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FEDr-.; ' R publication <:, i / BANK ; /'.'AY BANKINGLAND MONETARY DEVELOPMENTS IN FEBRUARY 1964 n w '• *" ^ j\ fiC/"*• *"? . ? / * r' r\ ? —s*" Seasonally adjusted loans and investments at all commercial banks increased sharply in February following a small decline in January. Loans continued to expand substantially reflecting growth in most major categories. Holdings of U. S. Government securities increased following reductions in most other recent months and holdings of other securities rose at a somewhat faster pace than in late 1963* The money supply declined somewhat while time and savings deposits at commercial banks increased further. U. S. Government deposits rose. Free reserves fell back to about the SeptemberNovember levelo Bank credit* Seasonally adjusted commercial bank credit increased $3o2 billion in February following a $500 million reduction in January. The annual rate of growth over the two months was 6.6 per cent compared with 11 per cent in the corresponding two months of 1963 and 8 per cent over the entire year 19&3* Credit growth at weekly reporting banks in leading cities was substantial, as in 1961 and 19&3, and contrasts with declines in most other recent years prior to 1961. At banks outside leading cities, credit was about unchanged, however, whereas it had increased moderately in February of each of the past three years. In view of the recent marked shift in the February pattern of credit changes at city banks, the existing seasonal factors probably overstate the credit rise for this month* Total loans increased $1,4 billion on a seasonally adjusted basis in February with further growth in all categories except security and agriculture. Holdings of U. S. Government securities increased $1.2 billion following reductions in six of the past seven months. All commercial banks were allotted about $350 million of the $1 billion new bill issue of February 6. Shifts within portfolios reflected the February 15 exchange of maturing certificates and bonds for note issues with maturities of 18 and 30 months. Holdings of other securities increased $600 million, the largest monthly rise since August, presumably reflecting acquisitions of both agency issues and municipals. Seasonally adjusted business loans at all commercial banks increased $400 million in February, somewhat faster than in January, but considerably slower than in the fourth quarter. At city banks borrowing by trade concerns and textile manufacturers increased more than usual« Expansion in loans to the service industries and in holdings of bankers1 acceptances continued large. Changes in outstanding borrowing by most other industries were similar to those in past Februaries except for a larger-than-usual decline in loans to commodity dealers following a sharp rise in the latter part of 1963. Consumer loans at all commercial banks, seasonally adjusted, increased more in February than in other recent months. This reflected in part acquisitions of receivables from Federated Department Stores. Real estate 2 loans continued to expand substantially. Loans to nonbank financial institutions also rose following some decline in January. Security loans, however, declined moderately; at city banks loans for purchasing and carrying both U. S. Government and other securities were reduced. Deposits and turnover. The daily average money supply, seasonally adjusted, declined #400 million in February following a sizable $1.3 billion rise in January. A small rise in the first half of the month was .pore than offset by a decline in the second half. The February average was 3.9 per cent above the year—ago level. U. S. Government deposits at commercial banks rose about the usual amount over February. Seasonally adjusted time and savings deposits at commercial banks increased $1.1 billion in February. This was much less than the unusually sharp January expansion but only slightly below the average monthly rise over the past year, an annual rate of 14-1/2 per cent. At weekly reporting banks in leading cities, growth in savings deposits in February continued to be much smaller than in February of the two previous years while expansion in other IPC time deposits, which had been relatively sharp in January, tapered off somewhat in February, The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York declined to 33.7 (preliminary) in February from 34.8 in January; over the two months it averaged only slightly above the fourth quarter average and about 5*7 per cent above the corresponding months of 19&3* Bank reserves. Free reserves averaged $90 million in February, about $100 million below the December-January average but in line with the September-November level. EJxcess reserves at $395 million were well below the levels of other recent months while borrowings at $305 million were higher than in January but below the average for the last half of 1963. The effective rate on Federal funds continued at 3-1/2 per cent except for one day in February. Seasonally adjusted required reserves were about unchanged. Reserves were absorbed principally through reductions in float and through System sales of U. S, Government securities. Seasonal currency inflow continued to supply reserves. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. March 17, 1964. 14 3 - EXIIiUlf A, Port I I O A N S A N D I N V E S T M E N T S AT A l l C O M M E R C I A L B A N K S A® 1 . 1 •! month, itoionolly odjutled •illioni of d o l l a r s 140 110 I 0 I A I IOANS AND I N V I S f M i N I S 110 140 IOANS 100 M.S. GOVT. S I C U t l f l f $ 0 I H I I $1(011111$ 1954 1959 1940 Exhibit A - Part II Date U. S. Gov't, Other securities securities b i 1 1 i 0 n s of d 0 1 1 a r s) Total 1/ (In Loans 1/ 1960—Dec. 31 1961—Dec. 31 1962——Dec. 31 £/ 194.5 209.6 228.1 114.2 121.1 134.7 59.6 64.7 64.3 20.7 , 23.8 29.1 1963—Jan. Feb. Mar. Apr. May June 228.9 232.3 235.0 232.5 234.8 240.3 134.7 136.8 137.8 137.4 138.9 141.8 64.6 65.4 29.6 30.1 30.5 31.2 31.7 32.5 p p p p p p 237.8 238.5 240.7 241.0 244.0 . 246.3 142.4 142.5 145.0 146.3 148.8 150.6 62.4 62.1 61.7 60.8 33.0 33.9 34.0 34.5 34.4 34.9 1964—-Jan. 29 p Feb. 26 p 245.8 249.0 151.3 152.7 59.8 61.0 34.7 35.3 July Aug. Sept. Oct. Nov. 2/Dec. 30 27 27 24 29 29 31 28 25 30 27 31 1/ Adjusted to exclude interbank loans. 2/ Estimated as of December 66.7 63.9 64.2 66.0 60.2 60.8 1.4.3. - IXHlllI B, Port | L O A N S AT A l t C O M M E R C I A L B A N K S toil Wednesday ol month, • •aionolly adjusted Billiom ol dollar* m i isuii 111 I.U.LUJJ im i»s« •no im mi Mil .LLLUL^UH II4I Exhibit B - Part II Date Business (i n 1960—Dec. ,31 1961—Dec. 31 1962—Dec. 31 1/ | Real estate b i 1 li 0 n s Consumer of | Security d 0 1 1 a r s) 42.1 44.1 47.9 28.7 30.3 34.2 20.5 21.3 23.6 4.3 5.2 6.1 48.1 48.3 48.3 48.7 48.8 49.5 34.5 34.7 35.0 35.5 36.1 36.7 23.9 24.3 24.6 24.9 25.2 25.4 6.7 5.7 6.1 6.9 p p p p p p 49.3 49.5 50.0 50.7 51.5 52.4 37.3 37.8 38.2 38.6 39.1 39.5 25.5 25.7 25.8 26.1 26.4 26.6 6.4 6.3 7.2 6.5 7.3 6.6 1964—Jan . 29 p Feb. 26 p 52.6 53.0 39.9 40.2 26.8 , 7.3 7.0 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1/Dec. 2/ 30 27 27 24 29 29 31 28 25 30 27 31 Estimated as of December 31• 27.1 U t Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Jan. Loans and Investments Z/ Feb. Mar. Apr. May June +2^3 I2s5 July p Aug. p Sept. p Oct. p Nov. p Jan. p Feb. p iLi 1L1 U. S. Gov't, securities +0.3 +0.8 +1.3 -2.8 +0.3 +1.8 -3.6 -0.3 -0.4 Other securities -1.5 +0.5 +0.6 +0.4 y -1.0 +0.5 +1.2 +0.7 +0.5 +0.8 +0.5 +0.9 +0.1 +0.5 y +2.1 —0.1 +0.5 +1.0 -0.2 +0.6 —0.4 +1.5 +2.9 +0.6 +0.1 +2.5 +1.3 +0.2 +2.5 +0.2 +1.8 y +0.7 +1.4 +0.4 +0.1 +0.7 —0.2 +0.2 +0.5 +0.7 +0.8 +0.9 +0.2 +0.4 Loans g/ Business Seal estate Consumer Security Nonbank financial Agriculture All other Total loans excluding security Total loans excluding security and nonbank financial 5/ +0.2 +0.3 +0.5 +0.6 +0.6 +0.6 +0.5 +0.4 +0.4 +0.3 +0.5 +0.4 +0.4 +0.4 +0.3 +0.3 +0.3 +0.3 +0.2 +0.1 +0.2 +0.1 +0.3 -0.4 +0.3 +0.2 r+0.1 +0.9 +0.1 +0.4 -1.0 +0.4 +0.8 -0.5 -0.1 +0.9 -0.7 +0.2 +0.8 +0.1 -0.7 +0.7 +0.3 -0.3 -0.5 +0.2 +0.4 +0.6 -0.3 +0.2 +0.2 -0.1 +0.3 -0.3 +0.2 +0.2 +0.2 +0.3 -0.2 +0.3 -0.2 y +0.3 +1.4 +0.3 2/ +0.1 y y -0.1 -0.5 -0.1 -0.1 2/ +0.1 y +0.2 +0.3 +0.3 -0.2 y +0.2 y +0.2 +0.9 +1.1 +0.7 +1.4 +2.1 +0.9 +0.3 +1.4 +2.0 +1.8 +1.8 +0.7 +1.2 +1.2 +1.7 +0.3 +0.6 +1.2 +1*8 +1.9 +1.5 +1.0 +1.2 +1.0 +0.8 1/ 2/ Less than 350 million. Adjusted to exclude interbank loans. ¥ s:i::ted\:TZe:bjT * +2.3 +0.3 +0.8 .aa ^ 4 ,oU1lora „„„„ http://fraser.stlouisfed.org/ e St. Louis Federal Reserve Bank of +0^3 +0.7 by subtraotiou from totai ioans - e # e s s e r # Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Adjusted for Seasonal. (In billions of dollars) Item Last Wednesday of January to lasi Wednesday of February 1960 1959 1958 +0.7 +0.1 -2.0 +0.1 +0.6 +0.3 +0.9 1964 1963 1962 1961 All commercial banks Total loans U. S. Gov't, securities Other securities Total +1.1 -0.6 +0.5 +1.0 +1.8 -0.9 +0.4 +1.3 +1.5 —1.2 +0.4 +0.7 +1.6 -0.6 +0.4 +1.4 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +0.7 —0.2 +0.4 +1.0 +1.4 —0.4 +0.3 +1.0 +1.0 —1.0 +0.4 +0.4 +0.3 +0.3 —1.2 V -0.9 -1.3 Other banks Total loans U. S. Gov't, securities Other securities Total +0.3 —0.4 +0.1 1/ +0.6 —0.4 +0.1 +0.3 +0.5 -0.2 1/ +0.3 +0.2 -0.2 +0.1 +0.1 +0.4 —0.6 -0.2 -0.4 +0.2 -0.7 Item All commercial banks Total loans U. S. Gov't, securities Other securities Total +1.2 -0.5 +1.3 -1.8 —0.2 -1.3 V -1.9 —0.1 -1.3 V V —0.6 y +0.9 +0.2 +1.2 +0.1 -0.3 +0.1 -0.3 End of December to end of February 1964 1963 2/ 1962 1961 1960 1959 -3.3 -1.9 V -5.2 -2.7 -1.1 +0.6 -3.2 —0.6 +0.6 -2.8 -2.8 -2.3 +0.3 +0.4 -1.5 -1.9 -2.7 —0.4 -5.2 y-1.5 3/-0.9 3/-0.2 -3.0 -1.4 -2.5 —0.7 +0.4 =23 —2* 1 +0.4 -1.5 -1.7 —1.2 -0.2 -0.3 +0.1 +0.2 —0.4 +0.3 V Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total ^ 5 -2.7 —0.9 +0.4 -3.1 Other banks Total loans U. S. Gov't, securities Other securities Total -0.3 -0.5 V —0.7 -0.2 +0.2 —0.1 1/ y y -1.9 y y -2.2 —0# 2 -4.4 +0.2 -0.5 -0.2 -0.8 y-2.5 1958 —2 . 6 +0.1 +0.3 -2.2 -2.4 +0.4 +0.3 -3.1 -1.6 y+0.2 y+0.3 -0*2 —0#3 _y_ y V y+0.6 -0.6 NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used when available. V Less than $50 million. 2/ Based on estimated data for December 3 % 1962, and December 31» 19&3« jy In January 1959» total credit increased over $400 million as a result of bank structure changes; loans, $300 million; U. S. Government securities, $100 million; and other securities, $100 million. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of December to end of February End of January to end of February 1/ Business of Borrower 1964 1963 1962 1961 1960 1964 2/ 1963 1962 1961 1960 Food processors Commodity dealers Trade concerns Total -126 -104 +109 -121 - 99 - 5 + 91 - 13 - 98 + + + 23 34 66 77 -109 -120 + 93 -418 -145 -215 -778 -304 + 14 -197 I W -279 -153 —460 -235 + 17 -260 -478 -246 -233 - 10 3%9 Metals and products Textiles, apparel, etc. Petroleun, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business +185 +191 - 22 +140 +121 «. 9 +129 +259 +137 - 37 + 68 + 11 +122 - 4 + 86 +112 - 21 - 32 +144 -102 - 54 + 87 + 51 +151 - 33 + 8 -135 + 26 + 49 - 6? + 2 + 15 -109 + 4 - - 32 -151 - 30 + 43 - 74 - 13 +161 +18 +102 +293 +395 Classified Unclassified Total change - 13 + 66 - 45 -136 - 28 + 83 9 — 60 -243 -358 - 5 -250 18 - 50 + 27 - 65 +161 -374 - 19 + 48 + 69 + 27 + 22 - 27 + 12 + 52 - 45 +244 + 25 +161 + 55 +216 + 22 +290 + 27 -1,187 - 16 -577 - 25 -669 - 4? -555 -124 -115 -172 +269 +216 +237 +317 -1,203 -602 -716 -679 -287 + 64 -155 + 63 - +217 1/ Four weeks used throughout. 2/ Changes based on December 31, 1963, instead of December 25, 1963, used in previous reports. +343 +116 Changes based on most comparable dates. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date Loans and investments U. S. Gov't. Other securities Total loans Business Real estate Security Farm Consumer Nonbank financial institutions All other 1957—Dec. 1958—Dec. 1959—June June Dec. 1960——Dec. 1961—Dec. 31 31 24 (old) 24 (new) 31 1/ 31 30 169.3 184.4 184.2 184.2 189.5 198.5 214.4 58.2 66.4 60.9 60.9 58.9 61.0 66.6 17.9 20.6 20.6 20.6 20.5 20.9 23.9 93.2 97.5 102.8 102.8 110.0 116.7 123.9 40.5 40.4 42.5 37.8 40.2 43.1 45.2 23.1 25.3 26.9 26.9 28.1 28.7 30.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 4.1 5.0 5.0 5.0 5.0 5.7 6.2 15.8 15.9 17.5 17.5 10.8 20.6 21.4 5.9 7.1 7.1 7.3 7.2 8.2 8.8 7.6 8.1 8.7 9.8 1962—Oct. Nov. Dec. 31 28 31 (est.) 225.7 226.8 233.6 65.6 65.6 66.4 28.6 28.8 29.3 131.5 132.3 137.9 47.1 47.7 49.1 33.6 34.0 34.3 5.9 5.3 7.3 6.4 7.0 7.1 23.3 23.5 23.7 7.2 7.2 8*5 10.6 10.3 10.7 1963——Jan. Feb. Mar. Apr. May 30 2? 27 24 29 229.1 230.4 231.9 232.3 233.6 66.2 65.3 64.8 64.0 63.0 29.5 29.9 30.7 31.4 31.7 133.4 135.2 136.4 136.9 138.9 47.3 47.7 48.6 48.6 48.8 34.5 34.7 34.9 35.4 36.0 5.6 6.5 6.0 5.8 6.0 7.3 7.4 7.5 7.5 7.5 23.8 24.0 24.2 24.7 25.1 7.5 7.7 8.0 7.6 7.8 10.2 10.0 9.9 10.1 10.6 239.1 237.8 237.1 241.9 242.4 245.0 252.2 63.5 62.5 60.8 61.8 61.8 62.0 62.9 32.4 32.9 33.7 34.2 34.5 34.1 35.1 143.1 142.4 142.5 146.0 146.2 148.9 154.2 49.9 49.0 49.2 50.1 50.6 51.9 53.7 36.7 37.3 37.8 38.3 38.8 39.2 39.6 6.9 6.4 6.1 7.4 6.5 7.0 7.9 7.5 7.0 6.8 7.0 7.2 7.4 7.3 25.5 25.7 26.0 26.1 26.3 26.5 26.7 8.6 8.9 8.7 9.1 8.6 8.6 10.2 246,0 24?.0 61.6 61.0 34.6 35.1 149.8 150.9 51.8 52.4 39.9 *0.2 7.1 6.9 7.5 7.4 r 26.6 26.7 8.6 8.8 June July Aug. Sept. Oct. Nov. Dec. 1964—Jan. Feb. 29 31 28 25 30 27 31 ~ p p p p p p (est.) 29 p 26 p 11.0 11.0 10.8 11.0 11.1 11.3 . 11.7 r11.3 11.4 p - Preliminary. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. NOTE—-Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. axi ibi, u Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L O A N S # Date All commercial banks Total Member banks Reserve city banks City of New York Other City Chicago All commercial banks Country 2/ 2/ 2/ 1%8—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1053—Dec. 1^4—Dec. 1955—Dec. 1956—Dec. 1957—Dec. 1958—Dec. 1259—-Dec. 1*0—Dec. 1961—Dec. 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31.2 31.1 35.8 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 31.3 30.9 36.1 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 35.9 34.9 42.5 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.O 30.4 25.6 32.3 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 27.1 28.5 31.5 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 1962—Dec. 28 56.5 57.7 67.9 61.4 60.1 51.7 9.5 1263—Jan. • Feb. Mar. Apr. May June 30 27 27 24 29 29 56.2 56.7 57.0 57.1 57.9 57.7 57.3 57.9 58.1 58.2 58.9 58.7 64.7 66.2 57.7 59.4 61.1 59.8 58.7 58.8 60.5 60.8 51.9 52.3 52.7 52.9 53.6 53.6 9.5 9.5 7.5 7.6 7.8 7.4 57.8 58.4 58.6 58.5 59.2 58.9 58.7 59.4 59.6 59.6 60.3 60.0 67.3 67.5 66.6 69.3 67.4 58.5 60.4 62.0 61.7 61.2 62.1 61.7 Dec. 31p 28p 25p 30p 27p 25p 53.7 53.8 53.8 53.9 54.2 54.0 7.2 7.4 7.2 7.4 7.3 7.5 1964——Jan. Feb. 29p 26p 59.0 59.5 60.1 62.1 67.3 70.9 62.1 64.8 A July Aug. Sept. Oct. Nov. ^ # 65.1 64.9 66.4 66.4 65.6 60.9 61.4 61.8 61.3 62.6 62.7 63.0 63.5 63.3 63.9 65.6 54.1 55.5 y 14.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 7.2 n.a. 1/ Total loans (adjusted to exclude loans to banks)} U. S. Government securities maturing within one year estimated on basis of Treasury survey of ownership and total deposits (adjusted to exclude cash items in process of collection) 1/ Prior to 195% data are on call basis and beginning in 1951i they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. ^ Estimated for December 31• IOTE—Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.; by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. Beginning April 1963» data revised on % basis of June 29, 1963, call. http://fraser.stlouisfed.org/ ) - Preliminary. Federal Reserve Bank of St. Louis 1.4.3. • IXMISIf H. D E F O S I !? A N 0 I CURRENCY AND TURNOVIR OF DEMAND DEPOSIT* "'I"*1*'' lurnovtr, Monthly Annuel role Mhly ...... .1 4.11, • IllUiitftftf+ll«M no hi v sum* mtiidrii 343 centers 30 # /— v ^' ^V 7 Z T - / Zv-V V ISO V 15 lit TIMI AN# SAVINGS llfOSIIS 20 10 1$ II | llil list y. S. 00VI. llfOSITS * No* odjuiledyler teoional J' 1140 I t il I fit 11*1 1164 . * All <ewmerciol books. Exhibit H - Part II S e a s o n a 1 1 y Period M o n e y A d j u s t s d S u p p 1 y Total Demand deposits Currency Time and savings deposits 141.8 141.2 146.0 148.3 113.0 112.2 116.4 117.8 28.8 28.9 29.6 30.5 67.4 73.0 82.7 97.9 1963--Oct. (1) (2)' Nov. (1) (2) Dec. (1) (2) 152.1 152.0 153.4 153.3 153.5 153.5 120.2 120.1 121.3 121.0 121.0 121.2 31.9 32.0 32.2 32.4 32.5 32.3 108.5 109.4 110.1 111.3 111.6 111.9 1964-—Jan. (1) (2) Feb. (1) (2)p 155.2 154,4 . 154.6 154.2 122.7 121.8 121.9 121.4 32.5 32.6 32.7 32.7 113.0 114.3 ' 114.4 115.2 1959--Dec. 1960--Dec. 1961--Dec. 1962--Dec. (2) (2) (2) (2) D a t a Turnover 343 centers outside NY 27.6 28.1 ' 29.4 31.3 34.9 33.6 33.9 p34.8 P33.7 U. S. Goyft. deposits 5.2 5.3 5.5 6.1 . 6.9 3.6 3.8 4.8 4.0 6.1 5.3 3.0 3.8 5.7 1.4.3 - IXMUIl I, r a i l I ?•**! a n d s a v i n g s d e p o s i t s AT MEMBER BANKS i n l e a d i n g c i t i e s titlieni el dollar* lOIil VIMi AMP SAVINGS OifOSIIS SAVINGS »!rO$t!$ vims diposit* 01 inimviovais, miNu$8ir$, and coirotAnoNs 0IHC8 VIMi Ofrosivs 1944 Exhibit I - Part II Time and Period Total Savings (I n 1961—Apr. 26 Dec. 27 1962—Dec. 26 38,175 41,472 50,001 1963—Oct. 30 Nov, 27 Dec. 31 57,553 57,951 59,227 60,276 1964—Jan. 29 Feb. 5 12 19 26 • y 60,465 60,678 60,811 60,930 S a v i n g s m i l l i o n s " 27,819 30,082 34,712 . 5,480 5,969 9,080 4,876 5,421 6,219 37,534 37,699 38,083 12,639 12,796 13,310 7,380 7,456 7,834 38,131 38,172 38,218 38,264 38,291 14,057 14,198 14,327 14,31? 14,390 8,088 8,095 8,133 8,230 8,249 ^ ^ J. WHl/UXVXOlUJli x and official institutions, and interbank. D e p 0 s ,its Individuals, Other time partnerships, deposits J/ and corporations of d 0 1 1 a r s) Government, foreign government; Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date Total reserves held seasonally adjusted Excess reserves Borrowings All member All member All member 17,201 17,077 17,942 17,978 Reserve City Banks City of New York Other Chicago City Country - 86 - 77 - 32 -104 - 4 - 22 -203 -228 -197 -449 80 20 344 277 268 237 583 471 652 577 516 482 756 688 568 87 149 18,283 419 - 91 -105 - 80 -109 10 - 50 1962—December 268 - 62 - 11 - 52 394 57 2 304 19,606 1963—January February March April May June 384 300 13 - 25 - 8 - - 50 - 55 - 30 426 390 346 347 322 315 483 472 426 434 457 377 99 155 121 209 236 19,681 19,698 19,753 19,732 19,855 19,874 - 75 -106 - 94 -137 -122 305 318 293 299 287 322 480 467 412 408 415 525 322 330 321 313 376 327 20,077 19,800 19,985 19,905 19,999 20,284 -116 - 87 334 273 429 392 256 304 20,311 20,267 Monthly averages: 1956—December 1957—December 1958—December 1959—December 1960—December 1961—December All member - 36 -133 - 41 -424 669 271 313 248 141 July August September October November December - 1 — — - 59 158 137 91 95 39 1964—January February p - 15 79 55 99 74 - 6 11 - 37 - 9 - 8 - 66 - 6 -109 - 13 27 41 11 37 20 -150 198 18 173 88 - 23 - 22 - - 7 89 - 25 710 557 906 172 18,977 NOTE—Beginning July 26, 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued* p - Preliminary* http://fraser.stlouisfed.org/ Federal # Reserve Bank ofeSt. Louis # # * # # # # e Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) End of year or month Total Time deposits Savings Demand and Postal deposits loan Commer- Mutual Savings and savings System shares cial currency banks 3 / banks 2/ V 1 2 130.2 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 133.3 134.6 133.5 138.8 139.7 138.4 142.6 Dec. 459.0 1963 Jan. Feb. Mar. Apr. May June 462.6 464.5 466.5 469.8 472.9 1954 1955 1956 <957 1958 1959 1960 1961 3 4 48.2 49.7 26.3 28.1 2.1 30.0 31.6 1.6 52.0 19^4 Jan. p Feb. p 1.9 8 7 80.3 70.5 50.5 47.9 47.0 47.4 35.6 48.8 41.9 42.6 80.2 80.5 79.2 78.4 30.3 29.9 28.7 27.6 26.4 80.4 25.4 52.9 41.4 0.5 79.8 47.6 46.8 144.4 144.5 145.0 145.4 145.2 146.5 100.1 101.2 102.2 102.9 104.0 105.1 41.7 41.9 42.2 42.5 42.8 43.1 0.5 0.5 0.5 0.5 0.5 0.5 80.9 47.8 47.9 47.9 47.1 46.5 45.5 46.5 47.6 47.2 106.2 107.1 107.9 110.0 111.8 112.8 43.3 43.5 43.7 44.2 44.6 44.5 0.5 0.5 0.5 0.5 0.4 0.5 86.2 482.5 483.9 489.0 493.0 494.7 146.9 146.2 147.1 148.7 149.5 149.2 498.3 499.7 149.0 148.0 114.7 115.3 45.0 45.4 0.5 0.4 • • 35.0 38.8 61.8 82.0 83.2 83.9 84.7 85.6 48.0 48.1 48.2 85.9 81.3 79.6 33.2 98.1 ne%^ page. 11 51.6 37.0 41.7 47.7 54.3 144.8 http://fraser.stlouisfed.org/ For footi]^bes see Federal Reserve Bank of St. Louis 10 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 33.9 34.9 36.2 38.3 478.2 Ratios: Demand de- Commercial posits and bank deposits currency and currency to liquid to gross assets national product 7/ ( 2 + 3 * 1 ) 30.6 31.6 1.3 1.1 0.9 0.8 0.6 476.1 Liquid assets to gross national product 7/ 9 55.6 55.9 54.8 27.2 32.0 57.5 65.4 67.4 73.1 82.5 1962 July p Aug. p Sept.p Oct. p Nov. p Dec. p 6 5 u. s. U. S. Government Gov11 • securities savings maturing bonds within one year 5/ 6/ 32.6 31.2 81.0 25.3 81.3 25.1 46.7 49.5 48.0 48.0 48.1 81.6 24.9 90.0 90.7 48.3 48.4 48.5 48.5 48.6 'i9.0 '18.1 81.7 24.8 91.3 92.3 49.1 49.0 48.7 49.2 87.2 88.3 89.1 e # 52.9 52.9 53.0 52.9 52.7 52.8 52.9 52.5 52.7 52.9 53.0 53.0 52.9 52.7 * • # # Exhibit K (Continued) 1. 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. 2. 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. 9^1, 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 1959s respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 195^ and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout. 3. 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 e 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, 4. 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. 5* Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U» So Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are availablee Figures are from data compiled by the U. S. Treasury Department. 60 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. 7. 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). i , >
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