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L.4.3 Not for publication October 18, 1965. BANKING AND MONETARY 'Syilik^ffiNTS IN SEPTEMBER 1965 IP*' r> Summary. Seasonally adjusted commercial bank credit showed little change in September following a sharp rise in August. Substantial growth continued in most major loan categories but these increases were about offset by reductions in holdings of U» S, Government securities and in security loans« Following a small increase in August5 the money supply rose sharply in September. Time and savings deposits rose further but less rapidly than in July or August. Seasonally adjusted required reserves were somewhat higher in September while total reserves showed little further change. Both excess reserves and borrowings declined. Net borrowed reserves3 however, were a little higher than in August but somewhat below the average of other recent months. Changes in Commercial Bank Credit. Money Supply, and Time Deposits (Seasonally adjusted) Annual rate (per cent) 3rd Qtr. July Sept. 2nd Qtr. April June Total loans and investments 5.5 9.7 U.S. Gov't, securities -9.7 Other securities 1st Qtr, Jan. March 1964 1st 9 mos. Year Jan. Sept. 1st 9 mos. Jan. Sept, 4th Qtr. Oct. Dep. 12.4 9.4 8.4 8.2 8.4 -13.4 -11.7 -11.3 1.3 -1.9 -1.1 16.2 19.0 14.5 17 .2 12.8 9.5 10.6 Total loans 7.9 15.5 20.8 15.2 10.1 12.1 11.8 Business loans 13.6 18.1 26.1 20.2 15.0 10.5 11.9 6,2 3.7 1.5 3.8 3.8 4.4 4.3 16.8 11.5 17.4 15.8 14.7 11.8 12.8 w ^ 1965 Money Supply Time deposits at commercial banks Bank credit. Seasonally adjusted loans and investments at all commercial banks rose only $100 million in September following a record $4.5 billioy. increase in August. Over the third quarter9bank credit growth was much slower than over the second quarter and considerably below the unusually large first quarter rate. The third quarter 1965 growth rate was also sharply below that of both the third and fourth quarters of 19640 So far this year, bank credit expansion has slowed in each quarter3 and for the year to date has been at an annual rate of 9.4 per cent-~only one percentage point above the growth rate for the entire year 1964. ^ - 2 e - Total loan expansion was small in September due mainly to large contraseasonal repayments of security loans. Other major loan categories continued to rise, some at rates equal to those of previous months in 1965. Indeed, exclusive of security loans, loan expansion over the third quarter was only a little slower than in the second quarter but a little faster than over the year 1964 Business loans at all commercial banks increased in September at about the same 13 per cent annual rate as in August. This represented a little faster rate of expansion than over the year 1964, but considerably less than earlier in this year. Business borrowing over and immediately subsequent to the tax and dividend payment period was heavy, following some moderation in demand earlier in the month. At weekly reporting city banks, borrowing by public utilities, trade, and miscellaneous manufacturing and mining groups was larger than usual in September, Loans to metals concerns, which had declined in late August and early September, rose sharply over the tax date and then declined again later in the month. Real estate and consumer loans in September rose at about the same rate as earlier in the year. Loans to nonbank financial businesses also increased; sales finance companies were heavy borrowers early in the month, as they had been in late August, to finance dealer inventories of autos at the end of the model season but large repayments later in September offset part of this increase. On the other hand, loans to security dealers and brokers declined sharply in September--$1.3 billion--due mainly to heavy System purchases of Treasury issues from Government Security dealers. Holdings of U. S. Government securities by commercial banks seasonally adjusted,declined $500 million further in September. So far this year, liquidation of Treasury issues has been at an annual rate of 11 per cent compared with only 1 per cent over the year 1964. Indeed, only in two months this year-February and August—have these holdings increased. Acquisitions of municipal and Federal agency issues were also sharply reduced in September. This presumably reflected both the reduced volume of new municipal offerings in August and demands on bank funds from other sources« Growth in these securities, however, through September, was at a rate almost twice as fast as over the year 1964. Money supply and time deposits. Following a slowdown in August, the money supply increased sharply in September, $1.6 billion, or at an annual rate of 12 per cent. The expansion was associated in part with an unusually large reduction in U, S. Government deposits at commercial banks. While money stock growth was rapid in the third quarter, so far this year, expansion has been at an annual rate of 3.8 per cent--a little below that of the whole year 1964. • # 0 • ® Commercial bank time and savings deposits increased at an annual rate of about 13 per cent in September, a little above the second quarter rate, but considerably below the high July-August rates. Savings deposits continued to increase substantially but CD maturities were heavier than usual over the tax and dividend date and only about ha If the run-off had been replaced by the month e n d . ® So far this year, time and savings deposits have increased at an annual rate of about 16 per cent compared with about 13 per cent over the year 1964. Bank reserves. Net borrowed reserves averaged about $150 million in September, a little above the August level but somewhat below the average of other recent months. Both excess reserves and borrowings declined in September, borrowings at $530 million were about the same as in June and July but excess reserves at $375 million were higher. Seasonally adjusted required reserves increased somewhat in September as growth in private demand and time deposits exceeded the reductions in U. S. Government deposits. Total reserves, however, showed little further change, The effective rate on Federal funds remained generally at 4-1/8 per cent, falling below on only five days in September, Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve Syst 1 . 4 . 3 - EXHIBIT A, P o r t 1 > L O A N S AND INVESTMENTS AT A l l COMMERCIAL B A N K S ; l o 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 a d | w s t e d j - T O T A L 1 0 A N S AND INVESTMENT* 110 140 LOANS 100 U . S . GOVT, SECURITIES; 40 OTHER SECURITIES 194S 1962 1940 Exhibit A - Part II Total 1/ Date ( I U.S. Gov't, Other securities securities of <3I o 1 1 a r s) b i l l i o n s Loans 1/ n 194.5 209.8 228.3 246.5 113.8 120.5 133.9 149.4 59.9 65.4 65.2 62.1 20.8 23.9 29.2 35.0 253.5 256.3 157.3 160.0 60.3 60.0 35.9 36.3 254.5 258.7 261.7 261.1 265.5 267.2 159.7 161.5 163.0 163.2 165.4 167.1 58.4 60.2 61.2 60.0 61.6 61.4 36.4 37.0 37.5 37.9 38.5 38.7 170.2 269.6 1965—Jan. 27 171.9 272.1 Feb. 24 175.8 275.5 Mar. 31 p 177.1 277.3 Apr. 28 p 179.3 279.1 May 26 p 182.6 282.2 June 30 p 182.8 281.5 July 28 p 185.8 286.0 Aug. 25 p 186.2 286.1 Sent.29 t> 1/ Adjusted to exclude interbank loans. 2/ Estimated as of December 31. http://fraser.stlouisfed.org/ p Preliminary. Federal Reserve Bank of St. Louis 59.9 60.2 59.6 59.1 58.5 57.6 56.1 56.7 56.2 39.5 40.0 40.1 41.1 41.3 42.0 42.6 43.5 43.7 1960—Dec. 1961—Dec. 1962—Dec. 1963—Dec. 31 31 31 2/ 31 2/ 1964—May 27 June 30 July 29 Aug. 26 Sept.30 Oct. 28 . Nov. 25 Dec. 31 i.4.3. - EXHIBIT 1, fort 1 B i l l i o n s of dollars I L O A N S AT A I L COMMERCIAL B A N K S CONSIIMII HI 1 III II" I I I I M I 1141 I 1H0 illSI H43 1141 194S! 1144: Exhibit B - Part II Date Business (In Real estate b i l l i o n of Consumer Security dollars) 20.6 4.4 5.2 42.1 43.9 47.6 52.0 28.6 30.2 34.2 39.1 21.1 23.7 26.7 1964—May 27 June 30 54.1 54.6 41.0 41.4 27.8 28.0 8.0 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 55.1 55.5 56.1 56.4 57.0 58.2 41.7 42.0 42.5 42.8 43.1 43.5 28.2 28.4 28.7 28.9 29.1 29.4 7.8 7.8 7.7 7.1 7.7 7.1 43.8 44.3 44.7 45.0 45.3 45.7 46.1 46.6 47.2 29.7 30.1 30.4 30.9 31.2 31.6 32.0 32.4 32.9 7.8 7.2 1960—-Dec. 1961—Dec. 1962—Dec. 1963—Dec. 31 31 31 1/ 31 1J 59.7 1965—Jan. 27 60.8 Feb. 24 62.0 Mar. 31 P 62.7 Apr. 28 P 63.6 May 26 p 64.8 June 30 p 65.6 July 28 p 66.3 Aug. 25 p 67.0 Sept.29 p 1/ Estimated as of December 31. p - Preliminary. 6.2 6.7 7.7 8.1 8.2 8.1 8.7 7.4 7.9 6.6 Item Cxhlbit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1965 1964 Mar. p Apr. p May p Feb. Jan. Dec. Oct. ' Nov. Sept. Aug. June p July p Sept. p 40a +2.5 ± M ±L1 +1.8 ±3*1 z&Z -1.5 40.3 -0.6 r0.5 -0.6 -0.9 -1.5 40.6 -0.5 +0.2 +0.8 40.5 +0.1 +1.0 +0.2 +0.7 40.6 40.9 40.2 +2.2 +1.7 +3.1 +1.7 +3.9 +1.3 +2.2 +3.3 +0.2 +3.0 40.4 44.6 +1.2 +1.5 +1.1 +1.2 +0.7 ' 40.9 +1.2 +0.8 +0.7 40.7 Loans and Investments 2/ +4.2 +3.0 -0.6 +4.4 +1.7 U. S. Gov't, securities +1.8 +1.0 -1.2 +1.6 -0.2 Other securities +0.6 . +0.5 +0.4 +0.6 Loans 2/ +1.8 +1.5 +0.2 +0.4 +0.6 +0.3 Business - Aug, p Real estate +0.3 40.5 +0.3 40.3 +0.4 40.3 +0.5 +0.4 +0.3 +0.3 40.4 +0.4 r 40.5 40.6 Consumer +0.2 +0.3 +0.2 40.2 40.3 40.3 40.4 +0.3 40.5 40.3 40.4 +0.4 r 40.4 40.5 y -0.1 -0.6 40.6 -0.7 40.7 -0.6 40.9 40.1 -0,1 40.6 -1.3 40.5 -1.3 Security • Nonbank financial - +0.1 +0.2 1/ 40.1 -0.2 40.3 40.1 40.5 1/ 40.3 +0.4 -0.1 40.1 40.3 Agriculture +0.2 1/ -0-.2 1/ -0.1 1/ 1/ 40.1 40.2 40.1 -0.1 40.3 40.1 1/ All other 40.1 +0.2 +0.3 +0.4 40.8 U 40.3 40.4 40.1 1/ +0.1 40.1 r 40.1 -0.1 Total loans excluding security If +1.3 +1.8 +0.9 +1.6 +2.4 +2.4 +2.4 +2.9 +1.8 +1.9 +2.4 +1.9 r+1.9 +2.0 Total loans excluding security and nonbank financial 3/ +1.2 +1.6 +0.9 +1.5 +2.6 +2.1 +2.3 +2.4 +1.8 +1.6 +2.0 +2.0 r+1.8 +1.7 NOTE—Individual loan items may not add to change in total loans because: (1) 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. ;vi • 1/ Less than $50 million, j\f Adjusted to exclude interbank loans. 3/ Derived by addition'of items and not by subtraction from total loans. Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly Reporting Banks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars) Item mber 1 0 hh CO Last Wednesday of August to last Wednesday 1965 1964 ' 1963 1962. 1961 I960 1959 All commercial banks Total loans " U. S. Gov't, securities. Other securities Total +2.7 +0.4 +0.4 +3.5 ' •i 1 +3.5 +1.9 +0.7 +6.1 +3.5 +1.0 +0.5 +4.8 +3.3 +0.4 +0.3 +4.1 +1.8 . +1.9 +0.8 +4.5 +1.0 +1.1 +0.2 . +2.4 +1.0 +1.1 +0..2 +0.2 Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total +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 +0.8 +0.5 40.3 +1.6 +0.8 +0.7 +0.3 +1.7 +1.0 +0,6 +0.2 +1..7; Item +1.0 +0.7 . 40.4 +1,9 +0.8 +1.5 +0.4 +1.0 . 40.2 +0.4 +2.8 . +1.4 +0.3 +0;9 +0.4 • +1.7 +0.2 +0.7 _1Z_ +1.0 End of December to last Wednesday of September 1960 1961 1962 19643/ 1965 1963 3/ _ +0.7 -1.1 +0.1 -0.4 +0.3 1/ 40.1 40.6 1959 1 All commercial banks Total loans U. S. Gov't, securities Other securities •, Total +14; 9 -7.3 +5.2 +12.7 Weekly reporting banks Total loans U. S. Gov't, securities. Other securities Total +8.7 -5.4 +3.0 +6.3 +9.8 46.1 -4.6 44.9 +8.3 +6.7 -2.3 +4.3 . +8.7 +1.4 +5.1 +2.4 +9.0 +3.5 -1.2 -0.3 +1.9 2/45.8 2/-7.2 2/40,1 2/+1.9 +4.6 : -1.8 +1.5 +4.3 +3.6 -4.2 +3.3 +2.7 +2.8 -0.8 +3.8 +1.5 +4.6 +0.5 +0.1 -0.1 +0.5 +4.8 -6.5 -0.1 -1.8 +2.2 +3.0 -1.3 -0.2 +1.4 2/+4.0 2/-0.7 +9.8 -2.7 +2J. -3.4 +3.0 +2.4 ». Other banks Total loans . U. S. Gov't, securities Other securities Total +6.2 -1.9 +2.2 +6.4 +5.2 -0.9 +1.2 +5.5 +4.5 -0.4 • +1.6 +5.6 +3.9 +1.1 +1.3 +6.3 +1.3 +0.9 +4.4 2/40*2 , 2/+3.7 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 loans;•$300 million in U. S. Gov't, securities; and $100 million in other securities. 3/ Estimated as of December 31, 1963 and 1962, for all commercial banks and for ~ December 31, 1962, for weekly reporting banks. Exhibit B Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of August to end of September 1/ Business of borrower 1965 1964 Food processors Commodity dealers Trade concerns Total +217 + 60 +199 +476 +193 +102 +223 +518 Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Banker's acceptances Other, mainly services 1963 Late December to end of Septftfflber, 2/ 1962 1961 1965 1964 1963 1962 +238 +116 + _74 4428 +230 + 59 + 90 +379 +203 - 5 + 99 +297 -261 -335 +827 +231 -454 -375 * +229 -600 -445 - 29 - 22 -496 -385 -150 +195 -340 -343 -223 Jill -617 +219 - 11 +102 + 92 +138 - 6 - 75 +140 ' + 24 + 27 - 22 - 56 - 66 - 31 . + 38 +1,471 + 593 + 648 +386 +271 +101 - 3 +359 + 60 +100 +385 -132 -401 +220 - 71 +137 +356 - 7 -105 -102 - 3 + 62 +296 - 28 - 65 - 54 - 11 + 85 +226 + 35 + 59 n.a. n.a. + 50 +226 - 14 + 13 n.a. n.a. - 11 +202 + 6 - 13 n.a. n.a. +1,072 + 937 4 281 + 438 - 381 + 819 +533 + 21 +395 +453 11.3 . n.a. +533 -271 +200 +183 n.a. n.a. 4602 -201 +212 +211 n.a. n.a. +244 -282 + 96 +537 n.a. n.a. Classified ™ Unclassified +1,167 + 53 +1,055 - 4 +875 + 66 +604 + 36 +422 - 55 +5,671 + 778 +1,560 +535 +564 +214 +836 +307 -273 + 16 Total change +1,220 +1,051 +941 4639 +367 +6,449 +2,095 +778 +1,143 -257 1961 2/ Changes are compiled from December 23, 1964; December 25, 1963; December 26, 1962; December 27, 1961; and December 28, 1960. Dates other than last Wednesdays of 1963 and 1964 were selected in order to avoid turn-ofthe-year dating differences. These data cannot be linked with all commercial bank data which are always for December 31. , . Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1957—Dec. 31 1958—Dec. 31 1959—June 24 (old) June 24 (new) Dec. 31 1/ 1960—Dec. 31 1961—Dec. 30 1962—Dec. 31 (est.) 1963—Oct. 30 Nov. 27 Dec. 31 (est.) 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept. 30 Oct. 28 Nov. 25 Dec. 31 1965—Jan. 27 Feb .* 24 ~ Mar. 31 p Apr. 28 p Hay 26 p June 30 p July 28 p Aug. 25 p Sept. 29 p Loans and Other investments U. S. Gov't. securities Total loans 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233,6 242.4 245.0 252.4 246.2 247.2 249.9 250.6 251.5 257.3 254.2 256.1 262.2 262.4 266.3 273.9 269.1 270.7 273.9 275.9 276.9 283.4 281.2 283.1 286.6 58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4 62.0 62.3 63.4 62.1 61.5 61.5 60.1 59.1 . 59.3 58.3 58.8 60.7 61.4 62.7 63.0 61.5 60.5 59.0 58.3 57.1 56.8 56.1 55.3 55.7 17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3 34.5 34.1 35.1 34.6 35.1 35.6 35.8 35.8 36.4 36.5 37.1 37.8 38.0 38.1 38.8 39.1 39.7 40.3 41.4 41.2 42.2 42.7 43.6 44.0 93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9 146.0 148.6 153.9 149.5 150.6 152.8 154.7 156.7 161.6 159.4 160.2 163.7 163.0 165.5 172.1 168.5 T70.5 174.5 176.2 17816 184.4 182.4 184.3 187.0 Business 40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1 50.6 51.9 53.7 51.8 . 52.4 53.2 53.4 53.9 55.1 54.4 54.9 56.1 56.3 57.4 60.2 58.9 60.3 62.2 62.5 63.4 65.4 64.8 65.6 67.0 Real estate Security 23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3 38.6 39.0 39.2 39.5 39.8 40.0 40.4 40.8 41.4 41.8 42.2 42.7 43.0 43.4 43 i 7 43.8 44.0 44.3 44.7 __ 45.1 : 45.7 46.2 r 46. 8 47.4 4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3 6.5 7.0 7.9 7.1 6.9 7.1 ' 7.2 7.5 8.2 7.6 7.2 8.1 7.1 7.4 8.4 7.4 7.2 7.9 8.0 7.9 V 9.0. 7.2 7.3 7.0 Farm Consumer 4.1 15.8 5.0 15.9 5.0 17.5 5.0 17.5 5.0 18.8 5.7 20.6 6.2 21.4 7.1 23.7 26.3 7.3 7.4 26.5 26.7 7.4 7.5 26.6 7.4 26.8 7.5 27.0 7.6 27.4 7.7 27.8 7.7 28.2 7.7 28.5 7.5 28.7 7.5 28.9 7.5 29.0 7.6 < 29.1 7.5 29.4 . 7.7 29.5 7.8 29.7 7,9 30.0 8.1 30.7 8.1 . 31.2 8.1 31.9 8.2 32.3 r 32.7 7.9 7.9 33.1 Nonbank financial Institutions 5.9 7.1 7.1 7.3 8.5 8.6 8.6 10.2 8.6 8.8 9.3 9.3 9.3 10.5 9.5 9.7 10.1 9.5 9.6 10.9 9.8 9.9 10.5 10.3 10.5 11.6 11.2 t 11.5 12.0 All other 7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7 11.1 11.3 11.8 11.5 11.7 11.8 12.4 13.0 13.8 13.3 13.4 13.7 14.0 14.4 15.5 15.0 15.1 15.3 15.6 16.0 16.3 16.1 r 16.2 16.2 p - Preliminary. Jj/ Structure changes in 1959» on balance through August, added almost $1 billion total credit: $600 million in loans; $>00 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about $300 million; business loans $100 millions consumer loans $100 million; and other loans $100 million. HOB—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 Jionbank financial institutions. Exhibit G ' Ratios to Total Deposits 1/ U.S. Government securities maturing within one vear , LOANS Date f 1948—Dec. 1949—Dec. 1950—Dec. 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. All All commercial Total banks Member banks ! Reserve city banks New York City of Other , City Chicago Country All commercial banks 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 25 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 54.5 56.5 58.6 31.3 30.9 36.1 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 35.9 34.9 42.5 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 30.4 25.6 32.3 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 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 57.7 60.1 63.3 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 50.2 51.7 53.8 1964—June 30 60.7 61.9 69.1 62.6 64.9 56.2 6.6 July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31 61.1 61.1 60.4 60.4 60.7 60.5 62.2 62.2 61.6 61.6 62.0 61.9 68.7 69.0 68.0 67.8 69.4 69.3 61.3 62.7 62.3 62.0 62.1 64.4 66.0 66.1 66.0 65.5 66.1 65.0 56.4 56.2 55.8 55.8 55.9 56.0 5.7 6.3 6.9 7.2 8.0 8.0 p p p p 60.9 61.6 61.9 62.4 63.3 63.5 62.2 63.0 63.3 63.7 64.6 64.9 69.9 71.8 71.9 71.2 72.7 74.4 63.4 65.0 67.6 64.9 65.3 67.2 65.4 66.4 66.1 67.1 68.1 67.8 56.3 56.4 56.9 57.6 58.3 58.3 7.1 7.0 6.4 6.3 6.2 6.0 July 28 p Aug. 25 p Sept.29 p 63.7 64.1 63.9 65.0 65.5 65.3 72.2 74.8 73.4 67.1 67.7 69.3 68.9 69.0 69.1 58.6 58.7 58.4 5.7 6.1 n.a. 1965—Jan. Feb. Mar. Apr. May June 27 24 31 28 26 30 2/ 2/ 2/ 3/ 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 11.2 9.5 7.5 1/ Total loans (adjusted to exclude loans to banks); U.S. Government securities maturing within one year estimated on basis of Treasury survey of ownership and total deposits (adjusted to exclude cash items in process of collection). 2/ 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. _3/ Estimated for December 31. 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. ;"t.V-3.--rXHIBIT H, P e r l 1 DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS Seasonally ad|vsted; deposits, Iturnover, monthly iAnnual rate monthly a v e r a g e s of d o l l y figure*; B i l l i o n s of d o l l a r s I I I I I I I I I I I I I I I II I M I MONEY' SUPPLY TIME A N D S A V I N G S D E P O S I T S y ^— 2 2 4 SMSA'S 343 C e n t e r s TURNOVER Outtide N Y C U.S. G O VT. DEPOSITS ^ Net adjusted fereeoienol m n M ii » I" 1960 1964 1963 1962 1961 19 6 5 Exhibit H - Part II S e a st o n a l l y Period Hon e y -All eemmerciel bonki.i A d j u s t e d S u p i• i y 1966 D a t a Time and savings deposits U.S. Turnover Gov't, outside deposits N Y City* # Total Demand deposits Currency 1962—December 1963—December 1964—December 147.5 153.1 159.7 116.9 120.6 125.4 30.6 32.5 34.2 97.8 112.2 126.6 31.3 33.9 * 33.4 5.6 5.1 5.5 1965--June July August September p 161.8 162.5 162.7 164.3 126.8 127.3 127.3 128.7 35.0 35.2 35.4 35.6 135.9 137.6 140.1 141.6 36.3 35.1 35.5 n.a. 9.3 9.1 7.4 5.6 £ Week ending: Sept. 1 8 15 22 p 29 p 163.1 163.2 164.1 165.2 164.6 127.8 127.8 128.7 129.5 128.7 35.3 35.4 35.5 35.7 35.9 141.0 141.0 141.5 141.6 141.8 n.a. n.a. n.a. n.a. n.a. 6.9 5.6 3.0 5.7 7.6 * p - Preliminary. * Beginning January 1964, data are for 224 metropolitan centers outside New York City. Figure for December 1964 on old basis is 35.3. • 1.4.3 - E X H I B I T 1, F o r t 1 T I M I A N D S A V I N G S D E P O S I T S AT MEMBER B A N K S I N LE A D I N O J C I T I E S j Wfedneedey llgwree 70 TOTAL TIME A N D S A V I N G S D E P O S I T S 60 SO SAVINGS DEPOSITS 40 ! T I M E D E P O S I T S OP I N D I V I D U A L S , PARTNERSHIPS, AND C O R P O R A T I O N S . OTHER TIME D E P O S I T S i*«s 1944 ! 1963 Exhibit I -Part II T i m e 1 Total Period and S a v ings D e p o s i t 8 Individuals, Other time partnerships, deposits 1/ and corporations (I ti m i 1 1 i o n s o f d o l l a i • 8) Savings 26 27 26 31 38,175 41,472 50,011 59,227 27,819 30,082 34,712 38,083 5,480 5,969 9,080 13,310 4,876 5,421 6,219 7,834 1964—Sept. 30 Dec. 30 64,719 66,881 39,873 40,698 15,854 16,407 8,992 9,776 1 1965—June 30 July 28 Aug. 25 73,818 74,760 75,703 43,129 43,429 43,779 20,130 20,542 20,923 10,559 10,789 11,001 Sept. 1 8 15 22 29 75,896 76,100 75,234 75,659 76,276 43,827 43,932 43,967 44,100 44,319 20,990 21,179 20,426 20,597 21,003 11,079 10,989 10,841 10,962 10,954 1961--Apr. Dec. 1 1962—Dec. 1963--Dec. • foreign governments and official institutions, and interbank. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Date Monthly averages: .... 1956- -December 1957--December 1958--December 1959--December 1960--December 1961—December 1962—December 1963—December 1964—April May June July. August September October November December 1965—January February March April May June July' Aug. Sept. p All member - 36 -133 - 41 -424 669 419 268 209 167 82 „ 120 Free reserves (excess reserves minus borrowings) Reserve City Banks City of New York Other Chicago City - 91 -105 - 80 -109 10 - 50 - 62 19 - 1 - 25 — Excess reserves Borrowings Total reserves held seasonally adlusted Country All member All member All member 86 77 32 -104 4 - 22 11 21 -203 -228 -197 -449 80 20 - 52 -122 344 277 268 237 583 471 394 334 652 577 516 482 756 568 572 536 688 710 557 906 87 149 304 327 17,185 17,077 17,942 17,978 18,283 18,977 19,548 20,240 - 14 2 - 13 - 77 -112 -114 259 221 248 380 337 390 213 255 270 20,482 20,404 20,682 19 7 33 26 16 - 31 -102 -154 -140 -116 -178 -103 273 265 278 282 246 315 - 400 417 420 415 396 411 265 334 331 309 430 243 20,665 20,753 21,012 20,949 21,033 21,082 17 37 45 40 4 15 - 82 -144 -148 -238 -333 -274 270 302 215 216 173 220 402 437 340 359 327 344 299 405 416 471 505 528 21,174 21,355 21,506 21,722 21,671 21,840 25 36 43 -214 -228 -246 199 160 182 349 427 375 524 564 528 21,865 21,816 21,817 - - - 135 83 99 106 - 34 168 - 17 21 16 34 86 14 - 103 32 - 76 -112 -178 -184 - 70 - 90 - 97 - 50 - 13 -114 - -176 -137 -153 -135 - 32 - 47 - - . 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. 1 • • # + # * # e 4# e # i Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) Time dei>osits End of year or month 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 Total 1 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 1964 498.9 Jan*. 499.6 Feb. 504.0 Mar. 506.1 . Apr . V 507.7 May 511.4 June. 511.8 July 514.9 Aug. 521.0 Sept. 523.4 Oct. 526.9 Nov. 530.4 Dec. 1965 534.9 Jan. 536.4 Feb. 542.8 Mar.p 543.3 Apr.p 542.8 May p June p 549.5 July p 550-7 553.5 Aug. p 561.6 Set>t. p For footnotes see next page p •- ^Preliminary. Demand deposits and currency 2/ Commercial banks 3/ Mutual savings banks Postal Savings System U. S. Gov't, Savings U. S. Gov't, securities maturing savings and loan within one shares 4/ bonds 5/ year 6/ 8 7 6 30.6 . 55.6 27.2 31.6 55.9 32.0 33.2 54.8 37.0 38.8 51.6 41.7 35.6 47.7 50.5 48.8 47.9 f 54.3 41.9 47.0 61.8 42.6 47.4 70.5 46.8 47.6 79.8 49.0 48.1 90.9 2 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 3 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9 4 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 44.5 5 2.1 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.5 149.5 148.4 150.2 149.9 149.7 151.2 151.8 152.2 155.0 155.0 155.0 156.7 114.8 115.5 115.9 117.0 117.9 118.6 119.8 120.6 121.9 123.8 125.9 127.1 .45.0 45.4 45.6 46.0 46.3 46.8 47.1 47.5 47.9 48.3 48.6 49.0 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 91.4 92.4 93.5 94.1 94.9 95.8 96.6 97.8 99.1 99.8 100.8 101.3 49.1 49.0 49.0 49.1 49.1 49.2 49.3 49.3 49.4 49.4 49.5 49.9 48.6 48.4 49.3 49.5 49.4 49.4 46.7 47.1 47.4 46.8 46.7 46.1 156.1 154.8 158.6 156.3 155.4 159.4 157.7 157.9 160.7 130.6 131.9 133.0 134.1 134.7 136.1 138.1 139.6 141.4 - 49.4 49.6 49.8 50.1 50.4 50.6 51.1 51.3 51.6 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0,3 101.7 102.6 103.6 103.9 104.4 105.1 105.5 106.5 107.7 50.0 49.9 49.9 49.9 49.9 50.0 50.1 50.1 50,1 - 46.8 47.3 47.6 48.6 47.6 48.0 47.9 49.8 49.7 Commercial Demand deLiquid posits and bank deposits assets to gross currency to and currency to national gross nation- liquid assets oroduct 7/ al oroduct 7/ ( 2 + 3 4 1) 11 10 9 , 55.7 34,7 85.3 55.0 32. 6 81.3 54.4 31.3 . 79.7 53.6 30.4 80.5 54.8 29.7 79.5 52.6 28.6 80.2 53.0 27.5 79.0 53.0 26.4 78.4 52.9 79.5 25.1 81.3 53.0 24.7 81.4 24.3 81.3 24.1 81.1 24.0 82.0 24.2 81.7 23.8 81.8 23,6 81.9 - 23,5 53.0 52.8 52.8 52.7 52.7 52.7 53.1 53.0 53.2 53.3 53.3 53.5 s 53.6 53.4 53.7 53.5 53.5 53.8 53.8 53.5 53.8 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. 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 . 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.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 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. 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).
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