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-wsssr JUN 13 1958 MHPHO IN MAY 1 % 8 Summary. Total commercial bank credit showed little change in May as reductions in loans largely to security dealers and businesses were offset by further growth in holdings of U. S. Government and other securities. Seasonally adjusted demand deposit and currency holdings of businesses and individuals continued to rise. Free reserves of member banks increased slightly further averaging over $500 million. Bank credit. Total loans and investments at all commercial banks declined $100 million during May as shown in Table 1. This followed a rise in the preceding three months totaling almost $8 billion. Loans declined $800 million, mainly reflecting repayments by security dealers of funds borrowed in connection with the mid-April Treasury financing. Business loans also dropped but real estate loans rose. Holdings of U. S. Government securities, which rose sharply at the time of the April financing, increased moderately further in May, mainly at city banks. At banks outside leading cities, such holdings showed little change, although usually they decline in May. Holdings of "other" securities also increased moderately further, as expansion at banks outside New York was offset only in part by a decline at banks in New York City arising mainly from redemption of maturing New York City tax anticipation notes. In the May reporting period last year, total credit was about unchanged, as this year. Last year, however, loans increased slightly compared with a substantial reduction this year, while holdings of U. S. Government securities declined. So far this year, total credit at commercial banks has increased $4.6 billion whereas in most postwar years, credit has declined during this period. Holdings of U. S. Government securities have risen more than $5 billion, in contrast with declines in every other postwar year except 1949. Loans have declined over $2 billion, slightly more than in 1949 and considerably more than in 1954, the only other years showing substantial reductions. On a percentage basis, the loan drop in 1958 was slightly larger than in 1954 but somewhat less than in 1949. Business loans declined $400 million at city banks during May, as shown on Table 2, but they probably rose slightly at banks outside leading cities, as is usual during this period. The net reduction at city banks was slightly larger than the $200 million average for May of other postwar years but was somewhat below the Not for publication • - 2 Table 1 Estimated Changes In Loans and Investments at All Commercial Banks (In billions of dollars) Item II « Total loans (excluding interbank) • • 1958: Business Beal estate Security Agricultural Consumer All other 1958: 1957: Apr. 25- Jan. 1May 28 May 29 Jan. 1May 29 May 28, 1958 May 29, 1957 1957: Tear ending: - 0.8 + 0.2 - 2*1 + 0.3 + 1.2 + 5.2 - 0.3 + 0.2 - 0.1 - 2.4 + 0 i5 - 0.8 + 1.1 # + 0;2 + 0.1 + 0.3 + 0.2 1/ - 0.5 - 0.1 - 0i3 - 0.3 4- 0*6 1/ - 0.1 + + + + + t - 0.6 + 0.2 + 0.6 + 0.3 + 0.4 4.1 0.9 0.7 0.3 1.2 0.3 TJ. S. Government securities + 0 *6 - 0.4 + 5.2 -1.5 + 6.3 — 0*2 Other securities + 0.1 + 0.1 + 1.5 + 0.5 + 2.6 + 0.4 - 0.1 1/ + 4.6 - 0.7 +10.1 + 5.4 1954: 1953: 1952: 1951: Total loans and Investments (less interbank) • Item Total loans (excluding interbank) 1956: 1955: Apr. 26- Apr. 28- Apr. 29- Apr. 30- May 1Bfay 30 May 25 May 26 May 28 May 27 Apr. 26May 29 + 0.8 + 1.0 - 0.1 - 0.1 + 0.2 + 0.2 1/ 0;2 0.1 0.1 0.2 0.1 + 0.4 + 0.3 1/ 1/ + 0.2 + 0.2 + + - 0.2 Oil 0.5 0.5 1/ 1/ - 0.2 + 0.1 - 0.3 + 0.1 + 0.2 - 0.1 + 0.2 - 0.1 - 0.1 + 0.1 + 0.1 + 0.2 + 0.1 + 0.1 U. S. Government securities - 0.9 - 0.6 + 1.2 — 0.6 + 0.2 - 0.4 Other securities - 0.2 - 0.3 + 0.1 1/ + 0.1 - 0.1 - 0.3 + 0.1 + 1.2 + 0.7 - 0.2 Business Beal estate Security Agricultural Consumer All other Total loans and Investments (less interbank) 57 + + + + + 1/ - 0.7 1/ 1/ 1/ Note; Data for May 28, 1958 are preliminary estimates based on data for weekly reporting member banks and estimates for other banks. Later estimates for May will be shown in the Board's statement, "Assets and Liabilities of All Banks In the United States" available at the end of June. Hot for publication L.4.3 - 3 ~ Table 1 (continued) Estimated Changes In Loans and Investments at All Commercial Banka (In billions of dollars) Item Total loans (excluding interbank) Business Eeal estate Security Agricultural Consumer All other 1956: 1955: 1954: 1953: 1952: 1951: Jan. 1May 30 Jan. 1May 25 Jan. 1May 26 Jan. 1May 27 Jan. 1May 28 Jan. 1May 30 + 2.7 + 2.4 - 1.2 + 0.6 + 0.4 + 1.9 + 1 ;6 + + + + 1.1 1.1 0.2 0.8 0.8 0.5 - 1.2 + 0;3 — 0.1 1/ - 0.3 1/ + + + - 0.3 + + + + + + + + + + + 0;8 0i5 Oil 0;7 0.2 0.4 0.5 0.2 1.1 0.1 1.0 0.3 0.5 0.1 0.4 0.1 1.6 0.5 0.5 0.1 1/ + 0.3 U . S . Government securities - 4.3 - 4.0 - 0.1 - 5.0 - 0.8 - 3.9 Other securities - 0.3 + 0.4 + 0.6 + 0.3 + 0.5 + 0.1 - 1.9 - 1.2 - 0.7 - 4.3 + 0.1 - 1.9 Total loans and investments (less interbank) 1/ Less than $50 million. Hot for publication record $$00 million drop in 19^-9• In May of 1955# 1948, and 1946, business loans had increased slightly. Loan repayments by food processors were about the same volume as in May of other recent years. Repayments by commodity dealers, however, were smaller than usual. Loans to trade concerns declined slightly following a smaller than usual spring rise. Net loan repayments by sales finance companies continued in substantial volume; loans to these concerns have declined steadily since the mid-March tax period rise. Loans to both public utilities and to petroleum, chemical and rubber concerns, which had shown only small over-all changes earlier in the year, declined in May. Loans to metals manufacturers increased slightly following large reductions in April. So far this year, business loans at city banks have declined $2.5 billion compared with reductions of $1.5 billion in I95U and $1.9 billion in 1949. In several postwar years these loans increased during this period. Percentagewise, the reduction in loans in 1958 was slightly larger than in 1954 but somewhat smaller than in 1949. Repayments have exceeded new borrowings in each month of 1958 except March when the rise was not as substantial as in either 1957 or 1956. Net loan repayments by food processors and trade concerns have been considerably larger than usual so far this year but those by commodity dealers have been smaller. Loans to sales finance companies have declined $800 million, more than twice as much as in any other recent year. Loans to metals fabricators, petroleum and chemicals concerns, and public utilities, which have risen substantially in most other recent years, declined this year, in part reflecting refinancing in the capital markets. Beal estate loans at all commercial banks increased about $200 million during May. Almost half the rise occurred at city banks, where these loans had begun to increase in April following declines earlier in the year. At banks outside leading cities, real estate loans have continued to increase moderately. So far this year, these loans at all commercial banks have increased $500 million compared with no change last year, considerably larger increases in 1956 and 1955 > and roughly comparable increases in other recent years. Consumer loans were about unchanged in May compared with growth of $200 million last year. Over the first five months of 1958, these loans declined $300 million whereas in practically all other recent years, including 1949, they had increased. Not for publication L.4.3 - 5 Table 2 1/ Changes In Commercial and Industrial Loans (In millions of dollars) 1957 1956 May 1May 28 May 2May 29 May 3May 30 Food processors Commodity dealers Trade concerns Total - 8l - 4l - 14 - 136 - 52 - 125 8 - 185 - Sales finance - 132 - 262 - 132 All other - total Metals and products Textiles, apparel and leather Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business + 88 1% + 73 + + 45 - 87 - 17 + 19 11 + 26 + 22 Classified Unclassified - 102 - 31 + 54 - 79 - 78 + 25 18 + - 47 - 205 7 - 241 12 - 96 + 35 9? - 85 + 229 + 35 + + 29 - 124 - 17 Zk + 29 + - 22 1 + 6 6 + 10 60 + - 19 6 - 57 34 + 18 50 k3 39 + 16 39 28 + + 30 21 3 + + 19 22 5 - 4 + 4 + 29 + 72 + 3 + 62 + 62 + - 355 - 5% - 282 + 197 - 193 + - 409 19 + 23 33 8 3 - 388 Apr. 30- May 1May 28 May 27 - 116 - 118 + 8 1952 1953 - 104 - 124 + + + + 1 l/ 2/ lb Apr. 28May 25 May 26 - 121 + 25 CO Total change 79 95 10 1954 1955 8 1 1958 f JDU3 xiless ox Borrower - 89 + 6 2/- 101 1/- 136 - 276 2/+ 96 1/- 329 - 271 - 26 - 297 — —— - 223 - - 269 Prior to week ending January 11, 1956, included changes In agricultural loans. Includes CCC certificates of Interest which are estimated to have declined $165 million. 2./ Includes CCC certificates which are estimated to have declined $60 million. 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 total commercial and industrial loans of all weekly reporting banks and nearly ?0 per cent of those of all commercial banks. Data are preliminary for week of May 28, 1958 Not for publication 46 L.4.3 - 6 - Table 2 (continued) Changes in Commercial and Industrial Loans (In millions of dollars) First five months of year Business of Borrower 1958 - 280 -1,339 - ?o Sales finance - 813 All other - total Metals and products Textiles, apparel and leather Petroleum, coal, etc. Other manufacturing and mining Public utilities Construction All other types of business - Total change l/ 2/ 3/ - 776 - 283 - - 474 - 473 1955 1954 1953 - 511 - 4oo - 808 - 474 - 327 - 43 - 844 - 541 + 2<£ - 892 -1,524 - 556 - 997 327 290 206 411 + - 381 + 350 - 242 - 97 - 287 + wo +1,896 + 966 + 973 + 107 - 198 - 271 + 649 + 374 +1,014 +1,018 + 110 + 56 + 75 132 + + + 60 + 61 3 51 + 103 + - 57 134 + 107 + 89 + + 176 254 + 180 + 277 + + - 160 86 + 117 + 162 - 40 + 142 + 66 - 23 20 264 143 31 + 109 + + + + + 58 53 + 45 - l4o + 62 + 92 + 43 34 + 518 -1,284 56 2/- 300 !/- 242 -2,264 - 275 -2,539 1952 + - 113 27 1956 1957 Food processors Commodity dealers Trade concerns Total Classified Unclassified l/ - 11 + 50 8 + 56 79 8 - 833 - 581 - 110 63 - 176 + +1,105 - 341 - 213 - - 187 +1,161 2/+ 218 1/-1,526 - 554 - 895 Prior to week ending January 11,1956, included changes in agricultural loans. Includes CCC certificates of interest •which are estimated to have declined $470 million. Includes CCC certificates of interest which are estimated to have increased $65 million. Note: Classified data are for a sample of about 210 banks reporting changes in their larger loans, these banks hold over $0 per cent of total commercial and industrial loans of all weekly reporting banks and nearly 70 per cent of those of all commercial banks. Data are preliminary for week of May 28, 1958. Hot for publication 795 100 Security loans declined $600 million in May following sharp growth in April associated with Treasury financing operations. So far this year, they have increased slightly, as in most other recent years. Deposits and currency. Preliminary estimates indicate that demand deposit and currency holdings of "businesses and individuals, seasonally adjusted, rose $500 million further in May, as shown in Table 3. This followed a $1 billion growth in April, considerably higher than preliminary estimates had indicated. At the May month-end, the privately-heId money supply was around l/2 per cent above the year-ago level. So far this year, it has increased $2.3 billion, or about one-seventh less than in 1952, the largest rise for this period since 19%7 when the Board's seasonally adjusted series began. Last year, there was a $200 million decline. Time deposits at all commercial banks increased $800 million further during May bringing the growth so far this year to $4.6 billion. As shown in Table 3, this sharply exceeds growth in any other year in the postwar period. It is also over three-quarters again as large as the record wartime growth of $2.6 billion in the January-May period of 19%5. The 1958 increase has been a larger percentage growth than in any other year except 19^5. At mutual savings banks, deposits have increased $1 billion so far this year compared with $600 million last year* Growth in 1958 was probably slightly larger than in any other postwar year and about the same as in 19^5. U. S. Government deposits increased $100 million during May reflecting growth of $300 million at commercial banks offset in part by reductions at Federal Beserve Banks. At city banks, however, XT. S. Government deposits dropped almost $400 million indicating that these deposits increased fairly substantially at banks outside leading cities. On balance, total deposits and currency were about unchanged in May. Loans and investments at commercial banks, as noted above, also were unchanged. Further credit growth at mutual savings banks and System purchases of U. S. Government securities added to deposits while foreign transactions drained funds. Hot for publication - 8 - L.4.3 Table 3 Estimated Changes In Deposits and Currency (In billions of dollars) 1958 Item Seasonally adjusted data l/ Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data l/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial Mutual savings U. S. Government deposits Total May May 1- 28 0.4 0.1 + 0.5 . 1.4 + 0.2 - li2 + 1.0 + 0.8 + 0.2 + 0.1 - o.l 1957 1958 Apr. 25- Jan. 1May 28 May 29 - 0.7 + 0.3 - 0.4 - 2.5 + 0.5 2.0 0.8 0.7 0.2 1.1 - o.l + 2.5 - 0.2 1957 Jan. 1May 29 0.1 + 2.3 + 0.2 - 4.5 - 0.5 5.0 - 6.6 U 1.0 1.4 + 2.0 - 0.4 7.0 3.5 3.0 0.6 l a - 2.2 Tear ending; May 28, [May 29, 1958 1 1957 + 1.0 - 0.1 + 0.9 + 1.0 2. o.l + 0.9 + 8.9 + 7.1 + 2.1 + +10.1 + 0.6 + 0.5 + 1.1 + 0.6 + 0.5 1.1 6.1 4.6 1.7 0.4 " O Factors affecting deposits (signs indicate effect on deposits and currency) and currency Bank loans and investments other than U . S . Govt. sec. jj/ 0.6 + 0.6 0;5 + 8.3 + 1.5 Commercial 0.6 0.3 7"5l6 - 0.7 + 3. Mutual savings 0.2 + 0*2 + 1*0 + 2. + 1.2 + 2.4 Bank holdings of U. S. Government securities: - 0.6 + 0# - 1.4 + ^»9 Federal Beserve - 0.2 - 0.2 -1.9 + 0# - 0.4 + l. Commercial + 0.6 - 0.4 - 0.2 + 6. + 5.2 -1.5 Mutual saving and other 2/ 2/ - 0.1 • 0.8 - 0.2 - 0, Gold stock and foreign deposits at F. E. Banks - 0.4 + 0.8 - 0. - 1.1 + 0.6 + 0.3 Other factors 4/ 1/ — 0.4 - 2.4 2. - 0.7 - 0.9 6. 17 Seasonally adjusted data are for last Wednesday throughout; unadjusted data are for last Wednesday except in case of June and December call dates, when available. Less than $50 million. Total includes foreign loans on gold, holdings of bankers' acceptances at the 1/ Federal Reserve, and loans to foreign banks; changes in these items are generally relatively small. In addition even if there were no changes in these items, changes at commercial and mutual savings banks would not add to total change which is "net" because commercial banks exclude all interbank loans, domestic and foreign. Includes interbank time deposits largely held by foreign banks which increased $1.1 billion at weekly reporting banks between December 31; 1957 and May 28, 1958. Note: Data for May 28, 1958 are, preliminary estimates based on data for weekly reporting member banks and estimates for other banks. Later estimates for May will be shown in the Board's statement, "Assets and Liabilities of A H Banks in the United States" available at the end of June. y Not for publication L.4.3 - 9 Table 3 (continued) Estimated Changes In Deposits and Currency (In billions of dollars) 1956 Seasonally adjusted data l/ Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data l/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial Mutual savings U. S. Government deposits Total l/ 2/ Jan. 1May 27 + 0;3 + 0.1 + 0.3 + 2i3 + 0.1 + 2.4 + 0.6 + 1.1 + 0.3 + 1.4 + 2.2 - 5-7 - 0.9 - 3.3 - l.l - 4.0 - 2.9 - p.? - 0.3 + 1.2 + 0.6 + 1.2 + + + + - - 6.6 - 0.3 + 0.3 - 4.3 + + + - + 0i8 + 1;8 - 3.6 0*6 0.8 0.8 2.2 1950 1951 3.8 1.3 5.0 2.1 1.3 0.8 0.8 2.1 1948 1949 Jan. 1May 29 Jan. 1May 31 Jan. 1May 25 Jan. 1May 26 + 1.0 + 0.? + 1.5 + 1.9 2/ + 1.9 + 0.2 - 0.1 + 0.1 - 1.2 - 0.3 - 1.5 + — 0.8 - - 0.7 - 1.1 - 4.1 + + + + - 2.8 0.? 3.3 0.1 2/ + 0.2 + 1*7 - 1.5 + + + - 1.5 0.9 0.5 0.5 0.3 - 0.9 3i0 + 0.7 + 0.3 + 0;4 - 1.0 - 4.5 4.3 1.1 5.4 0.5 0.3 0.4 I.? 3.0 + o.p + 2.7 - 4.5 + 1.8 + + - H CO OJ Item Jan. 1May 26 II Seasonally unadjusted data 1/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial Mutual savings U. S. Government deposits Total 1952 1953 H O Seasonally adjusted data 1 / Demand deposits adjusted Currency outside banks Total 1954 1955 Jan. 1May 25 It Item 3.2 1.6 1.0 0.7 1.0 0.6 1.0 0.8 2.1 5.0 + + + + - 1947 1946 Jan. 1May 28 Jan. 1May 31 t i - 1.8 - 0.6 + 2.7 - 0.2 - 2.4 + 1.2 + + 0.7 + 0.4 - 0.? - 1.7 2,6 + 2.7 + 1.9 + 0.7 - 7-4 - 2.1 Seasonally adjusted data are for last Wednesday throughout; unadjusted data are for last Wednesday except In case of June and December call dates, when available. Less than $50 million. Not available. Not for publication Bank reserves. Free reserves of member banks averaged $530 million in May (preliminary data) compared with $495 million in April. Final data on country banks for the second half of April showed a considerably higher level of required reserves and hence a lower level of free reserves of all member banks than preliminary data had indicated. During May, free reserves increased at central reserve and reserve city banks but declined at country banks. The effective rate on Federal funds dropped further, remaining continuously below 1-1/4 per cent and falling to as low as l/8 per cent for several days late in the month. Free reserves of all member banks averaged $540 million during the first three weeks of May, somewhat above the level of late April. During this period, System purchases of U. S. Government securities, increases in float, reductions in Treasury deposits at the Beserve Banks and declines in required reserves supplied more reserves than were absorbed by substantial currency outflows and further heavy gold sales. Daring the two following weeks ended June 4, the average level of free reserves dropped to $4j0 million, however, as continued currency and gold outflows, increases in required reserves and reductions in float absorbed more reserves than were provided principally through further System purchases of U. S. Government securities. Over May, as shown in Table 5# reserves were supplied to banks principally through System purchases of U. S. Government securities and through the carry-over effect, on an average basis, of the reduction in reserve requirements in late April. Deserves were absorbed largely through currency and gold outflows and increases in required reserves reflecting deposit growth. Free reserves increased slightly. In May last year, net borrowed reserves dropped slightly. More reserves were made available to banks through reductions in required reserves than were absorbed through System sales of TJ. S. Government securities. Changes in other factors were about offsetting in their effect on reserves. Currency outflow was less than this year and foreign transactions supplied a small volume of reserves. So far this year, free reserves of member banks have increased $660 million compared with an increase in net borrowed reserves of $410 million last year. System holdings of U. S. Government securities have declined less than $100 million compared with $1.7 billion last year and reductions In reserve requirements have supplied about $1,450 million of reserves. Not for publication L.4,3 - 11 Table 4 Free Reserves (Excess reserves minus member bank borrowings; based on average of daily figures; in millions of dollars) Period Quarterly averages 1955! First Second Third Fourth 1956: 1957: First January February March April May June July August September October November December - 99 - 150 - 323 - 4l8 457 374 375 341 - 75 64 - 95 - 310 - 411 - 96 - 170 - 128 - 157 - 166 - 147 - 175 - 71 - 113 - 329 4l8 341 214 - 115 - l4l - 56 - 105 - 221 373 428 320 316 224 286 - 27 365 - 172 369 299 280 - 230 - 108 - 485 - 440 - 256 - 88 - 196 - 241 - 109 313 - 9 117 - 126 - 41 123 101 300 104 - 316 - 505 - 444 - 508 - 383 - 471 - 466 - 344 - 293 - 133 1958: 470 511 539 573 532 403 - 67 - 4o - 53 - 253 - 210 - 165 - 185 - 181 - 289 - - 254 - 141 - 115 - 115 - 123 - 77 - 80 - 105 - 46 24 42 3 51 77 5 45 8 127 39 48 - 28 — 26 - 25 - 6 - 18 - 7 7 - 6 3 7 10 30 2 Data for second half of May and June are preliminary. Hot for publication Country - 29 1 - 112 - 192 122 324 493 493 531 Note: Eeserve City 254 158 - 127 - 365 1958 s January February March April May Apr.30 May 7 1% 21 28 June 4 Chicago H 1957: First Second Third Fourth New York i 1958: First Second Third Fourth All member - 249 - 242 - 263 - 367 488 452 400 433 389 342 228 336 278 338 365 276 269 192 210 278 244 336 301 252 277 - 144 1 62 44 88 337 353 4o6 459 385 67 320 486 23 89 104 108 49 398 451 267 313 Currency inflow has been about the same in "the two years but foreign transactions have drained about $900 million of reserve funds this year whereas last year, they supplied over # 0 0 million* In addition, required reserves due to deposit changes have increased $200 million this year whereas last year they declined $500 million* Not for publication L.4.3 - 13 ~ Table 5 Changes la Member Bank Be serves, vith Relevant Factors (Monthly average of daily figures; in millions of dollars) May Item Jan.'-May Tear ending May 1958 1957 1958 1957 - 171 - 260 -1,197 - 708 - 604 + 92 - 197 - 218 -1,269 - - 788 + 94 - 218 - 42 -1,4%0 + 171 + 73 + 94 1958 1957 Member bank reserve balances Total Required reserves l/ Effect of reduction in requirements Effect of deposit change Excess reserves 1/ - 314 + 117 + 27 Principal factors - 521 - 167 -1,440 + 652 + 185 - 2 (signs iiidicate ei'feet on :reserves) - 144 - 32 +1,135 +1,130 - 152 - 323 - 38% + 35 + - 32 73 - 6k 909 12 602 - 187 + - 427 44 587 106 + - 482 218 205 + + 183 + - 85 + 560 + 98 + 118 - 47 - 551 + 820 - 23 66 - 450 + t Effect of above factors on reserves mm+mmm 1 Currency in circulation Gold stock and foreign accounts Treasury operations Federal Beserve float Other factors 521 + 406 + 280 — 306 - 644 -1;?27 + 104 - 31? + 290 - 198 - 125 - 73 3 + - 43 324 367 4 -1,724 -1,502 - 222 28 + 898 - 281 - 266 - 15 + 6 - 102 3 - 591 k6 Federal Beserve loans and investments: Total U. S. Govt, securities Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others l/ + 301 - 10 + 1 - 11 Data for May 1958 are preliminary. Hot for publication 6 + + 221 4 + + 943 45 18 - 790 - 22 - 62 + 22 - 14 - L.4.3 Loans and Investments at All Commercial Banks (In billions of dollars) Loans and investments Date U. S. Govt, Other Total secur- secur- loans ities ities 69.2 62,6 67.0 1947: 19^8; 1949: 1950: 1951: 1952: 1953: 1954: 1955: Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 31 ll6;2 114*2 120.1 126;6 132*5 l4l*5 14-5 *5 155 *7 160.3 1956: Mar. 28 June 30 Sept.26 Dec. 31 158 *5 159.3 160,7 164.5 58,6 Jan. 30 Feb. 27 Mar. 27 Apr. 2k May 29 June 26 July 31 Aug. 28 Sept.25 Oct, 30 Nov. 27 Dec. 31 l6l;6 l6l;l l6l;4 163 *8 57*7 56,8 55.7 57.5 57*1 55*5 56.3 Jan. Feb. Mar. Apr. May 1957: 1958: 29P 26p 26p 3Qp 28e 163*8 l64;3 164*1 16hi6 165*1 l66;5 62.0 61.5 63*3 63.4 69,0 61.6 56*6 57*0 58.6 56.2 37.9 42.4 42.9 52.2 57.6 64.0 67.4 70.4 82.0 18.2 18,9 17.1 21.9 25.9 27.9 27.2 26.9 33.2 16.6 16.5 16.6 16.3 83.3 86.2 16.2 16.3 16.5 16.7 87.7 87.9 9.0 9.2 10.2 12.4 13.3 l4.l 14.7 16.3 16.7 16.8 16.8 16.8 16.9 55 *9 57.3 56.9 169.3 58.2 17.1 17.6 17.4 17.9 166;2 167 ;1 169; 9 174,0 173.9 57*7 58*3 59.6 62.8 63.4 17.9 165 *9 ConEeal SecuAll Business estate rity Farm sumer other 18.2 18.9 19.3 19.4 2.1 18.4 20.8 2.9 2.6 3.2 3.6 4.5 5.0 1.7 2.9 3.1 2.9 3.4 3.9 5.0 5.2 4.5 3.8 4.8 5.8 7.4 7.5 9.4 10.9 10.9 13.2 2.9 3.1 3.4 4.2 4.5 4.9 5.1 5.6 6.5 34.5 36.1 37.0 38.7 21.2 21.8 22.3 22.5 4.5 4.4 4.1 4.3 4.4 4.3 4.2 4.2 13.4 14.2 14.4 14.6 6.6 6.8 6.7 7.0 89.7 89.9 92.0 91.0 91.5 92.2 91.6 91.5 93.2 37.6 37.8 39.0 39.0 38.9 40.5 39.6 39.9 40.3 39.7 39.6 40.5 22.5 22.5 22.5 22.5 22.5 22.6 22.7 22.8 22.9 22.9 23.0 23.1 3.7 3.7 3.6 3.8 3.8 3.9 3.7 3.8 3.8 3.7 3.6 4.2 4.2 4.2 4.2 4.1 4.1 4.0 3.9 3.8 3.8 4.0 4.0 4.1 14.5 14.5 14.6 14.9 15.1 15.4 15.5 15.6 15.7 15.8 15.7 15.8 6.8 6.8 6.8 6.9 7.0 7.1 7.1 7.1 7.2 7.1 7.2 7.2 90.5 90.6 91.5 91.9 91.1 38.8 38.6 39*2 38.4 38.1 23.1 23.2 r23.3 23.4 23.6 3.6 3.9 4.2 5.0 4.4 4.2 4.4 4.4 4.4 4.4 15.7 15.5 15.4 15.5 15.5 7.0 87.2 89.7 89.1 9.4 10.8 11.5 13.5 14.6 15.7 16.7 2.3 2.6 p - Preliminary e - Estimated r - Revised Note; Data exclude interbank loans. Total loans are after and types of loans before deductions for valuation reserves. Consumer and "other loans" are partly estimated for all dates. Other data are partly estimated on all but June and December call dates. All data for May 28, 1958, are estimates and subject to error. Banking Section, Board of Governors, June 10, 1958 Wot for publication 6.9 6.8 6.9 6.9
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