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L.ii.3
"Sssrs-*
2 1
HEsS
'958
BANKING AND M 0 N E T A @ r % W d ® % ^ p IN OCTOBER 1958
Summary* Total commercial bank credit increased in
October as a result of a growth in loans and in holdings of
U. S. Government and other securities. Seasonally adjusted
demand deposits and currency holdings of businesses and
individuals increased substantially. United States Government deposits were reduced and time deposit growth continued
at the markedly slower pace that became evident in August and
September. Free reserves of member banks were about the same
as in the preceding month. The discount rate was raised to
2-1/2 per cent at all Federal Reserve Banks in October and early
November.
Bank credit. Commercial bank credit increased #1.6
billion during October largely reflecting a $900 million rise
in holdings of U. S. Government securities and a loan growth
of $600 million. On October 8 commercial banks acquired $2.1
billion of a $2.7 billion Treasury bill issue maturing May 15 >
1959 and two days later acquired about $575 million of a $1.2
billion 3-1/2 per cent Treasury note issue maturing November 15,
1959. By October 29 sales of Government securities from bank
portfolios had offset a substantial part of these increases.
Growth in total bank credit was about the same as
in October of last year. However, all of the expansion last
year was in Government and other securities offset in part
by a decline in loans, whereas this year loan expansion
accounted for about two-fifths of the increase. Total credit
expansion this year was about the same as the average for
October in other recent years.
Since the beginning of the year bank credit expansion has amounted to $10 billion, more than in any year since
World War II. Total loans have shown little change during
this period compared with increases ranging from $2-$8 billion
in all years except 195U and 19U9, when they declined. Holdings of U. S. Government securities hav# increased by $7.5
billion and other securities by $2.5 billion, larger increases
than in any pssr since I9t!>.
Not for publication
-2-
L.it.3
Table 1
Estimated Changes in Loans and Investments at Commercial Banks
(In billions of dollars)
Item
Total loans (excluding
interbank)
Business
Real estate
Security
Agricultural
Consumer
All other
1958:
1958:
1958:
1957:
1957:
1957:
Sept. 2k Sept. 25 June 25 June 26 Jan,,
1 Jan. 1
Oct, 29 Oct,. 30 Oct,, 29 Oct. 30 Oct,. 29 Oct. 30
+
0.6
0.6
o.a
+
+
0.1
0.3
0.1
- 0.6
1/
- 0.1
+ 0.2
+ 0.1
- 0.1
+-4.0
— 1.8
+ 0.1
- 0.1
+ 0.3
&
+
—
y
O.it
— 0.8
+ 0.3
— 0.2
+
+
¥O.it
1/
. +
+
2.0
1.7
1.6
0.6
0.6
0.2
0.3
+
+
+
+
1.0
o.U
0.6
0.2
1.2
0.1
U. S. Government securities
+
0.9
+
l.it
+
1.2
+
1.8
+
7.6
-
1.3
Other securities
+
0.1
+
0.5
+
0.5
+
0.8
+
2.6
+
1.3
+
1.6
+
l.it
+
1.3
+
2.2
+10.2
+
2.0
Total loans and investments
(less interbank)
Change during October
Item
Total loans (excluding
interbank)
Business
Real estate
Security
Agricultural
Consumer
All other
1956
1955
+ o.it
+ 0.9
+
0.2
+ 0.2
+ 0.1
+ 0.1
+ 0.6
+
+
0.1
0.2
]•/
+~ 0.1
0.1
+ 0.2
+ 0.1
+ 0.2
0.1
U. S. Government securities
+ 0.5
+
Other securities
-
Total loans and investments
(less interbank)
0.2
195b
I
0.9
+
2.9
0.3
0.1
+
0.1
+ 0.7
+ 1.7
+
3.2
1953
+
O.it
+-{).!
- 0.1
+ O.it
+"/0.1
+
0.1
1/
+
0.6
1952
,1951
+ 1.3
+
0.6
+
+
+
+
+
+
+
+
y
+
0.5
0.1
0.2
0.1
+
1.2
0.7
0.1
0.1
0.2
0.3
0.1
+ 1.3
—
0.1
+ 2.it
0.1
y
+
1.7
l/ Less than $50 million.
|[ote: Data for October 29, 1958, are preliminary estimates based on data reported
by a sample of member banks. Revised estimates will be available at the end
of November.
http://fraser.stlouisfed.org/
Hot for publication
Federal Reserve Bank of St. Louis
-3-
L.I*. 3
Table 1 (continued)
Estimated Chaages in Loans and Investments at All Commercial Banks
(In billions of dollars)
Item
Total loans (excluding
interbank)
Business
Real estate
Security
Agricultural
Consumer
All other
End of December to end of October
1956
1955
195U
+ 5.6
+ 8.0
— 0.1&
+
+
+
+
l*.o
1.6
0.9
0.5
1.2
0.2
2/+
V*
~ +
+
U.2
2.1
0.1
1.2
2.0
0.9
+
+
+
1.0
1.3
0.2
1.1
0.1
0.3
1953
+
2.3
1952
+ It. 2
¥.9
o.h
+ o.h
+ 1.5
+ 0.1
+ 1.0
+ 0.9
y
+ 0.7
+ 1.5
+ 0.1
+
17. S. Government securities
- l*.l
- 6.1
+ 6.8
-
1.0
+ l.l*
Other securities
— 0.1*
+ 0.5
+ 1.1*
+
0.1*
+ 0.9
+ 1.1
+ 2.1*
+ 7.8
+
1.7
+ 6.3
Total loans and investments
(less interbank)
End of December to end of October
Item
1951
1950
191*9
191*8
191*7
+ 3.9
+ 6.8
— 0.8
+ 3.5
+ 5.6
+
+
—
+
3.1
0.9
0.8
o.5
1/
+ TU
+
+
+
+
2.9
1.8
0.1
0.2
1.6
0.8
He SI#
n.a.
n.a*
n« si*
n. a.
n#8#
n.a.
n.a.
n. a.
n. a.
n. a*
n.a.
n.a.
n.a.
n.a.
n. a.
n. a .
n« a.
U. S. Government securities
- l.l
- 1*«5
+ 5.0
- 5.9
- 1*«3
Other securities
+ 0.5
+ 1.9
+ 0.9
+ 0.2
+ 0.9
+ 3.2
+ It. 2
+ 5.1
- 2.3
+ 2.2
Total loans (excluding
interbank)
Business
Real estate
Security
Agricultural
Consumer
All other
Total loans and investments
(less interbank)
n.a. Not available
1/ Less than $50 million.
?/ In October 1955# the level of business loans was increased by, and that of real
estate loans decreased by, $300 million to correct classification errors.
Hot
for publication
Half of the • October loan expansion was due to a
$300 million rise in real estate loans, almost two-thirds
of which occurred at city banks. Since April the growth
in these loans has been over three times as much as in 1957
and about the same as in 1955.
Business loans rose $100 million during October.
This compares with a decline of $600 million last year and
increases of $200 million and $600 million in October of
1956 and 1955» respectively. Since January 1 business loans
halve declined $1.7 billion, nearly twice as much as in the
comparable months of 195k. In most other recent years
increases have ranged from $1 billion to $h billion.
During the five weeks ending October 29 loans at
city banks to seasonal borrowers—food processors, commodity
dealers, and trade concerns—increased $U75 million. Borrowing by these industries in October and since the end of June
was somewhat greater than in 1957 but less than in 1956 or
1955.
The only other business groups showing appreciable
loan growth in October were public utilities and "all other"
businesses for which the increases were larger than in the
same month of other recent years. Loans to the construction
industry, which had risen more rapidly during the third quarter
than in most other recent years, showed little change in
October.
Loans to all other industry groups declined in
October. For metal and metal products manufacturers the
decline amounted to nearly $200 million, bringing the total
reduction since June to nearly $600 million. Loans to
sales finance companies generally decline in October bub
the contraction this year was less than in other years.
The declines for textile, apparel, and leather firms,
petroleum and coal companies, and "other manufacturing
and mining" businesses were about the same as last year.
These industry groups also show declines since midyear,
in contrast with increases in the same period of most
other recent years.
Consumer loans at all commercial banks declined
in October by $100 million, compared with increases or
little change in most other recent years, as shown in
Table 1. Since the beginning of 1958 loans to consumers
have declined by $200 million* In the comparable period
Not for publication
Table 2
L.4.3
Changes An Commercial and Industrial Loans 1/
(In millions of dollars)
1958
1956
1957
1955
1954
1953
1952
Business of Borrower Sept. 21*Sept.25
Sept.27 Sept.28 Sept.29 Sept.30 Sept.24
Oct. 29 Oct. 30 Oct. 31 Oct. 26 Oct. 27
Oct. 29
161
159
162
482
+ 113
+ 95
+ 113
+ 321
+ 124
+ 165
+ 84
+ 373
- 305
- 204
- 117
- 199
- 390
- 50
- 103
- 97
-
97
- 166
- 69
-
61
20
+ 71
+ 111
- 126
- 3k
- 137
- 21
+
77
52
+
54
22
+
47
90
+
63
14
+
54
42
-
+ 10k
60
+
2
+
-
76
6
37
- 45
+ 102
- 24
- 13
- 109
+ 17
- 26
- 180
7
+
+
-
9
23
9
+
+
36
60
4
+
69
-
75
-
+
40
+
59
+
3
-
8
Food processors
Commodity dealers
Trade concerns
Total
+
+
+
+
194
I5d
132
476
+ 125
+ 89
+ 115
+ 359
+
+
+
+
Sales finance
-
82
- 10.0
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
- 2lt0
- 195
Classified
Unclassified
Total change
290
208
170
668
14
+
+
+
+
+
+
+
+
210
262
122
594
3/
* 153
- 115
- 1*39
- 224
+ 260
- 57
* 180
- 34
+
-
38
+ 113
10 2/+ 85
+ 665
+ 10
+
- 663
+ 203
+ 146
+
28
+ 675
38
2/+198
1/ Prior to week ending January 11, 1956, included changes in agricultural loans.
2/
CCC certificates of interest which are included in data are estimated to have
amounted to #175 million.
3/ Less than #500 thousand.
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
October 29, 1958.
Not for publication
-6-
L.a.3
Table 2 (continued)
Changes in Commercial and Industrial Loans 1/
(In millions of dollars)
End of June to end of October
Business of Borrower
1958
1957
1956
19#
1951*
1953
Food processors
Commodity dealers
Trade concerns
Total
+
+
+
+
+
+
+
+
28?
270
195
752
+ 5oo
+ 538
+ 226
+1261*
+
+
+
+
283
367
281*
93k
+
+
+
+
258
330
158
71*6
+ 31*2
+ 21*6
Sales finance
- 236
- 502
- 1*78
-
92
- 259
- 253
+
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
- 629
- 598
- 675
- 1*59
+ 1*52
- 31*0
+ 576
- 528
- 1*2
- 21*2
+ 132
- 11*6
Classified
Unclassified
Total change
3 1*9
30k
133
786
- 1*76
+ 118
+ 706
1952
+ 530
+ 51*8
+ 136
+1211*
-
73
97
-
62
- Ill*
+ 12
+ 16
+ 397
+ 127
+ 77
+
+
1*9
53
-
+
1*9
10
+
9
+ 157
+
+
51*
1*5
62
-
51*
27
22
+ 182
+ 110
+
+
- 28
- 281*
+
+
1*1*
5
69
1
+ 67
- 137
+ 26
+ 221*
-
11
+ 123
+ 111*
88
+ 107
+
-11*6
21
- 1*26
- 367
+1237
+11*17
- 1*1 + 1*13
- 177 V-112 3/-800 2/+ 92
+11*19
+ 83
- 125
- 793
+1060 4/+3305
2/+501*
+1502
—
36
53
15
80
+ 263
+
3/-81*l
1/
Prior to week ending January 11, 1956, included changes in agricultural loans.
2/
Includes CCC certificates of interest which are estimated to have amounted
to $175 million.
3/
Includes CCC certificates of interest which are estimated to have declined
$1*75 million.
V
Includes CCC certificates of interest which are estimated to have declined
by $300 million.
Notes
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
October 29, 1958.
Hot for publication
of other postwar years these loans increased by more than
#1 billion with the exception of 195k and 195)1.
Security, agricultural, and "all other" loans
at commercial banks showed little change in the five
weeks ending October 29 and this was true in October
of last year. Since the end of June security loans
have declined by nearly $2 billion, whereas in the same
period of last year the reduction was only $200 million.
Since midyear agricultural loans have increased by $100
Mllion and "all other" loans by $300 million? in the
same period of last year there was little, change.
,,
Deposits and currency. Preliminary estimates
indicate that seasonally adjusted demand deposit and
currency holdings of businesses and individuals increased
$1.1 billion in October following a reduction of $800
million over the preceding two months. At the end of
October the money supply was about 2 1/2 per cent above
its year ago level.
Since the beginning of the year the seasonally
adjusted money supply has increased more than $lu5
billion, or at an annual rate of It per cent. This
compares with a decline of $200 million in the same
period last year. The increase this year to date is
larger than in all other recent years except 19Blo
During October the unadjusted money supply
increased by $2*7 billion reflecting a growth of $1.7
billion at weekly reporting banks and a $1.0 billion
expansion at banks outside weekly reporting banks*
The large increase in demand deposits adjusted was
associated with an expansion in holdings of U. S.
Government securities at both Federal Reserve and
commercial banks, an increase in bank credit other
than Government securities, and a decline in U. S.
Government deposits. A small amount of funds was
absolved by a reduction in gold stock and foreign
deposits at Federal Reserve Banks.
Time deposits at commercial banks rose by
only $100 -million in October, and had shown no change
in the previous month. These deposits had increased
by an average of $900 million per month during the first
half and $£00 million per month during July and August.
At city banks deposits declined in both September and
October but these reductions were offset by increases
at banks outside weekly reporting cities. Deposits at
mutual savings banks, which rose $200 million further
in October, continued to grow at a faster rate than last
year.
Hot for publication
-8-
LJ|.»3
Table 3
Estimated Changes in Deposits and Currency
(In billions of dollars)
1958
Item
1958
+
+
Seasonally unadjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U. S. Government deposits
Total
+
+
+
+
+
+
1.0
0.3
1.1
0.3
+ 2. it
2.6
1.7
+
+
0.1
2.7
0.2
0.1
0.2
0.8
• 2.1
Factors affecting deposits
and currency
0.0
0,1
1L1.7
+
+
+
0.1*
o.ij.
-
0.5
+ 0.1
+ 1.6
+
2.5
- 0.1
+
+
5.0
0.2
5.2
1.9
+ 1.2
+
0.7
- 6.0
+ 1.1
1958
1957
BiptTTir Sept, 25 June, 25 June
Oct. 29 Oct. 30 Oct. 29 Oct.
Seasonally adjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
Bank loans and investments
other then U, S, Govt. sgc.V
Commercial
~
Mutual savings
Bank holdings of U, S,
Government securities:
Federal Reserve
Commercial
Mutual saving and other
Gold stock and foreign
deposits at F. R. Banks
Other factors
1957
Jan.
30 Oct.
0.8
0.2
— 1.0
1.6
1L
T Jan.
29 Oct,
1.7
1.5
o.b
- 1.2
+ 2.1
I~
30
0.2
0.0
+
it.8
+
it. 6
- 0.2
+
-
O.it
0.3
-
+
+
8.U
6.7
-
o. 5
8,
— 0.2
+ 1.6 + 0.1
+
+
+
1957
+ 1.8
- U.2
+
+
+
0.5
it. 7
5.9
k.9
1.3
0.5
0.6
(signs indicate effect on deposits and curJrency)
"ienc
+
+
+
0.9
0.7
0.2
+
+
0.3
0.1
0.2
+
+
+
0.9
0.1
0.9
+
+
+
1.1
O.it
0.7
+
+
+
5.0
2.6
2.5
+
+
+
it. 9
3.3
1.9
+
l.it
+
0.9
+
+
+
-
1.3
0.1
l.it
0.2
+
+
+
1.5
o.ii
1.2
+
+
+
—
1.9
0.3
1.8
0*3
+
+
+
—
8.it
1.1
7.6
0.2
-
3.5
1.7
1.3
0.5
—
0e 2
-
0.7
0.6
+
—
0.1
1.0
-
2.0
3.3
+
-
0.7
0.1
+ o.5
V
2/
2/
y
1/
for last Wednesday except in case of June and December call dates, when available.
2/ Less then $50 million,
3/ Total includes foreign loans on gold, holdings of bankers' acceptances at the
Federal Reserve, and loans to foreign banksj 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.
Notes
Data for October 29, 1958 are preliminary estimates based on data reported
by a sample of member banks. Revised estimates will be available at the
end of November.
Not for publication
L.4.3
Table 3 (continued)
Estimated Changes in Deposits and Currency
(In billions of dollars)
End of December to end of October
item
1956
1955
1954
1953
1952
Seasonally adjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
+ 0.9
+ 0.1
+ 1.0
+ 2.6
+ 0.3
+ 2.9
+ 2.9
- 0.5
+ 2.4
+ 1.5
+ O.lt
+ 1.9
+ 3.1
+ 1.0
+ u.l
Seasonally unadjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
U, S. Government deposits
Total
—
+
+
+
—
o. 5
0.6
1.0
2.6
1.4
1.5
0.2
1.9
+ 0.6
- 1.2
— o. 5
—
+
+
+
+
2.5
0.6
3.1
3.1
1.8
1.5
0.1
0.1
Seasonally unadjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
Time deposits
Commercial banks
Mutual savings banks
. U.,S. Government deposits
Total
+ h.h
+ 3.0
+ 1.5
+ 1.9
+ 5.7
1*2
0.1
1.3
3.8
2.5
1.5
1.2
1.3
+ 0.4
0.4
+
+
+
+
+
+
0.8
3.4
2.2
1.3
2.0
+ 6.2
End of December to end of October
Item
Seasonally adjusted data 1/
Demand deposits adjusted
Currency outside banks
Total
—
—
+
+
+
+
+
1951
1950
19h9
1948
1947
+ 4.3
+ 1*0
+ 5.3
+ 4.0
- 0.2
+~J7B
- 0.3
- 0.5
- 0.8
- 1.2
- 0.3
+ 2,9
n# st»
n. Si*
+ 2.7
+ 0.3
+ 3.4
- 0.8
+
- 2.0
— 0.8
— 2.8
+ 2.1
- 0.5
+ 3.0
+
+
+
+
+
1.7
1.2
0.7
0.5
5.2
+ 2.6
+ 0.4
+ 0.1
+ 0.6
— 0.6
+ 2th
1.2
1.2
2th
0.9
+ 0.3
+ 0.7
+ 0.4
- 1.0
- 1.5
+
+
+
+
-
0.9
o.5
0.6
1.5
0.3
+ 1.6
+ 2.3
+
1.4
+ 0.8
— 0.3
TJZ
n.a. Not available.
1/ Seasonally adjusted data are for last Wednesday throughout; unadjusted data are
for last Wednesday except in case of June and December call dates: when available.
2/ Less than $50 million.
Not for publication
-10-
L,it.3
Bank reserves. Free reserves of member banks in
October averaged #100 million, about the same as in September,
as shown in Table It, In the spring and early summer average
free reserves had remained above or near $000 million but
there was a tightening of reserve positions in August and
September. In October borrowings averaged $1*25 million,
somewhat less than in September, Excess reserves dropped
further to $525 million, lower than in any month since
November 1907. At country banks reserve positions tightened
in October, as they had in each month since July, while at
city banks reserve positions tended to be a little easier
than in the preceding month.
Free reserves fluctuated sharply during the month.
In the first week they averaged more than #100 million, then
dropped to a low of $15 million in the second week and subsequently increased to more than $200 million when the usual
rise in Reserve Bank float after the middle of the month
provided reserves. At the end of the month they were again
about $100 million.
The effective rate on Federal Funds was at or near
2 per cent during most of the month until October 27 when it
dropped sharply reaching a low of 1/8 of 1 per cent on the
29th. Subsequently the rate rose and was 2-1/2 per cent at
the end of the first week of November.
Reserves were supplied during October on a monthly
average basis principally by an increase in Federal Reserve
holdings of Government securities ($21+5 million) and were
absorbed mainly by a decline in gold stock and foreign accounts
($190 million) and an increase in required reserves ($95 million) .
Effective October 2h the discount rate at 5 Reserve
Banks was raised from 2 to 2-1/2 per cent and by November 7
all of the remaining Reserve Banks had raised their rates to
the new level. Interest rates on private open market paper,
which had been moving upward for some months, showed only"
small changes in October, The rate on 3-6 month finance
pzper moved up by 1/16 of 1 per cent to 2-7/8 per cent in
early October, stayed at this level throughout the month,
and then declined by 1/8 of 1 per cent in early November.
The rate on lt-6 months commercial paper dropped from
3-1/1* to 3-1/8 per cent near the end of October and
remained unchanged at this level in early November. The
rates on new and renewal call loans secured by U. S.
Government securities, which had changed little during
October, increased from 2-1/1* to 2-1/2 per cent in early
November.
Not
for publication
-11-
L.U.3
Table 1*
Free Reserves
(excess reserves minus member bank borrowings;
based on average of daily figures; in millions of dollars)
All
member
Quarterly averages
1956: First
Second
Third
Fourth
1957: First
Second
Third
Fourth
1958:
1958:
170
96
157
166
-
11*7
175
71
113
329
—
- 1*18
- 31*1
, - 211*
336
278
338
365
—
-
108
185
1*1*0
265
-
88
196
21*1
109
—
-
115
11*1
56
105
, - 221
- 373
- 1*28
- 320
316
221*
286
276
-
16
1*
1
-
-
9
18
28
27
63
55
365
1*22
1*21*
1*8
1 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
! -
-
11*1*
1
62
1*11
89
57
56
22
201
187
337
353
1*06
1*59
399
1*08
1*71
1*26
377
295
-
181
196
210
191*
191*
190
1*31
237
396
251
1*76
223
508
383
1*71
1*66
31*1*
293
133
January
February
March
April
MayJune
July
August
September
October
122
321*
1*93
1*93
51*7
1*81*
51*6
383
95
103
September 21*
October 1
October 8
October 15
October 22
October 29
160
58
132
13
238
99
Note: Data for October are preliminary#
Not for publication
Country
-
-
j
Reserve
City
310
Itll
230
128
313
508
341
June
July
August
September
October
November
December
Chicago
-
1958: First
Second
Third
1957*
New York
-
—
-
185
181
289
251*
11*1
80
105
1*6
21*
1*2
3
51
7
16
22
78
1
96
12
W*
1*1*
33
69
-
25
6
18
7
7
12
1*
•»«—«*»
2
3
•
-
6
5
10
11
3
|
, *
-12-
L.U.3
Table 5
Changes In Member Bank Reserves, with Relevant Factors
(ifonthly average of daily figuresj in millions of dollars)
October
Item
1958
July-October
| 1957
January-October
1958
1957
1958
- 121*
+
58
-
26
+
88
26
98
+
-
1957
Member bank reserve balances
+
+
9k
+ 139
-
+
-
91*
1*3
+ 139
- 55
-
—
Effect of above
factors on reserves
mmmm
(signs :
CD
Principal factors
Currency in circulation
Gold stock and foreign
accounts
Treasury operations
Federal Reserve float
Other factors
81*
88
30
+
91*1* CO
51
1
Required reserves 1/
Effect of reduction in
requirements
Effect of deposit change
Excess reserves 1/
+
I
Total
1*95
-
11*1*0
51*5 1*9 -
310
—
310
185
$ffeet on reserves'
-
2*8
+
31*
- 351
- 207
+
+
+
+
190
6
US
1*2
+
+
73
43
It
96
- 71*0
+ 25
+ 119
+
li
+
+
+
9h
20
27
12
+
—
-
2019
91*
1*08
165
+
+
-
752
25
1*90
110
-
11*5
+ 21*2
- 9k3
— 108
-
1956
+
81*3
+
199
- 157
+ 818
+ 161*
+
1012
- 1338
+ 21*5
- 1209
+
36
+
3
+
—
+
23
50
73
It
+ 51*6
+ 562
- 16
- 11
+ 359
+ 335
+ 21*
1*
+
+
-
1311*
161*5
331
11
- 11*17
- 121*6
- 171
33
-
- 177
+
1
+ 283
- 191*
+
3
—
285
6
+
51*2 +
666
Federal Reserve loans and
investments:
Total
U. S. Govt, securities
Outright
Repurchase agreements
Acceptances
Discounts and advances:
To member banks
To others
51
1/ Data for October 1958 are preliminary.
Not for publication
+
-
123
11
1
L.lw3
(D
Year
or
month
#
#
#
(2)
Total
(2+3)
Seasonally
adjusted
money
Cursupply and
Demand 1
rency
time dep.
deposits
outside
at com*1.
adjusted
banks
banks (1+7)
1958*
Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 3pp
Aug. 27p
Sept .2iip
Oct. 29p
(6)
(7)
(8)
(10)
(9)
en)
(12)*
Time deposits
Total
deposit:
CurUo s.
Demand
and
rency
Gov* t,
deposits
Total Commer- Mutual Postal deposits outside currency
adjusted
banks {5+6+10
savings savings
(7+8+9) cial
+11)
&
1
i
25.9 ' 146.3
144.6
25.3
145.1
24.7
150.6
24.5
25.6
158.0
26.9
165.4
170.5
27.3
26.9 i 176.5
181.6
27.4
185.0
27.7
87.1
85.5
56.4
m,5
92.3
98.2
101.5
102.5
61.5
65.8
85.8
104.7 i 27.5 ; 188.8
27.6
105.5
190.7
106.4
27.6 ; 192.8
; 107.2
27.8
194.9
196.2
107.6
27.9
i 107.4 i 28.0 i 197.0
28.0
199.8
109.5
200.0
i 109.2 i 28.1
IO8.9 1 27.8
199.4
200.6
27.9
i 109.9
107.6
105.6
104.6
107.2
105.8
. 105.7
108.1
107.5
1 108.1
; 110.7
89.1
! 54.0
54.4
54.7
55.1
55.5
55.0
56.1
30.9
30.9
31.0
31.2
31.3
i 31.3
i 31.7
1.5
1.4
1.4
1.4
1.4
1 1.3
1.3
89.8
56.6
31.9
32.1
i 32.4
32.5
32,7
32.8
i 32.9
, 33.1
33.3
33.5
. 1.3
1 1.3
1.3
1.2
1.2
i 1.2
1.2
1.2
1.2
1.2
99.2
70.4
75.3
78.4
82.2
109.9
111.4
105.6
106.6
105.1
105.5
107.2
107.2
110.3
50.6
17.7
18,4
19.3
i 20.0
20.9
22.6
24.4
26.3
23.1
30.0
58.6
106.6
27.9 1 189.2
28.0
190.4
27.9 , 189.4
189.0
27.7
189.7
27.7
28.1
189.0
28.1
189.3
107.3
135.2
108.0
136.0
106.8
134.7
106.2
133.9
134.2 t 106.5
105.9
134.0
105.1
133.2
1 132.2
133.1
134.0
135.0
135.5
135.4
137.5
i 137.3
136.7
137.8
(5)
e
e
•
*13 #
Deposits and Currency
(In billions.of dollars)
(W
Seasonally adjusted
money supply l/
End of Dec.
W
; 111.1
85.2
191+8
108.8 i
83.5
19U9
109.0
84.3
1950
89.8
114.3
1951
120.1
94.5
1952
124*7
97.8
1953
126.8
99.5
1954
102.8
I29.7
1955
105.8
133.2
1956
106.7
134.4
1957*
June 26
July 31
Aug. 28
Sept.25
Oct. 3°
Nov, 27
Dec, 31
(3)
•
86.4
i 86.7
87.1
87.7
88.1
87.6
35.2
35.8
36.1
36.3
37.9
40.7
43.7
46.8
; 48.4
1 90.9
i 57.6
i 58.8
92.5
93.6
99.9
94.6 - ; 60.7
61.6
i 95.6
62.3
96.4
i 62.7
97.0
62.7
1 97.3
62.8
97.5
Digitized for p
FRASER
Preliminary
http://fraser.stlouisfed.org/
\/. Seasonally adjusted series begins in 1957 and is available
2/ Bank
At commercial-,
savings, and Federal Reserve Banks.
Federal Reserve
of St. Louis
3.4
3.3
3.2
2.9
2.7
t 2.5
2.4
2.1
1.9
i 1.6
i
;
!
,
|
I
:
,i
2.3
3.6
4.1
3.7
3.9
5.6
4.8
5.1
4.4
26.5
26.1
25.4
25.4
26.3
27.5
28.1
27.9
205.7
214.8
28.3
221.0
226.4
: 28.3
4.5
172.3
172.7
173.9
180.6
189.9
200.4
5.2
4.2
4.9
4.5
4.0
3.7
4.7
'
27.8
27.8
27.8
27.8
27.8
28.5
28.3
224.9
225.2
224.9
225.4
227.0
227.0
232.3
2.9
4.2
27.3
27.4
27.4
l 27.6
227.7
228.1
230.9
234.4
234.3
239.3
237.1
238.7
283.3
240.4
6.4
6.0
6.1
10.2
4.8
6.2
5.0
4.2
only for last Wednesday of the month.
-
i
i
i
i
! 27.8
27.8
27.8
28.0
27.9
28.0
L.4.3
—
Loans and Investments at All Commercial Banks
(In billions of dollars)
U. S.
Loans
Other
and
Govt,
Total
Real SecuConsecurinvest- securloans Business estate rity- Farm sumer
ities
ments
ities
Date
19it7i
1948:
1919:
1950:
1951:
1952:
1953:
1954:
1955:
1956:
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31
31
31
31
31
31
31
31
31
31
116.2
llit. 2
120.1
126.6
132.5
litl.5
145.5
155.7
160.3
164.5
69.2
62.6
67.0
62.0
61.5
63.3
63.4
69.0
61.6
58.6
9.0
9.2
10.2
12.4
13.3
14.1
14.7
16.3
16.7
16.3
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
161.6
161.1
161.4
163.8
163.8
164.3
164.1
164.6
165.1
166.5
165.9
169.3
57.7
56.8
55.7
57.5
57.1
55.5
56.3
56.2
55.9
57.3
56.9
58.2
16.2
16.3
16.5
16.7
16.8
16.8
16.8
16.9
17.1
17.6
17.4
17.9
87.7
87.9
89.1
89.7
8 9.9
92.0
91.0
91.5
92.2
91.6
91.5
93.2
166.2
167.1
169.9
174.0
173.8
178.2
176.2
178.3
177.9
179.5
57.7
58.3
59.6
62.8
63.1
64.6
64.1
66.1
64.9
65.8
17.9
18.2
18.9
19.3
19.4
20.0
19.9
20.2
20.4
20.5
90.5
90.6
91.5
91.9
91.3
93.6
92.2
92.1
92.6
93.2
1958:
Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30p
Aug. 27p
Sept.2 bp
Oct. %9p
• 37.9 ' 18.2
18.9
' 42.4
42.9
17.1
52.2
21.9
• 57.6 ? 25.9
• 64.0 ' 27.9
67.4
27.2
26.9
70.4
82.0
33.2
89.7
38.7
2.1
2.3
2.6
2.9
2.6
9.4
10.8
11.5
13.5
14.6
15.7
16.7
18.4
20.8
22.5
1.7
2.9
3.1
2.9
3.4
3.2 3.9
3.6 5.0
4.5 5.2
5.0 it.5
4.3 it. 2
37.6
37.8
39.0
39.0
38.9
40.5
39.6
39.9
40.3
39.7
39.6
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
3.7
3.7
3.6
3.8
3.8
3.9
3.7
3.8
3.8
3.7
3.6
4.2
4.2
4.2
it.2
4.1
it.l
it.0
3.9
3.8
3.8
4.0
4.0
it.i
38.8
38.6
39.2
38.4
38.1
38.8
37.9
38.3
38.7
38.8
23.1
23.2
23.2
23.3
23.5
23.7
23.9
24.1
24.4
24.7
3.6
3.9
It. 2
5.1
ii.lt
5.4
4.5
3.6
3.6
3.6
it.2
it.it
it.it
it.it
it.it
4.6
it. 6
it.6
4.7
u
3.8
it. 8
5.8
7.it
7.5
9.it
10.9
10.9
13.2
lit. 6
lit. 5
lit. 5
lit. 6
lit. 9
15.1
I5.it
15.5
15.6
15.7
15.8
15.7
15.8
15.7
15.5
15.it
15.5
15.5
15.7
15.7
15.8
15.7
15.6
p - Preliminary
#
Notes 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.
Data for October 29, 1958 are preliminary estimates based on data reported by a sample
of member banks. Loans by type for August and September 1958 have been revised in
accordance with preliminary call report data for September 2it, 1958.
# Not for publication
Banking Section, Board of Governors,
@FedFRASER