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L '4"3 Not for publication ft&BRAL Rccxm c; ... , 0 0 7 A ? 23 - &ANl< x ijm °ct°ber 19 ' 1964 " BANKINCTWrAmpiARY DEVELOPMENTS IN SEPTEMBER 1964 ^ horary — ~~ During September seasonally adjusted loans and investments at all commercial banks continued to move upward, although at a slower pace than in August. The expansion, as in August, was spread through all major loan and investment categories. Money supply, seasonally adjusted, increased somewhat more than in previous months but less than in June or July. Average free reserves rose from their August level, whereas borrowings were almost unchanged. Excess reserves remained at a level above that of other recent months. Total reserves, seasonally adjusted, increased. Bank credit. Although seasonally adjusted loans and investments at all commercial banks rose $3.0 billion in September, the increase was $1.2 billion less than in August. Nevertheless, the September rise brought the annual rate of growth for the third quarter to 8.4 per cent as compared with 8.0 per cent in the first six months of 1964. £ 0 Commercial bank holdings of U. S, Government securities expanded $1.0 billion in September bringing the increase for August and September combined to $2.8 billion and offsetting three-fourths of the cumulative decline of earlier in the year. The August and September expansion in holdings of Governments was largely in bills and in notes and bonds maturing within one year. Treasury financing in September included a rollover of one-year Treasury bills, of which commercial banks were allotted $525 million. 0 Holdings of municipal and agency issues rose $500 million in September. The increase, although smaller than in August, was substantially above that of other recent months. The annual rate of growth in the third quarter was 13.2 per cent, far above the 7.4 per cent rate prevailing in the first half of the year but below 1963 levels. 0 # The $1.5 billion expansion in total loans was $300 million smaller than in August and less than the average for the first six months of 1964. The annual growth rate in the third quarter of 7.5 per cent was substantially below the 14.2 per cent prevailing through the first half of the year. If security loans are excluded, the annual growth rate was also less in the third quarter than in the first half, 9.2 per cent compared with 12.5 per cent. The $700 million rise in seasonally adjusted business loans in September was about the same as in August. This latest increase brought the annual growth rate up to 10.3 per cent in the third quarter as compared with 8.4 per cent for the first six months of 1964 and 15.6 per cent in the last five months of 1963. Demand in September centered in a number of major categories, particularly in trade, metals, petroleum and chemicals, and public utilities. In construction and through the tax period, in textiles, loan demand weakened somewhat. Also holdings of bankers' acceptances declined. Expansion in real estate and consumer loans continued at the pace that has persisted all year. Both loans to securities dealers and to finance companies showed increases over their August levels. Deposits and turnover. Seasonally adjusted money supply grew $800 million in September, $300 million more than in August but less than in the two preceding months. The annual rate of growth in the third quarter, 6.2 per cent,was double the 3.1 per cent rate prevailing through the first half of the year. The annual growth rate in the currency component of money supply slackened to 4.8 per cent in the third quarter, appreciably below the growth rates of 6.1 - 6.3 per cent in the three previous quarters. New seasonally adjusted data on currency in circulation indicate that growth in the larger denomination currencies, particularly $50 and $100 bills has slowed from 1963 levels. However, growth rates for $1 bills and coin have risen, apparently as a result of hoarding of silver certificates and coin in view of the changed outlook for silver. Seasonally adjusted time and savings deposits expanded $1.1 billion in September. The increase, comparable to that in August, brought the annual rate of growth for the third quarter to 10.8 per cent, slightly below than the 11.0 per cent rate prevailing in the first half. Over the five weeks ending September 30, savings deposits increased less than in the corresponding weeks of 1963 and 1962. Other time deposits, largely because of the decline in CD's over the September tax and dividend period, declined more than in the comparable 1963 and 1962 periods. Since mid-September, CD's have been regaining their pre-tax date level rapidly at New York City and Chicago banks, but less rapidly at outside banks. Demand deposit turnover at 343 centers outside New York rose to 35.5 (preliminary) in September, the same as in July, but above the 35.0 average prevailing in August and through the first half of the year. The annual rate of growth for the third quarter is 5.7 per cent, somewhat less than the 6.5 per cent rate in the first six months of 1964. Bank reserves. In September free reserves averaged $90 million, below the $114 million average for the year to date, but above the $79 million average in August. Member bank borrowings at $331 million remained almost unchanged in September. On the other hand, excess reserves rose to $421 million, a level last reached in January. During September the effective rate on Federal funds fell below 3.50 per cent on three days, with some transactions at a lower rate on seven days. Reserves were supplied through System purchases of U. S. Government securities and an increase in float, and were absorbed by currency outflow. Revised seasonally adjusted reserve data. On Exhibit J of this release, revised seasonally adjusted data for total reserves are given. Seasonally adjusted nonborrowed and total required reserves have also been revised. These revised data, from 1955 to date, and their seasonal factors are available from the Banking Section upon request. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. October 19, 1964 •. 1.4.3 - EXHIBIT A, Part 1 LOANS AND I N V E S T M E N T S AT A l l COMMERCIAL BANKS B i l l i o n s of d o l l a r s 2*0 220 T O T A I 1 0 A N S AMD I N V E S T M E N T * 110 140 I0ANS 100 U.S. GOVT. SECUIITIES OTHER S E C U R I T I E S 1**3 1**2 1**1 1*5* 1**4 Exhibit A - Part II Date Total 1/ (I n U. S. Gov't, Other securities securities b i 1 1 i 0 n s o f d 0 1 :. a r s) Loans 1/ I960—Dec. 1961—Dec. 1962—Dec. 31 31 31 £/ 194.5 209.8 22b. 3 113.8 120.5 133.9 59.9 65.4 65.2 20.8 23.9 29.2 1963—June July Aug. Sept. Oct. Nov. Dec. 29 31 28 25 30 27 31 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 1964—Jan. Feb. Mar. Apr. May June July Aug. Sept. 29 26 25 29 27 30 29 p 26 p 30 p 246.7 248.4 251.4 251.8 253.5 256.3 254.5 258,7 261.7 151.0 151.8 153.9 155.4 157.3 160.0 159.7 161.5 163.0 60.8 64.2 62.1 60.8 60.3 60.0 58.4 60.2 61.2 34.9 35.4 35.4 35.6 35.9 36.3 36.4 37.0 37.5 T/ Adjusted to exclude interbank loans, 2/ Estimated as of December 31. 1.4.3. - E X H I B I T B, P o r t 1 Exhibit B - Part II Date Business (In Real estate b 1 1 1 1 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 44.1 47.9 28.7 30.3 34.2 20.5 21.3 23.6 4.3 5.2 6.1 1963—June 29 July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 31 1/ 49.5 49.3 49.5 50.0 50.7 51.5 52.4 36.7 37.3 37.8 38.1 38.4 38.9 39.1 25.4 25.5 25.7 25.8 26.1 26.4 26.6 6.9 6.4 6.3 7.2 6.5 7.3 6.6 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 p Aug. 26 p Sept.30 p 52.6 53.0 52.8 53.6 54.0 54.6 54.8 55.3 56.0 39.5 39.8 40.1 40.5 40.9 41.4 41.8 42.2 42.6 26.7 27.2 27.4 27.6 27.9 28.1 28.3 28.4 28.6 7.3 7.0 7.9 7.1 7.7 8.3 7.6 7.4 7.8 1/ Estimated as of December 31. Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted* (In billions of dollars) 19 Item Aug. Sept. Loans and Investments 2/ ty + 2.3 U. S. Gov't, securities -0.6 +0.2 Other securities +0.8 Loans 2/ 6 3 Oct. 19 Nov. Dec. 4/ 6 4 Jan. Feb. Mar. Apr. May June July p r ^ 8 +3.0 +L1 +0.2 +L2 +3.0 +0.4 +1.7 +2.8 -1.4 +0.6 +0.7 -1.3 +0.4 +0.9 -1.3 -0.5 r-0.3 +0.3 +0.4 +0.1 +0,6 -0.1 +0.5 1/ +0.2 +0.3 +1.0 +1.8 +0.7 +2.3 +1.0 +1.6 +0.8 +2.1 +1.5 Business +0.2 +0.5 +0.7 +0.8 +0.9 +0.2 +0.4 -0.2 Real estate +0.5 +0.3 +0.3 +0.5 +0.2 +0.4 +0.3 Consumer +0.2 +0.1 + 0> 3 +0.3 +0.2 +0.1 Security -0.1 +0.9 -0.7 +0.8 -0.7 Nonbank financial -0.3 +0.2 +0.2 -0.1 Agriculture -0.3 +0.2 +0.3 i/ 1/ Total loans excluding security 3/ +0.3 Total loans excluding security and nonbank financial 3/ +0. 6 All other Aug. p Sept p +4^2 +3.0 -1.6 r+1.8 +1.0 +0.4 +0.1 r+0.6 . +0.5 +1.9 r+2.7 r-0.3 +1.8 +1.5 +0.8 +0.4 r+0.6 r+0.2 +0.5 +0.7 r+0.3 r+0.4 r+0.4 r+0.5 +0.4 +0.4 +0.4 +0.5 +0.2 +0.2 +0.3 +0.2 +0.2 r+0.1 +0.2 +0.7 -0.3 +0.9 -0.8 +0.6 r+0.6 r-0.7 -0.2 +0.4 +0.3 -0.3 r+0.1 r+0.5 -0.1 1/ r+0.7 r-0.6 +0.1 +0.3 +0.2 -0.1 +0.2 -0.2 +0.1 +0.1 +0.1 r-0.1 1/ -0.1 +0.2 +0.2 1/ +0.3 r+0.1 r+0.4 +0.4 +0.4 r+0.2 z+0.6 r-0.2 r+0.1 1/ +1.3 +2.0 +1.7 +1.8 r+0.7 +1.5 +1.3 r+1.8 r+1.4 r+2.5 r 1/ +1.1 +1.8 +1.1 +1.8 +1.8 +1.5 r+1.0 r+1.4 r+0.8 r+1.9 r+1.4 r+1.8 r+0.6 +1.0 +1.5 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. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. 3/ Derived by addition of items and not by subtraction from total loans. 4/ Estimated as of December 31, 1963. * Changes based on recently revised seasonally adjusted data; figures for the period beginning 1948 are published in the June 1964 Federal Reserve Bulletin. Only major credit components have been revised. Individual loan items have not been changed. 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 August to last Wednesday of September Item 1964 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 Total U, S. Other 1963 1962 +0.5 T O +2.7 +1.2 +0.4 +4.4 +2.5 +0.4 +0.2 +3.1 +1.0 +0.6 +0.2 +1.7 +2.3 —0.3 +0.1 +2.2 +1.0 +0.7 +0.4 +1.9 End of December to Weekly reporting banks Total loans U. S. Gov't, securities Other securities Total Other Total U. S. Other banks loans Gov't* securities securities Total +9.8 -2.8 +2.7 +978 +4.6 -1.8 S i +5.2 -1.0 +1.2 +5.5 72% 7175 +0.2 -0.4 +0.3 +0.9 +0.4 +1.7 +0.2 +0.3 +1.0 +0.1 +0.6 +8.1 -4.6 +m +8.3 +6.7 -2.3 +1.4 +5.1 +2.4 +9.0 +3.6 -4.2 +3.3 +2.7 +2.8 -3.4 +3.0 +2.4 +4.5 +3.9 +1.6 +5.6 +8.7 +1.1 +1.3 +6.3 +0.8 +0.4 +0.7 _1Z_ 1/ ast Wednesday of September 1961 -0.4 1959 +0.7 -1.1 +0.1 +1.5 +1.0 +0.4 1962 1964 y | 1963 y 1960 +1.0 +1.1 +0.2 +3.5 +1.0 banks loans Gov't- securities securities Total All commercial banks Total loans U. S. Gov't, securities Other securities Total 1961 -0.8 +3.8 +1^ I960 2/+8.8 2/-7.2 2/+0.1 2/+1.9 +0.5 +4.4 +4.8 +0.1 -0.1 -6.5 -0.1 -1.8 +3.0 -1.3 2/+4.0 +0.5 +2.2 +1.3 +0.9 1959 -0.2 TTJ 2/-07 +0.2 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/ Based on estimated data for December 31 * 1963 and 1962. 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 August to end of September 1/ 1964 1963 1962 +193 +102 ±223 +518 +238 +230 + 59 Metals and products +138 Textiles, apparel, etc. - 6 Petroleum, coal, etc.. +140 Other manufacturing and mining • 62 Public utilities +296 Construction . - 28 All other types of busiftefw Bankers' acceptances Other, mainly services - 11 Classified Unclassified Total change 1/ 2/ +116 + 74 %425 +379 + 92 - 75 + 24 + 27 - 22 - 56 + 85 + 50 +226 •» +226 + 35 End of December to end of September 1961 I960 1964 1963 1962 1961 I960 +204 +193 + 69 -453 -376 -417 -557 e -385 -150 +192 ^340 -343 -223 fSo -445 - 29 - 22 + 38 - 8 +380 •270 u - 63 S-S" -617 S s +361 -127 +100 +385 -132 -401 +220 - 71 3 • 99 - 1 +200 + 6 • 29 +233 y +532 • 23 +392 +533 -271 +200 +602 -201 +212 +244 -282 > 9 6 - 14 zi22 n.a. +211 n.a. >22 n.a. n.a. +427 + 18 •130 n.a. n.a. + 82 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.A. n.a. n.a. +1055 - 4 +875 - 66 +604 + 36 +430 -157 +733 - 93 +2550 +524 +564 +214 +836 +307 ' -273 + 16 +3,173 -100 +1051 +941 +639 +273 +640 +2,074 +778 +3,143 -257 +3,072 , s.a. ±M Five 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,OCX). +707 - 3 +359 + 60 - 26 + 30 2/ +256 ; 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 1957—Dec. 1958—Dec. 1959—June June Dec. 1960—Dec. 1961—Dec. 1962--Dec. 31 31 24 24 31 31 30 31 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 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 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 65.3 64.8 64.0 63.0 63.5 29.5 29.9 30.7 31.4 31.7 32.4 133.4 135.2 136.4 136.9 138.9 143.1 47.3 47.7 48.6 48.6 48.8 49.9 237.8 237.1 241.9 242.4 245.0 252.4 62.5 60.9 61.8 62.0 62.3 63.4 32.9 33.7 34.2 34.5 34.1 35.1 142.4 142.5 146.0 146.0 148.6 153.9 246.2 247.2 249.9 250.6 251.5 r 257.3 r 254.2 r 256.1 262.2 62.1 61.5 61.5 60.1 59.1 r 59.3 r 58.3 r 58.8 60.6 34.6 35.1 35.6 35.8 35.8 36.4 r 36.5 r 37.1 37.8 149.5 150.6 152.8 154.7 156.7 r 161.6 r 159.4 r 160.2 163.7 (old) (new) 1/ (est. July 31 Aug. 28 Sept. 25 Oct. 30 Nov. 27 Dec. 31 (est.] 1 9 6 4 — J a n . 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 P Aug. 26 P Sept. 30 P Real estate Security Nonbank financial institutions Farm Consumer 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 5.9 7.1 7.1 7.3 8.5 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 24.0 24.2 24.7 25.1 25.5 7.5 7.7 8.0 7.6 7.8 8.6 49.0 49.2 50.1 50.6 51.9 53.7 37.3 37.8 38.2 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 25.7 26.0 26.1 26.3 26.5 26.7 8.9 8.7 9.1 8.6 8.6 10.2 10.8 10.8 11.0 51.8 52.4 53.2 53.4 53.9 r 55.1 54.4 54.9 56.1 39.5 39.8 40.0 40 .4 40.8 41.4 41.8 42.2 42.7 7.1 6.9 7.1 7.2 7.5 r 8.2 r 7.6 r 7.2 8.0 7.5 7.4 7.5 7.6 7.7 r 7.7 r 7.7 r 7.5 7.6 26.6 26.8 27.0 27.4 27.8 28.2 28.5 r 28.7 28.9 8.6 8.8 9.3 9.3 9.3 r 10.5 9.5 9.7 10.2 11.5 11.7 r r r r r r __ __ 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 11.1 11.3 11.8 11.8 12.4 13.0 13.8 13.2 13.3 13.5 p - Preliminary. 1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit: $600 million in loans; $300 million in D. S. Government securities.° m l U l o n l n o t h e r securities. Real estate loans increased about $300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. N O T E — D a t a 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, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. e 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. 195? -Dec. 1956- Dec. 1957--Dec. 1958--Dec. 1959--Dec. 1960--Dec. 1961- •Dec. 1962 -Dec. All , commercial I banks i 31 31 31 31 31 31 31 31 31 31 31 31 31 31 28 1963—June 29 , July 31 Aug. 28 Sept.25 Oct. 30 Nov. 27 Dec. 25 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29 May 27 June 30 July 29 Aug. 26 Sept.30 p 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 57.7 57.8 58.4 58.6 58.4 59.0 58.6' 58.8 59.3 59 60 60 60, 61, 6.1, 60, Member banks Total 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 58.7 58.7 59.4 59'. 6 59.5 Reserve city banks New York City of Other City Chicago 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 66.4 65.6 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 58.8 58.5 59-9 67.3 67.5 66.6, 69-3 67.4 62.1 60 , 0 67.3 62.1 60.2 60 • 5 60 5 4 61, 9 61, 9 61 62, 2 62, 2 61,6 67.6 67.5 68.4 69.3 69.1 68.7 69.0 68.0 60.4 62.0 6I.7 61.2 62.3 62.5 61.9 61.4 62.6 61.3 62.7 62.3 33.4 32.4 30.1 39.4 41.1 42.2 41.9 48.5 52.7 53.3 51.3 58.2 59.0 57 >7 60.1 61.3 61.7 62.6 62.7 63.0 63.5 63.3 63.9 64.2 64.1 65.1 65.4 64.9 66.0 66.1 66.0 Country 27.1 28.5 31.5 All commercial banks y 51.7 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 53.6 53.7 53.8 53.8 53.6 54.0 53.8 7.4 7.2 7-4 7.2 7.4 7.3 7.5 32.1 2/ y 33.9 36.1 37.1 40.7 42.6 44.1, 44.4 48.2 50.3 50.2 53.9 54.5 54.7 55.6 56.1 56.2 56.4 56.2 55.8 y 7.2 6.8 6.5 6.3 6.4 6.4 5.6 6.2 n.a. withnlll (adjusted to exclude loans to banks); U. S. Government securities maturing f J h , M + a r 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 be6l + ?or "!' li "S i n 1951, they are on maturity basis. On a call basis, data 3 and 19,1 NOTE-CnmnnLh f \ fl* respectively, y Estimated for December 31 ures . u t ^ ° S 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, ' # s L . 4 . 3 . - E X H I B I T H, P a r t DEPOSITS Seasonally Jurnov<ri A N D C U R R E N C Y adjusted; deposits, A N D T U R N O V E R semi-monthly OF averages D E M A N D ol d a i l y DEPOSITS figures; mon t h I y Annual rot Billions^ofdoMarjL 1*0 MONEY SUPPLY 140 TUBNOVE* 3 4 3 cenleri m /—-v v 110 LOO TIME AND S IVINGS DEPOSITS * |0 40 U.S. Not GOVT. DEPOSITS 10 adjusted for s e a s o n a l b 19S9 1961 i960 1962 1964 1963 1945 Exhibit H - Part II S e a s o n a l l y Period All c o m m e r c i a l A d j u s t e d bank* I Da t a U. S. Gov't, deposits Total Demand deposits Currency Time and savings 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—Apr. May June July Aug. Sept. p 154.5 154.5 155.6 156.7 157.2 158.0 121.5 121.3 122.1 123.3 123.5 124.2 33.0 33.3 33.4 33.5 33.7 33.8 116.4 117.4 118.5 119.4 120.6 121.7 36.0 35.3 35.0 35.5 35.0 35.5 4.2 6.9 7.8 7.0 6.4 6.6 1964—Aug. (l) (2) ' Sept.(l) (2) p 157.0 157.5 157.8 158.1 123.3 123.8 124.1 124.4 33.7 33.7 33.8 33.8 120.3 120.9 121.6 121.9 n.a. n.a. n.a. n.a. 5.9 6.9 5.0 8.2 p - Preliminary. M o n e y S u p p l • y Turnover 343 centers outside N Y , 4 *. L 4.3 TIME AND SAVINGS DEPOSITS AT - E X H I B I T I, P a r t 1 MEMBER B A N K S jIN LEADING CITIES TOTAL TIME AND SAVINGS D E P O S I T S 40 SAVINGS DEPOSITS J I M I DEPP*#** Of INDIVIDUALS, PARTNERSHIPS, AND C O R P O R A T I O N S OTHER TIME D E P O S I T S 1964 1963 Exhibit I - Part II # T i m e and S a v i n g s Period Total Savings ( I n m i l l i o n s e e 1961™Apr, Dec. 1962——Dec. 1963—Dec. D e p o s :i t s Individuals, Other time partnerships, deposits 1/ and corporations o f d o l l a r s) 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—-June 24 July 29 Aug. 26 63,082 63,921 64,329 38,848 39,168 39,421 15,481 15,943 16,026 8,753 8,810 8,882 Sept. 2 9 16 23 30 64,440 64,576 64,o4l 64,365 64,719 39,477 39,533 39,574 39,640 39,873 16,000 16,096 15,509 15,744 15,854 8,947 8,958 8,981 8,99"2 e 1/ 8,963 Includes States and political subdivisions, U. S. Government, foreign governinstitutions, and interbank. ments and official * * Exftbit 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 1960--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 173 r 88 r 98 162 84 118 132 79 90 - - 22 89 86 14 5 14 19 8 34 -116 - 87 - 54 - 77 -112 -115 -103 -155 -139 334 273 255 257 223 247 272 264 278 429 r392 r357 375 339 388 397 413 421 256 304 259 213 255 270 265 334 331 20,250 20,270 20,459 20,478 20,403 20,682 20,663 20,751 21,011 v v p 23 7 17 2 26 1 18 22 16 v ; » " ^ <iiiu *-iic vj.Ly ui umcago mciuae oariK central reserve city and three banks whose classification as reserve city is continued, p - Preliminary. r - Revised. Digitized 1/for FRASER Seasonal adjustment factors revised. Back data may be obtained from the Banking Section. # # # # # # # # # # # ( Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages) End of fear or month Total Demand deposits and currency 2/ 2 1 Time deposits Mutual Commersavings cial banks banks 2/ Postal Savings System Savings and loan shares y 6 3 4 26.3 28.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 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 5 U. S. U. S. Government Gov't, securities savings maturing bonds within one y year 6/ 7 8 55.6 47.6 30.6 31.6 33.2 38.8 35.6 48.8 41.9 42.6 46.8 1954 1955 1956 1957 1958 1959 1960 1961 1962 320.3 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 1963 June July Aug. Sept. Oct. Nov. Dec. 476.0 478.2 482.5 483.9 489.0 493.2 495.3 146.5 146.9 146.2 147.1 148.8 149.6 149.6 105.0 106.2 107.1 107.9 110.1 111.9 112.9 43.1 43.3 43.5 43.7 44.2 44.6 44.5 0.5 0.5 0.5 0.5 0.5 0.4 0.5 85.6 86.2 87.2 88.3 89.1 90.0 90.8 48.2 48.3 48.4 48.5 48.5 48.6 49.0 47.2 46.7 49.5 48.0 47.9 48.1 48.1 498.8 499.5 503.9 5Q5.9 507.5 149.5 148.4 150.2 149.9 149.6 151.1 151.8 152.2 154.8 114.8 115.5 115.9 117.0 117.9 118.7 119.8 120.6 121.9 45.0 45.4 45.6 46.0 46.3 46.8 47.1 47.5 47.9 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 91.3 92.3 93.4 94.0 94.8 95.7 96.5 97-7 98.9 49.1 49.0 49.0 49.1 49.1 49.2 49.3 49.3 49.4 48.6 48.4 49.3 49.5 49.4 49.4 46.7 48.1 47.1 1964 Jan. p Feb. p Mar. p Apr. p May p June p July p Aug. p Sept.p 511.3 511.7 514.8 521.4 ; http://fraser.stlouisfed.org/ forReserve footnotes Federal Bank of St.see Louis next page. ; 55.9 54.8 51.6 50.5 47.9 47.0 47.4 Liquid assets to gross national product 7/ 9 r Ratios: Demand de- Commercial posits and bank deposits currency and currency to liquid to gross assets national product 7/ (2 + 3 * 1) 10 11 79.2 78.5 80.4 35.0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 25.4 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 81.6 25.2 81.8 25.0 81.9 24.8 52.8 52.9 52.5 52.7 52.9 53.0 53.0 85.9 81.3 79.6 80.3 80.2 80.5 82.0 , 24.5 82.0 24.3 82.0 24.3 53.0 52.8 52.8 52.8 52.7 52.7 53.1 53.0 53.1 • • s e e # e e Exhibit K (Continued) 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 whenever possible. All series adjusted for seasonal variation by the X-9 variant of Method H developed by the ureau 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 ia th* 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. Deinand 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. Time deposits of commercial KanVg in Alaska and Hawaii and time deposits due to banks in 0. 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 Lonn Bank Board. 5. Includes all types of savings bonds held by investors other than commercial and mutual savings RanWg and 0. 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. o. 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 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 0. S. Treasury Department's Survey of Ownership of U. S. Government Securities• 7. Gross national product figures-are available quarterly and annually only. Data for total liquid • assets used in computing these*ratids are quarterly averages calculated for four dates (each month of the current quarter and the last month of the preceding quarter). e e
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