February 15, 1966. Not for publi^tfon AND …...L4.3 q\_ Not for publi^tfon February 15, 1966. AND MONETARY DEVELOPMENTS IN JANUARY 1966 Summirj^'. Seasonally adjusted comm£rdiai

$Page 1: February 15, 1966. Not for publi^tfon AND …...L4.3 q\_ Not for publi^tfon February 15, 1966. AND MONETARY DEVELOPMENTS IN JANUARY 1966 Summirj^'. Seasonally adjusted comm£rdiai$
L 4 . 3 q \ _

Not for publi^tfon

February 15, 1966.

AND MONETARY DEVELOPMENTS IN JANUARY 1966

Summirj^'. Seasonally adjusted comm£rdiai bank credit increased "somewhat faster in January th&ti i n m o s t ottier recent months,

A continued strong loan expansion, reflecting growth in all major loan

categories^ wad' offset* orily in small part by a reductioti in holdings of

U, So Government securities. Holdings 6f municipal an# agency issues

were unchanged following a marked slowdown in growth lite last year. The money supply increased substantially tut less rapidly than in December aiid growth in tithe and savings deposits at xqrrtoercial banks slowed further. Vi' S. Government dep6slt?s dec 1'ineid I'dad than usual* Seasonally adjusted total and required ttesetves rose further aiid net borrowed reserves also increased' somewhat.

Changes in Commercial Bank Qtedit. Money Supply ""and Time Deposits

(Seasonally adjusted)

Annual rate (per ceint) '

1966 ' 1965 . 1964

•J an « 4th Qtr.

3rd Qtr.

2nd Qtr.

1st Qtr.

Year 4th Qtr.

Year

Total loans and investments 12.2 10,9 , .4.8 10.61 1 12.4 ,10.0 8.4 8.4

U.S. Gov't, securities -4.2 7:8 -8.3 -12.8 -11.7 -6.2 1.3 -1.1

Other securities 10.1 13.3 20.0 14,5 15.2 12.8 10,6

Total loans 20.0 12.0 7.0 16.4 20.8 14.8 10.1 11.8

Business loans 25.9 I15.5. 11.7 19.4 26.1 19.4 15.0 11.9

Money supply 7.9 I 7.5 I • ;

6.2 3.7 1.5 4.'8 ' 3.8 4.3

Time deposits at all commercial banks 8.2

! '

j 15.0 16.8 .11.5 .17,4

II >v

16.1 14.7 12.8

Bank Credit. . Seasonally adjusted loans atid investments at

commercial banks increased $3 billion.ig January or at an annual rate of 12.2 per cent. This exceed the growth ratte in most other recent ,

months and also that for the full year %965.< Loan expansion was .. . unusually strpngr-at an annual rate of 20 per cent or comparable with

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

that In early;1965y> A reduction tn'Uv S .Govfcrtiment securities offset the loan rise only In small part. Holdings of municipal and agency issues were unchanged following a fairly steady slowdown in the rate of acquisitions'"-after'the high: second1 quarter of ,1965. : - •? *.

•r> Busitiess loans at all commercial' banks increased. $1.5 billion f in January--»or >the' same as the record rise iti January 1965 which had been associated, with". the dock- strike^ foreign, -lending,, andînyentory ?' buildup in anticipation of a steel strike. This rf allowed' * $1.4'billion-increase in December, which represietoted a* considerable, step-up from the ; $600 taillion monthly average: increase over the July-November period . , ? Data for leading city banks indicate, however, that the rate of growth ' slowed somewhat' I n t h e latter part of January and early February. At city banks, demands for loans by food processors, petroleum; and; chepjical companies, and miscellaneous manufacturing and mining concerns were especially strong between late-December and late-January. On the other hand, repayments by trade concerns were utiusually heavy following the high volume of retail sales: in December.,

Real estate and consumer loans continued to expand in January at rates comparable with those of late 1965. In addition, both security loans and loans to nonbank financial businesses rose following reductions in both categories in December.. ? ;In the case of security loans, the January expansion appeared to be asseeiated targely with Government secu-rities- dealer borrowing. ?•'(;! 10^,,

* -'i . ,r jtold-ing's iof U. S. GoyernWent sêcuriti^s declined $200 million in January fdllowing some expansion> iri the fourth quarter of 1965 which had been associated in. pa^t,-witti Treasury financing operations Treasury financing,also occurred in January and presumably was reflected iri the moderafe'etiess 'of "ther tediidtion iti Governments relative »to-declines;, in most: ̂ months of 1?65., On-January 5, commercial banks acquired virtu-ally all of the $1.0 billion June tax anticipation bills arid dii Jaittuaity 1'9 about $1.4 billion of the $1.7 Billio# tdn-6o#6h certificates. Total o r holdings of Treasury issues, not adû$te<| fqr seasonal, Increased $300 million, as sales at banks in leading cities offset in large part an unusually'Shairp rise i& holdings at.Banks.outside leading cities. ; At > . city banks, bill holdings and foldings of all maturities <jtf notes and , bonds were reduced. .Certificate holdings,„.however, remained êri#rally unchanged in the t*o weeks following delivery: ' M i'! ' "

Money supply and time deposits. The seasonally adjusted

money, supply increased $1,1 fb^liop^nJanu?iy> u o r . * a t e ® f

almqst.8 per_cent-?@bgut the same,aptê rapid eypan&ipn in the fourth


•# "

-3-

nearly $2 billion until the end of the month when it rose somewhat. U. S. Government deposits at commercial banks increased on a seasonally adjusted basis in January after having leveled off in December.

Time and savings deposits at commercial banks increased $1 billion in January, or only about two-thirds as much as the reduced December expansion. The annual rate of growth in January--8.2 per cent-was about half that over the year 1965. At banks in leading cities, savings deposits declined contraseasonally between late-December and late-January and negotiable CDs rose moderately. By late January, CD holdings at banks in New York City were slightly above their previous peak prior to the mid-December run-off but at other city banks they were still somewhat below. Growth in other time deposits, however, including high-interest bearing savings certificates, was considerably larger than a year earlier, with the growth concentrated at city banks outside

New York.

Bank reserves. Seasonally adjusted total and required reserves rose further in January following a large increase in December. Excess reserves declined from the temporarily high December level but member bank borrowings also dropped somewhat; as a result, net borrowed reserves increased to about $45 million from $10 million in December• Reserves were supplied by a return flow of currency from circulation and they were absorbed mainly by reductions in System holdings of U. S. Government securities, in gold stock, and float. The effective rate on Federal funds was at 4-5/8 per cent on 13 of the 21 trading days in January and most often at 4-1/2 per cent on the remaining days. Trans-actions, however, occasionally took place at 4-3/4 per cent.


1.4.3 - EXHIBIT A, Port 1 j

L O A N S A N D INVESTMENTS AT A l l COMMERCIAL B A N K S lot W>dn«»day ol month, umtaclly ad{«tt(nt] B i l l i o n s • ! ,

I0TA1 10ANS AMD IMVHVMKWft 110

1110

140! iOANS

ill

U.S. GOVT. SICVftlTlfS

OTHIt SfCUKITIIS

1140 1ISS

Exhibit A - Part II

Date Total 1/ Loans 1/ U.S. Gov't, securities securities

( I n b i L 1 1 i o n s b f d o l l a r s)

1960—Dec. 31 194.5 113.8 59.9 20.8 1961—Dec. 31 209.8 120.5 65.4 23.9 1962—Dec. 31 2/ 228.3 133.9 65.2 29.2 1963—Dec. 31 2/ 246.5 149.4 62.1 35.0 1964—Dec. 31 267.2 167.1 61.4 38.7

1965—Jan. 27 269.6 170.2 59.9 39.5 Feb. 24 272.1 171.9 60.2 40.0 Mar. 31 275.5 175.8 59.6 40.1 Apr. 28 277.3 177.1 59.1 41.1 May 26 279.4 179.5 58.6 41.3 June 30 282.8 183.0 57.7 42.1 July 28 281.5 182.7 56.4 42.4 Aug. 25 286.1 185.8 57.0 43.3 Sept.29 286.2 186.2 56.5 43.5 Oct. 27 p 288.9 188.0 57.0 43.9 Nov. 24 p 291.5 189.8 57.6 44.1 Dec. 31 p 2/ 294.0 191.8 57.6 44.6

1966—Jan. 26 p 297.0 195.0 57.4 44.6

1/ Adjusted to exclude interbank loans, 2/ Estimated as of December 31, p - Preliminary.


1 . 4 . 3 . - E X H I B I T » , P « " I

L O A N S AT ALL COMMERCIAL B A N K S TeTTwTd »• • div el 11 * °dl""*<i

Hit ISIAII

' " I I 1 1 1 1 1 1 1 1

• m s

Part II

lit*

Exhibit B

Date Business I Real estate I Consumer Security

1960- -Dec. 31

1961--Dec. 31

1962--Dec 31 1/

1963--Dec. 31 1/

1964--Dec. 31

1965--Jan. 27 Feb. 24 Mar. 31 Apr. 28 May 26 June 30 July 28 Aug. 25 Sept .29 Oct. 27 p

Nov. 24 p Dec. 31 P

1966--Jan. 26 p

(I n b i 1 1 i o n c if d o

42.1 28.6 20.6

43.9 30.2 21.1

47.6 34.2 23.7

52.0 39.1 26.7

58.2 43.5 29.4

59.7 43.9 29.7

60.8 44.4 30.1

62.0 44.9 30.4

62.7 45.3 30.9

63.6 45.7 31.2

65.0 46.2 31.6

65.6 46.6 32.0

66.2 47.1 32.4

66.9 47.6 32.8

67.4 48.0 33.2

68.1 48.3 33.5

69.5 48.8 33.9

71.0 49.2 34.3

»>

4.4 5.2 6.2 6.7 7.1

7.8 7.1 8.0 8.1 8.1 8.7 7.2 7.6 6.3 6.9 7.5 7.3

8.0

1/ Estimated as of December 31. P rreli

These data are not for publication. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Exhibit C Changes in Loans and Investments at All Commercial Banks, Seasonally Adjusted

(In billions of dollars)

Item

1965

Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. p Nov. p Dec.p4/

im

Jan. p

Loans and Investments 2/

U. S. Gov't, securities

Other securities

Loans 2/

Business

Real estate

Consumer

Security

Nonbank financial

Agriculture

All other

Total loans excluding security 3/

Total loans excluding security and non-bank financial 3/

+1.7

-0.2

+0.2

+1.7

+1.2

+0.4

+0.3

-0.7

-0.2

-0.1

+0.8

+2.4

+2. 6

+2.4

-1.5

+0.8

+3.1

+1.5

+0.4

+0.3

+0.7

+0.3

1/

y

+2.5

+2.2

+2.5

+0.3

+0.5

+1.7

+1.1

+0.5

+0.4

-0.7

+0.1

1/

+0.3

+2.4

+2.3

+3.4

-0.6

+0.1

+3.9

+1.2

+0.5

+0.3

+0.9

+0.5

+0.1

+0.3

+2.9

+2.4

1L1

-0.5

+1.0

+1.3

+0.7

+0.4

+0.5

+0.1

1/

+0.2

1/

+1.8

+1.8

+2.1

-0.5

+0.2

+2.4

+0.9

+0.4

+0.3

1/

+0.2

+0.1

1/

+1.9

+1.7

+3A

-0.9

+0.8

+3.5

+1.4

+0.5

+0.4

+0.6

+0.4

-0.1

+0.3

+2.9

+2.5

-1.3

-1.3

+0.3

-0.3

+0.6

+0.4

+0.4

-1.5

1/

+0.3

-0.1

+1. 6

+1.6

±u>

+0.6

+0.9

+3.1

40.6

+0.5

+0.4

+0.4

+0.2

+0.1

+0.2

+2.0

+1.8

+0.1

-0.5

+0.2

+0.4

+0.7

+0.5

+0.4

-1.3

+0.3

i/

+0.1

+2.0

+1.7

+2.7

+0.5

+0.4

+1.8

+0.5

+0.4

+0.4

+0.6

+0.1

-0.2

1/

+1.2

+1.1

± M

+0.6

+0.2

+1.8

+0.7

+0.3

+0.3

+0.6

+0.2

1/

-0.1

+1.4

+1.2

to revision. 1/ Less than $50 million. 2/ Adjusted to exclude interbank loans. 3/ Derived by addition of items and not by subtraction from total loans.

4/ Estimated as of December 31.

Individual loan item data are not for publication.

1/

+0.5

+2.0

+1.4

+0.5

+0.4

- 0 . 2

-0.2

-0.1

1/

+2.0

+2.2

+3.0

- 0 . 2

+3.2

+1.5

+0.4

+0.4

+0.7

+0.4

+0.1

-0.1

+2.7

+4.3

loans are net and and are subject


Exhibit D Changes in Loans and Investments at All Commercial Banks, at Weekly

Reporting Batiks, and at Other Banks, Not Seasonally Adjusted (In billions of dollars)

End of December to last Wednesday oi January Item

1966 3/ 1965 1964 3/ 1963 3/ 1962 1961 1960

All commercial banks •

Total loans -4.6 -3.6 -4.4 -4.5 -4.3 -3.9 -2.6 U. S. Gov't, securities +0.3 -1.5 -1.3 -0.2 +0.6 +0.9 -0.9 Other securities -0.5 +0.3 -0.5 +0.2 +0.2 A/ -0.2

Total -4.9 -4.8 -6.2 -4.5 -3.5 -2.9 -3.9

Weekly reporting banks Total loans -3.8 -2.9 -3.8 -3.9 -3.5 -3.3 -2.4 U. S. Gov't, securities -0.6 -1.6 -1.3 -0.3 +0.2 +0.4 -1.0 Other securities -0.6 +0.2 -0.4 +0.1 +0.1 -0.1

-5.0 -4.3 -5.4 -4.1 -3.3 -2.8 -3.5

Other banks Total loans -0.8 -0.7 -0.6 -0.6 -0.8 -0.6 -0.2 U. S. Gov't, securities +0.9 +0.1 1/ +0.1 +0.4 +0.5 +0,1 Other securities +0.1 +0.1 -0.1 +0.1 40.2 -0.1 -0.1

Total +0.1 5/-0.5 -0.8 -0.4 -0.2 -0.1 -0.4

Year ending December Item

1965 3/ 1964 1963 3/ 1962 3/ 1961 1960 1959

All commercial banks Total loans +25.5 +18.2 +16.0 +14.0 +7.2 +6.7 2/+12.5

U. S. Gov't, securities - 4.1 - 0.4 - 3.0 - 0.2 +5.6 +2.1 1/- 7.4 Other securities + 5.9 + 3.7 + 5.8 + 5.4 +3.1 +0.4 2/- 0.1

Total +27.4 +21.5 +18.8 +19.2 +15.9 +9.1 2/+ 5.0

Weekly reporting bankfe •

+2.7 +7.7 Total loans +15.8 + 9.6 +9.2 +7.9 +3.5 +2.7 +7.7

U. S. Gov't, securities - 3.4 - 0.8 -3.3 -1.9 +3.6 +2.5 -7.0

Other securities + 3.0 + 1.8 +3.6 +3.7 +2.0 +0.2 -0.4

Total +15.5 +10.6 +9.5 +9.7 +9.1 +5.5 +0.3

Other banks Total loans + 9.7 + 8.6 +6.8 +6.1 +3.7 +4.0 2/ +4.8

U. S. Gov't. securities - 0.7 + 0.4 +0.3 +1.7 +2.0 -0.4 2/ -0.4

Other securities + 2.9 + 1.9 +2.2 +1.7 +1.1 +0.2 2/ +0.3

Total +11.9 +10.9 +9.3 +9.5 +6.8 +3.6; 2/ 44.7

NOTE—Data exclude all interbank loans; call report data for weekly reporting banks used when available.

JL/ 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/ Estimated as of December 31, 1965, and December 31, 1962, for all commercial banks and weekly reporting banks and for all commercial banks, December 31, 1963.


Exhibit E Changes in Commercial and Industrial Loans at Meekly Reporting Banks

(In millions of dollars)

Late-December to end of January 1/ End of Decembei • to,.snd-i if Decembc ?r 2/

Business of borrower 1966 1965 1964 1963 1962 1965 1964 1963 1962 1961

Food processors - 48 -114 -300 -205 -180 ' + 394 + 67 + 59 + 31 + 55

Commodity dealers + 15 + 74 - 32 + 19 - 15 + 29 + 23 +310 - 17 +135

Trade concerns -523 - 47 -395 -288 -219 +1 ,103 +248 +395 +371 + 8

Total -556 - 87 -727 -474 -414 +1 ,526 , +338 +764 +385 +198

Metals and products . + 34 + 72 + 81 -130 -161 +1 ,493 +481 - 77 + 81 -419

Textiles, apparel, etc. -107 - 18 -103 - 38 + 22 + 317 - 85 +148 +111 - 64

Petroleum, coal, etc. +163 - 16 +118 - 51 - 99 + 868 +299 + 7 - 76 - 44

Other manufacturing and mining +206 +165 + 26 +168 +146 +1 ,175 +532 +484 +423 +468

Public utilities -131 + 13 -106 -183 -265 +1 ,485 +159 +158 +145 - 50

Construction - 30 - 38 - 5 - 67 - 23 + 305 +440 +147 +165 +106

All other types of business +151 +120 + 89 - 45 - 36 + 620 +837 +525 +495 +833

Banker's acceptances + 10 -187 n.a. n.a. n.a. - 425 n.a. n.a. n.a. n.a.

Other, mainly services +141 +307 n.a. n.a. n.a. +1 ,045 n.a. n.a. n»a. n.a.

Classified -268 +211 -627 -821 -830 +7 ,789 +3,001 +2,157 +1,729 +1,028

Unclassified + 15 - 30 - 36 - SO -102 +1 ,054 +809 +535 +518 -264

Total change -254 +181 -663 -871 -932 +8 ,843 +3,810 +2,692 +2,246 +764

1/

21

Five most comparable weeks used throughout in order to avoid turn-of-the-year dating differences. Periods begin December 22,1965; December 23,1964; December 25,1963; December 26,1962; and December 27,1961. These changes cannot be linked with all commercial bank data which are always for December 31. Changes are compiled from December 22, 1965; December 23, 1964; December 25, 1963; December 26, 1962; December 27, 1961; and December 28, i960. These data cannot be linked with all commercial bank data which

are always for December 31.


Exhibit F Loans and Investments at All Commercial Banks

(In billions of dollars)

Date Loans and investments U. S. Gov't. Other

securities Total loans Business Real estate Security Farm Consumer

Nonbank financial

institutions

All other

1957—Dec. 1958—Dec. 1959—June 24

June 24 Dec.

1960—Dec. 1961—Dec.

31 31

(old) (new)

31 1/ 31 30

1962—Dec. 31 (est.)

1963—Dec. 31 (est.)

1964—May 27 June 30

July 29 Aug. 26 Sept.30 Oct. 28 Nov. 25 Dec. 31

1965— Jan. 27 Feb. 24 Mar.31 t Apr. 28 May 26 June 30

July 28 Aug. 25 Sept .29 Oct. 27 p Nov. 24 p Dec. 31 P (est.)

1966—Jan. 26 p

169.3 184.4 184.2 184.2 189.5 198.5 214.4 233.6

252.4

251.5 257.3

254.2 256.1 262 .2 262 .4 266.3 273.9

269.1 270.7 273.9 275.9 277.1 283.9

281.2 283.2 286.8 290.3 292.4 301.3

296.4

58.2 66.4 60.9 60.9 58.9 61.0 66.6 66.4

63.4

59.1 59.3

58.3 58.8 60.7 61.4 62.7 63.0

61.5 60.5 59.0 58.3 57.2 56.9

56.3 55.5 55.9 58.5 58.7 58.9

59.2

17.9 20.6 20.6 20.6 20.5 20.9 23.9 29.3

35.1

35.8 36.4

36.5 37.1 37.8 38.0 38.1 38.8

39.1 39.7 40.3 41.4 41.1 42 .2

42.6 43.4 43.9 44.1 43.7 44.7

44.2

93.2 97.5 102.8 102.8 110.0 116.7 123.9 137.9

153.9

156.7 161.6

159.4 160.2 163.7 163.0 165.5 172.1

168.5 170.5 174.5 176.2 178.8 184.9

182.4 184.3 187.0 187.8 190.0 197.6

193.0

40.5 40.4 42.5 37.8 40.2 43.1 45.2 49.1

53.7

53.9 55.1

54.4 54.9 56.1 56.3 57.4 60.2

58.9 60.3 62.2 62.5 63.4 65.5

64.8 65.5 66.9 67.3 68.6 71.9 70.1

23.1 25.3 26.9 26.9 28.1 28.7 30.3 34.3

39.2

40.8 41.4

41.8 42.2 42.7 43.0 43.4 43.7

43.9 44.1 44.5 45.0 45.5 46.2

46.7 47.3 47.8 48.2 48.6 48.9 49.2

4.2 4.7 4.1 4.1 4.9 5.1 6.2 7.3

7.9

7.5 8.2

7.6 7.2 8.1 7.1 7.4 8.4

7.4 7.1 7.8 7.9 7.9 9.0

7.0 7.0 6.7 6.9 7.2 8.6 7.6

4.1 5.0 5.0 5.0 5.0 5.7 6.2 7.1

7.4

7.7 7.7

7.7 7.5 7.5 7.5 7.6 7.5

7.7 7.8 7.9 8.1 8.1 8.1

8.2. 7.9 7.9 7.9 8.0 8.0 8.2

15.8 15.9 17.5 17.5 18.8 20.6 21.4 23.7

- 26.7

27.8 28.2

28.5 28.7 28.9 29.0 29.1 29.4

29.5 29.7 30.0 30.7 31.2 31.9

32.3 32.7 33.0 33.3 33.5 33.9 34.1

5.9 7.1 7.1 7.3 8.5

1012

9.3 10.5

9.5 9.7 10.1 9.5 9.6 10.9

9.8 9.9 10.5 10.3 10.4 11.5

11.2 11.5 12.0 11.4 11.6 13.3 11.9

7.2 8.2 8.8 7.6 8.1 8.7 9.8 10.7

11.8

13.0 13.8

13.3 13.4 13.7 14.0 14.4 15.5

15.0 15.1 15.2 15.4 15.8 16.3

15.9 16.1 16.3 16.3 16.2 16.6 15.9

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, 1959, "business loans" and "all other loans" have been revised to exclude loans to nonbank financial institutions.

Individual loan category data are available for publication only on a June and December call date basis.


Exhibit G

Ratios to Total Deposits 1/

L O A N S U.S. Government

securities maturing within one year

Date All Member banks

All commercial banks

Date Ail

commercial banks

Reserve citv banks Country


Date Ail

commercial banks

Total New York City

City of Chicago

Other Country


1948—Dec. 31 31.2 31.3 35.9 30.4 33.4 27.1 2/ 14.2 1949—Dec. 31 31.1 30.9 34.9 25.6 32.4 28.5 2/ 19.2 1950—Dec. 31 35.8 36.1 42.5 32.3 • 38.1 31.5 2/ 15.2 1951—Dec. 31 37.2 37.6 46.3 36.2 39.4 32.1 9.8 1952—Dec. 31 39.3 39.9 50.6 38.9 41.1 33.9 11.7 1953—Dec. 31 40.5 41.1 50.6 39.1 42.2 36.1 16.9 1954—Dec. 31 40.3 40.7 46.8 38.3 41.9 37.1 10.0 1955—Dec. 31 45.8 46.7 56.7 46.3 48.5 40.7 5.1 1956—Dec. 31 48.8 50.1 61.7 52.7 52.7 42.6 7.5 1957—Dec. 31 49.7 51.0 61.9 55.2 53.3 44.1 8.4 1958—Dec. 31 48.4 49.4 57.7 49.4 51.3 44.4 8.3 1959—Dec. 31 54.0 55.6 67.3 58.2 58.2 48.2 7.4 1960—Dec. 31 55.1 56.5 65.9 60.8 59.0 50.3 8.7 1961—Dec. 31 54.5 55.7 65.0 58.0 57.7 50.2 11.2 1962—Dec. 28 56.5 57.7 67.9 61.4 60.1 51.7 9.5 1963—Dec. 25 58.6' 59.9 67.4 62.1 63.3 53.8 3/ 7.5

1964—June 30 60.7 61.9 69.1 62.6 64.9 56.2 6.6

July 29 61.1 62.2 68.7 61.3 66.0 56.4 5.7 Aug. 26 61.1 62.2 69.0 62.7 66.1 56.2 6.3 Sept.30 60.4 61.6 68.0 62.3 66.0 55.8 6.9 Oct. 28 60.4 61.6 67.8 62.0 65.5 55.8 7.2 Nov. 25 60.7 62.0 69.4 62.1 66.1 55.9 8.0 Dec. 31 60.5 61.9 69.3 64.4 65.0 56.0 8.0

1965—Jan. 27 60: 9 62.2 69.9 63.4 65.4 56.3 7.1 Feb. 24 61.6 63.0 71.8 65.0 66.4 56.4 7.0 Mar. 31 > 61.9 63.3 71.9 67.6 66.1 56.9 6.4 Apr. 28 62.4 63.7 71.2 64.9 67.1 57.6 6.3 May 26 , 63.3 64.6 72.7 65.3 68.1 58.3 6.2 June 30 • 63.6 64.9 74.3 67.0 67.8 58.3 6.0

July 28 . 63.7 65.0 72.2 67.1 68.9 58.6 5.7 Aug. 25 1 64.1 65.5 74.8 67.7 69.0 58.7 6.1 Sept.29 63.9 65.3 73.4 69.3 69.1 58.4 6.4 Oct. 27 p 63.8 65.2 73.8 69.6 69.1 58.3 r 7.1 Nov. 24 p 64.3 65.9 77.6 68.2 69.3 58.4 7.3 Dec. 29 p 64. Z 65.7 75.9 71.5 68.9 58.4 • 7.4

1966—Jan. 26 p 64.0 65.6 75.9 71.3 69.2 58.1 n.a.

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, p - Preliminary. r - Revised. Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1.4.3.-EXHIBIT H, Port 1

DEPOSITS AND CURRENCY AND TURNOVER OF DEMAND DEPOSITS S e o s o n o i l y o d | u s t e d | d e p o s i t s , m o n t h l y o v e r a g e s of d o l l y l l g u r e s j

I t w m o v e r , m o n t h l y j A n n u o J ^ r o t e

I • I I I I o n s o I d o l l a r s ] I 11 I 1 1 I I I I U N I M I 11 II 1

M O N E Y S U P P L Y

T I M E A N D S A V I N G S D E P O S I T S

224 SMSA'S

343 Ceeleri T U R N O V E R Owlslde N Y C

hj.,i, 6<>yt. pxraiim! i Net ediusled for • • a t o n a l ! .

"•nil I m i l IIII

1 1 9 * 3 I • • * « !

Exhibit H - Part II

l m *

Wohjll.l

Period

S e a s o n a 1 1 y • A d j u s t e d D a t : a U. S.

Gov't,

deposits Period M o n e ; y S u p p i y

Time and

savings

deposits

Turnover

outside

N. Y. City*

U. S.

Gov't,

deposits Period

Total Demand

deposits Currency

Time and

savings

deposits

Turnover

outside

N. Y. City*

U. S.

Gov't,

deposits

1963—December 153.1 120.6 32.5 112.2 33.9 5.1

1964--December 159.7 125.4 34.2 126.6 * 33.4 5.5

1965—January 160.0 123 .5 34.5 128.8 33.8 4.2

November 165.7 129.6 36.1 145.5 37.0 4.0

December 167.4 131.2 36.3 147.0 37.5 4.5

1966—January p 168.5 131,8 36.7 148.0 n.a. 3.7

Week ending: 36.4 147.7 Jan. 5 169.6 133.1 36.4 147.7 n.a. 5.2

12 169.1 132 .5 36.6 147.7 n.a. 3.8

19 168.1 131.5 36.7 148.0 n.a. 2.5

26 p 167 .7 131.0 36.6 148.2 n.a. 3.7

p - Preliminary. * Beginning January 1964, data are for 224 metropolitan centers outside New York

City. Figure for December 1964 on old basis is 35.3,

NOTE: Dollar amounts in billions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 . 4 . 3 - E X H I B I T 1, P e r t 1

T1M1 AND S A V I N G S DEPOSITS AT MEMBER BANKS IN LEADING CITIES W # d m # # d @ y # l g w p * $ i B i l l i o n s of d o l l o i r i

i70 I Q T A i T I M I A N D 8 A V I N O S D E P O S I T S

ill]

S A V I N G S D E P O S I T S •

TIME D E P O S I T S OF I N D I V I D U A L S ^ P A R T N E R S H I P S , A N D C O R P O R A T I O N S

OTHER TIME D E P O S I T S

! 1 9 * 3

Exhibit I - Part II

Period

T i m e a n d S a v i n g s D e p o s i t

Total Savings Individuals partnerships,

and corporations

Other time deposits 1/

1961—Dec. 27 1962—Dec. 26 1963—-Dec. 31 •1964—Dec. 30

1965—Jan. 27

Nov. 24 Dec. 29

1966—Jan. 5 12) 19 26

( I n m i l l i o n s o f

41,472 30,082 50,011 34,712 59,227 38,083 66,881 40,698

69,077 41,213

77,694 45,048 78,260 45,362

78,340 45,372 78,552 45,252 78,758 45,145 79,170 45,081

1/ Includes States And political subdivisions, U.S and official institutions, and interbank.

d o l l a r s )

5» 969 9,080

13,310 16,407

17,958

21,552 21,258

21,360 21,674 22,046 22,414

5,421 6,219 7,834 9,776

9,906

11,094 11,640

11,608 11,626 11,567 11,675

Government, foreign governments


» • Exhibit J

Member Bank Reserves

(Based on averages of daily figures; in millions of dollars)

Free reserves (excess reserves minus borrowings)

Excess reserves

Borrowings Total reserves held seasonally

adlusted Date

All member

Reserve Citv Banks All member

All member

All member

All member

New York Citv

City of Chicago

Other Country

All member

All member

All member

Monthly averages: 1956—December 1957 —December 1958—December 1959—December 1960—December 1961—December 1962—-December 1963—December

- 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

1964—April May June

167 82 120

- 1 - 25

- 14 - 2 - 13

- 77 -112 -114

259 221 248

380 337 390

213 255 270

20,482 20,404 20,682

July August September October November December

135 83 89 106 - 34 168

- 17 - 21 - 16 - 34 - 86 - 14

- 19 - 7 - 33 - 26 - 16 - 31

-102 -154 -140 -116 -178 -103

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

1965—January February March April May June

103 32

- 76 -112 -178 -185

- 70 - 90 - 97 - 50 - 13 -114

- 17 - 37 - 45 - 40 • - 4 - 15

- 83 -144 -148 -239 -333 -274

273 302 215 217 172 214

402 437 340 359 327 343

299 405 416 471 505 528

21,174 21,355 21,506 21,722 21,671 21,840

July Aug. Sept. Oct. Nov. Dec.

-175 -136 -155 -149 - 82 - 11

-135 - 32 - 47 - 28 - 78 - 71

- 25 - 36 - 43 - 80 - 31 - 8

-214 -228 -246 -207 -177 -164

199 160 181 166 203 235

349 428 373 . 341 369 443

524 564 528 490 452 454

21,865 21,816 21,816 21,872 21,828 22,160

1966—Jan. p - 45 - 74 - 48 -141 219 357 402 22.283 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. Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

i V .

Exhibit K Liquid Assets Held by the Public - Seasonally Adjusted Series 1/ (Amounts in billions of dollars; ratios expressed as percentages)

Time deposits U. S. Gov't, securities maturing within one year 6/

Ratios:

End of year or month

Total Demand

deposits and currency 2J

Commercial banks 3/

Mutual savings banks

Postal Savings Sys tem

Savings and loan shares 4/

U. S. Gov't. savifigs bonds 5/

U. S. Gov't, securities maturing within one year 6/

Liquid assets to gross national product 7/

Demand de-posits and currency to gross nation-al product 7/

Commercial bank deposits and currency to liquid assets ( 2 + 3 * 1 )

1 2 3 4 5 6 7 8 9 10 11

1954 1955 1956 1957 1958 1959 1960 1961 1962 1963

320.2 332.5 343.2 356.0 373.1 393.9 399.2 424.6 459.0 495.4

130.2 133.3 134.6 133.5 138.8 139.7 138.4 142.6 144.8 149.6

48.2 49.7 52.0 57.5 65.4 67.4 73.1 82.5 98.1 112.9

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

85.9 81.3 79.6 80.3 80.2 80.5 79.2 78.5 80.4 81.3

35.0 32. 6 31.2 . 30.3 29.9 28.7 27.6 26.4 25.4 24.7

55.7 55.0 54.4 53.6 54.8 52.6 53.0 53.0 52.9 53.0

1964 June July Aug. Sept. Oct. Nov. Dec.

511.4 511.8 514.9 521.0 523.4 526.9 530.4

151.2 151.8 152.2 155.0 155.0 155.0 156.7

118.6 119.8 120.6 121.9 123.8 125.9 127.1

46.8 47.1 47.5 47.9 48.3 48.6 49.0

0.4 0.4 0.4 0.4 0.4 0.4 0.4

95.8 96.6 97.8 99.1 99.8 100.8 101.3

49.2 49.3 49.3 49.4 49.4 49.5 49.9

49.4 46.7 47.1 47.4 46.8 46.7 46.1

81.3

81.1

82.0

24.1

24.0

24.2

52.7 53.1 53.0 53.2 53.3 53.3 53.5

1965 Jan. Feb. Mar. Apr. May June

534.9 536.4 542.8 543.3 543.0 550.2

156.1 154.8 158.6 156.3 155.4 159.6

130.6 131.9 133.0 134.1 134.9 136.3

49.4 49.6 49.8 50.1 50.4 50.8

0.4 0.4 -0*4 0.4 0.4 0.4

101.7 102.6 103.6 103.9 104.4 105.1

50.0 49.9 49.9 49.9 49.9 50.0

46.8 47.3 47.6 48.6 47.6 48.0

81.5

81*5

23.8

23.5

53.6 53.4 53.7 53.5 53.5 53.8

July Aug. Sept. Oct. p Nov. p

. Dec. p

550.9 555.6 560.6 565.0 568.2 572.4

157.7 157.8 160.6 161.1 160.3 163.7

138.3 139.8 141.6 144.0 146.5 147.1

51.1 51.3 51.6 52.0 52.3 52.5

0.4 0.3 0.3 0.3 0.3 0.3

105.5 106.5 107.7 108.3 109.2 109.7

50.1 50.1 50.1 50.1 50.1 50.5

47.9 49.8 48.7 49.1 49.4 48.6

81.3

81.3

23.3

23.2

53.7 53.6 53.9 54.0 54.0 54.3

1966 Jan. p 576.5 163.8 149.2 52.9 0.3 el09.9 50.5 50.0 54.3

For footnotes see next page. p - Preliminary e - Estimated.


ExhibitK (Continued)

1. Excludes holdings of the United States Government, Government agencies and trust funds, do-mestic commercial banks, and Federal Reserve Banks. Adjusted to avoid double counting when-ever 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 Wed-nesday of the month. In concept the figures agree with the daily average money supply de-scribed 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 in-cluded 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, re-spectively. Demand deposits due to banks in United States possessions are included through-out.

3. Total time deposits at commercial banks except interbank, U.S. Treasurer's open account, and postal savings redeposited in commercial banks. Data are as of the last Wednesday of month except June 30 and December 31 when call data for these dates were used when available. Time deposits of commercial banks in Alaska and Hawaii and time deposits due to banks in U. S. possessions are included as indicated for demand deposits in foqtnote 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 with-drawal-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 sav-ings banks and U.S. Government agencies and trust funds. Holdings of savings and loan asso-ciations 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 fund's, and beginning February 1960, savings and loan associations. Figures have been adjusted to include partially tax-exempt securities 12months prior to first call date, and prior to 1956, nonmarketable Treasury sav-ings 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).


Documents

February 15, 1966. Not for publi^tfon AND …...L4.3 q\_ Not for publi^tfon February 15, 1966. AND MONETARY DEVELOPMENTS IN JANUARY 1966 Summirj^'. Seasonally adjusted comm£rdiai