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" ~ \ V ^^xajr L.4.3 OCT 2 3 ; jb9 RESEARCH LIBRARY BANKING AMD MONETARY DEVELOPMENTS IN SEPTEMBER 1959 Bank credit. Total loans at all commercial banks rose $1 billion further in September, somewhat below the record increases of the spring and summer months. Banks reduced their holdings of U. S. Government securities $1.1 billion, but holdings of other securities increased moderately. On balance, total bank credit rose $100 million in September, somewhat less than the postwar average for this month. Total credit at weekly reporting banks in leading cities declined in September whereas usually in this month there is little change. Loan growth was somewhat smaller than in several other recent years and the reduction in holdings of U. S. Government securities was larger. At country member banks, credit expanded about the usual amount; loan growth was somewhat larger than usual, but holdings of U. S. Government securities declined whereas they usually increase. Loan growth at commercial banks since midyear, totaling over $3 billion, exceeds that in the comparable period of any other postwar year except 1950. The reduction in holdings of U. S. Government securities has been larger than usual at city banks while the increase in these holdings has been smaller than usual at country banks. Total credit at all commercial banks has increased $1.7 billion, somewhat less than usual. Business loans at all commercial banks (which still include loans to sales finance companies) increased $600 million in September, about the same as in 1956 and 1955. Business loans at city banks (excluding loans to sales finance companies) increased $500 million in September, less than in several other recent years including 1958* The tax-period increase was less than in the comparable period of 1958 but prior and subsequent increases were larger. Borrowing by food processors, commodity dealers, and trade concerns was larger than usual in September and accounted for about four-fifths of the increase in total business borrowing. Public utilities borrowed more than in the comparable period of any other year. Petroleum concerns -were also substantial borrowers. Metals manufacturers reduced their bank debt $155 million in September, more than in September of most other years. Since June, however, these loans have declined only $140 million, less than in similar periods of earlier years when steel strikes occurred. Hot for publication Consumer loans at all commercial banks showed further substantial growth in September. Since June, they have increased $700 million, the same as in the third quarter of 1950, and more than in any other year. Real estate loans also increased further in September. During the third quarter, they rose $600 million (after adjustment for structure changes) somewhat less than in 1955 and 1950. Deposits and currency. Seasonally adjusted demand deposit and currency holdings of businesses and individuals declined $1 billion between the last Wednesday of August and the last Wednesday of September. This followed a $1.3 billion decline in August and a $1.8 billion increase in July. Since March, however, there has been little net change in the seasonally adjusted money supply. At the end of September, it was about 2-1/2 per cent above the level a year earlier. Seasonally adjusted semi-monthly averages of daily demand deposits at member banks show about a $200 million decline from the second half of August to the second half of September, based on preliminary figures. - However, this series also indicates little net change in seasonally adjusted demand deposits since March. U. S. Government deposits increased an additional $600 million in September; usually these deposits decline somewhat in this month. At the end of September, U. S. Government deposits were $7.1 billion—considerably above the usual level. Deposit turnover. The seasonally adjusted annual rate of turnover of demand deposits in 337 centers outside Hew York and other financial centers was 24.6 in September (based on unpublished Board seasonals), the same as in the past five months. This leveling-off followed an advance of 8 per cent in the year ending April 1959. Bank reserves. Net borrowed reserves of member banks averaged $475 million in September, compared with $535 million in August, Borrowings declined to $900 million from more than $1 billion in August but excess reserves at $430 million were also lower. The slight easing in reserve positions in September occurred at reserve city and country banks. Reserve positions of central reserve city banks in New York and Chicago were about unchanged. Reserve positions remained generally close to the $500 million level throughout September except for the week of the 23rd when they declined to $300 million; a sharp expansion in Reserve Bank float more than offset other factors draining reserves during that week. Not for publication Over September, reserves were supplied by a larger than usual Increase in Reserve Bank float ($200 million) and an increase in System holdings of U. S. Government securities ($85 million). Reserves vere absorbed by foreign operations ($125 million) and a small increase in currency in circulation ($25 million); the latter increase was less than seasonal, however, and followed a seasonally adjusted decline in August, Required reserves rose somewhat ($35 million) as increases during mid-September, associated with bank credit expansion resulting largely from business borrowing for tax purposes, were offset only in part by subsequent declines. Not for publication L.U.3 Table 1 Estimated Changes in loans and Investments at All Commercial Banks (.In billions of dollars) Item last Wednesday of August to last Wednesday of September 1959 Total loans (excluding interbank) 2/ 1958 1956 1955 1951t + 1.0 + 0.5 + 0.7 + 0.9 + 1.3 + 0.9 + + — + + 0.6 0.2 0.1 0.1 0.2 0.2 + + + + 0.1* 0.2 0.1 0.1 + + 0.1* 0.1 + + 0.6 0.2 + + 0.6 0.3 0.1 0.1 0.1 0.1 + + 0.3 0.2 0.2 0.1 - -0.1 + + + + - + + + + U. S. Government securities - 1.1 - 1.1* - 0.3 - 0.2 - Other securities + 0.2 + o.k + 0.2 + 0.2 + 0.1 - 0.1* 0.5 + 0.9 Business Real estate Security Agricultural Consumer All other Total loans and investments (less interbank) Item Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other U. S. Government securities + 1952 1951 0.5 + 0.9 + 0.2 0.1 0.1 1/ + 0.1 — 0*1 + + - 0.7 0.1 0.2 + V + 0.1 + 0.2 + - — 0.1* + — 0.1 + 0.1* + + + 0»i| y Other securities Total loans and investments (less interbank) + !/0.2 y 0.2 0.2 y + 1/ 0.5 0.8 + 0.3 + 1.2 last Wednesday of August to last Wednesday of September 1953 # 1957 + 0.1 0.9 1950 191*9 191*8 + 1.7 + + + 1.1 0.2 0.2 + + 0.1 0.2 n.a. n. a. n.a. n.a. + 0.2 n.a. 0.6 - 1.7 y + 0.2 + 0.3 + 0.2 - 2.6 y + 1.7 + 0. it + 0.7 - i 0.6 •y, 0.6 + 1.1 n.a. n# Sle H*cLe n# a* + 0.1 n.# a,* 1.5 1/ less than #50 million n.a. Not available "y Data for all commercial banks will not be revised to conform with changes in weeklyreporting data until all bank call data are available on new basis. # Hot for publication Table 1 Estimated Changes in Loans and Investments at All Commercial Banks IIn billions of dollars) Item Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other End of June to Last Wednesday in September 19593/V 1958 + 1.5 + y 0.7 - 0.1 + + 0.1 0.6 0.2 0.1 0.1 0.1 0,2 0.1 0.1 0.1 0.3 0.1 1.7 + + 0.6 0.7 4* U. S. Government securities - 1.7 + 0.1 Other securities + 0.1 + 0.6 + + 2.0 - Total loans and investments (less interbank) 1953 0.5 0.2* 0.2 0.3 + + + + 1.6 0.8 ye + 0,6 + 0.1 0.3 0.5 - 1.2 + 0.6 1/ 0.1* + 0.2 1.3 0.3 0.1 0.1 + o.5 + 0.8 l.li 1.6 1952 1951 + l.li + + + + + + - 0.5 0.3 0.1 0.2 0.3 0.2 + + + + + 0.9 O.ii 0.6 0,2 O.ii 0.1 + + + Uo S„ Government securities + 3.6 + Other securities + 0.2 + li.8 1/ 2/ ~ 3/ 0.9 O.ii O.ii 1.0 Total loans and investments (less interbank) + — O.ii + Business Real estate Security Agricultural Consumer All other + 2.7 1951 + End o;' June to Last Wednesday in September Item Total loans (excluding interbank) 0.3 + + 1955 1.0 0.2 3.5 - 1.0 + 1956 1957 2/ 1950 1919 3,8 3.9 2/ 19li8 0.8 + 3,9 + 0.8 0.2 0.3 0.2 1/ + 0.1 + + + + 2.5 0.7 0.2 0.1 0.7 O.ii n• a• n • a# n •a • n*a. + 0.3 n* a# n • si* n.a. rio a# n • a© + 0,2 n.a. O.ii + 1,2 - 3.1 + 3.5 - 2.3 + 0.3 + 0.2 + 0.9 + 0.7 + 0.2 + 2.1 + 2.2 + lo6 + li.6 — O.ii 0,6 + 1.7 Less than $50 million. n.a. Not available Dates are for June 30 for all years except 1959, 1958, and 1957 which are for last Wednesday. As a result of inclusion of banks in Hawaii, in August 1959 total credit increased about $300 million; total loans $200 million; and U. S. Government securities, $100 million. Digitized for b/FRASER Data for all commercial banks will not be revised to conform with changes in weekly http://fraser.stlouisfed.org/ reporting data until all bank call data are available on new basis. Federal Reserve Bank of St. Louis Table 1 Estimated Changes in Loans and Investments at All Commercial Banks (jn billions of dollars) End of December to Last Wednesday in September Item 1958 19592/3/ 1955 1954 - 0.6 + 2.6 + 5.2 + 7.1 — 0.6 3*6 2.3 0.6 1/ + 2.1 + l.U + + + 1.8 1.2 0.5 0.6 0.1 0.2 + + + + 1.6 O.ii o.5 O.lt 1.2 0.2 + + + + 3.8 1.5 0.3 1.2 0.2 + + — + + 3.6 2.2 0.3 1.3 1.8 1.0 + + + 1.1 1.1 0.2 1.1 0.1 0.3 U. S. Government securities - 7.2 + 6.5 - 2.7 — lt.6 - 7.0 + 3.9 Other securities + 0.1 + 2.7 + 0.8 - 0.1 + 0.6 + 1.3 + 1.8 + 8.6 + 0.6 + O.lj. + 0.7 + it.6 Business Real estate Security Agricultural Consumer All other Total loans and investments (less interbank) + CO CO Total loans (excluding interbank) 1956 1957 + + — End of December to Last Wednesday in September Item 1953 Total loans (excluding interbank) Business Real estate Security Agricultural Consumer All other 1.0 + 1.9 A s • 0.3 $ > 1952 1951 1950 191*8 191&9 + 2.9 + 3.3 + 5.7 — + + — + + + 0.3 0.8 0.1 0.5 1.2 0.2 + + — + 2.6 0.8 0.6 O.U + + 2.3 1*6 0.3 - -0.3 + 1.5 + 0*6 n.a# n # a# n . a* n.a. + 0.9 n.a. n. a. n# a. n#a. n 9 a. + 0.6 n 0 a. + y 0e9 + 3.5 U. S. Government securities - 1.1 + 0.1 - 2.3 - Iu5> + ii.l — 6.7 Other securities + o.h + 1.0 + 0.5 + 1.9 + 1.0 + 0.I4 + + 3.9 + 1.5 + 3.2 + L.l - 2.9 Total loans and investments (less interbank) l.l n.iu Not available. 1/ Less than $5>0 million. ?/ Data for all commercial banks will not be revised to conform with changes in weekly reporting data until all bank call data are available on new basis. 3/ Structure changes in 1959 added about $1 billion to total credit; $600 million in loansj $300 million in U. S. Government securities; and #100 million in other securities. Real estate loans increased about 0300 million; business loans #100 http://fraser.stlouisfed.org/ millionj and consumer loans #100 million. Federal Reserve Bank of St. Louis Table 1 Estimated Changes in Loans and Investments at All Commercial Banks (In billions of dollars) End of December to Last Wednesday in September item 19592/3/I * Total loans (excluding interbank) 0 q • 1957 1956 1955 1951* 8.8 — 0.6 + 2.6 + 5.2 + 7.1 — 0.6 + 3*6 + 2.3 — 0.6 1/ + 2.1 + l.ii - 1.8 + 1.2 - 0.5 + 0.6 — 0.1 + 0.2 + 1.6 + + + o.k + 0.5 O.ii 1.2 0.2 + + 3.8 1.5 1.0 0.3 1.2 0.2 + + + + 3.6 2.2 0.3 1.3 1.8 1.0 + + + 1.1 1.1 0.2 1.1 0.1 0.3 U. S. Government securities - 7.2 + 6.5 - 2.7 - it.6 - 7.0 + 3.9 Other securities + 0.1 + 2.7 + 0.8 — 0.1 + 0.6 + 1.3 + 1.8 + 8.6 + 0.6 + + 0.7 + ii.6 Business Real estate Security Agricultural Consumer All other Total loans and investments (less interbank) + 1958 O.ii End of December to Last Wednesday in September Item 1953 Total loans (excluding interbank) + .+ 1.9 1952 1950 2.9 + 3.3 + 5.7 + + + 2.6 0.8 0.6 o.U + + 2.3 1.6 •$> + 0.3 + 0.8 - 0.1 + 0.5 + 1.2 + 0.2 U. S. Government securities - i.i + 0.1 Other securities + O.ii + + 1.1 + Business Real estate Security Agricultural Consumer All other Total loans and investments (less interbank) + "0.8 - 0*3 + 1951 19h9 - 0.9 n.a. 191*8 + 3.5 0.3 -"0.3 + 1.5 + 0.6 n • a.o 11* cle + 0.9 XI# cle n.a. n.a. n»a* 11 e cle + 0.6 n© a# - 2.3 - It.5 + li.l - 6.7 1.0 + 0.5 + 1.9 + 1.0 + O.lt 3.9 + 1.5 + 3.2 + it.l - 2.9 + y T10 B.0 1/ Less than $50 million. ?/ Data for all commercial banks will not be revised to conform with changes in weekly reporting data until all bank call data are available on new basis. 3/ Structure changes in 1959 added about $1 billion to total credit; #600 million in loans; $300 million in U. S. Government securities; and #100 million in other securities. Real estate loans increased about $300 million; business loans #100 http://fraser.stlouisfed.org/ million; and Federal Reserve Bank of St. Louis consumer loans $100 million. - 7 Table 1 Changes in Loans and Investments at City and Country Banks (In millions of dollars) 0 Meekly reporting banks # Last Wednesday in August to last Wednesday in Sept. Item 1959 1958 + 563 -1,011 + 113 - 334 + 530 -1,1(37 16 - 923 1957 1956 1955 1951 1/ Total loans U. S. Government securities Other securities Total loans and investments + + + 397 377 68 "8B + — + + 609 U80 7 136 + — + 753 601 71 01 + + + 532 lill 200 321 + + + + 114 81 55 277 + + + + 18 300 1U 332 + + + + 308 112 1+3 W3 + + 230 332 + 609 Country member banks # e Total loans U. S. Government securities Other securities Total loans and investments + 2h9+ - h9 + + 5h + + 251; + hi Last Wednesday in August to last Wednesday in Sept. Item 1953 Weekly reporting banks # + lt2 178 161 381 1952 1951 1950 19li9 1918 1/ Total loans U. S. Government securities Other securities Total loans and investments + - 270 3U2 76 ll|8 + - 650 556 117 23 + + + + 566 282 72 920 +1,249 -1,237 + 185 + 197 + + + 507 303 79 283 + 777 -2,11*3 + 30 -1,336 + + + + 103 17 51 17k + + + + 173 6 59 238 + + + + 136 179 63 378 + - + + + + 92 237 ItO 369 + + - Country member banks Total loans U. S. Government securities Other securities Total loans and investments « + + 379 310 85 15L 239 hh$ 18 188 1/ Beginning July 1, 1959 changes are on revised basis. Note; Data for country banks include interbank loans, which on June 10, 1959, were about $100 million. Data for weekly reporting banks include interbank loans prior to 1952. Not for publication — 8 — Table 1 Changes in Loans and Investments at City and Country Banks (In millions of dollars) End of June to last Wednesday in September Item Weekly reporting banks 1959 1958 3/ +1,964 —1,862 — 38 + 64 -1,355 -1,150 + 76 -2,429 + - 122 380 88 414 + + 585 486 + + + + + 139 + 914 + 208 +1,261 + + + + I87 436 72 69!? + + + + 1957 1956 1955 1954 55 +1,775 -1,729 25 + 21 - 455 +1,971 + 277 +1,793 284 554 20 857 + 687 + 361 + 64 +1,111 + 21 +1,321 + 118 +1,460 2/ Total loans U. S. Government securities Other securities Total loans and investments kh Country member banks Total loans U. S. Government securities Other securities Total loans and investments 749 125 75 949 End of June to last Wednesday in September 1953 Weekly reporting banks 1952 1951 1950 1949 1948 2/ Total loans U. S. Government securities Other securities Total loans and investments + 570 +2,452 + 122 +3,144 + + + 687 807 203 83 + + + + 605 36 132 773 +2,918 -2,793 + 682 + 807 + 116 +2,826 + 511 +3,453 +1,159 -2,107 + 207 - 741 + 389 + 912 + 80 +1,380 + 567 + 766 + 75 +1,408 + + + + 196 666 73 935 + + + + 273 +1,002 + 95 +1,369 + + + Country member banks Total loans U. S. Government securities Other securities Total loans and investments 907 469 174 611 500 308 24 216 1/ Country bank data are for June call dates except for 1959, 1958, and 1957, which are for last Wednesday. 2/ Beginning July 1, 1959, changes are on revised basis. 3/ Data are on unrevised basis as revised data do not begin until July 9, 1958; however ~ difference in changes is generally very small between old and new series. Note: Data for country banks include interbank loans, which on June 10, 1959, were about $100 million. Data for weekly reporting banks include interbank loans prior to 1952. - 9 Table 1 L.l*.3 Changes in Loans and Investments at City and Country Banks (In millions of dollars) End of December to last Wednesday in September l/ Item Weekly reporting banks Country member banks 1957 1956 1955 195L 2/ Total loans U. S. Government securities Other securities Total loans and investments + 1,711 - 6,130 86 — l,8o5 + + + 2,212 5,01*2 1,587 li,l*17 + 555 + 3,339 - 2,117 — 1*,026 + 195 372 - 1,367 - 1,059 + i*,i*69 - 6,555 + 73 - 2,013 + 2,809 + 877 - 1,101* + 1,161 + 119 + 695 + 1,321* + 2,732 + 1,395 + 1,621 603 91*0 + l*6o + 153 + 1,252 + 831* + 2,01*1* + 621* + 677 91*7 + 229 + 355 + 1,1*51 + 1,530 + + + 1,879 2,896 1,016 2,033 3/ Total loans U. S. Government securities Other securities Total loans and investments End of December to last Wednesday in September l/ Item 1953 Weekly reporting banks 1952 1951 1950 191*9 191*8 2/ Total loans U. S. Government securities Other securities Total loans and investments Country member banks 1958 1959 + 35o + 1,053 - 1,30k 555 + 118 + 731 836 +1,229 + 1,883 + 3,608 - 1,561 + 1,571 - 2,1*62 - 3,621* + It,017 - 1*, 668 + 198 + 1,362 + 855 + 187 381 + 1,31*6 + 3,311 - 2,910 3/ Total loans U. S. Government securities Other securities Total loans and investments + 1,201* + 1,1*01* + 1,066 + 1,725 21*3 + 385 1*61* 501 + 181* + 212 + 223 + 1*13 + 1,145 + 2,001 + 825 ,+ 1,637 + + + + 296 613 71 981 + 1,535 - 1,273 + 253 + 515 1/ Country bank data for December call dates. 2/ Beginning July 1, 1959, changes are on revised basis. 3/ Country bank assets and liabilities were increased about $350 million in April 1959 " as a result of inclusion of a national bank in Hawaii and the shifting of six national banks in Alaska from nonmember banks. (Loans +200; U. S. Govt. +100j other securities +50j) Note: Data for country banks include interbank loans, which on June 10, 1959, were about #100 million. Data for weekly reporting banks include interbank loans prior to 1952. # Not for publication —• 10 — L.lu3 Table 2 Changes in Commercial and Industrial Loans 1/ IIn millions of dollars} "~ Business of Borrower Last Wednesday in August to the last Wednesday in September 1959 Food processors Commodity dealers Trade concerns Total Sales finance 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 1956 1955 1951 1953 1952 + 16ii + 218 + 12h + 68 + 63 + 55 + 176 + lUi + 50 H5 + 167 + 17b + 196 + 128 + 36 - 17 + 81 + 113 + 71 + 62 + 57 + 62 + 271 + 219 + 303 + 351 + 371 + 370 2/ - - + 270 + 103 + h2 + 1958 3/ 1957 + 196 + 33h 88 + 181 - 107 - 126 + 2 h,9 + +~~E> - 6 + 102 - - 25 + 267 9 + + + 23 73 22 + + 70 + 22 + 33 + 12 + + 81t - 29 27 + 318 + 231 - 38 - 130 a3 + 16 ^ - 3 - 171 -~lf9 l 48 + 16 62 + 227 75 17 3 + 33 + - 20 57 15 50 20 27 38 + + 20 + 2k 20 + 26 + + + Ibl + 128 lii 39 + + 18 9 it - 13 2 5 + + + 18 50 3 81 + + 7 26 26 - 109 + 611 + li37 + 130 + 575 + h07 + 229 + 212 — 46 + 82 + 13 - + 639 + 35 Total change + 502 h + 381 + h33 + 535 + 489 + 2it2 + 212 + 67it Total change excluding sales finance + 502 + 521 + 200 + 6h2 + 533 Classified Unclassified hO + 615 + 326 + 371 1/ Prior to week ending January 11, 1956, included changes in agricultural loans. £/ Not included in business loans on revised basis 3/ Data for 1958 have not been revised for additional banks and coverage Note* Classified data are for a sample of about 210 banks reporting changes in their larger loans, these banks hold over 95 per cent of total commercial and industrial loans of all weekly reporting banks and nearly 75 per cent of those of all commercial banks. - 11 - Table 2 Changes in Commercial and Industrial Loans 1/ (In millions of dollars) Business of Borrower Last Wednesday in June to last Wednesday in September 1959 Food processors Commodity dealers Trade concerns Total + 325 + 155 + 233 + 151 + 81* .+ 77 + 61*2 + 386 Classified Unclassified Total change Total change excluding sales finance 1956 1955 + 162 + 211 + + 181 + 33 0 + + 1*9 + & + + 392 + 596 + 123 208 122 1*53 1951 1953 + 11*1* + 235 + 1*5 + l*2l* + 219 + 81 + 35 + 335 1952 + 320 + 286 + 15 + 621 93 - 171 + 112 — 11*2 - + 1*07 - lJj.2 - 288 — 286 + - 1*02 - 1*10 - 556 + 21*3 672 - 362 + 19 9 - 1*06 - 222 + 62 - 208 + 129 + 130 - 20 + 28 23 + 93 + 31*5 + 181 + 55 - + 79 + 333 + + 6 + 59 60 + 23 + 31* + 15 - 155 + 81 + 11 + 63 136 + Sales finance 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 1958 3/ 1957 1/ • — — - 122 - 15U - + 3h+ + 155 + + 53 + 73 96 + 38 + 53 35 + 61* + 115 66 2 + 93 - 101* + 63 + 37 + 13 1*6 9 + + + # 85 + 115 223 + 31 77 22 +1,018 - 52 - 56 + 13 + 31 - 11*3 - 977 +1,237 - 79 + 300 6 120 3/- 78 V-790 + + 751 + 73 + 996 - 87 - 130 + 857 ^ , 1 5 9 l*/-869 + 306 + 827 + 996 + 67 - 37 +1,031 +1,01*7 - 727 + 359 + 751* 1/ 2/ 1/ "** k/ Prior to week ending January 11, 1956, included changes in agricultural loans. Not included in business loans on revised basis. Does not exclude change in CCC certificates of interest which are estimated to have declined #300 million. Does not exclude changes in CCC certificates of interest which are estimated to have declined $1*75 million. 5/ Data for 1958 have not been revised for additional banks and coverage. Note; Classified data are for a sample of about 210 banks reporting changes in their larger loans, these banks hold over 95 per cent of total commercial and industrial loans of all weekly reporting banks and nearly 75 per cent of those of all commercial banks. - 12 - L.4.3 Table 3 Estimated Changes in Deposits and Currency (In billions of dollars) Last Wednesday in August to last Wednesday in September Item 1959 Factors affecting deposits and currency Bank loans and investments other than U. S. Govt, sec.3/ Commercial Mutual savings Bank holdings of U. S. Government securities: Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. B. Banks Other factors - 0.3 - 0.3 - 1.0 - 0.6 + 0.2 + 0.6 -2L + 0.2 + 0.4 + 0.2 + 0.2 + 0.6 + 1.1 - 0.1 + 0.5 + 0.2 1/ + 0.2 - 1.2 - 0.6 1957 0.6 0.2 1956 1955 1954 0.1 0.1 - 0.2 I + 0.9 - 0.1 7~oIB + + + + + + + 1.0 — 0.1 + 0.9 + 0.3 + 0.1 + 0.2 ^ 0 4 + 0.6 ~o7E + 0.4 —ZJL. oTE 0.6 0.4 0.2 - 0.4 + 0.5 0.9 0.1 0.8 o.4 0.2 0.2 0.3 1.0 + 1.8 + 0.4 + 0.2 + 0.2 - 0-9 + 1.3 (signs indicate effect on deposits and currency) + 2.0 + 1.2 + 0.4 - 1.1 1 1 + Seasonally unadjusted data 1/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total 0.8 0.2 OHO H H H Seasonally adjusted data l/ Demand deposits adjusted Currency outside banks Total 1958 - 0.1 + 0.3 + 0.9 + 0.2 4 o.p + 0.9 + 0.2 + 1.4 + 1.1 + 0.2 - 1.9 - 0.4 - 1.4 - 0.2 - 0.5 - 0.2 - 0.3 2/ - 0.4 - 0.1 - 0.2 2/ - 0.3 + 0.7 + 0.1 + 0.9 2/ + 0.1 - 0.1 + 1.4 4- 1.3 + 0.2 + 1-5 + 1.2 + 0.2 - o.p + - 0.1 - 0.5 2/ 2/ - 0.3 0.1 + 0.1 H, 2/ - 0.3 l/ Seasonally adjusted data are for last Wednesday throughoutj unadjusted data are for last Wednesday except in case of June and December call dates, when available. 0 2/ Less than $50 million. 3/ Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banks; changes 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 0 sad foreign, while total loans exclude only those to domestic bankse Also there is some lack of synchronization in reporting asset and liability items used in computing "loans net". Not for publication. — 13 — L.U.3 Table 3 Estimated Changes in Deposits and Currency IIn billions of dollars) End of June to last Wednesday in September Item 1959 Seasonally adjusted data 1/ Demand deposits adjusted" Currency outside banks Total Seasonally unadjusted data 1/ Demand deposits adjusted Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Factors affecting deposits and currency Bank loans and investments other than U. S. Govt. sec.3/ — Commercial Mutual Bank holdings of U. S. Government securities: Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. R. Banks Other factors U/ 1958 + + + 1.5 - l.i 0.6 o.5 + 1.3 - 1.3 — 0.8 0.6 0.2 + " O + 0.5 + + + + 1956 O.U 0.1 — 0.2 - 1957 0.3 0.3 1.9 3.1 + 1.9 + + T35 + 1.7 + + 0.5 0.1 1.2 - 5.0 l.U - 0.2 - 0.1 - ~o~i + 1.3 + 1.1 + — 0.3 0.7 o.5 0.2 + — + + + 0.7 0.9 7T72 0.7 0.U 0.3 0.1 o.JU 1955 1951* 0.7 + 2.2 + 1.7 + 3.1 + 13 + 2.9 + + - 0.3 0.U 0.7 1.3 + + 0.7 0.U + + 0.1 - 0.2 0.8 + 2.0 - 0.2 - 0.2 + 0.6 + 1.1 — 1.6 2.U (signs indicate effect on deposits, and currency) + + U.8 3.8 0.7 0.8 — 0.2 — + O.lt 0.7 + + "o3 o.5 + + l.U l.l 0.7 3.2 + " O + 0.6 + + 0.8 0.1 0.6 - 1.1 - 0.1 0.6 2/ - 1.2 2.6 0.7 - 0.1 + 0.2 - 0.2 + 0.1 — 1.0 + 0.1 + o.lt + o.U - 1.3 + 3.8 1.7 - 0.1 - 0.1 - 0.1 2/ — 0.2 + - 0.3 0.3 o.5 o.6 — 2/ 0.9 + 0.1 - 1.1 -"0.7 — 0.1 - 0.9 1 7 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. Data for June 1959, 1958, and 1957 are for last Wednesday throughout. Less than $50 million. Total includes foreign loans on gold, holdings of bankers' acceptances at the Federal Reserve, and loans to foreign banksj 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. In August 1959, as a result of the addition of nonmember banks in Hawaii demand V deposits adjusted increased $200 million and time deposits at commercial banks increased $200 million. H, Not for publication Table 3 L.U.3 Estimated Changes in Deposits and Currency (in billions of dollars) End of December to last Wednesday in September Item Seasonally adjusted data 1/ Demand deposits adjusted Currency outside banks Total Seasonally unadjusted data 1/ Demand deposits adjusted — Currency outside banks Total Time deposits Commercial banks Mutual savings banks U. S. Government deposits Total Factors affecting deposits and currency " Bank loans and investments other than U. S. Govt. sec.3/ Commercial Mutual savings Bank holdings of U. S. Government securities: Federal Reserve Commercial Mutual saving and other Gold stock and foreign deposits at F. R. Banks Other factors TJ H, hi 1959 + + it/ 0.8 0.2 1.0 - lt.2 — 0*2 + .+ + + 1958 + + - 2.2 — O.it "2% ip.i 3.3 + 0.9 4- 2.5 2.2 • 1.0 3.8 0.3 3*5 + + 1957 1956 1955 2.8 + 2.U - o.5 + 0.3 — 0.5 + 0.3 5.9 0.5 ~ — U«5 0.9 5«U 2.9 1.7 - 1.7 - 0.7 r-T3 1.6 2A - 8.1 6.6 5.5 b.$ 1.6 1.2 2/ 0.3 + 5.8 1.0 + + + + - + + 0.3 3.1 2.k 1.3 l.h 1951 — 0.5 + 1.9 - 1.3 ~ 1.2 - 2.U + 1.0 + 2.7 + l.lt + 2/ 0.9 o.k 2.0 (signs indicate effect on deposits and currency +_10.1 + 8.9 + 1.5 + - 7.1 0.3 7.2 - 0.1 - 1.1 - 0.9 2.1 2.3 + + it.6 3.1t 1.7 + 6.8 — I|.e8 3.9 + + + 0.6 - 1.8 6.8 + 5.1 + 2.0 — 6.2 7" 1.2 + 6.5 - 0.3 - 2.7 0.3 - h.6 — 0*1). - 1.9 3.0 + - 0.7 1.5 + 0.3 — 1.8 + + 2.0 1.8 — 8.U - 1.2 - 2.7 0.7 9.3 7.7 7.0 - 0.2 + - 1.5 1.9 3.9 0.5 + 0.1 - 0.1 — 1.0 - 2.1 Seasonally adjusted data are for last Wednesday throughout; unadjsuted 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 Federal Reserve, and loans to foreign banks; changes in these items are generally 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. During 1959, as a result of structure changes, demand deposits adjusted increased fiiOO million; time deposits at commercial banks increased $700 million; and time deposits at mutual savings banks declined $300 million. Hot for publication -15 - Table 1* Free Reserves (excess reserves minus member bank borrowings; based on average of daily figures; in millions of dollars) All member New York Reserve citv Chicago Country Quarterly averages 1958: First Second Third Fourth 311* 508 1959: First Second Third 1958: 1959: Note: 10 18 28 1*1* - 16 1* 1 17 - 82 - 363 - 522 - 25 - 52 - 202 - 67 56 1*2 June J*iy August September October November December 1*81* 5ii6 383 95 96 20 - ia 7 16 22 79 8 1*3 80 January February March April May June July August September - 59 1*7 II40 258 318 513 557 535 1*73 August 26 September 2 9 16 23 30 October 7 - 503 56k 1*98 570 299 1*67 513 3kl 25 - , • - 27 63 - 55 - 191* 366 1*22 1*21* 280 - 215 - 393 - 1*31 '225 137 152 1*08 1*71 1*26 378 305 268 268 12 U 3 3 16 32 - 57 56 22 201 198 189 197 65 28 16 89 - 15 - i$k - 225 - 227 - 53 - 26 - 122 - 61* - 1*1 - 63 - 1*7 - 35 - 1*3 - 223 195 228 281* 360 535 1*82 1*20 391 281 202 191* 178 133 101 121* 11*5 188 - 207 192 11*2 256 298 169 289 - 28 - 33 - 51* - 58 - 1*1* - 18 - 102 - 397 393 1*77 1*68 327 270 375 129 51* 175 212 370 - 10 253 - - Data for second half of September and October are preliminary. Not for publication - 16 - Table 5 Changes in Member Bank Reserves, with Relevant Factors (Monthly average of daily figures; in millions of dollars) September Item July-September January-September 1959 1958 1959 1958 20 - 155 + lh2 - 175 306 - 995 + 3k - 91 + 119 - 120 219 - 989 + 3k - 91 + 119 + 23 - 120 1959 1958 Member bank reserve balances Total Required reserves 1/ Effect of reduction in requirements Effect of deposit change Excess reserves 1/ - - 51t Principal factors Currency in circulation Gold stock and foreign accounts Treasury operations Federal Reserve float Other factors - 6k - 55 - - 1,14*0 1*51 219 + 6 87 (signs indicate effect on reserves - 26 - 123 + k + 197 - 52 Effect of above Tactors on reserves 351 7k - 203 - 303 + - 223 + 105 + 132 + h2 - 5W + 185 + 79 - 50 - 591 + 19 + 7lt + 6 - 1,088 - 1,809 88 272 + + U08 - 453 117 227 - 18 - 529 - 798 990 - 1,811 + - + 590 Federal Reserve loans and investments$ Total U. S. Govt, securities Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others - 19 - 139 + 671 + 621 683 + + + - 86 80 6 1 - 359 - 355 + 711 + 679 + 32 + 301 + 353 - 52 J62 50 19 - 367 + .33U 316 - 23k - 105 + 1 - + 22k 1/ Data for September 1959 are preliminary. Not for publication it 18 16 - Ik 815 + 1.069 112 + 1,1*36 6 1k 6 - 17 Deposits and Currency (in billions of dollars) L.it.3 (1) (2) (3) Seasonally adjusted money supply 1/ Year or month End of Dec. 1950 1921 1952 1953 19$h Total (2+3) 111.3 89.8 12k. 7 9U.5 97.8 99.5 120.1 126.8 129.7 133.2 13ii.lt 133.2 (h) (5) (6) (7) (8) (9) (10) (11) (12) Seasonally Total Time deposits adjusted u . s. Curdeposits Demand money CurGov't and rency Demand deposits supply and rency Total Commer- Mutual Postal deposits outside currency deposits outside time dep. adjusted (7+8+9) cial savings savings banks (5+6+10 If adjusted banks at com'l +11) banks(1+7) 102.8 105.8 2U.5 25.6 26.9 27.3 26.9 27.it 27.7 150.6 158.0 I65.lt 170.5 176.5 92.3 98.2 101.5 102.5 106.6 59.2 61.5 65.8 70.lt 75.3 78.lt 36.3 37.9 it0.7 lt3.7 1+6.8 20.0 20.9 22.6 2U.lt 26.3 2.9 2.7 2.5 2.It 2.1 3.7 3.9 5.6 It.8 5.1 lt.it it.5 it.7 25.lt 26.3 27.5 28.1 27.9 28.3 28.3 28.3 180.6 189.9 200.it 205.7 211.8 221.0 226.lt 232.3 19# 181.6 109.9 lt8.lt 28.1 1.9 1956 106.7 185.0 lll.lt 82.2 50.6 30.0 1.6 1957 105.1 28.1 189.3 110.3 89.1 56.1 31.7 1.3 1958: Aug, 27 109.2 28.1 200.0 137.3 107.5 62.7 97.0 1.2 6.2 28.0 33.1 238.7 Sept. 24 108.9 136.7 27.8 108.1 199.4 62.7 97.2 1.2 33.3 238.1 5.0 27.9 Oct. 29 138.1 110.2 201.0 111.0 27.9 62.9 97.lt 1.2 28.0 33.it it.2 2lt0.6 138.8 110.6 28.2 Nov. 26 200.9 111.9 62.1 33.5 96.7 1.1 28.8 6.3 213.7 Dec. 31 28.1 111.3 139.U 202.6 115.5 98.3 63.2 3k.0 1.1 28.7 h.9 2it7 .5 1959: Jan. 28 3/ 138.5 110.7 27.8 201.9 113.8 98.it 63.it 1.1 33.8 27.6 2Zt5.1 5.3 Feb. 25 139.1 111.2 202.8 27.9 111.3 98.7 63.7 3lt.0 1.1 5.0 27.7 212.7 Mar. 25 112.2 28.1 1U0.3 2014.14110.3 6it.l 99.5 1.1 lt.lt 31.3 2it2.0 27.9 Apr. 29 k/ lli0.7 112.5 28.2 205.2 112.5 6it.5 3U.3 99.9 1.1 5.1 27.9 2lt5.it May 27 112.6 litO.9 28.3 205.9 100.5 110.7 65.0 3it.lt 1.1 28.1 215.0 5.7 June 2u litO.9 112.5 28.lt 206.3 101.1 110.7 65.lt 3U.6 1.1 28.3 5.2 2lt5.il July 29p llt2.7 lllt.2 28.5 208.0 100.8 112.7 65.3 1.0 3it.5 28.lt 5.6 2lt7.6 Aug. 26p 5/ iia.u 112.9 28.5 206.9 111.1 101.2 65.5 1.0 3it.7 28.5 6.5 2it7.lt Sept.30p 112.1 litO.U 28.3 206.1 111.3 101.6 65.7 3it.9 1.0 28.5 2lt8.5 7.1 p Preliminary, y . „ ... e 2/ At commercial, savings, and Federal Reserve Banks. 3/ ks a result of the addition of all banks in Alaska, time deposits at commercial banks increased almost $100 million and demand deposits adjusted increased about #100 million. As a result of the absorption of a mutual savings bank, time deposits at commercial banks increased $300 million and those at mutual savings banks declined f300 million, h/ As a result of inclusion of a national bank in Hawaii, demand deposits adjusted increased about #100 million and time deposits at commercial banks about #100 million. 5/ As a result of inclusion of all banks in Hawaii, demand deposits adjusted increased about #200 million and time deposits at commercial banks about $200 million. On balance in 1959, as a result of structure changes, demand deposits adjusted increased $U00 million, time deposits at commercial banks increased $700 million; and time deposits at mutual savings banks declined $300 million. Not for publication http://fraser.stlouisfed.org/ a s . • • # # — • — 1 — e Federal Reserve Bank of St. Louis - 18 - Loans and Investments at All Commercial Banks ~ (In billions of dollars) Loans and investments Date 1917: 1918: 1949: .1950s 1951: 1952: 1953: 1954: 1955: .1956: 1957: Dec. Deco Dec» Dec* Dec* Dec* Dec. Dec® Dec* Dec. Dec. 31 31 31 31 31 31 31 31 31 31 31 1958 s June 23 July 30 Aug. 27 Sept, 2k Oct. 29 Nov. 26 Dec. 31 1959: » w | l/ Jan. 28 ~ Feb. 25 Mar. 25 2/ Apr. 29 May 27 June 24 July 29p 3/ 4/ Aug. 26p ~ Sept. 30p 116.2 U. S. Other Govt, Total SecusecurBusiness Real Farm secur loans estate rity ities ities 69.2 9.0 62.6 9.2 67.0 10.2 62.0 12.4 114.2 120.1 126.6 132.5 141.5 145.5 155.7 160.3 164.5 169*3 61.5 63.3 63.4 69.0 178.2 64.2 20.1 176.2 178.3 177.9 180.1 182.7 184.4 183.8 181.9 181.1 183.8 183.9 184.2 185.7 186.1 186.2 61.6 58.6 58.2 13.3 14.1 14.7 16.3 16.7 16.3 17.9 64.1 19.9 64.7 20.6 66.1 20.2 66.2 67.7 20.5 20.3 66.4 20.6 67.5 65.5 63.2 63.6 20.4 20.4 20.6 20.9 62.6 20.8 60.9 20.6 61.1 20.6 60.3 59.2 20.5 20.7 37.9 42.4 42.9 52.2 57.6 64.0 67.4 70.4 82.0 89.7 93.2 93.9 92.2 92.1 92.6 93.4 94.7 97.5 95.9 96.0 97.4 99.3 100.5 102.8 103.9 105.3 106.3 18.2 18.9 17.1 21.9 25.9 27.9 27.2 26.9 33.2 38.7 40.5 38.9 37.9 38.3 38.7 38.9 39.3 40.4 39.2 39.2 40.2 40.6 41.4 42.5 42.8 43.4 44.0 9.4 10.8 11.5 13.5 14.6 15.7 16.7 18.4 20.8 22.5 23.1 23.7 23.9 24.1 24.3 24.7 25.0 25.3 25.6 25.7 25.9 26.3 2.1 2.3 2.6 2.9 2.6 3.2 3.6 3.4 3.9 5.0 3.8 4.8 5.8 7.4 7.5 9.4 10.9 10.9 13.2 4.5 5.2 5.0 4.5 4.3 4.2 14.6 4.2 4.1 15.7 5.6 4.6 15.5 4.5 4.6 15.6 3.6 4.6 15.6 3.7 4.7 15.6 3.6 4.8 15.6 3.9 4.9 15.6 5.0 15.9 16.0 16.1 16.5 16.8 17.2 17.4 17.7 17.9 4.7 5.0 4.2 4.0 3.9 4.3 2 6.6 4.1 2 6.9 27.1 27.4 27.6 1.7 2.9 3.1 2.9 Consumer 4.1 4.2 4.2 5.0 4.8 4.9 4.9 5.1 5.1 5.1 4.1 5.0 15.8 y . T°tal credit increased over # 0 0 million in January as a result of bank structure changes. zf. Total credit increased about $200 million as a result of bank structure changes# SpZ Total credit increased about $300 million as a result of bank structure changes. y Structure changes in 1959, on balance in 1959 added almost #1 billion to total credit: $600 million in loans; $300 million in U. S. Government securities; and $100 million in other securities. Heal estate loans increased about $300 million; business loans $100 million; and consumer loans3 $100 million. # o t e s 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. Data for &11 commercial banks will not be revised to conform with changes in weekly reporting data until all bank data are available on new basis. 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