesdov figures 101 Al IIIII • i l l i o n s of d e l l e f • AND SAVINGS DirOSIIS SAVINGS 0 I P 0 S I T S llttl D l f O S I T S Of I N D I V I f t U A l S PAIlNIISNirS. AND ( O l f O I A l l O N S OTMII IIMI o i m m I I J—1—1 I—I—I—I I 1143 Exhibit I - Part II 1941 Time and S a v i n g s Period Total (In 1961--Apr. Dec. 1962—Dec. 1963—Dec. Savings m i l l i o n s D e p o s i t s , Individuals, Other time partnerships, deposits 1/ and corporations (> f d o l l a r s) 26 27 26 31 38,175 41,472 50,011 59,227 27,819 30,082 34,712 38,083 5,480 5,969 9,080 13,310 4,876 5,421 6,219 7,834 1964—Oct. 28 Nov. 25 Dec. 30 65,478 65,612 66,881 40,061 40,255 40,698 16,464 16,288 16,407 8,953 9,069 9,776 1965—Jan. 67,334 68,258 68,642 69,085 40,860 41,053 41,132 41,220 16,714 17,334 17,635 17,959 9,760 9,871 9,875 9,906 1/ 6 13 20 27 Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date All member Monthly averages: 195 6--December 1957--December 1958--December 1959--December 1960--December 1961--December 1962--December Reserve City Banks New York City of Other City Chicago Country Excess reserves Borrowings Total reserves held seasonally ad lusted 1/ All member All : member All member - 36 -133 - 41 -424 669 419 268 - 91 -105 — 80 -109 10 - 50 - 62 - 86 - 77 - 32 -104 - 4 - 22 - 11 -203 -228 -197 -449 80 20 - 52 344 277 268 237 583 471 394 652 577 516 482 756 568 572 688 710 557 906 87 149 304 17,185 17,077 17,942 17,978 18,283 18,977 19,548 1963--October November December 94 33 209 - 99 - 74 19 - 11 - 36 - 21 - 93 -138 -122 298 281 334 407 409 536 313 376 327 19,923 19,994 20,240 1964—January February March April May June July August September October November December 171 91 98 162 78 118 132 79 90 103 - 33 168 - 22 89 86 14 3 14 19 8 34 26 17 32 -116 - 87 - 54 - 78 -112 -115 -103 -155 -139 -118 -177 -104 334 275 255 255 218 247 272 264 279 281 246 317 427 395 357 375 333 388 397 413 421 412 397 411 256 304 259 213 255 270 265 334 331 309 430 243 20,250 20,270 20,459 20,478 20,403 20,682 20,663 20,751 21,011 20,948 21,034 21,087 1965--January p 102 - 17 - 82 270 401 299 21,174 - 23 7 17 2 26 1 18 22 16 34 86 13 - 70 - central reserve city and three banks whose classification as reserve city is continued. 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 Demand deposits and currency 2/ Total 2 1 Commercial banks 3/ 3 Mutual savings banks 4 Postal Savings System Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ 5 U. S. Gov't, securities maturing within one year 6/ Liquid assets to gross national product 7/ 9 Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ ( 2 + 3 * 1 ) 10 11 6 7 1954 1955 1956 1957 1958 1959 1960 1961 1962 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.5 80.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 1963 Nov. Dec. 493.2 495.3 149.6 149.6 111.9 112.9 44.6 44.5 0.4 0.5 90.0 90.8 48.6 49.0 48.1 48.1 81.9 24.8 53.0 53.0 1964 Jan. Feb. Mar. Apr. May June 498.8 499.5 503.9 505.9 507.5 511.3 149.5 148.4 150.2 149.9 149.6 151.1 114.8 115.5 115.9 117.0 117.9 118.6 45.0 45.4 45.6 46.0 46.3 46.8 0.5 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.8 95.7 49.1 49.0 49.0 49.1 49.1 49.2 48.6 48.4 49.3 49.5 49.4 49.4 511.7 514.7 520.7 522.9 526.2 529.6 151.8 152.1 154.8 154.6 154.6 156.2 119.8 120.6 121.9 123.7 125.7 126.9 47.1 47.5 47.9 48.3 48.6 48.9 0.4 0.4 0.4 0.4 0.4 0.4 96.5 97.7 99.0 99.7 100.7 101.2 49.3 49.3 49.4 49.4 49.5 49.9 46.7 47.1 47.4 46.8 46.7 46.1 155.5 130.3 49.4 0.4 101.8 50.0 45.7 July Aug. Sept. Oct. Nov. Dec. 1965 Jan. p p p p ; | i | ! p 533.0 i | for footnotes see next page. 1 i. 8 82.0 24.5 82.0 24.3 81.9 24.3 82.7 24.4 53.0 52.8 52.8 52.8 52.7 52.7 53.1 53.0 53.2 53.2 53.3 53.5 53.6 Exhibit K (Continued) 1. Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting 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).
@FedFRASER