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February 19, 1968. L.4.3 Not for publication BANKING AND MONETARY DEVELOPMENTS IN JANUARY 1968 ' .... \ > ySummark. Commercial bank credit increased rapidly in January following relatively moderate growth over other recent months. Substantial expansio^c^n total loans and holdings of municipal and agency securities was j^r&et only in small part by further reductions in holdings of Treasury issues. Business loan growth, however, moderated considerably from the rapid December pace. The money supply increased much faster than over the November-December period and U.S. Government deposits also rose. Time and savings deposits declined slightly, on average, in January following slackening growth over late 1967, but in the latter part of the month, expansion resumed at a moderate rate. Total and required reserves rose but free reserves were about unchanged as both member bank borrowings and excess reserves increased. y Changes in Commercial Bank CreditMoney Supply and Time Deposits (Seasonally adjusted) 1968 1967 July- 1st Oct. Half Annual rate (per cent) 1966 2nd 1st Year Half Half Year 1965 Jan. Nov. Dec. 13.9' 3.2 15.7 9.9 11.0 2.2 9.2 5.7 10.2 -18.0 -22.2 37.4 6.3 11.7 -4.4 -8.4 -6.3 -5.6 Other sec 33.8' 18.4 12.3 31.2 24.0 0.8 12.1 6.5 15.8 Total loans 17.1 6.0 11.1 5.9 7.8 4.3 13.6 9.1 14.7 Business loans 8.4' 11.4 5,1 10.9- 9.3 - 7.7 18:2 13.3 18.8 Money supply 7.3 4.0 7.0 6.8 6.5 -0.2 4.6 2.2 4.7 -0.7 10.0 14.6 17.4 15.9 6.5 10.8 8.8 16.0 Total loans and investments U.S. Govt. sec. Time and savings deposits at all commercial banks Year adjusted for the definitional shift of about $1 billion of participation certificates from loans to other securities on June 30, 1966. Changes in total credit, total loans, and total time and savings deposits described above are also adjusted for the reduction of $1.1 billion of balances accumulated for the payment of personal loans excluded on June 9, 1966, as a result of a change in Federal Reserve regulations affecting reserve requirements . - 2- Bank credit. Total loans and investments at all commercial banks increased $4 billion in January following average growth of $900 million over the November-December period. Loans and holdings of municipal and agency issues increased at a much more rapid pace than in late 1967 and holdings of U.S. Government securities declined more moderately. In general, the large credit rise appeared to be concentrated at weekly reporting banks although holdings of "other securities," in particular, increased relatively sharply at nonweekly reporting banks as well. Total loans rose $3.2 billion over January--or at a considerably faster pace than at an> time since midsummer. Business loans rose further although considerably less rapidly than in December. Security loans, after showing little net change since July, rose substantially, associated in large part with borrowing by U.S. Government security dealers to finance increased inventories, including rights for the February refunding. Loans for purchasing or carrying securities other than U.S. Governments declined more than usual. Real estate loans continued to expand at the somewhat faster rate than had developed in late 1967. Loans to nonbank financial institutions declined somewhat as repayments by sales finance companies were larger than usual. Business loans increased $600 million in January; this was considerably below the $1.3 billion increase in December but appreciably above the $250 million average monthly increase during the August-November period. After picking up sharply around the mid-December tax and dividend payment period, business loan growth continued strong into early January reflecting heavy turn-of-the-year borrowing but then tapered off in the latter part of the month. On balance, loan repayments (not seasonally adjusted) were relatively large both at New York City banks and at other weekly reporting banks. Most industry categories with the exception of mining concerns (heavy year-end borrowers), trade concerns, construction firms, and service industries, declined more, or increased less, than in January 1967. Holdings of bankers' acceptances were reduced $130 million compared with an increase of $280 million in January last year. # • • # * # # Holdings of rrunicipal and agency securities increased $1.7 billion in January--or at a pace slightly faster than that of the high first half of 1967. While banks in New York City reduced their holdings of municipals # (not seasonally adjusted), other weekly reporting banks added to'their portfolios of these securities, especially in the longer-term area, and they also acquired substantial amounts of participations and Federal agency issues. In addition, holdings of "other securities" increased at nonweekly reporting banks wheras they had declined in January of the two previous years. Holdings of U.S. Government securities declined $900 million in January, or about half as fast as in December. While banks acquired virtual y all of the $2.5 billion June tax anticipation bills delivered on January 15, they sold securities in substantial volume at other times in the month. At weekly reporting banks, holdings of Treasury issues (not seasonally adjusted) declined somewhat more than in January last year but the same as m 19 , # while at other banks they declined contraseasonally in 1968. Money supply and time deposits. The money supply increased $1.1 billion on average in January—an annual rate of over 7 per cent--following reduced expansion over most of the November-December period. While the money supply had increased sharply in late December and early January, associated in part with substantial increases in business and security loans, it subsequently declined from its mid-month peak. U.S. Government deposits also rose over the month reflecting for the most part the January 15 tax bill financing. Time and savings deposits declined slightly on average over January following slackening growth in late 1967. In the latter part of the month, however, expansion resumed at a moderate rate. The reduction, on the monthly average basis, reflected in part the carryover effect of a sharp runoff in negotiable CD's in the latter part of December. By the end of January, however, about four-fifths of that loss had been recovered. At weekly reporting banks, inflows of savings and consumer-type time deposits (IPC time deposits less IPC CD's) continued to slacken. While savings deposits declined in early January, following late-December interest crediting, part of the funds were apparently transferred into higher yielding consumer-type time deposits. Bank reserves. Total and required reserves rose substantially in January after declining in December. Free reserves, however, which averaged about $140 million over the five weeks ending January 31 were little different from the average of the previous four December weeks. While excess reserves increased, member bank borrowings also rose to an average of $275 million, $90 million above that of the December reserve weeks. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. I 4.3 - EXHIBIT A, Port I LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, s e a s o n a l l y Billions of adjusted ! II I I I I I M dollars 400 ! n TOTAL LOANS AND INVESTMENTS 300 200 LOANS 100 U.S. GOVT. SECURITIES OTHER SECURITIES IM 1962 1963 1964 1965 1966 IIM III 1967 1968 Exhibit: A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Total 1/ Date (In U.S. Gov't, securities Loans 1/ b i l l i o n s of Other securities d o l l a r s ) 31 2/ 31 2/ 31 31 227.9 246.2 267.2 294.4 134.1 149.7 167.7 192.4 64.5 61.5 60.7 57.3 29.2 35.0 38.7 44.8 1966--June July Aug. Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 306.8 3/ 307.5 309.9 309.4 308.9 309.3 310.2 203.4 3/ 204.5 205.8 206.2 207,2 207.5 207.8 54.9 54.5 56.0 54.9 53.4 53.4 53.7 48.5 3/ 48.5 48.0 48.3 48.4 48.4 48.7 1967—Jan. Feb. Mar. Apr. May June July Aug. Sect. Oct. 25 22 29 26 31 30 26 30 27 P 25 p 29 p 31 2/ 314.4 318.0 321.4 323.2 324.6 225.6 232 337.3 339.5 342.6 344,3 344.4 210.4 211.0 211.3 213.5 213.5 213.9 217.1 218.2 220.2 221.8 222 .3 224.0 54.2 55.9 57.8 49.9 51.1 52.3 53.6 55.0 56.3 56.5 57.3 57.7 58.6 61.8 60.0 60.2 31 P 348.4 227.2 59.1 62.1 1962--Dec. 1963—Dec. 1964--Dec. 1965--Dec. Nov. Dec. 1968—-Jan. 1/ 2/ 3/ 1 56.1 56.1 55.4 58.8 61.8 61.6 62.3 60.4 Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, loan data exclude $1 .1 billion of balances accumulated for payment of personal loans. Beginning June 30, total loans exclude, and other securities include, about $1 billion of participation certificates. 14 3 EXHIBIT B, Part 1 LOANS AT ALL COMMERCIAL BANKS Last Weanesday of month, seasonally Billions a a iu s t e d of dollars 100 BUSINESS 80 60 REAL ESTATE 40 CONSUMER 20 SECURITY 1962 1963 1S64 1965 1966 10 1967 1968 Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted (In b i l l i f o n Security Consumer Real Estate Business Date d o l l a r s ) 1962--Dec. 1963—Dec. 1964--Dec. 1965--Dec. 31 1/ 31 1/ 31 31 47.6 52.0 58.4 69.4 34.2 39.1 43.6 49.2 23.7 27.2 31.1 35.7 6.2 6.7 7.1 7.4 1966--June July Aug. Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 75.7 77.1 77.7 78.1 78.6 78.6 78.6 51.9 52.2 52.6 52.9 53.3 53.5 53.8 37.5 37.7 38.0 38.2 38.4 38.7 38.8 7.5 7.5 7.4 7.4 7.4 7.3 7.9 1967—Jan. Feb. Mar. Apr. May June Jul. Aug. Sept. Oct. Nov. Dec. 25 22 29 26 31 30 26 30 27 25 29 31 79.5 80.1 80.8 81.7 82.3 82.9 83.6 83.8 84.1 84.3 84.6 85.9 54.1 54.3 54.5 54.7 55.0 55.3 55.6 56.0 56.3 56.7 57.2 57.7 39.0 39.1 39.2 39.4 39.4 39.6 39.8 40.0 40.3 40.6 40.9 r 41.0 8.4 8.3 8.3 8.1 7.9 7.2 8.8 9.1 9.4 9.7 9.2 8.9 1968—Jan. 31 P 86.5 58.2 41.2 9.7 1/ P P p 1/ Estimated as of December 31 p - Preliminary. These data are not for publication. r - Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1966 Item | 1 1968 Dec . Jan. Feb. Mar . Apr . May Jun. Jul. Aug. Sept. Oct. p Nov. p Dec. p Loans and Investments 2/ +0.9 + 4.2 + 3.6 + 3.4 + 1.8 + 1.4 + 1.0 + 6.8 + 4.9 + 2.2 + 3.1 + 1.7 + 0.1 | + 4.0 U. S. Gov't, securities + 0.3 + 0.5 + 1.7 + 1.9 - 1.7 1/ - 0.7 + 3.4 + 3.0 - 0.2 + 0.7 - 0.5 - 1.8 - 0.9 Other securities + 0.3 + 1.2 + 1.2 + 1.2 + 1.3 + 1.4 + 1.3 + 0.2 + 0.8; + 0.4 + 0.9 + 1.6 + 0.2 + 1.7 Loans 2/ + 0.3 + 2.6 + 0.6 + 0.3 + 2.2 + 0.4 + 3.2 + 1.1 + 2.0 + 1.6 + 0.5 + 1.7 + 3.2 V + 0.9 + 0.6 + 0.7 + 0.9 + 0.6 + 0.6 + 0.7 + 0.2 + 0.3 + 0.2 + 0.3 + 1.3 + 0.6— + 0.3 + 0.3 + 0.2 + 0.2 + 0.2 + 0.3 + 0.3 + 0.3 + 0.4 + 0.3 + 0.4 + 0.5 + 0.5 + 0.5 + 0.3 + 0.3 r + 0.1 + 0.2 - 0.5 | Real estate 1/ + 0.2 1/ + 0.2 + 0.2 - 0.2 - 0.2 - 0.7 + 1.6 + 0.3 j + 0.3 + 0.3 + 0.2 - 0.1 - 0.2 - 0.1 1/ | +0.3 + 0.4 + 0.1 + 0.2 + 0.1 + 0.1 1/ 1/ + 0.4 - 0.1 + 0.5 1/ + 1.6 + 0.8 + 1.7 Consumer 4- 0.1 + 0.2 + 0.1 Security + 0.6 + 0.5 - 0.1 Nonbank financial - 0.1 + 0.1 - 0.3 - 0.4 1/ + 0.2 + 0.6 + 0.1 - 0.5 + 0.9 - 0.7 + 2.1 j + 0.7 I + 0.3 | + 2.4 + 0.2 ' Agriculture All other - 0.6 Total loans excluding security V - 0.3 Total loans excluding security and nonbank financial 3/ 1/ 1/ ; + 0.1 1/ | 1 1 + 0.2 | + 0.3 1/ 1/ + 1.1 I j - 0.2 + 2.0 | +1.0 + 0.7 + 2.2 + 0.3 + 1.3 | +1.7 + o 00 Business 1/ 2_/ 3/ 19(37 ! + 1.4 1, , 1/ ; - 0.1 I 1/ r + 1.0 j + 1.3 - 0.3 j + 0.8 + 0.1 | - 0.2 1/ 1/ 1/ : + 1.3 + 2.4 + 2.0 i j 1 I j + 0.9 ; + i.o i +1.9 Less than $50 million. Adjusted to exclude interbank loans. At large banks on a last Wednesday basis, bankers' acceptances declined $130 million in Jan. 1968, compared with an increase of $280 million in J a n . 1967 and a decline of $63 million in Jan. 1966. Data on individual loan categories are not for publication. ! Jan. p j +2.6 # Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Item 0 # 0 End of December to last Wednesday of January 2/ 2/' 1963 1964— 1965 1966 1968 1967-/ 1962 All commercial banks Total loans U. S. Gov't, securities Other securities Total + - 3.8 0.7 1.0 3.6 + - 4.5 0.2 0.6 4.1 + - 4.7 0.1 0.5 5.0 + - 3.6 1.5 0.3 4.8 - 4.4 1.3 0.5 6.2 + - 4.5 0.2 0.2 4.5 + + - Large Banks 5/ Total loans U. S. Gov't, securities Other securities Total + - 3.0 0.6 0.7 2.9 + - 3.8 0.3 0.8 3.4 - 3.5 0.6 0.3 4.4 + - 2.9 1.6 0.2 4.3 - 3.8 1.3 0.4 5.4 + - 3.9 0.3 0.1 4.1 - 3.5 + 0.2 1/ - 3.3 Other banks 5/ Total loans U. S. Gov't, securities Other securities Total + - 0.8 0.1 0.3 0.7 + - 0.7 0.1 0.2 0.7 + - 1.2 0.7 0.2 0.6 + + y- 0.7 0.1 0.1 0.5 - 0.6 1/ - 0.1 - 0.8 + + - 0.6 0.1 0.1 0.4 + + - Year ended December Item 1967 2/ 1966 1961 1962 1963 2/ 1964 2/1 1965 ! All commercial banks Total loans U. S. Gov't, securities Other securities Total +16.6 + 6,7 +11.7 +35.2 +17 .7- '-+25.3 - 3.4 t - 3'4 + 6.1 + 3.Of +27.9 +17 .2— +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 Weekly reporting banks 5/ Total loans U. S. Gov't, securities Other securities Total + 8.6 + 3.4 r + 6.9 +18„9 r + 9.4- -/+15.5 - 2.0 , - 3.3 +2.6 - 0.57 , +14.8 + 7.4 + 9.6 - 0.8 + 1.8 +10.6 + + + 9.2 3.3 3.6 9.5 + + + 7.9 1.9 3.7 9.7 + + + + 3.5 3.6 2.0 9.1 Other banks 5/ Total loans U. S. Gov't, securities Other securities Total + 8.0 + 3.3 r + 4.8 + 16 . 3 y- + 8.3- ' - + 9.8 , - 0.1 , + 3.5 +13.1 +10.2- + 8.6 + 0.4 + 1.9 +10.9 + 6.8 + 0.3 + 2.2 + + + + 6.1 1.7 1.7 9.5 + + + + 3.7 2.0 1.1 6.8 1 i + ,. , , , , NOTE: \! 2/ 37 4/ Data exclude all interbank when available. r - Revised Less than $50 million. Based on estimated data for all commercial banks on December 31, 1967, 1963, and 1962, and for large commercial banks on December 31, 1967 and 1962. Allowance has been made in monthly changes in total loans and in other securities for approximately $1 billion of participation certificates shifted from loans to other securities in late June 1966: $700 million at large banks and $300 million at other banks. DailKS . Allowance has been made in monthly changes in total credit and in total loans for the $1.1 billion of balances accumulated for the payment of personal loans excluded from time deposits and from loans on June 9, 1966: $400 million at large banks and $700 at other banks. Based on revised coverage beginning July 1966 and January 1967, and J a n u a r y 1968. 4.3 0.6 0.2 3.5 0.8 0.4 0.2 0.2 Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to late December Late December,t o^-Late J anuarv . 1>f Business of borrower 1968 1967 1966 1965 1964 1967 1966 1965 1964 91 1963 59 67 + 4- 390 + + 419 + 252 301 38 105 292 68 Food processors 23 + 310 446 + + 12 + 110 + 200 32 10 72 41 -4Commodity dealers 4-1,057 4- 248 + 395 4- 671 + ' 96 402 Trade concerns 221 316 143 317 + 604 59 + 271 + 408 + ^68 Retail trade 278 153 255 - 209 21 7 _L 164 4- 453 189 + 123 - 263 2 62 107 124 Wholesale trade 38 77 +1,474 - 481 — ,428 — + T 742 2C — Metals ?2 -1 91 85 14 18 + 177 -h + 98 + 540 Primary metals + + + 40 + 13 16 17 51 + 655 + 243 + 127 +1,260 + 257 Machinery + 166 + + + 70 21 15 + 7 200 + 24 j* + 79 + 832 Transportation equipment 183 + 26 + 34 53 58 7 9 + 393 + 140 + + 238 Other fabricated metals + 128 + 30 12 42 + 70 87 4148 + 260 85 + 276 Textiles, apparel, etc. 113 + + 102 56 4 11 55 23 + 448 81 + + 2 + 128 Petroleum 4+ 22 493 + 118 53 88 380 + 16 + 382 4- 486 _ + 226 Chemicals + 22 + 29 66 14 19 23 + 4121 + 368 4- 474 + 33 Other durable manufacturing 46 24 50 82 48 + 33 + 75 + 265 + 4373 + Other nondurable manufacturing 256 + 23 2 49 9 37 + 386 + 378 + 464 + 526 + 359 Mining + 295 + + 125 + 334 93 438 +1.466 + 159 + 158 -hi,141 _ _ Public Utilities, total 4-1 ,077 200 106 27 217 89 n.a. n.a. n.a. n.a . Transportation 3/ + 701 + 33 33 n.a. n.a. n.a. n.a. n.a. n.a. n.a. + 227 Communication 3/ + n.a. n.a. n.a. 114 58 n.a. n.a. n.a. n.a . + 149 Other public utilities n.a. n.a. 52 n.a. 119 440 4+ 147 4- 285 416 93 20 106 + 4 Construction 16 5# + + 525 837 + 546 4 248 ,617 4-1 All J. X other V-/ U L 1 <L tvoes V- C/of v/ JLbusiness . •>/ V* w J.&&W »-/ ws + 308 + + 126 22 32 94 n.a. n.a. - 399 - 168 __ 225 + 668 Bankers acceptances + 280 130 63 n.a. n.a. n.a. n.a . n.a. + 168 Services 3/ + 139 n.a. n.a. 77 n.a. n.a. n.a. + 945 + 416 + 781 + 167 + + 193 + Other 73 85 94 n.a. n.a. n.a. n.a . 132 Foreign business concerns 3/ + 23 n.a. 47 n.a. n.a. + Z , ID 7 +3,001 +7.451 4-7,072 +4 ,481 Classified 902 4- 178 153 169 625 4809 + 994 + 511 + 4- 590 Unclassified 241 + 30 29 38 58 +3,810 I +Z,b9Z +7,583 1 +8,445 4-5 ,071 Total Change ,6,6-1 139 394 + 120 931 1/ Five most comparable weeks used throught. 2/ Changes are compiled from December 28, 1966; December 2 9, 1965; December 30, 1964 Decemoer 25, 1963, and December 26, 1962. These data cannot be linked with a1 1 commercial bank data ; are always for December 31 3/ for Prior to 1967, transportation, communciation, services, and foreign loans were n. reported separately. Digitized FRASER T Date 1957--Dec. 1958—Dec. 1959—Jun. Jun. Dec. 1960—Dec . 1961—Dec. 1962—Dec. 1963—Dec. 1964--Dec. 1965—Dec. 31 31 24 24 31 31 30 31 31 31 31 (old) (new) 1/ (est.) (est.) Loans and |investments 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 U. S. Gov't. 58.2 66 .4 60.9 60.9 58.9 61.0 66.6 66 .4 63.4 63.0 59.5 Exhibit F oans and Investments at All Commercial Banku (In billions of dollars) Other securities 17 .9 20.6 Total loans Business 20.6 20.5 20.9 23.9 29.3 35.1 38.8 44.9 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 4.2 4.7 4.1 4.1 4.9 5.1 6 .2 7.3 7.9 8.4 8.5 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 7.4 7.5 8.2 77.1 76.7 77.9 78.0 78.6 52.3 52.8 53.2 53.6 53.8 54.0 7.2 7.7 7.0 6.8 6.8 9.0 8.6 3/ 8.6 " 8.6 8.6 8.7 8.6 54.0 54.0 54.1 54.4 54.8 55.3 8.5 7.6 8.3 8.3 8.1 8.2 88.0 55.7 56.2 56.6 57.0 57.5 57.8 85.7 58.1 20.6 71.4 52.7 53.7 53.6 53.6 54.4 56.2 48.6 3/ 48.4 48.8 48.7 47.9 48.8 205.6 2/: 205.2 206.4 205.8 206.7 213.0 1 9 6 7 —Jan. Feb. Mar. Apr. Hay Jun. 313.8 314.5 320.1 322.5 323.6 329.5 56.0 56.6 57.8 56.2 55.8 54.2 49.4 50.7 52.0 54.0 54.7 56.7 208.5 207.2 210.3 212.4 213.1 218.6 78.9 79.1 81.1 331.8 334.2 338.8 341.6 344.0 353.1 57.1 59.1 218.0 62.4 62.9 62.9 56.7 57.8 58.3 59.0 59.6 60.5 217.3 220.4 220.2 221.5 229.6 84.0 82.5 83.9 83.7 84.5 349.5 62.2 61.5 225.8 1 9 6 8 — Jan. 31 NOTE; p 60.1 Farm 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49 .1 53.7 60.2 306.9 207.4 308.8 308.0 309.0 317.9 Jul. 26 Aug. 30 Sept.27P Oct. 25P Nov. 29 p Dec. 31 (est.) Security 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 197.4 1966—Jul. 27 Aug. 31 Sept.28 Oct. 26 Nov. 30 Dec. 31 25 22 29 26 31 30 Real estate 80.6 81.8 81.7 84.6 Consumer Nonbank financial institutions All other 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 27.2 31.0 35.8 5.9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 7 .2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 11.3 13.9 14.9 38.1 38.5 ' 38.5 38.5 38.7 38.9 12.8 12.0 12.5 11.9 11.9 13.3 13.5 2/3/1 13.1 - 12.8 12.5 12.4 13.0 8.6 8.7 8.9 9.1 9.2 9.3 38.7 38.6 38.7 39.1 39.4 39.9 11.7 11.3 11.5 11.6 11.3 12.2 12.4 12.2 12.1 12.4 12.9 13.5 8.4 8.9 9.0 8.9 8.4 10:2 9.4 9.4 9.3 9.3 9.2 9.1 40.2 40.5 40.6 40.7 40.9 r 41.1 11.4 11.2 12.0 11.6 11.6 13.3 13.2 13.0 13.5 13.5 13.8 14 6 10.5 9.2 40.9 11.7 . - -- r 14.3 Data exclude interbank loans. Total loans are after and type 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. i; E E i i E B I H L F E ' E i i E r , : reclassified as "other securities." Individual loans categorydara are available for publication only on a June and December call data basis . Exhibit G Ratios to Total Deposits 1/ U.S. Government securities maturing * within one year L O A N S Member banks All Reserve city banks commercial Total New York City of Other banks City Chicago Date Country All commercial banks 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 8.0 7.3 6.1 1951--Dec. 1952--Dec. 1953--Dec. 1954—Dec. 1955--Dec. 1956--Dec. 1957—Dec. 1958—Dec. 1959--Dec. 1960—Dec. 1961--Dec. 1962—Dec. 1963—Dec . 1964—Dec. 1965—Dec. 1966—Dec. 31 31 31 31 31 31 31 31 31 31 31 28 25 31 31 31 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 65.4 67 .9 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 67.4 69.3 75.9 83.5 36.2 38.9 39.1 38,3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 39.4 41.1 42.2 41,9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 70.2 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 1967—Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. 25 22 29 26 31 30 26 30 27p 25p 29p 27p 65.6 65.3 65.1 65.1 65.1 65.6 65.1 64.9 64.6 64.0 64.1 64.2 67.6 67.2 66.9 66.8 66.6 67.3 66.2 66 .5 66.3 65.5 65.7 65 .8 81.8 81.8 81.2 80.9 80.0 82.1 81.5 81.0 79.8 77.8 78.7 79.9 75.8 74.8 73.4 72.1 70.9 74.0 72.3 71.4 72.2 70.7 71.0 70.8 70.4 69.5 68.7 68.3 68.3 68.6 67.8 68.4 68.3 67.7 68.3 68.1 59.3 59.3 59.5 59.8 59.9 60.0 59.6 60.4 58.8 58.6 58.4 58.2 6.1 5.4 5.5 5.1 4.6 4.3 5.1 5.5 5.6 6 .3 6.5 6.7 1968—Jan. 31p 63.9 65.6 80.2 70.0 67.4 58.2 n .a. 2/ # # * e # ^ • 1 U,, £4 r Kvj tuaugco j.ii reut;L a± Reserve memoersnip, mergers, and by changes in the reserve classification of cities or individual banks. p - Preliminary. r - Revised 1/ Total loans (adjusted to exclude loans to banks); U.S. government securities maturing within one year estimated on basis of Treasury survey of ownershipi and total deposits (adjusted to exclude cash items in process of collection!) 2/ Beginning in June, loans at all commercial banks exclude about $1 billion of participation certificates nowreported in other securities. If the $1 billion were included in loans in June the ratio for all commercial banks would be 66.3. http://fraser.stlouisfed.org/ Nirm. Federal Reserve Bank of St. Louis L 4 3 EXHIBIT h Part 1 DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally Annual a d j u s t e d , deposits, monthly averages of daily figures,- t u r n o v e r , monthly Billions rate of dollars 180 55 MONEY SUPPLY 50 160 45 140 TIME AND SAVINGS DEPOSITS All commercial banks 120 40 232 SMS A S 100 35 / TURNOVER Outside 343 N Y C Centers 80 30 U.S. GOVT. DEPOSITS 10 Member 10 banks i i i i ! n ! i i i i i i i i i i i i i M 0i 0 1962 1963 1964 1965 1966 1967 1968 -> i ? -ysn* * Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S. Gov. Deposits beginning July 1967. Exhibit H - Part II S e a s o n a l l M o_ n e y Period Total Sup Demand deposits y A d j u s t e d D a t a Currency Time and 1/ savings deposits (all commercial) U.S. Govt. deposits (all member) p i y Turnover outside N.Y. City (per cent) 1964--December 1965—December 1966 —December 159.3 166.8 170.4 125.1 130.5 132.1 34.2 36.3 38.3 126.6 146.9 158.6 5.1 4.2 3.2 33.3 37.4 40.0 1967—January February March April May June July August September October November December 170.3 171.5 173.1 172.7 174.5 176.2 177.9 179.1 179.2 180.3 181.2 181.5 131.8 132.8 134.2 133.6 135.3 136.8 138.4 139.6 139.5 140.3 141.2 141.1 38.5 38.7 38.9 39.1 39.2 39.3 39.5 39.6 39.8 39.9 40.0 40.4 160.8 163.5 166.1 168.1 170.0 172.4 174.6 177.2 178.9 180.8 182.5 183.8 4.9 4.0 4.8 5.8 4.1 2.2 3.2 3.7 4.5 5.6 5.3 4.4 39.4 39.4 39.1 40.8 39.2 40.1 40.7 41.1 40.8 40.8 41.2 41.1 1968—January p 182.6 142.0 40.5 183.7 5.3 n.a. Week ending; Jan. 3 10 17 24 31 183.1 182.4 183.2 182 .4 181.7 142.7 141.9 142.6 141.8 141.3 40.4 40.5 40.5 40.6 40.5 183.3 183.4 183.6 183.5 184.2 3.9 4.5 5.1 6.4 5.8 n.a. n.a. n.a. n.a. n.a. p p P P P NOTE: Dollar amounts in billions. r - Revised p - Preliminary http://fraser.stlouisfed.org/ p^men't of peqponal loans ^ Federal Reserve Bank of St. Louis q 0 9 # $ < L.4.3 - EXHIBIT I, Part 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday Billions of do liars figures 100 TOTAL TIME AND SAVINGS DEPOSITS 80 60 SAVINGS DEPOSITS TIME DEPOSITS 40 TIME DEPOSITS EXCLUDING LARGE CD s 20 LARGE CD's 1965 1966 1967 1968 Exhibit I - Part II Large Commercial Banks T i m e P e r i o Total 1/ a n d Time 1/ Savings (In S a v i n g s mi of Time other 1/ than large certificates of deposit d o 1 1 a r s ) 8,608 9,857 11.565 13,598 30,535 32,153 15,203 15,587 15,332 16.566 50,694 34,604 16,251 18,353 89,495 891639 92,545 47,099 47,213 46,520 42,396 42,426 46,025 15,659 15,642 17,850 26;784 28,175 101,659 102,173 102,969 102,809 102,991 48,349 48,428 48,533 48,647 48,781 53,310 53,745 54,436 54,162 54,210 19,897 20,107 21,131 20,330 20,330 33,413 33,638 33,305 33,832 33,880 41,472 50,011 59,227 66,881 30,082 34,712 38,083 40,698 11,390 15,299 21,144 26,183 1965—July 5/July 7 7 73,672 80,467 43,137 48,314 1965—Dec. 29 85,298 1966—Dec. 5/Dec. 1967--Jan. 28 28 25 1967—Sept . Oct. Nov. Dec. Dec . 27 25 29 27 27 3/ 4/ o s i t s 2,782 5,442 9,579 12,585 27 26 31 30 33,963 20,094 54,057 48,864 102,921 3 34,209 20,491 54,700 48,711 103,411 10 34,411 20,682 55,093 48,591 103,684 17 34,612 20,895 55,507 48,531 104,038 24 34.797 20.921 55.718 48.518 104.236 31 Beginning June 15, 1966. data exclude $400 million of balances accumulated for the payment of personal loans. Negotiable certificates of deposit issued in denominations of $100,000 or more. Estimated. As of December 5, 1962. Revised series. 1968—Jan. 2/ 3/ 4/ 5/ Large certificates of deposit 2/ 1 1 i o nL s 1961—Dec. 1962--Dec. 1963--Dec. 1964—Dec. \j D e p 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 Chicago City Excess Reserves Other Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages: 1958-December 1959-December 1960--December 1961--December 1962--December 1963-December 1964--December 1965--December - 41 -424 669 419 2 - 50 - 62 19 - 14 - 70 1966--Oct. Nov. Dec. -431 -222 -165 -124 - 71 - 95 1967--Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. p - 16 - 4 236 175 269 297 272 298 268 - 1968--Jan. 268 209 168 - 160 270 107 136 - 80 -109 10 46 67 68 10 12 7 20 6 39 - 10 23 - 22 - 32 -104 - 4 - 22 - 11 - 21 - 31 -197 -449 268 8 20 - 52 -122 -103 -161 237 583 471 394 334 315 238 516 482 756 568 572 536 411 452 557 906 87 149 304 327 243 454 17,866 17,903 18.223 18,961 19,596 20,259 21,096 22,186 - 95 - 24 - 50 -246 -245 -159 34 118 140 302 389 392 733 611 557 22,490 22,431 22,415 -123 - 64 - 15 - 20 - 80 - 84 13 - 38 9 33 12 16 233 211 306 242 266 258 254 271 231 191 222 187 373 358 435 309 370 420 359 387 358 403 345 389 362 199 134 101 123 87 89 90 126 133 238 22,774 22,992 23,407 23,456 23,448 23,612 23,835 24,104 24,297 24,608 24,765 24,620 230 373 237 25,013 - 1 3 - 15 4 3 4 80 - 6 - 5 - 24 14 ~ 55 - 2 - 83 11 286 1/ Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Ccnraercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, U. S. Gov't. securities Savings maturing savings and loan within one bonds 5/ shares 4/ year 6/ 8 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 May June July Aug. Sept. Oct. Nov. Dec. r 1967 Jan. Feb. Mar. Apr. May June July Aug. ept l 'p Oct. Nov. p 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 52 6 1.3 1.1 0.9 585.9 589.5* 588.6 592.9 594.5 596.2 600.6 601.5 163.7 166.5 164.3 167.0 53.3 53.6 53.7 53.9 54.2 54.6 54.8 55.2 0.3 168.6 153.6 153.9* 156.1 156.6 156.7 156.6 158 3 159.3 605.1 604.7 615.1 613.2 619.7 620.6 623.0 630.2 635.4 638. 1 645.7 166.9 165.8 171.0 163.6 165.3 167.6 55.5 55.9 56.3 56.8 57.4 57.8 58.4 58.7 58.9 59.5 166.1 166.0 168.0 168.6 168.6 172.9 173.7 171.9 174.1 176.2 175 .7 177.8 17C.7 172.4 174.7 177.2 178.1 180.1 183.7 649.3 180.3 182.6 60,1 1938--Jan. p 652.9 179.3 185.9 60.6 53.3 53.4 52.8 53.3 54.5 113.4 113.7 32.0 61.8 0.8 70.5 79.8 90.9 0.6 0.5 0.5 0.4 0.3 101.4 109.8 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 50L.6 55.8 50.9 53.9 51.0 123.9 50.9 51.0 51.1 51.1 51.2 51.3 51.3 51.4 51.4 51.5 51.9 54.2 51.7 52.9 50.9 49.5 46 .5 46 .7 47.8 48.2 48.3 49.1 50.5 123.7 51.9 51.6 0.1 116.3 117.1 118.0 118.9 119.9 0.1 0.1 0.1 0.1 121.0 0.1 122.5 123.0 123.7 # 50.5 56.0 116.8 0.1 50.6 48.1 46.1 48.6' 50.6 0.1 59.9 Dec. p 50.4 50.4 50.6 37.0 41.7 47.7 54.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.0 - 49.7 52 0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 30.0 111.3 111.5 110.9 111.4 112.3 112.2 113,0 1.6 48.2 26.3 28.1 30.6 31.6 33. 2 38.8 35.6 48.8 41.9 42.6 46.8 2.1 1.9 130.2 320.2 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 27.2 Liquid assets to gross national product 7/ 9 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets (2 + 3 -r 1) al product 7/ 11 10 80.2 28.6 79.0 78.4 79.5 81.0 81.5 27.5 26.4 25.1 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 80.0 24.6 24.1 22.8 53.0 53.5 54.3 79.7 22.5 79.0 22.2 78.5 21.9 85.3 81.3 79.7 80.5 79.5 79.2 34.7 32.6 31.3 30.4 29.7 54.2 54.3 54.4 54.6 54.3 54.1 54.3 54.5 54.6 54.8 21.9 79.6 22.1 79.3 22.0 79.5 22.0 55.0 •55.0 55.4 55.8 55.6 55.7 55:o 55.8 56.0 55.9 55.9 For footnotes see next page. * - Beginning w i t h data for J u n e 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. p - Preliminary. r - Revised # - Reflects conversion of a savings and loan association with share capital of about $175 million to a mutual savings bank. Exhibit K (Continued) 1. Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting 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. 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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