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FEDERAL L.4.3. RESERVE OF K A N S A S Not for publication ^ ^ BANK CITY ig63 — Research Library — BANKING AND MONETARY DEVELOPMENTS IN OCTOBER 1965 Seasonally adjusted commercial bank credit increased only slightly further in October. Substantial growth in most major loan categories was offset in payt by a reduction in loans to security dealers. Holdings of U. S, Government securities continued to decline while holdings of other securities increased somewhat further„ Money supply and time and savings deposits at commercial banks rose more than in other recent months. U„ S. Government deposits declined sharply. Total and required reserves rose by less than the usual amounts. Free reserves were unchanged. Bank credit. Total loans and investments at all commercial bauiks, seasonally adjusted, rose only $300 million further in October, In recent months, the rate of credit growth has slowed; since July, expansion has been at an annual rate of about 5-1/2 per cent compared with 7-1/2 per cent earlier and 9 per cent for the year 1962. Total loans rose $1.3 billion in October or slightly more than the average $1.1 billion monthly expansion earlier in the year. Holdings of non-Government securities increased $500 million following a $100- million rise in September, The average monthly increase for the two months was considerably less than earlier this year. Holdings of U. So Government securities declined $1.5 billion in October, the fourth consecutive monthly reduction. Commercial banks were allotted about $300 million of the $1 billion issue of one-year bills of October 1§ $850 million of the $2 billion March tax bills of October 15 (compared with holdings of $300 million of the maturing $2.5 billion one-year bills)5 and $300 million of the $1 billion strip issue of October 28. On a seasonally unadjusted basis in October, total credit declined at weekly reporting banks in leading cities compared with a substantial rise in October 1962 and with increases in most other recent years. Both loans and holdings of U. S. Government securities declined whereas in other years either one or both had increased. This year's loan decline, however, reflected large repayments on loans to Government security dealers, which had increased sharply in September. At nonweekly reporting banks, credit growth was somewhat below that of October last year but comparable with average growth in other recent years. Loan expansion at these banks was larger than usual, this year but holdings of D. S. Government securities rose much less. V• ' Business loans at all commercial banks, seasonally adjusted, increased $700 million in October following a $500 million rise in September. Growth in both months was larger than that earlier in the year. So far th$s year, business loans have increase^At"an annual rate of 7 per cent compared with 8-1/2 per cent for the year 1962. At city banks, loans to food processors and commodity dealers continued to show larger than usual expansion in October. Borrowing by trade concerns and public utilities, which had lagged somewhat in September, picked up in October. Also loans to the "unclassified" category (including total loans at those weekly reporting banks which do not report an industry breakdown and smaller loans of those banks which do) have been large relative to the usual pattern. Repayments by metals concerns, petroleum and chemicals manufacturers, and miscellaneous manufacturing and mining concerns were relatively large and exceeded the September increases in such categories. Seasonally adjusted real estate loans at all commercial banks rose substantially further in October. So far this year, these loans have increased at an annual rate of 15 per cent, somewhat more rapidly than in the year 1962. Preliminary estimates indicate that consumer loans increased somewhat faster in October than in other recent months reflecting borrowing associated with heavy auto sales. The annual growth rate of 10-1/2 per cent in these loans so far this year has been about the same as in the year 1962. Loans to nonbank financial institutions increased somewhat further in October. Repayments by sales finance companies of September borrowing were offset in part by new net borrowing late in the month. Loans to other financial institutions increased somewhat further in October. These loans have been expanding since early spring presumably reflecting in part borrowing by real estate mortgage companies. Security loans at all commercial banks, seasonally adjusted, declined $700 million in October, offsetting most of the sharp September rise. At city banks, repayments by Government security dealers more than offset new borrowing associated with Treasury financing operations. Total loans for purchasing and carrying other securities also declined somewhat. Deposits and turnover. The daily average money supply, seasonally adjusted, increased $1.1 billion further in October. So far this year, the money supply has increased at an annual rate of 3*3 per cent and is 4 per cent above the corresponding level last year. The October rise was associated in part with an unusually sharp drop in U. S. Government deposits at commercial banks. These deposits, which averaged $3.7 billion in the second half, were at a lower level than at any other time since early 1962. Time and savings deposits at commercial banks, seasonally adjusted, increased $1.3 billion in October, somewhat more than in other recent months. Growth has been at an annual rate of 14 per cent so far this year. At weekly reporting banks in leading cities, savings deposits increased substantially further in October and other time deposits of individuals, partnerships, and corporations rose rapidly following reductions in September associated with quarterly tax and dividend payments. By late October negotiable time certificates of deposits at banks in New York were well above their pre-tax record level The seasonally adjusted annual rate of turnover of demand deposits at banks in 343 centers outside New York increased further in October to a new postwar high, 34.9 (preliminary) from 34.3 in September Since June, turnover has averaged 7«7 p W cent above the corresponding months last year. In the January-June period turnover had exceeded that of the first half of 1962 by only 4.5 per cent. Bank reserves. Free reserves of member banks averaged $90 million in October, the same as in September. Both excess reserves at $400 million and borrowings at $310 million were close to the previous month's levels. The effective rate on Federal funds fell below 3-1/2 per cent on only one day in October. Total and required reserves rose by less than the usual amounts. Reserves were absorbed principally by currency outflow and a reduction in Federal Reserve float and were supplied by an increase of over $300 million in System holdings of U. So Government securities. Banking Section, Division of Research and Statistics. Board of Governors of the Federal Reserve System. November 18, 19&3» [ 1.4.3 - IXHIHT A. Part I [LOANS AND INVESTMENT* AT A l l COMMERCIAL B A N K * la»t Wodnosday ol monlh, • eoeonelly od|mU4J I Billion* of dollar* JIOIAI LOANS AN I INWIMINIS I 10AMS | I y. j. son. siCMimii \ oimi siciiimisl [TfTt ritiei Exhibit A Date Total 1/ (In Loans l/ Hill 9. S. Got't. securities »i 1 1 i 0 n 8 of dollars Other securities ) I96O——Dec• 51 I96I—Dec* 51 194.5 209.6 114.2 121.1 59.6 64.7 20.7 25.8 1962——June July Aug. Sept. Oct. Nov. £/ Dec. 30 25 29 26 31 28 31 220.3 217.8 220.3 222.0 224.4 225.9 228.1 126.6 126.1 127.3 I29.7 131.6 132.2 154.7 66.6 64.1 65.0 64.5 64.2 64.6 64.5 27.1 27.6 28.0 28.0 28.6 29.1 29.1 I96)—-Jan, Feb. Mar. Apr. May June July Aug. Sept. Oct. 30 27 27 24 29 29 31p 28p *5l ?0p 228.9 232.3 235.0 232.5 234.8 240.3 237.8 238.5 240.7 241.0 134.7 136.8 137.8 157.4 138.9 141.8 142.4 142.5 145.0 146.3. 64.6 65.4 66.7 65.9 64.2 66.0 62.4 62.1 61.7 60.2 • 29.6 50.1 30.5 51.2 31.7 52.5 35.0 55.9 34.0' Digitized l/for FRASER Adjusted to exclude interbank loans. %J Estimated as of December 51, 1.4.3. - EXHIBIT •, Fort 1 LOANS AT ALL C O M M E I INKS B i l l i o n s of d o l l o r i Lost Wednesdoy of month, uoionally odjmtod I HI H U H Exhibit B - Part II Date Business C T 1960—Deo. 31 1961——Deo. 31 ' 1962—June July Aug. Sept. Oct. . HOT. l/Dec. 30 25 29 26 31 28 31 1963—Jan. 30 L Feb. Mar. Apt. May June July Aug. Sept. Oct. 27 27 24 29 29 31p 28p 25p 30p 1/ Estimated as of Real estate . 1 1 i o n 8 Consumer of Security d o l l a r s ) 4.3 42.1 44.1 28.7 30.3 20.5 21.3 45.5 45.5 46.1 46.7 47.2 47.4 47,9 32.0 22.6 22.7 1:1 23.2 4.7 5.7 5.9 5.5 48.1 48.3 48.J 48.7 48.8 49.5 49.3 49.5 50.0 50.7 December 31, 32.4 32.8 33.1 .33.5 33.9 34.2 34.5 34.7 35.0 35.5 36.1 22.9 22.9 23.3 23.5 23.8 24.1 24.3 24.4 24.8 5.2 6.1 5.7 6.6 6.7 5.7 6.1 36.7 37.3 37.8 25.0 25.1 25.2 6.9 6.4 6.3 11:1 i n 1:1 Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (in billions of dollars) 1 9 6 3 19 6 2 Sept. Oct. Nov. Dec. k j June Jan. Feb. Mar. Apr. May +2.3 +5*5 -2.5 Jul y-D Atig.D SepU Oct. P +0.7 +2.2 +0.3 Loans and Investments 2/ +1.7 +2.4 + 1 ^ +2.2 +0.8 +3.4 +2.7 U.S. Gov't, securities —0.7 —0o 1 *0.4 -0.3 +0.3 +0.8 +1.3 -2.8 +0.3 +1.8 -3.6 -0.3 —0.4 —1.5 I/ +0,6 +0.5 1/ +0.5 +0.5 +0.4 +0.7 +0o5 +0o 8 +0.5 +0.9 ,+0.1 +0.5 +2.4 +1.9 +0.6 +2.5 +2.1 +1.0 —0.4 +1.5 +2.9 +0.6 +0.1 +2.5 +1.3 Business +0.6 +0.5 +0.2 +0.5 +0.2 +0.2 +0.4 +0.1 +0.7 —0 0 2 +0.2 +0.5 +0.7 Real estate +0.3 +0.4 +0.4 +0o 3 +0.3 +0.2 +0.3 +0.5 +0»6 +0.6 +0.6 +0.5 +0.4 +0.4 Consumer 1/ +0.3 +0.1 +0*2 +0.3 +0.3 +0.2 +0.1- +0.4 +0.2 +0.1 +0.1 +0.1 +0.3 Security +1.0 +0.2 -0.4 +0* 6 —0.4 +0.9 +0.1 -1.0 +0.4 +0.8 —0.5 —Oo 1 +0.9 -0.7 Nonbank financial +0.1 +0.3 +0*1 +0.2 +0 0 X +0.3 -0.5 +0.2 +0.4 +0.6 -0.3 +0.2 +0.2 1/ 1/ -0.1 -0.5' —0.1 +0.2 +0.2 Other securities Loans 2/ Agriculture 1/ 1/ 1/ +0.1 1/ +0.2 +0.7 1/ All other +0.2 —0o 1 -0.4 +0.2 -0.1 +0.1 +0.3 +0.1 +0.1 +0.3 +0.3 -0.1 1/ +0.2 Total loans excluding security jJ +1.2 +1.6 +1.0 +1.5 +1.2 +0.9 +1.2 +0o 6 +1.4 +2.1 +0.9 +0.3 +1.4 +2.0 Total loans excluding security and nonbank financial j/ +1.1 +1.3 +1.0 +1.2 +1.0 +0.8 +0.9 +1.1 +10 2 +1.7 +0.3 +0.6 +1.2 +1.8 1/ +0.3 NOTE—Individual loan items may not add to change in total loans because:(l) loan items are gross of 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. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. • Derived by addition of items and not by subtraction from total loans, 4/ Estimated as of December ?1, 1962. http://fraser.stlouisfed.org/ # + Federal Reserve Bank of St. Louis # e # # e # # * Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Adjusted for Seasonal. (In billions of dollars) Last Wednesday of September to last Wednesday 0if Octobeir Item 1963 , All commercial banks Total loans U.S. Gov't, securities Other securities Total +0.2 1/ +0.3 +0.5 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 -0.5 -0.1 1/ -0.5 1961 1962 +0.9 +1.3 +0.4 +0.I4. +0.5 -0.1 +0.8 +0.6 +0.6 +0.2 +0.1 -0.1 +2.6 i960 -0.5 +0.2 +2.7 +0.4 +0.8 +1.5 +0.2 —0.1 —0.1 +2.2 -0.1 +0.1 -0.2 +0.3 —0.6 +1.8 +0.1 ,-Q.l —0 el +1.4 . +o.4 +1.2 Zo3 +0.1 +0.9 +0.1 +1.2 +0.3 +0.3 +0.1 , '1 +0.7 +0.1 +0.5 +1.0 +0.3 , +0.7 ,+0.2 +1.2 , +0.3 +0.6 V +0.9 1958 1959 +0.6 +0.2 1957 -0.6 +1.4 +0.5 +i.U -0.7 +0.7 V +o.5 +0.2 +0.2 +0.5 +1.3 +0.1 +0.7 +0.3 +1.2 -0.1 +1.7 End of December tc last Wednesday of ()ctober Item All commercial banks Total loans U.S. Gov't, securities Other securities Total 1963 1962 1961 I960 1959 1958 +8.3 . +7.6 -1.0 +4.7 +11.5 +1.8 +5.6 +2.3 +9.8 +3.0 +1.5 -0.1 +1.3 2/ +9.0 2/ -6.8 y V 2/ +2.3 +0.2 +8.0 +2.6 +10.8 +2.0 -1.3 +1.3 +2.0 +3.3 -0.7 +3.7 +1.5 —0.1 +4.7 -1.9 +5.2 +1.6 +li.9 -0.2 -1.5 +2.1 +2.8 +1.0 +5.9 +2.2 +0.2 +0.9 -4.6 +5.2 +8.8 Weekly reporting banks Total loans U.S. Gov't, securities Other securities Total +3 = 1 -4.3 +3.4 +2.1 Other banks Total loans U.S. Gov't, securities Other securities Total +5.2 -0.3 +1.8 +6„7 -2.8 +3.2 +3.7 +4.3 +1.8 +1.5 +7.6 +2.5 +1.9 +0.8 +5.3 1 +1.9 -0.1 +1.7 +3.1 -0.4 1/ 723 -6.4 ro 0 02 w 20 O 2/ +4.3 2/ -0.4 37 +0.2 1/ +4.3 NOTE—Data exclude all interbank loans? call report data for weekly reporting banks used when available. 1/ Less than $50 million„ 2/ As a result of bank structure changes, total credit increased about $1 billion; $600 million in loansj $300 million in U.S. Gov't, securities5 and $100 million in other securities. 1957 +0.4 -1.2 Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (in millions of dollars) Business of borrower Food processors Commodity dealers Trade concerns Total End of September to end of October End of December to end of October 1965 1962 1961 I960 1959 1963 1962 1961 I960 1959 +269 +288 +204 +761 +217 +126 +167 +510 +201 +138 +165 +504 +275 +215 +194 +684 +193 +190 +207 +590 -176 +259 +182 +265 —168 - 24 +262 +170 -201 -116 + 61 -256 -205 -382 +501 - 86 -106 + 32 +569 +495 1/ 1/ 1/ 1/ 1/ I/ 1/ 2/+455 -211 -114 - 78 -153 -153 - 4 -128 -187 + 5 -249 -184 -170 -125 -214 +245 - 18 - 53 +2;2 -136 -514 + 58 - 72 +446 +201 -102 +567 +241 - 45 -122 +161 - 15 - 81 + 88 - 6 + 87 + 42 +521 -113 +206 +345 -260 +108 +386 -181 +130 +162 +105 - 95 - 28 Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc* Other manufacturing and mining Public utilities Construction M l other types of business 5/ V V + 21 + 11 + 17 - 67 -125 - 25 + 59 7 +411 -110 +185 - 13 + 72 + 96 - 70 + 88 +198 +563 +317 +287 + 65 +188 + 39 +413 -133 +165 +196 - 56 +851 +279 +1,024 +346 - 28 -251 +1,111 -l4l +2,193 + 57 Total change +352 +227 +280 +117 +l4o +1,130 +1,370 -279 +970 +2,249 Total change excluding sales finance +352 +227 +280 +117 +140 +1,130 +1,370 -279 +970 +1,794 Classified Unclassified - 78 - - 48 +24] 1/ Not included in business loans on revised basis« 2/ Through July 1„ j/ Five weeks used throughout0 http://fraser.stlouisfed.org/ # Federal Reserve Bank of St. Louis e # # e # e • # 1 - 4 Exhibit F Loans and Investments at All Commercial Banks (in billions of dollars) Loans and investments Date 1963s 17« 20, Govt. 31 31 24 (old) 24 (new) 31 1/ 31 30 169. 184 < 184, 184, 189 < 198, 214.4 58.2 66.4 60,9 60.9 58.9 June July Aug. Sept. Oct. Nov Dec 30 25 29 2631 28 31 (est.) 219.2 64.4 64.2 63.9 64.3 27.0 Jan 30 27 27 24 29 29 31 28 25 30 1957: Dec. 1958s Dec. 1959s June June Dec. 1960s Dec. 1961s Dec. 1962s u. s. Other securities Feb Mar. Apr. May June July Aug. Sept. Oct. p p P p 61.0 66.6 20, 20, 20, 20, 23, Total loans Business Real estate 93.2 97.5 40, 40, 42, 37*8 40, 23.1 25.3 26.9 26.9 102.8 102.8 110.0 29.5 29.9 30.7 31.4 31.7 32.4 32.9 33.7 34.2 34.5 133-4 135.2 136.4 136.9 138.9 143.1 142.4 142.5 146.0 146.2 61.8 61.8 7.5 7.7 34.5 34.7 34.9 35-4 66.2 60.8 23.7 47.3 47.7 48.6 48.6 48.8 49=9 49.0 229.1 230.4 231.9 232.3 233.6 239-1 237.8 2^7.1 241.9 242.4 62.5 7.2 6.9 7.2 7.4 7.2 7.2 5.8 29.3 63.5 22.7 22.9 23.1 23.1 23.3 23.4 23.6 33.2 33.6 34.0 34.3 66.4 63.O 6.8 6.8 6.2 6.2 5.3 4.4 4.6 233.6 65.3 64.8 64.0 21.4 32.0 32.4 28.6 28.8 226.8 6, 45.9 45.2 45.8 46.7 47.1 47.7 49.1 65.6 65.6 223.1 225.7 27.5, 27.?' 28.5 4, 5< 55< 5< 5< 45< 45. 49.2 50.1 50 06 28.7 30.3 32.8 36.0 36.7 37.3 37.8 38.3 38.8 Nonbank financial institutions 4, 4, 4, 4, 4, 5< 6. 116.7 123.9 127 126 127 130.6 131.5 132.3 137.9 217.8 219.0 28.1 Security Farm Consumer 5.9 5.3 7.3 6.4 7.0 7.1 5.6 7.3 7.4 7.5 7.5 7.5 7-5 7.0 6.5 6.0 5.8 6.0 6, 6, 6, 7. 6. 6.8 7.0 7.2 15.8 15.9 17.5 17.5 18.8 20.6 23.8 23.9 24.2 24.7 25.1 25.3 25.5 25.6 25.8 5.9 7«1 7.1 7.3 8.5 8.0 7-6 7.8 8.6 8.9 8.7 9.1 8.6 l/ Structure changes in 1959» on balance through August, added almost $1 billion total credits $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 6xclu.de 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. Beginning April, 1963, data revised on basis of June 29 call. Exhibit G Ratios to Total Deposits 1/ U.S. Gov't securities maturing within one year LOANS Date 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962: 1963: All commercial Total banks Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 31 31 31 31 31 30 31.2 31.1 35.8 %7.2 39°3 40.5 40.3 45.8 48.8 49.7 48.4 54.0 55.1 54.5 49.4 55 • 6 56 >5 55 • 7 Sept. Oct. Nov. Dec. 26 56.4 56.1 56.3 56.5 57.6 57.2 57.4 57.7 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 30 27 27 24 29 29 31P 20 p 25 p 30 p 56.2 57' 57. 58, 58. 58, 58. 58. 59. 59. 59.6 31 28 20 56.7 57.0 57.1 57 o 9 57.7 57.8 58.4 58.6 58.5 31.3 30.9 36.1 37 o 6 39.9 41.1 40.7 46 50.1 51.0 Member banks Reserve city banks City of New York Other City Chicago 35.9 34.9 42.5 46.3 30.4 25.6 32.3 36.2 50.6 50.6 38.9 39.1 38.3 46.3 6I.7 61.9 52.7 46.8 56.7 57.7 67.3 65.9 65.O 68.8 67.4 66.6 67.9 64.7 66, 55.2 49.4 58.2 60.8 58.0 58.6 57 <.6 57.3 61.4 57-7 59.4 65, 61.1 66. 59.8 58.7 64. 66, 6567, 67, 66.6 58.8 58.5 60.4 62.0 61.7 33.4 32.4 38.1 39.4 41, 42, 4i. 48, 52, 53.3 51.3 58.2 59 = 0 57 o 7 59.9 60.0 60.7 60.1 60.5 60.8 60.9 61.4 61.8 61.3 61.7 62.6 62.7 63.0 Country 27 28 31 32 33 36 37 40.7 42.6 44.1 44.4 48.2 All commercial banks I 14.2 19 15 9 11 16 10.0 5.1 7 .5 8 .4 8 .3 7 .4 8 .7 50.3 50.2 11 ,2 51.5 51.1 51.5 51.7 9-9 10.4 9.3 9.5 51«.9 52,,3 52,.7 52 >9 c ,6 5353«> 6 53<.7 53*8 53.8 53-9 7.2 n o 3. o 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). Prior to 1951 > data are on call basis and beginning in 1951, they are on maturity basis. 2/ 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, and the City of Chicago include banks formerly classified as central reserve city and three banks whose classification as reserve city is continued. Beginning Apr. 1963, data revised on basis of June 29, 1963, call. p - Preliminary. lA^i.-a - tXHIHT I. PoU I T I M I A N D S A V I N G S DEPOSITS AT M 1 M B I B t A N K S I N J J A R l H f i - f i l l l l i . Wednesday B i l l i o n s ot d o l l a r t r ^ ; *0 f TOTAL T l l l l AMP SAVINGS DIfOSITS SAVINGS PlfOSITS TIM! DIfOSITS 01 INHVIDIIAIS, fAKTNftSHIPS, AN# C0RP0KATI0NS l£ OL' [A: GL E S3 Exhibit I - Part II Time Period Total • (In • Oct. Savings Savings m :. 1 1 i o n s D e p o s i t s Individuals, Other time partnerships, deposits l/ and corporations d o l l a r *» ) of 38,175 41,472 50,011 27,8)9 30,082 34,712 5,480 5,969 9,080 4,876 5,421 6,219 26 31 28 25 54,856 55,581 56,326 56,466 36,355 36,741 36,896 37,147 11,269 11,691 12,181 11,951 7,232 7,149 7,249 7,368 2 9 16 23 30 56,711 56,860 56,942 57,258 57,553 37,342 37,425 37,465 37,503 37,534 12,013 12,062 . 12,107 12,384 12,639 7,356 7,373 7,370 7,371 7,380 1961--April 26 Dec, 27 -Dec. 26 1962•963--June July Aug. Sept. and JL/ Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. rDEPOSITS % I 1.4.3. - E X H I B I T H, F o r i 1 > A N D C U R R E N C Y A N D TU R N O V E R OF D E M A N D P EPOS ITS Seosonally ad|ustedj deposits, semi-monthly averages o f d a l l y ( t u r n o v e r , m o n t h l y at a n n u a l r a t e T' figures; B i l l i o n s of d o l l a r s 140 j Annual rate IUINQ1U.i 3 4 3 centers TIM! AND SAVINGS DIPOIjTS g u. MfQiU# i N o i a d j u s t e d for s e a s o n a l Tm7 |l»5l .nit - fmT f " " ! • A l l c o m m e r c i a l batiks.) j Exhibit H - Part II S e a s 0 1 n a 1 1 y Period 1959—Dec. 1960—Dec. 1961——Dec. 1962—Dec. (2) (2) (2) (2) 1963—Aug. (l) (2) Sept. (l) (2)c Oct. (1) (2)p c - Corrected Hon e y A d j u s t e d Sia p p l y D a t a Time and savings deposits Turnover 3^3 centers outside NY U.S. Govt, deposits Total Demand deposits 141.8 141.2 146.0 148.3 113.0 112.2 116.4 117.8 28.8 28.9 29.6 30.5 67.4' 73.0 82.7 97.9 27.6 28.1 29.4 31.3 5.2 5.3 5.5 6.1 150.7 150.3 150.9 150.9 152.1 152.0 119.0 118.5 119.1 119.1 120.2 120.0 31.7 31.8 31.8 31.8 31.9 32.0 106.4 107.1 107.4 107.7 108.5 109.4 33.6 5.8 6.6 5.2 7.8 6.9 3.7 Currency 34.3 5^.9 Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Date Monthly averages s 1956: December 1957s December 1958: December 1959s December I960: December 1961s December 1962s 1963s Excess reserves Free reserves (excess reserves minus borrowings) All member - 36 -133 - 41 -424 669 419 Reserve City Banks City of New York Other City - 91 -105 - 86 -109 10 - 50 - 77 - 32 -104 - 4 - 22 - 80 -203 -228 -197 -449 80 Country 344 277 268 237 583 20 471 652 577 482 75b 568 688 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977 80 65 119 304 19,305 19,427 19,484 19^606 99 19,681 19,698 19,753 19,732 19,855 19,874 20,077 19,800 19,985 19,901 516 - 19 34 13 - 62 - 10 - 1 - 7 - 11 - 3 5 - 16 - 52 408 382 483 394 455 494 592 572 January February March April May June July August September October P 384 300 13 - 25 - 8 - 1 - - 50 426 390 346 347 322 315 305 318 293 295 483 472 426 434 457 377 480 467 4lfe 402 271 313 248 l4l 158 137 91 89 - 59 15 - 79 - 55 - 99 - 55 - 30 - 25 - 66 -109 -150 - 75 =106 - 95 All member All member 375 419 473 6 11 37 9 8 6 13 27 41 11 . Total reserves held seasonally adjusted All member September October November December 268 Borrowings 172 155 121 209 236 322 330 321 313 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. 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 Savings Remand and Postal deposits Savings loan Mutual Commercial and banks savings System shares currency 4/ banks 2/ 2/ Ratios: Demand U. S. U.S. Govt Govt, securities Liquid assets deposits to gross and savings maturing bonds within one national pro- currency to gross year 6/ duct 2J V national product 7/ 10 8 9 7 5 6 26.3 28.1 30.0 31.6 33-9 34.9 36.2 38.3 • 2.1 1.9 1.6 1.3 1.1 0.9 0-8 0.6 27.2 32.0 37.0 41.7 47.7 54.3 61.8 70.5 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 93.9 95.2 96.9 98.1 40.6 40.9 41.2 41.4 0.6 0.5 0.5 0.5 77.4 78.3 79.2 80.0 47.5 47.5 47.5 47.6 46.6 47.2 48.2 46.8 80.1 25.5 80.4 25.4 100.1 101.2 102.2 102.9 104.0 105.1 106.2 IO7.I 107.9 110.1 41.7 41.9 42.2 42.5 42.8 43.1 43.3 43.5 43.7 44.2 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 81.1 82.2 83.4 84.1 84.9 85.8 47.8 47.9 47.9 48.0 48.1 48.2 48.3 48.4 48.5 48.5 47.1 46.5 45.5 46.5 47.6 47.6 47.0 49.8 48.2 48.1 4 1 2 1954 1955 1956 1957 1958 1959 I960 1961 320.3 332.5 343.2 356.0 373.1 393.9 399-2 424.6 13CU2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 48.2 49.7 52.0 57.5 ' 65.4 67.4 73.1 82.5 1962 Sept. Oct. Nov. Dec. 449.1 453.4 456.9 459.2 142.5 143.8 143.4 144.8 1963 Jan. Feb. Mar. Apr. May June July p Aug. p Sept.p Oct. p 462.8 464.6 466.7 469.9 473.1 476.7 478.7 482.9 484.3 489.4 144.4 144.5 145.0 145.3 145.2 146.5 146.9 146.2 147.1 148.6 3 86.4 87.4 88.5 89.4 81.0 25.3 81.4 25.1 81.7 24.9 Commercial bank deposits & currency to liquid assets (2 + 3 + 1) 11 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.6 52.7 52.6 52.9 52.8 52.9 53.0 52.8 52.7 52.8 52.9 52.4 52.7 52.9 For footnotes see next page. NOTE: This is a new series first shown in "Banking~and1.Monetary Developments" for November 1962, and differs from the one previously shown in concept and coverage. Back figures available from Banking Section, Division of Research and Statistics. http://fraser.stlouisfed.org/ # e Federal Reserve Bank of St. Louis • • e . # # • • * ' • < Exhibit K (Continued) 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. 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. 9^1, 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 95_ and April 1959, respectively. Demand deposits due to banks in United States possessions are included throughout. 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. 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. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U. So Government agencies and trust funds. Holdings of savings and loan associations are also excluded beginning in February I960, the earliest data 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 maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February I960, 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. 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