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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (For Immediate Release) H.12 October 9 t 1957 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY During the week ended October 2, the net decrease in commercial and industrial loans at weekly reporting member banks amounted to $82 million. The principal net decreases were $32 million in loans to "other" manufacturing concerns, $26 million to manufacturers of metals and metal products, and $ l . mil>w lion to unclassified borrowers. Offsetting net increases included. $29 million in loans to public utilities and $26 million to manufacturers of food, liquor, and tobacco products. Changes in loans during the week and since mid-year are shown belowj the third column shows the changes during the comparable period last year. Business of Borrower Manufacturing and miningi Food, liquor, and tobacco Textiles, apparel, and leather Metals and metal products Petroleum, coal, chemicals, and rubber Other manufacturing and mining Week ended . Oct. 2£/ Cumulative since mid-year June 26, 1957 ""June 27, 1956 to , to Oct. 2, 1 9 5 W Oct. 3, 1956 (In millions of dollars) +26 - 8 -26 +188 *15 -U35 + 29b + 92 - 290 -16 -32 + 18 - 10 + + Trade—wholesale and retail Commodity dealers Sales finance companies Public utilities and transportation Construction All other types of business +17 +12 -12 +29 -18 -10 + 67 +192 -105 - 5 - 3 + 53 + 68 + 371 - 221 + 129 12 + 11*3 Classified changes - net Unclassified changes - net -38 - 25 -187 +1,086 - ioU -82 -212 + Net change in commercial and industrial loans 361 151 982 p/ Preliminary; see footnote on attached table. In addition to the weekly table, a monthly table is attached showing changes during September compared with the preceding month and with September 1956 and also showing changes during the past twelve months. All industrial classifications except loans to manufacturers of textiles apparel, and leather products, manufacturers of metals and metal products, and to commodity dealers increased their borrowings in September; the textile decrease followed three months of increases while this was t | third consecutive monthly h> 1 decrease in the metals category. The net decrease in loans to commodity dealers, although only $17 million, was the first decrease during a September since the series was started in 1951• Loans to manufacturers of food, liquor, and tobacco products, usually having a seasonal pattern similar to commodity dealers, showed a large increase. The principal increase in September was in loans to sales finance companies, in contrast to September 1956 when it was one of only two business categories reporting a net decrease in loans. CHANGES IN COMMERCIAL AND INDUSTRIAL "LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY AND FEDERAL RESERVE DISTRICT, WEEK ENDED WEDNESDAY, OCTOBER 2, 1957 H.12(a) San Fran1 St. Minne-jKansas Phila- Cleve- RichAll Dis- 1 T New i j . mond AtlantaI Chicago Louis apolis| City Dallas|cisco P / tricts P ' Boston| York delphia land . | (In millions of dollars) Business of Borrower Manufacturing and mining: " +25.8 - 7.5 + .8 +3.7 + 9.1 - .4 - 2.9 - .9 - *7 + .2 - *8 -2.1 + .7 -1.3 + 5-3 +1.0 - 1.9 -1.3 + .7 - .2 -26.0 -15.5 -32.4- -1.3 + .9 + .2 -15.4 +2.2 -23.5 -23.9 -1.8 +3.0 + .1 +1.1 - .1 -1.8 -1.3 + .1 - .2 - .1 -11.8 - .9 + 5-3 - .9 - 1.8 + .2 ( J (+x7.3) -2.0 - .4 + 7.8 + .4 + 9.5 - .7 + .5 + .2 + .6 - •1 Commodity dealers +11.6 -3.6 + 9.0 - .9 +1.1 +1.2 Sales finance companies -12.3 +1.0 +25.O -2.1 -2.2 Public utilities (including transportation) +28.9 +3.7 +23.01 - .7 Construction -17.9 + .9 - 6.3• - .9 All other types of business -10.3 -2.1 - Met change in classified loans l/ -38.3 +1.8 Unclassified changes - net -43.7 Net change in commercial and industrial j loans ] -82.0 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 * + .6 - .4 + .2 +2.5 + .5 - . .4 - 1.9 - .2 + .6 +1.9 - 3-2 -1.4 - .6 +1.1 + .2 + .6 (- -1.3 + 1.5 +4.1 -1.1 + .1 +2.6 -27.2 -1.5 +1.0 + .7 - .7 + - .2 -1.6 - .1 - 6.3 +1.6 +2.4 +11.1. -6.8 +2.8 - •X -4.8 -22.1. -2.2 -3.0 -11.0 - ; - .5 -9.0 - *1 ( .5 .3 J +8.6 + .6 -1.7 +1.2 -2.0 .2) +3.8 -1.6 - .1 CO Trade: Wholesale Retail - .1 + - - — + .9 +1.4 +2.4 - 5.2 -6.6 .6 +3.3 - ,2 - .5 - .1 -1.2 - .2 - .5 -1.4 - .9 - .4 - .1 - 3.0 - .3 -1.0 + .8 - 2.3 -5.5 + .1 -41.9 +4.0 - .3 +5.1 -10.2 -3.9 -3.8 - .9 -1.1 - 5-1 +1.0 -1.7 - .1 - .8 -2.1 -1.0 -1.0 -1.0 -47.0 +5.0 -2.0 +5.0 -11.0 -6.0 - .1 + .4 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 over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. S * • I * t - V ; i .. . | » H.12(b) CHANGES IN COMMERCIAL AND1 IimUSTRlMi- LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY Business of Borrower 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 4 weeks 4 weeks 4 weeks ended ended ended j Sept. 26, 1956 See*. 2^.1951... Aug. 28, 1957_ (In millions of dollars) 12 months ended Sept. 25, 1957 +173-8 - 47.5 + 70,9 + 49.7 +196.0 + 16.2 + + 318.0 72.4 - 42.9 + 62.2 + 2.6 -138.3 - 1.2 + 10.8 + 16.3 +227.2 + 19*8 + + + 697.0 4o6.6 153.5 Trade — wholesale and retail + 6l,8 + 29.2 + 57.2 + 171.2 Commodity dealers - 16.5 +155.7 + 80.5 + 51,1 Sales finance companies +183.7 + 3-8 -107.0 + 544.6 Public utilities (including transportation) + 32.6 + 17.2 + 56.6 + 748.4 Construction + + 5.4 - 14.9 All other types of business + 19.9 + 45.8 + 26.9 + Net change in classified loans 1/ +429.8 +249.0 +574.8 +3,159.4 Unclassified changes - net - 45.8 + 24.0 - 39.8 - Net change in commercial and industrial loans +384.0 +273.0 +535.0 +2,721.0 1/ See footnote on preceding table regarding current coverage. .1 52.2 48.8 438.4
