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*
, ,
,• E D E R A L
L,U03
R E S E
R
V e
nf KANSAS CHX
n rO
T
Hi
i1
4 1957
r a O C H LIBRARY,
BANKING AND MONETARY DEVELOPMENTS IN SEPTEMBER 195?
Summary* Total loans and investments at a l l commerc i a l banks increased somewhat during September r e f l e c t i n g
growth in loans, especially those to businesses, o f f s e t in
part by reductions in holdings of U# S* Government securities d
Demand deposit and currency holdings of businesses and i n dividuals increased l e s s than seasonally* Net borrowed
reserves declined somewhat.
Bank creditb Preliminary estimates indicate that
t o t a l loans' and investments at a l l commercial banks increased
about #5)00 million between August 28 and September 2£>s as
shown i n Table 1* Total loans increased by $700 million
while holdings of Ue S» Government s e c u r i t i e s declined somewhat# Holdings of other securities continued t o rise* At
c i t y banks,, holdings of U« S# Government s e c u r i t i e s declined
moderately during September following substantial sales in
l a t e August subsequent t o bank purchases of Si,750 million
of new Treasury b i l l s on August 21* At other banks, holdings
of Up S« Government securities are estimated t o have i n creased somewhat as i s usual in September®
On September 26 (not included in September reporting f i g u r e s shown on Table 1) and on October i , commercial
bank holdings of U© S, Government s e c u r i t i e s rose about
$2e5 b i l l i o n as banks i n i t i a l l y acquired over two-thirds of
a new offering of Treasury securities totaling #3*6 b i l l i o n *
This offering included; (1) $2*0 b i l l i o n of 4 per cent
5-year Treasury notes redeemable at the option of the holder
on February 15, I960, on three months' advance notice, dated
September 26, 1957$ (2) #933 million of h per cent Treasury
c e r t i f i c a t e s of indebtedness, dated and bearing i n t e r e s t
from August 1 , 1957, and due August 1, 1958 (accrued i n t e r e s t
was collected on the September 26 payment date)$ and (3)
$6$7 million of U per cent 12-year bonds, dated October 1
and payable in part on October 21*
Last year in September, t o t a l commercial bank
c r e d i t increased $900 million, somewhat more than t h i s year.
Loans and holdings of securities other than those of the
U* S* Government increased more while holdings of U*. S*
Government securities declined by a comparable amount*
Not for publication
m2 m
Table 1
Estimated Changes in Loans and Investments at All Commercial Banks
(In b ' i l l i o n r d f a o l I i T ' i }
Item
Total loans {excluding
interbank)
Business
Real estate
Security
Agricultural
Consumer
All other
19:5?
1956
1957
1956 " ; 1957
1956 ""
Aug, 29- Aug. 30- June 27- July 1 - Jan. 1— Jan. 1—
Sept# 25 Septe 26 Sept, 25 Septc 26 Sept, 25 Sept. 26
+ 0.7
+ 0.9
+ 0.3
+ 1.0
* 2.7
+ 5«2
+ Oak
+ 0,1
+ 0.6
+ 0.2
K.i
+ 0.9
* 0.5
*> 0.1;
— 0.1
+ 0.2
- 0.1
*
+
"
+
+
* 3,8
+
lo5
- 1.0
- 0.3
+ 1,3
+ 0.1
+ Oelt
- 2.9
— U.6
+ 0.1
+ 0.6
- 0.1
+ leU
+ 0,3
* o.U
+ 0.1
1/
K.z
* 0.1
- 0.1
- 0,2
+ 0.3
— 0.1
- 0.1
+ 0.3
+ 0.1
Uo Sa Government- s e c u r i t i e s
- 0e2
- 0.2
+ o.u
Other securities
+ 0.1
+ 0.2
+
+ 0.5
+ 0.9
+ 0.8
Total loans and investments
{ l e s s interbank)
Item
Total, loans (excluding
"^r'berbanx )
Business
Real estate
Security
Agricultural
Consumer
All other
0.1
;
1.6
O.it
0*5
0.3
1.1
0.1
Third Quarter
1955
195b
1953
1952
1951
1950
+ 2.7
- o.U
+ 1.0 :
+ l»h
+ 0,8
+• 3«9
+
+
-
+ 0.6
+ 0.1
- 1.2
0,5
0,3
0*1
0.2
0.3
0*2
+ 0,9
+ 0 o lt
— 0<$6
+ 0.2
+ o.U
+ 0=1
+
+
+
H,i
— 0C2
— 0»1
* 0o7
+ o.U
3.6
t
O.U
+ 1,2
- 3*3
1.6
Oe8
Oo3
Oo5
0.8
0.2
0,3
0.2
+ O.li
+"0,2
+
+
+
+
+
-
Ue S0 Government s e c u r i t i e s
- 1.3
+ 3,8
+
Other securities
+ 0,1
+ 0.5
+ 0.2
+ 0.3
+ 0.2
+ 0.9
* 1*6
+ 3,9
+ U.8
+ 2,1
+ 2.2
+ 1.6
Total loans and investments
( l e s s interbank)
1/
u .
+ Oo6
Less than $50 million*
Notes
Data for September 25? 1957 are estimates and subject t o error*
Preliminary data for September w i l l be shown in 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 October.
Mot for publication
+ 2c5
+ 0o7
LeU»3
- 3 -
Business loans Increased SUOO million in September#
somewhat l e s s than in the l a s t two years when increases were
about average for the postwar period. In the two weeks ending September 18, business loan expansion of about S550
million was larger than in any other two-week period since
mid-June r e f l e c t i n g substantial borrowing f o r tax purposes*
Last year in the comparable two weeks business loans i n creased $325 million. Large corporations paid 15 per cent
of t h e i r current year's tax l i a b i l i t i e s in September 19$7
as compared with 10 per cent l a s t September. In the l a s t
week of September 1957# however# business loans declined
whereas in the same week l a s t year* they continued to i n crease.
During September, the rise in loans t o food
processors and trade concerns was about as large as in other
recent years and accounted for about s i x t y per cent of the
t o t a l growth in business borrowing# as shown i n Table 2 e
Loans t o commodity dealers# however# declined s l i g h t l y a f t e r
a larger than usual rise in August to finance the acquisition
of cotton from the Commodity Credit Corporation0 Net
borrowing by sales finance companies increased substantially
and accounted for most of the remainder of the t o t a l growth
i n business loans» This borrowing reflected in part the
usual tax period s h i f t in financing from paper d i r e c t l y
placed with nonfinaneial corporations t o bank borrowing.
Borrowing by petroleum and chemicals concerns also i n creased somewhat but much l e s s than l a s t year when one
large petroleum company had borrowed heavily to finance
the acquisition of a foreign subsidiary.
Since midyear, business borrowing at banks has
declined $200 million compared with generally substantial
increases in the third quarter of other recent years.
However, outstanding loans declined sharply in July t h i s
year following heavier-than-usual tax borrowing in June*
Since the end of May business loans at a l l commercial
banks have increased $1»U billion# about a third l e s s thai!
in the same period l a s t year and over t w o - f i f t h s l e s s
than in 1955« Nevertheless, t h i s year's growth was larger
than in most other postwar years.
Not for publication
' 4 Table 2
1*1*3
Changes in Commercial and Industrial Loans 1 /
1
(In millions of d o l l a r s )
1 W ' ™r^6 • . 1 ^ 1951
1953
1952
Aug. 29- Aug, 30- Sept. 1 - Sept. 2 - Aug, 27- AUg. 28Sept» 25 Sept, 26 Sept. 28 Sept, 29 Sept, 23 Sept, 2k
Business of Borrower
Food processors
Commodity dealers
Trade concerns
Total
+
+
+
160
18
59
20l
+ 196
+ 81
+ 57
+ 139
+ 107
+ 33k
+ 128
+ 113
+ 62
+15"!
+
Sales finance
+ 197
- 107
- 126
All other - t o t a l
+ 38
+ 318
+ 231
-
k3
+ 16
t
5
- 47
+ 65
+ 16
+ 227
+ 2
+ 39
+ 1
Metals and products
Textiles# apparel and
leather
Petroleum* coal, 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
Total change
73
3k
+ k9
+ 280 j
+ 176
+
lUlt
+ 50
+ 370
-
9k
- 171
+ 11+1
-
28
+ 56
+ 128
I2h
-
It
+
+ 75
+ 17
* 111
+ 9
+
3
39
+
7
+ 18
+ 20
+ 57
- 15
+ 20
+ 50
+ 26
+ 11
3
+ 5
+
-
2
1
+ 18
+ 50
+ 3
+ 27
+ 38
+ 60
+ 23
+ 26
+ 1*35 ' + 575
- 1*0
- 58
+ 14.07
+ 82
+ 195
+ 22
+ 161
- 17
+ 639
+ 35
+ 377
+ 1*89
+ 217
+ ia
+ 21
1
1
+ 535
I
—
+ 319
+ 197
+
2/
6
• + 67k
i
L
1/
Prior t o week ending January 11, 1956, included changes in agricultural loans e
2/
Less thatt #$00 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 t o t a l commercial
and industrial loans of a l l weekly reporting banks and nearly 70 per cent
of those of a l l commercial banks0 Data are preliminary for week of
September 25# 1957.
Not for publication
Real estate loans continued to increase moderately
in September* So far t h i s year, these loans have increased
$1*00 million compared with 01 • 5 b i l l i o n in the same period
l a s t year* Consumer loans rose an additional $100 million
in September# bringing the increase so far t h i s year t o #1,1
b i l l i o n , almost as much as l a s t year's #1*3 billion* Agricultural loans increased in September while security loans
were unchanged*
Total loans and investments at a l l commercial
banks have increased $300 million so far t h i s year, about
the same as in the f i r s t nine months of 1956* Loans have
increased only half as much, however, due largely t o l e s s
rapid growth in business and real estate loans* On the
other hand, holdings of U* S* Government securities have
declined l e s s and holdings of other securities have increased whereas l a s t year they declined*
Deposits and currency* Preliminary estimates
indicate that demand deposit and currency holdings of
businesses and individuals increased $600 million l e s s
than seasonally in September* At the monthend, these
holdings were l e s s than one-half per cent above t h e i r
year-ago level* So far t h i s year, the seasonally adjusted
money supply has declined $300 million compared with a
rise of $300 million l a s t year* On an average basis, over
the f i r s t nine months of the year, however^ the money supply
has averaged s l i g h t l y l e s s than one per cent above the
l e v e l in the same nine months l a s t year*
Time deposits at commercial and mutual savings
banks increased 3600 million in September, somewhat more
than in either July or August, as normally would be expected* So far t h i s year, these deposits have increased
#5*5 b i l l i o n , almost twice as much as in the same period
l a s t year* At commercial banks, however, the growth has
been over 2-1/2 times as large while at mutual savings
banks, i t has been somewhat less* U. S, Government deposits declined $5>00 million between August 28 and
September 25 but then rose sharply in late September and
early October when payments were made for new Treasury
securities*
Not for publication
'
# 6 .
"
Table 3
WW
Estimated Changes in Deposits and Currency
(In b i l l i o n s of dollars)
Item
1956
1956
1956
1957
1957
1957
Aug.29- Aug. 30- June 27- July 1- Jan. 1- Jan, 1Sept.25 Sept.26 Sept,25 Sept.26 Sept,2^ Sept.26
Seasonally adjusted data l /
Demand deposits adjusted
Currency outside banks
Total
- 0;5 , - 0.1
- Oil 1 - Oil
- 0,6
- 0,2
- Oi9
- Oil
- 1.0
- 0,6
- 0i2
To3
- 0.4
+ 0.1
- 0.3
+ 0.3
2/
+ 0,3
Unadjusted data l /
Demand deposits adjusted
Currency outside banks
Total
Time deposits - t o t a l 3 /
Commercial
Mutual savings
U. S. Government deposits
Total
+ 0;5
+ Oil
+ 0.6
+ 0;6
+W
+ 0;1
- 0.5
+ 0,7
+ 0,1
+ Oil
+ 0i2
+ 1.3
+-r.?
+ 0i2
- 0i8
+ 0.7
+
+
+
+
+
- 5.8
- 0.4
T%2
+ 5.5
+ 4.6
+ 1.1
- 0.1
- 0.8
- 4i5
• 0,9
and currency
Bank loans and investments
other than U. S. Govt. sec. 4 /
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
l/
+ 0i9
•* Oil
+ 0.8
+ 0i4
+""•07/
+ 0.2
- 0i3
+ 1,0
0,7
0;9
0i2
0i7
0i4
0.3
0.1
0.4
-
+
+
+
+
-
2i9
li7
li4
li6
0.9
(signs indicate e f f e c t on deposits and currency)
+ 1.0
+ 6i8
+ 0.2
+ lii
+ lil
+ 0.2
+ 0.9
+ 0,4
+ 0.5
+ li4
+ lil
+ 0.7
+ 4.6
+ 3.3
+ 1.7
+ 6.8
+ 5;1
+ 2.0
-
0i5
0i2
0.2
0,1
- 0.4
- Oil
- 0,2
2/
+
+
+
-
0i6
0i2
0i4
0,1
2/
- 0i2
+ 0i4
- 0.1
-
-
1/
+ 0.2
+ Oil
- 0.1
- 5^8
+ 0.1
- 1.1
+ 0i6
- 1.0
5.0
1.8
2i9
0.4
6s2
1,2
4i6
0.3
+ 0.3
- 1.8
Seasonally adjusted data are for last Wednesday throughout; unadjusted data are
for last Wednesday except in case of June and December c a l l dates, when available.
2/ Less than $50 million.
3 / Total includes Postal Savings,
5 / Total includes foreign loans on gold, holdings of bankers1 acceptances at the
Federal Reserve, and loans to foreign banksj changes in these items are genera l l y relatively small. In addition even if there were no changes in these
items, changes at commercial and mutual savings banks would not add to t o t a l
change which i s "net'' because commercial banks exclude a l l interbank loans,
domestic and foreign. Unadjusted data for the t o t a l July through September
periods, 1957 and 1956 are not entirely comparable as the former are computed
from the l a s t Wednesday of June and the latter from the 30th of June, Demand
deposits adjusted tend to decline, currency outside banks t o increase and time
deposits t o increase between the last Wednesday of June and the 30th of June*
Note: Data for September 25# 1957 are estimates and subject t o error. Preliminary
data for September w i l l be shown in the Board's statement, "Assets and
L i a b i l i t i e s of A l l Banks in the United States" available at the end of
October, On August 28, 1957; preliminary seasonally adjusted data were:
Demand deposits adjusted, $106,8 b i l l i o n ; currency outside banks, $27.9
b i l l i o n ; and the t o t a l money supply, $134,7 b i l l i o n .
Not for publication
On balance, t o t a l deposits and currency increased
$700 million i n September# Total credit expansion at
commercial and mutual savings banks was o f f s e t in part by
reductions in Federal Reserve holdings of U« S, Government
s e c u r i t i e s . Miscellaneous factors also added somewhat t o
deposit growth over the monthe So far t h i s year, t o t a l
deposits and currency have declined #800 million, about
the same as l a s t year* Demand deposits adjusted and
currency have declined more t h i s year than l a s t but time
deposits have increased more* U„ 5. Government deposits
(through September 2$) were about unchanged whereas l a s t
year, they increased substantially*
Bank reserves. Net borrowed reserves of a l l
member banks averagecTviil^ million i n September, only
s l i g h t l y below the August l e v e l of 0^70 million, as shown
i n Table Uo Borrowings averaged just under $1 b i l l i o n and
excess reserves around $51*0 million. Reserves eased subs t a n t i a l l y at country banks and to a l e s s e r extent at
central reserve c i t y banks at New York. At central reserve
c i t y banks i n Chicago and at reserve c i t y banks, however,
net borrowed reserves increased somewhat. The e f f e c t i v e
rate on Federal funds dropped below 3-1/2 per cent on only
one day in September»
Over September, as shown in Table $, reserves
supplied to banks through Federal Reserve purchases of
U. So Government securities and increases in Reserve Bank
f l o a t were absorbed in large part through currency outflows and increases in required reserves. During the f i r s t
two weeks of September, net borrowed reserves remained close
t o their l a t e August l e v e l as System purchases of U. S.
Government securities and declines in required reserves
provided funds t o about o f f s e t those drained through
currency outflows, largely around the Labor Day holiday*
In mid-September, the intra-monthly increase in Reserve
Bank f l o a t and a return flow of currency supplied more
funds than were drained through other f a c t o r s , including
sales of U. S e Government s e c u r i t i e s , and net borrowed
reserves declined. Subsequently in September, f l o a t declined, sales of Uo S. Government securities continued, and
Treasury deposits were b u i l t up* Average net borrowed r e serves increased to more than 1500 million in the two weeks
ending October 2 0
Not for publication
,8 m
Table I*
ixW
Free Reserves
(Excess reserves minus member bank borrowings;
based on average of daily figures; in millions of dollars)
Period
All
member
New York
Reserve
City
Country
1951** December
1955$ December
1*59
- 215
-
- 161
— 16
- 83
- 26
- 338
550
338
1956$ March
June
July
August
September
October
November
December
-
- 171*
- 33
- 108
— 158
* 20I*
- 192
- 211*
- 91
-
-
298
356
3W*
382
296
21*6
193
203
319
305
360
271*
380
358
393
3W*
1957t
January
February
March
April
May
June
July
August
September
117
- 126
- 316
- 505
- 1*1*1*
— 508
- 383
- u71
- hhh
*•
-
- 1*0
- 53
- 253
- 210
- 165
- 1*8
•» 28
- 26
~ 111*
- 172
- 2!*9
- 21*2
- 263
- 367
- 1*88
- 1*52
- 1*00
-1*31
369
299
280
269
192
210
278
21*1*
351*
Quarterly averages
" 1955* First
Second
Third
Fourth
251
158
- 127
- 365
- 29
1
- 112
- 192
-
- 99
- 150
- 323
- 1*18
1*57
371*
375
31*1
108
195
139
339
213
195
151*
36
5o
Chicago
1*1
123
101
300
101*
185
181
289
251*
256
Ill
1*8
72
93
Ill*
11*0
86
75
6k
67
95
1956:
First
Second
Third
Fourth
-
310
till
230
128
- 170
- 96
- 157
- 166
- li*7
- 175
- 71
- 113
-
329
1*18
31*1
211*
336
278
338
365
1957*
First
Second
Third
- 108
- 185
- 1*33
- 88
- 196
- 21*1
- 115
- 11*1
- 56
- 221
- 373
- 1*27
316
22h
292
-
- 256
- 120
- 259
— 2i|8
- 333
- 232
-
-
166
173
378
1*51*
1*51*
216
1957*
Aug* 28
Sept* 1*
11
18
25
Oct*
2
1*72
l|12
150
301*
519
51il
27
1*2
100
101;
165
127
355
1*23
1*69
It06
1*77
398
Note: Data for second half of September and October are preliminary*
Digitized for Not
FRASER
for publication
System holdings of U. S„ Government s e c u r i t i e s
in September averaged $180 million above the August l e v e l ,
with higher outright holdings accounting for most of the
difference. Between August 31 and September 30, however,
System holdings of U* S* Government securities declined
$230 million as sales during most of the month, following
rather substantial purchases l a t e in August, were o f f s e t
only in part by purchases at the end of September* These
purchases continued into early October*
Not for publication
— 10
L.1+.3
—
Table 5
Changes in Member Bank Reserves, with Relevant Factors
{Monthly average of daily figures; Tn ^dllion§""of dollars)
September
Item
July - Sept,
Jan» - Sept.
1957
1956
+ 122
+ 21a
-
+ 113
+ 9
+ 222
+ 19
- 108
(signs :Indicate <s f f e c t on reserves]
j
- 153
+ 632
- 2 1+1
- 267
+
-
28
1+9
158
15
+
+
-
U2
1957
1956
1957
1956
26
+ 91
- 579
- 216
- 73
+ 1+7
+ 87
+ 1+
- h71
- -108
- 200
— 16
Member bank reserve balances
Total
Required reserves 1 /
Excess reserves l/~
Principal factors
Currency in circulation
Gold stock and foreign
accounts
Treasury operations
Federal Reserve f l o a t
Other factors
Effect of above
factors on reserves
+ 1+62
21
22
23
81+
+
- 22
8
+ 112
+
-
+ 11+8
- 31+9
- Ihl
+ 602
+ 710
+ 163
+ 92
+ 321
+ 229
-1,181
- 923
+ 179
+ 198
+ 207
9
+ 336
+ 335
+ 206
+ 209
3
+ 1
-1,W)
-1,195
- 2a
- 29
- 87I+
- 623
- 251
1
- 17
+ 2
+ 23
X
+ 300
- 12
13
12
288
38
+
-
679
17
1+86
206
+
+
291+
1+9
191
191+
Federal Reserve loans and
investments:
Total
U. S» Govt, securities
Outright
Repurchase agreements
Acceptances
Discounts and advances
To member banks
To others
1/
+
6
- 17
+ 1
- 106
-
h9
-
Data for September 1957 are preliminary.
Notes
Changes are based on data for August and September; June and September}
and December and September*
Not for publication
1+7
1
L.4,3
Loans and Investments at A l l Commercial Banks
~~
(In b i l l i o n s of dollarsT
Loans
and
investments
Date
U. S.
Eeal SecuCon- A l l
Gov't, Other Total
secur- secur- loans Business estate r i t y Farm sumer other
ities ities
1947:
1948:
1949:
1950:
1951:
1952:
1953:
1954:
Dec;
Dec;
Dec;
Dec.
Dec.
Dec;
Dec;
Dec,
31
31
31
31
31
31
31
31
116; 2
114.2
120;1
126.6
132; 5
141,5
145.5
155.7
69.2
62;6
67 ;0
62 ;0
61,5
63;3
63,4
69.O
9:0
9:2
10;2
12;4
13;3
l4;l
14 ;7
16.3
37.9
42 ;4
42; 9
52;2
57.6
64;0
67.4
70,4
18; 3
18,9
17.1
21,9
25 ;9
27.9
27 ;2
26,9
9;4 2 . 1
10;8 2;3
11;5 2;6
13:5 2;9
14;6 2;6
15 ;7 3;2
l6;7 3:6
18,4 4,5
1:7
2.9
3.1
2.9
3.4
3.9
5.0
5.2
3:8
4.8
5:8
7.4
7.5
9.4
10; 9
10,9
2.9
3.1
3.4
4.2
4.5
4,9
5.1
5.6
1955:
Mar. 30
June 30
Sept.28
Dec. 31
152; 4
154 ;8
156.4
160.3
64;2
63.3
62 ;0
6l,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
19;0 4;1
19:8 4:5
20;6 4;2
1/20,8 5 . 0
4,9
4.4
3:9
4.5
11;2
12.1
12.7
13.2
5:8
6.2
6;6
6.5
1956:
Jan; 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
l6l,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
l6;5
16; 6
16; 6
16; 6
l6;4
l6;5
16;3
l6;4
16;6
16; 3
l6;3
16,3
80.9
8l;2
83;3
83;9
84.7
86;2
85 ;8
86; 3
87:2
87;6
88;2
89.7
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
l4;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
1957:
Jan; 3Op
Feb; 2?p
Mar; 27p
Apr, 24p
May 29P
June 26p
July 31P
Aug.28p
Sept,25e
161.6
161.0
l6l; 3
163:7
163; 6
l64;0
163; 8
164; 3
164.8
57; 7
56;8
55;7
57,3
56;9
55:3
56;1
55.9
55.7
l6;2
16; 3
16 ;5
16;7
l6;8
l6;8
l6;7
l6;8
16,9
87,7
87; 9
89,1
89; 7
89;9
92;0
91; l
91,6
92,3
37.6
37;8
39;0
39; 0
38;9
40;5
39,6
39.9
40,3
22 ;5
22;5
22 ;5
22 ;5
22; 6
22;6
22 ;7
22;8
22.9
3;7
3:7
3:6
3:8
3:8
3:9
3:7
3:8
3.8
4.2
4;2
4;2
4.1
4;1
4;0
3:9
3:8
3.9
14,6 6:7
l4;6 6:7
14;7 6.7
15.0 6;8
15.3 6;8
15.5 6.9
15.6 7:0
15:7 7:0
15.8 7 . 0
p - Preliminary
e - Estimated
l/
Level of business loans increased by, and real estate loans decreased by $300
million at the end of October 1955 to correct c l a s s i f i c a t i o n errors. No back
figures revised; most of the misclaeslfication probably occurred during 1955.
Note: Data exclude interbank loans. Total loans are a f t e r and types of loans
before deductions for valuation reserves. Consumer and "other loans" are
partly estimated for a l l dates. Other data are partly estimated on a l l
but June and December dates. Data for September 25# 1957 are estimates
and subject to error.
Banking Section, Board of Governors,
Not for •publication
October 10# 195?
@FedFRASER