View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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