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rtCtK-L L.4.3 Not for Publication 0f KA^^aS ^ ^ ^ November 19, 1968. BANKING A m - IN OCTOBER 1968 Summary. Commercial bank credit increased substantially further in October—at about the same rate as in the two previous months—with loan expansion accounting for about two-thirds of the increase. Although security loans declined somewhat, most other major loan categories continued to expand, with growth in business and real estate loans accelerating somewhat. Despite heavy bank participation in the late-month Treasury bill financing, holdings of U.S. Government securities increased only slightly further. Acquisitions of municipal and agency issues remained heavy. The money supply increased in October after having shown little net change from July to September. Growth in time and savings deposits continued rapid, reflecting further sales of negotiable CD's and large inflows of consumer-type time and savings deposits. Total, required, and net borrowed reserves increased while member bank borrowings declined further. Changes in Commercial Bank Credit Money Supply and Time Deposits (Seasonally adjusted) 1/ 2/ Annual rate (per cent) 1967 1968 2nd 1st 3rd Jan .Year Half Half Qtr. Oct. 1965 1966 Year Year 10.2 5.8 11.6 12.4 6 .5 19.0 11.5 15 .4 U.S. Gov't, sec. -5.9 -6.1 11.4 13.6 2 .3 23.8 9.0 3.8 Other sec. 15.8 6.5 26.1 18.5 8.1 19.4 13.9 26 .9 Total loans 14.8 9.2 8.3 10.6 7 .2 17.6 11.4 15 .3 18.8 13.3 9.8 8.5 7 .6 10.3 8.9 10.4 4.7 2.2 6.4 6.0 6.7 4.5 6.0 5.1 15.8 8.6 16.1 12 .6 5.0 17 .9 10.5 18.3 Total loans and investments Business loans Money supply Time and savings deposits at all commercial banks Oct. 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, 1966, as a result of change in Federal Reserve regulation affecting reserve requirements. 2_/ Changes in commercial bank credit are based on data revised to reflect adjustments to June 29, 1968 Call Report benchmarks. All credit references are to the revised series. Bank credit. Loans and investments at all commercial banks increased $4.8 billion in October, at an annual rate of 15 per cent. Large b a n k s — a s they have since the first of the year—accounted for a larger than usual share of this increase. The October increase in loans was contraseasonal at large banks and somewhat more than usual at small banks. In both groups, holdings of U.S. Government securities increased by about the normal amount for a financing month while holdings of "other securities" expanded rapidly. Over the first ten months of the year, total credit increased at a rate of 11.5 per cent—about the same as the postwar record expansion of the year 1967. Investments—both in U.S. Governments and in other securities--increased at slower rates than in 1967 but total loanslrose at a somewhat faster pace. While expansion in business and real estate loans remained close to that in 1967, consumer and security loans rose much more rapidly and loans to nonbank financial institutions increased whereas in 1967 they had declined. Holdings of U.S.Government securities increased only $200 million further in October, following a similar nominal rise in September. This was in sharp contrast to the two preceding months when banks had been heavy buyers of Treasury securities offered in the financings. While banks acquired all of the $3 billion tax bills delivered on October 24, they had sold bills almost steadily in the earlier weeks of the month and they also placed part of the new issue prior to delivery as is usual. This increased pressure on Governments reflected in large part continued strong loan demand and the high cost of funds. Bank holdings of municipal and agency issues increased $1.5 billion in October, or at the same rapid pace as in September and considerably faster than in any other month this year. At weekly reporting banks, most of the increase was in longer-term municipals although agency issues also rose and short-term municipals declined less than usual. Acquisitions were concentrated at weekly reporting banks outside New York City and at smaller banks not in the weekly reporting group. At banks in New York City, short-term holdings declined but the reduction was somewhat smaller than in the corresponding weeks of other recent years. Business loans increased $800 million in October—or slightly faster than in any other month this year except for the tax-related April and July expansions. Business borrowing at banks rose rapidly early in October but declined in the latter part of the month. After the midmonth, proceeds from several new corporate offerings--especially in the petroleum, public utilities, and food, liquor, and tobacco categories--may have been used in part to repay bank debt. At weekly reporting banks, borrowing by retail trade concerns was unusually l a r g e accounting for more than the total business loan expansion--and may have been associated with increased bank borrowing by some automobile dealers following the expiration of the temporary credit extended to dealers by automobile manufacturers during the model change-over period. Loans to construction firms, service industries, and transportation equipment concerns also were larger than usual. However, borrowings by other industries which also rise seasonally at this time of the year—food processors, commodity dealers, and wholesale trade concernsdid not show any particular strength. Security loans declined $200 million in October--following an increase of $3.8 billion over the third quarter—as dealers carried a lower level of inventories, on average, than in September. Expansion in real estate loans appears to have accelerated further in October (even after allowance for the fact that October was a five-week month and seasonal factors, in the case of this item, do not allow for this), probably in part a response to the recent increase in construction activity. Consumer loans continued to increase at the somewhat expanded pace of other recent months. Money supply and time deposits. Following little net change during August and September, the money supply rose $800 million in October, or at a slightly faster pace than in the third quarter. The October increase was associated in part with a decline in U.S. Government deposits following a buildup in the previous two months. During the first ten months of 1968, the money supply increased at an annual rate of 6 per cent compared with one of 6.4 per cent over the year 1967. Time and savings deposits at all commercial banks increased $2.9 billion in October—or at about the same rapid rate as in the third quarter. Sales of large negotiable CD's were extremely heavy through the first half of the month but then tapered off somewhat. Expansion in consumer-type time and savings deposits accelerated somewhat further at large city banks. Savings deposits increased substantially over the turn-of-the-month presumably reflecting quarterly interest crediting but subsequently showed little further change. Time certificates and open account also rose rapidly early in the month with growth slackening somewhat in the latter part of October. Over the first 10 months of 1968, time and savings deposits increased at an annual rate of about 11 per cent—with the most rapid expansion taking place after m i d y e a r compared with one of 16 per cent over the year 1967. Bank reserves. Net borrowed reserves averaged about $225 million over the five weeks ending October 30 compared with $160 million in September. Excess reserves dropped substantially but member bank borrowings also continued to decline. Total and required reserves rose. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. 1.4.3 - EX HI BIT A, Port 11 LOANS_AND INVESTMENTS AT ALL COMMERCIAL BANKS; Last Wednesday of month, seasonally adjusted Billions of dollars M M I II I I I I I I I I I I I 11 ^ 4 0 0 TOTAL LOANS AND INVESTMENTS LOANS] U.S. GOVT. SECURITIES OTHER SECURITIES I I I 1111 ll l Chart on revised basis beginning September 1968. Exhibit A - Part II Loans and Investments at All Commercial Banks ft/ (Seasonally Adjusted) Date Total ( I n 1962--Dec. 1963—Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 1967--Sept. Oct. Nov. Dec. 27 25 29 30 1968—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 31 28 27 24 29 30 31 28 25 30 1/ 2/ 3/ 4/ 2/ 2/ r r r r r r r r r p 227 .9 246 .2 267.2 294.4 310.5 3/ b i l l i o n s 134.0 149.6 167.7 192.6 208.2 Other securities U.S. Gov't, securities Loans 3/ of d o l l a r s ) 64.6 61.7 60.7 57.1 53.6 29.2 35.0 38.7 44.8 48.7 339.1 342 .0 344.3 346.5 219.9 221.4 222.7 225.4 61.4 61.9 61.2 59.7 57.7 58.6 60.4 61.4 349.9 353.9 352.5 355.2 357.3 357.8 365.9 370.4 374.8 379.6 227.5 229.2 229.0 231.4 232.6 233.5 238.4 241.1 243.8 246.9 60.0 62.0 59.9 60.3 61.0 60.4 63.1 63.9 64.0 64.2 62.4 62 .7 63.6 63.4 63.6 63.9 64.4 65.5 67.0 68.5 Adjusted to exclude interbank loans. Estimated as of December 31. Beginning June 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. Series revised beginning January 1968 to reflect adjustments to June 29, 1968, Call Report data. L.4.3 - EXHIBIT B, Port l[ LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted tBillions of dollars 111111111 1 1 i i 111111111 100 — BUSINESS I •• 80 /«•. i• — 60 REAL EST ' — ' i - — i CONSUMEI\ 40 ! — 20 I SECURITY — " ^ 1962 10 1 1 1 I I 1 1 I I 11 L1 1 I I I I I I 1 1 | 1963 1964 1965 1966 m r 1968 Chart on revised basis beginning; September 1968. Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted (In j 1962--Dec. 1963—Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 31 31 31 31 1967--June July Aug. Sept. Oct. Nov. Dec. 30 26 30 27 25 29 31 1968--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 31 28 27 24 29 30 31 28 25 30 1/ 2/ 1/ 1/ r r r r r r r r r p b i l l i o n s of d o l l a r Security s ) 47 .6 52.0 58.4 69.4 78.6 34.2 39.1 43.6 49.2 53.8 23.7 27.2 31.1 35.7 38.8 6.1 6.9 7 .4 7 .4 7 .9 82 .8 83.4 83.9 84.3 84.6 84.9 86.3 55.3 55.7 56.2 56.7 57.2 57.8 58.4 39.6 39.8 40.1 40.3 40.6 40.8 41.0 7 .4 8.6 9.3 9.6 9.8 9.6 9.2 86.6 87.1 87.8 88.8 89.2 89.6 90.7 91.4 91.9 92.7 58.9 59.5 60.1 60.6 61.1 61.4 61.8 62.2 62.7 63.5 41.4 41.9 42.0 42.5 42.7 42.9 43.4 44.0 44.4 44.9 10.1 10.2 8.7 8.5 8.5 8.2 11.0 11.6 12 .0 11.8 Estimated as of December 31. P ~ Preliminary Series revised beginning January 1968 to reflect adjustments to June 29, 1968, ^ http://fraser.stlouisfed.org/ • Reserve Bank ofeSt. Louis Federal Consumer Real Estate Business Date 2/ Call Report data. These data are not for publication. e e e • # # e # e Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) I 9 6 7 Item 4/ 1 < ) 6 8 Jan. r Feb. r May ri June r July r Aug. r Sept .r Oct . r Nov. Dec . Loans and Investments 2/ + 2 .9 + 2 3 + 2 2 + 3.4 + 4.0 -1.4 | + 2.7 + 2.1 + 0.5 + 8.1 + 4.5 + 4.4 + 4.8 U. S. Gov't, securities + 0.5 - 0 7 - 1.5 + 0.3 + 2.0 - 2.1 *| + 0.4 + 0.7 ; - 0.6 + 2.7 + 0.8 + 0.1 + 0.2 Other securities + 0. 9 + 1 8 4- 1.0 + 1.0 + 0.3 + 0.9 - 0.2 + 0.2 ; + 0.3 + 0.5 + 1.1 + 1.5 + 1.5 Loans 2/ + 1 5 + 1 .3 + 2 7 + 2.1 + 1.7 - 0.2 + 2.4 + 1.2 ; + 0.9 + 4.9 + 2.7 + 2.7 + 3. 1 Business + 0. 3 + 0 .3 + 1.,4 + 0.3 + 0.5 + 0.7 + 1.0 + 0.4 \ + 0.4 + 1.1 + 0.7 + 0.5 + 0. 8 Real estate + 0.5 + 0,.5 + 0.,5 + 0.5 + 0.6 + 0.6 + 0.5 + 0.5 + 0.3 + 0.4 + 0.4 + 0.5 + 0. 8 Consumer + o. 3 + 0 .2 + 0..2 + 0.4 + 0.5 + 0. 1 + 0.5 + 0.2 + 0.2 + 0.5 + 0.6 + 0.5 + 0.,5 Security 4- 0.2 - 0,.2 - 0.4 + 0.9 + 0.1 - 1.,5 - 0.2 i - 0.3 + 2.8 + 0.6 + 0.4 - 0.,2 Nonbank financial + 0. 1 - 0 .2 i - 0..2 + 0.1 -0.4 - 0.2 + 0.3 + 0.2 - 0.1 + 0.1 + 0.2 + 0..5 - 0,.2 j + o..3 - 0.1 + 0.1 1/ + 0.1 1/ + 0.1 - 0,.1 1/ + 0.3 - 0,,1 + 0.2 Agriculture 1/ Mar . r Apr. r Oct. 1/ i/ | + 0.3 + 0.1 - 0.1 | + 0.1 + 0.3 + 0.5 + 0..8 1/ 1/ All other + o. 1 + 0*.8 * + 0..8 Total loans excluding security _3/ + 1 .3 + 1 .5 | + 3.,1 + 1.2 + 1.6 + 1..3 + 2.6 + 1.2 i + 1.2 + 2.1 + 2.1 + 2.3 + 3 .3 Total loans excluding security and nonbank financial 3/ + 1.2 + 1 .7 : + 3.,3 + 1.1 + 2.0 + 1..5 + 2.3 + 1.0 + 1.2 + 2.2 + 2.0 + 2.1 + 2 .8 1/ 2/ 3/ 4/ Less than $50 million. Adjusted to exclude interbank loans. At large banks on a last-Wednesday basis, bankers' acceptance declined $6 million in October 1968 compared with an increase of $181 million in October 1967 and an increase of $68 million in October 1966. Series revised beginning January 1968 to reflect adjustments to June 29, 1968, Call Report data. Individual Loan Categories are Not Available 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 Last Wednesday of Seotember to last Wednes riav of O r t n h p r 1968 1967 1966 1965 1962 1964 1963 0.7 0.7 0.2 ,0.2 1/ + 0.2 + 0.3 + 0.5 + + + + 0.9 1.3 0.4 2.6 All commercial banks Total loans U. S. Gov't, securities Other securities Total + + + + 1.4 - 0.2 + 2.3 2.3 1.2 + 0.7 4.9' + 2.8 - 0.6 1/ - 0.1 - 0.8 + + + + Weekly reporting banks 5/ Total loans U. S. Gov't, securities Other securities Total + + + + 0.6 1.5 0.5 2.5 + + + 0.6 1.6 0.3 1.3 - 1.0 0.4 0.4 1.8 1/ + 1.6 - 0.1 + 1.5 - 1.2 - 0.3 1/ - 1.5 - 0.5 - 0.1 1/ - 0.5 + + + + 0.6 0.6 0.2 1.4 Other banks 5/ Total loans U. S. Gov't, securities Other securities Total + + + + 0.8 0.8 0.7 2.4 + + + + 0.4 0.7 0.4 1.5 + + + + 0.4 0.4 0.3 1.0 + + + + + + + + + + + + + + + + 0.3 0.7 0.2 1.2 0.7 2.6 0.2 3.4 0.7 1.0 0.3 1.9 + + + 0.5 1.0 0.2 1.7 0.5 0.3 0.3 1.0 End of December to last Wednesday of October Item 1968 1967 1966 3/ 1965 1964 2/ 1963 2/ 1961 All commercial banks Total loans U. S. Gov't, securities Other securities Total +15.4 + 2.3 + 7.3 +25.0 + 7.2—^ + 6.2 +10.2 +23.7 +10.5- -^+15.6 - 4.5 + 5.3 # / +16.3 + 9.1 - 2.0 + 2.9 +10.0 + + + 8.1 4.4 5.2 8.8 + 7.6 - 1.0 + 4.7 +11.3 Weekly reporting banks 5/ Total loans U. S. Gov't, securities Other securities Total + 7.2 + 1.3 + 4.3 +12.9 + 1.5 + 3.4 + 6.6 +11.6 + 4.6- / - Z + + + 8.7 3.8 2.9 7.8 + + + 3.4 2.1 1.5 2,8 + + + 3.1 4.3 3.4 2.1 + + + 3.3 2.8 3.2 3.7 Other banks 5/ Total loans U. S. Gov't, securities "Other securities Total + 8.1 + 1.0 + 3.0 +12.1 + 5.7 + 2.8 + 3,6 +12.1 + 5.9^ -Z+ + + 6.9 0.7 2.4 8.5 + + + + 5.7 0.1 1,4 7.2 + + + 5.0 0.1 1,8 6.7 + + + + 4.3 1.8 1.5 7.6 NOTE: H* Data exclude all interbank loans; call report data for large commercial banks used when available. 1/ 2J Less than $50 million. Based on estimated data for all commercial banks on December 31, 1963, and December 31, 1962, and for large commercial banks on December 31, 1962. 3/ Allowance has been made in monthly changes in total loans and in other securities for approximately $1 billion of participation certificates shifted from loans to other securities in late June 1966: $700 million at large banks and $300 million at other banks. 4/ Allowance has been made in monthly changes in total credit and in total 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, 1966: $400 million at large banks and $700 million at other banks. 5J Based on revised coverage beginning July 1966, January 1967 and January 1968. Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late Septembe>r to ' late October Business of borrower Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated metals Textiles, apparel, etc. Pettoleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation 3/ Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change 1/ 2J 3/ 1968 + 44- + + - 4- + - + 44- + 4~ 4- + + 4- + 95 134 478 350 128 271 66 236 99 68 132 28 1 47 104 118 30 19 24 13 30 49 6 164 109 8 125 170 295 1967 + + 4- + - 4- + - + + - 4- + - + - + 4- + - + 4- 188 207 48 73 121 359 22 322 10 69 173 46 16 142 73 60 83 78 5 10 33 281 181 108 8 82 53 82 29 1966 + + + + + - + - + - + + + + - + 232 91 263 244 19 107 49 17 26 67 197 11 18 2 70 68 207 n.a. n .a . n.a . 46 85 68 n.a. 17 n.a. 359 82 277 1965 + + + + 4- 4- + - + - 4- + - + 257 175 161 96 65 183 73 21 29 60 162 20 7 23 72 4 166 n.a. n.a. n.a. 1 57 104 n.a. 47 n.a. 284 19 265 Late December to late October 1/ 1964 1968 1967 253 218 75 36 39 76 2 1 35 38 186 444 + 22 35 37 67 + 16 n.a. n.a. n.a . 270 441 + 580 + 309 + 271 + 980 + 672 + 67 + 85 4- 156 + 536 78 32 4- 198 + 38 + 289 + 676 + 530 + 14 + 132 4- 364 + 876 459 + 706 + 629 195 4-3,516 4- 352 +3 ,868 408 176 3 99 496 + 750 + 356 4- 318 94 4- 170 + 137 + 52 4- 215 + 86 + 244 86 + 566 + 424 4- 193 51 67 + 915 4- 517 69 + 467 185 4-2,040 + 296 +2 ,336 + + + + + — 54 45 n.a. 9 n.a. + 173 2 + 171 - - - - 1966 1965 62 265 + 647 + 448 + 199 4-2,087 4- 111 +1 ,094 + 592 4- 290 + 462 + 166 + 433 + 469 4- 369 4- 522 4- 694 n.a . n.a . n.a . + 89 + 122 309. n.a. + 431 n.a. +5 ,857 + 543 4-6,400 36 158 +1 ,071 + 683 4- 388 4-11311 + 110 + 552 4- 284 4- 365 + 476 4- 315 + 305 4- 384 + 252 4- 213 + 849 n.a. n.a. n.a. 4- 289 4- 215 472 n.a. + 687 n.a . +5 ,486 + 615 4-6,101 4- . - Four most comparable weeks used throughout. Changes are compiled from December 27, 1967; December 28, 1966; December 29, 1965; December 30, 1964 and December 25, 1963. These data cannot be linked with all commercial bank data which are always for December 31 Prior to 1967, transportation, communication, services, and foreign loans were not reported separately. 2/ 1964 242 167 + 258 + 116 + 142 + 269 + 25 4- 121 6 4- 129 + 92 79 + 218 4- 140 487 + 189 84 • n.a. n.a n.a . + 403 + 404 n.a. n.a . n.a . n.a. +1 ,489 4- 535 4-2,024 - Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1957- •Dec . 1958- -Dec . 1959- -June June Dec . 1960- -Dec . 1961- -Dec . 1962- -Dec . 1963- -Dec . 1964- -Dec . 1965- -Dec . 1966- -Dec . 31 31 24 24 31 31 30 31 31 31 31 31 1967--Sept. Oct. Nov . Dec . 27 25 29 30 1968--Jan. Feb. Mar. Apr . May June July Aug. Sept Oct. 31 28 27 24 29 29 31 28 25 30 NOTE: (old) (new) 1/ (est .) (est.) r r r r r r r r r p .S. Gov't. Other securities Total loans Business 4/ Real estate Security Farm Consumer Nonbank financial institutions 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 317.9 2/ 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 63.4 63.0 59.5 56.2 17.9 20.6 20.6 20,6 20.5 20.9 23.9 29.3 35.1 38.8 44.9 48.8 3/ 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 153.9 172.1 197.4 213.0 2/3; 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 53.7 60.2 71.4 80.6 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 39.2 43.7 49.3 54.0 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 7.9 8.4 8.5 9.0 4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1 7.4 7.5 8.2 8.6 15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7 27.2 31.0 35.8 38.9 5.9 7.1 7.1 7.3 8.5 10.2 10.9 13.3 13.3 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 11.3 13.9 14.9 13.0 2/3 338.8 341.6 344.1 354.5 60.1 62.4 62.9 62.5 58.3 59.0 59.8 61.5 220.4 220.2 221.5 230.5 84.0 83.8 84.6 88.5 57.0 57.5 58.1 58.5 9.3 9.2 8.7 10.5 9.3 9.3 9.2 9.3 40.6 40.7 40.9 41.1 12.0 11.5 11.3 12.5 12.7 12.6 13.2 14.9 350.5 350.9 351.5 354.7 355.4 361.4 366.0 367.9 374.6 379.5 62.2 63.2 61.2 59.8 60.3 58.6 60.5 61.5 62 .5 64.8 61.7 62.2 63.1 63.8 63.5 64.4 64.6 66.0 67.6 68.8 226.5 225.5 227.2 231.0 231.6 238.4 240.9 240.4 244.5 245.9 85.7 85.7 87.8 89.2 88.7 91.5 91.2 90.0 91.6 92.0 58.8 59.2 59.6 60.2 60.8 61.4 61.9 62.4 63.1 63.9 10.8 9.7 8.7 8.7 8.5 9.2 11.4 11.3 11.8 11.0 9.3 9.5 9.6 9.7 9.8 10.0 10.1 10.0 9.9 9.9 41.1 41.3 41.5 42.2 42.7 43.2 43.8 44.5 44.9 45.0 11.3 10.7 10.8 11.1 10.8 12.2 12.0 11.2 11.9 11.9 14.3 14.1 14.1 14.7 15.1 15.7 15.3 15.7 16.2 16.9 - - Data exclude interbank loans. Total loans are after and type 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. p - Preliminary 1/ ~~ 2/ 3/ 4/ r - Revised 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 $100 million; and other loans $100 million. Beginning June 9, 1966, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans. Beginning June 30, 1966, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities ." Series revised beginning January 1968 to reflect adjustments to June 29, 1968, Call Report data. All other Individual loans 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 O 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. 1965--Dec. 1966--Dec. All commercial banks Total New York City City of Chicago Other Country All commercial ^ banks 31 31 31 31 31 31 31 31 31 31 31 28 25 31 31 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 63.7 65.8 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 65.4 67.9 46.3 50.6 50.6 46.8 56.7 61.7 61.9 57.7 67 .3 65.9 65 .0 67.9 67 .4 69.3 75.9 83.5 36.2 38.9 39.1 38.3 46.3 52 .7 55.2 49.4 58.2 60.8 58.0 61.4 62 .1 64.4 70.2 77.0 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57 .7 60.1 63.3 65.0 68.7 70.2 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 56 .0 57.9 59.2 1967--Sept. 27 Oct. 25 Nov. 29 Dec. 30 64.6 64.0 64.1 63.8 66.3 65.5 65.7 65.8 79.8 77.8 78.7 79.9 72 .2 70.7 71.0 70.8 68.3 67.7 68.3 68.1 58.8 58.6 58.4 58.2 5.8 6.4 6 .5 6.6 1968--Jan. 31r Feb. 28r Mar . 27r Apr . 24r May 29r June 29r July 31r Aug. 28r Sept. 25r Oct. 30p 64.0 63.9 64.6 65.4 65.7 66.1 66.2 66.2 66.2 65.6 65 .6 65.5 66 .4 67.4 67.6 68.1 68.1 68.1 68.1 67.4 80.2 79.7 81.8 84.4 84.9 85.1 87.5 89.2 87.5 85 .7 70.0 70.3 75.1 75 .6 75.6 78.6 76.1 75.5 76.6 72.2 67.4 67.5 68.6 69.8 70.0 70.5 69.6 69.3 69.6 69.6 58.2 58.2 58.3 58.9 59.1 59.3 59.5 59.6 59.5 59.0 6.5 6.1 5.6 5.0 5.2 5.1 5.4 5.3 5.4 n .a . NOTEi 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 2/ 8.0 7.3 6.1 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 to reflect adjustments to June 29, 1968, Call Report data. 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/ Beginning in June, 1966 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 June the ratio for all commercial banks would be 66.3 compared with 66.0 on the current basis. L 4.3 - EXHIBIT H# Part 1 DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS! Seasonally Annual adjusted, deposits, monthly averages of daily figures,- turnover, monthly ' rate /ons of II I I I MONEY SUPPLY TIME AND SAVINGS DEPOSITS All commercial banks ! 232 ^ 343 Centers I A . SMSA'S TURNOVER Outside N.Y.C. U.S. GOVT. DEPOSITS] Member baanks j—j~ 1 1 II I II dollars Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S. Gov. Deposits beginning May 1968. Exhibit H - Part II S e a s o n a l l y P e r i o d M o n e y S u p p 1 y A d j u s t e d Time and 1/ savings deposits (all commercial) D a t a U.S . Gov 1 1. deposits (all member) Turnover outside N.Y. City • (per cent' Total Demand deposits Currency 1964--December 1965--December 1966--December 159.3 166.8 170.4 125.1 130.5 132.1 34.2 36.3 38.3 126.6 146.9 158.1 5.1 4.2 3.5 33.3 37.4 40.0 1967--September October November December 179.1 180.2 181.0 181.3 139.4 140.2 141.0 140.9 39.7 39.9 40.1 40.4 179.4 180.6 182 .0 183.5 4.5 5.2 5.6 4.6 40.8 40.8 41.2 41.1 1968--January February March April May June July August September October 182.3 182.7 183.4 184.4 186.1 187.3 189.4 190.2 189.5 190.3 141.7 141.9 142.2 143.0 144.5 145.3 147.2 r 147.6 146.7 147.5 40.6 40.7 41.1 41.4 41.6 42.0 42.2 42.6 r 42.7 42.8 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 r 196.6 199.6 5.4 7.1 6.7 5.2 3.7 3.9 2.7 4.8 5 .3 5.1 41.6 42.1 41.6 42.3 43.0 43.4 43.7 43.7 43.8 n.a. 188.6 146.0 42.6 197.4 6.0 n.a. 190.0 189.9 191.0 189.4 190.2 147.3 147.1 148.2 146.6 147.3 42.7 42.9 42.8 42.8 42.8 198.1 198.7 199.1 200.0 200.6 6.2 5.7 3.7 4.0 6.3 n.a. n.a. n.a. n.a. n.a. Week ending: 1968--Sept. 25 Oct. 2 9 16 23 p 30 p NOTE: Dollar amounts in billions. p - Preliminary r - Revised * - Beginning January 1964, data for 232 metropolitan centers outside New York City, 1/ Beginning on June 9, 1966, time deposit data exclude $1.1 billion of balances accumulated for the payment of personal loans. L .4.3 EXHIBIT I, Part 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday Billions of dollars figures 100 TOTAL TIME AND SAVINGS DEPOSITS 80 SAVINGS DEPOSITS TIME DEPOSITS TIME DEPOSITS EXCLUDING LARGE CD's LARGE CD's _i 1965 i i i 1966 1967 1968 \ Exhibit I - Part II Large Commercial Banks i m e a n cI S a v i n g s P e r i o d Total 1961- -Dec. 27 1962- -Dec . 26 1963- -Dec . 31 1964- -Dec. 30 7 (Old) 1965- -July July 7 (New) 5/ 1965- -Dec . 29 1966- -Dec . 28 (Old) Dec . 28 (New) 5/ 1/ Savings Time 1/ D e p o Large certificates of deposit 41,472 50,011 59,277 66,881 73,672 80,467 85,298 89,495 89,639 30.082 34,712 38,083 40,698 43,137 48,314 50,694 47,099 47,213 11,390 14,299 21,144 26,183 30,535 34,153 34,604 42,396 42,426 2,782 5,442 9,579 12,585 15,203 15,587 16,251 15,659 15,642 3/ 4/ 2J s i t s Time other 1/ than large certificates of deposit 8,608 9,857 11,565 13,598 15,332 16,566 18,353 26,737 26,784 1967- -Oct. 25 102,173 48,428 53,745 20,107 33,638 1967- -Dec. Dec. 27 (Old) 27 (New) 5/ 102,809 102,991 48,647 48,781 54,162 54,210 20,330 20,330 33,832 33,880 106,411 108,259 108,652 48,274 48,269 43,354 58,137 59,990 60,298 21,450 22,304 22,260 36,687 37,686 38,038 1968- -July 31 Aug. 28 Sept . 25 38.258 22,589 60,847 48,512 109,359 2 38,474 22,699 61,173 48,506 109,679 9 38,571 23,108 61,679 48,512 110,191 16 38,814 23,155 48,527 61,969 110,496 23 38,946 23,303 62,249 48,522 110,771 30 Beginning June 15, 1966, data exclude $400 million of balances accumulated for the payment of personal loans. Negotiable certificates of deposit issued in denominations of $100,000 or more. Estimated. As of December 5, 1962. Revised series. 1968- -Oct. 1/ 2/ 3/ kj 5/ Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) ! Free reserves (excess reserves minus b o r r o w i n g s ) D A T E All member Reserve City Banks New York City of City Chicago Other Excess Reserves Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages: 1958--December 1959--December 1960--December 1961--December 1962--December 1963--December 1964--December 1965--December 1966--December 1967--Apr. May June July Aug. Sept. Oct. Nov. Dec. 1968--Jan. Feb. Mar. Apr . May p June p July p Aug. p Sept. p Oct. p - 41 -424 669 419 268 209 168 2 -165 - 80 -109 10 - 50 - 62 19 - 14 - 70 - 95 - 32 -104 - 4 - 22 - 11 21 - 31 8 - 50 -197 -449 80 20 - 52 -122 -103 -161 -159 175 269 297 272 298 268 160 270 107 - 10 12 7 20 6 39 - 10 23 - 22 - 20 1 3 - 15 4 3 4 11 5 136 38 -315 -413 -326 -341 -226 -190 -215 - 9 57 13 59 34 '22 - 25 -164 -147 - -195 - 47 268 237 583 471 394 334 315 238 140 516 482 756 568 572 536 411 452 392 557 906 87 149 304 327 243 454 557 18,160 18,200 18,530 19,290 19,950 20,640 21,500 22,640 22,900 - 38 9 33 12 16 - 6 - 24 14 - 55 242 266 258 254 271 231 191 222 187 309 370 420 359 387 358 286 403 345 134 101 123 87 89 90 126 133 238 23,910 23,950 24,110 24,340 24,630 24,790 25,120 25,280 25,150 2 2 - 59 -105 - 64 - 43 - 77 2 - 16 - 83 - 73 -253 - 57 -189 -224 -100 - 93 -163 230 166 11 9 - 38 - 96 - 27 66 108 373 399 356 270 420 351 299 379 297 237 361 671 683 746 692 525 565 515 25,500 25,765 25,812 25,623 25,711 25.816 25,923 26,431 26,395 - -208 65 231 426 26,637 6 1/ Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series \J (Amounts in billions of dollars; ratios expressed as percentages) Time de posits End of year or month Total Demand deposits and currency 2/ 1 2 3 495.4 530.5 573.1 601.5 48. 2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 127.1 147.1 159.3 613.2 619.8 620.8 168,7 173.0 173.7 623.1 630.3 635.7 638.1 645.9 650.5 655.9 658.7 665.7 664 .6 667.9 r 670.9 676.6 679.7 r 685.3 694.6 320. 2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 1963 1964 1965 1966 1967 Apr. May June July Aug. Sept. Oct. Nov. Dec. 1968 Jan. Feb . Mar . Apr . May June July Aug. p p p p p p p p Sept. p Oct. p Mutual savings banks Commercial banks 3/ 130. 2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.b 156.7 164.1 168.6 1954 1955 1956 1957 1958 1959 1960 1961 1962 Postal Savings System 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 Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ U. S. Gov't, securities maturing within one year 6/ 6 7 8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 49.0 49.9 50.5 50.9 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.1 46.1 48.6 53.9 49.0 52.6 55.2 0.4 0.3 0.1 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 90.9 101.4 109.8 113.4 168.6 170.7 172.4 56.8 57.4 58.0 0.1 0.1 0.1 117.1 118.0 118.9 51.1 51.1 51.2 50.9 49.5 46 .5 172.0 174.2 176.3 175.8 177.9 180.7 174.7 177.2 178.1 180.1 183.8 183.1 58.4 58.7 59.1 59.5 59.9 60.3 0.1 0.1 0.1 119.9 121.0 122.5 123.0 123.7 123.9 51.3 51.3 51.4 51.4 51.5 51.9 46.7 47.8 48.2 48.3 49.1 50.5 179.6 178.3 181.8 181.1 183.9 186.8 186.2 186.0 186.3 187.5 186.5 187.6 187.9 187 .6 187.7 187.9 191.5 194.0 195.9 200.0 # 60.6 61.1 61.4 61.7 # 123.6 124.6 125.9 126.0 126.5 126.8 127.2 128.1 51.9 51.8 51.8 51.8 51.8 51.9 51.9 53.6 55.4 57.0 56.5 55.9 54.9 56.9 52.0 52.0 52.0 56.6 r 56 .1 61.3 * 44.5 ' 62.1 r 62.6 62.7 63.0 r 63.4 63.8 0.5' - — - - - - ----- - — 129.5 130.0 Liquid assets to gross national product 7/ 9 Ratios: Demand deCommercial posits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 t 1) 10 11 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.0 34.7 32.6 31.3 30.4 29.7 28.6 27.5 26.4 25.1 24.b 24.1 33.5 79.8 77.9 22.8 21.8 54.3 54.5 22.0 55.0 55.5 55.8 81.5 78.6 79.1 21.9 78.9 21.9 79.1 21.7 78.2 21.5 - r 77.9 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.U 55.6 55.7 55.8 55.8 56.0 55.9 55.8 55.5 55.5 55.4 55.6 55.9 55.8 56 .0 21.4 r 55.8 55.8 ' For footnotes see nest page. ^ ^ p - Preliminary r - Revised on basis of June 29," 1968 Call Report. * - Reginning with data for June 1966, total liquid assets and time deposits at commercial banks exclude $1.1 billion of balances accumulated for the payment of personal loans. # - Reflects conversion of a savings and loan association with share capital of about $175 million to a mutual savings bank. http://fraser.stlouisfed.org/ # Reserve Bank of# St. Louis e # # e e e # Federal • / # 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 and loan associations. Figures have been adjusted to include partially tax-exempt securities 12 months 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). http://fraser.stlouisfed.org/ Federal Reserve Bank of • St. Louis • e # • • # e e
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