The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Not for publication BANKING AND MONETARY DEVELOPMENTS IN JANUARY 1964 Seasonally adjusted loans and investments at all commercial banks declined somewhat in January following substantial expansion in November and December. Loans increased further but less rapidly than in other recent months. This expansion was more than offset, however, by a reduction in holdings of U. S. Government and other securities. The money supply and time and savings deposits at commercial banks increased substantially further. U. S. Government deposits declined. Turnover of demand deposits outside New York City rose. Free reserves averaged about the same as in December but higher than in other recent months. Seasonally adjusted total and required reserves increased somewhat. Bank credit. $500 million in January billion in November and in large part a rise in was more than offset by securities. Seasonally adjusted commercial bank credit declined following an average monthly expansion of over $2.5 December. Total loans increased $700 million reflecting security loans. The smaller-than-average loan growth reductions in holdings of U. S. Government and other Holdings of U. S. Government securities declined $1 billion in January after allowance for seasonal factors. Bank sales of short- and long-term Governments were larger than net acquisitions of new securities in the two early-month financings. Banks were allotted about $435 million of the $1 billion monthly Treasury bills of January 3 and about $850 million of the $2.5 billion June tax bills of January 15; they held about $475 million of the $2.5 billion bills maturing on the latter date. On January 29, a $1.5 billion shift between issues maturing within five years into those maturing in over five years reflected bank participation in the Treasury 8 s advance refunding. Bank holdings of non-Government securities declined $200 million following slackened growth in the late months of 1963. Seasonally adjusted business loans at all commercial banks increased $200 million in January compared with an average monthly increase of $800 million in the fourth quarter of 1963. At weekly reporting banks in leading cities over the four weeks ending January 29, loan repayments by trade concerns, food processors, public utilities, mining companies (especially crude petroleum) and service industries were large following heavy borrowing by these groups in the latter part of 1963. Banks also reduced their holdings of bankers1 acceptanc following late-year purchases. Loans to metals concerns and to petroleum and chemicals companies continued to show only moderate changes. Seasonally adjusted security loans at all commercial banks increased $700 million in January, following a decline of this amount in December when borrowing by U. S. Government security dealers had been smaller than usual. - 2 - I Outstanding dealer borrowing, which usually declines in January, increased further mainly in connection with the Treasury advance refunding. Loans to brokers and dealers for purchasing and carrying non-Government securities declined somewhat more in January than they had increased in December, however. @ Real estate loans at all commercial banks, seasonally adjusted, rose further in January at about the same substantial rate as in other recent months. Consumer loans also continued to expand. Loans to nonbank financial institutions, particularly sales finance companies, declined somewhat, however, about offsetting the larger-than-usual December expansion. @ Deposits and turnover. The daily average money supply, seasonally adjusted, increased $1.3 billion in January. A sharp rise early in the month presumably associated largely with year-end credit expansion was offset in part by a subsequent moderate reduction. Over the year ending January, the money supply increased 4.1 per cent. @ Seasonally adjusted time and savings deposits at commercial banks increased $1.9 billion in January, considerably faster than in most other recent months. The increase reflected in part an unusually sharp rise in negotiable time certificates of deposit. Savings deposits, on the other hand, rose much less than usual. # The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York City increased from 33.9 in December to 34.8 in January, slightly below the recent October peak. Turnover has fluetuated somewhat in recent months but has shown little over-all change. Earlier in 1963 it had increased, however, and over the past four months has averaged about 6-1/2 per cent higher than in the comparable four months a year ago. Bank reserves. Free reserves averaged $171 million in January compared with $198 million in December; in the three previous months free reserves had been below $100 million. Excess reserves averaged $425 million, lower than in December but about the same as in the September-November period, while member bank borrowings from the Federal Reserve at $255 million were lower than in other recent months. The effective rate on Federal funds dropped below 3-1/2 per cent on only one day in January. Total and required reserves rose somewhat after allowance for seasonal factors. Reserves were supplied principally through currency inflow and were absorbed through reductions in float and in System holdings of U. S. Government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. February 18, 1964. # # # 1.4.3 - EXHIBIT A, Pari 1 LOANS A N D INVESTMENTS AT ALL COMMERCIAL B A N K S W 11 o »> W e d n e s d a y of m o n t h , s e a s o n a l l y JBillions of dollari j adjusted 260 I TOTAt 10ANS AND INVESTMENTS U. S. GOVT. SECURITIES OTHER SECURITIES Exhibit A - Part II Date Total y (In Loans 1/ b i 1 1 i 0 n s U. S. Gov't, Other securities securities of d o l 1 a r s) 1960—Dec. 1961——Dec. 1962—Dec. 31 31 31 2/ 194.5 209.6 228.1 114.2 121.1 134.7 59.6 64.7 64.3 20.7 23.8 29.1 1963—J an. Feb. Mar. Apr., May June 30 27 27 24 29 29 228.9 232.3 235.0 232.5 234.8 240.3 134.7 136.8 137.8 137.4 138.9 141.8 64.6 65.4 66.7 63.9 64.2 66.0 29.6 30.1 30.5 31.2 31.7 32.5 July Aug. Sept. Oct. Nov. 2/Dec. 31 28 25 30 27 31 p p p p p P 237.8 238.5 240.7 241.0 244.0 246.3 142.4 142.5 145.0 146.3 148.8 150.6 62.4 62.1 61.7 60.2 60.8 60.8 33.0 33.9 34.0 34.5 34.4 34.9 29 p 245.8 151.3 59.8 34.7 1964—Jan. 1/ Adjusted to exclude interbank http://fraser.stlouisfed.org/ as of December 31. Federal Reserve Bank2/ of St.Estimated Louis loans. I L O A N S AT ALL COMMERCIAL BANKS jlast Wednesday of month, seasonally B i l l i o n s of d o l l a r s adjusted I 11*1 I S U I i m$7 1159 i*s* mo 1*6? 1**1 , 1**3 Exhibit B - Part II Business Date (In Real estate b i 1 1 i 0 n s Consumer of Security d 0 1 1 a r s) 1960—Dec. 1961-—Dec. 1962——Dec. 31 31 31 42.1 44.1 47.9 28.7 30.3 34.2 20.5 21.3 23.6 4.3 5.2 6.1 1963—Jan. Feb. Mar. Apr. May June 30 27 27 24 29 29 48.1 48.3 48.3 48.7 48.8 49.5 34.5 34.7 35.0 35.5 36.1 36.7 23.9 24.3 24.6 24.9 25.2 25.4 5.7 6.6 6.7 5.7 6.1 6.9 p p p p p P 49.3 49.5 50.0 50.7 51.5 52.4 37.3 37.8 38.2 38.6 39.1 39.5 25.5 25.7 25.8 26.1 26.4 26.6 6.4 6.3 7.2 6.5 7.3 6.6 29 p 52.6 39.9 26.8 7.3 July Aug. Sept. Oct. Nov. 1/Dec. 1964—Jan. 1/ 31 28 25 30 27 31 Estimated as of December 31. Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item 1962 19 6 3 Dec. 4/ Jan. Loans and Investments 2/ +2.2 +0.8 U. S. Gov't, securities -0.3 +0.3 +0.8 1/ +0.5 Other securities Loans 2/ +2.5 Feb. y Mar. Apr. May =ii2 ii-3 +1.3 -2.8 +0.3 +1.8 +0.5 +0.4 +0.7 +0.5 +2.1 +1.0 -0.4 June Dec. p 4/ I 1 96 4 Jan. p Aug. p Sept. p Oct. p +0^7 +2.2 +0.3 -3.6 -0.3 —0.4 -1.5 +0.6 y —1.0 +0.8 +0.5 +0.9 +0.1 +0.5 -0.1 +0.5 -0.2 +1.5 +2.9 +0.6 +0.1 +2.5 +1.3 +2.5 +1.8 +0.7 +0.4 +0.1 +0.7 —0.2 +0.2 +0.5 +0.7 +0.8 +0.9 +0.2 July p Nov. p +2.3 Business +0.5 +0.2 +0.2 Real estate +0.3 +0.3 +0.2 +0.3 +0.5 +0.6 +0.6 +0.6 +0.5 +0.4 +0.4 +0.5 +0.4 +0.4 Consumer +0.2 +0.3 +0.4 +0.3 +0.3 +0.3 +0.2 +0.1 +0.2 +0.1 +0.3 +0.3 +0.2 +0.2 Security +0.6 -0.4 +0.9 +0.1 -1.0 +0.4 +0.8 -0.5 -0.1 +0.9 -0.7 +0.8 -0.7 +0.7 Nonbank financial +0.1 +0.2 +0.1 +0.3 -0.5 +0.2 +0.4 +0.6 -0.3 +0.2 +0.2 -0.1 +0.3 -0.3 -0.1 -0.5 -0.1 +0.2 +0.2 +0.3 -0.2 +0.3 +0.2 +0.3 +0.3 —0.2 +0.2 y +0.2 -0.1 y Agriculture y +0.3 y +0.1 y y +0.1 y y All other +0.2 -0.1 Total loans excluding security ~%/ +1.3 +1.2 *0.9 +1.1 +0.7 +1.4 +2.1 +0.9 +0.3 +1.4 +2.0 +1.8 +1.8 +0.7 Total loans excluding security and nonbank financial 3/ +1.2 +1.0 +0.8 +0.8 . +1.2 +1.2 +1.7 +0.3 +0.6 +1.2 +1.8 +1.9 | +1.5 +1.0 y 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. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. 2/ Derived by addition of items and not by subtraction from total loans. 4/ Estimated as of December 31, 1962 and December 31, 1963 • http://fraser.stlouisfed.org/ • St. Louis Federal Reserve Bank of # # e e # e # e e Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Adjusted for Seasonal. (In billions of dollars) End of December to last Wednesday of January Item 1964 y 1963 y 1962 1961 1960 All commercial banks Total loans U. S. Gov't, securities Other securities Total -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 V -2.9 -2.6 —0.9 -0.2 -3.9 .6 4/+1.1 ?/—0.2 0.6 -2.7 -0.5 V -3.1 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total -3.8 -1.3 -0.4 -5.4 -3«9 -0.3 +0.1 -4.1 -3.5 +0.2 -2.4 -1.0 —0.1 -3.5 -1.7 +0.1 —0.2 3 0 -2.4 -0.5 +0.1 -3.3 -3.3 +0.4 +0.1 3 0 Other banks Total loans U, S. Gov't, securities Other securities Total -0.6 1/ —0 4 1 —0«6 +0.1 +0.1 —0.4 -0.8 +0.4 +0.2 —0.2 —0.6 +0.5 —0.1 —0 * 1 -0.2 +0«1 -0.1 —0 * 4 4/+0.1 4/+1.0 y 1/ y+1.2 -0.3 y -0.1 —0.3 1958 1957 +4.3 +2.6 +15.1 +3.5 -0.3 +1.7 +4.9 +0.7 +5.5 +1.4 +7.6 +0.9 -0.2 +0.4 + 1.1 +3.6 +2.6 +1.2 +7.5 ' +2.6 —0.1 +1.3 +3.8 Item 1958 Year ending December 1963 3/ 1962 y 1961 1960 +16.3 -3.5 +1806 +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 +9.2 -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 Other banks Total loans U, S. Gov't, securities Other securities Total +7.1 —0.2 +2.2 +9.1 +6.1 +1.7 +1.7 +9.5 +3.7 +2.0 + 1.1 +6.8 +4.0 —0.4 +0.2 +3.6 All commercial banks Total loans U. S, Gov't, securities Other securities Total 1959 +5.8 1959 2/+12.5 2/- 7.4 2/- 0.1 2/+ 5.0 +7.7 -7.0 -0.4 +0.3 2/+4.8 2/-0.4 2/+0.3 2/+4.7- +8.1 NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used when available. Less than $50 million. . 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. Based on estimated data for December 311 1962, and December 311 1963. 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 securi- . 1 http://fraser.stlouisfed.org/ ties, $100 million. i/ Federal Reserve Bank of St. Louis Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) Business of borrower End of December to end of January 3/ End of December to end of December 1964 1963 1962 1961 1960 1963 y 1962 1961 1960 1959 -300 - 33 -395 -728 -205 + 19 -288 -474 -180 - 15 -219 -414 -215 - 9 -303 -526 -163 -116 - 68 -347 + 59 +311 +395 +765 + 34 — 20 +373 ^357 + 55 +135 + 8 +198 + 21 -171 +346 +197 +179 +375 +435 y y y y y y y y y + 81 -103 +118 -130 - 38 - 51 -161 + 22 - 99 -134 - 8 + 70 +142 + 49 - 22 - 77 +149 + 8 + 80 +111 - 76 -419 - 64 - 44 +397 + 58 + 7 +717 +160 + 86 + 26 -106 - 5 +168 -183 - 67 +146 -265 - 23 - 70 — 69 - 25 - 18 - 33 - 29 +484 +158 +147 +423 +145 +164 +468 - 50 +106 +325 + 13 +131 +214 +339 +116 + 89 - 45 - 36 + 31 - 46 +525 +496 +833 +464 +114 -627 - 36 -821 - 50 -830 -102 -732 -130 -304 -204 +2,157 +535 +1,729 +518 +1,028 -264 +1,592 -101 +3,188 + 16 Total change -663 -871 -932 -86 2 -508 +2,692 +2,246 +764 +1,491 +3,204 Total change excluding sales finance -663 -871 -932 -862 -508 +2,692 +2,246 +764 +1,491 +2,749 Food processors Commodity dealers Trade concerns Total Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Classified Unclassified 1/ Not included in business loans on revised basis. 2/ Through July 1. 3/ Five weeks used throughout. December 1963 is December 25. 4/ December 25, 1963 used to maintain better comparability with other recent years. T9E9 2/+455 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and U. S. Gov't. investments Date Other Total loans securities i Real estate Security Farm 23.1 116.7 123.9 40.5 40.4 42.5 37.8 40.2 43.1 45.2 4.2 4.7 4.1 4.1 4.9 5.1 4.1 5.0 5.0 5.0 5.0 5-7 6.2 15.8 15.9 17.5 17.5 10.8 20.6 21.4 5.9 7.1 7.1 7.3 23.3 23.5 23.7 7.2 7.2 8.5 10.6 10.3 10.7 7.3 7.4 7.5 7.5 7.5 23.8 24.0 24.2 24.7 25.1 7.5 7.7 8.0 7.6 7,8 10.2 10.0 9.9 10.1 7.5 7.0 7.0 7.2 7.4 7.3 25.5 25.7 26.0 26.1 26.3 26.5 26.7 8.6 8.9 8.7 9.1 10.2 11.0 11.0 10.8 11.0 11.1 11.3 11.7 7.5 26.7 8.6 11.2 58.2 61.0 66.6 20.5 20.9 23.9 1962--Oct. 31 Nov. 28 Dec. 31 (est.) 225.7 65.6 65.6 233.6 66.4 28.6 28.8 29.3 131.5 132.3 137.9 47.1 47.7 49.1 33.6 34.0 34.3 5.9 5.3 7.3 6.4 7.0 7.1 1963--Jan. Feb. Mar. Apr. May 30 27 27 24 29 229.1 230.4 231.9 232.3 233.6 66.2 29.5 29.9 30.7 31.4 31.7 133.4 135.2 136.4 136.9 138.9 47.3 34.5 34.7 34.9 35.4 5.6 6.5 29 31 28 25 30 27 31 239.1 237.8 237.1 241.9 242.4 245.0 63.5 62.5 143.1 142.4 142.5 146.0 146.2 148.9 154.2 49.9 49.0 49.2 50.1 50.6 51.9 53.7 36.7 37.3 37.8 38.3 6.9 62.9 32.4 32.9 33.7 34.2 34.5 34.1 35.1 246.0 61.6 34.6 149.8 51.8 39.9 June Dec. 1960- —Dec. 1961-—Dec. June July Aug. Sept. Oct. Nov. Dec. 31 31 24 (old) 24 (new) 31 1/ 31 30 P P P P P p (est 1964-—Jan. 29 P 226.8 252.2 66.4 60.9 60.9 58.9 65.3 64.8 64.0 63.0 60.8 61.8 61.8 62.0 17.9 20.6 20.6 20.6 93.2 97.5 102.8 102.8 110.0 25.3 26.9 26.9 28.1 28.7 30.3 47.7 48.6 48.6 48.8 6.2 6.0 5.8 6.0 36.0 6.8 38.8 39.2 39.6 7.1 Nonbank financial institutions 7.2 8.2 8.8 7.6 8.1 8.7 9.8 169.3 184.4 184.2 184.2 189.5 198.5 214.4 1957- -Dec. 1958- -Dec. 1959- -June Consumer Business — — — — — 10.6 8.6 8.6 _LL . . . p - Preliminary. 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. „ ,, NOTE 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. • • • • • • • • • • • • Exhibit G Ratios to Total Deposits 1/ • L O A N Date All commercial banks Total U. S. Government securities maturing within one year S Member banks Reserve city banks City of New York Other City Chicago Country All commercial banks 2/ 2/ 2/ 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 #48- -Dec. 1949--Dec. 1950--Dec. 1951--Dec. 1952--Dec. U53- -Dec. 1954--Dec. 1955--Dec. 1956--Dec. 1957--Dec. 1958--Dec. %g59--Dec. 1960--Dec. 1961--Dec. 31 31 31 31 31 31 31 31 31 31 31 31 31 31 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 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 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 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 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 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 1962--Dec. 28 56.5 57.7 67.9 61.4 60. 1 51.7 9.5 #63- -Jan. Feb. Mar. Apr. May June 30 27 27 24 29 29 56.2 56.7 57.0 57. 1 57. 9 57.7 57.3 57.9 58.1 58.2 58. 9 58.7 64. 7 66.2 65.1 64.9 66. 4 66. 4 57.7 59.4 61.1 59.8 58.7 58.8 60.5 60.8 60.9 61.4 61.8 61.3 51.9 52.3 52.7 52.9 53.6 53.6 9.5 9.5 7.5 7.6 7.8 7.4 31p 28p 25p 30p 27p 25p 57.8 58.4 58.6 58.5 59.2 58.9 58. 7 59.4 59.6 59.6 60.3 60.0 65.6 67.3 67.5 66. 6 69.3 67.4 58.5 60.4 62.0 61.7 61.2 62.1 61. 7 62.6 62.7 63.0 63.5 63.3 53.7 53.8 53.8 53.9 54.2 54.0 7.2 7.4 7.2 7.4 7.3 7.5 1964- —Jctn o 29P 59.0 60.1 67.3 62.1 63.9 54.1 # # July Aug. Sept. Oct. Nov. Dec. 1/ Y 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. NOTE--Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.; by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 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. Beginning April 1963, data revised on basis of June 29, 1963, call. p - Preliminary. 3/ Estimated for December 31 o 1 1.4.3. - E X H I B I T H, P o r t 1 DEPOSITS A N D CURRENCY A N D TURNOVER OF DEMAND DEPOSITS IS# os on ally odjuitid) d # p o «it s, * # - m onthly ovifogn of doily figure#; (turnover, monthly at annual rot# T Billions of dollars Annual rat# MONEY SUPPIY TUINOVIR 343 cenlen k TIME AND SAVINGS DiPOSIIS # u.Veovi. oifosm# Not adjusted for eeoionol 1959 11940 11961 U»MI 'u j"» I v M A l l commerciol bankkj Exhibit H - Part II S e a s o n a l l y A d j u s t e d D a t a U. S. Gov11. deposits Total Demand deposits Currency Time and savings deposits (2) (2) (2) (2) 141.8 141.2 146.0 148.3 113.0 112.2 116.4 117.8 28.8 28.9 29.6 30.5 67.4 73.0 82.7 97.9 1963—Oct. (1) (2) Nov. (1) (2) Dec. (1) (2) 152.1 r152.0 r153.4 r153.3 r153.5 r153.5 120.2 r120.1 r121.3 r121.0 r 12.1.0 r121.2 31.9" 32.0 32.2 32.4 32.5 32.3 108.5 109.4 110.1 111.3 r111.6 ' 111.9 ' P33.9 ' 6.9 r3.6 r3.8 r4.8 r4.0 r6.1 155.2 154.4 122.7 121.8 32.5 32.6 113.0 114.4 P34.7 , 5.3 3.0 Period 1959—Dec. 1960——Dec. 1961—Dec. 1962——Dec. 1964—-Jan. (1) (2) p M 0 n e y S u p p l y Turnover 343 centers outside NY 27.6 ' 28.1 ' 29.4 31.3 ' 34.9 33.6 5.2 5.3 5.5 6.1 L.4.3 - E X H I B I T I, P o r t I TIME~AND S A V I N G S DEPOSITS AT MEMBER B A N K S I N i ¥ A D I N G C I T | | S i I 40 1 0 1 * 1 i f * I AND SAVINGS DEPOSITS 45 SAVINGS DEPOSITS I I M l DEPOSITS OF INDIVIDUALS, PAITNEBSHIPS, AMD CORPORATIONS 1**1 fTiiT Exhibit I - Part II Time • (In # S a v i ngs Period Total • and Savings m :. 1 1 i 0 n s D e p o s i t s Individuals, Other time partnerships, deposits 1/ and corporations 0f d o l l a r s B) 1961—Apr. Dec. 1962—Dec. 26 27 26 38,175 41,472 50,001 27,819 30,082 34,712 5,480 5,969 9,080 4,876 5,421 6,219 1963—Aug. Sept. Oct. Nov. Dec. 28 25 30 2? 31 56,326 56,466 57,553 57,951 59,227 36,896 37,147 37,534 37,699 38,083 12,181 11,951 12,639 12,796 13,310 7,249 7,368 7,380 7,456 7,834 1964—Jan. 8 15 22 29 59,488 59,654 59,976 60,276 38,043 38,052 38,117 38,131 13,518 13,643 13,818 14,057 7,927 7,959 8,041 8,088 e 1/ 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: 1956--December 195 7 - - Dec emb er 1958—December 195 9--Dec ember 1960--December 1961--December Reserve City Banks New York City of Other City Chicago - 36 -133 - 41 -424 669 419 - 91 -105 - 80 -109 10 - 50 - 86 - 77 - 32 -104 - 4 - 22 1962--December 268 - 62 1963--January February March April May June 384 300 271 313 248 141 13 - 25 - 8 - 1 July August September October November December 1964—January p - 59 158 137 91 95 39 198 - 171 - 23 15 79 55 99 74 18 Country Total reserves held seasonally adjusted Excess reserves Borrowings All member All member All member -203 -228 -197 -449 80 20 344 277 268 237 583 471 652 577 516 482 756 568 688 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977 - 11 - 52 394 572 304 19,606 - 6 - 11 - 37 - 9 - 8 - 6 - 50 - 55 - 30 - 25 - 66 -109 426 390 346 347 322 315 483 472 426 434 457 377 99 172 155 121 209 236 19,681 19,698 19,753 19,732 19,855 19,874 - 13 27 41 11 37 20 -150 - 75 -106 - 94 -137 -122 305 318 293 299 287 322 480 467 412 408 415 525 322 330 321 313 376 327 20,077 19,800 19,985 19,905 - 22 -!15 332 42? 256 20,308 . 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. p - Preliminary. Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars*,ratios expressed as percentages) Total Demand deposits and currency 2/ 1 2 3 4 5 6 7 U. S. Government securities maturing within one year 6/ 8 1954 1955 1956 1957 1958 1959 1960 1961 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 ' 130. 2 133.3 134.6 133.5 138.8 139.7 138.4 142. 6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 2.1 1.9 1.6 1,3 1. 1 0.9 0.8 0.6 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 30.6 31. 6 33.2 38.8 35.6 48.8 41.9 42. 6 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 55. 7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 1962 Dec.r 459.0 . 144.8 1 98.1' 41.4 1 0.5 ' 79.8' 47.6 ' 46.8 • 80.4 ' 25.4 52.9 1963 Jan.r Feb.1" Mar.r Apr.r May r June1" 462.6 ' 464.5• 466.5 ' 469. 8 ' 472.9 • 476.1 1 144.4 ' 144.5 * 145.0 ' 145.4 ' 145.2 * 146.5 ' 100.1' 101.2 ' 102. 2 ; 102.9 104.0', 105.1 41.7 * 41.9 42.2 ' 42.5 ' 42.8, 43.1; 0.5 0.5 0.5 0.5 0.5 0.5 8O.9 82.0* 83.2 ' 83.9 ! 84.7 • 85.6 ' 47.8 47.9 47.9 ' 48. 0 ' 48.1' 48. 2 ' 47. 1 ' 46.5 ' 45.5 ' 46.5 ' 47.6 ' 47.2 ' End of year or month r July Aug.r Sept? Oct.r Nov.r Dec. r p p p p p p 1964 Jan. p Time deposits Savings Postal and Commer- . Mutual Savings loan cial savings System shares banks 3/ banks 4/ k u. s. Gov't. savings bonds 5/ 478.2 ' 482.5 ' 483.9 ' 489. 0' 492. 9 ' 494. 5 ' 146. 9 146.2 ' 147.i; 148.7 149.4 ; 149.0 106.2 • 107.1 ' 107.9 110.0 111.8 112. 8 43.3 ' 43.5 ' 43. 7 . 44.2' 44.6 • 44.5 ' 0.5 0.5 0.5 0.5 0.4> 0.5 , 86.2' 87.2' 88. 3 ' 89.1 90.0 90. 8 ' 48.3 48.4' 48.5 ' 48.5' 48.6 • 49.0 ' 46.7' 49.5 ' . 48.0 ' 48. C ' 48.1' 48.1' 498.2 ' l49.lt 114.7 V 45.0 ' 0.5 V 91.6 ' 49.1' 48.3 ' Ratios: Liquid Demand deassets posits and to gross currency national to gross product national product 7/ 7/ 10 81.0 ' 25.3 81.3 25. 1 81.6 , 24.9 81.7' 24.8 Commercial bank deposits and currency to liquid assets n + 3 '+ i) 11 52.9 * 52. 9 * 53.0 1 52.9 ' 52. 7 ' 52.8 ' 52.9 52.5 52. 7 ; 52.9 ' 53.0 ' 52.9 ' 52.9 ' For footnotes see next page, r ".Revised. # # # # # # # # # # # 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 12 months 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