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Le l|e 3 «
F£ D
W&l'&sBAN K
of K A i
p c
n
l
CITY
, BANKING AND MONETARY DEVELOPMENTS IN OCTOBER 1962
—
—
—
—
—
—
\9*t—
PesWCfl
ommercial bank credit# seasonally adjusted, increased
further in October, Loan expansion accounted for most of the rise
reflecting growth in all major loan categories, The money supply increased and time deposits at commercial banks rose substantially
further, Total reserves, required reserves and free reserves increased
on a monthly average basis. Reductions in reserve requirements from
5 per cent to li per cent against time and savings deposits in late
October and early November released about $800 million of reserve funds.
Bank credit.
Loans and investments at all commercial banks,
seasonally adjusted, increased $2,it billion further in October, following roughly comparable increases in each of the two previous months.
Credit growth continued to be larger than usual at both weekly reporting banks in leading cities and at banks not ieporting weekly. Total
credit growth over the past three months has been somewhat faster than
in the first half of the year, but including the large July decline,
growth since midyear has been somewhat slower.
Total loans at all commercial banks rose $2 billion on a
seasonally adjusted basis in October, following a record $ 2 b i l l i o n
rise in September, Business, real estate, consumer, and loans to
nonbank financial institutions, all increased in October, Security
loans also rose somewhat further following an unusually sharp expansion in September! these loans were made largely to Government security
dealers and are presumaoly temporary. Growth in holdings of nonGovernment securities was resumed in October, reflecting in part
purchases of Federal agency issues. Holdings of U, S, Government
securities, which generally rise in October associated with Treasury
financing operations, increased slightly less than usual® On October
3, commercial banks were allotted practically the entire #3 billion
issue of tax anticipation bills of March 1963. On October 15, commercial banks were allotted about $1,2 billion of the new $2,2
billion Treasury bills? commercial banks held about $!j00 million of
the $2 billion bills maturing on October 15,
Business loans at all commercial banks, seasonally adjusted,
increased $b00 million in October, following increases of $$00 million
both in August and September, Growth in these loans has been at a
somewhat faster rate since June than in the first half of the year.
At weekly reporting banks in leading cities, loans to public utilities
rose further in October and accounted for close to half of the actual
increase in business loans. Loans to textile manufacturers declined
somewhat less than in the comparable weeks of I960 and 1961, Loans
to metals processors declined more than last year but less than in the
three previous years$ borrowing in August and September 1962 had been
heavier than in other recent years. Loans to "other manufacturing
and mining" concerns and to "all other business" dropped in October
in contrast with increases last year. Borrowing by food processors
was about seasonal but that by commodity dealers and trade concerns
was smaller than usual.
«• 2
—
Security loans at all commercial banks, seasonally adjusted*
increased $200 million further in October following a $1 billion rise
in September* Loans to U. S. Government security dealers, which had
increased sharply in September in connection with the Treasury's
advance refunding, declined over most of October. 3h the last few
days of the month, however, these loans rose sharply again associated
with purchases of "rights" for new Treasury issues offered in exchange
for maturing November 15 and December V~> securities0 Loans to brokers
and dealers and to others for purchasing and carrying non-Government
securities also rose somewhat further in October.
Heal estate loans at all commercial banks continued to
expand substantially on a seasonally adjusted basis in October. Consumer loans rose somewhat more than in other recent months. Loans to
noribank financial institutions also increased further in October;
growth in these loans since June has been faster than earlier in the
year.
Money supply. The daily average money supply, seasonally
adjusted, increased $900 million between the second half of September
and the second half of October. In the previous four months, there
had been little over-all change. In late October, the money supply
was about l-l/li per cent above the year-ago level and slightly above
the late 1961 level.
Average time and savings deposits at all commercial banks
increased $1.2 billion in October# a somewhat larger rise than in
other recent months. At weekly reporting banks in leading cities, the
rate of growth in savings deposits continued to increase; these
deposits accounted for most of the expansion in total time and savings
accounts. Other time deposits of individuals, partnerships, and
corporations increased moderately further while those of States and
political subdivisions declined, as is usual for this time of year.
On October 15, Federal Beserve limits on the interest rates
commercial banks could pay on time deposits of foreign governments and
official institutions were suspended for three years. Reports indicate
that banks in large cities quickly raised rates on these deposits maturing in six months or less in order to bring them in line with yields
on other short term investments. At weekly reporting banks in leading
cities there was little change in these deposits in October but they
subsequently rose sharply at banks in New York in early November.
The seasonally adjusted annual rate of demand deposit turnover at banks in 3li3 centers outside New York increased to a new high
in October, 32.7* (preliminary) from 31«1 in September. In the JanuaryOctober period, turnover averaged about 8 per cent above the corresponding
months last year.
Bank reserves. A reduction in reserve requirements from 5
per cent to li per cent against time and savings deposits provided about
$780 million of reserve funds to banks in late October and early
November. At reserve city banks, the reduction became effective on
October 25 and required reserves were reduced about $lil5 million*
At country banks, about $365 million reserves were released on
November 1. On a monthly average basis in October, total and
required reserves were reduced about $95 million as a result of the
action.
Total reserves and required reserves of member banks
increased substantially in October. Excess reserves increased
slightly to $ii?8 million and borrowings from the Federal Reserve
declined slightly to $65 million. Free reserves at $1*15 million
were somewhat higher than the $380 million level in September. At
city banks, on balance, reserve positions shifted to free reserves
from net borrowed reserves, but at county banks, free reserves declined. The effective rate on Federal funds remained high during
October and early November, most frequently at 3 or 2-7/8 per cent.
During October, on a daily average basis, reserves were
absorbed principally through an increase in currency in circulation,
continued gold outflow, and a reduction in float. In addition to
the reserves supplied through the reduction in reserve requirements,
funds were also supplied through an increase in System holdings of
U. S. Government securities. Heavy purchases early in the month more
than offset subsequent sales.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
November 16, 1962
L.4.3 -
E X H I B I T A, P o r t 1
L O A N S A N D I N V E S T M E N T S AT A l l C O M M E R C I A L B A N K S
L a s t W e d n e s d a y of m o n t h , s e a s o n a l l y
B i l l i o n s of d o l l a r s
260
adjusted
TOTAL LOANS AND INVESTMENTS
U. S. GOVT. SECURITIES
OTHER SECURITIES
1958
1957
1959
I960
1962
1941
196S
Exhibit A — Part II
U. S. Gov't.
securities
(In billions of dollars)
Date
Total 1/
Loans 1/
Other
securities
1957--Dec.
1958--Dec.
1959--Dec.
1960-—Dec.
1961--Dec.
31
31
31
31
31
166.4
181.0
185.7
194.5
209.6
91.4
95.6
107.8
114.2
121.1
57.0
64.9
57.6
59.6
64.7
17.9
20.5
20.4
20.7
1962—Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
31
28
28
25
30
30
25
29
26
31
210.7
213.3
215.2
215.0
216.4
220.3
217.8
220.3
222.0
224.4
120.8
122.6
123.8
124.5
124.8
126.6
126.1
127.3
129.7
131.7
65.7
24.2
24.6
25.3
25.9
1/
P
P
p
P
'
Adjusted to exclude interbank loans.
66.1
66.1
64.6
65.5
66.6
64.1
65.0
64.3
64.1
23.8
26.1
27.1
27.6
28.0
28.0
28.6
L.4.3. -
E X H I B I T B, P a r t 1
L O A N S AT ALL C O M M E R C I A L B A N K S
Last W e d n e s d a y of
Billions ol doll a r s
To
month, seasonally adjusted
BUSINESS
REAL ESTATE
1957
1958
1959
1961
1960
1962
1963
Exhibit B - Part II
Business
Date
(In
Real Estate
b i 1 l i o n s
of
Consumer
Security
d 0 1 1 a r s )
1957—Dec.
1958—Dec.
1959—Dec.
I960—Dec.
1961—Dec.
31
31
31
31
31
35.3
35.4
39.5
42.1
44.1
23.0
25.2
28.0
28.7
30.3
15.7
15.9
18.8
20.5
21.0
3.8
4.1
4.2
4.3
5.2
1962——Jan.
Feb.
March
April
Hay
June
July
Aug.
Sept.
Oct.
3*1
28
28
25
30
30
25 p
29p
26p
31 P
44.1
44.2
44.5
44.8
45.0
45.5
45.5
46.0
46.5
46.9
30.4
30.6
30.9
31.2
31.6
32.0
32.4
32.8
33.2
33.6
21.1
21.2
21.4
21.6
21.8
22.0
22.0
22.2
22.3
22.6
4.8
5.5
6.0
5.6
5.2
5.3
4.4
4.7
5.7
5.9
p - Preliminary
I
e
•
•
#
#
#
#
#
#
#
Exhibit C
Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted
(In billions of dollars)
Item
jSept. 1 Oct. ! Nov.
19 6 2
\-
L
Jan.
Feb.
+ 1 . 1
+ 2 . 6
— 0 . 6
+ 1 . 0
+ 0 . 4
+ 0 . 4
* 0 . 2
+ 0 . 4
+ 0 . 4
+ 0 . 8
+ 1 . 7
- 0 . 3
Dec.
j
i
Mar.
.Apr./ - Way,'j. June,'-July,
I
Loans and investments 2/ |
+ 2 . 7
+ 0 . 4
U. S. Gov't, securities
+ 1 . 0
- 0 . 8
Other securities
+ 0 . 6
Loans 2/
+ 1 . 1
+ 1 . 2
+ 0 . 2
+ 0 . 3
Business
Real estate
y
y
+ 1 . 2
y
y
+ 0 . 1
+ 0 . 2
+ 0 . 1
+ 0 . 8
+ 0 . 3
y
y
y
- 0 . 7
- 0 . 2
+ 0 . 5
+ 0 . 4
~'\f
- 0 . 5
+ 1 . 2
+ 2 . 4
+ 2 . 0
+ 0 . 5
+ 0 . 5
+ 0 . 4
+ 0 . 4
+ 0 . 4
+ 0 . 4
+ 0 . 2
+o.a
+ 0 . 3
- 0 . 9
+ 0 . 3
+ 1 . 0
+ 0 . 2
+ 0 . 3
- 0 . 1
+ 0 . 2
+ 0 . 1
+ 0 . 3
+ 0 . 1
+ 0 . 1
— 0 . 4
+ 0 . 2
+ 0 . 2
+ 0 . 1
+ 0 . 2
+ 1 . 0
+ 1 . 8
+ 1 . 2
+ 0 . 7
+ 0 . 3
+ 1 . 8
+ 0 . 1
+ 0 . 3
+ 0 . 3
+ 0 . 2
+ 0 . 5
+ 0 . 1
+ 0 . 2
+ 0 . 3
+ 0 . 3
+ 0 . 5
+ 0 . 4
+ 0 . 1
+ 0 . 1
+ 0 . 2
+ 0 . 2
+ 0 . 2
+ 0 . 2
- 0 . 4
+ 0 . 7
+ 0 . 5
- 0 . 4
- 0 . 4
+ 0 . 1
— 0 . 1
+ 0 . 2
— 0 . 1
+ 0 . 1
+ 0 . 1
- 0 . 1
+ 0 . 3
+ 0 . 2
Noribank financial
+ 0 . 3
+ 0 . 2
+ 0 . 2
+ 0 . 1
+ 0 . 2
+ 0 . 1
+ 0 . 3
+ 0 . 1
+ 0 . 2
+ 0 . 1
+ 0 . 1
+ 0 . 2
+ 0 . 3
+ 0 . 2
+ 0 . 9
+ 0 . 6
Security
All other
- 2 . 5
+ 0 . 7
+ 0 . 1
y
+ 2 . 4
+ 0 . 9
- 0 . 2
Agriculture
+ 1 . 7
- 1 . 5
y
y
y
+ 0 . 4
-y y
Sept-5 Oct. p
^
+
+ 1 . 4
Consumer
y
±M ziil
+1.1
— 0 . 1
y
A u S ; /
"
y
+ 0 . 4
y
•
2
+ Q . 6
y
+ 0 . 2
+ 0 . 2
+ 0 . 1
i
NOTE—Individual loan items may not add to change in total loans because: (1) loan items are gross or valuation reserves
while total loans are net; and (2) loan items and total loans are independently seasonally adjusted. Seasonally
adjusted loans, by category, are experimental and are subject to revision.
2/ Less than $50 million.
2/ Adjusted to exclude interbank loans.
p - Preliminary
Exhibit D
Changes in Loans and Investments at All Commercial Banks» at Weekly
leporting Banks, and at Other Banks, Not Adjusted for Seasonal,
(In billions of dollars)
Last Wednesday of September to last Wednesday of October
Item
1962
1961
I960
+1.0
+1.2
+0.5
+0.U
-o.5
1959
1958
1957
1956
All commercial banks
Total loans
U»S«-Gov't securities
% Other securities
Total
Weekly reporting banks
Total loans
U.S. Gov't securities
Other securities
Total
+0.1;
"^3
+0.6
+0.6
+0.2
Other banks
Total loans
U.S. Gov't securities
# Other securities
Total
Item
All commercial banks
Total loans
U.S. Gov't securities
Other securities
Total
»Weekly reporting banks
Total loans
U.So Gov't securities
Other securities
Total
»Other banks
Total loans
U.S. Gov't securities
Other securities
Total
-0.1
+0.1
-0.1
—0.1
+0.3
+0.6
V
703
+2.7
+0.2
+0.2
+0.1*
?0%
—0*6
-0.1
+0.1
-0.2
+1.8
+0.1
7H5
+0.1
+0.9
+0.1
713
+0.3
+0.3
+0.1
+0.I1
+0.5
TTHI
-0o3
+0.7
-0.7
+0.7
—0.1
+l.lt
-0.1
723
—0.6
+0.3
+0.2
+0.2
V
+0.3
-0.1
+07?
~T7~
+0.5
+0.1
+0.1
-0.1
+0.7
+0.3
7^5
+1.3
+17?
+0.6
-0.2
Aid of December to last Wednesday of October
1962
+7.7
-1.1
+1.7
+H3
+3.3
—2.8
+3.2
737?
+I.L
+1.7
+1.5
T73
1961
+1.8
+5.6
+2.3
+ 0
-0.7
+3.7
+1.5
I960
2/ -6.8
V 1/
+0.2
+8.0
+2.6
+TO
-0.1
+lt.7
-6.il
—1.9
+5.2V
^70
T O
+3.0
T O
+1.9
—0.1
+177
+2.5
+1.9
+3.1
—O.lt
+0.8
1958
+1.5
-0.1
753
T O
1959
2/ +9.0
2/753
—0.2
2/ +1.3
+1.6
2/ —O0I4.
+2.1
+2.8
2/TO
+ O
?/ +0.2
1957
+2.0
-1.3
+1.3
753
1956
+5.6
-li.l
—Poll
Tin
—0.2
+3.6
+0.1
—lie 2
-1.5
+1.0
duTik—bata exclude all interbank loans; call report data for weekly reports
used when available.
1/ Less than $50 million. 2/ As a result of bank structure changes, total credit
increased about $1 billions$600 million in loans? $300 million in U.S. Gov't
securitiesjand $100 million in other securities.
+0.5
—0.5
+2.0
+0.1
+0.1
+2.2
*
Inhibit E
Changes in Commercial and Industrial Loans at Weekly Reporting Banks
(in millions of dollars)
End of September to end of October 3 7
Business of Borrower
Food processors
Commodity dealers
Trade concerns
Total
Sales finance
Metals and products
Textiless apparel
and leather
Petroleum, coal etc*
Other manufacturing
and mining
Public utilities
Construction
All other types of
business
End of December to end of October
1962
1961
I960
1959
1958
1962
1961
I960
1959
1958
+213
+125
+159
*201
*138
*193
+195
+152
+133
-172
- 25
+353
-201
-116
-205
*165
*275
*215
+191
-382
-106
+ 32
-309
+ 21*
+ 52
y
y
y
-79
=128
-21*9
-181*
-187
-170
* 21
W7
-151*
-153
*190
* 61
+501
=-85
1/
y
y
-197
- 51*
-5H*
+1*1*6
+567
-1*51*
-125
* 11
-126
+232
-137
* 58
- 1*5
— 62
- 72
+201
-102
+21*1
- 31*
+522
+31*5
— 5
+ 5
- 80
+ 91
- 1*
* 87
+ 1*2
+ 17
- 67
-125
- 25
• 78
* 59
- 7
- 60
+101*
+ 2
-110
+207
- 21
• 72
* 96
- 70
+ 69
Classified
Unclassified
+171
+ 1*3
+1*13
-133
*165
- 1*8
*196
Total change
+213
*280
Total change excluding
sales finance
+213
•280
1/
2/
3/
2/+l*55
=233
=1,086
-202
-260
+108
+386
-181
*130
+21*1
+162
+105
+101*
-133
+119
+192
*563
+317
— 28
*292
+1,006
- 28
- 56
*159
- 66
+1,111
*2,193
*117
+11*0
* 93
+1,356
-279
+970
+2,21*9
-1,987
*117
+11*0
*172
+1,356
-279
+970
+1,791*
-901
Not included in business loans on revised basis,
Through July 1.
Five weeks used throughout»
+569
=255
*207
+350
-251
-11*1
* 57
-1,655
-332
Exhibit F
Loans and Investments at All Commercial Banks
(In billions of dollars)
Loans
and
investments
Uo s.
Govt*
securities
Other
securities
Total
loans
Business
Real
estate
Security
Farm
31
31
31
24 (old)
24 (new)
31 1/
31
164.5
169.3
184.4
184.2
184.2
189.5
198.5
58.6
58.2
66.4
60.9
60.9
58.9
61.0
16.3
17.9
20.6
20.6
20.6
20.5
20.9
89-7
93.2
97.5
102.8
102.8
110.0
116.7
38.7
40.5
40.4
42.5
37.8
40.2
43.1
22.5
23.1
25.3
26.9
26.9
28.1
28.7
4.3
4.2
4.7
4.1
4.1
4.9
5.1
4.2
4.1
5.0
5.0
5.0
5.0
5.7
14.6
15=8
15.9
17.5
17.5
18.8
20.6
5.9
7.1
7.1
6.9
7.2
8.2
8.8
7.6
8.1
8.7
1961 s Aug.
Sept.
Oct.
Nov.
Dec.
30
27
25
29
30
203.0
207.5
208.3
109.1
214.4
64.2
66.1
66.6
66.2
66.6
22.5
23.3
23.2
23.4
23.9
116.3
118.1
118.5
119.5
123.9
42.5
43.0
43.2
43.6
45.2
29.7
29.8
29.9
30.1
30.3
4.6
5.1
5.2
5.0
6.2
5.8
5.8
5.9
6.0
6.2
21.2
21.0
21.0
21.0
21.1
5.9
*6.4
6.1
6.3
7.3
9.1
9.4
9.6
9.9
10.2
1962s
31
28
28
28
30
30
25
29
26
31
210.9
211.6
212.4
214.8
215.3
219.2
217.8
219.0
223.1
225.7
67.2
66.0
64.4
64.7
64.4
64.4
64.2
63.9
64.3
65.5
24.1
24.5
25.4
26.1
26.1
27.0
27.5
27.9
28.2
28.6
119.6
121.1
122.6
124.0
124.8
127.7
126.1
127.3
130.6
131.6
43.4
43.7
44.8
44.7
45.0
45.9
45.2
45.7
46.5
1(6.8
30.4
30.5
30.7
31.1
31.5
32.0
32.4
32.8
33*3
33.7
4.7
5.4
5.4
5.7
5.1
5.3
4.4
4.6
5.8
5.9
6.4
6.6
6.6
6.7
6.6
6.8
6.7
6.2
6.2
6. U
21.0
20.9
21.1
21.4
21.7
22.0
22.2
22.4
22.5
22.7
6.4
6.4
6.5
6.5
6.6
7.2
6.9
7.2
7.4
7.2
10.0
10.1
10.2
10;5
10.8
11.1
11.0
11.1
11.5
11.5
1
Date
1956§
1957s
1958s
1959s
1960s
Dec.
Dec.
Deo.
June
June
Dec.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
p
P
p
p
COB,0
Burner
Nonbank
financial
institutions
OC3
<=>=•
<
=
3
0
All
other
p - Preliminary,
2/
Structure changes in 1959s 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 loans" and "all other loans" have been revised to exclude
loans to nonbank financial institutions.
Exhibit G
Ratios to Total Deposits 1/
.Govt, securities maturing
within one year
L O A N S
Date
1948:
19492
1950s
1951s
Dec.
Dec.
Dec.
Dec
W52i Dec
1953s Dec.
1954; Dec.
1955? Dec,
1956 s Dec,
1957 s Dec.
# 5 8 : Dec.
1959 s Dec,
1960; Dec.
1961;
Aug.
Sept.
Oct.
Nov.
Dec,
All commercial
banks
Total
51
31
51
31
31
31
31
31
31
31
31
31
31
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
31.3
30.9
31
27
25
29
30
55.
54,
54,
54,
54<
56.1
55.7
55.3
55.7
55.7
54.1
54.9
55-4
55.4
55.8
55.9
55.6
55
56
56
56
62 s Jan. 31
Feb. 28
Mart .28
Apr. 25
May
30
June 39
July 25 p
Aug. 29 p
Sept. 26p
Oct. 31 P
2/
56.0
56.4
56c X
36.1
37.6
39.9
41.1
40,
46,
50,
5.1.0
49.4
55.6
56.5
56.8
56.8
56.5
57.0
57.6
57o3
Member banks
Reserve city banks
City of
New York
Other
City
Chicago
35.9
34.9
42.5
46.3
50.6
50,6
46.8
56
61
61
57
67
65
62 ,8
63 ,6
62 .9
63 -5
65 ,0
63.0
64.7
65.8
65.4
64.4
63.6
63.0
65.8
68.8
67.it
Country
All
commercial
banks
I
14.2
19.2
15.2
9.8
11.7
16.9
10.0
5.1
7.5
80,4
8C>3
>7
8C
27<
60.8
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.
56,
57 <
5758,
58,,6
57.• 9
57..7
58,.3
57-.7
51.1
50.7
50=2
50.5
11.4
56.8
57..7
58,,0
58,.3
58,,4
59.,1
59.,0
59..3
59.>5
59..7
59.8
50.1
10.9
11.7
30,4
25.6
32.3
36.2
38,
39.
38,
46,
52,
55.
49,
58,
58.8
59
58
57
57
56.5
57.1
58.6
57.6
28,
31.
32.
33.
36,
37.
40,
42,
44,
44,
48,
50.3
50.2
50.8
51.2
51.3
51.8
52.1
51.7
51.7
5 1 <>6
5.1U
6 c
11.8
11.4
10.4
10.6
10.6
10.9
11.1
10.7
10.7
11.9
9,8
H o 3.0
Total loans (adjusted to exclude loans to banks)§ D. 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).
0
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.
NOTE: Comparability of figures affected by changes in Federal Reserve membership, mergers,
etc.5 by changes in the reserve classification of cities or individual banks, and by
changes in items. Beginning August 1962, figures for both New York City and the City
of Chicago include banks formerly classified as central reserve city and three banks
9
whose classification as reserve city is continued.
p - Preliminary.
r - Revised.
1.4.3. -
E X H I B I T H, P a r i 1
DEPOSITS A N D CURRENCY
S e m i - m o n t h l y o v e r a g e s of d a i l y
B i l l i o n s of d o l l a r s
$»»»?**, *ees.»*oWy cdlfrttsled
160
150
MONEY SUV PLY
i
140
TicT
120
_
loo™
90~
"
"so"
TIME AND SAVINGS DEPOSIT!
. ....
To"
60"
\
To"
- I I P l P O S i l S f t
Not odjusled lor seasonal
1962
1957
1963
A l l c o m m e r c i a l banks.
Exhibit H - Part II
Seasonally adjusted data
Money supply
Period
Total
Demand
deposits
Currency
Time and
savings
deposits
U. S.
Gov't,
deposits
(In billions of dollars)
1959—Dec.
1960—Dec.
1961—Dec.
(2)
(2)
(2)
1962—May
June
(2)
(1)
(2)
July (1)
(2)
Aug. (1)
. <2)
Sept. (1)
(2)
Oct. (l)
(2) p
141.8
141.2
146.0
113.0
112.2
116.4
28.8
28.9
29.6
67.4
73.0
82.7
5.2
5.3
5.5
145.3
145.6
145.5
145.7
145.7
145.6
144.8 145.4
145.3
146.1
146.2
115.3
115.5
115.3
115.5
115.5
115.4
114.6
115.2
115.1
115.8
115.9
30.0
30.1
30.2
30.2
30.2
30.2
30.2
30.2
30.2
3O.3
30.3
89.8
90.4
90.9
91.6
91.9
92.2
92.7
93.1
93.6
94.3
95.0
7.7
6.1
8.3
8.2
6.0
5.4
8.1
6.6
7.8
8.2
6.5
1.4.3 -
E X H I B I T I, P a r i 1
TIME 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 s of d o l l a r s
Wednesday figurej.
TOTAL TIME AND SAVINGS DEPOSITS
SAVINGS DEPOSITS
TIME DEPOSITS O M H p i y ] D U A t S ,
10
f AiTNEisHIPS, AND mPOBATIONS_J I U
-I—I—L—-J 1 1—NzvJ .?
A
O
D
1963
Exhibit I - Part II
Time
and
Period
Total
>
(In
Savings
mi. 1 1 i 0 n s
S a v i n g s
Depo sits
Individuals,
partnerships,
and corporations
of
d o l l a r s )
Other time
deposits 1/
1961—April 26
Dec. 27
38,175
41,472
27,819
3O.O82
5,480
5,969
4,876
5,421
1962—May
June
July
Aug.
Sept.
30
27
25
29
26
46,484
47,077
47,257
47,729
48,103
32,116
32,539
, 33,044
33,404
33,739
8,322
8,511
8,296
8,428
8,540
, 6,046
6,027
5,917
5,897
5,824
3
10
17
24
31
48,225
48,431
48,507
48,616
48,658
33,921
34,058
34,126
34,185
34,242
8,566
8,647
8,664/
8,696
8,698
5,738
5,726
5.717
5,755
5.718
Oct.
>
1/ . Includes States and political subdivisions, U. S. Government, foreign governments
and official institutions, and interbank.
Exhibit J
Member Bank Reserves
(Based on averages of daily figures; in millions of dollars)
Free reserves
(excess reserves minus borrowings)
Date
All
member
Monthly averages:
1956; December
1957°, December
1958; December
19592 December
1960s December
1961:
July
August
September
October
November
December
196,2; January
February
March
April
May
June
July
August
September
"c.tober
p
NOTE:
Reserve City Banks
New York
City of
Other
City
Chicago
Excess
reserves
All
member
Country
Borrowings
Total reserves
held seasonally
adjusted
All
member
All
member
-203
-22 8
-197
-449
80
344
277
268
237
583
651
577
516
481
756
688
710
557
906
87
17,643
17,560
18,494
18,540
18,887
1
2
- 24
- 13
- 22
56
44
50
8
13
24
567
484
499
446
494
471
581
604
589
507
614
573
51
67
37
65
105
149
19,025
19,242
19,411
19,640
19,792
19,704
41
11
- 24
50
10
- 12
2
- 3
- 6
- 20
3
- 3
20
22
15
9
36
- 4
483
404
394
401
385
389
616
502
470
509
497
470
70
68
91
69
63
100
19,812
19,789
19,764
19,822
19,957
19,984
18
7
- 19
6
- 14
- 10
- 2
3
2
416
441
;4oa
380
531
564
89
127
80
65
20,006
19,941
20,07#
1/ 20,281
- 36
-133
- 41
-424
669
- 91
-105
- 80
-109
10
- 86
- 77
- 32
-104
- - 4
530
537
553
441
509
424
7
7
2
12
14
- 50
546
434
379
440
434
370
442
437
373
i*13
3k
»
—
1
.
163
k7Q
Beginning July 26, 1962, figures for both New York City and the City of Chicago include banks formerly classified
as central reserve city and three banks whose classification as reserve city is continued,
p - Preliminary.
1/ Data adjusted to exclude effect of change in reserve requirements*
I
#
#
#
#
#
#
;
:
•
;
#
Exhibit K
j
Liquid Assets Held by the Public •== Seasonally Adjusted Series
(Amounts in billions of dollars; ratios expressed as;percentages)
End of
year of
month
Total
liquid
assets
1
Time deposits
Demand
adjusted 1/
deposits
adjusted
Mutual
Commerand
savings
cial
currency
banks
banks £/
outside
banks 1/
4
2
3
Savings
and
loan
shares
y
5
1956
1957
1958
1959
1960
339.9
351-7
368.9
388,7
396.0
134.5
133.6
138*8
140.2
139.2
50.7
56.4
63.4
66.2
71.7
31.6
33.0
35.1
35.9
37-1
37.0
41.7
47.7
54-3
61.8
1961s
May
June
July
Aug.
Sept.
Oct,
New.
Dec.
408.1
413.2
414.4
414.4
417.2
420.9
420.6
424.6
2/140.8
140.9
141.5
141.3
141.9
143.8
143.4
144.8
2/77.4
78.4
79.0
79-8
80.6
81.4
82.5
82.4
37.7
38.1
38.3
38.3
38.6
38.7
38.9
39.1
65.2
65.9
66.5
67.3
68.0
68.9
69.7
70.5
1962:
JflHv,
:.;m& &
Mar.
Apr.:
May :
June 5
July?
Aug. ?
Sept.p
n
-f- y Y->
425.7
430.6
435.3
438*9
437.6
442.5
•443.7
447.0
J4
n.a.
C
143.7
144*4
144.0
145.8
143.5
143-3
144.3
142.9
144.4
1U5.1
84.8
39.2
39.4
86.2 :
39.6
87.6
39.8
88.3
89.6
39.9
40.3
90.9
:
40.7
91.5
40.8
92.6
41.2
93.8
Ul.U
95.0
71.2
71.8
72.7
73-3
74.0
74.7
75-2
76.3
7?a
n.a.
U„ S„ Govt =
U.. S.
Govt.f securities
maturing
savings
within one
bonds
4/ : year 5/
6
:
54.8|
51.71
50.51
48.Of
4?.1|
I
i
47.21
47.2?
47.31
47.31
47.4f
47.3f
i?:Il
7
31.3
35.3
33.4
44.1
39.1
39.8
42.7
41.8
40.4
40.7
40.8
38.8
40.2
Qross
national
product
6/
* 8
R a t
Commercial
bank deposit#
+ currency to
total liquid
assets
(<2+3)*l)
9
430.0
442.3
460..6
488.5
503.3
154.5.
54.0
54.8
53.1
53.3
513.1
53.5
'53.1
522.3
538.6
m
53.3
» 53.5
.53.7
53.5
i o
:
; Total
liquid
assets
to GNP
Money
supply
to
GNP
10
11
78.8
79-3
79-4
79.4
78.3
31.2
30.3
30.0
28.7
27.6
i 79-5
27.5
:
i
79.4
27.1
78.1
26.6
78.7
26.5
79-5
26.1
80. 2
25.9
!
47.61
4?.§|
47.51
47.41
47.4J
47 .S
47.51*7.0
n.a.
39.2
41.3
43.9
44.3
43.2
45.9
44.5
46.9
•iiiuU
n.a.
1
545.0
552.0
f
W . 3
53.7
53.6
53.2
53.3
53.3
52.9
53.1
52.7
:
53*l
n.a.
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 s
1956; December
1
957-» „ December
1958s December
19592 December
196O: December
1961:
196,2?
Reserve City Banks
New York
City of
Other
City
Chicago
Excess
reserves
Country
All
member
Borrowings
All
member
Total reserves
held seasonally
adjusted
All
member
- 36
-133
- 41
-424
669
- 91
-105
- 80
-109
10
- 86
- 77
- 32
-104
- 4
-203
-228
-197
-449
80
344
277
268
237
583
651
577
516
481
756
688
710
557
906
87
17,643
17,560
18,494
18,540
18,887
July
August
September
October
November
December
530
537
553
441
509
424
7
7
2
12
14
- 50
1
*
2
- 24
- 13
- 22
56
44
50
8
13
24
567
484
499
446
494
4?1
581
604
589
507
614
573
51
67
37
65
105
149
19,025
19,242
19,411
19,640
19,792
19,704
January
February
March
April
May
June
546
434
379
440
434
370
41
11
- 24
50
10
- 12
2
- 3
- 6
- 20
3
- 3
20
22
15
9
36
- 4
483
404
394
401
385
389
616
502
470
509
497
470
70
68
91
69
63
100
19,812
19,789
19,764
19,822
19,957
19,984
July
August
September
""tober
p
442
437
378
10- 3
18
7
- 19
6
- 14
- 10
- 2
3
2
416
441
l*08
380
531
564
89
127
80
65
20,006
19,941
20,07%
1/ 20,281
NOTE:
3k
mmmm
1
1*78
Beginning July 26, 1962, figures for both New York City and the City of Chicago include banks formerly classified
as central reserve city and three banks whose classification as reserve city is continued*
p - Preliminary.
1/ Data adjusted to exclude effect of change in reserve requirements.
»
•
#
#
5
#
y
#
e
#
Exhibit K
{
Liquid Assets Held by the Public — Seasonally Adjusted Series
(Amounts in billions of dollars? ratios expressed as percentages)
End of
year of
month
Total
liquid
assets
Time deposits
Demand
Savings
adjusted 1/
deposits
and
adjusted
loan
Mutual
Commerand
shares
savings
cial
currency
banks 2/
banks
outside
2/
banks 1/
134.5
133.6
13&.8
140.2
139.2
50.7
56.4
63.4
66*2
71.7
31.6
33.0
35.1
35»9
37.1
37.0
41.7
47.7
54-3
1960
339.9
351-7
368.9
388.7
396,0
196lt
May
June
July
Aug.
Sept.
Oct,
Nov.
Dec.
408.1
413.2
414.4
414.4
417-2
420.9
420.6
424.6
2/140.8
140.9
141.5
141.3
141.9
143.8
143.4
144.8
2/77.4
78.4
79.0
79.8
80.6
81.4
82.5
82.4
37.7
38.1
38.3
38.3
38.6
38.7
38.9
39.1
65.2
65.9
66.5
67.3
68.0
68.9
69.7
70,5
1956
1957
1958
1959
Jan.
Feb.
Mar.
Apr.:
May
June 5
July?
Aug. r
Sept.p
jet, r
42%?
43O.6
435.3
438.9
437.6
442.5
443.7
447.0
•n.a.
143.7
144>4
144.0
145.8
143.5
143-3
144*3
.142.9
144.4
1U5.1
84.8
86.2 :
87.6
88.3
89.6
90.9
91.5
92.6
93.8
95,0
39-2
39.4
39.6
39.8
39.9
40.3
40.7
40.8
41.2
Ui.U
61.8
71.2
71.8
72.7
73.3
74.0
74.7
75.2
76.3
77.1
n. a.
U„ S.
Govt.t
savings
bonds"
y
;
U„ So Govt,
securities
maturing
within one
year 5/
Gross
national
product
6/
T
T~T
54.8?
51.7|
50.5;
48.0?
47.1|
i
'f
47.2!
47.21
47.31
47.31
47.4|
47-31
47.3;
47.61
i
47.61
47.51
47.51
47.41
47.4)
)7.4;
47.fi
47.5U7.5
n. a.
31.3
35.3
33.4
44.1
39.1
39.8
42.7
41.8
40.4
40.7
40.8
38.8
40.2
R a t i o
Commercial
bank deposits ; Total
+ currency to liquid
assets
total liquid
to GNP
assets
(C2+3)»1)
10
430.0
442.3
460„ 6
488.5
$03.3
154.5.
54.0
54.8
53.1
53.3
78.8
79-3
79.4
79.4
78.3
513.1
53.5
'53.1
79.5
522.3
538.6
53.3
53.5
53.7
53-5
79-4
78.1
\
39.2
41.3
43.9
44.3
43.2
45.9
44.5
46.9
toa
n. a.
i
0
545.0
552.0
i
53.7
53.6
53.2
53.3
53.3
52.9
53.1
52.7
.. 53»I
rua.
78.7
79.5
80.2
Exhibit K (Continued)
p - Preliminary.
3/
Data for demand and time deposits adjusted and currency outside banks are as of last Wednesday of
month, except that time deposits are as of June 30 and December 31 when call data for these dates
were available= Demand deposits adjusted are total demand deposits less interbank and U„ S„
Government demand deposits and cash items reported as in process of collection
Time deposits
adjusted are total time deposits less interbank and U„ S« Government time deposits.
2/
Includes savings deposits in the Postal Savings System.
3/
Prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and
withdrawals of savings capital compiled by the Federal Home Loan Bank Board.
4/
Includes all types of savings bonds held by investors other than banks and IL S. Government
agencies and trust funds.
5/
Beginning May 1953 includes all marketable securities maturing within one year (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; figures include holdings
of insurance companies, brokers and dealers, State and local governments, nonbank corporations,
corporate pension funds, non-profit institutions, foreign accounts, and individuals; prior to
May 1953 includes securities callable within one year,
6/
Gross national product estimates are available quarterly and annually only. For 1950-60 ratios
are for last quarter of year; for 1961 and 1962, for each quarter of year. Data for total
liquid assets and for money supply used in computing these ratios are quarterly averages for
four dates: each month of the current quarter and the last month of the preceding quarter.
7/
Demand deposits adjusted (before seasonal adjustment) was increased by $400 million and time
deposits adjusted (before seasonal adjustment) was increased by $1.5 billion due to the reclassification of deposits of foreign official institutions which formerly were grouped with
interbank deposits and excluded from demand and time deposits adjusted.
@FedFRASER