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L.4.3 Not for publication F - r '' r 0 ; t , e$ :? January 18, 1965. 2 5 VJ6^ BANKING AND MONETARYI D^MIoPMENTS IN DECEMBER 1964 "Research L i o r o r y - Seasonally adjusted commercial bank credit increased moderately in December following a sharp rise in November. Major loan categories increased substantially while holdings of U. S. Government securities declined and holdings of other securities were unchanged. The seasonally adjusted money supply increased at a slower rate than in other recent months. Time deposits at commercial banks rose substantially further although less rapidly than in November. Seasonally adjusted total and required reserves increased. Member bank borrowings declined, averaging considerably less than excess reserves while in November they had slightly exceeded excess reserves. Bank credit. Seasonally adjusted loans and investments at all commercial banks increased $1.1 billion between November 25 and December 31 following a $4.1 billion rise in November. (All credit items have been estimated for December 31, the date to which the seasonal factors apply, rather than for the last-Wednesday, December 30.) A $1.5 billion increase in total loans was offset in part by a $400 million reduction in holdings of U. S, Government securities. Governments declined contraseasonally in early December reflecting in part secondary distribution of Treasury issues acquired in the late November financings but they subsequently rose somewhat as is usual. Holdings of municipal and other securities were unchanged after allowance for seasonal factors. Commercial bank credit increased about 8 per cent in 1964, the same as in 1963, but somewhat less than in 1962. Loan growth continued substantial; business loans rose a little faster than in the previous year but expansion in real estate and consumer loans slowed a little. Holdings of U. S. Government securities declined further although not as much as in 1963. The rate of acquisition of municipal and other securities, which had slowed markedly in the fall of 1963, continued at a reduced rate in 1964. Business loans at all commercial banks, seasonally adjusted, increased $800 million in December, somewhat more rapidly than in other recent months. Borrowing was unusually heavy early in the month, presumably in part to cover anticipated needs in advance of a possible increase in the prime rate. Borrowing also increased sharply in the week of the 16th which included both the tax and major dividend payment dates. Year-end borrowing was presumably large as is usual. Over the year, business loans at all commercial banks are estimated to have increased 10.8 per cent, slightly above last year's 9.2 per cent rise. At city banks in December, borrowing by public utilities, metals companies, and petroleum and chemicals companies was larger than in the comparable weeks of other years. Bank purchases of bankers 1 acceptances and loans to the service industries were also unusually large. On the other hand, borrowing by food processors and repayments by commodity dealers and trade concerns appeared to be of about seasonal volume. Seasonally adjusted real estate loans and consumer loans continued to show relatively substantial expansion in December. Over the year, however, growth was less rapid than in 1963. Real estate loans increased 11.3 per cent compared with 14.3 per cent in 1963 and consumer loans increased 9.7 per cent compared with 12.7 per cent in 1963. Security loans, seasonally adjusted, declined $800 million in December, reflecting in part repayments following the unusually high level of borrowings in late November at the time of the Treasury financing. Over the year, security loans were about unchanged. Seasonally adjusted loans to nonbank financial institutions showed little further change in December. Over the year, these loans increased 11 per cent compared with 20 per cent in 1963 and 17 per cent in 1962. An unusually large increase in "all other" loans reflected bank purchases of the $450 million ExportImport Bank participation certificates sold in late November. Money supply, turnover, and time deposits. The seasonally adjusted money supply increased $300 million in December, considerably less than the average monthly rise in the August-November period. Expansion was substantial in early December but slackened in the second half of the month. Over the year, the money supply rose 4 per cent compared with 3.8 per cent in 1963. Seasonally adjusted turnover of demand deposits at 343 centers outside New York averaged 35.2 in December, slightly below the 35.5 rate in November. Over the last eight months of the year, turnover fluctuated somewhat below the 36.0 postwar peak reached in April. Over the year turnover averaged 5.2 per cent higher than in 1963, but in the last quarter of 1964, it averaged only 3.7 per cent above the rate in the corresponding months of 1963. Seasonally adjusted time and savings deposits at all commercial banks increased $1.4 billion in December, well below the sharp $2 billion November rise but somewhat above the substantial monthly increases in the August-October period. Over the year, time and savings deposits increased 12.6 per cent compared with 14.7 per cent in 1963. Most of the December increase occurred in the first half of the month, reflecting in part an unusually large inflow of State and local government funds in the New York and San Francisco Districts. Growth moderated in the second half of December. At weekly reporting banks, growth in savings deposits in December exceeded last year's expansion by a wider margin than in the three preceeding months. Bank reserves. Seasonally adjusted total and required reserves increased somewhat further in December. After the increase in the discount rate in late November, member bank borrowings declined substantially to an average of $243 million in December from the temporarily high $430 million average in November. Excess reserves at $411 million in December were slightly higher than in November. Free reserves averaged $166 million compared with net borrowed reserves of $33 million in November. Reserves were supplied principally by System purchases of U. S. Government securities and by an increase in float and were absorbed by an outflow of currency and a build-up in Treasury deposits at the Reserve Banks. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. January 18, 1965. 1 . 4 . 3 - E X H I B I T A, Port 1 L O A N S A N D INVESTMENTS AT A l l COMMERCIAL B A N K S B i l l i o n s of d o l l a r s sojiolly o dj m 11 • d| I 0 T A I 10ANS AND INVESTMENTS ISO 1 4 0 100 U.S. 6 0 V I . SECURITIES) • I.. 11WS1""' T ' " m+4 OTHER SECURITIES • to 19Sf 1940 1943 1941 # 194S i Exhibit A - Part II Date Total (In 1960—Dec. 31 1961—Dec. 31 1962—Dec. 31 1963--June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 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 1/ Loans 1/ b 1 1 1 i o n s U. S. Gov't, Other securities securities of d o 1 1 a r s) 1) 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/ 238.4 238.0 239.2 241.5 241.2 244.2 246.5 141.7 142.6 143.6 145.4 146.1 148.4 149.4 64.4 62.6 62.0 62.2 60.8 61.4 62.1 32.3 32.8 33.6 33.9 34.3 34.4 35.0 p p p p 2/ 246.7 248.4 251.4 251.8 253.5 256.3 254.5 258.7 261.7 260.8 264.9 266.0 151.0 151.8 153.9 155.4 157.3 160.0 159.7 161.5 163.0 163.1 165.2 166.7 60.8 61.2 62.1 60.8 60.3 60.0 58.4 60.2 61.2 59.9 61.3 60.9 34.9 35.4 35.4 35.6 35.9 36.3 36.4 37.0 37.5 37.8 38.4 38.4 1/ Adjusted to exclude interbank H 2/ Estimated as of December 31. loans. 1.4.3. - E X H I B I T B, Port 1 LOANS AT ALL COMMERCIAL BANKS • lllton* e l dell«»» lost W.dn.iday ol inonHI, t.otonally oJ|m»I«<I • USIHE SS *1*1 ISUll ! SECURITY nil"'1""11 mi ; 11*1 Exhibit"B - Part II Real estate Business Date Consumer d o 1 1 a r a) (In b i 1 1 i 0 n £i 1960—Dec. 31 1961—Dec. 31 1962——Dec. 31 l/ 42.1 43.9 47.6 28.6 30.2 34.2 20.6 21.1 23.7 4.4 5.2 1963—June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 1/ 49.4 49.6 49.7 50.1 50.7 51.5 52.0 36.7 37.2 37.6 38.0 38.4 38.8 39.1 25.3 25.5 25.7 25.9 26.2 26.5 26.7 6.6 6.6 6.6 52.5 52.9 53.0 . 53.6 54.1 54.6 55.1 55.5 56.1 56.3 56.8 57.6 39.5 40.0 40.4 40.6 41.0 41.4 41.7 42.0 42.5 42.8 43.1 43.5 26.8 27.I 27.4 27.6 27.8 28.0 28.2 28.4 28.7 28.9 r 29.1 29.3 7.5 6.9 7.3 7.4 7.7 196^—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 2? June 30 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 l/- Estimated http://fraser.stlouisfed.org/ - Louis Revised. Federal Reserve Bank r of St. p p p Pi/ as of December 31 0 f Security 6.2 7.0 6.5 7.3 6.7 8.0 7.8 7.8 7.6 7.1 7.7 6.9 Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Nov. Dec-, k/ Mar. Apr. May June July Aug.. Sept. p liiZ +li2 +2.8 -1.8 +4^ +3.0 Jan. Feb. +0^2 Oct; Nov. Dec. +ful +1.1 -0.4 lb Item +0.4 U. S. Gov't, securities •0.6 *0.7 -1.3 +0.4 +0.9 -1.3 -0.5 -0.3 -1.6 +1.8 +1.0 -1.3 +1.4 Other securities +0*1 +0.6 -0.1 +0.5 y +0.2 +0.3 +0.4 +0.1 +0.6 +0.5 +0.3 +0.6 Loans 2/ +2,3 +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 Business •0*8 +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 Real estate *0.4 +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 Consumer • o * 3 +0.2 +0.1 +0.3 +0.3 +0.2 +0.2 +0.2 +0.2 +0.2 +0.3 +0.2 r +0.2 +0.2 Security + 0 . 8 -0.6 + 0 . 8 -0.6 +0.4 +0.1 +0.3 +0.3 -0.2 y -0.2 -0.5 +0.6 Nonbank financial y +0.2 -0.3 +0.2 +0.4 +0.1 +0.2 +0.5 - 0 . 7 +0.1 +0.3 y +0.2 y Agriculture y *0*1 y - 0 . 2 +0.1 +0.1 +0.2 -0.1 +0.1 +0.2 +0.1 -0.1 +0.1 —0.1 Loans and Investments 2/ j ! j All other +0*1 + 0 . 2 +0.2 +0.3 +0.3 +0.5 +0.2 +0.6 -0.2 +0.1 +0.1 +0.2 | +0.2 Total loans excluding security 3/ +1.6 +1.3 +0.9 +1.5 +1.6 +1.7 +1.7 +2.1 +0.2 +1.3 +1.9 + 0 . 8 j +1.6 Total loans excluding security and nonbank financial 3/ ! y -0.8 y + o . 7 +2.0 1 +1.6 +1.1 +1.2 +1.3 +1.2 +1.6 +1.5 +1.6 +0.9 +1.2 +1.6 | L +0.8 j i , , *2.0 , 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 su je to revision. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. 3/ Derived by addition of items and not by subtraction from total loans. k/ Increase in "all other11 reflects bank purchases of *4$0 million of Export-Import Bank certificates* # / 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) Last Wednesday of November to end of December Item All commercial banks Total loans U, S. Gov't, securities Other securities Total Weekly reporting banks Total loans U. S, Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total 1964 y 1963 2/ 1962 2/ 1961 I960 1959 1958 +6.3 +5.3 +5.6 +0.8 +4.4 +0.4 +3.3 +0.8 +0.6 +2.7 +0.4 +0.2 , +2,8 -1.3 +2.5 +0.9 +2.4 +0.4 +2.0 —0.6 +3.9 +2.9' +0.8 +0.3 +0.1 +1.1 4 1 . 0 +5.3 w x - +5.0 +0.4 + 0 ^ +5.9 +4.2 +1.1 +0.6 +5.9 +1.3 -0.3 +4.5 +3.7 +6.0 +0.4 T O +1.1 -0.4 +0.1 +1.2 12^1 +0.2 T O _ i L +1.0 +0.3 -0.1 +oa- +0.7 +0.1 +Q.3 +1.7 +oa +1.5 +0.8 +oa —0.7 +&2 1959 195& V +0.5 +0,2 Year ended December Item All commercial banks; Total loans U. S. Gov't, securities > Other securities Total Weekly reporting banks Total loans U, S. Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total 1964 2/ +17.8 -1.0 +20.2 +9.8 -0.1 +1.8 +10.5 1963 y +16.0 -3.0 +iH +9.2 -3.3 1962 y +14.0 -0.2 H A +6.7 +2.1 +7.9 -1.9 +3.5 +6.8 +6.1 +1.7 +9.3 +7.2 +5.6 +15.9 i M +9.7 +0.3 +2.2 I960 +19.2 i M +9.5 1961 i M +9.5 +0.4 +9.1 +3.6 +2.0 +9.1 2/+12.5 S/-7.4 l/rM &/+5.0 +8.1 +2.6 +15.1 +7.7 -7.0 -0.4 +0.7 +5.5 2/+4.8 S/-0.4 +3.6 +2.6 +0.3 +3.7 +2.0 +4.0 —0.4 + 0 ^ 3 +0.2 +7.5 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 I f million in loans; $300 million in U. S. Gov't, securities; and $100 million in other securities. Estimated as of December 31, 1962, and December 311 1964 for all commercial banks 2/ atnd weekly reporting banks and for all commercial banks, December 31, 1963. # Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of November to end of December 1/ Business of borrower End of December to end of December 1964 1963 1962 <&1961 I960 1964 & * 1963 ^ Food processors Commodity dealers Trade concerns Total +146 - 36 -240 -130 + 68 - 33 + 14 r%9 +110 - 4l •137 *156 +108 + 81 -275 + 73 + 16 +105 +194 + 59 +311 " Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker1s acceptances Other, mainly services +172 - 77 +208 + 57 - 55 +16 + so - 94 ' + 5 +126 - 40 + 29 +480 +267 +351 - 2 +183 - 73 - 91 +215 +123 +210 1/ 2/ 3/ — 86 m 2 - 28 .1962 1961 I960 + 34 - 20 + 55 +135 + 8 +198 + 21 -171 +346 +196 - 77 +149 + 8 + 80 +111 - 76 -419 - 64 - 44 +397 + 58 + 7 +423 +145 +164 +4§6 n.a. n.a. +468 - 50 +106 +832 n.a n.a. +325 + 13 +131 +466 n.a. n.a. +2p +765 - 69 + 89 - 89 +167 + 14 +115 n.a. n.a. +258 +433 +1,016 n.a. n.a. +484 +158 +147 +522 n.a. n.a. +367 +668 - 38 +222 - *382 +346 n.a. n.a. n.a. n.a. +220 n.a. n.a. Classified Unclassified +1,357 +214 +521 +139 +232 +147 . +816 + 80 +202 + 37 +3,329 +932 +2,157 +535 +1,729 +518 +1,028 -264 +1,592 -101 Total change +1,571 +660 +379 +896 +239 +4,261 +2,692 +2,246 +764 +1,491 Five most comparable used throughout* However, because of sharp changes around the turn-of-the-year, dating differences make interpretations difficult. Periods end Dec. 30, 1964: Dec. 25, 1963; Dec. 26, 1962, Dec. 27, 1961, and Dec. 28, I960. These data cannot be linked with all commercial bank data# Changes for 1964 are compiled from December 25, 1963, rather than from December 31, 1963; the December 25 date is more comparable with earlier years, e.g., December 26, 1962, and December 27, 1961. However, these data cannot be linked with all commercial bank data which are always for December 31. Through December 25• Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1957—Dec. 1958—Dec. 1959—June June 6K. 1960—Bee. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 1963—~Jan. Feb. Mar. Apr. Kay June 30 27 2? 24 29 29 (old) (new) 1/ (est.) July 31 Aug. 28 Sept. 25 Oct. 30 Nov. 27 Dec. 31 (est.) 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p Oct. 28 p Nov. 25 p Dec. 31 p (est.) Loans and investments D. S. Gov't. Other securities Total loans Business Real estate Security Farm Consumer 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 58.2 66.4 60.9 60.9 38.9 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 23.7 229.1 230.4 231.9 232.3 233.6 239.1 66.2 65.3 64.8 64.0 63.0 63.5 29.5 47.3 47.7 32.4 133.4 135.2 136.4 136.9 138.9 143.1 48.6 48.6 48.8 49.9 34.5 34.7 34.9 35.4 36.0 36.7 3.6 6.5 6.0 5.8 6.0 6.9 7.4 7.4 7.5 7.4 7.5 7.5 24.0 24.2 24.7 25.1 25.5 237.8 237.1 241.9 242.4 245.0 252.4 62.5 62.3 63.4 32.9 33.7 34.2 34.5 34.1 35.1 142.4 142.5 146.0 .146.0 148.6 153-9 49.0 49.2 50,1 50.6 51.9 53.7 37.3 37.8 38.2 38.6 39.0 39*2 6.4 6.1 7.4 6.5 7.0 7.9 7.2 6.8 7.0 7.3 7.4 7.4, 62.1 61.5 61.5 60.1 59.1 59.3 58.3 58.8 ' 60.6 61.1 34.6 35.1 35.6 35.8 35.8 36.4 36.5 37.1 37.8 38.0 149.5 150.6 152.8 154.7 156.7 161.1 159.4 163.7 163.0 51.8 52.4 -53.2 53.4 53.9 55.1 54.4 54.9 56.1 56.2 39.5 39.8 40.0 40.4 40.8 41.4 41.8 42.2 42.7 43.0 7.1 6.9 7.1 7.2 7.5 8.3 7.6 7.2 . 8.0 7.1 62.3 62.4 38.0 38.5 165.4 171.7 57.2 59.6 43.4 43.6 7.4 8.1 246.2 247.2 249.9 250.6 251.5 257.3 254.3 256.1 262.2 262.1 265.7 272.6 60.9 61.8 29.9 30.7 31.4 31.7 . 62.0 • 160.2 . _ 23.8 Nonbank financial institutions All other 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 -— 5.9 7.1 7.1 7.3 8.5 7.5 7.7 10.1 10.0 8.0 9.9 7.6 7.8 10.2 10.6 8.6 11.0 25.7 26.0 26.1 26.3 26.5 26.7 8.9 8.7 9.1 8.6 8.6 10.2 10.8 7.5 7.4 7.5 7.6 7.7 7.7 7.6 7.4 7.5 7.6 26.6 26.8 27.0 27.4 27.8 28.2 28.5 28.7 28.9 29.0 8.6 8.8 9.3 9.3 9.3 10.5 9.5 9.7 10.2 9.6 . 11.5 11.7 11.8 7.8 7.8 r 29.1 29.3 9.7 11.4 . 10.8 11.0 11.1 11.3 11.8 12.4 13.0 13.8 13.3 13.4 13.6 13.8 Y 14.0 15.1 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. "business loans" and "all other loans" have revised to exclude loans to nonbank financial institutions. \ f I n c r e a s e d "all other" reflects bank purchases of $450 million of Bxport-Emport Bank certificates. Exhibit G Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L 0 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 Member banks Reserve city banks New York City of Other Citv Chicago Total 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 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 30 58.8 59.3 59.3 60.2 60.8 60.7 61.1 61.1 60.5 60.5 60.8 61.1 60.0 60.5 60.5 61.4 61.9 61.9 62.2 62.2 61.6 61.6 62.0 62.2 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 66,0 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 p p p p 1/ . All commercial banks 2/ 2/ J/ 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 6,3 n.a. '-'-•T/ 7 "" • vwy* Miuv^b MWVV*. UKjlVW't-US 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 #re on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. 2/ 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, 1 1-4.3. » EXHIBIT H, Port 1 DEPOSITS A N D CURRENCY A N D T U R N O V E R O f D E M A N D DEPOSITS Seaio nolly odjutte d; dopo«it», »• «wi-month! y average* of dotty Mqorei; turnover, monthly A" Billion# ol dollori) | 40 WO MiY SUfiLL - - 1 3$ / V jetiovii lilSfJlfm. - T 30 s ~ liO v>V - i-\ , ~ 4 ' J20| - las 2$ - II Ml A N D $ tVINGS DIPOSITS; - •0 20 • - - 15 4 I r -A-flVt •0 i U.S. 60YI. fIfOSITS I Not od|w#t*d for #*o*omor""—| I I I I I I I I I I I II I I I I I I I I Exhibit H Sea s o n a 1 1y Period M o n €s y Total mi Part II A d j u s t e d S u p \> l y Demand deposits mi Currency Time and savings deposits Il a t a Turnover 343 centers outside NY U. S. Gov't, deposits 117.1 120.7 30.6 32.4 97.9 112.3 31.3 33.9 5.6 5.2 156.7 157.2 158.0 158.6 159.1 159.4 123.3 123.5 124.2 124.7 124.9 125.2 33.5 33.7 33.8 33.9 34.2 34.2 119.4 120.6 121.7 123.1 125.1 126.5 35.6 35.1 35.1 35.5 35.5 35.2 7.0 6.4 6.6 5.6 5.8 5.5 1964—Oct. (1) (2) 158.9 158.2 125.0 124.3 33.9 34.0 122.7 123.4 n.a. n.a. 6.8 4.5 Nov. (1) (2) 159.3 158.9 125.1 124.7 34.2 34.2 124.4 125.8 n.a. n.a. 4.6 7.0 Dec. (1) (2) p 159.4 159.4 125.2 125.2 34.2 34.2 126.3 126.7 n.a. n.a. 4.9 6.1 1962--December 1963—December 147.6 153.2 1964—July August September October November December p p - Preliminary. , 1.4. 3 - - - E X HI BIT I . P o r I 1 S ^ V T N ^ G R D I P B S I T R R F MEMBER BANKS IN LEADING.CITIES 70 TOTAI TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS OE INDIVIDUALS, PAITNEISMPS, AND C01P0BATI0NS OTHEI TIME DIPOSITS i mi j 1962 Exhibit I - Part II Time Period Total ( I n and S a v i ngs 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 of d 0 1 1 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 65,478 65,612 40,061 40,255 16,464 16,288 8,953 9,069 2 65,670 66,059 65,971 66,322 66,797 40,312 40,343 40,371 40,431 40,652 16,237 16,431 16,024 16,189 16,407 9,121 9,285 9,576 9,702 9,738 1961—Apr. Dec. 1962—Dec. 1963—Dec. Dec. 9 16 23 30 J7 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) Excess reserves Free reserves (excess reserves minus borrowings) Date All member Monthly averages: 1956—December 1957—December 1958—December 1959—December 1960—December 1961—December 1962—December 1963—June July August September October November December 1964—January February March April May June July August September October November December p Reserve City Banks City of New York Other Chicago City - 36 -133 - 41 -424 669 419 268 • 91 -105 - 80 -109 - 86 -203 • 77 - 32 •104 - 4 -228 - 50 - 22 - 62 - 11 -197 -449 80 20 - 52 138 161 133 91 94 33 209 - 59 15 - 80 - 55 - 99 - 74 19 - -111 171 91 98 162 78 118 132 79 90 103 - 33 168 10 - 23 - 7 - 17 - 2 - 26 - 1 - 18 - 22 - 16 7 - 12 - 27 - 41 -108 - 21 - 93 -138 -122 - 22 -116 - 11 - 36 - 89 - 86 - 14 - 3 - 14 - 19 - 8 - 34 - 34 - 26 - 86 - 17 - 32 - 13 -149 - 75 - 87 - 54 - 78 -112 -115 -103 -155 -139 -118 -177 -104 Country All member Borrowings Total reserves held seasonally adjusted 1/ All member All member 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 19,548 314 308 315 295 298 281 334 374 483 463 412 407 409 536 236 322 330 321 313 376 327 19,848 20,020 19,898 20,025 19,923 19,994 20,240 334 275 255 255 218 247 272 264 279 281 246 317 427 395 357 375 333 388 397 413 421 412 397 411 256 304 259 213 255 270 265 334 331 309 430 243 20,250 20,270 20,459 20,478 20,403 20,682 20,663 20,751 21,011 20,948 21,034 21,087 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, I # # # E # E # # # # ^ Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series \J (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and , currency 2/ 2 Commercial banks 3/ Mutual" savings banks Postal Savings System Savings 0. S. Gov't, and loan savings shares 4/ bonds 5/ U. S. Gov't, securities maturing within one year 6/ 8 3 4 5 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 1963 Aug. Sept. Oct. Nov. Dec. 482.5 483.9 489.0 493.2 495.3 146.2 147.1 148.8 149.6 149.6 107.1 1Q7.9 110.1 111.9 112.9 43.5 43.7 44.2 44.6 44.5 0.5 0.5 0.5 0.4 0.5 87.2 88.3 89.1 90.0 90.8 48.4 48.5 48.5 48.6 49.0 49.5 48.0 47.9 48:1 48.1 1964 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 498.8 499.5 503.9 505.9 507.5 511.3 511.7 514.7 520.7 522.9 526.2 529.9 149.5 148.4 150.2 149.9 149.6 151.1 151.8 152.1 154.8 154.6 154.6 156.1 114.8 115.5 115.-9 117.0 117.9 118.6 119.8 120.6 121.9 123.7 125.7 126.9 45.0 45.4 45.6 46.0 46.3 46.8 47.1 47.5 47.9 48.3 48.6 48.8 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.8 95.7 96.5 97.7 99.0 99.7 100.6 101.4 49.1 49.0 49.0 49.1 49.1 49.2 49.3 49.3 49.4 49.4 48.6 48.4 49.3 49.5 49.4 49.4 46.7 47.1 47.4 46.8 46.7 46.4 1 p p p p For footnotes see next page. 49-5 49.9 Liquid assets to gross national product 7/ 9 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 r 1) 11 10 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 81.8 25.0 81.9 24.8 82.0 24.5 82.0 24.3 81.9 24.3 82.9 24.5 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 52.5 52.7 52.9 53.0 53.0 53.0 52.8 52.8 52.8 52.7 52.7 53.1 53.0 53.2 53.2 53.3 53.4 # 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).
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