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L.4.3 Not for p u b ^ f c a ^ n ' . June 16, 1964. -.BANKING Alfc" % N E T A E Y DEVELOPMENTS IN MAY 1964 Seasonally^a^i^ted loans and investments at all commercial banks increased in May following^. "small reduction in April. Loan expansion, reflecting in part an increase in security loans, accounted for all the credit growth; U. S. Government security holdings declined further while holdings of other securities rose moderately. The seasonally adjusted money supply declined somewhat following substantial expansion over March and April. Time deposits at commercial banks increased more rapidly than in the two previous months• Free reserves were lower than in April, but close to the February-March level. Seasonally adjusted total and required r e s e r v e s - * declined» Revised seasonally adjusted data for bank credit and money supply. Revised seasonally adjusted data for total bank credit and major components and for money supply and time deposits at commercial banks have recently been developed and are being used in this Report. In addition, the deposit data x along with U« S» Government deposits at commercial banks, have been revised on a seasonally unadjusted basis to incorporate new benchmarks. All revised data, beginning in 1948, will be released in the June Federal Reserve Bulletin. The data are still subject to changes and may differ somewhat from those shown in this Report. * Bank credit. Total loans and investments at all commercial banks increased $1.7 billion in May, somewhat more than the average monthly increase earlier this year. So far in 1964 growth has been at an annual rate of 6.6 per cent, a little below the 8 per cent expansion over the ygar 196). (On the basis of the old seasonal factors, growth through May would have been at an annual rate of 6.1 per cent.) Total loans increased $1.8 billion in May, also somewhat faster than in the earlier months of 1964. Security loans increased fairly sharply while most other loan categories rose at about the same pace as in other recent months. At an annual rate of 12«7 per cent, loan growth through May was slightly faster than in the latter months of 1963s but the difference largely reflected a decline in seasonally adjusted security loans in December. Holdings of U. S. Government securities declined $400 million further in May; the rate of reduction in these holdings has been faster this year than last. Banks acquired about half of the $1 billion Treasury bill issue on May 6 but at city banks, bill sales in May more than offset new acquisitions. Holdings of non-Government securities increased at about the same moderate pace as earlier in the year but sharply below the 1963 rate. Business loans at all commercial banks increased $400 million on a seasonally adjusted basis in May, slightly more than the average monthly increase in the first four months, but much less than in late 1963# So far this year, growth in business loans has been somewhat larger than in the corresponding months of 1963—$1.5 billion compared with $900 million. At city banks in May, loans to metals concerns were larger than usual, as in other recent months, while loans to all other manufacturing and mining concerns appeared to show about the usual seasonal changes . Loans to the construction industry have been large this year and in recent weeks loans to trade concerns have shown substantial expansion. Seasonally adjusted real estate and consumer loans continued to increase through May at about the same substantial pace as in other recent months„ This was slightly less rapid, however, than the expansion over the year 1963 and in the case of consumer loans, considerably slower than in the early months of that year. Deposits and turnover. The seasonally adjusted money supply declined $200 million in May following a $900 million expansion over March and April» Through May the annual rate of growth was 2 per cent compared with 3.5 per cent over the last five months of 1963° The increase in U. S. Government deposits in May was about the same as in this month of other recent years. Turnover of demand deposits at 343 centers outside New York declined to 35.4 (preliminary) in May from the recent 36.1 peak in April. Over the two months, turnover averaged 7=1/2 per cent above the corresponding months last year» Turnover had shown little net change between July 1963 and March 1964. Seasonally adjusted time deposits at all commercial banks creased $1 billion in May, somewhat more than the increase in March April but less than the $1.3 billion average rise over the previous monthso Through May growth in. these deposits was at an annnal rate 10.9 per cent compared with 14.7 per cent over the year 1963» -inand six of At city banks over the four weeks ending May 27, growth in both savings deposits and in other time deposits was comparable with that in the corresponding weeks last year,, This contrasted with earlier months this year when expansion in savings deposits had been below the 1963 rate while growth in other time deposits had been faster. Bank reserves. Free reserves averaged $85 million in May, considerably below the $160 million level in April but about in line with the February and March averages. Excess reserves reached a new postwar low of $3 0 million. Borrowings rose to $255 million in May, somewhat more than in April but less than the average of most other recent months« Seasonally adjusted total and required reserves declined somewhato The effective rate on Federal funds fell below 3-1/2 per cent on only one day in May. Reserves were supplied through System purchases of U„ S. Government securities and absorbed through currency outflow and other factors* Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. 1.4.3 - tXHItl , A, i orl 1 L O A N S AND I N V E S T M E N T S AT A l l COMMERCIAL B A N K S B i l l i o n s e# d o l l e r i 140 120 TOTAL L O A N S AND I N V E S T M E N T S ISO 140 iOANS 100 l l . $ . G O V T . SECURITIES OTNEK S E C U R I T I E S 1144 19SI Exhibit A - Part II* Date Total 1/ (In U. S. Gov't, Other securities securities b :. 1 1 i 0 n s o f d 0 1 1 a r s) Loans 1/ 1960—Dec. 1961—Dec. 1962—Dec. 31 31 31 2/ 194.5 209.8 228.3 113.8 120.5 133.9 59.9 65.4 65.2 20.8 23.9 29.2 1963--Apr. May June July Aug. Sept. Oct. Nov. Dec. 24 29 29 31 28 25 30 27 31 y 233.2 235.2 239.1 238.5 238.8 241.4 241.0 244.3 246.5 137.6 139.5 141.7 142.7 143.6 145.4 146.1 148.5 149.4 64.4 63.9 65.1 63.0 61.6 62.0 60.5 61.4 62.1 31.2 31.8 32.3 32.8 33.6 34.0 34.4 34.4 35.0 1964—Jan. Feb. Mar. Apr. May 29 26 25 29 27 246.4 248.2 252.2 251.6 253.3 151.0 151.8 153.9 155.5 157.3 60.5 61.0 62.8 60.5 60.1 34.9 35.4 35.5 35.6 35.9 p p p p p 1/ Adjusted to exclude interbank loans. 2/ Estimated as of December 31. * All data revised. Revised seasonal adjustment factors and figures for the period beginning 1948 will be published in the June Federal Reserve Bulletin. Data shown in the above table are preliminary and http://fraser.stlouisfed.org/ subject to change. Federal Reserve Bank of St. Louis 1.4.3. - EXHIBIT B, f o r i I t o A N S AT A l l C O M M E R CIA I B A N K S ^ y. °! '_•** .9 n • f* * • • ? l o n a ' l y o d j u 11 e d B i l l i o n * of doll or * BUSINESS R f A l fSTATE CONSUMER SECURITY 1958 1959 19*1 1963 1964 Exhibit B - Part II Business Date (In Real estate b i 1 1 i 0 n s Consumer of Security d 0 1 1 a r s) I960—Dec. 1961—Dec. 1962—Dec. 31 31 31 1/ 42.1 44.1 47.9 28.7 30.3 34.2 20.5 21.3 23.6 4.3 5.2 6.1 1963--Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27 24 29 29 31 28 25 30 27 31 1/ 48.3 48.7 48.8 49.5 49.3 49.5 50.0 50.7 51.5 52.4 35.0 35.5 36.1 36.7 37.3 37.8 38.1 38.4 38.9 39.1 24.6 24.9 25.2 25.4 25.5 25.7 25.8 26.1 26.4 26.6 6.7 5.7 6.1 6.9 6.4 6.3 7.2 6.5 7.3 6.6 1964—Jan. Feb. Mar. Apr. May 29 26 25 29 27 52.6 53.0 52.8 53.5 53.9 39.5 39.8 40.2 40.7 41.2 26.7 27.2 27.4 27.6 27.9 7.3 7.0 7.9 7.1 7.7 http://fraser.stlouisfed.org/ 1/ Estimated Federal Reserve Bank of St. Louis p p p p p as of December 31. Exhibit C Changes in Loans and Investments at All Commercial Banks* Seasonally Adjusted (In hiTHmma of dollars) 1 9 6>4 19 6 3 Item Apr. Hay June July Aug* Sept. Oct. Nov* Dec. 4/ Jan. p Feb. p Mar . p Apr. p Hay P ±2*2 z2*l 41.8 ±4*0 =QJ> lltZ 40.9 40.7 -1.6 40.5 41.8 -2.3 -0.4 40.4 y 40.6 -0.1 40.5 40.1 40.1 40.3 41.8 40.7 42.4 40.9 41.6 40.8 42.1 41.6 41.8 40.2 40.5 40.7 40.8 40.9 40.2 40.4 -0.2 40.7 40.4 40.6 40.5 40.3 40.3 40.5 40.2 40.4 40.3 40.4 40.5 40.5 40.2 40.1 40.2 40.1 40.3 40.3 40.2 40;1 40.5 40.2 40.2 40.3 40.4 40.8 -0.5 -0.1 40.9 -0.7 40.8 -0.7 40.7 -0,3 40.9 -0.8 40.6 -0.5 40.2 40.4 4O.6 -0.3 40.2 40.2 -0.1 40.3 -0.3 40.2 40.4 -0.1 y Agriculture -0.1 40.1 -0.1 -0.3 - -0.3 40.2 40.3 40.2 -0.1 40.2 -0.2 40.1 40.1 40.1 All other 40.1 40.1 40.3 40.1 y y 40.2 y 40.3 -0.1 40.3 40.4 40.5 -0.2 Total loans excluding security ^ 40.7 41.4 42.1 40.9 40.3 41.3 42.0 +1.7 41.8 40.5 41.5 41.3 41.9 4l.l Total loans excluding security and nonbank financial 41.2 41.2 '•1.7 40.3 40.6 4l.l 41.8 41.8 41.5 40.8 41.3 40.9 42.0 41.1 Loans and Investments 2/ -0.8 42.0 ±2*2 =M. •M* •2^6 =0A U. S. Gov't, securities -1.6 -0.5 41.2 -2.1 -1.4 40.4 -1.5 Other securities 40.6 40.6 40.5 40.5 40.8 40.4 Loans 2/ *0.2 41.9 42.2 4l.O , 40.9 Business +0.4 40.1 40*7 -0.2 Real estate 40.5 40.6 40.6 Consumer 40.3 40.3 Security -1.0 Nonbank financial NOTE—Indi^^e^^^^^^a^^to^ch^ge^in^total^lofl^s^beca^e^l to revision# 1/ Less than $50 million# 2/ Adjusted to exclude interbank loans. y Derived by addition of items and not by subtraction from total loans. Z c a t e ^ 7 ^ e experimental and are subject Exhibit D Changes in Loans and Investments at All Commercial Banks9 at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Last Wednesday of A]oril to last Wednesday of May Item All commercial banks Total loans U, S. Gov't, securities Other securities Total Weekly reporting banks Total loans U„ So Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total Item All commercial banks Total loans U. S. Gov't, securities Other securities Total Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total 1963 1962 1961 1960 1959 1958 +2.0 -1.0 1/ +0.9 +2.0 -1.0 +0.3 +1„3 +0,8 +101 +0.5 -0.7 -0,2 -0.3 +1.2 -1,0 -0.1 +0.1 -0.6 +0.3 +0.1 ™=0«2 ' +1.0 +1.0 -0.6 +0.3 +0.1 +0.7 —o« 6 =0,9 +0,5 ^ +0.5 +0.3 1964 -0.4 -0.2 +0.4 + 1.0 —0«4 -0.6 +2.0 +0 = 2 +0.2 -0,1 +0.2 +0.2 +1«1 —0.1 +1.2 +O06 -0.5 +0.9 -0.3 +0,2 +0.1 1/ +0.6 +0.2 +0.5 +0.5 V +0,7 +1.0 -0,3 +0.8 +0.1 +0.3 +0.8 -0.2 -0.2 -0.3 +0 s 4 -0.5 V y -0.1 -0.1 -0,4 V +0,2 1/ -0.4 -0.2 +0.1 +0.2 End of December to end of Ma: 1963 2/ 1962 1961 +2,8 -4.3 +0.7 —0.9 +1.0 -3.4 -2.2 +o„9 —0.9 +0,5 + 1,0 +0,1 -2.7 —1.1 -2.3 —0»8 —2.0 +1.6 -1.7 —1.2 +2.1 — 101 +0.6 +1.7 +1.7 0.2 +0«6 1964 2/ +2.4 y +1.8 +0.2 -2.4 +2,7 —10 6 +0.5 +1.5 ! +2,2 +0 = 9 +2.1 +0.7 -1.8 +0,8 +0.7 «0.3 +0 = 9 -0.3 +0,3 +1.0 < 1960 1959 1958 +0.9 3/+3.0 3A3.8 3/+0.2 3/-0.5 -1.9 +4o9 +1.5 +4.5 +1.0 —2,6 +4.7 —3«8 -0,7 -3° 6 -0.7 -1.9 -0,4 "3 e 1 -3.4 +0,1 +1.0 -2.2 +3.1 + 1 e 6 3/+2.0 +0.7 +0,2 +0.5 +1.4 -1.9 -0.3 =0,-5 3/-0.4 3/+0.1 3A 1.7 NOTE--Data exclude all interbank loans; call report data for weekly reporting banks used when available. V Less than $50 million. 2/ Based on estimated data for December 31, 1963 and 1962, 3/ In January and April 19599 total credit increased over $600 million as a result of bank structure changes; loans, #400 million; Uo S c Government securities, $200 million; and other securities9 $100 million, 1 < < 4 # e # # # # # # # # Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of December to end of Masr End of April to end of May 1/ Business of borrower 1963 1962 1961 1960 -642 -487 + 24 -1,105 -627 -240 + 42 -825 -528 -204 + 67 -485 -257 -159 -901 -536 + 50 +254 + 7 -167 +146 +10 - 42 +242 + 62 +878 5 +441 +176 +116 + 85 +222 - 35 + 53 - 73 + 32 +247 -398 +219 +397 -33% +102 +370 -534 +153 +118 -357 + 41 +261 -159 + 54 1964 1963 1962 1961 1960 Food processors Commodity dealers Trade concerns Total - 44 -105 +112 - 37 - 74 + 61 -100 - 52 - 88 + 23 -117 - 71 - 81 + 49 -103 + - 56 76 89 43 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services + 55 + 21 - 28 - - 48 - 44 + 20 - 48 +136 + 8 - 80 e 1/ 2/ + 58 - 87 2 + 39 + 19 + 13 + 65 +141 - 55 + 92 - 21 + 1964 2/p -665 -585 +355 -766 - 49 +107 - 1 + 82 + 51 + 47 n.a. + 77 n.a. 110 3. © n.a. +385 n.a. + 91 n.a. +143 Dl» 8L 0 +280 n eae +123 n.a. + 4 n.a. n. o a * n.a. n.a. n.a. n.a. a.a. n0ao n.a. Classified Unclassified +178 + 70 +125 +107 +124 + 76 -198 + 49 +154 + 72 + 7? -310 +172 -227 +370 +162 -755 + 59 +577 +126 Total change +248 +231 +200 -149 +226 +447 -138 - 66 -696 +703 + 63 + 47 - 1 Four most comparable weeks used throughout. Changes for 1964 are now being compiled from December 25, 1963» rather than from December 31» 1963s as used in previous reports; the December 25 date is more comparable with earlier years e.g., December 26, 1962 and December 27, 1961. However, these data can not be linked with all commercial bank data which are always for December 31» Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Other Loans and U. S. Gov't. Total loans securities investments Date Business Seal estate Security Farm Consumer Nonbank All other\ financial institutions 58.2 66.4 60.9 60.9 58.9 61.0 66.0 66.4 17.9 20.6 20.6 20.6 20.5 20.9 25.9 29.5 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 40.5 40.4 42.5 57.8 40.2 45.1 45.2 49.1 25.1 25.5 26.9 26.9 28.1 28.7 50.5 54.5 4.2 4.7 4.1 4.1 4;9 5.1 6.2 7.5 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 5.9 7.1 7.1 7.5 8.5 7.2 8.2 8.8 i-G 8.1 8.7 9.8 10.7 Dec. 1960——Dec. 1961—Dec, 1962—Dec. 51 2/ 51 50 51 (est.) 169.5 184.4 184.2 184.2 189.5 198.5 214.4 255.6 1965—Jan. Feb. Mar. Apr. May June 50 27 27 24 29 29 229.1 250.4 251.9 252.5 255.6 259.1 66.2 65.5 64.8 64.0 65.0 65.5 29.5 29.9 50.7 51.4 51*7 52.4 133.4 135.2 136.4 136.9 138.9 143.1 47.5 47.7 48.6 48.6 48.8 49.9 54.5 54.7 54.9 55.4 56.0 56.7 5.6 6.5 6.0 5.8 6.0 6.9 r7.4 7.4 7.5 r7.4 7.5 7.5 23.8 24.0 24.2 24.7 25.1 25.5 7.5 7.7 8.0 7.6 7.8 8.6 rio.1 10.0 9.9 r10.2 10.6 11.0 51 28 25 50 27 51 (est.) 257.8 257.1 241.9 242.4 245.0 252.4 62.5 60.8 61.8 62.0 62.5 65.4 52.9 55.7 54.2 54.5 54.1 55.1 142.4 142.5 146.0 146.0 148.6 154.0 49.0 49.2 50.1 50.6 51.9 55.7 57.3 37.8 58.2 58.6 59.0 59.2 6.4 6.1 7.4 6.5 7.0 7.9 r7.2 6.8 7.0 7.5 7.4 7.4 25.7 26.0 26.1 26.3 26.5 26.7 8.9 8.7 9.1 8.6 8.6 10.2 r10.8 10.8 11.0 11.1 11.5 11.8 29 26 25 29 27 246.2 247.2 249.9 250.6 251-5 61.1 61.5 61.5 60.1 59.1 34.6 35.1 149.5 150.6 152.8 154.7 156.? 51.8 52.4 53:2 53.3 53.8 39.5 39.8 40.1 40.6 41.1 7.1 6.9 7.1 7.2 7.5 7.5 7.4 7.5 7.6 26.6 26.8 27.0 27.4 27.8 8.6 8.8 9.5 9.5 11.5 11.4 11.5 12.2 12.4 I j 1957—Dec. 51 1958~Dec. 31 1959—June 24 (old) July Aug. Sept. Oct. Nov. Dec. 1964—Jan. Feb. Mar. Apr. May p p p p p 35*6 35.8 35.8 7.7 — — — 9.5 p - Preliminary. 2/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $500 million in U. S. Government securities; and S100 million in other securities. Real estate loans increased about $500 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. NOTE—Data exclude interbank loans. Total loans are after aad 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. Data revised beginning October 1965 on basis of December 20, 1965 call. Exhibit G Ratios to Total Deposits 1/ U. S. Government securities maturing within one year LOANS Date All commercial banks Total Member banks Reserve city banks New York City of Other City Chicago All commercial banks Country 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 1955—Dec. 1956—Dec. 1957—Dec. 1958—Dec. 1959—Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 31.2 31.1 35.8 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 31.3 30.9 36.1 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 35.9 34.9 42.5 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 30.4 25.6 32.3 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 2/ 27.1 28.5 2/ 31.5 V 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 , 48.2 50.3 50.2 51.7 1963—Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 27 24 29 29 31 28 25 30 27 25 57.0 57.1 57.9 57.7 57.8 58.4 58.6 58.4 59.0 58.6 58.1 58.2 58.9 58.7 58.7 59.4 59.6 59.5 60.2 59.9 65.1 64.9 66.4 66.4 65.6 67.3 67.5 66.6 69.3 67.4 61.1 59.8 58.7 58.8 58.5 60.4 62.0 61.7 61.2 62.1 60.9 61.4 61.8 61.3 61.7 62.6 62.7 63.0 63.5 63.3 52.7 52.9 53.6 53.6 53.7 53.8 53.8 53.6 54.0 53.8 "1964—Jan.' Feb. Mar. Apr. May 29p 26p 25p 29p 2?p 58.8 59.3 59.3 60.2 60.8 60.0 60.5 60.5 61.4 61.9 67.3 67.6 67.5 68.4 69.3 .62.1 62.3 62.5 61.9 61.4 63.9 64.2 64.1 65.1 65.4 53.9 54.5 54.7 55.6 56.1 y y 14.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7.5 7.6 7.8 7.4 7.2 7.4 7.2 7.4 7.3 7.5 7.2 6.8 6.5 6.3 n.a. Total loans (adjusted to exclude loans to banks); U, S, Government securities maturing within one year estimated on basis of Treasury survey of ownership and total deposits (adjusted to exclude cash items in process of collection). 2/ Prior to 195V 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. Estimated for December 31• V NOTE—Comparability of figures affected by changes in Federal Reserve membership, mergers, etc,| by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued, p - Preliminary, 1.4.3. - IXHieiT M. Part I D E P O S I T S A N D CURRENCY AND TURNOVER O F DEMAND D E P O S I T S SioioiioHy adjusted; deposits, turnover. Monthly Annual rate semi monthly overages of d a i l y f i g u r e s ; B i l l i o n s of d o l l a r s MomY sirriY s so 1 1 * 1 AND S A V I N G S D i P O S l I S | tt. $ . 6 0 V I . D l f O S l I S * "Nol odiusled^lor seasonal | 111111111111 lii il 1111111: * All comin -rciol bonk*. (Chart not revised) Exhibit H - Part II S e a s o n a l l y M o n e y Period Total A d j u a t e d S u p p l y Demand deposits * Currency D i1 t a U. S. * Govt, Time and Turnover 343 deposits savings centers deposits * outside NY 117.1 120.7 30.6 32.4 97.9 112.3 31.3 33.9 5.7 5.2 1961*—Jan. Feb. Mar. Apr. May p 153.8 153.8 154.2 154.7 154.5 121.2 121.1 121.3 121.7 121.2 32.6 32.7 32.9 33.0 33.3 113.9 115.1 115.8 116.1* 117 .U 34.8 33.7 34.4 P36.1 35.4 4.2 4.8 6.1 4.2 6.9 154.6 154.8 154.4 15k .6 121.7 121.7 121.3 121.1 32.9 33.1 33.2 33.4 116.2 116.6 117.0 117.7 1 *• z-x H 1L7.7 153.2 I 1962——Dec. 1963—Dec, May (2) (1) (2)p n.a. n.a. n.a. n.a. 5.7 2.8 6.1 7.6 * Based on revised data; figures for the period beginning 1948 will be published in the June Federal Reserve Bulletin. Figures shown in the above table are preliminary and subject to change. 1.4.3 - E X H I B I T I, P a r t I TIME A N D S A V I N G S D E P O S I T S AT MEMBER B A N K S I N L E A D I N G C I T I E S Wednesday Billions figures of dollars 70 *0 T O T A l TIME AND S A V I N G S D E P O S I T S SO 40 SAVINGS DEPOSITS 90 20 TIME D E P O S I T S O F I N D I V I D U A L S , P A R T N E R S H I P S , AN D C 0 1 P O R A T I O N S 10 OTHER TIMI DEPOSITS 11*2 19*4 19*3 Exhibit I - Part II • T i m e Period • # e Total 1961—Apr. 26 Dec. 27 1962—Dec. 26 1963—Dec. 31 1964—Jan. 29 Feb. 26 Mar. 25 April 29 May 6 13 20 27 (In 38,175 41,472 50,011 59,227 60,276 60,930 61,414 62,223 62,365 62,506 62,789 62,997 and S a v i n g s Savings m :. 1 1 i o n s 27,819 30.082 34,712 38.083 38,131 38,291 38,566 38,437 38,533 38,571 38,632 38,664 D e p o s i t s Individuals, Other time partnerships, deposits 1/ and corporations d o l l a r s) <f 4,876 5,480 5,421 5,9 69 6,219 9,080 7,834 13,310 34,057 14,390 34,513 34,950 34,920 15,060 15,242 15,411 8,088 8,249 8,335 8,836 8,912 8,975 8,915 8,922 1/ Includes States and political subdivisions, U* S. Government, foreign governments and official institutions, and interbank. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Date Monthly averages: 1956—December 1957—December 1958—December 1959—December 1960—5—December 1961—-December 1962—December 1963—March April May June July August September October November December 1964—-January February March April May p All member - 36 -133 - 41 -424 669 419 268 269 313 247 138 Reserve City Banks City of New York Other Chicago Cit] • 91 -105 . 80 -109 10 . 86 - 77 • 32 .104 . 4 -203 -228 -197 -449 80 20 - 52 - 50 - 22 - 62 - 11 - 8 - 1 - 37 - 9 - 8 - 33 - 27 - 64 - 7 -111 161 - 59 15 133 91 94 33 209 - 55 - 99 - 74 19 - 80 - 12 - 27 - 41 - 11 - 36 - 21 -149 - 75 -108 - 93 -138 -122 Total reserves held seasonally adjusted Excess reserves Borrowings All member All member All member 344 277 268 237 583 471 394 652 577 516 482 756 688 17,201 17,077 17,942 17,978 18,283 18,977 19,609 347 35Q 318 314 424 434 456 374 483 463 412 407 409 536 155 19,752 19,730 19,858 19,868 20,080 19,798 19,985 19,903 19,994 20,299 Free reserves (excess reserves minus borrowings) Country 308 315 295 298 281 334 568 572 710 557 906 87 149 304 121 209 236 322 330 321 313 376 327 20,309 20,270 20,460 20,436 20,409 NOTE—Beginning Jul, 26, 1962, figures for both Hew York end the Cit, of Chicago include bente formerly clessified as H ^ Z l e s ^ . =it, ^ three banks -hose classification a. reserve cit, is continued. p - Preliminary. • • • • • • • • • • # Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series V (Amounts in billions of dollars; ratios expressed as percentages) End of year or month 1954 1955 1956 1957 1958 1959 1960 1961 1962 Dec. 1963 Mar 0 Apr. MayJune July Aug. Sept. Oct. Nov. Dec. 1964 Jan. Feb. Mar. Apr. p p p p May p Total Time deposits Demand Savings deposits Postal and and Commer- Mutual Savings loan currency cial savings System shares 2/ y banks. banks J/ 1 2 3 320.3 332.5 343.2 356,0 373.1 393.9 399.2 424.6 130.2 133.3 142.6 48.2 49.7 52,0 57.5 65.4 67.4 73.1 82.5 459.0 144.8 466.5 469.8 472.9 476.1 478.2 482.5 483.9 489.0 493.2 495.3 498.8 499.5 503.9 506.0 507.0 savings bonds y 4 5 6 7 26.3 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 55.6 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 98.1 41.4 0.5 79.8 145.0 145.4 145.2 146.5 146.9 146.2 147.1 148.8 149.6 149.6 102.2 102.9 104.0 105.1 106.2 107.1 107.9 110.1 111.9 112.9 42.2 42.5 42.8 43.1 43.3 43.5 43.7 44.2 44.6 44.5 0.5 83.2 83.9 84.7 0.5 0.4 0.5 90.0 90.8 149.5 148.4 150.2 149.9 149.6 114.8 115.5 115.9 117.0 117.9 45.0 45.4 45.6 46.0 46.3 0.5 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.5 134.6 133.5 138.8 139.7 138.4 For footnotes see next page. u. s. D. S. Government GOV ' t a securities 28.1 0.5 0.5 0.5 0.5 0.5 0.5 85.6 86.2 87.2 88.3 89.1 maturing within one year 6/ 8 30.6 31.6 33.2 Ratios: Liquid Demand de- Commercial assets posits and bank deposits to gross currency and currency national to gross to liquid product national assets product 7/ ( 2 + 3 * 1 ) 7/ 11 10 9 85.9 47.4 35.6 48.8 41.9 42.6 80.5 79.2 78.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 47.6 46.8 80.4 25.4 52.9 47.9 45.5 46.5 47.6 47.2 46.7 49.5 48.0 47.9 48.1 48.1 81.0 25.3 81.3 25.1 81.6 24.9 81.7 24.8 53.0 52.9 52.7 52.8 52.9 52.5 52.7 52,9 53.0 53,0 55.9 54.8 51.6 50.5 47.9 47.0 48.0 48.1 48.2 48.3 48.4 48.5 48.5 48.6 49.0 49.1 49.0 49.0 49.1 49.1 38.8 48.6 48.4 49.3 49.5 49.1 81.3 79.6 80.3 80.2 82.1 24.6 55.7 55-0 54.4 53.6 54.8 52.6 53.0 53.0 53.0 52.8 52.8 52.8 52.8 Exhibit K (Continued) Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks# Adjusted to avoid double counting whenever possible. A H series adjusted for seasonal variation by the X—9 variant of Method IX 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 i- the Federal Reserve Bulletin for August 1962, p. 9^1, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Dehand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959s respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 195** and April 1959» respectively. Demand deposits due to banks in United States possessions are included throughout. Total time deposits at commercial banks except interbank, U. S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 50 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 availablee Figures are from data compiled by the U» S. Treasury Department. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds,-and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. Gross national product figures-are available quarterly and annually only. Data for total liquid assets used in computing theseratios are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter) •
@FedFRASER