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•i •••• 2 K eessee e r t f i u W K L.4.3 Not for publication June 20, 1966. BANKING AND MONETARY DEVELOPMENTS IN MAY 1966 Summary. Seasonally adjusted commercial bank credit increased in May at a rate slightly less than half that of the two previous months. A substantial increase in bank holdings of Federal agency and municipal issues was more than offset by reductions in holdings of U.S. Government securities. Business loan expansion was rapid but security loans and loans to finance companies were reduced reflecting in part repayments of March and April tax-related borrowing. The money supply declined following a sharp rise over the two previous months, in part because of increases in seasonally adjusted U.S. Government deposits. Time and savings deposits at commercial banks rose less rapidly than in April but faster than in the earlier months of the year. Total and required reserves declined, but net borrowed reserves continued to increase. Changes in Commercial Bank Credit Money Supply and Time Deposits (Seasonally adjusted) Annual rate fner cent) 1965 1966 May Total loans arid investments U.S. Gov* t. securities 5.1 -27.8 Year to date 8.1 QtX__ 4th Otr. 3rd Otr. 2nd Otr. 1st Otr. Year 8.0 11.5 4.8 10.6 12.4 10.2 1st -12.8 -13.1 10.6 - 8.3 -12.8 -11.7 - 5.5 28.6 12.9 3.5 12.0 13.3 20.0 14.5 15.8 Total loans 8.9 13.3 15.4 11.6 7.0 16.4 20.8 14.7 Business loans 19.7 17.7 19.1 13.8 11.1 19.4 26.1 18.7 -11.2 3.0 4.3 7.5 6.2 3.7 1.5 4.8 10.3 9.6 7.1 15.0 16.8 11.5 17.4 16.1 Other securities Money supply Time deposits at all commercial banks NOTE: Revisions in bank credit data beginning in September 1965 relect adjustment to December 31, 1965 Call data benchmark. Bank credit. Loans and investments at all commercial banks increased $1.3 billion in May, or at an annual rate of 5.1 per cent compared with about 11 per cent in both March and April. The slower expansion in May reflected largely a contraseasonal reduction in credit at weekly reporting banks in leading cities. At other banks, credit growth was generally similar to that in the corresponding weeks of other recent years. So far this year, commercial bank credit has grown at an annual rate of 8.1 per cent--below both the 11.5 per cent rate in the fourth quarter of 1965 and the 10.2 per cent expansion over that entire year. (December 31, 1965, call report data indicated that credit expansion in the fourth quarter of the year had been slightly more rapid than had been estimated previously.) Banks reduced their total investment holdings by $200 million in May following substantial acquisitions in April. U.S. Government security holdings declined $1.3 billion reflecting in part relatively high attrition on the mid-May refunding when a new 18-month 4-7/8 per cent note war. offered in exchange for maturing notes and bonds. Bill sales were also heavy. Reductions in Governments were unusually large at weekly reporting banks but about seasonal at other banks. Holdings of "other securities" increased a record $1.1 billion presumably due principally to bank purchases of attractively priced Federal agency issues which were offered in large volume in May. Acquisitions were concentrated at the large city banks but holdings increased somewhat more than usual at other banks. Purchases of non-Treasury issues had also been heavy in April following a marked slow-down earlier in the year. Business loan expansion accelerated to a rate of almost 20 per cent in May, about the same as in the first quarter of the year and twice as fast as in April when two large loan repayments had, in part, offset new borrowing. At weekly reporting banks in New York City, business loan expansion in May was larger than in the corresponding weeks of 1965 whereas in earlier months of the year, it had been smaller. At weekly reporting banks outside New York City, expansion--as in the two previous months—continued to exceed that of last year. Most industries showed larger than seasonal expansion—especially metals concerns, petroleum and chemicals manufacturers, and public utilities. In the case of construction, however, demands appeared to be somewhat less than seasonal while among food processors, commodity dealers, and trade concerns, they were about usual. Expansion in consumer loans, which had slowed in April, is estimated (on the basis of fragmentary data) to have continued at only a moderate pace in May. Presumably the slower rate of growth was associated largely with slackening in the auto sector. Over the April-May period, these loans grew at a rate less than half that of the previous two quarters. Growth in real estate loans, also, is estimated to have slowed over the April-May period to a rate about two-thirds that of the first quarter. Money supply and time deposits. The seasonally adjusted money supply declined $1.6 billion in May following a record $1.9 billion increase in April. The May decline was associated in part with a large seasonally adjusted rise in U.S. Government deposits. Over the January-May period, the money stock increased at an annual rate of 3 per cent, less than half the relatively high rate of late 1965. Time and savings deposits at all commercial banks increased $1.3 billion in May; at an annual rate of 10.3 per cent, growth was below the rapid 16 per cent rate for April but above the 7 per cent rate of the first quarter. At weekly reporting banks in leading cities, savings deposits continued to decline and time deposits other than negotiable CD's continued to increase--although both were at a sharply reduced rate compared with April. The net increase in total time and savings deposits at these banks was larger than in May last year; however, inflows continued smaller at banks in New York City than in the corresponding weeks last year, while at other weekly reporting banks they were more than double last year's volume. Increases in time deposits other than negotiable CD's were especially heavy on the West Coast. Banks also increased their outstanding CD's, although less substantially than in May last year. Bank reserves. Seasonally adjusted total and required reserves declined in May following a sharp expansion in April. Net borrowed reserves rose to about $340 million over the four statement weeks ending May 25 due principally to a substantial drop in excess reserves; member bank borrowings rose only slightly further. The effective rate on Federal funds was at 5-1/8 per cent on several days toward the end of the month and some transactions took place at 5-1/4 per cent. Banking Section, Division of Research and Statistics. I 4 3 EXHIBIT A, Port I LOANS A N D INVESTMENTS AT A l l COMMERCIAL BANKS Tost W s d o e s d o y of m o n t h , s e o s o n o l l y adjusted ' Billions o l d o l l a r s . 300 TOTAL LOANS AND INVESTMENTS 250 200 150 LOANS 100 U.S. GOVT. SECURITIES OTHER SECURITIES 1964 1963 Exhibit A - Part II 1962 1960 Total 1/ Date (In Loans V b i 1 1 i o n s 1965 1966 Other U. S. G o v 1 1 . securities securities of d o l l s i r s) 1962--Dec. 31 2/ 1 9 6 3 — D e c . 31 2/ 1 9 6 4 — D e c , 31 228.3 246.5 267.2 133.9 149.4 167.1 65.2 62.1 61.4 29.2 35.0 38.7 1965--Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept .29 Oct. 27 1/ Nov. 24 3/ Dec. 31 3/ 272.1 275.5 277.3 279.4 282.8 281.5 286.1 286.2 288.8 291.5 294.4 171.9 175.8 177.1 179.5 183.0 182.7 185.8 186.2 187.9 189.6 191.6 60.2 59.6 59.1 58.6 57.7 56.4 57.0 56.5 57.0 57.7 58.0 40.0 40.1 41.1 41.3 42.1 42.4 43.3 43.5 43.9 44.2 44.8 297.4 297.5 300.3 303.0 304.3 194.7 195.2 199. 0 200.7 202. 2 57.8 56.8 56.1 56.2 54.9 44.9 45.5 45. 2 46.1 47.2 1966--Jan. Feb. Mar. Apr. May 26 23 30 27 25 2/ 3/ 3/ P.3/ P'l/ 1/ Adjusted to exclude interbank loans. 27 2/ Estimated as of December 31. Revisions beginning in October 1965 reflect adjustment to December 31, 1965 Call data. p - Preliminary. I 4.3 EXHIBIT B, Fori 1 LOANS AT A l l COMMKRCIAL BANKS •illiom ol dollar* 80 l a s t Wodndidoy el month, ••otoitolly adjusted BUSINESS REAL ESTATE SECURITY 111111111 11 1960 1961 1962 1963 1965 1964 I 1966 Exhibit B - Part II Date Business (In 1960—Dec. 1961—Dec. 1962--Dec. 1963—Dec. 1964—Dec. 31 31 31 1/ 31 1/ 31 1965—Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 2/ Sept.29 2/ Oct. 27 2/ Nov. 24 2/ Dec. 31 2./ 1966—Jan. 26 2/ Feb. 23 1/ Mar. 30 %) Apr. 27 p 2/ May .25 p 2/ Real Estate billion 42.1 43.9 47.6 52.0 58.2 60.8 62.0 62.7 63.6 65.0 65.6 66.2 66.8 67.2 67.8 69.1 28.6 30.2 34.2 39.1 43.5 70.6 71.3 72.4 73.0 74.2 49.7 50.2 50.7 51.0 51.4 44.4 44.9 45.3 45.7 46.2 46.6 47.2 47.8 48.3 48.7 49.2 Consumer of Security d o 1 1 a r s) 4.4 20.6 5.2 21.1 6.2 23.7 6.7 27.2 7.1 31.1 31.7 32.1 32.6 33.0 33.4 33.9 34.3 34.7 35.1 35.4 35.8 36.1 36.3 36.9 37.0 37.2 7.1 8.0 8.1 8.1 8.7 7.2 7.6 6.3 6.9 7.5 7.2 8.0 7.0 7.5 8.1 7.9 p - Preliminary. 2/ Revisions beginning in August 1965 reflect adjusment to December 31 benchmarks. These data are not for publication Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1966* 1965* Item April May June July August Sept. Oct. Nov. Dec. Jan Feb. March Aprilp May p +2.7 +1.3 Loans and Investments 2 / +1.8 +2.1 ±M ±1 +4.6 +oa 4*^6 +2.7 +2.9 +3.0 +0.1 U. S. Gov't, securities -0.5 -0.5 -0.9 -1.3 +0.6 -0.5 40.5 40.7 +0.3 -0.2 -1.0 -0.7 40.1 -1.3 Other securities +1.0 40.2 +0.8 40.3 40.9 40.2 +0.4 40.3 +0.6 40.1 40.6 -0.3 40.9 +1.1 Loans 2/ +1.3 +2.4 +3.5 -0.3 +3.1 40.4 +1.7 +1.7 +2.0 +3.1 40.5 +3.8 +1.7 +1.5 Business 40.7 40.9 +1.4 40.6 40.6 40.6 40.4 40.6 +1.3 +1.5 40.7 +1.1 40.6 +1.2 Real estate +0.4 40.4 +0.5 40.4 40.6 +0.6 40.5 +0.4 40.5 40.5 +0.5 40.5 +0.3 +0.4 Consumer +0.5 +0.4 +0.4 +0.5 40.4 40.4 40.4 40.3 40.4 +0.3 40.2 40.6 +0.1 +0.2 Security +0.1 V 40.6 -1.5 40.4 -1.3 +0.6 40.6 -0.3 +0.8 -1.0 +0.5 40.6 -0.2 1/ +0.2 40.4 -0. 2 +0.2 40.3 40.1 40.1 +0.1 +0.1 1/ +0.7 +0.4 -0.4 Agriculture 40.2 +0.1 -0.1 40.3 -0.1 I/ V 1/ 1/ V v +0.2 -0.2 +0.2 All other 40.1 -0.1 40.3 1/ +0.1 1/ -0.2 -0.1 +0.4 -0.3 v 40.3 40.1 40.2 Total loans excluding security 3»/ +1.9 +1.9 +2.9 +1.6 +1. 8 +1.9 +1.2 +1.3 +2.7 +2.1 +1.4 +3.4 +1.3 +1.8 Total loans excluding security and nonbank financial 3 / +1.9 +1.7 +2.5 +1.8 +1.6 +1.6 +1.1 +1.2 +2.6 +1.4 +2.7 +0.9 +2.2 Nonbank financial +2.0 NOTE --Individual loan items may not add to change in total loans Because: kiJ (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject 1/ 2/ 3/ * to revision. Less than $50 million. Adjusted to exclude interbank loans. Derived by addition of items and not by subtraction from total loans. Data revised beginning in July 1965 to reflect adjustment to December 31, 1965, benchmarks. Data on individual loan categories are not for publication* 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) Item Last Wednesday of Aoril to last Wednesday of Mav 1966 1965 1964 1963 1962 1961 1960 All commercial banks Total loans . U. S. Gov't, securities Other securities Total +1,7 -1.8 +0.6 +0.4 ' +2.6 -1.1 -0.3 +1.2 +2.0 -1.0 +0.9 +2.0 -1.3 +0.3 +1.3 +0.8 +0.3 1/ +0.5 +1.1 -0.8 +0.1 +2.0 +0.5 -0.7 -0.2 -0.3 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +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 . +0.2 +1.1 -0.1 +1.2 +0.1 -0.2 -0.2 -0.3 Other banks Total loans U. S. Gov't, securities Other securities Total +1.2 -0.6 +0.3 +0.8 +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 +0.9 -0.3 +0.2 +0.8 +0.4 -0.5 1/ 1961 i960 Item A L . H End of December to end of Mav 1966 1965 1964 1963 1962 ' All commercial banks Total loans U. S. Gov't, securities Other securities , Total 4-4.0 -6.0 +2.1 +0.1 +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 -0.9 +0.5 +1.0 +0.7 +0.9 -3.8 -0.7 -3.6 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +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 i. -1.8 +0.8 +0.7 -0.3 -0.7 -1.9 -0.4 -3.1 Other banks Total loans U. S. Gov't, securities Other securities Total +2.5 -1.7 +1.1 +1.9 +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 +0.9 -0,3 +0.3 +1.0 +1 • 6 -1.9 -0.3 -0.5 i NOTE--Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. 2/ Based on estimated data for December 31, 1963 and 1962, for all commercial banks and for December 31, 1962, for weekly reporting banks. ' # # # # * # * # * # # I Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) ) CM 1 Business of borrower M-l O Late December to end End of Anril to enc of May 1/ 1964 1963 1962 -211 -276 +166 -321 -643 -433 -321 • -490 + 28 +661 - 93 -1,105 -627 -240 + 42 -825 -528 -204 + 67 -665 - 48 + 19 + 13 +756 +336 +560 +960 +292 +4 CO +443 +177 +117 - 42 +242 + 62 + 50 +254 + 7 + 24 - 60 + 68 - 57 n.a. n.a. +141 - 55 + 92 + 77 n.a. n.a. +666 -189 + 81 +540 +110 +430 +732 +165 +164 +370 -211 +581 +247 -397 +222 +379 n.a. n.a. +397 -338 +102 + 91 n.a. n.a. +370 -534 +153 +143 n.a. n.a. +184 + 79 -304 + 35 +124 + 76 +2,429 +3,050 +505 +522 + 83 +379 -310 +172 -227 +162 +264 -269 +200 +2,951 +3,555 +463 -138 - 66 1966 p 1965 1964 1963 1962 1966 p Food processors Commodity dealers Trade concerns Total - 54 - 76 +126 - 4 -113 -115 +280 + 52 - 45 -108 +116 - 37 -137 - 73 + 13 -197 - 52 - 88 + 23 -117 Metals and products Textiles, apparel, etc. Petroleum, chemicals, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services +216 + 68 +174 +120 + 14 + 1 + 61 + 21 ' - 27 - 72 + 12 - 24 +172 +150 + 55 + 69 + 41 + 28 + 20 + 87 + 92 +151 + 92 + 59 + 58 - 47 +110 + 45 + 38 '+ 7 Classified Unclassified +900 + 67 +537 + 89 Total change +967 +626 1965 1/ Four most comparable weeks used throughout. . , 02/ Changes are compiled from December 22, 1965; December 23, 1964; December 25, 1963; December 26, 1962; December 27, 1961* and December 28, 1960. Dates other than last Wednesdays of 1965 and 1964 were selected in order to avoid turn-of-the-year dating differences. These data cannot 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) Date 1957— Dec. 1958—Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 Loans and investments U. S. Gov't. Other securities Total loans Business Real estate 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 (old) (new) 1/ (est.) Security Farm Consumer 4.2 4.7 4.1 4.1 4.9 5.1 4.1 5.0 5.0 5.0 5.0 5.7 7.3 7.1 21.4 23.7 6.2 15.8 15.9 17.5 17.5 18.8 20.6 6.2 Nonbank financial institutions 5.9 7.1 7.1 7.3 8.5 1963—Dec, 31 (est.) 252.4 63.4 35.1 153.9 53.7 39.2 7.9 7.4 27.2 1964—Oct. 28 Nov. 25 Dec. 31 10.2 262.4 266.3 273.9 61.4 62.7 63.0 38.0 38.1 38.8 163.0 165.5 172.1 56.3 57.4 60.2 43.0 43.4 43.7 7.1 7.4 8.4 7.5 7.6 7.5 30.5 30.6 31.0 9.5 9.6 10.9 269.1 270.7 273.9 275.9 277 .1 283.9 61.5 60.5 59.0 58.3 57.2 56.9 39.1 39.7 40.3 41.4 41.1 42.2 168.5 170.5 174.5 176.2 178.8 184.9 58.9 60.3 62.2 62.5 63.4 65.5 43.9 44.1 44.5 45.0 45.5 46.2 7 .4 7.1 7.8 7.9 7.9 9.0 7.7 7.8 7.9 8.1 8.1 8.1 31.1 31.3 31.7 32.4 33.0 33.7 9.8 9.9 10.5 10.3 10.4 11.5 281.2 283.2 286.8 290.2 292.3 301.8 56.3 55.5 55.9 58.5 58.8 59.5 42.6 43.4 43.9 44.1 43.8 44.9 182.4 184.3 187.0 187.7 189.8 197.4 64.8 65.5 66.8 67.1 68.3 71.4 46.7 47.4 48.0 48.5 49.0 49.3 7.0 7.0 6.7 6.9 7.2 8.5 8.2 8.2 8.2 34.2 34.6 34.9 35.2 35.4 35.8 11.0 11.3 11.8 11.2 11.3 13.3 296.8 296.0 298.5 301.5 301.9 59.6 57.3 55.4 55.4 53.5 44.4 45.1 45 .4 46.4 47.0 192.7 193.6 197.6 199.7 201.4 69.7 70.7 72.6 72.8 74.0 49.7 49.9 50.2 50.7 51.1 7.6 7.0 7.3 7.9 7.7 8.4 8.5 8.7 8.5 8.6 35.8 35.9 36.4 36.8 37.2 11.6 11.7 12.5 12.7 12.1 1965—Jan. Feb. Mar. Apr. May June 27 24 31 28 26 30 July 28 Aug. 25 Sept.29 Oct. 27 Nov. 24 Dec. 31 1966—Jan. Feb. Mar. Apr. May i 2/ 2/ 2/ 2/ 2/ 2/ 26 ?/ 23 2/ 30 2/ 27 p 2/ 25 p 2/ 7.8 7.9 8. 1 P - Preliminary. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. 2/ Revisions beginning in July 1965 reflect adjustment to December 31 benchmarks. 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, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial instituitions. Individual loan category data are available for publication only on a June and December call data basis . • * # + # + • # + # 0 4 Exhibit G Ratios to Total Deposits J / 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 33.4 35.9 30.4 34.9 25.6 32.4 42.5 32.3 38.1 46.3 36.2 39.4 50.6 38.9 41.1 50.6 39.1 42.2 46.8 38.3 41.9 56.7 46.3 48.5 61.7 52.7 52.7 61.9 55.2 53.3 57.7 49.4 51.3 67.3 58.2 58.2 65.9 60.8 59.0 65.0 58.0 57.7 67.9 61.4 60.1 67.4 62.1 63.3 Country All commercial banks 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 25 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 58.6 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 59.9 1 9 6 4 — O c t . 28 Nov. 25 Dec. 31 60.4 60.7 60.5 61.6 62.0 61.9 67.8 69.4 69.3 62.0 62.1 64.4 65.5 66.1 65.0 55.8 55.9 56.0 7.2 8.0 8.0 1965—Jan. Feb. Mar. Apr. May June 60.9 61.6 61.9 62.4 63.3 63.6 62.2 63.0 63.3 63.7 64.6 64.9 69.9 71.8 71.9 71.2 72.7 74.3 63.4 65.0 67.6 64.9 65.3 67.0 65.4 66.4 66.1 67.1 68.1 67.8 56.3 56.4 56.9 57.6 58.3 58.3 7.1 7.0 6.4 6.3 6.2 6.0 63.7 64.1 63.9 63.8 64.2 63.7 65.0 65.5 65.3 65.2 65.8 65.4 72.2 74.8 73.4 73.8 77.6 75.9 67.1 67.7 69.3 69.6 68.2 70.2 68.9 69.0 69.1 69.1 69.3 68.7 58.6 58.7 58.4 58.2 58.3 57.9 5.7 6.1 6.4 7.1 7.3 7.3 63.8 64.6 65.2 64.9 65.9 65.5 66.5 67.0 66.6 67.6 75.9 77.5 77.7 75.7 79.3 71.3 73.4 73.9 68.4 70.4 69.2 70.6 70.8 70.7 70.9 57.9 58.3 59.0 59.2 60.1 7.5 6.3 5.7 5.6 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. 1963—Dec. 27 24 31 28 26 30 July 28 Aug. 25 Sept.29 Oct. 2 7 4 / Nov. 24 4/ Dec. 31 4/ 1966—Jan. Feb. Mar. p - Apr. p - May 26 23 30 27 25 4/ 4/ 4/ 4/ 4/ 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 53.8 2/ 2/ 2/ 3/ 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 within one year estimated on basis of Treasury survey of ownership; and total deposits (adjusted to exclude cash items in process of collection.) 2/ Prior to 1951, data are on call basis and beginning in 1951, they are on maturity basis• On a call basis, data for 1951 and 1952 are 21.5 and 19.1, respectively. 3/ Estimated for December 31. 4/ Revisions beginning in October 1965 reflect adjustment to December 31 benchmarks. NOTE: Comparability of figures affected by changes in Federal Reserve membership, mergers, and by changes in the reserve classification of cities or individual banks, p - Preliminary. r - Revised. L . 4 . 3 . - E X H I B I T H, Port I ' [DEPOSITS A N D CURRENCY A N D TURNOVER OF D E M A N D DEPOSITS] | Staio noil V o d j u s I • d ; deposits, monthly o veroges ol daily figures; B i l l ! oas 'JJLIM • V . f r,_ • • •!*]£. of dollars. lAnnuol roll I I I I I I I III I MONEY SUPPLY U.S. GOVT. DEPOSITS Not odiusled for seasonal LU1U.U 11 I l I I I I I I I I I I I 1961 • . A l l commercial banks Exhibit H - Part II S e a s o n a l l y Period M o n e y S u p p l y Total Demand deposits 1963—-December 1964—December 1965—December 153.1 159.7 167.4 120.6 1965—May 1966--January February March April May p 160 0 Week ending: May 4 11 18 p 25 p A d j u s t e d Currency D a t a Time and savings deposits U. S. Turnover outside N.Y. City* Gov't, deposits 125.4 131.2 32.5 34.2 36.3 112.2 126.6 147.0 33.9 33.4 * 37.5 5.1 5.5 4.5 168.4 168.0 169.2 171.1 169.5 125.1 131.8 131.2 132.3 134.0 132.2 34.9 36.7 36.8 36.9 37.1 37.3 134.6 148.0 148.8 149.6 151.6 152.9 34.7 37.0 37.0 38.3 37.7 n.a. 9.7 3.7 5.1 4.6 3.0 7.1 170.4 170.0 169.7 169.0 133.2 132.8 132.3 131.7 37.2 37.2 37.3 37.3 152.3 152.5 152.9 153.4 n.a. n.a. n.a. n.a. 5.9 6.4 7.7 7.6 * Beginning"January 1964, data are for 224 metropolitan centers outside New York City. Figure for December 1964 on old basis is 35.3. NOTE: Dollar amounts in billions. 1.4.J EXHIBIT I, Port I T I M I A N D S A V I N G S DEPOSITS AT MEMBER BANKS I N LEADING CITIES .1 d=n„. 90 TOTAL TIME AND SAVINGS DEPOSITS 70 60 50 SAVINGS DEPOSITS 40 30 TIME DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS 20 10 OTHER TIME DEPOSITS I I I L_I i i i i i i J—I—I—I—I—1 1964 L_L_J I L I IIIIII IIII 1966 0 1966 Exhibit I - Part II T i m e Period Total a n d S a v i n g s Savings (I n m i l l i o n s D e p o s i t s Individuals partnerships, and corporations of d o l l a r s ) Other time deposits 1/ 1961—Dec. 1962—Dec, 1963—Dec. 1964—Dec. 1965—Dec. 27 26 31 30 29 41,472 50,011 59,227 66,881 78,260 30,082 34,712 38,083 40,698 45,362 5,969 9,080 13,310 16.407 21,258 5,421 6,219 7,834 9,776 11,640 1965—May 1966—Jan. Feb. Mar. Apr. May 26 26 23 30 27 4 11 18 25 72,868 79,170 79,324 81,001 81,813 81,825 82,161 82,450 82,694 42,448 45,081 45,064 45,111 43,377 43,289 43,252 43,215 43,133 19,623 22,414 22,716 24,160 26,023 26,178 26,339 26,728 26,965 1.0,797 11,675 11,544 11,730 12,413 12,358 12,570 12,507 12,596 and official institutions, and interbank. ' Exhibit J t Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date All member Reserve City Banks New York City of Other City Chicago Country Excess reserves All member Borrowings Total reserves held seasonally ad lusted All member All member Monthly averages: 1958--December 1959--December 1960--December 1961—December 1962--December 1963--December 1964--December - 41 -424 669 419 268 209 168 - 80 -109 10 - 50 - 62 19 - 14 - 32 -104 - 4 - 22 - 11 - 21 - 31 -197 -449 80 20 - 52 -122 -103 268 237 583 471 394 334 315 516 482 756 568 572 536 411 557 906 87 149 304 327 243 17,942 17,978 18,283 18,977 19,548 20,240 21,082 1965--February March April May June 36 - 75 -105 -180 -182 - 89 - 98 - 50 - 13 -114 - 36 45 39 4 15 -144 -147 -237 -334 -269 306 214 221 170 214 441 341 366 325 346 405 416 471 505 528 21,359 21,504 21,728 21,667 21,840 -174 -134 -144 -146 - 83 - 2 -134 - 32 - 46 - 28 - 77 - 70 - 25 36 43 80 30 8 -214 -230 -243 -207 -178 -161 197 163 190 167 202 238 350 430 384 344 369 452 524 564 528 490 452 454 21,863 21,813 21,827 21,871 21,827 22,165 - 44 -107 -246 -269 -355 - - 49 26 62 33 3 -141 -148 -218 -238 -224 219 143 71 32 -90 358 371 305 358 367 402 478 551 627 722 22,282 22,367 22,429 22,764 22,688 July Aug. Sept. Oct. Nov. Dec. 1966—Jan. Feb. Mar. Apr . May p NOTE: 74 75 37 29 40 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 FRASER - Preliminary. Digitized for # * * * # # # # # # # w Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ 1 2 Commercial banks 3/ Mutual savings banks Postal Savings Sys tem Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ U. S. Gov't, securities maturing within one year 6/ 4 5 6 7 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 1965 Jan.. Feb. Mar. Apr. May June 534.9 536.5 542.9 543.4 543.0 550.2 156.1 154.8 158.6 156.3 155.4 159.7 130.6 131.9 133.0 134.1 134.9 136.3 49.4 49.6 49.8 50.1 50.4 50.8 0.4 0.4 0.4 0.4 0.4 0.4 101.7 102.6 103.7 103.9 104.5 105.1 50.0 49.9 49.9 49.9 49.9 50.0 46.8 47.3 47.6 48.6 47.6 48.0 550.9 555.7 560.7 565.1 r 568.3 r 572.8 157.7 157.8 160.6 161.1 r160.4 r 164.0 138.3 139.8 141.6 144.0 146.5 147.1 51.1 51.3 51.6 52.0 52.3 52.5 0.4 0.3 0.3 0.3 0.3 0.3 105.5 106.5 107.8 108.4 109.3 109.7 50.1 50.1 50.1 50.1 50.1 50.5 47.9 49.8 48.7 49.1 49.4 48.6 149.2 149.4 r151.1 152.3 153.2 52.8 53.0 53.1 53.1 53.3 0.3 0.3 0.3 0.3 0.3 109.8 110.6 111 A 111.0 111.1 50.5 50.3 50.3 50.4 50.4 51.2 r 51.0 52.1 r 53 .3 July Aug. Sept. Oct. Nov. Dec. 1966 Jan. Feb. Mar. Apr. May p 3 8 Liquid assets to gross national product 7/ 9 Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ ( 2 + 3 ? 1) 10 11 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.5 80.4 81.3 82.0 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 24.7 24.2 81.5 23.8 81.5 23.5 81.3 23.3 81.3 23.2 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 . 53.6 53.4 53.7 53.5 53.5 53.8 1 53.7 53.6 53.9 54.0 54.0 54.3 1 r r r r 578.5 577.5 585.5 587.1 585.8 r r r r 164.8 162.8 167.1 166.6 164.3 p p p e ?3.3 r 81.0 , r 23.1 r 54.3 r 54.1 54.3 54.2 For footnotes see next page. p - Preliminay e - Estimated. , r - Revised , , , , . . . „ . NOTE: Begining in 1964, revisions in total liquid assets, demand deposits and currency, and savings and loan shares reflect revisions in savings and loan shares, cash, and deposits. 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, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout . 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. 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 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. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 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)< http://fraser.stlouisfed.org/ # St. Louis Federal Reserve Bank of e ' # # # # # *
@FedFRASER