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rcUfcKAL RESERVE BANK yoi i\ - cry SEP 2 0 1962 ^ £ .^BANKING AND MONETARY DEVELOPMENTS IN AUGUST 1962 Total commercial bank credit, seasonally adjusted, increased in August by more than it had declined in July. Loans rose at a much more rapid rate than in most other recent months but growth in holdings of non-Government securities was slower. Holdings of U. S„ Government issues increased somewhat following a large reduction in July, The money supply declined, U, S, Government deposits at commercial banks increased substantially. Time deposits rose moderately further, Total reserves and required reserves declined5 free reserves were unchanged. Bank credit. Total credit at all commercial banks, seasonally adjusted, increased $2.5 billion in August following a $1.5 billion reduction in July. Credit growth appeared to be larger than usual at both weekly reporting banks in leading cities and at other banks. Total loans rose $1.2 billion, a considerably more rapid rate of growth than had occurred over the spring and early summer months. Holdings of U. S. Government securities rose $1 billion following a sharp $2.5 billion reduction in July. Growth in holdings of non-Government securities, however, slowed considerably compared with rapid expansion in most other recent months; early in the year, banks had acquired substantial amounts of State and municipal issues and more recently had been heavy purchasers of Federal agency issues. Or August 15, all commercial banks acquired about $2.5 billion of new securities for cash or in exchange for their holdings of maturing notes which totaled about $2 billion. The new holdings comprised $1.1 billion of one year certificates, $1.3 billion of 1969 bonds and $0,1 billion of 1987-92 bonds. The Treasury also increased the outstanding amount of Treasury bills over the five week reporting period ending August 29 by $900 million, but city bank holdings of Treasury bills declined. Over the January-August period, the total seasonally adjusted credit rise of over $10 billion was at an annual rate of about 7-1/4 per cent, only slightly below the rate of growth in 1961 and considerably above rates in comparable months of the two previous recovery periods. Loan growth, however, has been moderate this year compared with that in the two earlier periods. Holdings of U. S„ Government securities, on the other hand, have been about unchanged over the past eight months whereas they had declined substantially in the corresponding months of the 195859 and 1955-57 expansions. Holdings of non-Government securities have increased much more rapidly than usual, however. Seasonally adjusted business loans at all commercial banks rose $500 million in August, a larger rise than in any other month this year. So far this year, however, these loans have increased at an annual rate of only 6 per cent, considerably below growth in the comparable months of the two previous recoveries. At weekly reporting banks in leading cities, increases in loans to metals manufacturers and to public utilities in August were in contrast with the usual declines in this month. Loans to trade concerns and to textile manufacturers increased somewhat more than seasonally. Not for publication Net new borrowing by food processors and commodity dealers was somewhat smaller than usual, however. Security loans increased $200 million on a seasonally adjusted basis in August following steady reductions since March. The August rise reflected mainly a reversal of the spring and early summer decline in loans for purchasing and carrying non-Government securities. Loans to U0 S 0 Government security dealers were about unchanged as increases in mid-August associated with the Treasury financing were offset by reductions at other times in the month. Real estate loans continued to rise substantially in August. Over the first eight months of the year growth in these loans was at a higher rate than in the 1958-59 expansion and at about the same rate as in the 1955-57 recovery. Consumer loans rose moderately further in August. Growth in these loans has been slower than in earlier business upswings but growth in total consumer credit also has been slower. Agricultural loans at all commercial banks declined on a seasonally adjusted basis in August reflecting an especially heavy volume of maturing cotton loans. These loans had increased more than usual in January and February, however, and consequently there has been little change over the year as a wholee Money supply. The daily average money supply, seasonally adjusted, declined $900 million between the second half of July and the second half of August. In late August, deposits and currency were about 1 per cent below the late-December level and 1-1/4 per cent above the year-ago level. The reduction in August, which occurred almost entirely in the second half of the month, was associated with an unusually sharp build-up in U0 S. Government deposits. Average time and savings deposits at all commercial banks, seasonally adjusted, increased $700 million in August; growth in these deposits had begun to slow down in late July from the reduced rate of the second quarter. At weekly reporting banks in leading cities, savings deposits increased less rapidly in August than in June or July; other time deposits, however, which had declined in July, rose somewhat in August. The seasonally adjusted annual rate of demand deposit turnover at banks in 343 centers outside New York declined to 31 <>7 (preliminary) in August from 32*1 in July. The August level, however, was about the same as April and somewhat above May and June. So far this year, turnover has averaged about 8-1/2 per cent above the January-August period last year* Bank reserves. Total reserves and required reserves of member banks declined in August. Excess reserves increased slightly to $565 million but borrowings from the Federal Reserve also rose to $125 million. Free reserves at $440 million were unchanged from July. At country banks, free reserves were higher in August than in July but at reserve city banks Not for publication *L.4.3. - 3 - they were lower. The effective rate on Federal funds was high in August averaging 2.95 per cent over the month. During August, on a daily average basis, reserves were absorbed principally through a reduction in float and continued gold outflow. "Other F. R. accounts" also increased reflecting in part August 15 interest payments on System-held U. S. Government securities. Reserves were supplied principally through a $505 million increase in Federal Reserve holdings of U. S. Government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. September 17, 1962. Not for publication 1.4.3 - EXHIBIT A, P a r t 1 L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S last Wednesday of month/ seasonally B i l l i o n s of adjusted dollars TOTAL LOANS AND INVESTMENTS S . GOVT. SECURITIES OTHER SECURITIES 1957 1950 1960 1959 1961 1962 1963 Exhibit A - Part II Total 1/ Date ( I n 1957—Dec. 1958—Dec.. 1959—Dec. I960—Dec. 1961—Dec. 31 31 3.1 31 31 1962——Jan. • 31 Feb. 28 March 28 April 25 May 30 June 27 July 25. Aug. 29 Loans 1/ .1 1 i 0 n s b : o f Other securities d o l l a r s ) 166.4 181.0 185.7 194.5 57.0 64.9 57.6 59.6 64.7 17.9 20.5 20.4 20.7 209.6 91.4 95.6 107.8 114.2 121.1 210.7 213.3 215.2 214.9 216.1 218.9 217.4 r 219.9 120.8 122.6 123.8 124.4 124.5 125.5 125.7 r 126.9 65.7 24.2 24.6 25.3 1/ Adjusted to exclude interbank loans. U. S. Gov't, securities 66.1 66.1 64.5 65.4 66.4 63.9 64.9 23.8 26.0 26,2 27.0 27.8 28.1 1.4.3 L O A N S Last AT ALL Wednesday of C O M M E R C I A L month, - EXHIBIT B, Pan 1 B A N K S seasonally adjusted illions ol dollars SO BUSINESS 40 REAL ESTATE 30 20 CONSUMER 10 SECURITY 1957 1958 1959 I960 1961 1962 1963 Exhibit B - Part II Real Estate Business Date (In b i 1 :. i o n s of Consumer Security d 0 1 1 a r s ) 1957—Dec. 1958—Dec. 1959" Dec. 1960—Dec. 1961—Dec. 31 31 31 31 31 35-3 35.4 39.5 42.1 44.1 23.0 25.2 28.0 28.7 30.3 15.7 15.9 18.8 20.5 21.0 3.8 4.1 4.2 4.3 5.2 1962——Jan. Feb. March April May June July Aug. 31 28 28 25 30 2? 25 29 44.1 44.2 44.5 44.8 44.9 45.1 45.3 45.8 30.4 30.6 30.9 31.2 31.6 32.0 32.4 32.8 21.1 21.2 21.4 21.6 21.8 21.9 22.0 22.2 4.8 5.5 6.0 5.6 5.2 4.9 4.4 4.6 • • • L.4.3. • # + # • « Exhibit C Changes in Loans and Investments at all Commercial Banks, Seasonally Adjusted (In billions of dollars) Item « • 1962 1963 Sept. Oct. Nov. Dec. Jan. Feb. March Apr. May June July Aug. Loans and investments 2/ +2.7 +0.4 +1.2 +1.3 +1.1 +2.6 +1.9 =0.3 +1.2 +2.8 -1.5 r+2.5 U. S. Gov't securities *1.0 =0.8 y =0.6 +1.0 +0.4 y =1*6 +0.9 +1.0 -2*5 +1.0 Other securities +0.6 y +o.U +0.2 +0.4 +0.4 +0.7 +0.7 +0.2 +0.8 +0.8 +0.3 Loans +1.1 +1.2 +0.8 +1.7 —0.3 +1.8 +1.2 +0.6 +0.1 +1.0 *0.2 r+1,2 +0.2 +0.3 y +0.8 y +0.1 +0.3 +0.3 +0.1 +0.2 +0.2 +0.5 y +0.1 +0.2 +0.3 +0.1 +0.2 +0.3 +0.3 +0.5 +0.4 +0.4 *0.4 Consumer -0.2 +0.1 +0.1 +0.1 +0.1 +0.2 +0.2 +0.2 +0.1 +0.1 +0.2 Security +0.3 +0.2 y +0.7 +0.5 -0*4 —0.4 -0.3 -0.5 +0.2 Nonbank financial +0.3 +0.2 +0.2 y y y y —0.1 +0.2 —0.1 +0.1 +0.2 1/ +0.2 y +0.1 +0.2 +0.1 +0.3 +0.1 y +0.1 -0.1 y +0.2 —0.6 +0.2 +0.2 +0.1 +0.1 +0.2 +0.3 +0.4 -0.1 y +0.1 *0.2 +0.1 2/ Business Real estate Agriculture All other Individual loan items may not add to change in total loans because: (l) loan items are gross of valuation reserves while total loans are net5 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. 2j Adjusted to exclude interbank loans. NOTEi r - Revised L.4.3« 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 Jul.y to last Wednesday of August Item 1962 1961 I960 1959 1958 1957 1956 V +0.6 -0.1 1/ 3/ +1.U 3/ —0.8 3/ -0.1 ?0T% 3/mT% —0.1 +2.0 +0.3 +0" +0.5 —0.1 +0.1 703 +0.5 +1.0 +0.1 -0.3 —0.6 +0.2 ~=o7f +0.1 +0.1 1/ +0.2 +0.8 —1*0 —0#1 -0.3 —0.2 +0.9 +0.2 + o +0.1t -0.3 +0.1 +0.1 +0.1t +o.5 +0.1 +1.0 +0.3 +0.1 +o.5 -0.2 Tom +0.2 +0.6 +0.2 1/ +0.7 +0.1 +1.1 +0.1 +1.3 +0.1 +0.2 1/ +0.1 +0.5 1/ All commercial banks Total loans U.S. Gov't, securities Other securities Total +1.2 -0.3 +0.3 +T72 Weekly reporting banks Total loans U.S. Gov't securities Other securities Total +0.9 -0.7 +0.1 +0.5 Other banks Total loans U.S. Gov't securities Other securities Total +0.3 +0.U +0.2 +07B -o.5 +0.2 -0.3 V V 3/ 3/ 3/ 3/ +1.5 +573 End of 1December "bo last Wednesday of August Item 1962 1961 1960 1959 1958 1957 1956 +2.5 2/ +7.8 2/ -6.1 2/ -0.1 Z/TT77 -1.1 +7.9 +2.3 +9.0 +1.9 —2.1t +0.6 +lt»3 -lt.lt —0.3 +U.1 -5.it —0» 2 —loll. -2.7 +6.5 +1.6 +5.3 +0.2 -1.7 +0.1 +2.7 -3.5 -0.lt +3.7 -0.7 +0.1 *3.1 +1.6 +1.U +0.7 ^ 7 All commercial banks Total loans U.S. Gov't securities Other securities Total +3.0 -2.9 +ii.l +1172 -0.lt +3.2 +1.6 +L.5 —0.5 —0.5 Weekly reporting banks Total loans U.S. Gov't securities Other securities Total +0.5 -3.2 +2.9 +0.2 -2.3 +2.9 +1.1 +177 -0.3 -0.3 -0.3 =0T? Other banks Total loans U.S. Gov't, securities Other securities Total +2.5 +0.3 +1.2 +1.9 +0.3 +0.5 +2.8 —2.0 -0.2 ^H70 -2.3 2/ 2/ 2/ 2/ +571 -o.5 ^173 :T7Z +1.7 -0.7 +o.5 +1.6 -0.9 +0.1 +0.7 THE NOTE—Data exclude all interbank loans5 call repor 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/ As a result of bank structure changes, credit increased about $300 million with 1200 million in loans and $100 million in U.S. Gov't securities. # 9 t L.4o3« ' Business of Borrower Food processors Commodity dealers Trade concerns Total Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Classified Unclassified Total change Total change excluding sales finance # • # S • t | Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (In millions of dollars) End of July to end of August 3/ End of December to end of August 1962 1961 1960 1959 1958 1962 1961 1960 1959 1958 + 42 + 37 ±62 +142 +106 + 87 + 61 +254 +102 + 83 +126 + 92 +263 -555 -197 +140 1512 -500 -187 -142 -829 -561 -603 +294 1570 -464 -234 +153 +105 +125 + 11 72?i -373 -670 -165 zip -987 + 8 y 2/+455 -920 1/ y y y y y + 91 + 99 - 16 - 83 + 76 -143 -112 + 89 -11 - 7 + 83 + 26 -158 + 3 + 23 - 10 +396 - 90 -424 +249 -113 +642 +388 -142 +878 +353 -134 -297 + 76 -201 + 27 + 87 + 29 +17 - 94 + 9 + 24 -105 + 20 + 33 - 19 + 9 - 17 - 12 + 35 +552 —420 +221 +241 -475 + 79 +385 -173 +121 +292 - 75 +114 +141 -310 + 94 - 37 +118 + 55 - 12 + 71 +190 +539 +215 + 2 +153 +422 + 58 +155 + 2 +113 -126 +376 + 17 +194 + 20 +227 +287 -733 + 34 +566 - 61 +1,511 +200 -2,250 -208 +480 +156 - 13 +393 +214 +514 -699 +505 +1,711 -2,458 +480 +156 - 13 +393 +206 +514 -699 +505 +1,265 -1,538 1/ Not included in business loans on revised basis. 2/ Through July 1. 3/ Five weeks used throughout. » E^ibitrF Loans and Investments at All Commercial Banks (In billions of dollars) L.4.3 U. S. Other Loans Total Govt, securand loans invest- secur- ities ities ments Date 1956: 1957: 1958: 1959: Dec. 31 Dec. 31 Dec. 31 June 24 (old) June 24 (new) Dec. 31 1/ I960: Dec. 31 1961: May June July Aug. > Sept. Oct. Nov. Dec. 31 30 26 30 27 25 29 30 Bus^ Seal Secur- Farm ity iness estate 164.5 169.3 184.4 184.2 184.2 189.5 198.5 58.6 58.2 66.4 60.9 60.9 58.9 61.0 16.3 17.9 20.6 20.6 20.6 20.5 20.9 89.7 93.2 97.5 102.8 102.8 110.0 116.7 38.7 40.5 40.4 42.5 37.8 40.2 43.1 22.5 23.1 25.3 26.9 26.9 28.1 28.7 4.3 4.2 4.7 .4.1 4.1 4.9 5.1 4.2 4.1 5.0 5.0 5.0 5.0 5.7 2^99.2 200.9 203.3 203.0 207.5 208.3 209.1 214.4 61.5 21.9 22.1 22.3 22.5 23.3 23.2 23.4 23.9 115.8 117.0 116.3 116.3 118.1 118.5 119.5 123.9 42.3 42.8 42.3 42.5 43.0 43.2 43.6 45.2 29.0 29.3 29.5 29.7 29.8 29.9 30.1 30.3 4.8 4.9 5.1 4.6 5.1 5.2 5.0 6.2 6.0 6.0 61.8 64.7 64.2 66.1 66.6 66.2 66.6 Consumer 14.6 15.8 15.9 17.5 17.5 18.8 20.6 21.1 21.2 6.0 21.2 21.2 5.8 21.0 5.8 21.0 5.9 6.0 . 21.0 6.2 21.1 Nonbank financial All institu- other tions — — ~ — 5.9 7.1 7.1 . 6.0 6.0 5.7 5.9 6.4 6.1 6.3 7.3 . 6.9 7.2 8.2 8.8 7.6 8.1 8.7 2/8.9 9.2 9.0 9.1 9.4 9.6 9.9 10.2 10.0 6.4 Jan. 31 p 21.0 210.9 6.4 43.4 30.4 67.2 24.1 119.6 4.7 66.0 24.5 121.1 6.4 ' Feb. 28 p 211.6 10.1 20.9 5.4 6.6 43.7 30.5 64.4 25.4 122.6 Mar. 28 p 44.8 212.4 : 10.2 21.1 5.4 6.6 6.5 30.7 Apr. 28 p 10.4 214.7 ;; 64.6 26.2 123.9 21.4 44.7 31.1 6.5 6.7 5.7 May 30 p 215.0 6.6 64.3 26.2 124.5 6.6 10.7 44.9 31.5 21.7 5,1 June 27 p 10.9 64.2 27.0 126.6 22.0 217.8 4,9 7.1 45.5 32,0 6,7 July 25 p 10.0 22,2 6.9 217.u lt5.o 32 .U 6h»0 27,7 125.7 10<,9 FZlOeO 6,2 7,2 22*1 o3*7 2oe0 1-126.9 Augo 29 p 32 •8 Ue5 p - Preliminary. ]/ Struct:ure changes in ]L959, balance through August, added almost $1 billion to 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 loans, $100 million; and other loans $100 million. 2/ Increase of $200 million due to reclassification of foreign interbank loans into other loans. Total loans sure also affected by this same amount. NOTE: 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 nonbank financial institutions. http://fraser.stlouisfed.org/ : • Bank S of"St. Louis + ' \ # v * e # # " Federal Reserve 1962; Exhibit G L.4.3. # Ratios to Total Deposits 1/ 0. S. Govt, securities maturing within one year — L O A N S Date All commercial banks Total Member banks Reserve city banks New York City of Other City Chicago All commercial banks Country 2/ 2/ 2/ 14.2 19.2 15.2 9.8 11.7 16.9 10.0 5.1 7.5 8.4 8.3 6.7 8.1 1948: 1949s 1950s 1951s 1952s 1953s 1954s 1955s 1956s 1957s 1958s 1959? 1960s Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 31 31 31 31 31 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 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 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 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 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 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 1961s July Aug. Sept. Oct. Nov. Dec. 26 31 27 25 29 30 54.8 55.1 54.7 54.3 54.7 54.5 55.7 56.1 55.7 55.3 55.7 55.7 62.0 58.0 62.9 63.5 65.O 54,8 57.1 5606 57.9 57.7 58.0 51.1 51.1 50.7 50.2 50.5 50.2 12.2 11.4 11.8 11.4 10.4 10.6 31 28 28 25p 30p 27p 25p 29p 54.1 54.9 55.4 55.4 55.7 55.8 55.5 55.9 55.3 56.0 56.5 56.5 63.O 64.7 56.8 58.8 57.7 59.2 58.3 57.3 57.7 56.5 57.1 58.3 58.4 59.1 58.8 59.3 59.5 50.1 50.8 51.2 51.3 10.9 11.7 10.6 10.9 11.1 10.8 10.7 ma* 1962 s Jan. Feb. Mar. Apr. May June July Aug. 5608 56.8 56.5 57-0 62.8 63.6 65.8 65.4 64.4 63.8 63.0 65.8 58.6 57.9 57.7 58.3 57.7 58.0 51.8 52.3 51.7 51.7 # # 0 * 0 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. NOTE: Comparability of figures 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. Beginning August 1962, figures for both New York City and the City 0 of Chicago include banks formerly classified as central reserve city ana three banks whose classification as reserve city is continued p - Preliminary. Not for publication e 1.4.3. DEPOSITS AND Semi-monthly - EXHIBIT H, P a r t 1 CURRENCY averages of daily figures, seasonally Billions adjusted of dollars 160 MONEY SUPPLY TIME AND SAVINGS D E P O S I T S * U. S. GOVT. D E P O S I T S * Not a d j u s t e d for v e o t o n o l 1957 1958 1*59 1960 1961 1962 1963 All c o m m e r c i a l bank*. Exhibit H - Part II Seasonally adjusted data Money supply Total Demand deposits Currency 1959—Dec. (2) 1960—Dec• (2) 1961—Dec. (2) 141.8 141.2 146.0 113.0 112.2 116.4 28.8 28.9 29.6 1962—Apr. (1) 146.2 145.9 146.2 145.3 145.6 145.5 145.7 145.7 145.6 144.8 116.1 115.9 116.2 115.3 115.5 115.3 115.5 115.5 115.4 114.6 30.0 30.0 30.0 30.1 30.2 30.2 30.2 30.2 30.3 May (1) (2) June (1) (2) July C D (2) Aug. (1) (2) u. s. Gov't, deposits (In billions of dollars) ' (2) Time and savings deposits 30.0 67.4 73.0 82.7 5.2 5.3 5.5 88.5 4.0 3.5 6.3 7.7 6.1 8.3 8.2 6.0 5.4 8.2 88.9 89.3 89.8 90.4 90.9 91.6 91.9 92.2 92.7 1.4.3 - E X H I B I T I, P a r i I TIME A N D S A V I N G S D E P O S I T S AT M E M B E R B A N K S IN L E A D I N G C I T I E S Wednesday figures Billions el dollars 1 0 T A I I I I l i AND SAVINGS P l f O S l I S < SAVINGS P i r O S I I S . ^ * — 1 -xzv- Yiiii DEPOSITS OF INDIVIDUAL, miNtisHirs, AND coiroetnoNs i19*1 11*1 1*** Exhibit I - Part II Tim e Period Total (In Savings and Savings mi 1 1 i 0 n s Individuals, partnerships, and corporations of d o l l a r s ) 1961—April 26 Dec. 27 38,175 41,472 27,819 30,082 , 5,480 5,969 1962—March April May June July 28 25 30 27 25 45,055 45,513 46,484 47,077 47,257 31,634 • 31,740 32,116 32,539 33,044 7,614 7,804 8,322 8,511 8,296 1 8 15 22 29 47,242. 47,381 47,471 47,588 47,708 33,114 33,242 33,304 33,374 33,396 8,251 8,260 8,296 8,354 8,424 Aug. Deposits Other time deposits 1/ 4,876 5,421 1 5,807 5,969 6,046 6,027 5,917 5,877 5,879 5,871 5,860 5,888 1/ Includes States and political subdivisions, U. S, Government, foreign governments and official institutions, and interbank. L.4.3. Exhibit J Member Bank Reserves (Based on averages of daily figures; in millions of dollars) Date All member Monthly averages; 1958s Dec. 1959: Dec. 1960s Dec. 1961s 1962; Total reserves held seasonally adjusted Excess reserves Borrowings Country All member All member -197 -449 80 268 237 583 516 481 756 557 906 87 18,494 18,540 56 44 50 8 13 24 467 484 499 446 494 471 581 604 589 507 614 573 51 67 37 65 105 149 19,025 19,242 19,411 19,640 19,792 19,704 20 22 15 9 36 - 4 3 4 483 404 394 401 385 389 416 441 616 502 470 509 497 470 531 565 70 68 91 69 63 100 89 127 19,812 19,789 19,764 19,822 19,957 19,984 20,006 19,942 Free reserves (excess reserves minus borrowings) Reserve Cits Banks City of Other New York City Chicago All member - 41 -424 669 - 80 -109 10 July Aug. Sept. Oct. Nov. Dec. 530 537 553 441 509 424 7 7 2 12 14 • 50 Jan. Feb. Mar. Apr. May June July Augustp 546 434 379 440 434 370 442 438 41 11 - 24 50 10 =» 12 18 7 - 14 517 75 15 9 33 397 576 59 n 0 3.0 5 3 - 36 341 401 442 454 447 434 490 597 541 535 70 n.a* Ilofle Hea.o rua* n«a0 Weekly averagess p 1962; July 25 Aug. 1 8 15 22 29 364 334 467 385 462 - 32 -104 - 4 1 2 - 24 - 13 - 22 - 2 3 6 20 3 3 6 - 16 - 25 -15 29 - 28 21 — 22 - 19 13 - 5 7 18,887 156 130 156 73 itOTE: Beginning July 26, 1962, figures for both New York City 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. http://fraser.stlouisfed.org/ k # of St. Louis Federal Reserve Bank # • # e # # # # # L.4.3- End of year of month Exhibit K Liquid Assets Held by the Public — Seasonally Adjusted Series (Amounts in billions of dollars; ratios expressed as percentages) Total liquid assets 1 Demand Time deposits adjusted 1/ deposits Savings U. S. U. S. Govt, adjusted and Govt, securities CommerMutual and loan savings maturing currency bonds within one savings shares cial y outside banks banks 2/ year £/ V banks 1/ 4 6 3 5 7 - 2 1956 1957 1958 1959 1960 339.9 351.7 368,9 388.7 396.0 134.5 133.6 138.8 140.2 139.2 50.7 56.4 63.4 66.2 71.7 31.6 33.0 35.1 35.9 37.1 1961: May June July Aug. Sept. Oct. Nov. Dec. 408.1 413.2 414.4 414.4 417.2 420.9 420.6 424.6 2/140.8 140.9 141.5 141.3 141.9 143.8 143.4 144.8 2/77.4 78.4 79.0 79.8 37.7 38.1 38.3 38.3 38.6 38.7 38.9 39.1 19622 Jan. Feb. Mar. Apr. May June July Aug. 425.7 430.6 435.3 438.8 437.4 442.3 443.5 Tl e 8- e 143.7 144.4 144.0 145.7 143.4 143.4 144.3 143.0 84.8 86.2 http://fraser.stlouisfed.org/ # t Federal Reserve Bank of St. Louis # 80.6 81.4 82.5 82.4 87.6 88.3 89.5 e 90.7 91.4 92.4 39.2 39.4 39.6 39.8 39.9 40.2 r 40.6 40.6 # 37.0 54.8 51.7 50.5 48.0 47.1 31.3 35.3 33.4 44.1 39.1 69.7 70.5 47.2 47.2 47.3 47.3 47.4 47.3 47.3 47.6 39.8 42.7 41.8 40.4 40.7 40.8 38.8 40.2 71.2 71.8 72.7 73.3 74.0 74.7 75.2 n.a. 47.6 47.5 47.5 47.4 47.4 47.4 47.5 n.a. 39.2 41.3 43.9 44.3 43.2 45.9 44.5 41.7 47.7 54.3 61.8 65.2 65.9 66.5 67.3 68.0 68.9 # # Gross national product 6/ 8 430.0 442.3 460.6 488.5 503.3 513.1 522.3 538.6 54.5 54.0 54.8 53.1 53.3 53.5 53.1 53.2 53.4 53.3 53.5 53.7 53.5 53.7 53.6 53.2 53.3 53.2 52.9 53.1 n.a. 545.0 552.0 11 0 d . 0 # Rat i 0 : Commercial Total bank deposits liquid + currency to assets total liquid to GNP assets ((2+3)*l) 10 9 # # Money supply to GNP 11 78.8 79.3 79.4 79.4 78.3 31.2 30.3 30.0 28.7 27.6 79.5 27.5 79.4 27.1 78.1 26.6 78.7 26.5 79.4 26.1 e 4 Exhibit K (Continued) p - Preliminary, e - Estimated. 2/ Data for demand and time deposits adjusted and currency outside banks are as of last Wednesday of month, except that time deposits are as of June 30 and December 31 when call data for these dates were available. Demand deposits adjusted sure total demand deposits less interbank and U. S„ Government demand deposits and cash items reported as in process of collection. Time deposits adjusted are total time deposits less interbank and U„ S. Government time deposits. 2/ Includes savings deposits in the Postal Savings System. Prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawals of savings capital compiled by the Federal Home Loan Bank Board. 4/ Includes all types of savings bonds held by investors other than banks and U. S. Government agencies and trust funds. %/ Beginning May 1953 includes all marketable securities maturing within one year (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; figures include holdings of insurance companies, brokers and dealers, State and local governments, nonbank corporations, corporate pension funds, non-profit institutions, foreign accounts, and individuals; prior to May 1953 includes securities callable within one year. 6/ Gross national product estimates are available quarterly and annually only. For 1950-60 ratios are for last quarter of year; for 1961 and 1962, for each quarter of year. Data for total liquid assets and for money supply used in computing these ratios are quarterly averages for four dates: each month of the current quarter and the last month of the preceding quarter. 7/ ~ Demand deposits adjusted (before seasonal adjustment) was increased by %hOO million and time deposits adjusted (before seasonal adjustment) was increased by $1.5 billion due to the reclassification of deposits of foreign official institutions which formerly were grouped with interbank deposits and excluded from demand and time deposits adjusted.
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