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f " f ^4 Not for pub lipgM on , ; Si J , ••"•* Z / W y - BANKING AND MONETARY DEVELOPMENTS IN MAY 1963 Total commercial bank credit, seasonally adjusted, increased in May following a decline in April. Total loans rose moderately while holdings of non-Government securities continued to expand rapidly. The average money supply was unchanged in May while U. S. Government deposits increased more than usual. Savings and other time deposits at commercial banks rose substantially. Free reserves declined. Excess reserves increased slightly but member bank borrowings from the Federal Reserve rose appreciably. Total and required reserves increased. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, increased $2.2 billion in May about offsetting the April reduction. Loan expansion accounted for about two-thirds of the credit rise with most of the growth in the real estate, consumer, and security loan categories. Continued sharp growth in holdings of nonGovernment securities reflected in part acquisitions of short-term Federal agency issues. Holdings of U. S. Government securities declined about seasonally following a large reduction in April. Total credit growth was larger than usual at both weekly reporting banks in leading cities and at other banks in May. Over the first five months of 1963 total credit at all commercial banks expanded at an annual rate of 7 per cent compared with a 9 per cent rise over 1962, a year of unusually rapid growth. Seasonally adjusted business loanfe at all commercial banks continued to show only moderate growth in May. They rose $100 million following average expansion of $200 million per month earlier in the year. Over the January-May period, these loans increased at an annual rate of 4-1/2 per cent compared with 9 per cent in 1962. At city banks in May, loans to the construction, trade, textile, and "other manufacturing and mining11 groups accounted for most of the borrowing as is usual while loans to metals concerns and to petroleum and chemical manufacturers declined. Repayments by food processors and commodity dealers continued. Seasonally adjusted real estate loans at all commercial banks increased more rapidly in May than in the earlier months of the year. Expansion in consumer loans also picked up relative to March and April. So far this year, the annual rate of growth in real estate loans has been slightly below that of 1962 but growth in consumer loans has been at a little faster pace than last year. Security loans at all commercial banks increased somewhat in May following a sharp drop in April. At weekly reporting banks in leading cities a substantial rise during May in loans to brokers and dealers and to others for purchasing and carrying non-Government securities was offset in part by a reduction in loans on Governments. Deposits and turnover. The daily average money supply, seasonally adjusted, was unchanged in May; it had increased further early in the month but subsequently declined. U. S. Government deposits rose somewhat more than in May of most other recent years. Over the first five months of the year, privately-held deposits and currency increased at an annual rate of 2-1/2 per cent and the May level was also 2-1/2 per cent above the level a year earlier. Time and savings deposits at commercial banks increased $1.1 billion in May. This was a more substantial rise than in April but below the sharp $1.4 billion monthly average increase in the first quarter of the year. At weekly reporting banks in leading cities, growth in savings deposits was smaller in May, than in most other recent months while that in other time deposits of individuals, partnerships, and corporations, was larger. The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York averaged 33.2 in May; this was close to the 33.3 April level, a high for recent years. Over the first five months of the year, turnover averaged 5 per cent above the corresponding months last year. Bank reserves. Free reserves of member banks averaged $250 million in May, down somewhat from the $315 million average in April. Most of the reduction was in net borrowed reserves at reserve city banks. Free reserves at country banks declined only slightly. Total member bank excess reserves at $460 million were a little higher than in April but borrowings at $210 million were considerably higher. Total and required reserves rose. The effective rate on Federal funds, which had dropped somewhat in April, increased again in May to 3 per cent. Reserves were absorbed principally by currency outflows in May and were supplied by Federal Reserve System purchases of U. S. Government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. June 17, 1963. L.4.3 - EXHIBIT A, P a r i 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 Last Wednesday of month, seasonally Billions adjusted of dollar* T O T A L L O A N S A N D IN VI ST M E N f S U. S. GOVT. SECURITIES # OTHER 1957 1958 1959 SECURITIES 1960 1961 1962 1963 Exhibit A - Part II U. S. Gov't, securities Loans 1/ Total 1/ Date C In bill 1 ions of Other securities d o l l a r s) 194.5 209.6 114.2 121.1 59.6 64.7 20.7 23.8 1962—April 25 May 30 June 30 July 25 Aug. 29 Sept. 26 Oct. ' 31 Nov. 28 2/Dec. 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 66.6 . 64.1 65.0 64.3 64.2 64.6 64.3 25.9 26.1 27.1 27.6 28.0 28.0 28.6 29.1 29.1 1963--Jan. Feb. Mar. Apr. May 228.9 232.3 235-0 232.6 234.8 134.7 136.8 137.8 137.4 138.8 64.6 65.4 66.7 64.0 64.1 29.6 30.1 30.5 31.2 31.9 1960—Dec• 1961—Dec. 1/ 31. 31 30 27 27 24 p 29 p Adjusted to exclude interbank loans. 2/ Estimated as of December 31. 1.4.3. - EXHIBIT B, P a r t 1 L O A N S AT ALL C O M M E R C I A L B A N K S Last Wednesday o 1 month, seasonally Billions adjusted of doll a rs 50 BUSINESS REAL E S T A T E I19S7 mi 1959 1*60 Exhibit B - Part II ItSI Consumer Real Estate Business Date (I n b i l l i o n s mi of ' mi Security d o l l a r s ) 1960—Dec. 31 1961 -•-De c * 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 . 2 3.5 5.6 5.2 5.3 4.4 4.7 5.7 5.9 5.5 6.1 1963—Jan. Feb. Mar. Apr. May 30 27 27 24 p 29 P 48.1 48.3 48.3 48.7 48.8 34.5 34.7 35-0 35.4 35.9 23.8 24.1 24.3 24.4 24.7 5.7 6.6 6.7 5.7 6.1 1/ 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. +2.2 +0.8 +3.4 +2.7 -2.4 +2.2 +0.4 -0.3 +0.3 +0.8 +1.3 -2.7 +0.1 +0.6 +0.5 y +0.5 +0.5 +0.4 +0.7 +0.7 +2.4 +1.9 +0.6 +2.5 y +2.1 +1.0 —0.4 +1.4 +0.6 +0.6 +0.5 +0.2 +0.5 +0.2 +0.2 "y +0.4 +0.1 +0.4 +0.4 +0.3 +0.4 +0.4 +0.3 +0.3 +0.2 +0.3 +0.4 +0.5 +0.2 +0.1 +0.2 y +0.3 +0.1 +0.2 +0.3 +0.3 +0.2 +0.1 +0,3 —0.4 +0.1 —0.9 +0.3 +1.0 +0.2 -0.4 +0.6 —0.4 +0.9 +0.1 -1.0 ;o.4 Nonbank financial jj/ +0.1 +0.3 -0.1 +0.2 +0.1 +0.3 y +0.1 +0.2 +0.1 +0.3 -0.5 +0.2 Agriculture -0.1 +0.1 r y +0.2 +0.7 y +0.3 y +0.1 y All other %/ —0.1 +0.2 +0.1 +0.1 r+0.2 —0.1 —0.4 +0.2 —0.1 +0.1 +0.3 +0.1 'y y Total loans excluding security ^ZiZ +0.9 +1.7 r+0.5 r+1.0 +1.2 +1.6 +1.0 +1.3 +1.2 +0.9 +1.2 +0.5 +1.1 Total loans excluding security and nonbank financial %/%/ +0.8 +1.4 r+0.8 +1.1 +1.3 +1.0 +1.2 +1.0 +0.8 +0.9 +1.0 +0.9 June July Aug. Sept. Oct. Nov. Dec. 4/ +1.4 +3.9 -2.5 +2.5 +1.7 +2.4 +1.5 U. S. Gov't, securities +0.9 +1.1 -2.5 +0.9 -0.7 -0.1 Other securities +0.2 +1.0 +0.5 +0.4 y +0.3 +1.8 —0.5 +1.2 Business %/ +0.2 +0.5 y Real estate %/ +0.5 +0.4 Consumer +0.3 Security Loans and Investments 2/ Loans Apr. p May p Jan. May y r 1/ r+0.6 r-0.5 NOTE—Individual loan items may not add to change in total loans because: (1) loan items are gross of valuation reserves while total loans are net; and (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. jjj/ Derived by addition of items and not by subtraction from total loans. 4/ Estimated as of December 31, 1962. %/ Data revised on basis of March member bank call. 1 http://fraser.stlouisfed.org/ # of St. Louis Federal Reserve Bank # e * # # # # # # 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 April to last Wednesday of May Item 1963 1962 1961 1960 1959 1958 1957 # All commercial banks Total loans U.S..Gov't..securities Other securities Total + 1.9 -1.1 +0.5 + 1.2 +0.8 -0.3 1/ +0.5 + 1.1 +0.8 +0.1 +2.0 +0.5 —0.7 -0.2 -0.3 + 1.2 -1.0 -0.1 +0.1 —0 4 6 +0.3 +0.1 -0.2 +0.2 —0«4 +0.1 y • Weekly reporting banks Total loans U.S. Gov't, securities Other securities Total +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 +0.7 -0.6 —0«1 —0.1 -0.9 +0.5 -0.4 -0.3 -0« 1 —0.1 -0.5 + Other banks Total loans U.S. Gov't, securities Other securities Total +0.9 -0.5 +0.2 +0.5 +0.6 —0.5 +0.1 +0.3 +0.9 -0.3 +0.2 +0.8 +0.4 -0.5 V y +0.5 -0.4 +0.3 -0.2 +0.1 +0.2 +0.5 -0.3 +0.2 +0.5 ^ V +0.2 End of December to end of May Item 1963 2/ 1962 1961 1960 1959 1958 1957 All commercial banks Total loans U.S. Gov't, securities Other securities Total +0.9 -3.5 +2.6 y +0.9 -2.2 +2.2 +0.9 —0.9 +0.5 +1.0 +0.7 +0.9 -3.8 -0.7 -3.6 y+3.o y-3.8 y+0,2 3/-0.5 -1.9 +4.9 +1.5 +4.5 +0.3# -1.5 +0.5 -0.7 Weekly reporting banks Total loans U.S. Gov't, securities Other securities Total -0.9 -2.3 +1.8 -1.5 -0.8 -2.0 + 1.6 — 1.2 -1.8 +0.8 +0J2 -0.3 —0.7 -1.9 -0.4 -3.1 + 1.0 -3.4 +0.1 -2.2 —2.6 +4.7 +1.0 +3.1 — 1.0 -0.8 # +0.1 -1.7 Other banks Total loans U.S. Gov't, securities Other securities Total +1.8 -1.2 +0.8 +1.5 +1.7 —0.2 +0.6 +2.1 +0.9 -0.3 +0.3 +1.0 +1.6 -1.9 -0.3 —0.5 y+2.0 y-0.4 y+0.1 y+1.7 +0.7 +0.2 +O.5 +1.4 + 1.3 -0.7 # +0.4 +1.0 NOTE—Date exclude all interbank loans; call report data for weekly reporting banks used when available. 2/ Less than $50 million. 2/ Based on estimated data for December $1, 1962. 2/ In January and April 19591 total credit increased over $600 million as a result of bank structure changes; loans, $400 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 April to end of May Business of borrower End of December to end of Ma]/ 2/ 1963 1962 1961 1960 1959 1963 1962 1961 1960 1959 -120 94 + 67 -147 - 37 -102 + 5 -134 - 73 -104 + 46 -131 + - + - -617 -243 + 50 -810 -528 -204 + 67 -665 -485 -257 -159 -901 -536 -585 +355 -766 "402 -307 +2 61 -448 1/ 1/ y 1/ 1/ 1/ 1/ 1/ - 15 31 + 26 26 — 46 - - 1 - 65 + 9 - 54 +120 + 7 -- +132 + 33 - 39 - 45 +241 + 61 + 50 +254 + 7 -167 +146 + 85 +878 +222 - -3-5 +669 +173 -•115 + 50 41 + 91 - +132 -104 + 90 + 19 -106 + 62 + 52 - 59 + 15 + 44 + 47 + 45 +426 -368 +100 +370 -534 +153 +118 -357 + 41 +261 -159 + 54 +156 -336 + 51 + 32 + 70 - 18 + 45 + 73 +125 +143 +280 +123 - Classified Unclassified 46 + 78 + 7 + 69 -284 + 9 +163 + 66 +279 +102 -276 +178 -227 +162 -755 + 40 +577 +132. +133 +1.15 Total change + 32 + 76 -275 +229 +381 - 98 - 66 -715 +709 +248 Total change excluding sales finance + 32 + 76 -275 +229 = +366 - 98 - 66 -715 +709 +263 Food processors Commodity dealers Trade concerns Total - Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business 1/ 2/ j - - Not included in business loans on revised basis. Five weeks used throughout. 20 78 82 16 38 93 61 70 + 15 .3 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date U. S. Govt. Other security Total loans Business Real estate Security Farm Consumer Nonbank financial institutions .. All other 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 0.2 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 6.9 7.2 8,2 8.8 7.6 8,1 8,7 9,8 1962: 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 9.8 10.0 10.2 10.5 10.3 10.4 10.8 10.6 10.4 10.8 1963: Jan. Feb. Mar. Apr. May 30 27 27 24 P 29 P 229.1 230.4 231.9 232.4 233.6 66.2 65.3 64.8 64.0 62.9 29.5 29.9 30.7 31.4 31.9 133.4 135.2 136.4 136.9 138.8 47.3 47.7 48.6 48.6 48.8 34.5 34.7 34.9 35.3 35.8 5.6 6.5 6.0 5.8 6.0 7.3 7.4 7.5 7.5 7.5 23.7 23.8 23.9 24.2 24.6 7.5 7.7 8.0 7.6 7.8 10.3 10.2 10.2 10.6 10.9 1956: 1957: 19S8; 1959: 1960: 1961: o° = = =» =» => 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 $100 million. NOTE--Date exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans11 are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959, "business loans11 and "all other loans" have been revised to exclude loans to nonbank financial institutions. # e e * e e # e # e Exhibit G Ratios to Total Deposits 1/ L • Date 19U8$ SU9: 1950 1951 1952 1953 1951 #55 1956 1957 1958 1959 I960 #61 * 1963: m N S Member banks Reserve city baniks City of New York Other Chicago city Country All commercial banks 2/ 2/ 2/ llt„2 19.2 15.2 9.8 11.7 16.9 10.0 5,1 7.5 8.It 8.3 7.It 8.7 11.2 ii8,o U9.7 I48.i1 5U.0 55.1 5k.5 31.3 30.9 36.1 37.6 39.9 id.l 40.7 46,7 50.1 51.0 U9.lt 55.6 56.5 55.7 35.9 3U.9 U2.5 U6.3 50.6 50.6 U6.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 30.li 25.6 32.3 36.2 38.9 39.1 38.3 U6.3 52.7 55.2 U9.lt 58.2 60.8 58.0 33.lt 32.lt 38.1 39.lt ltl.l U2.2 Ul.9 U8.5 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 UO.7 U2.6 itUa ltli.it lt8.2 50.3 50,2 28 25 30 30 25 29 26 31 28: 28 55.li 55.1; 55.8 55.9 55.6 56.0 56.U 56.1 56.3 56.5 56.5 56.5 56.8 56.8 56.5 57.0 57.6 57.2 57 .It 57,7 65.8 65.ii 61i.lt 63.6 63.0 65.8 68.8 67.U 66.6 67.9 59.2 58.3 57.3 57.5 56.5 57.1 58.6 57.6 57.3 . 6l.lt 58.3 58.1i 59.1 59.0 59.3 59.5 60.0 60.0 60.7 60.1 51.2 51.3 51.8 52.1 51.7 51.7 51.6 5l.l 51.5 51.7 11.2 11.5 11.7 11.3 11.3 11.9 9.9 10.li 9.3 9*5 Jan, 30 Feb. 27 Mar, 27 Apr, 2Up May 29p 56.2 56.7 57,0 57.1 57.8 57.3 57.9 58.1 58.2 58.9 6U.7 66.2 65.1 6k.9 66.4 57.7 59.lt 61.1 59.8 58.7 6o.5 60.8 60.9 6l.lt 61.8 51.9 52.3 52.7 53.0 53.8 9.5 9,5 7.5 7'6 n0a& 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 1962:i Mar. Apr. May June July Aug. Sept. Oct. Nov, Dec, • All • commercial Total banks 0 A U.S* ^ov't. securities maturing within one year 31.2 31.1 35.8 37.2 39.3 U0.5 ltO.3 1/ ^otal 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/ 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/ Data revised December 1959 through July 1962 to include one partially-tax exempt issue that was first callable in December i960 and was called for redemption in December 1962, announced in August 1962. NOTE: Comparability of figures affected by changes in Federal Reserve membership, mergers, etc,j 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, http://fraser.stlouisfed.org/ p Preliminary. Federal Reserve Bank of St. Louis •1.4.3 - EXHIBIT H, P a r i 1 DEPOSITS AND CURRENCY,AND TURNOVER OF DEMAND DEPOSITS Seasonally adjusted; t u r n o v e r , m o n t h l y at of Annual deposits, semi-monthly annual rate ^ averages daily figures; Billions of dollars rote MONEY SUPPl TURNOVER 3 43 centers /V^V TIME AND S A V I N G S D E P O S I T S - U . S. GOVT. D E P O S I T S * Not a d j u s t e d for s e a s o n a l 1957 1958 1959 I960 1961 1962 1963 All c o m m e r c i a l b a n k s . Exhibit H - Part II Seasonally Adjusted Data Money supply Period 1959—Dec. 1960—Dec. 1961—Dec. 1962—-Dec. (2) (2) (2) (2) 1963—Feb. (1) (2) Mar. (1) (2) Apr. (1) (2) May (1) (2) p Time and savings deposits Turnover 343 centers outside N Y 27.6 28.1 29.4 31.3 Total Demand deposits 141.8 141.2 146.0 148.3 113.0 112.2 116.4 117.8 28.8 28.9 29.6 30.5 67.4 73.0 82.7 97.9 148.7 148.4 149.0 148.8 149.5 149.3 149.8 149.1 117.9 117.4 118.0 117.6 118.3 118.1 118.5 117.8 30.8 30.9 31.0 31.1 31.3 31.1 31.3 31.3 99.9 100.8 101.3 102.2 102.4 102.8 103.3 104.0 Currency 32.2 32.0 33.4 33.1 U. S. Gov't. deposits 5.2 5.3 5.5 6.1 4.9 6.5 5.2 6.6 4.5 3.9 6.3 7.6 L.4. 3 - E X H I B I T I, P a r i T I M E A N D 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 I N L E A D I N G C I T I E S Wednesday Billions figures o# d o l l a r s 55 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 INDIVIDUALS',' 10 • P A R T N E R S H I P S T AND C O R P O R A T I O N S TuT Exhibit I - Part II ,1961 Time Period Total (I n and. J L 1 I 1 1 1 1 1—za1/\z*' 5 f T T T o" T S a v i n g s Savings m i l l i o n s 1963 Depo s i t s Individuals, Other time partnerships, deposits 1/ and corporations of d 0 1 1 a r s) 1961-—April 26 Dec. 27 1962--Dec. 26 38,175 41,472 50,011 27,819 30,082 34,712 5,480 5,969 9,080 4,876 5,421 6,219 196>—March 27 April 24 53,167 53,650 35,874 35,801 10,372 10,601 6,941 7,248 May 53,751 54,026 54,241 54,415 54,539 35,822 35,909 35,952 36,014 36,048 10,679 10,854 11,036 11,133 11,158 7,250 7,263 7,253 7,268 7,333 1 8 15 22 29 1/ Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. # # # # # Exhibit . : • • Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Monthly averages % 1956: December 1957: December J 958: December 1959: December 1960S December 1961: ^"cember 1962: All member Reserve City Banks New York City of Other City Chicago • • Excess reserves Borrowings T o t a l reserves h e l d seasonally adjusted l/ Country All member All member All member Free reserves (excess reserves minus borrowings) Date • - 56 -133 - 41 -424 669 424 - 91 -105 - 80 -109 10 - 50 - 86 - 77 - 32 -104 - 4 - 22 -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 March •A-pri! May -Tune 379 440 434 370 - 24 50 10 - 12 - 6 - 20 3 3 15 9 36 - 4 394 401 ^85 389 470 509 497 470 91 69 - '63 100 19,060 19,148 19,253 19,312 July August September October November December 442 437 378 419 470 265 18 7 -19 34 13 - 62 6 14 10 1 7 11 3 2 416 44l 408 382 483 391 531 564 458 484 489 569 89 127 80 65 119 304 19,348 19,237 19,305 19,427 19,484 19,606 - —-= 5 - 19 - 52 J anuary - 6 426 483 19, 681 384 - 50 13 99 February *.00 - 11 472 172 19,698 - 25 390 - 55 March 426 - 8 271 346 - 30 155 19,753 - 37 434 April - 1 121 - 25 19,73§ 332 - 9 313 19,858 209 459 - 8 - 65 323 — 250 Mav "o i:CTE: 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. 1J Revised series. Back data and seasonal factors available, Exhibit L, "Banking and Monetary Developments" for December 1962. 1963: Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Total Time deposits Demand deposits avmgs and Commercial Mutual Postal and Savings currency banks loan savings System 2/ shares banks V y Ratios: Demand U. S. U.S. Govt Liquid assets deposits to gross Govt, securities and pronational maturing savings currency duct 2/ bonds within one to gross year 6/ V national product?/ 320.3 332.5 343.2 356.0 373-1 393-9 399»2 424.6 130.2 435.3 438.2 439.6 442.9 444.2 447.9 449.1 453.4 456.9 459.2 142.2 143.4 142.8 142.3 142.2 141.3 142.5 143.8 143.4 144.8 133.3 134.6 133.5 138.8 139.7 138.4 142.6 48.2 49.7 26.3 2.1 30.0 57.5 65.4 67.4 73-1 82.5 31.6 1.6 87.8 39.0 39-2 39.3 39-7 40.0 40.2 40.6 40.9 41.2 41.4 52.0 88.6 89.7 91.2 91.7 92.7 93.9 95.2 96.9 98.1 28.1 33-9 34-9 36.2 38.3 1.9 1.3 1.1 0.9 0.8 27.2 32.0 37.0 41.7 47.7 54.3 61.8 0.6 70,5 0.6 0.6 0.6 0.6 0.6 72*8 73.4 74.0 74.8 75.4 76.3 77.4 0.6 0.6 0.5 0.5 0.5 10 11 85.9 35.0 79-6 80.3 80.2 80.5 79.0 30.3 29-9 28.7 27,5 55.7 55.0 54.4 53-6 54.8 26.3 53.0 53.0 78.8 26.1 52.8 79.5 25.9 80.3 25.6 80.7 25.5 8 _1 78.2 79.2 80.0 55.6 55.9 54.8 30.6 31.6 33.2 50.5 47.9 47.0 47.4 35.6 48.8 41.9 42.6 47.4 47.4 47.4 47.4 47.5 47.5 47.5 47.5 47.5 47.6 45.5 45.6 45.7 46.9 46.8 49.2 46.6 47.2 48.2 46.8 51.6 38.8 Commercial bank deposits & currency to liquid assets (2+5*1) 81.3 78.2 32.6 31.2 52.6 52.9 52.9 52.7 52.6 52.2 52.6 52.7 52.6 52.9 52.8 81.0 25.5 47.1 81.0 47.8 100.1 0.5 41.7 144.4 462.7 52.9 46.5 82.2 47*9 0.5 41.9 101.2 144.5 464.7 53.0 45.5 47.9 83.4 42.1 0.5 102.2 145.0 466.? 52.8 84.1 145.2 42, 102.9 0.5 469.9 52.6 4f:l 84.7 42 104.0 145.2 _2i5_ 473.9 For footnotes see next page. , ,. „ NOTE: This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs irom the one previously shown in concept and coverage. Back figures available from Banking Section, Division of esearch and Statistics. — _ _ — — — — — ••2 i8:i 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 1360, 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. Governmerit 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 o e current quarter and the last month of the preceding quarter).
@FedFRASER