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LAo3 " FEDERAL RESERVE BANK of KANSAS CITY 1I / Not for put laArtion JUL 2 2 1963 Research. Library — BANKING AND MONETARY DEVELOPMENTS IN JUNE 1963 Total commercial bank credit, seasonally adjusted, increased sharply in June associated in part with Treasury financing operations» Holdings of U. So Government securities rose contraseasonally as banks acquired new Treasury bonds offered in the late month cash financingo Holdings of other securities continued to expand rapidly and total loans, particularly security loans, rose substantiallyo The money supply increased and time and savings deposits at commercial banks rose moderately furthero U* S 0 Government deposits advanced to an unusually high levelo Total and required reserves of member banks rose* Excess reserves declined and member bank borrowings from the Federal Reserve increased somewhato Bank credit* Total loans and investments at all commercial banks9 seasonally adjusted, increased $4*6 billion in June, much more than in other recent months» Growth in holdings of U 0 S e Government securities accounted for $ 1 o 9 billion of the total expansion0 Banks were allotted $ 9 0 0 million of the $1»9 billion 7-year 2-month Treasury bonds dated June 20o In most other recent years, cash financings have not been scheduled in June* Holdings of non-Government securities rose $700 million, the same rapid rate as in April and May* Loan expansion at $2 billion was larger than in most earlier months this yearc Total credit growth was larger than usual at weekly reporting banks in leading cities in June and it was of record size at other banks» However, other banks appear to have contributed a relatively small share of the total seasonally adjusted credit rise in June, Expansion was concentrated in the second half of the month6 Allowing for usual changes, loan growth was the major contributor to credit expansion at city banks, while at other banks, a contraseasonal rise in holdings of IL S c Government securities was predominant<> At all commercial banks, over the first six months of 19639 total credit increased at an annual rate of 10 per cent, a little more than the unusually large expansion over the year 1962* Seasonally adjusted business loans at all commercial banks increased $300 million in June, about the same as the moderate rate of growth earlier in the year» Over the first half of 1963? these loans increased at an annual rate of 5 per cent, about the same as in the first six months of 1962 but only half as fast as in the last six months of 19620 At weekly reporting banks in leading cities9 business borrowing over the two tax and dividend weeks ending June 19 was about the same as in the corresponding weeks of the two past years» Corporate tax payments were estimated to be a little higher than in June 1962 but the volume of tax securities turned in for tax payments was also a little higher» The volume of maturing tax anticipation bills was the same0 Over the four reporting weeks of June, loans to most industry groups increased as they normally do over a tax and dividend payment month. Net borrowing by metals concerns and "other manufacturing and mining groups," however, was smaller than in June of most other recent years while that by public utilities was about the same. Loans to food processors, commodity dealers, and to trade concerns showed small seasonal changes. Seasonally adjusted security loans at all commercial banks increased $700 million in June. At weekly reporting banks, loans for purchasing or carrying U. S. Government securities rose S38O million, compared with smaller increases or declines in other recent years. This year's large increase presumably was associated in part with payments for the new Treasury bonds on June 20 and expiration of dealer repurchase agreements with corporations. Loans for purchasing or carrying other securities increased an additional $385 million following substantial growth in May. Over the January-June period, security loans at all commercial banks declined less than usual. Loans to Government security dealers fluctuated sharply but declined substantially. Loans to brokers for purchasing or carrying private securities increased throughout the period but most rapidly beginning in mid-spring. Real estate loans at all commercial banks, seasonally adjusted, increased $400 million further in June bringing the expansion so far in 1963 to about $2 billion—an annual rate of 12 per cent and about the same as the substantial rate of expansion in 1962. Preliminary estimates indicate that growth in consumer loans may have been a little slower in June than in other recent months. However, expansion over the first half of the year was also at a rate of 12 per cent, somewhat above that in late 1962 but about the same as earlier in that year. Loans to nonbank financial institutions increased $400 million in June, more than in other months this year. At weekly reporting banks, borrowing by finance companies was larger than usual over the tax and dividend payment period and net repayments did not occur late in the month as they normally do. Deposits and currency. The daily average money supply, seasonally adjusted, increased $400 million over June. An $800 million increase in the first half of the month was offset in part by a small decline in the second half associated with an unusually large build-up in U. S. Government deposits. Over the first half of 1963, the money supply increased at an annual rate of 2-1/2 per cent. This was above the 1-1/2 per cent increase over the entire year 1962 but below the sharp 7 per cent growth of the fourth quarter. Time and savings deposits at commercial banks increased $800 million further in June, somewhat less than in May, but about the same as the reduced April rate. Over the first half of the year these deposits increased at an annual rate of 14 per cent. This was substantial compared with most earlier years although less than the rapid 20 per cent growth rate in the first half of 1962 when interest rates paid on these deposits were increased. At weekly reporting banks in leading cities, savings deposits continued to expand in June at about the same rate as earlier in the year. Over the January-June period, however, they accounted for only about onethird of the growth in total time and savings deposits compared with over two-fifths in the corresponding months last year. Other time deposits of individuals, partnerships, and corporations, which had been showing substantial growth earlier in the year, rose only moderately further in June. Available data on negotiable time certificates of deposit at banks in New York and Chicago indicated a sharp drop at the midmonth presumably reflecting business needs for funds for tax and dividend payments = The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York averaged 32*2 in June, somewhat below the recent record April and May rates, 33°3 and 33° 2, Over the first half of 1963, turnover averaged 4-1/2 per cent above that in the first six months last year. Bank reserves. Free reserves of all member banks declined about $100 million further in June to an average level of $140 million. Excess reserves averaged $375 million, down from $455 million in May, while borrowings increased slightly to $235 million. Most of the reduction in free reserves in June reflected further reductions in net borrowed reserves at reserve city banks; free reserves at country banks declined only slightly. The effective rate on Federal funds was almost consistently at 3 per cent during June. Reserves were absorbed principally by currency outflows and were supplied by System purchases of U, S, Government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, July 16, 1963, 1.4.3 - EXHIBIT A, Port 1 LOANS A N D INVESTMENTS A ^ A U ^ C O M M E R C I A I BANKS Loil Wednesday of •onlh, seo.oneMy Billions ol dollar* "260 odjM.led I 0 I A I LOANS AND I N V E S T # * " ? * U. $. GOVT. S I C O I I T I I S 01 HI I ItS? 1IS9 1151 lfiO 1U1 Exhibit A - Part II U. S. Gov't, securities Loans 2/ Total 1/ Date SICUIITIIS IT bill 1 ions 71 Other securities d o 1 11 a r s) i960—Dec. 31 1961™—Dec. 31 194.5 209.6 114.2 121.1 59.6 64.7 20.7 1962—April May June July Aug. Sept. Oct. Nov. 2/ Dec. 25 30 30 25 29 26 31 28 31 215.0 216.4 220.3 217.8 220.3 222.0 224.4 225.9 228.1 124.5 124.8 126.6 126.1 127.3 129.7 131.6 132.2 134.7 64.6 65.5 25.9 1963—Jan. Feb. Mar. Apr. May June 30 27 27 24 p 29 p 26 p 228.9 232.3 235.0 232.6 234.8 239-4 134.7 136.8 137.8 137.4 138.8 140.8 64.6 65.4 66.7 64.0 64.1 3/ Adjusted to exclude interbank loans. 66.6 26.1 64.1 27.1 27.6 64.3 64.2 64.6 64.3 29.1 29.1 65.0 66.0 2/ 23.8 28.0 28.0 28.6 29.6 30.1 30.5 31.2 31.9 32.6 Estimated as of December 31. L.4.3. - EXHIBIT B, P o r t 1 L O A N S AT ALT CO MMER CI A L B A N K S Lost W e d n e s d a y B i l l i o n s o< d o l l a r s o f m o n t h , »eosono_Uy o d j u s t e d 50 BUSINESS REAL E S T A T E 1957 1958 1959 1960 litI 1*62 HTJ Exhibit B - Part II Consumer Real Estate Business Date (I n' b i l l i o n s o f Security d o l l a r • s) 1960™—Dec• 31 1961—Dec . 31 42.1 44.1 28.7 30.3 20.5 21.3 4.3 5.2 1962—Apr. May June July Aug. Sept. Oct. Nov. 1/ Dec. 25 30 30 25 29 26 31 28 31 44.8 45.0 45.5 45.5 46.1 46.7 47.2 47.4 47.9 31.2 31.6 32.0 32.4 32.8 33.1 33.5 33.9 34.2 22.1 22.4 22.6 22.7 22.9 22.9 23.2 23.3 23.5 5^6 5.2 5.3 4.4 4.7 5.7 5.9 5.5 6.1 1963—Jan. Feb. Mar. Apr. May June 30 2? 27 24 p 29 p 26p 48.1 48.3 48.3 48.7 48.8 49.1 34.5 34.7 35.0 35.4 35.9 36.3 23.8 24.1 24.3 24.4 24.8 24.9 5.7 6.6 6.7 5.7 6.1 6.8 2/ Estimated as of December 31* Exhibit C Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted (in billions of dollars) 19 6 2 Item 19 6 3 Feb. Mar. +0.8 +3.4 +2.7 -2.4 +2.2 +4.6 -0.3 +0.3 +0.8 +1.3 -2.7 +0.1 +1.9 +0.5 1/ +0.5 +0.5 +0.4 +0.7 +0.7 +0.7 +1.9 +0.6 +2.5 1/ +2.1 +1.0 —0.4 +1.4 +2.0 +0.6 +0.5 +0.2 +0.5 +0.2 +0.2 1/ +0.4 +0.1 +0.3 +0.4 +0.3 +0.4 +0.4 +0.3 +0.3 +0.2 +0.3 +0.4 +0.5 +0.4 +0.1 +0.2 1/ +0.3 +0.1 +0.2 +0.3 +0.3 +0.2 +0.1 +0.4 +0.1 +0.1 -0.9 +0.3 +1 • 0 +0.2 -0.4 +0.6 -0.4 +0.9 +0.1 -1.0 +0.4 +0.7 Nonbank financial +0.3 —0* 1 +0.2 +0.1 +0.3 1/ +0.1 +0.2 +0.1 +0.3 -0.5 +0.2 +0.4 Agriculture +0.1 1/ -0.5 1/ +0.2 +0.7 1/ +0.3 1/ +0.1 1/ 1/ -0.2 All other +0.2 +0.1 +0.1 +0.2 —0.1 -0.4 +0.2 -0.1 +0,1 +0.3 +0.1 1/ +0.2 Total loans excluding security j/ +1.7 +0.5 +1.0 +1.2 +1.6 +1.0 +1.3 +1.2 +0.9 +1.2 +0.5 +1.2 +1.2 Total loans excluding security and nonbank financial j>/ +1.4 +0.6 +0.8 +1.1 +1.3 +1 • 0 +1.2 +1.0 +0.8 +0.9 +1.0 +1.0 +0.8 June July Aug. Sept. Oct. Nov. Dec.4/ +3-9 -2.5 +2.5 +1.7 +2.4 +1.5. +2.2 U. S. Gov't, securities +1.1 -2.5 +0.9 -0.7 —0.1 +0.4 Other securities +1.0 +0.5 +0.4 1/ +0.6 Loans 2/ +1.8 —0.5 +1.2 +2.4 Business +0.5 1/ +0.6 Real estate +0.4 +0.4 Consumer +0.2 Security Loans and Investments 2 / 1/ while total loans are net; and (2) loan items adjusted loans, by category, are experimental Less than $50 million. 2/ Adjusted to exclude subtraction from total loans. 4/ Estimated as Jan. Apr. p May p June p and total loans are independently seasonally adjusted. Seasonally and are subject to revision. interbank loans, j\j Derived by addition of items and not by of December 31 > 1962. Exhibit D Changes in Loans and Investments at All Commercial Banks, at WeeklyReporting Banks, and at Other Banks, Not Adjusted for Seasonal, (In billions of dollars) Last Wednesday of May to last Wednesday of June Item 1963 1962 1961 i960 @All commercial banks Total loans U.S. Gov't, securities Other securities Total +5.3 +0.6 +0.7 +4.6 +2.9 1/ +0.9 +3.9 .+1,2 +0.3 +0.2 +1.7 +1.7 -0.9 . +0.1 +0.8 @Weekly reporting banks Total loans U.S. Gov't, securities Other securities Total +2.4 +0.4 +0.4 +5.2 +1,8 +0.U +0.8 +3.0 +0.6 +0.7 +0.1 +1.3 +0.9 +0.2 +0.? +1.4 +1.1 -0.4 +0.1 +0.9 +0.6 -0.4 +0.1 +o,L #Other banks Total loans U.S. Gov't, securities Other securities Total • It an All commercial banks Total loans # U.S. Gov't, securities Other securities Total ,, 1958 1957 +2,3 -1.7 —0,2 +0.3 +2,3 +1.5 +0.6 +2.1 -1.6 1/ +o.5 +1,2 —0,1) 1/ +0.7 +1.3 -1,2 -0.1 -0.1 +1.7 +1.5 +0.5 •+3.7 +1.7 -1.0 V +0,7 +0.5 -0.5 +0,1 +0,1 ; +1.0 +0.6 y +0,1 +0,7 +0.4 —0.6 1/ -0.2 1958 1957 1959 -0.5 —0,1 +0.4 End of December to end of June 1963 2/ 1962 1961 i960 +4.2 -2.9 +3.8 -2.1 +3.1 +4.8 +0.3 +0.8 +1,2 +2,3 +2.6 -4.7 -0.6 -2.8 3/ +5.3 ' 3/ -5.5 3/ V 3/ -0.2 +0.1* +6,1* +2.1 +8.9 +2.4 -3.1 +0.5 —0.2 +4.6 1959 4 Weekly reporting banks I'otal loans # U.S. Gov't securities Other securities Total +1.3 -1.9 +2.2 +1.6 +1.0 —1.6 +2.4 +1.9 —l .U +1.5 +0,7 +0.8 +0.4 -2 o3 -o.u -2,3 +2.4 -4.6 -0,1 -2,3 -0.9 +6.2 +1.5 +6,8 +0.7 -1.7 +0.1 *1.0 Other banks total loans # U.S. Gov't, securities Other securities Total +2.9 •1.0 +1.1 +3.0 +2.8 -0.5 +0.7 +2.9 +1,7 —0.7 +0.5 +1.5 +2,2 —2 .It -0,2 -0.5 3/ +2,9 3/ -0,9 3/ +0.1 3/7CC +1,3 +0,2 +0,6 +2,1 +1.7 -loll +0.4 +0.8 NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used * when available. 1/ Less than $50 million. 2j Based on estimated data for December 31, 1962. 3/ In January and April 1959, total credit increased over $600 million as a result of bank structure changes; loans, $U00 million; U. S. Government securities, $200 million; and other securities, $100 million. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (in millions of dollars) End of May to end of June Business of borrower Food processors Commodity dealers Trade concerns Total 196) 1962 1961 + + + + 32 - 35 j_32 + 34 - 33 24 32 41 13 69 16 98 2/ I960 + - 22 93 17 98 End of December to end of June 1959 1963 + - -594 -264 + 86 -112 57 48 46 59 1962 1961 i960 1959 -497 -237 + 95 -639 -498 -325 -175 -998 -558 -611 ±112 -863 -459 -355 ±221 -507 1/ +321 1/ 1/ 1/ 1/ +336 1/ 1/ 1/ Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business +118 + 46 + 10 +131 + 36 + 4 + 68 + 32 - 4 +185 + 51 -17 +175 + 39 - 27 + 76 +288 + 72 +180 +289 + 9 -100 +177 + 81 +1,062 +273 - 52 +844 +214 -142 + 19 + 83 + 30 +110 + 19 + 2.6 +131 + 27 + 12 + 93 +112 + 42 + 44 • +3 80 + 54 +415 -255 +132 +480 -510 +182 +249 -330 + 53 +354 - 48 + 96 +199 -156 +104 + 90 + 63 +126 + 32 +133 +209 +205 +4o6 +155 +130 Classified Unclassified +437 + 94 +422 + 78 +292 + 17 +400 + 76 +874 + 70 +168 +265 +196 +238 -463 + 57 +977 +201 +1,008 +185 Total change +531 +500 +309 +476 +944 +433 +434 -406 +1,178 +1,193 Total change excluding sales finance +531 +500 +309 +476 +608 +433 +434 -406 +1,178 +872 Sales finance 1/ Not included in business loans on revised basis. 7j Four weeks used throughout. • # Date 1956: 1957: iSl"o: 1959: 1960: 1961: 1962: # # Loans and investments * Exhibit F • Loans and Investments at All Commercial Banks (In billions of dollars) U. S. Govt. Other security Total loans Bus iness Real estate Security Farm Consumer Nonbank financial institutions Dec. Dec, Dec. June June Dec. Dec. Dec. 31 31 31 24 (old) 24 (new) 31 1/ 31 30 164.5 169.3 184.4 184.2 184.2 189.5 198.5 214.4 58.6 58.2 66.4 60.9 60.9 58.9 61.0 66. 6 16.3 17.9 20.6 20.6 20.6 20.5 20.9 23.9 89.7 93.2 97.5 102.8 102.8 110.0 116.7 123.9 38.7 40.5 40.4 42.5 37.8 40.2 43.1 45.2 22.5 23.1 25,3 26.9 26.9 28.1 28.7 30.3 4.3 4.2 4.7 4.1 4.1 4.9 5.1 6. 2 4.2 4.1 5.0 5.0 5.0 5.0 5.7 6.2 14.6 15.8 15.9 17.5 17.5 18.8 20.6 21.4 5.9 7.1 7.1 7.3 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 28 28 30 30 25 29 26 31 28 31 (est) . 212.4 214.8 215.3 219.2 217.8 219.0 223.1 225. 7 226.8 233.6 64.4 64.7 64.4 64.4 64.2 63.9 64.3 65.6 65.6 66.4 25.4 26.1 26.1 27.0 27.5 27.9 28.2 28.6 28.8 29.3 122.6 124.6 124.8 127.7 126.1 127.3 130.6 131.5 132.3 137.9 44.8 44. 7 45.0 45.9 45.2 45.8 46.7 47.1 47. 7 49.1 30.7 31.1 31.5 32.0 32.4 32.8 33.2 33.6 34.0 34.3 5.4 5. 7 5.1 5.3 4.4 4. o 5.8 5.9 5.3 7.3 6. 6 6.7 6.6 6.8 6.8 6.2 6. 2 6.4 7.0 7.1 21.5 21.9 22.3 22. 7 22.9 23.1 23.1 23.3 23.4 23.6 6. 5 6.5 6.6 7.2 6.9 7.2 7.4 7.2 7.2 8.5 1963: ==> = <=> = c=» c=> All other 6.9 7.2 8.2 8.8 7. 6 8.1 8.7 9.8 9.8 10.0 10.2 10.5 10.3 10.4 10.8 10.6 10.4 10.8 Jan. 30 229.1 66.2 29.5 133.4 47.3 34.5 5. 6 7.3 23.7 7.5 10.3 Feb. 27 230.4 65.3 29.9 135.2 47. 7 34.7 6.5 7.4 23.8 7.7 10.2 Mar. 27 231.9 64.8 30. 7 136.4 48.6 34.9 6.0 7.5 23.9 8.0 10.2 Apr. 24 P 232.4 64.0 31.4 136.9 48.6 35.3 5.8 7.5 24.2 7.6 10.6 May 29 P 233.6 62.9 31.9 138.8 48.8 35.8 6.0 7.5 7.8 24.7 10.9 June 26 P 63.5 32.6 142,1 1 238.2 49.5 6.8 36.3 8.6 25.0 11.2 7A p - Preliminary. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit; $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. NOTE—Date exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. Exhibit G Ratios to Total Deposits 1/ L Date 1918: 1919: 1950S 1951: 1952: 1953: 1951*: 1955: 1956: 1957: 1958: 1959: I960: 1961: 1962: 1963: All commercial banks Dec. 31 Dec. 31 Dec. 31 Dec. :31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 30 31.2 31.1 35.8 37.2 39.3 1*0.5 10.3 1*5.8 Total 0 N U.S. Gov't securities maturing within one year S Member banks Reserve city banks New York City of Other City Chicago 1*9.7 I18.U 51i.O 55.1 5U.5 31.3 30.9 36.1 37.6 39.9 ia.i 1*0.7 1*6.7 5o.i 5i.o li9.li 55.6 56.5 55.7 35.9 3k.9 U2.5 1+6.3 50.6 50.6 1*6.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 1*8.8 A . All commercial banks Country 30.lt 25.6 32.3 36.2 38.9 39.1 38.3 1*6.3 52.7 55.2 li9.lt 58.2 60.8 58.0 33.U 32.1* 38.1 39.1* ltl.1 1*2.2 111.9 1*8.5 52.7 53.3 51.3 58.2 59.0 57.7 27.1 28.5 31.5 32.1 33.9 36.1 37.1 1*0.7 1*2.6 ltit.1 ltli.1* I18.2 50.3 50.2 May ' June July Aug. Sept. Oct. Nov. Dec. 30 30 25 29 26 31 28 28 55.8 55.9 55.6 56.0 56.it 56.1 56.3 56.5 56.8 56.8 56.5 57.0 57.6 57.2 57.1* 57.7 61*.li 63.6 63.0 65.8 68.8 67. It 66.6 67.9 57.3 57.5 56.5 57.1 58.6 57.6 57.3 6l.lt 59.1, 59.0 59.3 59.5 60.0 60.0 60.7 60.1 51.8 52.1 51.7 51.7 51.6 5l.l 51.5 51.7 Jan. Feb. Mar. Apr. May June 30 27 27 2l*p 29p 26p 56.2 56.7 57.0 57.1 57.8 57.8 57.3 57.9 58.1 58.2 58.9 58.8 61.7 66.2 65.1 6U.9 66.U 66.5 57.7 59.1* 61.1 59.8 58.7 59.8 6o.5 60.8 60.9 6l.lt 61.8 61.4 51.9 52.3 52.7 53.0 53.8 53.7 2/ y 2/ lit.2 19.2 15.2, 9.8 11.7 16.9 10.0 5.1 7.5 8.1* 8.3 7.it 8.7 11.2 . 11.7 11.3 '11.3 11.9 9.9 10.it 9.3 9.5 9.5 9.5 7.5 7.6 7.8 n.a„ * • ^ • . • . • . • A 1/ Total loans (adjusted to exclude loans tjo banks); U. S. Government securities maturing within one year estimated on basis of Treasury survey of ownership and total deposits (adjusted to exclude cash items in process of collection). 2/ Prior to 1951> data are on call basis and beginning in 195l> they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. NOTE: Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.j tyr 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. L.4.3. - EXHIBIT H, Part 1 DEPOSITS A N D CURRENCY A N D T U R N O V E R OF D E M A N D DEPOSITS Seasonally adjusted; deposits, semi monthly averages of daily figures; turnover, monthly at annual rate Billions of dollars 160 Annual rate M O N E Y SUPPLY TURNOVER 3 43 centers T I M I AND S A V I N G S DEPOSITS U Not 195 8 1957 S. G O V T . D E P O S I T S * adjusted for seasonal 1962 1961 1960 1959 1963 ^ All commercial banks. Exhibit H - Part II Seasonally Adjusted Data Money supply Period 1959—Dec. (2) 1960——Dec• (2) 1961—Dec. (2) 1962—Dec. (2) 1963—Feb. (1) (2) Mar. (1) (2) Apr. (1) May (2) (1) (2) June (l) (2) P Turnover 343 centers outside N Y Gov' t. deposits 27.6 5.2 5.3 5.5 6.1 Total Demand deposits 141.8 141.2 146.0 148.3 113.0 112.2 116.4 117.8 28.8 28.9 30.5 67.4 73.0 82.7 97.9 148.7 148.4 149.0 148.8 149.5 149.5 149.8 149.1 149.9 149.7 117.9 117.4 30.8 30.9 31.0 31.1 51.3 31.1 31.3 31.3 31.5 31.6 99.9 100.8 101.3 102.2 102.4 102.8 103.3 104.0 104.3 104.7 II8.O 117.6 118.3 118.1 118.5 117.8 118.4 118.1 Currency 29.6 u. s. Time and savings deposits 28.1 29.4 31.3 32.2 32.0 33.3 33.2 32.2 4.9 6.5 5.2 6.6 4.5 3.9 6.3 7.7 5.4 9.4 1.4.3 - EXHIBIT I, P a r t I TIME A N D S A V I N G S DEPOSITS AT MEMBER B A N K S I N L E A D I N G CITIES Billions Wednesday of dollars 55 figures I O T A I I I M K AND S A V I N G S DEPOSITS S A V I N G S DEPOSITS till DEPOSITS Of INDIVIDOAIS PAiTiilisNIPS, AND COIPOIATIONS A 0 P It* 3 1912 1UI Exhibit I - Part II T i m e Period O a n d Total (In S a v i n g a D e p o s i t s Individuals, Other time partnerships, Savings deposits l/ and corporations 0 f d 0 1 1 a 1' s ) m i l l i o n s 1961—-April 26 . Dec. 27 1962——Dec, 26 38,175 kl,k72 50,011 27,819 30,082 3k,712 5,k8o 5,969 9,080 k,876 5,k21 6,219 1963—March 27 April 2k May 29 53,187 53,650 51,538 35,87k 35,801 36,0k8 10,372 10,601 11.175 6,9kl 7,2k8 7,315 5k,557 54,692 5k,601 5k,856 36,126 36,181 36,220 36,355 11,160 11,275 11,206 11,269 7,271 7,236 7,175 7,232 June 5 12 19 26 1/FRASER Includes States Digitized for http://fraser.stlouisfed.org/ governments and Federal Reserve Bank of St. Louis and political subdivisions, U. S, Government, foreign 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 1958s December 1959s December - 36 -153 - 41 -424 Reserve City Banks City of New York Other City Chicago - 86 - 91 -105 669 - 77 - 32 -104 - 4 - 22 - - 80 1961; December 424 -109 10 - 50 1962: May June 434 370 10 - 12 July August September October November December 442 437 378 419 470 18 7 - 19 34 13 6 - 14 - 10 - 1 - 7 - 11 January February March April May June p 384 300 - 25 13 - 6 - 11 - 37 - 9 - 8 - 6 i960: December 1963; 265 271 313 247 140 - 62 - 8 1 - 59 3 3 Borrowings Total reserves held seasonally adjusted All member Country All member All member -203 -228 -197 -449 80 24 344 277 268 237 583 471 651 577 516 481 756 573 688 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977 36 385 389 497 470 63 100 19,253 19,312 3 2 4l6 441 408 382 483 531 564 458 484 489 569 89 127 80 65 119 19,348 304 19,427 19,484 19,606 426 483 472 426 434 456 376 99 172 155 121 209 236 19,681 19,698 19,753 19,732 19,855 19,866 - 4 5 - 19 - 52 391 - 50 - 55 390 - 30 346 332 322 313 - 25 - 66 -108 19,237 19,305 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. NOTE; 4 • • • # * • e e * • Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1J (Amounts in billions of dollars; ratios expressed as percentages) Ratios: Demand Liquid assets Demand Commercial deposits Savings U. S. U.S. Govt to gross Postal deposits bank deposits and Govt, securities and and Commercial Mutual Savings loan savings maturing national pro- currency & currency to duct 2/ savings System currency banks to gross liquid assets shares bonds within one banks 2/ 1/ (2 + 3 + 1) national year 6/ V V product 7/ 11 10 8 6 9 4 5 7 2 3 Time deposits End of year or month Total 1 1954 1955 1956 1957 1958 1959 I960 1961 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 1962 May June July Aug. Sept. Oct. Nov. Dec. 439.6 442.9 444.2 447.9 449.1 453.4 456.9 459.2 142.8 142.3 142.] 141.2 142.5 143.8 143.4 144.8 89.7 91.2 91.7 92.7 93.9 95.2 96.9 98.1 39.3 39.7 40.0 40.2 40.6 40.9 41.2 41.4 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 74.1 74.8 75.4 76.4 77.4 78.3 79.2 80.0 47.4 47.4 47.5 47.5 47.5 47.5 47.5 47.6 45.7 46.9 46.8 49.2 46.6 47.2 48.2 46.8 1965 Jan.p Feb.p Mar.p Apr.p May p Junep 462.8 464.7 466.7 469.9 472.9 475.5 144.4 144.5 145.0 145.3 145.2 146.4 100.1 101.2 102.2 102.9 104.0 105.0 41.7 41.9 42.2 42.5 42.8 43.0 0.5 0.5 0.5 0.5 0.5 0.5 81.1 82.2 83.4 84.1 84.7 85.5 47.8 47.9 47.9 48.0 48.2 48.2 47.1 46.5 45.5 46.5 47.6 47.0 85.9 81.3 79.6 80.3 80.2 80.5 r79.2 r78.4 35.0 32.6 31.2 30.3 29.-9 28.7 r27.6 r 26.4 r79.5 r25.8 r 80.1 r 25.5 r 80.4 r25.4 81.0 25.3 55.7 55.0 54.4 53.6 54.8 52.6 53-0 53.0 52.9 52.7 52.6 52.2 52.6 52.7 52.6 52.9 52.8 52.9 53.0 52.8 52.6 52.9 s 1™ For footnotes see next page. . NOTE: This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs from the one previously shown in concept and coverage. Back figures available from Banking Section, Division of Research and Statistics. GNP revised beginning in i960. http://fraser.stlouisfed.org/ # Federal Reserve Bank of * St. Louis # # # # * # # # 4 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 II 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 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 respecJ 6 * " ? ! *That o n e national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respc --vely. 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 an 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. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data tat o£ new savlnss and " t h d r r o a i °£
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