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L.4.3% Not/fbr Wblicatloil May 17, 1966. <r>. BANKING AND MONETARY DEVELOPMENTS IN APRIL 1966 Stmmarv. Seasonally adjusted commercial bank credit expande^SCn April at approximately the March rate of about 11 per cent per a^Slm. Loan growth, however, was a little less than half the relatively large increase in the proceeding month when heavy tax and dividend borrowing occurred. Bank holdings of U. S. Government securities rose somewhat following successive monthly declines during the first quarter. Similarly, substantial additions to bank portfolios of other securities followed reductions in March. The money supply rose sharply, while time and savings deposits at commercial banks reversed the recent slowing trend and grew at a pace comparable to the rapid growth in late 1965. Total and required reserves rose much more than in the two previous months. Net borrowed reserves rose as the increase in borrowings exceeded that in excess reserves. Changes in Commercial Bank Credit. Money Supply and Time Deposits (Seasonally adjusted) Annual rate (per c e n t ) 1966 1965 1st Year to April Qtr. date Total loans and investments 4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. Year 10.9 4.8 10.6 12.4 10.0 8.0 8.9 11.2 -13.9 - 8.9 6.5 3.6 8.1 21.4 10.1 13.3 20.0 14.5 15.2 Total loans 15.6 14.4 10.2 12.0 7.0 16.4 20.8 14.8 Business loans I 19.6 17.3 9.9 15.5 11.7 19.4 26.1 19.4 Money supply | 4.3 6.6 13.5 7.5 6.2 3.7 1.5 4.8 Time deposits at all commercial banks 1 I ! 7.1 9.4 16.0 15.0 16.8 11.5 17.4 16.1 U.S. Gov't, securities Other securities 7.8 - 8.3 -12.8 -11.7 - 6.2 11 Bank credit. Loans and investments at all commercial banks rose $2.8 billion in April, or at an annual rate of 11.2 per cent. This was almost half again as large as the average increase of the first three months of the year. A large part of the April increase was accounted for at weekly reporting banks, where total credit, unadjusted for seasonal variation, rose more than in the comparable weeks of other recent years. While the rise in all commercial bank credit was the same as in March, the composition of credit growth differed markedly in the two months. The increase in total loans was smaller than the sizable rise in the proceeding month. Furthermore, bank holdings of securities, which had declined in March and over the first quarter as a whole, increased more than $1.0 billion in April. Total loans increased $1.7 billion in April, or at an annual rate of about 10 per cent, compared with 23 per cent in March. This slackening reflected slower growth in most major loan categories. Business loans rose a moderate $600 million, or only about half as fast as in March. The expansion of business loans at a 9 . 9 p e r c e n t annual rate was substantially below the 19.6 per cent rate of the first quarter. Borrowing in connection with the accelerated mid-April corporate tax payments was smaller than expected, and sizable loan repayments by two large corporations (AT&T and Allied Chemical) from the proceeds of capital market financing also tended to dampen the rise. On the other hand, borrowing by trade concerns and services at city banks was heavier than in the comparable weeks of other years. Security loans increased $600 million, or somewhat more than in the proceeding month. Loans to nonbank financial businesses rose by $400 million, following the unusually large increase of March. Increases in both loan categories reflected in large measure financing needs of dealers and finance companies during the tax week. Total investments at all commercial banks rose by an amount Sufficient to offset nearly 40 per cent of the decline over the first quarter. Following unusually large reductions in February and March, banks increased their seasonally adjusted holdings of U. S, Government securities in April by $300 million, reflecting in part bill acquisitions from corporations over the tax period. The rise occurred entirely at city banks, where holdings of U. S. Government securities rose contraseasonally. Moreover, banks in April added heavily to their portfolios of municipals, agency issues, and participation certificates, in contrast to the previous month in which occurred the first monthly reduction in total holdings of these securities since January 1964. City banks accounted for most of the rise in April, while growth at other banks appeared modest. Money supply and time deposits. The seasonally adjusted money stock rose a record $1.9 billion in April, or at an annual rate of 13.5 per cent. Growth was concentrated during the first half of the month, reflecting in part a larger than usual decline in U. S. Treasury deposits; in the last half, the money stock showed a small decline. Time and savings deposits at all commercial banks increased by $2.0 billion in April, more than twice the March rise. Following a relatively slow annual rate of growth of about 7 per cent over the first quarter, inflows of these deposits accelerated in April to a rate of 16 per c e n t — c o m p a r a b l e to the rapid pace of growth in late 1965. The acceleration in net inflows at reserve city banks, which began in March, continued through April, while inflows at country banks in April continued at about the same slackened pace of March. At weekly reporting banks, savings deposits were reduced sharply, reflecting to some extent movements of deposits to take advantage of higher rates available on such instruments as savings certificates. Increases in consumer-type time deposits outside New York City accounted for the major part of the net growth in time and savings at city banks. In addition, however, banks were successful in increasing their holdings of negotiable certificates of deposit by about $300 million, despite relatively heavy maturities during the month. Bank reserves. Seasonally adjusted total and required reserves increased substantially in April, following relatively small changes in February and March. A rise in borrowings larger than the increase in excess reserves caused net borrowed reserves to climb to a level of about $275 million in the four statement weeks ending March 30, compared with an average of $210 million over the previous five weeks. Reserves were supplied by System purchases of U. S. Government securities, Treasury operations, and a rise in float, and were absorbed principally through currency outflows. 1.4 3 • EXHIBIT A, Tori 1 I L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S ' l o s t W e d n e s d o y of month, • • o i o n o l l y ftillions odjusted T O T A L L O A N S AND I N V E S T M E N T S U.S. GOVT. SECURITIES OTHER S E C U R I T I E S 1111111111 1960 1961 1962 1963 1964 1966 1965 Exhibit A - Part II Date Total 1/ (I n Loans 1/ b i 1 1 i o n s U. S. Gov 1 1. Other securities securities of d o 1 1 (a r s) 1 9 6 2 — D e c . 31 2/ 1 9 6 3 — D e c . 31 2/ 1 9 6 4 — D e c . 31 228.3 246.5 267.2 133.9 149.4 167.1 65.2 62.1 61.4 29.2 35.0 38.7 1 9 6 5 — F e b . 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 31 p 2/ 272.1 275.5 277.3 279.4 282.8 281.5 286.1 286.2 288.9 291.5 294.0 171.9 175.8 177.1 179.5 183.0 182.7 185.8 186.2 188.0 189.8 191.8 60.2 59.6 59.1 58.6 57.7 56.4 57.0 56.5 57.0 57.6 57.6 40.0 40.1 41.1 41.3 42.1 42.4 43.3 43.5 43.9 44.1 44.6 1966—Jan. Feb. Mar. Apr. 297.0 297.1 299.9 302.7 195.0 195.5 199.3 201.0 57.4 56.3 55.6 55.9 44.6 45.3 45.0 45.8 26 23 30 27 p p p p 1/ Adjusted to exclude interbank loans. 2/ Estimated as of December 31. p - Preliminary. of d o l l a r s t 4 3 L O A N S AT A l l 'latt Wednes day of EXHIBIT 6 , P u r l I COMMERCIAL BANKS month, seasonally odjusled Billion* of d o l l a r s 80 BUSINESS REAL ESTATE CONSUMER SECURITY 1960 1961 1962 1963^ 1964 I I I l l I 1I 1I Ii II II I 11 II 1965 1966 Exhibit B - Part II Date Business Real estate 1 1 1 o n I960—Dec. 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec. 31 31 31 1/ 31 1/ 31 1965--Jan. 27 Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 31 pi/ 1966—Jan. Feb. Mar. Apr. 2j 26 23 30 27 p p p p 42.1 43.9 47. 6 52.0 58.2 28.6 30. 2 34.2 39.1 43.5 59.7 60.8 62.0 62.7 63.6 65.0 65.6 66.2 66.9 67.4 68.1 69.5 43.9 44.4 44.9 45. 3 45.7 46.2 46.6 47.1 47.6 48.0 48.3 48.8 71.0 71.7 72.9 73.5 49.2 49.7 50.2 50.5 Consumer 2/ j o f d o l l 20.6 21.1 , 23.7 r 27.2 r 31.1 r r ir ir ir !r r r r r r r 31.3 31.7 32.1 32.6 33.0 33.4 33.9 34.3 34.7 35.1 35.4 35.8 Security a r s) 4.4 5.2 6.2 6.7 7.1 7.8 7.1 8.0 8.1 8.1 8.7 7.2 7.6 6.3 6.9 7.5 7.3 r 36.1 8.0 r 36.3 7.1 r 36.9 7.5 r 37 1 8.1 P - Preliminary, See exhibit F-II for consumer credit revisions back to July 1963, These data are not for publication Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1 Q 6 s Item 1 9 6 i 6 Mar. Apr. May Loans and Investments 2/ +3.4 +L& +2.1 U. S. Gov't, securities -0.6 -0.5 -0.5 -0.9 -1.3 +0.6 Other securities +0.1 +1.0 +0.2 +0.8 +0.3 +0.9 Loans 2/ +3.9 +1.3 * +2.4 +3.5 -0.3 Business +1.2 +0.7 +0.9 +1.4 Real estate +0.5 +0.4 +0.4 +0.5 +0.4 +0.5 +0.4 +0.4 Security +0.9 +0.1 1/ +0.6 Nonbank financial +0.5 1/ +0.2 +0.4 Agriculture +0.1 +0.2 +0.1 r +0.2 r +0.1 Consumer 5/ All other 5/ r June July ± M z l A Aug . Sept. +0J, ±4^ | Oct. p Nov. p Dec .p 6_/j Jan. p +2.7 Feb. p +3.0 Mar. p ±0A +2.8 " ° ! -0.5 +0.5 +0.6 +0.2 +0.4 +0.2 ; +0.5 | +3.1 +0.4 +1.8 +1.8 +0.6 +0.6 +0.7 +0.5 +0.4 +0.5 +0.5 +0.4 Apr. p I +2.8 - 7 -0.2 -1.1 1/ +0.7 +2.0 +3.2 +0.5 ! +0.7 ' +1.4 +1.5 +0.7 +0.4 +0.3 +0.5 +0.4 +0.5 I +0.4 +0.4 +0.3 +0.4 r +0.3 r +0.2 +0.4 ! -1.3 +0.6 +0.6 -0.2 +0.7 -0.9 1/ +0.2 +0.3 +0.1 +0.2 -0.2 +0.4 -0.1 • +0.7 ; j +0.4 -0.1 +0.3 +0.1 -0.2 1/ -0.1 +0.1 i +0.1 : 1/ ! i/ r -0.1 +0.3 r-0.2 +0.2 +0.1 1/ -0.1 r+0.1 r -0.2 |r +0.2 r +0.3 4/ -0.2 ; +i.6 I +3.3 +1.5 r r+0.5 -1.5 1/ Total loans excluding security 3/ +2.9 +1.9 +1.9 +2.9 +1.6 +2.0 +2.0 +1.2 +1.4 1 j +2.1 +2.5 Total loans excluding security and nonbank financial 3/ +2.4 +1.9 +1.7 +2.5 +1.6 +1.8 +1.7 +1.1 +1.2 +2.3 +2.1 ! L +0.3 -0.3 1 i +0.8 +3.8 ij +1.7 ! +1.2 ! +0.6 | jr +0.5 +0.3 +0.6 r +0.4 +0.6 +0.4 I +2.6 : +1.1 1/ 2/ 3/ 4/ 5/ (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. Includes about $350 million of Export-Import Bank certificates delivered on February 24. Revisions in "Consumer" and "all other" reflect recently revised consumer credit series for all commercial banks. 6J Estimated as of Dec. 31. Data on individual loan categories are not for publication. Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Item All commercial banks Total loans U. S. Gov't, securities Other securities Total ^eekly reporting banks Total loans U. S. Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total Last Wednesda v of March to last Wednesday of A m M 1966 +2.1 1965 1964 1963 1962 1961 1960 +1.0 +3.0 +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 40.3 +0.7 +2, .4 +0.5 +1.0 +0.1 +1.6 +1.3 +1.6 -0.1 +2.8 +1.1 +0.4 +0.7 +0.4 -0.5 +0.7 +0.8 -1.1 40.4 -0.1 40.6 +0.1 40.8 40.1 +0.6 +1.5 -0.1 +2.2 40.7 1/ -0.3 -0.2 -0.8 40.6 -0.4 +0.9 +1.0 +2.0 +1.0 +1.3 -0.2 +0.4 +1.3 +1.1 -0.3 +0.2 +1.0 +0.7 V +0.1 +0.8 +1.0 +0.4 . +0.1 +1.5 +0.4 +0.2 1/ 40.6 40.7 40.1 1/ 40 ..8 -0.4 +0.3 +0.8 End of December to end of April Item 1966 1965 3/ 1964 3/ 1963 3/ 1962 3/ 1961 1960 -2.0 -0.3 40.9 -1.3 +0.4 -3.1 ± 5 -3.3 • All commercial banks Total loans U. S. Gov't, securities Other securities , Total +2.4 -3.9 +1.5 -0.2 44.1 -4.7 +2.6 4/+2.0 4-0.8 -3.3 +0.7 -1.8 -1.0 -2.4 +2.1 -1.3 +0.1 -1.9 +2.2 40.4 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +0.6 -3.0 +0.4 -2.0 +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 -0.8 -1.7 -0.2 -2.7 Other banks Total loans U. S. Gov't, securities Other Securities Total +1.8 -0.9 +1.1 +1.8 +2.0 -1.0 +0.8 4/+1.8 +1.6 -1.0 +0.3 +1.0 +1.2 -0.7 40.6 +1.0 +1.1 40.1 40.4 +1.8 1/ -0.1 40.1 40.2 +1.2 -1.4 -0.3 -0.6 • NOTE--*Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ LeSs than $50 million. 2J In January 1959, total credit increased over $400 million as a result of bank structure changes; loans, $300 million; U.S. Gov't, securities, $100 million; and other securities $100 million. 3/ Estimated as of December 31, 1962, and December 31, 1965, for all commercial banks and weekly reporting banks and for all commercial banks, December 31, 1963. 4/ Credit increase overstated by $200 million, about equally divided between loans and investments, as a result of a correction for reporting errors in one district. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) Late Decembe r to end of April 2/ End of March to end of April 1/ Business of borrower 1966 p 1965 1964 1963 1962 1966 p 1965 Food processors Commodity dealers Trade concerns Total -105 -107 +252 + 40 -147 -179 - 10 -336 -157 -140 - 5 -302 -113 -103 + 88 -128 -146 - 25 + 65 -106 -136 -200 + 70 -266 -320 -206 +381 -145 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services - 43 + 3 -116 + 54 + 33 + 36 - 60 - 32 - 11 -104 + 11 + 20 -176 + 7 + 22 +525 +267 +393 +840 +278 +459 + 67 -299 + 17 +112 + 15 + 97 +118 - 6 + 77 - 86 - 19 - 67 + + - + 35 - 46 + 66 +101 n.a. n.a. + 42 -143 + 45 - 6 n.a. n.a. +492 -338 + 24 +440 + 42 +398 +712 + 78 + 72 +219 -303 +522 Classified Unclassified -217 + 71 -110 + 94 -341 + 90 - 44 +105 -315 + 79 U,539 +489 Total change -146 - 16 -251 + 61 -236 1-2,028 1/ 2/ 66 19 57 40 31 9 1964 -507 -147 -679 +382 +156 +144 - 10 +216 + 87 + 96 +254 + 8 +189 -350 +112 +334 n.a. n.a. +347 -297 + 11 + 60 n.a. n.a. +238 -430 + 63 + 73 n.a. n.a. (-2,513 +423 -101 +300 -263 + 93 .-234 + 93 %,936 +199 -170 -142 Z_25 Four most comparable weeks used throughout. Changes are compiled from December 22, 1965; December 23, 1964; December 25, 1963; December 26, 1962; December 27, 1961; and December 28, 1960. Dates other than last Wednesdays of 1965 and 1964 were selected in order to avoid turn-of-the-year dating differences. These data cannot be linked with all commercial bank data which are always for December 31. 1962 -491 -102 + 62 -531 " -598 -382 - 88 -1,068 1963 Exhibit F - Part I Loans and Investments at All Commercial Banks (In billions of dollars) Date 1957—Dec. 1958—Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 (old) (new) 1/ (est.) Loans and investments D. S. Gov't. Other securities Total loans Business Real estate Security 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 Farm Consumer Nonbank financial institutions All other 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 5.9 7.1 7.1 7.3 8.5 1963—Dec. 31 (est.) 252.4 63.4 35.1 153.9 53.7 39.2 7.9 7.4 2/r 27.2 10.2 1964—Oct. 28 Nov. 25 Dec. 31 262.4 266.3 273.9 61.4 62.7 63.0 38.0 38.1 38.8 163.0 165.5 172.1 56.3 57.4 60.2 43.0 43.4 43.7 7.1 7.4 8.4 7.5 7.6 7.5 r 30.5 r 30.6 r 31.0 9.5 9.6 10.9 1965—Jan. Feb. Mar. Apr. May June 269.1 270.7 273.9 275.9 277.1 283.9 61.5 60.5 59.0 58.3 57.2 56.9 39.1 39.7 40.3 41.4 41.1 42.2 168.5 170.5 174.5 176.2 178.8 184.9 58.9 60.3 62.2 62.5 63.4 65.5 43.9 44.1 44.5 45.0 45.5 46.2 7.4 7.1 7.8 7.9 7.9 9.0 7.7 7.8 7.9 8.1 8.1 8.1 r r r r r r -31.1 31.3 31.7 32.4 33.0 33.7 9.8 9.9 10.5 10.3 10.4 11.5 r r r r , r r 13.4 13.5 13.5 13.7 14.0 14.5 281.2 283.2 286.8 290.3 292.4 301.3 56.3 55.5 . 55.9 58.5 . 58.7 58.9 42.6 43.4 43.9 44.1 43.7 44.7 182 .4 184.3 187.0 187.8 190.0 197.6 64.8 65.5 66.9 67.3 68.6 71.9 46.7 47.3 47.8 48.2 48.6 48.9 7.0 7.0 6.7 6.9 7.2 8.6 8.2 7.9 7.9 7.9 8.0 8.0 r r r r r r 34.2 34.6 34.9 35.2 35.4 35.8 11.2 11.5 12.0 11.4 11.6 13.3 r r r r r r 14.0 14.2 14 .4 14.4 14.3 14.8 296.4 295.7 298.1 301.1 59.2 56.9 55.0 55.0 44.2 44.9 45.2 46.2 193.0 193.9 197.9 200.0 70.1 71.1 73.1 73.3 49.2 49.4 49.7 50.2 7.6 7.1 7.3 7.9 8.2 8.4 8.4 8.5 r r r 4 35.8 35.9 36.4 37.1 11.9 11.9 12.7 12.9 r r r r 14.0 14.0 14.1 14.1 27 24 31 28 26 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 31 p (est.) 1966—Jan. Feb. Mar. Apr. 26 23 30 27 p p p p . IJx 11.3 r 12.5 r 12.9 r 13.9 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. Exhibit F - Part II for revised data back to July 1963. 2/ Revised data based on Consumer credit revision. See 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 instituitions. Individual loan category data are available for publication only on a June and December call data basis. Exhibit F - Part II "Consumer" and "All Other" Credit Revisions July 1963-March 1966 "Consumer Loans" Unadjusted Seasonally for Seasonal Adjusted (In billions of dollars) "Other Loans " 1/ Unadjusted Seasonally for Seasonal Adjusted 1963—July Aug. Sept. Oct. Nov. Dec. 25.8 26.2 26.4 26.7 26.9 27.2 25.6 25.9 26.2 26.6 26.9 27.2 10.7 10.6 10.7 10.7 10.9 11.3 10.7 10.6 10.6 10.7 10.8 10.9 1964—Jan. Feb. Mar. Apr. May June 27.3 27.5 27.8 28.3 28.8 29.4 27.5 27.8 28.2 28.5 28.8 29.2 10.8 11.0 11.0 11.5 12.0 12.6 10.9 11.2 11.4 11.7 11.9 12.4 29.8 30.1 30.2 30.5 30.6 31.0 29.5 29.8 30.1 30.4 30.6 31.1 12.0 12.0 12.3 12.5 12.9 13.9 12.0 12.0 12.2 12.5 12.8 13.5 31.1 31.3 31.7 32.4 33.0 33.7 31.3 31.7 32.1 32.6 33.0 33.4 13.4 13.5 13.5 13.7 14.0 14.5 13.5 13.7 13.9 14.0 13.9 14.2 34.2 34.6 34.9 35.2 35.4 35.8 33.9 34.3 34.7 35.1 35.4 35.8 14.0 14.2 14.4 14.4 14.3 14.8 14.0 14.2 14.3 14.3 14.2 14.3 35.8 35.9 36.4 36.1 36.3 36.9 14.0 14.0 14.1 14.1 14.3 14.6 July Aug. Sept. Oct. Nov. Dec. 1965—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1966—Jan. Feb. Mar. 1/ "Other loans" includes all loans other than business, real estate, security, farifi, consumer, and loans to nonbank financial institutions; being a residual, it is revised as the consumer loans category is revised. Exhibit G 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 New York City of Citv Chicago Other 35.9 30.4 33.4 34.9 25.6 32.4 42.5 32.3 38.1 46.3 36.2 39.4 50.6 38.9 41.1 50.6 39.1 42.2 46.8 38.3 41.9 56.7 46.3 48.5 61.7 52.7 52.7 61.9 55.2 53.3 57.7 49.4 51.3 67.3 58.2 58.2 65.9 60.8 59.0 65.0 58.0 57.7 67.9 61.4 60.1 67.4 62.1 63.3 Country All commercial banks 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 25 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 56.5 58.6 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 57.7 59.9 1964—Oct. 28 Nov. 25 Dec. 31 60.4 60.7 60.5 61.6 62.0 61.9 67.8 69.4 69.3 62.0 62.1 64.4 65.5 66.1 65.0 55.8 55.9 56.0 7.2 8.0 8.0 1965—Jan. Feb. Mar. Apr. May June 60.9 61.6 61.9 62.4 63.3 63.6 62.2 63.0 63.3 63.7 64.6 64.9 69.9 71.8 71.9 71.2 72.7 74.3 63.4 65.0 67.6 64.9 65.3 67.0 65.4 66 .4 66 .1 67.1 68.1 67.8 56.3 56.4 56.9 57.6 58.3 58.3 7.1 7.0 6.4 6.3 6.2 6.0 63.7 64.1 63.9 63.8 64.3 64.2 65.0 65.5 65.3 65.2 65.9 65.7 72 .2 74.8 73.4 73.8 77.6 75.9 67.1 67.7 69.3 69.6 68.2 71.5 68.9 69.0 69.1 69.1 69.3 68.9 58.6 58.7 58.4 58.3 58.4 58.4 5.7 6.1 6.4 7.1 7.3 7.4 64.0 64.9 65.5 65.2 65.6 66.6 67.1 66.6 75.9 77.5 77.7 75.7 71.3 73.4 73.9 68.4 69.2 70.6 70.8 70.7 58.1 58.5 59.2 59.4 7.6 6.4 5.7 n.a. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 1955—Dec. 1956—Dec. 1957—Dec. 1958—Dec. 1959—Dec. I960—Dec. 1961—Dec. 1962—Dec. 1963—Dec. 27 24 31 28 26 30 July 28 Aug. 25 Sept.29 Oct. 27 p Nov. 24 p Dec. 29 p 1966—Jan. Feb. Mar. Apr. 26 23 30 27 p p p p 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 51.7 53.8 2/ 2/ 2/ 3/ 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 9.5 7.5 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.) 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. .3/ Estimated for December 31. 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. r - Revised. [t_.4.3. EXHIBIT H, Port 1 ] 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 6 F DEM A N D D E P O S I T S ] Seoionoll y o d i u s t e d ;r deposits, monthly overages of daily figures;! It w mover, monthly" ~" " IA n n u a I rate! I I I III II I I I I I I I I I [MONEY SUPPLY [HME AND SAVINGS DEPOSITS^ 224 SMSA'S 343 Centers TURNOVER) Outside N Y C ] .S. GOVT. DEPOSITS Not a d j u s t e d (or s e a s o n a l I960 1961 1*62 , | 196 3 (!964! I II I I I If i I 11 I I I 1 I 1 » II II 1965 Exhibit H - Part II S e a s o n a l l y Period H o n Total e y A d j u s S u p ]? i y Demand deposits Currency ^ A l l commercial banks j ted D a t a U. S. T ime and savings deposits Turnover outside N.Y. City* Gov't. deposit 1963--December 1964--December 1965--December 153.1 159.7 167.4 120.6 125.4 131.2 32 .5 34.2 36.3 112.2 126.6 147.0 33.9 * 33.4 37.5 5.1 5.5 4.5 1965--April 161.1 126.4 34.7 133.5 35.4 5.6 1966--January February March April p 168.4 168.0 169.2 171.1 131.8 131.2 132.3 134.0 36.7 36.8 36.9 37.1 148.0 148.8 149.6 151.6 37.0 37.0 38.3 n.a. 3.7 5.1 4.6 3.0 Week ending: April 6 13 20 p 27 p 170.1 171.2 171.1 170.9 133.2 134.0 134.1 133.7 36.9 37.2 37.0 37.1 150.7 151.2 151.6 152.0 n.a. n.a. n.a. n.a. 4.8 2.4 1.4 2.9 p - Preliminary. ^Beginning January 1964, data are for 224 metropolitan centers outside New York City, Figure for December 1964 on old basis is 35.3 NOTE: Dollar amounts in billions. L.4 3 • EXHIBIT I. P o r t I TIME A N D SAVINGS D E P O S I T S AT M E M B E R B A N K S IN L E A D I N G CITIES Billion* o f c t o t l o r t TOTAL TIME A N D . S A V I N G S DEPOSITS SAVINGS DEPOSITS 30 TIME DEPOSITS OF INDIVIDUALS. P A R T N E R S H I P S , AND CORPORATIONS 20 OTHER TIME DEPOSITS 1966 1965 Exhibit I - Part II T i m e Period and S a v i n Savings Total (I n m i l l i o n s gs D e p o s i t s Individuals, partnerships, and corporations of Other time deposits 1/ d o l l a r s ) 27 26 31 30 29 41,472 50,011 59,227 66,881 78,260 30,082 34,712 38,083 40,698 45,362 5,969 9,080 13,310 16,407 21,258 5,421 6,219 7,834 9,776 11,640 1 9 6 5 — M a r . 31 71,140 42,323 18,456 10,361 1966—Jan. 26 Feb. 23 Mar. 30 79,170 79,324 81,001 45,081 45,064 45,111 22,414 22,716 24,160 11,675 11,544 11,730 81,140 81,254 81,447 81,813 44,339 43,874 43,520 43,377 25,166 25,611 25,735 26,023 11,635 11,769 12,192 12,413 1961—Dec. 1962—Dec. 1963—Dec. 1964—Dec. 1965—Dec. Apr. 1/ 6 13 20 27 Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. # # • • • • • • e # ( 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 Other City Chicago Country Excess reserves All member Borrowings Total reserves held seasonally ad lusted All member All member Monthly averages: 1958--December 1959-—December 1960--December 1961-December 1962--December 1963--December 1964--December - 41 -424 669 419 268 209 168 - 80 -109 10 - 50 - 62 19 - 14 - 32 -104 - 4 - 22 - 11 - 21 - 31 -197 -449 80 20 - 52 -122 -103 268 237 583 471 394 334 315 516 482 756 568 572 536 411 557 906 87 149 304 327 243 17,942 17,978 18,283 18,977 19,548 20,240 21,082 1965--February March April May June 36 - 75 -105 -180 -182 - 89 - 98 - 50 - 1-3 -114 - 36 45 39 4 15 -144 -147 -237 -334 -269 306 214 221 170 214 441 341 366 325 346 405 416 471 505 528 21,359 21,504 21,728 21,667 21,840 -174 -134 -144 -146 - 83 - 2 -134 - 32 - 46 - 28 - 77 - 70 - 25 36 43 80 30 8 -214 -230 -243 -207 -178 -161 197 163 190 167 202 238 350 430 384 344 369 452 524 564 528 490 452 454 21,863 21,813 21,827 21,871 21,827 22,165 - 44 -107 -246 -263 - - 49 26 62 34 -141 -148 -218 -237 219 143 71 42 358 371 305 363 402 47$ 551 626 22,282 22,367 22,429 22,760 July Aug. Sept. Oct. Nov. Dec. 1966—Jan. Feb. Mar. Apr. p 74 75 37 29 i 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. 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 1 Demand deposits and currency 2J 2 Commercial banks 3/ Mutual savings banks Postal Savings System 4 5 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 r 530.5 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 49.0 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 0.4 1965 Jan. Feb. Mar. Apr. May June 534.9 r 536.5 r 542.9 r 543.4 543.0 550.2 156.1 154.8 158.6 156.3 155.4 r 159.7 130.6 131.9 133.0 134.1 134.9 136.3 49.4 49.6 49.8 50.1 50.4 50.8 550.9 r 555.7 r 560.7 r 565.1 568.2 572.4 157.7 157.8 160.6 161.1 160.3 163.7 138.3 139.8 141.6 144.0 146.5 147.1 51.1 51.3 51.6 52.0 52.3 52.5 July Aug. Sept. Oct. p Nov. p Dec. p 1966 Jan. Feb. Mar. Apr. p p p p j j j j | | 3 U. S. Gov't, securities maturing within one year 6/ j Savings j U . S. Gov't, i and loan i savings I shares 4/ j bonds 5/ 6 7 8 i 27.2 32.0 37.0 41,7 47.7 54.3 61.8 70.5 79.8 90.9 r 101.4 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 0.4 0.4 0.4 0.4 0.4 0.4 101.7 102.6 r 103.7 103.9 r 104.5 105.1 50.0 49.9 49.9 49.9 49.9 50.0 46.8 47.3 47.6 48.6 47.6 48.0 0.4 0.3 0.3 0.3 0.3 0.3 105.5 106.5 r 107.8 r 108.4 r 109.3 109.7 50.1 50.1 50.1 50.1 50.1 50.5 47.9 49.8 48.7 49.1 49.4 48.6 I j ! Ratios: Liquid Demand deCommercial assets posits and bank deposits to gross currency to and currency to national gross nation- liquid assets product 7/ al product 7/ (2+ 3 r 1) ! 9 10 ; ii 85.9 35.0 55.7 81.3 32.6 55.0 79.6 54.4 31.2 80.3 53.6 30.3 80. 2 54.8 29.9 80.5 28.7 52.6 53.0 79.2 27.6 26.4 78.5 53.0 80.4 25.4 52.9 53.0 24.7 81.3 53.5 82.0 24.2 | 81.5 81.5 I | 23.8 j 23.5 j j 23.3 81.3 5 8 4 . 5 585.1 149.2 149.4 151.0 152.3 52.8 53.0 53.1 53.1 0.3 0.3 0.3 0.3 109.8 e 110.6 e 1U.5 e 111.2 50.5 50.3 50.3 50.4 ! I 81.3 i j 23.2 | 53.6 53.4 53.7 53.5 53.5 53.8 53.7 53.6 53.9 54.0 54.0 54.3 ! i 164.0 r 162.0 166.2 165.8 i j I 577.7 r 576.6 i | 51.2 r 5 1 . 0 52.1 52.2 80.9 23.0 54.2 54.2 54.3 54.3 For footnotes see next page. p - Preliminay e - Estimated. , , . . ... £1 t NOTE: Begining in 1964, revisions in total liquid assets, demand deposits and currency, and savings and loan shares reflect revisions in savings and loan shares, cash, and deposits.
@FedFRASER