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,rrn-<M Not for publication , 24 ^ 6 b *" - - #l — ^ Research U b * * BANKING AND MONETARY DEVELOPMENTS IN APRIL 1965 W S S # • S S Summary. Seasonally adjusted commercial bank credit increased less rapidly in April than earlier in the year. Total loans expanded at a slower pace and holdings of Treasury issues declined somewhat further. On the other hand, holdings of municipal and Federal agency securities rose sharply. The money supply increased at the relatively high March rate, while growth in time and savings deposits at commercial banks moderated further. Seasonally adjusted total and required reserves continued to expand. Net borrowed reserves increased as member bank borrowings rose. Bank credit. Loans and investments at all commercial banks, seasonally adjusted, increased $1.8 billion in April, or at about the same annual rate of 8 per cent as over the entire year 1964. Growth in March had been unusually large, however, and if the two months are considered together, the average expansion in total bank credit was about the same as in January and February. This growth was considerably larger than in the March-April period last year reflecting principally this year's sharper expansion in business loans. Total loans increased much less in April than in earlier months this year when special factors intensified loan demands--the rise in loans to foreign borrowers early in 1965, the dock strike, the accumulation of steel inventories, and the high level of auto sales. The increase in total loans in April ($1.3 billion) was less than half the first quarter monthly average expansion. Seasonally adjusted business loans at all commercial banks increased $700 million in April--a little over half the average monthly expansion in the first quarter of 1965 but about half again as much as the average monthly increase over the year 1964. Business loans were subject to cross-currents in April. Further steel inventory accumulation and the new higher April corporate tax payments added to business loan demand, while continued liquidation by commodity dealers of loans obtained during the dock strike tempered this expansion. Borrowing by metals companies, textile manufacturers, miscellaneous manufacturing and mining concerns, and the construction industry were strong, indicating a strong underlying base to business credit demands. Consumer loans at all commercial banks continued to show relatively strong growth through April. So far this year, such loans have increased faster than in either the January-April 1964 period or over the entire year 1964. Real estate loans, on the other hand, have increased a little more slowly than during the same period last year. # Holdings of U.S. Government securities declined somewhat further in April. City banks continued to reduce both holdings of bills and longer-term issues. Non-Treasury securities, however, increased sharply in April after showing little change in March. Part of the April increase reflected bank purchases of Federal agency issues and delivery of New York State tax anticipation notes replacing issues maturing in March. Money supply, deposit turnover, and time deposits. The seasonally adjusted money supply increased $700 million in April, the same as in March. Substantial growth in the first half of the month, presumably associated in part with a larger-than-seasonal decline in U.S. Government deposits, was follqwed by a small decline in the second half. Since November, the money supply has increased at a seasonally adjusted annual rate of 2.1 per cent. In each of the last two months the annual growth rate has been 5.3 per cent. Turnover of demand deposits outside New York City, seasonally adjusted, increased further in March. (April data not yet available.) Over the first quarter of 1965, turnover, which had begun to increase late in 1964, averaged 6-1/2 per cent above the corresponding period a year ago. slackened the sharp increases increases Growth in time and savings deposits at all commercial banks further in April to $900 million. This was substantially below average expansion of recent months which had been associated with in rates paid on these deposits. The major influence of the rate seems to have moderated. At city banks, savings deposits declined less than in April last year in spite of the fact that withdrawals for payment of individual income taxes may have been larger than seasonal this year. In addition, outstanding CD's rose slightly more than last year. Increases were principally at New York City banks; while other city banks increased their holdings moderately, outstandings at these banks, in contrast with New York, were still below the March peaks prior to the mid-month tax and dividend payments. Bank reserves. Member bank borrowings rose further in April and net borrowed reserves increased to about $110 million compared with $75 million in March. Seasonally adjusted total and required reserves rose substantially. Excess reserves, at a relatively low level, showed little further change. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. # # # # # # # I 4 . 3 % E X H i e i l A, f e r l I L O A N S A N D I N VESTMENTS AT A l l C O M M E R C I A L B A N K S Billion* el dolleri'. 120 1 0 I A I I0ANS AND INVESTMENTS I to 140 10ANS 100 u.s. Total Date sicvtmis If 41 i til Exhibit A - Patt II 1940 ! 1959 GOVT, U. S. Gov't, Other securities securities d o 1 1 a r s) b iL 1 1 1 o tt s o f 1/ (In Loans 1/ 2/ 194.5 209.8 228.3 113.8 120.3 133.9 59.9 65.4 65.2 20.8 23.9 29.2 2/ 244.2 246.5 148.4 149.4 61.4 62.1 34.4 35.0 June 30 246.7 248.4 251.4 251.8 253.5 256.3 131.0 131.8 153.9 155.4 157.3 160.0 60.8 61.2 62.1 60.8 60.3 60.0 34.9 35.4 35.4 35.6 35.9 36.3 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 p p p p 2/ 254.5 258.7 261.7 260.8 264.9 266.0 159.7 161.5 163.0 163.1 165.2 166.7 58.4 60.2 61.2 59.9 61.3 60.9 36.4 37.0 37.5 37.8 38.4 38.4 p p p p 268.7 271.1 274.5 276.3 , 169.9 171.6 175.5 176.8 • 59.5 59.6 59.0 58.5 > 39.3 39.9 40.0 ' 41.0 ' 1960--Dec. 31 1961—Dec. 31 1962—Dec. 31 1963—Nov. 27 Dec. 31 1964--Jan. 29 Feb. 26 - Mar. 25 Apr. 29 May 27 1965—Jan. Feb. Mar. Apr. 27 24 31 28 JL/ Adjusted to exclude interbank loans. 2/ . Estimated as of December 31. . 1.4.3. - EXHIBIT * , Part 1 ; L O A N S AT ALL 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 o r s Last W e d n e s d a y of month, s e a s o n a l l y a d j u s t e d KKAl ISIAfK I I I l l I I U I l I I I I I I I LM>4J 1t«0 IfSf lt*1 1t*2 I f 44 1MI lf*3 Exhibit B - Pajrt II Date b 1 1 1 i o n s liars) 1/ 42.1 43.9 47.6 28.6 30.2 34. 2 20.6 21.1 23.7 4.4 5.2 6.2 1/ 51.5 52.0 38.8 39.1 26.5 26.7 7.3 6.7 29 26 25 29 27 30 52.5 52.9 53.0 53.6 54.1 54.6 39.5 40.0 40.4 40.6 41.0 41.4 26.8 27.1 27.4 27.6 27.8 28.0 7.5 6.9 7.3 7.4 7.7 8.0 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 55.1 55.5 56.1 56.3 57.6 41.7 42.0 42.5 42.8 43.1 43.5 28.2 28.4 28.7 28.9 29.1 29.4 7.8 7.8 7.6 7.1 7.7 6.9 59.3 60.4 c 61.6 62.3 43.8 44.3 44.6 44.9 29.7 30.1 r30.4 30.7 I960--Dec. 31 1961—Dec. 31 1962--Dec. 31 1963—Nov. 27 Dec. 31 1964—Jan. Feb. Mari Apr. May June 1965—Jan. Feb. Mar. Apr. p p p p 1/ 27 p 24 p 31 p 28 p 56.8 1/ Estimated as of December 31. c Corrected r - Revised o (I n Security Consumer o Real estate <4-1 Business 7.6 7.0 7.9 8.0 < Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) Item I 9 6 4 1 9 6 5 Oct. p Nov. p Dec. ; Jan. p 4/ +3.0 -0.9 +4A ±L1 +2.7 +2.4 ± M +1.8 +1.8 +1.0 -1.3 +1.4 -0.4 -1.4 +0.1 -0.6 -0.5 +0.1 +0.6 +0.5 +0.3 +0.6 1/ +0.9 +0.6 +0.1 +1.0 +2.7 -0.3 +1.8 +1.5 +0.1 +2.1 +1.5 +3.2 +1.7 +3.9 +1.3 +0.5 +0.5 +0.5 +0.4 +0.6 +0.2 +0.5 +0.8 +1.7 +1.1 +1.2 +0.7 +0.2 +0.4 +0.4 +0.3 +0.3 +0.5 +0.3 +0.3 +0.4 40.3 +0.5 +0.3 +0.3 +0.3 +0.2 +0.2 +0.2 +0. 2 40.2 +0.3 +0.2 +0. 2 40: i #.3 40.4 r+0.3 +0.3 Security +0.4 +0.1 +0.3 +0.3 -0. 2 1/ -0.2 -6v£ 40.6 -0.8 +0.7 -0.6 +0.9 +0.1 Nonbank financial +0.4 +0.1 +0.2 +0.5 -0.7 +0.1 +0.3 i/ +0.2 1/ 1/ +0.2 +0.5 1/ Agriculture +0.1 +0.1 +0.2 -0.1 +0.1 +0.2 +0.1 -0.1 +0.1 -0.1 +0.1 -0.2 +0.1 +0.1 All other +0.3 +0.5 +0.2 +0.6 -0.2 +0.1 +0.1 +0.2 +0.2 +0.7 +0.3 +0.5 +0.4 +0.2 Total loans excluding security 3/ +1.6 +1.7 +1.7 +2.1 +0. 2 +1.3 +1.9 +0.8 +1.5 +2.1 +2.7 +2.5 r+2.8 +1.6 Total loans excluding security and nonbank financial 3/ +1.2 +1.6 +1.5 +1.6 +0.9 +1.2 +1. 6 +0.8 +1.3 +2.1 +2.7 +2.3 r+2.3 +1.6 Mar. Apr. May June July Aug. Loans and Investments 2/ +3.0 +0.4 +1.7 +2.8 -1.8 ±4^2 U. S. Gov't, securities +0.9 -1.3 -0.5 -0.3 -1.6 1/ +0.2 +0.3 +0.4 +2.1 +1.5 +1.9 Business +0.1 +0. 6 Real estate +0.4 Consumer Other securities Loans 2/ Sept. p Feb. P Mar. p Apr. p (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject to revision. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. 3/ Derived by addition of items and not by subtraction from total loans. 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. p - Preliminary r - Revised 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) Last Wednesd av of March to last. Wednesd ay of Apr <1 Item 1965 1964 1962 1963 1961 I960 1959 All commercial banks Total loans U. S. Gov't, securities Other securities Total +1.6 -0.7 +1.1 +2.1 ' +1.9 -1.4 +0.2 +0.7 +0.5 -0.8 +0.7 +o74 +1.4 +0.3 +0.7 +2.4 +0.5 , +1.0 +0.1 +1.3' +1.6 -o.l 7275 y+!.9 .5/+0.4 y + M y+2.7 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +0.4 -0.5 +0.7 +0.7 +0.8 -l.l -0.2 —0 • 8 +0.6 %5% +0.4 •; -0.1 +0.6 +0.9 . +0.1 +0.8 +0.1 +1.0 +0.6 +1.5 -0.1 +2.0 +1.0 1/ +0.2 +1.2 Other banks Total loans U. S. Gov't, securities Other securities Total +1.2 -0.2 +0.4 7175 +0.7 +1.0 +0.4 +0.1 +1.5 +0.4 +0.2 +0.7 +0.1 _iz +o.S y+0.9 5/+0.4 1961 ' i960 1959 —2.0 -0.3 +0.4 -3.1 -0.5 -3.3 2/+1.8 2/-2.8 2/124 —0.6 • -0.8 -1.7 -0.2 -2.7 +0.3 -2.8 Item All commercial banks Total loans U. S. Gov't, securities Other securities Total 1965 . y +4.2 -4.6 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total , +0.2 Other banks Total loans U. S. Gov't." securities Other securities Total +2.2 -1.1 +1.0 4/^2 +2.0 -3.5 _iZ_ -0.3 +1.1 -0.3 +0.2 +1.0 v +0.1 • ^ 0 -+0.6 4 ' 5 / 1 M End of December to 'end of Atiril 1964 y +0.8 -3.3 —0.8 -2.3 +0.4 +1.6 -1.0 +1.0 1963 < y 1962 y +0.1 -1.9 +2.2 . +0.4 ' -1.0 -2.4 +2.1 -1.3 -1.3 ' -2.0 —0.2 +0.8 -1.5 ' 1. -2.2 -1.7 + M -2.3 —1.0 ; -2.1 1 +1.8 +1.2 -0.7 +0.6 +1.0 +1.1 : +0.1 . -0.1 iitl +0,2 ; 1/ . m +1.2 -1.4 =24 -576 NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used, when available. 1/ Less than $50 million. 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, y Estimated as of December 31, 1962, and December 31, 1964, 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. 5/ 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 $20 million. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) Late December to end of April 7J End of March to end of April V Business of borrower 1962 1961 1965 p 1964 1963 1962 1961 1965 p 1964 1963 Food processors Commodity dealers Trade concerns Total -147 -179 -157 -140 - 5 -302 -113 -103 -128 -106 -142 -131 - 44 -317 -320 -206 +381 -145 -598 -382 + 88 -146 - 25 + 65 -1,068 -507 -147 - 25 -679 -412 -153 -205 -770 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 + 54 + 33 + 36 - 60 -104 + 11 + 20 -176 + 7 + 22 -197 - 41 .+ 76 +840 +278 +459 +382 +156 +144 - 10 +216 + 87 -102 +137 +139 +118 6 + 77 + 66 +189 -350 +112 +334 n. a. n. a. + 99 -251 n. a. n. a. -135 + 5. + 27 n. a. n. a. +712 + 78 + 72 +219 -303 +522 +347 -297 - 19 - 67 19 57 40 31 9 + 42 -143 + 45 + 10 + - + 35 - 46 + 66 +101 n. a. n. a. n. a. n. a. +298 n. a. n. a. Classified Unclassified -lio + 94 -341 + 90 - 44 +105 -315 + 79 -573 +105 +2,513 +423 -101 +300 -263 + 93 -471 + 50 Total change - 16 -251 + 61 -236 -468 +2,936 +199 -170 1/ 2/ - 10 -336 - 86 - 32 - 11 - 6 - 88 Four most comparable weeks used throughout. Changes are compiled from December 23, 1964; December 25, 1963; December 26, 1962; December 27 1961; and December 28, 1960. Dates other than last Wednesdays of 1963 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. + 11 + 60 - 21 -142 -421 Exhibit P 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 Loans and Other U. S. Gov't. investments securities Total loans Business Real estate Security Farm Consumer Nonbank financial institutions All other (est.) 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 5.9 7.1 7.1 7.3 8.5 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 1963--June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 (est.) 239.1 237.8 237.1 241.9 242.4 245.0 252.4 63.5 62.5 60.9 61.8 62.0 62.3 63.4 32.4 32.9 33.7 34.2 34.5 34.1 35.1 143.1 142.4 142.5 146.0 146.0 148.6 153.9 49.9 49.0 49.2 50.1 50.6 51.9 53.7 36.7 37.3 37.8 38.2 38.6 39.0 39.2 6.9 6.4 6.1 7.4 6.5 7.0 7.9 7.5 7.2 6.8 7.0 7.3 7.4 7.4 25.5 25.7 26.0 26.1 26.3 26.5 26.7 8.6 8.9 8.7 9.1 8.6 8.6 10.2 11.0 10.8 10.8 11.0 11.1 11.3 11.8 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 246. 2 247.2 249.9 250.6 251.5 257.3 254.3 256.1 262.2 262.1 265.7 272.6 62.1 61.5 61.5 60.1 59.1 59.3 58.3 58.8 60.6 61.1 62.3 62.4 34.6 35.1 35.6 35.8 35.8 36.4 36.5 37.1 37.8 - 38.0 38.0 38.5 149.5 150.6 152.8 154.7 156.7 161.6 159.4 160.2 163.7 163.0 165.4 171.7 51.8 52.4 53.2 53.4 53.9 55.1 54.4 54.9 56.1 56.2 57.2 59.6 39.5 39.8 40.0 40.4 40.8 41.4 41.8 42.2 42.7 43.0 43.4 43.6 7,1 6.9 7,1 7.2 7.5 8.2 7.6 7.2 8.0 7.1 7.4 8.1 7,5 7.4 7.5 7.6 7.7 7.7 7.6 7.4 7.5 7.6 7.8 7.8 26.6 26.8 27.0 27.4 27.8 28.2 28.5 28.7 28.9 29.0 29.1 29.4 8.6 8.8 9.3 9.3 9.3 10.5 9.5 9.7 10.2 9.6 9.7 11.4 11.5 11.7 11.8 12.4 13.0 13.8 13.3 13.4 13.6 13.8 14.0 15.1 268.1 269.8 272.9 275.0 61.0 60.0 58.5 57.8 38.9 " 39.5 40.1 41.2 168.2 170.3 174.3 175,9 58.5 59.9 61.8 62.1 43.8 44.0 44.2 44.6 7.2 7.0 7.7 7.8 8.0 7.9 8.0 8.1 29.5 29.7 r30.0 30.5 9.9 10.1 10.7 10.5 14.8 15.1 15.3 15.7 1965—Jan. Feb. Mar. Apr, (old) (new) 1/ p p p p (est.) 27 p 24 p 31 p 28 p ! p - Preliminary. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. NOTE--Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and '"other loans*' are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. Beginning June 24., 1959, "•'business loanaf and "all other loans" have been revised to exclude loans to nonbank financial institutions. $ Exhibit G Ratios to Total Deposits 1/ • U. S. Government securities maturing within one year L O A N S Date • 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. Q1953—Dec. 1954—Dec. 1955—Dec. 1956—Dec. 1957—Dec. 1958—Dec. -1959—Dec. 1960—Dec. 1961—Dec. 1962—Dec. All commercial banks Total Member banks Reserve city banks New York City of Other City Chicago Country 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 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 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 35.9 34.9 42.5 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67.3 65.9 65.0 67.9 30.4 25.6 32.3 36.2 38.9 39.1 38.3 46.3 52.7 55.2 49.4 58.2 60.8 58.0 61.4 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57.7 60.1 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 1963—Nov. 27 Dec. 25 59.0 58.6 60.2 59.9 69.3 67.4 61.2 62.1 63.5 63.3 54.0 53.8 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 0 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 ^ Dec. 30 p p p p 58.8 59.3 59.3 60.2 60.8 60.7 61.1 61.1 60.5 60.5 60.8 61.1 60.0 60.5 .60.5 61.4 61.9 61.9 62.2 62.2 61.6 61.6 62.0 62.2 67.3 67.6 67.5 68.4 69.3 69.1 68.7 69.0 68.0 67.8 69.4 70.1 62.1 62.3 62.5 61.9 61.4 62.6 61.3 62.7 62.3 62.0 62.lt 65, It 63.9 64.2 64.1 65.1 65.4 64.9 66.0 66.1 66.0 65.5 66.1 65.3 53.9 54.5 54.7 55.6 56.1 56.2 56.4 56,2 55.8 55.8 55.9 56.2 27 p 24 p 31 p 28 p 61.0 61.7 62.1 62.6 62. 2 63.0 63.3 63.7 69.9 71.8 71.9 71.2 63.4 65.0 67 . 6 64.9 65.4 66.4 66.1 67.1 56.3 56.4 56.9 57.6 • 1965—Jan. Feb. Mar. Apr. ! All commercial banks 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 7.3 7.5 7.2 6.8 6.5 6.3 6.4 6.6 • 5.7 6.3 6.9 7.2 8.0 8.0 7.1 6.9 6.3 n. a. • ML/ 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. J On a call basis, data for 1951 and 1952 are 21.5 and 19.1 respectively. 3/ Estimated for December 31. NOT#--Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.; by changed in the reserve classification of cities or individual banks, and by changes in items. : 1 . 4 . 3 . • EXHIBIT H, Port V p i P O S I T S A N D C U R R E N C Y A M P T U R N O V 1 * OP P 1 M A N P P 1 P O S I T S , l t>oio"ricilly o < l | u t t » d ) »• w»l>»•wl'MV o v r « g o » »f d o l l y l i q u e t ) ! ' t v m « v r f w>ow»Kly Annuol r o l e • i l l l e n i of d o l l e r i j MONKV SUfflY TMINOlfI JyA c^_ TIME AND $ AVINGS n iirosiis U.S. 60VT. DEPOSITS: Not eidlueied for ••o«o»»olu—; itsi mi itu Exhibit H - Part II A d ju s t e d Sea s 0 n a 1 1y Period Hone y Total S u p p 1 y Demand deposits All comm.ieiel bank* Currency Time and savings deposits Data Turnover outside NY City • u. s. Gov't, deposits 1962—December 1963—December 1964—December 147.6 153.2 159.4 117.1 120.7 125.2 30.6 32.4 34.2 97-9 112.3 126.5 31.3 33.9 * 33.4 5.6 5.2 5.5 1965—January February March April p 159.8 159.1 159.8 160.5 ' 125.3 124.5 125.2 125.8 34.5 34.6 34.6 34.7 128.9 131.1 132.4 133.3 33.8 34.6 35.4 n.a. 4.2 5.8 6.7 5.6 1965—Feb. (1) (2) Mar. (1) (2) Apr. (l) (2) p 159.3 158.8 160.0 159.6 160.7 160.4 124.7 124.3 125.4 125.0 126.0 125-6 34.6 34.5 34.7 34.6 34.7 34.7 130.8 131.6 132.3 132.6 133.1 133.5 n.a. n.a. n.a. n.a. n.a. n.a. 4.8 6.9 5.2 8.1 5.8 5.5 December 1964 on old basis is 35*3• 1.4.3 - EXHIBIT I , Port 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 B i l l i o n * of d o l l a r * ; r Wedneedoy figure* •o TOTAL TIME A N D S A V I N G S DE SAVINGS DEPOSITS — 40 } 30 T I M E DEPOSITS OF I N D I V I D U A L S , PARTNERSHIPS, AND C O R P O R A T I O N : OTHER T I M E D E P O S I T S f f r i r r I I I I I ' I I I I I I I 1965 > 19*4 1963 Exhibit I - Part II T i m e Period and S a v i n g s D e p o s i t s Individuals, Other time partnerships, deposits 1/ and corporations d o l l a r si m i l l i o n s o f Savings Total (I n 27,819 5,480 5,969 26 27 26 31 30 38,175 4l,4?2 66,881 30.082 34,712 38.083 4o,698 1965--Jan. 27 Feb. 24 Mar* 31 69,077 70,144 71,140 41,213 41,623 42,323 17,959 71,468 71,526 71,656 42,350 42,216 42,170 42,175 18,656 18,756 1961--Apr. Dec. 1962--Dec. 1963--Dec. 1964--Dec. Apr. 7 14 21 28 50,011 59,227 72,081 9,080 13,310 16,407 18,266 18,456 18,828 19,033 4,876 5,421 6,219 7,834 9,776 9,905 10,255 10,361 10,462 10,554 10,658 10,873 ~\J Tnclndea 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) Date All member Monthly averages: 1956--December 1957—December 1958--December 1958—December I960--December 1961—December 1962—December Reserve City Banks New York City of Other City Chicago Country Excess reserves Borrowings Total reserves held seasonally ad lusted All member All member All member - 36 -133 - 41 -424 669 419 268 - 91 -105 — 80 -109 10 - 50 - 62 - 86 - 77 - 32 -104 - 4 - 22 - 11 -203 -228 -197 -449 80 20 - 52 344 277 268 237 583 471 394 652 577 516 482 756 568 572 688 710 557 906 87 149 304 17,185 17,077 17,942 17,978 18,283 18,977 19,548 94 33 209 - 99 - 74 19 - 11 - 36 - 21 - 93 -138 -122 298 281 334 407 409 536 313 376 327 19,923 19,994 20,240 1964--January February March April May June July August September October November December 175 89 99 167 82 120 135 83 89 106 - 34 168 - 22 - 7 - 16 - 1 - 25 -- 17 - 21 - 16 - 34 - 86 - 14 - 22 89 86 14 2 13 19 7 33 26 16 31 -113 - 88 - 50 - 77 -112 -114 -102 -154 -140 -116 -178 -103 332 273 255 259 221 248 273 • 265 278 282 246 315 431 393 358 380 337 390 400 417 420 415 396 411 256 304 259 213 255 270 265 334 331 309 430 243 20,248 20,278 20,459 20,482 20,404 20,682 20,665 20,753 21,012 20,949 21,033 21,082 1965--January February March April p 103 32 -76 -109 - 70 90 97 50 - 17 37 45 40 - 82 -144 -148 -238 270 302 215 219 402 437 340 362 299 405 416 471 21,174 21,355 ' 21,506 21,725 1963--0ctober November December 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. i # # # # # * # * # # * > 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 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 Dec. Demand deposits and currency 2/ 2 Commercial banks 3/ Mutual savings banks U. S. Gov't, Savings U. S. Gov't, securities and loan savings maturing shares 4/ bonds !>/ within one year 6/ Postal Savings Sys tem 320.2 332.5 343.2 356.0 373.1 393.9 399. 2 424.6 459.0 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144,8 3 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 4 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 5 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 6 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 495.4 149.6 112.9 44.5 0.5 90.9 49.0 48.1 498.9 499.6 504.0 506.0 507.6 511.4 149.5 148.4 150.2 149.9 149.6 151.1 114.8 115.5 115.9 117.0 117.9 118.6 45.0 45.4 45.6 46.0 46.3 46.8 0.5 0.4 0.4 0.4 0.4 0.4 91.4 92.4 93.5 94.1 94.9 95.8 49.1 49.0 49.0 49.1 49.1 49.2 48.6 48.4 49-3 49.5 49.4 49.4 0.4 0.4 0.4 0.4 0.4 0.4 96.6 97.8 99.1 99.8 100.8 101.3 49.3 49.3 49.4 49.4 49.5 49.9 46.7 47.1 47.4 46.8 46.7 46.1 0.4 0.4 0.4 0.4 101,7 102.6 103.6 104.3 50.0 45.9 49.9 49.9 46.8 47.3 47.5 48.9 7 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 8 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42. 6 46.8 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 f 1) 10 9 11 85.9 35.0 55.7 81.3 32.6 55.0 79.6 31.2 . 54.4 53.6 80.3 30.3 80.2 29.9 54.8 52.6 80.5 28.7 53.0 79.2 27.6 53.0 78.5 26.4 80.4 52.9 25.4 81.9 24.8 53.0 1964 Jan, Feb, Mar, Apr. May June 19 July Aug. Sept. Oct. Nov. Dec. $n. Feb. Mar. Apr. p p p p 511.8 514.8 520.8 522.9 526.3 529.6 151.8 152.1 154.8 154.6 154.6 r 156.1 119.8 120.6 121.9 123.7 125.7 126.9 47.1 47.5 47.9 48.3 48.6 48.9 p p p p 533.9 535.5 541.8 543.1 155.4 154.2 158.0 155.6 130.3 131.6 132.6 133.8 49.4 49.6 49.8 50.2 For footnotes see next page. . 82.0 ' 24.5 82.0 24.3 81.9 24.3 82.7 24.4 82.5 24.0 53.0 52.8 52.8 52.7 52.7 52.7 53.1 53.0 53.1 53.2 53.3 53.4 53.5 53.4 53.7 53.3 Exhibit K (Continued) 1. Excludes holdings of the United States Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method II developed by the Bureau of the Census. 2. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962, p. 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 anH 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). # • # # # # # # # # & * 1' , #
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