The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
L.4.3 rtpeftAL
Not for publication
^49651
Ubrary
1 % ! ' 2 0 1V5 j°6 d
BANKING AND MONETARY D E V E L 0 P 1 4 E N ^ # ^ G U S T { 19ffiP
%
Summary. Seasonally a d j u s t ^ commeixtfeifl^anR credit increased
sharply in August following a moderate de^0&d^in July^fyOver the JuneAugust period, however, credit growth was at ah<Wti.kme average rate for
the year to date. Loans and holdings ojhug$£}rif>al and' agency issues
showed further substantial expansion *fn August, and holdings of U.S.
Government securities also rose; The money supply increased somewhat
further but less rapidly than in June or July. Growth in time and
savings deposits at commercial banks accelerated'further, however,
from the advanced July rate of expansion. U.S. Government deposits
declined sharply, and, as a consequence, seasonally adjusted total and
required reserves dropped. While member bank borrowings continued to
expand, excess reserves also increased and net borrowed reserves declined.
Changes in Commercial Bank Credit
(Seasonally adjusted)
Annual rate (per cent)
1964
June
Aug.
April
May
1965
Jan.
March
Jan.
Aug.
Sept-,
Dec.
AS::
9.9
7.8
12.4
10.6
9.9
7.4
8.4
-12,3
-11.1
-11.7
-11.5
6.0
- 4.6
- 1.1
Other securities
21.3
18.0
14.5
18.6
13.8
8.6
10.6
Total loans
14.5
11.9
20.8
16.8
10.4
12.1
11.8
17.0
15.5
26.1
20.9
14.6 ;
10.1:
11.9
Total.loans & investments
U.Si Gov't, securities
Business loans
^
Year
Bank credit. Seasonally adjusted loans and investments at all
commercial banks increased $4.5 billion in August following a $700
million decline in July. Over the past three months, however, the 10 per
cent annual jrate of growth has been similar to the average -rate in the
earlier months of the year--although somewhat above that of the April-May
period and. somewhat below the unusually high rate of the January-March
period. >The recent expansion has also been in line with the accelerated
growth rate in the last four month's of" 1964.
.
•• ••
. •
.
•
.
Loan expansion continued strong ici "August and accounted for
about two-thirds of the total credit growth. Over the past three months,
loans have Increased at an annual rate of 14-1/2 per cent, a pickup
from the April-May period. This was also faster than the rate of loan
growth over either the entire year 1964 pr over the latter part of
that year.
Business loans at all commercial banks rose substantially
further in Augusts Seasonally adjusted, these loans increased $700
million—an annual rate of 13 per cent, close to both the July rate
and that of April-May. In August, however, growth in business loans
was concentrated at banks in New York City whereas, i.n July, business
loan demand had been weaker at the New York City banks and, stronger
at other weekly reporting banks. Borrowing by metals concerns continued considerably heavier than in most other years. Loans to textile
manufacturers also showed further substantial expansion and those to
the service industries were unusually large. On the other hand, borrowing
by food processors has tapered off recently and that by public utilities,
which had been heavy in other recent months, declined contraseasonally
in August.
Real estate and consumer loans continued to show relatively
strong growth in August. Security loans increased somewhat, following
a sharp reduction in July. The August rise was associated largely with
a cbntraseaSonal increase in loans to Government security dealers; in
July, such lo&ns had declined contraseasonally and, in addition, broker
loans had dropped sharply.
Holdings of municipal and agency issues increased $900 million,
seasonally adjusted, at all commercial banks in August--more than in
any other month this year except for April. Growth in these holdings
quickened after the first quarter ofr;1965 and has been over two-fifths
larger than the substantial increases of late 1964 and early 1965.
Holdings of U.S. Government securities increased somewhat in August
following steady declines in other recent months. Over the June-August
period, however, the annual rate of reduction in these securities,
12 per cent, was about the same as the average decline in earlier months
of the year.
Money SUPPIV and time deposits. The money supply increased
only moderately further in August, $200 million, or at an annual rate
of 1-1/2 per cent. This followed two months, of substantial expansion
although the July rate of 5 per cent was less than half the exceptional
June increase. The slower growth in money stock in August did not
appear to be associated with contraseasonal movements in U.S. Government deposits at commercial banks, which, in fact, declined more than
usual. So far this year, private money supply expansion has been at
an annual rate of 2.8 p e r c e n t compered with 4.3 per cent over the
entire year 1964.
Expansion in commercial bank time and savings deposits, which
had accelerated in July, was even more rapid in August. Total time
and savings accounts increased $2.5 billion, an annual rate of almost
22 per cent. This was slightly faster than the unusually high rates
in January and February associated with interest rate increases. Sales
of CD's continued large in August but were concentrated at banks in
New York City rather than at banks in other leading cities as had been
the case in July. Increases in savings deposits were also substantial,
especially outside New York City.
Bank reserves. Seasonally adjusted total and required reserves
declined somewhat in August following increases over the two previous
months. Member bank borrowing rose further to about $565 million outstanding but excess reserves also increased after several months of
little change. As a result, net borrowed reserves declined to $130
million from $175 million in July. The effective rate on Federal funds
was almost consistently 4-1/8 per cent in August, dropping below that
level on only two days.
Banking Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.
1,4.3
- EXHIBIT
A,
Port
1
l l O A N S A N D I N V E S T M E N T S AT A l l C O M M E R C I A L B A N K S ;
Billions
* *
dollar
|to»l w«d»«»<l»y «> month. »««nci»olly
TOTAI IOANS AND INVISTMINTS
[ii.s. $OVT. simmisi
OTHII SICUFTLTLIS
I
Ittl
w»
Ill
11111 I I JAi*
iltt
Exhibit A - Part II
< I
Other
U.S. Gov't.
securities
securities
of
dl o 1 1 a r s)
b i 1 1 i o n 8
Loans 1/
Total 1/
Date
n
194.5
209.8
228.3
246.5
113.8
120.5
133.9
149.4
59.9
65.4
65.2
62.1
20.8
23.9
29.2
35.0
1964—May 27
June 30
253.5
256.3
157.3
160.0
60.3
60.0
35.9
36.3
July 29
Aug. 26
Sept.30
Oct. 28
Nov. 25
Dec. 31
254.5
258.7
261.7
261.1
265.5
267.2
159.7
161.5
163.0
163.2
165.4
167.1
58.4
60.2
61.2
60.0
61.6
61.4
36.4
37.0
37.5
37.9
38.5
38.7
269.6
272.1
275.5
277.3
279.1
282.2
281.5
286.0
170.2
171.9
175.8
177.1
179.3
182.6
182.8
185.8
59.9
60.2
59.6
59.1
58.5
57.6
56.1
56.7
39.5
40.0
40.1
41.1
41.3
42.0
42.6
43.5
1960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1965—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
iy
31
31
31 2/
31 2/
27
24
31
28
26
30
28
25
p
p
p
p
p
p
Adjusted to exclude interbank loans.
of December 31.
2/ Estimated as
http://fraser.stlouisfed.org/
p - Preliminary.
Federal Reserve Bank of St. Louis
1.4.3.
-
EXHIBIT
B, P o r t
1
Billions el I
I L O A N S AT ALL COMMERCIAL BANKS
60
SO
BUSINESS
40
1EAI ESTATE
30
CONSUME*
20
:ioi
SECURITY
1 1 1 1 1! 1 i1111II1 11 1 1 !>LLX
1
IftO
fitst"
1M1
i lltl _ 1 * * 3
Exhibit B - Part II
Business
Date
(In
1960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
31
31
31 1/
31 1/
42.1
28.6
43.9
47.6
52.0
30.2
34.2
39.1
1964—May 27
June 30
54.1
54.6
July 29
Aug. 26
Sept.30
Oct. 28
Nov. 25
Dec. 31
27
24
31
28
26
30
28
25
1965—Jan.
Feb.
Mar.
Apr.
May
June
July
\
Aug.
1/
P
p
p
p
p
p
of
u*$
Security
d o l l a r s )
20.6
21.1
4.4
5.2
23.7
26.7
6.2
41.0
41.4
27.8
7.7
55.1
55.5
56.1
56.4
57.0
58.2
41.7
42.5
42.8
43.1
43.5
28.2
28.4
28.7
28.9
29.1
29.4
7.8
7.8
7.7
7.1
7.7
7.1
59.7
43.8
44.3
44.7
45.0
45.3
45.7
46.1
46.5
29.7
30.1
30.4
30.9
31.2
31.6
32.0
32.3
7.8
7.2
60.8
62.0
62.7
63.6
64.8
65.6
66.3
Estimated as of December 31.
p - Preliminary.
Consumer
Real estate
b i l l i o n
11*4
42.0
28.0
6.7
8.0
8.1
8.2
8.1
8.7
7.4
7.9
Exhibit C
Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted
(In billions of dollars)
Item
1964
Jan.
Feb.
Mar. p
Apr. p
±L1
± M
±L1
+3.4
+1.8
+1.8
+3.1
+1.6
-0.2
-1.5
+0.3
-0.6
-0.5
-0.6
-0.9
-1.5
40.6
+0.4
+0.6
+0.2
+0.8
+0.5
+0.1
+1.0
+0.2
+0.7
40.6
40.9
+1.5
+0.2
+2.2
+1.7
+3.1
+1.7
+3,9
+1.3
+2.2
+3.3
+0.2
+3.0
July
Aug.
Sept.
Loans and Investments 2/
-1.8
44^2
+3.0
tJ. S. Gov't, securities
-1.6
+1.8
Other securities
+0.1
Loans 2/
r0.3
-
Oct.
Nov.
. Dec.
-0.6
+4.4
+1.0
-1.2
+0.6
+0.5
+1.8
-
- May p
June p
July p
Aug. p
±4^5
Business
40.5
+0.4
+0.6
+0.3
+0.6
+1.2
+1.5
+1.1
+1.2 '
40.7
+0.9
+1.2
+0.8
+0.7
Real estate
+0.3
+0.3
+0.5
+0.3
+0.3
+0.4
+0.3
+0.5
+0.4
+0.3
40.3
40.4
40.4
+0.4
Consumer
+0.2
+0.2
+0.3
+0.2
+0.2
+0.3
+0.3
+0.4
+0.3
+0.5
40.3
40.4
+0.4
+0.3
Security
-0.2
1/
-0.1
-0.6
+0.6
-0.7
+0.7
-0.6
+0.9
+0.1
-0.1
+0.6
-1.3
40.5
Nonbank financial
-0.7
+0.1
+0.2
+0.1 '
-0.2
+0.3
+0.1
+0.5
40.3
+0.4
-0.1
40.1
Agriculture
+0.2
+0.2
1/
-0.2
1/
-0.1
y
40.1
-0.1
40.3
40.1
All other
-0.2
+0.1
+0.2
+0.3
+0.4
+0.8
y
+0.1
40.1
40.2
Total loans excluding
security 3/
+0.3
+1.3
+1.8
+0.9
+1.6
+2.4
Total loans excluding
security and nonbank financial 3/
+1.0
+1.2
+1.6
+0.9
+1.5
+2.6
U
y
y
+0.1
+0.2
+0.3
+0.4
40.1
+2.4
+2.4
+2.9
+1.8
+1.9
+2.4
+1.9
+1.8
+2.1
+2.3
+2.4
+1.8
+1.6
+2.0
+2.0
+1.7
y
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,
p > preliminary.
'
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
1965
1964
1963
All commercial banks
Total loans
U. S. Gov't, securities
Other securities
Total
+0.6
2/ +1.4
J
4
+0.4
2 / r M
2/+0.4
40;1
40.8
-0.1
Weekly repotting banks
Total loans
U. S. Gov't, securities
Other securities
, total
40.9
-0.7
Other banks
Total loans
U. S. Gov't, securities
Other securities:
Total
2/ -0.8
+0.1
+0.1
+1.0
1959
1960
1961
1962
-1.0
-0.1
J J L
-0.3
40.2
+0.4
-LL'
+0.4
40.9
-0.2
2/ 40.6
2/ 40.2
+0.2
I ' M 2/^.1
40 i 5
+0U3
40.1
End of December to.last Wednesday of August
Item
^
'
' . '
"
1965
1964 4/
1963 4/
v
i
All commercial banks
Total loans
U. S. Gov't, securities
Other securities
<
Total
+12.2
-7.7
44.8
+9.2
+6.1
-4.7
+2.1
+3.5
+4.6
-5.6
+4.4
+3.5
+3.4
-2.7
+4.0
. +4.6
-0.4
+3,2
+1.6
44.5
Weekly reporting banks
Total loans
U. S. Gov't, securities.
Other securities
Total
+6.8
-5.4
+2.9,
, +4.4
+1.9
-3.1
+1.1
-0.1
+1.0
-4.6
+3.1
-0.4
+0.5
-3.2
+2.9
+0.2
-2.3
+2.9
+1.1
+1.7
Other banks
Total loans *
U. S. Gov't." securities
Other securities
Total
1959
1960
1961 •
1962
+5.4
-2.3
+1.9
+4.8
+2.5
-2.3
-0.5
-0.5
1
3/
3/
3/
3/
+7.8
-6.1
z M
+1.7
+4.1
-5.4
-0.2
-1.4
-0.3
-0:3
-0.3
-0.9
#.
44.2
-1.6
+1.0
+3.6
+3.6
-1.0
+1.3
+3.9
+2.9
+0.5
+1.1
+4.4
+1.9
+0.3
+0.5
+2.8
+2.8
-2.0
-0.2
+0.4
3/
3/
3/
3/
+3.7
-0.7
+ M
+3.1
NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used
when available.
Less than $50 million.
As a result of bank structure changes, credit increased about $300 million with $200
million in loans and $100 million in U.S. Government securities.
As a result of bank structure changes, total credit increased about $1 billion: $600
million in loans; $300 million In U.S. Government securities; and $100 million in
other securities.
4/ Based on estimated data for December 31, 1963 and 1962, for all commercial banks and
for December 31, 1962, for weekly reporting banks.
1/
'2/
~
3/
•
•
•
•
•
•
•
•
•
Exhibit E
Changes in Commercial and Industrial Loans at Weekly Reporting Banks
(In millions of dollars)
Late December to end of August.--J
End of July to end of August
Business of borrower
1965
Food processors
Commodity dealers
Trade concerns
Total
Metals and products
Textiles, apparel, etc.
Petroleum, coal, etc.
Other manufacturing and
mining
Public utilities
Construction
All other types of business
Banker's acceptances
Other, mainly services
\J
1963
1962
1961
1964
1963
1962
1961
1965
1964
+ 63
+ 50
+ 20
+ 21
+ 61
-478
-395
+ 25
— 80
+ 63
+104
-500
-187
-142
-829
+ 88
+108
+ 78
+ 56
+ 53
+170
+628
-245
-646
-477
+ 13
-1,110
+ 7
+ 78
-139
+1,252
+604
+546
+243
+276
- 38
-424
+249
-113
+935
+241
-475
+ 79
+539
n.a.
n.a.
+150
+144
+ 42
- 58
+ 89
+ 44
+128
+ 39
+ 83
+ 36
- 52
n. a.
n.a.
+ 31
-103
+116
+ 79
- 34
+ 24
- 19
n.a.
n.a.
+ 79
- 10
+ 21
+581
+288
+130
n.a.
n. a.
+543
-279
+822
+471
-275
+423
+513
n.a.
n.a.
Classified
Unclassified
+586
+204
- 14
+407
+ 57
+193
- 15
+4,504
+725
+503
+541
-150
+234
+ 29
+350
+ 54
+188
+288
-733
+ 53
Total change
+615
+404
+190
+464
+178
+5,229
+1,044
+ 38
+522
*680
Four most comparable weeks used throughout,
for December 31.
Exhibit F
Loan* and Investments at All Commercial Banks
(In billions of dollars)
Date
1957—Dec,
1958—Dec.
1959—June
June
Dec.
1960—Dec.
1961—Dec.
1962—Dec.
31
31
24
26
31
31
30
31
(old)
(new)
1/
(est.)
Loans and
investments
Other
securities
Total loans
Business
Real
estate
Security
Farm
Consumer
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
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
6.5
7.0
7.9
7.3
7.4
7.4
7.1
6.9
7.1 .
7.2
7.5
8.2
7.6
7.2
8.1
7.1
7.4
8.4
7.4
7.2
7.9
8.0
7.9
9.0.
7.2
7.3
U. S. Gov't.
169.3
184.4
184.2
184.2
189.5
198.5
214.4
.233,6
1963—Oct, 30
Nov. 27
Dec. 31 (est.)
242.4
245.0
252.4 '
62.0
62.3
63.4
34.5
34.1
35.1
146.0
148.6
153.9
50.6
51.9
53.7
38.6
39.0
39.2
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
246.2
247.2
249.9
250.6
251.5
257.3
254.2
256.1
262.2
62.1
61.5
61.5
60.1
59.1
59.3
58,3
58.8
6Q.?7
34.6
35.1
35.6
35.8
35.8
36.4
36.5
3tn
37,: 8
149.5
150.6
152.8
154.7
156.7
161.6
159.4
160.2
163.7
163.0
165.5
172.1
51.8
52.4
53.2
53.4
53.9
55.1
54.4
54.9
56.1
56.3
57.4
60.2
39.5
39.8
40.0
40.4
40.8
41.4
41.8
42.2
42.7
43.0
/ 43.4
43.7
ise.s
58.9
60.3
62.2
62.5
63.4
65.4
64.8
65.6
43.8
44.0
44.3
44.7
45.1
45.7
46.2
46.7
29
26
25
29
27
30
29
An* 26
Sept.30
Oct. 28
ttoy; 2S
W c . 31
2*6.3
2?3.9
1965—#. 2 ?
Itib. 24 ?
Mar. 31 p
Apr. zap
May
June
July
Aug.
26
30
28
25
$
p
p
p
m A
m
,
•
f W
m
6l>8
SQ.S
f
276.9
283.4
281.2
283.1
59.6
58.3
57.1
56.8
56.1
55.3
.
;
!
36-0
'
m
39.X
39v7
4ttii
M-i
4ti5
4i/2
42.7
43.6
!
!
%%
i
'*
m i
• i 'mi*.
m m
182.4
184.3
i
Nonbank
financial
institutions
„
.
All
other
5.9
7.1
7.1
7.3
8.5
7.2
8.2
8.8
7.6
8.1
8.7
9.8
10.7
26.3
26.5
26.7
8.6
8.6
10.2
11.1
11.3
11.8
7.5
7.4
7.5
7.6
7.7
7.7
7.7
7.5
7.5
7.5
7.6
7.5
26.6
26.8
27.0
27.4
27.8
28.2>
28.5
28,7
28.9
29.0
29.1
29.4
8.6
8.8
9.3
9.3
9.3
10.5
9.5
9.7
10.1
9.5
9.6
10.9
11.5
11.7
11.8
12.4
13.0
13.8
13.3
13.4
13.7
14.0
14.4
15.5
7.7
7.8
7,9
8.1
8.1 .
8.1
8.2
7.9
29.5
29.7
30.0
30.7
31.2
31.9
32.3
32.6
9.8
9.9
10.5
10.3
10.5
11.6
11.2
11.4
15.0
15.1
15.3
15.6
16.0
16.3
16.1
16.3
• •
•
-
p - Preliminary.
1/ Structure changes in 1959» on balance through August, added almost $1 billion total credit: 1600 million in loans; $300 million in U. S. Government
securities; and 1100 million in other securities. Heal estate loans increased about 1300 million; business loans $100 million; consumer loans $100
million; and other loans $100 million.
H O B — D a t a 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.
Exhibit G
Ratios to Total Deposits 1/
•
U.S. Government
securities maturing
within one vear
L O A N S
Date
AA1
l 1
JL
commercial
banks
#
1948--Dec.
1949--Dec.
1950—Dec.
1951—Dec.
1952—Dec.
*1953—Dec.
1954—Dec.
1955—Dec.
1956--Dec.
1957—Dec.
^1958—Dec.
*1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
31
31
31
31
31
31
31
31
31
31
31 •
31
31
31
28
25
Total
Member banks
Reserve citv banks
New York
City of
Other
Chicago
Citv
Country
All commercial
banks
31.2
31.1
35.8
37.2
39.3
40.5
40.3
45.8
48.8
49.7
48.4
54.0
55.1
54.5
56.5
58.6
31.3
30.9
36.1
37.6
39.9
41.1
40.7
46.7
50.1
51.0
49.4
55.6
56.5
55.7
57.7
59.9
35.9
34.9
42.5
46.3
50.6
50.6
46.8
56.7
61.7
61.9
57.7
67.3
65.9
65.0
67.9
67.4
30.4
25.6
32.3
36.2
38.9
39.1
38.3
46.3
52.7
55.2
49.4
58.2
60.8
58.0
61.4
62.1
33.4
32.4
38.1
39.4
41.1
42.2
41.9
48.5
52.7
53.3
51.3
58.2
59.0
57.7
60.1
63.3
27.1
28.5
31.5
32.1
33.9
36.1
37.1
40.7
42.6
44.1
44.4
48.2
50.3
50.2
51.7
53.8
#1964—June 30
60.7
61.9
69.1
62.6
64.9
56.2
6.6
July 29
Aug. 26
Sept.30
Oct. 28
Nov. 25
Dec. 31
61.1
61.1
60.4
60.4
60.7
60.5
62.2
62.2
61.6
61.6
62.0
61.9
68.7
69.0
68.0
67.8
69.4
69.3
61.3
62.7
62.3
62.0
62.1
64.4
66.0
66.1
66.0
65.5
66.1
65.0
56.4
56.2
55.8
55.8
55.9
56.0
5.7
6.3
6.9
7.2
8.0
8.0
1965—Jan. 27
Feb. 24
Mar. 31
Apr. 28
#
May ' 26
June 30
p
p
p
p
60.9
61.6
61.9
62.4
63.3
63.5
62.2
63.0
63.3
63.7
64.6
64.9
69.9
71.8
71.9
71.2
72.7
74.4
63.4
65.0
67.6
64.9
65.3
67.2
65.4
66.4
66.1
67.1
68.1
67.8
56.3
56.4
56.9
57.6
58.3
58.3
7.1
7.0
. 6.4
6.3
6.2
6.0
July 28 p
Aug. 25 p
63.7
64.1
65.0
65.5
72.2
74.8
67.1
67.7
68.9
69.0
58.6
58.7
5.7
n.a.
—
•
2/
2/
2/
3/
14.2
19.2
15.2
9.8
11.7
16.9
10.0
5.1
7.5
8.4
8.3
7.4
8.7
11.2
9.5
7.5
•
1/
Total loans (adjusted to exclude loans to banks); U.S. Government securities maturing
within one year estimated on basis of Treasury survey of ownership and total deposits
#
(adjusted to exclude cash items in process of collection).
2/
Prior to 1951, data are on call basis and beginning in 1951, they are on maturity basis.
On a call basis, data for 1951 and 1952 are 21.5 and 19.1, respectively.
3/
Estimated for December 31.
NOTE--Comparability of figures affected by changes in Federal Reserve membership, mergers,
and by changes in the reserve classification of cities or individual banks.
# - Preliminary.
4
L.4.3.-EXHIBIT
H,
Port
1
D E P O S I T S A N D CURRENCY 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
S e a s o n a l l y a d j u s t * d;
"turnover, monthly
Annual
deposits,
monthly
overages
of
doily
figures;
rate
!I I I I I I I I I I I I I II I II II II
MONEY' SUPPLY
TIME
AND
SAVINGS
DEPOSITS
224 SMSA'S
343 Center*
TURNOVER
Outside N Y C
U.S. G O V T . DEPOSITS
Net a d j u s t e d f o r s e a s e n a l
HIM
1962
I960
1963
1964
iinii
1965
Exhibit H - Part II
S e a s o n a l l y
Period
M o n e y
* All commercial bonks,
A d j u s t e d
S u p i> i y
D a t a
Time and
savings
deposits
U. S.
Turnover
Gov't,
outside
deposits
N Y City*
Total
Demand
deposits
Currency
1962--December
1963—December
1964—December
147.5
153.1
159.7
116.9
120.6
125.4
30.6
32.5
34.2
97.8
112.2
126.6
31.3 .
33.9
* 33.4
5.6
5.1
5.5
1965—March
April
May
June
July
August p
160.3
161.1
160.0
161.8
162.5
162.7
125.6
126.4
125.1
126.8
127.3
127.3
34.7
34.7
34.9
35.0
35.2
35.4
132.1
133.5
134.6
135.9
137.6
140.1
35.4
35.2
34.7
36.3
35.1
n.a.
6.7
5.6
9.7
9.3
9.1
7.4
Week ending:
Aug. 4
11
18
25
162.9
162.5
162.5
162.4
127.7
127.1
127.1
127.0
35.3
35.4
35.4
35.4
138.9
139.5
140.0
140.4
n.a.
n.a.
n. a.
n.a.
7.5
6.6
7.6
8,1
163.1
127.7
35.3
141.0
n.a.
6.9
Sept.l p
p - Preliminary.
Beginning January 1964, data are for 224
Digitized*for FRASER
Figure for December 1964 on old basis is
metropolitan centers outside New York City.
35.3.
1.4.3
-
EXHIBIT
1, P a r t
1
; 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
80
70
TOTAL TIME
AND
SAVINGS
DEPOSITS
60
40
30
PARTNERSHIPS,
AND'CORPOR ATIONS
1965
1964
Exhibit I - Part II
T i m e
Period
Total
and
S a v i n g s
D e p o s
its
Individuals,
Other time
partnerships,
deposits 1/
and corporations
d o l l s i r s)
(I rL ,m i 1 1 i o ri s o f
Savings
1961—Apr.
Dec.
1962—Dec.
1963—Dec.
1964—Dec.
26
27
26
31
30
38,175
41,472
50,011
59,227
66,881
27,819
30.082
34,712
38.083
40,698
5,480
5,969
9,080
13,310
16,407
4,876
5,421
6,219
7,834
9,776
1965—Mar.
Apr.
May
June
July
31
28
26
30
28
71,140
72,081
72,868
73,818
74,760
, 42,323
42,149
42,448
43,129
43,429
18,456
19,051
19,623
20,130
20,542
10,361
10,881
10,797
10,559
10.789
Aug.
4
11
18
25
74,905
75,178
75,375
75,703
43,544
43,644
43,719
43,779
20,571
20,610
20,753
20,923
10.790
10,924
10,903
11,001
1/ 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)
Date
All
member
Monthly averages:
1956--December
1957--December
1958—December
1959--December
1960—December
1961—December
1962—December
1963—December
^
1965—January
February
March
April
May
June
July1
Aug. p
Excess
reserves
Country
All
member
Borrowings
All
member
Total reserves
held seasonally
adlusted
All
member
'
1964—April
May
June
July
August
September
October
November
December
,,
Free reserves
(excess reserves minus borrowings)
Reserve City Banks
New York
City of
Other
City
Chicago
.
- 36
-133
- 41
-424
669
419
268
209
- 91
-105
- 80
-109
10
- 50
- 62
19
- 86
- 77
- 32
-104
- 4
- 22
- 11
- 21
-203
-228
-197
-449
80
20
- 52
-122
344
277
268
237
583
471
394
334
652
577
516
482
756
568
572
536
688
710
557
906
87
- 149
304
327
17,185
17,077
17,942
17,978
18,283
18,977
19,548
20,240
167
82
120
- 1
- 25
--
- 14
- 2
- 13
- 77
-112
380
337
390
213
255
270
20,482
20,404
20,682
135
83
69
106
- 34
168
-
17
21
16
34
86
14
-
19
7
33
26
16
31
-B4
-102
-154
-140
-116
-178
-103
259
221
248
273
265
278
282
246
315
400
417
420
415
396 "
411
265
334
331
309
430
243
20,665
20,753
21,012
20,949
21,033
21,082
103
32
- 76 -112
-178
-184
- 70
- 90
- 97
- 50
- 13
-114
-
17
37
45
40
4
15
- 82
-144
-148
-238
-333
-274
270
302
215
216
173
220
402
437
340
359
327
344
299
405
416
471
505
528
21,174
21,355
21,506
21,722
21,671
21,840
-176
-132
-135
- 32
- 25
- 36
-214
-231
199
164
349
432
524
564
21,865
21,817
NOTE--Beginning July 26, 1962, figures for both New York and the City of Chicago include banks formerly classified as
central reserve city and three banks whose classification as reserve city is continued.
p - Preliminary.
Exhibit K
Liquid Asset# Held by the Public - Seasonally Adjusted Series 1/
(Amounts in billions of dollars; ratios expressed as percentages)
Time deposits
Bnd of
year or
month
- Total
1
3
Mutual
savings
banks
Savings
U. S. Gov't,
and loan
savings
shares 4/
bonds 5/
4
5
6
7
8
26.3
28.1
30.0
31.6
33.9
34.9
36.2
38.3
41.4
44.5
2.1
1.9
1.6
1-3
1.1
0.9
0.8
0.6
0.5
0.5
27.2
32.0
37.0
41.7
47.7
54.3
61.8
70.5
79.8
90.9
55.6
55.9
54.8
51.6
50.5
47.9
47.0
47.4
47.6
49.0
30.6
31.6
33.2
38.8
35.6
48.8
41.9
42.6
46.8
48.1
498.9
499.6
504.0
506.1 .
507.7
511.4
149.5
148.4
150.2
149^9
149.73
151.2
114.8
115.5
115.9
117.0
117.9
118.6
45.0
45.4
45.6
46.0
46.3
46.8
0.5
0.4
0.4
0.4
• 0.4
0.4
91.4
92.4
93.5
94.1
94.9
95.8
49.1
49.0
49.0
49.1
49.1
49.2
48.6
48.4
49.3
49.5
49.4
49.4
511.8
514.9
521.0
523.4
526.9
530.4
151.8
152.2
155.0
155.0
155.0
156.7
119.8
120.6
121.9
123.8
125.9
127.1
47.1
47.5
47.9
48.3
48.6
49.0
0.4
0.4
0.4
0.4
0.4
0.4
96.6
97.8
99.1
99.8
100.8
101.3
49.3
49.3
49.4 .
49.4
49.5
49.9
46.7
47.1
47.4
46.8
46.7
46.1
534.9
536.4
542.8
543.3
542.8
549.5
550.7
555.7
156.1
154.8
158.6
156.3
155.4
159.4
157.7
. 157.9
130.6
131.9
133.0
134.1
134.7
136.1
138.1
139.6
49.4
49.6
49.8
50.1
50.4
50.6
51.1
51.3
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.3
101.7
102.6
103.6
103.9
104.4
105.1
105.5
106.5
50.0
49.9
49.9
49.9
49.9
50.0
50.1
50.1
46.8
47.3
47.6
48.6
47.6
48.0
47.9
50.0
1964
Jan.
Feb.
Mar.
Apr. '
May
June
!
|
•
Ratios to GNP revised in accordance with August 1965 revision in GNP beginning in 1929.
Ratios:
Liquid
Demand deCommercial
assets
posits and bank deposits
to gross
currency to sod currency to
national
gross nation- liquid assets
product 7/
(2+341)
9
10
11
34,7
85.3
55.7
{
81.3
32.6
55.0
79.7
31.3 :
54.4
80.5
30.4
53.6
79.5
29.7
54.8
80. 2
28. 6
52.6
79.0
27.5
53.0
78.4
26.4
53.0
79.5
25.1
52.9
81.3
24.7
53.0
'A
For footnotes see next page
p - Preliminary
NOTE:
U. S. Gov't,
securities
maturing
within one
year 6/
48.2 .
49.7
52.0
57.5
65.4
67.4
73.1
82.5
98.1
112.9
320.2
332.5
343.2
356.0
373.1
393.9
399.2
424.6
459.0
495.4
1965
Jan.
Feb.
Mar.p
Apr.p
May p
June p
July p
Aug. p.
2
Commercial
banks 3/
Postal
Savings
System
130.2
133.3
134,6
133.5
138.8
139.7
138.4
142.6
144.8
149.6
1954
1955
1956
1957
1958
1959
I960,
1961
1962
1963
Ju ly ;
Aug.
Sept.
Oct.
Nov.
Dec.
Demand
deposits and
currency 2/
81.4
24.3
81.3
24.1
81.1
24.0
82.0
24.2
81.7
23.8
81.8
23,6
53.0
52.8
52.8
52.7
52.7
52.7
53.1
53.0
53.2
53.3
53.3
53.5
53.6
53.4
53.7
53.5
53.5
53.8
53.8
53.5
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, 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
Data are as of the last Wednesday of month
postal savings red epos ited in commercial banks.
except June 30 and December 31 when call data for these dates were used when available. Time
deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S.
possessions are included as indicated for demand deposits in footnote 2 above.
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 1960, 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 1960,
s a v i n g and loan associations.
Figures have been adjusted to include partially tax-exempt
securities 12months prior to first call date, and prior tq 1956, nonmarketable Treasury savings notes with maturities up to 36 months.
Prior to December 1950 figures for marketable
issues include securities callable within one year. Figures represent par value and are from
the U. S. Treasury Department's Survey of Ownership of U. S. Government Securities.
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).
@FedFRASER