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BANKING AM) MONETARY jCETBLOPMEM'S. IN MARCH 1958 Summary, Commercial bank'CTfcditg wtoanded substantially further in March, HdMtaras. ofU, S, Government and other securities continued rd aod security loans rose. Demand deposit ana cnnftllyj^lfiiiigs of businesses and individuals increased on a seasonally adjusted basis. Time deposits rose substantially further and U0 So Government deposits also increased. Free reserves of member banks continued to grow. In early March, the discount rate was reduced to 2-1/4 per cent. Reserves required to be maintained against demand deposits were reduced further by l/2 of 1 per cent effective March 20 at city banks and April 1 at country banks. Bank credit. Total loans and Investments at all commercial banks increased $2,7 billion In March, considerably more than In any other recent year, as shown in Table 1. Since November 1957* loans and investments have Increased $3*8 billion, whereas they usually decline in this period. All the growth has been in holdings of U, S, Government and other securities, however. Loans have shown no change whereas in other recent years, they have generally Increased substantially, TJ, S„ Government security holdings, which usually decline substantially in March, Increased $1.1 billion this year. Increases reflected in part initial bank acquisitions of $675 million of the $1,5 billion issue of 3 per cent Treasury bonds of 1966 on March 10, Holdings of "other" securities increased substantially at city banks and presumably at other banks as well, reflecting in part bank takings of new offerings of United States Government corporations and credit agencies. Total loans increased $900 million in March, considerably less than in 1956 or 1957 but about the same as in earlier years. Growth in business and security loans accounted for most of the March rise. Agricultural loans continued to show moderate growth while consumer loans were about unchanged. Since November, total loans have shown no net change on balance, whereas last year, they Increased Not for publication ' # L.4.3 - 2 Table 1 Estimated Changes In Loans and Investments at All Commercial Banks (In billions of dollars) Item Total loans (excluding Interbank) + 0,9 + 1.2 - 1.7 - 0.6 + 2.5 + 5.8 + 0,6 1/ + 0.3 + 0,1 1/ - 0,1 + 1.2 1/ - 0.1 1/ + 0.1 1/ - 1*3 - 0.4 + 0.3 1/ - 0.7 1/ + 0.1 - 0.2 + + + + + + + + + U. S. Government securities + 1.1 - 1,1 + 0.9 - 2.9 + 3.5 - 2.9 Other securities + 0.7 + 0.2 + 1.1 + 0.2 + 2.4 - 0.1 + 2.7 + 0,3 + 0.3 - 3.1 + 8,3 + 2.9 1956 1955 1954 1953 1952 1951 Business Beal estate Security Agricultural Consumer All other Total loans and investments (less interbank) • # Total loans (excluding interbank) Business Beal estate Security Agricultural Consumer All other U. S. Government securities e Other securities ±J + 0*4 - 0i3 Mar. 1- Feb. 24Mar. 28 Mar. 30 2/ if Item # Tear ending: 1958: 1957: 1957: Feb, 27- Feb. 28- Jan. 1- Jan. 1- Mar. 26, Mar. 27, Mar. 26 Mar. 27 Mar. 26 fkr. 27 1958 1957 1958: 0*2 0*6 0.6 0.3 0.9 1/ 4.5 1.3 0.9 0.2 1.2 0.2 Feb, 26- Feb. 28- Feb* 29Mar, 25 Mar. 26 Bfer* 28 + 2.1 + 1.0 + 0.8 + 1,0 + 0,5 + 1*6 + 0.2 1/ Oil + 0.1 + 0.2 + 0.6 + 0.2 + 0.2 0.3 + 0.2 + 0.1 + + + + 0*3 Oil Oil 0.3 it + 0,5 1/ + 0*1 1/ + 0,3 1/ + 0.2 + 0,1 + 0,1 1/ 4- 0*1 1/ + 0,1 + 0,1 - 0.6 - 2.6 - 2.3 - 1,4 ~ 0*2 - 0,3 1/ + 0.2 + 0,1 + 0.2 4- 0*2 + 0.2 4- 0*9 4- 0 * 6 + 0*1 V, Total loans and investments - 0.2 4* 0 * 6 (less interbank) + 1.4 1.4 + 0.7 -1.? 1/ Less than $50 million, J[/ Data for March are affected by the date of the last Wednesday relative to the April 1 personal property tax date in Cook County, Illinois, Note: Data for March 26, 1958 are preliminary estimates based on data for weekly reporting member banks and estimates for other banks. Later estimates for March vill be shown in the Board's statement, "Assets and Liabilities of All Banks in the United States" available at the end of April. Data for December 31, 1957# are estimates. http://fraser.stlouisfed.org/ Not for publication Federal Reserve Bank of St. Louis 1.4.3 - 3 Table 1 - continued Estimated. Changes In Loans and Investments at All Commercial Banks (In billions of dollars) Item Nov. 28, Nov. 29, Dee. 1, Nov. 25, Nov. 26, Nov. 27, 195619571954195519521953Mar. 26, Mar. 27, Mar. 28, Har. 30, Har. 31, $far. 25, 1958 1956 1957 1955 1954 1953 Total loans (excluding Interbank) 1/ + 0.9 + 3*1 + 2.3 + 0.1 + 1.4 - OA + Oil + 0.5 - 0.2 - 0.4 + 1.2 i/, - 0.4 + 0.1 + 0.2 - 0.1 + 2.2 + 0.5 1/ + oa + 0.4 + 0.1 + + + + + 0.8 0i8 0.3 0.2 0.4 0.3 - 1.1 + 0.1 1/ + 1.3 - 0.2 - 0.1 + + + + U. S. Government securities + 2.4 - 2.5 - 2.8 - 5.9 - 3.0 - 3.6 Other securities + 1.5 + 0.2 1/ + 0.8 + 0.5 + 0.1 + 3.8 - 1.3 - 2.7 - 2.4 - 2.1 Business Seal estate SecurityAgricultural Consumer All other Total loans and Investments (less interbank) l/ Less than $50 million. Hot for publication + 0i6 + 0.3 0.4 0.3 0.1 0.2 0.9 0.1 $900 million. Business and consumer loans have declined whereas last year they rose. On the other hand, agricultural loans have risen considerably more than last year and security loans have Increased substantially, "whereas a year ago they declined. Business loans Increased $550 million at city banks during March, reflecting growth of $800 million around the midmonth tax date offset by prior and subsequent reductions. Last year In mid-March business loans had Increased $1.1 billion. The lower level of tax borrowing this year compared with last probably reflects In part the reduction from 40 per cent to 35 per cent in the proportion of the previous year's tax liability payable in March by large corporations. Most Industries increased their outstanding bank loans in mid-March but sales finance companies and metals producers were especially heavy borrowers. Sales finance companies generally increase their borrowing from banks during income tax periods In order to retire notes held by nonfinanelal corporations who need the funds to meet tax payments. Over March, as shown in Table 3# increases in loans to metals manufacturers, sales finance companies, and trade concerns accounted for almost 75 per cent of the increase in outstanding loans. Excluding loans to sales finance companies, this year's business loan growth in March, while considerably smaller than in 1956 and 1957, did not differ greatly from that In other recent years. So far this year, seasonal reductions In business loans by food processors and trade concerns have been considerably larger than usual while those by commodity dealers have been about average. Seductions in borrowings by sales finance companies have also been much larger than usual. Increases in loans by all other industries have been about half as large as last year, reflecting principally smaller growth in loans to metals processors and reductions, rather than increases, in loans to public utilities and petroleum and chemicals companies. Deposits and currency. Preliminary estimates indicate that demand deposit and currency holdings of businesses and individuals, seasonally adjusted, rose $600 million further in March, as shown la Table 3. This followed an # 0 0 million seasonally adjusted growth in February. At the end of March, the seasonally adjusted money supply was about one per cent below its year-ago level. So far this year, however, it has increased $600 million or at an annual rate of about 2 per cent, twice as much as In the first quarter of 1957. Hot for publication • i - 5 Table 2 Changes in Commercial and Industrial Loana l/ (In millions of dollars) 1.4.3 Business of Borrower 1952 1956 1954 1953 1957 1955 Feb. 27- Feb 28- Mar. 1- Feb . 24- Feb. 25- Feb . 26- Mar . 1Mar. 26 Mar 27 Mar. 28 Mar .30 Mar. 3fL Mar . 25 Mar . 26 1958 Food processors Commodity dealers Trade concerns Total - 41 - 76 + 73 - 44 + Sales finance + 104 + 292 All other - total Metals and products Textiles, apparel and leather Petroleum, coal,etc. Other manufacturing and mining Public utilities Construction All other types of business + 4l4 + 223 4- Classified Unclassified Total change u 4- + + 39 111 80 8 790 443 + 43 73 + 107 + 77 42 132 + 91 83 + - 58 125 72 Ill 62 129 + 143 48 191 119 4- 36 - 274 + 4" 98 + 16 + 15 + 54 158 - - - +1,139 + 510 + 45? + 80 + 391 + 133 + 4?6 + 199 + 426 + 288 + + 73 87 + 29 + 21 + 79 + 40 + 8 + 49 + 48 7 + 75 80 + + + 91 - 23 + 8 444- 92 90 2 + 145 + 226 + 3 4- 49 + 126 9 + 36 + 105 + 17 + 43 + 67 + 21 + 33 + 54 1 + + 74 4- 8 + 4- 49 + 50 + - + 475 + 81 +1,089 + 52 4- 470 + 297 +1,374 + 96 S/+ 19 3/+ 20 + 421 + 47 + 205 + 10 + 556 +I,l4l +1,470 !/+ 489 i/+ 317 + 468 + 215 + 84 111 60 7 7 Prior to week ending January 11, 1956, included changes in agricultural loans, Includes CCC certificates of interest which are estimated to have declined $60 million. Includes CCC certificates of interest which are estimated to have increased $175 million. Note: Classified data are for a sample of about 210 banks reporting changes in their larger loans, these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting banks and nearly 70 per cent of those of all commercial banks. Data are preliminary for week of March 26, 1958. Hot for publication 6 . L.4.3 - 6 - Table 2 - continued Changes in Commercial and Industrial Loans (In millions of dollars) l/ last Wednesday in December to last Wednesday In March Business of Borrower 1958 1956 1957 1955 1954 1953 + - Food processors Commodity dealers Trade concerns Total - 513 - 216 - 289 -1,018 - 305 253 124 682 + - 190 103 96 197 - 279 - 260 - 11 - 550 - Sales finance - 415 + 136 - 321 + 105 - 219 All other - total Metals and products Textiles, apparel and leather Petroleum, coal,etc. Other manufacturing and mining Public utilities Construction All other types of business + 405 + 249 + 82? + 5ol e m + 667 + 115 + 74 - 13 + + 129 12 + 136 + 53 + 138 + 204 + 192 + 195 + - 92 101 21 + 112 + 140 - 44 + 214 + 304 30 + 45 - 133 - -1,029 - 262 + 280 - 116 -1,291 + 164 Classified Unclassified Total change 250 214 68 532 236 301 117 420 1952 - 422 - 333 - 124 - 879 - 106 - + + 321 +1,129 + 948 + 89 - 75 + 154 + 37 + + 17 192 + 43 + 106 + 4 + + + 2 56 10 + + + 25 3% 17 + 55 - 36 + + 5 - 13 - 38 + 222 - 677 +1,119 + 1 2/- 48 l/+ 60 + 49 - 102 + 73 18 +1,120 2/+ 174 I/- 617 - 53 - 55 19 12 ?T? 325 / 1/ 2/ ~~ 3/ Prior to week ending January 11, 1956, included changes In agricultural loans, Includes CCC certificates of interest which are estimated to have declined $170 million. includes CCC certificates of interest which are estimated to have increased $175 million. Note: Classified data are for a sample of about 210 banks reporting changes in their larger loans, these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting banks and nearly 70 per cent of those of all commercial banks. Data are preliminary for week of March 26, 1958. Hot for publication - 7 Table 3 -L.4.3 Estimated Changes in Deposits and Currency (In billions of dollars) Item Tear ending: 1958 1957 1957 Feb. 27- Feb. 28- Jan. 1- Jan* 1- Mar. 26, Mar. 27, 1958 Mar. 26 Mar. 27 Mar. 26 Mar. 27 3-957 Seasonally adjusted data l/ Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data 1/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial Mutual savings U. S. Government deposits Total Factors affecting deposits and currency Bank loans and investments other than U.S. Govt. sec. -jj/ Commercial Mutual savings Bank holdings of U. S. Government securities Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. B. Banks Other factors 4/ 1958 0.6 £ l 076 Li£ -1.3 + 1 i6 + 1.2 + 0.3 + 2.3 + 2.5 + 0.1 + 0.1 + 0.2 + 1#X + 0.6 + 0.3 if + 0.8 + 0.2 - 1.2 + 1.0 - 1.8 - 6*2 - 6.2 - 1.0 + 0.8 - 0.1 + 0.2 ris 1.0 0.8 0.2 1.2 O j - 0.5 - 1*2 + + + + 7.4 3.5 2*8 0.7 2*0 - 2.0 - 0.9 7.1 + 2.4 1.0 0.2 1.0 1.1 7.8 6.1 2.0 2.2 + 2.0 + 0.4 - 0.2 "O - 4.9 5.3 3.8 1.8 2sl + 3.7 (signs indicate effect on deposits and currency) +1.4 + 0.2 + 0*4 - 0*5 + 0.7 + 1.2 + 0.1 + 1.1 S/ - 0.9 + 0.2 -1.1 2/ + 0*2 - 0*7 + 0.9 2/ - 0.2 - 0.3 2/. - 0.4 - 0*2 - 2.4 + 1.8 + 1*6 + 0.2 ± i a - 0.1 - 0.3 + 0.6 • k 'l - 1.8 If + 0.3 - 0.4 + 7.6 + b.9 + 2.4 + 8.2 + 5.7 + 2.5 + + + - - 3.0 0.5 3;5 0.9 + 0.3 - 2.1 4.1 0.5 2.9 0.7 + 0.6 - 1.0 1/ Seasonally adjusted data are for last Wednesday throughout; unadjusted data are H) y for last Wednesday except in case of June and December call dates, when available. Less than $50 million. Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Beserve, and loans to foreign banks; changes in these items are generally relatively small. In addition even if there were no changes in these items, changes at commercial and mutual savings banks would not add to total change which is "net" because commercial banks exclude all interbank loans, domestic and foreign. Includes interbank time deposits at commercial banks which Increased $917 million at weekly reporting banks between December 31, 1957 and March 26, 1958. Note: Data for March 26, 1958 are preliminary estimates based on data for weekly reporting member banks and estimates for other banks. Later estimates for March will be shown In the Board's statement, "Assets and Liabilities of All Banks In the United States" available at the end of April. Data for December 31, 1957 are estimates. http://fraser.stlouisfed.org/ Hot for publication Federal Reserve Bank of St. Louis Demand deposits adjusted have Increased over $1 billion on a seasonally adjusted basis this year but this growth has been offset in part by a decline in currency outside banks. Last year, demand deposits adjusted increased $300 million "while currency was unchanged. Time deposits at commercial and mutual savings banks increased $1.6 billion further in March compared vith $1 billion last year. At weekly reporting banks in leading cities growth in these deposits exceeded last year's by $235 million. Time deposits of foreign central banks (included in "other factors" on Table 3) increased somewhat further in March but less than in January or February when shifts out of Treasury bills had been substantial. So far this year time deposits at commercial banks have increased $2,8 billion compared with $2 billion in the first quarter of 1957* when exceptionally sharp growth had been associated with interest rate increases. Recent growth has been larger than In any other comparable period on record. Growth at mutual savings banks has been nearly twice as much as last year, but not much more than in other recent years, U. S. Government deposits increased $2.3 billion further in March, twice as much as last year, and brought the total outstanding to $6.5 billion, the highest last-Wednesday level since early 1956, On balance, total deposits and currency increased $2.5 billion in March I958 compared with $400 million in March a year ago. Credit growth at commercial and mutual savings banks and at Federal Reserve Banks was offset in part in its effect on deposits by drains from foreign operations and other miscellaneous factors. Since November 1957# total deposits and currency have increased $3.2 billion. Generally, deposits have either declined or shown much smaller growth over this period. Bank reserves. Free reserves of member banks continued to Increase during March and averaged $500 million over the month compared with $325 million in February, as shown in Table Reserve positions eased at all classes of banks except central reserve city banks in Chicago. Central reserve city banks in Hew York held free reserves on a monthly average basis for the first time since mid-1955. Member bank borrowings from the Federal Reserve dropped to $140 million and excess reserves rose to $640 million. Since November, the shift in reserve positions from net borrowed to net free reserves has totaled almost $800 million, with about half the increase occurring at reserve city banks and the other half distributed among central reserve city banks, in New York and Chicago and country banks. Not for publication - 9 - L.4.3 Table 4 Free Beserves (Excess reserves minus member bank borrowingsj based on average of daily figures; in millions of dollars) Period Quarterly averages 1955: First Second Third Fourth All member New York Chicago 457 374 375 341 - 147 - 175 - 71 - 113 - 329 4l8 341 214 336 278 338 365 - 115 i4l 56 105 - 221 373 428 320 316 224 286 276 9 - 16 - 29 370 4l 123 101 300 104 185 181 289 254 l4l 80 105 - 4o 53 253 210 165 48 28 26 115 115 123 77 172 249 242 263 367 488 452 400 433 389 342 228 369 299 280 269 192 210 278 244 336 301 252 2TT - 25 6 - is - 144 1 54 337 353 420 3 30 69 23 16 94 114 286 395 449 487 448 332 - 29 1 - 112 - 192 - 1956: First Second Third Fourth - 310 411 230 128 - 170 - 96 - 157 - 166 1957: First Second Third Fourth - 108 485 44o 256 - 88 - 196 - 241 - 109 315 - 117 126 316 505 444 508 383 471 466 344 293 133 - 1958: January February March 122 324 %98 - 46 - 24 42 1958: Feb. 26 Mar. 5 12 19 26 Apr. 2 330 472 472 484 5^3 551 12 6 9 10 64 93 1957: January February March April May June July August September October November December Hate: - - 75 64 67 95 - 9 32 63 11 Data for second half of March and April are preliminary. Not for publication Country - 99 - 150 - 323 - 4l8 254 158 - 127 - 365 1958: First Beserve City Over March, as shown in Table 5, almost $600 million of reserves on a monthly average basis were supplied to banks through, two reductions in reserve requirements. In addition, System purchases of U. S. Government securities provided funds. Some reserves were absorbed through increases in required reserves resulting from the month's heavy deposit growth, a reduction in gold stock, and other factors. Free reserves increased $175 million. Interest rates. Effective between March 7 and March 21, with the approval of the Board of Governors, the discount rate was lowered to 2-1/4 per cent at all Deserve Banks. Short-term money market rates declined somewhat further during March. The rate on bankers' acceptances dropped l/k per cent and rates on 4-6 months commercial paper and 3-6 months finance paper, l/8 per cent. Rates on Federal funds fluctuated considerably over the month ranging from l/k per cent to 2-1/2 per cent but tended to be low toward the end Of March. Reserve requirements. The Board of Governors reduced by l/2 of 1 per cent reserves required to be maintained by member banks against demand deposits. Effective March 20 for city banks and April 1 for country banks, the reductions released in total almost $500 million of reserves—$125 million at central reserve city banks, $190 million at reserve city banks, and $175 million at country banks. The new requirements are 19 per cent at central reserve city banks, 17 per cent at reserve city banks, and 11 per cent at country banks. The reductions followed similar reductions—volume and percentage—effective February 27, 1958 for city banks and March 1, 1958 for country banks. Hot for publication A 1.4.3 - 11 - Table 5 ' Changes In Member Bank Reserves, with Be levant Factors (Monthly average of flaily figures; in millions of dollars) March Item Jan.-Mar. Year ending March 1958 1957 1958 1957 1958 1957 - 270 68 - 690 - 651 - 154 - 40 - 340 64 - 749 - 517 - 272 + 26 - 517 - 134 + 350 + 118 Member bank reserve balances Total Required reserves 1 / 2/ Effect of reduction in requirements Effect of deposit change Excess reserves l/ - 599 + 259 + 70 + + 64 4 - 622 - 127 + 59 - 622 + 26 - 66 (signs indicate effect on reserves) Principal factors Currency in circulation Gold stock and foreign accounts Treasury operations Federal reserve float Other factors 19 + 27 +1,343 +1,207 - 21 - 182 - 5% - 14 - 43 + 45 - 72 + 14 - 141 22 550 243 + 419 + 17 - 609 - 106 + + - 294 123 131 141 Effect of above factors on reserves - 274 - 68 + 387 + 928 + 124 + 547 ±122 -1,076 -1,278 - 278 - 586 + 108 + 152 - 44 - 50 T-fe + 36 5 - 4<?6 - 150 - 346 3 -1,704 -1,501 - 203 - 27 + 425 + 4d8 - 43 + 17 - 461 - 452 9 + 9 - 104 + 1 + 194 - 572 5 + 146 + 7 - 696 - 24 - 159 + 25 + - 82 - 312 + + + + 627 148 37 47 Federal Reserve loans and investments: Total U . S . Govt, securities Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others C 1/ Data for March, 1958 are preliminary. 2/ On February 27,. 1958, required reserves were reduced about $125 million at central reserve city banks and about $195 million at reserve city banks as a result of the reduction of l/2 of 1 per cent in the reserves required to be maintained against net demand deposits. On March 1, about $180 million were released at country banks as the result of a similar reduction in reserve requirements. On March 20, 1958, required reserves were reduced $125 million at central reserve city banks and $190 million at reserve city banks as the result of a further l/2 percentage reduction in reserve requirements. On April 1, about $175 million were released at country banks as the result of a similar reduction. lot for publication z" — 1p — L.4.3 Loans and Investments at All Commercial Banks (In billions of dollars) Loans U. S. Other and Total Govt, Eeal SecuCon- All securBusiness Farm invest- securloans estate rity sumer other ities ments ities Date 31 31 31 31 31 31 31 31 31 116 <2 114.2 120il 126.6 132 ;5 l4l;5 1%5;5 155.7 160.3 69.2 62.6 67.O 62 iO 61.5 63i3 63.4 69.0 61.6 9.0 9.2 10.2 12.4 13.3 14.1 14.7 16.3 16.7 37.9 42.4 42.9 52.2 57.6 64.0 67.4 70.4 82.0 18.2 18.9 17.1 21.9 25.9 27.9 27.2 26.9 33.2 9.4 10.8 11.5 13.5 14.6 15.7 16.7 18.4 20.8 2.1 2.3 2.6 2.9 2.6 3.2 3.6 4.5 5.0 1.7 3.8 2.9 2.9 4.8 3.1 3.1 5.8 3.4 2.9 7.4 4.2 3.4 7.5 4.5 3.9 9.4 4.9 5.0 10.9 5.1 5.2 10.9 5.6 4.5 13.2 6.5 1956: Mar. 28 June 30 Sept.26 Dec. 31 158;5 159:3 160;7 164.5 58.6 56.6 57.0 58.6 16.6 16.5 16.6 16.3 83.3 86.2 87.2 89.7 34.5 36.1 37.0 38.7 21.2 21.8 22.3 22.5 4.5 4.4 4.1 4.3 4.4 4.3 4.2 4.2 13.4 14.2 14.4 14.6 6.6 6.8 6.7 7.0 1957: Jan. 30 Feb. 27 Mar. 27 Apr. 2h May 29 June 26 July 31p Aug. 28p Sept.25p Oct. 30p Nov. 27p Dec. 25p Dec. 31e 161.6 161.1 l6l; 4 163.8 163 i 8 164.3 l64;l 164; 6 165.1 166 ;5 165.9 168; 6 169.4 57.7 56.8 55.7 57.5 57il 55.5 56.3 56.2 55.9 57.3 56.8 57.9 58.3 16.2 16.3 16.5 16.7 16.8 16.8 16.8 16.9 17.1 17.6 17.4 17.7 17.8 87.7 87.9 89.1 89.7 89.9 92.0 91.0 91.5 92.2 91.6 91.6 93.1 93.3 37.6 37.8 39.0 39.0 38.9 40.5 39.6 39.9 40.3 39.7 39.6 40.5 40.5 22.5 22.5 22.5 22.5 22.5 22.6 22.7 22.8 22.9 22.9 23.0 23.1 23.1 3.7 3.7 3.6 3.8 3.8 3.9 3.7 3.8 3.8 3.7 3.6 4.0 4.2 4.2 4.2 4.2 4.1 4.1 4.0 3.9 3.8 3.8 4.0 4.0 4.1 4.1 14.5 14.5 14.6 14.9 15.1 15.4 15.5 15.6 15.7 15.8 15.7 15.8 15.8 6.8 6.8 6.8 6.9 7.0 7.1 7.1 7.1 7.2 7.1 7.2 7.2 7.2 1958: Jan. 29p Feb. 26p Mar. 26e l66;l 167; 0 169.7 57.6 58.1 59.2 17.9 18.2 18.9 90.6 90.7 91.6 38.8 38.6 39.2 23.1 23.1 23.1 3.6 3.9 4.2 4.2 15.7 7.0 4.4 15.5 6.9 4.5 15.5 6.8 19%7: 1948: 19^9: 1950s 1951: 1952: 1953: 1954: 1955: Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. p - Preliminary e - Estimated 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, All data for March 26, 1958, are estimates and subject to error. Hot for publication Banking Section, Board of Governors, April 10, 1958
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