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Not for publicaticjf P E R A t BANK. K A N S A S C'JY BANKING AND MONETARY DEVELOPMENTS IN OCTOBER 1964 23 1^4 N Q v Total loan§_ aQ^g^jjetsftimhitk&Clflycommercial banks, seasonally adjusted, declined somewhat in October following substantial increases in the two previous months. Heavy liquidation of U. S. Government securities more than offset a further moderate rise in loans and in holdings of municipal and agency issues. Seasonally adjusted money supply increased at about the same pace as in the two previous months while time and savings deposits at commercial banks rose somewhat more rapidly„ U. S. Government deposits at commercial banks declined substantially. Total and required reserves declined slightly in October on a seasonally adjusted basis following substantial growth in September. Free reserves averaged about the same as in September but somewhat below the average for earlier months this year„ Bank credit. Seasonally adjusted loans and investments at all commercial banks declined $900 million in October following increases in the $3 to $4 billion range in each of the two previous months. Since May, credit has increased at an annual rate of about 7 per cent, the same as in the first five months of the year, and slightly below the 8 per cent rate over the year 1963. Holdings of U. S. Government securities declined $1.3 billion in October, offsetting nearly half of the August-September increase. So far this year, the annual rate of decline in these holdings has been 4.3 per cent, little different from the year 1963. At leading city banks, bill holdings declined substantially over most of October following large acquisitions in September. On October 26, however, bill holdings increased sharply reflecting initial allotments to banks of nearly all the $1.5 billion March tax bills, for which 50 per cent of the payment was permitted through credit in tax and loan accounts. Banks continued to reduce their holdings of notes and bonds maturing in over 5 years0 Purchases of municipal and agency issues moderated in October following a pick-up in August and September. Holdings rose $300 million on a seasonally adjusted basis, about half as much as in either of the two previous months, but half again as much as the average for earlier months this year. The annual rate of growth so far this year has been about 10 per cent compared with a 20 per cent rise over the year 1963. Total loans increased only $100 million further in October, reflecting principally slackened expansion in business loans and a substantial reduction in security loans. Real estate and consumer loans continued to increase at about the same relatively rapid rate as in other recent months. Through the first 10 months of 1964, total loans increased at an annual rate of 11 per cent, only nominally below the growth rate in 1963. Seasonally adjusted business loans at all commercial banks increased $200 million in October, one of the smallest increases of the year. This followed a $600 million rise in September, which had exceeded somewhat the substantial increases of the late spring and summer months. For the year through October, business loans increased at an annual rate of 10 per cent compared with 9 per cent over the year 1963. At city banks in October, loans to petroleum and chemical concerns continued strong. During most of the month, also, loans to metals companies, following record September borrowing, did not show the usual post-tax period decline; late in the month, however, there were heavy repayments in this category. Loan demand by public utilities, miscellaneous manufacturing and mining concerns, and trade concerns, which had been strong in other recent months, moderated in October. Loans to the textile-apparel group declined more than seasonally. Revised seasonally adjusted data for major categories of commercial bank loans. Revised seasonally adjusted data for major loan items have been used in Exhibits B and C of this release. These revised data, from 1952 to date, and seasonal factors for 1964, are available from the Banking Section upon request. Deposits and turnover. The seasonally adjusted money supply increased $600 million in October with substantial growth early in the month offset in part by a subsequent decline. The October expansion was about in line with increases in the two previous months but was less rapid than in June and July. Through the first 10 months of 1964,the money supply increased at an annual rate of 4.2 per cent or slightly faster than over the year 1963. U. S. Government deposits at commercial banks showed a sizable seasonally adjusted decline in October. Seasonally adjusted time and savings deposits at commercial banks increased $1.4 billion in October, or somewhat faster than in other recent months. The annual rate of expansion in these deposits so far this year has been 11.5 per cent compared with 14,7 per cent over the year 1963. The rate of growth in savings deposits at banks in leading cities picked up in the late summer relative to last year's expansion. In the August-October period, growth in these deposits was larger than in the corresponding months of 1963 whereas in the earlier months of 1964, it had been only three-fifths as much. Time deposits rose substantially in October of both years associated principally with increases in CD's following maturities over the September tax period. By late October, CD's at banks in New York and Chicago were above their pre-tax period levels but at other city banks, the increase since the tax period had offset only about half of the tax period run-off. Demand deposit turnover at 343 centers outside New York increased to 35.5 in October from 35.1 in September. Since April, turnover has fluctuated at a level between 35 and 36. Over the first 10 months of 1964, turnover averaged 5.4 per cent above the corresponding months last year. Bank reserves. Free reserves averaged close to $100 million in October, about the same as in September but somewhat below the average for earlier months this year. Member bank borrowings averaged $310 million, lower than in September, but higher than earlier in the year. Excess reserves at $415 million were also a little lower than in September but somewhat higher than in other recent months. During October, the effective rate on Federal funds fell below 3-1/2 per cent on five days but transactions at both lower and higher rates occurred frequently. Total and required reserves declined slightly in October on a seasonally adjusted basis following substantial growth in September. Reserves were supplied principally through Federal Reserve purchases of U. S. Government securities and through an increase in float and were absorbed through an outflow of currency. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. November 17, 1964. 143 - EXHIBIT A, P aril LOANS AND I N V E S T M E N T S A T ALL C O M M E R C I A L BANKS 260 220 T O U t LOANS AND I N V E S T M E N T S 180 140 LOANS 100 U . S . G O V T . SECURITIES 60 OTHER S E C U R I T I E S 20 1962 1961 1960 1959 1963 1964 1*65 Exhibit A - Part II Date Total (In 1960--Dec. 31 1961--Dec. 31 1962--Dec. 31 1963--June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p Oct. 28 p 1/ 2/ 1/ U. S. Gov't, Other securities securities b : i 1 1 i o n s of d o 1 1 a r s) Loans 2/ 194.5 209.8 228.3 113.8 120.5 133.9 59.9 65.4 65.2 20.8 23.9 29. 2 2/ 238.4 238.0 239.2 241.5 241.2 244.2 246.5 141.7 142.6 143.6 145.4 146.1 148.4 149.4 64.4 62.6 62.0 62.2 60.8 61.4 62.1 32.3 32.8 33.6 33.9 34.3 34.4 35.0 246.7 248.4 251.4 251.8 253.5 256.3 254.5 258.7 261.7 260.8 151.0 151.8 153.9 155.4 157.3 160.0 159.7 161.5 163.0 163.1 60.8 61. 2 62.1 60.8 60.3 60.0 58.4 60. 2 61.2 59.9 34.9 35.4 35.4 35.6 35.9 36.3 36.4 37.0 37.5 37.8 Adjusted to exclude interbank loans. Estimated as of December 31. 1/ 1 . 4 3. - EXHIBIT B, P a r * 1 L O A N S AT A L L C O M M E R C I A L B A N K S Billions of dollar! BUSINESS B U I ESTATE CONSUME! SECURITY 1963 1962 I960 Exhibit B - Part II Date Business * (In Real estate* b i 1 1 i o n s Consumer * of Security * d o 1 1 a r s) 1960--Dec. 31 1961--Dec. 31 1962—Dec. 31 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 1963—June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 1/ 49.4 49.6 49.7 50.1 50.7 51.5 52.0 36.7 37.2 37.6 38.0 38.4 38.8 39.1 25.3 25.5 25.7 25.9 26. 2 26.5 26.7 6. 6 6. 6 6.6 ' 7.0 6.5 7.3 6.7 1964--Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p Oct. 28 p 52.5 52.9 53.0 53.6 54.1 54.6 55.1 55.5 56.1 56.3 39.5 40.0 40.4 40.6 41.0 41.4 41.7 42.0 42.5 42.8 26.8 27.1 27.4 27.6 27.8 28.0 28.2 28.4 28.7 28.9 7.5 6.9 7.3 7.4 7.7 8.0 7.8 7.8 7.6 7.1 1/ * Estimated as of December 31. Seasonal factors revised as of October 1964. Revised seasonally adjusted data beginning in 1952 available from Banking Section. Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted* (In billions of dollars) 1 9 6 ' 4 1 9 6 3 Jan. Mar. Feb. Apr. June May Aug. July Sept. p | Oct. p Oct. Nov. Dec.4/ Loans and Investments 2/ +2.3 -0.3 +3.0 +2.3 +0.2 ±LZ +3.0 +0.4 +1.7 + 2.8 -1.8 +4.2 +3.0 U. S. Gov't, securities +0.2 -1.4 +0.6 +0.7 -1.3 +0.4 +0.9 -1.3 -0.5 -0.3 -1.6 +1.8 +1.0 -1.3 Other securities +0.3 +0.4 +0.1 +0.6 -0.1 +0.5 i/ +0.2 +0.3 ; +0.4 +0.1 +0.6 +0.5 +0.3 Loans 2h +1.8 +0.7 +2.3 +1.0 +1.6 +0.8 +2.1 +1.5 +1.9 | +2.7 -0.3 +1.8 +1.5 +0.1 Business +0.4 +0.6 +0.8 +0.5 +0.5 +0.4 +0.1 +0.6 +0.5 | +0.5 +0.5 +0.4 +0.6 +0. 2 Real estate +0.4 +0.4 +0.4 +0.3 +0.4 +0.5 +0.4 +0. 2 +0.4 +0.4 +0.3 +0.3 +0.5 +0. 3 Consumer +0.2 +0.3 +0.3 +0.2 +0.1 +0.3 +0.3 +0.2 +0.2 +0.2 +0. 2 +0.2 +0.3 +0. 2 Security +0.4 -0.5 +0.8 -0.6 +0.8 -0.6 +0.4 +0.1 +0.3 +0. 3 -0.2 y -0. 2 -0.5 Nonbank financial +0.3 i/ y +0.2 -0.3 +0.2 +0.4 +0.1 +0.5 -0 7 +0.1 +0.3 i/ Agriculture +0.2 +0.1 1/ -0.1 1/ -0.2 +0.1 +0.1 +0. 2 -0.1 +0.2 +0.2 +0.1 1/ All other +0.1 +0.2 +0.1 +0.2 +0.2 +0.3 +0.3 +0.5 +0.2 +0.6 -0 3 +0.1 +0.1 ; +o.i Total loans excluding security 3/ +1.6 +1.6 +1.6 +1.3 +0.9 +1.5 +1.6 +1. 7 +1.7 +2.1 +0. 2 +1.3 +1.9 i +0.8 +1.6 +1.6 +1.1 +1.2 +1.3 +1.2 +1.6 +1.5 +1. 6 +0.9 +1.2 +1.6 i +0.8 Total loans excluding security and nonbank financial 3/ +1.3 i Sept. CM Item | -0.9 ! NOTE--Individual loan items may not add to change in total loans Because: ki; loan itemb are S£u»=> ui (2) loan items and total loans are independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subject 1/ 2/ 3/ to revision. Less than $50 million. Adjusted to exclude interbank loans. Derived by addition'of items and not by subtraction from total loans. 4/ * Estimated as of December 31, 1963. Seasonal factors revised for individual loan items as of October 1964. Banking Section. , „ , . . Revised seasonally adjusted data beginning m men .1nkU 1952 available from 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 Wednesday of September to last Wednesday of October Item 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 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. S. Gov't, securities Other securities Total Other banks Total loans U. S. Gov't, securities Other securities Total 1964 -0.7 +0.5 +0.2 -0.1 ' 1963 1962 1961 I960 1959 1958 y +0.9 +1.3 +0.4 +2.6 +0.4 +0.5 -0.1 +0.8 -0.5. +2.7 +0.2 +2.4 +0.2 +0.4 -0.1 +0.4 +0.8 +1.5 -0.1 +2.2 +0.6 +0.6 +0.2 -0.1 +0.1 ; —0.6 +1.8 +0.1 +1.2 , -0.1 +0.1 -0.2 -0.2 +0.3 +0.2 +0.1 +0.9 +0.1' +1.2 +0.3 +0.3 +0.1 +0.6 +0.2 +0.5 -1.2 -0.3 -0.5 -0.1 '-1L -JZ -0.5 7175 +0,5 +0.8 +0.2 +1.4 +0.5 +0.3 +0.3 +1.0 . +0.3 +0.7 +0.2 +1.2 -1.5 196 V -0.1 -0.1 +0.3 +0.6 V +0.9 V +0.5 . +0.5 +1.3 -0.1 +1.7 End of. December to last' Wednesday of October l * 5 y 1962 1961 I960 • +7.6 -1.0 +4.7 +11.3 +1.8 +5.6 +3.0 +1.5 -0.1 1959 1958 2/+9.0 2Z-6.8 +0.2 +8.0 +2.6 +9.1 -2.3 +2.9 +9.7 +8.1 -4.4 +3.4 -2.1 +3.1 -4.3 +3.4 +2,1 +3.3 -2.8 +3.2 +3.7 -0.7 +3.7 +1.5 +4.5 —0.1 +1.9 -0.1 +1.7 ' +4.7 -6.4 -0.2 -2.0 -1.9 +5.2 +1.6 +4.9 +5.0 —0.1 +1.8 +6.7 +4.3 +1.8 +1.5 +7.6 +2.5 +1.9 +0.8 +5.3 +3.1 -0.4 £/+4.3 2/-0.4 2/+0.2 2/+4.3 +2.1 +2.8 +1.0 +5.9 +5.7 -0.2 +1.4 +6.9 +4.3 +2.6 s/_^z 2/+2.3 + l O NOTE-rData exclude all interbank loans; call report data for weekly reporting banks used when available. 1/ Less than $50 million. 2J As a result of bank structure changes, total credit increased about $1 billion: $600 million in loans; $300 million in U . S . Gov't, securities; and $100 million in other securities. 3/ Estimated as of December 31, 1962, for all commercial banks and weekly reporting banks and for all commercial banks, December 31, 1963. ' • • • • • • • • • • • Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) Fnd of September to end of October 1/ Business of borrower End of December to end <of Octoberc 2/ - 1962 1961 1960 -176 +259 " +182 +265 -168 - 24 +362 +170 -201 -116 + 61 -256 -205 -382 +501 - 86 +265 + 91 +140 -214 +245 - 18 - 53 +232 -136 -514 + 58 - 72 +446 +201 -102 - 41 -199 3/ + 60 n. a. n.a. +416 - 84 +403 +399 n. a. n. a. +411 -110 +185 + 88 n.a. n.a. +521 -113 +206 +198 n.a. n. a. +345 -260 +108 +563 n.a. n. a. +386 -181 +130 +317 n. a. n.a. +236 -164 - 62 - 51 +1,487 +537 +851 +279 +1,024 +346 - 28 -251 +1,111 -145 + 72 -113 +2,024 +1,130 +1,370 -279 +966 1964 1963 1962 1961 1960 1964 1963 Food processors Commodity dealers Trade concerns ' Total +212 +208 + 29 +449 +183 +249 +187 +619 +147 +109 +138 +394 +142 +106 +113 +361 +212 +175 +125 +512 -241 -167 +265 -143 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker1s acceptances Other, mainly services -116 -179 + 38 -176 -101 - 43 - 73 -145 " + 12 -116 -167 + 7 -261 -160 + 26 -117 -105 + 8 - 49 - 55 + 6 -130 + 87 - 16 -114 n. a. n. a. - 80 + 74 '+ 4 n.a. n.a. + 90 + 24 + 11 +JI n. a. n. a. Classified Unclassified - 71 + 1 +126 + 25 +187 + 22 Total change - 71 +151 +209 1/ 2/ 3/ Four most comparable weeks used throughout. Changes for 1964 are compiled from December 25, 1963, rather than from December 31, 1963; the December 25 date is more comparable with earlier years e.g., December 26, 1962 and December 27, 1961. However, these data cannot be linked with all commercial bank data which are always for December 31. Less than $500,000. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date Loans and investments U. S. Gov't. Other securities Total loans Business Real estate Security Farm Consumer 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 29.5 29.9 30.7 31.4 31.7 32.4 133.4 135.2 136.4 136.9 138.9 34.5 34.7 34.9 35.4 36.0 36.7 5.6 6.5 6.0 5.8 6.0 6.9 7.4 7.4 7.5 7.4 7.5 7.5 23.8 143.1 47.3 47.7 48.6 46.6 48.8 49.9 32.9 33.7 34.2 34.5 34.1 35.1 142.4 142.5 146.0 146.0 148.6 153.9 49.0 49.2 50.1 50.6 51.9 53.7 37.3 37.8 36.2 38.6 39.0 39.2 6.4 6.1 7.4 6.5 7.0 7.9 7.2 6.8 7.0 7.3 7.4 7.4 34.6 35.1 35.6 . 35.8 35.8 36.4 36.5 37.1 37.8 38.0 149.5 150.6 152.8 154.7 156.7 161.1 159.4 160.2 163.7 163.0 51.8 52.4 53.4 53.4 53.9 55.1 54.4 54.9 56.1 56.2 39.5 39.8 40.0 40.4 40.8 41.4 41.8 42.2 42.7 43.0 7.1 6.9 7.1 7.2 7.5 8.2 7.6 7.2 " 8.0 7.1 7.5 7.4 7.5 7.6 7.7 7.7 7.7 7.5 7.6 7.8 1957—Dec. 1958—Dec. 1959—June June , Dec. 1960—Dec. 1961—Dec. 1962—Dec. 31 31 24 24 31 31 30 31 1963—Jan. Feb. Mar. Apr. May June 30' , 27 27 24 29 29 229.1 230.4 231.9 232.3 233.6 239.1 66.2, July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 (est.) 237.8 237.1 241.9 242.4 245.0 252.4 62.5 60.9 61.8 62.0 246.2 247.2 249.9 250.6 251.5 257.3 254.3 256.1 62.1 1964—>Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 Oct. 28 (old) (new) 1/ (est.) p p 65.3 64.8 64.0 63.0 63.5 62.3 63.4 61.5 61.5 60.1 59.1 59.3 58.3 262.2 58.8 60.6 262.1 61.1 ' . 24.0 24.2 24.7 25.1 25.5 25.7 26.0 26.1 26.3 26.5 26.7 26.6 26.8 27.0 27.4 27.8 28.2 28.5 28.7 28.9 29.0 Nonbank financial institutions WW — 5.9 7.1 7.1 7.3 8.5 7.5 7.7 8.0 7.6 7.8 8.6 All other 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 10.1 10.0 9.9 10.2 10.6 11.0 8.9 8.7 9.1 8.6 8.6 10.2 10.8 10.8 11.0 11.1 8.6 8.8 9 3 9.3 9.3 10.5 9.3 9.7 10.2 9.6 11.5 11.7 11.8 12.4 13.0 13.8 13.2 13.3 13.5 13.6 11.3 11.8 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 vaulation 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, 1959i "business loans" and "all other loans" have have revised to exclude loans to nonbank financial institutions. Exhibit Q 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. 1953- -Dec. 1954- -Dec. 1955- -Dec, 1956- -Dec. -1957--Dec. * 9 5 8 - -Dec, 1959- -Dec. 1960--Dec, 1961- -Dec. 1962- -Dec, All jcommercial I Total banks i 31.2 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 31.1 35.ti 37.2 39.3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 56.5 % 9 6 3 - -June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 A W Dec. 25 57.7 57.8 58.4 58.6 58.4 59.0 58.6' 1 9 6 4 --Jan. 29 Feb. 26 Mar. 25 Apr. 29 # May 27 June 30 July 29 Aug. 26 Sept. 30 ; 58.8 e 1/ 'IV.4.„1 1 „UVl. 49.4 55.6 56.5 55.7 57.7 46.8 56.7 61.7 61.9 57.7 67.3 65-9 65.0 67.9 38.9 39.1 38.3 46.3 52.7 55.2 49.4 33.4 32.4 38.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 60.8 58.0 59.0 57.7 36.2 58.2 60.1. 58.8 61.3 58.5 60.4 61.7 62.6 62.7 63.0 63.5 63.3 69.3 67.4 62.1 67.3 62.1 60.2 60.0 60.5 62.2 62,2 61.6 61.6 66.4 65.6 67.3 67.5 67.6 67.5 68.4 69.3 69.1 68.7 69.0 68.0 '67.8 w 58.2 61.4 59.9 60.7 ----- 50.6 50.6 30.4 25.6 32.3 66,6, 61.4 61.9 61.9 60.5 35.9 34.9 42.5 46.3 58.7 58.7 59.4 59.6 59.5 60.5 61.1 61.1 60.5 1 51.0 59.3 59.3 60.2 60.8 Oct. 28 31.3 30.9 36.1 37.6 39.9 41.1 40.7 46.7 50.1 Member banks Reserve city banks New York City of Other City Chicago 62.0 61.7 61.2 62.3 62.5 61.9 61.4 62.6 61.3 62.7 62.3 62.0 u«.mo/i 63.9 64.2 64.1 65.I 65.4 64.9 66.0 66.1 66.0 65.5 Country 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 All commercial banks I 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 50.2 11.2 51.7 9.5 53.6 53.7 53.8 53.8 53.6 54.0 53.8 M 7.2 7.4 7.2 7.4 7.3 7.5 y 53.9 54.5 54.7 55.6 56.1 56.2 56.4 56.2 55.8 55.8 7.2 6.8 6.5 6.3 6.4 r r r 6.6 5.7 6.3 6.9 n.a. u. o. G o v e r n m e n t s e c u r i t i e s m a t u r i n g , ™ l n °"° y 0 a r GGtimatcd on basis of Treasury survey of ownership and total deposits ^adjusted to exclude cash in process of " ' 11 • •to 1951» data - • are w •> items J f * VV»*J w u v j. collection) W U 1 1 C U UJLVJIi/ . c_f Prior rtn />ol1 Unn<i M J 1 j .. t n C bQS 8 and ° flL i , beginning in 1951, they are on maturity basis. On a call basis. data HhTTP °r u ^ f . l 9 5 2 » a r e 2 1 , 5 a n d 1 9 , 1 respectively, y Estimated for December 31 m)TE Comparability of figures affected by changes in Federal Reserve membership, mergers, etc.; by changes in the reserve classification of cities or individual banks, and by changes in items. 1.4.3. - EXHIBIT H, Fort 1 DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS i"$.o.e«aliy od|u.led| d . p e . l H , i s ml - m o n l h l y •' furnovYi,"monthly Billions ol doilacij HO MONEY S U F F l Y t tu*Mom 343 centers v y—"V J /->/ V f l M i 1 1 6 SAVINGS DEPOSITS U.S. GOV!. DIFOSITSMoT a d j u s t e d f o r s e a s o n a l | I I II II I I I 1959 m i i960 1 9 62. * A11 c o m m e r c i a l Exhibit H - Part II Sea Period M o n (i y Total A d j u s t e d s o n a 1 1 y S u p J> i y Demand deposits Currency 1965 1964 1U3 Time and savings deposits D a t a Turnover 343 centers outside NY books U. S. Gov't, deposits 1962--Dec. 1963^-Dec. 147.6 153.2 117.1 120.7 30.6 32.4 97.9 112.3 31.3 33.9 5.6 5.2 1964--May June July Aug. Sept. Oct. p 154.5 155.6 156.7 157.2 158.0 158.6 121.3 122.1 123.3 123.5 124.2 124.6 33.3 33.4 33.5 33.7 33.8 34.0 117.4 118.5 119.4 120.6 121.7 123.1 35.3 35.0 35.6 35.1 35.1 35.5 6.9 7.8 7.0 6.4 6.6 5.6 1964--Sept.(1) (2) Oct. (1) (2) p 157.8 158.1 158.9 158.3 124.1 124.3 125.0 124.3 33.8 33.8 33.9 34.0 121.6 121.9 122.7 123.4 n. a. n. a. n. a. n. a. 5.0 8. 2 6.8 4.4 p - Preliminary. 1.4.3 TIME AND Wednesday SAVINGS DEPOSITS AT - EXHIBIT MEMBER I, Pari BANKS I IN LEADING CITIES Billions figures of dollars TOTAL TIME AND S A V I N G S D E P O S I T S SAVINGS DEPOSITS TIME D E P O S I T S O f I N D I V I D U A L S , P A R T N E R S H I P S , AND C O R P O R A T I O N S OTHER TIME D E P O S I T S 1t4t 1964 19&3 Exhibit I - Part II T i m e Period Total and S a v i n g s Savings ( I n m i l l i o n s 26 27 26 31 38,175 41,472 50,011 59,227 27,819 30,082 34,712 38,083 1964—June 24 July 29 Aug. 26 Sept.30 Oct. 7 14 21 28 63,082 63,921 64,329 64,719 64,920 65,073 65,219 65,478 38,848 39,168 39,421 39,873 39,933 39,974 40,029 4o,o6l 1961—Apr. Dec. 1962—Dec. 1963—Dec. . D e p o s i t s Individuals, Other time partnerships, deposits 1/ and corporations of d o l l a r s ) 5,480 5,969 9,080 13,310 4,876 ' 5,421 6,219 7,834 15,481 15,943 8,753 8,810 8,882 8,992 8,981 8,995 8,971 8,953 16,026 15,854 16,006 16,104 16,219 16,464 l/k 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 1959—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 1/ 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 1963--June July August September October November December 138 161 133 91 94 33 209 - 59 15 - 80 - 55 - 99 - 74 19 - 7 12 27 41 11 36 21 -111 -149 - 75 -108 - 93 -138 -122 314 308 315 295 298 281 334 374 483 463 412 407 409 536 236 322 330 321 313 376 327 19,848 20,020 19,898 20,025 19,923 19,994 20,240 1964--January February March April May June July August September October 171 91 — - 22 89 86 14 -116 - 87 - 54 334 427 395 - 256 304 259 213 255 270 265 334 331 20,250 20,270 20,459 20,478 20,403 20,682 20,663 20,751 21,011 118 132 79 90 - 23 7 17 2 26 1 18 22 16 - 14 - 19 - 8 - 34 3 -112 -115 -103 -155 -139 103 - 34 — 26 -118 98 162 78 - 78 : 275 255 255 357 375 218 333 247 272 264 279 281 388 397 413 421 412 309 20,947 NOTE--Beginning July 26, 1962, figures for both New York and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. p - Preliminary. Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series \J (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ 1 2 Commercial banks 3) Mutual savings banks Postal Savings Sys tem U. S. Gov't, U. S. Gov't, securities Savings maturing savings and loan bonds 5/ within one shares 4/ year Jj/ 4 5 6 7 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 79.8 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 47.6 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 48.4 48.5 48.5 48.6 49.0 49.5 48.0 47.9 48:1 48.1 49.1 49.0 49.0 49.1 49.1 49.2 49.3 49.3 49.4 49.4 48.6 48.4 49.3 49.5 49.4 49.4 46.7 47.1 47.4 47.0 1954 1955 1956 1957 1958 1959 1960 1961 1962 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 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 1963 Aug. Sept. Oct. Nov. Dec. 482.5 483.9 489.0 493.2 495.3 146.2 147.1 148.8 149.6 149.6 107.1 107.9 110.1 111.9 112.9 43.5 43.7 44.2 44.6 44.5 '0.5 0.5 0.5 0.4 0.5 87.2 88.3 89.1 1964 Jan. Feb. Mar. Apr. May June July A ug. Sept. p Oct. p 498.8 499.5 503.9 505.9 507.5 511.3 511.7 514.8 520.7 523.1 149.5 148.4 150.2 149.9 149.6 151.1 151.6 152.2 154.8 154.5 114.8 115.5 115.9 117.0 117.9 118.6 119.8 120.6 121.9 123.7 45.0 45.5 45.6 46.0 46.3 46.8 47.1 47.5 47.9 48.3 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 I | For footnotes see next page. 8 3 90.0 90.8 94.0 94.8 95.7 96.5 97.7 98.9 99.8 Liquid assets to gross national product 7/ 9 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ ( 2 + 3 t 1) 11 10 85.9 81.3 79.6 80.3 80. 2 80.5 79.2 78.5 80.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 81.8 25.0 81.9 24.8 82.0 24.5 82.0 24.3 82.0 24,3 . 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 52.5 52.7 52.9 53.0 53.0 53.0 52.8 52.8 52.8 52.7 52.7 53.1 53.0 53.1 53.2 Exhibit I (Cantlimed) * v # o a * m p of the Halted States Goveracgxtt, Goveraoent agencies and trust funds, domestic commercial basks, Federal Reserve Banks• Adjusted to avoid double counting whenever possible. i n series adjusted for seasonal variation by the 2-9 variant of Method H developed by the Bureau of the Census* Data are for deposits adjusted and currency outside hanks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money-supply described in detail Iti, Uie Federal Reserve Bulletin for August 1562, p. 9**1, except that demand deposits held by mutual savings ttanir* and by savings ar>f^ loan associations have been deducted to avoid double counting. Detoand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 19591 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. Total 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 in U. S. possessions are included as indijjt *1 anH gawai 4 and time deposits due to cated for demand deposits in footnote 2 above. Figures compiled by the Federal Savings and 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. Includes 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, Beginning December 1950 figures include Treasury marketable securities and Federal agency securities mature rrg 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, nonmarke table Treasury savings notes with maturities up to 3c 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 Department1 s Survey of Ownership of U. S. Government Securities. Gross national product figures-are available quarterly and annually only. Data for total liquid assets used in computing these •ratios are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter).
@FedFRASER