Full text of Federal Reserve Bulletin : August 1955
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EDERAL ESERVE BULLETIN AUGUST 1955 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM EDITORIAL COMMITTEE ELLIOTT THURSTON THOM4§ WINFIEL,© W. SUSAN Se 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 The Labor Market in Mid-1955. 849-855 1955 Survey of Consume Finances: Housing Arrangements of Consumers. 856-868 The Balance Sheet of Agriculture, 1955. 869-878 Supervision of Bank Administration of Pension Trusts. 879-881 Current Events and Announcements. 882 National Summary of Business Conditions. 883-884 Financial, Industrial, Commercial Statistics, U. S. (See p. 885 for list of tables) . 885-945 International Financial Statistics (See p. 947 for list of tables) 947-965 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 966 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. Federal Reserve Board Publications 967 968-969 Map of Federal Reserve Districts. 970 Index to Statistical Tables. 971-972 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Ilaiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. ERVE VOLUME 41 BULLETIN August 1955 NUMBER 8 THE LABOR MARKET IN MID-1955 Sharp increases in consumer and business HONAGftiCOLTURAt IMPLOVMfeflT demands for goods and services have been Millions of persons 34 reflected in substantial recovery in the labor market. Employment has increased from the reduced levels of last sUmmef, and gains 32 have been widespread both industrially and geographically. In July civilian employment, including farm workers and the selt30 employed, totaled a record 65 million persons. Unemployment, at 2.5 million or 4 per cent of a larger labor force, Was almost 28 J L 1 million below a year earlier. Involuntary part-time work also has declined markedly. MANUFACTURING Total wage and salary income at midyear 10 was at a new high, reflecting the favorable employment situation, a relatively long workweek, and record Wage rates. The early phase of recovery in economic activity^ in the latter part of 1954, Was apparent in the labor market in a general lengthening of the workweek in manufac1955 1953 1951 turing, and in employment gains which Were NOTE.—Bureau of Laboi- Statistics data adjusted for seasonal variation. Latest figures shown are for July 1955. largely concentrated in the automobile and related industries. As total output rose to trade, finance, and State and local govnew record levels during the first half of ernments. An increase of about 500,000 this year, the expansion in employment occurred in the durable goods manufacturing spread to most major lines of activity. From industries while nondurable goods employJanuary to July employment in nonfarm ment rose only moderately. establishments, seasonally adjusted^ increased Although considerably above a year ago, 13 million workers—the largest rise for this employment in manufacturing in July was six-month interval since 1950. Employment still 800,000 below the mid-1953 peak, and in nonmanufacturing activities advanced to manhoufs worked were down 7 pbr cent. a new high, as may be seen in the chart, With factory output moderately above the, paced by continued expansion in services, level of two years ago, a substantial advance AUGUST 1955 849 THE LABOR MARKET IN MID-1955 in productivity is indicated. Gains in productivity were apparently more rapid during the initial phase of recovery in the second half of 1954 than in recent months. The labor market in mid-1955 was fairly well balanced. Manpower resources, except in engineering and some other professional occupations, appeared generally ample. Unemployment was close to the average for the years 1947-49 but was somewhat above that for 1951-53. The number of major areas with substantial labor surpluses in July was smaller than a year ago, with considerable improvement shown in a number of midwest industrial centers. High unemployment rates were reported in a few large cities, but were mainly confined to textile and coal mining communities which have been subject to adverse long-term influences. WAGES Wage rates rose somewhat more in the first half of 1955 than in 1954, and the rise has probably accelerated since midyear. Underlying recent rate increases have been sharp expansion in economic activity, rising employment, gains in productivity, pronounced increase in business profits, and widespread confidence in prospects for further economic growth. Collective bargaining agreements this year have not followed any single pattern. Wage increases for the most part have been larger in metal producing and metal fabricating than in other industries. In some industries, including textiles and coal mining, wage rates have shown little change. Since midyear negotiations in important industries have reflected the influence of the settlements in the automobile and steel industries which were substantially more liberal than increases granted in other recent years. 850 Many new contracts contain increased pension, insurance, medical, and other benefits. A major innovation in collective bargaining is supplementary unemployment compensation, initially incorporated in the three-year contracts signed in the automobile industry. The largest automobile producers have agreed to establish funds based on employer contributions of 5 cents an hour until a predetermined maximum is reached. The funds will be used to supplement State unemployment compensation benefits to bring payments to laid-off workers up to a total of 60-65 per cent of weekly take-home pay. The company supplemental payments, however, will not exceed $25 a week for a maximum of 26 weeks. Benefits to laid-off workers will start in July 1956, if certain prior conditions are met, and will be based on the size of the fund accumulated by that time and the worker's seniority. Company liability is limited to the assets in the fund, which are to be held in cash and United States Government securities. Similar lay-off supplements are included in union demands in a number of other industries and have been granted by some companies. In July average hourly earnings in manufacturing, at a record $1.88, were 4 per cent higher than a year earlier. This compares with a rise of 2 per cent in the preceding twelve months. Higher wage rates, a longer workweek, and a larger than average expansion in manhours worked in the higher-wage durable goods industries resulted in an increase over the past year of 7 per cent in average weekly earnings, to $75.76 in July. In manufacturing, weekly earnings in recent months have been at new high levels, both before and after allowance for price changes, as may be seen in the chart. Since July 1951 average weekly earnings in manufacturing have increased 19 per cent, while averFEDERAL RESERVE BULLETIN THE LABOR MARKET IN MID-19 5 5 AVERAGE WEEKLY EARNINGS IN MANUFACTURING Dollars 75 CURRENT DOLLARS 65 55 1951 1953 1955 NOTE.—Bureau of Labor Statistics data. Weekly earnings expressed in terms of 1947-49 dollars are obtained by adjusting weekly earnings by the changes in the consumer price index. Latest figures shown are for July 1955. age consumer prices ha,ve risen about 3 per cent. Over the preceding four years—from mid-1947 to mid-1951—average weekly money earnings in this sector increased 28 per cent, while consumer prices rose 18 per cent. Sizable increases in hourly and weekly earnings have occurred over the past year in most nonmanufacturing industries. In the spring and early summer, pay scales were raised for military personnel, postal workers, and other Federal civilian employees. A large gain took place in weekly earnings in coal mining, reflecting sharp recovery in hours worked per week from the reduced level reached last year. On the other hand, average weekly earnings in contract construction, which increased considerably in the first half of 1954, rose only slightly this year. In agriculture average wage rates, which have shown little change since early 1952, were only 1 per cent higher than in July 1954. Aggregate wage and salary payments have expanded markedly since the autumn of last year. Total payments in June, at a seasonally AUGUST 1955 adjusted annual rate of 208 billion dollars, were 6 per cent larger than a year earlier and were 3 per cent above the mid-1953 peak. LABOR FORCE The labor force totaled more than 70 million persons in July 1955—a record number both before and after allowance for large seasonal changes during the summer months. Of the total, 92 per cent were engaged in some kind of civilian employment, 4 per cent were in the armed forces, and 4 per cent were unemployed. From mid-1953 to mid-1954 virtually no net additions were reported in the labor force, in part because of fewer job opportunities. There were significant declines in the proportions of younger people and of older men participating in the labor force. This year, rising demand for labor has been accompanied by a large expansion in the labor force. Exceptionally sharp gains in June and July reflected an influx of women and teen-age youths into summer jobs in trade and service. In July the labor force was estimated to be 1.6 million above the level of a year earlier. In the first half of 1955 about 58 per cent of the population 14 years of age and over was in the labor force. While this proportion has been relatively stable over recent years, year-to-year changes in the labor force have been uneven. As may be seen in the chart on the following page, the annual increase in the labor force over the past five years has averaged about 750,000. Over the next five years, however, the population of working age will begin to reflect the sharply rising birth rates of the 1940's, and in the five years 1960-65 the annual increase is expected to average about 1.2 million. There have been a number of significant changes in the composition of the labor force 851 THE LABOR MARKET IN MID-195 5 GROWTH OF LABOR FORCE Annual rate, millions of persons - 0.4 19203930 193© 1940 '40'4* *46'50 '50"55 19551960 19601965 NOTE.—Based on Bureau of Census data for April of each year. For 1940-55, from regular monthly reports (Series P-57); for other years, from Current Population Reports. Series P-50, Mo. 42. since 1950. The proportions of teen-age youths and of older men participating have declined relatively sharply while the proportion of women over 35 years of age has increased. The relatively sharp reduction among youths reflects in part expanding school enrollments, while the acceleration of the long-run decline in the proportion of older men in the labor force is associated with expanded benefits and increased coverage of the Social Security system and with growth of private pension programs. The steady increase in labor force participation among women has been especially pronounced among wives, with almost 12 million working wives in the labor force in April 1955, as compared with 93 million in 1950 and 8.5 million at the peak of World War II. Civilian employment as reported by the Census Bureau—which includes the selfemployed, domestic servants, and unpaid family workers—totaled a record 65 million persons in July, An exceptionally large increase this year represents advances in most 852 nonfarm activities, with an unusually rapid rise this summer in employment in trade and service. Farm employment, after allowance for the large seasonal swings, has shown relatively little change over the past two years following an almost uninterrupted downward trend since the end of World War II. There were 7.7 million workers on farms, about the same number at midyear this year as in 1954 and 1953. The armed forces totaled about 3 million persons in July compared with the post-Korean high of 3.6 million reached in mid-1952. More than half of the reduction occurred during the past year, and a further reduction to 2.8 million by mid-1956 is planned. NONAGRICULTURAL EMPLOYMENT In July 1955, 49.7 million persons were reported by the Bureau of Labor Statistics as on the payrolls of nonagricultural establishments—1.6 million more than a year earlier and almost 5 million more than in July 1950. The total, however, was still about 300,000 below the record of mid-1953. Postwar changes in the composition of employment have been associated with important technological innovations, major changes in defense programs,, rapid growth in population, and shifts in consumer and business demands. The largest relative increases have been in finance, service, and State and local government employment. Employment in manufacturing industries, which accounts for one-third of nonfarm employment, has fluctuated widely. Durable goods industries now provide a larger proportion of manufacturing jobs than in either the immediate prewar period or 1950. A sizable decline since the end of World War II in the relative importance of the coal mining and railroad industries reflects persistent FEDERAL RESERVE BULLETIN THE LABOR MARKET IN MID-19 5 5 reductions in employment in these fields as well as growth in other industries. Manufacturing. Manufacturing employment, seasonally adjusted, totaled 16.7 million workers in July 1955. Such employment has increased each month since the low of 15.7 million in August 1954, but in July was still 800,000 below the high of mid-1953 when employment on defense work was at peak rates. As may be seen from the table, July employment in most major manufacturing industries was higher than a year ago but below the highs of two years ago. In durable goods industries employment was 600,000 lower than in mid-1953, and in nondurable goods activities it was 200,000 lower. Employment gains over the past year have been greatest in durable goods industries, where they have offset more than half of the earlier declines. The primary metals and transportation equipment groups, which EMPLOYEES IN MANUFACTURING INDUSTRIES Industry group July 1955 (in thousands of persons) Percentage increase, or decrease (—), July 1955 from earlier July: 1954 All manufacturing. 1953 1950 16,715 - 4 11 Durable goods Ordnance Lumber .« ....... Furniture . Stone, clay, and glass Primary metals Fabricated metals Machinery (excluding electrical) Electrical machinery Transportation equipment.. Instruments Miscellaneous 9,662 133 770 366 552 1,322 1,117 - 6 -47 18 375 - 6 - 2 6 9 Nondurable goods Foods Tobacco Textile-mill products Apparel Paper Printing and publishing. . Chemicals Petroleum and coal.. Rubber Leather 7,053 1,544 99 1 -10 121 13 7 4 7 1.0 3 4 1,593 1,146 1,864 320 479 1,078 1,222 555 812 819 255 281 388 - 3 1 4 2 6 4 2 4 0 123 4 1 5 12 - 7 - 8 - 6 - 6 - 6 - 2 - 1 - 6 -11 - 2 3 3 17 30 45 31 6 - - 1 0 2 1 - 5 -16 3 14 10 20 10 13 - 1 Employment reduced in July 1954 largely because of work StO] 5 than .5 per cent. NOTE.—Bureau of Labor Statistics data adjusted, for seasonal variation. July 1955 figures are preliminary. AUGUST 1955 led the upturn in the fall of 1954 as output of automobiles and steel rose sharply, have experienced the largest increases, both absolutely and relatively. In the nonelectrical machinery group declines persisted longer than in other metal working industries. Since the low reached in January of this year, employment in this group has risen sharply, reflecting a marked turnaround in business spending for fixed capital and a further rise in output of consumer goods. Employment gains in the metal, lumber, and stone, clay, and glass industries have been stimulated by strength in construction activity. In the ordnance industry, on the other hand, employment has declined steadily since mid-1953 and in July was almost 50 per cent below the post-Korean high. In nondurable goods industries employment changes for the most part have been moderate. Declines were mainly confined to the period between mid-1953 and early 1954. Following relative stability during most of last year, employment has risen in 1955, with the paper, printing, and chemicals groups in July at new record levels. The rubber, apparel, and leather industries have shown significant gains this year. In the textile industry, where the increase this year has been small, employment in July was slightly higher than in mid-1954. Hours of wor\. Average weekly hours of work in manufacturing industries began to increase earlier last year than employment. By the spring of 1955, as may be seen in the table on the following page, a relatively long workweek was reported in both durable and nondurable goods industries. This reflected in part substantial over-time in a number of industries. Seasonally adjusted hours in July continued close to the second quarter level and were about as long as in any July of the postwar period. 853 THE LABOR MARKET IN MID-19 5 5 AVERAGE WEEKLY Quarter 1953—ist 2nd 3rd 4th 1954—1st 2nd 3rd 4tn 1955—1st 2nd HOURS IN MANUFACTURING INDUSTRIES AH manufacturing Durable goods Nondurable goods 41 0 40.8 40 3 40.0 39.5 39.4 39 7 40.0 40.4 40.7 41.8 41.5 41 0 40.7 40.0 39.9 40.2 40.6 41.1 41.4 39.9 39.8 39.3 39.0 38.7 38.7 39.1 39.3 39.5 39.7 NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. The workweek has also increased in many nonmanufacturing activities, with an important gain in bituminous coal mining. For the economy as a whole, about 1 million persons who usually work full-time were reported working less than 35 hours a week because of economic conditions. A year ago the comparable number was reported at almost 2 million. The number of manhours worked at factories in July was almost 10 per cent above last year's low, but was still about 7 per cent below the 1953 peak. With factory output moderately above the previous mid-1953 record, output per manhour has risen somewhat more rapidly over the past two years of recession and recovery than the average postwar rate of about 4 per cent a year. Nonmanuf acturing. Employment in nonmanufacturing establishments reached a new high of almost 33 million in July, 650,000 more than last year and about 500,000 more than two years ago. In finance, service, public utilities, and State and local governments, employment continued to rise over the past two years. Trade employment, which experienced a slight decline during 1954, was also at record levels in July. Construction employment has remained fairly stable, close to record highs. In coal mining and railroad transportation employment has increased 854 somewhat since early spring but remains well below the levels of earlier years. Civilian government employment reached a record 6.9 million employees in mid-1955, and accounted for 14 per cent of total nonfarm employment. State and local governments added 150,000 workers over the past year, continuing a steady upward trend which has increased their employment by almost 50 per cent since the end of World War II. Federal employment, which had declined during 1953, was little changed in July from a year earlier. EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS Industry division July 1955 (in thousands of persons) Percentage increase, or decrease (—), July 1955 from earlier July: 1954 Total 49,684 Manufacturing. Durable Nondurable.. 16,715 9,662 7,053 Nonmanuf acturing Mining Contract construction Transportation Public utilities Trade Finance Service Government Federal State and local. 1953 - 1 1950 10 11 18 2 32,969 756 2,542 2,720 1,336 10,756 2,204 5,726 6.929 - 6 2 2 -12 - 7 1 2 8 3 5 10 -18 6 ~ 2 10 11 21 12 16 2,208 4,721 - 4 10 20 14 1 Less than .5 per cent. NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Self-employed and domestic servants are excluded. July 1955 figures are preliminary. UNEMPLOYMENT Unemployment, after allowance for seasonal factors, began to decline after the summer of 1954 and was reduced considerably by the spring of 1955, as widespread advances in employment more than offset further sizable increases in the labor force. Seasonally adjusted unemployment of 2.3 million in July compares with the high of 3.6 million in August 1954 and the low of 1.4 million in the summer of 1953. FEDERAL RESERVE BULLETIN THE LABOR MARKET IN MID-19 5 5 UNEMPLOYMENT Millions of persons o 1953 1951 1955 NOTE.—Bureau of Census data adjusted for seasonal variation. Latest figure shown is for July 1955. Estimates through June 1955 refer to the week containing the 8th day of the month. Beginning with July 1955 the survey week was changed to contain the 15th of the month. In July about 4 per cent of both men and women in the labor force were unemployed, with the decline from a year ago fairly evenly distributed among age and sex groups. The number of workers unemployed for periods of 15 or more weeks was reduced to about 600,000 persons in July as compared with AUGUST 1955 850,000 in the same month last year and 150,000 in July 1953. Claims for State unemployment compensation have declined substantially. In July the number of weekly claims averaged 1.1 million. This was 800,000 below the advanced year-ago level but about 250,000 above July 1953. Unemployment benefits averaged almost $25 a week in June 1955, the same as last year, and $4 more than in 1950. Total benefits, which were at an annual rate of 2.3 billion dollars in the second quarter of 1954, had declined to a rate of 1.4 billion in the spring of this year. Unemployment has been reduced substantially in a number of areas which earlier had shown high unemployment rates, particularly areas where automobile and metal work activities are concentrated. In July fewer major labor market areas were classified in the substantial labor surplus category than at any time since January 1954. Of the 149 major areas, 31 were classified by the Bureau of Employment Security as having an unemployment rate of 6 per cent or more of the labor force. A year ago 53 major areas were in this category. 855 1955 SURVEY OF CONSUMER FINANCES HOUSING- ARRANGEMENTS OF CONSUMERS 1 The 1955 Survey of Consumer Finances shows that one-third more nonfarm families owned their homes in early 1955 than in early 1948. The growth in home ownership reflects not only changes in family composition and in income status, but also the continuing availability of mortgage financing on generally favorable terms. The Survey also shows growth in the proportion of owneroccupied houses that are mortgaged and in the average size of mortgage debt. Increase in population and movement of people from one part of the country to another, combined with generally favorable economic conditions, have maintained high levels of demand for housing. They also help to account for the fact that early this year half of all nonfarm families had occupied their living quarters for less than five years. in the job location of the breadwinner, and in housing costs.2 Individual preference for owning or renting, apart from the type of housing obtained, also appears to enter into consumer thinking about housing. The Survey findings reported here rest in large part on information regarding family housing history, attitudes, and outlook obtained this year for the first time. Experience has indicated that answers to questions regarding attitudes and outlook are very sensitive to wording and coding procedures. Moreover, the questions regarding outlook were asked without explicit reference to expected financial changes. The findings should therefore be taken as a broad view of consumer attitudes toward housing rather than as a measure of future action. Dissatisfaction with current housing arrangements was expressed by 15 per cent FACTORS AFFECTING HOUSING ARRANGEMENTS of the home-owning families and by twice as large a proportion of renters (see Table 1). The 1955 Survey indicates that changes in a family's housing arrangements are asso- Many reasons were given, but insufficient ciated with changes in the size and composi- space was apparently the most common tion of the family, in its financial position, source of dissatisfaction. Families having less than one room per person expressed dis1 This is the last of a series of four articles presenting the results of the 1955 Survey of Consumer Finances conducted satisfaction more than twice as frequently by the Federal Reserve System in cooperation with the as those with more space. About 30 per Survey Research Center of the University of Michigan. The cent of the families owning homes of four first article, presenting information on the economic outlook of consumers and their plans for purchasing durable goods rooms or less were dissatisfied in contrast and houses, was published in the March BULLETIN. The second article, published in the May BULLETIN, dealt with purchases of consumer durable goods in 1954; and the third, appearing in the June BULLETIN, analyzed the financial position of consumers. This article was prepared by John Frechtling of the Consumer Credit and Finances Section of the Board's Division of Research and Statistics. A close working relation has been maintained with the Survey Research Center at all stages of the work, and the author has had the benefit of suggestions from the Center's staff, particularly James N. Morgan and Herbert Mohring. 856 2 In general, the discussion of housing arrangements is based on family units, which are defined to include all persons living in the same dwelling who are related by blood, marriage, or adoption. Two or more family units may occupy the same dwelling. For some purposes, however, data based on spending units are used. The spending unit includes all persons living in the same dwelling and related by blood, marriage, or adoption who pool their incomes to meet major expenses. Secondary spending units are those that share or rent portions of dwellings owned or rented by primary spending units. FEDERAL RESERVE BULLETIN 19 5 5 SURVEY OF CONSUMER FINANCES have houses of similar value regardless of the number of occupants, and much the MENTS, EARLY 1955 same is true of rent payments of renters. Percentage distribution of nonfarm spending units within groups] Unfavorable location of their present Housing status homes was mentioned by many families All nonfarm desiring to move. High operating expenses Present housing spending Owns Rents Lives 2 with units home home1 rela- Other were cited more often by renters than by tives home owners who expected to change Satisfactory 67 71 78 53 80 their housing arrangements. Expectation of Fairly satisfactory. . 11 13 8 12 6 Unsatisfactory 20 15 11 32 8 change in job location was mentioned by Not ascertained or 1 no firm opinion. . . 2 3 3 6 one-third of the families feeling unsettled All cases 100 100 100 100 100 in their present homes, but by only onePercentage of all nonfarm spending eighth of the home owners with plans to units i 100 50 7 10 33 buy or build another house. 1 Includes only spending units responsible for rent of entire Survey questions regarding consumer dwelling unit. 2 Spending units that jointly rent homes, rent rooms from nonplans to buy or build homes did not deterrelatives, receive housing as part of compensation, live temporarily n houses they have sold, etc. mine directly why ownership was preferred with about 10 per cent of the owners of to renting. In many communities the choice homes with more rooms. For renters, the between owning and renting is basically a corresponding proportions were 35 and 23 choice between a house and an apartment. per cent. The larger proportion of renters Plans to buy or build a home may therefore than of home owners feeling their homes merely indicate a preference for living in a were too small probably reflects the fact house. The prevalence of such comments that renters usually have one room less than as "we want to own our home," however, owners of similar age, income, and family suggests that additional factors are involved. size. Also, rented quarters generally have Possibly consumers feel that home ownerless space devoted to garages, basements, and ship provides greater independence than renting. Favorable mortgage terms and constorage facilities. TABLE 1 CONSUMER ATTITUDES TOWARD PRESENT HOUSING ARRANGE- Families appear to expand their living space more readily than they contract it. Throughout the period of growth, families enlarge their homes and maintain about the same number of rooms per person, as shown in the chart. Later, parents tend to retain their homes after their children move away, and the number of rooms per person increases. Values of owner-occupied houses and rent payments of renters do not appear to be affected significantly by size of family, even though larger families generally occupy more rooms than smaller families. Homeowning families of similar income tend to AUGUST 1955 ROOMS PER PERSON Median number, early 1955 2 T/2 V 1/2 All • families Under 25-34 35-44 45-54 55-64 25 AGE OF HEAD OF FAMILY 65 and over 857 195 5 SURVEY OF CONSUMER FINANCES sideration of capital gains have probably been location, and about one-fifth mentioned financial difficulties. Older married persons important to many purchasers. Income appears to have been a major facTABLE 3 tor in the decision of many owner-occupants FORMER OWNERS AMONG NON-HOME-OWNERS, EARLY 1955 1 to purchase a different home. In nearly all [Percentage within age and income groups] age groups, the proportion of home owners All Age of head Under $3,000$5,000 in early 1955 who had formerly owned a of spending income $4,999 $3,000 and over unit groups 2 different house was larger among those with 17 20 12 20 incomes of $5,000 or more than among those All ages 18-44 11 9 9 15 45-64 25 29 17 30 with lower incomes (see Table 2). More 65 and over 42 41 46 52 than 60 per cent of the families that had 1 spending units that formerly owned homes changed their homes thought their present as 2aNon-home-owning nonfarm non-home-owning spending units. percentage of all 1954 money income before taxes. home was more valuable than their former NOTE.—Based on spending rather than family units in order to take account of spending units that have moved in with relaone. This proportion increased with income. tives and become part of another family instead of remaining a separate family. The desire for additional space was also important. About 60 per cent of home-owning mentioned finances most frequently. Only families with children that had formerly 10 per cent of the former owners had found owned a different home indicated that their their homes inadequate, and somewhat present home was larger, and less than 25 fewer had found their locations unfavorable. In many cases the reasons cited for giving per cent said it was smaller. up home ownership relate to ownership of TABLE 2 a particular house, and do not necessarily OWNERS OF FORMER HOMES AMONG NONFARM HOME OWNERS indicate permanent withdrawal from ownerEARLY 1955 ship. 1 [Percentage withm age and income groups] Age of head of family All ages 18-24 25-34 35-44 45-54 55-64 65 and over All income groups 2 Under $3,000 $3,000$4,999 $5,000 and over 37 8 18 37 37 40 61 45 7 8 30 30 53 60 29 15 19 29 21 40 60 38 (3) 19 42 47 34 64 1 Home-owning family units that owned a former home as a percentage of all nonfarm family units owning homes. 2 1954 family money income before taxes. 3 Insufficient number of cases for computation. Some home owners shift to other quarters, especially at older age levels. In early 1955, more than 40 per cent of the non-home-owning spending units headed by persons 65 years of age or older had owned a home at some time in the past. The corresponding figure for the group 45-64 years of age was only 25 per cent (see Table 3). When asked why they had given up owner-occupancy, about one-fourth indicated a change in job 858 IMPORTANCE OF AGE AND FAMILY COMPOSITION Need for additional space and change in financial condition are apparent in both the present housing arrangements and the housing outlook of consumers within various family status groups. The first housing of a young unmarried person who has become financially independent is typically with his family or, less often, in rented quarters (see Table 4). Early in 1955, nearly one-third of such persons did not feel settled, or were not completely satisfied with their quarters, but relatively few had plans to buy or build homes. Following marriage, most young couples rent their living quarters, but expect to make a change soon in their housing arrangements. In early 1955, only 3 in 10 of the FEDERAL RESERVE BULLETIN 195 5 SURVEY OF CONSUMER FINANCES TABLE 4 HOUSING STATUS RELATED TO A G E AND FAMILY STATUS, EARLY 1955 [Percentage distribution of nonfarm spending units within groups] Age and family status 1 All nonfarm spending units 3 Percentage of all nonfarm spending units Number of cases Housing status All cases Owns home Rents home Lives with relatives 100 2,906 100 50 36 10 Age 18-44: Single Married, no children under 18. . . Married, youngest child under 6. Married, youngest child 6 or over 11 7 23 305 209 651 268 100 100 100 100 9 35 52 65 33 54 43 32 55 5 1 2 Age 45-64: Single. Married, no children under 18 Married, children under 18 7 12 9 201 389 272 100 100 100 40 69 70 44 28 23 11 1 2 180 211 1.00 100 49 72 Other* 36 22 Age 65 and over: Sngle Married x Age refers to head of spending unit; "married" refers only to spending units that include both husband and wife; "single" refers to unmarried, widowed, separated, and divorced persons without children. 2 Spending units that receive housing as part of compensation, live temporarily in houses they have sold, etc. 3 Includes some spending units of types not covered in separate categories or for which information was not obtained. Together these account for about 10 per cent of all nonfarm spending units. younger renting couples without children felt settled and 4 in 10 were planning to buy or build a house within two years. Married home owners under 45 years of age who did not have children were more often satisfied and settled. By the time the family includes children, home ownership becomes the usual arrangement, and many nonowners look forward to ownership. Plans to buy or build a first home are more frequent among renting families with children under six years of age than among renting families with older children. Home owners with children plan to buy or build another home, or to make major additions and repairs, more frequently than those without children. Desire for additional space, as well as improvement in financial conditions, is reflected in their plans. A larger proportion of single than of married persons 65 or more years of age rent their homes. This reflects in part the smaller proportion of single persons who become AUGUST 1955 home owners at some time in their lives, and in part the discontinuance of home ownership after the death of a spouse. TREND TOWARD HOME OWNERSHIP The rate of increase in the number of owner-occupant families has been greater than that of all families since early 1948, and early this year 55 per cent of all nonfarm families owned their homes as compared with 49 per cent in early 1948.3 The most striking increase in home ownership has occurred among families headed by persons 35-44 years of age, as shown in the chart on the following page. In the early postwar years this group included many families that formerly had been unable to purchase homes because of depression or war. In early 1955, families in this age group had experienced a decade of high and rising incomes and had access to favorable 3 The number of home-owning families has increased from 18.6 million to 24.9 million and the number of renters has risen from 16.9 to 18.2 million during this period. Only those neither owning nor renting have decreased in number—2.4 million in 1948 to 2.0 million this year. 859 195 5 SURVEY OF CONSUMER FINANCES HOME OWNERSHIP cupants was $10,000 in early 1955 in contrast with $8,000 in early 1949, an increase of 25 per cent. The median monthly rent of nonfarm renters rose from $35 to about $47 over the same period, or by nearly 35 per cent. Elements of continued strength in the demand for owner-occupied housing are indicated by the large proportion of nonfarm spending units with plans to buy in 1955 or 1956. In early 1955 the proportion having plans to purchase or build a house within two years was larger than the proportion with similar plans in the three earlier Surveys (see Table 5). Execution of plans to buy houses is, of course, conditioned by developments; in the personal financial situation of the prospective buyer and by developments affecting the supply, cost, and financing of houses. WITHIN AGE GROUPS Per cent of group 35.44 45-54 55-64 mortgage terms as well as large supplies of building materials. Factors previously discussed in connection with the present housing arrangements and outlook of nonfarm consumers have been reinforced during the postwar years by the INCREASE IN MORTGAGE DEBT backlog demand for housing resulting from Availability of mortgage financing on the dislocations of war and the depressed favorable terms during most of the postlevels of economic activity in the thirties. war period has encouraged owner-occupancy. Price and other financial considerations have The number of mortgaged owner-occupied also favored owning rather than renting houses has increased from 8.7 million in homes. Since the removal of almost all rent early 1949 to 13.2 million early this year.4 controls in 1949, rents have increased relaThe proportion of owner-occupied houses tively more than house values. The median that are mortgaged has increased from 45 value placed on their homes by owner-oc- to 54 per cent in the same period and the median size of mortgage has increased from TABLE 5: $3,000 to $4,700 (see Table 6). Mortgages CONSUMER PLANS TO BUY OR BUILD HOUSES have increased in size more rapidly than [Percentage of all; nonfarm spending units] house values; in early 1955, 3 in 10 mortPlans to buy or build Plans to buy or build gages equalled 60 per cent or more of the during next year during year owners' estimates of home value in contrast Year Definite Definite or Possible Possible or with 2 in 10 in early 1949. probable purchase probable, purchase 1 purchase purchase The dominant factor in the increased number and proportion of houses that are 1955 5.8 3.6 2.2 6.3 1954 1953 1952 4.0. 5.6 4.4 2.6 3.2 2.0 2.5 27 2.5 5.6 5.9 5.6 1 Includes spending units that had already purchased in the year of interview. 860 4 The discussion of mortgaged homes omits owneroccupied properties of three or more dwelling units and apartments in cooperative projects. These exclusions amount to less than 1 per cent of all owner-occupied properties, FEDERAL RESERVE BULLETIN 195 5 SURVEY OF CONSUMER FINANCES mortgaged has been the continuing high MORTGAGE STATUS HELMED TO OF H00S1 level of home purchases financed by mort- LENGTH of houses OWNERSHIP Per cent gages during this period. Survey data inMORTGAGE DEBT AS PER CENT OF HOUSE VALUE dicate that 80-85 per cent of home purchases m " 100 in recent years have involved mortgage 6o 79 H ' financing. The large volume of recent m 80 and over mortgages, on which there has been little 80 amortization, has contributed to the rise in the average size of mortgages outstanding. 60 Easing of terms in recent years has also tended to increase the size of outstanding 40 mortgages by permitting larger mortgages than in earlier years on homes of the same price and by permitting extension of the 20 i amortization period. Apart from changes in terms, increases in house values reflecting 1955 1950 1955 1950 up-grading of housing standards as well as OWNED 2 TO OWNED LESS 5 YEARS THAN 2 YEARS general price increases have tended to raise NOTE.—The chart shows the relationship of the amount of recent mortgages above those debt to house value for owner-occupied nonfarm size of mortgage houses grouped by period of owner-occupancy. placed in earlier years. Smaller down payments and smaller increases in real estate values account in large for homes owned less than five years. The part for the increase from 1950 to 1955 in higher ratios in 1955 than in 1950 for homes the ratios of mortgage debt to house values owned less than two years reflect primarily which are shown in the accompanying chart the smaller down payments relative to the purchase price in recent years. In the case TABLE 6 of homes owned between two and five years NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE D E B T the slower rise in values ill recent than in [Percentage distribution of owner-occupied nonfarm houses] earlier postwar years has contributed to the Value i Mortgage debt^ increase in the ratios of mortgage debt to Amount house value. 1955 1953 1951 1949 1955 1953 1951 1949 The mortgage guarantee operations of the Zero 55 $l-$4,999 22 Veterans Administration and Federal Hous29 18 $5,OOO-$7,499,.• . . 19 7 17 $7,500-$9,999 17 15 3 ing Administration have been very signifi$10,000-$12,499.. 17 16 7 $12,500-$14,999.. 5 cant factors in postwar housing markets. $15,000-$l 9,999.. 12 10 $20,000 and over. 9 Approximately 1 in 5 respondents owning 5 Not ascertained. . 4 mortgaged homes indicated that the mort100 100 100 100 All cases gage originated under the VA program and Average (thousands of dollars) 55.4 H.S 53.8 3.7 11. 0 10.7 9.3 Median (thousands of about the same proportion identified the dollars) 10.0 9.0 7.9 8.0 54.7 53.5 53,0 3.0 mortgage as PHA financed. While the Sur*As estimated by respondents early in year indicated, except vey estimate of the number of VA mortgages that houses purchased during preceding year were valued at purchase price. outstanding is veiy close to estimates derived 2Early in year specified. 3 House value and amount of mortgage assigned if not determined from VA records* the Survey estimate of in interview. No cases reported or less than one-half of 1 per cent. FHA mortgages is approximately 40 per Fof mortgaged nouses only. 40 59 \ • id p 0 5 5 4 5 AUGUST* 1955 8<51 195 5 SURVEY OF CONSUMER FINANCES TABLE 7 MORTGAGE D E B T AS A PERCENTAGE OF HOUSE VALUE IN RELATION TO A G E OF O W N E R , V E T E R A N STATUS, AND T E R M OF OCCUPANCY, EARLY 1955 1 [Percentage distribution of nonfarm home-owning families] Under age 45, veteran in unit Mortgage debt as a percentage of house value Zero Under 20 20-39 40-59 60-79 80 and over All terms of occupancy 2 Under 3 years 7 (3) 3-6 years Age 45 and over Under age 45, no veteran in unit 6 years and over All terms of occupancy 2 32 17 23 21 7 (3) 37 8 14 22 12 7 19 2 5 25 28 21 23 9 18 30 13 7 55 10 17 14 4 (3) Under 3 years 3-6 years 18 8 13 24 23 14 16 35 37 13 8 14 35 26 4 All cases 100 100 100 100 100 100 100 Number of cases 415 152 142 118 268 62 86 6 years and over All terms Under of 3 occuyears pancy 2 3-6 years 6-15 years 15 years and over 64 10 13 9 3 1 42 1 8 19 16 14 45 5 14 28 6 2 100 100 100 100 100 100 118 826 80 137 308 298 53 17 23 6 1 (3) 89 6 3 1 1 (3) x 2 3 Age refers to head of unit, veteran status refers to presence in unit of veteran of World War II or Korea. Includes cases for which term of occupancy was not ascertained. N o cases reported or less than one-half of 1 per cent. cent higher than estimates based on FHA records. Reporting errors probably account for this overestimate.5 About 45 per cent of the mortgages of families headed by persons under 45 years of age and including veterans were reported as VA mortgages.6 The impact of the Veterans Administration program is indicated by a comparison of the mortgage status of homes owned for similar periods of time by families differing as to veteran status. In general the homes of veterans were mortgaged more frequently than those of younger nonveterans who had owned homes for 5 The VA program requires direct contact between the mortgagor arid the guaranteeing agency to obtain a letter of eligibility. The FHA procedure does not require such direct contact. As a result, some respondents may have confused mortgages held by Federal savings and loan associations or even other mortgages requiring monthly amortization payments with FHA mortgages, or some may have remembered that FHA financing had been available on the project in which they bought even though they were not sure of the type of mortgage they themselves had. 6 Only about one-eighth of the mortgages on homes owned by nonveteran families of similar age and a very small proportion of mortgages on homes owned by older families were VA mortgages. The VA mortgages of families not including veterans in early 1955 may have been obtained by veterans who subsequently left the household or by the purchase from veterans of houses subject to VA mortgages. 862 comparable periods. The favorable terms on which mortgages were obtained by veterans is indicated by the generally higher ratio of mortgage debt to house value for veterans' homes (see Table 7). The smaller proportion of homes with mortgages among older families is the result of generally longer occupancy, of requirements for more rapid amortization when older persons buy homes, and of the ability of these older families to make larger down payments by use of equities built up in their previous home or by use of other savings. Former ownership of a different home is also important in the consideration of mortgage debt. In early 1955, about 70 per cent of the families previously owning different homes and purchasing their present home in 1952 or later had mortgages in contrast with 85 per cent of the families whose 1952-54 purchase was their first home. The mortgages of the former group also tended to be smaller relative to the value of the home. TECHNICAL NOTE Revised estimates of sampling errors for percentages based on Survey information are FEDERAL RESERVE BULLETIN 195 5 SURVEY OF CONSUMER FINANCES given in the accompanying tables. The revised estimates reflect extensive computations completed since the publication of the table of sampling errors on page 473 of the May 1955 issue of the Federal Reserve BUL- SAMPLING ERRORS OF D I F F E R E N C E S Differences required for significance (95 per cent probability) in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same Survey. Size of sample or group Size of sample or group 200 300 LETIN. These generalized tables are based on computation of sampling errors for many specific statistics. They are conservative rather than average values; the sampling errors of many types of Survey data are smaller than the values presented in the table. A discussion of the factors affecting sampling errors in the Survey of Consumer Finances will be available on request from the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington 25, D. C. 200 Reported percentage 1 1,000 3,0002 13 12 11 11 10 500 700 1 000 3.0002 11 10 10 9 8 9 8 8 7 8 7 6 6 5 3.6 For percentages around 20 per cent and 80 per cent 200 300 500 700 1,000 3.000 2 . . . 11 10 9 9 9 8 9 8 « 8 7 7 7 7 6 5 6 6 5 5 4 2.9 For percentages around 10 per cent and 90 per cent 700 1,000 3,0002 8 8 7 7 6 6 7 6 6 6 5 5 5 5 4 4 4 4 4 3 "l.'l For percentages around 5 per cent and 95 per cent Number of interviews 3,000i 1,000 2.6 2.3 2.0 1.5 1.1 50 30 or 70 20 or 80 10 or 90 5 or 95 700 14 300 200... The chances are 95 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number of percentage points shown below. 500 For percentages from about 35 per cent to 65 per cent 300 500 APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS X 4.4 4.1 3.5 2.7 1.9 700 500 5 5 4 3 2 6 6 5 4 3 Approximate size of sample, 1952-55. 300 8 7 6 5 4 100 14 13 11 8 300 500 700 1 000 3,0002 6 5 5 5 4 5 4 4 4 4 4 4 3 3 3 3 3 3 2 1.6 !The sampling error does not measure the actual error that is involved in specific Survey measurements. It shows that—'except for nonsampling errors, errors in reporting, in interpretation, etc.—differences larger than those found in the table will arise by chance in 2 only 5 cases in 100. Approximate size of annual Survey sample, 1952-55. Note.—Supplementary tables for this article begin on the following page. AUGUST 1955 863 195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 1 HOUSING STATUS OF NONFARM FAMILIES [Percentage distribution of nonfarm families within specified group Number of cases Group characteristic 1955 All nonfarm families 1954 Owns home All cases 1953 Other i Rents home 1955 1953 1955 1954 1953 100 2,601 2,478 2,540 1954 55 56 54 40 40 1955 1954 1953 43 15 6 3 2 1 1 Family money income before taxes in preceding year: Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-$4,999 $5,000-47,499 $7,500 and over 152 238 246 371 373 693 528 154 209 222 340 395 637 515 178 247 292 382 382 602 450 100 100 100 100 100 100 100 43 45 39 46 54 65 75 44 45 47 45 52 65 72 50 49 38 45 52 6* 70 40 46 54 51 43 33 24 37 46 47 52 45 33 27 35 45 59 53 47 35 30 17 9 7 3 3 2 1 19 9 6 3 3 2 1 Occupation of head of family: Professional and semiprofessional Managerial and self-employed.. , Clerical and sales Skilled and semiskilled Unskilled and service... , Retired 207 393 246 796 295 211 249 443 296 773 239 190 275 432 313 752 287 180 100 100 100 100 100 100 58 70 55 56 40 65 58 69 56 54 41 65 48 67 46 53 38 75 37 26 44 42 49 30 38 29 42 43 46 25 48 31 52 46 53 19 5 4 1 2 4 2 2 3 13 10 Age of head of family: 18-24 ft. 25-34 35-44 45-54 55-64 65 and over 100 612 629 494 383 351 92 527 614 490 410 339 "598 «568 '491 "352 «368 100 100 100 100 100 100 15 43 59 62 66 63 18 42 57 63 66 63 14 41 54 60 64 69 76 53 38 34 29 31 77 55 39 33 30 27 82 57 43 38 32 25 Veteran status: 3 No veteran in family One or more veterans 726 828 715 740 781 716 100 100 43 52 44 51 43 45 52 45 52 47 54 54 Size of community: Metropolitan area Other city, 50,000 and over Town or city, 2,500-49,999 Town under 2,500 Open country 845 506 567 396 286 885 428 542 397 226 875 470 515 462 218 100 100 100 100 100 46 51 56 70 68 46 51 57 70 68 43 46 57 68 69 51 47 41 25 17 52 46 39 23 20 55 51 41 29 23 «748 747 824 578 323 761 815 620 337 100 100 100 100 46 59 58 60 50 61 56 55 44 64 50 57 50 36 37 36 47 35 39 38 53 34 45 40 .. , Region: North East North Central South West , , «695 «360 11 5 5 3 4 4 4 10 3 2 3 5 15 2 3 4 7 12 «Estimated. that receive housing as part of compensation, live temporarily in houses they have sold, etc. reported or less than one-half of 1 per cent. Veteran of World War II or Korea in family, and head of family under 45 years of age. 1 Families 2 No cases 3 SUPPLEMENTARY T A B L E 2 SUPPLEMENTARY T A B L E 3 FAMILY INCOME WITHIN HOUSING STATUS GROUPS YEARS IN PRESENT RESIDENCE, EARLY [Percentage distribution of nonfarm families] Money income before taxes 1 All nonfarm families2 Owns home Rents home 1955 1953 1949 1955 1953 1949 1955 1953 1949 7 Under $1,000 11 $1,000-11,999 11 $2,000-$2,999 16 $3,000-$3,999 14 $4,000-14,999 25 $5,000-$7,499 $7,500 and over. . . 16 (3) Not ascertained All cases 100 9 11 13 17 15 22 13 (4) 9 14 20 22 13 14 8 (4) 100 100 21 (3) 8 10 9 14 15 26 17 1 8 10 17 21 15 17 12 (4) 8 12 15 20 16 20 9 (3) 7 12 18 20 17 18 8 (4) 7 18 23 24 12 11 5 (4) 100 100 100 100 100 100 6 9 8 13 14 29 1955 [Percentage distribution of nonfarm families] All nonfarm families1 Owns home Rents home Under 2 years. . . 2-5 years 5-9 years 9-20 years 20 years and over Not ascertained.. 33 24 15 18 10 19 24 19 22 16 50 24 10 13 2 1 All c a s e s . . . . 100 100 100 Years in residence 1 Includes 5 per cent of nonfarm families that neither own nor rent their homes. 2 No cases reported or less than one-half of 1 per cent. 1 In year prior to specified year. 2 Includes small proportion of families who receive housing as part of compensation, live temporarily in houses they have sold, etc. 3 Income assigned if not determined in interview. 4 No cases reported or less than one-half of 1 per cent. FEDERAL RESERVE BULLETIN 1.9 5 S SURVEY OF CONSUMER FINANCES SUPPLEMENTARY T A B L E 4 SUPPLEMENTARY T A B L E 5 OWNER'S APPRAISAL OF PRESENT AND FORMER H O M E IN ROOMS PER PERSON IN RELATION TO A G E OF H E A D OF FAMILY RELATION TO INCOME EARLY 1955 [Percentage distribution of selected nonfarm, families, within income groups] 1 [Percentage distribution of nonfarm families within groups] Age of head of family All income groups 1 Comparison of present with former home 1954 family money income before, taxes Under $3,000 Rooms per person 1 $7,500 and over $3,000$7,499 All families? Under 25-34 35-44 45-54 55-64 25 1 12 31 17 14 16 9 1 16 46 13 11 7 5 1 2 19 40 20 10 8 1 1 17 39 19 13 8 3 (») (3) 10 28 17 17 20 7 1 17 17 18 30 15 1 100 100 100 100 100 100 Under J^, 63 4 18 15 All cases 51 2 30 17 63 7 17 13 78 2 8 12 100 Greater value Same value Less value Not ascertained 100 100 100 1—1 -J/ 2-2y2 3}/% and over Not a s c e r t a i n e d . . . . 1 Includes only nonfarm families that formerly have owned another home. All cases ( 9 65 and over 1 1 14 9 19 27 29 100 1 Excludes bathrooms. ^Includes cases for which age of head of family was not ascertained. 3 No cases reported or less than one-half of 1 per cen:. SUPPLEMENTARY T A B L E 6 SUPPLEMENTARY TABLE CONSUMER RESPONSE TO STATED N E E D FOR CHANGE IN H O M E , EARLY 1955 1 HOUSING OUTLOOK No plans, but unsettled or feels home is unsatisfactory3^ Housing outlook Need for change Owners Present home too large Present home too small Unsatisfactory neighborhood or location Operating expenses too h i g h . . , , . . . , Other unfavorable features......... Desire to own home Ex;pect change in job location OwnRenters 4 Others 5 ers 5 29 29 17 10 19 12 23 29 10 11 11 4 4 11 (•). 13 18 2 7 3 27 71 9 8 66 14 2 2. 10 2 Renters4 Others5 8 2 54 4 6 1955 [Percentage distribution of nonfarm spending units within groups:} [Spending units stating need; as a percentage of nonfarm spending units within group indicated] Plans to, buy a home, or to make additions 7 OF CONSUMERS, EARLY 22 Plans to buy: 3 Definite or probable Possible Plans to make major additions or repairs 4 No plans to buy or make additions or repairs: Unsettled in home 6 Home unsatisfactory 7 . . , Settled in satisfactory home 8 » All cases Percentage of all nonfarm spending units Housing All non' farm ; spend- ' Owns Rents ing home home 1 units status Lives with Other 2 relatives 8 10 6 7 13 16 1 6 3 5 6 13 (5) (5) (*) 16 6 6 6 26 7 24 3 22 5 ; 38. 54. 62 66 65 100 100 100 100 100 100 50 33 10 7' 1 Refers to the 46 per cent of all nonfa^m spending units t h a t plan to buy or build a home or to make major additions or repairs, or that are unsettled or find their present homes unsatisfactory. 2 Plans to buy or build in 195$ or 1956, or, for owners, plans to make major additions or repairs ($500 and over) in 1955. 3 N o plans to buy a home or to make additions or repairs. 4 Includes only spending units responsible for rent of entire dwelling; unit. 6 Spending units t h a t jointly rent homes, live with relatives, rent rooms from nonrelatives, receive housing as part of compensation, live temporarily in houses they have, sold, etc. 6 N o cases reported or less than one-half of 1 per cent. AUGUST 1955 1 Includes only spending units responsible for the rent of the entire dwelling, unit. 2 Spending units t h a t jointly rent homes, rent rooms from nonrelatives, receive housing as part of compensation, live temporarily in houses they have sold, etc. sIn 1955 or 1956. 4 Additiqns or repairs of $500 and over in 1955; includes definite, probable, and possible expenditures. 6 No cases reported or less than one-half of 1 per cent. 6 The question was: " D o you feel t h a t you have settled down to stay here in this house or do you feel you may not stay here very long?" Excludes spending units covered by preceding groups. 7 The question was: "Would you say your present home is satisfactory for your needs, or unsatisfactory, or what?" Excludes spending units covered by preceding groups. 8 Excludes spending units covered by preceding groups. 865 195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 8 HOUSING OUTLOOK WITHIN AGE AND FAMILY STATUS GROUPS, EARLY 1955 1 [Percentage distribution of nonfarm spending units within groups] Singles Married* All family status2 groups Housing outlook Age 18-44 Age 45-64 Age 65 and over 13 (6) 12 (8) 14 20 15 13 14 5 13 6 11 2 8 17 21 9 15 6 10 Age Age 18-44, 18-44, youngest no child children under 18 under 6 Age Age Age 18-44, 45-64, Age 45-64, youngest no children 65 and child 6 children under 18 over or over under 18 Owners: Plans to buy 6 . . . Plans to make major additions or repairs ^ No plans to buy or make additions or repairs: Unsettled or home unsatisfactory ^ Settled in satisfactory home® 12 19 10 7 14 17 10 7 14 62 75 67 91 64 46 54 71 57 79 All cases 100 100 100 100 100 100 100 100 100 100 Percentage of all nonfarm spending units .. 50 1 3 3 3 12 6 8 6 4 22 6 7 (4) 42 44 34 19 29 4 31 32 16 15 30 29 32 24 43 45 47 62 77 85 28 27 34 57 28 51 100 100 100 100 100 100 100 100 100 100 50 10 4 3 5 11 3 4 3 2 Nonowners: Plans to buy * No plans: Unsettled8 or home unsatisfactory Settled 9 in satisfactory home ... All cases Percentage of all nonfarm spending units !Age refers to head of spending unit. 2 Includes some spending units not in separate categories and those for which age or family status was 3 Includes unmarried, widowed, separated, and divorced people without children. 4 Includes only spending units in which both husband and wife are present. 5 In 1955 or 1956; includes definite, probable, and possible purchase. 6 No cases reported or less than one-half of 1 per cent. 7 Additions or repairs of $500 and over in 1955; includes definite, probable, and possible expenditures. 8 For questions, see Supplementary Table 7, notes 6 and 7. 9 not ascertained. Includes all spending units not previously accounted for. SUPPLEMENTARY TABLE 9 MONTHLY R E N T OF NONFARM SUPPLEMENTARY TABLE FAMILIES E X P E N D I T U R E S ON H O M E [Percentage distribution of rent-paying nonfarm families] Amount 1 1955 1954 1953 8 14 16 16 31 14 1 10 14 18 16 26 15 1 11 16 ' 15 17 26 13 2 100 100 903 All cases Number of c a s e s . . . . . 1 931 I M P R O V E M E N T AND M A I N T E N A N C E [Percentage distribution of home-owning nonfarm families] 1949 Under $20 $20-$29 $30-$39 $40-$49 $5O-$74 $75 and over Not a s c e r t a i n e d . . . . . . 10 Amount 1954 1953 1952 1950 1948 19 21 23 15 16 5 1 Zero Under $100 $100-$199 $200-$499 $500-$999 $1,000 and over.. Not ascertained.. 41 13 10 17 10 8 1 42 15 10 14 9 8 2 40 14 12 15 11 7 1 38 14 12 17 12 6 1 36 14 } « 100 100 All cases. . . . 100 100 100 100 100 1 ,040 1,115 L 12 9 C1) No cases reported or less than one-half of 1 per cent. Early in year specified. 866 FEDERAL RESERVE BULLETIN 1955 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY T A B L E 11 EXPENDITURES ON H O M E IMPROVEMENT AND MAINTENANCE W I T H I N FAMILY INCOME GROUPS, 1954 [Percentage distribution of home-owning nonfarm families within groups] Number of cases All income groups. Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-$4,999 $5,000-$7,499 $7,500 and over... All cases None 1,554 71 112 106 181 205 467 412 Family money income before taxes 100 100 100 100 100 100 100 100 41 55 48 38 43 36 41 36 Under $100 17 12 11 18 18 18 16 20 10 5 8 17 7 13 11 9 13 18 23 12 19 15 11 Amount not ascertained $1,000 and over $100-$199 $200-$499 $500-$999 10 4 3 9 9 8 12 13 1 3 1 I1) 0) 1 *No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY T A B L E SUPPLEMENTARY T A B L E 12 13 ANNUAL MORTGAGE PAYMENTS BY NONFARM H O M E - O W N I N G MORTGAGE D E B T IN RELATION TO HOUSE VALUE FAMILIES [Percentage distribution of owner-occupied nonfarm houses] [Percentage distribution of nonfarm home-owning families] Amount of annual mortgage payments 19551 Zero Under $500 $500-$999 $1,000 and over No regular payments or amount not ascertained.. 46 14 30 8 19541 19512 49 51 16 27 7 1949 24 13 3 2 1 4 5 100 100 Mortgage debt as a percentage of house value 1955 1954 1951 1950 1949 46 9 14 15 10 6 50 9 13 14 10 3 1 53 8. 15 11 6 5 2 54 8 12 13 7 4 2 55 9 12 10 5 3 6 Zero Under 20 20-39 40-59 60-79 80 and over Not ascertained 55 24 16 5 100 All cases 2 100 0) All cases monthly payment multiplied by 12. Actual payments during previous year. 100 100 100 100 Number of cases 1 Scheduled 2 100 1,535 1,466 1,486 1,417 1,413 1 House value and amount of mortgage assigned if not determined in interview. SUPPLEMENTARY TABLE 14 MORTGAGE D E B T IN RELATION TO H O U S E V A L U E , BY T E R M OF O W N E R - O C C U P A N C Y [Percentage distribution of owner-occupied nonfarm houses] Mortgage debt as a percentage of house value All owner-occupied nonfarm houses 1 Term of owner-occupancy Under 2 years 2-5 years •5-9 years 9-20 y e a r s 20 years a n d o\ r er 1955 1950 1955 1950 1955 1950 1955 1950 2 1955 19502 1955 1950 46 9 14 15 10 6 (4) 54 8 12 13 7 4 2 20 3 6 18 25 28 (4) 20 4 11 26 21 15 3 27 7 14 30 18 4 (4) 35 7 18 23 10 5 2 43 11 24 17 4 1 61 14 15 8 1 (») 61 16 16 5 2 (3) 4 () 73 14 7 3 (3) 1 2 87 6 4 2 1 (*) (4) 85 6 6 2 3 () 1 (3) 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases... 1,535 1,417 301 266 376 342 277 279 332 203 247 252 Zero Under 20 20-39 40-59 60-79 80 and over Not ascertained.... All cases (4) i Includes cases for which term of owner-occupancy was not ascertained. years and 10-20 years. than one-half of 1 per cent. House value and amount Of mortgage assigned if not determined in interview. 2 Classifications were 5-10 3 No cases reported or less 4 AUGUST 1955 867 195 5 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY T A B L E 15 MORTGAGE. D E B T IN RELATION TO H O U S E V A L U E WITHIN SPECIFIED. GROUPS^ EARLY 1955 [Percentage, distribution of home-owning nanfarm families within, groups] Percentage of all home-owning nonfarm families Group characteristic All home-owning nonfarm families All cases Debt as a percentage of house value Zero 100 100 Family income before taxes in preceding year: Under $2,000 $2,000-12,999 $3,000-$3,999 $4,000-f4,999 $5,000-17,499 $7,500 and over 15 8 13 14 29 21 100 100 100 100 100 100 Estimated house value: Under $7,500 $7,500-$9,999 $10,000-$l 2,499 $12,500-$19,999 $20,000; and over 33 14 20 23 10 100 100 100 100 100 58 51 39 32 49 63 37 100 100 45 49 .. Former ownership of different, home: First home owned 1 Owned different home formerly... . 1-19 20-39 46 ; 40-59 60-79 14 45 43 30 43 1 4 10 10 17 10 7 14 20 21 17 6 11 9 18 4 15 10 7 2 11 12 15 21 19 11 14 17 13 17 10 12 10 14 15 15 16 7 9 10 10 80 63 15 13 19 80 and over 10 9 n i Includes families for which former ownership was not ascertained. SUPPLEMENTARY T A B L E 16 PURCHASES OF NONFARM H O U S E S 1 Type of house Percentage of nonfarm spend- EstiEstimated mated total number Median Average of pur- expend- expend- expenditure 2 iture chasers iture 2 (in (in billions) millions) ing units 1.9 1954: New 2.8 Existing. . . 1.4 1953: New 2.9 Existing.... , 1.3 1952: New. . 2.3 Existing.. . 1951: New. • 1.3; Existing,.. . 3.5 1.6 1950: New. 2.9 Existing... . 1.3 1949: New 2.2 Existing. . . : 1.0 |$10,500 $11,200 $26.9 1.4 0.7 I 10,500 11,600 25.5 1 . 5. 0.6 | 10,800 11,800 20.1 1.1 0.7 1-7 } 8,500 9,300 22:. 3 0.8 1.4 0.6 1.0 } 8,500 9,400 20.7 | 7,000! 11.3 5,900 ^Purchases in each year were ascertained from interviews "early in 2 following year. the Data based on relatively small number of cases and should be used with caution. 868 FEDERAL RESERVE BULLETIN THE BALANCE SHEET OF AGRICULTURE, 1955 1 The major factual portion of the eleventh in a series of annual reports on the financial condition of agriculture, issued by the United States Department of Agriculture, is given below.2 The full report will be published as an Agriculture Information Bulletin of the Department of Agriculture, The study was prepared under the direction of Norman /. Wall, Head of the Agricultural Finance Section, Production Economics Research Branch, Agriculture Research Service, by F. L. Garloc\, L. A. Jones, R. W. Bierman, M. M. Taylor, and W. H. Scofield. Data relating to the inventories of particular items were prepared under the direction of the following persons: Livestock—A. V. Nordquist; crops—C, E. Burhjiead, /. /. Morgan, George D. Harrell; machinery—E. W. Grove, Margaret F. Cannon; household equipment—Jean L. Pennoc\. Data relating to farm income and expenditures were compiled under the direction of E. W. Grove. THE 1954 BALANCE SHEET IN GENERAL Increases occurred during 1954 in the value of farm real estate, stored crops, farm household furnishings and equipment, and financial assets owned by farmers. These increases were partly offset by decreases in the value of livestock, machinery, and motor vehicles on farms. Lower prices of some types of livestock, and lower numbers of other types, reduced the value of the livestock inventory. Depreciation in excess of purchases lowered the value of machinery and motor vehicles on farms. Farm debts for production purposes rose in 1954, after declining in 1953. Price-support loans increased somewhat. Farm-mortgage debt increased 1 The Balance Sheet views agriculture as though it were one large enterprise. It is an aggregate of individual series of farm assets and the claims to those assets. In effect, it is comparable to a consolidated balance sheet of all farms, but it is not restricted to the assets and debts of farm operators. It includes, in addition, the farm assets owned, and the iarm-mortgage debt owed, by nonoperators. The Balance Sheet, formulated by the then Bureau of Agricultural Economics for each year from 1940 to 1944, was first issued in processed form in September 1944, in a publication entitled The Impact of the War on the Financial Structure of Agriculture. In August 1945, a printed report of this study under the same title was issued as Miscellaneous Publication 567 of the U. S. Department of Agriculture. In that report the nature and significance of the financial structure of agriculture were analyzed, and the meaning, AUGUST 1955 THE BALANCE SHEET OF AGRICULTURE ASSETS ^Financial E S Other physical S! IFarm real estate \ 1940 1945 1950 CLASMS $BIL." E3Owners' equities t - H ^ e a l estate debt 1940 DATA A*E AS Of JANUARY t EACH 1945 1950 1955 YEA* use, and limitations of the Balance Sheet and its individual items were considered. Many of the considerations in that publication are still pertinent. They may be referred to with profit by those who examine the Balance Sheet of Agriculture for the first time. In a country as vast and diversified as ours, financial changes are never entirely uniform, either for geographic areas or for individuals. Thus, even when the Balance Sheet accurately reflects the aggregate, it does not reveal the differences that are found in different States and regions and among individual farmers. 2 For earlier reports in this series, see the Federal Reserve BULLETIN for September 1946, pp. 9-74-94; November 1947, pp. 1357-72; September 1948, pp. 1067-82; September 1949, pp. 1053-63; September 1950, pp. 1118-31; September 1951, pp. 1090-1103; July 1952, pp. 758-71; August 1953, pp. 822-34; and August 1954, pp. 821-33. 869 THE BALANCE SHEET OF AGRICULTURE, 195 5 for the ninth successive year. Total farm debt rose from 17.1 billion dollars on January 1, 1954 to 18.0 billion on January 1, 1955. As the increase in debt was less than the increase in value of farm assets, proprietors' equities in farm properties rose slightly during the year. TABLE 1 COMPARATIVE BALANCE SHEET STATES, JANUARY 1, OF AGRICULTURE, SELECTED YEARS, UNITED 1940-55 [In billions of dollars] 1940 1953 1954 1955 Net increase or decrease (-)1 1940- 195455 55 ASSETS Physical assets: Real estate 33.6 92.7 2 89.1 91.3 57.7 2.2 Non-real-estate: Livestock 5.1 14.8 11.9 11.4 6.2 - 0 . 5 Machinery and motor vehicles 3.2 2 18.1 2 18.2 17.7 14.6 -0.5 Crops stored on and off farms 3 2.7 9.0 2 9.2 9.6 6.9 0.4 Household furnishings 4 and equipment 4.3 10.0 10.6 11.1 6.8 0.5 Financial assets: Deposits and currency 2 . . 3.8 13.8 13.8 13.6 9.8 -0.2 United States savings bonds .3 5.0 2 5.2 5.4 5.1 0.2 Investments in cooperatives .8 2.7 2.9 3.0 2.2 0.2 Total 2 , 5 53.8 166.1 160.9 163.1 109.3 2,3 CLAIMS Liabilities: Real estate debt Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation Loans held or guaranteed by Commodity Credit Corporation 6 To others 7 Total liabilities5 6.6 7.2 7.7 8.2 1.6 0.5 1.5 4.2 3.8 4.0 2.5 0.2 1.2 2.4 2.5 3.4 3.2 3.3 .. 10.0 16.0 17.1 18.0 2.1 1.8 0.1 0.1 8.0 1.0 .4 1.5 Proprietors' equities 2 , 5 43.8 150.1 143.8 145.1 101.4 1.3 Total 2 , 5 53.8 166.1 160.9 163.1 109.3 2.3 1 Computed 2 Revised. 3 from unrounded data. Includes all crops held on farms for whatever purpose and crops held off farms as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1955 totaled 1,934 million dollars. 4 Estimated valuation for 1940, plus purchases minus depreciation since then. 6 Totals in first four columns from rounded data. 'Although these are nonrecourse loans, they are included as liabilities because borrowers must either pay them in cash or deliver the commodities on which they were based. The values of the underlying commodities are included among the assets; hence the loans must be included as liabilities to avoid overstating the amount of proprietors' equities. 'Includes individuals, merchants, dealers, and others. Estimates based on fragmentary data. 870 ASSETS Farm assets in the United States were valued at 163.1 billion dollars on January 1, 1955 (Table 1). The record first-of-year value of such assets was 170.0 billion dollars on January 1, 1952, following the rise in agricultural prices that resulted from the Korean outbreak. With the later decline in prices, it dropped to 160.9 billion on January 1, 1954. The value at the beginning of 1955 reflects an increase during 1954 of about 1.4 per cent. The greatest dollar increase in farm assets—about 2.2 billion dollars—occurred in farm real estate. The value of crop inventories increased about 0.4 billion dollars in 1954 because of increased quantities in storage, and farmers added about 0.5 billion to the value of their household furnishings and equipment. The financial assets owned by farmers increased about 0.1 billion. Partly offsetting these increases were decreases in the value of livestock and of machinery and motor vehicles on farms. Each of these assets dropped in value about 0.5 billion dollars during 1954. All major classes of machinery and motor vehicles declined in value during 1954 because purchases were not sufficient to offset depreciation. The physical assets of agriculture, as measured by valuations in 1940 prices, changed little during 1954. Continued additions to farm structures added slightly to the physical farm plant and the physical quantities of both stored crops and household furnishings and equipment also rose somewhat. But these small increases were almost fully offset by deterioration of farm machinery and motor vehicles. Although the livestock inventory changed considerably, in aggregate it was at about the same level on January 1, 1955 as a year earlier (Table 2). There were conflicting movements also among the financial assets owned by farmers. Farmerowned currency and demand deposits—the current working funds of farmers—declined. But farmers increased their holdings of savings bonds and the amount of their time deposits and investments in cooperatives. More than half of the increase in redemption value of United States savings bonds owned by farmers resulted from accrual of interest. The purchasing power of the liquid financial reserves of farmers (currency, bank deposits, and4 United States savings bonds) decreased about 1 per cent in 1954. Prices paid by farmers were slightly higher on January 1, 1955 than a year FEDERAL RESERVE BULLETIN: THE BALANCE SHEET OF AGRICULTURE, 195 5 TABLE 2 PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 PRICES at a low level, and the supply of farm credit appears to have been adequate in most areas. UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-55 AGRICULTURAL INCOME [In billions of dollars] 8.3 5.1 - 0 . 3 27 3 1 3 4 35 0 9 4.3 6.2 36.3 6.5 2.2 0.2 The decline in farm income which began in 1952 continued in 1954. Total gross farm income in 1954, including an increase in commodity inventories, was 34.2 billion dollars, 1 per cent lower than in 1953 (Table 3). This decline was much smaller than the 8 per cent between 1952 and 1953. Cash receipts from marketings, home consumption of farm products, and the rental value of dwellings each showed decreases between 1953 and 1954. Government payments increased and the value of crop and livestock inventories also rose. 48.9 360.0 360.7 60.9 12.0 0.1 TABLE 3 Net increase or decrease ASSETS 1940 1953 1954 1955 1940- 195455 55 Real estate 2 . Livestock. Machinery and motor vehicles Crops stored on and off farms Household furnishings and equipment 6 Totals 33.6 3 36.9 337.2 37 4 5 1 5 2 35 2 5 2 3.2 38.6 38.6 3.7 0.2 0 1 (4) 0 1 1 2 Computed from unrounded data. This new series is based on data for Census years developed by Alvin S. Tostlebe in cooperation with the National Bureau of Economic Research. It takes into account changes in the area in farms, acreage of improved land, and number and condition of farm structures. (See Agricultural Finance Review, November 1952.) Data for intercensal years, and for 1953-55, are extensions from Census benchmarks based on net investment in farm structures (gross investment minus depreciation). All data adjusted to a 1940 price base. s Revised. 4 Less than 50 million dollars. ^Purchases since 1940 are deflated by an index of prices paid by farmers for housefurnishings. 6 Totals in first four columns from rounded data. earlier but there was no change in the liquid financial assets owned by farmers. DEBTS Farm debt, including price-support loans, totaled 18.0 billion dollars at the beginning of 1955, nearly 6 per cent more than a year earlier. Farm-mortgage debt increased in 1954 for the ninth successive year, with the greatest increases in the Mountain, Southeast, and Delta States. Non-real-estate farm debt, excluding price-support loans of the Commodity Credit Corporation, also increased in 1954. It rose in 43 States and the largest increases were in the Corn Belt. Price-support loans made or guaranteed by the Commodity Credit Corporation declined somewhat from 1953 but the amount of such loans owed by individual farmers rose. The increase in farm debt during 1954 was related to a complex of factors. It included some liberalization in loan limits of mortgage-credit institutions, a larger number of farm transfers, more cattle on feed, the cost-price squeeze, drought, and a more stable price situation. Foreclosures of both mortgage loans and non-real-estate loans have been AUGUST 1955 COMPARATIVE INCOME STATEMENT FOR AGRICULTURE UNITED STATES, SELECTED YEARS, 1940-54 x [In millions of dollars] Item 1940 1953 1954 HOW NET INCOME WAS OBTAINED Total gross farm income: Cash receipts from farm marketings 8,332 31,413 29,954 213 257 Government payments to farmers 724 Home consumption of farm p r o d u c t s . . . . 1,239 2,053 1,895 Rental value of farm dwellings 625 1,751 1,741 2 Net change in inventory 270 - 7 9 6 318 Total Production costs, other than wages, rent, and interest on mortgages: Feed bought Livestock bought, except horses and mules . Fertilizer and lime bought Vehicle operation Depreciation and maintenance Taxes on farm real estate and personal property Seed bought Miscellaneous Total. Net income from agriculture 11,190 34,634 34,165 998 3,724 3,800 530 261 584 1,085 1,430 1,194 2,312 5,032 1,483 1,175 2,225 4,951 446 1,087 1,123 565 197 621 766 2,204 2,090 4,867 17,604 17,412 6,323 17,030 16,753 HOW NET INCOME WAS DISTRIBUTED Wages to hired labor (cash and perquisites) . 1,031 3,052 2,985 Net rent and Government payments to 431 1,152 1,086 landlords not living on farms 3 380 347 293 Interest to holders of farm mortgages 4,568 12,479 12,302 Net income of farm operators. Net income from agriculture 6,323 17,030 16,753 REALIZED NET INCOME OF FARM OPERATORS Net income of farm operators 4,568 12,479 12,302 270 -796 318 Net change in inventory Realized net income of farm operators..;.. 4,298 13,275 11,984 1 Income estimates in this table are as of Mar. 4, 1955. Revised estimates for 1953 and 1954 will be found in The Farm Income Situation for October 1955. 2 Market value, in terms of prices at end of year, of increase or decrease in physical quantities of crops and livestock. 3 After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. 871 THE BALANCE SHEET OF AGRICULTURE, 1955 The cause of the 4.6 per cent decline in cash receipts from marketings—the main income item —was a 3 per cent decline in prices and a 1 per cent decline in the volume of marketings. The crop situation, however, differed from the livestock situation. Marketings of crops—particularly cotton and wheat—declined between 1953 and 1954. Marketings of livestock and livestock products increased. Prices received for crops increased about 1 per cent. Prices of livestock and livestock products declined about 5 per cent. The net result of these changes was a 3 per cent decline in receipts from livestock and a 6 per cent decline in receipts from crops. Although production expenses other than wages, rent, and interest on mortgages were about 200 million dollars lower in 1954 than in 1953, the reduction was not large enough to offset the decline in income. As a result the net income received by farm operators was 12.3 billion dollars, less than 200 million below their income in 1953. However, only about 12 billion dollars was actually realized by operators in 1954 because 318 million of their gross income represented an increase in crop and livestock inventories. This is in contrast to the situation in 1953 when operators reduced their inventories by nearly 800 million dollars. Because of the decline in net income and a small rise in the prices paid by farmers for goods and services, the purchasing power of farm income declined between 1953 and 1954—about 3 per cent for total net income and nearly 11 per cent for realized net income. Purchasing power of realized income was only 62 per cent of the peak postwar levels in 1946 and 1947. However, because of the shrinking number of farm people, the purchasing power of farm income per capita decreased much less. Further, income of farmers from nonfarm sources is substantial. In 1954 it amounted to 5.7 billion dollars. THE 1955 BALANCE SHEET IN DETAIL The foregoing pages have provided a summary analysis of the Balance Sheet in general terms, and an account of the income position of agriculture. In this section each item of the 1955 Balance Sheet is treated in detail. ASSETS 3 Farm real estate. The market value of farm real estate (land and buildings) increased 2.2 billion dollars during the year ending March 1, 1955. At 91.3 billion dollars, it was 2 per cent above the revised estimate for a year earlier and only 2.4 billion below the record peak in March 1952. On a per acre basis, land and buildings had a value of $78.81, and buildings alone of $20.45. The slight rise in the national inventory value of farm real estate during the year ending March 1955 was the result of mixed trends in the various regions, as is shown on the map. Largest gains in per acre values were centered in the Corn Belt where little or no decline has occurred since the post-Korean peak in 1952. Only three areas of lower values stand out—the Northeast, the Southeast, and the Mountain region. Lower income from dairy and poultry was apparently responsible for the slight dip in the Northeast. Drought and the reduced acreage of cotton were factors in the Southeast. 872 The firmness in prices and the steady demand for farm land noted during the last half of 1954 and continuing into early 1955 reflect generally favorable long-term expectations for agriculture. Livestock on farms. The total value of livestock and poultry on farms on January 1, 1955 was 11.4 billion dollars, 4 per cent less than a year earlier CHANGES IN DOLLAR VALUE OF FARM LAND* Percentages, March 1954 to March 1955 3 Changes in the aggregate value of farm real estate shown in the Balance Sheet for the years since 1950 reflect only changes in market value per acre. Acreage of land in farms is interpolated for intercens&l years before 1950, but the 1950 Census acreage is used for 1951 and later years. FEDERAL RESERVE BULLETIN THE BALANCE SHEET OF AGRICULTURE, 195 5 and 42 per cent below the record 1952 value. Lower values per head lor cattle, hogs, chickens, and turkeys, and reduced numbers of milk cows, horses, mules, and sheep were factors in the decline (Table 4). TABLE LIVESTOCK 4 ON FARMS: NUMBER, VALUE PER HEAD, AND TOTAL VALUE BY CLASSES, UNITED STATES JANUARY 1, 1954 AND 1955 1955 1954! Class Num- • Value Total per ber : head value Number Value per head Total value This compares with 7.4 per cent in 1954 and 9.4 per cent in 1950. Machinery ae<l motor vehicles on farms. On January 1, 1955 the value of farm machinery and motor vehicles on farms totaled 17.7 billion dollars (Table 5). This was a decline of about 3 per cent from a year earlier but 26 per cent above 1950. Valued in 1940 prices, machinery and motor vehicles on farms totaled 83 billion dollars at the beginning of 1955 compared with 8.6 billion on that date a year earlier and 7.6 biltkm in 1950. TABLE FARM MACHINERY AND MOTOR VEHICLES: VALUE BY CLASSES UNITED STATES, JANUARY t, (Millions) Cattle. Milk cows 2 ... Hogs Horses Mules All sheeps Stock sheep 4 .. Chickens Turkeys {Dol- {Million (Dol- {Million (Millars) i dollars) lions) ; lars) • dollars) 95 92.40i 25 146.00 49 36.70 3 48.90 2 , 61.10 31 13.98 27 13.90 443 1.43 5 6.31 Total...... 8,756 3,606 1,781 166 98 436 376 634 34 95 24 55 3 1 31 27 447 5 11.905 1 88.80 133.00 30.60 53.00 62.30 14.97 14.90 1.05 5.34 8,479 3,253 1,684 165 90 463 402 471 29 11,381 ' 1 Revised. 2 Subclass; included in cattle. 3 Includes sheep and lambs on 4 feed for market. Subclass; included in all sheep. At 1940 prices, the total value of livestock and poultry on January 1, 1955 was 5.2 billion dollars, about the same as in 1953 and only 1 per cent above the 1954 total. Cattle numbers totaled 95 million head on January 1, 1955- They have been increasing since 1949 when 77 million head were on farms. The increase during 1954 of 646,000 head was the smallest of the last six years. Increases in the number of beef cattle were responsible for the 1954 rise in cattle numbers, as the number of dairy cattle declined slightly. Hog prices in 1954 averaged about the same as in 1953. The number of hogs on farms on January 1 increased from 49 million head in 1954 to 55 million head in 1955. Total value of chickens on farms (excluding broilers) was lower at the beginning of 1955 than a year earlier. A drop in value in 1954 from $1.43 to $1.05 per head more than offset a small increase in numbers on farms. At 11.4 billion dollars, the total value of livestock and poultry on farms on January 1, 1955 was about 7.0 per cent of the total assets of agriculture. AUGUST 1955 5 SELECTED YEARS, 1946-55 [In millions of dollars] Year Total* : 1940 2 3,176 : 1946 . . 2 6,302 1953 1954 19553 2 18,G73 18,235 . 17,747 : Tractors mobiles 2 958 1,069 2 301 1,358 2 501 3,770 3,806 3,611 Other Motor : farm matrucks chinery 941 650 3,562 2,948 3,121 3,040 1,705 1,694 1,649 2 9,585 9,554 9,391 1 Also includes harness and saddlery. ^Revised. 3 Preliminary. Numbers of farm machinery and motor vehicles in the major classes continued upward in 1954. On January 1, 1955 the numbers of tractors, motortrucks, and grain combines on farms were at record highs. The number of motor trucks on farms was 4 per cent above a year earlier compared with 3 per cent for tractors and cornpickers. The numbers of automobiles and grain combines on farms at the beginning of 1955 were about 1 per cent above January 1, 1954. Purchases of farm machinery and motor vehicles in 1954 were about 600 million dollars less than the amount needed to offset depreciation allowances. This may be attributed to the continued decline in farm income which resulted largely from drought, lower prices for farm products, and acreage controls. Prices paid for farm machinery and motor vehicles in 1954 were near the level of a year earlier. Crops. Mainly because of acreage restrictions for several important crops and severe drought in some parts of the country, the quantity of crops produced in 1954 was about 3 per cent less than in 1952 and 1953. However, the 1954 production 873 THE BALANCE SHEET OF AGRICULTURE, 195 5 still was the fifth largest of record. For the major crops, harvested acreage was the smallest since 1953, except in 1951. But yields per acre in 1954 were high for most crops and, in the aggregate, they almost equaled the record set in 1948. The total value of crops stored on farms and those owned by farmers stored off farms under Commodity Credit Corporation loans was 9.6 billion dollars on January 1, 1955 compared with 9.2 billion a year earlier. The value of crops stored on farms, including crops sealed under loan to the Commodity Credit Corporation, was 7.6 billion dollars, the same as a year earlier. The value in constant 1940 prices did not change, indicating little change, on the whole, in either quantity or prices. The value of crops owned by farmers in offfarm storage and pledged as security for pricesupport loans was 1.9 billion dollars. This is a record January high for the period since 1940 when estimates first became available. The value was 24 per cent higher and the physical quantity 20 per cent higher than a year earlier. Although these crops technically are assets owned by farmers, a large volume of them will not be redeemed through repayment of the loans. Nearly 60 per cent of the value of these crops in off-farm storage is accounted for by cotton. Liquid financial assets. In 1954, for the first time since 1949, farmers did not increase their liquid financial assets (Table 6). Increases in the redemption value of their United States savings bonds and in their time deposits at banks were offset by decreases in their currency holdings and demand deposits. The amount of liquid financial reserves that farmers held on January 1, 1955 is estimated to have been 19.0 billion dollars, the same as a year earlier.4 Deposits and currency. Farmer-owned demand TABLE 6 LIQUID FINANCIAL ASSETS OWNED BY FARMERS JANUARY 1, SELECTED YEARS, 1940-55 [In billions of dollars] Total1 Year 4.1 1940 1945 0.9 3.2 3.1 2.9 3.1 3.0 2.9 2.8 13.9 17.9 18.0 18.6 18.8 19.0 19.0 1950 1951 1952 1953 1954 1955 Currency1 Deposits 2 Demand Time 1.5 5.0 6.8 7.0 7.3 7.3 7.2 7.0 2.3 3.2 3.2 3.3 3.5 3.7 3.8 1.4 U. S. savings bonds3 0.3 3.4 4.8 4.9 4.9 5.0 i5.2 5.4 1 2 Revised. Federal Reserve estimates, adjusted to a January 1 basis, are used for 1944-53. Data for later years are based on Federal Reserve estimates for 1953, with adjustments for year-to-year change indicated by revised Federal Reserve estimates for 1954 and 1955. See text note 4 on this page. 3 Redemption value. deposits, as estimated by the Board of Governors of the Federal Reserve System, dropped about 2.3 per cent during the year ended January 31, 1955. Federal Reserve estimates, which may not measure changes by districts accurately, suggest that declines in farmer-owned demand deposits may have been greatest in the Philadelphia, Atlanta, and Chicago Districts. Substantial increases in such deposits are indicated for the New York and San Francisco Districts. Farmer-owned time deposits are estimated to have increased about 3 per cent during 1954. This is less than the percentage increase in time deposits in urban centers or even in selected agricultural counties (Table 7). TABLE 7 PERCENTAGE CHANGE IN DEMAND AND TIME DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, 1954 BY CLASS OF COUNTY X [Increase or decrease (—)] 4 This estimate may be as much as 2.5 billion dollars too high. During the last two years, the Board of Governors of the Federal Reserve System has been revising the procedures used in preparing its series on "Ownership of Demand Deposits." The revision is not yet complete but current estimates indicate that farmer-owned demand deposits in 1954 and 1955 may be as much as 2.0 billion dollars below the estimates that would have been obtained under the procedure used earlier. If this turns out to be true, the estimates of time deposits shown in Table 6 will also be too high. Both series are being held at the levels indicated by earlier estimating procedures until the Federal Reserve completes its revision. 874 Demand deposits Class of county All counties Counties that contain: Major trade and financial centers Secondary trade and financial centers Small trading centers Selected agricultural counties.... 3.5 Demand Time deposits and time deposits 6.7 4.5 4.4 9.7 5.7 4.6 1.0 -0.7 4.3 5.1 6.1 4.5 2.4 1.5 1 Prepared from county data for insured commercial banks supplied by Federal Deposit Insurance Corporation. FEDERAL RESERVE BULLETIN THE BALANCE SHEET OF AGRICULTURE, 195 5 Farmer-owned currency is estimated to have decreased 0.1 billion dollars between January 1, 1954 and the beginning of 1955. United States savings bonds. The redemption value of United States savings bonds owned by farmers increased about 0.2 billion dollars during 1954, bringing the total to about 5.4 billion on January 1, 1955. More than half of the increase resulted from accrual of interest on Series A-E bonds. The rest came from purchases in excess of redemption of bonds. A development in 1954 was the large increase in farmers' holdings of Series H bonds. Net purchases of these bonds by farmers totaled more than 129 million dollars in 1954. This compares with net purchases of about 3 million dollars in Series E bonds and redemptions of 53 million in Series F-G bonds. Net worth of farmers' cooperatives. On January 1, 1955, after more than one and one-half decades of continuous growth, the net worth of farmers' cooperative associations reached 3 billion dollars. Marketing associations accounted for more than a third of this amount; purchasing and credit cooperatives each accounted for nearly a fifth. Irrigation, electrification, and fire insurance associations together accounted for most of the remainder. Rural electrification associations had the largest percentage increase in net worth during 1954. BIL. FARM MORTGAGE DEBT HELD BY MAJOR LENDERS DOLLARS j I Joint-slock land banks Farmers Home Ad 12|- EU Fed. Farm Morfc. Corp.-E3 Fed. land banks _^_ ilffl Life ins. cos. ES2 Banks* 9 1920 1910 1930 1940 1950 1926. The average size of mortgage recorded in 1954 was $5,970, compared with $5,910 in 1953. Voluntary farm sales for the year ending March 1, 1955 were about 7 per cent above a year earlier. The percentage of such sales that was financed with credit rose from 71 per cent in the year ending March 1, 1954 to 74 per cent a year later. An increase in the percentage of credit-financed sales was reported in all regions, except the Mountain States where an increase in mortgage-financed sales was more than offset by a decline in sales contracts. All classes of active lenders increased their farmmortgage holdings in 1954 (Table 8). The Federal land banks and some of the major CLAIMS Farm real estate debt. The amount of farmmortgage debt outstanding continued upward in 1954 as recordings increased and the rate of principal repayments declined somewhat from a year earlier. On January 1, 1955 the farm-mortgage debt totaled nearly 8.2 billion dollars. This was about 7 per cent above a year earlier and the highest since the beginning of 1933, as shown in the chart. Principal payments in 1954 on farm-mortgage loans held by 78 life insurance companies averaged 12.0 per cent of the total amount owed to these companies at the beginning of the year compared with 12.4 per cent in 1953. Advance payments on principal on Federal land bank loans in 1953 amounted to 6.5 per cent of the amount outstanding on January 1 of that year, compared with 6.3 per cent in 1954. The dollar amount of farm mortgages recorded in 1954 was 2 per cent above 1953 and the largest amount in any year since AUGUST 1955 TABLE 8 FARM-MORTGAGE D E B T OUTSTANDING, BY LENDERS, U N I T E D STATES, JANUARY 1, SELECTED YEARS, 1940-55 Amount outstanding (In millions of dollars) Lender Total Percentage change 1 1950- 19541940 1946 1954 1955 55 6,586 4,760 7 656 8,176 47 40 Federal land banks 2 2,010 1,079 1,169 1,267 Federal 3 Farm Mortgage 18 13 - 7 8 713 239 Corp. 4 44 32 182 268 271 Farmers Home Adm. 75 Life insurance companies 2 . . 984 891 1,893 2,052 Insured commercial banks. . 534 507 1,060 1,136 29 Individuals and misc. 5 45 2,313 1,862 3,248 3,437 -27 1 1 2 Computed from unrounded figures. Also include purchase-money mortgages and sales contracts. 3Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. 4 For 1940 tenant-purchase loans only. 1945-55 includes tenantpurchase, farm-enlargement, farm-development, and projectliquidation loans, and, beginning 1951, farm-housing loans. Data also include similar loans from State Corporation trust funds. 5 Estimates of farm-mortgage debt held by individual and miscellaneous lenders for 1954 and 1955 should be regarded only as general indicators of trend. 875 THE BALANCE SHEET OF A^RICtTLTU^E, 1951 life insurance companies liberalized their lending policies somewhat in 1954. Several major life insurance companies reduced interest rates in the spring of 1954 and increased appraisals or upper loan limits. The appraisal policy of the Federal land banks was modified late in 1954, too late to affect the 1954 loan volume to any extent. This liberalized appraisal policy is expected to affect significantly the volume of such loans in 1955. In the first quarter of 1955 the dollar amount of Federal land bank loans closed was 47 per cent above the same period in 1954; the number of loans closed was up 17 per cent and the average size of loan increased 26 per cent. Although a part of this increase may be due to factors other than the increase in appraised values, it appears that loans are now being made for about 40 per cent of the current market value compared with about 30 to 35 per cent in December 1954. The dollar amount of farm mortgages acquired by 16 life insurance companies in the first quarter of 1955 was about 27 per cent above a year earlierThe number of farm mortgages acquired by these 16 companies in the first quarter of 1955 was 33 per cent above the first quarter of 1954, Increases in farm-mortgage debt in 1954 ranged from 9 to 11 per cent in the Mountain States, the Southeast, and the Delta States. The smallest increases were in the Lake States, the Great Plains, and the Corn Belt, where increases were from 4 to 5 per cent. The generally higher rate of increase in the South and West reflects the increased availability of farm-mortgage credit in these areas from such lenders as life insurance companies, Federal land banks, and commercial banks. In recent years, life insurance companies have become increasingly important in the South and West. At the beginning of 1945, nearly three-fourths of all farm-mortgage debt held by life insurance companies was in the North, compared with less than half at the beginning of 1955. At the beginning of 1954—for the first time on record—Iowa lost its place as the State in which life insurance companies held the largest amount of farm-mortgage debt. On both January 1, 1954 and 1955, life insurance companies held a larger amount of farmmortgage debt in Texas than in any other State. The rate of farm-mortgage foreclosure in 1954 was up slightly from the previous year but it was still near the record low level of recent years. Indications are that the rate of delinquencies and exten- 876 sions on farm-mortgage loans in 1954 was above that of a year earlier but it was still low. At the beginning of 1955, approximately 63 per cent of all Federal land bank loans outstanding were extended or overdue compared with 5.9 per cent a/ year earlier.5 The unpaid principal of delinquent loans held by 78 life insurance companies increased from about 4.7 million dollars on January 1, 1954 to 6.5,million at the beginning of 1955.6 However, these amounts accounted for only about 0.3 per cent of the total amount of farm-mortgage debt held by these companies at those times. The average interest rate payable on total farmmortgage debt outstanding at the beginning of 1955 was only slightly above the 4.7 per cent on January 1, 1954. Interest charges payable on total farm-mortgage debt in 1954 were 376 million dollars—about 8 per cent above 1953. Hon*teaUest&te debt* Non-real-estate farm debt, excluding price-support loans made or guaranteed by the Commodity Credit Corporation, rose about 5 per cent during 1954 after declining 9 per cent during 1953. Before 1953 non-real-estate debt had increased in each year of the postwar period. On January 1, 1955 the debt totaled 7.3 billion dollars (Table 9). At the beginning of 1946 it was 2.9 billion. TABLE 9 FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES JANUARY 1, SELECTED YEARS, 1940-55 [Iii billions of dollars] 1940 1946 1953 1954 1955 Type of debt Price-support loans made or guaranteed by Commodity Credit Corporation1 ^ Other loans by banks and Federally sponsored agencies Loans and book credits by miscellaneous lenders^ » » Total, Credit Total, ^ Credit excluding Corporation including Corporation Commodity loans Commodity loans .4 .3 1.2 2.4 2.5 1.5 1.7 4.2 3.8 4.0 1 5 1.2 3.4 3.2 3.3 3.0 2.9 7.6 7.0 7.3 3.4 3.2 8.8 9.4 9.8 1 Although these are nonrecourse loans, t hey are treated as debts. Borrowers must either pay them in cash or deliver the commodities on2which they are based. Estimate based on fragmentary data. 6 This excludes the Springfield and Houston Districts where liability for delinquent items billed to the borrowers was, with few exceptions, assumed by the national farm loan associations. 6 Delinquent loans include only those loans on which interest is overdue more than 90 days and those in process of foreclosure. FEDERAL RESERVE BULLETIN THE BALANCE SHEET OF AGRICULTURE, 195 5 in the North Central region was substantial—14 per cent. (HELD BY BANKS AND FEDERALLY SPONSORED AGENCIES) By lender groups, banks and production credit Percentage Change, 1954-55* associations each showed increases of about 6 per cent during 1954- The outstanding loans of livestock loan companies and agricultural credit corporations decreased about 8 per cent. A factor in this decline is the importance of these lenders in financing production of cotton and range cattle in the Southwest and West. Cotton acreage allotments and reduction of herds reduced credit needs. Emergency loans of the Farmers Home Administration rose 39 per cent; its production and subsistence loans increased about 8 per cent. Much of the increase for this agency stemmed from difficulties caused by the drought and low prices for The non-real-estate farm debt owed banks and cattle. The expansion of short-term, non-real-estate Federally sponsored agencies on January 1, 1955 was 4.0 billion dollars or 65 per cent higher than credit continued in early 1955, As in 1954, the a year earlier. The debt held by these institutional increases in early 1955 were largest in the Midwest. Many farmers and ranchers in the Southwest lenders rose in 43 States, as shown on the map. have been unable to repay their loans. Sufficient A variety of factors accounted for these widespread increases. To some extent they resulted from the credit to carry on operations has often been difficult need of farmers to borrow more because of heavy to obtain. Lenders have not been taking on expenses, lower prices, or drought, freezes, and many new customers and in some instances they other production difficulties. Also, in some in- have referred old borrowers to the Farmers Home stances, the inability to repay loans on maturity Administration for emergency financing. Howwas a factor in maintaining a high debt level. But ever, foreclosures and forced liquidations are relit is probable that a more stable situation for agri- atively few. Apparently, lenders are willing to cultural prices in 1954 was also a factor. Despite carry the debt if chances of paying out in the weakness of some prices, farmers appeared to be more confident than a year or two earlier. In 1953 NON-REAL-ESTATE FARM LOANS both farmers and lenders were cautious. In 1954 farmers showed more willingness to make ex1 0.2 penditures and to risk the use of credit, and ap.) ^§g§S 0 J parently lenders were more liberal in extending credit. For the institutional lenders, non-real-estate loans IB rose 15 per cent or more in Maine, Massachusetts, RL WAY A P 0.8 Jill Indiana, Illinois, Iowa, and Nebraska. On January 0.6 —jyf 1, 1955 about 5 per cent more cattle were on feed Jim ! in the latter four States than a year earlier and -Jmm i Wmi mM they were bought at substantially higher prices. liliili 0 . Non-real-estate debt decreased—or rose least—in li States experiencing recurring drought or where \m 0.6 widespread crop-production restrictions were in 0.4 effect. By regions, as shown in the chart, very little P.2 & change in 1954 occurred in the loans of the instin i m mm 1910 1920 1930 1940 1950 tutional lenders in the South and West, and the increase in the Northeast was moderate. The rise NON-REAL-ESTATE FARM LOANS HELD BY BANKS A N D FEDERALLY SPONSORED AGENCIES, BY REGIONS* 1 DOLLARS NORTHEAST I FED CIES Lj-gggSjk. A G E I ' RAL 1.4 1.0 2.6 1 SOUTH 1 NORTH CENTRAL U ^ FEDE \M 0.4 0.2 0.8 miSi WEST FEDERAL S.GENCIE \ , AUGUST 1955 M ni 877 THE BALANCE SHEET QF AGRICULTURE, 195 5 long run are reasonable. In some instances, offfarm work and money from mineral leases have been helpful. On January 1, 1955 the volume of outstanding price-support loans held or guaranteed by the Commodity Credit Corporation was a record January high of more than 2.9 billion dollars—2.5 billion in loans to individuals and 0.4 billion in loans to cooperatives. A large volume of loans made in 1953, especially loans secured by cotton, was still outstanding. Of all CCC loans outstanding at the beginning of 1955, 39 per cent were secured by cotton, 27 per cent by wheat, 12 per cent by tobacco, and 8 per cent by corn. Total farm debt. Total farm debt (excluding nonrecourse price-support loans) rose 5.9 per cent during 1954 to 15.5 billion dollars on January 1, 1955. Except for a slight decline during 1953, farm debt has risen steadily throughout the postwar period. On January 1, 1946 the debt was 7.7 billion dollars. Regional estimates of the total debt of farmers are not available. However, farm loans held by the principal institutional lenders—banks, life insurance companies, and Federally sponsored agencies 878 —are available by regions, and they may be indicative of regional changes in total farm debt. During 1954 total farm loans held by these lenders rose 7 per cent. Increases occurred in all regions. The Corn Belt showed the largest expansion—10 per cent. Increases of 9 per cent each occurred in the Southeast and Great Plains. The smallest credit expansion was in the Pacific and TexasOklahoma regions. The variation among regions was largely related to the change in short-term, non-real-estate debt which ranged from a decrease of 4 per cent in the Pacific region to an increase of 17 per cent in the Corn Belt. The rise in farm real-estate debt was more uniform. All regions showed increases that ranged from about 6 per cent in the Northeastern, Corn Belt, Great Plains, and Texas-Oklahoma regions to 12 per cent in the Southeastern and Mountain regions. For the entire postwar period from January 1, 1946 to January 1, 1955, the farm debt held by the institutional lenders rose 91 per cent. The increases in non-real-estate and real-estate debt were 140 and 64 per cent, respectively. FEDERAL RESERVE BULLETIN SUPERVISION OF BANK ADMINISTRATION OF PENSION TRUSTS1 The contact of the Board of Governors of with applicable laws and regulations, the the Federal Reserve System with pension, requirements of individual trust instruments, health and welfare plans stems primarily and sound principles of trust administration. from its supervisory and regulatory funcFederal Reserve Regulation F includes a tions. These functions are confined to na- number of provisions relating to the mantional banks and to such State banks as are agement and operation of the trust activities members of the Federal Reserve System. of national banks. It requires the separation, The Board of Governors exercises super- both as to administration and accounting, of vision over administration of pension trusts trust department activities from other activby these banks just as it does over their other ities of the bank, and emphasizes the responfiduciary activities. We do not know the sibilities of the bank's directors, its trust inextent to which pension trusts administered vestment committee, and the officers in by banks are the result of collective bar- charge of the trust department. It specifically requires that the bank conform to gaining. sound principles in the operation of its trust NATIONAL BANKS department. No national bank may exercise trust powRegulation F also requires that trust funds ers unless it has received a special permit shall "be invested promptly and in strict from the Board of Governors. At the pres- accordance with the will, deed or other inent time some 1,500 national banks engage strument creating the trust." If the trust in trust activities under such permits. The instrument gives the bank discretion with Federal Reserve Act also authorizes the respect to investment, all investments must Board to issue regulations necessary for the be approved by the directors' trust com"proper exercise" of trust powers by national mittee. When the trust instrument does banks. not expressly give the bank discretion and, Although the Board grants or denies to on the other hand, does not specify the charnational banks permission to exercise trust acter of investments, trust funds are required powers, and prescribes appropriate regula- to be placed in those investments that are tions, the actual supervision of the trust lawful for trustees under State law. activities of national banks is by the CompThe Board's regulation as to the investtroller of the Currency. He is required by ment of trust funds contains only one specific law to make periodic examinations of na- reference to pension and similar trusts. This tional banks, including their trust depart- provision is of only incidental interest, to ments. The purpose of his trust examina- your Committee. If a pension trust is exempt tions is to ascertain if the bank's trust busi- from Federal income taxes, its funds may ness is being administered in accordance be invested collectively with those of other pension trusts provided this is specifically 1 Statement by Vice Chairman C. Canby Balderston on behalf of the Board of Governors of the Federal Reserve authorized by the trust instrument. System before the Subcommittee on Welfare and Pension Regulation F further prohibits trust inFunds of the Senate Committee on Labor and Public Welvestments that involve conflicts of interest fare, July 20, 1955. AUGUST 1955 879 SUPERVISION OF BANK ADMINISTRATION OF PENSION TRUSTS or "self-dealing/' such as investment in stock or obligations of the trustee bank, its personnel or their interests, unless expressly required by the trust instrument. STATE BANKS Trust activities of all State-chartered banks are governed by State laws and regulations and are supervised by the State banking authorities. State banks that are not members of the Federal Reserve System but that are insured by the Federal Deposit Insurance Corporation are also supervised by that Corporation. The purpose of its trust examinations is akin to that of other Federal bank supervisory agencies. Those State banks that are Federal Reserve members are examined by the Federal Reserve Banks as well as by State authorities. Ordinarily each of the 1,871 State member banks is examined at least once a year, either separately by Federal Reserve examiners or jointly by them and the State examiners. These examinations cover the trust departments of the 636 banks exercising trust powers. The regulation and supervision of trust business by Federal banking authorities cover pension trusts, like all other trusts, only to the extent of ascertaining whether the bank conducts its operations in accordance with the governing trust instruments, statutes, regulations, and sound principles of trust administration. The responsibilities of bank supervisory authorities do not include any control over investment or other important discretionary actions. BANK ADMINISTRATION OF PENSION TRUSTS We are aware of the recent rapid rise in the number of employee benefit plans and in the dollar aggregate of the trusts thus created. We also realize that there has been a substantial use of trustee banks in connection with i:he administration of such trusts. To the extent that this business is in the hands of member State banks, it is concentrated in the larger centers, particularly in New York City. It is also centered in those banks that maintain large trust departments, particularly those that have developed skill and experience in the administration of such business. Of the 13,840 commercial banks in the United States (as of December 31, 1954), roughly 3,100 exercise trust powers. Of these, only about 65 are large enough to have personal trust assets (including pension and health and welfare trusts) exceeding 100 million dollars. These 65 hold the bulk of employee benefit trust business administered by banks. Thirty-eight of these 65 large trust institutions are State bank members of the Federal Reserve System. Our examinations of their trust departments indicate that they hold—subject to varying degrees of administrative responsibility—almost 6 billion dollars of pension and other employee benefit funds in some 2,800 accounts. However, because of variations in bookkeeping control practices and in the degree of the banks' discretionary responsibility, this 6 billion dollar figure does not accurately reflect the volume of pension funds over which these 38 banks have full control. Neither do the statistics now available reveal the total volume of all pension and other employee benefit trusts, that is, those administered by banks and by others. The Securities and Exchange Commission is currently making a survey of this field, but the results of this survey are not yet available. In the absence of this information, we do not know how much of the total of employee benefit trusts is in the hands of banks. Moreover, many of the instruments creating such trusts do not give to the bank trustee full and FEDERAL RESERVE BULLETIN SUPERVISION OF BANK ADMINISTRATION OF PENSION TRUSTS uncontrolled discretion as to investment de- trusts. They are sufficient in scope to detercisions. It is not uncommon for the instru- mine whether there is compliance with the ment creating a pension trust to name a controlling trust instruments and the rebank as trustee or agent, but to center all quirements of applicable laws and regulaauthority over investments in a group of tions, including those of the Internal Revindividuals. The bank acts as custodian for enue Service. The examiner's attention is the trust property and performs a variety directed particularly to those trust arrangeof ministerial duties, but it has no discretion- ments that give to the trustee bank adminary authority over the broader phases of in- istrative discretion. In such cases, he reviews vestment administration. In these situa- the administration of the trusts in the light tions, the influence of supervisory authorities of the requirements of the controlling inon investment administration is of course struments and laws, and of accepted trust principles and practice. Investments in secunegligible. rities of employer corporations are given INVESTMENT POLICIES OF TRUSTEE BANKS special scrutiny to determine (1) whether Standards generally followed in investing such investments are required or permitted pension trust funds embrace consideration by the instrument creating the trust, and of the quality of specific securities, reason- (2) whether the required disclosure of inable diversification of risk, and avoidance tention so to invest has been made to the of conflicts of interest. The application of Internal Revenue Service so that it may desuch standards, however, may be modified termine whether the trust is administered by special provisions of trust instruments for the exclusive benefit of employees. that permit or even require the trustee to The examiner takes note of observed dedepart from customary investment stand- partures from accepted principles, and of ards. These provisions may authorize or violations of applicable provisions of trust require the investment of part or all of the instruments or law. His report is made trust funds in securities of the employer cor- available, not only to the appropriate bank poration, or the making of other investments supervisory authorities, but also to the diof a character which, in the absence of spe- rectors of the bank examined. cific authority, would be improper. The In summary, the Board recognizes that few apparent departures from recognized pension and health and welfare funds are trust principles that our examiners have ob- growing rapidly in volume and in signifiserved have proved to be authorized by the cance. The very magnitude of these funds governing instruments. tends to create troublesome problems. To a considerable degree the possibilities of EXAMINATION PROCEDURE WITH RESPECT TO abuse stem from the provisions of the trust PENSION TRUST ADMINISTRATION instruments themselves. The Federal Reserve System's trust examIn our experience, the administration of inations include investigation into bank pension funds by trustee banks has been practices and policies related to pension competent and conscientious. AUGUST 1955 881 CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Meetings of the Federal Open Market Committee were held in Washington on July 12 and August 2, 1955. Changes in Board's Staff Effective August 10, 1955, the following changes were made in the staff of the Board of Governors: Mr, J. E. Horbett was appointed Associate Director of the Division of Bank Operations. Mr. Horbett has been with the Board of Governors since 1918 and has been serving as an Assistant Director of the Division of Bank Operations since 1935. Mr. Gerald M. Conkling was appointed an Assistant Director of the Division of Bank Operations. Mr. Conkling, who came with the Board of Governors in 1934, has been serving as Chief of the Member Bank Section of the Division of Bank Operations since 1949. Mr. John R. Farrell was appointed an Assistant Director of the Division of Bank Operations. Mr. Farrell, who was employed by the Board of Governors in 1927, has been serving as Chief of the Reserve Bank Budget and Expense Section of the Division of Bank Operations since 1949. Mr. Clarke L. Fauver was appointed an Assistant Secretary of the Board of Governors. Mr. Fauver joined the Board's staff in 1947 and recently has been serving as a Special Assistant to the Board of Governors. Revised Indexes of Department Store Sales and Stocks Following a review by the Federal Reserve Banks of the factors used in adjusting the monthly indexes of department store sales and stocks for seasonal variation, the seasonally adjusted indexes have been revised for a number of months in recent years. Special Easter adjustment factors for March and April were also examined and a few minor revisions were made. Other revisions in some districts made at this time result from changes in the reporting sample. The revised figures for the 13 months ending June 1955 for the United States and for each Federal Reserve district are given on page 935 of this 882 BULLETIN. Data for earlier months may be obtained upon request from the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington 25, D. C. This review is' part of a program for periodic examination of seasonal patterns in department store trade. Similar studies were made in 1951 and 1953 and the results were published in the BULLETIN for December and August, respectively, of those years. Death of Director Mr. Philip C. Williams, President, Bank of Yazoo City, Yazoo City, Mississippi, who had served as a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta since November 12, 1954, died on July 15, 1955. Admissions of State Banks to Membership in the Federal Reserve System The following State banks were admitted to membership in the Federal Reserve System during the period June 16, 1955 to July 15, 1955: Santa Cruz California County Bank of Santa Cruz Iowa Cedar Rapids. . Peoples Bank and Trust Company Fremont. Ohio . The Croghan Bank and Savings Company Tables Published Annually and Semiannually, with Latest BULLETIN Reference Semiannually Banking offices: Analysis of changes in number o f . . . On, and not on, Federal Reserve Par List, number of Issue Page Aug. 1955 944 Aug. 1955 945 Annually Earnings and expenses: Federal Reserve Banks Feb. Member banks: Calendar year May First half of year Oct. Insured commercial banks May Banks and branches, number of, by class and State Apr. Operating ratios, member banks June Banking and monetary statistics, 19S4 { ^ 1955 206-207 1955 564-572 1954 1118 1955 573 1955 430-431 1955 712-714 \99\\ 574:577 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication August 2 5] Economic activity expanded further in July as industrial production, employment, and consumer incomes and buying increased after allowance for seasonal influences. Prices of industrial commodities rose further, while some farm products declined. Business, real estate, and consumer loans continued to expand. Private interest rates showed further moderate advances and discount rates at Federal Reserve Banks were raised. INDUSTRIAL PRODUCTION The Board's seasonally adjusted industrial production index rose one point further in July to a new record of 140 per cent of the 1947-49 average and was 14 per cent above a year ago. Durable manufactures reached the previous record rate of two years ago, while nondurable manufactures and minerals had exceeded their previous records earlier this year. The rise in durable manufactures in July reflected mainly increased output of consumer durables with major goods about three-fourths above the 1947-49 average. Auto assemblies, which were limited in June by work stoppages, exceeded the previous July record in 1950 by 58,000 units. Production cutbacks in preparation for 1956 models are occurring in August. Output of household durable goods rose further in July from the high June level. Activity in industries producing agricultural machinery, motor trucks, and other types of equipment was maintained in July after seasonal adjustment. INDUSTRIAL PRODUCTION 1953 ,..,,1,»,, 1954 1955 Federal Reserve indexes. are for July. AUGUST 1955 CONSTRUCTION Activity in most lines of construction was maintained in July at close to peak rates. New contracts awarded continued to rise as increases in private and public nonresidential awards more than offset a decline in awards for private residential units. The number of private housing units started in July declined somewhat to a seasonally adjusted annual rate of about 1.2 million units. EMPLOYMENT AND PAYROLLS sted, 1947-49.100 Employment increased further in July with relatively marked gains in nonmanufacturing lines. Unemployment declined further to less than 4 per cent of the labor force. The average factory workweek was close to the postwar high for the month and hourly earnings rose to $1.88, about 4 per cent above a year ago. In addition to increasing wage rates and employment in private activities in July, Federal payrolls reflected a rise of 7.5 per cent in pay rates for Civil Service employees. NONDURABLE MANUFACTURES I With construction demands strong, production of building materials rose moderately further in July. Output of primary metals, however, was reduced by curtailed operations at copper and steel mills. The first break in the month-long strike at three major copper producers occurred August 3 when settlement was reached with one producer. Steel production averaged 85 per cent of capacity in July compared with 94 per cent in June. Work stoppages in the first few days of the month, and according to trade reports the subsequent heat wave and necessary repairs, restricted operations. Steel output in the second week of August was scheduled at 91 per cent of capacity. Activity in July in most nondurable goods industries remained at the advanced levels reached in June which averaged 4 per cent above the 1953 peak rate. Total mineral production decreased slightly in July as the effects of the work stoppages in copper mining were partly offset by a small further rise in coal output. 1952 1953 1954 DISTRIBUTION 1955 Monthly figures, latest shown Seasonally adjusted sales at department stores rose considerably in July, featured by a striking increase for appliances. Sales at most other stores also showed increased strength. With sales of new 883 NATIONAL SUMMARY OF BUSINESS CONDITIONS and used autos continuing markedly above a year ago, total retail sales were 9 per cent higher than a year ago. Stocks of new autos rose somewhat but, like used car stocks, remained below a year ago in relation to sales. COMMODITY PRICES Prices of industrial materials continued to advance from mid-July to mid-August, with sharpest rises in scrap metals and rubber. There were also advances in aluminum and nonferrous products, 'building materials, fuel oils, tires, home appliances, and machinery. Hog prices, meanwhile, dropped to the seasonal lows of last winter as hot weather reduced meat demands and marketings of livestock and products continued in large volumes. Prices of some other farm products also declined as crop prospects improved during July. A total harvest 6 per cent larger than last year was officially forecast as of August 1 with a 15 per cent increase in feed grains. Higher yield prospects for cotton and wheat indicated harvests would be reduced by only half as much as the Federal acreage curtailments. 100 million dollars in July, somewhat below the June level of about 175 million. In early August reserve positions tightened as the amount of reserves absorbed, largely through currency outflow, Treasury operations, and reduction in Reserve Bank float, exceeded the amount supplied, principally through a reduction in required reserves. SECURITY MARKETS Total loans and investments at city banks increased about three-quarter billion dollars between early July and early August. Most types of .business borrowing and real estate and consumer loans rose further. Banks made substantial purchases of Treasury bills and also acquired new tax anticipation certificates around mid-July; subsequently they sold securities. Pree reserves of member banks averaged around In early August, with the approval of the Board of Governors, the discount rate was increased from 1 % per cent to 2 % per cent at the Federal Reserve Bank of Cleveland and to 2 per cent at all other Reserve Banks. Yields on Government securities advanced sharply from rnid-July to early August, reaching the highest levels since September 195,3. The average rate on three-month Treasury bills rose to around 1% per cent, close to the new discount rate,. Around mid-July the Treasury gave holders of maturing August 1% per cent certificates the option of exchanging into 2 per cent June 1956 tax anticipation certificates .or the 2 per cent August 1956 notes, which were reopened. Of the 2.7 ^billion dollars of maturing certificates held outside the Federal Reserve System, only 150 million were redeemed for cash. Yields on corporate and State bonds rose moderately after mid-July and private short-term money rates increased further. In early August the prime commercial loan rate was raised to 354 per cent from 3 per cent. Common stock prices reached record levels late in July but declined during .early August. PRICES AND TRAD! MONEY RATES BANK CREDIT AND RESERVES Per cent, 1947-49 = 100 WHOLESALE PRICES CONSUMER PRICES COMMODITIES PRODUCTS .I.- ...I DEPARTMENT STORE TRADE 1952 ,19.53 1954 Seasonably ada^stefl, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sates, based on Department of Commerce data; -department store trade, Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: June for income and department store stocks; July for other series. 884 Figures except for Federal Reserve discount rate are monthly average market yields-. Corporate Aaa tends;, Mooiy's Investors Service; U. S. Government long-term ((excludes 3/4 per cent bonds issued May 1, 1953), U. S. Treasury Department and Federal Reserve; municipal high-grade bonds, Standard and Poor's Corporation; Treasury bills, Federal Reserve. Latest figures shown are for Aug. 6. 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... Gross national product, national income, and personal income... Changes in number of banking offices in the United States Number of banking offices on Federal Reserve par list and not on par list by Federal Reserve districts, States, Alaska and Hawaii Index to statistical tables List of tables published in BULLETIN annually or s^miannually, with references for latest data 8.87-88& 888—889 890 891-893 893-894 894 895 896 897-899 900-901 902-903 904 905 906-907 908 909 910-915 916 917-918 919-921 922-924 925-934 934 935-939 940-941 942-943 944 945 971-972 882 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity 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 table smay be obtained from earlier BULLETINS-. AUGUST 1955 885 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES 35 MONEY IN CIRCULATION 30 J*" 1IT RESERVE BANK CREDIT 25 Vf 20 "A« TREASURY CASH AND DEPOSITS 1 1 1 L NONMEMBER DEPOSITS i- FEDERAL RESERVE CRiDST U.S. GOVERNMENT SECURITIES- HELD UNDER REPURCHASE AGREEMENTS - - 2 0 DISCOUNTS AND ADVANCES 2 0 FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 Latest averages shown are for week ending July 27. See p. 887. FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Gold stock Deposits, other Member ba n k than member bank Other Treasreserve balarices reserve ury Money Treas- with F. balances, FedR. Banks curin ury eral rency circash Reoutcula- hold- Treas- For- Oth- serve ReExTotal erury acstand- tion ings eign quired2 cess 2 de- counts dedeing posits posits posits 25,642 25,802 25,764 26,134 25,901 25,829 25,691 25,673 25,277 25,154 24,925 24,933 24,690 24,699 24,759 24,939 24,908 24,687 25,338 25,465 25,699 25,360 25,43f 25,701 25,708 25,900 25,918 26,080 26,172 26,612 26,433 21,966 21,924 21,925 21,926 21,926 21,92.7 21,929 21,931 21,924 21,908 21,901 21,858 21,858 21,837 21,809 21,809 21,810 21,810 21,810 21,810 21,788 21,759 21,759 21,752 21,709 21,7O« 21,710 21,710 21,711 21,712 21,712 4,958 4,958 4,957 4,955 4,956 4,959 4,958 4,958 4,959 4,960 4,959 4,960 4,961 4,962 4,965 4,967 4,967 4,968 4,971 4,972 4,973 4,973 4,976 4,977 4,978 4,980 4,982 4,982 4,982 4,982 4,982 29,874 29,928 29,870 29,793 29,813 30,066 30,099 29,932 29,815 29,890 29,932 29,919 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 30,828 827 823 813 806 812 821 811 807 806 802 803 805 807 808 802 795 793 795 793 790 796 801 806 796 799 800 806 806 812 800 801 551 479 558 446 652 676 594 570 567 669 362 397 576 605 535 363 345 453 21,712 21,713 21,714 21,714 21,714 21,715 21,715 21,716 21,716 21,717 21,717 21,718 21,719 21,719 21,669 21,670 21,671 21,671 21,671 21,672 21,673 21,674 21,675 21,676 21,676 21,677 21,678 21,679 21,680 21,681 4,984 4,984 4,985 4,985 4,988 4,988 4,989 4,990 4,995 4,995 4,995 4,995 4,997 4,997 4,996 4,997 4,998 4,999 4,999 4,999 4,999 5,001 5,002 5,001 5,001 5,001 5,003 5,003 5,003 5,002 30,501 30,361 30,079 29,866 29,767 29,794 29,782 29,771 29,796 29,819 29,833 29,793 29,716 29,831 29,940 29,793 29,68f 29,767 29,859 29,877 29,826 29,961 30,059 30,058 30,035 30,021 30,299 30,416 30,287 30,157 804 814 818 827 834 827 824 825 827 828 817 818 826 821 812 820 813 815 811 821 818 823 835 832 818 814 449 378 275 272 431 472 399 490 575 548 356 887 16 16 14 12 26,170 25,792 25,482 24,942 25,042 25,212 24,964 24,932 24,892 24,873 24,809 25,327 25,028 24,918 25,159 25,175 25,031 24,971 24,924 24,908 24,834 25,001 25,044 24,956 25,055 24,815 25,265 25,571 25,432 25,506 1 695 654 1 725 1 720 1 76S 1 992 1 805 1 710 1 804 1 838 16 798 15 878 , 16 940 14 25,571 24,855 24,838 25,459 25,776 26,317 25,449 25,021 24,989 25,070 24,924 24,958 25,49 7 21,926 21,871 21,809 21,787 21,724 21,711 21,714 21,715 21,718 21,680 21,673 21,676 21,680 4,959 4,960 4,967 4,973 4,979 4,982 4.9S5 4,990 4,996 4,997 4,999 5,001 5,003 29,968 29,896 29,99! 30,078 30,287 30,749 30,110 29,784 29,790 29,807 29,861 '30,050 30,284 U.S. Govt. securities p eriod DisHeld counts AH Bought under and Float oth- Total Total out- repur- ader i right agree- vances ment Averages of daily figures Week ending: 1954 June 2. . . . 24,812 24,960 June 9 June 1 6 . 24,955 June 23! ! ! !25,018 June 30 25,113 25,082 July 7 July 1 4 . . . . 24,912 July 21! !'.'. ! 24,765 July 28. . ! . 24,517 24,325 Aug. 4 Aug. 11 24,040 Aug. 18 23,980 23,813 Aug. 25 Sept 1. . . . 23,938 Sept 8 24,013 Sept 1 5 . . . . 24,035 23 789 Sept 22 Sept 29! '.'.' 23^868 24,492 Oct. 6 Oct. 13 24,606 Oct. 20 24,487 Oct. 27 24,381 24,464 Nov 3 N o v 10 24,754 N o v 17 24.685 N o v 24 24,553 24,722 Dec. 1 Dec. 8 . . . . 24,891 Dec. 15 24,919 Dec. 22 24,928 Dec. 29 24,918 955 24,918 5 12 . . . . 24,532 19 24,155 26 23,683 2, . . . 23,852 9. . . . 24,016 16 23,908 23. . . 23,732 23,604 Mar 2 Mar 9 23,604 M a r 16! . . ! 23,606 M a r 23. . . 23,664 M a r 30 23,604 Apr. 6. . . . 23,643 Apr. 13. . . 23,682 Apr. 2 0 . 23,604 Apr. 27! ! \. 23,604 23,666 May 4 M a y 11 23,839 M a y 18 23,687 M a y 25..... 23,513 23,603 1 June June 8. . . . 23,683 June 15 23,588 June 22 23,554 June 2 9 ! ! ! ! 23,554 23,703 July 6 July 13 23,957 July 20 23,943 July 27 24,140 Monthly: 1954-Tulv... 24,771 Aug... 23,989 Sept... 23,941 Oct. . . 24,485 Nov... 24,661 Dec... 24,917 1955-Jan... 24,200 F e b . . . 23,838 Mar... 23,619 Apr... 23,632 May. . 23,666 June. . 23,598 July... 23,967 Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. ^Preliminary. AUGUST 1955 24,812 24,960 24,955 24,986 24,980 25,038 24,912 24 765 24,517 24,325 24,023 23,876 23,747 23,845 23,977 24,035 23,789 23,868 24,492 24,581 24,456 24,381 24,448 24,745 24,685 24,553 24,715 24,889 24,888 24,888 24,888 32 133 44 17 104 66 93 36 25 3! 16 9 7 2 31 40 30 216 170 142 194 157 71 68 73 168 175 287 229 178 185 147 189 141 191 576 598 714 977 627 179 259 284 257 355 277 275 300 498 465 442 311 377 667 599 927 721 617 669 751 44 24,874 21 24,511 27 24,128 12 23,671 23,844 8 114 23,902 81 23,827 23,732 23,604 23,604 23,604 2 60 23,604 23,604 23,604 39 78 23,604 23,604 23,604 23,613 53 137 23,702 23 23,664 23,513 23,600 3 23,683 23,588 23,554 23,554 11 23,692 14 23,943 23,943 24,035 ' " ios 372 504 445 453 524 555 387 395 490 479 483 630 745 613 662 521 544 24,761 23,930 23,928 24,472 24,654 24,888 24,182 23,787 23,604 23,604 23,617 23,596 23,925 104 210 170 254 345 407 444 473 566 585 445 465 576 10 59 13 13 7 29 18 51 15 28 49 2 42 'Revised. 1 1 1 J 1 1 1 1 1 613 670 665 920 630 675 710 833 590 653 598 723 698 544 374 317 427 612 533 558 348 456 688 685 357 439 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1,046 698 724 810 1,373 1,138 885 756 881 806 666 640 668 804 797 789 719 1,032 677 650 801 1,031 861 743 696 888 880 772 812 793 1,137 789 858 913 1,118 915 1 1 1 1 1 1 1 (3) 1 1 1 1 1 7 14 19 21 17 15 15 14 14 17 17 16 16 452 342 341 757 1,010 464 392 499 551 742 584 558 566 521 549 549 547 579 588 765 651 569 526 544 579 557 465 518 559 514 511 484 466 443 442 432 423 425 409 396 361 405 443 523 458 358 227 296 384 878 877 910 998 996 413 359 428 420 455 430 452 450 986 986 983 963 908 905 914 927 516 428 432 435 437 926 923 925 934 933 948 950 950 949 895 886 883 882 452 472 440 411 472 394 324 399 405 408 398 346 295 881 877 891 975 976 559 325 483 541 675 280 310 437 582 440 304 213 323 527 493 516 422 441 447 486 390 324 364 422 339 338 344 349 419 367 360 363 417 394 400 387 434 408 425 413 409 413 280 419 480 458 486 481 476 358 435 490 492 553 454 438 443 442 377 421 478 416 387 278 275 814 803 793 798 420 440 416 480 367 425 460 439 468 419 415 403 899 895 913 959 957 955 957 964 964 976 979 978 978 923 920 924 937 936 935 940 981 981 970 971 970 967 810 806 796 797 800 805 819 826 823 816 818 825 802 498 591 541 610 492 443 341 477 690 501 421 329 461 632 536 522 455 416 439 477 420 363 370 389 412 423 409 464 431 444 393 365 383 473 442 481 432 345 423 973 916 929 944 883 929 903 927 960 973 928 959 962 1,000 916 905 902 901 19,555 19,805 19,934 19,818 19,188 19,377 19,166 19,261 19,036 18,698 18,586 18,525 18,353 18,346 18,336 18,373 18 596 18)250 18,756 18,832 19,136 18,895 18,810 19,364 19,306 19,205 19,052 19,162 19,241 19,512 19,250 18,912 18,885 19,043 18,'958 18,349 18,419 18,404 1& 356 19,263 19,130 19,176 19,074 18,952 19,000 18,806 18,716 18,642 18 596 18,779 18,804 18,408 18,611 18,868 18,895 18,877 18,659 18,920 18,853 18,673 18,496 18,648 18,678 18,998 18,653 18,609 18,779 18,774 18,945 18,580 18,436 18,383 18,429 18,361 18,272 18,236 18,108 18,089 18,018 18,149 18,123 17,918 18,055 18,214 18,253 18,260 18,201 18,176 18,207 18,192 18,063 18,036 18,099 18,301 18,164 18,085 18,047 P18.182 P18.349 19,164 18,478 18,403 18,893 19,207 19,279 19,114 18,819 18,635 18,800 18,746 18,715 18,824 18,329 17.638 17,628 18,173 18,393 18,576 18,432 18,195 18,050 18,210 18,166 18,146 643 920 391 860 839 958 762 905 i f \ 347 689 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 IB,269 867 18,224 671 18,233 577 18,244 1,120 18,423 883 18,524 681 18,464 588 18,444 718 18,555 686 18,690 822 18,630 620 683 694 793 645 591 728 570 603 553 578 630 681 490 556 654 642 617 458 744 646 481 433 612 579 697 489 524 732 ?592 *596 S3S S40 775 720 814 703 682 624 585 590 580 569 For footnotes see following page. 887 MEMBER BA!«iK RESERVES, RE¥ERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] 'Reserve Bank credit outstanding U. S. Govt. securities Date ior period DisHeld counts under and Float Bought adTotal out- repur- vances right chase agreement Total Deposits, other than member bank reserve balances, Treasury Money Treas- with F. R. Banks curin ury Gold rency circash stock out- cula- hold- Treas- For- Other stand- tion ings ury eign , deing dedeposposits posits its Member bank reserve balances Other Federal Reserve acRecounts Total quired 2 Ex- Mldyear or year-end: 52 4 164 91 7 94 3 578 249 535 85 534 78 67 1,368 1,184 19 967 156 64 601 28 935 ,400 ,037 ,220 ,031 ,644 ,593 ,737 ,361 ,065 ,091 ,754 ,181 ,427 ,499 19 22,216 22 ,706 25,009 22 ,695 25,825 23 ,187 ,414 22 ,463 26,880 22 ,030 2,019 2,286 2,963 3,247 4,339 ,339 4,562 4,598 4,636 4,709 4,812 4,854 4,894 4,459 5,434 7,598 11,160 28 ,515 28,868 27 "~,600 27 ,741 29 ,206 30 ,433 30 125 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 24,932 24,888 184 200 132 297 398 143 672 473 779 721 657| 808 25,183 21,908 24,696 21,809 25,183 21,810 25,401 21,759 25,944 21,710 25,885'21, 713 4,960 4,966 4,972 4,977 4,982 4,985 29,892 29,929 29,985 30,074 30,500 30,509 798 811 786 806 800 796 716 511 704 729 694 563 All 461 426 397 490 501 422 496 381 441 23,885 23,605 23,612 23,612 23,662 23,607 24/090 23,882 23,605 23,604 23,604 23,662 23,554 23,982 475 485 391 560 460 128 754 600 678 659 799 643 850 864 24,960,21,714 24,76921,716 24,667; 21,719 24,988 21,671 24,780 21,674 24,60121,678 25,719*21,682 4, 989 4, 996 4,998 A," 999 5, 002 5, 002 5,003 29,789 29,817 29,8Q0 29,769 30,009 30,229 360 564 724 812 649 380 623 441 320 351 360 402 374 410 419 P30,238 837 828 819 809 828 812 P805 43.3 448 490 413 448 419 959 923 936 972 910 > 1955 May 4. . May 11... ,May 18. . "May 2 5 . . 23,782 23,758 23,612 23,513 23,664 23,702 23,612 23,513 720 365 324 543 706 642 950 682 25,225 24,779 24,902 24,753 5,000 4,999 4,999 4,999 29,782 29,842 29,826 29,789 820 819 825 824 458 383 392 415 357 434 388 420 407 307 406 414 921 920 937 937 June 1 . . June 8 . . .June 15. . J u n e 22. . J u n e 29. . 23,694 23,615 23,554 23,554 23,554 23,694 23,615 23,554 23,544 23,554 567 391 837 393 722 763 689 872 936 709 25,040 21,674 5,002 30,042 25^79 21,676 5,002 30,033 24,899 21,677 5,001 29,983 ",128 25,002 21,677 5,000 30 841 842 833 820 818 543 290 358 98 344 398 414 402 393 401 263 418 246 407 408 July 6 . . July 1 3 . . July 20.. July 2 7 . . 23,848 23,943 23,943 24,146 23,844 23,943 23,943 24,038 599 503 570 549 843 892 985 710 5,003 30 ,421 5,003 30 ,327 5,003 30 ,197 5,003 30 ,120 818 801 802 803 468 338 564 458 382 449 439 443 451 395 415 391 1929—June. 1933—June. 1939—Dec. L941—Dec. 1945—Dec. 1947—Dec. .1949—Dec. .1950—Dec. 1951—Dec. 1952—DeSt. 1953—June. Dec. 216 1,998 2,484 2,254 24,262 22,559 18,885 20,778 23,£01 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 68 1,037 53 196 663 28 598 21 151 256 586 446 569 750 565 363 455 176 493 374 2,356 346 2,292 251 11,653 291 12,450 495 15,915 563 17,899 706 16,568 714 17,681 746 20', 056 777 19,950 951 19,561 839 20,160 2,333 1,817 6,444 9,365 14,457 16,400 15,550 16,509 19,667 20,520 19,459 19,397 23 4.75 5,209 3,085 1,458 1,499 1,018 1,172 389 -570 102 763 18,702 18,316 18,676 18,722 18,985 18,876 17,763 17,572 17,724 18,251 1'8,467 18,618 939 744 952 471 518 25S 899 18,918 18,562 18,283 18,495 18,221 18,066 18,999 18,337 18,091 17,871 18,161 18,029 18,139 P18,274 581 471 412 334 192 -73 P725 19,123 18,677 18,879 18,642 18,242 18,176 18,310 18,165 881 501 569 477 935 935 981 981 980 18,544 18,483 19,087 19,029 18,595 18,040 18,027 18,149 18,271 18,168 504 456 938 758 427 970 970 969 967 18,475 18,034 18,757 18,091 18,810 P18.282 18,919 Pi 8,340 441 666 P528 End of month: 1954 July Aug Sept Oct N Dec 24,325 24,325 24,023 23,894 24,, 270] 24,270 24,381) 24,381 24,888! 24,888 129 1955 Jan Feb .Mar Apr TVlay June July 53 108 ,533 503 908 925 931 884 880 907 Wednesday T 118 56 4 "i08 21,671 21,672 21,673 21,674 24,711 21,675 25,305 21,678 25,355 21,679 25,512 21,681 24,417 21,681 5,001 30,044 ^Preliminary. includes industrial loans and acceptances, which are shown separately in subsequent tables. 2 These figures are estimated. SLess 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. MAXIMUM RATES ON TIME DEPOSITS •[Per cent per annum] MARGIN REQUIREMENTS > [Per cent of market value] 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 tihe 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. 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 Feb. 20, Jan. 4, Effec19531955tive Jan. 4, Apr. 22, Apr. 23, 1955 1955 1955 50 50 60 60 70 70 50 60 70 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 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 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. Apr. Apr. Apr. May Apr. Apr. Apr. Apr. Apr. Apr. Advances to individuals, partnerships,, or corporations other thanx member banks- secured1 by direct obligations of the U. S. (last par. Sec. 13) Other secured advances [Sec. 10(b>p Rate on July 31 In effect beginning— Apr. Apr. Apr. Apr. Apr. May Apr. Apr. Apr. Feb. Apr. Apr. 15,1955 1-5,1955 22,1955 15,1955 15,1955 2, 1955 22,1955 15,1955 15,1955 14,1955 15,1955 22,1955 Previous rate Rate on July M In effect beginning— 15,1955 15,1955 22,1955; 15,1955 15,1955 2, 1955 22,1955 15,1955 15,1955 12, 1954 15,1955 22,1955 Apr. 15, J a n . 16, Apr. 22, Aug. 17, J a n . 23, Feb. 9, Apr. 22, M a y 18, J a n . 26, Apr. 14, Apr. 15, J a n . 20, Previous rate1 1955 1953 1955 1953 l!953> 1954 1955 1953< 1*953: 1(955; 1955 1953 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. N O T E . — M a x i m u m maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of* t h e Federal Reserve Act except t h a t discounts of certain bankers' acceptances and of agricultural paper m a y have maturities not exceeding 6 months a n d 9 months, respectively, and advances secured b y 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 t h e last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, p p . 439-443 1 . F E D E R A L R E S E R V E BANK R A T E S O N I N D U S T R I A L L O A N S A N D C O M M I T M E N T ' S U N D E R S E C T I O N 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect July 3 1 . Per cent per annum] To industrial or commercial businesses On loans 1 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . . Kansas City. . . . Dallas San Francisco... On commitments To financing institutions Portion for which institution is obligated Remaining portion On commitments 3-5V2 2^-5 2V2-S 2}4-5 2M-5 3-5* 3-5 1 Including loans made in paticipation with financing 2 Rate charged borrower less commitment rate. 3 4 institutions. Rate charged borrower. Rate charged borrower but not to 6 exceed 1 per cent above the discount rate. Charge of 3^ per cent per annum is made on undisbursed portion of 6 loan. Charge of }/i per cent per annum is made on undisbursed portion of loan. Back figures.—'See Banking and Monetary Statistics, Table 118,, pp. 446-447. Net demand deposits'1 Effective; date of change- On discounts or purchases Federal Reserve Bank MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] 1917—June 21 1936—Aug. 16 1937—Mar. 1 May 1. . . . . . . . . 1938—Apr. 1 6 1 1941—J&ov. 1 1942—Aug. 20 Sept. 1'4 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. Ill Jan. 16. Jan. 25 . . Feb. 1 1953—July 1 July 9 1954—June 16 June 24 July 29 Aug. 1 In effect Aug. l ti 1.9554 . Central reserve city banks Reserveeiifiy banks 13 19% 22M 26 22% 26 24 22 20 10 15 17 20 17 20 Country banks Time deposits (all member banks) 1014 12M 14 12 14 22 24 26 24 22 21 20 16 15 21 20 20 2 6 '35' 25 19 18 23 *24" " 27 37 14 13 23^ 23 22V2 22 373, 20 13 14* W 12 112 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city banks. 4 Present legal minimum and maximum requirements on net demand deposits—central reserve cities, 13 and 26 per cent; reserve cities, 10 and 20 per per cent; country, 7 and 14 per cent, respectively; on time deposits at all member banks, 3 and 6 per cent, respectively. 1955 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Month, or week ending Wednesday All member banks Central reserve city banks New York Chicago Reserve city banks try banks 19,392 19,533 19,670 18,800 18,746 18,715 22 29 6 13 20 27 1,221 1,255 1,251 1,122 1,139 1,135 7,739 7,785 7,839 7,747 7,734 7,680 5,740 5,754 5,767 5,486 5,465 5,512 Country banks 148 124 153 74 85 61 541 560 630 513 470 496 601 422 456 612 New York Chicago 765 716 858 590 580 569 66 35 63 4 23 15 11 1 -3 697 490 524 731 P593 P597 1954—April May June 1955—April May June 4,443 4,387 4,336 4,307 4,336 4,462 1,161 1,134 1,137 1,128 1,144 1,151 7,761 7,700 7,680 7,711 7,738 7,806 5,633 5,434 5,456 5,633 5,556 5,526 June June July July July July 18,627 18,817 18,813 18,210 18,166 18,146 4,627 4,704 4,749 4,442 4,384 4,373 1,210 1,257 1,240 1,122 1,138 1,138 7,591 7,661 7,686 7,673 7,649 7,619 5,199 5,194 5,138 4,973 4,995 5,016 1954—April May June 1955—April May June 18,301 18,164 18,085 18,047 P18.182 P18.349 22 29 6 13 20 27 22 29 6 13 20 27 19 9 -16 33 c 20 -6 1 1 2 2 70 65 83 85 54 62 71 65 61 229 213 229 59 75 67 114 125 119 170 217 402 287 197 235 91 145 72 123 82 118 2 11 7 P542 Borrowings at Federal Reserve B a n k s : 2 1954—April May June 1955—April May JuneJune June July July July July 4,693 4,738 4,812 4,445 4,407 4,388 18,998 18,653 18,609 18,779 18,774 18,945 1954—April May June 1955—April May June Required reserves: 1 Re- serve city banks Excess reserves: 1 Total reserves held: June June July July July July Central reserve city banks All member banks Month, or week ending Wednesday Coun- 4,424 4,378 4,353 4,274 4,341 4,443 1,154 1,139 1,135 1,126 1,143 1,149 7,691 5,032 7,635 5,012 7,597 5,000 7,626 5,021 7,684 P5,014 7,744 *>5,013 June June July July July July 139 155 146 495 368 401 283 402 635 632 302 395 22 29 6 13 20 27 14 27 4 13 9 8 4 125 26 40 6 7 93 181 15 33 16 33 68 41 8 9 7 9 Preliminary. 1 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 BULLETIN for February 1955, pp. 210-211. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 Item All member Central reserve city banks New York Chicago In millions of dollars] Reserve city banks Country banks All member banks Central reserve city banks New York June 1955 Gross demand deposits: Total Interbank Other Net demand deposits 2 . . . Time deposits Demand balances due from domestic ban] Reserves with Federal Reserve Banks: Total Required 3 Excess Borrowings at Federal Reserve Banks Chicago Reserve city banks Country banks June 1954 112,844 12,361 100,483 98,045 40,010 23,431 4,008 19,423 21,006 3,445 6,022 1,159 4,863 5,362 1,308 44,132 5,996 38,136 37,846 16,132 39,259 1,198 38,061 33,832 19,125 108,027 12,389 95,637 93,928 38,088 23,198 4,013 19,185 20,921 3,414 5,978 1,225 4,753 5,357 1,268 41,677 6,004 35,673 35,889 15,064 37,173 1,147 36,026 31,762 18,342 6,180 47 106 1,965 4,062 6,383 46 120 2,019 4,199 18,715 18,146 569 4,388 4,373 15 1,135 1,138 -3 7,680 7,619 61 5,512 5,016 496 19,670 18,813 858 4,812 4,749 63 1,251 1,240 11 7,839 7,686 153 5,767 5,138 630 401 13 40 229 119 146 14 4 61 67 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. 890 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures Item End of month 1955 July 27 July 20 July 13 1955 July 6 June 29 July 1954 June July Assets Gold certificates Redemption fund for F . R. notes.. 20,161,103 20,161,101 20,158,104 20,156,103 20,156,100 20,161,102 20,156,101 20,367,104 833,136 833,137 836,973 834,973 837,567 852,726 834,642 837,567 Total gold certificate reserves. 20,994,239 20,998,074 20,993,077 20,990,745 20,993,667 20,994,239 20,993,668 21,219,830 F. R. notes of other Banks Other cash Discounts and advances: For member banks For nonmember banks, etc Industrial loans Acceptances: Bought outright Held under repurchase agreement. U. S. Government securities: Bought outright: Bills Certificates: Special Other Notes Bonds Total bought outright Held under repurchase agreement. 234,584 365,421 227,745 348,805 211,308 331,315 156,773 311,926 176,087 342,850 225,922 367,246 173,778 338,642 128,304 397,533 509.317 40,000 361 506,786 63,333 379 450,162 53,333 446 545,819 53,333 445 668,618 53,333 472 713,756 40,000 489 74,591 53,333 460 79,042 105,000 1,116 10,338 12,389 15,422 15,130 16,482 10,384 15,928 1,316,700 1,222,200 1,222,200 1,122,800 8,273 ,775 8,273,775 8,273,775 8,273,775 11,645 ,837 11,645,837 11,645,837 11,645,837 2,801 ,750 2,801,750 2,801,750 2,801,750 832,450 1,261,146 ,273,775 8,273, ,645,837 11,645, ,801,750 2,801, 832,450 1,603,750 ,273,775 6,599,791 ,645,837 13,029,021 ,801,750 3,092,550 24,038 ,062 23,943,562 23,943,562 23,844,162 23, ,553,812 23,982 508 23.553,812 24,325,112 108 ,000 108 000 4,000 53,500 Total U. S. Government securities. 24,146,062 23,943,562 23,943,562 23 ,848,162 23,553 ,812 24,090,508 23,607,312 24,325,112 Total loans and securities 24,706,078 24,526,449 24,462,925 24,462,889 24,292,717 24,855,137 23,751,624 24,510,270 Due from foreign banks. Uncollected cash items.. Bank premises Other assets 22 22 22 22 3,975 ,742 4,643,523 4,564,989 3,940,872 57 678 57,715 57,081 57,297 168 ,036 160,483 149,299 154,008 22 22 ,392,998 3,814, 57! 57,146 172, 139,964 22 22 ,209,677 3,308,803 53,669 57,106 127,943 141,185 50,501,800 50,962,816 50,774,941 50,069,607 50,395,451 50,487,642 49,665,702 49,746,374 Total assets. Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts.. U. S. Treasurer—general account. Foreign Other Total deposits. 25,832,939 25,889,502 25,982,059 26,018,077 25,780,417 25,945,405 25,867,600 25,567,312 18,919,057 18,809,901 18,756, 719 18,474,760 18,594,588 18,998, 457,833 344,389 622, 564,133 468,296 337,545 442,887 407,139 409, 439,074 382,4 448,817 391,091 407,944 419 414,923 451,437 395,477 18,065,674 18,701,710 715,622 380,473 532,898 374,037 503,330 448,169 20,210,868 20,228,031 19,938,558 19,776,971 19,754,060 20,450,929 19,268,353 20,453,560 Deferred availability cash items Other liabilities and accrued dividends.. 3,265,261 3,658,164 3,672,760 3,098,358 3,683,622 2,950 895 3,359,871 2,636,324 13,604 13,414 14,804 14,399 20,832 13 906 13,800 11,958 49,323,872 49,790,096 49,607,177 48,907,010 49,238,931 49,361,135 48,507,782 48,670,610 Total liabilities. Capital Accounts Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts 295,179 660,901 27,543 174,297 273,712 625,013 27,543 149,496 Total liabilities and capital a c c o u n t s . . . . . . 50,501,800 50,962,816 50,774,941 50,069,607 50,395,451 50,487,642 49,665,702 49,746,374 296,285 660,901 27,543 193,199 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 296,029 660,901 27,543 188,247 295,876 660,901 27,543 183,444 295,563 660,901 27,543 178,590 45.5 23,002 3,518 45.7 25,733 3,438 25,075 3,438 296,358 660,901 27,543 141,705 45.8 23,749 3,503 294,612 660,901 27,543 173,464 46.5 46.1 22,755 3,265 26,170 3,571 8,666 2,354 753,756 702,155 51,532 69 489 16 93 249 131 10,384 4,531 5,853 127,924 68,218 46,304 13,402 460 17 144 156 143 15,928 4,605 11,323 184,042 84,308 89,577 10,157 1,116 3 806 267 40 23,553,812 24,090,508 228,900 6,032,899 6,357,249 1,089,946 10,765,699 10,765,699 3,773,493 3,773,493 1,013,614 1,013,614 1,414,857 1,414,857 23,607,312 131,500 6,508,149 10,765,699 3,773,493 1,013,614 1,414,857 ,325,112 24 564,900 2,030,075 12,972,716 6,307,260 1,035,304 1,414,857 26,206 3,569 Maturity Distribution of Loans and U. S. Government Securities1 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—total Within 15 d a y s . . . 16 days to 90 days 91 days to 1 year 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 549,317 503,839 45,432 46 361 61 90 78 132 10,338 4,847 5,491 570,119 523,031 33,698 13,390 379 78 90 79 132 12,389 5,775 6,614 146,062 463,300 715,099 765,699 773,493 013,614 414,857 23,943,562 305,900 6,669,999 10,765,699 3,773,493 1,013,614 1,414,857 503,495 455,143 34,952 13,400 446 15 219 79 133 15,422 8,387 7,035 599 ,152 537 ,921 47 ,861 13 ,370 445 15 218 79 133 130 ,583 547 23 ,943 562 23 848,162 122,650 250,450 6,725,449 6,757,849 10,765,699 10,765,699 3,773,493 3,773,493 1,013,614 1,013,614 1,414,857 1,414,857 721,951 662,549 45,992 13,410 472 25 147 157 143 16,482 5,695 10,787 1 Acceptances and securities held under repurchase agreement are classified as maturing within IS days in accordance with maximum maturity of the agreements. AUGUST 1955 891 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1955 [In thousands of dollars] Item; Total Boston New York Philadelphia Cleveland Richmond San Francisco St. Louis Minneapolis 793,085 3,690,851 768,472 382,410 871,051 149,021 45,652 24,100 40,636 814,124 406,510 911,687 8,286 20,284 13,242 9,029 7,002 13,370 14,801 15,622 23,793 37,561 77,400 1,520 56,365 1,090 83 44,745 1,520 16,9502,007 13,900 4,120 Atlanta Chicago Kansas City Dallas Assets Gold certificates. 20,161,102 1,059y229 5,412,549 1,112,387 1,754,225 1,140,787 Redemption fund 56,552 65,398 170,363 73,063 for . R. notes. 52,164 833,137 50,909 Total gold certificate reserves. . 20,994,239 1411,393 5,582,912 1,168,939 ,1,827,288 1,206,185 843,994 3,839,872 F. R. notes of 14,42:7 16,854 10,504 16,920 49,853 35,183 225,922 15,057 other Banks... 63,297 20,788 19,008 32,958 64,111 367,246 Other c a s h . . . . . . 43,443 27,775 Discounts and advances: Secured by U. S. Govt. 82,075 41,985 61,870 104,750 103,635 713,405 19,230 90,500 securities'. . . 5,734 2,920 3,640 2,000 11,680 40,351 2,400 Other 1,720 406 489 Industrial loans.. Acceptances: Bought 10,384 outright.... 10,384 Held under repurchase agreement. . U. S. Government securities: Bought outright. ... . 23,982,508 1,324,410 6,095,035 1,459,623 2,061,129 1,412.905 1,237,929 4,183,197 Held under repurchase 108,000 agreement. . 108,000 995,226 581,168 1,042,999 Total loans and securities 24,855,137 1,346,040 6,329,849 1,566,584 2,106,754 1,476,775 1,330,1494,271,006 1,074,146 638,706 1,089,264 Due from foreign 1 1 banks 16 1 22 1 Uncollected cash 716,832 221,235 371,805 308,410 262,037 655,363 157,427 106,103 214,062 3,814,742 255,812 items 6,148 2,797 7,410 5,161 4,266 3,213 57,638 5,767 5,360 1,326 4,568 Bank premises... 31,390 7,291 9,267 7,335 172,696 9,182 42,958: 10,192 14,723 4,113 10,044 Other assets Total assets 748,1.60 2,427,896 27,722 77,557 775,882 2,505,453 961,651 2,627,236 980,608 2,645,256 1 189,891 1,680 7,935 355,765 9,942 18,266 50,487,642 2,771,027 12,779,261 3,009,755 4,379,879 3,041,911 2,532,525 8,881,506 2,084,356 1,179,030 2,245,934 1,986,420 5,596,038 Liabilities F. R. notes 25,945,405 1,586,177 5,853,741 1,793.996 2,385,055 1,877,823 1,305,364 5,068,822 1,168,585 Deposits: Member bk.— reserve accts. 18,998,673 816,135 5,558,523 873,226 1,496,804 802,003 895,943 3,016,564 682,711 U. S. Treas.— 41,485 33,902 622,789 39,767 2 82,738 35,526 101,893 60,967 32,480 gen. acct.. . . 55,300 15,010 28,835 16,985 409,988 35,945 23,700 130,303 19,750 Foreign 1,241 1,257 327,222 8,131 10,347 419,479 1,997 7,210 12,800 Other Total deposits. .. 20,450,929 Deferred availability cash items 2,950,895 Other liabilities and; accrued dividends. . . . . . 13,906 881,599 6,098,786 946,3101,600,926 867,033 949,695 3,175,014 747,337 552,561 1,036,913 715,159 2,601,209 434,714 927,389 999,410 2,495,251 57,734 9,875 4,796 62,848 15,010 1,965 34,048 18,565 1,210 39,401 40,710 41; ,303 507,119 1,007,212 1,053,233 2,616,665 233,897 506,927 186,870 290,188 236,878 225,305 476,987 123,027 89,214 156,680 163,982 260,940 912 3,468 772 1,683 599 640 2,578 515 428 563 472 1,276 Total liabilities. . 49,361,135 2,702,585 12,462,922 2,927,948 4,277,852 2,982,333 2,481,004 8,723,401 2,039,464 1,149,322 2,201,368 1,932,846 5,480,090 Capital Accounts Capital paid iin.. Surplus (Sec. 7 ) . . Surplus (Sec. 13b) Other capital accounts 296,358 660,901 27,543 15,726 40,309 3,011 89,066 188,070 7319 19,499 47,773 4,489 28,131 60,222 1,006 13,389 33,480 3,349 13,258 29,480 762 39,430 96,566 1,429 10,391 26,619 521 6,715 16,918 1,073 11,641 24,755 1,137 15,679 29,985 1,307 33,433 66,724 2,140 141,705 9,396 31,884 10,046 12,668 9,360 8,021 20,680 7,361 5,002 7,033 6,603 13,651 Tatal liabilities and capital accounts..... . 50,487,642 2,771,027 12,779^261 3,009,755 4,379,8793,041,911 :2,532r525 8,881,506 2,084,356 1,179,030 2,245,934 1,986,420 5,596,038 Reserve ratio 45.3% 45.0%. 46.7%. 42.7% 45.8% 43.9% 37.4% 46.6% 42.5% 38.4% Contingent Ear bility on acceptances purchased for foreign correspondents . 22,755 1,380 36,471 1,679 2,093 1,150 989 3,220 874 575 Industrial loan commitments.. 3,265 253 627 11 87 12 44.6% 43.9% 48.0% 874 1,081 2,369 2,275 1 After 2 After 3 deducting $16,000 participations of other Federal Reserve Banks. deducting $279,660,000 participations of other Federal Reserve Banks. After deducting $16,284,000 participations of other Federal Reserve Banks. FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures Item End of month 1954 1955 July 27 July 20 E. R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificates Eligible paper. U. S. Government securities July 13 June 29 July 6 June July July 649 26,841,812 26,760,670 26,607,218 26,844,481 26,629,031 26,566,741 11,108,000 11,108,000 11 ,108,000 11,208,000 11,108,000 11,043,000 158,660 194,521 363,335 44,602 33,882 152,570 000 17,055,000 17 ,055,000 17 ,055,000 17,055,000 17,055,000 16,945,000 Total collateral 28,458,984 28,495,389 28,315,570 28,321,660 28,357,521 28,626,335 28,207,602 28,021,882 EACH FEDERAL RESERVE BANK ON JULY 31, 1955 [In thousands of dollars] Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas City apolis Dallas San Francisco F. R. notes outstanding (issued 26,844,481 1,637,852 6,013,371 1,871,029 2,496,438 1,937,747 1,361,891 5,143,230 1,221,516 591,334 1,065,364 755,780 2,748,929 to Bank). Collateral held: Gold certificates 11,208,000 640,000 2,670,000 800,000 1 ,050,000 675,000 500,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000 61,870 103,635 77,400 56,455 363,335 19,230 Eligible paper. . 44,745 U. S. Govt. se17,055,000 1,200,000 3,600,000 1,200,000 1,500,0001,300,000 1,000,000 2,900,000j 910,000 500,000 800,000 525,000 1,620,000 curities Total collateral... 28,626,335 1,859,230 6,270,000 2,103,635 2,550,000 2,036,870 1,500,000 5,300,00011,342,400 731,455 1,124,745 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] End of year or month Number 1945 1946 1947 1948 1949 1950 1951 1952 1953 Participations Commit- of financproved Loans ments ing instibut not out- 2 outcom- standing standing tutions pleted 1 (amount) (amount) out(amount) standing 3 Amount (amount) Applications approved to date 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 July August.... September. October... . November. December.. 3,768 3,768 3,768 3,769 3,769 3,770 3,771 812,433 813,465 814,765 815,449 816,582 817,605 818,224 195 45 45 395 395 520 520 1,247 1,130 630 991 812 652 719 2,395 2,354 2,794 1,943 1,896 1,898 1,148 1,855 1,812 1,773 1,559 1,343 1,202 1,027 1955 January... February. . March April May June 3,772 3,772 3,775 3,775 3,775 3,775 1 821,407 822,063 823,195 823,359 823,754 824,441 170 170 315 270 170 170 629 542 521 675 707 460 3,152 3,227 3,519 3,389 3,410 3,571 1,504 1,498 1,564 1,576 1,586 1,577 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. AUGUST 1955 Guaranteed loans authorized to date Guaranteed loans outstanding Number Amount Total amount Portion guaranteed Additional amount available to borrowers under guarantee agreements outstanding 62 854 1,159 1,294 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 1,331 1,342 July August.... 1,350 September. 1,355 October. . . 1,357 November. 1,361 December. 1,367 2,420,326 2,443,021 2,457,689 2,477,939 2,478,939 2,481,669 2,499,634 640,636 604,750 559,859 546,930 527,074 504,708 471,947 534,695 502,902 466,089 455,618 416,713 395,388 367,694 299,465 311,191 300,676 295,805 283,510 266,798 272,903 2,501,179 2,504,169 2,511,829 2,522,864 2,530,259 2,542,819 454,209 437,185 442,268 425,394 398,867 394,343 347,008 333,717 333,269 320,557 298,354 293,507 264,549 263,248 254,840 255,248 272,484 234,634 End of year or 1950 1951 1952 1953 1954 June 1954 June LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT T O DEFENSE PRODUCTION ACT OF 1950 [Amounts in thousands of dollars] 1955 January February.. March.... April May June 1,370 1,375 1,380 1,384 1,388 1,390 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. 893 POSTAL SAVINGS SYSTEM FEES AND RATES ESTABLISHED UNDER REGULATION V ON LOANS GUARANTEED PURSUANT TO DEFENSE PRODUCTION ACT OF 1950 [In effect July 31] Fees Payable to Guaranteeing Agency by Financing Institution on Guaranteed Portion of Loan Guarantee fee (percentage of interest payable by borrower) Percentage of loan guaranteed 70 or less 75 . 80 85 90 95 Over 95 . . . . Percentage of any commitment fee charged borrower 10 15 20 25 30 35 40-50 10 15 20 25 30 35 40-50 Maximum Rates Financing Institution May Charge Borrower [Per cent per annum] [In millions of dollars] Assets Depositors' balances J Total 1945—December 1946—December. 1947—December. 1948—December. 1949—December. 1950—December. 1951—December. 1952—December. 1953—December. 2,933 3,284 3,417 3,330 3,188 2,924 2,705 2,547 2,359 1954—March April May........ 2,309 2,290 2,271 2,251 2,230 2,208 2,189 2,171 2,154 2,136 End of month June July . . . . August September. . . October November.... December.... Interest rate •. Commitment rate. 1955—January February.... March April Cash in depository banks U. S. Government securities 3,022 3,387 3,525 3,449 3,312 3,045 2,835 2,736 2,558 6 6 6 7 7 11 28 33 31 2,837 3,182 3,308 3,244 3,118 2,868 2,644 2,551 2,389 179 200 212 198 187 166 162 151 138 2,470 2,434 2,416 2 399 2,379 2,360 2,339 2,304 2,287 2,292 31 31 31 31 31 31 31 31 31 31 2,299 2,278 2,256 2,240 2,220 2,196 2,176 2,156 2,134 2,134 140 125 130 128 129 133 133 118 123 127 Cash funds P2,115 P2,094 P2,O73 J»2,051 P2,029 P2,OO7 June ^Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working fuiids 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 adjusted3 Total, all reporting centers New York City 6 other centers1 337 other reporting centers2 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 3491904 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—May June July August September October. . . November, December. 149,812 163,501 154,848 151,504 149,898 152,322 156,843 186,317 59,535 64,965 61,155 58,316 56,744 58,792 58,787 73,817 31,159 33,785 31,556 31,526 30,922 30,706 32,230 38,217 59,118 64,751 62,137 61,662 62,232 62,823 65,826 74,282 41.9 44.2 41.6 40.0 40.4 39.3 42.2 48.1 25.5 26.8 24.9 24.8 25.3 23.6 26.3 28.1 18.8 19 7 18.8 18.5 19.4 18.6 20.7 21.0 43.0 40.9 42.7 46.2 39.4 40.5 42.6 42.6 25.9 26.3 25.4 27.1 25.6 24.3 25.9 26.9 19.2 19.7 19.1 19.7 19.1 18.6 19.6 19.9 1955—January... February.. March April May June July 163,388 149,738 178,917 158,289 167,710 177,908 161,741 62,642 57,091 67,242 57,634 62,211 67,634 58,904 33,531 31,595 39,908 34,494 36,570 37,569 34,123 67,215 61,052 71,767 66,161 68,928 72,706 68,714 42.0 41.9 41.7 37.3 42.7 44.7 40.8 25.4 26.4 30.2 27.1 28.4 28.3 19.6 19.6 20.0 19.2 20.6 20.8 41.8 43.0 40.7 37.9 43.8 41.4 41.8 25.9 27.1 27.6 26.3 28.8 27.7 P27.2 19.4 19.7 20.1 19.8 21.0 20.8 P20.S 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 6 337 other other reporting centers 1 centers2 New York City 6 337 other other reporting centers 1 centers2 9 Preliminary. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2 338 centers prior to April 1955; the decrease resulted from the combination of two cities for which separate figures are no longer available because of centralized accounting. 3 These data are compiled by the Federal Reserve Bank of New 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. 355-357. 894 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars) Total Coin 7,598 8,732 11,160 15,410 . . 20,449 25,307 ., 28,515 . 28,952 28,868 28,224 27,600 27,741 29,206 30,433 30,781 5,553 6,247 8,120 11,576 14,871 17,580 20,683 20,437 20,020 19,529 19,025 19,305 20,530 21,450 21,636 590 648 751 880 ,019 ,156 ,274 ,361 ,404 ,464 ,484 ,554 ,654 ,750 1,812 1954—June July August September... October November... December. . . 29,922 20,999 29,892 20,984 29,929 21,015 29,985 21,054 30,074 21,118 30,500 21,473 30,509 21,374 1,795 1,793 1,801 ,811 ,819 ,836 ,834 1955—January February.... March April May June 29,789 29,817 29,800 29,769 30,009 30,229 ,810 1,822 1,831 1,843 1,858 1939 1940. i941 1942 1943 1944 1945 1946 1947.. 1948 1949 1950 1951 1952. 1953 Large denomination currency 2 Coin and small denomination currency 2 Total in circulation 1 End of year or month 20,777 20,845 20,854 20,856 21,098 21,312 3 $1 $2 $5 $10 559 610 695 801 909 987 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 ,019 ,129 ,355 ,693 ,973 2,150 2,313 2,173 2,110 2,047 2,004 2,049 2,120 2,143 2,119 1,183 1,174 1,183 1,200 1,212 1,236 1,256 71 70 70 70 70 71 71 ,808 1,191 71 71 70 71 71 72 1,190 1,196 1,202 1,219 1,226 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 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 ,837 ,580 ,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 2,023 2,016 2,023 2,034 2,049 2,091 2,098 6,377 6,366 6,361 6,378 6,400 6,524 6,450 9,551 9,564 9,578 9,561 9,568 9,716 9,665 8,924 8,910 8,916 8,932 8,958 9,028 9,136 2,659 2,654 2,653 2,648 2,650 2,677 2,720 5,457 5,451 5,461 5,486 5,514 5,555 5,612 324 322 321 320 318 320 321 473 471 469 466 464 465 464 4 4 4 4 3 3 3 8 8 8 8 8 8 15 2,017 2,020 2,021 2,020 2,051 2,061 6,267 6,316 6,324 6,309 9,425 9,438 9,421 9,425 6,394 9,520 6,471 9,625 9,014 8,974 8,946 8,914 8,912 8,917 I 2,673 ,550 2,660 5,527 2,647 5,512 2,641 ,492 2,647 ,489 2,658 5,487 317 316 317 314 313 312 460 457 457 454 451 448 4 3 4 4 3 3 Unassorted 9 9 9 9 9 9 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. 4 Less than $500,000. 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 by For Federal Federal Reserve Reserve Banks and June 30, May 31, June 30, 1954 1955 1955 Banks and agents agents Money held in the Treasury Total outstanding, As security June 30, against 1955 gold and Treasury cash 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 States notes Federal Reserve Bank notes National bank notes Total—-June 30 1955 May 31 1955 June 30 1954 21,678 21,028 26,629 5,002 21,028 2649 32,411 76 86 490 2,187 223 2,187 3 (4) 4 ( ) 2,816 935 339 34 25,618 4,577 35 25,419 4,555 35 25 385 4,502 23,439 23,427 23,670 40 4 223 221 212 36 7 2 (5) (s) 2,411 1,296 450 347 164 67 (4) 18,178 240 58 10 25 1 (5) 2,171 1,202 433 319 163 67 2,161 1,192 430 320 164 67 2,136 1,165 419 320 180 70 4,089 4,132 4,273 30,229 812 828 811 18,178 18,172 18,423 30,009 29,922 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. 887. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To 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—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates, federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. AUGUST 1955 895 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, net— Total liabilities and capital, net Bank credit Date Treasury currency outstanding Gold U. S. Government obligations Total Loans, net Commercial and savings banks Total Federal Reserve Banks Capital' Total and deposits misc. and accurrency counts, net Other 1929—June 29. 1933—June 30. 1939—Dec. 30. 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—June 30. Dec. 31. 1953—June 30. Dec. 31. 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 IS1,323 182,980 192,866 190,277 199,791 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 5,499 10,328 8,199 23,105 19,417 29,049 25,511 128,417 101,288 107,086 81,199 96,560 72,894 97,808 71,343 96,266 70, 783 100,008 72., 740 95,350 68,108 100,935 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 <S4,698 48,4<55 75,171 90,637 191,785 188,148 199,009 208,727 211,080 220,865 217,594 226,715 55,776 8,922 42,029 6,436 68,359 6,812 82,811 7,826 180,806 10,979 175,348 12,800 184,385 14,624 193,410 15,317 194,960 16,120 204,220 16,647 200,, 360 17,234 209,175 17,538 1954—June 30. July 28. Aug. 25. Sept. 29. Oct. 27. Nov. 24. Dec. 31. 21,927 21,900 21,900 21,800 21,800 21,700 21,713 4,959 5,000 5,000 5,000 5,000 5,000 4,985 200,628 200,600 202,500 204,000 207, 700 209,700 210,988 81,210 80,800 80,200 81,400 81,900 83,900 85,730 99,827 100,000 102,300 102,400 105,600 105,600 104,819 72,525 73,300 76,200 76,200 79,000 78,900 77,728 25,037 24,500 23,900 24,000 24,400 24,600 24,932 2,265 2,200 2,200 2,200 2,200 2,200 2,159 19,591 19,800 19,900 20,200 20,300 20,300 20,439 227,514 227,500 229,300 230,800 234,400 236,400 237,686 209,354 209,100 210,500 211,800 215,400 217,200 218,882 18,161 18,400 18,800 19,000 19,100 19,200 18,806 1955—Jan. 26 P Feb. 23 9 Mar. 30* Apr. 27P May 25? June 29 P 21,700 21,700 21,700 21,700 21,700 21,700 5,000 5,000 5,000 5,000 5,000 5,000 209,600 208,200 207,000 209,100 209,100 209,400 85,200 103,600 85,800 101,400 87,100 98,700 87,900 100,000 89,000 99., 200 91,200 97,300 77,800 75,600 73,000 74,300 73,600 71,700 23,700 23,700 23,600 23,600 23,500 23,600 2,100 2,100 2,100 2,100 2,000 2,000 20,900 21,000 21,200 21,200 20,900 20,900 236,300 234,900 233,700 235,700 235,800 236,000 217,500 216,000 214,500 216,900 216,700 217,100 18,800 18,900 19,100 18,800 19,100 18,900 Details of Deposits a n d Currency U. S. Govt. balances Foreign bank deposits, net 29. . 30. . 30. . 31.. 31. . 31. . 30.. . 31. . 30. . 31. . 30. . 31. . 365 50 1,217 1,498 2,141 1,682 2,518 2,279 2,319 2,501 2,467 2,694 1954—June 30. . July 2 8 . . Aug. 25. . Sept. 2 9 . . Oct. 27. . Nov. 24. . Dec. 3 1 . . 3,256 3,400 3,400 3,300 3,200 3,200 3,329 1955—Jan. Feb. Mar. Apr. May June 3,200 3,100 3,200 3,100 3,200 3,300 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1951—Dec. 1952—June Dec. 1953—June Dee. 26*. 23?. 30P. 27P. 25P. 29P. At At Treas- comury mercial F. R. Total and Banks cash hold- savings banks ings Seasonally adjusted series 5 Deposits adjusted and currency Time deposits 2 Total Demand Com- Mutual Postal de1 mercial savings Sa.vings posits 4 ings banks banks 3 System Currency outside banks Total demand deposits adjusted and currency Demand deposits adjusted Currency outside banks 85,200 89,700 94,400 97,400 97,800 98,800 99,500 25,900 24,600 25,700 26,200 26,900 27,300 27,200 381 204 852 264 2,409 846 2,215 1,895 2,287 24,608 1,336 1,452 1,293 2,989 1,270 3,615 1,283 6,121 1,270 5,259 1,259 3,942 761 4,457 36 54,790 35 40,828 634 63,253 867 76/336 977 150,793 870 170,008 668 176,917 247 185,999 333 184,904 389 194,801 132 192,560 346 200,917 28,611 21,656 27,059 27,729 48,452 56,411 59,247 61,450 63,676 65,799 68,293 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 22,540 1,186 14,411 1,278' 29,793 1,313 38,992 2,932 75,851 3,416 87,121 2,923 92,272 2,704 98,234 2,619 94,754 2,547 101,508 2,459 96,898 2,359 102,451 3,639 4,761 6,401 9,615 26,490 26,476 25,398 26,315 26,474 27,494 27,369' 28,091 111,100 114,300 120,100 123,600 124,700 126,100 126,700 811 800 800 800 800 800 796 5,895 3,900 5,500 4,400 6,100 6,900 4,510 875 198,517 500 200,400 600 200, 300 800 202,500 600 204,700 500 205,800. 563 209,684 73,292 73,700 74,000 74,400 74,800 74,300 75,282 45,653 46,000 46,200 46,400 46,700 46,300 46,844 25,388 25,500 25,600 25,800 25,900 25,900 26,302 2,251 98,132 27,093 2,200 100,000 26,800 2,200 99,400 26,900 2,200 101,200 26,900 , 2,200 103 100 26,900 2,200 104,000 27,500 2,136 106,550 27,852 126,700 128,500 127,800 129,200128,700 129,500 129,700 99,700 27,000 101,500 27,000 100,900 26,900 102,400 26,800 101,900 24 ,800 102,600 26 ,900 102,800 26 ,900 800 800 800 800 800, 800 3,800 4,600 4,400 5,000 5,500 5,200 400 209,200 600 206,900 900 205,300 600 207,400 400 206, 700 300 207,400 75,400 75,700 76,200 76,200 76,500 77,000 46,800 47,000 47,200 47,200 47,400 47,700 26,500 26,600 26,900 26,900 27,100 27,300 2,100 2,100 2,100 2,100 2,000 2,000 131,200 131,200 131,500 132,600 131,800 132,10Q 104,200 27,000 104,300 26,900 104,600 26,900 105,600 27,000 104,900 26,900 105,100 27,000 107,000 104,500 102,400 104,500 103,400 103,400 26,800 26,800 26,700 26,700 26,800 27,100 v Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. ^Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 3 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 4 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. ^Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. 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. 896 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY GLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [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 i Interbank i Time U.S. Government All banks: 1939—Dec. 3 0 . . . . . . 1941—Dec. 31 1945—Dec. 31. 1947—Dec. 3-1* 1950—Dec. 3 0 . . . . . . 1951—Dec. 31 1952—Dec. 31 ., 1953—Dec. 3 1 . . 1954—June 30 . Dec. 31 1955—Jan. 26* Feb. 23 P Mar. 30> Apr. 27* May 25* June 29* 50,884 61,126 140,227 134,924 148,021 154,869 165,626 171.497 173,343 183,784 184,340 183,100 182,050 184,180 184,360 184,520 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 45,584 223,837 195,552 80,518 72,610 18,370 45,811 220,140 201,100 81,227 72,525 19,591 42,556 : 218,900 199,508 85,617 77,728 20,439 44,585 ' 231,654 211,115 85,71© 77,770 20,860 42,110 ! 229,780 208,140 86,500 75,580 21,020 41,460 . 227,930 205,900 87,860 72,980 21.210 40,230 , 225,660 203,400 88,660 74,340 21,180 40,900 228,570 206,500 89,840 73,630 20.890 39,760 ' 227,470 205,170 91,890 71,730 20,900 41,100 , 228,970 206,820 All commercial banks: 1939—Dec. 30 1941—Dec. 3 1 . . . . . . 1945—Dec. 31 1947—Dec. 313 1950—Dec. 3 0 . . . . . . 1951—Dec. 31 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 1955—Jan. 26* Feb. 23* Mar. 30* Apr. 27* May 25* June 29* 40,66S 50,746 124,019 116,2S4 126,675 132,610 141,624 145,6S7 146,383 155,916 156,250 154,820 153,490 155,510 155,520 155,530 17,238 21,714 26,083 38,057 52,249 57,746 64,163 67,593 67,337 70,619 70,550 71,180 72,310 72,940 73,900 75,730 16,316 21,808 90,606 69,221 62,027 61,524 63,318 63,426 63,508 68,981 69,000 66,800 64,180 65,580 64,890 63,040 7,114 7,225 7,331 9,006 12,399 13,339 14,143 14,668 15,538 16,316 16,700 16,840 17,000 16,990 16,730 16,760 22,474 ! 26,551 34,806 37 ,,502 40,289 44,645 44,666 44,828 41,569 43 ,.559 41,080 40,470 39,250 39,970 38,810 40,120 65.216 79,104 160,312 155,377 168,932 179,465 188,603 193,010 190,585 202,378 200,270 198,250 195,700 198,560 197,270 198,580 57,718 71,283 150,227 144,103 155,265 164,840 172,931 176,702 174,068 184,757 181,590 179,240 176,460 179,520 178,060 179,470 9,874 10,982 14,065 13,032 14,039 15,086 15,319 15,955 15,497 16,809 15,230 14,550 14,670 14,570 14,020 14,630 33,941 43,521 107,183 97,846 107,424 112,247 119,547 122,422 123,185 131,602 131,809 130,468 129,298 131,191 131,035 131,151 13,962 18,021 22,775 32,628 • 44,705 49,561 55,034 57,762 57,197 60,250 60,138 60,690 61,766 62,329 63,111 64,774 14,328 19,539 78,338 57,914 52,365 51,621 52,763 52,603 53,1H 57,809 57,788 55,785 53,410 54,767 54,083 52,511 5,651 5,961 6,070 7,304 10,355 ll r 065 11,751 12rO57 12,876 13,543 13,883 13 393 14,122 14,095 13,841 13,866 19,782 23,123 29,845 32,845 i 35,52:4 i 39,252 39,255 39,381 36,722 38,076 35,990 35,404 34,344 34,979 34,074 35,278 55,361 68,121 138,304 132,06© 144,66© 153,439 160,826 163,983 162,203 172,242 170,404 168,495 166,256 168,891 167,702 169,009 49,340 61,717 129,670 122,528 133,089 141,015 147,527 150,164 148,252 157,252 154,421 152,201 149,750 152,638 151,282 152,651 9,410 10,525 13,640 12,403 13,448 14,425 14,617 15,170 14,733 15,983 14,468 13,815 13,94.1 13 853 13,320 13,915 10 216 10,379 16,208 18,641 21,346 22,259 24,003 25,810 26,959 27,868 28,090 28,280 28,560 28,670 28,840 28,990 4,927 4,901 4,279 4,944 8 137 9,862 11,349 12,925 13,890 14,998 15,160 15,320 15,550 15,720 15,940 16,160 3,101 3,704 10,682 11,978 10,868 9,819 9,422 9,184 9,017 8,748 8,770 8,780 8,800 8,760 8,740 8,690 2,188 1,774 1,246 1,718 2,342 2,579 3,231 3,701 4,052 4,123 4,160 4,180 4,210 4,190 4,160 4,140 11,852 11,804 17,020 19,714 22,385 23,439 25,233 27,130 28,315 29,276 29,510 29,680 29,960 30,010 30,200 30,390 10,524 10,533 15,385 17,763 20,031 20,915 22,621 24,398 25,440 26,359 26,550 26,660 26,940 26,980 27,110 27,350 Other 1,709 22,179 1,176 2,523 3,101 4,567 3,756 5,165 3,715 3,028 3,812 3,608 4,170 4,624 4,370 All member banks: 1939—Dec. 30 1941—Dec. 3 1 . . 1945—Dec. 31 1947—Dec. 3 1 . . . . . . 1950—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 1955—Jan. 26* Feb. 23 * Mar. 30* Apr. 27* May 25* June 29* All mutual savings banks: 1939—£)ec> 3 o . . 1941—Dec. 31 ,. 1945—Dec. 31 1947—Dec. 313 1950—Dec# 30 . . . 1951—Dec. 31... 1952—Dec. 3 1 . . . . . . 1953—Dec. 31 1954—June 30 Dec. 31 1955—Jan. 26* Feb. 23* Mar. 30* Apr. 2 7 * . . . . . May 25* June 29* 818 793 609 886 797 886 918 983 987 1,026 1,030 990 980 930 950 980 9,874 10,982 14,065 13,033 14,039 15,087 15,321 15,957 15,500 16,811 15,230 14,550 14,670 14,570 14,020 14,630 32 ,516 44 ,355 105 ,935 25,852 26,479 45,613 53,105 56,513 59,025 63,598 68,354 71,371 73,510 73,680 73,920 74,460 74,530 74,820 75,370 8,194 8,414 10,542 11,948 13,837 14,623 15,367 16,118 16,664 17,270 17,340 17,440 17,410 17,490 17,620 17,630 15,035 14,826 14,553 14.714 14,650 14,618 14,575 14,509 14,468 14,367 14,360 14,351 14,330 14,314 14.312 14,310 32 ,513 44 ,349 105 ,921 1,343 2,806 3,359 4,941 4,146 5,591 4^72 3,470 4,260 4,070 4,610 5,130 4,860 94,367 101,917 108,259 111,659 112,604 106,996 116,567 115,710 113,120 110,150 112,740 111,150 111,910 15,331 15,952 30,241 35,360 36,503 38,137 41,012 43,997 45,983 47,209 47,180 47,310 47,570 47,600 47,760 48,070 6,885 7,173 8,950 10,059 11,590 12,216 12,888 13,559 14,038 14,576 14,650 14,730 14,680 14,770 14,880 14,890 14,484 14,278 14,011 14,181 14,121 14,089 14,046 13.9S1 13,937 13,840 13,833 13,824 13,803 13,786 13,784 13,782 743 27,489 37,136 69,640 80,609 87,783 92,867 95,453 96,024 91,455 99,604 99,003 96,548 93,967 96,343 94,928 95,669 11,699 12,347 24,210 28,340 29,336 30,623 32,890 35,213 36,900 37,950 37,922 38,026 38,234 38,272 38,410 38,697 5,522 5,886 ', 7,589 8,464 9,695 10,218 10,761 11,316 11,709 12,210 12,261 12,331 12,263 12,348 12,446 12,465 6,362 6,619 6,884 6,923 6,873 6,840 6,798 6,743 6,721 6,660 6,651 6,643 6,625 6,613 6,619 6,612 1,309 1,241 1,592 1,889 i 2,247 2,407 2,479 I 2,559 2,626 2,694 i 2,690 2,710 : 2,730 2,720 2,740 2,740 551 54S 542 14 19 23 30 35 47 50 50 50 50 50 50 50 10,521 10,527 15,371 17,745 20*009 20,888 22,586 24,358 25,388 26,302 26,500 26,610 26,890 26,930 27,060 27,300 1,346 2,809 3,362 4,944 4,149 5,594 4,176 3,470 4,260 4,070 4,610 5,130 4,860 (4) 94,381 101,936 108,282 111,690 112,639 107,043 116,617 115,760 113,170 110,200 112,790 111,200 111,960 3 6 14 3 3 3 3 3 3 1 (4) (4) (4) (*) Total Nunicapital ! ber acof counts banks Demand 2 2 3 3 3 («) (4) (*) 84 () 4 533 529 529 529 528 528 527 527 527 527 528 528 528 *Preliminary. *"A11 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 that became, a member bank on Apr. 15, 1954, and a noninsured State member nondeposit trust company, 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. 1 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. AUGUST 1955 897 ALL BANKS IN THE UNITED STATES. BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Con tinned [Figures partly estimated except on call dates. Amounts in millions of dollars] Deposits Loans and investments Class of bank and date Total Cash U.S. Govern- Other assets1 ment secuLoans obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30... 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 30... 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 30... Dec. 3 1 . . . 1955—Jan. 26?.. Feb. 23P.. Mar. 30*.. Apr. 27v.. May 25P. . June 29*.. 339 896 143 ,393 ,612 ,379 ,130 ,058 ,681 ,880 ,778 ,246 ,238 ,717 ,257 ,311 Chicago: 1939—Dec. 30... 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1950—Dec. 30... 1951—Dec. 3 1 . . . 1952—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 30... Dec. 3 1 . . . 1955—Jan. 26*.. Feb. 23*.. Mar. 3QP.. Apr. 27*.. May 25*.. June 29*.. 2,105 2,760 5,931 5,088 5,569 5,731 6,240 6,204 5,975 6,518 6,490 6,364 6,056 6,194 6,170 6,244 569 954 1,333 1,801 2,083 2,468 2,748 2,776 2,589 2,784 2,610 2,656 2,647 2,645 2,698 2,824 ,272 347 I108 ,040 ,685 ,694 ,583 ,755 ,056 ,738 ,857 ,362 ,971 ,807 ,705 ,724 10,224 12,518 35,002 36,324 40,558 42,444 45,594 47,404 47,474 50,466 50,684 50,496 50,033 50,473 50,903 50,872 Reserve city member banks: 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 195©—Dec. 30 1951—Dec. 31 1952—Dec. 31 1953—Dec. 31 1954—June 30. Dec. 31. 1955—Jan. 26P Feb. 23* Mar. 30* Apr. 27* May 25* June 29* Country member 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—June 30. Dec. 31. 1955—Jan. 26* Feb. 23* Mar. 30* Apr. 27* May 25* June 29* 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 11,619 8,695 12,039 9,342 12,046 9,161 12,121 8,554 12,733 7,918 12,977 8,281 12,946 8,010 13,369 7,641 1,272 1,559 1,235 1,242 1,890 2,104 2,076 2,004 2,367 2,499 2,571 2,571 2,587 2,459 2,301 2,301 4,213 2,890 2,911 2,711 2,912 2,856 2,825 3,120 3,218 3,044 2,734 2,861 2,807 2,722 ,203 ,430 5,329 7,105 8,514 13,449 17,906 19,651 21,697 22,763 22,453 23,986 23,993 24,264 24,637 24,758 25,114 25,782 4,768 5,890 5,596 10,199 14,988 16,296 18,213 19,934 20,537 21,442 21,489 21,649 21,749 21,949 22,353 22,799 Total assets— Total liabilities and capital accounts2 Other Total i Interbank* Total Numcapital ber of accounts banks Demand U.S. Govern- Other ment Time 6,703 6,637 6,439 7,261 7,922 8,564 8,419 8,074 7,524 7,581 7,625 7,040 7,030 6,673 6,668 7,207 16,413 19,862 32,887 27,982 28,954 30,464 31,053 30,684 30,771 32,193 32,157 31,065 31,013 31,179 30,646 31,217 14,507 17,932 30,121 25,216 25,646 26,859 27,309 27,037 27,225 28,252 27,910 26,714 26,678 27,103 26,464 26,975 4,238 4,207 4,657 4,464 4,638 4,832 4,965 5,214 5,517 5,709 5,236 5,180 5,103 5,136 4,982 5,307 74 866 6,940 267 451 858 1,143 778 1,378 736 489 687 657 1,160 1,178 949 9,459 12,051 17,287 19,040 18,836 19,490 19,361 18,894 18,114 19,414 19,840 18,513 18,555 18,496 18,027 18,446 736 807 1,236 1,445 1,722 1,679 1,840 2,150 2,216 2,392 2,345 2,334 2,363 2,311 2,277 2,273 1,592 1,648 2,120 2,259 2,351 2,425 2,505 2,572 2,630 2,803 2,818 2,819 2,687 2,697 2,717 2,707 36 36 37 37 23 22 22 22 22 21 21 21 20 18 18 18 333 376 385 397 576 552 581 572 561 614 662 664 675 688 665 698 1,446 1,566 1,489 1,739 2,034 2,196 2,010 2,115 2,036 1,954 1,931 1,952 1 ,656 1,894 1,836 1,869 3,595 4,363 7,459 6,866 7,649 7,972 8,297 8,366 8,064 8,520 8,481 8,369 7,761 8,144 8,055 8,162 3,330 4,057 7,046 6,402 7,109 7,402 7,686 7,724 7,419 7,845 7,693 7,573 6,773 7,374 7,321 7,369 1,035 1,312 1,217 1,229 1,307 1,350 1,387 1,339 1,321 1,214 1,171 1,328 1,155 1,126 1,178 80 127 1,552 72 174 242 343 259 410 251 188 263 230 256 296 328 1,867 2,419 3,462 4,201 4,604 4,710 4,789 4,837 4,403 4,977 4,987 4,840 3,949 4,670 4,608 4,569 495 476 719 913 1,103 1,143 1,205 1,242 1,267 1,295 1,304 1,299 1,266 1,293 1,291 1,294 250 288 377 426 490 513 541 566 583 600 597 595 601 602 605 612 14 13 12 14 13 13 13 13 13 13 13 13 13 13 13 13 5,194 6,467 29,552 20,196 19,084 19,194 19,624 19,559 19,813 21,718 21,687 20,870 20,062 20,730 20,354 19,722 1,749 1,776 2,042 2,396 3,695 3,849 4,262 4,434 4,791 5,034 5,177 5,228 5,272 5,319 5,237 5,220 6,785 8,518 11,286 13,066 13,998 15,199 15,544 15,925 14,656 15,424 14,201 14,260 13,909 14,458 14,152 14,446 19,687 24,430 51,898 49,659 55,369 58,654 61,941 63,547 62,624 67,165 66,085 65,642 64,909 66,317 65,883 66,188 17,741 22,313 49,085 46,467 51,437 54,466 57,357 58,663 57,665 61,796 60,268 59,685 58,943 60,233 59,744 60,151 3,686 4,460 6,448 5,649 6,448 6,976 7,001 7,254 6,636 7,444 6,679 6,217 6,292 6,346 6,059 6,224 435 491 8,221 405 976 1,124 1,814 1,504 2,015 1,457 1,111 1,604 1,446 1,520 1,730 1,723 9,004 12,557 24,655 28,990 32,366 34,094 35,281 35,773 34,058 37,418 36,979 36,298 35,493 36,635 36,140 36,254 4,616 4,806 9,760 11,423 11,647 12,272 13,261 14,132 14,957 15,476 15,499 15,566 15,712 15,732 15,815 15,950 1,828 1,967 2,566 2,844 3,322 3,521 3,745 3,984 4,125 4,300 4,310 4,348 4,387 4,434 4,473 4,503 346 351 359 353 336 321 319 319 310 300 298 297 296 297 296 297 3,159 4,377 26,999 22,857 21,377 21,587 22,549 22,423 21,779 23,629 23,722 23,317 22,696 22,895 22,912 22,426 2,297 2,250 2,408 3,268 4,193 4,561 4,832 5,047 5,158 5,395 5,473 5,530 5,588 5,629 5,638 5,647 4,848 6,402 10,632 10,778 11,571 13,292 13,281 13,268 12,506 13,117 12,233 12,152 11,749 11,954 11,418 11,756 15,666 19,466 46,059 47,553 52,689 56,349 59,535 61,385 60,745 64,364 63,681 63,419 62,573 63,251 63,118 63,442 13,762 17,415 43,418 44,443 48,897 52,288 55,175 56,740 55,943 59,360 58,550 58,229 57,356 57,928 57,753 58,156 598 822 1,223 1,073 1,133 1,309 1,301 1,315 1,241 1,508 1,339 1,247 1,218 1,216 1,153 1,206 154 225 5,465 432 922 876 1,267 1,216 1,362 1,271 1,240 1,258 1,275 1,234 1,420 1,370 7,158 10,109 24,235 28,378 31,977 34,572 36,022 36,520 34,879 37,794 37,197 36,897 35,970 36,542 36,153 36,400 5,852 6,258 12,494 14,560 14,865 15,530 16,585 17,690 18,460 18,787 18,774 18,827 18,893 18,936 19,027 19,180 1,851 1,982 2,525 2,934 3,532 3,760 3,970 4,194 4,372 4,506 4,536 4,569 4,588 4,615 4,651 4,643 5,966 6,219 6,476 6,519 6,501 6,484 6,444 6,389 6,376 6,326 6,319 6,312 6,296 6,285 6,292 6,284 •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. 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 ]Deposits Total assets— Total Class of bank and date All insured commercial banks: 1941—Dec. 31 Total U.S. Govern- Other Loans secument obliga- rities tions Cash assets1 Other Total i 69,411 147,775 141,851 170,971 174,697 172,048 182,886 Demand Interbank 1 Other 1 ,762 73 ,740 1 ,325 4 ,912 4 ,116 5 ,562 4 ,154 41 , 798 80, ?76 97, 975 110, 459 111, 423 105, 847 115 487 ?1 ?59 95 ,755 37 63 ,63? 67 ,082 66 ,805 70 1?7 ?1 ,046 88 ,912 67 ,941 6? ,308 62 ,381 6? ,461 68 ,012 6 ,984 7 ,131 8 750 13 ,831 14 ,333 15 , 18S 15 976 ?5 788 34 79? 36 9 ? 6 44 99? 44 ,39S 41 ,164 43 161 76,820 157,544 152,733 186,255 190,638 188,191 200,127 27,571 69,312 65,280 80,180 81,913 82,482 88,509 11 ,7?,5 ,9?S ?1 4 ? 8 36 004 37 ,831 37 67? 39 ,71? 1? ,039 51 ,250 38 ,674 ,35 ,835 35 ,482 35 ,759 39 ,392 ,3 ,806 4 ,137 5 ,178 8 341 8 600 9 051 9 ,405 14 ,977 90 ,114 ?? ,0?4 76 , .3.3.3 96 ,479 ?4 ,6.36 ?5 ,66? 43,433 39,458 6 ,786 1 ,088 90,220 84,939 9 ,229 14 ,013 88,182 82,023 8 ,410 795 107,830 98,974 9 ,918 ? ,935 109,804 100,654 10 , 1 S? ? ,525 108,611 99,362 Q ,750 3 ,325 115,835 105,851 10 ,714 ? ,508 1945—Dec. 31 1947—Dec. 31 1952—Dec. 31 1953—Dec. 31 1954—j une 30 Dec. 31 15,950 37,871 32,566 39,367 40,509 40,704 43,093 6 ?95 8 850 11 700 19 030 19 931 19 575 20 ,538 7 ,500 77 ,089 19 ,240 16 ,928 17 ,121 17 ,353 18 ,417 ? , 155 1 9.33 ? ,1?5 3 409 3 ,457 .3 8?6 4 ,138 8 ,145 9 7.31 10 , « ? ? • 1? 927 1? ,90.3 1? 086 12 ,414 24,688 48,084 43,879 52,996 54,179 53,593 56,407 22,259 44,730 40,505 48,553 49,510 48,890 51,401 ,3 ,739 4 411 3 ,993 4 699 5 ,019 4 ,983 5 769 Insured nonmember commercial banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1952—Dec. 31 1953—Dec. 31 1954—June 30 Dec. 31 5,776 14,639 16,444 20,242 21,396 21,288 22,536 3 ,241 ? 99?, 4 ,958 8 ,605 9 ,328 9 ,615 9 ,886 1 ,509 10 ,584 10 ,039 9 ,556 9 ,790 9 ,362 10 ,215 1 ,025 1 ,06.3 1 448 2 ,081 ? 778 2 ,310 7 ,4,36 2 ,668 4 ,448 4 083 4 ,970 5 070 4 ,444 5 088 8,708 19,256 20,691 25,451 26,679 26,012 27,911 7,702 18,119 19,340 23,464 24,555 23,819 25,657 1,457 2,211 2,009 1,854 1,891 1,932 1,800 455 318 474 5.31 511 5.3? 492 761 1 ,693 1 ,280 1 ,010 1 ,045 1 ,047 969 741 700 755 .31? ,3,35 .354 339 76,3 514 576 444 430 405 397 2,283 2,768 2,643 2,348 2,372 2,394 2,250 7,233 3 696 16,849 3 310 18,454 5 ,437 22,096 9 1,36 23,287 9 8.38 23,220 10 ,147 24,337 10 ,378 ?, ,270 1? ,277 11 ,318 10 ,567 10 ,835 10 ,409 11 ,184 1 766 1 ,?6? • 1 ,70,3 7 .39.3 ? 61.3 7 ,664 2 ,775 ,3 4.31 4 96? 4 ,659 5 414 5 ,450 4 ,849 5 ,485 642 1 693 10 846 3 ,081 12,683 3 560 17,621 8 ,691 19,252 10 016 20,121 10 804 20,830 11 ,651 629 7 ,160 8 ,165 6 ,593 6 ,476 6 ,309 6 ,117 421 606 958 7 ,3.37 7 ,760 ,3 008 ,3 ,06? 4 ,959 1 ,198 1 ,384 ? ,658 ? ,910 3 ,086 3 ,346 3 ,075 3 ,522 3 ,813 ? ,829 ? ,707 ? ,708 2 ,630 1 ,353 641 760 89 5 941 1 ,044 1 ,061 31 31 31 31 30 31 National member banks: 1941—Dec. 31 . 1945—Dec. 1947—Dec. 1952—Dec. 1953—Dec. 1954—june Dec. 31 31 31 31 . . . 30 31 State member banks: 1941—Dec. 31 Noninsured nonmember commercial banks: 1941—Dec 31 1945—Dec. 31s 1947—Dec 3 1 1952—Dec. 31 . . 1953—Dec. 31 1954—j une 30 . . Dec. 31 All nonmember commercial banks: 1941—Dec. 31 1945—-Dec 31 1947—Dec. 313 1952—Dec. 31 . . . . 1953—Dec 31 1954—j une 30 Dec. 31 Insured mutual savings banks: 1941 Dec 1945—Dec 1947—Dec. 1952—Dec. 1953—Dec 1954—june 31 31 31 31 31 30 Dec. 31 Noninsured mutual savings banks: 1941—Dec 1945—Dec. 1947—Dec 1952—Dec 1953—Dec. 1954—Tune Dec. 31 31 313 31 31 . . . 30 31 8 687 5,361 5 957 6 382 6,558 6 838 7,038 n 10 ,654 13 ,883 1? 670 14 ,990 15 ,548 IS ,044 16 376 Ni imb er if ba nks Time U.S. Government 49,290 121,809 114,274 139,770 143,796 144,451 154,115 1945—Dec. 1947—Dec. 1952—Dec. 1953—Dec. 1954—june Dec. Total capital accounts Ho bilities and capital accounts2 15 699 9Q 876 34 88? 40 ,610 43 ,610 45 596 46 874 6 844 8 ,671 9 ,734 1? ,563 13 ,239 13 ,714 14 ,75? 13 ,476 13 297 13 ,398 13 422 13 ,412 13 3 SO 13 ,303 73, 4S 53 6.3 63 60 66 76? 473 541 477 819 877 4?6 8 3?? 16 ,224 19 ?78 7? 694 ?4 160 75 459 76 ?0? 3 ,640 4 644 5 ,409 7 04? 7 ,391 7 686 8 ,085 5 ,117 5 017 5 nos 4 ,Q09 4 ,§56 4 ,835 4 ,789 621 8 ,166 381 1 ,632 1 ,232 1 ,840 1 ,207 13 74 ?7 3? ,3? .30 33 874 168 068 076 706 677 177 4 075 7 986 9 06? 10 196 11 054 441 11 ,748 ? ,?46 7 945 ,3 055 .3 719 3 ,9?5 4 0?3 4 ,125 1 ,50? 1 ,867 1 ,918 1 ,889 1 ,8S7 1 886 1 871 129 944 766 37.3 378 .31? 39,3 53 1 ,560 149 345 360 396 439 4 10 1? 15 15 14 15 162 6.35 366 006 398 392 879 3 ,360 5 680 6 ,558 7 ,740 8 419 8 ,718 8 ,947 959 1 083 1 ,771 1 ,804 1 975 2 ,007 7 ,044 6 ,810 6 ,416 6 ,478 6 ,627 6 ,(>7? 6 66? 6 ,647 1,872 2,452 2,251 1,960 2,005 2,020 1,871 329 181 363 379 407 453 4.3,3 18 29 30 30 18 1 791 1 905 1 1 1 1 1 39? 701 182 150 085 7.5.3 365 478 407 386 388 335 379 7,79 3? 5 376 320 325 324 85? 714 783 674 569 557 536 10,992 22,024 23,334 27,799 29,051 28,406 30,161 9,573 20,571 21,591 25,424 26,560 25,838 27,528 457 4? 5 679 70? 784 764 825 5 ,504 14 ,101 167 13 374 16 390 16 426 15 457 16 758 706 580 542 964 3 ,613 6 045 7 ,036 8 ,14? 8 806 9 ,106 9 ,282 1 ,788 1 36? 1 ,596 7 ,129 7 745 2 ,332 2 ,368 7 667 7 ,130 7 ,261 7 751 7 ,741 7 ,219 7 ,183 151 4?9 675 732 799 807 832 1,958 11,424 13,499 18,612 20,334 21,237 21,981 1,789 10,363 12,207 16,785 18,383 19,195 19,885 1 7 ? .3 ,3 12 28 33 45 48 1 ,789 10 351 12 ,19? 16 ,753 18 ,345 19 ,145 19 ,831 164 1 034 1 ,752 1 ,730 1 ,819 ,868 1 ,920 52 19? 194 706 719 7.19 218 64? 180 711 187 184 180 194 9,846 5,596 6,215 6,622 6,796 7,078 7,295 8,744 5,022 5,556 5,836 6,015 6,246 6,474 7 7 2 1 2 8 738 5 ,020 5 5,53 5 8,3.3 6 ,013 6 74,3 6 ,471 1 ,077 558 637 749 740 7.58 774 496 350 339 373 309 309 309 1? 2 2 2 2 3 S \ 1 ' 1 1 1 1 n For footnotes see preceding two pages. Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication, For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. AUGUST 1955 899 ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES • LOANS AND INVESTMENTS [In millions of dollars] Loans 1 : Class of bank and call date All commercial banks:2 1947—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 30. .. Dec. 3 1 . .. 1955—Apr. 11 «. . Investments > Loans- for Compurchasing merTotal or carrying cial, loans securities mReal and Agriesinvest- Total i • clud- CUl" . ing tUF- To tate ments' open brok- T o 1 loans al marers othket and ers padealper ers U. S-. Government obligations Other loans to. in- Otlier jTotaf di- loans viduals Obligations Direct of States Other and Guar- polit- secuCertificates an- ical rities < Total Bills of in- Notes Bonds teed subdebtdiviedsions ness 78,226 78,094 79,047 85,297 82,910 69,221 63,426 63,508 68,981 65,820 2,193 5,004 4,704 5,065 3,970 28,031 96,043 76,691 76,714 77,646 83,988 21,046 88,912 67,941 62,381 62,461 68,012 2,455 2,124 4,895 4,575 4,901 116,284 145,687 146,383 155,916 155,170 38,057 67,593 67,337 70,619 72,260 18,167 27,204 26,120 26,867 27,370 1,660 830 4,965 2,361 5,143 2,462 5 ,.200 2,929 4,720 2,830 1,220 1,202 1,256 1,525 1,500 9,393 16,694 17,227 18,418 19,000 5,723 14,461 14,462 14,750 15,280 All insured c o m mercial b a n k s : 1941—'Dec. 3 1 . . . 49,290 1945—Dec. 31. . . 121,809 1947—Dec. 31. .. 114,274 1953—Dec. 3 1 . . . 143„796 1954—June 3 0 . . . 144,451 Dec. 31. . . 154,115 21,259 25,765 37,583 67,082 66,805 70,127 9,214 9,461 18,012 27,082 25,976 26,731 1,450 1,314 1,610 4,867 5,057 5,108 614 662 4,773 4,677 9,266 16,566 17,101 18,302 2,361 5,654 14,373 14,370 14,676 Member b a n k s , total: 1941—Dec. 31. .. 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1953—Dec. 3 1 . . . . 1954—June 30. .. Dec. 31. .. 1955—Apr. 1 1 . . . 43,521 107,183 97,846 122,422 123,185 131,602 130,903 18,021 22,775 32,628 57,762 57,197 60,250 61,7317 8,671 8,949 16,962 25,519 24,362 '5,007 25,491 1,046 3,263 3,402 3,529 3,025 New York City:* 1941—Dec. 31 1945—Dec. 3 1 . .. 1947—Dec. 3 1 . .. 1953—Dec. 3 1 . . . 1954—June 3 0 . . . Dec. 3 1 . .. 1955—Apr. 1 1 . . . 12,896 26,143 20,393 22,058 22,681 23,880 23,578 4,072 7,334 7,179 12,289 11,619 12,039 12,819 2,807 3,044 5,361 8,218 7,447 7,231 7,433 126 144 204 127 1,667 1,778 2,04.1 2,145 732 760 6 2 48 211 73 286 242 345 185 Chicago:2' 1941—Dec. 1945—Dec. 1947—Dec. 1953—Dec. 1954—June Dec. 1955—Apr. 31... 3 1 . . '. 31... 31. . . 30... 31 . . . 11. . . Reserve city banks: 1941—Dec. 31 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 1953—Dec. 3 1 . . . 1954—June 30. ,. Dec. 3 1 . . . 1955—Apr. 1 1 . .. Country banks: 1941—-Dec 1945—Dec. 1947—Dec. 1953—Dec. 1954—June Dec. 1955—Apr. 31 31... 31... 31... 30... 3 1 . .. 11... 2,760 5,931 5,088 6,204 5,975 6,518 6,254 954 1,333 1,801 2,776 2,589 2,784 2,65.0 . 3,164 3,606 823 1,190 2,344 1,181 2,439 1,228 2,907 1,501 1,063 1,666 1,657 2,000 2,640 4,= 45 1,181 1,028 1,629 1,623 1,973 6,034 53,191 12,439 35,713 12,376 40,818 14,672 43,861 15,590 42,020 19,071 7,552 10,076 5,505 5,279 3,159 16,045 5,918 12,283 12,223 14,523 14 34 38 22 10 5,276 3,729 10,821 3,847 11,930 3,608 12,586 3,729 13,060 4,030 12,797 4,102 3,651 3,333 51,321 22 3,873 3,258 14 5,129 3,621 52,334 33 10,587 3,746 35,093 38 11,682 3,502 40,121 21 12,352 3,624 43,287 594 598 3,494 972 3,( 92 3,007 11,729 3,832 3,090 2,871 25,500 19,539 971 16 3,254 2,815 855 3,133 3,378 3,455 l r 900 1,104 84,408 78,338 2 r 275 16,985 14,271 44,792 811 1,065 7,130 4,662 10 4,199 3,105 952 65,218 57,914 1,987 5]816 4,815 45,286 31 8,871 3,185 2,321 1,060 13,020 11,911 1,518 64,660 52,603 4,095 8,287 10,300 29,890 36 9,890 2,987 2,411 1,106 13,440 11,840 1,513' 65,988 53,111 3,915 4,417 10,374 34,369 20 10,449 3,094 2,881 1,363 14,433 12,127 1,858 71,352 57,809 4,075 4,307 12,464 36,944 12 10,834 3,363 2,780 1,342 14,949 12,621 2,502 69,166 54,968 2,999 3,204 13,450 35,303 8 412 169 545 3 1,418 1,912 158 1,835 134 1,847 140 1,816 -142 "267 320 364 432 438 123 80 111 383 390 467 581 52 233 87 75 74 89 80 22 36 46 70 81 91 111 95 51 40 26 149 96 234 74 206 105 223 1138 237 1 806 4,598 3,287 3,428 3,386 3,734 3,605 1,430 4,213 2,890 2,856 2,825 3,120 2,918 194 114 427 1,503 484 170 456 308 468 326 622 407 602 379 1,527 1,459 3,147 5,453 5,639 6,134 6,339 1 , ' 12 404 855 1,969 366 4,942 611 4,797 629 4,912 720 5,130 937 8,243 31,594 22,591 23,993 24,603 26,752 26,228 1 , ' 30 707 363 229 336 345 388 403 111 148 144 143 2,453 54 287 564 1,294 1,220 1,232 1,284 15 347 40,108 36,040 46,755 47,056 50,738 50,758 7,105 8,514 13,449 22,763 22,453 23,986 24,530 12,518 35,002 36,324 47,404 47,474 50,466 50,313 5,890 5,596 10,199 19,934 20,537 21,442 21,739 1,676 i 659 1,484 ; 648 3,096 ! 818 4,822 2,204 5,071 2,170 5,306 2,229 5,490 1,967 20 42 23 59 66 89 71 183 471 227 210 200 220 223 1,823 1,881 3,827 7,114 7,331 7,742 7,918 18,454 5,432 23,287 9,838 23,220 10,147 24,337 10,378 1,205 614 1,685 1,702 1,758 1,741 1,859 1,671 20 40 51 49 156 142 150 161 2,266 3,681 3,795 3,993 1,061 2,551 2,622 2,623 8,823 18,809 13,214 9,769 11,062 11,841 1,025 10,758 298 330 475 466 644 1,979 5,441 5,618 5,760 5 ,970 3,456 • 3,661 ! 7,088 10,568 10,010 I 10,624 ! 10,752 I 988 7,789 10,237 5,572 5,361 4 r 230 300 205 225 774 953 956 789 1,623 3,652 1,679 729 7,265 311 17,574 477 3,433 3,325 10,337 1 606 640 558 9,771 638 11,972 1,002 1 1,365 7,765 924 1,104 1,130 4,605 711 1,454 5,510 6 1,851 8,695 1,014 597 1,924 6,026 10 1,977 785 9,342 496 1,843 5,386 481 6 1,990 8,212 830 629 604 639 516 523 556 235 450 261 241 172 153 749 248 684 721 855 789 6,467 29,552 20,196 19,559 19,813 21,718 20,899 1,034 6,982 373 2,358 1,230 3.,357 1,241 1,590 1,326 1,695 894 1,303 5,653 1,901 4,201 4,183 4,954 5,558 6,628 29,407 26,125 27,470 26,937 29,024 28,574 4,377 26,999 22,857 22,423 21,779 23,629 22,939 5,102 2,583 3,374 1,855 1,774 1,233 481 ' 480 1,819 1,548 1,893 1,487 4,544 2,108 4,285 4,017 4,731 5,261 2,926 16,713 17,681 12,940 14,355 15,228 14,955 861 9 6 5 4 3 3 1,222 1,342 2,006 3,911 4,067 4,275 4,412 1,028 1,067 1,262 1,136 1,090 1,120 1,223 13,021 13,449 13,073 13,959 11,318 10,835 10,409 11,184 206 909 790 991 1,973 1,951 1,155 1,054 1,219 2,139 2,002 2,209 7,916 5,834 6,460 6,928 4 2 2 1 1,078 1,951 2,042 2,139 625 662 621 636 256 133 132 123 113 70 137 1,467 295 110 630 751 903 1,864 2,274 1,598 1,731 1,953 1,820 119 ' 182 181 213 4Q0 387 415 450 193 204 185 172 174 199 238 4,248 1 173 956 820 15,878 5 1,126 916 3 1,342 1,053 15,560 25 3,196 1,238 10,746 26 3,585 1,206 12,773 7 3,782 1,252 13,736 3 3,983 1,346 13,142 All nonmember 2 banks: ' 1947—Dec. 3 1 . . . 1.953—Dec. 3 1 . . . 1954—June 3 0 . . . Dec. 3 1 . . . ^Partly estimated. Figures have been rounded to nearest 10 million. *These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15, 1954. During 1941 three mutual sayings 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. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue ta be shown net. For other footnotes see opposite page. 900 FEDERAL RESERVE BUIXEEIN ALL GOMMBRGIAL BANKS IN THE UNITED STATES, BY CLASSES *-~C*nM»ued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Class!of bank and call date All commercial banks: 2 1947—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 3 0 . . Dec. 31. . 1955—Apr. 11«. ReDeBalserves ances mand Interbank dewith Cash with deposits Federal in posits doadRevault mestic serve banks* justed 5 Banks Do- Formestic4: eign Time deposits CertiU. S. States fied and Govand ern- political offiment subdi- = cers' visions checks, etc. U. S. IndiGov- States IndiCapia n d viduals, Borviduals, erntal partnerment polit- partner- row- acships, Inter- and ical ships, , ings counts and cor- bank Postal subdi- and cor-' poraSav- visions porations ings tions 17,796 19,995 18,924 18,734 18,580 2,216 2,512 2,660 2,469 2,790 10,216 12,103 11,033 12,202 10,960 11,362 13,444 12,470 13,511 12,020 1,430 1,344 1,328 1,539 1,540 1,343 4,146 5,591 4,172 5,150 6,799 9,546 9,925 9,902 9,420 2,581 2,996 2,789 3,199 2,700 84,987 100,062 94,282 103,466 100,310 12,396 15,810 17,796 19,995 18,924 18,734 1,358 1,829 2,145 2,482 2,627 2,444 8,570; 37,845' 9,823 11,075 74,722 12,566 9,736 85,751 11,236 11,724 101,289 13,221 10,688 96,983 12 ,252. 11,854 105,471 13,392 673 1,248 1,379 1,296 1,287 1,497 1,761 23,740 1,325 4,116 5,562 4,154 3,677 5,098 6,692 9,407 9,776 9,763 1,077 2,585 2,559 2,978 2,765 3,176 158 36,544 72,593 70 54 583,723 99,038 1,031 93,306 1,506 102,543 1,487 1,243 1,375 1,291 1,280 1,493 1,486 1,709 22,179 1,176 3,756 5,165 3,715 4,714 3,066; 4,240: 5,504 7,530 7,839 7,781 7,345 1,009 2,450 2,401 2,783 2,581 2,964 2,474 607 866 87,123 102,452 98,117 106,540 103,870 240 1,167 1,699 1,759 1,700 111 338 331 365 360 866 34,383 1,944 2,319 2,402 2,450 65 10,059 62 13,559 41,714 55 14,038 43,334 31 14,576 44,441 44,880, 1 ,140; 14,710 All insured commercial b a n k s : 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 30. . Dec. 3 1 . . Member banks, total: 1941—Dec. 3 1 . . 12,396 1,087 1945—Dec. 3 1 . . 1947—Dec, 3 1 . . 1953—Dec. 3 1 . . 1954—June 3 0 . . Dec. 31. . 1955—Apr, 1 1 . . 15,811 17,797 19,997 18,925 18,735 18,575 1,438 1,672 1,870 2,001 1,843 2,095 6,246; 7,117 6,270 7,554 7,062 7,613 6,728 33,754 64,184 73,528 86,127 82,783 89,836 87,567 9,714' 12,333 10,978 12,858 11,956 13,015 11,533; New York City:* 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 3 0 . . Dec. 31. . 1955—Apr. 1 1 . . 5,105 4,015 4,639 4,846 4,614 4,398 4,414 93 111 151 129 131 126 163 141 78 70 70 60 67 41 10,761 15,065 16,653 15,901 15,430 16,500 15,797 3,595 3,535 3,236 3,363 3,237 3,336 2,870 1,105 6,940 267 1,217 778 1,021 1,033 1,378 736 1,177 1,162; 1,552 319 237 290 315 404 368 239 1,338 1,105 1,071 1,109 1,223 1,021 298 200 175 166 154 162 107 2,215 3,153 3,737 4,211; 3,844 4,400 3,983 1,027 1,292 1,196 1,339 1,287 1,264 1,124 8( 127 20 1,552 72 21; 39 259 34; 410 40 251 37; 296 233 237 285 272 297 274 227 34 66 63 64 74 80 62 2,152 3,160 3,853 4,500 4,032 4,622 4,236 286 611 705 828 677 866 741 671 .33,061 62,950 72,704 85,711 81,034 88,859 86,073 140 64 50 1,021 1,497 1,475 1,414 492 15,146 59 496 29,277 103 826 33,946 111 338 1,891 41,381 3 3 1 2,264 43,001 365 2,348 44,160 418 50 399 99 693 105 308 1,595 300 1,912 334 1,966 330 2,008 450 9 18 18 20 9 10 10 10 10 11,127 22,281 26,003 32,065 30,503 33,677 32,850 104 30 22 166 214 239 282 20 38 45 98 97 111 111 243 160 332 830 992 965 4,542 9,563 11,045 13,203 13,867 14,399 1,018 14,600 1,967 2 2,566 1 2,844 3,984 11 4,124 3 4,300 398 4,400 146 6,082 219 12,224 337 14,177 615 16,921 759 17,553 799 17,826 813 17,977 4 11 23 20 26 11 201 Reserve city banks: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 30. . Dec. 3 1 . . 1955—Apr. 1 1 . . 4,060 6,326 7,095 8,084 7,553 7,783 7,639 425 494 562 568 611 558 655 2,590 2,174 2,125 2,463 2,352 2,327 2,079 11,117 22,372 25,714 30,986 29,940 32,694 32,071 4,302 6,307 5,497 6,869 6,220 6,946 6,257 54 : 491 110 8,221 131 405 219 1,504 202: 2,015 1,457 274J 1,780 1,144 1,763 2,282 2,880 2,877 2 ,876 2,687 Country banks: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 30. . Dec. 3 1 . . 1955—Apr, 1 1 . . 2,210 4,527 4,993 5,780 5,468 5,377 5,429 526 796 929 9,661 23,595 27,424 35,029 33,569 36,242 35,716 790 1,140 1,230 1,129 1,245 3,216 4,665 3,900 4,855 4,496 5,057 4,502 1,199 1,049 1,288 1,211 1,469 1,282. 2 225 8 5,465 7 432 12 1,216 11 1,362 17 1.271 13 1,085 1,370 2,004 2,647 4,063 4,261 4,263 4,191 239 8,500 435 21,797 528 25,203 820 31,636 720 29,898 795 32,736 785 32,177 30 17 17 15 19 22 21 31 52 45 153 148 163 158 544 642 658 627 3,947! 4,550 3,972 4,590 13,595 16,325 15,334 16,704 335 586 514 496 55 52 48 46 1,295 2,016 2,085 2,121 180 12,284 213 14,351 209 13,248 235 14,608 190 146 202 284 6 30 30 31 1947—Dec, 3i 1953—Dec. 3 1 . . 1954—j u n e 30 Dec. 31 167 390 426 457 5,886 7,589 8,464 11,316 11,709 12,210 12,297 2 3 4 6 6 1,070 1,287 1,290 1,177 1,093 All nonmember banks: 2 4 11,878 23,712 208 54 27,542 43 33,311 38 34,687 15 35,650 36,002 1,038 29 20 14 139 151 192 167 43 36 30 34 30 29 32 259 6,844 8,671 9,734 13,239 13,714 14,252 10 12 53 51 54 55 6 11,282 15,712 17 12 17,646 831 17,509 16,601 1,246 17,823 1,196 887 16,811 1,092 Chicago:* 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1953—Dec. 3 1 . . 1954—June 30. . Dec. 31. . 1955—Apr. 11. . 942 10 215 61 54 50 21 778 1,648 .1,206 "195 2,120 30 2,259 1,418 23 2,572 1,958 1, 2,630 2,014 1 2,803 2,146 323 2,693 2,150 476 719 172 350 407 436 902, 1,2291 1,253 1,280 1,275 "ii7 6,858 8,426 8,669 8,814 288 377 426 566 583 600 602 1,982 2,525 2,934 4,194 4,372 4,506 4,601 12 1,596 19 2,245 17 2,332 16 2,369 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31,1942, aggregated 513 million dollars at all member banks and 525 million at all insured commerical banks. 6 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. AUGUST 1955 901 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date Loans Total and loans investand invest- ments adments justed^ Loans adjusted 1 Commercial, industrial, and agricultural To brokers and dealers To others Real estate Other loans loans Total Bills U. S. Other U.S. Other Govt. se- Govt. seobobliga- curi- liga- curitions ties tions ties CerOther Loans tifisecuto cates of in- Notes Bonds2 rities banks debtedness Total— Leading Cities 6,699 7,809 33,841 2,737 2,749 6,667 21,688 8,239 1954—July 81,183 21,614 2,151 882 1955—May June July 85,378 84,409 42,140 22,677 85,415 84,421 43,082 23,110 85,629 84,547 43,798 23,436 2,661 2,719 2,746 1,119 1,178 1,203 7,641 8,761 33,501 1,335 7,794 9,003 32,616 1,100 7,933 9,212 32,046 1,074 969 1,520 9,050 21,596 8,768 952 9,154 21,410 8,723 994 912 8,843 21,217 8,703 1,082 1955—May 4 . . May 11. . May 18. . May 25. . 85,298 85,106 85,781 85,330 84,464 84,214 84,679 84,280 42,010 42,078 42,208 42,263 22,607 22,721 22,737 22,641 2,717 2,591 2,649 2,686 1,113 1,113 1,121 1,131 7,590 7,633 7,657 7,686 8,701 33,571 8,739 33 ,395 8,763 33 3,743 8,840 33 3,296 1,517 1,377 1,269 1,176 1,783 1,798 1,284 1,214 8,608 21 ,663 8,883 834 8,607 21,613 8,741 892 9,604 21,586 8,728 1,102 21 9,382 21,524 8,721 1,050 June 1 . . June 8 . . June 1 5 . . June 22. . June 29. . 85,278 85,006 85,859 85,555 85,379 84,164 84,012 85,009 84,449 84,472 42,440 42,464 43,425 43,409 43,674 22,636 22,623 23,355 23,433 23,501 2,742 2,702 2,826 2,648 2,678 1,155 1,171 1,182 1,192 1,190 7,719 7,756 7,797 7,828 7,873 8,910 33 ,026 8,936 32 ,831 8,988 32 ,842 9,029 32 ,303 9,153 32,076 1,081 1,060 1,255 1,084 1,019 1,149 1,091 1,017 760 743 9,306 21,490 8 ,698 1,114 994 9,254 21,426 8 ,717 850 9,139 21 ,431 8,742 9,070 21,389 8 ,737 1,106 ,389 9,001 21,3.13 8,722 907 July 6.. July 13. . July 2 0 . . 85,125 85,098 86,195 86,100 84,095 43,518 84,013 43,687 85,169 43,925 84,914 44,064 23,326 23,465 23,429 23,526 2,673 2,647 2,856 2,808 1,203 1,199 1,204 1,206 7,893 7,923 7,937 7,978 914 729 9,152 31 797 709 9,185 31 663 869 9,232 32,565 1,318 1,126 1,196 1,086 9,280 32,161 22,492 22,110 11,323 7,519 606 1,057 336 392 1,587 8,448 912 676 1,425 5,435 2,339 382 23,157 23,257 23,165 22,607 22,694 22,590 12,295 12,696 12,884 7,636 7,890 7,967 197 1,861 197 1,875 250 1,835 433 458 460 595 1,780 629 1,853 653 1,926 7,995 7,703 7,439 488 662 440 306 1,921 158 1,860 159 1,710 5,280 2,317 5,243 2,295 5,130 2,267 550 563 575 23,115 23,018 23,300 23,196 22,707 22,505 22,646 22,572 12,275 12,235 12,301 12,371 7,639 7,644 7,637 7,626 266 183 190 148 1,803 1,815 1,870 1,955 431 429 429 444 585 594 598 603 ,757 ,777 ,783 ,802 8,062 7,962 8,044 7,912 557 465 456 474 412 360 238 214 1,813 5,280 2 ,370 1,838 5,299 ,308 2,073 5,277 2,301 1,958 5,266 2 ,289 408 513 654 624 23,231 22,998 23,369 23,460 23,231 22,553 22,425 23,038 22,728 22,727 12,433 12,396 12,922 12,830 12,898 7,624 7,617 8,048 8,074 8,085 237 180 242 149 178 1,886 1,897 1,894 1,871 1,825 451 455 465 457 461 618 621 631 633 643 ,824 ,830 ,848 ,853 ,912 7,827 7,729 7,814 7,607 7,540 423 392 540 425 432 219 171 169 113 118 1,950 1,906 1,853 1,799 1,790 5,235 2,293 5,260 2 ,300 5,252 2,302 5,270 2 ,291 5,200 2 ,289 678 573 331 732 504 23,030 22,511 22,914 22,335 23,362 22,816 23,354 22,698 12,806 12,803 12,931 12,997 7,959 7,969 7,939 7,999 177 168 294 361 1,862 1,832 1,862 1,784 461 461 461 457 649 657 652 655 1,904 1,922 1,930 1,949 7,388 7,277 7,647 7,445 342 324 609 485 114 108 191 225 1,752 1,710 1,704 1,673 5,180 5,135 5,143 5,062 2 ,317 2,255 2,238 2,256 519 579 546 656 July 27. . 80,581 38,501 ,903 21,251 8,780 8, ,870 21,215 8,663 8, ,860 21,261 8,679 8, 8,739 21,140 8 ,689 602 1,030 1,085 1,026 1,186 New York City 1954—July 1955—May June July 1955—May May May May June June June June June 4.. 11. . 18. . 25. . 1. . 8. . 15.. 22. . 29. . July 6. . July 13. . July 20. . July 27. . Outside New York City 1954—July 58,691 58,471 27,178 14,095 488 528 6,307 6,222 25,393 1,825 2,073 5,242 16,253 5,900 220 1955—May June July 62,221 62,158 62,464 61,802 61,727 61,957 29,845 30,386 30,914 15,041 15,220 15,469 603 647 661 676 708 731 7,046 6,981 25,506 7,165 7,150 24 ,913 7,280 7,286 24 ,607 847 1,214 7,129 16,316 6 ,451 658 794 7,294 16,167 6,428 634 753 7,133 16,087 6,436 419 431 507 1955—May 4 . . 62,183 May 11. . 62,088 May 18. . 62,481 May 25. . 62,134 61,757 61,709 62,033 61,708 29,735 29,843 29,907 29,892 14,968 15,077 15,100 15,015 648 593 589 583 671 674 681 677 7,005 7,039 7,059 7,083 6,944 25,509 960 1,371 6,962 25,433' 912 1,438 813 1,046 6,980.25,699 702 1,000 7,038'25,384 6,795 6,769 7,531 7,424 16,383 6,513 16,314 6,433 16,309*6 ,427 16,25816 ,432 426 379 448 426 June 1. . June 8. . June 15. . June 2 2 . . June 2 9 . . 62,047 62,008 62,490 62,095 62,148 61,611 61,587 61,971 61,721 61,745 30,007 30,068 30,503 30,579 30,776 15,012 15,006 15,307 15,359 15,416 619 625 690 628 675 693 702 705 724 717 7,101 7,135 7,166 7,195 7,230 7,086 25 ,199 7,106 25 ,102 7,140 25 ,028 7,176 24 ,696 7,241 24,536 658 668 715 659 587 930 920 848 647 625 7,356 7,348 7,286 7,271 7,211 16,255 6,405 16,166 6 ,417 16t179|6 ,440 16,119 6,446 16,113 6,433 436 421 519 374 403 July 6. . July 13. . July 20. . July 2 7 . . 62,095 62,184 62,833 62,746 61,584 30,712 61,678 30,884 62,353 30,994 62,216 31,067 15,367 15,496 15,490 15,527 634 647 700 663 729 725 731 738 7,248 24,409 7,263 24,386 7,302 24,918 7,323 7,331124,716 572 545 709 711 615 601 935 861 7,151 16,071 6,463 7,160 16,080 6,408 16, ,441 7,156 16, 7,066 16,078 6 ,433 511 506 480 530 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 902 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY A N D OUTSIDE—Co»*i»«^ RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, except interbank Month or date ReBalserves Dewith Cash ances mand with Feddein eral vault do- posits Remestic ad- 8 serve banks justed Banks Individuals, States Certiand fied part- polit- and neroffiical ships, sub- cers' and cor- divi- checks, pora- sions etc. tions Time deposits, except interbank Interbank deposits IndiU.S. vidDemand uals, States Govand U.S. part- polit- ernGov- nerical ment ern- ships, suband ment and divi- Postal Docor- sions Sav- mes- Foreign tic ings porations Borrowings CapFrom ital Fedaceral From counts Time Re- others serve Banks Total— Leading Cities 953 2,733 54,098 55,145 3,971 1,940 2,666 18,301 1,248 188 11,040 1,292 1,505 13,771 1955—May June. . . . 13,683 13,639 July 932 2,463 56 237 57,320 4,349 1,837 3,496 18,991 948 2,522 56,678 58,305 4,201 2,110 2,695 19,094 970 2,527 55,932 58,014 3,887 1,901 3,322 19,102 ,132 ,096 ,045 209 10,152 215 10,267 211 10,570 ,454 1,360 ,477 1,411 ,500 1,420 303 401 405 700 8,228 729 8,260 795 8,287 1955—May 4. May 1 1 . May 18. May 25. 879 964 921 963 2,354 55,981 56,771 2,552 56,234 57,608 2,577 56,294 57,777 2,367 56,437 57,123 4,449 4,258 4,350 4,338 1,939 1,779 1,928 1,703 3,510 18 ,975 ,976 3,266 18 3,841 18,999 3,368 19,014 ,132 ,135 ,132 ,129 209 10,341 209 10,387 210 10,254 209 9,625 ,451 ,420 ,434 ,512 1,365 1,348 1,362 1,366 547 185 159 319 602 626 799 774 8,207 8,219 8,233 8,252 13,567 916 13,374 940 13,998 925 13,896 949 13,582 1,009 2,468 56 ,011 57,624 57 2,408 56,374 ",242 2,631 57,726 60,835 2,521 57,127 58,451 2,582 56,156 57,376 4,361 4,162 4,062 4,162 4,258 2,130 1,702 2,530 2,233 1,956 3,148 19,037 2,209 19 ,070 2,211 19,082 2,681 19,108 3,224 19,173 ,113 ,122 ,099 ,085 ,059 213 10,094 213 10,354 215 10,637 216 10,141 217 10,108 ,505 ,428 ,448 ,485 ,522 1,375 1,405 1,416 1,433 1,428 388 216 632 253 514 783 737 523 909 693 8,267 8,262 8,248 8,249 8,272 4,083 3,851 3,729 3,886 1,885 1,810 2,101 1,810 2,832 19,125 2,374 19,093 4,145 19,108 3,937 19 ,082 ,059 ,053 ,045 ,021 211 10,862 ,500 211 10,934 ,475 211 10,529 ,501 210 9,955 1,524 1,425 1,419 1,404 1,433 483 334 433 371 767 839 741 832 8,293 8,288 8,277 8,290 1954—July 13,979 June 1. June 8. June 15. June 22. June 29. 14,001 13,615 13,797 13,671 926 2,582 55,336 July 6. 13,406 July 13. 13,605 1,020 2,599 56,113 951 2,543 55,866 July 20. , 13,732 13,812 981 2,386 56,416 July 27. 57 157 58 928 58 050 57 921 486 7,818 New York City 1954—July 1955—May June.... July 4,497 146 15,593 16,474 329 1,057 781 1,954 250 3,142 1,038 1,249 4,485 4,470 4,437 142 141 146 15,956 16,934 16,188 17,379 15,749 16 ,906 333 886 1,258 2,039 321 1,093 838 2,059 298 910 1,150 1,997 143 140 112 2,836 1,121 1,061 2,943 1,152 1,107 2,977 1,159 1,119 30 31 72 1955—May 4. May 11. May 18. May 25. 4,687 4,378 4,466 4,409 139 150 135 144 15,946 16,874 15,895 16,846 15,960 17,069 16,024 16,948 361 1,000 1,306 2,054 322 898 1,168 2,037 316 880 1,375 2,027 332 766 1,181 2,039 142 142 141 145 2,853 2,854 2,937 2,702 1,117 1,083 1,108 1,176 1,066 1,051 1,062 1,067 120 June 1. June 8. June 15. June 22. June 29., 4,479 4,350 4,583 4,485 4,450 139 144 132 137 154 15,926 17,209 16,068 16,953 16,576 18,144 16,405 17,518 15,964 17,073 307 1,143 1,167 2,049 299 741 2,055 794 317 1,354 601 2,064 311 1,179 732 2,068 370 951 2,057 994 142 146 150 139 123 2,930 2,866 3,037 2,931 2,949 1,168 1,108 1,137 1,148 1,197 1,073 1,102 1,111 1,124 1,124 July 6. July 13. July 20. July 27. 4,321 4,421 4,499 4,505 145 154 137 146 15,610 16 ,697 15,810 17,083 15,682 16,920 50 15,893 16,922 319 870 879 307 698 786 272 1,089 1,554 888 1,477 292 2,019 2,004 1,991 1,975 118 115 114 101 3,056 3,057 2,983 2,813 1,152 1,143 1,156 1,183 1,123 1,123 1,107 1,124 1954—July 9,482 807 2,687 38,505 38,671 3,642 883 1,885 16,347 1955—May June July 9,286 9,213 9,202 1955—May 4. May 11. May 18. May 25. 9,314 9,237 9,331 9,262 790 2,421 40,281 40,386 4,016 951 2,238 807 2,475 40,490 40,926 3,880 1,017 1,857 991 2,172 824 2,469 40 183 41,108 3,589 316 40,035 39,897 4,088 939 2,204 740 507 40,339 40,762 3,936 814 881 2,098 533 40,334 40,708 4,034 1,048 2,466 786 325 40,413 40,175 4,006 819 937 2,187 June 1. June 8. June 15. June 22. June 29. 9,088 9,024 9,415 9,411 9,132 777 796 793 812 855 2,421 40,085 40,415 2,370 40,306 40,289 2,589 41 150 42,691 2,472 40 722 40,933 2,524 40 192 40,303 4,054 3,863 3,745 3,851 3,888 987 908 ,176 ,054 962 July 6. July 13. July 20. July 27. 9,085 9,184 9,233 9,307 781 866 814 835 2,519 2,546 2,476 2,336 3,764 3,544 3,457 3,594 ,006 ,024 ,012 922 2 4 2,605 336 2,681 405 2,678 391 2,685 357 327 274 385 2,681 2,681 2,682 2,682 50 386 365 335 527 414 2,687 2,679 2,678 2,672 2,673 70 50 108 60 461 457 307 340 2,686 2,687 2,686 2,682 Outside New York City 39,726 40,460 40,303 41,845 40,184 41,130 40,523 40,999 5,213 998 137 7,898 254 256 16,952 17,035 17,105 989 956 933 153 7,316 159 7,324 154 7,593 333 325 341 299 304 301 273 370 333 364 5,547 324 5,582 404 5,602 16,921 16,939 16 ,972 16 ,975 990 993 991 984 7,488 7,533 7,317 6,923 334 337 326 336 299 297 300 299 427 185 159 319 245 299 525 389 5,526 5,538 5,551 5,570 1,981 1,468 1,610 1,949 2,273 16,988 17,015 17,018 17,040 17,116 971 976 949 946 936 153 154 153 158 158 159 159 159 7,164 7,488 7,600 7,210 7,159 337 320 311 337 325 302 303 305 309 304 385 206 538 253 464 397 372 188 382 279 5,580 5,583 5,570 5,577 5,599 1,962 1,676 2,591 2,460 17,106 17,089 17,117 17,107 941 938 931 920 154 154 154 153 7,142 348 332 345 341 302 296 297 309 413 284 325 311 306 382 434 492 5,607 5,601 5,591 5,608 272 ^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Backfigures.—Fordescription 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 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks. 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. AUGUST 1955 903 CHANGES I N COMMERCIAL A N D INDUSTRIAL LOANS OF A SAMPLE O F WEEKLY REPORTING MEMBER BANKS BY INDUSTRY^ [Net declines, ( —>. In millions of dollars] Business of borrower Manufacturing and mining Period Metals and Petrometal Food, Textiles, products leum, liquor, apparel, (incl. : coal, chemical, Other and I and and tobacco leather machinery aind ; rubber i teansequip.) 2 515 155 146 . -461 589 384 35 6 36 18 50 44 29 54 45 30 -31 -61 66 47 239 -37 43 243 2 39 64 36 62 52 65 197 739 125 96 1 -46 3 i 12 18 ; 2 41 -8 4 -52 16 25 5 8 -4 —6 -7 -14 . 72 1 -12 -15 8 24 -4 15 1 30 10 -2 2 17 42 1 120 91 43 -58 —5 -21 49 9 3 16 8; 14 12 5 -17 -14 —12 -14 -5 J 39 25 45 -9 6 —1 8 44 -2 -5 183 17 2 175 36 9 10 25 17 1 -12 13 6 11 34 62 114 16 -96 -5' -13 732 78 68 14 9 -7 1 —2 20 7 4 9 15 8 4 21 27 14 -36 6 -24 17 -31 20 -15 28 -7 18 16 8 15 30 -5 25 1955—Jan.-June... -540 : 220 Monthly; 1955—May June. July —102 -29 -65 ! -6 40 28 -21 -20 -6 1,257 177 71 82 134 -577 -54S July 6 July 15. . . . July 2 0 . . . . July 27 143 126 -225 55 -26 i r& 1 9 i -508 98 ; 5 -11 t ; ! 8 8 1 11 —44 10 -8 -4 20 -1,314 630 -175 32 I I -10 -19 16 -14 -3 106 132 -363 539 -505 498 June 1 „.... June 8 . . . . June 15 June 22 June 29. . . . -536 610 -10 88 1954—Jan.-June. . . July-Dee,... 6 -9 ~3 7 4 -II 101 12 91 -45 158 ! ! i ! ! 18 -23 -91 -137 420 -326 -35 -19 -18 -30 Construction -644 392 156 ! -107 j Comm'l, ind'l, and Net agr'l. changes changeclassitotal fied All other types of business 215 -7 -41 120 -657 537 Week ending: May 4 May 1 1 . . . . . . May 18 May 2 5 . . . . . Sales finance companies Public utilities (incl. transportation) 90 -49 -1 -62 1955—Jan.-June... July-Dec ... Trade (wholeComsale modity and 1 dealers retail) ; . , • -805 795 -1,496 25 12 ! -12 ! 645 54 40 | -175 139 -36 -101 131 95 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these 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. NOTE..—Monthly amd weekly data for t h e full year 1954 are shown on pv214 oi the BULLETIN for Fetaruary 1955, except for Dec. 29 revision shown on p. 524 of the BULLETIN for April, 1955. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES [In millions of dollars 1 Dollar acceptances outstanding Commercial and finance company paper outstanding: End of month Total 1949—December . 1950—December 1951—December . . 1952—December 1953—December . Held b y Total Placed outPlaced direct- standing throughly dealers 1 (finance paper) 2 Accepting banks Total • F. R. Banks Own Bills Own Forbills bought acct. eign corr. Utn- Based on Goods stored in or Exshipped between ports Dollar points in exfrom into United United change States States United , Foreign States countries Imports 119 J26 117 70 78 79 57 55 11 21 21 20 24 135 180 272 289 378 184 245 235 232. 274 49 87 133 125 154 25 39 29 30 28 55 64 75 164 164 155 178 217 241 203 56 41 43 81 55 71 86 14 9 5 6 14 19 355 376 360 344 402 437 565 246 225 205 207 207 248 285 143 136 134, 139 148 164 182 60 92 75 85 72 42 17 96 91 101 130 205 247 300 ! 25 28 29 2& 26 26 564 561 538 517 455 431 273 235 227 229 207 216 187 178 ' 182 17 41 56 68 53 40 303 283 248 190 150 125 ! 837 . 270 345 920 449 1,331 1,745 ; 552 564 1,966 567 575 882 1,193 1,402 272 394 490 492, 574 128 192 197 183 172 1954—June July.. August September October November December I 2,150 , 679 2,208 • 747 794 2,228 i 2,192 8Q5 2,048 762 i2,032 769 1,924 , 733 1,471 1,461 1,434 1,389 1,286 1,263 1,191 589 589 563 609 687 768 875 220 205 198 259 271 313 289 1955—January. . . February March April. . May. . . „ June 1 2,064 1 715 703 2,187 681 • 2,191 623. 2,1.71 2,335 572 2,303 572 1,351 1,484 1,510 869 831 807 767 686 655 282 206 242 182 236 < 187 206164 192 143 138 182 1^763 1,731 OUTSTANDING 114 77 61 49 42 49 44 4 17 14 16 , 1881 ' 189 32 44 32 43 ; 43 46 47 48 55 66 89 90 93 95 92 88 85 1 As~ reported' b y dealers? include finance company paper as well as other commercial paper sold in the open market, As reported1 hy flnanee 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. a 904 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 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 .... 1950 1951 1952 „ 1953 1954 Busi ness securities United State and Foreign2 States local1 Total Real Policy Mortgages ' «state ; loans Other assets 554 601 608 652 756 999 1,249 1,390 1,428 1,718 2,103 2,221 2,446 2.573 3,268 5,958 6,442 6,726 6,714 6,686 6,636 7,155 8,675 10,833 12,906 16,102 19,314 21,251 23,322 25,976 2,060 1,878 1,663 1,352 1,063 857 735 860 1,055 1,247 1,445 1,631 1,903 2.020 2,298 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 2.014 3,127 2,156 1,840 1,693 1,839 1,704 1 738 1,808 2,124 2,160 2,245 2,591 2,872 3,088 3,302 3,523 Total Bonds8 Stocks 481 9,178 10,174 10,315 10,494 10,715 11,059 13,024 16,144 20,322 23,179 25,403 28,204 31,646 ,34,570 37,462 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 31.007 34,194 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 84,486 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 12,100 5,857 .6,796 9,295 12,537 16,531 20,583 21 ,.629 20,021 16,746 15,290 13,459 11,009 10,252 9 ,;829 9,070 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 .000 2,549 End of month: 6 1952—December 1953—December 73,034 ' 78,2©1 12,683 12,322 10,195 9,767 1,733 1,968 755 587 31,404 34,395 29,226 32,056 2,178 2,339 21,245 23,275 1,868 1,994 2,699 2,894 3,135 3,321 1954—May June July August September October November December 80,547 80,981 81,510 81,965 82,362 : 82,850 83,338 84,052 12,452 12,294 12,222 12,197 12,094 12,013 11,992 12,037 9,539 9,343 9,189 9,171 9,086 9,024 8,936 9,021 2,326 2,363 2,456 2,471 2,485 2,509 2,575 2,533 587 588 577 555 523 480 481 483 35,371 35,683 35,943 36,094 36,326 36,579 36,663 36,843 32,871 33,150 33,369 33.494 33,717 33,979 34,040 34,147 2,5OC 2,533 2,574 2,600 2,609 2,600 2,623 2,696 24,174 24,384 24,572 24,795 25,035 25,260 25,574 25,927 2,102 2,129 2,147 2,177 2,205 2,241 2,260 2,275 3,000 3,023 3,045 3,066 3,049 3,061 3,075 3,087 3,448 3,468 3,581 3,636 3,653 3,696 3,774 3,883 1955—January. February Mardh April May 84,912 85,324 85,627 86,061 86,515 12,348 > 9,233 9,242 12,323 9,091 12,153 9,105 12,167 9,058 12,099 2,643 2,664 2,649 2 ,643 2,632 472 417 413 419 409 37,061 37,130 37,384 37,524 37,693 34,305 34,367 34,611 34,733 34,906 2,756 2,763 2,773 2,791 2,787 26,223 26,474 26,727 26,949 27,217 2,310 2,344 2,367 2,381 2,407 3,127 3,144 3,159 3,177 3,190 3,843 3,909 3,837 3,863 3,909 „ , 115 396 511 684 792 915 1,010 1,037 1,140 1,13© 1,06© 922 755 586 * Includes United States and foreign. 2 Central government only. 'Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, 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 not made on each item separately, but are included in total in 3'Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AN© LOAN ASSOCIATIONS IN THE UNITED STATES fin millions of dollars] Assets End of year 1940 1941 1942 1943 1944 1945 1946 1947 1948 11949 1950 1951 1952 1953 1954* Mortgages3 U.S. Government obligations 4,125 5,733 4,578 6,049 4,583 6,150 4,584 6,604 4,800 7,458 5,376 8,747 7,141 10,202 8,856 11,687 10,305 13,028 11,616 14,622 13,622 16,846 15,520 19,164 18,336 22,585 26,638 21,882 31,680, 26,142 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 . Total* Assets Cash ; Other* 307 : 344 410 465 413 450 536 560 663 880 951 1,082 1,306 1,500 1,958 940 775 612 493 391 356 381 416 501 566 692 866 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 , Total* Mortgages* U. S. Government obligations Cash 1952—2 3 4 20,599 21,295 22,585 16,875 17,696 18,336 1,687 1,765 1,791 1,182 1,044 1,306 770 708 1,072 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 22,778 1954—1*... 2»... 3»,.. 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 1,782 1,671 1,958 1,330 1,442 1,400 1,481 23,901 25,163 25,895 27,259 1955—1P... 33,006 27,313 2,207 1,911 1,514 28,398 End of quarter 4P... Other» Savings capital 9 Preliminary. a Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. sIncludes 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. 1955 905 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter 1954 Asset or liability, and agency 1946 1947 1948 1950 1949 1951 1952 3 2 Loans, by purpose and agency: To aid agriculture, total Banks for cooperatives Federal intermediate credit b a n k s . . . . Federal land banks 2 Federal Farm Mortgage Corporation Farmers Home Administration 3 Rural Electrification Administration Commodity Credit Corporation Other agencies To aid home owners total Federal National Mortgage Assn. 2 Home Owners' Loan Corporation Reconstruction Finance Corporation 4 Veterans Administration Other agencies 4 ... . 884 .... 773 986 149 ,299 3,884 4,161 5,070 305 476 302 437 345 510 425 633 424 673 109 80 60 45 34 25 558 734 619 116 6 4 768 1,251 638 15 4 13 701 ,??6 981 4 ,818 ,39? 907 461 3 013 538 199 828 231 168 24 367 59 1? 383 63 408 67 1? 11 1? 1? 11 486 •1 65 369 177 22 147 145 .3 140 138 3 114 112 3 110 108 2 101 99 2 82 80 2 516 457 58 f 509 294 864 952 864 952 153 19? 151 27? 741 310 77? 462 423 458 400 488 415 41 31 38 38 58 74 To 314 14 793 447 7 171 6 445 8 433 824 8 816 814 8 806 institutions, total.... Reconstruction Finance Corporation 5 Federal home loan banks Other agencies 7 436 4 SI.5 4 4 79 77 2 \ 174 40 12 1C 2 ? 754 ,?00 457 ? 775 ? 1? 774 3 ,357 4 413 420 4?6 179 45 349 64 353 67 678 (*) 691 870 353 73 704 689 868 2 70"? 2 415 191 675 3 2 ,?.84 1 ,673 6 ,10? 6,090 6,078 6,110 7,736 8,043 7,965 7 ,968 8 001 7 968 1 ,978 7 ,14.5 2,187 2,226 2,296 2,496 2,833 2,762 788 7 ,806 2 ,768 Foreign, total Export-Import Bank. Reconstruction Finance Corporation 5 * U. S. Treasury Department 9 1 ,749 735 800 All other purposes, total 746 154 706 3 ,450 3 750 3,750 778 96 184 190 794 100 484 778 113 478 395 368 476 623 Reconstruction Finance Corporation5 * Public Housing Administration11 . . . O t h e r agencies i 714 •340 Less: Reserve for losses 88 297 99 101 64 58 52 42 531 779 1,095 411 438 411 50 919 126 171 32 245 195 144 307 113 105 61 609 109 763 57 535 471 59 366 32.5 119 33? 185 173 140 203 255 276 228 259 3,750 3,750 3,667 3,620 3,618 3 618 3 570 3 570 1,537 1,544 1 ,563 1 ,624 1 , 6 3 0 6 ,649 9 ,714 11 ,692 12,733 13,228 14,422 17,826 19,883 18,489 18 ,603 19 ,348 19 ,78? Total loans receivable (net) Investments: U.S. Government securities, total Banks for cooperatives Federal intermediate credit banks Production credit corporations Federal land banks 2 Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corporation 2 Federal Housing Administration Reconstruction Finance Corporation 5 ^ Federal Deposit Insurance Corporation... Other agencies 1 , 873 1 ,681 43 48 48 47 72 70 1 ,814 2,047 43 2,075 2,226 2,421 2,602 44 66 43 74 39 43 46 42 43 51 43 43 60 43 43 63 45 52 5C 42 43 58 42 967 43 61 42 187 43 60 42 139 774 275 199 193 249 200 311 208 387 217 672 22$ 687 222 641 228 771 234 188 244 285 1 316 319 257 3?4 3?7 344 136 145 172 17 184 1? 17? 48 1 ,045 13? 144 1 ,0?0 28 29 ... 318 ?,30 159 46 24 Commodities, supplies, and materials, total Commodity Credit Corporation Reconstruction Finance Corporation 5 ^ Department of the Treasury Other agencies 1,265 134 199 1? ,988 i *205 1,307 1,353 1,437 1,526 1,609 1 ,610 1 ,674 1 ,69? 1 1 1 1 9 1 1 1 1 2 3 , 381 3,385 114 108 35 11 822 448 235 138 16 12 ,600 ,924 704 35 ,861 727 754 3 301 3 305 7 764 6 507 War Shipping Administration 2 Federal Maritime Board and Maritime Adm. 2 Other agencies12 Bbnds, notes, a n d debentures payable guaranteed), total . ... . . Banks for cooperatives Federal intermediate credit banks Federal land banks 2 . ... 463 667 ... Land, structures, and equipment, total Public Housing Administration 11 . .5. Reconstruction Finance Corporation ^ Tennessee Valley Authority 214 8 2,911 1 ,064 Other securities, total Reconstruction Finance Corporation 5 . . Production credit corporations Department of the Treasury Other agencies 133 98 79 6 107 83 22 2 3,385 3,385 88 3,385 3,385 78 71 16 1 66 11 1 44 36 8 40 3,385 35 5 54 5C 4 r . I i 1 3 , 381 , 381 3 , 381 48 A 44 3 3 43 2 38 3 627 1,549 1,774 1,461 1,280 2,514 3,369 3 ,709 437 1,376 1,638 1,174 978 2,086 2,802 3 ,059 157 142 129 108 17? 156 91 95 30 32 28 131 { 272 159 476 556 3 ,060 2,962 2,945 3,358 3,213 8,062 8,077 8 ,061 823 ,448 1,352 1,248 1,251 1,173 1,018 128 630 611 594 605 199 175 161 830 793 886 1,048 1,251 1,475 1,630 1 ,685 3 ,852 3 ,612 3 ,302 2 ,983 80 65 470 564 (•) 8 ,046 7 ,982 96 80 1 ,739 1 ,781 4,834 4,829 4 ,78? 4 ,798 4 ,749 ,466 1 ,412 1 ,372 561 634 2 ,044 1 ,793 (not 189 168 1 ,252 33 293 756 60 358 480 965 70 772 1,190 1,369 1,330 1,182 78 110 170 150 181 490 520 674 704 619 971 1 ,072 1 ,668 1 ,561 131 139 120 640 762 713 736 ?6? 415 204 560 525 445 414 115 169 Federal National Mortgage Assn 754 16 1,528 2,142 2,603 2,930 2,814 1,347 1,850 2,242 2,462 2,301 10 137 108 104 123 115 / 348 35 169 246 1 300 60 62 To other industry, total Reconstruction Finance Corporation 5 ? Department of the Treasury Other agencies Investment i ninternational institutions 774 18 171 To railroads, total . . Reconstruction Finance Corporation 5 Other agencies financing 590 636 10 6 5 1 4 6,811 6,389 6 ,i?,7 6 9?,Q 7 ,466 340 343 367 377 309 525 535 648 754 523 539 596 999 1,301 1,543 1,742 1,920 2,096 2,164 780 1 ,793 1,729 898 782 1,426 3,076 2,36? 7 5 7 5 4 6 6 9 590 578 170 6 . . ,63? 4,362 776 336 1955 1953 689 206 465 590 179 ?7? 139 570 For footnotes see following page. 906 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] labilities, other than interagency items Assets, other than interagency items1 Cash Loans receivable Bonds, notes, InvestComand debenments moditures payable Land, ties, struc- Other Other suptures, asliabilplies, U. S. and Other Guarities sets and Govt. equipanteed mate- secu- secu- ment Other rities by rials rities U.S. 21,718 23,733 14,635 26,744 29,945 38,937 630 441 642 931 944 1,190 11,692 12,733 13,228 14,422 17,826 19,883 627 1,549 1,774 1,461 1,280 2,514 1954—June 30. . Sept. 30. . Dec. 31. . 39,602 40,443 41,403 1955—Mar. 3 1 . . 41,996 Date, and corporation or agency Total All agencies: 1948—Dec. 3 1 . . 1949—Dec. 3 1 . . 1950—Dec. 3 1 . . 1951—Dec. 3 1 2 . 1952—Dec. 3 1 2 . 1953—Dec. 3 1 2 . 166 183 234 329 378 434 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 1,371 19,348 3,852 2,967 3,432 8,046 2,387 971 4,033 34,030 1,072 2,357 36,488 1,068 4,183 35,610 486 498 508 1,375 19,782 3,612 3,187 3,429 7,982 2,629 1,561 4,013 35,848 543 242 98 45 14 28 2,393 6,992 770 20 1,513 242 332 565 2,650 921 50 2,540 198 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 31 2,809 1,709 1,996 5,380 469 576 8,794 1,647 899 1 29 2 2,789 3 () 176 25 31 409 134 17. 3,93 1,630 12 11 c 1 3,518 3,492 3,473 3,463 3,429 3,425 Privately owned interest 18,886 21,030 21,995 23,842 26,456 33,429 Classification by agency, Mar. 31, 1955 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 Administration" Federal Housing Administration Federal National Mortgage Association.... Office of the Administrator 411 819 46 15 1,854 2,047 2,075 2,226 2,421 2,602 U. S. Government interest 337 3,060 509 2,962 499 2,945 882 3,358 832 3,213 8,062 1,261 965 663 772 ,720 1,190 ,193 1,369 ,161 1,330 ,728 1,182 3,818 336 725 139 713 12 2,250 3,265 2,983 667 702 1 151 1 2,392 2,294 4,698 13 757 4 15 108 571 27 1 139 771 234 "us 344 () 596 1,692 () 1,781 4,749 421 3,423 475 13' 63 112 137 18 39 15 11 331 4 28 ,059 10 117 31 570 —3 862 232 10 308 24 360 175 27 2,052 914 8 515 31 2,697 1,567 1,949 5,197 457 569 28 8,766 6 1,641 48 851 () 112 142 47 184 12 Corrected. 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 U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration. 4 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, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 7 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 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." ^ 8 9 Less than $500,000. Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. I °Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance sheet for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve. I 1 Reflects activities of the Federal Public Housing Authority under the U, S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1954, the public war housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator. 12 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. !3See 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. AUGUST 1955 907 SECURITY MARKETS * Bond prices Stock prices Common U. S. Govt. (long-term) Year, month, or week Number of issues.. 1952 average 1953 average 1954 average 4954—j u i v Aug Sept Oct. Nov Dec. 1955—j an . Feb Mil- • CorpoPrenicipal rate (high- (high- ferred5 grade)4 grade)* Old ; New : Toseseries2 ries3 tal 1 3-7 15 May June July Week ending: July 2 . . . . July 9 . . . . July 16 July 2 3 . . . . July 30 15 Securities and Exchange Commission series (index, 1939—100) 480 420 20 40 265 170 98 72 21 29 31 14 115.8 169.7 188 112.1 164.0 189 117.2 174.5 227 117.5 173,3 231 117.8 174.7 236 117.6 175.8 239 117.5 178.1 244 117.4 178.9 252 117.0 178.3 265 204 169 118 195 220 249 221 118 122 193 245 245 295 219 233 122 136 206 276 193 230 189 207 236 240 267 1,404 1,419 2,270 254 257 260 267 284 298 294 301 309 313 324 345 234 237 236 240 259 285 139 141 140 138 141 144 236 243 247 249 260 268 : 257 263 268 269 278 310 2,469 2,588 1,963 2,103 3,196 3,475 17 129 3 97.27 93.90 ioi.46 119.7 99.51 109.60 125.8 100.36 111.07 126.9 100.28 111.50 128.4 99.92 110.68 127.2 . . . 99.69 110.59 126.9 99.27 109.88 127.4 98.97 109.91 126.6 Mar. Apr Volume of trading^ (in Manufacturing Trade, thouInfiPubTrans- Pub- nance, Min- sands dus- Rail- , lic To- I lic of tri- road util- tal To- Du- Non- porta- util- and ing shares) tion serval ity ra- duity ratal ice ble ble Standard and Poor's series (index, 1935-39—100) ' 204 250 97 88 108 43 96.97 103.51 97.08 103.63 96.31 103.43 96.53 103.66 96 37 103.75 94 96 102.73 125 4 125.0 124.4 124.9 125.1 123 9 121.4 116 7 115.7 115.4 115.3 114.7 114 5 114.3 175.7 175.0 174,6 176.0 175.6 175 8 176 7 269 278 278 286 285 301 170 180 ; 255 ; 184 I 261 s 187 264 ! 182 271 ; 187 282 197 297 | 218 ; 302 222 i 312 232 311 238 322 252 320 251 341 259 315 360 256 319 395 366 421 334 157 304 317 3,555 3,201 2,907 2,689 2,163 2,678 2,423 95.76 95.69 95.49 94.61 94.04 122.6 121.7 121.4 121.4 121.0 114.6 114.4 114.6 114.3 114.0 176.2 176.1 175.9 177.2 177.4 308 319 312 312 319 350 365 355 355 364 259 154 ' 314 259 154 319 254 156 318 254 \ 157 ! 321 257 S 158 ! 322 388 395 393 397 399 355 363 365 371 375 418 424 419 421 421 338 331 333 336 332 154 155 157 158 159 .' 300 323 308 i 313 305 316 306 319 303 315 2,308 2,891 2,321 2,316 2,233 103.11 103.04 102.99 102.71 102.18 140 i 233 142 237 141 240 139 244 141 254 144 i 268 220 271 275 280 286 291 305 323 145 150 150 152 152 153 271 281 280 287 289 303 326 340 337 347 350 370 307 320 318 327 324 344 344 358 354 365 372 393 288 300 305 320 326 337 145 150 151 152 154 154 270 314 276 315 275 315 277 311 280 \ 303 294 314 156 136 j 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 3 these the 1967-72 bonds are the longest term issues. Prior to Apr. 1., 1952, only bonds due or first callable after 15 years were included. The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955,4 the 3 per pent 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 8 dividend. Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. 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. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit Excluding U. S. Government securities End of month or last Wednesday of month Total Bank loans to others Net debit Money Money for : borrowed < borrowed Net debit ; Bank loans to balances others for purpurchasing balances secured on except on chasing or carryexcluding by U. S. i or carrying U.S.U. S. : Government Government ing securities balances Government u..;s. 1 except U. S, secured by U- S. obligations1 \ obligations1 Government obligations Government ; Government 2 1 obligations2 ; obligations < obligations 1951—December, . . . . 1952—December..... 1953—December 1,826 \ 1,980 2,445 1,253 1,332 1,665 ! 1954—June.. July August September October November December 2,678 2,734 2,830 2,953 i 3,050 3,203 3,436 1,822 1,893 1,967 2,048 2,095 2,202 2,388 i 3,537 3,643 3,732 3,785 3,787 3,872 2,517 2,590 2,652 2,704 2,684 2,712 1955—January February March April May, • ; 573 648 780 40 33 31 118 149 88 856 841 863 905 955 1,001 1,048 37 33 31 34 36 40 41 43 34 34 36 38 31 65 1,020 1,053 1,080 1,081 1,103 1,160 : 42 63 49 48 47 46 • 35 39 33 27 28 31 Customers' net free credit balances1 659 877 1,074 36 3© 88 822 727 713 1,092 1,099 L, 125 .:L,225 1,295 jL,353 L.529 i 82 70 69 66 69 63 69 847 877 910 924 924 972 1,019 1,620 1,666 ,861 1,988 > ,047 >,020 .;L f ; ! ; ; 77 113 78 74 72 73 j 1,069 1,063 1,022 973 928 918 ^Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers* debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. «., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities -exchanges. Data2 are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955. Data, except as noted below, are for all weekly reporting member banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the month. Some loans for purchasing or carrying U. S. Government securities may be included in column 3 after 1952; loans for that purpose are shown separately in column 5 for all weekly reporting member banks in 1951 and 1952 and for New York and Chicago banks thereafter. 908 FEDERAL RESERVE BULLETIN BANK RATES ON BUSINESS LOANS AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES [Per cent per annum] MONEY MARKET RATES [Per cent per annum] Prime commercial paper, 4- to 6months 1 Year, month,, or week Finance company paper placed directly, 3- to 6-1 months U. S. Government securities (taxable) Prime bankers' accept- 3-month bills 9- to 12- 3-to 5ances, 90 1 month year Rate issues 2 issues 3 days ' Market on new yield issues 1.766 i 1.931 i .953 1.81 2.07 .92 i .710 ' . 892 ! 1.007 ! .987 1 .948 I I.. 174 .65 .64 .89 1.03 .94 1.10 L.33 : L.38 [.38 L43 ;. t.50 L.50 [ .50 L.23 11.257 1.177 L.17 1.335 t .28 E.59 1.620 L .45 1.491 L.41 • 1.432 L .60 1 1.622 1.36 1.41 1.49 1.71 1.72 1.71 1.88, 2.11 2.IS 2.30 2.39 2.40 2.42 2.54 L .50 [.50 1.50 1.50 L.50 [.43 L .51 [ .57 1.61 [ .71 1 1.71 1.88. 1.87 •1.85 1.92 2.48: 2.48 2.49 2.55 2.64 1952 average. . . . 1953 average. . . . 1954 average. . ... 2.33 2.52 1.58 2.16 2.33 1.41 1 .75 1 .87 1 .35 1•.,72 3 .90 .94 1954—July .. ,. Aug Sept. Oct.. Nov Dec. 1.45 1.33 ' 1.31 1.31 1.31 1.31 1.25 1.25 1.25 1.25 1.25 1.25 .25 .72 .92 .25 .25 : iL .01 .25 .98 .93 [.25 [.14 [.25 1955—Jan Feb.. Mai.. Apr...... ... May....... June July 1.47 1.68 1.69 1.90 2.00 2.00 2.11 1.37 1.50 1,50 • 1.73 : 1.88 1.82 1.87 Week ending: July 2... July 9 . . . July 1 6 . . . July 23. . . July 30. . . 2.00 2.05 2.06 2.14 2.19 1.81 1.86 1.88 1.88 1.88 1.401 1.541 1.606 1.620 1.720 2.13 2.56 1.82 1.69 1.74 1.80 1.85 1.90 1.94 1 L Data 2 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. Size of loan 'thous. D dol.) f Area and period loans Annual averages; 19 cities: 1948 ..... 1949 1950.. 1951 1952... . . . . . 1953 2954 2 5 2.7 2.7 3.1 3.5 3 7 3.6 3 5 3.7 3.6 4.0 4.2 4 4 4.3 2.8 4.6 4.5 4.7 4.9 5 0 5.0 3.56 3.55 3.54 3.56 4.99 4.92 4.93 4.92 4.32 4.29 4.29 4.29 3.82 3.84 3.83 3.83 3.29 3.30 3.29 3.30 4.81 4 66 4.68 4.73 4.21 4 15 4.14 4.18 3.54 3 64 3.65 3.62 3.57 3.55 3.55 3.55 5.07 4.99 5.02 4 97 4.34 4.31 4.32 4.29 3 94 3.89 3.84 3 78 3 36 3.95 3 90 3.87 3.95 5.03 5 01 5.00 4.98 4.39 4.36 4.35 4.34 3.91 3 93 3 92 4.01 \ 3.68 3 60 3 54 3.67 Quarterly: 19 cities: 1954—Sept Dec... 1955—Mar... June......... New York City: 1954—Sept.. Dec 1955—Mar June . 7 Northern and Eastern cities: 1954—Sept.. Dec. 1955—M ar June........ 11 Southern and Western cities: 1954—Sept. Dec 1955—Mar... June *_ 10 4.4 10100 100200 3.0 3.0 3.4 3.7 3 9 3.9 200 and over 22 2.4 2.4 2.9 3.3 3 5 3.4 3 32 3.31 3 30 3.33 3.13 3 15 3 14 3.15 3.33 3.35 3 37 NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS 1 [Per cent per annum] Bonds Industrial stocks Corporate 6 State and local government , Year, month, or week U. S. Govt. (long-term) General obligations 4 By selected ratings Revenue bonds 5 Old series2 New series 3 Number of issues.. 3-7 1 20 5 5 10 1952 average 1953 average 1954 average .. 2.68 2.93 2 ..53 "s.ii' 2.70 2.22 2.82 2.46 1.80 2.31 2.04 2.70 3.41 3.09 2.45 3.02 2.81 1954—July August September.. October November.. December. . 2.47 2.48 2.51 2.52 2.55 2.57 2.62 2.60 2.64 2..65 2.6& 2.6S 2.39 2.31 2.34 2.37 2.34 2.4.0 1.98 1.90 1.93 1.97 1.95 2.01 3.00 2.94 2.98 3.00 2.96 2.99 1955—January.. ... February... March..... April May June July 2.65 2.72 2.71 2.77 2.75 2.76 2 .87 2.76 2.92 2.92 2.92 2.91 2.91 2.96 2.48 2.49 2.49 2.50 2.48 2.49 2.62 2.09 2.10 2.09 2.08 2.06 2.09 2.23 Week ending: July 2 . . . . July 9 July 16 July 2 3 . . . . July 30 2.81 2.82 2.83 2.90 2.94 2.94 2.94 2.94 2.96 2.99 2.53 2.58 2.62 2.63 2.64 2.14 2.19 2.23 2.24 2.27 Total By selected ratings Dividends/ price ratio By groups Total Industrial Railroad PrePublic utility ferred* Common 8 Aaa Aaa Earnings/ price ratio Baa 30 40 40 40 14 3.00 3.30 3.09 3.10 3.07 3.07 3.06 3.06 3.07 3.08 3.12 3.14 3.14 3.17 3.18 3.18 3.36 3.55 3.25 3.23 3.21 3.22 3.23 3.22 3.23 3.25 3.28 3.31 3.30 3.32 3.31 3.20 3.45 3.15 4.13 4.27 4.02 3.13 3.12 3.13 3.11 3.10 3.10 4.04 4.01 3.98 3.93 3.92 3.93 3 ..32 3.12 3.15 3.17 3.17 3.19 3.21 3.22 3.98 f 4-. 10 4.00 4.14 4.01 4.18 3.98 4.03 3.99 4.05 3.98 3.71 3.96 3,63 3.17 3.17 3.18 3.18 3.20 , 3.31 3.32 3.31 3.32 3.33 3.22 3.22 3.21 3.21 3.22 3.97 3.97 3.98 3.95 3.95 Baa 2.76 2.75 2.80 2.77 2.76 2.76 120 3.19 3.43 3.16 3.15 3.14 3.13 3.13 3.13 3.13 2.96 3.20 2.90 2.89 2.87 2.89 2.87 2.89 2.90 3.04 3.05 3.07 3.08 3.07 3.08 3.1? 2.77 2.79 2.80 2.79 2.77 2.80 2.86 3.15 3.18 3.20 3.21 3.23 3.23 3.24 2.93 2.99 3.02 3.01 3.04 3.05 3.06 30 3.52 3.74 3.51 3.50 3.49 3.47 3.46 3.45 3.45 3.45 3.47 3.48 3.49 3.50 3.51 3.52 3.11 3.14 3.17 3.17 3.18 2.84 2.84 2.84 2.87 2.90 3.23 3.24 3.24 3.24 3.25 3.05 3.05 3.05 3.05 3.07 3.51 3.51 3.52 3.52 3.53 Common® 125 1 125 5.55 5.51 4.70 9.49 10.14 8.75 4.54 4.66 4.31 4 A3 4.29 4.09 7.42 8.15 ^8.25 8.17 3.70 3.61 3.63 3.61 3.63 ^Revised. 1 Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government general obligations are based on Thursday figures; of revenue bonds, on Friday figures•; and of preferred stocks, on Wednesday figures. Figures for common stocks are as of the end of the period, except for annual averages. 2 Fully taxable, marketable 2J^ 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 3U per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995. 4 5 Moody's Investors Service. The total includes bonds rated Aa and A r data for which are not shown separately. Dow-Jones, and Co. 6 Moody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some of groups has varied somewhat. The 7 total includes bonds rated Aa and A, data for which are not shown separately. Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility. 8 9 Moody's Investors Service. Computed by Federal Reserve from data published by Moody's Investors Service. AUGUST 1955 909 TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of monthly statements of United! States Treasury] Summary Excess of receipts or expenditures (—) Budget receipts and expenditures Increase or decrease (—) during period Account of Treasurer of the United States (end of period) Deposits in Period Sales and Trust redemptions Clearand ing in market other acof Govt. account agency counts obligations Net receipts Ex-# penditures Surplus or deficit (-) Cal. yr.—1951 1952.... 1953 19541. . . 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 82 812 56 -90 19 -73 —106 -319 -209 -34 Fiscal yr.—1952... 19531.. 1954... 1955... Semiannual totals: 1952—July-Dec. 1953—Jan.-June. July-Dec. 1 1954—Jan.-June. July-Dec. 1955—Jan.-June. Monthly: 1954—July Aug Sept Oct. Nov Dec 1955—Jan. Feb Mar Apr May June July 61,391 64,825 64,655 60,303 65,408 74,274 67,772 64,494 -4,017 -9,449 -3,117 -4,192 219 460 332 -612 -72 -25 -4 881 26,893 37,703 25,757 38,899 22,272 38,031 36,186 37,801 34,484 33,288 31,566 32,928 -9,293 -98 -8,728 5,611 -9,294 5,102 121 341 -317 648 164 -775 46 -71 99 -103 30 851 -401 -250 -303 257 -64 -248 —246 -57 23 234 2,827 3,911 4,951 2,639 4,201 3,742 4,655 5,427 9,741 3,732 4,438 10,038 n.a. 4,827 6,731 5,019 4,857 3,842 6,288 4,942 4,831 5,894 5,228 5,356 6,677 n.a. -2,000 -2,820 -68 -2,218 358 -2,546 -287 596 3,846 -1,496 -919 3,361 n.a. -135 387 -283 -288 358 126 -179 26 -80 -193 — 79 -269 n.a. -34 -83 163 -23 33 -26 511 -37 73 29 36 238 n.a. -97 -222 21 104 —209 425 —186 354 36 309 -384 104 n.a. Gross direct public debt F. R. Banks Other net assets General fund balance Balance 2,711 7,973 7,777 3,582 62 1,770 -1,488 603 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 3,883 6,966 5,189 3,115 -388 -2,299 2,096 -551 6,969 4,670 6,766 6,216 333 132 875 380 355 210 274 343 5,106 3,071 4,836 4,365 1,175 1,256 781 1,127 8,286 -1,320 9,097 -3,909 7,490 -4,376 -904 -1,394 -94 2,190 -1,587 1,036 6,064 4,670 4,577 6,766 5,180 6,216 389 132 346 875 563 380 176 210 131 274 111 343 4,368 3,071 3,358 4,836 3,461 4,365 1,132 1,256 742 781 1,045 1,127 -276 3,971 -145 3,942 101 -103 -311 -257 -4,134 2,601 824 -3,098 3,210 -2,542 1,233 -313 1,518 641 -2,124 -451 682 -260 1,250 -522 336 595 4,224 5,457 5,145 6,663 7,304 5,180 4,728 5,411 5,151 6,401 5,880 6,216 6,811 727 511 704 736 694 563 360 564 724 814 649 380 624 196 101 170 175 137 111 320 196 149 362 153 343 179 2,538 4,078 3,469 4,936 5,584 3,461 2,907 3,561 3,203 4,023 4,054 4,365 4,972 764 767 801 816 889 1,045 1,142 1,089 1,074 1,201 1,023 1,127 1,036 Special deposAvail- In proc- itaries ess of able collecfunds tion Budget expenditures National security Period Total Total* InterVetnat'l. Inter- erans Social seDeest Admin- curity affairs Mutual mili- Atomic and fense on proistratary energy Dept., debt tion 4 grams fipromilinance 3 gram tary 694 1,010 1,564 646 3,238 — 159 3,437 - 3 9 3 1,438 1,573 1,685 1,526 684 775 525 241 507 510 154 182 2,901 3,098 3,966 3,350 2,839 2,184 1,553 1,175 5,859 6,504 6,382 6,389 4,748 4,249 4,176 4,376 1,424 1,532 1,640 1,669 1,219 3,134 2,841 4,689 614 385 -615 127 1,515 1,660 1,519 1,472 740 659 312 366 567 462 164 157 3,015 3,229 3,277 3,086 876 926 945 950 987 869 1,107 1,113 968 585 680 787 2,966 3,542 2,816 3,567 3,000 3,389 2,164 2,086 2,070 2,106 2,100 2,277 802 791 806 834 819 850 885 424 2,178 -42 1,237 - 1 7 6 1,604 - 4 3 9 1,833 46 2,856 81 916 740 900 619 907 565 355 305 220 92 149 216 426 31 118 46 137 20 1,650 1,462 1,774 1,502 1,847 1,239 110 174 169 160 170 156 158 158 151 153 134 126 147 69 81 94 152 73 89 192 171 148 109 78 184 97 1,763 213 332 541 346 368 1,200 222 396 478 355 443 1,495 370 333 333 320 341 372 401 373 364 386 379 378 397 114 - 4 0 156 137 158 164 142 148 149 2 101 23 89 72 85 16 99 31 108 43 84 32 17 56 4 1 9 1 65 r7 r3 1 '5 '3 1 20 468 344 309 279 212 234 '272 '288 '269 '-60 '294 175 1,699 2,113 1,671 1,958 1,292 605 3,932 516 2,493 334 2,913 228 2,843 210 2,908 187 2,853 181 3,280 152 3,092 -113 2,705 163 3,261 63 3,020 122 3,017 99 3,345 271 36,186 37,801 34,484 33,288 31,566 32,928 24,491 25,596 23,750 22,773 20,047 20,650 21,426 22,134 20,819 19,517 17,290 18,440 7,308 4,827 6,731 5,019 4,857 3,842 6,288 4,942 4,831 5,894 5,228 5,356 6,677 4,663 3,061 3,370 3,261 3,300 3,316 3,739 3,176 3,048 3,759 3,382 3,346 3,939 5 1,463 1,508 1,630 1,653 1,648 1,791 1,895 1,856 38,077 43,611 40,336 35,730 65,408 74,274 67,772 64,494 5,088 4,433 4,156 4,206 2,292 3,956 3,629 1,895 42,867 50,276 46,522 40,989 Fiscal yr.—1952.... 19531... 1954.... 1955.... Semiannual totals: 1952—July-Dec. . 1953—Jan.-June.. July-Dec, i 1954—Jan.-June.. July-Dec. . 1955—Jan.-June.. Monthly: 1954—June July Aug Sept. Oct Nov Dec 1955—Jan Feb Mar Apr May June 5,983 6,065 6,357 6,567 1,278 1,813 1,889 1,937 29,432 42,078 42,953 36,807 56,337 70,682 72,997 64,854 5 TransHousfers Post ing to Other and Public office trust home works defacfiicit counts nance 3,524 2,574 2,082 1,265 1,594 3,052 3,784 3,249 33,044 47,936 49,363 42,820 Cal. yr.—1951 1952 1953 19541 Agriculture 5 169 248 139 270 118 2,039 137 144 171 170 131 -1,034 123 244 181 381 119 269 119 690 153 781 133 390 145 345 -85 49 -39 —5 6 96 -61 35 36 -17 26 34 -33 n.a. Not available. 'Revised. 1 Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2. 2 Includes stockpiling not shown separately. ^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. 6 Monthly figures do not add to total because figures for reclassified items are not available for July-February. 910 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 Individual Period Corporation 1 Estate and gift taxes 1 Excise1 taxes Withheld Other 1 16 037 20 045 2 2 , 60S 20 787 18, Cal. yr.—1951 1952 1953 19543.. . , Fiscal yr.—1952 19533 1954 1955 Semiannual totals: 1952—July-Dec. 1953—Jan.-June.. July-Dec. 3. 1954—Jan.-June.. July-Dec. 1955—Jan.-June Monthly: 1954—j u n e July...... August . . September. October . . November. December. 1955—January. February.. March April 3VIay.. Unemployment insurance taxes 10,311 11 834 11,279 10,477 11 ,359 11,417 10,747 10,407 16,565 22,140 19,045 19,915 21,467 21,595 21,523 18,265 801 849 923 960 833 2,826 8,481 2,5938,154 2,323 8,084 1,342 252 93 1,429 199 78 272 2,239 881 7,821 13,773 5,375 16,148 3,767 14,498 6,956 532 300 1,104 361 290 1,181 355 274 6,812 390 502 405 540 420 516 103 77 64 72 65 61 82 62 67 5,048 4,931 5,405 4,609 4,527 4,666 151 77 841 717 21, 351 21, 635 949 21, 9, 825 11, 347 11, 078 10, 558 10, 230 11, 013 1, 272 1, 03S 2, 578 1, 422 1, 077 7S9 2, 359 884 9 916 1 , 721 967 2, 991 1, 534 June 745 2,190 602 1,428 478 377 6,201 8,591 9 566 10,288 9 136 8,893 9,934 10,014 9,194 891 945 936 94 64 >66 ?69 >8S ?SQ -277 ?8S ?79 42 ?34 40 HS 40 239 1 4 16 1 4 16 58,941 71,788 71,524 70.217 67,999 72,649 73,173 69,368 3,355 3,814 3,918 5,121 3,569 4,086 4,537 5,040 509 683 628 604 738 1,388 1,137 1,255 1,627 1.305 1,800 29,546 42,910 28,195 44,978 25,239 44,129 389 299 166 164 187 272 216 483 321 11,347 3,148 4,801 5,280 2,887 4,905 4,217 4,833 5,954 11,089 4,941 6,119 11,193 31 167 191 171 90 4 843 907 333 301 15 2 Excise and miscellaneous taxes May June Othei accounts 6 Investments 7 Others 3460 332 -612 2 1 3 3 1 1 271 329 153 405 275 242 367 312 786 508 310 919 530 489 524 -74 1,127 1,025 995 1,032 835 n.a. 121 341 3-317 ® 648 164 -775 4 ,073 4 ,458 3 ,655 5 ,052 4 .143 4 ,953 1 495 1 564 823 864 313 909 2 ,456 2 .802 3 ,003 ,843 < ,874 4L.226 106 136 37 331 74 238 105 385 -109 633 282 -356 11 3£I 692> 157 328 —276 1 467 389 651 648 606 —79 7 30 3 377 888 -98 281 —26 32 104 42 69t ) 1C 2/ r 337 -322 391 340 -269 -19 -135 387 —283 -288 358 126 — 179 334 956 850 227 -148 111 249 -334 -126 640 641 657 704 6 56 -58 200 697 733 700 47 58 —55 5,027 4,919 4,795 4,722 4,527 n.a. 1,482 1,299 1,521 1,262 1.445 n.a. 845 810 804 777 766 n.a. 1,573 l,78t 1.47C 1,651 1.48C) n.a. 561 713 765 766 786 778 719 654 246 226 207 250 273 280 209 155 147 123 141 143 n.a. 817 399 4 ,507 4t«942 c ,811 1 ,717 4 5 ^257 ,846 ,100 n.a. 224 n.a. 741 874 80 53 504 387 177 361 059 687 222 1, 867 2,032 2,151 2,027 844 46 19 785 703 3,911 4 951 2,639 4 201 3,742 4,655 5 427 9 741 3,732 4,438 10,038 3 155 2,79C> 3,054[ 3,262 3,131 2,824 [ 3,355 3,12) n.a. 562 316 10,644 2 827 7 ,906 8 ,315 8 123 9 191 8 ,210 8 529 8 708 9 096 1 ,446 1 ,662 1 ,614 1 ,543 1 ,565 1 ,655 1 ,580 n.a. 119 139 122 26,893 37 703 25,757 38 899 22,272 38,031 Expenditures 2,460 2,727 2,819 2,707 2,549 2,781 2,783 n.a. 181 246 209 451 2,700 395 2,982 339 3,087 150 85 70 8 39 56 82 48 208 Investments 8,682 9,558 9,714 9,248 8,971 9,946 9,517 n.a. 707 844 718 311 311 321 282 322 278 45 20 76 47 21 94 64 17 64 Receipts Tobacco L34 124 108 131 1,891 2,195 1,722 2,815 2,305 2,734 507 217 743 274 188 554 329 113 255 620 603 Totals Manufacturers' and retailers' excise Liquor 137 52 979 64 840 63 841 61 171 61 391 64,825 64 655 60 303 Social security, retirement, and insurance accounts Total Cal. yr.—1951 1952 . . . . 1953 1954 Fiscal yr.—1952 . . . 1953 1954 1955 Semiannual totals: 1952—July-Dec.. 1953—Jan.-June.. July-Dec... 1954—Jan.-June.. July-Dec... 1955—Jan.-June.. Monthly: 1954—j u n e Tulv Aug Sept. Oct. Nov.... . Dec. 1955—j a n Feb Mar... 600 2,098 2,451 3,137 3,322 2,302 3,118 3,377 3,426 Trust and other accounts Internal revenue collections (on basis of Internal Revenue Service reports) Period Net Refunds budget receipts Railroad of Old-age retire- receipts trust ment fund account 2,337 2,639 2,570 2,932 2,364 2,478 2,882 3,104 ?3S 731 713 766 767 785 781 715 649 709 Appropriations to: Total Other budget receipts 2 receipts n.a. 67<: 9?) c) 754t n.a. Other 1, 987 us 2, 020 360 378 -277 n.a. 759 49 82 3812 26 -80 -193 -79 -269 1 ,200 414 569 729 489 1 ,298 1 ,641 -82 .39 -358 644 1 044 682 705 686 34 -62 50 —63 -124 210 124 164 75 21 -395 -91 -130 n.a. Not available. 1 Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953. Excise taxes and nonwithheld individual taxes for that period are obtained by subtracting IRS data from appropriate Treasury daily statement totals. 2 Excludes employment and carriers taxes, which are appropriated directly to trust accounts. 3 4 5 Beginning new reporting basis. See footnote 1 on preceding page. Less than $500,000Excess of receipts, or expenditures (—). 6 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in Budget expenditures. 7 Consists of net investments in public debt securities of Government owned and of Government sponsored corporations and agencies and of other trust funds. AUGUST 1955 911 TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE 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 Less: Plus: Plus: Plus: Less: Plus: Equals: Budget Trust Exch. Clear- Trans, Other Net exTrust Intra- Other Cash outIntra- Accru- Stabi- ing adBudget acct. adpendi- and deGovt.1 justside justals to rec'ts. rec'ts. trans. acposits tures other Govt.1 publics lization count Treas. ments2 accts. trans. ments2 Fund* acct. 6 Period Excess of deEquals: posits or Cash withwithdraw- drawals als 106 n. a. 319 n. a. 209 n. a. 34 -274 -35 Cal. yr.—1951 1952 1953 1954« 52,979 64,840 63,841 61,171 8,582 8,707 8,596 9,571 2,221 n.a. 2,150 n.a. 1,989 n.a. -65 2,086 59,338 71,396 70,440 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 Fiscal yr.—1952 1953«... 1954 1955 Semiannual totals: 1952—July-Dec... 1953—Jan.-June. . July-Dec, e. 1954—Jan.-June.. July-Dec.. . 1955—Jan.-June.. Monthly: 1954—July Aug Sept. Oct Nov Dec 1955—Jan.. Feb Mar Apr May June July 61,391 64,825 64,655 60,303 8,807 8,929 9,155 9,538 68,093 71,345 71,815 67,769 65,408 74,274 67,772 64,494 4,952 5,169 6,769 8,616 2,104 2,194 2,097 n.a. 710 694 509 488 401 9 250 -28 303 -109 -257 -156 26,893 37,703 25,757 38,899 22,272 38,031 4,248 4,683 3,953 5,203 4,368 5,170 2,104 2,194 -215 2,097 101 n a. 1,039 n.a. 1,144 n.a. 849 376 1,248 -242 838 177 n a. 30,104 41,241 29,199 42,615 25,980 41,790 36,186 37,801 34,484 33,288 31,566 32,928 2,527 2,642 3,405 3,364 3,817 4,798 1,039 1,144 849 1,248 838 n.a. 396 298 277 234 331 157 16 -44 -38 -71 -117 -39 2,827 3,911 4,951 2,639 4,201 3,742 4,655 5,427 9,741 3,732 4,438 10,038 n.a. 434 1,224 457 370 994 890 268 600 778 528 1,320 1,677 n.a. 130 -173 49 289 100 -28 74 -318 58 -14 427 421 42 -582 53 332 64 488 78 -532 59 -152 n .a. n .a. 2,958 5,375 5,280 2,617 5,122 4,626 4,299 6,306 10,943 3,651 5,547 11,045 2,994 4,827 660 6,731 526 5,019 788 4,857 800 3,842 469 6,288 573 4,942 581 4,831 653 5,894 761 5,228 1,134 5,356 817 6,677 852 n.a. n.a. 130 49 100 74 58 427 42 53 64 78 59 n.a. n.a. 70 38 57 50 45 71 51 -18 4 31 39 51 68 -31 97 16 222 -112 -21 —6 -104 -9 209 25 -425 186 ' - 8 -354 -36 -36 - 6 -309 384 11 -104 - 4 6 n.a. (-) 1,304 58,034 72,980 -1,583 76,529 -6,090 -301 68,896 -170 -155 -215 -274 118 n. a.. 307 67,786 76,407 -5,062 -159 71,974 69,899 -2,130 64 n. a. 248 n. 246 -71 374 57 —202 - 2 2 3 -23 -94 188 -234 n a. 37,357 -7,254 39,203 2,038 37,244 -8,045 7,886 34,730 34,167 -8,187 6,057 35,732 - 3 9 -170 -28 407 - 8 —145 —7 -320 —1 -33 -11 449 - 2 4 -582 -40 434 -63 479 584 182 n a. n a. 5,144 7,788 5,364 5,096 4,374 6,401 5,009 5,481 6,932 5,355 6,278 6,677 5,352 -2,186 -2,412 -84 -2,478 748 -1,775 -710 825 4,010 -1,704 -731 4,368 -2,358 l n.a. Not available. 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). 1 To exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below. •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 Period Cal. yr.—1951 1952 1953 19547 Fiscal yr.—1952 19537.... 1954 1955 Semiannual totals: 1952—July-Dec, . . 1953—Jan.-June... July-Dec. 7.. 1954—Jan.-June... July-Dec. . . 1955—Jan.-June... Monthly: 1954—July Aug Sept Oct Nov Dec 1955—Jan , Feb Mar Apr May June July Plus: Less: Noncash debt transactions Details of net cash borrowing from or Equals: repayment (—) of borrowing to the public8 Net cash borrow- Direct Postal ing, or mktable. Savings Sav. Savre pay t. bonds and ings Sys. Other « ( - ) , of (issue conv. borrow- issues4 price) notes special issues ing Increase, or decrease ( - ) . in gross direct public debt Guaranteed Nonguaranteed Adjustment for trans, outside Treas. acct. 1 2,711 7,973 7,777 3.582 3,883 6,966 5 189 3,115 18 12 22 -42 16 7 29 -37 37 -102 -3 —31 -88 -32 -33 918 n.a. n.a. n.a. -266 -170 -155 -257 n.a. 3,418 3,833 2,540 1,582 3,636 3,301 2,054 1,534 718 770 591 577 779 719 524 497 -125 -74 66 176 -79 3 94 147 -1,242 3,353 4,601 906 -695 2,763 2,255 1,579 8,286 -1,320 9,097 -3,909 7,490 -4,376 8 -2 24 6 -47 10 37 -69 76 -109 78 841 n.a. n.a. -71 -183 -83 n.a. 1,601 1,700 860 1,194 387 1,147 409 308 283 241 336 161 -29 34 30 64 112 35 6,351 -3,433 7,952 -5,694 6,600 -5,021 7,322 6-2,028 6,837 -4,307 7,378 -3,090 -276 3,971 -145 3,942 101 -61 6 1 5 1 (8) -10 3 6 5 5 1 -3 27 -90 161 -28 32 -25 521 -40 67 24 31 237 n.a. -36 90 -125 -9 -20 17 -24 62 -72 -52 -30 n.a. n.a. -91 311 -48 -142 167 191 -134 -79 97 -413 582 1,094 n.a. 71 39 58 51 45 72 51 -17 5 31 39 51 69 30 -356 -17 3,645 111 -229 3,996 5 -107 9 -349 -26 259 —1 -143 7 35 -4,270 2,955 5 209 (8) —11 -4,031 2,953 45 -77 3,680 -105 4,129 -50 -198 -211 -241 -4,291 3,144 1,778 -3,270 P3,291 — 103 -311 -257 -4,134 2,601 824 -3,098 3,210 Cash issuance of securities of Federal agencies 2 Net inv. Accruals to public in Fed. Int. on Payts. sec. by sav. in Govt. bonds form agen. and of and tr. Treas. Fed. funds bills sec. 1,999 -1,191 - 1 , 0 9 9 -406 - 1 , 7 8 4 5,778 64,829 6-344 248 — 175 - 1 , 4 6 9 3,071 -717 —1,209 1,639 65,294 6-94 - 2 , 1 6 4 -381 2,530 628 -10 -3,168 4,288 -121 -829 618 - 1 , 3 3 5 1,583 -362 -955 -19 -514 —156 -2,654 147 -137 -88 33 -64 -44 -101 -12 -64 12 -62 -9 -136 51 -56 169 -59 94 -129 -88 —42 -32 -1,476 -48 -891 -39 -259 -997 -113 -162 -195 -155 -100 -239 -122 46 -122 -30 -326 -252 -173 -283 590 -32 -68 -94 -145 -50 -72 11 -20 -12 -268 -58 648 7 -7 -8 -20 -22 -61 3 28 -37 15 -6 501 16 -5 -30 -36 203 -20 -26 -27 62 —30 -25 -26 -20 n.a. Not available. ^Preliminary. 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 in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 6 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 8 the amount of 409 million dollars. 7 Beginning new reporting basis. See footnote 6 above. Less than $500,000. FEDERAL RESERVE BULLETIN 912 TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1 [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash deposits Direct axes on individuals 2 Period Total Cash withdrawals Other Deduct: cash Refunds Total inof recome 4 ceipts Direct Excise Social taxes on and ins. corpo- misc. rerations taxes ceipts 3 Nat'l. Int'l. sec. af- 6 programs 5 fairs Interest on debt Social Vetseerans curity Other proprograms 7 grams 8 Cal. yr.—1951 1952.. 1953 9 1954 59,338 27,149 16,565 8,591 71,396 32,728 22,140 9,566 70,440 34,807 19,045 10,288 68,595 31,785 20,280 8,801 6,362 6,589 6,693 7,655 2,769 2,823 2,744 3,433 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 4,870 6,121 5,209 4,885 4,664 4,915 5,617 6,648 8,587 6,169 7,341 8,113 7,285 Fiscal yr.—1952 19539 1954 1955 Semiannual totals: 1952—July-Dec 1953—Jan.-June 9 July-Dec. . . . 1954—Jan.-June. .. . July-Dec 1955—Jan.-June Monthly: 1954—July Aug Sept Oct Nov Dec 1955—Jan. Feb Mar Apr May June July 68,093 71,345 71,815 67,769 30,713 33,370 33,363 32,563 21,467 21,595 21,817 18,201 8,893 9,978 9,679 9,109 6,521 6,849 7,197 7,919 2,801 2,704 3,178 3,422 2,302 3,151 3,419 3,444 67,786 76,407 71,974 69,899 42,955 50,250 46,422 40,739 2,848 2,156 1,457 1,311 4,059 4,658 4,838 4,947 5,826 4,920 4,943 4,766 5,206 6,063 7,645 9,057 6,912 8,360 6,669 9,080 30,104 41,241 29,199 42,615 25,980 41,790 13,041 7,821 20,329 13,773 14,478 5,272 18,885 16,545 12,899 3,734 19,663 14,466 5,048 4,931 5,357 4,322 4,479 4,630 3,202 3,656 3,031 4,165 3,490 4,430 1,443 1,252 1,498 1,680 1,754 1,669 451 2,700 437 2,982 376 3,068 37,357 39,203 37,244 34,730 34,167 35,732 24,505 25,606 24,398 22,024 20,376 20,363 1,123 2,246 2,500 1,069 2,413 2,420 930 2,334 2,465 526 102,299 i°2,482 563 2,367 2,186 748 2,580 2,579 702 760 722 768 783 744 644 703 864 694 802 922 812 304 1,177 371 260 039 439 197 1,019 715 464 1,215 819 280 365 220 204 237 296 432 350 346 241 235 221 275 313 82 69 60 39 47 80 52 189 705 874 829 420 125 5,144 7,788 5,364 5,096 4,374 6,401 5,009 5,481 6,932 5,355 6,278 6,677 5,352 3,465 3,644 3,251 3,149 3,314 3,552 3,191 3,100 3,808 3,084 3,253 3,927 n.a. 2,958 5,375 5,280 2,617 5,122 4,626 4,299 6,306 10,943 3,651 5,547 11,045 2,994 1,120 2,985 2,936 1,040 2,881 1,938 2,806 4,096 2,984 2,688 3,743 3,346 1,097 54ft 302 1,108 352 271 1,153 353 330 6,844 444 394 6,102 616 50 '10141 314 110 461 40 286 67 328 80 826 217 183 171 424 140 470 73 314 72 481 184 707 108 157 n.a. 2,876 4,107 3,247 4,448 3,368 3,748 4,277 103,121 4,311 4,364 4,747 4,717 194 381 375 374 419 443 430 409 439 434 432 436 379 674 714 716 758 720 730 834 768 792 794 783 IIS n.a. 619 2,625 521 462 -488 635 200 641 1,351 657 1,144 723 n.a. n.a. Not available. 'Revised. 1 Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2 from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN. Includes estate and gift taxes. UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] All series Calendar year or month Redemptions 1 Sales Total Before maturity Series F, G, J and K Series A-E and F.[ Outstand- Redemptions 1 ing (end of period) Sales Outstand- Total Before maturity 2 ing (end of period) Redemptions 1 Sales Total 1946 1947 1948 1949 1950 7,427 6,694 7,295 5,833 6,074 6,243 4,889 4,840 4,708 5,323 3 5,951 3 4,529 34,408 3 4,079 4,583 49,776 52,053 55,051 56,707 58,019 4,466 4,085 4,224 4,208 3,668 5,632 4,181 4,011 3,905 4,435 35,340 3 3,821 33,579 3 3,276 3,695 33,410 33,739 34,438 35,206 34,930 2,962 2,609 3,071 1,626 2,406 1951 1952 1953 1954 1954—j u iy Aug Sept Oct Nov Dec. 3,961 4 161 4,800 6,173 5,150 4,565 5,552 6,348 4,571 3,806 3,613 3,655 57,587 57,940 57,710 57,672 3,190 3,575 4,368 4,889 4,079 3,657 3,643 3,920 3,500 2,896 2,629 2,784 34,728 35,324 36,663 38,233 586 432 508 546 464 456 466 557 644 513 508 468 454 566 471 235 352 308 226 306 58,005 58,078 58,088 58,126 58,186 57,672 393 415 367 369 384 445 346 339 323 293 294 348 255 255 257 224 196 232 37,597 37,714 37,808 37,930 38,069 38,233 1955—j a n # Feb Mar. Apr. May June July 742 602 614 535 691 433 520 623 368 -134 161 332 337 257 336 330 190 63 176 229 488 520 255 573 465 518 448 343 496 494 544 532 263 324 57,967 58,225 58I#366 58,326 58,346 58,365 58,407 236 *>225 P242 38,515 38,721 38,914 39,063 39,181 39,285 39,432 419 428 439 373 353 Before maturity Outstand- ing (end of period) 829 803 888 829 803 888 611 708 16,366 18,314 20,613 21,501 23,089 611 708 1,071 1,071 908 1,284 1,909 2,428 908 984 871 22,859 22,616 21,047 19,439 115 131 97 87 82 112 298 174 185 175 160 218 216 -20 95 84 30 74 20,409 20,364 20,280 20,196 20,118 19,439 169 137 95 87 354 176 184 293 178 -197 -15 103 69 177 68 55 171 180 19,451 19,504 19,452 19,263 19,166 19,080 18,975 770 19 P37 P82 P Preliminary. 1 A change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not yet classified between matured and unmatured bonds. This and the subsequent distribution of these redemptions temporarily obscured relationships2 between matured and unmatured classifications. Redemptions of extended Series E bonds are included with matured issues. Maturities of Series E bonds in July 1955 were 305 million dollars, bringing the total since May 1, 1951, when extensions of such bonds began, to 18,382 million, of which 5,262 million, or 29 per cent have been 3redeemed. These figures are stated at approximate maturity value. Changes from figures published in BULLETIN for July (p. 791) reflects inclusion of redemptions of Series A-D bonds. NOTE.—Sales and redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outstanding are at current redemption value and include only interest-bearing issues. AUGUST 1955 913 UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues8 End of month Total gross debt* Total gross direct debts Marketable Total Total Bills Certificates of Notes indebtedness Nonmarketable Bonds eligible* Bank restricted Bank Tax Special issues and savings notes Convertible bonds Total« Savings bonds 3,195 6,140 15,050 27,363 40,361 48,183 49,776 52,053 55,051 56,707 58,019 57,587 57,685 57,940 57,886 57,710 58,061 2,471 6,384 8,586 9,843 8,235 5,725 5,384 4,572 7,610 8,640 7,534 6,612 5,770 4,453 6,026 5,079 5,370 6,982 9,032 12,703 16,326 20,000 24,585 28,955 31,714 33,896 33,707 35,902 37,739 39,150 40,538 41,197 42,229 1940—Dec 1941—Dec. 1942—Dec 1943—Dec ... 1944—Dec 1945—Dec 1946—Dec 1947—Dec 1948—Dec 1949—Dec 1950—Dec 1951—Dec , 1952—June Dec 1953—June...... Dec 1954—June 50,942 64,262 112,471 170,108 232,144 278,682 259,487 256,981 252,854 257,160 256,731 259,461 259,151 267,445 266,123 275,244 271,341 45,025 57,938 108,170 165,877 230,630 278,115 259,149 256,900 252,800 257,130 256,708 259,419 259,105 267,391 266,071 275,168 271,260 39,089 50,469 98,276 151,805 212,565 255,693 233,064 225,250 218,865 221,123 220,575 221,168 219,124 226,143 223,408 231,684 226,681 35,645 41,562 76,488 115,230 161,648 198,778 176,613 165,758 157,482 155,123 152,450 142,685 140,407 148,581 147,335 154,631 150,354 1,310 2,002 6,627 13,072 16,428 17,037 17,033 15,136 12,224 12,319 13,627 18,102 17,219 21,713 19,707 19,511 19,515 10,534 22,843 30,401 38,155 29,987 21,220 26,525 29,636 5,373 29,078 28,423 16,712 15,854 26,386 18,405 6,178 5,997 9,863 11,175 23,039 22,967 10,090 11,375 7,131 8,249 39,258 18,409 18,963 30,266 30,425 31,406 31,960 28,156 33,563 44,519 55,591 66,931 68,403 69,866 68,391 61,966 55,283 44,557 41,049 48,343 58,874 64,104 63,927 71,802 4,945 12,550 24,850 52,216 49,636 49,636 49,636 49,636 49,636 36,048 27,460 21,016 17,245 13,400 8,672 12,060 13,095 12,500 12,340 11.989 11,861 3,444 8,907 21,788 36,574 50,917 56,915 56,451 59,492 61,383 66,000 68,125 66,423 65,622 65,062 63,733 65,065 64,465 1954—July Aug Sept Oct Nov Dec 271,005 274,982 274,838 278,786 278,888 278,784 270,984 274,955 274,810 278,752 278,853 278,750 226,528 230,214 230,033 234,101 234,160 233,165 150,342 154,020 153,963 158,148 158,152 157,832 19,512 19,508 19,510 19,509 19,507 19,506 18,405 18,277 18,184 18,184 18,184 28,458 31,964 31,967 32,001 36,188 36,196 28,033 71,790 75,596 75,597 75,597 75,596 76,129 8,671 8,671 8,671 8,669 8,668 5,706 11,857 11,853 11,820 11,787 11,780 11,767 64,329 64,341 64,250 64,226 64,228 63,565 58,005 58,078 58,088 58,126 58,186 57,672 4,993 4,929 4,829 4,766 4,704 4,548 42,152 42,479 42,407 42,238 42,351 42,566 1955—Jan Feb Mar Apr May June July 278,463 278,209 274,080 276,686 277,515 274,418 277,626 278,439 278,182 274,048 276,649 277,472 274,374 277,584 233,427 233,517 229,103 232,233 232,563 228,491 231,615 157,834 157,752 153,350 156,578 158,404 155,206 158,571 19,507 19,505 19,505 19,507 19,511 19,514 19,913 28,462 21,455 17,722 20,932 17,046 13,836 16,037 28,037 35,280 34,989 35,007 40,718 40,729 40,746 81,828 81,512 81,134 81,132 81,130 81,128 81,875 11,764 11,738 11,710 11,692 11,687 11,676 11,659 63,830 64,027 64,043 63,963 62,473 61,609 61,384 57,967 58,225 58,366 58,326 58,346 58,365 58,407 4,498 4,443 4,318 4,279 2,804 1,913 1,655 42,268 42,047 42,097 41,691 42,240 43,250 43,340 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 483 million dollars on July 31, 1955) and fully guar2 anteed securities, not shown separately. Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 7,290 million dollars on June 30, 1955. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and State Individuals End of month (includMisceltrust funds 1 Other Federal Com- Mutual Insurand ing guarance laneous corpolocal Total Reserve mercial savings comanteed Special Public invesBanks banks 2 banks panies rations govern- Savings Other securiissues issues ments bonds securities tors* ties) 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec.. 1947—Dec 1948—Dec 1949—Dec 1950—June Dec 1951—June Dec 1952—June Dec 1953—June Dec 50,942 64,262 112,471 170,108 232,144 278,682 259,487 256,981 252,854 257,160 257,377 256,731 255,251 259,461 259,151 267,445 266,123 275,244 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 54,722 100,221 153,163 210,470 251,634 228,564 222,622 215,526 217,800 219,547 217,533 214,293 217,180 214,816 221,552 218,563 226,931 2,184 2,254 6,189 11,543 18,846 24,262 23,350 22,559 23,333 18,885 18,331 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 58,800 63,700 3,200 3,700 4,500 6,100 8,300 10,700 11,800 12,000 11,500 11,400 11,600 10,900 10,200 9,800 9,600 9,500 9,500 9,200 6,900 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 18,900 19,900 18,400 21,000 500 700 1,000 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 r 49,400 7,800 8,200 10,300 12,900 17,100 21,400 20,100 19,400 17,600 17,000 17,600 16,700 16,400 15,500 15,600 16,000 17,100 15,800 700 900 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 13,200 1954—May June July Aug Sept Oct Nov Dec 273,555 271,341 271,005 274,982 274,838 278,786 278,888 278,784 41,367 42,229 42,152 42,479 42,407 42,238 42,351 42,566 7,182 7,111 7,081 7,032 7,042 7,047 7,080 7,043 225,006 222,001 221,772 225,471 225,389 229,501 229,457 229,175 24,812 25,037 24,325 24,023 24,271 24,381 24,888 24,932 63,400 63,600 64,800 67,100 67,100 70,100 69,700 69,200 9,200 9,100 9,000 9,000 8,900 8,900 8,800 8,800 15,500 15,300 15,100 15,100 15,100 15,100 15,000 15,000 19,100 16,400 16,400 18,100 18,100 18,700 19,300 19,300 14,100 14,300 14,300 14,400 14,400 14,500 14,600 14,600 49,500 15,600 '49,500 15,000 49,600 14,600 49,700 14,500 49.700 14,100 '49,800 '14,000 '49,900 '13,600 '50,000 '13,400 13,800 13,700 13,700 13,600 13,700 14,000 13,800 13,900 1955—Jan Feb Mar Apr May 278,463 278,209 274,080 276,686 277,515 42,268 42,047 42,097 41,691 42,240 7,167 7,202 7,260 7,229 7,223 229,028 228,960 224,723 227,766 228,052 23,885 23,605 23,613 23,612 23,662 68,700 66,900 64,200 65,700 64,700 8,800 8,800 8,800 8,800 8,800 15,200 15,200 15,000 15,000 14,900 '20,000 15,000 15,300 15,500 15,700 15,900 ni(2oo '19,000 '20,100 21,200 50,000 50,100 50,200 50,200 50,200 '13,600 '13,900 '13,900 13,900 '14,300 '14,200 '14,300 '14,400 14,300 14,400 r Revised. 2 Includes 3 * Includes the Postal Savings System. holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954. Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 914 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding J u l y 31, 1955 [On basis of daily statements at United States Treasury. In millions of dollars] Issue and coupon rate Issue and coupon rate Amount Treasury Bills 1 Aug. 4,1955 Aug. 11, 1955 Aug. 18, 1955 Aug. 25, 1955 1,501 1,502 1,500 . . 1,500 Sept. 1, 1955 Sept. 8, 1955 Sept. 15, 1955 Sept. 22, 1955 Sept. 29, 1955 1,501 1,500 1,503 1,503 1,500 Oct. 6, 1955 Oct. 13, 1955 Oct. 20, 1955 Oct. 27, 1955 1,600 1,600 1,600 1,601 Certificates Aug. 15, 1955 Dec. 15. 1955 Mar. 22, 19562 8,477 5,359 2,202 1 1 Treasury n o t e s Dec. 15, 1955 Mar. 15, 1956 Apr. 1, 1956. . Aug. 15, 1956 Oct. 1, 1956 Mar. 15, 1957 Apr. 1, 1957 May 15, 1957 Aug. 15, 1957 Oct. 1, 1957 Apr. 1, 1958 Oct. 1, 1958 Feb. 15, 1959 Apr. 1, 1959 Oct. 1, 1959 Apr. 1, 1960 Issue and coupon rate Amount AU 1H 1V% 2 1H 2% AH 1H 2 1% 1H 1H .lj| 1% 1H 1J^ 6,854 8,472 1,007 5,706 550 2,997 531 4,155 3,792 824 383 Treasury b o n d s Mar. 15, 1956-58.. J Sept. 15, 1956-593..2$ Sept. 15, 1956-59...2} Mar. 15, 1 9 5 7 - 5 9 . . £ June 15, 1958 ^ June 15, 1958-633..2% Dec. 15, 1958 > June 15, 1959-62.. ^ Dec. 15, 1 9 5 9 - 6 2 . . . 2 \ Nov. 15, 1960 2} Dec. 15, 1960-653..2$ Sept. 15, 1961 2% Nov. 15, 1961 2% Aug. 15, 1963 June 15, 1962-67.. 121 5,102 1J9 99 33 Amount Issue and coupon rate Amount Treasury bonds— Cont. 1,449 Dec. 15, 1963-68 2J 982 June 15, 1964-69. 3,821 Dec. 15, 1964-69. , 927 Mar. 15, 1965-70.. 4,245 Mar. 15, 1966-71.. 919 June 15, 1967-72.. 2,368 Sept. 15, 1967-72.. 5,276 Dec. 15, 1967-72.. 3,465 Tune 15, 1978-83.. 3,806 Feb. 15, 1995 .3 1,485 2,239 P a n a m a C a n a l L o a n . .3 11,177 6,755 2,116 Convertible b o n d s Investment Series B Apr. 1, 1975-80... 2 2,826 3,753 3,830 4.718 2,960 1,882 2f716 3,810 1 606 2,695 50 11,659 r Sold 2 on discount basis. See table on Money Market Rates, p. 909. 3 Tax anticipation series. Partially tax-exempt. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES* Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. Govt. Fed- Com- MuInsurance agen- eral companies mer- tual outOther cies Resavcial standand serve banks ings ing trust Banks banks Life Other funds Total Total End of month Type of security: Total marketable and convertible: 1952—Dec jggg June Dec....!. 1954—June Dec 161,081 159,675 166,619 162,216 169,599 24,697 24,746 25,916 25,037 24,932 55,828 51,365 55,933 56,199 61,082 8,740 8,816 8,524 8,353 8,113 9,514 9,347 9,120 8,667 8,371 4,711 4,808 4,905 4,854 4,958 50,979 53 694 55,233 52,121 55,226 7 \C\% 90 0-19 57 755 O 1QK O AK(\ 4 862 CO 9KQ O, lOO OO,OOO 170,091 7,095 23,662 56*857 8,118 o,tov 4'843 61,107 8,409 1RS 970 1955—Apr May TYpasurv bills* IQKO—Dec 1953—June Dec 21,713 19,707 19,511 19,515 Dec!.'.'.'" 19,507 19,507 1955—Apr 19,511 May Certificates: 1952—Dec 1053—June Dec 1954—June Dec 16,712 15,854 26,386 18,405 28,458 20,932 17,046 1955—Apr May Treasury notes: 1952—Dec 1953—June Dec. 2954—j une Dec 86 106 102 46 51 65 32 8 8 16 23 8 64 46 90 114 79,890 81,349 77,327 80,474 81,835 81,132 81,130 3,046 3,300 3,377 3,395 3,378 1 1955—Apr May 7,047 4,411 4,368 4,187 4,399 137 120 126 98 75 464 327 410 520 537 886 3,503 941 2,682 108 94 559 560 4,791 4,351 9,215 4,942 4,835 37 87 184 101 57 9,961 3,193 8,274 2,111 39 49 10,955 10,355 11,510 11,423 13,649 9,963 14,674 11,646 15,825 49 62 130 221 242 1,341 1,455 2,993 2,316 2,204 27 5,061 30 4,996 63 5,967 41 6,600 4 13,882 30,266 30,425 31,406 31,960 28,033 35,007 40,718 1955—Apr May Marketable bonds: 1952—Dec 1953—June Dec 1954—June Dec 6,613 6,899 6,989 6,985 6,918 3,501 3,502 13,774 13,774 13,289 13,029 6,044 271 291 12,518 13,155 11,402 12,248 12,115 127 14,260 113 15,089 119 132 109 101 125 317 56 310 27 37 445 7 • 202 4 179 114 26 44 97 8 5 52 99 67 61 58 End of month Type of security: Convertible bonds (Investment Series B): 1952—Dec 1953—June Dec 1954—June Dec 1955—Apr May Marketable securrities, maturing: Within 1 year: 1952—Dec 1953—June..... Dec 1954—June Dec 1955—Apr May 6,424 6,052 10,475 1-5 years: 6,511 1952—Dec 9,496 1953—June Dec 7,592 1954—June 6,464 Dec 4,978 1955—Apr May 5,678 5,814 5-10 years: 6,531 1952—Dec 7,310 1953—June Dec 699 9,248 1954—June 726 12,058 Dec 486 529 605 592 675 23,072 1955-Apr May 24,890 23,688 After 10 years: 1952—Dec 23,032 22,548 1953—June Dec 2,802 36,222 6,492 4,946 3,631 23,539 1954-June 2,802 36,077 6,461 4,888 3,616 23,784 Dec 4,522 32,849 4,522 32,066 3,667 30,671 3,093 35,481 2,802; 38,037 7,165 7,232 6,820 6,669 6,499 5,807 5,855 5,686 5,164 4,898 3,429 3,484 3,418 3,641 3,673 1955—Apr May outstanding 12,500 12,340 11,989 11,861 11,767 U.S. Govt. agencies and trust funds FedMuComeral mer- tual Resavcial serve banks ings Banks banks Insurance companies Life Other Other 3,179 3,133 2,935 2,876 2,865 360 353 328 317 305 163 1,225 2,858 163 1,223 2,858 291 291 3 987 3^919 3,854 3,800 3,756 3,715 3,713 23,547 27,393 29,023 24,568 26,301 26,416 26,301 185 182 168 165 163 3,438 3,439 3,439 3,439 3,439 11,692 3,439 11,687 3,439 1,352 1,314 1,264 1,265 1,239 56,953 64,589 73,235 60,123 62,827 56,792 52,910 133 163 175 107 70 93 64 14 1,749 16,996 11 5,505 19,580 If ),972 25,062 1(5,280 17,684 1$ ),417 15,738 19,096 10,076 17,460 7,993 263 476 475 294 159 174 170 532 733 390 1 ,082 468 5 ,061 537 652 546 598 338 599 305 616 37,713 32,330 29,367 27,965 29,606 31 152 192 205 137 'r,146 22,381 (5,452 18,344 (5,155;16,056 (5,307:14,624 i$,087 18,846 259 464 431 476 502 48 109 123 155 158 910 914 980 890 ,022 32,467 38,177 171 188 2,087 20,845 {5,773 22,071 518 537 22,834 18,677 20,292 30,542 33,677 546 422 418 494 477 1,387 11,058 1,374 8,772 1,374 10,051 :t ,035 18,741 1,014 21,101 1,775 1,395 1,315 1,389 1,544 885 745 725 516 439 ,348 1,104 ,198 1,655 1,664 33,688 33,687 500 492 1,014 21,121 1,432 1,014 21,101 1,413 419 393 1,643 L,650 31,081 31,739 31,736 31,725 31,719 2,464 2,723 2,765 2,740 2,796 33,632 33,630 2,900 2,913 • 6,938 5,895 5,430 5,308 5,855 144 1,153 7,548 142 1,189 10,277 5,835 4,865 5,211 6,711 7,439 7,558 7,623 10,673 11,621 11,716 11,734 11,874 1,415 5,550 4,786 4,429 1,436 13,116 1,415 5,529 4,775 4,308 1,408 13,193 L,415 1,415 L.415 1,415 1,415 5,207 4,488 4,595 4,985 5,234 5,091 5,167 5,039 4,930 4,668 4,870 4,969 4,868 4,582 4,364 1,361 L,356 1,339 1,339 1,369 •Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent oi total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. AUGUST 1955 915 NEW SECURITY ISSUES1 [Estimates, in millions of dollars Proposed uses of net proceeds, all corporate issuers 6 Gross proceeds, all issuers9 Corporate Noncorporate Year or month 1939 1940.. . . . Total 5,687 6,564 FedU.S. Govern- eral 4 ment8 agency ? State and mu- Other« Total nicipal 38 1 956 524 30 5 56 451 156 132 282 6,900 6,577 7 078 6,052 6,361 PubPri- ferred licly vately stock offered placed 4,881 5,035 5,973 4,890 4,920 7,741 5,691 9,534 7,601 8,898 7,083 9,516 7,488 15,157 35,438 44,518 56,310 54,712 1 1 , 466 846 4? 815 424 4 7 , 151 1946 1947 1948 1949 1950 18,685 19,941 20 250 21,110 19,893 10, 10, 589 10 327 1 1 , 804 Q, 687 357 216 30 1,157 2,324 2,690 2,907 3,532 1951 1952 1953 1954 21,265 27,209 28,824 29,765 9, 778 1? 577 1 1 , 057 1?, 110 459 106 458 3,189 4,401 5,558 6,969 446 237 306 289 1954—June... July Aug.... Sept Oct. Nov Dec. 2,422 2,167 1,279 2,125 6,544 1,350 2,552 2,706 1 431 2,583 '1,654 '4,399 1,919 5?3 508 546 4-64 4 611 466 855 280 300 652 615 4 3 8 2 3 June Total 50 24 2 1 506 435 661 795 123 184 459 906 716 3 , 020 496 30 4 71 541 328 540 4?9 557 74? 602 614 97 22 47 35 1 9 '15 '350 623 '2 4 Misi Pre- 1,128 1,238 13 1941 1942 1943 1944 1945 1955—Jan. > Feb Mar, Apr. May 2,164 2,677 Bonds 109 11? 2 , 517 New capital 1,979 2,386 1,276 1,628 Retirement of bank debt, etc. 8 325 569 26 69 174 28 35 ComNew mon Total money 7 laneous stock purposes Retirement of securities 703 758 98 183 87 108 1170 2,667 2,389 1,578 811 411 1,062 917 506 1,170 621 990 369 3,202 2,670 1,892 778 6,011 4,855 3,851 1,004 167 112 124 369 758 110 34 56 163 397 1,< 340 (547 868 474 308 657 1 ,080 27 47 133 144 1,583 138 396 789 73 49 2,389 134 4,555 3,019 2,888 2,963 2,434 2,360 1,862 1,126 2,147 761 3,010 492 2,455 424 2,560 631 891 778 614 736 811 1, ^89 5, 115 6 (551 ,279 4 ,591 s 929 4 ,606 4 ,006 231 168 234 315 364 379 356 488 637 620 2,868 1,352 307 401 1,271 2,364 3,645 3,856 4,003 3,326 3,957 3,228 3,484 838 564 489 816 1,212 1,369 1,326 1,213 8 716 8, 195 6 ,531 8 ,180 7 ,960 6 ,780 363 226 537 535 709 486 664 260 1,875 343 714 166 581 470 449 371 186 305 343 205 566 131 76 45 60 52 37 62 118 92 27 62 265 64 103 232 208 346 '178 '229 344 53 25 37 54 '95 57 135 113 512 '146 '209 206 1,041 1,253 424 1,008 1,130 422 1,019 672 501 1,420 '675 »998 796 792 1,085 352 886 813 321 854 484 364 871 '475 '694 533 116 288 252 156 524 297 465 190 762 108 753 1 , U7 5, 558 4 *390 7, 7, 4-QO ^4? WQ }15 747 1 ,r n w 290 1 546 <H6 4-Q4 903 697 19 1,695 1,854 789 828 304 705 856 244 515 53 81 31 42 146 183 329 82 247 109 123 400 465 362 1 ,190 '444 '791 635 81 74 71 '50 114 56 135 '165 '74 81 46 89 '112 62 Proposed uses of n e t proceeds , by m a j o r g r o u p s of corporate issuers Commercial and Manufactur Total net proceeds 1949 1950 . . . 1951 1952 1953 1954 ]^Tew 1,391 1 175 3,066 3,973 2 218 2,234 1 ,347 1 2 ,846 3 9 128 2 ,044 Transportation miscellaneous Year or month Total Retire- net ments10 proceeds New Retire- Total net cap- ments10 proital ceeds 44 149 221 261 90 190 338 538 518 536 542 923 23 41 58 127 73 132 45 88 94 '37 '42 110 1954—June July August September.. October.... November.. December.. 295 525 116 149 278 108 187 590 107 109 273 105 123 10 40 5 3 64 93 100 55 58 144 74 137 1955—January February... March April May June 186 84 632 '167 '424 174 163 68 547 '141 '376 164 23 16 85 '26 48 10 50 100 96 '38 '46 121 5 310 474 28 63 795 806 New Retire- Total net cap- ments10 proital ceeds 784 609 462 512 56 24 490 983 502 40 93 589 771 437 758 553 501 4 32 14 1 16 40 40 46 163 47 69 70 46 40 22 18 52 831 90 68 4 5 12 3 '1 11 91 80 8 36 '107 '55 57 Public utility 11 196 53 225 36 270 9 ?76 9 ,608 Kew capital 043 1 2 ,412 2 326 9 ,626 53Q 9 ,972 f> P05 3 ,665 2 675 Real estate and financial Communication Retirements 10 Total net proceeds New capital* Total Retire- net ments10 proceeds New capital* >67 « (305 517 314 600 747 871 651 49 593 739 81 5 515 6 508 3 1,561 60 1,061 558 639 449 448 1 536 788 35 100 66 60 24 273 58 71 12 41 270 26 100 98 128 2 7 4 1 8 97 145 368 '108 '177 933 68? 85 88 67 990 r«s *74 rn 1 373 188 104 174 212 46 153 58 9 123 25 51 18 431 321 158 247 272 61 459 55 74 60 15 305 27 J29 98 74 44 8 2 25 326 98 20 43 54 1 156 199 14 47 274 27 108 37 43 8 36 '18 '89 '55 '. 52 239 108 224 '214 '247 275 198 101 196 178 '230 260 41 8 27 36 '17 15 7 44 27 18 "24 70 6 2 26 18 21 6 12 6 '24 31 ' " ' 3 9 ' 97 148 381 '114 '181 80 60 31 1 3 78 Retirements10 2 13 '6 '5 2 'Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by mutiplying principal amounts or number of units by offering price* 3 4 Includes issues guaranteed. Issues not guaranteed. 5 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 'Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission. 916 FEDERAL RESERVE BULLETIN SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annu al Industry Quarterly 1954 1953 1949 1950 1951 1952 1953 1954 3 4 1 2 1955 4 3 1 Manufacturing Total (200 corps.): Sales Profits before taxes Profits after taxes Dividends. Nondurable goods industries (94 corps.): * Sales Profits before taxes Profits after taxes . . Dividends Durable goods industries (106 corps.): 2 Sales Profits before taxes Profits after taxes Dividends 37, 948 45 5 168 8 3, 186 4 . . . 1, 710 ? 351 52, 444 53, 905 62, 665 57 457 15 ,459 14 ,902 14 ,233 14 ,776 13 ,401 15,047 18 ,023 04?, 8 70? 7 147 8, ??5 7 093 ? 093 1 395 1 754 1 9?3 1 549 1,868 ? 4?9 89? 885 891 143 3 486 3 117 3, 560 3 750 790 1,093 1 ,197 977 795 ? 036 ? 031 9 , 110 ? 337 495 518 772 631 524 523 545 5 ,082 783 376 222 5 ,084 581 371 ?75 4 961 669 9 3 897 9 9 357 33 774 34 997 4 ? 390 37 965 10 377 9 ,817 814 5?1 356 Q 979 14 051 15 994 18 670 18 908 ?0 ?76 1 975 ? 847 3 3?4 ? 715 9 908 1 297 1 599 1 481 1 313 1, 446 91? 759 894 94? 934 3 193 1 888 5 195 ? 544 950 1 352 Selected industries: Foods and kindred products (28 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (26 corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining (14 corps.): Sales . Profits before taxes Profits after taxes . Dividends Primary metals and products (39 corps.): Sales Profits before taxes Profits after taxes . . . Dividends Machinery (27 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (15 corps.): Sales Profits before taxes Profits after taxes Dividends % ?0 19? 9 658 1 531 1 0?3 4 43? 5 317 4 435 1 804 ? 114 ? ?19 142 1 119 1 176 1 314 5 378 ? 005 4 ?73 4 40? 4 909 53? 473 434 ?89 ?68 ??7 149 159 161 5 04? 446 ?04 154 5 411 465 ?11 154 5 464 461 ??4 156 1 ,309 509 274 3 907 559 496 363 4 ,?60 4 966 869 673 5 990 464 ??3 428 191 532 ?47 854 578 ?85 520 391 1?4 91 5 757 5 883 1 ,473 ??9 155 67 689 796 495 ?68 571 ?74 8 187 10 446 1? 497 11 557 993 1 ,700 2 ,092 1 ,161 4 363 591 480 493 398 458 381 57? 448 377 776 381 575 367 713 541 ?78 n 750 11 517 l 824 1 ,370 793 714 377 408 5 ,071 6 ,183 7 ,08? 8 009 7 746 974 l ,009 897 3 ,476 510 ?03 88 113 3 ,495 ?35 168 117 19? 380 40? 469 ?00 ?39 ?63 671 479 46? 463 5?9 376 229 Q 804 1 ,?47 600 294 114 4 ,955 5,304 637 676 357 930 433 336 948 773 422 248 91? 9,743 1,192 433 660 075 656 775 288 436 297 1 339 1,437 1?? 108 59 56 39 45 1 ,354 100 47 36 8 446 1 ,479 ?14 1 ,44? 189 1 440 165 1,522 1 ,531 145 ?0? 127 128 138 142 157 148 69 73 68 68 73 74 3 ,194 ? ,910 3 019 ? 715 2,873 3 ,339 359 305 405 489 295 301 151 179 ?4? 196 150 234 ,805 1? ,496 1? ,8?5 16 377 13 ,940 3 ,917 ? ,305 1 ,913 1 ,945 ? 048 1 741 451 1 ,087 705 698 747 8?7 168 ?08 Q ,577 11 1 473 861 451 1 ,498 176 ? ,038 850 1 ,003 370 4? 5 296 676 1 ,453 1 ,434 1 ,471 1 ,461 1,551 1 ,642 ?68 322 ?71 354 ??4 272 133 136 13? 190 176 1?1 95 98 98 189 1?7 110 1 ,959 241 95 49 138 1 ,084 5?6 4 972 1 , 3.55 1 ,394 1 , 337 1 ,351 99 13? 131 107 63 57 54 46 36 37 45 36 3 680 4 ,577 5 ,574 5 ,695 6 071 5 917 1 ,506 693 1 133 1 4?1 1 ?00 1 ?60 1 133 330 415 3?1 365 228 193 115 90 9? 9? 1 ,917 1 ,937 1 864 252 117 237 107 58 64 65 100 ,485 3 ,731 ? 9?? 434 214 114 53? ?57 113 124 93 2,028 1 956 209 199 235 10? 143 11? ?99 1?7 106 76 68 3,802 4 ,7?9 476 229 196 8?3 369 108 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes . . Profits after taxes Dividends 8 ,580 9 ,473 10 ,391 10 ,581 10 ,664 9 ,371 2 ,755 2 ,582 2 ,275 2 ,335 2 ,366 2,395 2 ,302 700 1 ,385 1 ,260 1 ,451 1 ,404 226 319 272 199 259 156 399 900 438 172 277 219 136 175 88 832 871 693 784 674 234 ?5? 370 74 136 162 73 101 P6 41? 338 31? 398 79 5 069 1 1?9 757 560 .... . ? ,967 3 ,34? 580 333 331 ?07 213 276 7 136 7 ,610 9 ,049 1 140 857 1 7?1 428 ?31 194 1.826 460 ?60 212 1 984 570 3?1 3 ,7?9 4 ,136 4 ,5?5 4 90? 691 9? 5 1 ,050 787 5? 45? 341 384 318 448 355 412 1 ,1?9 1 ,178 ?48 1?? 108 1 174 ?4? 116 109 5 ,598 6 ,058 6 549 1 313 1 4 8 ? 1 740 8?? 814 947 619 651 7?5 1 895 1 030 780 ??0 107 104 ?19 1 810 487 ?66 ?10 1 831 478 ?64 ?11 1,976 1 ,?10 ?6? 175 111 1 ?33 1,285 ?6? 284 143 116 141 112 513 288 224 ? 171 636 341 ??5 1 ?98 306 15? 118 1 2 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). AUGUST 1955 917 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Estimates, in millions of dellars] PROFITS, TAXES, AND DIVIDENDS OF UNITED STATES CORPORATIONS [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Year or quarter Profits before taxes Year or quarter In- Profits Cash Undiscome after divi- tributed taxes taxes dends profits 1939 1945 6.4 19.0 1.4 10.7 5.0 8.3 3.8 4.7 1.2 3.6 1947 1948 1949 1950 29.5 32.8 26.2 40.0 11.3 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 1954 41.2 35.9 38.3 34.0 22.5 19.8 21.3 17.1 18.7 16.1 17.0 17.0 9.1 9.0 9.3 10.0 9.6 7.2 7.7 6.9 1954—1 2 3 4.. .. 32.7 33.7 33.5 36.0 16.4 16.9 16.8 18.1 16.3 16.8 16.7 17.9 9.7 9.8 10.0 10.6 6.6 7.0 6.7 7.3 1955—1 21. . . 40.9 42.5 20.5 21.3 20.4 21.2 10.2 10.6 10.2 10.6 Stocks Bonds and notes New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1947 1948 1949 1950 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 4,655 3,284 2,004 1,867 1,632 1,864 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 4,940 4,755 3,975 3,366 3,335 2,898 3,843 666 348 533 1,456 2,700 2,987 2,366 2,386 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 1,081 995 1,016 713 1,377 721 1,053 219 292 376 569 862 703 337 484 1955—1. . . 3,065 1,347 1,719 1,681 702 979 1,384 645 740 1954—1. . . 2... 3... 4. . . 1 Reflects cash transactions only. As compared with data shown on p. 916, 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. 916. 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 * [Estimates, in billions of dollars] Current liabilities Current assets Net working capital End of year or quarter Total Cash U. S. Government securities Notes and accts. receivable U. S. Govt.2 Notes and accts. payable Other 1939 1945 24.5 51.6 54.5 97.4 10.8 21.7 2.2 21 1 .0 2.7 1948 1949 1950... 68.6 72 4 81.6 133.0 133 1 161.5 25.3 26.5 28.1 14.8 16 8 19.7 1.1 1951 1952 1953 86.5 90 1 92.6 179.1 186 2 189.6 30.0 30 8 30.9 20.7 19 9 21.0 1954—2... 3 .... 4... 94.4 95 5 95.8 179.6 183 9 187.3 29.1 30.3 31.7 1955—1 98.1 187.9 30.3 Other Other Federal income tax liabilities Total Other 22.1 23.2 Inventories U. S. Govt.2 18.0 26 3 1.4 2 4 30.0 45 8 .0 .9 21.9 24.8 1.2 10.4 6.9 9.7 55.7 48.9 45 3 55.1 1.6 1 4 1.7 64.4 60 7 79.8 .4 3< .3 37 5 47.9 11.5 9 3 16.7 13.5 14 0 14.9 2.7 2 8 2.6 58.8 64 6 64.8 64.9 65 8 67.9 2.1 2 4 2.4 92.6 96 1 97.0 1.3 2 3 2.2 53.6 57.0 56.3 21.3 18.1 19.2 16.5 18.7 19.3 16.4 18 1 19.3 2.4 2 3 2.4 63.2 65 1 66.2 65.9 65 4 65.1 2.6 27 2.6 85.2 88 4 91.5 2.4 2 6 2.4 51.8 52 3 54.0 12.0 14 0 15.7 18.9 19 5 19.4 19.0 2.2 67.8 65.8 2.8 89.8 2.5 54.2 13.4 19.7 .4 43 0 1 2 Excludes banks and insurance companies. Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Transporta- Public Comtion utili- muni- Other2 other cations ties than rail Total Manufacturing Mining Railroads 1939 1945 5,512 8,692 1,943 3,983 326 383 302 321 1,776 2,378 22,059 19,285 20,605 25,644 9,134 7,149 7,491 10,852 882 792 707 929 365 574 1,285 887 L,212 1,490 520 505 1948 1949 1950 1951 280 548 1,319 1,352 1,111 1,474 2,543 3,125 3,309 3,664 1,742 1,320 1,104 1,319 5,154 4,660 5,671 5,916 1952 1953 1954 1955* 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 Year Total Manu- Transfactur- porta- Public All tion ing utili- others incl. and ties railminroads ing 1953—3 4 7,084 7,625 3,116 3,565 1954—1 2 3 4 6,266 6,932 6,640 6,988 1955—1 4 24 3 5,847 7,324 7,220 Quarter 1,221 1,247 2,039 2,070 2,788 3,120 2,896 3,209 708 743 634 620 553 559 929 1,121 1,060 1,109 1,916 2,071 2,133 2,110 2,435 3,192 3,063 538 646 601 845 1,185 1,279 2,030 2,302 2,278 1 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. a 918 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] Naatam All properties End of year or quarter All holders Other holders Financial insti- Selected Inditutions Federal viduals and agenothers cies 1941 1942 . 1943 . . . 1944 1945 . . . 1946 1947, . . . ...... 1948.. . .. 1949.............. 1950 ..... 1951. 1952.............. 1953. 1954 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 0 113.5 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 85.6 2.0 1.8 1.4 4.1 .9 6 .5 1953—December..... 101.0 1954—March June September.. . . December. . . . 1955—March? June? 1- to 4-family houses Multi-family and commercial properties1 Total All holders Financial institutions Other holders Financial institutions Other holders 7.2 6.7 6.3 6.2 6.4 7.0 2.8 14.9 14.2 13.6 13 3 13.7 15 1 16.6 17 8 18.7 19 8 20.7 21.9 23.2 25.0 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 75.9 11.2 11.5 11.5 11.7 12.2 16.0 20.5 25.0 28.4 35.3 41.2 47.0 53.8 62.7 75 0 2.8 23.2 93.3 66.3 103.1 106 2 109.7 113.5 76.8 19 5 82.4 85.6 2.7 2.7 2.7 2.8 23.6 24,0 24.6 25.0 95.2 98.2 101.6 105.3 117.3 122.2 88.8 92.8 2.9 3.0 25.6 26.4 108.9 113.4 6 1.1 1 4 2.0 2.4 2.8 Farm Total All holders 8.0 7 8 7.4 7.2 7.5 8 4 4.8 4.7 4.6 46 4.7 5 4 9.6 6.1 10 9 12.4 14.0 15.7 17 0 18 2 19.6 6 7 5 3 7.2 7.6 8.0 5.6 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 29.4 53.8 12.5 27.1 18.2 67.8 70.0 72.8 75.9 55.3 57.4 59.9 62.7 12.5 12.6 12.9 13.2 27.5 28.1 28.8 29.4 18.5 18 9 19.3 19.6 78.9 82.8 65.4 68.9 13.5 13.9 30.0 30.6 20.0 20.5 FinanOther cial insti- holders2 tutions 7.6 8.3 9.1 9.8 6.4 6 0 5.4 49 4.8 4 9 5.1 4.9 1.5 4 1.3 3 '•'4 5 4.1 3 7 3.4 3 4 3 3 3 4 3 5 3 7 4 0 4 3 4 6 4.9 .3 7 0 9.7 6 1 6 6 72 77 8.2 2 1 2 3 2 6 2S 3 0 3.3 8.9 7.7 3.0 9.0 92 9.5 9.7 7.8 8 0 8.1 8.2 3.1 3 2 3.2 3.3 9.9 10.2 8.4 8.8 3.4 3.5 8 3 89 4 6 1 47 4 8 4 9 4 9 5.1 5.3 ^Preliminary. 1 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 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 Commercial bank holdings 2 Nonfarm End of year or quarter Mutual savings bank holdings4 ]Nonfarm Residential8 Total Total Total Farm FHA- VA- Coninguar- vensured anteed tional 1 ,048 0?4 80? 749 856 1 ,387 1 ,600 1 057 3 ,292 3 33? 3 ,256 3 3 ,395 Residential Total Total Other 566 401 463 FHA- VA- ConTotal in- guar- vensured anteed tional 4, 81? 4,784 3,884 4 6?7 4,601 3,725 4?0 4,395 3,558 4 .305 4,281 3,476 4 ?08 4,184 3,387 4 , 441 4,415 3,588 4 8.56 4,828 3,937 5 806 5,773 4,758 6 70.5 6,668 5,569 8, 8 218 7 054 567 o, 916 9,869 8,595 11 370 11,327 9,883 3 168 12, 943 12,890 11.334 .3 48Q 15 007 14,951 13,211 3 800 1941 1942 1943 1944 1945 1946 1947 1948 1949. 1950 1951. 1952 1953. 1954 10 ,897 11 644 13 664 14 73? 15 ,867 16 850 18 ,555 1953—-December.... 16 ,850 15 ,768 12 ,925 3,912 3,061 5 ,951 2 ,843 1 ,082 12, 943 12,890 11,334 1954—March 16 ,070 15 870 1? 065 3,920 3,960 4,020 4,104 906 4 ,746 A 521 4 ,430 4 ,772 7 234 Q ,446 A 340 4 ,256 4 ,058 3 ,067 4 ,251 6 533 8 10 ,023 10 7,36 695 13 14 800 15 768 17 • 5,146 6 033 8 ,066 8 676 10 431 11 ?70 1? 188 0?5 14 137 3,421 3,675 3,912 4,104 2 921 3,012 3,061 3,348 3,075 3,116 3,235 3,348 4 5 5 6 17 366 16 6 17 ,920 16 ,770 13 ,655 6 18 ,555 17 ,397 14 ,137 10 175 17 060 14 600 4,175 3,465 6 20 ,050 18 ,775 15 ,265 4,320 3,655 7 June** 2 ',458 501 951 685 ?,,843 .3 ?60 6 144 Tnne» ,060 Q?Q 5 070 September December 1955—MarrhP 1.3 9 400 685 060 290 7 46,3 70? 8?.3 874 000 968 1 ,004 1 058 1 ,08? 1 158 005 1 ,100 3 007 1 ,130 3 ,115 1 ,150 3 260 1 ,158 3 360 1 ,215 3 510 1 ,275 900 876 837 805 797 827 891 • 4 13, 345 13,292 1 3 , 881 13,826 14, 415 14,360 15, 007 14,951 15, 560 15,504 13,675 1 015 1,099 1 164 1,726 - 3fH 1,274 i 477 2,237 1,444 70? 1,556 3,053 140 1,740 4,262 3 ,489 3,053 4 792 1,556 11,700 3 560 12,181 3 650 12,665 3 725 13,211 3 800 16, 165 16,109 14,230 Other 845 1,592 3,295 3,579 4 04? 1,645 3,900 5 040 1,695 4,262 5 149 1,740 3 850 4,610 5 4,980 5 335 3 915 1,829 1,879 Farm 28 26 25 24 24 26 28 34 37 44 47 53 53 56 53 53 55 55 56 56 56 p Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member IBank 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 Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies, Comptroller of the Currency, and Federal Reserve. AUGUST 1955 919 REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Nonfarm Year or month Total Total 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954. Loans outstanding (end of period) 898 855 935 976 1,661 2,786 3,407 3,430 4,894 5,134 3,978 4,345 5,334 1,483 2,520 3,114 3,123 4,532 4,723 3,606 3,925 4,921 451 421 464 571 FHAinsured Nonfarm VAguaranteed Farm Other 178 266 293 307 362 411 372 420 413 . . . 1954—june July August September October November December 1,202 1,350 1,486 1,058 1,294 864 817 673 1,377 410 393 435 60 51 53 100 98 133 250 244 249 41 28 29 538 80 588 62 156 148 183 208 250 242 275 318 43 521 . . 1,469 1,546 1,642 2,108 2,371 2,313 2,653 2,871 631 • 479 69 161 249 42 443 493 431 481 478 66 77 71 76 71 118 154 128 135 151 259 262 232 270 256 52 70 49 44 41 484 471 1955™ January February March April May June 459 446 451 53 56 600 366 131 938 429 455 FHAinsured Total 495 563 480 525 519 . . Total 25 25 33 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 1,096 1,286 1,408 1,394 1,228 1,398 2,381 3,454 4,573 5,257 5,681 6,012 6,122 24,384 24,572 24,795 25,035 25,260 25,574 25,927 22,403 22,575 22,786 23,019 23,235 23,540 23,881 26,223 26,474 26,727 26,949 27,217 27,483 24,171 24,405 24,629 24,824 25,067 25,310 Farm VAguaranteed Other 1,106 1,224 2,026 3,131 3,347 3,560 4,636 4,405 4 714 4 734 4 587 4 478 4 466 4 876 5,538 6,356 7 090 8,176 9 399 10,518 11,864 13,123 1 138 1,327 1 527 1,705 1,886 2,046 6,091 6,095 6,100 6,098 6,103 6,133 6,122 3,886 3,951 4,048 4,187 4,302 4,451 4,636 12,426 12,529 12,638 12,734 12,830 12,956 13,123 1,981 1,997 2,009 2,016 2,025 2,034 2,046 6,132 6,156 6,166 6,171 6,200 6,202 4,771 4,861 4,982 5,070 5,168 5,297 13,268 13,388 13,481 13,583 13,699 13,811 2,052 2,069 2,098 2,125 2,150 2,173 668 815 256 844 899 913 896 841 800 776 795 895 990 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 News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] ^Number in thousands; amount (except averages) in millions of dollars] Loans outstanding (end of period)2 Loans made, by purpose Year or month Total New construction Home purchase Other purposes l Total 3 1,379 1941 1,051 1942 1,184 1943 1,454 1944 1,913 1945 3,584 1946 3,811 1947 1 9 4 8 . . . . . . . . 3,607 3,636 1949 5,237 1950 5,250 1951 6,617 1952 7,767 1953 1 9 5 4 . . . . . . . . 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 3,488 3,846 361 287 276 295 374 611 789 851 994 1,224 1,236 1,557 1,804 2,047 4,578 4,583 4,584 4,800 5,376 7,141 8,856 10,305 11,616 13,622 15,520 18,336 21,882 26,142 563 717 841 864 904 1,044 1,171 2,397 2,586 2,969 3,125 3,385 3,961 4,714 1954-May... June... July... Aug... Sept... Oct.... Nov... Dec... 728 810 802 841 828 824 807 853 254 283 281 289 282 283 278 295 301 341 349 372 369 364 357 369 173 185 173 180 177 177 172 189 23,847 1,102 4,277 25,053 1,150 4,503 26,142 1,171 4,714 1955-Jan.... Feb.... Mar... Apr.... May... 744 775 1,026 1,016 1,069 252 265 386 380 395 326 340 427 430 470 166 171 212 205 205 1 27,313 ConVAFHAvenguarinsured anteed tional 3 1,232 4,946 7,345 8,313 9,812 11,530 14,047 16,877 20,257 Amount, by type of lender Year or month 1941 1942 1943 1944 1945 1946.. 1947. 1948 1949 1950 1951 1952 1953 1954 1954-June... July... Aug... Sept... Oct.... 19,400 Nov... Dec... 20,257 1955-Jan.... Feb.... Mar... Apr.... 21,135 May... June... 18,468 Includes loans for repair, additions and alterations, refinancing, etc. Prior to 1948, d a t a are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Number Average amount recorded (dollars) Total Savings & loan assns. Insurance companies Com- Mutual mersavcial ings banks banks Other 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 4,732 3,943 3,861 4,606 5,650 10,589 11,729 11,882 11,828 16,179 16,405 18,018 19,747 22,974 1,490 1,170 1,237 1,560 2,017 3,483 3,650 3,629 3,646 5,060 5,295 6,452 7,365 8,312 404 362 280 257 250 503 847 1,016 1,046 1,618 1,615 1,420 1,480 1,768 1,166 886 753 878 1,097 2,712 3,004 2,664 2,446 3,365 3,370 3,600 3,680 4,239 218 166 152 165 217 548 597 745 750 1,064 1,013 1,137 1,327 1,501 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 4,755 303 306 312 313 314 307 318 1,990 2,027 2,086 2,122 2,156 2,148 2,267 741 734 770 766 765 757 784 146 155 166 164 178 177 191 368 371 369 383 393 399 420 133 141 138 141 140 147 158 602 626 643 668 679 667 714 6,573 6,625 6,684 6,789 6,874 7,004 7,131 284 277 343 328 344 360 2,024 1,958 2,455 2,357 2,483 2,636 688 702 928 900 950 1,024 165 151 174 165 163 174 379 365 458 456 482 516 128 116 134 136 153 171 665 624 761 700 734 750 7,120 7,077 7,153 7,182 7,215 7,312 5^701 5,950 6,241 6,644 Source.—Home Loan Bank Board. 2 920 FEDERAL RESERVE BULLETIN REAL ESTATE CREDIT STATISTICS—COM*«#M^ MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [In millions of dollars] VA-guaranteed loans 3 FHA-insured loans Home mortgages Year or month Total Total 991 1,152 1,121 934 877 857 3,058 5,074 5,222 5,250 7,416 6,834 5,830 6,946 7,323 991 1,152 1,121 934 877 665 756 1,788 3,341 3,826 4,343 3,220 3,113 3,882 3,066 1954—June. . July... Aug.. . Sept... Oct... . Nov... Dec... 579 531 680 679 770 760 270 238 262 269 252 266 843 1955—Jan.... Feb... Mar... Apr... May. . 931 840 856 809 '832 June.. 888 336 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1954 New properties Proj- Property imtype Ex- mort- prove- Total isting gages1 ment 2 proploans erties 588 13 216 175 728 14 228 183 766 21 126 208 553 85 86 210 484 56 114 224 192 257 20 171 217 120 13 321 2,302 302 477 360 534 3,286 418 1,434 614 1,881 684 609 1,319 594 1,424 892 1,021 1,637 694 3,073 856 1,157 1,216 708 3,614 713 582 969 322 974 848 2,721 1,259 1,030 259 1,334 3,064 1,035 232 907 891 4,257 Governmentunderwritten Home mortgages Alter ation Exand New isting repair2 prop- properties erties 793 629 1,865 1,202 2,667 942 1,824 890 2,045 1,014 2,686 1,566 3 5 6 6 6 5 86 75 72 77 80 91 79 79 79 59 74 92 24 14 40 33 9 7 82 70 71 101 89 76 309 293 418 410 518 494 200 178 251 252 307 304 109 115 167 157 211 189 287 92 109 23 63 556 337 219 .4 309 274 324 294 284 107 89 109 93 93 145 138 160 151 136 5 12 9 5 3 52 36 46 45 51 622 567 532 515 r 548 390 357 345 319 341 231 209 186 195 r 207 1.2 .7 .7 .6 .5 107 163 5 62 552 348 204 .6 .3 .3 .2 .5 .4 .5 r Revised. 1 2 Monthly figures do not renect mortgage amendments included in annual totals. FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and rep air loans of $1,000 or less need not be secured whereas those for3 more than that amount must be. Prior to 1949, data are not available for classifications shown. NOTE.—FHA-insured loans represent gross amount of insurance written: VA-guaranteed loans, gross amount of loans cl()sed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. 1948 1949 1950 1951 1952 1953 1954 1954—June July August September, October. . . November. December. 1955—January... February.. March. . . . April May June. Author- Commitized funds ments unundiscommitted bursed 528 848 918 661 1,085 550 0) 570 540 594 631 678 1 C) 0) 0) 0) 0) 0) C1) 0) Mortgage holdings Total 199 828 FHA- MortMortgage gage purchases sales (during (during period) period) sured VAguaranteed 188 403 169 204 320 621 802 11 425 198 672 1,178 1,646 1,922 1,841 1,632 1,044 677 538 542 614 20 469 111 56 221 525 50 120 33 38 39 50 64 37 37 39 19 23 11 15 48 48 54 58 39 21 10 8 18 11 7 3 in- 227 824 485 239 323 638 476 1,347 1,850 2,242 2,462 2,434 779 737 700 654 603 547 476 2,301 2,371 2,355 2,362 2,368 2,396 2,434 802 1,601 L,647 1,622 1,618 1,616 1,623 L,632 418 359 287 215 163 127 2,462 2,488 2,512 2,545 2,562 2,567 817 832 839 855 860 867 L.645 1,656 L,673 1,690 1,702 \L,700 700 724 733 745 752 773 !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. AUGUST 1955 Conventional Total Total 1940 1941 1942 1943 1944 1945.. 1946 1947 1948 1949 1950 17.3 18.4 18.2 17 8 17.9 18.5 23.1 28.2 33.3 37.5 45,1 2.3 3.0 3.7 4 1 4.2 4.3 6.1 9.3 12.5 15.0 18.9 1952 1954 1954 1952—Sept... Dec... 58.7 66.3 75.9 57.0 58.7 FHA- VAinguarsured anteed 15.0 15.4 14.5 13 7 13.7 14.2 17.0 18.9 20.8 22.5 26.2 25.4 28.1 32.1 24.7 25.4 2.3 3.0 3.7 4 1 4.2 4.1 " .2 3.7 2.4 5.5 3.8 7.2 5.3 8.1 6.9 10.3 8.6 9.7 10.8 14.6 12.0 16.1 12.8 19.3 10.4 14.3 10.8 14.6 1953—Mar. . . 60.4 June... 62.5 Sept... 64.6 D e c . . . 66.3 26.1 26.7 27.5 28.1 11.1 11.4 11.7 12.0 15.0 15.3 15.8 16.1 34.3 35.8 37.1 38.2 1954—Mar. . . 67.8 June... 70.0 Sept... 72.8 Dec... 75.9 28.8 29.7 30.5 32.1 12.2 12.4 12.6 12.8 16.6 17.3 17.9 19.3 39.0 40.3 42.3 43.8 1955—MarP.. 33.5 35.5 13.2 13.5 20.3 22.0 45.4 47.3 78.9 June**.. 82.8 33.3 38.2 43.8 32.3 33.3 ^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] FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY * [In millions of dollars] End of year or month End of year or quarter Year or month Advances Repayments Advances outstanding (end of period) Total Shortterm 1 Longterm 2 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 19 109 217 258 202 269 298 299 317 255 1954—July August September. October.. . November. December. 1955—January... February.. March April May June July...... 53 59 69 63 74 171 98 31 38 45 38 47 630 659 689 708 743 867 406 422 452 471 495 612 223 236 237 236 248 255 38 34 71 85 104 237 152 188 63 58 33 37 42 107 717 688 702 754 821 ; l,017 1,061 491 466 464 497 542 715 748 226 223 238 257 279 302 313 "Corrected. 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. 921 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 Other Automobile consumer paper i goods paper1 Total Total Repair and modernization loans2 Personal loans Total Singlepayment loans Charge accounts Service credit 7,222 8,338 9,172 4,503 5,514 6,085 1,497 2,071 2,458 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 1,645 518 553 597 1945 1946 . 1947, 1948 1949 1950 1951 1952 1953 1954 5,665 8,384 11,570 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 22,467 455 981 1,924 3,054 4,699 6,342 6,242 8,099 10,341 10,396 816 1,290 2,143 2,842 3,486 4,337 4,270 5,328 5,831 5,668 182 405 718 843 887 1,006 1,090 1,406 1,649 1,616 1,009 1,496 1,910 2,229 2,444 2,805 3,235 3,851 4,366 4,787 3,203 4,212 4,875 5,443 5,588 6,323 6,631 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 3,518 845 1,014 1,166 1,285 1,376 1,496 1,601 1,707 1,720 1,720 1954—June July August September October November December 28,666 28,725 28,736 28,856 28,975 29,209 30,125 21,717 21,849 21,901 21,935 21,952 22,014 22,467 10,168 10,298 10,349 10,365 10,340 10,296 10,396 5,367 5,328 5,294 5,287 5,324 5,398 5,668 1,635 1,637 1,642 1,642 1,637 1,631 1,616 4,547 4,586 4,616 4,641 4,651 4,689 4,787 6,949 6,876 6,835 6,921 7,023 7,195 7,658 2,334 2,303 2,312 2,335 2,377 2,407 2,420 2,819 2,773 2,734 2,807 2,892 3,042 3,518 1,796 1,800 1,789 1,779 1,754 1,746 1,720 It95$—January February March April May June 29,760 29,518 29,948 30,655 31,568 32,471 22,436 22,508 22,974 23,513 24,149 24,914 10,459 10,641 11,053 11,482 11,985 12,561 5,609 5,484 5,479 5,492 5,555 5,639 1,574 1,550 1,530 1,534 1,546 1,562 4,794 4,833 4,912 5,005 5,063 5,152 7,324 7,010 6,974 7,142 7,419 7,557 2,371 2,427 2,481 2,496 2,589 2,686 3,225 2,831 2,735 2,859 3,011 3,040 1,728 1,752 1,758 1,787 1,819 1,831 1939 1940 1941 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the litems 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 Indliides 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 Retail outlets Total instalment credit Total Commercial banks Sales finance companies Credit unions 1939 4940 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 £1945 1946 1947. •1948 1949 1950 1951 1952 1953 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 1,124 1,293 4954—June July August... September October. . November December. 21,717 21,849 21,901 21,935 21,952 22,014 22,467 18,538 18,671 18,731 18,753 18,726 18,719 18,935 8,783 8,763 8,731 8,688 8,637 8,586 8,633 6,060 6,189 6,256 6,294 6,315 6,325 6,421 S1955—January.. February. March. . . April May..... 22,436 22,508 22,974 23,513 24,149 24,914 18,977 19,153 19,613 20,127 20,718 21,432 8,651 8,688 8,844 9,020 9,228 9,495 6,462 6,570 6,808 7,077 7,390 7,747 End of year or month June Department stores 1 Furniture stores Household appliance stores Automobile dealers 2 1,438 1,596 1,605 354 394 320 439 374 496 183 196 206 123 167 188 339 365 395 629 840 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 1,207 1,228 1,250 1,267 1,270 1,282 1,293 2,488 2,491 2,494 2,504 2,504 2,526 2,588 3,179 3,178 3,170 3,182 3,226 3,295 3,532 1,037 032 032 1,041 1,063 1,098 1,201 820 818 821 822 830 846 890 273 277 276 278 282 283 293 379 386 389 390 390 390 394 670 665 652 651 661 678 754 1,282 1,298 1,330 1,360 1,395 1,434 2,582 2,597 2,631 2,670 2,705 2,756 3,459 3,355 3,361 3,386 3,431 3,482 ,158 ,108 ,123 ,138 ,150 1,160 862 848 838 834 842 851 291 286 280 278 277 279 397 404 420 437 457 481 751 709 700 699 705 711 Other Total Other 1 Includes mail-order houses. ^.Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. •922 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 lnillions of dollars] End of year or month Total noninstalment credit Financial institutions (single-payment loans) Retail outlets (charge accounts) Service credit 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 Other 2,719 . . . . 2,824 . . . . . . 3,087 625 636 693 162 164 152 236 251 275 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 72 114 153 184 198 245 250 250 320 290 452 532 575 584 641 685 730 748 335 764 1,322 1,624 1,821 2,138 2,096 2,365 2,411 2,612 2,663 2,754 1,014 1,166 1,285 1,376 1,496 1,601 1,707 1,720 1,720 6,949 6,876 August.... 6,835 September. 6,921 October. . . 7,023 November. 7,195 December. 7,658 1939 1940 1941 . Commercial banks 1,977 1,989 1,985 1,997 2,067 2,049 2,085 357 497 314 327 338 310 358 335 448 446 488 517 574 764 2,322 2,325 2,288 2,319 2,375 2,468 2,754 1,796 1,800 1,789 1,779 1,754 1,746 1,720 7,324 7,010 6,974 7,142 7,419 7,557 2,048 2,085 2,114 2,165 2,199 2,303 323 342 367 331 390 383 623 535 507 526 532 518 2,602 2,296 2,228 2,333 2,479 2,522 1,728 1,752 1,758 1,787 1,819 1,831 . . .... . . . • 1954—Tune. July 1955—January... February.. March.... April May June 1 Department 1 stores Total instalment credit End of year or month 845 237 339 447 178 276 338 166 232 309 135 165 161 363 440 471 1945 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 2,198 143 311 539 753 946 1,294 1,311 1,629 1,867 1,645 114 299 550 794 1,016 1,456 1,315 1,751 2,078 1,839 110 242 437 568 715 834 888 1,137 1,317 1,275 312 546 747 839 913 1,037 J .122 1,374 1,521 1,676 1954—June July August.... September. October. . . November. December. 8,783 8,763 8,731 8,688 8,637 8,586 8,633 2,237 2,240 2,230 2,224 2,207 2,188 2,198 1,729 1,720 1,707 1,686 1,663 1,636 1,645 1,913 1,880 1,857 1,835 1,822 1,822 1,839 1,293 1,297 1,299 1,299 1,296 1,287 1,275 ,611 L.626 1,638 L.644 L,649 L,653 1,676 J 1955—January... February.. March.... April May June 8,651 8,688 8,844 9,020 9,228 9,495 2,208 2,241 2,309 2,371 2,466 2,591 1,656 1,680 1,751 1,818 1,880 1,940 1,859 1,845 1,846 1,842 1,865 1,897 1,241 1,219 1,201 1,205 1,211 1,223 1 L.687 1,703 1,737 1,784 1,806 L.844 . . INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT Total instalment credit Automobile paper 1939. 1940 1941. 1,197 1,575 1,797 1,187 1,363 1945 1946 1947 1948 1949. 1950. 1951. 1952. 1953 1954 1,355 1,990 2,950 3,785 3,769 4,833 6,147 6,421 [Estimated amounts out standing, in millions of dollars] 1,378 2,425 3,257 3,183 4,072 5,306 5,563 6,060 6,189 6,256 September. . . 6,294 6,315 October November. . . 6,325 December.... 6,421 6,462 6,570 6,808 7,077 7,390 7,747 878 Other consumer goods paper 115 136 167 Repair and modernization loans 148 190 201 End of year or month Personal loans 56 62 66 300 164 24 677 58 377 802 67 185 232 303 54 141 242 216 83 92 126 164 139 Ancnisf 1955—January February. . . . March. Anrii May June AUGUST 1955 Personal loans 1,079 1,452 1,726 [Estimated amounts outstanding, m millions of dollars] Tnnp July Direct Repair and modernization loans 1939 1940. . . . 1941 INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, BY TYPE OF CREDIT 1954 Purchased Other consumer goods Other Includes mail-order houses. End of year or month Automobile paper 313 241 332 367 57 70 82 83 158 275 347 391 351 81 426 5,249 5,371 5,436 5,474 5,491 5,491 5,563 331 335 335 83 82 82 397 401 403 336 337 340 351 81 81 81 81 403 406 413 426 5,603 5,709 5,945 6,207 6,512 6,857 350 349 348 348 79 78 76 76 430 434 439 446 353 361 77 78 448 451 Total instalment credit Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 789 891 957 81 102 122 24 30 36 15 16 14 669 743 785 731 991 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—June July August. . . . . . September. . . October .November. . . December 3,695 3,719 3,744 3,771 3,774 3,808 3,881 574 581 587 591 589 591 596 323 321 321 324 329 331 340 259 258 261 262 260 263 260 2,539 2,559 2,575 2,594 2,596 2,623 2,685 1955—January February.... March April May........ June........ 3,864 3,895 3,961 4,030 4,100 4,190 595 607 628 649 670 692 338 339 344 353 363 380 254 253 253 253 258 261 2,677 2,696 2,736 2,775 2,809 2,857 1939 1940 1941 1945 1946 . . . 1947 1948 1949 1950 1951 .. . 1952 1953 1954 .... ... 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. 923 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 Year or month Repair and modernization loans 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 2,827 328 255 312 307 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 1,969 3,692 5,280 7,182 8,928 9,362 12,306 13,621 12-532 941 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 7,863 206 423 704 702 721 391 826 707 853 1,243 1,387 1,245 2,703 2,549 2,477 2,441 2,454 2,554 3,046 2,473 2,417 2,425 2,407 2,437 2,492 2,593 1,244 L.163 1,114 1,062 1,031 L.040 L ,184 1,078 1,033 1,063 1,046 1,056 1,084 1,084 659 622 607 629 687 716 662 661 641 636 650 642 109 107 112 115 106 108 936 666 95 2,389 2,416 3,159 3,089 3,206 3,443 2,420 2,344 2,693 2,550 2,570 2,678 1,060 1,167 1,569 L.512 1,616 1,766 997 985 1,157 1,083 1,113 1,190 616 529 708 703 741 766 675 654 713 690 678 682 2,495 2,455 2,409 2,474 2,461 2,612 2,762 2,413 2,364 2,480 2,404 2,424 2,500 2,488 1,114 L.060 1,035 L,O77 L,068 L,109 L.298 1,056 1,006 1,067 1,014 1,039 1,098 1,083 649 666 613 609 633 677 2,823 2,898 3,035 3,017 3,091 3,165 2,496 2,521 2,562 2,552 2,634 2,612 1,233 L.382 t.472 1,404 1,517 1,580 1,020 1,071 1,096 1,093 1,139 1,165 1940 1941 1945 1946 1947 1948 1949 . 1950 1951 1952 1953 1954 . . Extended Repaid Personal loans Extended Repaid 2,217 2,361 2,060 2,284 769 927 1,144 1,278 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 7,406 108 105 107 115 111 114 691 657 644 635" 630 690 110 831 625 618 614 610 620 652 67 72 99 106 121 125 109 96 119 102 109 109 646 648 783 768 728 786 639 609 704 675 670 697 658 667 678 634 652 631 95 98 100 106 92 101 108 100 105 118 106 113 591 591 630 638 627 658 679 643 99 108 637 631 661 682 668 725 686 654 788 660 741 736 736 684 680 683 672 687 87 97 109 109 115 104 97 116 109 122 715 759 713 768 723 688 673 667 678 686 722 660 143 200 577 677 WITHOUT SEASONAL ADJUSTMENT 1954—j u n e . . . . July August . September October November December 1955—January February March April . May. . . . . . . ... .... June 733 SEASONALLY ADJUSTED* 1954—j u n e July . Aufifust September . . . October November . . December 1955—January February March April M!ay .. June 754 678 109 109 * 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 RECEIVABLE1 FURNITURE STORE STATISTICS Item Percentage change from preceding month June 1955 Net sales: Total Cash sales Credit sales: Instalment... Charge account Accounts receivable, end of month: Total Instalment Charge accounts Inventories, end of month, at retail value. Percentage change from corresponding month of preceding year May 1955 Apr. 1955 June 1955 May 1955 +10 +2 +9 +5 +7 +1 +10 +10 +4 +10 +5 +5 +3 0 +8 +14 +2 +1 +4 +2 +1 +3 0 -1 +1 +8 +4 +19 +5 +3 +14 -3 -2 +3 +2 0 -1 -1 Month -2 Charge accounts Household ap- Department pliance stores stores stores Apr. 1955 +10 +6 +13 +12 i Instalment accounts 1954—June '. July August. . . September October. . November December. 1955—January. . February. March.... April May June Department Furniture stores 14 14 13 13 14 13 14 12 12 12 12 12 12 12 10 10 10 10 10 10 9 47 45 45 46 47 48 46 14 14 15 15 15 15 12 11 13 12 12 12 9 9 9 9 9 9 44 43 48 44 45 46 -1 1 Collections during month as percentage of accounts outstanding at beginning of month. 924 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 Manufactures Total Total Durable Nondurable Minerals Total Residential Employment and payrolls 2 1947-49=100 All other Nonagricultural employment Freight carloadManufacturing ings* production workers 1947-49 = 100 Employment Payrolls AdAdAdAd- Unad- Unad- AdAdAdAdAdAd- U n a d - Adjusted j u s t e d justed j u s t e d justed justed justed justed justed justed justed justed justed justed 75 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 7o 4 71.6 72 9 73.1 75.0 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 0 0 9 9 1 34 15 14 17 20 22 8 13 41 20 18 24 25 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 69 32 24 24 27 29 65.0 58 4 55.3 57.2 58 7 47 42 42 48 52 4 1 8 7 0 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 84 67 76 83 33 35 32 35 37 59 3 61.4 60 3 59.4 59 9 52 56 51 50 51 5 1 1 1 1 84 93 103 99 96 81 84 87 93 92 66 89 37 22 36 54 49 24 10 16 74 116 45 30 50 82.8 90.9 96.3 95.0 91 5 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 86 101 104 95 116 95 99 102 99 111 91 100 106 94 105 82 84 102 113 159 87 86 98 116 185 79 83 105 111 142 94 4 99.4 101 6 99 0 102.3 97.9 81.2 103.4 97.7 102.8 105 1 93.8 97.2 99.6 111.7 100 108 104 88 97 90 98 104 98 105 83 95 102 101 102 4 5 8 8 8 78 96 104 99 103 7 4 4 2 1 121 125 128 136 *»153 P137 114 114 *>118 115 114 J»116 171 183 192 216 170 183 178 232 172 108 2 183 110.4 201 113 6 204 110 4 106.4 106.3 111.8 101.8 129 8 136.6 151.4 137.7 101 95 96 86 109 110 112 111 111 113 114 114 0 5 4 8 114 111 110 110 8 6 1 3 126 125 139 135 134 136 135 134 135 137 139 142 143 114 114 115 117 116 114 114 115 117 118 119 113 112 109 111 114 112 109 108 109 113 116 196 191 201 205 140.0 137.9 134.5 134.6 135.8 131.9 134.8 138.0 139.1 142.2 143.1 110 107 213 216 227 233 104.0 103.2 101.4 100.2 100.5 98.5 100.4 101.7 102.0 102.3 102.2 88 85 196 193 207 206 84 84 84 82 110 108 112 145 147 148 151 153 155 *>157 121 121 124 125 127 128 120 123 121 120 121 123 101.8 102.5 103.5 104.6 105.8 106.7 101.2 102.3 103.3 103.6 104.1 105.8 P105.5 141.5 144.4 146.6 146.7 150.1 152.1 105.9 92 92 93 93 119 112 115 119 96 94 95 123 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 1926 1927 1928 1929 1930 51 51 53 59 49 50 50 52 58 48 52 49 53 60 45 48 50 51 56 51 63 64 63 68 59 69 69 73 63 49 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 1936 1937 1938 1939 1940 56 61 48 58 67 55 60 46 57 66 49 55 35 49 63 61 64 57 66 69 1941 1942 1943 1944 1945 87 106 127 125 107 88 110 133 130 110 91 126 162 159 123 1946 1947 1948 1949 1950 90 100 104 97 112 90 100 103 97 113 1951 1952 1953 1954 120 124 J»134 P125 »136 P127 . Unadjusted 68.7 69.0 52.8 58.4 66.9 62.1 64.2 38 42 24 37 47 43 49 .... Unad justed 61.4 62.0 55.2 58.5 64.4 63.5 65.2 38 39 30 39 45 43 48 . . Adjusted 39 45 32 43 42 46 59 39 41 31 39 47 44 49 1919 1920 1921 1922 1923 1924 1925 DepartWholement Consale sumer2 comstore sales* prices modity (retail 1947-49 prices2 value) 3 = 100 104 7-40 1947-49 -100 = 100 "t 1954 February... March. . . . April May June . . . July August September.. October November.. December.. 125 123 123 125 124 123 123 124 126 128 130 126 126 124 124 124 116 123 126 130 130 128 132 133 135 136 138 139 PI 40 131 135 137 138 138 139 *133 125 126 125 124 125 126 128 130 131 218 231 241 255 259 244 253 263 264 277 192 111.1 104.2 182 110.8 103.4 184 110.3 102.4 178 110.2 101.8 192 110.1 101.4 188 109 8 99.7 202 109.8 99.4 217 109.8 99.8 226 110.0 100.6 250 110.6 101.6 248 110.6 101.7 261 261 260 253 288 297 291 286 243 238 239 230 245 253 280 290 84 84 87 89 93 '•111 111 111 112 113 116 115.0 114 8 114.6 115.0 115.1 115 2 115.0 114.7 114.5 114.6 114.3 110.5 110 5 111 0 110.9 110 0 110 4 110.5 110.0 109.7 110.0 109.5 114.3 114.3 114.3 114.2 114 2 114 4 110.1 110.4 110.0 110 5 109 9 110 3 110.6 1955 January.... February..'. March April IVlay. . Tune July 133 134 136 138 140 141 110.6 110.7 111.5 111.7 221 112.5 228 113.1 H13.6 117 r "Estimated. * Preliminary. > 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. 933. 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. 3 For indexes by Federal Reserve districts and for other department store data, see pp. 935-939. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. 1 AUGUST 1955 925 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average=100] Industry 1947-49 Annual 1954 propor1953* 1954? June July Aug. Sept. Oct. Nov. tion 1955 Dec Jan. Feb. Mar. Apr. M a y June SEASONALLY ADJUSTED Industrial Production—Total Durable Manufactures—Total 45.17 134 125 124 123 123 124 126 128 130 132 133 135 136 138 136 *00 00 Manufactures—Total 127 125 124 125 126 128 13® 131 133 134 136 138 140 141 153 137 135 134 135 137 139 142 143 145 147 148 151 153 155 139 6.70 132 108 108 103 105 105 111 118 121 111 131 136 138 140 142 28.52 5.73 13.68 9.04 4.64 7.54 1.29 167 136 160 143 194 189 155 150 123 142 125 177 175 140 147 147 122 -•121 139 141 124 125 170 173 170 170 135 136 148 124 144 125 181 166 135 149 122 147 125 189 167 137 150 124 147 123 194 169 137 152 125 148 122 198 175 138 154 125 145 120 193 187 140 155 125 145 124 187 191 140 157 126 146 125 187 193 142 157 129 146 126 184 195 143 160 162 130 134 149 •151 131 134 185 •183 197 '199 143 142 163 135 155 136 194 194 149 Clay, glass, and lumber products Stone, clay, and glass products Lumber and products 5.91 2.82 3.09 125 133 118 123 131 115 118 129 108 113 131 96 114 132 97 124 134 116 130 132 128 130 136 124 133 135 131 132 136 129 132 138 127 135 143 127 136 138 146 '149 127 128 142 153 133 Furniture and misc. manufactures Furniture and fixtures Miscellaneous manufactures 4.04 1,64 2.40 131 117 140 121 106 120 104 131 120 106 130 123 109 133 123 109 132 123 110 132 123 108 132 122 108 131 122 109 132 123 109 133 125 112 135 126 113 135 131 117 140 134 122 143 44.83 118 116 116 114 114 115 111 118 119 121 121 124 125 127 128 11.87 6.32 5.55 107 104 110 100 95 105 99 93 106 98 95 102 99 94 103 98 95 101 102 101 103 103 101 105 104 101 107 106 103 108 105 103 106 109 104 115 112 109 114 113 109 117 112 108 116 Rubber and leather products Rubber products Leather and products 3.20 1.47 1.73 113 128 99 104 115 95 107 120 95 99 97 100 97 98 96 103 117 91 108 125 94 108 122 96 115 133 100 123 143 105 120 138 104 122 140 105 123 '124 144 147 105 105 126 149 107 Paper and printing Paper and allied products Printing and publishing 8.93 3.46 5.47 125 132 121 125 134 120 126 136 121 126 133 121 126 135 121 127 137 121 127 138 121 127 137 120 127 136 121 129 140 122 130 143 122 133 147 124 134 151 123 137 156 125 138 156 127 Chemical and petroleum products Chemicals and allied products Petroleum and coal products 9.34 6.84 2.50 147 130 142 148 125 142 148 124 141 148 122 141 149 121 144 150 125 143 150 124 145 152 127 148 155 129 148 154 131 151 157 134 153 155 <-158 160 -•162 167 134 136 '134 160 169 136 107 107 108 106 106 103 108 107 107 105 105 101 105 105 99 105 105 102 105 105 102 106 106 100 106 106 107 107 107 106 106 106 108 109 107 110 110 103 '110 110 109 109 109 120 121 123 81 42 87 140 123 86 43 92 140 -120 -111 129 123 117 129 Primary metals Metal fabricating Fabricated metal products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Instruments and related products.. Nondurable Manufactures—Total Textiles and apparel Textile mill products Apparel and allied products. Foods, beverages, and tobacco Food and beverage manufactures.. Tobacco manufactures 11.51 10.73 .78 Minerals—Total 9.98 116 111 114 112 1©9 108 109 113 116 120 123 121 Mineral fuels Coal Anthracite Bituminous coal Crude oil and natural gas §.35 2.68 .36 2.32 5.67 115 78 57 81 133 113 67 52 70 134 115 69 48 72 136 112 70 56 72 133 110 68 50 71 109 67 49 70 129 110 70 43 74 130 115 69 51 72 136 117 73 66 74 138 120 74 55 77 142 123 79 61 82 144 121 121 72 72 45 41 76 77 144 '143 Metal, stone, and earth minerals Metal mining. Stone and earth minerals £.63 .82 .81 119 113 124 106 90 123 110 99 122 108 91 125 102 83 121 102 82 121 101 81 121 105 86 125 115 103 127 118 110 126 119 114 124 123 113 132 114 100 129 !©©.§§ 134 125 124 116 123 126 13® 13© 128 131 135 137 138 138 139 136 127 125 116 125 127 132 132 129 133 136 140 140 •139 141 153 137 135 125 132 135 140 143 143 147 151 154 155 155 155 1.32 133 138 130 139 135 165 121 115 154 108 105 108 101 109 108 115 97 95 106 109 105 108 99 109 111 102 97 96 101 94 91 95 94 96 96 93 80 79 87 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 99 110 129 124 128 117 130 125 155 113 ill 127 136 132 136 122 138 134 165 121 119 133 142 138 144 131 146 143 165 124 123 132 144 143 147 134 148 145 171 133 132 140 143 143 149 138 151 148 169 r 128 143 141 146 137 147 144 169 129 127 139 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTIONTOTAL MANUFACTURES—TOTAL Durable Manufactures—Total Primary metals Ferrous metals Pig iron and steel Pig iron Steel Carbon steel Alloy steel i. . Ferrous castings and forgings Iron and steel castings Steel forgings 45.17 5.03 3.51 .37 3.05 2.62 .43 1.52 1.29 .23 ••127 132 r p Preliminary. Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 926 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average — 100] 1954 1947-49 Annual proportion 1953P 1954? June July Aug. Sept. Oct. Industry !955 Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT -—Continued P r i m a r y metals—Continued Nonferrous metals Primary nonferrous metals Copper smeltin 0 ' Copper refining ... Lead Zinc Aluminum . . Secondary nonferrous metals Nonferrous shapes and castings Copper mill shapes Aluminum mill shapes . . Nonferrous castings 1.67 .38 .09 .06 .04 .10 .09 129 144 112 11-6 101 113 209 IVIactiinerv Nonelectrical machinery Farm and industrial machinery.. . . Farm machinery Industrial and commercial machinery Machine tools and presses Laundry and refrigeration appliances. 147 101 109 105 101 244 105 113 100 154 122 103 149 109 142 93 114 97 102 245 105 79 97 248 109 115 101 162 86 91 76 145 114 112 88 167 150 147 136 137 138 129 93 123 126 117 131 90 122 126 114 143 93 13.68 9.04 8.13 16® 142 1.02 143 139 96 125 121 79 7.11 .68 .69 145 188 128 .13 1.16 .63 .20 114 126 112 168 .33 130 28.52 Metal Fabricating Fabricated metal products .. .... Structural metal parts Stampings and misc. metal products.. Tin cans Furnaces, gas ranges, and heaters. . . . 120 5.73 2.68 2.12 .30 .63 117 139 76 102 98 98 246 105 111 118 137 88 89 109 84 244 127 124 158 124 160 121 91 114 90 246 118 107 112 246 131 103 116 250 163 103 105 114 103 159 107 108 124 115 160 138 144 145 S16 123 106 153 75 124 125 109 196 104 124 125 111 172 109 137 128 138 125 121 84 119 117 79 118 116 74 127 160 114 127 157 111 122 152 88 122 150 91 too 129 142 98 107 107 123 114 90 111 162 ' 168 159 118 167 140 155 169 134 148 122 99 118 252 134 99 119 253 133 112 122 256 124 115 118 257 146 149 114 145 135 182 125 146 125 196 133 153 133 202 122 128 144 155 163 ISO 154 156 159 162 126 127 115 142 121 125 129 122 103 99 124 130 124 102 78 124 127 124 110 87 126 129 125 107 99 145 15© 150 146 148 122 116 75 121 116 73 121 116 75 123 119 80 126 119 85 122 150 125 122 147 123 122 146 124 125 149 122 124 148 146 121 166 133 124 144 114 204 144 150 166 132 167 131 133 101 118 258 133 110 P115 259 123 139 110 209 228 168 155 165 166 165 164 130 131 129 111 108 131 134 132 136 129 1 3 1 126 1 4 3 107 1 0 5 135 136 128 150 122 152 154 152 151 153 129 121 90 132 124 94 134 126 95 135 129 95 137 131 95 125 149 155 128 152 164 131 154 161 134 157 155 136 162 157 184 176 4.64 3.23 194 179 177 160 162 156 145 151 176 152 191 165 116 234 280 341 325 261 272 261 181 175 166 258 189 171 214 207 158 191 165 230 189 154 206 162 .74 228 190 192 Transportation equipment Autos trucks and parts Autos . . Trucks Light trucks .. . Medium trucks Heavy trucks Truck trailers . Auto and truck parts Aircraft and parts .. Shipbuilding and repair Railroad equipment Railroad cars . . 7.54 4.80 1.50 189 126 146 175 109 131 175 111 143 165 96 125 165 98 123 179 120 144 191 136 174 200 150 195 205 157 210 209 163 215 96 99 78 86 79 81 74 76 78 74 93 99 98 102 87 77 104 109 200 151 184 92 95 94 103 213 "209 171 165 223 205 118 112 159 90 70 .66 .22 155 81 81 137 148 134 124 .19 .14 .07 2.58 1.30 .81 .53 .35 58 183 229 117 465 135 72 64 59 133 130 101 474 112 39 29 64 132 146 96 472 115 39 25 57 99 102 85 469 111 26 17 54 113 109 88 465 107 32 22 43 110 119 84 470 104 33 25 46 121 132 105 464 106 28 18 137 138 196 167 195 169 Electrical machinery Electrical apparatus and parts Radio and television sets 48 144 160 145 477 113 36 25 67 141 170 148 479 115 35 26 64 143 138 137 479 110 32 20 140 142 140 142 145 144 142 149 125 124 129 133 137 139 145 132 126 148 151 114 82 119 107 101 134 129 147 150 124 89 115 111 106 140 131 149 152 124 92 132 119 121 115 120 •149 "131 "152 152 123 "88 159 125 132 155 136 154 154 138 114 146 132 150 152 125 94 151 121 127 120 122 129 Instruments and related products. . 1.29 155 140 135 132 132 Clay, Glass, and Lumber Products.. 5.91 125 123 122 109 118 129 136 130 Stone, clay, and glass products Glass and pottery products Flat glass and vitreous products. . . Flat and other glass Glass containers • •• Home glassware and pottery Cement Structural clav oroducts Brick Clay firebrick pipe and tile Concrete and plaster products Misc. stone and earth manufactures. . 2.82 1.09 .60 .47 .26 .23 .32 .35 .12 .20 .48 .58 133 123 136 139 120 91 132 110 106 131 118 131 133 117 85 135 111 113 128 107 119 119 118 63 150 111 116 134 116 126 127 125 80 151 116 126 134 120 148 151 93 80 131 113 112 111 109 112 139 125 141 144 119 92 152 115 121 113 168 146 137 124 144 148 105 93 145 117 124 115 136 118 134 136 112 84 155 118 128 112 169 144 114 115 166 146 162 149 155 147 Lumber and products Lumber JVIillwork and plywood Millwork Softwood plywood Wood containers 3.09 2.05 123 134 123 116 117 125 126 110 187 157 119 207 164 107 191 139 100 186 137 101 193 143 108 206 151 109 210 155 Furniture and Misc. .60 .39 163 143 118 161 140 131 115 123 125 127 81 138 115 124 111 164 136 115 115 91 172 140 102 112 149 118 106 161 123 106 155 128 91 93 90 98 128 116 .12 .29 Manufactures. Furniture and fixtures Fixtures and office furniture Miscellaneous manufactures 199 99 222 88 4.04 131 117 118 116 140 121 106 106 107 131 1.64 1.10 .54 2 40 195 92 170 134 155 151 274 91 275 88 264 88 274 88 294 88 125 129 128 125 121 111 112 108 113 116 107 112 115 107 112 115 108 109 110 106 136 14® 139 134 129 145 83 121 232 87 116 95 85 112 100 98 105 99 98 100 107 108 106 127 121 130 132 139 59 130 131 125 478 110 31 20 58 134 135 113 471 106 24 12 165 155 89 193 185 150 472 117 38 28 88 192 176 150 r 469 116 47 39 174 1 8 4 160 164 81 220 205 137 466 118 41 29 86 135 146 188 170 128 129 137 115 201 148 116 195 139 122 207 151 298 91 288 89 285 91 299 93 125 127 124 126 130 113 115 109 114 116 109 111 1 1 3 113 114 107 "111 111 118 116 134 136 133 139 136 p Preliminary. "Revised. For other footnotes see preceding page. AUGUST 1955 927 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 1 0 0 ] 1947-49 Annual 1954 proportion 1953* 1954? June July Aug. Sept. Oct. Nov. Dec. Jan. Industry 1955 Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total.. 44.85 118 116 115 107 117 119 123 120 115 119 122 125 124 124 126 11.87 107 100 96 86 103 99 205 104 98 108 112 115 113 110 108 95 100 97 108 93 66 76 64 106 108 113 97 103 93 96 92 110 82 70 81 68 106 106 110 98 106 82 85 80 105 65 68 78 66 89 78 79 77 103 97 101 99 104 98 74 86 71 109 106 108 100 113 97 100 96 112 86 67 73 66 113 113 116 107 112 103 109 104 121 101 69 77 67 113 115 118 107 112 102 110 104 126 102 69 72 69 110 109 112 102 111 98 104 95 127 90 70 68 71 103 102 105 93 104 104 114 105 132 107 70 79 67 105 110 114 100 98 108 116 106 138 109 72 85 69 112 119 124 106 104 109 118 105 147 106 74 82 72 110 111 118 96 108 109 118 103 154 107 79 89 77 108 109 116 93 106 108 117 104 146 108 »"83 91 108 110 100 134 92 86 84 82 108 103 108 92 113 108 111 102 118 Textiles and Apparel Textile mill products Cotton and synthetic fabrics. Cotton consumption Synthetic fabrics Fabric finishing Wool textiles Wool apparel yarns Wool fabrics Knit goods Hosiery Full-fashioned hosiery. . . Seamless hosiery Knit garments Floor coverings1 Woven carpets 6.32 3.72 2.30 .97 .45 .97 .16 .75 1.15 .65 .45 .20 .50 .48 104 107 104 115 101 78 91 75 116 113 118 102 119 86 71 66 36 70 79 82 62 71 84 83 86 85 71 79 Apparel and allied products. , Men's outerwear Men's suits and coats Men's suits Men's outercoats Shirts and work clothing... Women's outerwear Women's suits and coats... Misc. apparel and allied mfrs.. 5.55 1.78 .73 .50 .13 .99 1.85 .76 1.92 110 113 96 92 89 124 103 117 112 105 103 83 82 67 116 109 129 103 99 95 81 75 87 101 104 114 98 91 80 56 52 57 94 96 127 97 110 110 98 92 98 118 114 146 105 101 95 76 73 72 106 100 130 107 106 108 82 80 72 124 102 127 110 107 108 88 88 66 121 102 130 110 99 96 87 90 52 99 93 115 106 113 115 98 102 60 126 120 152 103 116 113 97 100 59 124 125 160 109 123 113 88 91 55 130 143 165 112 116 118 92 90 76 135 129 109 103 113 119 105 100 101 127 116 '96 103 108 107 92 86 92 117 114 123 107 Rubber and Leather 3.20 113 104 106 86 98 105 114 108 110 123 127 128 124 121 126 Rubber products Tires and tubes Auto tires Truck and bus tires Miscellaneous rubber products. 1.47 .70 .40 .30 .77 128 117 117 118 133 115 105 110 99 124 121 119 133 100 124 85 84 94 71 86 94 75 81 69 111 118 104 107 99 132 132 116 117 114 147 124 110 111 110 137 128 116 119 113 139 145 130 136 121 158 144 134 141 125 153 146 133 128 145 140 117 113 158 164 145 135 150 116 155 150 146 161 126 154 Leather and products Leather Cattlehide leathers Skin leathers Shoes and slippers2 Miscellaneous leather products. 1.73 .44 .29 .15 .90 .39 99 91 92 89 95 87 92 75 94 89 93 81 87 71 75 65 101 87 91 78 94 83 89 70 98 88 96 72 94 88 94 75 94 88 95 73 105 94 101 80 112 98 104 86 113 94 101 80 105 95 102 82 100 92 98 81 105 100 90 84 87 94 95 97 98 94 91 100 103 92 90 96 Paper and Printing 8.93 125 125 126 116 124 128 133 131 125 127 131 136 137 137 137 Paper and allied products. Pulp and paper Wood pulp... Paper and board. Printing paper Fine paper Coarse paper Miscellaneous paper Paperboard Building paper and board. Converted paper products Shipping containers Sanitary paper products.... 3.46 1.76 .51 1.25 .22 .14 .20 .18 .41 .10 1.70 .51 .11 132 130 142 125 119 116 118 129 134 118 134 133 138 134 132 148 125 118 120 119 137 130 124 136 133 145 136 136 153 129 120 123 119 136 136 137 135 132 144 120 116 133 109 99 96 102 126 112 123 124 119 139 137 134 150 128 121 122 121 137 133 131 139 136 146 137 133 148 126 120 120 118 136 129 137 141 141 141 146 140 158 133 122 130 124 145 138 135 152 151 153 140 139 160 131 121 127 124 142 137 129 140 140 141 129 127 142 120 112 124 112 135 122 115 131 131 128 140 140 158 132 123 132 124 150 136 122 141 135 156 148 147 166 139 127 154 145 126 149 146 156 152 150 170 142 133 134 134 153 149 141 153 153 152 154 148 169 140 127 131 130 160 147 139 159 156 166 153 151 171 143 128 148 129 158 151 142 154 154 152 156 153 175 145 129 138 131 157 157 141 158 159 154 Printing and publishing Newsprint consumption Job printing and periodicals 5.47 1.85 3.62 121 118 122 120 119 121 119 119 120 113 102 119 116 107 120 122 120 123 125 129 122 125 130 122 123 123 124 118 114 120 121 121 121 126 132 123 126 134 122 126 135 122 126 131 123 Chemical and Petroleum Products. 9.34 142 142 139 133 139 143 147 149 149 150 154 157 155 155 157 Chemicals and allied products Industrial chemicals Basic inorganic chemicals , Industrial organic chemicals Plastics materials Synthetic rubber Synthetic fibers Miscellaneous organic chemicals. Vegetable and animal oils Vegetable oils Grease and tallow Soap and allied products Paints Fertilizers 147 154 149 155 183 186 156 144 116 112 131 113 118 124 148 153 157 152 184 136 152 146 118 113 133 108 116 122 144 152 155 151 183 122 157 143 96 85 127 99 117 107 138 145 148 144 149 121 148 143 91 80 126 69 117 95 144 150 151 150 170 126 152 146 96 84 129 104 117 99 149 153 155 152 195 137 148 147 109 101 131 116 115 109 155 160 161 159 197 143 165 148 138 139 134 117 115 113 156 165 171 164 200 147 174 151 140 140 137 105 117 108 156 166 170 165 196 151 173 154 130 126 139 105 118 112 157 169 175 167 206 180 162 176 181 175 231 193 181 157 128 123 145 108 116 124 165 184 184 184 243 202 196 160 117 111 136 102 119 177 164 182 180 •182 •247 •202 189 161 108 99 134 102 122 176 164 182 185 181 243 211 178 166 109 98 142 99 125 154 164 184 179 186 Products. 6.84 2.54 .57 1.97 .24 .11 .59 1.03 .64 .48 .16 .71 .66 .23 •172 155 127 125 135 103 116 116 208* 184 171 105 93 143 97 131 109 ^Preliminary. 'Revised. 1 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 BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 928 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1954 1955 1947-49 Annual propor1953P 1954P June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May tion Industry June WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 1.97 1.04 .98 .06 .56 .30 130 135 144 125 133 141 124 131 141 122 130 141 124 131 142 127 133 142 126 132 140 129 136 143 129 140 146 132 142 146 134 144 147 133 139 143 132 136 144 131 P 1 3 6 135 PU2 146 P153 139 227 130 155 136 221 128 158 136 235 122 148 136 229 122 150 138 215 127 161 135 214 128 164 139 214 135 172 141 232 140 177 142 216 146 184 143 209 152 196 140 205 142 181 140 212 129 163 141 226 128 P137 161 .26 .10 .17 .26 101 117 106 111 93 110 108 84 137 233 123 154 92 100 111 79 89 97 104 77 87 99 109 75 89 98 111 77 87 101 106 84 92 116 110 90 97 125 108 93 101 134 109 96 101 123 105 98 97 117 110 102 91 102 124 104 91 97 113 105 .15 99 103 135 110 127 147 133 106 62 70 75 110 131 124 11.51 107 106 110 108 114 119 116 109 99 99 97 100 101 '105 112 F o o d and beverage manufactures... 10.73 Food manufactures 8.49 Meat products ... 1.48 .46 Beef .83 Pork .69 Dairy products .14 Butter .07 Natural cheese .19 Concentrated milk Ice cream .28 1.13 Canned and frozen foods 1.16 Grain-mill products .46 Wheat flour .70 Cereals and feeds 1.64 Bakery products .27 Sugar Cane sugar . . .11 .13 Beet sugar . .71 Confectionery Miscellaneous food preparations. . . 1.41 2.24 Beverages 54 1.70 Alcoholic beverages 1.02 Beer and ale Liquor distilling .17 .37 Liquor bottling 107 108 115 129 104 106 107 117 135 103 109 106 108 137 89 109 107 102 135 81 115 117 108 138 88 120 124 120 141 104 117 118 127 142 115 101 104 136 132 134 98 102 138 140 133 97 99 124 129 117 104 102 114 138 98 105 108 112 145 145 161 128 115 129 115 99 114 97 84 98 85 81 87 78 79 87 79 85 91 85 99 95 100 100 128 134 121 101 100 118 133 106 106 110 116 110 113 135 136 131 91 101 102 104 104 113 117 119 133 140 143 164 93 106 94 104 139 139 109 143 94 133 76 113 66 95 65 81 143 122 99 114 138 112 194 110 212 114 141 110 99 103 70 74 76 78 121 106 112 107 81 122 81 124 78 137 78 134 82 129 86 132 90 123 100 113 113 97 117 106 98 82 121 99 72 112 98 94 115 98 109 115 112 108 114 147 93 145 139 165 138 139 108 108 80 126 99 108 102 104 105 121 99 105 103 43 80 108 124 32 66 109 118 71 91 108 108 100 103 60 107 98 99 68 102 114 128 62 104 103 122 42 85 Tobacco manufactures Cigarettes Cigars .. 108 111 107 103 106 105 114 119 111 92 98 83 Petroleum and coal products Petroleum refining Gasoline Automotive gasoline Aviation gasoline . . Fuel oil Distillate fuel oil Residual fuel oil Kerosene Lubricating oil Coke Asphalt roofing and siding Foods, Beverages, and .. . Tobacco .78 .46 .17 86 84 100 100 116 107 87 101 77 103 72 102 74 101 81 »-87 102 104 84 117 80 115 87 114 85 113 79 116 98 273 90 98 176 87 94 93 100 83 113 99 258 105 95 61 106 95 67 110 94 64 101 99 131 106 107 385 123 108 110 427 125 105 97 248 87 101 88 81 106 100 84 17 112 101 89 24 96 101 101 27 93 103 107 96 112 39 85 98 93 69 115 107 84 121 142 99 79 92 139 84 83 67 90 80 85 61 76 86 84 67 93 ioo 101 66 109 106 113 68 104 107 120 58 96 111 115 112 109 111 113 111 111 121 103 102 113 83 86 82 105 111 99 104 106 107 105 108 106 99 102 99 103 109 115 105 76 122 rQ7 64 102 28 78 no6 86 110 113 MINERALS—TOTAL 9.98 116 111 115 110 111 111 112 114 114 117 119 118 120 122 122 Mineral Fuels 8.35 115 113 113 108 no 110 113 117 117 121 123 121 121 120 119 Coal 2.68 .36 2.32 78 67 63 57 68 70 77 75 75 77 79 71 72 77 57 81 52 70 50 65 44 59 48 71 51 72 52 81 57 78 61 77 55 81 61 82 41 76 39 77 43 83 74 46 78 5.67 4.82 4.12 .34 .36 .85 133 129 124 167 157 154 134 128 122 172 160 167 136 129 125 161 156 176 133 124 120 154 151 180 130 123 118 157 151 166 129 124 118 159 159 159 130 124 118 167 163 160 136 130 122 184 170 171 138 132 123 199 172 171 142 139 130 202 175 163 144 140 131 207 176 168 144 139 132 194 169 175 -143 138 132 Anthracite Bituminous coal Crude oil and natural gas Oil and gas extraction Crude oil Natural gas Natural gas liquids Oil and gas well drilling 161 140 *>140 133 P 1 3 3 128 2>127 157 175 174 1.63 Metal, Stone, and Earth Minerals... 119 106 123 119 115 113 110 102 99 97 99 104 .82 .33 .49 .24 113 128 104 114 90 84 94 103 120 152 98 108 108 139 87 95 100 132 78 77 98 117 85 92 92 87 95 106 79 43 103 118 76 37 102 116 79 36 108 124 85 39 117 134 86 41 117 133 101 115 79 132 .09 86 80 80 74 83 76 78 82 83 83 89 91 87 .06 87 75 79 72 75 67 71 74 73 80 83 85 83 -86 84 .81 124 123 127 130 130 129 129 126 122 115 113 122 128 133 134 rl32 138 131 152 117 135 141 179 116 135 114 ]V£etal mining Iron, ore Nonferrous metal mining Copper mining Lead mining Zinc mining . Stone a n d earth minerals 83 r p Preliminary. Revised. For other footnotes see preceding page. AUGUST 1955 929 OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average=100] Annual 1947-49 proportion 1953 1954 June Product 1954 1955 July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 127 116 118 116 115 114 112 119 125 131 135 139 144 145 147 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 apparatus Radio and television sets Radio sets. Television sets. 69.72 32.10 36.13 15.32 11.31 4.01 15.60 1.1.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 138 146 132 113 118 125 131 122 101 106 128 136 123 96 102 126 127 127 102 104 125 121 131 106 109 121 110 132 107 111 117 104 131 106 111 128 127 130 103 111 137 149 129 105 110 145 160 133 107 110 151 172 135 107 113 156 179 138 109 114 163 190 142 110 115 164 189 143 113 118 165 180 154 117 122 118 123 90 137 141 100 230 67 541 111 115 79 124 148 97 214 52 522 110 111 79 131 113 107 243 45 621 114 118 83 132 136 101 241 47 611 109 113 74 125 146 98 270 56 678 112 117 80 117 169 96 267 46 687 110 114 79 110 170 97 270 62 667 120 77 122 174 95 259 70 620 115 119 82 117 181 100 242 70 571 128 132 79 137 190 115 225 73 515 131 135 96 140 181 120 226 68 527 137 139 97 152 172 131 222 71 512 145 146 152 153 101 105 166 169 199 188 121 125 226 222 65 68 532 516 152 156 122 178 163 139 269 66 658 Other Consumer Durables Auto parts and tires Misc. home and personal goods 30.28 14.00 16.28 102 01 111 95 01 99 96 96 96 93 89 96 91 85 79 98 95 101 98 96 100 97 93 101 96 94 97 98 100 97 99 97 100 100 96 102 100 103 98 101 102 104 106 105 108 CONSUMER DURABLES—TOTAL.. 100.00 127 116 116 102 113 108 109 129 132 142 151 155 156 147 144 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 apparatus Radio and television sets Radio sets Television sets 69.72 32.10 36.13 15.32 11.31 4.01 15.60 11.88 2.60 4.98 2.51 3.72 5.21 3.42 1.79 138 146 132 113 118 125 131 122 101 106 125 143 112 93 98 107 125 92 89 98 121 123 121 102 108 111 81 139 108 112 111 70 149 111 116 142 144 142 108 115 149 174 130 109 115 163 195 137 108 110 174 210 146 111 115 179 215 151 114 116 180 223 145 111 113 167 205 136 109 114 160 184 142 113 118 118 123 90 137 141 100 230 67 541 111 115 79 124 148 97 214 52 522 112 114 76 141 117 104 165 44 397 88 88 53 109 90 86 116 29 281 101 96 68 99 128 116 234 51 583 122 121 87 116 181 124 279 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 73 618 138 149 104 152 207 102 272 74 648 151 163 110 180 201 114 260 80 604 150 162 106 187 193 113 228 74 521 145 156 100 183 18 .1 113 189 75 408 154 160 11 .7 191 168 135 192 65 434 Other Consumer Durables Auto parts and tires Misc. home and personal goods 30.28 14.00 16.28 102 01 111 95 91 99 94 96 93 90 91 89 94 90 97 101 100 102 104 101 106 100 93 105 94 89 98 95 95 95 97 93 101 99 93 105 99 96 102 102 101 102 106 108 104 WITHOUT SEASONAL ADJUSTMENT ••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 May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1954 Industry group July Aug. Sept. 1955 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED Total Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures . . . . . Stone, clay, and glass products.. Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment . . . Instruments and related prodMisc. manufacturing industries.. Nondurable goods Food and kindred products 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. ,337 12 ,297 12 ,346 12 ,445 12 ,572 12 ,580 12,586 12,673 12 ,798 12 934 '13,081 1 3 , 197 13 211 6 ,979 6 ,928 6 ,957 7 ,054 7 ,159 7 ,177 7,191 7,269 7 ,350 7,443 '7,549 7 , 635 7,667 94 97 98 10? 100 96 101 94 91 104 '90 90 90 668 674 678 669 675 649 654 569 572 658 '680 702 702 ''OR ?95 ?94 290 289 ?97 ?94 '306 310 310 438 435 434 436 436 435 432 442 430 448 '456 463 465 969 997 1,008 988 965 1,027 979 1 ,05? 1 076 '1,102 1, 97? 1 123 826 836 835 825 840 851 821 834 828 864 881 891 901 1,108 1 ,127 1 147 1,162 1 ,122 1 ,123 1 ,125 1 ,115 1 ,103 1 ,095 1,093 1, 173 1,180 795 793 799 8?? 792 792 78? 785 795 778 804 817 841 1,426 1 ,447 1 462 1,456 1 ,279 1 ,238 1 ,183 1 ,249 1 ,334 1 ,375 1,400 1, 45.0 1,438 970 989 988 979 973 968 967 215 371 5,404 1,078 93 970 1 ,030 1 033 441 1 033 1 ,060 440 1 ,057 435 1,058 435 1,064 435 1 07? 437 1 071 441 1,096 '446 1, 11? 447 1 ,041 444 453 1,089 456 514 528 175 177 330 518 526 174 196 515 529 175 ?00 513 528 173 199 512 534 171 207 515 532 172 208, S16 540 174 S19 546 175 332 334 336 33? 339 524 551 177 223 339 '519 '556 176 '217 '345 s?n 553 176 329 511 531 173 ?04 337 345 348 218 377 5 ,358 1 ,092 95 Leather and leather products... 442 528 179 176 333 216 373 ,369 5 1 ,089 93 218 377 ,389 5 1 ,086 9? 378 5 ,391 1 ,082 94 375 5 ,413 1 ,097 96 369 5 ,403 1 ,094 93 216 369 5,395 1,085 90 218 375 5 ,448 1 ,091 9? 975 212 217 '387 378 491 '5,532 5 1 113 1,116 91 Q0 983 '970 392 5, 562 1, 110 94 979 224 393 5,544 1,098 91 987 For footnote see following page. 930 FEDERAL RESERVE BULLETIN PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Compiled by Bureau of Labor Statistics. In thousands of persons] 1955 1954 Industry group Nov. Oct. Jan. Dec. Feb. Mar. Apr. June July Aug. Sept. 1? ,179 1? ,418 12,577 1? ,61? 12,657 12,645 12,523 12,649 1? ,778 12,816 '12,882 13, 084 May July WITHOUT SEASONAL ADJUSTMENT Total 13 ,046 6 ,876 Lumber and wood products Furniture and fixtures Stone, clay, and glass products.. Primary metal products Fabricated metal p r o d u c t s . . . . . . Machinery except electrical Electrical machinery . ... Transportation equipment. . . . Instruments and related products Misc. manufacturing industries. Nondurable goods Food and kindred p r o d u c t s ; . . . . Tobacco manufactures. Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied products Chemical and allied products. . . Products of petroleum and coal. Rubber products Leather and leather products. . . 6 ,890 6,965 7 ,081 7,198 7,218 7,182 7,282 7 ,375 7,457 104 583 275 424 969 809 1 ,111 751 1 ,''79 101 592 290 434 967 820 1 ,095 766 102 672 298 437 965 821 1,097 785 1,183 100 692 301 438 969 829 1 ,093 800 1 ,?49 98 685 301 438 988 844 1,092 811 1,334 97 661 297 437 1,002 843 1,106 809 1,375 96 631 293 430 1,013 834 1,109 800 1,400 94 639 296 434 1,032 844 1,125 803 1,426 94 634 298 442 1 ,057 860 1 ,144 803 1 ,447 91 651 297 450 1,076 868 1,164 804 1,462 90 '90 '683 720 '298 301 '456 465 '1,096 ' 1, 877 882 '1,174 1, 185 809 814 1, 450 '1,456 ?14 218 218 218 217 216 218 211 358 373 386 393 390 373 360 371 377 376 '379 384 373 5 ,303 Durable goods . . '7,530 5 ,528 5,612 5 ,531 5,459 5,427 5,341 5,367 5 ,403 5,359 '5,352 5, 453 5 ,487 1,152 1 ,238 102 974 1,268 110 978 1 ,180 11? 979 1,111 103 983 1,062 100 983 1,007 91 977 985 89 985 991 1,011 80 983 '1,035 80 '965 1, 081 8? 974 1 ,161 79 962 984 433 1 ,054 1,059 445 1 ,057 1,060 444 1,073 442 1,069 437 1,101 437 1 ,110 1,057 441 1,041 '444 1 ,040 439 1, 062 439 451 447 508 517 181 171 509 520 179 175 518 529 177 196 534 175 518 533 173 202 519 534 172 207 512 534 169 209 512 535 170 209 516 548 172 516 551 173 211 5?0 545 177 540 179 328 338 331 330 332 335 336 345 347 337 '516 '550 175 '216 '331 343 343 946 1 444 985 7, 631 7 ,559 90 716 298 458 1 ,11? 874 1 ,168 81? 1 ??0 51Q 'Revised. NOTE.—-Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for July 1955 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings (dollars per week) Industry group 1954 1955 Average hours worked (per week) 1954 July Total. .' 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 Miscellaneous manufacturing industries. May June July July 70.92 76.30 76.11 75.76 1955 Average hourly earnings (dollars per hour) 1954 1955 May June July July 39.4 40.8 40.7 40.3 1.80 1.87 1.87 1.88 1.91 1.99 1.99 2.00 May June July 82.78 82.19 81.40 39.7 41.6 41.3 40.7 79.80 82.82 62.83 '68.47 61.86 64.71 71.33 76.91 80.81 '90.69 83.64 71.90 66.98 78.12 92.16 82.62 70.52 65.37 78.40 90.50 40.1 40.8 39.4 40.3 38.3 40.8 '41.0 40.7 41.8 '41.6 41.0 41.8 41.6 42.0 41.7 40.3 41.0 40.6 41.7 40.4 1.99 1.54 1.57 1.77 2.11 2.03 '1.67 1.59 1.84 2.18 2.04 1.72 1.61 1.86 2.21 2.05 1.72 1.61 1.88 2.24 75.60 80.60 71.53 84.38 72.68 62.40 81.54 87.15 76.30 94.79 75.92 66.83 80.54 87.57 75.33 88.07 77.93 66.42 80.36 86.32 75.20 88.88 76.78 66.33 40.0 40.1 39.3 39.8 39.5 39.0 41.6 42.1 40.8 42.7 40.6 40.5 41.3 42.1 40.5 40.4 40.8 40.5 41.0 41.5 40.0 40.4 40.2 40.2 1.89 2.01 1.82 2.12 1.84 1.60 1.96 2.07 1.87 2.22 1.87 1.65 1.95 2.08 1.86 2.18 1.91 1.64 1.96 2.08 1.88 2.20 1.91 1.65 64.74 75.83 67.32 67.83 67.89 39.0 39.6 39.9 39.7 1.66 1.70 1.70 1.71 Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished products.... Paper and allied products 69.31 71.51 51.54 54.71 51.41 '54.51 47.17 '47.92 74.62 '77.65 71.38 55.55 54.53 48.68 78.69 71.97 53.34 54.25 48.37 79.12 41.5 37.9 37.8 35.2 42.4 41.1 38.8 '39.5 -•36.3 '42.9 41.5 39.4 39.8 36.6 43.0 41.6 38.1 39.6 36.1 43.0 1.67 1.36 1.36 1.34 1.76 1.74 1.41 1.38 1.32 1.81 1.72 1.41 1.37 1.33 1.83 1.73 1.40 1.37 1.34 1.84 Printing, publishing and allied products Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 86.94 79.35 94.53 76.44 51.38 '90.95 '81.77 '97.70 '87.36 51.75 90.95 82.80 97.41 89.89 52.92 91.33 83.22 96.87 87.36 51.71 38.3 40.9 41.1 39.4 37.5 '38.7 41.3 41.4 '42.0 36.7 38.7 41.4 41.1 42.6 37.8 38.7 41.2 40.7 41.6 37.2 2.27 1.94 2.30 1.94 1.37 '2.35 '1.98 '2.36 2.08 1.41 2.35 2.00 2.37 2.11 1.40 2.36 2.02 2.38 2.10 1.39 Nondurable goods 'Revised. NOTE.—Data are for production and related workers. Labor Statistics. AUGUST 1955 Figures for July 1955 are preliminary. Back data are available from the Bureau of 931 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Total Manufacturing 44,448 43,315 44,738 47,347 48,303 49,681 48,285 15,321 14,178 14,967 16,104 16,334 17,238 15,989 1954—July August September October November December 48,048 48,029 48,020 48,129 48,386 48,380 15,733 15,688 15,739 15,835 15,972 15,992 1955—January . February March April May June July.. . 48,398 48,440 48,766 48,881 49,214 49,483 49,684 Year or month Mining Contract construction Transportation and public utilities Trade Finance Service Federal, State, and local government 2,169 2 165 2,333 2,603 2,634 2,622 2,527 4,141 3,949 3,977 4,166 4,185 4,221 4,008 9,519 9,513 9,645 10,012 10,281 10,527 10,498 1,741 1,765 1,824 1,892 1,967 2,038 2,114 4,925 4,972 5,077 5,264 5,411 5,538 5,629 5,650 5,856 6,026 6,389 6,609' 6,645 6,751 755 740 743 745 743 768 2,534 2,532 2,521 2,502 2,522 2,476 4,000 3,989 4,007 3,995 3,976 3,986 10,480 10,475 10,447 10,443 10,496 10,575 2,118 2,119 2,141 2,147 2,145 2,147 5,670 5,665 5,634 5,660 5,650 5,644 6,745 6,806 6,791 6,804 6,880 6,817 15,993 16,091 16,229 16,380 16,545 16,673 16,715 741 741 739 743 r749 756 756 2,458 2,410 2,478 2,499 '•2,526 2,514 2,542 3,974 3,984 3,986 3,946 4,000 4,068 4,056 10,574 10,541 10,633 10,600 10,655 10,701 10,756 2,145 2,154 2,161 2,161 2,171 2,185 1,204 5,646 5,649 5,656 5,674 '5,676 5,688 5,726 6,867 6,870 6,884 6,878 6,892 6,898 6,929 47,866 48,123 48,490 48,580 48,808 49,463 15,584 15,822 15,972 16,007 16,057 16,050 760 2,686 2,735 2,698 2,652 2,598 2,426 4,029 4,018 4,023 4,005 3,986 3,996 10,351 10,321 10,447 10,548 10,745 11,354 2,150 2,151 2,141 2,136 2,134 2,136 5,755 5,750 5,719 5,660 5,622 5,588 6,551 6,563 6,746 6,829 6,917 7,166 47,741 47,753 48,212 48,643 >48,918 49,487 49,465 1948 1949 . 1950 1951 1952 1953 1954. 15,925 16,060 16,201 16,255 16,334 16,563 16,557 2,237 2,169 2,255 2,399 '2,526 2,615 2,694 3,927 3,937 3,966 3,939 3,997 4,085 4,087 10,419 10,309 10,408 10,549 10,534 10,633 10,624 2,124 2,132 2,150 2,161 2,171 2,207 2,237 5,533 5,536 5,571 5,674 '5,733 5,773 5,812 6,835 6,873 6,922 6,927 6,881 6,851 6,706 982 918 889 916 885 852 770 SEASONALLY ADJUSTED WITHOUT SEASONAL ADJUSTMENT 1954—juiy August September October November December... i 1955—January February March May June July. 763 744 743 749 747 741 737 739 739 '742 760 748 '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 July 1955 are preliminary. 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 Year or month Total noninstitutional population Total labor force Employed1 Total Total In nonagricultural industries In agriculture Unemployed Not in the labor force 1948 . . 1949 1950 1951 1952 1953 2 1954 108,482 109,623 110,780 111,924 113,119 115,095 116,220 62,748 63,571 64,599 65,832 66,410 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 1954—June July August September October November December 116,153 116,217 116,329 116,432 116,547 116,659 116,763 68,788 68,824 68,856 68,566 68,190 67,909 66,811 65,445 65,494 65,522 65,244 64,882 64,624 63,526 62,098 62,148 62,277 62,145 62,141 61,732 60,688 54,470 54,661 55,349 54,618 54,902 55,577 55,363 7,628 7,486 6,928 7,527 7,239 6,154 5,325 3,347 3,347 3,245 3,100 2,741 2,893 2,838 47,365 47,393 47,473. 47,865 48,357 48,750* 59,952 1955—January February March April May June July 116,855 116,901 117,051 117,130 117,236 117,318 117,404 66,700 66,550 66,840 67,784 68,256 69,692 70,429 63,497 63,321 63,654 64,647 65,192 66,696 67,464 60,150 59,938 60,477 61,685 62,703 64,016 64,995 54,853 54,854 54,785 55,470 55,740 56,335 57,291 5,297 5,084 5,692 6,215 6,963 7,681 7,704 3,347 3,383 3,176 2,962 2,489 2,679 2,471 50,156 50,352 50,212 49,346 48,979 47,626 46,975 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 through June 1955. Beginning. July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of t h e Census. 932 FEDERAL RESERVE BULLETIN: VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Total Industrial Com- Public mercial utility Other nonresiden tial Business Total Year or month Public Total Residential Military 385 3,628 5,751 1,620 10,660 5,016 6,322 2,550 3,073 837 2,398 690 2,362 188 3,433 204 4,825 158 6,405 137 7,000 177 9,418 887 10,901 1,388 11,394 1,307 11,809 1,030 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 35,271 37,577 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 25,768 2,985 3,510 1,715 885 815 1,100 4,015 6,310 8,580 8,267 12,600 10,973 11,100 11,930 13,496 1,561 2,082 1,287 759 989 1,672 4,195 4,896 5,693 5,322 5,680 7,217 7,460 8,436 8,583 442 801 346 156 208 642 1,689 1,702 1,397 972 1,062 2,117 2,320 2,229 2,030 348 409 155 33 56 203 ,132 856 ,253 ,027 ,288 ,371 ,137 791 2,212 771 872 786 570 725 827 1,374 2,338 3,043 3,323 3,330 3,729 4,003 4,416 4,341 508 614 413 335 382 463 1,428 2,050 2,580 2,795 3,174 3,574 3,547 3,511 3,689 1954—July August. . . September October... November December. 3,133 3,199 3,199 3,136 3,254 3,429 2,180 2,226 2,247 2,238 2,269 2,350 1,150 1,192 1,215 1,210 1,229 1,307 713 724 724 722 724 730 163 161 159 165 173 180 189 201 202 193 186 184 361 362 363 364 365 366 317 310 308 306 316 313 953 973 952 898 985 1,079 1955—January.. February. March.... April May June July? 3,428 3,451 3,442 3,493 '•3,531 2,486 3,501 2,396 2,435 2,446 2,498 2,502 2,486 2,525 1,336 1,345 1,330 1,366 1,366 1,358 1,381 747 776 798 810 814 817 830 181 183 188 188 191 197 203 198 222 235 246 247 244 251 368 371 375 376 376 376 376 313 314 318 322 322 311 314 1,032 1,016 996 995 1,029 1,015 976 1940 1941 1942 1943 1944 1945 1946. 1947 1948 1949 1950 1951 1952 1953 1954 ^Preliminary. 'Revised. Highway Total Conser- All vation other 1,302 1,066 734 446 362 398 895 1,451 1,774 2,131 2,272 2,518 2,820 160 3,750 528 500 357 285 163 130 240 394 629 793 881 853 854 830 704 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 6,097 6,325 82 82 81 87 90 97 309 318 314 266 320 393 60 55 53 51 53 55 502 518 504 494 522 534 98 103 94 105 115 110 106 344 341 321 319 340 325 326 55 51 54 57 59 56 54 535 521 527 514 ••SIS 524 490 Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership Year or month Total Public Private By type of construction Residential building Commercial Educational Other Public works and public utilities 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 Nonresidential building Factories 9,430 10,359 14,501 15,751 16,775 17,443 19,770 1948 1949 1950 1951 1952 1953 1954 1954—July August.... September October.. November December. . . . . . . . 1955—January February March April M!ay . . . 6,323 6,641 10,092 9,629 10,064 11,109 13,212 3,608 4,239 6,741 6,205 6,668 6,479 8,518 840 559 1,142 2,883 2,562 2,051 1,274 975 885 1,208 915 1,489 1,815 725 824 1,180 1,335 1,472 1,720 2,063 1,837 1,573 1,816 1,965 1,499 1,829 589 633 475 617 681 509 1.156 L,064 L.227 1,332 L.024 1,212 745 693 108 93 145 141 201 181 480 472 677 1,024 1,109 1,458 L.646 .510 1,498 690 744 990 1,070 1,011 951 1,504 1,581 2,135 2,322 2,185 2,255 2,272 . June July.. 3,107 3,718 4,409 6,122 6,711 6,334 6,558 676 675 757 777 852 709 762 959 979 130 186 129 194 187 136 175 186 141 200 450 330 182 155 140 204 85 113 176 166 133 194 131 135 201 184 153 189 249 303 386 142 174 195 195 160 145 82 104 171 163 146 183 228 288 201 181 231 171 270 227 392 443 299 366 546 448 461 420 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] 1954—April M!ay. June. 1955—April May June AUGUST 1955 Federal Reserve district Total (11 districts) Month . Boston New York 1,692 1,925 1,733 149 117 93 282 398 267 99 119 117 185 210 177 143 171 165 154 168 208 305 324 343 95 119 105 55 85 57 98 91 91 126 122 111 2,322 2,185 2,255 126 131 116 306 331 337 119 107 140 212 259 249 266 182 221 272 211 253 492 477 467 119 101 121 73 97 88 181 120 129 157 168 133 Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 933 PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Year or month Total 1948 1949 1950 1951 1952 1953 1954 1954—j u iy August September October November. December 195 5—j anuary February. March April May 932 1,025 1,396 1,091 1,127 1,104 1,221 116 114 116 111 104 91 88 90 ... 114 132 P130 *>129 *115 July Urban Government-underwritten Private Rural nonfarm Total 407 436 2family 1family 763 792 1,151 892 939 933 1,077 n.a. n.a. 914 989 1,352 1,020 1,069 1,068 1,202 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. l.a. l.a. i.a. 113 113 113 111 103 90 n.a. n.a. n.a. n.a. n.a. n.a. n.a. i.a. l.a. i.a. 87 88 113 131 *>130 127 3»114 78 79 100 568 496 517 539 i.a. n.a. n.a. n.a. x Multifamily FHA 18 36 393 466 291 361 102 105 44 71 58 36 686 413 420 407 486 264 279 252 200 149 141 155 19 585 277 308 3 1 2 52 60 60 59 62 25 27 26 25 26 27 33 34 34 36 51 22 29 46 45 20 17 26 28 24 26 28 32 30 35 38 40 42 40 46 42 159 88 84 94 34 90 3 3 3 3 3 8 7 6 8 8 7 0) 0) 1 3 2 3 7 6 0) 4 n.a. n.a. n.a. n.a. 10 2 1 n.a. n.a. 2 Pi 3 n.a. n.a. n.a. n.a. n.a. n.a. VA Total 104 162 46 35 102 103 104 100 93 80 525 589 828 595 610 565 Public 54 61 66 72 Less than 500 units. NOTE. -Government underwritten units figures after June 1950 based on loans closed i reported starts of publ FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average—100J Monthly—seasonally adjusted Monthly—without seasonal adjustment Annual 1955 1954 Class 1953 1954 June Total 127 114 111 121 Coal 103 171 135 63 92 105 141 62 103 121 132 64 143 215 143 43 132 144 129 40 85 95 155 54 Coke o Grain . . Livestock Ore . . . . . Miscellaneous.......... Merchandise, 1. c. 1 127 164 125 38 Jan. May June June 123 128 125 95 144 140 65 105 149 155 57 99 151 152 50 147 191 140 42 Mar. Apr, 122 123 105 124 127 56 91 133 130 62 Feb. 148 210 134 39 1954 144 198 136 40 135 204 144 40 133 177 142 39 139 177 144 40 1955 May June 120 130 130 95 142 123 58 105 147 133 52 99 148 155 41 Jan. Feb. Mar. Apr. 116 110 113 115 85 93 158 41 103 127 132 61 91 134 120 49 132 255 129 38 133 53 123 105 131 124 45 138 49 128 39 37 135 59 137 40 133 136 140 39 145 271 146 40 153 296 144 42 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 Month Merchandise exports excluding military-aid shipments 2 1953 January February. Inarch April May June July August September.. October November December . January-June . . . . . . . ... . . . . . ... 1954 1955 1953 1,293 1,200 1,390 1,394 1,453 1,385 1,363 1,187 1,256 1,253 1,247 1,353 1,092 1,183 1,126 1,426 1,401 1,474 1,291 1,156 1,114 1,265 1,249 1,318 1,166 1,233 1,342 1,264 1,308 *1,315 1,052 1,054 1,085 1,013 8,115 7,702 J»7,628 1,016 927 1954 923 998 911 1,052 1,019 1,031 1,138 923 1,258 1,137 1,115 1,023 955 r961 1,161 1,164 1,221 6,147 6,354 965 Merchandise imports 3 1955 1953 1,080 1,139 1,250 '1,170 1,177 *>1,187 1,004 1,013 902 933 1954 1955 922 856 833 809 870 850 1,019 871 ^966 P940 908 '864 957 829 r947 822 r 825 *780 763 r840 840 926 813 849 907 *7,OO3 942 5,630 5,238 P5,515 r Revised. # Preliminary. 1 Exports of domestic and foreign merchandise. 2 Department of Defense shipments of grant-aid 3 military equipment and supplies under the Mutual Security Program. General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 934 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 San Francisco Boston New York Philadelphia Cleveland Richmond At- Chi- St. Louis 104 98 105 109 110 112 111 102 99 103 105 104 105 107 103 98 101 105 101 102 104 104 100 106 109 109 111 108 105 98 105 110 110 113 105 103 100 105 113 118 121 121 103 101 109 115 124 126 129 104 97 104 108 106 111 109 104 98 104 107 110 112 112 104 '98 105 104 104 104 105 103 99 108 111 113 112 115 105 102 113 117 124 125 127 104 98 105 109 114 115 113 1954—June July August September October November December 111 112 111 rill 112 113 116 106 107 104 108 109 110 110 103 103 105 105 102 106 106 110 105 105 108 108 111 113 104 106 103 105 106 107 110 118 118 122 119 122 124 128 129 132 128 126 135 133 135 110 109 108 108 108 109 112 112 116 110 109 112 114 117 105 104 104 105 106 104 111 116 121 114 116 118 116 120 125 133 '126 '122 131 '131 136 111 114 114 114 116 115 118 1955—January February March April May June 119 112 115 119 117 114 109 107 108 111 107 108 101 105 102 103 104 113 108 111 115 114 112 111 108 107 116 113 108 133 122 129 126 128 P123 137 134 133 142 137 P136 116 109 114 119 117 114 123 114 116 122 120 108 112 '103 108 107 107 H03 124 114 120 126 120 P118 140 129 134 142 134 132 125 118 118 120 118 118 1954—June July August September October November December 106 88 98 113 118 137 '201 106 77 83 115 110 133 200 100 r7 4 '81 107 109 134 186 104 r77 85 111 113 146 197 100 82 94 105 111 133 191 114 93 102 122 130 153 231 114 106 116 123 141 154 234 107 86 r97 113 114 133 188 110 89 100 111 123 137 194 '97 84 99 111 122 120 180 111 99 107 116 124 133 205 114 113 117 122 138 149 '228 105 100 111 112 116 134 209 1955—January February March April May June 91 88 100 114 116 '85 '82 '93 rgg 101 100 85 83 101 109 113 105 87 '83 '93 112 110 104 91 91 111 125 129 106 107 129 141 134 P121 84 98 114 116 112 '92 rgg 101 118 120 106 80 81 88 108 108 94 89 104 123 119 P109 90 82 90 108 111 107 110 103 120 136 133 120 97 93 97 112 116 113 107 rgg 109 128 118 126 122 105 100 109 124 111 116 117 105 97 105 124 113 116 114 107 99 108 127 113 119 116 107 100 106 128 111 118 105 101 113 133 130 143 139 108 102 120 140 136 146 141 108 125 112 122 120 107 100 106 125 114 124 116 110 '99 104 116 107 115 115 108 100 111 130 121 '133 126 110 101 112 132 126 '138 132 107 100 110 131 126 134 125 1954—June July Augusts September October November December 121 121 122 122 122 123 124 119 117 118 118 116 118 119 115 116 115 115 115 114 114 115 114 114 115 115 117 121 114 115 115 '•114 114 114 117 137 138 136 141 137 137 140 142 142 143 144 121 118 119 118 117 119 120 119 119 113 114 113 114 118 113 113 '117 118 '118 119 '119 124 123 124 126 '126 128 130 131 131 133 134 134 133 139 122 127 127 128 126 128 128 1955—January February March April May June 123 123 124 124 123 P127 118 118 119 121 119 125 113 113 113 113 111 115 118 117 118 116 118 122 114 114 113 113 113 116 140 142 144 144 139 146 147 150 149 148 P150 118 118 119 120 122 124 121 120 117 120 121 P125 116 116 116 113 117 P123 129 129 131 131 '132 P136 134 136 139 137 137 143 131 127 129 128 126 130 1954—June July August September October November December 116 114 119 128 137 138 110 110 105 114 121 131 138 111 108 105 112 121 129 131 104 109 103 109 121 132 134 107 108 105 111 120 128 129 104 133 135 139 146 158 152 120 129 128 137 148 155 162 127 113 111 116 123 133 138 108 110 110 113 123 127 129 106 107 109 114 124 128 133 107 119 118 123 131 137 '142 117 122 125 132 142 148 147 126 123 125 122 133 144 141 1955—-January February. March April May June 110 117 127 129 127 P121 107 111 122 125 123 116 101 106 116 119 115 108 103 112 122 124 123 115 101 109 117 119 117 110 125 132 149 153 146 134 145 156 155 150 PU1 106 112 121 123 123 116 105 114 124 126 121 107 111 119 118 118 116 125 '135 136 135 119 132 144 144 139 133 116 118 129 133 136 131 Year or month SALES i 1948 1949 1950 1951 1952 1953 1954 Minne- Kansas Dallas apolis City SEASONALLY ADJUSTED WITHOUT SEASONAL ADJUSTMENT 1948 1949 1950 1951 1952 1953 1954 STOCKS 1 108 r97 SEASONALLY ADJUSTED 143 141 144 WITHOUT SEASONAL ADJUSTMENT 108 ^Preliminary. 'Revisions reflect change in series announced on p. 882. 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. AUGUST 1955 935 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Ratios to saless Amounts (In millions of dollars) OutSales* Stocks i stand(total (end ing for of orders1 month) month) (end of month) Year or month Stocks Outstanding orders Stocks plus outstanding orders Receipts 1952 average . . . 1953 average .... 1954—June July . February . ... April May 767 887 979 925 1,012 1,202 1,097 1,163 1,136 964 588 494 373 495 460 435 421 387 373 366 386 358 391 390 397 408 407 354 364 363 358 401 379 401 401 409 2.3 2.5 2.7 2.7 2.8 3.2 2.9 3.0 3.0 30 .7 .4 .1 .4 .3 .2 L.I .0 5.3 4.3 4.1 3.8 4.2 4.4 4.1 4.1 4.0 1.1 10 0 10 L.I 0 L.O 0 L.O '1.070 1,042 1 L.095 1,184 L.268 1,318 L.056 »-392 471 465 486 477 406 301 »-286 »-278 403 489 521 559 504 »-428 »-357 397 510 512 488 399 2.8 3.4 3.1 3.0 2.9 2.6 1.4 .0 .5 L.3 L.2 '3.8 4.9 4.5 4.2 4.0 3.4 1.8 r( 8 ) 336 307 392 413 403 390 1950 average 345 365 381 361 376 391 397 406 407 306 350 400 437 509 766 1947 average 1948 average September October November December.... ReNew ceipts2 orders2 (total (total for for month) month) 1,042 1,105 L.190 1,216 L ,188 L.119 385 414 367 308 306 442 322 370 477 439 375 321 406 399 430 380 373 457 3.1 3.6 3.0 2.9 2.9 2.9 4.2 4.9 4 0 3.7 3.7 4.0 0 .2 LI . 1. LI 3 0 9 0.7 0 8 1.1 ) 9 2 1 2 1 1 0.9 0.8 r P Preliminary. 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 1951 Sept. 1 8 15 22 29 Oct. 6 13 20 27 1953 1952 110 Oct. 4.. . 116 Oct. 3 117 10 11.. . 126 116 17 18.. . 124 113 24 25.. . 122 31 112 Oct. 2. . . 9. .. . 120 16. . . . 118 23... . 113 30... . 113 110 Apr. 5 118 12 119 19 123 26 117 109 Apr. 4 11 111 18 97 105 25 118 Apr. 3 . 103 Apr. 2. . ..114 97 10.... 113 9. . ..122 . 105 17.. . 118 16... ..103 104 24 23. ... .112 101 30... ..120 121 Nov. 6. .. ..127 May 3 133 13. ....130 10 131 20. . . ..134 17 133 27. .. ..133 24 31 111 May 2 117 9 99 16 105 23 97 30 114 May 1 128 8 105 15 112 22 97 29 112 May 7. . ..134 . 123 14. .. ..108 97 21. .. . .115 106 28. ....114 104 190 Dec. 4... ..192 June 7 216 14 11... ..224 234 21 18... ..240 163 28 25... ..190 111 June 116 98 91 118 June 112 111 94 97 June 111 115 97 115 Nov. 7 14 118 130 21 134 28 138 Dec. 1 8 15 22 29 Dec. 5 161 Dec. 6... . 195 12 13... . 223 191 19 20.. . 237 213 26.... 27... . 146 228 92 5 12 19 26 Feb. 2 9 16 23 1955 1954 85 Mar. 7 113 Mar. 1 14 8 88 97 21 15 90 120 28 22.... 94 118 29 101 . . . . 121 Nov. 1... . 127 8... . 130 15... . 123 22.. . 29... . 1952 1953 1952 101 Sept. 4. . . . 102 11. ... 120 18. . . . 114 25. .. . . . . . Nov. 3 10 17 24 Jan. 1954 100 Sept. 5 12 114 19 113 26 112 105 Sept. 6. 100 13. 114 20. 111 27. 114 1953 1954 6 13 20 27 96 Mar. 6 100 13 109 20 112 27 5 12 19 26 85 Mar. 5 98 92 12 102 108 95 19 100 26... ..103 ..102 4 11. . ..114 . 18. .. ..117 25.. .. .103 1955 78 Jan. 3.. . 81 Jan. 2 10.. . 89 92 9 90 17.. . 92 16 24.. . 86 23 83 30 31.. .. 87 81 Jan. 1. .... 80July 5 94 8... . .106 12 85 15. .. .. 99 19 86 26 22... . . 95 85 29... .. 87 79 July 4 11 83 82 18 25 79 84 Feb. 7.. . 88 Feb. 6 87 14.. .. 92 13 20 21.. . 85 89 83 27... 28.. .. 93 86 Feb. 5. .. .. 86Aug. 2 91 12. . . 92 .. 9 86 19. . . . 90 16 90 26... .. 93 23 30 87 Aug. 1 90 8 95 15 100 22 110 29 79 July 3. ... 93 July 2. . . .'98 92 10 9 87 77 84 17 88 16. . . ..97 83 94 24 84 23 31 30 98 87 86 Aug. 7 92 14 95 21 100 28 101 92 Aug. 6. .. ...97 97 13 100 20 27. 102 NOTE.—F 936 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 June May Federal Reserve June May 6 Federal Reserve June May 6 district, district, district, 1955 1955 1955 1955 mos. 1955 1955 mos. 195 5 1955 area, or city area, or city area, or city 1955 United States.. '+3 +8 +6 Cleve. -cont. Met. Areas-cont. WheelingSteubenville 2 .. Boston.. +1 +8 +4 Met. Areas1 Portland Boston Downtown Boston 2 Suburban Boston Cambridge. Quincy LowellLawrence New Bedford.. Worcester 2 2 +4 +10 +6 Portsmouth . . . +7 +3 Richmond -3 +6 Met. Areas1 +4 +11 +9 Washington 2 . . . -1 +9 +5 Downtown -2 +8 +5 Wash Baltimore 2 . +8 +11 +11 Asheville2 Raleigh 2 +2 +1 +7 +4 Winston-Salem 2 Cities Springfield 2 Providence ... New York Met. Areas1 Albany-Schenectady-Troy Albany Schenectady.., Binghamton Buffalo 2 Buffalo Niagara Falls.. New York-N.E, New Jersey. Newark 2 2 N. Y. C i t y . . Rochester 2 Syracuse 2 Utica-Rome... Utica Cities Bridgeport 2 . . . Poughkeepsie.. Philadelphia.. Met. Areas Wilmington. . . Trenton 2 Lancaster 2 .... Philadelphia 2 .. Reading 2 Scranton Wilkes-Barre— Hazleton 2 Zity +2 +1 +1 +6 +5 +1 +4 +5 +1 +1 +2 + +3 +3 Met. Areas 2 Birmingham .. +10 +1 City 2 York Cleveland Met. Areas Lexington..... Akron 2 2 . Canton Cincinnati 2 ... Cleveland 2 Columbus 2 Springfield2. . . Toledo 2 Youngstown 2 .. Erie 2 Pittsburgh 2 . . . +5 +5 +1 +8 +1 +10 +2 +3 +12 Orlando St. PetersburgTampa St. Petersburg Tampa 2 Atlanta 2 Augusta Columbus..... Macon 2 S a v a n n a h . . . .2. Baton Rouge . New Orleans 2 . Jackson 2 Chattanooga 2 . , Knoxville 2 .... Nashville 2 +15 Cities +8 +4 Rome +3 +1 Meridian +5 +4 Bristol +6 +4 + 12 +5 Chicago +2 + 1 +9 Met. Areas1 +11 +8 Chicago2 +1 + 0 Aurora +1 +3C +20 Elgin +1 1~ +7 +10 +2 +10 +2 +8 +6 Cities Cumberland- +5 +4 +4 Mobile +6 +10 +10 Montgomery. . Jacksonville 2 .. 2 +2 +4 Miami + -2 +3 +11 +7 +9 +7 +8 Charleston, 2 +25 +36 S. C -3 +3 Columbia22 +8 +6 +5 Greenville +13 Norfolk2 +2 Portsmouth . . +3 +9 2 Richmond ..... +3 +13 Roanoke 2 ... +5 Charleston, 2 +1 +8 W. Va. . . . +1 +1 +3 Hagerstown. . -1 +2 Spartanburg.... +1 Lynchburg 2 . . 0 +2 Newport News. +2 FairmontMorgantown. 0 Huntington 2 . . +2 +2 Parkersburg... +3 +3 +1 Atlanta +5 + 1 +4 +10 + 1 +1 +6 +9 +12 +3 +12 + 15 +10 +7 +10 +9 +10 +5 +14 +11 +15 +6 +14 +11 +30 +2 +5 +8 +4 +6 +8 +8 +5 +7 +15 +10 +5 +21 +10 +12 +5 +3 +5 —6 +4 +_15 + +12 +7 + +' +5 +1 +9 + Federal Reserve June May district, 1955 1955 1955 area, or city Kan. Clty-cont. !hicagocon£. Met. Areas-cont. Met. Areas1-cont. 2 Joliet +7 +21 + 19 Wichita Gary 2 , +4 +18 + 11 St. Joseph +5 Decatur Omaha -8 +1 Peoria 2 -2 +7 +1 Albuquerque. . +8 Oklahoma City +3 Rockf o r d2. . . . . . . - 1 +5 +3 +23 +37 +26 Tulsa Tri-Cities +7 (Moline, Cities Rock Island; Greeley Davenport) +5 Fort Wayne 22... + +15 +6 Hutchinson. . . Indianapolis ... +2 +14 +5 Joplin Kansas C i t y . . . +2 Muncie +5 +13 +4 South Bend2 2. . . +5 + 11 +8 Enid +8 +9 Terre Haute .., e +3 +9 Cedar Rapids... +2 +8 +5 +4 +8 Des Moines +4 +5 Dallas —2 Dubuque +1 +9 +4 +33 Sioux City +4 +2 Met. Areas +6 Waterloo +4 +7 2 +10 +6 +10 Shreveport. . . Detroit +7 +12 Flint 2 +6 +11 +10 Corpus2 Christi 2 +7 Grand Rapids . - 3 +3 +1 Dallas , +9 Jackson 2 +3 +5 +6 El Paso +3 Kalamazoo 0 +5 +5 Fort Worth. . 2 Lansing 2 , +15 + 13 +15 H o u s t o n . . . . San Antonio.. +6 Saginaw -2 , +3 +4 +20 +6 Waco Green Bay +7 -5 Madison -2 +4 -3 Milwaukee 2 ..., 0 -2 San Francisco. +7 Cities -1 +11 +11 + 12 Danville +2 1 4+4 Battle Creek. . , +12 +28 +28 Met. Areas Muskegon +3 +8 +10 Phoenix 2 2 +7 Port Huron. . . +4 +9 +7 Fresno 2 -i —6 +6 Appleton -2 Los Angeles . . +2 +11 +7 Downtown +14 Sheboygan.... 2 L. A. WestsideL.A. 2 +10 St. Louis +12 +6 Long Beach 2 . . Pasadena..... Met. Areas +10 Fort Smith 2 +4 +14 +10 Santa Monica.. +9 Little Rock ... - 2 Riverside and -2 San Ber+9 Evansville 22. . . - 6 +15 +1 nardino +5 Louisville .... P-7 +9 +4 +26 Springfield.... +25 +35 +38 Sacramento 2 . . . +10 St. Louis 2 2 + 15 +6 San Diego2 P-3 M e m p h i s . . . . p-6 +7 +4 San FranciscoOakland 2 . . . Oakland- 2 +9 Cities +2 Quincy. . -2 -8 +2 Berkeley +14 Paducah. Downtown -20 -14 -9 +4 Oakland 2 . . -2 +3 +4 San Francisco 2 +21 Minneapolis. . Vallejo +7 +10 Met. Areas1 2 San Jose 2 A +3 Mpls.-St. Paul +2 +2 Stockton22 +6 Minneapolis 2 . + 1 +5 +4 Portland 2 +3 St. Paul 2 - 1 Salt Lake City -4 -14 - 1 Sioux Falls 0 +1 Seattle 2 2 -6 +10 Spokane2 +7 Cities Tacoma Mankato -7 -1 Cities Duluth- 2 +2 0 Tucson. . . . . . . Superior .... +' Great Falls . +4 +6 +10 Bakersfield 2 ... - 6 Grand Forks. +3 - 1 +1 Boise and Nampa LaCrosse +4 +4 Idaho Falls.... +2 +6 Twin Falls Kansas City... +8 Beliingham Everett2...... Met. Areas +13 +16 +15 Walla Walla 2 .. Denver - 1 1 +6 +2 Yakima 2 Topeka +15 +16 +22 - 6 + 10 +3 c +1 +16 +5 +13 +10 +13 +4 +1 -9 +14 +4 +7 -9 -3 +2 "3 -27! -23 +7 +6 +4 -13 +5 +10 0 +9 - 4 +12 +6 +9 -1 +6 +8 +7 P+7 +6 +13 +11 +11 +6 +10 +12 +9 +8 +8 +13 +9 +14 +11 +5 +8 +16 +11 4 +8 p+3 -7 +4 +9 +4 +11 + 13 +12 PQ +8 +6 +1 +4 -1 +8 +5 +7 +7 +4 +1 +7 +8 +8 +9 +2 +3 +14 +15 +5 +2 +4 +6 +1 -2 +1 +11 +7 +5 +5 0 +1 +10 +15 +7 +3 +9 +7 -4 —9 -1 +1 +4 +2 +12 +5 +5 +10 +6 +7 + 14 +12 +5 +7 +15 +7 +10 +18 +16 +15 +13 +12 +12 +11 +9 +6 +11 +3 +6 +8 — 1 +6 9 +1 -2 +11 +5 + +9 +5 r ^Preliminary. Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Data not available. 4 Five months 1955. AUGUST 1955 937 DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures} SALES AND STOCKS BY MAJOR DEPARTMENTS Department Stocks (end of month) Sales during period May 1955 Five months 1955 4-7 i * +7 +5 Piece goods and household textiles +2 +1 Piece goods Silks, velvets, and synthetics Woolen yard goods Cotton yard goods Household textiles Linens and towels Domestics—muslins, sheetings Blankets, comforters, and spreads -3 y -11 -4 -6 -11 0 +1 +3 1 +2 +5 +4 +3 +7 +3 +4 +8 +3 -4 +9 +4 +5 +11 +2 +4 Silverware and jewelry Silverware and clocks Costume jewelry Fine jewelry and watches 99 100 93 121 122 119 S6 75 84 106 109 104 +4 3.5 3.8 14.8 2.3 3.4 3.5 13.8 2.3 69 55 15 129 72 61 21 119 71 59 17 127 87 75 76 115 91 82 74 120 86 74 78 111 +1 +2 -4 +5 3.8 4.5 3.2 3.6 4.0 4.7 3.5 3.8 97 86 103 105 77 73 74 88 92 83 100 98 115 106 133 115 119 109 136 119 114 104 138 110 +5 4-4 3.9 3.9 98 93 95 120 122 116 -2 +6 +5 +2 +4 +3 3.6 3.1 3.5 3.5 3.3 3.5 102 126 107 104 114 103 106 115 104 123 138 112 130 137 111 120 133 109 +9 +16 +6 +10 +7 +10 +9 +7 4.4 6.1 2.6 7.8 4.4 6.3 2.5 7.5 99 88 109 113 88 74 102 98 94 80 107 109 127 141 117 152 132 143 127 155 119 128 108 142 Women's and misses' apparel and accessories +5 +3 +2 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 +4 +7 -4 0 +6 +2 -7 -4 +3 +4 0 +2 +4 +1 +3 0 +1 +3 +6 +4 +3 +4 +3 -5 -2 -9 +6 +5 +8 +3 +1 +4 Women's and misses' dresses Inexpensive dresses Better dresses +9 +10 +9 +5 +5 +6 Blouses, skirts, and sportswear Aprons, housedresses, and uniforms Furs +12 +12 +6 +6 +16 Men's and boys* wear Men's clothing •Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers May 3.8 0 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear Apr. 3.6 +2 +1 +3 +6 -19 -19 -16 May 3.7 -3 Women's and misses' ready-to-wear apparel.... Women's and misses' coats and suits Coats Suits May +1 +1 +4 +4 +4 +9 +6 +7 +7 +7 Apr. 3.4 -4 Infants' wear , Handbags, and small leather goods Women's and children's shoes Children's shoes Women's shoes. 1954 3.1 +1 +6 0 q 1955 3.3 \& Books and stationery Books and magazines Stationery +2 +2 +2 +2 1954 1954 4-1 T1 i e Art needlework Underwear, slips, and negligees Knit underwear Silk and muslin underwear, and slips Negligees, robes, and lounging apparel 1955 Stocks at end of month May MAIN STORE — total Laces, trimmings, embroideries, and ribbons Notions , Toilet articles, drug sundries Sales during period May 1955 May 1955 GRAND TOTAL—entire store3 Small wares Federal Reserve index numbers without seasonal adjustment, 1947-49 average =1002 Ratio of stocks to sales1 Percentage change from a year ago 6.3 6.1 62 64 64 107 110 107 4.2 3.8 4.4 4.2 3.9 4.3 81 76 82 85 90 84 80 72 83 120 106 124 122 110 129 117 105 120 2.6 2.7 101 110 97 122 128 120 -9 -3 +3 +6 3.1 2.2 4.0 1.2 4.5 2.9 2.7 3.3 2.3 3.9 1.2 4.7 3.0 2.5 99 117 52 67 65 139 84 110 120 52 130 107 138 88 95 110 54 69 65 131 87 127 139 69 76 84 153 127 133 144 70 89 90 154 131 124 134 70 84 86 148 120 +2 +3 +2 0 2.6 2.9 2.5 2.0 2.6 2.9 2.5 2.1 103 122 97 100 86 101 80 82 101 120 95 97 118 148 107 99 125 158 115 108 116 144 104 100 +4 +7 3.5 2.3 3.8 2.3 88 109 110 121 81 103 123 125 128 135 119 117 0 4.7 5.5 4.5 5.1 6.1 4.9 114 87 118 134 135 137 106 82 110 147 147 146 153 150 157 147 144 147 2.0 2.7 2.6 2.7 2.1 2.1 1.8 2.4 104 46 41 57 111 88 86 105 98 57 51 68 116 77 69 87 121 90 83 110 114 72 59 90 2.2 1.6 2.9 2.2 1.6 3.0 99 101 96 120 116 125 93 97 89 122 111 131 125 111 136 117 109 123 1.4 1.1 1.8 1.5 1.2 1.9 134 139 121 124 127 123 123 126 111 125 126 120 126 125 127 123 123 117 2.3 1.4 10.3 2.6 1.7 9.4 131 158 29 118 127 59 117 141 32 157 127 81 158 135 84 157 129 79 +2 0 +2 +7 +17 -4 +5 +2 +6 +1 +2 +3 +1 -1 +2 +13 +6 -1 4.6 5.3 93 95 82 133 130 134 +13 +12 +16 +10 +5 +7 +6 +6 -5 4.6 4.5 4.4 5.8 5.6 5.0 4.9 6.4 107 85 88 105 98 81 122 114 95 75 76 96 142 133 115 137 141 125 117 140 149 132 108 138 +1 +6 For footnotes see following page. 938 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Sales during period Department Stocks (end of month) Five months 1955 Sales during period May 1955 May 1955 1955 Stocks at end of month 1955 1954 1954 1954 May Apr. May May Apr. May +10 +11 0 3.9 4.4 104 97 95 118 119 118 -3 0 -4 3.6 1.9 4.2 4.3 2.2 5.0 121 132 111 106 116 102 108 121 100 119 137 113 120 149 117 123 137 117 +12 +12 +6 -2 -1 -6 4.6 4.8 3.3 5.1 5.2 3.7 85 84 62 77 80 64 80 81 58 105 109 56 99 106 64 108 110 60 Draperies, curtains, and upholstery Lamps and shades China and glassware Major household appliances Housewares (including small appliances) Gift shop +11 +8 +11 +6 +4 +6 +3 +5 +1 +11 +9 +12 +4 +6 +4 +34 +33 +13 +12 -1 , +2 3.8 4.5 7.7 2.3 3.4 5.8 4.0 4.7 7.7 3.1 3.8 5.7 114 81 93 87 125 94 107 80 89 82 117 88 110 78 92 65 111 95 120 118 131 102 133 137 123 120 130 106 135 142 118 116 130 100 131 131 Radios, phonographs, television, records, etc, Radios, phonographs, television , Records, sheet music, and instruments +7 +6 +9 +4 +11 +6 +17 +6 +2 +8 +2 +6 +5 +2 +5 +1 +2 +1 +3 +1 +4 +2 +4 3.7 3.3 5.1 3.9 3.5 5.4 78 87 83 81 77 84 73 82 76 103 112 106 105 103 102 101 107 104 +5 +5 +7 +2 +11 +8 +1 +4 3.3 3.2 87 89 83 114 110 108 5.1 5.7 4.5 5.5 5.7 5.1 78 56 112 74 58 102 70 52 96 127 126 124 121 116 126 121 118 122 3.6 1.3 3.4 1.2 110 79 78 138 104 77 128 94 123 92 116 86 2.2 2.4 104 107 96 115 116 114 2.9 2.9 98 117 96 118 167 114 0 1.7 1.8 101 109 96 108 111 108 +1 +3 2.1 2.2 114 110 108 123 127 120 0 -8 0 +6 +1 +2 +6 +7 +5 +6 +1 2.0 2.2 1.5 1.0 2.0 2.3 3.0 45 132 128 105 97 95 111 111 138 123 57 127 111 88 85 64 109 109 125 119 79 105 130 121 119 62 118 110 118 118 —4 — 10 2.1 2.1 2.0 0.9 1.7 2.0 2.6 1.5 +2 2.7 1.7 3.1 (4) 114 (4) 114 (4) 95 (4) 132 (4) 125 129 +19 +20 +18 +8 +7 +7 +8 ooo May 1955 Federal Reserve index number 3 without seasonal adjustment, 1947-49 average =1002 Ratio of stocks to sales1 Percentage change from a year ago 2.6 2.5 2.7 3.1 2.9 3.2 117 134 107 107 128 95 98 111 91 134 133 137 127 131 125 134 133 136 +26 +10 +11 2.8 3.2 103 143 82 124 118 112 +10 0 2.7 3.0 108 100 98 116 121 117 -2 3.5 3.8 122 126 125 4 () 4 () (4) (4) (4) (4) Homefurnishings Furniture and bedding Mattresses, springs, and studio beds Upholstered and other furniture Domestic floor coverings Rugs and carpets Linoleum . Miscellaneous merchandise departments. Toys, games, sporting goods, cameras Toys and games Sporting goods and cameras Luggage Candy BASEMENT STORE—total Domestics and blankets Women's and misses* ready-to-wear Intimate apparel Hosiery Underwear, corsets and brassieres Coats and suits Dresses Blouses, skirts, and sportswear Girls' wear. Infants' wear Aprons, housedresses, uniforms Men's and boys* wear Men's wear Men's clothing Men's furnishings Boys' wear Homefurnishings -20 +4 +15 +19 + 15 +2 +20 +3 +3 +2 +6 +11 +7 +16 +13 +4 +2 +1 +1 +1 Shoes +8 NONMERGHANDISE—total +2 +9 +2 +2 Barber and beauty shop +2 0 +2 -1 108 124 100 4 () 4 () 4 () 99 110 97 (4) (4) (4) 140 155 137 I) 1 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-qf-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. 935. 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. AUGUST 1955 939 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Year or month All items Gas and electricity Foods Total Rent Solid fuels and fuel oil House- Housefurhold nishoperaings tion Transportation Apparel Medical care Personal care Reading and recreation Other goods and services 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 8 112.6 101.7 103 3 106.1 112 4 114 6 117 7 119 1 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 97 6 100.0 102 5 102.7 103 1 104.5 106 6 107.9 gg g 104.4 106 8 110.5 116 4 118 7 123 9 123 5 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 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 94.9 100.9 104.1 106.0 111.1 117.3 121.3 125.2 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 1954—June July . August September October November December.. 115.1 115 2 115.0 114.7 114.5 114.6 114 3 113.8 114 6 113.9 112.4 111 8 111.1 110 4 118.9 119 0 119 2 119.5 119 5 119.5 119 7 128.3 128 5 128 6 128.8 129 0 129.2 129 4 107.6 107 8 107 8 107.9 108 5 108.7 109 1 120.9 121 1 121.9 122.4 123 8 124.2 125 5 105.8 105 7 105.4 106.0 105 6 105.4 105 4 117.2 117 2 117.3 117 A 117 6 117.8 117 7 104.2 104.0 103.7 104.3 104.6 104.6 104.3 128.9 126.7 126.6 126.4 125.0 127.6 127.3 125.1 125.2 125.5 125.7 125.9 126.1 126.3 112.7 113.3 113.4 113.5 113.4 113.8 113.6 106.4 107.0 106.6 106.5 106.9 106.8 106.6 120.1 120.3 120.2 120.1 120.1 120.0 119.9 1955—January February March April May 114.3 114.3 114.3 114.2 114 2 114.4 110.6 110.8 110.8 111.2 111 1 111.3 119 6 119.6 119 6 119.5 119 4 119.7 129 5 129.7 130 0 129.9 130 3 130.4 109 4 109.9 110 3 110.3 110 9 110.7 126 1 126.2 126 2 125.7 122 5 122.7 104.6 104.8 104 6 104.5 103 7 103.8 117.7 117.7 117.9 118.1 119 0 119.2 103.3 103.4 103.2 103.1 103.3 103.2 127.6 127.4 127.3 125.3 125.5 125.8 126.5 126.8 127.0 127.3 127.5 127.6 113.7 113.5 113.5 113.7 113.9 114.7 106.9 106.4 106.6 106.6 106.5 106.2 119.9 119.8 119.8 119.8 119.9 119.9 June 95 6 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 Fuel, TexHides, power, Chem- Rubtile skins, icals and prodber and and lightucts and leather allied ing and prodprod- prodmaapucts ucts terials ucts parel Ma- FurniToNonture Lum- Pulp, chinbacco meMetals and ber paper, ery Misand tallic mfrs. and and and other cellaand minwood allied metal mohouseerals— bottled neous prod- prod- prodtive hold ucts ucts ucts prod- dura- struc- bevtural erages ucts bles 1948 1949 1950 1951 1952 1953 1954 104.4 99.2 103.1 114.8 111.6 110.1 110.3 107,3 92.8 97.5 113.4 107.0 97.0 95.6 106.1 95.7 99.8 111.4 108.8 104.6 105.3 103.4 101.3 105.0 115.9 113.2 114.0 114.5 104.4 95.5 99.2 110.6 99.8 97.3 95.2 102.1 96.9 104.6 120.3 97.2 98.5 94.2 107.1 101.9 103.0 106.7 106.6 109.5 108.1 103.8 94.8 96.3 110.0 104.5 105.7. 107.0 102.1 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 98.5 100.9 119.6 116.5 116.1 116.3 103.9 104.8 110.3 122.8 123.0 126.9 128.0 100.9 106.6 108.6 119.0 121.5 123.0 124.6 101.4 103.1 105.3 114.1 112.0 114.2 115.4 101.7 104.4 106.9 113.6 113.6 118.2 120.9 100.4 101.6 102.4 108.1 110.6 115.7 120.6 103.1 96.1 96.6 104.9 108.3 97.8 102.5 1954 June July August September. October. . . November. December. 110.0 110.4 110.5 110.0 109.7 110.0 109.5 94.8 96.2 95.8 93.6 93.1 93.2 89.9 105.0 106.5 106.4 105.5 103.7 103.8 103.5 114.2 114.3 114.4 114.4 114.5 114.8 114.9 94.9 95.1 95.3 95.3 95.4 95.2 95.2 95.6 94.9 94.0 93.0 92.4 92.8 91.8 107.8 106.2 106.9 106.9 106.9 107.4 107.5 106.8 106.7 106.8 106.8 106.9 107.0 107.0 126.1 126.8 126.4 126.9 128.5 131.4 132.0 116.3 119.1 119.1 119.3 119.8 119.9 120.0 115.8 116.2 116.3 116.3 116.3 116.0 115.9 127.1 128.0 128.6 129.1 129.7 129.9 129.8 124.3 124.3 124.3 124.4 124.3 125.3 125.7 115.4 115.3 115.3 115.3 115.6 115.6 115.7 119.1 120.4 120.5 121.7 121.9 121.8 121.8 121.4 121 A 121.5 121.5 121.5 121.4 121.4 105.1 103.9 102.3 99.1 96.7 97.0 98.0 1955 January... February.. March.... April May June 110.1 110.4 110.0 110.5 109.9 110.3 92.5 93.1 92.1 94.2 '91.2 91.8 103.8 103.2 101.6 102.5 102.1 103.9 115.2 115.7 115.6 115.7 115.5 115.6 95.2 95.2 95.3 95.0 95.0 95.2 91.9 92.3 92.2 93.2 »-92.9 92.9 108.5 108.7 108.5 107.4 r 107.0 106.8 107.1 107.1 106.8 107.1 106.8 106.8 136.8 120.3 140.6 121.2 138.0 121.4 138.3 122.4 138.0 '123.5 140.3 123.7 116.3 116.6 116.8 117.4 117.7 118.3 130.1 125.8 131.5 126.1 131.9 126.1 132.9 126.3 132.5 1 2 6 . 7 132.6 127.1 115.5 115.4 115.1 115.1 115.1 115.2 122.0 121.8 121.9 122.3 123.2 123.7 121.4 121.6 121.6 121.6 121.6 121.6 97.0 97.1 95.6 94.0 91.3 89.1 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Backfigures.—SeeBULLETIN for March 1952, pp. 311-313. 940 FEDERAL RESERVE BULLETIN PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49=100] 1954 1954 1955 June Apr. May June 96.6 86 5 87.7 106.9 83.7 70.8 96 0 181 7 120.9 91.0 84.0 102.7 90.3 77.9 89.9 142 3 118.7 92.4 78.4 103.4 104.7 90 2 83.1 103.4 87.1 74.4 88 7 143 2 Farm Products: Fresh and dried produce Grains Plant and animal fibers Fluid milk Eggs Hay and seeds Other farm products 71.5 88 7 138 3 Processed Foods: 113.5 92.3 102.4 116.8 86.0 106.9 118.3 85.7 104.0 117.6 91.4 104.6 104.7 113.3 231.3 96.8 104.7 110.8 180.2 100.9 104.1 110.3 179.8 101.2 104 5 110.4 171.9 101.4 88.4 110 1 85.6 123.9 98 1 79.0 90.4 106.0 87.2 122.8 98.0 76.3 90.3 106 1 86.9 123.2 98 0 76.4 90.6 105 5 86 6 124.0 98 2 74 4 60.6 87.4 111.9 97.5 Cereal and bakery products Meats, poultry, and fish Dairy products and ice cream Canned, frozen fruits, and vegetables . Sugar and confectionery Packaged beverage materials Other processed foods 56.9 83.6 111.5 95.9 r53 55.7 83.8 110.7 95.0 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 3 85.0 111.4 '95.0 Fuel, Power, and Lighting Materials: Coal Coke Gas Electricity Petroleum and products.. Industrial chemicals Prepared paint Paint materials ... Drugs, Pharmaceuticals, cosmetics. Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products . . . . Paper June Paperboard 124 2 Converted paper and paperboard.. 111 5 Building paper and board 127.9 126 0 111.5 129.7 126 0 111.7 129.7 126 0 112.3 129.1 131 8 123 7 130.0 137 9 118 5 113.8 136 4 138 3 131.6 144 4 123 3 113.6 135 6 137.8 131.4 144 4 123.3 113.5 135 7 137.6 131.4 144 5 123 2 113.5 115.9 118.5 118.8 118.7 125.3 125.8 125.8 126.0 Pulp, Paper and Allied Products— Continued Metals and Metal Products: Iron and steel Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products Machinery and Motive Products: Agricultural machinery and equipment Construction machinery and equipment Metal working machinery General purpose machinery and equipment Miscellaneous machinery Electrical machinery and equipment Motor vehicles 122 3 121 5 121 5 121 5 131 5 132 6 134 1 134 3 137 1 139.5 134 5 142 3 128 2 125.5 131 0 131.2 126.8 127.1 131 8 127.1 125.9 118.9 126.4 121.9 126.5 122.0 126.5 122.0 113.1 126.2 122.6 109 8 95.6 70.6 130.4 112.8 128.6 125.0 107.3 94.7 68.8 131.9 113.1 128.6 125.1 106.5 94.7 69.0 131.9 113.1 129.7 126.1 106.4 94.7 68.7 132.0 Furniture and Other Household Durables: Commercial furniture.. . Floor covering Household appliances Radio Television Other household durable goods.... 117.0 112.8 96.8 94.0 55.7 109.9 111.6 107.7 118.0 114.8 96.2 93.2 55.2 108.8 113.5 107.6 117.6 114.8 97.0 93.2 53.2 108.8 113.1 107.6 Flat glass 117 8 Concrete ingredients Concrete products . . . 114 8 96 9 Structural clay products 93.0 Gypsum products 53 6 Prepared asphalt roofing 108.8 111.0 107.6 Tobacco Manufactures and Bottled Beverages: 124 7 120.1 117 5 132.0 122.1 94.2 120.2 124.9 124.8 118 2 136.8 122.1 98.5 119.2 124.9 124.7 118.2 137.0 122.1 105.8 121.0 124.9 124.9 118.3 137.3 122.1 106.7 121.5 122.8 129.3 123.7 143.8 142.3 130.3 142 4 142.3 130.4 149 6 142.3 132.2 Cigarettes Cigars Other tobacco products Alcoholic beverages.. Nonalcoholic beverages 124 0 103 5 120.7 114.2 148.1 124 0 103.7 121.4 114.7 148.1 124.0 103.7 121.4 114.7 148.1 124.0 103.7 121 A 114.7 148.1 115 5 130.8 99.7 122 9 124 2 129.3 129.3 104.8 105.6 124 6 128 3 105.6 109.7 70.1 126.5 113.8 113.8 89.4 92.7 128.0 128.9 113.8 104.7 129.2 113.6 100.6 101.6 102.7 121.3 113.2 80.1 92.3 103.0 121.0 113.2 75.0 92.9 103.0 120.8 113.2 70.8 92.9 103.0 120.8 100 6 133 4 111.0 97.8 111 5 Pulp, Paper, and Allied Products: Woodpulp May 100.4 133.4 111.0 97.8 111.5 Lumber and Wood Products: Lumber. Millwork Plywood Apr. 102.3 133.4 113.1 97.8 111.5 Rubber and Products: . . June 104.7 132.4 107.8 101.8 110.9 Chemicals and Allied Products: Crude rubber Tires and tubes Other rubber products 1955 Subgroup Subgroup Nonmetallic Minerals—Structural: Miscellaneous: Toys, sporting go®ds, small arms.. Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment. Other miscellaneous 'Revised. Source.—Bureau of Labor Statistics, Department of Labor, Back figures.—See BULLETIN for March 1952, pp. 311-31?. AUGUST 1955 941 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 1929 Gross national product Less: Capital consumption allowances.. Indirect business tax and related liabilities Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises Equals: National income Less: Corporate profits and inventory valuation adjustment Contributions for social insurance. . Excess of wage accruals over disbursements Plus: Government transfer payments. . . Net interest paid by government. . Dividends Business transfer payments Equals: Personal income Less: Personal tax and related payments. . Federal State and local Equals: Disposable personal income. Less: Personal consumption expenditures 1933 104.4 1941 1949 1950 1951 1952 1953 56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8 8.6 7.2 9.0 18.4 20.5j 23.5 25.5 27.8 30.0 7.0 .6 .3 7.1 11.3 .5 21.6 .8 .1 23.7 .8 .2 25.6 1.0 1.3 28.1 1.2 .7 30.2 1.2 1.3 30.3 1.2 -.2 .2 .2 -.1 — .4 -.1 .7 .9 i .0 87.8 40.2 10.1 .2 -2.0 .3 .0 ,9 1.0 5.8 .6 ,0 1.5 1.2 2.1 _ 85.8 2.6 1.3 1.4 .7 47.2 1.5 .5 83.1 1.0 79.0 45.7 4.2 46.4 Equals: Personal saving 1955 1954 -.6 .4 .1 216.2 240.0 277.9 289.5 303.6 299.7 104.7 14.5 2.8 28.1 5.7 35.1 6.9 39.9 8.2 36.9 8.6 37.2 8.7 33.8 9.6 .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 12.0 4.9 9.0 1.2 — .1 12.8 5.0 9.3 1.2 .0 15.0 5.2 10.0 1.2 29.6 30.4 30.9 31.2 30.4 30.0 30.7 31.1 1.2 1.2 1.2 1.2 .7 .7 -2.3 - 1 . 5 - . 3 .3 .0 .3 303.2 311.4 298.9 298.7 34.0 33.1 35.5 39.6 9.6 10.5 9.6 9.6 .1 .0 .0 .0 15.1 15.0 15.7 15.9 5.2 5.1 5.2 5.2 9.8 10.0 10.6 10.2 1.2 1.2 1.2 1.2 31.9 31.7 1.2 n.a. .4 n.a. n.a. 10.8 5.0 96.3 206.8 227.1 255.3 271.1 286.2 287.6 286.6 287.3 290.8 293.6 300.5 32.8 32.7 32.8 33.1 32.6 33.4 29.1 29.1 29.1 29.3 28.8 29.5 3.7 3.8 3.7 3.8 3.6 3.0 3.9 254.5 257.8 93.0 188.2 206.1 236.7 250.4 254.8 261.0 267.1 253.9 226.1 237.9 241.0 81.9 180.6 194.0 218.3 230.6 236.5 245.8 250.5 235.1 208.3 16.6 16.8 11.1 7.6 12.1 18.4 19.8 18.3 15.3 16.6 18.8 17.7 3.3 2.0 1.3 18.7 16.2 2.5 20.9 18.2 2.7 29.3 26.3 34.4 31.2 3.2 35.8 32.4 3.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1955 1954 1929 1933 1941 1949 1950 1951 1952 1953 1954 2 3 4 1 National income 87.8 40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298 9 298.7 303.2 311.4 Compensation of employees Wages and salaries^Private Military Government civilian Supplements to wages and salaries... 51.1 50.4 45.5 29.5 29.0 23.9 Proprietors* and r e n t a l i n c o m e 2 . . . . 20.2 8.8 6.0 5.4 4,9 .5 7.6 3.2 2.4 2.0 10.1 ~2.0 Farm Rental income of persons Corporate profits a n d inventory valuation a d j u s t m e n t Corporate profits before tax Corporate profits tax liability Inventory valuation adjustment Net interest ,3 4.6 .7 9.6 1.4 8.3 .5 6.4 .3 n.a. 64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.2 207.8 209.8 213.1 219.5 62.1 134.3 146.5 170.9 185.1 198.5 196.2 195.6 196.1 198.1 200.8 207.0 51.9 113.9 124.3 142.1 152.2 164.7 162.4 162.0 162.1 163.8 166.5 171.7 9.3 4.2 8.7 5.0 10.5 10.3 9.5 9 5 9.3 9.1 1.9 9.4 8.3 16.2 17.2 20.1 22.5 23.5 24.4 24.1 24.5 25.0 25.3 25.9 6.5 2.7 9.5 10.2 10.8 11.7 11.6 11.7 11.8 12.2 12.5 7.8 20.9 42.0 44.6 49.9 49.9 48.4 48.4 48.2 48.3 48.2 48.8 48.7 10.9 21.4 22.9 24.8 25.7 25.9 25.9 25.9 26.0 26.3 26.6 27.1 12.7 13.3 16.0 14.3 12.3 12.0 11.9 11.7 11.2 11.5 11.0 6.5 3.5 7.9 8.5 9.1 9.9 10.3 10.5 10.5 10.6 10.7 10.7 10.7 14.5 17.0 7.6 9.4 — .4 - 2 . 1 -2.5 .2 ,5 5.8 2 4.5 28.1 35.1 26.2 40.0 10.4 17.8 15.8 22.1 1.9 - 4 . 9 5.2 5.9 41.2 22.5 18.7 -1.3 39.9 36.9 35.9 19.8 16.1 1.0 37.2 38.3 21.3 17.0 -1.1 33.8 34.0 17.1 17.0 -.2 34.0 33.7 16.9 16.8 .2 33.1 33.5 16.8 16.7 -.5 35.5 36.0 18.1 17.9 -.5 39.6 40.9 20.5 20.4 — 1.3 n.a. n.a. n.a. n.a. -.8 6.8 7.4 8.8 9.5 9.5 9.5 9.7 9.9 10.3 n.a. Not available. 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 942 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 1954 1929 Gross national product 1933 104.4 56.0 79.0 9.2 Personal consumption expenditures Durable goods Nondurable goods Services 46.4 3.5 22.3 20.7 16.2 8.7 3.6 5.1 5.9 1.7 1.8 ,8 S.4 1.4 .5 1.0 1.6 -1.6 -1.4 37.7 32.1 Gross private domestic investment. New construction1 Residential, nonfarm Other Producers' durable equipment Change in business inventories.... Nonfarm only. Net foreign investment Government purchases of goods and services Federal National security Other Less: Government sales2 State and local 8,5 1.3 -1.3 .0 7.2 .2 1941 1949 1951 1952 1953 1955 1954 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8 81.9 18®. 6 194.0 208.3 218.3 230.6 236.5 235.1 237.9 241.01 9.7 23.6 28.6 27.1 26.6 29. 29.3 29.0 29 A 30.4 43.2 96.9 100.4 111.1 116.0 118.9 120.9 120.4 121.5 122.5 29.0 60.1 65,0 70. t 75.7 81. 86.4 85.7 87.0 88.lj 32.5 245.8 250.5 34.4 35.1 122.4 125.3 89.0 90.2 6.6 17,5 3.5 8.3 3.1 9.2 6.9 17.8 4.5 - 2 7 4.0 _ t 9 51 2 22.7 U 6 S 1 O 21 1 1 4 6 4 5-6.9 23,3 11.0 12.4 23.2 10.4 9.0 49.6 23.7 11 12 23 2 2 1 51.4 25.8 11.9 13. 24.4 1.2 1.9 47.2 27.8 13.5 14.3 22.3 -2.9 -3.2 46.9 27.3 13.0 14.3 22.4 -2.7 -3.2 45.9 28.5 14.2 14.3 22.2 -4.9 -5.4 5®.7 29.4 15.0 14.4 21.9 -.6 -1.0 1.1 -2.2 .2 -.2 -2.0 -.3 -.3 -.7 .9 -.4 -.7 42.0 22 J 18.5 62.8 41.0 37.3 4.2 .4 21.8 77.5 54.3\ 48.8 5.8 .4 23.2 84.5 59.5 51.4 8.5 .4 25.0 77.0 49.2 43.2 6.3 .4 27.8 75.9 48.6 43.6 5.4 .4 27.3 75.8 47.7 42.1 6.1 .4 28.1 74.5 45.7 40.5 5.5 .3 28.7 75.8 46.4 41.2 5.5 .3 29.4 74.9 45.2 40.4 5.2 .3 29.7 8.0 24.8 2.0 J 16.9 2.0 .0 6.0 1950 7.8 43.6 25.4 19.3 6.6 .4 18.2 3.9 .3 19.9 ! 60, 32. 16.4 15.7 23.7 4.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Personal income Total 85.8 47.2 96.3 208.7 206 8 227.1 255 3 271.1 286.2 287.6 50.4 29.0 62.1 135.1 134 4 146.5 170 8 185 2 198.6 196.2 21.5 9 8 27 5 60.2 56.9 63.5 74 9 80 6 88.2 84.2 15.6 8.8 16.3 38.8 39.0 41.3 45 8 48.7 51.8 52.3 1954—June July August September October November December 286.7 287.1 286.7 287.9 288 4 290.8 293.4 195 8 196.6 195.8 195.8 196 8 198.6 198.8 84 2 83.8 83.1 82.8 83 4 85.2 84.8 ^955—January February March. April ]VIay June^ 292.2 293.2 295 7 298.9 301 4 301.2 199.3 200.3 202 6 204.6 207.3 207.7 85.4 86.3 87 8 88.9 90.6 90.6 Year or month 1929 1933 1941 1948. 1949 . 1950. 1951 1952 1953 1954 . . . . Commodity Distributive produc- indusing intries dustries Other labor income8 Service industries Government 8.4 4.9 5.2 8.1 1.7.4 18.0 19.5 21 3 23.0 24.8 25.9 5.J 10 2 18.7 20 5 22.1 32.9 33.8 33.8 5.3 52 1 52.8 52.5 52.5 52 7 52.5 53.1 25.8 26.2 26.3 26.3 26.5 26.6 26.6 33 7 33.8 33.9 34.2 34 2 34.3 34.3 6.6 52.9 53.0 53 6 53.6 54.5 54.9 26.8 26.7 27 0 27.2 27.4 27.4 34.2 34.3 34 2 34.9 34 8 34.8 .6 .4 .7 2.7 3.0 4 8 6.0 6.6 6.6 6.6 6.6 6.7 6.7 6.7 6.8 6.8 6.8 6.9 6.9 6.9 Divi Prodends prietors' and and perrental 4 sonal income interest income Transfer payments B Less personal contriNonbutions agriculfor tural social income7 insurance 6 20.2 7.6 20.9 45.6 42 0 44.6 49 9 49.9 48.4 48.4 13.2 8.3 10 3 16,2 17 2 19.8 20 7 21 3 23.1 24.7 13 2 14.0 16.2 48.2 47.6 48.1 49.0 47.5 48.3 48.9 24 6 24.6 24.7 24.7 24 9 24.9 26.5 16 0 16.1 16.1 16.3 17 0 16.8 17.1 4 5 49.1 48.8 48 5 49.0 48.8 48.3 25.0 25.3 25 5 25.9 26.1 26.3 17.0 17.0 17 4 17.6 17.5 17.2 5.0 5 0 5 1 1.5 2.1 3 1 11.3 12 4 15.1 ! .2 8 2.2 2 2 2 9 3 4 3 8 3.9 4.5 4.4 4.6 4.5 4 5 4.5 4 6 5.1 5 2 5.2 C 77 7 88 0 188 5 190 S 210 5 235 7 253 1 270.2 271.9 272 1 272.1 271.5 272 1 273 8 275.9 278.1 276.5 277.7 280 9 283.7 286 6 286.8 r p Preliminary. Corrected. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Includes compensation for injuries, employer contributions to private pension and welfare funds, am! other payments. 4 Includes business and professional income, farm income, and rental income of unincorporated enter prise: also a noncorporate inventory valuation adjustment. 6 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 6 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. AUGUST 1955 943 CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES ] Commercial and stock savings banks and nondeposit trust companies Mutual savings K or All banks Member banks Total Total 1 Nonmember banks NaState tional 1 member 2 _ Noninsured Total Insured 9,042 7,661 7,147 7,261 7,252 7,251 7,241 7,183 7,173 Insured 2 Noninsured 1,343 68 52 191 511 496 350 7,699 6,810 6,457 6,478 6,602 6,627 6,672 6,647 6,660 Banks (head offices) Dec. 31, 1934 Dec. 31, 1941 Dec 31 1946 3 Dec. 31, 1947 Dec. 31, 1951 Dec. 31, 1952 Dec-31, 1953 Dec. 31 1954 June 30, 1955 . . . . 16,063 14,825 14,585 14,714 14,618 14,575 14,509 14,367 14,309 15,484 14,277 14,044 14,181 14,089 14,046 13,981 13,840 13,781 6,442 6,619 6,900 6,923 6,840 6,798 6,743 6,660 6,611 5,462 5,117 5,007 5,005 4,939 4,909 4,856 4,789 4,744 «l,502 1,893 1,918 1,901 1,889 1,887 1,871 1,867 3,133 3,699 4,138 4,332 5,383 5,711 6,096 6,614 6,880 . 3,007 3,564 3,981 4,161 5,153 5,465 5,826 6,306 6,567 2,224 2,580 2,913 3,051 3,837 4,106 4,398 4,787 5,020 1,243 1,565 1,781 1,870 2,370 2,556 2,746 3,056 3,176 1,015 1,132 1,181 1,467 1,550 1,652 1,731 1,844 984 1,068 1,110 1,316 1,359 1,428 1,519 1,547 932 1,006 1,043 1,275 1,318 1,387 1,483 1,512 41 41 41 36 35 +58 +57 +17 +14 +3 +40 —2 +33 +7 -26 -7 -2 —26 +2 +2 -4 -1 +12 —12 — 11 _1 980 851 690 783 650 624 194 202 206 569 536 513 219 218 218 52 62 32 115 67 124 339 327 323 309 309 310 Branches a n d additional offices Dec. Dec Dec. Dec. Dec. Dec. Dec. Dec. June 31, 1934 31 1941 31 1946 31, 19473 31, 1951 31, 1952 31, 1953 31 1954 30, 1955 981 783 47 S3 4 i : 16 165 177 192 221 225 103 42 47 65 69 78 87 88 Changes, Jan. 1-June 30, 1955 Banks New banks 5 .... Suspensions Consolidations and absorptions: Banks converted into branches Other Voluntary liquidations 6 Other changes^ Conversions: National into State -3 -94 -16 -3 -94 -16 -3 -68 - 9 -1 —2 —53 -1 -1 +6 2 Withdrawals of State banks Federal Deposit insurance: 9 Admissions of State banks -2 _2 +5 +12 Federal Reserve membership: 8 — 15 - 1 2 +2 -6 A -1 -1 +2 +26 +13 -23 6,660 513 . . . -58 -59 -49 -45 -4 Number of banks June 30 1955 14,309 13,781 6,611 4,744 1,867 -10 7,173 De novo branches Banks converted into branches Discontinued u Other changes Interclass branch changes: National to State member State member to national . State member to nonmember Nonmember to national Nonmember to State member +185 +94 -20 +180 +94 -20 +142 +84 -13 +101 +53 -6 +41 +38 -7 -6 +1 +1 +1 Net increase or decrease +260 Number of branches arid additional offices, June 30, 1955 -26 4-38 +10 -7 Net increase or decrease +1 9 +1 218 310 +4 +1 Branches and additional offices10 Banking facilities 12 Established Discontinued Interclass change Net increase Number of banking facilities, June 30, 1955 -1 +1 . —57 .,.. i +31 +19 +4 +11 +4 +255 +228 6,676 6,363 +8 +57 — 19 _1 +1 +1 +11 -4 — 11 —4 — 11 +115 +113 +27 +28 -1 +4 +1 4,838 3,015 1,823 1,525 1,490 35 225 88 +8 +6 +2 +6 +6 +6 +1 +5 +2 +1 -f-5 204 204 182 161 -2 -2 -2 -1 1 +1 21 +1 22 22 "Corrected. I 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. 2 State member bank and insured mutual savings bank figures both include since 1941, three member mutual savings banks not included in the total for "commercial banks." State member bank figures also include since 1954, one noninsured trust company without deposits. 3 As of June 30, 1947, the series was revised. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available. ^Exclusive of new banks organized to succeed operating banks; see also "Other changes." 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Newly organized State member bank formed by consolidation of 4 banks, located at the former head office of one of the discontinued national banks and operating other 3 discontinued banks as branches. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Shown separately under conversions. 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. 10 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. II One branch restored to series, previously eliminated. 12 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 944 FEDERAL RESERVE BULLETIN NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST BY FEDERAL RESERVE DISTRICTS, STATES, ALASKA AND HAWAII1 Total banks on which checks are drawn, and their branches and offices1 Federal Reserve district or State Banks Branches and offices On par list Total Not on par list (nonmember) Member Nonmember Banks Branches and offices Banks Branches and offices Banks Branches and offices Banks Branches and offices Total, including Alaska and Hawaii: 2 Dec. 31, 1954 June 30, 1955 13,770 13,709 6,356 6,618 11,968 11,919 6,035 6,298 6,654 6,605 4,787 5,020 5,314 5,314 1,248 1,278 1,802 1,790 321 320 Total, all States: Dec. 31, 1954 June 30, 1955 13,746 13,686 6,296 6,557 11,959 11,911 5,979 6,241 6,653 6,604 4,787 5,020 5,306 5,307 1,192 1,221 1,787 1,775 317 316 451 750 1,015 1,005 1,254 2,483 1,457 1,284 1,756 1,053 438 475 1,236 341 527 775 311 765 208 116 29 85 1,750 451 750 763 1,015 824 672 2,483 1,146 683 1,749 960 423 475 1,236 341 527 623 268 765 142 74 29 72 1,746 308 648 579 623 477 377 1,019 492 474 749 632 227 375 1,142 267 462 402 230 407 85 29 19 49 1,553 143 102 184 392 347 295 1,464 654 209 1,000 328 196 100 94 74 65 221 38 358 57 45 10 23 193 181 582 152 43 311 601 7 93 15 66 42 13 4 States, Alaska, and Hawaii, June 30, 1955: Alabama. Arizona Arkansas California Colorado 235 11 233 153 154 42 85 23 ,161 5 140 11 118 153 154 41 85 6 1,161 5 96 4 71 102 94 41 61 3 1,071 4 44 7 47 51 60 95 1 24 3 90 1 Connecticut Delaware District of Columbia Florida Georgia 95 31 17 224 402 93 36 54 11 60 95 31 17 177 121 93 36 54 10 58 55 11 13 90 64 74 15 44 9 52 40 20 4 87 57 19 21 10 1 6 Idaho Illinois Indiana Iowa Kansas 36 908 472 664 600 66 3 158 160 3 36 906 472 664 598 66 3 158 160 3 20 515 234 165 212 61 3 99 4 3 16 391 238 499 386 59 156 368 176 59 152 173 77 105 90 161 245 368 69 59 152 173 77 78 90 161 245 109 51 37 70 135 52 66 51 93 214 259 18 22 82 38 25 12 39 68 31 Michigan Minnesota Mississippi Missouri Montana 424 680 196 599 111 352 6 92 2 424 272 45 539 111 352 6 32 2 232 206 287 6 16 2 192 66 12 362 27 65 Nebraska Nevada, New Hampshire New Jersey New Mexico 414 8 75 300 52 1 26 2 243 26 414 8 75 300 52 1 26 2 243 26 139 7 52 259 34 275 1 23 41 18 3 1 28 17 New York North Carolina North Dakota Ohio Oklahoma 526 209 154 630 383 1,004 312 23 344 3 526 108 59 630 376 1,004 167 6 344 3 462 54 40 406 222 1 23 1 215 9 44 93 305 3 64 54 19 224 154 60 74 6 39 Oregon Pennsylvania. Rhode Island South C a r o l i n a . . . . . . South Dakota 48 832 10 153 171 142 426 65 79 52 48 832 10 75 73 142 65 72 27 20 630 6 35 62 134 363 50 58 23 28 202 4 40 11 63 15 14 4 Tennessee Texas Utah Vermont Virginia 296 924 54 63 317 133 17 39 14 169 213 881 54 63 316 119 17 39 14 169 85 577 29 37 206 89 35 5 114 128 304 25 26 110 Washington West Virginia Wisconsin Wyoming 107 182 552 53 196 107 181 552 53 196 150 1 45 111 166 40 "22" 1 18 5 13 48 3 5 9 48 Districts, June 30, 1955 Boston New York , Philadelphia Cleveland , Richmond -. Atlanta Chicago St. Louis Minneapolis , Kansas City Dallas 2 San F r a n c i s c o . . . . . , Kentucky Louisiana Maine Maryland Massachusetts Alaska 2 Hawaii 2 , 763 426 150 1 33 177 84 1 17 184 47 281 2 16 30 107* 27 408 151 60 60 101 95 145 17 78 98 7 25 83 43 14 4 9 55 62 70 386 13 128 2 5 9 48 12 15 1 Excludes mutual savings banks, on a few of which some checks are drawn, and includes 204 banking facilities (see footnote 12 on preceding page). The difference between the number of member banks on June 30, 1955, shown in this and the preceding table is due to the fact that this table excludes 3 member nondeposit trust companies and 3 member mutual savings banks on which no checks are drawn; the difference for nonmember commercial banks is due to the fact that this table excludes 91 banks and trust companies on which no checks are drawn. Excludes banks and branches in United States territories and possessions except those in Alaska and Hawaii. 2 Alaska and Hawaii were designated as being in the San Francisco District for the purposes of Regulation J, "Check Clearing and Collection" effective July 15, 1954. Back figures.—See Banking and Monetary Statistics, Table 15, pp. 44-55, and Annual Reports. AUGUST 1955 945 INTERNATIONAL FINANCIAL STATISTIC PAGE International capital transactions of the United States. . Gold production - 948-952 952 Estimated foreign gold reserves and dollar holdings. . 953 Reported gold reserves of central banks and governments. . 954 Net gold purchases and gold stock of the United States. . 955 International Bank and Monetary Fund. . 956 Central banks . 956-960 Money rates in foreign countries. . 961 Commercial banks . . 962 Foreign exchange rates 963 Price movements in principal countries: Wholesale prices 964 Consumers' price indexes. .. 965 Security prices . 965 Index to statistical tables. . 971-972 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. AUGUST 1955 947 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding , in millions of dollars] In- ternational institutions2 Date Total foreign countries France Official Officials and Germany, Fed. Rep. Switz- United erKingdom land Italy Other Europe Total Europe Canada Latin America Asia All other of private 1951—Dec. 31. 1,641.1 7,661.1 3,547.6 1952—Dec. 31. 1,584.9 8,961.2 4,654.2 1953—Dec. 31. 1,629.4 10,019.0 5,666.9 289.4 342.6 428.5 1954—June 30. 1,637.0 July 31. 1,656.5 Aug. 31. 1,751.0 Sept. 30. 1,801.9 Oct. 31. 1,773.9 Nov. 30. 1,792.8 Dec. 31. 1,769.9 1955—Jan. 31. 1,752.2 Feb. 28 1,793.5 Mar. 31 1,821.3 Apr. 30* 1,820.7 May 31 P 1,881.9 June 3 2 1,852.8 0> 405.6 300.5 521.3 551.1 308.9 641.8 898.8 465.7 674.2 642.6 846.6 3,005.9 1,307.1 1,455.2 1,595.5 297.4 817.9 1,093.3 3,755.5 1,420.7 1,612.9 1,836.5 335.6 708.9 1,557.5 4,733.6 1,295.5 1,768.4 1,895.5 326.1 10,561.9 10,771.0 10,686.6 10,730.6 10,752.2 10,781.8 11,152.6 6,307.0 6,438.6 6,287.3 6,319.2 6,404.2 6,379.3 6,774.0 441.4 376.5 418.9 474.2 495.8 502.1 715.4 1,084.9 1,222.1 1,225.1 1,247.6 1,257.2 1,287.2 1,372.5 455.6 468.8 510.7 528.4 553.9 563.0 578.6 636.0 680.5 680.8 668.5 645.5 623.7 672.4 986.1 942.2 851.9 837.9 842.8 829.7 639.5 1,701.3 1,722.7 1,676.7 1,673.3 1,690.1 1,673.7 1,642.1 5,305.4 5,412.8 5,364.0 5,430.0 5,485.3 5,479.2 5,620.5 1,320.6 1,342.0 1,380.4 1,384.1 1,372.8 1,377.8 1,535.7 1,954.9 2,037.4 1,918.7 1,889.6 1,839.5 1,848.1 1,905.9 1,682.5 298.5 1,693.2 285.6 1,748.2 275.2 1,764.1 262.9 1,782.5 272.1 1,811.8 264.9 1,825.4 265.1 11,100.7 10,924.9 10,915.2 11,068.1 11,183.3 11,267.2 6,749.5 '6,540.3 6,508.1 6,609.8 6,701.1 6,766.6 706.5 725.1 749.6 670.7 766.1 785.1 1,368.9 1,406.9 1,411.1 1,404.5 1,407.6 1,397.0 591.5 '612.2 611.2 639.3 637.7 648.7 624.2 634.5 649.9 657.6 672.4 685.2 '659.2 598.9 637.1 681.0 663.6 689.1 1,675.1 1,626.7 1,591.1 1,661.5 1,578.4 1,588.6 '5,625.4 '5,604.4 5,650.1 5,714.7 5,725.8 5,793.7 1,529.1 1,366.9 1,320.7 1,320.9 1,274.7 1,268.3 1,836.6 1,811.6 1,794.7 1,886.3 1,991.0 1,920.5 1,842.1 267.4 1,857.7 284.3 1,859.9 289.8 1,848.3 297.8 1,886.4 305.4 1,983.7 301.0 Table la.—Other Europe Belgium Neth- Nor- Po- Por- RuYugo- All Swe- TurDen- Finermark land Greece lands way land tugal mania Spain den key U.S.S.R. slavia other Other Europe Austria 1951—Dec. 31 1952—Dec. 31 1953—Dec. 31 1954—j u n e 30 July 31 . . . Aug. 31 Sept. 30 . Oct. 31 Nov. 30 . Dec. 31 S4.fi fi L.093.3 1,557.5 57 1 134 7 91.1 123.9 190.9 130.3 I 701 3 1,722 7 L.676.7 L,673 3 t,690.1 1,673 7 L,642.1 238 5 260 5 275.6 281 9 283.6 272 4 273.2 111 6 118 0 ' 99.3 104 0 104.6 103 2 99.8 92 7 80 7 79.5 76.4 68.8 69.2 71.1 42 4 42.4 41.0 37.7 40.6 39.8 41.3 114 0 112.1 104.5 94.3 93.8 110.2 112.5 1955—Jan. Feb. Mar. Apr. May June [,675 1 1,626 7 1,591 1 1,661.5 [,578 4 [,588 6 272 8 98 1 276.6 92.7 274 7 98 9 272.3 105.5 271 7 104 5 268.6 107.8 76.2 70.3 69 3 69.7 64 3 54.2 39.7 41.6 37.8 37.2 40 4 38.5 129.2 134.2 130.5 134.5 131 0 126.6 Date si.. 28 31. 30P 31 P 3QP 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 5.8 17.1 71.7 14.1 19.2 91.0 8 . 4 36.0 116.7 14.2 2.5 1.7 2.0 272.3 305.7 252.9 247.6 248.7 241.4 249.3 131.2 127.2 129.1 132.3 125.8 115.8 103.4. 2.2 2.2 1.7 1.8 1.9 2.2 2.1 86.3 88.5 83.8 83.5 85.0 88.9 91.3 7.9 7.9 7.9 7.9 8.1 8.0 7.8 26.2 37.5 46.0 58.3 66.1 70.9 71.3 123.1 157.0 173.6 180.5 179.4 159.0 141.0 7.4 6.4 6.2 6.4 8.2 8.1 8.2 3.1 2.8 3.0 2.1 2.0 5.2 1.8 256.3 219.2 222.1 218.2 194 6 202.3 88.8 66.2 64.3 76.8 67.8 71.2 130.5 9 . 5 129.7 9 . 2 121.0 9 . 9 118.2 11.1 113.9 10.3 118.9 11 8 1.8 1.7 1.5 1.8 2.0 3.1 2 . 0 92.6 1.7 98.1 2 . 4 91.9 4 . 4 94.6 1.9 94.1 3 . 5 94.4 78.4 84.7 92.6 99.2 11.4 100.6 8 . 0 108.9 8.0 8.0 8.2 8.3 7 . 1 125.9 12.0 219.3 6 . 9 384.1 5.9 6.8 6.4 6.9 6.8 9.0 8.6 436.5 367.1 366.1 351.7 366.7 370.3 359.5 381.9 382.9 358.0 400.9 364.0 10.8 360.1 9.4 9.8 8.0 8.9 6.2 Table 1b.—Latin America Date Latin America Argen- Bo- Brazil Chile tina livia Colombia Cuba NetherDolands Panminican Guate- Mex- West ama, ReReico Indies pubmala and pubSuri- lic of lic Peru Other El UruLatin Sal- guay Vene- Amerzuela vador ica nam 54.0 106.4 79.3 118.2 78.8 150.2 263.6 45.8 301.2 44.2 340.8 39.3 27.3 158.2 34.3 231.2 37.9 183.2 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 96.1 167.4 102.6 91.3 139.1 160.3 119.6 61.2 73.9 78.9 74.7 72.8 73.2 69.6 230.6 236.2 215.0 168.2 147.7 168.6 222.2 346.5 328.8 309.6 291.2 269.0 243.7 236.7 55.8 61.1 60.9 60.7 59.9 59.6 60.4 48.0 44.9 40.4 37.1 34.1 31.5 34.5 201.3 210.0 236.8 254.7 265.4 265.5 328.9 51.5 50.9 50.1 50.1 46.3 46.9 48.7 87.8 92.3 86.7 76.9 77 A 75.6 73.8 66.6 66.6 69.2 76.4 79.2 79.6 83.4 41.6 36.3 30.5 25.0 23.0 20.4 30.4 107.7 112.8 104.1 101.6 98.5 91.7 90.3 218.0 207.7 179.1 210.5 183.0 202.2 193.6 134.0 138.7 136.6 136.1 121.7 121.9 124.1 100.4 104.8 95.1 110.7 129.3 119.6 73.3 189.5 67.3 138.7 75.3 97.4 75.8 89.4 94.8 90.7 94.2 101.5 234.2 228.1 234.3 251.7 254.0 244.6 68.2 65.4 63.1 67.8 67.3 75.7 37.5 42.6 44.5 48.2 51.1 50.5 335.8 357.7 363.3 376.0 371.7 341.3 42.7 44.7 45.1 43.6 45.2 42.1 73.4 75.1 79.2 80.7 73.3 84.3 81.0 79.0 79.4 84.6 81.8 83.1 39.6 46.6 42.6 46.3 48.4 49.7 86.8 83.3 80.9 74.1 67.5 63.9 177.7 176.8 187.5 223.2 287.1 256.3 122.4 130.1 129.0 131.6 133.2 129.5 1951—Dec. 31. 1,455.2 249.7 1952—Dec. 31. 1,612.9 138.8 1953—Dec. 31. 1,768.4 130.0 27.8 100.3 24.5 72.5 19.1 101.7 1954—June 30. July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30. Dec. 31. 1,954.9 2,037.4 1/918.7 1,889.6 1,839.5 1,848.1 1,905.9 176.7 181.8 191.1 204.8 190.7 175.3 160.4 31.4 28.0 27.3 30.2 31.9 32.3 29.2 1955—Jan. 31. Feb. 28. Mar. 31. Apr. 30 P May 31* June 30P 1,836.6 1,811.6 1,794.7 1,886.3 1,991.0 1,920.5 143.3 144.2 151.7 155.9 167.4 156.6 30.8 27.2 26.3 26.5 28.3 27.6 p Preliminary. 'Revised. For footnotes see following page. 948 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other Date Asia 1951—Dec. 31. 1,595.5 1952—Dec. 31. 1,836.5 1953—Dec. 31. 1,895.5 ForKomosa rea, Phil- Thai- Other and Hong India Indo- Iran Israel Japan Renesia pub- ippines land China Kong Asia lic MainOf* land All other 87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 1.42. 2 297 .4 76.4 70 9 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 91.5 295.5 167.9 171. 2 326 .1 30. 31. 31. 30. 31. 30. 31. 1,682.5 1,693.2 1,748.2 1,764.1 1,782.5 1,811.8 1,825.4 75.8 75.1 74.2 69.6 71.1 71.3 69.9 65.1 64.6 64.2 64.3 64.7 64.6 60.8 91.3 79.2 75.5 73.4 77.7 82.1 86.9 59.2 60.5 81.9 87.3 95.4 100.6 100.3 34.0 28.6 23.3 26.1 24.7 28.2 31.4 28.9 25.1 36.0 33.1 24.7 26.0 41.0 615.4 616.0 643.4 668.5 695.8 712.6 724.9 105.9 101.2 98.2 94.9 93.8 88,7 95.6 , 298.9 308.2 314.2 308.5 289.7 276.8 257.4 130.1 127.1 126.2 125.0 117.8 124.2 123.1 177. 207. 211. 213. 227. 236. 234. 8 6 2 3 0 6 1 298 285 275 262 272 1955—Jan. 31. Feb. 28. Mar. 3 1 . Apr. 30P May 31 P June 30P 1,842.1 ••1,857.7 1,859.9 1,848.3 1,886.4 1,983.7 69.2 70.3 70.0 69.1 70.4 69.1 60.8 60.1 61.2 59.0 61.0 60.3 95.0 101.5 87.5 83.5 93.4 97.0 109.3 112 3 97.7 96.1 99.9 115.4 44.5 47.0 40.1 47.0 51.6 51.6 38.9 ••40.7 45.3 44.5 42.9 41.0 707.3 700.1 714.2 711.8 720.1 758.4 98.9 96.8 96.5 100.3 107.7 109.7 264.9 263.2 253.6 249.3 249.3 252.0 131.6 133.1 132.0 130.2 128.8 129.9 221. 232. 261. 257. 261. 299. 9 6 9 5 1 1 267 284 289 297 305 301 1954—June July Aug. Sept. Oct. Nov. Dec. r Table Id.—Supplementary Areas and Countries .5 .6 .2 .9 .1 264.9 265 .1 .4 3 .8 .8 .4 .0 Egypt and Union p Ausof giaii Anglo- South Other tralia Egypi° tian Africa Sudan 38 5 47 2 59 2 54 .5 118 .6 89 .6 110.7 59.7 43.3 0 8 3 4 6 3 7 63 .6 51 .3 45 . 5 51.7 51.5 47.7 45.1 45.2 47.6 47.1 37 38 37 38 39 38 32 g 6 9 5 4 1 48.6 52 0 53.6 53.9 48.3 50.3 31 36 33 35 33 30 .4 97 .1 94 8 .4 .9 .8 .1 101.8 48 42 41 35 41 37 47 44.4 58 56 60 70 64 6 8 4 2 2 44.2 47 .0 44 . 4 43 .6 45 42 44 44 .9 7 .3 .4 42.9 42 .6 97 101 102 99 99 4 3 8 7 0 97.5 94 0 103 . 3 110 .2 113 .8 End of year Area or country 1951 1952 1953 .2 .3 .4 .6 .6 n.a. 1.9 1.0 3.7 12.6 1.3 .2 .4 .4 .6 .6 5.0 2.6 4.1 n.a. 1.9 1.0 7.5 14.1 1.3 .4 4.0 3.0 2.5 .2 n.a. .6 .6 .7 1.2 n.a. 1.0 8.9 n.a. 1.0 .5 4.5 5.3 2.2 14.6 8.7 11.4 14.6 12.1 23.7 18.0 13.4 17.7 10.3 17.2 8.3 5.4 2.2 11.6 15.4 13.4 5.0 .6 9.3 18.7 16.0 6.0 1951 1954 .1 .3 .6 .6 1.3 n.a. 2.7 1.0 3.5 15.9 1.3 .6 11.8 3.2 5.6 Other Europe: Albania Azores British dependencies Bulgaria Czechoslovakia Eastern Germany. . . Estonia Hungary Iceland Ireland, Republic of Latvia Lithuania Luxembourg Monaco Trieste and 7 86 8 86 •5 95 7 5 End of year Area or country Other Latin America: British dependencies Costa Rica Ecuador French West Indies Guiana Haiti Honduras Nicaragua Paraguay 7 0 23 6 38 2 French .6 Other Asia: Afghanistan British dependencies Burma Ceylon Iraq Jordan Lebanon Pakistan. . Palestine Portuguese dependencies Saudi Arabia Syria Viet-Nam All other: British dependencies Ethiopia and Eritrea 19.0 French dependencies 15.3 Italian Somaliland 21.2 Liberia Libya .4 New Zealand 12.7 Portuguese dependencies n.a. Spanish dependencies 10.3 Tangier 3.6 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 .1 2.8 15.9 11.4 n.a. 2.7 19.8 23.0 17.1 13.8 .9 23.9 9.7 .1 5.3 18.5 20.5 n.a. n.a. 21.1 29.7 n.a. 10.0 .8 16.5 3.8 .1 1.8 61.5 21.5 8.1 1.6 3.5 27.0 1.1 10.3 2.3 3.5 1.6 9.1 22.3 .3 11.8 3.0 2.1 5.0 .2 36.1 1.4 n.a. 16.8 n.a. 5.6 n.a. 2.3 n.a. .5 35.7 2.7 13.2 5.4 n.a. 1.2 6.9 36.5 .1 6.1 .5 5.2 4.3 .2 21.5 6.3 .2 26.7 ^Preliminary. ^Revised. 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 from 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 Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 5 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 l a - l c . 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. AUGUST 1955 949 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS 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 1951—Dec. 3 1 . . 1952—Dec. 3 1 . . 1953—Dec. 3 1 . . 968.4 1,048.7 904.5 1954—May 3 1 . . June 30.. July 3 1 . . Aug. 31. . Sept. 30.. Oct. 3 1 . . Nov. 30.. Dec. 3 1 . . 915.4 971.1 1,109.6 1,108.6 1,187.4 1,290.6 1,315.5 1,384.2 1955—Jan. 3 1 . . . Feb. 28.. Mar. 3 1 . . Apr. 30P . May 31*. 1,378.1 1,366.2 1,361.1 1,374.3 1,413. Italy 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 57.0 53.7 52.5 51.9 48.4 47.3 56.1 67.8 14.4 15.3 16.7 13.4 12.9 15.8 19.3 19.7 10.7 12.1 14.6 16.1 17.4 16.4 12.6 16.2 79.7 77.0 85.1 94.4 128.7 126.2 128.2 173.5 70.5 78.5 72.7 81.5 82.2 20.2 21.9 22.6 24.1 27.6 18.5 21.9 18.3 20.3 20.1 •10.1 31.9 10.6 8.9 10.2 9.5 7.5 14.1 7.1 10.3 14.2 12.5 12.0 7.5 8.7 11.2 Switz- United Other Total King- Europe Europe erdom land Canada Latin America Asia All other 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 24.9 101.1 89.7 85.2 87.4 87,7 107.5 114.4 108.6 271.7 258.0 263.6 270.7 309.2 320.4 340-.7 400.1 52.6 65.2 66.4 65.6 70.9 68.0 66.2 75.6 447.9 499.3 625.8 613.9 646.5 740.3 750.2 728.1 114.6 113.3 117.5 125.7 125.6 128.1 125.9 143.3 28.6 35.3 36.2 32.8 35.2 33.9 32.5 37.0 145.9 115.9 119.1 88.0 90.0 137.5 142.6 140.0 127.6 135.3 405.1 392.8 380.2 350.1 366.4 103.6 105.3 91.0 103.2 107.6 677.2 670.6 686.2 705.0 684.4 152.3 160.0 167.1 177.5 214.1 39.8 37.6 36.5 38.5 41.1 Netherlands Nor- Portugal Sweden Tur- opain Yugoslavia All oth@r 5.0 4.4 8.6 2.5 1,9 1.0 .8 .5 .6 18.8 11.2 24.3 5.4 2.S 2.7 .6 3,9 38.8 15.7 4.8 4.0 5.4 6.S 8.8 .6 .6 .5 .5 .6 .5 5.7 3.5 2.1 3.5 4.0 4.0 5.5 4.0 1.9 2.4 2.7 2.6 2.4 2.8 3.0 4.1 49.2 35.9 32.7 37.0 33.3 55.0 52.4 40.7 5.1 5.3 5.7 4.2 3.0 .6 1.0 1.3 6.1 6.2 6.5 6.3 5.3 5.6 5.3 4.6 .6 1.0 .7 .8 1.0 3.1 3.6 2.7 3.9 4.3 4.2 3.4 4.1 3.0 4.1 66.4 67.5 68.4 62.1 67.5 2.9 6.2 4.4 4.3 4.3 5 1 5.3 4.6 5.0 4.4 Table 2a.—Other Europe Other Europe Austria Belgium Denmark Finland if51—Dec. 3 1 . 1952—Dec. 31. 1953—Dec. 31. 88.5 9S.2 87.5 (2) .8 .8 39.§ 16.2 13.0 4.8 2.1 6.2 3.1 5.6 1.9 .2 .2 1,3 1954—May 31. June 30. July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30.. Dec. 31. 101.1 89.7 85.2 87.4 87.7 107.5 114.4 108.6 .1 .2 .1 .2 .2 .2 .3 .4 15.2 14.8 15.3 14.7 16.0 14.2 17.0 19.6 3.5 4.1 4.2 3.5 4.8 6.0 7.5 9.7 1.6 1.9 1.8 1.4 2.0 2.3 2.1 2.5 1.9 1.8 2.6 2.6 3.6 3.6 3A 3.3 10.9 11.2 14.6 15.9 1.3 1.3 1.5 1.4 1.7 1.4 1.7 2.1 1955—Jan. 31. Feb. 28. Mar. 31. Apr. 30*> May 31 P 137.5 142.6 140.0 127.6 135.3 .7 1.2 .7 .4 .6 19.3 19.1 18.9 17.8 17.9 9.1 9.1 7.3 7.0 7.2 2.2 2.0 2.9 2.2 2.4 3.4 3.3 3.7 3.6 4.5 18.3 18.0 18.8 14.8 14.6 2.3 2.9 2.8 2.7 2.5 Date Greece way 11.9 9.3 9.4 .7 .7 key Table 2b.--Latin America Date Latin BoAmer- Argen- livia tina ica NetherDolands Panminican Guate- Mex- West ama, ReReico Indies pubmala and lic of pubSurilic nam Psra El Salvador Uruguay Other Vene- Latia zuela America 11.8 14.8 20.2 9,5 9.1 8.2 10.5 14.3 3.7 41.7 36.7 41.6 14.5 13.7 19.3 4.1 4.6 5.4 5.1 7.1 9.5 8.8 15.2 16.0 15.7 14.2 13.9 14.2 14.6 16.2 12.7 10.0 3.2 4.4 3.9 3.3 3.2 3.7 5.8 6.9 47.7 46.4 51.6 50.4 52.7 57.3 61.4 62.7 17.1 17.6 20.1 20.4 20.2 22.3 23.8 26.5 12.8 14.6 17.7 17.9 20.4 15.2 14.7 15.1 16.1 15.8 8.6 7.2 5.8 6.4 4.8 6.7 6.5 8.4 6.6 6.7 62.9 76.3 78.7 8Q.1 84.1 25.5 24.5 23.6 25.0 27.1 Brazil Chile Colombia 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 3.8 4.2 4.1 90.6 88.6 92.9 1.2 1.3 2.6 !951—Dec. 3 1 . . 489.3 1952—Dec. 3 1 . . 662.0 1953—Dec. 3 1 . . 472.7 7.6 8.2 7.1 10.8 1954—May 3 1 . . June 30.. July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 3 1 . . Nov. 30.. Dec. 3 1 . . 447.9 499.3 625.8 613.9 646.5 740.3 750.2 728.1 5.6 5.7 5.8 5.8 5.8 6.1 5.8 5.6 2.3 2.0 2.9 1.7 2.5 2.2 2.2 2.5 129.1 167.4 276.6 269.6 288.0 360.5 321.6 273.5 18.5 12.2 21.0 14.9 11.3 59.1 66.4 64.6 64.0 74.2 6.8 78.9 11.8 91.8 14.1 107.0 55.9 59.2 56.9 59.7 63.7 64.9 63.1 70.7 2.4 2.5 2.4 2.4 2.4 2.2 2.5 2.6 3.0 2.9 3.0 3.2 3.6 3.3 4.9 3.9 76.6 81.7 85.5 91.7 94.7 99.2 114.7 115.7 1.8 2.5 2.1 2.0 1.8 1.3 1.3 1.4 1955—Jan. 3 1 . . Feb. 28. . Mar. 3 1 . . Apr. 30*. May 31 *. 677.2 670.6 686.2 705.0 684.4 5.8 5.8 5.5 5.5 2.1 2.2 3.0 3.1 3.5 252.0 249.3 220.5 226.8 190.2 15.2 97.0 11.9 89.5 18.5 87.6 13.2 99.9 11.4 119.8 52.7 47.6 64.5 69.2 60.8 3.6 3.8 4.4 4.4 5.8 3.8 3.8 4.0 4.4 4.6 111.4 111.0 127.7 124.9 122.2 1.9 1.9 1.4 1.4 1.6 5.7 7.5 5.8 3.0 4.6 6.2 7.7 8.5 5.4 6.4 7.7 12.0 ^Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity © not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by bankf ing 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 444 million dollars on May 31, 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. 2Less than $50,000. 950 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 Date Asia 1951— Dec. 31. . 161.8 1952—Dec. 3 1 . . 89.8 1953—Dec. 3 1 . . 114.8 10.1 10.1 8.1 3.1 13.4 1.2 4.3 3.1 3.7 Egypt and Union BelAus- gian Anglo- of tralia Congo Egyp- South Other tian Africa Sudan .3 9.3 30.0 .9 10.2 15.1 .8 13.8 22.9 12.2 12.5 25.6 1 29.3 7.6 5.8 2,5 3.3 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 7.8 114.6 113.3 117.5 125.7 125.6 128.1 125.9 143 3 8.2 8.1 8,1 8.2 8.1 8.1 8.1 8 1 3.4 3.1 3.6 2.8 2.4 2.6 3.3 3 4 S.I 3.5 4.2 3.9 4.5 4.8 4,4 4 9 1.4 .6 .6 .4 .6 .6 .8 7 15.3 8.8 16.0 8.0 17.5 8.4 20.3 9.3 16.9 9.3 17.7 8.2 16.7 9.4 15 8 10.7 36.7 38.6 33.3 30.9 30.0 33.3 29.9 50 0 .1 .2 .2 .5 .2 .4 .3 2 10.5 8.7 9.7 12.0 12.3 10.8 10.7 7.3 5,7 6.2 5,6 6.2 6.7 6.9 7.1 6.3 19.5 20.1 26.3 31.3 34.5 34.8 35.3 36.0 28.6 35.3 36.2 32.8 35.2 33.9 32.5 37.0 7.7 10.2 12.1 10.1 10.5 10.9 10.4 14.1 7.1 7.8 7.9 7.5 6.9 6.8 6.6 6.3 .5 .3 .2 .4 .5 .5 .4 1.0 S.8 5.9 5.3 5.2 5.3 S.2 5.8 5.9 7.6 11.1 10.7 9.5 12.1 10.4 9.4 9.6 3 1 . . 152.3 28 160 0 31. . 167.1 30P. 177.5 31 P. 214.1 8.1 8 1 8.0 8.1 8.0 3.4 3 3 4.0 4.7 4.5 3.6 4 4 4.9 4.7 3.9 .9 1 4 .5 .4 .3 18.2 10.8 18 7 8 3 16.4 7.5 18.8 8.3 19.1 8.0 48.1 60 3 57.6 56.7 87.6 .4 5 .5 .3 .6 9.6 8 7 9.8 12.6 17.8 13.5 11 2 11.9 15.3 17.2 35.9 35.2 46.0 47.7 47.0 39.8 37.6 36.5 38.5 41.1 13.4 11.7 10.9 10.5 11.3 6.2 6.0 5.6 5.5 5.1 1.1 .9 1.0 1.3 1.8 7.5 8.3 6.8 6.4 7.9 11.7 10.8 12.3 14.9 15.1 1954— May 31 .. June 30,. July 3 1 . . Aug. 3 1 . . Sept. 30.. Oct. 3 1 . . Nov. 30. . Dec. 31 1955—Jan. Feb. Mar. Apr. May Formosa Korea, Phil- Thai- Other All and Hong ReIndoChina Kong India nesia Iran Israel Japan pub- 2 ippines land Asia other Mainlic of land TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES s [In millions of dollars] U. S. Government bonds and notes Year or month Purchases Net purchases or sales Sales (-) 1951 1952 1953 . . . . . 1954 673.6 1,356.6 533.7 231.4 646.0 728.0 800.9 792.7 1954—Mav June July August September October November December 87.3 49.2 33.4 86.9 38.6 48.0 115 1 101.3 88.4 27.7 24.3 33.9 39 2 25 9 101 8 261.3 -1.2 21.4 9.1 53.0 — .6 22.1 13 3 -160.0 1955—January February March April P. Mayp 120.8 352.3 83.3 48 4 246.2 81.1 216.0 72.1 48 8 151.4 39.7 136 3 11.2 — 4 94.8 U. S. corporate Donda and stocks Purchases Sales Foreign stocks Foreign bonds Net purchases or sales Purchases Sales Net purchases or sales <-) Purchases Sales Net purchases or sales (-) ( - ) • -683.0 859.8 761.0 850.3 302.3 837.7 -82.0 801.9 731.4 8.2 1,404.8 1,263.7 98.7 12.6 70.5 141.1 500.4 495 3 542.5 792.4 801.0 677.4 621.5 841.3 —300.6 —182.1 -79.0 -48.8 272.3 293.9 310.1 393.3 348.7 329.6 303.4 644.9 -76.4 -35 8 6.8 -251.6 110.8 107.2 133.2 110.6 103.8 117.2 168 9 197.4 96.4 99.9 100.5 108.5 86.6 111.4 130 2 180.5 14.4 7.3 32.7 2.1 17.2 5.7 38 7 16.9 37.3 57.8 57 3 70.7 126 0 103.5 48 2 75.9 34.3 48.9 49.0 37.5 78 7 53.4 46 3 69.3 3.0 8.9 8.3 33.2 47 3 50.1 1 9 6.6 29.5 29.7 34 8 37.5 30 5 35.7 38 0 38 6 56.1 79.6 39.6 101.4 41 0 49.5 62 5 61.2 -26.6 -49.9 —4 8 -63.9 —10 5 -13.8 —24 6 -22.6 177.0 159.5 184.6 136 4 147.3 148.7 161.2 162.9 131 6 132.6 28.2 -1.7 21.7 4.7 14.7 75.7 130 9 59.3 49 2 41.6 62.7 70 3 30.0 32 2 24.5 13.0 60 7 29.3 17 0 17.1 42.3 43 3 54.3 49 0 54.4 87.7 70 3 74.9 56 2 55.8 -45.4 —27 0 -20.6 -7 2 -1.4 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( - ) . In millions of dollars] 1951 1952 1953 1954 International institutions Total foreign countries —15.9 14 7 22.7 77.7 Year or month -568.4 300 2 —34.3 71.6 21.8 -8.6 28.1 46.2 13.8 14.6 France 6.0 S.5 —41.7 17.0 1954—May... June... July... Aug.... Sept... . Oct.... Nov.... Dec.... -11.2 1955—Jan Feb.... Mar.... Apr.p. . 2.0 1.6 .3 .3 66.0 133.0 32.5 4.0 2.4 .7 1.3 2.1 -44.2 153.6 -1.2 WL&yp. . .5 -4.4 41.2 2.0 25.6 -.6 2.2 52.6 -132.0 2.2 1.5 3.0 .1 .2 .9 3.0 -27.9 Germany, Federal Republic of (4) .2 .2 — .1 (4) (4) (4) (4) -.1 (4) i.9 .5 — .5 — .6 — 4 '.2 (4) .6 .1 United Kingdom Other Europe Total Europe Canada Latin America 45.9 50.7 57.1 73.4 21.4 70.4 71.3 69.8 -66.0 — 15 9 -24.0 -20.5 9.2 111.4 62.4 138.9 —S95.S 191.6 —120.6 —187.2 13.9 4.7 24.9 113.2 4.8 —9 5 5.4 -.2 3.4 3.5 5.7 6.5 .7 10.8 4.6 32.8 5.2 7.3 8.6 17.9 -19.1 -34.3 -8.7 -3.5 -1.7 -4.5 -5.2 -2.3 -108.0 14.8 31.2 15.8 10.5 11.2 .1 36.3 -6.9 -.2 A 1.1 -.3 .5 44.7 53.2 15.8 3.6 70.3 -7.9 76.3 -5.2 -5.5 76.6 29.1 3.3 6.0 4.4 6.0 Switzerland 24.8 .5 1.2 4.5 .3 .2 13.0 10.2 5.9 8.0 6.8 .5 ( 4 )' (4) Italy 20.1 15.1 19.9 17.9 22.0 -1.7 -1.2 .1 .1 -5.0 (4) 1.9 -6.4 -9.0 .3 2.5 -.8 4.0 41.1 .2 -.4 -.6 -2.4 5.3 -1.7 -6.4 -8.3 3.8 20.3 -4.0 1.4 38.3 Aiia (4) 3.5 All other — 7 1.9 — .9 3.2 A .7 .1 .1 .1 .1 .1 1.4 -1.4 .3 .2 -.2 (4) 1.3 .4 14.6 1.2 (4) .6 .6 .7 P Preliminary. 2 iSee footnote 1 on preceding page. Not reported separately until Mar. 31, 1954. 3 4 Includes transactions of international institutions. Less than $50,000. AUGUST 1955 951 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, ( - ) . 1951 1952. . 1953 1954 -152.7 . . . . —118.1 -61.2 — 163.9 1954—May. . June.. July... Aug... Sept... Oct.... Nov.. . Dec. . . 1955—Jan.... Feb.... Mar.. . Apr.P May?. -4.7 -.7 -1.1 -6.0 -54.6 -2.9 -1.9 -2.6 -2.6 10.9 .3 -2.4 -2.8 —224.3 —99 8 -11.0 —136.5 28 19 96 —9 5 9 3 1 -18.8 - 1 8 6 -40.3 - 9 9 4.7 Canada Latin Amer- Asia —258.6 33 8 —36. 0 — 141 0 25 3 — 10 0 -137.8 34 6 - 2 9 . 9 — 133.2 32 8 —34. 2 — 9 -29l3 7 4 -.8 4.7 -29.9 - 2 2 7 22.8 - 8 4 -14.6 34.6 12.3 18.5 -3 7 7 6 - 3 .1 6.3 6.8 14.2 3 2 1 1 8 7 — -1 9 4 4 8 6 7 3 4 -3. 6 -3. 9 3 6 2 0 - 1 .9 .4 .8 -5 3 -2.6 -1. 4 1. 9 -2. 8 -6 4 -3 3 5 -2 -2 Assets in custody All other ica -2.3 7 -28.2 9 52.7 1 38.6 2 — -24.7 91.4 25 39.2 - 4 -20.8 - 1 1 -13.4 - 3 .3 [In millions of dollars] In millions of dollars] Inter- Total national foreign Total insti- coun- Europe tutions tries Year or month TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS x 7 9 4 3 7 .9 6 25 . 8 7 .2 lo .4 .3 8 .0 4 .0 2 .3 .2 1 .6 - 9 .8 9 .2 - 1 .8 .6 0) .8 8 p Preliminary. iLess than $50,000. Deposits Date U. S. Govt. Miscel-3 securities2 laneous 1953—Dec. 31 423 2,586 106 1954—July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 533 477 461 426 397 490 3,033 2,989 3,013 3,050 3,002 2,908 85 82 101 99 104 105 1955—Jan. Feb. Mar. Apr. May June July 31 28 31 30 31 30 31 441 320 351 360 402 374 410 3,000 2,966 3,062 3,137 3,264 3,295 3,288 117 128 131 137 141 139 135 1955—July 6 July 13 July 20 July 27 382 449 439 443 3,297 3,279 3,282 3,247 137 137 135 134 1 Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 955, 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 Estimated world production Total outside 1 reported U.S.S.R. monthly Year or month Africa South Africa Rhodesia Other North and South America West Belgian United Africa2 Congo2 States 3 Canada Mexico Colom- Chile bia Nica- Austraragua 4 lia India2 c $1- 15 Hi grain.* of gold lo fine: i e., an 01tnce offiite gold = $35. 1951 1952 1953 1954 . . . . 1954—Mav June July August September. October November December. 1955—January... Mi arch May 840.0 864.5 857.5 66.3 758.3 780.9 776.5 403.1 413.7 417.9 462.4 17.0 17.4 17.5 18.8 22.9 23.8 25.4 r 27.5 12.3 12.9 13.0 12.8 67.4 69.0 '65.1 68.9 70.0 71.1 71.4 70.2 71.3 72.0 38.3 38.3 39.4 39.8 39.9 40.5 40.7 40.8 1.6 1.7 1.6 1.6 1.5 1.7 1.6 2.3 2.3 2.3 2.4 2.4 2.3 2.3 1.0 1.0 1.0 1.4 1.1 .9 .9 5.0 6.1 6.1 5.8 5.1 5.6 5.6 1.5 2.3 .9 5.8 40.7 38 8 42 3 41.7 42.8 1.4 1 6 1 5 2.2 2 2 2 2 1.5 1 2 1.2 1.3 1.1 5.0 4 8 5 4 5 0 2.2 2.1 5.3 153.7 156.5 142.4 152.8 13.8 16.1 16.9 15.1 14.8 15.3 13.2 6.2 4.6 8.8 8.9 9.1 8.2 31.3 34.3 37.7 39.1 7.9 8.9 7.8 »-8.4 13.4 13.2 13.3 12.9 13.1 13.3 13.5 13.5 1.3 1.2 1.0 1.4 .9 1.4 1.2 1.0 1.2 1.0 1.2 1.1 1.1 1.2 .5 .3 .4 .3 .4 .3 .4 .7 .7 .8 .7 .7 .6 .6 .7 3.3 3.3 3.4 3.2 3.4 3.1 3.3 .6 12.8 12 3 13.0 12.9 13.4 .8 1.6 1 1 1 2 1 1 6.1 .6 6 6 7 .8 3A 2.8 27 .7 .7 .7 .6 .6 .6 .6 .5 5 .6 5 .6 r Re vised. 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. 3 Yearly figures reported by United States Mint. Monthly figures reported by 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. 952 FEDERAL RESERVE BULLETIN ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outstanding, in millions of dollars] 1951 1952 1953 1954 Dec. 31 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 1955 Area and country Continental Western Europe: Austria Belgium-Luxembourg (and Belgian Congo) Denmark Finland . . . . France (and dependencies) l Germany (Federal Republic o f ) . . . Greece Italy Netherlands (and Netherlands West Indies and Surinam) Norway .... . ... Portugal (and dependencies) Spain (and dependencies) Sweden Switzerland Turkey Other 2 107 143 154 166 208 238 267 289 335 333 335 898 76 53 1 035 101 55 1,052 93 52 1,044 102 60 967 883 926 691 57 655 770 67 651 893 82 660 1,081 113 57 1,003 1,053 89 714 1,098 127 64 1,049 1,225 112 812 1,124 133 71 1,060 1,381 123 841 1,055 124 73 1,092 1,503 125 802 1,024 107 69 1,124 1,822 105 874 1,039 102 72 1,358 1,999 124 925 1 087 100 69 1,417 2,125 141 957 815 905 953 1,022 1,055 1,064 1,125 1,118 1,118 1,109 896 434 49 633 524 .... . Total Asia: Indonesia Iran Japan Philippines. Thailand Other ..... 171 169 178 177 148 109 ••774 437 138 309 2,120 157 '839 469 150 335 2,133 157 '887 499 136 337 2,134 153 '972 516 142 342 2,105 151 '1,004 537 174 399 2,172 150 '928 560 188 406 2,185 152 '943 570 209 386 2,149 154 1,012 '8,374 ••8,580 '8,914 '9,509 '10,082 '10,464 '10,626 '11,115 '11,652 11,929 2 843 99 309 2 318 113 312 2,627 113 323 2,886 109 334 3,051 111 340 3 009 108 346 3,198 105 329 3,388 104 320 3,190 103 334 212 369 214 354 214 373 221 371 3,536 105 338 225 373 234 371 232 381 3,137 103 334 3 284 3,626 3,910 4,070 4,050 4,224 4,577 4,417 4,240 4,205 2 492 2,435 2,238 2,292 2,417 2,487 2,463 2,543 '2,616 2,493 427 45 390 121 515 56 61 375 485 41 393 128 527 59 73 393 519 47 451 129 579 59 72 339 518 41 481 134 587 57 63 325 501 40 423 121 531 51 65 341 541 35 431 102 548 61 80 329 548 36 417 103 532 68 75 258 576 35 413 117 477 73 64 315 531 32 442 112 423 72 62 391 68 93 54 306 81 107 55 301 91 113 84 309 97 109 74 311 102 106 63 311 90 104 56 337 93 109 80 329 '88 103 74 335 76 110 58 329 74 118 59 317 79 114 72 308- 445 256 519 326 490 351 530 356 571 347 595 366 562 410 621 463 614 401 597 441 591 322 3,360 Latin America: Argentina Bolivia Brazil Chile Cuba . . . Dominican Republic Guatemala. .. Mexico Panama Republic of Peru El Salvador Uruguay Venezuela Other 169 412 134 280 2,091 152 '795 518 51 417 99 575 58 54 366 . 164 391 130 283 2,051 153 2 157 Total 171 374 130 275 2,053 151 r712 3 774 Sterling Area: United Kingdom United Kingdom dependencies.... India Union of South Africa Other 160 331 128 224 1,973 165 '477 '7 118 Total Canada Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 3,379 3,537 3,672 3,706 3,621 3,710 '3,721 3,658 3,671 3,564 421 163 729 337 210 325 296 157 929 324 294 360 275 156 1,019 334 306 401 246 155 1,015 316 311 363 198 168 1,055 318 304 374 184 181 951 304 281 401 166 185 800 319 268 451 140 172 740 308 243 444 168 164 794 318 238 465 181 169 851 266 236 520 194 17S 841 264 245 551 150 197 326 194 347 207 356 236 395 523 26 417 118 420 75 72 427 2,185 2,360 2,491 2,406 2,417 2,302 2,189 2,047 2,147 2,223 2,273 Eastern Europe ^ 309 307 307 306 314 306 308 309 308 309 310 All other: Egypt Other 285 42 234 49 227 57 229 61 218 63 217 67 224 74 226 67 219 70 221 '69 228 71 Total Total Total foreign countries International 4 Grand total 327 283 284 290 281 284 298 293 289 '290 299 19,230 '20,479 '21,260 '21,736 r22,589 '23,062 '23,680 '24,036 '24,477 '25,001 25,073 3,171 3,287 3,249 3,272 3,212 3,331 3,401 3,364 3,536 3,560 3,565 '22,401 '23,766 '24,509 '25,008 '25,801 '26,393 '27,081 '27,400 '28,013 '28,561 28,638 'Revised. Includes gold reserves of Bank of France and French dependencies only. Includes holdings of other Continental OEEC countries, 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. s 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 international 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. 1 2 AUGUST 1955 953 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month United States Estimated otal world (excl. 1 U.S.S.R.) Treasury Total2 Argentina Belgium 1949—Dec 1950— Dec 1951—Dec 1952—Dec 1953—Dec.. . . '35 ,400 >-35,830 35,970 »-36,290 '•36,710 24,427 22,706 22,695 23 ( 187 22,030 24,563 22,820 22,873 23,252 22,091 216 216 268 371* 37,090 21,927 21,908 21,809 21,810 21,759 21,710 21,713 22,027 21,960 21,897 21,863 21,827 21S791 21,793 371 371 371 371 371 371 371 2*37,720 21,786 21,788 21', 763 21,724 21,727 21,730 371 371 371 371 371 781 797 824 839 848 839 End of .month Egypt France 4 '1943—Dec 19S0—Dec 1951—Dec 19-52—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 11954—June.... July.... Aug Sept Oct..... Nov.. . . Dec.. . . 174 174 174 174 174 174 174 576 576 576 576 576 576 576 418 478 544 574 599 612 626 27 27 27 27 27 27 27 11955—Jan Feb Mar Apr. . . . May 576 576 576 576 576 576 650 700 714 722 740 758 27 27 27 27 27 June 174 174 174 174 174 174 End of month Portugal El Salvador South Africa 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 1954—June... July.... Aug Sept Oct.... Nov.. . Dec.. . . 393 403 410 416 422 427 429 29 29 29 29 29 29 29 1955—Jan.... Feb.... Mar.. . Apr.... M!ay 431 431 438 438 29 29 29 29 29 29 Canada 23 23 23 21 21 317 317 317 317 321 496 590 850 896 996 40 40 45 42 42 5 5 5 5 5 3 3 321 322 322 322 322 322 322 1,042 1,050 1,052 1,059 1,065 1,071 1,080 322 322 322 322 322 1,083 1,086 1,097 1,103 1,111 1,112 765 765 756 760 760 767 778 21,714 21,716 21,719 21,671 21,674 21,678 Brazil 698 587 621 706 776 1954—June. . . July Bolivia Aug Sept Oct Nov, Dec.. . . 1955—j a n Feb. Mar.. .. Apr May June... June '37,210 '37,350 37,500 Germany, Federal GuateRepublic mala of India (3) Indonesia 178 209 280 235 145 Iran Italy Chile Colombia 52 74 Cuba Denmark Ecuador 299 271 311 214 186 32 31 31 31 31 21 19 22 23 23 42 42 42 42 42 42 42 186 186 186 186 186 186 186 31 31 31 31 31 31 31 23 23 23 23 23 23 23 43 43 43 43 43 42 186 186 186 186 186 31 31 31 31 31 31 23 23 23 23 23 23 86 Mexico Netherlands Norway Pakistan Peru 140 140 138 138 137 256 256 333 346 346 52 208 208 144 158 195 311 316 S44 737 51 50 50 50 52 27 27 27 38 38 28 31 46 46 36 247 247 247 247 247 247 247 138 138 138 138 138 138 138 346 346 346 346 346 346 346 57 58 59 60 61 62 62 777 794 796 796 796 796 796 47 45 45 45 45 45 45 38 38 38 38 38 38 38 36 34 34 34 34 34 35 247 247 247 247 247 138 138 138 138 138 138 346 346 346 63 63 64 796 796 798 800 804 804 45 45 45 45 45 45 38 38 38 38 38 38 35 35 35 35 35 35 Turkey United Kingdom Inter- Bank for national InterMone- national Settletary ments Fund Sweden Switzerland 85 61 SI 51 54 70 90 152 184 218 1,504 1,470 1,452 1,411 1,459 118 118 113 113 113 154 150 151 143 143 51,688 53,300 52,335 5 1,846 52,518 178 236 221 207 227 373 373 373 373 373 1,451 1,495 1,530 1,692 1,702 68 167 115 196 193 187 138 193 195 199 194 199 56 56 56 56 56 56 56 219 219 219 219 224 246 265 1,469 1,485 1,490 1,503 1,513 1,513 1,513 113 113 113 113 113 113 113 144 144 144 144 144 144 144 53,017 53,013 5 2,918 52,901 52,936 52,925 52,762 227 227 227 227 227 227 227 403 403 403 403 403 403 403 1,727 1,733 1,734 1,734 1,734 1,736 1,740 182 186 193 195 193 193 196 195 201 203 208 207 56 56 56 56 56 56 265 265 265 258 263 264 1,512 1,501 1,499 1,493 1,473 1,485 113 113 113 113 113 144 144 144 144 144 144 5 227 227 227 227 227 403 403 403 403 403 403 1,744 1,744 1,744 1,744 198 209 204 204 207 230 Spain Thailand 2,763 52,681 52,667 52,686 5 2,686 5 2,680 Uruguay Venezuela ^Preliminary. '•Revised. 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." 3 Less than $500,000. 4 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 5 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank ofi 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. 954 FEDERAL RESERVE BULLETIN NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Year or quarter United Kingdom Total —452 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 Q 721 2,864 4 1 510 193 ^ - 1 , 7 2 5 .2 75 ? 393 7 — 1,164 3 - 3 2 6 .6 — 2 406.9 734 3 446.3 — 1,020.0 469.9 440 0 —480.0 -50.0 Belgium Germany, Fed. Rep. of France Netherlands Portugal Sweden —47 9 278.5 31.1 14 2 222,8 264.6 69 8 15.8 —41.0 -55.0 -84.8 —10.3 —20.0 —3 8 -84.9 — 10 0 130.8 116 0 40.7 6S 0 —23.5 14 0 —79.8 - 1 5 . 0 - 4 . 5 -34.9 —10 0 — 100 0 - 5 0 —130.0 - 6 5 . 0 - 5 9 ,9 80.2 238.0 3.0 -22.9 —32.0 - 5 4 .9 -20.0 -15.0 - 2 5 . 0 - 1 5 .0 -10.0 - 1 5 .0 - 1 5 .0 - 1 5 .0 —iolo -225.6 Switzerland Other Europe 1 —86 8 —7.4 —29,9 27.3 10 0 86.6 —5 6 5.8 —40 0 2—159.9 -38 0 -68.0 -15 0 —60.1 22 s —17.3 -65 0 -111.8 -15.5 -17.4 Canada 36.8 337.9 311.2 3.4 —100.0 —10.0 72 Argentina —224.9 153.2 727.5 114.1 —49.9 "-I49I9' —20 0 -84.8 Cuba Mexico -•85 n —30 O —65 o — 10 0 —10 n 28 .2 —20 o —23 R 36 o 45 4 61 6 — 16 1 - 1 1 8 .2 —60 ? 87 7 —28 1 so .3 1953 Jan.-Mar.. Apr.-June. July-Sept.. Oct.-Dec.. - 5 9 9 .1 - 1 2 8 .2 - 3 0 6 .6 - 1 3 0 .3 -320.0 —40.0 -120.0 -36.5 -3.4 -12.4 -32.6 -30.0 — 10.0 -40.0 -50.0 "-46! 6 —20.0 -25.0 —15.0 -5.0 —45.0 -8.8 -42.8 -15.3 -8 0 -7 5 —2.4 — 1.1 -2.5 — 11.3 ! 111111! - 2 8 .1 -54.9 —20.0 -10.0 1954 —63 0 -19.6 -171.8 —72 3 Apr.-June. July-Sept.. Oct -Dec -20 -5 -20 -10 —40 0 —15.6 —140.0 —30 0 -50.0 0 0 0 0 —15.6 80 .3 1955 -36 0 Jan.-Mar. -22.5 -5 0 -10.0 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES—Continued ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dolars] [In millions of dollars at $35 per fine troy Dunce] Year or quarter 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 ... .. Uruguay Venezuela -37.9 -73.1 —9.2 —4.9 25.1 —3.7 10.7 —108.0 - 1 4 . 4 —50.0 -64.8 22.2 — .9 14.9 -15.0 - 5 0 —3016 Other Latin America Asia and Oceania Union of South Africa Gold stock at end of period All other 3.7 - 2 7 . 8 s -188.3 22.9 25.0 13.7 '"94I3 1.0 256.0 79.1 11.9 13.4 —4.1 6.9 498.6 -52.1 195.7 -7.5 -1.6 13.1 4-47.2 — 17.2 - 3 5 . 4 - 1 7 . 2 5-50.1 52.1 4-84.0 —2.0 -7.0 -25.1 11.5 -9.9 -6.1 -3.8 . -.4 —10.4 17.2 1953 Jan.-Mar......... -10.0 —5 0 -3.6 —1.1 — .1 — .1 — 1.2 —1.4 —2.4 13.2 2.0 -8.9 1.9 —1.2 -.1 —9.9 1954 Jan.-Mar Oct -Dec -5.0 ' -3016 -.4 1955 3.4 1 Includes 2 Includes s i -2.7 Bank for International Settlements. sale of 114.3 million dollars of gold to Italy. Includes sales of 185.3 million dollars of gold to China. ^Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. fi Includes sales of 45.0 million dollars of gold to Indonesia. AUGUST 1955 Period EarNet Increase gold im- marked Domesin total port or gold: de- tic gold crease gold producexport or instock tion Treasury Total 1 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 -757.9 68.9 -803.6 20,631 -1 S 349.8 -845.4 -459.8 20,083 -547.8 -106.3 -356.7 20,706 623.1 311.5 465.4 22,868 2 2,162.1 1,866.3 210.0 24,399 1,530.4 1,680.4 -159.2 24,563 164.6 686.5 -495.7 22,820 -1,743.3 —371.3 -1,352.4 22,873 52.7 -549.0 617.6 23,252 379.8 684.3 -304.8 22,091 -1,161.9 2.2 -1,170.8 21,793 —297.2 16.6 -325.2 48.3 35.8 32.0 51.2 75.8 70.9 67.3 80.1 66.3 67.4 69.0 65.4 1954—July. . Aug... Sept... Oct.... Nov... Dec.. . 21,908 21,809 21,810 21,759 21,710 21,713 21,960 21,897 21,863 21,827 21,791 21,793 -66.5 -63.6 -33.6 -36.7 -35.9 2.6 1,5 1.7 1.1 1.6 1.5 .7 -72.7 -65.4 -34.6 -34.6 -36.7 1.8 6.1 5.8 5.1 5.6 5.6 5.8 1955—Jan... Feb... Mar... Apr... May. . June. . July.. 21,714 21,716 21,719 21,671 21,674 21,678 P21,682 21,786 21,788 21,763 21,724 21,727 21,730 *21,734 -7.3 1.6 -24.7 -39.4 2.9 3.1 *4.1 2.2 3.2 2.7 2.5 4.5 3.8 (3) -9.7 -.8 -27.7 -41.8 — 1.0 -.9 4 -.l 5.0 4.8 5.4 5.0 5.3. 5.6 00 crease (-) P Preliminary. 1 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 6,891.0 million dollars on July 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. 955 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] 1955 Monetary Fund Mar. June Sept. Dec. 52 852 456 10 184 IBRD bonds outstanding . . . Undisbursed loans Other liabilities . . . Capital 3 1,806 3 83?I 38( > 11 17^t 3") 33 84<> 42() 850 336 11 9 31 777 380 10 146 1,744 Gold Currencies: 1 1,609 United States 4 691 Other Unpaid member subscriptions... 3 798 8,853 -11 16!> 154 l,80( i 1,80C) 1,831 1,830 Loans as of Tune 30. 1955 Country 9 Principal Australia Belgium Brazil Chile Colombia Denmark Finland France India .. Italy Disbursed 258 5 106 0 194 1 37 3 94 7 40 0 50 1 257.5 126 0 90.0 40.2 141.3 221.5 50.0 . 58.3 31.0 25.4 61 0 110.0 66 0 33.0 60.7 121 A .... . ... ...... Mexico Norway Pakistan Peru Thailand Turkey Union of S Africa. United Kingdom Uruguay Yugoslavia Other 6 Total Quota Outstanding 4 203 6 89 2 141 8 18 8 46 4 40 0 35 1 252.8 58 6 20 0 27.5 87 8 221.5 35.0 29.5 7.2 24.0 34 6 108.5 56 2 31 2 54.5 55.9 2,274.0 1,679.7 Undisbursed 54 16 52 18 48 9 8 3 5 3 15 0 Repaid 2 3 3 6 1 5 5 1 9 2 5 2 4.7 8.3 15 1 1.4 26 5 1.5 9 8 1.8 6.2 65.5 Oct. July Apr. 1,744 1,734 1,733 1,719 1,567 1,574 1,472 1,408 4 734 4 738 4 74t 4 824 8 798 3 8 133.0 2.3 .4 .7 3 1.9 .8 3.1 9.4 203 6 86 7 138 8 14 9 40 1 38 5 29 9 244.5 43 4 20 0 27.5 83 9 88.5 35.0 27.2 6.8 23.3 34 3 106.6 56 2 30 4 51.4 46.5 21 6 17 7 4 0 5 3 0 1 3 2 3 21.6 5 7 6.1 2 6 9.7 2.0 2.1 2.1 13.0 14 5 .5 2.5 594.2 201.7 1,478.1 7 132.9 150 50 525 330 Brazil Colombia France Germany 400 110 250 90 43 Indonesia Mexico.. • Turkey United S t a t e s . . . . 2,750 889 892 Cumulative net draw ngs on the Fund1(> Subscription paid in gold 37.5 12.5 108.1 33.0 27.5 15 5 62.5 22 5 10,8 687.5 798 8,853 8,853 8,853 8,849 -10 —9 -s > —8 1955 Apr. May Sold to others* Total 67 4 70.0 12.7 53.6 15.0 28.8 23.8 Jan. Apr. June 481> 46*> 478 415 464 Dollar deposits and U. S. securities 996 1,001 l,01C ) 1,049 1,034 Other currencies and securities 1 . 1 796 1 694t 1 73S 1 620 1 663 \ Effective loans 2 C Country 1954 1955 1954 International Bank 1954 Mar. May 65.5 65.5 65.5 65.5 25.0 25.0 25.0 105.0 105.0 125.0 105.0 —49 5 —49.5 —49 5 - 4 6 1 27.6 27.6 27.6 63.8 15 0 15 0 15 0 62.4 62.4 62.4 62.4 22 5 22 5 22 5 22 5 20 0 20.0 20 0 27.0 -418.3 - 4 1 8 . 5 - 4 1 9 . 0 - 5 8 9 . 7 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. 4 Loans to dependencies are included with member. includes also effective loans agreed to be sold but not yet disbursed. ^Includes 138 million dollars in loans not yet effective. ^Includes 114 million dollars not guaranteed by the Bank. 8 Includes 125 million dollar subscription of withdrawing member (Czechoslovakia). 9 Includes countries having cumulative net drawings of 10 million dollars ( + or —) on the latest date. 10 Represents for each country purchases of other currencies from Fund less purchases of own currencsr by it or other countries. CENTRAL BANKS B a n k of E n g l a n d (Figures in millions of pounds sterling) Assets of banking department Assets of issue department Goldi Other assets Notes and coin Discounts and advances Securities Liabilities of banking department Note circulation Deposits Bankers' Public EGA Other Other liabilities and capital 1948—Dec. 1949—Dec. 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 29 28 27..., 26.... 31 30 .2 .4 .4 .4 .4 .4 1,325.0 1,350.0 1,375.0 1,450.0 1,575.0 1,675.0 36.1 33.7 19.2 14.1 51.3 57.8 16.7 14.8 29.2 18.2 11.2 4.9 401.1 489.6 384.0 389.2 371.2 338.1 1,293.1 1,321.9 L,357.7 1,437.9 1,525.5 1,619.9 314.5 299.2 313.5 299.8 302.8 290.2 11.7 11.6 15.4 13.4 10.0 14.9 17.4 97.9 .4 .6 24.3 7.2 92.1 111.2 85.0 89.8 78.5 70.4 18.1 18.1 18.1 18.1 18.1 18.2 1954—July Aug. Sept. Oct. Nov. Dec. 28 25 29 27 24 29 .4 .4 ,4 .4 .4 .4 1,750.0 1,700.0 1,675.0 1,675.0 1,675.0 1,775.0 36.8 48.7 42.3 41.7 25.9 26.0 8.2 7.0 6.5 2.1 4.5 8.9 338.7 310.1 337.6 351.1 374.9 350.7 1,715.8 I,654.0 1,635.4 L.635.9 1,651.9 L,751.7 269.1 267.2 276.1 295.6 293.7 276.1 14.8 14.6 16.4 9.8 11.7 15.4 10.2 1.7 6.3 6.3 9.6 9.6 71.3 63.8 69.0 65.4 72.3 66.3 18.3 18.4 18.5 17.8 17.9 18.1 1955—Jan. Feb. Mar. Apr. May June 26 23 30 27.... 25 29 .4 .4 .4 .4 .4 .4 21,725.0 1,725.0 1,725.0 2 1,750.0 21,775.0 2 1,825.0 62.8 68.8 31.5 21.3 25.6 45.1 16.4 52.4 16.1 18.0 11.8 5.7 298.0 248.1 328.8 319.2 307.2 301.6 L.664.9 ,658.9 ,696.3 1,731.5 ,752.2 : ,782.7 251.9 271.1 275.7 253.9 240.5 246.6 16.3 11.3 11.7 18.6 13.7 14.2 4.7 4.7 4.1 4.6 6.9 .5 85.9 63.7 66.4 63.6 65.6 72.9 18.3 18.4 18.5 17.8 18.0 18.2 2 On Sept. 19, 1949, the official buying price of the Bank of Englandfor gold was increased from 172 shillings and threepence to 248 shillings per fine ounce. 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 Fiduciary issue decreased by 50 million pounds on Jan. 20, increased by 25 million on Apr. 6 and May 4 and by 50 million on June 8. 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. For details relating to individual items, see BULLETIN for April 1955, p. 442. 956 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 Shortterm Note circulation Other Chartered banks Dominion government Other liabilities and capital Other 1945—Dec. 31. 1946-—Dec. 31. 1947—Dec. 31. 1948—Dec. 31. 1949—Dec. 31. 1950—Dec. 30. 1951—Dec. 31. 1952—Dec. 31. 1953—Dec. 31. 156.8 1.0 2.0 .4 74.1 111.4 117.8 77.1 54.9 ,157.3 ,197.4 ,022.0 ,233.7 ,781.4 ,229.3 ,141.8 ,459.8 ,376.6 688.3 708.2 858.5 779.1 227.8 712.5 1,049.3 767.2 893.7 29.5 42.1 43.7 45.4 42.5 297.1 135.2 77.3 112.0 1,129.1 1,186.2 1,211.4 1,289.1 1,307.4 1,367.4 1,464.2 1,561.2 1,599.1 521.2 565.5 536.2 547.3 541.7 578.6 619.0 626.6 623.9 153.3 60.5 68.8 98.1 30.7 24.7 94.9 16.2 51.5 29.8 93.8 67.5 81.0 126.9 207.1 66.1 44.5 29.5 198.5 42.7 42.4 43.1 119.2 172.6 200.0 132.9 133.1 1954—July 31. Aug. 31. Sept. 30. Oct. 30. Nov. 30. Dec. 31. 53.6 56.9 57.9 52.3 57.7 54.2 ,651.2 ,669.9 ,660.8 1,438.2 1,444.3 1,361.5 502.3 502.4 545.6 809.9 837.5 871.1 109.9 77.2 73.3 105.5 85.1 114.1 1,572.1 1,573.0 ,585.3 ,579.8 ,587.1 ,623.5 543,9 531.0 521.4 595.2 528.8 529.6 50.S 49.6 81.8 49.8 141.1 56.3 30.9 31.5 25.8 31.4 36.0 30.5 119.5 121.3 123.2 149.5 131.5 161.0 1955—Jan. 31. Feb. 28. Mar. 31. Apr. 30. M a y 31. June 30. 51.5 52.4 50.8 59.0 52.3 55.8 1,249.8 1,320.6 1,325.6 1,385.5 1,357.6 1,451.9 876.0 815.1 821.6 808.4 817.5 834.9 87.7 82.1 101.4 123.6 87.1 -121.5 ,545.9 ,541.7 ,552.9 ,579.3 ,597.7 ,618.8 528.7 503.8 541.9 570.7 516.9 577.0 56.5 63.2 57.5 50.8 50.6 71.3 38.6 47.3 42.7 40.5 35.6 36.5 95.4 114.1 104.3 135.2 113.7 160.4 Liabilities Bank of France (Figures in millions of francs) Gold2 Foreign exchange Domestic bills Advances to Government Other assets Open market Special Other 68 17,980 1945—Dec. 27. 129,817 94,817 « 7 37,618 1946—Dec. 26. 65,225 12 67,395 1947—Dec. 31.. 65,225 30 97,447 1948—Dec. 30. 62,274 61,943 137,689 1949—Dec. 29. 1950—Dec. 28. 182,785 162,017 136,947 1951—Dec. 27. 191,447 28,320 234,923 1952—Dec. 31.. 200,187 31,068 274,003 1953—Dec. 31. 201,282 15,421 292,465 303 3,135 64 8,577 28,548 34,081 31,956 57,042 61,108 25,548 76,254 67,900 117,826 147,400 238,576 150,900 335,727 157,900 393,054 158,900 741,267 160,000 937,459 172,000 891,560 200,000 445,447 480,447 558,039 558,039 560,990 481,039 481,039 479,982 679,849 24,734 33,133 59,024 57,622 112,658 212,822 190,830 159,727 169,964 Current Note circulation Other Deposits Government 570,006 12,048 721,865 765 920,831 733 987,621 806 ,278,211 1,168 ,560,561 70 ,841,608 29 1 27 2,123,514 2,310,452 21 Other liabilities and capital EGA Other 15,058 10,587 897 2,061 57,755 63,468 82,479 171,783 158,973 161,720 166,226 137,727 142,823 4,087 7,213 10,942 16,206 19,377 24,234 41,332 49,305 56,292 1954—July 29., Aug. 26. Sept. 30.. Oct. 28., Nov. 25., Dec. 30. 201,282 201,282 201,282 201,282 201,282 201,282 264,197 265,330 262,922 264,861 224,487 236,765 12,206 5,129 15,058 32,697 44,593 48,925 1,018,726 195,000 980,146 195,000 1,030,309 195,000 1,027,934 195,000 1,013,121 195,000 1,130,183 195,000 652,449 648,049 634,749 626,249 619,549 617,649 196,282 2,386,357 874 191,""' 2,333,133 224,089 2,443,797 218,288 2,428,122 218,584 2,386,103 277,215 2,538,455 70 100 6 93 65 76 348 S3 90 98 3,304 3,744 132,203 128,178 105,192 119,406 106,920 154,100 59,047 66,377 59,441 67,563 72,162 67,935 1955—Jan. 27., Feb. 24., Mar. 31., Apr. 28. May 26. June 30. 201,282 60,482 226,244 201,282 66,689 172,750 201,282 86,467 160,613 201,282 121,962 200,233 201,282 153,030 210,448 201,282 183,869 245,543 46,054 40,224 32,564 28,526 26,545 16,393 1,063,937 190,000 1,062,552 190,000 1,138,808 190,000 1,113,385 190,000 1,028,496 190,000 1,054,765 190,000 592,249 286,200 2,472,650 617,649 306,480 2,482,667 597,449 353,285 2,583,654 546,749 336,294 2,544,115 ,523,444 584,949 334, 579,449 ^355,574 2,629,933 97 61 24 51 20 45 3,733 137 7,351 11,302 11,120 11,713 125,962 121,699 115,374 128,552 129,730 126,899 64,006 53,062 54,064 54,410 64,823 58,283 37,884 41,059 45,117 48,971 51,939 57,291 *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 21940, pp. 677-678). For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 3 Includes advance to Stabilization Fund, amounting to 175.9 billion francs on June 30. NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. 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. AUGUST 1955 957 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1955 June May 1954 Apr, June Central Bank of the Argentine Republic (millions ® pesos): f 1,623 1,623 Gold reported separately 1,069 1,133 Other gold and foreign exchange. 4,067 4,067 Government securities 74,490 74,129 Rediscounts and loans to banks.. 374 381 Other assets 31,419 31,302 Currency circulation 44,436 44,394 Deposits—Nationalized 664 635 Other sight obligations 5,105 5,004 Other liabilities and capital C o m m o n w e a l t h Bank of Australia (thousands of pounds): Gold and foreign exchange 373,962 374,565 378,687 Checks and bills of other banks.. 12,201 6,687 8,684 Securities (incl. Government and 494, 498 455 ,273 454,166 Treasury bills) 73,981 86,090 91,810 Other assets 362, 827 362,577 367,327 Note circulation Deposits of Trading Banks: 280,644 295,644 295 ,670 Special 26,716 41,217 Other Other liabilities and capital 269,954 239,456 243 ,634 Austrian N a t i o n a l B a n k (millions of schillings): 556 556 556 Gold 8,116 7,941 7,955 Foreign exchange (net) 5,208 5,673 5,263 Loans and discounts Claim against G o v e r n m e n t . . . . . . 1,813 1,811 1,762 377 372 375 Other assets 12,575 12,226 12,145 Note circulation 1,617 1,537 1,690 Deposits—Banks 501 536 538 Other 1,683 1,628 1,660 Blocked National B a n k of Belgium (millions of francs): 41,936 42,390 41,938 Gold Foreign claims and balances (net). 10,855 11,666 12,180 5,890 9,257 7,395 Loans and discounts Consolidated Government debt.. 34,660 34,660 34,660 6,657 8,823 8,639 Government securities 5,004 5,049 4,873 Other assets 105,269 103,096 103 ,811 Note circulation 1,600 1,893 1,378 Deposits—Demand 96 68 76 ECA 3,092 3,167 2,988 Other liabilities and capital (Dec. Central B a n k of Bolivia—Mone1954)* tary dept. (millions of bolivianos): 1,134 Gold at home and abroad 1,469 Foreign exchange (net) 26,076 Loans and discounts 2,505 Government securities 802 Other assets:. 21,120 Note circulation 7,096 Deposits 3,769 Other liabilities and capital Central B a n k of Ceylon (thousands of rupees): 601,582 587,555 580,525 Foreign exchange Advances to Government 20,274 23,050 22,918 Government securities 7,206 4,945 8,634 Other assets 377,010 379 ,421 385,261 Currency in circulation 88,427 82,338 75,034 Deposits—Government 110,684 101,834 100,833 Banks 52,941 51,956 50,949 Other liabilities and capital Central B a n k of Chile (millions © pesos): f 5,803 5,750 5,747 Gold 994 1,708 504 Foreign exchange (net) Discounts for member b a n k s . . . . 4,617 3,716 4,238 15,770 15,885 15,885 Loans to Government 13,718 13,462 13,444 Other loans and discounts 5,7241 5,007 3,784 Other assets.. 34,126 33,365 32,239 Note circulation 6,208 5,520 4,272 Deposits—Bank 1,570 2,246 1,746 Other 5,073 4,546 4,846 Other liabilities and capital Bank of t h e Republic of Colombia (thousands of pesos): 274,805 243,077 248,058 Gold and foreign exchange 24,380 24,380 24,380 Net claim on Int'l. Fund 2 1,623 1,767 3,771 62,798 254 26,213 39,124 464 4,412 505,414 13,552 457,739 64,936 343,827 351,920 54,405 291,490 271 8,919 5,298 1,777 33 10,959 2,817 730 1,793 38,265 11,986 6,658 34,660 8,238 4,453 98,216 1,652 119 4,273 1,515 112,321 8,489 2,505 1,052 15,345 4,023 6,513 446,213 47,537 4,209 357,526 14,987 78,815 46,631 5,710 758 2,870 11,469 9,437 3,459 21,372 4,691 919 6,721 492,623 24,377 Central Bank (Figures aa of last report date of month) 1955 June May 1954 Apr. Bank of t h e Republic of Colombia—Cora*. Loans and discounts 634,109 595 ,271 596,232 Government loans and securities 466,481 473, 269 456 ,051 Other assets 108,485 125,711 135,185 Note circulation 653,704 613,053 617 ,254 Deposits 674,598 657,950 666 ,333 Other liabilities and capital 179,958 190,705 176,320 Central Bank of Costa Ricn (thousands of colones): Gold 11,503 11 503 11,503 Foreign exchange 142,640 134 741 129,010 Net claim on Int'l. Fund 2 032 7,032 7,032 981 70,418 Loans and discounts . 59,842 828 5,828 Securities. 3,." 247 25,778 Other assets 26,300 662 157,943 Note circulation 149,479 598 59,148 Demand deposits 70,289 072 32,478 Other liabilities and capital 31,377 National Bank of Cuba (thousands of pesos): 185,875 185,875 Gold Foreign exchange (net) 113,912 112,226 Foreign exchange (Stabilization Fund) 208,720 208,348 Silver 12,512 12,512 Net claim on Int'l. Fund 2 ... 59,842 68,548 Loans and discounts 56,476 70,106 Credits to G o v e r n m e n t . . . . . . . . . 84,510 77,768 Other assets 430,188 434 ,448 Note circulation 270,665 280 ,458 Deposits Other liabilities and capital 20,996 20,478 National Bank of Czechoslovakia 3 National Bank of D e n m a r k (millions of kroner): 68 Gold 68 68 634 661 Foreign exchange 705 262 Loans and discounts 208 241 Securities 475 475 473 Govt. compensation a c c o u n t . . . . 3,125 3,144 3,144 Other assets 747 831 588 Note circulation 2,010 1,973 1,986 Deposits—Government 1,324 1,314 1,300 Other ' 1,730 1,856 1,732 Other liabilities and capital 247 243 202 Central Bank of t h e Dominican Republic (thousands of pesos) r Gold 12,076 12,076 12,076 Foreign exchange (net) 8 13,338 12,762 11,815 Net claim on Int'l. Fund 1,250 1,250 1,250 Loans and discounts... 3,971 3,975 3,999 Government securities 8,890 8,890 8,890 Other assets 14,684 14,597 14,574 Note circulation 42,380 41,172 41,391 Demand deposits 9,162 9,803 8,706 Other liabilities and capital 2,667 2,575 2,508 Central Bank of Ecuador (thousands of sucres): 343,407 343 43,321 Gold 9,512 44 ,751 94,393 Foreign exchange (net) 2 18,757 18 ,757 18,757 Net claim on Int'l." Fund C r e d i t s — G o v e r n m e n t . . . . . . . . . . 445,091 395,438 364 ,358 ,924 221,193 237,538 Other 245,543 256 ,707 223,315 Other assets 647 648,526 ,668 Note circulation 219,845 Demand deposits—Private banks. 222,418 218 170,934 159 168,358 Other Other liabilities and c a p i t a l . . . . . 257,970 252 506 242,467 National Bank of Egypt (thousands of pounds): 60,553 60,553 60,553 Gold. 174,231 177,741 180,795 Foreign assets 4 73,117 71,555 74,499 Egyptian Govt. securities Clearing and other accounts (net) -14,783 -12,177 -11,323 Loans and discounts 21,449 18,215 20,661 Advances to Government 2,210 Other assets 2,796 2,389 Note circulation 164,765 173,9031 172,920 52,992 46,387j 58,360 Deposits—Government Other 80,428 78,576 78,521 Other liabilities and capital 19,179 19,229 17,773 June 363,019 258,912 137,594 684,064 472,697 119,765 11,503 96,939 7,032 101,828 1,195 24,813 138,440 76,303 28,567 185,871 27,579 304,480 12,512 33,098 41,929 77,496 420,071 245,722 17,176 69 958 191 517 3,219 132 2,000 1,303 1,551 231 12,076 25,024 1,250 2,310 9,420 7,015 37,373 17,602 2,120 342,539 106,442 18,757 358,147 216,907 213,895 646,867 222,168 154,903 232,749 60,553 20,627 247,429 12,998 2,009 166,544 51,968 114,551 10,553 •Latest month available. 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. * Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities. 958 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange (net) 1 Net claim on Int'l. Fund Loans and discounts Government debt and securities.. Other assets Note circulation Deposits... # Other liabilities and capital Bank of F i n l a n d (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets. Note circulation Deposits , Other liabilities and capital Bank of G e r m a n States 2 (millions of German marks): Gold Foreign exchange Loans and discounts Loans to Government Other assets Note circulation Deposits—Government Banks Other Other liabilities and capital Bank of Greece (millions of drachmae): Gold and foreign exchange (net). Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Reconstruction and relief accts Other Other liabilities and c a p i t a 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. Rediscounts and advances Other assets. Circulation—Notes Coin Deposits—Government Banks Other liabilities and capital National Bank of H u n g a r y 3 Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Foreign securities Indian Govt. securities Rupee coin.. ; Note circulation , Banking department: Notes of issue d e p a r t m e n t . . . . Balances abroad Bills discounted Loans to Government Other assets Deposits t Other liabilities and capital. . . Bank Indonesia (millions of rupiahs) G®ld and foreign exchange (net). Loans and discounts Advances to Government Other assets Note circulation , Deposits—EGA , Other Other liabilities and capital B a n k Melli I r a n 4 (millions of rials): Gold Foreign exchange 1955 June May 71,382 65,851 1,569 36,606 11,915 7,432 91,304 94,055 71,431 68,398 1,567 35,443 13,205 7,179 93,927 94,111 9,187 9,396 6,882 6,882 23,773 27,820 5,773 4,526 44,382 41,117 2,091 2,102 1,972 1,983 49,584 51,344 18,293 16,807 16,996 16,279 3,182 3,106 8,865 8,723 2,153 1,736 4,179 4,110 964 956 12,832 12,686 1,508 1,243 3,046 2,784 209 224 1,750 1,693 5,341 119 8,470 4,688 1,436 3,866 1,022 7,296 3,592 4,27 27,22 24,926 1,250 6,423 34,805 47,976 3,710 10,071 16,663 16,211 400 400 6,520 6,620 5,436 5,337 1,054 1,044 13,108 13,161 303 639 108 8 955 1,454 559 240 48. 112 8 1,070 1,400 514 1,255 334 9,797 335 8,184 495 2,169 87 1,365 298 9,689 312 8,075 495 2,272 822 4,242 24' 4,242 244 1954 Apr. June Central Bank (Figures as of last report date of month) 1955 June May 1954 Apr. June B a n k Melli Iran—Cont. Gold contribution to Int'l. Fund. 282 282 282 282 Government—'secured debt 7,187 7,187 7,187 6,128 Government loans and discounts. 11,775 11,493 11,601 10,366 Other loans and discounts 4,257 3,822 4,385 3,757 Securities 411 411 411 698 Other assets 3,456 3,223 3,416 2,155 Note circulation 10,150 10,227 10,290 9,968 Deposits—Government 5,799 5,188 4,413 3,549 Banks 1,296 1,158 1,269 959 Other 11,605 11,824 11,932 10,674 Other liabilities and capital 3,269 2,805 3,301 2,947 Central Bank of Ireland (thousands of pounds): 6,973 6,891 Gold. 14,865 2,646 2,646 2,646 29,771 2,646 Sterling funds 67,595 69,032 69,952 8,503 3,653 64,003 Note circulation 70,241 71,678 72,598 41,924 39,100 66,649 2,217 Bank of Italy (billions of lire): 2,096 Gold , 4 4 4 2,142 1,984 Foreign exchange 71 69 66 49,713 44,605 71 Advances to Treasury 567 567 567 18,782 17,347 567 Loans and discounts. 384 367 393 15,000 14,671 349 Government securities 362 362 350 290 Other assets 788 805 765 725 Note circulation 1,428 1,420 1,422 1,754 1,341 3,033 Deposits—Government 53 50 50 8,154 35 8,606 Demand 76 64 61 2,370 71 1,581 Other 474 483 4,45: 503 435 4,524 Other liabilities and c a p i t a l . . . . 146 135 129 126 936 89 11,542 Bank of J a p a n (millions of yen): 12,64: Bullion 448 448 448 448 1,07: 1,16" Advances to Government 1,250 1,250 1,250 1,400 2,890 2,843 Loans and d i s c o u n t s . . . . 30,657 2 224,165 !24,919 444,595 248 27' Government securities... 74,113 408 408,378 1:29,798 202,991 1,870 1,760 Other assets 31,242 104,270 •10,920 93,369 Note circulation 32,674 22,202 550,534 534,215 Deposits—Government.. 58,999 63,411 46,018 63,217 5,363 4,886 Other 65,619 69,837 78,142 68,573 130 148 Other liabilities 80,419 83,062 92,641 76,799 8,745 8,690 4,568 4,082 Bank of Mexico (millions of pesos): Monetary reserve5 1,532 1,513 1,524 1,201 1,363 1,92 = "Authorized" holdings of secu4,04 3,272 rities, etc 4,288 4,178 4,129 3,277 1,107 1,246 Bills and discounts 538 565 620 793 Other assets 465 502 526 1,054 7,296 6,749 Note circulation 4,176 4,160 4,167 3,537 3,580 3,217 Demand liabilities 1,268 1,928 1,951 1,893 4,140 5,246 Other liabilities and c a p i t a l . . . . 1,520 696 706 703 } Bank (millions of ; Netherlands 27,227 27,228 guilders): Gold . 3,046 3,046 3,030 2,930 22,596 12,803 Silver (including subsidiary coin) 25 19 2 16 1,250 1,250 Foreign assets (net) 1,504 1,47 1,481 1,628 8,632 13,003 Loans and discounts 31 65 45 37 34,825 35,312 Govt. debt and s e c u r i t i e s . . . . . . 801 801 800 713 49,212 54,131 Other assets. 42 43 43 421 3,739 3,695 Note circulation—Old 28 28 28 29 9,838 2,506 New 3,638 3,720 3,552 3,357 16,521 13,577 Deposits—Government 629 64 735 624 15,220 15,686 EGA 612 797 61: 610 Other.. 723 694 605 644 Other liabilities and c a p i t a l . . . . 214 233 230 244 Reserve Bank of New Zealand (thousands of pounds): 400 400 6,161 6,170 6,161 6,161 Gold 6,532 6,620 93,957 Foreign exchange reserve 54,71' 47,919 44,61 4,212 5,338 28,254 31,257 32,355 10,556 Loans and discounts 983 1,062 Advances to State or State un13,108 11,745 13,018 16,548 45,53 36,300 dertakings 33,257 33,265 33,262 23,950 382 Investments 312 1,868 1,568 1,439 1,412 532 904 Other assets 68,581 69,944 70,693 67,479 67 Note circulation 120 60,538 56,757 83,12 96,969 9 11 Demand deposits 8,154 9,888 9,67 7,896 1,252 Other liabilities and capital. . . . 1,026 1,575 2,237 Bank of Norway (millions of kroner) 203 203 218 203 42378 Gold -251 132 -189 —181 Foreign assets (net). . . -33 -33 -42 -68 1,399 366 Clearing accounts (net) 62 97 102 68 337 569 Loans and discounts 30 83 72 111 9,085 7,249 Securities 5,546 5,546 5,546 5,546 308 247 Occupation account (net) 63 62 73 73 7,614 5,938 Other assets.... 3,078 3,070 3,099 3,168 495 Note circulation 495 1,708 1,36' 1,21 1,260 2,21 1,532 Deposits—Government 532 44" 454 43 g 466 Banks 805 55 520 174 60S FOA—MSA 354 37 491 33* 4,242 4,242 Other liabilities and capital 47 244 71,507 64,511 1,569 34,158 15,297 7,075 98,095 87,003 9,019 72,223 65,584 1,568 17,205 11,549 8,001 94,554 71,077 10,499 !This 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. 3For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Items for issue and banking departments consolidated. includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. AUGUST 1955 959 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. . . Govt. of India securities India currency Rupee coin Notes in circulation Banking department: Notes of issue department.. . Bills discounted Loans to Government Other assets Deposits Other liabilities and capital. . Central Bank of Paraguay (thousands of guaranies): Gold* Foreign exchange (net) Net claim on Int'l. Fund 2 Loans and discounts ,. . . Government loans and securities. Other assets Note and coin issue Deposits—Government Other Other liabilities and capital Central Reserve Bank of Peru (millions of soles): Gold and foreign exchange Net claim on Int'l. Fund 2 Loans and discounts to banks.. . . Loans to Government Other assets Note circulation Deposits Other liabilities and capital Central Bank of t h e Philippines (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund 2 Loans Domestic securities Other assets Circulation—Notes Coin Demand deposits Other liabilities and capital Bank of Portugal (millions of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government.. EGA Other Other liabilities and capital S o u 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 Other assets Note circulation Deposits—'Government Other Other liabilities and capital 1954 1955 June May Apr June 81 432 1,455 221 300 45 81 432 1,455 221 300 48 2,426 81 416 1,367 146 300 5 2,240 92 111 1 64 329 403 102 (Sept. 1954)* 3,984 58,730 40 469,142 489,182 368,608 604,602 152,644 159,663 472,778 124 2,846 53,405 28 476,570 536,196 279,498 659,729 155,514 134,567 398,732 628 67 485 1,103 77 1,744 465 152 327 67 575 1,225 100 1,703 355 237 21,935 21,860 20,393 334,621 336,848 338,593 9,504 29,504 29,504 80,663 28,343 21,789 93,782 295,217 301,929 293 168,374 162,936 155,130 571,362 597,111 606,856 86,944 86,548 86,018 205,254 151,702 120,145 46,753 46,059 46,173 18,813 447,130 29,504 1,584 240,066 156,923 587,486 84,701 170,775 51,058 5,526 5,560 13,080 13,161 823 845 1,405 1,399 1,063 1,073 9,966 9,976 1,679 1,704 95 81 7,995 8,121 2,162 2,156 5,345 13,198 645 1,412 978 9,501 1,734 6 8,178 2,161 81 432 1,455 221 300 47 2,417 119 2 54 337 404 108 2,441 50 312 347 108 600 67 504 1,093 HI 1,769 420 185 7 304 387 115 73,473 41,542 25,257 53,906 103,236 73,197 17,745 615 323 15,771 27,667 36,755 42,204 2,756 4,279 31,892 73,699 51,299 27,045 51,051 102,759 82,559 17,775 66,120 47,589 7,041 47,517 98,988 51,956 17,323 615 323 14,735 27,414 37,153 42,093 3,403 3,610 31,135 615 323 15,916 27,652 37,530 42,297 3,947 3,562 32,230 613 323 15,743 26,642 37,389 37,728 7,104 3,329 32,548 1955 Central B a n k (Figures as of last report date of month) June Bank of Sweden (millions of kronor): Gold Foreign assets (net) Net claim on Int'l. Fund 2 Swedish Govt. securities and advances to National Debt Office3 Other domestic bills and advances Other assets Note circulation Demand deposits—Government.. Other Other liabilities and capital Swiss National Bank (millions of francs): Gold Foreign exchange Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities and capital Central Bank of t h e Republic of Turkey (millions of pounds): Gold Foreign exchange and foreign clearings Loans and discounts. Securities Other assets Note circulation Deposits—Gold Other Other liabilities and capital Bank of t h e Republic of Uruguay (thousands of pesos): Gold Silver Advances to State and Government bodies Other loans and discounts Other assets Note circulation Deposits—Government Other. Other liabilities and capital Central Bank of Venezuela (millions of bolivares): Gold Foreign exchange (net) Other assets Note circulation Deposits Other liabilities and capital National Bank of Federal People's Republic of Yugoslavia (millions of dinars): Gold Gold contribution to Int'l. Fund. Foreign assets Loans (short-term) Government debt (net) Other assets Notes and coin in circulation. . . . Demand deposits Foreign liabilities Long-term liabilities (net) Other liabilities and capital Bank for I n t e r n a t i o n a l Settlem e n t s (millions of Swiss gold francs): Gold in bars Cash on hand and with b a n k s . . . . Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments Funds invested in Germany Other assets Demand deposits (gold) Short-term deposits: Central banks—Own account.. Other Long-term deposits: Special Other liabilities and capital May 1954 Apr. June 582 916 129 580 849 129 569 860 129 482 1,356 129 2,859 442 1,019 4,924 183 147 694 2,783 327 1,015 4,792 105 102 2,939 252 996 4,857 100 105 683 2,405 433 896 4,593 376 40 693 6,200 747 164 107 5,128 1,888 203 6,150 604 113 86 5,073 1,680 199 6,235 564 110 90 5,084 1,719 196 6,131 537 117 93 4,967 1,706 204 402 402 402 402 177 2,992 30 111 1,625 154 1,435 497 179 2,918 29 96 1,602 154 1,391 478 184 2,964 30 99 1,608 154 1,373 543 237 2,190 30 90 1,432 154 875 488 (Feb.)* 344,167 344,167 8,718 8,479 139,426 424,548 655,194 484,828 162,396 325,630 598,958 1,233 331 131 1,051 268 376 1,232 374 123 999 269 463 4,520 4,470 2,369 2,369 48,476 43,071 693,545 697,239 13,142 3,920 32,852 38,840 83,796 90,084 177,402 174,945 97,138 97,285 360,427 363,194 76,141 64,401 1,234 435 146 1,028 263 525 134,683 376,192 589,380 463,410 157,059 343,805 488,867 4,115 2,369 44,257 651,216 2,135 48,263 68,743 139,683 110,382 348,694 84,853 1,233 478 138 1,040 271 538 703 49 6331 626 64 558 367 169 365 297 1 453 384 209 382 297 1 453 503 188 409 297 1 453 175 374 540 297 9 434 959 23 229 288 1,002 26 229 288 1,081 37 229 287 1,032 26 229 284 r * Latest month available. 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. 960 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. 1 1 . . Sept. 26 Oct. 17 Oct. 27 Dec. 1.. Apr. 17, 1951 . July 5 Sept. 13 Oct. 11 Nov. 8 Nov. 9 Jan. 22, 1952 Mar. 12 May 29.. Aug. 1 Aug. 21 Dec. 18.. . Jan 8, 1953 Apr. 7 . . . June 11 Sept. 17 Oct. 29 Nov. 20 . Feb. 4, 1954. May 13 . May 20 Dec. 2 Jan. 27, 1955 Feb. 1 5 . . . Feb. 24 Apr. 19 In effect June 30, 1955 V4 3 2 4 2H 3M 2K 2Y2 3% Rate June 30 Central bank of— Can- United France Ger- Bel- Neth- Sweermany* gium lands den ada Kingdom Central bank of— Date effective Rate June 30 Date effective Mar. May Oct. Sept. 1, 1936 20, 1955 29,1953 30, 1950 Ireland Italy Japan Mexico 3 4 5.84 4^ May 25, 1954 Apr. 6, 1950 Oct. 1, 1951 June 4, 1942 15, 1955 11, 1954 13, 1935 18, 1933 1, 1950 Netherlands . New Zealand. Norway Pakistan 2V2 4 4^ 4 Feb. June June July Feb. Apr. Nov. Feb. July 7, 1953 26, 1954 14, 1955 1, 1948 5V2 10 3 3 5 June May Nov. Mar. Dec. 23, 1954 13, 1948 15, 1952 22, 1950 1, 1954 Peru Portugal. . . . South Africa. Spain Sweden 6 2V2 4 3% 3% Nov. Jan. Mar. July Apr. 13, 1947 12, 1944 27, 1952 1, 1954 19, 1955 3 3 9 3y2 Dec. May Jan. Nov. Apr. 2, 1954 20, 1954 1, 1955 15, 1951 1, 1946 Switzerland.. Turkey United Kingdom U.S.S.R 43J Nov. 26, 1936 June 28, 1955 Argentina Austria Belgium Bolivia 3V2 4^ 2% 6 3 2 6 3 4 3M " 3 " 4 3)4 4 3 4 3 "2% 2% 3M 3 3H 2*4 3}4 3X 314 23J Denmark Kcuador Egypt El Salvador. . . Finland. . . 5 4M Canada Ceylon Chile Colombia Costa Rica France 1 Germany Greece India Indonesia Feb. 24, 1955 July 1, 1936 3 IX 3Y% 3 *H 3% 3 3 2M 1 Rates established for the Land Central banks. NOTE.—-Changes since June 30: Belgium—-Aug. 4, from 2M to 3; Germany—• Aug. 4, from 3 to 3}4; New Zealand—-July 1, from 4 to 5 per cent. 2V2 3% OPEN MARKET RATES [Per cent per annum] United Kingdom Canada Month 1945—May 1946—May 1947—May 1948—May 1949—May 1950—May 1951—May 1952—May 1953—May 1954—May Treasury Day-today bills 3 months1 money2 . Bankers' Treasury acceptbills ances 3 months 3 months Day-today money France Bankers' allowance Day-today on money deposits .53 .53 .56 .63 .69 .69 3.00 3.00 1.89 .37 .39 .41 .41 .50 .51 .76 1.02 1.57 1.60 1.00 .51 .51 .51 .52 .51 .51 2.37 2.38 1.79 1.03 .63 .63 .63 .63 .63 .63 2.25 2.25 1.63 .50 .50 .50 .50 .50 .50 .50 2.00 2.00 1.44 1.38 1.34 1.46 2.12 2.43 2.68 2.61 3.77 4.22 3.54 1.03 Netherlands Sweden Switzerland Treasury Day-toLoans Private bills up t© discount day 3 months money 3 months rate 1.27 1.45 1.33 1.28 1.45 1.50 1.25 .64 .38 .93 1.08 .94 1.03 1.03 1.07 .90 .52 .50 1.25 1.25 1.25 1.50 1.63 .50 .50 .50 .50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 .50 .50 ,50 .50 1.50 1954—June July August September. October November. December.. 1.57 1.38 1.32 1.21 1.18 1.17 1.08 1.43 1.16 1.06 .95 .96 .78 .76 1.66 1.60 1.61 1.64 1.62 1.62 1.78 1.61 1.57 1.60 1.63 1.59 1.60 1.78 1.44 1.44 1.44 1.44 1.44 1.44 1.45 .25 .25 ,25 .25 .25 .25 1.25 3.57 3.79 3.82 3.77 3.65 3.51 3.29 .38 .40 .75 .87 .77 .50 .50 .53 .51 .63 .50 .57 1955—January.. February. March April May .99 .90 1.13 1.23 1.24 .69 .69 .98 .97 .77 2.02 2.58 3.81 3.83 3.94 2.05 2.68 3.80 3.81 3.92 1.55 2.15 3.29 3.17 3.33 1.29 1.67 2.50 2.50 2.50 3.27 3.25 3.28 3.23 3.27 .79 .79 1.16 1.04 1.49 .58 .53 .71 .58 .90 r Revised 1 Beginning January 1953, these figures have been revised to show^average rate at tenders. Figures prior to that date represent tender rates made nearest to the 15th of each month. 2 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. AUGUST 1955 961 COMMERCIAL BANKS (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at Loans to call and Bills dis- Treasury Securities customers deposit short counted receipts 2 notice 1949—December. 1950—December. 1951—December. 1952—December. 1953—December. 532 540 531 549 542 571 592 598 529 501 1,109 1,408 972 1,248 1,417 1954—July August. . . September October. . . November, December. 534 534 521 532 534 571 428 438 418 437 452 498 1955—January. . February., March.... April May 546 525 514 539 515 526 486 445 438 434 417 440 June Liabilities Assets United K i n g d o m 1 Deposits Other assets Total Demand Time 1,512 1,528 1,965 2,148 2,275 1,534 1,660 1,950 1,764 1,725 579 735 867 748 729 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 2.368 427 550 651 528 495 1,185 1,209 1,262 1,296 1,300 1,313 2,351 2,348 2,360 2,364 2,364 2,353 1,836 1,840 1,828 1,836 1,871 1,920 643 656 670 691 725 881 6,466 6,519 6,539 6,609 6,684 6,941 4,121 4,173 4,171 4,214 4,244 4,485 2,345 2,346 2,367 2,396 2,440 2,456 510 505 520 545 562 595 1,283 1,072 966 973 1,011 996 2,351 2,298 2,281 2,217 2,141 2,099 1,904 2,013 2,037 2,080 2,116 2,207 759 810 843 811 829 879 6,718 6,525 6,402 6,381 6,361 6,510 4,303 4,112 4,017 4,033 4,040 4,155 2,415 2,413 2,384 2,348 2,321 2,356 611 637 677 673 668 637 793 456 102 Assets Canada Other liabilities and capital Liabilities Security loans abroad and net Securities Other Security loans and due from foreign loans banks discounts Deposits payable in Canada excluding interbank deposits 3 (10 chartered banks. End of month figures in millions of Canadian dollars) Entirely in Canada Cash reserves Other assets Notes 4 Other liabilities and capital Total 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 1,477 1,667 1,714 1,736 1,841 1949—December 1950—December 1951—December 1952—December 1953—December 765 824 907 916 906 133 134 107 155 154 2,271 2,776 3,028 3,289 3,897 146 171 227 326 424 4,345 4,286 3,876 3,955 3,831 1,058 1,304 1,464 1,516 1,510 1954—June July August September. . . October November. . . December 872 780 809 802 833 810 810 238 211 174 175 293 297 211 3,943 3,924 3,917 3,890 3,892 3,984 3,952 360 352 312 322 330 334 325 3,806 4,096 4,220 4,337 4,442 4,473 4,429 1,540 1,266 1,280 1,396 1,454 1,428 1,706 8,929 8,946 9,022 9,226 9,469 9,462 9,579 3,506 3,474 3,487 3,641 3,781 3,930 3,964 5,423 473 535 585 687 5,532 5,615 829 683 690 695 777 864 1,854 1955—January February.... March April May 806 760 791 802 805 176 214 197 230 250 3,876 ,857 ,873 3,954 3,955 288 285 252 255 275 4,625 4,707 4,795 4,812 4,874 1,488 1,663 1,619 1,618 1,730 9,402 9,608 9,650 9,788 9,946 3,656 3,728 3,678 3,667 3,825 ,746 ,880 ,972 120 6,122 1,857 1,879 1,877 1,883 1,942 Assets France (4 large banks. End of month figures in millions of francs) 14 Cash reserves Due from banks Bills discounted Liabilities Loans Other assets Deposits Total Demand Time Own acceptances Other liabilities and capital 1949—December 1950—December 1951—December 1952—December 1953—December 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 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 1954—May June July August September October November December 49,186 45,701 51,277 47,292 46,676 51,991 47,696 53,346 79,438 85,313 90,693 84,294 87,028 83,631 82,270 84,873 719,284 721,240 787,897 719,014 730,466 820,800 797,574 849,368 213,557 214,988 208,091 227,750 223,746 214,681 229,729 225,030 46,594 48,348 49,709 49,845 52,147 56,909 63,785 41,311 1,030,758 1,034,079 1,103,289 1,043,036 1,052,196 133,087 119,354 183,308 989,474 993,533 1,061,250 999,131 1,007,956 1,087,933 1,071,500 1,163,648 41,284 40,546 42,039 43,905 44,241 45,154 47,854 46,085 29,721 28,422 26,945 24,248 23,179 25,355 28,515 31,372 47,580 53,090 57,432 60,910 64,688 69,570 73,185 39,250 1955—January February March April 46,988 44,424 44,381 49,515 84,521 79,631 78,810 83,746 823,669 815,141 833,482 931,684 231,670 241,070 234,246 220,980 39,982 45,850 48,261 51,883 1,158,280 1,113,206 1,155,013 1,111,675 1,164,788 1,122,034 1,256,477 1,211,953 45,074 43,338 42,754 44,524 32,205 33,543 32,406 33,910 36,344 37,559 41,986 47,420 iThis 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. 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. Beginning February 1955, when two banks merged, figures are for 10 banks. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 962 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) Year or month Basic 1949 1950 1951 1952 1953 1954 Preferential Fre® AusAustria Belgium tralia (pound) (schilling) (franc) 29.774 26 571 20.000 20 000 20.000 20.000 13 333 13.333 13 333 13.333 13.333 S 289 7.067 7 163 7.198 7.198 293.80 223 15 223.07 222 63 224.12 223.80 3.8580 3.8580 2.2009 1 9908 1.9859 1 9878 2.0009 1.9976 1954—August September October November December . • . » . . . . 20.000 20 000 20 000 20.000 20.000 13.333 13 333 13 333 13.333 13.333 7.198 7 198 7 J98 7.198 7.198 224 13 223 18 222 89 222.67 222.10 3.8580 3 8580 3 8580 3.8580 3.8580 1.9994 2 0007 1.9977 1.9982 1.9954 1955—January February March April . May Tune July 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 7.198 7.198 7.198 7.198 7.168 7 175 7.1.75 221.92 221.80 222.42 222 83 222.78 222 29 221.91 3.8580 3.8580 3.8580 3 8580 3.8580 3 8580 3.8580 1.9959 1.9938 1.9856 1.9890 1.9896 1,9871 1.9864 Ceylon (rupee) Denmark (krone) Brazil (cruzeiro) .. . .... . . Year or month 1949 1950 1951 1952. 1953 1954 27.839 20 850 20.849 20.903 21.046 21 017 Official .4671 Free 1955—January February . . . . . . March A prii May Tune July .3017 2858 ,2856 .2856 ,2856 .2856 4354 .4354 4354 .4354 .4354 .2856 .2856 .2856 .2856 .2856 23.838 23.838 23.838 23.838 23.838 .4354 4354 .4354 4354 4354 .4354 .4354 .2856 .2856 .2856 .2856 .2856 .2856 .2856 23.838 23.838 23.838 23.834 23 744 23.733 23.732 Switzerland (franc) South Africa (pound) Sweden (krona) . . . . 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 1^54—August... . . . . . September October November December . . . . . 278.50 277 31 276.95 276 68 275.98 14.008 14 008 14.008 14 008 14.008 49 677 49 677 49 677 49 677 49.677 3.4900 3 4900 3.4900 3 4900 3.4900 280.24 279 04 278.68 278 40 277.69 19.333 19 333 19.333 19 333 19.333 275.76 275.60 276 38 276.88 276.82 276 22 275.74 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 3.4900 3.4900 3 4900 3.4900 3.4900 3 4900 3.4900 277.48 277.32 278 10 278.61 278.54 277 94 277.45 19.333 19.333 19 333 19.333 19.333 19 333 19.333 1949 1950 1951 1952 1953 1954 • February M^arch April May Tune July Germany India (deutsche (rupee) mark) . 4354 .4354 .4354 4354 PhilipNew Portopine Zealand Norway Hal (pound) (krone) Republic (escudo) (peso) 13.5261 1 3 5261 42 973 32 788 32 849 32 601 32.595 32.641 Canada (dollar) Official Free 97.491 90 909 92 881 91 474 94 939 102 149 101.650 102.724 23 838 23 838 23.838 2 23.838 23.314 23.136 23.060 23.148 23.316 23.322 23 322 23 325 23.320 23 328 23.335 23.326 23.319 23 329 23.330 23.333 23 335 23.332 27.706 20 870 20 869 20.922 21.049 21.020 21.061 20.970 20.938 20.922 20.863 20.843 20.834 20.892 20.930 20 927 20.877 20.847 32 644 32 558 32 634 32 625 32.544 103 060 103 112 103 094 103 160 103.292 32.538 32 535 32.608 32 675 32.686 32 614 32 544 20.843 20.834 20.892 20 930 20.927 20.877 20.847 . . Year or month France (franc) 4406 4406 4406 4406 44.7.0 H.2808 !4.2808 21.059 20.968 20 935 20.920 20.863 ... 1954—August September October November December 19.117 14 494 14 491 14.492 Finland (markka) 5 5 5 5 5 British Malaysia (dollar) 103.498 102 384 101.587 101 404 101 405 101 568 101.555 Mexico (peso) (guilder) 280 33 279.68 281.27 280.87 12.620 11 570 11.564 11.588 11.607 89.052 34 528 26 252 26 264 26.315 26.340 26.381 281.29 280.08 279.72 279.45 278.74 8.005 8.005 8.005 8.005 8.006 26.396 26.364 26.267 26.290 26.346 278.52 278.36 279.14 279.65 279 59 278.98 278,50 8.006 8.006 8.006 8.006 8 006 8.006 8.006 26.349 26.290 26.297 26.307 26 302 26.228 26.166 United Kingdom (pound) 368.72 280.07 279 96 279.26 281.27 280.87 .Netherlands Ireland (pound) Uruguay4 (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 42.553 281 29 280 08 279 72 279 45 278.74 278.52 278 36 279 14 279 65 279.59 278 98 278.49 1 Based on quotations through Aug. 13, 1954. 2 Based on quotations beginning Apr. 1, 1954. 3 The Mexican peso was devalued, effective Apr. 4 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. AUGUST 1955 963 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1947-49 -100) 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 Canada (1935-39 -100) 69 79 96 104 132 139 163 193 99 103 115 112 Year or month Mexico (1939 100) United Kingdom (1930100) France (1949« 100) .... 393 328 138 217 429 330 136 218 437 332 135 217 437 333 134 111 110 110 110 110 216 215 214 215 215 441 439 450 454 460 329 329 329 331 336 136 135 134 135 135 110 110 110 111 110 110 December 221 110 1955—-January February March April May J une. 100 108 138 145 110 September October 230 262 320 328 110 1954—j u n e July 198 211 240 226 199 229 242 260 285 311 386 400 110 . 216 217 217 219 218 219 463 468 478 483 482 485 337 338 335 334 Italy (1938* 100) 136 135 135 135 P137 P133 20 34 52 89 169 175 192 219 P333 P336 Japan (1934-36 average -1) Netherlands (1948 = 100) Sweden (1935 = 100) Switzerland (Aug.1939 -100) 100 194 186 199 214 205 200 208 217 104 117 143 140 216 227 299 317 206 203 227 220 352 134 298 213 349 136 297 214 342 137 298 215 4 16 48 128 209 246 343 349 5,159 5,443 5,169 4,897 5,581 5,270 5,250 5,293 5,256 5,251 5,261 5,267 5,276 5,320 5,350 341 134 297 214 342 344 343 346 344 134 134 136 136 136 296 295 296 298 299 214 215 215 216 217 5,353 5,322 5,317 5,317 345 346 348 344 138 137 136 136 300 302 304 305 216 215 215 215 342 136 P3O7 214 ^Preliminary. 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 llndexes for groups included in total index above] Canada (1935-39 = 100) United States (1947-49 -100) Year or month Farm products 1945 1946 1947 1948 1949. 1950 1951 1952 1953 1954 n.a. n.a. 166 180 192 Raw and Fully and partly chiefly manumanufactured factured goods goods 136 140 164 130 138 162 Foods 98 71 78 95 107 93 106 96 103 101 232 229 196 197 192 199 181 197 98 113 107 97 . . . . . . 72 83 100 Other Farm Processed commodfoods products ities United Kingdom (1930 -100) 158 158 165 100 111 109 105 105 116 113 114 237 269 250 222 213 238 219 207 211 242 231 229 221 247 284 307 Industrial products Netherlands (1948 = 100) Foods mmtm July. . August September . •. October November » December • . • • 1955—January February. March April May . June Industrial finished products 100 108 128 171 166 156 155 100 104 116 143 135 132 134 134 133 135. 135 135^ 135 136* 139* 139 138". 138 138' 175 184 207 242 249 286 J»364 *>352 100 101 112 122 129 123 96 1954_june Industrial raw products 105 115 210 205 224 308 124 95 96 105 107 114 114 215 220 207 207 224 224 311 313 131 118 96 106 114 208 205 222 304 116 106 104 114 115 205 202 203 201 223 222 302 301 116 122 93 104 115 204 202 222 305 124 90 104 115 205 204 222 315 123 155 155 156 156 156 156 156 93 93 92 94 91 104 103 102 103 102 115 116 116 116 116 207 207 204 213 213 205 208 206 210 210 222 223 224 224 223 123 120 117 116 116 158 158 158 159 159 92 104 116 212 210 224 315 311 303 301 298 P305 94 93 n.a. Not available. ^Preliminary. NOTE.—For sources and references concerning changes in the structurejrf price indexes for various countries, see BULLETIN for December 1952, p. 1356. 964 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items United States (1947-49 = 100)i Year or month 1947 1948 1949 1950 1951 1952 1953 1954 Canada (1949 = 100) Food United King- France dom (1949 (Jan. 15, 1952 = 100) = 100) 96 . 1954—June . . . . July August . . September October November December 77 82 84 86 95 103 106 108 57 90 100 111 130 145 144 143 115 115 115 115 115 115 116 116 117 117 117 117 107 109 108 108 109 109 114 117 116 114 114 114 114 116 116 116 116 114 . 1955—January February March. April . May June 97 100 103 114 116 115 116 114 ... 85 103 102 103 111 114 114 115 .. 116 SwitzerNetherland lands (1951 (Aug. = 100)2 1939 = 100) United States (1947-49 = 100) i Canada (1949 = 100) United King- France dom (Jan. , (1949 15,1952 = 100) = 100) Switz- Netherlands (1951 = 100)2 erland (Aug. 1939 = 100) 158 96 67 57 170 100 101 101 105 163 162 159 167 171 170 171 104 100 101 113 115 113 113 100 103 117 117 113 112 72 76 82 91 105 112 114 92 100 111 ' 128 141 137 135 100 103 104 108 176 174 176 181 184 184 188 144 142 142 143 143 144 106 105 105 106 105 106 171 171 172 172 173 173 114 115 114 112 112 111 112 112 114 114 114 113 114 118 116 115 116 117 136 133 132 134 134 135 111 109 108 109 108 108 187 188 190 191 192 192 110 145 106 173 110 113 118 136 109 192 110 145 107 172 111 112 119 137 112 190 110 110 111 111 145 145 145 146 107 107 106 106 172 172 172 172 111 111 111 111 112 111 111 112 119 119 120 120 111 111 189 189 189 189 2>172 111 111 136 136 136 137 107 ••109 109 P136 ^Preliminary. 'Revised. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to J a n uary 2 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 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)* United Canada Kingdom (1935-39 (December = 100) 1921 = 100) 87 17 Common stocks France (1949 = 100) 60 Netherlands 2 14 United States' (1935-39 = 100) 480 Canada (1935-39 = 100) 99 United France Kingdom (1926 = 100) (1949 = 100) 278 295 Netherlands (1953 = 100)3 26 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 98.6 129.9 126.5 121.2 117.6 108.3 112.0 117.4 106.4 100.0 99.8 101.4 111.1 113.5 116.4 107.1 106.8 106.7 86.9 85.6 100.2 103.2 124.4 121.4 146.4 176.5 187.7 189.0 226.7 112.5 109.4 131.6 168.3 173.1 160.3 181.2 92.0 87.6 90.0 97.1 91.1 92.2 99.8 90 112 143 159 214 113 102 102 101 91 100 125 1954—June July August September. . . October November. . . December 117.0 117.5 117.8 117.6 117.5 117.4 117.0 100.3 102.1 102.8 102.1 101.9 101.2 101.1 116.0 118.5 119.7 118.9 119.4 119.7 118.1 114.9 114.9 116.6 116.4 117.6 119.6 120.1 105.0 103.7 102.7 103.4 104.3 106.3 108.3 221.8 231.1 236.4 238.5 243.5 252.2 264.5 180.5 182.3 187.0 189.5 190.2 199.5 206.8 98.5 100.0 101.7 102.1 103.8 105.3 106.1 194 198 221 234 240 260 271 121 128 128 130 134 141 141 1955—January February.... March April May June 116.7 115.7 115.4 115.3 114.7 114.5 100.3 103.3 104.3 105.0 104.0 104.5 117.7 114.9 112.5 114.7 111.2 111.2 121.0 122.4 124.3 126.6 127.1 105.9 105.0 106.9 106.6 107.6 107.6 268.8 278.1 277.5 286.2 285.0 300.7 207.3 214.7 213.7 216.5 222.1 237.1 109.1 110.0 106.7 108.6 109.5 113.2 282 290 308 337 301 141 142 147 150 152 154 ioo 1 Prices 2 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 For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewezen for April 1955, p. 115. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. AUGUST 1955 965 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M . S. SZYMCZAK JAMES K. VARDAMAN, JR. CHAS. N . SHEPARDSON A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WOODLIEF THOMAS, Economic Adviser to the Board WINFIELD W. RIEFLER, Assistant to the Chairman ALFRED K. CHERRY, Legislative Counsel Special Assistant to the Board, CHARLES MOLONY OFFICE OF THE SECRETARY S. R. CARPENTER, Secretary MERRITT SHERMAN, Assistant Secretary KENNETH A. K E N YON, Assistant Secretary CLARKE L. FAUVER, Assistant Secretary GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel HOWARD H . HACKLEY, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel G. HOWLAND CHASE, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director GUY E. NOYES, Assistant Director ALBERT R. KOCH, Assistant Director DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director LEWIS N. DEMBITZ, Assistant Director FEDERAL OPEN MARKET COMMITTEE W M . MCC. MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman A. L. MILLS, JR. J. L. ROBERTSON CHAS. N. SHEPARDSON M. S. SZYMCZAK JAMES K. VARDAMAN, JR. WINFIELD W . RIEFLER, Secretary ELLIOTT THURSTON, 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 966 ROBERT F. LEONARD, Director J. E. HORBETT, Associate Director LOWELL MYRICK, Assistant Director GERALD M. CONKLING, Assistant Director JOHN R. FARRELL, Assistant Director DIVISION OF EXAMINATIONS LEGAL DIVISION C. CANBY BALDERSTON C. E. EARHART W. D. FULTON W. H. IRONS HUGH LEACH DIVISION OF BANK OPERATIONS GEORGE S. SLOAN, Director C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director JOSEPH E. KELLEHER, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER EDWIN J. JOHNSON, Controller M. B. DANIELS, Assistant Controller 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 O. 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... William J. Meinel Henderson Supplee, Jr. Alfred H. Williams W. J. Davis Karl R. Bopp Robert N. Hilkert E. C. Hill Wm. G. McCreedy P. M. Poorman J. 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 G. H. Emde 2 A. H. Laning Martin Morrison H. E. J. Smith Paul C. Stetzelberger Richmond. John B. Woodward, Jr. Hugh teach Alonzo G. Decker, Jr. Edw. A. Wayne N. L. Arrnistead 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, Schuessler Harold T. Patterson Chicago. John S. Coleman Bert R. Prall Co S. Young E. C. Harris Neil B. Dawes W. R. Diercks L. H. Jones 2 L. G. Meyer St. Louis. M. Moss Alexander Caffey Robertson Minneapolis Leslie N. Perrin O. B. Jesness Kansas City... Raymond W. Hall Delos C. Johns Wm. J. Abbott, Jr. H. H. Weigel J. C. Wotawa Frederick L. Deming Dale M. Lewis Wm. E. Peterson O. S. Powell Otis R. Preston E. B. Larson M. H. Strothman, Jr A. W. Mills H. G< McConnell Sigurd Ueland H. G. Leedy E. D. Vanderhoof John T. Boysen 3 D. W. Woolley Cecil Puckett Henry O. Koppang Clarence W. Tow Dallas Robert J. Smith Hal Bogle (Vice Presidents in charge of branches are listed in lower section of this page) E. B. Austin W. H. Hoiloway3 T. W. Plant E. R. Millard H. F. Slade Watrous H. Irons W. D. Gentry San Francisco.., A. H. Brawner Y. Frank Freeman C. E. Earhart H. N. Mangels George W. Mitchell A. L. Olson Alfred T. Sihler W. W. Turner L. G. Pondrom Morgan H. Rice Harry A. Shuford Eliot J. Swan 3 O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of Richmond Atlanta Chicago St. Louis Also Federal Reserve Agent. AUGUST Vice Presidents Buffalo Cincinnati Pittsburgh Baltimore Charlotte Birmingham Jacksonville Nashville New Orleans Detroit Little Rock Louisville Memphis New York Cleveland 1 Branch 1955 I. B. Smith R. G. Johnson J. W. Kossin D. F. Hagner R. L. Cherry H. C. Frazer T. A. Lanford J. E. McCorvey4 M. L. Shaw R. A. Swaney Fred Burton V. M. Longstreet Darryl R. Francis 2 Cashier. 8 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. 967 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 BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes one issue of Supplement. In the United States and countries listed under Federal Reserve Bulletin on this page, single copies 60 cents each or in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents per copy. 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). Federal Reserve System. Issued each year. A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; Subin quantities of 10 or more copies for single scription price in the United States and its posshipment, 15 cents each. sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, T H E DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR U S E IN ECONOMIC ANALYSIS. Nicaragua, Panama, Paraguay, Peru, El Salvador, January 1952. 175 pages. 25 cents per copy; in Uruguay, and Venezuela is $2.00 per annum or quantities of 10 or more copies for single ship20 cents per copy; elsewhere $2.60 per annum or ment, 15 cents each. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing profor 12 months. visions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY per paper-bound copy; $1.00 per cloth-bound copy. RATES, AND BUSINESS. Issued monthly. Annual subscription includes one issue of Historical Supplement listed on this page. Subscription price COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING W I T H I N THE UNITED in the United States and the countries listed above STATES (July 1, 1951). December 1951. 33 pages. is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00 RULES OF ORGANIZATION AND RULES OF PROCEDURE per annum or 70 cents per copy. —Board of Governors of the Federal Reserve System (with Amendments). September 1946. 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE FEDERAL RESERVE BULLETIN. Issued monthly. j> CHARTS ON BANK CREDIT, MONEY RATES, AND REGULATIONS OF THE BOARD OF GOVERNORS OF THE a A more complete list, including periodic releases and reprints, appeared on pp. 736-39 of the June 1955 BULLETIN. 968 FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements thereto. FEDERAL RESERVE BULLETIN FEDERAL RESERVE BOARD PUBLICATIONS T H E MONETARY SYSTEM OF THE UNITED STATES. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. USE OF MONETARY INSTRUMENTS SINCE M I D - 1 9 5 2 . December 1954. 8 pages. February 1953. 16 pages. May 1953. 7 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. CREDIT AND MONETARY EXPANSION IN 1954. 1953. April 19 pages. February 1955. 11 pages. BANKING AND MONETARY STATISTICS, 1954. *DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen- tary details for item listed above), April 1953. 25 pages. Feb- ruary 1955. 8 pages. T H E FEDERAL BUDGET FOR 1956. REVISION OF CONSUMER CREDIT STATISTICS. De- cember 1954. 8 pages. (Se- lected series of banking and monetary statistics for 1954 only) February and May 1955. 12 pages. DOLLAR FLOWS AND INTERNATIONAL FINANCING. March 1955. 8 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E - 1953. 5 pages. POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. March 1955. 4 pages. UNITED STATES BANKS AND FOREIGN TRADE FINANC- ING. April 1955. 11 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised 1953. 65 pages. Indexes) November FINDINGS OF THE 1955 SURVEY OF CONSUMER F I - FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER I N - GOLD AND DOLLAR NANCES. March 1955. 3 pages. Purchases of Durable Goods in 1954. May 1955. 17 pages. The Financial Position of Consumers. June 1955. 14 pages. HOUSING ARRANGEMENTS OF CONSUMERS. August 1955. 13 pages. Similar Surveys are available for most earlier years from 1947, 1949, 1951, 1952, 1953, and 1954 BULLETINS. STALMENT CREDIT. January 1954. 14 pages. INTERNATIONAL 1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY MOVEMENTS. March 1954. 9 pages. (Also, similar article from March 1953 BULLETIN) ESTIMATES OF CONSUMER INSTALMENT CREDIT E X - TENDED AND REPAID, 1929-1939. June 1955. 8 pages. FINANCING OF LARGE CORPORATIONS IN 1954. N E W INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN) T H E PRIVATE DEMAND FOR GOLD, 1931-53. Sep- tember 1954. 10 pages. RECENT FINANCIAL CHANGES IN WESTERN GER- MANY. October 1954. 10 pages. AUGUST 1955 1955. June 8 pages. SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1955. 2 pages. (Also, similar article from July 1954 BULLETIN) CREDIT AND MONEY IN 1955. July 1955. 8 pages. T H E BALANCE SHEET OF AGRICULTURE, 1955. Au- gust 1955. 10 pages. 969 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM C/3 1 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES INDEX TO STATISTICAL TABLES Acceptances, bankers', 904, 909 Agricultural loans of commercial banks, 900 Agriculture, Govt. agency loans, 906, 907 Assets and liabilities {See also Foreign liabilities and claims reported by banks): Banks and the monetary system, consolidated, 896 Corporate, current, 918 Domestic banks, by classes, 897, 900, 902 Federal Reserve Banks, 891, 892, 893 Foreign banks, 956, 962 Govt. corporations and credit agencies, by type and agency, 906, 907 Automobiles: Consumer instalment credit, 922, 923, 924 Production index, 927, 930 Bankers' balances, 901, 903 {See also Foreign liabilities and claims reported by banks) Banking offices: Changes in number, 944 On, and not on, Par List, number, 945 Banks, and the monetary system, consolidated statement, 896 Bonds {See also U. S. Govt. securities): New issues, 916, 918 Prices and yields, 908, 909, 965 Brokers and dealers in securities, bank loans to, 900, 902 Business expenditures on new plant and equipment, 918 Business indexes, 925 Business loans {See Commercial and industrial loans) Capital accounts: Banks, by classes, 897, 901, 903 Federal Reserve Banks, 891, 892 Carloadings, 925, 934 Central banks, foreign, 954, 956, 961 Coins, circulation of, 895 Commercial banks: Assets and liabilities, 897, 900, 962 Consumer loans held, by type, 923 Number, by classes, 897 Real estate mortgages held, by type, 919 Commercial and industrial loans: Commercial banks, 900 Weekly reporting member banks, 902, 904 Commercial paper, 904, 909 Commodity Credit Corporation, loans, etc., 906, 907 Condition statements {See Assets and liabilities) Construction, 925, 933, 934 Consumer credit: Instalment credit, 922, 923, 924 Major parts, 922 Noninstalment credit, by holder, 923 Ratio of collections to accounts receivable, 924 Consumer durable goods output indexes, 930 Consumer price indexes, 925, 940, 965 Consumption expenditures, 942, 943 Corporate sales, profits, taxes, and dividends, 917, 918 Corporate security issues, 916, 918 Corporate security prices and yields, 908, 909, 965 Cost of living {See Consumer price indexes) Customer credit, stock market, 908 Debits to deposit accounts, 894 Demand deposits: Adjusted, banks and the monetary system, 896 Adjusted, commercial banks, by classes, 901 Banks, by classes, 897, 903 Type of holder, at commercial banks, 901 AUGUST 1955 Department stores: Merchandising data, 936 Sales, 925, 935, 936, 937, 938 Stocks, 935, 938 Deposits {See also specific types of deposits): Adjusted, and currency, 896 Banks, by classes, 897, 901, 903 Federal Reserve Banks, 891, 892, 952 Postal savings, 888, 894, 896 Turnover of, 894 Deposits, reserves, and borrowings, by class of member bank, 890 Discount rates, 889, 961 Discounts and advances by Federal Reserve Banks, 887, 891 Dividends, corporate, 917, 918 Dollar assets, foreign, 952, 953 Dwelling units started, 934 Earnings and hours, manufacturing industries, 925, 931 Employment, 925, 930, 932 Export-Import Bank, loans, etc., 906, 907 Farm mortgage loans, 906, 919, 920 Federal Deposit Insurance Corporation, assets, etc., 906, 907 Federal home loan banks, loans, etc., 906, 907, 921 Federal Housing Administration, loans, etc., 906, 907, 919, 920, 921 Federal National Mortgage Association, loans, etc., 906, 907, 921 Federal Reserve Banks: Condition statement, 891, 892 U. S. Govt. securities held by, 887, 891, 892, 914, 915 Federal Reserve credit, 887, 891, 892 Federal Reserve notes, 891, 892, 893, 895 Finance company paper, 904, 909 Foreign central banks, 954, 956, 961 Foreign commercial banks, 962 Foreign deposits in U. S. banks, 887, 891, 892, 896, 901, 903 Foreign exchange rates, 963 Foreign liabilities and claims reported by banks, 948, 950, 952 Foreign trade, 934 General fund balance, 910 Gold: Earmarked, 955 Net purchases by U. S., 955 Production, 952, 955 Reserves of central banks and governments, 954 Reserves of foreign countries and international institutions, 953 Stock, 887, 896, 955 Gold certificates, 891, 892, 893, 895 Govt. agencies, assets and liabilities, by type and agency 906, 907 Govt. debt {See U. S. Govt. securities) Gross national product, 942, 943 Home owners, Govt. agency loans, 906, 907 Hours and earnings, manufacturing industries, 925, 931 Industrial advances by Federal Reserve Banks, 889, 891, 892, 893 Industrial production indexes, 925, 926, 930 Instalment loans, 922, 923, 924 971 INDEX TO STATISTICAL TABLES—Continued Insurance companies, 905, 914, 915, 920 Insured commercial banks, 899, 900, 944 Interbank deposits, 897, 901, 903 Interest rates: Bond yields, 909 Business loans by banks, 909 Federal Reserve rates, 889 Foreign countries, 961 Open market, 909, 961 Regulation V loans, 894 Stock yields, 909 Time deposits, maximum rates, 888 Internal revenue collections, 911 International capital transactions of the U. S., 948 International financial institutions, 953, 954, 956 .Inventories, 943 Investments (See also specific types of investments): Banks, by classes, S97, 900, 902 Federal Reserve Banks, 891, 892 Govt. agencies, etc., 906, 907 Life insurance companies, 905 Savings and loan associations, 905 Labor force, 932 Loans (See also specific types of loans): Banks, by classes, 897, 900, 902 Federal Reserve Banks, 887, 889, 890, 891, 892, 893 Govt. agencies, etc., 906, 907 Insurance companies, 905, 920 Savings and loan associations, 905, 920 Loans insured or guaranteed, 893, 919, 920, 921 Manufacturers, production indexes, 925, 926, 930 Margin requirements, 888 Member banks: Assets and liabilities, by classes, 897, 900 Banking offices, changes in number, 944 Borrowings at Federal Reserve Banks, 887, 890 Deposits and reserves, by classes, 890 Number, by classes, 897 Reserve requirements, by classes, 889 Reserves and related items, 887 Weekly reporting series, 902 Minerals, production indexes, 925, 926 Money in circulation, 887, 895 Money rates (See Interest rates) Mortgages (See Real estate loans) Mutual savings banks, 896, 897, 899, 914, 915, 919, 944 National banks, 899, 944 National income, 942 National security expenditures, 910, 943 Nonmember banks, 891, 899, 900, 944 Par List, banking offices on, and not on, number, 945 Payrolls, manufacturing, index, 925 Personal income, 943 Postal Savings System, 888, 894, 896 Prices: Consumer, 925, 940 Foreign, 964, 965 Security, 908 Wholesale commodity, 925, .940 Production, 925, 926, 930 Profits, corporate, 917, 918 972 Real estate loans: Commercial banks, 900, 902, 919 Type of mortgage holder, 919, 920, 921 Type of property mortgaged, 919, 920, 921 Regulation V, loan guarantees, 893, 894 Reserve requirements, member banks, 889 Reserves: Commercial banks, 901 Federal Reserve Banks, 891, 892 Foreign central banks and governments, 954 Foreign countries and international institutions, 953 Member banks, 887, 890, 891, 892, 901, 903 Residential mortgage loans, 919, 920, 921 Sales finance companies, consumer loans of, 922, 923 Savings, 942 Savings bonds, sales and redemptions, 913 Savings deposits (See Time deposits) Savings institutions, principal assets, 905 Savings and loan associations, 905, 920 Securities, international transactions, 951, 952 Security issues, 916, 918 Silver coin and silver certificates, 895 State member banks, 899, 944 State and municipal securities: New issues, 916 Prices and yields, 908, 909 States and political subdivisions: Deposits of, 901, 903 Holdings of U. S. Govt. securities, 914 Ownership of obligations of, 900, 905 Stock market credit, 908 Stocks: New issues, 916 Prices and yields, 908, 909, 965 Tax receipts, Federal, 911 Time deposits, 888, 890, 896, 897, 901, 903, 962 Treasury cash, 887, 896 Treasury currency, 887, 895, 896 Treasury deposits, 887, 891, 892, 910 Treasury finance: Cash income, outgo, and borrowing, 912 General fund balance, 910 Receipts and expenditures, 910 Unemployment, 932 U. S, Govt. balances: Consolidated monetary statement, 896 Commercial bank holdings, by classes, 901, 903 Treasury deposits at Federal Reserve Banks, 887, 891, 892, 910 U. S. Govt. securities: Bank holdings, 896, 897, 900, 902, 914, 915 Federal Reserve Bank holdings, 887, 891, 893, 914, 915 International transactions, 951 New issues, gross proceeds, 916 Ownership of, 914, 915 Prices and yields, 908, 909 Volume and kind outstanding, 913, 914, 915 United States notes, outstanding and in circulation, 895 Veterans Administration, loans, etc., 906, 907, 919, 920, 921 Yields (See Interest rates) FEDERAL RESERVE BULLETIN