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0 t W o n " , „v E S JAHKMB ASP MOKETAET DEVELOPMENTS IN DECEMBER I960 W Bank c r e d i t . T o t a l c r e d i t a t a l l commercial banks increased $3.8 b i l l i o n in December, probably a postwar record expansion f o r t h i s month. Loans rose by a near record $2.4 b i l l i o n , mainly temporary tax and dividend r e l a t e d borrowing by s e c u r i t y dealers and finance co%#anles. Holdings of U. S. Government s e c u r i t i e s rose $900 m i l l i o n , somewhat more than usual, in s p i t e of the f a c t t h a t t h e r e was no Treasury cash financing as f r e q u e n t l y occurs in December. A l l the increase was in issues maturing within one y e a r . Holdings of other s e c u r i t i e s a l s o rose more than in December of other recent y e a r s . This y e a r ' s accelerated increase in investment holdings was concentrated a t weekly reporting banks in leading c i t i e s . Loan expansion was r e l a t i v e l y strong a t both c i t y and outside banks• Since June, t o t a l loans and investments a t a l l commercial banks have increased $11*2 b i l l i o n , about twice as much as in most other recent years and somewhat more than the previous record growth in the comparable period of 195%. Over 60 per cent of the t o t a l expansion was in holdings of U. S . Government s e c u r i t i e s , which rose a record amount. Holdings of other s e c u r i t i e s showed near-record growth. Loan expansion, however, was smaller than in any other recent year except 1957* The sharp expansion in c r e d i t in the second half of i960 was concentrated a t banks in leading c i t i e s . At banks outside leading c i t i e s , c r e d i t growth was s u b s t a n t i a l , but not as large as i n the comparable period of 1958. At both groups of banks, a d d i t i o n s t o investment holdings accounted f o r t h e g r e a t e r p a r t of the expansion. Over the year i960 t o t a l c r e d i t expansion exceeded $8 b i l l i o n , or somewhat more than half the record r i s e of $15 b i l l i o n in 1958. The sharp second-half r i s e followed a larger-than-usual reduction e a r l y in the y e a r . Loan growth t o t a l e d nearly $6 b i l l i o n , about half t h a t of the previous year, with a l l major categories of loans showing smaller increases. Business loans a t a l l commercial banks increased $300 million in December, considerably l e s s than in the same month of other recent y e a r s . Midmonth tax and dividend borrowing was l a r g e r than l a s t year but so were net repayments e a r l y and l a t e in December. Corporate tax payments during December were about the same as in December 1959 but t h e r e were no m t u r i n g tax b i l l s t o apply against t h i s y e a r ' s taxes as t h e r e were a year ago. In December, loans t o food processors and commodity dealers increased about as usual while seasonal repayments by t r a d e concerns were l a r g e r than usual. Loans t o metals companies and public u t i l i t i e s rose l e s s than in December of other recent y e a r s , while loans t o petroleum and chemicals companies rose more. Loans t o t e x t i l e manufacturers continued t o show a more-thanseasonal d e c l i n e . Since June, business loans have increased only $500 million compared with $2.4 b i l l i o n l a s t year and $3.7 b i l l i o n in 1955. I n the f i r s t half of i960, growth in business loans had been only s l i g h t l y l e s s than in the f i r s t h a l f of 1959 and 1955• Over the second h a l f of i960, seasonal borrowing by food processors and commodity dealers was close t o the average Hot f o r p u b l i c a t i o n L.4.3 — 2 — of previous years but t h a t by t r a d e concerns was l e s s , Metals companies reduced bank loans by a record amount f o r the p e r i o d . Loans t o t e x t i l e manufacturers rose more than usual, but loans t o petroleum and chemicals companies and public u t i l i t i e s rose l e s s . Loans t o noribank f i n a n c i a l i n s t i t u t i o n s rose $800 m i l l i o n in December, about the same as l a s t year but more than in December of most other recent y e a r s . Most of the r i s e was in loans t o finance companies, which generally borrow from banks a t t h i s time of year t o r e t i r e open market paper held by nonf inaneial corporations. Since June, to finance companies have declined somewhat conpared with increases in most other y e a r s . This y e a r ' s reduction has been associated with s u b s t a n t i a l c a p i t a l market financing by these i n s t i t u t i o n s . Security loans increased $900 million in December, a l a r g e r increase than u s u a l . Most of the r i s e was in loans t o Government s e c u r i t y dealers which rose sharply in mid-December when corporations were s e l l i n g s e c u r i t i e s t o meet t a x and dividend payments. The $1.3 b i l l i o n r i s e since midyear has exceeded tfcat of any other comparable period, but the $ 1 . 1 reduction in the f i r s t half of i960 had a l s o been unusually l a r g e . Consumer loans increased moderately f u r t h e r in December bringing the t o t a l r i s e since June t o $400 million, l e s s than half as much as the sharp increases in t h e comparable months of 1959 and 1955 but about the same as in other recent y e a r s . F i r s t h a l f expansion had a l s o been below t h a t of 1959* Beal e s t a t e loans declined f u r t h e r in December a t c i t y banks but probably continued t o expand slowly a t banks outside leading c i t i e s . Deposit r a t i o s . The r a t i o of t o t a l loans t o t o t a l deposits a t a l l commercial banks was about unchanged in December a t 55.5 per c e n t . I t had a l s o shown l i t t l e change in November following some decline from the e a r l y summer peak. The r a t i o of U. S . Government s e c u r i t i e s maturing within one year t o t o t a l deposits rose f u r t h e r t o 8 . 1 per cent in November. This r a t i o has been r i s i n g s t e a d i l y since June and i s now higher •hVm a t any other time since l a t e 1958. P e g ° and currency. The d a i l y average money s u p p l y increased ?o00 million on a seasonally adjusted b a s i s between the second h a l f of November and the second half of December. This followed a decline of $1.3 b i l l i o n in t h e comparable period a month e a r l i e r . Since June, t h e money supply has Increased a t an annual r a t e of 1 - 1 / 2 per cent but the current l e v e l Is s t i l l almost 1 per cent below t h e l e v e l a year ago. The seasonally adjusted l a s t Wednesday of month money supply s e r i e s increased $200 m i l l i o n in December, a l s o following a s u b s t a n t i a l decline in November. Over t h e year, i t has declined $1.2 b i l l i o n or almost 1 per c e n t . s l t s Time deposits a t commercial banks increased s u b s t a n t i a l l y f u r t h e r in December (estimated through December 31), bringing the increase since "to about fif b i l l i o n , a record growth f o r the p e r i o d . Over the year 190O, the $5.6 b i l l i o n r i s e in these deposits was below t h e record $7 b i l l i o n increase of I958, r e f l e c t i n g r e l a t i v e l y small growth in t h e f i r s t half of the y e a r . Deposit growth a t mutual savings banks in recent months has been considerably l a r g e r than l a s t year and somewhat l a r g e r than in most other Not f o r p u b l i c a t i o n L.4.3 - 3 - years although not of record proportions. Over t h e year as a whole, however, these deposits Increased somewhat l e s s than In a l l other recent years except 1959. Savings and loan shares Increased an estimated $7.5 b i l l i o n in i960, s u b s t a n t i a l l y more than in any previous y e a r . Deposit t u r n o v e r . The seasonally adjusted annual r a t e of demand deposit turnover a t banks outside Hew York and other f i n a n c i a l centers declined from 26.2 in November t o 25*1 (preliminary) in December. This was about 1 per cent above the l e v e l in December 1959. Over the p a s t six months, however, turnover has averaged 4 per cent above t h e comparable period l a s t year. Bank r e s e r v e s . Member bank reserve p o s i t i o n s eased f u r t h e r in December and f r e e reserves rose t o $6?0 million from $615 m i l l i o n in November. Average excess reserves remained a t $760 m i l l i o n while borrowings declined t o $90 m i l l i o n . Free reserves a t both reserve c i t y and country banks increased somewhat in December. During December, on a d a i l y average b a s i s , reserves were supplied by an increase of # 2 0 million in Beserve Bank f l o a t bringing t h e December l e v e l somewhat above t h a t of other recent y e a r s . Cash allowed as reserves increased $1.3 b i l l i o n r e f l e c t i n g , on a carry-over b a s i s , the November 24 Federal Beserve Board a c t i o n authorizing banks t o count a l l v a u l t cash in meeting reserve requirements. Be serves were absorbed p r i n c i p a l l y by a currency outflow of $545 m i l l i o n and a reduction of $625 m i l l i o n In System holdings of U. S. Government s e c u r i t i e s . Gold outflow continued heavy but was o f f s e t in p a r t by a gold purchase of $300 million from the I n t e r n a t i o n a l Monetary Fund e a r l y in t h e month. There were a l s o small drains from other f a c t o r s . Bequired reserves increased $265 m i l l i o n ; a sharp increase a t the mldmonth associated with c r e d i t expansion around t h e t a x date was o f f s e t in p a r t by reductions e a r l y in the month. A small p a r t of t h e r i s e i n required reserves r e f l e c t e d the carry-over e f f e c t of the increase in reserve r e q u i r e ments a t country banks on November 24 o f f s e t in p a r t by the reduction in reserve requirements a t c e n t r a l reserve c i t y banks on December 1. Not f o r p u b l i c a t i o n Banking Section, Division of Besearch and S t a t i s t i c s , Board of Governors of t h e Federal Beserve System January 13, 1961 L.4.3 - 4 Table 1 Estimated Changes in Loans and Investments a t All Commercial Banks (In b i l l i o n s of dollars) Item Last Wednesday of Nov. to end of Dec I960 | 1959 I 1956 I 1957 I 1955 +2.8 +2.7 +1.7 +1.5 +2.4 Total loans ( l e s s interbank) Business Iexcluding nonbankfinancial +0.8 or sales finance companies) 2/ +0.3 +0.9 Nonbank f i n a n c i a l +0.8 y Sales finance companies &/. (Business (including nonbank f i n a n c i a l or sales finance companies)) +i.D ^+1.7) +0.2 Real e s t a t e +0.1 +0.8 Security+0.9 +0.1 Agricultural +0.2 Consumer +0.1 All other 2/ +0.2 % +0.6 n.a. +0.5 +0.3 n.a. (+1.1) +0.3 +0.8 +0.1 y +0.2 +0.3 +0.6 +0.4 n.a. +0.5 +0.4 n.a. (+0.9) (+0.9) (+0.9) +0.6 +0.1 +0.5 +0.1 +0.3 +0.1 +0.1 +o.4 +0.1 y y +0.1 U. S. Government s e c u r i t i e s *0.9 +0.4 -1.3 +1.3 Other s e c u r i t i e s +0.5 +0.2 +0.3 +0.5 y +3.8 +3.4 +1.7 +3.4 +1.8 Total ( l e s s bank) Item +1.8 +0.5 +0.1 +0.2 +0.2 y +0.2 +0.1 +2.1 Last Wednesday of Nov. to end of Dec HL 1952 I 1951 I 1950 1954 I 1953 1949 +1.0 +1.1 +1.0 +0.4 +1.5 +0.7 Total loans ( l e s s interbank) Business (excluding nonbankfinancial +0.1 or sales finance companies) 2/ n.a. Nonbank f i n a n c i a l +0.2 Sales finance companies (Business (including nonbank f i n a n (+0.3) c i a l or sales finance companies)) +0.2 Real estate +0.7 Security +0.1 Agricultural +0.1 Consumer +0.1 All other 2/ y n.a. +0.2 n.a. +0.4 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (-0.6) (+0.4) (+0.6) (+0.8) +0.6 +0.5 +0.4 +0.1 y +0.4 -0.2 +0.3 +0.1 +0.1 —0.1 n.a. n.a. n.a. n.a. +0.1 n«3 • —0 • 8 yc +0.1 +0.1 +0.1 y +0.1 1/ +0.1 U. S. Government s e c u r i t i e s -1.1 -0.3 —0.8 —0.1 +0.3 +0.1 Other s e c u r i t i e s +0.1 +0.1 —0.1 +0.3 +0.3 +0.2 +0.6 +0.6 +0.2 +1.6 +0.6 Total ( l e s s bank) +1.3 1/ Less than $50 million, n.a.—Not a v a i l a b l e . 2/ Data a r e on revised basis beginning June 1959 and exclude loans to nonbank f i n a n c i a l i n s t i t u t i o n s . For previous years, loans t o sales finance companies a t weekly reporting banks have been shown separately to provide roughly comparable changes in business loans on revised b a s i s . V Except for i960,which i s f o r December 28, dates are f o r December 31. it/ Included with nonbank f i n a n c i a l . J?/ Not s t r i c t l y comparable with previous data since a l l nonbank f i n a n c i a l are included rather than sales finance only. Not for Publication L.4.3 - 5 Table 1 Not f o r p u b l i c a t i o n Estimated Changes i n Loans and Investments a t A l l Commercial Banks ( i n b i l l i o n s of d o l l a r s ) Item End of June t o end of December 6/ I960 3/11959 3/4/(1956 3/11957 3/ "1955" Total loans ( l e s s i n t e r b a n k ) 43.2 Business I excluding nonbank f i n a n c i a l or s a l e s f i n a n c e companies ) 2 / +0.5 Nonbank f i n a n c i a l -0.1 Sales f i n a n c e companies A (Business ( i n c l u d i n g nonbank f i n a n - 8 c i a l or s a l e s finance companies)) • T * > J 0 +o.k Real e s t a t e +1.3 Security +0.3 Agricultural +0.4 Consumer +0.2 A l l other 2 / / 1955 +7.2 +3.6 +1.2 +3.4 +2.4 +1.2 +1.2 n.a. +0.3 n.a. —0.1 +0.1 +2.5 ^+3.7 n.a. n.a. +0.1 +0.7 (+1.5) +1.6 +0.5 1/ H * 3.6, +1.2 +0.8 +1.3 +0.5 -1.0 +0.4 +0.2 +0.9 II Ci/) +0.3 (+2.6) J+4.U5/ +0.7 g/+1.0 -0.2 +o.4 +0.1 -0.1 +0.4 +0.2 +0.1 +7.3 +0.6 +0.1 +1.1 +0.2 U. S. Government s e c u r i t i e s +7.1 -2.0 +2.2 +2.7 +1.9 -1.7 Other s e c u r i t i e s +0.9 -0.1 +0.4 +1.1 —0 • 2 -0.1 +11.2 +5.3 +6.2 +5.0 i +5.1 Total ( l e s s bank) Item End of June to end of December 6/ 1954 I 1953 I 1952 I 1951 I 1950 +3.2 Total l o a n s ( l e s s interbank) Business (excluding nonbank f i n a n e i a l +0.7 or sales f i n a n c e companies) 2/ n.a. Nonbank f i n a n c i a l Sales f i n a n c e companies (Business (including nonbank f i n a n c i a l or s a l e s f i n a n c e companies )) (+0.7) +1.2 Real e s t a t e +0.7 Security+0.1 Agricultural +0.1 Consumer +0.4 A l l other 2/ y +5.5 W +2.6 +4.9 +2.9 +7.5 +1.9 -0.1 n.a. -0.1 +2.1 n.a. +0.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. (-0.2) (+2.2) +0.4 -0.1 +0.3 (+5.0) y (+2.6) +0.7 +0.1 +0.3 +1.1 +0.3 (+0.6) +0.5 +0.8 +1.3 +0.3 y +0.1 +0.8 +0.6 +0.5 -0.3 +0.2 +0.7 +0.3 +1.1 +0.1 ya U. S. Government s e c u r i t i e s +5.5 +4.8 +2.1 +3.0 -3.7 +3* 8 Other s e c u r i t i e s +0.8 +0.4 +0.1 +0.6 +1.2 +0.7 +6.6 +7.2 +4.9 1 +6.4 +9.5 +7.7 Total ( l e s s bank) YJ Less than $50 m i l l i o n , n.a.—Not a v a i l a b l e . 2/ Data a r e on revised b a s i s beginning June 1959 and exclude loans to nonbank f i n a n c i a l i n s t i t u t i o n s . For previous y e a r s , loans to s a l e s f i n a n c e companies a t weekly r e p o r t i n g banks have been shown separately to provide roughly comparable changes i n business loans on revised basis. Data are f o r l a s t Wednesday of June, h / Total c r e d i t increased about $300 million a s a r e s u l t of bank s t r u c t u r e changesj loans i n c r e a s e d about $200 m i l l i o n and U. S. Government s e c u r i t i e s about $100 m i l l i o n . £ / In October 1955> t h e l e v e l of business loans was increased by, and t h a t of r e a l e s t a t e loans decreased by, $300 m i l l i o n to c o r r e c t c l a s s i f i c a t i o n e r r o r s . 6/ Except f o r i960, which i s f o r December 28, dates are f o r December 31. j J Included with nonbank f i n a n c i a l . 8 / Not s t r i c t l y comparable with previous data since a l l nonbank f i n a n c i a l a r e included r a t h e r than http://fraser.stlouisfed.org/ s a l e sBank finance Federal Reserve of St. Louisonly. L.4.3 - Not f o r p u b l i c a t i o n 6 - Table 1 Estimated Changes In Loans and Investments a t A l l Commercial Bant* (In b i l l i o n s of d o l l a r s ) Item Total loans ( l e s s interbank) Business (excluding nonbank f i n a n c i a l or s a l e s finance companies)2/ Nonbank f i n a n c i a l ~~ Sales finance companies (Business (including nonbank f i n a n c i a l or s a l e s finance companies)) Eeal e s t a t e Security Agricultural Consumer All other 2 / Other s e c u r i t i e s Total ( l e s s Interbank) Item Total loans ( l e s s interbank) Business (excluding nonbank f i n a n c i a l or s a l e s finance companies)2/ Nonbank f i n a n c i a l Sales finance companies (Business (including nonbank f i n a n c i a l or s a l e s finance companies) Beal e s t a t e Security Agricultural Consumer A l l other 2 / + 5*8 Tear ending December 7 / 1959 3 / 1958 1957 1956 1955 +12.5 + 4.3 +3.5 +7.6 +11.6 + 2.2 + 4.2 - 0 . 1 4/+: 1.2 2 A 0.3 P + 0.5 n.a. - 0.6 +1.5 n.a. +0.3 +5.7 n.a. -0.2 6/+5.1 n.a. +1.3 g f+ + + + + + 2.1) ^+5*7) ( - 0.1) +2.8 0.7 + 2.1 0.2 +0.2 + 0.4 0.7 + 0.9 I/ 1.4 + 0.2 +2.9 0.6 +1.1 + 1 . 0 (+1.8) +0.6 -0.1 -0.1 +1.2 +0.3 (+5.5) % 6 . 4 ) +1.7 6/+2.4 -0.8 +0.6 -0.3 -0.7 +1.4 +2.3 +0.4 +0.9 •St CVI + W. S. Government s e c u r i t i e s 1960 -7.4 + 8.1 -0.3 -3.0 -7.4 + 0.3 -0.1 + 2.6 +1.7 -0.4 +0.4 + 8.4 +5.0 +15.1 +4.9 +4.2 44.6 7/ 1950 1949 +9.3 +0*5 n.a. n.a. &»a . n.a* n.a* (+4.9) +2.0 +0.2 -0.1 +1.6 +0.9 (-1.9) 4-0.7 +0.3 +0.2 +1.0 +0.3 1954 Tear ending December 1953 1952 1951 + 2.9 + 3.4 + 6.4 +5.4 - 0.2 n.a. - 0.1 - 0.5 n.a. - 0.2 + 1*7 n.a. + 0.3 n.a. ( - 0.3) +1.7 + 0.9 + 0.2 1/ 4 0eO (-0.7) + 1.0 + 0.4 • 1.0 + 1.5 + 0.2 : / (+ + + + + + n.a* 2.0) (+4.0) 1.1 +1.0 0.6 -0.3 0.5 +0.5 +0.1 1.9" 0.3 +0.3 U. S. Government s e c u r i t i e s + 5.6 • 0 . 1 + 1.8 -0.5 -5.0 +4.4 Other s e c u r i t i e s + 1.6 + 0.5 + 0.8 +0.9 42.2 +1.0 +10.2 + 4.1 + 9.0 +5.9 +6.5 +5.9 Total ( l e s s Interbank) June 1959 and exclude loans t o nonbank f i n a n c i a l i n s t i t u t i o n s . For previous years, loans t o sales finance companies a t veekly reporting banks have been shown separately t o provide roughly comparable changes in business loans on revised b a s i s . 3 / Total c r e d i t increased about $1 b i l l i o n as a r e s u l t of bank s t r u c t u r e changes; $600 m i l l i o n in loansj $300 m i l l i o n in U. S . Gov't, s e c u r i t i e s ; and $100 million in other s e c u r i t i e s . 4 / July-Bee. 5 / J a n . - J u n e . 6 / I n Oct. 1955# the l e v e l of business loans was Increased by, and t h a t of r e a l e s t a t e loans decreased by, $300 m i l l i o n t o c o r r e c t c l a s s i f i c a t i o n r rFRASER o r s . Most of the m i s c l a s s i f i c a t i o n probably occurred during 1955. v Digitizedefor http://fraser.stlouisfed.org/ * ' For i f , 8 / and <)/, see reverse s i d e . Federal Reserve Bank of St. Louis 7 / Except' f o r i960, which i s f o r December 28, dates a r e f o r December 31. 8 / Included v i t h nonbank f i n a n c i a l . 2 / Not s t r i c t l y comparable with previous data since a l l nonbank f i n a n c i a l are included rather than s a l e s finance only. - 7 Table 2 L.U.3 Changes in Loans and Investments at Weekly Reporting Meafeer Bagfes and. Honye; C & M l i i e n s 4f Last Wednesday in November t o l a s t Wednesday in December Item I960 Weekly reporting banks 1959 1957 1956 1955 1/ Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments 2,0 + 1.7 + 0.9 • Q.5 •o.i + 0.7 * 0,3 + 1.0 0.6 + 0.5 .n 1 — 0i MUl 0.1 Nonr»^>i t ting banks 3 / Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments 1 - 0.7 • 0.2 + O.li + + 0.8 - 0.1 + 0.1 - 0.3 m T-KI + 0.7 + 0.2 Last Wednesday in November t o l a s t Wednesday In December Item Weekly reporting banks fij/ 2/ + 0*8 195ii 1953 + 1.0 + 0.7 1952 1951 195b + 0.9 + 1.0 • o.b * 0.7 Ki -0.il 19h9 1/ Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments •» 0*5 -+ o . i * 5.6 + 0.1 • 0.1 +U75 e» 0*6 • 0*1 * 0.2 + l.o • 0.3 • 0.2 • 0.2 + 0.1 + 0.1 + 0.1 -0.1 + 0.1 Nonreporting banks 1 / Total loans U. S. Government Other s e c u r i t i e s Total loans and investments iZ + 0.1 & w 0*2 r-Er + 0.1 Zo3 » 0.1 - 0.3 1T Beginning 1959$ changes are on revised b a s i s . Changes may not correspond exactly with published data f o r weekly reporting banks because lojstns t o f o r e i g n banks have been excluded from t h i s t a b u l a t i o n . Less than $50 m i l l i o n . Not f o r publication - L.U.3 8 - Table 2 Changes i a loans sad Investments at Weekly Reporting Keidaer Basks and Mcmreporting Banks ( & y f f i o i i s o# S $ l 5 T Last Wednesday i n June t o l a s t Wednesday i n December Item Weekly reporting banks ' I960 1959 + + + + 1*5 U.60.7 7.0 + * e.i 2.5 0.4 2.3 + + 1.6 0.7 0.1 0.7 + + + + + 1.7 + 2.3 + 0.2 TCZ 3A 3A |Z+ 3/4 2.1 °-5 9-3 3.0 + + > + 2.0 2.9 0.5 5.2 + + • • 1958 1957 1956 1955 0.2 1.5 0.3 2.0 + 2.6 + 0.1 — O.li +• 2.3 + lu7 - 2.0 - 0.5 1.0 1.2 0.8 3.0 + + + + + 2.6 + 0.3 » o.fr r r ? 1/ Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans'and investments + £.3 Sonr^iMting banks 1 / Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments Last Wednesday i n June t o l a s t Wednesday i n December Item Weekly reporting banks 0.8 1.8 0.2 2.8 195b 1953 1952 + 2.0 + 3.2 + o.k • 1.6 • 3.6 > 0.1 + 3.6 1951 1950 19U9 1/ Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments Jk + + + • • 1.3 • 2.1 + 0.1 T3JS' + * + + 2.6 1.3 0.3 ii.2 + 1.2 * 2.3 + O.li + 1.0 + 1.2 6.0 3.0 0.8 3.8 li. Hpnreporting banks 1 / Total loans U. S. Government Other s e c u r i t i e s Total loans and investments + + + 0.3 1.7 0.3 2.1 + 1.0 + 3.3 • U.B 1 + 1.5 - 0.7 m + 0.9 * 0.5 + 0.2 TT3 y Beginning 1959, changes are on revised b a s i s . Changes may not correspond exactly with published data f o r weekly reporting banks because loans to foreign banks have been excluded from t h i s t a b u l a t i o n . Also, c a l l report data f o r December 31, 1959 have been used. 2/ Less than #50 m i l l i o n . 3/ ~ Total c r e d i t a t nonreporting thanks increased about #300 million as a r e s u l t of bank s t r u c t u r e changes; loans increased about #200 million and U. S. Government s e c u r i t i e s about #100 m i l l i o n . Not f o r publication - 9 Table 2 L.U.3 Change# in Seeps sad Investments at Weekly Reporting H9i*ea* a»4 Itenrei vSmmMSf Tear ending Beeentoer I960 Weekly reporting banks 1929 192@ + 6.3 - 6.9 — O.lt - 0.9 + 0.7 • 2,2 +1.4 • 7.6 • + + + 3.6 + 2.6 + 1.2 T73 + + + 1926 1922 0.9 0.2 O.li 1.1 + 2.it • 3.2 - 0.7 + 1.2 + 7.4 » 6.8 — 0.1^ + 0.2 2*6 0.1 1.3 3.8 + + + • + U.2 — 0.6 + 0.8 + lt.lt 1927 1/ Total loans U. S* Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments + 1.9 + 2.2 + 0.3 +T.Z Nom^gorting banks 1 / Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments * 3.9 - 0.1 2/ + 3.ti ' nil V* V; y+ ^ 6.2 0.2 o.3 5+9 Tear ending December Item Weekly reporting banks 2:2 0.2 0.3 3.0 19$k 1923 1922 1921 + 0.6 + Jul - 0.2 • l.t* + it.© + 0.3 - 1.2 T33 T13 191*9 1/ Total loans U. S. Government s e c u r i t i e s Other s e c u r i t i e s Total loans and investments + 1.1 + 0.1 + 3.9 • 0.2 + 0.3 TTT + 2.1 + 1.2 + 1.2 + 6.7 — 3.$ + 1.2 - 0.7 + It. 2 + 0.9 "HUT Nonreporting banks 1 / Total loans U. S. Government Other s e c u r i t i e s Total loans and investments + 2.3 + 1.2 m + 2.0 + 0.3 + 0.1* * 2.5 • 0.3 + 0.7 • 0.6 + 2.6 - 1.2 + 0.7 7T3 + 1.2 — 0.1 + 0.1 T%2 1 / Beginning 1929, changes a r e on revised b a s i s . Changes may not correspond exactly with published data f o r weekly reporting banks because loans t o f o r e i g n banks have been excluded from t h i s t a b u l a t i o n . Also# c a l l report data f o r weekly reporting banks f o r December 31, 1929, have been used. 2/ Less than $20 million. y As a r e s u l t of bank s t r u c t u r e changes, t o t a l c r e d i t increased about $1 b i l l i o n j |600 million on i n loans5 $300 million in U. 3. Government s e c u r i t i e s ; and $100 million i n other s e c u r i t i e s . Not f o r publication - L.li.3 10 - Table 3 Changes i n Commercial and I n d u s t r i a l Loans 1 / (In millions of d o l l a r s ) ~~ Business of Borrower Last Wednesclay In I [ovember t o l a s t Wednesday In December I960 1959 '1958 3, 1957 1 ^ 4 : ? , W ? , fl&2 1956 -36 + 12 + 9 -174 -153 + 99 + 88 -149 + 38 +168 +104 - 7? +194 + 62 - 7 - 44 + 11 + • + 60 37 77 20 + 59 + 19 + 45 - 16 -1?8 -124 - 54 -121 2/ 2/ +438 +472 +516 +482 +183 +148 +374 + 9 +139 +102 + 94 +153 +145 - 14 - 64 + 45 - 42 + 97 + 9 + 57 - 26 + 56 + 52 + 3 - 58 + 2 + 56 - 2 + 42 - 22 - 30 + 33 + 40 + 15 +118 + 14 + 6 +119 + 26 - 10 +170 + 7 - 50 +109 + 14 - 8 +136 - 9 + 8 - 31 + 5 - 13 + 67 + 15 - 25 - 25 + 43 + 25 - 8 - 15 + 69 + 94 +115 + 77 + 22 + 58 - 34 + 36 + 62 4-120 + 62 +413 + 37 +674 + 54 +779 - 19 +948 +734 — 28 - 41 4264 -55 + 89 +356 +157 - 96 Total change +182 +450 +728 +760 +920 +693 4/4209 S/+246 4260 Total change excluding . sales finance +182 +450 +290 4288 +4o4 4211 4/+ 26 S/+ 98 Food processors Commodity dealers Trade concerns Total Sales finance Metals and products T e x t i l e s , apparel and l e a t h e r Petroleum, coal e t c . Other manufacturing and mining Public u t i l i t i e s Construction All other types of business Classified Unclassified + 57 + 49 -267 -161 +148 +125 zm -114 Not Included In business loans on revised b a s i s . In order t o keep comparisons on a four-week b a s i s , the following dates were used: 1959, Dec. 2-Dec. 30; 1958, Dec. 3-Dec. 31; 1957, Nov. 2%-Dec. 25J 1954, Dec. 1-29; 1953, Dec. 2-30; 1952, Dec. 30-Dec. 31, 4 / Includes CCC c e r t i f i c a t e s of I n t e r e s t which a r e estimated t o have declined $7 m i l l i o n . 2 / Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have increased $235 m i l l i o n . Not f o r publication t - • L.U.3 11 - Table 3 Changes i n Commercial and I n d u s t r i a l Loans 1 / (In m i l l i o n s of d o l l a r s ) Business of Borrower Food processors Commodity d e a l e r s Trade concerns Total Sales finance Metals and products T e x t i l e s , apparel and l e a t h e r Petroleum, c o a l e t c . Other manufacturing and mining Public u t i l i t i e s Construction All other types of business Classified Unclassified T o t a l change Total change excluding s a l e s finance 1 l a s t Wednesday l a June t o l a s t Wednesday i n December I960 1959 1/ 1958 Zyj 1957 19^6 1955 1954 1953 1952 +579 +638 +729 +128 +522 +4io - 26 +162 +1J0S6 + 1 7 ^ +1,094 +822 +480 +498 +469 +539 4739 - 8 +178 +120 4^27 47S3 41,739 +l7W> 41,157 W 4-331 +420 +501 +754 +662 +1,557 6/+134 +294 -108 + 98 +704 + 32 -138 +544 -665 -128 .454 -496 - 71 4224 -548 -351 + 1 -215 - 53 4228 -232 - 14 -159 +150 4428 - 6 + 71 +208 + 88 - 26 -101 +102 - 40 +25© ; g 4- -121 + 12 -161 +183 - 49 4 + 35 +234 + 50 72 4350 - 66 + 63 + 27 +106 - 62 -225 + 82 - 54 + 18 - 23 + 36 - 57 + 13 +310 - 16 +362 + 58 +176 +370 +132 + 9® 4191 1/ + 58 15 4495 +615 +2,181 +1,214 -316 -175 -197 +299 +2,006 +1,017 +299 +1,872 +723 +161 42,719 +3,050 +630 +433 +2,494 -260 2/-162 1 / - 91 4/+150 -457 - 59 -296 42,459 2/ %,888 1/4539 4/+583 +2,435 1/ -188 +2,361 +2,184 J/+507 4/+721 +1,891 1 / P r i o r t o week ending January 11, 1956, includes changes i n a g r i c u l t u r a l l o a n s , 5 / Includes CCC c e r t i f i c a t e s of I n t e r e s t which a r e estimated t o have declined $300 million. 3 / Includes CCC c e r t i f i c a t e s of I n t e r e s t which are estimated t o have Increased $346 million. 4 / Includes CCC c e r t i f i c a t e s of I n t e r e s t which a r e estimated t o have Increased $410 million. / Not Included In business loans on r e v i s e d b a s i s , _ / Week of J u l y 1 on old b a s i s . %/ P r i o r t o J u l y 1, 1959 data have not been r e v i s e d f o r a d d i t i o n a l banks and coverage. § Not f o r p u b l i c a t i o n I - 12 - L.U.3 Table 3 Changes i n Commercial and I n d u s t r i a l Loans 1 / (In m i l l i o n s of d o l l a r s ) ~~ Business of Borrower Last Wednesday In December t o l a s t Wednesday in December i960 1959 1958 6/ 1957 1956 1954 1953 1952 1955 Food processors Commodity d e a l e r s Trade concerns Total + 21 -170 +346 +197 +179 +375 ±im +989 -136 +127 + 4 - 5 Sales finance 5/ • +455 -559 +258 +397 +717 -308 +439 +1,291 + 58 + 6 +160 + 86 -148 -154 - 12 +441 +325 + 13 +131 +214 +339 +116 + 36 + 57 +106 +46£> +114 +431 B e t a l s and products T e x t i l e s , apparel and l e a t h e r Petroleum, c o a l e t c . Other manufacturing and mining Public u t i l i t i e s Construction All other types of business -125 -118 z_2 +520 +353 - 60 -114 + 28 +473 +421 - 7 +176 ±Jg +248 ^i55 -224 +1,293 -143 -228 +327 +24g -252 +1,222 + 8 -120 -252 +208 ±J6 - 50 +401 -1,125 + 9b +1,111 +232 +852 +291 +521 + 29 + 78 + 49 + 93 -113 +426 + 53 +696 - 61 +441 +715 - 12 +216 +411 +240 - 63 - 99 +153 + 4l +103 - 5 +112 - 59 + 31 + 3 +325 +513 +238 • 90 +163 +1,592 +3,188 -115 + 10 -544 +1,565 1*4,843 +4,307 -684 + 74 +1,948 -612 -141 If- 23 i / - 2 7 3 \J- 84 -377 -150 T o t a l change +1,477 +3,198 -921 +953 *4,702 ^4,28141/-957 4 / - 10 +1,798 Total change excluding s a l e s finance +1,477 +2,743 -362 +695 +4,926 -+2,99:12/-814 4/+218 +1,471 Classified Unclassified % 2 / Includes CCC c e r t i f i c a t e s of i n t e r e s t which a r e estimated t o have declined $821 million. 2 / Includes CCC c e r t i f i c a t e s of i n t e r e s t which a r e estimated t o have increased $411 million. 4 / Includes CCC c e r t i f i c a t e s of i n t e r e s t which a r e estimated t o have increased $410 million. / Not included in business loans on revised b a s i s a f t e r July 1. J Data f o r 1958 have not been revised f o r a d d i t i o n a l banks and coverage. § Not f o r p u b l i c a t i o n L. It. 3 -13— Table It Estimated Changes in Deposits and Currency ( I n b i l l i o n s of d o l l a r s ) Item Seasonally a d j u s t e d data 1 / Demand deposit component Currency component Total Seasonally a d j u s t e d data 2/ Demand deposits a d j u s t e d Currency outside banks Total Seasonally unadjusted data 2 / Demand deposits a d j u s t e d Surrency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Factors a f f e c t i n g deposits and currency Bank loans and investments other than U. S. Govt, sec.lt/ Commercial Mutual savings Bank holdings of U. S. Govt, securities$ Federal Reserve .Commercial Mutual saving and other Gold stock and foreign deposits a t F. R, Banks Other f a c t o r s I960 1959 1958 1957 1956 1955 Last half of November to l a s t ha!Lf of December +0.6 —0.6 +0.4 *0^5 -0.1 -2L. —0.2 +0.2 +0.1 *13 +0.3 JL •0.3 Last Wedilesday of Nov. t o ; a s t VedniBsday of 3See. +0.2 2L, +0.2 +0.2 -0.1 +0.1 +0.1 +0.1 +0.2 +2.6 +0.1 +2.7 +l.k +1.0 +0.1t +0.4 *13 (sigi is +2.3 +0.3 *23 +3.6 —0.1 +3.1 +3.1 +3.0 +0.3 —0.2 +0.4 +2.9 +3.4 *33 +1.5 +1.5 +1.0 +1.1 +1.1 +1.0 M +0.7 +0.3 +0.5 +0.4 +0.4 +0.3 +1.0 +0.7 -1.2 —0.6 -1.4 733 ?ET. +33 753 733 indicai ,e e f f e c t on depos: .ts and ciirrency) +3.2 +3.7 +3.7 +2.7 +2.0 +2.3 +2.9 +0.2 +2.9 +0.1 +3.1 +0.2 +2.2 +0.1 +1.3 +0.1 +1.9 +0.2 +0.7 -0.2 +0.8 y +o.lt -0.1 +0.4 —0.1 —0.8 +0.5 -1.3 y +2.0 +0.7 +1.3 —0.1 +1.0 +03 +0.4 +0.7 *©3 +0.2 -0.1 +0.7 +0.1 +0.5 -0.1 +1.0 -0.1 +0.7 +0.1 +0.4 +0.8 -0.1 +0.1 17" +0.1 -0.1 +0.5 -0.1 +0.4 1 y y ya \ J Averages of d a i l y f i g u r e s . 2/ Seasonally adjusted data are f o r l a s t Wednesday throughout; unadjusted data are f o r l a s t Wednesday except in case of June and December c a l l dates# when a v a i l a b l e . 3/ Less than S50 m i l l i o n . k / Total includes f o r e i g n loans on gold, holdings of bankers' acceptances a t the Fedeza 1 Reserve, and loans to foreign banks; changes in these items a r e generally r e l a t i v e l y small. Even i f t h e r e were no changes in o t h e r items, changes a t commercial banks exclude a l l interbank loans, domestic and f o r e i g n , while t o t a l loans exclude only those t o domestic banks. In addition there i s some lack of synchronization i n reporting a s s e t and l i a b i l i t y items used i n computing "loans n e t . " L>4.3 — — Table 4 Estimated Changes In Deposits and Currency (In b i l l i o n s of d o l l a r s ) Item Seasonally adjusted data 1/ Demand deposit component Currency component Total Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data 2 / Demand deposits adjusted Currency outside banks Total Time deposits Commercial banks Mutual savings banks Uo S. Government deposits Total Factors a f f e c t i n g deposits and and currency Bank loans and investments other than TJ. S. Govt. s e c . 4 / Commercial Mutual savings Bank holdings of U. S. Government s e c u r i t i e s : Federal Reserve Commercial Mutual savings and other Gold stock and f o r e i g n deposits a t F . B. Banks Other f a c t o r s i960 | 1959 2 / 1958 1957 1956 1955" Last half of June t o :last half of December + 1.0 - 1.2 - 0.8 + 2.9 + 0.4 + 0.3 + 0.1 - 0.1 + 0.2 + 0.2 + 0.3 -- X0.8 , + 1.1 - 1.2 + 3.1 + 0.6 + 0.7 Last Wednesday of June t o ]last Wednesday of Iteeember 0.6 3.2 - 0.7 + 3.5 0-2. i f - 1.5 + 4.7 9.8 0^2 +10.7 + 2.7 + 1%6 4.7 0.9 0.1 + 1.0 6.7 0& + 7.2 + 4,6 + 3.6 • 1.0 " 1*3 +10.3 0.1 + 1.1 + + oa + 0.5 + 0.3 + 0.6 + 7.0 + 1.2 =4* T%2 0.4 0£ + 5.2 + 2.7 + 2.1 + 0.8 - 0s + 7i f 0.1 + 0.3 I 7 ».7 1.6 + 0.9 + 0.8 - 1.6 + 6.7 + 1.0 + 0.4 + 1.4 + 6.7 + 0.9 7f% + 1.3 r o + 0.8 - 1.4 + 7.5 (signs indicate e f f e c t on deposits and currency) 8.7 7.3 ±4*1 + 4%5 ±_H + 2.3 + 7.1 - 0.3 Jul + 0.7 - 2.0 - 0.2 + 2.9 + 1.3 ±JU6 1.3 2.7 - 1.5 - 1.4 0.3 0.3 0.8 + 4.1 + 1.1 + 7.8 + 1.0 0.8 + 1.2 + 1.8 - 0.1 0.4 + 1.1 Jh2 3^2 1.2 8.4 + 7.1 + 2.7 - 0.8 + 1.2 • 1.2 0.6 + 1.9 - 0.4 0.2 0.1 + 0.1 - o.6 + 1.1 - 1.7 - 0.3 5/ ~ 0*1 l / Averages of d a i l y f i g u r e s . 2 / Seasonally adjusted data are f o r l a s t Wednesday throughout 5 unadjusted data are f o r l a s t Wednesday except in case of June and December c a l l dates, when a v a i l a b l e . Beginning 1957> a l l June data are f o r l a s t Wednesday of the month. 3 / Less than $50 m i l l i o n . 4 / Total includes f o r e i g n loans on gold, holdings of bankers' acceptances a t the Federal Reserve, and loans t o f o r e i g n banksj changes in these items are generally r e l a t i v e l y small. Even if there were no changes in other items, changes a t commercial banks exclude a l l interbank loans, domestic and f o r e i g n , while t o t a l loans exclude only those t o domestic banks. In addition there i s some lack of synchronization in reporting a s s e t and l i a b i l i t y items used in computing "loans n e t " . 5 / August 1959, as a r e s u l t of s t r u c t u r e changes, demand deposits adjusted increased about $200 million and time deposits a t commercial banks about $200 m i l l i o n . In December 1959, a s a r e s u l t of the r e d e f i n i t i o n of gross demand deposits, demand deposits adjusted were reduced by $400 m i l l i o n . Not f o r publication -15- L.l*.3 Table 4 Estimated Changes in Deposits and Currency ( I n b i l l i o n s of d o l l a r s ) I960 Seasonally adjusted data 1/ Demand deposit component Currency component Total 1959 £ / 1958 1957 1956 19 55 Last half of December to l a s t half of December +0.3 +0.3 +5.1 +0.3 -1.1 + +1.4 +1.9 5?k Seasonally adjusted data 2/ Demand deposits a d j u s t e d Currency outside banks Total Seasonally unadjusted data 2 / Demand deposits adjusted Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Last Wednesday of Dec, t o l a s t Wednesday of Dec +1.0 +1.3 +i*.9 -1.2 -1.3 •3.0 +0.1 +0.1* +0.3 +0.5 -2L +] 5^2 +1.0 -0.9 Factors a f f e c t i n g deposits and currency Bank loans and investments other than U. S. Govt. sec. k / Commercial Mutual savings Bank holdings of U. S„ Govt, securitiest Federal Reserve Commercial Mutual savings and other Gold stock and f o r e i g n deposits a t F. E. Banks Other f a c t o r s (signs i n d i c a t e e f f e c t on deposits and currency) ¥ % +5.2 -0.9 -0.6 ^13 +0.1* +5u7 +9.2 +7.1 +2.3 +0.3 +1^2 +6.1* +1.5 +0.7 +3.1* -1.1 +0.1* +6.9 +1.8 -0.6 +1.7 +0.2 +53 ^9 + 8.1 +6.1 +2.2 +11*. 0 +12.1* +1.6 +9.8 +7.0 +2.8 +7.5 +5>.2 +2.3 +9.9 +7.2 +2.5 +11*.5 +12.0 +2.3 +2.2 +9.8 +2.1 +8.1 -0.1* —1.8 +2.3 -0.7 -7.7 +0.3 —7*1* -0.6 -0.3 -0.8 —3.6 +0.1 —3.0 -0.7 —8.1 —0.1 -7.1* -0.5 -1*5 -3.2 -1.1 —0.2 -2.2 -2.2 +0.8 -0.6 +0.3 -1.2 +0.1 -0.2 Averages of daily f i g u r e s . Seasonally adjusted data are f o r l a s t Wednesday throughoutj unadjusted data are f o r l a s t Wednesday except in case of June and December c a l l dates, when a v a i l a b l e . Less than $50 m i l l i o n . Total includes foreign loans on gold, holdings of bankers' acceptances at t h e Federal Reserve, and loans t o f o r e i g n banks; changes in these items are generally r e l a t i v e l y small. Even i f there were no changes in other items, changes a t commercial banks exclude a l l interbank loans, domestic and f o r e i g n , while t o t a l loans exclude only those t o domestic banks. In addition there i s some lack of synchronization in reporting a s s e t and l i a b i l i t y items used in computing "loans net.™ SJ In January, A p r i l , and August 1959> as a r e s u l t of bank s t r u c t u r e changes, demand deposits adjusted a t commercial banks increased $1*00 m i l l i o n , time deposits a t commercial banks $700 m i l l i o n , and time deposits a t mutual savings banks declined $300 million. In December 1959> as a r e s u l t of the r e d e f i n i t i o n of gross demand deposits, demand deposits adjusted were reduced by $1*00 million. "> ID ee L.4.3 \ A Table 5 Ratios t o Total Deposits 1/ U.S. Govt, securi t i e s maturing within one year LOANS Date 191*6$ 191*7$ 191*8$ 1919$ 1950s 1951$ 1952$ 1953$ 1951*$ 19558 1956$ 1957$ 1958$ Dec. Dec, Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 1959$ 1960$ All commercial Total banks 31 31 31 31 31 31 31 31 31 31 31 31 31 23.3 27.7 31.2 23.7 28.2 Mentoer banks Central reserve c i t y Reserve New York Chicago c i t y 27.7 31.0 31.3 30.9 36.1 37.6 39.9 35.9 3l*.9 1*2.5 1*6.3 1*6.8 1*8.8 1*0.7 1*6.7 50.1 1*8.1* 1*9.1* July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 52.6 53.3 53.1* 53,6 51*.l* 5U.0 53.7 51*. 5 51*. 7 51*. 9 55.8 55.6 Jan. 27 Feb. 21* Mar. 30 Apr. 27 May 25 June 29 July 27p Aug. J l p Sept.28p Oct. 26p Nov. 30p Deo* 28p 51*.l* 55.6 56.1* 55.9 57.1 31.1 35.8 37.2 39.3 W.5 1*0.3 1*5.8 1*9.7 56.2 56.8 57.1 56.2 56.6 56.3 55.3 55.1* 55.5 1*1.1 51.0 58.0 57. 58. 58.5 57.5 58.0 57.6 56.7 56.8 56.8 50.6 50.6 56.7 61.7 61,9 57.7 27.3 30.3 30.1* 25.6 32.3 36.2 38.9 39.1 38.3 1*6.3 52.7 55.2 1*9.1* 62.6 51*. 0 55.6 66.6 %'S 65.5 65.3 69.5 67.3 67.1I* 6?a 69.1* 67.6 56.2 58.2 58-2 62.7 61*. 5 26.0 31.1 33.1* 32,1* 38.1 39.1* 1*1.1 1*2.2 1*1.9 1*8.5 52.7 53.3 51.3 33.9 36.1 37.1 -1*0.7 1*2.6 l*l*.l l*li,& 1*8.8 60.4 614 66.0 61.1 61.1* 61.1* 61.0 60.6 67.1 32.1 58.7 •2 61.1 65.5 18.9 23*1* 27.1 28.5 31.5 1*7.7 1*7.9 1*7.9 62.0 63.8 63.2 3/66.0 Country 56.5 57.1 57.6 57.5 58.1* 68.0 67.1* 66.9 67.7 HI 61.? 61.7 61.9 60.5 60.3 61.3 59.1* 59.7 59-1 commercial banks 1*8*0 1*8.1* 1*8.2 1*9.1* 50.3 50.6 51.1* 51.7 51.1 51.6 51.5 50.6 3/50.1* 50.6 n.a, n . a . Not a v a i l a b l e . 1 / Total loans (adjusted t o exclude loans t o banks)j U. S. Government s e c u r i t i e s maturing within one year estimated on b a s i s of Treasury survey of ownership) and t o t a l deposits (adjusted t o exclude cash items in process of c o l l e c t i o n ) . 2 / Prior to 1951# data are on c a l l basis and beginning in 1951* they are on maturity b a s i s . On a c a l l b a s i s , data f o r 1951 and 1952 are 21.5 and 19.1 respectively 3 / Data not s t r i c t l y comparable with previous f i g u r e s as sne l a r g e country bank merged with a c e n t r a l reserve c i t y bank. r L.4.3 - IT Table 6 Free Beservea and Total Reserves Held (based on averages of daily f i g u r e s ; in millions of d o l l a r s ) Date Total reserves Free reserves held seasonally (excess reserves minus borrowings) adjusted All Central reserve c i t y Beserve All Country member New York Chicago city member Monthly averages: - 41 19592 J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. - 59 47 140 258 318 513 557 535 493 459 435 425 i960: - 360 361 219 195 33 4l 120 247 413 489 6l4 672 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct; Nov. Dec. 268 18,602 - - 65 28 16 89 51 15 154 225 227 210 184 109 - 53 - 26 - 122 - 64 - 41 - 63 - 47 - 35 - 44 - 82 - 62 - 104 - 223 195 228 284 360 535 482 420 391 338 369 449 281 202 194 178 133 101 124 145 169 171 180 237 18,706 18,746 18,615 18,664 18,636 18,433 18,559 18,595 18,649 18,666 18,677 18,671 88 50 1 31 45 16 3 27 2 9 34 10 - 90 - 126 - 152 - 100 - 49 - 59 - 39 - 38 5 2 4 4 , - 439 381 252 254 173 120 128 62 44 2 38 80 257 197 182 190 144 204 290 375 464 483 546 585 18,691 18,360 18,228 18,104 18,276 18,275 18,389 IB,464 18,750 18,915 19,097 19,018 - 32 - 197 O CO 1 19582 Dec. Weekly averages: I960: Nov. 30 Dec. 1961: 7 14 21 28 Jan. 4 1/ 1/ 1/ 1/ •' 1,082 156 12 l6l 754 n»a. 639 637 673 652 828 20 23 2 28 53 4 7 12 5 42 37 100 38 74 83 580 510 643 546 841 rua. n»a. n»a» n»a. a.a. - - Note: Data f o r l a t e December and January are preliminary. l / Data have been adjusted t o exclude e f f e c t of changes in reserve requirements. f o r publication Digitized forHot FRASER " 13 " Table 7 • ' L.4.3 Changes In Member Bank Reserves, v i t h Relevant Factors (Monthly average of d a l l y f i g u r e s ; In millions of d o l l a r s ) December Item i960 July-December i960 1959 January-December i960 1959 1959 Member bank reserves Required reserves l / E f f e c t of change in requirements E f f e c t of deposit change Excess reserves l / Total reserves held 1/ Cash allowed as reserves 1/ Reserve balances + 263 + 2jh ; + 683 + 4o6 + 6l + 68 + - 68 35 + 4l + 222 + 3 + 266 +1,315 -1,049 + 274 + 37 + 311 + 304 + 7 + 5 + 678 + 293 + 976 +2,289 -1,313 + + + + + 406 75 48l 304 177 + 5 + 56 + 277 + 338 +2,278 -1,940 - 545 - 569 -1,092 - 959 - 4 - Ill 58 422 68 - 143 14 + 332 + 4o -l,4l8 + 22 + 497 - 140 - 632 + 236 + 417 + 35 -1,417 + 74 + 244 + 14 -1,180 + 323 70 32 - 360 - 354 -2,131 - -1,328 -1,364 - 690 + 363 + 817 +1,080 - 613 +1,092 - 623 372 251 + 304 + 365 61 + 33 +1,124 +1,052 + 72 + 24 +1,073 +1,044 + 29 + 34 + 212 + 177 + 35 8 + 724 + 777 53 + 21 + + - - 819 + 2 + 349 2 *» — — ——— + 304 - 271 Principal factors Currency in c i r c u l a t i o n Gold stock and f o r e i g n accounts Treasury operations Federal Reserve f l o a t Other f a c t o r s E f f e c t of above f a c t o r s on reserves 903 243 - 405 Federal Reserve loans and investments: Total U. S. Govt, s e c u r i t i e s Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others l / Preliminary f o r December i960. Not f o r publication — — - 55 12 28 2 338 7 15 12 Table 8 \ Liquid Assets Held by the Public - - S e a s o n a l l y Adjusted Series (Amounts i n b i l l i o n s of d o l l a r s j r a t i o s expressed as percentages) End of month 1950 1951 1952 1953 1954 1955 1956 1957 1956 1959 Aug* Sept. Oct, Nov, Dec. I960 » Jsuio Feb« Mar o Apr* 'May , Jvne July Aug. > Sept. Oct. Nov. Demand Personal-type savings W. S. Govt deposits Total Total a d j u s t e d personal- Time d<sposits Savings U. S. s e c u r i t i e s liquid Govt, type maturing and ad.iuslbed 1 / and a s s e t s currency savings Commer- Mutual savings within one loan (2+5+8) shares bonds year $ ] savings outside (4+5+6+7) c i a l banks if V 4/ banks banks 2 / 8 k 6 5 7 2 3 1 150.9 158.0 164.7 170.2 176.8 182.0 185.2 190.0 202.2 49.1 48.8 48.5 48.3 48.0 44.0 44.2 44.5 44*4 44.1 206.1 206.4 205.9 206.0 206.1 53*3 53.2 53.1 53.1 53.1 47.7 47.6 47.4 47.2 47.2 47.1 47.0 46.9 47.0 46.9 46.9 45.1 45.5 45.6 45.3 42.7 43.0 41.0 40.7 41.6 39.9 38.9 205.7 204.8 205.4 205.4 203.6 204.8 - 206.1 207.2 207.8 209.9 209.9 52.9 52.6 52.6 52.6 52.7 52.7 53.0 53.1 52.9 53.3 53.3 114.6 120.2 121.1 126.6 130.0 133.5 : 134.5 133.6 138.8 129.0 132.7 lii0„6 148.6 158.1 I66.I1 174.1 182.8 196.7 36.3 37.8 40.6 43.6 46.8 48.5 50.7 56.4 63.4 23.0 23.6 25.2 26.7 28.5 30.0 31.6 33.0 35.1 14.0 16.1 19.2 22,8 27.2 32.0 37.0 41.7 47.7 55.7 55.2 55.6 55.5 55.6 55.9 54.8 51.7 50.5 387.9 387.8 387.8 388.2 388.ii 140.9 140.8 140.4 iUd-,1 11*0.2 202.1 202.8 202.9 203.7 204.1 65.2 65.6 65.5 65.9 65.9 35.7 35.8 35.7 35.8 35.9 52.1 52.6 53.2 53.7 54.3 389.2 389.1 390.3 390.4 386.7 388.6 388.7 390.2 392.6 391.0 393.8 140.0 139.1 139.5 139.4 137.5 138.0 138.6 138.6 138.5 139.9 138.8 204.1 204.5 205.2 205.7 206.5 207.6 209.1 210.9 212.5 214.2 216.1 65.7 65.7 65.9 66.0 66.1 66.8 67.5 68.6 69.3 70.0 71.1 35.8 35.8 36.0 36.1 36.1 36.1 36.4 36.4 36.6 36.8 37.0 54.9 55.4 55.9 r 56.5 57.1 r 57.7 58.2 59.0 59.6 60.5 61.1 For footnotes see end of t a b l e Ratio: Ratios Commercial Tbtal Commercial bank demand bank liquid deposits and time de- + currency t o a s s e t s t o posits a d j . t o t a l l i q u i d gross and currency national s a s e t s (2 + 4) (9 • 1) nroduct 6J 11 10 9 28.2 •31.1 31.5 33.1 29.9 30.4 31.3 35.3 271*8 284.0 296.2 308.3 318,0 330.3 339.9 351.? if368,9 -19 5? 33.4 t 55.5 55.6 55.6 55.2 55.6 55.1 54.5 54.0 54.8 89.1 83.3 82.2 85.1 85.3 80.7 78.8 79.3 79.3 80.2 79,8 77.7 77.0 78.1 p 1/ ~ 2/ 3/ ~ h/ Preliminary, „ Data f o r demand and time deposits adjusted and currency outside banks are as of l a s t Wednesday of month* except t h a t time deposits are as of June 30 and December 31 when c a l l data f o r these dates were a v a i l a b l e , Includes savings deposits i n the Postal Savings System® Prior to 1952 data are Board estimates based on monthly f i g u r e s of inflow of new savings and withdrawals of savings c a p i t a l compiled by the Federal Home Loan Bank Board. Includes gll types of savings bonds held by investors other than banks and U. S» Government agencies and t r u s t funds. 5 / Includes a l l marketable s e c u r i t i e s maturing within one year (adjusted to include p a r t i a l l y tax exempt s e c u r i t i e s 12 months p r i o r to f i r s t c a l l date) and, p r i o r to 1956, nonmarketable Treasury savings notes with m a t u r i t i e s up to 2U months% f i g u r e s include holdings of insurance companies, brokers and d e a l e r s , S t a t e and l o c a l governments, nonbank corporations, corporate pension funds, n o n p r o f i t i n s t i t u t i o n s , foreign accounts, and i n d i v i d u a l s . 6 / Gross n a t i o n a l product estimates are a v a i l a b l e q u a r t e r l y and annually only. For 1950-58 r a t i o s are f o r l a s t q u a r t e r of y e a r ; f o r 1959 and I960, f o r each quarter of year. Data f o r t o t a l l i q u i d a s s e t s used i n computing these r a t i o s are q u a r t e r l y average f o r four dates: each month of the current quarter and the l a s t month of the preceding q u a r t e r . L.4.3 Table 9 — 2D - Money Supply (Averages of d a l l y f i g u r e s . Seasonally ad. usted Demand CurTotal deposits rency 1/ Without seasonal adjustment Demand CurTotal its depos rency 1/ 2) 2) 2) 2) 2) 132.0 134.7 136.6 135.5 140.9 27.4 27.8 28.3 28.3 28.6 104.6 106.9 108.3 107.2 112.3 135.7 138.5 140.4 139.3 144.9 27.9 28.3 29.8 28.9 29.2 107.9 110.2 111.6 110.4 115.7 1) 2) 1) 2) 1) 2) 142.6 142.2 142.2 142.1 2/141.5 141.5 29.0 29.O 29.0 28.9 28.9 28.9 113.6 113.3 113.2 113.2 2 / 112.6 112.6 142.2 142.4 143.3 143.4 2/144.4 145.4 29.1 28.9 29.2 29.2 29.5 29.5 113.0 113.5 114.1 114.1 2/115.0 116.0 Semimonthly period 1954—Dec. I955--Dec. 1956—Dec. 1957—Dec. 1958—Dec. 1959—Oct. Nov. Dec. i960—Jan. In b i l l i o n s of d o l l a r s ) 1) 2) 1) 2) 1) 2) 1) 2) 1) 2) 1) 2) 1) 2) 1 2) 1) 2) 1) 2) 1) 2) : 1) p. 112.4 141.3 28.9 145.2 116.1 29.1 141.2 29.0 112.3 143.6 28.5 115.1 Feb. 141.1 112.1 141.8 28.9 28.7 113.2 141.0 112.0 29.0 111.1 28.5 139.6 111.8 140.0 Mar. 140.9 29.0 28.7 111.3 140.3 28.6 29.O 111.3 138.6 110.0 Apr. 140.5 111.5 29.1 28.9 139.6 110.7 140.6 111.6 28.6 29.0 140.9 112.3 May 140.2 111.2 28.8 110.2 29.0 139.0 110.6 28.7 108.3 29.0 137.0 139.6 110.6 June 138.2 28.9 29.O 109.2 139.5 28.8 28.9 110.5 109.1 139.4 137.9 July 110.7 138.2 28.9 108.9 139.6 29.3 29.0 110.7 : 110.3 29.O 139.7 139.3 Aug. 110.4 110.7 29.0 29.2 139.6 139.7 28.8 110.9 138.2 28.9 109.3 139.7 Sept. 140.3 111.3 110.7 29.0 29.2 139.9 111.6 140.5 28.9 28.9 110.7 139.6 Oct. 140.0 111.0 110.6 29.O 29.2 r 139.8 141.2 112.2 141.4 112.4 29.O 29.O Nov. 140.6 112.4 111.6 r 141.7 29.2 29.O 141.2 110.9 111.9 29.O 29.3 139.9 Dec. 1&0.3 28.9 111.4 143.3 113.8 29.5 . 140.5 29.0 111.5 144.4 1 29.6 114.9 p. Preliminary. r Bevised. l / At a l l commercial banks. 2/ Change in s e r i e s beginning with f i r s t half of December 1959 r e f l e c t s r e d e f i n i t i o n of gross demand deposits in l i n e with the r e v i s i o n of Regulation D e f f e c t i v e Dec. 1, 1959. This change reduced such deposits in e a r l y December by an estimated $400 m i l l i o n . Not f o r publication Table 10 Deposits and Currency ( i n b i l l i o n s of d o l l a r s ) L.l*.3 Year or month End of Dec* 1951* 1955 1956 1957 1958 1959s Sept»30 Oct, 28 Nov, 25 Dee, 31 3 / 1960s Jan, 2? Feb , 21* Mar, 30 Apr, 27 May 25 June 29 J u l y 27 Aug, 31 Sept.28 p Oct. 26 p Nov. 36 p Dec. 28 p (10) (n) (12) (7) (8) (9) (W Seasonally Total Time deposits adjusted Cur<= deposits U. S, money Demand rency and Govt, Cursupply and deposits Demand rency deposits outside Total CommerMutual currency Postal deposits time dep. adjusted (7+8+9) cial savings savings banks (5+6+10 2/ adjusted outside a t com. +11) banks banks(1*7) (1) (2) (3) Seasonally adjusted money supply 1 / Total (3+3) 21 130,0 133,5 13U.5 133,6 138,8 103,1 106,1 107.1 105.8 110.7 26,9 27,1* 27.1* 27.8 28,1 176.8 181,9 185.1 189,7 202,0 106.6 109,9 111.1* 110.3 115,5 75,3 78.1* 82.2 89.1 98.3 1*6,8 1*8.1* 50.6 56.1 63.2 26.3 28,1 30.0 31.7 3U.0 2.1 1.9 1.6 1.3 1.1 5.1 Li* 1*,5 1*,7 1*,9 27,9 28,3 28,3 28.3 28.7 211*,8 221,0 226,1* 232.3 21*7,5 11*0.8 11*0.2* 11*0,1 11*0.2 112,1* 112,0 111,8 112.0 28.1* 28,1* 28.3 28.2 206.5 205.9 201*. 8 206.1 111.1* 112.7 113,1 115,1* 101.5 101.1 100.3 101.8 65.7 65.5 61*.7 65.9 3l*.8 3l*o6 3l*.6 3l*,9 1.0 1.0 1,0 0.9 7,1 6.0 5,1 5.8 28,5 28.3 29.1 29,1* 21*8,5 21*6,2 21*7.6 252,1* 11*0.0 139,1 139.5 139.1* 137.5 138,0 138,6 138,6 138.5 139.9 138.8 139,0 111.7 110.8 111.1 131.2 109.3 109.9 110,3 110.3 110,3 111,5 110.6 110,8 28.3 28.3 28,1* 28,2 28,2 28,1 28.3 28.3 28.2 28,1* 28,2 28,2 205.2 20L,5 205,5 205.6 20l*.0 205,1* 206,5 207.5 207.9 209.9 208.8 210.0 11U.0 110.5 108,8 111.5 107.7 107.8 110.1 108.9 109.3 112.2 111.9 lll*.5 101.0 101,2 102.2 102.3 102.6 103.6 10t*,2 105.3 106.0 106.7 106.8 108.2 65.2 65,1* 66,0 66,2 66.5 67.1* 67.9 68.9 69.1* 70.0 70.0 71.0 3l*,9 3l*=9 35.3 35,2 35,2 35,1* 35,5 35,6 35.8 35,9 36.0 36.1* 0.9 0.9 0,9 0.9 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1*,1* 5.3 5.2 5.3 7.7 7.8 7.0 6.2 8.2 6.7 6.1 6.5 27.9 28,0 28,1 27.9 28.1 28.3 28.1* 28.5 28.3 28.3 28.7 28.8 21*7,3 2l*l*.9 2l*l*o2 21*7,0 21*6,1 21*7.7 21*9.6 21*8.8 251.8 251*. 0 253.5 258,0 p Preliminary. r Revised, 1 / Seasonally adjusted s e r i e s begins i n 191*6 and i s available only f o r l a s t Wednesday of the month. At commercial, savings and Federal Reserve Banks. Demand deposits were reduced about $1*00 million as a r e s u l t of a technical change under Regulation D amending the f i n i t i o n of suoh d e p o s i t s . On balance i n 1959$ as a r e s u l t of s t r u c t u r e changes# demand deposits adjusted increased $1*00 million#- time deposits a t commercial banks increased $700 million, and time deposits a t mutual savings banks declined $300 m i l l i o n , t http://fraser.stlouisfed.org/ i Reserve Bank• of•St. Louis Federal # # # # # # e# • § ## m# #e Table 11 -22 - Loans and Investments a t All Commercial Banks (In b i l l i o n s of d o l l a r s ) Date Busi- Real Securness e s t a t e i t y 31 31 31 (old) (new) 155.7 160.3 164.5 169.3 l8U.ii 184.2 184.2 69.0 61.6 58.6 58.2 66.4 60.9 60.9 70.4 82.0 89.7 17*9 93.2 20.6 97.5 20.6 102.8 20.6 102.8 26.9 33.2 38.7 40.5 40.4 42.5 37,8 18.4 20.8 22.5 23.1 25.3 26.9 26.9 4.3 4.2 4.7 4.1 4.1 Sept.30 Oct. 28 Nov. 25 Dec. 31 y 186.3 186.7 186.1 189.5 59.2 59.6 58.5 58.9 20.7 20.6 20.3 20.5 106.3 106.5 107.3 110.0 38.7 38.8 39.4 40.2 27.5 27.7 27.9 28.1 4.1 4.1 4.1 4.9 J a n . 27 Feb. 24 Mar. 30 Apr. 27 May 2 2 5 June 29 July 2? " Aug. 31 Septv28p Oct. 26p Nov. 30p Dec* 2 % 185.6 184.3 183.4 186.2 185.9 186.7 188.6 189.0 191.4 193.9 194.1 197.9 58.0 56.2 20.3 20.1 20.1 20.0 19.8 19.9 20.0 20.0 20.2 20.4 20.3 20.8 107.4 39.4 108.1 39.8 109.1 40.9 110.4 40.9 110.9 41.3 112.6 41.9 111.9 ••'41.2 112.5 41.2 113.5 '41.8 113.0 41.7 4211 113.4 115.9 42.4 28.1 28,2 28.2 28.3 28.3 28.4 28.4 28.5 28.6 •28.7 28.7 28.8 4.0 3.9 3.5 3.9 3.7 3.8 3.8 |u 1 |4.4 C.3 (4.2 5.1 1954s Dec. 31 1956s 1957s 1958,: 1959s Dec. Dec. Dec. June June 1959s 1955s Dec. 31 1960s u. s. Loans and , Govt. Other Total i n v e s t - s e c u r - secur- loans ities ities ments 54.2 55,8 55.1 54.2 56.7 56.6 57.7 60.5 60.4 61.3 16.3 16.7 16.3 4.5 5.0 ConFarm sumer 2/ 5,2 4.5 4.2 4.1 5.0 5.0 5,0 5,1 5.0 4.9 5.0 4,9 5.0 5.1 5o2 5.3 5.4 5.5 5.6 r5«6 5.7 5.7 5.7 r I Nonbank financial institutions All other 2/ 10.9 13.2 14.6 15.8 15,9 17,5 17.5 5.6 6.5 6.9 wmtmmm7,2 8,2 8.8 7.6 5-9 18.4 18.6 18.6 18.8 6.5 6.0 6.2 7.1 8.0 8.2 8.2 18,9 19,0 6.3 6.4 6.6 6.8 6.7 7.1 7.0 6.8 6.7 6.2 6.2 7.0 8.1 8.1 19.0 19.3 19.5 19.8 19.9 20.0 20.1 20.1 S0.1 20.2 «•»«*»-* 8.1 8.0 8.3 8.4 8.5 8.3 8.5 8.6 8.5 8.5 ti.? August, added almost $1 b i l l i o n t o t o t a l c r e d i t j $600 million in l o a n s j $300 million i n U. S. Government s e c u r i t i e s ; and $100 million i n other s e c u r i t i e s . Real e s t a t e loans increased about $300 millions business loans $100 m i l l i o n ; consumer loans, $100 million; and other loans $100 m i l l i o n , NOTE: Data exclude interbank l o a n s . Total loans are a f t e r and types of loans before deductions for valuation reserves. Consumer and "other loans" are p a r t l y estimated f o r a l l d a t e s . Other data are p a r t l y estimated on a l l but June and December c a l l dates„ Beginning June 24, 1959, "business loans" and " a l l other loans" have been revised to exclude loans to nonbank f i n a n c i a l i n s t i t u t i o n s . 2 / Revised on basis of r e v i s i o n i n consumer c r e d i t s t a t i s t i c s beginning 1958. Not f o r publication
@FedFRASER