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. Leisner

* Counsel.

429

FEDERAL RESERVE BOARD PUBLICATIONS

The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.

BANKING STUDIES. Comprising 17 papers on bank-

ing and monetary subjects by members of the
Board's staff. August 1941; reprinted October
1952. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single
shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.

THE

FEDERAL

FUNCTIONS.
pages.

RESERVE

SYSTEM—PURPOSES AND

Revised edition.

April 1954. 224

ANNUAL REPORT of the Board of Governors of the

Federal

Reserve

System.

Issued

each

year.

Statistics of

banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
A STATISTICAL STUDY OF REGULATION V LOANS.

September 1950. 74 pages. 25 cents per copy;
scription price in the United States and its posin quantities of 10 or more copies for single
sessions, Bolivia, Canada, Chile, Colombia, Costa
shipment, 15 cents each.
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico, T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR U S E IN ECONOMIC ANALYSIS.
Nicaragua, Panama, Paraguay, Peru, El Salvador,
January 1952. 175 pages. 25 cents per copy; in
Uruguay, and Venezuela is $2.00 per annum or
quantities of 10 or more copies for single ship20 cents per copy; elsewhere $2.60 per annum or
ment, 15 cents each.
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing profor 12 months.
visions of certain other statutes affecting the
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
Federal Reserve System. 372 pages. 50 cents per
RATES, AND BUSINESS. Issued monthly. $6.00
paper-bound copy; $1.00 per cloth-bound copy.
per annum including edition of historical supplement (listed below) available when subscription COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED
is entered or renewed. 60 cents per copy; in
STATES. (July 1, 1951.) December 1951. 33
quantities of 10 or more copies of a particular
pages.
issue for single shipment, 50 cents each. (Domestic rates)

FEDERAL RESERVE BULLETIN. Issued monthly.

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