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e ! * fcfefcAL RESERVE BANK of KANSAS CITY SEP 1 6 1957 RESEARCH LIBRARY) BANKING AND MONETARY DEVELOPMENTS IN AUGUST 1957 Summary* Total loans and investments a t a l l commercial banks were about unchanged i n August as reductions i n holdings of U* S» Government s e c u r i t i e s about o f f s e t growth i n loans and holdings of other securi t i e s , Demand deposit and currency holdings of business and i n d i v i d u a l s , seasonally a d j u s t e d , declined s u b s t a n t i a l l y following a l a r g e increase i n June and July# Net borrowed reserves of member banks rose somewhat* The prime commercial loan r a t e was increased and r a t e s on commercial paper and bankers* acceptances rose f u r t h e r # The discount r a t e was increased a t a l l Federal Reserve Banks. Bank c r e d i t . Preliminary estimates i n d i c a t e t h a t t o t a l loans and investments a t a l l commercial banks were about unchanged i n August# as shown i n Table 1 . A $1*00 million loan expansion and a $100 million increase i n holdings of "other" s e c u r i t i e s were o f f s e t by reductions i n holdings of U* S« Government securities# Holdings of U. S. Government s e c u r i t i e s increased s u b s t a n t i a l l y on August 21 when banks i n i t i a l l y acquired p r a c t i c a l l y a l l of the #1,750 million i s s u e of Treasury t a x a n t i c i p a t i o n b i l l s of t h a t d a t e . P r i o r and subsequent s a l e s during the month, however, more than o f f s e t these acquisitions» Last year i n August# t o t a l c r e d i t increased $1.5 b i l l i o n * Holdings of U* S 0 Government s e c u r i t i e s rose s u b s t a n t i a l l y as commercial banks i n i t i a l l y acquired about two-thirds of a new $3»2 b i l l i o n issue of t a x c e r t i f i c a t e s . Total loans increased s l i g h t l y more than t h i s year, with most types of loans r i s i n g somewhat more but s e c u r i t y loans d e c l i n ing s u b s t a n t i a l l y . Business loans a t a l l commercial banks increased $300 million i n August, somewhat l e s s than i n most other recent years. Loans increased s t e a d i l y during the f i r s t three weeks of August but declined s u b s t a n t i a l l y l a t e i n t h e month, l a r g e l y i n New York, Loans t o commodity d e a l e r s , i n l a r g e p a r t t o finance the p u r chase of cotton from the CCG, accounted f o r over half the August r i s e i n business l o a n s , as shown i n Table 2, These dealers appear t o have r e s o r t e d t o d i r e c t bank borrowing t o finance only about one—third of t h e i r cotton acquisitions t h i s y e a r , using bankers 1 acceptance financing f o r most of the remainder. Last y e a r , when the volume of cotton r e l e a s e d by CCG was s u b s t a n t i a l l y l e s s , they apparently r e l i e d e n t i r e l y on d i r e c t bank borrowing. Loans t o food processors and t o t r a d e concerns, which increased by about the usual seasonal amounts, accounted f o r most of the remainder of t h e business loan r i s e . Loans t o sales finance companies and petroleum concerns were about unchanged, compared with increases l a s t y e a r . Loans t o metals concerns declined f u r t h e r . Not f o r # publication Lota3 - 2 - • < Table 1 Estimated Changes i n Loans and Investments a t All Commercial Banks " b i l l i o n s of d o l l a r s ] Item Total loans (excluding interbank) 1956 1957 1956 1957 Aug0 1 - July 26- June 27™ J u l y 1 Aug* 28 Augn -29. Aug* 28 Aug« 29 1957 Jan-, 1 Aug-,__28 lo 9 1956 J an, 1* 29 + 0«U + o»5 - o«5 + Ool + + 0^3 + Ool + Ool •» 0o2 + 0,1 «• 0 , 1 + 0,6 + 0.2 — Or, 3 - 0*2 ~ 0,6 + 0,2 - oa «• 0*2 + 0,2 + 0*3 + 0,3 - o»U — 0o3 + 0,1 + 1,2 + 0,3 — o,5 — OoU + 1,0 1/ + + + U, S« Government s e c u r i t i e s - 0,5 + 1<j0 + 0o6 - 3.0 - UoU Other s e c u r i t i e s + 0.1 + 0,1 - 0,1 + o,5 - 0,3 + 0,1 + 1,5 + o,5 - 0,6 - o,5 1951 1950 Business Real e s t a t e Security Agricultural Consumer All other Total loans and investments ( l e s s interbank) Item H . i y 1/ + 0o3 y - 0*1 J u l y and August 1952 1953 • U»3 3o2 1,3 1,0 0,5 1,2 + Or,2 1955 195U + laU - lo3 + o,5 + 0,5 - 0,1 + 2o2 + 1,0 + o,5 - 0,3 — o«, 5 + OeU + 0«2 •> 0,3 + Oolt - 0,1 - 1,3 1/ + Ool + o<>3 + + + + 0o2 — 0,1 + 0,2 + 0,3 — 0,1). + 0,2 + 0c3 — Ool X i + + + + Ue So Government s e c u r i t i e s * 0,8 * 3*8 + UoO + 0,8 + 0*6 — 1«6 Other s e c u r i t i e s + 0,1 + 0,2 + 0C2 + o,U + 0,8 + 2o7 + ho 7 + 1«7 Total loans (excluding Interbank) Business Real e s t a t e Security Agricultural Consumer All other Total loans and investments ( l e s s interbank) 1/ + 0,2 H a 0o2 0,2 Oeit 0,2 i/ + 0,5 leU o,5 0,2 0,1 o,5 0,2 + 0,6 + lo2 Less than $50 m i l l i o n . Note; * Data f o r August 1957 are estimates and subject t o e r r o r . Preliminary data f o r August w i l l be shown i n the Board 1 s statement# "Assets and L i a b i l i t i e s of All Banks i n the United States" available a t the end of September© for publication Digitized forNot FRASER - 3 Table 2 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 ) ~I955~ H Aug. 1 July 26 Change from l a s t Wednesday of June t o l a o t Wednesdayy of Aueu:pt 1951* 1953 1952 1955 Augo 28 Augo 29 1957 1956 11 ~ r m Business of Borrower Food processors Commodity dealers Trade concerns Total + £7 + 153 + 30 Sales finance 19 - 30 + 11*3 111 + 13 + 11*2 18 » 21 — 36 714. " vE + 21*9 + 15 + 21*9 ~ 2 +"252 5 + 95 + 60 + 150 + ~ + + 11 + 137 - 269 <*» 67 + 238 - 21* - 69 All other *•* t o t a l T K t a l s and products T e x t i l e s , apparel and l e a t h e r 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 - 12 - 137 + 180 - 31k + 208 - 1 3 9 - 3 5 5 - 259 + 1*1*2 - 13 ™» 32l*+ 11*9 Z-§32 - 63 66 + $0 - 3 + U8 + 70 + 76 + 51* - 30 + 118 + 106 + 38 + - + 10 + 17 + 1 + 60 + 20 + 135 + 52 - 67 + 21* + 19 + 10 + U + 1*6 + 1*3 + 37 - 11 + 17 + 13 — 10I*+ 59 « 127 + 35 + 11* + 18 + 50 + 86 + 185 - Classified Unclassified + 2U0 + 30 + 830 + 51*1 - 309 + 88 + 111* 1*25 + 1*03 + 10 - 92 - 81 2 / - 160 3 / - 803 + 6 + 39 + 270 + #1 Total change +" 2W + lis + 108 + 2 +"225 - 25 + 195 - 12 +T3& + 1*8 + 110 - 517 + 322 2/+ 670 58 - 76 + 67 + 57 62 1* + 97 26 + 59 + 90 3 / - l , l l l + 91* + 153 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 $300 million* 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 declined $1*75 m i l l i o n . Notes 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 loans; these banks hold over 90 per cent of t o t a l commercial and i n d u s t r i a l loans of a l l weekly reporting banks and n e a r l y 70 per cent of those of a l l commercial banks* Data are preliminary f o r week of August 28, 1957. Not f o r p u b l i c a t i o n t Since midyear* business loans a t a l l commercial banks have declined $600 m i l l i o n compared with an increase of $300 m i l l i o n l a s t year oad increases generally in the comparable periods of most past years, Loans t o sales finance companies have accounted f o r close t o half of t h i s y e a r ' s decline as shown on Table 2, The reduction in outstanding loans by these companies, which was much l a r g e r than usual, followed s u b s t a n t i a l growth during the f i r s t half of 1957. Loans t o metals concerns a l s o declined in July and August 1957, as they did l a s t year, following s u b s t a n t i a l growth in the f i r s t s i x months. Real e s t a t e loans continued t o increase moderately in August; Consumer loans a l s o rose, probably a t about the same r a t e as l a s t y e a r . A g r i c u l t u r a l loans declined as i s usual in August r e f l e c t i n g redemption of CCC loans. Since midyear, t o t a l c r e d i t a t a l l commercial banks has declined s l i g h t l y as a $500 m i l l i o n loan reduction more than o f f s e t a small increase in holdings of U. S, Government s e c u r i t i e s . In other recent years, as shown in Table 1, t o t a l loans and investments have tended t o show moderate t o s u b s t a n t i a l growth in July and August Deposits and currency. Preliminary estimates indicate t h a t demand deposit and currency holdings of businesses and individuals declined about $1.3 b i l l i o n more than the usual seasonal amount in August, as shown in Table 3. This followed a seasonally adjusted r i s e of $900 million in July*-much more than was estimated a month ago—and of $500 million in June. During J u l y , demand deposits a d j u s t e d had declined a t c i t y banks but had shown unusually rapid growth a t other banks. In August, the decline in these deposits was general. At the month-end, the p r i v a t e l y - h e l d money supply was somewhat l e s s than 1 per cent above i t s year-ago l e v e l . So f a r t h i s year, the seasonally a d j u s t e d money supply has increased $300 m i l l i o n compared with $500 m i l l i o n l a s t y e a r . Time deposits a t commercial banks increased f u r t h e r in August, but a t a somewhat slower r a t e than e a r l i e r in the y e a r . Since midyear, these deposits have r i s e n about $600 m i l l i o n compared with $400 m i l l i o n in the comparable period l a s t year (from the l a s t Wednesday of June 1956) I n the f i r s t half of 1957, growth had been about three times as large as l a s t year. Deposits a t mutual savings banks have continued t o increase moderately, probably a t about the same r a t e as l a s t ye a r , U. S. Government deposits increased $700 m i l l i o n in August. Increases in these deposits a f t e r mid-August r e f l e c t i n g in large p a r t r e c e i p t s from the sale of the new tax b i l l s more than o f f s e t e a r l i e r declines.• On balance, t o t a l deposits and currency declined $400 million in August. Total c r e d i t changes were small, but changes in miscellaneous f a c t o r s , such as c a p i t a l , Federal Reserve f l o a t , and nonmember deposits and other Federal Reserve accounts tended t o reduce other deposits and currency. Not f o r p u b l i c a t i o n - 5 fable 3 Estimated Changes in Deposits and Currency — (Tn 'billions"*of™3oIlafi7 L.1^3 i it i i 11 Item Seasonally adjusted data l / Demand deposits adjusted*™ Currency outside banks Total Unadjusted data 1 / Demand deposits'*adjusted Currency outside banks Total Time deposits - t o t a l 3 / Commercial "* Mutual savings Uo S» Government deposits Total 1956 1956 1957 1957 1956 1957 Jan, 1Jan 1 July 1 Aug, 1 - July 26- June 27Q Aug, 29 Aug-28 Augo 29 Augo 28 Aug, 29 Aue, 28 + 0,3 + 0,1 TTO 0c5 - Ool *» o«U j / — 1,5 — 0*7 — 0,1* — 0*2 + OoU + 0o3 + 0,2 — 1*2 2/ + Oel + 0,7 + Ool + 0.2 + Ool + 2.1 +"175 2/ 0,4 0.6 0,6 o,l 0,3 — 0,1 0=1 T535 — 0*8 - 1,0 + + + + 0,3 0,2 0,1 0c2 — 0,6 + Ool + 0,2 +~0n3 + Oelt + 0,1 + 0,5 — 6*3 - 5»it — Qo5 — 0,8 — 6,8 + 2,5 + U.8 + UeO + 1,5 + 1.0 + Ooh TT3 + 1,2 1,9 E Not f o r publication 32 1 1 (signs indicate e f f e c t on deposits and currency) Factors a f f e c t i n g deposits and currency Bank loans and investments other + 3,5 + 5®ii + 0,8 2/ - Of,2 than U« S. Govtc s e c u r i t i e s h / o,5 = " 5 3 + iteti T T & + o$6 T T ~ Commercial "* TO + 1.8 + l.U +""o,5 + 0,2 + 0,3 o . i Mutual savings Bank holdings of U* S* Govern+ 0,7 + OoU - h*9 + lo2 — 5a 8 - 0,5 ment securities* - 1,1 + Ooii - Oel - i 3 + 0,3 Federal Reserve "*2T~ + 0.6 + 0,3 + 1.0 - 3,0 — u,u Commercial -""o,5 - 0,1 - 0.3 - 0,3 — 0,1 - 0,1 Mutual saving and other 2/ Gold stock and foreign deposits + 0,6 + 0,2 + 0.1 2/ a t F<> R, Banks — 0,8 - 1,7 - 0.7 X o Other f a c t o r s ""Seasonally adjusted data are f o r l a s t Wednesday throughout; unadjusted data are r l a s t Wednesday except i n case of June and December c a l l dates, when available. Unadjusted data f o r the t o t a l July and August 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 t o decline, currency outside banks t o increase and time deposits t o increase between the l a s t Wednesday of June and the 30th of June* 2/ Less than S50 m i l l i o n . 3 / Total includes Postal Savings, II/ Total includes foreign loans on gold, holdings of bankers* acceptances a t the f e d e r a l Reserve, and loans t o foreign banks; changes i n these items are generally r e l a t i v e l y small. In addition even i f there were no changes i n these items, change at commercial and mutual savings banks would not add t o t o t a l changes which i s "net" because commercial banks exclude a l l interbank loans# domestic and f o r e i g n . Note? Data f o r August 1957 are estimates and subject t o e r r o r . Preliminary data f o r August 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 i n the United States" available at the end of September, On July 31, 1957, preliminary seasonally adjusted data were: Demand deposits adjusted, $108.0 b i l l i o n ; currency outside banks, $28,0 b i l l i o n ; and the t o t a l $136,0 b i l l i o n * So f a r t h i s year, t o t a l deposits and currency have declined $1.6 b i l l i o n , s l i g h t l y l e s s than in the comparable period l a s t y e a r . The decline in demand deposits adjusted has been greater than l a s t year but t h a t in currency outside banks has been s l i g h t l y l e s s . Time deposits have increased much more sharply while U. S. Government deposits have r i s e n considerably l e s s . Credit growth a t commercial and mutual savings banks has been smaller than l a s t year and Federal Reserve holdings of U. S. Government s e c u r i t i e s have declined more. On the other hand, f o r e i g n operations have added more t o deposits t h i s year than l a s t and miscellaneous f a c t o r s have drained l e s s . Bank r e s e r v e s . Net borrowed reserves of a l l member banks averaged $460 million in August, somewhat above the $380 m i l l i o n l e v e l in J u l y , as shown in Table 4. Borrowings rose t o $1 b i l l i o n and excess reserves a l s o increased s l i g h t l y t o about $550 m i l l i o n . Most of the tightening occurred a t c e n t r a l reserve c i t y banks in New York, but net borrowed reserves a l s o increased s l i g h t l y in Chicago and f r e e reserves declined s l i g h t l y a t country banks. At reserve c i t y banks, net borrowed reserves declined somewhat. The e f f e c t i v e r a t e on Federal funds was c o n s i s t e n t l y a t 3 per cent e a r l y in August f l u c t u a t e d between 3 and 3-3/8 per cent around the mid-month and then rose t o 3 - l / 2 per cent on August 23, when the New York Federal Be serve Bank raised i t s discount r a t e . I t continued a t the higher r a t e f o r the remainder of the month During the f i r s t two weeks of August, net borrowed reserves averaged about $550 million, s u b s t a n t i a l l y above the temporarily low l e v e l of l a t e J u l y , Reserves absorbed through System sales of U. S. Government s e c u r i t i e s , reductions in f l o a t , currency outflows, and increases in nonmember deposits and other Federal Reserve accounts were o f f s e t only in p a r t by declines in required reserves, During the l a s t two weeks of August, the l e v e l of net borrowed reserves declined t o about $400 m i l l i o n . Federal Reserve purchases of U, S, Government s e c u r i t i e s , increases in f l o a t , and declines in currency in c i r c u l a t i o n provided more reserves than were absorbed through increases in required reserves and f u r t h e r increases in Federal Reserve accounts, n e t , r e f l e c t i n g , as had a l s o been t r u e e a r l i e r in the month, i n t e r e s t payments on U, S, Government s e c u r i t i e s . The increase in required reserves was a s s o c i ated with bank c r e d i t expansion a t the time of the Treasury f i n a n c i n g . On balance, over August, as shown in Table 5, more reserves were absorbed through Federal Reserve sales of U, S, Government s e c u r i t i e s , reductions in f l o a t , and increases in nonmember deposits and other Federal Reserve accounts than were supplied p r i n c i p a l l y through reductions in required reserves and inflows of currency from c i r c u l a t i o n . System holdings of U. S; Government s e c u r i t i e s in August averaged $205 million below the July l e v e l . About two-thirds of the decline was in s e c u r i t i e s held under repurchase contracts, which had been a t r e l a t i v e l y high levels during l a t e July p r i o r t o the August 1 refunding. Between July 31 and August 31, System holdings of U, S. Government s e c u r i t i e s increased $185 million, r e f l e c t i n g outright purchases of $400 m i l l i o n o f f s e t i n p a r t by r u n - o f f s of repurchase c o n t r a c t s . Early in the month, outright Not f o r p u b l i c a t i o n - 7 Table It L«l**3 Free Reserves (Excess reserveslrEnus member bank borrowings; based on average of d a i l y f i g u r e s ; i n millions of d o l l a r s ) Period All | member New York Chicago Reserve City Country 195U: December 1955$ December U59 - 21*5 - 50 - 161 «• 16 - 83 •» 26 - 338 550 338 1956$ January February March April May June July August September October November December • - 255 266 1*08 533 50U 195 139 339 213 195 I51i 36 - 198 - 138 - 17U - 167 - 88 - 33 «• 108 - 158 - 201; - 192 - 211 - 91 — 83 - 103 — 256 - 262 - 153 - Ill - 1*8 - 72 - 93 - Ill* - 11*0 - 86 - 353 336 298 1*29 1*68 356 3U* 382 296 21*6 193 203 379 310 319 321* 205 305 360 27lt 380 358 393 31*1* 1957$ January February March April May June July August - 117 126 316 505 ItUU 508 383 157 - la -123 -101 - 300 - 101* - 185 - 181 - 289 - 1*0 - 53 - 253 - 210 «• 165 — 1*8 -» 28 - 25 « • - 172 21*9 21*2 263 367 1*88 1*52 1*00 369 299 280 269 192 210 278 257 251 158 - 127 - 365 - 29 1 - 112 - 192 - - 99 - 150 - 323 - 1*18 1*57 371* 375 31*1 - 170 - 96 - 157 — 166 - 11*7 - 175 « 71 - 113 - 329 1*18 31*1 211* 336 278 338 365 - 221 - 373 316 221* - 107 287 251 3U8 192 216 Quarterly averages 1953* F i r s t Second Third Fourth 75 61* 67 95 1956* First Second Third Fourth - 1957* First Second - 108 - 1*85 - 88 - 196 - 115 - 11*1 - 161 — 521* - 566 - 351 - 1*1*6 - 372 - 29 - 301 - 31*0 - 351* - 255 -119 « - 31 7 111 21 28 Septo h 310 1*11 230 128 2 21 30 16 25 1*1* 237 1*86 1*1*7 329 357 1*25 1957$ July Aug, Note* Data f o r second half of August and September are preliminary® Not f o r publication L.4,3 - 8 - holdings were reduced s l i g h t l y and a l l repurchase contracts were l i q u i d a t e d . Subsequently, when reserve pressures increased toward the end of the month, the System purchased s e c u r i t i e s outright and a l s o acquired a small volume of repurchase c o n t r a c t s . I n t e r e s t r a t e s . On August 6 and 7, leading banks in New York and other major c i t i e s announced an increase in the prime rate—the minimum charged on short-term loans t o business borrowers with the best c r e d i t r a t i n g t o 4-1/2 per cent from 4 per cent. The l a t t e r r a t e had been in e f f e c t since August 1956 when the r a t e had been increased l / 4 per c e n t . On August 7, the r a t e on 4-6 month prime commercial paper rose l / 8 per cent t o 4 per cent and t h a t on bankers' acceptances, l / 4 per cent t o 3-5/8 per cent. By August 14, the l a t t e r r a t e had increased t o 4 per cent, r e f l e c t i n g heavy demands f o r funds t o finance a c q u i s i t i o n of cotton from the CCC, Later in the month, i t was reduced t o 3-7/8 per cent. E f f e c t i v e between August 9 and August 23; with the approval of the Board of Governors, the discount r a t e was raised t o 3-1/2 per cent from 3 per cent a t a l l Federal Reserve Banks, Not f o r p u b l i c a t i o n L .9 -h3 Table 5 Changes i n Member Bank Reserves, with Relevant Factors (Monthly average of d a i l y f i g u r e s j i n millions of d o l l a r s ) 1957 ' July - August January - August 1956 1957 1956 - 53 - 118 - 150 - 701 - U57 - 309 + Ik - 13 Uo 1 H 3 August & CM 1 Item - 135 - 15 - 597 10U - - U22 1956 1957 Member bank reserve balances Total Required reserves 1 / Excess reserves l/** Principal f a c t o r s Currency i n c i r c u l a t i o n Gold stock and foreign accounts Treasury operations Federal Reserve 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 + 51 35 (signs ii idicate <a f f e c t on reserves 1 + 81 + 101 - 133 - Ill* + + 29 + 2 - 186 - 109 + + + 11 20 353 58 + 27 - 181 - 69 + + 57 - 10 - 296 7k + 707 + 32 - 61tZj. - 191 - 183 — 163 - 307 - 289 + 6W1 + 562 - 113 + 110 + 158 + 137 -i,3ia -1,015 - 205 - 69 - 136 1 - 50 - 05 + 35 + 157 +~2l2 - 55 + + + + 8 2 6 1 —1,619 -1,369 - 250 29 -1,072 - 830 - 2l+2 1 + 88 + 5 + 160 + 129 1 + 317 13 + h9 + 7h0 + 615 + 307 37 - h79 + 156 Federal Reserve loans and investments: Total U» S« Govt, s e c u r i t i e s Outright Repurchase agreements Acceptances Discounts and advances: To member banks To others — — — + 1 59 1 1 / Data f o r August 1957 are preliminary,, Note: Changes are based on data f o r July and August; June and August, and December and August. Not f o r publication - L.U.3 10 - Loans and Investments at All Commercial Banks (in "Billions* of dollars / Loans ITTTTO Oilier Gov't, secur- Total and Real SecuCon- All invest- secur- i t i e s loans Business estate r i t y Farm sumer other ments i t i e s Date 19U7$ 19U8$ 19U98 1950s 1951* 1952$ 1953s 1951* Dec. Dec. Deco Dec, Dec. Dec. Dec. Dec. 31 31 31 31 31 31 31 31 116.2 11U.2 120ol 126,6 132*5 lltl.5 11*5.5 155*7 69.2 62*6 67.0 62.0 61.5 63.3 63.U 69.0 9.0 9.2 10.2 12 „U 13.3 lU.l lit, 7 16,3 37.9 U2.U U2.9 52.2 57.6 6U.0 67.1 18»3 18o9 17.1 21.9 2 5.9 27.9 27,2 26,9 9.1t 10,8 11.5 13.5 lit. 6 15.7 16.7 1955$ Mar. 30 June 30 Sept»28 Dec. 31 152.1 151.8 156.U 160.3 dlio 2 63.3 62,0 61.6 17.0 16.8 16 0 9 16.7 71.2 27.U 28,9 7U.8 30.5 77.5 82,0 1/33o2 19.0 19,8 20,6 1/20,8 U.l It,5 lt.lt 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 I58.it 159.3 158.3 159,8 160,7 161.a 162.7 16U.5 60*9 59,2 58.6 58.2 57.3 5616 56.2 57.2 57.0 57.5 58.2 58.6 16.5 16.6 32.7 32.9 3U.5 3U«8 3L8 36,1 35.8 36.U 36.9 37.2 37.8 38.7 20,9 21.0 21 0 2 lt.6 lt.lt lt.5 16.6 16.U 16.5 16.3 16,U 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 Jan. Feb. Mar. Apr, May June July Augo 161.6 161.0 161.3 163.7 163.6 16U.0 163.8 163.9 57,7 56,8 55a 7 57.3 56.9 55*3 56.1 55.6 16.2 16.3 16*5 16.7 16.8 16,8 16.7 16.8 87.7 87.9 89.1 89.7 89.9 92,0 91.1 91,5 37.6 37.8 39«0 39.0 38.9 i+o.5 39c6 1956$ 1957$ 30p 27p 27p 2Up 29p 26p 31p 28e 16c 6 70.a 39c9 I8.lt 2el 2.3 2.6 2o9 2.6 3.2 3.6 It. 5 U.2 5.0 3.8 1.7 2=9 U.8 5.8 3*1 2.9 7oU 3.It 7.5 9.U 3.9 5«0 10.9 5,2 10.9 11,2 12.1 3*9 12,7 13,2 lt.5 lt.9 21*6 l t . 5 21.8 l t . l t 21,9 U.3 22.1 U . o 22.3 U.l 22.lt U.l 22.5 lt.0 22.5 lt.3 U.3 It. 2 U.O lto2 lt.0 U.1 U.2 13.3 13.3 13*5 13.7 13.9 1U.3 llt.U llt.U 1U.5 1U.5 lU.5 1U=7 22,5 22,5 22,5 22.5 22.6 22.6 22.7 22,8 U.2 U.2 U.2 U.l U.l U.o U.o 3.8 1U.6 1U.6 1U.7 15.0 15.3 15.5 15.6 15.7 21cM lt.5 lt.5 U.U 3.7 3.7 3.6 3.8 3.8 3.9 3.7 3.8 U*U h<>3 lt.lt e - Estimated 1 / Level of business loans increased by, and r e a l e s t a t e loans decreased by $ 3 0 0 million at the end of October 1955 t o correct c l a s s i f i c a t i o n e r r o r s . No back f i g u r e s revised; most of the m i s c l a s s i f i c a t i o n probably occurred during 1955® Note? Data exclude interbank loans* Total loans are a f t e r and types of loans before deductions f o r valuation 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 d a t e s . Data f o r August 28, 1957* are estimates and subject t o e r r o r . Not f o r publication Banking Section# Board of Governors, September 11, 1957 2.9 3.1 3.U U.2 U.5 U.9 5.1 5.6 5 4 6.2 6.p 6.j 6«4 64 64 6.4 6.7 6=t 6.6 6.7 6o$ 6,7 6.8 6,9 6,7 6.7 6,7 6.8 6,8 6o9 7.0 6,9
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