The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
,°r
L.h.3
q\
\Qfc\
r a
^ c h U bAMD
**" R
^^BMKING
MONETARY DEVELOPMENTS IN FEBRUARY 196l
^
Bank credit. Total credit at all commercial banks increased
4"-L*3 billion in February, a month in which it usually declines substantially.
Total loans rose $1.5 billion, with $1 billion of this rise due to city bank
purchases of consumer instalment receivables from Sears Roebuck. Exclusive
of this transaction, loans rose $500 million, somewhat less than the unusually sharp expansion last year, but more than in most other recent years.
Holdings of U. S. Government securities declined $600 million, a smaller
reduction than usual for February. Holdings of other securities continued
to rise substantially. All the credit growth in February occurred at weekly
reporting banks in leading cities. At other banks credit was unchanged,
whereas it usually declines.
The $600 million reduction in holdings of U. S. Government securities at all commercial banks was only about half as large as declines in
February of most other recent years. Only in 1958 did these holdings increase,
On February 15, $6.9 billion of Treasury certificates of indebtedness matured,
and the Treasury issued $7•3 billion of new 10-month Treasury notes for cash.
Available data indicate that commercial bank allotments of the new notes
exceeded their holdings of maturing certificates by about $800 million.
Other Treasury financing in the February reporting period included increases
in weekly bill issues totaling $400 million. At city banks, however, bill
holdings declined $770 million, a reduction considerably larger than the
January increase. A large part of the decline occurred during the first half
of February, when reserve positions of banks tightened temporarily and the
Federal Funds rate was at 3 per cent a good part of the time.
So far this year, credit at all commercial banks has declined $800
million, much less than reductions in prosperity years and somewhat less
than those in the recession years of 1958 and 1954. Loans declined $1.6
sfter adjustment for the $1 billion Sears Roebuck transaction,
the $2.6 billion decline has been about the same as the 1958 reduction and
larger than in other years. Holdings of U. S. Government securities, as
in 1958 and 195%, were about unchanged; they had declined substantially in
most other years. Holdings of other securities increased more than in any
other year except 1955. Both weekly reporting city banks and other banks
showed smaller-than-usual total credit reductions in the January-February
1961 period.
Business loans at all commercial banks increased $200 million in
February, a month generally showing moderate expansion except in recession
years. The loan expansion in February this year, however, reflected in
large part a substantial contraseasonal rise in loans to commodity dealers,
presumably associated with speculative purchase of cotton from the CCC in
anticipation of the recently announced increase in price support level for
Not for publication
next year's cotton crop. Loans to food, liquor, and tobacco processors
declined nominally whereas usually in this month, net loan repayments are
heavy; these loans had declined substantially in January, however. Loans
to metals and textile manufacturers increased seasonally and those to
public utilities declined seasonally. So far this year, through early
March, business loans at city banks have declined considerably more than
in the comparable period last year but less than in the 1957-59 period.
Business borrowing in the second half of i960, however, had been unusually
small.
Loans to nonbank financial institutions increased slightly in
February; generally changes in this month are small. So far this year,
these loans have declined $800 million, or somewhat more than in past
years, following unusually heavy borrowing in late i960. Security loans
rose somewhat in February, offsetting only part of the usual seasonal
decline in January. Government security dealers, who accounted for most
of the $800 million rise in late i960 have accounted for slightly over
half the 1961 decline.
Consumer loans at all commercial banks rose $800 million in the
February reporting period, as an increase of about $1 billion on January 31
as a result of the purchase of consumer instalment receivables from Sears
Roebuck was offset in part by a decline in other consumer loans. Exclusive
of the Sears transaction, consumer loans have shown a small decline so far
this year, as they did in the comparable period of 1958 and 1954. Real
estate loans at city banks declined further in February; at other banks,
they probably continued to rise slightly.
Deposit ratios. The ratio of total loans to total deposits at
all commercial banks increased from 54.5 per cent in January to 55.4 per
cent in February, with increases occurring at all classes of banks. Ratios
are now generally close to those of a year ago with the exception of central
reserve city banks in New York where they are lower. The ratio of U. S.
Government securities maturing within one year to total deposits, which
has been increasing steadily since June, rose further to 8.7 per cent in
January. (February data not yet available.) This was about the same as
the prevailing level during 1958.
Money supply. The daily average money supply increased $200
million on a seasonally adjusted basis between the second half of January
and the second half of February. For the first time in over a year, it is
now above the year-ago level. Since the low point in June, it has increased
$1.8 billion, or at an annual rate of about 2 per cent. The end-of-month
series declined $1.3 billion in February; it is also slightly above the
year ago level,
U. S. Government deposits at commercial banks increased $2.5
billion between January 25 and March 1. These deposits generally rise in
the February reporting period, but the increase was larger than usual this
year.
Hot for publication
Seasonally adjusted "time deposits at all commercial banks increased
$1.5 billion further in February. About $700 million of this represented
issuance of time certificates of deposit to Sears Boebuck in exchange for
consumer instalment receivables. Even excluding this transaction, however,
growth in time deposits has continued sharp since late spring i960.
Deposit turnover. The seasonally adjusted annual rate of demand
deposit turnover at banks outside New York and other financial centers was
unchanged in February at 25.7 per cent. The January-February 1961 average
is about the same as in the comparable period last year.
Bank reserves. Free reserves of member banks averaged $510 million
in February, somewhat below the $665 million average level of the three previous months. Reductions occurred at both reserve city and country banks in
February. Excess reserves at $650 million vere lower and borrowings at $140
million were higher than in late i960 and early 1961. Reserve positions
tightened temporarily in late January, and early February; during the
three weeks ending February 15, free reserves averaged $440 million. Subsequently, they rose to over $600 million.
During February, on a daily average basis, reserves were absorbed
by some further gold outflow although this was moderate compared with other
recent months. Federal Reserve float declined further but in the latter
part of the month it was at a somewhat higher level than usual, presumably
as a result of the airlines strike. A build-up in Treasury, nonmember,
and other accounts at the Federal Reserve and a reduction in cash allowed
as reserves also absorbed funds over the month. System holdings of U. S.
Government securities were reduced $115 million; a decline of $230 million
in outright holdings was offset in part by an increase in holdings under
repurchase agreements. Between February 15, prior to the announcement on
February 20 of the beginning of System purchases of longer term securities,
and March 1, security holdings with maturities over 5 years increased $10
million and those with maturities of 1 to 5 years increased $85 million.
During February, reserves were supplied principally by continued seasonal
currency inflow. Required reserves declined but considerably less than
usual for this month.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
March 16, 1961
Not for publication
-
L.U.3
h
-
Table 1
Estimated Changes in Loans and Investments at All Commercial Banks
(In billions of dollars)
Item
Last Wednesday of Jan. to last Wednesday of Feb. 6/
"1951
19S0
1959 I 1950 I 1957 f T $ W
Total loans (less interbank)
+ 0.7
?/+ 1.5
business (excluding nonbank financial
+ 0.U
or sales finance companies) 2/
+ 0.2
Nonbank financial
+ 0.1
+ 0.1
Sales finance companies
3/
3/
S
(Business (including nonbank finan!/* °-3
cial or sales finance companies))
v + 0.5
Real estate
+ 0.1
Security
+ 073
— o.i
Agricultural
+ 0.1
+ 0.1
Consumer
+ 0.1
5/+ 0.8
# All other 2/
1/
1/
#
+ 0.1
+ 0*1
+ 0.2
+ 0.3
+ 0.1
— 0*2
+ 0.2
n.a.
+ 0.5
n • si#
- 0.3
n • 3, e
- 0.1
y
+ 0.1
- 0.2
n* sl*
y
-
+ 0.1
+ 0.1
+
+
+
-
y
0.2
0.1
0.3
0.2
0.2
0.1
1/
I
+ 0.2
+ 0.1
+ 0.2
+ 0.1
- 0.1
+ 0.1
- 0.1
y,
U. S. Government securities
— 0.6
— 1.8
- 2*0
+ 0.6
- 0.9
-1.7
Other securities
+ O.li
— 0.2
y
+ 0.3
+ 0.1
+ 0.1
1,3
- 1.3
+ 0.9
- o«5
-1.2
Total (less bank)
[ * 1• 9
Last Wednesday of Jan. to last Wednesday of Feb. 6/
1955
1954
1953
1952
1%1
1950
Total loans (less interbank)
# business (excluding nonbankfinancial
or sales finance companies) 2/
Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies))
# Real estate
Security
Agricultural
Consumer
All other 2/
# U. S. Government securities
Other securities
+ O.li
1/
y
+ 0.2
+ 0.7
+ 0.2
+ 0.2
n.a.
- 0.1
n.a.
- 0.1
- 0.1
n.a.
1/
+ 0.1
n# 51*
- 0.1
n.a.
n*a*
n* a*
n*a*
n*a.®
n.a.
+ 0.2
+ 0.2
- 0.1
1/
+ 0.1
+ 0.1
- 0.2
5.1.
— 0*2
V
- 0.1
+ 0.1
- 0.1
+ 0.2
- 0.1
+ 0.1
- 2.2
-1.2
- 0.9
- 0.7
+ 0.1
+ 0.3
- 0.1
+ 0.1
y
¥/
*
y
&
+ 0.1
+ 0.8
+ 0.1
- 0.1
v
- 0.1
1/
w
+ 0.1
y
y
+ 0.1
0*9
- 0.9
1/
+ 0.1
Total (less bank)
— 0.8
- 1.7
- 0.9
- o»5 ' - 0.2
- 0.6
IT"
June 1959 and exclude loans to nenbank financial institutions. For previous years, loans
to sales finance companies at weekly reporting banks have been shown separately to provide
roughly comparable changes in business loans on revised basis. 3/ Included with nonbank
financial, h/ Not strictly comparable with previous data since all nonbank financial are
included rather than sales finance only. 5/ Includes $1billion increase due to purchase
of consumer instalment receivables from Sears Roebuck. 6/ January 25 - Marchl, 1961.
-
L.4.3
$
-
Table 1
Estimated Changes in Loans and Investments at All Commercial BanVa
(In billions of dollars)
Item
End of December to last Wednesday of February 6/8/
1961
i960
1959 3/
1958
1957
1956
Total loans (less interbank)
7/Business (excluding nonbank financial
or sales finance companies 2/
Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies)) 2/Real estate
Security
Agricultural
+
Consumer
+
All other 2/
-
1.6
- 1.9
- 1.5
- 2.6
-1.8
- 0.8
0.8
0.8
it/
- 0.4
- 0.8
n.a.
- 0.4
- 1.3
n # £t»
- 0.6
- 0.7
n.a.
- 0.2
+ 0.2
n.a.
- 0.5
1.6 5/- l.l
1/
+ 0.1
- 1.0
0.5
0.3
+ 0.1
+ 0.2
0.7
1/
0.3
- 1.2
+ 0.4
- 0.7
1/
+ 0.3
- 0.2
-1.9
+ 0.1
- 0.3
+ 0.3
- 0.3
- 0.3
- 0.9
1/
- 0.6
- 0.2
- 0.3
+ 0.2
- 0.5
1/
+ 0.1
- 0.1
U. S. Government securities
+ 0.3 ' - 2.7
- 0.9
+ 0.1
- 1.8
- 2.4
Other securities
+ 0.5
- 0.4
- 0.2
+ 0.3
1/
- 0.1
7/- 0.8
- p.2
- 2.5
- 2.2
- 3.4
- 3.2
Total (less interbank)
Item
Total loans (less interbank)
Business (excluding nonbank financial
or sales finance companies) 2/
| Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies)
Real estate
Security
* Agricultural
Consumer
A11 other 2/
U. S. Government securities
*Other securities
"4f
V
End of December to last Wednesday of February 6/
1954
1953
1952
1951
-1252
i m .
- 0.2
- 1.4
- 0.6
- 0.7
«• 0.8
- 0.1
- 0.1
- 0.6
- 0.4
n.a.
+ 0.1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
- 0.5
- 0.3
1/
- 0.4
h 1.2
h 0.2
f 0.1
f 0.2
n.a.
n.a.
1/
- 0.2
- o.i
- 0.8
1/
+ 0.4
- 0.6
1/
+ 0.1
4
0.1
- 0.7
+ 0.5
- 0.3
- 0.1
- 0.1
+ 0.2
- 0.6
1/
+ 0.3
n.a.
- 0.4
y
1/
- 0.1
- 0.4
1/
- 0.2
- 0.1
1/
- 0.2
• 0.1
h 0.1
- 2.2
- 0.4
- 1.4
- 0.2
- 2.9
+ 0.1
+ 0.5
+ 0.3
1/
+ 0.1
1/
+ 0.2
Total (less interbank)
- 2.1
- 1.0
2.1
- 1-P
+ 0.2
• Not avaliable. 1/ Less than $50 million. 2/ Data are on revised basis beginning
June 1959 and exclude loans to nonbank financial institutions. For previous years, loans to
sales finance companies at weekly reporting banks have been shown separately to provide
Iroughly comparable changes in business loans on revised basis. 3/ Total credit increased
about $400 million as a result of bank structure changes; $250 million in loans; $100 million
in U. S. Gov't, securities; and $50 million in other securities. 4/ Included with nonbank
financial. £/ Not strictly comparable with previous data since all nonbank financial are
included rather than sales finance only. 6/ Except for i960, which is for December 28, dates
are for December 31* _%/ Includes $1 billion increase due to purchase of consumer instalment
from Sears Boebuck. 8/ March 1, 1961.
Receivables
http://fraser.stlouisfed.org/
NotReserve
for publication
Federal
Bank of St. Louis
n,a
«, o Table 2
L.lt.3
Changes in loans and Investments at Weekly Reporting
IfeBfoer Baztics and Konreporting Baakjs
(in billions ©f dollar^)
Last Wednesday in January to last Wednesday in February
Item
1961 3/
#
e
Weekly reporting banks
1960
1959
1958
1957
1956
+ loll
*= Ooit
+ 0.3
T T 3
+ 0.3
= lo2
- 0.1
- 1.3
2/
- 1.3
3/
+ 0.9
+ 0.2
+ 1.2
2/,
- O.it
+ 0.1
- 0.3
+ 0.1
- 1.2
2/
— 1.0
+ 0.1
•= 0.2
+ 0.1
+ Ooit
- 0.6
0o2
- o.it
+ 0.2
- 0.7
2A
•» O06
+
™
+
—
+ 0.2
— 0*5
+
+
-
1/
Total loans
U* S. Government securities
Other securities
Total loans and investments
Nortrggorting banks 1/
$
Total loans
U* S. Government securities
Other securities
Total loans and investments
%
e
2
/
- 0*2
0.2
0.5
0.1
0.2
Last Wednesday In January to l^st Wednesday in February
Item
Weekly reporting banks
~ J T
0.1
0*3
0.1
0*3
1955
195U
1953
1952
1951
1950
+ 0.2
- lo7
+ Ool
- 0.1
— 0.8
+ 0.3
«» 0.1
- 0.7
+ 0.1
- 0.5
+ 0.1
+ 0.6
— 0.7
2/
2/
- 1.9
+ 0.1
"•0.8
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
- o.B
y
Nonreporting banks 1/
*
#
#
Total loans
U. S. Government
Other securities
Total loans and investments
+
-
0.2
0.5
2/
0.3
* 0.1
— Ooit
«• "Ool
+ 0.1
•» 0.2
- 0.1
— 0.1
+ 0.1
- 0.2
+ 0.1
— 0.2
+ 0.2
-+ f0.2
t
\J Beginning 1959# changes are on revised basis® Changes may not correspond exactly
with published data for weekly reporting banks because loans to foreign banks have
been excluded from this tabulation*
2/ Less than $50 million,
3/ January 25 - Mai*ch l p 1961.
Not for publication
- 7 Table 2
L.U.3
Changes in $®ans and Investments at Weekly Reporting
Ifenfeer Basfes
TETi
Last Wednesday in December to last Wednesday in February
Item
1961 3/
Weekly reporting banks
I960
1959
1958
1957
- 1.6
- 1.1
- 0.1
- 2.1*
- 2.0
+ 0.1
- 0.2
1956
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
- 1.1
+ 0.1
+ 0.3
- 0.7
2.1
2.2
0.2
lull
— 2.7
+ 0.1*
+ 0.3
- 0.9
0.7
1.9
2L
-1.6
— 2.6
Ragtreio^ting banks 1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
+ 0.2
+ 0.2
- 0.1
+ 0.2
- o*5
- 0.2
+ 0.2
- 0.1
V * 0.2
I
- 0.3
• o.£
+ 0.2
- 0.9
2/
^o3
0.1
0.5
o.i
7)75
Last Wednesday in December to last Wednesday in February
Item
Weekly reporting banks
— 0.5
1955
195JU
1953
1952
1951
1950
- o.5
— 1.8
- 0.3
+ 0.3
- 0.9
- 1.5
— 0.6
+ 0.6
- 0.3
- 0.3
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
- 2.2
+ 0.3
- 2.3
- 1.0
- 0.3
» 0.1
- 2.9
— 0.8
+ 0.2
- 0.1*
Nonreporting banks 1/
Total loans
U. S. Government
Other securities
Total loans and investments
1/
i
+ 0.1*
+ 0.3
2/
- 0.1
+ 0.1*
+ 0.3
• 0.2
2/
+ 0.3
- 0.1
+ 0.1
+ 0.2
-+ 10.2
4
- Z L
J
+ 0.1
- 0.2
L
+ 0.2
0.2
0.1*
1 L
0.6
Beginning 1959> changes are on revised basis* Changes may not correspond exactly
with published data for weekly reporting banks because loans to foreign banks
have been excluded from this tabulation. Also call report data for December 31. 1959
have been used.
Less than #50 million.
December 28, I960 — March 1, 1961.
Total credit increased about $1*00 million as a result of bank structure changes;
#250 million in loans; $100 million in U. S, Government securities and $50 million
in other securties.
Not for publication
L.U.3
Table 3
Changes in Commercial and Industrial Loans 1/
(In millions of dollars)
Business of Borrower
1961
I960
1959
1958
1957
1956
1955
1951i
1953
- 2
+ 53
- 7
T-E
- 95
-161
+llt3
- 98
- 92
+ 67
-ll*l*
-159
- 31
-123
- 89
+ 8
-120
+ 8
-128
- 76
+ 32
-119
— 68
- 19
v m
- m
-172
-110
+ 53
-229
3/
2/
- 37
-155
+13
-257
+ 98
- 76
+ 20
+131*
+335
+116 ' +115
+168
+250
+ h3
+
2
+ 78
+132
- 37
+158
- 55
+102
- 17
+ 87
- 3
+ 9k
- 52
+ U8
+ k$
+111
+112
+ 1*5
+ 17
+ 81
+ 9
+ 65
-192
- 20
+ 60
- 67
+ 19
+ 28
-123
+ 10
+ 51
-129
-10
- 36
- 10
+ 59
+ 13
- 29
+
-
8
1
2
- 3
- 39
+ 2
- 6
- 87
- 6
+ hi
+ Uo
+
6
+ 1*9
- 57
+
+ lt9
- 10
+ 37
+166
- 25
+378
+ 80
- 8
+ 51*
-329
- 7l*
- 35
+ 6
+2h6
+ 75
+ 15 L/+ 1
-268
+173
-103
+ lli
Total change
+111
+1I58
+ 11.6
-I4O3
- 29
+120 y+2ii7
- 95
- 89
Total change excluding
sales finance
+lltl
+1*58
+ 83
-2l*8
- lj.2
+377
- 19
-109
O
—O
Food processors
Commodity dealers
Trade concerns
Total
Sales finance
#
Metals and products
Textiles, apparel
and leather
Petroleum, coal etc.
Other manufacturing
and mining
Public utilities
Construction
All other types of
business
#
0
Last Wednesday in January to last Wednesday in February 2/
Classified
Unclassified
—'
-
"
V
/— ^ f
+ k9
2
k/+lh9
£/ For 1961, dates are January 2$ - March 1. Comparable five-week periods have been
~ used throughout. Therefore, there data are not comparable with those shown on Table 1.
3/ Not included in business loans on revised basis.
E/ Includes CCC certificates of interest which are estimated to have declined $30 million.
Not for publication
«w P *E
L.U.3
Table 3
Changes in Commercial and Industrial Loans 1/
(In millions of dollars)
Business of Borrower
Food processors
Commodity dealers
Trade concerns
Total
Sales finance
$
0
0
Last Wednesday in December to last Wednesday in Febr»QT*y 2/
1961 I960
1958 1957
1959
1956
1955
195k
1953
-225
+ 28
-250
-WF
3/
-231
-27k
+ 1*0
-H65
y
-21*9
-152
-371
—168
^237
-776
—3l4.i1
-11*2
-205
^91
-233
— 30
- 11
-27k
—21*6
-157
- 81*
-1*87
-216
-105
-126
337
-201*
-200
+ 1
^03
-301
-726
-156
-1*78
+103
-229
- 86
Metals and products
Textiles, apparel
and leather
Petroleum, coal etc.
Other manufacturing
and mining
Public utilities
Construction
All other types of
business
- 1*6
+1*19
+207
+ 71
+118
+316
+ k9
-150
+169
+103
* 51
+173
- 51
+ 90
- 87
+112
— 26
+ 61
- 27
+ 51t
+ 93
+139
+112
+ 59
- 87
+ 87
+ 7
- 10
-221*
— 38
+140
- 91
— 21
-232
- 13
+ Ik
+ 23
-210
- 3k
+ 21
+ 50
- 1*6
+ 69
+ 78
- 33
- 2
- 10
+ 2
- 35
- 55
- 8
- 16
- 62
- 10
+ 87
- 31
-106
- 82
-11*1
- 80
- 31
- 52
-
Classified
Unclassified
-523
-117
- 27
-121*
-856 -1,61*7 -810
-217 -355 -167
Total change
—61*0
-151 -1,073 -2,002 -977
-350 /-182 ^-973
-1*68
Total change excluding
sales finance
-61*0
-151
+128 j/-285
-382
-772 -1,276 -821
9
-255 -126 -1,001* -322
- 95 / - 56 E/+ 31 -11*6
&-7kk
7/ First nine weeks of the year to correspond with 1961 period* Therefore, these data
are not comparable with those shown on Table 1.
3/ Not included in business loans on revised basis,
V Includes CCC certificates of interest which are estimated to have declined #115 million.
37 Includes CCC certificates of interest which are estimated to have increased $175
million.
Not for publication
L»i(.e3
- 10 -
Table 1*
Estimated Changes in Deposits and Currency
Iin billions of dollars)
Item
Seasonally adjusted data 1/
Demand deposit component
Currency component
Total
i Seasonally adjusted data 2/
Demand deposits adjust eel
Currency outside banks
Total
Seasonally unadjusted data 2/
, Demand deposits adjusted —
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. So Government deposits
Total
Factors
currency
Bank loans and investments
other than U.S. Govt. sec.U/
Commercial
Mutual savings
Bank holdings of U. S. Govt,
securities?
Federal Reserve
Commercial
Mutual saving and other
Gold stock and foreign
deposits at F. R. Banks
Other factors
f
1961
I960
+ 0.3
- 0.3
+ 0.3
-3/
- 1.1*
+ 0.1
- i.>
- 0.9
3/
- 6.9
+ n.i
_3/
+ oil
- 4.1
+ 0.2
- 3.5
- 2*5
- 3»k
-
1959
1958
1957
1956
Last half of January to last half of February
4
+ 0.7
+ 0.2
—3Z_
-3L
+ 0.2 -K
*o7U
+ 0.7
+ 0.2
Last Wednesday of Jan, to last Wednesday of FebT 5/
— 0*1
- 3.9
+ 1.7
+ 1.6
+ 0.1
+ 2.It
+ 0.2
+ 0.1
+ 0.1
2,k
+ 0.2
+ 0.2
+ 0.3
+ 0.3
+ ¥.9
— 2 mh
- 0.3
- 2.^
+ 0.2
"07%
0,1
- 0.I4
&
- 0.3
- 2.0
+ 0.1
+ l.l
+ 1.0
+ 0.2
+ 0.1
- 3.3
+ 0.1
+ 0.7
+ 1.3
+ Oolj.
^3^
+ O.li
+ 0.2
+ 0.1
+ 1.7
TT3
(signs indicate effect
!
1
+ 1.7
+ 1.9
+ 0.1
+ O.li
+ 0.9
+ 0.1
—
—
+
- 2.1
- 0.3
— 1.8
0.6
0.1
0.6
0.1
3/
- 0.9
3/
+ 0.1
"+~o7I
+ 0.6
+ 0.2
+ 0.2
+
+ 0.6
~TT
+ 0.6
2.1
0.1
2.0
0.1
-iik
+ 0.6
totit
+ 0.2
3/
- 0.1
- 0.7
+ 0.1
- O.li
Averages of daily figures.
Seasonally adjusted data are for last Wednesday throughout; unadjusted data are for
last Wednesday except in case of June and December call dates, when available.
Less than $50 million.
Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal
Reserve, and loans to foreign banks5 changes in these items are generally relatively
small. Even if there were no changes in other items, changes at commercial banks
exclude all interbank loans, domestic and foreign, while total loans exclude only
those to domestic banks. In addition there is some lack of synchronization in
reporting asset and liability items used in computing "loans net."
5/ March 1, 1961.
%
- 11 -
L.4.3
Table I4.
Estimated Changes in Deposits and Currency
IIn billions of dollars)
Item
Seasonally adjusted data 1/
Demand deposit component™
Currency doraponent
Total
Seasonally adjusted data 2/
Demand deposits adjusted""
Currency outside banks
Total
Seasonally unadjusted data 2/
Demand deposits adjusted —
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
Factors affecting deposits and
and currency
Bank loans and investments
other than U» S. Govt. sec. h/
—
Commercial
Mutual savings
Bank holdings of Ue So Government securities:
Federal Reserve
Commercial
Mutual savings and other
Gold stock and foreign deposits
at F» R» Banks
Other factors
1961
I960
1959
5/ . 1958
1957
1956
Last hal-f of December to Last half of February
— 0.6
+ 0.6
+ O.ii
+ 0.1
+ 0.3
+ 0.1
+ 0.1
-JL
+ 0.7
"
0.6
+• 0.7
1
-r v
ev
v o f
• \J 014
J/
T-oTH
\J 0I4
Last Wednesday of December to last Wednesday of Feb» 6/
+ 0*8
— 0*1
3/
+ 0.3
+ 0*1
- 1.2
+ 0.9
+ 0.1
- 0.1
+ 0.1
— 0.1
3/
+ 0.2
0.6
1L
0.6
- ITT
ToTB
""~3T
+ 0.2
1.9
l.li
— li.2
-m k.7
0*9
0.6
+ o.li
+ 0.5
hob
- 0.9
- 5.3
+ l.U
+ O.li
+ 0*2
+ 0.3
— li.O
- 0.6
- iu6
+ 2.7
—
I
77U
+ 0.3
Io0
+ &
— ii.b
- 5.6
+ 1.8
+ 0*li
° Q.5
-
"
+ 1.2
- loli
- It.3
- 1.1
+ 0*1
+ 0.1
- ho 9
ho2
(signs :Jidicate effect on deposits and currency)
1
- 0.7
- 1.1
+ 0.2
-0.1
-~o3
+ 0.3
+ 0.2
- O.li
- 0.8
- 2.6
w
2+0
+ 0*3
—
—
lio3
1*5
2.7
0*1
+ 0*1
- 0*7
\
- 2.0
- 1.7
+ 0.1
- 1.9
= 2«3
+ 0*6
** 1*8
= lo7
+ 0*h
•=> 0.6
- 0*9
+
0.1t
™
+
=
+
-
0*9
0.8
0*1
0.1
« 3*8
- 2*f
«=» 1*8
3/
- 3.7
- 1.3
•= 2.1i
3/
3/
- T.li
+ O.li
— 0.1
3/
« 0*6
1.8
1.0
0.9
0.1
- 0.1
— 0.9
i/ Averages of daily figures.
'2/ Seasonally adjusted data are for last Wednesday throughoutj unadjusted data are for
last Wednesday except in case of June and December call dates, when available.
3/ Less than $50 million.
%/ Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal
Reserve, and loans to foreign banksj changes in these items are generally relatively
small. Even if there were no changes in other items, changes at commercial banks
1
exclude all interbank loans, domestic and foreign, while total loans exclude only
those to domestic banks. In addition there is some lack of synchronization in
reporting asset and liability items used in computing "loans net."
5/ As a result of structure changes in January 1959, demand deposits adjusted increased
$100 million; time deposits at commercial banks increased $ii00 million; and deposits
at mutual savings banks declined $300 million.
'
6/
March 1, 1961.
12
Table 5
Ratios to Total Deposits
1/
L O A N S
Date
0
#
#
191*6*
19l*7i
191*8*
191*9*
1950*
1951*
1952*
1953*
1951**
1955*
1956*
1957*
1958*
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
1959*
July 29
Aug. 26
Sept.30
Oct. 28
Nov. 25
Dec. 31
•
Ail commercial
banks
23.3
27.7
31.2
31.1
35.8
37.2
39.3
1*0.5
fc0.3
1*5.8
18.8
1*9. 7
li8.lt
52.6
Total
23.7
28.2
31.3
30.9
36.1
37.6
39.9
ld.l
1*0.7
46.7
50.1
51.0
49.lt
53.7
51.5
51.7
51.9
55.8
55.6
53.3
53.1*
53.6
51*.l*
5U.0
Member banks
central reserve
H z l keserve
new rork
Chicag'
agoj city
27.7
31.0
35.9
3k.9
12.5
16.3
50.6
50.6
1*6.8
56.7
61.7
61.9
57.7
62.6
27.3
30.3
30.lt
25.6
32.3
36.2
38.9
39.1
38.3
1*6.3
52.7
55.2
li9.lt
65.5
65.3
51i.0
55.6
57.2
69.5
67.3
56.2
58.2
66.6
56.6
26.0
31.1
33.li
32.lt
38.1
39.lt
ltl.1
1*2.2
1*1.9
li8.5
52.7
53.3
5X.3
56.5
57.1
57.6
57.5
58.lt
%p.2
U.S. Govt, securities maturing
within one year
H I
commercial
Country
banks
18.9
23.li
27.1
28.5
31.5
32.1
33.9
36.1
37.1
1*0.7
1*2.6
ltlt.1
1*1*.!*
1*7.7
1*7.9
1*7.9
1*8.0
1*8.1*
1*8.2
2/ llt.3
V, lk'0
2/ lli.2
V 19.2
1/15.2
9.8
11.7
16.9
10.0
5.1
7.5
8.I1
8.3
6.5
5.9
5.7
5.9
6.1
6.7
I960*
Jan. 27
5W*
55.9
67.1
58-2
58.7
1*8.8
6.6
Feb. 21*
55.6
57.1
69»&
62.7
60.1*
1*9.11
5.5
Mar. 30
56.lt
58.0
69.lt
6I1.5
6l.lt
50.3
Apr. 27
56.2
67.6
#
57.7
62.0
61.1
50.6
1*.9
Mky 25
56.8 58.j
68.0
63.8
61.7
51.li
l
*.l*
June 29
57.1
58.5
67.li
63.2
61.9
51.7
l*.l
July 27p
56.2 57.5
66.9
61.7
60.5
51.1
5*2
Aug. 31p
56.6 58.0
61.1
67.7
6
1
.
0
51.6
5.1*
Sept.28p
56.3
57.6
66.0
6l.lt
60.6
51.5
Oct. 26p
55.3
56.7
65.5
6i.ii
59.11
50.6
Nov, 30p
55.L
3
/
6
6
.
0
60.3
59.7
3/50.1
Dec, 28p
50.6
8.3.
1961: Jan. 25p
S:t 1
ill
50.1
8.7
Mar
65.8 , 62,0
» -, 56,8 •
n<
$
> 3, -1
i/ Total loans~Taajusted 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 195l» 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
y Data not strictly comparable with previous figures as ®ne large country bank, merged with
a central reserve city bank.
f hf Includes merger with nonmember,
n.a, Not available,
1*.6
8.1
J
56.8
ii
6.1*
&
= 13 ~
Table 6
Free Reserves and Total Reserves Held
(based on averages of daily figures; in millions of dollars)
#
Date
All
member
central reserve cit'vr Reserve
New York
Chicago
city
Monthly averages:
e
Dec.
-
1959:
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
- 513
- 557
- 535
-1^93
- Ii59
- U35
- t+25
-
225
227
210
181
109
- 35
- Ui
- 82
- 62
- 10it
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct*
Nov.
Dec.
-
88
50
1
- 31
15
16
3
- 27
2
9
- 90
- 126
- 152
- 100
I960:
#
e
#
j
1958:
e
Total reserves
held seasonally
adjusted
All
Country
member
Free reserves
(excess reserves minus borrowings)
a
360
361
219
195
33
111
120
-
80
15
ISU
-
32
- 197
-
63
- 535
- I182
- k7
-
- k9
-
18,602
101
18,133
18,559
18,595
18,619
18,666
18,677
18,671
12k
IkS
391
338
369
Itit9
169
171
1 180
237
- k39
257
197
182
190
ia
20it
-
381
252
251*
173
120
128
62
itit
2
38
80
k6k
1*83
516
596
1/
1/
1/
1/
18,691
18,360
18,228
18,10&
18,276
18,275
18,389
18, ii_6it
18,750
18,915
19,097
19,031
3k
-
59
39
38
5
2
li
695
512
26
26
-
29
89
9
583
506
1/ 19,105
1/ 19,105
Jan. 25
956
132
15
23k
577
Ho Sle
Feb.
U80
389
Wt9
616
627
10
22
79
iJl
2
17
1*79
l*5b
518
553
558
Tie cl*
n© 9,«
tl 0 8.0
n«
n 0 3.0
1961 $ Jan »
Feb.
2k7
hl3
hQ 9
6lh
681
-
- k20
268
-
10
k
290
375
Weekly averages:
e
•
1961:
1
8
15
22
Mar, 1
-
-
k
1
19
lk
57
-
1
37
:,
66
Ik
Note: Data for late February and March are preliminary.
1/ Data have been adjusted to exclude effect of changes in reserve requirements.
Not for publication
- Ill -
L.U.3
Table 7
Changes In Msntoer Bank Reserves, with Relevant Factors
(Monthly average of daily figures; in millions of dollars)
February
Item
Member bank reserves
Required reserves 1/
Effect of change In
requirements
Effect of deposit change
Excess reserves 1/
Total reserves held 1/
Cash allowed as reserves 1/
Reserve balances
1961
I960
1961
I960
1961
I960
- 261
- 576
—• 206
- 692
+ 551
359
- 261
- 95
- 358
TT7F
- 183
Total reserves held, seasonally
adjusted
Effect of above
factors on reserves
+
206
119
326
171
155
- 576
- 90
- 665
- 621
692
27
719
1 5
681
+
+
+
5
51*6
191*
7Wi
-1,1*15
- 331
- 311
7k
+ 7U5
'signs indicate effect on reserves)
Principal factors
Currency in circulation
Gold stock and foreign
accounts
Treasury operations
Federal Reserve float
Other factors
January-February Year ending Feb.
- 359
5
- 3 6k
+""255
- 630
- 386
+ 1*21*
+ 1*28
+1,178
+1,191*
- 260
— 115
- 1*8
- 306
- 110
+ 31
+
1
- 21*5
- 121
- 1*91
5
- 515
+ 1*9
+ 91*
- 27
- 328
+ 216
-2,002
+ 97
+ 57
- 153
+
+
+
- 155
9k
+ 216
+1,11*9
-2,261
- 709
30
- 716
- 371
—1,830
+ 81*6
+
- 113
^T32
+ 119
5
- 612
— 6*25'
+ 13
- 13
- 1*19
-1,711*
^17705
— 10
- 23
+ 166
+ 11
- 210
r-2lE
+
ij.
+
i
+
-
- 679
+
7
+ 308
— 16
- It23
957
272
137
262
Federal Reserve loans and
investments:
Total
U. S. Govt, securities
Outright
Repurchase agreements
Acceptances
Discounts and advances:
To member banks
To others
if Preliminary
Not for publication
-
88
89
2
-rjm
+121
k
+
+
50
2
-
90
3
83
LA.3
Table 8
Liquid Assets Held by the Public — Seasonally Adjusted Series
(Amounts in billions of dollars$ ratios expressed as percentages)
End of
Total
liquid
assets
(2+3+8)
271.8
28b.0
296.2
308.3
318.0
330.3
339.9
351.7
368.9
388.it
Demand
deposits
adjusted
and
currency
outside
hamka 1(
lib,
120,
12b,
126,
130,
133.
13b <
133,
138,
lb0<
389.2
389.1
390.3
390.5
386.7
388.7
388.7
390.2
392.6
39k.0
393.9
395.lt
138.6
138.6
138.5
139.9
138.8
139.0
397.7
lb0.6
lbO.O
139.1
139.5
139.U
137.5
138.0
Personal-type savings
Total
personal- Time deposits
Savings U. S
type
adjusted l/
and
Govt
savings Commer- Mutual
loan
savings
(4+5+6+7) cial
savings
shares bonds
banks banks 2/
?/
V
129.0
132.7
11*0.6
1U8.6
158.1
166.b
17b.1
182.8
196,7
20b.l
20b.l
20b.5
205.2
205.8
206.5
207.7
209.1
210.9
212.5
21b.2
216.2
217.6
219.b
For footnotes see other side.
36,
37,
b0,
b3.
b6,8
b8
50.7
56.b
634
65.9
65.7
65.7
65.9
23
23
25
26
28
30.0
31.6
33.0
35.1
35.9
35.8
35.8
36.0
66.0
36a
67.5
36.1
36.b
36.b
66.1
66.8
68.6
69.3
70.0
71.1
36.1
36.6
36.8
71.6
37.0
37.1
72.3
37.3
lb.0
16.1
19.2
22.8
27.2
32.0
37.0
bl.7
b7.7
5b,3
5b.9
55.b
55.9
56
57
57
58
59
59.6
60.5
55.7
55.2
55
55
55
55
5b. 8
51.7
50.5
b8.0
U. S. Govt
securities
maturing
within one
year
8
28,
31,
31,
33,
29,
30,
31,
35,
33,
bb,
61.8
b7 .7
b7.6
b7.b
b7.2
b7.2
b7.1
b7.0
b6 9
b7 0
b6 9
b6 9
b7 .1
b5.1
b5.5
b5.6
b5 3
b2 7
b3 0
bl 0
bo 7
bl 6
39.9
38 9
62.6
b7.2
37.7
61.2
Commercial
bank demand
and time deposits adj,
and currency
(2 + 4)
38.8
Ratios
Ratios
Commercial
Tbtal
liquid
bank deposits
+ currency to assets to
total liquid
gross
assets
national
(9 + 1)
10
150.9
158.0
16b .7
170 ,2
176 ,8
182 ,0
185 ,2
190 ,0
202
206
205.7
20b. 8
205.b
205.b
55.5
55.6
55.6
55«
55,,6
55,,1
5b,,5
5b.o
5b.8
53.1
210,
52.9
524
52,
52
52,
52
53,
53,
52,
53,
53,
53,
212.9
53.5
203.6
20k.8
206.1
207.2
207.8
209,
209,
11
89.1
83.3
82.2
85.1
85.3
80.7
78.8
79.3
79.3
79.8
77.7
77.0
77.5
78.3
l/
x r r « ° » e .
Hi £ i o f £ "
t
a
^
a
S
eSSefbSSnon S S ;
fibres of inflow of new savings and withdrawal,
h/ InclSe"8aliatypes oftavin^bonds held by investors other than banks and U. 5. Government agencies and
with maturities up to 2h months; figures include holdings of insurance companies, * 7 ^ 4 ^ + ? ™ *
State and local governments, nonbank corporations, corporate pension funds, nonprofit institution ,
computing these ratios are quarterly average for four dates: each month of the current quarter an
last month of the preceding quarter.
<*> 16 =«
L.U;3
Table 9
Money Supply
(Averages of dally figures. In billions of dollars)
Semimonthly
period
1954—Dec.
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—Oct.
Nov.
Dec.
1960—-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
1:1
(2)
(1)
I
$
(1)
(2)
(1)
(2)
(2)
1
I!
(1)
(1)
(2)
s
Dec.
(1)
Feb»
V
132.0
134.7
Nov.
1 9 6 1 — .
Seasonally ad us ted
Demand
CurTotal
deposits
rency
(2) ' t
1
(1)
(2)
136.6
135.5
140.9
142.6
142.2
142.2
142.1
141.5
141.5
141.3
141.3
141.1
lh0.9
140.8
140.3
140.3
140.7
140.2
139.6
139. ii
139.4
139.6
139.7
139.7
139.8
140.3
140.5
140.0
141.2
140.6
139.9
140.3
140.5
lh0.2.
11*1.0
lhl» 3
Ul»2
p Preliminaryr
1/ At all commercial banks*
27.4
27.8
28.3
1
28.3
28.6
29.0
29.0
29.0
28.9
28.9
28.9
28.9
29.0
28.9
29.0
29.0
29.0
29.1
29.0
29.6
29.0
28.9
28.9
28.9
29.0
29.0
28.8
29.O
28.9
29.O
29.O
29.0
29.O
28.9
29.0
28.9
29.0
28,9
28,9
1
Without seasonal adjustment
Demand
CurTotal
deposits
rency
V
104,6
106.9
108.3
107.2
112.3
135.7
138.5
140.4
28.3
144.9
29.2
113.6
113.3
113.2
113.2
112.6
112.6
142.2
142.4
143.3.
143.4
144.4
145.4
29.1
28.9
112.4
112.3
112.2
111.9
111.8
111.3
111.3
111.6
111.2
110.5
110.5
110.5
110.6
110.7
110.7
111,0
111.3
111.6
111.0
112.2
111.6
110.9
111.4
111,5
111.3
112.0
112,14
145.1
143.6
141.8
139.6
140.0
138.6
139.6
140.9
139.0
137.0
138.2
137.9
138.2
139.3
139.6
138.2
139.9
139.6
139.9
141.4
: 141.7
141.2
143.3
144.4
lWwO
lh3.il
142,0
1 139,7
112,3
139*3
27.9
28.8
28.9
29.2
29.2
107.9
110.2
111.6
110.4
115.7
113.0
113.5
114.1
114.1
29.5
29.5
115.0
116.0
29.1
116.1
28.5
28.7
28.5
28.7
28.6
28.9
28,6
28.8
28.7
29.O
.28.8
29.3
29,0 .
29.2
28.9
29.2
28.9
29.2
29.0
29.2
29.3
29.5 ,
2Q.6
29.1 '
28.5
28.6
28,5
115.1
113.2
111.1
111.3
110.0
110.7
112.3
110.2
108.3
109.2
109.1
108.9
110.3
110.4
109.3
110.7
110.7
110.6
112.4
112.4
111.9
113.7
114.8
111.9
lib.8
113.3
111.2
L.U.3
Xttr
or
month
*
Tab]) 10
Deposits and Currency
(In billions of dollars)
(1)
(2)
(3)
(U)
(6)
(7)
(8)
(9)
<5)
(10) (31)
(12)
Seasonally adjusted
Seasonally
Time deposits
Total
money supply 1/
adjusted
T
T9 <O
2•
U
deposits
money
Demand
I
CurGovt. rency
and
supply and deposits
Demand
Total deposits rency
Total
CommerMutual
i
Postal
deposits
outside
currency
time dep. adjusted
(2+3) adjusted outside
(7+8+9) cial
savings savings
banks (5+6+10
at com.
2/
banks
+11)
banks(1+7)
176.8
181.9
185.1
133
189.7
202.0
206,
205,
20k,
206,
106.6
16.8
109.9
111.1*
110.3
115.5
75.3
78.1*
82.2
89.1
98.3
U8.U
50.6
56.1
63.2
26.3
28.1
30.0
31.7
3ii.O
2.1
1.9
1.6
1.3
1.1
5.1
l*.t*
U.5
1*.7
ho9
27.9
28.3
28.3
28.3
28.7
21l*.8
221.0
226.L
232.3
21*7.5
111.1*
112.7
113.1
ll5.it
1C1.5
101.1
100.3
101.8
65=7
65.5
61.7
65.9
3U.8
31.6
3li.6
3ko9
1.0
1.0
1.0
0.9
7.1
6.0
5.1
5.8
28.5
28.3
29.1
29.L
21*8.5
21*8.2
21*7.6
252.1*
llit.O
110.5
108.8
111.5
107.7
107.8
110.1
108.9
109.3
112.2
111.9
101.0
101.2
102.2
102.3
102.6
103.6
10b.2
105.3
106.0
106.7
106.8
108.1
65=2
65.1
66.0
66.2
66.5
67.k
67.9
66.9
69.U
70.0
70.0
71.0
314.9
3U.9
35.3
35.2
35.2
35.ii
35.5
35.6
35.8
35.9
36.0
36.3
0.9
0.9
0.9
0.9
0.9
0.8
0.8
0.8
0.8
0.8
0.8
0.8
u.i*
5.3
5.2
5.3
7.7
7.8
7.0
6.2
8.2
6.7
6.1
6.5
27.9
28.0
28.1
27.9
28.1
28.3
28.1*
28.5
28.3
28.3
28.7
28.8
21*7.3
2l*l*.9
2l*l*.2
21*7.0
21*6.1
21*7.7
21*9.6
21*8.8
251.8
251*.o
253.5
257,9
rl09.1
110.8
71.8
73.a
r36.5
36.6
0.8
0.7
l*.l
6.5
28.0
28.2
255.7
255.9
1960S
205.2
20U.5
205.5
205.6
27
20U.0
205.U
206.5
207.5
207.9
209.9
July 27
110.8
208.8
210.0
212 .1*
212.7
m . 5
11U.6
110.5
Revised.
Seasonally adjusted series begins in 191*6 and is available only for last Wednesday of the month.
2/ At commercial, savings and Federal Reserve Banks.
^/^pemaiod deposits were reduced about $1*00 million as a result of a technical change under Regulation D amending the
definition
adjusted
increased
-1-L- .of sueh
. : deposits. On balance in—*1959j
— was a
- result
v i of tstructure
A a changes
wieugcoj
uciitemudeposits
. uojjuoxno
edjUSted
inert
s demand
$1*00 million# time deposits at commercial banks increased $700 million, and time deposits at mutual savings banks
deeliaad 1300 millioB.
^Fable 11
Loans and Investments at All Commercial Banks
(in billions of dollars)
Loans
and
investments
Date
19$kt Dec. 31
1955: Dec. 31
1956; Dec. 31
195?: Dec. 31
1958: Dec. 31
1959s June (old)
June (new)
1959 s Sept.30
Oct. 28
Nov. 25
Dec. 31
I960:
155.7
160.3
16L.5
169.3
l81t.lt
Jan. 2?
Feb. 2h
Mar. 30
Apr. 27
Hay 25
June 29
July 27
Aug. 31
Sept.28p
Oct. 26p
Nov. 30p
Dec. 28p
69.0
61.6
58.6
58.2
16.3
16.7
16.3
17.9
7Q.lt
82.0
89.7
93.2
97.5
60.9
60.9
20.6
20.6 102.8
20.6 102.8
189.5
59.2
59.6
58.5
58.9
20.7 106.3
20.6 106.5
20.3 107.3
20.5 110,0
185.6
58.0
20.3 107.U
181.2
18U.2
186.3
186.7
1/
U. S. Other
Govt, secur- Total
secur- ities loans
ities
186.1
181.3
I83.lt
186.2
185.9
186.7
188.6
189.0
191. It
193.9
19U.1
197.9
66 eU
56.2
5U.2
55.8
55
51*
56
56
57
60
60.lt
61.3
20.1 108.1
20.1 109.1
20.0 110.lt
19.8 110.9
19.9 112.6
20.0 111.9
20.0 112.5
20.2 113.5
20.li 113.0
20.3 113.lt
20.8 115.8
Busi- Real Securness estate ity
Nonbank
Confinancial
Farm
other
sumer institutions
26.9
33.2
38.7
U0.5
ltO.lt
U2.5
37.8
18.U
22
23
25
26
26
It,
5.
It.
It,
It,
It,
It.
5,
It,
It,
It,
5«
5,
5<
10
13
lit
15.8
15.9
17 ,5
17 >5
38.7
27.5
27.7
27.9
lt.1
lt.1
lt.1
I8.li
k.9
5.1
5.0
It.9
5.0
lt.0
3.9
3.5
,9
=7
,8
>8
,1
,li
,3
,2
5.1
lt.9
5.0
5.1
5.2
5.3
5.It
5.5
5.6
5.6
5.7
5.7
5.8
38.8
39.lt
ltO.2
39,It
39.8
lt0.9
lt0.9
111. 3
ltl.9
111.2
ltl.2
111.8
111.7
12.1
U2.lt
20.8
28.1
28,,1
28,,2
28,,2
28,,3
28,,3
28,.It
28,»lt
28,,5
28,,6
28.,7
28.7
28.8
18.6
18.6
5.
6,
6,
7,
8.2
5.9
7.6
6.5
6.0
8.0
6.2
18,8
7.1
18.9
19.0
19.0
19.3
19.5
19.8
19.9
6,
6.
6,
6,
6,
7,
7<
6,
6,
6,
6.
7.
20.0
20.1
20.1
20.1
20.1
8.8
8.2
8.2
8.1
8.1
8.1
8.0
8,
8,
8,
8,
8,
8.6
8.5
8.5
8.7
62.2 20.9 112.7 ltl.lt 28.8 tu3 r6.0
195.8
6.
20.0
8.U
197.1 H 61.6
Mar. 1%
21.3 11U.2 ltl.6 28.8 It.6
6.1
20.8
6<
8.U
elimlnary.
ructure changes in 1959* on balance through August, added almost &1 billion to total
credit3 $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 $100 million. NOTE? Data exclude interbank loans. Total loans are after
and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly
estimated for all dates. Other data are partly estimated on all but June and December call dates.
Beginning June 2iis 1959$, "business loans" and "all other loans" have been revised to exclude loans
to
nonbank financial institutions.
Not for publication
http://fraser.stlouisfed.org/
1961: Jan. 25p
Federal Reserve Bank of St. Louis
-^"KL
*-r
L.li.3
BANKING AND MONETARY DEVELOPMENTS IN MARCH 1961
Bank credit. Total credit at all commercial banks declined
=ti>l• 4 billion in March, a month in which it usually declines less or
increases. Expansion in loans and in holdings of U. S. Government
securities was larger than usual in mid—March, reflecting heavy tax and
dividend related borrowing, but prior and subsequent reductions were
substantial# Total loans declined $200 million over the month whereas
in March of all other recent years they showed substantial growth,
Holdings of U. S. Government securities declined $1.6 billion, somewhat less than in the past two years; in the recession year 1958, these
holdings had increased. At city banks, about two-thirds of the March
1961 reduction was in short-term issues. Holdings of State, local, and
other securities continued to show substantial growth. At both weekly
reporting banks in leading cities and at other banks credit reductions
in March were larger relative to other recent years than they had been
earlier in the year.
So far
this year, credit at all commercial banks has declined
.
$2,9 billion, somewhat less than in most other recent years, 1/ Loans
have declined $3.3 billion (after adjustment for the purchase"~of consumer
instalment receivables from Sears Roebuck on January 31 and some subsequent repayments), a much sharper drop than in any other year and
about double the substantial 1958 reduction. Holdings of U. S. Government securities have declined $1.3 billion, somewhat less than usual.
Holdings of other securities have shown a near-record $800 million
growth. At banks in leading cities the first quarter loan reduction
has been larger than usual and at banks outside,loans have declined
whereas often they increase. At both groups the decline in holdings
of U, S. Government securities has been smaller than usual. The sharp
increase in holdings of other securities has been concentrated at
city banks.
Business loans at all commercial banks increased $800 million
in March, about the same as in the two past years (after adjustment for
differences in number of weeks included xn reporting periods), The rise
during mid-March, when there was the usual heavy tax and dividend
related borrowing, was about the same as in I960; as usual, the largest
increases were in loans to metals companies and public utilities. Both
corporate tax payments in March this year and maturing tax securities
used in payment of taxes were slightly below those of I960.
Since December 31, business loans at all commercial banks are
estimated to have declined $500 million, of which # 0 0 million was at
weekly reporting banks. Excluding the temporary year-end rise, business
loans at city banks have increased nominally from the last Wednesday
of December, in contrast with substantial declines in the comparable
period of other recessions.
FEDERAL RESERVE BANK
1/ See note at end of Report,
Not for publication
of KANSAS CITY
APR 2 4
1961
Research Library
- 2 -
2.961 reduction in loans to food processors and commodity
dealers has been much smaller than usual. In addition, there has been a
sharp rise in loans to "all other businesses" rather than the usual
decline; data from New York City banks indicate that part of this rise
has been due to increased holdings of bankers' acceptances. Loans to
textile manufacturers have recently been increasing substantially
following a larger-than-usual decline in January. Loans to trade
concerns, however, which also declined more than usual early in the
year, recently have been rising less than usual. Net borrowing by '
metals manufacturers has been much smaller than usual so far in 1961.
Mid-March borrowing was substantial but was followed by net repayments
whereas ordinarily these loans rise further.
. # J L° a n s to nonbank financial institutions at all commercial banks
declined W ) 0 million in March, in contrast with the usual rise. Tax
period borrowing was about the same as last year but subsequent net
repayments were heavier. So far this year, these loans have declined
i
billion, the same as the reduction in loans to sales finance companies
at weekly reporting banks in 1958, and much more than in any other year.
Security loans declined $1*00 million in March bringing the
first quarter drop to $1 billion, less than last year, but more than usual.
These loans rose during the tax period but declined at other times in the
month•
Real estate loans may have increased slightly over the first
quarter of 1961 as they did in the first quarter of 1958 and 1951*.
They declined steadily at city banks in early 1961 but probably rose
somewhat further at other banks#
Consumer loans at all commercial banks are estimated to have
declined somewhat further in March. Following the $1 billion bank
purchase of consumer instalment receivables from Sears Roebuck on
anuary 31* it is estimated that repayments in February and March may
have totaled $200 million# Exclusive of the Sears transaction* the
reduction in consumer loans in the first quarter of 1961 has been
about the same as in 1958 and 1954.
. __
Deposit ratios. The ratio of total loans to total deposits
at all commercial banks increased further to 55.8 per cent in March.
Ratios are somewhat above the December I960 levels at all classes of
banks except central reserve city banks in New York where they are only
slightly below# The ratio of U. S. Government securities maturing
within one year to total deposits also rose in February (March data not
yet available) to 9.1 per cent, the eight consecutive monthly increase.
#
- 3
Money supply. The daily average money supply, seasonally
adjusted, increased $o00 million between the second half of February
and the second half of March* This followed little change in February
and early March. The money supply is now about 1 per cent above the
year-ago level but since the June low it has been increasing at an
annual rate of 2-1/2 per cent. The end-of-month series increased $1
billion in March following a decline of $1.3 billion in February.
The March increase may have been associated with a substantial
reduction in U. S. Government deposits compared with either smaller
declines or large increases in other years.
#
Seasonally adjusted time deposits at all commercial banks
increased further in March. During the first quarter of 1961 (after
adjustment for the Sears transaction) these deposits increased at an
annual rate of around 10 per cent, somewhat below the 15 per cent
annual rate of the second half of I960.
#
The seasonally adjusted annual rate of demand deposit turnover at banks outside New York and other financial centers increased
from 25.7 per cent in February to 26.1 per cent in March. The firstquarter 1961 average was about the same as a year earlier and somewhat below the peak reached in the second quarter of I960.
#
Bank reserves. Free reserves of member banks averaged $1*75
million in March, slightly below the $515 million average of February
and well below the $665 million average of the three previous months.
Borrowings at $70 million were somewhat lower than a month earlier
while excess reserves at $51*5 million were about $100 million lower.
Free reserves declined at country banks in March and increased slightly
at city banks, on balance.
•
During March, on a daily average basis, reserves were absorbed
through foreign operations and a decline in Reserve Bank float. Recently,
gold stock has increased slightly. Reserves were supplied largely
through Treasury operations. Holdings of U. S. Government securities were
about unchanged as $195 million of outright purchases offset a decline
of comparable volume in repurchase agreements. Required reserves
increased substantially in mid-March, associated with bank credit
expansion around the tax date but declined over the month as a whole.
#
#
#
#
- It -
NOTE: Data for assets and liabilities of all commercial
banks for all months beginning with October I960 have been revised
somewhat on the basis of the all-bank Call Report data for
December 31, I960. The revised data are usedin this report.
Revisions in estimates for nonmember banks are small. Total loans and
investments were down $100-$200 million from previous levels, with loans
up $100-|200 million and holdings of U. S. Government securities down
$200-$300 million. However, total loans and investments at all commercial banks, exclusive of loans to banks, were $600 million higher
on December 31 than on December 28,"the last Wednesday. Loans were $900
million higher and holdings of U. S. Government securities $300 million
lower, reflecting a previous overestimate of holdings at nonmember banks.
However, practically all the increase in loans between December 28 and
December 31 occurred at member banks (New York, Chicago, and all reserve
city banks) and was followed by a comparable decline between December 31
and January it; total loans, exclusive of interbank loans, declined only
$100 million between December 28 and January L at weekly reporting banks.
A tabulation for weekly reporting banks as of December 31 indicates that
total loans at these banks, exclusive of interbank, rose $800 million
from December 28 j business loans, $1*30 million? loans to nonbank financial
institutions, $90 million; security loans, $250 million; and "other loans,"
$120 million. With the exception of security loans, where the increase
was maintained between December 31 and January li, weekly changes indicate
that other major loan categories declined by about the same, or somewhat
greater, amounts between December 31 and January I4. than they had increased
between December 28 and December 31# In the case of loans to businesses
and nonbank financial institutions, part of the December 28-31 rise and
subsequent decline may represent temporary purchases of bankers' acceptances,
commercial paper and sales finance paper from other corporations or from
smaller banks selling this paper to show more liquid positions on the
year-end statement date. However, the total loan decline so far in 1961
has been greater than previously indicated due to this temporarily
increased loan level at the year-end.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
April 19, 1961
-
- 5 ~
L.U.3
Table 1
Estimated Changes In Loans and Investments at All Commercial Banks
(In billions of dollars)
Item
Last ^Wednesday of Feb. to last Wednesday of Mar. 5/
1961
I960
3252. 19-at l i w
USE
Total loans (less interbank)
Business (excluding noribank financial
or sales finance companies) 2/
Nonbank financial
Sales finance companies
(Business (including nonbank financial or sales finance companies))
Real estate
Security
Agricultural
Consumer
6A
All other S\J
0.2 + 1.0
+ i.it
+ 0.9
+1.2
+ 2.1
0.8 +1.1
+ 0.8
+ 0.5
+ 0.9
+ i.it
y.
+ 0.2
+ 0.3
+ &
+1.2
1/
- 0.1
1/
+1.6
+ 0.2
O.it
+ 0.2
w.
O.ii *•1.3
0.1
0.I4.
O.k ™ U\
0.1
o;2
o.i
+ 0.1
'3/
+ ¥1
+ 1.0 + 0*6
+ 0.2
= 0.1 + §{3
- 0.2
+ 0.2
- Afi + 0.1
-¥.1
y.
3/
+ 5.1
~ ¥1
y
+ 0.2
+ 0.1
U. S. Government securities
- 1.6
= 2*0
— 2.3
+1.3
-1.1
" 0.6
Other securities
+ 0.J4.
y
+ 0,2
+ 0,7
+ 0,2
1/
" 0.8
+ 2.8
+ 0.3
+ 1.1;
Total (less bank)
Item
Total loans (less interbank)
business (excluding nonbank financial
or sales finance companies) 2/
—
Nonbank financial
Sales finance companies
(Business (including noribank financial or sales finance companies))
Real estate
Security
Agricultural
Consumer
All other 2/
— l.li - 0.9
Last Wednesday of Fev. to last Wednesday of Mar.
1953
1 9 # I 19ft
1952
1951
1950
+ 1.0 + 0.8
+
0.5
+ 0.3
+ ¥l
+ 0.6
+ 0.2
+ 0.3
+ 0.1
- 0.3
+ 0.3
+ 0.2
+ 0.2
+ 0.1
+ 1.0
+ 0.5
+ 0.5
+ 0.1
3/
+ 0.1
%
+ 0.5
+ 0.9
n#a.»
3/ •
n«sto
K
y
+ 0.1
y
+ 0.3
y
+ 0.2
+ 0.6
+ 0.1
+ 0.1
+ 0.1.
1/
+ 5.1
y
+ 0,1
+ 0.1
+ 0.7
n.a,
y
tlo 3.1
— 0.1
+ 0.2
+ 0.3
+ ¥.1
+ 0,2
U. S. Government securities
— 2 06
- 2.3
« lalj.
- 0.2
- 0.3
- 1.3
Other securities
+ 0.2
+ 0,1
+ 0«2
+ 0,2
+ 0,2
+ O.i*
Total (less bank)
- 1.U
« 0*2 + 0.6 + 0.7 — 0.2
1.5
V Less than #50 million, n.a.—Not available,
be
-eginning June 1959 and exclude loans to nonbank"financial
institutions. For previous
E
years, loans to sales finance companies at weekly reporting banks have been shown
separately to provide roughly comparable changes in business loans on revised basis.
3/ Included in business and "all other". V Included with nonbank financial. 5/
March 1 = March 29, 1961. a6/ Includes an "estimated $100 million of repayments
by
Digitized
for Sears
FRASER Roebuck.
w
6 -
L.U.3
Table 1
Estimated Changes in Loans and Investments at All Commercial Banks
(In billions of dollars)
Item
Last Wed
T33T
Total loans (less interbank)
y - 2.5
Business (excluding nonbariF"financial
or sales finance companies) £/
- 0.5
Nonbank financial
- 1.3
Sales finance companies
b/
(Business (including nonbank financial or sales finance companies))
1.8
Real estate
Security
1.0
Agricultural
o.U
Consumer
o.5
All other 2/
o,5
of December to last Wed
1960 \ 195917
- 0.9
- 0.1
- 1*7
— 0.6
+ 1.3
+ 0.7
- 0.5
- 0.1
— 0# 8
+ 0.2
+ 1.6
0.1
U. S. Government securities
Other securities
Total (less bank)
Item
Total loans (less interbank)
Business (excluding nonbank financial
or sales finance companies) 2/
Nonbank financial
~
Sales finance companies
(Business (including nonbank financial or sales finance companies))
Real estate
SecurityAgricultural
Consumer
All other 2/
+ 0.8
2#9
- ¥.1
0.2
- 0.2
- t
- 1.3
w
+ 0.3
0,1
- 0,1
- 0,3
- 0,2
• 5^1
*
+
+
li.7
- 3.2
+ l.li
- 2.9
- 3.0
O.it
U
+ 1.0 + 0.2
0*1
6*1
3,3
+ 0*6
0.1 + 0.6 + 0*1
l.li - o;8
y
0.1 - 0.2 + o;3
0.2 + 0.5 - O.li
1.3
w
V
-sf?
- 3*1
1.3
O.li
0.5
o.i
0.3
1/
- 1,8
Last Wed» of December to last Wed# of March
2255
225k
2251 2 2 5 L 2 2 5 1 2 2 5 S L
+ 0.8
— 0.6
+ O.li
- 0.2
+ O.li
•- °«3
+ 0.3
+ 0.2
n*a*
-¥.3
n.a.
+ ¥,1
-
+ 0.5
— o*5
+ o.i
+ o.6
- O.ii
- 0,3
+ 0.3
^2
— 0.6
+ 0.8
- 0.3
+ 0.2 - 0.1
-
¥.1
+ 0:2
- o.5
+ 1.7
3/
- 0.1 + 1.8
+ 0.1
- 0.3
*¥.6*¥.i
y. - 0.1
+ 0.3
- O.li
+ 0.1
+
0.6
xi* a*
y
n*a*
1/
+ O.li
+ 0.1
- 0.1
+ 0.2
u
U. S. Government securities
- ii.8
- 2.7
- 2.8
— O.li
- 3.2
- 1.2
Other securities
+ 0,7
+ 0,li
+ 0,2
+ 0,3
+ 0,2
+ 0.6
Total (less bank)
- 3.3
- 3.0
2.3
o.li - l.li
1/
Less
than $50 million,- n.a.—Not
available! 2/ Data are on revised basis • V
,
.
be
eginning June 1959 and exclude loans to nonbank financial institutions. For previous
years, loans to sales finance companies at weekly reporting banks have been shown
separately to provide roughly comparable changes in business loans on revised basis.
3/ Included in business and "all other", h/ Included with nonbank financial.
3/ Call.report data for December 31, I960 used in this report. 6/ Includes
$800 million increase due to purchase of consumer instalment receivables from Sears
Roebuck» 7/ Total credit increased about $1*00 million as a result of bank structure
Digitizedchangesj
for FRASER $250 million in loansj $100 million in U. S. Gov* t securities and $ % million
http://fraser.stlouisfed.org/
m other securities.
Federal Reserve Bank of St. Louis
L.lt.3
Table 2
- 7 -
Changes in loans and Investments at Weekly Reporting
Meafeer Baafca and Saarepo]""
~ '
of dot
Last Wednesday in February to last Wednesday in March
Item
1961 3/
Weekly reporting banks
I960
1959
1958
+ 0.7
- 1.0
2/
- 0.3
+ lwl
- 1.5
+ 0.2
— 0.2
+ 0.7
+ 1.3
+ 0.5
+ ^;5
+
+
•
1.1
0^6
o;i
0.6
+ 1.7
- 0.3
2/
+ 0.3
— 1.0
2/
— 0#6
+ 0.3
- 0.8
2/
— 0.6
+ 0.2
2/
+ 0.2
+ 0.3
+ 0.1
— o*5
+ 0.1
- 0.3
+ O.li
- 0.3
2/
2/
1957
1956
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
+
-
0.2
1.1
0.3
1.0
+ l.lt
Sonroiorting banks 1 /
Last Wednesday in February to last Wednesday in March
Item
Weekly reporting banks
1 o olo
1 +ll
Total loans
U. S. Government securities
Other securities
Total loans and investments
1955
1951i
1953
+ 0.9
- 1.9
+ 0.1
— o.s>
— 1.6
+ 0.1
- 1.1
+ 0.5
+ 0.7
- 0.8
+ 0.1
2/
+
+
+
+
+ 0.1
- 0.7
+ 0.1
=n%3
+ 0.3
- 0.7
2/
- O.li
+ 0.3
- 0.6
+ 0.1
- 0.2
+ 0.2
- 0.3
+ 0.1
1952
1951
1950
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
0.3
0.1
o;i
o.5
+
+
+
+
0.5
0.1
o;i
0.7
+ 0.3
- i;o
+ o;i
- o.S
Nonreporting banks 1 /
Total loans
U. S. Government
Other securities
Total loans and investments
+ 6.1
+ o.h
— O.li
+ 0.1
2/
+ o.li
- o;3
+ o;i
ToZ
1/ Beginning 1959* changes are on revised basis. Changes may not correspond exactly
~ with published data for weekly reporting banks because loans to foreign banks have
been excluded from this tabulation.
2/ Less than $50 million.
3/ March 1 - March 29, 1961
http://fraser.stlouisfed.org/
Not for publication
Federal Reserve Bank of St. Louis
L.U.3
Table 2
8 -
Changes in $eans and Livestaaents at Weekly Reporting
Meafeer Banks and Sonreportlag
Hillions ef dSl^rir
Last Wednesday in December to last Wednesday in March
Item
1961
Weekly reporting banks
i960
1959
1958
1957
1956
— 0.6
-'3i0
- 0.2
- 1.6
- 0.5
- 2.5
+ 0.1
- 1.7
+ 1.7
+ 0.8
- 0.9
- 1.5
+ 0.1
+ 1.0
- 2.1
2/
- i;i
+
+
:
+
-
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
+
-
2.1
1.1
o;7
2.5
+ 0#5
Nonr@#yfting banks 1 /
-
0*3
1.7
0.2
2.1
- §{3
+ 0:2
- 0.2
0.3
l.k
0.1
0:8
0.3
0.9
0.1
0.7
Last Wednesday in December to last Wednesday in March
Item
Weekly reporting banks
0.1*
- 0.2
+ 0.1
*• o.ii
OOOO
Total loans
U. S. Government securities
Other securities
Total loans and investments
1955
195&
1953
+ o.5
— I4..0
- 1.3
- 2.0
+ o.ii
— 2.8
- 0.1
- 2.3
• 0.2
+ 0.7
- 0.7
+ 0.5
— 0.5
1952
1951
1950
+ 1.1
- 2.8
+ 0.1
2/
-T;i*
+ o.j
1/
Total loans
U. S. Government securities
Other securities
Total loans and investments
+ O.ii
— 3»i
+
-
0.3
0.3
0.2
0.3
- 1.6
Nonreporting banks 1 /
Total loans
U. S. Government
Other securities
Total loans and investments
1/
H,
+ 0.3
- 0.8
+ 0.3
— 0.2
4 f
+ 0.1
- 0.1
+ 0.1
^oTT
+ 0.6
- O.lt
+ 0.1
+ 0.2
+
+
+
+
o.6
o;2
o;i
o.9
Beginning 195)9, changes are on revised basis. Changes may not correspond exactly
with published data,for weakly reporting banks because loans to foreign banks have
been excluded from this tabulation. Also, call report data for December 31, 1959#
and December 31, I960 l^ave been used.
Less than $50 million.
Total credit increased about #1*00 million as a result of bank structure changes;
$25%) million in loans; #100 in U. S. Government securities and $50 million in other
securities.
http://fraser.stlouisfed.org/
Not for publication
Federal Reserve Bank of St. Louis
L.lu3
- 9
Table 3
Changes in Commercial and Industrial Loans 1/ 2/
(In millions of dollars)
Last Wednesday in February to last Wednesday in March
1961
I960
1959
1958
- 33
- 17
+ 76
- 4
+
-
116
115
132.
129
- ij.6
- 13
+ 152
+ 93
+
-
y
V
+113
3/
1956
1955
1954
46
80
73
53
+ 39
= 111
+ 80
+
8
+ 43
- 73
+ 107
+ 77
- 33
- 103
+ 73
- 63
- 34
- 109
+ 59
- 84
+ 235
+ 106
+ 292
+ 158
+
2
+
+ 369
+ 249
+ 233
+ 443
+ 5io
+
66
+ 137
+ 71*
+ 15
+
+
79
5
+
-
57
10
+
-
49
6
+
+
75
80
+ 84
+ 111
+
+
52
84
+
+
+ 95
+108
+ 18
+ 125
+ 54
+ 39
+
+
+
88
27
18
+
+
92
20
9
+
+
+
92
90
2
+ 115
+ 226
+
3
+ 15
+ 116
+
2
+ 37
+ 111
+ 18
+171
+
+
24
+
73
+
8
+
+
+
Classified
Unclassified
+619
+ 37
+ 613
+ 93
+ 781
+ 135
+ 183 +1,089 +1,374
+ 347
+ 91
+ 96 5/+
+ 52
9
+ 328
+ 28
Total change
+656
+ 706
+ 916
+ 57k
+1,11*1 +1,470 5/+'356
+ 356
Total change excluding
sales finance
+656
+ 706
+ 681
+ 849 +1,312 5/+ 354
+ 346
Food processors
Commodity dealers
Trade concerns
Total
Sales finance
Metals and products
Textiles, apparel
and leather
Petroleum, coal etc.
Other manufacturing
and mining
Public utilities
Construction
All other types of
business
71
+
1957
OO
uuoj-iiooo UJ. ourivwor
60
43
10
30
12
57
1/ Prior to week ending January 11, 1956, includes changes in agricultural loans.
%?/ At weekly reporting banks.
*
3[/ For 1961, dates are March 1 - March 29s Comparable four week periods have been used
~ throughout. Therefore, these data may be on a different time basis than those shown on
Table I.
4/ Not included in business loans on revised basis.
3/ Includes CCC certificates of interest which are estimated to have declined $57 million.
Not for publication
10
L.U.3
Table 3
Changes in Commercial and Industrial Loans 1/ 2/
(In millions of dollars)
~~
Last Wednesday in December to last Wednesday in March
1961
Sales finance
1/
1958
1957
1956
1955
1951*
=
-
1|00
215
181
7 96
-305
- 253
- 121*
- 682
- 190
— 103
+ 96
- 197
- 279
- 260
- 11
- #0
- 250
- 211*
- 68
- 532
$/
- 12l*
- 510
+ 136
- 321
+ 105
- 219
+ 300
+ 561
+ 826
+115
-
13
89
75
CD
OO
Metals and products
Textiles, apparel
and leather
Petroleum, coal etc.
Other manufacturing
and mining
Public utilities
Construction
All other types of
business
1959
- 271 - 3ii7 — 268
- 22 — 10.8 - 176
— 161 + 172 . + 92
- 1*51* - 593
+.
Food processors
Commodity dealers
Trade concerns
Total
I960
+ 1*93
+ 178
+ 63
+ 253
- ij.6
+ 129
- 77
+ 150
=* 21*
+ 136
+ 53
+ 138
+ 20k
+ 192
+ 195
+
-
+ 89
— 116
™ 26
+ 161*
~ 37
+ 19
+ 95
- 210
+
It
+ 109
- 190
•= 11*
+ 112
+ 11*0
- I4.it
+ 211*
+ 301*
- 30
+ 1*3
+ 106
+
1*
+
2
+ 56
+ 10
+ 271
+
-
=
- 133
-
+
+
+
95
2+0
Classified
Unclassified
+ 102 + 586
- 71* - 31
Total change
+
28
Total change excluding
sales finance
+
28
97
15
19
12
- 989
— 230
+ 280 +1,119
+ 222
+
1 y ~ 1*8
- 116
- 677
+ 60
+ 555
- 203 -1,219
+ 161 +1,120 ^ + 171*
- 617
+ 555
-
+
- 398
- 139
- 65
79
- 709
28 +1,1*1*1 y +
69
1/ Prior to week ending January 11, 1956, includes changes in agricultural loans.
2/ At weekly reporting banks.
3/ Includes CCC certificates, of interest which are estimated to have declined $170
~ million.
k/ Includes CGC certificates of interest which are estimated to have increased $175
~ million.
Not for publication
5
11 -
L. iu 3
Table h
Estimated Changes in Deposits and Currency
(In billions of dollars)
Item
Seasonally adjusted data 1/
Demand deposit component
Currency component
Total
Seasonally adjusted data 2/
Demand deposits adjusted
Currency outside banks
Total
Seasonally unadjusted data 2/
Demand deposits adjusted ""
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
Factors affecting deposits and
currency
Bank loans and investments
other than U. S. Govt* sec. h/
Commercial
~"
Mutual savings
Bank holdings of U. S. Govt,
securitiesi
Federal Reserve
Commercial
Mutual saving and other
Gold stock and foreign
deposits at F. R. Banks
Other factors
1961
I960
+ 0.8
- 0*6
I
1959
1958
1957
1956
Last ialf of February to last half of Mamh
3/
- 0.6
+
o*5
+ o.i
+ 0.6
- 0.1
+ O.ii
+ 0.1
•"375
Last Wednesday of February to last Wed7 of March
+ O.lt
3/
+1DI
0.2
1L
- 0.2
+ 0.6
b.h
+ 0.5
+ 0.2
+ 0.7
- 1.7
- l.o
- 1.0
- 1.8
- 1.2
-1:6
- O:B
+ 1.6
+ 1.0
z-A
+ 0.5
+ 0.3
+ 1.2
- 0.2
+ 1.0
+
- 0.3
0.2
- 0.5
+ 0.9
+ 0.9
+ 0.1
— 1.6
+ 0*3
+ 0.1
+ 0.1
+ 1.0
+ 0.6
+ 0.2
+ 0.8
+ o.U
+ 0.3
- 0.6
T-377
+ 1.2
+ 0.3
+ 2,2
+"278
+ 1.0
+ 0:7
+ 0.1
+1.8
T X f
+ 2.0
+1.6
-1.9
- 2*1
+ 0*2
- 2*3
+ l.h
+ 0.1|.
- 0.1
- 0.7
- 1.2
(signs indicate effect
+ 0.3
+ 0.2
3/
- 1.9
3/
- 1.6
- 0.2
+ 0.1
- 2.0
3/
+ O.h
+ 0.2
2/
y
+ 0.2
3/
v
- 0.4
+ 0.8
+ 0.2
+ 1.2
3/
+ 0.2
~o7U
s and currency)
+ 2.2
+ 1.7
* i;it
+r.i
+ 1.3
+ 0.1
- o:9
+ 0:2
-1.1
2/
• Omk
+ 0*1
w
0*6
y
- 0.2
- O.lt
-t/.U
X
+ 0.2
+ 0.1
+ 0.2
+ 0.2
throughout; unadjusted data are for last Wednesday except in case of June and December
call dates, when available. 3/ Less than $50 million, h/ Total includes foreign
loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to
foreign banksj changes in these items are generally relatively small. Even if there
were no changes in other items, changes at commercial banks exclude all interbank loans,
domestic and foreign, while total loans exclude only those to domestic banks. In
addition there is some lack of synchronization in reporting asset and liability itemti
used in computing "loans net."
e
-12 -
L. lu 3
Table h
Estimated Changes in Deposits and Currency
(In billions of dollars)
Item
Seasonally adjusted data 1/
bemand deposit component
Currency component
Total
Seasonally adjusted data 3/
Demand deposits adjusted
Currency outside banks
Total
Seasonally unadjusted data 3/
Demand deposits adjusted ~
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
Factors affecting deposits and
currency
Bank loans and investments
other than U. S. Govt. sec. k/
Commercial
~*
Mutual savings
Bank holdings of U. S, Govt,
securities:
Federal Reserve
Commercial
Mutual saving and other
Gold stock and foreign
deposits at F. R. Banks
Other factors
1960 1959 £/ 1958
1957
1956
.1961
Last half of December to last half of March
+ l.li
- 1.3
+ 0.1
+ l.i
+ 0.2
TT3
+~i7E
0.2*
IL
oZ
I
+ 0.7
+ 0.2
I
^.ast Wednesday of December to last Wednesday of March
+ 1.1
+ 0.1
+ 1.2
+
+
+
-
U.8
l.li
6.2
3.1
2.8
O.li
1.8
o
(signs
- 1*6
- 0.9
+ 0.2
- o.y
- 6.6
- 1.3
719
+ O.li
+ 0.1
+ O.li
- 0.6
- 8.2
indicate
- 1.6
+ 0.2
+ 0.5
- 2.1
- 6.2
- 0.7
2/3
- o.5
- 0.6
- l.ii
- 1.7
2/
- 0.1
- 0.3
+ l.U
+ 0.1
+ 0.5
- o.i
+ O.li
- 5.2
— 0.8
- 5.7
- 0.9
+ 1.2
* 3.h
+ 1.5
- 6Jo
+
+ 0.3
- 0.5
- 5*5
effect
- 0.2
=~o3
+ 0.3
- 3.9
=33
- 3.2
+ 0.1
- 0.2
- 1.2
+TT7
+ 0.7
+ 1.7
=""i7IT
+ o.i
- 0.7
+ 0.8
+ 0.5
+ l.lt
u
- 0.2
- 1.8
- 0.2
+ 0.2
*17"
- 6.2
- 0.9
r n
+ 2.it
- 5.5
- 1.1
+ 2.0
- 6i6
+ 0.9
Ton
- o:2
+ 2.6
+ O.li
+ o;5
- 3«2
ts and currency)
c
- 0.1
+ 1.6
-~0l3
+ 0.6
TT3.
+ 0.7
- lu 7
- li.l
ZiZF
- 2.9
u
* 0.3
- O.li
— 1.2
- 3.0
u
+ 0.1
— 0.8
TJ Averages of daily figures. J Seasonally adjusted data are for last Wednesday
throughout; unadjusted data are tor last Wednesday except in case of June and December
call dates, when available, g/ Less than $50 million, k/ Total includes foreign
loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to
foreign banks; changes in these items are generally relatively small. Even if there
were no changes in other items, changes at commercial banks exclude all interbank loans,
domestic and foreign, while total loans exclude only those to domestic banks. In
addition there is some lack of synchronization in reporting asset and liability items
used in computing "loans net." £/ In January 1959, as a result of-structure changes,
demand deposits adjusted increased $100 million. Time deposits at commercial banks
increased
$2*00 million and time deposits at mutual savings banks declined $300 million.
L.U.3
- 13 ~
Table f>
Ratios to Total Deposits 1/
L O A N S
Date
* 191*6:
191*7:
191*8:
191*9$
1950s
1951:
# 1952:
1953:
1951*:
1955:
1956:
1957:
*1958:
1959:
01960s
#
*1961:
Dec.
Dec.
Dec,
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
All commercial
Total
banks
31
31
31
31
31
31
31
31
31
31
31
31
31
Member banks
dentral reserve city Reserve
New York | Chicago
city
23.3
27.7
31.2
31.1
35.8
37.2
39.3
1*0.5
1*0.3
1*5.8
1*8.8
1*9.7
1*8.1*
23.7
28.2
31.3
30.9
36.1
37.6
39.9
1*1.1
1*0.7
1*6.7
50.1
51.0
1*9.1*
Oct. 28
Nov. 25
Dec. 31
53.6
51*. 1*
66.6
51*.o
51*. 9
55.3
55.6
Jan. 27
Feb. 21*
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept.28
Oct. 26
Nov. 30
Dec. 31
51*. t*
55.6
56.1*
56.2
56.8
57.1
56.2
56.6
56.3
55.3
55.1*
55.1
55.9
57.1
58.0
57.7
58.3
58.5
57.5
58.0.
57.6
56.7
56.8
56.5
67.1*
69.1*
69.1*
67.6
Jan. 25p
Mar. lp
Mar. 29p
51*. 5
55.5
55.8
55.8
56.8
57.2
27.7
31.0
35.9
3k. 9
1*2.5
1*6.3
50.6
50.6
1*6.8
56.7
61.7
61.9
57.7
69.5
67.3
, 68.0
67.1*
66.9
67.7
66.0
65.5
3/ 66.0
65.9
62.7
65.8
65.0
27.3
30.3
30.1*
25.6
32.3
36.2
38.9
39.1
38.3
1*6.3
52 i 7
55.2
1*9.1*
56.6
56.2
26.0
31.1
33.1*
32.1*
38.1
39.lt
1*1.1
1*2.2
1*1.9
1*8.5
52.7
53.3
51.3
li.s. Govt, securities maturing
within one year
m
commercial
Country
banks
18.9
23.1*
27.1
28.5
31.5
32.1
33.9
36.1
37.1
1*0.7
1*2.6
l*lt.l
1*1*.1*
1*8.0
58.2
57.5
58.1*
58.2
1*8.1*
58.2
58.7
1*8.8
62.7
61u5
62.0
63.8
63.2
61.7
61.1
6l.lt
6l.lt
60.3
60.1*
61.1*
61.1
61.7
61.9
60.5
61.0
60.6
60.8
59.1*
59.7
59.0
58.8
62.0
59.7
61.7
58.8
'60.2
1*8.2
1*9.1*
50.3
50.6
f
11*. 3
ll*.0
11*. 2
19.2
15; 2
9.8
11.7
16.9
io;o
5.1
7.5
8.1*
8.3
5.9
6.1
6.7
6.6
5.5
lt.6
i*.9
l*.l*
51.1*
51.7
51.1
l*.l
51.5
6.1*
51.6
50.6
5.2
5.1*
7.7
3/50.1*
50.3
8.1
50.1
50.5
5/51.0
8.7
9.1
n#a#
8.2
vxy
^ —-y- — ,
,—
v# we vjvveruxneni> 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).
—/ 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/ Data not strictly comparable with previous figures as one large country bank merged with
Digitized
FRASER
ft aforcentral
reserve city bank, h/ Includes merger with nonmeniber. 5/ Reserve city
http://fraser.stlouisfed.org/
banks reclassified to country banks.
n.a. Not.available.
~
Federal Reserve Bank of St. Louis
L.it.3
- Hi. -
Table 6
Free Reserves and Total Reserves Held
(Based on averages of daily figures; in millions of dollars)
Free reserves
(excess reserves minus borrowings)
Date
member Mew York
Chicago
Reserve
reserves
held seasonally
adjusted
Country
member
Monthly averages;
1958: Dec.
1959:
1960s
1961:
197
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
•
•
•
•
•
•
513
557
535
1*93
459
1*35
• 1*25
109
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
• 360
361
88
219
195
33
1*1
120
21*7
1*13
1*89
6H1
18,602
535 101
1*82 12lt
1*20 11*5
391 . 169
338 171
369 180
1*1*9 237
18,1*33
18,559
18;595
18,61*9
18,666
18,677
18,671
1*39
381
252
251*
173
120
128
62
1*1*
2
38
80
257
197
182
190
11*1*
20lt
290
375
1*61*
1*83
51*6
596
18,691
18;360
18,228
18,101*
18,276
18,275
18;389
1/
1/
1/
T/
89
10
36
583
510
1*30
V 19,119
1 / 19,112
1/ 19,012
11*
66
553
n,a«
-
2
-
10
11*
1*
560
331
1*95
n* st#
n*3L *
n»3, •
n,a*
n* ci*
15
151*
225
63
1*7
35
227
1*1*
210
82
181*
62
10li
90
50
126
1
152-
2
1*9
59
39
38
5
31
1*5
16
3
27
100
9
31*
681
10
695
517
1*76
26
26
Feb. 22
616
11*
Mar.
628
57
Jan.
Feb.
Mar.
268
2
1*
1*
29
1
9
18;m
18,750
18;915
19,097
19,031
Weekly averages:
1961:
1
8
15
22
29
335
585
1*57
521
9
1*1*
25
15
-
-
1
8
15
Note:
Data
,
, for late March are preliminary,
Digitized l
foroFRASER
w e r publication^
US eti t 0 e x c l u d e e f f e c t
^
°f
1*6
38
386
1*6 | 1*78
reserve requirements.
- 15 -
L»U«3
Table 7
Changes in Member Bank Reserves, with Relevant Factors
(Monthly average of daily figures; in millions of dollars)
March
Item
January - Marchj^ Tear ending March
1961
I960
1961
I960
1961
I960
- 251*
- 839
+ 650
- 357
- 357
Member bank reserves
Required reserves
1/
Effect of change in
requirements
Effect of deposit change
Excess reserves
1/
Total reserves held
1/
Cash allowed as reserves 1/
Reserve balances
Total reserves held, seasonally
adjusted
Principal factors
®
Currency in circulation
Gold stock and foreign
accounts
Treasury operations
Federal Reserve float 3/
Other factors
3/
Effect of above
factors on reserves
^
11*7
~h9
11*7
- 2$h
- 839
+
5
+ 62+5
108
39
- 222
-
66
+ 130
-
156
186
- h7k
- 905
+ 781
- 1*02
U3
113
9
177
- 207
- 267
- 1*7
- 858
+2,132
-1,351
+ ?57
- 659
100
- 132
-
- hh3
+ 781*
- 387
19
1*5
(signs indicate effect on reserves)
i
i
1 j
1
; !
1*7
:
[
+1,179
+1,1U7
- 211
- 1*01
+
I ! +
73
63
50
11
+
+
-
2
50
33
15
- 561i
+ 58
- 59U
+ 89
+ 92
+ 23
- 361
+ 267
-2,073
1111
+
6
- 159
+
+
+
-
50
+
19
+ 168
+1,168
-2,326
- 51*0
-
65
- 197
- 1*36
-2,027
+ 978
- 119
- 1*17
- 3bh
- 73
5
-1,726
-1,732
.+
6
- 27
+1,521
+1,565
— 1*1*
+ 11*
- 136
- 139
+
3
- 271
3
- 565
+
8
923
361*
112
308
Federal Reserve loans and
investments;
Total
$
1*9
U. S. Govt, securities
Outright
Repurchase agreements
Acceptances
Discounts and advances:
To member banks
To others
+
2
+ 196
j - 191
1
r
;j
1
67
i »
12
28
16
h
+
-
- i$i
—
+
17
3
2/ Computed on daily averages for December and March.
3/ Beginning "January I960, data are on new basis excluding collected funds.
involving 1959 have been computed on old basis however.
+
-
31*
17
Comparisons
LA. 3
«• 3 Q «=
Table 8
Liquid Assets Held by the Public — Seasonally Adjusted Series
(Amounts in billions of dollarsj ratios expressed as percentages)
vt
Bod of
month
Demand
deposits
Total
adjusted
liquid
and
assets
currency
(2+5+8) outside
banks l/
271.8
1950
195*
11It,,6
120.,
.2
284.0
296.2
308.3
318.0
330.3
339.9
351.7
368.9
388.7
1952
1953
1954
1955
1956
1957
19$8
1959
1960
Jan*
Feb.
Mar,
Apr,
Jttie
July
Aug.
Sept.
Oct,
Mow
Die.
1961
Jan.
Feb,
12k,.1
126,»6
,0
130.,
133,.5
134.5
133.6
Personal-type savings
Total
personal- Time deposits
Savings U. S.
type
adjusted l/
Govt,
and
savings Commer- Mutual
loan savings
(4+5+6+7) cial
savings
shares bonds
banks banks 2/
?/
4/
4
5
6 *
7
129,
132,
UtO,
148,
158,
166,
17b,
182.8
55.7
55.2
55.6
55.5
55.6
55.9
54.8
51.7
50.5
48.0
28.2
31.1
31.5
33.1
29.9
30.4
31.3
35.3
33.4
44.1
150.9
158.0
164.7
170.2
176.8
182.0
185.2
190.0
202.2
206.4
55.5
55.6
55.6
55.2
55.6
55.1
54.5
54.0
54.8
53.1
35.8
35.8
36.0
36.1
36.1
36.1
36.4
36.4
36.6
36.8
36.9
37.1
54.9
55.4
56.0
56.5
57.1
57.7
58.3
59.1
59.7
60.5
61.1
61.8
47.7
47.6
47.4
47.2
47.2
47.1
47.0
46.9
47.0
46.9
46.9
47.1
45.1
45.5
45.6
45.342.7
43.0
41.0
40.7
41.6
39.9
38.9
38.8
205.7
204.8
205.4
205.4
203.6
204.8
206.1
207.2
207.8
209.9
209.9
210.9
52.9
524
52.6
52.6
52.7
52.7
53.0
53.1
52.9
53.3
53.3
53.3
37.3
37.3
62.6
63.2
47.2
47.2
37.7
39.7
212.9
213.1
53.5
53.2
lltO.O
139.1
139.5
139.lt
137.5
138.0
138.6
20lt.l
204.5
205.3
139.2
217.7
65.7
65.7
65.9
66.0
66.1
66.8
67.5
68.6
69.3
70.0
71.1
71.7
397.7
llt0.7
139. 4
219.3
221.lt
72.2
73.7
138.6
138.5
139.9
138.8
400.5
211.0
212.6
2lit.2
216.0
for footnotes see ether sidtle.
http://fraser.stlouisfed.org/
Federal Reserve Bank #
of St. Louis
6
e
9
14.0
16.1
19.2
22.8
27.2
32.0
37.0
41.7
47.7
54,3
389.2
389.1
390.4
390.5
386.7
388.7
388.8
390.3
392.7
394.0
393.7
395.7
206.5
207.7
209.2
8
Ratio;
Ratio:
Total
Commercial
liquid
bank deposits
+ currency to assets to
gross
total liquid
national
assets
(9 • l)
nroduct 6v
10
11
23.0
23.6
25.2
26.7
28.5
30.0
31.6
33.0
35.1
35.9
196,
20lt<
205.8
Commercial
bank demand
and time deposits adj.
and currency
(2 + 4)
36.3
37.8
40.6
43.6
46.8
48.5
50.7
56.lt
63.lt
66.2
138.8
140.2
?. S. Govt
securities
maturing
within one
year 5/
89.1
83.3
82.2
85.1
85.3
80.7
78.8
79.3
79.3
79.8
77.7
77.0
77.5
78.3
p Preliminary.
,
1/ Data for demand and time denosits adjusted and currency outside banks ere as of last Wednesday of month,
except that time denosits are as of June 30 and December 31 when call data for these dates were available*
2/ Includes savings denosits in the Postal Savings System.
3/ Prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawals
of savings caoital compiled by the Federal Home Loan Bank Board.
it/ Includes all tyoes of savings bonds held by investors other than banks and U. S. Government agencies and
~ trust funds.
5/ Includes all marketable securities maturing within one year (adjusted to include nartially tax exempt
~ securities 12 months prior to first call date) and, prior to 1956, nonmarketable Treasury savings notes
with maturities up to 2h months; figures include holdings of insurance companies, brokers and dealers,
State and local governments, nonbank corporations, corporate pension funds, nonprofit institutions,
foreign accounts, and individuals.
6/ Gross national product estimates are available quarterly and annually only. For 1950-58 ratios are for
~ last quarter of year; for 1959 and I960, for each quarter of year. Data for total liquid assets used in
computing these ratios are quarterly average for four dates: each month of the current quarter and the
last month of the preceding quarter.
17
L.4;3
Table 9
Money Supply
(Averages of dally figures. In billions of dollars)
Semimonthly
period
(2)
1954—Dec.
1955—-Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1
1959~"Oct.
(1)
Nov.
Dec.
1960—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1961—Jan..
Feb,
Mar.
i
a
.13
I
W
i s -
1
(1)
(2)
Seasonally adjusted
Demand
CurTotal
deposits
rency
Without seasonal ad.1 ustment
Demand
CurTotal
depos
its
rency
1/
132.0
134.7
136.6
135.5
140.9
104,6
106.9
108.3
107.2
112.3
135.7
138.5
140.4
139*3
144.9
113.6
142.2
142.4
143.3
V
142.6
142.2
142.2
142.1
141.5
141.5
141.3
141.3
141.1
11*0.9
140.8
140.3
140.3
140.7
140.2
139.6
i39.it
139.4
139.6
139.9
140.3
140.5
140.0
141.2
140.6
139.9
140.3
140.5
ito.2
lla.o
ill.3
U1.1
1U1.1
1hi. 9
At all commercial banks
Digitized for 1/
FRASER
27.4
27.8
28.3
28.3
" 28.6
29.0
29.0
1
113.3
113.2
113.2
27.9
28.3
2Q. 8
28.9
29.2
29.1
28.9
29.2
29.2
29.0
28.9
28.9
28.9
112.6
112.6
144.4
145.4
29.5
29.5
28.9
29.0
112.4
112.3
29.0
111.9
29.0
111.3
1|.5.|
143.6
141.8
139.6
140.0
138.6
139.6
140.9
139.0
137.0
29.1
28.5
28.7
28.5
28.7
28.9
29.0
29.1
29.0
112.2
111.8
111.)
111.6
29.0
111.2
28.9
110.$
110.5
110.6
29.0
28.9
28.9
29.O
29.6
28.8
29.0
28.9
29.0
29.O
29.O
29.O
28.9
29.0
2B.9
29.0
28.9
28.9
29.0
29.0
110.5
110,7
110.7
111,0
111.3
111.6
111.0
112.2
111.6
110.9
111.4
Si:?
112.0
il2.lt
112.1
112.1
112.9
p
143.4
138.2
137,9
138.2
138.2
139.9
139.6
139.9
141.4
141.7
141.2
143.3
144.4
144.0
10.4
142.6
139,6
1U0.1
139.9
preliminary.
28.6
28.9
ii
28.7
29.0
28.8
29.3
29,0.
29.2
28.9
29.2
28.9
29.2
29.0
29.2
29.3
29.5 ,
29.6
29.1
28.5
28.6
28.5
28.7
28.6
107.9
110.2
111.6
110.4
115.7
113.0
113.5
114.1
114.1
115.0
116.0
116.1
115.1
113.2
111.1
111.3
110.0
110.7
119.3
110.2
108.3
109.2
109.1
108.9
110.3
110.4
109.3
110.7
110.7
110.6
112.4
112.4
111.9
113.7
114.8
114.9
lib.8
113* ?
lll.l
111=5 '
111,3
—
L.b.3
Year
or
month
End of Dec.
195b
1955
1956
1957 1958
1959".
Nov. 25
Dec. 31 3/
1960S
Jan. 27
Feb. 2U
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept.28
Oct. 26
Nov. 30
Dec. 31
1961s
Jan. 25p
Mar. lp
Mar. 29p
18 ~
Table 10
Deposits and Currency
(in billions of dollars)
ill
Seasonally adjusted
money supply 1/
(8)
(9)
(10)
Seasonally
Time deposits
adjusted
u. s.
money
Demand
Govt,
Cursupply and deposits Total Commer- Mutual Postal deposits
Demand
rency
Total
deposits outside tiae dep. adjusted (7+8*9) cial savings savings
2/
(2+3)
at COBB.
adjusted
banks
banks(l+7)
(11)
(12)
Total
Cur- deposits
and
rency
outside currency
banks (5+6+10
•11)
130.0
133.5
13b.5
133.6
138.8
103.1
106.1
107.1
105.8
110.7
26.9
27 .b
27.U
27.8
28.1
176.8
181.9
185.1
189.7
202.0
106.6
109.9
lll.li
110.3
115.5
75.3
78 .U
82.2
89.1
98.3
I16.8
U8.U
50.6
56.1
63.2
26.3
28.1
30.0
31.7
3b.O
2.1
1.9
1.6
1.3
1.1
5.1
b.b
b.5
b.7
b.9
27.9
28.3
28.3
28.3
28.7
226.b
lbo.l
lb0.2
111.8
112.0
28.3
28.2
20b. 8
206.1
113.1
115.b
100.3
101.8
61i.7
65.9
3b.6
3b.9
1.0
0.9
5.1
5.8
29.1
29 .b
2b7.6
252.b
1U0.0
139.1
139.5
139.L
137.5
138.0
138.6
138.6
138.5
139.9
138.8
139.2
111.7
110.8
111.1
111.2
109.3
109.9
110.3
110.3
110.3
111.5
110.6
111.0
28.3
28.3
28 .U
28.2
28.2
28.1
28.3
28.3
28.2
28 .U
28.2
28.2
205.2
20U.5
205.5
205.6
201.0
205.il
206.5
207.5
207.9
209.9
208.8
210.6
llli.o
108.8
111.5
107.7
107.8
110.1
108.9
109.3
112.2
111.9
115.1
101.0
101.2
102.2
102.3
102.6
103.6
10b.2
105.3
106.0
106.7
106.7
108.5
65.2
65.b
66.0
66.2
66.5
67.b
67.9
68.9
69.lt
70.0
70.0
71.b
3b.9
3b. 9
35.3
35.2
35.2
35.b
35.5
35.6
35.8
35.9
35.9
36.3
0.9
0.9
0.9
0.9
0.9
0.8
0.8
0.8
0.8
0.8
0.8
0.8
b.b
5.3
5.2
5.3
7.7
7.8
7.0
6.2
8.2
6.7
6.1
6.7
27.9
28.0
28.1
27.9
28.1
28.3
28.b
28.5
28.3
28.3
28.7
29.b
2b7.3
2bb.9
2bb.2
2b7.0
2U6.1
2b7.7
2b9.6
2b8.8
251.8
25b.0
253.5
259.6
11*0.7
139. b
IkO.l*
112.3
110.9
112.1
28 .U
28.5
28.3
212. b
212.7
21U.6
lib.7
110.6
110.3
109.0
110.7
111.6
71.7
73.3
7b. 2
36.5
36.6
36.7
0.8
0.7
0.7
b.l
6.5
b.9
28.0
28.2
28.0
255.7
256.0
25b. 8
110.5
-
21b. 8
221.0
232.3
2b7.5
r Revised.
Wednesday of the month. 2/ At commercial^ savings and Federal Reserve Banks. J/ Demand deposits were reduced about
$U00 million as a result of a technical change under Regulation D amending the definition of such deposits. On
balance in 1959s a s a result of structure changess demand deposits adjusted increased $1*00 million, time deposits at
commercial banks increased $700 million, and time deposits at mutual savings banks declined $300 million.
http://fraser.stlouisfed.org/
S
Notef*
Data
#
S
#
#
Federal Reserve
Bank of St.
Louis revi^Bd in accordance with PdBember 31, 1&60 call.
-
L.U.3
/9 —
Table 11
Loans and Investments at All Commercial Banks
(in billions of dollars)
Date
Loans
and
investments
U.S.
Other
Govt,
secur- Total
securities loans
ities
Busi- Real Secur- Farm
ness estate ity
Nonbank
financial
ConAll
institusumer
other
tions
195U? Dec. 31
1955: Dec. 31
1956s Dec. 31
1957' Dec. 31
1958s Dec. 31
1959s June (old)
June (new)
155 o 7
160.3
161; „ 5
169.3
18U.U
18k.2
18b.2
69.0
61.6
58.6
58.2
66.lt
60.9
60.9
16,3
70.lt
82.0
16.7
16.3
89.7
17.9
93.2
20.6
97.5
20.6 102.8
20.6 102.8
I8.lt
26.9
20,8
33.2
38.7 • 22.5
23.1
U0.5
lt0.lt 25.3
26.9
U2.5
37,8
26.9
It.5
5.0
It.3
It.2
lt*7
lt.1
lt.1
5.2
U.5
It.2
it.l
5.0
5,o
5.0
10,9
13,2
lit.6 i
15.8
15.9
17.5
17,5 ; 5~9
5*6
6.5
6,9
7,2
8.2
8.8
7.6
1959: Nov, 25
Dec. 31
186.1189.5
58.5
58.9
20.3 107.3
20.5 110.0
39.lt
lt0.2
27.9
28.1
lt.1
U,9
It.9
5.o
18.6 1 6.2
18,8 : 7.1
!
1 8,2
| 8.1
1960s
185.6
18U.3
I83.lt
186.2
185.9
186,7
188.6
189.0
191. It
193.8
193.9
158.5
58.0
56.2
51t.2
55.8
55.1
5U.2
56.7
56.6
57.7
60.U
60.2
61.0
20,3
20.1
20.1
20.0
19.8
19.9
20.0
20.0
20.2
20.lt
20.3
20.9
39.lt
39.8
ltO.9
ltO.9
ltl.3
ltl.9
111. 2
111.2
ltl.8
Itl. 8
U2.3
lt3.1
28.1
28,2
28.2
28.3
28,3
28,It
28.lt
28.5
28.6
28,7
28.7
28.?
U.O
3.9
3,5
3,9
3.7
3.8
3-8
lt.1
lt.lt
It.2
lt.0
5.1
1961:
Jan. 27
Feb. 2k
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug, 31
Sept.28
Oct. 26r
Nov, 30r
Dec, 31
Jan. 25 r
Mar. 1 r
Mar. 29 p
107.lt
108,1
109.1
110.lt
110.9
112.6
111.9
112.5
113.5
113.0
113.lt
116.7
esonao
t
C9«>W
«5=>mo
«a*s»
; it.9 18.9
! 5.0 19.0
! 5.1 19.0
!
5.2 19.3
19.5
i 5.3
:
5.U 19,8
: 5.5 19.9
20.0
5.6
20,1
5.6
5.7 ! 20,1
5.7 i 20.1
<.7
20.1
1 6,3
i 6,It
6,6
6,8
6.7
; 7,1
! 7.0
i 6.8
i 6,7
i 6.2
| 6.1
; 7,i
: 8,1
i 8.1
8.0
8,3
S8.lt
8,5
8.3
; 8.5
! 8.6
| 8,5
i 8.8
l
9 , 2
195.6
61,9
20,9 112.8
20.0 i 6,1
8.9
u.2
ltl.5 28.7
5.9
6 . 0
197.0 ! 61.3
8.8
21.3 lllt.lt ltl.8 28.7
120.8 i 6,2
It. 5
6.1 : 20,6 1 5*8
28.8
8.7
21,7 lilt ,2 U2.6
U.l
195.6 | 59.7
l
1
1
1
1
1 _
p Preliminary, 1/ Structure charges in 1959> oh balance through August, added almost 81 billion to 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; 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 2lt, 1959> "business loans* and "all other loans" have been revised to exclude loans to
http://fraser.stlouisfed.org/
qghbank finaqpial institutions. N0T^| Data rev%ed to conf^m with Becqpber 31, 1 9 ^ call*
%
Federal Reserve Bank of St. Louis
@FedFRASER