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L.I*.3 FEDERAL RESERVE BANK of KANSAS CITY MAR 1 9 1959 RESEARCH LIBRARY BANKING AED MOHETARY EEVELOPMENTS IH FEBEUABY 1959 Summary. Total c r e d i t a t a l l commercial banks declined f u r t h e r in February r e f l e c t i n g reductions in holdings of U. S. Government s e c u r i t i e s . Loans rose s l i g h t l y . The seasonally adjusted a c t i v e money sppply increased. U. S. Government deposits declined whereas they usually r i s e considerably in February. Net borrowed reserves averaged around $65 m i l l i o n , about the same as in December and January, but they rose somewhat in l a t e February and e a r l y March. E f f e c t i v e March 6, the discount r a t e was r a i s e d t o 3 per cent from 2-1/2 per cent a t four Federal Reserve Banks, and six more had r a i s e d r a t e s by March 13. Bank c r e d i t . Total loans and investments a t a l l commercial banks declined $1.9 b i l l i o n in February, much more than in any other recent year, as shown in Table 1. Last ye a r , c r e d i t had increased contraseasonally. On February 16, commercial banks subscribed t o $1,kk2 m i l l i o n of the new $1,502 m i l l i o n Tax Anticipation b i l l s . Banks sold p a r t of these s e c u r i t i e s , however, as well as other issues, and, in addition, exchanged only p a r t of t h e i r mid-February maturing issues f o r new s e c u r i t i e s . Over the month, holdings declined $2 b i l l i o n , with s u b s t a n t i a l reductions a t both c i t y and country banks. Loans increased $100 m i l l i o n in February as growth in r e a l e s t a t e and consumer loans more than o f f s e t reductions in s e c u r i t y loans. Business loans were about unchanged, as appears usual in February. So f a r t h i s year, t o t a l c r e d i t a t a l l commercial banks has declined $2.5 b i l l i o n , s l i g h t l y more than l a s t year but l e s s than in 1956 and 1957. The reduction r e f l e c t e d loan repayments of $1.5 b i l l i o n , about half as much as in 1958, but about twice as much as u s u a l . Holdings of U. S. Government s e c u r i t i e s dropped $1 b i l l i o n compared with a small increase l a s t year and much l a r g e r declines in the 1955-57 p e r i o d . Banks generally subscribed t o large proportions of the new Treasury s e c u r i t i e s o f f e r e d in e a r l y 1959 but reduced Government holdings a t other times. Business loans a t commercial banks were about unchanged in February, as appears t o be usual. So f a r t h i s year, they have declined $1.2 b i l l i o n , an amount exceeded in the postwar period only by l a s t y e a r ' s $1.9 b i l l i o n drop. In the l a s t half of 1958, business loans had increased $1.4 b i l l i o n , somewhat l e s s than seasonal. Within the weekly reporting group, Hew York City banks accounted f o r more than t w o - f i f t h s of the 1959 decline Hot f o r p u b l i c a t i o n # , L.4.3 - - 2 - Table 1 Estimated Changes In Loans and Investments a t A l l Commercial Banks (In b i l l i o n s of d o l l a r s 7 Item # # Total loans (excluding interbank) Business Beal e s t a t e Security Agricultural Consumer All other U. S. Government s e c u r i t i e s e Other s e c u r i t i e s Total loans and investments ( l e s s interbank) Last Wednesday in January t o l a s t Wednesday in February 1959 1958 1957 1956 1955 195^ + 0.1 + 0.1 + 0.2 + 0.3 + 0.4 y 1/ + 0.2 - 0.2 1/ + 0*1 y + + + - 0.2 0.1 0^3 0.2 0.2 0.1 + 0.2 + + + + - 0.2 0.1 0.1 0.1 0.1 0.1 + 0.2 + 0.2 - 0.1 y + 0.1 + 0.1 - 0.2 1/ + 0.4 - 0.2 1/ - 2.0 + 0.6 - 0.9 -1.7 - 2.2 -1.2 y + 0.3 + 0.1 + 0.1 + 0.1 + 0.3 -1.9 + 0.9 - 0.5 -1.2 -1.7 - 0.8 Last t Wednesday in January t o l a s t Wednesday in February # Item • e e # Total loans excluding interbank) 1953 1952 1951 1950 1949 1948 1/ + 0.2 + 0.7 + 0.2 - 0.6 + 0.4 + 0.1 + 0.1 1/ + 0.1 1/ - 0.1 + 0.1 - 0.1 y + 0.2 - 0.1 i/ + 0.1 + 0.8 + 0.1 - 0.1 y - 0.1 1/ U. S. Government s e c u r i t i e s - 0.9 - 0.7 - 0*9 - 0.9 Other s e c u r i t i e s - 0.1 + 0.1 1/ + 0.1 - 0.9 - 0.5 - 0.2 - 0.6 Business Beal e s t a t e Security Agricultural Consumer A l l other Total loans and investments ( l e s s interbank) * n*a» &»a» n»a, IXo Of m n.a* — 0.8 y - 1.4 n.a. 33.#8 » # ma, n,a, n»a. -1.5 1/ -1.1 l / Less than $50 m i l l i o n . n . a . Not available Note: Data f o r February 25, 1959, are preliminary estimates based on data reported by a sample of member banks. Be vised estimates "will be a v a i l a b l e a t the end of March. Not f o r p u b l i c a t i o n * 3 " f a b l e 1 (continued) L.lu3 / I Estimated Changes i n Loans and Investments a t All Commercial Banks (In b i l l i o n s of d o l l a r s ) Item Other s e c u r i t i e s Total loans and investments ( l e s s interbank) • Item Total loans (excluding interbank} 1 / Less than $50 million n . a . Not available Not f o r publication - 0.2 — l.lt -1.9 + 0.1 0.3 + 0.3 - 0.1* - 0.2 • ** 0 . 1 + O.I4. • 0.6 — 0.8 + 0.1 195b - 0.3 + 0.2 - 0.5 - o;i + 0.1 + o:i -0:7 + 0.5 - 0.3 — 0.1 — 1+8 — 2. u - 2.2 - o.h + 0T1 y + 0.3 y - 0.1 + 0.5 + 0.3 - 2.5 - 2.2 - 3.U - 3.2 —1.9 - 1.5 December 31 t o l a s t Wednesday of February 1953 1952 1951 1950 19L9 1916 - 0.6 - 0.7 + 0.8 - 0.1 - 0.7 + 0.5 - 0.5 + 0.2 — 0.6 1/ + 0.3 1/ - 0.3 1/ - 1.1* y - 2.1 1 "• 0 # i i CM CM -=f # Total loans and investments ( l e s s interbank) - 0.8 1 Other s e c u r i t i e s - 1.0 — 1.8 O U. S. Government s e c u r i t i e s - 1.2 + 0.6 — 0.6 - 0.1 + 0.2 - 0. 2 1955 + + 1 e Business Seal e s t a t e Security Agricult'ural Consumer All other - 2.6 1956 riOO # — 1.5 1957 I B U. S. Government S e c u r i t i e s 1958 1 Business Real e s t a t e Security Agricultural Consumer All other 1959 2 / t Total loans (excluding interbank) December 31 t o l a s t Wednesday of February + 0.1 + 0.2 — 0.2 - 0.1 + 0.1 - 0.2 n« a© H# 3,# 1 a#a. ' n« c t o n.a+ n.a* n.a. xi«a« a . a# H o a« n#a0 n* a» -1.3 - 0.2 - 2.9 + 0.1 — 0.1* + 0.1 1/ + 0.2 - 0.1 y - 2.1 + 0.2 - 1.2 - 0.9 — 1.0 2 j Total c r e d i t increased about fliltO million i n January 1959 as a r e s u l t of bank s t r u c t u r e changes. although they had none of the Increase in the l a s t h a l f of 1958. The 1959 reduction a t New York City banks has been s l i g h t l y more than in 1958J a t banks outside, i t has been l e s s than half as much. In February, loan repayments by food processors and commodity dealers 'were of about seasonal volume as shown in f a b l e 2. Loans t o trade concerns increased s l i g h t l y as is usual in t h i s p e r i o d . Loans t o sales finance companies declined somewhat f u r t h e r and repayments by public u t i l i t i e s a l s o continued. Loans t o metals processors rose $175 m i l l i o n , more than in any other year except 1956 when they had increased $250 m i l l i o n . The r i s e presumably r e f l e c t s in p a r t inventory accumulation in a n t i c i p a t i o n of a possible s t e e l s t r i k e next summer. Real e s t a t e loans rose f u r t h e r in February. So f a r t h i s year ( a f t e r adjustment f o r s t r u c t u r e changes), they have increased around $400 million, about as much as in 1955, and more than in any other y e a r . Consumer loans rose an a d d i t i o n a l $100 million in February. The $200 m i l l i o n increase so f a r t h i s year compares with a $400 m i l l i o n reduction l a s t year, and is somewhat l a r g e r than increases in most other y e a r s ; in several years, these loans declined. Security loans declined f u r t h e r in February, and a t the monthend were a t about the l a t e November 1958 l e v e l . Deposits and currency. Seasonally adjusted demand deposit and currency holdings of businesses and individuals increased $600 m i l l i o n in February, as shown in Table 3. This followed a $500 m i l l i o n contraction in December and January. In the seven months since the mid-summer peak in J u l y , the seasonally adjusted money supply has increased $1 b i l l i o n , or a t an annual r a t e of l e s s than 1-1/2 per c e n t . In the s i x months ending J u l y i t had increased a t an annual r a t e of 8 per c e n t . At the end of February, the l e v e l of deposits and currency was about 4 per cent above t h a t of a year ago. Seasonally adjusted demand deposits and currency had a l s o increased in February l a s t y e a r . The seasonally adjusted increase in the money supplyin February r e f l e c t e d in p a r t a contraseasonal $400 m i l l i o n reduction in U. S. Government deposits a t commercial and Federal Reserve Banks. Generally these deposits increase sharply in February. On the other hand, Government deposits had increased in January, whereas generally they d e c l i n e . Wot f o r p u b l i c a t i o n # - 5 Table 2 L. 1*.3 Changes i n Commercial and I n d u s t r i a l Loans 1 / (In millions of d o l l a r s ) Business of Borrower Last Wednesday i n January 1bo l a s t Wednesday i n !February 1956 195V 19S5 19% 1952 1959 1?57 Food processors Commodity dealt e r s Trade concerns Total - 70 -io6 + 38 -138 -126 -125 - 51 =302 - 90 - 7b + 29 =13 -120 + 8 157 -118 - 1*7 + 13 -152 - 91* - 52 - 32 -178 -11*2 - 82 + 25 =199 -113 -121 I 5 =239 Sales finance -101 - 1*1* + 30 -257 + 3 - 83 - 15 - 59 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 +i?3 +175 +191 +111 +128 +138 +388 +250 +272 + 29 + 21* • + 62 + 6 + 32 +313 +11*1 + 84 + 4 , + 76 + It + 81* - 1*5 + 1*8 + 1*5 + 90 +109 + 1*6 + 69 + 8 - 1 + 1*8 +101* + 1*5 + 22 89 -129 ; + 1 + 9 + 1*2 - 50 - 8 + 59 + 13 - 29 + ^ - 11 + 9 - 3 - 7 1 + 19 - 31* - 57 - 10 + 3 - 7 - 12 + 1*3 - 33 + 2 + 1*2 — 2 + 26 + 18 - 87 + 87 -155 - 1*0 + 23 + 32 +121* -237 -153 + 75 + 1*5 2 / - 10 3/+181 + 11 + 11* - 12 -195 + 55 +120 2/+U1* 3 / - 56 + 2 Classified Unclassified Total change ——— -11*2 1/ P r i o r t o week ending January 11, 1956 included changes i n a g r i c u l t u r a l loans. 2/ Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have declined $30 m i l l i o n . 3/ Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have increased $175 m i l l i o n . Note: 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 l a r g e r l o a n s , these banks hold over 95 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 about 75 per cent of those of a l l commercial banks. Data are preliminary f o r week of February 25, 1959. Not f o r publication L.4.3 - 6 - Table 2 (continued) Changes i n Commercial and I n d u s t r i a l Loans 1 / (In millions of d o l l a r s ) Business of Borrower Last Wednesdily i n D<sceiriber t o las1 ; Wedneisday i n February 1959 1958 1956 1957 1955 1954 1953 1952 -220 -166 -231 -214 -160 -=m -1*78 + 8 -122 -379 +197 +212 T35 -317 +121 >704 *551 + 54 + 93 +119 +109 + 60 + 75 — 96 - 3 + 9 +143 + 8 + 17 + 21 -238 - 170 + 50 - 1% 23 - 46 + 69 + 78 - 33 - 6 - 20 • 13 - 34 - 17 - 49 - 33 - 7 - 4 + 22 - 63 - 37 -124 — 80 - 38 - 45 - 19 - 31 -21*8 -974 -255 - 95 2 / - 6 7 3/+ 40 -372 -149 -278 + 8 -350 —521 -270 353 - 3 44 135 —142 256 4 2 5 m -233 - 30 =J1 ^275 -237 -128 -443 — - Sales finance -365 - 615 —156 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 -126 +236 - 114 + 36 + 67 m s + 72 - 66 + 101 + 61 18 - 27 Classified Unclassified Total change -935 , -184 - 88 -111 -1,472 -810 - 321 -167 -1,119 -1,793 -977 CVJ -467 -192 -174 - 89 -171 - 26 -1*21 -=m I Food processors Commodity dealers Trade concerns Total 2/-315 3/-934 1/ Prior t o week ending January 11, 1956, included changes i n a g r i c u l t u r a l loans, 2/ Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have declined $115 m i l l i o n . 3/ " Includes CCC c e r t i f i c a t e s of i n t e r e s t which are estimated t o have increased $175 m i l l i o n . Note: 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 l a r g e r laons, these banks hold over 95 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 about 75 per cent of those of a l l commercial banks. Data are preliminary f o r week of February 25, 1959. Hot f o r p u b l i c a t i o n Time deposits a t commercial banks increased $200 m i l l i o n in February compared with $1 b i l l i o n l a s t year when they were expanding a t an unusually rapid r a t e . So f a r t h i s year, growth ( a f t e r adjustment f o r bank s t r u c t u r e changes) has been l e s s than o n e - f i f t h as large as in the comparable period l a s t y e a r . At mutual savings banks ( a f t e r adjustment f o r s t r u c t u r e changes) growth in deposits so f a r t h i s year appears t o be somewhat l e s s than l a s t y e a r . , Bank r e s e r v e s . Net borrowed reserves of member banks averaged $65 m i l l i o n in February, l i t t l e d i f f e r e n t from the averages of December and January, as shown in Table 4 . Compared with the two previous months, reserve p o s i t i o n s were s l i g h t l y e a s i e r a t c e n t r a l reserve c i t y and reserve c i t y banks and somewhat t i g h t e r a t country banks. Member bank borrowings from the Federal Reserve averaged $510 million in February compared with $560 million in December and January. Excess reserves dropped t o $M*0 million in February from a $500 million average in l a t e 1958 and e a r l y 1959, the February l e v e l was s l i g h t l y lower than t h a t of any other month in recent y e a r s . During e a r l y February, net borrowed reserves dropped considerably and in the second week, the reserve p o s i t i o n s h i f t e d t o one of f r e e r e s e r v e s . System purchases of XJ. S. Government s e c u r i t i e s and declines in required reserves more than o f f s e t drains from other f a c t o r s , p r i n c i p a l l y a reduction in f l o a t . Net borrowed reserves then rose t o $140 million in the week of February 18 when System s a l e s of s e c u r i t i e s and other f a c t o r s absorbing reserves, including i n t e r e s t payments on System-held s e c u r i t i e s , exceeded a r i s e in f l o a t and f u r t h e r reduction in required r e s e r v e s . During the week of February 25, net borrowed reserves declined t o $85 million as continued reductions in required reserves and currency inflow provided f u n d s . In the week of March 4, however, net borrowed reserves increased t o $175 m i l l i o n , the highest l e v e l since l a t e 1957. Required reserves increased s l i g h t l y , the f i r s t r i s e since the January financing. Over the month of February, as shown in Table 5, reserves were absorbed p r i n c i p a l l y through net System s a l e s of U. S. Government s e c u r i t i e s , reductions in Federal Reserve f l o a t , and increases, largely temporary, in "other Federal Reserve accounts", r e f l e c t i n g in p a r t the depositing of i n t e r e s t r e c e i p t s on System-held Government s e c u r i t i e s . There was some f u r t h e r gold outflow l a t e in January which was r e f l e c t e d in the February average but gold outflow practicallyceased in February, a f t e r slackening since the t h i r d quarter of 1958• Reserves became available in February through currency Wot f o r publication - 1. h.3 8 - Table 3 Estimated Changes i n Deposits and Currency (In Millions of d o l l a r s ) Item Seasonally adjusted data 1 / h / Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data l/h/ Demand deposits a d j u s t e d Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total 1959 1958 Tear Ending Jan. 29, Jan. 30, Jan. 1, Jan. 1, Feb. 25, Feb. 56, Feb. 25 Feb. 26 Feb. 25 Feb. 26 1959 1958 + 0.5 + 0.1 + 0.6 + 0.8 + 0.1 + 0.9 + 0.3 2/ + 0.3 + 0.1 - 0.5 - 6.1 + 5.1 + o.4 + £.5 - 1.4 2/ - 1.4 + + + + - + + + + + + - 3*8 — 0.8 - It.6 + o.5 + 0.6 - 0.1 2/ - 1.1 + + + - + 5.1 + 0.4 + + 7.5 + 5.9 + 1.7 + 0.7 +13.7 • - 1.4 2/ r x i + 7.3 + 5.8 + 1.9 + 1.1 + 7.0 2.5 0.1 2.4 0.3 0.2 6.1 0.4 2.0 0.1 1.9 l.i 1.0 0.2 1.3 O.h 4.7 0.9 5.6 1.8 1.5 0.4 0.5 ii.2 (signs i n d i c a t e e f f e c t on deposits and currency 0 . 1 + 0 . 1 + o.4 + 0 . 2 + + CM CVJ | + 1 + + I I I 1/ 1958 CM JO Factors a f f e c t i n g deposits and currency bank loans and investments other than U. S. Govt. sec.3/ Commercial tfatual 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 a t F. H. Banks Other f a c t o r s 1959 X 0 . 6 9.5 - 1 . 9 - 1 . 9 - 1 . 3 - 2 . 3 0 . 2 + 0 . 1 + 0 . 6 + 7. It + 2.h 0 . 6 - 1 . 8 - 0 . 9 5 . 6 2/ + 7.4 + it. 6 + 2.5 + 8.6 + 1.1 — 0 . 9 — 0 . 8 + 1 . 9 + - + 0 . 1 + 6 . 9 + 1.5 - 0 . 1 - 0 . 3 - 1 . 0 1/ — 0 . 1 — 0.1 - — 0 . 3 0 . 7 + -¥.u 0 . 6 0 . 9 - 2 . 3 + o.U - 2 . 1 - 1 . 9 Seasonally a d j u s t e d 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 d a t e s , when a v a i l able Less than $50 m i l l i o n . 3 / Total includes f o r e i g n loans on gold, holdings of bankers' acceptances a t t h e Federal Reserve, and loans to foreign banks$ 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 t h e r e were no changes in. these items, changes a t 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 f o r e i g n . V As a r e s u l t of the addition of a l l banks i n Alaska, time deposits a t commercial banks increased almost $100 million and demand deposits adjusted increased about $100 m i l l i o n . As a r e s u l t of t h e absorption of a mutual savings bank by a commercial bank, time deposits at commercial banks increased $300 million and those at mutual savings banks declined $300 m i l l i o n . Note: Data f o r February 25, 1959, are preliminary estimates based on data reported by a sample of member banks. Revised estimates w i l l be available a t t h e end of March. Hot f o r p u b l i c a t i o n Table 4 Free Reserves (excess reserves minus member bank borrowings; based on average of d a i l y f i g u r e s ; in millions of d o l l a r s ) All member Quarterly averages 1957! F i r s t Second Third Fourth - 1958: F i r s t Second Third Fourth 1958: Reserve City - 88 - 196 - 241 - 109 - 115 - l4l - 56 - 105 - 313 508 341 30 - - 122 324 493 493 547 484 546 383 95 111 20 - 4l 1959: January February - 1959! January 28 - February 4 11 18 25 - March Note: Chicago 108 485 440 265 January February March April May June July August September October November December 4 Nev York - 9 18 28 35 - 221 373 428 320 316 224 286 276 16 4 l 17 - 27 63 - 55 - 191 365 422 424 273 25 6 18 7 7 12 4 337 353 406 459 399 408 471 426 378 284 268 268 - 46 24 42 3 51 7 16 22 79 17 43 80 - 3 3 16 31 - 144 1 62 44 89 57 56 - 22 - 201 - 187 - I89 - 198 59 66 - 65 29 - 53 28 - 223 - 196 281 186 96 - 52 - 6 - 205 167 11 17 - 138 - 83 27 - 22 - 113 7 - 3 10 66 18 - 162 220 173 209 127 269 214 137 - 177 1 - 3h - 231 87 - - - — Data f o r l a s t h a l f of February and March are preliminary. Hot f o r p u b l i c a t i o n Country L.4.3 - 10 - inflow and declines in required r e s e r v e s . The $260 m i l l i o n decline in required reserves in February appears t o have been about seasonal following a l e s s than seasonal decline in January. The currency inflow so f a r t h i s year has been s l i g h t l y more than seasonal but outflow in December had a l s o exceeded seasonal expectat i o n s . At the end of February, seasonally adjusted currency in c i r c u l a t i o n was close t o the end of November l e v e l . Changes in Reserve Bank f l o a t tended t o follow the same p a t t e r n as currency, and seasonally a d j u s t e d , a t the end of February, f l o a t was about the same as in l a t e November. I n t e r e s t r a t e s . E f f e c t i v e March 6, the discount r a t e was raised t o 3 per cent from 2-1/2 per cent a t the Federal Reserve Banks of New York, Chicago, Philadelphia, and D a l l a s . By March 13, i t had a l s o been raised a t the Federal Reserve Banks of Boston, San Francisco, Cleveland, Richmond, S t . Louis, and Kansas City. In February, the e f f e c t i v e r a t e on Federal funds was generally a t 2-1/2 per cent, although i t dropped t o 1 - 3 A per cent, the lowest l e v e l of the year, when reserves eased a t the midmonth. A f t e r the announcement of the discount r a t e increase in e a r l y March, the r a t e on Federal funds rose t o 3 per cent on March 6 but then dropped back t o 2-1/2 per cent on March 9 and 10. P r i v a t e short-term money market r a t e s showed l i t t l e overa l l change during January and February. Rates on k-6 month prime commercial paper and on 3-6 month finance paper rose about l A of one per cent in January, but dropped back in February t o t h e i r l a t e December l e v e l s of 3 - l A per cent and 3 per cent r e s p e c t i v e l y . Following the increase in the discount r a t e , the r a t e on commercial paper rose t o 3-3/8 per cent, t h a t on 3-6 month finance paper rose t o a range of 3-1/4—3-3/8 per cent, and t h a t on bankers' acceptances rose from 2-3/4 per cent t o 3 per c e n t . Not f o r p u b l i c a t i o n L.4.3 - 11- Table 5 Changes In Member Bank Beserves, with Be levant Factors (Monthly average of d a i l y f i g u r e s ; in millions of d o l l a r s ) Item * January-February Tear end:Lng Feb. 1959 1958 1959 1958 1959 1958 - 316 - 296 - 322 - 420 - 423 + 184 - 260 - 289 - 247 - 409 - 299 + 132 - 260 - 56 - 23 - 266 7 - 247 - 75 - 23 - 386 - 11 -1,440 +1, l 4 l - 124 - 23 + 155 + 52 Member bank reserve balances Total Bequlred reserves l / E f f e c t of reduction in requirements E f f e c t of deposit change Excess reserves l / ® ^ February Principa 1 f a c t o r s Currency in 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 Beserve f l o a t Other f a c t o r s ® E f f e c t of above f a c t o r s on reserves (signs : ndicate ei f f e c t on reserves' + 364 + 451 - 4o - 19 - 209 - 116 + - 20 164 211 232 - 129 + 23 - 535 - 78 + + - - 20 + 152 - 299 +1,213 +1,324 - 549 - 13 4l 32 536 200 -2,293 + 68 + 54 - 140 + + - 521 105 199 84 + 494 + 66l -2,860 + 330 - 449 - 821 -1,081 +2,434 - 144 - 244 - 220 - 24 6 - 230 - 145 - 85 7 - 780 - 713 - 67 3 - 604 - 302 - 302 3 +2,154 +2,190 - 36 4 + + + + - - 209 3 - 49 + 11 - 468 6 + 266 + 18 Federal Beserve loans and investments: • Total U. S. Govt, s e c u r i t i e s Outright Bepurchase agreements Acceptances Discounts and advances: To member banks To others * l/ 48 1 Data f o r February 1959 are preliminary. Not f o r publication 267 230 37 12 - 398 - 25 -22 L.4.3 - Deposits and Currency (in b i l l i o n s of d o l l a r s ) (9) . (10) (11) (12) (8) (7) (2) (3) Total Seasonally Seasonally ad; justed Time deposits deposits U. S. Curadjusted money suppli 1 / and Gov't rency Demand money Curcurrency deposits outside Postal Mutual CommerTotal deposits supply and Demand Total deposits rency banks (5+6+10 savings savings time dep. adjusted (7+8+9) c i a l 1/ (2+3) +11) adjusted outside a t com'i banks banks(1+7) • Year or month End of Dec. 111.1 1947 108.8 1948 109.0 1949 114.3 1950 120.1 1951 12k. 7 1952 126.8 1953 129.7 1951 133.2 1955 134.4 1956 133.2 1957 1958: 132.2 Jan. 29 133.1 Feb. 26 13b.0 Mar. 26 135.0 Apr. 30 May 28 135.5 135.4 June 23 137.6 July 30 137.3 Aug. 27 136.7 Sept 24 137.9 Oct. 29p 138.5 Nov. 26p 138.3 Dec. 31D 1959: Jan. 28p 3 / 138.0 138.6 Feb. 25p 85.2 83.5 84.3 89.8 91.5 97.8 99.5 102.8 105.8 106.7 105.1 25.9 25.3 24.7 21.5 25.6 26.9 27.3 26.9 27.1 27.7 28.1 116.3 ia.6 1U5.1 150.6 158.0 165.4 170.5 176.5 181.6 185.0 189.3 87.1 85.5 85.8 92.3 98.2 101.5 102.5 106.6 109.9 111.4 110.3 56.4 57.5 58.6 59.2 61.5 65.8 70.4 75.3 78.4 82.2 89.1 35.2 35.8 36.1 36.3 37.9 40.7 43.7 46.8 48.4 50.6 56.1 17.7 18.4 19.3 20.0 20.9 22.6 24.4 26.3 28.1 30.0 31.7 3.4 3.3 3.2 2.9 2.7 2.5 2.4 2.1 1.9 1.6 1.3 2.3 3.6 4.1 3.7 3.9 5.6 4.8 5.1 4.4 4.5 4.7 26.5 26.1 25.4 25.4 26.3 27.5 28.1 27.9 28.3 28.3 28.3 172.3 172.7 173.9 180.6 189.9 200.4 205.7 214.8 221.0 226.4 232.3 104.7 105.5 106.4 107.2 107.6 107.4 109.5 109.2 108.9 110.0 110.3 ' 110.3 27.5 27.6 27.6 27.8 27.9 28.0 28.1 28.1 27.8 27.9 28.2 28.0 188.8 190.7 192.8 191.9 196.2 196.9 199.9 200.0 199.4 200.8 200.6 201.2 107.6 105.6 104.6 107.2 105.8 106.2 108.1 107.5 108.1 110.8 111.6 114.5 89.8 90.9 92.5 93.6 94.6 95.5 96.4 97.0 97.2 97.4 96.7 97.9 31.9 56.6 32.1 57.6 58.8 : 32.4 32.5 59.9 60.7 32.7 32.8 61.5 32.9 62.3 62.7 33.1 62.7 33.3 62.9 33.4 62.1 ' 33.5 62.9 33.9 1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 2.9 4.2 6.4 6.0 6.1 10.0 4.8 6.2 5.0 4.2 6.3 4.9 27.3 27.4 27.4 27.6 27.8 27.8 27.9 28.0 27.9 28.0 28.8 28.6 227.7 228.1 230.9 234.4 234.3 239.5 237.2 238.7 233.1 240.4 243.3 245.9 110.1 110.6 27.9 28,0 201.3 202.1 113.2 110.7 98.1 98.4 63.3 63.5 1.1 1.1 5.3 4.9 27.7 27.8 244.3 241.8 1 33.7 33.8 P 1 / Seasonally adjusted s e r i e s begins i n 1947 and i s available only f o r l a s t Wednesday of the month. 2 / At commercial, savings» and Federal Reserve Banks. 3 / As a r e s u l t of the addition of a l l banks in Alaska# time deposits a t commercial banks increased almost $100 m i l l i o n — • and demand deposits adjusted increased about $100 m i l l i o n . As a r e s u l t of the absorption of a mutual savings bank* ' FRASER time deposits a t commercial banks increased $300 million and those a t mutual savings banks declined $300 m i l l i o n . Digitized for http://fraser.stlouisfed.org/ Not f o r publication m a a ' a • • # # # Federal Reserve Bank of St. Louis L. 4.3 13 Loans and Investments a t All Commercial Banks (In b i l l i o n s of d o l l a r s ) # Loans and investments Date U. S. Other Govt, Total secursecuri t i e s loans ities Business Real SecuCon- All e s t a t e r i t y Farm smrer pther 191*75 ^91*8: H.9L9: 195b: 1951: 1952: 1953: ^L952t: *1955: 1956: Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 31 31 116.2 111.2 120.1 12 6.6 132.5 141.5 145.5 155.7 160.3 164.5 69.2 62.6 67.0 62.0 61.5 63.3 63.4 69.0 61*6 58.6 9.0 9.2 10.2 12.4 13.3 14.1 14.7 16.3 16.7 16.3 37.9 42.4 42.9 52.2 57.6 64.0 67.4 70.4 82.0 89.7 18.2 18.9 17.1 21.9 25.9 27.9 27.2 26.9 33.2 38.7 9.4 10.8 11.5 13.5 14.6 15.7 16.7 18.4 20.8 22.5 2.1 2.3 2.6 2.9 2.6 3.2 3.6 4.5 5.0 4.3 1.7 2.9 3.1 2.9 3.4 3.9 5.0 5.2 4.5 4.2 3.8 4.8 5.8 7fh 7.5 9.4 10.9 10.9 13.2 14.6 2.9 3.1 3.4 4.2 4.5 4.9 5.1 5.6 6.5 7.0 1957: Mar. June Sept. Dec. 27 26 25 31 161. 4 16 4.3 165.1 169.3 16.5 55.7 16.8 55.5 55.9 , 17.1 58.2 17.9 89.1 92.0 92.2 93.2 39.0 22.5 22.6 40.5 40,3 ' 22.9 40.5 23.1 3.6 3.9 3.8 4.2 4.2 4.0 3.8 4.1 14.6 15.3 15.6 15.7 6.8 7.2 7.3 7.3 1958: Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. 29 26 26 30 28 23 30 27 24 29p 26p 31p 166.2 167.1 169.9 171.0 173.8 178.2 176.2 178.3 177.9 179.8 182.2 183.9 57.7 58.3 59.6 62.8 63.1 64.2 61.1 66.1 64.7 66.0 67.3 66.2 17.9 18.2 18.9 19.3 19.4 20.1 19.9 20.2 20.6 20.5 20.3 20.4 90.5 90.6 91.5 91.9 91.3 93.9 92.2 92.1 92.6 93.3 94.6 97.3 38.8 23.1 38.6 • 23.2 39.2 . 23.2 38.4 23.3 38.1 23.5 38.9 23.% 37.9 23.9 38.3 24.1 38.7 24.3 38.9 24.7 25.0 39.3 40.3 25.3 3.6 4.2 3.9 4.4 4.2 4.4 5 . 1 4.4 4.4 4.4 5.6 4.6 4 . 5 4.6 3.6 4.6 3-7 '4.7 3.6 4.8 3.9 4.9 4.6 5.0 15.5 15.3 15.2 15.3 15.4 15.5 15.6 15.6 15.6 15.6 15.6 15.8 7.2 7.1 7.1 7.2 7.2 7.5 7.4 7.6 7.5 7.7 8.0 8.3 * 1959:l/Jan. 28p |; 183.3 67.2 20.3 39.1 25.7 95.7 4.2 4,9 ' 15.9 8 . 1 ~ Feb. 25p.| 181.1; 65.2 20.4 16.0 8 . 1 95.8 39.1 25.9 4.0 9 h bant Total c r e d i t increased over \$4uu mil.Lion in January as a ressuit oj" ItttVd Note: & Rot f o r Data exclude interbank loans. Total loans are a f t e r and types of loans before deductions f o r v a l u a t i o n reserves. 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 c a l l d a t e s . Data f o r February 2$, 1959 are preliminary estimates based on data reported by a sample of member banks. publication http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L Banking Section 3 Board of Governors.
@FedFRASER