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tfDfcKAt. %• iQjt S# ; , October 1 ||1968. V IJ . 4 . 3 Not for Publication f ' OCT 2 3 BANKING AND MONETARY DEVELOPMENTS IN SEPTEMBER 196L» T>_ f Research 7L ; Summary. Commercial bank credit increased substantially further in September but less rapidly than in the two previous months when banks participated heavily in the Treasury financings. Expansion in total loans accounted for a considerable part of the September increase although growth in business loans slackened somewhat. Bank acquisitions of municipal and agency issues continued heavy, while holdings of U.S. Government securities showed little further change. Growth in time and savings deposits continued at about the same rapid rate as earlier in the third quarter. Runoffs of large negotiable CD's were more moderate than usual over the tax and dividend period and inflows of consumer-type time and savings deposits accelerated slightly. The money supply declined following reduced growth in August. U.S. Government deposits increased further. Net borrowed reserves declined somewhat. Changes in Commercial Bank Credit 1/ Money Supply and Time Deposits (Seasonally adjusted) Annual rate (per cent) 1967 1968 2nd 1st Jan. 3rd Year Half Sept. Half Qtr. Sept. 5.8 11.6 12.4 6.2 10.3 18.0 14.0 -5.9 -6.1 11.4 13.6 2.7 8.5 19.8 1.9 Other sec. 15.8 6.5 26.1 18.5 6.5 11.9 22.1 27.5 Total loans 14.8 9.2 8.3 10.6 7.1 10.5 16.6 14.0 Business loans 18.8 13.3 9.8 8.5 9.5 9.6 9.3 6.5 4.7 2.2 6.4 6.0 6.7 6.0 4.5 -4.4 15.8 8.6 16.1 12.6 5.0 9.6 18.1 1965 1966 Year Year 10.2 U.S. Govt. sec. Total loans and investments Money supply Time and savings deposits at all commer. banks 18.0 ' 1/ Where necessary, change in loans and other securities described above are 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 regulations affecting reserve requirements. i •2- Bank credit. Loans and investments at all commercial banks increased $4.3 billion in September or much less rapidly than in the July- . August period which had included large Treasury financings. At large banks, total investment holdings increased much more than usual in September, but loans increased only slightly more than in comparable periods of most recent years. At small banks, however, loan growth was unusually large while total security acquisitions continued generally moderate. Holdings of U.S. Government securities rose only nominally further in September following an increase of almost $3 billion over the two previous months--associated principally with acquisitions made during the Treasury financings. In September, large banks added to their holdings of both bills and other short-term issues, but these purchases were offset in part by sales of longer-term securities, probably including some of the 6-year notes acquired in the August financing. Bank holdings of "other securities," which began to increase after midyear, showed a sharp $1.5 billion further rise in September. The annual rate of growth for the third quarter as a while was 22 per cent— over three times as fast as in the first half of 1968 and close to the record 26 per cent yearly rate for 1967. Most of the September increase-which was concentrated in both long- and short-term municipals--was at weekly reporting banks, although nonweekly reporters also added a somewhat larger amount than usual to their portfolios. Business loans increased $500 million in September, following average monthly expansion of $800 million over the June-August period. While corporate tax liabilities were larger than in previous Septembers, corporations apparently had sufficient liquidity to meet the increased payments. The ratio of business borrowing over the tax period to total tax payments was about the same as in past years. CD runoffs and loans to finance companies also were moderate. Over the entire month, borrowing by retail trade, mining concerns, and public utilities was somewhat weaker than usual while that by food processors, metals concerns, and construction firms was somewhat stronger. Security loans increased moderately further--by $400 million-in September bringing the total increase since midyear to $3.4 billion. Dealer inventories, which had been built up sharply in July in anticipation of declining interest rates, remained relatively high through September. Growth in consumer loans probably continued relatively strong in September but was presumably not as rapid as in August when expansion may have been associated in part with the repayment lag that frequently occurs before the model changeover in automobiles. Expansion in real estate loans may have picked up slightly in September from the moderate pace prevailing earlier in the third quarter. Money supply and time deposits. Following reduced growth in August, the money supply declined $700 million in September reflecting in part a further buildup in U.S. Government deposits. Over the third quarter, the money supply increased at an annual rate of 4.5 per cent compared with a 6.5 per cent rate of growth over the first half of 1968 and over the year 1967. Time and savings deposits at all commercial banks increased $2.9 billion in September--about the same as the accelerated average expansion of the two previous months--bringing the annual rate of growth for the third quarter to 18.1 per cent. This is over three times as fast as in the first half of 1968 and somewhat faster than over the year 1967. The September increase was associated principally with a much smaller than usual runoff of large negotiable CD's. Holdings declined less than seasonally over the first three weeks of September which covered the tax and dividend periods and then increased substantially later in the month. In addition, consumer-type time and savings deposits increased at a somewhat faster pace than in August when inflows had picked up compared with the two previous months. Bank reserves. Total reserves declined slightly in September following an unusually large increase in August. Net borrowed reserves averaged about $165 million over the four weeks ending September 25 or somewhat below the $245 million average in August. Member bank borrowings declined somewhat whileeexcess reserves showed little further change. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. L.4.3 - EXHIBIT A, Port 1 LOANSANDJNVESTMENTSAT ALL COMMERCIAL BANKS Last Wednesday of month, s e a s o n a l l y adjusted Billions of dollars I 1 M I 1 1 1 I 1I I1 I 1 1 1 1 1 I I 1 TOTAL LOAN S AND INVES TMENTS - 300 - 1n A M c LOANS 200 — 100 U.S. GOVT. SECURITIES 1 1—1 1962 e i ! 1963 1 OTHER SECURITIES 1 1964 1965 1966 1 1 1 1 1 1 1 11 1 1 1 1 I I I I I I 1967 1968 0 t on revised basis beginning June 1968. Exhibit A - Part II Loans and Investments at All Commercial Banks (Seasonally Adjusted) Date Loans Total ( I n 1962—Dec. 1963—Dec. 1964—Dec. 1965—Dec. 1966--Dec. 31 2/ 31 2/ 31 31 31 1./ b i l l i o n s U.S. Gov't, securities of d o l l a r s Other securities ) 227.9 246.2 267.2 294.4 310.5 3/ 134.0 149.6 167.7 192.6 208.2 3/ 64.6 61.7 60.7 57.1 53.6 29.2 35.0 38.7 44.8 48.7 1967--Apr. 26 May 31 June 39 July 26 Aug. 30 Sept. 27 Oct. 25 Nov. 29 Dec. 30 322.9 324.7 326.2 332.5 336.6 339.1 342.0 344.3. 346.5 212.9 213.4 214.1 216.5 218.0 219.9 221.4 222.7 225.4 56.3 56.4 55.9 59.4 61.3 61.4 61.9 61.2 59.7 53.7 54.9 56.2 56.5 57.3 57.7 58.6 60.4 61.4 1968—Jan. 31 Feb. 28 Mar. 27 Apr. 24 May 29 June 30 July 31 Aug. 28 Sept.25 349.5 353.6 352.1 354.4 356.4 357.3 364.6 369.1 373.4 227.1 228.9 228.7 230.9 232.1 233.4 237.7 240.3 243.1 60.0 62.1 59.8 60.0 60.5 60.0 62.6 62.4 62.7 63.6 63.4 63.5 63.4 64.2 63.4 63.5 65 .4 66.9 1/ 2/ 3/ p p p p p p 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 persona loans. Beginning June 30, 1966 total loans exclude, and other securities include, about $1 billion of participation certificates. L.4.3 - EXHIBIT B, Part 1 LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted 100 BUSINESS REAL ESTATE CONSUMER SECURITY 1962 1963 [1964 1965 1966 1967 1968 on revised basis beginning June 1978. Exhibit B - Part II Loans at All Commercial Banks Seasonally Adjusted Date Business (In Real Estate b i l l i o n s Consumer o 1 Security d o 1 1 a ir s ) 1962--Dec. 1963--Dec . 1964--Dec. 1965--Dec. 1966--Dec. 31 1/ 31 1/ 31 31 31 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 1967--Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 25 22 29 26 31 30 26 30 27 25 29 31 79.6 80.1 80.9 81.6 82.3 82.8 83.4 83.9 84.3 84.6 84.9 86.3 54.1 54.3 54.5 54.8 55.1 55.3 55.7 56.2 56.7 57.2 57.8 58.4 39.0 39.1 39.2 39.4 39.4 39.6 39.8 40.1 40.3 40.6 40.8 41.0 8.3 8.3 8.3 8.1 7.9 7.4 8.6 9.3 9.6 9.8 9.6 9.2 1968—Jan. Feb. Mar. Apr. May June July Aug. Sept. 31 28 27 24 29 30 31 28 25 86.6 87.2 87.9 89.0 89.6 90.4 91.2 92.0 92.5 58.9 59.4 60.0 60.5 61.0 61.3 61.7 62.1 62 .6 41.4 41.9 42.0 42.5 42.7 42 .9 43.4 r 44 .0 44.5 10.1 10.4 9.0 8.7 8.7 8.6 11.0 11.6 12.0 1/ P P P P P Estimated as of December 31. p - Preliminary .These data y e not for publication. r - Revised Exhibit C ^ , Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 968 Item Jan. Nov. Loans and Investments 2/ Feb. 2.0 + 0.9 + 7.3 + 4.5 + 4.3 - 0.2 + 0.7 - 0.2 + + 0.8 + 0.1 4- 1.5 2.8 + 4.1 - 1.5 + + + 2.3 2.1 2.3 + 2.1 U. S. Gov't, securities + 1.9 4- 0.1 + 0.5 - 0.7 - 1.5 + 0.3 0.8 + 0.4 + 0.9 + 1.8 + 1.0 4- 1.0 + 0.3 + 0.9 - 0.2 + 0.1 - 0.1 + 4- + 0.8 Other securities + 1.9 + 1.5 + 4- + 1.7 + 1.8 - 0.2 + 2.2 + + 4.3 + 2.6 + + 1.5 + 1.3 Loans 2/ + 0.4 + 0.3 + 0.3 + 1.4 + 0.3 + 0.6 + 0.7 + 1.1 + 0.6 4- 0.8 + 0.8 + 0.8 + 0.5 4- 4- 0.5 + 0.5 + 0.5 + 0.5 + 0.5 + 0.3 + 0.4 + 0.4 + 0.5 + 0.2 + 0.2 + 0.5 r+ 0.6 + 0.5 - 0.1 + 2.4 + 0.6 + 0.4 %/ 0.5 1.3 Business 4- Real estate + 0.5 4- 0.5 4- 0.5 + 0.5 Consumer + 0.3 4- 0.2 4- 0.3 4- Security + 0.7 4- 0.3 Nonbank financial 4- 0.1 + 0.3 Agriculture + 0.1 All other - 0.7 + 0.2 Total loans excluding security 3/ + 0.8 4- 1.6 4- Total loans excluding security and nonbank financial 3/ + 0.7 4- 1.3 + 1.2 1/ 2.7 0.5 1.2 1.2 0.2 + 0.2 4- 0.4 + 0.5 + 0.1 + 0.5 + 0.2 - 0.2 - 0.4 4- 0.9 + 0.3 - 1.4 - 0.3 + 0.1 - 0.2 - 0.2 + 0.1 - 0.2 - 0.1 + 0.4 + 0.1 - 0.3 - 0.1 r + 0.3 + 0.1 1/ - 0.2 4- + 0.2 + 0.1 + 0.3 + 0.1 1/ + 0.1 + 0.1 + 0.8 -f 0.8 - 0.5 - 0.1 - 0.2 - 0.3 + 0.1 + 0.2 - 0.1 4- 0.7 1.3 + 1.5 + 3.1 + 0.8 + 1.5 + 1.2 + 2.5 + 1.2 + + 1.9 + 2.0 4- 2.4 1.7 + 3.3 4- 0.7 + 1.7 + 1.3 + 2.1 + + 1.7 + 2.0 + 1.5 •L 4- 2.3 4- 0.3 1/ + 0.1 1/ , 1/ 1/ 1.1 1.4 ,r Less than $50 million ! ' "TJtt L z T : .===,»-« d.=u„,d 55i September 1967 and an increase in $94 million in September 1966. * , Individual Loan Categories are Not Available for Publication m a =„P.r=a „ ! « , » . £ ..m. " 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 August to last Wednesday of September Item 1968 1967 1966 1965 1964 1963 1962 All commercial banks Total loans U. S. Gov't. securities Other securities Total + + 4 + 2.8 0.1 1.5 4.3 + + + + 3.1 1.0 0.5 4.6 + 1.2 + 0.4 + 1.4 + + + + 2.7 0.4 0.5 3.6 + + + + 3.5 1.9 0.7 6.1 + + + + 3.5 1.0 0.5 4.8 + + + + 3.3 0.4 0.3 4.1 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total + + + + 2.7 0.8 1.1 4.7 + + + + 2.5 0.1 0.3 2.9 + + + 0.8 0.3 0.1 0.5 + + + 1.9 0.1 0.1 1.9 + + + + 2.7 1.2 0.4 4.4 + + + + 2.5 0.4 0.2 3.1 + + + 2.3 0.3 0.1 2.2 Other banks Total loans U. S. Gov't, securities Other securities Total + 1.4 4- 0.2 + 0.5 + 2.1 + + + + 0.6 0.9 0.3 1.7 + + + + 0.4 0.2 0.3 0.9 + + + + 0.8 0.5 0.4 1.7 + + + + 0.8 0.7 0.3 1.7 + + + + 1.0 0.6 0.2 1.7 + + + + 1.0 0.7 0.4 1.9 - 0.1 End of December to last Wednesday of September Item 1966 All commercial banks Total loans U. S. Gov't, securities Other securities Total +13.2 - 0.4 + 6.0 +18.7 + 7.4 + 3.9 + 9.5 +20.9 + H . 1 - -/+14.9 - 7.1 + 5.1 +12.9 a + + + 9.8 2.7 2.7 9.8 + + + 8.1 4.6 4.9 8.3 + + + 6.7 2.3 4.3 8.7 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total + 6.7 - 0.2 + 3.8 +10.3 + 2.1 + 1.8 + 6.3 +10.3 + 5.6-^±/+ 8.7 -5.4 + 3.0 + 6.3 + + + 4.6 1.8 1.5 4.3 + + + 3.6 4.2 3.3 2.7 + + + 2.8 3.4 3.0. 2 .4 Other banks Total loans U. S. Gov't, securities Other securities Total + + + + 5.3 + + + + + + 5.2 0.9 1.2 5.5 + + + 4.5 0.4 1.6 5.6 + + + + 3.9 1.1 1.3 6.3 NOTE: .+ 2.1 + 3.2 +10.6 5 .5— 1.9 3/ 2.2 5.! + + + 6.2 1.7 2.1 6.6 1964 2/ 1962 1967 6.5 0.3 2.2 8.4 1965 1963 2/ 1968 Data exclude all interbank loans; call report data for large commercial banks used when available. Less than $50 million. V 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. 5/ 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 August to late September 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 ZJ 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 + 222 29 15 55 70 343 69 146 88 40 - + - + + + 44- + — + 43 4118 + 21 444 25 + 181 7 447 4141 + 18 4168 51 431 + 188 17 4-1,102 + 197 +1 ,299 - - - - 1967 + + + + + + + 1966 76 + 112 23 39 229 + 143 217 + 92 12 + 51 135 + 245 69 75 4 4- 241 + 35 452 + 27 + 27 38 53 + 85 1 + 58 + 106 + 52 + 31 + 56 + 28 + 65 + 156 + 243 4- 303 + 115 n .a . 9 n .a. + 137 n.a. 55 + 145 + 47 + 77 + 14 10 n.a. + 93 + 33 + 4 n.a. +1 ,140 4-1,023 + 43 4- 124 +1 ,183 4-1,147 - 1965 + + - - - - - 1/ . 191 55 4- 133 494 + 39 4- 246 418 447 4115 466 + 31 448 + 66 488 442 + 19 + 201 n.a. n.a. n.a. 5 87 66 n.a. 21 n.a. 4-1,028 430 4-1,058 1964 444444- 4444444- 44- - - - - - - - Late December to late ! September 44- 4- 152 92 177 116 61 98 10 25 60 23 1 39 73 20 2 66 175 n.a. n.a. n.a . 20 60 64 n.a . 4 n.a . 811 2 809 1968 1967 1966 412 557 197 4451 4- 146 +1 ,364 4- 740 4- 384 549 301 8 10 + 4 +1 ,025 + 356 + 505 70 + 231 + 272 + 37 + 197 + 185 + 291 25 + 625 + 368 + 218 + 39 31 + 788 + 367 136 + 557 118 +2 ,382 + 243 +2 ,625 100 300 + 542 + 339 + 203 +2 ,132 + 158 +1 ,040 + 597 + 337 + 656 + 164 + 434 + 468 + 436 + 566 + 590 n.a. n.a. n.a. + 115 + 80 333 n.a. + 413 n.a. +5 ,783 + 533 +6,316 - — 240 4- 694 10 45 4- 278 4- 139 + 420 4- 534 4- 498 16 452 + 348 4- 733 413 4- 556 4- 590 214 4-3,469 4- 282 +.3,751 4- - - - - - - - - - - 1965 1964 293 454 333 375 + 910 4- 229 + 587 4- 127 + 323 4- 102 +1 ,494 4- 386 + 183 427 + 573 + 157 + 313 421 + 425 4- 180 + 638 4- 271 + 295 95 + 298 4- 196 + 407 4- 178 + 324 4- 118 + 217 4- 237 + 683 + 21 n.a. n.a . n.a. n.a. n.a. n .a. + 290 4- 395 + 272 4- 453 368 n.a. n.a. n.a. + 640 n.a. n.a. n.a. 4-5,202 4-1,560 + 634 4- 535 +5 ,836 4-2 ,095 - - - - 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/ Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date 1957—Dec. 1958—Dec. 1959—Jun. Jun. 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 U. S. Gov't. Other securities Real estate 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/: 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 9.6 10.7 11.3 13.9 14.9 13.0 2/ Security Farm Consumer All other 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/ 1967—Apr. 26 May 31 Jun. 30 Jul. 26 Aug. 30 Sept.27 Oct. 25 Nov. 29 Dec . 30 322.5 323.6 329.5 331.8 334.2 338.8 341.6 344.1 354.5 56.2 55.8 54.2 57.1 59.1 60.1 62.4 62.9 62.5 54.0 54.7 56.7 56.7 57.8 58.3 59.0 59.8 61.5 212.4 213.1 218.6 218.0 217.3 220.4 220.2 221.5 230.5 81.8 81.7 84.6 84.1 82 .6 84.0 83.8 84.6 88.5 54.4 54.8 55.3 55.8 56.4 57.0 57.5 58.1 58.5 8.3 8.1 8.2 8.5 9.1 9.3 9.2 8.7 10.5 9.1 9.2 9.3 9.4 9.4 9.3 9.3 9.2 9.3 39.1 39.4 39.9 40.2 40.5 40.6 40.7 40.9 41.1 11.6 11.3 12.2 11.4 11.2 12.0 11.5 11.3 12.5 12.4 12.9 13.5 13.0 12.6 12.7 12.6 13.2 14.9 1968--Jan. 31 Feb. 28 Mar. 27 Apr . 24 May 29 June 30 July 31 Aug . 2 8 Sept.25 350.1 350.6 351.1 353.9 354.5 360.9 364.7 366.5 373.2 62.2 63.2 61.1 59.5 60.0 58.7 60.0 61.0 62.1 61.7 62 .2 63.1 63.8 63.4 63.9 64.4 65.9 67.5 226.1 225.2 226.9 230.5 231.1 238.3 240.2 239.6 243.7 85.7 86.0 87.9 89.4 89.1 92.3 91.7 90.6 92.2 58.8 59.1 59.5 60.1 60.7 61.3 61.8 62.3 63.0 10.8 9.9 9.0 8.9 8.7 9.6 11.4 11.3 11.8 9.4 9.6 9.7 9.9 10 J 10.3 10.4 10.3 10.2 41.1 41.3 41.5 42.2 42.7 43.2 43.8 r 44.5 44.9 11.3 10.9 11.1 11.5 11.1 12.2 12.0 r 11.4 12.0 13.8 13.1 13.0 13.2 13.4 r 14.0 r 13.8 14.0 14.3 (old) (new) 1/ (est.) (est.) p p p p p ' NOTE: A fenbmk financial institutions Business Total loans __ 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. r - Revised. c - Corrected 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 $100 million; and other loans $100 million. 2/ Beginning June 9, $1.1 billion of balances accumulated for the payment of personal loans were deducted from time deposits and "all other" loans. 3J Beginning June 30, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." http://fraser.stlouisfed.org/ e Reserve Bank of# St. Louis Federal Individual loans category data are available for publication only on a June and December call data basis. # e e # e • Exhibit G Ratios to Total Deposits 1/ U.S. Government securities maturing within one year L 0 A N S Date All commercial banks Total New York Citv City of Chicago Other Country All commercial banks 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. 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 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 8.0 7.3 6:1 1967--July Aug. Sept. Oct. Nov. Dec. 26 30 27 25 29 27 65.1 64.9 64.6 64.0 64.1 63.8 66.2 66.5 66.3 65.5 65.7 65.8 81.5 81 .0 79.8 77.8 78.7 79.9 72.3 71.4 72.2 70.7 71.0 70.8 67.8 68.4 68.3 67.7 68.3 68.1 59.6 60.4 58.8 58.6 58.4 58.2 5.2 5.7 5.8 6.4 6 .5 6.6 1968—Jan. Feb. Mar . P Apr . P May P June P July P Aug. p Sept. 31 28 27 24 29 26 31 28 25 63.9 63.8 64.6 65.5 65.7 66.4 66.2 66.2 66.1 65.6 65.5 66.4 67.4 67.6 68.4 68.1 68.1 68.1 80.2 79.7 81.8 r 84.4 84.9 86.3 87.5 89.2 87.5 70.0 70.3 75.1 75.6 75.6 78.5 76.1 75.5 76.6 67.4 67.5 68.6 69.8 70.0 70.8 69.6 69.3 69.6 58.2 58.2 58.3 58.9 59.1 59.3 59.5 59.6 6 .5 6.1 5.6 5.1 5.2 5.2 n. a . n.a. 59.5 n.a. NOTE: 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. 1J • 2/ r - Revised 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 DEPOSITS AND CURRENCY AND TURNOVER Seasonally Annual a d j u s t e d , deposits, monthly averages of daily figures, - EXHIBIT H, Part 1 OF DEMAND DEPOSITS turnover, Billions monthly of rate MONEY SUPPLY TIME AND SAVINGS DEPOSITS All commercial banks 232 - / 343 V . SMS A S TURNOVER Outside N.Y.C. Centers U.S. GOVT. DEPOSITS Member banks I I I I I 11 1962 1963 1964 1965 1966 1967 1968 dollars Chart on revised basis for Money Supply, Time and Savings Deposits, and U.S. Gov. Deposits beginning July 1967. Exhibit H - Part II S e a s o n a l l y P e r i o d M < 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. 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—July August September October November December 177.8 178.9 179.1 180.2 181.0 181.3 138.4 139.4 139.4 140.2 141.0 140.9 39.4 39.5 39.7 39.9 40.1 40.4 174.8 177.2 179.4 180.6 182.0 183.5 2.9 4.0 4.5 5.2 5.6 4.6 40.7 41.1 40.8 40.8 41.2 41.1 1968--January February March April May June July August September • 182.3 182.7 183.4 184.4 186.1 187.3 189.4 190.2 189.5 141.7 141.9 142.2 143.0 144.5 145.3 147.2 147.7 146.7 40.6 40.7 41.1 41.4 41.6 42.0 42.2 42.6 42.8 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 196 .7 5.4 7.1 6.7 5 .2 3.7 3.9 2.7 4.8 5.3 41.6 42.1 41.6 42.3 43.0 43.4 43.7 43.7 n.a. Week ending: 1968—Aug. 28 190.2 147.5 42 .7 194.6 4.9 n .a. 190.2 190.2 188.7 188.6 147 .6 147.5 146.0 146.0 42 . 7 42 .6 42 .7 42.6 195.2 195.8 196.9 197.4 4.1 4.6 5.4 6.0 n.a. n.a. n.a. n.a. Sept. 4 11 18 p 25 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 http://fraser.stlouisfed.org/ # Reserve Bank pajfcent # # # # # # Federal of St. Louisof per A n a l loans.® # 1.4.3 - E X H I B I T I, Part 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday Billions of d o l l a r s figures 100 TOTAL TIME AND SAVINGS DEPOSITS 80 6(L SAVINGS DEPOSITS TIME DEPOSITS 40 TIME DEPOSITS EXCLUDING LARGE CD's LARGE CD's . i 1965 i I i—i—L 1966 1 i I i i i • I i I I L 1968 1967 # # Exhibit I - Part II Large Commercial Banks T i m e Per 27 26 31 30 7 7 29 28 28 S a v i n g s i o d Total 1/ 1961--Dec. 1962--Dec. 1963--Dec. 1964--Dec. 1965-July July 1965--Dec. 1966-Dec. Dec. and Savings Time 1/ D e p o s i t s Large certificates of deposit 2/ Time other 1/ than 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 15,642 101,659 48,34.9 53,310 19,997 9,857 11.565 13,598 15,332 16.566 18,353 26,737 26,784 33,313 102,809 102,991 48,647 48,781 54,162 54,210 20,330 20,330 33,832 33,880 24 29 26 31 28 104,231 104,170 103,852 106,411 108,259 48,420 48,470 48,657 48,274 48,269 55,811 55,700 55,195 58,137 59,990 19,788 19,543 19,211 21,450 22,304 36,023 36,157 35,985 36,687 37,686 Sept. 4 108,270 108,345 108,044 108,652 48,283 43,298 48.315 48,354 59,987 60,047 59,729 60,298 22,197 22,155 21,833 37,790 37,892 37,896 38,038 (Old) (New) 5/ (Old) (New) 5/ 1967--Sept.25 1967--Dec . 27 (Old) Dec. 27 (New) 1968--Apr. May June July Aug. 11 18 25 5/ 22,260 2/ 4/ 8,608 V Beginning June 15, 1966, data exclude $400 million of balances accumulated for the payment of personal loans. 2/ Negotiable certificates of deposit issued in denominations of $100,000 or more. 3/ Estimated. 4/ As of December 5, 1962. http://fraser.stlouisfed.org/ 5/ Revised series. # e * # # # , : . e ; Federal Reserve Bank ofrSt. Louis # Exhibit J Member Bank Reserves (Based tin averages of daily figures; in millions of dollars) Excess Reserves Free reserves (excess reserves minus borrowings) D A T E All member Reserve City Banks City of New York Chicago City Other Country All member Borrowings All member Total reserves held seasonally adlusted All member Monthly Averages: 1958r -December 1959—December I960--December 1961—December 1962—December 1963—December 1964—December 1965--December 1966--December 1967--Apr. May June July Aug. Sept. Oct. Nov. Dec. 1 9 6 8 — Jan. Feb. Mar. Apr. May p — June p July p Aug. p Sept. 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 -159 268 237 583 471 394 334 315 238 140 516 482 756 568 572 536 411 452 392 557 906 87 149 304 327 243 454 557 18,160 18,200 18,530 19,290 19,950 20,640 21,500 22,640 22,900 175 269 297 272 298 268 160 270 107 - 10 12 7 20 6 39 - 10 23 - 22 - 20 1 - 3 - 15 4 3 4 11 - 5 - 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 - - - 83 - 73 -253 - 57 -189 -224 -100 - 93 -163 230 166 11 9 - 38 - 96 - 26 67 108 373 399 356 270 420 351 299 379 297 237 361 671 683 746 692 525 565 515 25,500 25,765 25,812 25,623 25,711 25,816 25,923 26,431 26,395 136 38 -315 -413 *326 -341 -227 -185 -219 9 57 13 59 34 T22 - 25 -162 -147 2 2 - 59 -105 - 64 - 43 - 77 2 - 16 1J Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time deposits End of year or month Total Demand deposits and currency 2/ Commercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, Savings savings and loan bonds 5/ shares 4/ U. S. Gov't, securities maturing within one year 6/ Liquid assets to gross national product 7/ 8 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 Apr. May June July Aug. Sept. Oct. Nov. Dec. 1968 Jan. p Feb. p Mar. p Apr. p May p June p July p Aug. p Sept. p 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4" 530.5 573.1 601.5 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 613.2 619.8 620.8 623.1 630.3 635.7 638.1 645.9 650.5 655.9 658.7 665.7 664.6 667.9 670.5 676.6 679.7 683.8 149.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 'Br 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 •'"44.-5- 127.1 147.1 159.3 49.0 52.6 55.2 168.7 173.0 173.7 172.0 174.2 176.3 175.8 177.9 180.7 168.6 56.8 179.6 178.3 181.8 181.1 183.9 186.5 187.6 187.9 187.6 187.7 187.9 191.5 194.0 195.9 156.7 164.1 168.6 186.8 186.2 186.0 186.3 For footnotes see nest page. 170.7 172.4 174.7 177.2 178.1 180.1 183.8 183.1 r r r r r r 57.4 58.0 58.4 58.7 59.1 59.5 59.9 60.3 # 60.6 61.1 61.4 61.7 62.1 r62.2 r 62.7 r 63.0 63.3 P - Preliminary p 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 # 0.4 0.3 0.1 0.1 0.1 0.1 0.1 0.1 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 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 53.9 117.1 51.1 51.1 51.2 51.3 51.3 51.4 51.4 51.5 51.9 50.9 49.5 46.5 46.7 47.8 48.2 48.3 49.1 50.5 51.9 51.8 51.8 51.8 51.8 51.9 51.9 r 52.0 52.0 53.6 55.4 57.0 56.5 55.9 54.9 56.9 118.0 118.9 119.9 121.0 122.5 123.0 123.7 123.9 # 123.6 124.6 125.9 126.0 126 .5 126 .8 127.2 128.1 129.5 56 .6 56.9 r - Revised on basis of 85.3 81.3 79.7 80.5 79.5 80.2 79.0 78.4 79.5 81.0 Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 -r 1) 11 10 55.7 34.7 55.0 32.6 54.4 31.3 53.6 30.4 54.8 29.7 52.6 28.6 53.0 27.5 53.0 26.4 52.9 25.1 53.0 ~ 24.6 81.5 79.8 77.9 24.1 22.8 21.8 53.5 34.3 54.5 55.0 78.6 22.0 79.1 21.9 78.9 21.9 79.1 21.7 78.2 21.5 77.8 21.4 June 29, 1968 8:1 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 c 56.0 55.9 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. » s— #* ' •• I f ' ",—# ••••' # __ " # „ • MlbitJC. iGqntlnued) • • • 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 whenevet 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. ,Tfme 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 12months prior to first call date, and prior to 1956, nonmarketable Treasury savings notes with maturities up to 36 months. Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities. 7. L Gross national product figures are available quarterly and annually only. Data for total liquid dsse£9 timed fa computing these ratios are quarterly average* calculated for four dates (each month of the current quarter and the_ last month of the preceding Quarter).
@FedFRASER