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BANKING AND MONETARY DEVELOPMENTS IN FEBRUARY 1963 Total commercial bank credit increased much more in February than in other recent months• Total loans rose contraseasonally reflecting in part a sharp increase in security loans. Holdings of U. S. Government securities declined less than usual and holdings of other securities rose whereas they generally decline. The money supply increased slightly between the second half of January and the second half of February. Time and savings deposits at commercial banks rose less rapidly than in other recent months. U. S. Government deposits increased much more than usual0 Total and required reserves declined in February as is usual. Free reserves were also reduced. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, increased $3*4 billion further in February. In January, credit growth had been only $1.2 billion, considerably below the average $2 billion monthly rise in late 1962. Total loans increased $2.1 billion further in February; security loans increased sharply while other loan categories rose at about the same rates as in January. Holdings of U. S. Government securities declined less than usual and, on a seasonally adjusted basis, rose $800 million. On February 6, commercial banks were allotted about $420 million of the $1 billion June tax bills. Treasury financing had also occurred in February of several other recent years. On February 1$, commercial banks exchanged maturing certificates and notes for $1.5 billion of one-year certificates and $1.6 billion of 5-1/2 year bonds. Holdings of non-Government securities increased $500 million on a seasonally adjusted basis in February reflecting in part purchases of Federal agency issues. Business loans at all commercial banks, seasonally adjusted, increased only slightly in February. Growth in January had also been small following a substantial expansion in the second half of 1962. At weekly reporting banks in leading cities, business loans increased $270 million in February, about the same as in the comparable weeks of the three previous years. Loans to food processors declined and those to trade concerns rose about the same as in other Februaries. Loans to commodity dealers were about unchanged as in the comparable periods of the two past years. Loans to metals processors and to textile manufacturers increased seasonally following declines in January while those to public utilities declined further in February. Loans to "other manufacturing and mining" concerns continued to show substantial growth. Seasonally adjusted security loans at all commercial banks increased $700 million in February. At weekly reporting banks in leading cities, most of the increase was in loans to U. S„ Government security dealers. These loans increased early in the month when payment was made for the new tax bills and books were open for the February 15 exchanges. Subsequently, they declined somewhat but rose sharply again at the end of the month in connection with the Treasury's advance refunding operations. Consumer loans at all commercial banks, seasonally adjusted, increased $300 million further in February, the same as in January, and more than in most other recent months. Growth in real estate loans continued substantial, although not quite as rapid as in the summer and fall of 1962. Loans to nonbank financial institutions increased further in February. Money supply. The daily average money supply, seasonally adjusted, increased $200 million between the second half of January and the second half of February. In late February, publicly-held deposits and currency were about 2 per cent above the year-ago level. Average U. S. Government deposits increased $2.4 billion between the second half of January and the second half of February, considerably more than in the comparable periods of most other recent years. Seasonally adjusted time and savings deposits at all commercial banks increased $1.1 billion between the second half of January and the second half of February, somewhat less rapidly than in other recent months. At weekly reporting banks in leading cities, the rate of increase in savings deposits declined slightly compared with the high January rate. Other time deposits of individuals, partnerships, and corporations continued to expand at about the January rate. Growth in deposits of States and political subdivisions slackened considerable, however. The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York declined slightly in February to 32.2 (preliminary) from 32.6 in January. Over the two months turnover averaged about 6 per cent above January and February last year. Bank reserves. Total and required reserves of member banks declined in February as is usual. Excess reserves were about unchanged, however, averaging $475 million. Member bank borrowings from the Federal Reserve increased to $175 million from $100 million in January. Free reserves accordingly declined to $300 million from $385 million, with most of the reduction at New York City banks and at country banks. The effective rate on Federal funds remained at 3 per cent during February. During February, on a monthly average basis, reserves were absorbed principally through a reduction in float and through an increase in Treasury and other deposits at the Reserve Banks. Reserves were supplied mainly through currency inflow and through an increase of $3^5 million in System holdings of U. S. Government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. March 15, 1963. 1.4.3 - EXHIBIT A, P a r t 1 L O A N S A N D I N V E S T M E N T S AT A L L C O M M E R C I A L B A N K S Last W e d n e s d a y of m o n t h , s e a s o n a l l y B i l l i o n s of d o l l a r s adjust*d TOni LOANS AND INVESTMENTS , o. S GOVT. SECURITIES OTHER SECURITIES 1958 1957 1959 ii*i I960 uti Exhibit A - Part II Total ~y Date Loans l/ U. S. Gov't, securities Other securities U n bill!.ons oi dollars 1960—Dec. 1961—Dec. 31 31 19k. 5 209.6 Ilk. 2 121.1 59.6 6k. 7 20.7 23.8 1962—March April May June July Aug. Sept. Oct. Nov. 2/Dec. 1963—Jan. Feb. 28 25 30 30 25 29 26 31 28 31 30 27 215.2 215.0 216. k 220.3 217.8 220.3 222.0 22 k. k 225.8 227.6 228.8 232.2 123.8 12k. 5 12k. 8 126.6 126.1 127.3 129.7 131.7 132.3 13k. 8 13k. 9 137.0 66.1 6k. 6 65.5 66.6 6k.l 65.0 6k.3 6k.1 6k.k 63.8 6k»3 65.1 25.3 25.9 26.1 27.1 27.6 28.0 28.0 28.6 29.1 29.0 29.6 30.1 l/ ~y P P p P p P p P Adjusted to exclude interbank loans. Estimated as of December 31. L.4.3. - EXHIBIT B, Port 1 LOANS AT ALL COMMERCIAL AANKS last Wednesday ol month, seosonally Billions of dollars adjusted 50 BUSINESS REAL ESTATE 1958 1*57 1959 1961 1960 1963 1962 Exhibit B - Part II Real Estate Business Date ( 1 n 1960—Dec. 31 1961—Dec. 31 U2.1 Wl.l 1962—Mar. 28 Apr. 25 May 30 June 30 July 25 Aug. 29 Sept.26 Oct.. 31 Nov. 28 l/Dec. 31 1963—Jan. 30 Feb. 27 bk.$ UU.8 U5.0 Ii5«5 L5.5 U6.1 U6.7 U7.2 U7«5 U8.1 18.2 U8.3 P P p P p P p p b xr T T T n l p - Preliminary. r - Revised. 1/ Estimated as of December 31. o f Consumer d o l l a r s Security ) 28.7 30.3 20.5 L.3 21.3 5.2 30.9 21.8 6.0 22.1 5.6 22.It 5.2 31.2 31.6 32.0 32.ii 32.8 33.1 33.5 33.9 31.2 & 22.6 5.3 22.7 L.h 22.9 U.;7 22.9 5.7 23.2 5.9 23-3 5.5 23.5 6.1 23-R 2U.1 0*6 5.9 Exhibit C Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted (in billions of dollars) — Item — Feb. Mar. = May Apr. • 9 19>63 6 2 June July Aqg.p Sept. Oct.p Jan.p Feb.p Nov.p +1.7 +2.4 +1.4 +1.8 +1.2 +2,4 +0.9 -0.7 -0.2 +0.3 —0.6 +0.5 +0.8 +0.5 +0.4 1/ +0.6 +0.5 -0.1 +0.6 +0.5 +1.8 -0.5 +1.2 +2.4 +2.0 +0.6 +2.5 +0.1 +2.1 +0.2 +0.5 1/ +0.6 +0.6 +0.5 +0.3 +0.6 +0.1 +0.1 +0.3 +0.5 +0.4 +0.4 +0.4 +0.3 +0.4 +0.4 +0.3 +0.3 +0.3 +0.2 +0.3 +0.3 +0.2 +0.1 +0.2 1/ +0.3 +0.1 +0.2 +0.3 +0.3 +0.7 +0.5 —0.4 —0.4 +0.1 -0.9 +0.3 +1.0 +0.2 —0*4 +0.6 -0.2 +0.7 Nonbank financial -0.1 +0.2 —0.1 +0.1 +0.3 -0.1 +0.2 +0.1 +0.3 1/ r+0.1 +0.2 +0.1 Agriculture +0.1 1/f +0.1 —0.1 +0.1 +0.1 —0.4 +0.1 +0.2 +0.2 +0.2 +0.3 +0.1 1/ +0.4 1/ —0.1 +0.2 +0.1 +0.1 +0.1 +0.1 +0.1 r+0.1 Total loans excluding security j/ +0.6 +1.4 +0.9 +0.9 +1.7 +0.6 +1.1 +1.2 +1.8 +1.1 +1.5 +1.2 +0.9 Total loans excluding security and nonbank financial +0.7 +1.2 +1.0 +0.8 +1.4 +0.7 +0.9 +1.1 +1.5 +1.1 +1.4 +1.0 +0.8 +2.6 +1.9 —0.1 +1.4 U. S. Gov't, securities +0.4 1/ -1.5 +0.9 +1.1 -2.5 Other securities +0.4 +0.7 +0.6 +0.2 +1.0 Loans 2/ +1.8 +1.2 +0.7 +0.3 Business +0.1(, +0.3 +0.3 Real estate +0.2 +0.3 Consumer +0.3 Security Loans and Investments 2/ > All other 1NU1J&—xnoiviQuaj- lUdii xotJiiia may uvu w & while total loans are net; and (2) loan items adjusted loans, by category, are experimental \J Less than $50 million» 2/ Adjusted to exclude subtraction from total loans» yj Estimated as http://fraser.stlouisfed.org/ p - Preliminarye Federal Reserve Bank of St. Louis r 1/ 1/ • ( 1 "i ' 4* om 0 Q • <a o-p irfl 1rifl+.i nn rp.qprvp.f — « __ and total loans are independently seasonally adjusted. Seasonally and are subject to revision® interbank loans • 2/ Derived by addition of items and not by of December 31, 1962« Exhibit D Changes in Loans and Investments at All Commercial Banks, at WeeklyReporting Bankss and at Other Banks, Not Adjusted for Seasonal. (in billions of dollars) Item Last Wednesday of January to last Wednesday of Fe >ruary 1963 1962 1961 I960 1959 1958 1957 All commercial banks Total loans U.S. Gov't securities Other securities Total Weekly reporting banks Total loans U. S. Gov't securities Other securities Total Other banks Total loans U.S. Gov't securities Other securities Total + 1.8 + + + Other banks Total loans U.S. Gov't securities Other securities Total + 1.0 ~ 1.0 1.2 0.5 0.3 1.0 + O.lt + O.lt + 0.6 + 0.5 - 0.2 - O.lt + 0.1 + 0.3 * + 1.6 - 0.6 + o.lt +1.11 + 0.7 — 1.8 - 0.2 + 0.1 — 2.0 1/ + * + l.lt o.lt 0.3 1.3 A =• 0.9 - 1.3 + + + 0.2 0.2 0.1 0.1 + - + 0.2 - 0.7 + 0.3 - 1*2 V o.lt 0.6 0.2 O.lt - 0.1 -1.3 V A ^ 3 1 End of December to end of February 1 9 6 Weekly reporting banks Total loans U.S. Gov't securities Other securities Total + O.lt + 0.7 + 1.3 Item All commercial banks Total loans U.S. Gov't securities Other securities Total + 1.5 - 1.2 - 0.9 + O.lt + - V 2.6 0.9 0.7 2.0 - 2.5 - O.lt + O.lt - 2.5 — 0.1 - o«5 + 0.3 - 0.3 1962 1961 1960 — 2.8 • 0.6 + 0.6 + • - - 1.9 - 2.7 2.3 0.3 o.lt 1.5 - O.lt - 5.2 - 2.5 - 0.7 + O.lt - 2.8 - 1.9 1/ + O.lt - 1.5 — 2.1 — 2.2 - 0.2 - lt.lt - 0.3 - o.lt + 0.3 + 0.2 - o.5 — 0.2 - 0.8 + 0.1 + 0.2 y V y , 1959 3 / - 1.5 3 / - 0.9 f/- 0.2 I/- 2.5 — 1.7 — 1.2 - 0.2 - 3.1 3/+ 0.2 fr I A 0.6 + + + + 0.1 0.6 0.3 0.9 + + - 0.2 0.9 0.1 0.5 +-0.9 + 0.2 + 1.2 X i . + 0.1 - 0.3 + + - 0.1 0.3 0.1 + 0.2 — o»5 0.J — 0.2 1958 V 1957 — 2.6 + 0.1 + 0.3 - 2.2 - 1.8 — 1.8 1/ - 3.11 + + - - 2.0 - 0.9 2.It O.lt 0.3 1.6 - 0.2 - 0.3 1/ r T O + 0.2 — 0*9 i/ ="03 N0TE-»Data exclude all interbank loansj call report data for weekly reporting banks used when available. Less than $50 million. 2/ Based on estimated data for December 31, 1962. 3/ In January 1959, total credit increased over $1*00 million as a result of bank structure changes; loans, $300 million; U. S. Government securities, $100 million: and other securities, $100 million. y A Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollarsJ End of January to end of February 2/ Business of Borrower Food processors Commodity dealers Trade concerns Total 1963 1962 1961 I960 1959 1963 1962 1961 I960 1959 - 95 = 4 + 88 - 11 + - + + + - 68 -158 +108 -118 - 70 -104 -279 - 28 =152. —460 -238 + 25 ±222 -450 -231 -274 -140 -300 + 15 -188 =473 -465 -249 -152 =-22 =428 1/ -301 98 13 66 45 23 34 66 77 ±-3k y ±M 1/ 1/ 1/ 1/ - 95 1/ 1/ +142 +121 - 9 +129 +122 ~ 4 + 86 +112 - 21 +277 +124 - 29 +183 + 84 + 4 + 12 + 83 - 60 - 32 +144 -102 - 49 +104 + 49 +419 +173 - 51 +207 + 90 - 87 + 79 - 99 + 2 +15 -109 + 4 + 64 -155 «=» 18 + 57 — 58 + 8 + 20 -128 + 9 +247 -282 - 65 +161 -374 - 19 - 6 -223 - 43 + 40 - 91 - 21 + 14 -232 13 + 8 + 48 + 69 + 15 - 9 - 49 + 12 +100 - 31 -106 Classified Unclassified +233 + 36 +161 + 55 +216 + 21 +277 + 85 - 72 + 66 -588 - 14 -669 - 47 -517 -111 - 27 -124 -856 -217 Total change +269 +216 +236 +362 - 6 -602 -716 -628 -151 -1,073 +269 +216 +236 +362 + 89 -602 -716 -628 -151 -772 Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Total change excluding sales finance l/ 2/ End of' December• to end cif Februai7 Not included in business loans on revised basis. Four weeks used throughout. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1956 § 1957 s 1958 s 19598 1960S 1961s 1962 s 1963s 31 30 214, 31 210.9 211.6 212.4 214.8 215.3 219.2 217.8 219.0 223.1 225.7 226.7 233.1 67.2 66.0 229.0 65.9 65.0 31 Dec. 31 24 Jan. Feb 0 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 31 24 31 (old) (new) y 28 28 28 30 30 25 29 26 p 31 P 28 p 31 p (est.) 30 27 p v 230.3 Total loans Bus iness Farm Nonbank financial institu tions 58 58 164, 169. 184, 184, 184, 189. 198, Dec. Dec. June June Dec. Dec. Dec. U. S 0 Govt. Other securities 66 60 60 102.8 102.8 58 61.O 66.6 119.6 121.1 122.6 64.4 64.7 64.4 64.4 64.2 63.9 64.3 65.5 65.4 65.9 124.0 124.8 127.7 126.1 127.3 130.6 131 132 138 29.5 29.9 Structure changes in 1959, on balance through August, added almost $1 billion total credit; $600 million in l o ^ n s 5 $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 $100 million. NOTE—Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves„ Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. 1/ ~ Exhibit G Ratios to Total Deposits 1/ L O A N S Date All commercial banks 191*88 19it9s 1950s 1951s 1952 s 1953: 1951*s 1955? 1956$ 1957s 1958 s 1959s 1960s Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 31 31 31 31 31 31.2 31.1 35.8 37.2 39.3 1*0.5 1*0.3 1*5.8 1961s Nov. Dec. 1962 s Jan. Febo Mar. Apr. May June July Aug. Sept. Oct. Nov. Bee. 1963 s Jan. Feb 0 Total Member banks Reserve city banks New York City of Other City Chicago Country U. S. Govt, securities maturing within one year All commercial # banks Ii8.ii 51t.O 55.1 31.3 30.9 36.1 37.6 39.9 Ul.l 10.7 1*6.7 50.1 51.0 lt9.lt 55.6 56.5 35.9 3lt.9 1x2.5 1*6.3 50.6 50.6 lt6.8 56.7 61.7 61.9 57.7 67.3 65.9 30.it 25.6 32.3 36.2 38.9 39.1 38.3 1*6.3 52.7 55.2 lt9.lt 58.2 60.8 33.it 32.1* 38.1 39.lt ltl.1 1*2.2 1*1.9 1*8.5 52.7 53.3 51.3 58.2 59.0 27.1 28.5 31.5 32.1 33.9 36.1 37.1 itO.7 1*2.6 l*l*.l 1*1*.It 1*8.2 50.3 29 30 5i*« 51*< 55.7 55.7 63.5 65.0 57.7 58.0 58.3 57.7 50.5 50.2 10.i* 10.6 31 28 28 25 30 30 25 29 26 31 28 26 30 27 51*. 1 51t.9 55.it 55.lt 55.8 55.9 55.6 55.3 56.0 56.5 56.5 56.8 56.8 56.5 57.0 57.6 57.3 57.5 57.8 57.lt 58.0 63.0 61*. 7 65.8 65.lt 61*.1* 63.6 63.0 65.8 68.8 67.it 66.6 67.8 61*. 7 66.2 56.8 58.8 59.2 58.3 57.3 57.5 56.5 57.1 58.6 57.6 57.3 58.6 57.7 59.1* 57.7 58.0 58.3 58.1* 59.1 59.0 59.3 59.5 59.9 60.0 60.7 60.1 60.5 60.8 50.1 50.8 51.2 51.3 51.8 52.1 51.7 51.7 51.6 51.2 51.6 52.0 52.0 52.lt 10.9 11.7 10.6 10.9 11.1 10.7 10.7 11.9 9.8 10.it 9.2 9.6 9.5 n© a.® 1*8.8 h9o 7 P p p P p p p P 1/ 56.0 56.lt 56.1 56.lt 56.7 56.lt 56.9 2/ 2/ 2/ lit.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.1* 8.3 6.7 8.1 • e # e # Total loans (adjusted to exclude loans to banks)j U. S. Government securities maturing within one year estimated on basis of Treasury survey of ownership and total deposits (adjusted to exclude cash items in process of collection). 2/ Prior to 1951, data are on call basis and beginning in 1951, they are on maturity basis. On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. NOTE Comparability of figures affected by changes in Federal Reserve membership, mergers, i etc.j by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued Preliminary. L.4. 3. DEPOSITS A N D EXHIBIT H, Pari 1 C U R R E N C Y A N D T U R N O V E R OF D E M A N D D E P O S I T S Seasonally adjusted; t u r n o v e r , m o n t h l y at Annual - deposits, semi-monthly annual rate averages of daily figures; Billions of dollar* 160 rate MONEY SUPPLY TURNOVER 343 centers / w TIME Tj 1957 AND SAVINGS DEPOSITS * — u' T S , eoVf" ftimfi'S ' ° * °-r ieosonu' 1958 1959 1960 1961 1962 1963 ^ All commercial bunks. Exhibit H - Part II Seasonally adjusted data Period Total 1959—Dec. I960—Dec. 1961—Dec. (2) (2) (2) •liil.8 1U1.2 1U6.0 1962—Oct. (1) (2) (l) (2) (1) (2) (l) (2) (1) (2) 1U6.1 146.2 116.7 117.1 1U7.5 118.3 119.3 118.2 118.7 1U8.U Nov. Dec. 1963—Jan. Feb. U. S. Turnover Govt, Money supply Time and 3U3 cent- deposits savings ers outDemand Currency deposits side NY deposits (In b:.llions of do!.lars) 28.8 27.6 113.0 67.U 5.2 28.1 28.9 112.2 73.0 5.3 29.6 82.7 29.U 116. U 5.5 115.8 115.9 116.3 116.6 116.9 117.8 118.7 117.5 117.9 117. U 30.3 30.3 30.U 30.5 30.6 30.5 30.7 30.7 30.8 30.9 9U.3 95.0 95.6 96.U 97.0 97.9 98.6 99.7 99.9 100.8 32.5 32.5 31.3 32.6 32.2 8.2 6.5 5«U 6.6 5.0 6.1 5.U U.i U.9 6.5 L.4. 3 - E X H I B I T I, P a r t 1 TIME A N D S A V I N G S DEPOSITS AT j ( I K M j | g _ I A W I t S I N L E A P I N G CITIES Wednesday B i l l i o n s of d o l l a r s 55 lifl ores TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS PARTNERSHIPS, AND CORPORATIONS Exhibit I - Part II T i m e Total ( In and S a v i n g s Savings m i 1 1 i o n s D e p o s i t s Individuals, partnerships, and corporations of d o l l a r s Other time deposits 1/ ) 1961—April Dec. 26 27 38,175 111* 1*72 27,819 5,1-80 30,082 5,969 5,121 1962—Oct. Nov. Dec. 31 28 26 1*8,658 1*9,023 3l,2l*6 31,159 3U,712 8,688 5,721* 5,971 6,219 1963--Jan. Feb. 30 6 13 20 27 51,302 51,5W 51,663 51,909 52,150 35,1W 35,267 35,328 35,381* 9,512 9,623 9,676 9,807 9,928 1/ 50,011 35,1*26 8,590 9,080 1,876 6,617 6,650 6,659 6,718 6,796 Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. ^ Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Rese]rve City Banks All Country City of New York Other Chicago City member Date 1963t Borrowings All All Total reserves held seasonally adjusted l/ All member member member * : Monthly averages: 1956? December 1957: December 1958: December 1959" December I960: December 1961: December 1962: Excess reserves -203 -228 -197 -449 80 24 344 277 268 237 583 471 651 577 516 481 756 573 688 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977, 2 3 6 20 3 3 20 22 ; 15 , i 9 483 404 394 401 385 389 616 502 470 509 497 470 70 68 91 69 63 100 19,062 18,986 19,060 19,148 19,253 19,312 6 3 2 5 - 19 - 52 416 441 408 382 483 391 531 564 458 484 589 569 89 127 80 65 119 304 19,348 19,237 . 19,305 19,427 19,484 19,606 - 50 - 54 426 391 483 473 99 172 19,681 19,699 -424 669 424 - 91 -105 - 80 -109 10 - 50 - 86 - 77 - 32 —104 - 4 - 22 January February March April May June 546 434 379 440 434 370 41 11 - 24 50 10 - 12 July August September October November December 442 437 378 419 470 265 18 7 - 19 34 13 - 62 - 14 - 10 1 - 7 - 11 January February p 384 301 13 - 25 - 6 - 11 - 36 -133 - 41 — — - 36 - 4 — — ; 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. 1/ Revised series. Back data and seasonal factors available, Exhibit L, "Banking and Monetary Developments" for December 1962. http://fraser.stlouisfed.org/ t of St. Louis Federal Reserve Bank # # # # e # # # # Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollarsj ratios expressed as percentages) Time deposits End of year or month Total Savings U. S. U, S. Govt Demand Govt, securities and Postal deposits Commercial Mutual Savings loan savings maturing and bonds within one savings System shares banks currency year 6/ banks 1/ 2/ iJ V 8 X -954 955 956 957 958 959/ 960 1961 320,3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 962 Jan. Feb. Mar, 4pr. MayJune July Aug. Sept, Oct. Nov. Dec. 1963 Jan. p Feb, p m:6 435.3 438.2 439.6 442.9 444 447 449 453 456.8 458.3 461.6 n.a. 130,, 2 133.»3 .6 134 < 133.,5 138,8 139.7 138.4 142.6 48.2 142.0 85.1 86.4 142.3 142.2 143.4 142.8 142.3 142,2 141.3 142.5 143-8 143.3 144.5 144.2 rua* 49.7 52.0 57.5 65.4 67.4 73.1 82.5 87,8 88.6 89.7 91.2 91.7 92.7 93.9 95.2 96.8 97.6 99.9 101.0 26,3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 38.6 38.8 39.0 39.2 39.3 39.7 40.0 40 40 40 41 41 41.7 41.9 2,1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 27 32 37 41 47 54 61.8 70.5 71.1 71.8 55.6 55.9 54.8 30.6 50.5 47.9 47.0 47.4 35.6 48.8 41.9 42.4 43.3 45.5 45.6 45.7 46.9 46.8 51.6 0.6 73.4 74.0 74.8 75.4 76.3 77.4 0.5 0.5 80.0 47 47 47 47 47 47 47 47.5 47.5 47.5 47.5 47.6 80.7 n o 3.0 47.8 n.a. 0.6 0.5 0.5 72.8 78.2 79.2 31.6 33.2 38.8 42.6 Liquid assets to gross national product 2/ _L 85.9 81.3 79.6 80.3 80.2 80.5 79.0 78.2 Ratios: Demand deposits and currency to gross national product?/ 10 11 35 32 31 30 29 28.7 27.5 26.3 55.7 55.0 54.4 53.6 54.8 78.8 26.1 79.5 25.9 46.6 47.2 80.3 25.6 46.8 80.9 25.5 46.8 49.2 48.2 n.a. Commercial bank deposits & currency to liquid assets (2+3*1) 52.6 53.0 53.0 53.2 53.1 52.8 52.9 52.9 52.7 52.6 52.2 52.6 52.7 52.6 52.8 52.9 Ilo &O ?or footnotes see next page. . , ,, NOTE: This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs from the one perilously shown in concept and coverage. Back figures available from Banking Section, Division of Research an Statistics. Exhibit K (Continued) l/ 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 Censuso 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 monty supply described in detail in the Federal Reserve Bulletin for August 1962, p. 941 > except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959s respectively. Demand deposits due to banks in United States possessions are included throughout. 2/ Total time deposits at commercial banks except interbank, U. S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S. possessions are included as indicated for demand deposits in footnote 2 above. 1}J Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U. S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February I960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U. S. Treasury Department. 6/ 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 I960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months prior to first eall 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® 2/ 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),
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