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LA ' FEDERAL RESERVE BANK of KANSAS CITY 3 Wot for publication BANKING MAY 1 6 1963 APRIL 1963 Total commercial bank credit, seasonally adjusted, declined in April following rapid growth earlier in the year. Bank holdings of U. S. Government securities and loans to security dealers declined sharply. Other loans, on balance, rose moderately, while holdings of non-Government securities continued to expand substantially. The money supply increased in April and time and savings deposits at commercial banks also rose but less rapidly than earlier in the year. U. S. Government deposits declined more than usual. Turnover of demand deposits rose. Free reserves increased slightly. Bank credit» Total loans and investments at all commercial banks declined $2.4 billion in April, the first monthly decline in credit since July 1962. The April decline, which was concentrated in holdings of U. S. Government securities and in loans to security dealers followed a very large credit expansion in March when tax period borrowing had been accompanied by unusually large Treasury financing operations. At weekly reporting banks in leading cities, credit declined in April whereas it usually increases, and at other banks, credit growth was smaller than in several other recent years. Over the first four months of 1965, seasonally adjusted credit at all commercial banks expanded an average $1.1 billion a month, or at an annual rate of 6 per cent, compared with 9 per cent over 1962, a year of unusually rapid expansion. Holdings of TJ. S. Government securities declined $2.7 billion on a seasonally adjusted basis in April. This followed a $2.4 billion increase over the first quarter of the year. On April 15, commercial banks were allotted about $1.2 billion of the new $2.5 billion Treasury bills; they held about $300 million of the maturing $2.0 billion bills. Later in the month, banks sold a substantial volume of bills. Financing generally occurs in April but this year's offering was somewhat smaller than usual. However, in March when financing is not usually scheduled, banks had been allotted about $700 million of the total $1.5 billion tax anticipation bills offered. Total loans declined $400 million on a seasonally adjusted basis in April; security loans declined $1 billion while other loans rose moderately. Holdings of non-Government securities increased $700 million reflecting in large part participation by New York City banks in a record $550 million sale of New York State tax anticipation notes» Seasonally adjusted business loans at all commercial banks increased about $400 million in April following little change in March. Business borrowing over the mid-March tax and dividend payment period had been smaller than usual and subsequent repayments were also smaller. Average borrowing over March and April was about the same as in the January-February period and about half as much as in the last six months of 1962. Loan repayments by metals companies and public utilities in April were smaller than in April 1962 but borrowing by these two groups in March had — 2 •=» also been smaller. Loans to petroleum and chemicals concerns increased as is usual in April while those to textile manufacturers, which had been increasing seasonally, showed little further change as is normal. Loans to "other manufacturing and mining" concerns, which had been showing record growth earlier in the year declined in April whereas ordinarily they continue to increase. Repayments by food processors and commodity dealers and borrowing by trade concerns appeared to be about seasonal. Real estate loans at all commercial banks continued to show substantial expansion on a seasonally adjusted basis in April. Growth in consumer loans, however, which had slackened slightly in March, moderated further in April. Seasonally adjusted loans to nonbank financial institutions declined $500 million in April. Borrowing by finance companies had been unusually heavy around the March tax date and subsequent repayments were also 1arge. Security loans, seasonally adjusted, declined $1 billion in April. This offset the increases in late February and early March associated in large part with the Treasury's advance refunding in mid-March. Money supply. The daily average money supply, seasonally adjusted, increased $500 million between the second half of March and the second half of April. This increase was accompanied by a somewhat larger than usual decline in U. S. Government deposits in April. Over the first four months of the year the money supply increased at an annual rate of 3 per cent, based on monthly average data, and was about 2—1/4- per cent above the year ago level in April. Time and savings deposits, seasonally adjusted, at all commercial banks, increased $600 million between the second half of March and the second half of April. This was a much slower rate of growth than earlier in the year when these deposits had increased $1.4 billion a month, cn average. Savings deposits at weekly reporting banks in leading cities, which had been increasing substantially, declined slightly in April, presumably associated with personal ircome tax payments. In April of last year, growth in these deposits had slackened. Expansion in other time deposits of individuals, partnerships, and corporations slowed in April, as in April last year. Deposits of States and political subdivisions and of foreign official institutions continued to increase moderately. The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York increased in April to 33*4 (preliminary) from 32.0 in March. Over the first four months of the year, turnover averaged about 5 per cent above the corresponding months last year. Bank reserves. Free reserves of member banks averaged $295 million in April, a little above the $270 million average in March. Member bank borrowings from the Federal Reserve at $120 million were somewhat below the March level but excess reserves at $415 million were also slightly below March. Required reserves rose $50 million as the reserve effects from larger-than-seasonal increases in privately-held demand and time deposits more than offset those from a sharp reduction in U. S. Government deposits. The effective rate on Federal funds was lower in April than in other recent months5 it averaged 2.67 per cent compared with 2.98 per cent in March and 3.00 in February. Over the - 3 - month, on an average basis, reserves were absorbed principally through currency outflows and supplied through System purchases of U. S. Government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, May 10, 1963. 1.4.3 - EXHIBIT A, P o 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 lest 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 ^ adjusted 2*0 TOTAL LOANS AND I N V I S 1 W N I S U. $ . GOVT, sicutmis OTHER SICUimiS 19S9 19SI Exhibit A - Part II Total %/ Date Loans ]/ U. S. Qov'b. securities Other securities (In biU Ions of dollars; I960—Dec. l?6l—Dec * 31 31 19U.5 121.1 59.6 6k .7 20.7 209.6 1962—April May June July Aug. Sept. Oct. Nov. 2/Deo. 25 30 30 25 29 215.0 2l6.li 220.3 12b.5 6U.6 25.9 46.6 27.1 65.0 31 28 31 22U.U 28.0 28.0 28.6 1963—Jan. Feb. Mar. Apr. 30 27 27 2U \j 217.8 220.3 222.0 26 225.9 228.1 r r r p 228.9 232.3 235.0 232.6 Ilk.2 12U.8 126.6 126.1 6U.1 127.3 129.7 131.6 132.2 13U.7 6U.3 6U.2 6U.6 6k.3 6U.6 13U.7 136.8 65.lt 66.7 137.8 137 .U Adjusted to exclude interbank loans. 65.5 6U.0 2J Estimated as of December 31. 23.8 26.1 27.6 29.1 29.1 29.6 30.1 30.5 31.2 1.4.3. - EXHIBIT > . Port I L O A N S AT A l l C O M M E R C I A L B A N K S jiost Wediissdoy of Billlepl *# detUrr ptonili, s e o s o n o l l y a d j u s t e d SO IMl ISUII list itsi its; If40 1141 1**3 im Exhibit B - Part II Business Date (In Consumer Real Estate b i 1 l i o n s of do 1 1 a r 8 Security ) I960—Deo. 31 1961——Dec. 31 1*2.1 lUt.l 28.7 30.3 20.5 21.3 U.3 5.2 1962—Apr. 25 Hay 30 June 30 July 2$ Aug. 29 Sept.26 Oct. 31 Nov. 28 ]/Dsc. 31 1963—Jan. 30 Feb. 27 Mar. 27 Apr. 2U a.e 31.2 31.6 32.0 32.lt 32.8 33.1 33.5 33.9 3U.2 3U.5 3U.8 35.1 35.5 22.1 22.lt 22.6 22.7 22.9 22.9 23.2 23.3 23.5 23.8 2LA 2U,3 5.6 5.2 5.3 lt.lt U.7 5.7 5.9 1/ U5.0 lt5.5 U5.5 U6.1 r r r r r r p U6.7 U7.2 U7.lt U7.9 18.2 U8.U U8.U 18.8 Estimated as of December 31 2U.lt 5.5 6.1 5.7 6.6 6.7 5.7 Exhibit C Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted (in billions of dollars) 19 6 2 Item Apr, May Loans and Investments 2/ 1 9 6 3 _5/ V Sept, Oct, Nov, Dec kj Jan, Feb, Mar, Apr,p +2,4 +lo 5 +2.2 +0.8 +3.4 +2.7 -2.4 -2.5 +0,9 ~0® 7 -0,1 +0,4 -0.3 +0,3 +0,8 +1.3 -2,7 1/ +0,5 +0.5 +0,4 +0.7 +1@0 -0,4 June July Augo +1.4 U. S. Gov't, securities -1.5 +0.9 +1.1 Other securities +0. 6 +0,2 +1,0 +0.5 +0.4 Loans 2/ +0.7 +0.3 +1.8 -0.5 +1.2 +2.4 +1.9 +0.6 +2.5 1/ +2,1 Business +0.3 +0.2 +0.5 +0.6 +0.6 +0.5 +0.2 +0.5 +0.3 +0.2 Real estate +0.3 +0.5 +0.4 +0.4 +0.4 +0.3 +0.4 +0.4 +0.3 +0.3 +0.3 +0.3 +0.4 Consumer +0.3 +0.3 +0.2 +0.1 1/ +0.3 +0,1 +0.2 +0.3 +0.3 +0.2 +0,1 Security —0.4 —0.4 +0.1 -0.9 +0.3 +1.0 +0.2 —0.4 +0.6 -0.4 +0.9 +0.1 Nonbank financial —0.1 +0.1 +0.3 -0.1 +0.2 +0.1 +0.3 +0.1 +0.2 +0.1 +0.4 -0.5 Agriculture +0.1 -0.1 +0.1 r 1/ r-0.5 r 1/ +0.2 +0.7 1/ +0.3 1J +0.1 1/ -0.1 +0.2 +0.1 +0.1 r+0.2 — 0 . 1 -0.4 +0.2 — 0 . 2 1/ +0.1 +0.1 Total loans excluding security +0.9 +0.9 +1.7 r+0.5 r+1.0 +1.6 +1.0 +1.3 +1.2 +0.9 +1.1 +0.5 Total loans excluding security and nonbank financial 3/ +1 o 0 +0.8 +1.4 r+0.6 r+0.8 +1.1 +1.3 +1.0 +1.2 +1.0 +0.8 +0.7 +1.0 I CXJ All other " while total loans are net; and (2) loan items adjusted loans, by category, are experimental 1J Less than $50 million,, 2j -Adjusted to exclude subtraction from total loans» bj Estimated as call beginning in October* Lf> —Oo 1 U — +2.5 ± h l +0.2 ~ 1/ +0,6 +0.5 +1.2 V - \ — / 1/ .JU V^k-> VU. 1/ . U X U U U O . V X 1 * +0.4 —10 0 1/ W * V V and total loans are independently seasonally adjusted. Seasonally and are subject to revision, interbank loans. j$/ Derived by addition of items and not by of December , 1962. Data revised on basis of December 28 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) Last Wednesday of March to last Wednesday of April Item All commercial banks Total loans U.S. Gov't securities Other securities * Total Weekly reporting banks Total loans * U.S. Gov't securities Other securities * Total Other banks Total loans U.S. Gov't securities Other securities i Total 1963 +0.5 *0.8 +0.7 ^o3 -0.2 —0.8 +0.6 I960 1959 +0.5 +1.3 2/ +1.9 +0.1 *0.1 1961 1962 +1.1 +0.3 +0.7 +1.0 ?T3 +0.6 +0.U *0.1 +0.6 +1.5 & +1.0 +o.U +0.1 y +o.i4 +0.U +0.2 +o.U +3.2 +0.U 1957 +0.6 +1.8 +0.2 "*0 +1.0 & +0.2 +0.8 *0.1 +0.2 +0.1 +1.1 +0.7 +0,k +o.U +0.2 TT3 ^13 7? %0% +0.7 +1,6 1958 +0.1 / +0.1 1 3 +0.8 +1.0 +0.1 End of December to end of ApriT Item #6.11 commercial banks Total loans U.S. Gov't securities Other securities Total #feekly reporting banks Total loans U.S. Gov't securities Other securities Total #Qther banks Total loans U.S. Gov't securities Other securities Total 1963 2/ 1962 —0.8 +0.1 -2.U +2.1 —2.0 1961 -2.0 I960 +o.U -3,1 +2.2 -0.3 +0.9 ^ 3 3 3 -1.0 —2.0 -0.8 *1.9 •=mr f0.2 +0.8 *T3 -1.7 *2.1 -2.1 +1.8 +1.2 +1.1 +0.1 y +1.2 -1.7 +1.5 *0.7 +0.6 ^079 +Q.U -0.1 +0.1 1959 -0.2 f *1.1 -0.3 %o3 H / *2*8 +0.3 —2.8 +0.3 1958 -1.3 +U.6 +1.U 1957 +0.1 *1.1 W77 +o.b ^077 -1.7 -0.7 +1.0 753 +0.2 +U.1 it +o.l +0.5 *0.h —0.7 +0.6 *0.U +0.2 *o3 NOTE—Data exclude all interbank loans 5 call report data for weekly reporting banks used when, available. 1/ Less than #50 million. 2/ Based on estimated data for December 31* 1962. In April, 1959, total credit increased about #200 million as a result of structure changes; loans increased #120 million; Government securities #60 million; and other securities I #20 million. In January 1959, total credit increased over #U00 million as a result of Digitized forbank FRASER structure changes: loans, #300 million; U, S. Government securities, #100 million; http://fraser.stlouisfed.org/ and other securities, *100 million. Federal Reserve Bank of St. Louis Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (in millions of dollars) End of December to end of April End of March to end of April 2/ Business of borrower 1963 1961 1962 I960 1959 1963 1962 -491 -102 + 62 -531 -111 - 76 + 60 -127 -146 - 25 ± 4 -106 -142 -131 - 44 -317 -170 - 89 +102 -157 -115 - 42 +100 - 57 -482 -144 - 24 1/ 1/ 1/ 1/ +151 1/ -164 + 8 + 28 -176 + 7 -197 - 41 + 76 - 30 - 38 + 11 + 22 + 12 - 15 - 28 - 67 + 49 + 42 -143 + 45 + 10 -135 + 5 + 45 - 63 + 17 -151 + 13 + 75 - 6 + 27 + 39 Classified Unclassified -225 + 53 -315 + 79 -573 +105 -173 + 91 Total change -172 -236 -468 -172 -236 -468 Food processors Commodity dealers Trade concerns Total 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 + 22 -650 1961 -412 -153 =m : -770 I960 1959 -517 -507 +224 -750 -395 -227 : 1/ +217 -405 + 14 1/ 1/ - 7 +216 + 87 + 96 +254 + 8 -102 +137 +139 +758 +215 - 36 +141 -105 +348 -300 + 7 +238 -430 + 99 -251 + 63 - 21 +209 -100 + 40 +111 -418 + 22 + 96 + 73 +298 + 78 - 77 - 8 + 46 -204 + 74 -234 + 93 -471 + 31 +413 + 60 -181 + 8 - 82 + 37 -130 -142 -440 +473 -173 - 82 -114 -1*0 -142 -440 +473 -187 + 21 — • +536 T J N o t included in business loans on revised basis. 2/ Four weeks used throughout. http://fraser.stlouisfed.org/ • • Federal Reserve Bank of St. Louis • e # # # # e e 1 • • • • • • • • Exhibit F Loans and Investments at All Commercial Banks (in billions of dollars) Loans and investments Date • u. s. Govt. Other securities Total loans Business Real Security Farm estate • Consumer € Nonbank financial institutions All other Dec. 31 Dec. 31 Dec. 31 June 24 (old) June 24 (new) Dec. 31 1/ 1960S Dec. 31 1961: Dec. 30 164.5 169.3 184.4 184.2 184.2 189.5 198.5 214.4 58.6 58.2 66.4 6O.9' 60.9 58.9 61.0 66.6 16.3 17.9 20.6 20.6 20.6 20.5 20.9 23.9 89-7 93.2 97.5 102.8 102.8 110.0 116.7 123.9 38.7 40.5 40.4 42.5 37.8 40.2 43.1 45.2 22.5 23.1 25.3 26.9 26,9 28.1 28.7 30.3 4.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 4.2 4.1 5.0 5.0 5.0 5.0 5.7 6.2 14.6 15.8 15.9 17.5 17.5 18.8 20.6 21.4 5.9 7.1 7.1 7.3 6.9 7.2 8.2 8.8 7.6 8.1 8.7 9.8 1962: Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 212.4 214.8 215.3 219.2 217.8 219.0 223.1 225.7 226.8 233.6 64.4 64.7 64.4 64.4 64.2 63.9 64.3 65.6 65.6 66.4 25.4 26.1 26.1 27.0 27.5 27.9 28.2 28.6 28.8 29.3 122.6 124.6 124.8 127.7 126.1 127.3 130.6 131.5 132.3 137.9 44.8 44.7 45.0 45.9 45.2 45.8 46.7 47.1 47.7 49.1 30.7 31.1 31.5 32.0 32.4 32.8 33.2 33.6 34.0 34.3 5.4 5.7 5.1 5.3 4.4 4.6 5.8 5.9 5.3 7.3 6.6 6.7 6.6 6.8 6.8 6.2 6.2 6.4 7.0 7.1 21.5 21.9 22.3 22.7 22.9 23.1 23.1 23.3 23.4 23.6 6.5 6.5 6.6 7.2 6.9 7.2 7.4 7-2 7.2 8.5 9.8 10.0 10.2 10.5 10.3 10.4 10.8 10.6 10.4 10.8 229.1 230.4 231.9 232.4 66.2 65.3 64.8 64.0 29.5 29.9 30.7 31.4 133*4 135.2 136.4 136.9 47.4 47.8 48.7 48.7 34.5 34.8 35.0 35.4 5.6 6.5 6.0 5.8 7.3 7.4 7.5 7.5 23.7 23.8 23.9 24.2 7.5 7-7 8.1 7-7 10.2 10.0 9.9 10.2 1956: 1957: 1958: 1959: 1963s 28 28 30 30 25 29 26 31 r 28 r 31 (est.)r Jan. 30 Feb. 27 Mar. 27 Apr. 24 r r r P mm am 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, ^otal 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. I Exhibit G Ratios to Total Deposits 1/ e L Date All commercial Total banks 19U8t 191*9: 1950: 1951: 1952: 1953: 195k: 1955: 1956: 1957: 1958: 1959: I960: 1961: Dec. 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 30 31.2 31.1 35.8 37.2 39.3 U0.5 U0.3 U5.8 U8.8 U9.7 U8.U 5U.o 1962: Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 28 25 30 30 25 29 26 31 55.li 55.li 55.8 55.9 55.6 56.0 56.li 28r 28r Jan. Feb. Mar. Apr. 30r 2?r 2?r 2Up 1963: y 55.1 5U.5 31.3 30.9 36.1 37.6 39.9 lil.l 40.7 Uo.7 50.1 51.0 li9.1i 55.6 56.5 55.7 0 A N U.S. uov't. securities maturing within one year S Member banks Reserve city baniks City of New York Other Chicago city 35.9 3li.9 li2,5 I16.3 50.6 50.6 li6.a 56.7 61.7 61.9 57.7 67.3 65.9 65.0 1U.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.U 8.3 7.U 8,7 11.2 27.1 28.5 31.5 32.1 33.9 36.1 37.1 UO.7 12.6 UU.1 UU.lt U8.2 50.3 50.2 59.2 58.3 57.3 57.5 56.5 57.1 58.6 57.6 57.3 6l.li 58.3 58 .li 59.1 59.0 59.3 59.5 51.2 51.3 51.8 52.1 51.7 51.7 51.6 51.1 51.5 51.7 11.2 11.5 11.7 11.3 11.3 11.9 9.9 60.5 51.9 52.3 52.7 53.0 9.5 9.5 7.5 56.3 56.5 56.2 56.7 57.0 57.1 57.3 57.9 58.1 58.2 6U.7 66.2 57.7 59.11 65.1 61.1 60.8 60.9 6U.9 59.8 6l.li 67.9.. 2/ 2/ 2/ 33.lt 32 .It 38.1 39 .li Ul.l U2.2 lil.9 18.5 52.7 53.3 51.3 58.2 59.0 57.7 65.8 65.li 6UU1 63.6 63.0 65.8 68.8 67.a 66.6 Country 30.1i 25.6 32.3 36.2 38.9 39.1 38.3 I16.3 52.7 55.2 li9.li 58.2 60.8 58.0 56.5 56.5 56.8 56.8 56.5 57.0 57.6 57.2 57 .li 57.7 56.1 All commercial banks 60.0 60.0 60.7 60.I • e • # # 10.U 9.3 9.5 e n.a. Total loans (adjusted to exclude loans to banks); U„ S. Government securities maturing * within one year estimated on basils 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. 2/ Data revised December 1959 through July 1962 to include one partially-tax exempt issue 9 that was first callable in December I960 and was called for redemption in December 1962, announced in August 1962. NOTE: Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.; by changes in the reserve classification of cities or individual banks, and by changes in items. Beginning August 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. p Preliminary. 1.4.3. - EXHIBIT H, P o r t 1 DEPOSITS A N D 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 S e o s o n o l l y o d l y s t e d i d e p o s i t s , se«»J-monthly a v e r o g e t u r n o v e r , won thly ol a n n u o »f d a i l y figures; B i l l i o n s of d o l l a r s 7ior Annuel rate MONEY SUPPLY T4 U3RN0 VnI Irs 3 ce te TIME AND SAYIN65 DEPOSITS* U. $. GOVT. OEPOSITSf Not 1957 a d j u s t e d for seasonal 1959 195* I960 1961 1962 I*** All commercial bo-iks. Exhibit H - Part II Seasonally adjusted data Money supply Period Total 1959—Dec. I960—Dec. 1961—Dee. 1962—Dec . 2) 2) 2) (2) Uil.8 lUl.2 1963—Jan. (1) 1U9.3 Feb. Mar. Apr. 8 (2 (1) (2) (1) 2 11*6.0 1U8.3 1U8.2 1U8.7 XU8.U 11*9.0 1U8.8 Ht9.5 149.3 Demand deposits 113.0 112.2 ll6.li 117.8 118.7 117.5 117.9 117 .U 118.0 117.6 118.3 118.1 Currency 28.8 28.9 29.6 30.5 30.7 30.7 30.8 30.9 31.0 31.1 31.3 31.1 U. S. Turnover Govt, Tine and R e e n t deposits savings ers outdeposits side NX 67 .U 73.0 82.7 97.9 98.6 99.7 99.9 27.6 5.2 29.k 31.3 1:1 28.1 32.6 100.8 32.2 102.2 32.0 102.8 33,4 101.3 102.U 6.1 5A U.i h.9 6.5 5.2 6.6 U.5 3.9 1.4.3 - E X H I B I T I, P u i l I T I M E A N D S A V I N G S DEPOSITS AT MEMBER B A N K S I N L E A D I N G CITIES DilUoitt Wednesday ol d o l l o r t $$ figures 1 0 I A I 1 1 * 1 AND SAVING* DIPQSUS SAVINGS DEPOSITS TIME DEPOSITS 01 INDIVIDUALS P A I I N H S H i r S . AND t O U O * * 1 I O N $ Exhibit I - Part II T i m e Total ( I n and S a v i n g s Savings m i l l i o n s D e p 0 sit. a Individuals, partnerships, and corporations 0 f d o i l a rs Other time deposits 1/ ) 1961—April 26 Dec. 27 1962—Dec. 26 38,175 1*1,1*72 50,011 27,819 30,082 3k,712 5,1*80 5,*69 9,080 1*,876 5,421 6,219 1963—Feb. Mar. 27 27 52,150 53,187 35,1*26 35,871* • 9,928 10,372 6,796 6,91*1 3 10 17 53,1*18 53,523 53,1*25 53,650 35,956 35,929 35,785 35,801 10,1*1*7 10,529 10,1*70 10,601 7,015 7,065 7,170 7,21*8 April 2h - 3/ - • — 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) Excess reserves Borrowings Total reserves held seasonally adjusted l/ Country All member All member All member 344 277 268 237 583 471 651 577 516 481 756 573 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977 91 69 *63 100 19,060 19,148 19,253 19,312 19,348 19,237 19,505 19,427 19,484 19,606 Free reserves (excess reserves minus borrowings) Date Monthly averages: 1956s December 1957$ December 1958s December 1959: December 1960s December 1961: ember 688 - 86 424 - 77 - 32 -104 - 4 - 22 -203 -228 -197 -449 80 24 379 440 434 370 - 24 50 10 - 12 - 6 - 20 5 - 3 15 9 36 - 4 394 401 ?85 389 470 509 497 470 JulyAugust September October N ovember December 442 437 378 419 470 265 18 7 - 19 34 13 6 3 2 4l6 44l 408 382 483 391 531 564 458 484 489 569 89 127 January February March April p 384 ?00 271 295 426 390 346 332 483 472 426 4l6 99 172 155 - 36 -133 - 41 -424 669 - 62 - 14 - 10 - 1 - 7 - 11 5 - 19 - 52 13 - 25 - 6 - 11 - 50 - 55 - - 8 1 - 37 - 9 - 30 - 27 : 80 65 119 304 121 19,681 19,698 19,755 19,717 of Chicago include banks formerly classified < Beginning July 26 , 1962, figures for both New York and the 3ity as central reserve city and three banks whose classification as reserve city is continued. - Preliminary. Revised series. Back data and seasonal factors available, Exhibit L, "Banking and Monetary Developments" for December 1962. NOTEs !/ Reserve City Banks New York City of Other City Chicago - 91 -105 - 80 -109 10 - 50 1962: March April May .Trine 1963s All member Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) | End of year Total or month 1 Time deposits Demand I U. S. U.S. Govt Liquid assets ieposits Savings Govt, securities to gross Postal and !Commercial ( Mutual Savings and national prosavings maturing currency banks savings System loan duct j/ bonds within one 2/ shares banks 3/ year 6/ 5/ 4/ 2 3 4 5 26.3 28.1 50.0 51.6 33.9 34.9 36.2 58.5 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 9 Ratios: Demand deposits Commercial bank deposits and currency & currency to to gross liquid assets (2 + 5 + 1) national nroduct?/ 11 10 7 8 27.2 52.0 57.0 41.7 47.7 54.5 61.8 70.5 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 50.6 51.6 53.2 38.8 35.6 48.8 41.9 42.6 85.9 81.3 79.6 80.5 80.2 80.5 79.0 78.2 31.2 30.3 29.9 28.7 27.5 26.3 6 35.0 1954 1955 1956 1957 1958 1959 1960 1961 320.3 332.5 343.2 356.0 373.1 393-9 399.2 424.6 150.2 133.3 158.4 142.6 48.2 49.7 52.0 57-5 65.4 67.4 75.1 82.5 1962 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 435.3 438.2 439.6 442.9 444.2 447.9 449.1 453.4 456.9 459.2 142.2 145.4 142.8 142.5 142.2 141.5 142.5 145.8 145.4 144.8 87.8 88.6 89.7 91.2 91.7 92.7 93-9 95.2 96.9 98.1 59.0 59.2 39.5 59-7 40.0 40.2 40.6 40.9 41.2 41.4 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 72.8 73.4 74.0 74.8 75.4 76.3 77.4 78.2 79.2 80.0 47.4 47.4 47.4 47.4 47.5 47.5 47.5 47.5 47.5 47.6 45.5 45.6 45.7 46.9 46.8 49.2 46.6 47.2 48.2 46.8 78.8 26.3 79.5 25.9 80.3 25.6 80.7 25.5 196? Jan. Feb. Mar. Apr. 462.7 464.7 466.1 n.a. 144.4 144.5 145.0 n.a. 100.1 101.2 102.2 102.9 41.7 41.9 42.1 42.5 0.5 0.5 0.5 0.5 81.0 82.2 85.4 n.a. 47.8 47.9 47.9 n.a. 47.1 46.5 45.0 n.a. 81.0 25.3 p p p p 134.6 133.5 158.8 159.7 32.6 55.7 55.0 54.4 55.6 54.8 52.6 53.0 53.0 52.8 52.9 52.9 52.7 52.6 52.2 52.6 52.7 52.6 52.9 52.8 52.9 53.0 n.a. , hot footnotes see next page. _ NOTEt This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs irom t Digitized forthe FRASER one previously shown in concept and coverage. Back figures available from Banking section, Division of esearch http://fraser.stlouisfed.org/ •and Bank Statistics. # # # # # # # # Federal Reserve of St. Louis 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 1-9 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. 941# except that demand deposits held by mutuaT savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and "one national bank in Hawaii were included in April 1954 and April 1959# respectively. Demand deposits due to banks in United States possessions are included throughout. 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. ij 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. jj/ 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 sail 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. 5. Treasury Department's Survey of Ownership of U. S. Government Securities. II Gross national product figures are available quarterly and annually only. Data for total liquid assets used in computing these ratios are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter).
@FedFRASER