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Not RBBVE BAHIt ^ SEP 2 0 1 £63 BANKING AND MONETARY DEVELOPMENTS IN AUGUST 1963 Researcn Library — Total commercial bank credit, seasonally adjusted, increased moderately in August. Holdings of non-Government securities continued to expand rapidly but total loan growth was smaller than in other recent months, reflecting mainly reductions in security loans and loans to nonbank financial institutions. Holdings of U. S. Government securities declined somewhat further. The average money supply declined slightly after showing substantial growth in July. Time and savings deposits at commercial banks increased more rapidly than in recent months. Required and total reserves declined somewhat and free reserves dropped slightly. Bank credit. Total loans and investments at all commercial banks, seasonally adjusted, increased $700 million in August, or much less than the average $1.3 billion growth in the earlier months of 1963 • In most months when credit increased, moveover, the rise was much larger than the average, but over-all expansion was offset in part by reductions in April and July. Over the first eight months of the year, credit increased at an annual rate of 6.6 per cent compared with 8.8 per cent over the year 1962. Bank holdings of non-Government securities increased $900 million in August, a near-record expansion; beginning in April, these securities had been rising at a $700 million monthly rate. The August increase was probably associated in part with bank purchases of Federal agency securities which were offered in substantial volume in that month. Total loans increased $200 million in August, much less than in most other recent months. This reflected mainly reductions in security loans and loans to nonbank financial institutions, If these categories are excluded, loan growth continued at about the same rate as in earlier months this year. Holdings of U. S. Government securities declined $400 million further following a sharp $3.8 billion decline in July. Reductions in bill holdings accounted for a substantial part of the decline in total Governments at weekly reporting banks. On August 15, all commercial banks exchanged $1.2 billion maturing certificates and bonds for new 15-month notes. Business loans at all commercial banks, seasonally adjusted, increased $200 million further in August, or at about the same rate as in the earlier months of the year. This represents an annual growth rate of about 5 per cent compared with about 8-1/2 per cent over the year 1962. At weekly reporting banks, loans to commodity dealers, petroleum and chemical concerns, and "other manufacturing and mining" groups increased somewhat more than usual in August while those to textile manufacturers and food processors ro. b about seasonally. Repayments by metals concerns and public utilities continued as they had in the comparable weeks of most past years; in August last year, however, these loans had increased. Loans to trade concerns declined further although usually net new borrowing occurs in this period. - 2 - Real estate and consumer loans at all commercial banks continued to show substantial expansion in August. Over the first eight months of 1963• real estate loans increased at em annual rate of just under 13 per cent, the same as over the full year 1962, while the growth rate in consumer loans at 11-1/2 per cent was a little faster than in 1962. Loans to nonbank financial institutions declined in August following an unusually sharp rise in July. Security loans also dropped slightly further in August. At weekly reporting banks in leading cities, loans to dealers in Government securities, which had increased in late July when books were open for the August 15 refunding, declined over most of August. Other security loans also dropped somewhat further. Agricultural loans at all commercial banks declined slightly further largely reflecting the turn-in of maturing CCC certificates, as had also occurred in July. Deposits and turnover. The daily average money supply, seasonally adjusted, declined $200 million in August following a substantial $900 million increase in July. Most of the growth had occurred in the first half of July; expansion late in that month was moderate and was followed by reductions in both the first and second half of August. Over the first eight months of 1963, the money supply increased at an annual rate of about 2-1/2 per cent. Time and savings deposits at commercial banks, seasonally adjusted, increased $1.2 billion in August, more sharply than in other recent months. Growth accelerated after interest rates paid on time deposits were increased in mid-July. At weekly reporting banks, growth in savings deposits slackened further but other time deposits of individuals, partnerships, and corporations rose substantially. Reports available from leading New York City banks indicate that negotiable time certificates of deposit rose at a more rapid rate between mid-July and late August than in any other period. The seasonally adjusted annual rate of turnover of demand deposits at banks in 3^3 centers outside New York averaged 33«5 (preliminary) in August, down somewhat from 3^.3 in July, but slightly above the 33*2 AprilJuly average. Over the first eight months of 1963, turnover averaged 5 per cent above the corresponding months last year. Bank reserves. Free reserves of member banks averaged $133 million in August, down slightly from $158 million in July. Reserve positions tightened in New York and Chicago, eased in other reserve cities, and were about unchanged at country banks. All member bank excess reserves at $463 million in August were somewhat below the July average and borrowings at $330 million were a little above. The effective rate on Federal funds was almost consistently at 3-1/2 per cent. Required and total reserves declined. Reserves were absorbed principally through a reduction in Reserve Bank float, an increase in currency in circulation, and an outflow of gold. They were supplied mainly through System purchases of U. S. government securities. Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. September 13, 1963. L O A N S A N D I N V E S T M E N T S AT ALL C O M M E R C I A L B A N K S B i l l i o n s of d o l l a r s — 260 220 TOTAL LOANS AND INVESTMENTS 180 140 LOANS 100 U. S. GOVT. SECURITIES OTHER SECURITIES 19$; 1958 195* I960 19*1 1961 1**3 Exhibit A - Part II Total Date 1/ (In Loans 1/ m i l l i o n U. S. Gov't. securities s 0 f d o l l a r s Other securities ) i960—Dec. 1961--Dec. 3.1 31 194.5 209.6 114.2 121.1 59.6 64.7 20.7 23.8 1962—June July Aug. Sept. Oct. Nov. 2/ Dec. 30 25 29 26 31 28 31 220.3 217.8 220.3 222.0 224.4 225.9 228,1 126.6 126.1 127.3 129.7 131.6 132.2 134.7 66.6 64.1 65.O 64.3 64.2 64.6 64.3 27.1 27.6 28.0 28.0 28.6 29.1 29.1 1963~—Jan. Feb. Mar. Apr. MayJune July Aug. 30 27 27 24 29 26 31 28 228.9 232.3 235.0 232.6 234.8 239.4 237.4 238.1 134.7 136.8 137.8 137.4 138.8 140.8 141.9 142.1 64.6 65.4 66.7 64.0 64.1 66.0 62.2 61.8 29.6 30.1 30.5 31.2 31.9 32.6 33.3 34.2 1J p P p P p Adjusted to exclude interbank loans. 2/ Estimated as of December 31* 1 4 L O A N S AT A l t 3. - EXHIBIT B, Part 1 COMMERCIAL RANKS SO BUSINESS REAL ESTATE CONSUMER SECURITY 1958 1957 1959 1963 1961 I960 Exhibit B - Part II ( In Consumer Real Estate Business Date . 1 1 i 0 n s b : of Security d o l l a r s ) 196O--D60# 196I—Dec. 31 51 42.1 44.1 28.7 30.3 20.5 21.3 4.3 5.2 1962—June July Aug. Sept. Oct. Nov. l/ Dec. 30 25 29 26 31 28 31 45.5 45.5 46.1 46.7 47.2 47.4 47.9 32.0 32.4 32.8 33.1 33.5 33-9 34.2 22.6 22.7 22.9 22.9 23.2 23.3 23.5 5.3 4.4 4.7 5.7 5.9 5.5 6.1 1963—Jan. Feb. Mar. Apr. May June July Aug. 30 27 27 24 29 26 31 28 48.1 48.3 48.3 48.7 48.8 49.1 49.3 49.5 34.5 34.7 35-0 35.4 35.9 36.3 36.7 37.1 23.8 24.1 24.3 24.4 24.8 25.0 25.1 25.3 5.7 6.6 6.7 5.7 6.1 6.8 6.4 6.5 l/ p p p p p Estimated as of December 51. • • s e e Exhibit C Changes in Loans and Investments at all Commercial banks, Seasonally Adjusted (in billions of dollars) 1 9 6 3 19 6 2 Item July Aug. Sept* +2° 5 Loans & Investments 2/ Oct. Nov. Dec. k/ Jan. Feb. Mar. Apr. May June July Aug. +2.4 +1.5 +2.2 +0.8 +3.4 +2.7 -2.4 +2.2 +4.6 -2.0 +0.7 U.S. Govt, securities -2.5 +0.9 -0.7 -0.1 +0.4 -0.3 +0.3 +0.8 +1.3 -2.7 +0.1 +1.9 -3.8 -0.4 Other securities +0.5 +0.4 1/ +0.6 +0.5 1/ +0.5 +0.5 +0.4 +0.7 +0.7 +0.7 +0.7 +0.9 Loans 2j -0.5 +1.2 +2.4 +1.9 +0.6 +2.5 1/ +2.1 +1.0 —0.4 +1.4 +2.0 +1.1 +0.2 1/ +0 • 6 +0.6 +0.5 +0.2 +0.5 +0.2 +0.2 1/ +0.4 +0.1 +0.3 +0.2 +0.2 Real estate +0.4 +0.4 +0.3 +0.4 +0.4 +0.3 +0.3 +0.2 +0.3 +0.4 +0.5 +0.4 +0.4 +0.4 Consumer +0.1 +0.2 1/ +0.3 +0.1 +0.2 +0.3 +0.3 +0.2 +0.1 +0.4 +0.2 +0.1 +0.2 Security -0.9 +0.3 +1.0 +0.2 -0.4 +0.6 -0.4 +0.9 +0.1 -1.0 +0.4 +0.7 —0.4 -0.1 Ncnbank financial -0.1 +0.2 +0.1 +0.3 1/ +0.2 +0.1 +0.3 —0.5 +0.2 +0.4 +0.6 —0 • 3 1/ —0.5 1/ +0.2 +0.7 +0.3 1/ +0.1 1/ 1/ -0.2 -0.4 —0.1 All other +0.1 +0.1 +0.2 -0.1 -0.4 +0.2 —0.1 +0.1 +0.3 +0.1 1/ +0.2 +0.3 +0.1 Total loans excluding security +0.5 +1.0 +1 e 2 +1.6 +1.0 +1.3 +] .2 +0.9 +1.2 +0.5 +1 .2 +1.3 +1.2 +0.5 Total loans excluding security and nonbank financial j/ +C. 6 +0.8 +1.1 +1.0 +1.2 +1.0 +0.9 +1.0 +1.0 +0.9 +0.6 +0.8 Business Agriculture +1.3 -r0 e 1 1/ +0.8 NOTE—Individual loan items may not add to change in total leans because: (1) loan items are gross of valuation resei while total loans are net and (2) loan items and total loans arc independently seasonally adjusted. Seasonally adjusted loans, by category, are experimental and are subjcct to revision. l/ Less than $50 million. 2/ Adjusted to exclude interbank loans. Derived by addition of items and not by subtraction from total loans, hj Estimated as of December 51, 1962. 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 July to last Wednesday of August Item 1965 1962 1961 I960 1959 All commercial banks Total loans U.Sc Gov't, securities Other securities Total +0.2 —1.6 +0.8 -0.7 +1.2 -0.5 +0,4 +1 • 2 1/ -0.5 +0.2 -0.5 +0.6 -0.1 1/ +0.4 2/+1.4 2/-0.8 2/-O.1 2/+0.4 Weekly reporting "banks Total loans UoSo Gov*to securities Other securities Total +0.1 -1.4 +0.4 -0.9 +0.9 -0.7 +0.1 +0.4 -0.5 —0 0 6 +0.2 -0.7 +0.1 +0.1 1/ +0.2 Other banks Total loans UoSw Gov't* securities Other securities Total +0.1 -0.2 +0.4 +0.2" +0.5 +0.4 +0.5 +0.8 +0.5 +0.1 +0.5 -0.2 +0.4 +0.2 196 Item V V V 1958 1957 —0 e 1 +2.0 +0.5 +2 a 1 +0.5 —0.1 +0.1 +0.5 +0.8 -1.0 -0.1 -0.5 -0.2 +0.9 +0.2 +0.8 +0.4 -0.5 +0.1 +0.1 2/+0.6 2/+0.2 2/ 1/ 2/+0.7 +0.1 +1.1 +0.1 +1.5 +0.1 +0.2 -iL +0.4 End of December to last Wednesday of August 1962 1961 I960 1959 1958 1957 +4.2 -5.8 +4.7 +5 = 1 +5.4 -2.7 +4.0 +4.6 -0.4 +5.2 +1.6 +4.5 +2.5 -2.5 -0.5 -0.5 V+7o8 1/-6.1 2/+1.7 -1.1 +7.9 +2.5 +9.0 +1.9 -2.4 +0.6 +0.1 Weekly reporting banks Total loans U.S. Gov't, securities Other securities Total +1.0 -4.6 ± M -0.4 +0.5 -5.2 +2.9 +0.2 -2.5 +2.9 +1.1 +1.7 -0.5 -0.5 -O.5 —0.9 +4.1 -5-4 —0.2 -1.4 -2.7 +6.5 +1.6 +5-3 +0.2 -1.7 +0.1 -1.5 Other banks Total loans U.S. Gov't, securities Other securities Total +5.2 -1.2 +1.6 +5.5 +2.9 +0.5 +1.1 +4.4 +1.9 +0.5 +0.5 +2.8 +2.8 —2.0 —0 • 2 1/+3-7 V-0.7 1/+0.1 2/+3.1 +1.6 +1.4 +0.7 +3.7 +1.7 -0.7 +0.5 +1.6 I All commercial banks Total loans U.S. Gov't, securities Other securities Total i + 0 . 4 NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used when available. 1j Less than -50 million. 2/ As a result of bank structure changes, credit increased about $500 million with $200 million in loans and $100 million in U.S. Gov't, securities. j/ As a result of bank structure changes, total credit increased about 11 billion; $600 million in loans; $500 million in U„ S. Gov't, securities?and $100 million in other securities. 4/ Based on estimated data for December 51, 1962. Exhibit E Changes in Commercial and Industrial Loans at Weekly Reporting Banks (in millions of dollars) — Business of Borrower 1963 1962 1961 I960 1959 1963 1962 1961 i960 1959 + 53 +104 + 30 + 28 +107 +115 -595 -111 -545 -192 - 68 + 40 - 68 -774 +133 -604 -500 -187 -142 -829 -561 -603 +294 + 89 + 29 + 87 + + + -870 -464 -234 +325 -373 1/ 1/ 1/ 1/ 1/ 1/ 1/ 1/ 2/+455 - 53 + 85 -137 + 44 -123 -122 + 47 + 16 + 92 - 10 + 76 - 38 + 27 + 33 + 59 + 15 - 19 Classified Unclassified Total change Pood processors Commodity dealers Trade concerns Total Sales finance Metals and products Textiles, apparel, etc. Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business Total change excluding sales finance T7 2/ End of December to end of August End of July to end of August 3/ + 61 +208 + 86 + 36 +237 1/ 8 -126 + 65 + 85 - 7 + 22 +417 + 4 - 7 +399' - 93 -424 +249 -113 +642 +388 -142 +878 +353 -134 + 14 - 97 + 8 + 6 +453 -427 +551 -413 +241 -475 +170 +215 + 79 +385 -173 +121 +292 - 88 + 13 + 31 + 19 + 10 - 51 + 65 + 11 - 15 +142 +187 +539 +215 + +214 +243 + 53 - 31 -107 +381 + 12 -140 +184 +234 +288 -733 + 34 +566 - 18 - 18 - 5 - 61 +1,511 +200 +196 +296 - 23 -138 +393 + 44 +522 -699 +505 +1,711 +196 +296 - 23 -138 +393 + 44 +522 -699 +505 +1,265 Not included in business loans on revised basis. Through July 1. Four weeks used throughout„ 72 58 41 89 - - 75 +114 2 Exhibit F Loans and Investments at All Commercial Banks (In billions of dollars) Date 1956: 1957$ 1958: 1959: Loans and investments U. S. Govt. Other securities Total loans Business Real estate Security Farm Consumer Nonbank financial institutions All other Dec. Dec. Dec. June June Dec. Dec. Dec. 31 31 31 24 (old) 24 (new) 31 1/ 31 30 164.5 169.3 184.4 184.2 184.2 189.5 198.5 214.4 58.6 58.2 66*4 60.9 60.9 58.9 61.0 66.6 16.3 17.9 20.6 20.6 20.6 20.5 20.9 23.9 89.7 93.2 97.5 102.8 102.8 110.0 116.7 123,9 38.7 40.5 40.4 42.5 37.8 40.2 43.1 45.2 22.5 23.1 25.3 26.9 26.9 28.1 28.7 30.3 4.3 4.2 4.7 4.1 4.1 4.9 5.1 6.2 4.2 4.1 5.0 5.0 5.0 5.0 5.7 6.2 14.6 15.8 15.9 17.5 17.5 18.8 20.6 21.4 5.9 7.1 7.1 7.3 6.9 7.2 8.2 8.8 7.6 8.1 8.7 9.8 1962: May June July Aug. Sept. Oct. Nov. Dec. 30 30 25 29 26 31 28 31 (est) 215.3 219.2 217.8 219.0 223.1 225.7 226.8 233.6 64.4 64.4 64.2 63.9 64.3 65.6 65.6 66.4 26.1 27.0 27.5 27.9 28.2 28.6 28.8 29.3 124.8 127.7 126.1 127.3 130.6 131.5 132.3 137.9 45.0 45.9 45.2 45.8 46.7 47.1 47.7 49.1 31.5 32.0 32.4 32.8 33.2 33.6 34.0 34.3 5.1 5.3 4.4 4.6 5.8 5.9 5.3 7.3 6.6 6.8 6.8 6.2 6.2 6.4 7.0 7.1 22.3 22.7 22.9 23.1 23.1 23.3 23.4 23.6 6.6 7.2 6.9 7.2 7.4 7.2 7.2 8.5 10.2 10.5 10.3 10.4 10.8 10.6 10.4 10.8 1963: Jan. Feb. Mar. Apr. May June July Aug. 30 27 27 24 29 26 31 28 229.1 230.4 233.9 232.4 233.6 238.2 237.4 256.7 66.2 65.3 64.8 64.0 62.9 63.5 62.2 60.6 29.5 29.9 30.7 31.4 31.9 32.6 33.2 34.0 133.4 135.2 136.4 136.9 138.8 142.1 141.9 142.1 47.3 47.7 48.6 48.6 48.8 49.5 49.0 49.2 34.5 34.7 34.9 35.3 35.8 36.3 36.7 37.1 5.6 6.5 6.0 5.8 6.0 6.8 6.4 6.1 7.3 7.4 7.5 7.5 7.5 7.4 7.0 6.8 23.7 23.8 23.9 24.2 24.7 25.1 25.3 25.6 7.5 7.7 8.0 7.6 7.8 8.6 8.9 8.7 10.3 10.2 10.2 10.6 10.9 11.2 11.2 1960: 1961: p p p p p mmmm mm mm 11.3 p - Preliminary. _1/ Structure changes in 1959, on balance through August, added almost $1 billion total credit; $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Real estate loans increased about$300 million; business loans $100 million; consumer loans $100 million; and other loans $100 million. 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, 1959i "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions. http://fraser.stlouisfed.org/ # # Federal Reserve Bank of St. Louis * # e # # e # # < Exhibit G Ratios to Total Deposits 1/ L O A N » Date All commercial banks Member banks Reserve city banks City of Total New York Other City Chicago 1948 J 949 1950 1951 1952 1955 1954 2955 1.956. 1957 1958 1959 I960 ^961 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 51 51 51 51 31 51 31 31 31 31 31 31 31 30 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 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 1962s July Aug. Sept. Oct. Nov. Dec. 25 29 26 31 28 28 55.6 56.0 56.4 56.1 56.3 56.5 56.5 57.0 57.6 57.2 57-4 57.7 Jan. Feb. Mar. Apr. May June July Aug. 30 27 27 24p 29p 26p 3lp 28p 56.2 57-3 57.9 58.1 58.2 58.9 58.8 58.8 59-5 F 1965s 9 %/ 56.7 57.0 57.1 57.8 57.8 57.7 58.3 U.S. Gov't securities maturing within one year S All commercial banks Country 2/ 2/ 2/ 14.2 19.2 15.2 9.6 11.7 16.9 10.0 5.1 7.5 8.4 8.3 7.4 8.7 11.2 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 58.0 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 27.1 28.5 31.5 32.1 33.9 36.1 37.1 40.7 42.6 44.1 44.4 48.2 6-3.0 56.5 57-1 58.6 57.6 57.3 61.4 59-3 59.5 60.0 60.0 60.7 60.1 51.7 51.7 51.6 51.1 51.5 51.7 11.3 11.9 9-9 10.4 57.7 59.4 61.1 59.8 58.7 59.8 58.5 60.4 60.5 60.8 60.9 61.4 61.8 61.4 51.9 52.3 52.7 53.0 53.8 53.7 9.5 9.5 7.5 65.O 65.8 68.8 67.4 66.6 67.9 64.7 66.2 65.I 64.9 66.4 66.5 65.6 67.3 6a.7 62.6 50.3 50.2 53.8 53.9 9.3 9.5 7.6 7.8 7.4 7.2 n,a. Total loans (adjusted to exclude loans to banks); II. 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 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. 14.3 - EXHIBIT M. Port 1 DEPOSITS A N D C U R R E N C Y A N D T U R N O V E R OF D E M A N D D E P O S I T S Seasonally adjusted; deposit,, semimonthly fur no v e r. m o n t h l y a t a n n u a l r o t e overages ol d a i l y figures; Bi , l i o n s ol d o l l a r s A n n u o I r ate MONEY SUPPLY TURNOVER 343 center TIME A M SAVINGS DEPOSITS - U . S. 60VT. DEPOSITS* Noi adiuiied for seasonal .....1——— >957 195 9 1958 1140 4 IItI 1162 1,63 "X" Alt com mere i til bunks. Exhibit H - Part II S e a s o n a l l y Period M on e y Total A d j u s t e d S u p p 1 y Demand deposits Currency 112.2 28.8 28.9 117.8 30.5 (2) (2) (2) (2) 141.8 .14.1.2146.0 148.3 113.0 1963—Apr. (1) 149.5 149.3 149.8 149.1 149.9 149.7 150.6 150.9 150.7 118.3 118.1 118.5 117.8 118.4 31.3 31.1 3.1.-3.' 31.3 31.5 118.9 119.3 31.7 118.5 51.8 1959—Dec. 1960—Dec. 1961—Dec. 1962—-Dec. (2) May (1) (2) June (1) (2) July (1) (2) A"S. jlj 150.5 116.4 118.1 119.0 29.6 31.6 31.6 51.7 B a t a Time and savings deposits Turnover 343 centers outside N Y 67.4 73.0 82.7 97.9 27.6 28.1 29.4 31.3 102.4 102.8 103.3 104.0 104.3 104.7 105.2 105.7 106.4 107.1 33.3 33.2 32.2 34.3 35.5 U. S. Gov' t. deposits 5.2 5.3 . 5.5 6.1 4.5 3.9 6.3 7.7 5.4 9.4 9.1 6.4 5.8 6.5 1.4.3 - EXHIBIT I, Port I TIME A N D S A V I N G S DEPOSITS AT MEMBER B A N K S I N L E A D I N G CITIES Wedrtesd ay B i l l i o n s of d o l l a r s 60 figure s TOTAL TIME AND SAVINGS DEPOSITS SAVINGS DEPOSITS TIME DEPOSH* Of INDIVIDUALS PARTNERSHIPS, AND CORPORATIONS Exhibit I - Part II T i m e an d S a v i n g s Period Savings Total ( I n Individuals, Other time partnerships, deposits l/ and corporations of d 0 1 1 i1 r s ) 1961—April Dec. 1962——Dec. 26 27 26 38,175 41,472 50,011 27,819 30,082 34,712 5,480 5,969 9,080 4,876 5,421 6,219 1963—April May June July 24 29 26 31 53,650 54,538 54,856 55,581 35,801 36,048 36,355 36,741 10,601 11,175 11,269 11,691 7,248 7,515 7,252 7,149 7 14 21 28 55,725 55,927 56,142 56,321 36,821 36,850 56,887 56,891 11,756 11,876 12,064 12,181 7,148 7,201 7,191 7,249 August l/ • m i l l i o n s D e p 0 s it s Includes States and political subdivisions, U. S. Government, foreign governments and official institutions, and interbank. Exhibit J Member Bank Reserves (Based, on averages of daily figures; in millions of dollars) T Excess reserves Borrowings Total reserves held seasonally adjusted Country All member All member All member -203 -228 -197 -449 80 24 344 277 268 237 583 471 651 577 516 481 756 573 688 710 557 906 87 149 17,201 17,077 17,942 17,978 18,283 18,977 529 89 19,348 5 3 5 416 441 408 382 483 394 566 127 455 484 592 572 19,237 19,305 65 119 19,427 19,484 19,606 483 472 426 434 456 377 480 463 Free reserves (excess reserves minus borrowings) Date Monthly averages: 1956s December 1957% December 1958: December 1959s December I960: December 1961s December 1962: 1963s NOTEj All member Reserve City Banks City of New York Other Chicago City - 36 -135 - 4l -424 669 424 - 91 -105 - 80 -109 10 - 50 - 86 - 77 - 32 -104 - 4 - 22 July August September October November December 440 439 375 419 473 18 7 - 19 34 13 268 - 62 6 14 10 1 7 11 January February March April May June 384 300 13 July August p 158 135 271 313 247 l4l ~ - - - 16 - 52 - 50 - 55 - 30 - 25 - 59 - 6 - 11 - 37 - 9 - 8 - 6 = 66 -109 426 390 346 347 322 315 15 - 79 - 13 - 27 -150 - 75 305 314 - 25 - 8 1 80 304 209 236 19,681 19,698 19,753 19,732 19,655 19,874 322 330 20,077 19,798 99 172 155 121 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 - Preliminaryo Exhibit K Liquid Assets Held by the Ptiblic = Seasonally Adjusted Series l/ (Amounts in billions of dollars; ratios expressed as percentages) Ratios: U.S. Govt Demand Savings U. So securities Demand Commercial deposits Postal Govt, and maturing Liquid assets deposits bank deposits and Commercial Mutual Savings loan savings to gross and within one & currency to currency savings System shares bonds banks year 6/ national procurrency y liquid assets to gross banks 3/ V duct j/ 2/ (2+3*1) national product 7/ 11 10 6 8 2 4 3 5 9 7 Time deposits End of year or month Total 1 1954 1955 1956 1957 1958 1959 I960 1961 520,3 332-5 343.2 356.0 373-1 393-9 399.2 424.6 130.2 133.3 134.6 135.5 138.8 139.7 158.4 142.6 48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 26.3 28.1 30.0 51.6 53.9 34.9 56.2 38.3 2.1 1.9 1.6 1.5 1.1 0.9 0.8 0.6 27.2 52.0 57.0 41.7 47.7 54.3 61.8 70.5 55.6 55.9 54.8 51.6 50.5 47.9 47.0 47.4 30.6 31.6 . 35-2 58.8 55.6 48.8 41.9 42.6 1962 July Aug. Sept. Oct. Nov. Dec. 444.2 447.9 449.1 453.4 456.9 459.2 142.1 141.2 142.5 143.8 143.4 144.8 91.7 92.7 93.9 95.2 96.9 98.1 40.0 40.2 40.6 40.9 41.2 41.4 0.6 0.6 0.6 0.5 0.5 0.5 75.4 76.4 77.4 78.5 79.2 80.0 47.5 47.5 47.5 47.5 47.5 47.6 46.8 49.2 46.6 47.2 48.2 46.8 1965 Jan.p Feb.p Mar.p Apr.p May p Junep Julyp Aug.p 462.8 464.7 466.7 469.9 473.1 476,4 478.4 483.7 144.4 144.5 145.0 145.3 145.2 146.4 146.8 146.2 100,1 101.2 102.2 102.9 104.0 41.7 41.9 42.2 42.5 42.8 43.0 43.3 45.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 81.1 82.2 83.4 84.1 84.9 47.8 •47.9 47.9 48.0 48.1 48.2 48.3 48.4 47.1 46.5 45.5 46.5 47.6 47.6 47.0 105.0 106.1 107.0 s 85.7 86.3 87.4 35-0 32.6 31.2 30.3 29.9 28.7 27.6 26.4 85-9 81.3 79.6 80.3 80.2 80.5 79.2 78.4 80.1 25.5 80.4 25.4 81.0 25.5 81.3 25.1 55.7 55.0 54.4 53-6 54.8 52.6 53.0 53.0 52.6 52.2 52.6 52.7 52.6 52.9 52.8 52.9 53.0 52.8 52.7 52.8 52.9 52.4 50.8 Fob footnotes see next page,, NOTE: This is a new series first shown in "Banking and Monetary Developments" for November 1962, and differs from the one previously shown in concept and coverage. Back figures available from Banking Section, Division of Research Digitizedand for FRASER Statistics„ # # # # # # # # # # 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 II developed by the Bureau of the Census* 2. Data are for demand deposits adjusted and currency outside banks and are as of the last Wednesday of the month. In concept the figures agree with the daily average money supply described in detail in the Federal Reserve Bulletin for August 1962, p* 941, except that demand deposits held by mutual savings banks and by savings and loan associations have been deducted to avoid double counting* Demand deposits of commercial banks in Alaska and Hawaii are included beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectivelyo 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 50 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* 4. Figures compiled by the Federal Savings and Loan Insurance Corporation except that prior to 1955 data are Board estimates based on monthly figures of inflow of new savings and withdrawal of savings capital compiled by the Federal Home Loan Bank Board* 5. Includes all types of savings bonds held by investors other than commercial and mutual savings banks and U. S. Government agencies and trust funds* Holdings of savings and loan associations are also excluded beginning in February i960, the earliest date for which separate figures for these institutions are available. Figures are from data compiled by the U* S, Treasury Department. 6. Beginning December 1950 figures include Treasury marketable securities and Federal agency securities maturing within one year, except holdings of domestic commercial, mutual savings, and Federal Reserve Banks, Government agencies and trust funds, and beginning February i960, 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 $6 months* Prior to December 1950 figures for marketable issues include securities callable within one year. Figures represent par value and are from the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities* 7* 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)* http://fraser.stlouisfed.org/ e # Federal Reserve Bank of St. Louis # e e e e # e / # i
@FedFRASER