Full text of Federal Reserve Bulletin : April 1954
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F E D E R A L R E S E R V E APRIL 1954 ^>«s^>~ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM VOLUME 40 April 1954 NUMBER 4 CAPITAL OUTLAYS AND SECURITY OFFERINGS Capital outlays by business concerns and level. In the first quarter of this year these by State and local governments have been flotations appear to have been slightly smaller in record volume during the past two years. than last year. New construction activity of State and local Maintenance of a large volume of such outgovernments has grown at a rapid rate since lays in 1954 is indicated by information recently becoming available. Output repre- the war, exceeding 7 billion dollars in 1953. sented by these capital expenditures is about Some further growth is expected in 1954. A major share of the financing of State and one-tenth of the gross national product. A large part of business investment ex- local government construction is accompenditures this year will be financed, as plished through the security markets. Thus usual, through internal funds. Some indus- the growth in past and planned expenditures tries, however—particularly public utilities for toll highways, schools, and other local and communications—many companies in projects has expanded borrowing. New seother industries, and State and local govern- curity offerings of these governmental units ments finance most of their capital outlays reached a record total of 5.5 billion dollars through borrowing. With current levels of in 1953 and are continuing at an advanced interest rates and ready availability of invest- rate in 1954. ment funds, the securities market is favorable BUSINESS PLANT AND EQUIPMENT for financing the 1954 capital expansion proIn 1953 total business expenditures on new grams. Business expenditures on new plant and plant and equipment reached a new peak for equipment totaled 28.4 billion dollars in 1953. the third successive year. Toward the end of The amount of such expenditures that busi- last year they began to decline. A survey conducted jointly by the Departness has planned for 1954 is somewhat below ment of Commerce and the Securities and actual expenditures last year, but above 1952. Most of the funds for financing corporate Exchange Commission in February and early capital outlays have come from retained earn- March of this year indicated that expenditures ings and depreciation allowances. These in 1954 might be below 1953 levels by 4 per were exceptionally large in 1953 and have cent for all business, and by 7 per cent for remained large in early 1954. Corporate manufacturing industries. Among nonmanufacturing industries, only security issues for new capital in 1953, excluding offerings of consumer finance companies, small changes from 1953 levels of plant and were about one-eighth below the record 1952 equipment expenditures were expected in APRIL 1954 339 CAPITAL OUTLAYS AND SECURITY OFFERINGS 1954. A notable exception is a 28 per cent decline indicated for railroads. Increases of 3 per cent were planned by mining companies and by the broad group which includes trade, service, finance, construction, and communications. Public utilities looked for a 3 per cent decline in expenditures in 1954. If realized, this decline would follow a continuous rise since 1945. Planned outlays for electrical works continued large, but those of gas utilities were smaller. Some reduction in plant and equipment outlays was anticipated in most manufacturing industries, as shown in the table. The BUSINESS EXPENDITURES FOR N E W PLANT AND EQUIPMENT [In billions of dollars] 1951 1952 1953 19541 All industries 25.6 26.5 28.4 27.2 Manufacturing—total 10.9 11.6 12.3 11.4 1.2 0.3 0.4 1.5 0.5 0.4 1.3 0.5 0.5 0.3 0.5 1.1 0.9 0.5 1.2 2.1 3.2 1.1 0.8 0.4 1.4 2.5 3.0 1.2 0.8 0.4 1.6 2.8 3.3 1.4 0.8 0.3 1.3 2.9 3.0 Industry Primary iron and steel Primary nonferrous Electrical machinery Motor vehicles and other transportation equipment. Foods and beverages Textile mill products Chemical Petroleum Other leum, and rubber industries. The motor vehicle and other transportation equipment group planned the only substantial increase— 22 per cent. Smaller manufacturing concerns generally anticipated greater reduction in capital expenditures than large companies. A McGrawHill survey, primarily of large companies and released in mid-April, indicated that large manufacturers planned no curtailment of plant and equipment outlays in 1954. Completion of defense-connected projects may account for some declines in anticipated outlays. By the end of 1953, 20 billion dollars of the 29 billion of investment authorized under certificates of necessity had been put in place, with the remainder scheduled for completion over a four-year period. The granting of new certificates slowed appreciably in 1953. 1.0 FINANCING CORPORATE OUTLAYS During 1953, as in most postwar years, funds from operations—retained earnings and depreciation allowances—supplied the Mining . 1.0 1.0 1.0 0.9 major portion of funds required by corpora1.4 1.3 0.9 1.5 Railroads tions for plant and equipment, inventory ac1.5 1.5 1.4 1.5 Transportation other than rail cumulation, and other purposes. Sale of 3.9 4.4 3.7 Electric and gas utilities 4.5 stocks and bonds, including both public offer2 7.1 8.0 7.2 Commercial and other 7.8 ings and private placements with institutional 1 Anticipated by business. 2 investors, was also an important source of Includes communication, trade, service, finance, and construction. funds for corporations as a group, and the NOTE.—Estimates of Department of Commerce and Securities and Exchange Commission for corporate and noncorporate business. Details may not add to totals, and percentages of change may largest source in some industries. Over 1953 not check with the text, because of rounding. as a whole, borrowing at banks by corporagreatest curtailment—between 25 and 30 tions in the aggregate changed very little. Funds from operations. Corporate profits per cent—was projected by iron and steel, nonferrous metal, and textile companies. Ex- before taxes were larger in 1953 than in 1952, penditures in each of these industries declined despite declines in the second half of last somewhat in 1953. A rather large decline year. After deducting income taxes and divithis year was also planned by the chemical in- dend payments, which were higher in 1953 dustry. Manufacturing groups which antici- than 1952, retained earnings were about 8 per pated slight increases in capital outlays in cent above 1952. Depreciation allowances 1954 include the electrical machinery, petro- increased sharply in 1953, as shown in the 340 FEDERAL RESERVE BULLETIN CAPITAL OUTLAYS AND SECURITY OFFERINGS chart, reflecting the completion of additional productive facilities, especially those on which accelerated amortization is permitted. Together, retained earnings and depreciation allowances were an estimated 22.5 billion dollars in 1953, an all-time record. CORPORATE FUNDS FROM OPERATIONS Billions of dollars 25 20 15 10 1947 1949 1951 1953 NOTE.—Department of Commerce estimates. Depreciation allowances probably increased further in the first quarter of 1954. Retained earnings may have been somewhat larger than in the final quarter of 1953 but are likely to have been well below a year earlier. Security issues. In 1953 new capital offerings by all corporations were only about 2 per cent below the 1952 record level. Excluding issues of consumer finance companies, the decrease was considerably larger, about 13 per cent, as may be determined from the chart. New capital issues in the first quarter of 1954 are estimated to have been only 2 per cent below a year earlier, if offerings of consumer finance companies are excluded. New capital issues by manufacturing companies declined more than 40 per cent from 1952 to 1953 and their share of total offerings fell from about two-fifths in 1951 and 1952 to one-fourth in 1953. Increases in retained earnings and depreciation allowances and the approaching decline in investment outlays of these companies were factors reducing APRIL 1954 the volume of borrowing. Security issues of manufacturing companies have continued to decline, though only moderately, in 1954. Total new capital issues by railroad and other transportation companies declined about 30 per cent from 1952 to 1953. Combined offerings of electric power and communications companies, on the other hand, rose moderately to a record level. In these two industries postwar financing needs have far exceeded retained earnings and depreciation allowances, and reliance on security financing has been heavier than in other major industries. New capital issues by electric and gas utilities, for example, have consistently been about two-thirds as large as their total capital outlays. Public utility issues continued large in the first quarter of 1954. Sales finance and personal loan companies took steps in 1953 to finance high levels of consumer credit demand on a more or less permanent basis. Security flotations by these companies of 1% billion dollars were several times as large as in 1952 or any preceding year. CORPORATE NEW CAPITAL ISSUES Billions of dollars - 1949 1951 4 1953 NOTE.—Estimates of Securities and Exchange Commission. New capital includes net proceeds from public offerings and private placements of all issues except those for retirement of securities. Public utility comprises electric and gas, railroad and other transportation, and communication. Consumer finance figures, compiled by Federal Reserve, include sales finance and personal loan companies; prior to 1951, these are included in other. 341 CAPITAL OUTLAYS AND SECURITY OFFERINGS Debt obligations accounted for four-fifths of total corporate security offerings in 1953, as in most other recent years. Within the remaining fifth—comprising preferred and common stocks—preferred stocks have declined in importance. Common stocks accounted for nearly 75 per cent of all stock offerings in 1953 as compared with about 55 per cent in the period 1946-51 and less than 40 per cent in 1938-41. For the first time since 1947, the volume of debt issues placed privately with life insurance companies and other financial institutions was smaller than that of publicly offered issues. This decline in the relative importance of private placements reflected the reduced offerings by manufacturing companies which generally account for the bulk of such placements. STATE AND LOCAL CONSTRUCTION Billions of dollars rt 1947 1949 1951 1953 NOTE.—Estimates by Departments of Commerce and Labor of the value of work put in place by State and local governments. Educational building represented about one-fourth of all State and local construction STATE AND LOCAL CONSTRUCTION in 1953, as in other recent years. Among The value of new construction by State and other categories of local governmental conlocal governments was a record 7.1 billion struction, sewer and water works is the most dollars in 1953, and probably will be even important, amounting to about one-tenth of higher in 1954. Construction activity was the total. This segment increased in 1953, reduced to very low levels during World War whereas residential construction by State and II, when resources were not available for local governments declined as did hospital local projects, but rose rapidly after 1946 to and institutional construction. Public service a level of nearly 5.0 billion dollars in 1949, enterprise structures, such as municipal elecover three times that of 1946. As indicated tric utilities, are small items and have been by the chart, the increase since 1949 has been rather constant in magnitude. Financing of construction activities by State rather steady but not so large. State and local construction is directed to and local governmental units is much more a wide variety of purposes, but highways and heavily dependent upon long-term borrowing educational buildings account for the greater than in the case of corporations. Except for part. Highway construction alone was more the financing of a sizable proportion of highthan two-fifths of the total in 1952 and ways from gasoline excises and other taxes, 1953. Construction of toll roads is of major the bulk of major new construction projects importance and accounted for nearly all of is financed through security issues. It is also the increase from 1952 to 1953 in highway true that most State and local bond issues construction. Expansion in toll facilities is are for construction purposes, the only imporlikely to continue as plans have been laid for tant exception being offerings to raise funds for veterans' aid. sizable new projects in several States. 342 FEDERAL RESERVE BULLETIN CAPITAL OUTLAYS AND SECURITY OFFERINGS The timing of financing in relation to construction activity varies considerably among projects. Most undertakings are financed by issues sold before construction is undertaken, though by varying intervals. In the case of Public Housing projects and certain others, however, long-term financing is delayed until after completion of projects. portance of projects such as toll highways, which are dependent on prior financing through security markets, has increased greatly. Finally, since mid-1953 increasingly favorable credit conditions have facilitated the sale of State and local government securities. Issues for financing highways and bridges rose nearly 70 per cent from 1952 to 1953, STATE AND LOCAL SECURITY ISSUES reflecting in large part a marked increase in In 1953 bond issues of State and local gov- the construction of large toll highways. Such ernments for new capital amounted to 5.5 issues accounted for 29 per cent of all State billion dollars, one-third larger than in 1952, and local issues in 1953. Issues for educaas appears from the chart. These offerings tional facilities, the second largest category, increased rapidly in the early postwar period, accounted for one-fourth of total volume in remained relatively stable at a high level from both 1952 and 1953. 1948 through 1951, and then increased markIncreasing in importance in recent years edly in 1952 and 1953. Flotations in the first have been revenue bonds, that is, bonds sequarter of 1954 were about one-sixth larger cured by nontax revenues of the facility fithan in the first quarter of 1953. nanced. These increased from about 15 per cent of total offerings in the early postwar STATE AND LOCAL NEW CAPITAL ISSUES period to 30 per cent in 1952. In 1953 the B i l l i o n s of d o l l a r s share declined somewhat. The decline was more than offset, however, by increased use — 5 OTHER of general obligation-revenue bonds, which are bonds expected to be serviced from — 4 SEWER and WATER revenues, but which are also general obligations of the State. HOUSING _ — 3 n *** • mi EDUCATION BOND YIELDS - 2 Interest rates on long-term securities fluctuated considerably in 1953 and early 1954 ''Wft — 1 HIGHWAY ~ in response to changing economic conditions. and BRIDGE A record volume of security issues in early 1953 1951 1952 1953, other heavy demands for credit by NOTE.—Compiled by Federal Reserve from Bond Buyer data. New capital represents principal from sales of long-term securi- businesses and consumers, and Federal Reties offered for purposes other than refunding by States, territories and insular possessions of the United States, and their serve restraint on bank credit and monetary subdivisions. Issues under $500,000 are included in other purposes. expansion were forces operating to raise The record volume of security issues in money rates during the first half of 1953. 1953 and early 1954 reflects a number of fac- Since then, bond yields have generally detors. Expansion in planned construction out- clined, as the chart on the following page lays has been necessary to meet the needs of shows. Factors in this decline have been a a growing and mobile population. The im- continuing large supply of loanable funds, APRIL 1954 343 CAPITAL OUTLAYS AND SECURITY OFFERINGS BOND YIELDS Per cent per annum CORPORATE Baa HIGH-GRADE MUNICIPAL 1952 1953 1954 1951 NOTE.—Corporate Aaa and Baa yields are from Moody's Investors Service; high-grade municipals, from Standard and Poor's Corporation. Latest figures are for week ending April 3. a slackening in some credit demands, particularly for short-term consumer and business credit, and actions by the Federal Reserve to foster readier availability of funds. Borrowers other than the U. S. Government, in the aggregate, utilized security markets at record rates in the last half of 1953 and early 1954. Early in April 1954 yields were at or below the lows of 1953 prevailing in January of that year. Yields on the highest grade corporate issues were 2.85 per cent as compared with 344 3.02 per cent in January 1953. Yields on medium-grade corporate bonds (Moody's Baa series) declined less than high-grade issues and at 3.47 per cent in early April were only slightly below the 1953 low. The market for State and local government securities weakened somewhat after mid-March 1954, reflecting a heavy schedule of offerings, but yields on high-grade municipals in early April, at 2.44 per cent, were slightly below the level of January 1953. Recent yields on high-grade corporate bonds, although below the high levels of 1953, were still slightly higher than three years earlier, in March 1951. For mediumgrade corporate bonds, the increase in yields over the period was about V4 of one per cent. Yields on the tax-exempt State and local government bonds had declined to an exceptionally low level in early 1951, following an increase in income tax rates. Subsequently, these yields increased more than other bond yields, reflecting the marked increase in security offerings of State and local governments relative to the volume of available funds attracted by the tax-exempt feature of these issues. Recently, yields were about l/2 of one per cent above those of March 1951. FEDERAL RESERVE BULLETIN GOLD REDEMPTION BILL1 Of the four bills now before this Committee, the one on which I should like particularly to comment is S. 2332. This is a bill, as the preamble states, "To resume the redemption of currency in gold in order to restrain further deterioration of the dollar and to curb further inflation. . . ." Section 2 describes the measure as one to strengthen confidence in the dollar, to minimize inflationary pressures, to protect holders of savings bonds, owners of savings deposits and insurance policies, and those dependent upon pensions, fixed salaries, or wages. I have frequently referred to the role of the Federal Reserve System as that of a trustee. Its cardinal purpose is to help safeguard the dollar. Therefore, I would of course subscribe wholeheartedly to the worthy objectives stated in S. 2332. But as the members of this Committee know, there is no magic formula and no simple device for achieving these goals. Confidence in the dollar rests upon a complex of important factors of which monetary as well as fiscal policies are an indispensable part. In performing its role as a trustee, the Federal Reserve System's objective is to do what it can not only to prevent inflation, but also to prevent deflation. That is why we have traveled from a policy of monetary restraint when inflationary pressures threatened early in 1953 to a policy of active ease which has prevailed now for many months. As I see it, the question before this Committee is this: Is it desirable to enact legisla1 Statement of Wm. McC. Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Federal Reserve Matters of the Senate Committee on Banking and Currency, Mar. 29, 1954. APRIL 1954 tion at this time to establish redeemability in gold now, or, as Section 11 proposes, one year after the date of enactment of this bill ? It is an easy and familiar tactic to say, "Well, this is not the time," if you are against some measure but do not want to say so frankly. I do not think this is the time for this measure, but I would not go so far as to say there will never be a time when it might be desirable. My reason for thinking this is not the time is simply that I would see no advantage to be gained, no need for further safeguards, now. There is universal confidence in the dollar. Its value is not being further eroded. That threat does not hang over us today. I would see no good reason for disturbing the present situation by taking this step now, and I would prefer not to take it. As I indicated, I can conceive of a situation in which it might be a definite reassurance. If the country's solvency were in question, if we were witnessing a flight from the dollar, then it might help to regain confidence by making the dollar redeemable in gold as part of a program of fiscal and monetary reformation. There might be other occasions when this measure would be an added reassurance in the minds of enough people to make it so—regardless of its inherent merits or demerits. Manifestly, the situation would be entirely different if the world were at peace, if the fears that now haunt it were banished, and if there were no iron curtains. No doubt this step at this time would entail risks. It is for the Committee to evaluate them. Certainly it is worth while to take risks, even serious ones if necessary, to safeguard the country from even greater dangers. 345 GOLD REDEMPTION BILL But there is no danger, present or prospective, that this measure would avert. I cannot see how the universal confidence that exists today would be enhanced by this measure at this time. Under these circumstances, it seems to me that it is not worth while to take the risks. I need not assure you that the Federal Reserve System will continue to do all that it can to minimize inflationary pressures on the upside and deflationary pressures on the downside. That is the goal we all seek. It seems to me that you have to decide whether you want S. 2332 before you can decide whether you also want the bills numbered S. 13 and S. 2364 which contemplate the holding of gold for the public and the establishment of a free gold market in the United States. The other measure before you, S. 2514, in effect proposes the reintroduction of the bimetallic standard. I can discover nothing in the history of our experience with national bimetallism to justify the adoption of such a measure. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Branch Directors On March 11, 1954, the Federal Reserve Bank of Dallas appointed Mr. Burton Dunn, President, Corpus Christi National Bank, Corpus Christi, Texas, as a director of the San Antonio Branch for the term ending December 31, 1955. Mr. Dunn succeeded Mr. Ray M. Keck, President, Stockmens National Bank, Cotulla, Texas, deceased. Wieck, Vice President and Treasurer, The May Department Stores Company, St. Louis, Missouri, as a Class B director of the Bank for the term ending December 31, 1954. Mr. Wieck succeeded Mr. M. Moss Alexander, President, Missouri-Portland Cement Company, St. Louis, Missouri, who was appointed by the Board of Governors as a Class C director and Chairman and Federal Reserve Agent of the Federal Reserve Bank of St. Louis, effective January 1, 1954. On April 1, 1954, the Board of Governors announced the appointment of Mr. Watson H. Vanderploeg, President, Kellogg Company, Battle Tables Published Annually and Semiannually, with Latest BULLETIN Reference Creek, Michigan, as a director of the Detroit Branch Semiannually Issue Page of the Federal Reserve Bank of Chicago for the Banking offices: term ending December 31, 1956. Mr. VanderAnalysis of changes in number o f . . . Feb. 1954 210 On, and not on, Federal Reserve Par ploeg's appointment was occasioned by a change in List, number of Feb. 1954 211 the bylaws of the Detroit Branch providing for an Annually increase from five to seven in the number of di- Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 rectors on the Board of Directors. Election of Class B Director The Federal Reserve Bank of St. Louis on March 18, 1954, announced the election of Mr. Leo J. 346 Member banks: Calendar year First half of year Insured commercial banks Banks and branches, number of, by class and State Operating ratios, member banks May 1953 536-546 Oct. 1953 1114 May 1953 547 May 1953 548-549 Aug. 1953 904-906 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [ Compiled April 13 and released for publication April 15] Industrial production declined slightly further in March, while construction volume rose to a new high. Total retail sales were close to the reduced January-February level, with auto sales up considerably from the low January level. Prices of industrial materials advanced in March and early April, following earlier declines, and prices of foodstuffs increased further. Credit availability generally remained easy. INDUSTRIAL PRODUCTION The Board's preliminary seasonally adjusted index of industrial production in March was 123 per cent of the 1947-49 average, down 1 point from February and 3 points from December. The rate of decline in total industrial output so far this year has been much smaller than in the latter part of 1953, as production of nondurable goods and minerals has leveled off following earlier substantial declines. Reflecting mainly further weakness in metals and metal fabricating industries, activity in durable goods industries has continued to decline this year and in March was 13 per cent below a year ago. Steel output was reduced from an average rate of close to 75 per cent of capacity in January and February to 69 per cent in March. In early April output was down slightly further. Over-all activity in metal fabricating industries continued to decline in March, although a further pick-up was INDUSTRIAL PRODUCTION reported for farm machinery and output of autos and other consumer goods was generally maintained. Output of military equipment and some producers' goods declined further, as did also activity in industries making various fabricated metal parts. x\ctivity in the textile, leather and apparel industries showed about the usual seasonal changes in March, at levels substantially below a year ago. Production of chemicals and of petroleum and its products was maintained at high levels. Output of paper also continued in large volume in March and early April. CONSTRUCTION Value of new construction put in place, seasonally adjusted, advanced to a new record level in March. Contracts awarded for new work increased substantially further, reflecting somewhat larger gains in private than in public construction. The number of private housing units started rose to a high level for March and in the first quarter was at a seasonally adjusted annual rate of more than 1.1 million, close to the rate of a year earlier. EMPLOYMENT Employment in nonfarm establishments, seasonally adjusted, in March declined 300,000 further to 47.8 million and was 1.3 million below the yearCONSTRUCTION Midi ons . CONTRACTS AWARDED of d allars ,,',3 TOTAL . RESIDENTIAL . II _ll '! / Federal Reserve indexes. Monthly figures, latest shown are for March. APRIL 1954 ^1 II C ^ PUBLIC OWNERSHIP - 0 800 N V v PRIVATE NONRESIDENTIAL. F. W. Dodge Corporation data for 37 Eastern States. Monthly figures, latest shown are for March. 347 NATIONAL SUMMARY OF BUSINESS CONDITIONS creased further as coflfee and cocoa continue to rise and hogs advanced. Prices of butter and cheese dropped, however, as the Federal support level was lowered on April 1. Industrial materials, which had been declining, rose throughout the period, reflecting substantial increases in lead, zinc, tin, copper scrap, and rubber, and a slight rise in steel scrap. Demand for nonferrous metals was further strengthened in late March by the prospect of increases in Federal stockpile objectives. The consumer price index declined slightly in DISTRIBUTION February reflecting chiefly decreases in foods and Sales at department stores and most other retail some consumer durables. On April 1 Federal exoutlets in March were near the reduced January- cise taxes on various consumer goods—including February level after allowance for seasonal and luggage, cosmetics and toiletries, and household aplate Easter influences. Dealers' sales of new and pliances—were cut in half. Excises on telephone used autos, which had shown substantial improve- calls, transportation fares, and theatre admissions ment in February from the low January level, rose were also reduced. further in March. Seasonally adjusted stocks held BANK CREDIT AND RESERVES by department stores declined slightly further in February and at the month-end were down 9 per Loans at banks in leading cities increased in the first half of March and then declined somewhat, recent from the highs reached last summer. flecting the usual borrowing by business in the midCOMMODITY PRICES March tax payment period and some subsequent Prices of sensitive commodities generally ad- repayment of business loans. Bank holdings of vanced in March and early April. Foodstuffs in- United States Government securities declined sharply in the last half of March, reflecting redemption of maturing tax anticipation certificates held by PRICES AND TRADE banks which was offset only in part by acquisitions WHOLESALE PRICES of new tax anticipation bills. 120 Bank reserve positions were relatively easy in /'""CONSUMER ^ / ^ PRICES late March and early April. Member bank ex100 s-^l COMMODITIES / , i _, ~ cess reserves exceeded their borrowings with the /* FARM PRODUCTS Federal Reserve by about 500 million dollars. UUI.M.LM... mminl j 80 i,,. 1 In mid-March, city banks reduced the rate of DEPARTMENT STORE TRADE interest charged on loans to prime commercial DISPOSABLE PERSONAL 140 INCOME/-^""*^ borrowers. On April 14 a reduction in the dis1 \ STOCKS / \ . count rate from 1% to ll/2 per cent became effec120 KK tive at the Federal Reserve Bank of Chicago. /Ajf TOTAL ago level. Employment was maintained in nondurable manufacturing industries in March but continued to decline in durable manufacturing, mining, and transportation industries. Reflecting primarily a shorter workweek in durable goods lines, average weekly earnings of factory workers continued to edge downward. Unemployment rose slightly further in March to 3,725,000, whereas a decline is usual at this season owing to expansion in outdoor activities and seasonal Easter demands. U M V 7 V "i'l J ljl v -*'£L} ' SALES 100 Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude HXX-JLII CIVIL ji.wn.Oj x u a i V--A1 LKJL uuivi prices estimated by Federal Reserve. 348 SECURITY MARKETS Yields on Government securities were generally steady during the second half of March and then declined again in the first week of April. Throughout the period yields on high-grade corporate bonds were steady, while those on municipal bonds increased. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items Federal Reserve Bank rates; margin requirements; reserve requirements Reserves and deposits of member banks Federal Reserve Bank statistics Regulation V: guaranteed loans, fees, and rates Bank debits and deposit turnover; Postal Savings System Money in circulation Consolidated statement of the monetary system; deposits and currency. . All banks in the United States, by classes All commercial banks in the United States, by classes Weekly reporting member banks Commercial paper and bankers' acceptances. . Life insurance companies; savings and loan associations Government corporations and credit agencies Security prices and brokers' balances Money rates; bank rates on business loans; bond and stock yields Treasury finance New security issues Business finance Real estate credit statistics Statistics on short- and intermediate-term consumer credit Business indexes Merchandise exports and imports Department store statistics Consumer and wholesale prices Gross national product, national income, and personal income List of tables published in BULLETIN annually or semiannually, with references for latest data 351-352 352-353 354 355-357 357-358 358 359 360 361-363 364-365 366-367 368 369 370-371 372 373 374-379 380 381-382 383-385 386-388 389-398 398 399-403 404-405 406-407 346 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity arc obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. APRIL 1954 349 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 25 20 I FEDERAL I RESERVE CREDIT U. S. GOVERNMENT SECURITIES: 20 vA*y 15 3 HELD UNDER REPURCHASE AGREEMENTS A „ • • • • * i ^ . M A , , . ^ «*A^,, 0 5 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Mar. 31. See p. 352. 350 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Treasury Gold curstock rency outstanding Deposits, other than member bank Member bank Other reserve balances, reserve balances Money Treas- with F. R. Banks Fedin eral ury cirRecash Oth- serve culahold- Treas- Forer tion ings ReacExury eign de- counts Total quired3 cess 2 dedeposposits posits its Reserve Bank credit outstanding U.S. Govt. securities Date Total W cdnesday 1953 Feb. 4 Feb. 1 1 . . . . Feb. 18 Feb. 25 Mar. 4 . . . . Mar. 11 Mar. 1 8 . . . . Mar. 2 5 . . . . DisHeld under counts Bought Float repur- and outadchase right vances agreement All oth- Total 1,385 1,329 732 806 770 649 1,023 743 26,148 25,912 25,648 25,406 22,935 22,832 22,722 22,662 4,820 4,820 4,821 4,821 29,657 29,776 29,654 29,735 ,331 ,312 ,288 ,291 23,853 23,853 23,963 23,869 824 1,315 1,009 705 1,062 770 1,202 810 25,742 25,941 26,178 25,387 22,662 22,611 22,612 22.562 4,824 4,824 4,826 4,826 29,772 29,780 29,708 29,600 ,295 ,299 ,305 ,306 23,806 23,806 23,821 23,806 23,806 23,806 23,806 23,806 23,806 23,806 15 465 908 868 842 837 748 709 856 743 581 25,023 25,427 25,549 25,395 25,227 22,563 22,562 22,562 22,562 22,562 4,827 4,828 4,833 4,834 4,836 29,754 29,780 29,753 29,722 29,787 ,304 ,300 ,278 ,279 ,278 May 6 May 13 May 20 May 27 23,860 23,879 23,922 24,088 23,806 23,851 23,891 23,963 28 31 125 933 1,264 530 571 647 684 832 645 25,443 25,831 25,288 25,308 22,561 22,561 22,562 22,536 29,863 29,845 29,795 29,825 ,285 ,285 ,282 ,284 June June June June 3.... 10.... 17.... 24 24,121 24,63 25,154 24,837 24,071 24,632 25,154 24,837 507 454 286 317 785 646 1,213 619 25,418 25,741 26,656 25,776 22,536 22,537 22,513 22,487 29,980 30,003 29,970 29,929 ,282 ,289 ,276 ,272 July 1 July 8.... July 1 5 . . . . July 22 July 29 24,766 24,964 24,964 24,964 24,964 24,766 24,964 24,964 24,964 24,964 245 341 200 521 747 737 677 756 777 588 25,752 25,984 25,923 26,265 26,301 22,463 22,438 22,374 22,276 22,277 30,152 30,279 30,163 30,051 30,044 ,269 ,266 ,264 ,267 ,264 Aug. 5 Aug. 1 2 . . . . Aug. 19 Aug. 2 6 . . . . 24,964 24,964 25,008 25,017 24,964 24,964 24,989 24,989 561 776 815 524 625 609 751 587 26,153 26,352 26,577 26,131 22,227 22,228 22,228 22,228 30,139 30,158 30,145 30,105 ,276 ,275 ,280 ,273 Sept. Sept. Sept. Sept. Sept. 2 9.... 16 23 30 25,067 25,126 25,207 25,185 25,235 25,014 25,034 25,084 25,185 25,235 391 491 311 228 329 610 559 943 813 685 26.071 26,179 26,464 26,228 26,252 22,178 22,178 22,178 22,179 22,128 4,840 4,841 4,844 4,845 4,849 4.850 4,851 4,851 4,854 4,854 4,853 4,853 4,853 4,858 4,859 4,861 4,862 4,865 4,865 4,868 4,869 4,872 30,240 30,479 30,335 30,210 30,275 ,278 ,274 ,278 ,277 ,283 Oct. 7.... Oct. 1 4 . . . . Oct. 21 Oct. 2 8 . . . 25,348 25,363 25,348 25,348 25,348 25,348 25,348 25,348 281 271 260 359 606 685 826 599 26,238 26,322 26,437 26,309 22,128 22,128 22,077 22,077 4,872 4,873 4,874 4,874 30,374 30,412 30,305 30,268 ,284 ,271 ,270 ,282 25,447 25,123 24,958 25,022 25,398 24,958 24,958 24,993 "29 822 365 594 768 559 622 933 636 26,830 26,111 26,487 26,428 22,076 22,077 22,076 22,027 30,428 1,283 30,540 784 30,487 786 30,691 777 25,081 25,345 25,457 25,886 25,902 25,043 25,143 25,243 25,318 25,318 38 202 214 568 584 427 727 268 435 100 792 606 1,193 1,369 973 26,302 26,681 26,921 27,692 26,977 22,028 22,028 22,028 22,029 22,029 4,877 4,878 4,878 4,879 4,882 4,883 4,884 4,886 4,889 30,791 30,904 30,953 31,156 30,890 774 778 769 763 773 25,318 25,318 25,364 24,661 66 170 156 70 110 963 754 977 722 26,519 26,230 26,412 25,495 22,029 22,030 22,006 22,006 4,890 4,890 4,890 4,890 30,591 30,284 30,083 29,900 770 775 782 795 24,717 24,806 24,806 24,559 515 440 291 249 569 509 798 503 21,956 21,957 21,957 21,958 807 818 820 824 267 411 265 349 147 861 543 855 569 535 21,958 21,963 21,964 21,964 21,965 4,899 4,902 4,905 4,906 4,912 4,917 4,920 4,925 P4.932 29,930 29,923 29,821 29,838 24,559 24,682 24,582 24,632 24,632 25,860 25,815 25,897 25,312 25,689 25,638 25,704 25,625 25,316 29,885 28,970 29,769 29,632 23,806 23,806 24,031 24,718 24,964 24,989 25,235 25,348 24,993 25,318 485 74 1,014 215 731 28 64 644 ' '74 343 329 413 369 102 598 28 632 649 607 601 565 549 685 787 667 935 24,927 25,546 25,589 25,414 26,176 25,958 26,252 26,550 26,133 22,563 22,562 22,537 22,463 22,277 22,178 22,128 22,077 22,028 22,030 24,640 24,640 24,509 24,509 24,632 24,632 156 350 147 640 827 535 23,989 23,929 23,890 23,853 23,888 23,888 23,888 23,853 23,853 23,853 23,963 23,869 Apr. 1 Apr. 8.... Apr. 1 5 . . . . Apr. 22 Apr. 29 24,774 24,863 24,806 24,559 23,806 23,880 24,246 24,746 24,964 25,063 25,235 25,348 25,095 25,916 101 41 50 5 19 28 53 92 123 15 49 165 73 326 340 244 211 770 770 835 834 20,584 20,376 20,318 19,975 19,956 19,894 19,979 10,791 628 482 339 184 240 345 381 351 830 829 852 852 20,090 20,212 20,865 20,148 19,840 19,821 20,002 19,854 250 391 863 294 344 343 200 356 401 869 868 865 864 784 19,305 19,629 19,932 19,476 19,489 19,518 19.472 19,560 19,481 19,395 -213 157 372 -5 94 374 366 286 238 780 780 777 777 19,811 19,912 19,824 19,706 19,386 19,282 19,312 19,298 425 630 512 408 253 173 252 158 19,729 20,168 20,958 20,173 174 176 179 323 343 902 902 958 960 949 948 947 947 863 332 329 390 354 860 859 862 862 19,614 19,593 19,641 19,440 333 363 381 259 352 859 859 882 881 880 19,325 19,104 19,771 19,486 19,309 370 375 358 366 899 899 897 895 19,303 19,557 19,567 19,334 376 534 398 335 339 331 259 427 380 801 808 805 805 19,779 19,630 20,044 19,775 19,209 520 19,449 719 19,778 1,180 19,594 579 19,113 715 19,002 688 18,253 1,144 19,098 644 19,014 515 18,959 655 18,942 651 18,865 776 18,860 580 18,884 441 18,731 373 18,885 886 18,868 618 18,816 493 18,757 546 18,728 829 18,817 750 18,796 538 18,845 934 19,026 604 19,187 857 19,150 625 19,161 313 19,053 667 19,309 920 19,297 767 19.364 702 286 329 341 509 367 214 428 145 355 137 6 8 8 176 431 640 539 841 460 675 738 669 541 574 356 619 642 524 348 530 644 664 322 503 522 526 488 224 799 377 562 558 458 454 512 581 496 511 550 568 574 585 518 517 618 584 504 520 587 598 615 521 488 561 525 547 557. 551 610 518 538 569 507 543 512 484 461 461 471 453 449 419 429 431 491 464 461 474 20,184 836 20,228 833 20,874 831 19,859 345 338 346 359 402 346 191 358 363 829 19,870 828 19,654 912 19,845 19,273 19,540 907 19,640 20,307 19,739 19,194 18,827 18,792 19,198 '18,845 •18,759 713 848 '1,109 P29,701 440 500 443 493 477 473 482 461 476 487 528 517 494 397 441 286 278 820 820 823 810 ^822 222 86 5 236 457 638 533 509 528 447 51 539 722 4,829 4,841 4,849 4,854 4,859 4,867 4,872 4,879 4,885 4,894 29,754 29,842 29,951 30,125 30,120 30,248 30,275 30,398 30,807 30,781 1,293 1,269 1,272 1,259 1,263 1,269 1,283 1,275 766 761 222 393 221 132 548 496 642 654 451 346 536 506 515 527 566 524 512 448 417 423 342 416 171 176 346 325 352 468 367 493 850 783 775 951 862 862 880 802 804 839 19,607 19,389 19,263 19,459 19,017 18,802 18,816 18,826 19,087 19,397 -285 351 806 102 590 476 493 634 347 763 25,437 21,956 4,899 25,688 21,958 4,913 25,316 vl 1,965 P 4 , 9 3 2 29,981 29,904 '29,701 793 811 P822 405 542 722 440 490 494 459 491 363 830 19,384 19,016 909 19,412 18,821 917 19,194 '18,759 368 591 672 431 395 389 488 331 8 7 19,828 19,690 19,397 19,742 19,529 878 19,474 880 19,720 936 20,229 937 20,064 936 20,066 19,322 19,740 20,069 19,561 19,607 19,278 19,309 19,460 19,434 20,160 19,390 794 19,250 978 19,335 1,539 19,217 642 19,089 781 18,937 717 18,921 924 18,853 420 P894 P Preliminary. For footnotes see following page. APRIL 1954 351 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit Dutstanding U. S. Govt. securities Date or period DisAll Held counts under Float oth- Total Bought repur- and er i adTotal out- chase vances right agreement Deposits, other than member bank Member bank reserve balances, reserve balances Treasu r y Money Treas- with F. R. Banks Fedin erai ury Gold curcirRecash stock rency culaserve outhold- Treas- For- Other acstand- tion ings ury eign deReExcounts Total quired2 cess2 ing dedeposits posits posits End of month: 1,400 4,037 2,220 4,031 2,593 17,644 2,361 22,737 25,091 20,065 23,181 22,754 24,097 24,244 19,499 24,427 22,216 22,706 25,009 22,695 23,551 23,346 25,825 23,187 25,414 22,463 2,019 4,459 2,286 5,434 2,963 7,598 3,247 11,160 4,339 28,515 4,562 28,868 4,589 28,224 4,598 27,600 4,636 27,741 4,709 29,206 4,754 29,026 4,812 30,433 4,854 30,125 26,025 25,892 25,682 25,960 26,123 26,322 26,410 26,514 26,413 27,107 26,243 25,746 25,553 22,606 22,562 22,557 22,514 22,366 22,226 22,176 22,102 22,057 22,028 22,015 21,957 21,963 4,825 29,752 4,832 29,782 4,843 29,869 4,851 30,011 4,853 30,165 4,860 30,167 4,867 30,328 4,873 30,366 4,878 30,555 4,885 30,967 4,891 30,282 4,904 29,903 4,920 29,800 1,296 1,281 1,279 1,273 1,264 1,273 1,273 1,274 861 667 712 4 4 4 3 3 3 3 3 3 2 2 2 2 111 155 87 91 987 775 940 880 2 2 2 2 26,886 26,370 26,344 25,930 22,029 22,030 22,023 22,006 226 375 316 215 558 552 702 796 2 2 2 2 25,447 25,798 25,916 25,735 21,963 21,956 21,957 21,957 282 256 186 177 190 738 684 689 766 703 2 2 2 2 2 25,545 25,617 25,509 25,565 25,544 21,958 21,960 21,963 21,964 21,965 216 148 68 1,037 1,998 2,484 2,254 24,262 22,559 23,333 18,885 20,778 23,801 22,906 24,697 24,746 1,998 2,484 2,254 24,262 22,559 23,333 18,885 20,725 23,605 22,764 24,034 24,718 53 196 142 663 28 164 7 3 249 85 223 78 67 19 59 156 64 23,892 23,861 23,973 24,748 24,955 25,000 25,168 25,344 25,172 25,639 25,263 24,770 24,633 23,878 23,806 23,881 24,729 24,943 24,974 25,097 25,341 25,078 25,218 25,149 24,729 24,620 14 55 92 19 12 26 71 3 94 421 114 41 13 1,220 1,184 Jan. 6 . . . . Jan. 1 3 . . . . Jan. 20. . . Jan. 2 7 . . . . 25,786 25,438 25,316 24,958 25,318 25,318 25,316 24,958 468 120 Feb. 3 . . . . Feb. 10 Feb. 1 7 . . . . Feb. 24 24,662 24,869 24,895 24,723 24,654 24,803 24,806 24,723 8 66 89 Mar. Mar. Mar. Mar. Mar. 24,523 24,676 24,633 24,621 24,649 24,523 24,662 24,629 24,597 24,636 14 4 24 13 1929—June. 1933—June. 1939—Dec.. 1941—Dec 1945—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June. Dec. 1953—June. 52 4 91 94 578 535 541 534 1,368 1,184 581 967 601 95 54 11 10 2 1 1 2 3 5 5 4 3 21 6 15 151 397 256 774 586 862 446 392 569 642 547 767 750 895 565 526 363 548 298 550 455 527 176 374 346 251 291 495 563 590 706 714 746 783 777 951 2,356 2,333 2,292 1,817 11,653 6,444 12,450 9,365 15,915 14,457 17,899 16,400 20,479 19,277 16,568 15,550 17,681 16,509 20,056 19,667 19,381 19,573 19,950 20,520 19,561 19,459 915 767 778 811 813 244 395 356 52 545 656 537 557 497 602 201 568 490 530 563 552 566 537 548 538 463 434 466 453 470 494 378 397 350 203 239 376 354 406 424 390 422 429 352 841 861 779 933 939 861 871 889 805 908 834 870 913 20,416 20,007 19,897 20,287 19,653 19,526 19,552 19,536 19,718 19,920 20,179 19,557 19,573 19,828 19,472 19,306 19,499 18,869 18,882 18,834 18,784 19,035 19,227 19,243 18,925 4,891 30,721 4,890 30,457 4,890 30,199 4,890 29,999 769 771 773 788 328 334 12 46 431 469 449 466 525 444 425 322 838 837 834 832 20,194 19,978 20,566 20,374 19,367 827 779 19,199 19,292 1,274 19,236 1,138 4,898 4,900 4,904 4,905 29,965 29,941 29,915 29,836 799 807 811 815 405 589 627 558 450 458 488 461 372 371 503 448 830 829 864 912 19,487 19,659 19,569 19,569 19,059 18,986 18,916 18,867 428 673 653 702 4,911 4,916 4,919 4,923 4,927 29,895 29,916 29,859 29,722 29,662 817 818 816 806 809 517 566 242 487 670 481 460 530 505 486 413 385 289 317 399 909 908 912 918 918 19,382 18,831 19,441 18,765 19,744 P19.004 19,697 P18.996 19,492 P18.835 P740 P701 P657 204 264 36 35 634 2,409 867 2,215 977 2,287 870 1,336 1,325 1,123 821 1,312 668 1,293 247 1,270 333 1,283 389 1,270 132 1,259 23 475 5,209 3,085 1,458 1,499 1,202 1,018 1,172 389 -192 -570 102 Averages of daily figures Monthly: 1953—Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 1954—Jan.. Feb.. Mar. 955 433 428 658 468 367 494 448 118 308 205 909 843 750 776 737 660 771 800 744 1,018 588 535 591 788 784 644 718 752 683 693 936 632 Week ending: 1954 3.... 10 17. . . . 24 31.... 551 676 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 2 MARGIN REQUIREMENTS' [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS [Per cent per annum] Nov. 1, 1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec 31, 1935 Jan. 1, 1936 Savings deposits Postal Savings deposits Other deposits payable: In 6 months or more In 90 days to 6 months. . . In less than 90 days Mar. 30, Jan. 17, Effec19491951tive Jan. 16, Feb. 19, Feb. 20, 1953 1951 1953 2V2 2y NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., effective Feb. 1, 1936, are the same as those in effect for member banks. 352 Prescribed in accordance with Securities Exchange Act of 1934 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks nidi gin iC4Uiiv:niv,uio 50 50 75 75 50 50 50 75 50 onuwu nx LHIO tauic die m e u n i d c u t e UCIWCCU the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Federal Reserve Bank Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a) 1 Rate on Mar. 31 Boston New Y o r k . . . . Philadelphia. . Cleveland Richmond. . . Atlanta Chicago St. Louis Minneapolis. . Kansas City. , Dallas San Francisco Previous rate In effect beginning— Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. 5, 5, 5, 15, 12, 9, 11, 5, 5, 12, 15, 5, Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Other secured advances [Sec. 10(b)] Rate on Mar. 31 In effect beginning— Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. 1954 1954 1954 1954 1954 1954 1954 1954 1954 1954 1954 1954 Previous rate In effect beginning— Rate on Mar. 31 5, 1954 5, 1954 5, 1954 15,1954 12,1954 9, 1954 11,1954 5, 1954 5, 1954 12,1954 15,1954 5, 1954 Feb. Jan. Jan. Aug. Jan. Feb. Aug. May Jan. Jan. Jan. Jan. 2% 2% 3 V 3 I" 5, 16, 16, 17, 23, 9, 13, 18, 26, 16, 23, 20, Previous rate 1954 1953 1953 1953 1953 1954 1948 1953 1953 1953 1953 1953 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discount Bfor and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate on Mar. 31 Maturity 1- 90 days 91-120 days 121-180 days In effect beginning— Feb. 5, 1954 Feb. 5, 1954 Feb. 5, 1954 MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits) FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect March 31. Per cent per annum] Federal Reserve Bank To financing institutions On discounts or purchases On loans * Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.... Kansas C i t y . . . . Dallas San Francisco... 1 2 On commitments Portion for which institution is obligated Remaining portion On commitments () (•) (•) (») Central reserve city banks 8 (3) Reserve city banks Country banks Time deposits (all member banks) 7 3 13 10 1936—Aug. 16 1937—Mar. 1 May 1 22$| 26 15 17X 20 1938—Apr. 16 225* 17H 12 1941—Nov. 1942—Aug. Sept. Oct. 1 20 14 3 26 24 22 20 20 14 1948—Feb. June Sept. Sept. 27 11 16 24 22 24 1949—May May June July Aug. Aug. Aug Aug. Aug. Sept. 1 5 30 1. . 1 11 16 . 18 25 1 1917—June 21 1951—Jan. 11 Jan 16 Jan. 25 Feb 1 1953—July July 26 22 24 21 20 23^ 19J4 23 19 22 18 23 19 24 20 22 19 22 19 P 5 6 16 2 15 27 37 36 26 14 13 7 ¥ 12 35 25 13 36 26 i4 13 1 9 4 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. •Rate charged borrower. *Rate charged borrower but nota to exceed 1 per cent above the discount rate. Charge of J4 per cent per annum is made on undisbursed portion of loan. •Charge of \i per cent per annum is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. APRIL 1954 Effective date of change 2H 2M 2H NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. To industrial or commercial businesses Net demand deposits * Previous rate In effect Apr. 1, 1954 ... 13 6 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities 10 and 20 per cent; country, 7 and 14 per cent, respectively; on tin.e deposits at all member banks, 3 and 6 per cent, respectively. 353 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member 1 banks Central reserve city banks New York Chicago Reserve city banks Country banks 1 Total reserves held: 21,180 20,958 20,520 19,920 20,179 19,557 5,357 5,184 5,050 4,762 4,863 4,652 L.406 L,379 L.356 1,295 L.320 ,269 8,323 8.277 8,082 7,962 8,065 7,825 6,094 6,118 6,031 5,901 5,932 5,811 Feb. Feb. Mar. Mar. Mar. Mar. 19,569 19,569 19,382 19,441 19,744 19,697 4,630 4,701 4,637 4,658 4,757 4,734 ,259 1 ,268 1 ,259 1 ,254 1 ,270 ,270 7,817 7,799 7,735 7,697 7,833 7,830 5,863 5,802 5,751 5,831 5,885 5,863 Chicago Country banks 1 723 707 638 693 936 632 30 5 14 14 146 8 -4 -6 -3 1 7 -7 120 119 95 85 162 83 576 589 531 594 621 548 653 702 552 678 P724 ^675 7 76 -22 21 6 14 -12 2 -10 4 -1 -2 67 73 76 78 96 64 591 551 508 575 P623 P599 1,593 1,347 1,310 441 101 293 486 320 255 115 232 335 277 37 1 46 639 529 624 184 59 148 236 163 155 105 41 63 301 200 267 236 170 162 27 2 56 18 27 43 18 25 131 122 166 99 61 56 87 58 74 78 75 44 1952—December 1953—January February December 1954—January February Feb.* 17 Feb. 24 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Borrowings at Federal Reserve Banks: Required reserves:2 1952—December 1953—January February December 1954—January February Feb. Feb. Mar. Mar. Mar. Mar. New York Reserve city banks Excess reserves: 1952—December 1953—January February December 1954—January February 17 24 3 10 17 24 Central reserve city banks All member l banks Month, or week ending Wednesday 17 24 3 10 17 24 20,457 20,251 19,882 19,227 19,243 18,925 5,328 5,180 5,036 4,748 4,717 4,645 L.409 L.385 L,359 1,295 L ,313 1,276 8,203 8,157 7,986 7,877 7,903 7,742 18,916 18,867 18,831 18,765 P19.O2O P19.022 4,623 4,624 4,659 4,638 4,751 4,720 1,271 L.266 1,269 1,251 L.27O ,272 7,750 5,272 7,726 5,251 7,660 5,243 7,620 5,256 7,737 P5.262 7,766 P5.264 5,518 5,529 5,500 5,307 5,311 5,262 1952—December 1953—January February December 1954—January February Feb. Feb. Mar. Mar. Mar. Mar. 17 24 3 10 17 24.. , . 36 16 16 37 p1 Preliminary. Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2 Reserve requirements were reduced in July 1953; see table on preceding page. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Item All member banks Central reserve city banks New York Chicago Reserve city banks Country banks All member banks February 1954 Gross demand deposits: Total Interbank Other Net demand deposits2 Time deposits Demand balances due from domestic banks... Reserves with Federal Reserve Banks: Total Required3 Excess Borrowings at Federal Reserve Banks Central reserve city banks New York Chicago Reserve city banks Country banks February 1953 108,189 12,443 9,5,746 94,175 36,565 22,703 3,981 18,723 20,293 3,008 6,080 1,228 4,852 5,461 1,238 41,840 6,070 35,770 36,172 14,488 6,251 55 112 1,947 4,137 19,557 18,925 632 4,652 4,645 8 1,269 1,276 -7 ,825 ,742 83 293 36 46 148 37,566 107,339 1,164 12,139 36,402 95,200 32,250 93,802 17,831 33,609 22,511 3,873 18,639 20,423 2,243 987 161 4,827 5,369 1,175 41,495 5,967 35,528 35,898 13,447 37,345 1,138 36,207 32,113 16,744 6,037 43 116 1,835 4,044 5,811 5,262 548 20,520 19,882 638 5,050 5,036 14 1,356 1,359 -3" 8,082 7,986 95 6,031 5,500 531 63 1,310 255 277 624 155 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based2 on deposits at opening of business. Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Reserve requirements were reduced in July 1953; see table on preceding page. 354 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item End of month 1954 Mar. 31 Assets Gold certificates Redemption fund for F. R. notes. . Mar. 24 Mar. 17 1954 Mar. 10 Mar. 3 Mar. 1953 Feb. Mar. 20,399,102 20 ,409,103 20,399,101 20,399,101 20,389,104 20 399,102 20,389,102 20,619,103 875,466 878,04i 878,976 880,653 878,976 873,039 872,924 748,134 21,278,078 21,282,027 21,272,140 21,274,567 21,267,149 21 ,278,078 21,269,755 21,367,237 Total gold certificate reserves. Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans U. S. Government securities: Bought outright: Bills Certificates: Special Other Notes Bonds 427,475 438,855 429,493 426,376 442,683 427,475 459,656 370,502 131,864 15,000 1,470 333,519 15,000 1,635 250,313 15,000 1,539 386,342 25,000 1,660 251,732 15,000 1,728 131,864 15,000 1,470 335,277 15,000 1,772 467,239 18,000 3,653 1,910,975 1,910,975 1,860,975 1,960,975 1,837,775 1,910,975 1,787,775 514,754 6,051 191 6,051,191 ,051,191 6,051,191 6,051,191 6,051,191 6,051,191 4,995,716 13,029 021 13,029,021 13 ,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,773,671 3,641 150 3,641,150 ,641,150 3,641,150 3,641,150 3,641,150 3,641,150 4,521,975 24,632,337 24,632,337 24,582,337 24,682,337 24,559,137 24,632,337 24,509,137 23,806,116 73,000 Total bought outright Held under repurchase agreement Total U. S. Government securities. . 24,632,337 24,705,337 24,582,337 24,682,337 24,559,137 24,632,337 24,509,137 23,806,116 24,780,671 25,055,491 24,849,189 25,095,339 24,827,597 24,780,671 24,861,186 24,295,008 Total loans and securities Due from foreign banks F. R. notes of other banks Uncollected cash items Bank premises Other assets 155 3,844 52 164 Total assets 22 22 169 ,257 130 884 4,062 ,081 910 52 ,884 697 156 ,956 22 22 22 22 23 22 171,732 159,852 175,186 155,130 167,011 182,856 ,457,085 3,516,467 3,931,573 3,844,884 3,723,526 3,766,936 52,842 52,910 49,362 52,842 52,819 52,815 154,043 164,697 149,142 146,368 142,139 185,864 50,703,86: 51,217,573 52,369,765 50,691,388 50,843,397 50,703,867 50,691,955 50,201,943 Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts U. S. Treasurer—general account Foreign Other 25,486,575 25,443,494 25,570,238 25,682,616 25,720,678 25,486,575 25,756,835 25,560,203 19,194,192 19,739, 180 20,307,266 19,640,328 19 540,314 19,194,192 19,412 ,387 19 ,322,123 447,483 722,054 538, 596 722,054 221,631 51,190 528,262 541 ,544 486,847 493,801 517, 284 493,801 535,610 527,993 475,782 489 ,792 346.184 362,892 357, 748 190,572 362,892 342,009 401,518 490 ,653 Total deposits. 20,772,939 21,152, Deferred availability cash items Other liabilities and accrued dividends.. Total liabilities. Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 3,309,596 3,492 18 18,081 Total liabilities and capital accounts 4,601,837 2,973,942 16,840 16,877 ,070,088 3,309,596 2,896, 772 18,081 15, 15,986 ,135,168 17,734 49,587,191 50,107,479 51,265,973 49,594,240 49,752,628 49,587,191 49,603,977 49,134,478 270,208 625,013 27,543 193,912 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents Industrial loan commitments 21,077,021 20,920,842 20,945,876 20,772,939 20,934,376 20,421,373 269,986 625,013 27,543 187,552 269,952 625,013 27,543 181,284 269,749 625,013 27,543 174,843 269,737 625,013 27,543 168,476 270,208 625,013 27,543 193,912 269,656 625,013 27,543 165,766 256,891 584,676 27,543 198,355 50,703,867 51,217,573 52,369,765 50,691,388 50,843,397 50,703,867 50,691,955 50,201,943 46.0 45.7 45.6 45.7 45.6 46.0 45.6 46.5 12,916 2,957 9,754 3,077 9,192 3,204 9,372 3,168 9,391 3,146 12,916 2,957 9,741 3,146 29,406 2,756 146,864 129,939 16,925 350,277 329,012 21,265 485,239 442,450 40,848 1 ,941 3,653 648 556 2,289 160 23 ,806,116 75,500 ,577,020 ,314,575 ,410,550 ,070,224 ,358,247 Maturity Distribution of Loans and U. S. G o v e r n m e n t Securities 1 Discounts and advances—total Within 15 days 16 days to 90 days 91 days to 1 year Industrial loans—total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years U. S. Government securities—-total Within 15 days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 146,864 129,939 16,925 348,519 326,817 21,702 265,313 240,508 24,805 411,342 390,865 20,477 "^470 1^635 1,539 1,660 152 508 557 211 17 17 369 15 919 1,064 1,033 1,256 46 46 47 47 24,632,337 24,705,337 24,582,337 24,682,337 416,300 344,750 492,750 445,000 682,441 ,252,591 ,177,591 ,102,341 ,277,575 277,575 ,277,575 736,375 ,307,260 307,260 ,307,260 057,964 ,035,304 ,035,304 ,035,304 374,400 ,414,857 ,414,857 414,857 414,857 266,732 251,517 15,215 1,470 " 1,772 1,728 152 231 266 15 416 391 1,008 1,256 1,041 73 47 74 24,559,137 24,632,337 24,509,137 405,200 344,750 262,700 2,570,341 3,252,591 1,525,075 12,736,375 12,277,575 13,874,141 6,057,964 6,307,260 65,057,964 1,374,400 1,035,304 11,374,400 1,414,857 1,414,857 1,414,857 beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the perio'l Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. APRIL 1954 355 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1954 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis 781,234 448,240 807,586 48,803 25,278 40,969 473,518 10,050 848,555 13,085 12,475 375 113 15,130 570 Kansas City San Francisco Dallas Assets Gold certificates. 20,399,102 1,000,521 5,689,727 1,264,620 1,857,107 1,033,802 Redemption fund for F. R. notes. 53,339 178,103 58,166 73,750 80,369 878,976 937,115 3,515,082 57,418 149,445 Total gold certificate reserves. . 21,278,078 1,053,860 5,867,830 1,322,786 1,937,476 1,107,552 994,533 3,664,527 830,037 Other cash 25,404 38,369 79,281 27,206 78,202 21,796 32,388 34,746 427,475 Discounts and advances: Secured by U. S. Govt. 19,700 6,200 securities. . . 8,215 5,520 34,495 2,652 10,605 15,375 131,192 645 Other 2,085 1,170 4,350 1,110 1,380 987 765 15,672 142 Industrial loans 1 215 1 470 U. S. Government securities: Bought outright 24,632,337 1,356,355 6,341,053 1,484,197 2,091,015 1,460,698 1,259,919 4,257,256 1,036,307 Held under repurchase agreement... 607,951 1,073,551 Total loans and securities 24,780,671 1,372,717 6,353,618 1,492,042 2,095,047 1,472,068 1,280,406 4,293,836 1,043,677 620,914 1,089,251 Due from foreign 1 1 1 1 3 16 2 banks 1 2 1 22 F. R. notes of 27,264 10,298 5,246 8,761 16,104 other Banks... 19,333 7,694 3,201 7,452 23,453 155,130 Uncollected cash 94,318 166,048 items 783,749 232,620 431,631 313,597 272,994 582,116 157,335 3,844,884 296,886 3,992 2,881 1,017 2,207 6,390 Bank premises... 7,525 4,841 4,661 6,131 5,161 52,910 9,032 6,717 4,039 7,748 27,744 41,368 9,926 9,848 Other assets 8,926 14,218 164,697 Total assets 769,132 2,294,936 29,946 83,390 799,078 2,378,326 49,073 17,875 705 825 1,530 978,470 2,685,565 979,175 2,687,920 1 2 8,184 18,140 164,655 578 7,104 348,935 7,526 18,027 50,703;867 2,774,110 13,151,631 3,095,315 4,525,733 2,952,976 2,626,591 8,670,001 2,076,615 1,214,155 2,132,141 1,976,650 5,507,949 Liabilities F. R. notes 25,486,575 1,568,068 5,688,128 1,817,009 2,356,571 1,745,684 1,360,986 4,927,031 1,155,179 Deposits: Member bk.— reserve accts. 19,194,192 755,145 5,994,825 910,491 1,535,196 773,165 891,081 2,959,537 675,929 U S Treas 46,600 52,968 gen. acct.. . . 75,208 63,034 78,275 76,365 54,965 76,509 722,054 20,765 18,350 Foreign 35,735 44,427 24,628 67,123 29,457 2150,923 493,801 916 7,141 1,544 Other 4,307 301,731 5,803 2,317 683 362,892 Total deposits... 20,772,939 Deferred availability cash items 3,309,596 Other liabilities and accrued dividends 18,081 865,418 6,522,687 1,002,735 1,648,460 628,812 993,583 708,187 2,537,337 414,337 887,999 983,904 2,412,583 38,856 12,073 1,655 42,277 18,350 5,634 878,385 965,730 3,103,708 748,020 466,921 53,579 22,696 582 63,418 49,274 30,579 954,260 1,060,761 2,555,854 271,239 621,851 192,799 417,226 268,705 248,141 478,443 128,113 88,391 139,604 155,512 299,572 982 5,517 1,040 1,916 781 797 3,043 635 517 648 620 1,585 Total liabilities. . 49,587,191 2,705,707 12,838,183 3,013,583 4,424,173 2,893,555 2,575,654 8,512,225 2,031,947 1,184,641 2,088,095 1,925,080 5,394,348 Capital Accounts Capital paid in. . Surplus (Sec. 7).. Surplus (Sec. 13b) Other capital accounts 270,208 625,013 27,543 14,629 38,779 3,011 83,303 176,633 7,319 18,315 45,909 4,489 25,969 57,648 1,006 12,015 31,750 3,349 11,630 28,034 762 35,572 90,792 1,429 9,334 25,465 521 6,034 16,219 1,073 10,261 23,456 1,137 13,477 28,146 1,307 29,669 62,182 2,140 193,912 11,984 46,193 13,019 16,937 12,307 10,511 29,983 9,348 6,188 9,192 8,640 19,610 Total liabilities and capital accounts 50,703,867 2,774,110 13,151,631 3,095,315 4,525,733 2,952,976 2,626,591 8,670,001 2,076,615 1,214,155 2,132,141 1,976,650 5,507,949 Reserve r a t i o . . . . 46.0% 43.3% 48.1% 46.9% 48.4% 42.2% 42.7% 45.6% 43.6% 43.2% 43.6% 45.2% 46.7% Contingent liability on acceptances purchased for foreign correspondents 12,916 787 33,757 955 1,187 658 555 1,793 490 322 490 606 1,316 Industrial loan commitments.. 2,957 1,148 748 47 124 25 865 1 After 2 After 3 deducting $16,000 participations of other Federal Reserve Banks. deducting $342,859,000 participations of other Federal Reserve Banks. After deducting $9,159,000 participations of other Federal Reserve Banks. 356 FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands o dol larsj End of month Wednesday figures 1954 1954 Item Mar. 31 Mar. 24 Mar. 17 Mar. 3 Mar. 10 Mar 1953 Mar. Feb 26 ,714 ,686 26,686 ,440 26 772 ,288 26 822 ,063 26 ,900 ,312 26 ,714, 686 26 ,938 131 26 ,547,494 F. R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificates Eligible paper U. S. Government securities 11 ,093 ,000 11,093 ,000 11 093 ,000 11 093 ,000 11 ,093 ,000 11 ,093, 000 11 ,093 000 12 ,524,000 170 ,081 ?4S ,585 231 ,872 H7 ,800 74, 417 257,553 74 417 192 640 17 ,155 ,000 17,155 ,000 17 155 ,000 17 155 ,000 17 ,255 ,000 17 ,155, 000 17 ,255 000 14 ,760,000 28 ,322 ,417 28,479 ,872 28 418 ,081 28 493 ,585 28 ,485 ,800 28 ,322, 417 28 ,540 640 27 ,541,553 Tota] collateral EACH FEDERAL RESERVE BANK ON MARCH 31, 1954 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco F. R. notes outstanding (issued to Bank) 26,714,686 1,636,032 5,928,373 1,934,492 2,480,011 1,847,577 1,440,485 5,080,715 1,219,628 655,707 1,023,100 761,490 2,707,076 Collateral held: 80,000 283,000 1,380,000 Gold certificates 11,093,000 640,000 2,670,000 800,000 1,050,000 625,000 435,000 2,400,000 355,000 175,000 280,000 6,800 12,475 15,130 825 Eligible paper. . 74,417 7,615 5,520 10,605 15,447 U. S. Govt. securities 17,155,000 1,200,000 3,600,000 1,200,000 1,550,000 1,300,000 1,100,000 2,800,000 960,000 500,000 800,000 525,000 [,620,000 Total collateral.. 28,322,417 1,855,447 6,277,615 2,005,520 2,600,000 1,935,605 1,535,000 5,200,000 1,321,800 687,475 1,095,130 808,000 3,000,825 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Applications approved to date End of year or month 1945 1946 1947 1948 1949 1950 1951 1952 Number Amount 3,511 3,542 3,574 3,607 3,649 3,698 3,736 3,753 544 ,961 565 ,913 586 ,726 615 ,653 629 ,326 651 ,389 710 ,931 766 ,492 Pa rticiAppa tions proved Loans Commitof financbut not out- 2 ments instiing outcom- 1 standing standing tu jons pleted (amount) (amount) 0ut- 3 (amount) star iding (am ount) 320 4 ,577 945 335 539 4 819 3 513 1 ,638 1,995 554 1 ,387 995 2,178 2,632 4,687 3,921 1,644 8,309 7,434 1,643 2,288 3,754 6,036 3,210 1 ,086 2 ,670 4 ,869 1 ,990 2 ,947 3 ,745 11 985 3 ,289 1953 February.. March April May June July August.... September. October. . . November. December.. 3,755 3,756 3,757 3,758 3,758 3,759 3,760 3,760 3,762 3,764 3,765 773 ,013 776 ,461 780 ,468 784 ,246 788 ,058 790 ,798 793 ,196 795 ,496 797 ,656 800 ,420 803 ,429 1 1 1 1 1 1 1 185 188 751 698 646 162 492 997 1 242 1 682 1 951 4,054 3,678 3,485 3,706 3,223 3,292 2,801 2,993 2,685 2 ,546 1,900 2,816 2,756 2,866 2,671 3,142 3,304 3,355 3,341 3,381 3,097 3,569 3 3 3 3 3 3 2 3 2 3 3 234 193 131 141 141 129 955 134 970 640 469 [Amounts in thousands of dollars] End of year or month 1950 1951 1952 January... February.. 3.765 3,765 805 ,115 806 ,648 1 1 234 1 345 1,885 1,792 3,532 3,145 3 414 3 344 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 1954 Guaranteed loans authorized to date Guaranteed loans outstanding Additional amount available to borrowers under guarantee agreements outstanding Number Amount Total amount Portion guaranteed 62 854 1,159 31,326 1,395,444 2,124,123 8,017 675,459 979,428 6,265 546,597 803,132 8,299 472,827 586,303 1,188 1,204 1,212 1,221 1,237 1,244 1,259 1,269 1,279 1 ,284 1,294 2,170,443 999,794 2,190,643 1,023,666 972,193 2,211,201 957,541 2,258,011 906,584 2,283,755 891,865 2,292,777 868,274 2,301,987 860,874 2,310,182 842,529 2,320,187 837,238 2,324,612 804,686 2,358,387 822,257 838,704 801,945 792,015 748,691 736,723 716,618 709,488 695,550 691,727 666,205 548,916 520,517 469,324 469,048 487,928 482,394 444,265 438,091 416,690 375,977 363,667 1,304 1,310 2,377,628 2,380,186 788,320 772,647 652,706 640,121 347,969 355,056 1953 February.. March.... April May June July August.... September October. . . November. December. 1954 January.. . February.. 1954 APRIL LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. 357 POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 [In effect March 31] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan Percentage of loan guaranteed 70 or less 75 80 85 90 95 Over 95 Guarantee fee (percentage of interest payable by borrower) Percentage of any commitment fee charged borrower 10 15 20 25 30 35 40-50 10 15 20 25 30 35 40-50 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] Interest rate Commitment rate. [In millions of dollars] Assets Depositors' balances 1 Total 2,933 3,284 3,417 3,330 3,188 2,924 2,705 2,547 3,022 3,387 3,525 3,449 3,312 3,045 2,835 2,736 11 28 33 1953—January February March April May June July August September. . . October November. . . December 2,536 2,523 2,510 2,495 2 477 2,457 2,438 2,419 2,401 2,387 2,373 P2 359 2,724 2,715 2,708 2,697 2,665 2,653 2,648 2,635 2,618 2,596 2,577 33 33 33 33 33 33 33 33 33 33 31 1954—January February P2 341 P2.326 End of month 1945—December 1946—December 1947—December 1948—December 1949—December 1950—December 1951—December 1952—December Cash in depository banks 6 6 6 7 7 Cash U. S. Govern- reserve funds, ment etc. 2 securities . 2,837 3,182 3,308 3,244 3,118 2,868 2,644 2,551 2,538 2,524 2,520 2,520 2,488 2,477 2,469 2,452 2,435 2,428 2,407 179 200 212 198 187 166 162 151 152 158 155 144 144 143 146 151 150 135 139 P Preliminary. Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except interbank and U. S. Government deposits Debits to demand deposit accounts, except interbank and U. S. Government accounts Year or month Total, all reporting centers New York City other centers x 6 338 other reporting centers New York City 6 other centers x 338 other reporting centers 757,356 848,561 924,464 1,017,084 1,103,720 1,227,476 1,206,293 1,380,112 1,542,554 1,642,853 1,759,069 281,080 327,490 382,760 406,790 398,464 443,216 446,224 509,340 544,367 597,815 632,801 175,499 194,751 200,202 218,477 246,739 270,912 260,897 298,564 336,885 349,904 385,831 300,777 326,320 341,502 391,817 458,517 513,348 499,172 572,208 661,302 695.133 740,436 20.4 22.3 24.1 25.1 23.8 26.9 27.9 31.1 31.9 34.4 36.7 18.0 18.3 17.5 18.3 19.7 21.6 20.9 22.6 24.0 24.1 25.6 15.3 14.6 13.5 14.1 15.5 16.6 15.9 17.2 18.4 18.4 18.9 1952—December. 165,115 63,091 35,179 66,845 41.8 26.9 19.8 1953—January... February.. March April May June July August September October.. . November, December. 145,919 129,163 153,356 145,567 141,981 153,846 147,957 134,386 147,699 149,606 140,992 168,596 52,048 45,749 53,898 52,038 50,255 56,623 51,799 45,516 54,888 54,152 50,470 65,367 31,660 28,126 35,339 32,742 32,283 33,807 32,683 29,958 31,422 31,778 30,477 35,557 62,212 55,287 64,119 60,788 59,443 63,416 63,476 58,913 61,390 63,676 60,046 67,672 34.3 35. 37. 35.4 35.6 38.9 36.0 32.2 40.2 35.8 38.4 43.1 23.9 24.4 26.5 25.7 23.6 25.9 23.9 26.4 26.8 18.4 18.9 19.4 18.4 18.8 19.2 19.2 17.8 19.3 18.4 20.2 19.7 1954—January... February.. M54,289 141,933 62,306 56,115 30,806 29,341 ••61.178 56,477 42.7 42.7 24.1 25.5 18.5 19.0 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 r Revised. Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 see BULLETIN for April 1953, pp. 355-357. 1 358 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 28,224 27,600 27,741 29,206 30,433 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19,305 20,530 21,450 559 590 610 648 695 751 801 880 909 1,019 987 1,156 ,274 1,039 ,029 1,361 1,404 ,048 1,464 ,049 1,484 ,066 ,113 1,554 1,654 1,182 1,750 1,228 1953—March April May June July August September.. . October November.. . December. . . 29,754 29,843 29,951 30,125 30,120 30,248 30,275 30,398 30,807 30,781 20,896 20,979 21,085 21,243 21,237 21,331 21,321 21,414 21,771 21,636 1,737 1,747 1,755 1,766 1,769 1,778 1,792 1,802 1,816 1,812 1954—January Large denomination currency 2 Coin and small denomination currency 2 Total in circulation 1 End of year or month 29,981 20,939 February.. . .29,904 20,908 $2 Coin 1,165 1,163 1,172 1,176 1,171 1,182 1,207 1,214 1,232 1,249 ,180 ,775 1,770 1,170 $5 $10 $20 Total $50 $100 Unassorted $500 $1,000 $5,000 $10,000 36 39 44 55 70 81 73 67 65 64 62 64 67 71 1,019 1,129 1,355 1,693 1,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 2,120 2,143 1,772 2,021 2,731 051 5,194 983 782 6,497 6,275 6,060 5,897 5,998 6,329 6,561 1,576 1,800 2,545 4,096 5,705 7,224 9,201 9,310 9,119 8,846 8,512 8,529 9,177 9,696 2,048 2,489 3,044 3,837 5,580 7,730 7,834 8,518 8,850 8,698 8,578 8,438 8,678 8,985 460 538 724 1,019 1,481 1,996 ,327 ,492 ,548 ,494 ,435 ,422 ,544 ,669 919 1,112 1,433 1,910 2,912 4,153 220 4,771 070 074 056 043 207 5,447 191 227 261 287 407 555 454 438 428 400 382 368 355 343 425 523 556 586 749 990 801 783 782 707 689 588 556 512 20 30 24 9 9 10 7 8 5 5 4 4 4 4 67 68 69 69 70 70 69 70 71 72 2,048 2,056 2,065 2,071 2,055 2,061 2,060 2,071 2,123 2,119 6,418 6,448 6,482 6,527 6,511 6,531 6,499 6,524 6,659 6,565 9,462 9,497 9,542 9,635 9,660 9,709 9,694 9,734 9,871 9,819 8,859 8,865 8,867 8,883 885 8,918 8,956 8,986 9,038 9,146 ,621 ,623 ,627 ,645 ,646 ,655 ,659 ,665 ,689 ,732 5,383 5,388 5,388 5,391 5,396 5,423 5,458 5,488 5,519 5,581 339 339 338 337 335 334 334 333 332 333 505 503 502 499 496 494 493 489 487 486 3 4 4 4 4 4 4 4 4 4 70 70 2,031 2,021 ,693 5,526 6,351 9,531 9,045 6,365 9,512 8,999 2,674 5,502 331 330 484 482 2 4 4 3 2 3 2 3 3 3 3 2 2 2 32 60 46 25 22 24 24 26 17 17 11 12 12 10 1 1 1 1 1 2 2 2 2 2 2 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—'See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Total outstanding, As security Feb. 28, against 1954 Treasury gold and silver cash certificates Gold Gold certificates Federal Reserve notes Treasury currency—total Standard silver dollars Silver bullion . . . Silver certificates and Treasury notes of 1890.. Subsidiary silver coin Minor coin United States notes .. Federal Reserve Bank notes National Bank notes Total—Feb. 28, 1954 Jan. 31, 1954 Feb. 28, 1953 2 21,958 21 306 26,938 4,913 21,306 32,379 84 75 491 2,146 *2,379 1,237 432 347 189 72 234 2,146 45 (4) (4) (4) 652 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents 18,454 460 23 4 2 1 (5) 23,685 23,681 23,886 811 793 1,284 2,816 1,364 18,454 18,459 18,665 Money in circulation 1 Feb. 28, 1954 Jan. 31, 1954 Feb. 28, 1953 36 25,490 4,379 36 25,587 4,359 37 25,410 4,346 5 209 208 199 338 67 12 35 2 (5) 4,639 4,869 4,423 2,042 1,146 416 309 186 71 2,018 1,149 418 306 187 71 2,028 1,120 406 312 207 29,904 29 981 75 29,793 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 351. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not4 included in total Treasury currency outstanding. Because some of the types of money shown are held as collateral or reserves5 against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. APRIL 1954 359 CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS. POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Assets Commercial and savings banks Federal Reserve Banks Other Other securities Total assets, net— Total liabilities and capital, net Bank credit Date Gold Treasury currency outstanding U. S. Government obligations Total Loans, net Total Capital Total and deposits misc. and accurrency counts, net 29. . 30. . 30. . 31.. 31.. 31.. 31.. 31.. 30. . 31.. 30. . 31. . 4,037 4,031 17,644 22,737 20,065 22,754 24,244 24,427 22,706 22,695 23,346 23,187 2,019 2,286 2,963 3,247 4,339 4,562 4,589 4,598 4,636 4,706 4,754 4,812 58,642 42,148 54,564 64,653 167,381 160,832 160,457 162,681 171,667 181,323 182,980 192,866 41,082 21,957 22,157 26,605 30,387 43,023 48,341 49,604 60,366 67,597 69,712 75,484 5,741 5,499 8,199 10,328 19,417 23,105 29,049 25,511 128.417 101,288 107,086 81,199 100,694 74,097 100,456 78,433 96,560 72,894 97,808 71,343 96,266 70,783 100,008 72,740 216 1,998 2,484 2,254 24,262 22,559 23,333 18,885 20,778 23,801 22,906 24,697 26 131 1,204 1,284 2,867 3,328 3,264 3,138 2,888 2,664 2,577 2,571 11,819 9,863 9,302 8,999 8,577 10,723 11,422 12,621 14,741 15,918 17,002 17,374 64,698 48,465 75,171 90,637 191,785 188,148 189,290 191,706 199,009 208,724 211,080 220,865 55,776 42,029 68,359 82,811 180,806 175,348 176,121 177,313 184,385 193,404 194,960 204,220 8,922 6,436 6,812 7,826 10,979 12,800 13,168 14,392 14,624 15,320 16,120 16,647 1953—Feb. 25. . Mar. 25. . Apr. 29.. M a y 27. . June 30. . July 2 9 P . Aug. 2 6 P . Sept. 3 0 P . Oct. 2 8 P . Nov. 25P. Dec. 3 0 P . 22,700 22,600 22,600 22,500 22,463 22,300 22,200 22,100 22,100 22,000 22,000 4,800 4,800 4,800 4,800 4,854 4,900 4,900 4.900 4,900 4,900 4,900 190,300 190,200 189,000 188,900 190,277 195,500 195,400 195,900 196,600 198,100 200,000 75,000 76,000 76,500 76,600 77,071 77,400 77,700 78,400 79,100 79,500 80,700 97,800 96,400 94,700 94,400 95,350 100,200 99,600 99,300 99,500 100,400 101,100 71,400 70,000 68,400 67,800 68,108 72,700 72,100 71,600 71,700 73,000 72,800 23,900 23,900 23,800 24,100 24,746 25,000 25,000 25,200 25,300 25,000 25,900 2,500 2,500 2,500 2,500 2,496 2,500 2,500 2,500 2,400 2,400 2,400 17,500 17,800 17,800 17,800 17,856 18,000 18,200 18,200 18,100 18,200 18,200 217,800 217,600 216,400 216,200 217,594 222,700 222,500 222,900 223,600 225,000 226,900 201,000 200,600 199,100 199,100 200,360 205,100 204,800 204,900 205,400 206,800 209,000 16,800 17,000 17,300 17,200 17,234 17,600 17,700 18,000 18,200 18,200 18,000 1954—Tan. 2 7 P . Feb. 24P. 22,000 22,000 4,900 197,900 4,900 197,200 79,100 100,300 79,300 99,100 73,300 72,200 24,700 24,600 2,400 2,400 18,400 224,800 206,700 18,800 224,000 205,800 18,000 18,300 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June Dec. Deposits and Currency Deposits adjusted and currency U. S. Government balances Date Total Foreign bank Treasury deposits, cash net holdings At comAt mercial Federal and Reserve savings Banks banks Time deposits 3 Total Demand deposits2 Total Commercial banks Mutual savings4 banks Postal Savings System Currency outside banks 55,776 42,029 68.359 82,811 180,806 175,348 176,121 177,313 184,385 193,404 194,960 204,220 365 50 1 ,217 1,498 2,141 ,682 2,103 2,150 2,518 2,279 2,319 2,501 204 264 2,409 2,215 2,287 1,336 1,325 1,312 1,293 1 ,279 1,283 1,270 381 852 846 1 ,895 24,608 1 ,452 2,451 3,249 2,989 3,615 6,121 5,259 36 35 634 867 977 870 1 ,123 821 668 247 333 389 54,790 40,828 63,253 76,336 150,793 170,008 169,119 169,781 176,917 185,984 184,904 194,801 22,540 14,411 29,793 38,992 75,851 87,121 85,520 85,750 92,272 98,234 94,754 101,508 28,611 21,656 27,059 27,729 48,452 56,411 57,520 58,616 59,247 61,447 63,676 65,799 19,557 10,849 15,258 15,884 30,135 35,249 35,804 36,146 36,314 37,859 39,302 40,666 8,905 9,621 10,523 10,532 15,385 17,746 18,387 19,273 20,009 20,887 21,755 22,586 149 1,186 1,278 1,313 2,932 3,416 3,329 3,197 2,923 2,701 2,619 2,547 3,639 4,761 6,401 9,615 26,490 26,476 26,079 25,415 25,398 26,303 26,474 27,494 1953—Feb. 25 Mar. 25 Apr. 29 May 27 June 30 July 29P Aug. 26P Sept. 30P Oct. 28P Nov. 25P Dec. 30P 201,000 200,600 199,100 199,100 200,360 205,100 204,800 204,900 205,400 206,800 209,000 2,300 2,400 2,400 2,400 2,467 2,500 2,400 2.500 2,400 2,400 2,400 1,300 1 ,300 1,300 1 ,300 1 ,259 1,300 1 ,300 1 ,300 1,300 800 800 5,400 5,800 2,900 2,900 3,942 7,500 7,000 6,200 3,800 5,700 4,100 400 (5) 400 400 132 800 700 600 600 500 400 191,600 191,000 192,200 192,100 192,560 193,000 193,400 194,300 197,300 197,400 201,300 98,300 97,400 98,000 97,500 96,898 97,400 97,500 97,700 100,300 100,200 103,300 66,400 66,800 67,200 67,600 68,293 68,400 68,700 69,100 69,600 69,300 70,100 41,000 41,200 41,500 41,700 42,245 42.300 42,500 42,800 43,200 42,900 43.400 22,900 23,100 23,300 23,400 23,589 23,700 23,800 24,000 24,100 24,000 24,400 2,500 2,500 2,500 2,500 2,459 2,400 2,400 2,400 2,400 2,400 2,400 26,900 26,900 27,000 27,000 27,369 27,200 27,300 27,500 27,400 27,900 27,800 1954—Jan. 27P. Feb. 2 4 P . 206,700 205,800 2,400 2,4fO 3,400 4,500 200 500 199,900 197,500 102,400 99,700 70,500 70,900 43,700 44,000 24,500 24,700 2,300 2,300 27,000 26,900 1929—Tune 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—June Dec. 29 30 30 31 31 31 31 31 30 31 30 31 800 800 P1 Preliminary. Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 5 Prior to June 30, 1947, includes a relatively small amount of demand deposits. Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capita! and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 360 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] ] ^oans and investments Deposits j Investments Class of bank and date Total Loans Total All banks: 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—jUne Dec. 1953—Feb. June Aug. Sept Oct. Nov. 30 31 31 312. 31 30 31 30 31 25 30 -;## . . 26P 30P 28P . . 25P Dec. 3 0 P 1954—yan# 2 7 P Feb. 24P All commercial banks: 1939—Dec. 31 1941—Dec. 30 1945—Dec. 31 1947—Dec. 312 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 1953—Feb. 25 June 30 Aug. 2 6 P Sept. 3 0 P Oct. 2 8 P Nov. 2 5 P Dec. 3 0 P 1954—Tan. 2 7 P Feb. 24 P All m e m b e r b a n k s : 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1949—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—June 30 Dec. 31 1953—Feb. 25 June 30 Aug. 26P Sept. 30 Oct. 2 8 P Nov. 25* Dec. 3 0 P 1954—Tan. 2 7 P Feb. 2 4 P 50 ,884 61 ,126 140 227 134 .924 140 598 148 ,0?1 154 869 157 ,S?8 165 ,626 164 580 163 ,082 168 ,590 168 560 169 ,s?o 171 170 172 ,??0 171 ??0 171 ,000 22 ,165 28 ,719 26 ,615 34 ,511 30 ,362 109 865 43 ,002 91 ,923 49 ,544 91 ,054 60 ,386 87 ,635 67 ,608 87 ,261 69 ,742 87 ,786 75 ,512 90 ,114 7S ,630 88 ,950 77 .117 85 ,965 78 ,370 90 ,220 78 ,730 89 ,830 79 ,720 89 ,800 91 ,160 80 ,010 91 ,020 81 ,200 79 ,540 91 ,680 80 ,090 90 ,910 U. S. Government obligations 19 ,417 25 ,511 101 ,288 81 ,199 78 ,433 7? ,894 71 ,343 70 ,783 72 ,740 71 ,410 68 ,108 72 ,070 71 ,620 71 ,660 7? ,990 7? ,780 73 ,260 72 ,150 17 ,238 21 ,714 ?6 ,083 116 ,284 38 ,057 120 ,197 4? ,965 126 ,675 S? ,249 132 ,610 57 ,746 134 ,437 59 ,233 141 ,<V?4 64 ,163 140 ,100 64 ,070 137 957 65 ,025 143 , H 0 66 ,040 142 990 66 ,260 143 ,910 67 ,120 145 460 67 ,250 146 400 68 ,260 145 .170 66 .490 144 790 66 ,930 ?3 ,430 29 ,032 97 ,936 78 ,226 77 ,232 74 ,426 74 ,863 75 ,204 77 ,461 76 ,030 7? ,932 77 ,090 76 ,730 76 ,790 78 ,210 78 ,140 78 .680 77 ,860 16 ,316 21 ,808 90 ,606 69 ,221 67 ,005 6? ,027 61 ,524 61 ,178 63 ,318 61 ,900 S8 ,644 6? ,590 6? ,200 6? ,340 63 ,720 63 ,590 64 ,070 6? ,960 13 ,962 18 ,021 22 ,775 3? ,628 36 ,230 44 ,705 49 ,561 SO ,526 55 ,034 54 ,868 ,613 SS S6 ,491 56 ,633 57 ,415 57 ,465 58 ,416 56 ,657 57 ,035 19 ,979 ?S ,500 84 ,408 65 ,218 65 ,297 6? ,719 6? ,687 6? ,976 64 ,514 63 ,107 60 ,176 63 ,907 63 ,552 63 ,635 64 ,834 64 ,840 65 ,445 64 ,737 14 ,328 19 ,539 78 ,338 57 ,914 56 ,883 S? ,365 51 ,621 SI ,261 5? ,763 51 ,348 48 ,318 S1 ,859 SI ,506 51 ,663 52 ,845 52 ,788 53 .330 52 ,330 40 ,668 50 ,746 124 ,019 33 941 43 ,S?1 107 ,183 97 ,846 101 ,S?8 107 ,4?4 112 ?47 113 , SO? 119 547 117 ,975 115 ,789 120 ,398 120 1«S 121 ,050 122 ,299 123 ,256 122 ,102 121 ,772 Other Cash assets 1 Other securities 9 ,302 8 ,999 8 ,577 10 ,723 1? ,621 14 ,741 1S ,918 17 ,002 17 ,374 17 ,540 17 ,856 18 ,150 18 ,210 18 ,140 18 ,170 18 ,240 18 420 18 760 7 7 7 9 10 1? 114 225 331 006 227 399 13 339 14 026 14 14 14 14 14 14 14 14 143 130 287 500 530 450 490 550 14 610 14 900 s 651 S 961 6 070 7 304 8 10 11 11 11 414 355 065 71S 7S1 11 759 11 858 1? 048 1? 047 11 11 12 12 12 972 989 052 115 407 TotaP 23 ,292 27 ,344 35 415 38 ,388 36 ,522 41 ,086 4S ,531 41 ,667 45 ,584 41 ,350 42 ,023 39 ,060 4T ,480 41 ,040 41 ,550 44 ,290 41 ,450 41 ,390 68 ,242 81 ,816 16S ,612 161 ,865 164 ,467 17S ,296 18S ,756 184 ,130 195 ,552 188 ,760 189 ,159 190 ,350 193 ,080 193 ,140 194 ,950 199 ,540 19S .880 194 ,910 ?? ,474 26 ,551 34 ,806 37 ,502 3S ,650 40 ,289 44 ,645 40 ,702 44 ,666 40 ,500 41 ,156 38 ,260 40 ,640 40 ,160 40 ,740 43 ,310 40 ,500 40 ,430 S7 ,718 71 ,283 1S0 ,227 144 ,103 14S ,174 1SS ,265 164 ,840 16? ,348 17? .931 165 ,830 16S ,531 166 ,520 169 ,090 169 ,050 170 ,880 17S ,140 171 .300 170 ,210 49 ,340 61 ,717 29 ,845 129 ,670 3? ,845 1?? ,528 31 317 1?3 ,885 3S ,524 133 ,089 39 ?5? 141 ,015 36 ,046 138 ,769 39 755 147 ,527 35 ,614 140 ,949 36 ,467 140 ,830 33 ,730 141 ,507 35 ,919 143 ,803 35 ,168 143 ,453 35 ,775 145 ,028 37 ,931 148 ,873 35 .379 145 ,358 35 ,395 144 ,440 19 782 ?3 ,123 Interbank^ Demand Total Number capital of accounts banks Time 874 32 ,516 982 44 ,355 06 S 10S 935 033 95 ,727 710 96 ,156 039 104 ,744 087 111 ,644 S13 109 ,247 321 116 ,633 ?60 111 ,280 600 109 ,389 920 110 ,850 900 11? ,100 300 I l l ,260 ?30 113 ,480 SOO 11S ,910 700 11? ,650 200 I l l ,760 25,852 26,479 45 613 53,105 55,601 56,513 59,025 61,369 63,598 64,220 66,170 66,580 67,080 67,580 67,240 68,130 68.530 68,950 8,194 8,414 10,542 11,948 13,088 13,837 14,623 15,039 15.367 15,440 15,791 15,890 16,070 16,120 16,200 16,190 16,240 16,360 15,035 14,826 14,553 14,714 14,687 14,650 14,618 14,599 14,575 14,563 14.537 14,532 14,525 14,518 14,510 14,511 14,510 14,488 9 874 3? ,513 10, 982 44 ,349 14, 06 S 10S ,921 15,331 15,952 30,241 35,360 36,328 36,503 38,137 39,614 41,012 41,320 42.581 42,790 43,130 43,530 43,210 43,770 43.990 44,290 6,885 7,173 8,950 10 059 10,967 11,590 12,216 12,601 12,888 12,950 13,275 13,350 13,520 13,570 13,630 13,630 13.660 13,770 14,484 14,278 14,011 14 181 14,156 14,121 14,089 14,070 14,046 14,035 14,009 14,004 13,997 13,990 13,982 13,983 13.982 13,960 11 699 12,347 24,210 28,340 29,160 29,336 30,623 31,788 32,890 33,118 34,117 34,234 34,514 34,821 34,612 35.091 35,270 35,516 5 522 5,886 7,589 8,464 9,174 9,695 10,218 10,526 10,761 10,812 11,070 11,116 11,251 11.299 11,344 11,345 11.386 11,470 6 362 6,619 6,884 6,923 6,892 6,873 6,840 6 815 6,798 6,785 6.765 6,759 6,753 6,752 6,747 6,745 6,747 6,737 10 521 10 527 15,371 17,745 19,273 20 009 20 888 21,755 22.586 22,900 23.589 23,790 23.950 24,050 24,030 24,360 24,540 24,660 1 309 1 241 1,592 1,889 2 122 2 247 2 407 2,438 2.479 2,490 2,516 2,540 2,550 2,550 2,570 2,560 2.580 2,590 551 548 542 533 531 529 529 529 529 528 528 528 528 528 528 528 528 528 9 10 14 13 12 14 is 13 15 13 13 12 13 14 14 is 14 14 13 032 1?, 709 14, 039 95 711 96 ,136 104 ,723 15, 086 111 ,618 13, SI? 109 ,222 IS 319 116 ,600 13 ?60 111 ,7.50 S98 109 ,352 n. 12 920 110 ,810 13, 900 11? ,060 14, 300 I l l ,220 14 ?30 113 ,440 IS SOO 115 ,870 14. 700 112 .610 14, 200 111 ,720 9 410 10, s?s 13, 640 12, 403 1?, 13, 14, 12, 14, 097 447 4?S 81? 617 12, 645 12, 933 12 ?78 13 ?38 13, 610 13, 520 14, 752 13. 972 13, 503 ?8 231 38 ,846 91 ,820 81 ,785 8? ,628 90 ,306 9S ,968 94 ,169 100 ,020 95 ,186 93 ,780 94 ,995 96 ,051 95 .022 96 ,896 99 ,030 96 ,116 95 ,421 All mutual savings banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 312 1949—Dec. 31 1950—Dec 30 1951—Dec. 31 1952—June 30 Dec. 31 1953—Feb. 25 June 30 Aug. 2 6 P Sept. 3 0 P Oct. 2 8 P Nov. 2 5 P Dec. 3 0 P 1954—Jan. 27P Feb. 2 4 P 10 ,216 10 379 16 ,208 18 641 20 400 21 346 22 259 23 091 24 003 24 ,480 25 1?4 25 460 25 570 25 610 25 710 25 820 26 050 26 210 4 ,927 4 901 4 ,279 4 ,944 6 ,578 8 137 9 ,862 10 ,509 11 .349 11 ,560 1? ,091 12 ,330 12 ,470 12 ,600 12 760 12 940 13 050 13 ,160 s ,289 s 478 11 ,928 13 ,696 13 ,822 13 209 i ? ,398 i ? ,582 i ? ,654 12 ,920 13 033 13 ,130 13 100 13 ,010 12 ,950 12 880 13 000 13 050 3 ,101 3 704 10 ,682 11 ,978 11 ,428 10 868 9 ,819 9 ,606 9 ,422 9 ,510 9 ,464 9 ,480 9 ,420 9 ,320 9 ,270 9 ,190 9 ,190 9 ,190 ? 188 818 10 ,524 3 774 246 718 394 342 579 976 231 793 609 886 873 797 886 966 918 10 533 IS ,385 6 14 17 20 22 26 26 33 1 1 1 ? ? ? ? 3 3 , 410 3 569 3 , 650 3 , 680 3 , 690 3 , 680 3 , 690 3 , 810 3, 860 850 867 800 840 880 810 980 950 960 17 ,763 19 ,293 ?0 031 ?0 ,915 ?1 ,782 ?? ,621 22 ,930 ?3 628 23 830 23 990 24 ,090 24 ,070 24 400 24 580 24 700 t 2 2 ? 2 3 3 3 3 3 3 3 3 30 37 40 40 40 40 40 40 40 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. APRIL 1954 361 ALL BANKS IN THE UNITED STATES, BY CLASSES '—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Other Investments Class of bank and date Central reserve city member banks: New York City: 1939—Dec 30 1941 Dec 31 1945—Dec 31 1947—Dec. 31 1949—Dec 31 1950—Dec 30 1951—Dec 31 1952—June 30 Dec 31 1953—Feb. 25 June 30 Aug. 2 6 P Sept. 30 Oct. 2 8 P Nov. 2 5 P Dec. 3 0 P 1954—Jan. 2 7 P Feb. 24? Total Total U.S. Government obligations Loans Cash assets 1 Other securities Total 1 Interbank 1 9,339 12 896 26,143 20,393 19 583 20,612 21 379 21,710 22 130 21,049 20 452 21,407 21,568 21,901 21,926 22,609 21,709 21,665 3,296 4 072 7,334 7,179 7,550 9,729 11,146 11,268 12,376 12,112 11,883 12,003 12,114 12,487 12,290 12,867 11,741 11,791 6 043 8 823 18 809 13,214 12 033 10,883 10 233 10,442 9 754 8,937 8 569 9,404 9,454 9,414 9,636 9,742 9,968 9,874 4 772 7 265 17 574 11,972 10 746 8 993 8 129 8,212 7 678 6,840 6 639 7,380 7 436 7,482 7,704 7,740 7,909 7,621 1,272 1 559 1,235 1,242 1,287 1,890 2,104 2,231 2 076 2,097 1 930 2,024 2,018 1,932 1,932 2,002 2,059 2,253 6 703 6 637 6 439 7,261 6 985 7 922 8 564 8,135 8 419 7,224 7 879 6,655 7 598 6,932 7,085 7,731 7,088 7,214 14,509 17,932 30,121 25,216 23,983 25,646 26,859 26,745 27,309 24,769 25,244 24,706 25,996 25,505 25,462 27,019 25,612 25,509 2,105 2,760 5,931 5,088 5,424 5,569 5,731 5,664 6,240 5,910 5,627 5,984 5,973 5,984 6,093 6,189 6,078 6,007 569 954 1,333 1,801 1,618 2,083 2,468 2,380 2,748 2,569 2,552 2,670 2,609 2,597 2,607 2,755 2,516 2,570 1,536 1,806 4,598 3,287 3,806 3,487 3,264 3,284 3,493 3,341 3,075 3,314 3,364 3,387 3,486 3,434 3,562 3,437 1 203 1,430 4 213 2 890 3 324 2 911 2 711 2 721 2 912 2 779 2 529 2,758 2 804 2,824 2,918 2,861 2,988 2,854 333 376 385 556 560 563 568 573 574 583 1 446 1,566 1 489 1 739 1 850 2 034 2 196 1 899 2 010 2 098 2 058 2,006 2 083 1,972 1,994 2,123 2,011 1,989 3,330 4,057 7,046 6,402 6,810 7,109 7,402 7,027 7,686 7,222 7,119 7,357 7,338 7,323 7,448 7,632 7,492 7,304 Reserve city member banks: 1939—Dec 30 1941—Dec 31 1945—Dec 31 1947—Dec. 31 1949—Dec 31 1950—Dec 30 1951—Dec. 31 1952—June 30 Dec 31 1953—Feb 25 Tune 30 Aug. 2 6 P Sept. 30 Oct. 2 8 P Nov. 2 5 P Dec. 3 0 P 1954—Jan. 2 7 P Feb. 2 4 P 12,272 15,347 40,108 36,040 38,301 40,685 42,694 43,091 45,583 45,271 44,352 46,397 45,906 46,221 46,825 46,996 46,897 46,885 5,329 7,105 8,514 13,449 14,370 17,906 19,651 19,745 21,697 21,801 22,150 22,552 22,493 22,712 22,801 22,890 22,516 22,706 6,944 8,243 31,594 22,591 23,931 22,779 23,043 23,346 23,886 23,470 22 201 23,845 23,413 23,509 24,024 24,106 24,381 24,179 5 194 6 467 29 552 20,196 20 951 19 084 19,194 19 123 19 624 19 161 17 756 19,339 18,959 19,049 19,592 19,669 19,933 19,639 1,749 1 776 2,042 2,396 2 980 3,695 3,849 4,223 4,262 4,309 4 446 4,506 4,453 4,460 4,432 4,437 4,448 4,540 6 785 8 518 11 286 13,066 12 168 13 998 15,199 13 925 15 544 14 152 14 447 13,546 14,196 14,179 14,444 15,263 14,062 14,088 17,741 22,313 49,085 46,467 47,559 51,437 54,466 53,425 57,357 54,912 54 861 55,338 55,713 55,710 56,541 58,004 56,640 56,362 Country member banks: 1939—Dec 30 1941—Dec 31 1945—Dec 31 1947—Dec. 31 1949—Dec 31 1950—Dec 30 1951—Dec 31 1952—Tune 30 Dec 31 I953—Feb 25 June 30 Aug. 2 6 P Sept 30 Oct. 2 8 P Nov. 2 5 P Dec. 3 0 P 1954—Jan. 2 7 P Feb. 2 4 P 10,224 12 518 35,002 36,324 38,219 40,558 42 444 43,037 45,594 45 745 45,359 46,610 46,739 46,944 47,455 47,462 47,418 47,215 4,768 5 890 5,596 10,199 12 692 14,988 16 296 17,133 18,213 18 386 19,028 19,266 19,417 19,619 19,767 19,904 19,884 19,968 5,456 6 628 29 407 26,125 25 527 25,570 26 148 25 904 27,381 27 359 26,330 27,344 27,322 27,325 27,688 27,558 27,534 27,247 3 159 4 377 26 999 22,857 21 862 21 377 21 587 21 206 22,549 22 568 21,394 22,382 22,306 22,308 22,631 22,518 22,500 22,216 2 297 2 250 2 408 3,268 3 665 4 193 4 561 4 698 4,832 4 791 4,936 4,962 5,016 5,017 5,057 5,040 5,034 5,031 4 848 6 402 10 632 10,778 10 314 11 571 13 292 12 087 13,281 12 140 12,083 11,523 12,041 12,085 12,252 12,814 12,218 12,104 13,762 17 415 43,418 44,443 45 534 48,897 52 288 51,571 55,175 54 046 53,606 54,106 54,756 54,915 55,577 56,218 55,614 55,265 1,223 1,073 1 001 1,133 1 309 1,083 1,301 1 105 1,073 1,027 1,081 1,133 1,160 1,246 1,206 1,140 Chicago: 1939—Dec 30 1941—Dec. 31 1945—Dec 31 1947—Dec 31 1949—Dec. 31 1950—Dec 30 1951—Dec. 3 1 . . . 1952—June 30 Dec 31 1953—Feb. 25 June 30 Aug. 2 6 P Sept 30 Oct. 2 8 P Nov. 2 5 P Dec. 3 0 P 1954—Jan. 2 7 P Feb. 2 4 P 397 482 576 552 563 581 562 546 4,238 4,207 4,657 4,464 4,192 4,638 4,832 4,639 4,965 4,367 4,578 4,267 4,645 4,719 4,713 5,223 4,994 4,949 888 1,035 L 312 1,217 1,191 1,228 L.307 1,182 L.35O 1,182 1,216 1,224 t ,278 1,315 1,269 1,359 L.308 1,240 Total Number capital of accounts banks Demand Time 9,533 12,917 24,227 19,307 18,139 19,287 20,348 20,311 20,504 18,589 18,736 18,605 19,420 18,780 18,723 19,646 18,524 18,482 1,236 1,445 1.651 L ,722 1,679 1,795 1,840 1,813 L.930 1,834 1,931 2,006 2,026 2,150 2,094 2,078 736 807 1,592 1,648 2,120 2,259 2,312 2,351 2,425 2,460 2,505 2,525 2,544 2,550 2,563 2,566 2,573 2,562 2,585 2,611 36 36 37 37 25 23 22 22 22 22 22 22 22 22 22 22 22 22 495 476 719 250 288 377 913 426 470 490 513 530 541 537 551 14 13 12 14 13 13 13 13 13 13 13 13 13 13 13 13 13 13 1,947 2,546 5 015 4,273 4,535 4,778 4,952 4,681 5,132 4,872 4,696 4,943 4,855 4,804 4,963 5,040 4,950 4,840 1,083 1,103 1,143 1,164 1,205 1,168 1,207 1,190 1,204 1,204 1,216 1,233 1,234 1,224 ?. 686 4 460 6,448 5,649 5,713 6,448 6,976 5,908 7,001 5,991 6 066 5,760 6,233 6,443 6,378 6,924 6,464 6,174 9,439 13 047 32,877 29,395 30,182 33,342 35,218 34,764 37,095 35,551 35 052 35,798 35,621 35,320 36,290 36,985 35,994 35,798 4,616 4,806 9,760 11,423 11,664 11,647 12,272 12,754 13,261 13,370 13,743 13,780 13,859 13,947 13,873 14,095 14,182 14,390 1,828 1,967 2,566 2,844 3,087 3,322 3,521 3,663 3,745 3,762 3,874 3,881 3,917 3,953 3,970 3,983 4,000 4,031 346 351 359 353 341 336 321 319 319 322 321 319 319 319 319 319 319 319 598 7,312 10 335 29,700 28,810 29 771 32,899 35 449 34 414 37,289 36 174 35,295 35,649 36,155 36,118 36,920 37,359 36,648 36,301 5,852 6,258 12,494 14,560 14,762 14,865 15,530 16,075 16,585 16,767 17,237 17,430 17,521 17,664 17,497 17,613 17,760 17,824 1,851 1,982 2,525 2,934 3,305 3,532 3,760 3,873 3,970 3,988 4,101 4,133 4,213 4,222 4,242 4,237 4,238 4,263 5,966 6 219 6,476 6,519 6,513 6,501 6 484 6,461 6,444 6 428 6,409 6,405 6,399 6,398 6,393 6,391 6,393 6,383 552 557 558 559 563 563 565 *MJ 822 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 362 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Deposits Loans and investments Other Investments Class of bank and date Total All insured commercial banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 Cash assets1 Total U. S. Government obligations Other securities Loans Total i Interbank* Total Number capital of account? banks Demand Time 49,290 121,809 114,274 124,822 130,820 139,770 136,144 21,259 25,765 37,583 51,723 57,256 63,632 64,522 28,031 96,043 76,691 73,099 73,564 76,138 71,622 21,046 88,912 67,941 60,986 60,533 62,308 57,667 6,984 7,131 8,750 12,113 13,031 13,831 13,955 25,788 34,292 36,926 39,821 44,176 44,222 40,756 69,411 147,775 141,851 153,288 162,908 170,971 163,650 10,654 13,883 12,670 13,744 14,777 14,990 13,242 43,059 104,015 94,300 103,499 110,382 115,371 108,222 15,699 29,876 34,882 36,045 37,749 40,610 42,186 6,844 8,671 9,734 11,263 11,902 12,563 12,950 13,426 13,297 13,398 13,432 13,439 13,422 13,417 National member banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 27,571 69,312 65,280 72,090 75,255 80 180 77,848 11,725 13,925 21,428 29,184 32,317 36 004 36,420 15,845 55,387 43,852 42,906 42,938 44 176 41,428 12,039 51,250 38,674 35,587 35,063 35,835 32,958 3,806 4,137 5,178 7,320 7,875 8,341 8,471 14,977 20,114 22,024 23,763 25,951 26,333 24,279 39,458 84,939 82,023 89,281 94,173 98,974 94,475 6,786 9,229 8,410 9,133 9,788 9,918 8,594 24,350 59,486 54,335 60,251 63,477 66,362 62,364 8,322 16,224 19,278 19,897 20,908 22,694 23,516 3,640 4,644 5,409 6,313 6 653 7,042 7,221 5,117 5,017 5,005 4,958 4 939 4,909 4,874 State member banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 15,950 37,871 32,566 35,334 36,992 39,367 37,941 6,295 8,850 11,200 15,521 17,243 19,030 19,194 9,654 29,021 21,365 19,813 19,748 20,337 18,748 7,500 27,089 19,240 16,778 16,558 16,928 15,361 2,155 1,933 2,125 3,035 3,191 3,409 3,387 8,145 9,731 10,822 11,762 13,301 12,922 12,188 22,259 44,730 40,505 43,808 46,843 48,553 46,355 3,739 4,411 3,993 4,315 4,637 4,699 4,339 14,495 32,334 27,449 30,055 32,491 33,658 31,415 4,025 7,986 9,062 9,438 9,715 10,196 10,601 2,246 2,945 3,055 3,381 3,565 3,719 3,850 1,502 1,867 1,918 1,915 1,901 1,889 1,891 Insured nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31. . . 1947—Dec. 31. . . 1950—Dec. 3 0 . . . 1951—Dec. 31 1952—Dec. 31 1953—June 30 5,776 14,639 16,444 17,414 18,591 20,242 20,375 3,241 2,992 4,958 7,023 7,701 8,605 8,915 2,535 11,647 11,486 10,391 10,890 11,638 11,460 1,509 10,584 10,039 8,632 8,923 9,556 9,361 1,025 1,063 1,448 1,759 1,967 2,081 2,099 2,668 4,448 4,083 4,299 4,926 4,970 4,292 7,702 18,119 19,340 20,216 21,912 23,464 22,841 129 244 266 297 353 373 309 4,213 12,196 12,515 13,194 14,415 15,351 14,443 3,360 5,680 6,558 6,726 7,144 7,740 8,090 959 1,083 1,271 570 686 804 1,882 6,810 6,416 6,478 6,562 6,602 6,627 6,655 1,002 1,893 1,535 1,327 1,299 1,322 1,310 761 1,693 1,280 1,040 991 1,010 977 241 200 255 286 308 312 332 763 514 576 468 469 444 400 1,872 2,452 2,251 1,976 1,932 1,960 1,880 329 181 363 294 308 329 356 1,291 1,905 1,411 1,224 1,235 1,229 1,130 253 365 478 458 388 402 395 329 279 325 327 314 326 325 852 714 783 689 650 624 592 457 425 629 591 661 702 665 5,504 14,101 13,926 14,417 15,650 16,580 15,572 3,613 6,045 7,036 7,184 7,533 8,142 8,485 1,288 1,362 1,596 1,897 1,999 2,129 2,207 662 130 261 251 252 251 7,247 12 14 19 23 30 35 1,789 10,351 12,192 14,301 15,343 16,753 17,657 164 1,034 1,252 1,513 1,678 1,730 1,771 52 192 194 194 202 206 213 8,738 5,020 5,553 5,708 5,544 5,833 5,931 1,077 558 637 734 729 749 745 350 339 335 327 323 315 Noninsured nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 2 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 1,457 2,211 2,009 1,853 1 ,789 1 ,854 1,813 455 318 474 527 " 490 531 504 All nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 2 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 7,233 16,849 18,454 19,267 20,380 22,096 22,188 3,696 3,310 5,432 7,550 8,192 9,136 9,419 3,536 13,539 13,021 11,718 12,189 12,960 12,769 2,270 12,277 11,318 9,672 9,914 10,567 10,339 1,266 1,262 1,703 2,046 2,275 2,393 2,431 3,431 4,962 4,659 4,767 5,395 5,414 4,691 9,573 20,571 21,591 22,193 23,843 25,424 24,722 Insured mutual savings banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 1,693 10,846 12,683 15,101 16,190 17,621 18,610 642 3,081 3,560 6,086 7,523 8,691 9,325 1,050 7,765 9,123 9,015 8,668 8,930 9,284 629 7,160 8,165 7,487 6,921 6,593 6,642 421 606 958 1,528 1,746 2,337 2,642 151 429 675 617 695 732 692 1,789 10,363 12,207 14,320 15,368 16,785 17,695 8,687 5,361 5,957 6,245 6,069 6,382 6,515 4,259 1,198 1,384 2,050 2,339 2,658 2,766 4,428 4,163 4,573 4,194 3,730 3,724 3,749 3,075 3,522 813 380 897 829 1,353 641 760 814 833 895 927 642 180 211 180 191 187 175 8,744 5,022 5,556 5,711 5,547 5,836 5,933 Noninsured mutual savings banks: 1941—Dec. 31 1945—Dec. 31 2 1947—Dec. 31 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—June 30 2,822 For footnotes see preceding two pages. Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. APRIL 1954 363 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES < LOANS AND INVESTMENTS [In millions of dollars] Loans 1 Class of bank and call date Investments Loans for Compurchasing meror carrying Total Other cial, •ecurities loans in- AgriReal loans and to esinvest- Total 1 clud- culin- Other ing loans Total tur- To tate ments diopen al brok- To loans vidmarers uals ket and othpadeal- ers per ers All commercial banks: 3 1947—Dec. 3 1 . . . 1951—Dec. 3 1 . . . 1952—Dec. 31 1953—June 30. . . 116.284 132,610 141,624 137,957 38.057 57,746 64,163 65,025 18.167 25,879 27,871 27,418 1,660 830 1,220 9,393 3,408 1.581 980 14,580 3,919 2,060 1,103 15,712 3,675 1,719 1,074 16,231 All insured commercial banks: 1941—Dec. 31 .. 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—June 30. . . 49,290 121,809 114,274 130,820 139,770 136,144 21,259 25,765 37,583 57,256 63,632 64,522 9,214 9,461 18,012 25,744 27,739 27.282 1,450 1,314 1,610 3,321 3,805 3,594 18,021 22,775 32,628 49,561 55,034 55,613 56,633 122,422 57,762 8.671 8,949 16,962 24,347 26,232 25,763 26.025 25,519 1,046 2,140 2,416 2,234 2,368 3,263 614 662 3,164 3,606 823 1,190 1,571 960 2,050 1.082 1.704 1,051 4,773 4,677 9,266 14,450 15,572 16,100 U. S. Government obligations Oblia £tions " of States wtner and secuCertifiGuar- politcates an- ical ritiei inteed subBills of debt- Notes Bonds diviedsions ness Direct Total 1.063 1,681 1,718 1,737 78,226 74,863 77,461 72.932 69.221 61,524 63,318 58,644 2,193 7,337 7,761 5,050 4,545 2,361 1,181 5.654 1.028 10.378 1,645 12.603 1,683 14,025 1.702 28,031 96,043 76,691 73,564 76,138 71,622 21,046 88,912 67,941 60,533 62,308 57.667 988 3,159 12,797 1,102 3,651 3.333 2.455 19,071 16,045 51,321 22 3,873 3,258 2,124 7,552 5,918 52,334 14 5,129 3,621 7,219 7.526 11,256 34,511 21 8.989 4,042 7,622 5,494 11,714 37,456 22 9.977 3,854 4,927 5,000 11,119 36.589 32 10,302 3,653 5,723 10,451 12,684 14,111 7,789 7,657 5,580 5,092 6,034 11,408 11,878 11,259 53,191 35,101 38,077 37,212 14 21 22 32 5,276 3,729 9.198 4,141 10.188 3,955 10,533 3.754 Member banks. coiui: 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—June Sept. Dec. 31... 31... 31... 31... 31... 30... 30... 31... 43,521 107,183 97,846 112,247 119,547 115,789 120,185 New York City:* 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—June Sept. Dec. 31... 31... 31... 31... 31... 30... 30... 31... 12,896 26,143 20,393 21,379 22,130 20,452 21.568 22,058 31... 31... 31... 31... 31... 30... 2,760 5,931 5,088 5,731 6,240 5,627 5.973 6,204 4,072 7,334 7,179 11,146 12,376 11,883 12.114 12,289 3,494 3,455 7.130 11,334 12,214 12,628 12.840 2,321 1,060 13,020 598 972 594 855 3,133 3,378 811 1,065 1,551 851 2,032 966 1,687 933 1,783 898 8 2,807 3,044 . . . . 5,361 7,852 8,680 8,345 i1 8.475 8,218 126 412 169 2,453 1.172 545 1,219 1.531 1,274 1.383 1,667 267 262 286 237 211 320 123 80 HI 514 386 406 395 383 25,500 19,539 3 , ( 92 1,900 4,662 8,524 10,396 11.612 11.819 11,911 971 1,104 84,408 78,338 2,275 16^985 952 65.218 57,914 1,987 5,816 1,535 62,687 51.621 6,399 6,010 1,577 64,514 52,763 6,565 4,255 1,585 60,176 48.318 4,064 3.807 1.732 63,552 51.506 4,171 8.602 1,518 64,660 52,603 4,095 8,287 51 4 8,823 7,265 311 287 298 18,809 17,574 477 564 330 13,214 11,972 1,002 920 551 10,233 8,129 1,122 1,136 539 9,754 7,678 1,079 1,285 517 8,569 6,639 789 828 1.275 558 9.454 7,436 1,294 475 9,769 7,765 924 11,729 $,832 3,090 2.871 16 3,254 2.815 44,792 10 4,199 3,105 45,286 15 7,528 3,538 29,601 19 8,409 3.342 32,087 29 8,680 3.178 31,176 30 27.793 8,902 3,145 31 8,871 3,185 10,300 29,890 3,007 14,271 4,815 9,596 9,835 9,242 10,909 1,623 3,652 1,679 ] 3,433 3,325 10,337 729 606 638 2 1 2 1 1 1,385 1,453 1,318 1.422 1,365 830 629 604 719 623 612 596 639 119 182 181 213 351 384 375 384 400 204 185 201 197 170 176 172 640 616 233 203 558 1,428 1,170 1,035 1.132 1,143 1,104 1,130 9,771 4,960 5,195 4,611 4,331 4,605 235 332 224 235 541 450 153 749 248 520 607 551 686 684 903 1,864 2,274 1,526 1,674 1,596 1.458 1,598 1,034 6,982 373 2.358 2,524 2,493 2,387 1,774 1.344 1,453 1,167 3.494 1,230 3,357 5,653 1,901 3,640 3,854 3.542 4.335 4,201 Chicago:* 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—June Sept. 3 0 . . . Dec. 3 1 . . . 954 732 760 1,333 1,801 1,418 2,468 1,977 2,748 2,080 2,552 1,992 2,609 2.041 2,776 1,912 6 48 211 52 22 36 46 2 3 16 14 7 6 158 94 239 142 145 286 233 87 63 66 71 71 75 70 67 70 114 194 427 1,503 170 484 203 347 218 422 229 424 409 203 308 456 1,527 1,459 3,147 4,651 5,099 5,270 5,358 5,453 73 68 70 1,806 96 51 40 4.598 149 26 3,287 180 109 3.264 211 120 3,493 235 90 3,075 242 89 3.364 234 96 3,428 1,430 4.213 2,890 2.711 2,912 2,529 2.804 2,856 256 133 132 334 407 147 119 123 1,467 193 Reserve city banks: 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—June Sept. Dec. 31... 31... 31... 31... 31... 30... 30... 31... 15,347 40,108 36,040 42,694 45,583 44,352 45,906 46,755 7,105 8,514 13.449 19,651 21,697 22,150 22,493 22,763 3,456 3,661 7,088 10,140 10,842 10,609 10,718 10,568 300 205 225 513 501 469 477 774 12,518 35,002 36,324 42,444 45,594 45,359 46.739 47,404 5,890 5,596 10,199 16,296 18,213 19,028 19,417 19,934 1,676 1,484 3,096 4,377 4,630 4,817 4.790 4,822 659 648 818 20 42 1,610 1,901 1,757 1,883 2,204 614 1.205 1,533 1.268 1,639 1.503 1,655 1 .441 l . i 12 855 404 366 572 595 645 751 4,942 611 8.243 31,594 22.591 23,043 23,886 22.201 23.413 23.993 1 . ! 30 6,628 29,407 26,125 26,148 27,381 26.330 1.969 3,518 4.347 4.849 4.922 6,467 29,552 20,196 19,194 19,624 17,756 18.959 19,559 295 751 820 4,248 1,173 956 15,878 5 1,126 916 15,560 3 1,342 1,053 10,528 8 2,458 1,390 11,594 14 2,934 1,328 11,393 23 3,184 1.262 9,939 24 3.220 1,233 10,746 25 3,196 1,238 Country banks: 1941—Dec. 1945—Dec. 1947—Dec. 1951—Dec. 1952—Dec. 1953—June 31... 31... 31... 31... 31... 30.,. Sept. 3 0 . . Dec. 31... All nonmember banks: * 1947—Dec. 3 1 . . . 18,454 5,432 1951—Dec. 3 1 . . . 20,380 8.192 1952—Dec. 3 1 . . . 22,096 9,136 1953—June 30. . . 22,188 9,419 35 43 41 52 59 183 471 227 178 191 201 206 210 1,979 3,906 4,702 5.243 5.379 5,441 363 229 303 322 334 334 336 20 30 29 32 156 2.266 1.061 130 3.252 1,927 137 3,505 2.288 141 3.610 2.499 Ml 146 141 151 23 1,823 1,881 3,827 6,099 6,662 6,883 7.018 7,114 707 4,377 26,999 22.857 21.587 22,549 21,394 27.322 22.306 27,470 22,423 13 021 12.189 12,960 12.769 110 630 480 481 2.418 2,692 1.784 2.056 1,819 5,102 2,583 2,568 2,024 1,916 3.436 3,374 4,544 2.108 4.008 4,204 4,114 4.745 4,285 2,926 16,713 17,681 12,587 13,625 13,576 12.065 12,940 11,318 206 9,914 939 10,567 1,196 10.330 987 1.973 1,647 1,325 1,285 1,219 1,812 2,043 2,017 7.916 5,510 6,000 6,047 861 1,222 1,028 9 1,342 1,067 6 2,006 1.262 5 3,334 3,639 3,802 3.876 3,911 1,227 1,194 1,134 1.141 1,136 1,078 1,671 1,781 1,855 625 604 613 4 4 5 5 4 6 3 3 576 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or " a l l commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 364 FEDERAL RESERVE BULLETIN ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •—Continued RESERVES AND LIABILITIES fin millions of dollars] Demand deposits Class of bank and call date ReDeBalserves mand with Cash ances dewith Federal in posits doRevault mestic adserve banks4 justed 6 Banks Interbank deposits ForDomestic4 eign Time deposits Certified U. S. States and and Gov- political offiern- subdi- cers' ment visions checks, etc. U. S. IndiGov- States viduals, ernand partner- Inter- ment ships, bank and political and corPostal subdiporaSav- visions tions ings CapiIndividuals, Bortal partner- rowacings ships, counts and corporations All commercial Kanlra<2 Dames:' 1947—Dec. 1951—Dec. 33 11 .. .. 1952—Dec. 3 1 . . 1953—June 3 0 . . 17,796 19,911 19,809 19,446 2,216 2,697 2,753 2,590 11,362 13.123 13,109 11,409 1,430 1.343 1,413 3,359 1.465 4,941 1,343 3,634 6,799 2,581 8,426 J.166 8,910 1,956 9,350 :2,449 84,987 96,666 99,793 93,918 240 550 744 846 111 278 346 336 866 34,383 1,536 36,323 1.620 39,046 1.731 40,514 65 34 188 113 10.059 12,216 12,888 13,275 12,396 15,810 17,796 19,911 19,809 19,446 1,358 8,570 37,845 9,823 1,829 11,075 74,722 12,566 2,145 9,736 85.751 11,236 2.665 11,561 97,048 12,969 2,720 11,489 100,329 12,948 2,559 9,885 95,795 11,241 673 1,761 1,248 23,740 L.379 1.325 1,381 3,344 L.437 4,912 L.305 3,620 3,677 5,098 6,692 8.288 8,776 9,211 36,544 72,593 83,723 95,604 98,746 92,961 158 70 54 427 605 696 59 103 111 278 346 336 15,146 29,277 33,946 1,485 35,986 1,564 38,700 1,675 40,176 10 215 61 30 181 103 6.844 8,671 9,734 11.902 12,563 12,950 total! 1941—Dec. 31 . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1951—Dec. 31. . 1952—Dec. 3 1 . . 1953—June 30. . Sept. 30. . Dec. 31. . 12,396 15,811 17,797 19,912 19,810 19,448 19,215 19,997 1,087 1,438 1,672 2,062 2,081 1,956 2,010 1,870 6.246 7,117 6,270 7,463 7,378 6,378 6,323 7,554 33,754 64,184 73,528 83,100 85,543 81,774 82,177 86,127 9,714 12,333 10,978 12,634 12,594 10,947 11,153 12,858 33,061 140 64 62,950 50 72,704 422 83,240 592 85,680 686 80.741 744 81,132 85,711 1,021 50 99 105 257 321 310 310 308 1,238 1,303 1,395 1,380 1,595 11.878 23.712 27,542 29,128 31,266 32,412 32.825 33,311 4 208 54 26 165 75 591 43 5,886 7,589 8,464 10.218 10,761 11,070 11 .251 11,316 New York City:* 1941—Dec. 31. . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1951—Dec. 3 1 . . 1952—Dec. 3 1 . . 1953—June 30. . Sept. 30. . Dec. 31. . 5.105 4,015 4,639 5,246 5.059 5,204 4.885 4,846 93 111 151 159 148 127 135 129 141 78 70 79 84 49 49 70 10,761 15,065 16,653 16,439 16,288 15,384 15,221 15,901 3,595 3,535 3,236 3,385 3,346 2,979 2,969 3,363 43 59 50 49 53 29 20 14 22 29 39 37 139 1,206 1,418 1,614 L.752 1,841 1.844 1,958 195 2,120 30 2,259 5 2.425 132 2.505 8 2.544 2 2,563 23 2,572 Chicago :z 1941—Dec. 3 1 . . 1945—Dec. 31 1947—Dec. 3 1 . . 1951—Dec. 3 1 . . 1952—Dec. 31. . 1953—June 30. . Sept. 30. . Dec. 31. . 1,021 1,070 1,407 1,144 1.318 1.367 1,287 43 36 30 32 32 31 28 34 298 200 175 165 169 123 113 166 9 11 11 10 10 10 476 719 902 288 377 426 513 541 551 557 566 1945—Dec. 3 1 . . 1947—Dec. 31. . 1951—Dec. 31. . 1952—Dec. 3 1 . . 1953—June 30. . Sept. 30. . Dec. 31. . 4,060 6,326 7,095 7,582 7,788 7.420 7.499 8,084. 425 494 562 639 651 609 626 568 2,590 2,174 2.125 2,356 2,419 2.150 2.071 2,463 11,117 22,372 25.714 29,489 30,609 29.444 29.578 30,986 Country banks: 1941—Dec. 31. . 1945—Dec. 31. . 1947—Dec. 31. . 1951—Dec. 3 1 . . 1952—Dec. 31. . 1953—June 30. . Sept. 30. . Dec. 31. . 2,210 4,527 4,993 5,676 5,820 5,505 5,465 5,780 526 796 929 1,231 1,250 1,189 1.221 1,140 3,216 4,665 3,900 4.862 4,706 4.057 4.090 4,855 790 9,661 ,199 23,595 ,049 27.424 ,285 33.051 ,278 34.519 ,049 33.033 33.463 1.055 35,029 1,288 544 635 672 635 3,947 4,507 4,498 3,856 13.595 15.144 15,964 15,118 10,216 11.969 11,875 10,233 87,123 98.243 101,506 96,892 All Insured commerciai DaxiKss 1941—Dec. 3 1 . . 1945—Dec. 31. . 1947—Dec. 3 1 . . 1951—Dec. 31. . 1952—Dec. 31. . 1953—June 30. . 1,077 2,585 2,559 5,147 2,938 2,431 4 492 496 826 Member banks. Reserve city banks: 1941—Dec. 3 1 . . 942 All nonmember banks:2 1947—Dec. 1951—Dec. 1952—Dec. 1953—June 31. . 31. . 31. . 30 . . 2,215 1,027 3,153 1,292 3.737 1,196 4,121 1,269 4,126 1,308 3.913 L.175 3.914 1,233 4,211 1,339 4,302 6,307 5.497 6,695 6,662 5,744 5.895 6,869 385 489 516 462 1,243 1,375 1,369 1,431 1,300 1,341 1,291 1,709 22,179 1,176 3,101 4,567 3,378 5,555 3,756 607 866 671 1,105 6,940 267 1,217 858 1,128 1,154 1,143 887 1.059 1.089 1,694 778 1,021 8 20 21 38 37 33 37 39 127 3,066 1,009 4,240 2,450 5,504 \2,401 6,666 \2,961 7,029 2,744 7,403 2,256 6,989 2,375 7,530 *',783 319 237 290 321 322 333 332 315 11,282 15,712 17,646 17,880 17,919 899 16,617 t .012 16,381 1,071 17,509 450 1,338 1,105 1,289 1,120 6 17 12 318 465 540 587 831 " ' io 12 418 399 693 778 1.648 233 237 285 240 242 320 301 272 34 66 63 66 56 53 61 64 2,152 3,160 3,853 4,404 4,491 4,123 4,125 4,500 5 8 8 9 2 5 4 3 3 3 1,124 1,814 1,358 2.063 1,504 1.144 1,763 2,282 2,550 2,693 2.866 2.489 2,880 286 611 705 822 791 636 638 828 11,127 22,281 26,003 30,722 31,798 30,192 30.432 32,065 104 30 22 90 109 124 136 166 20 38 45 85 105 103 103 98 243 160 332 714 739 794 775 830 4,542 9,563 11.045 11,473 12,417 12,847 12.980 13,203 2 1 4 8 17 354 1,967 2,566 2,844 3,521 3,745 3,874 3.917 3,984 2 225 8 5,465 7 432 11 876 11 1,267 11 932 12 1,429 12 1,216 1,370 2,004 2,647 3,554 3,772 3.885 3.868 4,063 239 435 528 783 777 668 664 820 8,500 21,797 25,203 30,234 31,473 29.810 30.193 31,636 30 17 17 13 13 14 14 15 31 52 45 125 152 154 154 153 146 219 337 491 525 553 557 615 6,082 12,224 14.177 14,914 15,908 16,531 16.810 16,921 4 11 23 16 25 49 103 20 1.982 2,525 2,934 3,760 3,970 4,101 4.213 4,194 55 44 34 43 1.295 1,761 1,881 1.946 180 205 212 193 12,284 13,426 14,113 t3.177 190 128 152 160 6 22 25 27 172 298 317 335 6,858 7.213 7,800 8,123 12 8 23 38 1.596 1,999 2,129 2,207 54 110 131 192 230 197 202 219 1,552 72 242 343 201 368 259 491 8,221 405 167 258 374 256 1 1,128 1,190 L.194 L.191 " l 3 3 .229 'Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 'Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 'Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. APRIL 1954 365 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Date or month Total loans and invest- Total 1 ments Commercial, industrial, and agricultural Investments For purchasing or carrying securities To brokers and dealers To others U.S. Other U. S. Govt. Other sese- Govt. obob- curiliga- ties liga- curities tions tions U. S. Government obligations Real Loans Other Total to loans estate loans banks Total Bills CerOther tifisecucates rities of in- Notes Bonds2 debtedness TotalLeading Cities 7,532 38,606 31,067 2,901 2,215 5,913 20,038 7,539 23,204 1,522 793 6,164 587 1 9 5 4 — J a n u a r y . . . 80,275 F e b r u a r y . . 80,036 M a r c h . . . . 79,460 39,758 22,744 39,750 22,549 39,591 22,682 1,812 1,968 1,887 859 823 821 6,483 6,493 6,503 540 7,957 40,517 33,001 2,740 5,089 6,503 18,669 7.516 727 7.823 40,286 32,555 2,210 4,401 5,829 20,115 7,731 557 7,779 39,869 31,978 2,316 3,574 4,731 21,357 7,891 1954—Jan. 6... Jan. 1 3 . . . Jan. 2 0 . . . Jan. 2 7 . . . 80,819 80,376 79,838 80,070 40,446 22,942 40,030 22,846 39,320 22,686 39,239 22,502 2,119 1,913 1,633 1,583 862 856 859 858 6,479 6,490 6,484 6,480 680 598 360 525 8,001 7,964 7,936 7,927 40,373 40,346 40,518 40,831 32,861 32,870 32,987 33,287 6,482 6,525 6,462 6,543 18,583 18,626 18,714 18,754 7,512 7,476 7,531 7,544 Feb. Feb. Feb. Feb. 3 . . . 10... 17... 24... 80,660 79,868 79,872 79,744 39,963 39,785 39,796 39,457 22,638 22,556 22,555 22,446 2,180 2,031 1,977 1,682 826 818 830 819 6,486 6,485 6,500 6,501 541 711 789 861 7,924 7,810 7,777 7.782 40,697 40,083 40,076 40,287 32,989 2,517 4,764 6,756 32,409 2,034 4,639 6,714 32,346 2,074 4,110 4,974 32,476 2,216 4.091 4,871 18,952 19,022 21,188 21,298 7,708 7,674 7,730 7.811 Mar. Mar. Mar. Mar. Mar. 3 . . . 10. .. 17 . . . 24... 31 . . . 79,534 79,700 80,765 79,247 78,055 39,401 39,452 40,021 39,766 39,317 22,407 22,481 22,939 22,821 22,763 1,907 2,005 1,931 1,834 1,758 811 811 814 820 847 6,478 6,489 6,509 6,517 6,522 679 550 701 613 241 7,754 7,752 7,767 7,800 7,825 40,133 40,248 40,744 39,481 38,738 32,292 2,084 4,097 4,798 21,313 7,841 32,292 2,162 4,067 4,770 21,293 7,956 32,848 2,591 4,121 4,744 21,392 7,896 31,609 2,669 2,848 4,695 21,397 7,872 30,850 2,076 2,737 4,649 21,388 7,888 1,637 8,886 6,761 1953—March 77,799 39,193 2,594 2,581 2,735 3,048 5,202 5,138 5,076 4,942 New York City 1953—March 1,073 4,948 2,125 21,083 12,197 8,653 146 967 34 235 384 327 1954—January. . . 21,678 February.. 21,776 March. . . . 21,724 12,064 12,057 11,913 8,209 8,066 8,101 257 1,069 490 954 487 919 49 43 41 258 263 260 381 380 385 390 1,646 9,614 458 1,594 9,719 324 1,587 9,811 7,569 7,513 7,489 1954—Jan. 6 . . . Jan. 1 3 . . . Jan. 20. . . Jan. 27. . . 22,011 21,667 21,351 21,684 12,477 12,231 11,762 11,785 8,299 8,267 8,181 8,090 389 1,170 295 1,120 156 1,030 189 957 55 50 45 44 253 254 260 263 382 388 380 373 467 406 266 423 1,657 1,646 1,639 1,641 9,534 9,436 9,589 9,899 7,513 7,403 7,527 7,834 Feb. 3 . . . F e b . 10. . . Feb. 17. . . Feb. 2 4 . . . 22,148 21,623 21,709 21,626 12,234 12,025 12,136 11,834 8,126 8,067 8,063 8,010 618 1,020 557 913 483 997 301 886 41 37 47 46 261 264 266 261 376 377 383 385 342 416 517 558 1,641 1,585 1,571 1,578 9,914 7,751 9,598 7,402 9,573 7,364 9,792 7,535 862 509 552 708 809 1,309 4,771 2,163 766 1,295 4,832 2,196 663 810 5,339 2,209 671 771 5,385 2,257 Mar. Mar. Mar. Mar. Mar. 21,681 21,785 22,166 21,635 21,355 11,844 11,833 12,140 11,971 11,778 7,974 7,988 8,213 8,182 8,147 508 593 490 445 402 889 923 937 901 943 41 41 42 42 40 261 257 255 257 269 377 382 389 389 391 429 259 425 341 165 1,556 1,581 1,581 1,606 1,611 7,546 7,591 7,695 7,347 7,265 649 677 720 754 662 752 756 822 434 438 56,716 3 ... 10. . . 17. . . 24... 31 . . . 9,837 9,952 10,026 9,664 9,577 548 192 889 658 692 982 1,120 4,578 2,045 727 1,046 5,082 2,206 769 5,387 2,322 641 815 1,038 738 983 845 980 1,158 926 1,111 1,116 1,100 1,155 784 792 775 760 736 4,549 4,566 4,602 4,595 5,361 5,366 5,378 5,399 5,429 2,021 2,033 2,062 2,065 2,291 2,361 2,331 2,317 2,312 Outside New York City 26,996 14,551 409 524 5,780 260 5,895 29,720 24,306 2,353 2,023 4,840 15,090 5,414 1954—January. . . 58,597 27,694 February. . 58,260 27,693 March 57,736 27,678 14,535 14,483 14,581 486 524 481 552 517 520 6,102 6,113 6,118 150 6,311 30,903 25,432 269 6,229 30,567 25,042 233 6,192 30,058 24,489 1,851 4,107 5,383 14,091 5,471 1,552 3,674 4,783 15,033 5,525 1,624 2,933 3,962 15,970 5,569 1954—Jan. 6 . . . Jan. 1 3 . . . Jan. 20. . . Jan. 27. . . 58,808 27,969 58,709 27,799 58,487 27,558 58,386 27,454 14,643 14,579 14,505 14,412 560 498 447 437 554 552 554 551 6,097 6,102 6,104 6,107 213 192 94 102 6,344 6,318 6,297 6,286 30,839 30,910 30,929 30,932 25,348 25,467 25,460 25,453 1,779 1,843 1,890 1,890 4,164 4,155 4,096 4,016 5,371 5,409 5,362 5,388 14,034 14,060 14,112 14,159 5,491 5,443 5,469 5,479 Feb. Feb. Feb. Feb. 58,512 27,729 58,245 27,760 58,163 27,660 58,118 27,623 14,512 14,489 14,492 14,436 542 561 497 495 524 517 517 512 6,110 6,108 6,117 6,116 199 301 272 303 6,283 6,225 6,206 6,204 30,783 30,485 30,503 30,495 25,238 25,007 24,982 24,941 1,655 1,525 1,522 1,508 3,955 3,873 3,447 3,420 5,447 5,419 4,164 4,100 14,181 14,190 15,849 15,913 5,545 5,478 5,521 5,554 27,557 27,619 27,881 27,795 27,539 14,433 14,493 14,726 14,639 14,616 510 489 504 488 413 509 513 517 521 538 6,101 6,107 6,120 6,128 6,131 250 291 276 272 76 6,198 6,171 6,186 6,194 6,214 30,296 30,296 30,718 29,817 29,161 24,746 24,701 25,153 24,262 23,585 1,435 1,485 1,871 1,915 1,414 3,345 3,311 3,299 2,414 2,299 4,014 3,978 3,969 3,935 3,913 15,952 15,927 16,014 15,998 15,959 5,550 5,595 5,565 5,555 5,576 1953—March 3... 10... 17. . . 24... Mar. 3 . . . Mar. 1 0 . . . Mar. 17. . . Mar. 2 4 . . . Mar. 3 1 . . . 57,853 57,915 58,599 57,612 56,700 1 2 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. Includes guaranteed obligations. For other footnotes see opposite page. 366 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. Demand deposits, except interbank Date or month Reserves DeBalwith Cash ances mand Fedwith dein eral vault doposits Remestic ad- 1 serve banks justed Banks In millions of dollars] Time deposits, except interbank Interbank deposits IndividU. S. Demand States Certiuals, States Govand fied and U. S. parternpolit- and politGov- nerical offiical ment and ern- ships, subsubcers' and Dodivi- checks, ment cordivi- Postal ForSavmessions etc. eign pora- sions ings tic tions Time Borrowings Capital accounts TotalLeading Cities 1953—March 14,961 931 2,393 54,11 55,361 3,685 1,636 3,010 16,740 773 196 10,090 1,331 1954—January February March 14,796 14,386 14,381 991 2,781 55,880 57,112 3,932 1,826 1,956 17,564 949 946 2,485 54,639 55,528 4,006 1,947 2,511 17,640 96 916 2,595 53,740 54,76" 3,895 1,776 2,905 17,750 1,04 190 190 190 11,437 1,258 1,025 10,482 1,284 1,096 10, 1,257 1,213 531 929 663 7,591 7,639 7,674 1954—Jan. 6 Jan. 13 Jan. 20 Jan. 27 14,713 14,786 15,159 14,525 1,002 1,02: 961 979 2,700 2,721 3,003 2,699 55,272 56,436 56,044 57,63 56,090 57,591 56,115 56,782 3,973 3,843 3,905 4.009 2,028 1,974 1,751 1,553 2,313 1,745 1,928 1,839 17,580 17,562 17,540 17,574 945 943 950 959 190 189 190 19: 11,743 11,560 11,677 10,766 ,260 997 ,253 995 ,246 1,045 ,271 1,062 857 571 242 453 7,600 7,578 7,579 7,608 Feb. 3 Feb. 10 Feb. 17 Feb. 24 14,598 14,36: 14,487 14,096 91 960 923 990 2,421 2,413 2,559 2,54' 55,588 55,831 54,789 55,230 54,143 55,739 54,038 55,313 4,093 4,049 3,953 3,930 2,378 1,742 1,979 1,690 2,275 2,10' 2,862 2,798 17,619 17,635 17,642 17,663 970 961 96 97: 190 191 192 188 10,619 10,477 10,600 10,230 ,299 1,104 1,318 1,129 895 1,080 1,027 899 895 7,630 7,629 7,640 7,656 Mar. Mar. Mar. Mar. 14,263 14,304 14,863 14,483 13,990 900 939 925 933 884 2,47' 2,459 2,608 2,442 2,992 53,913 54,753 54,897 53,325 51,81 3,908 3,803 3,675 3,858 4,232 1,543 1,594 1,981 1,774 1,987 2,424 1,891 3,011 3,362 3,838 17,734 17,76. 17,713 17,767 17,771 994 99 1,049 1,109 1,08 189 189 190 190 192 10,517 10,495 10,949 10,028 10,538 1,303 1,279 1,248 1,229 1,227 1,163 1,198 1,219 1,235 1,252 796 725 845 786 161 7,667 7,669 7,663 7,679 7,692 2,876 1,065 3 10 17 24 Mar. 31 54,791 55,689 56,535 53,994 52,824 589 1,302 7,316 ,260 1,069 ,260 New York City 1953—March 1954—January February March 1954—Tan. 6 Jan. 13 Jan. 20 Jan. 27 Feb. 3 Feb. 10 Feb. 17 Feb. 24 5,112 140 15,841 16,827 239 758 909 1,734 31 459 341 2,492 4,876 4,777 4,956 153 151 139 15,923 15,792 15,712 16,972 16,717 16,714 284 274 291 951 1,116 880 525 659 844 ,846 ,832 ,842 139 149 182 3,217 1,000 837 2,974 1,033 904 2,979 1,008 1,013 202 334 300 2,546 2,573 2,574 4,767 4,761 5,044 4,932 159 157 143 153 15,825 15,874 15,803 16,193 16,891 16,896 17,011 17,091 262 281 295 300 1,071 1,135 865 734 639 474 510 475 ,874 ,847 1,818 1,843 136 135 140 144 3,179 1,011 3,199 992 3,388 986 3,101 1,010 812 809 860 868 433 218 27 132 2,544 2,545 2,547 2,549 4,813 4,784 4,779 4,730 139 165 141 158 16,192 15,767 15,636 15,573 16,930 16,512 16,774 16,652 273 282 259 281 1,503 946 1,120 895 626 564 736 711 1,848 1,839 1,821 1,820 144 147 156 147 3,022 2,935 3,002 2,936 875 887 916 939 338 399 303 296 2,567 2,573 2,575 2,575 4,781 4,965 5,149 5,029 4,854 141 148 136 140 130 39 15,721 16,073 15,975 15,382 15,412 16,527 16,970 17,105 16,293 16,678 285 269 245 285 371 712 767 954 910 1,059 663 501 841 1,040 1,173 1,828 1,847 1,824 1,856 1,857 169 166 205 204 165 2,939 1,047 970 2,945 1,031 999 3,164 1,001 1,018 2,873 985 1,030 2,973 977 1,048 253 336 443 447 21 2,574 2,573 2,573 2,570 2,579 1,014 1,017 1,041 1,061 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Mar. 31 Outside New York City 1953—March 9,849 791 2,355 38,276 38,534 3,446 878 2,101 15,006 742 138 7,214 266 130 961 4,824 1954—January February March 9,920 9,609 9,425 838 2,736 39,957 40 ,140 3,648 795 2,442 38,847 38,811 3,732 777 2,503 38,028 38,053 3,604 875 831 896 1,431 15,718 1,852 15,808 2,061 15,908 810 818 865 8,220 136 7,508 136 7,526 258 251 249 188 192 200 329 595 363 5,045 5,066 5,100 1954—Jan. 6 Jan. 13 Jan. 20 Jan. 27 9,946 10,025 10,115 9,593 843 865 818 826 2,651 2,680 2, 957 2,656 39,447 39 ,545 40,170 40 ,741 40,287 40,580 39,922 39,691 3,711 3,562 3,610 3,709 957 839 886 819 1,674 ,271 ,418 ,364 15,706 15,715 15,722 15,731 809 808 810 815 137 8,564 136 8,361 136 8,289 138 7,665 249 261 260 261 185 186 185 194 424 353 215 321 5,056 5,033 5,032 5,059 Feb. 3 Feb. 10 Feb. 17 Feb. 24 9,785 9,578 9,708 9,366 773 795 782 832 2,385 39,396 18,901 2,370 39 ,022 38,718 2,506 8,507 38,965 2,509 38,465 38,661 3,820 3,767 3,694 3,649 875 ,649 15,771 796 ,543 15,796 859 2,126 15,821 795 2,087 15,843 826 814 811 825 136 137 138 134 7,597 7,542 7,598 7,294 246 243 258 257 194 193 188 190 557 628 596 599 5,063 5,056 5,065 5,081 Mar. Mar. Mar. Mar. Mar. 9,482 9,339 9,714 9,454 9,136 759 791 789 793 754 2,438 2,421 2,565 2,405 2,691 3,623 831 1,761 15,906 3,534 827 1,390 5,916 3,430 1,027 2,170 15,889 3,573 864 2,322 5,911 3,861 928 2,665 5,914 825 831 844 905 922 135 135 136 136 138 7,578 7,550 7,785 7,155 7,565 256 248 247 244 250 193 199 201 205 204 543 389 402 339 140 5,093 5,096 5,090 5,109 5,113 3 10 17 24 31 18,264 18,719 19,430 17,701 16,400 16,146 38,192 38,680 38,922 37,943 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. APRIL 1954 367 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY i [Net declines, ( —). In millions of dollars] Business of borrower Manufacturing and mining Period* Metals and Petrometal Food, Textiles, products leum, liquor, apparel, coal, (incl. Other and and chemical, tobacco leather machinand ery and rubber trans, equip.) Trade (wholesale and retail) Commodity dealers Sales finance companies Public utilities (incl. transportation) Construction All other types of business Comm'l. ind'l, and Net agr'l. changes change— classitotal * fied 1951—April-June. . July-Dec -243 932 116 -361 275 873 48 125 60 141 62 16 -421 722 63 30 175 351 44 -98 8 37 186 2,769 18 2,372 1952—Jan.-June... July-Dec -868 754 -73 -40 1,111 176 250 76 36 -105 141 -634 662 -217 544 -2 -57 18 13 -28 191 -546 2,494 -637 2,435 1953—Jan.-June... July-Dec -621 501 151 -101 446 -351 -10 102 95 -54 208 1 -632 380 -90 -138 84 18 18 -23 -8 98 -360 433 -593 583 Monthly: 1954—Jan Feb Mar -98 -94 -58 14 46 29 -152 6 133 -104 8 21 -31 -3 36 -108 -32 72 -37 -52 -125 -153 -83 16 -16 -34 105 -11 3 17 -43 -2 50 -737 -237 297 -878 -56 317 Week ending: 1954—Jan. 6 . . . . Jan. 13 Jan. 20. . . . Jan. 27 -95 9 5 -16 -7 7 4 10 -152 22 -18 -4 -4 -1 -48 -51 -22 -51 -14 -25 -17 -10 -26 3 -5 -10 -79 -4 -60 8 -8 -9 -7 -5 4 -9 -3 1 -30 -11 -352 -88 -118 -179 -438 -96 -160 -184 Feb. 3 Feb. 10 Feb. 17 Feb. 24 -14 -28 -24 -29 13 9 17 7 11 16 -22 -1 3 2 4 -4 5 -4 -31 -19 15 3 1 -28 —6 -20 8 -30 -9 -52 -4 -14 -16 -2 3 5 -2 -16 6 3 6 -35 -83 2 -121 136 -82 -109 Mar. Mar. Mar. Mar. Mar. -24 -29 34 -30 -10 -1 10 23 -1 -2 -4 57 102 -13 -9 9 15 10 -10 -4 -1 10 39 -6 -6 13 14 27 10 8 -16 -12 -20 -30 -47 6 -42 57 -17 12 -6 6 109 5 -9 -1 1 8 4 5 -7 16 17 -5 30 -31 46 407 -93 -32 -39 74 458 -118 -58 3 10. . . . 17 24 31.... -10 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total acommercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. Figures for other than weekly periods are based on weekly changes during period. •Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Commercial paper Total out- 1 outstanding standing Held by Based on Federal Reserve Banks (For account Others Bills of foreign correbought spondents) Accepting banks Total Own bills Imports into United States Exports from United States Dollar exchange Goods stored in or shipped between points in United States Foreign countries 12 9 32 44 32 1948—December 1949—December 1950—December 1951—December 1952—December 269 257 333 434 539 259 272 394 490 492 146 128 192 197 183 71 58 114 119 126 76 70 78 79 57 3 11 21 21 20 109 133 180 272 289 164 184 245 235 232 57 49 87 133 125 23 39 25 30 28 55 64 1953—February March April May June July August September. . . . October November December 511 507 464 441 408 429 451 475 535 582 552 490 468 455 417 428 435 478 515 517 534 574 158 149 115 111 123 131 148 159 160 170 172 110 105 78 85 92 108 108 110 122 125 117 48 44 36 26 30 23 40 49 38 45 55 28 29 32 29 30 25 25 26 23 20 24 304 289 309 277 276 279 304 329 334 344 378 234 237 229 198 214 213 211 237 227 246 274 114 110 115 111 112 115 128 135 145 139 154 57 39 43 37 35 40 64 66 56 49 29 53 49 37 39 32 32 36 40 56 59 75 32 32 31 32 35 35 38 38 34 41 43 1954—January February 620 701 586 545 195 185 144 149 51 36 17 10 373 350 266 238 157 151 45 44 73 71 46 41 1 2 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 368 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Business securities Government securities Date Total assets Total United State and Foreign 2 local i States End of year: 4 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 . . . 1952 29,243 30,802 32,731 34,931 37,766 41,054 44,797 48,191 51,743 55,512 59,630 64,020 68,278 73,375 7,697 8,359 9 478 11,851 14,994 18,752 22,545 23,575 22,003 19,085 17,813 16,066 13,667 12,774 5,373 5,857 6,796 9,295 12,537 16,531 20,583 21,629 20,021 16,746 15,290 13,459 11,009 10,252 2,253 2,387 2 286 2,045 1 773 1,429 1,047 936 945 1,199 1,393 1,547 1,736 1,767 End of month: 6 1951—December . 1952—December 67,983 73,034 13,579 12,683 10 958 10,195 L.7O2 1,733 73,621 73,943 74,295 74,686 75,063 75,403 75,855 76,244 76,612 77,121 77,552 78,201 12,862 12,844 12,630 12,666 12,543 12,456 12,429 12,436 12,397 12,395 12.365 12,322 10,329 10,287 10,063 10,089 10,082 10,030 9,991 9,994 9,930 9,913 9,830 9,767 1,774 1,300 1,820 1,837 1,835 1,840 1,857 1,861 1,880 .897 1,945 1,968 919 755 759 757 747 740 626 586 581 581 587 585 590 587 78,866 12,470 9,779 2,105 586 1953—January February March April May June July August September October November December 1954—January 71 115 396 511 684 792 915 1,010 1,037 1,140 1,130 1,060 922 755 Mortgages Real estate Policy loans Other assets 652 756 999 1,249 1,390 1,428 1,718 2,103 2,221 2,446 5,669 5,958 6,442 6,726 6,714 6,686 6,636 7,155 8,675 10,833 12 906 16,102 19,314 21,251 2,134 2,060 1,878 1,663 1,352 1,063 857 735 860 1,055 1,247 1,445 1,631 1,903 3,248 3,091 2,919 2,683 2,373 2,134 1,962 1,894 1,937 2,057 2,240 2,413 2,590 2,713 2,030 2,156 1,840 1,693 1,839 1,704 1,738 1,808 2,124 2,160 2,245 2,591 2,872 3,088 25,975 29,226 2,067 2,178 19,291 21,245 i,617 1,868 2,575 2,699 2,879 3,135 31,690 31,878 32,243 32,472 32,732 33,021 33,247 33,349 33,614 33,887 34,096 34,395 29,471 29,644 30,005 30,218 30,462 30,752 30,977 31,079 31,319 31,585 31 ,781 32,056 2,219 2,234 2 238 2,254 2,270 2,269 2,270 2,270 2,295 2,302 2,315 2,339 21,396 21,547 21 725 21,897 22,055 22 221 22,429 22 552 22,698 22,842 23,017 23,275 1.880 1,887 1 897 1,918 1,924 1,935 1.943 1 967 1,972 1,990 2,000 1,994 2,718 2,727 2 742 2,756 2,770 2 789 2,808 2 819 2,831 2,851 2,873 2,894 3,075 3,060 3,058 2,977 3,039 2,981 2,999 3,121 3,100 3,156 3,201 3,321 34,639 <\32,266 "2,373 23,435 2,039 2,905 3,378 Total Bonds 3 Stocks 8,465 9,178 10,174 10,315 10,494 10,715 11,059 13,024 16,144 20,322 23 179 25,403 28,204 31,646 7,929 8,624 9,573 9,707 9,842 9,959 10,060 11,775 14,754 18,894 21,461 23,300 25,983 29,200 536 554 601 28,042 31,404 608 c Corrected. 1 Includes United States and foreign. 2 Central government only. 8 Includes International Bank for Reconstruction and 4 These represent annual statement asset values, with 5 Development. bonds carried on an amortized basis and stocks at end-of-year market value. These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets End of year 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953P Total 1 Mortgages 2 U.S. Government obligations 5,597 5,733 6,049 6,150 6,604 7,458 8,747 10,202 11,687 13,028 14,622 16,846 19,164 22,585 26,726 3,806 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 10,305 11,616 13,622 15,520 18,336 21,929 73 71 107 318 853 1 ,671 >,420 >,009 1,740 ,455 L,462 1,489 1,606 1,791 L ,931 Assets Cash 274 307 344 410 465 413 450 536 560 663 880 951 1,082 1,306 1,481 Other* 1,124 940 775 612 493 391 356 381 416 501 566 692 866 1,072 1,307 Savings capital 4,118 4,322 4,682 4,941 5,494 6,305 7,365 8,548 9,753 10,964 12,471 13,978 16,073 19,140 22,823 End of quarter Total 1 Mortgages2 U.S. Government obligations Cash 17,232 17,977 18,429 19,164 13,999 14,539 15,058 15,520 1,547 1,558 1,577 1,606 844 940 852 1,082 751 849 852 866 14,286 14,910 15,317 16,073 1952—1 19,688 2. .. . 20,599 3 . . . . 21,295 4 22,585 16,057 16,875 17,696 18,336 1,690 1 ,687 1,765 1,791 1,080 1,182 1,044 1,306 774 770 708 1,072 16,811 17,656 18,198 19,140 1953—1 P . . . 23,506 2P... 24,772 3P. .. 25,633 26.726 4P... 19,105 20,133 21,145 21,929 1,931 2.003 1,990 1,923 1,263 1,337 1,200 1.481 1,121 1,216 1,215 1,315 20,105 21,154 21,742 22,823 1951—1 2 3 4 Other 8 Savings capital P1 Preliminary. Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. APRIL 1954 369 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 [Based on compilation by United States Treasury Department. In millions of dollars ]Enc1 End o ' year Asset or liability, and agency 1953 1952 1944 1945 1946 1947 1948 1949 1950 1951 I 4 Loans, by purpose and agency: B a n k s for cooperatives .. . . . . . O t h e r agencies . owners total . . . . ... Federal National Mortgage Assn RFC ^Mortgage Corporation* 070 424 673 671 367 778 80 575 999 793 5 60 573 1 301 1 779 9 45 34 539 535 1 543 1 74? 898 78? 7 6 25 596 1 920 1 4?6 6 23 653 1 966 1 9?7 9 1,237 1 128 2 14? 7 603 1 347 1 850 74? 777 7 81 1,091 Other agencies 1 To railroads, total 343 321 21 .... 191 118 73 216 Reconstruction Finance Corporation Other agencies Foreign total .. . Export-Import Bank 225 8 Other agencies' All other purposes total 66 131 20 . Reconstruction Finance Corporation* Other agencies 1,237 8 827 305 U06 448 Total loans receivable (net) Investments: U. S. Government securities, total Banks for cooperatives Federal intermediate credit banks Production credit corporations Federal land banks ' Federal Savings and Loan Insurance Corp Home Owners' Loan Corporation^ Public Housine Administration 10 Reconstruction Finance Corporation® Federal Deposit Insurance Corporation Other agencies Other securities, total Reconstruction Finance Corporation Production credit corporations Other agencies Commodities, supplies, and materials, total Commodity Credit Corporation Reconstruction Finance Corporation ' Other agencies 884 345 510 116 4 768 199 1 211 828 24 85? 12 1 619 6 6 636 10 1 486 » 1 65 369 177 22 731 168 24 10 137 35 123 169 115 246 223 705 18 171 153 18 147 145 3 140 138 3 114 112 3 110 108 2 101 99 2 8? 80 2 232 149 83 192 151 41 272 741 31 310 272 38 462 423 38 418 400 58 488 415 74 116 457 58 267 60 195 12 314 14 793 7 447 7 436 4 525 6 515 4 445 8 433 4 824 8 816 814 8 806 896 7 225 .. 1 11? 336 781 4 161 475 633 12 Other agencies 4 997 3?4 ? 52 To other industry total 3 632 4 362 30? 305 437 476 189 257 R u r a l Electrification A d m i n i s t r a t i o n 7 c aid home ? 2 2 878 2, 884 2 299 73? 197 776 773 336 731 986 1,220 1 088 149 109 747 351 604 590 558 643 578 407 734 361 99 170 780 1 353 9 6 7 10 3,385 . Federal land b a n k s ' Federal F a r m M o r t g a g e C o r p o r a t i o n of quarter 75? 774 5 7 914 7 986 498 9 540 394 111 305 110 337 77 2 70 77 2 70 77 2 468 59 136 478 58 473 63 113 270 70 864 611 7) 611 2 284 1 673 6 102 6 000 6 078 6 110 7 736 1 749 1 978 2 145 2 187 2 226 7 796 496 154 206 101 735 246 64 58 800 3 450 3 ,750 3 ,750 3 750 3 ,750 5 ,182 7 713 466 55 5 191 864 ( 7) 90 22 658 646 014 9 06? 1 163 1 6S1 5 5 802 ) 801 718 7 ( 7) 718 7 798 8 010 9 S47 9 758 57 5S 5 196 5 199 707 309 786 112 623 737 278 113 714 «340 278 96 184 190 294 100 484 88 297 99 131 59 366 105 770 61 609 109 1,095 50 919 126 87? 51 688 133 821 54 142 57 617 160 438 478 395 368 476 185 173 140 159 22f> 212 6,387 5 290 6 649 9 714 11 ,692 12 ,733 13 228 14 ,422 17 ,826 18 089 17 637 18 502 1,630 43 39 60 144 151 15 87 7 75 760 28 1 683 43 43 67 145 118 161 15 106 8 49 897 30 424 289 63 71 321 744 55 26 873 43 47 70 136 145 17? 17 127 8 48 1 045 20 1 681 48 48 77 814 43 44 66 2 047 139 184 1? 137 8 274 199 1? 144 8 275 214 8 188 1 070 21 2 075 43 46 42 2 226 43 51 43 4?1 43 60 43 641 43 53 44 199 193 249 700 311 708 460 378 718 397 244 785 316 330 344 318 1 (7) 1 ,064 1 ,205 1 307 1 ,353 1 437 1 500 1 1 1 1 1 1 1 508 1 S09 1 3 3 381 43 74 39 318 3 381 3 ,381 3 ,385 107 83 22 2 3 385 3 ,381 88 71 16 1 3 381 3 381 44 36 8 42 35 230 159 46 24 114 108 35 11 133 98 29 6 2,942 2 ,288 1 ,265 1,450 1 ,034 463 1,053 1 131 667 122 134 438 822 448 627 1 ,549 1 ,774 1 ,461 1 ,280 437 1 ,376 1 ,638 1 ,174 978 108 1?9 157 14? 17? 30 32 28 159 131 138 78 66 11 1 7 ,588 7 52 45 186 43 6? 45 45 39 6 44 38 5 1 1 ,259 2 ,201 1 ,013 1 ,876 2 ,259 1 ,884 119 128 114 211 241 16,237 21 017 16 ,924 12 ,600 3 ,060 2 ,962 2 ,945 3 ,358 3 ,213 3 ,240 7 867 7 ,911 Public Housing Administration ^ ?04 ??7 35 861 777 754 3 301 3 305 7 ,764 6 ,507 1 448 630 793 1 35? 611 830 1 748 605 886 262 1 ,948 2 ,044 1 ,793 189 168 206 %5 70 480 772 1 ,190 78 110 490 520 415 204 200 6,526 6 919 710 U S Maritime Commission ^ War Shipping Administration 2 Federal M!aritime Board and ]VIaritime Adm ' Other agencies u Bonds, notes, and debentures payable (not guaranteed), total Banks for cooperatives Federal land banks a Commodity Credit Corporation Federal home loan banks 3,113 5,427 7?1 395 7 ,813 9 1,395 1 ,113 1 ,25? 24 274 818 212 67 689 8 745 79? 33 793 756 69 358 69 169 262 560 1 594 1 ,048 1 ,173 199 1 751 1 ,149 197 1 ?99 029 185 1 ,360 1 030 181 1 40 S 465 590 595 ,802 491 ,802 493 1 ,369 1 ,330 1 ,107 1 1 170 674 181 704 145 710 11? 788 119 776 525 445 252 231 349 For footnotes see following page. 370 FEDERAL RESERVE BULLETIN GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Liabilities, other than interagency items Assets, other than interagency items x Date, and corporation or agency Total All agencies: 1944—Dec. 31. . 1945—Dec. 31.. 1946—Dec. 31.. 1947—Dec. 31 a. 1948—Dec. 31 *. 1949—Dec. 31.. 1950— Dec. 31. . 1951—Dec. 312. 1952—Dec. 312.. 1953—Mar. 31 . . Tune 302.. Sept. 30. .. Classification by agency, Sept. 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks Production credit corporations Agricultural Marketing Act Federal Farm Mortgage Corp Rural Electrification Administration Commodity Credit Corporation3 Farmers Home Administration Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp. Public Housing Administration Federal Housing Administration Office of the Administrator: Federal National Mortgage Association.. Other Cash InvestComments modiLoans ties, supreceiv- plies, U. S. and Other able mate- Govt. securials securities rities Bonds, notes, U. S. Priand debenGov- vately tures payable Land, ernstruc- Other Other ment owned intertures, interliabilasest Fully and est ities sets guarequipanteed Other ment by U. S. 424 16,237 31,488 756 6,387 2,942 1,632 33,844 325 21,017 925 5,290 2,288 1,683 30,409 1,398 6,649 1,265 1,873 547 16,924 30,966 1,481 9,714 822 1,685 3,539 12,600 21,718 627 1,854 3,518 3,060 630 11,692 23,733 441 12,733 ,549 2,047 3,492 2,962 24,635 642 13,228 ,774 2,075 3,473 2,945 26,744 931 14,422 ,461 2,226 3,463 3,358 29,945 944 17,826 ,280 2,421 30,564 936 18,089 ,259 2,645 36,153 1,063 17,637 2,201 2,588 37,141 1,096 18,502 2,259 2,586 405 886 51 ) 22 182 932 639 42 3,111 1,537 555 2,317 261 1,753 82 1,125 337 38 509 28 499 23 882 43 3,429 3,213 832 3,427 3,240 968 3,430 7,867 1,367 3,429 7,911 1,357 53 48 51 63 1,395 1,113 1,252 689 965 772 1,190 1,369 4,196 23,857 4,212 27,492 3,588 24,810 2,037 28,015 1,663 18,886 1,720 21,030 1,193 21,995 1,161 23,842 504 472 498 143 166 183 234 329 1,330 1,107 1,131 1,243 1,728 2,069 1,979 2,075 26,456 26,938 32 ,576 33,335 378 401 415 424 259 99 51 25 119 776 333 781 () 20 2,060 1,884 1,561 549 1,233 217 1,842 528 30 1 108 51 2,551 127 2,540 ) 28 71 Reconstruction Finance Corporation: Assets held for U. S. Treasury ™ 353 Other » 815 Export-Import Bank ». . 2,781 Federal Deposit Insurance Corp 1,529 Tennessee Valley Authority 1,787 Federal Maritime Board and Maritime Adm.P. 5,390 9,831 Allother 1 3 24 726 3 2,760 6 350 141 163 5,641 801 620 37 1 108 397 211 318 1,030 1 4 5 84 120 10 4 180 1 1,509 () () 22 1,405 () 4,802 51 3,385 168 358 () 2,182 738 3,193 7 631 13 29 87 371 27 12 34 28 18 15 10 396 115 349 62 485 ( ) 6 211 37 1,805 228 238 11 2,540 126 36 34 100 46 249 70 399 353 779 2,747 1,429 1,741 5,140 9,761 pPreliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947. when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 8 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently4 in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund." Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 'Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947. Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." *8 Less than $500,000. Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. w Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. lo APRIL 1954 371 SECURITY MARKETS I Bond prices Stock prices Common U. S. Govt. (long-term) Standard and Poor's series (index, 1935-39—100) CorpoMunicipal rate Pre(high- 4 (high- 4 ferred* New grade) grade) seTories 8 tal Year, month. or week Old series2 Industrial Pub- Rail- lic road utility Volume of trading6 (in Manufacturing Trade, thoufinPubsands Trans- lic ance, Minof Non- porta- utiling shares) and dution To- Duservraity ratal ice ble ble Securities and Exchange Commissi on series (index, 1939=100) Total 480 420 20 40 265 170 98 72 21 28 32 14 1951 average 1952 average 1953 average 98 85 133 0 117 7 170 4 177 97.27 129.3 115.8 169.7 188 93.90 l6i'.46 119.7 112.1 164.0 189 192 204 204 149 169 170 112 118 122 185 195 193 207 220 220 179 189 193 233 249 245 199 221 219 208 206 207 205 256 241 1,684 1,313 1,419 1953—Mar Apr. 94.31 93 25 91.59 91.56 92.98 92.89 93 40 95.28 94.98 95.85 215 206 205 198 185 173 174 169 125 122 121 117 204 194 194 187 232 220 221 213 207 194 196 187 256 245 244 236 238 223 226 219 113 118 122 124 120 120 117 213 207 209 204 263 252 247 237 1,931 1,637 1,227 1,185 Number of issues. May June July Aug Sept. Oct Nov Dec. 1954—j a n Feb Mar Week ending: Mar 6 . . . . Mar. 13 Mar. 2 0 . . . . Mar. 27 Apr. 3 . . . . 3-7 1 99.75 99 16 100 03 100.44 101 00 103.30 103.67 104 93 15 121.6 121.3 119.4 115 2 115.1 116.8 116 9 119.7 121.4 122 3 17 113.4 111.7 109.8 108.8 110.7 111.4 110 9 112.6 113.6 113 5 15 165.7 161.7 160.0 156.8 160.1 163.1 162.8 167.3 168.8 166.5 198 190 190 183 186 200 174 119 190 217 188 243 223 119 206 237 967 187 179 183 188 191 202 193 197 202 206 170 156 157 159 157 121 120 122 124 125 190 181 187 191 193 217 205 214 219 222 186 175 184 190 192 245 232 240 245 249 217 199 202 204 200 121 119 121 123 125 206 198 201 207 209 236 219 219 231 230 1,138 1,294 1,225 1,482 1,644 97.42 106.16 123 6 114 5 168.7 195 98.62 107 04 125.5 116.5 171.8 200 99 87 109 11 125 6 117 9 173 3 205 211 217 223 160 166 165 127 129 131 198 203 207 228 234 240 199 204 210 256 261 268 206 215 212 126 128 130 213 216 215 239 250 259 1,669 1,752 1,919 221 223 223 222 227 166 167 166 163 164 130 131 131 131 132 238 240 242 239 247 208 209 211 210 218 266 268 270 266 274 215 213 214 208 212 130 131 131 130 131 216 215 214 214 220 261 257 261 259 266 2,028 1,839 1,787 1,833 2,157 99.59 99.80 100.06 99.99 99.98 109.30 109.08 109.09 109.05 109.09 126.0 126.0 126.0 125.3 124.6 117.5 117.9 118.1 118.0 118.1 172.6 173.4 173.0 173.6 173.8 203 205 205 204 208 206 207 208 206 212 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2 Fully taxable, marketable 2 ^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 8Xhe 314 per cent bonds of 1978-83, issued May 1, 1953. ^Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. ^Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. « Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133 ,134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Debit Debit Customers' balances in balances in firm debit partners' balances investment investment (net)i and trading and trading accounts accounts 1950—December... 1951—June December... 1952—June December... 1,356 1,275 1,292 1,327 1,362 1953—February. . . March April May June July August September. . October November. . December... 1954—January.... February... 81,350 81,513 81,594 81,671 1,684 81,664 81,682 31,624 31,641 31,654 1,694 31,690 31,688 9 10 12 9 8 399 375 392 427 406 Credit balances Customers' credit balances1 Cash on hand and in banks Money borrowed2 397 364 378 365 343 7 347 282 8 404 297 Other credit balances In partners' In firm investment investment In capital and trading and trading accounts (net) accounts accounts Free Other (net) 745 680 695 912 920 890 834 816 708 724 230 225 259 219 200 36 26 42 23 35 12 13 11 16 9 317 319 314 324 315 8871 8966 81,068 •1,193 1,216 81,161 31,182 31,070 31,098 31,127 1,170 31,108 31,062 8730 8744 8738 »673 653 8651 8641 8674 3672 3682 709 3741 3768 163 23 16 319 208 28 31 313 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) firms'3 own partners. Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 31; January, 34; February, 35. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 372 FEDERAL RESERVE BULLETIN OPEN MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months1 BANK RATES ON BUSINESS LOANS AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES [Per cent per annum] U. S. Government securities (taxable) Prime bankers' accept- 3-month bills ances, 9-to 12- 3- to 590 month2 year 8 days 1 Market onRate new issues issues yield issues 1951 average 1952 average 1953 average 2.17 2.33 2.52 1.60 1.75 1.88 1.52 1.72 1.90 1.552 1.766 1.931 L.73 L.81 >.07 1.93 2.13 2.57 1953—March April May June July August.... September. October. . . November. December.. 2.36 2.44 2.68 2.75 2.75 2.75 2.74 2.55 2.32 2.25 1.88 1.88 1.88 1.88 1.88 1.88 1.88 1.88 1.88 1.88 2.01 2.19 2.16 2.11 2.04 2.04 1.79 1.38 1.44 1.60 2.082 2.177 2.200 2.231 2.101 2.088 1.876 1,402 1.427 1.630 2.04 2.27 2.41 2.46 2.36 1.33 1.17 L .72 .53 L .61 2.46 2.61 2.86 2.92 2.72 2.77 2.69 2.36 2.36 '•2.22 1954—January... February. . March 2.13 2.00 2.00 1.88 1.69 1.48 1.18 .97 1 .03 1.214 .984 1.053 .33 L .01 .02 Week ending: Mar. 6 . . . Mar. 1 3 . . . Mar. 20. . . Mar. 27. . . Apr. 3 . . . 2.00 2.00 2.00 2.00 2.00 1.63 1.63 1.63 1.25 1.25 1.03 1.04 1.02 1.03 1.03 1.059 1.066 1.056 1.030 1.063 1 .09 ] .09 1 .01 .94 .92 Size of loan All loans Area and period Annual averages: 19 cities: 1945 1946 1947 1948 1949... 1950 1951 1952 1953 r Revised. 1 Monthly 2 figures are averages of weekly prevailing rates. Series includes certificates of indebtedness and selected note and bond issues. 3 Series includes selected note and bond issues. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 4.3 2.7 4.5 2 3 2.2 2.5 2.8 3 0 3 2 3.1 3 1 3.5 3 7 4.2 4.2 4.4 4.6 2.0 1.7 1.8 2.2 2.4 4 7 3.6 3.0 4 0 3 4 3.5 3.7 4.9 5.0 4.2 4.4 3.7 3.9 2.4 2.9 3.3 3.5 1954—Mar 3.73 3.74 3.76 3.72 4.98 5.01 4 98 4.99 4.38 4.40 4 39 4.37 3.91 3.93 3.96 3.94 3.53 3.54 3.57 3.52 New York City: 1953_june Sept. . Dec. 1954—Mar 3.52 3.52 3.51 3.50 4.63 4.76 4.70 4.79 4.25 4.25 4.25 4.27 3.79 3.76 3.77 3.75 3.39 3.40 3.38 3.37 7 Northern and Eastern cities: 3.71 1953—June 3 71 Sept 3 79 Dec. 3.74 1954—Mar 5.07 5 08 5.07 5.06 4.38 4.45 4.40 4.36 3.87 3.91 3.96 3.97 3.54 3.52 3.63 11 Southern and Western cities: 1953—June . Sept Dec 1954—Mar. 5.09 5.10 5.06 5.05 4.46 4.46 4.46 4.43 4.02 4.06 4.09 4.03 3.79 3.86 3.86 3.76 3 1 Dec 1.85 1.85 1.77 1.74 1.75 2.2 2.1 2.1 2.5 2.7 Quarterly: 19 cities: 1953—June Sept '2.04 1.84 1.80 $1,000- $10,000- $100,000- $200,000 $10,000 $100,000 $200,000 and over 4.05 4.10 4.10 4.03 3.57 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Industrial stocks Earnings/ price ratio Bonds U. S. Govt. (long-term) Year, month, or week Old series* New series8 Corporate (Moody's) 5 Municgrade) * By groups By ratings Total Aaa Aa A Dividends/ price ratio Baa Industrial Railroad Public Preutility ferred « Common 7 Common8 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average 1952 average 1953 average 2.57 2.68 2.93 "3.16" 2.00 2.19 2.72 3.08 3.19 3.43 2.86 2.96 3.20 2.91 3.04 3.31 3.15 3.23 3.47 3.41 3.52 3.74 2.89 3.00 3.30 3.26 3.36 3.55 3.09 3.20 3.45 4.11 4.13 4.27 6.29 5.55 5.51 10.42 9.49 10.12 1953—March April May June July August September... October November... December. . . 2.89 2.97 3.09 3.09 2.99 3.00 2.97 2.83 2.85 2.79 2.61 2.63 2.73 2.99 2.99 2.88 2.88 2.72 2.62 2.59 3.31 3.40 3.53 3.61 3.55 3.51 3.54 3.45 3.38 3.39 3.12 3.23 3.34 3.40 3.28 3.24 3.29 3.16 3.11 3.13 3.18 3.29 3.41 3.49 3.42 3.39 3.43 3.33 3.26 3.28 3.36 3.44 3.58 3.67 3.62 3.56 3.56 3.47 3.40 3.40 3.57 3.65 3.78 3.86 3.86 3.85 3.88 3.82 3.75 3.74 3.16 3.27 3.39 3.48 3.42 3.37 3.40 3.33 3.27 3.28 3.43 3.51 3.63 3.73 3.67 3.61 3.65 3.56 3.51 3.52 3.33 3.44 3.57 3.62 3.56 3.54 3.58 3.46 3.38 3.37 4.23 4.33 4.38 4.47 4.37 4.29 4.30 4.19 4.15 4.21 5.36 5.52 5.53 5.60 5.44 5.79 5.76 5.60 5.53 5.54 r "3*!26" 3.29 3.25 3.22 3.19 3.06 3.04 2.96 1954—January February.... March 2.68 2.60 2.51 2.90 2.85 2.73 2.50 2.39 2.38 3.34 3.23 3.14 3.06 2.95 2.86 3.22 3.12 3.03 3.35 3.25 3.16 3.71 3.61 3.51 3.23 3.12 3.05 3.47 3.35 3.24 3.31 3.23 3.14 4.15 4.08 4.04 5.28 5.29 5.07 Week ending: Mar. 6 Mar. 13 Mar. 20 Mar. 27 Apr. 3 2.53 2.52 2.49 2.50 2.50 2.72 2.74 2.73 2.74 2.73 2.36 2.36 2.36 2.40 2.44 3.18 3.15 3.13 3.12 3.12 2.89 2.86 2.85 2.85 2.85 3.07 3.04 3.02 3.00 3.00 3.20 3.16 3.15 3.15 3.15 3.56 3.53 3.50 3.47 3.47 3.07 3.05 3.04 3.03 3.04 3.31 3.26 3.23 3.20 3.19 3.17 3.14 3.13 3.13 3.13 4.06 4.04 4.05 4.03 4.03 5.21 5.16 5.13 5.17 5.03 Number of issues... 3-7 9.35 '10.45 no'. 76* 10.51 •"Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2 Fully taxable, marketable 2J4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. *The 3% per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation. «Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. •Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7 8 Moody's Investors Service. Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. APRIL 1954 373 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. Summary Period Cal. yr.—1950 1951 1952 1953 Fiscal yr.—1950 . . . 1951 . . . 1952 . . . 1953 . . . Semiannual totals: 1950—July-Dec. 1951—Jan.-June. July-Dec. 1952—Jan.-June. July-Dec. 1953—Jan.-June. July-Dec. . Monthly: 1953—Mar Apr. . . . May June July... Aug Sept. Oct Nov Dec... . 1954—Tan Feb.3 Mar Sales and Trust redemptions Clearand ing in market other acof Govt. account agency counts obligations Expenditures Surplus or deficit 37,834 MS, 255 53,488 56,846 65,523 71,366 64,469 73,626 37,045 1 40,167 48,143 44,633 62,129 66,145 65,218 74,607 1-422 -3,358 -5,842 -9,157 -3,122 13,510 -4,017 -9,389 1-38 18,464 29,679 23,809 38,320 27,204 38,014 26,454 M9.063 25,570 31,276 34,869 36,497 38,110 35,515 1-599 4,109 -7,467 3,451 -9,293 1-173 -96 468 291 -72 121 341 -9,061 -259 10,502 2,849 4,380 9,744 3.308 4,568 6,041 2,659 4,695 5,183 24,471 5,444 n.a. 6,187 6,362 6,241 7,9886,068 6,042 6 119 5,477 5,423 2 6,387 5.071 4,707 n.a. 4,315 —3,513 — 1,862 1,756 —2,759 -1,473 -209 -157 Net receipts Increase or decrease ( —^ during period Excess of receipts or expenditures ( —) Budget receipts and expenditures — 79 -2,818 -728 — 1,204 -600 737 n.a. 759 49 82 121 1295 219 462 349 56 -90 19 -22 384 -72 -25 87 -106 -319 -209 392 -8 64 -254 -136 46 —71 90 377 65 -260 299 —40 -149 -37 -72 -144 527 n.a. In millions of dollars! 483 -214 -401 -312 40 -146 -255 -64 -248 40 Gross direct public debt -423 2,711 7,973 7,777 4,587 -2,135 3,883 6,966 -650 -1,486 4,197 -313 8,286 — 1,320 9,097 12 —50 38 32 26 1 75 -70 116 -59 -28 -135 -3,099 —428 -373 1,930 -449 6,598 -117 n.a. 289 466 -430 General fund of the Treasury (end of period) General fund balance -447 Special Avail- Inessprocof depositaries able funds collection Other net assets 690 321 389 346 950 338 333 132 129 146 176 131 143 250 355 210 2,344 2,693 4,368 3,358 3,268 5,680 5,106 3,071 1,069 L.134 1,132 -1,285 3,124 -3,062 2,674 -904 -1,394 4,232 7,357 4,295 6,969 6,064 4,670 4,577 690 338 321 333 389 132 346 129 250 146 355 176 210 131 2,344 5,680 2,693 5,106 4,368 3,071 3,358 1,069 1,089 1,134 1,175 1,132 L.256 884 6,908 3,582 3,639 4,670 8,741 7,674 7,478 5,126 5,923 4,577 4,044 4,988 6,355 222 393 221 132 548 496 642 662 451 346 404 548 722 448 180 108 210 181 96 183 185 81 131 363 167 462 4,983 1,859 2,109 3,071 6,690 5,825 5,255 2,892 4,545 3,358 2,406 3,458 4,379 L ,255 1,151 1,201 1,256 1,322 L.257 1,398 1,387 -94 —3,326 536 1,032 4,071 -1,067 -196 -2,352 57 117 235 -269 -376 1,822 29 559 -320 -135 n.a. -67 944 -4,546 1,366 -40 Deposits in F. R. Banks 4,232 4,295 6,064 4,577 5,517 7,357 6,969 4,670 62 1,770 -1,488 2,017 1,839 -388 -2,299 105 449 Balance in general fund 797 -1,346 -533 742 ,156 ,089 1,175 1,256 742 847 742 871 816 792 Budget expenditures Major national security programs Period Cal. yr.—1950 1951 1952 1953.... Fiscal yr.—1950... 1951... 1952... 1953... Semiannual totals: 1950—July-Dec. 1951—Jan.-June. July-Dec. 1952—Jan.-June. July-Dec. 1953—Jan.-June. July-Dec. Monthly: 1953—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1954—Jan Feb.3 Social VetInter- Atomic Interseerans est Adminnacurity on tional Energy pro- 6 istra-6 Comdebt ecograms tion misnomic sion aid 5 Agriculture 7 Housing and home fi- Post Public office works deficit Total 4 National defense Military assistance abroad 38,255 56,846 71,366 73,626 40,167 44,633 66,145 74,607 18.509 37,154 51,121 52,817 17,950 25,891 46,319 52,847 13,476 30,275 43,176 44,465 12,346 19,955 39,033 44,584 291 1,559 2,975 3,810 44 884 2,228 3,760 4,012 3,560 2,652 2,190 4,941 3,863 2,904 2,272 611 1,278 1,813 1,889 524 908 1,648 1,802 5,580 5,983 6,065 6,357 5,750 5,613 5,859 6,508 5,714 5,088 4,433 4,157 6,043 5,288 4,748 4,250 1,351 1,463 1,508 1,630 1,375 1,415 1,424 1,593 1,499 -17 1,010 694 1,564 646 3,238 -159 2,986 -270 635 460 1,219 614 3,063 382 1,551 1,438 1,573 1,685 1,575 1,458 1,515 1,655 643 684 775 525 593 624 740 660 10,063 25,570 31,276 34,869 36,497 38,110 35,515 9,850 16,041 21,113 25,206 25,915 26,932 25,885 7,505 12,450 17,825 21,208 21,968 22,616 21,848 247 637 921 1,306 1,669 2,092 1,718 1,692 2,170 1,389 1,514 1,137 1,134 1,056 341 567 711 937 876 926 963 2,390 3,223 2,761 3,099 2,966 3,542 2,816 2,678 2,610 2,479 2,269 2,164 2,086 2,072 670 745 718 706 802 791 839 164 158 470 302 540 392 679 222 885 424 2,178 -42 1,059 -117 878 580 858 657 916 740 945 260 364 320 420 355 305 220 5,595 6,187 6,362 6,241 7,988 6,068 6,042 6,119 5,477 5,423 6,387 2 5,071 4,707 4,168 4,670 4,582 4,481 4,815 4,645 4,172 4,392 4,266 4,034 4,377 P3,681 n.a. 3,501 3,789 3,891 3,746 4,056 3,890 3,519 3,787 3,647 3,540 3,465 3,001 n.a. 316 523 366 285 325 451 197 232 155 198 484 385 256 171 181 120 278 246 151 258 169 175 162 141 P104 P121 151 311 157 563 167 372 153 179 140 1,882 117 237 157 206 155 560 208 354 95 164 23* 1,294 142 245 160 372 339 358 350 348 343 369 330 323 336 343 371 340 340 109 285 19 10 281 -3 239 293 -35 125 581 66 128 382 -10 177 254 -78 120 377 95 101 275 34 211 -12 -46 123 302 -89 108 -137 -32 172 309 -31 P128 P - 1 3 5 -104 70 88 193 155 145 174 155 158 161 157 140 97 n.a. Total -30 125 ' 50 i<50 "60 "42 Transfers to trust Other accounts 961 1,016 1,193 783 1,383 972 1,305 1,079 804 168 848' 457 737 342 441 101 58 13 92 59 53 157 60 18 95 57 2,464 2,315 2,487 2,593 2,781 2,276 2,402 2,570 1,210 1,066 1,249 1,153 1,333 1,236 1,357 192 193 232 213 194 237 270 217 189 234 209 P241 n.a. v Preliminary. n.a. Not available. | Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other2 accounts." Adjustments for July-October 1950 investments were made3 by the Treasury in the November 1950 and January 1951 figures. Nojt adjusted for Treasury's revised treatment of carriers' taxes. Beginning February, figures are on basis of revised Treasury monthly statement and not necessarily comparable with back data. 4 Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other 6 nonmilitary foreign aid programs, as well as State Department expenditures. Excludes transfers to trust accounts, which are shown separately. 7 Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 374 FEDERAL RESERVE BULLETIN TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollarsl Treasury receipts Internal revenue collections (on basis of Internal Revenue Service) Budget receipts, by principal sources Period Cal. yr.—1950 1951 1952 1953 Fiscal yr.—1950 1951 1952 1953 Semiannual totals: 1950—July-Dec. . . 1951—Jan.-June.. . July-Dec. . . 1952—Jan.-June.. . July-Dec. . . 1953—Jan.-June.. . July-Dec. . . Monthly: 1953—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1954—Jan 2 Feb. Income and old-age insurance taxes Miscellaneous internal revenue Taxes on carriers and on employers of 8 or more 8,771 9,392 10,416 11,211 8,303 9,423 9,726 10,870 841 376 499 526 647 454 5,272 1, 479 8 551 1 837 490 6 986 651 474 326 79 1,689 1,636 385 159 336 89 309 1,938 490 2,122 396 1,044 Withheld by employers Individual 13,775 19,392 23,658 26,323 12,180 16,654 21,889 25,058 17 26 34 30 18 24 33 33 7,209 9,445 9,947 11,942 11,716 13,342 12,981 6 17 9 23 10 22 2,799 3,544 2,102 1,170 3,399 2,138 1,252 3,500 1,837 1,138 3,416 1,838 904 3.664 Other Corporation 361 876 174 524 189 218 026 101 Deduct Other receipts Refunds of receipts 770 944 902 896 776 811 994 902 1,980 2,337 2,639 2,570 1 ,862 2,263 2,364 2,525 42,657 58,941 71,788 71,524 41,311 53,369 67,999 72,455 2,667 3,355 3,814 3,918 2,106 3,120 3,569 4,086 2,156 2,098 2,451 3,137 2,160 2,107 2,302 3,151 37,834 53,488 65,523 64,469 37,045 48,143 62,129 65,218 12,963 18,840 23,090 26,162 11,762 15,901 21,313 24,750 7,384 10,362 11,980 11,401 7,264 9,908 11,545 11,604 9,937 16,565 22,140 19,195 10,854 14,388 21,467 21,595 658 801 849 923 706 730 833 891 4,779 4,644 4,748 4,978 5,438 5,432 5,779 317 494 449 545 357 545 352 1,039 1,223 1,114 1,251 1,388 1,137 1,433 20,185 33,184 25,757 42,242 29,546 42,910 28,614 1,411 1,709 1,646 1,922 1,891 2,195 1,723 311 1,796 302 2,000 451 2,700 437 18,464 29,679 23,809 38,320 27,204 38,014 26,454 6,858 9,043 9,798 11,515 11,574 13,176 12,986 1,881 8,027 2,335 9,210 2,770 8,834 2,567 4,971 9,416 7,149 14,318 7,821 13,773 5,422 303 427 374 459 390 502 422 856 993 880 922 939 937 955 981 1,019 968 919 749 860 271 66 14 109 54 19 106 55 16 107 48 21 304 150 6,300 158 11,870 144 4,044 220 5,140 206 10,323 286 3,619 187 5,153 203 6,402 176 2,894 229 5,144 351 5,403 332 4,619 199 6,468 486 425 232 516 420 206 519 299 160 388 151 84 598 336 5,479 944 10,502 963 2,849 244 4,380 159 9,744 105 3,308 65 4,568 63 6,041 75 2,659 60 4,695 69 5,183 64 14,471 306 35,444 4,990 328 1,667 4,520 527 1 ,792 4,434 313 1,934 4,398 115 1,115 n.a. 839 2,698 855 151 1,437 324 91 1,631 79 77 364 2,372 n.a. 404 6,171 654 359 5,683 651 326 1,767 478 318 1,882 445 n.a. 65 154 84 62 60 83 60 64 96 56 63 65 n.a. Es- tate and gift taxes Trust and other accounts Internal revenue collections—cont. (on basis of Internal Revenue Service) Cal. yr.—1950 1951 1952 1953 Fiscal yr.—-1950. . . . 1951 1952.... 1953 Semiannual totals: 1950—July-Dec... 1951—Jan.-June.. July-Dec. . 1952—Jan.-June.. Tuly-Dec... 1953—Jan.-June.. July-Dec.. . Monthly: 1953—Feb Mar Apr May June July Aug Sept Oct Nov Dec 1954—Jan Feb Individual income and old- Corpoage insurance ration intaxes come and With- Other profits taxes held Appropriations to oldage trust fund Treasury receipts—Continued Period Net budget receipts Total budget receipts Social security, retirement, and insurance accounts Excise and miscellaneous taxes Other accounts 6 Totals Total Liquor Tobacco Manufacturers' and retailers' excise 8,150 8,682 9,558 9,714 7,599 8,704 8,971 9,946 2,419 2,460 2,727 2,819 2,219 2,547 2,549 2,781 1,348 1,446 1,662 1,614 1,328 1,380 1,565 1,655 2,519 2,790 3,054 3,262 2,245 2,841 2,824 3,359 1,864 1,987 2,115 2,020 1,806 1,936 2,032 2,152 4,462 4,241 4,440 4,531 5,027 4,919 4,795 ! 1,391 1,156 1,304 1,245 1,482 1,299 1,521 683 697 74-8 817 845 810 804 1,394 1,446 1,343 1 ,481 1,573 1,786 1,476 782 825 848 851 854 895 793 4472 608 1,442 587 395 n.a. 186 229 230 229 237 244 225 266 294 276 216 166 n.a. 133 144 133 129 136 125 145 140 147 126 120 123 n.a. 308 276 292 320 307 312 267 4 74 773 46 45 n.a. Invest-7 ments Other 5 6,214 4,507 4,942 5,811 6,484 3,752 4,885 5,257 -22 271 329 153 196 275 242 -333 786 508 310 -62 353 530 489 1,557 1,803 1,352 2,009 1,495 1,564 823 1,644 2,108 2,398 2,486 2,456 2,802 3,009 -22 219 52 223 106 136 17 -307 660 126 404 105 385 -74 223 61 128 412 843 90 409 16 -80 199 188 -334 28 449 488 478 463 476 470 462 506 537 502 533 581 627 -54 38 -17 42 -107 -29 -14 55 4 40 -39 288 27 154 -217 27 274 -42 -134 86 87 -16 -113 14 184 244 Receipts Investments Expenditures -38 759 49 82 121 295 219 462 6,543 7,906 8,315 8,123 6,266 7,251 8,210 8,531 56 3,155 3,504 2,387 -402 3,360 3,361 3,059 994 942 1,045 988 1,127 1 ,025 995 -173 468 291 -72 121 341 -259 3,312 3,939 3,967 4,242 4,073 4,458 3,665 155 176 193 173 174 213 156 61 94 267 204 61 n.a. 404 -209 -157 377 65 -260 299 -40 -149 -37 -72 -21 4 4 527 869 596 405 1,020 1,319 405 1,070 449 328 817 597 207 965 Other 1 2 n.a. Net available. Not adjusted for Treasury's revised treatment of carriers' taxes. On basis of revised Treasury monthly statement 3 4 5 and not comparable with back data. Carriers' taxes deducted. Reporting of some excises changed to quarterly basis. Excess of receipts, or expenditures (—). 6 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in Budget expenditures. 7 Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). APRIL 1954 375 TREASURY GASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Plus: Trust acct. receipts Net Budget receipts Period Cal. yr —1950 1951 1952 1953 Fiscal yr.—1950.... 1951 1952.... 1953.... Semiannual totals: 1950—July-Dec. 1951—Jan.-June. . July-Dec.. . 1952—Jan.-June. . July-Dec.. . 1953—Jan.-June. . July-Dec... Monthly: 1953—Mar Apr May June July Aug Sept. Oct Nov Dec. 1954—y an Feb.s Mar Equals: Cash operating income Plus: Exch. Stabi- Clearliza- ing action 6 count Equals: Cash operating outgo Net cash operating income or outgo Cash operating outgo, other than debt Budget expenditures Less: Noncash Accru- Intraals to Govt.4 publics trans. Plus: Tr. acct. expenditures Total net receipts Less: Noncash 1 Total Less: Noncash* 37,834 53,488 65,523 64,469 37,045 48,143 62,129 65,218 171 222 184 275 120 256 138 210 7,001 8,582 8,707 8,596 6,669 7,796 8,807 8,932 2,211 2,508 2,649 2,347 2,623 2,244 2,705 2,595 42,451 59,338 71,396 70,440 40,970 53,439 68,093 71,344 38,255 56,846 71,366 73,626 40,167 44,633 66,145 74,607 503 567 734 575 436 477 710 694 2,307 2,625 2,807 2,585 2,754 2,360 2,837 2,774 6,923 4,397 4,825 5,974 6,881 3,945 4,952 5,169 65 90 28 34 13 138 5 31 —262 —26 38 —82 -207 -13 9 -28 -87 106 319 209 -483 214 401 312 41,969 58,034 72,980 76,529 43,155 45,804 67,956 76,561 482 1,304 -1,583 —6,090 -2,185 7,635 137 -5,217 18,464 29,679 23,809 38,320 27,204 38,014 26,454 91 164 58 77 107 104 171 3,562 4,234 4,349 4,458 4,248 4,683 3,913 1,033 1,210 1,298 1,406 1,243 1,351 996 20,900 32,537 26,799 41,293 30,104 41,241 29,199 19,063 25,570 31,276 34,869 36,497 38,110 35,515 281 196 371 338 396 298 277 1,075 1,279 1,346 1,488 1,319 1,456 1,129 2,201 1,744 2,653 2,298 2,527 2,642 3,332 55 82 8 -4 32 -2 36 -13 -13 22 16 -44 -38 254 -40 146 255 64 248 -40 20,105 25,700 32,334 35,622 37,357 39,203 37,326 796 6,839 -5,534 5,671 —7,254 2,038 -8,128 10,502 2,849 4,380 9,744 3,308 4,568 6,041 2,659 4,695 5,183 7 4,471 5,444 n.a. 2 649 106 75 11,042 3,214 5,294 10,185 3,615 5,526 6,373 2,950 5,396 5,339 4,602 6,530 12,260 6,187 6,362 6,241 7,988 6,068 6,042 6,119 5,477 5,423 6,387 75,071 4,707 n.a. 21 107 758 1 19 40 47 70 108 27 21 -1 40 82 82 131 907 120 194 108 91 133 483 488 217 537 629 464 451 604 636 549 —3 1 135 —289 —44 428 373 6,970 6,443 6,662 7 932 6,001 6,720 6,294 5,759 6,258 6,294 4,749 5,302 6,231 4,072 —3,229 -1,368 2,253 -2,386 -1,193 3 4 49 31 3 43 10 4 80 443 1,047 1,338 129 848 91 196 107 78 133 391 429 1,158 482 378 839 627 51 n.a. 237 993 n.a. n.a. 755 n.a. n.a. Total 72 16 8 797 n.a. n.a. Total 42 7 411 n.a. Less: Noncash s Fund — 11 2 5 41 3 -12 8 n.a. n.a. 11 11 -60 -12 -39 —466 430 -117 -235 376 -29 -559 156 43 78 -2,809 —862 -956 -147 1,228 6,028 1 n.a. Not available. Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in 2 surplus by quasi Government corporations. Represents principally interest on investments in U. S. Government securities, payroll deductions 3 for Government employees' retirement accounts, and transfers shown as Budget expenditures. Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 5 Represents principally repayments of capital stock and paid-in surplus by6 quasi Government corporations, as well as interest receipts by such corporations on their investments in the 7public debt (negative entry). Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) Not adjusted for Treasury's revised treatment of carrier's taxes. 8 Beginning February, data are on basis of revised Treasury daily and monthly statement and not necessarily comparable with back data. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC Period Cal. yr.—1950 1951 1952 1953 Fiscal yr.—1950 1951 1952 1953 Semiannual totals: 1950—July-Dec 1951—Jan.-June. . . July-Dec 1952—Jan.-June. . . July-Dec 1953—Jan.-June. . . July-Dec Monthly: 1953—Mar Apr May June July Aug Sept Oct Nov Dec 1954—Jan Feb.7 Mar In Details of net cash borrowing from or Plus: Cash Less: Noncash debt transactions Equals: crease, issuance of Net cash repayment ( —) of borrowing to the public2 or desecurities of 1 borrowinv. Accruals to public crease Federal agencies Net ing, or Postal in Fed. ( - ) , in t. Direct Savings sec. by Int. on sav. Payts. in repay bonds Savings Sav. Sys. Other* gross Non( - ) of mktable. GuarGovt. agen. (issue special & conv. notes bonds and form of dir. pub, anteed guarborrow- issues3 price) anteed & tr. funds Treas. bills Fed. sec. debt ing 94 -423 -6 355 602 -250 198 163 -929 —2,649 751 1,021 2,711 18 718 —997 46 37 3,418 -125 1,999 - 1 , 1 9 1 - 1 , 0 9 9 -1,242 7,973 12 770 -113 -122 -102 3,833 -406 -1,784 -74 5,778 3,353 591 -162 30 7,777 22 -3 2,540 66 •4,829 • - 3 4 4 4,601 248 4,587 -14 574 -8 -308 68 -150 -158 4,231 211 728 3,601 -2,135 374 638 10 3,557 -149 -3,943 -657 -1,093 365 -5,795 -467 3,883 -88 779 1,639 16 3,636 -79 -155 -82 -525 -717 -1,209 6,966 -32 719 «5,294 * - 1 0 3 - 2 , 1 6 4 7 3,301 3 -100 -9 2,918 -650 -1,486 4,197 -313 4 5 13 3 8 -2 24 -3,099 105 1,930 -449 6,598 536 -269 449 1,822 -40 -320 -67 -4,546 1 1 8,286 -1,320 9,097 11 2 8 2 -1 2 -139 37 -69 66 1,544 2,014 1,404 2,232 1,601 1,700 840 337 301 417 361 409 308 283 -56 —92 -33 -45 -29 34 32 -2,081 -3,714 2,472 -2,998 6,351 -3,433 8,034 11 -51 38 33 15 1 75 -72 108 -61 -27 -126 -89 100 112 453 735 61 395 71 -76 240 150 -46 77 -20 23 42 48 71 •109 «28 22 -21 -2 43 -1 —1 -12 -12 -1 -1 59 11 -1 38 -3,188 -97 1,425 -1,222 6,456 127 -274 457 1,659 -391 -386 -284 -4,662 388 -13 51 1 Differs from "accruals to the public" shown in 2 Includes redemptions of tax anticipation bills 3 41 83 73 17 9 292 -758 -432 -285 -121 «18 —362 187 -845 -255 -955 -829 -1,335 1,583 —2,503 58 47 1 «1,571 - 8 6 2 5-147 -98 6,333 - 7 2 •-122 e-51 -931 -90 -51 -36 1,647 -22 -70 -41 -178 -92 -74 18 -4,304 -768 -83 -6 -341 252 271 -2,761 -1,184 3,183 -1,544 7,322 6 -2,028 6,857 75 662 618 -53 -167 -73 -71 -310 -170 -923 -74 -81 -32 -68 -94 -4 371 -5 51 -134 11 -20 50 29 -62 -32 — 11 -17 -16 -7 -36 -18 -12 -37 -37 39 90 -7 -4 101 -67 123 -95 -31 -120 -86 preceding table, principally because adjustments to Exchange Stabilization Fund are included. and savings notes used in payment of taxes. Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5 6 Excludes exchanges of savings bonds into marketable bonds. See footnote 2 at bottom of following page. 7 Beginning February, on basis of revised Treasury daily statement and not comparable to monthly budget statement. 376 FEDERAL RESERVE BULLETIN TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Period Direct Direct taxes on taxes on individ- corpor-1 ations uals i Total Cal. yr.—1950 1951 1952. 1953 Fiscal yr.—1950 1951 1952 1953 Semiannual totals: 195C—July-Dec 1951—Jan.-June July-Dec 1952—Jan.-June Julv-Dec 1953—Jan.-June July-Dec Monthly: 1953—Mar Apr May June Tuly Aug Sept. Oct Nov Dec. 1954—Jan Feb.8 Mar Excise and misc. taxes Cat h operating outgo Social ins. receipts 2 Other cash income 3 Deduct: Refunds of receipts Total 2,156 2,098 2,451 3,137 2,160 2,107 2,302 3,151 41,969 58,034 72,980 76,529 43,155 45,804 67,956 76,561 18,347 37,279 51,195 52,753 17,879 26,038 46,396 52,843 4,072 4,137 4,230 4,589 4,264 4,052 4,059 4,658 8,864 6,121 5,209 4,885 9,146 5,980 5,826 4,920 4,400 4,915 5,617 6,648 4,740 4,458 5,206 6,124 6,286 5,582 6,729 7,654 7,126 5,276 6,469 8,016 311 9,905 16,133 21,146 25,250 25,944 26,898 25,854 1,997 2,058 2,079 1,984 2,246 2,413 2,176 2,977 3,003 3,117 2,709 2,500 2,420 2,465 2,007 2,450 2,465 2,741 2,876 3,247 3,401 3,219 2,056 3,527 2,938 3,791 4.225 3,430 4,691 4,583 4,438 4,817 4,647 4,184 4,404 4,268 4,034 4,318 526 297 127 418 408 406 401 428 386 378 456 393 423 393 411 428 42,451 59,338 71,396 70,440 40,970 53,439 68,093 71,344 19,191 27,149 32,728 34,807 18,115 24,095 30,713 33,370 9,937 8,113 16.565 8,591 22,140 9,567 19,045 10,288 10,854 7,597 14,388 8,693 21.467 8,893 21,595 9,978 5,121 6,362 6,589 6,693 4,438 5,839 6,521 6,858 2,245 2,769 2,823 2,744 2,126 2,531 2,801 2,694 20,900 32,537 26,799 41,293 30,104 41,241 29,199 7,971 16,124 11,025 19,687 13,041 20,329 14,478 4,971 9,416 7,149 14,318 7,821 13,77-3 5,272 4,476 4,217 4,374 4,519 5,048 4,931 5,357 2,611 3,228 3,135 3,386 3,202 3,656 3,037 1,182 1,348 1,418 1,383 1,443 1,252 1,492 2,000 437 20,105 25,700 32,334 35,622 37,357 39,203 37,326 11,042 3,214 5,294 10,185 3,615 5,526 6,373 2,950 5,396 5,339 4,602 6,530 12,260 4,211 2,204 3,076 3,081 1,603 3,119 3,292 1,233 3,172 2,059 3,008 4,355 4,328 6,171 840 795 860 879 854 894 917 923 912 856 683 741 789 557 344 207 180 243 173 278 260 192 218 245 299 315 177 944 963 244 159 105 65 63 75 60 69 64 306 940 6,970 6,443 6,662 7,932 6,001 6,720 6,294 5,759 6,258 6,294 4,749 5,302 6,231 p Preliminary. 654 359 5,683 651 326 1,636 385 336 1,938 490 469 7,097 1,000 528 333 991 399 266 791 256 170 1,093 P7\S P267 1,796 302 451 2,700 Major I natl. sec. est on programs 4 debts P3,670 n.a. n.a. 1,045 128 178 525 322 122 901 170 352 563 VetSocial erans security Other pro- 6 programs grams 7 436 899 658 497 529 1,162 543 1,126 586 212 522 1,450 509 478 625 88 572 1,137 586 66 697 P - 1 8 1 *>674 n.a. n.a. n.a. n.a. Not available. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Sales 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Series A-E and H All series Year or month Redemp- Outstandtions and ing (end of maturities period) Sales Redemp- Outstandtions and ing (end of maturities period) Series F, G, J and K Sales 13,729 16,044 12,937 7,427 6,694 7,295 5,833 6.074 3,961 4,161 4,800 1,576 3,321 5,503 6,278 4,915 4,858 4,751 5,343 5,093 4,530 5,661 27,363 40,361 48,183 49,776 52,053 55,051 56,707 58,019 57,587 57,940 57,710 10,344 12,380 9,822 4,466 4,085 4,224 4,208 3,668 3,190 3,575 4,368 1,452 3,063 5,135 5,667 4,207 4,029 3,948 4,455 4,022 3,622 3,625 19,573 29,153 34,204 33,410 33,739 34,438 35,206 34,930 34,728 35,324 36,663 3,385 3,664 3,115 2,962 2,609 3,071 1,626 2,406 414 440 383 371 370 402 371 368 384 369 423 561 515 319 380 380 58,268 58,371 58,413 57,920 57,886 57,871 57,851 57,795 57,775 57,806 357,710 57,736 57,797 362 397 351 340 340 370 346 343 357 339 381 485 422 251 308 318 300 308 35,657 35,784 35,852 35,939 36,048 36,168 36,264 36.311 36,391 36,509 36,663 36,887 37,029 52 43 31 31 30 33 25 25 27 29. 42 77 93 1953—Feb. . . Mar. . Apr. .. May. . lune. . July. . Aug.. . Sept.. Oct.. . Nov. . Dec. 1954—j a n "" Feb.. . 1906 H85 2 524 421 457 419 390 3590 652 496 2343 280 331 289 270 309 330 P308 770 586 432 Redemp- Outstandtions and ing (end of maturities period) 124 258 368 611 708 829 803 888 1,071 908 2,035 68 72 62 1606 1178 3 182 141 125 129 120 281 322 P187 Sales Redemp- Outstandtions and ing (end of maturities period) 7,790 11,208 13,979 16,366 18,314 20,613 21,501 23,089 22,859 22,616 21,047 8,055 8,533 5,504 2,789 2,925 3,032 5,971 3,613 5,823 3,726 5,730 5,853 7,276 7,111 5,300 3,266 3,843 2,934 2,583 6,929 5,491 5,475 8,586 9,843 8,235 5,725 5,384 4,572 7,610 8,640 7,534 5,770 6,026 22,611 22,587 22,561 21,981 21,837 21,703 21,587 21,484 21,385 21,297 3 21,047 20,848 20,769 80 63 109 114 826 190 1,714 1,068 1,719 1,408 5,642 4,879 4,798 4,793 4,453 4,706 4,977 5,639 6,258 6,204 6,026 5,956 5,887 472 479 952 687 2 219 208 290 68 55 178 70 68 ^Preliminary. 1 Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 2 Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months. 3 Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and Series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. APRIL 1954 377 UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 End of month Total gross debt1 Marketable Total gross direct2 debt Total Nonmarketable Bonds Certificates of indebt- Notes edness Total Bank eligible4 Bank restricted 28,156 33,563 44,519 55,591 66.931 68,403 69,866 68,391 62,990 61,966 60,951 55,283 53,319 44,557 42,928 41,049 48,343 58,874 4,945 12,550 24.850 52.216 49.636 49.636 49,636 49.636 49,636 49,636 49.636 49,636 36,061 36,048 27,460 21,016 Convertible bonds 13,573 12,060 13,095 12,500 Total 5 Savings bonds Tax and savings notes 3,444 8,907 21,788 36,574 50,917 56,915 56,451 59,492 59,506 61,383 62,839 66,000 67,544 68,125 66,708 66,423 65,622 65,062 Special issues 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—June Dec 1949—June Dec 1950—June Dec 1951—June Dec 1952—June Dec 50 942 64.262 112,471 170.108 232,144 278.682 259,487 256,981 252,366 252,854 252,798 257,160 257,377 256,731 255.251 259.461 259.151 267,445 45.025 57.938 108,170 165,877 230,630 278,115 259.140 256,900 252,292 252,800 252,770 257,130 257,357 256.708 255.222 259.419 259,105 267,391 39,089 50,469 98,276 151,805 212,565 255,693 233,064 225,250 219,852 218,865 217,986 221,123 222,853 220,575 218,198 221.168 219,124 226,143 35,645 41,562 76,488 115,230 161,648 198,778 176,613 165,758 160,346 157,482 155,147 155,123 155,310 152,450 137,917 142,685 140,407 148,581 3,195 6,140 15,050 27,363 40,361 48,183 49,776 52,053 53,274 55,051 56,260 56,707 57,536 58,019 57,572 57,587 57,685 57,940 2,471 6,384 8,586 9,843 8,235 5,725 5,384 4,394 4,572 4,860 7,610 8,472 8,640 7,818 7,534 6.612 5,770 5,370 6,982 9,032 12,703 16,326 20,000 24,585 28,955 30,211 31,714 32.776 33,896 32,356 33,707 34,653 35,902 37,739 39,150 1953—Mar Apr May June July Aug Sept Oct Nov Dec 1954—Tan Feb Mar 264,536 264,642 266,572 266,123 272,732 273,269 273,001 273,452 275,282 275,244 274,924 274,859 270,312 264,485 264,590 266,520 266,071 272,669 273,206 272,937 273,386 275,209 275,168 274,849 274,782 270,235 223,025 223,077 224,735 223,408 230,009 230,157 229,785 230,403 232,115 231,684 231,623 231,466 226,821 145,988 19,211 15,959 30,327 59,482 21,009 12,438 64,599 58,371 146,133 19,312 15,959 30,375 63,238 17,249 12,391 64,553 58,413 148,324 19,913 15,959 30,411 64,795 17,248 12,355 64,056 57,920 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 153,757 20,207 21,756 30,455 64,096 17,243 12,310 63,942 57,871 153,694 20,208 21,655 30,492 64,099 17,240 12,273 64,190 57,851 152,804 19,508 26,369 33,578 59,944 13,406 12,168 64,814 57,795 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,736 8,675 11,957 65,009 57,797 154,500 19,510 25,278 26,866 74,171 8,674 11,932 64,807 57,902 150,081 21,013 19,377 26,787 74,134 4,879 4,798 4,793 4,453 4,706 4,977 5,639 6,258 6,204 6,026 5,956 5,887 5,581 39,354 39,474 39,710 40,538 40.594 40,988 40.958 40,888 41,013 41,197 41,009 41,070 41,002 1,310 2,002 6,627 13,072 16,428 17,037 17,033 15.136 13,757 12,224 11,536 12,319 13,533 13,627 13,614 18,102 17,219 21,713 10,534 22.843 30,401 38,155 29,987 21,220 22,588 26.525 29,427 29,636 18,418 5,373 9,509 29,078 28,423 16,712 6,178 5,997 9,863 11,175 23,039 22,967 10,090 11,375 11,375 7,131 3,596 8,249 20,404 39,258 35,806 18,409 18,963 30,266 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 556 million dollars on Mar. 31, 1954) and fully guar2 anteed securities, not shown separately. Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 7,223 million dollars on Feb. 28, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 8 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars) End of month Total Held by U. S. Government gross debt agencies and1 (includtrust funds ing guaranteed Special Public securiissues issues ties) Held by the public Total Federal Reserve Banks Commercial3 banks Mutual savings banks Insurance companies Other corporations State and local governments Individuals Miscellaneous inves-3 Savings Other tors bonds securities 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—June Dec 1949—June Dec 1950—June Dec 195 L—June Dec 1952—June Dec 50,942 64,262 112,471 170,108 232,144 278,682 259,487 256,981 252,366 252,854 252,798 257,160 257,377 256,731 255,251 259,461 259,151 267,445 5,370 6,982 9,032 12,703 16,326 20,000 24,585 28,955 30,211 31,714 32,776 33,896 32,356 33,707 34,653 35,902 37,739 39,150 2,260 2,558 3,218 4,242 5,348 7,048 6,338 5,404 5,549 5,614 5,512 5,464 5,474 5,490 6,305 6,379 6,596 6,743 43,312 54,722 100,221 153,163 210,470 251,634 228,564 222,622 216,606 215,526 214,510 217,800 219,547 217,533 214,293 217,180 214,816 221,552 2,184 2,254 6,189 11,543 18,846 24,262 23,350 22,559 21,366 23,333 19,343 18,885 18,331 20,778 22,982 23,801 22,906 24,697 17,300 21,400 41,100 59,900 77,700 90,800 74,500 68,700 64,600 62,500 63,000 66,800 65,600 61,800 58,400 61,600 61,100 63,400 3,200 3,700 4,500 6,100 8,300 10,700 11,800 12,000 12,000 11,500 11,600 11,400 11,600 10,900 10,200 9,800 9,600 9,500 6,900 8,200 11,300 15,100 19,600 24,000 24,900 23,900 22,800 21,200 20,500 20,100 19,800 18,700 17,100 16,500 15,700 16,100 2,000 4,000 10,100 16,400 21,400 22,000 15,300 14,100 13,600 14,800 15,600 16,800 18,800 20,500 20,800 21,300 19,700 21,000 1,000 2,100 4,300 6,500 6,300 7,300 7,800 7,900 8,000 8,100 8,700 8,800 9,400 9,600 10,400 11,100 2,800 5,400 13,400 24,700 36,200 42,900 44,200 46,200 47,100 47,800 48,800 49,300 49,900 49,600 49,100 49,100 49,000 49,200 7,800 8,200 10,300 12,900 17,100 21,400 20,100 19,400 18,600 17,600 18,000 17,000 17,200 15,900 15,600 15,000 14,800 14,900 2,300 4,400 7,000 9,100 8,100 8,400 8,700 8,900 9,600 9,400 9,700 10,500 10,700 10,600 11,600 11,700 1953—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 267,450 267,634 264,536 264,642 266,572 266,123 272,732 273,269 273,001 273,452 275,282 275,244 39,097 39,302 39,354 39,474 39,710 40,538 40,594 40,988 40,958 40,888 41,013 41,197 6,895 6,869 6,908 6,866 7,057 7,022 7,007 6,986 7,076 7,078 7,156 7,116 221,458 221,463 218,274 218,302 219,805 218,563 225,131 225,295 224,967 225,486 227,113 226,931 23,944 23,875 23,806 23,880 24,246 24,746 24,964 25,063 25,235 25,348 25,095 25,916 62,800 61,900 59,500 59,100 58,600 58,800 63,500 62,700 62,500 62,700 63,800 63,600 9,500 9,600 9,600 9,500 9,600 9,500 9,500 9,500 9,500 9,300 9,300 9,200 16,200 16,200 16,000 16,000 16,000 16,000 16,000 16,000 15,900 15,900 15,900 15,800 21,400 21,800 20,700 20,500 21,500 19,400 20,700 21,400 21,100 21,300 21,800 21,100 11,200 11,300 11,400 11,500 11,900 12,000 12,200 12,200 12,200 12,200 12,300 12,400 49,300 49,400 49,500 49,600 49,300 49,300 49,300 49,300 49,300 49,200 49,300 49,300 14,800 15,000 15,200 15,200 15,900 16,100 15,800 15,600 15,800 15,700 15,800 15,800 12,300 12,500 12,500 13,000 12,800 12,800 13,300 13,500 13,400 13,700 13,900 13,600 1954—Jan 274,924 41,009 7,245 226,670 24,639 64,000 9,200 15,700 21,500 12,600 49,400 15,800 13,800 500 700 700 900 includes the Postal Savings System. holdings by banks in"territories and insular possessions, which amounted to 300 million dollars on June 30, 1953. Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—'Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 2 Includes 3 378 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding March 31, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Issue and coupon rate Amount Treasury bills 1 Apr. 1, 1954. Apr. 8, 1954. Apr. 15, 1954. Apr. 22, 1954. Apr. 29, 1954. 1,502 1,500 1,500 1,502 1,500 May 6, 1954. May 13, 1954. May 20, 1954. May 27, 1954. 1,500 1,501 1,500 1,501 June June June June June 1,501 1,501 1,501 1,501 1,501 3, 1954. 10, 1954. 17, 1954. 24, 19542 24, 1954. Amount Certificates June 1, 1954 Aug. 15, 1954 Sept. 15, 1954 Feb. 15, 1955 2% 2% 2% 1% 4,858 2,788 4,724 7,007 Treasury notes Dec. 15, 1954 Mar. 15, 1955 Dec. 15, 1955 Apr. 1, 1956 Oct. 1, 1956 Mar. 15, 1957 Apr. 1, 1957 Oct. 1, 1957 Apr. 1,1958 Oct. 1, 1958 \% \y2 \% \y2 \y2 2% \y2 \y2 \y2 \y2 8,175 5,365 6,854 1,007 550 2,997 531 824 383 101 Issue and coupon rate Treasury bonds June 15, 1954 . . .2 1,743 373 June 15, 1954-553. 312 June 15, 1954-564. "2M 8,662 Dec. 15, 1954 510 Dec. 15, 1954-55.. ...2 2,611 Mar. 15, 1955-60.. 1,449 Mar. 15, 1956-58.. 982 Sept. 15, 1956-59 5. • 2H 3,822 Sept. 15, 1956-59.. 927 Mar. 15, 1957-59.. 4,245 .2% June 15, 1958 919 Tune 15, 1958-63 5. 2 • 2¥ 2,368 Dec. 15, 1958 5,277 June 15, 1959-62.. 3,466 Dec. 15, 1959-62.. Dec. 15, 1960-65 5. '•2% 1,485 2,239 Sept. 15, 1961 .2% Nov. 15, 1961 .2Y2 11,176 2,116 June 15, 1962-67.. Amount Treasury bonds—Cont. Dec. 15, 1963-68. . 2 ^ June 15, 1964-69. Dec. 15, 1964-69. Mar. 15, 1965-70. Mar. 15, 1966-71 «..2 June 15, 1967-72 «..2 Sept. 15, 1967-72. . Dec. 15, 1967-72 8. June 15, 1978-83. . . 2,827 3,754 3,831 4,7192,961 1,890 2,716 3,823 1,606 Postal Savings bonds \i Panama Canal Loan.. 3 46 50 ''IP *Sold on discount basis. See4 table on Open Market Money Rates, p. 373. Partially tax-exempt; called for redemption. Called for redemption. 3 Issue and coupon rate Amount 5 Convertible bonds Investment Series B Apr. 1, 1975-80. . .2 11,932 2 Tax anticipation6 series. Partially tax-exempt. Re.stricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES* Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month Type of security: Total marketable and convertible: 1951—June Dec 1952—June Dec 1953—June Dec Total outstanding 151 154 153 161 159 166 490 745 502 081 675 619 U.S. Govt. Fed- Com- Muageneral mer- tual cies Resavcial and serve banks ings trust Banks banks funds 6 6 6 6 6 6 177 251 467 613 899 989 22 ,982 23 ,801 22 ,906 24 ,697 24 ,746 25 ,916 51,671 54,302 54,038 55,828 51,365 55,933 9 504 9 123 8 ,843 8 740 8 ,816 8 ,524 insurance companies Life 11 10 9 9 9 9 138 289 613 514 347 120 4 ,161 4 ,301 4 ,246 4 ,711 4 ,808 4 ,905 45,855 46,679 47,391 50,979 53,694 55,233 Typa of security: Convertible bonds (Investment Series B): 1951—June Dec 1952—June J)nc 1953—June Dec U.S. Govt. Fedageneral cies Reand serve trust Banks funds 13,573 12,060 13,095 12,500 12,340 11,989 2 ,905 2 ,905 3 ,437 3 ,438 3 ,439 3 ,439 11,976 3 439 42,789 48,204 45,642 56,953 64,589 73,235 55 112 101 133 163 175 2,714 1,214 714 Commercial banks Mutual savings banks Insurance conn; anies Life Other Other 2 ,921 2 ,923 3 ,172 3 ,179 3 ,133 2 ,935 312 318 362 360 353 328 3,304 3,281 3,864 3,987 3,919 3,854 168 1 ,271 2 ,933 320 3,844 166 172 191 185 182 168 1 ,252 1 ,246 1 ,356 1 ,352 1 ,314 1 ,264 7 119 24 ,639 56,365 8 525 9 093 4 ,886 55,979 166 607 13 614 18 102 17, 219 21 713 19, 707 19, 511 26 50 41 86 106 102 527 596 381 1 ,341 1 ,455 2 ,993 3,750 6,773 5,828 7,047 4,411 4,368 122 71 103 137 120 126 756 428 504 464 327 410 72 104 92 119 132 109 1954—Jan Certificates: 1951—June Dec 1952—June Dec 1953—June Dec 19, 512 173 1 ,918 4,723 135 454 114 9, 509 29, 078 28, 423 16, 712 15, 854 26, 386 17 3 ,194 2,753 49 12 ,793 6,773 60 11 ,821 6,877 27 5 ,061 4,791 30 4 ,996 4,351 63 5 ,967 9,215 37 41 120 37 87 184 113 217 76 56 27 37 174 445 378 317 310 445 1954—Jan Treasury notes: 1951—June Dec 1952—June Dec 1953—June Dec 26, 386 82 191 53 448 35, 806 18, 409 18, 963 30, 266 30, 425 31, 406 14 3 2 16 23 8 120 67 42 49 62 130 208 1 5 8 5 52 478 315 327 486 529 605 1954—Jan Marketable bonds:1 1951—June Dec 1952—June Dec 1953—June Dec 31, 419 5 ,817 8,691 12 ,439 5 ,068 5 ,568 13 ,774 13 ,774 13 ,289 13,704 10,465 10,431 10,955 10,355 11,510 44 13 ,264 11,721 78, 989 3 77, 097 3 75, 802 2 79, 890 3 81, 349 3 77, 327 3 77, 314 End of month Other 1954—Jan Treasury bills: 1951—June Dec 1952—June Dec 1953—June Dec 1954—Jan Other Total outstanding 215 243 928 046 300 377 3 381 4 ,108 4 ,130 4 ,422 4 ,522 4 ,522 3 ,667 31,298 30,119 30,710 32,849 32,066 30,671 184 55 598 7 974 7 7 697 6 7 221 5 7 165 5 f 7 232 5 6 820 5 139 720 855 807 855 686 3 ,125 3 ,120 3 ,087 3 ,429 3 ,484 3 ,418 3 ,641 31,061 6 743 5 599 3 ,407 1954—Jan 8,360 Marketable securities, maturing: 10,080 10,268 Within 1 year: 1951—June 12,518 Dec 13,155 1952—June 11,402 Dec 1953—June 11,995 Dec 3,221 1954—Jan 8,761 9,092 1-5 years: 1951—June 6,424 Dec 6,052 1952—June 10,475 Dec 1953—June 11,105 Dec 8,841 2,489 1954—Jan 2,587 5-10 years: 4,978 1951—June Dec 5,678 5,814 1952—June Dec 5,553 1953—June Dec 22,129 1954—Jan 22,068 21,580 After 10 years: 23,072 1951—June Dec 24,890 1952—June 23,688 Dec 23,483 1953—June Dec 1954—Jan 12,592 13,437 12,202 14,749 15,505 16,972 10 ,234 14 ,081 12 ,705 16 ,996 19 ,580 25 ,062 201 1 ,077 451 18,180 182 648 576 19,167 223 581 470 19,360 532 263 733 23,547 476 390 1,082 27,393 475 468 1,061 29,023 73,235 307 15,695 25 ,242 558 530 1,073 29,830 45,033 44,401 44,945 37,713 32,330 29,367 77 45 46 31 152 192 5,235 6,688 7,188 7,146 6,452 6,155 29 ,272 27 ,991 27 ,858 22 ,381 18 ,344 16 ,056 613 419 370 259 464 431 218 1,035 992 132 63 996 48 910 109 914 123 980 8,583 8,133 8,424 6,938 5,895 5,430 29,369 189 6,155 15 ,950 422 125 967 5,562 8,914 8,914 15,122 22,834 18,677 20,292 194 152 387 546 422 418 31 34 693 1,387 1,374 1,374 131 202 118 201 497 765 885 1,348 745 1,104 725 1,198 1,480 1,454 3,684 5,835 4,865 5,211 20,292 6 ,790 6 ,881 7 ,740 11 ,058 8 ,772 10 ,051 86 73 1 ,357 1 ,775 1 ,395 1 ,315 420 1,374 10 ,314 1 ,231 947 036 496 464 723 765 2,410 2,428 2,109 1,415 1,415 1,415 41,181 41,168 34,698 31,081 31,739 31,736 2 3 2 2 2 2 31,734 2 764 5 ,210 5 ,177 5 ,544 5 ,207 4 ,488 4 ,595 7 ,353 7 ,202 5 ,537 5 ,091 5 ,167 5 ,039 709 1,190 6 ,791 6 ,470 5 ,301 4 ,870 4 ,969 4 ,868 5,054 2,161 2,213 1,652 1,361 1,356 1,339 14,309 14,643 12,059 10,673 11,621 11,716 1,415 4 ,691 5 ,042 4 797 1,337 11,689 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. APRIL 1954 379 NEW SECURITY ISSUES ' [Estimates, in millions of dollars] Proposed uses of net proceeds* all corporate issuers 8 Gross p r o c e e d s , a l l issuers 2 Noncorporate Year or month Total FedU.S. eral 4 Government 3 agency Corporate State and mu- Other 8 Total nicipal New capital Bonds Pre- Total ReRetiretire- ment of ment of secubank rities debt, etc. 8 Mis- Pri- ferred Publicly vately stock offered placed Common stock New 7 laneTotal money ous purposes 1938 1939 1940 5,926 5,687 6,564 ? 480 2 , 332 517 115 13 109 1,108 1,128 1,238 69 50 24 2,155 2,164 2,677 2,044 1,979 2,386 1,353 1,276 1,628 691 703 758 86 98 183 25 87 108 903 4?0 76? 681 325 569 26 19 215 69 174 1,206 1,695 1,854 1941 1942 1943 1944 1945 15,157 35,438 44,518 56,310 54,712 1 1 , 466 33 846 4 2 , 815 4?4 4 7 , 353 38 1 2 1 30 5 97 22 2,667 1,062 1,170 3,202 6,011 2,389 1,578 2,670 1,892 4,855 3,851 167 112 124 369 110 34 56 163 647 408 753 868 474 308 657 397 1, 347 1 ,080 28 35 27 47 133 144 138 73 49 1,583 506 621 811 411 369 778 1 ,040 917 990 506 956 524 435 661 1946 1947 1948 1949 1950 18,685 19,941 20,250 21,110 19,893 10 10, 10 lit 9, 357 1,157 2,324 2,690 216 2,907 30 3,532 56 6,900 6,577 7 078 6,052 6,361 4,881 5,035 5,973 4,890 4,920 3,019 ?,888 2 963 2,434 2,360 891 3, 889 3 ,279 778 5 115 4 ,591 614 6, 651 5 ,929 736 5, 558 4 ,606 811 4 990 4 ,006 231 1951 1952 1953 21,265 26,961 28,799 9, 778 1?, 577 1 3 , 957 7,741 9,582 8,945 5,691 7,649 7,121 2,364 3,326 3,645 4.005 3,841 3,280 838 564 1953—Feb Mar Apr May June July Aus. Sept Oct Nov Dec. 1,592 1,604 1,667 4,630 3,053 1,928 1,430 2 576 2,278 3 508 2,751 494 503 491 3 , 244 1 , 454 884 853 1 320 1, 070 2 610 423 706 696 818 731 1,179 536 517 659 484 988 229 364 284 197 413 47 62 35 82 33 521 407 243 675 357 354 301 133 235 206 259 349 1954—jan Feb 1,629 1,312 561 515 589 327 804 f>87 110 459 106 76 795 47 451 156 132 282 3,189 4,105 5,502 446 237 390 405 349 650 416 2 522 260 454 483 411 771 1 2 36 60 29 57 1,500 1,405 1,057 380 393 119 1 569 402 461 316 283 178 290 9 5 3 766 590 459 307 153 375 287 575 106 110 439 151 95 1 004 758 1,862 1,126 2,147 761 3,010 492 2,455 424 2,560 631 396 789 2,389 134 4,555 379 2,868 1,352 168 234 315 364 356 488 637 620 1,271 6 ,531 1,212 7 1,369 8 769 8 ,223 1,332 8 , 615 8 ,120 226 174 363 371 486 660 123 116 124 165 159 1 666 635 630 672 789 757 612 696 ,134 1 ,046 8 17 18 35 24 23 24 13 49 64 31 7 44 18 37 43 82 65 47 215 68 51 501 307 753 570 1, 461 1,431 9 9 38 7 5 14 13 19 20 20 19 28 12 17 19 27 19 27 89 60 545 386 528 363 491 178 138 7 479 278 695 543 409 189 305 17 17 23 307 401 189 9 2 3 7 19 25 15 9 Proposed u s e s of n e t proceeds , by major groups of corporate issuers Year or month Commercial and miscellaneous Manufacturing Total Retire-10 net proments itaf« ceeds New Retire- Total net cap- ments10 proital" ceeds New Retire- Total net ments 10 proceeds Total net proceeds New 2,180 1,391 1,175 3,066 4,022 2,241 2,126 1,347 1,026 2,846 3,765 2,185 54 44 149 221 257 57 403 338 538 518 536 560 382 310 474 462 512 533 21 28 63 56 24 26 748 795 806 490 983 578 691 784 609 437 758 531 56 11 196 53 225 47 2 ,150 2 ,276 2 ,608 2 .412 2 ,626 3 029, 2 005 2 043 1 927 2 326 2 539 9, 970 144 233 682 85 88 52 144 194 309 97 278 141 54 122 62 93 415 3 9 92 31 31 57 41 55 22 19 48 31 109 89 30 25 56 41 51 21 18 46 28 105 3 1 6 1 18 ?57 3 2 8 4 1 1 2 3 4 51 81 66 40 42 46 15 32 25 32 96 33 December.. 148 203 312 114 285 145 55 122 62 94 420 1954—January.. February... 169 25 154 25 27 17 26 16 1 60 46 1948 1949 I960 1951 1952 1953 1953—February March April May July September.. October 17 7 4 1 1 6 15 15 201 7 265 232 265 232 40 42 46 15 397 334 210 97 32 25 243 358 32 81 60 39 1^ew Retire<;ap- ments 10 tal» 254 210 ?15 397 317 210 P7 242 353 9,W 201 212 223 81 66 245 Real estate and financial Communication Public utility Transportation 17 1 5 16 Total net proceeds 891 567 395 605 53 F48 7 15 13 7 43 15 New Retire- Total net 9 capital • ments i proceeds 890 517 314 600 747 848 2 49 81 5 6 New Retirecap- ments 10 ital* 587 557 558 593 639 739 449 515 448 508 1,554 1,547 30 35 100 66 60 7 140 142 162 99 415 39 91 251 71 45 52 141 161 1 1 99 412 38 91 3 1 89 13 5 608 7 15 13 7 43 15 29 89 13 5 608 25 11 25 11 14 63 14 63 140 250 71 1 45 52 1 2 8 8 Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 4 Includes issues guaranteed. Is sues not guaranteed. Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. •Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are inc luded under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. i° Retirement of securities only. Source.—Securities and Exchange Commission. 380 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Quarterly Annual Industry 1952 1948 1949 1950 1951 1952 1953 1953 Manufacturing Total (200 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable good" industries (94 corps.): 1 Sales Profits before taxes. Profits after taxes Dividends Durable goods industries (106 corps.): 2 Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods and kindred products (28 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (26 corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining (14 corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals and products (39 corps.) Sales Profits before taxes Profits after taxes Dividends Machinery (27 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (15 corps.): Sales Profits before taxes Profits after taxes Dividends 38,190 37,803 45,204 52 ,332 5,390 5,122 7,993 ,668 3,356 3,151 4,106 3,456 1,429 1,686 2,272 2,015 14,588 2,282 1,520 682 53,810 62,491 12,914 12,543 15,287 15,709 16,519 '15,413 14,851 7,125 8,185 1,643 1,525 2,000 '2,244 2,471 '2,082 1,387 r 3,096 3,526 643 926 920 875 883 688 848 2,010 2,087 483 556 487 485 625 482 491 13,906 15,847 18,558 18,813 20,096 4,525 4,692 4,958 4,964 5,068 5 .035 1,930 2,798 3,290 2,693 2,861 628 669 672 »752 769 1,263 1,562 1,451 1,291 1,410 300 318 347 346 338 736 872 891 919 213 212 911 251 213 213 216 23,602 23,897 29 ,357 33,774 34 ,997 3,193 5,195 5,378 4,432 3,108 1, 1,837 2,544 2,005 1,804 950 1,352 1,142 1,119 748 5,029 566 360 270 42,395 8,389 7,851 10,329 10,745 11,450 '10,378 9,822 5,324 1,015 857 1,328 1,493 1,702 1,309 820 2,116 342 370 579 573 523 511 1,176 270 270 305 272 274 356 275 4,528 455 285 148 4,223 4,402 4,909 5,042 434 532 446 473 268 289 204 227 149 161 159 154 5,411 1,220 463 116 210 52 154 38 3,674 674 420 263 3,680 4,577 5,574 5,695 693 1,133 1,421 1,200 415 458 572 496 321 448 381 363 6,071 1,260 493 398 1,369 1,401 286 289 108 109 89 90 1,520 1,545 1,568 304 346 ••360 128 125 123 114 90 90 124 91 1,453 224 121 127 3,945 721 548 172 3,865 4,234 4,999 5,319 686 525 650 863 485 406 442 515 172 205 252 231 5,716 776 549 257 1,274 147 111 60 1,402 1,381 1,396 1,460 171 194 189 225 129 127 124 69 65 61 1,479 167 149 70 9,066 1,174 720 270 8,187 10,446 12,497 11,557 993 1,700 2,092 1,161 578 854 776 575 285 377 381 367 13,755 2,385 2,605 3,494 3,428 3,653 •3,476 1,830 98 431 208 560 457 *-510 795 31 217 100 212 183 203 377 87 106 86 3,198 302 198 113 4,563 570 334 127 4,363 5,071 6,183 7,082 974 520 850 1,003 380 321 425 370 200 138 208 192 8,009 1,725 1,697 2,066 1,967 2,045 '1,959 1,009 232 290 218 298 276 '241 402 80 89 128 103 89 '95 239 49 49 53 49 50 49 2,038 193 115 90 8,093 1,131 639 282 9,577 11,805 12,496 12,825 1,473 2,305 1,913 1,945 861 1,087 705 698 462 451 671 479 16,377 3.427 2,681 3,684 4,308 4,657 "3,918 2,048 596 503 345 714 648 '451 747 194 190 143 211 200 168 463 114 117 114 114 117 114 3,495 235 168 117 9,672 1,148 699 289 8,580 9,473 10,391 10,580 10,664 2,532 2,633 2,828 2,596 2,732 2,755 2,582 700 1,384 1,260 1,436 1,404 512 272 261 368 397 336 399 438 783 693 816 871 318 219 149 208 186 231 234 252 312 328 336 412 116 162 74 66 97 73 79 4,830 983 657 493 5,055 5,431 5,867 6,224 1,129 1,303 1,480 1,718 824 757 818 922 619 553 661 709 6,683 1,491 1,513 1,618 1,710 1,625 -•1,650 1,880 400 545 382 439 454 426 1,032 214 288 244 246 207 233 771 173 182 186 189 194 177 2,694 292 186 178 2,967 3,342 3,729 4,136 333 580 691 787 207 341 331 384 213 318 355 276 4,525 925 452 412 1,280 1,315 1,316 127 104 99 57 50 46 37 43 35 1,325 165 115 60 1,346 -1,355 128 131 54 57 37 37 1,506 T-330 1,394 106 53 45 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends 1,023 205 98 87 1,037 182 88 91 1,084 1,092 1,126 223 234 206 109 114 104 100 101 93 1,699 456 266 206 1,129 1,178 220 248 107 122 104 108 r 1 2 Revised. Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data, are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). APRIL 1954 381 PROFITS, TAXES, AND DIVIDENDS OF UNITED STATES CORPORATIONS [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] Income taxes Profits 1939 1941 1943 1945 6.5 17.2 25.1 19.7 1.5 7.8 14.4 11.2 1946 1947 1948 1949 1950 23.5 30.5 33.8 27.1 41.0 9.6 11.9 13.0 10.8 18.2 3.8 4.5 4.5 4.7 5.8 6.6 7.3 7.5 9.1 1951 1952 1953 43.7 39.2 43.2 23.6 20.6 23.6 38.2 37.0 40.3 20.1 19.4 21.2 9.2 9.1 9.3 9.1 9.1 9.1 10.9 9.5 10.3 1952—2 3.... 4 5.0 9.4 10.6 8.5 13.9 18.5 20.7 16.3 22.7 20.1 18.6 19.6 18.0 17.5 19.1 1953—1 2 3 44.6 45.9 43.3 24.4 25.0 23.6 20.3 20.8 19.6 9.2 9.4 9.6 11.1 11.4 10.0 after taxes 1.2 4.9 6.2 3.8 8.1 12.0 13.5 8.8 13.6 Stocks Bonds and notes All types Year or quarter Cash Undisdivi- tributed dends profits Profits before taxes Year or quarter NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Estimates, in millions of dollars] New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1945 6,457 6,846 -389 4,924 5,995 -1.071 1,533 851 682 1946 1947 1948 1949 1950 7,180 6,882 7,570 6,732 7,224 4,798 2,523 1,684 1,875 3,500 2,382 4,359 5,886 4.856 3,724 4,721 5,015 5,938 4,867 4.806 3,625 2,011 1,284 1,583 2,802 1,096 3,004 4,654 3,284 2.004 2,459 1,867 1,632 1,865 2,418 1,173 512 400 292 698 1,286 1,355 1,232 1,572 1,720 1951 1952 1953 9,048 10,679 9,895 2,772 2,751 2,335 6,277 5,683 7,927 7,344 7,561 7,006 2,107 2,403 1,820 3.577 3,365 665 348 514 2,701 2,987 2,375 1952-4 1953—1. 2. 3. 4. 8.9 8.4 10.0 .. .. .. .. 4,940 3,335 5,186 2,889 2,872 851 2,021 1,880 761 1,119 992 90 902 2,329 2,932 1,867 2,767 614 607 530 584 1,715 2,325 1,337 2,183 1,492 2,096 1,327 2,091 481 458 417 464 1,012 1,638 910 1.626 836 836 540 676 133 148 113 119 703 687 427 557 Reflects cash transactions only. As compared with data shown on p. 380, new issues exclude foreign and include investment company offerings, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 380. Source.—Securities and Exchange Commission. Source.—Department of Commerce. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1 [Estimates, in billions of dollars] Current assets End of year or quarter Net working capital Total Cash U. S. Government securities Current liabilities Notes and accts. receivable Notes and accts. payable Inventories Other U. S. Govt.2 Other 22.1 27.4 21.9 23.2 18.0 25.6 27.6 26.3 1 4 1.4 1 3 2.4 30.0 40.7 51 6 45.8 30.0 37.6 44.6 48.9 45.3 55.1 1.7 1.6 1.6 1.4 1.7 51.9 61.5 64.4 60.7 79.8 65.3 65.7 2.1 2.4 94.2 97.4 67.2 67.4 68.4 67.3 2.5 2.4 2.4 2.4 95.5 94.4 98.5 97.8 1939 1941 1943. 1945 24.5 32.3 42.1 51.6 54 5 72.9 93 8 97.4 10 8 13.9 21 6 21.7 4.0 16.4 21.1 2.2 .0 .6 5.0 2.7 1946 1947 1948. 1949 1950 r 56.2 62.1 68.6 72.4 81 6 22 8 25.0 25 3 26.5 28 1 15.3 14.1 14.8 16.8 19.7 .7 1.1 1951rr 1952 86.1 89.9 108.1 123.6 133 0 133.1 161 5 180.2 187.3 30.4 31.0 20.5 20.2 2.7 2.8 55.7 59.2 65.2 1953—1' 2* 3' 4 91.2 92.7 93.3 92.7 186.6 187.1 191.8 190.6 28.4 29.9 30.4 31.4 20.0 18.7 20.4 21.5 2.9 2.7 2.7 2.6 65.7 66.0 67.4 65.3 38 .3 42 .4 43 .0 Other Federal income tax liabilities 21 9 25.6 24 1 24.8 7.1 16 6 10.4 1.2 6 9 7.2 8 7 9.7 47.9 8.5 10.7 11.5 9.3 16.7 11 8 13.2 13 5 14.0 14 9 55.0 59.4 22.0 18.2 15.9 17.6 58.2 57.8 59.0 58.6 16.8 16.1 18.5 19.5 17.9 18.4 18.9 18.1 Total U. S. Govt. 2 .0 .8 2 2 .9 .1 37 .6 39 3 37 .5 .4 1.3 2.2 2.5 2.2 2.1 1.7 31 5 Other r Revised. 1 2 Excludes banks and insurance companies. Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Estimates, in millions of dollars] 1939 1945 . . 1951 1952 1953 4 1954 Mining Railroads 5 512 8,692 1,943 3,983 326 383 280 548 14,848 20,612 22,059 19,285 20,605 6 790 8 703 9,134 7,149 7,491 427 691 882 792 707 1,319 1,352 1,111 25,644 26 493 28 391 27,230 10,852 11 632 12,276 11,410 929 985 1,011 1.040 Total Year 1946 1947 1948 1949 1950 Manufacturing 583 889 1,474 1,396 1.312 940 Transportation other than rail Public Comutili- muni- Other cations ties l Quarter Total Manu- Transfactur- portation incl. and railminroads ing Public All utili- other* ties 365 574 520 505 302 321 1,776 2,378 1952—3 4 6,242 7,206 2,936 3,490 624 728 1,150 923 1,212 792 1,539 2,543 3,125 3,309 817 1,399 1,742 1,320 1,104 4,516 6,093 5,154 4,660 5,671 1953—1 2 3 4 6,339 7,289 7,098 7,666 2,972 3,426 3,210 3,680 650 725 686 717 1,158 1,219 1,246 1,792 1,979 1,984 2,023 1,490 1,500 1,464 1,400 3,664 3,887 4,548 4,430 1,319 5,916 7, 094 7, 778 8, 010 1954—I44 2 6,808 6,932 3,155 3,176 653 597 1,026 1,170 1,975 1,989 1,298 1,285 887 963 925 1 719^ 1,839 2 Includes trade, service, finance, and construction. Corporate and noncorporate business, excluding agriculture. 4 3 Includes communications and other. Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 382 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] Nonfarm All properties End of year or quarter 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953P 1952—March . June September December. . . . 1953—March P June? September. . . December?. . . All holders 36.5 37.6 36.7 35.3 34.7 35.5 41.8 48 9 56.2 62 7 72.8 82 1 90 9 100.5 84 0 86.3 88.7 90.9 93.0 95.7 98.2 100.5 Other holders Financial insti- Selected Inditutions Federal viduals and agenothers cies 19.5 20.7 20.7 20.2 20.2 21 0 26.0 31 8 37.8 42 9 51.6 59 5 66 9 75.1 61 0 63.0 65.1 66.9 68.6 70.9 73.0 75.1 2.1 2.0 1.8 1.4 1.1 .9 .6 .5 .6 1.1 1.4 2 0 2.4 2.8 2 2 2.2 2.3 2.4 2.6 2.7 2.8 2.8 All holders 14.8 14.9 14.2 13.6 13.3 13 7 15.1 16 6 17.8 18 7 19.7 20 7 21.5 22.7 20 8 21.1 21.3 21.5 21.8 22.1 22.4 22.7 Farm 1- to 4-family houses Multi-family and commercial properties 1 Total Financial institutions Financial institutions 17.3 18.4 18.2 17.8 17.9 18.5 23.1 28.2 33.3 37.5 45.1 51.9 58.2 65.0 53.2 54.8 56.5 58.2 59.6 61.5 63.3 65.0 10.2 11.2 11.5 11.5 11.7 12.2 16.0 20.5 25.0 28.4 35.3 41.2 46.8 53.1 42.3 43.8 45.4 46.8 48.0 49.8 51.4 53.1 30.0 31.2 30.8 29.9 29.7 30.8 36.9 43.9 50.9 57.1 66.7 75.6 83.8 92.8 77.3 79.3 81.6 83.8 85.7 88.2 90.5 92.8 Other holders 7.1 7.2 6.7 6.3 6.2 6.4 7.0 7.6 8.3 9.1 9.8 10.7 11.3 11.9 10.9 11.0 11.1 11.3 11.6 11.7 11.9 11.9 Total 12.6 12.9 12.5 12.1 11.8 12.2 13.8 15.7 17.6 19.6 21.6 23.7 25.6 27.8 24.1 24.6 25.1 25.6 26.1 26.7 27.2 27.8 Other holders All holders Financial Other insti- holders2 tutions 7.8 8.0 4.8 4.8 6.5 6.4 1.5 4.7 6.0 5.4 s 5.0 4.9 7.8 7.4 4 4.5 4.1 4.9 4 8 4.9 5 1 L3 3 L5 7 3.7 3 4 3.4 3 3 5.3 Q 3.4 5 6 6.1 6 6 7 1 7.7 6 7 7 0 7 1 7.1 7 3 7.5 7.6 7.7 2 1 2.3 2 6 3 5 7.2 7.5 8.4 9.6 10.9 12 A 14.0 15.7 17.3 19.0 16 0 16.4 16.9 17.3 17.7 18.1 18.5 19.0 4 6 4.6 4.7 5.4 6 1 6.7 7 2 7.6 8 0 8.3 8.9 8 1 8.1 8.2 8.3 8.4 8.5 8.7 8.9 3 7 \ 0 ^ 1.7 i1 -i i t.2 1.3 i 1.3 2.8 /i 3.0 2 6 2.7 2 8 2.8 2.9 3.0 3.0 3.0 i i 1 A 4.6 4.6 4.7 p1 Preliminary. 2 Derived figures, which include negligible amount of farm loans held by savings and loan associations. Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included w'th "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings i Nonfarm End of year or quarter Residential« Farm Total Total Total 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 Nonfarm Residential 3 Total FHA- VA- Con- Other guar- veninsured anteed tional 1,040 1,048 Farm Total Total FHA- VA- Con- Other inguar- vensured anteed tional 702 1,387 1,690 823 874 1,957 2,060 909 2,264 968 2,458 1,004 2,621 1,058 2,850 1,090 4,859 4,812 4,627 4,420 4,305 4,208 4,441 4,856 5,806 6,705 8,261 9,916 11,379 12,970 4,829 4,784 4,601 4,395 4,281 4,184 4,415 4,828 5,773 6,668 8,218 9,869 11,327 12,920 3,914 3,884 3,725 3,558 3,476 3,387 3,588 3,937 4,758 5 569 7,054 8,595 2,567 1,726 4,303 9,883 3,168 2,237 4,477 11,320 3,520 2,915 4,885 1,015 1,099 1,164 1,274 1,444 1,600 4,990 5,209 5,390 5,501 2,480 2,512 2,560 2,621 1,030 1,063 1,060 1,058 10,203 10,554 10,940 11,379 10,156 8,843 2,720 1,815 4,308 10,506 9,145 2,898 1,917 4,330 10,890 9,490 3,025 2,069 4,396 11,327 9,883 3,168 2,237 4,477 1,313 1,361 1,400 1,444 5,591 5,734 5,860 5,950 2,680 2,738 2,765 2,850 1,080 1,104 1,110 1,090 11,680 12,112 12,500 12,970 11,630 12,062 12,450 12,920 1,465 1,488 1,525 1,600 1953P 4,578 4,906 4,746 4,521 4,430 4,772 7,234 9,446 10,897 11,644 13,664 14,732 15,867 16,875 4,003 4,340 4,256 4,058 3,967 4,251 6,533 8,623 10,023 10,736 12,695 13,728 14,809 15,785 2,963 3,292 3,332 3,256 3,218 3,395 5,146 6,933 8,066 8,676 10,431 11,270 3,421 2,921 4,929 12,188 3,675 3,012 5,501 12,935 3,930 3,055 5,950 1952—March June . . . September December 14,860 15,176 15,590 15,867 13,830 14,113 14,530 14,809 11,350 11,602 11,970 12,188 3,432 3,441 3,580 3,675 2,928 2,952 3,000 3,012 1953—MarchP JuneP September.... December P. . . . 16,080 16,387 16,640 16,875 15,000 15,283 15,530 15,785 12,320 12,545 12,765 12,935 3,719 3,798 3,867 3,930 3,010 3,013 3,038 3,055 924 802 749 856 575 566 491 463 463 10,165 10,574 10,925 11,320 3,230 3,325 3,414 3,520 2,395 2,590 2,759 2,915 4,540 4,658 4,752 4,885 915 900 876 837 805 797 827 891 30 28 26 25 24 24 26 28 34 37 44 47 53 50 47 48 50 53 50 50 50 50 ^Preliminary. 2 includes all banks in the United States and possessions. Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. APRIL 1954 383 REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Nonfarm Year or month Total Total 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953? Loans outstanding (end of period) . . FHAinsured Nonfarm VAguaranteed Farm 1,483 2,520 3,114 3,123 4,621 4,704 3.606 3,918 1,202 1,350 1,572 1,051 930 1,268 864 819 429 457 1953—February March April May June July August September October November December 327 403 364 344 359 405 305 313 338 352 289 353 321 308 330 371 279 289 309 327 69 88 77 62 67 71 62 57 60 60 25 29 27 30 34 36 32 40 42 56 81 1954—Tanuary February 318 282 51 319 277 44 57 46 433 478 451 66 600 366 131 Farm VAguaranteed Total FHAinsured 1,469 1,546 1,642 2,119 2,385 2,313 2,642 178 266 293 307 359 407 372 417 5,972 6,442 6,726 6,714 6,686 6,636 7,155 8,675 10,833 12,906 16,102 19,314 21,251 23,275 5,073 5,529 5,830 5,873 5,886 5,860 6,360 7,780 9,843 11,768 14,775 17,787 19,546 21,403 1,096 1,286 1,408 1,394 1,228 1,398 2,381 3,454 4,573 5,257 5.681 6,015 1,106 1,224 2,026 3,131 3,347 3,563 4,876 5,538 6,356 7,090 8,176 9,399 10,518 11,825 195 236 217 216 229 264 185 192 207 211 38 50 43 36 29 34 26 24 29 25 45 21,547 21,725 21,897 22,055 22,221 22,429 22,552 22,698 22,842 23,017 23,275 19,834 19,992 20,139 20,277 20,425 20,614 20,722 20,860 20,993 21,161 21,403 5,751 5,804 5,820 5,854 5,884 5,905 5,924 5,943 5,963 5,983 6,015 3,367 3,370 3,388 3,390 3,396 3,412 3,430 3,448 3,473 3,511 3,563 10,716 10,818 10,931 11,033 11,145 11,297 11,368 11,469 11,557 11,667 11,825 1,733 1,758 ,778 1,796 ,815 ,830 .838 1,849 1,856 1,872 174 36 42 23,435 23,570 21,538 21,660 6,027 6,037 3,599 3,626 11,912 11,997 1,897 1,910 Other 898 855 935 976 1,661 2,786 3,407 3,430 4,980 5,111 3,978 4,335 Total 286 187 Other 668 815 899 913 896 841 256 844 800 776 795 895 990 ,138 ,327 ,527 ,705 ,872 11,713 p Preliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE A C T I V I T Y O F ALL SAVINGS AND L O A N ASSOCIATIONS [In millions of dollars] Total New construction FHAHome Other inpurpur- Total* sured chase poses 1 1,200 1,379 1,051 1,184 1,454 1,913 3,584 3,811 3,607 3,636 5,237 5,250 6,617 7,767 399 437 190 106 95 181 616 894 1,046 1,083 1,767 1,657 2,105 2,475 426 581 574 802 1,064 1,358 2,357 2,128 1,710 1,559 2,246 2,357 2.955 3,488 375 361 287 276 295 374 611 789 851 994 1,224 1,236 1,557 1,804 May'.'.'. June. . July... Aug... Sept... Oct.... Nov... Dec... 523 639 678 690 733 758 707 684 688 586 584 164 206 226 232 241 237 218 208 219 190 187 222 266 288 295 327 355 340 328 318 265 259 137 167 164 163 165 166 149 148 151 131 138 1954-Jan.... Feb.... 495 529 152 176 217 220 126 133 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1953-Feb.... Mar... 1 2 VA- Conguarvenanteed tional* 4,125 4,578 4,583 4,584 4,800 5,376 7,141 8,856 563 10,305 717 11,616 841 13,622 864 15,520 906 18.444 21,929 1,049 2,397 2,586 2,969 3,125 3,398 3,972 19,105 924 3,492 20,133 962 3,593 21,145 1,015 3,745 21,929 1,049 3,972 7,345 8,313 9,812 11,530 14,140 16,908 Year or month 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Number 1,456 . .. 1,628 1,351 1,274 1,446 1,639 2,497 2,567 2,535 2,488 3,032 2,878 3,028 3,164 Total Sav- Insurings & ance loan comassns. panies Average amount Com- Mutual remersav- Other corded cial ings (dolbanks banks lars) 4,031 4,732 3,943 3,861 4,606 5,650 10,589 11,729 11,882 11,828 16,179 16,405 18,018 19,747 1,283 1,490 1,170 1,237 1,560 2,017 3,483 3,650 3,629 3,646 5,060 5,295 6,452 7,365 334 404 362 280 257 250 503 847 1,016 1,046 1,618 1,615 1,420 1,480 1,006 1,166 886 753 878 1,097 2,712 3,004 2,664 2,446 3,365 3,370 3,600 3,680 170 218 166 152 165 217 548 597 745 750 1,064 1,013 1,137 1,327 1,238 1,454 1,359 1,439 1,746 2,069 3,343 3,631 3,828 3,940 5,072 5,112 5,409 5,895 2,769 2,906 2,918 3,031 3,186 3,448 4,241 4,570 4,688 4,755 5,335 5,701 5.950 6,241 1953-Feb.... Mar... May!.'.' June . . 15,578 July... Aug... Sept... 16,385 Oct.... Nov... Dec... 16,908 229 264 275 273 282 286 273 275 278 245 255 1,391 1,627 1,709 1,699 1,769 1,798 1,709 1,729 1,746 1,549 1,622 503 605 642 641 682 699 671 654 658 564 569 110 126 127 133 131 132 122 125 123 114 126 269 316 325 317 325 323 310 315 320 290 291 84 92 102 111 120 127 111 123 123 113 128 425 488 513 497 511 517 495 512 522 468 508 6,068 6,153 6,206 6,221 6,282 6,282 6,270 6,276 6,283 6,311 6,372 1954-Jan.... Feb.... 218 229 1,372 1,425 467 517 108 105 263 274 85 85 449 444 6,292 6,223 14,689 Includes loans for repair, additions and alterations, refinancing, etc. Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 384 Amount, by type of lender Loans outstanding (end of period)'" Loans made, by purpose Year or month N O N F A R M MORTGAGE RECORDINGS OF $20,000 OR LESS [Number in thousands; amounts (except averages) in millions of dollars] Source.—Home Loan Bank Board. FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [Inimillions of dollars] VA-guaranteed loans8 FHA-insured loans Home mortgages Year or month Total 1939 925 1940 991 1941 1,152 1942 1,121 1943 934 1944 877 1945 857 1946 3 058 1947 5 074 1948 5 222 1949 5,250 1950 7 416 1951 6 834 1952 5 830 1953 6,946 1953—Feb.. .. 539 Mar. . . 504 577 Apr 530 May... June... 516 July. . . 602 Aug.... 597 Sept... . 629 661 Oct Nov.... 694 Dec.. . , 556 512 1954—Jan 488 Feb Total 925 991 1,152 1,121 934 877 665 756 1 788 3 341 3 826 4 343 3 220 3 113 3,882 Projecttype ExNew mort-1 prop- isting prop- gages erties erties 486 588 728 766 553 484 257 120 477 1 434 1,319 1 637 1,216 969 1,259 208 175 183 208 210 224 217 302 418 684 892 856 713 974 Property im- Total provement2 loans 52 13 14 21 85 56 20 13 360 609 179 216 228 126 86 114 171 321 534 614 594 694 707 848 Home mortgages 192 2,302 3,286 1,881 793 1,424 629 1,021 3,073 1,865 1,202 1,157 584 3,614 2,667 942 2.721 1,824 322 890 1,030 259 1,334 3,064 2,045 1,014 184 265 103 20 22 25 19 40 64 119 102 69 120 274 89 92 90 95 94 61 103 109 97 91 109 86 276 342 314 274 363 228 235 216 242 239 152 157 149 164 160 349 320 368 408 304 265 221 106 106 113 105 110 117 94 87 80 80 68 63 66 60 23 12 23 25 15 12 13 133 122 151 210 116 69 54 248 309 293 286 252 247 267 166 197 193 192 170 174 188 15 90 75 78 66 78 79 82 112 99 93 82 73 79 3 5 6 6 6 .6 Governmentunderwritten End of year or quarter Alteration Exand 2 New isting repair prop- properties erties Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952P 1953P 1951—Sept... Dec... .5 .4 .5 .4 1952—Mar. P.. .4 .3 JuneP. . .4 Sept. P.. .5 Dec.P. . .5 .4 4 .4 Conventional Total 1953—Mar. P.. JuneP.. Sept.P.. Dec. P . . FHA- VAguarinsured anteed 3 7 2 4 3.8 5.3 6.9 8.6 9.7 5.5 7.2 8.1 10.3 13.2 14.6 16.1 12.5 13.2 14.5 15.0 15.4 14.5 13.7 13.7 14.2 17 0 18.9 20.8 22.5 26.2 29.0 32.8 36.9 28.4 29.0 10.1 10.4 10.8 13.6 13.9 14.3 14.6 29.7 30.8 31.7 32.8 11.1 11.4 11.7 12.0 15.0 15.3 15.8 16.1 33.5 34.8 35.8 36.9 16.3 17.3 18.4 18.2 17.8 17.9 18.5 23.1 28.2 33.3 37.5 45.1 51.9 58.2 65.0 50.4 51.9 12.5 15.0 18.9 22.9 25.4 28.1 22.0 22.9 10 8 12.0 9.5 9.7 53.2 54.8 56.5 58.2 23.5 24.0 24.7 25.4 59.6 61.5 63.3 65.0 26.1 26.7 27.5 28.1 1.8 2.3 3.0 3.7 4.1 4.2 4.3 6.1 9.3 1.8 2.3 3.0 3.7 4.1 4.2 4.1 9.9 .2 1 Monthly figures do not reflect mortgage amendments included in annual totals. p Preliminary. FHA-insured property improvement loans are not ordinarily secured by mortgage3; VANOTE.—For total debt outstanding, figures for guaranteed alteration a nd repair loans of $1,000 or le$5S need not be secured, whereas those first three quarters are Federal Reserve estimatws. for8 more than that amount must be. For conventional, figures are derivec Prior to 1949, data are not available for classifications shown. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guarFederal HouaSources.—Home Loan Bank Board. an teed loans, gross amount of loans closed. Figures do not take account of principal repay- ing Administration, Veteransl Administration, and ments on previously insured oi guaranteed loans. For VA-guaranteed loans, amounts by Federal Reserve. type are derived from data on number and average amount <jf loans closed. Sources.—Federal Housing Administration and Veterans Administration. 2 FEDERAL HOME LOAN BANK LENDING [In millions of dollars] FEDERAL NATIONAL. MORTGAGE ASSOCIATION ACTIVITY [In millions of dollars] End of year or month Author- Commitized funds ments unundiscommitted bursed Mort- Mortgage gage pursales chases (during VAguar- (during anteed period) period) Mortgage holdings Total FHAinsured 528 848 918 661 1.085 550 227 824 485 239 323 638 199 828 1,347 1,850 2,242 2,462 188 403 169 204 320 621 11 425 1,178 1,646 1.922 1,841 198 672 1,044 677 538 542 1953—March April May June July August September... October November . . . December.... 934 876 816 610 597 586 566 556 552 550 322 326 357 542 526 523 544 568 608 638 2,394 2,448 2,477 2,498 2,527 2,541 2,540 2,526 2,490 2,462 395 429 457 477 508 536 556 585 594 621 1,999 2,019 2,020 2,020 2,019 2,005 1,984 1,941 1,896 1,841 81 68 40 31 39 33 26 39 30 42 1954—January February.... 550 542 666 685 2,434 2,424 625 641 1,809 1,783 37 47 1948 1949 1950 1951 1952 1953 . . iLess than $500,000. Source.—Federal National Mortgage Association. 20 469 111 56 221 Year or month 1945 1946 1947 1948 1949 1950 1951. . 1952 1953 7 3 3 1 1953—March 0) April 11 May 19 June 44 July 59 August 61 September.. October.... November.. 57 December. . 50 1954—January February... March AdRepayvances ments Advances outstanding (end of period) Total Short-1 term Long-3 term 278 329 351 360 256 675 423 586 674 213 231 209 280 337 292 433 528 611 195 293 436 515 433 816 806 864 952 176 184 218 257 231 547 508 565 634 19 109 217 258 202 269 298 299 317 30 47 44 97 61 70 83 62 71 79 46 32 26 23 79 25 28 45 25 14 610 626 645 718 700 746 801 819 865 952 391 406 416 471 469 510 557 564 589 634 219 220 229 248 231 236 244 255 276 317 26 * 15 36 226 88 84 751 677 630 496 438 396 255 239 233 1 Secured 2 or unsecured loans maturing in one year or less. Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. APRIL 1954 385 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Noninstalment credit Instalment credit End of year or month Repair and modernization loans 2 Other consumer Automobile 1 goods paper paper 1 Total Total Singlepayment loans Charge accounts Service credit Personal loans Total 298 371 376 255 1,088 1,245 1,322 974 2,719 2,824 3,087 2,817 787 800 845 7t3 1,414 1,471 1,645 1,444 518 553 597 660 746 1,122 1,356 L,445 1,532 L,821 845 1,014 1,166 1,285 1,376 1,496 1,601 1,707 1,713 1939 1940 1941 1942 7,222 8,338 9,172 5,983 4,503 5,514 6,085 3,166 1,497 2,071 2,458 742 1,620 1,827 1 ,929 1,195 1945 1946 1947 1948 1949 1950 1951 1952 1953 5,665 8,384 11,570 14,411 17,104 20,813 21,468 25,827 28,896 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,684 21,807 455 981 1,924 3,054 4,699 6,342 6,242 8,099 10,289 816 1,290 2,143 2,842 3,486 4,337 4,270 5,328 5,605 182 405 718 843 887 1,006 1,090 1,406 1,606 1,009 1,496 1,910 2,229 2,444 2,805 3,235 3,851 4,307 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,143 7,089 2,094 2,127 1,612 2,076 2,353 2,713 2,680 3,006 3,096 3,342 3,249 1953—February March April May June July August September October November December 25,504 25,946 26,455 27,056 27,411 27,581 27,810 27,979 28,166 28,252 28,896 18,982 19,391 19,767 20,213 20,635 21,004 21,218 21,347 21,486 21,586 21,807 8,480 8,799 9,111 9,432 9,692 9,973 10,136 10,232 10,337 10,358 10,289 5,208 5,217 5,217 5,272 5,333 5,351 5,362 5,352 5,366 5,406 5,605 1,404 1,416 1,435 1,462 1,493 1,516 1,534 1,562 1,585 1,604 1,606 3,890 3,959 4,004 4,047 4,117 4,164 4,186 4,201 4,198 4,218 4,307 6,522 6,555 6,688 6,843 6,776 6,577 6,592 6,632 6,680 6,666 7,089 2,118 2,211 2,246 2,294 2,197 2,079 2,131 2,130 2,131 2,100 2,127 2,678 2,613 2,682 2,763 2,781 2,705 2,668 2,716 2,811 2,840 3,249 1,726 1,731 1,760 1,786 1,798 1,793 1,793 1,786 1,738 1,726 1,713 1954—January February 28,125 27,478 21,444 21,151 10,084 9,915 5,495 5,377 1,587 1,570 4,278 4,289 6,681 6,327 2,083 2,054 2,893 2,550 1,705 1,723 Q34 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2 Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions End of year or month Total instalment credit Total Commercial banks Sales finance companies Credit unions Retail outlets Other Total Depaitment stores1 Furniture stores Household appliance stores Automobile dealers2 Other 1939 1940 1941 1942 4,503 5,514 6,085 3,166 3,065 3,918 4,480 2,176 1,079 1,452 1,726 862 1,197 1,575 1,797 588 132 171 198 128 657 720 759 598 1,438 1,596 1,605 990 354 394 320 181 439 474 496 331 183 196 206 111 123 167 188 53 339 365 395 314 1945 1946 1947 1948 1949 1950 1951 1952 1953 2,462 4,172 6,695 8,968 11,516 14,490 14,837 18,684 21,807 1,776 3,235 5,255 7,092 9,247 11,820 12,077 15,410 18,534 745 1,567 2,625 3,529 4,439 5,798 5,771 7,524 8,856 300 677 1,355 990 950 3,785 3,769 4,833 6,147 102 151 235 334 438 590 635 837 1,064 629 840 1,040 1,239 1,420 1,647 1,902 2,216 2,467 686 937 ,440 ,876 ,269 2,670 2,760 3,274 3,273 131 209 379 470 595 743 920 1,117 1,068 240 319 474 604 724 791 760 866 866 17 38 79 127 168 239 207 244 276 28 47 101 159 239 284 255 308 407 270 324 407 516 543 613 618 739 656 1953—February March April May June July August September October November December 18,982 19,391 19,767 20,213 20,635 21,004 21,218 21,347 21,486 21,586 21,807 15,910 16,380 16,800 17,222 17,621 18,000 18,205 18,328 18,439 18,495 18,534 7,797 8,059 8,286 8,491 8,675 8,818 8,879 8,893 8,908 8,881 8,856 5,031 5,174 5,312 5,480 5,633 5,816 5,924 6,005 6,093 6,147 6,147 851 880 906 928 962 988 1,009 1,029 1,041 1,050 1,064 2,231 2,267 2,296 2,323 2,351 2,378 2,393 2,401 2,397 2,417 2,467 3,072 3,011 2,967 2,991 3,014 3,004 3,013 3,019 3,047 3,091 3,273 1,023 974 925 933 937 923 931 943 957 983 1,068 822 812 807 809 812 812 813 811 812 826 866 236 236 242 248 256 260 263 265 266 270 276 324 336 348 362 373 386 396 399 406 408 407 667 653 645 639 636 623 610 601 606 604 656 1954—January 21,444 21,151 18,276 17,999 8,723 8,534 6,062 5,974 1,043 1,055 2,448 , 2,436 3,168 3,152 1,031 1,094 836 814 270 265 400 393 631 586 February 1 2 Includes mail-order houses. Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 386 FEDERAL RESERVE BULLETIN STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT NONINSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year or month Total noninstalment credit Retail outlets (charge accounts) Financial institutions (single-payment loans) Commercial banks Other Department 1 stores Other Service credit t 1939 1940 1941 1942 2,719 2,824 3,087 2,817 625 636 693 593 162 164 152 120 236 251 275 217 1,178 1.220 1,370 1,227 518 553 597 660 1945 1946 1947 1948 1949 1950 1951 1952 1953 3,203 4,212 4,875 5,443 5,588 6,323 6,631 7,143 7,089 674 L.008 ,203 L ,261 1,334 L ,576 1,684 L.844 1,848 72 114 153 184 198 245 250 250 279 290 452 532 575 584 641 685 730 769 1,322 1,624 1,821 2,138 2,096 2,365 2,411 2,612 2,480 845 1,014 1,166 1,285 1,376 1,496 1.601 1,707 1.713 1953—February.. March.... April May Tune July August.. . . September. October. . . November. December. 6,522 6,555 6,688 6,843 6,776 6,577 6,592 6,632 6,680 6,666 7,089 1,887 1,960 1,984 1,985 1,922 1,830 L.87O L ,857 L ,867 L ,798 L,848 231 251 262 309 275 249 261 273 264 302 279 504 492 487 498 492 457 453 500 524 578 769 2,174 2,121 2,195 2,265 2,289 2,248 2,215 2,216 2,287 2,262 2,480 1,726 1,731* 1,760 L ,786 1,798 1,793 1,793 1,786 1,738 :L ,726 1,713 1,824 259 272 631 541 2,262 2,009 L, 705 L ,723 1954—January.. . 6,681 February.. 6,327 1 :1,782 End of year or month Total instalment credit 237 339 447 149 178 276 338 134 166 232 309 153 135 165 161 124 363 440 471 302 1945 1946... 1947 1948 1949 1950 1951 1952 1953 745 1,567 2,625 3 529 4,439 5,798 5,771 7,524 8,856 66 169 352 575 849 1,177 1,135 1,633 2,135 143 311 539 753 946 1,294 1,311 1,629 1.884 114 299 550 794 1,016 1,456 1,315 1,751 2,038 110 242 437 568 715 834 888 1,137 1,301 312 546 747 839 913 1,037 1,122 1,374 1,498 1953—February. . March.... April May June July August... . September. October. . . November. December. 7,797 8.059 8,286 8,491 8,675 8,818 8,879 8,893 8,908 8,881 8,856 1,733 1 ,814 1 ,902 1,989 2,043 2 ,095 2,123 2,141 2,157 2,150 2,135 1,695 1,761 1,821 1,869 1 ,906 1,941 1,957 1 .948 1 ,939 1,920 1,884 1,835 1,909 1,956 1,990 2,029 2,055 2,056 2,036 2,032 2,027 2,038 1,136 1,144 1,160 1,184 1,212 1,234 1,251 1,273 1,291 1,303 1,301 1,398 1,431 1,447 1,459 1 ,485 1,493 1,492 1,495 1,489 1,481 1,498 2,079 2,024 1,834 1 ,809 2,037 1,937 1,283 1,267 1,490 1,497 1954—'January. . . 8,723 February.. 8,534 [Estimated amounts outstanding, in millions of dollars] Total instalment credit Automobile paper 1939 1940 1941 1942 1.197 1,575 1,797 878 1,187 1,363 115 136 167 78 148 190 201 117 56 62 66 52 194S 1946 1947 1948 1949 1950 1951 1952 1953 300 677 1,355 1,990 2,950 3,785 3,769 4,833 6,147 164 377 802 1,378 2,425 3,257 3,183 4,072 5,306 24 67 185 232 303 313 241 332 367 58 141 242 216 83 57 70 82 83 54 92 126 164 139 158 275 347 391 1953—February March April . . May June July August September. . . October November. . . December... . 5,031 5,174 5,312 5,480 5,633 5,816 5,924 6,005 6,093 6,147 6,147 4,260 4,402 4,536 4,694 4,836 5,007 5,108 5,186 5,272 5,321 5,306 339 342 345 351 356 367 374 375 372 368 367 80 79 80 78 76 75 72 74 76 79 83 352 351 351 357 365 367 370 370 373 379 391 1954—January February.... 6,062 5,974 5,228 5,150 359 351 86 85 389 388 341 Repair and modernization loans Personal loans Other consumer goods paper Repair and modernization loans Total instalment credit Automobile paper 789 891 957 726 81 102 122 65 24 30 36 27 15 16 14 14 669 743 785 620 1945 1946 1947 1948 1949 1950. . 1951 1952 1953 731 991 1,275 1,573 1,858 2,237 2,537 3,053 3.531 54 77 130 189 240 330 358 457 557 20 34 69 99 137 182 209 279 334 14 22 39 59 89 115 132 187 222 643 858 1,037 1,226 1,392 1,610 1,838 2,130 2,418 1953—Februaiy March April May June July August September. . . October November. . . December... . 3,082 3,147 3,202 3,251 3,313 3,366 3,402 3,430 3,438 3,467 3,531 468 486 504 518 534 544 552 558 563 559 557 286 291 297 302 307 311 315 321 321 328 334 188 193 195 200 205 207 211 215 218 222 222 2,140 2.177 2,206 2,231 2,267 2,304 2,324 2,336 2,336 2,358 2,418 1954—January February.... 3,491 3,491 543 539 331 330 218 218 2,399 2,404 End of year or month Other consumer goods paper 1954 Personal loans 1,079 1,452 1,726 862 [Estimated amounts outstanding, in millions of dollars] APRIL Direct Repair and modernization loans 1939 1940 1941 1942 INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT 588 Purchased Other consumer goods paper INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT Includes mail-order houses. End of year or month Automobile paper 1939 1940 1941 1942 Personal loans NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 387 STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Other consumer goods paper Automobile paper Total Year or month Repair and modernization loans Extended Repaid Extended Repaid Extended Repaid 1940 1941 8,219 9,425 7,208 8,854 3,086 3,823 2,512 3,436 2,588 2,929 2,381 2,827 328 312 1945 1946 1947 1948 1949 1950 1951 1952 1953 5,379 8,495 12,713 15,540 18,002 21,256 22,791 28,397 29,812 5,093 6,785 10,190 13,267 15,454 18,282 22,444 24,550 26,689 999 941 1,969 3,692 5,280 7,182 8,928 9,362 12,306 13.553 1,443 2,749 4,150 5,537 7,285 9,462 10,449 11,363 2,024 3,077 4,498 5,280 5,533 6,458 6,518 7,959 7,741 I 1,999 2,603 3,645 4,581 4,889 5,607 6,585 6,901 7,464 206 423 704 702 721 826 853 2,154 2,713 2,605 2,580 2,670 2,602 2,436 2,389 2,486 2,297 2,598 2,023 2,304 2,229 2,134 2,248 2,233 2,222 2,260 2,347 2,197 2,377 1,044 1,281 ,258 L ,218 1,219 L ,226 1,126 1,089 1.121 947 1,016 1,869 1,864 2,232 2,157 2,585 2,713 2,546 2,485 2,458 2,498 2,358 2,409 2,393 2,441 2,331 2,211 2,243 Extended Repaid Personal loans Extended Repaid 255 307 2,217 2,361 2,060 2,284 1,243 1,340 143 200 391 577 677 707 769 927 1,140 2,150 3,026 3,819 4,278 4,566 5,044 6,058 6,889 7,178 2,010 2,539 3,405 3,959 4,351 4,683 5,628 6,273 6,722 UNADJUSTED 1953—February March April May June July August September October . November December . . 1954—Tanuarv February 837 962 507 657 587 648 80 111 79 99 523 664 520 595 946 897 959 945 963 993 953 648 658 687 622 619 625 668 646 648 603 626 604 608 635 654 606 109 115 129 124 120 120 131 108 90 88 98 101 102 92 108 89 590 589 635 630 571 555 566 569 96 729 545 546 565 583 549 540 569 549 640 750 776 955 945 517 470 627 588 67 81 86 98 535 537 564 526 2,173 2,276 2,232 2,184 2,195 2,183 2,273 2,252 2,249 2,294 2,283 1.236 1,248 1,168 1,142 1,090 1,117 1,044 1,102 1,117 1,080 L.035 909 628 611 108 710 675 649 672 662 80 613 947 955 917 939 921 573 644 632 610 622 609 127 113 109 112 114 100 98 98 99 96 628 590 585 584 605 585 547 559 535 557 963 589 631 633 619 111 106 100 92 576 624 94 601 553 577 2,301 2,320 872 919 974 1,016 824 625 98 SEASONALLY ADJUSTED* 1953—February, March April May Tune July August September October November December . .... 1954—January February 967 962 621 600 1,006 1,015 643 633 593 977 1 ,028 108 112 100 94 585 595 563 563 604 102 661 636 87 81 591 607 586 612 109 99 629 581 570 * Includes adjustment for differences in trading da RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * FURNITURE STORE STATISTICS Item Percentage change from preceding month Percentage change from corresponding month of preceding year Feb. 1954 Jan. 1954 Dec. 1953 Feb. 1954 Tan. 1945 Dec. 1953 +4 +2 +9 +3 -43 -47 -43 -34 +25 +38 -10 -6 -14 -15 -15 +20 +27 -11 -7 -18 -6 -20 -6 Accounts receivable, end of month: Total Instalment Charge accounts -4 -3 -8 -6 -4 -11 +5 +5 n.a. -3 -1 -10 +1 -7 0 n.a. Inventories, end of month, at retail value. +2 -2 -8 -7 -5 -1 Net sales: Total Cash sales Credit sales: Instalment Charge account n.a. Not available. 0 -14 +1 Instalment accounts Year or month February March April May June July August September October November December 1953 Department stores Furniture stores 13 15 14 14 14 13 14 14 14 14 14 11 12 12 12 13 12 12 12 12 11 11 13 14 12 11 Charge accounts Household ap- Department pliance stores stores 10 11 10 10 10 10 10 10 10 9 9 44 49 46 46 47 46 45 46 48 47 46 1954 January February 45 43 1 Collections during month as percentage of accounts outstanding at beginning of month. 388 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value)2 1947-49=100 Industrial production (physical volume)*1 (1947-49 = 100) Employment and payrolls8 1947-49=100 Manufactures Year or month Total Total Durable Nondurable Minerals AdAdAdUnad- AdAdjusted justed justed justed justed justed Total Residential All other Nonagricultural employment Freight carloadings* Manufacturing production workers 1947-49 = 100 Employment Payrolls AdAdAdAdAdUnad- Unad- Adjusted justed justed justed justed justed justed justed Department sales* (retail value) 4 1947-49 = 100 Adjusted WholeConsale sumer8 comprices modity3 1947-49 prices = 100 1947-49 = 100 Unadjusted Unadjusted 1919 1920 1921 1922 1923 1924 1925 39 41 31 39 47 44 49 38 39 30 39 45 43 48 38 42 24 37 47 43 49 37 36 34 40 44 42 46 45 53 42 45 62 57 59 34 34 30 43 45 51 66 26 18 27 41 49 57 75 39 45 32 43 42 46 59 61.6 62.2 55.4 58.7 64.6 63.8 65.5 68.7 69.0 52.8 58.4 66.9 62.1 64.2 31.1 37.1 24.0 25.7 32.6 30.4 32.1 90 98 83 92 107 105 110 27 32 30 30 34 34 36 74.0 85 7 76.4 71 6 72.9 73 1 75 0 1926 1927 1928 1929 1930 51 51 53 59 49 50 50 52 58 48 52 49 53 60 45 48 50 51 56 51 63 64 63 68 59 69 69 73 63 49 73 71 76 52 30 67 68 70 70 62 67.9 68.2 68.3 71.3 67.0 65.5 64.1 64.2 68.3 59.5 33.0 32.4 32.8 35.0 28.3 115 111 112 115 99 37 37 37 38 35 75 74 73 73 71 6 2 3 3 4 65 62 62 61 56 0 0 9 9 1 1931 1932 1933 1934 1935 40 31 37 40 47 39 30 36 39 46 31 19 24 30 38 48 42 48 49 55 51 42 48 51 55 34 15 14 17 20 22 8 7 7 13 41 20 18 24 25 60.6 53.7 53.9 59.0 61.6 50.2 42.6 47.2 55.1 58.8 21.5 14.8 15.9 20.4 23.5 79 59 62 67 69 32 24 24 27 29 65 0 58 4 55 3 57.2 58 7 47 42 42 48 52 4 1 8 7 0 1936 1937 1938 1939 1940 56 61 48 58 67 55 60 46 57 66 49 55 35 49 63 61 64 57 66 69 63 71 62 68 76 30 32 35 39 44 22 25 27 37 43 35 36 40 40 44 66.2 70.6 66.4 69.6 73.6 63.9 70.1 59.6 66.2 71.2 27.2 32.6 25.3 29.9 34.0 81 84 67 76 83 33 35 32 35 37 59 61 60 59 59 3 4 3 4 9 52 56 51 50 51 5 1 1 1 1 1941 1942 1943 1944 1945 87 106 127 125 107 88 110 133 130 110 91 126 162 159 123 84 93 103 99 96 81 84 87 93 92 66 89 37 22 36 54 49 24 10 16 74 116 45 30 50 83.1 91.2 96.6 95.3 92.1 87.9 49.3 103.9 72.2 121.4 99.0 118.1 102.8 104.0 87.8 98 104 104 106 102 44 50 56 62 70 62 9 69 7 74.0 75 2 76 9 56 64 67 67 68 8 2 0 6 8 1946 1947 1948 1949 1950 90 100 104 97 112 90 100 103 97 113 86 101 104 95 116 95 99 102 99 111 91 100 106 94 105 82 84 102 113 159 87 86 98 116 185 79 83 105 111 142 95.1 99.4 101.5 99.1 102.3 97.9 81.2 103.4 97.7 102.8 105.1 93.8 97.2 99.6 111.7 100 108 104 88 97 90 98 104 98 105 83 95 102 101 102 78 96 104 99 103 7 4 4 2 1 1951 1952 1953 120 124 P134 121 125 P136 128 136 P153 114 114 P118 115 114 P116 171 183 192 170 183 178 172 183 201 108.0 109.8 112.5 106.2 129.6 105.5 135.3 110.4 149.2 101 95 96 109 110 112 111 0 113 5 114 4 114 8 111 6 110 1 129 130 133 133 131 134 134 131 130 132 135 135 144 147 151 152 116 117 118 118 119 111 118 117 207 191 185 178 183 218 227 207 219 110.8 111.3 111.8 112.0 109.0 109.6 110.2 110.8 143.3 145.7 146.3 150.9 101 97 101 99 108 115 111 115 114.1 114.2 114.3 114.1 111.8 111.1 110.7 109.6 134 134 135 136 137 136 137 136 133 132 129 126 132 136 138 136 136 136 129 136 135 136 130 124 136 136 137 138 139 138 139 138 '135 134 131 127 154 155 155 155 156 154 157 157 152 151 146 142 117 118 119 121 123 121 121 119 117 117 115 112 116 116 115 115 117 119 120 119 118 114 '•111 ••113 190 173 177 179 161 169 172 205 218 230 224 208 173 182 176 201 112.1 110.6 110.1 167 112.4 111.2 111.0 178 112.5 112.0 111.8 179 112.5 112.4 111.2 159 112.8 112.6 110.8 166 113.2 112.7 111.5 170 113.2 112.4 110.5 220 112.8 111.0 112.0 243 112.6 109.8 111.8 262 112.6 108.4 110.2 255 111.8 106.7 107.7 229 111.1 105.2 106.0 148.4 149.3 151.9 150.0 149.9 150.8 148.9 151.6 150.9 149.3 145.6 144.0 101 98 99 96 95 92 88 111 112 115 110 117 115 113 112 107 110 113 112 113.9 113.4 113 6 113 7 114.0 114 5 114.7 115.0 115.2 115.4 115.0 114.9 109.9 109.6 110 0 109 4 109 8 109 5 110.9 110 6 111.0 110.2 109.8 110.1 125 124 P123 124 126 P125 ••127 126 P124 '141 139 P135 '113 113 P113 113 112 P112 195 196 185 201 202 110.6 103.9 103.4 138.6 192 110.2 102.7 102.5 137.3 P109.5 P101.6 P101A 135.1 90 88 85 107 P109 107 115.2 115.0 110.9 110.5 110.6 4 5 8 8 8 1952 September.. October.... November.. December. . 210 196 205 106.8 107.8 109.2 110.0 1953 January February.. . March April May June July August September.. October November.. December. . 179 164 174 175 184 180 183 176 177 97 98 97 93 98 1954 January.... February... March e r Estimated. P Preliminary. Revised. *1 Average per working day. Revised index; for description see BULLETIN for December 1953. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 397. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 = 100. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 399-403. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 14901515. APRIL 1954 389 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual proportion 1951 1952 Industry 1954 1953 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. SEASONALLY ADJUSTED Industrial Production—Total .. . 100 00 120 124 134 135 136 137 136 137 136 133 132 129 126 125 Manufactures—Total .. . 90 02 121 125 136 137 138 139 138 139 138 '135 134 131 127 127 P126 .. 45 17 128 136 155 155 155 156 154 157 157 152 151 146 142 141 P139 .... Durable Manufactures—Total Primary metals. P124 6 70 126 116 137 136 136 139 137 136 137 130 128 122 113 111 P108 28.52 Metal fabricating 5.73 Fabricated metal products Machinery 13.68 9.04 Nonelectrical machinery 4.64 Klectrical machinery 7.54 Transportation equipment Instruments and related products. . . . 1.29 131 122 130 126 138 135 128 146 121 147 136 167 154 142 168 136 163 145 200 191 153 168 137 163 147 195 190 155 169 138 164 147 195 190 153 169 139 162 146 194 192 156 168 139 161 144 194 188 157 171 142 164 145 200 196 156 171 140 165 145 203 191 156 166 135 161 141 200 186 155 166 134 159 141 193 189 154 159 130 r 152 '136 184 155 126 143 130 169 185 148 P!52 P124 P142 P130 Clay, glass, and lumber products Stone clay and glass products Lumber and products 5.91 2.82 3 09 121 131 113 118 125 111 128 133 124 127 135 121 127 134 120 127 135 119 124 134 114 127 135 119 125 135 116 124 134 114 rl24 133 117 155 rl23 132 115 156 126 146 133 172 182 154 119 129 110 120 125 115 Furniture and misc. manufactures Furniture and fixtures Miscellaneous manufactures 4.04 1.64 2.40 116 111 120 118 113 122 128 119 135 131 121 138 134 124 141 135 123 143 135 122 145 134 121 143 135 119 146 129 114 140 129 113 140 109 138 124 106 136 120 105 130 P103 Nondurable Manufactures— Total.. 44.85 114 114 118 119 121 123 121 121 119 117 117 1/5 rll2 113 P113 11.87 6.32 5 55 3.20 1.47 1 73 106 105 110 113 107 105 103 108 108 115 113 111 106 102 102 108 114 104 109 100 104 98 107 98 95 101 '90 101 91 104 105 119 94 104 116 103 P101 11 3 P109 Textiles and apparel Textile mill products Apparel and allied products . Rubber and leather products Rubber products Leather and products 109 116 r '•iso r 05" 106 110 108 112 107 116 118 134 119 138 120 137 122 139 113 130 116 130 111 127 105 121 105 120 99 103 104 103 118 104 108 99 104 97 91 93 91 93 113 117 111 115 97 P164 P178 P148 P124 P129 P119 P120 P132 v95 P90 P101 94 P94 Paper and printing Paper and allied products Printing and publishing 8.93 3.46 5.47 118 125 113 118 120 116 123 130 119 125 133 120 125 134 120 126 134 121 126 134 121 126 134 121 126 133 121 126 135 121 126 132 123 125 132 121 122 125 120 122 126 120 P122 P126 P119 Chemical and Petroleum products Chemicals and allied products Petroleum and coal products 9.34 6.84 2.50 132 133 137 123 139 140 144 146 136 122 145 146 143 143 142 141 140 139 P!40 145 128 144 P144 1?4 P126 11.51 Foods, beverages, and tobacco Food and beverage manufactures.... 10.73 .78 Tobacco manufactures 105 105 107 106 105 110 103 103 112 105 105 100 P106 P106 143 128 145 128 108 107 120 108 107 116 148 131 108 108 108 151 131 109 109 107 150 131 152 132 148 132 147 131 106 106 103 107 108 103 108 108 104 108 109 104 120 119 118 114 113 76 54 80 131 Minerals—Total 9 98 115 114 116 115 115 117 119 Mineral fuels Coal Anthracite Bituminous coal Crude oil and natural gas 8.35 2 68 114 94 82 96 123 113 83 78 84 128 115 77 59 80 134 113 74 56 77 132 114 75 47 79 133 116 85 65 88 131 119 86 62 89 134 120 87 68 89 135 119 86 59 90 135 118 81 57 84 136 1.63 .82 .81 121 115 108 123 118 121 121 116 127 120 121 121 120 120 .36 .... Metal, stone, and earth minerals M!etal mining Stone and earth minerals 2 32 5 67 113 123 116 126 118 124 118 122 146 129 117 125 116 125 117 124 145 129 108 108 106 108 108 108 r 116 117 123 108 124 lll 113 113 P112 111 70 50 73 131 112 69 55 71 133 113 70 62 7? 134 P112 68 59 69 P133 114 114 111 pJ14 P104 '103 125 r 101 127 104 119 P125 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTIONTOTAL 100 00 120 124 136 138 136 136 136 129 136 135 136 130 124 124 MANUFACTURES—TOTAL 90.02 121 125 139 140 139 138 138 130 137 136 138 132 125 126 Durable Manufactures—Total . . . 45.17 128 136 158 160 159 157 155 147 153 151 154 146 140 140 6.70 126 129 131 123 131 128 153 127 124 140 116 115 115 107 117 112 144 114 109 143 142 142 145 132 146 139 192 136 128 181 143 145 149 135 150 143 194 136 128 179 141 142 144 130 146 139 191 136 129 176 142 143 147 133 148 140 196 133 125 179 138 138 142 133 143 137 183 127 120 166 124 127 136 132 137 131 170 106 101 133 130 131 138 131 138 133 169 116 112 141 127 127 134 130 134 131 152 113 109 137 129 130 136 132 136 138 126 117 113 139 122 122 128 127 129 131 113 108 103 134 110 r ll0 114 117 114 116 105 101 98 122 Primary metals Ferrous metals Pig iron and steel Pig iron Steel Carbon steel Alloy steel Ferrous castings and forgings Iron and steel castings Steel forgings 5.03 3.51 .37 3.05 2.62 .43 1.52 1.29 .23 P126 P141 113 P 1 1 2 111 113 115 108 113 114 115 115 113 11 5 103 98 130 r P Preliminary. Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 390 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 proportion 1951 1952 Industry 1953 Feb. Mar. Apr. May 1954 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 147 103 113 103 103 240 WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals Primary nonferrous metals Copper smelting Conper refining lead Zinc Aluminum Secondary nonferrous metals Nonferrous shapes and castings.. . . Copper mill shapes Aluminum mill shapes . . Nonferrous castings Metal Fabricating 1.67 .38 .09 119 123 106 99 100 112 156 114 119 113 140 115 142 143 114 110 111 116 202 126 143 131 178 145 139 146 126 110 106 115 205 122 138 119 190 144 138 147 122 115 107 114 207 133 136 113 195 146 139 143 115 116 96 113 207 118 139 125 186 138 139 144 108 129 84 116 212 121 139 128 183 135 115 143 109 120 89 111 215 101 107 85 174 109 128 141 105 107 84 115 217 110 125 112 169 124 126 147 111 116 97 115 222 107 121 108 163 122 128 147 114 124 99 115 213 111 123 110 158 127 121 146 109 121 120 107 215 106 114 103 136 121 108 ••145 109 121 108 108 217 101 96 78 126 114 118 145 104 110 108 107 228 .33 116 114 107 102 92 109 140 120 116 108 128 124 28.52 131 146 172 175 173 170 168 161 166 164 167 158 155 155 5.73 2.68 2.12 .30 .63 122 122 128 120 98 121 121 121 122 89 136 137 142 104 91 138 139 145 105 92 139 139 145 114 99 139 139 144 120 102 139 140 143 134 '92 135 135 137 160 83 140 137 136 199 108 137 135 133 182 106 137 136 133 139 113 130 134 130 124 82 126 135 131 69 63 .06 .04 .10 .09 .13 1.16 .63 .20 Fabricated metal products Structural metal parts Stampings and misc. metal products. . Tin cans Furnaces, gas ranges, and heaters. . . . P96 111 100 136 120 " 98' P155 124 P 1 2 4 129 ^127 127 P\25 104 73 13.68 130 147 170 172 167 163 159 148 157 158 161 154 149 146 PU7 Nonelectrical machinery Farm and industrial machinery Farm machinery . .. Industrial and commercial machinery . Machine tools and presses Laundry and refrigeration appliances. 9.04 8.13 1.02 126 126 114 136 135 103 149 143 110 154 146 112 150 144 109 148 142 105 146 142 102 138 137 98 137 136 93 137 135 86 138 135 79 135 133 73 137 134 74 133 130 76 P\M 7.11 .68 .69 128 144 124 140 179 108 148 190 163 151 193 '180 149 192 '157 148 191 144 148 189 '133 143 184 r98 142 183 '94 142 187 '104 143 188 ••112 ••141 185 r9 9 142 186 110 138 P 1 3 6 181 P181 106 133 Electrical machinerv Electrical apparatus and parts Radio and television sets 4.64 3.23 .74 7.54 4.80 1.50 .66 138 127 178 167 162 184 210 179 294 206 183 266 199 184 237 192 182 208 184 182 180 168 176 136 197 178 242 200 179 249 205 178 276 191 176 230 172 176 157 172 169 173 154 102 103 111 105 69 194 137 98 368 136 74 62 195 134 151 121 118 55 214 184 127 461 138 83 82 199 142 161 144 144 87 233 187 131 461 138 76 64 198 143 170 142 138 80 218 246 127 452 139 78 65 194 137 162 124 107 53 201 285 125 452 136 76 66 193 136 166 106 76 37 198 270 126 452 135 74 62 190 131 161 118 113 57 175 247 116 461 133 62 58 189 126 153 127 118 62 186 282 110 473 130 66 56 182 114 134 115 114 54 151 275 102 480 127 64 55 189 122 151 106 106 50 146 232 109 481 125 83 83 173 103 107 95 85 47 134 229 102 '463 124 67 61 174 101 107 98 100 56 150 149 99 '126 '53 41 183 115 135 121 132 64 204 137 101 483 123 59 49 P182 P113 .81 .53 .35 135 120 127 125 120 93 180 161 114 211 121 89 77 1.29 128 142 153 157 155 156 157 151 153 155 156 156 155 148 P148 5.91 121 118 124 127 130 128 129 122 129 rl28 '131 '123 rll3 112 P120 2.82 1.09 .60 .47 .26 131 120 130 131 113 103 123 122 121 123 151 143 125 114 122 124 112 94 124 112 108 116 155 131 129 125 136 141 114 110 113 103 90 113 153 139 132 128 139 143 123 107 119 106 97 114 155 142 134 126 138 142 122 99 132 111 108 114 162 142 135 125 137 139 126 93 137 110 108 114 164 143 136 123 135 137 129 86 138 117 119 118 168 142 132 113 128 128 122 65 142 114 113 117 172 141 137 123 134 135 132 86 143 114 114 117 175 143 136 122 136 139 121 84 144 116 118 115 169 145 139 128 141 145 127 93 145 116 116 118 170 146 134 122 139 143 114 86 137 112 109 116 163 143 128 116 136 140 102 •77 119 106 97 113 ••157 146 122 P126 115 P120 130 Pi 31 132 Pi 34 115 121 91 79 110 104 97 P100 81 110 P109 143 P147 140 P 1 4 1 113 107 136 116 159 105 111 105 138 118 167 99 119 110 170 142 211 102 122 112 172 143 218 103 126 120 164 125 226 103 122 114 159 124 215 103 122 117 152 109 222 104 112 109 128 98 174 101 122 123 135 115 164 98 123 120 .60 .39 .12 .29 99 93 '124 87 184 94 103 P 1 1 4 109 98 138 P152 93 241 212 P90 88 Machinery . . . . Transportation equipment Autos, trucks, and parts Autos Trucks Light trucks Medium trucks Heavy trucks Truck trailers Auto and truck parts . . Aircraft and parts Shipbuilding and repair Railroad equipment Railroad cars . ... .22 .19 .14 .07 -2.58 1.30 Instruments and related products.. Clay, Glass, and Lumber Products. Stone, clay, and glass products Glass and pottery products Flat glass and vitreous products. . . Flat and other glass Glass containers Home glassware and pottery Cement Structural clay products . . . . Brick Clay firebrick, nine, and tile .... Concrete and plaster products Misc. stone and earth manufactures.. Lumber and products Lumber Millwork and plvwood Mill work Softwood plywood Wood containers .. .23 .32 .35 .12 .20 .48 .58 3.09 2.05 121 118 117 194 94 116 198 96 114 110 -141 101 206 94 n47 ••148 ••483 P129 PSO P172 P168 170 138 Pill 99 P487 PI 25 P55 42 4.04 116 118 131 133 132 130 131 125 132 132 135 '132 127 119 P122 Furniture atid fixtures Household furniture Fixtures and office furniture 1.64 1.10 .54 111 109 114 113 113 112 122 126 116 123 127 116 121 123 118 118 119 115 117 117 117 113 112 114 116 116 117 115 114 118 116 116 117 114 '113 115 112 '109 117 106 103 113 P106 P!04 P110 Miscellaneous manufactures 2.40 120 122 136 140 140 139 140 133 143 144 148 145 138 128 P133 Furniture and Misc. Manufactures r P Preliminary. Revised. For other footnote see preceding page. APRIL 1954 391 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 947-49 propor1951 1952 tion Industry 1953 Feb. Mar. Apr. 1954 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 114 119 121 118 119 121 113 121 122 122 118 11.87 106 105 117 116 108 HI 114 97 HI 104 103 98 6.32 3.72 2.30 .97 .45 .97 .16 .75 1.15 .65 .45 .20 .50 .48 .31 107 112 114 122 100 97 99 97 110 113 119 98 106 90 78 103 105 104 112 102 85 96 83 115 116 121 105 113 95 80 112 114 113 116 119 83 98 80 125 128 134 116 120 118 110 113 117 114 120 124 82 99 79 123 122 128 108 124 117 110 109 111 107 125 106 80 93 78 123 123 130 105 124 114 106 112 115 110 129 112 87 103 83 123 121 128 103 125 100 87 111 114 110 130 108 91 110 87 117 111 116 100 125 98 82 93 95 87 124 74 78 90 75 102 88 89 87 121 67 45 107 110 107 119 100 82 102 77 118 114 117 105 125 94 80 102 105 104 109 100 73 93 68 116 115 119 104 117 97 83 87 96 100 90 101 102 101 89 103 95 102 105 83 87 96 74 64 59 82 '68 '62 73 63 115 108 94 114 109 97 118 114 87 104 98 116 107 101 101 89 69 72 Apparel and allied products Men's outerwear.. . . ]Vfen's suits and coats Men's suits . Men's outercoats Shirts and work clothing W o m e n ' s outerwear W o m e n ' s suits and coats . Misc apparel and allied mfrs 5.55 1.78 .73 .50 .13 .99 1.85 .76 1.92 105 103 88 84 86 104 106 120 108 108 105 87 83 83 114 108 123 111 123 128 107 109 69 142 123 160 118 120 134 109 112 71 151 106 109 119 107 123 100 98 85 138 86 53 112 110 128 110 102 114 141 94 67 110 117 102 124 83 109 63 98 57 125 74 133 94 119 '111 142 141 110 107 115 117 107 94 133 122 rill 145 112 106 113 94 83 115 125 r 92 106 108 107 105 90 83 94 114 r 96 118 114 100 104 88 86 71 113 r 83 *-Q0 109 Rubber and Leather Products 3.20 105 107 125 125 121 118 113 101 112 107 111 Rubber products Tires and tubes Auto tires Truck and bus tires Miscellaneous rubber products .. 1.47 .70 .40 .30 .77 119 115 94 144 123 116 115 106 128 117 140 135 128 145 144 143 138 136 142 148 140 135 134 137 145 137 132 134 130 142 131 123 125 121 138 114 109 117 97 119 122 106 112 99 137 122 103 104 102 Leather and products Leather Cattlehide leathers 1.73 .44 .29 .15 .90 .39 94 84 87 77 97 99 99 87 87 86 104 101 112 100 100 98 120 108 110 94 92 96 118 109 104 96 97 94 109 104 102 101 101 100 106 95 97 93 91 97 99 98 91 80 79 81 93 98 103 93 94 90 109 102 Paper and Printing 8.93 118 118 124 128 128 126 125 116 Paper and allied products Pulp and paper •\Vood pulp 3.46 1.76 .51 1.25 .22 .14 .20 .18 .41 .10 1.70 .51 .11 125 126 132 123 115 123 125 130 126 115 125 124 131 120 120 132 116 111 117 112 123 117 112 120 120 126 133 131 142 127 121 118 120 131 136 117 136 136 141 136 132 144 127 120 118 120 130 138 119 141 143 141 136 134 146 129 122 122 120 132 138 128 139 138 146 132 131 144 126 119 122 120 126 135 126 132 133 131 134 133 146 128 119 118 117 129 140 132 136 137 132 120 117 130 112 108 96 104 118 118 116 124 122 131 5.47 1.85 3.62 113 115 113 116 115 117 118 115 120 123 125 122 123 127 120 122 127 120 120 118 121 Chemical and Petroleum Products. 9.34 132 133 142 143 144 143 Chemicals and allied products . Industrial chemicals.. Basic inorganic chemicals Industrial organic chemicals Plastics materials Synthetic rubber.. Synthetic fibers Miscellaneous organic chemicals.. Vegetable and animal oils Vegetable oils Grease and tallow 6.84 2.54 .57 1.97 .24 .11 .59 1.03 .64 .48 .16 .71 .66 .23 136 146 135 149 163 184 148 143 112 112 111 107 108 112 137 140 137 141 157 175 141 133 112 110 119 110 112 122 147 150 153 149 190 191 149 135 131 127 143 126 116 139 149 154 152 155 200 210 157 138 119 115 130 121 118 168 150 159 154 161 199 221 170 140 112 105 135 112 119 177 148 159 152 161 191 220 168 143 104 93 136 112 122 139 110 Ill Nondurable Manufactures—Total... Textiles and Apparel Textile mill products Cotton consumption Synthetic fabrics Fabric finishing W o o l textiles W o o l apparel yarns W o o l fabrics Knit goods Hosierv Full-fashioned hosiery Seamless hosiery Knit garments Floor coverings ... W o v e n carpets . «. . l^Iiscellaneous leather products Printing paper . Fine paper Coarse paper Miscellaneous paper Paperboard Building paper a n d board Converted paper products Shipping containers Sanitary paper products Printing a n d publishing Newsprint consumption Job printing and periodicals Paints Fertilizers . . . . 91 97 101 100 101 90 99 94 101 57 58 67 56 PS4 103 ^109 119 113 120 127 96 102 90 89 P93 76 122 105 105 v\\? 117 111 92 96 102 96 52 56 133 120 117 106 135 123 98 P103 103 r98 103 vlO7 127 108 109 106 120 101 99 103 111 93 89 99 114 P113 112 96 92 111 102 94 85 86 83 97 96 97 91 94 87 97 101 89 87 91 79 85 99 »-87 81 86 72 88 92 94 P102 86 93 74 102 110 85 123 127 132 129 121 120 P122 135 133 146 127 121 118 118 127 141 121 137 138 134 135 130 141 126 118 118 118 128 137 122 140 141 139 140 138 151 132 124 121 127 136 143 123 143 140 151 119 135 117 133 147 129 127 113 120 112 120 109 124 113 131 123 137 U S 92 108 121 136 118 135 139 131 125 P129 128 142 122 120 112 122 135 128 96 123 115 126 146 114 102 119 116 106 121 122 119 123 126 129 125 126 123 122 117 125 116 r>118 108 114 121 P120 142 139 141 142 145 '145 141 141 P143 146 161 149 164 194 214 174 146 95 83 131 100 121 112 141 157 146 160 163 205 171 148 84 70 124 76 122 101 143 157 147 160 175 176 167 150 94 83 125 97 119 104 145 151 138 154 181 162 148 150 109 106 120 116 118 112 150 151 151 149 153 153 150 148 179 173 147 152 143 135 148 1 4 9 140 141 144 141 129 140 134 128 117 117 108 101 146 147 148 147 166 1S3 136 149 135 137 127 117 116 106 147 146 P146 r P Preliminary. Revised. NOTE.—A number of groups and subgroups include individual series not published separately. TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 392 98 P103 98 87 78 81 46 90 14S P146 168 148 152 133 j>136 147 138 138 138 138 138 140 118 124 114 112 P137 For description and back figures, see BULLE- FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 1954 1953 1947-49 Annual proportion 1951 1952 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 1.97 1.04 .98 .06 .56 .30 .26 10 .17 .26 .15 122 125 126 123 174 123 138 105 122 124 112 103 123 128 132 128 194 128 151 102 119 112 97 102 128 134 141 136 223 134 160 104 132 95 113 72 127 132 137 133 216 132 158 103 118 103 114 80 127 131 137 132 227 127 151 100 118 105 113 108 129 132 140 135 235 125 148 98 107 109 114 118 131 136 145 140 241 130 155 101 107 106 114 109 132 137 149 144 234 128 153 100 105 103 113 111 135 131 133 138 135 136 150 147 143 144 141 138 243 247 220 128 128 128 152 153 155 100 98 97 105 108 116 110 112 111 112 '110 '109 139 123 121 11.51 105 106 98 100 100 103 108 111 118 Petroleum a n d coal products Petroleum refining Gasoline. Automotive gasoline Aviation gasoline Fuel oil Distillate fuel oil Residual fuel oil Kerosene I rubricating oil Coke Asphalt roofing and siding Foods, Beverages, and Tobacco 123 131 137 147 143 211 130 155 100 116 112 107 90 128 137 146 141 228 129 153 102 124 109 102 53 120 98 125 P 1 2 6 134 140 P142 136 214 131 P 1 3 5 156 104 128 105 90 97 56 97 Food a n d beverage manufactures. . 10.73 Food manufactures 8.49 1.48 M e a t products .46 Beef .83 Pork .69 Dairy products .14 Butter .07 Natural cheese .19 Concentrated milk . . .28 Ice cream 1.13 Canned and frozen foods 1.16 Grain-mill products .46 W h e a t flour .70 Cereals and feeds 1.64 Bakery products .27 Sugar .11 Cane sugar .13 Beet sugar .71 Confectionery Miscellaneous food preparations . .. 1.41 2.24 Beverages 54 Bottled soft drinks 1.70 Alcoholic beverages 1.02 Beer and ale .17 Liquor distilling .37 Liquor bottling 105 105 110 92 117 96 91 100 91 98 121 104 84 117 101 100 102 101 102 97 105 107 104 100 120 107 105 106 114 100 119 98 92 103 91 102 117 108 84 124 101 104 109 94 102 100 102 116 98 102 54 99 97 99 118 119 114 89 102 96 78 86 79 102 81 116 99 55 105 8 110 98 91 99 99 117 120 112 100 111 107 91 95 75 102 81 116 100 67 128 8 101 99 99 99 98 111 127 98 112 122 124 111 100 80 99 75 114 98 67 105 30 98 97 105 102 101 103 126 87 136 145 151 137 121 90 104 81 120 100 57 116 1 89 101 110 108 105 105 128 89 146 143 159 140 144 103 110 78 131 103 80 123 39 74 107 119 112 110 98 127 79 132 120 130 110 149 162 108 78 128 102 73 129 20 64 109 121 118 118 102 132 82 118 111 116 94 135 209 109 83 126 101 75 124 27 92 108 118 124 127 111 139 92 99 88 102 72 118 233 111 84 128 102 106 121 89 135 113 113 120 121 123 144 107 85 82 89 67 94 154 111 90 125 101 250 105 370 135 110 116 111 114 135 139 128 80 86 86 68 80 104 103 82 117 99 277 97 429 128 107 99 -99 102 125 134 116 81 94 93 74 73 '86 101 76 117 97 177 96 242 88 88 90 46 97 100 103 54 110 102 109 53 105 102 106 55 110 107 117 51 104 107 127 41 90 108 129 33 92 108 111 67 115 118 100 122 148 100 79 88 146 80 76 65 89 79 79 66 79 .78 .46 .17 107 110 101 110 114 105 117 119 122 113 119 109 104 107 106 107 109 112 110 114 108 94 99 88 117 123 110 111 115 110 116 118 120 111 110 122 92 96 90 98 105 90 Tobacco manufactures Cigarettes Cigars 84 P97 97 98 101 126 112 141 129 99 114 86 96 115 110 109 100 78 84 87 72 P70 76 106 P106 86 p&6 119 P119 P95 95 89 97 77 111 100 P\02 P90 82 PS7 86 76 88 MINERALS—TOTAL 9.98 115 114 113 111 115 118 120 117 122 122 118 113 111 111 P 1 0 9 Mineral Fuels 8.35 114 113 115 113 114 115 117 114 119 119 116 113 113 114 P112 Coal Anthracite .. Bituminous coal 2 68 .36 2.32 94 82 96 83 78 84 77 59 80 74 52 77 74 45 79 81 66 84 81 65 83 69 54 71 85 56 90 84 60 88 84 66 87 76 55 79 71 51 74 Crude oil and natural gas Oil and gas extraction Crude oil Natural gas Natural gas liquids Oil and gas well drilling 5.67 4.82 4.12 .34 .36 .85 123 121 118 148 136 133 128 125 120 159 145 144 134 132 126 187 156 140 132 131 125 172 155 140 133 129 124 164 155 157 131 127 122 152 151 154 134 130 126 152 154 157 135 130 127 154 154 163 135 131 126 156 158 160 136 131 130 126 126 120 150 165 160 159 158 167 131 128 120 179 162 147 133 127 120 188 166 163 Metal, Stone, and Earth Minerals . 74 62 75 134 127 P128 120 P120 163 170 P162 1.63 121 115 98 102 121 132 136 134 137 135 127 110 '98 91 Metal mining Iron ore Nonferrous metal mining Copper mining Lead mining Zinc mining .82 .33 .49 .24 .09 .06 116 124 111 114 99 109 108 104 110 114 97 107 85 45 111 116 97 104 88 53 112 120 94 101 119 131 111 118 95 100 139 184 109 120 89 93 142 201 102 109 87 90 138 199 98 109 78 79 140 199 100 112 80 80 139 198 100 112 81 76 122 155 100 114 79 72 95 8S 101 116 78 74 74 40 97 110 '80 71 75 39 99 112 76 75 Stone and earth minerals .81 127 123 112 116 123 125 130 130 133 131 132 T P Preliminary. Revised. For other footnote see preceding page. APRIL 1954 c 126 122 68 59 69 P95 42 108 P\U Corrected. 393 OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1954 1953 Product group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 148 146 148 144 142 144 138 131 132 121 Passenger automobiles 146 151 159 155 158 159 149 139 142 0) Household goods, total Carpets Fur niture 150 104 122 126 141 101 123 125 135 98 126 121 131 87 126 122 125 C1) 123 109 128 127 122 121 0) 122 108 117 100 iii 110 93 0) 273 226 201 182 182 204 217 217 0) Radios and television... 94 221 Dec. 115 Jan. Feb. 121 P121 (1) P Preliminary. 1 Publication has been discontinued pending a general revision of the major consumer durable goods index. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1954 Industry group or industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ADJUSTED FOR SEASONAL VARIATION 13,857 13,906 13,930 13,943 13,904 13,733 13,577 13,409 13,194 13,015 '12,850 12,704 12,567 Total 8,220 8,228 8,202 8,099 7,998 7,891 8,175 8,218 7,712 7,587 '7,467 7,353 7,206 Durable goods 147 '144 150 158 162 150 156 159 121 132 159 158 153 Ordnance and accessories 698 '629 653 724 718 712 713 704 621 637 699 695 681 Lumber and wood products 330 '289 295 327 328 331 330 320 283 284 313 306 300 Furniture and fixtures 459 430 442 465 463 462 461 461 426 427 463 461 454 Stone, clay, and glass products.. 986 1,139 1,144 1,149 1,151 1,149 1,009 Primary metal industries 1,050 '1,030 1,134 1,117 1,094 1,071 960 839 947 957 967 943 944 924 857 902 Fabricated metal products 966 '868 866 1,314 1,300 1,277 1,247 1,162 1,182 1,234 1,225 1,211 Machinery except electrical 1,322 1,294 1,196 '1,193 926 928 924 923 794 808 913 896 872 Electrical machinery 916 920 '821 839 1,556 1,533 1,521 1,576 1,375 Transportation equipment 1,493 1.479 1,400 1,423 1,574 1,548 1,460 '1,441 Instruments and related prod241 243 244 248 243 241 245 220 240 241 230 ucts 238 235 r Misc. manufacturing industries.. 429 413 426 431 404 422 432 379 413 404 398 387 '387 Nondurable goods 5,702 5,634 5,579 5,518 5,682 5,688 5,710 5,715 5,361 5,482 5,428 '5,383 5,351 Food and kindred products 1,103 1,132 1,138 1,121 1,138 1,110 1,124 1,097 1,108 1,100 '1,094 1,113 1,093 Tobacco manufactures 97 96 97 98 95 94 98 93 93 103 99 96 95 Textile-mill products 1,119 1,119 1,123 1,128 1,123 1,108 1,122 990 1,076 1,021 '994 1,044 988 Apparel and other finished tex1,120 1,106 1,103 1,111 1,093 1,055 1,123 1,053 1,039 1,048 1,060 1,055 '1,050 tiles 437 440 442 451 452 452 448 440 456 '440 439 446 439 Paper and allied products Printing, publishing and allied 502 501 502 501 504 509 502 503 508 '502 499 505 504 industries 518 526 528 526 521 '512 529 489 503 491 498 495 491 Chemicals and allied products... 188 190 189 188 187 185 189 179 186 180 184 '180 182 Products of petroleum and coal. 221 222 222 220 216 214 222 194 207 196 200 197 198 Rubber products 354 359 358 349 342 336 358 328 332 331 336 '332 335 Leather and leather products. . . WITHOUT SEASONAL ADJUSTMENT 13,831 13,758 13,699 13,787 13,666 13,851 13,832 13,627 13,317 13,107 12,793 12,683 12,541 Total 8,211 8,179 8,056 8,054 8,016 8,215 8,190 7,941 Durable goods 7,767 7,651 '7,477 7,375 7,238 147 150 156 153 162 159 Ordnance and Accessories 159 158 158 rl44 132 121 150 r 688 701 713 688 718 722 713 731 705 Lumber and Wood Products 650 621 612 616 '372 408 416 422 407 426 429 371 423 432 419 388 Sawmills and planing mills.. 333 329 322 286 308 315 315 r293 290 315 317 312 301 Furniture and Fixtures 247 242 237 228 228 223 232 228 226 208 216 '209 Household furniture 426 459 462 461 456 456 463 465 465 463 446 425 426 Stone, Clay, and Glass Products.. 1,145 991 1,144 1,138 1,076 1,143 1,134 1,128 1,117 1,099 1,061 '1,035 1,014 Primary Metal Industries Blast furnaces, steel works 564 562 562 571 572 567 561 555 542 522 512 534 952 952 and rolling mills 952 938 946 956 944 929 907 866 879 847 '877 1,335 1,321 1,307 1,300 1,264 1,235 Fabricated Metal Products 1,228 1,219 1,205 1,202 rl , 193 1,188 1,174 228 228 227 222 221 227 224 223 222 214 220 Machinery except Electrical '218 925 J26 919 892 905 911 913 905 885 816 856 r 802 Metalworking machinery... 829 Electrical Machinery 287 285 288 283 281 288 281 278 274 274 263 '268 Electrical apparatus (gen399 415 418 407 388 405 410 407 394 368 347 '353 erating, etc.) Communication equipment. 1,574 1,576 1,556 1,548 1,533 1,521 1,493 1,479 1,423 1,460 '1,441 1,400 1,375 Transportation Equipment 821 831 816 796 775 803 738 732 703 '696 666 726 Motor vehicles and equip542 533 532 537 545 535 560 555 551 552 545 528 ment 244 244 236 221 244 241 239 245 241 241 231 240 Aircraft and parts 242 410 411 413 403 420 415 428 432 393 406 385 *387 Instruments and Related Products. 424 Misc. Manufacturing Industries.. For footnotes see following page. 394 FEDERAL RESERVE BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons! 1953 Industry group or industry Mar. Nondurable goods Food and Kindred Products Meat products Canning and preserving.. . . Bakery products Tobacco Manufactures Textile-mill Products Broad-woven fabric mills... Knitting mills Apparel and Other Finished Textiles Men's and boys' furnishings. Women's and misses' outerwear Paper and A Hied Products Pulp, paper and paperboard mills Printing, Publishing and Allied Industries Newspapers Commercial printing Chemicals and Allied Products... Industrial organic chemicals. Products of Petroleum and Coal.. Petroleum refining Rubber Products Leather and Leather Products Footwear (except rubber)... Apr. May July June Sept. Aug. Oct. Nov. Dec. Jan. Feb. 5,620 1,025 238 123 180 87 1,134 499 235 5,543 1,027 233 134 179 85 1,119 494 233 5,520 1,051 233 146 181 85 1,117 494 232 5,597 1,097 237 165 184 85 1,122 497 232 5,610 1,184 240 244 184 85 1,094 490 226 5,797 1,264 240 316 182 107 1,102 486 231 5,816 1,297 242 342 183 114 1,097 484 229 5,686 1,202 249 232 183 111 1,076 475 224 5,550 1,131 258 168 181 103 1,054 467 217 5,456 '5,316 1,068 '1,011 253 243 136 120 177 174 106 99 1,036 rl,004 448 459 203 211 5,308 992 235 113 174 92 1,003 446 207 1,139 289 1,086 289 1,061 288 1,072 288 1,053 277 1,109 291 1,087 290 1,090 288 1,071 282 1,071 '1,050 273 266 1,070 270 356 439 318 440 298 440 309 446 314 442 335 450 316 454 317 452 316 450 335 446 337 '442 347 441 223 222 222 225 225 227 228 226 226 227 225 225 499 146 159 526 190 186 144 221 363 238 498 146 158 526 191 188 144 221 355 232 499 148 158 517 192 188 143 220 344 226 502 148 159 513 195 190 145 220 351 231 496 146 157 508 195 190 145 213 344 224 499 146 156 511 196 191 146 214 351 228 509 149 159 515 193 188 144 214 341 221 513 150 161 513 190 186 143 209 335 214 510 149 160 508 187 184 142 204 334 216 512 150 163 501 185 181 141 202 333 220 '502 145 161 500 182 '178 139 199 r332 224 499 144 158 498 177 178 139 197 338 226 Mar. 5,303 992 86 1,000 1,079 442 500 496 177 194 336 ' Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for March 1954 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Industry group Average hours worked (per week) Average hourly earnings (dollars per hour) 1954 1953 1954 Mar. Jan. Feb. Mar Mar. Jan. Total 71.93 70.92 70.88 39.4 77.52 '76 59 76.38 70.53 75.81 41.1 Durable goods. 41.9 40.1 Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products. Primary metal industries 77.46 64.21 63.65 70.21 84.23 '77.60 -62.25 ••61.78 '69.8 7 '•81.74 78.00 63.99 62.56 70.70 79.31 78.21 63.74 62.40 70.70 78.49 41.2 40.9 41.6 41.3 41.7 '40.0 '39.4 '39.6 '39.7 '39.3 Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries. 77.59 84.05 72.21 85.49 73.74 64.74 '76.73 82.40 70.74 '85.86 '72.22 63.43 76.92 82.40 72.00 84.80 73.53 64.16 75.95 81.80 71.28 83.98 72.18 64.56 42.4 43.1 41.5 41.7 41.9 41.5 Jan. Feb. 1.75 1.80 1 79 1.79 1.85 1.91 1.90 1.90 39.7 40.6 40.0 40.4 38.1 1.88 1.57 1.53 1.70 2.02 1.94 '1.58 1.56 1.76 2.08 1.95 1.58 1.56 1.75 2.06 1.97 1.57 1.56 1.75 2.06 40.7 41.2 40.0 40.0 40.4 40.1 40.4 40.9 39.6 39.8 40.1 40.1 1.83 1.95 1.74 2.05 1.76 1.56 1.89 2.00 1.80 2.12 '1.81 1.61 1.89 2.00 1.80 2.12 1.82 1.60 1.88 2.00 1.80 2.11 1.80 1.61 Feb. Mar. Mar. 39.6 39.4 40.2 39.9 40.0 40.5 40.1 40.4 38.5 '40.6 41.2 39.3 '40.5 39.9 39.4 Mar. 63.60 63.53 63.63 63.63 40.0 38.5 38.8 38.8 1.59 1.65 1.64 1.64 Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished products... . Paper and allied products 65.28 47.63 54.80 49.76 72.31 68.71 45.97 '50.86 '47.68 72.07 67.64 46.44 51.68 49.46 72.07 67.87 47.29 52.20 49.32 71.90 40.8 37.8 40.0 37.7 43.3 40.9 36.2 '37.4 '34.8 41.9 40.5 36.0 38.0 36.1 41.9 40.4 36.1 38.1 36.0 41.8 1.60 1.26 1.37 1.32 1.67 1.68 1.27 '1.36 1.37 1.72 1.67 1.29 1.36 1.37 1.72 1.68 1.31 1.37 1.37 1.72 Printing, publishing and allied products. Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 85.24 73.87 87.89 80.29 53.84 86.40 '76.45 91.53 '74.69 '51.89 86.18 76.63 91.30 75.46 52.72 86.85 76.45 90.23 74.69 52.54 39.1 41.5 40.5 41.6 39.3 38.4 41.1 40.5 '38.7 '37.6 38.3 41.2 40.4 39.1 38.2 38.6 41.1 40.1 38.7 37.8 2.18 1.78 2.17 1.93 1.37 2.25 '1.86 2.26 1.93 '1.38 2.25 1.86 2.26 1.93 1.38 2.25 1.86 2.25 1.93 1.39 Nondurable goods. ' Revised. NOTE.—Data are for production and related workers, of Labor Statistics. APRIL 1954 Figures for March 1954 are preliminary. Back data are available from the Bureau 395 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transportation and public utilities Manufacturing ing 40,069 41,412 43,438 44,382 43,295 44,696 47,202 47,993 49,150 15,302 14,461 15,290 15,321 14,178 14,967 16,082 16,209 17,006 826 852 943 982 918 889 913 872 832 1,132 1,661 1,982 2,169 2,165 2,333 2,588 2,572 2,543 3,872 4,023 4,122 4,141 3,949 3,977 4,166 4,220 4,276 1953—March April May June July August September October November December 49,148 49,154 49,297 49,486 49,511 49,303 49,216 49,229 48,877 '48,544 17,168 17,229 17,276 17,319 17,303 17,127 16,959 16,790 16,587 16,404 854 838 833 831 816 821 820 810 815 810 2,529 2,517 2,484 2,508 2,511 2,514 2,571 2,615 2,596 2,572 1954—January February March '48,339 48,154 47,842 '16,217 16,057 15,906 799 788 768 1953—March April May June July August September October November December 48,685 48,860 49,058 49,416 49,215 49,409 49,695 49,663 49,340 '49,703 17,135 17,077 17,040 17,162 17,069 17,258 17,221 17,017 16,706 16,488 1954—January February March '47,721 47,422 47,288 '16,158 16,034 15,873 Yeai or month 1945. 1946 1947 1948 1949 1950 1951 1952 1953 Total Contract construction Trade Federal, State, and local government Finance Service 7,522 8,602 9,196 9,519 9,513 9,645 10,013 10,251 10,475 1,394 1,586 1,641 1,711 1,736 1,796 1,861 1,957 2,034 4,055 4,621 4,807 4,925 5,000 5,098 5,207 5,280 5,317 5,967 5,607 5,456 5,614 5,837 5,992 6,373 6,633 6,667 4,272 4,266 4,282 4,282 4,293 4,287 4,301 4,317 4,280 4,228 10,390 10,402 10,466 10,521 10,524 10,489 10,503 10,558 10,485 10,480 1,993 2,004 2,015 2,026 2,044 2,055 2,064 2,076 2,077 2,074 5,305 5,307 5,304 5,317 5,333 5,329 5,313 5,336 5,330 5,325 6,637 6,591 6,637 6,682 6,687 6,681 6,685 6,727 6,707 '6,651 '2,469 2,526 2,508 4,173 4,153 4,085 10,520 10,482 10,459 '2,073 2,070 2,071 '5,331 5,332 5,331 6,757 6,746 6,714 846 835 831 835 823 831 826 813 816 809 2,301 2,416 2,509 2,608 2,662 2,715 2,751 2,772 2,674 2,521 4,235 4,244 4,279 4,315 4,340 4,337 4,323 4,310 4,273 4,240 10,284 10,314 10,348 10,415 10,355 10,334 10,464 10,611 10,772 11,310 1,993 2,014 2,025 2,046 2,075 2,076 2,054 2,055 2,056 2,064 5,225 5,307 5,357 5,397 5,413 5,409 5,393 5,336 5,303 5,272 6,666 6,653 6,669 6,638 6,478 6,449 6,663 6,749 6,740 '6,999 792 777 760 '2,247 2,248 2,282 4,137 4,103 4,050 10,365 10,250 10,252 '2,052 2,060 2,071 ••5,224 5,225 5,251 6,746 6,725 6,749 SEASONALLY ADJUSTED UNADJUSTED ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. March 1954 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Employed1 Total noninstitutional population Total labor torce Total 1945 1946 1947 1948 1949 1950 1951 1952 1953 105 370 106 370 107,458 108 482 109 623 110,780 111 924 113,119 115,046 65 140 60 820 61,608 62 748 63 571 64,599 65 832 66 410 66,965 1953—February March April May June July August... September October November.. . December 114,479 114 755 114,828 114 931 115,032 115,132 115 232 115,342 115,449 115 544 115,634 1954—January2 February March 115,738 115,819 115,914 Year or month Unemployed Not in the labor force Total In nonagricultural industries In agriculture 53,860 57 520 60,168 61 442 62,105 63,099 62 884 62,966 63,417 52,820 55,250 58,027 59,378 58,710 59,957 61,005 61,293 61,894 44,240 46,930 49,761 51,405 50,684 52,450 53,951 54,488 55,366 8,580 8,320 8,266 7,973 8,026 7,507 7,054 6,805 6,528 1,040 2,270 2,142 2,064 3,395 3.142 1,879 1,673 1,523 40,230 45,550 45,850 45,733 46,051 46,181 46,092 46,710 48,081 66,255 66 679 66,338 66 497 68 290 68,258 68 238 67,127 66,954 66 873 66,106 62,712 63 134 62,810 62 964 64,734 64,668 64 648 63,552 63,404 63 353 62,614 60,924 61,460 61,228 61,658 63,172 63,120 63,408 62,306 62,242 61,925 60,764 55,558 55,740 55,158 55,268 55,246 55,492 56,134 55,044 55,083 55,274 55,326 5,366 5,720 6,070 6,390 7,926 7,628 7,274 7,262 7,159 6,651 5,438 1,788 1,674 1,582 1,306 1,562 1,548 1,240 1,246 1,162 1.428 1,850 48,224 48,076 48,490 48,434 46,742 46,874 46,994 48,215 48,495 48,671 49,528 66,292 67,139 67,218 62,840 63,725 63,825 59,753 60,051 60,100 54,469 54,349 54,225 5,284 5,697 5,875 3,087 3,671 3,725 49,447 48,679 48,696 1 2 Includes self-employed, unpaid family, and domestic service workers. Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 396 FEDERAL RESERVE BULLETIN VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Year or month Business Total Total 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 Public Other nonresidential Residential Total Industrial Com- Public mercial utility Total Military Highway Conservation All other 125 385 1,620 ,016 ,550 837 690 188 204 158 137 177 887 1,388 1,323 1,381 1,302 1,066 734 446 362 398 895 1,451 1,774 2,131 2,272 2,518 2,860 3,150 570 528 500 357 285 163 130 240 394 629 793 881 853 854 822 1,733 1,413 2,565 4,553 3,041 1,711 1,180 1,039 1,384 2,264 3,344 3,670 5,073 5,724 5,933 198 ,682 ,957 ,075 ,301 ,259 ,633 ,000 ,689 ,678 ,789 ,454 895 638 843 4,389 5,054 6,206 3,415 1,979 2,186 3,235 9,638 13,256 16,853 16,384 21,454 21,564 21,812 23,615 2,680 2,985 3,510 1,715 885 815 1,100 4,015 6,310 8,580 8,267 12,600 10,973 11,100 11,905 1,229 1,561 2,082 1,287 759 989 1,672 4,195 4,896 5,693 5,322 5,680 7,217 7,460 8,456 254 442 801 346 156 208 642 1,689 1,702 1,397 972 1,062 2,117 2,320 2,226 292 348 409 155 33 •56 203 1,132 856 1,253 1,027 1,288 1,371 1,137 1,791 July August September October November December 3,050 3,025 2,910 2,922 ,849 2,811 2,824 2,841 2,900 2,900 2,055 2,059 1,980 1,986 1,955 1,937 1,928 1,945 1,969 1,985 1,089 1,080 989 1,008 979 956 942 957 963 989 700 706 711 707 702 712 717 717 728 723 208 208 202 191 182 178 173 165 163 162 131 126 132 139 143 154 163 172 186 187 361 372 377 377 377 380 381 380 379 374 266 273 280 271 274 269 269 271 278 273 995 966 930 936 894 874 896 896 931 915 134 123 121 122 105 96 89 80 88 98 265 257 244 253 267 267 271 278 273 244 77 80 77 74 70 64 60 57 56 59 519 506 488 487 452 447 476 481 514 514 1954—January Februarys March? 2,915 3,038 3,075 1,971 2,036 2,097 965 1,021 1,081 734 740 739 170 177 181 189 188 178 375 375 380 272 275 277 944 1,002 978 94 83 93 260 303 292 62 60 64 528 556 529 1953—March April May June Preliminary. 683 771 872 786 570 725 827 1,374 2,338 3,043 3,323 3,330 3,729 003 4,439 480 3,809 508 3,628 614 5,751 413 10,660 335 6,322 382 3,073 463 2,398 1,428 2,362 2 ,050 3,433 2,580 4,825 2,795 6,405 3,174 7,000 3,374 9,331 3,252 10,826 3,254 11,228 Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership Year or month Total Public 1947 1948 1949 1950 1951 1952. 1953 7,760 9 430 10,359 14 501 15,751 16,775 17 443 1953—March April May .. June July August September October November December . . 1954—January February March Private By type of construction Residential building Nonresidential building Factories Commercial Educational 941 840 559 1,142 2,883 2,562 2,051 785 975 885 1,208 915 979 1,489 392 725 824 1,180 1,335 1,472 1,720 101 124 2,296 3 107 3,718 4 409 6,122 5,464 6,323 6,641 10 092 9,629 10,064 11,109 3,154 3,608 4,239 6,741 6,205 6,668 6,479 417 931 1 069 1,052 744 1 183 605 105 674 262 653 508 507 6,711 6,334 J 348 L 742 L.606 L 116 L 793 L ,414 L 742 1,892 L 394 3OO 689 483 479 1 017 1,203 911 821 1 ,152 1,221 1,528 363 436 484 789 785 1,043 673 554 372 610 532 725 882 Other 597 1,127 1,376 1,651 1,689 1,686 1,695 120 Public works and public utilities 1,890 2,155 2,476 2,578 2,723 3,408 4,008 293 387 120 147 156 99 163 148 131 127 386 193 207 110 383 200 111 145 176 146 138 181 179 116 376 361 451 462 111 114 132 117 216 509 106 93 144 125 244 638 463 635 484 434 132 85 235 232 136 171 101 97 153 140 176 151 200 138 131 500 298 326 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total (11 districts) Boston New York 1952—December 1953—January February 1,467 L,O76 1,021 41 101 51 221 154 182 120 91 61 144 97 101 162 110 106 269 117 160 182 154 137 79 53 57 22 21 19 54 79 43 173 99 106 1953—December 1954—January February 1,300 1,152 1,221 90 61 58 262 212 192 63 92 103 145 143 110 110 101 100 167 158 156 159 166 218 88 58 74 55 23 60 49 45 53 114 92 95 Month APRIL 1954 Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 397 PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Total Year or month 1939 1941 1945 1946 1947 1948 1949 1950 1951 1952 . . Government-underwritten Private Rural nonfarm Total 1family 2family 458 620 208 663 846 914 989 1.352 1,020 1,069 1,070 373 533 185 590 740 763 792 1,151 892 939 n.a. 20 28 9 24 34 46 35 42 40 46 n.a. 66 58 15 48 72 104 162 159 88 84 n.a. 359 434 134 404 480 525 589 828 595 610 n.a. 156 272 75 267 369 407 436 568 496" 517 n.a. 106 111 108 105 97 93 95 90 82 59 57 55 53 48 46 47 43 39 n.a. 47 54 53 51 49 47 48 47 43 n.a. 96 107 106 102 96 92 92 90 80 P67 84 94 93 90 84 82 81 79 70 n.a. 4 4 4 3 4 3 3 4 3 n.a. 9 9 8 9 8 8 8 7 7 n.a. n.a. n.a. n.a. n.a. n.a. n.a. P72 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. P68 ... Public Multifamily 515 706 209 671 849 932 1,025 1,396 1,091 1,127 1,106 1953—March April May Tune July August September October November December 1954—Tanuary February March Urban Total FHA 57 87 1 8 3 18 36 44 71 58 36 158 220 47 152 440 393 466 686 413 420 407 158 220 41 69 229 291 361 486 264 279 252 10 4 3 3 22 23 22 24 24 23 22 22 20 15 10 13 12 14 15 18 n 32 36 34 38 39 41 36 37 33 27 pi 25 30 36 13 16 20 12 14 16 0) 1 3 (i) VA 6 83 211 102 105 200 149 141 155 14 15 13 12 FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—unadjusted Monthly—seasonally adjusted Annual Class Total Coal Coke Grain Livestock Forest products Ore Miscellaneous Merchandise, 1. c. 1 1953 1954 1953 1954 1952 1953 Feb. Sept. Oct. Nov. Dec. Jan. Feb. Feb. Sept. Oct. Nov. Dec. Jan. Feb. 126 127 130 126 126 122 117 120 117 119 137 135 124 108 108 107 110 160 157 108 144 263 149 45 104 155 137 86 142 160 140 43 97 142 112 56 120 62 124 38 100 126 124 56 122 58 122 38 87 116 122 43 128 55 126 40 109 168 142 69 144 181 140 46 103 171 135 63 143 215 143 43 97 181 114 57 146 275 149 45 114 164 131 59 137 216 139 43 110 163 157 70 136 172 137 44 104 155 140 69 145 172 134 42 97 135 119 58 135 201 132 40 100 120 124 58 136 231 133 39 87 109 124 54 133 222 134 41 97 191 112 46 140 69 140 43 114 162 147 78 148 324 150 45 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month January February March April May June July August September October November December January-February 1952 1953 1954 1952 1953 1954 1952 1953 1954 ,254 ,344 ,447 ,355 ,480 ,171 ,030 ,087 ,229 ,216 ,190 ,391 1,293 1,199 1,389 1,394 1,451 1,383 1,357 1,184 1,254 1,251 1,244 1,349 PI.091 "1,169 922 893 964 933 835 861 839 818 877 918 805 1,053 922 856 1,005 1,013 902 933 908 841 925 813 849 908 P837 «792 332 451 482 422 644 310 191 269 352 298 386 338 370 343 385 381 550 450 450 343 329 438 395 441 P254 •377 2,598 2,491 "2,260 1,815 1,778 •1,629 783 713 •631 pPreliminary. "Estimated. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense"* shipments under the Mutual Security Program as follows (in millions of dollars): 1952, 1,988; 1953, 3,504; January-February 1954, 353. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 398 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United States Year or month Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis 98 104 98 105 109 110 112 99 102 99 103 105 104 105 99 103 98 101 105 101 102 96 104 100 106 109 109 110 97 105 98 105 111 110 113 97 103 100 105 113 118 119 96 103 101 109 115 124 126 99 104 97 104 108 106 111 97 104 98 104 107 110 112 98 104 99 105 104 104 104 98 103 99 108 111 113 112 94 105 102 113 117 124 125 99 104 98 105 109 114 115 112 115 110 117 115 113 112 107 110 113 112 106 105 106 106 103 106 99 105 107 107 108 100 103 102 104 102 104 99 98 104 102 101 112 112 113 119 110 117 116 104 106 108 108 115 116 105 115 118 114 120 109 110 115 112 120 124 117 128 119 120 114 114 117 118 121 123 128 118 134 128 127 130 119 128 128 127 110 114 110 114 112 110 109 106 109 113 115 113 118 111 118 122 107 110 102 108 114 113 105 108 99 107 106 105 102 100 103 105 107 115 114 112 115 118 111 112 103 108 112 114 125 126 124 131 134 124 127 112 122 127 125 117 119 116 124 121 117 113 110 111 112 109 107 P109 105 109 101 102 106 107 104 104 109 122 123 106 107 108 104 108 110 P109 119 121 108 107 88 103 104 115 108 89 98 112 115 136 192 80 95 101 106 103 76 79 112 107 129 194 81 93 95 101 99 75 75 102 110 129 178 85 106 103 118 105 83 92 108 114 142 188 89 107 103 115 111 89 104 114 115 142 187 r 91 110 111 127 112 96 97 121 122 144 211 101 124 117 131 114 102 114 122 130 146 219 85 101 104 114 110 89 98 113 112 137 188 89 104 105 118 110 86 100 109 119 136 185 80 92 97 107 98 84 97 110 118 121 171 91 103 106 115 111 91 104 109 114 129 189 101 117 117 127 118 104 116 119 128 144 209 94 102 105 117 112 101 109 111 111 131 195 83 85 83 81 81 83 80 81 ••80 80 80 P89 94 101 82 83 83 J>88 75 83 83 94 98 85 86 93 107 100 109 129 118 126 95 105 100 109 124 111 116 98 105 97 105 124 113 116 93 107 99 108 127 113 119 93 107 100 106 128 111 119 94 105 101 113 133 130 141 90 108 102 120 140 135 146 89 111 100 110 128 115 123 93 102 96 107 128 117 126 91 110 100 104 117 107 115 93 108 100 113 132 124 136 89 110 101 112 132 126 138 93 107 100 110 131 155 133 123 122 125 127 128 130 131 128 128 127 123 114 116 119 120 117 117 119 117 117 115 112 112 112 116 118 118 121 122 117 116 115 113 115 112 117 121 122 122 122 122 122 120 117 115 113 114 117 122 124 124 121 124 121 121 139 138 140 142 146 145 148 139 143 144 132 146 145 145 145 147 148 141 148 148 149 142 119 118 123 123 123 125 128 127 126 124 122 119 122 128 131 132 131 134 129 124 121 118 113 111 114 115 114 117 120 122 118 115 111 130 129 131 136 140 146 145 141 138 137 133 134 133 138 139 141 140 142 141 139 136 131 133 133 132 135 135 138 135 132 132 133 129 120 P119 114 112 111 107 114 114 115 113 134 132 142 P141 117 117 117 127 106 110 128 P130 128 P129 123 121 119 127 132 132 123 121 126 132 141 142 109 108 118 124 121 110 106 114 120 132 134 105 109 117 122 121 111 107 118 123 130 132 104 112 120 126 124 113 108 116 127 139 137 103 113 119 121 119 115 112 119 127 137 136 106 ••134 144 151 150 139 141 147 143 154 151 115 144 151 153 147 139 137 141 152 161 165 125 116 122 128 125 117 117 121 129 139 143 111 113 125 137 138 132 122 130 138 138 132 104 109 115 119 117 109 114 115 123 126 128 101 127 133 140 144 136 137 137 144 149 152 117 132 142 146 141 130 131 140 147 152 151 120 108 102 106 98 104 '99 111 104 111 120 127 130 P139 108 114 99 108 100 106 Minne- Kansas Dallas apolis City San Francisco SALES» 1947 1948 1949 1950 1951 1952 1953 SEASONALLY ADJUSTED 1953—February March April May June . . September October November December 1954—January February UNADJUSTED 1953—February April . May June July August . September October November December . 1954—January February STOCKSi 1947 1948 1949 1950 1951 1952 1953 . .. .... SEASONALLY ADJUSTED 1953—February March .. April May June July August... September October November December .. 1954—January February UNADJUSTED 1953—February March... April May June July. .. August September October November December P115 00 00 1954—January February . .. 115 P126 125 134 141 147 136 133 128 137 148 144 108 111 113 r P Preliminary. Revised. f i g u r e s for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. APRIL 1954 399 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Ratios to sales1 Amounts (In millions of dollars) Sales 2 (total for month) Year or month Stocks2 (end of month) Outstanding orders2 (end of month) Receipts3 (total for month) New orders3 (total for month) Stocks Outstanding orders Stocks plus outstanding orders Receipts 1.0 1.0 1.1 1.0 1.0 1.0 1.1 1.0 1.0 1.0 1944 average 1945 average 1946 average 1947 average 1948 average 1949 average 1950 average 1951 average 1952 average 1953 average 246 276 345 365 381 361 376 391 397 402 574 604 767 887 979 925 1.012 1.202 1,097 1,157 596 775 964 588 494 373 495 460 435 421 244 277 373 366 386 358 391 390 397 403 256 291 354 364 363 358 401 379 401 397 2.4 2.3 2.3 2.5 2.7 2.7 2.8 3.2 2.9 3.0 2.5 3.0 3.0 1.7 1.4 1.1 1.4 1.1 5.0 5.3 5.3 4.3 4.1 3.8 4.2 4.4 4.1 4.2 1953—February March April May Tune July August September October November December 301 381 373 387 375 305 343 388 440 477 725 '•1.103 1,169 1 ,213 1.184 1,103 1.081 1,135 1.206 1,297 1.327 1,042 ••458 401 324 321 461 525 491 492 462 371 288 '373 '447 417 358 294 283 397 459 531 507 440 '376 '390 340 355 434 347 363 460 501 416 357 3.7 3.1 3.3 3.1 2.9 3.5 3.3 3.1 2.9 2.8 1.4 1.5 1.1 0.9 0.8 1.2 1.7 1.4 1.3 1.1 0.8 0.4 5.2 4.1 4.1 3.9 4.2 5.3 4.7 4.4 4.0 3.6 1.8 1.2 1.2 1 .1 0.9 0.8 0.9 1.2 1.2 1.2 1.1 0.6 1954—January FebruaryP 310 295 1,010 1,074 370 404 278 359 360 393 3.3 3.6 1.2 1.4 4.5 5.0 0.9 1.2 r pPreliminary. Revised. *The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales 2and receipts for the month. These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated total 3department store sales. Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1950 May 1951 1952 1953 104 May 5 113 May 3 6 111 May 2 12. ... 110 106 10.... 117 13 9. ... 19. ... 99 17. ... 99 20.... 95 16. ... 26 97 100 24 27 105 23 31. ... 97 30.... June 3. ... 90 June 104 10 104 17 24.... 86 2 95 June 7 111 June 9 108 14 116 16.... 106 21 .... 98 23 92 28 91 30.... 89 75 July 5. ... 83 12. ... 81 19 80 26.... 102 Aug. 4 94 11. ... 97 18 25 .99 88 Aug. 2 .... 87 9. . . 93 16 97 23 30 87 .90 95 100 110 107 Sept. 1. ... Sept. 2 8 9. ... 102 15.... 16.. . .127 22 23 .... 111 110 29.... 30 105 Sept. 6. ... 100 13 114 20.... 111 27 114 100 114 113 112 110 Oct. 4. ... 117 11 116 18.... 113 25 116 126 124 122 Aug. Oct. 5 12 19 26. . . 7 14 21 28 112 Oct. 6 111 13 105 20.... 108 27 1951 1952 1953 115 Nov. 7. . .. 14. . .. 118 21. ... 130 28. ... 134 138 121 133 131 133 118 Dec. 2 6 153 Dec. 1. ... 161 Dec. 6. ... 195 Dec. 5. . .. 190 8. ... 191 13.... 223 12. ... 216 13.... 112 9 191 15 20 19. . .. 234 20.... 111 16. . . 220 . 213 237 22. ... 228 27 27. ... 94 23 221 146 26. . .. 163 29 30 82 92 79 July 4. ... 83 11 .... 82 18 79 25. ... 1. ... 91 July 7. ... 75 14 8 21 15. ... 91 104 28 22 102 29 July 1950 114 Nov. 4 109 Nov. 3 121 Nov. 1 10.... 127 8. ... 128 11. . . 118 . 17 15 105 18. . . 127 . 130 22.... 24.... 123 112 25 110 29.... 97 79 1951 92 84 Jan. 6 98 Jan. 83 13 105 20. . . 104 27. . . .96 Aug. 1. ... 86 8. ... 92 15 95 Feb. 3 81 Feb. 22 100 10 94 29 101 17. . . .94 24 95 Sept. 5 101 12. ... 102 Mar. 3 99 Mar. 10 19 120 105 17 26 114 101 24 105 31 89 112 Oct. 3 10 120 Apr. 7 101 Apr. 14.... 100 17.... 118 24 113 21. . . . 97 113 31 101 28 1952 1953 1954 5 78 Jan. 3 81 Jan. 2 . ... 81 12. ... 92 10 89 9. . '. . 94 19. ... 90 17. ... 92 16. . .. 85 26 24 83 86 23. .. . 86 31 87 30. .. . 85 2. ... 84 Feb. 7 9 14 87 16 21 89 23 83 28 88 Feb. 6. . . 92 13. . .. 85 20. .. . 93 27. .. . 86 91 86 90 85 Mar. 7. ... 96 Mar. 6. . . 85 14 88 100 13. .. . 92 21 90 109 20. .. . 95 94 28 112 27. . .. .100 101 5 109 Apr. 4 118 Apr. 3. . .. .103 12. . . .111 11 97 10 17 19.... 97 18.. . . 105 104 105 25 24 26 1. ... 8 15.... 22 29.... NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 400 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve district, area, or city United States Boston District Metropolitan Areas1 Portland, Maine Boston, Mass Downtown Boston Cambridge, Mass Lowell-Lawrence, Mass... New Bedford, Mass Worcester, Mass. 2 Cities Springfield, Mass 2 Providence, R. I. New York District Metropolitan Areas1 New York-Northeastern New Jersey, N.Y. & N.J. New York City, N. Y. 2 . Newark, N. J.2 Buffalo, N. Y Buffalo City, N. Y . 2 . . . . Niagara Falls, N. Y Binghamton, N. Y Rochester, N. Y.2 2 Syracuse, N. Y. Albany-SchenectadyTroy, N. Y Albany, N. Y Schenectady, N. Y Utica-Rome, N. Y Utica, N. Y Cities Bridgeport, Conn. 2 Elmira, N. Y Poughkeepsie, N. Y Philadelphia District Metropolitan Areas Trenton, N. J. 22 Lancaster, Pa. 2 Philadelphia, Pa. Reading, Pa. 2 Wilkes-Barre-Hazleton, Pa. 2 Wilmington, Del City York, Pa. 2 Cleveland District Metropolitan Areas Akron, Ohio 2 2 Canton, Ohio 2 Cincinnati, Ohio Cleveland, Ohio 22 Columbus, Ohio 2 Springfield, Ohio Toledo, Ohio 2 Youngstown, Ohio 2 Erie, Pa. 2 Pittsburgh, Pa. 2 2 Wheeling, W. Va. City Portsmouth, Ohio 2 Richmond District 2 Feb. Jan. 1954 1954 mos. 1954 p-3 -7 -5 +3 -4 -1 -1 +2 0 +5 -2 -3 -2 -13 -4 -10 +4 +8 -1 -4 +5 +1 +2 +3 +2 +3 -3 -3 —\ 0 +9 +1 0 +1 -2 -1 +3 -3 -6 -3 2 -2 -7 -4 -4 -5 -6 0 -3 -9 -8 -9 -12 -8 +6 -9 -11 -2 -5 -6 -7 -8 -14 -1 -6 -6 -13 -2 -2 -3 -17 -9 +7 +1 P - 9 -8 -4 -4 +1 -11 -7 -6 -7 Q + 01 +3 -10 -3 -7 0 -3 -1 -13 -1 -7 -11 -1 -12 -11 -7 -8 —6 —5 -5 -6 -14 -11 -11 -9 Atlanta District Chicago District -9 -8 -8 -16 -12 +7 0 +4 -9 -5 Federal Reserve district, area, or city Feb. Jan. 1954 1954 1954 Minneapolis Dist. (Cont.) -9 -3 -3 -17 -9 -11 -12 -6 -20 -10 -10 -8 -4 -13 -8 +2 -10 -13 -13 -10 -15 -14 p-1 -6 -3 -14 -1 -4 -6 +3 -10 P-3 2 -3 -6 0 P - 2 -9 -1 -9 -2 P+3 P+3 -3 + 10 -8 r -4 -3 -9 +2 -6 -5 -5 -13 -13 -7 -5 -8 -3 -3 -3 -3 -9 -7 -11 P - 2 -5 -1 P - 1 c -18 -10 A Cities Mankato, Minn Great Falls, Mont Grand Forks, N. D Duluth-Superior, Minn.-Wisc. 2 La Crosse, Wise Kansas City District Metropolitan Areas Denver, Colo Pueblo, Colo -4 Topeka, Kans Wichita, Kans St. Joseph, Mo -9 Omaha, Nebr + 1 Albuquerque, N. Mex.. . . -7 Oklahoma City, Okla -5 Tulsa, Okla -4 -11 -15 -3 -3 -7 Cities Greeley, Colo Kansas City, Mo + 1 Joplin, Mo -4 Hutchinson, Kans -7 Enid, Okla —3 -11 -8 -2 +3 -3 q +3 -6 c —4 -7 Dallas District Metropolitan Areas Shreveport, La Corpus Christi, Tex Dallas, Tex. 2 El Paso, Tex Fort Worth, Tex Houston, Tex. 2 San Antonio, Tex Waco, Tex San Francisco District. . . + 18 +1 +3 -14 + 10 + 2 r_17 -5 -6 -3 -5 p-5 -7 -6 -2 -5 -4 -2 -11 -5 -9 -12 -5 -12 -5 0 -4 +3 r +1 -19 -12 -16 -10 — 21 -19 -4 -4 Q -8 +4 +5 +1 +2 -16 -12 -7 -6 0 +3 -10 -19 -15 -3 -10 -6 +2 -9 -6 -2 -11 -5 -8 -14 -9 -12 -15 -9 -10 -14 -3 -10 -4 -11 -10 -5 -11 -10 p-8 -10 -10 -16 -7 -6 -6 -6 -9 -3 -8 -16 -10 -5 -6 -4 -7 -3 -7 -5 -9 -7 -8 -8 -10 -8 -4 -4 -15 -16 -10 -11 -19 -12 -4 c +1 1 Metropolitan Areas Chicago, 111.2 Peoria, 111.2 Fort Wayne, Ind. 22 Indianapolis, Ind. Terre Haute, Ind. 2 Des Moines, Iowa Detroit, Mich. 2 Flint, Mich. 2 Grand Rapids, Mich. 2 . . . Lansing, Mich. 2 2 Milwaukee, Wis. Green Bay, Wis. 2 Madison, Wis +1 —13 St. Louis District -7 P - 2 Metropolitan A reas2 x -Cont. Greenville, S. C. Norfolk-Portsmouth, Va. 2 2 Richmond, Va. 2 Roanoke, Va. Charleston, W. Va. 2 Cities Spartanburg, S. 2C Lynchburg, Va. Newport News, Va 2 Huntington, W. Va. . . . . Parkersburg, W. Va A 0 +1 2 Feb. Jan. mos. 1954 1954 1954 Richmond Dist. (Cont.) Metropolitan Areas12 Birmingham, Ala. Mobile, Ala 0 Montgomery, Ala2 0 Jacksonville,2 Fla. _2 Miami, Fla. -3 Orlando, Fla -4 St. Ptrsbg.-Tampa, Fla.. . -3 St. Petersburg, Fla -3 Tampa, Fla. 2 Atlanta, Ga. 2 +4 -1 Augusta, Ga Columbus, Ga -5 Macon, Ga. 2 4 Savannah, Ga -6 Baton Rouge, La.22 -7 New Orleans, La. -3 Jackson, Miss. 2 2 Chattanooga, Tenn. Knoxville, Tenn.22 -8 Nashville, Tenn. -9 + 2 Cities Rome, Ga -5 Meridian, Miss Bristol, Tenn -1 — 11 5 Federal Reserve district, area, or city Metropolitan Areas2 Little Rock, Ark. Fort Smith, Ark Evansville, Ind Louisville, Ky. 2 St. Louis, Mo Springfield, Mo 2 Memphis, Tenn. Cities Quincy, 111 Paducah, Ky Metropolitan Areas1 2 Washington, D. C. -8 -3 +2 Downtown Wash., D. C.. - 6 Minneapolis District -11 -1 Baltimore, Md. 22 P+ 1 7 -3 Asheville, N. C. - 4 Metropolitan Areas1 -6 -2 Raleigh, N. C. 2 -11 -10 -12 Mpls.-St. Paul, Minn. 2 ...2 2 Winston-Salem, N. C. . . . 9 2 -5 Minneapolis City, Minn. 2 Charleston, S. C.2 St. Paul City, Minn. 2 ... +1 - 4 - 1 Columbia, S. C. + 1 - 3 - 1 Sioux Falls, S. D +- 41 -3 -8 P+5 +4 P - 4 -3 -7 -13 -8 -5 -8 -9 -3 -10 -4 +1 +5 + 15 +5 +3 -3 +6 -11 P - 1 -4 +2 +2 -2 -9 -13 -6 -2 -14 -6 -7 -4 -1 -12 P+2 + 1 +3 -19 +3 -35 -3 +3 ' + 1 +4 +1 +2 +22 Metropolitan Areas Phoenix, Ariz.2 -16 -14 Fresno, Calif.2 2 -4 Los Angeles, Calif. +5 Downtown, L. A., Calif.22 -7 WestsideL. A., Calif. . P - 2 -8 -4 Long Beach, Calif.2 -8 -3 Pasadena, Calif -9 -6 Santa Monica, Calif -4 Riverside and San Ber-2 -4 nardino, Calif 2 (3) -7 Calif. + 1 Sacramento, P-10 San Diego, Calif.2 2 + 10 San Fran.-Oakland, Calif. -7 +3 -5 San Francisco, Calif.2 . . 2. Q Oakland-Berkeley, Calif. -2 -6 Downtown Oakland, 2 Calif. -11 0 -7 Vallejo, Calif -3 -17 San Jose, Calif.22 -10 Stockton, Calif. -10 2 -5 -14 Portland, Ore. -1 -6 Salt Lake City,2 U t a h 2 . . . -13 Seattle, Wash. 2 -9 -2 -2 Spokane, Wash.2 Tacoma, Wash. +2 - 2 7 Cities P-21 Tucson, Ariz -9 Bakersfield, Calif.2 Boise and Nampa, Idaho. - 1 2 -14 Twin Falls, Idaho -15 +2 Idaho Falls, Idaho -10 +3 Everett, Wash. 2 2 -25 + 1 Walla Walla, Wash. 2 -19 +9 Yakima, Wash. -1 -6 -19 -5 -14 -7 -12 -25 -19 -15 -7 -10 7 -7 -5 -16 -13 -12 -9 -15 -20 -7 -13 -10 -13 -18 -22 -16 r P1 Preliminary. Revised. Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Data not available. APRIL 1954 401 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Department Number of Sales Stocks stores during (end of report- period month) ing Federal Reserve index numbers without seasonal adjustment, 1947-49 average=1002 Ratio of stocks 1to sales January Sales during period 1954 1954 Jan. 1954 Jan. 1954 Stocks at end of month 1954 1953 1953 1953 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire store3 376 5 _2 3.5 MAIN STORE—total 376 -5 -1 3.7 3.5 80 189 85 105 108 107 Piece goods and household textiles 336 0 -5 2.4 2.5 129 116 129 99 111 105 Piece goods Silks, velvets, and synthetics Woolen yard goods Cotton yard goods 302 214 181 201 -4 Q -5 -7 -8 -8 3.8 3.8 4.1 3.5 67 58 65 85 62 58 69 63 70 63 68 83 88 80 88 105 84 77 90 98 95 87 96 Household textiles Linens and towels Domestics—muslins, sheetings Blankets, comforters, and spreads 329 297 273 262 +3 +1 +2 +5 3.7 3.8 3.9 3.2 2.0 2.5 1.3 2.7 2.1 2.6 1.4 3.0 173 143 234 138 154 189 109 156 171 147 229 131 104 95 116 112 126 110 159 119 360 -6 4.2 4.0 80 248 85 105 111 106 98 117 108 96 115 106 114 127 102 121 105 121 81 111 212 258 346 1 11 Silverware and jewelry Silverware and clocks Costume jewelry Fine jewelry and watches 341 228 304 93 -9 -10 -5 -17 Art needlework 246 -5 Books and stationery Books and magazines Stationery 297 140 261 Women's and misses' apparel and accessories 374 Women's and misses' ready-to-wear accessories Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery 374 330 307 180 346 362 364 368 269 313 290 Infants' wear Handbags, and small leather goods Women's and children's shoes Children's shoes Women's shoes 353 359 ON Cn Cn 1 1 1 1 CM ON 0 -2 -1 -4 4.6 4.0 3.6 4.3 3.9 3.5 63 80 94 131 153 265 69 84 100 94 113 102 +2 0 +7 0 6.5 8.7 3.5 13.1 5.8 7.9 3.1 10.8 58 54 60 50 253 196 277 303 63 60 63 60 107 120 86 111 no no 100 124 115 3.4 3.3 105 141 111 97 110 101 3.6 2.8 4.1 3.4 2.8 3.7 88 94 83 343 285 366 90 96 86 111 99 114 110 108 108 106 98 108 -5 -1 3.1 2.9 77 177 81 107 107 108 -5 +1 -1 +9 -4 -10 -6 +3 -6 3.7 2.6 4.8 1.5 4.5 3.0 2.6 3.6 2.5 4.6 1.5 4.6 2.9 2.7 72 76 46 57 61 112 68 206 295 295 96 277 138 182 75 75 50 64 63 113 71 107 105 72 84 77 125 100 109 109 71 73 83 133 104 108 97 74 93 82 122 106 -6 -4 -77 -4 0 +2 -1 -1 3.6 3.4 3.9 2.9 3.4 3.2 3.7 2.7 62 84 53 54 266 288 244 314 65 87 56 58 96 123 89 75 100 131 97 81 97 121 90 76 -4 0 0 3.5 3.6 3.4 3.3 78 56 214 259 81 61 104 99 111 104 108 99 128 121 123 108 111 97 130 CM CM -4 +5 0 +6 -7 -11 -4 -1 -4 Q 274 241 254 -4 -1 -5 +1 5.9 6.7 5.8 5.7 6.6 5.5 81 60 81 138 156 133 84 60 86 to to to to to oo Underwear, slips, and negligees Knit underwear Silk and muslin underwear, and slips Negligees, robes, and lounging apparel Cn 00 Laces, trimmings, embroideries, and ribbons Notions Toilet articles, drug sundries to Small wares A 3.3 126 116 127 371 363 248 239 -6 -10 -7 -19 0 -4 -7 -2 2.5 1.9 1.4 3.3 2.3 1.8 1.4 2.7 82 93 100 71 147 93 103 57 87 104 108 88 108 106 90 127 104 101 100 89 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear 343 302 342 -4 -7 -1 -2 -1 2.9 2.3 3.8 2.9 2.1 3.9 63 66 60 177 128 237 66 70 61 103 101 105 Women's and misses' dresses Inexpensive dresses Better dresses 366 291 302 -6 -4 -8 +2 2.1 1.6 2.6 2.0 1.6 2.4 78 79 75 108 111 107 83 82 82 112 104 108 104 97 108 109 105 105 Blouses, skirts, and sportswear Aprons, housedresses, and uniforms Furs 367 313 271 -2 -6 -12 3.0 2.1 3.5 2.7 2.0 3.4 80 94 94 222 145 163 81 100 106 119 102 86 116 103 98 110 103 96 357 -1 4.8 4.7 72 266 73 104 111 103 289 339 331 212 -2 0 -1 -1 4.3 4.9 5.2 6.0 4.0 4.9 5.4 5.8 98 59 59 81 171 336 253 228 100 60 59 82 118 100 89 108 126 104 94 119 113 100 93 108 Women's and misses' ready-to-wear apparel Women's and misses' coats and suits Coats Suits Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers +3 +8 -10 +1 +5 0 -4 +1 98 T105 102 96 108 99 For footnotes see following page. 402 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures! Department Homefurnishings Number of stores reporting Percentage change from a year ago Ratio of stocks to sales i Sales during period Stocks (end of month) January Jan. 1954 Tan. 1954 Federal Reserve index numbers without seasonal adjustment, 1947-49 average=100 2 Sales during period 1954 1954 Stocks at end of month 1953 Jan. Dec. Jan. Jan. Dec. Jan 338 -9 -3 4.5 4.2 82 134 90 106 109 109 Furniture and bedding Mattresses, springs, and studio beds Upholstered and other furniture 257 192 200 -8 -5 -10 0 -2 0 4.0 1.9 4.9 3.7 1.9 4.4 110 134 97 103 81 108 120 141 107 116 136 111 119 149 114 116 138 110 Domestic floor coverings Rugs and carpets Linoleum 291 165 84 -15 -15 -4 -9 -10 5.1 4.9 5.2 4.8 4.6 5.6 75 76 50 81 80 45 89 52 103 99 73 106 106 63 112 110 81 Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including small appliances) Gift shop 320 269 267 241 283 195 5.3 4.3 8.0 3.0 4.8 7.3 5.0 4.3 7.6 3.0 4.3 6.9 72 74 82 59 72 64 120 177 232 57 173 369 79 80 89 64 78 67 104 100 117 84 107 114 108 111 119 82 113 127 107 105 121 91 106 112 Radios, phonographs, television, records, etc Radios, phonographs, television Records, sheet music, and instruments 239 183 124 2.5 2.1 4.1 101 121 64 225 231 284 115 146 61 91 87 89 94 98 99 101 78 Miscellaneous merchandise departments 346 Toys, games, sporting goods, cameras Toys and games Sporting goods and cameras 322 279 166 Luggage 297 191 Candy BASEMENT STORE—total Domestics and blankets Women's and misses' ready-to-wear Intimate apparel Hosiery Underwear, corsets and brassieres Coats and suits Dresses Blouses, skirts, and sportswear Girls' wear Infants' wear Aprons, housedresses, uniforms Men's and boys' wear Men's wear Men's clothing Men's furnishings Boys' wear -3 -5 -3 -8 +1 +1 +4 -4 + 13 2.6 2.2 4.5 4.4 4.2 55 325 57 99 94 99 +3 + 13 +6 +7 +5 10.9 15.1 8.2 10.6 16.0 7.6 31 20 48 488 577 303 30 18 50 104 114 96 103 97 111 98 106 92 +2 6.5 1.7 5.3 1.7 56 231 292 67 65 115 103 116 113 104 -12 -18 -3 -17 -1 -14 85 64 202 137 191 167 132 134 175 177 160 126 129 126 171 149 113 128 124 Homefurnishings 109 Shoes 123 NONMERCHANDISE—total 200 Barber and beauty shop -9 -7 84 -4 -4 -6 -4 -4 -4 -9 -13 +4 ^ -3 -13 +1 +2 +1 +4 2 -5 2.5 2.6 -5 1.8 1.8 -5 2.1 2.1 -2 —5 0 -12 -4 2.5 2.2 2.6 1.5 1.5 2.0 2.7 2.7 2.4 2.5 2.3 2.5 1.6 1.4 2.1 2.9 2.8 2.4 70 65 74 56 77 (*) 80 94 143 147 103 162 75 90 84 100 +1 -10 -5 -12 -5 3.1 3.3 71 3.0 2.8 3.1 3.2 2.9 3.4 75 93 63 -5 -5 -6 0) 95 92 100 80 -4 -3 109 124 70 () 100 98 140 -7 -8 -3 -1 +7 171 76 () 83 114 ( 193 223 219 76 75 71 59 79 249 168 297 73 92 61 () () () 76 90 88 85 98 82 88 90 92 102 86 93 87 94 104 93 97 94 101 99 106 92 98 104 92 95 3.4 3.6 61 3.9 3.7 69 117 75 102 107 108 4.1 4.2 76 148 78 100 106 106 98 149 99 62 103 ! The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3 For movements of total department store sales and stocks, see the indexes for the United States on p. 399. 4 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. APRIL 1954 403 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Year or month All items Foods Total Rent Gas Other and elecshelter i tricity Solid House- Household fuels furand nish- operation fuel oil ings Apparel Transportation Medical Personal Reading and Other goods and tion ices 1929 .. . 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45.9 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 62.9 69.7 74.0 75.2 76.9 83.4 95.5 102.8 101.8 102.8 111 .0 113.5 114.4 52.2 61.3 68.3 67.4 68.9 79.0 95.9 104.1 100.0 101.2 112.6 114.6 112.8 95.0 101.7 103.3 106.1 112.4 114.6 117.7 88.4 90.4 90.3 90.6 90.9 91 4 94.4 100.7 105.0 108.8 113.1 117.9 124.1 97.6 100.0 102.5 102.7 103.1 104.5 106.6 88.8 104.4 106.8 110.5 116.4 118.7 123.9 97.2 103.2 99.6 100.3 111.2 108.5 107.9 97.2 102.6 100.1 101.2 109.0 111.8 115.3 55 6 64 9 67.8 72 6 76.3 83 7 97.1 103.5 99.4 98.1 106.9 105.8 104.8 90.6 100.9 108.5 111.3 118.4 126.2 129.7 94.9 100.9 104.1 106.0 111.1 117.3 121.3 97.6 101.3 101.1 101.1 110.5 111.8 112.8 95.5 100.4 104.1 103.4 106.5 107.0 108.0 96.1 100.5 103.4 105.2 109.7 115.4 118.2 1953—Feb.. . . Mar.... Apr.. . . May.. . June.. . July. . . Aug:.. . Sept... Oct. Nov.... Dec.. . . 113.4 113.6 113.7 114.0 114.5 114.7 115.0 115.2 115 4 115.0 114.9 111.5 111.7 111.5 112.1 113.7 113.8 114.1 113.8 113.6 112.0 112.3 116.6 116.8 117.0 117.1 117.4 117.8 118.0 118.4 118.7 118.9 118.9 121.5 121.7 122.1 123.0 123.3 123.8 125.1 126.0 126.8 127.3 127.6 106.1 106.5 106.5 106.6 106.4 106.4 106.9 106.9 107.0 107.3 107.2 123.3 124.4 123.6 121.8 121 .8 123.7 123.9 124.6 125.7 125.9 125.3 108.0 108.0 107.8 107.6 108.0 108.1 107.4 108.1 108.1 108.3 108.1 113.5 114.0 114.3 114.7 115.4 115.7 115.8 116.0 116.6 116.9 117.0 104.6 104.7 104.6 104.7 104.6 104.4 104.3 105.3 105.5 105.5 105.3 129.1 129.3 129.4 129.4 129.4 129.7 130.6 130.7 130.7 130.1 128.9 119.3 119.5 120.2 120.7 121.1 121.5 121 .8 122.6 122.8 123.3 123.6 112.5 112.4 112.5 112.8 112.6 112.6 112.7 112.9 113.2 113.4 113.6 107.5 107.7 107.9 108.0 107.8 107.4 107.6 107.8 108.6 108.9 108.9 115.8 117.5 117.9 118.0 118.2 118.3 118.4 118.5 119.7 120.2 120.3 115.2 1954—Tan Feb.. . . 115.0 113.1 112.6 118.8 118.9 127.8 127.9 107.1 107.5 125.7 126.2 107.2 107.2 117.2 117.3 104.9 104.7 130.5 129.4 123.7 124.1 113.7 113.9 108.7 108.0 120.3 120.2 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities Year or month All com- Farm Processed modi- products foods Total ties Tex- Hides, Fuel, tile power, prod- skins, and and lightucts leather and prod- ing apmaparel ucts terials ToMa- Furni- Nonme- bacco Chem- Rub- Lum- Pulp, Metals chinture tallic mfrs. icals ber Mispaper, other minery ber and and cellaand and and and house- erals— and wood bottled allied prodneous allied metal mohold prod- ucts prod- prod- prodtive dura- struc- bevucts ucts ucts ucts prod. bles tural erages 92.5 100.9 106.6 108.6 119.0 121.5 123.0 95 101 103 105 114.1 112.0 114.2 93.9 101.7 104.4 106.9 113.6 113.6 118.2 98.0 100.4 101.6 102.4 108.1 110.6 115.7 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 97.4 101.0 108.3 105.6 125.0 121.5 115.8 126.9 122.9 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 96.5 97. 111.2 106.7 124.2 118.1 117.5 127.9 124.1 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 112.9 113.1 113.9 114.1 114.3 114.7 114.8 114.9 114.8 114.9 115.0 114.6 115.1 116.9 117.2 118.1 119.4 119.6 120.7 120.7 120.8 120.8 111.9 101.2 114.8 101.7 114.8 98.5 114.8 99.7 114.9 95.8 115.6 95.3 115.6 96.4 116.2 94.7 118.1 94.4 118.1 93.2 118.1 100.1 1947 1948 1949 1950 1951 1952 1953 96.4 104.4 99.2 103.1 114.8 111.6 110.1 100.0 107.3 92.8 97.5 113.4 107.0 97.0 98.2 106.1 95.7 99.8 111.4 108.8 104.6 95.3 100.1 101.0 90.9 101.4 99.0 103.4 104.4 102.1 107.1 103.8 102.1 101.3 95.5 96.9 101.9 94.8 98.9 105.0 99.2 104.6 103.0 96.3 120.5 115.9 110.6 120.3 106.7 110.0 148.0 113.2 99.8 97.2 106.6 104.5 134.0 114.0 97.3 98.5 109.5 105.7 125.0 1953 February March April May June July August September October November December 109.6 110.0 109.4 109.8 109.5 110.9 110.6 111.0 110.2 109.8 110.1 97.9 99.8 97.3 97.8 95.4 97.9 96.4 98.1 95.3 93.7 94.4 105.2 104.1 103.2 104.3 103.3 105.5 104.8 106.6 104.7 103.8 104.3 113.1 113.4 113.2 113.6 113.9 114.8 114.9 114.7 114.6 114.5 114.6 1954 January February 110.9 110.5 97.8 106.2 114.6 97.7 104.8 114.4 96.1 95.3 93.7 107.2 99.2 113.9 123.9 120.3 120.2 98.6 102.9 98.5 100.9 119.6 116.5 116.1 91.3 103.9 104.8 110.3 122.8 123.0 126.9 100.8 103.1 96.1 96.6 104.9 108.3 97.8 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 Source.—Bureau of Labor Statistics, Department of Labor. Backfigures.—SeeBULLETIN for March 1952, pp. 311-313. 404 FEDERAL RESERVE BULLETIN PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Annual Annual 1944 124.7 123 5 122.0 125.4 117.4 113.8 131.3 125 1 127.3 132.7 116.0 114.8 132.0 121.5 130.0 137.5 118.2 115.3 131.0 119.8 130.0 137.9 118.2 114.8 115.1 115.7 117.6 116.8 124.9 125.5 127.2 126.5 106.9 108.3 113.6 109.5 93.0 110.6 112.4 96.4 109.4 112.7 92.9 107.4 105 0 109.2 162.2 119.0 104 7 109 4 167.7 116.9 103 8 110 1 182.1 111.5 103 0 110 2 191.4 108.9 Machinery and Motive Products: 98.5 113 0 88.9 133.7 100.0 101.7 93.5 111 8 87.1 136.6 99 3 83.7 90.4 111 0 85.4 142.1 99 1 82.7 88.8 109 0 85.4 135.8 98 8 83.1 63.0 89.4 112 4 100.8 68 3 93.4 111 8 99.3 56 8 88.1 111 9 98.1 108 7 124.7 103 7 98.9 109.3 112 8 132 0 107 8 99.1 112.7 111 9 132 5 111 8 100.7 114.2 55 4 87.4 Furniture and Other Household Durables: 111 9 98.0 Household furniture Commercial furniture Floor covering 110 9 Household appliances 132 5 Radio.... ... Television 113 5 101.3 Other household durable goods 113.5 Nonmetallic M inerals—Structural: 115 2 110.4 100 3 92.5 50.0 109.3 110 6 103.3 117 6 111 1 96 2 92 9 52.7 111.1 112 9 103.3 118 4 112 8 96 5 93 9 61.2 111.1 114 0 105.3 118 4 112 8 95 2 93 9 63.5 110.0 114 0 106.8 157.8 129 8 126.7 121 6 127 2 123 8 113 4 130 3 123 7 112 9 130 3 123 3 120.5 127.0 105.0 119.3 131.5 109.3 115.9 131.1 103.5 115.5 131.1 105.0 111.5 70.1 124.0 109.0 90.7 125.6 109.7 79.1 126.8 109.7 85.7 126.8 Pulp, Paper, and Allied Products: Woodpulp . Wastepaper Paper 125.1 113.2 127.9 89.7 91 6 91.3 106.5 95.0 89 6 91.6 168 0 Lumber and Wood Products: Lumber Millwork Plywood 125.5 113.2 127.9 91.2 91 3 91.8 104.2 97.5 92 7 90.5 161 0 Rubber and Products: Crude rubber Tires and tubes Other rubber products 124.3 112.2 121.4 100.4 90 1 88.4 103.5 98.9 105 7 90.2 141 2 Chemicals and Allied Products: Industrial chemicals Prepared paint Paint materials Drugs, Pharmaceuticals, cosmetics. Fats and oils, inedible Mixed fertilizers Fertilizer materials . Other chemicals and products 127.4 Paperboard Converted paper and paperboard. . 113.8 115.5 Building paper and board 120.3 98.2 102.4 115.1 109.6 95 9 98.3 136 7 Fuel, Power, and Lighting Materials: Coal .. . Coke Gas . . . . Electricity Petroleum and products Feb. Feb. Hides, Skins, and Leather Products: Hides and skins Leather Footwear Other leather products Jan. Jan. Textile Products and Apparel: Cotton products Wool products . . . . Synthetic textiles Silk products .... Apparel Other textile products 1953 1953 Processed Foods: Cereal and bakery products Meats, poultry, and fish Dairy products and ice cream Canned, frozen fruits, and vegetables Sugar and confectionery Packaged beverage materials Other processed foods 1952 1952 Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Eggs... . ... Hay and seeds Other farm products 1954 Subgroup Subgroup Pulp, Paper and Allied Products— Continued Metals and Metal Products: Iron and steel Nonferrous metals Metal containers . . .... Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products Agricultural machinery and equipment Construction machinery and equipment Metal working machinery General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles Flat glass Concrete ingredients Concrete products.. Structural clay products Gypsum products Prepared asphalt roofing Other nonmetallic minerals 121 6 122 3 122 7 123.0 125 4 128.5 129 3 131.1 131 2 132.8 131.5 133.0 122.6 119.4 125.3 122.5 128.2 124.7 128.2 124.9 120.3 119.6 123.7 118.9 126.8 118.9 126.8 118.9 113.0 123.0 122.8 107 3 94 0 75 5 118.8 113.9 124.9 124.7 108 4 95 0 74 5 125.3 114.2 126.2 122.5 109 6 96.1 73 5 128.1 113.9 126.2 122.3 109.7 96.1 73 8 128.1 114.3 113 0 112.5 122 0 117.7 102.9 112.3 120.8 117 4 115.4 128 1 121.0 107.3 116.8 124.7 119 9 117.2 131 9 122.1 109.9 119.8 124.7 119 8 117.6 131 9 122.1 109.9 119.8 106.5 100.1 116 6 110.7 119 7 122.0 103.2 120 9 111.5 122.5 124.0 103.5 120 7 115.0 125.1 124.0 103.5 120.7 114.6 125.1 113.5 108.0 93 8 101.0 120.8 113.7 87.7 93 4 101.7 120.1 113.1 94.0 93.5 102.1 119.8 113.0 97.2 93.5 102.0 120.4 Tobacco Manufactures and Bottled Beverages: Cigarettes Cigars Other tobacco products Alcoholic beverages Nonalcoholic beverages Miscellaneous: Toys, sporting goods, small arms. . Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment. Other miscellaneous Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. APRIL 1954 405 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates by quarters Annual totals 1953 1952 1929 1933 1941 1948 1949 1950 1951 1952 1953 4 Gross national product 103.8 3 2 1 4 55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.1 363.9 371.4 369.5 363.5 Less: Capital consumption allowances.. Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises 8.8 7.2 9.3 17.6 19.4 21.6 24.2 27.0 29.3 28.2 28.2 29.2 29.6 30.0 7.0 .6 -.1 7.1 .7 1.2 11.3 .5 1.6 20.4 - 3 . .7 2 21.6 .8 .2 23.7 .8 .4 25.7 .9 1.1 28.1 .9 .5 30.0 .9 -.7 28.9 .9 1.6 29.3 .9 -1.2 30.1 .9 .7 30.2 .9 .4 30.4 .9 n.a. 0) .'l .0 .0 .4 .4 .1 — .1 — .2 .0 .2 — .3 Equals: National income 87.4 — .2 n.a. Less: Corporate profits and inventory valuation adjustment Contributions for social insurance.. Excess of wage accruals over disbursements Plus: Government transfer payments... Net interest paid by government . Dividends Business transfer payments Equals: Personal income -.1 39.6 103.8 223.5 216.3 240.6 278.4 291.6 307.7 301.4 306.7 310.7 308.1 10.3 .2 -2.0 .3 .0 .9 1.0 5.8 .6 .0 1.5 1.2 2.1 .7 14.6 2.8 31.7 5.2 29.2 5.7 36.0 6.9 42.4 8.2 40.2 8.6 42.4 8.9 41.7 8.8 43.8 9.0 45.2 9.0 40.7 8.8 n.a. 8.7 — .1 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 10.5 11.6 14.3 11.6 12.0 12.8 12.4 12.6 12.6 12.6 13.3 5.1 4.5 4.6 4.7 4.9 4.9 4.9 5.0 5.1 4.8 5.2 9.3 9.4 7.2 9.4 7.5 9.1 9.2 9.2 9.6 9.1 9.1 .9 .9 .9 .9 .9 .9 .9 .9 .8 .7 .8 95.3 209.5 205.9 226.7 254.3 269.7 284.5 278.3 281.6 284.4 286.8 285.9 .0 2.6 1.3 4.5 .5 85.1 46.6 Less: Personal tax and related payments.. Federal State and local ... 2.6 1.3 1.4 1.5 .5 1.0 Equals: Disposable personal income. 82.5 45.2 92.0 188.4 187.2 205.8 225.0 235.0 247.9 243.0 245.4 247.7 249.8 249.3 Less: Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0 3.7 -1.2 Equate: Personal saving 3.3 2.0 1.3 21.1 19.0 2.1 10.5 9.8 18.6 16.2 2.5 6.7 20.9 18.1 2.8 11.3 29.3 26.2 3.2 16.9 34.6 31.1 3.6 16.9 36.6 32.7 3.9 35.3 31.6 3.7 18.1 18.6 36.2 32.3 3.8 17.7 37.0 33.1 3.9 36.7 32.8 3.9 17.2 18.8 36.6 32.7 4.0 19.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual ratei by quarters Annual totals 1952 1929 National income 87.4 Compensation of employees Wages and salaries2 Private Military , Government civilian Supplements to wages and salaries.., 50.8 50.2 45.2 .3 4.6 .6 Proprietors* and rental i n c o m e 3 . . . Business and professional Farm Rental income of persons 19.7 Corporate profits and inventory valuation adjustment Corporate profits before tax Corporate profits tax l i a b i l i t y . . . . Corporate profits after tax Inventory valuation adjustment.... Net interest 1933 1941 1948 1949 39.6 103.8 223.5 216.3 29.3 64.3 140.2 139.9 61.7 134.4 133.4 28.8 23.7 51.5 115.7 113.0 4.0 4.2 .3 1.9 14.7 16.1 4.9 8.3 1950 1951 1952 1953 1953 240.6 278.4 291.6 307.7 301.4 306.7 310.7 308.1 n.a. 153.4 178.9 193.2 207.6 201.3 204.5 208.0 210.4 207.7 145.6 169.8 183.6 197.6 191.3 194.5 198.0 200.6 198.0 123.4 141.2 151.1 164.1 158.3 161.3 164.5 166.9 164.4 5.0 8.6 10.4 10.4 10.4 10.4 10.6 10.5 10.3 17.1 20.0 22.2 23.1 22.6 22.8 22.9 23.1 23.3 6.6 9.9 10.0 10.0 10.0 7.9 9.1 9.6 9.8 9.8 .5 2.6 5.8 20.8 9.6 6.9 4.3 47.3 22.1 17.7 7.5 42.1 50.7 26.1 15.5 9.1 51.2 26.3 14.8 10.0 49.9 27.0 12.4 10.6 51.1 8.3 5.7 5.8 7.2 2.9 2.3 2.0 50.8 27.0 13.4 10.4 10.3 -2.0 14.6 31.7 40.2 39.2 20.6 18.6 1.0 42 4 43. 23.6 19.6 -.8 41.7 40.3 21.2 19.1 1.4 5.0 4.1 29.2 36.0 42.4 27.1 41.0 43.7 10.8 18 23.6 16.3 22 20.1 2.1 - 5 . 0 - 1 . 3 5.0 6.4 5.7 7.0 7.8 7.4 9.8 1.4 8.4 6.5 17.2 33.8 7.8 13.0 — .4 9.4 20.7 - 2 . 1 -2.6 - 2 . 1 4.3 21.6 12.8 7.7 45.4 23.6 13.3 8.5 26.7 14.0 10.3 27.0 12.3 10.4 49.7 49.1 26.9 11.6 10.6 43.8 44.6 24.4 20.3 -.8 45.2 45.9 25.0 20.8 — .6 40.7 n.a. 43.3 n.a. 23.6 n.a. 19.6 n.a. -2.6 1.0 7.6 7.7 7.9 50.0 26.9 12.2 10.8 8.1 n.a. Not available. ^ e s s than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 406 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME— Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates by quarters Annual totals 1953 1952 1933 1929 Gross national product Personal consumption expenditures 78.8 46.3 3.5 22.3 20.6 9.4 37.7 31.7 Gross private domestic investment 1948 6.4 1.6 1.8 18.3 6.8 3.5 3.3 7.7 3.9 3.4 .8 .2 1.1 8.5 Federal 1.3 National security } l .3 Other Less: Government sales * . . . . 7.2 State and local 8.0 2.0 24.7 16.9 13.8 3.2 (*) 7.8 Net foreign investment Government purchases of goods and services 1950 1951 1952 1953 1 4 3 2 4 82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0 9.8 22.9 23.8 29.2 27.3 26.7 30 1 28.2 30.2 30.7 30.4 29.1 44.0 100.9 99.2 102.6 113.4 118.8 121.2 121.1 121.2 122.1 121.3 120.4 28.5 54.1 57.5 62.7 67.4 72.7 78.4 75.1 76.3 77.6 79.2 80.5 1.3 1.1 .5 .7 1.8 — 1.6 -1.3 New construction * Residential, nonfarm Other Producers' durable equipment Change in business inventories.... Nonfarm only 1949 55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.1 363.9 371.4 369.5 363.5 103.8 Durable goods Nondurable goods Services 1941 15.8 7.8 3.6 4.2 2.0 /|\ 5.9 42.7 33.5 52.5 17.7 17.2 22.7 8.3 12.6 8.6 9.1 9.0 10.1 19.9 18.7 22.3 5.0 —2.5 7.5 6.6 3.7 - 1 . 6 .5 - 2 . 3 1.9 58.6 36.6 21.0 16.1 5.6 .6 15.6 43.6 25.4 19.3 6.6 .4 18.2 42.0 22.1 18.5 3.9 23.1 11.0 12.2 24.6 10.9 9.6 23.4 11.1 12.3 25.4 3.7 3.1 52.5 54.4 25.1 11.8 13.3 26.7 2.5 3.2 57.9 23.9 11.6 12.3 25.5 8.5 8.1 54.9 25.0 12.2 12.8 26.2 3.7 4.0 .3 -.2 -1.9 -1.6 -2.1 62.9 41.1 37.4 4.1 77.5 54.2 48.9 5.8 84.9 59.7 51.8 8.5 80.4 83.4 58.5 51.6 7.6 .2 .4 .5 6 19.9 21.8 23.4 25.2 56.4 50.5 6.3 .5 24.0 58.5 55.2 48.8 25.3 24.9 25.3 12.0 11.5 11.6 13.4 13.4 13.6 26.9 27.1 26.5 3.1 - 3 . 0 6.3 4.2 - 2 . 3 7.0 -2.5 - 2 . 1 - 1 . 0 85.0 60.5 53.5 7.6 .7 .7 24.9 24.6 85.5 60.4 52.1 8.8 .5 25.2 85.7 59.5 50.0 10.0 .5 26.3 PERSONAL INCOME [Seasonally adjustment monthly totals at annual rates] Wages and salaries Year or month Personal income Wage and salary disbursements Total receipts4 Total disbursements Commodity producing industries 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254 3 269.7 284.5 50.0 28.7 60 9 119.9 132.1 131.2 142.6 166 4 180.1 193.8 50.2 28.8 61 7 122.0 134.3 133.4 145.5 169 8 183.7 197.6 21.5 15.5 9.8 8.8 8.2 5.1 5.0 5.2 27 5 54.3 60.2 56.9 63.5 74 9 80.6 88.5 16 3 35.1 38.8 38.9 41.3 45 9 48.7 51.9 7 8 15.3 16.6 17.2 18.6 20.3 21.8 23.7 280.5 281.0 283 6 282.7 284.7 286.3 June July 287.5 August 287.0 September.... 286.3 October 287.2 November. . . . 285.9 December 284.6 188.8 190.9 192 .4 192.8 194.2 195.6 197.3 197.1 196.0 195.6 194.5 192.5 192.8 194.6 196.2 196.6 198.0 199.5 201.2 201.0 199.9 199.3 198.3 196.3 86.8 88.0 88.8 88.8 89.3 89.8 90.6 90.2 89.3 88.7 87.7 86.4 50.2 50.6 50.9 51.0 51.7 52.2 52.9 52.9 52.7 52.7 52.9 52.2 191.2 190.2 195.7 194.7 85.4 84.7 52.6 52.5 1929 1933 1941. . 1947 1948 1949 1950 1951 1952 1953 1953—January February March.... April May 1954—-January FebruaryP.... 283.7 282.9 Distrib- Service utive indus- industries tries Government Other labor income 5 DiviProdends prietors' and and perrental 6 sonal income interest income 19.7 13.3 7.2 8.2 9.9 Less personal Trans- contriNonfer butions agriculfor paytural ments 7 social income9 insur-8 ance 1.5 2.1 3.1 14.5 16.0 17.1 19.6 20.5 21.0 22.2 11.8 11.3 12.4 15.1 12.5 12.9 13.7 .1 .2 8 2.1 2.2 2.2 2.9 3.4 3.8 4.1 76.8 43.0 86 1 170.8 187.1 188.7 209.0 234.0 249.9 267.4 51.6 50.2 50.7 49.4 50.0 50.1 49.5 48.9 49.0 49.5 50.0 50.3 21.6 21.7 21.9 22.0 22.1 22.3 22.4 22.5 22.7 22.8 22.7 22.7 13.5 13.3 13.7 13.6 13.5 13.5 13.5 13.6 13.6 14.5 13.8 14.3 4.1 3.9 4.0 4.0 4.0 4.2 4.2 4.1 4.0 4.0 4.0 4.1 261.1 263.3 265.4 265.5 267.2 268.8 270.6 270.7 270.0 270.5 269.0 267.2 50.0 49.8 23.0 23.1 14.7 15.0 4.8 4.8 266.4 265.8 10 2 17.2 18.7 20.4 22.1 28 7 32.5 33.5 .5 .4 6 2.4 2.8 3.1 3.9 4.3 4.7 5.1 20 8 42.4 47.3 42.1 45.4 50.7 51 .2 49.9 22.7 22.8 23.2 23.4 23.5 23.9 24.2 24.1 24.1 24.2 24.1 24.2 33.1 33.2 33 .3 33.4 33.5 33.6 33.5 33.8 33.8 33.7 33.6 33.5 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 24.1 24.1 33.6 33.4 5.1 5.1 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 'Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. APRIL 1954 407 PAGE International capital transactions of the United States 410-415 Gold production 415 Reported gold reserves of central banks and governments 416 Net gold purchases and gold stock of the United States 417 International Monetary Fund and Bank 418 Central banks 418-422 Money rates in foreign countries Commercial banks Foreign exchange rates 423 •. 424 425 Price movements in principal countries: Wholesale prices 426 Consumers' price indexes 427 Security prices 427 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. APRIL 1954 409 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (—). In millions of dollars] Increase in banking funds in U. S. Domestic securities: Inflow of foreign funds* Foreign securities: Return of U. S. funds3 Total Foreign1 official Foreign other International2 Decrease in U. S. banking funds abroad 8,763.5 10,521.1 10,140.7 11,399.5 6,863.9 7,890.7 8,548.1 9,792.0 2,197.8 2,715.6 2.770.2 3,770.4 3,028.2 3,472.8 4.089.6 4.283.1 ,637.8 ,702.3 ,688.3 1,738.5 307.6 231.4 160.9 80.6 258.5 1,202.9 618.6 933.5 1,209.9 1,064.5 687.5 469.6 1953—Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31P 11,245.3 11,424.9 11,683.2 11,869.8 11,945.6 12,021.5 12,221.6 12,407.3 12,483.0 12,599.0 12,542.1 9,646.2 9,849.7 10,125.8 10,185.7 10,160.5 10,247.4 10,443.0 10,649.7 10,767.8 10,937.3 10,887.4 3,641.4 3,866.7 4,043.8 4,103.5 4,147.6 4,112.0 4,248.8 4,449.1 4,488.7 4,622.9 4,606.5 4,279.6 4,298.4 4,340.9 4,318.6 4,255.7 4,366.6 4,420.0 4,424.5 4,410.6 4,451.7 4,333.2 1,725.2 ,684.7 I,741.1 1,763.5 1,757.2 1,768.7 1,774.1 1,776.1 1,868.5 ,862.6 ,947.8 95.3 88.8 99.4 152.5 181.7 208.9 211.5 226.5 221.9 219.3 226.2 968.9 976.6 977.3 983.5 1,003.5 965.8 968.9 918.7 916.8 912.3 915.0 412.5 389.0 361.1 428.9 481.2 479.0 481.2 495.2 463.2 418.2 395.9 123.7 131.7 125.6 123.8 122.4 120.7 119.5 119.3 118.7 120.5 117.0 117.2 113.3 112.0 117.6 1954—Jan. 31? 12,520.3 11,064.1 4,650.4 4,375.2 ',038.5 200.5 907.2 225.9 122.6 From Jan. 2, 1935, through— 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31 31 31 31 Total Inflow in brokerage balances TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date International institutions 8 Total foreign countries Official and United NethKing- France erdom lands Switzerland* Other Total Italy Europe Europe 574.4 •656.6 642.6 817.9 754.4 751.6 837.3 900.0 911.2 887.6 890.0 900.8 916.3 907.8 708.8 715.2 576.9 553.0 521.3 641.8 608.6 632.6 657.8 624.1 650.1 659.9 663.7 664.4 661.2 653.7 674.1 670.4 303.6 314.7 300.5 308.9 286.6 304.9 312.1 314.4 313.6 336.0 353.9 368.2 390.8 430.1 449.3 455.9 Canada Latin America Asia All other Official* private 1949—Dec. 31... 1950—Dec. 31... 1951—Dec. 31... 1952—Dec. 31 .. 1953—Feb. 28. . Mar. 3 1 . . Apr. 30. . May 31. . June 30.. July 31. . Aug. 31. . Sept. 30. . Oct. 3 1 . . Nov. 30. . Dec. 31 P. 1954—Jan. 31 P. 1,657.8 5,960.2 2,908.1 1,722.2 •6,922.6 3,425.9 1,708.2 7,594.0 3,480.5 1,758.4 8,787.6 4,480.7 1,745.2 8,655.1 4,351.7 1,704.6 8,899.2 4,577.0 I,761.0 9,118.9 4,754.1 1,783.5 9,156.3 4,813.8 1,777.1 9,137.5 4,857.9 1,788.7 9,212.8 4,822.3 1,794.0 9,403.0 4,959.1 1,796.0 9,607.8 5,159.4 1,888.4 9,633.5 5,199.0 1,882.6 9,808.8 5,333.2 1,967.7 9,673.8 5,316.8 2,058.4 9,759.8 5,360.7 171.6 260.7 289.4 342.6 253.5 259.1 233.3 255.0 301.8 334.0 362.6 375.8 425.6 423.4 430.7 413.0 170.5 193.6 148.8 203.1 221.1 230.7 231.5 245.0 268.6 227.5 243.1 230.7 241.2 252.8 242.9 211.6 717.0 799.2 1,022.2 1,259.3 1,273.7 1,307.1 1,370.8 1,411.0 1,444.5 1,537.8 1,619.5 1,676.8 1,707.8 1,786.4 1,868.5 1,947.0 2,513.9 «2,777.7 2,924.7 3,573.5 3,397.8 3,485.9 3,642.7 3,749.6 3,889.8 3,982.9 4,132.9 4,216.7 4,343.0 4,454.0 4,374.2 4,413.1 869.1 899.0 ,307.1 1,420.7 1,387.5 1,349.1 1,365.0 1,231.4 L,119.4 1,142.1 1,147.5 1,197.1 1,205.7 1,260.3 L,295.5 1,345.4 1,436.7 1,612.9 1,455.2 1,612.9 ,610.0 1,692.5 1,744.0 ,829.9 1,808.9 1,785.5 1,815.4 ,839.7 1,734.9 1,762.4 1,768.3 1,770.2 961.0 179.5 1,378.5 254.5 1,609.6 297.4 1,845.0 335.6 1,901.5 358.4 2,012.6 359.1 2,005.6 361.5 1,966.7 378.7 1,935.3 384.1 1,948.2 354.1 1,963.4 343.9 2,001.1 353.2 2,000.9 349.0 2,008.3 323.8 1,909.7 326.1 1,912.8 318.2 p1 Preliminary. Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United 8 Nations and other international organizations. Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year'from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 'Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. •Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. lt)30. 410 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe DenOther Aus- Bel- Czechoslo- mark Europe tria gium vakia Finland GerNormany Greece way S.6 1.3 .6 38.0 45.5 45.3 70.4 25.1 18.3 27.0 28.5 149.4 221 6 405.6 551.1 131.2 130.8 133.9 129.1 128.4 132.9 139.8 148.0 118.2 126.9 130.3 .5 .6 .6 .6 .7 .7 .6 .5 .5 .6 .6 60.7 62.3 70.0 69.4 71.0 72.6 77.2 81.7 88.1 92.8 95.7 28.6 26.1 26.9 29.7 34.3 35.7 32.8 30.7 33.5 35.7 37.9 552.2 585.7 626.8 645.7 682.8 739.5 773.3 793.7 827.2 850.0 898.8 1954—Jan. 31 P. 1,947.0 199.7 135.1 .6 104.2 39.7 Date 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 119.9 717.0 31. 31. . 799.2 4l!9 128.2 3 1 . . 1,022.2 57.1 134.7 31. . 1,259.3 91.1 123.9 1953—Feb. 28. . Mar. 3 1 . . Apr. 3 0 . . May 3 1 . . June 30. . July 3 1 . . Aug. 3 1 . . Sept. 30. . Oct. 31. . Nov. 30. Dec. 31 P. 1,273.7 1,307.1 1,370.8 1,411.0 1,444.5 1,537.8 1,619.5 1,676.8 1,707.8 1,786.4 1,868.5 96.3 102.3 108.2 115.1 118.7 129.9 144.4 161.1 169.9 182.2 190.9 Poland Portugal 29.6 69.4 32.3 43.6 45.8 99.7 47.3 110.3 4.2 2.8 3.4 38.1 45.7 40.7 57.4 6.7 6.1 6.1 6.1 15.7 21.3 17.1 19.2 90.1 10.2 115.3 4 . 0 71.7 2 . 5 91.0 1.7 116.9 115.9 116.6 119.2 109.1 108.4 110.3 113.7 115.7 117.6 118.5 2.3 2.4 2.1 2.2 2.0 2.4 2.9 3.4 2.2 2.9 2.2 54.6 54.9 55.1 57.8 57.2 62.9 70.3 66.7 70.0 73.1 72.4 6.1 5.8 5.8 5.8 5.8 5.8 5.8 5.8 5.8 6.0 5.8 19.0 17.6 18.2 22.7 19.3 19.9 22.1 23.4 32.7 35 9 36.0 93.0 89.2 88.7 88.5 86.7 87.9 94.3 103.5 96.0 105 2 116.7 2.0 6.9 45.3 44.3 44.7 46.6 47.8 52.6 51.2 51.0 52.0 54.9 52.9 943.1 106.5 118.5 2.9 71.9 5.7 33.5 124.7 3.1 6.1 51.7 Netherlands West Peru Indies and Suri- Republic of Panama El Sal- Uruvador guay 74.3 59.2 67.7 80.8 16.1 27.8 25.6 53.8 57.1 62.0 66.5 70.7 69.5 73.3 77.9 85.1 92.0 100.9 Rumania Spain Swe- USSR Yugo- All 1 den slavia other 3.4 2.8 1.6 1.3 2.2 6.5 8.0 8.3 2.0 2 8 7.6 13.2 7.1 12.0 9.7 9.3 9.8 10.8 7.9 10.5 13.2 7.4 9.0 7 7 117.4 52.4 57.6 45.2 Table 2b.--Latin Americsi Latin America Date Colombia Argen- Bo- Brazil Chile tina livia Cuba Dominican Guate- Mexico Re- mala public Other Vene- Latin zuela America 2 nam 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31. 31. 31. 31. 1953—Feb. 28. Mar. 31. Apr. 30. May 31. June 30. July 31 . Aug. 31 . Sept. 30 Oct. 31. Nov. 30. Dec. 31 P 1,436.7 1,612.9 1,455.2 1,612.9 201.1 301.8 249.7 138.8 13.5 20.4 27.8 24.5 192.8 226.0 100.3 72.5 60.9 85.9 79.5 53.4 54.0 106.4 79.3 118.2 164.2 259.1 263.6 45.8 301.2 44.2 1,610.0 1,692.5 1,744.0 1,829.9 1,808.9 1,785.5 1,815.4 1,839.7 1,734.9 1,762.4 1,768.3 142.6 142.5 152.4 153.1 155.6 151.3 145.9 146.6 143.1 137.1 130.0 20.2 20.1 19.6 27.4 25.6 22.9 20.6 20.3 19.9 18.8 19.1 83.4 75.7 81.2 119.7 133.6 83.5 132.5 164.4 110.0 148.9 101.7 82.4 86.2 89.1 93.1 88.1 89.1 84.1 92.1 86.0 81.5 78.8 278.3 331.3 356.9 372.5 383.0 390.0 402.1 391.0 385.0 352 6 340.8 1954—Jan. 31 P .1,770.2 139.2 18.8 100.0 126.5 123.9 125.4 122.0 121.6 130.4 129.9 115.6 116.2 132.0 150.2 68.6 152.5 214.6 '25!4' 207.1 27.3 158.2 34.3 231.2 25.9 30.2 34.9 44.3 52.8 60.2 47.2 60.9 41.2 45.6 49.1 47.2 45.2 43.2 40.3 36.4 32.7 32.1 37.9 213.3 213.9 199.4 181.7 167.5 168.7 160.5 170.3 180.2 189.3 183.2 45.4 45.3 41.2 42.3 44.8 45.6 45.1 43.6 49.0 52.2 51.5 61.9 90.4 67.5 91.1 63.8 90.4 62.5 95.2 63.4 97.1 61.2 103.8 62.0 108.1 60.0 101.9 68.2 82.8 73.5 79.9 68.0 89.9 44.2 97.3 54.8 91.7 52.2 94.1 48.9 90.2 44.7 88.5 42.1 91.3 39.2 89.6 33.7 89.0 28.7 93.5 24.9 89.4 26.8 109.6 44.7 184.9 53.3 72.7 38.0 45.3 47.0 48.3 48.0 47.5 50.2 48.9 45.0 41.9 42.4 39.3 345.1 42.8 87.8 143.2 85.2 84.7 71.9 94.1 145.5 207.4 71.3 87.8 117.4 103.9 117.3 143.2 186.4 156.8 166.5 165.2 197.8 173.1 184.1 222.4 133.6 138.6 137.8 139.6 145.9 145.7 141.2 131.7 124.6 123 5 119.2 99.5 201.4 120.8 Table ;2c.—Asia and All Other ForEgypt _ mosa Philand Union and Hong India Indo- Iran Isnlei Japan ippine Thai- Tur- Other All Aus- gian Anglo- of Other* Reland key Asia8 other tralia Congo Egyp- South China Kong nesia public Maintian Africa land Sudan Asia Date 961.0 1,378.5 1,609.6 1,845.0 110.6 81.7 87.4 76.4 83.9 86.1 62.4 70.9 63 .3 15.7 55 .7 114.7 62 .1 140.6 64 .6 61.0 1,901.5 2,012.6 2,005.6 M a y 3 1 . 1,966.7 June 3 0 . 1,935.3 July 3 1 . 1,948.2 Aug. 3 1 . 1,963.4 Sept. 3 0 . 2,001.1 Oct. 3 1 . 2,000.9 Nov. 3 0 . 2,008.3 Dec. 31? 1,909.7 72.8 70.7 72.1 72.1 71.3 71.6 73.3 75.9 77.1 77.2 73.6 71.4 71.4 70.1 67.3 67.2 68.2 68.5 68.8 67.9 68.7 68.0 75 .1 60.7 76 .3 67.3 85 .3 64.3 92 .3 58.9 87 .4 38.4 89 .1 39.6 93 .5 33.6 92 .7 35.1 95 .3 34.7 100 .0 34.0 99 . 0 39.3 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31 31. 31. 31. 1953—Feb. 2 8 . Mar. 3 1 . Apr. 3 0 . 1954—Jan. 3 1 , 1,912.8 P1 Preliminary. Beginning January 2 Beginning January 3 Beginning January 4 Beginning January APRIL 1954 6 297.3 5 374.4 0 329.7 0 315.1 32.4 61.6 19.1 "58.1 75.6 38.5 54.5 110.7 47.2 118.6 59.7 9 8 165.7 48 2 14 3 111.9 96.7 14 1 168.4 181.0 8 4 221.5 179 .5 254 .5 297 .4 335 .6 190.4 193.0 194.8 192.1 197.5 191.9 188.2 191.3 187.1 177.0 167.9 358 .4 52.3 359 .1 54.8 361 .5 57.9 378 .7 66.5 384 .1 67.3 358 .2 54.6 343 .9 53.9 353 .2 54.0 349 .0 58.9 323 .8 58.5 326 .1 59.2 119.5 125.9 124.9 130.5 126.3 119.4 112.5 116.8 110.6 94.0 89.6 55.1 53.4 54.1 54.4 55.2 45.3 44.5 43.9 44.7 40.9 43.3 38.1 93 .5 33.2 91 . 9 36.0 88 .7 33.3 94 . 0 37.4 97 . 8 37.2 101 .7 39.6 93 .4 38.9 99 .4 44.7 90 .1 38.0 92 .4 38.2 95 .7 77.6 67.4 97 .5 75.7 41 5 26 .0 795 4 298.1 153.3 10 9 269 A 318 .2 51.5 91.1 44.0 34.5 1950rexcludes 1950/excludes 1950,'excludes 1950, excludes 214 20 '.3 12 !<5 458 25 5 26 .6 596 19 2 18 .8 808 4 22 .7 862 8 313.7 3 15 .4 897 1 324.8 5 15 .3 892 6 327.9 1 16 .4 882 9 326.1 8 16 .5 891 7 307.4 3 14 .2 910 2 303.0 9 19 .6 919 4 309.8 31.0 19 .5 932 2 308.8 47 4 18 .3 912 0 303.3 42 6 14 .4 914 9 299.2 43.6 18 . 0 827 9 295.5 16 19 19 17 17 20 22 8 8 8 7 8 6 8 14 16 6 8 4 4 0 3 4 2 7 22.6 14 2 206.9 268.4 255.3 234.2 232.2 233.9 226.4 231.6 241.0 257.8 262.8 6.0 44.0 7.0 23.6 79 . 5 57 .7 86 . 8 86 . 5 97 . 0 Austria, Czechoslovakia, and Poland, reported separately as of that date. Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. Iran, Israel, and Thailand, reported separately as of that date. Belgian Congo, reported separately as of that date. 411 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] Date 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. United King- France dom Total 31 31 31 31 1953—Feb. 28 Mar. 31 Apr. 30 May 31. June 30 July 31 Aug. 31 Sept. 30 Oct. 31. Nov. 30. Dec. 31 1954—Jan. 31 Netherlands Switzerland Italy Other Total Europe Europe Canada Latin America Asia AH other 827.9 37.2 898.0 105.7 968.4 35.0 1,048.7 30.3 51.8 31.4 10.1 31.9 5.2 3.4 5.0 4.4 3.8 8.7 11.2 7.1 22.6 20.7 10.3 17.8 98.5 67.1 111.2 81.9 219.2 237.0 182.8 173.4 37.6 125.8 92.0 62.3 411.1 378.8 489.3 662.0 139.7 96.3 162.4 128.6 20.4 60.0 41.9 22.4 1,034.1 1,040.6 1,029.9 976.8 947.7 920.5 917.9 902.9 907.5 910.0 903.2 35.4 35.8 23.4 27.3 28.7 28.5 26.6 33.9 39.5 48.1 66.3 8.8 8.2 8.8 9.5 7.8 10.5 9.7 9.9 9.8 8.2 10.6 6.2 6.9 5.9 5.6 5.1 5.2 5.7 7.2 9.1 6.3 8.6 13.2 14.2 13.9 12.8 15.2 14.0 13.4 14.7 15.4 16.8 17.9 20.2 25.3 25.6 25.5 24.8 22.1 22.2 21.7 20.0 20.3 18.8 72.9 70.9 74.8 71.3 70.0 75.4 84.1 90.7 95.4 89.9 93.9 156.7 161.5 152.4 151.9 151.7 155.7 161.7 178.1 189.1 189.5 216.0 57.8 61.3 60.6 57.4 58.3 49.6 42.0 56.7 80.7 67.1 56.4 676.9 672.7 663.0 636.1 603.9 591.2 594.2 541.5 503.4 506.5 476.3 124.0 125.5 132.0 110.3 112.1 103.6 100.2 106.3 112.0 125.4 129.6 18.7 19.6 21.9 21.1 21.6 20.4 19.8 20.3 22.3 21.6 24.9 928.9 66.9 7.4 6.2 18.1 16.7 103.1 218.4 51.7 476.9 156.1 25.7 Norway Portugal Spain Sweden Yugoslavia All other 1 Table 3a.—Other Europe Other Europe Date 1949—Dec. 31 1950—Dec. 31 1951—Dec. 31 1952—Dec. 31 Austria 98.5 67 1 111.2 81.9 1953—Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov 30 Dec. 31 P 2 .8 .2 .2 .1 Denmark Finland Germany Greece 19.3 21 5 39.6 16.2 3 2 4.8 2.1 .4 8.2 30.0 25.4 28.3 26.8 .7 90.7 95 4 89.9 93 9 .3 1 .2 .8 15.8 14.8 14 1 12.4 11.6 12.2 10 3 11.1 11 0 12.3 13 0 103.1 .2 13.4 72.9 70.9 74.8 71.3 70.0 75.4 .1 .1 .2 4 • 84 1 1954—Jan. 31 P Belgium 4.3 5.1 3 6 2 2 3.1 5.6 4.4 5.1 4.1 1.3 2.3 3.8 3.5 3.5 3.4 2.3 2 7 1.8 1 9 27.3 27.2 30.2 31.0 30.9 27.0 30.3 33.6 37.3 31.3 30.5 6.0 1.5 40.1 1.5 4.3 5 7 5.3 6 2 2.9 7.4 .2 .2 1 4 2.5 1.9 .1 .3 .1 1.7 1.5 1.1 2 .2 .1 .1 .4 .5 .7 1.3 1.4 1.2 .2 6 9 5.4 2.5 3.9 8.6 22 6 4 0 4.0 5.4 2.2 2.4 3.2 3.9 1.5 3.5 6 6 6.5 6 7 2.9 4.5 .5 .4 .6 .6 5.7 5.9 7.5 6.7 6.9 14.4 20.3 24.1 22 6 22.8 24.3 .4 24.4 7.0 .s 1.3 1.1 .8 .8 1.0 .9 .8 1.0 1 6 18.8 11.2 .5 5 .8 .5 .6 .5 .5 .5 .4 2.3 2.4 2.6 (») 7.3 2.2 1.7 2.4 2.7 4.7 5.3 5 8 4.2 5 3 4.3 4 8 6.5 6.4 6 9 6.7 7 1 7.5 6 8 2.1 4.5 7.9 1.8 Table 3b.—Latin America Latin BoAmer- Argentina livia ica Date 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31. . 31.. 31. . 31.. 1953—Feb. 28. . Mar. 31. . Apr. 30.. May 31.. June 30.. July 3 1 . . Aug. 31. . Sept. 30.. Oct. 31. . Nov. 30.. Dec. 31 P. 411.1 53.6 378.8 45.9 489.3 7 . 6 662.0 8 . 2 676.9 672.7 663.0 636.1 603.9 591.2 594.2 541.5 503.4 506.5 476.3 1954—Jan. 31 P. 476.9 7.2 7.1 7.7 10.2 9.0 8.0 7.6 7.5 7.0 6.7 7.1 7.3 2.3 8.7 7.5 5.8 Brazil Chile 136.9 78.0 185 0 356.4 15.5 6.8 24 8 26.4 Cuba 21.1 42.5 43 7 41.7 27.5 27.6 32.3 32.5 1.6 30.7 37.8 34.9 27.2 27.0 28.8 24.0 21.6 41.7 49.4 51.2 60.0 22.6 36.8 37.8 38.9 39.8 47.7 44.4 48.9 47.4 47.1 52.0 56.9 125.6 20.9 53.1 9.2 19.4 19.0 Colombia 383.3 370.7 382.7 367.4 325.1 317.2 319.7 274.7 204.6 9 . 7 186.5 10.8 128.8 10.7 13.4 14.6 15.4 14.7 14.3 13.4 13.2 11.9 9.6 9.0 7.5 7.7 7.5 7.5 6.1 7.1 NetherDolands minican Guate- Mex- West ico Indies Remala and pubSurilic nam Peru Republic of Panama El Sal- Uruvador guay Other Vene- Latin zuela America8 73.0 70.6 90.6 88.6 1.3 1.3 1.2 1.3 11.0 11.8 14.8 5.3 3.1 3.0 6.5 **6\8 9.5 9.1 10.5 14.3 *8!6 25.6 49.4 41.7 36.7 43.1 14.6 14.5 13.7 2.3 2.9 2.8 2.7 2.9 1.9 1.9 1.7 1.7 1.7 1.9 94.5 96.1 86.9 83.0 88.3 86.4 89.0 79.3 4.2- 86.3 4.7 90.1 4.1 92.9 1.9 2.1 2.2 2.5 2.1 2.4 2.2 1.8 3.0 1.6 2.6 17.2 14.7 12.5 13.7 14.3 13.7 15.1 16.8 17.7 18.5 20.2 5.0 4.2 5.4 4.9 5.4 5.6 5.4 5.8 4.9 7.4 4.6 6.8 4.9 5.0 3.4 4.0 3.3 3.7 4.8 6.0 7.9 8.2 9.2 7.3 7.4 4.6 3.6 3.3 3.2 3.4 3.8 4.4 3.7 33.0 35.7 33.4 35.1 35.2 35.6 35.4 36.3 39.2 40.3 41.6 14.1 14.8 14.5 14.0 13.9 15.5 14.2 16.1 18.2 18.6 19.3 2.0 3.4 98.1 2.6 18.8 5.7 8.9 2.8 40.8 17.8 i!9 1 8 *2!6 3 8 4.2 4.9 4.4 4.5 3.1 3.2 3.2 3.0 3.6 5.8 ^Preliminary. January 1950, excludes Austria, reported separately as of that date. Less than $50,000. sBeginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1 Beginning 2 412 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other ForPhilmosa Indoippine Thai- Tur- Other1 and Hong land key Asia China Kong India nesia Iran Israel Japan Republic Mainland Date Asia 1949—o eCt 31 1950—Dec. 3 1 . . 1951—Dec. 3 1 . . 1952—Dec. 3 1 . . 1953—Feb. 2 8 . . Mar. 3 1 . . Apr. 30. . May 3 1 . . June 30.. July 31. . Aug. 31 Sept 30 Oct. 31 . . Nov. 3 0 . . Dec. 31 P. 139.7 96.3 162.4 128.6 124.0 125.5 132.0 110.3 112.1 103.6 100.2 106 3 112.0 125.4 129.6 16 6 18.2 10.1 10.1 1954—Jan. 31 P. 156.1 3.7 3.0 3.1 1.2 2.4 2.0 2.7 2.1 2.3 17.4 16.2 13.4 .2 .2 .3 .9 .6 .6 .6 .8 1.1 4.3 3.3 4.0 3.9 3.1 2.9 14.1 12.1 12.2 12.5 15.6 17.0 20.0 14.2 16.6 18 8 17.1 20.5 17.7 26.6 25.6 23.2 9.4 5.5 5.2 5.8 1.5 2.5 3.3 3.0 6.1 4.8 4.3 5.3 4.5 5.2 5.9 6.2 6.8 6.1 14.7 32.7 29.9 6.0 5.5 6.6 9.3 2^ 2 5 8 5 2 9 2 9 8.5 8.5 7.3 2.6 4.3 3.1 3.4 4.1 3.7 10.2 10.2 10.9 11.7 12.6 12.8 1 2 13 3 1.6 13.9 1.1 13 0 .6 14.2 .6 13.3 .8 13.8 8.1 2.3 2.9 1.0 9.8 9.4 8.8 8.4 8.1 8 2 7.9 2.9 2.7 18.9 30.0 15.1 25.1 25.2 24.2 20.5 19.4 17.8 18.8 24.4 25.9 23.4 22.9 4.9 29.3 7.6 11.6 10.0 14.2 13.6 11.8 10 8 10.1 All other Egypt and Union Bel- AngloAus- gian of Other 2 tralia Congo Egyp- South tian Africa Sudan 20 4 60.0 41.9 22.4 18.7 19.6 21.9 21.1 21.6 20.4 19.8 20.3 22.3 21.6 24.9 7 9 40.8 22.8 10.1 15.7 50.3 13.9 51.6 24.6 21.3 21.6 23.8 20.2 20.4 15.5 15.5 16.7 19.7 24.9 24.7 29.2 23.9 25.7 6.9 14 3 .9 .6 38.8 21.2 18.6 17.4 10.5 11.3 8 7 4.5 1.0 7.7 7.7 6.4 7.0 7.6 7.2 7.2 6 3 6.3 7.0 5.8 5.7 8.0 5.7 5.8 6.3 2 .3 .2 .5 .8 .3 .9 1.0 .3 .2 .2 .1 .2 .4 .5 6.5 .7 4.4 5.7 6.0 6.6 6.5 7.1 6.7 6.6 71 5.9 5 7 4 5 7.3 6.7 2.0 2.1 2.7 2.8 2.8 2.9 2.9 2^9 2 .3 Year or month 1949 1950 1951 1952 1953—January February March April May June July August September October November December P 1954—Januarys Corporate bonds and stocks 5 5! 1 2.7 2.3 2.4 7^8 7.4 7.8 4.7 6. 3 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes 4 7.7 7.2 6.5 3.8 2.8 3.1 3.5 3.4 4.6 3.9 4.6 Total purchases Total sales Net purchases of domestic securities Purchases Sales Net purchases Purchases Sales Net purchases 430.0 1,236.4 673.6 533.7 333.6 294.3 1,356.6 231.4 96.4 942.1 -683.0 302.3 354.1 774.7 859.8 850.3 375.3 772.3 761.0 837.7 -21.2 2.4 98.7 12.6 784.1 2,011.1 1,533.3 1,384.0 708.9 1,066.6 2,117.6 1,069.0 75.2 944.4 -584.3 314.9 42.6 27.6 26.3 12.9 145.5 28.8 36.6 30.1 43.1 24.4 37.0 186.8 14.9 37.5 18.6 9.6 136.7 82.3 29.3 116.4 28.8 38.6 195.6 22.7 27.7 -9.8 7.7 3.3 8.8 6.1 -45.7 .8 -73.3 -4.4 -1.6 81.8 76.2 85.8 71.3 61.7 65.0 56.2 49.7 68.2 53.3 57.5 75.4 75.6 64.9 85.8 73.9 64.3 51.1 48.3 47.3 45.1 50.8 60.4 63.8 6.2 11.3 6 () -2.6 -2.7 14.0 7.9 2.4 23.1 2.5 -3.0 11.5 124.4 103.8 112.1 84.2 207.2 93.8 92.8 79.7 111.3 77.7 94.5 262.2 90.5 102.3 104.4 83.5 201.0 73.8 130.5 76.5 161.5 79.5 99.1 259.5 33.9 1.4 7.7 .7 6.2 20.0 -37.8 3.2 -50.2 -1.9 -4.6 2.8 33.1 38.0 -4.9 68.7 71.6 -2.9 101.9 109.6 -7.8 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 8 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Year or month 1949 1950 1951 1952 1953—Tanuarv February March April . . . . June July August September October, November Decembers 1954—January? .. . Foreign bonds Total purchases Total sales Net purchases of foreign securities 410.1 763.0 772.7 789.1 382.3 908.4 1,149.7 1,007.0 27.8 — 145 4 -377.0 -217.9 77.6 92.1 80.6 79.0 60.8 54.7 71.5 36.4 33.1 139.0 105.1 92.3 — 19 2 —38 0 —28 0 67.8 52.3 —2 2 22 14 0 -32.0 -45.0 -22.3 256.6 -170.0 Purchases Sales Net purchases Purchases Sales Net purchases 88.8 173.8 272.3 293.9 70.8 198.2 348.7 329.6 18.0 —24.4 -76.4 -35.8 321.2 589.2 500.4 495.3 311.5 710.2 801.0 677.4 —121.0 -300.6 -182.1 25.4 24.7 27.5 21.8 16.9 44.9 23.1 18.6 23.9 23.1 25.6 32.0 26.1 24.3 37 6 20.8 41.8 21.9 21.2 18.5 16.3 18.4 25.6 30.2 1.8 33.0 29.4 29.7 29.2 111.7 62.1 46.2 20.0 23.2 83.9 34.6 37.9 51.5 67.8 43.0 58.2 19.0 32.8 50.3 17.9 16.9 120.6 79.6 62.1 -36.7 -45.0 -24.2 58.4 54.1 57.2 51.1 128.6 107.1 69.3 38.6 47.1 106.9 60.2 69.9 28.1 26.9 1.2 58.6 229.8 -171.2 86.7 -.7 .4 —10.1 1.0 -24.9 23.0 2.0 .1 7.7 4.7 9.8 -18.4 -38.4 — 13.3 —29.0 92.7 29.3 -4.1 2.1 6.3 —23 4 P1 Preliminary. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as 4of that date. 3Includes transactions of international institutions. Through 1949 includes transactions in corporate bonds. 8 fl Through 1949 represents transactions in corporate stocks only. Less than $50,000. APRIL 1954 413 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( - ) . In millions of dollars] Year or month International institutions 87. 121. —15. 14. 1949 1950 1951 1952 1953—Jan Feb.... Mar.... Apr May... June... July. . . Aug... . Sept Oct.... Nov.... Dec.p.. 0 2 9 7 —11. 823. —568. 300. 25.5 10.5 8.4 8.5 - 4 . 4 1954—Jan.P. . 0 4 1 0 . . . . 9 0 4 4 - 6 . 8 197.8 6.0 5.5 2.5 -.6 5.4 9.0 6.8 2.6 4.2 7.4 - 3 6 . 2 6.3 - 1 3 . 0 7.2 - 2 . 5 19.5 - 8 . 6 8.5 Nether- Switzerland lands —25. —6. - 2 2 . - 2 1 . - 1.3 -.4 .6 .1 .4 2.0 10.0 18.7 - 3 8 . 3 .9 France 5.8 2.1 6.8 -.5 1.0 - 1 . 2 - 4 . 2 - 1 4 . 1 - 8 . 2 2 6 2 7 8 2 4 2 - 9 . 1 1.0 5.2 1.3 .5 United Kingdom Total 2 1 3 5 . . . . 5 3 2 9 44.2 19.0 45.9 50.7 1 3 4 4 13.4 - 4 9 . 0 1.0 .7 .3 .2 1.1 1.9 .5 - 2 . 8 —.1 - 1 . 1 - 2 . 0 1.1 -.9 -.5 -.8 - 7 . 1 1.5 — .7 6.7 4.4 2.7 2.5 5.2 2.5 5.5 9.6 1.3 2.1 1.2 - 1 . 1 - 1 . 9 Other Europe Italy 0) -!2 -.1 -.7 .1 .4 .1 Total Europe 9.2 6.2 111.4 2.0 20.4 -7.7 -1.4 10.0 -.5 .1 0) 0) -.5 .1 2.6 -1.5 0) 0) .8 11.4 - 3 6 . 3 11.4 12.7 .5 1.6 0) 0) —49. 458. —595. 191. 36.5 347.5 2.2 73.8 —43.8 4.7 -.7 .8 21.5 1.0 1.5 Latin America Canada 0 2 5 6 All other Asia —2.1 —15.3 2.5 30.1 13.9 4.8 -9.5 4.7 - 1 - 0 8 3 1 . . . . 3 8 8 0 -1.1 - 5 - 1 - 1 3 6 0 9 4 7 . . . . . . 1 5 5 9 9 4 11.8 3.9 2.7 .2 .1 -.2 .5 .4 .1 -.5 -.5 - 6 . 8 -3.3 -.3 .3 .1 -.5 -.4 .8 1.4 .8 .8 1.5 2.3 .3 -.4 6.0 0) .2 2.7 y l.*9 -.9 .6 .2 -1.0 -.5 .4 — .1 -.3 1.0 ? -.8 .9 .3 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Year or month Other AusEurope tria 2 2 2 18.4 73.8 —43 8 — 1 1 9 .4 6.2 1949 1950 1951 1952 1953—Jan.... Feb.... Mar... Apr.... May... June.. July... Aug... Sept. . Oct. . . Nov.. . Dec.p . 1954—Jan. P . 2.0 -7.7 -1.4 .1 0) 2.6 -1.5 1^6 0) 1.0 0) -.2 0) 0) 0) 0) 0) 0) Norway Belgium -.9 1.4 6.0 .9 .9 -.1 - 6 . 8 .2 - . 1 .2 .2 c e .1 2 2 1 -2.J .2 -.6 -1.5 1.6 12.6 3 6 . 7 5.7 - 3 8 . 1 6.0 -.5 — .1 2.0 1 .6 0) 0) 0) Colombia Latin All other America 2.5 3 1.2 30.1 13.9 4.7 -1.2 .5 -.8 -1.3 - 1 . 1 — . 4 -.3 -.1 .8 1.4 -!i .8 .8 -.i 1.5 — .1 2.3 0) 0)' -.6 1.4 l.( — .1 11.8 3 9 2.7 —3 3 Cuba -1.0 24.6 6.1 .2 0) .8 "I.3 Republic Uru- Other Latin of Pan- guay* America ama Mexico .3 .5 2.5 2.6 .4 -.2 -.3 .3 (l) 0) 0) 0) .5 .6 .1 11.7 2 6 2.4 .1 -.1 .5 -.7 —6 -.4 C1) .5 -.3 4.2 .1 - 5 . 0 .8 2.6 -6.5 2.7 -.6 .3 .7 .1 -.5 -2.6 .3 .7 -.1 .4 -.3 .2 «.« 2.0 __ 0) -.4 0) 1 *5 .6 -.6 .3 .2 1.2 1.0 1.0 .6 -.2 .9 1.6 .4 .6 -4.2 2 .6 — 2 - 2 . 1 11.1 1.5 6.6 Asia Formosa and China Mainland - 2 . 1 - 1 5 . 3 4.8 - 9 . 5 .3 .1 - . 5 0) .2 .1 — .2 .5 .4 .1 -.5 -.5 -.3 Hong Kong Philippine O t h e r ReAsia public .5 5.5 - 7 . 2 -1.0 .9 - 1 5 . 6 2.3 - 3 . 0 (i) 7.0 - 2 . 1 —.2 .9 - . 3 1.3 - 1 1 . 4 .2 0) 0) !i 0) 0) .6 0) 0)" 0) .3 .1 -.5 -.2 8 0) 0) 0) 0) 0) 0) — .1 0) (0 0) 0)' -.2 -.1 -.2 ( } - 3 -.4 -.3 — .1 .1 .1 .2 .1 .1 .5 .1 .1 .1 -.1 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Year or month 1949 1950 1951 1952 1953—Jan.... Feb.. . Mar... Apr.... May... June.. July... Aug.... Sept. . . Oct. . . . Nov... Dec.p.. International institutions Total United Kingdom France —16.0 -3.6 -152.7 —118.1 43.8 - 1 4 1 . 8 —224.3 —99.8 -13.5 -6.1 —2.0 -4.4 -1.3 —4.1 0) -19.2 - 4 7 . 5 - 2 3 . 3 - 3 1 . 3 68.3 50.3 -.3 9.5 -.1 3.4 -.5 2.1 -2.2 -.3 -.6 -.5 1954—Jan.P. . - 1 0 0 . 6 - 6 9 . 3 p Preliminary. iLess than $50,000. 414 0) -1.1 21.7 -.1 .1 2.5 14.0 41.1 - 4 5 . 5 - 2 1 . 8 0) -73.1 .3 2.9 —.1 - 4 . 7 2.8 4.9 - 8 . 7 .3 .3 .6 1.2 .4 .9 - 1 . 5 0) -.2 5.8 3.7 4.0 -.1 1.9 -.1 -.4 .3 1.5 .3 — .2 2 .4 Nether- Switzerlands land 1.4 .1 -.3 0) -.4 - 2 . 8 - 2 . 3 -.7 5.2 - 2 . 7 - 2 . 0 -.9 19.1 17.2 14.2 8.7 2.1 1.1 .5 .5 2.2 2.3 2.1 1.9 5.2 Italy .4 .5 1.2 1.2 .4 .1 .1 0) 0) 2.3 1.4 .2 .6 .1 -.9 1.9 .1 .6 2.1 .4 15.8 Other Europe 24.6 7.8 16.4 18.2 .7 .5 5.2 1.7 .7 1.6 .8 .4 1.2 4.9 1.8 0) 5.5 Total Europe 30. 13. 28. 19. 8 4 5 9 1.7 3.8 9.4 3.1 2.1 Canada Latin America 20.2 29! 8 33.8 25^3 - 1 8 . 3 - 4 7 . 9 -32.6 -33.8 67.2 22.9 -18.0 - —.8 - 3 . 5 - 5 . 1 1.4 .7 8.8 .5 2.1 - 2 . 6 9.4 33.7 4.8 4.2 -9.8 -49.6 -24.6 8.9 -90.7 5.6 .5 -.2 6.5 All other —10.6 —190.0 —258.6 —1 4 1 . 0 1.1 1.9 1.3 3.1 .9 7.3 2.1 1.4 2.4 9.3 2.2 1.6 26.3 Asia .3 5.1 .8 i!o —36.0 —10.0 4 . 1 2 . 6 1 . 7 3 . 8 2 . 1 2 . 2 2 . 7 —.4 -.7 2 .6 3.9 7 !9 6.0 .4 —2.6 .3 .1 .2 —4.1 18.1 Not availableuntil 1950. FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody [In millions of dollars] Total Year or month 1949 1950 1951 1952 1953—January February.... March April May June July August September. . . October November. . . December. . . . .6 8.0 1.0 3.0 —6.1 -1.8 —3 3 -1.6 3.5 .3 -4.8 -1.7 -1.2 -4.7 -1.3 -.2 -.6 1 .8 -3.5 ? -3^9 -1.3 5.6 2 1954—JanuaryP Europe 5.1 4.7 c -4.9 2.6 -2.9 -.8 2.0 Canada Latin America .9 -1.3 -3.0 2 8 -1.0 —5 0 2.0 1.1 1.6 -4.4 .8 6.7 -1.7 -.5 -.1 -6.1 4.4 -.6 -1.7 .2 .6 1 .0 1.4 1.7 -1.5 3.1 Miscellaneous 3 1952—Dec. 31 550 2,156 86 — .6 1953—Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 536 506 515 527 566 524 512 448 417 423 2,246 2,425 2,455 2,449 2,378 2,588 2,641 2,674 2,694 2,586 90 97 95 101 95 95 94 97 99 106 1954—Jan. 31 Feb. 28 Mar. 31 440 490 494 2,632 2,716 2,784 99 88 92 1954—M ar . Mar. Mar. Mar. 476 487 528 517 2,742 2,741 2,727 2,767 87 88 87 88 .4 -.2 -.9 .6 .1 -.8 .7 -.6 .2 -1.0 -1.1 -2.2 3.8 U. S. Government securities 2 0) -.2 .7 -2.2 Deposits 3.5 1.0 1.0 1.4 -1.6 Date Asia and all other -1.2 1 .4 2.0 .6 -.3 P Preliminary. iLess than $50,000. 2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 89.2; U. S. brokerage balances abroad, 43.4. 3 10 17 24 Represents dollar assets belonging to foreign monetary authorities and the Bank for International Settlements. Excludes assets held for the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 417, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Year or month Estimated world production Total outside U.S.S.R.i reported monthly North and South America Africa South Africa Rhodesia West Belgian United Africa* Congo 2 States 3 Canada Mexico Colombia Other Chile Nicaragua 4 Austra- India 2 lia $1 = 15*/m grains of gold 9/io fine: i. e., an ounce of fine gold =$35. 1947 1948 1949 1950 1951 1952 1953 1953—January. . . February.. March.... April May June July , August.... September. October. . . November. December. 1954—January.. . 766.5 805.0 840.0 864.5 840.0 864.5 705.5 728.1 753.2 777.1 758.3 780.9 392.0 405 409 408 403 413 417.9 18.3 18.0 18.5 17.9 17.0 17.4 17.5 19.3 23.4 23.1 24.1 22.9 23.8 25.4 10.8 11.1 12.9 12.0 12.3 12.9 13.0 75.8 70.9 67.3 80.1 66.3 67.4 69.7 107.5 123.5 144.2 155.4 153.7 156.5 142.4 64.0 60.9 65.2 64.2 65.5 64.7 67.0 66.0 65.7 34.7 32.4 34.7 34.3 34.9 34.1 35.9 35.6 35.0 35.6 35.1 35.7 1.4 1.4 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 2.1 2.1 2. 2. 2. 2. 2. 2. 2. 2.2 2.2 2.2 1.1 1.1 1.1 1.1 1.0 1.1 1.1 1.2 1.2 1.2 1.1 .9 4.5 4.3 5.2 5.2 6.1 6.0 6.8 6.2 6.2 6.8 6.2 6.1 13.0 12.4 13.3 12.9 12.9 12.7 12.9 11.5 11.7 10.0 9.5 9.6 1.5 5.1 35.7 16.3 12.9 14.2 14.3 13.8 16.1 13.4 11.7 12.6 13.3 15.1 14.8 15.3 1.4 1.2 1.2 1.2 1.1 1.0 1.1 1.1 1.9 1.6 1.1 5.9 5.7 6.3 6.7 6.1 6.2 7.4 7.8 7.7 8.0 8.8 8.9 9.1 32.8 31.2 31.3 30.4 31.3 34.3 6.1 6.5 5.7 6.7 7.9 8.9 7.4 .7 .7 .7 .7 .9 2.9 2.8 3.1 2.9 3.0 3.4 2.8 3.7 3.0 3.1 .6 .6 .6 .7 .7 .5 .7 .6 .7 .6 .6 .5 .6 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data 01 percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3 Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 are estimates of American Bureau of Metal Statistics. 4 Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. APRIL 1954 415 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Estimated otal world (excl. U.S.S.R.)i Treasury Total 2 1949—Dec 1950—Dec 1951—Dec. . . 1952—Dec. . . 35,410 35,820 35,970 36,280 1953—Feb Mar.. . . Apr. . . May. . . 36,330 July Aug. Sept Oct. .. Nov.. . . 36,480 June Dec 36,390 P36.710 1954—Tan.. Feb Argentina Belgium 299 271 311 214 32 31 31 31 21 19 22 23 42 42 41 41 41 41 41 42 42 42 42 214 196 196 196 196 196 196 196 186 186 186 31 31 31 31 31 31 31 31 31 31 31 23 23 23 23 23 23 23 23 23 23 23 42 42 186 186 31 31 23 23 698 587 621 706 23 23 23 21 317 317 317 317 496 590 850 896 40 40 45 42 21 21 21 21 21 21 21 21 21 21 317 317 317 317 317 317 317 317 317 317 321 904 911 924 934 944 951 960 970 976 984 996 321 1,005 1,017 22,662 22,563 22,562 22,537 22,463 22 277 22,178 22,128 22,077 22,028 22,030 22,751 22,649 22,639 22,590 22,521 22 353 22,275 22,220 22,146 22,112 22,091 701 702 690 695 696 701 715 721 754 766 776 21,956 21,958 22 044 22,036 779 787 France 3 Germany, GuateFederal mala Republic of India Indonesia 216 216 268 52 74 Canada 24,563 22,820 22,873 23,252 Ecuador Cuba Brazil 24,427 22,706 22,695 23,186 Denmark Colombia Bolivia Chile Norway End of month Egypt 1949—D ec# 1950—Dec 1951—Dec 1952—Dec 53 97 174 174 523 523 548 573 28 140 27 27 27 27 247 247 247 247 178 209 280 235 140 140 138 138 256 256 333 346 52 208 208 144 195 311 316 544 51 50 50 50 27 27 27 38 28 31 46 46 1953—Feb Mar Apr May.... June.... July.... Aug.... Sept... 573 573 573 573 573 573 576 576 576 576 576 184 184 185 210 210 224 247 259 282 303 326 27 27 27 27 27 27 27 27 27 27 27 247 247 247 247 247 247 247 247 247 247 247 208 208 208 208 208 177 168 163 150 150 145 138 137 137 137 137 137 137 137 137 137 137 346 346 346 346 346 346 346 346 346 178 179 180 181 172 173 174 155 156 158 597 605 605 605 615 662 683 723 733 733 737 55 55 55 55 55 55 55 55 55 55 52 38 38 38 38 38 38 38 38 38 38 38 46 46 46 46 46 46 46 Oct Nov Dec 174 174 174 174 174 174 174 174 174 174 174 1954—Jan Feb 174 174 576 576 340 27 247 247 787 772 48 47 38 38 End of month Portugal El Salvador South Africa Spain Sweden Switzerland Thailand Turkey United Kingdom 1949—Dec 1950—Dec 1951—Dec 1952—Dec 178 192 265 286 17 23 26 29 128 197 190 170 85 61 51 51 70 90 152 184 1,504 ,470 ,452 ,411 118 118 113 113 154 150 151 143 41,688 43,300 42,335 41,846 178 236 221 207 373 373 373 373 1,451 1,495 1,530 1,692 68 167 115 196 1953—Feb Mar.... Apr May.... 298 305 311 318 324 330 331 337 348 350 361 29 29 29 29 29 29 29 29 29 29 29 173 174 173 175 175 175 176 175 175 175 176 52 52 53 53 54 54 54 54 54 54 54 194 194 194 194 193 203 204 206 219 219 218 L ,417 ,418 L ,418 ,432 ,441 1,450 ,452 ,456 1,460 ,460 1,459 113 113 113 113 113 113 113 113 113 113 113 144 144 144 144 144 144 143 143 143 143 143 42,103 42,166 42,273 42,321 42,367 42,456 42,469 42,486 42,520 42,561 42,518 207 217 217 222 222 222 222 222 222 222 227 373 373 373 373 373 373 373 373 373 373 373 1,692 1,693 L.693 ,693 1,698 1,699 1,700 ,700 1,700 ,701 1,702 214 233 242 211 193 195 188 198 195 190 193 29 29 176 177 54 218 218 1,458 1,469 113 113 144 144 42,543 42,583 373 373 1,702 194 190 Tune.... July.... Aug Sept Oct.... Nov... Dec. . . 1954—j a n Feb Iran Italy Mexico 137 137 Netherlands Uruguay Venezuela Pakistan Peru Inter- Bank for national InterMone- national tary Settlements Fund p1 Preliminary. Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. -544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 416 FEDERAL RESERVE BULLETIN NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Year or quarter United Kingdom Total —452 9 -.2 721.3 2,864.4 406.9 1,510.0 734.3 193.3 446.3 — 1,725 2 - 1 , 0 2 0 . 0 75.2 469.9 393.7 440.0 — 1,164 3 -480.0 1945 1946 1947 1948 1949 1950 1951 1952 1953 Belgium France 31.1 14.2 222.8 69.8 -41.0 -55 0 -10.3 -3.8 —84 9 278.5 264.6 15.8 —84 8 -20.0 Netherlands Portugal 130.8 40.7 —23 5 —79 8 -4.5 -100.0 —65 0 -47.9 — 10 0 80! 2 116.0 238.0 63.0 3.0 14 0 — 15 0 —22 9 -34.9 -32.0 -5.0 —59 9 - 2 0 6 Sweden Switzerland Other Europe 1 Canada Argentina Cuba Mexico -86.8 —29.9 10.0 -5.6 -40.0 —38 0 -15.0 22.5 —65 0 -7.4 27.3 86.6 5.8 2 -159.9 —68 0 -60.1 -29.3 3 —238 5 36.8 337.9 311.2 -224.9 153 2 727.5 114.1 -49.9 -85.0 —30 0 -65.0 -10.0 -10.0 28 2 -20.0 -23.8 36 9 45.4 61.6 -16.1 — 118 2 -60.2 87.7 —28 1 -15.0 -44.3 -11.2 -3.5 —1 1 3.4 — 100 0 -10.0 7.2 -49.9 -20.0 —84 8 1951 Jan.-Mar Apr -June July-Sept Oct -Dec. -876.3 -55.6 291.4 715.7 -400.0 -80.0 320.0 629.9 -12.3 2.0 557.3 105.7 -1.3 -268.0 520.0 20.2 -4.5 -10.0 -15.0 — 15 0 -5.0 -17.0 —5 0 -91.7 71 7 -10.0 -49.9 -124.4 64.1 —20.0 1952 Jan -Mar. . Apr -June July-Sept. Oct.-Dec . . -80.0 -24.0 -320.0 -40.0 -120.0 -36.5 -3.4 -12.4 —32 6 22.5 -100.0 -5.0 -10.1 11.3 101.4 6.9 3 -19.3 -20.0 -25.0 -71.7 -18.8 —82 8 -65.3 -54.9 —20 0 — 10 0 -28.1 1953 -599.1 -128.2 -306.6 -130.3 Jan -IVIar Apr.-June July-Sept Oct -Dec. -25.0 -15.0 -10.0 -20.0 -15.0 -25.0 —40.0 — 15 0 — 10 0 — 15 0 -15 0 -5.0 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES—Continued ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Year or quarter Uruguay Venezuela Other Latin America Asia and Oceania Union of South Africa Gold s tock at end of period All other Period Treasury 1945 1946 1947 1948 1949 1950 1951 1952 1953 . . 4 -37.9 -73.1 -9.2 -4.9 -3.7 25.1 10.7 -108.0 -14 4 -50.0 -64.8 -.9 22 2 14.9 — 15 0 -27.8 -188.3 25.0 13.7 79.1 1 0 13.4 -4.1 -52 1 -7.5 -35.4 -17.2 - 1 7 . 2 6—50 1 -4.8 -25.1 -9.4 -3.8 -50.9 15.0 28.0 30.1 -11.7 -5.0 3.5 -4.0 -.9 -18.8 -2.4 -3.9 -25.0 12.7 20.3 19.2 -28.0 -25.0 -31.0 1952 Jan -Mar Apr -Tune July-Sept. Oct -Dec 10 0 4 8 -17.6 -7.4 -2.0 2.0 —3 2 -2.4 .4 .3 -3.6 -4.3 — 1.2 — 1.4 -2.4 4.3 7.2 -.1 -1.9 1953 Jan.-Mar Apr -June July-Sept. Oct.-Dec -10.0 —5 0 1 2 -.1 1 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 .... .... 22,726 21,938 20,619 20,065 20,529 22,754 24,244 24,427 22,706 22,695 23,186 22,030 22,739 —23.0 315.7 —458.4 125.4 —757.9 21,981 68.9 —803 .6 4g*3 20,631 — 1,349^8 —845^4 —459^8 35^8 —547.8 — 106.3 —356.7 32 !o 20,083 20,706 2 623.1 311.5 456.4 51.2 22,868 2,162.1 1,866.3 210.0 75.8 24,399 1,530.4 1,680.4 — 159.2 70.9 164.6 686 5 —495 7 67 3 24,563 22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352.4 80.1 617 6 66 3 52.7 —549 0 22,873 23,252 378.9 684.3 - 3 0 4 . 8 67.4 2 .2 -1,170.8 69.7 22,091 — 1,161.0 1953—Mar.. . 22,563 22,649 Apr. . . 22,562 22,639 May. . 22,537 22,590 June.. 22,463 22,521 July... 22,277 22,353 Aug.. . 22,178 22,275 Sept... 22,128 22,220 Oct.... 22,077 22,146 Nov.. . 22,028 22,112 D e c . . 22,030 22,091 -102.5 -10.0 -48.7 -69.4 -168.0 -77.4 -55.6 -73.3 -34.0 -21.9 1954—Jan.... 21,956 22,044 F e b . . . 21,958 22,036 Mar.. . P21,965 P22.O35 -46.6 -7.7 P-1.4 3.5 7.0 .1 -2.0 -.5 -.1 -.1 .6 -.6 -1.4 -5.5 1.6 (3) -106.5 -16.8 -48.9 -68.5 -171.7 -78.8 -55.0 -72.5 -35.1 -21.2 5.2 5.2 6.1 6.0 6.8 6.2 6.2 6.8 6.2 6.1 -43.3 -9.9 -2.0 5.1 4.9 (3) 4 -9.9 Includes Bank for International Settlements. Includes sale of 114.3 million dollars of gold to Italy. 3 Includes sales of 130.0 million dollars of gold to Federal Republic of Germany. includes sales of 185.3 million dollars of gold to China. 5 Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. 6 Includes sales of 45.0 million dollars of gold to Indonesia. APRIL 1954 (-) 3.7 22.9 94.3 256.0 11.9 6.9 498.6 195.7 — 1.6 13.1 5-47.2 52.1 5-84.0 -2.0 11.5 -9.9 1951 Jan.-Mar Apr.-June July-Sept Oct.-Dec Total i EarNet marked Increase gold im- gold: de- Domesin total port or crease tic gold export or inproducgold (-) crease tion stock P! Preliminary. See footnote 2 on opposite page. 2 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 3 Not yet available. 4 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions amounted to 6,539.0 million dollars on Mar. 31, 1954. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 417 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1954 1952 1953 1953 International Bank International Fund Gold Currencies (balances with depositories and securities payable on demand): United States Other Unpaid balance of member subscriptions. Other assets Member subscriptions Accumulated net income Jan. Oct. July Jan, 1,702 1,700 1,699 1,692 1,386 1,310 1,332 1,288 14,847 4,920 14,885 4,395 799 812 1,354 796 1 1 1 1 8,739 8,739 8,737 8,737 1954 2 Net currency purchased (Cumulative—millions of dollars) Feb. Australian pounds Belgian francs Bolivian bolivianos Brazilian cruzeiros Chilean pesos Czechoslovakian koruny. Danish kroner Egyptian pounds Finnish markkaa French francs Indian rupees Iranian rials Japanese yen Netherlands guilders. . . . Turkish liras Pounds sterling Yugoslav dinars All other 1953 Jan. 38.0 11 .4 2.5 38.0 11.4 2.5 65.5 65.5 10.7 10.7 6.0 6.0 10.2 10.2 -5.5 - 5 . 5 4.5 4.5 125.0 125.0 100.0 100.0 8.8 8.8 62.4 62.4 27.0 -27.0 300.0 300.0 9.0 9.0 -1.6 -1.6 Total Dec. Feb. 38.0 50.0 11.4 11.4 2.5 65.5 18.8 10.7 6.0 " 6.6 10.2 10.2 -5.5 -5.5 4.5 4.5 125.0 125.0 100.0 100.0 8.8 62.4 48.1 30.0 10.0 300.0 300.0 9.0 9.0 -1.6 -1.6 773.9 773.9 776.9 694.5 Dec. Gold Currencies (balances with depositories and securities payable on demand): United States Other Investment securities (U. S. Govt. obligations) Calls on subscriptions to capital stock 3 . Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) Other assets Bonds outstanding Liability on obligations sold under guarantee Loans—undisbursed Other liabilities General reserve Special 3reserve Capital Sept. June Dec. 10 8 5 1,004 1,008 1,022 1,040 430 3 1,619 21 653 385 3 423 4 495 4 1,484 1,487 1,409 14 13 18 568 556 567 70 66 84 76 423 401 325 398 9 10 8 9 66 87 82 77 32 40 37 43 1,808 1,808 1,807 1,807 'Revised. includes amounts receivable from member countries for currency adjustments: July 1953, $5,000,000; January 1954, $2,000,000. 2 As of Feb. 28, 1954, the Fund had sold 914.0 million U. S. dollars. In addition, other sales have included the following: to the Netherlands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian francs (May 1948); to Norway, 200.0 million Belgian francs (June and July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling (September 1953), 13.0 million pounds sterling (November 1953) and 26.3 million pounds sterling (December 1953). Repurchases amounted to 347.6 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." 3 Excludes uncalled portions of capital subscriptions, amounting to 7,231 million dollars as of December 31, 1953, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS Assets of issue department Bank of England (Figures in millions of pounds sterling) 1944—Dec. 1945—Dec 1946—Dec 1947—Dec. 1948—Dec 1949—Dec. 1950—Dec 1951—Dec 1952—Dec. 27 26 25 31 29 28 27 26 31 1953—Mar. Apr May June July Aug. Sept Oct. Nov. Dec. 25 29 27 24 29 26 30 28 25 30. 1954—jan Feb. 27 24 .... .2 .2 .... .2 .2 .... ,2 .4 .4 .4 .4 .... .4 4 . . . .4 .4 4 .4 .... . . . .4 .4 .4 .4 .... 4 .4 Notes and coin Discounts and advances 1,250.0 1,400.0 1,450.0 1,450.0 1,325.0 1,350.0 1,375.0 1,450.0 1,575.0 13.5 20.7 23.4 100.8 36.1 33.7 19.2 14.1 51.3 13.6 15.2 16.7 14.8 29.2 18.2 11.2 1,550.0 1,550 0 1,550.0 1,600.0 1,625 0 1,575.0 1,575.0 1,575.0 1,575.0 1,675.0 63.3 38.2 19.8 62.2 29.0 32.2 45.2 45.5 27.9 57.8 10.7 1,575 0 1,575.0 42.6 29.9 Other assets 3 Gold* 4 Assets of banking department Securities Liabilities of banking department Note circulation* Deposits Bankers' Public 10.3 18.6 11.7 11.6 15.4 13.4 10.0 317.4 327.0 327.6 331.3 401.1 489.6 384.0 389.2 371.2 1.238.6 1,379.9 1,428.2 1,349.7 1,293.1 1,321.9 1,357.7 1,437.9 1,525.5 260.7 274.5 278.9 315.1 314.5 299.2 313.5 299.8 302.8 7.6 4.9 359.0 354.8 384.9 346.9 369.1 367.8 356.6 343.2 362.9 338.1 1,488.8 1,514.0 1,532.4 1,540.2 1,598.8 1,545.7 1,532.7 1.532.4 1,549.9 1,619.9 288.3 261.8 260.3 276.7 274.8 277.5 287.3 287.3 288.8 290.2 10.7 9.9 10.4 14.9 15.4 14.0 330.2 340.1 1,535.2 1,547.9 278.6 284.0 10.7 10.9 5.1 8.4 6.2 13.8 6.0 8.1 3.6 5.2 12.9 ECA 52.3 58.5 57.3 95.5 92.1 111.2 85.0 89.8 78.5 17.8 17.8 18. 18. 7.2 75.0 73 9 71.0 68.2 67.5 67.3 70.6 68.9 69.9 70.4 18.5 17 8 18.0 18.1 18.3 18.4 18.6 17.8 17.9 18.2 12 5 68 1 18 3 18.4 5.2 5.3 14.6 13.8 15.7 9.8 9.8 8.8 Other Other liabilities and capital 17.4 97.9 .4 .6 24.3 32.0 39 5 45.7 44.5 38.4 31.6 19.9 17.6 11.5 4.7 65.9 18. 18. 18. 18. 18. *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27. For details on previous changes, see BULLETIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 418 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Liabilities Assets Bank of Canada (Figures in millions of Canadian dollars) Gold* Sterling and United States dollars Dominion and provincial government securities Deposits Other assets Note circulation* Other liabilities and capital 4 Dominion government Shortterm 2 Other 200.9 .5 .6 172.3 156.8 1.0 2.0 .4 74.1 111.4 117.8 77.1 391.8 807.2 787.6 906.9 1,157.3 1,197.4 1,022.0 1,233.7 1,781.4 1,229.3 1,141.8 1,459.8 216.7 209.2 472.8 573.9 688.3 708.2 858.5 779.1 227.8 712.5 1,049.3 767.2 33.5 31.3 47.3 34.3 29.5 42.1 43.7 45.4 42.5 297.1 135.2 77.3 496.0 693.6 874.4 1,036.0 1,129.1 1,186.2 1,211.4 1,289.1 1,307.4 1,367.4 1,464.2 1,561.2 232.0 259.9 340.2 401.7 521.2 565.5 536.2 547.3 541.7 578.6 619.0 626.6 73.8 51.6 20.5 12.9 153.3 60.5 68.8 98.1 30.7 24.7 94.9 16.2 6.0 19.1 17.8 27.7 29.8 93.8 67.5 81.0 126.9 207.1 66.1 44.5 35.1 24.0 55.4 209.1 198.5 42.7 42.4 43.1 119.2 172.6 200.0 132.9 1953—Mar. 3 1 . Apr. 30. May 30. June 30. July 3 1 . Aug. 3 1 . Sept. 30. Oct. 3 1 . Nov. 30. Dec. 3 1 . 65.5 68.0 59.3 66.4 74.9 67.4 69.0 70.5 61.2 54.9 1,371.0 1,436.6 1,364.8 1,405.5 1,451.6 1,414.0 1,385.7 1,469.9 1,378.6 1,376.6 810.9 796.0 821.4 852.0 838.5 830.9 824.9 812.1 894.9 893.7 79.4 86.5 99.9 100.2 87.5 83.0 81.0 118.6 89.7 112.0 1,493.4 1,504.8 1,517.9 1,529.0 1,547.2 1,549.7 1,552.5 1,555.9 1,559.3 1,599.1 601.1 646.7 594.9 647.6 646.6 617.8 616.9 733.6 625.6 623.9 60.6 48.3 45.6 47.9 43.8 66.4 15.4 3.8 50.3 51.5 66.5 76.8 72.1 82.6 68.7 35.2 37.8 37.2 43.4 29.5 105.1 110.6 114.8 116.9 146.3 126.4 138.0 140.8 145.7 133.1 1954—Jan. 30. Feb. 27. 61.6 53.0 1,328.3 1,374.8 880.6 900.8 103.1 116.7 1,519.2 1,506.2 634.4 676.6 48.8 126.1 29.5 34.4 141.6 102.0 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31. 31 . 31. 30. 31. 31. 31. 31. 31. 30. 31. 31. Chartered banks Liabilities Assets Bank of France (Figures in millions of francs) 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—Dec. 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 31. 31. 30. 28. 27. 26. 31. 30. 29. 28. 27. 31. Golds 84,598 84,598 84,598 75,151 129,817 94,817 65,225 65,225 62,274 182,785 191,447 200,187 Foreign exchange Domestic bills Advances to Government 6 Other assets 6 Note circulation Deposits7 Open market 6 Special Other 6,812 38 37 8,420 37 9,518 42 12,170 68 17,980 7 37,618 67,395 12 97,447 30 61,943 137,689 162,017 136,947 28,320 234,923 31,068 274,003 12 169 29 48 303 3,135 64 8,577 28,548 34,081 31,956 57,042 4,517 5,368 7,543 18,592 25,548 76,254 117,826 238,576 335,727 393,054 741,267 937,459 69,500 182,507 68,250 250,965 64,400 366,973 15,850 475,447 445,447 67,900 480,447 147,400 558,039 150,900 558,039 157,900 560,990 158,900 481,039 160,000 481,039 172,000 479,982 17,424 16,990 16,601 20,892 24,734 33,133 59,024 57,622 112,658 212,822 190,830 159,727 270,144 1,517 382 774 770 500,386 578 748 572 510 570,006 12,048 765 721 865 920,831 733 806 987,621 1,278,211 1,168 70 1,560,561 29 1,841,608 27 2,123,514 911,458 923,968 926,296 926,024 960,622 953,856 905,862 877,283 836,117 891,560 199,400 199,400 199,600 199,700 200,000 200,000 200,000 200,000 200,000 200,000 504,982 546,482 534,982 554,982 650,482 668,349 617,049 632,149 654,949 679,849 122,995 153,101 129,412 118,309 139,754 144,154 133,385 152,085 150,222 169,964 2,051,991 2,127,140 2,065,483 2,054,347 2,163,216 2,176,277 2,141,807 2,193,383 2,168,977 2,310,452 10 60 64 46 70 41 73 96 78 21 162,772 2,253,485 9159,027 2,257,405 72 42 1953—Mar. 26. Apr. 30. May 28. June 25. July 30. Aug. 27. Sept. 24. Oct. 29. Nov. 26. Dec. 31. 200,187 200,187 200,187 200,187 200,187 201,282 201,282 201,282 201,282 201,282 16,734 14,700 14,896 15,088 2,275 2,870 4,803 9,319 12,444 15,421 252,386 281,119 291,555 281,415 262,811 276,048 260,777 272,559 255,680 292,465 41,544 32,627 28,494 2.0,630 15,341 4,877 23,441 49,968 59,533 61,108 1954—Jan. 28. Feb. 25. 201,282 201,282 18,596 20,807 262,211 272,186 56,988 895,508 51,577 870,066 Other Current Other 195,000 657,549 195,000 667,549 Government ECA 15,058 10,587 897 Other Other liabilities and capital 25,272 868,474 29 935 21,318 33,137 815,596 7,078 37 855 57,755 4,087 7,213 63 468 82,479 10,942 16,206 171,783 158,973 19,377 161,720 24,234 166,226 41,332 137,727 49,305 2,061 128,788 165,572 182,849 182,828 193,516 188,594 139,313 139,662 131,490 142,823 68,399 58,500 58,501 62,276 55,788 86,126 65,011 61,023 69,224 56,292 628 627 133,398 131,996 62,323 47,425 498 312 18,525 16,838 18,883 397 394 479 458 x On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 21940, pp. 677-678). Securities maturing in two years or less. 3 Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. includes advance to Stabilization Fund, amounting to 35.7 billion francs on Feb. 25. N O T E . — p o r back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. APRIL 1954 419 CENTRAL BANKS—Continued 1954 Central Bank (Figures as of last report date of month) Feb. Jan. 1953 Dec. Central Bank of the Argentine Republic (millions of pesos): 1,623 1,623 Gold reported separately 1,439 1,461 Other gold and foreign exchange. 3,898 3,907 Government securities 57,405 57,845 Rediscounts and loans to banks.. 263 199 Other assets 25,978 26,496 Currency circulation 34,339 34,304 Deposits—Nationalized 503 456 Other sight obligations 3,807 3,780 Other liabilities and capital Commonwealth Bank of Australia (thousands of pounds): 534,536 526,031 520,530 Gold and foreign exchange Checks and bills of other banks.. 5,259 5,521 5,732 Securities (incl. Government and 373,246 393,859 445,329 Treasury bills) 64,324 44,386 21,187 Other assets 336,863 335, 613 363,613 Note circulation Deposits of Trading Banks: 323,720 312,970 283,765 Special 45,950 43,010 59,855 Other 270,833 278,205 285,545 Other liabilities and capital Austrian National Bank (millions of schillings): 157 157 101 Gold 7,607 7,349 6,956 Foreign exchange 5,565 5,629 5,847 Loans and discounts 1,855 1,858 1,858 Claim against Government 38 29 35 Other assets 10,404 10,474 10,258 Note circulation 2,109 1,870 1,496 Deposits—Banks 830 994 816 Other 1,879 2,004 1,905 Blocked National Bank of Belgium (millions of francs): 39,356 38,962 38,787 Gold Foreign claims and balances (net) 13,273 13,9*10 13,986 5,172 6,169 6,147 Loans and discounts Consolidated Government debt. 34,660 34,660 34,660 7,417 6,935 8,873 Government securities 4,021 4,063 4,499 Other assets 98,234 100,976 99,080 Note circulation 2,068 1,769 1,688 Deposits—Demand 105 193 198 ECA 3,492 3,652 4,095 Other liabilities and capital Central Bank of Bolivia—Mone(Nov.) tary dept. (millions of bolivianos): 4,418 Gold at home and abroad1 2 8,740 Foreign exchange (net) 3,941 Loans and discounts 2,505 Government securities 496 Other assets 11,304 Note circulation 1,922 Deposits 6,874 Other liabilities and capital1 . . . . Central Bank of Ceylon (thousands of rupees): 314,036 284,401 245,074 Foreign exchange 20,100 12,300 72,100 Advances to Government 124,619 150,134 151,349 Government securities 4,457 4,401 7,797 Other assets ; 348,291 347,340 367,091 Currency in circulation 1,472 581 771 Deposits—Government 70,513 60,552 65,759 Banks 42,935 42,763 42,699 Other liabilities and capital Central Bank of Chile (millions of pesos): 5,649 5,649 5,647 Gold3 503 533 557 Foreign exchange (net) 4 Net claim on Int'l. Fund 2,124 2,842 2,361 Discounts for member banks.... 10,495 7,860 7,995 Loans to Government 7,428 7,361 8,091 Other loans and discounts 2,660 2,575 2,559 Other assets 19,481 18,525 18,879 Note circulation 4,826 3,461 3,906 Deposits—Bank 1,182 819 587 Other 3,733 3,804 3,689 Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos): 371,802 369,123 370,666 Gold and foreign exchange4 24,376 24,376 24,376 Net claim on int'l. Fund Feb. Central Bank (Figures as of last report date of month) 1954 Feb. Jan 1953 Dec. Bank of the Republic of Colombia—Cont. 269,466 282,987 331,972 Loans and discounts Government loans and securities. 254,083 249,987 251,602 124,534 94,924 92,923 Other assets 597,117 608,057 688,088 Note circulation 348,200 315,674 294 ,428 Deposits 98,945 97,666 89,022 Other liabilities and capital Central Bank of Costa Rica (thousands of colones): 11,503 11,503 11,503 Gold 96,852 89,241 87,377 Foreign exchange 4 7,032 7,032 7,032 Net claim on Int'l. Fund 403,745 97,575 103,233 109,469 Loans and discounts 5,322 Securities 24 ",122 23", 352 22',337 Other assets 377,810 140,523 141,729 150,602 Note circulation 106,393 67,956 64,225 58,839 Demand deposits 318,918 28,605 28,407 28,277 Other liabilities and capital National Bank of Cuba 216,095 (thousands of pesos): 56,107 185,748 185,748 185,748 Gold 302,150 27,767 25,468 29,516 Foreign exchange (net) Foreign exchange (Stabilization 267,950 260 ,243 251,432 Fund) 100 7,616 ,616 7,883 Silver 2,422 12,512 ,512 12,512 Net claim on Int'l. Fund4 6,342 34,073 ,175 28,431 Loans and discounts 2,403 28,854 ,238 28,295 Credits to Government 41 ,513 70,423 69,220 Other assets 8,818 409,930 401,572 416 ,448 Note circulation 316 208,037 203 529 182,878 Deposits 292 15,772 15 409 14,912 Other liabilities and capital 1,884 B National Bank of Czechoslovakia National Bank of Denmark (millions of kroner): 35,069 69 69 69 Gold 16,126 931 891 937 Foreign exchange 6,070 121 166 199 Loans and discounts 34,723 481 482 482 Securities 7,678 Govt. compensation account.... 3,234 3,235 3,245 4,064 146 146 189 Other assets 96,602 1,951 1,991 2,118 Note circulation 3,269 1,370 1,451 1,317 Deposits—Government 209 1,431 1,323 1,474 Other 3,650 229 225 212 Other liabilities and capital Central Bank of the Dominican 1,396 Republic (thousands of pesos): 12,076 12,076 12,076 2,652 18,802 17,790 16,162 Foreign exchange (net) 4 1,886 1,250 1,250 1,250 Net claim on Int'l. Fund 2,196 1,860 2,175 1,647 Loans and discounts 618 9,420 9,420 9,750 Government securities 6,750 3,722 3,724 3,841 Other assets 1,204 36,096 35,182 37,060 Note circulation 794 9,089 9,350 5,562 Demand deposits 1,945 1,903 2,104 Other liabilities and capital 395,142 Central Bank of Ecuador 87.600 (thousands of sucres): 342,349 342 287 341,925 73,331 Gold 77,233 95 479 125,019 2,010 Foreign exchange (net) 4 18,757 18 757 18,757 386,924 Net claim on Int'l. Fund 334,770 324 557 290,989 1,818 Credits—Government 188,052 196 193 230,906 133,500 Other 170,125 168 714 170,609 35,840 Other assets 571,377 570 419 601,041 Note circulation Demand deposits—Private banks 177,258 204 747 209,138 187,976 169 755 155,561 1,248 Other 194,675 201 067 212,463 161 Other liabilities and capital 332 National Bank of Egypt (thou1,708 sands of pounds): 4,059 60,553 60,553 60,553 Gold 8,280 19,475 18,302 18,283 Foreign exchange 2,699 Foreign and Egyptian 12,488 258,975 262,472 272,440 Government securities 2,635 19,036 14,900 16,408 Loans and discounts 422 Advances to Government 2,941 1,580 1,815 3,159 Other assets 179,110 180,833 184,382 Note circulation 71,071 66,080 67,875 Deposits—Government 318,495 99,179 102,131 105,645 Other 10,259 8,999 12,941 24,374 Other liabilities and capital 1,196 262 2,326 49,648 247 21,256 28,545 696 3,184 Feb. 384,956 176,547 106,994 537,959 392,280 r 81,127 11,511 101,301 7,031 75,314 7,125 23,968 138,865 66,559 20,826 213,748 55,768 143,972 32,204 12,511 47,076 40,931 46,360 418,706 162,246 11,620 69 736 102 442 3,314 355 1,849 1,481 1,514 175 12,076 17,218 1,250 1,016 9,848 »-2,598 33,515 8,650 r l,842 338,880 233,851 18,757 235,939 148,466 151,365 536,589 174,448 205,875 210,347 60,553 19,513 323,383 12,940 4,372 4,175 197,661 84,177 122,658 20,440 •Latest month available. 'Revised. iOn May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano. 2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 3On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso. 4 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 8 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 420 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central Reserve Bank of El Salvador (thousands of colones) : Gold Net claim on Int'l. Fund 1 Loans and discounts Government debt and securities. Other assets Denosits Other liabilities and c a p i t a l . . . . Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) . . . Loans and discounts Securities Other assets Note circulation DeDosits Other liabilities and capital Bank of G e r m a n States 2 (millions of German marks): Gold Foreign exchange Loans and discounts Loans to Government Other assets Denosits—Government Banks Other Other liabilities and capital Bank of Greece (billions of drachmae): Gold and foreign exchange (net) 3 Loans and discounts Feb. Jan. s ,862 13 439 9 678 816 7 736 S 869 5,862 12,430 11 S36 9 ,597 8,840 36,857 43 180 7 ,741 2,231 9 048 1 903 1,994 46 9 7 S 42,230 45 7 991 9,973 11 799 14 ,583 16,011 17 ,569 1 7 7 S SS1 1,429 493 7,276 179 1,988 14f 843 827 11 4S7 11,259 1 ,116 1,137 9 483 2,316 225 239 1 ,862 1,852 1 368 6 ,964 3 ,226 5 ,887 875 11 S47 1 790 3 ,311 1 ,881 5 ,044 193 8 389 3 603 1 953 3 503 1 0S9 Reconstruction and 7 110 9 60S 4 906 Other Bank of Guatemala (thousands of quetzales): Gold Foreign exchange (net) Gold contribution to Int'l. F u n d . . 27,228 77 9 9 8 17,805 17 633 1 250 1,250 24,883 19 29,017 78 S08 52,678 51 876 3 630 3,638 7 411 2,768 18,388 13 371 22 712 17 506 Other assets Coin Banks . National Bank of Hungary* Reserve Bank of India (millions of rupees): Issue department* Gold at home and abroad Foreign securities Indian Govt securities Ruoee coin 400 6,182 4,214 948 11,560 Banking department: Notes of issue department Deposits 1 , 3S8 —367 S99 5 , 731 400 S 782 4 714 963 11 755 1,048 2,224 321 104 1 445 114 18 944 7 , 370 30S 1,553 —399 447 5,550 1, 6S1 -336 433 5 , 272 184 1,162 152 Bills discounted Loans to Government Loans and discounts Advances to Government Dec. 7? S1 72,593 77 67, 67 ,383 53,216 28 ,672 1 ,567 1 ,567 1,567 ,076 16 788 18,75. 15 ,104 14,149 13 ,22 9 663 2,894 7, ,467 103 412 101 010 9 S ,490 63 ,716 53,457 43 ,64. 8 ,485 8 ,392 8,708 Other Bank Indonesia 8 (millions of rupiah): Gold 6 1953 1954 Feb. Central Bank (Figures as of last report date of month) Bank Indonesia—Cont. Other assets 73,330 Note circulation 70,116 Deposits—ECA 1,566 Other 14,043 Other liabilities and c a p i t a l . . . . 5,677 Central Bank of Ireland (thousands 1,558 of pounds): Gold 99,522 Sterling funds 59,026 7,743 Note circulation Bank of Italy (billions of lire): Gold 5,862 Foreign exchange 9,249 Advances to Treasury 4,666 Loans and discounts 38,075 Government securities 1,165 Other assets 2,287 Note circulation 44,238 Deposits—Government 1,050 Demand 16,016 Other . . . Other liabilities and capital Bank of Japan (millions of yen): 775 Bullion 4,468 Advances to Government 2,853 Loans and discounts 6,887 Government securities 998 Other assets 10,570 Note circulation 1,368 Deposits—Government 2,071 Other 242 Other liabilities 1,731 Bank of Mexico (millions of pesos): Monetary reserve 7 . . "Authorized" holdings of secu1,803 rities, etc 141 Bills and discounts 8,926 Other assets 3,377 Note circulation 1,485 Demand liabilities 2,341 Other liabilities and capital 805 Netherlands Bank (millions of guilders): 7,431 Gold 1 ,919 Silver (including subsidiary coin). 3,236 Foreign assets (net) Loans and discounts Govt. debt and securities 27,228 Other assets 21,177 Note circulation—Old 1,250 New 7,764 Deposits—Government 21,994 ECA 44,412 Other 3,527 Other liabilities and capital 3,431 Reserve Bank of New Zealand 12,072 (thousands of pounds): 15,972 Gold Foreign exchange reserve Loans and discounts Advances to State or State undertakings 400 Investments 5,682 Other assets . . . . 4,499 Note circulation 827 Demand deposits 11,198 Other liabilities and capital Sank of Norway (millions of kroner): 209 Gold 1,523 Foreign assets (net) 120 Clearing accounts (net) 33 Loans and discounts 1,202 Securities 2,690 Occupation account (net) 396 Other assets Note circulation 788 Deposits—Government 47 Banks 669 FOA—MSA 5,181 Other liabilities and capital 1954 1953 Feb. Jan. Dec. 278 5.121 495 1,426 479 284 S 030 495 1 ,429 480 287 920 495 1 ,383 509 298 4 352 496 1 ,521 615 9 646 2 646 2 646 64,48f 63 ,989 68 181 67,132 66 ,635 70 ,827 2 646 60 796 63 ,442 Feb. L 63 567 351 289 723 1,339 77 51 416 115 65 S67 377 988 740 1 376 14 S7 433 111 63 567 376 283 760 1 449 448 11,513 464,149 177,880 99,751 549,569 64,482 71,089 68,601 448 11 S13 439 ,190 761 886 9S 993 S66 ,168 103 3S3 78 3S6 61 1S4 448 11 513 391 ,107 314 380 114 392 629 892 S9 869 88 168 53 911 72 390 135 4 45 573 323 249 724 1 275 137 49 358 98 37 376 194 108 521 86 60 43 448 501 ,065 369 500 137 744 411 590 1,272 1 ,262 1 290 1 203 2,947 619 750 3,517 1,570 501 2 ,988 600 736 3 491 1 S56 539 3 163 704 534 3 603 1 5S7 531 3 229 529 320 3 302 1 508 470 2,924 13 1,403 31 1,217 412 30 3,192 959 1,016 570 231 982 1S 1 407 31 1 217 409 30 3 177 87S 1 009 740 236 2 792 16 1 509 35 1 217 428 31 3 330 736 1 002 679 990 2 187 15 1 531 35 1 451 508 36 2 983 994 1 163 330 221 6 0S4 6 0S2 6,095 71,793 61 819 60 826 6 019 6,019 6 019 6 015 49 674 6 019 55,667 53,062 1,510 67,932 116,815 9,399 218 —8 -41 67 32 5,546 52 2,928 1,647 664 172 454 55 607 57 083 1 467 6 9 984 0 9 30 S 8 760 931 -4 -52 67 35 5 546 47 2 951 453 1 830 188 448 S4 S7 1 76 00 8 071 081 700 612 462 67S 255 -10 -43 74 127 5 546 48 3, 128 1 S39 721 189 428 58 58 1 61, 109 8, 350 132 360 908 444 198 279 280 30 53 44 5 , S46 2, 712 2, 096 672 299 496 ^ h i s figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. Combined figures for the Bank of German States and the nine Land Central Banks. The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953. *For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 5 As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent Issue and Banking Departments combined. 8 Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold. 7 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 2 3 APRIL 1954 421 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1954 Feb. 1953 Jan. Dec. Feb. State Bank of Pakistan (millions of rupees): Issue department: Gold at home and abroad... Sterling securities Pakistan Goyt. securities. . . Govt. of India securities India currency Rupee coin Notes in circulation Banking department: Notes of issue department. . Bills discounted Loans to Government Other assets Deposits Other liabilities and capital.. Central Bank of Paraguay 1 (thousands of guaranies): Gold Foreign exchange (net) 2 Net claim on Int'l. Fund Loans and discounts Government loans and securities. Other assets Note and coin issue Deposits—Government Other Other liabilities and capital Central Reserve Bank of Peru (millions of soles): Gold and foreign exchange Net claim on Int'l. Fund 2 Loans and discounts to banks. . . Loans to Government Other assets Note circulation Deposits Other liabilities and capital Central Bank of the Philippines 81 505 1,276 146 300 58 2,307 81 475 ,276 146 300 60 ,274 81 425 1,247 126 300 62 2,198 60 2 48 342 340 113 65 5 30 369 362 108 42 83 8 422 371 102 23 525 522 108 (Nov.)* 1,138 43,465 11 268,661 400,293 581,894 495,008 148,704 230,143 421,608 413 67 609 1,004 146 1,597 388 253 (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund 2 Loans Domestic securities Other assets Circulation—Notes Coin Demand deposits Other liabilities and capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government.. ECA Other Other liabilities and capital 460 67 581 984 200 ,560 429 303 451 67 619 1,003 119 1,602 426 231 81 416 1,146 126 300 67 2,053 Feb. Bank of the Republic of Uruguay 813 18,813 ,320 441,718 504 29,504 324 27,334 127 230,518 899 151,653 ,205 619,304 498 84,804 998 151,716 285 43,715 18,552 453,988 29,504 54,140 235,142 148,842 571,417 89,041 229,299 '50,410 5,030 12,579 751 1,422 816 9,788 1,334 6 7,304 2,166 4,561 11,623 887 1,424 518 8,984 1,632 9 6,366 2,022 62,771 26,887 38,000 48,975 95,498 58,521 22,615 423 195 ,637 ,807 ,798 ,212 ,051 62,445 36,211 28,331 46,117 99,539 54,652 18,911 61,157 57,896 23,186 42,626 87,468 75,178 22,219 596 336 15,782 24,054 596 596 336 336 ,534 15,096 ,181 26,185 570 366 15,810 23,227 Jan. Dec. Bank of Spain—Cont. Other assets 32,276 32,657 34,926 Note circulation «.. 37,712 37,441 38,758 3,173 3,710 2,808 Deposits—Government 3,775 3,394 4,113 Other Other liabilities and capital 28,386 28,760 31,462 Bank of Sweden (millions of kronor): Gold 481 481 482 Foreign assets (net) 1,419 1,511 1,492 Net claim on Int'l. Fund 2 129 129 129 Swedish Govt. securities and ad- 8 vances to National Debt Office 2,342 2,284 2,786 407 Other domestic bills and advances 291 357 Other assets 885 879 906 Note circulation 4,584 4,610 4,835 - 357 Demand deposits—Government.. 177 363 Other 31 105 182 Other liabilities and capital 690 683 771 Swiss National Bank (millions of francs): Gold 6,131 6,084 6,086 Foreign exchange 495 524 522 189 Loans and discounts 216 272 Other assets 67 64 99 Note circulation 4,911 4,904 5,228 Other sight liabilities 1,767 1,783 1,541 Other liabilities and capital 203 202 210 1,138 61,580 11 90,176 349,643 -•159,696 346,757 63,686 114,294 Central Bank of the Republic of r 137,508 Turkey (millions of pounds): Gold Foreign exchange and foreign 532 clearings 67 Loans and discounts 317 Securities 941 Other assets '173 Note circulation 1,370 Deposits—Gold 404 Other 257 Other liabilities and capital South African Reserve Bank (thousands of pounds): Gold Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities and capital Bank of Spain (millions of pesetas): Gold Silver Government loans and securities. Other loans and discounts 1954 Central Bank (Figures as of last report date of month) (thousands of pesos): Gold Silver , Advances to State and Government bodies Other loans and discounts Other assets Note circulation Deposits—Government Other Other liabilities and capital Central Bank of Venezuela (millions of bolivares): Gold Foreign exchange (net) Other assets Note circulation Deposits Other liabilities and capital Feb. 29,533 37,033 2,440 4,604 25,429 428 1,320 129 2,665 294 '820 4,365 371 286 '634 5,905 464 219 70 4,787 1,672 199 402 402 402 402 189 2,077 25 109 1,447 154 763 439 207 2,033 25 116 1,414 154 812 403 197 2,042 25 150 1,414 153 846 402 212 1,709 26 124 1,272 153 791 258 (Nov.)* 336,572 313,786 9,215 9,044 1,141 278 134 1,009 299 246 Bank for International Settlements (thousands of Swiss gold francs): 582,752 Gold in bars Cash on hand and with banks. . . 99,965 1,233 Sight funds at interest Rediscountable bills and accept345,443 ances (at cost) 163,480 Time funds at interest 265,927 Sundry bills and investments 297,201 Funds invested in Germany 2,486 Other assets 435,484 Demand deposits (gold) Short-term deposits: Central banks—Own account.. 753,715 Other 59,379 228,909 Long-term deposits: Special 280,999 Other liabilities and capital 1 ,141 279 106 1,012 282 231 110,086 347,741 608,991 414,329 129,081 333,184 535,840 153,938 343,185 "511,423 401,339 98,101 360,568 r 471,540 1,141 322 109 1,041 261 269 1,141 102 94 971 269 97 595, 592,158 656,518 51,229 44,558 57,355 1,232 1,374 10,699 338,051 108,855 274,950 297,201 1,786 435,480 316,129 107,791 276,779 297,201 2,594 431 ,715 213,287 39,536 232,606 297,201 1,425 463,460 673,687 652 ,065 476,330 50,000 46,378 66,047 228,909 228,909 228,909 280,245 279,515 273,880 x The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 422 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect Dec. 31, 1948 May 27, 1949 July 14 Oct. 6 June 8, 1950. . Sept. 11 . . . . Sept. 26 Oct. 27 Dec. 1 Apr. 17, 1951. . July 5 Sept. 13 . Oct. 11 Nov. 8 Nov. 9 Jan. 22 1952 . Mar. 12 May 29 Aug. 1 Aug. 21 Dec. 18 Jan. 8, 1953. . Apr. 7 June 11 Sept. 17 Oct 29 Nov. 20 Feb. 4, 1954... In effect Feb. 28, 1954 United Ger- Bel- Nether- SweKing- France many gium lands den dom 2 3 15 1 4X sy2 2X Central bank of— Switzerland Rate Feb. 28 Argentina Austria Belgium Bolivia 2X 14 Central bank of— 1, 1936 24, 1953 29, 1953 30, 1950 Rate Feb. 28 Mar. Sept. Oct. Sept. 2 3 Oct. 17, 1950 July 23, 1953 Netherlands . New Zealand. 4 July 18, 1933 Feb. 1, 1950 Pakistan.... 3 *X 10 3 3 Sept. 23, 1953 May 13, 1948 Nov. 15, 1952 Mar. 22, 1950 Dec. 16, 1951 Peru Portugal.... South Africa. Spain Sweden 6 Feb. June Jan. Nov. Apr. Switzerland.. Turkey United Kingdom USSR Ireland Italy Japan Mexico Date effective J« 2% 6 3V2 3H 2X Date effective Mar. 25, 1952 Apr. 6, 1950 Oct. 1, 1951 5.84 *X June 4, 1942 3% Canada Ceylon Chile Colombia Costa R i c a . . . . 3 l 6 3 4 3H 4X June 13, 1935 Norway Apr. 7, 1953 July 26, 1941 Jan. 9, 1946 July 1, 1948 3 3 2X Denmark Ecuador Egypt El Salvador. . . Finland 4 3H 4 15 3 1 4X 3 *4 France Germany. Greece India Indonesia 2X *X 3H 2% 2% ... 3H ^X 10 *X 4, 1954 11, 1953 1,1954 15, 1951 1, 1946 3K 3M 2M 2V2 1 Rates established for the Land Central banks. NOTE.—Changes since Feb. 28: None. IX 2% Nov. Jan. Mar. Mar. Nov. f 13, 12, 27, 18, 20, 1947 1944 1952 1949 1953 Nov. 26, 1936 Feb. 26, 1951 I" Sept. 17, 1953 July 1,-1936 SX OPEN MARKET RATES [Per cent per annum] Month France United K i n g d o m Canada Netherlands Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money Bankers' allowance on deposits Day-today money Treasury bills 3 months Day-today money 1944—January 1945—January 1946—January 1947—January 1948—January 1949—January 1950—January 1951—January 1952—January 1953—January .41 17 .36 .40 .41 .41 .51 .63 .89 1.35 1.03 1.03 .53 .53 .54 .56 .69 .69 1.50 3.00 1.01 1.01 .50 .50 .51 .52 .52 .51 .97 2.39 1.08 1.00 .63 .63 .63 .63 .63 .63 1.00 2.25 .50 .50 .50 .50 .50 .50 .50 .50 .75 2.00 1.62 1.65 1.27 1 .48 2.02 2.09 2.18 2.45 3.50 3.97 1.01 1.44 L .28 1.23 L .31 1.31 1.18 .83 1.00 .77 .57 1.13 1.22 .83 1.00 .54 1953—February March April May June July August September.... October November. . . . December 1.47 1.50 1.53 1.53 1.70 L .76 1.80 1.91 L.93 .90 .88 3.00 3.00 3.00 3.00 3.00 3.00 3.00 2.67 2.19 2.19 2.19 2.42 2.40 2.41 2.38 2.37 2.35 2.36 2.27 2.11 2.10 2.11 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.09 1.94 1.94 1.94 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.88 1.75 1.75 1.75 4.10 3.93 4.05 4.22 3.94 4.13 4.18 4.34 3.91 4.00 3.75 .81 .90 .93 .64 .57 .50 .50 .43 .38 .28 .03 .50 .51 .71 .52 .50 .50 .50 .50 .50 .50 .50 1954—January L .88 2.19 2.12 1.94 1.75 3.66 .23 .50 Sweden Switzerland Loans up to 3 months Private discount rate 3-53^ 3-5^ 23^-5 1.25 2^-4^ 2K-4M 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 3-5 2HS 1 9^ 1.25 1.25 1.50 1.63 1.50 L.50 1.50 1.50 L.50 L.50 L.50 L.50 L.50 L.50 L.50 L.50 L.50 L.50 L.50 L.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. APRIL 1954 423 COMMERCIAL BANKS United Kingdom Assets i (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Liabilities Money at Loans to call and Bills dis- Treasury deposit Securities customers short counted receipts * notice Deposits Other assets Total Demand Time 1,478 1,512 1,528 1.965 2,148 ,396 ,534 ,660 ,950 ,764 621 579 735 867 748 6,200 6,202 6,368 6,333 6,460 4,159 4,161 4,262 4,290 4,232 2,041 2,041 2,106 2.042 2,228 420 427 550 651 528 1,024 1,010 1,080 1,209 1,244 1,331 1,376 1,340 1,354 1,417 2,122 2,119 2,123 2,136 2,140 2,140 2,137 2,238 2,245 2,275 ,811 ,825 ,784 ,778 ,742 ,688 ,675 ,666 ,687 ,725 641 664 654 673 633 595 623 607 626 729 6,053 6,060 6,083 6,299 6,247 6,240 6,320 6,373 6,419 6,694 3,873 3,860 3,896 4,040 3,990 3,971 4,004 4,041 4,080 4,327 2,179 2,200 2,187 2,259 2,257 2,269 2,316 2,332 2,339 2,368 515 511 520 481 483 480 482 472 483 495 1,330 1,113 2,277 2,275 ,706 ,754 633 638 6,457 6,237 4,124 3,954 2,333 2,283 499 501 1948—December. 1949—December. 1950—December. 1951—December. 1952—December. 502 532 540 531 549 485 571 592 598 529 741 1,109 1,408 972 1,248 1953—March.... April May June July August. . . September October... November December. 497 498 498 514 510 511 515 518 520 542 472 454 464 469 460 456 476 476 469 501 1954—January.. February., 526 504 483 454 1,397 793 456 102 Liabilities Assets Canada 3 (11 chartered banks. End of month figures in millions of Canadian dollars) Security loans abroad and net Securities Other due from loans and foreign discounts banks Deposits payable in Canada excluding interbank deposits Entirely in Canada Cash reserves Security loans Other liabilities and capital Other assets Notes* Other liabilities and capital Total Demand Time 7,027 7,227 7,828 7,896 8,421 2,970 2,794 3,270 3,284 3,497 4,057 4,433 4,558 4,612 4,924 ,537 ,477 ,667 ,714 ,736 1948—December.. 1949—December.. 1950—December.. 1951—December.. 1952—December.. 749 765 824 907 916 101 133 134 107 155 2,148 2,271 2,776 3,028 3,289 144 146 171 227 326 4,268 4,345 4,286 3,876 3,955 ,169 ,058 ,304 ,464 ,516 1953—February. . March April May June July August.... September.. October November.. December.. 877 851 897 822 903 877 883 897 962 899 906 141 140 152 138 123 125 135 110 144 152 154 3,301 3,394 3,508 3,526 3,576 3,649 3,732 3,772 3,838 3,977 3,897 330 322 345 331 331 328 353 330 342 390 424 4,042 4,082 4,135 4,024 3,956 3,872 3,886 3,918 3,789 3,789 3,831 ,342 ,394 ,380 ,402 ,509 ,359 ,329 ,372 ,432 ,512 ,510 8,310 8,458 8,642 8,486 8,634 8,496 8,651 8,692 8,744 8,918 8,881 3,301 3,391 3,535 3,386 3,508 3,344 3,445 3,466 3,596 3,851 3,847 5,008 5,067 5,107 5,100 5,126 5,152 5,206 5,226 5,148 5,068 5,034 ,724 ,724 ,774 ,755 ,764 ,713 ,667 ,706 ,763 ,801 1,841 1954—January 881 143 3,929 370 3,944 1,337 8,772 3,679 5,093 1,832 Liabilitiei Assets France (4 large banks. End of month figures in millions of francs) 16 14 Cash reserves Due from banks Bills discounted Loans Other assets Deposits Total Demand Time Own acceptances Other liabilities and capital 1948—December. 1949—December. 1950—December. 1951—December. 1952—December. 45,397 40,937 48,131 60,215 51,155 35,633 42,311 52,933 72,559 68,243 354,245 426,690 527,525 627,648 636,624 126,246 129,501 135,289 165,696 170,298 34,030 29,843 31,614 38,114 29,734 552,221 627,266 749,928 906,911 902,547 545,538 619,204 731,310 879,767 870,504 6,683 8,062 18,618 27,145 32,043 30,638 26,355 28,248 33,774 24,957 12,691 15,662 17,316 23,547 28,551 1953—January February.. March April May June July August September. October November. . December P 47,150 46,436 46,064 48,314 48,079 47,394 47,903 50,451 47,177 46,003 47,103 50,763 69,200 68,971 75,743 83,702 84,973 85,411 85,806 89,197 81,649 74,964 78,797 85,739 642,991 638,377 630,601 634,643 690,729 643,804 661,082 651,314 644,000 694,021 696,942 743,686 174,912 174,329 175,934 174,379 166,926 184,584 189,591 198,784 199,498 185,109 189,753 183,302 33,586 34,793 37,896 41,925 44,885 46,676 49,269 49,226 50,250 54,393 60,636 68,819 907,691 900,626 900,928 910,867 962,225 930,986 952,454 956,528 939,282 965,798 978,019 1,029,660 873,232 864,734 864,528 873,209 924,151 892,185 913,188 917,027 900,010 924,602 935,267 987,111 34,459 35,892 36,400 37,658 38,074 38,801 39,265 39,501 39,272 41,196 42,752 42,549 27,216 27,960 27,291 29,219 29,618 28,728 27,446 25,209 22,928 24,355 28,142 30,308 32,932 34,321 38,019 42,878 43,750 48,155 53,751 57,234 60,364 64,338 67,070 72,341 ^Preliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3Beginning December 1953, when a new bank was added, figures are for 11 banks. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 424 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. Argentina (peso) Year or month 1948 1949 1950 19S1 1952 1953 . . . . . . . . 1953—April May June July August September October November December . . 1954—January February March Year or month 1948 1949 1950 1951 1952 1953 . ... 1953—Ap'ril May June July August September October November December 1954—January February March Year or month Australia (pound) Basic Preferential Free 29 773 29 774 26.571 20.000 20.000 20.000 13.333 13.333 13.333 13.333 8.289 7.067 7.163 7.198 321 22 293.80 223.15 223.07 222.63 224.12 20.000 20.000 20.000 20.000 20.000 20.000 20.000 20.000 20.000 13.333 13.333 13.333 13.333 13.333 13.333 13.333 13.333 13.333 7.198 7.198 7.198 7.198 7.197 7.198 7.198 7.198 7.198 224.43 224.25 224.19 224.32 224.30 223.33 223.57 223.97 223.93 20.000 20.000 20.000 13.333 13.333 13.333 7.198 7.198 7.198 224.01 224.13 224.27 Ceylon (rupee) Denmark (krone) Finland (markka) 20.857 19.117 14.494 14.491 14.492 Austria Belgium (schilling) (franc) 2 2 Brazil i (cruzeiro) Canada (dollar) Official Free 100.000 97.491 90.909 91.691 92.881 91.474 94.939 102.149 101.650 3.8580 3.8580 3.8580 1.9971 2.0019 2.0007 2.0011 2.0006 2.0050 2.0063 2.0062 2.0053 5.4406 5.4406 5.4406 5 4406 5.4 L455 5.4 t466 35.4H66 4.2808 3.5261 4.2808 3.5261 32.589 32.585 32.579 32.582 32.610 32.569 32.596 32.641 32.635 101.655 100.559 100.546 100.782 101.180 101.580 101.762 102.266 102.754 3.8580 3.8580 3.8580 2.0023 2.0036 1.9152 4.2808 4.2808 4.2808 3.5261 3.5261 3.5261 32.646 32.656 32.668 102.781 103.439 102.996 India (rupee) Ireland (pound) Mexico (peso) Netherlands (guilder) New Zealand (pound) 30.169 27 706 20.870 20.869 ' 280.38 20.922 279.68 21.049 281.27 18.860 12.620 11.570 11.564 11.588 11.607 37.668 34.528 26.252 26.264 26.315 26.340 350.48 365.07 277.28 277.19 276.49 278.48 Free Germany (deutsche mark) 5.4406 5.4406 5.4406 5.4406 5.4406 35.4420 British Malaysia (dollar) 2.2816 2.2009 1.9908 1.9859 1.9878 2.0009 France (franc) Official In cents per unit of foreign currency] 42.973 32.788 32.849 32.601 32.595 .4354 .4354 .4354 .3240 .3017 .2858 .2856 .2856 .2856 21 067 21.046 21 041 21.047 21.067 20.990 21.004 21 041 21.037 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .4354 .2856 .2856 .2856 .2855 .2855 .2855 .2856 .2856 .2856 21.069 21.049 21.044 21.051 21.073 20.995 21.005 21.044 21.039 281.66 281.43 281.35 281.53 281.50 280.29 280.58 281.09 281.03 11.608 11.564 11.561 11.589 11.620 11.615 11.624 11.627 11.626 26.335 26.340 26.334 26.321 26.322 26.338 26.400 26.410 26.410 278.87 278.65 278.57 278.74 278.71 277.51 277.80 278.30 278.25 21 038 21.044 21.052 .4354 .4354 .4354 .2856 .2856 .2856 21.039 21.047 21.056 281.14 281.29 281.45 11.619 11.614 11.608 26.405 26.408 26.408 278.35 278.50 278.67 Norway (krone) PhilipPortupine gal Republic (escudo) (peso) South Africa (pound) Sweden (krona) Switzerland (franc) United Kingdom (pound) 27.839 20.850 20.849 20.903 21.046 .4929 .4671 23.838 23.838 23.838 Uruguay 4 (peso) 1948 1949 1950 1951 1952 1953 20.159 18.481 14.015 14.015 14.015 14.015 49.621 49.639 49.675 49.676 4.0183 3.8800 3.4704 3.4739 3.4853 3.4887 400.75 366.62 278.38 278.33 278.20 280.21 27.824 25.480 19.332 19.327 19.326 19.323 23.363 23.314 23.136 23.060 23.148 23.316 403.13 368.72 280.07 279.96 279.26 281.27 65.830 65.830 65.833 65.833 65.833 365.833 56.182 56.180 56.180 56.180 56.180 556.180 42.553 42.553 42.553 42.553 542.553 634.217 1953—April Mav June July August September October November December 14.015 14.015 14.015 14.015 14.015 14.015 14.015 14.015 14.015 49.677 49.677 49.676 49.677 49.676 49.677 49.677 49.677 49.677 3.4882 3.4903 3.4897 3.4896 3.4897 3.4896 3.4896 3.4899 3.4900 280.61 280.38 280.30 280.47 280.45 279.24 279.53 280.04 279.98 19.323 19.323 19.323 19.323 19.323 19.323 19.323 19.323 19.323 23.329 23.329 23.331 23.333 23.334 23.332 23.310 23.255 23.289 281.66 281.43 281.35 281.53 281.50 280.28 280.58 281.09 281.03 65.833 65.833 65.833 65.833 65.833 65.833 65.833 65.833 565.833 56.180 56.180 56.180 56.180 56.180 56.180 56.180 56.180 556.180 42.553 42.553 42.553 42.553 42.553 42.553 42.553 42.553 542.553 34.205 33.633 33.270 32.994 34.001 35.228 34.791 33.567 5 32.573 1954—January February March 14.008 14.008 14.008 49.677 49.677 49.677 3.4900 3.4900 3.4900 280.09 280.23 280.40 19.333 19.333 19.333 23.308 23.315 23.308 281.14 281.29 281.45 *For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 2 Based on quotations beginning Nov. 30, 1953. 3 Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these two rates were 4.2808 and 3.5261, respectively. 4 Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4; the average for this period was 53.1914. 5 Based on quotations through Dec. 4, 1953. 6Free rate, based on quotations Feb. 10-Dec. 4, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for furthur information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. APRIL 1954 425 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month 1944 1945 1946 1947.. 1948 1949 1950 1951 1952 1953 United States (1947-49 = 100) Mexico (1939 = 100) Canada (1935-39 = 100) United Kingdom (1930 = 100) France (1949 = 100) 68 69 79 96 104 99 103 115 112 110 131 132 139 163 193 198 211 240 226 221 179 199 229 242 260 285 311 386 400 393 166 169 175 192 219 230 262 320 328 328 14 20 34 52 89 100 108 138 145 138 1953—February March April May June July August September October November December 110 110 109 110 110 111 111 111 110 110 110 221 222 220 220 222 221 222 222 221 219 219 384 386 387 393 391 397 395 398 401 396 396 324 328 333 331 330 329 327 326 326 328 326 139 140 139 139 139 137 137 137 136 137 138 1954—January February 111 111 220 219 396 397 P325 P324 P139 .... Japan (1934-36 average = 1) Italy (1938 = 100) Netherlands (1948 = 100) Sweden (1935 = 100) Switzerland (Aug. 1939 = 100) 207 205 200 208 217 206 203 227 220 213 214 214 212 214 213 213 212 212 212 212 211 5,159 5,443 5,169 4,897 5,581 5,270 5,250 2 4 16 48 128 209 246 343 349 P354 100 104 117 143 140 134 196 194 186 199 214 216 227 299 317 298 5,243 5,264 5,234 5,250 5,250 5,258 5,270 5,246 5,237 '5,222 5,259 351 351 350 350 . 352 353 355 357 359 360 P360 136 136 134 135 134 133 133 133 133 134 134 302 301 300 299 299 298 296 295 295 297 296 135 P296 P138 213 213 r P Preliminary. Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States (1947-49 = 100) Year or month Farm products 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 . 1953—February March April May July August September October November December 1954—Tanuary February Canada (1935-39=100) Other Processed commodfoods ities Farm products Netherlands (1948=100) United Kingdom (1930=100) Raw and Fully and chiefly partly manumanufactured factured goods goods Foods Industrial products 69 72 83 100 107 93 98 113 107 97 n.a. n.a. n.a. 98 106 96 100 111 109 105 70 71 78 95 103 101 105 116 113 114 155 165 177 190 230 226 237 269 249 '220 134 136 140 164 196 197 213 238 219 207 129 130 138 162 192 199 211 242 231 229 158 158 158 165 181 197 221 247 284 307 170 175 184 207 242 249 286 »364 »352 98 100 97 98 95 98 96 9895 94 94 105 104 103 104 103 106 105 107 105 104 104 113 113 113 114 114 115 115 115 115 115 115 '230 '228 '222 '224 '227 '227 214 '209 209 205 207 208 210 206 206 207 207 210 207 205 203 204 229 229 228 228 230 230 230 230 230 228 228 300 302 318 317 316 315 309 307 304 '305 302 »337 >337 98 98 106 105 115 114 209 209 207 205 228 227 P3O5 302 Foods Industrial raw products Industrial finished products 100 101 112 122 129 123 100 108 128 171 166 156 100 104 116 143 135 132 127 124 122 124 124 118 119 121 120 122 122 159 159 157 157 155 155 155 155 154 153 153 132 132 131 131 131 131 131 132 132 132 132 127 153 133 n.a. Not available. P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 426 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Con tinned CONSUMERS' PRICE INDEXES Food All items Year or month 1946 1947 1948 1949 1950 1951 1952 1953 United States (1947-49 = 100)1 . . . 1953—February March April May June July.. . August September October November December 1954—January February Canada (1949 = 100) United Kingdom (Jan. 15,1952 = 100) France (1949 = 100) Netherlands (1949 = 100) Switzerland (Aug. 1939 = 100) United States (1947-49 = 100) i 100 109 119 120 120 152 158 163 162 159 167 171 170 79 96 104 100 101 113 115 113 146 145 145 146 145 144 143 141 141 141 142 120 120 120 121 121 121 120 121 121 120 120 170 169 169 170 170 170 170 170 170 170 170 143 123 124 170 170 83 96 103 102 103 111 114 114 78 85 97 100 103 114 116 115 77 82 84 86 95 103 106 35 57 90 100 111 130 145 144 113 114 114 114 115 115 115 115 115 115 115 116 115 115 114 115 115 116 116 117 116 116 105 105 106 106 107 107 106 106 106 106 106 115 115 116 116 106 106 Canada (1949 = 100) SwitzUnited erKing- France Netherland dom lands (1949 (1949 (Aug. (Jan. = 100) 15, 1952 = 100) = 100) 100 103 117 117 113 67 72 76 82 91 105 112 36 57 92 100 111 128 141 137 112 112 112 112 114 114 114 114 114 112 112 113 112 111 110 111 113 113 114 116 113 112 110 111 113 113 114 114 112 111 111 111 110 142 141 140 141 141 137 136 132 132 132 134 113 113 112 112 110 110 136 ioo 111 121 123 124 123 124 125 127 127 123 126 125 124 1939 = 100) 160 170 176 174 176 181 184 184 183 183 182 183 184 184 185 186 187 187 186 185 185 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month Number of issues. . . United States* (high grade) Canada (1935-39 = 100) United Kingdom (December 1921=100) France (1949 = 100) Netherlands 2 United States (1935-39 = 100) Canada (1935-39 = 100) United France Kingdom (1926=100) (1949=100) Netherlands 3 480 101 278 295 27 118.5 105.0 107.6 109.6 95.7 86.1 83.6 130.8 129.9 126.5 121.2 117.6 108.3 112.0 120.0 106.4 100.0 99.8 101.4 111.1 113.5 105.6 107.1 106.8 106.7 87.0 85.6 100.2 123.0 124.4 121.4 146.4 176.5 187.7 189.0 106.0 112.5 109.4 131.6 168.3 173.1 160.3 94.6 92.0 87.6 90.0 97.1 91.1 92.2 100 90 112 143 159 233 240 219 217 215 192 212 1953—February. . . . March April May June July August September. . . October November. . . December 122.1 118.3 121.0 122.0 117.7 115.8 112.1 114.0 113.4 111.7 109.8 108.8 110.7 111.4 110.9 112.6 113.6 113.5 84.2 84.1 84.1 83.6 82.9 82.9 82.6 82.3 82.8 84.2 85.3 109.7 110.5 111,3 111.4 112.2 111.5 112.0 112.8 114.2 114.9 114.2 112.7 111.9 112.6 113.2 112.9 112.9 114.1 115.0 114.7 114.4 113.8 96.3 95.8 98.0 99.7 101.2 102.7 101.8 102.1 104.0 104.0 103.4 195.9 198.0 190.0 189.6 182.8 185.5 187.3 179.2 183.4 187.5 190.7 169.0 170.0 160.8 159.8 156.8 160.7 161.2 152.9 151.9 154.2 153.6 92.0 93.2 92.3 91.1 91.1 91.6 92.5 91.4 92.1 93.7 93.5 1954—January February.... 114.5 116.5 87.0 88.7 114.3 114.8 114.6 '103.7 101.8 195.4 199.6 157.4 163.2 94.1 95.8 1947 1948 1949 1950 1951 1952 1953 17 87 60 14 153 M51 151 153 ••154 157 '162 165 167 169 .••170 180 207 206 203 206 207 214 218 215 217 223 230 239 245 r c Revised. Corrected. 1 Prices derived from average yields, as 2 Represents the reciprocals of average 3 computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. yields. The average yield in the base period (January-March 1937) was 3.39 per cent. Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. APRIL 1954 427 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM M . S . SZYMCZAK R. M. EVANS ELLIOTT THURSTON, WOODLIEF THOMAS, W M . MCC. MARTIN, JR., Chairman JAMES K. VARDAMAN, JR. A. L. MILLS, JR. J. L. ROBERTSON Assistant to the Board Economic Adviser to the Board OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. KENYON, Assistant Secretary LEGAL DIVISION GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director WINFIELD W. RIEFLER, Assistant to the ALFRED K. CHERRY, Legislative Counsel Chairman DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director Examiner DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DWIGHT L. ALLEN, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN MARKET COMMITTEE Chairman Vice Chairman FEDERAL ADVISORY COUNCIL W M . M C C . MARTIN, JR., WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, HENRY C. ALEXANDER, N E W YORK DISTRICT GEOFFREY S. SMITH, PHILADELPHIA DISTRICT MALCOLM BRYAN J. L. ROBERTSON R. M. EVANS M. S. SZYMCZAK H. G. LEEDY JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT A. L. MILLS, JR. C. S. YOUNG WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist GEORGE W. MITCHELL, Associate Economist H. V. ROELSE, Associate Economist CLARENCE W. TOW, Associate Economist RALPH A. YOUNG, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 428 Vice President WALLACE M. DAVIS, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President W. W. CAMPBELL, ST. LOUIS DISTRICT JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT CHARLES }. CHANDLER, KANSAS CITY DISTRICT GEO. G. MATKIN, DALLAS DISTRICT JOHN M. WALLACE, SAN FRANCISCO DISTRICT HERBERT V. PROCHNOW, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Vice Presidents Federal Reserve Chairman 1 Bank of Deputy Chairman President First Vice President Boston. Harold D. Hodgkinson Ames Stevens J. A. Erickson Alfred C. Neal Robert B. Harvey 8 Carl B. Pitman E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane William I. Myers Allan Sproul William F. Treiber H. A. Bilby H. H. Kimball L. W. Knoke A. Phelan H. V. Roelse Philadelphia... William J. Meinel Henderson Supplee, Jr. Alfred H. Williams W. J. Davis Karl R. Bopp P. M. Poor man Robert N. Hilkert J. V. Vergari« E. C. Hill Richard G. Wilgus » Wm. G. McCreedy Cleveland John C. Virden Leo L. Rummell Roger R. Clouse W. D. Fulton 8 Donald S. Thompson A. H. Laning Martin Morrison Richmond John B. Woodward, Jr. W. G. Wysor Hugh Leach Edw. A. Wayne N. L. Armistead Aubrey N. Heflin Upton S. Martin Atlanta Rufus C. Harris Paul E. Reinhold Malcolm Bryan Lewis M. Clark Chicago John S. Coleman Bert R. Prall C. S. Young E. C. Harris St. Louis M. Moss Alexander Caffey Robertson Delos C. Johns Frederick L. Deming V. K. Bowman L. B. Raisty J. E. Denmark 8 Earle L. Rauber John L. Liles, Jr. S. P. Schuessler Harold T. Patterson . Neil B. Dawes L. G. Meyer W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson 2 L. H. Jones Alfred T. Sihler W. W. Turner Dale M. Lewis H. H. Weigel Wm. E. Peterson J. C. Wotawa Minneapolis. . . Paul E. Miller Leslie N. Perrin O. S. Powell A. W. Mills H. C. Core E. B. Larson H. G. McConnell Otis R. Preston M. H. Strothman, Jr. Sigurd Ueland Kansas C i t y . . . Raymond W. Hall Cecil Puckett H. G. Leedy Henry O. Koppang John T. Boysen * Clarence W. Tow E. D. Vanderhoof D. W. Woolley Dallas J. R. Parten Robert J. Smith Watrous H. Irons W. D. Gentry E. B. Austin J. L. Cook 8 T. W. Plant L. G. Pondrom Morgan H. Rice Harry A. Shuford C. E. Earhart H. N. Mangels E. R. Millard H. F. Slade Eliot J. Swan 3 O. P. Wheeler San Francisco... A. H. Brawner Y. Frank Freeman (Vice Presidents in charge of branches are listed in lower section of this page) Robert G. Rouse T. G. Tiebout V. Willis R. B. Wiltse J. H. Wurts H. E. J. Smith Paul C. Stetzelberger C. B. Strathy K. Brantley Watson Chas. W. Williams VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVEI BANKS Federal Reserve Bank of New York Cleveland Richmond Atlanta Chicago St. Louis 1 Branch Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis Also Federal Reserve Agent. APRIL 1954 Vice Presidents I. B. Smith R. G. Johnson J. W. Kossin D. F. Hagner R. L. Cherry H. C. Frazer T. A. Lanford R. E. Moody, Jr. M. L. Shaw R. A. Swaney C. M. Stewart Darryl R. Francis • Cashier. Federal Reserve Bank of Branch Vice Presidents Minneapolis.... Helena C. W. Groth Kansas C i t y . . . . Denver Oklahoma City Omaha G. A. Gregory R. L. Mathes P. A. Debus Dallas El Paso Houston San Antonio San Francisco... Los Angeles Portland Salt Lake City Seattle > Also Cashier. C. M. Rowland W. H. Holloway W. E. Eagle W. F. Volberg J. A. Randall W. L. Partner J. M. 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Sub- RULES OF ORGANIZATION AND RULES OF PROCEDURE HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes one issue of supplement. Single copies, 60 cents each; in quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) —Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements thereto. *A more complete list, including periodic releases and reprints, appeared on pp. 1414-17 of the December 1953 BULLETIN. 430 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BOARD REPRINTS THE SECOND ARMAMENT BUDGET. TRANSITION TO FREE MARKETS. April 1953. 6 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) THE PUBLICATIONS February 1952. FEDERAL 9 pages. 1953. RESERVE BANK RESPONSIBILITIES. May 5 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. BANKING IN THE SOVIET UNION. UNITED April 1952. 8 STATES POSTWAR INVESTMENT AMERICA. IN LATIN May 1953. 6 pages. pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE REVISED WEEKLY INDEX OF DEPARTMENT SALES. STORE CORPORATIONS. July 1953. 12 pages. April 1952. 4 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1953. 2 pages. (Also ERNORS BEFORE SUBCOMMITTEE ON GENERAL similar article from July 1952 BULLETIN.) CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. PROBLEMS OF TRADE EQUILIBRIUM. UNITED STATES BALANCE OF PAYMENTS IN 1952-53. REVISED INDEXES OF DEPARTMENT STORES SALES AND October 1952. 1953. November 65 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL SERIES ON DEPARTMENT STOCKS, AND ORDERS. STORE SALES, October 1952. 5 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. CREDIT AND MONETARY REVIEW FOR 1952. THE DEVELOPMENTS. STOCKS, BY MAJOR DEPARTMENTS. 9 pages. 1953. CREDIT AND MONETARY July 1953. 8 pages. October 1953. 9 pages. June 1952. 18 pages. REVISED RECENT PRODUCTION, 1953 Revision. December 1953. 96 pages. (Also, similar index from August 1940, September 1941, and October 1943 issues of BULLETIN with supplementary data. October 1943. 120 pages.) February EXTENSIONS AND REPAYMENTS OF CONSUMER IN- 7 pages. STALMENT CREDIT. January 1954. 14 pages. MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. BANK CREDIT AND MONEY IN 1953. February 1954. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 6 pages. 16 pages. INTERNATIONAL FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. REVISION OF CONSUMER CREDIT STATISTICS. 1953. April *DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen- tary details for item listed above), April 1953. 25 pages. AND DOLLAR MOVEMENTS. March 1953 BULLETIN.) 19 pages. APRIL 1954 GOLD March 1954. 9 pages. (Also, similar article from 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER F I - NANCES. March 1954. 4 pages. (Other articles on the 1954 Survey will appear in later issues of the BULLETIN. Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, 1951, 1952, and 1953 BULLETINS.) 431 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES = = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES W I ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES APRIL I, 1934. VE SYSTEM