The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
L.4.3 EEDERAL RESERVE BANK of KANSAS CITY JUL 1 5 B S f a o AMD MONETARY DEVELOPMENTS IN JUKE 1957 RESEARCH LIBRARY Summary. Total loans and Investments at a l l commercial banks Increased s l i g h t l y in June as sharp expans i o n in loans, mainly t o businesses t o meet tax payments, was o f f s e t in large part by a reduction in holdings of U, S, Government s e c u r i t i e s . Demand deposit and currency holdings of businesses and individuals increased somewhat more than seasonally. Net borrowed reserves of member banks increased. Short-term money market rates advanced. Bank c r e d i t . Preliminary estimates indicate that t o t a l loans and investments at a l l commercial banks Increased $400 m i l l i o n in June, as shown in Table 1, • Total loans increased $2 b i l l i o n , while holdings of U. S, Government s e c u r i t i e s declined $1.6 b i l l i o n . About $1 b i l l i o n of the reduction occurred at weekly reporting banks in leading c i t i e s and the remainder at outside banks which generally show a substantial decline i n holdings of these s e c u r i t i e s • i n June. Last year in June, t o t a l credit growth was larger. While loan expansion was smaller, U, S. Government security holdings declined l e s s . Business loans accounted f o r most of the loan expansion, with an increase of $1,6 b i l l i o n . This was concentrated in the two weeks nearest the mid-month tax payment date, when business loans at c i t y banks rose $1.3 b i l l i o n . This was about the same as the record volume of tax-period borrowing in March 1956 and about $300 m i l l i o n more than in June 1956, when taxes payable by corporations were about $600 m i l l i o n larger than t h i s year. Banks in New York City accounted f o r somewhat over half of the increase, as in other recent tax periods. Early in June, business loans rose l e s s than l a s t year, but l a t e i n the month they increased further whereas l a s t year they had declined. A l l business groups with the exception of commodity dealers increased t h e i r borrowing from banks during June, as shown in Table 2. Borrowing by s a l e s finance companies and public u t i l i t i e s showed the l a r g e s t growth, more than twice as much as l a s t year. These two business categories were the principal f a c t o r accounting f o r t h i s y e a r ' s higher l e v e l of business borrowing. Part of the finance company r i s e r e f l e c t e d the usual tax period s h i f t in financing from paper d i r e c t l y placed with nonfinaneial Not f o r publication - 2 Table 1 P*l»kf3 Estimated Changes i n Loans and Investments at A l l Commercial Banks (tn b i l l i o n s o f d o l l a r s ) Item Total loans (excluding interbank) Business Real e s t a t e Security Agricultural Consumer All other 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 ( l e s s interbank) ! 1956 1956 1957 1957 May 30- May 31» Jan. 1 - Jan* 1— June 26 June 30 June 26 June 30 Year ending: 1956 1957 June 30 June 26 +11.5 + 2.0 + 1.5 + 2.3 + ii»2 + 5.7 + + + + + + 1.3 + 0.2 - 0.1 *» 0 . 1 + o.U y + 1.7 + 0.1 — o.U - 0.3 + 0*8 + 0.1 + + *• + + 2/+ 7.2 + it.3 + 0*8 ?/+ 2 . 0 - 0,5 — o«U + 2.1 + 1.2 + 0.5 + 0*3 - 0.7 - 3o3 — 5»o - 1.3 — 6.7 1/ + 0.1 + 0*5 - 0.2 + 0.3 - 0.3 I + o„lt + 0.9 — 0*5 1 - 1.0 + U.7 + U.5 1*6 0*1 0.1 0.1 0.2 0.1 — 1.6 2*9 1.0 0.6 0*2 1.0 0.2 "X, F i r s t half * Item Total loans (excluding interbank # + 1.8 - 0.5 + 0.5 — 0*6 + o.U + 0.5 + 1.7 + 0.6 - 0.2 + 0.2 + + + + + 2.0 - l.l + l.lt + o.5 Other s e c u r i t i e s - o.U + 0.2 + 0.1 0.1 0.9 0.2 0.2 0.8 0.3 + 0.2 + 0.8 + 0.1 - 5.7 + 0.1 - h.7 - 0. 3 - 3.5 - 1.3 + 0.5 + 0.9 + 0.1 + 0.7 + 0.3 + 1.0 + 0.7 - 3.7 + 1.8 - 0.7 + 1.6 0 + 0.1 + 1»2 + 0.2 — 0.2 1 Level of business loans increased by, and r e a l e s t a t e loans decreased by, million at end of October 1955 t o correct c l a s s i f i c a t i o n e r r o r s . No back f i g u r e s revised} most of the m i s c l a s s i f i c a t i o n probably occurred during 1955* Note* ^ + 2.5 - 0.3 U. S. Government s e c u r i t i e s 2/ "" + 1.5 + u.u + 0.2 + 0.2 - 0.1 Total loans and investments ( l e s s interbank) + 0.9 1953 1/ - 0.8 + 1.2 + 0*6 # 1951 195U CO # # Business Real e s t a t e Security Agricultural Consumer All other 1950 1952 1955 Data f o r June 1957 are estimates and subject t o error. Preliminary data f o r June w i l l be shown i n the Board 1 s statement# "Assets and L i a b i l i t i e s of A l l Banks i n the United States" available a t the end of July* Not f o r publication corporations t o bank borrowing. In the case of p u b l i c u t i l i t i e s , the increase "was in part a temporary s u b s t i t u t i o n f o r s e c u r i t y f i n a n c i n g . Loans t o metals manufacturers and petroleum concerns a l s o shoved s u b s t a n t i a l growth during June but l e s s than l a s t year. So f a r t h i s year, business loans a t a l l commerc i a l banks have increased $ 1 . 7 b i l l i o n compared with $ 2 . 9 b i l l i o n l a s t year and $ 2 . 0 b i l l i o n i n 1955- On balance, however, p r a c t i c a l l y a l l t h i s y e a r ' s growth r e f l e c t e d the unusually large t a x borrowing i n June. During the f i r s t f i v e months of 1957> business loans were v i r t u a l l y unchanged whereas i n the same period l a s t year they had increased $ 1 . 6 billion, Metals manufacturers, p u b l i c u t i l i t i e s , petroleum concerns, and s a l e s finance companies have been t h e l a r g e s t borrowers t h i s y e a r . Last year, as i n most other y e a r s , borrowings by s a l e s finance companies declined over the f i r s t h a l f of the y e a r . Loan repayments by seasonal borrowers were l a r g e r than l a s t year, when they were unusually small, but about the same as in most other recent y e a r s . Real e s t a t e loans increased somewhat i n June, both a t c i t y banks and a t a l l other commercial banks. At c i t y banks, t h e s e loans had been d e c l i n i n g s i n c e l a s t f a l l , r e f l e c t i n g i n large part l i q u i d a t i o n of p r e v i o u s l y entered mortgage warehousing arrangements, but the reduct i o n had been about o f f s e t by expansion a t other banks. Consumer loans rose an a d d i t i o n a l $200 m i l l i o n i n June, bringing the six-months' Increase t o $800 m i l l i o n , somewhat below l a s t y e a r ' s $1 b i l l i o n r i s e . A g r i c u l t u r a l loans declined s l i g h t l y in June while s e c u r i t y loans rose. During the f i r s t h a l f of 1957# t o t a l loans and investments a t a l l commercial banks declined $500 m i l l i o n , compared with $1 b i l l i o n l a s t year and $800 m i l l i o n i n 1955« Loan growth has been' about one-half as large as in 1956 while holdings of U. S. Government s e c u r i t i e s have declined t h r e e - f i f t h s as much. Holdings of other s e c u r i t i e s have Increased whereas l a s t year they declined. Not f o r p u b l i c a t i o n r^wtl|o3 - 1* Table 2 Changes i n Commercial and Industrial Loans 1 / Tin" m i l l i o n s of dollars) ~~ Business of Borrower 1956 1951* - 51*0 « 1*61 + 11*6 - 05^ - 505 363 1*1 909 + 589 - 175 - 230 + 61*0 +1,278 577 + 1*20 T j - m Sales finance + All other - t o t a l Metals and products T e x t i l e s , apparel and l e a t h e r Petroleum, c o a l , e t c . Other manufacturing and mining Public u t i l i t i e s Construction All other types of business +1,090 +1,066 + 292* + 396 +2,021* +2,961 + 934 +1735? +1,521* + 177 - + + 1*0 + 62 201 + 170 + 11*8 + 238 + 290 + 1*21* + + + - + + + 97 + 106 31*8 + 222 25 + 2h + 213 + 369 + 510 + 365 5U — 16 + Total change 319 85 + + 25 96 35 - 59 + 370 - 86 w - 1*51* - 302 538 - 386 1 + 171 993 322 55 + 11*9 220 313 1953 - 657 - 868 - 61*1* - 631* + 215 - 105 -1,086 -1,607 91 - 156 1*5 + 73 176 + 153 + 381* + 131* 1 + + 126 + + 71 + 90 + 12 18 + 76 2 18 + + 11 - 28 11*3 106 - +1,019 + 63 +1,257 +1,1*02 +2,121* -1,311* - 11*6 + 119 2 / - 179 3 / - 182 - 536 — 51*6 91 269 - +1,1*1*3 +1,082 +1,256 +2,21*3 2/+l,078 3/-1,1*96 - 805 - +1,1*12 + 31 CCC c e r t i f i c a t e s of i n t e r e s t , which are included i n data# may have declined $520 m i l l i o n . 3/ "* CCC c e r t i f i c a t e s of interest# which are included i n data, may have increased $65 m i l l i o n . C l a s s i f i e d data are f o r a sample of about 210 banks reporting changes i n t h e i r larger loansJ these banks hold over 90 per cent of t o t a l commercial and i n d u s t r i a l loans of a l l weekly reporting banks and nearly 70 per cent of those of a l l commercial banks. Data are preliminary f o r week of June 26, 1957. Not f o r publication 217 55 + 10 2/ Note: 1952 1955 + — + + + 20 + 65 1*8 3 1957 Food processors Commodity dealers Trade concerns Total Classified Unclassified # i'irst 26 weeks 1956 1957 May 30- May 31Jime 26 June 27 637 Deposits and currency. Preliminary estimates indicate that demand deposit and currency holdings of businesses and individuals increased about $400 m i l l i o n more than seasonally in June, as shown in Table 3. At the month-end, the seasonally adjusted money supply was l e s s than 1 per cent above the year-ago l e v e l , and about 2 per cent above the l e v e l of June 1955* Time deposits at commercial banks rose further i n June, although l e s s rapidly than in May. During the f i r s t half of 1957, these deposits increased $3.5 b i l l i o n compared with $1.3 b i l l i o n l a s t year. Deposits a t mutual savings banks rose moderately further in June. Recently, they have t e e n increasing a t about the same rate as a year ago compared with smaller growth e a r l i e r i n the year. U. S. Government deposits a t commercial banks declined $600 m i l l i o n during June. They rose s u b s t a n t i a l l y on July 3, when payments were made f o r the $3 b i l l i o n new tax a n t i c i p a t i o n b i l l s . On balance, t o t a l deposits and currency increased $500 m i l l i o n in June r e f l e c t i n g the s n a i l growth In t o t a l c r e d i t a t commercial banks noted above and further loan expansion a t mutual savings banks o f f s e t i n part by seasonal reductions in holdings of U. S. Government s e c u r i t i e s a t mutual savings banks and by s a l e s of Government s e c u r i t i e s a t the Federal Reserve. Bank reserves. Net borrowed reserves of a l l member banks averaged $500 m i l l i o n in June, somewhat above the $440 m i l l i o n average of May, as shown in Table 4 . Average bank borrowings from the Federal Reserve rose t o over $1 b i l l i o n , while excess reserves continued t o average around $500 m i l l i o n . Tightening in reserve p o s i t i o n s occurred only a t central reserve c i t y banks i n New York and a t reserve c i t y banks. At central reserve c i t y banks in Chicago, net borrowed reserves declined, and a t country banks, f r e e reserves increased. The e f f e c t i v e rate on Federal funds remained c o n s i s t e n t l y a t 3 per cent over the month. Met borrowed reserves averaged between $420 and $550 m i l l i o n during most of June, During the week ending July 3, however, they rose t o $720 m i l l i o n as month-end and pre-holiday currency outflows and declines in f l o a t drained more'reserves than were provided through System purchases of U. S. Government s e c u r i t i e s and r e ductions in required reserves. Not f o r publication - S.U. 3 6 - Table 3 Estimated Changes In Deposits and Currency (In b i l l i o n s of dollarsT" Item Seasonal].y adjusted data 1 / Demand deposits adjusted" Currency outside banks Total Unadjusted data l / Demand deposits adjusted Currency outside banks Total Time deposits U8 S. Government deposits Total ""1957 May 30June 26 + 0,5 — 0.1 + 0, + o*6 - o.i + 0.6 — 0.6 "+"53 May 31" June 30 1957 Jan. 1 June 26 1956 Jan. 1* June 30 + 0.7 + o.U + 0.9 + 0.8 TTO n r r + o.5 + 0.9 +33 * 6.0 — 5»2 + 0.1 + 1.0 - Oel 7-23 + 0.2 - o<>5 + U»0 + 0c7 TTT3 + 0.2 2/ — 5.2 + 2.2 + 1.6 — 1.3 Year ending: T^T" June 26 June 30 + O.U + 1.8 + 0o3 + 0,7 + 0.5 + 2.3 + 0.7 - 0*5. + 1.5 + 0.9 +%I + 3.5 + 0.3 +~57f + 0.2 + 5o6 — 0o9 + U.9 ( s i g n s indicate e f f e c t on deposits and currency) Factors a f f e c t i n g deposits and currency Bank loans and investments +13.8 + 8.1 + 5,U + 3.6 other than U* S* Govt* sec@3/ + 2»2 + 6.0 +11.2 + ii.O + 2c.ti Commercial "* + 2.0 + 2.5 + 2,1 + 1.3 + 1.2 + 0.2 + 0*2 Mutual savings Bank holdings of U, S» - 7,1 — 6.2 - 2*9 — 0*5 - 5.5 - 1.7 Government s e c u r i t i e s : + 0,2 "0:8 - 1,0 - 2.6 + ovu — 0.1 Federal Reserve - 6.7 - 1,3 — 5,o — 1,6 — 0 , 7 - 3.3 Commercial - 0,6 - 0.2 - 0,7 - 0,3 — 0,1 — 0 , 2 Mutual saving and other Gold stock and f o r e i g n + 0.2 + 0.2 + 0.7 + 0,6 deposits at F . R# Banks 1 . 0 - 0.7 0 , 7 + " 0 . 5 o , 5 Other f a c t o r s Seasonally adjusted data are f o r l a s t Wednesday throughout; unadjusted data are f o r l a s t Wednesday except i n case of June and December c a l l dates, when available. 2 / Less than $50 million* 3 / Total includes f o r e i g n loans on gold, holdings of bankers' acceptances at the "* Federal Reserve, and loans t o foreign banks; changes i n these items are genera l l y r e l a t i v e l y small. In addition even i f there were no changes i n these items, changes at commercial and mutual savings banks would not add t o t o t a l change which i s "net" because commercial banks exclude a l l interbank l o a n s , domestic and foreign; i n addition, there are probably some bookkeeping d i s crepancies among various banking records. % Note: q Data f o r June 1957 are estimates and subject t o error. Preliminary data f o r June w i l l be shown i n the Board's statement, "Assets and L i a b i l i t i e s of A l l Banks i n the United States" available at the end of July. Not f o r publication L«U«3 , -tT - 7 - Table 1* Free Reserves (Excess reserves minus member bank borrowings; based on average of d a i l y f i g u r e s } i n m i l l i o n s of d o l l a r s ) Period All member 19$ht 1955* December December 1956i January February March April May June July August September October November December 1957s January February March April May June Quarterly averages 1955s F i r s t Second Third Fourth Reserve City Country 16 - 26 - 338 550 338 — 83 - 353 - 336 - 298 - 193 - 203 379 310 319 321* 205 305 360 27U 380 358 393 31*1* - 172 - 2l*9 - 2l*2 - 263 - 367 — 1*85 369 299 280 269 192 218 1*57 371* 375 31*1 New York Chicago 159 - 21*5 *• 50 - 161 «• 83 - 255 - 198 - 138 - 17U »• 266 - 1*08 533 50U 195 139 339 213 195 151 - I67 - - 103 256 262 153 Ill - h2 9 - 168 356 31*1* 382 296 - 88 33 •» 36 - 158 201* 192 211 91 117 - ia 316 505 1*1*1* 500 - lOU - 185 - 1*0 - 53 - 253 - 210 — 165 ~ 1*7 251 ji 158 1j - 127 - 365 - 29 - 75 1 -112 - 192 - 6h - 67 - 95 - 99 - 150 - 323 - 1*18 - 126 - - 108 -123 -101 - 300 - U8 - 72 - 93 - Ill* - 11*0 - 86 — 21*6 1956? First Second Third Fourth - 310 Ull 230 128 - 170 - 96 - 157 - 166 - 11*7 - 175 - 71 - 113 - 329 1*18 31*1 211* 336 278 338 365 1957: First Second - 108 - 88 - 196 - 115 - llil - 221 - 372 316 226 - - 28 - 75 - 185 - 131 - 59 - 1*5 - 38 - 25 - 36 169 191* 310 260 119 1957« May June July Notes 29 5 12 19 26 3 - I4.Q3 533 1*20 51*8 U81 - 1*1*0 - 721 - 260 - 217 - 169 -100 Data f o r second half of June and July are preliminary* Not f o r publication 1*10 1*55 512 1*93 1*58 570 # , » L.4.3 - 8 — Over June, as shown in Table 5> reserves were absorbed p r i n c i p a l l y through currency outflow and increases in required reserves associated with mid-June credit expansion. Some reserves accrued t o banks through increases in gold stock r e f l e c t i n g , on an average b a s i s , the $300 m i l l i o n purchase from the International Monetary Fund in late-May, and through an increase in f l o a t , which remained a t higher-thanusual l e v e l s in l a t e June. Net borrowed reserves increased somewhat. In early July, required reserves rose sharply, r e f l e c t i n g bank a c q u i s i t i o n s of new tax bills. Federal Reserve holdings of U. S, Government s e c u r i t i e s declined $70 m i l l i o n between May 31 and June 30. A decline of $120 m i l l i o n in repurchase cont r a c t s , which had been high a t the end of May, was o f f s e t only in part by an increase of $50 m i l l i o n in b i l l s held outright. After declining s u b s t a n t i a l l y early in the month, Federal Reserve holdings showed l i t t l e change u n t i l the week ending June 26, when the System purchased a small volume of b i l l s outright. Subsequently, when reserve pressures increased toward the end of the month, the System purchased $80 m i l l i o n b i l l s outright. Purchases continued into early July and a substantial volume of repurchase contracts was a l s o taken. During the f i r s t half of 1957 a major f a c t o r that supplied reserves t o banks was the purchase of $600 m i l l i o n of gold from the International Monetary Fund. Reserves were a l s o supplied, as usual, through reductions in currency and required reserves. Declines in f l o a t and changes in other market f a c t o r s drained only part of these r e s e r v e s . Open-market operations absorbed about $1,775 m i l l i o n of reserves t h i s year, compared with $1,080 m i l l i o n l a s t year. Net borrowed reserves increased $460 m i l l i o n from t h e i r temporarily low l e v e l in December 1956. Last year, they had declined s l i g h t l y . I n t e r e s t r a t e s . Rates on 4 - 6 month prime commercial paper and on 3-6 month finance paper each rose l / 4 per cent during June t o 3 - 7 / 8 per cent and 3 - 5 / 8 per cent r e s p e c t i v e l y . The rate on 90-day bankers' acceptances rose l / 8 per cent t o 3-3/8 per cent. Loan rates t o U. S. Government security dealers increased t o 4 per cent. Not f o r publication „ 9 „ Table 5 Changes i n Member Bank Reserves, with Relevant Factors (Monthly average of "daily f i g u r e s j i n millions"' of d o l l a r s ) Item Tear ending June Jan. -• June June 1957 1956 + 155 + 198 1 S + 115 + 91 + 107 - 1956 1957 1956 1957 # Total Required reserves 1 / Excess reserves i f + hO s E f f e c t of above f a c t o r s on reserves 307 + h9 + 218 It06 1U7 - 287 20 + - 118 69 + 213 + 5 £ CO + Currency i n c i r c u l a t i o n Gold stock and f o r e i g n accounts Treasury operations Federal Reserve f l o a t Other f a c t o r s - (signs i i idicate e: ' f e e t on ]reserves 1 Principal f a c t o r s # 8 Member bank reserve balances + 729 - 365 - 186 + + - 658 5 1*63 122 + + 250 27 183 82 + + - 718 61* 36 72 + 216 77 + 328 + 9 952 + 851 + 339 m -1,502 -1,152 - 290 + 230 + + 533 569 36 U " 76 r n o + 3h + 1 + 236 + 3 - 256 - 21U + 231 + h9 + 12U - 16 + 13 + 83 + 278 + 9 + 132 + 199 + 10 Federal Reserve loans and investments $ e Total U0 S« Govt* s e c u r i t i e s Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others • 1/ + 25 + - 52 79 27 1 + 200 + 22l* 2k + 1 -1,776 -1,581 - 195 29 -1,080 835 2lt8 2 + - 96 18 - 202 + 1 — + - 317 llj. 70 + 368 - 63 1 Data f o r June 1957 are preliminary. Note: Changes are based on data f o r May 1957 and June 1957; May 1956 and June 1956} December 1956 and June 1957? December 1955 and June 1956$ June 1956 and June 1957* and June 1955 and June 1956* Pot f o r publication * 10 — "-r Loans and Investments at A l l Commercial Banks (In b i l l i d n s of d o l l a r s ) T*U*3 Loans and investments Date 19U7* 19U8t 19U9s 1950s 1951: 1952s 19531 195Ut Dec* Dec# Dec* Dec. Dec* Dec# Dec* Dec* 31 31 31 31 120.1 126.6 132.5 lUl.5 1U5.5 155.7 1955: Mar* 30 June 30 Sept.28 Dec. 3 1 152.U 15U.8 1 5 6 .U 160.3 Jan* 25 Feb* 29 Mar* 28 Apr. 2 5 May 3 0 June 30 July 25 Aug. 29 Sept.26 Oct. 3 1 Nov. 28 Dec* 31 158,3 157.1 158.5 158.7 158.U 159.3 158.3 159.8 160.7 JanQ Feb© Mar* Apr* May 1956* 1957s 31 31 31 31 30p 27p 27p 2Up 29p June 2 6 e p e 1/ ~ 116.2 lllt.2 U. S* Other GovH. secur- Total secur- i t i e s l o a n s ities 69.2 62.6 67.0 62.0 61.5 63.3 63.U 69.0 9.0 9.2 10.2 12 .U 13.3 lU.l III..? 16.3 61.2 17.0 18.3 18.9 17.1 21.9 25.9 27.9 27.2 26.9 71.2 7U.8 77.5 27.U 28.9 30.5 1/33.2 32.7 32.9 31.5 31.8 3U.8 36.1 35.8 36.U 36.9 37.2 37.8 38.7 21.0 37.6 37.8 39.0 39.0 63.3 16.8 61.6 16.9 16.7 82.0 60.9 59.2 16.5 80.9 58.2 57.3 56.6 56.2 16.6 16.6 16.6 16.u 16. 5 16.3 16.U 161.U 57.2 57.0 57.5 162.7 16U.5 58.2 58.6 16.3 16.3 16.3 161.6 161.0 57.7 16.2 161.3 163.7 163.6 16U.0 55.7 57.3 56.9 55.3 16.8 16.8 56.8 16.6 16.3 16.5 16.7 _L 37.9 U2.U U2.9 52.2 57.6 6U.0 67.1 70.lt 62.0 58.6 ConAll Real SecuBusiness e s t a t e r i t y Farm sumer other 81.2 83.3 83.9 81.7 86.2 85.8 86.3 87.2 87.6 88.2 89.7 87.7 87.9 89.1 89.7 89 . 9 91.9 38.8 UQ.U 9.U 10.8 11.5 13.5 1U.6 15.7 16.7 18. U 19.0 19.8 2.1 2.3 2.6 2.9 2.6 3.2 3.6 U.5 U.l It.5 20.6 U.2 1/20.8 5 . 0 20.9 lt.6 U.5 U.5 21. U lt.lt 21.6 l t . 5 21.8 lt.lt 21.9 . lt.3 21.2 22.1 U.O 1.7 2.9 3.1 2.9 3.U 3.9 5.0 5.2 U.9 lt.lt 3.9 lt.5 U.U lt.5 lt.lt lto3 lt.lt lt.3 lt.2 lt.0 22.3 22.lt It.i U.l 22.5 22.5 U.o lt.3 lt.2 lt.0 U.l lt.2 22.5 22.5 22.5 22.5 22.5 3.7 3.7 3.6 3.8 3.8 3.9 U.2 U.2 U.2 U.l U.o 3.9 22.6 3.8 U.8 5.8 7.U 7.5 9.U 10.9 10.9 11.2 12.1 12.7 2.9 3.1 3.U U.2 U.5 U.9 5.1 5.6 5.8 6.2 6.6 13.2 6.5 13.3 13.3 13.5 13.7 13.9 1U.3 1U.U 1U.U 1U.5 1U.5 1U.5 lU.7 6.U 6.U 6.5 lU.6 1U.6 1U.7 15.0 15.3 15.5 6.7 6.7 6.7 6.6 6.7 6.7 6.6 6.7 6.6 6.7 6.8 6.9 6.8 6.9 7.0 Preliminary Estimated „ Level of b u s i n e s s loans increased b y , and r e a l e s t a t e loans decreased by $300 m i l l i o n at the end of October 1955 t o correct c l a s s i f i c a t i o n e r r o r s . No back f i g u r e s r e v i s e d ; most of the m i s c l a s s i f i c a t i o n probably occurred during 1955. Notes Data exclude interbank l o a n s . Total loans are a f t e r and types of loans before deductions f o r valuation r e s e r v e s . Consumer and "other loans" are p a r t l y estimated f o r a l l d a t e s . Other data are p a r t l y estimated on a l l but June and December d a t e s . Data f o r June 26, 1957>- are estimates and subject t o error* http://fraser.stlouisfed.org/ Nqt Bank f a rofpSt.u Louis blication Federal Reserve Banking S e c t i o n , Board of Governors J u l y 9 , 1957
@FedFRASER