The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
L.4.3 Not for Publication June 18, 1968. *1 d o 3 WsWffilRLiBrWmms IN m Y 1968 Summary. Commercial bank credit increased moderately in May with growth somewhat smaller than the average monthly rise earlier in the year. Increased holdings of U.S. Government securities, associated principally with bank participation in the mid-month Treasury financing, accounted for most of the expansion, since there was little growth in either loans or holdings of other securities. The money supply increased somewhat more rapidly than in April and considerably faster than in the first quarter. U.S. Government deposits declined substantially in both April and May. Growth in time and savings deposits was small, as in April, following relatively rapid expansion over the February-March period. Holdings of large negotiable CD's declined further and consumer type time and savings deposits showed a moderate rise. Net borrowed reserves and member bank borrowings rose further . Changes in Commercial Bank Credit Money Supply and Time Deposits (Seasonally adjusted) 1965 Total loans and investments U.S. Govt. sec. 1966 1/ Annua1 rate <'per cent) 1967 Dec. 1967 1968 1st 2nd Jan. - Jan. to Year half half May 1968 March May Year Year 10.2 5.7 11.5 9.9 12.5 6.9 6.8 7.2 5.8 - 5 . 6 - 6.3 11.0 6.3 15.2 -3.6 2 .0 4.4 30.4 May Other sec . 15.8 6.5 26.1 31.2 18.1 10.6 13.7 8.2 1.9 Total loans 14.7 9.1 8.2 5.9 10.3 8.7 6.4 7.6 0.5 Business loans 18.8 13.3 9.8 10.9 8.2 11.6 7.0 9.2 5.4 4.7 2.2 6.5 6.8 6.0 5.6 4.2 6 .3 10.4 16.0 8.8 15.9 17.4 13.2 5.0 6.1 4.3 1.3 Money supply Time and savings deposits at all commercial banks 17 Where necessary, change in loans and other securities described above are adjusted for the definitional shift of about $1 billion of participation certificates from loans to other securities on June 30, 1966. Changes in total credit, total loans, and total time and savings deposits described above are also adjusted for the reduction of $1.1 billion of balances accumulated for the payment of personal loans excluded on June 9, 1966, as a result of change in Federal Reserve regulations affecting reserve requirements. Bank Credit. Loans and investments at all commercial banks increased $1.7 billion in May compared with an average monthly expansion of $2.2 billion earlier in the year. Reflecting large acquisitions in connection with the mid-month Treasury note financing, holdings of U.S. Government securities increased contraseasonally at both large and small banks and accounted for practically all the May expansion of bank credit. Loans outstanding and holdings of other securities expanded only nominally in May--increasing somewhat less than usual at small banks while decreasing at large banks. Since the first of the year, total credit has increased at a seasonally adjusted annual rate of 7.2 per cent, considerably below the high 11.5 per cent rate over year 1967. This recent moderate growth rate reflects primarily a larger than usual credit decline at weekly reporting banks. While loans and holdings of U.S. Government securities at these banks showed relatively moderate declines for this time of year, their holdings of other securities rose much less than usual. At non-weekly reporting banks, credit expansion was close to the average for the DecemberMay period of recent years, although loans expanded less arid holdings of U.S. Governments declined less than in other years. At all commercial banks, holdings of U.S. Government securities increased $1.5 billion in May reflecting principally bank acquisitions of new Treasury notes offered in the mid-month financing. On May 15, the Treasury sold for cash about $3.4 billion of 6 per cent 15-month Treasury notes, with commercial banks taking an estimated $2.5 billion. At the same time, the Treasury exchanged $6.7 billion of a total $8 billion maturing notes and bonds for new 6 per cent 7-year notes. On balance the Treasury raised about $2 billion of new cash in the two operations. At weekly reporting banks, holdings of U.S. Governments showed little net change in early May prior to the financing. Following the financing, banks sold issues in the 1-5 category--presumably the new notes-- and also further reduced their bill holdings which had been declining sharply since the beginning of the year. Holdings of "other" securities increased $100 million in May following a decline of $100 million in April. Growth over the first quarter of the year had been at an annual rate of about 14 per cent, or approximately half the pace of the year 1967. In May, as in April, weekly reporting banks reduced their holdings of short-term municipals but added a relatively comparable volume to their holdings of longer-term municipals. Business loans increased $400 million in May following a sharp $1.4 billion rise in April. Expansion had been rapid from late-March through the mid-April tax period but the pace had begun to slacken in late-April. So far this year, growth has been at an annual rate of over 9 per cent—almost the same as the rate of growth in 1967. At weekly reporting banks, borrowing by practically all industry groups was smaller or repayments were larger in May than in the corresponding weeks of most other recent years. While total business loans (not adjusted for seasonal) at weekly reporting banks declined in May, term loans continued the stronger growth trend they have demonstrated since the first of the year, rising to 46 per cent of total classified business loans. Increases appeared fairly well distributed among industries with loans to public utilities and to foreign business concerns especially strong. On the other hand, loans to metals processors were about unchanged compared with heavy borrowing earlier in the year, and loans to mining concerns, which had also been large earlier, were reduced. Consumer loans probably continued to expand in May at the somewhat faster rate that has generally prevailed over recent months. Growth in real estate loans, however, appears to have been slowing somewhat compared to the more rapid rate in late 1967 and early 1968. Money supply and time deposits. The money supply rose $1.6 billion in May, somewhat more than in April, and considerably more than the $600 million average monthly increase over the first quarter of the year. U.S. Government deposits declined substantially in both April and May following moderate expansion over the January-March period. So far this year, growth in the money stock has been at an annual rate of 6.3 per cent, about the same as over the year 1967. Time and savings deposits rose $200 million in May, or at a slightly slower pace than in April, and much below the substantial increases of February and March. So far this year, there deposits have grown at an annual rate of 4.3 per cent, about one-quarter as fast as over the year 1967. At weekly reporting banks, large negotiable CD's declined further in May but the reduction occurred entirely in the first half of the month. Later in the month, banks outside New York City were able to add to their CD holdings-presumably associated in part with declines in Treasury bill rates which may have made CD's more competitive. At banks in New York City, however, CD's continued to decline and about offset the expansion elsewhere. Savings deposits at weekly reporting banks increased again in May following the April decline, which had reflected withdrawals associated with both the postinterest crediting period and the mid-month individual tax payment period. Consumer-type time deposits rose moderately further in April. Combined consumer-type time and savings deposit growth was little more than half as large as in May 1967 however. Bank reserves . Net borrowed reserves increased further in May averaging $380 million over the five weeks ending the 29th. Member bank borrowings also rose while excess reserves showed little further change. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L.4.3 - EXHIBIT A, Pari 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted Billions of dollars I I 1 1 1 I I ! 1 1i i1i i i i i i i i i TOTAL LOAN S AND INVES FMENTS — 300 - iL UnAiNnoe 200 - 100 U.S. GOVT. SECURITIES i == 1I 1 1962 1963 1964 OTHER SECURITIES 1 1965 1966 l l I ll I I I l I l 1 II I l I l I 1 II 1967 1968 Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Total Date Loans ( I n JL/ b i l l i o n s Other securities U.S. Gov't, securities of d o l l a r s ) 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 2/ 31 2/ 31 31 31 227.9 246.2 267.2 294.4 310.2 3/ 134.1 149.7 167.7 192.4 207.8 3/ 64.5 61.5 60.7 57.3 53.7 29.2 35.0 38.7 44.8 48.7 1967--Apr. May June July Aug. Sept. Oct. Nov. Dec. 26 31 30 26 30 27 25 29 30 323.2 324.6 325.6 332.4 337.3 339.5 342.6 344.4 345.9 213.5 213.5 213.9 217.1 218.2 220.2 221.8 222.3 224.9 56 .1 56.1 55.4 58.8 61.8 61,6 62.3 61.8 59.6 53.6 55.0 56.3 56.5 57.3 57.7 58.6 60.3 61.4 1968--Jan. Feb. Mar. Apr. May 31 28 27 24 p 29 p 349.0 353.0 351.8 r 354.6 356.3 227.5 228.7 228.5 r 231.9 232.0 59.1 61.8 59.9 59.2 60.7 62.4 62.6 63.5 63.4 63.5 iy 2/ 3/ ~ Adjusted to exclude interbank loans Estimated as of December 31. Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. L.4.3 - EXHIBIT B, Part 1 LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally Billions adjusted of dollars BUSINESS 60 REAL ESTATE „ 40 CONSUMER 20 SECURITY 10 I IIIIIIIIIL IIIIIIIIIIII 1962 1963 1964 1965 1966 1967 1968 Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Business Date (In Consumer Real Estate .b i l l i o n s of d o l l a r Security s ) 47.6 52.0 58.4 69.4 78.6 34.2 39.1 43.6 49.2 53.8 23.7 27.2 31.1 35.7 38.8 6.2 6.7 7.1 7.4 7.9 1967--Jan. 25 Eeb. 22 Mar. 29 Apr . 26 May 31 June 30 July 26 Aug. 30 Sept .27 Oct. 25 Nov. 29 Dec. 31 79.5 80.1 80.8 81.7 82.3 82.9 83.7 83.9 84.2 84.4 84.7 86.3 54.1 54.3 54.5 54.7 55.0 55.3 55.7 56.2 56.7 57.2 57.8 58.4 39.0 39.1 39.2 39.4 39.4 39.6 39.8 40.0 40.3 40.6 40.9 41.0 8.4 8.3 8.3 8.1 7.9 7.2 8.9 9.3 9.7 10.0 9.5 9.2 1968--Jan. Feb. Mar. Apr. May 86.5 87.0 87.8 89.2 89.6 58.9 59.5 60.0 r 60.5 60.9 41.4 41.9 42.1 r 42.5 42.9 10.0 10.3 9.0 8.6 8.7 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 1/ 31 1/ 31 1/ 31 31 31 31 28 27 p 24 p 29 p Estimated as of December 31. p - Preliminary These data are not for publication •• V> /\n i n o /I Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item 1 9 6 7 Apr . - May June July Aug. 19 6 8 Sept. Oct. Nov. Dec. Jan. Feb. Mar . +3.1 +1.8 +1.5 +3.1 +4.0 zlA -0.5 +2.7 Loans and Investments 2/ +1.8 +1.4 +1.0 +6.8 +4.9 U. S. Gov't, securities -1.7 1/ -0.7 +3.4 +3.0 -0.2 +0.7 -0.5 -2.2 Other securities +1.3 +1.4 +1.3 +0.2 +0.8 +0.4 +0.9 +1.7 +1.1 ; +1.0 Loans 2/ +2.2 1/ +0.4 +3.2 +1.1 +2.0 +1.6 +0.5 +2.6 | Business +0.9 +0.6 +0.6 +0.8 +0.2 +0.3 +0.2 +0.3 +1.6 | Real estate +0.2 +0.3 +0.3 +0.4 +0.5 +0.5 +0.5 +0.6 Consumer +0.2 1/ +0.2 +0.2 +0.2 +0.3 +0.3 Security -0.2 -0.2 -0.7 +1.7 +0.4 +0.3 Nonbank financial +0.2 -0.1 -0.2 -0.1 V 1/ +0.1 +0.2 +0.1 All other +0.9 -0.7 1/ Total loans excluding security 3/ +2.4 +0.2 Total loans excluding security and nonbank financial 3_! +2.2 +0.3 Agriculture Apr. May p ±LZ -1.9 -0.7 +1.5 +0.2 +0.9 -0.1 +0.1 +2.6 +1.2 -0.2 r +3.4 +0.1 +0.3 +0.5 +0.8 +1.4 +0.4 +0.6 +0.5 +0.6 +0.5 r +0.5 +0.4 +0.3 +0.1 +0.4 +0.5 +0.2 r +0.4 +0.4 +0.3 -0.5 -0.3 +0.8 +0.5 -1.3 -0.4 +0.1 +0.3 +0.3 -0.2 -0.3 +0.1 -0.4 1/ +0.5 +0.1 +0.1 1/ 1/ -0.1 +0.2 1/ +0.1 1/ +0.2 +0.1 +0.1 -0.2 +0.3 I/, +0.1 +0.7 +0.5 -0.4 -0.4 +1.0 -1.4 +1.1 +1.5 +0.7 +1.7 +1.3 +1.0 +2.9 +1.8 +0.9 +1.1 r +1.3 +1.6 +0.7 +1.4 +1.0 +1.2 +3.2 +1.7 +1.3 +1.1 r +3.3 00 r +2.8 Less than $50 million. Adjusted to exclude interbank loans. At large banks on a last Wednesday basis, bankers' acceptances decreased $113 million in May 1968, compared with a decline of $66 million in May 1967 and a decline of $59 million in May 1966. p 1/ -0.1 •V Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Last Wednesday of April to last Wednesday of May Item 1968 1967 1966 1965 1964 1963 1962 All commercial banks Total loans U. S. Gov't, securities Other securities Total +0.6 +0.5 -0.4 +0.6 ' +0.7 -0.4 +0.7 +1.1 +1.9 -1.9 +0.6 +0.7 +2 .6 -1.1 -0.3 +1.2 +2.0 , -1.0 1/ +0.9 +2 .0 -1.0 +0.3 +1.3 +0.8 -0.3 1/ +0.5 Weekly reporting banks 3/ Total loans U. S. Gov't, securities Other securities Total -0.1 +0.4 -0.5 -0.1 -0.6 +0.1 +0.2 -0.4 +0.5 -1.3 +0.3 -0.5 +1.3 -0.5 -0.4 +0.4 +1.0 -0.4 -0.2 +0.4 +1.0 -0.6 +0.3 +0.7 +0.2 +0.2 -0.1 +0.2 Other banks 3/ Total loans U. S. Gov't, securities Other securities Total +0.7 +0.1 +0.1 +0.7 +1.3 -0.5 +0.5 +1.5 +1.4 -0.6 +0.3 +1.2 +1.3 -0.6 +0.1 +0.8 +1.0 -0.6 +0.2 +0.5 +1.0 -0.4 1/ +0.6 +0 .6 -0.5 +0.1 +0.3 Item All commercial banks Total loans U. S. Gov't, securities Other securities , Total 1968 1967 End of December to end of May ' 2 1966 1965 1964 1963 - 1962 ' +0.6 -2.5 +1.9 1/ +0.1 -0.4 +5.9 +5.7 +4.3 -5.9 +2 .2 +0.6 +6 .7 -5.8 +2 .3 +3.2 +2.8 -4.3 +0.7 -0.9 +1.0 -3 .4 +2.4 1/ +0.9 -2.2 +2 .2 +0.9 Weekly reporting banks 3/ Total loans U. S. Gov't, securities Other securities Total -1.1 -2.3 +1.0 -2.4 -2.9 +0.2 44.5 +1.9 +1.5 -4.3 +1.0 -1.8 +3.5 -4.2 +1.4 +0.6 +0.1 -2 .7 +0.2 -2.4 -1.1 . -2.3 +1.8 -1.7 -0.8 -2.0 +1.6 -1.2 Other banks 3/ Total loans U. S. Gov't, securities Other securities Total +1.7 -0.2 +0.9 +2 .4 +3.0 -0.6 +1.4 +3.8 +2.8 -1.6 +1.2 +2 .4 +3.2 -1.6 +0.9 +2 .6 +2.7 -1.6 +0.5 +1.5 +2.1 -1.1 +0.6 +1.7 +1.7 -0.2 +0.6 +2.1 NOTE: 1/ 2/ 3/ • Data exclude all interbank loans; call report data for large banks used when available . Less than $50 million. Based on estimated data for December 1963, and 1962, for all commercial banks and for December 31, 1962, for large banks. Based on revised coverage beginning July 1966, January 1967 and January 1968. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late April to late May Business of borrower Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated metals Textiles, apparel, etc. Pettoleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation 3/ Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change 1/ 2J 3/ 1968 P - + - + - + + - + - + + + - + - + + - 156 65 23 25 48 177 28 238 2 35 16 110 78 29 18 37 121 160 9 48 97 6 113 95 12. 85 491 26 517 1967 1966 146 54 164 111 119 + 156 + 148 71 48 + 8 + 345 185 + 16 . + 53 204 + 183 72 , + 78 + + 75 31 33 + 83 + + 179 33 132 ; + 44 + + 71 61 15 + 72 + 1 40 + 21 + 215 -1- 32 n.a. + 18 n.a. 29 n.a. + 26 + 59 + + 69 57 66 59 + 6 n.a. + 129 + 116 42 n.a. 617 +1 ,156 + 108 + 188 - 509 +1 ,344 1/ Late December• to late May 1965 - - - - + + + + + - + + + + - + + - + + + + + + + + 130 156 254 184 79 107 22 46 77 . 54 24 29 29 44 30 64 175 n.a. n.a. n.a. 87 171 120 n.a. 51 n.a. 542 131 673 1964 - + + + + - + + + - + + - + + + + + + + 37 137 72 33 39 40 4 38 23 59 20 22 39 24 25 1 112 n.a. n.a. n.a. 121 117 53 n.a. 64 n.a. 71 115 186 1968 p 576 448 + 232 + 152 + 80 + 554 + 380 + 82 47 + 139 + 411 129 + 129 + 97 + 19 + 542 98 + 394 27 465 + 183 + 343 .383 + 377 + 349 147 +i ,112 + 126 +i ,238 - 1967 686 393 122 118 4 + 843 + 142 + 487 66 + 280 + 176 + 70 + 334 + 105 + 96. + 110 56 + 170 + 142 368 30 + 391 + 146 126 + 371 + 36 + 874 + 215 +1 ,089 - 1966 225 283 + 351 + 289 + 62 + 775 + 195 + 250 + 192 + 138 + 393 + 289 + 239 + 247 + 192 + 163 305 n.a. n.a. n.a. + 117 + 391 13 n.a. + 404 n.a. +2 ,344 + 481 +2 ,825 - 1965 439 314 + 810 + 558 + 252 + 956 + 136 + 514 + 81 + 225 + 295 + 160 + 233 + 226 + 184 + 186 66 + n.a. n.a. n.a. + 171 + 186 234 n.a. + 420 n.a. +2 ,720 + 384 +31,104 - Four most comparable weeks used throughout. Changes are compiled from December 27, 1967; December 28, 1966; December 29, 1965; December 30, 1964 and December 25, 1963. These data cannot be linked with all commercial bank data which are always for December 31. Prior to 1967, transportation, communication, services, and foreign loans were not reported separately. 2/ 1964 - + + - + + + + + + - + + + + - + + + + + 644 490 21 25 4 448 61 208 42 136 178 49 165 98 50 99 397 n.a. n.a. n.a. 222 384 n.a. n.a. n.a. n.a. 85 377 462 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) 1957—Dec. 1958—Dec. 1959—Jun. Jun. Dec. 1960--Dec. 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. Date Loans and investments U. S. Gov't. Other securities 31 31 24 24 31 31 30 31 31 31 31 31 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 317.9 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 63.4 63.0 59.5 56.2 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 35.1 38.8 44.9 48.8 3/ 322.5 323.6 329.5 331.8 334.2 338.8 341.6 344.1 354.5 56.2 55.8 54.2 57.1 59.1 60.1 62.4 62.9 62.5 350.1 350.6 351.1 r 353.9 354.5 62.2 63.2 61.1 r 59.5 60.0 (old) (new) 1/ (est.) (est.) 1967--Apr. 26 May 31 Jun. 30 Jul. 26 Aug. 30 Sept.27 Oct. 25 Nov. 29 Dec. 30 1968--Jan. Feb. Mar. Apr. May 31 28 27 24 p 29 p Business Real estate 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172 .1 197.4 213.0 2/; 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 71.4 80.6 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 54.0 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 7.9 8.4 8.5 9.0 54.0 54.7 56.7 56.7 57.8 58.3 59.0 59.8 61.5 212.4 213.1 218.6 218.0 217.3 220.4 220.2 221.5 230.5 81.8 81.7 84.6 84.1 82.6 84.0 83.8 84.6 88.5 54.4 54.8 55.3 55.8 56.4 57.0 57.5 58.1 58.5 61.7 62.2 63.1 63.8 63.4 226.1 225.2 226.9 r 230.5 231.1 85.7 86.0 87.9 89.4 89.1 58.8 59.1 59.5 r 60.1 60.7 Total loans • Security Farm Consumer Nonbank financial institutions All other 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 7.4 7.5 8.2 8.6 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 27.2 31.0 35.8 38.9 5.9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 13.3 8.8 7.6 8.1 8.7 9.8 10.7 11.3 13.9 14.9 13.0 2/3, 8.3 8.1 8.2 8.5 9.1 9.3 9.2 8.7 10.5 9.1 9.2 9.3 9.4 9.4 9.3 9.3 9.2 9.3 39.1 39.4 39.9 40.2 40.5 40.6 40.7 40.9 41.1 11.6 11.3 12.2 11.4 11.2 12.0 11.5 11.3 12.5 12.4 12.9 13.5 13.0 12.6 12.7 12.6 13.2 14.9 10.8 9.9 9.0 8.9 8.7 9.4 9.6 9.7 9.9 10vl 41.1 41.3 r 41.5 r 42.2 42.9 11.3 10.9 11.1 11.5 11.1 13.8 13.1 13.0 13.2 13.3 . 7.2 8.2 Data exclude interbank loans. Total loans are after and type 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. r - Revised. c - Corrected 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 $100 million; and other loans $100 million. 2/ Beginning June 9, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans. 3/ Beginning June 30, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." NOTE: Individual loans category data are available for publication only on a June and December call data basis. Exhibit G Ratios to Total Deposits 1/ U.S. Government ' securities maturing within one year L O A N S Member banks Reserve city banks All commercial Total New York City of Other Chicago City banks Date 1951--•Dec . 1952- -Dec. 1953- -Dec. 1954- -Dec. 1955- -Dec. 1956- -Dec. 1957- -Dec. 1958- -Dec. 1959- -Dec. 1960- -Dec. 1961- -Dec. 1962- -Dec. 1963- -Dec . 1964- -Dec. 1965- -Dec. 1966- -Dec. 31 31 31 31 31 31 31 31 31 31 31 28 25 31 31 31 1967- -Jan. 25 Feb. 22 Mar . 29 Apr . 26 31 May Jun. 30 Jul. 26 Aug. 30 Sept . 27 Oct. 25 Nov. 29 Dec. 27 1968 — J a n . Feb. Mar. Apr . May 31 28 27 24 ! 29 Country 37 .2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 63.7 65.8 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57 .7 59.9 61.9 65.4 67.9 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67 .3 65.9 65.0 67.9 67.4 69.3 75.9 83.5 36.2 38.9 39.1 38,3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 62.1 64.4 70.2 77.0 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 63.3 65.0 68.7 70.2 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 51.7 53.8 56.0 57.9 59.2 65.6 65.3 65.1 65.1 65.1 65.6 65.1 64.9 64.6 64.0 64.1 63.8 67 .6 67.2 66.9 66.8 66.6 67.3 66.2 66.5 66.3 65.5 65.7 65.8 81.8 81.8 81.2 80.9 80.0 82.1 81.5 81.0 79.8 77.8 78.7 79.9 75.8 74.8 73.4 72.1 70.9 74.0 72 .3 71.4 72.2 70.7 71.0 70.8 70.4 69.5 68.7 68.3 68.3 68.6 67.8 68.4 68.3 67.7 68.3 68.1 59.3 59.3 59.5 59.8 59.9 60.0 59.6 60.4 58.8 58.6 58.4 58.2 63.9 63. 8 64.6 65.5 65.7 65.6 65.5 66 .4 67.4 67.6 80,2 79.7 81.8 84.4 84.9 70.0 70.3 75.1 75.6 75.6 67.4 67.5 68.6 69.8 70.0 58.2 58.2 58.3 58.9 59.1 All commercial banks 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 2/ 8.0 7 .3 6.1 r r r r r r r 6.2 5.5 5.5 5.2 4.6 4.4 5.2 5.7 5.8 6.4 6.5 6 .6 6.5 6.1 5.6 n.a. n.a. Comparability of figures affected by changes in Federal Reserve membership , mergers, and by changes in the reserve classification of cities or individual banks. r - Revised P • Preliminary. 1/ Total loans (adjusted to exclude loans to banks); U.S. government securities maturing within one year estimated on basis of Treasury survey of ownership; and total deposits (adjusted to exclude cash items in process of collection.) 2/ Beginning in June, 1966 loans at all commercial banks exclude about $1 billion of participation certificates now reported in other securities. If the $1 billion were included in loans in June the ratio for all commercial banks would bs 66.3 compared with 66.0 on the current basis. NOTE: L 4.3 OSITS AND CURRENCY AND TURNOVER Seas Anru Tally I adjusted, deposits, monthly averages of daily figures, - EXHIBIT H, Part 1 ! OF DEMAND DEPOSITS turnover, monthly j rate Billions r r m of dollars 1111111111111 55 MONEY SUPPLY 50 45 TIME AND SAVINGS DEPOSITS All 40 commercial banks v - 232 35 -v 343 / v A Centers ~ / < SMSAS TURNOVER Outside N.Y.C. 30 80 U J , GOVT. DEPOSITS 10 Member 10 banks • 0 I IIM 1962 1963 1964 1965 1966 M l 1967 II I I IIIIII II III II i0 1968 Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S. Gov. Deposits beginning July 1967. Exhibit H - Part II A d j u s t e d S e a s o n a l l y P e r i o d M o n e y Total Time and 1/ savings deposits (all commercial) S u p p 1 y Demand deposits Currency D a t a U.S . Gov 1 1. deposits (all member) Turnover outside N.Y. City : (per cent' 1964--December 1965-"December 1966--December 159.3 166.8 170.4 125.1 130.5 132 .1 34.2 36.3 38.3 126.6 146.9 158.6 5.1 4.2 3.2 33.3 37.4 40.0 1967--July August September October November December 177.9 179.1 179.2 180.3 181.2 181.5 138.4 139.6 139.5 140.3 141.2 141.1 39.5 39.6 39.8 39.9 40.0 40.4 174.6 177.2 178.9 180.8 182.5 183.3 3.2 3.7 4.5 5.6 5.3 4.4 40.7 1968—January February March April May p 182.5 182.5 183.4 184.7 186.3 414.9 141.8 142.3 143.3 144.7 40.5 40.7 41.1 41.4 41.6 183.7 185.0 186.6 186.9 187.1 5 .3 6.9 6.5 5.1 3.9 41.6 42.1 41.6 42 .3 n.a. 183.5 185.1 185.1 187.0 187.7 142.1 143.6 143.5 145.3 146.0 41.4 41.5 41.6 41.7 41.7 187 .0 187.1 187.1 187.1 187.0 5 .3 4.9 4.0 3 .4 3.0 4m 40.8 40.8 41.2 41.1 Week ending: May 1 8 15 p 22 p 29 p . n.a. n.a . n.a. n.a. n.a. NOTE: Dollar amounts in billions. p - Preliminary r - Revised * - Beginning January 1964, data for 232 metropolitan centers outside New York City 1/ Beginning on June 9, 1966, time deposit data exclude $1.1 billion of balances accumulated for the payment of personal loans » e # e e e # e # I 4.3 - E X H I B I T I, Port 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday figures Billions of d o l l a r s TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS TIME DEPOSITS EXCLUDING LARGE CD's LARGE CD's 1965 1966 1967 1968 Exhibit I - Part II Large Commercial Banks T i m e and S a v i n g s P e r i o d Total 1/ Savings (I n 1961--Dec. 1962--Dec . 1963--Dec . 1964--Dec . 1965--July July 1965--Dec. 1966--Dec. Dec. 27 26 31 30 7 7 29 28 28 1967--May 31 m i l l Time 1/ i o n s D e p o s i t s Time other 1/ than large certificates l_t of deposit r s ) d o 1 1 a : Large certificates of deposit 'of 41,472 50,011 59,227 66,881 73,672 80,467 85,298 89,495 89,639 30,082 34,712 38,083 40,698 43,137 48,314 50,694 47,099 47,213 11,390 14,299 21,144 26,183 30,535 34,153 34,604 42,396 42,426 2,782 5,442 9,579 12,585 15,203 15,587 16,251 15,659 15,642 97,828 47,285 50,543 19,076 31,467 1967--Dec . 27 (Old) Dec. 27 (New) 5/ 102,809 102,991 48,647 48,781 54,162 54,210 20,330 20,330 33,832 33,880 1968--Mar . 27 Apr . 24 105,133 104,231 49.120 48,420 56,013 55,811 20,554 19,788 35,459 36,023 104,080 104,325 104,096 104,148 104,135 48,386 48,424 48,421 48,466 48,468 55,694 55,904 55,674 55,682 55,667 19,708 19,748 19,528 19,540 19,521 35,986 36,156 36,146 36,142 36,146 May 1/ 2/ 3/ 4/ 5/ 1 8 15 22 29 (Old) (New) 5/ (Old) (New) 5/ 3/ 4/ 8,608 9,857 11,565 13,598 15,332 16,566 18,353 26,737 26,784 Beginning June 15, 1966, data exclude $400 million of balances accumulated for the payment of personal loans. Negotiable certificates of deposit issued in denominations of $100,000 or more. Estimated. As of December 5, 1962. Revised series. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars') Free reserves (excess reserves minus borrowings) D A T E All member Reserve City Banks New York City of City Chicago Excess Reserves Other Borrowings Total reserves held seasonally adjusted Country All member 268 237 583 471 394 334 315 238 140 516 482 756 568 572 536 411 452 392 557 906 87 149 304 327 243 454 557 17,866 17,903 18,223 18,961 19,596 20,259 21,096 22,186 22,415 242 266 258 254 271 231 191 222 187 309 370 420 359 387 358 286 403 345 134 101 123 87 89 90 126 133 238 23,456 23,448 23,612 23,835 24,104 24,297 24,608 24,765 24,620 230 166 373 399 356 270 412 237 361 671 683 746 25,009 25,257 25,303 25,116 25,146 All member All member Monthly Averages: 1958r-December 1959--December 1960--December 1961--December 1962--December 1963--December 1964--December 1965--December 1966--December - 41 -424 669 419 268 209 168 - 2 -165 1967- -Apr. May June July Aug. Sept. Oct. Nov. Dec. 175 269 297 272 298 268 160 270 107 1968- -Jan. Feb. Mar. Apr. May p 136 38 -315 -413 -334 - 80 -109 10 - 50 - 62 19 - 14 - 70 - 95 • 10 12 7 20 6 39 - 32 -104 4 -197 -449 - 22 20 - 52 -122 -103 -161 -159 - 11 21 - 31 - 8 - 50 - 20 1 • 22 - 3 - 15 4 3 4 11 - 5 - - • 10 23 9 57 13 59 34 2 2 - 59 -105 - 64 80 - 38 - 9 33 12 16 - 6 - 24 14 - 55 - 83 - 73 -253 - 57 -195 11 9 - 41 1/ -?K Exhibit K Liquid Assets Held by the Public - SeasonallyAdjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits- . End of V year or month ^Total Demand deposits and currency 2/ 1 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 320,2 332.5 343.2 356.0 . 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.0 601.5 Commercial banks 3/ ' 130.2 133.3 134.6 * 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.0 168.6 3 Mutual savings banks 4 48 . 2 . 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 . 26.3 28.1 30.0 31,6 33.9 34.9 36.2 38Y3 ' 41.4 44.5 : 49.0 52.6 55.2 56 . 8 57.4 57.8 58.4 58.7 58.9 59.5 59.9 60.1 1967 Apr. May June July Aug. Sept. Oct. Nov. Dec. 613.2 619.7 620.6 623.0 630.2 635.4 638.1 645.8 650.2 168.6 172.9 173.7 171.9 174.1 176.2 175.7 177.8 180.7 168.6 170.7 172.4 174.7 177 .2 178.1 180.1 183.8 183.1 1968 - Jan. p Feb. p Mar. p Apr. p May p 655.8 658.6 665.1 663.9 666 .8 179.5 178.2 181.5 180.7 183.7 186.5 187.6 187.8 187.3 187.2 # 60.6 61.1 61.4 61.7 62.0 Postal Savings System 5 2.1 1.9 1.6 1.3 1.1 0.9 0,8 0.6 0.5 0.5 0.4 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 —- - - - — Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ 6 - U. S. Gov't. securities maturing within one year 6/ 27.2 : 32.0 . 37.0 41.7 47.7 54.3 - 61.8 70.5 79.8 90.9 101.4 109.8 113.4 • 7. 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 50.9 117.1 118.0 118.9 119.9 121.0 122.5 123.0 123.7 123.9 51.1 51.1 51.2 51.3 51.3 51.4 51.4 51.5 51.9 50.9 49.5 46 .5 46.7 47.8 48.2 48.3 49.1 50.5 #123.7 124.6 125.9 126.0 126.4 51.9 51.8 51.8 51.8 51.8 53.6 55.4 56.9 56.5 *55.6 . 8 30:6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 53.9 Ratios: X Liquid Demand deassets posits and to gross currency to national gross nationproduct 7/ al product 7/ 9 10 85.3 34.7 81.3 32 .6 79.7 31.3 80.5 30.4 79.5 29.7 80.2 28.6 79.0 27.5 78.4 26.4 79.5 25.1 81.0 24.6 81.5 24.1 80.0 22.8 78.5 21.9 79.6 22.1 79.3 22.0 79.6 22.0 79.5 21.8 . Commercial bank deposits and currency to liquid assets (2+ 3 f 1) 11 55.7 55.0 54.4 53.6 ' 54.8 . • V 52.6 53.0 53.0 . ' 52.9 53.0 53.5 54.3 54.5 55.0 55.4 55.8 55.6 55.7 ; 55.8 55.8 56.0 55.9 55.8 55.5 55.5 55.4 55.6 ' For footnotes see nest page. p - Preliminary r - Revised on basis of December 30, 1967, Call Report. * - Reginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. # - Reflects conversion of a savings and loan association with share capital of about $175 million to a mutual savings bank. • - - . Exhibit K (Continued) 1. Excludes holdings of the United States Government, Government agencies and trust funds do- ^ mestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting when-/ ever possible. All series adjusted for seasonal variation by the X-9 variant of MetUod^II*' developed by the Bureau of the Census. 2. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962,p. 94l, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank m Alaska and one national bank in Hawaii were- included in April 1954 and April 1959 reo u t C t i V e l y ' D e m a n d d e p o s i t s d u e t o b a n k s i n United States possessions are included through- ' 3. Total time deposits at commercial banks except interbank, U.S. Treasurer's open account and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June. 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S. possessions are included as indicated for demand deposits in footnote 2 above. 4. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. 5. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U. S Treasury Department. 6. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial., mutual savings, \ and Federal Reserve Banks, Government agencies and trust funds, and beginning February I960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 7. Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for four dates (each month of_the current quarter and the last month of the preceding quarter).
@FedFRASER