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FEDERAL RESERVE BANK BANKING AM? M O ^ A ^ f K A $ ) P 0 i l % IN OCTOBER 1957 NOV 181957 SummaffiC CUBtalD (Id&nb IdStD jMMtftments at a l l commercial banks there£se<r 4ubMrailalTjr J in October as expansion in holdings of U, S. Government and other securities was o f f s e t only in part by reductions in loans, largely those to businesses. Demand deposit and currency holdings of businesses and individuals increased somewhat more than seasonally.• Total net borrowed reserves of member banks declined. Bank credit. Preliminary estimates indicate that t o t a l loans and investments at a l l commercial banks increased $1.5 b i l l i o n between September 25 and October 30, as shown in Table 1. Holdings of U. S. Government securit i e s rose about $1.5 b i l l i o n . Commercial banks i n i t i a l l y acquired $2.5 b i l l i o n of the $3,6 b i l l i o n of three new Treasury issues* on September 26 and October 1, but city banks subsequently reduced their holdings somewhat. Holdings of other securities at a l l commercial banks probably increased about $500 million over the month r e f l e c t i n g purchase of a substantial portion of the $900 million issue of 4-7/8 per cent Federal National Mortgage Associat ion notes issued on October 29 and maturing June 26, 1958. Some of these acquisitions were subsequently sold. Expansion in t o t a l security holdings was o f f s e t in part by a loan reduction of $500 million. Business and security loans declined while real estate and consumer loans rose moderately further. * T h i s offering included: (I) $2,001 million of 4 per cent 5-year Treasury notes redeemable at the option of the holder on February 15, i960, on three months' advance notice, dated September 26, 1957, of which commercial banks took $1,4-50 million; (2) $933 million of 4 per cent Treasury c e r t i f i c a t e s of indebtedness, dated and bearing interest from August 1, 1957, and due August 1, 1958 (accrued interest was collected on the September 26 payment date), of which commercial banks took $756 million; and (3) $657 million of 4 per cent 12-year bonds, dated October 1, of which commerc i a l banks took $296 million. - LeU«3 2 - Table 1 Estimated Changes in Loans and Investments at All Commercial Banks "Tin b i l l i o n s of "dolTars}' Item Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other ~T9'5F~ 1957 " "1956" " 195 V Jan* 1 Sept#26 Sept#27 June 27 July 1 1956 Jan. 1 Oct. 30 Oct# 31 Oct. 30 Oct, 31 Oct# 30 Oct. 31 •» o#5 + O.lt - 0.3 + l.l + 2,1 + 5.6 — 0*6 + 0,1 - 0,1 + + + - — 0.8 + 0#ii - 0,2 «• 0*2 + o#U + 0*1 + + + + 1,0 + 0.5 • 0,6 + 1.2 + 0.1 + + + + H.i y 0,2 0,1 0.1 0.2 | 1.1 0,6 0#3 0.3 0.2 u - 0*b iteO 1.6 0*9 0*5 1,3 0.2 U0 S 0 Government securities + 1*5 + o#5 + 1,8 + 0,9 •» 1 . 5 - i4*l Other securities + 0,5 — 0.3 + 0,7 •- 0,2 + 1.2 •• o.U + 1.5 + 0.7 + 2.3 + 2*1 + 1,8 + 1.1 Total loans and investments ( l e s s interbank ^ End of June t o end of October Item Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other 1955 195k 1953 1952 1951 1950 + 3*6 - 0*2 + l.U + 2.7 + 1.L + 5.0 + + + - + 0.5 + O.it +1.6 + 0.5 + 3*1 , + 0*9 - 0*3 H.2 + 0.3 - 0.1 + o#a + 0.7 1/ + 1.3 + 0.3 - o*5 + 0*3 1/ + 0*2 + 6.7 + 3,7 +1.7 + 2.U - 3*3 + 0,6 + 0,2 + 0.2 + 0*2 + 0*9 + 7.1 + 5*U + U.5 + 3.9 + 2*6 2/+2.2 l/+0,7 * 0«1 - 0#lt + 0,8 + 0.3 U# S# Government securities - O.I4 Other securities 1/ Total loans and investments ( l e s s interbank) 1 + 3.3 0.1 0.8 0,1 1,2 0.5 + 0*6 T ~than i -550 ' imillion# L l4// Less 2 / In October 1955* the l e v e l of business loans was increased by, and that of real estate loans decreased by, s>300 million to correct c l a s s i f i c a t i o n errors# No back figures were revised# Note* Data for October 30, 1957 are preliminary estimates based on data for weekly reporting member banks and estimates f o r other banks# Later Estimates for October w i l l be shown in the Board*s statement, "Assets and L i a b i l i t i e s of All Banks i n the United States" available at the end of November# Not for publication L.l.3 Table 1 - continued Estimated Changes i n Loans and Investments s t All Commercial Banks — (In HlTioi-Ts* oT"doiirr*iT'— End of December to end of October Item Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other 1955 1951 1953 1952 1951 1950 + 8.0 *• o*U + 2.3 + h»2 + 3.9 + 6.8 2Me2 2/+2.1 - 0.1 - 1.2 + 2.0 + 0.9 - 1.0 + 1,3 + 0.2 - 1.1 — 0.1 + 0.3 — o.U + 0 e lt + 1.5 + 0.1 + 1.0 + 0.9 1/ + 0.7 + 1.5 + 0.1 + 3.1 + 0.9 — 0.8 + o.L + + *• + + 2.9 1.8 0.1 0.2 lo6 0.8 boS H.9 U0 S. Government securities — 6*1 + 6.8 - 1.0 + l.lt — l.l ** Other securities + 0.5 + l*U + O.ii + 0.9 + 0.5 + 1.9 + 2.1* + 7.8 + 1.7 + 6.3 + 3.2 + Total loans and investments ( l e s s interbank) 1/ Less than $50 million® 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* No back figures were revised* Note; Data for October 30# 1957 are preliminary estimates based on d i t a f o r weekly reporting meniber banks and estimates for other banks. Later e s t i mates f o r October 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 All Banks in tbhe- United States" available at the end of November* Not for publication Last year in October, t o t a l commercial bank credit increased $700 million, considerably l e s s than t h i s year. Holdings of U. S, Government securities increased $500 million and loans increased $400 million, but holdings of other securities declined. Banks i n i t i a l l y acquired most of the $1.6 b i l l i o n of new Treasury b i l l s issued in mid-October but city banks made substantial sales prior and subsequent to the financing. Business loans at c i t y banks declined continuously during October 1957 for a t o t a l reduction of over $600 million. This was the f i r s t postwar year in which business loans declined in October although in recent years, growth has been moderate. Business borrowing associated with quarterly tax payments was larger in mid-September t h i s year than in other recent years, but subsequently, net repayments have been heavy. Since July, business loans at c i t y banks have shown no change compared with substantial increases in a l l other recent years except 1954, as shown in Table 2. At c i t y banks during October, outstanding loans declined in nearly a l l major industry categories except the seasonal borrowers--food processors, commodity dealers, and trade concerns--and borrowing by these industries was l e s s than in other recent years. Loans to sales finance companies declined $410 million, accounting for two-thirds of the October reduction in business loans. While these loans generally decline in this period, r e f l e c t i n g in part a s h i f t back to open-market paper financing a f t e r the tax period, the reduction t h i s year was somewhat larger than usual. However, these net repayments followed aboveaverage expansion in August and September, The decline in loans to metals concerns slowed up in October but that for t e x t i l e s , apparel and leather accelerated. Real estate loans increased an additional $100 million at a l l commercial banks during October, about the same as in October l a s t year. By late f a l l 1956, however, growth in these loans had begun to slacken. Consumer loans rose further in October 1957* Security loans declined, r e f l e c t i n g reductions in loans for purchasing and carrying securities other than those of the U. S. Government, o f f s e t in part by some increase in loans on U. S, Government s e c u r i t i e s . I*iu3 - 5 Table 2 Changes In Commercial and Industrial Loans (In millions of dollars) Business of Borrower Last Wednesday i n July to l a s t Wednesday i n October 1957 '-'19#" Sept#26 Sept.27 <•; Oct. 30 Oct. 31 1957 + + + + 368 225 21*1 83I* 1955 Food processors Commodity dealers Trade concerns Total + + + + Sales finance - 1*10 All other - t o t a l Metals and products Textiles, apparel and leather Petroleum, c o a l , etc* Other manufacturing and mining Public u t i l i t i e s Construction All other types of business Classified Unclassified » U3U - 212 + 260 - 57 + 21*5 +1,376 +1,292 - 231* - 87 2/+ 306 - 61*6 + 203 + Total change 123 85 150 350 1956 195U 1953 + 601 + 397 + 229 +1,227 + + + + 3U8 301 255 90 it - 305 - 223 - 275 - 56 - 21*5 - 289 +105 - 38li - 53 - 103 - 97 - 366 + 1*21* - 23k ' - 2 1 $ + U*5 + 37 - 253 - 30 - - 192 3 + 292 + 12 - 137 ~ 27 - 77 + 52 - 131* - 13 + 31* + 333 + 99 + 59 + 13 + 117 - 1*1* + 70 - 11 +128 - 76 + 5 - 39 - 1*5 - 62 + 3lt + 102 + 55 + 210 - 2t* - 31* - 20 + 21* - 17 + 1*1* - 15 - 196 + 28 - + 86 + h 6 + 61 + 28 + 20 - - + 199 + 11*3 + 79 + 51 57 + + + + 290 208 170 66b li* + 9 + 99 + + + + 253 261* 185 702 + + + + 1952 1*61 + 55U 221 + 1*89 131* + 168 816 + i 7 2 i r + 201* + 526 +1,608 3 / - 685 U/+ 133 + 93 11 +1,089 2/+l,598 3 / - 1*81 h/+ 658 +1,701 1?/ Includes CCC c e r t i f i c a t e s of interest which are estimated to have declined "* $200 million. In October 1955# the l e v e l of business loans was increased by $318 million to correct c l a s s i f i c a t i o n errors. No back figures were revised and changes f o r the July-October period include the revision* 3 / Includes CCC c e r t i f i c a t e s of interest which are estimated to have declined $1*35 million# I*/ 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* C l a s s i f i e d data are for a sample of about 210 banks reporting changes i n their larger loans; these banks hold over 90 per cent of t o t a l commercial and industrial 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 October 30, 1957. Not f o r publication - 6 - L.4.3 Table 2 - continued Changes in Commercial and Industrial Loans 1 / (in millions oFlToilarsj' Last Wednesday of January to l a s t Wednesday of October Business of Borrower 1957 1956 Food processors Commodity dealers Trade concerns Total + + + 84 204 131 311 + 311 + 191 U6h ™TW Sales finance + k9 All other * t o t a l Metal 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 l/ l' 3/ y +1,456 w 1955 + + 1951 139 12 546 395 - 150 + 3 + 225 "+ 70 - 579 + 492 +3,305 + 935" 1953 + - 1952 247 297 378 166 - 219 + 6 + 186 - 27 - 281 •» 236 + 175 +2,159 + 161 - 417 - 901 + 674 + 113 +1,019 + 494 + + 280 57 + 248 + 774 + 318 + 390 + 91 + 11(6 + 135 + la - 24 + 294 + + + 182 384 2 + 469 + 482 + 23 + 216 + 378 + 210 + 2 - 113 + 125 + 109 + 129 + 21 + 139 - 85 + 73 60 + 353 + I486 + 263 + 126 + 128 +1,816 - 311 +3,692 + 81 +3,01*5 2/+ 85 - 619 3 / - 840 + 272 3/+ 18 +1,166 +1,505 +3,773 2/+3,130 3/-l,l59 3/+ 290 +1,137 - 29 Prior to week ending January 11, 1956, :iTcJLuded changes in agricultural loans« Includes CCC c e r t i f i c a t e s of interest which are estimated to have declined Jj735 million# In October 1955, the l e v e l of business loans was increased by ^318 million to correct c l a s s i f i c a t i o n errors# No back figures were revised and changes for the January^October period include the revision# Includes CCC c e r t i f i c a t e s of interest which are estimated to have declined 8410 million* 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 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 t o t a l commercial and industrial 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 October 30, 1957* Not for publication Since mid-year, t o t a l credit at a l l commercial banks has increased $2.3 b i l l i o n , s l i g h t l y more than in the comparable period l a s t year but considerably l e s s than in most other recent years, Holdings of U. S, Government and other securities have increased while t o t a l loans have declined. Substantial reductions in business loans r e f l e c t ing heavy net repayments in July and October and smaller declines in security and agricultural loans have been o f f s e t only in part by moderate growth in real estate and consumer loans. Deposits and currency. Preliminary estimates indicate that demand deposit and currency holdings of businesses and individuals increased about $1*7 b i l l i o n in October, or $300 million more than the usual seasonal amount, as shown in Table 3• At the monthend the seasonally adjusted money supply was at about the same l e v e l as a year ago and a l i t t l e below the 1956 year-end l e v e l . Time deposits at commercial banks increased an additional $400 million during October. So far t h i s year, they have increased almost $5 b i l l i o n compared with $2 b i l l i o n a year ago. Growth was exceptionally rapid during the f i r s t quarter of the year, and subsequently these deposits have been rising at about twice the rate of last year. Deposits at mutual savings banks also probably increased further in October. Recently these deposits appear t o have been increasing at about the same rate as l a s t year, whereas earlier in the year, growth had been somewhat smaller. In October, growth in demand deposits adjusted and time deposits was o f f s e t in small part by a $500 mill i o n decline in U, S. Government deposits. On balance, t o t a l deposits and currency increased $1.7 b i l l i o n , • largely r e f l e c t i n g credit growth at commercial banks. Last year in October, U, S f Government deposits declined much more sharply than t h i s year and t o t a l deposit growth was considerably l e s s . So far t h i s year, t o t a l deposits and currency have increased $700 million compared with a small decline l a s t year. While demand deposits adjusted and U. S. Government deposits have declined more t h i s year than l a s t , t h i s has been more than o f f s e t by the larger growth in time deposits. Credit growth for the banking system as a whole has been about the same in the two years, but foreign operations have added more to deposits t h i s year than l a s t and miscellaneous factors have drained l e s s . WW - 8 - Table 3 Estimated Changes in Deposits and Currency Trn^BIHoriTor^lH'sr ~'T9$6 -™mr Sept,26 Sept*27 June 27 July 1 Item Jan, 1 Oct, 30 Oct. 31 Oct, 30 Oct, 31 Oct, 30 Seasonally adjusted data 1 / bemand depositsadjusted Currency outside banks Total + 0.3 2/ +%3 Unadjusted data 1 / Demand deposits~*adj us ted Currency outside banks Total Time deposits - t o t a l 3 / Commercial Mutual 'Savings U, S, Government deposits Total + 0,6 + 0,1 •nsTj - 0,2 % + 1,7 +13 + o,h 1,7 - 0,2 2/ - 0,7 - 1,2 +~Z72 Jan, 1 Oct, 3:1 + 0.9 + 0.1 rnn + 2,7 — 0,6 7-27T + 0,9 + o.k • 1.8 - 0.1 Factors affecting deposits (signs indicate e f f e c t on deposits and currency) and currency Bank loans and investments other than U, S. Govt, sec. + 0.2 + 0.3 + 1 . 1 + 1^.8 Commercial T/~ T-57C +373 Mutual savings +~0,2 + 0,2 + 0.7 + 0 . 9 + 1.8 + 2,2 Bank holdings of U, S, Government securities* + 1.6 + 0 . 5 + 2.1 + 0 . 5 - 3.5 - 5.7 Federal Reserve +"OT + 0.2 Z-IT7 Commercial s Q + 1.5 + 0.5 + 1.8 - 1.5 - w Mutual saving and other 2/ -0.2 - 0.1 - 0.3 - 0.3 - 0,5 Gold stock and foreign deposits at F, R, Banks + 0.1 + 0.1 + 0.7 + 0,3 Other factors -"0.1 - 0 . 1 - 1 . 1 - 1.1 - 1,3 1,8 ^ ^ ciucl w v Seasonally . for l a s t Wednesday except in case of June and December c a l l dates, when available Less than S50 million, 3 / Total includes Postal Savings, 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 genera l l y 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. Unadjusted data f o r the t o t a l July through October periods 1957 and 1956, are not e n t i r e l y comparable as the former are computed from the l a s t Wednesday of June and the l a t t e r from the 30th of June, Demand deposits adjusted tend to decline while currency outside banks and time deposits tend t o increase between the l a s t Wednesday and the 30th of June, y rrii + 0.1 % Note* 0 Data f o r Optober 30,1957.are preliminary estimates based on data for weekly reporting member banks and estimates for other banks. Later estimates for October w i l l be shown in the Board's statement, "Assets and L i a b i l i t i e s of All Banks in the United States" available at the end of November, Not for publication Bank reserves. Net borrowed reserves of a l l member banks averaged^350 million in October, about $120 million below the September l e v e l , as shown in Table 4. Borrowings averaged only s l i g h t l y over $800 million compared with almost $1 b i l l i o n in September, The largest declines in net borrowed reserves occurred at central reserve c i t y banks in New York. Reserves also eased at reserve c i t y banks. At central reserve c i t y banks in Chicago, however, net borrowed reserves increased and at country banks, free reserves declined. The e f f e c t i v e rate on Federal funds remained at 3-1/2 per cent throughout the month. During the two weeks ending October 16, net borrowed reserves averaged $465 million, about $100 million below the late September l e v e l . Reserves supplied principally through System purchases of U. S. Government s e c u r i t i e s and declines in Treasury and foreign deposits at the Reserve Banks were absorbed only in part by currency outflows, reductions in f l o a t , and increases in required reserves associated with the Treasury financing. In the week of October 23 net borrowed reserves were temporarily low—less than $50 million—when the intramonthly increase in f l o a t and changes in other factors added substantially to reserves. In the two subsequent weeks ending November 6, however, net borrowed reserves rose to an average l e v e l of $370 million as reductions in f l o a t absorbed more reserves than were supplied by other factors. Over the month, as shown in Table 5, more reserves were supplied to banks through foreign operat i o n s , currency inflows, and reductions in Treasury deposits and in other Federal Reserve accounts than were absorbed principally through increases in required reserves. Required reserves increased substantially in late September and early October when banks acquired new Treasury s e c u r i t i e s . Subsequently, through most of October, they declined but increased again at the monthend r e f l e c t i n g in part deposit expansion associated with bank acquisitions of new FNMA. notes. System holdings of U. S. Government securities in October averaged only s l i g h t l y above the September l e v e l , Holdings under repurchase contracts increased while outright holdings declined. - I&l+#3 10 - Table 1+ Free Reserves (Excess reserves* minus member bank borrowings* based on average of daily figures5 in millions of dollars) Period 19514$ December 1955* December All member 1+59 - 21+5 New York 50 - 161 m 1956* March June July August September October November December - JU08 - 195 - 139 - 339 - 213 - 195 — 15k • 36 - 171+ - 33 - 108 ~ 158 - 201+ - 192 — 211+ - 91 1957* January February March April May June July August September October 117 - 126 - 316 - 505 Quarterly averages 1955* F i r s t Second Third Fourth Chicago - 16 83 Reserve City • 26 - 338 Country 550 338 256 - Ill - 1+8 - 72 - 93 — llli - 11+0 ^ 86 - 1+1 123 101 300 101+ 185 181 289 251+ 115 - ItO 53 253 210 165 1+8 28 26 115 11+1 - 172 - 21+9 - 21+2 - 263 - 367 - 1+88 — 1+52 - 1+00 - 3h9 - - 393 251+ 158 - 127 - 365 - 29 1 - 112 - 192 - 75 61+ 67 95 • 150 - 323 - 1+18 - 99 1+57 371+ 375 31+1 * hhh - 508 - 383 - h?l - 1+66 m 298 356 31+1+ 382 296 21+6 193 203 - h33 319 305 360 271+ 380 358 • 393 3W+ J 369 299 280 269 192 210 278 21+1+ 336 300 1956* First Second Third Fourth - 310 Ill 230 128 - 170 - 96 - 157 — 166 - 11+7 - 175 - 71 - 113 • - 329 1+18 31+1 211+ 336 278 338 365 1957* First Second Third - 108 - 1+85 - 1+1+0 - 88 - 196 * 21+1 - 115 - 11+1 - 56 - 221 - 373 - 1+28 316 221+ 286 - » 165 - 129 - 157 - 11+0 - 1+19 182 370 330 1+10 126 200 1957* Note* Sept. 25 Oct* 2 9 16 23 30 Nov* 6 553 587 1+37 191 32 31+0 - 39k m 333 235 188 269 52 36 126 — 56 - lib - 116 1+71+ 1+05 1+62 1+12 33l+ 316 351 Data f o r second half of October and November are preliminary* Digitized for Not FRASER for publication - 11- I*lu3 Table 5 Changes in Member Bank Reserves, with Relevant Factors (Monthly average of daily figures} iri~millions of "dollars) Item July •• Oct* October Jan* * Oct* 1957 1956 6 - 195 - 301 + 60 - 5U - 305 - 190 - 1956 1957 1956 + 81j - 85 + 58 + + iWi - 60 - 27 m 58 + 93 - 35 1957 Member bank reserve balances Required reserves 1 / Excess reserves 1 / Effect of above factors on reserves 7h (signs ii idicate e; 'feet on 3reserves) Principal factors Currency i n circulation Gold stock and foreign accounts Treasury operations Federal Reserve f l o a t Other factors - 227 + 3h — 61 - 207 * * It + 96 + lt5 + 37 m 16 m 66 + + + + 2bZ — 61 , 108 - 157 - + 16U + 23 — 50 + 73 + 53 + " "li 7 + 6 + 1 + 359 - 177 + 1 - 73 + h3 9lt 20 27 12 328 + 89 + 15 • + 2h 1|6 + 666 + hoi + + # - + + 752 25 190 110 339 12 207 128 1 O hJ Total + 813 + 6h9 + 206 -1*338 - 9h6 -1,H7 - + 2k b + 259 + 256 + 3 + 2 - 821 -"576 - 2li5 - 19U + 3 - Federal Reserve loans and investments: Total U* 3* Govt* securities Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others 1/ h 23 77 -mm 5U 1 - 171 - 33 + 123 - 11 Data f o r October 1957 are preliminary# Note* Changes are based on data for September and October; June and October} and December and October• Not for publication - 12l 1 - 12 - L.4.3 Ldans and Investments at All Commercial Banks ""TET^niions of dollars) Loans and investments Date u, s . Govt, Other Total Real SecuCon- All secur- secur- loans Business estate r i t y Farm sumer other ities ities 19k7t Dec, 31 1948* 1949: 1950: 1951* 1922: 1953: 1954* Dec, Dec, Dec, Dec, Dec, Dec, Dec, 31 31 31 31 31 31 31 116,2 111,2 120,1 126,6 132.5 114,5 115.5 155.7 69.2 62.6 67,0 62,0 61,5 63.3 63,4 69,0 9.0 9.2 10,2 12.4 13.3 14.1 11.7 16,3 37=9 lt2.lt 1+2.9 52,2 57.6 61+.0 67.lt 70.lt 18.3 18.9 17.1 21.9 25.9 27.9 27.2 2 6.9 9,1+ 10,8 11.5 13,5 li+,6 15.7 16.7 18,2+ 2,1 2.3 2,6 2,9 2,6 3.2 3.6 lt.5 3.8 1.7 4.8 2.9 5.8 3.1 2.9 7.4 3 .it 7.5 3.9 9.4 5.0 10,9 5.2 10,9 2.9 3.1 3.4 4.2 4.5 4.9 5.1 5.6 1955: Mar, 30 June 30 Sept,28 Dec. 31 152 oil 154.8 156.1 160,3 61,2 63.3 62,0 61.6 17.0 16,8 16.9 16.7 71.2 74.8 77.5 82.0 27.lt 28.9 30.5 1/33,2 19,0 19,8 20,6 1/20,8 lt.l 4.5 lt.2 5.0 lt.9 4.4 3.9 4.5 11,2 12,1 12,7 13,2 5.8 6,2 6,6 6,5 1956: Jan, 25 Feb, 29 Mar, 28 Apr, 25 May 30 June 30 July 25 Aug. 29 Sept,26 Oct, 31 Nov, 28 Dec. 31 158,3 157.1 158.5 158.7 158.a 159.3 158.3 159.8 160.7 161.U 162,7 164.5 60.9 59,2 58,6 58.2 57.3 56.6 56.2 57.2 57.0 57.5 58.2 58.6 16.5 16,6 16.6 16.6 16.U 16.5 16.3 16.1+ 16.6 16.3 16,3 16.3 80.9 81,2 83.3 83.9 81.7 86.2 85.8 86.3 87.2 87.6 88,2 89.7 32,7 32,9 3lt.5 31**8 3lt.8 36.1 35.8 36,4 3 6.9 37.2 37.8 38.7 20.9 21,0 21,2 21,4 21,6 21,8 21,9 22.1 22.3 22.lt 22,5 22.5 lt.6 lt.5 1.5 lt.lt lt.5 lt.lt lt.3 lt.0 lt.l lt.l lt.0 4.3 4.4 4.5 4.4 4.3 4.4 4.3 4.2 4.0 4.2 4.0 4.1 4.2 13.3 13.3 13.5 13.7 13.9 14.3 14.4 14.4 14.5 14.5 14.5 14.7 6,4 6.4 6,5 6.6 6.7 6.7 6.6 6.7 6.6 6.7 6.8 6.9 1957: Jan, 30p Feb, 27p Mar, 27p Apr, 24p May 29p June 26p July 31p Aug, 28p Sept,25p Oct, 300 161.6 161,0 161,3 163.7 163,6 164.0 163.8 164.3 164.8 166,3 57.7 56.8 55.7 57.3 56.9 55.3 56.1 55.9 55.6 57.1 16.2 16.3 16.5 16.7 16.8 16.8 16.7 16,8 17.0 17,5 87.7 87.9 89.1 89.7 89.9 92,0 91.1 91.6 92.2 91.7 37,6 37.8 39.0 39.0 30.9 bo.5 39.6 39.9 22,5 22.5 22,5 22,5 22,6 22,6 22,7 22,8 22,9 23.0 3.7 3.7 3.6 3.8 3.8 3.9 3.7 3.8 3.8 3.7 4.2 4.2 4.2 4.1 4.1 4.0 3.9 3.8 3.8 3.8 14.6 14.6 14.7 15.0 15.3 15.5 15.6 15.7 15.8 15.9 6.7 6.7 6.7 6.8 6,8 6.9 7.0 7.0 7.0 7.0 h0i3 39,7 e - Estimated l / Level of business loans increased by, and real estate loans decreased by $300 " million at the end of October 1955 to correct c l a s s i f i c a t i o n errors* No back figures revised; most of the misclassification probably occurred during 1955. Note* Data exclude interbank loans* Total loans before deductions f o r valuation reserves. are partly estimated for a l l dates. Other a l l but June and December dates. All data estimates and subject t o error. Not for publication are a f t e r and types of loans Consumer and "other loans" data are partly estimated on for October 30, 19!??, are
@FedFRASER