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L
\ FEDERAL RESERVE BANK
of KANSAS CITY
DEC 1 6 1957
^ ^
t y - tiMyy^x$EVELiOPMENTS IN NOVEMBER 1937
Summary. Total loans and investments a t a l l commercial
banks declined somewhat in November r e f l e c t i n g reductions in loans
and holdings of s e c u r i t i e s other than those of the U. S, Government . Demand deposit and currency holdings of businesses and
individuals increased by about the usual seasonal amount. Net
borrowed reserves of a l l member banks declined f u r t h e r . The
discount r a t e was lowered a t a l l Federal Reserve Banks during
November and early December. Other i n t e r e s t r a t e s declined
generally.
Bank c r e d i t . Preliminary estimates indicate t h a t t o t a l
loans and investments a t a l l commercial banks declined $400 mill i o n between October 30 and November 27, as shown in Table 1.
Total loans dropped $200 million as reductions in business and
a g r i c u l t u r a l loans were o f f s e t only in p a r t by continued moderate
growth in r e a l e s t a t e and"consumer loans. Holdings of s e c u r i t i e s
other than those of the U. S, Government declined $200 million
following a $500 million increase in October r e f l e c t i n g p r i n c i p a l l y
bank purchases of new Federal National Mortgage Association notes.
Holdings of U, S« Government s e c u r i t i e s a t a l l commercial banks
are estimated t o have shown l i t t l e change in November; these holdings declined somewhat a t weekly reporting banks in leading c i t i e s
but probably increased a t other banks as i s usual in t h i s month.
At c i t y banks, holdings declined f a i r l y s t e a d i l y between e a r l y
October and mid-November, but in the l a t t e r p a r t of November,
they increased somewhat. They rose f u r t h e r on November 29 and
December 2 (not included in data on Table l ) when a l l commercial
banks i n i t i a l l y acquired $665 million of a new o f f e r i n g of $1.1
b i l l i o n of 3-3A per cent 5-year Treasury notes and $190 million
of $650 million of 3-7/8 per cent Treasury bonds of 197k.
In November l a s t year, t o t a l commercial bank c r e d i t
increased $1,3 b i l l i o n , about half in loans and half in holdings
of U. S„ Government s e c u r i t i e s . Banks i n i t i a l l y took most of the
$1,750 million of new Treasury b i l l s on November' 16, but sold
s e c u r i t i e s p r i o r and subsequent t o the financing.
Not f o r publication
• 2 Table 1
LeUe3
Estimated Changes i n Loans and Investments a t All Commercial Banks
(In b i l l i o n s of d o l l a r s )
9
Item
1956
" 1957 T 9 5 6 " ~ ""195?
Oct. 31, Nov. 1 , June 27i July 1,
1957
Jan. 1 ,
Nov, 27 Nov. 28 Nov. 27 Nov. 28 Nov. 27
e
e
Total loans (excluding
Interbank)
Business
Real e s t a t e
Security
Agricultural
Consumer
All other
Other s e c u r i t i e s
Total loans and investments
( l e s s interbank)
1^6
Jan. 1 ,
Nov. 28
— 0*2
+ 0*6
— 0.6
+ 2.0
+ 1.8
+ 6.2
- 0.2
+ 0.1
+ 0.6
+ 0.1
— 0.1
+ 0.1
1/
+ 0.1
- 1.1
+ 0.5
— 0*2
- 0.3
+ 0.5
+ 0.1
+ 1.7
+ 0.7
— o.U
- 0.2
+ 0.2
+ 0.1
+ 0.7
+ 0.6
— 0*6
— 0.5
+ 1.3
+ 0*1 ,
+
+
+
+
+ 0.7
+ 1.8
+ 1.6
- 1.3
+ 0*6
- 0,2
- 3.U
-7
+ 1.1
- o.U
+ 1.8
+ 3.U
+ 1,6
-"*0.1
+ 0*1
y,.
U* S* Government s e c u r i t i e s
#
'
- 0.2
* P <? 4 „
1/
1.3..
U.6
1.7
1.0
o.U
1.3
0.3
+ 2.U
End of June to end of November
Item
Total loans (excluding
interbank:)
Business
Real e s t a t e
Security
Agricultural
Consumer
All other
1955
195U
1953
1952
1951
1950
+ 5«U
+ 1.7
+ 1,8
+ 3.9
+ 1.9
+ 6.U
+ 0.5
+ 1.0
+ 0.1
+
+
+
+
+
+
+
+
+
+
+
+
+
+ U.2
+ 1.0
-"0.1
+ 0.9
+ 0.3
o.U
0.5
0.2
0.8
0.2
y
2.2
0.6
0.3
O.U
0.8
0.2
1.6
o.U
o.U
0.3
y
+ 0.2
+"0.8
+ 0.5
U. S. Government s e c u r i t i e s
— 1.9
+ 6.6
+ 5.1
+ 2,9
+ 3.1
- U.l
Other s e c u r i t i e s
— 0.2
+ 0.7
+ 0,3
+ 0.2
+ 0.3
+ 0.9
Total loans and investments
( l e s s interbank)
+ 8.9
+ 3.3
+ 7.1
+ 7 eO
+ 5.3
+ 3.U
1 / Less than 050 million#
] | / Level of business loans increased by and r e a l e s t a t e loans decreased by 0300
*~ million i n October 1955 t o correct c l a s s i f i c a t i o n e r r o r s . Most of the misc l a s s i f i c a t i o n probably occurred in 1955*
Note*
1
Data f o r November 27* 1957 are preliminary estimates based on data f o r
weekly reporting member banks and estimates f o r other banks* Later
estimates f o r Botie&berwill be shown i n the Board's statement, "Assets
and L i a b i l i t i e s ' of All Banks in the United States" available at the
end of December#
http://fraser.stlouisfed.org/
Not f o r publication
Federal Reserve Bank of St. Louis
f
- 3 Table 1 (continued)
Estimated Changes in Loans and Investments at All Commercial Banks
(In b i l l i o n s of dollars)
•
1955
1951
1953
1952
1951
1950
+ 9*8
+ l»5
+ 2.7
+ 5.U
+ kth
+ 8.6
1/* 3
-"0.9
+ 2.1
+ 0.9
— 0.6
+ 1.5
+ 0.8
+ 0.1
- 0*1
• O.ii
^ 0.1
+ 1.0
•» 0*2
+ 0.6
+ l.U
+ 0,2
+
+
+
+
+
+
1.6
1.0
0.2
0*7
1.6
0.3
+ 3»U
+ 1.0
- 0*7
+ 0.5
1/
~o.U
+
+
+
•
+
+
U. S» Government s e c u r i t i e s
- 7*6
+ 6*7
+ 0.1
+ 2.6
• o*U
* 5*3
Other securities
+ 0.3
+ 1.5
+ 0.5
+ 0.9
+ 0.6
+ 1*9
+ 2.5
+ 9.6
+ 3.U
+ 8.8
+ it.6
* U.9
Total loans (excluding
interbank
•
e
e
End of December t o end of November
Item
Business
Real estate
Security
Agricultural
Consumer
All other
Tctol loans and investments
(less interbank)
l/
2/
2/+ 5.1t
it.O
1*9
0.2
0,2
1*6
0*7
Less than #$0 million.
Level of business loans increased by and r e a l estate loans decreased by $300
million in October 1955 to correct c l a s s i f i c a t i o n e r r o r s . Most of the misc l a s s i f i c a t i o n probably occurred in 1955*
Not f o r publication
Business loans a t a l l commercial banks declined over
most of November f o r a t o t a l reduction of $200 million. In
November of a l l other postwar years except 1953* these loans had
, increased, generally substantially. Since July, business loans
a t c i t y banks have declined $200 million compared with increases
of $1.8 b i l l i o n in 1956 and $2.5 b i l l i o n in 1955, as shown in
Table 3» Seductions a t banks in New York and Chicago during t h i s
period exceeded the t o t a l reduction in business loans at weekly
reporting banks; outside these c i t i e s , business loans rose s l i g h t l y ,
with increases in the San Francisco, S t . Louis, Dallas, Kansas City,
Richmond, and Atlanta D i s t r i c t s more than o f f s e t t i n g reductions in
other d i s t r i c t s . Last year, in the comparable four months, banks
in New York and Chicago accounted f o r $1.2 b i l l i o n of the t o t a l
$1.8 b i l l i o n r i s e in business loans. Loans rose in a l l d i s t r i c t s
except Philadelphia and Minneapolis, where reductions were smaller
than t h i s year, Dallas and Kansas City were the only d i s t r i c t s t o
show larger r i s e s in business loans in 1957 than in 1956.
Seasonal borrowing by food processors, commodity dealers,
and trade concerns continued t o increase only moderately a t c i t y
banks during November—about half as much as in other recent years.
Loans t o petroleum concerns and public u t i l i t i e s also rose, but
substantially less than l a s t year. Loans t o sales finance companies
and metals manufacturers declined f u r t h e r whereas l a s t year these
loans had increased. Since July, reductions in outstanding loans
t o sales finance companies, metals manufacturers, and t o t e x t i l e ,
apparel and leather producers have totaled about $860 million,
compared with $350 million l a s t year. On the other hand, increases
in loans by the seasonal industries, petroleum producers, and public
u t i l i t i e s have amounted to only $1.1 b i l l i o n compared with $2.2
b i l l i o n l a s t year.
Beal e s t a t e loans a t a l l commercial banks continued t o
r i s e In November a t about the same r a t e as In other recent months.
Since mid-year, they have increased $500 million, almost as much
as l a s t year. In l a t e 1956, however, growth in these loans had
slackened and in the f i r s t half of 1957, they had shown l i t t l e
f u r t h e r change. Consumer loans also rose f u r t h e r in November.
Recently, expansion in these loans has been greater than l a s t year,
but f o r the year t o date, the increases in both years have been the
same. Agricultural loans declined s l i g h t l y and security loans were
about unchanged in November.
Not f o r publication
- 5 Table 2
L,Uo3
Changes i n Commercial and I n d u s t r i a l Loans 1 /
("In millions of dollars)
Business of Borrower
~T&T
W
Oct.31 NOV* 1
Last Wednesday i n J u l y t o
l a s t Wednesday ifi November
Nov,27 Nov.28 1957
1956
19#
+ U83
+ lao
+ 3in
+T&0E +T^3E
+ 15U + U33 + 755
+ 97 + 296 + U93
+ 31 + 266 + 260
195U
1953
1952
+ 383 - 53U + 710
+ 39U H 303 + 601
+_215 k 202 + 260
+
+17059 +I%7l
Food processors
Commodity dealers
Trade concerns
Total
+ 63
+ 68
+ 30
+X5X
rrn
Sales finance
-168
+ 60 - 390 - 215
+ 259
- 182 - 3hh + 170
All other - t o t a l
Metals and products
T e x t i l e s , apparel
and leather
Petroleum, c o a l , etc#
Other manufacturing
and mining
Public u t i l i t i e s
Construction
All other types of
business
-160
rsi
+ 192 - 532 + 616
+ T I 3 r i T 2 - 103
+ 698
+125
- 290 - 192
- 391 T"glS
- 25
+ us
- 2h - 1 5 9 - 37
+ 89 + 88 + h22
+ 135
+ bz
- 31 - 101 - 28
+ 103 + 78 + 175
- 37
+ 8
•» 8
h
- 30 - 100 +
+ 32 + 6U + 2h2
- 22 - 39 - U2
+ 26
+ 56
+ 66
- 33 - 27 + 6k
- 183 + lit + 97
+ 52 + 3 + 17
- 65
+ 31 -
+ 21*8
+ 193 + 57 + 75
Classified
Unclassified
-168
- 23
+ 53b + 72 +1,910 +2,191 + 520 + 501 +2,219
- 55 • 269 - 1U2 2/+ 297 y + 89 U/+ 61 + 8U
-191
+ U79 - 196 +1,768 2/+2,ti88 3/+608 U/+562 +2,302
Total change
¥
y
y
TW>
7U + 130
Prior t o week ending January 11, 1956, inc luded changes in a g r i c u l t u r a l cans#
Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have declined
$200 million* In October 1955 the l e v e l of business loans was increased by
$318 million t o correct c l a s s i f i c a t i o n errors» No back f i g u r e s were revised
and changes f o r the July-October period include the revisions#
Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated $0 have increased
$395 million*
Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have increased
$175 million*
Note:
C l a s s i f i e d data are f o r a sample of about 210 banks reporting changes i n
t h e i r l a r g e r loans; these banks hold over 90 per cent of t o t a l commercial
and i n d u s t r i a l loans of a l l weekly reporting banks and n e a r l y 70 per cent
of those of a l l commercial banks* Data are preliminary f o r week of
November 27, 1957*
Not f o r publication
Since mid-year# t o t a l credit a t a l l commercial banks
has increased $1;8 b i l l i o n , about half as much as in the comparable
period l a s t year. Through October, credit growth had been about
the same in both years but in November 1957# credit declined
compared with a substantial gorwth l a s t year associated in part
with Treasury financing. As noted e a r l i e r , bank holdings of U, S.
Government securities increased somewhat immediately following the
November 1957 reporting period as banks acquired new Treasury issues
Holdings of other securities increased $600 million in the JulyNovember 1957 period, r e f l e c t i n g in part recent acquisitions of
FNMA notes, compared with a reduction in holdings of other securit i e s l a s t year. Total loans declined $600 million over the past
f i v e months compared with a $2 b i l l i o n increase l a s t year, mainly
r e f l e c t i n g differences in the movements of business loans in the
two periods,
Deposits and currency. Preliminary estimates indicate
t h a t demand deposit and currency holdings of businesses and individuals increased by $800 million in November, only • s l i g h t l y less
than the usual seasonal amount, as shown in Table 3* Demand
deposits adjusted rose somewhat less than usual but currency outside banks rose more. At the monthend, the seasonally adjusted
money supply was about $600 million, or almost l / 2 per cent, below
i t s level a year ago. So f a r t h i s year, seasonally adjusted
deposits and currency have declined $300 million compared with a
$1,5 b i l l i o n increase in the same period l a s t year.
Time deposits a t commercial and mutual savings banks
declined $500 million in November, as is usual when Christmas
savings deposits are withdrawn. So f a r t h i s year, time deposits
a t commercial banks have increased $4,4 b i l l i o n , over three times
as much as l a s t year. At mutual savings banks, growth has been
about the same in the two years,
U, S, Government deposits dropped s l i g h t l y in November,
On balance, t o t a l deposits and currency were about unchanged as
reductions in credit a t commercial banks were o f f s e t by Federal
Reserve purchases of U, S, Government'securities and some small
credit growth a t mutual savings banks. Last year In November,
when bank credit rose substantially, t o t a l deposits and currency
increased $2 b i l l i o n as growth in private demand and U, S, Government deposits was o f f s e t only In small p a r t by the usual reduction
in time deposits.
Not f o r publication
- 7 Table 3
Estimated Changes in Deposits and Currency
(In b i l l i o n s of dollars)
L.U3
Item
Seasonally adjusted data 1 /
Demand deposits adjusted
Currency outside banks
Total
Unadjusted data 1 / 5 /
Demand deposits adjusted
Currency outside banks
Total
Time deposits - t o t a l 3 /
Commercial
***
Mutual savings
U# S# Government deposits
Total
1^6
1#6
"1^7
1957
0ct,31- Nov# 1« June 27- July 1 - Jan# 1 - Jan* 1—
Nov, 27 Nov# 28 Nov# 27 Nov# 28 Nov, 27. Nov* 28
- 0,5
+ 0p3
* 0.2
+
0*5
- 1.3
+ 0,2
r x i
+ 0.1
+ o ;9
+ 0.3
+ 1.7
+ o:7
+ 0.7
— 0.6 + 1.2
— 6.6 T T O
-0*2
*K.h
+ o.U
+ 0,3
+ 0.1
- 0.3
- 0,7
+ O.lt
+ 1,2
+ o;3
7X5
- U.l
- 1,6
+ 5.U
+ U.U
+ 1.3
+ 2.5
+ 0.2
- 0.8
+T7&
— 0.3
+ 1.5
+ 1.3
Factors a f f e c t i n g deposits
(signs indicate e f f e c t on deposits and currency)
and currency
Bank loans and investments
other than U. S. Govt# sec.Lt/ - Q.3 + 0.8
+ lf#5
Commercial
~~ - O.u
Mutual savings
+ 0.2 + 0,2 IT
+1.1
+ 0.9
+ 2.1
2.U
Bank holdings of U# S#
Government s e c u r i t i e s t
+ 1.2
+ 0.3
+ 2,2
+ 1.7
- 3.2
="13
Federal Reserve
+7573 + o*5 T"ff77
Commercial
+ 1*8
+ 1.6
+ 0.7
- 3.1*
- 1.3
Mutual saving and other
m 0.6 - 0.7
-Ci
- 0,2 - o*U
* o,5
Gold stock and foreign
deposits at F# R. Banks
+ 0.2 w 0*1 + 0.3
+ 0,2
+ 0.9
+
0,1
Other factors
- 0.1
-K.o
1#2
- 1.7
- 1.7
l / Seasonally adjusted data are f o r l a s t Wednesday throughout; unadjusted data are
f o r l a s t Wednesday except in case of June and December c a l l dates# when a v a i l able,
2 / Less than $50 million*
3 / Total includes Postal Savings,
5 / Total includes foreign loans on go]
gold# holdings of bankers* acceptances at the
Federal Reserve# and loans t o foreign banks; changes i n these items are genera l l y r e l a t i v e l y small. In addition even i f there were no changes in these
itemsf changes at commercial and mutual savings banks would not add t o t o t a l
change which i s "net" because commercial banks exclude a l l interbank loans,
domestic and foreign*^Unadjusted data f o r the t o t a l July through November
periods, 1957 and 19£o# are not e n t i r e l y comparable as the former are computed
from the l a s t Wednesday of June and the l a t t e r from the 30th of June. Demand
deposits adjusted tend to decline while currency outside banks and time deposits tend to increase between the l a s t Wednesday and the 30th of June.
Notes Data f o r November 27# 1957 are preliminary estimates based on data f o r
weekly reporting meniber banks and estimates f o r other
banks. Later
estimates f o r November w i l l be shown in the Board 1 s statement, "Assets
and L i a b i l i t i e s of All Banks in the United States" available a t the
end of December,
Digitized for Not
FRASER
f o r publication
Bank reserves. Net borrowed reserves of a l l member
banks declined f u r t h e r In November, averaging $275 million,
conrpared with $345 million in October and $465 million in
September, as shown in Table 4. Borrowings from the Federal
Reserve averaged $800 million in November, about the same as
in October, but excess reserves increased somewhat. Reductions
in net borrowed reserves a t central reserve c i t y banks in New
York and a t reserve c i t y banks were o f f s e t in part by increases
a t central reserve c i t y banks in Chicago and by declines in f r e e
reserves a t country banks.
During the f i r s t two weeks of November, net borrowed
reserves averaged $355 million, about the same as in l a t e October,
System purchases of U. S. Government s e c u r i t i e s , both outright and
under repurchase contracts, reductions in required reserves, and
foreign operations supplied approximately the same volume of
reserves as was absorbed through currency outflows and increases
in nonmember deposits and other Federal Reserve accounts. During
the following three weeks ending December 4, net borrowed reserves
declined, averaging $200 million over the period and $130 million
during the f i n a l week. Federal Reserve holdings of U. S. Government
s e c u r i t i e s increased somewhat f u r t h e r . Sales during mid-November
when the usual intra-monthly increase in f l o a t was supplying
reserves were more than o f f s e t by r e l a t i v e l y heavy purchases in
l a t e November and early December. Reductions in Treasury deposits
a t the Reserve Banks t o temporarily low levels and declines in nonmember deposits and other Federal Reserve accounts supplied
additional reserves over the period. These funds were absorbed
only in part through the usual Thanksgiving and turn-of-the-month
currency drains and through increases in required reserves, associated in part with bank purchases of new Treasury s e c u r i t i e s in l a t e
November and early December.
Over the month of November, as shown in Table 5, more
reserves were supplied t o banks through System purchases of U. S,
Government s e c u r i t i e s , reductions in required reserves, and
foreign operations than were absorbed principally by currency outflows* Since mid-year, net borrowed reserves have declined $235
million compared with a $40 million reduction in the comparable
period l a s t year. System purchases of U. S. Government s e c u r i t i e s
have been somewhat smaller, on an average basis, t h i s year than
l a s t but currency outflows have been less and required reserves
have declined whereas l a s t year they rose*
Not f o r publication
- 9 Table k
L»ke3
Free Reserves
(Excess reserves minus member bank borrowingsj
based on average of d a i l y figures} i n millions of d o l l a r s )
Reserve
City
Country
— 26
- 338
550
338
256
Ill
k8
72
93
Ilk
IkO
86
•
-
298
356
3kk
382
296
2k6
193
203
319
305
360
27k
380
358
393
3kk
m kO
- 53
- 253
- 210
— 165
- k8
- 28
- 26
- 115
- 115
- 123
-
172
2k9
2k2
263
367
k88
k52
koo
k33
389
3kl
369
299
280
269
192
210
278
2kk
336
301
270
- 99
— 150
- 323
- kl8
k57
37k
375
3kl
Period
All
member
195ks
195#:
December
December
U59
- 2U5
- 50
- 161
-
16
83
1956$
March
June
July
August
September
October
November
December
m Ij.08
- 195
- 139
- 339
- 213
- 195
- 15k
- 36
*
-
*
-
1957*
January
February
March
April
May
June
July
August
September
October
November
"
-
Quarterly averages
1955: F i r s t
Second
Third
Fourth
17k
33
108
158
20k
192
21k
91
O
tm I4I
- 123
— 101
- 300
- 10k
- 185
- 181
- 289
- 25k
- lki
1
117
126
316
505
kkk
508
383
171
I4.66
3kk
273
New f o r k
Chicago
251
158
- 127
- 365
- 29
1
- 112
- 192
-
75
6k
67
95
1956t
First
Second
Third
Fourth
»
-
310
Ill
230
128
- 170
- 96
- 157
- 166
- Ik7
- 175
- 71
- 113
-
329
kl8
3kl
21k
336
278
338
365
1957c
First
Second
Third
- 108
- 185
— 14.14.0
- 88
- 196
- 2kl
- 115
* lkl
— 56
- 221
- 373
. k28
316
22k
286
-
- 36
- 121
m 8l
- 122
m 61
33
-
-
12k
238
302
361
199
183
Ilk
120
187
106
82
68
316
361
379
325
337
279
1957:
Oct. 30
Nov* 6
13
20
27
Dec* k
Note:
Data f o r second half of November and December are preliminary#
Not f o r publication
3k2
36I4
315
192
282
131
#
L,lt«3
- 10 Table 5
Item
#
1956
O1
Jan c
July - November
November
1
Changes i n Member Bank Reserves* with Relevant Factors
(Monthly average of daily figures j in millions of dollars)
1956
1957
1957
1956
1957
82
+ 230
— 2I4.
+ 236
- 577
-
n,
- Iii6
+ 160
+ 70
-
+ 220
+ 16
- U56
- 121
-
67
U
Member bank reserve balances
#
Total
Required reserves 1 /
Excess reserves 1 / "
•
+ 6h
(signs jIndicate €i f f e c t on reserves]1
Principal f a c t o r s
e
aw
#A
e
#'
Currency in circulation
Gold stock and foreign
accounts
Treasury operations
Federal Reserve f l o a t
Other f a c t o r s
Effect of above
factors on reserves
58
+ 3h
- 225
- 33U
- U32
* 662
+ mo.
*
67
+
+
m
+ 33
+ lil
+ 118
+ 193
+ li5
+
+
+
+
+
+
-
+
+
+
372
29
89
219
99
25
17
26
* 91
-
hh
Ih
122
56
91
137
851
50
507
136
- lUU
m
51
- 252
- 253
+ 699
+ 598
+ 63
+ 281
+ 227
+ 187
-1,275
« 665
+ 69
T-5%
+ 1$
+ 2
+ 2it3
+ 209
+ U28
+ 502
+ W5
—1»3U8
+ 3h
8
+ 359
+ 69
2
-
+ 29
+ 1
- 201
+ 2
Federal Reserve loans and
investments:
Total
U« 8* Govt* s e c u r i t i e s
Outright
Repurchase agreements
Acceptances
Discounts and advances:
To member banks
To others ,
7
1
+
-1,222
+
37
10
- 126
- 31
- 211
+ 8
-
25
+ 116
- 12
»
+
95
1 / Data f o r November 1957 are preliminary#
Note* Changes are based on data f o r October and November} June and November; and
"""""" December and November*
Not f o r publication
I n t e r e s t r a t e s . Effective between November 15 and
December 2 with the approval of the Board of Governors, the
discount rate was lowered t o 3 per cent from 3 - l / 2 per cent a t
a l l Federal Reserve Banks.
During t h i s period, other short-term money market rates
also declined. By early December, the rate on k-6 month prime
commercial paper was 3-7/8 per cent compared with 4-1/8 per cent
in early November and the rate on 3-6 month finance paper was
3-5/8 per cent compared with 3-7/8 per cent. The rate on 90-day
bankers' acceptances was 3-3/8 per cent; t h i s rate had begun t o
decline early in November when a 3-3A per cent level had prevailed.
Not f o r publication
- 12
E»4.3
Loans and Investments at All Commercial Banks
(In b i l l i o n s of dollars)
Date
1917: Dec, 31
1948$ Dec, 31
1919: Dec. 31
1950: Dec. 31
1951: Dec* 31
1952: Dec, 31
1953: Dec, 31
1951: Dec, 31
TiZsT
Loans
Real SecuCon- All
Govt* Other Total
and
Business
e s t a t e r i t y Farm sumer other
i n v e s t - secur- secur- loans
ities ities
ments
3,8 2*9
18*3
116*2
9*0 37 «9
69*2
9.4 2*1 1.7
10,8
4*8
2.9
18.9
2*3
3*1
62*6
114.2
9.2
42.4
11.5 2*6
3*1 5.8 3*4
17,1
120*1
67*0 10.2
42.9
21.9
2*9
126.6
62,0
13,5 2*9
7*4 4.2
12*4 52,2
14,6
2.6
7*5 4.5
25.9
3*4
61,5
$7*6
13*3
132.5
4.9
3.2
15*7
3.9
9,4
64.0
14.1
27.9
63.3
141.5
10,9
5.1
16,7
3*6
5*0
27*2
67*4
63.4
145.5
14.7
10.9
5.6
18*4
26.9
5.2
69.0
16.3
70*4
155*7
, V*
19*0
19.8
20.6
1/20.8
4*1
4i5
4,2
5,0
!
4,9 11.2 5.8
4*4 12,1 6*2
3.9 12,7 6.6
4.5 13,2 6.5
32.7
32,9
34,5
34.8
34,8
36.1
35*8
36*4
36*9
37*2
37*8
38,7
20.9
21,0
21.2
21.4
21.6
21.8
21.9
22.1
22.3
22*4
22*5
22*5
4.6
4.5
4.5
4.4
4.5
4.4
4.3
4*0
4.1
4.1
4,0
4,3
4.4
4.5
4.4
4.3.
4.4
4.3
4.2
4.0
4.2
4.0
4.1
4.2
13*3
13,3
13,5
13,7
13*9
14*3
14*4
14*4
14*5
14*5
14*5
14*7
6;4
6.4
6*5
6.6
6,7
6*7
6.6
6*7
6.6
6.7
6.8
6*9
37,6
37.8
39,0
39.0
38,9
40,5
39*6
39.9
40*3
39*6
39,4
22*5
22*5
22*5
22*5
22*5
22*6
22*7
22.8
22.9
2 3 ;o
23*1
3,7
3.7
3,6
3,8
3.8
3*9
3.7
3.8
3.8
3.7
3*7
4.2
4*2
4,2
4.1
4*1
4.0
3.9
3*8
3*8
3,8
3*7
14*6
14*6
14*7
15.0
15.3
15.5
15.6
15.7
15.8
15.9
16.0
6*7
6.7
6.7
6.8
6.8
6*9
7.0
7.0
7*0
7*0
7.0
1955:
Mar, 30
June 30
Sept.28
Dec* 31
152«U
154.8
156.4
160.3
64*2
63*3
62*0
61.6
17.0
16*8
16.9
16*7
27.4
71*2
28*9
74.8
30.5
77*5
82.0 1/33.2
1956:
J a n . 25
Feb. 29
Mar. 28
Apr* 25
May 30
June 30
July 25
Aug* 29
Sept.26
Oct. 31
Nov* 28
Dec* 31
158.3
157,1
158.5
158.7
158.4
159*3
158*3
159,8
160.7
161*4
162*7
164.5
60,9
59,2
58.6
58,2
57,3
56.6
56,2
57.2
57.0
57.5
58.2
58*6
16.5
16,6
16,6
16.6
16,4
16,5
16,3
16.4
16.6
16,3
16,3
16*3
80.9
81.2
83*3
83*9
84.7
86*2
85.8
86*3
87*2
87*6
88*2
89.7
1957:
Jan* 30
Feb. 27
Mar, 27
Apr* 24
May 29
June 26
July 31p
Aug, 28p
Sept*25p
Oct* 30p
Nov* 27e
161,6
161*1
161*4
163*8
163*8
164*3
164*1
164*6
165*1
166*5
166*1
57.7
56.8
55.7
57*5
52.1
55*5
56*3
56*2
55*9
57*3
57*3
16*2
16*3
16*5
16*7
16*8
16*8
16.8
16*9
17.1
17,6
17,4
87.7
87*9
89*1
89*7
89*9
92*0
91.0
91*5
92*2
91.6
91*4
e - Estimated
l / Level of business loans increased by> and r e a l e s t a t e loans decreased by $300
"™ million a t the end of October 1955 t o correct c l a s s i f i c a t i o n errors# No back
f i g u r e s revised; most of the m i s c l a s s i f i c a t i o n probably occurred during 1955*
Note: Data exclude interbank loans. Total loans are a f t e r and types of loans
before deductions f o r valuation reserves* Consumer and "other loans"
are p a r t l y estimated f o r a l l d a t e s . Other data are p a r t l y estimated on
a l l but June and December d a t e s . Data have been revised i n accordance
with a l l commercial bank c a l l report data f o r June 6, 1957 and preliminary
member bank c a l l report data f o r loans f o r October 11, 1957* All data f o r
November 27, 1957* are estimates and subject to error*
http://fraser.stlouisfed.org/
Not f o r publication
Federal Reserve Bank of St. Louis
December 10, 1957
@FedFRASER