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i < L.4.3 Not for publication May 16, 1967. rtl c* BANKING AND MONj^kY t ) E V E I i Q P M ^ f e s IN APRIL 1967 ^ u - r Summary. Commercial bank credit increased moderately further in April but the rate of expansion was less than half that of the rapid March pace. Holdings of U.S. Government securities were reduced following large acquisitions in the two previous months. Holdings of municipal and other securities, however, continued to expand at a near record rate. Business borrowing increased substantially reflecting in large part corporate needs for funds to meet accelerated income and withheld taxes. The money supply declined but U.S. Government deposits at commercial banks rose sharply. Time and savings deposits continued to expand rapidly but the pace was somewhat below that of the high first quarter. Total, required, and free reserves rose further but more moderately than earlier in the year. Changes in Commercial Bank Credit* Money Supply and Time Deposits (Seasonally adjusted) April Total loans and investments • J. 1 a LC Dec. 1967 . 1966Jan.- i Jan. April April 1967 March /\LCI. Ut SL1 L ) 2nd Half 1966 1st Half Year Year 1965 8.6 12.6 13.9 12.0 1.9 9.8 5.9 10.2 -25.0 11.6 24.3 15.9 -2.9 -9.0 -5.9 -5.6 Other securities 32.4 31.1 29.8 24.8 -1.2 12.5 5. 6 15.8 Total loans 11.3 8.5 7.5 7.9 4.1 14.7 9.5 14.7 Business loans 20.6 14.0 11.6 11.2 7.6 20.2 14.3 18.5 Money supply -4. 9 3.2 5.9 4.1 -0.9 4.7 1.9 4.7 17.6 18.5 16.1 6. 1 10.3 8-4 16.0 U.S. Gov't, securities Time and savings deposits al all commercial banks 15.1 Where necessary, changes in loans and other securities described above are adjusted for the definitional shift of about $1 billion of participation certificates from loans to other securities on June 30, 1966. Changes in total credit, total loans, and total time and savings deposits described above are also adjusted for the reduction of $1.1 billion of balances accumulated for the payment of personal loans excluded on June 9 as a result of a change in Federal Reserve regulations affecting reserve requirements. Bank credit. Total loans and investments at all commercial banks increased $2.3 billion in April, or at a rate somewhat less than half that of the exceptional March rise. In April, practically the entire credit increase was in loans as continued heavy acquisitions of municipal and other securities were offset for the most part by sales of Treasury isses. In March, almost three-quarters of the credit growth had been in investment holdings. Expansion in total loans and investments had been very large at weekly reporting banks in March but tapered off considerably in April. At nonweekly reporting banks, however, credit expansion was relatively strong in both March and April following a larger-than-usual decline earlier in the year. Holdings of "other securities" at all commercial banks increased $1.4 billion in April, slightly faster than the 30 per cent annual rate of the first quarter. At weekly reporting banks, the increase was concentrated at banks outside New York City, and about half was in municipals maturing in more than one year. Holdings of tax warrants and other short maturities increased further but at a much less rapid rate than in the first quarter. Agency issues and participations also increased somewhat, the latter probably reflecting delivery of the $900 million FNMA issue on April 5. Reductions in holdings of U.S. Government securities totaled $1.2 billion in April following acquisitions of $3.8 billion over the two previous months. In spite of the April decline, the net increase in holdings of Governments since November has offset over 70 per cent of the net decline which occurred in the first 11 months of 1966. Most of the April reduction occurred at large banks; at other banks, declines were about the usual volume. Holdings of Treasury bills showed a large drop, probably reflecting sales of the June tax bills (delivered March 13) as U.S. Government deposits were reduced prior to the April 15 tax date. Holdings of longer maturities increased slightly over the month. Business loans increased $1.4 billion in April, the same as in January, and more than in any other month since last summer. The April rise was associated largely with borrowing to meet the month's step up in corporate tax payments. However, in view of the substantial excess of these payments over those in April last year (after allowance for the maturing tax bills turned in for taxes this year) the business loan increase appeared moderate. Corporations apparently used some of the funds obtained through recent large capital market financings to help meet tax payments. In addition, CD holdings were reduced following a sharp buildup earlier in the year. Over the first four months of 1967, business loans increased at an annual rate of 14 per cent, about the same as over the year 1966. ' In April, most industry groups borrowed more, or repaid less, than in the corresponding weeks of other recent years. This pattern was particularly marked among food processors, commodity dealers, trade concerns, chemical companies, and public utilities. Loans to construction firms also increased relatively substantially after declining contraseasonally earlier in the year. On the other hand, repayments by transportation concerns--where increases had been large in the first quarter--were heavy and more than offset further expansion in other metals manufacturing categories. Growth in real estate and consumer loans apparently continued in April at the reduced pace of other recent months. Security loans showed little further change; loans to dealers declined as their trading positions were reduced but those to brokers rose. Loans to nonbank financial institutions showed their first monthly increase since early last fall reflecting in part larger-than-usual borrowing by finance companies over the mid-month tax date. Money supply and time deposits. The money supply declined $700 million in April; this followed an increase of $3.2 billion over the previous two months which brought the money stock to a new peak level in March. In the five months since the easing of monetary policy in late November, growth was at an annual rate of about 4 per cent, but over the year ended April, it was at an annual rate of less than 1 per cent. The April decline this year was associated in part with a sharp build-up in Treasury deposits at commercial banks as the month's accelerated tax payments were deposited. Time and savings deposits at commercial banks increased $2 billion in April or at an annual rate of 14.4 per cent, only slightly below the March pace. At large commercial banks, consumer-type time deposits continued to show substantial expansion. Savings deposits declined as is usual, presumably reflecting withdrawals for payment of personal income taxes. Negotiable CD's also dropped in April, about offsetting the moderate March rise. The decline was largely concentrated around the mid-month tax period, but outstandings also drifted downward at other times during the month, reflecting in part sizable reductions in offering rates. Bank reserves. Total reserves rose somewhat further in April--at an annual rate of about 2 per cent—but much less rapidly than in the first quarter when growth had been at an unusually high 18 per cent annual rate. Over the four statement weeks ending April 26, free reserves averaged about $200 million, up somewhat from the corresponding March average. Borrowings declined further to a level of only $150 million and excess reserves also dropped somewhat. The effective rate on Federal funds dropped from an average of 4.53 per cent in March to 4.05 per cent in April. Banking Section Division of Research and Statistics Board of Governors of the Federal Reserve System. L . 4 . 3 - EXHIBIT LOANS AND Last W e d n e s d a y of A, PART 1 I N V E S T M E N T S A T ALL C O M M E R C I A L B A N K S mpnth, seasonally B i l l i o n s of adjusted TOTAL LOANS AND INVESTMENTS LOANS - U.S. GOVT. SECURITIES OTHER SECURITIES i i i i i i 1961 1962 1963 1964 1965 1966 1967 dollars Exhibit A - Part IX Total 1/ Date 1 ! Loans 1/ ( I n b i l l i o n U.S. Gov't securities s of Other securities d o 1 1 a r s ) 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 31 2/ 31 2/ 31 31 227.9 246.2 267.2 294.4 134.1 149.7 167.4 192.0 64.5 61.5 61.1 57.7 29.2 35.0 38.7 44.8 1966--Jan. Feb. Mar. Apr. MayJune July Aug. Sept. Oct. Nov. Dec . 26 23 30 27 25 30 27 31 28 26 P 30 P 31 2/ 297.4 297.5 300.3 302,9 304.9 307.7 3/ 309.2 310.8 308.7 308.1 308.4 310.7 194.5 196.2 198.6 200.8 202.3 204.0 3/ 206.4 206.6 206.1 207.3 207.3 208.2 58.0 55.9 56.0 55.9 55.1 55.1 54.4 56.1 54.3 52.4 52.9 54.3 44.9 45.4 45.7 46.2 47.4 48.6 3/ 48.5 48.1 48.3 48.4 48.3 48.3 1967--Jan. Feb. Mar. Apr. 25 22 29 26 314.5 316.2 321.5 323.8 211.3 210.7 212.1 214.1 53.8 54.9 57.6 56.4 49.5 50.7 51.9 53.3 1/ 2/ 3/ " P P P P Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, loan data exclude the $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, total loans exclude, and other securities include, about $1 billion of participation certificates. 1.4.3 - EXHIBIT B, Part 1 L O A N S AT A I L Lost Wednesday of COMMERCIAL BANKS month, seasonally B i l l i o n s of adjusted dpllpra BUSINESS REAL ESTATE CONSUMER SECURITY 1,11,1 I,J, LI,1,1,1II I.I ) ll.l I I I I960 1961 1962 1963 1964 1965 1966 # Date Business ( I n 1962-"Dec, 1963—Dec. 1964--Dec. 1965--Dec. 31 1/ 31 1/ 31 31 47.6 52.0 58.4 69.2 Real Estate Consumer b i l l i o n 34.2 39.1 43.5 49.2 of d o 1 1 a r s ) 23.7 6.2 6.7 27.2 31.1 7.1 35.8 7.2 Security 1966--Mar, 30 Apr. 2 7 May 25 June 30 July 27 Aug. 31 Sept .28 Oct. 26 p Nov. 30 p Dec. 31 p 1/ 72.2 72.9 74.2 76.2 77.6 77.7 78.2 78.9 79.1 79.1 50.8 51.2 51.5 51.9 52.2 52,7 53.1 53.4 53.7 54.0 36.9 37,0 37,3 37.5 37.8 38.1 38.3 38.3 38.7 38.9 7.2 7.9 7.7 8.3 7.4 8.4 6.5 6.6 6.6 7.1 1967—Jan. Feb. Mar. Apr. 80.5 80.6 81.4 82.8 54.3 54.6 54.9 55.1 39.0 39.1 39.2 39.3 8.4 7,2 8.1 8.2 1/ 25 22 29 26 p p p p Estimated as of December 31, p - Preliminary These data are not for publication. # Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1966 Item Mar. Apr. May — 1967 June July Aug. Sept. Oct. Nov. Dec. + 3.9 4/ +1.5 + 1.6 -2.1 -0.6 +0. 3 + 2.3 -0.7 + 1.7 -1.8 -1.9 +0.5 Jan. Feb. Mar. Apr +3.8 +1.7 +5.3 + + 1.4 -0.5 + 1.1 + 2.7 - 1.2 i/ +1. 2 + 1.2 +1.2 + 1.4 +0.9 +3.1 -0.6 + 1.4 + 2.0 p Loans and Investments 2J +2.8 + 2.6 + 2.0 U. S. Gov't, securities +0.1 -0.1 -0.8 Other securities +0.3 +0.5 + 1.2 + 0 . 2 4/ -0.1 -0.4 +0. 2 +0.1 -0.1 Loans 2/ +2.4 +2. 2 + 1.5 + 3.8 4/ + 2.4 +0.2 -0.5 + 1.2 y Business +0.9 +0.7 + 1.3 + 2,0 + 1.4 +0.1 +0.5 +0.7 +0.2 1/ +1.4 +0.1 +0.8 + 1.4 5/ Real estate +0.5 + 0.4 +0.3 +0.4 +0.3 +0.5 + 0.4 +0.3 +0.3 +0.3 +0. 3 +0. 3 +0.3 + 0.2 Consumer +0.6 +0.1 +0.3 +0.2 +0.3 +0.3 +0. 2 +0.4 +0. 2 +0.1 +0.1 +0.1 + 0.1 Security +0.3 +0.7 -0.2 +0.6 -0.9 +1.0 -1.9 +0.1 1/ +0.5 + 1.3 -1.2 +0.9 !+ 0.1 Nonbank financial +0. 7 +0.3 -0.5 + 1.2 -0.8 -0.9 +0.3 1/ 1/ -0.2 -0.2 | -0.5 i/ ! + 0.5 Agriculture +0.1 1/ +0.3 -0.2 4/ +0.3 +0.5 1/ -0.3 1/ 1/ -0.1 1/ +0.2 | + 0.1 All other +0.5 1/ +0.3 +0.6 4/ 1/ -0.5 -0.2 -0. 2 -0.3 +0.1 +0.1 -0.2 +0.1 1 - 0.1 Total loans excluding security _3/ +3.3 +1.5 + 2.0 +4.2 +1.5 1/ +1.2 +0.5 +0.6 +0.4 + 1.6 -0.2 Total loans excluding security and nonbank financial 3/ 1/ 2/ 3/ 1/ it 2.3 ! + 2.2 i ! +2. 6 +1.2 +2.5 +3.0 +2.3 +0.9 +0.9 +0.5 +0.6 +0. 6 + 1.8 +0.3 +1.5 ;+ 1.7 ^i; loan items are gross or valuation reserves while total loans are net and j-ucuio majr iiul duu lu cuduge iu LULdi iuam> Because: (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. Less than $50 million. Adjusted to exclude interbank loans. Derived by addition of items and not by subtraction from total loans. 4/ Allowance has been made in the monthly changes in total bank credit, total loans and "all other" loans for the $1.1 billion of balances accumulated for the payment of personal loans excluded from time deposits and from loans on June 9. Allowance has been made in the monthly changes in total loans, other securities, agricultural loans and "a1-1 other loans" for approximately $1 billion of participation certificates shifted from loans to other securities on June 30, 1966. 5/ At large banks, bankers' acceptances declined $24 million in April 1967, compared with an increase of $21 million in April 1966, and a decline of $19 million in April 1965. (See Exhibit E). Data on individual loan categories are not for publication Exhibit D Changes in Loans and Investments at All Commercial Banks, at Large Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Last Wednesday of March to last Wednesday of A pril Item 1964 1963 1962 1961 +1.7 -0.7 +1.1 +2.0 +1.9 -1.4 +0.2 +0.7 +0.5 -0.8 +0.7 +0.4 +1.4 +0.3 +0. 7 +2.4 +0.5 +1.0 +0.1 +1.6 + 1.1 +0.4 +0.7 +2.2 +0.4 -0.5 +0.7 +0.7 +0.8 -1.1 1/ -0.3 -0.2 -0.8 +0.6 -0.4 +0.4 -0.1 +0. 6 +0.9 +0.1 +0.8 +0.1 +1.0 + 1.1 -0.3 +0.4 + 1.0 +1.3 -0.2 +0.4 +1.3 + 1.1 -0.3 +0.2 + 1.0 +0.7 - 1/ +0.1 +0.8 + 1.0 +0.4 +0.1 +1.5 +0.4 +0.2 1962 1961 +0.1 -1.9 +2.2 +0.4 -2.0 -0.3 +0.9 -1.3 1967 1966 All commercial banks # Total loans U. S. Gov't, securities Other securities Total +2.0 -1.7 + 2.0 + 2.3 +2.2 +0.1 + 1.1 +3.2 Weekly reporting banks 3/ # Total loans U. S. Gov't, securities Other securities Total +0.7 -1.5 + 1.4 + 0.6 Other banks 3/ # Total loans U. S. Gov't, securities Other securities Total +1.3 -0.2 +0.6 + 1.7 ' 1965 V +0. 6 End of December to end of April # Item 1966 1965 1964 1963 -1.0 -0.2 +5.2 +4.0 +2.4 -4.0 + 1.6 -0.1 +4.1 -4.7 +2. 6 +2.0 +0.8 -3.3 +0.7 -1.0 -2.4 +2.1 -1.3 Weekly reporting banks 3/ Total loans U. S. Gov't, securities # Other securities Total -2.2 +0.1 +3.9 +1.8 +1.0 -3.1 +0.7 -1.3 +2.1 -3.7 +1.8 +0.2 -0.8 -2.3 +0.4 -2.8 -2.2 -1.7 +1.5 -2.3 -1.0 -2.1 +1.8 -1.4 -2.0 -0.2 +0.8 -1.5 Other banks 3/ Total loans U. S. Gov't, securities # Other securities Total +1.2 -0.3 +1.3 +2. 2 +1.4 -1.0 +0.9 +1.2 +2.0 -1.0 +0.8 +1.8 + 1.6 . -1.0 +0.3 + 1.0 + 1.2 -0.7 +0.6 + 1.0 +1.1 +0.1 +0.4 +1.8 1/ -0.1 +0.1 +0.2 J—1 All commercial banks Total loans U. S. Gov't, securities # Other securities , Total 00 1967 2/ NOTE--Data exclude all interbank loans; call report data for large banks used when available. ^ / Less than $50 million. */ Based on estimated data for December 31, 1966, 1963, and 1962, for all commercial banks and for December 31, 1966 and 1962, for large banks. 3/ Based on revised coverage beginning July 1966 and January 1967. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late December to late Late March tolate AT>ril 1/ Business of borrower 1967 1966 1965 1964 1967 1963 1966 1965 AORIL 2v . . 1964 - 540 -599 -326 -159 -136 -157 -147 -120 Food processors - 68 -382 1 9 9 2 2 9 2 1 0 1 4 0 7 8 1 1 0 1 7 9 Commodity dealers - 84 + 5 3 0 95 3 + 2 3 5 . + 7 2 1 0 5 + 2 4 0 Trade concerns +164 5 9 + 3 4 9 4 7 + 1 7 8 + 2 2 + 2 6 5 + 1 8 9 Retail trade +137 + 36 + 1 8 1 + 5 7 4 4 + 5 0 + 5 5 7 + 5 1 Wholesale trade + 27 +387 +836 + 1 ,028 +555 -169 - 60 + 54 - 32 Metals - 43 + 70 + + 1 1 6 + 1 5 4 . 126 6 1 3 + 2 4 + 1 Primary metals + 26 + +247 + 4 9 4 6 9 1 + 1 5 4 2 8 12 + 3 7 5 9 Machinery + 89 + - 16 + 35 6 + 1 4 3 2 6 1 0 5 2 9 + 18 Transportation equipment -220 + + 85 2 0 5 + 1 9 1 + 1 0 4 + 9 + 2 2 3 Other fabricated metals + 8 + 62 + 1 5 7 + 2 8 1 + + 3 2 8 2 0 9 + 9 + 3 3 32 + 3 Textiles, apparel, etc. 2 3 4 + + 1 3 9 + 1 4 3 37 + 12 16 6 2 7 Petroleum - 24 + + 1 7 7 4 6 6 + 2 5 3 + 2 1 4 + 17 + 6 3 + 5 1 1 6 Chemicals +158 + + 78 34 +193 +194 + 9 + 18 + 50 + 38 Other durable manufacturing - 23 + + 29 + 1 5 4 + 1 2 4 111 + 2 3 Other nondurable manufacturing + 31 + 5 7 7 + 58 + 82 + + 2 2 9 + 1 1 8 111 3 0 + 2 5 + 1 1 Mining - 83 -350 2 1 4 1 9 7 7 Public Utilities, total 6 4 6 19 2 9 6 + 90 + n.a. n.a. 1 3 8 n.a. n.a. n.a. n.a . Transportation 3J n .a. + 50 + n.a. 124 n.a. n.a. n.a. n.a. n.a. n.a. + 58 Communication 3/ 3 3 9 n.a. n.a. n.a. n.a. n.a. n.a. n.a. - 18 Other public utilities +112 + 79 56 + 53 + 53 + 57 + 77' + 17 + 51 Construction + +339 + 35 + 3 6 1 4 5 5 + 2 7 4 0 86 +119 + 76 All other types of business + n.a. 2 1 2 . + 2 0 3 2 6 n.a. 3 1 + 21 - 19 - 24 Bankers acceptances n.a. 132 n.a. n.a. n.a n.a. n.a. n.a. + 10 Services _3/ + 3 7 5 n.a. + 3 6 1 + 3 4 1 n.a. 9 - 67 + 98 + 90 Other + n.a. 78 n.a. n.a. n.a. n.a. n.a. n.a. - 15 Foreign business concerns 3/ + 1 - 99 , 6 2 4 + 2 , 1 8 3 + 1 , 5 3 7 -284 -341 -232 -110 +255 Classified + 298 2 6 + 2 9 5 + 3 2 9 + 90 + 72 + 87 + 87 +128 Unclassified + 1 +199. + 2 . 4 7 8 , 5 9 8 + 1 , 8 6 6 -212 - 23 -251 -145 +383 Total Change 1/ Four most comparable weeks used throught. 2_/ Changes are compiled from December 28, 1966; December 29, 1965; December 30, 1964; December 25, 1963; and December 26, 1962. These data cannot be linked with all commercial bank data which are always for December 3/ Prior to 1967, transportation, communciation, services, and foreign loans were not reported separately. - — — 1963 -507 -147 - 24 + 3 - 27 - 10 - 49 +122 -115 + 32 +217 - 20 +107 + 42 + 39 +269 -297 n.a. n.a. n.a. + + 11 60 n.a. n.a. n.a. n.a. -263 + 93 -170 ' 31. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars*) Nonbank financial institutions Loans and investments U. S. Gov't. Other securities Total loans Business Real estate Security 1957--Dec. 31 1958--Dec. 31 1959—June 24 (old) June 24 (new) Dec. 31 1/ 1960—Dec. 31 1961—Dec. 30 1962--Dec. 31 (est.) 19 6 3- -Dec . 31 (est.) 1964--Dec. 31 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 63.4 63.0 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 35.1 38.8 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 7.9 8.4 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 7.4 7.5 1965 — O c t . 27 Nov. 24 Dec. 31 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 27.2 31.0 5.9 7.1 7.1 7.3 8.5 10.2 10.9 290.2 292.3 301.8 58.5 58.8 59.5 44.1 43.8 44.9 187.7 189.8 197.4 67.1 68.3 71.4 48.5 49.0 49.3 6.9 7.2 8.5 8.1 8.2 8.2 35.2 35.4 35.8 11.2 11.3 13.3 1966- -Jan. 26 Feb. 23 Mar . 30 Apr. 27 May 25 June 30 July 27 Aug. 31 Sept .28 Oct. 26 P Nov. 30 P Dec. 31 P (est.) 1967--Jan. 25 P Feb. 22 P Mar. 2 9 P Apr. 26 p 296.8 296.0 298.5 301.7 302.4 310.1 2/ 307.1 307.7 309.3 308.4 309.4 318.5 313.9 314.7 320.2 322.5 59.6 57.3 55.4 55.5 53.6 53.5 52.7 53.7 53.6 53.5 54.3 56.1 55.8 56.4 57.6 55.9 44.4 45.1 45.4 46 .5 47.1 48.8 3/ 48.6 48.4 48.8 48.6 47.8 48.4 49.0 50.3 51.6 53.6 69.7 70.7 72.6 72.8 74.0 77.2 77.1 76.8 78.1 78.3 79.0 81.6 79.6 80.0 81.9 82.6 49.7 50.0 50.3 50.9 51.2 51.9 52.4 52.9 53.3 53.7 54.0 54.2 54.3 54.3 54.4 54.8 7.6 6.9 7.0 7.7 7.5 8.6 7.2 7.7 6.9 6.6 6.4 8.4 7.9 7.2 7.9 8.0 8.4 8.5 35.8 35.9 36.4 36.8 17.3 37.8 38.1 38.5 38.5 38.5 38.7 38.9 38.7 38.6 38.7 39.1 11.6 11.7 12.5 12.6 11.9 13.9 12.8 12.0 12.5 Date 192.7 193.6 197.6 199.8 201.7 207.91/3/ 205.8 205.5 206.9 206.3 207.3 214.0 209.1 208.0 211.0 213.0 Farm 8.6 8.7 8.8 8.5 8.6 8.6 8.6 8.6 8.7 8.7 8.8 8.9 9.2 9.3 2/ Consumer 11.8 11.8 13.5 11.5 11.1 11.2 11.5 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. 2/ 3/ Beginning June 9, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans. Beginning June 30, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." NOTE--Daca 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. ' Individual loan category data are available for publication only on a June and December call data basis. Exhibit G Ratios to Total Deposits 1/ U. S. Government securities maturing within one year L 0 A N S Date 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 1955—Dec. 1956—Dec. 1957—Dec. 1958—Dec. 1959—Dec. 1960—Dec. 1961—Dec. 1962—Dec. 1963—Dec. 1964—Dec. All commercial Total banks Member banks Reserve city banks New York City of Other Citv Chicago 46.3 36.2 39.4 50.6 38.9 41.1 50.6 39.1 42.2 38.3 46.8 41.9 56.7 46.3 48.5 61.7 52.7 52.7 61.9 53.3 55.2 49.4 51.3 57 .7 67.3 58.2 58.2 60.8 65.9 59.0 65.0 58.0 57.7 67.9 61.4 60.1 62.1 63.3 67.4 69.3 64.4 65.0 31 31 31 31 31 31 31 31 31 31 31 28 25 31 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 58.6 60.5 37.6 39.9 41.1 40.7 46.7 50.1 51.0 49.4 55.6 56.5 55.7 57.7 59.9 61.9 1965—June 30 July 28 Aug. 25 Sept.29 Oct. 27 Nov. 24 Dec. 31 63.6 63.7 64.1 63.9 63.8 64.2 63.7 64.9 65.0 65.5 65.3 65.2 65.8 65.4 74.3 72.2 74.8 73.4 73.8 77.6 75.9 67.0 67.1 67.7 69.3 69.6 68.2 70.2 63.8 64.6 65.2 64.9 66.0 66.0 66.5 66.5 66 .8 66.6 66. 6 66.4 65.9 65.6 65.4 65.4 65.5 66.5 67.0 66.6 67.6 67.7 68.3 68.3 68.6 68.4 68.5 68.3 67.7 67.3 67.0 66.9 75.9 77.5 77.7 75.7 79.3 80.9 82.6 81.9 81.8 82.9 82.7 84.0 81.8 81.8 81.2 80.9 71.3 73.4 73.9 68.4 70.4 73.4 73.3 74.0 75.3 74.2 77.7 75.8 75.8 74.8 73.4 72.1 1966—Jan. 26 Feb. 23 Mar. 30 - Apr. 27 - May 25 - June 30.3/ - July 27 - Aug. 31 p- Sept.28 p- Oct. 26 p- Nov. 30 p- Dec. 28 , 67-p- Jan. 25 p- Feb. 22 p- Mar. 29 p- Apr. 26 Country All commercial banks 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 50.3 50.2 5.1.753.8 56.0 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 2/ 7.5 8.0 67.8 68.9 69.0 69.1 69.1 69.3 68.7 58.3 58.6 58.7 58.4 58.2 58.3 57-9 6 .0 5.7 6.1 6.4 7.1 7.3 7.3 69.2 70.6 70.8 70.7 70.9 70.3 71.0 71.3 71.9 71.4 71.2 70.5 70.3 69.5 68.7 68.3 57.9 58.3 59.0 59.2 60.1 59.6 60.1 60.2 60.2 60.1 60.1 59.9 59.7 59.6 59.8 60.2 7.5 6 .3 5.7 5.6 5.4 5.3 5,0 5.6 5.6 5.8 5.6 6.2 6.1 5.5 5.5 n.a. JL/ 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.) 2/ Estimated for December 31. 3/ Beginning in June, loans at all commercial banks exclude about $1 billion of participation certificates now reported in other securities. If the $1 billion were included in loans in July, the ratio for all commercial banks would be 66.3. NOTE: Comparability of figures affected by changes in Federal Reserve membership, mergers, and by changes in the reserve classification of cities or individual banks. p Preliminary. -v \ • » • - * » • - — - . * - • •• +L.4.3.-EX ^IBIT — H, Pag 1 J + m i " "• m*j D E P O S I T S A N D C U R R E N C Y A N D T U R N O V E R O F DEMAND, D E P O S I T S S e a s o n a l l y a d j_u s turn o v e r, monthly m o n thly d ; d ej> o j a v e r a g e s off d a i l y figures; l°f do liej II I I I I MONEY TIME AND SUPPLY) SAVINGS DEPOSIT i 224 SMSA'S 343 Centers .S. GOVT. TURNOVER} [Outside N.Y.CTj DEPOSIT?^ Not adjusted for seasonal i i i i i i i i i i i i n i i i 11 1960 1961 1962 196 3 1964 v i h l -jkkll commftrcio I bant>!| Chart not revised and not updated. Exhibit H - Part II S e a s o n a l l M o n e y Period S u p p l Demand deposits Total y • Currency y A d i u s t e: d D a t a Time and U.S. savings deposits 1/ Gov 1 1 deposits (all (all member) commercial) Turnover outside N.Y. City * (per cent) 1964--December 1965--December 1966--December 159.7 167.2 170.3 125.4 130.9 132.1 34.2 36.3 38.3 126.6 146.9 158.0 5.0 4.0 2.9 33.3 37.4 40.0 1966--April 170.9 133.7 37.2 151.4 4.7 37.6 1967--January February March p April p 169.6 170.4 172.8 172.1 131.1 131.7 133.9 133.2 38.5 38.7 39.0 39.0 160.5 163.2 165.3 167.3 4.8 4.9 4.8 6.4 39.4 39.4 39.1 n. a. Week ending: Apr. 5 12 19 26 173.4 172.8 171.5 171.0 134.5 133.7 132.5 132.0 38.9 39.0 39.1 39.0 166.4 167.0 167.5 167.7 4,6 5.8 $.5 8.2 n. a. n. a. n. a. n. a. 1/ Beginning on June 9, 1966, time deposit data exclude $1.1 billion of balances accumulated for the payment of personal loans. p - Preliminary. * . Beginning January 1964, data are for 232 metropolitan centers outside New York City. NOTE: Dollar amounts in billions. http://fraser.stlouisfed.org/ # Federal Reserve Bank of St. Louis • e # e # # # e # L.4.3 TIME A N D Wednesday - EXHIBIT I, P o r t S A V I N G S D E P O S I T S AT LARGE C O M M E R C I A L B A N K S B i l l i o n s of d o l l a r s figures 101 TOTAL TIME AND SAVINGS DEPOSITS 16 60 SAVINGS DEPOSITS TIME D E P O S I T S 40 TIME DEPOSITS EXCLUDING LARGE CD's 20 , , , LARGE C D ' S , i I I i i i i i 1965 1966 1967 1968 v Exhibit I - Part II T i m e Period Total Large Commercial Banks and S a v i n g s D e p o s i t s Savings 1961--Dec. 1962--Dec. @1963--Dec. 1964--Dec. 1965--July 5/ July 27 26 31 30 7 (old) 7 (new) *1965--Dec. 29 1966--Apr. 27 Dec. 28 (old) 5/ Dec. 28 (new) #1967--Mar. 29 Apr. • >2/ 3/ 4/ 5/ 5 12 19 26 Time 1/ 1/ (I n Large certificates of deposit 2/ m i 1 1 i o n of Time other 1/ than large certificates of deposit d o l l a r s ) 41,472 50,011 59,227 66,881 30,082 34,712 38,083 40,698 11,390 15,299 21,144 26,183 3/ 2,782 4/ 5,442 9,579 12,585 8,608 9,857 11.565 13,598 73,672 80,467 43,137 48,314 30,535 32,153 15,203 15,587 15,332 16.566 85,298 50,694 34,604 16,251 18,353 89,060 89,495 89,639 48,711 47,099 47,213 40,349 42,396 42,426 17,700 15,659 15,642 22,649 26,737 26,784 96,133 47,098 49,035 19,299 29,736 96,227 96,383 96,148 96,424 47,090 46,965 46,845 46,868 49,137 49,418 49,303 49,556 19,210 19,146 18,618 18,583 29,927 30,272 30,685 30,973 payment of personal loans. Negotiable certificates of deposit issued in denominations of $100,000 or more. Estimated. As of December 5, 1962. Revised series. n.a. - not available. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) Date All member Reserve City Banks New York City of City Chicago Excess Reserves Country Other All member Borrowings All member Total reserves held seasonally adjusted All member 1/ Monthly Averages: 1958--December 1959--December 1960--December 1961--December 1962--December 1963--December 1964--December 1965--December - 41 -424 669 419 268 209 168 - 2 - 80 -109 10 - 50 - 62 19 - 14 - 70 - 32 -104 - 4 - 22 - 11 - 21 - 31 - 8 -197 -449 80 20 - 52 -122 -103 -161 268 237 583 471 394 334 315 238 516 482 756 568 572 536 411 452 557 906 87 149 304 327 243 454 18,392 18,434 18,765 19,545 20,224 20,955 21,843 23,010 1966--Feb. Mar. Apr. May June -107 -246 -268 -352 -352 - 75 - 37 - 29 - 40 -143 - 26 62 33 3 12 -148 -218 -238 -225 -223 143 71 32 -84 27 371 305 358 370 322 478 551 627 722 674 23,217 23,274 23,530 23,536 23,539 -358 -390 -367 -431 -222 -165 - 6 - 26 - 93 -124 - 71 - 95 - 54 24 64 95 24 50 -312 -279 -217 -246 -245 -159 9 -61 6 34 118 140 408 338 398 302 389 392 766 728 766 733 611 557 23,763 23,363 23,492 23,297 23,262 23,283 - 16 4 23 3 197 - 46 - 67 - 68 - 9 -123 - 64 - 15 - 20 - 80 - 84 8 - 38 233 211 307 264 373 358 432 331 389 362 199 134 23,614 23,886 24,333 24,389 July Aug. Sept. Oct. Nov. Dec. 1967--Jan. Feb. Mar. p Apr. p 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. r - revised. 1/ Data have been adjusted for redefinition of time deposits effective June 9, 1966. Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Postal Savings System Commercial banks 3/ Mutual savings banks 26.3 28.1 30.0 31.6 33.9 34.9 36. 2 38.3 41.4 44.5 49.0 52.6 2.1 1.9 1.6 1.3 1.1 0.9 164.0 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 U. S. Gov't, Savings savings and loan bonds 5/ shares 4/ U. S. Gov't, securities maturing within one year 6/ Liquid assets to gross national product 7/ 8 320.2 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.7 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 0.3 0.3 0.3 0.3 0.3 109.8 110.6 111.4 51.1 111.2 111.4 50.5 50.3 50.3 50.4 50.4 50.4 53.7 53.9 54.2 54.6 54.8 55.1 0.2 110.7 111.3 112.2 112.1 112.8 113.3 50.6 50.6 50.5 50.6 50.6 50.9 52.8 53.3 54.5 56.0 55.8 53.9 55.5 55.9 56.3 0.1 0.1 113. 6 114.7 116.1 117.1 51.0 50.9 51.0 51.1 54. 2 51.7 52.9 51.4 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 572.9 1966 Jan. Feb. Mar. Apr. May June 578.4 577.5 585.5 587.0 585.7 589.3* 164.8 162.7 167.0 166.4 163.7 166.5 149.2 149.4 151.1 152.5 153.6 153.9* 52.8 53.0 53.1 53.1 53.3 53.6 588.5 592.8 594.3 596.0 164.3 167.0 600.2 601.0 167.8 168.2 156.1 156.6 156.7 156.6 158.2 159.4 604. 6 604.1 614.5 612.5 166. 7 165.6 170. 7 167.8 163.4 165.1 167.3 168.4 r July Aug. Sept. Oct. Nov. Dec. p 1967 Jan. Feb. Mar. Apr. p p p p 13 p 166.1 166.0 r ,°: ^ the payment of personal loans. u , „ 56.9 M 0.8 0.6 0.5 0.5 0.4 0.3 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 . . . . . . . . p - Preliminary 111.0 =.»=,,i Revised 51.0 52.1 53.3 53.3 53.4 85.9 81.3 79.6 80.3 80.2 80.5 79. 2 78.5 80.4 81.0 81.6 80.5 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 -r 1) 10 11 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 24.6 24.1 22.9 80.2 22.8 80.1* 22.7 79.3 22.3 78.7 22.0 79.3 «>.i M m - <* 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0 53.5 54.3 54.3 54.1 54.3 54.3 54.2 54.4* 54.5 54.6 54.3 54.1 54.3 54.5 22.0 •==->i"=d •« 54. 6 54.7 55.0 54.9 MtibitJC (Continued) w w 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. 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting. Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout. 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. 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.S. Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February 1960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U. S. Treasury Department. 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 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12months 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).
@FedFRASER