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FEDERAL RESERVE BANK of KANSAS CITY DEC 2 3 1859 RESEARCH LIBRARY MAKING AND MONETAE? DEV1LOFMENTS IN NOVEMBER 1999 Bank c r e d i t . Total credit at a l l commercial banks declined coatraseasonally In November by $700 m i l l i o n . The only other recent contraeeasonal reduction was in 1957. Holdings of TJ. S. Government s e c u r i t i e s declined $1.3 b i l l i o n following substantial purchases in mid-October l a connection with Treasury financing. Holdings of other s e c u r i t i e s a l s o declined. Total loans increased $800 m i l l i o n , l e s s than in other recent years of expanding economic a c t i v i t y . A l l the coatraseasonal reduction in t o t a l credit In November occurred a t c i t y banks. At country member banks credit rose s l i g h t l y but considerably l e s s than usual j loan growth vas smaller than in several other recent years and holdings of F, S. Government s e c u r i t i e s declined whereas they usually increase. Credit at c i t y ba^ks increased sharply during early December (not Included in above data) when banks probably purchased most of the $2 b i l l i o n ten-month b i l l s issued by the Treasury 6n December 2. Bur lag the f i r s t eleven months of 1959, t o t a l credit a t a l l commercial banks increased $500 million (excluding changes due t o the recent inclusion of banks la Alaska and Hawaii and other structure changes)> considerably l e s s than in any other recent year. During the comparable 1^5-1957 periods credit growth had averaged about $2 b i l l i o n ; in 195#, i t had Increased over $13 b i l l i o n . Loan growth of $9.2 b i l l i o n so f a r t h i s year has exceeded that of any other postwar year except the record $9.8 b i l l i o n expansion in 1955. Business loans have increased l e s s than in 1955 while expansion in real e s t a t e and consumer loans has been about the same. Holdings of U. S. Government s e c u r i t i e s have declined $8.5 b i l l i o n so f a r in 1959? considerably more than in any other year j t h i s followed an increase of $9.5 b i l l i o n in the comparable period of 1958. Through November, credit at c i t y banks declined more than in any other postwar year, while at country banks, i t rose about the same as i n the period.Loaa growth at c i t y banks has been large, but below 1950 and 1955, but at country banks has been larger than la any other recent year, %e reduction la holdings of U. S. Government s e c u r i t i e s a t each group of banks has exceeded that of any other year l a the past decade. Not f o r publication Business loans at c i t y banks (excluding loans t o sales finance companies) rose $3@5 million in November. This was about two-thirds as much as in November 1955» about the same as 1956 3 and more than 1958. A l l the increase in November was accounted for by expansion in loans t o seasonal borrowers. Loans t o trade concerns and commodity dealers rose more than usual while those t o food processors showed about the normal seasonal expansion. Loans t o metals processors increased only s l i g h t l y despite the resumption of s t e e l production. Loans t o petroleum producers and public u t i l i t i e s increased further. Loans t o t e x t i l e concerns declined as i s usual in t h i s month. Loans t o sales finance companies increased somewhat at c i t y banks in November, about the same as in November of several other recent years, but much l e s s than in 1955* Loans t o other nonbank f i n a n c i a l i n s t i t u t i o n s Increased further, probably r e f l e c t i n g principally borrowing by mortgage companies. Consumer and real estate loans increased moderately further in November. Since June growth in consumer loans has probably been about the same as in the comparable months of 1955 and more than In any other year. Growth in real estate loans has been somewhat l e s s than in 1955 aa& 1958. Deposits and currency. Seasonally adjusted demand deposits and currency holdings of businesses and individuals increased $200 m i l l i o n in November following declines in each of the three previous months t o t a l i n g $2.6 b i l l i o n . Currency outside banks increased $300 million more than usual while demand deposits adjusted declined $100 m i l l i o n . At the end of November, the seasonally adjusted money supply was l e s s than 1 per cent higher than in November 1958 (excluding the change due t o the recent inclusion of banks in Alaska and Hawaii). The increase in the privately-held money supply in November reflected in part a reduction of $900 million in U. S. Government deposits; usually these deposits r i s e at t h i s time of year. Seasonally adjusted semi-monthly averages of daily demand deposits a t member banks increased $200 m i l l i o n from the second half of October t o the second half of November, based on preliminary f i g u r e s . At the end of November t h i s series was about one per cent above the year-ago l e v e l . Time deposits at commercial banks declined $800 million in November5 a reduction i s usual in t h i s month when Christmas savings are withdrawn. At the end of November 1959, time deposits were 3 per cent higher than a year ago, but there has been no growth since June. Not for publication Deposit turnover. The seasonally adjusted annual rate of turnover of demand, deposits at 337 centers outside Hew York and other financial centers was 25.3 In November (based on unpublished Board seasonals) compared with 24.8 in October; Over the seven months April-October, turnover had averaged 24,7. Bank reserves. Net borrowed reserves of member banks averaged $435 million in November compared with $460 million in October. Both excess reserves at $445 million and borrowings at $880 million were close t o the previous month's l e v e l . Reserve positions were somewhat easier at central reserve c i t y banks in Hew York and somewhat tighter at reserve c i t y banks in November than a month e a r l i e r . During November, on a daily average basis, reserves were absorbed principally by a $230 million currency outflow and were supplied by $215 million System purchases of TJ. S. Government securit i e s . Bequired reserves were about unchanged over the month. On December 1 at country banks, and on December 3 at reserve c i t y banks, banks having large holdings of vault cash in relation to their deposits were permitted to count a part of t h i s cash in meeting their reserve requirements. This increased t o t a l reserves held as well as excess reserves by an estimated $155 million a t country banks and $70 million at reserve c i t y banks. Also, due to technical changes amending the d e f i n i t i o n of demand deposits subject t o reserve requirements under Regulation D, on December 1 required reserves at country banks are estimated to have declined by about $75 million and excess reserves t o have increased by a corresponding amount. Hot f o r publication - It Table 1 L.lt.3 Estimated Changes in Loans and Investments at All Commercial Banks (In b i l l i o n s of dollars) Item - + 0.5 + 0.2 + + + + — 0*1 + 0*1 - 0.1 O.ii 0.3 0.3 0.1 -+ 00.1 y . 1 + y0 . 3 0.1 U. S. Government securities - 1.3 + 1.5 — O.ii Other securities — 0*3 — 0*2 - - + 2.6 — 0*6 Total loans and investments ( l e s s interbank) Item Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other 0.7 + 0.6 HI + 1.3 GO Business Real estate Security Agricultural Consumer 3 / All other 3/ + o«8 + Total loans (excluding interbank) Last Wednesday of Oct. t o Last Wednesday of Nov. 1958 1956 1959 2/ 1957 1955 1951 + 1.9 0.6 0.1 0.1 0.1 1/ + 0.1 + + + + + 1.2 0.2 0.1 0.3 0.1 + O.lt + 0.2 + 0.7 — 1.5 - - 0.2 + 0.1 + 0.1 + 1.8 + + + 0.2 V + 1.3 y + ~0.1 0.1 Last Wednesday of Oct. to Last Wednesday of Nov. 1952 1951 1950 1 19ii9 1918 1953 l.h + O.lt + 1.2 + 0.5 + + + + + + 0.6 + 0.1 + 0.2 + 0.3 + 0.1 + 0.1 + 1.1 + 0.1 + 0.3 + 0.9 0.1 0.1 0.2 0.2 0.1 0.1 + "0.1 + 0.2 U. S. Government securities + l.ll + 1.2 Other securities + 0.1 y + 0.1 1/ y + 1.7 + 2.5 + l.li + 0.7 + 0.2 Total loans and investments ( l e s s interbank) +4.2 i + 0.7 - ¥/ 0.1 - 0.8 + 0.7 n.a. ]| Ho 2Le | n.a. i n.a. n.a. n.a. n.a. n. a. i/ n.a. yn.a. - 0.7 - 0.1 » o.5 + 0.1 1 / Less than $50 million. n.a. Not available. 1?/ Data for a l l commercial banks w i l l not be revised to conform with changes in weekly reporting data until a l l bank c a l l data are available on new b a s i s . 3 / Data revised beginning in 1956. Not for publication - 5 Table 1 L. iu3 Estimated Changes i n Loans and Investments at All Commercial Banks (In b i l l i o n s of dollars) Item End of June t o Last Wednesday of November 2 / 1959Vy 1958 1956 1957 1955 195U, Total loans (excluding interbank; Business Real estate Security Agricultural Consumer 6 / All other %J It. 5 * 0.8 - + 1.9 + 1.1 + 0 # li + 1,3 m 1#7 + 0,3 - 0«9 + 0.& " 0.3 1/ - 4 a + 1*0 + o.5 0.5 + 2.0 o.i 0.3 + 0.1 + + ** + + + 5.U * 1,7 y * 0,7 o.a 0.2 0.3 + + V 3.it 0.9 + 0.5 + 1,0 + 0,1 1.7 0.1 0.9 0.3 H/' + 0.3 U. S. Government s e c u r i t i e s — 2.6 * 3.5 + l.it * 1,6 w 1.9 + 6.6 Other securities - 0.3 + 0.2 + 0.6 - 0,2 * 0.2 + 0.7 + 1.7 + U.5 + 1.6 + 3,1 + 3,k + 8.9 Total loans and investments ( l e s s inteitoank) End of June t o Last Wednesday of November Jy 1952 1951 1950 19ii8 1953 19li9 Item Total loans (excluding interbank) + 1.8 + 3.9 + 1.9 + 6.it + 1.6 + O.it + 0*5 • 0.2 + 0.8 + 0.2 -1/. + + # * + + 2.2 0.6 0.3 0.5 0.8 6.2 + 1.7 + O.it — O.I4. + 0.3 1/ + 0.2 + il,2 + 1.0 y + 0.8 + 0.5 a*a. n.a. n*a. n.a. + 0.5 n»a. U. S. Government s e c u r i t i e s • 5,1 + 2.9 + 3.1 * ij.,1 + 3.7 — 2.0 Other s e c u r i t i e s + 0.3 + 0.2 + 0.3 * 0.9 * 0.6 - 0.1 + + + 5.3 + 3.3 + 5.8 + 0.3 Business Heal estate Security Agricultural Consumer A l l other Total loans and investments „ ( l e s s interbank) 7.1 7.0 + 2.1* a# n* a# + He a# 0.3 n#a<i It- ?/ Dates are f o r June 30, f o r a l l years except 1959, 1958# and 1957 which are for l a s t Wednesday. 3 / In October 1955, the l e v e l of business loans was increased by, and that of real — estate loans decreased by, $300 million t o correct c l a s s i f i c a t i o n errors. it/ As a result of inclusion of banks i n Hawaii, in August 1959 t o t a l credit increased about $300 million; t o t a l loans $200 million; and U. S. Government s e c u r i t i e s , $100 million. 5 / Data f o r a l l commercial banks w i l l not be revised t o conform with changes i n weekly ™" reporting data u n t i l a l l bank c a l l data are available on new b a s i s . 6 / Data revised beginning i n 1956. - 6 - L.lj.3 Table 1 Estimated Changes i n Loans and Investments at All Commercial Banks (In b i l l i o n s of dollarsJ ©id of December to Last Wednesday in November Item 225L Total loans (excluding interbank Business Real estate Security Agricultural Consumer 5/ All other %J + + + + 1957 9.8 1.5 1.9 lt.0 2.7 1.2 0.9 0.5 0.7 1.9 0.3 0.6 0.1 2.5 1.2 + 0.8 0.1 0.7 + + 0.2 1.1 0.3 19# + + + + 6.2 9.8 k.6 5.B 1.7 1.0 22SL 199? t Y 1.5 + + + 3 0.6 1.5 0.2 0.1 O.li 1.3 0.3 - 0.9 0.1* + + 0.9 2.1 0.1 U. S. Government s e c u r i t i e s - 8.1 + 9.5 - 1.7 3.1A — 7.6 + 6.7 Other securities - 0.3 + 2.1 + 1.1 O.Ji + 0.3 + 1.5 2.k + 2.5 + 9.6 Total loans and investments ( l e s s interbank) + 1.5 + 13.1 + l.h + ©id of December to Last Wednesday in November 1953 1952 19),9 1 19),A 1951 19% Item Total loans (excluding interbank) + 2.7 Business Real estate Security Agricultural Consumer All other + + + + 0.1 1.0 0.2 0.6 l.it 0.2 + 5.1* + + + + + •+ 1.6 1.0 0.2 0.7 1.6 0.3 + li.lt + 8.2 + + + 3.1i 1.0 0.7 0.5 1/ + o.a + + + + + it.O 1.9 0.2 0.2 1.6 0.7 5.3 U. S. Government s e c u r i t i e s + O.it + 2.6 — O.it - Other securities + 0.5 + 0.9 + 0.6 + 3.ii + 8.8 + It.6 Total loans and investments ( l e s s interbank) ~S • V T 1/m jmm ele "Lh Mk A1 ^ T * *1 •$ A. U.O.. + 0.1 + 1.2 He 5ie He Sle Ho cie Be Be He Ed n.a* + 0o 9 Tie 21 o Q 0 3, 0 + o,9 TLOB.9 He cte h»3 " 6.It + 1.9 + 0.9 + 0.1 + + 5.3 - ho9 «VW a.* QXJ.OUX6* * 2.2 £/ In October 1955, the l e v e l of business loans was increased by, and that of real estate loans decreased by, $300 million to correct c l a s s i f i c a t i o n errors. Most of the miselassification probably occured during 1955. 3/ Data for a l l commercial banks w i l l not be revised to conform with changes in weekly reporting data until a l l bank c a l l data are available on new b a s i s . h / Structure changes in 1959 added about Si b i l l i o n to t o t a l credit; $600 million in loans; $300 million in U. S. Government securities; and $100 million in other s e c u r i t i e s . Real estate loans increased about $300 million; business loans $100 million; and consumer loans $100 million. Digitized FRASER J / for Data revised beginning in 1956. L.k.3 - 7 - Table 1 Changes i n Loans and Investments at City and Country Banks IIn millions of dollars) Last Wednesday in Oct. to Last Wednesday in Nov. Item 1959 Weekly reporting banks 1958 1956 1957 1955 195k +1,260 +1,273 - 122 13 1/ Total loans U. S. Government s e c u r i t i e s Other securities Total loans and investments + - 6U0 962 225 51*7 + 8U3 .+ 87I* - 313 +l,l*ol* + 236 *• 162 27 1*7 + 387 + 363 • 71 821 - 205 671 + 1*69 + 180 - 102 517 - 31 296 29 356 + 73 + 36I4 26 1*63 285 181 -1,279 +1,108 Country member banks Total loans U. S. Government s e c u r i t i e s Other securities Total loans and investments 1*26 + 1*72 + 169 + 61* + 705 Last Wednesday in Oct. to Last Wednesday in Nov, Item Weekly reporting banks + — 160 + 29 295 1953 1952 1951 1950 191*9 191*8 + 161 • 950 33 • 986 + 698 31 +1,653 + 1*05 + 156 + 51 + 612 +l,lil*8 - 71*5 - _10 + 693 + 692 - 590 35 + 67 + 577 - 1*53 - 103 + 17U + 353 + 70 + I4.89 + 11 + 570 + + 196 63 - 1*0 1/ Total loans U. S. Government s e c u r i t i e s Other securities Total loans and investments +1,078 + 21 Country member banks Total loans U . S . Government s e c u r i t i e s Other securities Total loans and investments + ll*8 + 323 + 1*0 + 511 +_ 2b + 551 + 261* 26 32 270 + 10 22 208 1 / Beginning 1958 changes are on revised basis. Note: Data for country banks Include interbank loans, which on June 10, 1959, were about $100 million. Data f o r weekly reporting banks include interbank loans prior to 1952. Not f o r publication 1 22 - 8 - L.U.3 Table 1 Changes in Loans and Investments at City and Country Banks (In millions of dollars) End of June to Last Wednesday in November 1 / Item 1959 Weekly reporting banks 1958 3 / 1957 1956 1955 1951* 2/ Total loans U . S . Government securities Other securities Total loans and investments + 2,533 — 2,71*8 - 1*20 635 239 125 251* 618 - 1,125 + 1,317 + 93 1*1*1 + 132 291 900 585 + 3,657 + 1,002 - 2,1*33 + 3,686 359 + 313 + 865 5,001 Country member banks Total loans U. S. Government securities Other securities Total loans and investments + 1,11*2 + 807 + 227 + 51*2 + 1,337 + 657 61*2 + 1,265 + + 1,971 + 291* + 2,222 77 + + 373 + 263 + 29 117 + 228 + 1,31*8 t j t s i Trrn? 1 ^ 3 + 1,747 + 129 End of June to l a s t Wednesday in November Item 1953 Weekly reporting banks 1952 1951 1950 19U9 191*8 2/ Total loans U . S . Government securities Other securities Total loans and investments + 916 + 2,687 + 1,611 + 5,002 + 731 + 3,531* + 583 * 906 - 3,651* 1+ 3,070 + 1* + 108 + 615 + U29 1*,1*55 3,271* 2,625 1,963 1,230 1,1*72 1,593 63 181* Country member banks Total loans U. S, Government securities Other securities Total loans and investments + 739 + 958 + 1*53 + 1,397 + 638 + 659 + 1,237 + l 5 525 + 1,555 1*62 + 1,073 = 1*5? + 121 + 132 + il*5 3 231* * 158 + + 2,096 + 2,615 + 2,153 + 1,168 + l s 868 205 1 / Country bank data are for June call dates except for 1959, 1958 and 1957, which are for l a s t Wednesday. 2 / Beginning 1959, changes are on revised basis. 3 / Data are on unrevised basis as revised data do not begin until July 9, 1958; however difference in changes i s generally very small between old and new s e r i e s . Notes Data f o r country banks include interbank loans, which on June 10, 1959s were about $100 million. Data for weekly reporting banks include interbank loans prior to 1952. Not for oublication L.UO3 Table 1 Changes i n Loans and Investments at City and Country Banks (In millions of dollars) End of December to Last Wednesday in November 1 / Item Weekly reporting banks + 5,280 - 7,316 k68 - 2,501 - 1,096 - + 1.257 + 6,228 +3,202 — 1,100 + 121 • 2,223 + 1,5U5 + 2,217 + 860 + it, 622 1956 1957 195k 1955 , > It,071 + 6,351 - + 239 - 1,853 - 619 529 261 - 1,169 + 1,052 + 5,211 + l,L35 397 + 651 + 1,689 + 1,879 229 + 162 + 1,812 + 2,691 - 1,011 + it08 + 2,087 + 1,260 + 1,578 + 339 + 3,177 m U22 + 6,067 - 1,6144. - 3,981 - 7,259 + l t , 6 l l 3/ Total loans 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 End of December to Last Wednesday in November 1 / Item Weekly reporting banks 1953 1952 + 696 222 * 1 + ' .1*75 + 3,053 + 835 • 532 • It,1*20 1951 1950 19U9 19lt8 2/ Total leans 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 Country member banks 1958 2/ Total loans 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 lo'fctns and investments Country member banks 1959 + 2,889 + 5,692 9lt6 + 1,881 - 1,592 - h»l4-85 + It, 261 - lt,i5L + 17U + 1.295 + 773 83 + It, 088 * 1,171 • 2,502 - 2,353 3/ Total loans 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 + 1,551 + 1,795 + 82 + i , i U i 269 * 225 + + 1,861 • 3 , 2 0 8 + 1 , U25 + 295 + 2,0lt3 + 2,215 It9lt + 1+73 + 2,19b + 661 + 681t * 13lt + 1,1480 + 1,691 - 1,122 + 232 + 5o!t 1 / Country bank data f o r December c a l l dates. 2/ Beginning July 1 , 1959, changes are on revised b a s i s . 3 / Country bank a s s e t s and l i a b i l i t i e s were increased about $350 m i l l i o n in April 1959 as a r e s u l t of inclusion of a national bank i n Hawaii and the s h i f t i n g of s i x national banks i n Alaska from nonmember banks. (Loans +200; U. S. Govt. +100} other s e c u r i t i e s +50.) Note: Data f o r country banks include interbank loans, which on June 10, 1959, were about $100 m i l l i o n . Data f o r weekly reporting banks include interbank loans prior t o 1952. ' Not for publication L.li.3 — 10 — Table 2 Changes in Commercial and Industrial Loans 1 / (In millions of dollars) ~~ Business of Borrower Last Wednesday in October to l a s t Wednesday in November 1959 Food processors Commodity dealers Trade concerns Total Classified Unclassified Total change Total change excluding sales finance 19# 1927 1955 195k 1952 1953 + 63 + 181 + 173 +T07 + + + + 150 81 108 339 2/ + 1*2 - 175 + 60 + 315 + 63 - 56 • 5o + 39 - 169 + 192 - 89 + 116 + 253 — 38 -191 + I87 - 1*9 - 25 + 67 Sales finance All other - t o t a l 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 1958 V + 1*9 + 53 + + + + - - 71 + 61 + - 33 + 15 - 16 - 56 + 15 - 13 - + + - 1*0 8 63 + 151 + 68 + 9 7 + 52 + 31 + 183 + 282 + 25> - k9 + + 135 108 87 330 88 2h - 57 89 + 76 2 - 1*2 - 30 + + 10 + 32 + 73 6 - 22 66 + 31 + 22 + 1*9 + + + + - 130 + 73 + 131 + 81 + 30 + 67 + 291 +221 + 156 112 91 359 + 65 - 1*1* - 57 - 17 11* + 7 + 1*7 + + 18 - 21 + 3 13 - 72 + 69 21* - 1 3 5b - 22 + 1*61* - 79 + 331 - 91 - 163 + 53lt + 899 + 316 - 18 - 55 9 |/+ 773 + 385 + 2l*0 - 211 + 1*79 + 890 >/+1089|/- 96 + 385 + 198 - + 21 - 25 + 610 71 9 + 601 36 + l a 9 + 575 $+y>26W- 1*0 + 536 1/ 2/ 3/ %/ Prior to week ending January 11, 1956, included changes i n agricultural loans. Not included in business loans on revised b a s i s . Less than $500 thousand. Data f o r 1958 have not been revised f o r additional banks and coverage. Includes CCC c e r t i f i c a t e s of interest which are estimated t o have increased $828 million. 6 / Includes CCC c e r t i f i c a t e s of interest which are estimated to have increased $175 million. Note; Classified data are f o r a sample of about 210 banks reporting changes in their larger loans, these banks hold over 95 per cent of t o t a l commercial and industrial loans of a l l weekly reporting banks and nearly 75 per cent of those of a l l commercial banks. - 11 - L.lt.3 Table 2 Changes i n Commercial and Industrial Loans 1 / " (In millions of dollars) Last Wednesday in June to l a s t Wednesday in November Business of Borrower Food processors Commodity dealers Trade concerns Total 1958 3 / + 1*75 > 576 + 158 +1,509 + 1499 + 388 + 318 +1,205 + + + + 35b 337 21*6 933 - - 677 - 2/ Sales finance All other - t o t a l 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 othertypes of business Classified Unclassified Total change Total change excluding sales finance 1956 1959 73 1*9 + 17 9 + 580 - 1955 + 651* + 1*18 + 635 + 1*75 + 257 + 371 +1,51*6 +1,261* 1951 + 388 + 1*61 + 188 +1,037 + + + + 1*15 + 686 327 + 660 186 + 227 928 +1,573 1*18 + 223 - 196 - 308 ; + 138 + 61*3 + 829 51*8 - 221* 79 - 565 521* - 231* 81*1* 189 - 139 61 + 62 + 321 30 38 + 68 56 7 201* 1*5 - 16 + 5 - - 109 + 60 + 1*9 - 96 + 79 17 + 211* 28 57 55 58 101 131* + 232 - 77 + 151* 313 + 161* + +1,582 + 1*33 - — 165 - 21*2 - 1*86 + 266 - 70 153 20 1952 1953 9 + 318 16 - 192 1957 271 68 3 2 65 • + + 70 68 23 + 129 - 589 +1,771 +2,316 388 +2,029 275 1*15 - 232 y- 121 y - 27, y-+ 20 + 71* +1,1*17 + 191 -1,00k + 1 , 5 3 9 ^ , 1 9 5 ^ + 2l*8y+ 1*08 +2,103 +1,1*17 + 383 - 327 +1,957^1,972^+ l*l*l*y+ 716 +1,965 Prior to week ending January 11, 1956, included changes in agricultural loans. Not included i n business loans on revised b a s i s . Data f o r 1958 have not been revised for additional banks and coverage. Includes CCC c e r t i f i c a t e s of interest which are estimated t o have declined $300 million. Includes CCC c e r t i f i c a t e s of interest which are estimated t o have increased #353 million. 5 / Includes CCC c e r t i f i c a t e s of interest which are estimated t o have increased $175 million. 2 5/ Note: Classified data are f o r a sample of about 210 banks reporting changes In t h e i r larger loans, these banks hold over 95 per cent of t o t a l commercial and industrial loans of a l l weekly reporting banks and nearly 75 per cent of those of a l l commercial banks. L.U.3 - 12 - Table 2 Changes in Commercial and Industrial Loans 1 / (In millions of dollars) Business of Borrower Last Wednesday in December to l a s t Wednesday in November 1959 Food processors Commidity dealers Trade concerns Total Sales finance All other - t o t a l Metals and products Textiles, apparel and leather Petroleum, coal, etc, Other manufacturing and mining Public u t i l i t i e s Construction" All other types of business Classified Unclassified Total change Total. change excluding sales finance + 1958^ 1957 1956 1955 19514 1*1* - 159 212 + 105 - 1953 105 + 353 - 122 - 117 201 + 21*9 + 15 + 97 • 7h2 + 160 + 21*5 + 1*28 + 517 + 11*8 + + 910 • 106 61 +1,030 + 1*10 + 128 2/+ lt55 •~i, oU5 +1,292 - 312 - 71*0 + 387 +1,188 +3,606 +2,352 796 386 -1,101 T133 + • 620 * 4 169 17 - 105 202 9 352 230 910 4 4 4 208 • 1*8 177 - 118 89 + 105 118 1*95 W*9 1*0 579 3 132 303 • 300 - 12 +2,657 -1,325 23 - 1*23 J/+2 $ 63k 811 <*> 371 1952 206 305 391* 117 398 — 181 25 122 31* 80 5W* +1,598 Ko8I 289 1*66 60 28 81* — 80 1*7 + 380 208 1*1*2 235 1*7 11*5 139* 79 + 11*6 81 70 1*1 16 + 1*56 270 58 + 100 815 +3,8951+3,572 •l,0l*0|+ 28 +1,1*81* 570 1 1 3 V - 299 208W- 211* 18 -1,71*7 + 21*5 +3,782 ^ 2 7 3 b 4 , 2 l * 8 | / . 185 +1,1*66 +2,179 - 702 557 +1**522 ^2,1*62 ^ 877 V+ 213, +1,51*6 -rj Prior to week ending January 11, 19$o, included changes in agricultural loans 0 Not included in business loans on revised basis after July 1„ 3/ Data.for 1958 have not been revised for additional banks and coverage<, u / Includes CCC'certificates of interest which are estimated to have declined by #820 million. 5 / Includes CCC c e r t 1i f i c a t e s of interest which are estimated to have increased by $1*20 million. 6 / Includes CCC c e r t i f i c a t e s of interest which are estimated to have increased by $175 million. 7/ Includes sales finance through July 1. Notes Classified data are for a sample of about 210 banks reporting changes in their larger loans. These banks hold over 95 per cent of t o t a l commercial and industrial loans of a l l weekly reporting banks and nearly 75 per cent of those of a l l commercial baiks. - 13 - LiU.3 Table 3 Estimated Changes in Deposits and Currency (In b i l l i o n s of dollars) Item Seasonally adjusted data 1 / Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data 1 / Demand deposits adjusted "~ Currency outside banks Total Time deposits Commercial banks Mutual savings banks U, S. Government deposits Total factors affecting deposits and currency " Bank loans and investments other than U. S. Govt. sec.3/ Commercial "~ Mutual savings Bank holdings of U. S. Government securities: Federal Heserve Commercial Mutual saving and other Gold stock and foreign deposits at F. H. Banks Other factors l/ ~ 2/ "%J Last Wednesday in October to Last Wednesday in November 1959 1958 1957 1956 — 0.1 o.l 0.3 + 0.7 - 0.6 * 0,3 - 0.2 + 0.2 0.2 0.2 + O.5 + 0.1 + 0.9 2/ + + 0.8 + 0.3 + 0.2 + O.lt + 0.8 + 0.8 + 1.2 TTTt - 0.8 — 0.8 - 0.9 - 0.6 + 0.1 t 0.& + 0.7 + 0.7 — 0.5 -0*5 0i9 + 0.3 + 1.2 — 0.6 - 0.6 1955 + 0.6 1951 + O.li + 0.1 + 0.5 + 0.9 + 0.6 TTZ - 0.5 - 0.5 TXT TT3 + 1.8 + 2.0 + 2.0 - 1.3 2/ - O.5 - o.l* 2/ + J.h -¥.3 J i + 3.1 - 0.6 + 2.0 + 1.8 + O.5 IT (signs indicate e f f e c t on deposits and currency) + 2.1 + 0.5 + 1.0 + o.i + 0.2 - 1.0 + 1.9 TTO + 1.5 2/ - 1.3 - 0.1 + 0.1 - 0.2 + ¥.2 - 0.1 - T O + 0.2 - 0.3 + 0.8 T1H7 + 0.2 1.2 - O.lt 7C3 0.7 0.2 0.2 0.1 0.1 - 0.2 0.2 + 0.2 + 0.2 " + T O - 1.5 - 0.1 % — 0.1 - 0.1 Seasonally adjusted data are for l a s t Wednesday throughoutj unadjusted data are for l a s t Wednesday except in case of June and December c a l l dates, when available. Less than $50 million. Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banks; changes in these items are generally relatively small. In addition even i f 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, while t o t a l loans exclude only those to domestic banks. Also, there i s some lack of synchronization i n reporting asset and l i a b i l i t y items used in computing "loans net." Mot for publication — Hi — Table 3 L.it.3 Estimated Changes in Deposits and Currency (In b i l l i o n s of dollars) End of June to Last Wednesday in November Item 1959 Seasonally adjusted data 1 / Demand deposits adjusted" Currency outside banks Total V - 0.7 + 0.1 — 0.6 y Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Factors affecting deposits and currency Bank loans and investments other than U. S. Govt. sec. 3 / 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 1928 1957 19# 1955 195k + 3.2 — l.ii + 0.3 + 0.1 T-oth + 0.7 + 0.3 +~T7o - 0.1 + 3.6 - 0.3 733 + 0.3 + + + + + O.lt — O.li + 0.5 + 0.2 +171 + 0.2 + 6.2 + 1.6 + 3.2 +%2 - 0.7 + 0.5 + 0.7 1-3.9 + 4*!i t t j + 1.2 + 1.0 + 2.2t + 0.8 — 0.8 --0.1 + 1.0 + 1.2 + 0.7 + o.h - 0.1 %7 0.5 a.2 0.3 - 0.1 - 0.8 +~JT? + 3.1 + 5.9 + o.U +T75 + l.o + 0.6 + 0.5 + 0.6 TT^ (signs indicate e f f e c t on deposits and currency) + 5.0 + b.ll + 0.7 + 2.0 + l.ii + 1.1 + 1.0 + 0.1 + 1.0 - 2#2 + 0.8 — 2.6 - 0.5 + + + - + + + = - 0.5 - o.u - 0.7 — 0.6 3.7 0.9 3.1 0.1 1.6 0.7 l.ii o»5 + 0.3 - 0.8 + 2.5 TT79 + 1.1 + 1.7 "53 + 1.6 — 0.5 2/ -"1.0 + 6.1 "+1T.2 > 0.9 H 3 ~ 1.6 + 5.8 - 1.9 - 0.3 " 0*3 2/ - 0.1 + 0.6 -0.8 + 1.0 + 6.6 - 1.2 m/ wtxoviKx*.jlj ciujuoueu udud are ±vr weanesaay unrougnouu5 unacyuSueoi aasa are "" for l a s t Wednesday except in case of June and December c a l l dates, when available. Data f o r June 1959, 1958, and 1957 are for l a s t Wednesday throughout. 2 / Less than $50 million. 3/ Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banks; changes i n these items are generally r e l a t i v e l y small. In addition even i f 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 8 because commercial banks exclude a l l interbank loans, domestic and foreign while t o t a l loans exclude only those to domestic banks. In addition, there i s some lack of synchronization in reporting asset and l i a b i l i t y items used in computing "loans net." k / In August 1959, as a result of the addition of nonmember banks in Hawaii demand deposits adjusted increased $200 million and time deposits at commercial banks increased $200 million. Not f o r publication - 15 Table'3 L.lt.3 Estimated Changes ifi Deposits and Currency (in b i l l i o n s of dollars) Item Seasonally adjusted data 1 / Demand deposits adjusted"" Currency outside banks Total Seasonally unadjusted data 1 / Demand deposits adjusted Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Factors affecting deposits and currency Bank loans and investments other than U. S. Govt. sec. 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 foreign deposits at F. R. Banks Other factors V 1959 h/ 1958 0.5 0.U + 0.9 — 2.1t + O.lt + 1.6 + 2.0 + 0.6 + + 0*2 + 0.1 19# 19*6 195U — 0.8 + 1.2 + 2.8 + 3.3 - O.lt + 2.9 — 1.6 + o.it + o.b - o.h >0.5 +7 3 + 7.7 + 1.5 1957 + + 6.0 1.8 1.6 +11. h — li.2 + 0.3 + 1.5 + 0.2 - 0.3 + 5_.lt + it.E + 1.3 + 2.5 - 0.8 + 0.6 + 1.2 + 1.5 + 1.3 + 1.9 + 0.5 + 3.3 + O.It + 2.1 + + + 0.9 1.5 o.i 2 .It + 1.5 • 0.6 +X5 + 3.9 + 2.6 + 1.5 + 2.6 + 7.5 (signs indicate e f f e c t on deposits and currency) +10.3 + 6.1 + 1.5 +3^ + 2.7 - 8.2 +10.6 — 8.1 - 0.5 + 9.5 - o.L - 1.0 - 2.0 ToIH -1.0 + 1.6 - 3.3 + It.8 +3in + 2.1 + 7.9 +33 + 2.1* +12.2 •mx + 2.1 + 5.3 + 3.0 + 2.3 *3.8 - 1.3 - 1.7 -0.7 - It . 5 — 0.5 — 3.U -0.7 - 8.8 . - 0.7 — 7.6 - 0.5 + 1.7 - l.It + 6.7 — 0.6 + 0.9 - 1.3 + 0.2 2/ - 1.0 - 0.3 - 2.2 - 1.7 Seasonally adjusted data are f o r l a s t Wednesday throughoutj unadjusted data are f o r l a s t Wednesday except in case of June and December c a l l dates, when available. Less than $5& million. Total includes foreign loans on gold, holdings of bankers1 acceptances at the Federal Reserve, and loans to foreign banks; changes in these items are generally r e l a t i v e l y small. In addition even i f 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 while t o t a l loans exclude only those to domestic banks. In addition, there i s some lack of synchronization in reporting asset and l i a b i l i t y items used in computing "loans net." During 1959, as a result of structure changes, demand deposits adjusted increased $lt00 million j time deposits at commercial banks increased #700 million, and time deposits at mutual savings banks declined $300 million. % V End of December to Last Wednesday i n Novenber Hot for publication — 16 — Table It Iael*e3 Free Reserves (excess reserves minus member bank borrowings; based on average of daily figures; in millions of dollars) All member New York Chicago Reserve city Country Quarterly averages 19!?8 * F i r s t Second Third Fourth 31b 568 3l*l 25 - 10 18 28 It it - 16 1* 1 17 - 27 63 - 55 - 191* 366 1*22 1*21* 280 1959s First Second Third - 82 - 363 - 528 - 25 - 52 - 202 - 67 — 56 - 1*2 - 215 - 393. - 1*31 225 137 11*6 195)8: June July August September October November December 1*81* 51*6 383 95 96 20 - a 7 16 22 79 8 1*3 80 12 1* 3 3 «• 16 - 32 - 57 56 22 201 198 189 197 1*08 1*71 1*26 378 305 268 268 January February March April May June July August September October November - 65 28 16 89 51 15 15k 225 227 210 181* - 53 - 26 - 122 - 61* - 1*1 - 63 - 1*7 - 35 - 1*1* - 82 - 62 - 223 195 228 281* 360 535 1*82 1*20 391 338 369 281 202 191* 178 133 101 121* 11*5 169 171 180 November It 11 18 25 - 27 - 385 - U01 - 389 - 169 - 301* - 255 - 87 - 55 66 81 29 - 31*1 295 313 1*10 138 280 21*8 137 December 2 - 1*89 - - 63 - 1*1*3 82 1959: Notes 59 1*7 11*0 258 318 513 557 535 1*93 159 135 - 71* Data f o r second h&lf of November and 1st half of December are preliminary. Not f o r publication - 17 - L.1u3 Table 5 Changes i n Member Bank Reserves, with Relevant Factors (Monthly average of daily figures; in millions of dollars) November Item July - November January-November 1958 1959 1958 1959 1958 1959 Member bank reserve balances Total Required reserves 1 / Effect of reduction in requirements Effect of deposit change Excess reserves 1 / + 11 + 6h + 170 - 60 - 278 - 880 + 111 + 79 + 13li + 60 - 20lt - 809 3 + - + 13ii + 36 + 60 - 120 - - 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 — rn.rn.mm 79 15 204 7li -i,44o + 631 71 (signs :jxdicate <affect on reserves, - 232 - 3li2 + + - 68 16 21 20 + + + 79 111 u 23 - 189 - 353 693 + 164 + 200 - 1i89 + 250 + 85 5 - 837 + 67 + 123 + 45 -1,037 Ii02 72 -2,052 + 136 - liOli — 188 - 51t9 -1,295 -1,010 -2,308 - 390 - + - 337 Federal Reserve loans and investments: Total U. S. Govt, securities Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others + 198 + 10.9 + 718 +1,237 + 730 +1,431 + 215 + w + 66 + 6 + 351 + 302 + 52 + 2 + 769 + 679 + 90 + 1 + 900 + 864 + 36 9 + 1+20 + 412 + 8 12 +1,668 +1,947 - 279 9 — + + + — - + 344 + 2 + 322 - 26 3 1 / Data f o r November 1959 are preliminary. Not for publication 61 2 1+2 10 224 4 L.4.3 Tear or month ® ™ 18 — @ Deposits and Currency (in b i l l i o n s of dollars) (1) (2) (3) (U) (5) (6) (7) (8) (9) (10) (11) (12) Seasonally adjusted Seasonally Time deposits Total money supply 1 / adjusted U„ S. Curdeposits money Demand CurGov't, rency and Demand supply and deposits Total rency Total CommerMutual deposits Postal outside currency (2+3) deposits outside time dep. adjusted (7+8+9) c i a l savings savings 2/ banks (5+6+10 adjusted banks at cojn'l +11) banks(l+7) End of Dec. 89.8 lilt.3 1950 24.5 150.6 92.3 20.0 59.2 36.3 2.9 180.6 25.4 3.7 120.1 1951 25.6 158.0 94.5 98.2 61.5 20.9 37.9 2.7 26.3 3.9 189.9 124.7 26.9 97.8 1952 165.4 101.5 65.8 22.6 40.7 2.5 5.6 27.5 200,4 126.8 1953 27.3 99.5 170.5 102.5 70.4 43.7 24.4 2.4 28.1 4.8 205.7 102.8 129.7 26.9 106.6 1954 176.5 46.8 75.3 26.3 2.1 5.1 214.8 27.9 105.8 133.2 1955 181.6 27.4 109.9 78.4 28.1 48.4 1.9 28.3 221.0 4.4 13ii.li 106.7 1956 185.0 27.7 111.4 82.2 50.6 1.6 30.0 28.3 226.4 4.5 133.2 105.1 1957 28.1 189.3 110.3 89.1 56.1 31.7 1.3 28.3 4.7 232.3 1958: Oct. 29 138.1 110.2 201.0 27.9 111.0 62.9 1.2 97.4 28.0 33.4 4.2 240.6 Nov. 26 138.8 110.6 28.2 200.9 111.9 96.8 62.1 1.1 28.8 6.3 33.5 243.7 28.1 139.lt 111.3 Dec. 31 202.6 115.5 98.3 63.2 1.1 34.0 28.7 4.9 247.5 1959: Jan. 28 3 / 138.5 110.7 27.8 201.9 113.8 98.4 1.1 63.4 33.8 27.6 5.3 245.1 Feb. 25 ~ 111.2 27.9 139.1 202.8 111.3 98.7 1.1 63.7 34.0 5.0 27.7 242.7 112.2 28.1 Mar. 25 140.3 204.4 110.3 64.1 99.5 1.1 34.3 4.4 242.0 27.9 28.2 140.7 112.5 Apr. 29 h / 205.2 112.5 99.9 1.1 64.5 34.1 5.1 27.9 245.4 112.6 llt0.9 May 27 28.3 205.9 110.7 100.5 65.0 1.1 28.1 34.4 5.7 245.0 1U0.9 112.5 June 24 28.4 206.3 101.1 110.7 1.1 65.4 34.6 28.3 5.2 245.4 July 29p 142.7 114.2 28.5 208.0 112.7 100.8 65.3 1.0 5.6 34.5 28.4 247.6 Aug. 26p 5 / Ujl.4 112.9 28.5 206.9 111.1 101.2 1.0 65.5 34.7 6.5 28.5 247.4 112.2 Sept. 30p HtO.5 28.3 206.2 111.4 101.5 1.0 65.7 34.8 7.1 28.5 248.5 1U0.1 111.9 28.2 Oct. 28p 205.6 112.7 101.2 1.0 65.5 34.6 6.0 28.3 248.2 111.8 1U0.3 Nov. 25p 28.5 205.0 113.1 100.3 1.0 64.7 34.6 29.1 5,1 247.6 P Preliminary. 1/ Seasonally adjusted series begins in 1947 and i s available only for l a s t Wednesday of the month. 2 / At commercial, sayings, and Federal Reserve Banks. 3/ As a result of the addition of a l l banks in Alaska, time deposits at commercial banks increased almost $100 million and demand deposits adjusted increased about #100 million.. As a result of the absorption of a mutual savings bank, time deposits at commercial banks increased $300 million and those at mutual savings banks declined $300 million. 4 / As a result of inclusion of a national bank in Hawaii, demand deposits adjusted increased about $100 million and time deposits at commercial banks about $100 million. 5 / A s a result of inclusion of a l l banks in Hawaii, demand deposits adjusted increased about $200 million and time deposits at commercial banks about $200 million. On balance in 1959, as a result of structure changes, demand Digitized for deposits FRASER adjusted increased $400 million, time deposits at commercial banks increased $700 million; and time deposits http://fraser.stlouisfed.org/ at mutual savings banks declined $300 million. Not for publication Federal Reserve Bank of St. Louis - 19 - L.ii.3 Loans and Investments a t All Commercial Banks (In b i l l i o n s of dollars) Date 1 Loans and investments U. S. Other Govt. secur- Total secut- i t i e s loans ities Business Real Secuestate r i t y Farm Con- All sumer ot^er 2.8 3.1 3.it it.2 it.5 U.9 5.1 5.6 6.5 6.9 7.2 191*7$ 19U8« 19h9t 1950: 6.951: 1952: 1953: 1951: 1955: 1956: 6.957: Dec. 31 Dec. 31 Dec. 31 Dec..31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 116.2 llit. 2 120.1 126.6 132.5 llil.5 1U5.5 155.7 160.3 16U,5 169.3 69.2 62.6 67.0 62.0 61.5 63.3 63.it 69.0 61.6 58.6 58.2 9.0 9.2 10.2 12.it 13.3 llt.l lit. 7 16.3 16.7 16.3 17.9 37.9 it2.lt it2.9 52.2 57.6 61.0 67.lt 70.lt 82.0 89.7 93.2 18.2 18.9 17.1 21.9 25.9 27.9 27.2 26.9 33.2 38.7 lt0.5 9.It 10.8 11.5 13.5 lit. 6 15.7 16.7 I8.lt 20.8 ,22.5 23.1 2.1 ' 2.3 2.6 2.9 2.6 3.2 3.6 it.5 5.0 lt.3 k.2 1.7 3.8 2.9 • It. 8 5.8 3.1 2.9 7.1t 3. it 7.5 9.1t 3.9 5.0 : 10.9 10.9 5.2 it.5 13.2 It. 2 lit. 6 it.l 15.8 1958: June 23 July 30 Aug. 27 Sept. 2k Oct. 29 Nov. 26 Dec. 31 178.2 176.2 178.3 177.9 180.1 182.7 I81i.it 6lt.2 6lt.l 66.1 6it.7 66.2 67.7 66.lt 20.1 19.9 20.2 20.6 20.5 20.3 20.6 93.9 92.2 92.1 92.6 93.it 9lt.7 97.5 38.9 37.9 38.3 38.7 38.9 39.3 lt0.lt 23.7 23.9 2lt.l 2lt.3 21.7 25.0 25.3 5.6 it.5 3.6 3.7 3.6 3.9 It. 7 it. 6 it.6 lt.6 lt.7 it.8 it .9 5.0 15.7 15.8 15.9 15.7 15.7 15.7 15.9 7.3 7.2 7.3 7.1t 7.6 7.9 8.2 183.8 181.9 181.1 183.8 183.9 181.2 185.7 186.1 186.3 186.6 185.9 67.5 65.5 63.2 63.6 62.6 60.9 61.1 60.3 59.2 59.6 58.3 20.lt 95.9 20.lt 96.0 20.6 97.it 20.9 99.3 20.8 100.5 20.6 102.8 20.6 103.9 20.5 105.3 20.7 106.3 20.6 106.5 20.3 107.3 39.2 39.2 lt0.2 lt0.6 ltl.lt it2.5 12.8 Ji3.lt ltii.0 ii3.9 lUt.lt 25.6 25.7 25.9 26.3 26.6 26.9 27.1 27.lt 27.6 27.8 28.0 It. 2 It.O 3.9 lt.3 lt.1 It.l li.2 It. 2 lt.1 it.l it.l 5.0 5.0 It. 8 It.9 k.9 5.0 5.1 5.0 5.0 5.0 it. 9- 16.0 16.1 16.3 16.7 17.0 17.lt 17.6 17.9 18.1 18.3 I8.lt 8.0 8.1 8.2 8.it 8.6 8.9 9.1 9.3 9.5 9.L 9.1 1 1959: 1 1 1 / Jan. 28 ~ Feb. 25 Mar. 25 2 / Apr. 29 ~ May. 27 June 2h July 29p 3 / h/ Aug. 26p Sept. 30p Oct. 28p Nov. 25p 1 1 4 Total c r e d i t increased about #200 million as a r e s u l t of bank s t r u c t u r e changes %/ Total c r e d i t increased about $300 million as a r e s u l t of bank s t r u c t u r e changes. %/ Structure changes in 195)9, on balance through August, added almost #1 b i l l i o n to t o t a l ~~ c r e d i t ; $600 million i n loans; $300 million i n U. S. Government s e c u r i t i e s ; and $100 million in other s e c u r i t i e s . Real e s t a t e loans increased about $300 million; business loans $100 million; and consumer loans, $100 million. 5/ Revised beginning 1956 Notes 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. 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 a l l commercial banks w i l l not be revised to conform with changes in weekly reporting data u n t i l a l l bank data are available on new b a s i s . http://fraser.stlouisfed.org/ Not f o r publication Federal Reserve Bank of St. Louis December 1 7 , 1959
@FedFRASER