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:K*L R r : - ' of KAsNb/*iii ^ -• s ^ 4 3 Not for publication jyj_ 2 0 — 1S64 Library BANKING AND MONETARY DEVELOPMENTS IN JUNE 1964 Seasonally adjusted loans and investments at all commercial banks continued their strong upward trend in June. A moderate decline in holdings of U. S. Government securities was more than offset by continued expansion in loans and in holdings of municipal and other securi~ ties. The seasonally adjusted money supply rose sharply in June following a slight decline in May. Time deposits advanced more rapidly than in the preceding three months. U. S. Government deposits increased more than seasonally. Seasonally adjusted total and required reserves rose in June. Both free reserves and borrowings for all member banks increased. Revised seasonally adjusted data for bank credit and money supply. The revised seasonally adjusted data for total bank credit and for the major components of the money supply are being used in this report. The revised data back to 1948 were published in the June 1964 Federal Reserve Bulletin. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, rose $1.6 billion in June, slightly less than in May but more than the average monthly increase for earlier months this year. Over the first six months of 1964, the annual rate of growth was 7.0 per cent, appreciably less than the 8.6 per cent rate in the five months following the shift in monetary policy last July. Total loans at commercial banks increased $1.6 billion in June, less than the average for the preceding three months. Most loan categories continued to increase at almost the same pace as in other recent months. Total loan growth over the first six months of 1963 continued to remain at an annual rate of 12.7 per cent, 1.0 per cent above the comparable period a year ago. Holdings of U. S. Government securities declined $400 million, while holdings of other securities increased $400 million in June. Commercial banks took about one-third of the new $1 billion bill issue on June 2, but these acquisitions were partially offset by the retirement of commercial bank holdings of the June 24 tax anticipation bill. At city banks, holdings of long-term U. S. Government securities declined substantially, largely as a result of passage of time, and holdings in the intermediate and short maturity ranges rose somewhat. Seasonally adjusted business loans at all commercial banks rose $500 million in June, slightly more than the average for the first five months of 1964. Although corporate tax payments were estimated to be considerably larger than in June 1963 and the volume of maturing tax bills was the same, direct borrowing at weekly reporting banks over the tax and dividend period was only moderately higher than a year earlier, with most of the rise being at New York City banks. This was followed by heavy repayments at New York in the week ending June 24, but borrowings rose again at the end of the month in connection with statement date "window dressing." Loans t*~ most industry groups increased as they usually do over a tax and dividend payment month, but the increases generally were smaller than in other recent years, particularly in the metals, textiles and public utilities groups. However, outstanding loans to the construction industry rose much more than in other recent years. Real estate and consumer loans at all commercial banks continued to expand at about the same rate as in other recent months. Security loans, seasonally adjusted, also rose. Deposits and turnover. The seasonally adjusted money supply increased $1.1 billion in June, the largest increase since November 1963. During the first half of 1964, the money supply increased at an annual rate of 3.1 per cent, substantially below the 3.8 per cent expansion in 1963. U. S. Government deposits rose much more than usual, and on June 30, they totaled $10.2 billion (estimated). Although somewhat lower than deposit levels at the end of June 1963, they are higher than at the end of June in other recent years. Time and savings deposits also rose $1.1 billion in June, slightly more than in May. Over the first half of 1964, growth was at an annual rate of 11.0 per cent, well below the 14.7 per cent of 1963• Turnover of demand deposits at 343 centers outside New York fell to 35.1 (preliminary) in June, from an April peak of 36.0. However, the turnover rate in the second quarter of 1964 was about 3.5 per cent higher than the first quarter average and 7.9 per cent above the second quarter average last year. Over the four weeks ending June 24, growth in both time and savings deposits at city banks fell below that in the corresponding weeks of last year. This contrasts with May, when growth in both types of deposits was comparable to last year, and with the earlier months of 1964 when expansion in savings deposits had been below the 1963 volume while growth in other deposits had been faster. Bank reserves Free reserves at all member banks averaged $106 million in June, somewhat above the May level, but below the average for the first four months of 1964. Borrowings rose to $270 million in June, above the levels of the preceding three months, but well below the level of borrowing maintained in the last half of 1963. Excess reserves rose to $376 million, their April level. The effective rate on Federal funds remained at 3.50 per cent during the month of June, with trading below that rate occurring on only one day. Seasonally adjusted total reserves rose sharply in June after declining in each of the two preceding months. Required reserves also rose. Reserves were supplied through System purchases of U. S. Government securities and absorbed through currency outflow and other factors. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. July 15, 1964. L.4.3 - EXHIBIT A, Part 1 L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S 260 220 TOTAL LOANS AND INVESTMENTS 110 140 LOANS 100 U.S. GOVT. SECURITIES OTHER SECURITIES 'Xv- 1960 1959 1963 1962 1961 1964 Exhibit A - Part II* Date Total 1/ (I n I960—Dec. 31 1961—Dec. 31 1962—Dec. 31 U. S. Gov't, Other securities securities b :. 1 1 i 0 n s o f d o l l are) Loans 1/ 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 1963—Apr. 24 May 29 June 29 July 31 Aug. 28 Sept. 25 Oct. 30 Nov. 27 Dec. 31 2/ 233.5 235.5 238.4 238.0 239.2 241.5 241.2 244.2 246.5 137.6 139.4 141.7 142.6 143.6 145.4 146.1 148.4 149.4 64.7 64.2 64.4 62.6 62.0 62.2 60.8 61.4 62.1 31.2 31.9 32.3 32.8 33.6 33.9 34.3 34.4 35.0 1964—Jan. Feb. Mar. Apr. May June 246.7 248.4 251.4 251.8 253.5 255.1 151,0 151.8 153.9 155.4 157.3 158.9 60.8 61.2 62.1 60.8 60.3 59.9 34.9 35.4 35.4 35.6 35.9 36.3 1/ # 29 p 26 p 25 p 29 p 27 p 30 p 2/ Adjusted to exclude interbank loans. Estimated as of December 31 or June 30. All data revised. Revised seasoned adjustment factors and figures for the period beginning 194# are published in the June Federal Reserve Bulletin. 1 4 3 - EXHIBIT B, Pari 1 L O A N S AT ALL C O M M E R C I A L B A N K S Billions of d o l l a r * BUSINESS B U I I S I M I CONSUMES 1164 1961 1959 19SS Exhibit B - Part II Date Business (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 J/ 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—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2? 24 29 29 31 28 25 30 27 31 1/ 4b.3 48.7 48.8 49.5 49.3 49.5 50.0 50.7 51.5 52.4 35.0 35.5 36.1 36.7 37.3 37.8 38.1 38.4 38.9 39.1 24.6 24.9 25.2 25.4 25.5 25.7 25.8 26.1 26.4 26.6 6.7 5.7 6.1 6.9 6.4 6.3 7.2 6.5 7.3 6.6 1964——Jan• Feb. Mar. Apr. May June 29 26 25 29 27 30 52.6 53.0 52.8 53.6 54.0 54.5 39.5 39.8 40.2 40.7 41.2 41.6 26.7 27.2 27.4 27.6 27.9 28.1 7.3 7.0 7.9 7.1 7.7 8.1 V p p p p p py Estimated as of December 31 and June 30. Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted * (In billions of dollars) 1 9 6 4 1 9 6 3 Item Aug. Sept. Oct. Nov. Jan. p Feb. p Mar. p Apr. p May p 4/ +2,3 +0.2 +1.7 +3.0 40.4 ihl +1.6 Dec. 4/ May June July Loans and Investments 2/ +2.0 +2.9 -0.4 +U2 U. S. Gov't, securities -0.5 +0.2 -1.8 -0.6 40.2 -1.4 40.6 40.7 -1.3 +0.4 +0.9 -1.3 -0.5 -0.4 Other securities +0.7 +0.4 +0.5 40.8 +0.3 40.4 +0.1 +0.6 -0.1 +0.5 1/ 40.2 +0.3 +0.4 Loans 2/ +1.8 +2.3 +0.9 +1.0 +1.8 +0.7 +2.3 +1.0 +1.6 40.8 +2.1 +1.5 +1.9 +1.6 Business +0.1 +0.7 -0.2 +0.2 +0.5 40.7 40.8 40.9 +0.2 +0.4 -0.2 +0.8 +0.4 40.5 Real estate +0.6 40.6 +0.6 +0.5 40.3 40.3 40.5 40.2 +0.4 40.3 40.4 40.5 +0.5 40.4 Consumer 40.3 +0.2 +0.1 +0.2 40.1 40.3 40.3 +0.2 +0.1 40.5 40.2 +0.2 +0.3 +0.2 Security +0.4 40.8 -0.5 -0.1 40.9 -0.7 40.8 -0.7 +0.7 -0.3 40.9 -0.8 +0.6 +0.4 Nonbank financial 40.2 40.4 40.6 -0.3 40.2 40.2 -0.1 +0.3 -0.3 40.2 40.4 -0.1 1/ +0.4 Agriculture +0.1 -0.1 -0.3 -0.3 40.2 40.3 40.2 -0.1 40.2 -0.2 40.1 40.1 40.1 1/ All other 40.1 40.3 40.1 1/ 1/ 40.2 1/ 40.3 -0.1 +0.3 40.4 +0.4 -0.2 40.2 Total loans excluding security 3/ +1.4 +2.1 40.9 +0.3 +1.3 +2.0 +1.7 +1.8 40.5 +1.5 +1.3 +1.9 +1.1 +1.7 Total loans excluding security and nonbank financial ZJ +1.2 +1.7 40.3 +0.6 +1.1 +1.8 +1.8 +1.5 +0.8 +1.3 40.9 +2.0 +1.1 +1.3 1/ 2/ 3/ *Z 1 to revision. Less than $50 million. Adjusted to exclude interbank loans. Derived by addition of items and not by subtraction from total loans. Change^based^n^evised s e a s o n ! U n a d j u s t e d data; figures for the period beginning 1948 are published in the June Federal Reserve Bulletin. Only major credit components have been revised. Individual loan items have not been changed. 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) Last Wednesday of May to last Wednesday of June Item All commercial banks Total loans U.S. Gov11. securities Other securities Total Weekly reporting banks Total loans U.S. Gov11. securities Other securities Total Other banks Total loans U.S. Gov't.securities Other securities Total 1963 1964 +2.8' 1962 1961 +2.9 +1.2 +0.3 y +0.9 +3.9 +0.2 +1.8 +1.2 +1.8 +0.4 +0.8 +3.0 +1.7 y +0.4 +2.1 +1.1 +1.1 -0.4 +0.1 +0.9 -0.3 J L +1.0 i960 —0.4 V 7o7? 1959 1958 +2.3 "1.7 +2.3 +1.5 -0.2 +0.6 +0.3 +4.4 +1.3 +1.7 +1.5 +0.5 ^377 -1.2 -0.1 -0.1 +0.6 y +0.1 +0.7 +0.1 End of December to end of June 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/ V +1.1 1963 1962 1961 i960 +0.3 +0.8 +1.2 +2.4 +5.2 -2.9 +3.1 +5.5 1959 1958 +5.3 -5.5 +0.4 •6.4 yjL. y-0.2 +2.1 +8.9 -0.9 +6.2 +1.5 -0.3 +2.0 +1.9 +3.4 -0.9 +2.8 +0.8 +3.5 -0.5 +0.7 +2.9 +0.8 -2.3 -2.3 +6.8 y+2.9 y-0.9 y+0.1 +1.3 +0.2 +0.6 +2.1 NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used when available. Less than $50 million. Based on estimated data for December 31« 1963 and 1962. In January and April 1959, total credit increased over $600 million as a result of bank structure changes5 loans* $400 million; U. S. Government securities, 8200 million; and other securities, $100 million. 4/ Based on data through June 24, 1964. I # # # # # * # # e Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of May to end of June JJ Business of borrower End of December to end of June 1964 1963 1962 1961 1960 1964 2/ 1963 1962 1961 1960 Food processors Commodity dealers Trade concerns Total + - + + + + + + - + - 22 93 17 98 -630 -529 + 18 -1,141 -593 -263 + 74 -782 -497 -237 + 95 -639 -498 -325 -175 -998 -558 -677 +372 -863 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services +113 + 29 + 12 +121 + 46 + 11 +131 + 36 + 4 + 68 + 32 - 4 +185 + 51 - 17 +556 +206 +129 + 80 +289 + 73 +180 +289 + 9 -100 +177 + 81 +1,062 +273 - 52 + 58 + 18 + 69 + 23 + 83 + 31 +110 + 19 + 26 +131 + 27 + 12 + 93 +112 + 42 +305 -379 +291 +420 -255 +133 +480 -510 +182 +249 -330 + 53 +354 - 48 + 96 + 47 - 49 + 88 n. a. + 63 n. a. +126 n. a. + 32 a.a. +426 n. a. +180 n.a. +205 n.a. +406 n.a. +155 n.a. + 96 n. a. n. a. n. a. n. a. n. a. n. a. n.a. n.a. n.a. Classified Unclassified +310 +118 +446 + 85 +422 + 78 +292 + 17 +400 + 76 +393 +497 +137 +256 +196 +238 +463 + 57 +977 +201 Total change +428 +531 +500 +309 +476 +890 +393 +434 -406 +1,178 1/ 2/ 13 39 10 36 34 23 32 43 32 35 37 34 13 69 16 98 _i Four most comparable weeks used throughout. Changes for 1964 are now being compiled from December 25, 1963, rather than from December 31, 1963, as used in previous reports; the December 25 date is more comparable with earlier years e.g., December 26, 1962 and December 27, 1961. However, these data can not be linked with all commercial bank data which are always for December 31. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date Business Real estate Security Farm Consumer 15.8 58.2 66.4 60.9 60.9 58.9 61.0 c 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 30 27 27 24 29 29 229.1 230.4 231.9 232.3 233.6 239.1 66.2 65.3 64.8 64.0 63.0 63.5 29.5 29.9 30.7 31.4 31.7 32.4 133.4 135.2 136.4 136.9 138.9 143.1 47.3 47.7 48.6 48.6 48.8 49.9 34.5 34.7 34.9 35.4 36.0 36.7 5.6 6.5 6.0 5.8 6.0 6.9 7.4 7.4 7.5 7.4 7.5 7.5 23.8 31 28 25 30 27 31 (est.) 237.8 237.1 241.9 242.4 245.0 252.4 62.5 60.9 61.8 62.0 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 25.7 I i i i i 29 26 25 29 27 30 246.2 247.2 249.9 250.6 251.5 256.1 c 62.1 61.5 61.5 60.1 59.1 59.1 34.6 35.1 35.6 35.8 35.8 36.4 149.5 150.6 152.8 154.7 156.7 160.5 51.8 52.4 53.2 53-4 39.5 39.8 40.1 40.6 i i i 7.5 7.4 7.5 7.6 26.6 i 7.1 6.9 7.1 7.2 53.9 55.0 41.1 41.6 I I 7.5 8.1 7.7 7.8 31 31 24 24 31 31 30 31 19b3—Jan. Feb. Mar. Apr. May June 1964—Jan. Feb. Mar. Apr. May June Other Total loans securities 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 1957—Dec. 1958—Dec. 1959—June June Dec. i960—Dec. 1961—Dec. 1962—Dec. July Aug. Sept. Oct. Nov. Dec. U. S. Gov't. (old) (new) 1/ (est.) p p p p p p (est.) | I I 1 | I I 15.9 17.5 17.5 18.8 20.6 21.4 23.7 24.0 24.2 24.7 25.1 25-5 Nonbank financial institutions 7.2 8.2 8.8 5.9 7.1 7.1 7.3 7.5 7.7 8.0 7.6 7.6 8.6 26.1 8.9 8.7 9.1 26.3 26.5 26.7 10.2 26.0 All other 8.6 8.6 26.8 8.8 27.0 27.4 9.3 27.8 28.2 9.3 10.1 7.6 8.1 8.7 9.6 10.7 10.1 10.0 9.9 10.2 10.6 11.0 10.8 10.S 11.0 11.1 11.3 11.3 11.4 11.5 12. 1 12.3 12.6 p - Preliminary. 2/ Structure changes in 19591 on balance through August, added almost $1 billion total credit: S600 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, 19591 "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. Data revised beginning October 1963 on basis of December 20, 1963 call. , Exhibit G Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L O A N S Date All commercial banks Total Member banks Reserve city banks New York City of Other City Chicago 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. 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.O 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'—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27 24 29 29 31 28 25 30 27 25 57.0 57.1 57.9 57.7 57.8 58.4 58.6 58.4 59.0 58.6 58.1 58.2 58.9 58.7 58.7 59.4 59.6 59.5 60.2 59.9 65.1 64.9 66.4 66.4 65.6 67.3 67.5 66.6 69.3 67.4 61.1 59.8 58.7 58.8 58.5 60.4 62.0 61.7 60.9 61.4 61.8 61.3 61.7 62.1 62.7 63.0 63.5 63.3 52.7 52.9 53.6 53.6 53.7 53.8 53.8 53.6 54.0 53.8 1964—Jan.' Feb. Mar. Apr. May June 29p 26p 25p 29p 27p 24p 58.8 59.3 59.3 60.2 60.8 60.9 60.0 60.5 60.5 61.4 61.9 62.0 67.3 67.6 67.5 68.4 69.3 .62.1 62.3 62.5 61.9 61.4 62.7 63.9 64.2 64.1 65.1 65.4 65.4 53.9 54.5 54.7 55.6 56.1 56.4 1/ 68.6 .61.2 J 62.6 All commercial banks Country 2/ 2/ 1/ y 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 7.5 7.6 7.8 7.4 7.2 7.4 7.2 7.4 7.3 7.5 7.2 6.8 6.5 6*3 6.4 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 depbsite (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, 2/ Estimated for December 31. NOTE—-Comparability of figures affected by changes in Federal Reserve membership, mefrgers* 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. p - Preliminary. 1 4 DEPOSITS AND Seasonally turnover, CURRENCY adjusted; depos.ts, 3 EXHIBIT AND TURNOVER sen,, monthly a v e r a g e s H, Pari 1 OF DEMAND DEPOSITS of daily figures; monthly Billions Annual rate of dol ott 140 40 MONEY SUPPLY 140 TURNOVER i 4 i t d filer i —->y V TIME AND S A V I N G S D E P O S I T S U.S. GOVT. DEPOSITS Noi u i t i u s l e d I I—l_i—i J—L-LXJ—I—l—L.L L i - l , I I I 1 1 1 1 i9 60 1911 194J "*3 Exhibit H - Part II S e a s Period 0 n a 1 1 y N o n e )r Total S U Demand deposits A d j u s ted p $) l y * Currency D a t; a U. S. * Govt, Time and Turnover 343 deposits centers savings deposits * outside NY 1962—Dec. 1963—Dec. 147.6 153.2 117.1 120.7 30.6 32.4 97-9 112.3 31.3 33.9 5.6 5.2 1964—Jan. Feb. Mar. Apr. May June p 153.8 153.8 154.2 154.7 154.5 155.6 121.2 121.1 121.3 121.7 121.3 122.1 32.6 32.7 32.9 33.0 33.3 33.4 113.9 115.1 115.8 116.4 117.4 118.5 34.8 33.7 34.4 36.0 P35.3 35.1 4.2 4.8 6.1 4.2 6.9 7.8 1964—May (1) (2) June(l) (2) p 154.4 154.6 155.2 155.9 121.3 121.3 121.7 122.5 33.2 33.4 33.5 33.4 117.0 117.7 118.4 118.6 n.a. n.a. n.a. n.a. 6.1 7.6 6.3 9.3 p - Preliminary. * Based on revised data; figures for the period beginning 1940 are published in the June Federal Reserve Bulletin. 1.4.3 TIME A N D - EXHIBIT I, Port 1 S A V I N G S D E P O S I T S AT M E M B E R B A N K S IN L E A D I N G CITIES 60 TOTAL TIME AND S A V I N G S D E P O S I T S SAVINGS DEPOSITS TIME D E P O S I T S OF I N D I V I D U A L S , P A R T N E R S H I P S , AND C O R P O R A T I O N S OTHER TIME D E P O S I T S 1964 1963 1962 Exhibit I - Part II T i m e and S a v i n g s Period Total 1961—Apr. Dec. 1962—Dec. 1963—Dec. 26 2? 26 31 (In 38,175 4l,4?2 50,011 59,227 1964———Jan. Feb. Mar. Apr. May June 29 26 25 29 27 3 10 17 24 60,276 60,930 61,414 62,223 62,997 63,100 63,221 63,024 63,082 17 Savings m :L 1 1 i 0 n s 27,819 30,082 34,712 38,083 38,131 38,291 38,566 38,437 38,664 38,726 38,774 38,800 38,848 D e p o s i t s Individuals, partnerships, and corporations <> f d o l l a r 5,480 5,969 9,080 13,310 14,057 14,390 14,513 14,950 15,411 15,468 15,546 15,387 15,481 Other time deposits 1 / s) 4,876 5,421 6,219 7,834 8,088 8,249 8,335 8.836 8,922 9,906 8,901 8.837 8,753 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 mi m m borrowings) Date .... Monthly averages; 1956—December 1957—December 1958—December 1959—December 1960—*—December 1961—December 1962—December All — •member • - 36 -133 - 41 -424 669 419 268 Beserve City Banks City of New York - • Other City Chicago Country All member All — member Total reserves ' held seasonally adjusted All — • - member — - 91 -105 - 80 -109 10 - 50 - 62 . - 86 - 77 - 32 -104 - 4 - 22 - 11 -203 -228 -197 -449 80 20 - 52 344 277 268 237 583 471 394 652 577 516 482 756 568 572 688 710 557 906 87 149 304 17,201 17,077 17,942 17,978 18,283 18,977 19,609 347 350 318 314 308 315 295 298 281 334 424 434 456 374 483 463 412 407 409 536 155 121 209 236 322 330 321 313 376 327 19,752 19,730 19,858 19,868 20,080 19,798 19,985 19,903 19,994 20,299 334 273 255 257 223 236 429 392 357 375 339 376 256 304 259 213 255 270 20,307 20,270 20,460 20,436 20,409 20,702 1963—March April May June July August September October November December 269 313 247 138 161 133 91 94 33 209 - 8 - 1 - 1 - 59 15 - 80 - 55 - 99 - 74 19 - 37 9 8 7 12 27 41 11 36 21 - 33 - 27 - 64 -111 -149 - 75 -108 - 93 196 i)—January February March April May June p 173 88 98 - 23 - 7 - 17 - 26 - 1 22 89 86 14 5 14 -116 84 106 - 162 • Borrowings - 2 -138 -122 - 87 - 54 - 77 • -112 -116 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) Time deposits Demand deposits and currency 2/ Commercial banks 3/ Mutual savings banks 1 2 3 4 1954 1955 1956 1957 1958 1959 1960 1961 1962 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 130.2 133.3 134.6 133.5 138.8 139.7 - 138.4 142.6 144.8 48:2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 1963 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 466.5 469.8 472.9 476.0 478.2 482.5 483.9 489.0 493.2 495.3 145.0 145.4 145.2 146.5 146.9 146.2 • 147.1 148.8 149.6 149.6 1964 Jan. Feb. Mar. Apr. May June 498.8 499.5 503.9 506.0 507.5 510.4 149.5 148.4 150.2 149.9 149.6 151.0 End of year or month p p p p p p Total Digitized for For FRASER footnotes see next page. Postal? Savings System Savings and loan shares 1/ U. S. U. S. Government Gov't. securities savings maturing bonds within one 5/ year 6j Liquid assets to gross national product 71 Ratios: Demand de- Commercial posits and bank deposits currency and currency to gross to liquid national assets product 7/ (2 + 3 t 1) 10 11 5 6 7 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 27.2 32.0 37.0 41.7 47.7 . 54.3 61.8 70.5 79.8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.5 80.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 102.2 102.9 104.0 105.0 106.2 107.1 107.9 110.1 111.9 112.9 42.2 42.5 42.8 43.1 43.3 43.5 43.7 44.2 44.6 44.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.5 83.2 83.9 84.7 85.6 86.2 87.2 88.3 89.1 90.0 90.8 47.9 48.0 48.1 48.2 48.3 48.4 48.5 48.5 48.6 49.0 45.5 46.5 47.6 47.2 46.7 49.5 48.0 47.9 48.1 48.1 81.0 25.3 81.6 25.2 81.8 25.0 81.9 24.8 53.0 52.9 52.7 52.8 52.9 52.5 52.7 52.9 53.0 53.0 114.8 115.5 115.9 117.0 117.9 118.3 45.0 45.4 45. 6 46.0 46.3 46.6 0.5 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.8 95.3 49.1 49.0 49.0 49.1 49.1 49.2 48.6 48.4 49.3 49.5 49.4 49.5 8 9 - 82.0 24.5 n. a. n. a. 53.0 52.8 52.8 52.8 52.7 52.8 Exhibit K (Continued) 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 H developed by the Bureau of the Census. 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 ill fch* Federal Reserve Bulletin for August 1962, p. 9^1, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Dekand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959s respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 195** and April 1959» respectively• Demand deposits due to banks in United States possessions are included throughout. 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 51 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. 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. Includes al 1 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. 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. 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