Full text of Federal Reserve Bulletin : April 1955
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FEDERAL
ESERVE
BULLETIN
APRIL 1955
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
United States Banks and Foreign Trade Financing. .
357-367
Current Events and Announcements. .
368
National Summary of Business Conditions. .
369-370
Financial, Industrial, Commercial Statistics, U. S. (See p. 371 for list of tables).
371-431
International Financial Statistics (See p. 433 for list of tables) .
433-451
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
452
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Board Publications. .
453
454-455
Map of Federal Reserve Districts. .
Subscription Price of Bulletin
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456
FEDERAL
VOLUME 41
RESERVE
April 195 5
BULLETIN
NUMBER 4
UNITED STATES BANKS AND FOREIGN TRADE
FINANCING1
The flow of world trade depends in part on
financial and credit facilities supplied by
commercial banks and trading firms. In
general, commercial banks participate in international trade financing on a short- or
intermediate-term basis by advancing funds
or by lending their names to credit instruments. Bank policies and procedures vary
from country to country, however, because
of differences in development of financial organization, in importance of foreign trade
to the economy, and in ability to provide or
obtain external credit.
The role of United States banks in the
international field may be described from
two points of view. First, the extent to which
banks finance world trade may be analyzed
on the basis of available information dealing
with the volume and sources of international
credit. Secondly, the role of United States
banks may be compared to that of foreign
banks; although comparable data on financial activities are lacking, there may be some
significance in a comparison of the number
and distribution of foreign offices maintained
by United States banks to those maintained
by banks of other leading countries.
1
This article was prepared by Frank M. Tamagna, Chief,
and Stephen IT. Axilrod, Economist, of the Financial Operations and Policy Section of the Board's Division of International Finance. It is an adaptation for the BULLETIN- of
a paper prepared in connection with an internal Federal
Reserve System study of the international activities of
United States banks.
APRIL
1955
Over the period from the end of the
Second World War to December 31, 1953,
the outstanding amounts of short-term credits to foreigners reported by United States
banks fluctuated around one billion dollars,
about the same level as in the early thirties
but above levels of the latter part of that
decade. Failure of such credits to expand
markedly contrasted with the notable growth
of United States and world trade from prewar to postwar years.
During 1954, there were indications of
greater interest on the part of United States
banks in financing international transactions,
and outstanding short-term credit to foreigners reported by commercial banks rose
360 million dollars. This was the largest
annual increase of the postwar period and
brought the total outstanding at the year-end
to the highest level since 1931. In general,
however, United States banks have been
less active in the field of international finance
than banks of certain other countries, which
have traditionally placed more emphasis on
foreign trade and investment.
Growth in foreign financing by United
States banks has contributed to the gradual
revival of effective international money markets. A significant rise in outstanding bankers' acceptances last year was an aspect of
this process. This growth has permitted
modest acquisitions of acceptances by the
Federal Reserve Bank of New York, under
357
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
the direction of the Federal Open Market
Committee.
CHARACTERISTICS OF FOREIGN FINANCING BY
UNITED STATES SOURCES
United States commercial banks and traders—including exporters, importers, and industrial and commercial firms—reported outstanding foreign credits (claims on foreigners) of 2,361 million dollars at the end of
1954, as shown in the following table; more
than three-fourths of these claims represented short-term credit, having a maturity
of less than one year. This article is focused
on short-term foreign credits extended by
banks, which are for the most part directly
related to the financing of exports, but it
also discusses short-term credits extended to
foreigners by traders.
TABLE
1
CLATMS ON FOREIGNERS REPORTED BY BANKS AND TRADERS
DECEMBER
31,
1954
[In millions of dollars!
Banks
For own
account
Short-term
Other
Total
950
423
1,373
Traders
Total
302
584
102
1,836
525
302
686
2,361
For
collection
NOTE.—Preliminary data. Excludes claims reported by Federal
Reserve Banks.
Short-term claims reported by banks
totaled 1,252 million dollars, while traders
reported 584 million. Bank claims, however, included 302 million of items held for
collection largely on behalf of customers.
These items do not represent credits extended by banks to foreign obligors, although
banks often have outstanding advances to
domestic customers against them. Since most
collection items are actually claims of bank
customers, they are so treated in this article
wherever possible. Adjusted on this basis,
short-term claims of banks were 950 million
358
dollars at the end of last year, and those of
traders were 886 million. Only about 15
per cent of all short-term claims were in
the form of deposit balances held by United
States banks and traders with foreign banks.
Claims on foreigners represent primarily
sums disbursed and outstanding under credit
arrangements between United States banks
and their foreign offices, correspondents, and
clients, but they also include claims arising
from transactions between United States and
foreign businesses and individuals (exclusive
of financing extended by business companies
to their foreign branches or subsidiaries).
Holdings of foreign long-term securities are
excluded.
Banks also participate in financing the
international movement of goods through
transactions that do not give rise to claims on
foreigners. Import financing, for example,
usually involves a relationship between a
bank and its customer in the United States
and from this point of view is a domestic
operation which does not give rise to a
claim on a foreigner. Also, bank loans or
lines of credit to domestic producers and
exporters facilitate foreign trade by enabling
the producer or exporter to extend credit
abroad on his own account. In addition,
the issuance or confirmation by American
banks of sight letters of credit related to
United States exports, though involving a
foreign correspondent, usually does not result in any actual lending of funds by domestic banks.2 When the letter of credit
2
There arc no figures available on the outstanding volume
of such letters of credit; however, some indication of their
magnitude relative to claims on foreigners may be obtained
from figures reported by 15 large banks. At the end of 1954
these banks had 142 million dollars in confirmed letters
of credit outstanding to Latin America (the only area for
which such information is available), and this figure in
large part represented sight letters of credit. At the same
time, outstanding short-term claims (excluding collection
items) on Latin America held by these banks were about
310 million dollars.
FEDERAL RESERVE BULLETIN
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
results in actual lending, the amount is reported as a claim on foreigners.
Some part of the short-term claims of
United States banks on foreigners represents
financing of transactions between foreigners,
reflecting mostly movements of goods between foreign countries. In the past this type
of international banking function was exercised predominantly by British and other
European banks, and foreign banks have
remained active in this field during the postwar years.
About 200 million dollars of claims on
foreigners reported by affiliates and agencies
of foreign banks located in the United States
are included in the figures. These agencies
are active in financing trade between the
United States and foreign countries.
The credits other than short-term that are
extended to foreigners by commercial banks
represent mostly financial transactions fully
secured by gold or equivalent collateral or
credits that would not have come into existence without guaranty or commitment of the
United States Government. For example,
United States commercial banks had outstanding at the end of 1954 some 275 million
dollars of credits under arrangements that
require the foreign borrower to maintain
full collateral in gold or United States Government securities; these credits represented
largely financial transactions not directly
related to trade and for the most part had
original maturities of more than one year.
In addition, banks had 120 million dollars
of credits outstanding that had been extended
to foreign customers with Export-Import
Bank guaranty. Also, under the offshore
procurement program, United States banks
have extended some credit to finance the production of goods abroad under contract arrangements whereby the Defense DepartAPRTL
1955
ment purchases the goods and loans are
repaid out of the proceeds.
TRENDS IN EXPORT FINANCING
The magnitude and trend of United States
export financing by domestic banks and traders is indicated by outstanding short-term,
claims on foreigners since the early thirties
as reported by these sources and shown in
Table 2. Short-term claims reported by banks
(including collections) are the only figures
available as far back as 1931, and that series
will be used for the analysis in this section.
Data on gross foreign credits extended by
United States sources and on the average
maturity of such credits would provide more
direct measures of export financing, but these
types of data are not available.
TABLE 2
SHORT-TERM
CLAIMS
ON FOREIGNERS
RF.PORTED
BY
BANKS
AND TRADERS
[In millions of dollars]
Banks
End of year
Traders
Total
For own
account
For
collection
1954
1953
1952
1951
1950
1 .252
890
1.019
968
898
950
642
574
664
692
302
248
445
304
206
584
493
504
498
456
393
1948
829
n.a.
n.a.
1938
594
n.a.
n.a.
640
1931
1 , 103
n.a.
n.a.
n.a.
n.a. Not available.
NOTE.—Preliminary data.
eral Reserve Banks.
Excludes claims reported by Fed-
The relation between private financing
facilities and export trade is influenced by the
fact that export of goods may not require
financing from banks or traders. For instance, some exports are tied to specific
Government loans, to Government grants
for economic aid, or to private long-term
investments. These "tied" exports generally
do not require bank or trade financing,
although commercial banks may make short359
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
term advances or provide other facilities
incidental to such capital and export transactions. The prewar and postwar trends
of financing by banks and traders, in relation to total United States exports and to
estimates of exports not financed by longterm capital and aid, are shown in the accompanying chart. The latter volume of exports has been approximated by deducting
from total exports estimates of those exports
financed directly by outflows of private longterm capital investments, Government economic grants, and Government loans.
In the thirties, when world economic
activity was at a low ebb, the outflow of
United States long-term private investment
was small compared to the level reached during the late twenties, and United States Government grants and loans were negligible.
FINANCING OF U. S. EXPORTS
Ratio scale
20.0
Billions of dollars
U. S. MERCHANDISE EXPORTS:
10.0
8.0
EXCLUDING EXPORTS TIED TO
GOVT. GRANTS AND LOANS AND TO PRIVATE
LONG-TERM INVESTMENT
6.0
4.0
3.0
2.0
1.0
.8
.6
.5
1931
'33
37
'39 '46
'48
'50
'52
1954
NOTE.—Exports are annual totals and exclude grant-financed
military supplies. Estimates of exports tied to Government
grants and loans and to private long-term investment are
derived on the basis of data for long-term private investment
and gross outflows of Government grants and loans reported
by the Department of Commerce. Claims are for year-end
dates, and those for banks include collection items.
360
This left to banks and traders practically all
financing of merchandise exports. In the
postwar period the outflow of long-term
private investment funds has been higher
than in the thirties and Government grants
and loans have been large, especially in the
1946-51 period. Nevertheless, the volume of
trade that might have required financing by
banks or traders has increased greatly.
While outstanding short-term credit to
foreigners reported by United States banks
has expanded recently, it is still much less
important relatively than in the thirties.
From 1945 through 1953, the ratio of shortterm claims reported by banks to annual
merchandise exports remained between 6
and 9 per cent. During this period, with the
exception of 1950, the ratio of these claims
to estimates of exports not financed by longterm private investments and Government
loans and grants was in the neighborhood
of 10 per cent and in 1954, when United
States banks were more active in foreign
lending, it rose to 12 per cent. In prewar
years, however, ratios of claims to the two
categories of exports were much higher—
between 45 and 50 per cent in 1931 and
around 20 per cent in 1938.
These developments in international financing by banks contrast with the course of
bank credit extended for domestic economic
activity. A more than four-fold expansion in
United States gross national product (from
85 billion to 357 billion dollars) between
1938 and 1954 was accompanied by a similar
increase in commercial and agricultural loans
to domestic customers (from 6 billion to 28
billion dollars) at all member banks of the
Federal Reserve System.
The change since the early thirties in the
proportion of exports financed by banks depends in part on factors other than those
shown in the chart. One of these is the rate
FEDERAL RESERVE BULLETIN
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
of turnover of claims on foreigners. The
1.1 billion dollars of claims outstanding at
the end of 1931 included some foreign assets
on which collections were slow, and the
decline in claims during the late thirties,
when exports tended to rise, may have reflected in part liquidation of slow assets.
Claims on Germany, which were affected by
standstill agreements, were 40 per cent of
the total at the end of 1931. In the postwar
years, however, banks have also held overdue claims on a number of countries; for
example, the rise in claims during 1951 and
1952 reflected largely the accumulation of
overdue claims on Brazil.
Another factor that affects the rate of
turnover is the original maturity of United
States bank loans to foreigners. This may
have shortened from prewar to postwar years.
By and large, banks recently have preferred
financial arrangements that either involve a
contingent liability with their own funds
actually not used or involve use of their funds
for very short periods only—usually during
the initial phase of export transactions, such
as the movement of goods to port of shipment in the United States or to port of destination abroad. With shorter maturities,
the proportion of United States exports financed by banks may not have declined to
the extent indicated by the decline in outstanding claims.
Shorter maturities on foreign credits extended by United States banks have much
the same effect for foreign borrowers as
a decline in the amount of credit granted.
In both instances additional or longer-term
financing is required from other sources to
support a given volume of United States
exports. The decline from prewar to postwar years in trade financing by United
States banks, because of a relatively smaller
amount of credits and possibly some shortenAPRIL 1955
ing of maturities, has presumably been compensated for by an expansion of credit from
foreign banks to their own customers.
DISTRIBUTION OF FINANCING
The distribution of foreign financing by
United States banks and traders may be
analyzed from the standpoint of the various
areas within the United States providing such
financing, or from the standpoint of the recipient foreign areas and countries.
United States areas of origin. As might be
expected, by far the greater part—nearly
three-fourths—of all foreign financing from
bank and trade sources originated in the New
York Federal Reserve District, as shown in
Table 3. Following in order of importance
were the San Francisco District (11 per cent)
and the Chicago District (6 per cent).
TABLE
SHORT-TERM
3
CLAIMS ON FOREIGNERS, BY FEDERAL
RESERVE
DISTRICT, D E C E M B E R 3 1 , 1954 *
fin millions of dollars]
Federal Reserve district
New York .
San Francisco
Chicago
Cleveland
Boston
.
Philadelphia
Dallas
Atlanta
Minneapolis
St I-/Ouis
Kansas City
All districts
...
.
.
.
Banks 2
Traders 2
Total
724
610
1,334
198
114
62
43
24
20
18
11
6
5
1
166
16
9
20
3
8
2
2
950
32
98
53
23
24
17
10
9
6
3
1
886
1,836
1
Preliminary data. Excludes claims reported by Federal Reserve
Banks.
2
Items held for collection by banks on behalf of their domestic
customers have been excluded from bank claims and included
with trade claims.
Financing by traders was significantly
larger than that by banks in the Chicago,
Cleveland, Richmond, and Philadelphia Districts.' In these four districts, manufacturers
and exporters accounted for credits of 192
million dollars, about 70 per cent of the
aggregate foreign credits outstanding at the
end of 1954 from trade sources outside the
New York District.
361
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
Recipient foreign areas. The distribution
of short-term financing among foreign areas
reflects largely the flow of United States
exports. In 1954 the Western Hemisphere,
which absorbed about half of United States
exports, also utilized half of the financing
provided by banks and traders. Western
European countries obtained more than onefourth of United States export trade and onethird of United States financing. Asia's share
in United States export trade, about onesixth, was somewhat larger than its share
of financing from United States banks and
traders, which was about one-ninth.
The distribution of exports and financing
varied greatly among countries. The ten
countries with the largest amount of credit
outstanding at the end of 1954 received, as a
group, about 60 per cent of United States exports and accounted for two-thirds of total
outstanding short-term foreign credits of
United States banks and traders. These cred-
its amounted to more than two-thirds of
United States exports to Turkey, about twofifths of exports to Brazil and Colombia, and
one-fifth of exports to Mexico and Cuba, as
shown in Table 4. Although direct participation of United States banks in the financing of trade with the United Kingdom appears to be moderate, their sterling balances
with British banks together with claims of
traders brought outstanding claims of United
States banks and trade sources to more than
one-third of 1954 exports to the United Kingdom.
The decline over the period 1931-54 in
short-term financing by banks in relation
to trade reflected varying trends among different areas. A sharp decline in the ratio
for European countries resulted from a reduction in bank claims as trade expanded.
For the countries of Latin America as a
group, the decline in the ratio was relatively
moderate since the large rise in exports to
TABLE
4
RELATION OF SHOUT-TERM CLAIMS ON FOREIGNERS TO U N I T E D STATES EXPORTS, BY AREAS AND SELECTED COUNTRIES,
U. S.
exports
to area 1
Area or country
Short-term claims on foreigners:2
All U. S.
sources
Banks 3
Traders 3
Ratio of claims to exports
All U. S.
sources
6,109
3,353
1 917
Total—world
United Kingdom
Brazil
Canada
Mexico . . .
Colombia
Cuba . . . .
Venezuela
Germany
Japan
Turkey
Total—10 countries
. .
Banks
Traders
In per cent]
(In millions> of dollars)
Western Hemisphere
Western Europe
Asia
All others
1954
959
606
481
346
478
260
16
18
8
10
105
18
100
48
11
8
5
2
8
8
5
6
806
205
66
12,185
1,836
950
886
15
8
7
689
450
2,764
627
341
428
530
490
677
81
246
195
161
142
125
86
84
78
65
56
4159
105
71
105
60
60
32
60
44
39
87
90
90
37
65
26
52
18
21
17
36
43
6
23
37
20
16
16
10
69
23
23
3
17
18
14
6
12
6
48
13
20
3
6
19
6
10
4
3
21
7,077
1,238
735
503
17
10
7
its of grant-financed military supplies.
udes claims reported by Federal Reserve Banks,
have beeii excluded from bank claims and included with
e claims.
4
Of this amount 113 million dollars represents sterling deposits of U. S. banks with British banks.
362
FEDERAL RESERVE BULLETIN
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
that area was accompanied by some increase
in outstanding credit.
Short-term claims of banks were about 8
per cent of total United States exports in
1954, while claims of traders were 7 per cent.
Banks were predominantly responsible for
the extension of credit to Mexico, Turkey,
Germany, Cuba, and Japan. Trade sources
provided a larger share of the outstanding
short-term credit to Venezuela, while banks
and traders each provided about half of the
credit outstanding to Brazil, Colombia, and
Canada.
In 1931 deposit liabilities of United States
commercial banks to foreigners were smaller
than their claims on foreigners, as the chart
shows. By 1938, following the large inflow
of foreign funds seeking a safe haven in
the United States and the contraction of
credits during the depression, foreign deposits at commercial banks exceeded outstanding claims on foreigners by 550 million
dollars. Between 1938 and 1954 the excess
increased to 5.1 billion dollars as foreign deposits at commercial banks rose from 1.1
billion to 6.5 billion, while bank claims on
foreigners (excluding collection items) rose
GROWTH OF FOREIGN LIABILITIES OF
to 1.4 billion. To summarize: in 1931 United
UNITED STATES BANKS
The relatively constant level of foreign States banks were net lenders of commercial
financing by United States banks since the credit to the rest of the world, but in 1954
thirties contrasts strikingly not only with they showed a net debit position as a result
the great expansion of world trade but also of their accumulation of foreign deposits.
with the large movement of foreign funds
About three-fourths of all foreign deposits
to the United States.
in commerical banks at the end of 1954
were held for accounts of foreign monetary
FOREIGN LIABILITIES AND ASSETS
authorities and banks, which in postwar
OF U. S. BANKS
Billions of dollars
years have come to keep a large part of their
reserves and working balances in this country. In addition, commercial banks held in
custody for foreigners 1.4 billion dollars of
short-term United States Government securities and other short-term paper.
Another view of the foreign operations
of United States banks is the relationship
between foreign and total business as shown
in Table 5 for fifteen leading banks engaged
in foreign business at the end of 1954. For
ten leading banks in the Second District
(New York), foreign deposits were 14 per
cent of total deposits while claims on foreigners were only 7 per cent of total loans
and bills discounted. In the case of five
1931
1938
1950
1954
NOTE.—Year-end figures. Liabilities represent foreign de- leading banks outside the New York District,
these ratios were 5 and 4 per cent, respeccluded for 1931 and 1938 (breakdown not available) and
tively.
excluded for 1950 and 1954.
APRIL 1955
363
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
TABLE 5
RELATIVE IMPORTANCE OF FOREIGN BUSINESS OF SELECTED
LEADING BANKS, D E C E M B E R 3 1 ,
1954
[Dollar amounts in millions]
Item
10 New
York
City
banks 1
5 banks
outside
New York
District 2
Total,
15 banks
Assets
Total loans and bills discounted
Claims on foreigners3
Ratio, claims to total
(per cent)
$11,660
$785
$6,720
$248
$18,380
$1,033
$26,300
$3,737
$13,300
$725
$39,600
$4,462
Liabilities
Total deposits
Deposits of foreigners
Ratio, foreign deposits
to total (per cent)
14
11
1
Banks in New York Federal Reserve District that reported
deposit
liabilities to foreigners of 100 million dollars or more.
2
Banks outside the New York Federal Reserve District that
reported deposit liabilities to foreigners of 20 million dollars or
more.
a
Excludes items held for collection.
NOTE.—Data include wholly owned subsidiaries of these banks.
volume of business to justify establishment
and maintenance of a foreign organization.
Distribution of foreign offices. In the absence of any other yardstick by which to
measure the relative volume of international
business carried out by banks of different
nationalities, it is interesting to compare the
extent to which banks have found it desirable
to establish offices in foreign countries. In
1954, as Table 6 shows, some 100 leading
banking institutions and 60 affiliated organizations, representing about 20 nationalities,
maintained about 1,250 foreign offices (including branches, agencies, and representative offices). United States banks had some
TABLE 6
PRINCIPAL BANKS WITH FOREIGN OFFICES,
COMPARISON OF FOREIGN BANKING FACILITIES
The role of United States banks in financing foreign trade may be indicated in part
by comparing their foreign banking organization with those of other countries. The
choice by a bank of its method of operating
in foreign countries depends on numerous
factors such as legal considerations, the
extent and nature of its international business and the direction in which it desires
to develop this business, and the form
of organization maintained by the bank in
its own country. In general, banks conduct their business in the international field
through branches or agencies, affiliates or
subsidiaries, representative offices, and correspondents. Each method has advantages
and disadvantages. The maintenance of correspondent relations with foreign institutions
appears more or less indispensable for any
bank engaged in international transactions,
while the establishment of foreign offices,
either in the form of branches or through
subsidiaries and affiliates, requires a sufficient
364
Country of
ownership or control
United States
Number of banks
with foreign offices
Parent
banks
Affiliated
banks
1954 1
Number
of foreign
branches,
agencies,
or
offices
2
8
4
34
12
596
20
.14
12
3500
96
35
42
376
12
3
6
5
4
5
22
1
6
6
1
6
119
66
65
19
10
497
Canada
6
2
118
Tapan
6
1
Other
10
Sterling Area, total
United Kingdom
Rest of Sterling Area
Continental Europe, total
France
Netherlands
Italy
Belgium
Switzerland
Other
Total
99
112
20
26
61
1,248
1
Includes foreign branches, agencies, and representative offices.
Branches of a metropolitan country's banks in its overseas territories
are excluded.
2
Excludes branches of United States banks in the Canal Zone
and Guam.
3Excludes more than 1,000 branches in South Africa and Southwest Africa of the British-owned Standard Bank of South Africa,
Ltd. and Barclays Bank D. C. O.t as well as almost 1,400 branches
in Australia and New Zealand of the British-owned Australian
and New Zealand Bank, Ltd.; English, Scottish and Australian
Bank, Ltd.; and National Bank of New Zealand, Ltd. These
branches are considered to function primarily as local banks, and
offices and branches of these banks in other countries, including
the United Kingdom, are considered as foreign offices for purposes
of this table.
4
Includes branches outside Turkey of the Ottoman Bank,
which is of mixed French and British ownership.
Source.—Based on data in Bankers Almanac and Yearbook,
1954-55.
FEDERAL RESERVE BULLETIN
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
110 of these offices. Twenty banks owned by
British nationals controlled 500 foreign offices, the largest number. When these are
combined with almost 100 foreign offices of
14 banks of other Sterling Area countries,
they constitute the most extensive banking
network in the world that is tied together by
a community of interests, practices, and currency.
Continental European banks and their affiliates, some 75 in number, maintained about
375 foreign offices; the leading French,
Dutch, Italian, Belgian, and Swiss banks are
represented in this group, as well as banks
of other and mixed European nationalities.
Canadian banks had about 120 branches
abroad, while banks of all other foreign
TABLE
LOCATION
or
FOREIGN
7
BRANCHES, AGENCIES,
PRINCIPAL
BANKS,
OR O E F I C E S
OF
1954
[Number]
Nationality of parent bank
Country or
area in
which located
United United
States Kingdom
5
United States.
United
dom
Rest
of
Sterling
Area
Continental
Europe 1
Canada
Total
10
11
13
48
Other
King-
Rest of Sterling
Area
Continental
Europe
Canada
.
13
-'12
12
91
8
6
72
4
220
56
33
43
13
369
13
66
58
1
4
142
3
1
54
48
55
1
223
236
..
Latin America 3 .
65
Middle East
and Africa 3 ..
F a r East*
All areas. .
4
110
2
118
6
17
30
21
68
3
139
112
500
96
5376
46
61,248
4
118
1
Includes the Ottoman Bank, which is of mixed French and
British ownership.
2
includes offices and branches in the United Kingdom of the
Australian and New Zealand Hank, Ltd.; English, Scottish and
Australian Bank, Ltd.; National Bank of New Zealand, Ltd.;
Standard Bank of South Africa, Ltd.; and Hong Kong and Shanghai
Banking Corp. See footnote 3 of Table 6.
;J
Excluding Sterling Area countries.
4
Includes 5 branches whose location is not known.
5
Includes 10 branches whose location is not known.
6
Includes 15 brandies whose location is not known.
Source.—Based on data in The Bankers Almanac and Yearbook*
1954-55.
APRIL 1955
countries were represented abroad by less
than 50 offices.
Foreign offices of United States banks are
less widely distributed than those of some
other nations, as shown in Table 7. Foreign
offices of British and other European banks
are located in all parts of the world; naturally
there are a large number of British offices
in the Sterling Area and of European offices
on the Continent, but most offices of British
and European banks are located in other
parts of the world. Latin America is served
about equally by offices of United States,
British, European, and Canadian banks; the
latter are largely concentrated in the Caribbean area. Foreign branches in the Middle
East are almost entirely those of British and
European banks; and European, British, and,
to a lesser extent, United States banks are in
the Far East. London remains the world
center in which there is the largest concentration of offices of foreign banks, followed
by New York and Paris.
Predominance of British ban\s. Although
the number of foreign branches is not by
itself a measure of foreign business, a comparison of the number of bank offices maintained abroad and the volume of foreign
trade suggests that banks of the British Commonwealth continue to play a predominant
role in providing banking facilities for servicing and financing the international movement of goods. British banks maintain 40
per cent of the number of foreign offices,
although the trade of the United Kingdom
and its dependencies is about 15 per cent of
the world total. To these may be added banks
from other countries of the Sterling Area
and Canada, which together maintain 15
per cent of foreign offices, compared to a
similar share in world trade.
Banks of continental European countries
maintain about one-third of the foreign of365
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
fices and these countries, along with their
overseas territories, account for about the
same proportion of world trade. On the
other hand, United States banks have less
than 10 per cent of the total number of foreign banking offices, while this country contributes more than 15 per cent of world trade.
Banks of other countries, which have 20
per cent of world trade, maintain less than
5 per cent of all foreign branches.
Over the period 1931-54, the number of
foreign offices of both United Kingdom and
United States banks apparently declined
slightly. With respect to the United Kingdom, this decline reflects largely acquisitions
by local interests of some banks previously
controlled by United Kingdom nationals.
Those British banks which reported foreign
offices in both 1931 and 1954 expanded the
number of these offices about 20 per cent;
thus, the leading present-day British banks
that maintain such offices have tended to
expand their foreign organizations. A similar comparison for United States banks shows
a decline of about 15 per cent.
CONCLUSIONS
In view of the relatively constant level of
outstanding claims of United States banks
and traders on foreigners from the thirties
to the present and the marked expansion of
exports, foreign importers of United States
goods are currently more dependent than in
the previous period on financing from foreign sources. In the sellers' market which
prevailed in the world economy during most
of the postwar period, United States exporters in order to meet competition did not need
to offer credit facilities on their own account
or through banks. Also, a large volume of
United States Government grants and loans
reduced to some extent the pressure for
financing by banks or traders.
366
Other factors, however, reduced the incentives for commercial banks to supply foreign credits. During most postwar years
United States domestic demand for credit
was so large that banks had little incentive
to seek foreign outlets for their resources.
Moreover, the persistence of exchange controls hampered the international flow of
short-term credit.
The relatively less extensive system of foreign branches maintained by United States
banks may be explained partly by the fact
that United States foreign trade expansion
on a large scale has been comparatively recent, while the development of an international banking organization is a slow process
involving experimentation and risks and requiring the gradual building-up of a highly
specialized staff. When foreign countries
established their great international banks
in the latter part of the nineteenth and early
part of the twentieth centuries, they were
aided by an environment of comparatively
stable, free exchanges and of competitive
trade. Moreover, the United Kingdom and
other European countries had extensive overseas territories. United States banks established their foreign branches largely after
World War I, when unstable currencies and
trade restrictions were becoming prevalent.
Most United States banks, under these circumstances, apparently have found correspondent relationships adequate for the conduct of the volume of international business
which they have been transacting.
Recently there has been a gradual easing
of trade and exchange restrictions of foreign
countries, and this contributed to the growth
in 1954 of foreign financing by United States
banks. Accompanying these tendencies, there
has been some revival of acceptance financing by United States banks. Outstanding
bankers' acceptances rose about 300 million
FEDERAL RESERVE BULLETIN
UNITED STATES BANKS AND FOREIGN TRADE FINANCING
dollars in 1954 to 873 million at the year-end,
somewhat above levels of the mid-1920's.
Nearly two-thirds of the total outstanding
was based on international transactions, and
the remainder on goods stored in or shipped
between points in the United States.
Because bankers' acceptances are the private short-term paper most comparable to
Treasury bills in terms of safety and liquidity, they have been in demand as investments
by foreign central banks and other foreign
holders of dollar balances, as well as by
domestic sources. From the traders' point
APRIL 1955
of view, acceptances are a convenient, flexible, and economical form of financing. The
recent growth in bankers' acceptance financing has permitted the Federal Reserve Bank
of New York, under direction of the Federal
Open Market Committee, to make modest
purchases of acceptances from dealers. Some
of these transactions were outright purchases
and some were made under repurchase arrangements with dealers for limited periods.
As of April 13, 1955, the Federal Reserve
Bank of New York held 17 million dollars
of such paper.
367
CURRENT EVENTS AND ANNOUNCEMENTS
Appointment of Class C Director and Deputy Chairman
On April 5, 1955, the Board of Governors announced its appointment of Mr. Oscar B. Jesness,
Head of the Department of Agricultural Economics,
University of Minnesota, St. Paul, Minnesota, as a
director of the Federal Reserve Bank of Minneapolis
for the term ending December 31, 1957, and Deputy
Chairman for the remaining portion of the year
1955. Mr. Jesness succeeded the late Mr. Paul
E. Miller, formerly Director, University of Minnesota Agricultural Extension Division, St. Paul,
Minnesota, who resigned to accept appointment
as a member of the Board of Governors of the
Federal Reserve System.
pointed a director of the San Antonio Branch of
the Federal Reserve Bank of Dallas for the term
ending December 31, 1957. Mr. Thomas succeeded
Mr. Henry P. Drought, Attorney at Law, San
Antonio, Texas, whose term expired and who was
appointed a Class C director of the Federal Reserve
Bank of Dallas.
Data for Historical Supplement to the Monthly Federal
Reserve Chart Book
A mimeographed set of data is available for the
September 1954 edition of the historical supplement, providing figures for charts for the period
September 3, 1954-April 15, 1955. Copies may be
obtained upon request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C.
Appointments of Branch Directors
On April 6, 1955, the Board of Governors announced its appointments of the following Branch
Admissions of State Banks to Membership in the
directors:
Federal Reserve System
Mr. Tyrus R. Timm, Head of the Department
of Agricultural Economics and Sociology, A. and
The following State banks were admitted to
M. College of Texas, College Station, Texas, was membership in the Federal Reserve System during
appointed a director of the Houston Branch of the the period February 16, 1955 to March 15, 1955:
Federal Reserve Bank of Dallas for the term ending
California
December 31, 1955. Mr. Timm succeeded Mr.
Hawthorne.
.
. .Pacific State Bank.
Chas. N. Shepardson, Dean of Agriculture, A.
and M. College of Texas, College Station, Texas,
Florida
who resigned to accept appointment as a member
Crestview.
. Bank of Crestview.
of the Board of Governors of the Federal Reserve
System.
Tables Published Annually and Semiannually, with
Mr. John C. Flanagan, Vice President and GenLatest BULLETIN Reference
eral Manager, Texas Distribution Division, United
Semiannually
Issue
Page
Gas Corporation, Houston, Texas, was appointed Banking offices:
Analysis of changes in number o f . . .
Feb. 1955
208
a director of the Houston Branch of the Federal
On, and not on, Federal Reserve Par
List, number of
Feb. 1955
209
Reserve Bank of Dallas for the term ending DeAnnually
cember 31, 1957. Mr. Flanagan succeeded Mr. Earnings and expenses:
Federal Reserve Banks
Feb. 1955 206-207
Ross Stewart, Chairman of the Board of Directors,
Member banks:
Stewart & Stevenson Services, Inc., Houston, Texas,
Calendar year
May 1954 524-534
First half of year
Oct. 1954
1118
wrhose term expired.
Insured commercial banks
May 1954
535
Banks and branches, number of,
Mr. Alex R. Thomas, Vice President, Geo. C.
by class and State
Apr. 1955 430-431
Operating ratios, member banks
Aug. 1954 900-902
Vaughan & Sons, San Antonio, Texas, was ap- Banking
and monetary statistics, 1954
Feb. 1955 210-216
368
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released for publication April 14]
Economic expansion continued in March. Industrial production rose further to near-record levels,
and construction activity was maintained in record
volume. Employment and income advanced further, and unemployment declined seasonally. Retail
sales increased moderately and were up sharply from
a year earlier; auto sales were at a new high. Average wholesale commodity prices advanced somewhat from mid-March to mid-April. Demand for
hank credit continued strong.
INDUSTRIAL PRODUCTION
Output at factories and mines, as measured by
the Board's seasonally adjusted index, rose 2 points
further in March to 135 per cent of the 1947-49
average—a rate close to the mid-1953 high of 137.
Output of nondurable goods and of minerals in
March was back to earlier highs, while durable
goods production was still below mid-1953, owing
mainly to substantially lower output of military
equipment.
Durable goods production recovered further in
March as output of producers' equipment, consumer goods, metals and building materials continued to rise. Activity in some industrial machinery lines and farm equipment expanded further,
and, following model changeovers in February,
truck production increased sharply in March and
early April. With auto markets unusually strong,
output of new cars was at a new record rate in
March and continued at advanced levels in early
April. Steel production reached 93 per cent of
capacity in March and 95 per cent in the first half
of April, with ordering reported heavy from most
steel consuming lines.
Output of nondurable goods rose somewhat further in March reflecting mainly further gains in
output of chemical, paper, and leather products
from very high levels. Petroleum refining operations declined somewhat in March and early April
from the peak rates reached at the end of February.
CONSTRUCTION
Construction contract awards increased in March
to the largest dollar volume for any month on record except May 1951, when large atomic energy
awards were made. The number of housing units
started increased about seasonally and continued at
an adjusted annual rate of 1.4 million units. Total
value of new construction put in place was maintained at a record seasonally adjusted annual rate of
41 billion dollars, reflecting sustained high levels
for all major types of building.
EMPLOYMENT
Manufacturing employment showed a large furCONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
Millions of dollars
PRIVATE
RESIDENTIAL
PRIVATE
NONRESIDENTIAL
1952
1953
1954
1955
1952
1953
1954
1955
Federal Reserve indexes. Monthly figures, latest shown are
for March.
APRIL 1955
1954
—j
A
8 0 0
1955
F. W. 'Dodge Corporation data for 37 Eastern States.
M.onthly figures, latest shown are for March.
369
NATIONAL SUMMARY OF BUSINESS CONDITIONS
ther rise in March and seasonally adjusted employment in all nonagricultural establishments increased
to 48.7 million, 300,000 above a year ago. The
average factory work-week rose further to 40.7
hours as compared with 39.5 a year ago. Reflecting
higher wage rates as well as longer hours, average
factory weekly earnings rose to a new record of
$75.30, 6 per cent above a year ago. Unemployment in early March was down about seasonally
from the February winter peak, and at 3.2 million
was about 500,000 below a year ago.
ucts. Zinc prices, which had been unchanged since
last September, were advanced 4 per cent. Refined copper prices were raised another 10 per cent
in domestic markets and various copper products
were increased further. To help ease the supply
situation for copper and aluminum, 17,500 tons
of copper and 75,000 tons of aluminum scheduled
for delivery to the Government during the second
quarter will be made available to domestic industry. In mid-April, copper scrap prices declined
moderately.
DISTRIBUTION
BANK CREDIT AND RESERVES
Dealers' sales of new as well as used autos in
March exceeded those in any previous month. With
pre-Easter sales at many other outlets up, total retail sales were about 8 per cent above a year ago
and, after seasonal adjustment, somewhat above the
January-February rate. The Board's index of department store sales in March continued at 112—
down from the December-January highs. Dealers'
auto stocks rose only moderately further in March
and were under monthly sales levels.
Total loans and investments at banks in leading
cities increased somewhat between early March and
early April. Expansion in bank loans was offset
only in part by some reduction in bank holdings
of U. S. Government securities. These holdings
declined in March, as maturing tax certificates were
redeemed and other maturities were sold, but
increased in early April when banks acquired new"
tax certificates.
Free reserves of all member banks declined further in March, averaging about 100 million dollars. In late March and early April, member bank
borrowing from the Reserve Banks exceeded member bank excess reserves. Currency outflows and
increases in required reserves absorbed reserves over
the period. In late March and early April, the
Federal Reserve Bank of New York purchased
bankers' acceptances, both for its own account and
under repurchase agreements with dealers—the
first such purchases since the spring of 1951. A rise
in the discount rate from ll/2 per cent to 1% per
cent was initiated by the Federal Reserve Bank of
Kansas City, and approved by the Board of Governors, effective April 14.
COMMODITY PRICES
The general level of wholesale commodity prices
advanced somewhat from mid-March to mid-April.
Hog prices recovered in March from earlier very
low levels, as marketings declined. Fresh fruits
and vegetables advanced, in part because of frost
damage. Average prices of industrial materials
rose somewhat to mid-April, reflecting chiefly continued strength in demand for metals and prodLOANS AND INVESTMENTS
MEMBER BANKS IN LEADING CITIES
Biltipns of dolla
SECURITY MARKETS
Federal Reserve data. Weekly figures, latest shown are for
Apr. 6.
370
Yields on U. S. Government securities rose generally during the last half of March. Intermediate
and long-term Government yields leveled off in
early April. Short-term yields rose steadily, with
the average weekly rate on 90-day bills advancing
from a low of 1.23 per cent in mid-March to over
1.6 per cent in the second week of April. Yields
on corporate and municipal bonds declined slightly
during the latter part of March and early April.
Common stock prices increased to slightly above
their early March highs.
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 market 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
373-374
374-375
376
377-379
379-380
380
381
382
383-385
386-387
388-389
390
391
392-393
394
395
396-401
402
403-404
405-407
408-410
411-420
420
421-425
426-427
Gross national product, national income, and personal income
428-429
Number of banks and branches in operation on December 31, 1954. .
430-431
List of tables published in BULLETIN annually or semiannuaily,
with references for latest data
368
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 scries on business
activity are 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
1955
371
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951.
II
ESWE93
Billions of Dollars
25
HE9EKYC9
_•
^
35
DISCOUNTS AND ADVANCES
I
FEDERAL RESERVE FLOAT
^W^^MJUAWNA^^
1946
1947
1948
1949
1950
1951
1952
4 ^A
1953 1954
Latest averages shown are for week ending Mar. 30. See p. 373.
372
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt securities
Pe]riod
DisHeld
All
under counts
and
Float othBought
Total out- repur- ader1
right cnase vances
agreement
Total
Gold
stock
Treasury
Money
curin
rency
ciroutculastand- tion
ing
Deposits, other
M e m b e r bank
than m e m b e r bank
reserve balances
reserve balances, Other
Treas- with F. R. Banks
Fedury
eral
cash
Rei. i
hold- Treas- For- Oth- serve
ReEx1(3tai quired 2 cess2
er
eign
ings
ury
acde- counts
dedeposits posits posits
•
o
Averages
of daily
figures
i
Week ending:
1954
8
24,662 j24,654
24,869! 24,803
66
24,895 24,806
89
24,723 24,723;
3.... 24 523 24,523
14
10!!!! 24 676 24,662
4
17. ... 24 633 24 629
24 621J124 597
24
24
24 649! 24 636
13
31
24 632' 24 632
Apr.
11
Apr. 14!!!! 24 643 24 632
Apr. 21.... 24 632 24 63?
632
24
632
24
28!!!!
Apr.
24 632 24 632
May 5
. 652! 24 632 ""26
May 12. . .24
24 659= 24 640
19
May 19
24 709||24 709
May 26
24
812|
[
2
4
812
2
June
June 9. ... 24 960 24 960
June 16!!!! 24 955 24 955
25 018 24 986
32
June 23
25 113 24 980
133
June 30
44
25 082 25 038
July 7
24 912 24 912
July 14
24 765 24 765
July 21
24 517 24 517
July 28
24 325 24 325
Aug. 4
24 040 24 023 ""'17
Aug. 11
23 980 23 876
104
Aug. 18
23 813 23 747
66
Aug. 25
93
23 938 23 845
Sept. 1
36
24 013 23 977
Sept. 8
24 035 24 035
Sept. 15
Sept. 22!!!! 23 ,789 23 789
23 868 1
23 868
Sept. 29.
6. . . 24
. 492 24 492
Oct
25
. 606 24 581
Oct. 13. . .24
|24,487 24 456
31
Oct. 20
24 381 24 381
Oct. 27
16
24,464 24,448
Nov. 3
24 ,754 24,745
9
Nov. 10
24,685 24,685
Nov. 17
Nov. 24.... 24,553 24,553
7
24 ,722 24 ,715
Dec. 1
Dec. 8
24,891 24,889
2
31
.,919 24 ,888
Dec. 15. . .24
40
Dec. 2 2 . . . .24 ,928 24 ,888
Dec. 29
24,918 24,888
30
Feb.
Feb.
Feb.
Feb.
Mar.
Mar!
Mar.
Mar.
Mar.
3
10....
17. ...
24
1955
24 ,918 24,874
Jan. 5
.,532 24,511
Jan. 12. . .24
24 ,155 24,128
Jan. 19.. . .
23 ,683 23 ,671
Jan. 26
23 ,8521123 ,844
Feb. 2
24,016 J23, 902
Feb. 9
93 908|l23 ,827
Feb. 16
23 ,732 23 ,732
Feb. 23
Mar. 2.... 23, 604 23 ,604
Mar. 9.... 23,604 23, 604
23 , 606 23,604
Mar. 16
Mar. 2 3 . . . .23 , 664 23,604
Mar. 30.... 23 ,604 23,604|
44
21
27
12
8
114
81
2
60
558
226
552
375
702
316
796
215
282
738
684
256
689
186
766
177
703
190
583
153
597
156
955
141
672
148
634
158
541
184
739
143
638
164
613
216
670
170
665
142
920
194
630
157
675
71
710
68
833
73
590
168
653
175
598
287
723
229
698
178
576
185
598
147
714
189
977
141
627
191
667
179
599
259
927
284
721
257
617
355
669
277
751
271
300 1,046
698
498
724
465
810
442
311
1,373
377 1,138
2 25 447 21 ,963 4,898
21 25 798 21 956 4,900
2|25 916 21 ,957 4,904
9 25 735 21 ,957 4,905
9I25 545 21 ,958 4,911
2i 25 617 21 ,960 4,916
2 25 509 21 , 963 4,919
2!25 565 21 ,964 4,923
2 25 544 21 .965 4 92.8
2! 25,370 21 ,965 4 933
lj25 397 21 ,966 4 938
1 25 ,730 ? 1,967 4 945
1 25 ,453 21 ,968
946
1 25 .426 21 ,969 4 950
1 25 379 21 .970 4 952
1 .25, 542 21 ,971 4 955
1 25 ,512 21 ,972 4 957
1 25 ,642 21 ,966 4 958
1 25 ,802 21 ,924 4 958
1 25 ,764 21 ,925 4 957
1 26,134 21 , 926 4 955
1 25 ,901 21 ,926 4 956
l 25 ,829 21 ,927 4 959
\
j| 25,691 21 ,929 4 958
|25,673 21 ,931 4 958
1 25 ,277 21 ,924 4 959
l!!25,154 21 ,908 4 960
1 24,925 21 ,901 4 959
1 24,933 21 ,858 4 960
1 24,690 21 ,858 4 961
1 24,699 21 ,837 4 962
1 24,759 21 ,809 4 965
1 24, 939 21 ,809 4 967
1 24,908 21 ,810 4 967
1 24,687 21 ,810 4 968
1 25 ,338 21 ,810 4 971
1 25 ,465 21 ,810 4 972
1 25 , 699 21 ,788 4 973
1 25 ,360 21 ,759 4 973
1 25 ,436 21 ,759 4 976
1 25 ,701 21 ,752 4 977
1 25 ,708 21 ,709 4 978
1 25 ,900 21 , 709 4 980
1 25 ,918 21 ,710 4 982
1 26 ,080 21 ,710 4 982
1 J26,172 21 ,711 4 982
1 126,612 21 ,712 4 982
,433 21 ,712 4 982
1 |26
29,965
29,941
29,915
29,836
29,895
29,916
29,859
29,722
29 663
29 780
29 817
29 780
29 652
29 738
29 810
29 769
29 707
29 874
29 928
29 870
29 793
29 813
30 066
30 099
29 932
29 815
29 890
29 932
29 9.19
29 850
29 887
30 046
30 073
29 969
29 888
30 010
30 143
30 125
30 028
30 088
30 206
30 262
30 318
30 466
30 623
30 755
30 885
30 828
799
405
807
589
811
627
815
558
817
517
818
566
816
242
806
487
809
670
819
526
650
823
831
680
827
495
586
826
829
453
838
551
829
397
827
452
823
342
341
813
806
757
812 1,010
464
821
811
392
807
499
806
551
802
742
803
584
805
558
807
566
808
551
802
479
795
558
793
446
795
652
793
676
594
790
796
570
801
567
669
806
796
362
799
397
800
576
605
806
806
535
812
363
800
345
801
453
450 372
458 371
488 503
461 448
481 413
460 385
530 289
505 317
486 399
507 399
503 379
461 574
456 388
503 351
572 370
532 411
500 437
521 458
549 358
549 227
547 296
579 384
588 413
765 359
651 428
569 420
526 455
544 430
579 452
557 450
465 516
518 428
559 432
514 435
511
437
484
452
466 472
443 440
442 411
432 472
423 394
425 324
409 399
396 405
361 408
405 398
443 346
523 295
830|19
18 ,555
18,690
18,630
686
4 ,984 30 501
4 984 30 361
4 985 30 079
4 ,985 29 ,866
4 ,988 29 ,767
4 ,988 29 ,794
4 , 989 29 ,782
4 ,990 29 ,771
4 , 995 29 ,796
4 , 995 29 ,81.9
4 . 995 29 .833
4 , 995 29 ,793
4 ,997 29 ,716
449
804
814
378
818
275
827
272
834
431
827
472
824
399
490
825
575
827
828
548
817
356
818
887
826 1,000
527
493
516
422
441
447
486
390
324
364
422
339
338
413
409
413
280
419
480
458
486
916 19,263 18 ,580
905 19,130 18 ,436
902 19 ,176 18,383
901 19,074 18,429
899 18,952 18,361
895 19 ,000 18 ,272
913 18,806 18,236
959 18 ,716 18 ,108
957 18,642 18 ,089
955 18, 596 18,018
957 18.779 i'\ 8,152
964 18,804 Pi 8 .139
964 18,408 P!7 ,934
683
694
793
645
591
728
570
608
553
578
490
584
486
602
498
494
481
531
553
632
536
352
427
412
321
409
464
431
444
393
365
383
473
442
i
*i
3721 885
756
504
881
445
453
806
524
666
640
555
668
387
395
804
490
797
479
789
483
719
630 1,032
745
677
1 j26 ,176
1 25 ,792
1 |25,482
1 ,942
1 1.25 ,042
1 [25,212
1 124,964
205
712
1511
696
172
166
104
210
170
254
640
710
695
654
725
720
3451
4071
444j
769
992
805
2 25 ,553 21 ,963 4 ,920
1 25 ,483 21 ,966 4 ,941
1 25 ,503 21 ,9711 4 ,954
1 125 ,876 21 ,927 4 ,956
1|I25 ,571 21 ,926 4 ,959
1 J24,855 21 ,87.11 4 ,960
1 '24,838 21 ,8091 4 ,967
1N25 ,459 21 ,787 4 ,973!
1 i25 .776 21 ,724 4 ,979
1 .317 21 ,7111 4 ,982
1 2 5 ,449! 21 ,71.4i 4 ,985
473
566
710
804!
J24,932
1 124,892
1 24 ,873
1 124,809
1
25 ,327
1
25 ,028
21 ,712
21 ,713
21 ,714
21 ,714|
21 ,714i
21 ,715
21 ,715
21 ,716
21 ,716
2.1,717
21 ,717
21 ,718
2.1 ,719
48.1
476
358
435
490
829 19
864 19
912 19
909 19
908 19
6595691
569!
38?|
44i!
912 19 744!
918119 697I
918 19 492!
936 19 300l
935 19 194i
933 • 9 384;
920 19 63()|
850 19 490!
848 19 ,418.
862 19 5061
880 19, 690:
878 19,555|
877 19,805!
910 19,934'
998 19 .8I81
996 19,188:
986 j 19,377|
986 19 ,166j
983 19,261!
963 19,036|
908 18,698!
905118 ,5861
914 18 ,525
927 18,353
926 18,346
923 18,336
925 18,373
934 18,596
933 18,250
948 18,756
950 18 ,832|
950 19,136
949 18,895
895 18,810
886 19,364
883 19,306
882 19,205
881 19,052
877 19 ,162
891 19,241
975 19,512
976 19,250
19 059
18 986
18 916
18 867
18 831
18 765
19,018
428
673
653
702
551
676
726
680
733
705
599
772
976
721
710
721
766
643
920
891
860
839
958
762
905
689
19 017
18 759
18 595
18 595
18 612
18 654
18 769
18 708
18 785
18 924
18 912
18 885
19 043
18 958
18 349
18 419
18 404
18 356
18 347
17 666 1,032
17 688
898
17 662
863
17 627
726
17 603
743
17 556
780
17 594
779
17 691
905
17 663
587
17 894
862
18 201
631
18 269
867
18 224
671
18,233
577
18 ,244 1,120
18,423
883
18,524
681
18,464
588
,444
18
718
822
620
?>627
J»665
P474
Monthly:
1954-Mar.. .24 ,633 24,620
Apr... 24 ,635 24,632
M a y . . 24,689 24, 680
June.. 24 ,998 24,960
July... 24 ,771 24,761
Aug... 23 ,989 23 ,930
Sept... 23 ,941 23 ,928
Oct. . .24,485 24,472
Nov... 24 ,661 124,654
Dec... 24 ,917 24 ,888
1955-Tan... 24,200i 24 ,182!
Feb... 23 ,838 23,787!
Mar.. . 23 .619 23 ,604
p Preliminary.
APRIL 1955
13
3
9
38
10
59
13
13
7
29
18
51
15
29 ,800
29 ,755
29 ,7731
29 ,856
29 ,968 !
29 , 896
29 ,991
30 ,078
30 ,287
30 ,749
30 ,110!
1 '25 ,021! 21 ,715' 4 , 990 29 ,784
1 !24.989 : 2 1 ,718| 4 . 996 29 , 790
813
825
830
815
810
806!
7961
591
541
797
800
805
610i
492!
819i
341
826
S23
477
690
443
522
455
416
439
477
420
363
913 19,573
926 19 ,392
864 19 ,533
941 19,670
973 19,1641
916 18.478 !
929 18,403
944 18 ,893
883 19 ,207
929|19 ,279
903 19 ,114
927 18 ,819
96()li8 ,635
18,881
18,627
18,817
18,813
18 ,329
17 ,638
17,628
18 ,173
18 ,393
18,576
18,432
18 ,195
692
765
716
857
835
840
775
720
814
703
682
624
For footnotes see following page.
373
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Deposits, other
than member bank
Member bank
reserve
balances, Other
reserve balances
Treaswi
th
F.
R.
Banks
FedU. S. Govt. securities
ury Money Treaseral
in
ury
curGold rency
ReDiscircash
stock
serve
All
counts
Held
out- cula- hold- Treas- For- Oth- acoth- Total
and
under
Float
ings
stand- tion
ury
er
Bought repur- adeign
Ex-1
Reing
dedede- counts Total
Total out- chase vances
quired ; cess
right agreeposits posits
ment
Reserve Bank credit outstanding
Date
or
period
Midyear or
year-end:
216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
24,746
25,916
148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
24,718
25,318
1954
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
24,632
24,632
24,812
25,037
24,325
24,023
24,270
24,381
24,888
24,932
24,632
24,632
24,812
25,037
24,325
23,894
24,270
24,381
24,888
24,888
1955
Jan..
Feb..
Mar..
23,885 23,882
23.605 23,605
23,612 23,604
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June.
Dec.
68
53
196
663
28
598
1,037
164
7
3
2,019
2,286
2,963
3,247
4 ,339
4,459
5,434
7,598
11,160
28,515
28
,562 28,868
— .600
4J598 27
4,636 27 ,741
4,709 29 ,206
30,433
30,125
4,854 30
4,894 30,781
204
264
2,409
2,215
2.287
1,336
1,312
1,293
1,270
1,270
1,259
761
36
35
634
867
977
870
821
668
247
389
132
346
6
15
397
774
862
392
767
895
526
550
527
423
21
151
256
586
446
569
750
565
363
455
176
493
374
346
251
291
495
563
706
714
746
777
951
839
2,356
2,333
2,292
1,817
11,653
6,444
12,450
9,365
15,915 14,457
17,899 16,400
16,568 15,550
17,681 16,509
20,056 19,667
19,950 20,520
19,561 19,459
20,160 19,397
19,194
19,528
19,563
19,011
18,702
18,316
18,676
18,722
18,985
18,876
249
85
78
67
19
156
64
28
52
4
91
94
578
535
534
1,368
1,184
967
601
935
147
172
245
37
184
200
132
297
398
143
535
576
723
567
672
473
779
721
657
808
25,316 21,965 4,935 29 ,707
25,382 21,969 4,951 29,735
25,781 21,973 4,957 29,870
25,642 21,927 4.959 29 ,922
25,183 21,908 4.960 29 ,892
24,696
"" 21,809 4,966 29 ,929
25, 183 21,810 4,972 29,985
25,401 21,759 4,977 30,074
25,944 21,710 4,982 30,500
25,885 21,713 4,985 30 ,509
819
819
820
811
798
811
786
806
800
796
722
579
408
875
716
511
704
729
694
563
494
471
527
545
533
477
461
426
397
490
363
321
645
377
503
501
422
496
381
441
917
850
878
988
908
925
931
884
880
907
18,689
18,844
18,891
18,412
17,763
17,572
17,724
18,251
18.467
18,618
505
684
672
599
939
744
952
471
518
258
475
485
391
600
678
659
24,960 21,714 4,989 29,780
24,769 21,716 4,996 29,817
24,667 P21.719 P 4 , 9 9 7 29,794
837
828
P824
360
564
724
441
320
351
419
433
448
899 18,918 18.337
957 18.562 18.091
959 18,283 P17.911
581
471
P372
358
537
298
446
1,010
678
875
607
26,207 21,712 4,984 30,434
5 ^739 21,713 4,984 30,196
25,082 21,714 4,985 29,959
2 4 ,728
— 21,714 4,985 29,752
813
821
827
834
222
457
160
396
564
503
475
434
387
391
220
905
904
902
901
19,566
19,170
19,066
18,890
18,565 1.001
18,389
781
18,415
651
18,440
450
680
335
535
392
655
522
803
544
25,262 21,714
24,873 21 ,715
25,071 21,715
24,668 21 ,716
4,988 29,758
4,989 29 ,779
4.989 29 ,743
4,992 29,793
834
830
830
828
503
307
495
554
419
471
428
329
455
457
419
432
898
895
958
960
19.090
18,838
18,903
18.479
18,369
18,233
18.204
18,075
385
488
369
535
691
823
621
1,028
763
552
24,813 21 ,716
24,714 21 ,717
25,002 21,717
24,904 21 ,718
24,848 21 ,719
4,995 29,776
4.995 29,816
4,995 29,801
4,995 29,719
4,997 29,738
835
827
822
833
829
589
500
185
755
851
329
392
336
351
356
417
246
406
437
955
953
965
964
964
18,555 18,113
442
18,521 18,002
519
19,360 P 1 8 , 3 2 9 Pl.031
18,588 ^18,101
18,388 I7,892
M96
1,400 4,037
2,220 4,031
2,593 17,644
2,361 22,737
25,091 20,065
23,181 22,754
19,499 24,427
22,216 22 ,706
25,009 22 ,695
25,,825 23 ,187
25,414 22,463
26,880 22,030
23
475
5,209
3,085
1,458
1,499
1,018
1,172
389
-570
102
763
End of
month:
129
Wednesday
1955
24,838
24,52-1
23,909
23,674
24,838
24,497
23,899
23,671
Feb. 9
Feb. 16
Feb. 23
23,926
24,016
23,732
23,732
23,902
23,902
23,732
23,732
Mar.
Mar.
Mar.
Mar.
Mar.
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23,604
23.604
23,604
Jan.
5....
Jan. 12
Jan.
19....
Jan. 26
Feb.
2....
2
9
16
23
30
27
10
3
24
114
730
605
699
404
^Preliminary.
1
Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
2
These figures are estimated.
3 Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
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
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.
374
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
]
Jan. 17, Feb. 20,
19511953Feb. 20. Jan. 4,
1953
1955
75
75
75
Effective
Jan. 4,
1955
50
50
60
60
50
60
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and Annual Report for 1948, p. 77, and 1953. p. 76.
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—
Apr.
Apr.
May
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
27,
16,
21,
23,
15,
15,
14,
23,
29.
23,
23,
16,
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advance!
[Sec. 10(b)]
Rate on
Mar. 31
Previous
rate
Rate on
Mar. 31
In effect
beginning—
i*
Feb. 5, 1954
Jan. 16, 1953
Jan. 16, 1953
Aug. 17,1953
Jan. 23,1953
Feb. 9, 1954
Aug. 13,1948
May 18, 1953
Jan. 26,1953
Jan. 16, 1953
Jan. 23,1953
Jan. 20,1953
Apr. 27,1954
Apr. 16,1954
M a y 21, 1954
Apr. 23,1954
M a y 15, 1954
M a y 15, 1954
Sept. 13,1954
Apr. 23.1954
Apr. 29,1954
Feb. 12,1954
Apr. 23,1954
Apr. 16,1954
2
2
2
2
2
2
2
2
1954
1954
1954
1954
1954
1954
1954
1954
1954
1954
1954
1954
In effect
beginning—
I*
3
3
3
Previous
rate
2
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for 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.
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!
To industrial or
commercial
businesses
Federal
Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
1
2
On
commitments
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25.
Feb. 1.
1953—July 1.
July 9.
1954—June 16
June 24
July 29
Aug. 1
In effect Apr. 1, 1955* .
13
10
15
1734
20
To financing institutions
On discounts or
purchases
On
loans 1
Net demand deposits 1
Portion
for which
institution is
obligated
8
8
8
Remaining
portion
On
commitments
()
<•)
8
8
8
Including loans made in participation with financing institutions.
Rate charged borrower less commitment
rate.
4
*Rate charged borrower.
Rate charged borrower but not
to exceed 1 per cent above the discount rate.
^Charge of 34 per cent per annum is made on undisbursed portion
of loan.
•Charge of 34 P«r cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118. pp.
446-447.
22M
26
22M
26
24
22
20
1734
20
Country
banks
Time
deposits
(all
member
banks)
14
12
14
22
24
16
22
24
15
21
20
14
13
19J4
23
22^
22
23
'24* "
19"
18
19
19
21
20
18
20
18
37
36
2
6
35
12
2
5
2
36
26
26
22
273,
37>
27
14
13
25
35
12
12
5
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.
* 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 time
deposits at all member banks, 3 and 6 per cent, respectively.
APRIL 1955
375
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
Month, or
week ending Wednesday-
!' Central reserve
All j: city banks
member
banks
New
ChiYork
cago
Reserve
city
banks
I
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
16
23
2
9
16
23
30
Required reserves:
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
19,920
,762
20,179
,863
19,557 . 4,652
19,279
,508
19,114
,410
18,819 . 4,380
1,295
1,320
1,269
1,210
1,203
1,183
7,962
8,065
7,825
7,927
7,881
7,726
18,806
,373
,347
18.716
18,642 I 4,348
18.596 ! 4,354
.18,779
18,804 4,397
.18,408 4,361
1.182
1,177
1,173
1,162
1 .150
1 .139
1,115
7,739
7,685
7.658
7,612
7,653
7,684
7,571
New
York
Chicago
Reserve
city
banks
Country
banks
1953—December
1954—January
February
December
1955—January
February
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
,
16
23
2
9
16
23
30
693
936
632
704
682
625
14
146
8
12
8
30
85
162
83
91
87
79
594
621
548
602
584
516
568
607
552
578
8
45
8
6
25
14
26
66
492
502
472
"626
"664
"474
64
72
85
68
63
58
-3
488
"539
"587
"393
Borrowings at Federa
Reserve B a n k s :
19,227
19,243
18,925
18,576
18,432
18,195
16
23
2
9
16
23
30
Central reserve
city banks
• All
member
banks
Excess reserves: 1
1 2
1953—December
1954—January
February
December
1955—January
February
Month, or
week ending Wednesday
!
Total reserves h e l d :
1953—December
1954—January
February
December
1955—January
February
In millions of dollars]
:
. 4,748
I, 4,717
i! 4,645
' 4,497
4,402
4.350
1,295
1,313
1 ,276
1,210
1,200
1,183
7,877
7.903
7 ,742
7,836
7,794
7,646
5,307
5,311
5,262
5,032
5,036
5,015
4,364
4,302
4,339
4,348
4.433
4,383
4,335
1 .180
1,181
1.1 73
163
1 ,156
1,138
1 .118
7,673
7,621
7,586
7,526
7,585
7,621
7,513
5,019
5,004
4,991
4,981.
"4.978
"4.997
"4,968
18,236
.18.108
18.089
.18,018
"18,152
"18,139
»17,934
1953—December
1954—January
February
December
1955—January
February
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
,
16
23
2
9
16
23
30
434
100
293
246
313
354
115
36
62
77
50
37
1
46
15
57
38
178
58
148
117
124
189
267
273
383
371
375
527
652
24
16
12
21
25
16
15
30
10
43
50
82
208
220
137
180
211
209
156
221
286
104
42
63
52
55
77
76
67
117
91
112
82
131
i
"Preliminary.
•Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
2
See table on. preceding page for changes in reserve requirements.
Back figures. See Banking and Monetary Statistics, pp. 396-399, and BULLKTIX for February 1955, pp. 210-211.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1
Item
All
member
banks
Central reserve
city banks
New
York
Chicago
In millions of dollars]
Reserve
city
banks
Country
banks
All
member
banks
February 1955
Gross demand deposits:
Total
Interbank
. .
Other
Net demand deposits 2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required 3
Kxce^
Borrowings at Federal Reserve Banks
Chicago
Country
banks
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
37,566
1,164
36,402
32,250
17,831
55
112
1 ,947
4,137
19 557
18,925
632
4,652
4.645
8
7,825
7,742
83
5,811
5.262
548
293
36
1 ,269
1,276
-7
46
148
63
23,368
4,018
19,349
20.873
3,517
6,214
1,162
5,052
5,586
1,319
43,969
6,155
37,814
38,084
15,820
6,354
49
115
1,976
4,214
6,251
4,380
4,350
30
1,183
1,183
7,726
7,646
79
5 531
5,015
516
50
38
189
77
354
New
York
Reserve
city
banks
February 1954
112,981
12,614
100,367
98,486
39,493
18 819
18,195
625
Central reserve
city banks
39,430 108,189
1 279 12 443
38,151 95,746
33,944
94.175
18,837 36,565
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
See table on preceding page for changes in reserve requirements.
376
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1955
Mar. 30
Assets
Mar. 23
Mar. 16
1955
Mar. 9
Mar. 2
Mar.
1954
Feb.
Mar.
20,178,103 20,178,100 20,183,102 20,178,104 20,174,101 20,178,104 20,174,101 20,399,102
853,248
857,766
857,766
851,459
849,720
848,824
878,976
848,824
21,026,927 21,029,559 21,032,822 21,031,352 21,031,867 21,026,928 21,031,867 21,278,078
Gold certificates
Redemption fund for F . R. notes. .
Total gold certificate reserves.
F. R. notes of other Banks...
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc..
Industrial loans
Acceptances purchased
,
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
202,052
410,052
216,005
412,095
207,094
406,590
205,483
420,292
213,030
441,662
190,914
408,801
199,146
445,127
155,130
427,475
597,753
93,333
521
441,601
93,333
675
262,028
106,667
698
371,269
116,667
475
278,733
106,667
527
298,052
93,333
515
3,766
378,743
106,667
534
131,864
15,000
1,470
883,244
883,244
883,244
883,244
883,244
883,244
883,244 1,910,975
9,960,141 9,960,141 9,960,141 9,960,141 9,960,141 9,960 141
9,959,471 9,959,471 9,959,47.1 9,959,471 9,959,471 9,959 471
2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801 750
,960,141 6,051,191
,959,471 13,029,021
,801,750 3,641,150
23,604,606 23,604,606 23 ,604,606 23,604,606 23,604,606 23 ,604 606 23,604,606 24,632,337
8 000
23,604,606 23,604,606 23,604,606 23,604,606 23 ,604,606 23,612 ,606 23 ,604,606 24,632 ,337
24,296,213 24,140,215 23,973,999 24,093,017 23,990,533 24,008,272 24,090,550 24,780,671
Total loans and securities
22
22
22
22
22
22
22
22
3,789,790 4,548,136 5,927,844 3,715,318 4,323,147 3,598 053 3,489,899 3,844,884
55,997
55,964
56,071
55,538
55,48.1.
55 927
55,432
52,910
132,777
144,624
138,891
139,600
132,856
145 536
129,925
164,697
Due from foreign banks.
Uncollected cash items. .
Bank premises
Other assets
49,925,644 50,540,994 51,737,145 49,660,622 50,188,598 49,434,453 49,441,968 50,703,867
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
826 18,588,351 19,360,436 1.8,521,060 18 554,602 18,283,275 18,561,754 19 194,192
755,080
306
500,138
589,350
185,245
723,968
564,049
722,054
350,946
391,748
329,278
779
336,366
350,544
319,784
493,801
406,281
416,924
486,021
412
245,617
448,363
433,308
362,892
3,238 206 3 ,784,748 4,899,638 3,093,865
16 390
14,767
14,435
15,430
,500,226 2,939,163 2,811,959 3,309,596
14,577
14,683
18,081
15,857
48,777,487 49,397,542 50,598,466 48,526,431 49,059,604 48,289,555 48,314,153 49,587,191
Total liabilities.
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
18,387
851
355
437
20,032,323 20,100,658 20,127,664 19,829,870 19,959,251 19,806,150 19,878,895 20,772,939
Deferred availability cash items
Other liabilities and accrued dividends.
Capital Accounts
25,490,568 25,496,706 25,556,397 25,588,261 25,585,550 25,528,385 25,608,616 25,486,575
293,904
660,901
27,543
165,809
,
Total liabilities and capital accounts.
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
293,758
660,901
27,543
161,250
293,586
660,901
27,543
156,649
293.471
660,901
27,543
152,276
293,100
660,901
27,543
147,450
290,038
660,901
27,543
166,416
293,065
660,901
27,543
146,306
270,208
625,013
27,543
193,912
49,925,644 50,540,994 51,737,145 49,660,622 50,188,598 49,434,453 49,441,968 50,703,867
46.2
46.1
46.0
46.3
29,134
3,513
28,796
3,359
29,031
3,180
29,001
3,285
28,082
3,233
46.4
46.2
46.0
28,985
3,519
28,154
3,226
12,916
2,957
391,385
287,176
50,876
53,333
515
17
3
335
160
485,410
315,890
102,792
66,728
534
17
1C2
343
72
146,864
129,939
16,925
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
Acceptances purchased
16 days to 90 days
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
691,086
588,203
49,550
53,333
521
109
5
247
160
534, 934
432, 690
35, 577
,604, 606
196,200
,373,410
,519,398
,087,127
,013,614
,414,857
23,604 606
206, 750
2,362, 860
15,519 398
3,087, 127
1,013, 614
1,414, 857
66 667
675
111
5
399
160
368,695
263,432
38,596
66,667
698
117
17
474
90
487,936
360,101
61,111
66,724
475
17
100
286
72
385,400
255,135
63,537
66,728
527
17
101
337
72
3,766
23,604,606 23 ,604,606 23 ,604,606 23 ,604,606
236,550
83,950
136,400
39,300
2,333,060 2,485,660 2,433,210
,530,310
15,519,398 11,507,398 11,507.398
,519,398
3,087,127 7,099,127 7,099,127
,087,127
1,013,614 1,013,614 1,013,6.14
,013,614
1,414,857 1,414.857 1,414,857
,414,857
1,470
152
.15
1,256
47
23,604,606 24 ,632,337
92,600
344,750
2,477,010 3,252,591
11,507,398 12,277,575
7,099,127 6,307,260
1,013,614 1,035,304
1,414,857 1,414,857
1
Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
APRIL 1955
377
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
789,836
389,224
898,574
841,636 2 ,372,437
46,594
24,423
39,335
Assets
Gold certificates. 20,178,104
Redemption fund
848,824
for F. R. notes.
997,530 5,575,729 1[,231,289 1,685,55 = 1,163,950
52,423
179,217
56,561
75,230
869,482 3,362,862
67,352!
52,772
147,219
Total gold certificate reserves. . 21,026,928 1,049,953 5,754,946 1,287,850 1,760,785 1,231,302 922,254 3.510,081 836,430
F. R. notes of
29,834
10,212
9,338 68,658
14,271
190,914
8,180
5,688
10,897
other Banks...
15,009
86,563
18,500
37,477
33,715
70,967
20,989
408,801
Other cash
43,785
Discounts and
advances:
Secured by
U. S. Govt.
11,340
27,260
12,435
25,825 149,670
297,688
4,618
7,660
securities. . .
3,570
6,813
5,684
27,253
4,667
8,493
4,013
13,257
93,697
Other
3,547
424
515
Industrial loans..
Acceptances pur3,766
chased
3,766
U. S. Government
securities:
Bought outright
23.604.60t 1,302,455 6,029,372 1,436,529 2,023,080 1,390,264 1,202,206 4,126,510 987,735
Held under
repurchase
8,000
8,000
agreement...
Total loans and
24,008,272 1,312,757 6,095,651 1,455,106 2,039,233 1,407,366 1,232,044 4,289,437
securities
Due from foreign
16
1
22
3
1
1
banks
Uncollected cash
656,204 214,081 351,363 264.451 272,080 598,510
3,598,053 258,039
items
7,1651
5,249
4,443
4,108
55,927
5,834
5,221
6,225
Bank premises.. .
35,319|
8,552
8,510
7,903
145,536
7,686
12,548
26,584
Other assets
Total assets
994,852
413,64
937,909
28,385
79,313
870,021 2,451,750
3,414
10,858
4,167
12,369
9,456
15,852
16,799
42,717
41,725
2,333
10,660
3,637
2,600
4,387
325
9,613
91
579,658 1,018,397
927,519 2,580,881
623,807 1,032,694
934,506 2,590,819
1
1
1
1
2
143,981
2,815
6,374
95,995
1,082
3,459
208,810
3,072
6,043
195,326
1,290
6,744
339,213
9,423
15,814
49,434,453 2,676,165 12,665,688 2,996,061 4,223,834 2,943,911 2,544,525 8,516,078 2,011,130 1,152,263 2,205,065 2,033,196 5,466,537
Liabilities
25,528,385 1,555,479 5,766,941 ,787,218 2,338,577 1,824,620 1,308,607 4,970,384 1,151,546
F. R. notes
Deposits:
Member bk.—
5,530,88; 834,577 1,402,505 742,837 862,460 2,744,054 639,413
reserve accts. 18,283,275
U. S. Treas.—
61,098
76,890
42,493
65,914
52,439
723,968
71,873 122,369
37,521
gen. acct.. . .
20,940 a 103,42 7 25,477
17,450
350,544
15,00
31,759
48,860
13,262
Foreign
362,888
10,662
2,504
448,363
1,530
2,821
7,521
2,357
7,886
Other
Total deposits.. . 19,806,150
Deferred availability
cash
items
Other liabilities 2,939,163
and accrued
15,857
dividends
816,027 6,058,300
234,697
515,050
568,448 1,019,274
420,281
41,823
8,725
1,16C
947,606 1,494,224
829,022
950,870 2,917,640
698,082
471,998
177,165
228,913
232,223
115,407
81,389
285,370
462,613
711,653 2,525,638
937,155 1,000,643 2,418,373
27,980
13,262
2,572
79,87.1
16,403
1,364
43,697
35,972
45,089
980,969 1,098,281 2,543,131
159,068
168,937
278,331
879
46
1,853
588
3,992
2,995
590
699
964
742
596
1,492
Total liabilities. . 48,289,555 12,607,082 12,344,283 2,912,953 4,120,024 2,883,254 2,492,442 8,353,632 1,965,623 1,122,302 2,159,907 1,979,461 5,348,592
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7). .
Surplus (Sec. 13b)
Other capital
accounts
15,213
27,543
40,309
3,011
87,260
188,070
7,319
19,364
47,773
4,489
27,831
60,222
1,006
13,1.85
33,480
12,747
29,480
762
38,928
96,566
1,429
10,203
26,619
3,349
166,416
10,550
38,756
11,482
14,751
10,643
9,094
25,523
8,164
290,038
660,901
521
6,493
16,918
1,073
1.1,214
24,755
1,137
15,000
29,985
1,307
32,600
66,724
5,477
8,052
7,443
16,481
2,140
Total liabilities
and capital
accounts
49,434,453 2,676,165 12,665,688 2,996,061 4,223,834 2,943,911 2,544,525 8,516,078 2,011,130 1,152,263 2,205,065 2,033,19f 5,466,537
Reserve ratio
46.4%
Contingent liability on acceptances purchased for foreign
correspondents
28,985
Industrial loan
commitments..
3,519
44.3%
48,7%
1,746
«8,382
45.9%
46.4%
40.8%,
44.5%
2,124
2,648
1,455
1,251
4,074
436
598
33
97
15
45.2%
,106
39.8%;
728
46.9%
1,106
48.1%
1,368
48.4%
2,997
2,340
1
After deducting $16,000 participations of other Federal Reserve Banks.
2After
deducting $247,092,000 participations of other Federal Reserve Banks.
3
After deducting §20,603,000 participations of other Federal Reserve Banks.
378
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item
End of month
1955
Mar. 30
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Mar. 23
Mar. 16
1955
Mar. 9
Mar. 2
Mar.
1954
Mar.
Feb.
26,435,281 26,451,763 26,501,635 26,528,584 26,569,356 26,426,991 26,589,577 26,714,686
11,008,000 11,008,000 11,208.000 11,208,000 11,208.000 11,008.000 11,208,000 11,093.000
74,417
133,148
84,847
143.006
182,161
161,815
150,586
210.293
17,065,000 17,065,000 17,065,000 17.065,000 17,065,000 17,065,000 1.7.065,000 17.155,000
Total collateral
28,283,293 28,216,006 28,406,148 28,455,161 28,434.815 28,157,847 28,423,586 28,322,417
EACH FEDERAL RESERVE BANK ON MARCH 31, 1955
[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)
26,426,991 1,628,631 5,920,001 1,855,545 2,471,831 1,873,350 1,368,962 5,068,860 1,200,726 608,314 1,047,265 753,448 2,630,058
Collateral held:
Gold certificates 11,008,000 640,000 2,670,000 800,000 1,050,000 675,000 500,000 2 ,200,000 355,000 1 75,000 280,000
80,000 283,000 1,380,000
325
Eligible paper..
4,702
12,435
3,570 41,725
10,750
11,340
84,847
U. S. Govt. securities
17,065,000 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 2,900,000 920,000 500,000 800,000 525,000 1,620,000
Total collateral... 28,157,847 1,844,702 6,270,000 2,011,340 2,550,000 1,987,435 1,500,000 5,100,000 1,278,570 716,725 1,090,750 808,000 3,000,325
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Number
ParticiAppations
proved
Loans Commitof
financbut not
out- 2 ments
ing instioutcom- 1 standing
tutions
pleted (amount) standing
out(amount) standing*
Amount (amount)
(amount)
3,511
3,542
3.574
3,607
3,649
3,698
3.736
3,753
3,765
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
803,429
320
4,577
945
335
539
4,819
3,513
1,638
1,951
1,995
554
1,387
995
2,178
2,632
4,687
3,921
1,900
1,644
8,309
7,434
1,643
2.288
3,754
6,036
3,210
3,569
1,086
2,670
4,869
1.990
2,947
3,745
11,985
3,289
3,469
1954
March
April
May
June......
July
August....
September.
October. . .
November.
December .
3,766
3,767
3,767
3,768
3,768
3,768
3,769
3,769
3,770
3,771
808,505
810,051
810,779
812,433
813,465
814,765
815,449
816,582
817,605
818,224
1,720
405
45
195
45
45
395
395
520
520
1,487
1,302
1,298
1,247
1,130
630
991
812
652
719
2,957
2,891
2,373
2,395
2,354
2,794
1,943
1,896
1,898
1,148
2,666
2,412
1,869
1.855
1,812
1,773
1,559
1,343
1,202
1,027
1955
January. . . 3,772
February. . 3,772
821.407
822,063
170
170
629
542
3,152
3,227
1,504
1 ,498
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.
APRIL 1955
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1945
1946
1947
1948
1949
1950
1951
1952
1953
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
End of
year or
month
1950
1951
1952
1953
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
L, 294
31,326
1,395,444
2,124,123
2,358.387
8,017
675,459
979,428
804,686
6,265
546,597
803,132
666,205
8,299
472,827
586,303
363,667
1,310
L ,316
1,322
1,324
,331
,342
1,350
1,355
1,357
1,361
,367
2.380,186
2,399,321
2,406,651
2,408,226
2,420,326
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499,634
772,647
737,605
684,631
664,122
640,636
604,750
559,859
546,930
527,074
504,708
471,947
640,121
612,265
569,551
552,738
534,695
502,902
466,089
455,618
416,713
395,388
367,694
355,056
321,619
347,823
330,408
299,465
311,191
300,676
295,805
283,510
266,798
272,903
,370
2.501.179
2,504,169
454,209
437,185
347,008
333,717
264,549
263,248
1954
February..
March
April
May
June
July
August
September.
October. . .
November.
December.
1955
January...
February..
1 ,375
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.
379
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect March 31]
[In millions of dollars]
Assets
Depositors'
balances 1
Total
1945—December.
1946—December.
1947—December.
1948—December.
1949—December.
1950—December.
1951—December.
1952—December.
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
1953—November.
December.
2,373
2,359
1954—January...
February..
March....
April
May
June
July
August. . .
September.
October...
November
December.
2,343
2,326
2,309
2,290
2,271
2,251
2,230
2,208
2,189
2,17.1
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
10
15
20
25
30
35
35
40-50
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
End of month
P2
Cash
in
depository
banks
U. S.
Cash
Govern- reserve
ment
funds,
securietc.1
ties
11
28
33
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
179
200
212
198
187
166
162
151
2,577
2,558
31
31
2,407
2,389
139
138
2,540
2,505
2,470
2,434
2,416
2,399
2,379
2,360
2,339
2,304
31
31
31
31
31
31
31
31
31
31
2,373
2,336
2,299
2,278
2,256
2,240
2,220
2,196
2,176
2,156
136
139
140
125
130
128
129
133
133
118
6
6
6
7
154
P2.136
P2,115
z>2,094
1955—January...
February..
P1 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]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Year or month
Seasonally adjusted2
Total, all
reporting
centers
New
York
City
6
other
centers1
338 other
reporting
centers
New
York
City
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
1,887,366
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
738,925
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390,066
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
758,375
22.3
24.1
25.1
23.8
26.9
27.9
31.1
31.9
34.4
36.7
42.3
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1
25.6
25.8
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4
18.9
19.2
1954—January...
February..
March
April
May
June
July
August
September
October. . .
November.
December.
154 ,281
141 ,926
171 ,354
154 759
149 ,812
163 ,501
154 ,848
151 ,504
149 ,898
152 ,322
156 ,843
186 ,317
62,306
56,115
67,913
60,479
59,535
64,965
61,155
58,316
56,744
58,792
58,787
73,817
30,806
29,341
36,666
33,152
31,159
33,785
31,556
31,526
30,922
30,706
32,230
38,217
61,170
56,470
66,776
61,128
59,118
64,751
62,137
61,662
62,232
62,823
65,826
74,282
42.7
42.7
44.6
41.3
41.9
44.2
41.6
40.0
40.4
39.3
42.2
48.1
24.1
25.5
29.2
27.6
25.5
26.8
24.9
24.8
25.3
23.6
26.3
28.1
18.6
19.2
19.7
18.8
18.8
19.7
18.8
18.5
19.4
18.6
20.7
21.0
42.5
43.8
43.5
41.9
43.0
40.9
42.7
46.2
39.4
40.5
42.6
42.6
24.6
26.2
26.7
26.8
25.9
26.3
25.4
27.1
25.6
24.3
25.9
26.9
18.4
19.3
19.8
19.4
19.2
19.7
19.1
19.7
19.1
18.6
19.6
19.9
1955—January.. .
February..
March. . . .
163,388
'149.738
178,914
62,642
57.091
67,242
33,531
31.595
39,908
67,215
61,052
71,764
42.0
41.9
41.7
25.4
26.4
P30.1
19.6
19.6
P19.5
41.8
43.0
40.7
25.9
27.1
P27.5
"19.4
19.7
P19.6
1944
1945
1946
1947
1948
1949
1950
1951
1952
1Q53
1954
r
6
338 other
other reporting
centers1 centers
New
York
City
338 other
6
other reporting
centers1 centers
r
c
P1 Preliminary.
Re vised.
Corrected.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
These data are compiled by the Federal Reserve Bank of Xew York.
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. 355-35 7
380
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of year or
month
Total
in circulation 1
Coin and small denomination currency 2
Large denomination currency 2
Total
Coin
3$1
$2
$5
$10
$20
Total
$50
$100
7,598
5,553
8,732 6,247
11,160 8,120
15.410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
28,868 20,020
28,224 19,529
27,600 19,025
27,741 19,305
29,206 20,530
30,433 21,450
30,781 21,636
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
1,812
559
610
695
801
909
987
1,039
1,029
1,048
1,049
1,066
1,113
1,182
1,228
1,249
36
39
44
55
70
81
73
67
65
64
62
64
67
71
72
1,019
1,129
1.355
1,69^
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119
1,772
2 021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6,565
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
9,819
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
9,146
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
2,732
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
5,581
191
227
261
287
407
555
454
438
428
400
382
368
355
343
333
425
523
556
586
749
990
801
783
782
707
689
588
556
512
486
20
30
24
9
9
10
7
8
5
5
4
4
4
4
4
32
60
46
25
22
24
24
26
17
17
11
12
12
10
11
1954—March
29,707 20,757
April
29,735 20,799
May
29,870 20,946
June
29,922 20,999
Tuly .
29,892 20,984
29,929 21,015
August
September... 29,985 21,054
October
30,074 21 ,118
November... 30,500 21,473
December. . . 30,509 21,374
1,776
1,783
1,787
1,795
1,793
1,801
1,811
1,819
1,836
1,834
1,166
1,173
1,182
1,183
1,174
1,183
1,200
1,212
1,236
1,256
70
2,010
2,006
2,036
2,023
2,016
2,023
2,034
2,049
2,091
2,098
6 304
6,325
6 375
6,377
6,366
6,361
6,378
6,400
6,524
6,450
9,431
9,443
9,496
9,551
9,564
9,578
9,561
9,568
9,716
9,665
8,952
8,936
8,926
8,924
8,910
8,916
8,932
8,958
9,028
9,136
2,654
2,651
2,651
2,659
2,654
2,653
2,648
2,650
2,677
2,720
5,473
5,470
5,463
5,457
5,451
5,461
5,486
5,514
5,555
5,612
328
481
4
12
1955—January
29,789
F e b r u a r y . . . . 29,817
1,808 1,191
1,810 1,190
2,673 5,550
2,660 5,527
1939 . .
1940
1941...
1942
1943
1944
1945
1946
1947...
1948
1949 .
1950
1951
1952
1953
.
.
.
.
20,777
20,845
70
69
71
70
70
70
70
71
71
71
71
2 017 6.267 9 425 9.014
2,020 6,316 9,438 8,974
$500 $1,000 $5,000 $10,000
327
325
Unassorted
2
4
4
3
2
3
2
3
3
3
3
2
2
2
2
478
475
4
4
473
471
469
466
464
465
464
4
8
4
4
4
3
3
3
8
8
8
8
8
15
2
2
2
2
317
460
4
9
2
316
457
3
9
2
324
322
321
320
318
320
321
8
8
1
Total
2
of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
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 in circulation 1
Money held in the Treasury
Total outstanding, As security
Feb. 28,
against
1955
gold and
silver
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 Stale? notes
Federal Reserve Bank
notes
National Bank note1'
Total—Feb 28 1955
[an. 31, 1955
Feb. 28, 1954 .
...
21,716
21,067
26 590
4,996
21,067
491
224
2,177
2,177
'*2,401
1,296
347
171
69
(•'.)
(
'
)
2
For
Federal
Reserve
Banks and
agents
23,468
23,460
23,685
Feb. 28, .
1955
Jan.31,
1955
Feb. 28,
1954
35
25 339
4,443
35
25 350
4,404
36
25 490
4,379
650
18,216
32,401
446
(4)
Treasury
cash
Money
held bv
Federal
Reserve
Banks and
agents
70
108
2,816
1 180
445
43
5
219
218
209
54
8
2
(3)
(5)
317
75
13
32
2
1
2,084
1,168
424
312
169
68
2,056
1,165
425
303
169
68
2,042
1,146
416
309
186
71
4,441
4,676
4,639
29,817
828
837
811
18,216
18,222
18,454
29,789
29,904
i
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. 373.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
T o avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
5
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—8156,039,431 in gold
bullion; (ij) 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 1955
381
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
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government obligations
Total
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Capital
and
Total
deposits misc.
acand
currency counts,
net
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,346
23,187
22,463
22,030
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,754
4,812
4,854
4,894
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
182,980
192,866
190,277
199,791
41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
69,712
75,484
77,071
80,486
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
96,266
100,008
95,350
100,935
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
70,783
72,740
68,108
72,610
216
1,998
2,484
2.254
24,262
22,559
20,778
23,801
22,906
24,697
24,746
25,916
26
131
1,204
1,284
2,867
3,328
2,888
2.664
2,577
2,571
2,496
2,409
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,002
17,374
17,856
18,370
64,698
48,465
75,171
90,637
191,785
188,148
199,009
208.727
211,080
220,865
217,594
226,715
55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
194,960
204,220
200,360
209,175
8,922
6,436
6,812
7,826
10,979
12.800
14,624
15,317
16,120
16,647
17,234
17,538
1954—Feb. 24
Mar. 31
Apr. 28
May 26
June 30
July 28P
Aug. 25*
Sept. 29*
Oct. 27P
Nov. 24»
Dec. 29P
22,000
22,000
22,000
22,000
21,927
21,900
21,900
21,800
21,800
21,700
21,700
4,900
4,900
4,900
5,000
4,959
5,000
5,000
5,000
5,000
5,000
5,000
197,300
196,100
197,200
198,800
200,628
200,600
202,500
204,000
207,800
209,900
211,200
79,300
80,300
79,900
80,100
81,210
80,800
80,200
81,400
81,900
84,000
85,600
99,100
96,800
98,200
99,400
99,827
100,000
102,300
102,400
105,600
105,600
105,300
72,000
69,800
71,200
72,400
72,525
73,300
76,200
76,200
79,000
78,900
78,200
24,600
24,600
24,600
24,700
25,037
24,500
23,900
24,000
24,400
24,600
25,000
2,400
2,300
2,300
2,300
2,265
2,200
2,200
2,200
2,200
2,200
2,200
18,900
19,000
19,200
19,300
19,591
19,800
19,900
20,200
20,300
20,300
20,400
224,100
223,000
224,100
225,800
227,514
227,500
229,300
230,800
234,500
236,600
237,900
206,200
205,100
206,200
207,600
209,354
209,100
210,500
211,800
215,400
217,300
218,700
17,900
17,800
17,900
18,200
18,161
18,400
18,800
19,000
19,100
19,300
19,200
1955—Jan. 26?
Feb. 23 P
21,700
21,700
5,000 209,800
5,000 208,500
85,400
86,000
103,700
101,500
77,900
75,700
23,700
23,700
2,100
2,100
20,800
21,000
236.500
235,200
217,600
216,100
18,900
19,100
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1953—June
Dec.
29
30
30
31
31
31
30
31
30
31
30
31
Deposits a n d Currency
Date
Total
U. S. Government
balances
Foreign
bank TreasAt
decomury mercial
At
posits cash
F. R.
net
and Banks
hold- savings
ings
banks
Total
Demand
deposits2
Time deposits3
Total
Currency
outCom- Mutual Postal
side
mercial savings
Savings banks
4
banks banks System
36 54,790 22,540 28,611
35 40,828 14,411 21,656
634 63,253 29,793 27,059
867 76,336 38,992 27,729
977 150,793 75,851 48,452
870 170,008 87,121 56,411
668 176,917 92,272 59,247
247 185,999 98,234 61,450
333 184,904 94,754 63,676
389 194,801 101,508 65,799
132 192,560 96,898 68,293
346 200,917 102,451 70,375
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
39,302
40,666
42,245
43,659
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
21,755
22,586
23,589
24,358
149
1,186
1,278
1 ,313
2,932
3,416
2,923
2,704
2,619
2,547
2,459
2,359
3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
26,474
27,494
27,369
28,091
197,400
195,200
197,300
198,000
198,517
500 200,400
600 200,300
800 202,500
600 204,800
205,800
500 209,400
44,000
44,500
44,700
45,000
45,653
46,000
46,200
46,400
46,700
46,200
46,700
24,700
24,900
25,000
25,200
25,388
25,500
25,600
25,800
25,900
25,900
26,300
2,300
2,300
2,300
2,300
2,251
2,200
2,200
2,200
2,200
2,200
2,100
26,900
26,900
26,700
26,800
27,093
26,800
26,900
26,900
26,900
27,500
27,400
55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
194,960
204,220
200,360
209,175
365
50
1,217
1,498
2,141
1,682
2,518
2,279
2,319
2,501
2,467
2,694
1954—Feb. 24
Mar. 31
Apr. 28
M a y 26
June 30
July 28"
Aug. 251>
Sept. 29?'
Oct. 27P
Nov. 24?'
Dec. 2 9 P
206,200
205,100
206,200
207,600
209,354
209,100
210,500
211,800
215,400
217,300
218,700
2,900
3,000
3,100
3,100
3,256
3,400
3,400
3,300
3,200
3,200
3,400
800
800
800
800
811
800
800
800
800
800
800
4,500
5,400
4,500
5,100
5,895
3,900
5,500
4,400
6,100
6,900
4,600
500
700
500
500
875
1955—Jan. 26*
Feb. 23/'
217,600
216,100
3,200
3,100
800
800
3,800
4,600
400 209,400 107,200 75,400 46,800 26,500
600 207,100 104,600 75,600 46,900 26,600
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—June
Dec.
1953—June
Dec.
29
30
30
31
31
31
30
31
30
31
30
31
204
381
264
852
2,409
846
2,215
1,895
2,287 24,608
1 ,452
1,336
1,293
2,989
3,615
1.270
1,283
6,121
1,270
5,259
3,942
1,259
4,457
761
Seasonally5
adjusted
Deposits adjusted and currency
99,600
96,700
98,600
98,700
98,132
100.000
99,400
101,200
103,100
104,100
106,900
71,000
71,700
72,000
72,500
73,292
73,700
74,000
74,400
74,700
74,300
75,100
Demand
deposits
adjusted
99,400
99,400
99,600
100,100
99,700
101,500
100,900
102,400
101,900
102,700
103,000
Currency
outside
banks
27,000
27,100
27,100
27,000
27,000
27,000
26,900
26,800
26,800
26,900
26,900
2,100 26,800 104,400 27,000
2,100 26,800 104,400 26,900
pPreliminary.
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.
3
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
5
For seasonal adjustment factors used in deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
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 "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" 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.
382
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]
Deposits
Loans and investments
Class of bank
and date
All b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Feb. 24
June 30
Sept. 29 P
Oct. 27P
Nov. 2 4 P
Dec. 29P
1955—Tan. 2 6 P
Feb. 23P.
Total
Loans
U. S.
Government
obligations
Other
securities
Cash
assets1
I otal
assets—
Total
liabilities
and • Total i
capital
accounts'2
Other
Interbank 1
U. S.
Govern- Other
ment
50,884
61,126
140,227
134.924
148,021
154,869
165,626
171,497
171,100
173,343
178,040
181,680
183,510
184,690
184,550
183,320
22,165 19,417 9,302 23,292 77,068 68,242
26,615 25,511 8,999 27,344 90,908 81,816
30,362 101,288 8,577 35,415 177,332 165,612
43,002 81,199 10,723 38,388 175,091 161,865
60,386 72,894 14,741 41,086 191,317 175,296
67,608 71,343 15,918 45,531 202,903 185,756
75,512 72,740 17,374 45,584 213,837 195,552
80,518 72,610 18,370 45,811 220.140 201,100
80,020 72,220 18,860 41,250 215.210 194.970
81,227 72,525 19,591 42,556 218,900 199,508
81,680 76,200 20,160 40,620 221,710 201.150
82,380 79,030 20,270 41,630 226,440 205,330
84,320 78,910 20,280 42,180 228,830 207,400
86,150 78,190 20.350 43,210 231,140 209,280
85,880 77,860 20,810 42,040 229,920 208,260
86,680 75,670 20,970 41,350 228,040 205,970
9,874
10,982
14,065
13,033
14,039
15,087
15,321
15,957
14,210
15,500
15,470
15,720
15,660
16,050
15,280
14,580
40,668
50,746
124,019
116,284
126,675
132,610
141,624
145,687
144.900
146,383
150,580
154,090
155,850
156,850
156.460
155,040
17,238
21,714
26,083
38,057
52,249
57,746
64,163
67,593
66,870
67,337
67,250
67,790
69,540
71,150
70,720
71,360
16,316
21,808
90,606
69,221
62,027
61,524
63,318
63,426
63.030
63,508
67,330
70,190
70,160
69,460
69.090
66,890
7,114
7,225
7,331
9,006
12,399
13,339
14,143
14,668
15,000
15,538
16,000
16,110
16,150
16,240
16.650
16,790
22,474
26,551
34,806
37,502
40,289
44,645
44,666
44,828
40,290
41,569
39,670
40,720
41,260
42,180
41,010
40,360
65,216
79,104
160,312
155,377
168,932
179,465
188,603
193,010
187,670
190,585
192,900
197,560
199,860
201,890
200.410
198,360
57,718
71,283
150,227
144,103
155,265
164,840
172,931
176,702
170,270
174,068
175,300
179,380
181,420
182,940
181,710
179,310
9,874
10,982
14,065
13,032
14,039
15,086
15,319
15.955
14,210
15.497
15,470
15,720
15,660
16,050
15,280
14,580
1,343
2,806
3,359
4,941
4,146
4,220
5,591
4,120
5,730
6,620
4,290
3.470
4,260
All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31 . ,
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954- Feb. 24
June 30
Sept. 29 P.. .
Oct. 2 7 P
Nov. 2 4 P
Dec. 2 9 P
1955—Tan. 2 6 P
Feb. 23/'
33,941
43,521
107,183
97,846
107,424
112,247
119,547
122,422
121 .772
123,185
126,851
129,973
131,548
132,270
131.809
130,468
13,962
18,021
22,775
32,628
44,705
49,561
55,034
57,762
57,035
57,197
57,164
57,662
59,251
60,612
60,138
60,690
14,328
19,539
78,338
57,914
52,365
51,621
52,763
52,603
52,330
53,111
56,373
58,906
58,869
58,151
57.788
55,785
5,651
5,961
6,070
7,304
10,355
11,065
11,751
12,057
12,407
12,876
13,314
13,405
13,428
13,507
13.883
13,993
19,782
23,123
29,845
32,845
35,524
39,252
39,255
39,381
35,365
36,722
34,796
35,607
36,205
37,028
35.990
35,404
55,361
68,121
138,304
132,060
144,660
153,439
160,826
163,983
159,319
162,203
163,964
167,991
170,177
171,823
170.404
168,495
49,340
61,717
129,670
122,528
133,089
141,015
147,527
150,164
144,440
148,252
148,964
152,537
154,420
155,581
154,421
152,201
9,410
10,525
13,640
12,403
13,448
14,425
14,617
15,170
13,509
14,733
14,692
14,924
14,854
15,228
14.468
13,815
743
1,709
22,179
1,176
2,523
3,101
4,567
3,756
3,824
5,165
3,714
5,206
6,041
3,838
3,072
3,856
All mutual savings
1939—j) ec 30
1941—j) ec 3i
1945—Dec. 3 1 . . . .
1947—Dec. 313..! .
1950—£>ec# 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Feb. 24
June 30
Sept. 29P
Oct. 27P
Nov. 24P
Dec. 29P
1955—Tan. 26P
Feb. 23?'
10,216
ioi.379
16 208
18*641
21 346
22,'259
24,003
25.810
26,200
26,959
27,460
27,590
27,660
27,840
28.000
28.280
4,927
4*,901
4*279
4',944
8,137
9,' 862
11,349
12,925
13,150
13,890
14,430
14,590
14,780
15,000
15,160
15,320
3,101 2,188
3*704 1^774
10 682 1,246
11',978 1,718
10,868 2 342
9,819 2,579
9,422 3,231
9,184 3,701
9,190 3,860
9,017 4,052
8,870 4,160
8,840 4,160
8,750 4,130
8,730 4,110
8.770 4.160
8,780 4,180
11,852
11\804
17 020
19,714
22 385
23,439
25,233
27,130
27,540
28,315
28.810
28,880
28,970
1,030 29,250
1 .030 29.510
990
29,680
10,524
10,533
15 385
17,763
20 031
20,915
22,621
24,398
24,700
25,440
25,850
25,950
25,980
26,340
26,550
26,660
AH commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 3 . . , .
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Feb. 24
June 30
Sept. 29P
Oct.
27P....
Nov. 2 4 P
Dec. 2 9 P
1955—Jan. 26P
Feb. 23 P
818
793
609
886
797
886
918
983
960
987
950
910
920
3
4
•
( )
(
4
)
(
4
)
(
4
)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
ber
of
counts
banks
Time
25,852
26,479
45,613
53,105
56,513
59,025
63,598
68,354
69,000
71,371
72,540
72,910
72,490
73,300
73,650
73,890
8,194
8,414
10,542
11,948
13,837
14,623
15,367
16,118
16,290
16,664
16,860
17,080
17,320
17,370
17,350
17,460
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,509
14,488
14,465
14,436
14,422
14,406
14,370
'14,360
14,351
32 ,513
44 ,349
105 ,921
94,367
101.917
108,259
111,659
112,604
107,500
106,996
108,970
110,920
112,580
115,590
115,810
113,190
15,331
15,952
30,241
35,360
36,503
38,137
41,012
4.1,997
44,340
45,983
46,740
47,010
46,560
47,010
47,150
47,280
6.885
7,173
8,950
10,059
11,590
12,216
12,888
13,559
13,700
14,038
14,200
14,420
14,640
14,690
14.660
14,750
14,484
14,278
14,011
14,181
14,121
14,089
14,046
13,981
13,960
13,937
13,909
13,895
13,879
13,843
'13,833
13,824
27,489
37,136
69,640
80,609
87,783
92,867
95,453
96,024
91,597
91,455
93,016
94,558
95,981
98,708
98,959
96,504
11,699
12,347
24,210
28,340
29,336
30,623
32,890
35,213
35,510
36,900
37,542
37,849
37,544
37,807
37,922
38,026
5,522 6,362
5,886 6,619
7,589 6,884
8,464 6,923
9.695 6,873
10,218 6,840
10,761 6,798
11,316 6,743
11,440 6,737
11,709 6,721
11,868 6,707
12,035 6,701
12,250 6,687
12,280 6,662
12,261 "6,651
12,331 6,643
14
19
23
30
35
40
47
50
50
50
50
50
50
10 521
10,527
15 371
17,745
20,009
20,888
22,586
24,358
24,660
25,388
25,800
25,900
25,930
26,290
26,500
26,610
94,381
101,936
108,282
111,690
112,639
107,540
107,043
109,020
110,970
112,630
115,640
115,860
113,240
3
6
14
3
3
3
3
3
2
2
3
Num-
ac-
32 ,516
44 ,355
105 ,935
1,346
2,809
3,362
4,944
4,149
4,220
5,594
4,120
5,730
6,620
4,290
3,470
4,260
1
(4)
Total
capital
Demand
3
1,309
1,241
1,592
1,889
2,247
2,407
2,479
2,559
2,590
2,626
2,660
2,660
2,680
2,680
2,690
2,710
551
548
542
533
529
529
529
528
528
528
527
527
527
527
527
527
p Preliminary.
"Corrected.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member
bank on Apr. 15, 1954, but excluding 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.
2
Includes "other" assets and liabilities, not shown separately.
For other footnotes see following two pages.
APRIL 1955
383
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
Class of bank
and date
Total
U.S.
Government
Loans
obligations
Deposits
Other
securities
Cash
assets1
Total
assets—
Total
liabilities
and
capital
accounts2
Other
Total 1
Interbank^
Total Numcapital
ber
of
accounts banks
Demand
Time
u. s.
Govern- Other
ment
Central reserve city
member banks:
N e w York City:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Feb. 24
June 30
Sept. 29P
Oct. 27?
Nov. 24P
Dec. 29P
1955—Jan. 26?
Feb. 23*
Chicago:
1939—Dec. 30
1941—Dec. 31...
1945—Dec. 31
1947—Dec. 31...
1950—Dec. 30.. .
1951—Dec. 31...
1952—Dec. 31
1953—Dec. 31...
1954—Feb. 24...
June 30...
Sept. 29v
Oct. 2 7 P
Nov. 2 4 P
Dec. 29P. . .
1955—Jan. 2 6 P
Feb. 2 3 P
Reserve city m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31... .
1945—Dec. 31
1947—Dec. 31....
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Feb. 24
June 30....
Sept. 2 9 P
Oct. 2 7 P
Nov. 2 4 P
Dec. 2 9 P
1955—Tan. 2 6 P
Feb. 23v
Country m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31.. .
1945—Dec. 31.. .
1947—Dec. 31...
1950—Dec. 30.. .
1951—Dec. 31...
1952—Dec. 31.. .
1953—Dec. 31...
1954—Feb. 24...
June 30...
Sept. 29 P
Oct. 27P
Nov. 24P
Dec. 29?'
1955—Jan. 26P
Feb. 23P
9,339
12,896
26,143
20,393
20,612
21,379
22,130
22,058
21.665
22,681
22,949
23,877
23,933
24,160
23,778
23,246
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
11,146 8,129
12,376 7,678
12,289 7,765
11,791 7,621
11,619 8,695
11,504 8,976
11,741 9,687
11,897 9,632
12,278 9,386
12,046 9,161
12,121 8,554
1,272
1,559
1,235
1,242
1,890
2,104
2,076
2,004
2.253
2,367
2,469
2,449
2,404
2,496
2,571
2,571
6,703
6,637
6,439
7,261
7,922
8,564
8,419
8,074
7,214
7,524
7,296
6,984
7,349
7,786
7,625
7,040
16,413
19,862
32,887
27,982
28,954
30,464
31,053
30,684
29,428
30,771
30,830
31,463
31,932
32,667
32,157
31,065
14,507
17,932
30,121
25,216
25,646
26,859
27,309
27,037
25,509
27,225
26,938
27,406
27,666
28,233
27,910
26,714
4,238
4,207
4,657
4,464
4,638
4,832
4,965
5,214
4,956
5,517
5,338
5,410
5,404
5,643
5,236
5,180
74
866
6 ,940
267
451
858
1,143
778
707
1,378
724
1,395
1,355
692
489
687
9 ,459
12 ,051
17 ,287
19 ,040
18 ,836
19 ,490
19 ,361
18 ,894
17 ,775
18 ,114
18 ,545
18,227
18 ,569
19 ,527
19 ,840
18 ,513
736
807
1,236
1,445
1,722
1,679
1,840
2,150
2,071
2,216
2,331
2,374
2,338
2,371
2,345
2,334
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,572
2,611
2,630
2,644
2,657
2.811
805
818
2.819
36
36
37
37
23
22
22
22
22
22
22
21
21
21
21
21
2,105
2,760
5,931
5,088
5,569
5,731
6,240
6,204
6,007
5,975
6,189
6,287
6,422
6,492
6,490
6,364
569
954
1,333
1,801
2,083
2,468
2,748
2,776
2,570
2,589
2,497
2,454
2,580
2,780
2,610
2,656
203
430
4,213
2,890
2,911
2,711
2,912
2,856
2,854
2,825
3,110
3,259
3,250
3,110
3,218
3.044
333
376
385
397
576
552
581
572
583
561
582
574
592
602
662
664
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,115
1 ,989
2,036
1,835
1,951
1,866
2,034
1,931
1,952
3,595
4,363
7,459
6,866
7,649
7,972
8,297
8,366
8,049
8,064
8,070
8,290
8,341
8,570
8,481
8,369
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,724
7,304
7,419
7,343
7,619
7,651
7,742
7,693
7,573
1,035
1,312
1,217
1,229
1,307
1,350
1,387
1 ,240
1,339
1 ,310
1,352
1,306
1,279
1,214
1,171
80
127
1,552
72
174
242
343
259
279
410
266
344
452
254
188
263
1,867
2 ,419
3 ,462
4 ,201
4 ,604
4 ,710
4 ,789
4 ,837
4 ,561
4 ,403
4 ,509
4 ,649
4 ,627
4 ,925
4 ,987
4 ,840
495
476
719
913
1,103
1,143
1,205
1,242
1.224
1,267
1,258
1,274
1,266
1,284
1 ,304
1,299
250
288
377
426
490
513
541
566
565
583
590
590
592
597
597
595
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
12,272
15,347
40,108
36,040
40,685
42,694
45,583
46,755
46,885
47,056
48,779
49,933
50,612
51,079
50,857
50,362
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,763
22.706
22,453
22,605
22,745
23,580
24,110
23,993
24,264
5,194
6,467
29,552
20,196
19,084
19,194
19,624
19,559
19,639
19,813
21,187
22,128
21,986
21,924
21,687
20,870
1,749
1,776
2,042
2,396
3,695
3,849
4,262
4,434
4,540
4,791
4,987
5,060
5,046
5,045
5,177
5,228
6,785
8,518
11,286
13,066
13,998
15,199
15,544
15,925
14,088
14,656
13,566
14,175
14,485
14,678
14,201
14,260
19,687
24,430
51,898
49,659
55,369
58,654
61,941
63,547
61,851
62,624
63,276
65,086
66,063
66,759
66,085
65,642
17,741
22,313
49,085
46,467
51,437
54,466
57,357
58,663
56,362
57,665
57,835
59,544
60,391
60,889
60,268
59,685
3,686
4,460
6,448
5,649
6,448
6,976
7,001
7,254
6,172
6,636
6,772
6,852
6,807
6,939
6,679
6,217
435
491
8 ,221
405
976
1,124
1,814
1,504
1 ,590
2 ,015
1,418
1,804
2 ,357
1,446
1,111
1, 604
9 ,004
12 ,557
24 ,655
28 ,990
32 ,366
34 ,094
35 ,281
35 ,773
34 ,208
34 ,058
34 ,467
35 ,557
35 ,981
37 ,068
36 ,979
36 ,298
4,616
4,806
9,760
11,423
11,647
12,272
13,261
14,132
14,39"
14,95
15,178
15,331
15,246
15,436
15,499
15,566
1,828
1,967
2,566
2,844
3,322
3,521
3,745
3,984
4,037
4,124
4,205
4,247
4,281
4,321
4,310
4,348
346
351
359
353
336
321
319
319
319
310
306
303
303
301
'298
297
224
4,768 3,159
518
5,890 4,377
002
5,596 26,999
324 10,199 22,857
558 14,988 21,377
444 16,296 21,587
594 18,213 22,549
404 19,934 22,423
,21.5 19,968 22,216
474 20,537 21,779
,934 20,558 23,100
,876 20,722 23,832
581 21,19- 24,001
539 21,444 23,731
684 21,489 23,722
, 496 21,649 23,317
2,297
2,250
2,408
3,268
4,193
4,561
4,832
5,047
5,03.1
5,158
5,276
5,322
5,386
5,364
5,473
5,530
4,848
6,40:
10,632
10,778
11,571
13,292
13,281
13,268
12,074
12,506
12,099
12,49
12,505
12,530
12,233
12,152
15,666
19,466
46,059
47,553
52,689
56,349
59,535
61,385
51,991
60,745
61,788
63,152
63,841
63,827
63,681
63.41.9
13,762
17,415
43,418
44,443
48,897
52,288
55,175
56,740
55,265
55,943
56,848
57,968
58,712
58,717
58,550
58,229
598
822
1,223
1 ,073
1,133
1,309
1,301
1,315
1 ,141
1,241
1,272
1,310
1,337
1,367
1 ,339
1 ,2-\ 7
154
225
5 ,465
432
922
876
1,267
1,216
1 ,248
1,362
1,306
1, 663
1,877
1,446
1.?S4
1.302
7 ,158
10 , 109
24 ,235
28 ,378
31 ,977
34 ,572
36 ,022
36 ,520
35,053
34 ,879
35 ,495
36 ,125
36,804
37 ,188
37 ,153
36 ,853
5,852
6,258
12,494
14,560
14,865
15,530
16,585
17,690
17,82.
18,460
18,775
18,870
18,694
18,716
18."
18,827
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,194
4,233
4,372
4,429
4,541
4,566
4,557
4,536
4.569
5,966
6,219
6,476
6,519
6,501
6,484
6,444
6,389
6,383
6,376
6,366
6,364
6,350
6,327
'6.319
6,312
3
Beginning with Dec. 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.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.
384
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]
Loans and investments
Class of bank
and date
Total
All insured commercial
banks:
1941—Dec. 3i
1945—Dec 3i
1947—Dec. 3i #
1951—Dec. 31
1952—Dec. 31
1953—Dec. 3i
1954—Tune 30
Loans
Deposits
U. S.
Government
obligations
Other
securities
Cash
assets x
Total
assets—
Total
liabilities
and
capital
accounts 2
Other
Total i
21,259
25,765
37,583
57,256
63,632
67,082
66,805
21,046
88,912
67,941
60,533
62,308
62,381
62,461
6,984
7,131
8 750
13,031
13,831
14,333
15,185
75 ,788
34 ,292
36 926
44 ,176
44 ,222
4 A , 308
41 ,164
76,820
157,544
152,733
177,151
186,255
190,638
188,191
27,571
69,312
65,280
75,255
80,180
81,913
82,482
11,725
13,925
21,428
32,317
36,004
37,831
37,672
12,039
51,250
38,674
35,063
35,835
35,482
35,759
3,806
4,137
5,178
7,875
8,341
8,600
9,051
14 077
20 ,114
22 ,024
75 ,051
26 ,333
26 ,479
24 ,636
43,433 39,458
90,220 84,939
88,182 82,023
102,462 94,173
107,830 98,974
109,804 100,654
108,611 99,362
State member banks:
1941—Dec. 3i
1945—Dec 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—j line 30
15,950
37,871
32,566
36,992
39,367
40,509
40,704
6,295
8,850
11,200
17,243
19,030
19,931
19,525
7,500
27,089
19,240
16,558
16,928
17,121
17,353
2,155
1,933
2,125
3,191
3,409
3,457
3,826
10
13
Insured nonmember
commercial banks:
1941—Dec. 31 .
1945—Dec 31
1947—Dec. 31 . . . .
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Tune 30
5,776
14,639
16,444
18,591
20,242
21,396
21,288
3,241 1,509
2,992 10,584
4,958 10,039
7,701 8,923
8,605 9,556
9,328 9,790
9,615 9,362
1,025
1 063
1,448
1,967
2,081
2,278
2,310
,083
4 ,926
4 ,970
5 ,070
4 ,444
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec 3i3
1951—Dec. 3i
1952—Dec. 31
1953—Dec. 31
1954—jUne 30
1,457
2,211
2,009
1,789
1,854
1,891
1,932
455
318
474
761
1,693
1,280
241
200
255
763
514
576
991
511
532
1,010
1,045
1,047
308
312
460
444
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 3i
1947—Dec. 313
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
7,233
16,849
18,454
20,380
22,096
23,287
23,220
3,696
3,310
5,432
8,192
9,136
9,838
10,147
Insured mutual savings
banks:
1941—-Dec 31
1945—Dec. 31 . .
1947—Dec 3i
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—j une 3()
1,693
10,846
12,683
16,190
17,621
19,252
20,121
3,081
3,560
7,523
8,691
10,016
10.804
7,160
8,165
6,921
6,593
6,476
6,309
Noninsured m u t u a l
savings banks:
1941—Dec 3i
1945—Dec 31
1947—Dec 31 3 . .
1951—Dec 31
1957—Dec 31
1953—Dec. 31
19^4—Time 30
8 687
5 361
5,957
6 069
6 382
6,558
6,838
4,259
1 198
1,384
2,339
2 658
2,910
3,086
3,075
3 522
3,813
2,897
2 829
2,707
2,708
National member
banks:
1941—Dec. 31
1945—Dec 31
1947—Dec 3i
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
....
490
531
642
8 ,145
9 731
,301
977
,903
12 ,086
17
7
,668
448
4
335
354
430
405
2,270
12,277
11,318
9,914
10,567
10,835
10,409
1,266
1,262
1,703
2,275
2,393
2,613
2,664
3 ,431
4 ,962
4 ,659
5 ,305
629
421
606
958
151
470
675
605
737
1,746
2,337
2,760
3,008
1 353
641
760
833
895
941
1,044
5 414
5 ,450
4 , 840
799
807
642
180
191
187
184
180
Interbank i
69,411
147,775
141 851
162,908
170,971
174,697
172,048
Other
708 15 699
1 762
13 ,883 23,740 80, 276 29 ,876
V* 670 1 325 07 075 3-1 882
14 ,777 3,344 107, 039 37 ,749
14 ,990 4,912 110, 459 40 ,610
15 ,548 4 116 111 47 3 43 610
15 ,044 5,562 105, 847 45 ,596
10 654
73, 767
45, 473
53, 541
61 ,490
63, 427
63, 819
60, 827
6 ,786 1 088
9 ,229 14,013
8 ,410
795
0 ,788 1 987
9 ,918 2,935
10 ,152 2,525
9 ,750 3,325
24,688
48 084
43,879
50,977
52,996
54,179
53,593
22,259
44,730
40,505
46,843
48,553
49,510
48,890
8,708
19,256
20,691
23,732
25,451
26,679
26,012
7,702
18,119
19,340
21,912
23,464
24,555
23,819
2,283
2,768
2,643
2,313
2,348
2,372
2,394
1,872
2,452
2,251
1,932
1,960
2,005
2,020
329
181
10,992
22,024
23,334
26,046
27,799
29,051
28,406
9,573
20,571
21,591
23,843
25,424
26,560
25,838
457
425
1,958
11,424
13,499
17,129
18,612
20,334
21,237
1,789
10,363
12,207
15,368
16,785
18,383
19,195
9,846
5 596
6,215
6,310
6 622
6,796
7,078
8,744
5 072
5,556
5,547
5 836
6,015
6,246
3 ,739
4 411
3 ,003
4 ,637
4 , 600
,010
4 ,983
621
8 166
381
1,114
1 632
1,232
1,840
1955
6 844
8 ,671
734
11 ,902
12 ,563
13 239
13 ,714
Q
13 426
13,297
13 398
13,439
13,422
13 417
13,380
8 322
16 ,224
19 ,278
70 ,008
22 ,694
24 ,160
25 ,459
3 640
4 ,644
5 ,409
6 653
7 ,042
7 ,391
7 ,686
5 117
5,017
5,005
4 930
L :,909
13, 874 4 ,025
74 168 97 986
,067
77, 068
31, 377 9 ,715
37, 076 10 ,106
37 706 11 ,054
30, 627 11 ,441
2 ,246
7 945
1,502
L 867
L ,918
1,901
889
1.887
1,886
4 16?
3
3 ,565
3 ,719
3 ,0?5
4 ,023
050
L
L •!835
353
373
378
243
345
360
14 172
15 006
15 398
3 , 360
5 ,680
6 ,558
7 ,144
7 ,740
8 410
31?
396
14 30?
8 718
007
6,810
6 416
6,478
6,602
6,627
6,672
6.662
18
1 ,291
1 ,905
1 307
253
365
478
329
279
375
852
714
783
1 770
1 701
388
407
314
376
244
766
308
3?9
407
453
6?9
661
70?
784
764
53
1 560
10 635
1? 366
149
15
29
1 182
1 150
30
30
5 ,504
14 101
13 758
15 3 0 7
16 ?06
167
258
374
390
426
2
2
2
2
2
3
2
2
3 ,613
6 ,045
7 036
7 533
8 ,147.
16 580
15 54?
8 ,806
0 106
17
1 ,780
10 351
1? 107
15 343
16 753
12
1
386
388
?8
33 18 ,345
45 10 ,145
(
2
1
1
1
2
7
7
1
1
2
1
8 ,738
5 020
5 553
5 , 544
5 833
6 ,013
6 ,243
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.
in series prior to June 30, 1947, see BULLKTIN for July 1947, pp. 870-871.
APRIL
Number
of
b<inks
Time
U.S.
Government
49,290
121,809
114,274
130,820
139,770
143,796
144,451
Total
capital
accounts
Demand
1 ,083
1 ,771
1 ,686
1 ,804
1 ,07 5
650
624
320
325
569
557
1 ,288
1 36?
1 .506
1 , 009
, 33?
7,662
7,130
7,261
7,252
7 751
7,241
7,219
164
1 034
1 ,75?
1 678
1 ,730
52
192
194
202
206
1 ,077
558
637
770
749
496
350
339
327
323
179
2 ,245
1 ,819
1 ,868
740
758
219
219
309
309
For revisions
385
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Class of bank
and
call date
Total
loans
and
invest- Total'
ments
Commercial,
including
open
market
paper
Investments
Loans for
purchasing
or carrying
securities
Agricultur- To
al brok- To
ers othand ers
dealers
L . S. Government obligations
Other
Real loans
to
esin- Other
loans Total
tate
diloans viduals
Obligations
Direct
of
States Other
and
CertifiGuar- polit- securities
cates
Total i
anical
r •
Bills ot in- Notes Bonds teed subdebtdiviedsions
ness
All commercial
banks:2
1 9 4 7 — D e c . 3 1 . . . 116,284 38,057 18,167 1 ,660 830 1,220 9,393 5,723 1,063 78.226 69,221 2.193 7.789 6.034 53,191
1 9 5 2 — D e c . 3 1 . . . 141,624 64,163 27,871 3,919 2.060 1.103 15,712 12.684 1,718 77.461 63,318 7,761 5,580 11.878 38,077
1953—Dec.
31... 145,687 67,593 27,204 4,965 2.361 1 .202 16,694 14,461 1,666 78.094 63,426 5,004 10.237 12,439 35,713
1954—June 30. ; . 146,383 'tf.337 26,120 5,143 '.462 1 .256 17,227 14,462 1,657 79,047 63,508 4,704 5,572 12,376 40,818
All insured commercial banks:
1941—Dec. 31
49,290
1945—Dec. 3 1 . . 121.809
1947—Dec. 3 1 . . . 114,274
1952—Dec. 3 1 . . . 139.770
1953—Dec. 31 . . 143,796
1954—Tune 30. . . 144.451
Dec. 31. . . 154,115
21,259
25,765
37,583
63,632
67,082
66.805
70,127
9,214
9,461
18,012
27,739
27,082
25,976
26,731
1,450
1,314
1,610
3,805
4,867
5.057
5,108
43 521 18 021
22,775
32,628
55,034
57,762
S7.197
60,250
8,671
8,949
16,962
26,232
25,519
24.362
25,007
1,046
2,416
3,263
3,402
3,529
614
662
3,164 3,606
823 1,190
2,050 1,082
2,344 1,181
2.439 1,228
2,907 1,501
4,773
4,677
9,266
15,572
16,566
17.101
18,302
4 , ! 45
2,361
5,654
12,603
14,373
14,370
14,676
1,181
1,028
1,683
1,629
1,623
1,973
28,031
96,043
76,691
76,138
76,714
77.646
83,988
988
14 5,276 3.729
22 10,188 3,955
34 10,821 3,847
38
3,608
2.455
|2,124
7,622
4,895
4,575
4,901
19^071
7.552
5,494
10,076
5,505
5,279
3,159
16,045
5.918
11,714
12,283
12,223
14,523
12,797 4 ,
51,321
52,334
37,456
35,093
40.121
43,287
i02
22
14
22
33
38
21
3,651 3,333
3,873 3,258
5,129 3,621
9,977 3,854
10,587 3,746
11.682 3,502
12,352 3,624
19 539 971
78,338 2,275
57,914 1.987
52,763! 16,565
52,603 4,095
53 ,111 3,915
57,809 4,075
16,985
5,816
4,255
8,287
4,417
4,307
3,007
14,271
4.815
9,835
10,300
10,374
12,464
11,729 3 ,
44.792
45.286
32,087
29,890
34,369
36,944
832
16
10
19
31
36
20
3 090 2 871
3',254 2,815
4,199 3,105
8,409 3,342
8,871 3,185
9.890 2.987
10,449 3,094
21,040
88,912
67.941
62,308
62,381
62.461
68,012
Member banks,
total:
1941—Dec#
1945—Dec.
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.
3 i1 m. .m '. !07!l83
3
31 .
97,846
3 1 . . 119,547
31 . . . 122,422
3 0 . . . 123,185
3 1 . . . 131,602
972
594
598 3,494
3 e 92
855 3,133 3.378 3,455 1,900 1,104
811 1,065 7,130 4,662
952
2,032 966 12,214 10,396 1,577
25,500
84,408
65,218
64,514
2,321 1,060 13.020 11,911 1,518 64,660
2,411 1,106 13,440 11.840 1,513 65,988
2,881 1,363 14,433 12,127 1,858 71,352
New York City:*
31...
31...
31.
31...
31...
30...
31...
12,896
26,143
20,393
22,130
22,058
22.681
23,880
Chicago:*
1941—Dec. 31. . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31 . . .
2,760
5,931
5,088
6,240
6,204
5,975
6,518
Reserve city banks:
1941—£)ec> 3i
1945—Dec. 31. .
1947—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31 . . .
15,347
40,108
36,040
45,583
46,755
47.056
50,738
7 105
8,514
13,449
21.697
22,763
?2,453
23,986
Country banks:
1941—DeC4 31
1945—Dec. 31. .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 30. .
Dec. 31. . .
12,518
35,002
36,324
45,594
47,404
47.474
50,466
18,454
22,096
23,287
23,220
1941—Dec.
1945—Dec.
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Dec.
All nonmember
banks:*
1947—Dec. 31. .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 30.
4,072
7,334
7,179
12,376
12,289
11,619
12,039
2,807
3,044
5,361
8,680
8,218
7.447
7,23.1
954
732
8
412
169
2,453 1,172
545
267
286
320
364
432
123
80
111
386
383
390
467
,
126
144
204
1,531
1,667
1.778
2,041
6
2
3
14
158
134
140
48
211
73
239
286
242
345
3,456
3,661
7,088
10,842
10,568
10.010
10,624
300
205
225
501
774
953
956
194 1 527
114
427 1,503 1,459
484 3,147
170
422 5,099
218
456 5,453
308
468 5,639
326
622 6,134
407
5 890
5,596
10,199
18,213
19,934
20,537
21,442
1,676
1,484
3,096
4,630
4,822
5.071
5,306
659
648
818
5,432
9,136
9,838
10,147
760
1,333
1,801 1,418
2,748 2,080
2,776 1,912
2.589 1,835
2,784 1,847
52
233
87
66
75
74
89
22
36
46
67
70
81
91
51 4
8,823 7,265 311
477 * 3 i 433
287
298 18,809 17,574
564
640
330 13.214 11,972 1,002
233
1,136 539 9.754 7,678 1,079
1,294 475 9,769 7,765 924 1,104
711
1.220 466 11,062 8,695 1,014
597
785
1,232 644 11,841 9,342
<6
51
40
149
26
211
120
234
96
206
74
223
105
1, • 12
855
1,969
4,347
4,942
4,797
4,912
404
366
595
611
629
720
1,806
4,598
3.287
3,493
3,428
3.386
3,734
1.430
4,213
2,890
2,912
2,856
2,8:>5
3,120
8,243
?1,594
22.591
23,88C
23,993
24,603
26,752
6 467
29,552
20.196
19.624
19,559
19.813
21,718
256
133
132
407
123
113
70
1,623 3,652 1 , 679
1
3,325 10,337
558 9,771
1
1,170 5,195
1
1,130 4,605
6
1,454 5,510
10
1,924 6,026
224
450
261
241
153
749
248
607
684
721
855
1.034 6,982
373 2.358
2,387 1,774
1.230 3.357
1.241 1.590
1,326 1,695
5,653
1,901
3,854
4.201
4.183
4,954
1 467
*235
295
751
903
119
1,864
2,274
1,674
1,598
1,731
1,953
4 248 l t
15,878
15,560
11,594
10,746
12,773
13,736
173
5
3
14
25
26
7
199
820
916
1,078
1,781
1,951
2,042
625
613
662
621
1,901
2,204
2,170
2,229
4,377
26,999
22.857
22,549
22,423
21,779
23,629
4,544
2,108
4,204
4,285
4,017
4,731
2,926
16,713
17,681
13,625
12,940
14,355
15,228
861
9
6
4
1,205 614
1,639 1,503
1,685 1,702
1,758 1,741
20
29
40
51
156
137
142
150
2,266
3,505
3,681
3,795
1,061
2,288
2,551
2,622
111
141
148
144
13,021
12,960
13,449
13,073
11,318 206 1,973 1,219
10,567 1,196 1,325 2,043
10,835 909 1,951 2,139
790 1.155 2,002
10,409
7,916
6,000
5,834
6,460
4
3
2
2
2,692
1,819
1.548
1,893
172
174
1 028
1,067
1,262
1,194
1,136
1,090
1,120
363
229
322
336
345
388
6,628
29,407
26.125
27,381
27,470
26.937
29,024
481
1,979
4,702
5,441
5.618
5,760
5,102
2,583
2,024
3,374
1,855
1,774
956
193
204
185
197
1,222
1,342
2.006
3,639
5 3,911
4 4,067
3 4,275
1,823
1,881
3.827
6,662
7,114
7,331
7,742
110
630
480
182
181
213
384
400
387
415
1,053
1,328
1,238
1,206
1,252
183
471
227
191
210
200
220
1 530
1,453
1,365
1,851
1,977
830
629
604
623
639
516
523
1,126
1,342
2,934
3,196
3,585
3,782
20
42
23
43
59
66
89
707
729
606
638
* These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 4
million dollars) that became a member bank on Apr. 15, 1954. 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 "all 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.
iBeginning 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.
386
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
ReBalDeserves
mand
with
Cash ances
with
deFederal in
doposits
Revault mestic
adserve
banks* justed 5
Banks
Interbank
deposits
Time deposits
U. S.
Certi- IndiGov- States
fied viduals,
States
ernand
and
and
partner- Inter- ment
politGov- political offiships,
ical
ern- subdi- cers' and cor- bank and
Postal subdiment visions checks, poraSav- visions
etc.
tions
ings
u. s.
DoFormestic* eign
IndiCapividuals, Bor- tal
partner- rowacings
counts
ships,
and corporations
All commerlcal
banks: 2
1947—Dec. 31.
1952—Dec. 31.
1953—Dec. 31 .
1954—June 30. .
17,796
19,809
19,995
18,924
2,216
2,753
2,512
2,660
10,216
11,875
12,103
11,033
87,123
101,506
102,452
98,117
11,362
13,109
13,444
12,470
1,430
1,465
1,344
1,328
1,343
4,941
4,146
5,591
6,799
8,910
9,546
9,925
2,581
2,956
2,996
2,789
240
84,987
111
866
744 . 346 1,620
99,793
338 1,944
100,062 1,167
331 2,319
94,282 1,699
34,383
39,046
41,714
43,334
65
188
62
55
10,059
12,888
13,559
14,038
All insured commercial banks:
1941 —Dec. 31
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 3! . .
1954—Tune 30..
Dec. 3.1 ..
12,396
15,810
17,796
19,809
19,995
18,924
18,734
1,358
1,829
2,145
2,720
2,482
2.627
2,441
8,570
11,075
9,736
11,489
11,724
10,688
11,854
37,845
74,722
85,751
100,329
101,289
96.983
105,471
9,823
12,566
11,236
12,948
13,221
12.252
13,392
673 1,761
1,248 23,740
1,379 1,325
1,437 4,912
1,296 4,116
1 ,287 5,562
1,497 4,154
3,677
5,098
6,692
8,776
9,407
9.776
9,763
1,077
2,585
2,559
2,938
2,978
2.765
3,176
158
36,544
70
72,593
54
83,723
605
98,746
99,038 1,031
93.306 \ . 506
102,543 1,487
59
103
111
346
338
331
365
15,146
29,277
33,946
38,700
41,381
43.001
44,160
10
215
61
181
54
50
21
6,844
8,671
9,734
12,563
13,239
13.714
14,252
Member banks,
total:
1941—Dec. 31 . .
1945—Dec. 31
1947—Dec. 31
1952—Dec. 3 1 . .
1953—Dec, 3 1 . .
1954—June 30. .
Dec. 3 1 . .
12.396
15,811
17,797
19,810
19,997
18,925
18,735
1,087
1,438
1.672
2,081
1,870
2.001
1 ,843
6,246
7,117
6,270
7,378
7,554
7,062
7,613
33,754
64,184
73,528
85,543
86,127
82,783
89,836
9,714
12,333
10,978
12,594
12,858
11,956
13,015
1,243
1,375
1,431
1,291
1,280
1,493
1.709
22,179
1.176
4,567
3,756
5,165
3,715
3066
4,240
5,504
7,029
7,530
7.839
7,781
1,009
2,450
2,401
2,744
2,783
2,583
2,964
140
33,061
64
62,950
50
72,704
592
85,680
85,711 1,021
81,034 1,497
88,859 1,475
50
99
105
321
308
300
334
1,303
1,595
1,912
1,966
11,878
23,712
27,542
31,266
33,311
34,687
35,650
4
208
54
165
43
38
15
5,886
7,589
8,464
10,761
11,316
11,709
12,210
New York City:*
1941—]r>eCi 3j
1945—Dec. 31. .
1947—Dec. 31 ..
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 3 1 . .
5.105
4! 015
4,639
5,059
4,846
4,614
4,398
93
111
141
78
70
84
70
60
67
10,761
15,065
16,653
16,288
3 5,90!
15,430
16,500
3,595
3,535
3,236
3,346
3.353
3.237
3,336
607
866
319
237
290
322
315
404
368
450
151
148
129
131
126
6
11,282
15,712
17
12
17,646
465
17,919
831
17,509
16.601 1,246
17,823 1,196
10
12
59
53
5?
54
29
20
14
29
139
151
192
1,206
1,418
1,752
1,958
2.014
2,146
195
30
132
23
1
1
1,648
2,120
2,259
2,505
2,572
2,630
2,803
Chicago:*
1941—Dec. 35.. .
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31...
1953—Dec. 31. .
1954—Tune 3 0 . .
Dec. 3 1 . .
1,021
1 ,070
1,144
1,287
1 .290
1,177
43
36
30
32
34
30
29
298
200
175
169
166
154
162
2,215
3,153
3,737
4,126
4.211
3, P.44
4,400
1,027
1 ,292
1,196
1,308
1,339
1.287
1,264
9
11
10
10
10
Reserve city banks:
1941—Dec." 31. .
1945—Dec. 31.
1947—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 31. .
1954—Tune 3 0 . .
Dec. 3 1 . .
4,060
6,326
7,095
7,788
8,084
7,553
7,783
425
494
562
651
568
611
558
2,590
2.,174
2,125
2,419
2,463
2,352
2,327
11,117
22,372
25,714
30,609
30,986
29,940
32,694
4,302
6,307
5,497
6,662
6,869
6,220
6,946
Country banks:
1941 —Dec. 3 1 . .
1945—Dec. 31 ..
1947—Dec. 31. .
1952—Dec. 3 1 . ,
1953—Dec. 31. .
1954—Tune 30. .
Dec. 31. .
2.210
4,527
4,993
5.820
5,780
5.468
5,377
526
796
929
1,250
1,140
1 230
1,129
3,216
4,665
3,900
4,706
4,855
4.496
5,057
9,661
23,595
27,424
34,519
35,029
33.569
36,242
1,199
1,049
1,278
1,288
1.21J
1,469
544
672
642
658
3.947
4,498
4,550
3,972
13,595
15,964
16,325
15,334
385
516
586
514
All n o n m e m b e r
banks:2
1947—Dec. 3 1 . .
1952—De<-. 3)
1953—Dec. 31
1954—June 30.
942
790
671
1,105 6,940
267
1,217
1,154 1,143
778
1,021
1 ,033 1,378
736
1 ,177
1,338
1,105
1,120
1,071
1 .109
1,223
492
496
826
1,564
1,891
2,264
2,348
418
399
693
778
233
237
285
242
272
297
274
34
66
63
56
64
74
80
2,152
3,160
3,853
4,491
4,500
4.032
4,622
5
9
18
18
2
4
3
4
6
1,144
1,763
2,282
2,693
2,880
2.877
2,876
286
611
705
791
828
677
866
11,127
22,281
26,003
31,798
32,065
30,503
33,677
104
30
22
109
166
214
239
20
38
45
105
98
97
111
243
160
332
739
830
992
965
4,542
9,563
11,045
12,417
13,203
13,867
14,399
11
3
3,984
4,124
4,300
11 1 362
1,271
1,370
2,004
2,647
3,772
4,063
4.261
4,263
239
435
528
777
820
720
795
8,500
21,797
25,203
31,473
31.636
29,898
32,736
30
17
17
13
15
19
22
31
52
45
152
153
148
163
146
219
337
525
615
759
799
6,082
12,224
14,177
15,90S
16,921
17,553
17,826
4
11
23
25
20
26
11
1,982
2,525
2,934
3,970
4,194
4,372
4,506
55
34
52
48
1,295
1,831
2,016
2,085
180
212
213
209
12,284
14,113
14,351
13,248
190
152
146
202
6
25
30
30
172
317
350
407
6,858
7,800
8,426
8,669
8
20
21
37
39
34
40
127
1.552
72
343
259
410
251
54
491
no
131
8,221
230
219
?02
259
1,814
1,504
2,015
1,457
405
2
225
8 5,465
7
432
11 1,267
12 1,216
17
167
374
390
426
476
719
902
288
377
426
541
566
583
600
1,190
1,229
1 ,253
1,280
1,967
2 2,566
1 2,844
8 3,745
12 1,596
23 2,129
19 2,245
17 2,332
3
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
3
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 ali 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 1955
387
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans 1
U. S. Government obligations
For purchasing
or carrying securities
Month or date
Total
loans
and
investments
Loans
and
investments Loans
adadjusted' justed
Commercial,
industrial,
and
agricultural
To brokers
and dealers
To others
Real
estate Other
loans loans
Total
Bills
Certificates
of indebtedness
2,316
3,574 4,73.1 21 ,357
U. S. Other U.S.
Govt. se- Govt. Other
obobliga- curi- liga- cunties tions ties
tions
Notes Bonds
2
Other Loans
to
securities banks
TotalLeading Cities
,S91
557
1954—March. . .
79,460
78,903 39,034
22,682
1,887
821
1955—January..
February.
March. . .
86,398
85.612
85,124
85,620 40,443
84.806 40,641
84,205 41,260
22,202
22.159
22,575
2,434
2,488
2,504
1,079
1.073
1,090
7,225 8,207 36,532
7,311 8.316 35,221
394 33,908
7,408.
2,378 2.681 8,158 2 3 . 315 8,645
598 8 ,944
1 ,878 2.118 8.627 2 2 . 5<J
1,685 1 ,404 8, 883 21 ,936 9,037
778
806
919
5.
1955- -Tan.
Jan. 12.
Jan. 19.
Jan. 26.
86,656
86,290
86,152
86,495
85,824
85,481
85,449
85,729
40,636
40,451
40,309
40,377
22,334
22,237
22,163
22,074
2,541
2,419
2,324
2,449
1,101
1,082
1,080
1,055
7,182 8,181 36,573
7,217
,513
7,238 8, 208 36,602
7,263 8,240 36,441
2,279
2,301
2,497
2,434
8,210
8,1 79
8,166
8,076
23 ,355
23, 319
23,295
23, 293
8,615
8,517
8,538
8
8,911
832
809
703
766
Feb.
2.
Feb.
9.
Feb. 16.
Feb. 2 3 .
86,129
85,634
85,411
85,274
85,359
84,859
84,673
84,334
40,576
40,653
40,722
40,613
22.054
22,096
22,251
22,236
2,582
2,590
2,454
2,326
,056
, 062
,083
,092
7,279
7.294
7,326
7,342
8,311 35,799
8,314 35,280
8,3.15 35.057
8,325 34,750
2.065 2,551 8,081
1,747 2,412 8.121
,832 9,162
1,88.1
.676 9,146
1,821
23.102
23, 000
22,182
22,107
8,984
8,926
8,894
8,971
770
775
738
940
Mar. 2. .
Mar. 9. .
Mar. 1 6 . .
Mar. 23 . .
Mar. 30. .
85,267
85,152
85.890
84.883
84,432
84,416
84,242
84,91.8
83,996
83.155
40.826
40.973
41 ,519
41,457
•II ,^23
22.351
22.375
22,694
22.747
22.707
2.374
2,452
2,718
2,491
2.483
,080
.075
,081
. 100
.113
7,359
7.373
7,402
7,432
7,474
8,373
8,409
8,337
8,100
8,453
1
1
1
1
1
1954—March. . .
21,724
21,400 11,589
8,101
487
919
1955—January..
February.
March. . .
23,630
23,410
23,369
23,172 11,629
22,956 11,707
22,806 12,047
7,404
7,381
7,642
332
,488
, 500
, 654
387
393
412
1955—Jan..
5..
Jan.. 1 2 . .
Jan. 1 9 . .
Jan. 26. .
23,800
23,512
23,446
23,761
23,340
23,064
23,020
23,263
11,727
11,636
11,549
11,603
7,454
7,122
7,381
7,358
426
,447
,464
,479
,561
Feb.
2. .
Feb. 9. .
Feb. 1 6 . .
Feb. 23. .
23,686
23,454
23,251
23,247
23,234
23,004
22,861
22,725
.11,683
t1,707
11,768
11,672
7,322
7,347
7,420
7,436
Mar. 2 . .
Mar. 9. .
Mar. .16..
Mar. 23 . .
Mar. 30. .
23,372 22.837 1.1 .771
23,320 22,793 11.910
23.741 23,161 1.2,256
23.252 22.696 12,1-17
23,164 22,513 12,151
7,508
7.535
7.706
7, 745
7,717
6,503
7,779 31,978
2,729
2,714
2,644
2,638
.816
.677
,949
.696
.286
,633
,535
,542
,197
.117
9.074 22.0'76 8 .991
8,962 22.003 9,092
8,929 21,954 9.025
8.774 21,842 9.030
8.676 21.8OC: 9.047
851
910
972
887
977
385 1,587 7,489
692
641
769 5.387 2,322
324
1,724 9,050
520 1 ,731 8.705
1,727 8,172
689
624
583
535 1,884 5,942 2,493
360 1 ,986 5.735 2,544
240 1,915 5,434 2,587
458
454
563
390
390
382
388
1,726 9,136
489 1,732 8,977
497 1,724 8,994
508 1,712 9,094
709
620
679
747
588 1 ,891 5,948
554 1,878 5,925
495 1 ,885 5,935
503 1,883 5,961
2,477
2,451
2,477
2,566
460
448
426
498
430 1,507
445 ,490
393 ,491
254 ,513
389
391
393
401
512
513
1,724
1,723
1 ,737
528 1,739
8,966
8.776
8,591
8,485
661
501
712
621
501
398
271
268
1 .882 5,922 2.585
1,963 5,914 2,521
,502
2.052 5,5.
548 2,568
2,048
452
450
390
522
201 ,585
217 , 662
383 1.717
258 1 ,652
257 1,656
397
403
400
421
429
535 1 ,745
542 1 .752
1 ,695
1 ,721
565 1,722
8,477
8.2r:8|
8.320
7,979
7,817
681
601
705
540
386
259
246
263
220
211
2.019
1 ,958
1 .920
1 .827
1.851
2.589
2.615
2 .585
2,570
2,575
535
527
580
556
621
34.599
34.177
34.374
33,500
32.885
New York City
263
286
280
5.515
5,463
5.432
5,392
5,369
Outside
New York City
1954 -March . . .
1955—January..
February.
March. . .
57,736 57,503
62,768
62.202
61,755
1955—Tan.
5 . . 62,856
Jan. 1 2 . . 62,778
Jan. 1 9 . . 62,706
Jan. 26. . 62,734
Feb.
2.
Feb. 9 .
Feb. 16.
Feb. 23.
27,445
14,581
481
520
6,118
62,448 28,814
61,850 28,934
61,399 29,213
14,798
14,778
14,933
614
608
587
676
664
665
62,484
62,417
62,429
62,466
28,909
28,815
28,760
28,774
14,880
14,815
14,782
14,716
668
617
559
608
683
678
684
657
6,713
6,728
6,741
6,755
645
655
570
559
654
658
667
675
.
.
.
.
62,443
62,180
62,160
62,027
62,125
61,855
61,812
61,609
28,893
28,946
28,954
28,941
14,732
14,749
14,831
14,800
Mar. 2 . .
Mar. 9. .
Mar. 1 6 . .
Mar. 23 . .
Mar. 30. .
61,895
61,832
62,149
61,631
61,268
61,579 29,055
61,449 29,063
61 ,757 29,263
61,300 29.310
60,912 29,372
14,843
14,840
14,988
15,002
14,990
588
573
618
581
570
668
658
659
668
672
6,824
6,831
6.854
6,878
6,909
3,962 15,970 5,569
233
1,689 2,146 6,274 17,373 65,152
,400
1 ,254 1,758 6.641 16.*
1,102 1,164 6,968 16.502 6 .450
320
352
356
24,4891 1,624
6.734 6,483 27 ,482
6,791 6,585 26,516
6,859 6,667 25,736
6,455 27 ,437
6,468 27 ,536
6,484 27 ,608
6,1
,347
1,570
1,681
1,818
1,687
2,141
2,160
2,149
2,135
6,319
6,301
6,281
6,193
17,407 6,1.38
17,394 6 ,066
17,360 6 ,061
17,332 6 ,345
372
361
277
268
6,587 26,833
6,591 26,504
6,,578 265,466
6,586 26,265
1 ,404
1 ,246
1,169
1,200
2,050
2,0.1.4
1,561
1,408
6,199
6,158
7, 110
7,098
,399
17,180 6,
17,086 6,405
(
16,626 6,392
16,559 6,403
318
325
348
418
7,055
7,004
7,009
6,947
6,825
16,561
16,540
16, .s
16,45i
50
16.437
6,402
6 ,477
.440
r
6>,460
6,472
316
383
392
331
356
6.628
6.657
6,642
6,679
6,731
5,122!
25,909
26,054
25,530
25,068
1. .132 1,374
1,076 1.289
1 .244 1 ,279
1 ,156
977
900
906
1
Exclusive of loans to banks and after dedaction of valuation reserves; individual loan items are shown gross.
2
Includes guaranteed obligations.
For other footnotes see opposite page.
388
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Month or date
Re
serves
BalIndiDewith Cash ances mand vid- States CertiFedwith
uals,
deand
fied
in
eral vault
doposits part- politand
Remestic adnerical
offiserve
banks justed* ships, subcers'
Banks
and
divi- checks,
cor- sions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGov- nerical ment
ern- ships, suband
ment and
DoFordivi- Postal
cor- sions
Sav- meseign
poraings
tic
tions
Borrowings
Time
From
Federal From
Reothers
serve
Banks
Capital
TotalLeading Cities
1954—March...
14,381
2,595 53,740 54,767 3,895 1,776 2,905 17,750 1,047
190 10,505 1,257
1,213
1955- -January. 13,978
February. 13,727
March... 13,629
980 2,613 58,230 59,598 4,032 2,077 1,792 18,856 1,141
938 2.524 57,093 58,297 4,098 1,968 2.548 18.876 1.131
923 2,508 56,554 57,852 3,898 1,887 2,471 18,969 1,140
211 11,482 1,386
207 10.566 1,363
10,408 1,393
1,464
1 ,458
1,421
7,674
663
300
627 8,160
651 8,205
726 8,214
14,329
958 2,691 57,857
13,946 1,031 2,627 57,981
13,869
964 2,630 58.368
968 2.504 58 ,716
13,766
59,012
60,113
59,884
59 .,383
3,958
3,841
3,981
4,348
2,021
1,793
1,806
2,689
2,242
1,502
1,477
1,948
18,845
18,865
18,857
18,856
1,158
1,157
1,122
1,126
213
210
210
211
12,012
11,717
11,502
10,695
1,420
1,403
1,372
1,347
1,440
1,464
1,473
1,481
197
355
136
263
713
669
563
563
8,176
8,154
8,138
8,172
Feb.
2..
Feb. 9. .
Feb. 1 6 . .
Feb. 2 3 . .
13,947
13,651
1.3,829
13,483
898
938
925
993
2,493
2,483
2,571
2,548
57,639
57,394
56,598
56,744
58.317
57,889
58,672
58,311
4,232
4,148
3,984
4,027
2,226
1 ,595
2,164
1,889
2,320
2,330
2,779
2.764
18.864
18.874
18,875
18.890
1,126
1,127
1,132
1,138
208 10,821
210 10,633
207 10,701
205 10,110
1 ,352
1,326
1,376
1,396
1,478
1,460
1,454
1,439
506
155
338
193
616
622
640
727
8,194
8,209
8,202
8,214
Mar. 2. .
Mar. 9. .
Mar. 1 6 . .
Mar. 23 . .
Mar. 30. .
13.511
13.535
14.177
13,521
13,399
893
925
<)Q5
927
965
2,488
2,358
2,652
2,463
2,579
56.270
56.769
57,861
56,282
55,590
57,762
57,795
60.070
57,158
56,474
3,960 1.865
3.7
1 ,760
3 . 722 2,251
3,966 .1 ,756
4,062 1,805
2,63.'
2.078
2.497
2.615
2,534
18,930
18,971
18,957
1.8,996
18,990
1,145
152
1 ,140
1,132
1,132
205
205
206
206
207
10,610
10.312
10,755
10,1.27
.10,235
1.377
1 .364
1 ,376
1,418
1,430
1 ,415
1,414
1.428
1 .425
1.420
212
287
173
357
468
663
712
744
705
806
8.244
8.239
8,231
8,239
8,118
1955—Jan. 5 . .
Jan. 1 2 . .
Jan. 1 9 . .
Jan. 26. .
238
New York City
1954—March....
291
844 1 ,842
182
2,979 1,008 1,013
359 1,124
308 1.077
907
471 2,079
669 2.074
668 2,072
191
182
176
3,167
3,008
2,962
,084 1,174
,053 1,147
,079 1,107
17,456
17,467
17,586
17,620
303
979
289
884
319
860
525 1,770
620
403
372
491
2,076
2.074
2,080
2,085
199
208
177
181
3,289
3,186
3,211
2,983
,122
,108
,066
,038
1,170
1,170
1,176
1,179
155
4.27
420
281
294
2,779
2,779
2,780
2,782
17,362
17,168
17,403
17,274
373 1,326
287
743
262 1,226
1,014
644
639
703
691
2,079
2,071
2,072
2,075
175
180
186
185
3,076
3,016
3.010
2,931
,036
,026
,063
,085
1,167
1 ,149
1,143
1,128
.128
2
39
414
343
353
319
2,792
2,793
2,792
2,783
16,209 17.250
39 16,551 17,456
16,921 18,161
50 16,192 17,162
115 1.6,338 17,394
276
898
258
862
243 1,14 =
286
768
304
865
711
569
64 i
760
659
2,066
2.079
2.054
2,066
2,096
178
179
180
173
172
3,009 .061
2,920 .056
3,100 .064
2,937 ,100
2.846 1.114
1,103
1 ,103
1.112
1 ,111
1,105
215
305
301
328
383
2,789
2,785
2,788
2,789
2,651
4,956
139
15,712 16,714
1955—January.. 4,424
February.. 4,382
March.'... 4,444
154
145
139
16,517 17,532
51 16.264 17,302
16,442 17,485
1955—Jan. 5 . .
Tan. 1 2 . .
Jan. 1 9 . .
Jan. 26. .
4,556
4,515
4,367
4,259
155
163
146
151
16,483
16,320
16,466
16,799
Feb. 2. .
Feb.
9..
Feb. 1 6 . .
Feb. 2 3 . .
4,540
4,288
4,416
4,284
138
148
139
156
16,535
16,333
16,105
48 16,085
Mar.
Mar.
Mar.
Mar.
Mar.
4,224
4,503
4,598
4,403
4.489
.138
143
133
135
148
2. .
9. .
16. .
23..
30. .
300
2,574
355 2,780
357 2,790
306 2,761
Outside •
New York City
1954—March....
9,425
2,503 38,028 38,053 3,604
2,061 15,908
865
136 7,526
1955—January. . 9,554
February..
March....
826 2,5
713 42,066 3,673
793 2 ,47'3 40,829 40 , 995 3,790
784 2,447 40,112 40,367 3,625
953 1,321 16,777
891 1 ,879 .6,802
980 1,803 16,897
950
949
964
157 8,315
153 7.558
151 7,446
302
310
314
290
311
314
200
5,100
363
272 5,380
294 5,415
420 5,453
286
249
282
269
5,397
5,375
5,358
5,390
1955 -Jan. 5.
Jan. 12.
Jan. 19.
Jan. 26.
9,773
9,431
9,502
9,507
803
868
818
817
2, 655 41,374 41,556
2,585 41,661 42,646
2,581 41, 902 42,298
2,459 41,917 41,763
3,655 1,042
3,552
909
3,662
946
3,823
919
1,622
1 ,099
1,105
1,457
16,769
16,791
16,777
16,771
959
949
945
945
159
156
155
157
8,723
8.531
8,291
7,712
298
295
306
309
270
294
297
302
199
254
297
197
200
136
263
Feb. 2.
Feb. 9.
Feb. 16.
Feb. 23.
9,407
9,363
9,413
9,199
760
790
786
837
2,440 41,104 40 955
2,442 41,061 40,721
2,508 40,49
40,493 41,269
2,500 40,65'
659 41,037
3,859
3,861
3,722
3,715
1,676
1,691
2,076
2,073
16,785
.6,803
16,803
16,815
951
947
946
953
154
157
154
151
7,745
7,617
7,691
7,179
316
300
313
311
311
311
311
311
378
153
299
185
202
279
287
408
5,402
5,416
5,410
5,431
Mar.
Mar.
Mar.
Mar.
Mar.
9,287
9,032
9,579
9,118
8,910
755
782
772
792
817
2,447 40,061 40,512
2,319 40,218 40,339
2,595 40,940 41,909
2,4.13 40,090 39,996
2,464 39,252 39.080
3,684
967
898
3,523
3,479 1,106
988
3,680
940
3,758
1,922 16,864
1,509 16,892
1,856 16,903
1 ,85516,930
1 ,87516,894
967
973
960
959
960
151
151
151
151
151
7,601
7,392
7,655
7,190
7,389
316
308
312
318
316
312
311
316
314
315
210
283
172
353
466
448
407
443
377
423
5 ,455
5,454
5,443
5,450
5,467
2.
9.
16.
23.
30.
900
852
938
875
3
Demand deposits other than interbank and 1.7. 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. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955. For description of revision beginning"July 3, 1946, and for revised figures July 1946-June 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 1955
389
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Periods
Metals
and
PetroFood, Textiles, metal
leum,
liquor, apparel, products
coal,
(incl. chemical,
Other
and
and
tobacco leather- machinand
ery and rubber
trans,
equip.)
Trade
(whole- Comsale
modity
and
dealers
retail)
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'l.
ind'l,
and
Net
agr'l.
changes change—
classitotals
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
•—7
-57
18
13
-28
191
-546
2,494
-637
2,435
1953—Jan.-June. . .
July-Dec
-657
537
156
-107
420
-326
-45
138
90
-49
-644
392
-91
-137
12
91
18
-23
-11
101
-536
610
-805
795
1954—Jan.-June. . . - 5 0 5
July-Dec.. . .
498
55
-26
-577
-548
-10
88
—1
-62
215
-7
-41
120
-363
539
-175
32
126
-225
71
82
106
167
-1,314
665
-1,496
602
28
90
73
7
29
80
-10
4
49
-116
\3
91
-82
-47
-.132
5
3
98
Q
109
87
-11
126
4
9
-9
-80
42
49
-371
124
-412
162
471
-1
4
3
-37
4
-27
-20
-100
—32
-95
-144
-152
-97
-74
-89
-4
-1
12
3
10
2
15
1.6
29
14
95
-20
42
155
-15
Monthly:
1955—January....
February...
March
Week ending:
1955—Jan. 5
Tan. 12
Jan. 19
Jan. 26
Feb. 2 . . . .
Feb. 9
Feb. 16
Feb. 2 3 . . . .
-119
-118
-42
-70
-8
-17
-24
-1
11
5
14
3
1
15
-13
9
-17
5
3
-7
4
-2
-6
-56
-12
-28
-19
-23
-43
Q
7
43
-44
It
-4
-1
14
-18
-27
-19
-48
-25
19
22
38
12
5
12
3
9
6
6
96
1
-2
4
7
—5
-11
5
14
4
-6
-14
-14
— 13
30
-4
-8
-15
9
1
-20
-1
A
•170
-n
5
95
\22
115
6
3
19
-29
10
-11
14
1.1
3
24
28
18
-2
-31
—1 i
5
14
41
319
30
-47
281
-40
99
11
-10
i 7
53
4
-11
3
40
5
-14
24
47
_9
-40
8
-20
"A23
58
8
i
-2
1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; those banks hold over 90 per cent of
total 2commercial 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.
3
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.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955.
Mar.
Mar.
Mar.
Mar.
Mar.
2 ....
9....
16
2S
30
-10
-26
43
-18
-32
21
12
27
1
11
1 -1
15
63
-1.8
7
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
fin millions of dollars]
Dollar acceptances outstanding
Commercial and finance
company
paper outstanding 1
End of month
Total
Based on
Held by
Total
Placed
outPlaced direct- standly
through2
ing
dealers (finance
paper) 3
Accepting banks
Total
Own
bills
Bills
bought
F. R.
Banks
(for
acct.
of
for.
corr.)
Others
Goods stored in or
ImExshipped between
ports
ports Dollar
points in
into
from
exUnited United change
States States
United Foreign
States countries
1949—December
1950—December
1951—December
1952—December....
1953—December... .
837
920
1,331
1,745
1,966
270
345
449
552
564
567
575
882
1,193
1,402
272
394
490
492
574
128
192
197
183
172
58
114
119
126
117
70
78
79
57
55
11
21
21
20
24
133
180
272
289
378
184
245
235
232
274
49
87
133
125
154
2
23
39
29
30
28
55
64
75
9
32
44
32
43
1954—February. . . .
March
April
May
June
July
August
September..
October....
November. . .
December
2,308
2,291
2,215
2,168
2,150
2,208
2,228
2,192
2,048
2.032
1,924
716
735
694
641
679
747
794
803
762
769
733
1,592
1,556
1,521
1,527
1,471
1,461
1,434
I ,389
1 ,286
1,263
1,191
545
580
623
616
589
589
563
609
687
768
873
185
198
228
227
220
205
198
259
271
313
289
149
149
165
171
164
164
155
178
217
241
203
36
50
63
56
56
41
43
81
55
71
86
10
13
17
14
14
9
5
6
14
19
19
350
369
379
374
355
376
360
344
402
437
565
238
247
270
277
246
225
205
207
207
248
285
151
139
142
143
143
136
134
139
148
164
182
44
47
38
36
60
92
75
85
72
42
17
71
107
127
115
96
91
101
130
205
247
300
41
39
46
45
43
46
47
48
55
66
89
2.064
187
869
77
23
564
713
282
206
17
1 .351
273
303
242
703
61
41
561
178
2,187
831
28
182
1,484
235
283
!
New series; not comparable with earlier data.
2
As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
3
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
1955—January
February....
390
00
93
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Total
assets
Date
End of year: 4
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
19*52
1953
. . . .
. .
E n d of m o n t h : *
1952—December
1953—December
295.3—January
February
Ma^ch
April,
May
June
Tulv
August
September
October....
November
December....
1955—January
Business securities
Mortgages
Real
estate
999
1.249
1,390
1,428
1,718
2,103
2 221
2,446
2,573
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,255
8,675
10,833
12,906
16,102
19.314
21,251
23,322
2,134
2,060
1,878
1,663
1,3 "52
1 063
857
735
860
1.055
1,247
1,445
1.631
1,903
2,020
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
2,914
2,030
2,156
1 .S4n
L,69S
L 839
1,704
1,738
SOS
2,124
2,160
2,245
2,591
2,872
3,088
3,302
29,226
32,056
2,178
2,339
21,245
23,275
1,868
1,994
2,699
2,894
3,135
3,32i
481
483
34,639
34,816
35,053
35.216
35.371
35,683
35,943
36,094
36.326
36,579
36,663
36,843
32,266
32,430
32,635
32,759
32,871
33,150
3.1.369
H 33.494
l| 33,717
ii 33.979
j 34 040
|i 34.147
2,373
2.386
2,413
2,457
2,500
2,533
2,574
2.600
2,609
2,600
2 623
2,696
23,435
23,570
23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25 574
25,927
2.039
2,053
2.066
2,086
2,102
2,129
2J47
2,1 77
2,205
2,241
2,260
2,275
2,905
2,923
2,956
2,978
3,000
3,023
3,045
3.066
3,049
3,061
3 075
3.087
3,378
3.391
3,389
3,405
3,448
3,468
V5R1
3,636
3,653
3,696
3,774
3.883
472
37,061
3-1-,305
2,756
26,223
2,310
3,127
1,843
Total
United State and Foreign 2
States
local 1
Total
Bonds 3
Stocks
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
78,533
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
12,405
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
1.0,252
9,829
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
1,990
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 1
31,646 1 I
34,570
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
31,997
536
554
601
608
652
73,034
78,201
12,683
12,322
10,195
9,767
78,866
12,470
9,779
79,251
12,498
9,781
79,649
12,416
9.661
80,114
9,635
12,424
12,452
80,547
9,539
80,981
12,294
9.343
81 ,510 12,222
9.189
12,197
9.171
81 965
82,362
12,094
9.086
9,024
82.850 i 12,013
83 33S
11.992 I 8 936
12,037
9,021
8-1,052
1.733
1,968
755
587
31.404
34,395
2,105
2,122
2,170
2,208
2,326
2.363
2.456
2,471
2,485
2,509
2,575
2,533
586
595
585
581
587
588
577
555
523
480
81,912 ' 12,348
2,643
i
9,233
71
115
396
511
684
792
915
1,010
1.037
1 ,140
1,130
1,060
922
755
586
756
Policy
loans
Other
assets
1
Includes United States and foreign.
2
Central government only.
3
Includes
International Bank for Reconstruction
4
These represent annual statement asset values,
B
and Development.
with 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 net made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fad 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
Assets
End of
year
1940
1941
1942
1943
1944
1945
1946
1947
1.948
1949
1950
1951
1952
1953
1954P
Total 3
Mortgages2
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
26,638
31,680
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
\?>.336
21.882
26,142
U, S.
Government
obligations
71
107
318
853
1.671
2,420
2.009
1 ,740
1 .455
1.462
1,489
1,606
1,791
1 .923
2.026
Cash.
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1 .500
1,958
Other-'
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1 ,258
1,481
Savings
capital
4.322
4.682
4.941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19.143
22.778
27,259
End of
quarter
Total*
Mortgages2
U. S.
Government
obligations
19.688
1952—1. .
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
19,143
1953 -1 . . . .
2....
3 ....
4....
23,442
24,724
25.582
26,638
19,051
20.099
21,116
21,882
1.926
1,997
1,982
1,923
1,259
1,333
1,196
1.500
1.128
1,218
1,212
1,258
20,072
21,140
21.735
22,773
1954—1P...
2P...
27,667
29,105
30,168
31,680
22,722
23,847
25,053
26,142
1,928
1,961
1 ,972
2,026
1,613
.,782
,671
1,958
1,330
1,442
1.400
1,481
23,901
25,163
25,895
27,259
3?>
4P...
Cash
Others
Saving?
capita]
p Preliminary.
3
Includes gross mortgages
2
Net of mortgage pledged
3
with no deduction for mortgage pledged shares.
shares.
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 1955
391
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY »
[Based on compilation by United States Treasury Department. In millions of dollars]
End of quarter
E n d of y e a r
1953
Asset or liability, and agency
1945
1946
1947
1950
1949
1948
1954
1952
1951
4
Loans, by purpose a n d agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 2
Federal Farm Mortgage Corporation
Farmers Home Administration 3
? 63?, 4,362 3,884 4,161 5,070
?,,878 ?,,884 ?,
305
302
345
425
424
197
232
276
510
731
336
476
633
437
673
?7S
1 ,088
986
34
60
45
242
109
80
25
149
604
590
535
539
596
.558
575
523
9 9 9 1,301 1,543 1,742 1,920
734
407
57,8
782 1,426
120
280 1 ,293 1,729 • 898
99
Q
6
6
9
f
7
5
7
610
806
116
768 1,251 1,528 2,142 2,603
4
7
828 1,347 1,850 2,242
6
199
369
85?
48*.
231
10
636
«1
10
177
12
168
137
123
115
246
24
35
169
6
65
22
25
. .
Commodity Credit Corporation
Other agencies
To aid home owners, total
F e d e r a l N a t i o n a l ]Vtortgape Assn
Home Owners' Loan Corporation2
Reconstruction Finance Corporation^ ®
Veterans Administration .
. . . . .
Other agencies4
}
To railroads, total
Reconstruction Finance Corporation^
Other agencies
7,7,3
205
18
171
153
18
147
145
3
140
138
3
114
112
3
To other industry, total ..
Reconstruction Finance Corporation ^ ^
1 department of the Treasury
Other agencies .
.
?,1?,
149
83
10?,
151
41
7,7?
241
'MO
272
31
38
267
60
IPS
12
114
14
?93
7
447
17,1
6
515
4
1?,6 ? ,784
7,57 1 ?4Q
735
?74
800
1 61'?
1 ,978
746
3 450
}
To financing institutions, total
Federal home loan banks
Other apencies
Foreign,
total....
Kxport-Import Bank
Reconstruction Finance Corporation 8 ^...
U. S. Treasury Department 9
All other purposes, total
s
Reconstruction Finance Cornoration
^ ..
Public Housing Administration11
Other agencies
Less: Reserve for losses
6?,3
73?
?78
113
438
478
488
415
74
445
824
814
864
8
433
8
816
8
806
(8)
864
4
3
108
/ 300
1 60
106
326
61
79
77
2
79
77
2
516
509
457
294
f
174
58 \ 40
492
270
178
44
952
(8)
952
630
(8)
630
104
34*
6;
K
n
367
59
12
12
413
678
691
349
64
(8)
675
3
689
2
6 10?, 6,090 6,078 6,110 7,736 8,043 7,987 7,965 7 968
? 145 2,187 2,226 2,296 2,496 2,833 2,783 2,762 2,788
154
64
706
58
101
52
45
42
3 750 3,750 3.750 3,750 3,667 3,620 3,620 3,61? 3,618
i°l,515 1,537 1,539 1,544 1 ,563
531
59
366
779
61
609
1,095
763
641
99
105
109
50
919
471
778
96
484
88
297
126
57
535
29
428
35
24;
395
368
476
185
173
8340
2,818
2,392
5
41'1
191
179
45
184
190
794
100
714
6 527
343
754
15
754
2,200
2,457
4
171
140
203
184
181
451
i4i
19:
307
251
276
5 ,290 6 ,649 9 ,714 11 ,692 12,733 13,228 14,422 17,826 19,883 19,877 18,48? 18,603
Total loans receivable (net)
investments:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks 2
Federal home loan banks
707
SOP
786
112
7
436
4
462
423
38
101
99
2
2
6,811 7,370 6,38i
377
354
305
590
658
774
18
17
H
648
739
754
2,096 2,130 2,164
3,076 3,468 2,36?
5
5
4
2,930 2,858 2,8U
2,462 2,366 2,301
82
80
2
110
108
2
458
400
58
1
1 ,683 1 873
43
43
67
145
118
161
15
106
. . .
Home Owners' Loan Corporation2
Federal Housing Administration
Reconstruction Finance Corporation & 7
Federal Deposit Insurance Corporation . .
Other agencies
49
897
38
Investment in international institutions
Other securities, total
Reconstruction Finance Corporation 8
Production credit corporations
Department of the Treasury
Other agencies
Commodities, supplies, a n d materials, total
Commodity Credit Corporation
Reconstruction Finance Corporation *> ^
Department of the Treasury
Other agencies
Land, structures, a n d e q u i p m 11
e n t , total
Public Housing Administration
Reconstruction Finance Corporation 6 *... .
Tennessee Valley Authority 2
U. S. Maritime Commission
War Shipping Administration 2
Federal Maritime
Board and Maritime Adm 2
Other agencies *2
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 2
Federal home loan banks
)
43
47
70
136
145
17?
17
1??
48
1 045
78
318
2,047 2,075 2,226
/ ,6X1
48
48
72
1 814
43
44
66
139
184
1?
IT?
774
199
1?
144
1 0?0
79
1 064
3 ,385
3 ,385 3,385
43
46
42
43
51
43
43
60
43
43
63
45
275
214
8
188
199
193
249
200
311
208
244
285
1
316
2,969 2,91 i 2, °88
43
52
43
50
43
5(
4?
42
387
217
706
222
672
22?
687
222
319
310
25;
324
1,205 1,307 1,353 1,437 1,526 1,593 1,6<K
1 610
(8)
9
2,421 2,602
43
74
39
1
1
1
1
1
1
3,385 3,385 3,385 3,385 3,385 3,38t
37,1
244
55
?,W
159
46
114
108
35
107
88
78
44
40
79
83
22
40
98
71
16
66
11
36
8
35
5
35
5
5(
26
24
11
6
2
1
1
1
1
1
2 , 2 8 8 1 ,265
1 0S4
463
1 1 SI
667
134
122
822
448
735
138
(8)
/
I
.
5±
A
58
1
3,385
48
4
43
2
627 1,549 1,774 1,461 1,280 2,514 2,696 3,369 3,709
437 1,376 1,638 1,174
978 2,086 2,202 2,802 3,059
157
142
108
129
172
156
32
30
28
159
131
\ 272
168
91
95
556
8,035 8,075 8,061
958
82?
128
169
161
1,549 1,63( 1,685
327
476
21 ,017 16 ,924 12 ,600 3 ,060 2,962 2,945 3,358 3,213 8,062
222
204 1 ,448 1,352 1,248 1,251 1,173 1,018
??7
594
35
6S0
605
199
6 91Q ? 861
611
175
830
886 1,048 1,251 1,475
777
754
793
7?1
3 ,395 3 ,301 3 ,305
7 ,813 7 ,764 6 ,507
4,834 4,849 4 82 l 4 78?
465
1 ,948 2 ,044 1 ,793
168
206
590
189
561
511
634 1,466
1 ,113 1 ,?•>?,
33
8
293
245
79?
756
169
69
689
%5
772 1,190 1,369 1,330 1,182
949
78
490
170
674
1,072
70
480
110
520
97J
60
358
181
704
150
619
133
626
12(
73<
131
762
262
415
204
560
525
445
414
190
11/
179
For footnotes see following page.
392
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 1
Date, and corporation or agency
Total
Cash
InvestComments
modiLoans ties,
resupceiv- plies, U. S.
able
and
Other
mate- Govt.
secu- securials rities
rities
Bonds, notes,
u. s. Priand debenGov- vately
tures payable
Land,
ern- owned
struc- Other
Other
interment
tures,
asest
liabil- interand
Fully
sets
ities
est
equipguarment
anteed Other
by
U. S.
All agencies:
1946—Dec. 3 1 2. . .
1947—Dec. 31 2 . .
1948—Dec. 3 i . .
1949—Dec. 3 1 . . .
1950—Dec. 31 2. . .
1951—Dec. 3 12 . .
1952—Dec. 31 2 .
1953-Dec. 31
30,409
30,966
21,718
23,733
24,635
26.744
29.945
38,937
1 ,398
1,481
630
441
1954—Mar. 31
Tune 30
Sept. 30
39,3.13
39,602
40,443
1 ,139 1.9,877 2,696 2,969 3,425 8,035 1,173
1 ,232 18.489 3,369 2,911 3,439 8.077 2,085
1,324 18,603 3,709 2,988 3,433 8,061 2,325
Classification by agency,
Sept. 30, 1954
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
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 Administration11
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. . .
Other"
%
Small Business Administration
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm..
Panama Canal Company
Veterans Administration
Department of the Treasury
Foreign Operations Administration
All other
1
lo
642
931
944
1,190
408
860
46
16
22
38
(8)
6,649
9,714
11.692
12,733
13,22.
14,422
17,826
19,883
547
3,539
3,518
3,492
3,473
3,463
3,429
3,425
16,924 1,753
12,600 1 ,125
3,060
337
2,962
509
2,945
499
3.358
882
3.213
832
8,062 1,261
754
2,408
2,392
171
71
21
1
2.805
(8)
(S)
143
44
(8)
(8)
470
486
498
3,588
2,037
1,663
1,720
1.193
1,161
1 .72.
!8
3,818
249
90
46
16
()
()
(S)
()
102
273
32
12
2,337
1 5,035
716
17
801
25
20
77
687
222
324
)
227
283
29
368
1 04
21.4 3,979
7 1 ,563
130
89
949 4.920 32,899
75
971 4,033 34.030
81
28 1,072 2,357 36,488
965
772
1.190
1 ,369
1,330
1 ,182
00
1
140
2,198 3.059
2,344 (8)
650
689
498
143
166
183
234
329
378
434
1,252
689
131.
762
339
1,420
228
408
512
24 ,810
28.015
18,886
21 030
21,995
23,842
265,456
33 .429
261
82
38
28
23
43
53
.75
(S)
741.
37
2,824
1,626
1 ,950
5,476
468
501
8,912
1 ,579
857
1 ,873
1 ,685
1 .854
2,047
2,075
2,226
2,421
2,602
"" i 5
2,338
5,836
971
22
1,265
822
627
1.. 549
1 ,774
1 ,461
1,280
2,514
128
1
5
112
116
689
16
40
(8)
s
f)
C)
1 ,685
4,782
422
3
149
3,428
62
1
14
9
366
3
24
,048
9
1.08
8
20
-6
221
388
320
470
2,397
962
22
99 2.725
106 1,520
1 .891
5.319
455
494
8
1,572
815
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 after repayment of the T.J. 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 l.T. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of
the Federal Maritime Board and Maritime Administration beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, 4and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included
with "Other agencies" in 1945 and 1946.
5
The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation
of other activities.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948, T appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures 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 8t, 1945. Most of their activities
were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
9
Less than 8500,000.
Fi.gures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information
not shown
in
Treasury
compilation.
10
Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance
sheet1 for June 30, 1952; figure not published in treasury compilation, but derived by Federal Reserve.
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: he 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 19-18. Effective July 1, 1955, the public war
housing program of the PITA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office1 2 of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator. ^
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 11.
13
Sce footnote 11.
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.
APRIL 1955
393
SECURITY MARKETS1
Bond prices
Stock prices
Common
U. S. Govt.
(long-term)
Year, month,
or week
Old
. se-2
I ries
Standard and Poor's series
(index, 1935-39=100)
CorMu
ponicipal rate
Pre(high- (high- ferred 6
1
New grade)4 grade)
seTotal
Industrial
Railroad
Publie
utility
Volume
of
i trad! ing«
(in
Manufacturing
Trade,
thouPubfinsands
Trans- lic ance, Minf
porta- util- and
Du- Noning ! °
Todution
servraity
!
shares)
ratal
ice
ble
ble
Securities and Exchange Commission series
(index, 1939=100)
Total
Number of issues
! 3-7
480
420
20
40
265
170
98
72
21
29
31
1952 average
1953 average
1954 average
129.3 115 3 169.7 188
, 97.27
! 93 90 101 .46 119.7 112.1 164 0 189
j 99.51 109.60 125.8 117.2 174.5 227
204
204
250
169
170
180
118
122
136
195
193
230
220
220
271
189
193
245
249
245
295
221
219
233
118
122
136
206
207
236
276
1,313
241 j 1,419
267 | 2,270
1954—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
j 99.87
1100.36
99.68
! 99.49
1100.36
100.28
i 99.92
i 99.69
99.27
| 98.97
205
213
220
222
231
236
239
244
252
265
223
233
242
244
255
261
264
271
282
297
165
164
173
176
184
187
182
187
197
218
131
133
135
135
140
142
141
139
141
144
207
216
223
224
233
237
240
244
254
268
240
253
263
263
275
280
286
291
305
323
210
223
233
237
254
257
260
267
284
298
268
280
291
288
294
301
309
313
324
345
212
212
221
225
234
237
236
240
259
285
130
132
134
134
139
141
140
138
141
144
215
220
226
228
236
243
247
249
260
268
259
266
270
266
257
263
268
269
278
310
1955—Jan
Feb
Mar
I 97.88 108.43 125.4 116.7 175.7 269
96.97 103.51 125.0 115.7 175.0 278
j 97.08 103.63 124.4 11.5.4 1 71-. 6 278
302
312
311
222
232
238
145
150
150
326
340
337
307
320
318
344
358
354
288
300
305
145
150
151
270
276
275
314 • 3,555
281
280
317
308
306
312
312
246
235
234
238
238
154
151
149
149
150
286
274
276
283
282
345
329
333
341
341
326
310
315
323
323
362
346
349
359
358
315
298
299
309
309
154
149
149
151
151
283
270
270
276
275
321 2,990
307 3,242
3.15 2,906
317 i 2,475
317 ! 2,816
Week ending:
Mar. 5
96.59
Mar. 12
I 97.02
Mar. 19.. . .; 97.40
Mar. 26
: 97.37
Apr. 2
! 96.76
15
109.11
109.65
109.39
109.74
111.07
111 50
110.68
110.59
109.88
109.91
103.33
103.52
103.69
103.88
103.59
125.6
123.9
123.6
123.9
126.9
128.4
127.2
126
127.4
126.6
124. .1
.1 24.4
1 24.4
124.6
124.C
17
15
117.9
118.1
117.5
117.0
117.5
117.8
117.6
117.5
117.4
117.0
173.3
174.3
173.8
172.9
173.3
174.7
175.8
178.1
178.9
178.3
115.3
115.3
115.3
1.15 .5
115.5
1 75.4
174.2
174.4
17-1.4
174.5
283
275
273
278
278
14
315
315
I 1,919
! 2,089
i 2,096
i 1,919
! 2,469
| 2,588
| 1,963
| 2,103
3,196
3,475
3,201
2,907
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
3
to Apr. 1, 1952, only bonds due or first callable after 15 years were included. '
The 3}i per cent bonds of 1978-83 and, beginning Feb. 1,
1955, 4 the 3 per cent bond of February 1955.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
6
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
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]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts
1951—June
December...
1952—June
December...
1953—June
December...
1,275
1,292
1,327
1,362
1 .684
1,694
1954—February, . .
March
April
May
June
July
August
September. .
October....
November. .
December...
31,688
31,716
31,786
31,841
1,857
31,926
31,998
32,081
32, H I
32,242
2,443
1955—January
Februarv
33 2 5S8
2.653
10
12
9
8
7
8
375
392
427
406
347
404
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
364
378
365
343
282
297
10
492
309
11
626
348
Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
680
695
912
920
1,216
1,170
834
816
708
724
653
709
225
259
219
200
163
208
26
42
23
35
23
28
13
11
16
9
16
31
319
314
324
315
319
313
31,062
31,054
31,094
31.186
1,173
3 1,169
3 1,194
3 1,291
3 ,364
3 1,416
1,616
3768
3787
3819
3836
838
3877
3910
3924
3924
3972
1,023
248
23
45
372
287
53
65
401
3
;5
, 696
,779
31,069
31.063
i
1
Excludes balances with reporting firms (I) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
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): January, 42; February, C3.
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.
394
FEDERAL RESERVE BULLETIN
MONEY MARKET RATES
[Per cent per annum]
Prime
commercial
paper,
4- to 6months 1
Year,
month, or
week
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
Size of loan thous. 3f dol.)
All
Area and period
200
101001loans
200
10
100
and over
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
9-to 12- 3- to 5ances,
month1 year 8
90 1
Rate
M
a
r
k
e
t
days
on new issues issues
yield
issues
Finance
company
paper
placed
directly,
3- to 6-1
months
1952 a v e r a g e . . . .
1953 a v e r a g e . . . .
1954 average. . . .
2.33
2.52
1.58
2.16
2.33
1.41
1.75
1.87
1.35
1.72
1.90
.94
1.766
1.931
.953
1.81
2.07
.92
2.13
2.57
1.82
1954—Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
2.00
1.76
1.58
1.56
1.45
1.33
1.31
1.31
1.31
1.31
1.58
1.50
1.38
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.48
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.03
.96
.76
.64
.72
.92
1.01
.98
.93
1.14
1.053
1.011
.782
.650
.710
.892
1.007
.987
.948
1.174
1.02
.90
.76
.76
.65
.64
.89
1.03
.94
1.10
1.80
1.71
1.78
1.79
1.69
1.74
1 .80
1.85
1.90
1.94
1955—Jan
Feb
Mar
1 .47
1.68
1 .69
1.37
1.50
1 .50
1.33
1.38
1 .38
1.23
1.17
1 .28
1.257
1.177
1.335
1.36
1.41
1.49
2.11
2.18
2.30
Week ending:
Mar. 5 . . .
Mar. 1 2 . . .
Mar. 1 9 . . .
Mar. 2 6 . . .
Apr. 2 ...
1.. 69
1 .69
1 .69
] . 69
1 .74
1.50
1 . 50
1.50
1 .50
1 .50
1 .38
1 .38
1 .38
1 .38
1.38
1
1.
1
1
1
1 .417
1 .231
! . 286
1 .366
1.374
1 .56
1 .50
1 .48
1.44
1.53
2.35
2.33
2.26
2.26
2.35
.29
. 23
.26
.30
.37
Annual averages:
19 cities:
1946
1947 .
1948
1949
1950
1951
1952
19S3
1954
Quarterly:
19 cities:
1954—June
Sept.
Dec
1955—]y£an
New York City:
1954—June
Sept
Dec
1955—Mar
7 Northern and Eastern cities:
1954—June
Sept
Dec
1955—Mar
11 Southern and
Western cities:
1954—; i m e
Sept
1
2
Data are averages of daily prevailing rates.
Series includes certificates of indebtedness and selected note and bond issues.
'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, October 1947, pp. 12511253, and February 1955, p. 215.
Dec
1955—Mar
4.2
4.2
4.4
4.6
4.5
4.7
4.9
5.0
5.0
3.1
3.1
3.5
3.7
3.6
4.0
4.2
4.4
4.3
2.2
2.5
2.8
3.0
3.0
3.4
3.7
3.9
3.9
1.7
1.8
2.2
2.4
2.4
2.9
3.3
3.5
3.4
4.97
4.99
4.92
?> 5 4 4.93
4.35
4.32
4.29
4.29
3.89
3.82
3.84
3.83
3.37
3.32
3.31
3.30
3.34
3 29
3.30
3.29
4.75
4.81
4.66
4.68
4.24
4.21
4.15
4.14
3.71
3.54
3.64
3.65
3.19
3.13
3.15
3.14
3.61
3.57
3.55
3.55
5.04
5.07
4.99
5.02
4.31
4.34
4.31
4.32
3.83
3.94
3.89
3.84
3.42
3.36
3.33
3.35
3 98
3.95
3 90
3.87
5 05
5.03
5 01
5.00
4.43
4.39
4 36
4.35
4.05
3.91
3.93
3.92
3.67
3.68
3.60
3.54
2.1
2.1
2.5
2 7
2.7
3.1
3.5
3.7
3.6
3.60
3.56
3.55
NOTE.—F'or description of series see BULLETIN for March
1949, pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
]Bonds
Industrial stocks
U.S. Govt.
(long-term)
Year, month,
or week
Old
series 3
New
series 3
3-7
1
Corporate (Moody fs)5
Municipal
(highgrade) 4
By ratings
By groups
Total
Aaa
Aa
A
Dividends/
price ratio
Baa
Industrial
Railroad
PrePublic
utility ferred*
Common7
Earnings/
price
ratio
Com-8
mon
15
120
30
30
30
30
40
40
40
15
125
125
3 16
2.70
2.19
2.72
2.37
3.19
3.43
3.16
2.96
3.20
2.90
3.04
3.31
3.06
3.23
3.47
3.18
3.52
3 74
3.51
3.00
3 30
3.09
3.36
3 55
3.25
3 20
3 45
3.15
4.13
4 27
4.01
5.55
5.51
4.66
9.49
10 14
<-8.75
2.51
2.47
2.52
2 54
2.47
2 48
2.51
2.52
2 55
2.57
2.73
2.70
2.72
2 70
2.62
2.60
2.64
2.65
2 68
2.68
2.38
2.47
2.49
2.48
2.31
2.23
2.29
2.32
2.29
2.33
3.14
3.12
3.13
3.16
3.15
3.14
3.13
3 A3
3.13
3.13
2.86
2.85
2.88
2.90
2.89
2.87
2.89
2.87
2.89
2.90
3.03
3.00
3.03
3.06
3.04
3.03
3.04
3.04
3 04
3.04
3.16
3.15
3.15
3 18
3.17
3.15
3.13
3.14
3 13
3.M
3.51
3.47
3.47
3 49
3.50
3 49
3.47
3.46
3 45
3.45
3.05
3.04
3 06
3 10
3.10
3 07
3.07
3.06
3 06
3.07
3.24
3.19
3.21
3 23
3.23
3 21
3.22
3.23
3 22
3.23
3.14
3.13
3 13
3 15
3.13
3 12
3.13
3.11
3 10
3.10
4.04
4.02
4.03
4 05
4.04
4 01
3.98
3.93
3 92
3.93
5.07
4.86
4.81
4 74
4.54
4 66
4.31
4.43
4 29
4.09
r
1955— Tanuary
February....
March
2 65
2.72
2.71
2 76
2.92
2.92
2.39
2.42
2 45
3.15
3.18
3.20
2.93
2.99
3.02
3.06
3.10
3.13
3 15
3.17
3.18
3 45
3.47
3.48
3 08
3.12
3.14
3 25
3.28
3.3.1
3 12
3.15
3.17
3 98
4.00
4.01.
4 10
4.14
4.18
Week ending:
Mar. 5. . .
Mar 12
Mar. 19
Alar 26
Apr. 2
2 .75
2 72
2.69
2 69
2.73
2 .93
2 92
2.92
2 90
2.92
2.46
2.45
2.45
2 44
2.44
3.21
3.21
3.21
3.20
3.20
3.03
3.04
3 .03
3.01
3.01
3.13
3 13
3.14
3 \3
3.13
3.18
3 19
3.19
3 19
3.18
3.-18
3 49
3.49
3 48
3 .48
3.15
3 15
3.15
3 14
3.14
3.30
3 31
3.31
3 30
3.30
3 17
3 17
3.1 7
3 17
3.16
3 99
4 02
4.01
4 01
4.01
4.06
4 23
4.21
4 12
4.16
Number of issues...
2 68
2 93
2.53
1.954—March
April
May .
June
July
Aufust .
September...
October
November
December. , .
1952 average
19"S3 average
1954 average
.
.
9.32
r() 00
'7.42
r8.15
'"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 2}4 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.
3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
4
Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups.
•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
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, October 1947,
pp. 1251.-1253, and February 1955, p. 216.
APRIL 1955
395
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury!
Summary
Budget receipts and
expenditures
Excess of receipts
or expenditures _ \
Period
Sales and
Trust redemptions
Clearand
in
market
ing
other
of
Govt.
acacagency
count
counts obligations
Increase or
decrease (—
during perioc1
General fund of the Treasury
(enc of period)
Deposits in
General
fund
balance
Balance
in
general
fund
62
1, 770
.... i 488
603
4 , 295
6 , 064
4 , 577
5 , 180
321
389
346
563
146
176
131
111
2,693
4,368
3 358
3,461
1,134
1 ,132
742
1,045
839
7 , 357
6 , 969
4 , 670
6 , 766
338
333
132
875
250
355
210
274
5,680
5,106
3,071
4,836
1,089
1,1 75
1,256
781
969
064
670
577
766
180
333
389
132
346
875
563
355
176
210
131
274
111
5,106
4,368
3,071
3,358
4,836
3,461
1,175
1,132
1,256
742
781
1,045
6 355
4 , 787
5 487
6 , 766
4 2?4
5 . 457
5, 145
6 , 663
7, 304
5 , 180
4 , 728
5 . 411
5, 151
722
579
422
875
727
511
704
736
694
563
360
564
724
462
180
146
274
i 9()
101
170
175
137
111
320
196
149
4 379
3.273
4 095
4,836
2 ,538
4.078
3,469
4,936
5.584
3,461
2,907
3 561
3,203
792
756
824
781
764
767
801
816
889
1,045
1 ,142
1 ,089
1 ,074
Net
receipts
Expenditures
Surplus
or
deficit
(...)
Cal. yr.—1951
1952
1953
1954*....
52,979
64,840
63,841
61,171
56,337
70,682
72.997
64,854
-3,358
-5,842
-9,157
-3,683
759
49
82
807
56
-90
25
-73
-106
-319
-209
-34
2,711
7,973
7,777
3,582
Fiscal yr.—1951 . . .
1952 . . .
1953 i . .
1954...
Semiannual totals:
1952—Jan.-June.
July-Dec..
1953—Jan.-June.1
July-Dec.
1954—Jan.-Tune.
July-Dec.
Monthly:
1954—\Iar. . . .
Apr
May
47,568
61,391
64,825
64.655
44,058
65,408
74,274
67,772
3,510
4,017
-9,449
-3,117
295
219
460
332
384
-72
-25
-4
-214
-401
-250
-303
-2,135
3,883
6,966
5,189
37,947
26,893
37,703
25,757
38,899
22,272
34,496
36,186
37,801
34,484
33,288
31,566
3,451
-9,293
-72
121
341
-136
-8,728
5,611
—9,294
-312
644
164
-103
-255
-64
-248
-250
-53
23
-313
8,286
-1,320
9,097
-3,909
7,490
2 , 674
-904
- 1 , 394
-94
2 , 190
— 1, 587
6,
6,
4,
4,
6,
5,
5,879
-2,545
-1,611
3,336
-2.000
-2,820
253
-60
-53
123
32
-34
-83
-160
593
-511
146
-97
-222
21
104
-209
425
-186
354
n.a.
-4,546
811
2,428
-2,215
—276
3,971
-145
3,942
101
-103
-311
— 257
-4.134
1, 366
- 1 , 567
700
1, 280
2 542
l ! 233
-313
1, 518
641
- 2 , 124
451
68?
-260
Tune
July
Aug
Sept
Oct
Nov
Dec.
1955—Tan
Feb .
Mar
11,434
2,751
3,592
10,644
2 .827
3.911
4 .951
2.639
4,201
3,742
4,655
5.427
n.a.
-98
5,555
5,296
5,203
7,308
4,827
6.731
5.019
-1 .8"7
3,842
6,288
4,942
4,831
n.a.
-68
30
-375
271
-19
-135
387
-2.218
-283
-288
-2,546
-287
-179
358
46
-71
99
596
n.a.
163
-23
33
-26
511
-37
358
126
26
n.a.
n.a.
Gross
direct
public
debt
t
-388
rf
299
2 ! 096
F. R. Banks
Special
Aavail- In proc- deposess of itaries
able
collecfunds
tion
Other
net
assets
Budget expenditures
National security
Period
Total
Total 2
Defense
Dept.,
military
InterSocial
Vetnat'l Inter- erans
seaffairs
est
Mutual
Admin- curity
mili- Atomic and
on
proistratary
fi- 3 debt
grams
tion 4
energy nance
program
Cal. yr.—1951
1952
1953 1
1954
56,337
70,682
72,997
64,854
33,044 29,432 1 .594
47.936 42,078 3 , 052
49.363 42,953 3 , 784
42,820 36,807 3 , 249
1 ,278
Fiscal yr.—1951
1952 1
1953 ...
1954....
Semiannual totals:
1952—Jan.-June..
July-Dec. .
1953—Tan.-Tune..
July-Dec i .
1954—jan.-June..
July-Dec. .
Monthly:
1954—Feb
948
44,058 21,663 19,148
65,408 42,867 38,077 2 , 292
74,274 50,276 "13,611 3 , 956
67,772 46,522 40,336 3 , 629
34,496 23,444 20,652 1, 353
36,186 24,491 21,426 1, 699
37,801 25,596 22,134 2 , 113
34,484 23,750 20,819 1, 671
33,288 22,773 19,517 1 ,958
31,566 20,047 17,290 1, 292
908
1, 648
1. 791
1, 895
194
3,156
321
3,273
343
3,137
331
2,834
516
3,932
334
2,493
228
2,913
210
2,843
187
2,908
181
2,853
3,280
152
3.092 - 1 1 3
163
2 ,705
160
181
164
169
110
174
169
160
170
156
158
158
151
Mar
Apr
May
June
Inly
Aug
Sept.
Oct. .
Dec
1955—Tan
Feb
4,707
5,555
5,296
5,203
7,308
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
3,568
3,830
3,691
3,374
4,663
3.061
3,370
3,261
3,300
3,316
3.739
3.1 76
3,048
1, 813
1, 889
1, 937
937
876
926
945
950
987
Agriculture
Housing
and
home
finance
Post
Public office
works deficit
Transfers
to
trust
accounts
Other
3.524
2,574
2,082
1,265
5,983
6,065
6,357
6,567
5,088
4,433
4,156
4,206
1 ,463
i ,508
,630
,653
1, no
1, 564
3 , 238
3 , 137
694
646
— 159
-393
1,438
1,573
1 ,685
1,526
684
775
525
241
507
510
154
M82
2,901
3,098
3 ,966
c
3,350
3,798
2,839
2,184
1,553
1,467
1,107
1,113
5,613
5,859
6,504
6,382
5,288
4,748
4,249
4,176
,415
,424
,532
,640
535
1, 219
3 , 134
2 , B41
460
614
385
-615
1,458
1,515
1,660
1,519
624
740
659
312
397
567
462
164
2,706
3,015
3 .229
3,277
968
585
680
3,099
2,966
3,542
2,816
3,567
3,000
2,269
2,164
2,086
2,070
2,106
2,100
706
802
791
806
834
819
579
385
178
237
604
833
222
424
-42
-176
-439
46
657
916
740
900
619
907
420
355
305
220
92
149
84
426
31
118
46
«I36
1,448
1,650
1,462
1,774
1,502
«1 ,847
177
50
105
120
69
81
94
152
73
89
192
171
148
372
588
350
249
1,763
213
332
541
346
368
1,200
222
396
340
334
375
346
370
333
333
320
341
372
401
373
364
126
111
118
122
169
139
118
137
171
131
123
181
119
-135
194
468
694
248
270
2 , 039
144
170
— 1, 034
244
381
269
-104
—54
-195
90
102
116
109
114
156
137
158
164
142
149
42
91
5
6
9
5
17
56
4
1
9
1
"65
6
1
227
303
259
198
20
468
344
309
279
212
2,
1,
1,
1,
— 14
-85
49
-39
-5
6
96
-61
35
36
r
101
89
-40
148
2
23
72
273
290
r
n.a.
Not available.
Revised.
"Corrected.
1
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling not shown separately.
3
Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary
foreign aid programs, and State Department.
4
Excludes transfers to trust accounts, which are shown separately.
.396
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United States Treasury, unless otherwise noted.
In millions of dollars]
Budget receipts
Deduct
Income and profits taxes
Period
C3]
Individual
vr—i(;5i
1952
1953 2
J954 .. .
Fiscal vr.—1951
1952 2 . .
*9S3
1954
SenI ian nual totals:
Withheld
Other i
16 037
045
60 s)
787
13, 535
18 521
91 351
21, 635
10 3Vi
11,834
11 279
10,477
9,830
11,359
801
849
923
960
10,747
16 565
22,140
19.045
19,915
14,388
21,467
21 595
21,523
10 220
9, 825
11 347
11 ,078
10, 558
10, 230
9 008
2; 826
8 481
2,593
8,154
2,323
14 318
7,821
13 773
5,375
16,148
3,767
066
1,044
2,454
396
7,353
108
9 ; 601
1 272
1, 035
9 578
1 ,422
1 077
9 759
1, 359
884
2 . 916
808
140
645
358
1 342
6,956
252
93
532
300
90
99
90
1 9 5 ? — ] tin.-Tu n e
Tulv-Dec
! 953—Jan -fvi'ie2
Julv-Dec.
1954—Jan.-June..
July-Dec...
Monthly:
1954—Febmary .
March....
April
Mav
June
Tulv
Corporation 1
Estate
and
gift
taxes 1
11 4 1 7
1,
September.
October
November.
December.
1955— [-muarv
Februarv
1,429
1,104
199
78
361
290
272
2,239
1,181
355
881
274
Unemployment
insurance
taxes
Excise1
taxes
?35
945
8,591
9,566
10,288
9.136
8,693
8,893
9 934
10,014
459
390
502
405
540
420
4 519
5,048
4 931
5,405
4,609
4,527
?94
87
774
118
94
73
103
77
64
72
65
61
834
763
804
731
713
766
767
785
781
184
6
5
17
1
4
16
1
4
16
(3)
31
167
730
833
891
82
62
715
649
67
709
?66
269
?85
234
?S9
277
285
42
234
40
245
40
Other
receipts
Appropriations to:
Total
budget
receipts
3,355
3,814
3,918
5,121
3,120
3,569
4,086
4,537
509
683
628
604
>,882
58,941
71,788
71,524
70,217
53,369
67,999
72,649
73,173
1,251
1,388
.,137
1,255
1,627
L, 305
42,242
29,546
42,910
28,195
44,978
25,239
197
6,425
13,013
3,956
5,037
11,347
3.148
4,801
5,280
2,887
4,905
4,217
4,833
5,954
2.337
2.639
2.570
2,932
2,263
2,364
2.478
196
234
215
389
299
166
164
187
272
256
483
321
Net
budget
Refunds receipts
of
Old-age Railroad
retire- receipts
trust
ment
fund
account
603
2 098
2,451
3 137
3,322
2,107
2,302
3 118
3,377
52,979
64,840
63,841
61,171
47,568
61,391
64 895
64,655
1 ,922
1.891
2,195
1 ,722
2,815
2,305
373
311
311
321
282
322
2 000
451
2,700
395
2,982
339
37,947
26,893
37,703
25,757
38,899
22,272
598
77
50
306
5,444
11.434
2,751
3,592
575
738
620
589
278
759
507
217
743
274
188
554
940
906
616
150
85
70
8
39
56
21
71
45
20
76
47
21
94
64
17
64
329
113
255
82
48
208
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
5,427
T r u s t a n d other accounts
I n t e r n a l revenue collectionsj
(on basis of Internal Revenue Service reports)
Excise and miscellaneous taxes
Period
Total
Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1951
1952....
1953
1.954. . . .
Semiannual totals:
1952—Jan.-June..
Julv-Dec..
1953—Jan.-June..
July-Dec...
1954—Jan.-Tune..
July-Dec...
Monthly:
1954—Feb
Ivlar.
..
Anr
Mav
June .
July
Aug..
Sept
Oct. .
Nov
Dec.
1955—Tan
Feb
Manufacturers'
and. retailers'
excise
Total4
Investments
Expenditures
7 906
8 315
8 173
3 155
504
9, 387
867
936
032
151
027
759
49
82
2807
295
219
2
460
332
9
7
8
8
8
191
251
210
529
708
1
3
3
3
1
177
360
361
059
687
4 ,507
4 . 942
5 .811
7 ,717
? ,752
4 .885
5 ,257
( ,846
153
405
196
275
242
367
-72
121
.341
-312
644
164
4
4
4
3
5
4
242
073
458
660
048
143
2 009
1 495
564
823
864
313
2 ,486
2 ,456
2 . 802
3 ,003
3 , 843
3 ,874
223
106
136
37
331
74
965
28
627
27
768
436
-74
25
330
888
-98
281
-82
-148
111
249
6S9
44
18
61
-79
7
30
34
6
56
-58
200
47
Tobacco
460
2, 727
? 819
2,79C
3,054
3,262
3,131.
2,841
2.824
3.359
3,127
1 987
? 11S
? 0?0
8,682
9,558
9,714
9,248
8,704
8,971
9,946
9,517
2, 707
2t 547
2, 549
2, 781
2, 783
1.446
,662
,614
,543
,380
,565
,655
,580
4,531
5,027
4,919
4,795
4,722
4,527
1, 245
1. 182
1, 299
1. 521
1 ,262
1, 445
817
845
810
804
777
766
1.481
1,573
1,786
1,476
1,651
1,480
988
1 127
1 025
995
1 032
835
18!
111
757
767
224
223
222
246
226
207
250
273
280
209
155
135
130
130
147
123
141
137
134
124
108
131
60
5(
72;
11
3?
692
711
74
763
157
1.316
629
4-77
1,343
561
713
765
766
786
778
719
654
n.a.
n.a.
n.a.
42
69C
10
2"
n.a.
1
i
2
2
2
Fnvest-e
nents
Receipts
Other
Liquor
?
Other accounts 5
Socia security,
retire nent. and
insurance accounts
7328
-276
377
337
--322
391
3-10
n.a.
2
527
253
-.375
271
— 19
— 135
387
-283
-288
358
126
-179
26
1 ,212
1 467
389
1 ,200
4^4
334
956
850
227
569
-334
-126
665
6*0
651
648
606
682
640
641
657
704
697
271
329
Other 4
786
508
310
915
353
530
489
524
404
105
385
-109
633
282
.244
144
-102
80
-26
32
104
-63
-124
210
124
164
75
n.a.
Not available.
1
Corporation and estate and gift taxes are from Internal Revenue Service report.1-- prior to July 1953.
Excise taxes and nonwithlield individual
taxes
for that period are obtained by subtracting IRS data from appropriate
Treasury daily statement totals.
2
3
Beginning
new
reporting
basis.
See
footnote
.
1
on
preceding
page.
Le«s
than
8500,000
'
Excess
of receipts, or expenditure:'s ( - ) .
5
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of C>• vernment sponsored corporations, European Payments Union deposit nine', and suspense accounts of Defense and other Government depart nents.
Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions arc inchi led in
Budget
expenditures.
6
Consists of (a) net investments in public debt securities of Government sponsored corporations and agencies and other trust fun 's and
(b) beginning November 1950,7 net investments of wholly owned Government corporations and agencies, which prior to that date are in eluded
with Eiudget expenditures.
Beginning July, includes undistributed depositary receipts.
APRIL 1955
397
TREASURY GASH INCOxWE, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM A N D PAYMENTS TO T H E PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash withdrawals, other than debt
Cash deposits, other than debt
Plus:
Less:
Period
Phis: Equals:
Less:
Cash
Intra- Other
addeGovt.
trans. 1 just- 2 posits
ments
Phis:
Net
Trust
Budget acct.
rec'ts. rec'ts.
Budget Plus:
Trust
exIntrapendi- and
tures other Govt.
accts. trans.'
Exch. ClearAccru- Stabi- ing
als to lizaacpublic 3 tion4 count
Fund
Equals:
Cash
withdrawals
Trans, Other
outadside
just- 2
Treas.5 ments
acct.
Excess
of deposits
or
withdrawals
(-)
Cal. yr.—1951
1952
1953
19546
52,979
64,840
63,841
61,171
8,582
8,707
8,596
9,571
59,338
2,221 n.a.
71,396
2,150 n.a.
70,440
1 ,989 n.a.
2,086
- 6 5 '•68,595
56,337
70,682
72,997
64,854
4,397
4,825
5,974
7,182
2,221
2,150
1,989
2,086
567
734
575
565
-26
38
-82
-188
106
319
209
34
n. a.
n. a.
n. a.
-274
-35
58,034
1,304
72,980 -1,583
76,529 -6,090
'68,896 ' -301
Fiscal vr.—1951....
1952
19536...
1954
Semiannual totals:
1952—Jan.-June. .
July-Dec. .
1953—Jan.-June. .
Tuly-Dec 6
1954—Jan.-Tune. .
July-Dec. .
Monthly:
1954—Mar
Apr
May
June
July
47,568
61,391
64,825
64,655
7,796
8,807
8,929
9,155
1,923
2,104
2,194
2,097
-215
101
53,439
68,093
71,345
71,815
44,058
65,408
74,274
67,772
3,945
4,952
5,169
6,769
1,923
2,104
2,194
2,097
477
710
694
509
-\3
9
-28
-109
214
401
250
303
-79
-170
-155 ' -215
-274
118
45,726
7,714
67,786
307
76,407 -5,062
71,974
-159
37,947
26.893
37,703
25,757
38,899
22,272
4,458
4,248
4,683
3,953
5,203
4,368
1,110
1 ,039
1 ,144
849
1,248
838
n.a.
n.a.
n.a.
376
' -242
177
41,293
30,104
41,241
"29,199
'42,615
'25,980
34,496
36,186
37,801
34,484
33,288
31,566
2,298
2,527
2,642
3,405
3,364
3,817
1,110
1,039
1,144
849
1,248
838
338
396
298
277
234
331
22
16
-44
-38
-71
-117
255
64
248
C
5.671
n.
35,622
n. i.
37.357 -7,254
n.
39.203 2,038
-71
374 37,244 -8.045
- 2 0 2 ' - 2 2 3 '•34,730 '7.886
-94
188 '34,167 '-8,187
11,434
2,751
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
4,655
S ,42 7
n.a.
824
479
1,230
1,448
434
1,224
457
370
994
890
268
600
n.a.
5,555
601
5,296
810
5,203
568
7,308
658
4,827
660
6,731
526
5,019
788
4,857
800
3,842
469
6,288
573
4,942
581
4.831
653
n.a.
n.a.
64
68
45
898
130
49
100
74
58
427
42
53
n.a.
8
19
43
76
70
38
57
50
45
71
51
-18
4
-39
13
-33
160
-593
511
-146
97
222
-21
-104
209
-425
186
-354
Period
Tncrease,
or decrease
( - ) , in
gross
direct
public
debt
64
66 12,260
68 - 1 2 5
3,036
104 4,882
45
898 '104 '•11,298
130 r —1/3 '2,958
49
289 5,375
100
5,280
-28
74 - 3 1 8
2,617
58
5,122
-14
427
'4,626
421
42 - 5 8 2
4,299
53
6,306
332
n .a.
.10.943
25O
C
53
-23
-52
85
6,237 6,023
- 2 4 -111
5,303 -2,267
-38
105 6,228 -1,347
-25
'6,915 4,384
••93
-31
—39
'5,144 -2,186
AUR
16
- 2 8 '•-no
7,788 -2,412
Q
Sept
407
-112
-84
5.364
Oct
—6
— 7 - 1 4 5 '5,096 -2.478
Nov
—9
'748
- 1 - 3 2 0 '4,374
Dec
25
- 1 1 ' - 3 3 '6.401 ' - 1 , 7 7 5
1955—Tan
-710
-24
449 5,009
' "_lg
Feb
825
- 4 0 -582
5,481
Mar
n.a.
n.
434 6,932 4.010
a.
n.a. Not available.
'Revised.
"Corrected.
'Represents principally (1) interest payments between Treasury and Government
agencies
and trust funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
2
Represents
principally
adjustment
for
differences
in
reporting
bases as between the monthly and daily Treasury statements.
3
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
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
5
To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Cal. yr.—1951
1952
1953
19547
Fiscal yr.—1951
1952
19537....
1954
Semiannual totals:
1952—Jan.-Tune.. ,
Julv-Dec. ..
1953—Jan.-June...
July-Dec. 7..
1954—Jan.-June.. .
July-Dec. . .
Monthly:
1954—Mar
Apr.
May.
Tune. . . .
Hily
Aug..
Sept
Oct.
Nov
Dec.
1955—Tan
Feb
Mar
Guaranteed
Nonguaranteed
-31
374
-88
-32
-33
-139
37
-69
76
-109
78
n.a.
n.a.
n.a.
-71
-183
—83
2,232
1,601
1,700
860
1,194
387
-102
-3
-313
8,286
- 1 ,320
9,097
-3,909
7,490
3
8
-2
24
6
-47
811
2,428
-2,215
-276
3,971
-145
3,942
101
-103
—311
-257
-4,134
Net inv. Accruals to
in Fed.
Int. on
sec. by
sav.
Govt.
bonds
agen.
and
and tr.
Treas.
funds
bills
3,418
3,833
2,540
1,582
3,557
3,636
3,301
2,054
12
22
-42
10
16
7
29
18
Adjustment
for
trans,
outside
Treas.1
acct.
n.a.
n.a.
n.a.
-266
-79
-170
-155
-257
2,711
7,973
7,777
3,582
-2,135
3,883
6,966
5,189
-4,546
Less: Noncash
debt transactions
Plus:
Cash issuance of
securities of
Federal agencies
37
718
770
591
577
public
Payts.
in
form
of
Fed.
sec
-125
-74
66
176
361
409
308
283
241
336
-45
-29
34
30
64
112
-2,998
6,351
-3,433
7,952
-5,694
6,600
-4,656
—60
-33
-30
9
38
-10
-37
-36
-36
90
43
391
809
-91
311
-48
20
44
76
71
39
58
51
45
72
51
-17
5
-14
32
-1
30
-17
111
n.a.
'-20
167
191
17
-24
62
-134
n.a.
n.a.
-79
906
-5,874
-695
2,763
2,255
-57
122
31
27
—90
161
-28
32
-25
521
-40
-142
- 1 ,242
3,353
4,601
-149
-79
3
94
1
-9
Details of net c ish borrowing fro m or
Equals: repaymei
it ( —) of borrowing to the
Net
cash
borrow- Direct
SavPostal
ing, or
ings
Sav.
Savrepayt. mktable.
and
bonds
Sys. Other*
ings
( - ) , of
conv.4
(issue notes special
borrow- issues
price)
issues
ing
638
779
718
524
4
1
1
-61
6
1
5
1
(8)
-10
3
6
-125
2
5
9
-24
-1
7
35
1,999 — 1,191 -1,099
-997
46
-406 -1,784
5,778
- 1 1 3 — 122
—30
64,829 6-344
248 - 1 6 2
-195 -326
3,071
-175 -1,469
-467
-657 - 1 , 0 9 3
286
-3,943
-717 -1,209
— 155 _ - 2 5 2
1 ,639
6-94 -2,164
-100 -173
65,294
-381
628 - 2 3 9 - 2 8 3
2,530
-1,544
7.322
-2,028
6,837
-4,307
7,378
6
-285
-955
-121
-829
018 -1,335
-362 1,583
-19
-955
-156
-514
-4,294
75
699
829
2,046
-3,104
-356
3,645
-229
3,996
'-107
-349
2,133
-2,773
32
5
-57
259
-143
-4,270
-77
3,680
-105
4,129
-50
-198
-211
-241
*-4,320
-137
33
-44
-12
12
-9
51
169
94
-81
-32
-68
-94
-145
-50
-134
11
-20
-12
-268
-58
-310
-37
-82
-21
-22
-16
7
-7
-8
-20
-22
-89
-59
82
9
-61
3
28
-37
'15
—6
501
16
J>24
-152
-267
—88
-64
-101
-64
-62
— 136
-56
-59
-129
-26
-27
62
n.a.
Not available.
pPreiiminary.
'Revised.
1
Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases.
2
Differs from "accruals to the public' shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
3
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in5 this column. An exception was the sale for cash of about 300 million dollars in June 1952.
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
6
Excludes exchanges of savings bonds into marketable bonds, in 8the amount of 409 million dollars.
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
398
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND
BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS *
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits
Period
Total
Direct
taxes on
individuals 2
Direct Excise
taxes on and
corpo- misc.
rations taxes
Cash withdrawals
Social
ins.
receipts 3
Other Deduct:
cash Refunds
Total
inof recome 4 ceipts
Nafl
Int'l
sec.
af- 0
pro- 5 fairs
grams
Social
Vetseerans curity
pro- 7 programs grams 8
Interest on
debt
Other
Cal. yr.—1951. .
1952..
1953..
19549.
59,338 27,149 16,565 8,591
71,396 32,728 22,140 9,566
70,440 34,807 19,045 10,288
r
68,595 31,936 20,112 8,817
6,362
6,589
6,693
7,654
2,769
2,823
2,744
••3,435
2,098
2,451
3,137
3,358
58,034
72,980
76,529
'68,896
33,194
47,971
50,294
42,400
3,498
2,612
2,000
1,089
4,137
4,230
4,589
4,666
6,121
5,209
4,8
4,668
4,915 6,169
5,617 7,341
6,648 "8.113
8,587 '7,485
Fiscal yr.—1951
1952
1953»
1954
Semiannual totals:
1952—Jan.-June. . . .
July-Dec
1953—Jan.-Tune. . . .
July-Dec. 9.
1954—Jan.-J une
July-Dec
Monthly:
1954— Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
53,439
68,093
71,345
71,815
24,095
30,713
33,370
33,514
14,388
21 ,46
21,595
21,650
8,693
8,893
9,978
9,694
5,839
6,521
6,849
7,196
2,531
2,801
2,704
3,180
2,107
2,302
3,151
3,419
45,726
67,786
76,407
71,974
21,823
42,935
50,250
46,422
3,785
2,848
2,156
1,457
4,052
4,059
4,658
4,633
5,980
5,826
4,920
4,947
4,458
5,206
6,063
7,645
5,628
6,912
'8,360
6,870
41,293
30,104
41,241
29,199
'•42,615
'25,980
19,687 14,318
13,041 7,821
20,329 13,773
14,478 5.272
19,036 16,378
12,899 3,734
4,519
5,048
4,931
5,357
4,338
4,479
3,386
3,202
3,656
3,031
4,165
3,490
1,383
1,443
1,252
1,507
1,681
1,754
2,000
451
2,700
437
2,982
376
35,622
37,357
39,203
37,244
34,730
'34,167
23,466
24,505
25,606
24,398
22,024
20,376
1,489
1,123
1,069
930
526
563
1,984
2,246
2,413
2,334
2,299
2,367
2,709
2,500
2,420
2,465
2,482
2,186
2,741
2,876
3,247
3,368
4,277
4,311
3,233
4,107
4,448
3,748
'3,121
'4,364
673
735
787
797
702
760
722
768
783
744
644
703
864
718
378
1,188
616
304
1,177
371
260
939
439
197
1,019
715
267
277
251
••273
••365
220
204
237
296
••432
350
346
241
940
907
616
150
82
69
60
39
47
80
52
189
705
6,237
5,303
6,228
6,915
••5,144
7,788
5,364
'5,096
'4,374
'6,401
5,009
5,481
6,932
4,069
3,612
3,384
3,964
3,465
3,644
3,251
3,149
3,314
3,552
3,191
3,100
n. a.
11
118
87
81
50
110
40
67
80
217
171
140
n.a
563
299
196
877
152
314
461
286
328
826
183
424
470
428
414
392
444
194
381
375
374
419
443
430
409
439
12,260
3,036
4,882
11,298
••2,958
5,375
5,280
2,617
5,122
'4,626
4,299
6,306
10,943
4,185
1,791
2,875
2,859
1,120
2,985
2,936
1,040
2,881
1,938
2,806
4,096
2,984
7,356
763
397
6,903
549
302
1,108
352
271
1,153
353
330
6,844
440
726
144
716
689 1,480
760
'788
674
'609
714 2,625
716
521
758
462
720 '-488
730
'635
834
200
768
641
n.a.
n.a.
n.a.
Xot available.
'Revised.
"Corrected.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents
mostly nontax receipts.
a
Ireludes net redemptions of armed forces leave bonds.
6
Includes
special
International Bank, and Monetary Fund notes.
7
Includes payments from veterans life insurance funds.
8
Includes
benefit
payments
for old-age and unemployment insurance and Government employees and railroad retirement funds.
9
Beginning new reporting basis, described in Treasury Bulletin for April 1954, p. A2.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Series A - E and H
All series
Year or
month
Sales
Redemp- Outstandtions and ing (end of
maturities
period)
Sales
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
6,173
6,278
4,915
4,858
4,751
5,343
5,093
4,530
5,661
6,773
49,776
52,053
55,051
56,707
58,019
57,587
57,940
57,710
57,672
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368
4,889
1954—Feb.
Mar. .
Apr. .
May
June..
July .
Aug...
Sept..
Oct. .
Nov. .
Dec.
515
480
57,797
57,902
57,967
58,025
58,061
58,005
58,078
58,088
58,126
58,186
2
57,672
422
1955— Tan.. .
Feb.. .
742
602
57.967
58,225
573
465
1946
1947
194S
1949
1950
1951
1952
1953.
1954
602
511
464
523
508
546
464
456
466
557
514
473
453
*575
2
641
511
505
466
451
l,089
2
506
2332
474
390
354
392
393
415
367
369
384
445
Redemp- Outstandtions and ing (end of
maturities
period)
Series F, G, J and K
Sales
2,962
2,609
3,071
1,626
2,406
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625
3,910
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
38,233
308
346
339
322
293
293
347
37,029
37,175
37,279
37,393
37,482
37,597
37,714
37,808
37,930
38,069
38,233
110
130
115
131
97
87
82
112
336
256
38,515
38,721
169
137
347
310
289
!386
Redemp- Outstandtions and ing (end of
maturities
period)
611
708
829
586
432
1,284
803
888
1,071
908
2,035
2,863
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
19,439
93
171
20,769
20,728
20,687
20,633
20,579
20 409
20,364
20,280
20,196
20,118
2
19,439
770
128
122
167
163
164
*189
295
172
183
173
158
2747
2
170
2
176
19,4.S1
19,504
Tax and savings notes
Sales
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730
Redemp- Outstandtions and ing (end of
period)
maturities
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475
1,469
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026
4,548
68
156
265
86
64
100
63
62
156
5,887
5,581
5,500
5,344
5,079
4 993
4,929
4,829
4,766
4,704
4 548
50
55
4,498
4,443
306
81
*Due to a June 1954 change in the Treasury procedure for classifying paid savings bonds, unusually large amounts of Series E and F bonds
redeemed between June and October were not broken down as to issue price and accrued discount. Redemption figures in that period therefore
included
rather large amounts of accrued discount, which are being deducted in subsequent months.
2
Figures for December 1954 include 526 million dollars of unredeemed Series 1954 F and G bonds. In accordance with Treasury practice all
unredeemed bonds of these series were carried as outstanding interest-bearing debt until the entire series matured. Redemptions of matured bonds
in January and February 1955, not included in current redemption figures, totaled 185 and 101 million dollars, respectively.
NOTI£.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and of scries 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 1955
399
UNITED STATKS GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars|
Public issues3
Marketable
debt 1
Total
gross
direct
debt 2
Total
1940—Dec
1941—Dec
1942-Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—June
Dec
1952—June
Dec
1953—June
Dec
50,942
64.262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
255,251
259.461
259,151
267,445
266,123
275,244
45,025
57.938
108,170
165,877
230,630
278,115
259,149
256,900
252.800
257,130
256,708
255,222
259,419
259,105
267,391
266,071
275,168
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218.865
221,123
220,575
218.198
221,168
219,124
226,143
223,408
231,684
35,645
41,562
76,488
115.230
161,648
198,778
176.613
165,758
157.482
155,123
152,450
137,917
142,685
140,407
148,581
147,335
154,631
1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
13,614
18,102
17,219
21,713
19,707
19,511
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
5,373
9,509
29,078
28,423
16,712
15,854
26,386
1954—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
270,312
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784
270,235
271,047
273,475
271,260
270.984
274.955
274,810
278,752
278,853
278,750
226,821 150,081
227,806 151,104
229,913 153,325
226,681 150,354
226,528 150,342
230,214 154,020
230,033 153,963
234,161 1.58,148
234,160 158,152
233,165 157,832
21,013
22,014
22,019
19,515
19,512
19,508
19,510
19,509
19,507
19,506
19,377
19,377
18,577
18.405
18,405
18,277
18,184
18,184
18,184
28,458
1955—Tan
Feb
Mar
278,463 278,439 233,427
278,209 278.182 233,517
274,080 274.O18 229,103
End of
month
Total
Bills
Total
157,834
157,752
153.350
Certificates of Notes
indebtedness
Nonmarketable
Bonds
Convertible
bonds
Total
3,195
6.140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,572
57,587
57=685
57,940
57,886
57,710
2,471
6,384
8,586
9,843
8,235
5,725
5.384
4,572
7,610
8,640
7,818
7,534
6,612
5,770
4,453
6.026
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
57,902
57,967
58,025
58,061
58,005
58.078
58,088
58,126
58,186
57,672
5,581
5,500
5,344
5.079
4,993
4,929
4,829
4,766
4,704
4,548
41,002
41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566
Bank
eligible*
Bank
restricted
6,178
5,997
9,863
11,175
23,039
22,967
10.090
11,375
7,131
8,249
39,258
35,806
18,409
18,963
30,266
30,425
31,406
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
42,928
41,049
48,343
58,874
64,104
63,927
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,061
36.048
27,460
21,016
17,245
13,400
13,573
12,060
13,095
12,500
12,340
11,989
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,708
66,423
65,622
65,062
63,733
65,065
26,787
26,809
31,923
31,960
31,964
31.967
32,001
36.188
36,196
28,033
74,134
74,230
72,133
71,802
71,790
75,596
75,597
75,597
75,596
76,129
8,674
8,674
8,674
8,672
8,671
8,671
8,671
8,669
8,668
5,706
11,932
11,910
11,899
11,861
11,857
11,853
11,820
11,787
11,780
11,767
64,807
64,792
64,690
64,465
64.329
64,34.1
64,250
64,226
64,228
63,565
19,507 28,462 28,037 81,828
19,505 21.455 35.280 81 ,512
19,505 17,722 34.989 81,134
Tax
and
savings
notes
Savings
bonds
6
11,764 63,830 57,967
11 .738 64,027 58,225
11 ,710 64.0-13 58,366
Special
issues
4,498 42,268
4.443 42,047
4,3.18 42.097
'Includes some debt not, subject to statutory
debt, limitation (such debt amouiued to -09 million dollars on Mar. 31, 1955) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt., not shown separately.
;}
Includes
amounts
held
by
Government
agencies
and trust funds, which aggregated 7,202 million dollars on Feb. 28, 1.955.
4
Includes Treasury bonds'and minor amounts of Panama Canal and Postal Savings bonds,
5
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 dollarsl
End of month
Total ii
HeJd by
( J . O. VjrUVGl JlillCIlL
gross
agencies and1
debt
trust funds
(including guaranteed
Special Publicsecuriissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
2,184
1 2,254
6,189
! 11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,33\
20,778
22,982
23.801
22,906
24,697
24.746
25,916
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
61,100
63,400
63,700
3.200
3,700
4,500
6,100
8,300
10,700
12,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9,500
9,500
9.200
6, $00
8,200,
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18.700
17,100
16,500
15,700
16,100
16,000
15,800
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16.800
18,400
19,700
20,000
20,700
19,100
20.400
!8,900
21,500
24,509 63,100
24,632 60,900
24,632 r 62,500
24,812 ()3.400
25,037 t)3.600
24,325 64,800
24,023 67,000
24,271 67,100
24,381 70,000
24,888 69,500
24,932 68,900
9,200
9,200
9,200
9,200
9,100
9,000
9,000
8,900
8.900
8,800
8.800
15,700
15,600
1.5,600
15,500
15,300
3 5,100
15,100
15,100
15,100
15,000
15,000
n.a.
n.a.
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec.
1945—Dec
1946—Dec
1947—Dec
1948—Dec
i949_ Dec
1950—Tune
Dec
1951—June
Dec
1952—June
Dec
1953—June
Dec. .
50,942
64,262
112,471
170,108
232,144
278,68?
259,487
256,981
252,854
257,160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
275,244
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538
41,197
2,260
2.558
3.218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
6,596
6,743
7,022
7,116
43,312
54,722
100,221
153,163
2i0,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214.816
221,552
218,563
226,931
1954—Feb
Mar
Apr
May
June
July
Aug
Sept
Nov
Dec
274,859
270,312
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888;
278.7841
41,070
41,002
41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566
7,223
7,203
7,151
7,182
7,111
7,081
7,032
7,042
7,047
7,080
7,043
226,566
222,107
222,92?
225,006
222,001
221,772
225,471
225,389
229,501
229,457!
229,175j
Jan
278,463| 42,268
7.167
229.O28J 23,885
Oct
1955
58, mo
n.a.
State
and
local
governments
Individuals
Savings Other
bonds securities
Miscellaneous
investors 3
I ,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,600
10,400
11 ,100
12,000
12,900
2.800
5,400
13,400
24.700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300
49,300
7,800
8,200
10.300
1 2,900
17.100
21,400
20,100
19,400
17,600
17,000
17,600
16,700
16,400
15,500
15,400
15,500
16,600
15,600
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11,600
11,700
12,800
12,900
22,100
19.700
19,100
19,500
16,800
16,800
18,500
18,600
19,100
19,500
19,400
13,300
13,600
13,800
14,100
14,300
14,300
14,400
14.400
14,500
14,600
14,600
49,400
49,400
49,500
49.500
49,600
49,600
49,700
49,700
49,700
49,800
•19,900
15,600 13,600
15,600 13,500
15,200 ••13,400
15,500 13,500
14,900 r 13.400
14,500 13,400
14,400 13.300
14,000 13,400
14.100 13,700
14.000 13,500
14,000 13,600
n.a.
.n.a.
n.a.
500
700
n.a.
700
900
n.a.
n.a. Xot available.
'"Revised.
1
Includes the Postal Savings System.
2
FncIudes holdings by banks in territories and insular possessions:, which amounted to 250 million dollars on June 30, 195-1.
3
Includes savings and loan associations, dealers and brokers, foreign, accounts, corporate pension funds, and nonprofit institutions.
XOTIO.—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.
400
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding March 31, 1955
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Amount
Treasury bills 1
M a y 5, !955.
M a y 12, 1955.
M a y 19, 1955.
M a y 26, 1955.
2, 1955.
9, 1955.
ne 16, 1955.
23, 1955.
ne 30, 1955.
x
SGld on discount basis.
Partially tax-exempt.
Issue and coupon rate
Amount
Certificates
May 17, 1955.
Aug. 15, 1955..
,500
Dec. 15, 1955. .
,501
,501
, 500 T r e a s u r y n o t e s
Dec. 15, 1955, .
Mar. 15, 1956. .
,500
1, 1956. .
, 500
, 500
1, 1956.
Oct.
,500
Mar. 15, 1957 .
Apr. 1, 1957.
,501
May 15, 1957.
.500
Aug. 15, 1957.
.501
Oct.
1, 1957.
,502
Apr, 1,1958..
,500
Oct.
1, 1958.
Feb. 15, 1959.
Apr. 1, 1959.
Oct. 1, 1959.
Apr. 7,1955.
Apr. 14. 1955.
Apr. 21, 1955.
Apr. 28, 1955 .
2
Issue and coupon rate
3,886
8,477
5,359
6,854
8,471
1,007
550
2,997
531
4,155
3,792
824
383
12!
5,102
119
82
Treasury bonds
Mar. 15, 1956-58. .
Sept. 15, 1956-59 2 .
Sept. 15, 1956-59. .
Mar. 15, 1957-59. .
hme 15, 1958
June 15, 1958-63 2 .
Dec. 15, 1958
June 15, 1959-62. .
Dec. 15, 1959-62..
Nov. 15, 1960
Dec. 15, 1960-652.
Sept. 15, 1961
Nov. 15, 1961
Aug. 15, 1963
June 15, 1962-67 . .
Issue and coupon rate
Amount
1,449
982
3,822
927
4,245
919
2,368
5,277
3,465
3,806
1,485
2,239
11,177
6,755
2,116
Treasury
Dec. 15.
June 15',
Dec. 15,
Mar. 15,
Mar. 15,
Tune 15.
Sept. 15,
Dec. 15,
Tune 15.
Feb. 15,
Amounfi
bonds—Cont.
1963-68...2
1964-69,.
1964-69..
1965-70..
1966-71..
1967-72..
1967-72,.
1967-72..
1978-83..
1995
2,826
3,754
3,830
4,718
2,961
1,884
2,716
3,815
1,606
1,922
Postal Savings
bonds
2)4
P a n a m a C a n a l L o a n . .3
21
30
Convertible b o n d s
Investment Series B
Apr. 1, 1 9 7 5 - 8 0 . . . 2%
11,710
See table on Money Market Rates, p. 395.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
End of month
Type of security:
Total marketable
and convertible:
1952—June
Doc. . .
1953—June
Dec
1954—June
Doc
1955- Jan
Treasury bills:
1952—June....
Dec
1953—June....
Dec
1954—June...
Doc
1955 -Jan
Certificates:
1952 - J u n e . . . .
Dec....
1953—June....
Dec....
1954—June... .
Dec
1955—Jtm
Treasury notes:
1952—June
Dec...
1953—June....
Doc
1954—Juno
Dec
1955 -Jan
Marketable bonds:1
1952—June...
Dec...
1953—June....
Dec
1954—June...
Doc
1955 - J a n
Total
outstanding
U. S.
Govt. FedCom- Muageneral
mertual
cies
Recial
savand
serve banks
trust Banks
banks
funds
6,467
6,613
6,899
6,989
6.985
6.918
1(59,598 7,041
153,502
161,081
159,675
166,619
162,216
169,599
54 ,038
55 ,828
51 ,365
55 ,933
56 .199
61 .082
8 ,843
8 ,740
8 ,816
8 ,524
8 ,353
8 ,113
23,SSo 60 ,517 8 ,157
22,906
24,697
24,746
25,916
25.037
24,932
Insurance
3ompanies
Other
Life
9 ,613
9 ,514
9 ,347
9 ,120
8 ,667
8 ,371
8 ,532
End of month
Other
4, 246
4, 711
4, 808
4, 905
4, 854
4, 958
4, 992
47,391
50,979
53,694
55,233
52,121
55,226
56,473
Type of security:
Convertible bonds
(Investment
Series B):
1952—June
Dec
1953-June
Dec
1954—June.
Dec
5 ,828
7 ,047
4 ,411
4 ,368
4 ,187
4 ,399
1,160 4 ,268
103
137
120
126
98
75
113
504
464
327
410
520
537
715
28,423
16,712
15,854
26,380
18,405
28,458
28,462
60 11,821 6 ,877
27 5,061 4 ,791
30 4,996 4 ,351
63 5,967 9 ,215
41 6.600 4 ,942
4 13,882 4 ,835
7 13,882 4 ,625
120
37
87
184
101
57
55
76
56
27
37
7
4
10
1955 - Janj
10,268 Marketable securities, maturing:
12,518
13,155 Within 1 year:
11,402
1952—June
12,248
Dec
1953—June
12,115
Dec
13,009
138
1954—June
Doc
378 9.092
1955- Jan
317 6,424
310 6,052 1-5 years:
445 10.475
1952—June....
202 6.511
Dec
179 9,496
1953—June
Dec
183 9,701
1954—June..
18,963
30.266
30,425
31.406
31.960
28,033
28,037
2
16
23
8
64
46
98
5,568
13,774
13,774
13,289
13,029
6,044
6,038
10 ,431
10 ,955
10 ,355
11 ,510
11 .423
13 , 649
13 ,558
42
49
62
130
221
242
278
5
8
5
52
99
67
76
327
486
529
605
592
675
669
75,802 2,928
79,890 3,046
81,349 3,300
77,327 3,377
80.474 3.395
81,835 3,378
81,828 3,393
4,422
4,522
4,522
3,667
3,093
2,802
30 ,710
32 ,849
32 ,066
30 ,671
35 .481
38 ,037
2,504 37 ,904
7 ,221
7 ,165
7 ,232
6 ,820
6 ,669
6 .499
6 ,473
5 ,855
5 ,807
5 ,855
5 ,686
5 .164
4 ,898
4 ,868
17,219
21,713
19,707
19,511
19.515
19,507
19,507
41
86
106
102
46
51
104
381
1,341
1,455
2,993
2.316
2,204
Total
outstanding
92
119
132
109
101
125
3
3
3
3
3
3
3
087
429
484
418
641
673
099
Dec
2,587
1955- Jan
4,978
5,678 5-10 vears:
5.814
1952—June
6.531
Dec
1953—June
7.310
Dec
7,320
1954—June
Dec
21,580
1955—Jan
23,072
24,890 After 10 years:
23,688
1952—June
23,032
Dec
1953—June
22,548
Dec
22,687
1954—June
Dec
1955—Jan
13
12
12
11
11
11
11
«
095
500
340
989
861
767
[J. S.
Govt. Fedageneral
cies
Reand
serve
trust Banks
funds
714
764
3 437
3,438
3,439
3,439
3,439
3.439
3,439
642
953
589
235
123
827
820
101
133
163
175
107
70
154
12 ,202
U ,749
U ,505
It
1f !2S0
If ,417
If- ,309
44 945
37 713
32 330
29,367
27.965
29 606
20 610
15
22
18
20
30
33
33
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
Life
191
185
182
168
165
163
162
3 172
3 ,179
3 ,133
2 ,935
2 87fi
2 .865
1,238 2 ,S64
I 356
1,352
1,314
1,264
265
,239
Other
362
360
353
328
317
305
304
3,864
3,987
3,919
3,854
3,800
3,756
3,756
12, 705
16 996
19 580
25 062
17 684
15 738
15 124
223
263
476
475
204
159
254
470 19,360
581
532
733 23,547
390 1 ,082 27,393
468 1 ,061 29,023
652 24,568
537
598 26,301
546
743
623 27,553
46
31
152
192
205
137
.156
; ,188 27 858
1
,146 22 381
),452 18 344
6,155 16 056
6.307 14 624
,087 18,846
:$,087 18 874
370
259
464
431
476
502
500
63
996
48
910
109
914
123
980
890
155
158 1 ,022
165 1 ,026
8,424
6,938
5.895
5,430
5.3OR
5,855
5,802
122
834
677
292
542
677
687
387
546
422
418
494
477
496
693
1,387
1,374
1,374
.035
1,014
740
058
772
051
741
101
134
1,357
1,775
1,395
1.315
1.389
1,544
1,518
497
885
745
725
516
439
433
765
1 ,348
1 ,104
1 ,198
1 ,655
1 ,664
1 ,643
3,684
5.835
4; 865
5,211
6,711
7,439
7,450
34 ,698
31 ,081
31 ,739
31 ,736
31 .725
31 ,719
3.1 ,717
2,496
2,464
2,723
2.765
2,740
2,796
2,796
2,109
1,415
1,415
1,415
1.415
1.415
1,415
5 544
5 207
4 488
4 ,595
4 985
5 234
5 ,223
5,537
5,091
5,167
5,039
4.930
4,668
4,647
5 ,301
4 ,870
4 ,969
4 ,868
4 .582
4 ,364
4 ,326
1 ,652
1 ,361
1 ,356
1 ,339
1 ,339
1 ,369
1 ,397
12,059
10,673
11,621
11,716
11,734
11,874
11,912
45
56
64
73
60
62
02
7
11
8
10
18
21
1,014 21
* 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 " o t h e r "
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
APRIL 1955
401
NEW SECURITY ISSUESJ
[Estimates, in millions of dollars]
Proposed uses of n e t proceeds,
all corporate issuers 6
Gross proceeds, all i s s u e r s 2
Noncorporate
Year or
month
1939
1940
5,687
6,564
1941
1942
1943.
1944
1945.
15,157
35,438
44,518
56,310
54,712
1946
1947
1948
1949 .
1950
1951
1952
1953
1954
1954—Feb
Mar.
Apr
May
June
July
Aug....
Sept
Oct.
Nov
Dec
1955—Tan
Feb.
Bonds
State
Total
U.S.
Fedand
Governeral
mu- Other* Total
ment 3 agency 4 nicipal
2 , 332
13
109
517
11 ,466
33, 846
4?, 815
2,164
2,677
703
758
98
183
87
108
420
76?
325
569
956
30
2,667 2,389 1,578
811
917
411
1,062
506
621
990
369
1,170
778
3,202 2,670 1,892
6,011 4,855 3,851 1,004
167
1 ,040
647
408
474
308
758
110
34
56
163
397
1, 347
657
1 ,080
891
778
614
736
811
524
435
47, 353
795
47
18,685
19,941
20.250
21,110
19,893
10,
357
216
30
1,157
2,324
2,690
2,907
3,532
451
156
132
282
21,265
27,209
28,824
29,809
9, 778
12, 577
110
459
106
458
3,189
4,401
5,558
6,969
446
237
306
414
570
735
783
855
280
300
652
615
459
906
1
63
1
5
4
3
8
2
3
4
71
35
1
12, 532
1.386
1,961
1,947
4,386
2,438
2,151
1,298
2,131
6,547
1 ,366
2,544
»-2,661
1,354
515
60?
511
2 , 669
523
508
546
464
4 611
466
557
742
602
5
97
661
71
80
123
184
716
New
lanemoney 7 ous
purposes
Total
50
24
1
2
1
506
10, 589
10 327
11, 804
9 687
Pre- Common
Pub- Pri- ferred
stock
stock
Total licly vately
offered placed
••541
* 308
22
56
286
1,979
2,386
1,276
1,628
112
124
369
4,881
5,035
5,973
4,890
4,920
3,019
2,888
2 963
2,434
2,360
1,862 1,126
2,147 761
3 010 492
2,455 424
2,560 631
7,741 5,691
9,534 7,601
8,898 7,083
9,563 7,545
2,364
3,645
3,856
4,004
3,326
3,957
3,228
3,541
838
564
489
456
366
513
726
408
628
647
850
808
1,057
1,237 1,077
369
443
1,014
893
817
1,133
334
437
852
1,011
178
226
216
424
343
714
166
581
470
116
288
252
156
188
286
192
224
465
363
204
312
347
218
564
'27
69
110
130
131
74
44
59
52
37
61
189
151
50
25
6,900
6,577
7 078
6,052
6,361
627
443
441
307
Retirement
of
bank
debt,8
etc.
Mis-
1,128
1,238
38
S7, 4 ? 4
]^ew capital
Corporate
814
26
19
868
889
69 1,695
174 1,854
144 1,583
138
396
789
73
49 2,389
134 4,555
28
35
27
47
133
231
,279
Retirement
of
securities
379 2,868
1,352
S 115
6, 651
558
4 , 9Q0
4 ,591
5 ,929
4 ,606
4 ,006
168
234
315
364
356
488
637
620
1,271
7 190
R, 716
8 495
7 , 561
6 ,531
8 ,180
7 ,960
6 ,987
363
226
537
535
486
664
260
575
1,857
63
144
111
73
118
87
30
62
264
66
97
439
660
486
652
859
898
346
777
1 008
299
592
410
590
471
614
812
853
310
749
865
251
530
29
70
16
38
47
45
36
27
143
48
62
9
53
129
183
182
325
91
224
109
129
404
135
111
486
382
427
315
59
67
129
52
1,212
1,369
1,326
1,204
307
401
Proposed u s e s of n e t proceeds , by major groups of corporate issuers
Commercial and
miscellaneous
Manufacturing
Year or
month
1949
1950
1951..
1952
1953
1954
1954—February
March
April
Total
net
proceeds
New Retire- Total
net
]0
capproital" ments ceeds
1,391
1.175
3,066
3,973
2.218
2,292
1,347
1,026
2,846
3,712
2,128
2,131
52
44
149
221
261
90
160
51
338
538
518
536
542
926 1
June
July
August
September..
October
November..
December..
123
152
305
110
187
106
135
299
108
123
16
17
6
2
63
26
68
86
44
88
96
62
61
131
79
134
1955—January
February...
222
64
175
49
47
14
48
96
May
107
86
204
305
528
107
79
196
284
524
6
8
21
4
New Retire- Total
net
i0
capproital" ments ceeds
310
474
462
512
502
828
25
62
72
42
84
6*
45
60
118
77
130
43
86
Public utility
Transportation
28
63
795
806
56
24
490
983
40
98
589
778
1
43
5
142
4
33
58
58
20
37
97
New Retire- Total
net
10
capproital » ments
ceeds
11
196
553
507
225
36
271
9 972
3 670
7
2
12
362
309
437
758
36
57
46
20
37
66
?,
,608
53 2 ,412
31
51
163
46
69
70
51
38
21
18
52
i25
25
51
18
5
10
62
2
26
2
36
043
1 Jq?7
9 ,Q05
1673
7133
68?
85
88
67
997
316
46
,328
,539
567
395
605
753
874
712
310 |
159
248
271
65
459
382
181
104
173
210
46
152
55
75
61
18
307
7
30
26
40
9
2
27
328
98
75
44
218
97
179
90
39
8
6
43
269
501
442
17
1
13
2
5
New Retire- Total
net
cap10
proital" ments ceeds
?
784
609
Real estate
and financial
Communication
173
60
New Retire- Total
net
lJ
capproital" ments ceeds
517
314
49
81
871
655
3
57
600
747
5
6
7
593
739
New
?£?•
558
639
515
449
508
448
1,561 1,536
1,041
766
30
26
88
51
51
51
40
9
2
26
159
190
25
63
61
88
27
27
326
2
98
21 '"'oi'
1
43
16
48
266
31
103
13
45
262
29
92
1
18
59
133
58
131
5
25
Retirements10
35
100
66
60
24
274
25
1
97
128
3
3
5
2
11
I
' Revised.
1
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying
principal amounts
3
4
or number of units by offering price.
Includes issues guaranteed.
Issues 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 vear. Proceeds for retirement
of short-term bank debts are included under the uses for which the bank debt was incurred.
includes all issues other than those for retirement of securities.
"Retirement of securities only.
Source.—Securities and Exchange Commission.
402
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual
Industry
1948
1949
1950
Quarterly
1951
1952
1953
1953
2
1
1954
3
4
1
2
3
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps-): 1
Sales
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 tax?3
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
38,341
5,468
3,411
1,446
37,948
5,168
3,186
1,710
45,351
8,042
4,143
2,295
52,444
8,702
3,486
2,036
53,905
7,147
3,117
2,031
62,665 15,739 16,566 15 459 14 902 14,233 14,776 13
8,225 2,254 2,484 2,093 1,395 1 754 1 923 1'
3,560
855
928
885
892
891
977
493
491
2,110
495
631
524
523
406
549
787
520
14,739 14,051 15,994 18,670 18,908 20,276 4,994 5,116 5,082 5 084 4 961 4 972 4 952
2,360 1,975 2,847 3,324 2,715 2,908
761
782
783
581
669
676
635
355
1,574 1 ,297 1,599 1,481 J ,313 1,446
345
371
376
365
376
353
698
759
942
894
23,602 23,897 29,357 33,774
3,108 3,193 5,195 5,378
1,837 1,888 2,544 2,005
748
950 1,352 1,142
912
34,997
4,432
1.804
1,119
934
218
219
222
215
4,528 4,223 4,402 4,909 5,042 5,411
1,316
1,346
1,355
1,394
100
46
35
128
54
37
131
57
37
107
54
45
3,674 3,680 4,577 5,574 5,695 6,071 1,545
674
693 1,133 1.421 1,200 1,260
360
455
285
148
434
268
149
532
289
161
473
227
159
446
204
154
228
229
?33
42,390 10,745 11,450 10,377 9,817 9 272 9 804 8 455
5,317 1,493 1 702 1 309
814 1 084 1 247
914
2,114
511
573
509
521
526
600
434
1,176
275
272
274
356
296
294
287
465
211
154
1 337 1,351
1,338
99
46
36
132
63
36
123
60
37
1,568
1,506
1,453
1,434
1,471
346
125
90
1,461
123
90
330
124
91
224
121
127
272
133
98
271
136
98
267
132
99
3,983 3,907 4,260 4,966 5,290 5,757 1.376
1,410
1,473
1,498
1,479
1,442
195
129
66
229
155
67
1,440
176
157
74
214
148
68
189
138
68
165
124
69
420
263
775
588
184
415
321
552
428
191
572
448
673
464
223
496
363
869
532
247
458
381
689
495
268
493
398
796
571
274
195
131
66
9,066 8,187 10,446 12,497 11,557 13,750 3,428 3,653 3 476 3 194 2 910 3,019 2 723
993 1,700 2,092 1,161 1,824
457
1 ,174
560
510
295
301
359
305
720
270
578
285
854
377
776
381
575
367
793
377
183
88
4,563 4,363 5,071 6,183 7,082 8,009 1,967
850 1,003
570
520
974 1,009
276
334
127
321
138
425
208
370
192
380
200
402
239
89
50
212
88
203
88
2,045 1,959
298
103
49
241
95
49
196
113
150
100
179
92
151
9?
2,038 1,917
1,937
1,864
193
115
90
252
117
58
237
107
64
202
103
65
8,093 9,577 11,805 12,496 12,825 16,377 4,308 4,657 3,917 3 495 3,485 3,731 2 922
648
714
1,131 1,473 2,305 1,913 1,945 2,048
451
235
532
434
299
639
861 1,087
705
698
747
200
211
168
168
214
257
127
282
451
671
479
462
463
117
114
114
117
114
113
106
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Divider ds
Telephone:
Profits before
taxes
Profits afte r taxes
Dividends
9,672 8,580 9,473 10,391 10,581 10,664 2,596 2,732 2,755 2,582 2,275 2,335 2,366
1,146
700 1,385 1,260 1,451 1,404
397
336
399
272
156
199
226
698
289
438
252
784
312
693
328
832
338
871
412
186
97
231
73
234
79
219
162
88
96
136
73
172
74
4,830 5,069 5,528 6,058 6,549 7,113 1,850 1,725 1,716 1,821 1,974 1,810 1,817
551
456
983 1,129 1,313 1.482 1,740 1,893
428
*78
571
458
487
757
814
657
822
947 1,046
294
249
268
235
324
268
266
771
619
725
182
189
493
560
65 i
194
206
212
210
211
2.694 2,967 3,342 3,729 4,136 4,525 1,092
292
186
178
333
207
213
580
331
276
691
341
318
787
384
355
925
452
412
223
109
100
1,126
1,129
1,178
1,174
234
114
101
1,210
220
!07
104
248
122
108
242
116
109
262
125
111
1,233
262
141
112
1
2
Includes 26 companies in groups not shown separately, as follows: textile mili 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 1955
403
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
[Estimates, in millions of dollars]
All types
Profits
before
taxes
Income
taxes
Profits
after
taxes
1939....
1941
1943
1945
6.4
17.0
24.6
19.0
1 .4
7.6
14.1
10.7
5.0
9.4
10.5
8.3
3.8
4.5
4.5
4.7
1.2
4.9
6.0
3.6
1947
1948. .
1949
1950
29.5
32.8
26.2
40.0
U.3
12.5
10.4
17.8
18.2
20.3
15.8
22.1
6.5
7.2
7.5
9.2
11.7
13.0
8.3
12.9
1951
1952
1953
19541
41.2
37.2
39.4
35.0
22.5
20.0
21.1
17.2
18.7
17.2
18.3
17.8
9.1
9.1
9.4
9.9
9.6
8.1
8.9
8.0
1953—2
3
4
41.9
40.9
32.5
22.5
21.9
17.4
19.5
19.0
15.1
9.3
9.5
9.6
10.2
9.5
5.5
1954—1
2
3
41. . .
34.5
34.5
34.2
37.0
17.0
17.0
16.8
18.2
17.5
17.5
17 A
18.8
9.6
9.6
9.8
10.4
7.9
7.9
7.6
8.4
Year or
quarter
Year or
quarter
UndisCash
divi- tributed
dends profits
New
issues
1947
1948
1949
1950
Bonds and notes
RetireNet
ments change
Stocks
New RetireNet
issues ments change
New
issues
RetireNet
ments change
6,882
7 570
6,731
7,224
2,523
1 683
1,875
3,501
4,359
5,887
4,856
3,724
5,015
5,938
4,867
4,806
2,011
1,283
1,583
2,802
3,004 1,867
4,655 1,632
3,284 1,864
2,004 2,418
512
400
292
698
1,355
1,232
1,572
1,720
1951
1952 . . .
1953
1954
9,048
10,679
9,550
11,715
2,772
2,751
2,428
5,353
6,277
7,927
7,121
6,361
5,682
7,344
6,651
7,872
2,105
2,403
1,896
3,897
3,577 3,366
4,940 3,335
4,755 2,898
3,975 3,843
666
348
533
1,456
2,700
2,987
2,366
2,386
1953—4. . .
2,455
639
1,816
1,785
508
670
131
539
1954—1.
2.
3.
4.
2,700
2,858
3,027
3,128
977
1,139
1,314
1,923
1,724
1,719
1,714
1,205
1,619
1,863
2,314
2,075
758
847
938
1,354
862 1,081
1,016
995
1,377
713
721 1,053
219
292
376
569
862
703
337
484
..
..
..
. .
1,277
1
Reflects cash transactions only. As compared with data shown on p. 402, 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. 402.
Source.—Securities and Exchange Commission.
1
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates, in billions of dollars]
Current liabilities
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U. S.
Government
securities
Inventories
U. S.
Govt. 2
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
2 2
4.0
16.4
21.1
1917...
1948
1949 .
1950
62 1
68.6
72 4
81.6
123 6
133.0
133 1
161.5
25 0
25.3
26 5
28.1
14 1
14.8
16 8
19.7
1.1
1951....
1952
1953
86.5
90 1
92.6
179.1
186 2
189.7
30.0
30 6
30.7
20.7
20 4
21.5
2.7
2 8
2.6
92.9
94.2
95.3
183.3
.179.6
183.9
27.8
28.9
30.1
19.7
16.8
'18.6
2.8
2.4
2.3
1954—1
2
3..
. .
Notes and accts.
payable
Notes and accts.
receivable
0
.6
5.0
2.7
Other
Total
U. S.
Govt. 2
Other
0
.8
2.2
.9
18 0
25.6
27.6
26.3
1 .4
1.4
1 .3
2.4
30.0
40.7
51.6
45.8
55.7
44 6
48.9
45 3
55.1
1.6
1 .6
1 4
1.7
61.5
64.4
60.7
79.8
.4
58.8
64 7
65.0
64.9
65 4
67.5
2.1
2 4
2.4
92.6
96 1
97.1
1.3
2 3
2.2
63.2
63.4
65.2
67.3
65.5
65.1
2.5
2.6
2.7
90.4
85.4
88.6
2.5
2.4
2.6
22.1
27.4
21.9
23.2
3* 3
42.4
43 0
Other
37 .6
39.3
37 5
Federal
income
tax
liabilities
Other
6.9
21.9
25.6
24.1
24.8
16.6
10.4
7.2
8.7
9.7
47.9
10.7
11.5
9 3
16.7
13.2
13.5
14.0
14.9
53.6
57 8
57.3
21 .3
17 7
18.7
16.5
18 3
18.9
53.9
52.5
53.0
14.9
11.7
13.6
19.1
18.8
19.4
1.2
7.1
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 E Q U I P M E N T 1
[Estimates, in millions of dollars]
Year
1939
1945
.
1948
1949
1950
1951
. . .
1952
1953
1954.
19554
Manufacturing
Mining
Railroads
Transportation
other
than
rail
Public
utilities
5,512
8,692
1,943
3,983
326
383
280
548
365
574
520
505
302
321
1,776
2,378
22,059
19 285
20,605
25,644
9,134
7 149
7,491
10,852
882
792
707
929
1,319
1,352
1,111
1,474
1,285
887
1,212
1,490
2,543
3,125
3,309
3,664
1,742
1 320
1,104
1,319
5,154
4,660
5,671
5,916
26,493
28,322
26,827
27,063
11,632
11,908
11,038
10,704
985
986
975
896
1,396
1,311
854
763
1 ,500
1,565
1,512
1,495
3,887
4,552
4,219
4,384
1,537
5,557
1,690
6,310
1,717
6,513
8 , 319
Total
Communi- Other 2
cations
Transportation
incl.
railroads
Quarter
Total
Manufacturing
ana
mining
] 953 —i
2
3.
4. .
6,339
7,274
7,084
7,625
2,887
3,326
3,116
3,565
673
751
708
743
926
1,159
1 221
1,247
1,853
2,038
2,039
2,070
1954—1.
2
3
4.
6,266
6,932
6.640
6,988
2,788
3,120
2,896
3,209
634
620
553
559
929
1,121
1,060
1,109
1 ,916
2,071
2,133
2,110
1955—I 4 .
24
6,296
6,988
2,721
2,885
583
584
947
1,158
2 046
2,361
Public
All
utili- others
ties
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
3
404
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
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950 . .
1951
1952
1953
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
14.9
14.2
13.6
13.3
13.7
15.1
16 6
17.8
38.7
1- to 4-family 1louses
Multi-family and
commercial properties 1
Total
Financial
institutions
Financial
institutions
31.2
30.8
29.9
29,7
30 8
36.9
43 9
50.9
57.1
66.7
75.6
84.0
93.3
105.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.6
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
4i .2
47.0
53.8
62.4
All
holders
1954P
37 6
36.7
35 3
34.7
35 5
41 8
48 9
56 2
62.7
72 8
82.2
91 2
101 0
113.6
20 7
20.7
20 2
20.2
21 0
26.0
31 8
37 8
42.9
51 6
59.5
66 8
75 0
85.7
2.8
19.8
20.7
21.9
23.2
25.0
1053—June
September. . . .
December
96 2
98.7
101.0
70 9
73.0
75. G
2 7
2.8
2.8
22 6
22.9
23.2
88 7
91.2
93.3
62 5
64.6
66.3
1954—March P
TuneP
September*9. . .
December?. . .
103.1
106 2
109.8
113.6
76.8
79 5
82.5
85.7
2.7
2 7
2.7
2.8
23.6
24 1
24.6
25.0
95.3
98 2
101.6
105.3
67.7
70.0
72.6
75.6
2.0
1.8
1.4
1.1
.9
.6
5
.6
1.1
1.4
2.0
2.4
2.8
Farm
Other
holders
Total
9.1
9.8
10.7
11.7
12.5
13.2
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
.25.3
27.1
29.7
9 6
10.9
12.4
14.0
15.7
17.0
18.2
20.0
50 3
52.1
53.8
12.2
12.4
12.5
26 J
26.6
27.1
17 6
17.9
18.2
55.2
57.3
59.7
62.4
12.5
12.7
12.9
13.2
27.5
28.3
29.0
29.7
18.5
19.0
19.5
20.0
7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3
Other
holders
All
holdera
8.0
4.8
6.4
7.8
7.4
4.7
4.6
7.2
7.5
8.4
4.6
4.7
5.4
6.1
6.7
6.0
5 4
FinanOther
cial
insti- holders2
tutions
4.9
1.5
1.4
4.9
3
3.7
7
1 .9
2.1
2.3
3 3
3 4
3.5
3 7
4 8
3 4
4.9
5 1
5.3
4.5
4.1
3.4
7.2
7.6
5.6
6.1
8.0
8.3
8.9
6.6
7.2
7.7
9.7
8.2
3.3
4 3
4 6
5.0
8 6
8.7
8.9
7 5
7.6
7.7
3 0
3.0
3.0
4 5
4.6
4.6
9.0
9 2
9.5
9.7
7.S
8 0
8.1
8.2
3.1
3 2
3.2
3.3
4.7
4 8
4.9
5.0
2.6
2.8
3.0
4.0
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 1954 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 with "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]
End of year
or quarter
Commercial bank holdings2
Mutual savings bank holdings4
Nonfarm
Nonfarm
Residential3
Total
Total
Totai
4 906 4,340
4 2 56
4,058
3 967
4,251
6 533
8,623
10 023
10 736
12,695
13,728
14,809
15,768
17,465
1O-K
A 7A(}
Farm
Other
Residentiais
Total
Total
FHA- VA- Coninguar- vensured anteed tional
Total
,292
1,048
566
332
3 ,256
924
401
4,812 4,784 3,884
4,62,7 4,601 3,725
4,420 4,395 3,558
4,305 4,281 3,476
4,208 4,184 3,387
4,441 4,415 3,588
4,856 4,828 3,937
5,806 5,773 4,758
6,705 6,668 5,569
8,261 8,218 7,054
9,916 9,869 8,595 2
11,379 11,327 9,883 3
12,943 12,800 11.334 3
15,000 14,945 13,195 3
194?
1943
1944
1945
1946
1947
1948
1940
1950
1951
1052
19.53
1954*
4,521
4. 43()
4.772
7,234
9,446
10,897
11 64*
13,664
14,732
15,867
16.850
18,630
1Q53—j une
September
December
16.387 15,283 1? 545 3,798 3 013 5 , 734 2,738 1 ,104 12,112 12,062 10,574
16,640 15,550 12 ,770 3,860 3 040 5 ,870 2,780 1 ,090 12,500 12,450 10,930
16,850 15,768 12 ,925 3,912 3 061 5 ,951 2,843 1 ,082 12,943 12,890 11,334
,218
,395
s ,146
6 ,933
8 , 066
8 ,676
10 ,431
11 ,270 3',421 *2 921 4 ,929
188 3.675 ^ 019 5 501
i ? 0?5 3.912 3 0 6 1 5 ,9.51
14 ,200 4,225 3 375 6 , 600
075 5 070
965
16 970 15 870
3,960 3 116 6 ,144
17,366 16,227 n
Septembers,.. . 17.970 16.810 13 . 600 4,105 3. 230 6 ,355
December?.... 18,630 17,465 14 ,200 4,225 3, 375 6 ,600
1954—March P
802
740
856
1.387
1,690
1 ,957
2,060
2,264
2,458
2,621
2,843
3,265
2,905
3,007
3,120
3,265
463
463
521
70?
823
874
909
968
1 ,004
1 0.58
1 ,08?
1 ,165
1 100 13,345
1 139 13,881
1 . 160 14.415
1 ,165 15,000
13,292
13,826
14.360
14,945
11,700
12,181
12,665
13,195
Farm
FHA- VA- Coninguar- vensured anteed tional
567 1.726
168 2,237
480 3.0.53
900 4,150
4 303
4 477
4 792
5 145
Other
90(1
876
837
805
797
8?7
891
1 015
1 000
1 ,164
1 ,274
1 ,4-44
1 , 5.56
1 , 750
3 3?.5 2,590 4 65H 1 ,488
3 405 2,785 4 740 1 ,520
3 489 3,053 4 792 1 ,556
3 560 3,295
3 650 3,579
3 770 3,830
3 900 4,150
28
26
25
24
24
26
28
34
37
44
47
53
53
55
4
1 50?
50
50
53
53
4 04?
1 , 64.5
55
5 065 1 ,605
5 145 1 ,750
55
55
*1» Preliminary.
Includes all banks in the United States and possessions. 2Includes 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.
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 Hanks.
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 1955
405
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Year or month
Total
Total
1940
1941
1942 .
1943
1944 .
1945 , „
1946
1947 ,
1948
1949
1950
1951
1952
1953
1954
898
855
935
976
195 j.—Febru ary.
March
April
May
July
August
October
November
December
VAguaranteed
Farm
178
266
1,202
1,350
1,486
1,058
*817
673
1,377
1,469
1,546
1,642
2,108
2,371
2,313
2,653
2,871
319
277
44
46
187
42
419
443
342
451
421
464
484
471
571
372
403
318
410
393
435
459
446
538
68
47
48
60
51
53
53
56
80
227
270
185
250
244
249
250
242
275
47
40
24
41
28
29
25
25
33
62
77
86
85
100
98
133
156
148
183
208
318
43
521
479
69
161
249
42
495
443
66
118
259
52
588
864
600
366
131
938
1,294
429
455
FHAinsured
Total
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,925
4,921
451
Total
Other
1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,345
5,334
631
195 5— Tanuary
February
FHAinsured
Nonfarm
293
307
362
411
372
420
413
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
23,322
25,927
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
21.436
23,881
23,570
23,769
24,005
24,174
24,384
24,572
24,795
25.035
25,260
25,574
25,927
26,223
26,474
Farm
VAguaranteed
Other
899
913
896
841
800
776
668
815
1,096
1 286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
795
895
5,257
5.681
6,012
6,122
256
S44
1,106
1,224
2,026
3 131
3,347
3,560
4,636
4.876
5,538
6,356
7 090
8,176
9 399
10,518
11,864
13,123
1,138
L.327
1,527
1,705
1,886
2,046
21,660
21,845
22,060
22,212
22,403
22,575
22,786
23,019
23,235
23,540
23,881
6,037
6,066
6,081
6,088
6,091
6,095
6,100
6,098
6,103
6,133
6,122
3 626
3,683
3,746
3,804
3,886
3 951
4,048
4,187
4 302
4,451
4,636
11 997
12,096
12,233
12 320
12,426
12 529
12,638
12,734
12 830
12,956
13,123
1,910
1,924
1.945
1,962
1,981
1,997
2.009
2,016
2,025
2,034
2,046
24,171
24,405
6,132
6,156
4 771
4,861
13 268
13,388
2 052
2,069
990
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 Xews Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Total
New
construction
Home
purchase
Other
pur- Total'
poses 1
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
8,969
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2.105
2.475
3,076
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955
3.4S8
3,846
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
2,047
176
246
257
254
283
281
220
Sept..
Oct...
Nov..
Doc...
539
710
732
728
810
802
841
828
824
807
853
1955- Jan...
Feb...
744
775
252
265
1941
1942 .
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954..
1954-Feb...
Mar..
Apr..
May..
June..
July
AUK..
1
278
295
301
341
349
372
369
364
357
326
340
[Number in thousands; amounts (except averages) in millions of dollars]
Loans outstanding (end of period)2
Loans made, by purpose
Year or
month
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
FHAinsured
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
563
11,616
717
13,622
841
15,520
864
18,336
904
21.882 1,044
26,142 1,171
143
176 22,722 1,083
177
173
185 23,847 1,102
173
180
177 25,053 1^150
177
172
1S9 '26\i42
VA- Convenguaranteed tional
Amount, by type of lende r
Year
or
month
2,397
2,586
2,969
3,125
3,385
3.961
4,714
1941.
1942.,
1943..
1944..
1945..
1946.,
1947.,
7,345 1948.,
8,313 1949.,
9,812 1950.,
11,530 1951.,
14,047 1952.,
Ifi.877 1953
20,257 1954
4,111
17,528
4,277
18.468
4^503
19,400
4,714
20^257
166
171
Includes loans for repair, additions and alterations, refinancing, etc.
Prior to 1948, data are not available for classifications shown.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
1954-Fcb...
Mar..
Number
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
3,458
Total
4
3
3
4
5
732
943
861
606
650
10,589
11
11
11
16
729
882
828
179
16,405
18,018
19 747
22 974
1 425
MPay.°.
June..
July .
Aug..
Sept..
Oct...
Nov...
Dec...
229
281
280
278
303
306
312
313
314
307
318
1 793
1 805
1 ,990
2 027
2 086
2 122
2 156
2 148
2 ,267
1955-Jan...
Feb...
284
277
2 ,024
1 ,958
1,784
Sav- Insurings & ance
loan
com&iisns. panies
Com- Mutual
mersav- Other
ings
cial
banks h inks
Average
amount
recorded
(dollars)
1 490
170
237
560
017
483
650
629
3 648
5 060
5 295
6,452
7,365
8 312
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1.4S0
1,768
1 166
886
753
878
1 097
2 712
3 004
2 664
2 446
3 365
3 370
3 600
3 6S0
4 239
218
166
152
165
217
548
597
745
750
1 ,064
1 ,013
1 ,137
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
7,154
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,753
5,335
5,701
5.950
6,241
6,644
517
666
669
675
741
734
770
766
765
274
335
333
330
368
371
369
383
393
399
420
85
103
112
118
133
141
138
141
140
147
158
444
757
784
105
124
130
124
146
155
166
164
178
177
191
550
558
602
626
643
668
679
667
714
6,223
6,339
6,411
6,484
6,573
6,625
6,684
6,789
6,874
7,004
7,131
688
702
165
151
379
365
128
116
665
624
7,120
7,077
1
1
1
2
3
3
3
1 327
1 ,501
556
Source.—Home Loan Bank Board.
2
3
406
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
[In millions of dollars]
VA-guaranteed loans 8
FHA-insured loans
Year
or
month
Home
mortgages
Total
Total
1940
991
?941
1 152
1942
1,121
934
1943
877
1944.
«945
857
1946
3,058
1 9 4 7 . . . . . . . . . 5,074
1948
5,222
1949
5,250
1950
7,416
1951..
6,834
1952
5.830
1953
6,946
1954
7,323
1954--Mar. . .
471
493
Apr
512
May...
June . . .
579
531
July....
Aug.. . . 680
Sept...
679
Oct
770
Nov....
760
843
Dec...
1955—Tan
Feb
931
840
991
1,152
1,121
934
877
665
756
1,788
3,341
3,826
4,343
3,220
3,113
3.882
3,066
New
properties
588
728
766
5S3
484
257
120
477
Projecttype
Ex- mortisting gages1
properties
175
183
208
210
224
217
302
418
684
892
856
713
974
Property
im- Total
provement2
loans
13
14
21
85
56
20
13
360
609
216
228
126
86
114
171
321
534
614
594
694
708
348
New
properties
Alteration
Exand
isting repair2
properties
192
2,302
3,286
1,881
1.021
1,424
3,073
1,157
582
3,614
969
322
2.721
1,259 1,030
259 1,334 3.064
907
232
891
1,035
4,257
1,434
1,319
1,637
1,216
Home
mortgages
793
629
3
5
6
6
6
5
1,865 1,202
2,667
942
1,824
890
2,045 1,014
2,686 1,566
246
95
67
16
69
225
160
65
.4
245
243
83
74
248
269
163
171
85
98
.8
.3
86
75
72
17
25
76
71
270
238
262
70
72
24
14
40
82
70
71
309
293
418
200
178
251
109
115
167
.3
.3
.2
77
80
79
79
79
59
74
33
9
101
89
410
518
252
307
157
211
.5
.4
287
91
92
92
109
7
23
76
63
494
556
304
337
189
219
.5
.4
309
274
107
89
145
.138
5
12
52
36
622
567
390
357
231
209
1.2
.7
269
252
266
1
Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgage? ; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, i vhereas tliose
tor more than t lat amount must be.
3
Prior to 1949, data are not available for classifications shown.
XOTF1:.—FIIA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previouslv insured oi guaranteed loans. For VA-guarantecd loans , amounts by
type are derive 1 from c ata on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.
2
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1
[In millions of dollars]
End of year
or month
Author- Comized
mitfunds ments
unancomdismitted bursed
Mortgage holdings
Total
FHAinsured
VAguaranteed
198
672
1.044
677
53R
542
614
528
848
918
661
1 .. 085
550
0)
227
824
485
239
323
638
476
199
828
1,347
1,850
2.242
2,462
2,434
188
403
169
204
3?0
621
802
11
425
1,178
1,646
1 922
1 ,841
1,632
539
539
560
570
540
594
631
678
0)
0)
745
812
791
779
737
700
654
603
547
476
2,366
2,299
2,299
2,301
2,371
2,355
2,362
2,368
2,396
2,434
653
667
680
700
724
733
745
752
773
802
1,713
1955—January
February....
March
0)
0)
0)
418
359
217
2,462
2,488
2,512
817
832
839
I ,OJZ
L.619
1,601
1,647
1,622
1,618
L.616
1,623
1,632
1 ,645
L,656
1 ,673
20
469
111
5»iS
49
50
38
50
120
33
38
39
50
64
221
525
98
108
30
37
37
39
19
23
11
15
48
48
54
10
8
18
*No authorization figures shown after October since under its new charter,
effective Nov. 1, 1954, FNMA maintains three separate programs, for which the
type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
APRIL 1955
Conventional
Total
Total
FHA- VAinguarsured anteed
17 3
2 3
18.2
17 8
17.9
3.7
23.1
28! 2
33.3
37.5
45 i
51.9
58! 7
66 3
75!6
6*1
9.3
12 !5
15.0
18 g
22.9
25.4
28 1
31.5
10! 8
12 0
12^8
1952—Mar..
June..
Sept..
Dec...
1953—Mar...
June..
Sept...
Dec.. .
53.3
55.1
57.0
58.7
60.4
62.5
64.6
66.3
23.5
24.0
24.7
25.4
26.1
26.7
27.5
28.1
10.1
10.4
10.8
11.1
11.4
11.7
12.0
13.6
13.9
14.3
14.6
15.0
15.3
15.8
16.1
29.8
31.1
32.3
33.3
34.3
35.8
37 A
38.2
1954—Mar. P.
June*.
Sept. P.
Dec.P.
67.7
70.0
72.6
75.6
28.8
29.7
30.5
31.5
12.2
12.4
12.6
12.8
16.6
17.3
17.9
18.7
38.9
40.3
42 1
44.1
1940
1941
1942
1943
1944.
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954P
2 3
30
3.7
4 1
4 2
4 1
4.2
3" 7
5]3
5^9
3]g
9.7
9.9
15 0
* !2
2.4
s!s
7 [2
in' 3
13.2
14! 6
16 1
18!7
14!5
13.7
13! 7
n!o
20! 8
22! 5
29 !o
33.3
38 2
44 !l
p Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources,—Home Loan Bank Board Federal Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
Mort- Mortgage
gage
pursales
chases (during
(during period)
period)
t948
i 949
1950
1951
.
? 952
1953
1954
1954—March
April
May
June
July
August
September...
October
November. ..
December....
Governmentunderwritten
End of
year or
quarter
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
Short-1
term
Long-2
term
1945...
1946
1947
1948
1949
1950
1951
1952
1953
1954
278
329
351
360
256
675
423
586
728
734
213
231
209
280
337
292
433
528
640
818
195
293
436
515
433
816
806
864
952
867
176
184
218
257
231
547
508
565
634
612
19
109
217
258
202
269
298
299
317
1954— March
April
May.,. .
June
July
August
September.
October.. .
November.
December.
36
35
28
106
53
59
69
63
74
171
84
51
33
39
98
31
38
45
38
47
630
613
608
675
630
659
689
708
743
867
396
382
377
428
406
422
452
471
495
612
233
231
231
247
223
236
237
236
248
255
1955—January...
February..
March. . . .
38
34
71
188
63
58
7J7
688
702
491
466
464
226
223
238
255
1
Secured 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.
2
407
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
Total
Total
1939
1940
1941
1945
j 946
1947
1948
1949 . . .
1950
1951
1952
1953
1954
.
1954—February
March
April
]VIay
. ..
June
Tuly
August
September
October
. ..
November
December .
1955—January
Februarv
Repair
and modernization
loans 2
Other
Automobile consumer
goods
paper i
paper!
7,222
8,338
9,172
4,503
5,514
6,085
'
1,497
2,071
2,458
5.665
8.384
ii,57O
14,411
17,104
20,813
21,468
25,827
29,537
30,125
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396
28,140
27,833
28,095
28,372
28,666
28,725
28,736
28,856
28,975
29,209
30,125
21,582
21,381
21,426
21,487
21,717
21,849
21,901
21.935
21.952
22,014
22,467
10,010
9,919
9,942
10,002
10,168
10,298
10,349
10.365
10,340
10,296
10,396
'29,760
29,518
22.436
22,508
10,459
10,641
455
981
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1,620
1,827
1,929
298
371
376
1.088
1,245
1,322
2,719
2,824
3,087
787
800
845
1,414
1,471
1,645
816
182
405
718
843
887
1,009
1,496
L.910
2,229
2,444
2,805
3,235
•1,851
4,366
4,787
3,203
4,212
4,875
5,443
5,588
6,323
6,63!
7,143
7,350
7,658
746
1,122
1,356
1.445
1,532
1,821
1,934
2.094
2,219
2,420
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
1,014
1,166
1,285
1,376
1,496
1,601
\ , 707
1 .720
1 ,720
4,361
4,405
4,454
4,481
4,547
4,586
4,616
4,641
4,651
4,689
4,787
4.794
4,833
6,558
6,452
6,669
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658
'•7.3 24
7,010
2,133
2,150
2,181
2,313
2,334
2,303
2,312
2,335
2,377
2,407
2,420
2,682
2,564
2,723
2,786
2,819
2,773
2,734
2,807
2,892
3,042
3,518
1 ,743
1,738
1,765
1 ,786
1,796
i ,800
1,789
1,779
1 ,754
1,746
1.720
'2.371
2.427
3.225
2,831
1,728
1,752
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668
i.006
1,090
.,406
1,649
1,616
,623
1,614
1,617
1,634
1,635
1,637
, 642
., 642
,637
,631
L ,616
5,588
5,443
5,413
5,370
5,367
5,328
5,294
5.287
5,324
5,398
5,668
5,609
5,484
.574
,550
518
553
597
845
r
Re vised.
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 are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
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
Department
stores 1
Furniture
stores
Household
appliance
stores
Automobile
dealers 2
Other
1939
1940
1941
4,503
5,514
6,085
3,065
3,918
4,480
1,079
1,452
1,726
1,197
1,575
1,797
132
171
198
657
720
759
1,438
1,596
1,605
354
394
320
439
474
496
183
196
206
123
167
188
339
365
395
1945
1946
1947
1948
1949
1950
1951
1952
19*3
1954
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
1,776
3,235
5,255
7,092
9,247
11,820
12,077
15,410
18.758
18,935
745
1,567
2.625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
300
677
1,355
1,990
2.950
3,785
3,769
4,833
6,147
6,421
102
151
235
334
438
590
635
837
1.1 ?4
1,293
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
686
937
1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532
131
209
379
470
595
743
920
1,117
1,040
1,201
240
319
474
604
724
791
760
866
903
890
17
38
79
127
168
239
207
244
291
293
28
47
101
159
239
284
255
308
380
394
270
324
407
516
543
613
618
739
815
754
1954—February,
!March
April
..
May
1 u n.e
Inly
.
. .
Au gu st
September
October
. . . .
November
Dpcpmhpr
21,582
21,381
21,426
21,487
21 ,717
21,849
21,901
21.935
21,952
22,014
22,467
18,300
18,192
18,245
18,325
18,538
18,671
18,731
18,753
18,726
18.719
18,935
8,755
8,714
8,722
8,729
8.783
8,763
8,731
8,688
8,637
8.586
8,633
5,974
5.892
5,901
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6.421
1.115
L, 136
1,157
1,175
1,207
,228
,250
.267
1,270
1 ,282
1 ,293
2,456
2,450
2,465
2,477
2,488
2,491
2,494
2,504
2,504
2,526
2,588
3,282
3,189
3,181
3,162
3,179
3,178
3,170
3,182
3,226
3.295
3,532
1.065
1,031
1,032
L.O27
1,037
L,O32
1,032
,041
L.063
1,098
1,201
849
829
823
821
820
818
821
822
830
846
890
281
276
274
271
273
277
276
278
282
283
293
370
366
368
771
379
386
389
390
390
390
394
717
687
684
672
670
665
652
651
661
678
754
1955—Tanunry
February
22.436
22,508
18.977
19,153
8.651
8 ,£88
6,1-62
6,570
1 .282
1 ,298
2.582
2,597
3.459
3,355
1.158
1 ,108
862
848
291
286
397
404
751
709
1
3
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
408
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]
Total
noninstalment
credit
End of year
or month
1939
1940
1941 . . . .
Financial
institutions
(single-payment loans)
Retail
outlets
(charge
accounts)
Service
credit
Commercial
banks
Other
625
636
693
2,719
2,824
3,087
Department
stores 1
Other
162
164
152
236
251
27S
1.178
1,220
1,370
518
553
597
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
674
1,008
1,203
1,261
1,334
1,576
1,684
1,844
1 ,899
2,085
72
114
153
184
198
245
250
250
320
335
290
452
532
575
584
641
685
730
748
764
1,322
1,624
1,821
2,138
2,096
2,365
2.411
2,612
2.663
2,754
S45
1 014
1.166
1285
1.376
1.496
1,601
1,707
1,720
1,720
6,558
6,452
6,669
6,885
6,949
6,876
6,835
6.921
7,023
7,195
7,658
1.841
1,845
1,883
1,918
1,977
1,989
1,985
1.997
2,067
2,049
2,085
292
305
298
395
357
314
327
338
310
358
335
526
483
502
499
497
448
446
488
517
574
764
2,156
2.081
2,221
2,287
2,322
2,325
2,288
2,319
2,375
2,468
2 ,754
1,743
1,738
1.765
1,786
1,796
1,800
1,789
1,779
1,754
1,746
1 ,720
1955--January.. . '7,324
February.. 7,010
2,048
2,085
'323
342
623
2,602
2.296
1 ,728
1 ,752
1945
1946
1947
1948
1949
1950
1951
1952
J 953
1954
. .. .
.
1954—February..
March.'. . .
April
May
June
July
August....
September.
October. . .
November.
December.
1
Includes mail-order houses.
Repair
and
modernization
loans
Automobile
paper
1,197
1,575
1,797
878
1,187
1,363
115
136
167
148
190
201
56
62
66
300
677
1,355
1 ,990
2,950
3,785
3,769
4,833
6.147
6,421
164
377
802
1,378
2.425
3.257
3,183
4.072
5,306
5,563
24
67
185
232
303
313
241
332
367
351
58
141
242
216
83
57
70
82
83
81
54
92
126
164
139
158
275
347
391
426
August
. .
September. . .
October
November. . .
December....
5,974
5,892
5,901
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421
5,150
5,079
5,089
5,136
5,249
5,371
5,436
5,474
5,491
5,491
5,563
351
340
336
331
331
335
335
336
337
340
351
85
84
84
83
83
82
82
81
81
81
81
388
389
392
394
397
401
403
403
406
413
426
1955—January
February....
6,462
6,570
5,603
5,709
350
349
79
78
430
434
1939
1940
1941
1945
1946
1947
1948
19^9
1950
1951
195?
1953
1954
.
..
.
.
1954—February. . . .
March .
May
June
July
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1940.
1941
1,079
1,452
1,726
237
339
447
178
276
338
166
232
309
135
165
161
363
440
471
5 945
1946
1947
1948
1949
1950
1951
1952
1953
1954
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8.998
8,633
66
169
352
575
849
1.177
1,135
1,633
2,215
2,198
143
311
539
753
94fi
L.294
1,311
1,629
1,867
L,645
114
299
55G
794
1.016
1,456
1,315
1,751
2,078
1,839
110
242
437
568
715
834
88R
A37
,317
,275
312
546
747
839
913
,037
,122
,374
,521
,676
1954—February..
March. . . .
April
May
June
July
August... .
September.
October. . .
November.
December.
8,755
8,714
8,722
8.729
8,783
8,763
8,731
8,688
8,637
8.586
8,633
2,162
2,164
2,180
2,195
2,237
2,240
2,230
2,224
2,207
2,188
2,198
1,773
i, 755
1,745
.,735
1,729
1,720
1,686
1,663
L, 636
L, 645
1,997
1,955
1,939
1,925
1,913
1,880
1,857
1,835
1,822
1,822
1 ,839
,290
1,279
1,281
1,293
1,293
1,297
[, 299
.,299
1,296
1,287
1,275
1,533
1,561
1,577
1,581
1,611
1.626
1,638
1,644
L.649
1,653
1,676
1955—January.. .
February..
8,651
S, 688
2,208
2,241
1,656
., 6S0
1,859
1 ,845
,241
1,21.9
,687
. 703
L,7O7
[Estimated amounts outstanding, in millions of dollars]
Total
instalment
credit
End of year
or month
Total
instalment
credit
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars?
Other
consumer
goods
paper
End of year
or month
End of year
or month
Personal
loans
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1940
1941
789
891
957
81
102
122
24
30
36
15
16
14
669
743
785
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
731
991
1.275
1,573
1,858
2,237
2,537
3,053
3,613
3,881
54
77
130
189
240
330
358
457
573
596
20
34
69
99
137
182
209
279
337
340
14
22
39
59
89
115
132
187
249
260
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,454
2,685
1954—February
March
April
May
June
July
August
September....
October
November. . .
December
3.571
3,586
3,622
3,652
3.695
3,719
3,744
3,771
3,774
3,808
3,881
555
555
560
565
574
581
587
591
589
591
596
.328
325
325
323
323
321
321
324
329
331
340
248
251
252
258
259
258
261
262
260
263
260
2,440
2,455
2,485
2,506
2,539
2,559
2,575
2,594
2,596
2,623
2,685
1955—January
February....
3,864
3,895
595
607
338
339
254
253
2,677
2,696
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.
APRIL 1955
409
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper
Total
Other consumer
goods paper
Repair and
modernization loans
Personal
loans
Y e a r or m o n t h
Extended
Repaid
Extended
Repaid
Extended
Repaid
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
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304
5,093
6,785
10,190
13.267
15,454
18,282
22,444
24,550
26,818
29,024
999
941
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12,532
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,511
7,863
206
423
704
702
721
826
853
1,956
2,380
2,400
2,397
2,703
2,549
2,477
2,441
2,454
2,554
3,046
2,210
2.581
2,355
2,336
2,473
2,417
2,425
2,407
2,437
2,492
2,593
809
957
1.020
1,038
1,047
1,244
1,163
1,114
1,062
1,031
,040
1,184
1,111
1,015
574
615
719
645
104
105
987
1,078
1,033
1,063
1,046
1,056
1,084
1,084
607
659
622
607
629
687
716
936
650
662
661
641
636
650
642
666
2.389
2,416
2,420
2,344
,060
I .167
997
616
985
529
2,357
2,294
2,358
2.321
2,495
2,455
2,409
2,474
2,461
2,612
2,762
2,377
2.456
2,358
2,392
2.413
2.364
2,480
2,404
2,424
2 ,500
2,488
959
957
1,114
1 ,060
1,035
1 ,077
1.068
1 ,109
1,298
1.041
1 ,053
1 ,025
1,010
1,056
1,006
1,067
1,014
1 .039
1.098
1,083
2.823
2,898
2 ,496
2,521
1.233
1 ,382
1,020
1,071
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953.
1954
. . . .
.
. . .
Extended
Repaid
Extended
Repaid
255
307
2,217
2,361
2,060
2,284
143
200
391
577
677
707
769
927
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7,299
7,827
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406
1,243
1,387
1,245
1.144
1,278
88
100
WITHOUT SEASONAL ADJUSTMENT
1954—February
March
April
May
Tune
.
Tuly
August
September
October
November
December
•
1955—Tanuarv
February
510
619
549
534
113
102
682
642
638
593
121
109
107
112
US
106
108
95
104
H08
105
107
115
111
114
110
622
691
657
644
635
630
690
831
595
625
613
614
610
620
652
733
675
67
109
646
639
654
72
96
648
609
636
601
644
688
119
115
102
110
643
621
590
605
644
604
649
666
613
629
658
658
667
678
108
115
95
98
100
109
115
108
100
105
642
618
637
631
661
595
609
591
591
630
SEASONALLY ADJUSTED*
1954—February
March
April
May
Tune . . . .
Tulv
August .
September
October
November ..
December
.
. .
...
1955— Tanuarv
February
964
984
609
633
634
652
118
106
682
668
677
631
101
113
108
725
686
658
788
684
87
104
688
£60
715
680
97
97
759
673
679
643
106
92
99
638
627
654
* Includes adjustment for differences in trading days.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
FURNITURE STORE STATISTICS
Item
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
Feb.
1955
Jan.
Dec.
1954
1955
Dec.
1954
Feb.
1955
Jan.
1955
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
-.1
-9
-39
—41
+23
+39
+2
-1
+ 10
+ 13
+2
+1
+2
-41
-27
+21
+ 19
+4
+8
+ 10
+ 14
+5
+2
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
-2
-2
-3
+6
+5
+8
+ 14
+9
+ 10
-8
-6
-4
-5
Inventories, end of
month, at retail value.
—5
^
-1
+1
-1
-9
+5
-2
410
+2
0
Instalment accounts
Year or month
Charge
accounts
Household ap- Department
pliance
stores
stores
Department
stores
Furniture
stores
1954—February.
March....
April
May
June
July
August. . .
September
October. .
November
December.
14
15
14
14
14
14
13
13
14
13
14
11
13
12
12
12
12
12
12
12
12
12
9
10
9
10
10
10
10
10
10
10
9
43
48
45
46
47
45
45
46
47
48
46
1955—January..
February.
14
14
12
11
9
9
44
43
1
Collections during month as percentage of accounts outstanding at
beginning of month.
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 1
1947-49 = 100
Industrial production
(physical volume)*
1947-49=100
Year
or month
Employment and payrolls 2
1947-49 = 100
Manufactures
Total
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
DepartWholeFreight ment
Consale
carload- store
sumer2 comManufacturing
ings* sales* prices modity2
production workers 947-49 (retail 1947-49 prices
= 100 value) a = 100 1947-49
1947-49
= 100
Pay= 100
Employrolls
ment
AdAdAdAd- U n a d - AdAdAdAdAdAd- Unad- Unad- Adjusted j u s t e d justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unadjusted
1919
I9?0
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
61.4
62.0
55.2
58.5
64.4
63.5
65.2
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
1976
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
67.6
67.9
68 0
71.0
66 7
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 6
74.2
73 3
73.3
71 4
65
62
62
61
56
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
60.4
53.5
53.7
58.8
61.3
50.2
42.6
47.2
55.1
58.8
21.5
14 8
15.9
20.4
23.5
79
59
62
67
32
24
24
27
13
41
20
18
24
25
65.0
58 4
55.3
57.2
58.7
47 4
47 i
42 8
48 7
52.0
1936
1937
1938
1939
1040
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
65 9
70.3
66 1
69.3
73 3
63.9
70.1
59.6
66.2
71 2
27 2
32.6
25 3
29.9
34 0
81
33
84
67
76
83
35
32
35
37
59 3
61.4
60 3
59.4
59 9
52 5
56 1
51 1
SO 1
51 1
1941
194?
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
5*
49
24
10
16
74
116
45
30
50
82 7
90 8
96 2
94.9
91.7
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
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
ISi
87
86
98
llf
185
79
83
105
111
142
94 8
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 4
95.5
102.8
101 8
102 8
78
96
104
Q
9
103
7
4
4
2
1
12C
124
»134
P125
121
125
114
114
P118
P116
115
114
P116
Pill
171
183
192
216
170
183
178
232
172 108 2
183 110.5
201 113 6
204 Pi 10 5
129 8
136.6
151 6
*>138.2
101
95
96
86
109
110
112
HI
111 0
P127
128
13f
PJ.S3
*138
113.5
114 4
114.8
114
111
110
110
8
6
1
3
95
92
88
Hi
113
112
115.4
115.0
114.9
110.2
109.8
110.1
140. b
140.5
138.4
135.0
135.1
136.6
132 3
135.1
138.4
139.5
142.7
143. r
90
88
85
84
84
84
115.2
115.0
114.8
114.6
115.0
115.1
115 2
115.0
114.7
114.5
114.6
114.3
110.9
110.5
110.5
111 0
110.9
84
84
87
89
93
107
109
105
111
108
112
111
112
107
113
114
117
102.0 101.5 141.8
102.7 102.5 144.0
P103.9
P103.8 147.7
Pill. 5
92
92
93
118
Pi 12
C
112
114.3
114.3
110.1
110.4
110.0
1946
1947
1948
1949
1950
. ..
. ..
,
1951
1952
1953
1954
P!36
106.4
106.3
112.0
P102.1
69
29
0
0
9
9
1
1953
A 32
129
126
136
130
124
134
131
127
151
146
142
117
115
112
114
111
113
230
224
208
182
176
177
262
255
229
113.7 110.6 112.0 152.6
113.1 108.7 109.4 148.0
112.4 107.1 107.7 147.2
125
125
123
123
325
i24
123
123
124
126
128
130
124
126
126
124
124
*24
116
123
126
130
130
128
127
126
125
125
126
I2f
1?4
125
126
128
130
131
141
139
135
134
13f
135
134
135
137
139
142
143
113
114
114
115
117
116
114
114
115
117
118
119
113
113
112
lOv
111
114
112
109
108
109
113
1U
195
196
191
196
193
207
206
218
231
241
255
259
185
201
205
213
21.6
227
233
244
253
263
264
277
202
192
182
184
178
193
188
202
217
22f
250
248
111.7
111.2
110.8
1 (0 4
110.2
110 1
109 8
109.7
110. (
110.3
110.7
110.8
132
133
Pi 35
131
135
P137
133
134
Pi 36
146
147
120
.1.21
*122
12C
1-23
23
261
261
288
297
24? 110.8
238 111 .<
P150
October
November.
December. .
1954
January
February...
March
April
.
May
Ju »ie
JulyAugust
Seotember..
October. . . .
November..
December..
105.6
104.6
103.8
102.7
102.1
101.8
100 0
99.7
100.2
100.9
101.9
102.0
105.1
104.3
103.6
101.8
100.5
100.9
98.7
100.6
102.0
102.3
102.7
102.5
82
no
110 o
4
110.5
110.0
109.7
110.0
109.5
1955
January....
February.. .
March
P]
e
Estimated,
1
r
PPreliminary.
Revised.
*Average per working day.
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. 419.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by 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.
* For indexes by Federal Reserve districts and for other department store data, see pp. 421-425.
Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515,
APRIL
1955
411
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average =100]
Industry
1947-49
.1955
Annual
proportion
1953P 1.954?, Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb,
SEASONALLY ADJUSTED
Industrial Production—Total
300.00
134
125
125
123
123
125
124
123
123
124
126
128
130
132
Manufactures—Total
90.02
136
127
126
125
125
126
125
124
125
126
128
130
131
133
134
Durable Manufactures—Total
43.17
153
137
139
135
134
136
135
134
135
137
139
142
143
1^6
147
6.70
132
108
109
103
103
106
108
103
105
105
111
118
121
127
131
28.52
5.73
13.68
9.04
4.64
7.54
1.29
167
136
160
143
194
189
155
150
123
1.42
125
177
175
140
151
123
141
130
163
179
147
147
120
138
125
163
173
144
147
119
138
125
163
174
139
148
121
138
124
163
178
138
147
122
139
124
170
170
135
147
122
141
125
173
170
136
148
124
144
125
181
166
135
149
122
147
125
189
167
137
150
124
147
123
194
169
137
152
125
148
122
198
175
138
154
125
145
120
193
187
140
156
125
145
"121
"187
"194
-141
157
126
146
125
187
196
142
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5 91
2 82
3.09
125
133
118
123
131
115
123
130
118
123
130
116
121
128
114
125
130
120
118
129
108
113
131
96
114
132
97
124
134
116
130
132
128
130
136
124
133
135
131
r
133
136
'129
134
139
129
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4 04
1 64
2.40
131
117
140
121
106
131
120
103
132
119
104
130
117
103
127
118
102
128
120
104
131
120
106
130
1Z3
109
133
123
109
132
123
110
132
123
108
132
122
108
131
722
109
'132
124
110
133
116
114
114
115
117
116
114
114
115
117
118
119
120
121
95
105
98
91
106
99
91
108
101
94
109
101
95
107
99
93
106
98
95
102
99
94
103
98
95
101
102
101
103
103
101
105
104 106
101 '103
.107 '108
105
103
107
115
Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products...
133
Nondurable Manufactures—Total
44.85
118
Textiles and apparel
Textile mill products
Apparel and allied products
11.87
6.32
5.55
107
104
110
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
113
128
99
104
115
95
102
110
94
103
113
93
103
113
94
106
119
94
107
120
95
99
97
100
97
98
96
103
117
91
108
125
94
108
122
96
•133
100
"722
'141
105
118
136
104
Paper and Printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
132
121
125
134
120
123
129
119
124
131
119
125
133
120
126
137
120
126
136
121
126
133
121
126
135
121
127
137
121
127
138
121
127
137
120
727
136
121
129
140
122
131
143
123
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
9.34
6 84
2.50
142
147
130
142
.148
125
141
146
126
139
146
122
140
146
124
142
148
125
142
148
124
141
148
122
141
149
121
144
150
125
143
150
124
145
152
127
74*
155
129
'74<?
'154
131
150
156
11 51
10.73
.78
107
107
108
106
106
120
105
106
98
106
106
103
106
107
103
110
110
108
108
108
107
105
105
101
105
105
99
105
105
102
105
105
102
106
106
100
106
106
101
r/07
70tf
106
Minerals—Total
9 98
116
111
113
112
109
111
114
112
109
108
109
113
116
••120
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8 35
2 68
36
2 32
5.67
115
78
57
81
133
113
67
52
70
134
113
68
59
69
135
112
62
52
63
137
HI
58
46
60
137
112
65
44
68
134
115
69
48
72
136
112
70
56
72
133
110
68
50
71
130
109
67
49
70
129
110
70
43
74
130
115
69
51
72
136
7/7
73
66
74
'138
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
I 63
82
81
119
113
124
106
90
123
112
101
124
110
96
124
99
78
120
106
91
121
110
99
122
108
91
125
102
83
121
102
82
121
101
81
121
105
86
125
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
71
107
123
723
120
79
74
61
55
82
77
142 P 1 4 4
r
r
118
109
126
119
123
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL P R O D U C T I O N TOTAL
1G0 00
134
125
126
126
124
124
124
116
123
126
130
130
128
131
135
MANUFACTURES—TOTAL
90 02
136
127
128
128
125
125
125
116
125
127
132
132
129
133
136
Durable Manufactures—Total
45 17
153
137
141
140
137
136
135
125
132
135
140
143
143
147
151
108
105
108
101
109
108
\\h
97
95
106
113
111
113
108
114
113
119
106
103
125
108
104
105
100
106
105
114
101
100
111
107
102
104
93
105
103
113
98
98
104
108
104
107
94
108
108
109
97
96
100
109
105
108
99
109
111
102
97
96
101
94
91
95
94
96
96
93
80
79
87
100
95
96
93
97
96
104
90
90
91
103
98
101
93
102
101
111
90
89
98
112
107
111
101
112
111
120
97
95
106
118
114
121
110
122
119
138
98
96
107
117
115
121
113
121
118
145
101
'99
110
129
124
128
11.7
130
125
1 55
113
rill
127
136
Primary m e t a l s
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings
Iron and steel castinga
Steel forgings
6.70
5 03
3.51
.37
3 05
2.62
.43
1.52
1.29
.23
132
133
138
130
139
135
165
121
115
154
1.32
136
122
138
134
165
121
119
133
*• 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.
412
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1953^ 1954?' F e b .
Industry
1955
1954
Mar
Apr.
May
June July Aug. Sept. Oct.
Nov. Dec.
Jan.
Feb.
119
147
101
115
113
97
240
107
111
96
143
118
122
147
99
114
107
100
245
115
114
101
154
116
120
147
97
107
109
102
246
108
113
102
149
112
122
149
109
114
97
102
245
109
115
101
162
112
129
158
124
118
107
112
246
107
123
111
162
122
'124
160
121
131
103
116
250
107
Ml 4
90
168
'128
'146
'159
rj 18
149
170
136
134
99
153
150
148
147
121
125
121
105
78
3120
123
117
122
84
123
175
116
125
88
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Primary nonferrous metals
1.67
Copper refining
Lead
«
Zinc
Aluminum
... .
Secondary nonferrous Tietals. . . .
Nonferrous shapes and castings....
Copper mill shapes
Mstal Fabricating
129
144
112
.33
130
120 I 120
147
147
101
102
109
113
105
103
101
102
244
240
105
103
1.13
113
100
100
154
139
114
122
28.52
167
150
.38
.09
..
Fabricated TO eta! products
Structural xr-etal parts
Stampings and misc. metal products. .
Tin cans
Furnaces, gas ranges, and heaters
.06
.04
116
101
.10
.09
.13
113
209
114
1.16
.63
126
112
,20
168
5.73
136
2.68 I 137
2.12
138
,30
129
.63
93
155
J23
103
142
93
118
137
88
89
109
84
244
88
117
139
76
102
98
98
246
105
111
100
163
103
103
159
107
127
142
98
91
114
90
2^6
108
124
11 5
160
121
138
144
145
ISO
154
156
-159
162
122
126
114
143
93
116
123
106
153
75
124
125
109
196
104
124
125
129
122
103
99
124
130
124
102
78
124
1i1
17?
109
126
127
115
142
121
105
79
97
248
86
91
76
145
10*5
114
122
99
118
252
114
'145
135
183
144
146
125
••87
126
128
125
108
97
14.2
1.47
145
14!
138
137
128
138
145
150
150
146
148
152
N >r>electncal m?cri"'nery
Farm and industrial machinery. . . . .
Farm machinery.. . . „
Industrial and commercial machinery
Machine too1?; and presses .
Laundry and refrigeration appliances.
9.04 I 143 125
8.13 ! 339 121
96
1.02
79
134
129
80
132
127
84
128
124
85
126
122
84
125
121
84
119
117
79
118
116
74
122
116
75
121
116
73
121
116
75
123
119
80
.126
119
85
129
121
90
i 136
1
181
129
134
177
122
129
167
127
3 61
112
127
157
111
122
152
88
122
150
91
122
ISO
125
1-47
123
122
146
124
125
149
122
124
'•148
120
126
149
157
K!ectrical n-jschinery
Electrical ap^?rati»s and parts
Radio and television s e t s . . , , ,
J72
167
170
172
164
182
166
3 62
159
156
162
156
166
145
151
116
176
152
234
189
154
? 80
207
1 S8
341
206
162
325
191
165
258
'191
261
196
167
272
T r a n s p o r t a t i o n equipment.-. . . . . . .
182
114
181
117
151
101
104
68
175
111
143
96
99
64
132
146
96
472
115
39
25
165
96
125
78
86
57
99
102
85
469
111
26
17
165
98
123
79
81
54
113
109
88
465
107
32
22
155
81
81
74
76
43
110
119
84
470
104
33
25
159
90
70
78
74
46
121
132
!0^
464
106
191
136
174
94
103
59
130
131
125
478
110
31
20
'200
'150
195
98
102
64
143
138
204
157
210
86
77
48
144
151
13.68
?vlachlnery
!60
7 11
123
126 j 127
5 24
11 7
131 ! 107
90
73
145
188
.68
.69
128
111
4.64
3.23
194
179
177
160
.74
230
7.54
4.80
i . 50
.66
.22
.19
.14
.07
2.58
1 30
.81
. 53
.35 !
1S9
126
146
118
112
58
183
229
160
172
121>
'124
110
'•1-16
'165
39
179
116
146
101
104
63
148
141
\ 02
472
118
43
32
18
179
120
144
93
99
58
134
135
113
471
106
24
12
Instruments and related products..
1.29
155
140
147
145
140
138
136
13.2
132
137
138
140
142 '141
142
Clay, Glass, and Lumber
5 91
125
123
120
122
124
126
122
109
118
129
136
130
125
-125
131
Stone* clay, *nid »i)sass products
Gias3 and pottery products
Flat glass and vitreous products. . .
Flat and o*her t^iass
Glass containers
Home glassware and n o t t e r y . . . . . .
Cement
Structural c^av products . .
Brick
Clav firebrick, nipe. and tile
Concrete and plaster products
Misc. stone and earth manufactures..
2 82 133
1.09
123
.60
136
139
.47
.26
120
.23 | 91
32 1 132
126
120
130
133
121
92
12S 130
117" 117
136
118
134
136
112
84
1SS
118
128
112
169
144
139
125
141
144
119
92
15?
115
137
124
144
148
105
93
l^S
117
124
114
166
146
135
120
148
151
93
80
131
113
112
115
162
149
'114
'155
147
1 16
136
134
116
126
127
125
80
151
116
126
112
172
140
132
'126
'148
'151
'114
101
90
110
148
141
128
107
119
119
118
63
150
111
116
109
170
134
134
i 11
113
111
161
1-10
128
121
130
131
125
93
118
107
102
1 i?
152
139
131
118
131
133
117
85
Lumber and products
Lumber
Millwork and plywood
Willwork
Softwood nlvwood
J39
115
91
126
108
274
91
123
107
191
139
275
88
'118
195
92
102
98
128
116
145
83
116
91
93
90
95
85
123
106
264
88
274
88
88
125
121
126
Autos
^rucks
Lipht tri]fk«
..
Medium trucks . .
K'-^iw trucks
Truck trailers
Auto and tru>"k parts
.. . .
Shipbuilding and repair
Railroad cars
Furniture and Misc.
„...
Products.
Manufactures
Furniture and fixtures
Household furniture
Fixtures and office furniture
Miscellaneous manufactures
. . .
i
.35
. 12
117
465
135
72
64
110
106
.20
.48
163
.58
143
3.09
2.05
.60
39
118
112
.12
.29
183
175
114
109
131 1 i ^38
92 i 103
103
95
62
59
164
133
143
130
!04
101
,17-1
489
112
125
39
54
42
29
115
no
116
101
104
66
152
133
100
-485
123
54
44
150
101
475
119
49
124
121
93
132
111
115
110
157
135
124
126
126
87
137
111
113
112
161
135
115
123
125
127
81
138
115
124
111
164
11 3
168
146
137
'479
110
32
476
112
36
20
'82
119
107
101
129
147
150
124
89
112
106
156
151
199
99
106
161
123
222
88
109
160
110
241
90
117
109
164
109
253
90
248
90
122
117
161
119
229
91
4.04
131
121
122
121
115
114
116
112
121
125
129
128
1.64
1.10
.54
2.40
117
118
116
106
106
107
107
105
110
106
105
107
101
100
103
98
99
98
100
107
108
106
112
108
113
116
107
112
115
107
112
115
108
109
110
106
113
96
103
100
98
105
140
131
133
131
125
124
127
121
130
136
140
139
134
129
134
149
118
113
163
111
155
128
110
187
23?
87
134
119
207
164
100
101
186 '195
137
1 15
108
v Preliminary.
* Revised.
For other footnotes see preceding page.
APRIL 1955
413
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1 9 4 7 - 4 9
proportion
Industry
Annual
1953*
1954*
1954
Feb. Mar. Apr. May
June
July
1955
Aug.
Sept. Oct.
Nov. Dec.
Jan.
Feb.
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
118
116
115
115
114
114
115
107
117
119
123
120
115
119
122
11.87
107
100
105
105
100
98
96
86
103
99
105
104
98
108
112
6.32
3.72
2.30
104
!07
95
95
95
94
94
115
101
100
100
103
61
99
97
102
99
95
107
96
68
84
64
105
110
116
95
99
97
100
96
112
86
103
109
104
121
101
r98
'104
95
127
90
'104
rll4
105
M32
108
101
101
98
82
85
80
105
65
68
102
97
93
96
92
110
82
97
100
104
67
73
69
77
67
70
T-70
81
68
106
106
110
98
106
103
Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill p r o d u c t s
Cotton and synthetic fabrics
Synthetic fabrics
Fabric finishing
W o o l textiles
Knit poods
Hosiery
..
.
•
.
.97
.45
.97
101
78
108
93
66
.16
91
76
102
58
72
.75
75
116
113
118
102
119
64
106
108
113
97
103
54
109
119
1.27
102
95
58
105
112
120
93
96
63
80
59
103
1.11
119
91
93
86
71
85
83
77
68
66
36
11©
105
116
108
103
99
91
113
96
92
89
1.24
103
115
117
102
111
79
78
95
81
80
56
75
87
52
57
101
104
110
98
92
98
118
114
146
105
95
77
106
100
130
107
1.15
.65
.45
.20
Seamless hosiery
.50
.48
.31
W o v e n carpets ».....„
5,55
1.78
A p p a r e l a n d allied p r o d u c t s
101
99
72
97
70
104
98
74
78
86
66
89
71
78
79
77
66
113
113
116
107
112
113
115
118
107
112
70
79
82
110
101
109
1.06
108
100
113
110
104
126
.102
69
72
68
79
69
110
109
112
102
111
71
67
'105
110
114
100
'98
62
71
84
83
107
99
113
116
124
102
127
110
108
88
88
66
121
102
130
110
96
87
90
52
99
93
115
106
'115
98
102
60
'126
120
'152
103
113
97
100
59
124
127
163
109
rl22
125
W o m e n ' s suits and co?ts
Misc. apparel and allied mfrs
1.92
112
103
83
82
67
116
109
129
103
104
118
138
165
107
98
94
96
127
97
Slubber and Leather Products
3.20
113
104
108
108
104
103
106
86
98
105
114
108
1.47
115
114
118
116
108
11S
133
81
69
111
107
.30
.77
111
120
99
120
94
75
118
112
111
114
85
84
94
.132
116
117
114
147
124
105
110
99
124
118
111
122
96
125
OX
.70
.40
128
117
117
1.73
99
91
92
89
95
102
87
95
101
82
94
86
93
89
90
96
JO?
87
91
94
83
89
73
79
94
89
93
81
78
70
98
88
96
72
Mien's suits and coats
Men's suits
... ,
M'PTVS oi1 tercoat^
Shirts and w o r k clothing
.
.73
.
.50
.13
.99
1.S5
.76
....
R u b b e r products
Tires and tubes
Truck and bus tires .
^Miscellaneous rubber oroducts
Leather
Cattlehide leathers
.
.
.44
.29
.15
117
92
75
92
96
56
133
126
164
116
80
48
113
101
126
100
89
92
82
65
.132
116
102
96
108
88
84
80
121
105
80
97
119
133
100
124
71
86
87
71
75
65
76
73
72
104
99
132
103
102
105
93
104
116
106
138
108
72
84
69
112
119
.124
106
104
108
82
80
72
110
111
110
137
'•128
116
119
113
'139
'143
130
136
121
•-154
141
134
141
.125
PI 47
94
88
94
94
88
95
112
75
73
1C5
'•94
'101
79
98
104
86
.90
.39
100
90
91
91
82
79
84
87
94
95
97
98
94
91
100
Paper and Printing
8,93
125
125
124
127
128
126
126
116
124
128
133
131
125
127
131
Paper and allied products
Pulp and paper.. . . .. , ...,.
W o o d pulp
3.46
1,76
132
130
134
132
133
132
145
137
133
148
125
119
116
118
129
134
125
118
120
119
137
130
MA
136
133
1.45
127
!22
121
125
139
130
113
134
176
155
171
172
171
137
133
131
139
116
146
170
146
140
158
J 33
17?
119
136
136
137
135
\ 3>
144
120
116
133
109
99
96
102
126
112
123
1.24
119
139
137
134
150
i.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
134
132
148
125
117
170
117
134
132
125
136
140
139
160
131
121
127
124
142
137
129
140
140
141
129
127
142
120
112
124
112
135
122
115
131
131
128
347
M8
136
131
146
125
121
121
116
137
128
124
141
135
158
140
142
135
133
148
127
124
121
122
138
131
121
137
136
136
.51
'140
158
132
123
132
'1H
'150
1 36
M22
147
165
139
127
138
132
154
146
126
148
J 16
155
P r i n t i n g a n d p u b l i s h i n g
N e w s p r i n t c o n s u m p t i o n .
J o b printing a n d
periodicals
5.47
1.85
3.62
121
120
119
118
114
120
121
122
129
1.19
121
125
119
119
119
120
113
102
119
116
107
120
122
120
121
120
123
125
129
122
125
130
123
123
124
118
114
'•120
121
U\
Chemical and Petroleum Products.
9.34
142
144
142
140
139
139
133
139
143
147
149
'150
154
C h e m i c a l s a n d allied p r o d u c t s
6,84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
147
154
149
155
183
186
156
144
116
112
131
113
118
124
150
150
157
148
192
152
135
144
138
138
140
124
115
136
150
150
159
148
193
144
142
141
122
122
122
127
115
170
147
150
157
148
190
127
145
141
114
109
131
111
116
173
145
150
159
147
179
120
149
141
104
95
132
104
144
152
155
151
183
122
157
143
96
85
127
99
117
107
137
1-4 =5
148
144
149
121
148
143
91
80
126
69
117
95
144
150
151
150
170
126
152
146
96
84
129
104
117
99
149
1 SI
155
152
195
137
148
147
109
101
131
116
115
109
1.55
1
60
161
159
197
143
165
148
138
139
134
117
115
113
156
166
170
165
1.96
151
173
154
130
126
139
105
118
112
r\57
169
'175
.167
207
1.80
171
'155
'12 7
125
135
103
116
'116
161
175
181
173
Miscellaneous leather products
Coarse paper
IVTiscellaneous paper ..
Puildins D a p e r a n d boarff
C o n v e r t e d p a p e r products
Sanitary
p a p e r
products
134
133
138
122
149
144
121
153
129
120
Basic inorganic chemicals
Industrial organic chemicals
Synthetic rubber
....
Syr'hetic fibers
Miscellaneous organic chemicals..
Vegetable a n d animal oils
Vegetable oils
Grease a n d tallow
,
S o a p a n d allied products
Paints
Fertilizers
141
no
1 74
145
138
1.52
1 SI
153
'Ml
1 "}5
'156
122
122
142
148
157
152
1 84
136
152
146
118
113
133
108
116
122
118
136
129
137
141
141
149
137
156
171
165
164
200
147
174
151
140
1.40
137
105
117
108
" 1 78*
157
128
123
143
108
117
124
r
r> Preliminary.
Revised.
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLEfor December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
2
TIN
414
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion 1 9 5 3 P 1.954*' Feb.
Industry
1954
Mar. Apr. M a y
.1.955
June July Aug. Sept. Oct.
Nov.
Dec.
Jan. Feb.
129
136
143
139
214
135
172
92
116
110
90
106
129
140
146
141
237
140
.177
97
108
93
62
132
142
146
142
716
146
184
101
134
109
96
70
WITHOUT SEASONAL ADJUSTMENT
—Continued
2.50
1.97
1.04
.98
125
133
141
136
.15
130
135
144
139
227
130
155
101
117
106
111
99
Foods, Beverages, and Tobacco. . . . . 11.51
107
Food and beverage manufactures.. 10.73
Food manufactures . . .
8.49
1.48
Meat products
.46
Reef
. S3
PorV
107
108
115
129
104
105
108
112
93
^06
P ePt er o
n d coal p r o d u c t s . . . .
t rloel ue umm arefining
Gasoline
. . .
.
A u t o m o t i v e pasoline
... .
A v i a t i o n gasoline
F u e l oil
D i s t i l l a t e fuel oil
06
.56
.30
.26
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding
,10
.17
.26
.69
.14
.07
.19
.28
Butter
Concentrated milk
Canned ?nd frozen foods
Grain-mill products
Wheat flour
1.13
1.16
Eakerv products
Siiora.r
Cane sugar
Beet sugar
Confectionery
Miscellaneous food preparations . . .
1.64
.46
.70
Bottled soft drinks
Alcoholic beverages.
Beer and ale
27
.11
.13
.71
1.41
2.24
54
1/70
1.02
Liquor bottling
Tobacco m a n u f a c t u r e s
Cigarettes
Cigars
106
81
122
100
113
113
108
?02
104
105
116
109
99
r99
91
110
98
M02
138
140
133
85
99
'•95
76
78
•77
103
87
114
94
93
100
81
106
100
84
97
99
124
129
117
92
101
102
86
84
72
102
85
113
95
110
96
98
99
105
99
119
103
106
124
97
117
106
121
99
105
103
114
98
128
158
93
110
108
84
103
98
98
115
132
102
104
124
117
95
9?
71
101
78
116
96
58
116
108
106
103
80
103
122
130
141
136
229
122
150
89
97
104
120
128
137
13?
21 5
121
146
96
98
111
129
99
97
115
109
84
87
72
104
83
118
97
63
104
24
110
103
89
127
161
89
98
111
77
147
126
132
140
135
214
128
164
87
101
106
84
133
124
131
141
136
235
122
148
92
100
111
79
135
121
129
135
131
212
127
155
96
116
104
86
78
106
107
117
135
103
106
110
116
94
104
112
107
127
133
142
138
110
124
131
142
137
733
123
154
87
99
109
75
127
123
130
140
136
218
122
145
94
99
109
80
118
126
136
141
136
227
135
161
102
135
111
90
67
80
108
124
109
107
102
135
81
128
115
129
109
143
138
112
78
134
99
7?
11?
32
66
109
118
115
H7
108
138
88
115
99
114
94
H3
194
110
82
129
98
94
115
71
91
108
108
120
124
120
141
104
97
84
98
76
113
212
114
86
132
98
109
115
99
131
106
107
117
118
127
142
115
85
81
87
66
95
141
110
90
123
99
258
105
385
123
108
110
135
136
131
78
79
87
65
81
99
103
84
117
98
773
90
427
125
.105
97
101
104
136
132
134
79
85
91
70
74
87
101
80
115
98
176
87
248
87
101
88
103
24
89
103
10?
103
100
105
132
87
135
152
5 59
139
110
85
106
76
127
96
76
109
42
81
105
113
109
106
108
137
89
145
145
161
139
139
99
114
78
137
98
82
121
98
97
106
127
91
119
128
133
1*5
107
75
99
75
114
96
77
98
99
68
102
86
86
71
88
98
102
69
101
100
106
64
98
108
117
64
104
J14
128
62
104
103
122
42
85
06
112
39
85
98
93
69
115
107
84
121
142
99
79
92
139
84
83
67
90
80
85
61
76
.78
.46
.17
108
111
108
120
106
102
96
100
96
101
106
97
99
103
95
108
112
109
114
92
98
83
in
115
112
109
111
113
131
111
121
103
102
113
83
86
82
105
111
99
110
109
109
112
115
110
ill
SI!
112
114
114
117
117
121
77
55
81
79
61
82
142
139
130
P14()
P130
119
111
9.98
116
111
115
113
113
112
111
113
108
110
110
113
Goal
Anthracite
Bituminous cofi?
2.68
78
57
81
67
52
70
68
59
69
61
48
63
58
62
45
65
63
50
65
57
44
59
68
48
71
70
51
72
77
52
81
75
57
78
75
61
77
Crude o31 and n a t u r a l ga3
Oil and gas extraction
Crude oil
Natural gns
5.67
4.82
4.12
134
128
122
17?
160
167
135
130
122
182
167
163
137
131
125
182
161
165
137
132
127
167
156
163
134
.85
133
129
124
167
157
154
J29
124
160
155
163
136
129
125
161
156
176
133
124
120
1 54
151
180
13©
123
118
157
151
166
129
124
118
1 59
159
159
130
124
118
167
163
160
136
130
122
184
170
171
'•132
123
199
172
171
1.63
119
106
94
93
99
116
123
119
115
113
no
102
.82
.33
.49
.24
.09
.06
113
128
104
114
86
87
90
84
94
103
80
75
76
42
98
105
91
80
73
39
95
102
87
77
79
58
93
102
87
78
108
126
96
106
78
78
120
152
98
108
80
79
108
139
87
95
74
72
100
132
78
77
83
75
98
117
85
92
76
67
92
87
95
106
78
71
79
43
103
118
82
74
.81
124
123
113
114
119
125
127
130
130
129
129
126
.36
2.32
34
.36
Mmtal, Stone, and Earth Minerals .
Iron ore
NoT\ferrous metal mining
Copper mining
„.,
Zinc mining
Sto1"© and earth, minerals
112
101
ioo
8.35
•
98
75
103
60
107
Mineral Fuels
Natural &RS HGUVIS
P151
.17
,37
MINERALS—TOTAL
Oil and gas well drilling
P134
P144
P146
111
44
60
119
P123
175
163
'97
99
86
116
?83
r
73
79
36
108
124
83
80
115
133
88
82
122
••115
112
'76
37
P Preliminary.
' Revised.
For other footnotes see preceding page.
APRIL 1955
415
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers, 1947-49 average—1001
1947-49.
proportion
Product
Annual
1954
1955
Feb.
M a r . Apr. M a y June
July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
SKASOXATXY ADJUSTED
127
116
113
111
116
119
118
116
115
114
112
119
125
131
135
69.72
138
32.10
146
36.13
132
15.32
113
11.31.
118
4.01
15.60
118
H .88
123
2.60
90
4.98 | 137
2.51 I 141
3. 72 !| 100
125
131
122
101
106
120
134
110
99
103
119
133
109
99
103
126
139
115
97
102
130
145
119
96
1.00
128
J36
123
96
102
126
127
127
102
104
125
121
131
106
109
121
110
132
107
111
117
104
131
106
111
128
127
130
103
111
137
149
129
105
110
145
160
133
107
110
151
172
135
107
113
110
116
84
128
140
89
142
47
325
104
108
82
117
129
114
11.8
83
132
136
101
241
47
611
109
113
74
125
146
98
270
56
678
112
117
80
1.17
169
96
267
46
687
110
114
79
110
170
97
270
62
667
114
120
77
122
174
95
259
70
620
115
119
82
117
181
100
242
70
571
128
133
79
M37
190
115
222
73
507
132
136
97
142
181
91
151
43
356
110
111
79
131
113
107
243
45
621
96
90
102
94 ! 93 93
88
89 i 90
100 I 96 ' 96
96
96
96
93
89
96
91
85
97
98
95
101
98
96
100
97
93
101
96
94
97
'100
97
98
97
99
CONSUMER DURABLES—TOTAL. .100.oo
Major Durables
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating anparatus
j
J
I
I
j
Radio and Television sets
Radio sets. . .
Television sets.
3 . 42
1.79
67
541
111
115
79
124
148
97
214
52
522
30.28
14.00
16.28
102
91
111
95
91
99
! 5.21
Other C o n s u m e r Durables
Auto parts and tires
Misc. home and personal goods....
>™
112 1.16
116 120
76
83
135 j 143
134
1?4
! 98 106
| 178 196
! 43
43
I 436 487
r98
226'
68
527
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL . .1100.00
Major D u r a b l e s
Autos
Major household goods
Furniture and floor coverings
Household furniture
Floor coverings1
Appliances and heaters
Major appliances
Ranges
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
i
I
;
J
i
j
j
'
|
|
Other C o n s u m e r Durables
A(ito parts and tires
Misc. home and personal goods
138
146
36.13
132
15.32
1.13
.1 1 .3.1 118
4.01
15.60
118
11.88
123
2.60
90
4.98
137
2.51. 141
3.72
100
5.21
230
3.42
67
.1.79 541
30.28
| 1 •!•. 0 0
j 16.28
117 I 119
127 i 130
119 I 116 116
102
113
108
109
129
132
'342
151
131 j I2f> 125
138 i 142 151 i 146 143
119 120
116 ! 110 112
102
105
97
100
93
98
121
523
321.
102
108
111
81
139
108
112
111
70
149
111
116
142
144
142
108
115
149
174
130
109
115
163
195
137
103
105
107
125
92
89
98
175
210
146
111
115
117
130
91.
116 I 112 112
12 1 I 117 1.1,1
79
80
76
153
147 141
130
111 117
91
101
1.72 155 165
49
48
44
406 360 397
88
88
53
109
90
86
116
29
281
i96
oi
.1.45
159
75
170
51
397
117
1.29
93
114
151
79
182
49
435
68
99
128
116
234
51.
583
122
121
87
116
181
124
2 79
48
722
124
121
87
104
199
133
338
64
860
116
118
83
106
192
.107
324
71
806
108
116
77
112
177
84
258
67
623
'124
"134
81
147
177
93
260
73
618
138
150
104
155
207
95 I 95
91 ! 87
99 ! 103
94
85
102
94
90
97
101
100
102
104
101
106
100
93
105
94
89
98
'95
'95
95
97
93
100
127 i 116
j 69.72
I 32.10
.125
131
122
101
106
111
115
79
124
1-18
97
214
52
522
102
91
111
I
92
96
92 !i 9 2
87 9 0
96 | 94
94
96
93
90
91
89
•108
110
272*'
74
648
'Revised.
1
Publication suspended pending revision of data for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for M a y 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT I N M A N U F A C T U R I N G INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1955
Industry group
Mar.
Apr. I M a y
June
July
Aug. i Sept.
SEASONALLY ADJUSTKD
Total
Durable g o o d s
Ordnance and accessories
Lumber and wood product:'....
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
Fabricated metal products
Machinery except electrical....
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products. . . .
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products..
Products of petroleum and coal
Rubber products
Leather and leather products. .
Oct.
Nov. i Dec.
Jan.
Feb.
Mar.
I
!
12,840 12,7051 12,632! 12,589; 12,37i| 12,3341 12,388I 12,485 12,610J 12,618j
7,405; 7,295! 7,227 7,182 7,020| 6,972j 7,007 7,104 7,206i 7,223
1.37
.1201
114
1.12
no!
109
125
IK?!
656
6631
684 j
673
706
676
592
701
5891
702 j
284
287]
284J
295
293
283
284 |
292i
288
292
426
429 j
425!
435
436
430!
4 2 7 ••
432!
435
437
991
983!
965
969
979
1,005!
9811
973
997
988
836
839
820
825
834
844
83 7 i
827
836
841
1,181 1,169 1.153| 1.140 1.119; 1,121. 1,123! 1,113
1 ,102 1 ,095
7 841!
798
802 j
809
7931
819
81.1
799!
811
'8161
1 ,409! 1,380 1,3421 1. ,324 1,277! 1,237| 1,184
1,246
1,326! 1,365
228
387!
5,435!
1,1.091
93
979
223
382
5,410J
1,110
931
979
221
382
5,405
1,111
94
974
1,064
1 ,046
434
433
1 ,037
435
517
531
179
199
330
519
529
178
196
327
51.8
530
180
198
328
2 ,rJ
214|
382)
3831
5 ,351
5,407|
1,084
1 ,106
95
94
977
986
.1 ,034 1,026
439
438
519
525
180
199
326
518
523
179
178
332
212
383
212
380
5,381
1,073
1,077
94
92
988
997
1,027! 1,034
440
443!
5,404
212!
378|
214
3821
5,362
1 .080
5,381j
93
996
1 ,029
438
519
524
175
179
329
523
521
174
199
328
520
524
1.75
202
331
1,087
961
'982
211
375
5,395
1,085
93
978
1 ,053
'•436
1,049
432
519
523
173
202
333
517
526
173
206
336
12,619 12,707 12,857
7,314
7,418
'7,233
104
104
108
701
698
'692
r
294
286
288
441
'434
440
1,059
'1,007
1,029
850
'828
836
1,125
'1,094
1,109
819
'810
1,430
1,409
'1,388
211
'375
'5,386
'1,075
90
977
1 ,050
'431
5.18
529
'171
209
'336
211
377
5,393
1,070
93
980
1,052
430
214
381
5,439
1 ,076
92
989
523
526
171
2.11
337
525
534
173
214
340
1,065
431
For footnote see following page.
416
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING
[Compiled by Bureau of Labor Statistics.
INDUSTRIES—Continued
In thousands of persons]
1954
Industry group
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
Feb.
Mar.
WITHOUT SEASONAL ADJUSTMENT
Total
12,818 12,590 12,437 12,480 12,212 12,449 12,611 12,652 12,697 12,682 •12,556 12,684 12,840
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
7,430
7,309
7,208
7,177
6.917
6,933
7,015
7,133
7,247
7,263
150
643
290
429
1,010
852
1,202
827
1,409
137
649
283
428
991
840
1,187
SIX
1,380
125
679
277
427
976
833
1,165
791
1,342
120
701
275
427
983
831
1.151
776
1,324
117
604
272
424
969
809
1,108
765
1,277
U3
613
288
434
968
819
1,093
782
1,237
114
697
296
437
965
820
1,095
802
1,184
112
720
299
438
969
829
1,091
817
1,246
110
713
299
439
988
845
1,091
828
1,326
109
108
687
'654
r
294
290
437
M30
1 ,002 '1 ,012
844
'•836
1,106 '.I ,110
827
'•818
1,365 ••1,388
229
389
224
380
220
374
215
210
363
214
392
213
398
213
395
213
379
212
'366
212
377
215
383
5,295
210
378
5,516
5,596
5,519
5,450
5,419
'•5,333
5,360
5,398
1,142
83
953
1,224
102
981
1,252
110
987
1,169
112
988
1,102
103
992
1 ,054
100
993
n .ooo
91
987
980
89
995
981
83
999
980
430
1,050
436
1,053
441
1,050
440
1 ,053
440
1,065
438
1,06!
'433
1,080
432
513
513
181
173
327
514
516
179
177
337
523
524
177
199
330
525
529
175
204
329
525
529
17;
209
334
518
529
'169
2M
••336
520
529
169
212
345
375
Nondurable goods
5,388
5,281
5,229
1,009
84
989
1,011
82
979
1,031
82
969
1,101
436
1,030
433
985
433
517
539
177
199
338
516
534
176
195
325
515
525
179
197
315
5,303
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products....
Products of petroleum and coal.
Rubber products
Leather and leather products. , .
1.079
82
981
987
436
519
517
181
198
324
524
528
173
205
331
'7,223
7 ,324
7,442
101
667
294
436
1.034
844
1,126
821
1, 409
104
680
297
441
1 ,064
858
1 ,142
827
1 ,430
1 ,102
433
525
542
171
214
348
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)
1954
1954
Mar.
Jan.
Feb.
Mar.
75.30
39.5
40.2
49.4
40.7
8.1.56
40.0
40.9
41.1
41.4
65.83
73.49
87.70
83.23
68.06
65.83
74.34
88. 75
40.2
40.0
40.1
40.4
38.0
40.0
'•40.7
40.5
'• 40.6
'•40.4
40.5
40.8
41 .4
40.6
40.6
40.8
41.5
41 .4
41 .3
4.0.9
80.34
'•83.23
'•74.1.5
91.98
'74.96
'65.93
80.34
83.64
74.74
92.84
75. 74
66.58
80.34
84.87
74.93
94. 79
75.92
66.91.
40.4
41.1
39.6
41 .2
41.0
40.4
40.1
40.2
40.0
41.2
'40.8
40.3
42.0
'40.3
'40.2
41.2
41 .4
40.5
42.7
40.6
64.02 i 66.02
66.53
66.70
38.8
39.3
39.6
67.87
47.52
51 .68
49.59
72.83
70.58
'•50.14
54.25
48. (i)
75.72
70.07
49. 71
54.80
49.82
75.65
70.64
50.42
54.80
50.36
76.43
40.4
36.0
38.0
36.2
42.1
40.8
37.7
39.6
36.0
42.3
Printing, publishing and allied products.. 86.85
76.86
Chemicals and allied products
90.45
Products of petroleum and coal
74.31.
Rubber products
52.40
Leather and leather products
88.24
'•79.73
'93.02
84.25
••52.68
89.47
80.34
91 .88
84.05
54.07
90.95
80.12
92.57
82.62
53.52
38.6
41 .1
40.2
38.5
37.7
38.2
'4 i . 1
'40.8
41 .3
'37.9
Mar.
Jan.
Feb.
Mar.
Total
70.71
73.97
73.34
Durable goods
76.00 : 80.16
80.56
81 .20
'•66.75
63.99
'73.49
''87.26
82.22
66.91
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products
79. 10
64.40
62 .56
70.30
78.28
75.95
52.20
71.28
84.21
72. 76
64.00
••Revised.
NOTE.—Data are for production and related workers,
of Labor Statistics.
APRIL 1955
Average hourly earnings
(dollars per hour)
Ma
Jan.
Fob.
1.79
1.84
1.84
1.85
J . 90
1.96
1.96
1.97
1 .97
1.61
1.56
1.74
2.06
2.03
1 .64
1 .58
1 .81
2.16
2.03
1 .64
1.59
1 .81
2.16
2.04
1 .64
1.59
1 .80
2.17
40.8
1 .88
2.00
1 .80
2.10
1 .8.1
I . 60
1 .95
2.04
1.84
2.19
1 .86
1.64
1 .95
2.04
1 .85
2.20
1 .87
1 .64
1 .95
2.05
1.85
2.22
1.87
1 .64
39.7
1.65
1.68
1.68
1.68
40.5
37.1
40.0
36.9
42.5
40.6
36.8
40.0
37.3
42.7
1 .68
1 .32
1 .36
.1.37
.1. . 13
1 .73
1 .33
1.37
1 .35
1 .79
1.73
1 .34
1.37
1.35
1.78
1.74
1.37
1 .37
1.35
1.79
38.4
4.1 .2
40.3
41.2
38.9
38.7
41 .3
40.6
40.5
38.5
2.25
1.87
2.25
1.93
1 .39
2.31
1.94
2.28
2.04
1.39
2.33
1 .95
2.28
2.04
1.39
2.35
1.94
2.28
2.04
1.39
42.2
40'. 5
40.6
Figures for March 1955 are preliminary.
Mar.
Back data are available from the Bureau
417
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau oi Labor Statistics. In thousands of persons]
Year or month
Manufacturing
Total
1948
1949 . . .
1950
1951
1952
1953
1954
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
44 382
43.295
44,696
47,289
48,306
49,660
48,283
15 321
14,178
14,967
16,104
16,334
17,259
16,040
982
918
889
916
885
844
745
2,169
2,165
2,333
2,603
2,634
2,644
2,628
4,141
3,949
3,977
4,166
4,185
4,224
4,021
9,519
9,513
9,645
10,012
10,281
10,533
10,524
1,711
1,736
1,796
1,862
1,957
2,025
2,091
4,925
5,000
5,098
5,278
5,423
5,486
5,521
5,614
5,837
5,992
6,348
6,609
6,645
6,712
48,441
48,268
48,177
48,102
47,982
47,945
48,054
48,209
48,398
48,419
16,262
16,122
16,038
15,994
15,775
15,733
15,789
15,886
16,018
16,038
772
2,654
2,641
2,634
2,624
2,637
2,640
2,633
2,620
2,645
2,601
4,012
4,015
4,011
4,016
4,014
4,001
4,016
4,002
3,982
3,989
10,552
10,524
10,494
10,480
10,507
10,504
10,480
10,476
10,532
10,617
2,067
2,075
2,081
2,083
2,095
2,095
2,115
2,121
2,119
2,120
5,488
5,506
5.508
5.518
5,555
5,551
5,523
5,549
5,539
5,534
6,634
6,632
6,667
6,647
6,657
6,691
6,783
6,839
6,846
6,804
r48,445
48.504
48,746
••16.034
'714
715
713
2.586
2.539
2,635
••3,978
3.988
3,990
'•10,614
3 0.580
10,567
••2,119
2,125
2,128
5,534
5.536
5,543
6,866
6,892
6,881
47,848
48,068
47,935
48 137
47,808
48,045
48,526
48,668
48,827
49,505
16,234
16,000
15,836
15,888
15,627
15.863
16,019
16,058
16,107
16,097
772
749
721
720
2,415
2,535
2,634
2,729
2,795
2,851
2,817
2,777
2,724
2,549
3,992
4,008
4,008
4,032
4,043
4,030
4,032
4,012
3,992
3,999
10,305
10,496
10,375
10,414
10,377
10,350
10,480
10,581
10,782
11,400
2,057
2,075
2,081
2,104
2,126
2,126
2,115
2,110
2,108
2,109
5,406
5,506
5,563
5,601
5,638
5,634
5,606
5,549
5,511
5,479
'•4 7 781
47,786
48,248
'15.970
16.101
16,265
'•714
••2,353
'3.931
3,941
3,970
••10,458
10,347
10,406
'2,098
2.104
2,117
5,423
5,425
5,460
6,667
6,699
6,701
6,625
6,467
6,454
6,738
6,865
6.882
7,152
6,834
6,872
6,919
SEASONALLY ADJUSTED
1954—March
April
May
June
Tuly
August
September
October
November
December..
1955—Tanuarv
February
March
16,129
16,289
753
744
740
742
730
715
716
717
716
r
WITHOUT SEASONAL ADJUSTMENT
1954—March
April . . .
May
Tune
July
August
September
October
November
December
1955— [aiiuarv
February....
March
737
744
735
737
719
716
711
713
2.285
2,398
•"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. Figures
for March 1955 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau
of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor 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
Total noninstitutional
population
Year or month
1948
1949
1950
1951
1952
1953
19542
'.
. . .
1954—February
March . .
April
May
June
. ,
Tuly
August
September .
October
November
December
. .
1955—Tanuarv
February...
March
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
108,482
109,623
110,780
111,924
113,119
115,095
116,220
62,748
63,571
64,599
65,832
6'6»410
67,362
67,818
61,442
62,105
63.099
62,884
62,966
63,815
64,468
59,378
58,710
59,957
61,005
61,293
62,213
61,238
51,405
50,684
52,450
53,951
54,488
55,651
54,734
7,973
8,026
7,507
7.054
6,805
6,562
6,504
2.064
3,395
3,142
1,879
1,673
1,602
3,230
45,733
46,051
46,181
46,092
46,710
47,732
48,402
115,819
115,914
115,987
116,083
116,153
116,217
116,329
116,432
116,547
116,659
116,763
67,139
67,218
67,438
67,786
68,788
68,824
68,856
68,566
68,190
67,909
66,811
63,725
63,825
64,063
64,425
65,445
65,494
65,522
65,244
64,882
64.624
63,526
60,055
60,100
60,598
61,119
62,098
62,148
62,277
62,145
62,141
61,732
60,688
54,351
54,225
54,522
54,297
54,470
54,661
55,349
54,618
54,902
55,577
55,363
5,704
5,875
6,076
6.822
7,628
7,486
6,928
7,527
7,239
6,154
5,325
3,670
3,724
3,465
3,305
3,347
3,347
3,245
3,100
2.741
2,893
2,838
48,680
48,696
48,549
48.297
47 365
47 393
47.473
47,865
48 357
48,750
49,952
116,855
116,901
117,051
66,700
66,550
66.840
63,497
63.321
63.654
60,150
59.938
60,477
54,853
54,854
54,785
5,297
5,084
5,692
3,347
3,383
3,176
50,156
50,352
50,212
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 may be obtained
from the Bureau of the Census.
418
FEDERAL RESERVE
BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Private
Year or month
Business
Total
Total
Residential
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13.256
16,853
16,384
21,454
21.764
22,107
23,877
25,720
885
815
759
989
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100
11,930
13,450
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,436
8,593
1954 —March
April
May
June
Tuly
August . . .
September
October
November
December
3,005
3,027
3,089
3,078
3.094
3,145
3,157
3,105
3,192
3,262
2,011
2,059
2,131
2,122
2,1 73
2,219
2,234
2,221
2.259
2,292
989
1,040
1,105
1.102
1 ,150
1 ,192
1,214
1,210
1,228
1,262
1955—January P
February**.
March v
3,379
3,426
3 409
2,398
2,433
2,423
1,323
1,326
1 ,301
803
^Preliminary.
2,985
3,510
1,715
Total
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31,182
33,008
35,256
37,170
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Public
1,561
2,082
1,287
Indus- Com- Public
trial mercial utility
442
801
346
156
208
642
348
409
155
33
56
203
1,132
Other
nonresidential
771
872
786
570
725
827
Military
Highway
3,628
385
5,751 1,620
10,660 5,016
6,322 2,550
3,073
837
690
2,398
2,362
188
3,433
204
4,825
158
137
6.405
7,000
177
887
9,418
10,901 1,388
11,379 1,307
11,450 1,010
1,302
1,066
Total
508
614
413
335
382
463
Conservation
All
other
1,451
1,774
2,131
2,272
2,518
2,820
3,165
3,525
528
500
357
285
163
130
240
394
629
793
881
853
854
830
710
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,160
5,839
6,077
6,205
734
446
362
398
895
1,062
2,117
2,320
2,229
2,011
1,253
1,027
1,288
1,371
1,137
1,791
2,182
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
4,400
1,428
2,050
2,580
2,795
3,174
3,574
3,547
3,511
3,677
724
714
713
710
708
718
714
707
717
716
182
183
175
171
167
164
156
152
156
159
176
165
171
172
174
187
191
188
193
189
366
366
367
367
367
367
367
367
368
368
298
305
313
310
315
309
306
304
314
314
994
968
958
956
921
926
923
884
933
970
92
87
83
91
80
77
75
75
80
90
300
293
297
292
292
288
299
274
288
305
62
66
66
63
59
56
53
53
54
59
540
522
512
510
490
505
496
482
511
516
760
791
176
187
216
236
368
368
315
316
981
993
101
104
521
507
368
319
986
105
302
329
57
53
239
55
505
1,689
1,702
1,397
972
196
856
321
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
Total
Year or month
Public
1948
1949 .
1950
1951
1952
1953
1954
.
9,430
10,359
14,501
15,751
16,775
17.443
19.77ft
.
1954—March
April
May
June
J u ly
August
September
October
November
December
1,528
1,692
1,925
1,733
1,837
1,573
,816
1,965
I 499
L, 829
. .
,504
L.581
2 135
1955—Tanuary
February
March
Private
By type of construction
Residential
building
Nonresident!al building
Factories
Commercial
Educational
Other
Public
works
and
public
utilities
725
1,127
1,376
1,651
1,689
1,686
1,695
1,958
2,155
2,476
2,578
2,723
3,408
4,008
4,142
3,107
3,718
4,409
6,122
6,711
6.334
6,558
6,323
6,641
10,092
9,629
10,064
11.109
13.212
3,608
4,239
6.741
6,205
6 y 668
6,479
8,518
559
1,142
2,883
2,562
2,051
1,274
885
i,208
1.489
1,815
915
979
824
1,180
1,335
1,472
1 .720
2,063
484
477
668
796
80
94
134
178
179
171
140
163
328
290
825
720
86
107
179
192
189
186
218
172
428
357
475
617
1,043
1,215
1,256
1,108
1,156
1,064
1,227
1,332
1,024
1,212
480
472
,024
L.109
669
625
681
509
589
633
840
975
745
693
777
852
108
93
160
145
145
141
130
186
201
181
182
155
187
136
175
186
709
762
82
104
129
194
140
204
141
200
299
366
690
744
990
85
113
176
166
133
194
131
135
201
184
153
189
249
303
386
450
330
392
443
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE 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]
Month
Total
(11 districts)
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
1953—December
1,300
90
262
63
145
110
167
159
88
55
49
114
1954—January
Februarv
December
1,152
1,221
1,829
61
58
109
212
192
308
92
103
119
143
110
2,05
101
100
159
158
156
233
166
218
274
58
74
106
23
60
42
45
53
113
92
95
160
1955—January
February
1,504
1,581
82
140
227
216
89
112
162
163
180
177
188
172
243
217
94
93
44
46
69
116
127
131
APRIL
1955
419
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units
Year or month
Total
1948
1949
1950
1951
1952
1953
1954
Urban
Private
Rural
nonfarm
Government-underwritten
Total
1family
2farnily
Public
Multifamily
Total
FHA
VA
932
1,025
1,396
1.091
1 ,127
I . 104
1,221
525
589
828
595
610
565
n.a.
407
436
568
496
517
539
n.a.
914
989
,352
.020
,069
,068
,202
763
792
1,151
892
939
933
1,077
46
35
42
40
46
42
34
104
162
159
88
84
94
90
18
36
44
71
58
36
19
393
466
686
413
420
407
585
291
361
486
264
279
252
277
102
105
200
149
141
155
308
95
108
109
117
116
114
116
111
104
91
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
93
107
107
113
113
113
113
111
103
90
83
96
98
102
102
103
104
100
93
80
3
3
3
3
3
3
3
3
3
3
7
7
7
2
1
37
44
49
56
52
60
60
59
62
51
21
24
24
28
25
27
26
25
26
22
16
20
25
28
27
33
34
34
36
29
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P88
"I 16
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
46
45
54
20
17
24
26
28
30
1954--March
April
May
June
July
August
September
October
November
December
1955—January
February
March
4
3
1
2
0)
0)
()
n
v\
pPreliminary.
n.a. Not available.
^ e s s than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
baaed on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly— seasonally adjusted
Monthly—without seasonal adjustment
Annual
1954
Class
1953
1954
Feb.
Sept.
Oct.
Total
127
114
117
Ill
Coal
Coke
..
Grain
Livestock
Forest products
103
171
135
63
143
215
143
43
92
105
141
62
132
144
129
40
87
109
124
54
133
222
134
41
98
98
131
67
129
137
123
39
...
Ore
Miscellaneous
Merchandise, 1. c. 1
1955
Nov.
Dec.
115
118
123
105
111
150
72
141
109
125
40
106
116
163
68
146
109
129
40
105
119
142
62
154
184
135
41
Jan.
1955
1954
Feb.
Feb.
Sept.
121
122
107
103
121
132
64
148
210
134
39
105
124
127
56
144
198
136
40
87
116
122
43
128
55
126
40
Oct.
Nov.
120
124
121
98
97
147
89
140
205
133
41
105
109
150
111
149
170
136
41
106
116
159
85
143
98
134
41
Dec.
Jan.
Feb.
114
110
113
106
125
133
60
137
57
127
40
103
127
132
61
133
53
123
37
105
131
124
45
138
49
128
39
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 exports excluding
military-aid shipments 2
Merchandise imports 8
Month
1955
1953
1954
January
February
March
April
May
June
July
August
September
October
November
December
1.293
1,200
390
,394
,453
385
360
187
,256
.253
.247
,353
1,092
1.183
1 125
1,426
1,400
1,473
1 .291
1 ,155
1 ,111
1,264
r
\ ,245
1,312
Pi,168
«1 ,223
January-February
2,493
2,274
<2,391
1953
1954
1,016
927
1,052
1,054
1,085
1,013
962
911
1,052
1.019
1,031
1,138
923
998
922
1,258
1,136
1,114
1,023
955
959
1,160
r
1 ,943
1,921
1955
1953
1954
PI.083
922
856
1,004
1,013
902
933
908
840
926
813
849
907
833
809
862
957
829
'947
822
'•825
781
764
839
942
«2 ,211
1 ,778
1 ,642
U60
1,214
1955
P87O
1,728
••Revised.
" Estimated.
PPreliminary.
1
Exports of domestic and foreign merchandise.
2
Department
of
Defense
shipments
of
grant-aid
military equipment and supplies under the Mutual Security Program.
8
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.
420
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
1948
1949
1950
1951
1952
1953
1954
.
.
SALESi
.
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
104
100
106
109
103
101
109
115
124
126
128
104
97
104
108
106
111
109
104
98
104
107
HO
112
112
104
99
105
104
104
104
104
103
99
108
111
113
112
113
105
102
105
105
98
105
111
110
113
105
103
101
104
92
104
98
U)7
105
308
101
106
109
116
M16
119
122
115
120
123
117
127
122
129
132
131
121
138
135
136
••108
iOl
111
108
110
206
108
106
111
110
115
ii2
108
il4
106
122
112
110
104
112
115
118
108
95
100
104
103
105
105
101
106
104
113
M10
103
113
109
115
118
112
107
116
113
121
121
115
123
127
132
127
114
129
130
134
107
til
111
114
114
115
115
110
116
114
118
114
109
120
113
Mil
105
123
110
US
125
124
115
••89
92
112
106
110
89
100
111
123
137
193
83
79
101
104
96
84
99
111
122
120
180
•"87
115
123
141
154
234
83
86
109
JOS
108
86
98
113
114
133
188
90
110
109
108
97
104
114
121
130
201
98
102
119
119
112
111
115
121
135
147
225
86
88
107
107
105
100
111
112
116
134
209
'•80
81
92
87
107
97
93
110
108
100
113
132
124
136
131
101
112
132
126
137
130
107
100
110
131
125
133
125
104
98
105
109
110
112
111
102
99
103
105
tO4
105
107
103
98
101
102
103
109
109
105
111
108
112
111
112
107
113
114
117
109
102
105
102
106
107
104
109
110
110
111
102
99
102
100
102
101
105
'109
118
114
109
106
100
112
86
89
110
106
106
88
98
112
118
137
200
81
86
108
102
106
77
83
115
110
133
200
83
85
iOl
98
99
73
80
106
110
132
184
r
8S
91
109
!04
104
78
85
111
113
91
<)0
82
84
85
81
105
105
97
L05
124
113
116
113
.111
109
ioo
105
113
118
121
121
Minne- Kansas Dallas
apolis
City
113
117
124
125
125
San
Francisco
104
98
105
109
114
115
113
SEASONALLY ADJUSTED
1954—Februarv
March . ...»
April
May
July
August
September
October
November
December
1955—Tanuary
February
P112
1.02
105
105
105
106
109
105
109
109
107
107
105
111
1 13
113
109
M7
120
115
124
174
133
3120
124
137
p] 19
i'132
iOl
110
i29
82
94
105
111
134
192
89
97
124
114
113
93
102
122
130
153
231
83
87
84
P90
106
P108
88
8-1
93
90
107
.107
99
108
127
113
119
116
100
106
128
111
119
115
105
101
113
133
130
143
138
108
202
120
140
135
146
140
111
100
110
128
115
123
121
102
96
107
128
117
126
'•us
100
104
117
107
115
114
113
112
114
116
117
116
115
117
116
118
121
113
112
1J3
117
141
141
135
137
135
137
136
143
141
144
143
117
121
122
122
122
122
124
124
122
122
122
Ml 3
120
116
118
119
129
"119
120
115
116
117
110
111
111
111
112
113
119
123
120
120
118
128
129
125
127
131
133
137
135
131
132
131
M28
127
127
128
131
133
132
134
132
129
133
121
124
116
119
122
129
129
128
128
130
129
146
Pl 46
118
118
127
122
113
M32
133
128
P115
P129
129
125
139
147
143
138
128
128
136
147
154
160
126
114
126
126
124
116
114
118
120
136
140
111
108
123
124
123
119
120
•"116
128
129
127
103
106
115
116
113
107
109
114
124
128
133
107
••126
••125
133
134
134
127
125
130
138
142
146
116
136
135
130
121
123
129
139
144
143
121
113
125
125
129
122
125
122
132
144
141
107
133
p 145
108
107
1.10
106
122
130
115
v\\\
J'126
117
118
109
WITHOUT SEASONAL ADJUSTMENT
£954—February .
March
April
May
June
July
August
September,
October
November
December...
....
1955— January
February...
J'88
146
.197
80
82
105
98
i.oo
91
120
114
106
STOCKS i
107
100
109
129
118
126
122
1948. .. .
1949
1950
1951. .
1952
1953
1954
ioo
109
124
111
116
117
101
110
SEASONALLY ADJUSTED
1954—February
March
April
May
July
August .
September
October
November
December....
••118
.
121
120
121
122
124
124
125
124
124
124
....
....
123
P121
1955—January
February
112
118
117
120
117
116
1!9
118
116
118
118
107
111
113
115
114
119
17
112
109
rl 18
112
114
/'112
106
120
122
121
110
105.
114
121
131
138
111
104
116
118
118
107
104
111
120
130
129
103
111
120
123
119
109
103
110
121
132
134
107
111
119
120
107
100
106
PI
1j7
115
115
116
113
113
A15
117
116
115
116
115
120
••131
136
135
137
139
139
139
141
147
145
137
139
P 13
7
WITHOUT SEASONAL ADJUSTMENT
1954—February
March. ...
April
May
July
August
September
October
November
December. .
1955—Tanuary
February
...
...
...
.
114
126
127
126
116
115
120
129
138
139
110
111
PI17
Pill
'126
109
106
112
121
128
130
105
142
146
146
133
135
139
146
158
152
120
'103
102
125
112
PIIO
j 19
r
pPreliminary.
Re\i.scd,
1
Figures 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 1955
421
DEPARTMENT STORE STATISTICS—Co»tff>M*</
Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Amounts (In millions of dollars)
Year or month
1946 average
1947 average
1948 average
1949 average
1950 average
1951 average
1952 average
1953 average
1954 average
Sales i
(total
for
month)
.
. .
. .
.
. .
.
1954—February
March
April
May
June
July
August . . .
September
October
November
December . .
1955—Tanuary
FebruaryP
.
.
.
.
.
.
. . . .
Receipts
1,012
L,202
1,097
1,163
L, 136
3.0
1.7
14
1.1
1.4
13
1.2
11
1.0
5.3
4.3
41
3.8
4.2
44
4.1
4.1
4.0
L.I
L.O
L 0
L.O
L.I
L 0
L.O
L.O
L.O
»-404
343
281
249
390
471
465
486
477
406
301
'360
'456
409
350
'1.4
49
L 2
504
••395
r
395
347
318
425
362
397
510
512
488
399
3.6
766
[,071
1,176
1,183
L.161
1,067
1,042
L, 095
1,184
,268
.318
1,056
336
304
1 ,042
1,096
385
413
322
358
406
386
3.1
3.6
437
509
.
.
Stocks
plus
outstanding
orders
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3.0
3.0
378
306
350
400
.
Stocks
Outstanding
orders
354
364
363
358
401
379
401
401
409
402
372
.
New
orders2
(total
for
month)
373
366
386
358
391
390
397
408
407
351
. . . .
OutRestandceipts 2
ing
orders * (total
for
(end of
month) month)
964
588
494
373
495
460
435
421
387
345
365
381
361
376
391
397
406
407
. .
Stocks 1
(end
of
month)
Ratios to sales3
767
887
979
995
284
281
403
489
521
559
3.4
1.0
2.9
3.1
0.7
07
2.8
3.4
3.1
3.0
L.3
0
4.3
3.6
38
0
1.0
1.5
3.9
4.9
0.8
0.9
13
1.2
1.1
08
45
4.2
4.0
34
1 2
2.9
2.6
1.4
0.4
1.8
0.7
1.1
1.4
4.2
5.0
1.0
1.2
9
1.2
1.2
1 1
r
pPreliminary.
Revised.
1
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 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department 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.
3 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 and receipts for the month.
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
1952
1951
5....
May
12
19
26
June 2
9
16
23
30
1954
1953
113 M.ay 3 . . . . 111 M a y 2. . . . 114 IVtay 1
8
110
10
117
9 . . 128
105
15
17
99
99
16
100
105
112
24
23
22
97
97
31
30
29....
95
108
106
92
89
June 7
111
116
14
21 . . . . 98
91
28
June 6
13
20
27
1952
1951
112 Nov. 3 . . . .
123
10
97
17
106
24
104
1
118 June 5
97 Dec.
112
8
1 2 . . . . 111
111
115
15
19
94
22
2 6 . . . . 97
29
115
118
130
134
138
Nov. 7. . . .
161 Dec. 6
191
13
213
20
228
27
92
195
223
237
146
Dec. 5
29
1952
7
14
21
28
July
75 July 5
83
12
81
19....
80
26
79 July 3
92
10
84
17
83
24
93 Jan. 5
77
12
88
19
84
26
87
87 Aug. 1
90
8
95
15
100
22
110
29....
86 Aug. 7
92
14
95
21
100
28
101
2
92 Feb.
97
9
100
16
102
23
79 July 4
83
11
82
18
79
25
31
Aug. 4
11
18
25
88 Aug. 2
87
9
93
16
97
23
Sept. 1
8
15
22
29
105 Sept. 6
100
13
114
20
27
111
114
100 Sept. 5
114
12
113
39
112
26
101 Sept. 4
102
11
120
18
114
25
113 Mar. 1
97
8
120
15
118
22
Oct.
110 Oct. 4
117
11
116
18
25
113
116 Oct. 3
126
10
124
17....
122
24. . .
112 Oct.
120
118
113
113
2
9
16
23
30
110 Apr. 5
118
12
119
19
123
26
117
6
13
20
27....
30
29
31
1953
3
10
17
24....
31... .
14
21
28
12
19
26
1954
2
9
16
23
30
81
89
92
86
87
Jan.
84 Feb.
7
87
14
89
21
83
28
88
92
85
93
Feb. 6
85 Mar. 7
88
14
90
21
94
28
101
96
100
109
112
109 Apr. 4
111
11
97
18
105
25
118 Apr. 3
97
10
105
17
104
24
78
92
90
83
Jan.
1954
1953
121 Nov. 1 . . .
8
127
15
130
123
22
121 Nov. 6
133
13
20
131
133
27
127
130
.134
.133
190 Dec. 4. . . . .192
216
.224
11
234
.240
18
163
.190
25
1955
1. . .
8
15
22
29
. ..80
.106
. 99
. 95
. 87
5....
12. . .
19
26
.
..
.
.
81
94
85
86
85
Jan.
86
91
86
90
Feb.
13
20
27
Mar. 6
85
Mar. 5 . . . . . .98
92
13
2 0 . . . . 95
100
27
12
19
26
86
92
90
93
.102
.108
.103
103 Apr. 2. . . . .114
113
9
16.
118
23
101
30
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
422
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 ! „
United States..
Boston
Met. Areas1
Portland
,
Boston
Downtown
Boston2....
Suburban
Boston
Cambridge.
Quincy... .
LowellLawrence . . . .
New Bedford..
Worcester2
Cities
Springfield....
Providence 2 ...
New York
Met. Areas1
I
Albany-Sche- •
nectady-Troyj
Albany
j
Schenectady... |
Binghamton... .j!
Buffalo 2
Buffalo
J
Niagara Falls.. j
New York-N. E.!
New Jersey...
Newark2 2
N. Y. C i2t y . . . i
Rochester
j
Syracuse2
;
Utica-Rome
!
Utica
I
Cities
2
Bridgeport
Poughkeepsie.. .
Philadelphia...
Met. Areas
Wilmington
Trenton 2 2
Lancaster
2
Philadelphia
...
Reading2
Scranton
Wilkes-Barre—
Hazleton 2
City 2
York
Cleveland
Met. Areas
Lexington
Akron2 2
Canton
Cincinnati22 . . .
Cleveland 2
Columbus 2
Springfield
. ..
Toledo2
2
Youngstown
.
Erie2
2
Pittsburgh . . .
Federal Reserve Feb. 1 Tan. ! n 2 O
i 2
s
district,
in os.
i 1955
area, or citj' 1955 j 1955 ;"(^ s"
+6 Cleve.-cont.
Federal Reserve Feb.
2
F r h I r.in
m
district,
i k os.
district,
io«!io?-?.m° s area, or city 1955
1955
195
195
area, or city
°
" 1955
Kan. City-cont.
•hicago-cont.
Federal Reserve
Met. Areas-cont.
Met. Areas-cont.
2
+13 +21 +17
Decatur
• + 10 + 1 Wichita
2
-12
St. Joseph
Peoria
+8|
+6
+
|
+ 12
-4
Rockford 2
- 3 . +7j +2 Omaha
+1
+ 15 +18 + 16
+1
+1.
Albuquerque.
.
.
+5
+6 City
Tri-Cities
+
1
2
+22
+17
+27
Oklahoma City.
(Moline,
-3
+2
+5 Portsmouth . .
1
+ 11 + 5
Tulsa
Rockland;
j
+ 11.1 +7
~1| +5, +2 Richmond
Davenport)2
0 Cities
Fort Wayne 2..
Met. Areas1 3
- 1 Greeley
+ 10 + 18 + 11 Washington . ..
01 - 3
-2.
+4 Indianapolis ...
+3 + 10 +7
Muncie
+2 Hutchinson
! -6 -3
+ 12, +9 Downtown
South Bend 2 2. .. , + 1 +4| +2 Toplin
Wash 2
+1 +16 +8
+ii'i + 1 5
0' +7: + •!
-2"
Baltimore
-3
+4 Terre Haute ..
+9 + 3
City. ..
+4 Cedar Rapids.., +2i +8| +5 Kansas
—9 +20 +5
+4.
+31. + U + 21 Asheville*
Enid
2
Des
Moines....
0|
+13|
+7
0 Raleigh
+6i
1
2
+4 + 10 Winston-Salem
+ 14 +14i Dubuque
-7, +2|
,
+4 +15 +9
-9: +5| - 2 Dallas. .
Sioux City, . . . .
Columbia22
0!1 +8,1 +4
+8! +15' +9 Waterloo
Greenville
2
+9
Met.
Areas
Detroit
,
+8
+10
Norfolk+2;
+ 11 Flint 2
2
+4i +121 +8 Shreveport....
_4 +11
+4
Portsmouth
..
0i +5:
2
2
- 5 ; +4| - 1 Corpus Christi. +13 +17| +15
i
Richmond
+17 +2 Grand Rapids
+3;
2
+2,! +17i +9 Dallas2
Jackson 2
,
+5 +20i +12
Roanoke
-3'
+5,
+7 +
+9
+3
0| +2 El Paso
Charleston,
+ 10 Kalamazoo.
..
Lansing2
, +13! +s;! +10 Fort Worth.
W. Va. a
+2, +9i
2
I
+7
+5i
+8
Houston
Saginaw
,
+6
Cities
Green Bay. . . .
-2\
+71 + 2 Waco
—7
-61
0
Madison 2
, -IV
+8,
-3.
+8" +2 Cumberiand1
Hagerstown. . .
+6
Milwaukee
7
!
+ ' - 3 San Francisco..
+8
i
— 1•
— 7 Spartan burg... .
1
—5
o
~1j
- 1 . - 2 Lynchburg 2 . . . .
1
Cities
-6"
1
0 \>\yport News..
0.
Areas
Danville
+4!
+61
2
0
+6 Met.
(»)
i
+ 11 01
Phoenix
FairrnontBattle
Creek.
.
.
j
+2
2
+7
+ 10 Fresno
Mqrgantown
Muskegon
j
+ 1:
+1
2
0: + 14!
Angeles2 . . .
...
+ 7'
Port Huron. . , . I
— 5,
1
+7 LosDowntown
, Huntington
g
1
+21'
-T
Appleton
I
+3
-3
+1
+3
0
_2J!
Parkersburg..
+4! +4
L. A. 2
— 7;
Sheboygan
1 -2i
P-^-CY +9| +8
P+8|
__4
0| Atlanta
+ 1 WestsideL.A.2
2
-1
1
Long Beach .. +6| +11; +9
]
—V
St. Louis
i »+i; +10'
+ 2 Met. Areas 2
-2;
Pasadena
+3! +5| +4
+ 141 + 12
I
..j.'
+ 5; + 1 Birmingham .. ! +i
Santa Monica.. + 16J +20 +18
3
+6;
Met.
Areas
\
I
Mobile
+
1
0!
+5 Montgomery. . .i ~ + 16.
!
Riverside
and
Fort Smith 2
0i
+8
+ 10,
San Ber+7" '+5 Little Rock
Jacksonville 2 . . , "+111
... .1 - 8
-3
! +2, +27,
nardino 2
j +101 +18! +14
+25 Evansville22
| -14!
—6
+ 1 Miami2
P+23'
. . . \ +9! +12 +11
+9 Orlando
! P + 7J
+ 10 Sacramento
2
+ H +8 Louisville
San
Diego
+3 +
PetersburgSpringfield
j +26'
-\-?^
0| +5: +2 St.Tampa
Francisco+2
j P+2+ 1. + 5 ! +3 St. Louis22
2
+ 5 San
!
Oakland
+
13|
+10
+9
St. Petersburg
Memphis
P - 1 J +16j +7
+0| + 13
i
Oakland- 2
+11
Tampa22
- 1 .!
-4
-10
+6.1
Cities
Berkeley
+ 15i + 18 + 17 Quincy. .
+ 11 +6 Atlanta
P-l;
+4: +2
Downtown2
+8
- 6 Augusta
+5, +2' +3 Paducah.
6
Oakland . .
-191
+2!
0 +1
+20, + 16; + 18;
+ 4 Columbus
+9!
2
San Francisco2 '
+6
8
+8'
Macon
+8
r
+3
+ 11
+
Vallejo 2
i -T"| +6 +7
+3, + H! +9! Minneapolis... —2\ -\-d + 2 San
+4 Savannah
+ 12 +3
, .
+5,
Jose
1
Baton Rouge22 .
+3,
2
+3 + 8;
Met. Areas'^
!
Stockton2
! +121 +11 +12
2
.
+2| +1--4! + 5 New Orleans
+6
0
+3
Mpls.-St.
Paul
.
4
,
2
+ 10.
+6,
Portland
1
Jackson
+ 8"
_4'
PO! +11
+5
Minneapolis 2 ..
+
++8
') +4
Salt Lake
City2.;
Chattanooga 2 .
+5r+10|
St. Paul 2
Seattle 2 2
+4 +20 +12
-r
0, - 3 Knoxville*....
+24! - 2 Sioux
Falls
-8:
( + 19
2
+
19
+13
!
Spokane
+7
+
+4 +9. +7 Nashville . . . .
Tacoma 2
+ +20 +13
Cities
+5 Cities
Mankato
j -15/
Rome
—2
i
— !• DuluthCities
-11
!
+7- +2 Superior2
cj
p+iil +14 +13
-2!
Tucson
!
+3 Meridian
-4.
- 9 Great Falls
- « :
0 Bristol
|
Bakersfield 2 .... + .13: +8| +10
+24:
Boise and
Grand Forks. . . ' - i 2 i
+2 Chicago
!
+4! LaCrosse
+ 16 +11 +13
j
0
+1
+3 Nampa
Met. Areas*
0 +3| +1
Idaho Flails
+ 4'
-li
Kansas
City...
.j
0
Chicago2
Twin
Falls
+4l -+14: +9
+10,
+5
+3
4 7 Aurora
Bellingham.
-61 +20i +6
-#•
2
Met. Areas
j
Everett
+9 +28| +18
+3' +5-i Elgin 2
2
Joliet
j + 8; + 15! + 11 Walla Walla
.. + 18 +29! +24
- M l Denver
+ 1'
+ 11,
•4-22
Gciry
Yakima 2
+6 +11; +9
Topeka
I - 6 : + 16
+1 o!
+2
+4Met. Areas-cont.
Wheel ingSteubenviile2.
+|
-3" +11!
JJ
! +
41'
+
=1
o"
+1
1
3
ii
+
+
+|
r
P1 Preliminary.
Revised.
2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
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 1955
423
DEPARTMENT STORE STATISTICS—Continued
[Based on. retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Department
Percentage
change from a
year ago
Ratio of
stocks x to
sales
Sales Stocks
during (end of
period month)
January
Tan.
1955
Jan.
1955
GRAND TOTAL—entire stores
+6
MAIN STORE—total
+7
Piece goods and household textiles...
+2
Piece goods
Silks, velvets, and synthetics. .
Woolen yard goods
Cotton yard goods
-1
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads.. .
+3
+6
Small wares.
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches
i
-2
0
-1
+9
+7
+1
+6
+8
+ 15
+ 18
+ 15
+ 10
Art needlework
-4
Books and stationery.. .
Books and magazines.
Stationery
+5
+1
+8
+4
Women's and misses' apparel and accessories.
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
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips. .
Negligees, robes, and lounging apparel.
Infants' wear
Handbags, and small leather goods.. .
Woman's and children's shoes
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel
Women's and misses' coats and suits
Coats
Suits
Juniors' and girls' wear
Junior's coats, suits, and dresses
Girls' wear
Women's and misses' dresses.
Inexpensive dresses
Better dresses
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs
Men's and boys' wear.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers..
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
Sales during
period
Stocks at end
of month
1955
1954
1955
1954
Jan.
Dec. Jan.
Jan.
Dec. Jan.
1954
3.3
3.5
3.5
3.7
86
195
80
106
108
105
2.4
2.4
132
114
129
103
111
99
3.8
4.0
4.0
3.5
3.7
3.8
3.9
3.2
62
58
74
63
67
58
65
85
91
80
87
115
84
75
85
106
88
80
88
105
+4
+4
+4
+4
+2
2.0
2.4
1.3
2.5
2.0
2.5
1.3
2.7
67
57
63
85
178
151
231
150
152
188
102
158
173
143
234
138
109
99
120
116
127
113
157
116
104
95
116
112
4.0
4.2
85
258
80
107
110
105
ii
4.6
3.9
3.4
4.6
4.0
3.6
64
85
101
128
154
2 75
63
80
94
95
117
104
100
118
109
94
113
102
5.7
7.3
3.2
12.9
6.5
8.7
3.5
13.1
67
64
69
55
278
211
312
334
58
54
60
50
109
119
90
119
111
123
102
120
107
120
86
111
3.6
3.4
101
137
105
100
108
97
3.6
3.0
3.8
3.6
2.8
4.1
92
94
89
352
288
379
88
94
83
114
105
116
110
110
106
111
99
114
+1
+1
+4
+3
0
-1
+9
+2
+2
+5
+7
+3
+3
+6
+2
+3
+3
3.0
3.1
80
181
77
110
109
107
3.7
3.1
4.7
1.4
4.2
3.0
2.7
3.7
2.6
4.8
1.5
4.5
3.0
2.6
74
71
44
56
64
118
70
208
288
276
95
283
148
177
72
76
46
57
61
112
68
110
116
68
76
77
133
109
111
120
69
64
80
142
110
107
105
72
84
77
125
100
3.5
3.4
3.9
2.8
3.6
3.4
3.9
2.9
63
87
53
57
264
295
241
311
62
84
53
54
97
128
87
77
98
131
93
81
96
123
89
75
+4
+2
3.5
3.2
3.5
3.6
80
63
218
276
78
56
109
101
113
101
104
99
+2
+5
+2
5.8
6.9
5.6
5.9
6.7
5.8
84
60
86
142
162
137
81
60
81
130
128
124
126
118
127
128
122
122
+3
+4
2.4
1.8
1.4
3.3
2.5
1.9
1.4
3.3
86
95
106
67
153
93
105
55
82
93
100
71
111
105
94
119
106
101
105
82
108
106
90
127
tt
3.0
2.3
4.0
2.9
2.3
3.8
64
65
63
185
132
248
63
66
60
110
103
115
104
99
107
103
101
105
2.1
1.6
2.5
2.1
1.6
2.6
83
82
81
110
113
110
78
79
75
117
113
112
105
101
107
112
104
108
+4
+8
-2
2.9
2.0
2.8
3.0
2.1
3.5
83
102
114
233
144
204
80
94
94
123
110
84
116
107
95
119
102
86
+3
+1
4.6
4.8
74
277
72
105
110
104
+1
+7
+2
0
-3
4.2
4.6
5.2
6.2
4.3
4.9
5.2
6.0
98
64
60
81
180
347
263
241
98
59
59
81
114
101
94
113
121
104
97
118
118
100
89
108
+3
-6
-4
+5
+5
+3
+2
+4
0
+5
+3
+ 12
+5
0
+6
+5
+2
+6
—6
+2
0
+4
+6
+4
+7
+4
+9
+22
+ 10
-1
+7
+9
+1
+4
-2
+3
-6
+ 10
+4
+8
+3
+2
+6
+4
For footnotes see following page.
424
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS- -Continued
Percentage
change from a
year ago
Department
1 lomef u r n i s h l n g s .
Sales
during
period
Stocks
(end of
month)
Jan.
1955
Jan.
1955
Ratio of
stocks 1 to
sales
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
Sales during
period
January
1955
1955
Stocks at end
of month
1954
1955
1954
1954
Jan.
Dec.
Jan
Jan.
Dec.
Jan
+15
+ 18
+16
+ 19
-3
3.8
4.5
95
139
82
103
106
106
Furniture and bedding
Mattresses, springs, and studio beds..
Upholstered and other furniture
4.0
1.9
4.9
131
156
115
109
83
114
110
-6
-10
3.1
1.5
3.7
134
97
106
128
100
111
146
106
116
136
111
Domestic floor coverings. . .
Rugs and carpets
Linoleum
+ 19
+ 15
+10
-4
-2
-12
4.1
4.1
5.1
5.1
4.9
5.2
89
87
55
85
84
44
75
76
50
99
97
64
103
107
55
103
99
73
Draperies, curtains, and upholstery
I .amps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop
+7
+ 11
+7
+28
+ 15
+7
+5
+9
+1
+4
+2
7.4
2.1
4.3
7.0
5.3
4.3
8.0
3.0
4.8
7.3
77
82
89
75
82
69
119
176
232
65
183
372
72
74
82
59
72
64
106
100
117
77
110
118
108
109
117
81
114
129
104
100
117
84
107
114
2.5
2.2
3.5
2.6
2.2
3.7
107
131
64
234
239
300
101
121
64
93
92
85
86
91
87
Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, and instruments
Miscellaneous merchandise d e p a r t m e n t s
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Luggage.
Candy...
BASEMENT STORE—total
Domestics a n d blankets
W o m e n ' s a n d 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
M e n ' s a n d boys' wear
+ 11
+ 12
+ 11
+20
+3
+2
+3
+1
+2
+1
+1
+1
0
+7
+4
+6
+6
+7
+5
0
0
-8
+3
+4
+2
+7
-4
+4
+4
+4
+2
-5
+7
+4
4.5
4.4
58
335
55
103
94
99
10.3
14.0
10.9
15.1
8.2
34
23
54
502
581
330
31
20
48
107
118
98
101
94
111
104
114
96
5.1
1.9
6.5
1.7
67
66
247
309
56
64
110
110
108
115
103
2.6
2.5
78
177
76
98
100
94
+7
1.9
1.8
145
142
140
110
131
103
+4
2.2
2.1
70
166
70
94
94
90
+1
2.5
2.2
2.6
1.7
1 6
2 2
2.5
2.2
2.6
1.5
1.5
2.0
2.7
2.7
2.4
82
199
80
102
100
100
()
81
96
96
94
102
()
86
91
98
91
102
()
+2
+6
+7
+ 10
+ 11
+3
2.8
2.7
2.5
()
68
66
74
60
80
()
81
117
203
240
229
76
90
88
85
98
+6
3.1
3.1
76
270
71
98
99
93
3.0
2.8
3.1
3.0
2.8
3.1
79
99
67
267
185
307
75
93
63
97
104
92
99
108
94
101
+7
+ 14
+4
+4
+5
+ 11
+2
3.5
3.4
66
261
61
98
3.5
3.9
78
118
69
104
107
102
Shoes
-4
-1
4.3
4.1
73
157
76
99
103
100
NONMERGIIANDISE—total.
+2
100
151
98
Barber and beauty shop
-2
108
118
110
Men's wear
Men's clothing
Men's furnishings. . .
Boys' wear
Homefurnishings
(*)
!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. 421.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, 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 1955
425
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
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
104 3
90.6
100.9
108.5
111.3
118 4
126.2
129.7
128 0
97.6
101.3
101.1
101.1
110.5
111.8
112.8
113.4
95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1
96.1
100.5
103.4
105.2
109.7
115.4
118.2
120.2
104.7
104.3
104.1
104.2
104.2
104.0
103.7
104.3
104.6
104.6
104.3
129.4
129.0
129.1
129.1
1.28.9
126.7
126.6
126.4
125.0
127.6
127.3
94.9
100.9
104.1
106.0
111.1
117.3
121.3
125.2
124.1
124.4
124.9
125.1
125.1
125.2
125.5
125.7
125.9
126.1
126 3
113.9
114.1
112.9
113.0
112.7
113.3
113.4
113.5
113.4
113.8
113.6
108.0
108.2
106.5
106.4
106.4
107.0
106.6
106.5
106.9
106.8
106.6
120.2
120.1
120.2
120.3
120.1
120.3
120.2
120.1
120.1
120.0
119.9
103.3
103.4
127.6
127.4
126.5
126.8
113.7
113.5
106.9
106.4
119.9
119.8
Apparel
All
items
Foods
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
1954 .
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
114 8
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
112 6
95 0
10J .7
103 3
106.1
112 4
114 6
117.7
119 1
1954—February
March
April
May
June
July
August
September
October
November
December .
115.0
114.8
114.6
115.0
115.1
115 2
115.0
114.7
114.5
114.6
114 3
112.6
112.1
112.4
113.3
113.8
114 6
113.9
H2.4
111.8
111.1
110 4
118.9
119 0
118.5
118.9
118.9
119 0
119 2
119.5
119 5
119.5
119 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
128 5
127.9
128 0
128.2
128.3
128.3
128 5
128.6
128.8
129 0
129.2
129 4
1955—January
February
114.3
114.3
110.6
110.8
119.6
119.6
129.5
129.7
Year or month
Total
Gas
and
electricity
Rent
Solid Ilouse- Household
fuels
furand
nish- operation
fuel oil
ings
97 2
103.2
99 6
100.3
111 2
108 5
107.9
106 1
97 2
102.6
100 1
101.2
109 0
111 .8
115.3
117 4
107.5
107 6
107.6
107.7
107.6
107 8
107 8
107.9
108 5
108.7
109 1
88 8
104.4
106 8
110 5
116 4
118 7
123.9
123 5
126.2
125.8
123.9
120.9
120.9
121 1
121 .9
122.4
123 8
124.2
125 5
107.2
107.2
106.1
105.9
105.8
105 7
105.4
106.0
105.6
105.4
105 4
109.4
109.9
126.1
126.2
104.6
104.8
117.3
117.5
116.9
117.2
117.2
117 2
117.3
117.4
117.6
117.8
117 7
117.7
117.7
97 6
100 0
102 5
102 7
103 1
104 5
106.6
107 9
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
commodities
Farm
products
Processed
foods
Total
104.4 107.3 106.1 103.4
99.2 92.8 95.7 101.3
103.1
97.5 99.8 105.0
114.8 113.4 111.4 115.9
111 6 107.0 108.8 113.2
110 1 97 0 104 6 114 0
110.3
95.6 105.3 114.5
1948
1949
1950
1951
1952
1953
1954
1954
February
March
110.5
110.5
111.0
Ma".'.'.".'.!!!!!! 110.9
110.0
June
110.4
July
110.5
August
110.0
September
109.7
October
110.0
November
109.5
December
1955
January
February
110.1
110.4
Tex- Hides, Fuel,
tile
power,
prod- skins,
and
and lightucts leather
and proding
apmaparel ucts terials
104.4 102.1 107.1 103.8
95.5 96.9 101 9 94.8
99.2 104.6 103.0 96.3
110.6 120.3 106 7 110 0
99 8 97.2 106.6 104 5
97 3 98 5 109 5 105.7
95.2 94.2 108.1 107.0
114.4
114.2
114.5
114.5
114.2
114.3
114.4
114.4
114.5
114.8
114.9
95 3
95.0
94.7
94.8
94.9
95.1
95.3
95.3
95.4
95.2
95.2
>-92.5 1 0 3 . 8 115.2
93.1 103.1 115.6
95.2
95.1
97.7
98.4
99 4
97.9
94.8
96 2
95.8
93.6
93.1
93.2
89.9
104.8
105.3
105.9
106 8
105.0
106 5
106.4
105.5
103.7
103.8
103.5
Chemicals
and
allied
products
94.9
94.7
94.6
96.0
95.6
94.9
94.0
93.0
92.4
92.8
91.8
110.5
109.2
108.6
108.2
107.8
106.2
106.9
106.9
106.9
107.4
107.5
••91.9 1 0 8 . 5
92.3 108.5
107.5
107.4
107.2
107.1
106.8
106.7
106.8
106.8
106.9
107.0
107.0
ucts
Furniture
and
other
household
durables
Ma-
Rubber
and
products
Lumber
and
wood
products
Pulp,
chinpaper, Metals ery
and
and
and
allied metal
moprod- prodtive
ucts
ucts prod-
Non- Tome- bacco
tallic mfrs. Mismin- and cella-
erals— bottled neous
struc- bevtural erages
102.1
98.9
120.5
148.0
134.0
125 0
126.9
107.2
99.2
113.9
123.9
120.3
120.2
118.0
102.9
98.5
100.9
119.6
116.5
116 1
116.3
103.9
104.8
110.3
122.8
123.0
126 9
128.0
100.9
106.6
108.6
119.0
121.5
123.0
124.6
101.4
103.1
105.3
114.
112.0
114.2
115.4
101.7
104.4
106.9
113.6
113.6
118.2
120.9
100.4
101.6
102.4
108.1
110.6
115.7
120.6
103.1
96.1
96.6
104.9
108.3
97.8
102.5
124.6
124.9
125.0
125.1
126.1
126.8
126.4
126.9
128.5
131.4
132.0
116.8
116.7
116.2
116.1
116.3
119.1
119.1
119.3
119.8
119.9
120.0
117.1
116.6
116.3
115.8
115.8
116.2
116.3
116.3
116.3
116.0
115.9
126.2
126.3
126.8
127.1
127.1
128.0
128.6
129.1
129.7
129.9
129.8
124.5
124.5
124.4
124.4
124.3
124.3
124.3
124 .4
124.3
125.3
125.7
115.1
115.0
115.6
115.5
115.4
115.3
115.3
115.3
115.6
115.6
115.7
121.0
121.0
120.8
119.3
119.1
120.4
120.5
121.7
121.9
121.8
121.8
118.0
117.9
121.5
121.4
121.4
121.4
121.5
121.5
121.5
121.4
121.4
102.8
104.9
110.3
109.2
105.1
103.9
102.3
99.1
96.7
97.0
98.0
107.1 1 3 6 . 8
139.4
120.3 116.3 130.1 125.8
121 .3 116.6 131 .5 126.0
115.5 122.0 121.4 '97.O
115.4 121.7 121.6 97.5
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Backfigures.—SeeBULLETIN for March 1952, pp. 311-313.
426
FEDERAL RESERVE
BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES— Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
Annual
Subgroup
Jan.
1954
100.4
90 1
88 4
.1.03.5
98 9
105 7
90.2
141 2
99.2
91 5
85.5
106.2
91 1
79.9
93.1
171 2
109 5
93 0
110.6
113 9 116 9
91 9
'87 6
106.1 107.0
104 7
109 4
167.7
116.9
104.5 104 6
112 4 1 H 3
21.2.0 '203.7
103.2
'•98.2
92 1
90 1 Metals and Metal Products:
93.2
139 4
Iron and steel
..
Nonferrous metals
Metal containers
Hardware
116 3
Plumbing equipment
86 9
Heating equipment
Fabricated structural metal prod107.2
ucts
104.1
Fabricated nonstructural metal
112 6
products
186.4
100.7 Machinery and Motive Products:
93 5
111 8
87. 1
136 6
99 3
83.7
89.2
109 1
85.7
129.8
98 5
79.8
90.2
106 6
'87.3
124 1
98 ?
'77.3
90.5
106 4
86.7
122.4
98 I
78.0
68.3
93 4
111 8
99 3
55.2
85.2
111 .8
97.0
'49.5
81 2
111.6
'95.8
11 ? 8
132 0
107 8
99 1
112.7
106 3 105 ?
132.5 132 4
108.8 113 0
101 .8 100.7
110.8 111 .7
117 6
111.1
96 2
92.9
52.7
111 1
112.9
1.03.3
117.6
112.8
96.3
93.9
57.8
109.7
113.0
107.5
117.3
112.8
'95 8
93.6
'61.8
108.8
113.6
'107.7
117.4
113.1
96.1
93.5
61.0
108.9
113.5
108.0
121.6
127 2
123.8
1 23.1 146.0
130.6 139 9
124.1 127.9
151 .3
140.5
130.9
119 3
\3\ .5
109 3
117.3
130.6
103.1
120 0
130.4
104.7
121 .5
129.0
104.7
109.0
90.7
125.6
109.6
80.4
126.6
110.0
'90.2
127.5
110.0
90.2
128.0
Feb.
105.2 103.8
93 1
*79 4 80 7
104.4 104.3
H)l A
65 1
'94 3
'1 56 4
Processed Foods:
Cereal and bakery products
M!eats poultry and fish
Dairy products and ice cream
Canned, frozen fruits and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products.
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather. . . .
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal.
Coke
Gas
Electricity
Petroleum and products
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
Lumber and Wood Products:
Lumber
Mill work
Plywood
Pulp, Paper, and Allied Products:
Woodpulo
Paper
1954
Jan.
Feb.
Pulp, Paper and Allied Products—
Continued
124 5 124 0
112.0 111.1
127.7 127.6
1?4 0
111.5
129.4
132 9
124.2
130.6
139 3
118 4
114 3
135 8
127.9
131 .6
142 6
118 7
113 9
135 8
133.7
131.6
143 3
118.7
113 7
115.7
117.1
117.8
117.9
125 5
125.9
125 8
125.8
122.3
122.2
121.5
121.4
129.3
131.1
131 6 133 2
133.2 135.1
133.4
136.5
125.3
122.5
128.2
125.5
128.6
126.4
129.7
126.5
123.7
118.9
126.2
119.3
126.8
121.7
126.8
121.4
113.9
124.9
124.7
108 4
95.0
74.5
125.3
113.3
126.7
1 23.2
109.6
95.6
71 .2
130.1
112.5
128.6
124.2
108.7
95.4
69.0
1.31.9
112.4
128.6
124.4
108.5
95.4
68.8
132.0
120.8
117.4
115.4
128.1
121.0
107.3
116.8
124.4 123.9
121 .0 123.1
117.5 116.7
133.1 135.8
122.1 122.1
] 04.0 106.1
120.1 119.2
123.9
123.6
116.9
136.1
122.1
101.0
119.2
122.0
103.2
120.9
111.5
122.5
124.0
103.6
121.0
114.4
142.3
124.0
103.7
121.4
114.3
148.1
124.0
103.7
121.4
114.6
148.1
113.2 113.2
96.0
'84.9
98 1 101.3
102 .7 103.6
121.0 120.3
113.3
85.8
101.3
1.03.5
120.6
Paperboard
124 3
Converted paper and paperboard.. 112.2
Building paper and board
121.4
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
51 .6
82.2 Furniture and Other Household Dura111.5
bles:
95.8
Household furniture
Commercial furniture.. .
Floor covering
105 1
Household appliances. .
132.4
Radio
113.0
Television
100.7
Other household durable goods
111.7
Nonmetallic Minerals—Structural:
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
1953
1953
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other fa r m products
1955
Annual
1955
Subgroup
Concrete ingredients
Concrete products
Structural clay products
Gypsurr products
Prepared asphalt roofing
Other nonmetallic minerals
131 3
125.1
127.3
132 7
116 0
114 8
Tobacco Manufactures and Bottled
Beverages:
Cigarettes
Cigars
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:
Toys, sporting goods, small arms.. 113.7
Manufactured animal feeds
87.7
Notions and accessories
93 4
Jewelry, watches, photo equipment. 101.7
120.1
Other miscellaneous.
••Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 131-313.
APRIL 1955
427
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
1954
1953
1 OOQ
Gross national product
104.4
1 O33
lvoo
1941
1949
i ozn
lvoU
1951
1952
1 QK1
lvoo
1954
1
4
3
2
4
56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5 362.0
8.6
7.2
9.0
18.4
20.5
23.5
25.3
27.2
29.3
27.9
28.2
29.0
29.8
30.2
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.0
1.0
.6
30.0
1.0
1.0
30.3
1.0
-3.7
30.3
1.0
.6
30.3
1.0
-3.0
30.2
1.0
-3.8
30.0
1.0
-4.4
30.4
1.0
n.a.
.0
.1
-.2
.2
.2
-.2
-.5
-.3
-.8
-.4
-.1
-.3
-.4
40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9 299.6 298.8
n.a.
Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
— .1
Equals: National income
87.8
10.1
.2
-2.0
.3
14.5
2.8
28.1
5.7
35.1
6.9
39.9
8.2
38.2
8.7
38.5
8.8
.0
.9
1.0
5.8
.6
.0
1.5
1.2
2.1
.7
.0
2.6
1.3
4.5
.5
.0
11.6
4.6
7.5
.8
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.1
1.0
.0
12.1
4.9
9.1
1.0
-.1
12.8
5.0
9.4
1.0
85.8
47.2
2.6
1.3
1.4
1.5
.5
1.0
83.1
45.7
93.0 188.2 206.1 226.1 236.9 250.1 253.5 251.2 252.3 252.9 253.2 255.9
79.0
46.4
81.9 180.6 194.0 208.3 218.4 230.1 234.0 229.7 230.5 233.1 234.8 237.7
4.2
-.6
11.1
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
Bquals: Personal income
Less: Personal tax and related payments..
Federal
State and local
Equals: Disposable personal income.
Less: Personal consumption expenditures
Equals: Personal saving
34.9
9.7
.0
14.8
5.3
9.9
1.0
33.1
8.6
34.1
9.8
34.9
9.7
33.9
9.6
n.a.
9.7
-.1
13.3
5.2
9.6
1.0
.0
14.2
5.2
9.6
1.0
.0
14.8
5.3
9.6
1.0
.0
14.7
5.4
9.8
1.0
0
15.5
5.4
10.4
1.0
96.3 206.8 227.1 255.3 271.2 286.1 286.5 287.3 285.1 285.7 286.2 289.0
3.3
2.0
1.3
18.7
16.2
2.5
7.6
20.9
18.2
2.7
12.1
29.3
26.3
3.0
17.7
34.4
31.1
3.2
18.4
36.0
32.5
3.5
20.0
32.9
29.2
3.7
19.5
36.1
32.6
3.6
21.5
32.8
29.1
3.7
21.8
32.9
29.2
3.7
32.9
29.2
3.7
19.7
18.4
33.1
29.3
3.8
18.2
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1953
1929
1933
1941
1949
1950
1951
1952
1953
1954
1954
National income
87.8
40.2 104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9 299.6 298.8
Compensation of employees
,
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries..
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
Proprietors' and r e n t a l i n c o m e 2 . . .
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.2
10.0
49.0
26.2
12.2
10.6
48.7
25.9
11.9
10.9
49.1
25.9
12.3
10.8
49.4
25.6
13.0
10.8
49.0
25.9
12.2
10.9
48.5
25.9
11.6
10.9
48.1
26.3
11.0
10.9
Corporate profits a n d Inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability....
Corporate profits after tax
Inventory valuation adjustment....
10.1
9.6
1.4
8.3
.5
-2.0
.2
.5
-.4
-2.1
14.5
17.0
7.6
9.4
-2.5
28.1
26.2
10.4
15.8
1.9
35.1
40.0
17.8
22.1
-4.9
39.9
41.2
22.5
18.7
-1.3
38.2
37.2
20.0
17.2
1.0
38.5
39.4
21.1
18.3
-1.0
34.9
35.0
17.2
17.8
-.2
17.4
15.1
34.1
34.5
17.0
17.5
-.4
34.9
34.5
17.0
17.5
.4
33.9
34.2
16.8
17.4
-.3
n.a.
n.a.
n.a.
n.a.
-.4
6.4
5.0
4.5
5.2
5.9
6.8
7.4
8.4
9.1
8.9
9.0
9.1
9.2
9.2
Net interest
n.a.
64.8 140.9 154.3 180.4 195.4 209.1 207.3 208.8 206.4 206.6 207.2 208.9
62.1 134.3 146.5 170.9 185.0 198.0 195.7 197.6 194.6 194.9 195.6 197.2
51.9 113.9 124.3 142.1 152.2 164.5 161
164.1 161.2 161.5 161.6 163.0
1.9
9.7
9.5
9.6
10.5 10.2
8.7
4.2
5.0
9.5
9.6
9.9
8.3 16.2 17.2 20.1 22.4 23.3 24.1 23.5 23.7 23.8 24.4 24.7
9.5 10.4 11.1 11.7 11.2 11.8 11.7 11.6 11.7
2.7
6.5
7.8
n.a. Not available.
1
Includes employee contributions to social insurance funds.
8
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
428
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
1929
Gross national product
,
Persona? consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction1
Residential, nonfarm
Other
Producers' durable equipment.
Change in business inventories....
Nonfarm only
104.4
46.4
3.5
22.3
20,7
16.2
1.4
1.4
8.7
3.6
5.1
5.9
1.7
1.8
.8
8.5
1.3
1.3
.0
7.2
1941
1950
1949
1951
1952
1953
1954
1954
56.0 125.8 257,3 285.1 328.2 346.1 364.9 357.2 36®. 5 355.8 356.0 355.5 362.0
79.0
9.2
37.7
32.1
Net foreign investment
Government purchases of
goods a n d services
Federal
National security
Other
Less: Government sales2
State and local
1933
81.9 180.6 194.0 208.3 218.4 230.1 234.0 229.7 230.5 233.1 234.8 237.7
29.9
9.7 23.6 28.6 27.1 26.8 29.7 28.9 28.0
28.0 28.8 28.9
43.2 96.9 100.4 111.1 116.0 118,9 120.5 118.7 118,8 120.0 121,1 122.1
85.7
29,0 60.1 65.0 70,1 75.6 81.4 84.6 83.0
83.6 84,3 84.S
i.O
1.6
-1.6
-1.4
18.1
6,6
3.5
3.1
6,9
4.5
4.0
32.5
17.5
8.3
9,2
17,8
-2.7
-1.9
51.2
22.7
12.6
10,1
21.1
7.4
6.4
56.9
23.3
11.0
12.4
23.2
10.4
9.0
.2
1.1
,5
-2.2
,2
24.8
80
2.0 16.9
113.8
2.0
.0
6.0
7.8
43.6
25,4
19.3
6.6
.4
18.2
42.0
22.1
18.5
3.9
.,3
19,9
62.8
41.0
37.3
4.2
A
21.8
50.7
23.7
11.1
12.6
23.3
3.6
3.0
51.4
25.5
11,9
13.6
24.4
1.5
2.2
46.1
27.6
13.3
14.3
22.2
-3.7
-.2
-1.9
77.2
54.0
48.5
5.8
.4
23.2
85.2
60.1
52.0
8.5
.4
25.1
45.5
25.7
11.
13,9
24.0
-4.2
-3.7
44,5
26.0
11.7
14.3
22.7
-4.2
-4.2
45.6
27.0
12,8
14.2
22.4
-3.8
-4.0
-.4
-.6
-1.1
-1.0
77.5
50.0
43.6
6.7
.3
27.5
86.0
59.8
50.6
9.6
.3
26.2
-2
81.9
55.0
46.9
8.4
.3
26,9
45.3
28,3
14.0
14.2
21.8
-4,8
-5.0
49.5
29.1
14.8
14.3
21.7
-1.3
-1.6
75.6
47 9
42.!
6!
.5
27.:
74.1
45.9
40.5
5.6
.2
28.2
78.S
51.3
44.7
6.9
.3
27.0
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rate s]
Wage and salary disbursements
Personal
income
Total
1929
1933
1941
1948
1949
1950
1951
1952
1953
1954 . . . .
85.8
47 2
96.3
208 7
206.8
227.1
255.3
271.2
286 1
286.5
i 954—February
March
April
May
June . . .
Julv
Aupust..
September
October.
November
December
1955—January
February^.
Year or month
Other
labor
income3
DiviProdends
prietors'
and
and
perrental 4
sonal
income interest
income
Less
personal
NonTrans- contributions agriculfer
for
tural
pay- fi
social income7
ments
insur-6
ance
Commodity
producing industries
Distributive
industries
Service
industries
Government
50.4
29 0
62,1
135 1
134.4
146.5
170.8
185.1
108 1
195.7
21.5
9 8
27.5
60 2
56.9
63.5
74 9
80.6
83.8
15,6
8 8
16.3
38 8
39.0
41.3
45.8
48.7
51 7
52.6
8.4
5 2
8.1
17 4
18.0
19.5
21.3
23.0
24 8
25.5
4.9
5 1
10.2
18 7
20.5
22.2
28 8
32.8
33 6
33.7
.6
4
.7
2 7
30
3.S
4.8
55
6 3
6.6
20.2
7.6
20 9
45.6
42.0
44.6
49.9
49 9
49 0
48.7
13.2
8 3
10.3
16 2
17.2
19.8
20.7
21.4
22 8
24.3
1.5
2 1
3.1
11 3
12.4
15.1
12.6
13.1
13 8
15.9
.1
2
.8
22
2.2
2.9
3.4
3.8
4 0
4.7
77.2
43 A
88.0
188.5
190.8
210,5
235.7
253.3
270 0
270.7
285 0
285.0
284.4
286 2
286.5
285 7
285.4
286 6
286 3
289 3
291.4
194.7
194.5
194.3
195 0
195.5
195 7
195.5
195 4
196 1
198 1
197.8
84.6
84.2
83.7
84 2
84.0
83 4
82.7
82 4
82 9
84 6
84.4
51.8
52.0
52.0
52 3
52.5
53 1
52.8
52 9
52 9
S3 0
53.1
24.9
25.0
25.2
25 2
25.5
25 4
25.8
25 9
26 1
26 2
26.1
33 A
33.3
33.4
33 3
33.5
33 8
34.2
34.2
34 2
34 3
34.2
6.6
6.6
6.6
6 6
6.6
6.6
6.6
6.6
6 6
23.9
23.9
24.0
24.0
24.1
24.2
24.3
24.4
24 5
24.6
26.2
15.0
15.8
15.9
15.8
15.8
15 8
15,5
16 0
16 5
16.4
16.7
4.8
4.7
4.6
6.6
49.6
48.9
48.2
49 4
49.2
47 9
48.2
48.8
47 2
48.3
48.8
4.7
268.2
268.8
269.1
269.7
270.3
270.6
270.2
271.1
272.3
274.6
276.5
291 .4
292.4
199.3
199.9
85.2
85.8
S3. S
S3.5
26.4
26.4
34.2
34.2
6.6
6.6
49.5
49.9
24.7
24.7
16.5
16.4
5.2
5.1
275.5
276.3
6.6
4.6
4.7
4.5
4.7
4.6
4 6
4.7
'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.
8
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
^Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, aa
well as consumer bad debts and other business transfers.
«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.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, 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 1955
429
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1954
All banks maintaining branches or additional1 offices
(except banking facilities), by class of bank
All banks by class of bank
Commercial 1janks
Commercial banks
State
Member
banks
Total
Total
National
United S t a t e s 2
234
Connecticut . .
Delaware
Dist. of Col.
Florida.
Georgia
13
231
171
161
234
13
231
171.
161
71
3
53
73
77
25
1
17
35
17
138
8
155
54
58
177
36
17
105
34
43
10
8
76
52
14
3
35
20
4
134
282
401
17
226
401
38
Idaho
Illinois. .
Indiana
Iowa
Kansas
910
478
665
602
Kentuokv
Louisiana
Maine
Miarvland
Massachusetts
371
...
Nebraska
Nevada
New Hampshire
New lersey
New A'lexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
State
Inmem- sured
ber
14,367 813,840 4 , 7 8 9 31,871 6,647
Alabama
Arizona
Arkansas
California
Colorado
Michigan
M^nne^ota
Mississippi
Missouri
Montana....
Nonmember
banks
602
371
172
93
160
365
172
61
152
177
429
429
89
40
31
57
112
679
197
600
77
1 78
2=5
77
30
d.19
8
76
307
52
123
5
51
196
26
689
224
154
560
924
637
384
634
384
341
46
38
234
197
680
197
600
110
419
8
110
330
52
. .
910
3474
665
11
389
123
96
170
Oregon
Pennsylvania . . .
Rhode Island
South Carolina
South Dakota .
48
866
18
151
170
10
.151
1 70
13
5S0
5
26
35
Tennessee
Texas
Utah
Vermont
Virginia..
297
925
54
72
316
297
925
54
6S
316
75
442
9
37
132
Washington
West Virginia .
Wisconsin
Wyoming
.. .
Alaska 2
558
53
1
107
183
3554
53
32
75
95
25
1
111
183
47
1
5
11
13
9
124
3112
70
42
20
11
6
13
25
153
7
101
44
16
2
1
66
8
149
9
2
173
25
7
94
1
8
27
9
135
20
1
73
15
36
3 73
18
389
232
449
275
245
120
17
81
34
189
461
162
404
27
Noninsured
3536
Mutual savings banks
Total
3218
5
1
67
=5
54
InNa- State
tional member sured
1,720
1,571
502
276
9
9
20
53
1
9
9
20
53
1
7
2
9
9
1
22
13
41
10
7
3
4
30
9
13
14
1
17
14
1
17
7
8
8
33
1
73
120
73
120
769
5
18
16
1
Noninsured
Insured
24
.1
4
2
2
24
8
2
41
116
14
9
9
28
17
5
4
6
19
92
57
2
9
1
1
1
8
4
Noninsured
2
10
5
3
1
4
8
8
50
2
115
17
1
31
7
8
1
6
24
7
1
188
10
12
3
18
44
50
168
109
222
154
11
129
5
8
3
13
3
1
5
9
16
2
12
11
23
1
7
5
48
30
40
107
89
1
236
1
11
42
18
2S
199
2
105
108
309
1
6
9
9
13
Total
In- Noninsured sured
Mutual savings banks
Nonmember
banks
Member
banks
23
89
6
28
1
38
1
2
1
1
1
4415
27
1
12
63
19
52
7
41
22
2
43
2
4
1
4
1
4
3
90
2
83
14
14
203
86
16
96
137
86
16
94
10
119
10
25
29
7
25
29
19
29
10
19
14
44
2
43
10
3
31
48
29
35
62
2
66
1
20
3
9
4
1
1
26
2
15
25
7
39
44
44
17
2
10
8
1
3
5
1
10
9
4
71
71
25
15
31
57
68
382
13
3
4
24
22
14
3
5
90
90
4
4
81
6
4
33
1
5
45
1
7
3
1
66
2
_
206
309
25
26
111
7
1
1
9
19
59
16
31
1
6
3
1
2
1
25
1
2
1
1
Some State laws make a distinction between "branches" and certain other types of "additional offices." This table covers all branches or
additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch
agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." In addition the
last column on the second page" of the table shows the number of "banking facilities" at military and other Government establishments provided
through
arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government.
2
Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of
the Federal
Reserve System on Apr. 15, 1954.
3
The figures for member (commercial) batiks and those for mutual savings (noncommercial) banks both include one mutual savings bank
in Indiana and two in Wisconsin. The total for "All banks" includes such banks only once, and the total for "Commercial banks" excludes them.
State4 member bank figures also include one noninsured trust company without deposits, which is not included with noninsured nonmember banks.
These facilities are operated by 142 banks, 70 of which have no other type of branch or additional office.
5
Each bank is reported once only—according to the widest area in which it operates branches or additional offices.
NOTK.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New
Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured
(unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according
to their own location, rather than that of the parent bank.
Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptive
text, pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1954, pp. 536-537.
430
FEDERAL RESERVE BULLETIN
NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1954—Continued
All branches and additional offices (except banking facilities),
by class of bank*
State
Total
Total
United States
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Idaho....
Illinois
Indiana
Iowa
Kansas
. .
6,416
33
80
6,108
33
80
22
1,085
1
All branches and additional offices Bank(except banking facilities),
ing
by location 1
facilities at
Commercial banks
GovMutual
ernOutside head office city
savings
ment
Nonmember
banks
Member
In
estabbanks
banks
head
non- lishoffice In head In con- In
ments*
city
office tiguous contiguous
InNonInNonNaState
county counties counties
tional member sured insured sured insured
1,462
2,900
1,710
2
22
1,085
1
31
52
2
823
174
107
34
88
33
38
32
13
18
18
49
1
49
1
27
12
10
1
50
50
32
11
6
64
64
55
4
5
1 ^0
61
162
ISO
162
31
2
58
158
62
100
62
100
27
50
12
23
39
89
169
293
88
146
17
36
115
30
49
88
31
59
26
336
6
84
336
6
84
123
6
8
149
64
6
70
1
1
22
2
228
4
3
1
26
14
5
21
20
86
1
221
36
87
2,860
1,725
832
999
198
12
9
23
17
4
28
4
8
11
1
4
4
1
36
4
2
18
2
255
1
132
59
539
43
11
41
14
21
0
2
1
7
7
4
5
o
46
81
69
119
43
19
37
2
6
14
89
174
42
34
111
33
39
7
7
1
215
6
16
82
90
10
1
44
18
6
2
1
s
10
2
17
1
2
2
49
5
1
35
1
2
11
9
1
3
3
3
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire . .
New Jersev
New A'Icxico .
?2
3
240
22
?2
1
115
8
290
47
597
AQ
61
212
139
154
23
37
87
New York. . .
North Carolina
North Dakota
Ohio
Oklahoma
1,074
302
952
302
23
340
23
330
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
1 38
419
77
73
1 38
390
62
73
224
34
SI
51
51
22
29
Tennessee
Texas
Utah
Vermont
Virginia
122
122
68
41
33
33
18
22
142
Washington
West Virginia .
Wisconsin
Wyoming
126
3
9
106
13
1
56
14
21
13
ii
1
10
2
2
23
62
1
3
1
12
4
3
4
56
35
185
163
8
9
51
10
1 SO
ISO
15
7
127
122
10
29
9
6
9
1
Member b anks
National
Banking facilities
a t militaryY and other Government establishments 4
1,72(1
53C
825
275
8!
6,4K
2 86C
1,725
832
99<
119
7
3
1
3
4
802
83
183
56
24
75
207
65
88
11
5
12
2
12
128
1=;
90
10
3
2
6
1
135
28
11
70
12
1
11
31
21
18
12
1
70
37
7
8
6
0
9
24
34
13
52
5
11
25
28
6
17
5
71
15
5
18
106
26
213
26
22
84
4
2
10
2
12\
11
?3
4
1
Distribution by locnation of branches with
respect to head office
Banks with 5 branches or additional offices (except banking
facilities)
.
. . . .
iii head office citv onlv
Outside head office city but not beyond heac office county....
Outside head office county but not beyond coi itiguous counties.
In counties not contiguous to head office cou nty
Branches and additional offices (except banking facilities). . .
In head head
office office
citv city:
Outside
In head office county.
In contiguous counties
In noncontiguous coun ties. . . .
4
4
2
3
3
4
13
142
181
41
54
•
Non member
corn mercial banks
Noninsured
5
2
9
1
Mutual
s avings banks
Insured
Non-
State
Insurec
276
769
101
468
178
22
24
92
57
121
102
32
21
6
10
5
3
83
3
6
27
24
6
2,900
1 216
579
313
792
1,710
1 100
1,462
285
221
194
87
51
347
.168
95
743
326
108
36
14
13
5
4
14
13
29
7
156
?A
21
502
198
221
48
35
nsured
For footnotes see opposite page.
APRIL 1955
431
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States...
434-438
Gold production
438
Estimated foreign gold reserves and dollar holdings
439
Reported gold reserves of central banks and governments...
440
Net gold purchases and gold stock of the United States...
441
International Bank and Monetary Fund. .
442
Central banks
442-446
Money rates in foreign countries..
447
Commercial banks
448
Foreign exchange rates
449
Price movements in principal countries:
Wholesale prices .
450
Consumers' price indexes...
451
Security prices
451
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 arc 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 1955
433
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.--SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY C O U N T R I E S 1
[Amounts outstanding, in millions of dollars]
Total foreign
countries
Internationa!
institutions 2
Date
1951—Dec. 31 .
1952—Dec, 3J .
1953 - D e c . 3 1 .
1954 - F e b . 28.
Mar. 3H
Apr. 30«r>
May 31 .
June 30.
July 31 .
Aug. 31 .
Sent. 30.
Oct. 3 1 .
Nov. 30.
Official
and
private
1,641.1 7,661.1 3 ,547.6
1.584 9 8,961.2 4 ,654.2
1.629.4 10,019.0 5 ,666.9
289.4
342.6
428.5
10,300.1
10.350.0
10,460.6
10,575.7
10,561.3
10,770.3
10,686.1
10,730.1
10,752.2
10,781.8
11,158.5
435.6
419.9
285.9
387.0
441.4
376.5
418.9
474.2
495.8
502.1
711.9
1,677.6
1,698.5
1.678.0
1,679.0
1,637.0
1,656.5
1,751.0
1,801.9
1,773.9
1,792.8
31 v 1,769.9
DQC.
Official»
GerFrance many,
Fed.
Rep.
of
5 ,903.1
5 ,925.2
6 ,062.9
6 265.0
6 307.0
6 438.6
6 287.3
6 31.9.2
6 404.2
6 379.3
6 783.1
1955—Jan. 3W 1,752.2 11,101.0 6 750.4
Feb. 28" t,781.9 10,912.6 6 519.7
Italy
Switzerland
United
Kingdom
405.6 300.5 521 3
551.1 308.9 641 8
898.8 465./ 674 2
971.7
994.3
1,039.3
1,051.2
1,084.9
t,222.1
1,225.1
1,247.6
1,257.2
1,287.2
1,372.2
491 .8 671 7
494.6 665.2
519.2 664 8
4 8 : 5.0 651. 8
4 5 ; .6 636 0
46? .8 680. 5
51C .7 680. 8
52? .4 668. 5
553 .9 645. 5
563.0 623. 7
578 .9 672.5
706.5 1,367.9 591 .5 624. 2
716.6 1,405.9 610 .2 634. 5
Other
Europe
Total
Europe
Latin
America
Canada
Asia
All
other
'846 .6
642.6
817.9 1,093 3
708.9 1,557 .5
3 , 005.9
3 , 755.5
4 , 733.6
1,307.1 1 455.2
1,420.7 1 612,9
1,295.5 1 768.4
1,595. 5 297.4
1,836. t" 335.6
1,895. 5 326.1
1,635 .6
1,638 A
1,689 .0
1,750.2
1,701 .3
1,722 . 7
1,676 7
1,673 3
'1 ,690 1
1,673
1,642 5
4 , 940.8
5 , 010.3
5 , 097.7
5 , 275.4
1,348.4
1,340.4
1,282.3
1,286.6
1,320.6
1,342.0
1,380.4
1,384.1
1.372.8
1,377.8
788.1
866.8
998.6
993.9
954.3
036.7
918.2
889.0
839.5
848.1
917.3
1,892. 0 330.8
11,801. 7 330.9
1 ,762. 1 319.9
1 ,711. 0 308.7
1 ,682. 298.5
1 , 693. 2 285.6
1 ,748. 2 275.2
: , 764. 1 262.9
,782. •5 272.1
: ,811. 8 264.9
1 ,825. 5 265.1
734.4
797.9
899.5
952.2
986.1
942.2
851.9
837.9
842.8
829.7
639.5
5, 305.4
5 , 412.8
5 , 364.0
5 , 430.0
5 , 485.3
5 , 479.2
5 , 617.4
1
1
I
1
1
2
1
1
I
\
1,533.3
656.6 1,673 1 5 . 619.9 1,528.2
599.4 1,629 0 5 , 595.7 1,365.3
843.4 I ,842. 1 267.4
806.2 l , 860. 8 284.6
I
Table la.—Other Europe
Other
Europe
Date
Belgium
Austria
Denmark
Finland Greece
Netherlands
SweNor- Po- Porway land tugal mania Spain den
17.1 71.7 14 .1
19,2 91. C 8 . 4
5.8 36.0 116.7 14 ,2
2.5
1.7
2.0
22.0
21.9
20.5
22.1
26.2
37.5
46.0
58.3
66.1
70.9
71.3
8 . 0 78.4
S.O 84.7
1951—Dec. 3 1 . .
1952—Dec. 31 . .
1953—Dec. 31 . .
1 , 093.3
45.3 27.0 45.8 148.8 99.7
70.4 28.5 47.3 203.1 110.3
95.7 37.9 100.9 242.9 118.5
2.8
3.4
2.2
40.7
57.4
72.4
6.1
6.1
1954—Feb. 2 8 . .
Mar. 31 < .
Apr. 305.
Mav 3\
June 30. .
Julv 3 1 . .
Aug. 31 . .
Sept. 30. .
Oct. 31
Nov. 30. .
Dec. 3W.
133.9 97.0 42.5 110.8 215.6 118.7
142.1 102.4 44.7 112.4 215.4 122.0
689.0
121.2 102.0 39.1 109.3 226.9 130.1
122.9 92 ^ 41 6 116.0 250.4 130.6
1 \ 750.2
111.6 92.7 42.4 114.0 272.3 131.2
1 , 701.3
118.0 80.7 42.4 112.1 305.7 127.2
1 , 722.7
1r , 676.7 275' . 6 99.3 79.5 41.0 104.5 252.9 129.1
l 673.3 281 .9 104.0
76.4 37.7 94.3 247.6 132.3
i! 690 1 2 8 ; A 104 6 68.8 40 6 93 8 248 7 125.8
i , 673.7 272! 4 103! 2 69.2 39.8 110.2 241.4 115.8
i , 642.5 273 .2
99.8 71.1 41.3 112.7 249.3 103.4
3.8
2.4
2.8
2.2
2.2
2.2
1.7
1.8
74.2
76.1
77.0
83.5
86.3
88.5
83.8
83.5
85.0
88.9
91.3
92.6
98.1
7.8
7.9
7.8
7.8
7.9
7.9
7.9
7.9
8.1
8.0
7.8
r
846.6
557.5
1955—fan. 31 P .
Feb. 28P.
1 , 635.6
1 , 638.4
57.1 134.7
91 .1 123.9
190.9 130.3
208.4
217.4
227.6
234 3
238! 5
260.5
673.1
272 .8
r,629.0
21 i .6
98.1
93.0
76.2 39.7 129.2 254.3
70.3 41.6 134.2 221 .2
1 .9
2.2
2.1
2.0
1.7
8S5.8
66:2
Yugo- All
key U.S.S.R. slavia other
7.3 1 2 5 . 9
12.C '219.3
6 . 9 '384.1
129.4
119,2
121.0
120.4
123.1
157.0
173.6
180.5
179.4
159.0
141.0
8 .8
9 .4
9 .2
7 .9
7 .4
6 .4
6 .2
6 .4
8 .2
8 .1
8 .2
2.3
1.8
2.5
2.2
3.1
2.8
3.0
2.1
2.0
5.2
2.0
6.3
5.8
4.8
6.2
5.9
6.8
6.4
6.9
6.8
9.0
8.6
130.5
129.7
9 .5
9 .2
1.8
9.4 '381 .9
9 . 8 382.9
1 .7
'454.0
'437.4
'487.3
'509.6
'436.5
'367.1
'366.1
'351.7
'366.7
'370.3
'359.5
Ta ble lb.—Latin America
Latin
America
Date
Argen- Bo- Brazil
tina livia
Chile
Colombia
Cuba
Dominican Guate- Mexico
mala
Republic
Netherlands
West
Indies
and
Suri-
Panaroa,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
nam
1951—Dec. 31.
1952—Dec. 3 1 .
1953—Dec. 3 1 .
1,455 2 249 .7
1,612 9 138 8
1,768 4 130 0
27.8 100.3
24.5 72 5
19.1 101 7
54.0 106.4
79 3 118.2
78.8 150.2
1954—Feb. 2 8 .
Mar. 314
Apr. 30 «
May 3 1 .
June 3 0 .
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 31 .
Nov. 3 0 .
Dec. 3 1 P
1,788 1
1 ,866 8
1,998 6
1,993 9
1,954 3
2,036 7
,918 2
1,889 0
1,839 5
,848 1
,917. 3
20.3
27.1
26.5
28.5
31.4
28.0
27.3
30.2
31.9
32.3
29.2
65
60
56
55
61
73
78
74
72
73
69
1955—Tan.
Feb.
1,843. 4 143 3
1,806 2 144 2
31P
28P
160
170
175
173
8
4
4
8
176.7
181
191
204
190
175
159
8
1
8
7
3
2
90 1
110 1
100.7
92
96
167
102
91
139
160
127
6
1
4
6
3
1
3
3
30.8 100 4
27.2 104 8
263 .6
301 .2
340 .8
45.8
44.2
39.3
7
5
4
8
2
9
9
7
8
2
6
151.2
160.6
170.5
190.5
230.6
236.2
215.0
168.2
147.7
168.6
222.2
353 .5 45.4
362 .2 49.2
376 .0 52.7
377 .1 53.4
346 .5 55.8
328 . 8 61.1
309 . 6 60 9
291 .2 60.7
269 .0 58.5
243 .7 58.2
242 .3 59.1
73 3
65 1
189.5
138.7
239 . 8
228 .1
68.2
65.4
15S .2
231 .2
183 .2
34,9
44.3
51.5
67.7
80.8
89.9
47,2
60 9
68.0
27,8 84.7 71 ,9
25.6 94.1 145 .5
26.8 109.6 222 .4
87.8
117.4
119.2
52 . 0 187 .4
53 .1 167 .1
53 .5 233 .5
54 .1 203 .5
48 .0 201 . 3
44 .9 210 .0
40 .4 236 .8
37 .1 254 .7
34 .1 265 .4
31 .5 265 .5
34 .5 328 .9
55.7
52,4
52.8
49.1
51.5
50.9
50.1
50.1
46.3
46.9
48.7
89.3
92.8
94.3
88.3
87.2
91.6
86.2
76.3
77.4
75.6
73.0
69.9
73.0
68.9
67.2
66.6
66.6
69,2
76.4
79.2
79.6
83.4
42.5
47.2
50.2
44.9
41.6
36.3
30.5
25.0
23.0
20.4
30.4
99.1
102.3
104.9
105.2
107.7
112.8
104.1
101.6
98.5
91 .7
90.3
207 .7
179 .1
210 .5
183 .0
202 .2
193 .6
126 0
150! 2
141.1
140 3
134 0
138.7
136.6
136.1
123.0
123.2
125.5
335 . 8
357 .7
42.7
44.4
73.4
75.1
81.0
79.0
39.6
46.6
86.8
83.1
177 .7
176 .8
123.6
127.5
27 .3
34 .3
37 . 9
37 .5
42 .6
179 .2
188 .7
241 .0
269 .8
218.0
"Preliminary.
'Revised.
For footnotes see following page.
434
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN TILE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 1c.—Asia and All Other
i
Date
.•••\ssia
ForKomosa
rea,
Re- Phil- Thai- Other
Hong
and
IndoAsia
China Kong India nesia Iran Israel Japan pub- ippines land
lic
Mainland
of«
87.4 62 A 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297,4
76 4 70 <? 64.6 61.0 19.2 18.8 808,0 54.4 315.1 181.0 167.1 335.6
73 6 68.0 99 0 39.3 43 6 18.0 827.9 91.5 29.5.5 167.9 171.2 326.1
1951 Dec 31
1952 ~T>c 31
4953 Dec. 31,
1,595.5
1,836 5
1. .895.5
1954- Feb.
Mar.
Apr.
May
June
July
79.2 65.8 .120.2 74.6 40.5 20.0
r,892.0
79.6 65.3 82.2 68,3 47.7 33/7
t.,801.7
79 0 66.3 85 1 65 2 45 4 31.0
1,762 1
1,711.0 | 76.7 66.8 86,7 63.8 39.4 27.4
75.8 65.1 91.3 59,2 34.0 28.9
.,682.5
75.1 64,6 79.2 60.5 28.6 25.1
1,693.2
74.2 64.2 75.5 81.9 23.3 36.0
1,748.2
69.6 64.3 73.4 87.3 26.1 33.1
L,764.1
71 .1 64.7 77.7 95.4 24.7 24.7
1,782.5
71.3 64.6 82.1 100.6 28.2 26.0
1,811 .8
]L,825.5
70.0 60.8 86.9 100.3 31 .4 41.0
28
31 4
30*
31.
30.
31.
AUIJ. 31.
Seut. 30.
Oct. 31.
Nov. 30.
Dec. 3 1P
All
other
1955—Tan. 31* 1 ,842.1
Feb. 28P
,860.8
Egypt
and
Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
38.5 54.5 110.7
47.2 118.6 59,7
59.2 89.6 43 3
23.6
38 2
86.8
86.5
95 7
7.0
330.8
330.9
319 v
308.7
298.5
285.6
275.2
262.9
272.1
264.9
265.1
53.4
49.6
49 5
49! 6
48.0
42.8
41.3
35.4
41 .6
37.3
47.7
87.7
83.3
31 .1
74.1
63.6
51.3
45.5
44.2
47.0
44.4
43.6
45.9
49.7
51 8
51.3
51.7
51.5
47.7
45.1
45.2
47.6
47.1
44.8
43.9
32 8
34.2
37.8
38.6
37.9
38.5
39.4
38.1
32.7
99.0
104.3
104.8
99.5
97.4
101.3
102.8
99.7
99.0
97.5
94.0
69.2 60.8 95.0 109.3 44.5 38.9 707.3 98.9 264.9 131 .6 221 .9 267.4
70.3 60.1 101 .5 110.5 47.0 40.4 700. .1 100.2 263.2 133.1 234.4 284.6
44.4
58.6
45.9
42.7
48.6
52.0
31.4
36.2
97.1
95.1
737,7
675.8
639.7
616.9
615.4
616.0
643.4
668.5
695.8
712.6
724.9
95.5
102.8
203 7
104.7
i05.9
101 .2
98.2
94.9
93.8
88.7
95.6
313.0
309.9
317.7
303.1
298.9
308.2
314.2
308.5
289.7
276.8
257.4
157.5
155.1
144 6
139.3
130.1
127.1
126.2
125.0
117.8
124.2
123.1
188,0
181.2
184 3
186.3
177.8
207.6
211.2
213.3
227.0
236.6
234.1
Table Id.—Supplementary Areas and Countries7
End of year
End of year
Area or country
Area or country
1951
Other Europe:
Albania
Azores
British dependencies.
Bulgaria.
Czechoslovakia
Eastern Germany. . .
Estonia
Hungary.
Iceland
Ireland, Republic of.
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
I
.3
.6
.6
1.3
n.a.
l.l
1.0
3.5
15.9
1.3
.6
11.8
3.2
5.5
24.6
8 7
11,4
and
French
10,3
17.2
8.3
5.4
1952
1953 1954
Other Asia:
Afghanistan
British dependencies
Burma
.6
Ceylon
.6
Iraq
1 .2
Jordan
n.a.
Lebanon
1 .0
Pakistan
8.9
Palestine
n.a.
Portuguese dependencies .
1 .3
Saudi Arabia
.2
Svria
4.5
Viet-Xam
5.3
2.2 All other:
British dependencies
Ethiopia and Eritrea
19.0
French dependencies
15.3
Italian Sornaliland.
,
21 .2
Liberia
Libya
.4
New Zealand
14.1
Portuguese dependencies
n.a.
Spanish dependencies
10.3
Tangier
3.6
.2
n.a.
1.9
1.0
3 7
12.6
1.3
.6
5.0
4.1
n.a.
1 9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.5
14.6
13.0
13.4
17,7
2.2
11.6
15.4
13,4
5,0
.6
9.3
18.7
16 0
6 0
1951
1952
1953
1954
10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1
4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
2.7
19.8
23.0
.17.1
13.8
.9
23.9
.1
9.7
.1
n.a.
21 .1
29.7
n.a.
10.0
.8
16.5
2,1
13.2
S4
rr. a.
2.8
15.9
11.4
n.a.
5.3
18.5
20.5
n.a.
1.8
61 .5
21 .5
1 .6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
1 .4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
36.1
35.7
.5
5.2
4.3
.2
21.5
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
3.8
.1
8.1
PPreliminary
n a. Not available.
1
"Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in
not more than one year trorn their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and
commercial
paper and of liabilities payable in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under ''Other Europe." _
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) 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.).
4
Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption
reported a total of 15.9 million dollars of such liabilities on that date.
^Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks
reported a total of 16 million dollars of such liabilities on that date^
•Through
1952, reported by banks in the Second (New York) federal Reserve District only.
7
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order >
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.
APRIL 1955
435
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLATMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars]
Date
GerFrance many,
Fed.
Rep. of
Total
Italy
Switz- United Other
Total
erKingdom Europe Europe
land
Canada
Latin
America
Asia
All
other
1951—Dec. 31..
1952—Dec. 31..
1953—Dec. 31..
968.4
1,048.7
904.5
10.1
31.9
10.6
28.3
26.8
30.5
10.3
17.8
18.8
11.2
7.1
17.9
35.0
30.3
70.5
••88.5
••98.2
••87.5
183.4
212.2
235.9
92.0
62.3
56.4
489.3
662.0
472.7
161.8
89.8
114.8
41.9
22.4
24.9
1954—Jan. 3 1 . .
Feb. 2 8 2. .
Mar. 3 1 .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 31 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30..
Dec. 31 P.
923.8
901.5
867.1
879.9
915.4
971.1
1,109.6
1,108.6
1,187.4
1,291.6
1,316
1,385.0
7.4
7.1
9.6
9.2
8.9
10.2
9.5
7.5
14.1
7.1
16.7
17.5
13.7
14.4
14.4
15.3
16.7
13.4
12.9
15.8
19.3
19.7
18.1
16.1
12.8
12.5
10.7
12.1
14.6
16.1
17.4
16.4
12.6
16.2
66.9
59.9
59.5
87.0
79.7
77.0
85.1
94.4
128.7
126.2
128.2
169.3
»-98.4
'•97.0
'94.5
'•87 2
'101 1
7
••85 2
_ 4
14.2
40.1
43.6
53.4
58.9
57.0
53.7
52.5
51.9
48.4
47.3
56.1
67.8
"107! 5
-114.4
'108.7
247.6
241.2
243.5
269.2
271.7
258.0
263.6
270.7
309.2
320.4
340.7
395.9
51.7
59.2
60.0
47.5
52.6
65.2
66.4
65.6
70.9
68.0
66.2
75.6
473.3
450.4
426.4
433.3
447.9
499.3
625.8
613.9
646.5
741.3
751.2
733.2
125.5
126.7
111.4
101.9
114.6
113.3
117.5
125.7
125.6
128.1
125.9
143.3
25.7
24.0
25.8
27.9
28.6
35.3
36.2
32.8
35.2
33.9
32.5
37.0
1955— Jan. 31 P.
1,380.1
17.2
65.8
20.2
18.5
145.9
139.0 i 406.6
103.6
677.8
152.3
39.8
10.3
Table 2 a.—Other Europe
Date
Other
Europe
1951—Dec. 31
1952—Dec 31
1953—Dec. 31
'•88.5
'98.2
'•87.5
1954—Jan. 31
Feb. 28
Mar. 312
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 3li»
'98.4
'•97.0
"•94.5
'87.2
M01 .1
'•89.7
'85.2
r<87.4
'•87.7
'•107.5
'•11-1.4
'•108.7 ! 1
139.0 !
!
1955—Jan. 31 P
Belgium
Denmark
Finland
Greece
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
other
(3)
.8
.8
39.6
16.2
13.0
4.8
2.1
6.2
3.1
5.6
1.9
.2
2
1L.3
5.0
4.4
8.6
1.5
L.9
..0
.8
.5
.6
18.8
11.2
24.3
5.4
2.5
2.7
.6
38.8
15.7
3.9
8.6
4.8
4.0
5.4
6.8
.2
.2
.2
.2
.1
.2
.1
.2
.2
.2
.3
.4
13.4
14.3
13.2
14.9
15.2
14.8
15.3
14.7
16.0
14.2
17.0
19.6
6.0
4.1
2.9
4.3
3.5
4.1
4.2
3.5
4.8
6.0
7.5
9.7
1.5
1.3
1.3
1.6
1.6
1.9
1.8
1.4
2.0
2.3
2.1
2.5
L.4
L.4
i.5
1.0
L.9
1.8
1.6
1.6
5.6
5.6
5.4
5.3
6.2
9.4
13.1
7.9
8.8
11 .9
9.3
9.4
10.9
11.2
14.6
15.9
L.2
L.6
1.3
L.4
L,3
1.3
L.5
L.4
L.7
.4
:L.7
2.1
.4
.5
.4
.6
.6
.6
.7
.5
.5
.7
.6
.5
24.4
19.8
12.2
10.6
5.7
3.5
2.1
3.5
4.0
4.0
5.5
4.0
2.1
1.7
1.4
2.2
1.9
2.4
2.7
2.6
2.4
2.8
3.0
4.1
29.2
31.0
35.4
29.8
49.2
35.9
32.7
37.0
33.3
55.0
52.4
40.7
4,5
5.4
5.9
5.2
5.1
5.3
5.7
4.2
3.0
.6
1 .0
7.9
6.2
5.6
6.6
6.1
6.2
6.5
6.3
5.3
5.6
5.3
4.6
19.3
9.1
2.2
i1.9
18.3
1.3
.6
3.1
4 2
66.-1
2.8
5.1
Austria
7
Table 2b.—Latin America
Date
Latin
BoAmer- Argenlivia
tina
ica
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1.2
1.3
2.6
3.0
6.5
4.6
11.8
14.8
20.2
9.5
9.1
8.2
10.5
14.3
41.7
36.7
41.6
14.5
13.7
19.3
98.1
87.2
85.3
77.3
76.6
81.7
85.5
91.7
94.7
99.2
114.7
115.7
2.6
1.8
1.1
1.5
1.8
2.5
2.1
2.0
1.8
1.3
1.3
1.4
5.7
6.2
7.1
7.4
6.2
8.9
7.4
5.5
5.0
4.1
4.6
5.4
5.1
7.1
9.5
2.8
3.3
8.8
18.8
17.2
14.7
16.4
15.2
16.0
15.7
14.2
13.9
14.2
14.6
16.2
12.7
10.0
2.7
3.2
4.4
3.9
3.3
3.2
3.7
5.8
6.9
40.8
38.8
38.9
45.7
47.7
46.4
51.6
50.4
52.7
57.3
61.4
62.9
17.8
17.8
16.9
17.3
17.1
17.6
20.1
20.4
20.2
22.3
23.8
26.5
111.4
1.9
12.8
15.2
8.6
6.7
62.9
25.5
Cuba
185.0 24.8
356.4 26.4
125.1 22.6
43.7
41.7
56.9
32.3
32.5
51.2
1.8
1.6
1.9
4.2
4.1
90.6
88.6
92.9
53.1
50.6
47.8
54.4
59.1
66.4
64.6
64.0
74.2
6.8
78.9
11.8 91.8
14.1 107.1
60.0
62.2
58.4
55.2
55.9
59.2
56.9
59.7
63.7
64.9
63.1
70.8
2.0
1.8
1.6
2.2
2.4
2.5
2.4
2.4
2.4
2.2
2.5
2.6
3.4
3.4
2.6
3.2
3.0
2.9
3.0
3.2
3.6
3.3
4.9
4.0
97.0
52.7
3.6
3.8
7.6
8.2
7.1
10.8
473.3
450.4
426.4
433.3
447.9
499.3
625.8
613.9
646.5
741.3
751.2
733.2
7.3
7.2
5.4
6.2
5.6
5.7
5.8
5.8
5.8
6.1
5.8
5.6
9.2
8.7
1.9
1.7
2.3
2.0
2.9
1.7
2.5
2.2
2.2
2.5
121.9
116.7
117.3
117.4
129.1
167.4
276.6
269.6
288.0
361.5
322.6
278.1
1955—Jan. 31 P. 677.8
5.8
2.1
252.5 15.3
1954—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 312.
Apr. 30. .
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3 1 . .
Sept. 30..
Oct. 3 1 . .
Nov. 30. .
Dec. 31 P.
Panama,
Republic of
Brazil Chile
1951—Dec. 3 1 . . 489.3
1952—Dec. 3 1 . . 662.0
1953—Dec. 3 1 . . 472.7
7.5
5.8
NetherDolands
minican Guate- Mex- West
Reico Indies
mala
and
pubSurilic
nam
Colombia
20.9
20.1
19.9
19.6
18.5
12.2
21.0
14.9
11 .3
3.8
7.7
8.5
5.4
6.4
7.7
12.0
3.7
2 1
r
^Preliminary.
Revised.
i"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 481 million dollars on Jan. 3\, 1955. The term "foreigner" is used to designate foreign governments,
central banks, and other official institutions as well as 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.
2
Beginning Mar. 31, 1954. banks whose total claims on foreigners
are less than $500,000 are excluded. Banks claiming this exemption reported
3
a total of 9.6 million dollars of such claims on that date.
Less than $50,000.
436
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other
Asia
Date
Formosa
Korea,
RePhil- Thai- Other
Indoand Hong
China Kong India nesia Iran Israel Japan pub- 1 ippines land
Asia
lic of
Mainland
1951—Dec. 3 1 . 161.8
1952—Dec. 3 ! , , 89 8
1953—Dec. 3J
114.8
io.i
10.1
8 1
3.1
13 4
1.2
3 I
.3
4.3
3.7
.9
.8
125.5
126.7
111.4
101.9
114.6
113.3
117.5
125.7
125 6
128.1
125.9
143.3
8.1
8.1
8.4
8.1
8.2
8.1
8.1
8.2
2.9
3.2
4.5
3.9
5.1
3.5
4.2
3.9
8.1
8.1
8.1
2.3
2,2
2.2
3.2
3.4
3,1
3.6
2.8
2.4
2.6
3.3
3.4
1.0
,9
.7
.5
1.4
.6
.6
.4
.6
.6
.8
8A
3.1
3.6
1954—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 312.
Apr. 30. .
May 31 ..
June 30. .
July 3 1 . .
Aug. 31. .
Sent. 30
Oct. 3 t . .
Nov. 30. .
Dec. 31 P.
1955 -Jan. 31 P. 152.3
8 1
9 . 3 30.0 12.2
10.2 15.1 12 5
13.8 22.9 25.6
14.7
14.7
14.3
IS.?.
15.3
16.0
17.5
20.3
16.9
17.7
16.7
.7 15.8
4 5
4.8
4.4
4.9
18.2
.9
32.7
27.6
22.1
16.2
8.8
8.0
8.4
9.3
9.3
8.2
9.4
10.7
28.5
31.7
32.8
30.6
36.7
38.6
33.3
30.9
30.0
33.3
29.9
50.0
5.8
6 1
51 6
24.6
24.7
41 9
22.4!
24.9
22.8
10,1
8.0
5,7
6.0
6.3
.2
.5
.5
6.7
2.0
2.4
6 5
3.8
7.8
6.0
8.0
4.9
6.4
23.9
25.0
17.5
13.0
19.5
20.1
26.3
31.3
34.5
34.8
35.3
36.0
25.7
24. C
25.8
27.9
28.6
35.2
36.2
32 .8
35.2
33.9
32.5
37.0
6.9
7.2
7.6
8.7
6.5
6.5
6.7
6.4
7.1
7.8
7.9
7.5
6.9
6.8
6.6
6.3
.7
.5
1.3
.3
.5
.3
.2
A
.5
.5
.4
1.0
4.7
5.1
4.5
5.5
5.8
5.9
5.3
5.2
6.8
4.6
5.8
5.9
9.4
9.6
35.9
39.8
6.2
1 .1
7.5
11.7
29.3
7 6
(3)
2.5
3.3
,1
.2
.2
.5
.2
.4
.3
.2
10.5
7.3
5.5
5.2
4.3
4.9
5.7
6.2
5.6
6.2
6.7
6.9
7.1
6.3
.4
9.6
13.5
..
10.8 48.1
Egypt
and
Union
Bel- Anglox\us- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
AH
other
8.7
9.7
12.0
12.3
10.8
10.7
7.7
10.2
12.1
10.1
10.5
10.9
10.4
14.1
I
5.7
7.0
7.6
11.1
10.7
9.5
5 3 12.1
5 . 2 10.4
"•'
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES"
[In millions of dollars]
U. S. Government bonds
and notes
Net
purchases
or sales
Year or month
Purchases
Sales
U. S, corporate bonds
and stocks
Purchases
Sales
673.6 1,356.6
231 4
533 7
728.0
646.0
797.5
797.8
1954—January
February
!March
April
May
June
Tuly . . .
August
September
October.
November
December?
33.7
87 4
S5 0
65 2
87.3
49 2
33 4
86.9
38 6
48 0
115.1
97.9
1955—JanuarvP
123.4
-683.0
302 3
-82.0
-2
-4.3
38.0
99.9
— 12.6
22 1
32 9
30.0
35.2
88.4
— 1.2
21 4
27 7
24.3
9.1
53.0
33.9
39.2
— .6
25.9
22.1
101 .8
13.3
266.4 - 1 6 8 . 5
42.3
81.1
Net
purchases
or sales
Purchases
98.7
12.6
70.5
139.4
500.4
495 3
542.5
797.6
(-)
(-)
1951
1952
1953
1954?'
Foreign bonds
761.0
859.8
850 3
837.7
801.9
731.4
1,405.2 1,265.8
68.7
77.1
98 0
112.1
110.8
107 2
133.2
110.6
103.8
117.2
169.1
197.6
71.6
85.7
95 8
96.5
96.4
99.9
100.5
108.5
86.6
111.4
130.7
182.1
-2.9
—8.6
38.5
15.5
58.6
64.8
46 8
54.3
37.3
57 8
57.3
70.7
126.0
103.5
48.2
72.3
177.2
149.6
27.6
75.3
2.2
15.6
14.4
7.3
32.7
2.1
17.2
5.7
Foreign stocks
Net
purchases
or sales
(-)
Purchases
801.0
677.4
621.5
847.3
-300.6
— 182 1
-79.0
-49.8
272.3
293 9
310.1
395.1
348.7
329.6
303.4
642.0
-246.9
234.4
35.6
82.6
80.0
34.3
48.9
49.0
37.5
78.7
53.4
46.3
66.6
-175.9
29.1
—35 8
-25.7
1.9
5.7
28.1
26.9
32 6
31.3
29.5
29 7
34.8
37.5
30.3
35.4
37.4
41.4
26.9
38.9
41.6
46.5
56.1
79.6
39.6
101.4
40.7
49 1
61 .5
60.2
1.2
—12.0
—9 0
-15.2
—26.6
—49.9
-4.8
-63.9
-10 3
-13.7
-24.1
-18.7
64.5
11.3
41 .5
65.2
-23.7
Sales
3.0
8 9
8.3
33.2
47.3
50.1
Sales
Net
purchases
or sales
(-)
-76.4
—35 8
6.8
TABLE 4.- -NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, ( —). In millions of dollars]
Year or
month
1951
1952
1953
. . . .
1954P
1954—Jan
Feb....
Mar....
Apr....
May...
June...
July.. .
Aug
Sept... .
Oct.. . .
Nov....
Dec.*..
1955—Jan.P. .
International
institutions
Total
foreign
countries
—15.9
14.7
22.7
77.7
—568.4
300.2
—34.3
61.4
.9
.7
-8.1
-21.8
34.5
50.1
-8.6
28.1
46.2
13.8
14.6
.5
.6
21.8
.5
-4.4
41.2
2.0
25.6
2.2
France
6,0
5.5
—41.7
17.0
-7.1
-16.2
21.4
36.1
2.2
1.5
3.0
.1
.2
.9
3.0
-11.2
52.3
-141.9
-27.9
2.0
67.9
2.4
-.6
Germany,
Federal
Republic of
(3)
.2
.2
-.1
(3)
(a)
(33 )'
()
(3)
(3)
(3)
-.1
(3)
Italy
Switzerland
United
Kingdom
Other
Europe
1.9
.5
-.5
-.6
45.9
50.7
57.1
64.9
21.4
70.4
71.3
69.8
r-66.0
r—15.9
'•-24.0
(s)
-.1
-.4
.1
-.4
.2
(3)
.6
.1
1.1
.1
2.3
9.0
6.1
9.2
5.0
3.4
3.5
5.7
6.5
r-1.0
r
-.9
'•-2.1
r - 2r. 0
10.5
5.4
-.2
'•-21.1
r
.2
- A
3
13.0
( )'
.3
.2
1.7
5.9
8.0
6.8
r
-.6
'•-2.4
'5.3
'•-1.7
'•-6.7
'-8.7
(»)
.5
20.1
17.9
3.2
-1.2
24.8
.5
1.2
4.5
.7
Total
Europe
9.2
111.4
62.4
129.8
2.1
-11.1
30.2
49.7
10.8
4.6
32.8
5.2
7.3
8.6
17.6
-28.0
44.0
Canada
Latin
America
-595.5
191.6
-120.6
-187.2
4.7
-9.5
24.9
112.1
(3)
3.5
-6.8
-6.7
-3.3
-2.9
-.3
13.9
Asia
3.2
3.3
4.8
—!i
(3)
-5.2
-34.3
-8.7
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0
36.3
-8.0
.8
-.2
.4
1.1
-.3
.5
.1
.1
1.4
-5.3
29.1
.3
14.8
31.2
15.8
10.5
11.2
.1
All
other
— .7
1.9
— .9
3.2
.3
-1.0
1.4
1.4
.4
.7
.1
.1
.1
-1.4
.6
.6
-.2
r
P Preliminary.
Re vised.
2
!Not reported separately until
Mar. 31, 1954.
See footnote 2 on opposite page.
3
4
Less than $50,000.
Includes transactions of international institutions.
APRIL 1955
437
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
[Net sales, ( - ) .
In millions of dollars]
Inter- Total
national foreign Total
insticoun
Europe
tutions tries
Year or
month
1951
1952
1953
-152 7 —224
- 1 1 8 . 1 —99
-61.2 - 1 1
— 163.9 — 1 3 2
1954P.
1954—Jan.... - 1 0 0 . 6
Feb. . .
10.5
.1
Mar...
.7
Apr....
May. .
- _4 . 7fj
June..
July...
—i!i
Aus. • . - 6 . 0
Sept... - 5 4 . 6
Oct....
-2.9
Nov.. .
-1.9
Dec.?..
-2.6
1955—Jan. P . .
-2.6
3
8
0
8
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
Canada
.1 — 1 4 1 . 2
25.9
-4.1
- 1 1 .4
-3.2
__<) 9
-24.7
8.9
10.7
8.3
-5.9
-18.6
-9.9
.2
-.7
Assets in custody
Latin * •
Amer- ASla.
All
Date
other
ica
28.5 —258.fi
19 9 — 141 0
96.3 - 1 3 7 . 8
-74 0
6 7
-44 8
-41 6
-18 8
-40 3
4 7
-24 7
91 6
39. 3
-20 3
— 10. 4
[In millions of dollars]
33 8 - 3 6 . 0
7.9
25 3 — 10 !o
6 0
25! 8
34 .6 - 2 9 .9
37 .2 —34 9
5.2
-2.6
9.4
- 4 .8
- 2 .2
—2 .5
- 3 .6
- 3 .9
- 2 .6
- 1 .4
1 .9
- 2 .8
- 6 .4
- 3 .3
-7.4
2
52. 9
38. 8
6
4.' 8
5 6
1
1 3
1 7
3 9
2 4
1 4
1 8
8 6
7 7
3
3 1
-1.6
-11.8
7.6
3 4
~ .3
9.2
-95. 3
8. 0
-53. 2
••-35. 9
-.9
-29.3
2 3
-2s!
Deposits
1.0
.9
.4
.3
8.0
4.0
2.3
-.2
P Preliminary.
U. S. Govt.
Miscelsecurities 2 laneous
423
2,586
106
1954—Mar 31
Apr. 3 0 . . .
May 31
June 30
July 31
Aug 31
Sept .30
Oct. 31
Nov .30
Dec. 31
494
471
527
545
533
477
461
426
397
490
2,784
2,840
2,969
2,900
3,033
2,989
3,013
3,050
3,002
2,908
92
96
93
87
85
82
101
99
104
105
1955—Jan. 31 .
Feb. 28
Mar 31
44.1
320
351
3,000
2,966
3,062
117
128
131
1955—Mar 2
Mar 9
Mar 16
Mar 23 .
Mar 30
329
392
336
351
356
2,979
2,971
3,052
3,057
3,068
127
130
132
131
131
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 441, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
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 1 reported
U.S.S.R.
monthly
South
Africa
Rhodesia
'i - is ni
1947
1948
1949
1950
1951
1952
19 S3
1954
..
1954—Tanuary.
February..
March
April
May
Tune
Tuly . . .
Ai'pust
September
October
November
December
1955—January...
766
805
840
864
840
864
8.S7
5
0
0
5
0
5
5
North and South America
Africa
705.5
728.1
753 2
777 1
758.3
780.9
776 5
392.0
405 .5
409.7
408.2
403 1
413.7
417 0
462.4
63.4
61 8
68.7
66.0
68 9
70.0
71.1
71 4
35.7
34.5
37 5
37.0
38.3
38.3
39.4
39 8
30.9
40 5
40 7
40 8
40.7
West Belgian United
Africa 2 Congo2 States 3
Mexico
Colom- Chile
bia
Nica- Austra- India2
ragua4
lia
j
grains of gold ?1o fine: i. e., an ou nee of fine gold = JJ5.
18.3
18.0
IS.5
17.9
17.0
17.4
17 5
19.3
23.4
23.1
24. J
22 .9
23.8
25 4
27.6
10.8
11.1
12.9
12 0
12.3
12.9
13 0
13.0
75.8
70.9
67.3
80.1
66.3
67.4
69 0
65.4
1.5
1.5
i 6
S 6
1 7
1.6
1 .6
1.5
2.1
2.2
2.2
2.2
2 3
1.3
2 3
2 4
1.5
5.1
4.9
5.4
4.9
5.0
6.1
6.1
1.5
2,4
2 3
2 3
2 3
1
9
.9
9
2.2
1.5
1 7
Canada
Other
i.l
2
.1
0
0
0
5.8
5.1
5 6
5.6
5 8
5.0
107.5
123.5
144.2
155.4
153.7
156.5
142.4
152.8
10.3
10.9
12.9
12.5
13.4
13.2
13.3
12.9
13.1
13.3
13.5
13 5
12.8
16.3
12.9
14.2
14.3
13.8
16.1
16.9
13.4
11.7
12.6
13.3
15.1
14.8
15.3
13.2
1,0
1.4
1.2
1.1
.9
1.0
1.2
1.0
.9
1.6
.8
1.3
1.2
1.0
1.4
1.2
1.1
1.1
1.2
8
5.9
5.7
6.3
6.7
6.1
6.2
4.6
.4
.3
.4
.3
.5
.3
.4
.3
.4
7.4
7.8
7.7
8.0
8.8
8.9
32.8
31.2
31.3
30.4
31.3
34.3
37 7
6.1
6.5
5.7
6.7
7.9
8.9
.7
.7
.7
.7
.7
.7
.8
2.9
.6
.6
.7
.7
.6
.7
.7
9 1
8.2
.7
.7
6
.6
7
.6
3.0
3.5
3.2
3.3
3.3
3.4
3.2
3.4
7 8
7.7
7
.6
6
6
6
.5
Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R, are available, but data of 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.
1
Estimates of United States Bureau of Mines.
2
Reported by American Bureau of Metal Statistics.
•'Yearly
figures are estimates of United States Mint. Monthly figures 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.
438
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1952
1950
1951
Dec. 31
Dec. 31
848
834
222
571
898
896
434
633
1,035
967
691
655
1,052
883
770
651
1,044
926
893
660
1,081
1,003
1,053
714
1,098
1.049
1^225
812
1,124
1,060
1,381
841
1,055
1,092
1,503
802
1,024
1,124
1,822
874
1,039
1,354
1,998
925
559
94
257
132
205
2,023
164
524
150
331
128
224
1.973
165
905
171
391
130
283
2 051
153
1,134
953
164
412
134
280
2,091
152
1,198
1,022
169
437
138
309
2,120
IS 7
1,299
1,055
171
469
150
335
2,133
157
1,421
1,064
169
499
136
337
2,134
153
1,559
1,125
178
516
142
342
2,105
151
1,607
1 118
177
537
174
399
2,172
ISO
1,536
1,118
148
559
188
406
2,185
152
1,568
1953
1954
Area and country
Continental Western Europe:
Belgium-Luxembourg (and Belgian
Congo) .
.
.
France (and dependencies) *
Germany (Federal Republic o f ) . . .
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey....
Other 2
Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30
Dec. 31 P
920
758
815
160
374
130
275
2,053
151
1,062
6,829
7,114
8,368
8,574
8,907
9,502
10,075
10,457
10,618
11,107
11,640
3,557
120
303
2,843
99
309
2,318
113
312
2,627
113
323
3,051
111
340
3,009
108
346
3,198
10S
329
3,536
105
338
197
326
194
347
207
356
212
369
214
354
214
373
221
371
3 388
104
320
3,189
103
334
241
232
2,886
109
334
225
373
234
371
232
387
4,453
3,774
3,284
3,626
3,910
4,070
4,050
4,224
4,577
4,417
4,245
1,988
2,157
2,492
2,435
2,238
2,292
2,417
2,487
2,463
2 543
2,613
Latin America:
Argentina
Brazil
Chile
Cuba
518
543
518
417
427
390
485
393
519
451
520
481
503
423
543
431
550
417
532
449
99
121
128
129
134
578
413
120
121
102
515
375
527
393
579
339
587
325
531
341
548
329
117
112
530
415
575
366
J03
532
258
428
391
311
306
301
309
311
311
337
329
477
315
445
634
519
721
490
812
530
814
571
779
595
772
562
868
329
317
458
560
335
Venezuela
Other
621
906
614
817
597
859
Total
3,455
3,360
3,369
3,537
3,672
3,708
3,623
3,712
3,722
3,660
3,685
324
160
587
421
163
729
296
157
936
275
156
1..026
246
155
1,022
198
168
1,062
184
181
958
166
185
807
140
172
747
168
164
801
181
169
858
318
Total
Sterling Area:
United Kingdom dependencies....
India
Union of South Africa
Other
Total
...
Canada
Asia:
Iran
Japan
337
324
334
318
304
319
210
325
294
360
316
306
401
311
363
304
374
308
166
256
281
401
268
451
243
444
377
Thailand
Other
.
. . .
266
238
465
236
520
1,870
2,185
2,367
2,498
2,413
2,424
2,309
2,196
2,054
2,154
2,230
Eastern Europe ®
344
309
307
307
306
314
306
308
309
308
309
All other:
Egypt
Other
173
285
234
227
229
218
217
224
226
221
42
49
57
61
63
67
74
219
28
67
70
68
201
327
283
284
290
281
284
298
293
289
289
19,140
19,226
20,470
21,261
21,736
22,591
23,064
23,682
24,036
24,478
25,1)11
3,090
3,171
3,287
3,249
3,272
3S212
3,331
3,401
3,364
3,536
3,560
22,230
22,397
23,757
24,510
25,008
25,803
26,395
27,083
27,400
28,014
28,571
Total
Total
Total foreign countries
Grand total
^Preliminary.
1
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and
European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished
gold reserves of certain Western European countries.
s4 Excludes gold reserves of the U. S. S. R.
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
iaternational organizations.
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private
dollar holdings as shown in Tables 1 and l a - I d of the preceding section, as well as certain longer term U. S, Government securities reported as
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
APRIL 1955
439
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1949—Dec
1950—Dec.. . .
1951—Dec
1952— Dec
1953—Dec
1954—Feb.
Mar. . .
Apr
June...
July
Estimated
United States
total world
(excl.
U.S.S.R.)i Treasury Total2
35,410
35,820
35,970
36,280
36.710
36,920
37,100
Aug.
37,200
Sept
Oct .
Nov.. . .
P37,35O"
Dec
1955—j a n
Fob.
Argentina
Belgium
Bolivia
Brazil
Canada
698
587
621
706
776
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
40
40
45
42
42
21
8
8
5
5
5
5
5
5
3
321
321
321
321
321
322
322
322
322
322
322
1,017
1,022
1,030
1,034
1,042
1.050
1.052
1 .059
1 065
1 .071
1,080
322
322
1 .083
.1 ,086
24,427
22,706
22.695
23,187
22,030
24.563
22.820
22,873
23,252
22,091
21 ,958
21,965
21,969
21,973
21.927
21,908
21,809
21,810
21 .759
21.710
21 ,713
22,036
22,035
22,083
22,039
22,027
21,960
21.897
21,863
21.827
21,791
21.793
787
787
788
779
765
765
756
760
760
767
778
21,714
21,716
21.786
2!,788
781
797
Germany,
Federal
Republic
of
216
216
268
End of
month
Egypt
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
53
97
174
174
174
523
523
548
573
576
'" 28
140
326
27
27
27
27
27
247
247
247
247
247
1954—Feb
Mar.. . .
Apr
May
June
July....
Aug
Sept
Oct
Nov.. . .
Dec
174
174
174
174
174
174
174
174
174
174
174
576
576
576
576
576
576
576
576
576
576
576
369
387
414
406
418
478
544
574
599
612
626
27
27
27
27
27
27
27
27
27
27
27
1955—Tan
Feb
174
174
576
576
700
End of
month
Portugal
El Salvador
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
128
197
190
170
176
85
61
51
51
54
70
90
152
184
218
1 ,504
1,470
1,452
1,411
1,459
1954—Feb
Mar
Apr
May....
June
July....
Aug
Sept
Oct
Nov.. . .
Dec...
379
386
391
393
393
403
410
416
422
427
429
29
29
29
29
29
29
29
29
29
29
29
177
177
180
180
187
188
193
195
199
194
199
54
54
54
55
56
56
56
56
56
56
56
218
218
218
218
219
219
219
219
224
246
265
1,469
1,469
1,471
1,450
1,469
1,485
1,490
1,503
1,513
1,513
1,513
1955—Jan
Fob
431
29
29
195
56
56
265
265
1.512
*1,501
3
France
South
Africa
Guatemala
India
Indonesia
Iran
Italy
Chile
52
74
Denmark
Cuba
Ecuador
299
271
311
214
186
32
31
31
31
31
21
19
22
23
23
42
42
42
42
42
42
42
42
42
42
42
186
186
186
186
186
186
186
186
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
43
43
186
31
31
86
Mexico
Netherlands
Norway
Pakistan
Peru
140
140
138
138
137
256
256
333
346
346
52
20S
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
247
247
247
247
247
247
247
247
247
247
247
137
137
137
138
138
138
138
138
138
138
138
346
346
346
346
346
346
346
346
346
161
162
86
87
57
58
59
60
61
62
62
772
772
772
772
777
794
796
796
796
706
796
47
47
47
47
47
45
45
45
45
45
45
38
38
38
38
38
38
38
38
38
38
38
36
36
36
36
36
34
34
34
34
34
35
74-7
138
796
796
45
38
38
178
209
280
235
145
138
Spain
Colombia
Sweden
Switzerland
i
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
Turkey
United
Kingdom
118
118
113
113
113
154
150
151
143
143
41.688
43.300
42,335
41,846
42,518
178
236
221
207
227
373
373
373
373
373
I .451
1,495
1,530
t,692
1,702
68
167
115
196
193
113
113
113
113
113
113
113
113
144
144
144
144
144
144
144
144
144
144
144
42,583
42.685
42,820
42,985
43,017
43,013
42,918
42,901
42,936
42,925
42,762
227
227
227
227
227
227
227
227
227
227
227
373
373
373
373
403
403
403
403
403
403
403
,702
,703
,719
1,727
,727
1 ,733
L, 734
,734
1 ,734
,736
L,740
190
199
197
186
182
186
193
195
193
193
196
144
144
4
403
403
1,744
198
209
Thailand
42,763
2 681
Uruguay
Venezuela
pPreliminary.
1
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 Stabilization 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."
^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.
440
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]
Total
United
Kingdom
-452.9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
393.7
-1.164.3
-326.6
-.2
406.9
734.3
446.3
-1,020.0
469.9
440.0
-480 0
-50.0
Year or
quarter
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Bel-
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
Germany,
Fed.
Rep. of
Netherlands
130.8
40.7
-23.5
-79.8
-4.5
- 1 0 . 0 -100.0
-130.0 -65.0
-225.6
Portugal
-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
-5.0
-59.9
-54.9
Sweden
80.2
238.0
3.0
-22.9
-32.0
-20.6
-15.0
Switzerland
Other
Europe 1
-86.8
-29.9
10.0
-5.6
-40.0
-38.0
-15.0
22.5
-65.0
-15.5
-7.4
27.3
86.6
5.8
2
—159.9
-68.0
-60.1
-17.3
-111.8
-17.4
22.5
-10.1
Canada
36.8
337.9
311.2
3.4
"100.0
-10.0
7.2
Argentina
-224.9
153.2
727.5
114.1
-49.9
-20.0
-84.8
Cuba
Mexico
-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
80.3
1952
557.3
105.7
-1.3
-268.0
Jan.-Mar.
Apr.-June
July-Sept.
Oct.-Dec.
520.0
20.2
-80,0
-24 0
-10.0 -100.0
-599.1
-128.2
-306.6
-130.3
-320.0
-40.0
-120.0
-36.5
-3.4
-12.4
-32.6
-30.0
-10 0
-40.0
-50.0
- 2 5 . 0 -15.0
-15.0
- 4 0 . 6 -15.0
-15.0
-63.0
-19.6
-171.8
-72.3
-50.0
-40.0
-15.6
-140.0
-30.0
-20.0
-5.0
-20.0
-10.0
"-1.2
-5.0
11.3
101.4
6.9
.3
-20.0
-25.0
-54.9
-20.0
-10.0
-28.1
1953
Jan.-Mar.
Apr.-June
Juiy-Sept.
Oct.-Dec.
-10.0
-10'. 6
-20.0
-25.0
-15.0
-5 . 0
-45.0
-8.8
-42.8
-15.3
1954
Jan.-Mar.
Apr.-June
July-Sept.
Oct.-Dec.
-15.0
-8.0
-7.5
-2.4
-1.1
-2.5
-11.3
80.3
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
-37.9 -73.1
-9.2
-4.9
25.1
-3.7
10.7 —108.0
-14.4 -50.0
—64 8
22.2
— .9
14.9
— IS 0
-5.0 -30.0
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Other
Latin
America
Asia
and
Oceania
Union
of
South
Africa
Gold stock at
end of period
All
other
- 2 7 . 8 3-188.3
3.7
13.7
bi.3 22.9
25.0
1.0 256.0
11.9
79.1
13.4
—4.1 498.6
6.9
-7.5
-52.1
195.7 4 - 1 . 6
-17.2
—35.4
13.1 - 4 7 . 2
- 1 7 . 2 5-50.1
52.1 4 - 8 4 . 0
-7.0
-2.0
-25.1
11.5
—9 9
—3 8
—6 1
-10.4
. -.4
17.2
1952
Jan.-Mar
Anr -Tune
Tulv-Sent
Oct.-Dec
10.0
4.8
-17.6
-7.4
—2 0
2.0
-3.2
-2.4
.4
-1.8
-3.6
-1.1
4.3
7.2
— .1
-1.9
1953
Jan.-Mar
-10.0
-5.0
— .1
— .1
Tulv-Seot
Oct -Dec
— 1.2
— 1.4
—2.4
-9.9
1954
Jan.-Mar
Tulv-Sent.
Oct -Dec.
1
2
-5.0
-30! 6
13.2
2.0
1 .9
-.4
Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
3Includes
sales of 185.3 million dollars of gold to China.
4
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and
1951, 76.0 million.
5
Includes sales of 45.0 million dollars of gold to Indonesia.
APRIL 1955
Treasury
Total i
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
21.938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713
21,981
20,631
20,083
20,706
22,868
24,399
24,563
22,820
22,873
23,252
22,091
21,793
1954—Mar. .
Apr...
May..
June..
July. .
Aug...
Sept...
Oct....
Nov...
Dec.. .
21,965
21,969
21,973
21,927
21,908
21,809
21,810
21,759
21,710
21,713
22,035
22,083
22,039
22,027
21,960
21,897
21,863
2t,827
21,791
21,793
1955—Tan. .
21,714 21,786
F e b . . . 21 .716 21,788
"21. .763
Mar... i>21 ,719
-8.9
-1 2
-.1
Period
Earmarked DomesNet
Increase gold
imgold:
de- tic gold
in total port or
crease producgold
export
or
instock
tion
crease
(-)
-757.9
68.9 -803.6
- 1 , 3 4 9 . 8 -845.4 -459.8
- 5 4 7 . 8 -106.3 -356.7
623.1 311.5
465.4
22,162.1 1,866.3
210.0
1,530.4 1,680.4 —159.2
164.6 686.5 -495.7
- 1 , 7 4 3 . 3 -371.3 -1,352.4
52.7 -549.0
617.6
379.8 684.3 -304.8
— 1,161.9
2,2 -1,170.8
-297.2
16.6 -325.2
-1.5
47.9
-44.1
— 11.6
-66.5
—63.6
-33.6
-36.7
-35.9
2.6
5.4
2.4
1.2
3.3
1.5
1.7
1.1
1.6
1.5
.7
-7.3
1.6
2.2
3.2
(')
P-24.8
4
48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4
-2,0
37.5
-48.4
-16.9
-72.7
-65.4
-34.6
-34.6
-36.7
1.8
5.4
4.9
5.0
6.1
6.1
5.8
5.1
5.6
5.6
5.8
-9.7
-.8
-27.7
5.0
4.8
(3)
^Preliminary.
x
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 6,847.1. million dollars on Mar. 31, 1955. 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.
441
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1953
1954
1955
Dec.
Sept.
June
Mar.
Jan.
Dec.
415
427
478
466
468
Dollar deposits and U. S. securities
Other currencies
and securities 1 . 1,010 1,049 1,034
990 1,011
2
1,620
1,663
1,562
1,535
1,738
Effective loans
33
31
25
37
33
Other assets3
850
777
849
742
653
IBRD bonds outstanding
380
420
336
357
401
Undisbursed loans
9
10
7
7
11
Other liabilities
154
146
129
165
137
Reserves
1,806 1,831 1,830 1,808 1,808
Capital 3
Quota
Subscription
paid
in
gold
Country »
200
150
50
68
525
330
400
110
250
90
43
2,750
8.4
37.5
12.5
5.9
108.1
33.0
27.5
15.5
62.5
22.5
10.8
687.5
Outstanding
Country 4
204.0
106.0
194.1
37.3
74.3
40.0
38.1
257.5
116.7
40.2
141.3
221.5
25.0
44.5
25.4
61.0
110.0
42.0
33.0
60.7
141.9
Australia
Belgium
Brazil
Chile
Colombia
Denmark
Finland
France
India.
Japan
Mexico
Netherlands
Norway
Pakistan
Thailand
.
Turkey
Union of S. Africa.
United Kingdom...
Urugiray
Yugoslavia
Other
Disbursed
183.3
86.7
138.0
17.
43.8
40.0
33.2
250.5
56.1
18.0
80.6
221 .5
25.0
26.2
23.1
29.9
104.3
38.8
30.8
52.9
77.0
02,014.5, 1,577.3
Total
Undisbursed
Repaid
Total
183.3
7.4
85.2 18.4
J35.1
4.0
14.0
.5
39.2
38.5
i.3
28.0
243.7 "8.3
42.0
5.7
.18.0
6.1
76.8
2.6
90.4 10.4
25.0
2.0
23.9
2.1
22.6
29.7
103.1
8.6
38.8
6.0
29.9
.5
50.2
74.0
20.7
19.3
56.1
19.5
30.5
1.5
2.8
3.9
4.6
1.5
4.9
5.2
7.0 6.8
60.6 14.1
22.2
60.
131 .0
18.3
2.3
31 .2
5.7
3.2
2.2
7.8
64.9
Sold
to
others5
2.3
.5
.2
1.3
27
3 0
437.2 1.86.0 1,391.3 788.2
Oct.
July
Apr.
Gold
1,744 1,734 1,733
Currencies:1
1,567 1,574 1,472
United States
4,734 4,738 4,746
Other
798
Unpaid member subscriptions...
798
892
58,853 8,853 8,853
Member subscriptions
-10
-9
Accumulated net income
-9
Loans as of February 28, 1955
Principal
1954
Monetary Fund
International Bank
Australia
Brazil
Colombia
Denmark
France
Germany
India
Indonesia
Japan
Mexico
Turkey
United States
Jan
1,719 1,702
1,408 1,386
4,824 4,847
889
796
8,849 8,739
-8
Cumulative net drawings
on the Fundio
1955
1954
Jan.
Dec.
Nov.
Jan.
14.0
14.0
20.0
38.0
65.5
65.5
65.5
65.5
25.0
25.0
10.2
10.2
10.2
10.2
105.0 105.0 105.0 125.0
- 4 9 . 5 - 4 9 . 5 -49.5
-4.4
53.3
53.3
53.3 100.0
15.0
15.0
15.0
62.4
62.4
62.4
62.4
22.5
22.5
22.5
24.0
27.0
20.0
27.0
-461.6 -464.4 -445.8 -648.1
1
2
Currencies include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
<J
Loans
to dependencies are included with member.
6
Includes also effective loans agreed to be sold but not; yet disbursed.
6
Includes
33 million dollars in loans not yet effective.
7
Includes 67 million dollars not guaranteed by the Bank.
8
Includes 125 million dollars subscription of withdrawing member
(Czechoslovakia).
9
Includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
1
° Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1945—Dec
194.6- -Dec
1947—Dec.
1948—Dec
1949—Dec.
1950—Dec
1951—Dec.
1952—Dec.
1953—Dec.
26
25
3i
29
28
27 . . .
26
31
30
,2
.
,2
.2
2
4
4
.4
4
4
Other
assets2
Notes
coin
Discounts
and advances
1,400.0
1,450.0
1,450.0
1,325.0
1,350.0
1,375.0
1,450.0
1,575.0
1,675.0
20.7
23.4
100.8
36.1
33.7
19.2
34.1
51.3
57.8
13,6
15.2
16.7
14.8
29.2
18.2
11.2
4,9
51,3
15.5
14.7
30.2
36.8
48.7
42.3
41.7
25.9
26.0
15.2
7.5
7.0
11.7
62.8
68.8
1954—Mar. 31
Apr 28
Mav 26 - . .
Tune 30
July 28
Aug 25
Sept. 29
Oct. 27
Nov. 24
Dec 29..
.4
1.625.0
1,625.0
1,625.0
1,675.0
1,750.0
1.700.0
1,675.0
1,675.0
1,675.0
1,775.0
1955—jan<> 26
Feb. 23
.4
.4
41,725.0
1,725.0
4
4
.4
.4
.4
.4
4
.4
.4
Assets of banking
department
oi-ir"
Securities
Liabilities of banking department
Note
circulation*
Deposits
Bankers'
Public
ECA
Other
Other
liabilities and
capital
17.4
97.9
.4
.6
24.3
7.2
58.5
57.3
95.5
92.1
111.2
85.0
89.8
78.5
70.4
17.8
18.
18.
18.
18.
18
18.
18.
18.1>
18 6
17.8
18.0
18 2
18.3
18.4
18 5
17.8
17.9
18 1
18 3
18.4
327.0
327.6
331.3
401.1
489.6
384 0
389.2
371.2
338. t
1.379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1.437.9
1,525.5
1,619,9
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8
290.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4
10.0
14.9
1.576.9
1,612.6
1,613.4
1,647.4
1,715.8
1,654.0
.635 4
1,635.9
1,651.9
.751 .7
262.7
289.3
267.8
307.7
269.1
267.2
276.1
295.6
293.7
276.1
30.6
11.7
14.0
10.6
14.8
14.6
16.4
9.8
11.7
15.4
6.6
4.6
8.7
10.2
1.7
6.3
6.3
9.6
8.9
319.3
369.5
352.5
374.6
338.7
310.1
337 6
351.1
374.9
350 7
9.6
72.9
67.1
69.8
71.3
71.3
63.8
69.0
65.4
72.3
66 3
16 4
52.4
298 0
248.1
1,664 9
1,658.9
251.9
271.1
16.3
11.3
4.7
4.7
85.9
63.7
8.4
8.2
7.0
6.5
2.1
4.5
1.0
iOn 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.
8
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 20. For details on previous changes, see BULLETIN for February 1955, p. 226.
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.
442
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold*
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
irculation3
Dominion
government
Other
liabilities
and
capital4
Shortterm2
Other
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9
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
1,376.6
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
893.7
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0
693.6
874.4
1,036.0
1,129.1
1,186.2
,211.4
,289.1
,307.4
,367 A
,464.2
,561.2
,599.1
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1
1954—Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.
50.0
58.3
61.5
54.2
53.6
56.9
57.9
52.3
57.7
54.2
1,552.8
1,703.8
1,740.4
1,568.5
1,651.2
1,669.9
1,660.8
1,438.2
1,444.3
1,361.5
636.3
568.0
520.5
702.0
502.3
502.4
545.6
809.9
837.5
871.1
146.2
101.2
103.2
112.9
109.9
77.2
73.3
105.5
85.1
114.1
,512.6
,535.7
1,546.6
1,553.5
1,572.1
1,573.0
1,585.3
1,579.8
1,587.1
1,623.5
660,0
661.7
589.3
624.4
543.9
531.0
521.4
595.2
528.8
529.6
81.8
86.0
143.8
99.0
50.5
49.6
81.8
49.8
141.1
56.3
28.9
27.3
30.3
41.4
30.9
31.5
25.8
31.4
36.0
30.5
102.0
120.6
115.7
119.2
119.5
121.3
123.2
149.5
131.5
161 .0
1955—Jan. 31.
Feb. 28.
51.5
52.4
1,249.8
1,320.6
876.0
815.1
87.7
82.1
1,545.9
1,541.7
528.7
503.8
56.5
63.2
38.6
47.3
95.4
114.1
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1943—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31.
31.
30.
31.
31 .
31 .
31.
31.
30.
31.
31.
31.
Chartered
banks
Assets
Bank of France
(Figures in
millions of francs)
Gold5
Foreign
exchange
Domestic bills
Open
market6 Special
Other
Other
Liabilities
Advances to
Government0
Current
Deposits7
Other
assets6
Note
circulation
Other
Government
ECA
Other
Other
liabilities
and
capital
1942—Dec. 31.,
1943—Dec. 30.,
1944—Dec. 28.,
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec. 29.
1950—Dec. 28.
1951—Dec. 27.
1952—Dec. 31.
1953—Dec. 31.
84,598
37
8,420
37
84,598
9,518
42 12,170
75,151
68 17,980
129,817
7 37,618
94,817
12 67,395
65,225
30 97,447
65,225
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
201,282 15,421 292,465
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108
5,368 68,250
7,543 64,400
18,592 15,850
25,548
76,254 67,900
117,826 147,400
238,576 150,900
335,727 157,900
393,054 158,900
741,267 160,000
937,459 172,000
891,560 200,000
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849
16,990
16,601
20,892
24,734
33,133
59,024
57,622
112,658
212,822
190,830
159,727
169,964
99 ,935 82l,318
770
382,774
137 815,596
500,386
578
,855
572,510
7,078
748
S7 755
570,006 12 048
4,087
61,468
721,865
7,213
765
3? 479
920,831
10,942
733
987,621
806
171 .783 16,206
1S8 973 19,377
,278,211 1 168
,560,561
70 15 058 161 ,720 24,234
,841,608
29 10 587 166 ,226 41,332
,123,514
27
897 137 ,727 49,305
2,310,452
21
2 061 142 ,823 56,292
1954—Mar. 25.
Apr. 29.
May 26.
June 24.
July 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 30.
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201,282
201.282
201,282
23,646
27,862
31,344
34,133
37,884
41,059
45,117
48,971
51,939
57,291
40,319
33,162
26,612
18,317
12,206
5,129
15,058
32,697
44,593
48,925
905,854 195,000
982,829 195,000
934,538 195,000
946,002 195,000
1,018,726 195,000
980,146 195,000
1,030,309 195,000
1,027,934 195,000
1,013,121 195,000
1,130,183 195,000
672,949
663,349
651,849
656,749
652,449
648,049
634,749
626,249
619,549
617,649
146,195
192,424
210,331
185,682
196,282
191,874
224,089
218,288
218,584
277,215
,235,417
2,322,140
,272,409
,270,081
2,386,357
2,333,133
2,443,797
2,428,122
2,386,103
,538,455
70
15
17
84
70
100
6
93
65
76
1955—Jan. 27.
Feb. 24.
201,282
201,282
60,482 226,244
66,689 172,750
286,200 2,472,650
306,48() 2,482,667
97
61
227,003
218,436
208,288
217,399
264,197
265,330
262,922
264,861
224,487
236,765
46,054 1,063,937 190,000 592,249
40,224 1,062,552 190,000 617,649
a
79
98
134
202
348
83
90
98
3 ,304
3 ,744
114,617
132 ,387
128,816
119,155
132.203
128 ,178
105 ,192
119 ,406
106 ,920
154, 100
62,064
59,704
57,869
65,043
59,047
66,377
59.441
67,563
72,162
67,935
3 , 733 125 ,962 64,006
137 121 , 699 53,062
*On May 1, 1940, gold transferred to Foreign. Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, 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 .1.944, 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. 60.1; 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. 11 7, 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: 1942, 16,857;
1943,9 10,724.
Includes advance to Stabilization Fund, amounting to 188.6 billion francs on Feb. 24.
NOTE.—For 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 1955
443
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1955
Feb.
Jan.
1954
Dec.
Feb.
Central Bank
(Figures as of last report
date of month)
1955
Feb.
Jan.
1954
Dec.
Bank of the Republic of ColomCentral Bank of the Argentine
bia—Cont.
Republic (millions of pesos):
1,623
1,623
Loans and discounts
1,623
552,944 466,754 465
Gold reported separately
55,468
1 ,257 1 ,390 .1,63 =
Government loans and securities. 3.11,81 315,450 328,965
Other gold and foreign exchange.
4,177
4,496
3,879
Other
assets
106,419 97,542 104,648
Government securities
69,316 69,533 58,465
Note circulation
651,156 670,407 780,107
Rediscounts and loans to banks..
130
270
306
Deposits
522,256 514,436 472,133
Other assets
31 ,328 31,589 25,820
Other liabilities and capital
146,974 133,586 123,824
Currency circulation
40,648
40,260
35,530
Central
Bank
of
Costa
Rica
Deposits—Nationalized
404
379
620
(thousands of colones):
Other sight obligations
4,582 4,626
3,939
Gold
11.503
,503 11,503
Other liabilities and capital
Foreign exchange
!,564 76,267
113,008
Commonwealth Bank of AusNet claim on Int'l. Fund2
',032 7,032
7,032
tralia (thousands of pounds):
405,585 413,408 418,669 534,536
90,041 107,607 122,264
Loans and discounts
Gold and foreign exchange
5,259
Securities
4,786
.828 2,828
Checks and bills of other banks.. 5,783 7,065 6,780
Other
assets
25,072
,357 23,523
Securities (incl. Government and
r
484,756 373,246
432, 914 466,798
Note circulation
,
164,82< 163,953 166,631
Treasury bills)
)6,
95.958 4,896 58.308 64,324
55,480
,893 46,062
Demand deposits
,
Other assets
353.827 354,327 391,577 336,863
,045 30,724
Other liabilities and capital
31,133
Note circulation
National Bank of Cuba
Deposits of Trading Banks:
295 670 295,670 295,670 323,720
(thousands of pesos):
Special
34,930 49,737 35,004 45.950
Gold
185,875 185,875
Other
255,813 262,433 246,263 270,833
95,367 57,960
Foreign exchange (net)
Other liabilities and capital
Foreign exchange (Stabilization
Austrian National Bank (millions
Fund)
of schillings):
199,377 201,041
157
556
556
556
Silver
Gold
7,607
8,545 8,634 8,704
12,512 12,512
Net claim on Int'l. Fund2
Foreign exchange (net)
5,137 5,158 5,272
5,565
51.591 47,032
Loans and discounts
Loans and discounts
1,774 1 ,774 1,848
1,855
69,359 77,006
Credits to Government
Claim against Government
374
367
38
376
77,05 76.259
Other assets
Other assets
12.028 11,904 12,252 10.404
410,428 1-23.822
Note circulation
Note circulation
2,109
2,044 2,156 2,213
262,005 215,704
Deposits
Deposits—Banks
595
566
706
830
18,706 18,158
Other liabilities and capital
Other..
1,723 1,730 1 ,716 1,879 National Bank of Czechoslovakia8
Blocked
National Bank of Denmark
National Bank of Belgium
(millions of kroner) :
(millions of francs):
,911 39,356
39,834 39,044
68
Gold
68
68
Gold
,005 13,273
693
763
Foreign exchange
776
Foreign claims and balances (net) 12,4.19 12,558
,956
5,172
5,815 6,802
266
173
Loans and discounts
397
Loans and discounts
, 660 34,660
34,660 34,660
479
475
Securities
492
Consolidated Government debt
.812
7,417
8,722 7.539
3,147 3,147 3,161
Govt. compensation account. . .
Government securities
.918
4.021
4,666 4,574
Other assets
405
638
445
Other assets
.826 98,234
101,265 100.571
Note circulation
1,983 2,025 2,145
Note circulation
,916
1
,642
2,068
1
,745
1.283
1,297
1,273
Deposits—Government
Deposits—Demand
88
93
105
96
1,645 1,555 1 ,667
Other
EGA
,432
3,009 2,870
3,492
265
269
Other liabilities and capital....
256
Other liabilities and capital
Central Bank of the Dominican
Central Bank of Bolivia—Mone(Nov.)*
Republic
(thousands
of
pesos):
tary dept. (millions of bolivianos):
1 .134 4,419
12,076 12,076 12,076
Gold
Gold at home and abroad
10,430
9,396
14,137 15,696 23,771
Foreign exchange (net) 2
Foreign exchange (net)1
11,034
6,317
Net claim on Int'l. Fund ....... 1,250 1,250 1 ,250
Loans and discounts
2,505
2,505
3,422 3,138 3,083
Loans and discounts
Government securities
3,707
.198
8,890 8,890 9.420
Government securities
Other assets
1.9,645
.12,922
14,261 7,544
1.4,247
Other assets
Note circulation
2 ,089
3,445
40,575 40,960 42,076
Note circulation
Deposits
7,076
6,467
1.1,089
12,080 12,701
Demand deposits
Other liabilities and capital
2,358 2,271 2,367
Other liabilities and capital
Central Bank of Ceylon (thousands
Central Bank of Ecuador
of rupees):
577,008 549,084 ; 2 4,4.94 314,036
(thousands of sucres):
Foreign exchange
20,100
342,954 342 ,990 342 ,905
Gold
Advances to Government
24,016 26,014 26,960 124.619
138,186 51,138 150,013
Foreign exchange (net) 2
Government securities
3,251
3,725
4,448
4,457
18,757 18,757 18,757
Net claim on Int'l. Fund
Other assets
368,179 370,116 376,240 348,291
370,478 66,018 339,478
Credits—Government
Currency in circulation
52,805
34,334
23,005
1
,472
75,077 215.753
68,370
Other
Deposits—Government
134,450 123,852 105,423 70,513
219,352 185,722 177,922
Other assets
Banks
50,521
51,234
42,935
48,842
.46,437
.51
,990 698,846
Note circulation
Other liabilities and capital
Demand deposits—Private banks. 204,907 199,331 214.808
Central Bank of Chile (millions
166,525
1.42,291
72,195
Other
of pesos):
5,744 5,743 5,742
5,649
234,558 221,855 188,913
Other liabilities and capital
Gold
1
,040
933
1
.
,137
503
National Bank of Egypt (thouForeign exchange (net)
2,124 sands of pounds):
Discounts for member banks.... 4,602 4,110 3,867
15,885 11,385 11,385 10,495
60,553 60,553 60,553
Goid
Loans to Government
10,160 12,352 13.059
7,428
79,400 81,391 181,979
Foreign assets4
Other loans and discounts
4,852
3,738
4.776
2,660
05,151
99,136 111 .417
Egyptian Govt. securities
Other assets
28,192 26,7"14 25,759 *-19,482
Clearing and other accounts (net) -7,286 -11,559 -1.2,823
Note circulation
4,824
4,413
26,867 18,801
4,836
4,826
25,284
Loans and discounts
Deposits—Bank
1 ,668 1 ,269 2,136
819
Advances to Government
Other
6,485
6,978
7,234
'3,732
1,562
1,779 3,652
Other assets
Other liabilities and capital
79,195 78.267 182.218
Note circulation
Bank of the Republic of Colombia
94,079
88,733
83.443
Deposits—Government
(thousands of pesos):
324,826 414,303 501,354 371,802
74,289 74.296 79.C7O
Other
Gold and foreign exchange
2
24,376
17,099
16,870
24,380
24,380
18,847
Other liabilities and capital
Net claim on Int'l. Fund
-24,370
Feb.
269,466
254,083
124,534
597,117
348,200
98,945
11,503
96,852
7,032
97,575
24,122
140,523
67,956
28.605
185,748
27,767
267,950
7,616
12,512
34,073
28,854
69,220
409,930
208.037
15,772
69
931
121
481
3,234
146
1,951
1,370
1,431
229
12,076
18,802
1,250
1,860
9,420
3,722
36,096
9.089
l|945
342,349
77,233
18,757
334,770
188,052
170,125
571,377
177,258
187,976
194,675
60,553
19.475
258,975
191636
1 ,580
179,110
71,071
99,179
10,259
r
•Latest
month available.
Revised.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign Government securities formerly shown with Egyptian Government securities.
444
FEDERAL RESERVE BULLETIN
CENTRAL BASKS—Continued
1955
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Feb.
Jan.
Dec.
71 653
68 563
71 727
59 306
71 81 1
34 745
1 .568
49 ,319
11 ,477
6 490
104 .579
1 . 569
Net claim on Int'l. Fund 1
36 ,974
Loans and discounts
Government debt and securities.. 9 ,2.14
8 79
T04 033
Note circulation
, 104
DeDosits
Other liabilities and capital
8 ,714
Bank of Finland (millions of markkaa):
6 909
Gold
,416
4 437
Clearings (net)
33 ,974
Loans sncl discounts
2 1 84
Securities
9 108
Other assets
48 151
Note circulation.
18 979
Deoosits
11 , 899
Other liabilities and capital
Bank of G e r m a n S t a t e s 2
(millions of German marks):
898
Gold
Loans and discounts
Loans to Government
. ...
1954
8
1 638
3
f 128
10 738
Notp circulation
i , 060
DeDosits—Government
445
Banks
336
Other
1 ,822
Other liabilities and capital
Bank of Greece3 (millions of drachmae) *
Gold and foreign exchange (net).
1 ,569
41 ,351
8 .434
(y 807
,617
7J- .601
8 ,976
8 , 884
6 909
6 934
6S8
9 7 101
3 708
3 94-6
'•138
, 63 7 40
2 170
2 ? SO
1 989
1 905
44 764 47
17 ,989 19 7 0 9
12 ,770 14- , 020
731
8 709
891
3 ,616
967
1 ^, 180
1
9 600
377
1 ,784
?, , 6.30
8 63 S
3
4 94 1
935
19 3 SO
1 09 S
,959
307
.1,959
(Xov.)*
4 , 965
157
8 , 739
4 47?
1 989
3 449
1 508
Advances—Government
Other
Oth p r assets
Deoosits
Government
Reconstruction and
relief accts
Othe r
Other liabilities and canit?l
Bank of G u a t e m a l a (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund.
7 101
3 433
4 ,783
97 97 7
8 4S?
1 , 250
13 359
46 879
52 987
3
6 6S1
13 0^0
766
Coin
Government
Banks
Other liabilities ?nd canital
National Bank of H u n g a r y 8
Reserve Bank of India (millions of
Denosits
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Bank Indonesia (millions of rupiah):
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
61 9 4 9
400
6 .532
4 ,37f
04 S
1
\? 177
17f
764
25
8
1
1 67f
325
1 , 267
393
8 SS8
361
1 ,223
467
8 ,45f
350
6 ,632
4 , 177
1 0S6
19 005
960
676
40
17
1 066
1 7S1
308
1 .119
8
500
.315
371
Feb.
Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Note circulation
Deposits—liCA
72,515
67 383
Other .
1 ,567
Other liabilities and capital
16,288 Central Bank of Ireland (thousands
of pounds):
15,104
Gold
2 663
Sterling funds
103,412
63,716
Note circulation
8,392 Bank of Italy (billions of lire):
Gold
Foreign exchange .
5,862
Advances to Treasury
13,439
9,628
Government securities
34,816
Other assets
2.236
Note circulation
2,048
Deposits—Government
46,225
Demand
7,221
Other
14,583
Other liabilities and capital
Bank of J a p a n (millions of yen):
Bullion
1,551
Advances to Government
7,423
Loans and discounts
2,179
Government securities
Other assets
5,146
843
Note circulation .
11,457
1,116
Other
2 ,483
Other liabilities .
225 Bank, of Mexico (millions of pesos):
1,862
Monetary reserve 6
"Authorized" holdings of securities, etc
4
5,201
Bills and discounts
142
Other
assets
4
8,3 64
Note circulation
4
3,669
Demand
liabilities
4
1,798
Other liabilities and capital.
-'3,174 Netherlands Bank (millions of
guilders):
*i,377
Gold.
'^6,889
Silver (including subsidiary coin).
4
2,724
Foreign assets (net)
Loans and discounts
45.011
Govt. debt and securities
Other assets
27,228
Note circulation—Old
23,727
New....,
1,250
Deposits—Government .
E
G
A
23 675
29,592
Other
53.169
Other liabilities and capital . . . .
3,649 Reserve Bank of New Zealand
(thousands of pounds):
3,268
Gold
24,517
20,869
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
400
Other assets
6,382
No^e circulation
4,213
Demand deposits
942
Other liabilities and capital
11 ,714 Bank of Norway (millions of kroner):
Gold
223
Foreign assets (net)
1,068
Clearing accounts (net)
107
Loans and discounts
.. .
11
Securities
1 ,1 23
Occupation account (net)
2 ,198
Other assets
335
Note circulation
Deposits—Government
991
Banks
FOA—MSA
522
5,731
Other liabilities and capital
278
1954
1955
Feb.
7.464
495
1,951
669
2 ,646
70.946
73,592
Jt LU.
Dec.
7 ,37)
7.054
495
2. 108
649
5,121
495
1 426
479
, 646 2 646
.020 73.350
. 666 75.996
2 646
64,486
67,132
1 , 994
638
7
70
79
4
74
567
435
348
764
4
74
566
4
72
567
4
63
567
396
419
345
848
351
289
723
43
56
514
349
790
1 444
A)
5?.
S13
.143
138
1 ,435
1.538
37
79
448
151
448
448
448
1 .283 1 , ?.83 1 .283
283.115 '757 968 265,249
399.133 141 . 003 483.573
92,694 9 7 690 110,493
546,922 561 410 62 7.061
56,546 SO ' U 9 55.804
77,976 83 867 84.430
95,228 97 ,766 98.751
1 ,520
Feb.
1 ,339
77
51
416
115
448
11,513
464.149
177,880
99,751
549,569
64,482
71,089
68,601
1 ,483
1,462
1 ,272
3.777 3 816
715
658
771
730
4.205 4 ,216
.1 .876 1 716
3.805
768
557
4,376
1.471
2,947
619
750
3,517
1 ,570
753
745
,015
\5
3,015
18
1.451
702
3,01.5
16
1,465
3
1 ,558
30
501
2,924
13
1 .403
57
728
473
28
3,579
626
650
620
238
3,192
6,171 6 ,175 6,1 75
45,551 46 9 ? 0 5 0 . 1 2 5
30,440 33 ,408 2 8 , 5 4 6
6,095
71.793
'10,394
51
685
434
685
4S1
28
3.583
616
653
28
3
533
253
50.503
33.4.46
1 ,2 76
68,671
89,305
9.410
.539
441
65 3
?50
49 503
33 ,446
1. ,278
68 , 793
9? 87?
9 ,065
31
1 .217
412
30
959
1.016
570
231
49,961 ?51 ,291
33,443 53,062
1.510
1.563
79,215 67,932
81 ,577 1 1.6,815
9,021
9,399
203
703
203
-340
-3.10
-57
55
44
-85
52
3?
-153
-120
54
38
218
-8
-41
67
32
, 546
5,546
5,546
3,090
999
639
165
3 ,134
1 ,029
543
165
3,321
990
557
165
612
622
592
2,928
1,647
664
172
5,546
53
5
57
56
52
454
* Latest month available.
'Revised.
JLThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
2
Combined figures for the Bank of German States and the nine Land Central Banks.
3
On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar.
4
Figure expressed in billions of drachmae.
5
For
last available report (February 1950), see BULLETIN for September 1950, p. 1263.
6
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
APRIL 1955
445
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Goyt. 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
(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 B a n k 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 t h e Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Note3
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 c a p i t a l . . . .
S o o t h 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
1955
Feb.
1954
Jan.
Dec.
Feb.
Central Bank
(Figures as of last report
date of month)
1955
Feb.
1954
Jan.
Dec.
Feb.
Bank of Spain—Cont.
Other assets
36,232 40,741 37,742 32,276
Note circulation
41,591 41,206 42,954 37,712
81
81
81
81
Deposits—Government
4,859 5,353 3,636
3,173
428
428
433
505
Other
3,353 3,214 3,549
3,775
1,409 1,404
1.459
1,276
Other liabilities and capital
30,785 35,975 32,931 28,386
221
221
221
146 Bank of Sweden (millions of kronor):
300
300
300
300
584
584
584
Gold
481
49
48
49
51
973 1.040 1,105
Foreign assets (neO
1,419
2,307
2,445 2,436 2,399
129
Net claim on Int'l.*Fund 2
129
129
129
Swedish Govt. securities and ad- 3
52
89
60
92
2,953 2,997 3,267
vances to National Debt Office
2,342
2
Other domestic bills and advances
30
99
407
59
86
53
48
69
885
1,028 1,029 1,032
Other assets
423
342
378
392
Note circulation
4,793 4,855 5,087
4,584
447
340
406
447
289
144
123
357
Demand deposits—Government..
114
113
107
114
152
103
Other
142
31
688
685
Other liabilities and capital
689
690
(Sept.)*
Swiss
National
Bank
(millions
of
2,846
3,984
58,730 86,365 francs):
Gold
6,269 6,318 6,323
6,131
40
28
575
650
Foreign exchange
576
495
469,142 448,911
108
103
220
Loans
and
discounts
189
489,182 571,766
82
84
117
Other
assets
67
168,608 95,394
5,412
5,045
5,048
Note
circulation
4,911
604,602 499,461
1,692
1,788
1,839
Other
sight
liabilities
1,767
52,644 137,248
197
200
206
Other liabilities and capital
203
159,663 244,706
472,778 323,896 Central Bank of the Republic of
Turkey (millions of pounds):
Gold
402
402
402
402
Foreign exchange and foreign
581
413
646
172
199
207
clearings
189
67
67
67
2,841 2,790 2,720
Loans and discounts
2,077
545
573
609
30
30
30
Securities
25
,148
,124
1,004
102
107
113
Other assets
109
74
103
146
1,566
1,474
1,526
Note
circulation
1,447
,758
1,597
,710
154
154
154
Deposits—Gold
154
439
388
461
1,360 1,401 1,338
Other
763
265
295
253
493
465
460
Other liabilities and capital
439
Bank of the Republic of Uruguay
(Oct.)
20,071 19,292 18.813 18,813 (thousands of pesos):
344,167 344,167
Gold
343, 169 354,990 356,445 447,149
8,644
Silver
8,682
29,504 29,504 29,504 29,504
Advances to State and Govern41,706 52,617 62,547 18,524
146,291
ment
bodies
103,513
282,260 273,677 261,102 241,094
377,729 363,061
Other loans and discounts
151.694 151,384 170,799 153,324
567,781 571,677
Other assets
621,208 610,254 629,219 611.333
456,805 447,754
Note circulation
85,448 85,122 85,176 84,385
159,756 137,559
Deposits—Government
115,718 139,894 135,903 163,507
322,563 306,445
Other
46,031 46,194 48,913 49,183
505,488 499,343
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
5,16
5,582
1,233 1,233 1,233
Gold
1,141
13,234 12,830
133
157
221
278
Foreign exchange (net)
647
965
134
167
175
134
Other assets
1,419
1 ,403
1,009
Note circulation
1,031 1,056 1,121
840
1,175
238
203
299
Deposits
278
10,457
9,480
263
306
246
Other liabilities and capital
192
1 ,908 1,616
25
6 Bank for International Settle7,701 ments (millions of Swiss gold
7,699
2,103 francs):
2,269
641
Gold in bars
583
605
599
Cash on hand and with banks. . ,
60
101
'58
"78
71,094 69,159 70,563 62,771
Rediscountable bills and accept67,384 67,254 72,007 26,887
ances (at cost)
351
378
278
345
22 ,1J5 14,726 6,099 38,000
265
279
360
163
Time funds at interest
389
46,185 45,37: 49,570 48,975
426
355
266
Sundry bills and investments
297
100,951 101,057 105,417 95,498
297
297
Funds invested in Germany
297
3
88,618 78,10' 73,564 58,521.
Other assets
2
17,209 17,34 19,259 22,615
Demand deposits (gold)
453
436
435
436
Short-term deposits:
613
613
613
596
992
754
Central banks—Own account.. 1,000 1,048
323
323
323
336
3
48
2
59
Other
.
15,781 15,549 15,030 15,782
229
229
229
Long-term deposits: S p e c i a l . . . . .
229
27,638 28,522 29,360 24,05
Other liabilities and capital
287
286
285
281
• Latest month available. r Revised.
!On
Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
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.
446
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,
1949
June 8, 1950..
Sept. 11
Sept. 26
Oct. 17
Oct. 27 .
Dec
1
Apr. 17. 1951.
Tuly 5
Sept. 13
Oet 11
\ov
8
Nov. 9 .
Jan 22 1952
Mar. 12
May 29
Aujr
1
Aup. 21
Dec 18
Tan.
8, 1953..
Apr
7
June 11
Sept. 17
Oct. 29
Nov. 20
Feb.
4, 1954..
Mav 13
May 20
Dec.
2
Jan. 27, 1955
Feb. 15
Feb. 24
In effect Feb.
28, 1955
\X
Rate
Feb.
28
Central
bank of-—
Ger-1 Bel- NethCan- United
France many
er- Swegium lands
ada Kingden
dom
Mar.
June
Oct.
6 * Sept.
Argentina
3
2
4
3M
3M
2K
Date
effective
2y2 Austria
Belgium...
Bolivia ..
Central
bank <rf—
1, 1936
3, 1954
29, 1953
30, 1950
Ireland
Italy...;....
Japan
3
Rate
Feb.
28
Date
effective
Mar. 25, 1952
Apr. 6, 1950
5.84 Oct. I, 1951
June 4, 1942
4^
33*
2
6
3
4
3J*
3M
3
ix
Canada
Ceylon
Chile
Colombia
Costa R i c a . . . .
4
4
Denmark....
Ecuador
Egypt
El Salvador .
Finland
5 5*
10
3
3
5
IX Feb. 15, 1955 Netherlands..
June 11, 1954 New Zealand.
June 13, 1935 Norway
,
July 18, 1933 P a k i s t a n . . . .
Feb. 1, 1950
2X
3K
Aor. 7, 1953
Nov. 26, 1954
Feb. 14, 1955
July 1, 1948
4
3K
4
5
3
43^
3
June
May
Nov.
Mar.
Dec.
23,
13,
15,
22.
1,
1954
1948
1952
1950
1954
Peru
Portugal...
South Africa.
Spain
Sweden. . . . .
Dec. 2, 1954
May 20, 1954
Jan. 1, 1955
Nov. 15, 1951
Apr. 1, 1946
Switzerland..
Turkey
United Kingdom
U.S.S.R
4
6
I"
Nov.
Jan.
Mar,
July
Nov.
I"
Nov. 26, 1936
Feb. 26, 1951
4J*
4
Feb. 24, 1955
July 1, 1936
3%
2%
13, 1947
12V 1944
27, 1952
1, 1954
20, 1953
2^
sy2
ax
France
Germany 1
2M
3
3
9
3V2
2M Greece
India
Indonesia
3
" 3 "
1J*
3
sy2
*X
1
Rates established for the Land Central banks.
NOTE.—Changes since Feb. 28: None.
3
IX
3
2M
2K
2%
OPEN MARKET RATES
[Per cent per annum]
United K i n g d o m
Canada
Month
Treasury Day-today 2
bills
3 months 1 money
.41
.41
.51
.63
.89
1.35
1.86
1954—February..,
March
April
,
May
June
July
August
September.
October
November.
December.
1.75
1.62
1 .58
1 .60
1.57
1.38
1.32
1.21
1.18
1.17
1.08
1955—January...,
.99
Day-today
money
Bankers'
allowance Day-today
on
money
deposits
Netherlands
1.01
1.44
1.28
1.23
1.31
1.31
1.18
.83
.23
1.00
.77
.57
1.13
1.22
.83
1.00
.54
.50
1.25
1.25
1.25
1.50
1.63
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
.63
1.00
2.25
1 .94
1.94
1.94
1.94
1.63
1.44
1.44
1.44
1.44
1.44
1.44
1.45
1.75
1.75
1.75
1.44
1.25
1.25
1.25
1.25
1.25
1.25
1.25
3.55
3.42
3.55
3.54
3.57
3.79
3.82
3.77
3.65
3.51
3.29
.25
.45
.41
.38
.38
.40
.75
.76
1.61
1.64
1.62
1.62
1.78
2.07
2.10
2.09
79
61
57
60
63
59
60
78
.87
.77
.50
.50
.50
.50
.50
.50
.53
.51
.63
.50
.57
.69
2.02
2.05
1.55
1.29
3.27
.79
.58
.69
.69
1.50
3.00
2.19
2.15
2.16
2.17
89
1.43
1.16
1.06
.95
.96
.78
66
60
1.00
.63
.63
.63
.63
.63
Switzerland
Day-today
money
1 .65
1.27
1.48
2.02
2.09
2.18
2.45
3.50
3.97
3.66
1.01
.50
.50
.51
.52
.52
.51
.97
2.39
2.12
Sweden
Treasurybills
3 months
.50
.50
.50
.50
.50
.50
.50
.75
2.00
1.75
1.03
.53
.53
.54
.56
.37
.36
. 40
1945—January.. .
19-16—January. . .
1947—January...
1948—January.. .
1949 —January.. .
1950—January.. .
1951—January.. .
1952—January-.
1953 J —January.. .
1954—January..
Bankers' Treasury
acceptbills
ances
3 months 3 months
France
Loans
Private
up to
discount
3 months
rate
1
Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
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 1955
447
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
deposit2
short
counted receipts
notice
Demand
Time
6,202
6,368
6,333
6 460
6,694
4,161
4,262
4,290
4 232
4,327
2,041
2,106
2,042
2 228
2,368
427
550
3,957
4,056
4,005
4,193
4,121
4,173
4,171
4,214
4,244
4,485
2,286
2,321
2,330
2,340
2,34S
2,346
2,367
2,396
2,440
2,456
489
499
502
501
510
4,303
4,112
2,415
2,413
611
637
1,773
1,786
1,804
1,856
1,836
1,840
1,828
[ , 836
371
1, 520
632
699
643
711
643
418
437
452
498
2,269
2.280
2,305
2,311
2,351
2,348
2,360
2,364
2,364
2,353
670
691
725
881
6,243
6,378
6,335
6,533
6.466
6,519
6,539
6,609
6,684
6,941
486
445
1,283
1,072
2,351
2,298
1 ,904
2, i ) ! 3 -
759
810
6,718
6,525
598
529
501
1954—March
April
May
512
535
501
531
534
534
521
532
534
571
468
489
463
455
428
546
525
571
592
438
1,109
1,408
972
1 ?48
1,417
793
456
102
579
735
867
748
729
656
Assets
Canada3
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)
1949—December
1950—December ..
1951—December
1952—December
I953—December . . .
19*54 Febrrmrv
March
April
May
Tune
July
September
October
November
December
1955—January
Security
loans
765
824
133
134
907
916
107
155
906
154
898
197
923
892
866
872
780
809
802
833
167
144
215
238
211
174
175
293
810
810
297
211
3 951
3,899
3,925
3,925
3,943
3,924
3,917
3,890
3 892
3,984
3,952
806
176
3,876
Deposits payable in Canada
excluding interbank deposits
146
171
227
326
424
370
421
398
382
360
352
312
322
330
334
325
288
4,345
4,286
3,876
3,955
3,831
Other
assets
Notes*
(4 large banks. End
of month figures in
millions of francs)
...
1954—January
February
March
April
Tune
Tuly
September.. . .
October
November
December P
505
520
545
562
595
14
)58
?04
(4)
L.464
1,516
1,510
I 332
L.426
1,408
1,481
1,540
1,266
L.28O
, 396
Demand
Time
7,227
7,828
7,896
8,421
8,881
2,794
3,270
3,284
3,497
3,847
4,433
4,558
4 612
4,924
5,034
1 4.77
3 681
3 535
3 397
3,441
3,506
3,474
3 487
3,641
3 781
3,930
3,964
5 162
5,245
5 312
5,378
5.423
5,473
5 535
5,585
5 687
5,532
5,615
L 791
1,830
L 839
L.830
1,829
L ,683
3,656
5,746
1,857
3 88 5
3,774
3 780
3,780
3,806
4,096
4 220
4,337
4 442
4,473
4,429
1, 706
8 843
8,780
8,708
8.818
8,929
8,946
9,022
9,226
9 469
9,462
9,579
4,625
1, 1-88
9,402
i
128
Other
liabilities
and
capital
Total
Assets
France
1949—December
1950—December
I9151—December ,
1952—December
1953—December
Security
loans
abroad
and net Securities
due from
Other
loans and foreign
banks
discounts
2,271
2,776
3,028
3,289
3,897
651
528
495
Liabilities
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
Total
1,078
1,088
1,122
1,170
1,185
1 ,209
1,262
1,296
1,300
1,313
531
549
542
1955—January
February
Deposits
Other
assets
1 .534
1,660
1,950
L 764
1,725
532
540
July
. ..
August
September
October .
November
December .
Loans to
Securities customers
1,512
1,528
1.965
2 148
2,275
1949—December
1950—December
19 51 —December
1952 -December
I953—December
June
Liabilities
L.667
I 714
1,736
1,841
690
L 695
L 777
,864
8^4.
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
40 937
48,131
60,215
51,155
50,746
42,311
52,933
72,559
68,243
86,273
426,690
527,525
627,648
636,624
744,076
129,501
135,289
165,696
170,298
184,930
46,077
44.083
43,889
43,467
49,186
45,701
51,277
47,292
46,676
51,991
47,696
53.348
76,601
75,183
80,266
78,411
79,438
85,313
90,693
84,294
87,028
83.631
82,270
84,898
782,293
770.445
714,717
710,596
719,284
721.240
787,897
719.014
730,466
820,800
797,574
84.8,539
180,524
193,050
201,349
206,008
213,557
214,988
208,091
227,750
223.746
214,681
229,729
223,692
Other
assets
Deposits
Own
acceptances
Other
liabilities
and
capital
T.otal
Demand
Time
29,843
31,614
38,114
29,734
35,673
627,266
749,928
906,911
902.547
1,037,169
619,204
731,310
879,767
870,504
994,620
8,062
18,618
27,145
32,043
42,549
26 355
28,248
33,774
24.957
30.308
15 662
17,316
23,547
28,551
34,222
37,840
40,242
45,611
45,340
46,594
48.348
49,709
49 845
52,147
56,909
63,785
72.762
1,056,908
1,054,531
1,011,093
1,007,632
1,030,758
1.034.079
1,103.289
1.043.036
1,052,196
1,133.087
1.119,354
1.176,111
1,013,546
1,010,245
968,648
967,024
989,474
993,533
1,061,250
999.131
1,007,956
1,087.933
1.071,500
1,130,026
43,363
44,286
42,444
40,608
41,284
40,546
42,039
43,905
44,241
45,154
47.854
46,085
31,301
32,539
34,322
31,538
29,721
28.422
26,945
24,248
23,179
25,355
28,515
31,372
35,126
35,933
40,416
44,652
47,580
53,090
57,432
60 910
64,688
69,570
73,185
75,757
^Preliminary.
^Fhis 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 Y% per cent after October 1945.
3
In accordance with the Bank Act of 1954. the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates.
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.
448
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)
Australia
(pound)
Year or month
Basic
1949
1950
1951
1952
1953
1954
. ..
1954—April
"bJL a v
Jure
July
August
September
October
November
December
1955—January
February
March
Preferential
13.333
13.333
13.333
13.333
13.333
8.289
7.067
7.163
7.198
7.198
293.80
223.15
223.07
222.63
224.12
223.80
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
7.198
7,198
7.198
7.198
7.198
20.000
20.000
20.000
13.333
13.333
13.333
Ceylon
(rupee)
I94.9
1950
1951
1952
19S3
1954
27,839
20.850
20.849
20.903
21 046
21 017
1954—April
May
]une
Jvlv
August
September
October
November
December
1955—Tanuary
February
March
Brazil
(cruzeiro)
Free
29.774
26.571
20.000
20.000
20.000
20.000
Year or month
Austria Belgium
(schilling) (franc)
3.8580
3.8580
224.55
224.58
224.56
224.51
224.13
223.18
222.89
222.67
222.10
3.8580
3.8580
3,8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
1.9868
1.9909
2.0032
2.0009
1.9994
2.0007
1.9977
1.9982
1.9954
4.2808
4.2808
4,2808
4.2808
14.2808
32.689
32.681
32.666
32.689
32.644
32.558
32.634
32 625
32 544
101.786
101.575
101.882
102.611
103.060
103.112
103.094
103.160
103.292
7.198
7.198
7.198
221.92
221.80
222.42
3.8580
3.8580
3.8580
1.9959
1.9938
1.9856
32.538
32 535
32.608
103.498
102.384
101.587
Denmark
(krone)
Finland
(markka)
19.117
14.494
14.491
14.492
France
(franc)
Official
.4671
Germany
(deutsche
mark)
3.5261
3.5261
3.5261
3.5261
13.5261
97.491
90.909
Ireland
(pound)
Mexico
(peso)
Netherlands
(guilder)
27.706
20.870
20.869
20.922
21.049
21.020
280.38
279.68
281.27
280.87
12.620
11.570
11.564
11.588
11.607
39.052
34.528
26.252
26.264
26.315
26.340
26.381
23.838
23.838
23.838
23.838
23.838
23.838
23.838
23.838
23.838
21.084
21.084
21.085
21.094
21.061
20.970
20.938
20.922
20.863
281.81
281.85
281,82
281.76
281.29
280.08
279.72
279.45
278.74
39.965
7.995
7.995
8.000
8.005
8.005
8.005
8.005
8.006
26.413
26.418
26.426
26.415
26.396
26.364
26.267
26.290
26.346
278.52
278.36
279.14
8.006
8.006
8.006
26.349
26.290
26.297
Free
.2856
.2856
.2856
.2856
,2856
.2856
.2856
.2856
.2856
20.843
20.834
20.892
4354
.4354
.4354
.2856
. 2856
.2856
23.838
23.838
23.838
20.843
20.834
20.892
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1949
1950
1951
19*2
1951
1954
365.07
277.28
277.19
276.49
278.48
278.09
18.481
14.015
14.015
14.015
14.015
14.008
49.723
49.621
49.639
49.675
49.676
49.677
3.8800
3.4704
3.4739
3.4853
3.4887
3.4900
366.62
278.38
278.33
278.20
280.21
279.82
25.480
19.332
19.327
19.326
19.323
19.333
23.314
23.136
23.060
23.148
23.316
23.322
368.72
280.07
279.96
279.26
281.27
280.87
1954—April
279.02
279.06
279.03
278.97
278.50
277.31
276.95
276.68
275.98
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
3.4900
280.76
280.80
280.76
280.71
280.24
279.04
278.68
278.40
277.69
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.313
23.333
23.334
23.320
23.322
23.325
23.320
23.328
23.335
281.81
281.85
281.82
281.76
281.29
280.08
279.72
279.45
278.74
275.76
275.60
276.38
14.008
14.008
14.008
49.677
49.677
49.677
3.4900
3.4900
3.4900
277.48
277.32
278.10
19.333
19.333
19.333
23.326
23.319
23.329
278.52
278.36
279.14
2
92.881
91.474
94.939
102.149
101.650
102.724
India
(rupee)
4354
.4354
4354
4354
.4354
4354
4354
4354
.4354
1955—January
February
March
Free
42.973
32.788
32.849
32.601
32 595
32.641
21.079
21.078
21 077
21.094
21.059
20 968
20.935
20.920
20.863
October
November
December
Official
5.4406
5.4406
5.4406
5.4406
5 4d9ft
H.2808
13.5261
.3017
2858 "23'.838
. 2856
23,838
,2856
23.838
28S6 2
.2856
23.838
July
August
Canada
(dollar)
2.2009
1.9908
1.9859
1.9878
2 0009
1.9976
.4354
.4354
4354
4354
Year or month
British
Malaysia
(dollar)
Uruguay 4
(peso)
65.830
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
1
2
Based on quotations through Aug. 13, 1.954.
Based on quotations beginning Apr. 1, 1954.
SThe Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
*For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
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 further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.
APRIL 1955
449
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
..
....
1954—February
March
April
June
United
States
(1947-49
= 100)
Canada
(1935-39
-100)
Mexico
(1939 =
100)
69
79
96
104
132
139
163
193
199
229
242
260
September
October
November
December
....
1955—Tanuary
February
169
175
192
219
20
34
52
89
99
198
285
230
100
311
386
400
393
429
262
320
328
328
no
211
240
226
221
217
P330
108
138
145
138
136
in
in
219
219
397
401
326
329
138
136
218
411
330
137
218
218
217
216
215
214
215
215
431
437
437
441
439
450
454
460
331
332
333
329
329
329
331
139
135
134
136
135
134
135
135
216
217
463
468
P337
PI 36
P338
P135
in
....
no
no
m
no
no
no
no
no
no
Italy
(1938 =
100)
France
(1949 =
100)
103
115
112
110
in
July
United
Kingdom
(1930 =
100)
Japan
(1934-36
average
Netherlands
(1948 =
100)
4
16
48
128
5,159
5,443
5,169
4,897
5,581
5,270
5,250
5,293
5,328
5 336
5,295
5,292
5 256
5,251
5 261
5,267
5 276
5,320
5,346
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
194
186
199
214
205
200
208
217
209
100
104
216
246
343
349
352
349
117
143
140
134
136
227
299
317
298
P297
206
203
227
220
213
214
364
361
136
135
296
296
213
214
354
136
297
215
296
298
297
296
295
296
298
P299
214
215
214
214
215
215
216
217
P300
216
215
348
342
341
342
344
343
346
••344
137
137
134
134
134
136
136
136
345
138
P3()2
^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]
Canada
(1935-39 = 100)
United S t a t e s
(1947-49 = 100)
Year or month
Farm
products
194S
1946
1047
1948
1949
19S0
1951
195?
19^3
1054
19 54—Febru ary
March
Aoril
May
June
J u ly
August
.
September
October
November
December
1955—January
Februarv
...
Other
Processed commodfoods
ities
Farm
products
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
72
83
100
107
93
n.a..
n.a.
98
106
96
71
78
95
103
101
165
177
190
230
226
136
140
164
196
197
98
113
100
111
105
116
237
269
130
138
162
192
199
213
238
107
97
96
109
105
105
113
114
115
250
221
209
219
207
205
211 *
242
98
98
99
98
95
105
105
106
107
105
114
114
115
115
114
212
210
209
213
213
205
204
206
208
207
227
227
225
225
225
96
107
96
94
93
93
90
106
106
104
104
104
93
93
104
103
m
Netherlands
(1948 = 100)
United Kingdom
(1930 = 100)
231
229
224
Foods
158
158
165
181
• 197
221
247
284
307
308
305
311
310
310
311
313
Industrial
products
Foods
Industrial raw
products
Industrial
finished
products
3 75
184
207
242
249
286
P364
»352
100
101
112
122
100
108
100
104
128
t71
129
123
124
166
156
155
116
143
135
132
134
128
126
127
129
131
153
154
153
155
155
133
133
133
133
134
218
207
224
205
203
201
202
203
155
133
208
204
201
204
205
222
223
222
222
222
304
302
301
306
315
118
114
114
115
115
115
116
116
122
124
123
156
156
156
156
156
135
135
135
135
136
115
1.16
207
206
205
208
222
223
315
P312
123
158
139
n.a. Not available.
P Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
450
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
United
Food
United
SwitzKing- France Nethererdom
lands
land
(1949
(Jan.
(1949
(Aug.
15, 1952 = 100)
= 100)
1939== 100)
100)
States
(1947-49
= 100)1
Canada
(1949
= 100)
1947
1948
1949
1950
1951
1952
1953
1954
96
103
102
103
111
114
114
115
85
97
100
103
114
116
115
116
77
82
84
86
95
103
106
108
90
100
111
130
J45
144
143
100
109
119
120
120
126
158
163
162
159
167
171
170
171
96
104
100
101
113
115
113
113
1954—February
March
115
115
115
116
116
116
106
107
107
144
144
142
124
124
125
170
169
170
113
112
112
Year or month
May
August
September.
October
November
December
1955—Tanuary
February
Gan-
ada
(1949
»100)
United
King- France
dom
(1949
(Jan.
15, 1952 -=100)
= 100)
Netherlands
(1949
=•100)
Switzerland
(Aug.
1939 100)
103
117
117
113
112
67
72
76
82
91
105
112
114
57
92
100
111
128
141
137
135
100
111
121
123
124
129
170
176
174
176
181
184
184
188
112
111
110
110
112
113
137
136
134
126
127
129
185
184
185
j.66
116
116
107
107
144
144
126
127
170
171
113
114
110
112
112
114
137
136
131
134
186
187
115
115
115
115
115
114
116
117
117
117
117
117
109
108
108
109
109
110
142
142
143
143
144
145
127
126
126
127
127
127
171
172
172
173
173
173
115
114
112
112
111
110
112
114
114
114
113
113
118
116
115
116
117
118
133
132
134
134
135
136
132
130
130
130
129
128
IBS
190
191
192
192
192
114
114
116
116
110
145
129
172
172
ill
111
112
112
119
137
115
115
July
57
United
States
(1947-49
=> 100) i
190
189
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,!
Bonds
Year or month
Number of issues. . .
United
States
(high
grade)1
United
Canada
France
(1935-39 Kingdom
(1949
(December
=100) 1921=100) =100)
17
87
1948 . . . . .
1949
...
1950
1951.
1952
1953
1954
118.3
121.0
121.9
117.7
115.8
112,1
117.2
105.0
107.6
109.6
95.7
86.1
83.6
98.6
2954—February....
March
April
May
116.5
117.9
118.1
117.5
117.0
117.5
117.8
117.6
117.5
117.4
117.0
116.7
115.7
88.7
95.5
99.8
100.3
100.3
102.1
102.8
102.1
101.9
101.2
101.1
100.3
103.3
July
August
September. . .
October
November. . .
December
1955—January
February....
Common stocks
129.9
126.5
121.2
117.6
108.3
112.0
117.4
114.8
115.3
116.6
117.3
116.0
118.5
119.7
118.9
119.4
119.7
118.1
117.7
114.9
60
Netherlandsz
14
United
States
(1935-39
=100)
480
Canada
(1935-39
=100)
United
France
Kingdom
(1926=100) (1949=100)
Netherlandss
295
27
106.4
100.0
99.8
101.4
111.1
113.5
116.4
107.1
106.8
106.7
86.9
85.6
100.2
103.2
124.4
121.4
146.4
376.5
187.7
189.0
226.7
112.5
109.4
131.6
168.3
173.1
160.3
181.2
92.0
87.6
90.0
97.1
91.1
92.2
99.8
100
90
112
143
159
214
240
219
217
215
192
212
277
114.9
116.0
115.7
115.4
114.9
114.9
116.6
116.4
117.6
119.6
120.1
100.9
98.8
100.0
101.8
105.0
103.7
102.7
103.4
104.3
106.3
108.3
199.6
204.9
212.7
219.8
221.8
231.1
236.4
238.5
243.5
252.2
264.5
163.2
165-.0
173.6
179.5
180.5
182.3
187.0
189.5
190.2
199.5
206.8
95.8
95.6
97.0
97.8
98.5
100.0
101.7
102.1
103.8
105.3
106.1
1S4
187
194
199
194
198
221
234
240
260
271
245
250
256
261
269
282
285
289
300
322
325
121.0
105.9
105.0
268.8
278.1
207.3
214.7
109.1
110.0
282
327
329
99
278
1
2
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
3 Average of the ratios of current prices to nominal values, expressed a3 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 1955
451
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
C. CANBY BALDERSTON, Vice Chairman
M . S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON,
WOODLIEF THOMAS,
A. L. MILLS, JR.
J. L. ROBERTSON
Assistant to the Board
Economic Adviser to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
ALFRED K. CHERRY, Legislative Counsel
DIVISION OF EXAMINATIONS
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
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
CI-IAS. N. SHEPARDSON
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 PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant
Director
Research
GUY E. NOYES, Assistant Director
ALBERT R. KOCH, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, 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
M. B. DANIELS, Assistant Controller
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON
C. E. EARHART
W. D. FULTON
W. H. IRONS
HUGH LEACH
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RII-FLER, Secretary
ELLIOTT TI-IURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
RALPH A. YOUNG, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
452
FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
WILLIAM R.K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
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 J. 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
Bank of
Chairman *•
Deputy Chairman
President
First Vice President
Boston
Harold D. Hodgkinson
Robert C. Sprague
J. A. Erickson
Alfred C. Neal
Robert B. Harvey 3 Carl B. Pitman
0. A. Schlaikjer
E. O. Latham
R. F. Van Amringe
New York.
Jay E. Crane
Forrest F Hill
Allan Sproul
William F. Treiber
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia. . .
Williarn J. Meinel
Hendemon Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poor man
1. V. Vergari
Richard G. Wilgus 2
Cleveland.
John C. Virden
Sidney A Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
A. H. Laning 3
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
Hugh Leach
John B. Woodward, Jr.
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
James M. Slay
C. B. Strathy
Chas. W. Williams
Atlanta.
Rufus C. Harris
Harllee Branch, Jr.
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schucssler
Harold T. Patterson
Chicago.
John S. Coleman
Bert R. Prail
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
L. H. Jones 2
St. Louis
M. Moss Alexander
Caffey Robertson
Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson
H. H. Weigel
J. C. Wotawa
Minneapolis. . .
Leslie N. Perrin
O. B. Jesncss
O. S. Powell
A. W. Mills
E. B. Larson
H. G< McConnell
Otis R. Preston
M. H. St roth man, Jr.
Sigurd Ueland
Kansas City. . .
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen 3
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Dallas
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
E. B. Austin
W. H. Holloway3
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
San Francisco..
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Eliot J. Swan 3
O. P. Wheeler
(Vice Presidents in charge of branches are listed in
lower section of this Page)
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE 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 1955
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford 4
J. E. McCorvey
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
C. W. Groth
Kansas City
Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
J. L. Cook
W. E. Eagle
San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Acting Manager.
453
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.
THE
FEDERAL
FUNCTIONS.
pages.
RESERVE
SYSTEM—PURPOSES AND
Revised edition.
July 1954. 224
ANNUAL REPORT of the Board of Governors of the
Federal Reserve System. Issued each year.
FEDERAL RESERVE BULLETIN. Issued monthly.
Sub-
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)
BANKING AND MONETARY STATISTICS.
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;
in quantities of 10 or more copies for single
shipment, 15 cents each.
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa T H E DEVELOPMENT OF BANK DEBITS AND CLEARRica, Cuba, Dominican Republic, Ecuador,
INGS AND THEIR U S E IN ECONOMIC ANALYSIS.
Guatemala, Haiti, Republic of Honduras, Mexico,
January 1952. 175 pages. 25 cents per copy; in
Nicaragua, Panama, Paraguay, Peru, El Salvador,
quantities of 10 or more copies for single shipUruguay, and Venezuela is $2.00 per annum or
ment, 15 cents each.
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the T H E FEDERAL RESERVE ACT, as amended to NovemUnited States for 10 or more copies to one adber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50
visions of certain other statutes affecting the
for 12 months.
Federal Reserve System. 372 pages. $1.00 per
copy.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly.
$6.00
per annum including one issue of historical supplement (listed below). 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL
SUPPLEMENT
TO FEDERAL
RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED
STATES (July 1, 1951). December 1951. 33 pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
BUSINESS. Issued annually in September. Annual
1
A more complete list, including periodic releases and
reprints, appeared on pp. 1338-41 of the December 1954
BULLETIN.
454
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
1954 SURVEY OF CONSUMER FINANCES—From March,
(From Federal Reserve Bulletin unless preceded by an asterisk)
June and July issues of BULLETIN. 41 pages.
(Also, similar surveys for earlier years from 1948,
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
1949,1950,1951,1952,1953, and 1954 BULLETINS)
LATION X. June 1952. 18 pages.
PROBLEMS OF TRADE EQUILIBRIUM.
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
October 1952.
9 pages.
REVISED
SERIES
ON DEPARTMENT
STORE
SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.
RECENT
CREDIT EXPANSION.
December
1952.
7
pages.
GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN)
FINANCING OF LARGE CORPORATIONS IN 1953. August
CREDIT AND MONETARY REVIEW FOR 1952. February
1953. 7 pages.
1954.
9 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1954. August
T H E MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
1954.
13 pages.
T H E PRIVATE DEMAND FOR GOLD, 1931-53.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
ECONOMIC STABILITY. March 1953. 16 pages.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY. May 1953. 7 pages.
Sep-
tember 1954. 10 pages.
RECENT
FINANCIAL
CHANGES IN WESTERN GER-
MANY. October 1954. 10 pages.
WORLD TRADE AND PRODUCTION IN 1953-54. Octo-
REVISION OF CONSUMER CREDIT STATISTICS.
April
ber 1954. 8 pages.
1953. 19 pages.
USE OF MONETARY INSTRUMENTS SINCE MID-1952.
*DETAILED DESCRIPTION OF SOURCES AND METHODS
December 1954. 8 pages.
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
FEDERAL
RESERVE
BANK
RESPONSIBILITIES.
May
DIRECTLY PLACED FINANCE COMPANY PAPER.
De-
cember 1954. 8 pages.
CREDIT AND MONETARY EXPANSION IN 1954.
Feb-
ruary 1955. 8 pages.
1953. 5 pages.
T H E FEDERAL BUDGET FOR 1956.
UNITED
STATES POSTWAR
INVESTMENT
IN LATIN
February 1955.
11 pages.
AMERICA. May 1953. 6 pages.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
BANKING AND MONETARY STATISTICS, 1954.
(Se-
lected series of banking and monetary statistics
for 1954 only) February 1955. 8 pages.
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS (Revised
1953. 65 pages.
Indexes)
November
EXTENSIONS AND REPAYMENTS OF CONSUMER I N -
STALMENT CREDIT. January 1954. 14 pages.
DOLLAR
FLOWS
AND INTERNATIONAL
FINANCING.
March 1955. 8 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS.
March 1955. 4 pages.
BANK CREDIT AND MONEY IN 1953. February 1954.
6 pages.
PRELIMINARY
FINDINGS OF THE 1955 SURVEY OF
CONSUMER FINANCES.
INTERNATIONAL
GOLD
AND DOLLAR
March 1954. 9 pages. (Also, similar article from
March 1953 BULLETIN)
APRIL 1955
March 1955. 3 pages.
MOVEMENTS.
UNITED STATES BANKS AND FOREIGN TRADE FINANC-
ING. April 1955. 11 pages.
455
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
==.
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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td
I
ifc
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESER.VE BRANCH CITIES
@FedFRASER