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\ M a r c h 19, 1968. L.4.3 Not for P u b l i c a t i o n h Library F E B R U A R Y 1968 BANKING AND MONETARY DE Summary. C o m m e r c i a l b a n k credit increased s u b s t a n t i a l l y further in F e b r u a r y associated in large part w i t h h e a v y b a n k partic i p a t i o n in the late-month T r e a s u r y n o t e f i n a n c i n g . A c q u i s i t i o n s of m u n i c i p a l and agency issues slackened following rapid e x p a n s i o n in J a n u a r y . G r o w t h in b u s i n e s s loans continued m o d e r a t e . T h e m o n e y supply increased somewhat further in F e b r u a r y following a large rise in J a n u a r y . T i m e and savings d e p o s i t s rose m o d e r a t e l y after d e c l i n i n g in J a n u a r y . U . S . Government d e p o s i t s w e r e b u i l t up sharply late in the m o n t h w h e n payment w a s m a d e for the new T r e a s u r y n o t e s . F r e e r e s e r v e s d e c l i n e d as m e m b e r b a n k b o r r o w i n g s rose and e x c e s s r e s e r v e s d r o p p e d . T o t a l and required r e s e r v e s continued to e x p a n d . Changes in C o m m e r c i a l B a n k Credit — ^ •Money S u p p l y and T i m e D e p o s i t s (Seasonally a d j u s t e d ) Annual rate (per cent) 1966 1967 1968 1965 July- 1st Oct. Half Year Year Year 15.7 9.9 11.0 5.7 10.2 -22.2 37.4 6.3 11.7 - 6.3 - 5.6 18.9 18.4 12.3 31.2 24.0 6.5 15.8 5.8 11.5 6.0 11.1 5.9 7.8 9.1 14.7 Business loans 6.9 7.7 11.4 5.1 10.9 9.3 13.3 18.8 Money supply 1.3 4.0 7.0 6.8 6.5 2.2 4.7 10.0 14.6 17.4 15.9 8.8 16.0 Nov. Dec. Feb. Jan.Feb. 13.8 13.9 3.2 54.8 18.0 Other sec. 3.9 Total loans Total loans and investments U.S. Govt. sec. Time and savings deposits at all commercial banks W 11W J 1/ W 8.5 y ^ 3.6 3.9 " O adjusted for the d e f i n i t i o n a l shift of about $1 b i l l i o n of participation c e r t i f i c a t e s from loans to other securities on J u n e 30, 1966. Changes in total c r e d i t , total loans, and total time and savings d e p o s i t s described above are also adjusted for the r e d u c t i o n of $ 1 . 1 b i l l i o n of balances a c c u m u l a t e d for the payment of personal loans excluded on J u n e 9, 1966, as a result of a change in F e d e r a l R e s e r v e r e g u l a t i o n s a f f e c t i n g reserve requirements. B a n k credit. T o t a l loans and investments at a l l c o m m e r cail b a n k s increased s h a r p l y in F e b r u a r y — $ 4 b i l l i o n ; this w a s at the same h i g h 14 per cent annual rate as in J a n u a r y f o l l o w i n g the m o d e s t 3 per cent N o v e m b e r - D e c e m b e r e x p a n s i o n . The F e b r u a r y increase w a s associated in large part w i t h h e a v y b a n k a l l o t m e n t s — an estimated $3.5 b i l l i o n - - o f the n e w $4.3 b i l l i o n 15-month n o t e s issued b y the T r e a s u r y on F e b r u a r y 21 p a y a b l e through credit to accounts. H o l d i n g s of U.S. Government securities inTax and L o a n creased $2.7 b i l l i o n , offsetting the d e c l i n e of the two p r e v i o u s months. S u b s t a n t i a l c o n t r a s e a s o n a l increases occurred at b o t h w e e k l y reporting and at other banks. A c q u i s i t i o n s of n e w issues w e r e offset in part h o w e v e r , by reductions in bills as tax bills acquired in the m i d - J a n u a r y financing w e r e r e d i s t r i b u t e d . H o l d i n g s of m u n i c i p a l and a g e n c y issues increased only $200 m i l l i o n in F e b r u a r y following the sharp $1.7 b i l l i o n J a n u a r y rise. Most of the slowdown was at w e e k l y reporting banks, w h e r e purchases of m u n i c i p a l s w e r e r e l a t i v e l y m o d e r a t e and h o l d i n g s of p a r t i c i p a t i o n s and a g e n c y issues d e c l i n e d . At banks outside the w e e k l y r e p o r t i n g group. h o l d i n g s of "other securities" appeared to increase by about the u s u a l amount. T o t a l loans increased $1.1 billion in F e b r u a r y or at a pace about a third as fast as the rapid J a n u a r y e x p a n s i o n . Growth in b u s i n e s s , r e a l estate, and consumer loans continued at close to the previous m o n t h ' s rate. Security loans, following a v e r y large increase in J a n u a r y , rose only m o d e r a t e l y further in F e b r u a r y associated in part w i t h increased dealer loans at the time of the T r e a s u r y note financing. Loans to nonbank financial institutions declined further. B u s i n e s s loans increased $500 m i l l i o n in F e b r u a r y — o r at a slightly slower pace than in J a n u a r y — a n d the same as the a v e r a g e growth over the last half of 1967. At New Y o r k City b a n k s , they declined c o n t r a s e a s o n a l l y w h i l e at outside banks they rose m o d e r a t e l y further. Most industry categories declined m o r e or increased less than in the c o r r e s p o n d i n g w e e k s of previous years. B o r r o w i n g by retail trade concerns, chemical m a n u f a c t u r e r s , and public u t i l i t i e s appeared e s p e c i a l l y w e a k . L o a n s to primary m e t a l s c o n c e r n s , h o w e v e r , showed c o n s i d e r a b l e strength. This b o r r o w i n g , w h i c h was concentrated in term loans, w a s p r o b a b l y associated m a i n l y w i t h steel plant and equipment e x p e n d i t u r e s but it m a y also have been used to finance inventory a c c u m u l a t i o n as w e l l . Over the four w e e k s ended F e b r u a r y 28, all term loans at w e e k l y reporting banks increased about $130 m i l l i o n compared w i t h a d e c l i n e of $140 m i l l i o n in the c o m p a r a b l e four w e e k s last year. On the other h a n d , loans m a t u r i n g in one year or less declined $70 m i l l i o n in F e b r u a r y 1968 compared w i t h an increase of $75 b i l l i o n in 1967. At the end of F e b r u a r y 1968, the ratio of term to total loans was 45.5 per cent, almost 1-1/2 percentage points above the year earlier level. M o n e y s u p p l y and time d e p o s i t s . The m o n e y supply increased $ 2 0 0 m i l l i o n in F e b r u a r y following a $900 m i l l i o n rise in J a n u a r y . Over the three m o n t h s , following the discount rate increase in N o v e m b e r , e x p a n s i o n was at a n a n n u a l rate of about 3 per cent. U . S . Government d e p o s i t s d e c l i n e d over the e a r l y part of F e b r u a r y but then rose sharply on the 21st w h e n payments w e r e made for the n e w T r e a s u r y notes. Time and savings d e p o s i t s increased $1.3 b i l l i o n in F e b r u a r y - or close to the m o d e r a t e pace of the N o v e m b e r - D e c e m b e r period. In January, these d e p o s i t s had declined n o m i n a l l y on a m o n t h l y a v e r a g e basis but e x p a n s i o n had resumed in the latter part of the m o n t h . At w e e k l y r e p o r t i n g banks, savings d e p o s i t s increased a g a i n in F e b r u a r y a f t e r d e c l i n i n g in January. Part of the funds w i t h d r a w n in J a n u a r y after the D e c e m b e r interest crediting period w e r e app a r e n t l y transferred into h i g h e r yielding savings c e r t i f i c a t e s and exopen a c c o u n t s . Such consumer-type time d e p o s i t s continued to pand m o d e r a t e l y in February. N e g o t i a b l e CD's rose only slightly in F e b r u a r y compared w i t h substantial increases in c o r r e s p o n d i n g w e e k s of other recent years. B a n k reserves. T o t a l and required reserves rose substantially further in F e b r u a r y but less r a p i d l y than in J a n u a r y . Free reserves averaged about $15 m i l l i o n over the four w e e k s ending F e b r u a r y 28 compared w i t h $140 m i l l i o n over the previous five J a n u a r y w e e k s . M e m b e r b a n k b o r r o w i n g s rose to $370 m i l l i o n and excess r e s e r v e s d e clined; in the latter part of F e b r u a r y b o r r o w i n g s exceeded excess reserves. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L.4.3 - EXHIBIT A, Part 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last Wednesday of month, s e a s o n a l l y Billions of adjusted dollars ll l I l ll l l 1l1 l1 1 1 1 1 1 1 1 1 TOTAL LOAN S AND INVESlrMENTS 300 - 200 i n A ii <? LUANo - 100 U.S. GOVT. SECURITIES i OTHER SECURITIES IIII 11 1 1 1 II11 II1111111 1 1962 1963 1964 1965 1966 1967 1968 Exhibit A - Part II L o a n s and Investments at A l l Commercial Banks (Seasonally A d j u s t e d ) Date Total V ( I n U . S . Gov't, securities Loans 1/ b i l l i o n s of Other securities d o l l a r s ) 1962--Dec. 1963—Dec. 1964--Dec. 1965—Dec. 31 2/ 31 2 / ' 31 31 227.9 246.2 267.2 294.4 134.1 149.7 167.7 192.4 64.5 61.5 60.7 57.3 29.2 35.0 38.7 44.8 1966--June July Aug. Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 306.8 3/ 307.5 309.9 309.4 308.9 309.3 310.2 2 0 3 . 4 3/ 204.5 205.8 206.2 207.2 54.9 54.5 $t.o 54.9 53.4 53.4 53.7 48.5 3/ 48.5 48.0 48.3 48.4 48.4 48.7 1967—Jan. Feb. Mar. Apr. Hay June July Aug. -Sent, Qct. 25 22 2% 26 31 30 26 30 27 P 25 P 29 P 31 2 / 314.4 318.0 321.4 323.2 324.6 325.6 332.4 _ 337.3 339.5 342.6 344.3 344.4 54.2 55.9 57.8 56.1 56.1 55.4 58.8 61.8 61.6 49.9 51.1 52.3 53.6 55.0 56.3 56.5 57.3 57*? 62.3 61.8 *o.> 58.6 60.2 60.4 59.1 62.1 • 61.8 62.3 itov. Dec. , < 207.5 207.8 210.4 211.0 211.3 213.5 213.5 213.9 217.1 218.2 220,? / 221.8 222.3 224.0 , V 1 .968-- J a n . 31 P 348.4 ' 227.2 Feb. 28 P 352.4 • 228.3 ' J/ 2J 3/ V , A d j u s t e d to e x c l u d e interbank loans E s t i m a t e d as of D e c e m b e r 31. B e g i n n i n g June 9, loan data exclude $1.1 b i l l i o n of balances accumulated for payment of personal loans. B e g i n n i n g J u n e 30, total loans e x c l u d e , and other securities include, about $1 b i l l i o n of p a r t i c i p a t i o n c e r t i f i c a t e s . L.4.3 - EXHIBIT B, Part 1 LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally Billions adjusted I IIIIIII III I BUSINESS REAL ESTATE CONSUMER SECURITY i i 11 i ' 1111 1962 1963 1964 1965 1966 1967 1968 of dollars E x h i b i t B - Part II Loans at A l l C o m m e r c i a l Banks Seasonally Adjusted ( I n Consumer R e a l Estate Business Date b i l l i o n o f d o l l Security a r s ) 31 1 / 31 31 47.6 52.0 58.4 69.4 34.2 39.1 43.6 49.2 23.7 27.2 31.1 35.7 6.2 6.7 7.1 7.4 1966- - J u n e July Aug. Sept. Oct. Nov. Dec. 30 27 31 28 26 30 31 75.7 77.1 77.7 78.1 78.6 78.6 78.6 51.9 52.2 52.6 52.9 53.3 53.5 53.8 37.5 37.7 38.0 38.2 38.4 38.7 38.8 7.5 7.5 7.4 7.4 7.4 7.3 7.9 1967- - J a n . Feb. Mar. Apr. May June Jul. Aug. Sept. Oct. Nov. Dec. 25 22 29 26 31 30 26 30 27 25 29 31 79.5 80.1 80.8 81.7 82.3 82.9 83.6 83.8 84.1 84.3 84.6 85.9 54.1 54.3 54.5 54.7 55.0 55.3 55.6 56.0 56.3 56.7 39.0 39.1 39.2 39.4 39.4 39.6 39.8 40.0 40.3 40.6 8.4 8.3 8.3 8.1 7.9 7.2 8.8 9.1 9.4 9.7 57.2 57.7 40.9 41.0 9.2 8.9 58.2 58.8 p - Preliminary. 41.4 41.7 1962- - D e c . 1963- - D e c . 1964- - D e c . 1965- - D e c . 31 1/ 1968---Jan. Feb. P P P 1/ 31 P 28 p 86.5 87.0 D e c e m b e r 31. ...... These data are not for p u b l i c a t i o n . 9.7 10.0 r - Revised Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item 1 9 6 7 1 9 6 8 Jan. Feb. Mar . Apr. May • June July Aug. Sept. Oct . p Loans and Investments 2/ + 4.2 + 3.6 + 3.4 + 1.8 + 1.4 + 1.0 + 6.8 + 4.9 + 2 .2 + 3.1 U. S. Gov't, securities + 0.5 + 1.7 + 1.9 - 1.7 1/ - 0.7 + 3.4 + 3.0 - 0.2 + 0.7 - 0.5 Other securities + 1.2 + 1.2 + 1.2 + 1.3 + 1.4 + 1.3 + 0.2 + 0.8 + 0.4 + 0.9 Loans 2/ + 2.6 + 0.6 + 0.3 + 2.2 + 0.4 + 3.2 + 1.1 + 2.0 j Business + 0.9 + 0.6 + 0.7 +. 0.9 + 0.6 + 0.6 + 0.7 + 0.2 + 0.3 ! Real estate + 0.3 + 0.2 + 0.2 + 0.2 + 0.3 + 0.3 + 0.3 + 0.4 Consumer + 0.2 + 0.1 + 0.1 + 0.2 + 0.2 + 0.2 Security + 0.5 - 0.1 1/ - 0.2 - 0.2 - 0.7 Nonbank financial + 0.1 - 0.3 - 0.4 + 0.2 - 0.1 1/ 1/ + 0.2 1/ + 0.6 + 0.1 - 0.5 + 0.9 Agriculture All other Total loans excluding security 3/ Total loans excluding security and nonbank financial 3/ JJ 7j 3/ + 2.1 + 0.7 + 0.3 + 2.4 Nov . p Dec . p Jan.p Feb. i + 4.0 + 4.0 - 1.8 - 0.9 + 2.7 + 1.6 + 0.2 + 1.7 + 0.2 + 1.6 + 0.5 + 1.7 + 3.2 + 0.2 + 0.3 + 1.3 + 0.6 + 0.5 + 0.3 + 0.4 + 0.5 + 0.5 + 0.5 + 0.6 + 0.2 +0.3 + 0.3 + 0.3 + 0.1 r + 0.4 + 0.3 + 1.6 + 0.3 + 0.3 + 0.3 - 0.5 - 0.3 + 0.8 + 0.3 - 0.2 - 0.1 1/ + 0.3 + 0.4 1/ + 0.3 - 0,2 - 0.4 + 0.1 + 0.2 + 0.1 + 0.1 V 1/ - 0.1 1/ 1/ 1/ - 0.7 1/ + 0.4 - 0.1 + 0.5 1/ 1/ 1/ r + 1.1 ! 1/ 1/ + 0.2 + 1.1 + 1.6 + 0.8 + 1.7 + 1.3 + 1.0 i ! + 2.0 ! + 2.4 + 0.8 ! + 2.0 + 1.0 + 0.7 + 2.2 + 0.3 + 1.3 + 1.7 + 0.8 + 1.4 + 0.9 + 1.0 + 1.9 + 2.6 Less than $50 million. Adjusted to exclude interbank loans. At large banks on a last Wednesday basis, bankers' acceptances declined $104 million in February 1968, compared with a decline of $87 milli in February 1967 and a decline of $3 million in February 1966. - 0.2 i 1 ! + 1.2 Exhibit D Changes in Loans and Investments at A l l C o m m e r c i a l Banks, at W e e k l y R e p o r t i n g B a n k s , and at Other Banks, Not S e a s o n a l l y Adjusted (In b i l l i o n s of d o l l a r s ) Item 1968 A l l c o m m e r c i a l banks Total loans U. S. Gov't, securities Other securities Total Large banks 1967 1966 1965 1964 1963 1962 + + + 0.9 1.0 0.4 0.5' + + + 1.3 0.6 1.3 0.7 + + - 0.9 2.3 0.7 0.8 + + + 2.0 1.0 0.6 1.6 + + + 1.1 0.6 0.5 1.0 + + + 1.8 0.9 0.4 1.3 + + + 1.5 1.2 0.4 0.7 + + - 1.2 0,7 0.2 0.3 + + + 1.1 0.7 1.1 0.8 + + - 0.6 1.8 0.4 0.8 + + + 1.5 0.8 0.5 1.1 + + + 0.7 0.2 0.4 1.0 + + + 1.2 0.5 0.3 1.0 + + + 1.0 1.0 0.4 0.4 + + + + 0.3 0.3 0.2 0.8 + - 0.2 0.1 0.2 0.1 + 0.3 - 0.5 + 0.3 1/ + + + 0.5 0.2 0.1 0.5 + 0.3 - 0.4 + 0.1 + + + 0.6 0.4 0.1 0.3 + 0.5 - 0.2 1/ + 0.3 3/ Total loans U. S. Gov't, securities Other securities Total Other banks 3/ Total loans U. S. Gov't, securities Other securities Total Item All c o m m e r c i a l banks Total loans U. S. Gov't, securities Other securities , Total L a r g e banks 3/ . Total loans U. S. Gov't, securities Other securities Total . 1/ End of D e c e m b e r to end of F e b r u a r y 1968 2 ' + + - 1967 1966 1965 1964 2 ! 1963 2 / 1962 4.7 0.3 1.4 3.1 + + - 5.8 0.4 1.9 3.4 + - 3.8 2.2 0.2 5.8 + - 1.6 2.5 0.9 3.2 - 3.3 - 1.9 1/ - 5.2 + - 2.7 1.1 0.6 3.2 + - 2.8 0.6 0.6 2.8 - 4.2 + + - 4.9 0.4 1.9 2.6 + - 2.9 2.4 0.1 5.2 + - 1.6 2.1 0.7 3.1 - 3.0 - 1.4 1/ - 4.5 + - 2.7 0.9 0.4 3.1 + - 2.5 0.7 0.4 2.8 - 0.3 - 0.5 1/ - 0.7 1/ - 0.2 + 0.2 - 0.1 1/ + 0.9 - 3.2 » Other banks 3/ . Total loans U. S. Gov't, securities Other securities Total NOTE: I 2/ 1/ + + + 0.5 0.3 0.5 0.1 - 0.9 1/ 1/ - 0.8 + + - 0.9 0.1 0.2 0.6 1/ - 0.4 + 0.2 - 0.1 - 0.3 + 0.1 + 0.2 1/ Data e x c l u d e all i n t e r b a n k loans; call report data for large b a n k s used when available. Less than $ 5 0 m i l l i o n . Based on e s t i m a t e d data for D e c e m b e r 31, 1967, 1963, and 1962, for all c o m m e r c i a l banks and for D e c e m b e r 31, 1967 and 1962, for large b a n k s . Based on revised c o v e r a g e b e g i n n i n g J u l y 1966, J a n u a r y 1967, and J a n u a r y 1968. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late January to late : February Business of borrower 1968 Food processors C o m m o d i t y dealers T r a d e concerns R e t a i l trade W h o l e s a l e trade + Metals 4Primary m e t a l s + Machinery + T r a n s p o r t a t i o n equipment + Other fabricated metals + T e x t i l e s , apparel, etc. + Petroleum Chemicals + Other durable manufacturing + Other n o n d u r a b l e manufacturing + Mining Public Utilities, total T r a n s p o r t a t i o n 3/ + Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other F o r e i g n business concerns 3/ Classified Unclassified Total Change 1/ 2/ 3J - + - + - + + + + 1967 45 155 95 73 14 + 128 23 + 115 + 9 13 274 + 464 + 115 13 + 235 79 26 + 156 + 54 60 214 + 180 22 50 + 139 37 + 9 19 5 7 ; 25 ' 126 189 ' 129 26 + 74 38 25 177 178 3 7 147 107, ' 104 87 20 16 59 1 + 32 + 308 10 + 53 37 •4- , 345, 63 1966 + - + + + + + + + - + + + + + - - + - + + + 49 34 178 125 53 195 33 102 66 6 191 27 84 47 24 17 43 n*a. n.a . n.a. 5* 41 3 n.a. 44 n.a. 737 144 ^ m . 1/ Late December to late Februarv 1965 1964 43 11 + 112 2 + 114 + 264 + 35 + 127 433 + 69 + 132 + 183 + 113 + 51 + 36 4- 144 1 n.a. n.a. n.a. 446 + 22 84 n.a. + 106 n.a. +1 ,018 + 86 126 104 + 109 + 72 437 + 185 + 28 498 + 25 + 34 + 191 43 + 21 + 20 + 21 33 135 n.a. n.a. n.a. + 26 + 161 + 43 n.a. + 118 n.a. + 293 + 102 - - ± J .,104_ - + 39.1 1968 - + + + - + - + - + - + - + - + - 350 158 204 171 33 186 134 100 33 15 155 2 19 74 41 306 386 61 152 295 4 211 236 76 51 29 793 32 761; 1967 - - + + + + + + + - + - 1966 322 104 202 143 59 271 56 126 89 + + + + + + + + + + 80 61 97 30 16 243 136 —• — + - + - + + - 1965 26 - 41 177 99 33 82 157 42 38 152 191 348 - - + + + 246 172 74 166 56 48 19 81 145 140 141 53 17 92 212 n.a. n.a. n.a. 2 143 33 n.a. 110 n.a. 345 85 430 2/ + + + + + + + + + + + + + + + - + + + + 196 135 202 215 13 307 20 164 68 55 100 128 69 47 29 155 67 n.a. n.a. n.a. 16 10 277 n.a. 267 n.a. 915 7 922 1964 + + + + + + + + + + - + - 427 136 2 93 206 87 270 11 264 9 4 89 45 50 30 28 92 241 n.a. n.a. n.a. 21 255 n.a. n.a. n.a. n.a. 332 64 268 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 w i t h all commercial bank data which are always for December 31. Prior to 1967, transportation, communication, services, and foreign loans were not reported separately. http://fraser.stlouisfed.org/ # Reserve Bank of St. e Louis Federal # • % • e • • # # # Exhibit F Loans and Investments at All Commercial Bankd (In billions of dollars) Loans and investments U. S. Gov't. Other securities 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 63.4 63.0 59.5 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 35.1 38.8 44.9 1966—Jul. 27 Aug. 31 Sept.28 Oct. 26 Nov. 30 Dec. 31 306.9 2 207.4 308.8 308.0 309.0 317.9 52.7 53.7 53.6 53.6 54.4 56.2 1967—Jan. Feb. Mar. Apr. May Jun. 313.8 314.5 320.1 322.5 323.6 329.5 Date 1957--Dec. 1958—Dec. 1959—Jun. Jun. Dec. 1960—Dec. 1961—Dec. 1962—Dec. 1963—Dec. 1964—Dec. 1965—Dec. 31 31 24 24 31 31 30 31 31 31 31 (old) (new) 1/ (est.) (est.) 25 22 29 26 31 30 Jul. 26 Aug. 30 Sept.27P Oct. 25P Nov. 29 p Dec. 31 (est.) 1968—Jan. 31 p Feb. 28 p Total loans Business Real estate Security Farm Consumer Nonbank All financial other lnst*1 fiif i * 1 IP vXLU L Ant XUU9 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 197.4 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 71.4 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 7.9 8.4 8.5 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 7.4 7.5 8.2 15 .8 15.9 17 .5 17.5 18.8 20.6 21.4 23.7 27.2 31.0 35.8 5.9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 11.3 13.9 14.9 48.6 3/ 48.4 48.8 48.7 47.9 48.8 205.6 2/3 205.2 206.4 205.8 206.7 213.0 77.1 76.7 77.9 78.0 78.6 80.6 52.3 52.8 53.2 53.6 53.8 54.0 7.2 7.7 7.0 6.8 6.8 9.0 8.6 3/ 8.6 ~ 8.6 8.6 8.7 8.6 38.1 38.5 38.5 38.5 38.7 38.9 12.8 12.0 12.5 11.9 11.9 13.3 13.5 2/3 13.1 - 12.8 12.5 12.4 13.0 56.0 56.6 57.8 56.2 55.8 54.2 49.4 50.7 52.0 54.0 54.7 56.7 208.5 207.2 210.3 212.4 213.1 218.6 78.9 79.1 81.1 81.8 81.7 84.6 54.0 54.0 54.1 54.4 54.8 55:3 8.5 7.6 8.3 8.3 8.1 8.2 8.6 8.7 8.9 9.1 9.2 9.3 38.7 38.6 38.7 39.1 39.4 39.9 11.7 11.3 11.5 11.6 11.3 12.2 12.4 12.2 12.1 12.4 12.9 13.5 331.8 334.2 338.8 341.6 344.0 353.1 57.1 59.1 60.1 62.4 62.9 62.9 56.7 57.8 58.3 59.0 59.6 60.5 218.0 217.3 220.4 220.2 221.5 229.6 84.0 82.5 83.9 83.7 84.5 88.0 55.7 56.2 56.6 57.0 57.5 57.8 8.4 8.9 9.0 8.9 8.4 10:2 9.4 9.4 9.3 9.3 9.2 9.1 40.2 40.5 40.6 40.7 40.9 41.1 11.4 11.2 12.0 11.6 , 11.6 13.3 13.2 13.0 13.5 13.5 13.8 14 6 349.5 350.0 62.2 63.2 61.5 61.9 225.8 224.9 85.7 86.0 58.1 58.4 10.5 9.6 9.2 9.3 41.1 41.1 11.7 11.2 14.2 13.9 ' r NOTE: 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. p - Preliminary r - Revised c - Corrected. 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." Individual:loans category data are available for publication only on a June and December call data basis. f Exhibit G Ratios to Total Deposits \J U.S. Government securities maturing within one year L 0 A N S Member banks All Reserve city banks commercial Total New York City of Other banks City Chicago Date Country 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 8.0 7.3 6.1 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 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 1967--Jan. Feb. Mar . Apr . May Jun. Jul. Aug. Sept. Oct. Nov. Dec . 25 22 29 26 31 30 26 30 27P 25p 29p 27P 65.6 65.3 65.1 65.1 65.1 65.6 65.1 64.9 64.6 64.0 64.1 64.2 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 6.1 5.4 5.5 5.1 4.6 4.3 5.1 5.5 5.6 6.3 6.5 6.7 1968--Jan. Feb. 31p 28p 63.9 63.9 65.6 65.5 80,2 79.7 70.0 70.3 67.4 67.5 58.2 58.2 6.5 n. a. 2/ v -j x ^ a _l ixcoci vt. iiiemuersnip, mergers, and by changes in the reserve classification of cities or individual banks. p - Preliminary. r - Revised i/ Total loans (adjusted to exclude loans to banks); U.S. government securities maturing within one year estimated on basis of Treasury survey of ownershipand total deposits (adjusted to exclude cash items in process of collection.) 2/ Beginning in June, loans at all commercial banks exclude about $1 billion of participation certificates nowreported in other securities. If the $1 billion were included in loans in June the ratio for all commercial banks would be 00.3. L.4.3 DEPOSITS AND CURRENCY AND TURNOVER Seasonally Annual adjusted, deposits, monthly averages of daily figures, - EXHIBIT H, Part 1 OF DEMAND DEPOSITS turnover, monthly rate Billions of dollars I III II II IIIIIII IIII MONEY SUPPLY TIME AND SAVINGS DEPOSITS All commercial banks 232 / 343 \Z \ SMS A S TURNOVER Outside N.Y.C. Centers U.S. GOVT. DEPOSITS Member banks ii iii n 1962 1963 1964 1965 1966 1967 i i ii i i i i i 1968 Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S. Gov. Deposits beginning July 1967. Exhibit H - Part II S e a s o n a l l Period Total Demand deposits A d j u s t e d D a t a Currency Time and 1/ savings deposits (all commercial) U.S. Govt. deposits (all member) S u i) p 1 y M o n e y y Turnover outside N.Y. City 1 (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--January February 170.3 171.5 173.1 172.7 174.5 176.2 177.9 179.1 179.2 180.3 181.2 181.5 131.8 132.8 134.2 133.6 135.3 136.8 138.4 139.6 139.5 140.3 • 141.2 141.1 38.5 38.7 160.8 163.5 4.9 4.0 39.4 39.4 38.9 39.1 39.2 39.3 39.5 39.6 39.8 39.9 40.0 40.4 166.1 168.1 170.0 172.4 174.6 177.2 178.9 180.8 182.5 183.8 4.8 5.8 4.1 2.2 3.2 3.7 4.5 5.6 5.3 4.4 39.1 40.8 39.2 40.1 40.7 41.1 40.8 40.8 41.2 41.1 182.4 182.6 141.9 141.9 40.5 40.7 183.7 185.0 5.3 6.9 41.6 n .a. 184.1 184.6 185.2 185.7 7.0 6.3 4.9 8.6 n .a. n .a. n.a. n .a. March April May June July August September October November December 1968—January February p - W e e k ending: Feb. ' 7 14 21 28 . 182.7 181.9 183.5 182.2 142.0 141.1 142.8 141.6 40.7 40.7 40.7 40.7 ' NOTE: Dollar amounts in billions. p - Preliminary r - Revised * - Beginning January 1964, data for 23? 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 # e L.4.3 - E X H I B I T I, Part 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday Billions of d o l l a r s figures TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSITS TIMED EPOSITS EXCLUDING LARGE CD's LARGE CD's I 1965 I L I 1966 1967 1968 Exhibit I - Part II Large Commercial Banks T i m e P e r S a v i n g s i o d Savings T o t a l 1/ (I n 1961- - D e c . 1962- -Dec . 1963- - D e c . 1964- -Dec . a n d 27 26 31 30 1965- -July July 7 (Old) 7 (New) 5/ m i l l Time 1/ i o n s D e p o Large certificates of deposit of 2/ s i t s Time other 1J than large certificates of deposit d o 1 1 a i: s ) 41,472 50,011 59,227 66,881 30,082 34,712 38,083 40,698 11,390 15,299 21,144 26,183 2,782 5,442 9,579 12,585 8,608 9,857 11,565 13,598 73,672 80,467 43,137 48,314 30,535 32,153 15,203 15,587 15,332 16,566 1965- -Dec . 29 85,298 50,694 34,604 16,251 18,353 1966- - D e c . Dec. 2 8 (Old) 2 8 (New) 5 / 89.495 ' 89.639 • 47.099 47,213 42,396 42,426 15,659 15,642 26,737 26,784 1967- - F e b . 22 93,986 46,574 47,412 18,551 28,861 1967- -Sept . 27 Oct. 25 29 Nov. Dec. 27 (Old) Dec. 27 (New) 101,659 102,173 102,969 102,809 102,991 48,349 48,428 48,533 48,647 48,781 53,310 53,745 54,436 54,162 54,210 19,897 20,107 21,131 20,330 20,330 33,413 33,638 33,305 33,832 33,880 . 1968- - J a n . 31 104,178 48,516 55,662 20,920 34,742 1968- - F e b . 7 14 21 28 104,177 104,381 104,684 104,961 58,518 48,554 48,596 48,620 55,659 55,827 56,088 56,341 20,703 20,796 20,918 21,086 34,956 35,031 35,170 35,255 1/ B e g i n n i n g J u n e 15, 1966, data exclude $ 4 0 0 m i l l i o n of balances accumulated for the payment of 2/ personal loans. Negotiable, c e r t i f i c a t e s of deposit 3/ 4/ 5/ Estimated. As of D e c e m b e r 5, 1962. Revised series. issued in denominations of $100,000 or m o r e . Exhibit J 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 City of New York City Chicago Excess Reserves Other Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages: 1958--December 1959--December 1960--December 1961--December 1962--December 1963--December 1964--December 1965--December - - 41 -424 669 419 - 80 268 - 62 209 168 2 19 - 14 - 70 1966--Oct. Nov. Dec . -431 -222 -165 '967--Jan. Feb. Mar . Apr . May June July Aug. Sept Oct. Nov. Dec . - 16 - 4 236 175 269 297 1968--Jan. Feb. p - 32 -104 - 4 -197 -449 - 22 - 11 - 21 20 - 52 - 31 8 -124 - 71 - 95 - 46 - 67 -103 -161 268 237 583 471 394 334 315 238 516 482 756 568 572 536 411 452 557 906 87 149 304 327 243 454 17,866 17,903 18.223 18,961 19,596 20,259 21,096 22,186 - 95 - 24 - 50 -246 -245 -159 34 118 140 302 389 392 733 611 557 22,490 22,431 22,415 - 80 • 68 -123 - 64 - 15 - 10 - 20 233 211 306 242 266 258 254 271 231 191 222 187 373 358 435 309 370 420 359 387 358 389 362 199 134 101 123 87 89 90 126 133 238 22,774 22,992 23,407 23,456 23,448 23,612 23,835 24,104 24,297 24,608 24,765 24,620 237 361 25,013 25,252 -109 10 - 50 12 7 20 6 39 136 30 1 • 22 • 3 - 15 4 3 4 11 • 5 • • 272 298 268 160 270 107 - • 10 23 9 57 1 2 80 -122 - 84 13 - 38 - 9 33 12 16 • 6 • 24 14 • 55 - 83 76 230 160 286 403 345 373 391 1/ ~ 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! Commercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, U. S. Gov't, securities Savings maturing savings and loan within one bonds 5/ shares 4/ year 6/ 8 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 May June July Aug. Sept. Oct. Nov. Dec. 1967 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1968 Jan. p Feb. p 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 111.3 111.5 110.9 111.4 112.3 112.2 113.0 113.4 50.4 50.4 50.6 50.6 50.5 50.6 50.6 50.9 53.3 53.4 52.8 53.3 54.5 56.0 55.8 53.9 113.7 114.8 116.3 117.1 118.0 118.9 119.9 121.0 122.5 123.0 123.7 123.9 51.0 50.9 51.0 51.1 51.1 51.2 51.3 51.3 51.4 51.4 51.5 51.9 54.2 51.7 52.9 50.9 49.5 46.5 46.7 47.8 48.2 48.3 49.1 50.5 # 123.7 124.6 51.9 51.8 53.6 53.2 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.0 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 585.9 589.5* 588.6 592.9 594.5 596.2 163.7 166.5 164.3 167.0 168.6 53.3 53.6 53.7 53.9 54.2 54.6 54.8 55.2 0.3 601.5 153.6 153.9* 156.1 156.6 156.7 156.6 158.3 159.3 605.1 604.7 615.1 613.2 619.7 620.6 623.0 630.2 635.4 638.1 645.7 649.3 166.9 165.8 171.0 168.6 172.9 173.7 171.9 174.1 176.2 175.7 177.8 180.3 163.6 165.3 167.6 168.6 170.7 172.4 174.7 177.2 178,1 180.1 183.7 182.6 55.5 55.9 56.3 56.8 57.4 57.8 58.4 58.7 58.9 59.5 59.9 60.1 0.1 654.7 655.2 179.1 177.7 185.9 187.0 # 60.6 61.0 600.6 p p p p 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.0 For footnotes see nest page. 166.1 166.0 168.0 P " Preliminary 30.6 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 0.3 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 52.6 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Ratios; Commercial Demand deLiquid posits and bank deposits assets currency to and currency to to gross gross nation liquid assets national product 7/ al product 7/ (2 + 3 -f 1) 11 10 55.7 85.3 34.7 55.0 32.6 81.3 54.4 31.3 79.7 30.4 53.6 80.5 54.8 29.7 79.5 52.6 28.6 80.2 53.0 27.5 79.0 53.0 26.4 78.4 52.9 25.1 79.5 53.0 24.6 81.0 53.5 24.1 81.5 54.3 22.8 80.0 79.7 22.5 79.0 22.2 78.5 21.9 79.2 21.9 79.6 22.1 79.3 22.0 79.5 22.0 54.2 54.3 54.4 54.6 54.3 54.1 54.3 54.5 54.6 54.8 55.0 55.0 55.4 55.8 55.6 55.7 55.8 55.8 56.0 55.9 55.9 55.7 r - Revised al banks exclude $1.1 billion of balances accumulated for * - Beginning with data for June 1966, total liquid assets and time deposits at commercial # - R e f l e c u T c o n v e r s i o n of a savings and loan association with share capital of about $175 million to a m u t u a l savings bank. 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 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 these ratios are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter).
@FedFRASER