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FEDERAL RESERVE BANK
of KANSAS CITY
L h 3
' '
JAN 2 3 1959
RESEARCH LIBRARY
BANKING AMD MONETARY DEVELOPMENTS IN DECEMBER 1958
Summary. Total c r e d i t a t a l l commercial banks increased
moderately in December r e f l e c t i n g s u b s t a n t i a l loan growth o f f s e t
in p a r t by reductions in holdings of D. S. Government s e c u r i t i e s .
The seasonally adjusted active money supply declined s l i g h t l y , but
time deposits at commercial and mutual savings banks rose. U. S.
Government deposits declined as i s usual in December. Member bank
reserve p o s i t i o n s tightened f u r t h e r , moving from a p o s i t i o n of low
f r e e reserves t o one of low net borrowed r e s e r v e s .
Bank c r e d i t . Total c r e d i t at a l l commercial banks increased
$1«5 b i l l i o n i n December, l e s s than half as much as i n December a
year ago, as shown on Table 1. Loan growth of #2.5 b i l l i o n , however,
was considerably l a r g e r than in December of any other recent ye a r ,
while a $1.2 b i l l i o n reduction in holdings of U. S. Government s e c u r i t i e s contrasted with increases in the past t h r e e y e a r s — e s p e c i a l l y
with the large expansion of 1957.
U. S. Government s e c u r i t y holdings declined sharply during
the f i r s t two weeks of the December reporting period (November 27December 10) following bank a c q u i s i t i o n s of most of the new $3 b i l l i o n
t a x a n t i c i p a t i o n b i l l s issued by the Treasury on November 20. During
t h i s period, commercial banks reduced t h e i r holdings #900 m i l l i o n , of
which $300 million was outside leading c i t y banks. Over the next t h r e e
weeks, holdings dropped an additional $300 m i l l i o n , a l l a t country and
nonmember banks. On December 11, the Treasury began t o r a i s e #200
million i n new money each week through increasing the sale of Treasury
b i l l s , including introduction of a new cycle of b i l l s carrying 26 week
m a t u r i t i e s . This program was continued f o r s i x weeks through January 15
and | 1 . 2 b i l l i o n of new money was r a i s e d . At banks in leading c i t i e s ,
however, b i l l holdings were about unchanged between December 10 and
January 7. Holdings of s e c u r i t i e s other than those of t h e U. S. Government increased $100 million at a l l commercial banks in December, considerably l e s s than l a s t y e a r ' s #$00 million growth.
Total loans and investments at commercial banks increased
llit.lt b i l l i o n in 1958, almost half again as much as the previous postwar record growth of #10.2 b i l l i o n in 19 5h. Increased holdings of
U. S. Government s e c u r i t i e s accounted f o r over half the c r e d i t expansion
—almost $8 b i l l i o n — a much l a r g e r r i s e than in any other year. Holdings of other s e c u r i t i e s also showed record growth of $2.5 b i l l i o n .
Not f o r p u b l i c a t i o n
— 2 Table 1
L.l*.3
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 )
Item
*
#
$
Total loans (excluding
interbank)
Business
Real e s t a t e
Security
Agricultural
Consumer
All other
1958
1958
1958
1957
1957
1957
Nov. 27 Nov. 29 June 2k June 27 Jan. 1 Jan. 1
Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31
* 2.5
+ 1.7
+ 3.2
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
0.9
O.ii
0.7
0.1
0.1 .
0.3
0.9
0.1
0.6
0.1
0.1
1/
1.2
1.8
1.1
o.l
0.2
0.5
+ 1.2
+ %
+
+
+
+
0.3
0.1
O.lt
0.1
+ 3.9
+ 3.5
— O.lt
+ 2.1*
+ 0.3
+ 0.9
y
+ 0.7
+
+
+
+
1.8
0.6
0.1
0.1
1.1
0.3
U. S. Government s e c u r i t i e s
- 1.2
+ 1.3
+ 1.9
+ 2.7
+ 7.9
- 0.3
Other s e c u r i t i e s
+ 0.1
+ 0.5
+ 0.3
+ 1.1
+ 2.5
+ 1.7
+ 1.5
+ 3Ji
+ 5.5
+ 5.0
+lluli
+ k»9
Total loans and investments
( l e s s interbank)
-
*
Change during December
Item
*
*
Total loans (excluding
interbank)
Business
Real e s t a t e
Security
Agricultural
Consumer
All other
U, S. Government s e c u r i t i e s
Other s e c u r i t i e s
Total loans and investments
( l e s s interbank)
. 1956
1955
195a
1953
1952
1951
+ 1.5
+ 1.8
+ 1.5
+ 0.7
+ 1.0
+ 1.0
+ 0.9
v
+ 0.3
+ 0.1
+ 0.2
+ 0.1
+
+
+
+
+
+
+
+
+
+
+
— 0.6
+ 0.6
+ 0.1
+ o.it
0.1
+ ¥.6
+ o.5
+ 0.1
1/
+ O.it
+ 0.1
+ O.it
— 0.2
+ 0.3
+ 0.1
- 0.1
+ O.li
+ 0.2
- 1.1
- 0.3
— 0.8
- 0.1
1/
+ 0.1
+ 0.1
+ 0.1
- 0.1
+ 0.3
+ 1.8
+ 2.1
+ 0.6
+ 0.6
+ 0.2
+ 1.3
0.9
0.1
0.5
0.2
0.2
y
0.3
0.2
0.7
0.1
0.1
Mote:: Data f o r December 31# 1958, are preliminary estimates based on data reported
by a sample of member banks. Revised estimates w i l l be a v a i l a b l e a t the end
of January....
Not f o r p u b l i c a t i o n
- 3 Table 1 (continued)
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 )
End of June t o end of December
1956
1955
1951
1953
1952
1951
+ 3»k
+ 7.3
+ 3.2
+ 2.6
+ lu9
+ 2.9
+ 2.6
+ 0.7
- 0.2
- 0.1
+ o.l*
*• 0 . 2
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
U. S. Government s e c u r i t i e s
+ 1.9
- 1.7
+ 5.5
+ he 8
+ 2.1
+ 3.0
Other s e c u r i t i e s
- 0.2
- 0.1
+ o.8
+ O.Zi
+ 0.1
+ 0.6
+ 5.1
+
+ 9.5
+ 7.7
+ 7.2
+ 6.6
Total loans (excluding
interbank)
Business
Real e s t a t e
Security
Agricultural
Consumer
All other
Total loans and investments
( l e s s interbank)
5.5
0.7
1.2
0.7
0.1
0.1
o.li
0.2
0.5
0.8
1.3
0.3
i/
2.6
0.7
0.1
0.3
1.1
0.3
End of June t o end of December
Item
1950
19h9
191*8
191*7
+ 7.5
+ 1.9
+ 2.7
+ lt.lt
+
+ 5.0
+ l.l
+ 0.1
1/
+ 0.8
+ 0.6
+
+
+
+
+
0.6
0.5
0.3
0.2
0.7
0.3
+ 0.9
+ 0.6
1/
+ (5.8
+ 0.3
+ 0.1
+ 3.3
1.1
— 0.8
+ 0.1
+ 0.6
+ 0.1
+ 3.8
l.U
- 2.0
1/
+ 5.7
+ 0.1
U. S. Government s e c u r i t i e s
- 3.7
+ 3.8
- 2.2
- 1.3
- 9.7
Other s e c u r i t i e s
+ 1.2
+ 0.7
V
+ 0.5
+ 0.2
+ h.9
+ 6 .it
+ o.5
+ 3.5
- 5.5
#
Total loans (excluding
interbank)
Business
Real e s t a t e
SecurityAgricultural
Consumer
All other
*
$
lieU
1.0
0.6
0.1
l.i
0.2
Total loans and investments
( l e s s interbank)
I/
T x i
apw —in •
Not f o r publication
+
19U6
lt.0
+
2.2
O.lt
0.1
0.3
1/
+ 0.1
L.U.3
— If.**
Table 1 (continued)
Estimated Changes i n Loans and Investments at All Commercial Banks
(In b i l l i o n s of dollars)
Year ending December 31
Item
Total loans (excluding
interbank)
Business
Real e s t a t e
SecurityAgricultural
Consumer
All other
1956
1955
1951
1953
1952
+ 7.6
+11.6
+ 2.9
+ 3.U
+ 6 oil
+ 6.it
+ 0.6
— 0.7
' + 2.3
+ 0.9
+
+
+
0.3
1.7
0.9
0.2
1/
+ 0.6
- 0.7
+ 1.0
+
+
+
+
5.5
1.7
0.8
0.3
1.3
0.5
! + 2,u
+ Oel*
+ 1.0
+ 1.5
+ 0.2
+
+
+
+
, +
+
2.0
1.1
0.6
0.5
1.9
0.3
U. So Government s e c u r i t i e s
— 3.0
- 7.U
+ 5.6
: + o.i
+ 1.8
Other s e c u r i t i e s
— O.li
+ o.U
+ 1.6
+ 0.5
+ 0.8
+ iu2
+ li*6
+10.2
+ lui
+ 9.0
Total loans and investments
(less interbank)
Year ending December 31
Item
Total loans (excluding
interbank)
Business
Real e s t a t e
Security
Agricultural
Consumer
All other
1951
1950
1919
+ 5.a
+ 9.3
+ o.5
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
lt.0
1.0
0.3
o.5
0.1
0.3
iu9
2.0
0.2
0.1
1.6
0.9
1.9
0.7
0.3
0.2
1.0
0.3
19lt8
19U7
19U6
+
h»k
+ 6.9
+ h»9
+
+
+
+
+
+
0.8
l.ii
0.3
1.2
1.0
0.3
+
+
+
+
+
+ ii.6
+ 2.5
- 3.7
1/
+ 1.2
+ o.it
Ii.O
2.2
1.0
0.3
1.3
0.3
U. S. Government s e c u r i t i e s
— 0.5
- 5.0
+ Ii.li
— 6.6
— 5.6
=15.8
Other s e c u r i t i e s
+ 0.9
+ 2.2
+ 1.0
+ 0.2
+ 0.9
+ 0.8
+ 5.9
+ 6.5
+ 5.9
*•2.0
+ 2.3
—10.1
Total loans and investments
(less interbank)
Not for publication
Loans rose $3.9 b i l l i o n , s l i g h t l y more than i n 1957 but considerably
l e s s than the postwar average growth of about $5«5 b i l l i o n . Over the
year as a whole, t o t a l c r e d i t growth was about evenly divided between
banks i n leading c i t i e s (representing l a r g e l y the c e n t r a l reserve and
reserve c i t y group) and banks outside ( l a r g e l y country member and nonmember) « City banks, however, accounted f o r over t w o - t h i r d s of the
increase in holdings of U. S. Government s e c u r i t i e s but l e s s than a
f i f t h of the increase i n loans. The increase in other s e c u r i t i e s
was d i s t r i b u t e d f a i r l y evenly between the two groups.
Over t h r e e - f i f t h s of the c r e d i t growth in 1958 occurred
during the f i r s t half of the ye a r , a period i n which bank c r e d i t genera l l y d e c l i n e s . City banks accounted f o r n e a r l y $7 b i l l i o n of t h i s
r i s e , r e f l e c t i n g growth of $6 b i l l i o n in holdings of U. S. Government
s e c u r i t i e s and $1,5 b i l l i o n in other s e c u r i t i e s , o f f s e t in p a r t by a
reduction of $900 million in l o a n s . At banks outside leading c i t i e s ,
holdings of U. S. Government s e c u r i t i e s were about unchanged but loan
growth and increases in holdings of other s e c u r i t i e s added over $2
b i l l i o n to t o t a l credit.
In the second half of 1958* however, c r e d i t growth at commercial banks was much l e s s rapid than i n the f i r s t h a l f , amounting
t o $5.5 b i l l i o n . This was somewhat more than i n the second half of
1957 but considerably below the sharp increases of the e a r l y F i f t i e s .
Loan growth accounted f o r over $3 b i l l i o n of the expansion and holdings
of U. S. Government s e c u r i t i e s f o r #2 b i l l i o n . Heavy purchases of
U. S. Government s e c u r i t i e s during the August, October, and November
Treasury financings were p a r t l y o f f s e t by sales a t other times. P r a c t i c a l l y a l l the c r e d i t growth occurred outside c i t y banks. Holdings of
U. S. Government s e c u r i t i e s increased $2.6 b i l l i o n at these banks and
declined $700 million a t weekly reporting banks. Loans continued t o
increase a t the smaller banks and also rose at c i t y banks during the
second half of the y e a r .
Business loans at commercial banks increased $900 million
in December, about the same as in December of the past t h r e e years
but about t h r e e times as much as i n December of 1951*. In the two
weeks ending December 17, which included borrowing f o r income t a x
and dividend payments, business loans at c i t y banks increased $500
million compared with $735 million in the comparable period l a s t
year. A smaller increase i n borrowing by s a l e s finance companies
t h i s year than l a s t accounted f o r a s u b s t a n t i a l p a r t of t h e ' d i f f e r ence in t o t a l t a x period borrowing in the two years.
Not f o r publication
— 6
L.U.3
Table 2
®
Changes i n Commercial and I n d u s t r i a l Loans 1 /
(in millions of d o l l a r s )
Business of Borrower
#
Food processors
Commodity dealers
Trade concerns
•
Total
Sales finance
3/
1953
1952
Nov, 26 Nov, 27 Nov. 20 Nov. 30 [Dec. 1 Dec. 2 Nov. 26
Dec* 31 Dec, 31 Jan. 2 J a n . It J a n . 5 Jan. 6 Dec.31
+
+
-
31
2l*
11*8
93
+
-
19
83
251*
190
+
+
:-
61
109
19^
2k
+ lh
- 17
- 82
- 85
+
-
10 - «• 36
11* + 35
- 210
132
128
- 211
+ 68
+ 2
- 86
— 16
+ 160
+ 569
+ 602
+ 531*
*• 226
+ 139
• 1*06
+ 1*07
+ 109
+ 370
+ 52
+ 258
+ 69
+ 286
+• liii*
+ 21
- 11
- 193
+ 75
+ 31
- 1*3
+ 1*3
— 20 - 27 3
+ 89 ;•» 16 + 93
1*
+ 51
7
+ 17U
+ 3
- 65 - 23 + 6 ' - 20
+ 200 + 217 + 23
+ 63
+ 11*
- 21 - 10 2
+ 128
+ 135 + 1*8 + 25
+ 773
+ 1*2
+ 750 + 836
- 1*2 — 83
+ 736
- 77
+ 119 - 261*
2/- 79 £
72
+ Ij.65
- 133
+ 815
+ 708
+ 659
£
+ 332
+ 753
-
72
- 33
+ 1*6
+ 63
uo >
192
*=• 3l*
+ 12
— 10
Includes GOG 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 $35 m i l l i o n .
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 $235 m i l l i o n .
C l a s s i f i e d data are f o r a sample of about 210 banks r e p o r t i n g changes i n t h e i r
l a r g e r loans5 these banks hold about 95 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 about 75 per cent of those of a l l commercial
banks. Data are preliminary f o r week of December 31, 1958.
Not f o r publication
e
1951*
Prior t o week ending January 11, 1956, included changes i n a g r i c u l t u r a l loans®
Note:
•
1955
S
+
%/
1956
RR
8 + 1 + 1
Total change
1957
1
Classified
Unclassified
^
1958
CVJ
All other - t o t a l
Metals and products
T e x t i l e s , apparel
•
and l e a t h e r
Petroleum, c o a l , e t c .
Other manufacturing
and mining
Public u t i l i t i e s
•
Construction
All other types of
business
1/
—
L.lt.3
- 7 Table 2 (continued)
Changes i n Commercial and I n d u s t r i a l Loans 1 /
(In millions of d o l l a r s )
Last Wednesday i n June t o
l a s t Wednesday i n December
Business of Borrower
1957
1956
1955
195U
+ 530
+ lai
+ 9k
+1,035
+ 331
+ 120
8
+ 7lt3
+ 822
+ 739
+ 178
+1,739
+ w
+ I469
+ 327
+1,276
+ U9 8
+ 539
+ 120
+1,157
+ 501
+ 380
+ 1
+ 8S2
+ 75U
+ 662
+ 1U1
+1,557
CO
Food processors
Commodity dealers
Trade concerns
Total
1952
1958
- 108
+
+
+
32
-138
+ 5Wi
fc
70I4.
All other - t o t a l
Metals and products
T e x t i l e s , apparel
1
and l e a t h e r
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
-
172
452
- 147U
- k9&
+ 883
71
+1,069
+ 22k
-
559
5U8
- 311
- 3&
+ 39lt
+
1
-
231
18
- 159
+ 150
6
+ k28
+ 71
+ 208
+
26
88
- 101
+ 102
— l+o
+ 250
- 116
+ 23k
+ 52
- 161
+ 183
- 19
+ 72
+ 350
66
+ 63
+ 27
+ 106
+
62
225
82
- 5U
+ 18
- 23
+
+
+ 359
+ 58
+ 176
+ 370
+ 132
+ 98
+ 191
+1,130
- 200
+ 161
- 157
+2,719
- 260
+3,050
2 / - 162
y-
+ 630
+ k33
91 k/+ 150
+2sk9k
59
+ 930
- 296
+2,159
2/+2,888
y+
Classified
Unclassified
*
Total change
%
Sales finance
+
98
1953
539
lt/+ 583
+2,1*35
l/
Prior t o week ending January 11, 1956, included changes in a g r i c u l t u r a l loans*
2/
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 $300
million,
3/
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 $65
million.
k/
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 SI4IO
million.
Note:
C l a s s i f i e d data are f o r a sample of about 210 banks
l a r g e r loansj these banks hold about 95 per cent of
t r i a l loans of a l l weekly reporting banks and about
commercial banks. Data are preliminary f o r week of
Not f o r publication
36
57
13
r e p o r t i n g changes i n t h e i r
t o t a l commercial and indus75 per cent of those of a l l
December 31, 1958.
L.W
~ 3—
•
Table 2 (continued)
Changes i n Commercial and I n d u s t r i a l Loans 1 /
(In millions of d o l l a r s )
~~
Last Wednesday i n December
t o l a s t Weenesday i n December
Business of Borrower
r
1958
Food processors
Commodity dealers
Trade concerns
1
Total
Sales finance
All other - t o t a l
Metals and products
T e x t i l e s , apparel
and l e a t h e r
Petroleum, c o a l , e t c .
Other manufacturing
and mining
Public u t i l i t i e s
Construction
.
All other types of
business
Classified
Unclassified
*
1/
I
3/
h/
Total change
1956
1957
1955
1951*
+ 520
+ 353
+ 31*9
+1,222
60
+
8
+ 1*73
+ 1*21
+
+
-
129
128
71
72
-
-
585
+ 258
-
22h
+1,293
—
23
306
*hf&
+ 439
+3,814*
+1,291
+2,593
+ 1*01
-
11*7
158
12
+ 1*1*1
+ 232
+ 852
+
+
+
i*i
57
108
+ 53
+ 696
61
+
1*28
+
—
635
380
+1,565
- 612
- 1 ,015
+ 953
+
—
-
-
-
125
118
9
252
3
1953
1952
+
7
176
79
2U8
+
-
120
252
208
I6h
- Ill*
+ 28
+ 36
50
-
11*3
- 228
+ 327
78 9
-1*125
+ 1*65
+ 9k
+1,671
+1,111
+ 291
+ 521
+
+
29
78
+ 1*9
+ 93
- 113
+ 1*26
+ 1*1*1
+ 715
12
+ 216
+ 1*11
+ 2li0
-
+
63
99
153
+ 1*1
+ 103
5
+ 112
59
+ 31
+ 325
+ 513
+
238
+ 90
+ 163
+li,81i3
+1*,307
- 11*1 2 / 23 3 / -
681+ + 71*
273 V - 81
+1,91*8
- 150
+b,702
957 y -
+1,798
mm
—
2/+ii,28U 3 / -
10
Prior t o week ending January 13L, 1 % 6 , ]Included changes i n agriculi :ural l o a n s .
^
ui j.iiucicoo willvu ax-e eaujimavea t>u nave aecxxnea #ozj.
m i l l i o n . In October 1 9 # , 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 e r r o r s . No back f i g u r e s were revised; most of
the m i s c l a s s i f i c a t i o n probably occurred i n 1 9 # .
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 $1(10
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
l a r g e r loans* these banks hold about 95 per cent of
t r i a l loans of a l l weekly r e p o r t i n g banks and about
commercial banks. Data are preliminary f o r week of
Not f o r publication
r e p o r t i n g changes i n t h e i r
t o t a l commercial and indus75 per cent of those of a l l
December 31, 1958.
This year, large corporations were required t o pay 20 per cent
of t h e i r current y e a r ' s t a x l i a b i l i t i e s i n December compared with 15
per cent l a s t December, but i n t e r n a l funds, p a r t i c u l a r l y from r i s i n g
p r o f i t s , were l a r g e r t h i s year than l a s t . Banks i n New York City
accounted f o r s l i g h t l y over 50 per cent of t h e tax-period borrowing,
a l a r g e r proportion than in June or September, but about the same as
a year ago. Subsequently, in the two weeks ending December 31, 1958,
business loans increased $220 million compared with a decline of
$70 million i n t h e comparable two weeks l a s t year.
During the f i v e weeks ending December 31, loans t o s a l e s
finance companies increased $1*60 m i l l i o n , accounting f o r over half the
t o t a l growth i n business loans at c i t y banks. This was somewhat l e s s
than these companies borrowed in the comparable weeks of the past three
y e a r s . Loans t o metals processors and t o public u t i l i t y concerns also
increased s u b s t a n t i a l l y and i n roughly the same volume as in 1957 and
1956. Loans t o t r a d e concerns dropped l e s s than in other recent years.
Since mid-year, business loans at c i t y banks have increased
$930 m i l l i o n . They declined #300 million in the comparable period
l a s t year but rose $2.5 b i l l i o n t o $3 b i l l i o n i n the two previous
years. In 195b they had increased $5b0 m i l l i o n . All the increase
occurred outside New York City; at New York City banks, business
loans declined #60 m i l l i o n . The increase a t banks outside New York
during t h e second half of 1958 was n e a r l y as large as i n t h e comparable period of 1956 when business loan growth was s u b s t a n t i a l .
However, loans t o s a l e s finance companies accounted f o r about onet h i r d of the growth outside New York i n 1958 but f o r only a
n e g l i g i b l e p a r t of the 1956 growth at these banks. When s a l e s
finance company borrowing i s omitted, growth in business loans
outside Hew York has been only s l i g h t l y more than half t h a t of
1956. The volume of new loans made i n ten d i s t r i c t s reporting such
information was somewhat l a r g e r i n the l a s t half of 1958 than in the same
period a year agd and the volume of repayments was smaller.
Seasonal borrowing by food processors, commodity d e a l e r s ,
and trade concerns increased $1 b i l l i o n over the second half of
1958, somewhat more than l a s t year, but l e s s than the average of
other recent years. Loans t o s a l e s finance companies increased
$270 m i l l i o n , more than i n any other year except 1955 and 1952,
but the year-end l e v e l on outstanding loans t o these companies was
considerably lower than i n any year since 195b* Loans t o public
u t i l i t i e s , t o " a l l other businesses", including loans t o mortgage
companies, and t o construction companies a l l showed increases
Not f o r p u b l i c a t i o n
k.lu3
- 10 Table 3
Estimated Changes i n Deposits and Currency
(In b i l l i o n s of d o l l a r s )
Item
1958
1958
1957
1957
1958
1957
Nov. 27 Nov. 28 June 2h June 27 J a n . 1 Jan. 1
Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31
Seasonally a d j u s t e d d a t a 1 /
Demand d e p o s i t s a d j u s t e d
Currency outside banks
Total
-§{2
- 0.2
— 0.8
2/
T-O
Seasonally unadjusted cfeta 1 /
Demand d e p o s i t s a d j u s t e d
Currency outside banks
Total
Time d e p o s i t s
Commercial banks
Mutual savings banks
U. S. Government d e p o s i t s
Total
+ 2.9
- 0.2
+ 2.7
+ 1.1
+ 0.8
• 0.3
- l.U
+2.5
+
+
+
+
+
+
+
Factors a f f e c t i n g d e p o s i t s
and currency
Bank loans and investments
other than U. S . Govt. s e c . 3 /
Commercial
""
Mutual savings
Bank holdings of U« S.
Government s e c u r i t i e s :
Federal Reserve
Commercial
Mutual saving and other
Gold stock and f o r e i g n
deposits a t F . R. Banks
Other f a c t o r s
1/
3.1
0.2
2.9
1.5
l.l
o.H
1.0
5.3
+ 2.9
T &
- 2.2
+ 0.2
- 2.0
+ 5.2
- 0.1
+ 5.1
- 1*6
+ O.lt
-1.2
+
+
+
+
+
+
+
+ h.7
+ 0.5
+ 5.2
+ 2.7
•fr 2 . 1
+ 0.8
— 0.5
+ 7-h
+ U.2
+ 0.3
> Iw5
+ 8.7
+ 6.8
+ 2.1
+ 0.2
+13.6
- 1.1
2/
- 1.2
+ 6.9
+ 5.6
+ 1.7
+ 0.2
+ 5.2
8.3
0.8
9.1
2.3
l.U
1.0
5>*1
6.h
(signs i n d i c a t e e f f e c t on d e p o s i t s and currency)
+ 3.3
+ 2.7
+"0
+ 0.1
+ 1;.8
- 0.7
+
0.U
+ 2.0
2/
- 0.1
+ 3.1
^T72
+ 1.9
- 0.2
- 0.1
— 0.8
+ 2.6
+ 0.1
- 1.2
- 0.1
2/
+U77
+ 1.3
+ 0.7
+ 1.1
- 0.7
+ 9.3
+ 7.5
+ 1.1
+ 2.8
+ 2.2
+ 3.6
+ 1.3
+ 2.7
+ 2.0
TT3
+ 9.5
— 0.6
+ 7.9
- O.lt
+ 0.2
- 2.2
- 0.1
- 3.0
- 1.8
- 0.7
- 0.3
- 0.8
+ 0.8
— 0.6
Seasonally a d j u s t e d d a t a are f o r l a s t Wednesday throughoutj unadjusted da";a are
f o r l a s t Wednesday except i n case of June and December c a l l d a t e s s when a v a i l a b l e .
2/
3/
Less than $56 m i l l i o n .
Total includes f o r e i g n loans on gold, holdings of bankers 1 acceptances a t t h e
Federal Reserve, and loans t o f o r e i g n banksj changes i n t h e s e items are g e n e r a l l y
r e l a t i v e l y s m a l l . In a d d i t i o n eren i f t h e r e were no changes i n these items,
changes at commercial and mutual savings banks would not add t o t o t a l change which
i s "net" because commercial banks exclude a l l interbank l o a n s , domestic and f o r e i g n .
Note: Data f o r December 31, 1958, are p r e l i m i n a r y e s t i m a t e s based on d a t a reported
by a sample of member banks. Revised e s t i m a t e s w i l l be a v a i l a b l e a t t h e end
of January.
Not f o r p u b l i c a t i o n
L.it.3
- 11
-
Table 3 (continued)
Estimated Changes in Deposits and Currency
(In b i l l i o n s of dollars)
Tear ending December 31
Item
Seasonally adjusted data 1 /
Demand deposits adjusted
Currency outside banks
Total
Seasonally unadjusted data l /
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
1956
1955
1951*
1953
1952
+ 0.9
+ 0.3
+ 1.2
+ 3.0
+ o.5
+ 3.5
+ 3.3
- 0.1$
+ 2.9
+ 1.7
+ O.U
+ 2.1
+ 3.3
+ 1.3
+ U.6
+
+
+
+
+
+
+ 3.U
+ U.i
+ 0.9
+ 0.6
+ 1.5
+ U.6
+ 3.0
+ 1.8
- 0.8
+ 5.3
1*5
0.1
1.5
3.8
2.2
1.9
• 5.11
+ o.U
+
+
+
+
+
3.8
3.1
1.5
1.8
0.6
6.3
•
•
*
+ U.9
+ 3.2
+ 1.9
+ 0.3
+ 9.6
+ 3.3
+ 1.2
+ U.5
+ U.3
+ 2.8
+ 1.7
+ 1.8
+10.6
Year ending December 31
Item
•
- 0.2
+ 3.9
1951
1950
19U9
19U8
19U7
Seasonally adjusted data l /
Demand deposits adjusted
Currency outside banks
Total
+ it. 7
+ 1.1
+ 5.8
- 0.2
+ 5.3
+ 5.5
* 0.8
- 0.6
+ 0.2
- 1.7
= 0.6
- 2.3
+ 3.8
Seasonally unadjusted data 1 /
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
+
+
+
+
+
+
+
+
+ 6.5
+
+
+
+
+
— 1.6
- o.U
+ 3.8
- 0.3
>' " 3 ^
+ 2.5
n.a.
1/
2/
6.0
0.9
6.9
2.2
1.5
0.9
0.2
9.3
+
+
+
+
0.6
0.2
0.7
o.U
6.7
0.2
0.7
6.U
1.1
0.3
0.9
0.5
+ 1.2
+
+
+
+
+
1.1
0.6
0.6
1.3
o.k
He clo
Ho
+ l.li
+ 0.9
- 1.2
+ U.8
19h6
lie clo
Ho 3,e
He 3Lo
+ 7.5
+ 0.2
777T
+ 5.5
+ 3.7
+ 1.5
-22.1
- 8.9
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 d a t e s , when
available.
Less than $50 million.
Not f o r publication
L.ii.3
- 12 -
l a r g e r than l a s t year and l a r g e r than the average over t h e f i v e years
p r i o r t o 1957. Loans t o t e x t i l e , apparel, and l e a t h e r firms declined
$230 m i l l i o n , somewhat more than l a s t year, and considerably more than
in other years. While the reduction in loans t o metal producers,
$1j50 m i l l i o n , was l e s s than l a s t year i t exceeded the average decline
f o r recent y e a r s .
Real e s t a t e loans increased f u r t h e r in December bringing
growth over the second half of 1958 t o #1.8 b i l l i o n , more than in the
comparable period of any other postwar year. During the f i r s t half
of 1958, growth in these loans had t o t a l e d only $600 m i l l i o n , consi d e r a b l y more than in 1957> but considerably l e s s than in most other
recent years. Over the year 1958, the #2.it b i l l i o n growth in r e a l
e s t a t e loans was about the same as t h a t of 1955 and the two immediate
postwar years. I t exceeded growth in a l l other years.
Consumer loans are estimated t o have increased $100 million
in December following l i t t l e change since July. On balance, the small
net growth in the second half of the year o f f s e t e a r l i e r d e c l i n e s .
Lack of growth in the consumer s e c t o r was associated with the c u r t a i l ment of durable goods purchases i n e a r l y 1958, e s p e c i a l l y new autos.
The only other recent years in which consumer loans at commercial banks
have not shown s u b s t a n t i a l growth were 1951 and 195ltA g r i c u l t u r a l loans increased f u r t h e r in December bringing
t o t a l growth f o r the year t o $900 m i l l i o n , more than in any other
postwar year except 19lt8 and 1953. These loans had declined in each
of the t h r e e years previous t o 1958. Apparently increased c r e d i t
demands on the p a r t of farmers followed favorable p r i c e and income
developments i n the a g r i c u l t u r a l area.
S e c u r i t y loans increased $700 million in December r e f l e c t i n g
the usual end-of-year r i s e . Over 1958, these loans increased #300
million, following a small decline in 1957. They rose sharply over
t h e f i r s t half of the year, l a r g e l y r e f l e c t i n g borrowing i n June
associated with mid-month Treasury financing, but t h e y declined r a p i d l y
in July and August.
Deposits and currency. Seasonally adjusted demand deposit
and currency holdings of businesses and individuals declined #200
million in December. At the month-end, the active money supply was
3.2 per cent above i t s year-ago l e v e l . This was t h e l a r g e s t yearly
increase since 1952, but was only about half the peak postwar growth r a t e s
in 191*6, 1950 and 1951. From January through July 1958, the money
supply rose a t an annual r a t e of 8 per cent, but since J u l y , the
annual growth r a t e was about 1-l/lj. per cent.
Not f o r p u b l i c a t i o n
Demand deposits adjusted increased $2.9 b i l l i o n i n December,
the normal seasonal amount. Currency outside banks declined $200
million although normally, no change would be expected. U. S. Government deposits declined #1.5) b i l l i o n and t o t a l time deposits rose
S i . 3 b i l l i o n . On balance, t o t a l deposits and currency increased
S3.3 b i l l i o n r e f l e c b i n g i n addition t o the c r e d i t growth a t commercial
banks, increases i n loans and investments at mutual savings banks and
additional holdings of U. S. Government s e c u r i t i e s a t Federal Reserve
Banks. Over 1958, t o t a l deposits and currency increased #13.6 b i l l i o n ,
much more than i n any other postwar year; in 19$1, 1952, and 195U,
other years of s u b s t a n t i a l growth, t o t a l deposits and currency had
increased i n a range of $9 b i l l i o n t o $10.6 b i l l i o n .
Time deposits at commercial banks increased #800 million
in December r e f l e c t i n g i n p a r t the crediting of year-end i n t e r e s t
payments a t many banks. Last year i n December, these deposits had
increased #1.1 b i l l i o n . Time deposit growth, which had accelerated
markedly in 1957, reached an unprecedented t o t a l in the f i r s t half
of 1958 of #5«3 b i l l i o n , an annual r a t e of growth of n e a r l y 20 per
cent. However, t h e r a t e of growth dropped sharply i n the second
half of 1958 when these deposits rose only Sl.Jb b i l l i o n , about the
same as i n t h e comparable period of several other recent y e a r s , but
l e s s than the postwar record #2.1 b i l l i o n growth in 1957* Over the
year the increase of $6.8 b i l l i o n exceeded t h a t of any other year.
At mutual savings banks, on the other hand, s u b s t a n t i a l
growth i n deposits continued throughout 1958. Increases i n both
the f i r s t and second halves of the year were l a r g e r than i n any
other year and deposits rose #2.1 b i l l i o n , but the percentage
growth i n 1958 was l e s s than in the years 1952 through 1956. At
savings and loan a s s o c i a t i o n s , growth in l a t e 1958 ( l a t e s t data
available through November) continued t o exceed t h a t of the comparable period of 1957.
Deposit turnover. The seasonally adjusted annual r a t e of
turnover of demand deposits at banks outside New York and other
f i n a n c i a l centers averaged 23.2 times i n the fourth q u a r t e r of 1958,
about the same as in the t h i r d quarter but s l i g h t l y l e s s than the
t h i r d quarter 1957 peak of 23.7 times. Turnover f l u c t u a t e d only
s l i g h t l y in 1958 a f t e r declining in l a t e 1957. At banks in New
York City, turnover averaged 50.3 times in the f o u r t h q u a r t e r of
1958, almost 3 per cent below the f o u r t h quarter of 1957. In
contrast with behavior in other c i t i e s , turnover a t banks i n
New York had continued t o increase r a p i d l y in l a t e 1957 and the
f i r s t half of 1958 but subsequently dropped.
Not f o r publication
- Ik Table it
L.lu3
Free Reserves
(excess reserves minus member bank borrowings;
based on average of d a i l y f i g u r e s ; in millions of d o l l a r s )
All
member
Quarterly averages
1957: F i r s t
Second
Third
Fourth
1958:
1957:
1958:
1958:
1959:
-
First
Second
Third
Fourth
313
508
31a
33
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
November
December
December
December
December
December
26
3
10
17
2I4.
31
January
7
Not f o r publication
108
1*85
1414.0
265
New York
Reserve
City
- 115
- 11*1
— 56
- 105
-
221
373
1*28
320
316
221*
286
276
-
27
63
55
192
365
1*22
1*21*
277
88
196
2ltl
109
*"
-
9
18
28
35
-
16
1*
1
17
185
181
289
251
11*1
80
105
-
1*8
28
26
115
115
123
77
-
1*88
1*52
1*00
1*33
389
31*2
228
210
278
21*1*
336
301
252
277
25
6
18
7
7
12
1*
-
337
353
1*06
1*59
399
1*08
1*71
i*26
378
281*
268
280
508
383
2*71
1*66
3UU
293
133
-
-
-
122
32h
1*93
1*93
51*7
1*81*
51*6
383
95
111
20
30
-
-
I4.6
2I4
U2
3
51
7
16
22
79
17
1*3
79
—
-
-
3
3
16
31
-
114*
1
62
1*1*
89
57
56
22
201
187
189
199
19
21
19
18
1*7
55
-
169
302
197
185
151
223
216
251
268
233
383
213
91
-
253
1*33
22
72
51+
— 38
12
- 117
-
2
68
173
52
-
-
-
11*0
-
51
Country
-
-
-
Chicago
-
50
—
L.U.3
- 1$ -
Bank r e s e r v e s . Member bank reserve p o s i t i o n s tightened
somewhat f u r t h e r in December. Net borrowed reserves averaged #30
million compared with f r e e reserves of #20 million i n November, as
shown i n Table ii. This was the f i r s t month banks have held net
borrowed r e s e r v e s , on an average b a s i s , since December 1957. Reserve
p o s i t i o n s tightened a t c e n t r a l reserve c i t y and reserve c i t y banks
but eased s l i g h t l y at country banks. Borrowings averaged $3>60
million i n December, an increase of #70 million from November, but
excess reserves also rose s l i g h t l y .
Reserve p o s i t i o n s tightened i n l a t e November and e a r l y
December when turn-of-the-month currency outflows, reductions i n
f l o a t , and changes i n other f a c t o r s absorbed more reserves than were
supplied through System purchases of U. S. Government s e c u r i t i e s .
Subsequently, however, p o s i t i o n s eased somewhat and banks maintained
f r e e r e s e r v e s , on the average, over t h e mid-month when reserves supp l i e d p r i n c i p a l l y by the usual sharp pre-Christmas r i s e i n float«and
f u r t h e r System purchases of U. S. Government s e c u r i t i e s exceeded funds
absorbed through currency outflows and increases i n required r e s e r v e s .
Reserves tightened again i n l a t e December and e a r l y January when
declines i n f l o a t and reductions i n System holdings of U. S. Government s e c u r i t i e s (in e a r l y January) r e f l e c t i n g s a l e s of s e c u r i t i e s
held under repurchase contracts and b i l l r u n - o f f s absorbed funds
supplied through the post-Christmas currency inflow.
Over t h e month of December, as shown i n Table £, more
reserves were absorbed through currency outflows (#61*0 m i l l i o n ) ,
increases i n required reserves (#3U0 m i l l i o n ) , f u r t h e r reductions
in gold stock (#70 m i l l i o n ) , and changes i n other f a c t o r s draining
reserves than were supplied through System purchases of U. S. Government s e c u r i t i e s (#660 million) and increases i n Reserve Bank f l o a t
(#U60 million)*
I n t e r e s t r a t e s . In December, the e f f e c t i v e r a t e on Federal
funds was generally 2-1/2 per cent although i t f e l l as low as 1 - 1 / 2
per cent e a r l y in the month and also dropped s l i g h t l y a t t h e month-end.
Money market r a t e s increased s l i g h t l y f u r t h e r . The r a t e on k-6 months
prime commercial paper rose from 3-1/8 per cent t o 3-l/k per cent; i t
temporarily rose t o 3-3/8 per cent i n mid-December. The r a t e on 3-6
month finance paper rose from 2=3/li per cent t o 3 per c e n t .
Not f o r p u b l i c a t i o n
-16
L.U.3
-
Table 5
Changes i n Member Bank Reserves, with Relevant Factors
(Monthly average of d a i l y f i g u r e s ; in millions of d o l l a r s )
Item
December
JulV ~ December
Januarv-Deceniber
1958
1957
+ 359
+ lj.62
299
1*38
-
521
— 115
+ 338
+ 396
398
358
-
ij. 71
-
ItO
+ 338
+ 396
+ 65
398
99
+ 358
-1# 1*1*0
+ 969
50
-
1*0
-
75
1958
1958
1957
1957
Member bank reserve balances
Total
Required reserves 1 /
E f f e c t of reduction in
requirements
E f f e c t of deposit change
Excess reserves 1 /
+
21
Principal f a c t o r s
Currency i n c i r c u l a t i o n
Gold stock and f o r e i g n
accounts
Treasury operations
Federal Reserve f l o a t
Other f a c t o r s
E f f e c t of above
f a c t o r s on reserves
+
80
(signs i n d i c a t e e f f e c t on reserves
- 638
- 596
-1,331
-1,029
-
1*38
- 156
- 71
- 59
+ 1*57
- 71*
+ 3
+ 110
+ 317
+132
-
+ 580
29
+
+
+
+
196
156
273
118
-2,123
+
77
+ 53
- 262
+ 851*
+ 161
- 190
1*
- 385
-
31*
-1,680
-
286
-2,693
+ 665
+ 71*3
+ 1*96
+1,981
+ 723
+2,171*
- 780
+ 662
+ 65k
+ 8
+ 5
+
+
+
+
565
3#
226
25
+1,563
7I75IB
+ 993
+ 698
+ 295
+ 23
+2,330
- 783
T%83
+ 71
+ 5
-
91*
+
908
8
Federal Reserve loans and
investments:
Total
U« S e Govt, s e c u r i t i e s
Outright
Repurchase agreements
Acceptances
Discounts and advances:
To member banks
To others
l/
"
w
+
1*1*
-
1*
+
+
1*15
7
-
+
295
2
+2,601
-
271
1*
- 153
+
1
+ 100
-
7
+
-
22
12
Data f o r December 1958 are preliminary.
Note:
Changes are based on data f o r November and December; June and December; and
December of each y e a r .
Not f o r publication
- 17 Deposits and Currency
(In b i l l i o n s of d o l l a r s )
L.it.3
Year
or
month
Seasonally ad,Justed
Seasonally
money suppl; 1 /
adjusted
money
CurDemand
supply
and
Total
rency
deposits
time
dep.
(2+3)
outside
adjusted banks
a t com'!
banks (1+7)
Total
U. S.
Curdeposits
Demand
Gov't
rency
and
deposits Total Commer- Mutual Postal deposits outside currency
adjusted (7+8+9) c i a l
savings savings
banks (5+6+10
1/
+11)
Time deposits
End of Dec.
191*7
1918
19it9
1950
1951
1952
1953
195k
1955
1956
111.1
108.8
109.0
lllt.3
120.1
121.7
126.8
129.7
133.2
131.1
85.2
83.5
81.3
89.8
94.5
97.8
99.5
102.8
105.8
106.7
25.9
25.3
2U.7
21.5
25.6
26.9
27.3
26.9
27.U
27.7
U46.3
litlt.6
1U5.1
150.6
158.0
I65.it
170.5
176.5
181.6
185.0
87.1
85.5
85.8
92.3
98.2
101.5
102.5
106.6
109.9
lll.it
56.lt
57.5
58.6
59.2
61.5
65.8
70.it
75.3
78.it
82.2
35.2
35.8
36.1
36.3
37.9
1*0.7
13.7
16.8
it8.it
50.6
17.7
I8.lt
19.3
20.0
20.9
22.6
2it.lt
26.3
28.1
30.0
3.1t
3.3
3.2
2.9
2.7
2.5
2.it
2.1
1.9
1.6
2.3
3.6
lt.1
3.7
3.9
5.6
It.8
5.1
lt.lt
it.5
26.5
26.1
25.U
25.U
26.3
27.5
28.1
27.9
28.3
28.3
172.3
172.7
173.9
180.6
189.9
200.lt
205.7
211.8
221.0
226.it
1957 s
June 26
Sept 25
Dec. 31
135.2
133.9
133.2
107.3
106.2
105.1
27.9
27.7
28.1
189.2
189.0
189.3
105.6
105.5
110.3
86.it
87.7
89.1
54.0
55.1
56.1
30.9
31.2
31.7
1.5
l.lt
1.3
5.2
it.5
it.7
27.8
27.8
28.3
221.9
225.it
232.3
1958:
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
132.2
133.1
13U.0
135.0
135.5
135.lt
137.6
137.3
136.7
137.9
138.5
138.3
10lt.7
105.5
106.it
107.2
107.6
107.lt
109.5
109.2
108.9
110.0
110.3
110.3
27.5
27.6
27.6
27.8
27.9
28.0
28.1
28.1
27.8
27.9
28.2
28.0
188.8
190.7
192.8
19k.9
196.2
196.9
199.9
200.0
199.U
200.8
200.6
201.2
107.6
105.6
10it.6
107.2
105.8
106.2
108.1
107.5
108.1
, 110.8
111.6
liit.5
89.8
90.9
92.5
93.6
9U.6
95.5
96.lt
97.0
97.2
97.it
96.7
97.8
56.6
57.6
58.8
59.9
60.7
61.5
62.3
62.7
62.7
62.9
62.1
62.9
31.9
32.1
32.it
32.5
32.7
32.8
32.9
33.1
33.3
33.lt
33.5
33.8
1.3
1.3
1.3
1.2
1.2
1.2
1.2
1.2
1.2
1,2
1.1
1.1
2.9
lt.2
6.it
6.0
6.1
10.0
It.8
6.2
5.0
lt.2
6.3
it.9
27.3
27.lt
27.it
27.6
27.8
27.8
27.9
28.0
27.9
28.0
28.8
28.6
227.7
228.1
230.9
23lt.lt
23U.3
239.5
237.2
238.7
238.1
2it0.it
2lt3.3
2it5.9
p
1/
2/
29
26
26
30
28
23
30
27
2lt
29p
26p
31p
Preliminary
Seasonally adjusted s e r i e s begins i n I?li7 and i s available only f o r l a s t Wednesday of the month.
At commercial, savings s and Federal Reserve Banks,
http://fraser.stlouisfed.org/
for#)ublication#
FederalNot
Reserve
Bank of St. Louis
L.U.3
- 18 -
Loans and Investments at All Commercial Bgnka
(In b i l l i o n s of dollars)
Loans
and
investments
Date
192*7$
192*8:
• 1919:
1950:
1951:
1952:
1953:
1952*:
•1955:
1956s
Dec.
Dec.
Dec.
Dec.
Dec,
Dec.
Dec.
Dec.
Dec.
Dec.
31
31
31
31
11
31
31
31
31
31
1957:
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
30
27
27
2it
29
26
31
28
25
30
27
31
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct,
Nov.
Dec.
29
26
26
30
28
25
30
27
22*
29p
26p
31p
•
•
1958:
•
•
116.2
112*. 2
120.1
126.6
132.5
12*1.5
12*5.5
155.7
160.3
162*. 5
161.6
161.1
161.2*
163.8
163.8
162* . 3
162*. 1
162* o 6
165.1
166.5
165.9
169.3
166.2
167.1
169.9
172*.0
173.8
178.2
176.2
178.3
177.9
179.8
183:7
u. s .
Other
Govt, secur- Total Business Real SecuCone s t a t e r i t y Farm sumer
secur- i t i e s loans
ities
69.2
9.0
18.2
37.9
9.2* 2.1 1.7
3.8
62.6
9.2
2*2.2*
18.9
10.8
2.3 2.9
2*.8
67.0 10.2
•2*2.9
17.1
11.5
2.6 3 . 1
5.
62.0 12.2*
52.2
21.9
13.5
2.9 2.9
7.2*
61.5
13.3
57.6
12*.6 2.6 3.2*
25.9
7.5
12*.1
63.3
62*.o
27.9
15.7
3.2 3.9
9.2*
63.2* 12*. 7
67.2*
27.2
16.7
3.6 5.0
10.
69.0
16.3
70.2*
26.9
18.2* 2*.5 5.2
10.9
61.6 16.7
82.0
20.8
33.2
5.0 2*.5
58.6 16.3 89.7 38.7 22.5 2*.3 2*.2 13.2
12*.6
57.7
56.8
55.7
57.5
57.1
55.5
56.3
56.2
55.9
57.3
56.9
58.2
57.7
58.3
59.6
62.8
63.1
62*.6
62*.1
66.1
62*. 7
66.0
m
16.2
16.3
16.5
16.7
16.8
16.8
16.8
16.9
17.1
17.6
17.2*
17.9
87.7
87.9
89.1
89.7
89.9
92.0
91.0
91.5
92.2
91.6
91.5
93.2
37.6
37.8
39.0
39.0
38.9
2*0.5
39.6
39.9
2*0.3
39.7
39.6
2*0.5
22.5
22.5
22.5
22.5
22.5
22.6
22.7
22.8
22.9
22.9
23.0
23.1
3.7 2*.2
3.7 2*.2
3.6 2 * . 2
3.8 2 * . l
3.8 2 * . l
3.9 2*.0
3.7 3.9
3.8 3.8
3.8 3.8
3.7 2*.0
3.6 2*.0
12*. 5
12*.5
12*.
12u9
15.1
15.3
15.2*
15.5
15.6
15.7
15.6
15.7
17.9
18.2
18.9
19.3
19.2*
20.0
19.9
20.2
20.6
20.5
20.3
20.2*
90.5
90.6
91.5
91.9
91.3
93.6
92.2
92.1
92.6
93.3
91.6
97.1
38.8
38.6
39.2
38.1*
38.1
38.8
37.9
38.3
38.7
38.8
39.2
1*0.1
23.1
23.2
23,2
23.3
23.5
23.7
23.9
22*.l
22*.3
22*. 7
25.1
25.5
2*.2
2*.!*
2*. 2 2*.2*
15.5
15.3
15.2
15.3
15.2*
15.5
15.6
2*.2 2*.l
3.6
3.9
5.1
2*.l*
5.2*
2*.5
2*.6
2*.6
2*.6
2*.7
W
2*.2* 2*.i*
3.6
3.7
3.6
I:!
:9o
15.6
15.6
15.6
m
Preliminary
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 dates and have been revised beginning with June 1957. Other data are p a r t l y estimated
on a l l but June and December c a l l dates. Data f o r December 31, 1958 are preliminary
^estimates based on data reported by a sample of member banks.
Digitized
Not forf oFRASER
r publication
January 20, 1959
Banking Section, Board of Governors,
@FedFRASER