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L.4.3 Not for p u b l i c a t i o n Q • .... | / SAJ.!, S e p t e m b e r 1 7 , 1968. C'V'P ••>< = 1 - r-JH BANKING AND MONETARY DEVELOPMENTS IN A U G U S T 1968 Summary. L o a n s and investments at all c o m m e r c i a l banks increased s u b s t a n t i a l l y further in August following an u n u s u a l l y sharp rise in July. Expansion over the two months was associated in large part w i t h b a n k acquisitions of new T r e a s u r y issues and the financing of increased securities inventories at b r o k e r s and d e a l e r s . In addition, b a n k purchases of m u n i c i p a l and a g e n c y securities accelerated and growth in other m a j o r loan categories continued. Time and savings d e p o s i t s increased sharply in A u g u s t following a rapid rise in July. A m a j o r part of the July-August e x p a n s i o n was accounted for by h e a v y sales of large negotiable CD's. Inflows of consumertype time and savings deposits continued at a m o d e r a t e pace. The m o n e y supply in A u g u s t increased less than half the average m o n t h l y expansion over the M a y - J u l y period. U.S. Government deposits rose s u b s t a n t i a l l y . Net borrowed r e s e r v e s increased somewhat as m e m b e r bank b o r r o w i n g s rose. Total and required reserves increased sharply. Changes in C o m m e r c i a l Bank Credit 1/ M o n e y Supply and Time D e p o s i t s (Seasonally a d j u s t e d ) 1965 1966 1967 Year Year Year 10.2 5.8 11.6 12.4 6.2 9.8 19.8 14.8 U.S. Govt, sec, -5.9 -6.1 11.4 13.6 2.7 9.3 28.8 15.3 Other sec. 15.8 6.5 26.1 18.5 6.5 9.8 18.9 22.4 Total loans 14.8 9.2 8.3 10.6 7.1 9.9 17.7 13.1 18.8 13.3 9.8 8.5 9.5 9.9 10.6 10.5 4.7 2.2 6.4 6.0 6.6 7.4 9.9 5.1 15.8 8.6 16.1 12.6 5.0 8.4 17.9 21.4 T o t a l loans and investments Business loans M o n e y supply Time and savings deposits at all commer. banks 1st Half 1968 JulyJan.Aug. Aug. 2nd Half Aug. 1/ W h e r e n e c e s s a r y , change in loans and other securities described above are adjusted for the d e f i n i t i o n a l shift of about $1 billion of p a r t i c i p a t i o n 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 p e r s o n a l loans excluded on June 9, 1966, as a result of change in Federal Reserve regulations affecting reserve r e q u i r e m e n t s . B a n k credit. L o a n s and investments at all c o m m e r c i a l b a n k s increased $4.5 b i l l i o n in A u g u s t , w e l l below the u n u s u a l l y sharp $7.3 b i l l i o n July rise but over twice the a v e r a g e m o n t h l y e x p a n s i o n in the first half of the year. At large b a n k s , investment h o l d i n g s - - e s p e c i a l l y m u n i c i p a l and agency issues--increased m u c h m o r e than u s u a l w h i l e loans declined more than in comparable periods of recent years. At small banks h o w e v e r , growth in loans was s u b s t a n t i a l but acquisitions of securities w e r e m o d e r a t e . C o m m e r c i a l b a n k h o l d i n g s of U.S. Government s e c u r i t i e s increased $800 m i l l i o n further in A u g u s t following a $2.1 billion increase in July. Expansion in both m o n t h s was associated largely w i t h b a n k a c q u i s i t i o n s of new T r e a s u r y issues. On August 15, c o m m e r c i a l banks w e r e allotted about $2.3 b i l l i o n of the new 6-year 5 - 5 / 8 per cent T r e a s u r y notes offered for new cash and for the purpose of retiring m a t u r i n g i s s u e s — o f w h i c h c o m m e r c i a l banks held an estimated $1.6 billion. At w e e k l y reporting banks, b i l l h o l d i n g s declined only m o d e r a t e l y in late J u l y and A u g u s t following substantial allotments in the m i d - J u l y b i l l financing. Bank a c q u i s i t i o n s of m u n i c i p a l and agency issues--which had accelerated in July—-totaled $1.2 b i l l i o n in A u g u s t . Over the two m o n t h s , growth was at an annual rate of about 19 per cent or almost three times as fast as over the first half of the year. At w e e k l y r e p o r t i n g banks, about half the A u g u s t increase was in short-term municipals but banks also added substantially to their h o l d i n g s of longer-term i s s u e s — t h e category in w h i c h the July increase had been concentrated. B u s i n e s s loans increased $800 m i l l i o n in A u g u s t — a b o u t the same as the average m o n t h l y e x p a n s i o n since early spring. So far this y e a r , growth has b e e n at an annual rate of almost 10 per cent, about the same as that over the year 1967. At w e e k l y r e p o r t i n g banks, loans repayments in m o s t industry categories were about n o r m a l or somewhat m o r e than n o r m a l . H o w e v e r , those of petroleum concerns, public utilities, and w h o l e s a l e trade w e r e smaller than in other recent y e a r s , while loans to construction firms increased contraseasonally. Security loans increased somewhat further in August following an unusually sharp rise in July. Dealer inventories, p a r t i c u l a r l y of U . S . Government securities, w h i c h had been built up s u b s t a n t i a l l y in July in anticipation of d e c l i n i n g interest rates, remained h i g h in A u g u s t . At w e e k l y reporting b a n k s , r e p a y m e n t s of broker loans appeared smaller than usual. Expansion in consumer loans, w h i c h had picked up somewhat in July associated in large part w i t h the financing of automobile sales, p r o b a b l y continued in August close to the h i g h e r pace of the previous m o n t h . Growth in real estate loans remained m o d e r a t e . M o n e y supply and time d e p o s i t * . The m o n e y supply rose $800 m i l l i o n in A u g u s t , less than half as rapid as growth over the M a y - J u l y period. The slower expansion in August was associated in part w i t h a b u i l d — u p in U.S. Government deposits at c o m m e r c i a l banks following substantial d e c l i n e s since early spring. Over the first eight m o n t h s of the y e a r the m o n e y supply increased at an annual rate of about 7 - 1 / 2 per cent or somewhat faster than the h i g h 6 - 1 / 2 per cent pace over the year 1967. Time and savings deposits at all c o m m e r c i a l banks increased $3.4 b i l l i o n in A u g u s t compared w i t h $2.2 b i l l i o n in July and an average $800 M i l l i o n mofithly e x p a n s i o n earlier in the year. The 18 per cent annual rate of growth over the July-August period was slightly faster than e x p a n s i o n over the year 1967. H e a v y sales of large negotiable CD's accounted for a substantial part of the July-August increase in time deposits. W h i l e these sales had been v e r y large at w e e k l y r e p o r t i n g banks both in New Y o r k City and outside during July, in A u g u s t they occurred almost entirely at the outside banks where loan demand remained somewhat stronger. The rate of g r o w t h in outstanding CD's, h o w e v e r , tapered off in late A u g u s t . Inflows of consumer-type time and savings d e p o s i t s continued in August at about the m o d e r a t e pace of other recent m o n t h s . State and local government d e p o s i t s , h o w e v e r , rose m o r e than u s u a l probably associated with the temporary d e p o s i t i n g of funds acquired through recent market financings. Bank reserves. T o t a l and required reserves increased sharply in August following m o d e r a t e growth in other recent m o n t h s . Net borrowed reserves averaged about $240 m i l l i o n over the four weeks ending A u g u s t 28 compared w i t h $190 m i l l i o n in July. M e m b e r bank borrowings increased w h i l e excess reserves continued about unchanged. Banking Section D i v i s i o n of Research and Statistics. Board of Governors of the Federal Reserve System. # e • • e L.4.3 - EXHIBIT e A, Part # « Wednesday 1962 of month, seasonally Billions adjusted I IIIIIIIIIIIIIIIIIII TOTAL LOANS AND INVESTMENTS LOANS U.S. GOVT. SECURITIES OTHER SECURITIES i iiiiIiiiiiii 1963 1964 1965 # 1 LOANS AND INVESTMENTS AT ALL COMMERCIAL BANKS Last # 1966 1967 1968 of dollars Chart on revised basis b e g i n n i n g J u n e 1968. Exhibit A - Part II L o a n s and Investments at A l l Commercial Banks (Seasonally A d j u s t e d ) Date Total Loans ( I n U.S. Gov11. securities 1./ b i l l i o n s o f d o l l a r s Other securities ) 1962--Dec. 1963--Dec. 1964--Dec. 1965--Dec. 1966--Dec. 31 2/ 31 2/ 31 31 31 227.9 246.2 267.2 294.4 310.5 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. May June July Aug. Sept. Oct. Nov. Dec. 26 31 39 26 30 27 25 29 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. Feb. Mar. Apr. May June July Aug. 31 28 27 24 29 30 31 28 349.5 353.6 352.1 354.4 356.4 357.3 364.6 369.1 227.1 228.9 228.7 230.9 232.1 233.4 237.7 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 64.2 240.3 63.4 65.4 _1/ 2J 3/ p p p p p A d j u s t e d to e x c l u d e i n t e r b a n k loans E s t i m a t e d as of D e c e m b e r 31. B e g i n n i n g J u n e 9, 1966, loan data exclude $1.1 billion of balances accumulated for payment of personal loans. B e g i n n i n g J u n e 30, 1966 total loans exclude, and other securities include, about $1 billion http://fraser.stlouisfed.org/ 0 St. Louis of p a r t i c i p a t i o n c e r t i f i c a t e s . Federal Reserve Bank of # # # # # # # # L.4.3 - EXHIBIT B, Part # 1 LOANS AT ALL COMMERCIAL BANKS Last Wednesday of month, seasonally adjusted Billions of dollars M I I I I | | i i i 11 1 1 1 I I I I 1 100 1 — BUSINESS 80 — REAL EST lATE 60 ^ — 40 CONSUME!I — — 1962 1 20 i SECURITY — x — // i I M i i i i M i i i M ii i i i ii 1963 1964 1965 1966 1967 1968 10 Chart on revised b a s i s b e g i n n i n g J u n e 1978. E x h i b i t B - Part II L o a n s at A l l C o m m e r c i a l Banks S e a s o n a l l y Adjusted ( I n b i l l i o n s Security Consumer Real E s t a t e Business Date of d o l l a r 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 1 9 6 7 - - J a n. 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 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. 31 28 27 24 29 p 30 p 89.0 89.6 90.4 91.2 58.9 59.4 60.0 60.5 61.0 61.3 61.7 41.4 41.9 42.0 42.5 42.7 42.9 r 43.4 10.1 10.4 9.0 8.7 8.7 8.6 11.0 92.0 62.1 43.8 11.6 1/ 84.6 84.9 86.3 86.6 87.2 87.9 31 P 28 p Estimated 80.9 81.6 82.3 82.8 83.4 83.9 84.3 ^ r p - Preliminary as of December 3 1 . Thes^data are n ^ for publication. # - Revised # # ® Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted (In billions of dollars) 1967 1968 Item July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. d Mav d June d Julv D Aug. D Loans and Investments 2/ + 6.3 + 4.1 + 2.5 + 2.9 + 2.3 + 2.2 + 3.0 + 4.1 - 1.5 + 2.3 + 2.0 + 0.9 + 7.3 + 4.5 U. S. Gov't, securities + 3.5 + 1.9 + 0.1 + 0.5 - 0.7 - 1.5 + 0.3 + 2.1 + 2.3 r 0.2 + 0.7 - 0.2 + 2.1 + 0.8 Other securities + 0.3 + 0.8 + 0.4 + 0.9 + 1.8 + 1.0 + 1.0 + 0.3 + 0.9 - 0.2 + 0.1 - 0.1 + 0.8 + 1.2 Loans 2/ + 2.4 + 1.5 + 1.9 + 1.5 + 1.3 + 2.7 + 1.7 + 1.8 - 0.2 + 2.2 + 1.2 _ 1-3 + 4.3 + 2.6 Business + 0.6 + 0.5 + 0.4 + 0.3 + 0.3 1.4 + 0.3 + 0.6 + 0.7 + 1.1 + 0.6 + 0.8 + 0.8 + 0.8 Real estate + 0.4 + 0.5 + 0.5 + 0.5 + 0.5 + 0.5 + 0.5 4- 0.5 + 0.5 + 0.5 + 0.5 + 0.3 + 0.4 + 0.4 Consumer + 0.2 + 0.3 + 0.2 + 0.3 + 0.2 + 0.2 + 0.4 + 0.5 + 0.1 + 0.5 + 0.2 + 0.2 i + 0.5 + 0.4 Security + 1.2 + 0.7 + 0.3 + 0.2 - 0.2 - 0.4 + 0.9 + 0.3 - 1.4 - 0.3 i/ - 0.1 + 2.4 + 0.6 Nonbank financial - 0.1 + 0.1 + 0.3 + 0.1 - 0.2 - 0.2 + 0.1 - 0.2 - 0.1 + 0.4 + 0.1 - 0.3 - 0.1 + 0.5 Agriculture + 0.1 + 0.1 - 0.2 + 0.3 + 0.2 + 0.1 + 0.3 + 0.1 1/ - 0.7 + 0.8 + 0.8 - 0.2 - 0.3 + 0.1 All other 1/ i/ + 0.2 + 0.1 1/ - 0.5 + 0.1 1/ 1/ - 0.1 cr+ 0.2 | - 0.1 i Total loans excluding security 3/ + 1.2 + 0.8 + 1.6 + 1.3 + 1.5 + 3.1 + 0.8 + 1.5 + 1.2 + 2.5 + 1.2 + 1.4 + 1.9 Total loans excluding security and nonbank financial 3/ + 1.3 + 0.7 + 1.3 + 1.2 + 1.7 + 3.3 + 0.7 + 1.7 + 1.3 + 2.1 + 1.1 + 1.7 + 2.0 JL/ 2/ 3/ 1/ i j + 2.0 + 1.5 Less than $50 million. Adjusted to exclude interbank loans. At large banks on a last-Wednesday basis, bankers' acceptances declined $46 million in August 1968 compared with an increase of $18 million in August 1967 and a decline of $70 million in August 1966. Individual Loan Categories Are Not Available for Publication. 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 July to last Wednesday of August Item 1968 1967 All commercial banks Total loans U. S. Gov't, securities Other securities Total + 1.5 + 1.1 + 1.8 + 2.4 Weekly reporting banks 5y Total loans U. S. Gov't, securities Other securities Total + + + - 0.5 + 0.7 4- 0.5 5y Other banks Total loans U. S. Gov't, securities Other securities Total - 0.6 + 1.0 1.1 0.7 1.3 0.9 + 0.5 + 0.3 + 0.8 + - 0.8 + 0.6 + + - 0.1 + 1.8 0.3 0.9 0.3 0.3 1/ + 0.1 + 0.1 + 0.3 End of December +12.0 1.9 - 0.3 + 1.0 - 0.2 + 0.6 + 0.9 + 9.1 - 1.5 + 4.4 1964 - 0.7 + 0.2 1968 2 / 1965 + 2.0 + 1.3 + 0.5 Item All commercial banks Total loans U. S. Gov't, securities Other securities Total 1966 1967 + 4.3 + 2.9 + 9.0 +16.3 Weekly reporting banks 5/ Total loans U. S. Gov't, securities Other securities Total + + + 3.9 1.0 2.7 5.7 - 0.4 + 1.7 Other banks 5/ Total loans U. S. Gov't, securities Other securities Total + + + 5.2 0.5 1.7 6.3 + 4.7 + 6.1 + 2.0 + 0.5 + 0.5 + 1.9 + 1.3 - 0.8 + 0.5 + 0.4 + 0.3 + 0.4 + 0.8 - 0.7 + 1.2 + 0.1 + 0.9 - 0.7 + 0.8 + 0.6 + 0.4 + 0.2 1/ + 0.3 + 0.9 + 0.2 + 0.2 + 0.9 - 0.3 + 0.4 + 0.2 - 0.3 + 0.4 + 0.1 + 0.4 + 0.3 + 0.4 + 0.3 + 0.8 to last Wednesday of August + 6.1 + 7.0— W/ +12. 2 - 7.5 + 4.6 + 9.3 + 4.8— + 6.8 - 3-73Z - 5.4 + 2.9 + 4.4 + 1.9 - 3.1 3/4/ 3/.V.+ + 5.4— + 1.2 + 1.0 1964 + 7.3 + 0.3 - 1.7 + 1.1 1965 + 1962 - 1.4 + 0.4 - 0.9 1966 +10. 2-' - 5.9 1963 5.4 + 1.2 - 2.1 + 2.9 + 9.0 + 1.7 + 4.9 - 4.7 + 2.1 + 3.5 + 1.1 - 0.1 1963 1962 + + + + + + 4.6 5.6 4.4 3.5 + 1.0 -4.6 + 3.1 - 0.4 3.4 2.7 4.0 4.6 + 0.5 - 3.2 + 2.9 + 0.2 + 4.2 - 1.5 + 3.6 + 1.0 - 1.0 + 2.9 + 0.5 + + + 4.4 + 3.6 1.3 3.9 + 1.1 N0TE--Data exclude all Interbank loans; call report data for large commercial banks used when available. 1/ Less than $50 million. 2/. 3/ 4/ 5/ Based on estimated data for all commercial banks on June 29, 1968, December 31, 1963, and December 31, 1962, and for large commercial banks on June 29, 1968, and December 31, 1962. 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. 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. Based on revised coverage beginning July 1966, January 1967, and January 1968. ' > ' . ' ' # # e * -" - ' *' - - : » ' # •' m . Exhibit E Changes in Commercial and Industrial Loans at Large Commercial Banks (In millions of dollars) Late July to Late August 1/ Late December to late August 2/ Business of borrower 1968 + Food processors Commodity dealers Trade concerns Retail trade Wholesale trade Metals Primary metals Machinery Transportation equipment Other fabricated metals Textiles, apparel, etc. 4Petroleum Chemicals Other durable manufacturing Other nondurable manufacturing Mining Public Utilities, total Transportation 3/ 3J 5 25 238 168 70 446 19 313 25 89 40 + 166 16 26 + 48 + 113 111 1 + 19 93 34 162 18 + 80 100 20 + -1 ,172 84 -1 ,256 - + 73 - 77 -430 -368 - 62 + 75 + 23 - 66 +140 - 22 + 91 - 14 + 20 4 + 35 - 68 -108 n.a. n. a. n.a. - 14 -128 - 70 n. a. - 58 n.a. -549 -184 -733 1965 ' + 62 + 54 + 30 + 27 + 3 +139 + 22 + 15 + 78 + 23 +166 + 65 - 29 + 79 + 82 - 24 - 40 n.a. n.a. n.a. + 22 + 63 - 49 n.a. +112 n.a. +669 - 16 +653 1964 +115 + 15 + 39 + 12 + 27 + 25 - 25 - 21 + 62 9 + + 89 + 14 + 31 + 46 + 33 + 78 + 76 n.a. n.a. n.a. + 73 - 54 + 6 n.a. - 60 n.a. +580 + 13 +593 1968 1967 625 550 + 114 33 + + 81 + 941 + 670 + 183 101 + 189 + 658 17 176 + 240 + 79 + 435 + 461 + 516 62 + 7 + 307 + 558 398 + 494 + 462 182 +2 ,239 66 + +2 ,305 625 324 237 227 10 + 895 + 287 + 509 105 + 204 + 310 48 + 139 + 133 + 235 90 + 382 + 253 + 227 98 35 + 639 + 290 126 + 464 121 + 1 ,242 + 200 +1 - - - 2 1/ 2V + 1966 CM Communication 3/ Other public utilities Construction All other types of business Bankers acceptances Services 3/ Other Foreign business concerns 3/ Classified Unclassified Total Change 54 22 245 217 28 395 37 262 112 58 89 2 106 14 6 69 71 49 75 + 53 + 43 205 40 17 148 + 1 948 110 -i ,058 1967 1966 1965 212 261 + 399 + 247 + 152 4-1 ,887 + 233 4- 799 + 545 + 310 + 709 + 165 4- 328 4- 437 + 408 4- 410 + 287 n. a. n. a. n. a. 4- 170 33 + 347 n. a. + 380 n. a • 4-4,760 4- 409 4-5 ,169 484 388 + 777 + 493 284 + +1.248 + 165 + 526 + 198 + 359 + 607 + 247 + 232 + 319 + 282 + 198 + 482 n.a. n.a. n.a. + 295 + 359 302 n.a. + 661 n.a. +4,174! + 604 +4,778 • - 1964 595 462 20 + 39 + 59 + 223 16 + 80 + 23 + 149 + 318 150 + 166 + 157 + 131 4- 257 251 n. a. n. a. n. a • 4- 407 4- 514 n. a. n. a. n. a. n. a. 4- 735 4- 498 1 ,233 - Four most comparable weeks used throughout. Changes are compiled from December 27, 1967; December 2.8, 1966; December 29, 1965; December, 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. Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) 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 (old) (new) 1/ (est.) (est.) 1967--Apr . 26 May 31 Jun. 30 Jul. 26 Aug. 30 Sept.27 Oct. 25 Nov. 2 9 Dec. 30 1968--Jan. Feb. Mar. Apr. May June July Aug. 31 28 27 24 29 30 31 28 p p p p Loans and investments U. S. Gov't. Other securities 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/ 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 62.5 350.1 350.6 351.1 353.9 354.5 360.9 364.7 366.5 62.2 63.2 61.1 59.5 60.0 58.7 60.0 61.0 169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6 252.4 273.9 301.8 317.9 1/ Nonbank financial institutions Business 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 9.8 10.7 11.3 13.9 14.9 13.0 2/ 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 61.7 62.2 63.1 63.8 63.4 63.9 64.4 65.9 226.1 225.2 226.9 230.5 231.1 238.3 240.2 239.6 85.7 86.0 87.9 89.4 89.1 92.3 91.7 90.6 58.8 59.1 59.5 60.1 60.7 61.3 61.8 62.3 10.8 9.9 9.0 8.9 8.7 9.6 11/11.3 9.4 9.6 9.7 9.9 10.1 10.3 10.4 10.3 41.1 41.3 41.5 42.2 42.7 r 43.2 r 43.8 44.3 11.3 10.9 11.1 11.5 11.1 12.2 12.0 11.6 13.8 13.1 13.0 13.2 13.4 r 14.0 r 13.8 14.0 Total loans Security Farm Consumer NOTE: All other 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 If 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. 3/ Beginning June 30, about $1 billion of participation certificates previously included in agricultural and "all other" loans were reclassified as "other securities." Individual loans category data are available for publication only on a June and December call data basis. Exhibit G Ratios to Total Deposits 1/ L O A N Date 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 . 1967-- 1968--Jan. Feb. Mar . p Apr. P May p June p July P Aug. NOTE: Total . New York Citv U.S. Government securities maturing within one year S City of Chicago Other Country All commercial banks 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 ) ' i ) ' 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 L ? 1 t ? d 1 8 63.9 63.8 64.6 65.5 65.7 66.4 66.2 66.2 65.6 65.5 66.4 67.4 67.6 68.4 68.1 68.1 80.2 79.7 81.8 ; 84.4 84.9 86.3 r 87.5 89.2 70.0 70.3 75.1 75.6 75.6 78.5 76.1 75.5 67.4 67.5 68.6 69.8 70.0 70.8 r69 .6 69.3 58.2 58.2 58.3 58.9 59.1 59.3 59.5 59.6 6 .5 31 31 31 31 31 31 31 31 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 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 9.5 7 .5 2/ 8.0 7.3 6;1 6.6 6.1 5.6 5.1 5.2 5.2 n.a . n.a. 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. 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 http://fraser.stlouisfed.org/ compared with 66.0 on the current basis. 1/ Federal Reserve Bank of St. Louis L.4.3 DEPOSITS AND CURRENCY AND TURNOVER Seasonally Annual adjusted, deposits, monthly averages of daily figures, - E^ilBIT H, Part OF DEMAND DEPOSITS turnover, Billions monthly of dollars rate 55 180 MONEY SUPPLY 50 160 45 140 TIME AND SAVINGS DEPOSITS All commercial banks 120 40 232 SMS A S 100 35 /\ - y 343 TURNOVER Outside N.Y.C. Centers 80 30 U.S. GOVT. )EP0SITS 10 Member 10 banks 11 11 i n ii i ii 11111111 i i -0i i 0 1962 1963 1964 1965 1966 1967 1968 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 d n e y A d j u s t e d Time and 1/ savings deposits (all commercial) S u p p 1 y D a t a U.S. Gov11. 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 182.3 182.7 183.4 184.4 186.1 187.3 189.4 190.2 141.7 141.9 142.2 143.0 144.5 145.3 147.2 147.6 40.6 40.7 41.1 41.4 41.6 42.0 42.2 42.6 184.1 185.2 186.7 187.1 187.6 188.2 190.4 193.8 5.4 7.1 6.7 5.2 3.7 3.9 2.7 4.8 41.6 42.1 41.6 42.3 43.0 43.4 43.7 n .a. 189.5 147.3 42.2 191.8 4.0 n .a. 190.2 189.6 190.5 190.3 148.0 147.1 147.9 147.6 42.2 42.6 42.6 42.7 192.4 193.2 194.0 194.5 4.2 5.2 4.7 4.9 n n n n W e e k ending: 1 9 6 8 — J u l y 31 Aug. 7 14 21 28 .a. .a. .a. .a. 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 payment of personal loans. * # e e # e • • e # # PL.4.3 - EXHIBIT*, Part 1 TIME AND SAVINGS DEPOSITS AT LARGE COMMERCIAL BANKS Wednesday figures Billions TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS "X TIME DEPOSITS TIME D EPOSITS EXCLUDING LARGE CD's LARGE CD's . i 1965 i i i I . 1 1966 1967 1968 of d o l l a r s E x h i b i t I - Part II Large Commercial Banks T i m e P e r i o d T o t a l 1/ 1961- -Dec . 1962- - D e c . 1963- -Dec . 1964- -Dec . 1965- - J u l y July 1965- -Dec . 1966- - D e c . Dec. 27 26 31 30 7 (Old) 7 (New) 29 28 (Old) 2 8 (New) 5/ 5/ 1967- - A u g . 30 1967- - D e c . 27 D e c . 27 (Old) (New) 5/ a n d Savings S a v i n g s Time 1/ D e p o s i t s Large certificates of deposit 2/ 3/ 4/ Time other 1/ than large certificates of deposit 8,608 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 15,642 101,827 47,957 53,870 20,742 33,128 102,809 102,991 48,647 48,781 54,162 54,210 20,330 20,330 33,832 33,880 9,857 11.565 13,598 15,332 16.566 18,353 26,737 26,784 1968- -Apr . May June July 24 29 26 31 • 104,231 104,170 103,852 106,411 48,420 48,470 48,657 48,274 55,811 55,700 55,195 58,137 19,788 19,543 19,211 21,450 36,023 36,157 35,985 36,687 Aug. 7 14 21 28 107,156 107,609 108,047 108,259 48,288 48,283 48,296 48,269 58,868 59,326 59,751 59,990 21,931 22,177 22,250 22,304 36,937 37,149 37,501 37,686 1/ B e g i n n i n g J u n e 15, 1966, data e x c l u d e $ 4 0 0 m i l l i o n of balances accumulated for the payment of 2/ N e g o t i a b l e ° c e r t i f i c a t e s of deposit issued in denominations of $ 1 0 0 , 0 0 0 or m o r e . 3/ 4/ 5/ Estimated. As of D e c e m b e r 5 , 1962. Revised series. Member Ban• c Reserves (Based on averages of daily figures; in millions of dollars) Free reserves (excess reserves minus borrowings) D A T E All member Reserve City Banks New York City of City Chicago Other Excess Reserves Country All member Borrowings All member Total reserves held seasonally adjusted All member Monthly Averages: 1958r-December 1959--December 1960--December 1951--December 1962--December 1963--December 1964--December 1965--December 1966--December 1967--Apr. May June July Aug. Sept. Oct. Nov. Dec. 1968--Jan. Feb. Mar. Apr. »-.May p June p July p Aug. 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 - 93 230 166 11 9 - 38 - 96 - 26 67 373 399 356 270 420 351 298 380 237 361 671 683 746 692 525 565 25,500 25,765 25,812 25,623 25,711 25,816 25,923 26,431 136 38 -315 -413 >•326 -341 -227 -185 9 57 13 59 34 '22 - 25 -162 2 2 - 59 -105 - 64 - 43 - 77 2 1_/ 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 Savings U. S. Gov't, and loan savings shares 4/ bonds 5/ 7 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. Feb. Mar . Apr. May June July Aug. 0.1 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 0.1 117.1 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 51.9 53.6 55.4 57.0 56.5 • 55.9 • 54.9 • 56.9 55.1 130. 2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6 156.7 164.1 168.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 30.0 31.6 33.9 34.9 36.2 38.3 41.4 H2V9 44.5" 0.3 127.1 147.1 159.3 49.0 52.6 55.2 0.4 0.3 613.2 619.8 168.7 173.0 173.7 172.0 174.2 176.3 175.8 177.9 180.7 168.6 56.8 57.4 58.0 179.6 178.3 186.5 187.6 187.8 187.3 187.3 r 187.5 191.2 193.7 623.1 630.3 635.7 638.1 645.9 650.5 655.9 658.7 665.3 664.0 r 667.1 669.9 r 675.8 678.3 181.6 180.8 183.5 186.5 185.8 185.7 For footnotes see nest page. 170.7 172.4 174.7 177.2 178.1 180.1 183.8 183.1 28.1 58.4 58.7 59.1 59.5 59.9 60.3 t 60.6 61.1 61.4 61.7 62.1 62.4 63.0 63.7 P " Preliminary 0.8 0.6 0.5 0.1 0.1 0.1 0.1 0.1 118.0 118.9 119.9 121.0 122.5 123.0 123.7 123.9 # 123.6 124.6 125.9 126.0 r 126.5 126.8 127.2 128.1 Liquid assets to gross national product 7/ 8 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 2.1 1.9 1.6 1.3 1.1 0.9 320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4 530.5 573.1 601.5 620.8 p p p p p p p p 26.3 U. S. Gov't, securities maturing within one year 6/ Ratios: Commercial Demand deposits and bank deposits currency to and currency to gross nation- liquid assets al product 7/ (2 + 3 -i- 1) 11 10 85.3 81.3 79.7 80.5 79.5 34.7 32.6 31.3 30.4 29.7 79.0 78.4 79.5 27.5 26.4 25.1 24.b 24.1 80.2 81.U 81.5 79.8 77.9 28.6 22.8 21.8 55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.U 53.5 54.3 54.5 55.0 78.6 22.0 79.1 21.9 78.9 21.9 55 18 55.6 55.7 55.8 55.8 56.0 79.1 21.7 r 78.2 21.5 55.9 55.8 55.5 55.5 55.4 55.6 : 55.8 : 55.8 55.9 r - Revised on basis of December 30, 1967, Call Report. * . Beginning 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. Exhibit K (Continued) E x c l u d e s h o l d i n g s of the United States G o v e r n m e n t , G o v e r n m e n t agencies and trust funds, dom e s t i c c o m m e r c i a l b a n k s , and Federal R e s e r v e Banks. Adjusted to avoid d o u b l e counting w h e n ever p o s s i b l e . A l l series adjusted for seasonal v a r i a t i o n by the X - 9 variant of Method II developed by the B u r e a u of the Census. D a t a are for demand d e p o s i t s adjusted and c u r r e n c y outside banks and are as of the last Wedn e s d a y of the m o n t h . In concept the figures agree w i t h the daily average m o n e y supply described in d e t a i l in the Federal Reserve B u l l e t i n for August 1962, p. 941, except that demand d e p o s i t s held by m u t u a l savings banks and by savings and loan associations h a v e b e e n deducted to avoid d o u b l e c o u n t i n g . Demand deposits of c o m m e r c i a l banks in A l a s k a and H a w a i i are included b e g i n n i n g J a n u a r y 1959 and August 1959, respectively, except that one national bank rein A l a s k a and one n a t i o n a l bank in H a w a i i w e r e included in A p r i l 1954 and A p r i l 1959, spectively. Demand d e p o s i t s due to banks in United States p o s s e s s i o n s are included throughout. T o t a l time d e p o s i t s at commercial banks except interbank, U.S. Treasurer's open account, and p o s t a l savings r e d e p o s i t e d in commercial banks. D a t a are as of the last W e d n e s d a y of m o n t h except J u n e 30 and D e c e m b e r 31 w h e n call d a t a for these dates w e r e used w h e n available. Time deposits of c o m m e r c i a l banks in Alaska and H a w a i i and time d e p o s i t s d u e to banks in U. S. p o s s e s s i o n s are included as indicated for demand deposits in footnote 2 above. F i g u r e s compiled b y the F e d e r a l Savings and L o a n Insurance C o r p o r a t i o n except that prior to 1955 d a t a are Board estimates based on m o n t h l y figures of inflow of n e w savings and w i t h d r a w a l of savings c a p i t a l compiled by the F e d e r a l H o m e L o a n B a n k Board. savIncludes all types of savings bonds held by investors other than c o m m e r c i a l and m u t u a l ings b a n k s and U.S. Government agencies and trust funds. H o l d i n g s of savings and loan assoc i a t i o n s are also excluded beginning in F e b r u a r y 1960, the earliest d a t e for w h i c h separate figures for these institutions are available. Figures are from d a t a compiled by the U. Treasury Department. B e g i n n i n g D e c e m b e r 1950 figures include T r e a s u r y m a r k e t a b l e securities and F e d e r a l agency securities m a t u r i n g w i t h i n one y e a r , except h o l d i n g s of domestic c o m m e r c i a l , m u t u a l savings, and F e d e r a l R e s e r v e B a n k s , Government agencies and trust funds, and b e g i n n i n g February , savings and loan a s s o c i a t i o n s . Figures h a v e b e e n adjusted to include p a r t i a l l y tax-exempt securities 1 2 m o n t h s p r i o r to first call d a t e , and p r i o r to 1956, n o n m a r k e t a b l e Treasury savings n o t e s w i t h m a t u r i t i e s up to 36 m o n t h s . Prior to D e c e m b e r 1950 figures for marketable issues include s e c u r i t i e s callable w i t h i n one year. Figures represent par value and are from the U. S. T r e a s u r y D e p a r t m e n t ' s Survey of Ownership of U. S. Government Securities. Gross n a t i o n a l p r o d u c t figures are available q u a r t e r l y and annually only. D a t a for total liquid assets used in c o m p u t i n g these ratios are q u a r t e r l y averages calculated for four dates (each m o n t h of the current quarter and the last m o n t h of the p r e c e d i n g quarter).
@FedFRASER