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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H<12 (For Immediate Release) February 11, 1959 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY A net decrease of $75 million in loans to sales finance companies was the principal factor in the net decrease of $111 million in commercial and industrial loans at weekly reporting member tanks during the week ended February 4. Other large net decreases were $23 million in loans to public utilities, $22 million to manufacturers of food, liquor, and tobacco products, and $20 million to commodity dealers. The principal offsetting net increases were $26 million in loans to manufacturers of metals and metal products and $23 million to manufacturers of textiles, apparel, and leather products. Changes in loans during the week and since year-end are shown below; the third column shows the changes during the comparable period last year. Business of Borrower Manufacturing and mining: Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber Other manufacturing and mining Trade--wholesale and retail Commodity dealers Sales finance companies Public utilities and transportation Construction All other types of business Week ended , Feb. W Cumulative since year-end Dec. 31, 1957 Dec. 31, 1958 - 245 51 69 76 22 13 29 - 101 - 79 339 132 24 114 222 62 641 142 32 109 8 - 7 - 20 - 75 - 23 - 1 - + + 5 - 2 tO 173 11 87 - 22 + 23 + 26 y tO Feb. 4, 1959%/ Feb. 5, 1958 (In millions of dollars! ~ Classified changes - net Unclassified changes - net -115 + 4 - 963 - 267 -1,512 - 296 Net change in commercial and industrial loans -ill -1,230 -1,808 2/ Preliminary; see footnote on attached table. In addition to the usual weekly table, a monthly table is attached shoving changes during January compared with the preceding month and with January 191)8, and also showing changes during the past twelve months, All industrial classifications except manufacturers of metals and metal products ebowed net decreases in loans in January; in most instances the pattern of changes was comparable to January 1958. The monthly decrease in loans to the wholesale and retail trade and to manufacturers.of textiles, apparel, and leather products continued their December decline. H. 12(a) CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND FEDERAL RESERVE DISTRICT, WEEK ENDED WEDNESDAY, FEBRUARY 4, 1959 Business of Borrower Manufacturing and mining: Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products (including machinery & transportation equipment) Petroleum, coal, chemicals, and rubber Other manufacturing and mining Trade: Wholesale Retail All DisBoston tricts P/ New York St. Phila- Cleve- RichAtlanta Chicago Louis mond delphia land (In millions of dollars) San FranMinne- Kansas Dallas cisco P/ apolis City - 22.1 + 22.5 -2.4 +2.6 - 6.4 +11.3 -1.7 +1.9 + .1 - .1 .6 + .8 - »5 + .7 - 6.0 + .8 -1.5 + .9 -1.2 + .6 - .2 + .6 + .6 +1.1 - 2.6 + .6 + 26.3 - 5-2 - 8.3 +1.9 - .7 + .5 +19.5 - 4.5 - 2.3 - .1 - .7 + *1 - .5 + .3 + .2 — .2 - 2.4 - .6 -2.1 — .6 — .2 + 8.9 + 1.4 — .4 - .9 + .6 -1.0 + .1 - .3 - .3 + .9 + .3 + .1 + .1 - .8 + .3 - 1.8 + .1 - 2.1 -1.2 - 7.0 + 1.3 - .8 -1.1 + .3 + .3 .1 - .3 +2.2 + .1 - 1.7 + .3 + #1 + .2 +1.5 - .1 - .5 + .6 I- - 1 ! -1.1 +2.6 +1.2 -2.7 r 7 3 ' ) + .3 - .7 .5 Commodity dealers - 19-5 +1.6 -11.7 - .4 - 3.2 -3.0 -1.9 - Sales finance companies - 75-0 +2.8 -39.0 -4.9 - 5.9 -4.1 + .3 -11.9 -1» 1 -1.7 -1.3 -1.5 - 6.7 Public utilities (including transportation) - 23.2 -1.3 -10.7 -3.1 - 5.2 - .8 + .2 + 2.8 -1.3 -3.9 - .4 + .2 + .3 Construction - -7 - .1 - 1.9 -1.0 + 1.1 - .3 +2.5 - 1.2 + .1 + .9 All other types of business - 2.4 -1.2 + 8.2 +4.2 - 1.2 - .3 -2.2 - 8.2 -1.9 + .2 + .4 - -9 + -5 Net change in classified loans l/ -114.9 +2.8 -43.2 -7.6 -16.8 -8.3 -1.5 -16.1 -6.9 —2 • 6 +1.3 -4.0 -12.0 Unclassified changes - net + 3.9 +3.2 -12.8 +2.6 + 1.8 +3.3 +1.5 + 3.1 - .1 -2.4 -4.3 Net change in commercial and industrial loans -111.0 +6.0 -56.O -5.0 -15.0 -13.0 -7.0 -5.0 -3.0 -5.0 - - .9 - - -4.0 + 8.0 -4.0 p/ Preliminary; final totals will appear in the F. R. Bulletin and San Francisco District final figures appear in a release of the Reserve Bank, l/ About 210 weekly reporting member banks are reporting changes in their larger loans as to industry; these banks hold about 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 75 per cent of those of all commercial banks. CHANGES IK COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY Business of Borrower 4 weeks ended Jan. 28, 1959 4 weeks 5 weeks ended ended Dec. 31, 1958 Jan. 29, 1958 (In millions of dollars) 12 months ended Jan. 28, 1959 Manufacturing and mining: Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products (including machinery and transportation equipment) Petroleum, coal, chemicals, and rubber Other manufacturing and mining - 150.8 11.8 + 23.3 - 43.1 - 227.3 + 24.9 - + - 60.7 70.5 13.9 +107.1 + 48.2 - 12.3 - 43-7 22.2 27.7 - 203.2 - 202.0 + 49.8 Trade — wholesale and retail - 94.1 -155.9 - 207.4 + .34.7 Commodity dealers - 59.6 + 22.6 9.7 + 77.3 Sales finance companies - 264.2 +485.6 - 571.3 - 252.1 Public utilities (including transportation) - 109.2 +174.3 — 80.6 + 27.8 Construction - 22,9 + .8 - 23.9 + 107.2 All other types of business - 111.6 +130.6 - 130.4 + 449.6 Net change in classified loans l/ - 847.9 +781.2 -1,319.3 - 154.9 Unclassified changes - net - 271.1 + 44.8 - 280.7 - 368.1 Net change in commercial and industrial loans -1,119.0 +826.0 -1,600.0 - 523.0 1/ See footnote on preceding table regarding current coverage. 59.4 184.6