Full text of Federal Reserve Bulletin : December 1955
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EDERAL
E S E RV
BULLETIN
DECEMBER 1955
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of- the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Growth of Consumer Instalment Credit.
1311-1316
Monetary Policy and the Real Estate Markets.
1317-1322
Credit Extended by Banks to Real Estate Mortgage Lenders. .
1323-1324
Current Events and Announcements. .
1325-1326
National Summary of Business Conditions. .
1327-1328
Financial, Industrial, and Commercial Statistics, U. S. (See p. 1329 for list of
tables)
1329-1387
International Financial Statistics (See p. 1389 for list of tables) .
1389-1407
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council .
1408
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
Federal Reserve Board Publications.
Map of Federal Reserve Districts. .
Index
1409
1410-1413
1414
1415-1432
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FEDERAL
RESERVE
December 195 5
VOLUME 41
BULLETIN
NUMBER
12
GROWTH OF CONSUMER INSTALMENT CREDIT
An increase of 5 billion dollars in consumer instalment credit over the past year
has been an important factor in the upswing in economic activity. Automobile
paper accounted for most of the growth, as
the chart shows. The remainder was shared
about equally by other consumer goods
paper and personal loans. At the end of
October, outstanding instalment credit
amounted to 27 billion dollars.
Rapid expansion in instalment credit has
reflected a sharp rise in new loans extended,
accompanied by a moderate growth in repayments. Extensions, which were at a
monthly rate of about 2.4 billion dollars
seasonally adjusted in the late summer of
1954, began to expand in the closing months
of the year. They reached a record rate
this September of 3.3 billion dollars and
then declined in October. Repayments rose
more slowly over this period, from a monthly
rate of about 2.4 billion dollars to 2.8 billion
in October of this year. Changes in repayments typically lag behind changes in
extensions, and the lag this year was greater
than usual because a lengthening of maturities on new contracts reduced average
monthly payments relative to credit extensions.
Commercial banks and sales finance companies provided most of the additional instalment credit. Banks increased their own
instalment loans and also advanced funds to
other instalment lenders and retail stores to
DECEMBER
1955
NOTE.—Repair and modernization credit, the only component
not shown, decreased 10 million dollars.
finance increases in their receivables. In
addition to increased borrowing at banks,
finance companies borrowed substantially
through sales of debentures and commercial
paper to nonbank investors. The large and
persistent demand for consumer credit was
a factor, along with increased demands for
many other types of credit, in the general
tightening of credit markets and the rise in
interest rates during the year.
INSTALMENT CREDIT AND CONSUMPTION
EXPENDITURES
Extensions of instalment credit provide
consumers with additional current buying
power, while repayments of loans reduce
1311
GROWTH OF CONSUMER INSTALMENT CREDIT
CONSUMER INSTALMENT CREDIT
SHORT- AND I N T E R M E D I A T E - T E R M CONSUMER CREDIT
OUTSTANDING
Seasonally adjusted, billions of do liars
3.5
r
[Estimates, in millions of dollars]
- 3.0
Type of credit
- A7 '
/V
^/^^
****
/ x EXTENDED
- 2.5
REPAID
1
A_
•1. i
II
- 2.0
i
1
-
NET CHANGE I N
CREDIT OUTSTANDING
\y>
|
Illlll
.Jllil llllllliLi.... |... .. .miIllllli
t
1952
.5
i
1
1953
-
1.5
1954
1955
NOTE.—Latest figures shown are for October.
their buying power. Extensions have been
substantially in excess of repayments this
year, as shown in the accompanying chart.
In October, however, the gap between the
two narrowed as extensions declined and
repayments increased further.
During the first ten months of this year
the amount of instalment credit extended
was 7 billion dollars larger than in the same
period of 1954, while repayments increased
about 2 billion. Thus, expansion of instalment credit made available about 5 billion
dollars more for consumption expenditures
than during the corresponding period of
1954. This increase contributed to the
marked growth in consumption expenditures.
The impact of the rapid increase in extensions of instalment credit has been primarily on markets for automobiles and other
consumer durable goods—the major types
of goods purchased on an instalment basis.
While the rise in repayments has led to some
reduction in funds available to consumers,
the effects on markets for specific products
are not readily traceable.
1312
Increase, or
decrease (—), year
Amount ending
October 31—
Oct. 31,
1955
1955 1954 1953
Instalment credit.
26,963 5,011
Automobile paper
14,095 3,755
Other consumer goods paper.. . 5,917
593
Repair and modernization loans 1,627
-10
Personal loans
5,324
673
Noninstalment credit
Single-payment loans
Charge accounts
Service credit
Total consumer credit
7,677
2,666
3,218
1,793
654
289
186
-33
-205
18
406
4,155
2,743
634
257
521
298
39
189
178
6
5
34,640 5,665
375
4,453
326
174
97
27
Automobile
credit. Sales of new autos
at a record rate of about 7.5 million units
this year have been associated with a marked
growth in automobile credit. Credit began
to expand sharply when the 1955 models
came on the market late in 1954. Since
March extensions on a seasonally adjusted
basis have averaged about 1.5 billion dollars
monthly, as compared with a monthly average of 1.1 billion in the fall of 1954. Over
the past ten months, automobile credit extensions totaled 15 billion dollars, about 5
billion or 45 per cent more than in the same
period last year. This compares with an increase of 40 per cent in number of new autos
sold in the same period and a substantial
increase in sales of used cars.
Growth in both cash and credit sales contributed to the record volume of new car
sales this year. Cash sales of new cars increased more rapidly than credit sales immediately after the introduction of the 1955
models late in 1954, but in the spring and
summer the greater increase was in credit
sales. This pattern—strong cash sales early
in the model year, with credit sales gaining
in importance toward the end of the model
run—has characterized recent years.
Credit sales in the first quarter of 1955
were less than three-fifths of all new car
FEDERAL RESERVE BULLETIN
GROWTH OF CONSUMER INSTALMENT CREDIT
sales, while in the third quarter nearly threefourths of new cars were sold on credit.
These proportions are a little higher than in
the corresponding periods a year earlier, as
is shown in the accompanying table.
PERCENTAGE OF NEW AUTOMOBILES SOLD ON CREDIT
Period
1955
1954
1953
1952
1st Q..
2nd Q
3rdQ
57
55
59
63
63
56
57
58
72
70
59
67
4th Q
—
65
68
68
The high level of both cash and credit sales
of new automobiles this year has reflected a
number of special factors. Public response
to the 1955 models was enthusiastic. Substantial price discounts, stemming from
strong competition among producers for a
larger share of the market, have been particularly important. Moreover, credit sales
have been stimulated by lower down payments and longer maturities, particularly on
new cars.
By midsummer 30-month instalment contracts on new automobiles were typical as
compared with 24-month contracts a year
earlier. Contracts with 36-month maturities have become fairly common and some
42-month contracts have been reported. Although most lenders still require down payments of one-fourth to one-third of the
transaction price, over-allowances on tradeins and other practices have reduced the
real down payments of many credit buyers
of new cars sharply below these standards.
Over-allowances on trade-ins may be partly
offset by "packing," or inflating, the retail
price suggested by the manufacturer. In any
case the nominal down payment may overstate the real down payment with the result
that the buyer's equity may in fact be quite
small.
DECEMBER
1955
Lower down payments and higher finance
and insurance charges associated with longer
maturities, together with the increased demand for optional equipment and a trend
toward purchase of more expensive cars,
have been reflected in an increase in the average size of instalment notes on new car contracts. In October the average instalment
note was $2,200 as compared with about
$2,000 a year earlier. This increase has also
been a factor in the rise in credit extensions,
Other consumer goods credit. Instalment
credit has also been important in this year's
active markets for consumer durable goods
other than automobiles. In recent years
more than half of the purchases of furniture and major household appliances has
been financed through instalment credit.
Although the growth this year in purchases
of these goods has been more moderate than
that for automobiles, such expenditures
reached a new high in the third quarter and
are expected to be at a record level for the
year as a whole.
Total extensions of credit on furniture,
appliances, and other consumer goods were
about 1.1 billion dollars greater during the
first ten months of this year than during the
same period of 1954, and the proportion of
purchases on credit increased somewhat. As
the chart on the following page shows, the
ratio of credit extended to purchases of consumer durable goods other than automobiles
during the third quarter of this year was
about 45 per cent as compared with 40 per
cent a year earlier.
Purchases of furniture and household appliances, both for cash and on credit, have
been stimulated by many factors. Prices
have become more attractive in many lines
as competition among sellers led to special
sales and other promotional activities. The
high level of disposable personal income and
1313
GROWTH OF CONSUMER INSTALMENT CREDIT
KATIO OF CREDIT EXTENDED TO PURCHASES
Per cent
52
48
DURABLE GOODS
OTHER THAN AUTOMOBILES
44
equipment in connection with major alterations of homes, has not shown the upward
trend characteristic of most other types of
consumer credit during the past year. The
amount outstanding leveled off in early
1954, following several years of steady
growth, and since that time has shown little
change.
40
ECONOMIC FACTORS INFLUENCING CREDIT
EXPANSION
36
1952
1953
1954
1955
NOTE.—Quarterly figures on purchases used in computing
ratios are Federal Reserve estimates based on Department of
Commerce annual estimates of consumption expenditures for
durable goods other than automobiles and quarterly data (Commerce and Federal Reserve) on sales of such goods.
the record rate of sales of both new and old
homes also have contributed to the demand
for these goods.
Instalment purchases of all types of consumer goods have received some impetus
this year from the further development of
"revolving credit" and similar plans. Such
plans permit the customer to make a series
of purchases on the same account without
changing his rate of repayment or receiving
a separate credit clearance for each purchase.
The National Retail Dry Goods Association
reports that about two-thirds of the larger
department stores offered a revolving credit
plan at the beginning of 1955 as compared
with about two-fifths in 1950.
Other instalment credit. Personal instalment loans have increased steadily for more
than ten years. This year the rate of growth
has accelerated slightly. This type of credit
provides funds for a wide variety of purposes, including consolidation of consumer
debts, payment of medical expenses, and
some purchases of consumer goods.
Repair and modernization credit, which
is often used for purchases of household
1314
The favorable financial position of consumers, the high level of output and sales
of automobiles and other consumer durable
goods encouraged by vigorous selling efforts,
and the availability of credit on liberal terms
have all contributed to the rapid expansion in instalment credit this year.
Consumer incomes, which were relatively
high at the beginning of 1955, increased further as employment rose and wages and
most other types of personal income increased during the year. These developments tended to reinforce the optimism consumers had expressed early in the year when
the Board's Survey of Consumer Finances
was taken.
The large volume of purchases of automobiles and other consumer durable goods
stemmed in part from intensive efforts of retailers and manufacturers to expand their
sales. At both levels there was widespread
reliance on promotional campaigns to stimulate demand and to move the record volume
of output. Many of these campaigns specifically encouraged the use of credit.
In the consumer credit market, competitive pressure among lenders for instalment
business was intense. Lenders were in a
favorable position to expand their operations, especially during the early part of the
year. Funds were available at relatively low
cost and delinquencies and repossessions on
FEDERAL RESERVE
BULLETIN
GROWTH OF CONSUMER INSTALMENT
outstanding instalment indebtedness were
at a low level.
SOURCES OF INSTALMENT FINANCING
A large proportion of instalment contracts
originate with credit sales of automobile
dealers and retail stores, and most such paper
is sold immediately to commercial banks and
sales finance companies. These two groups
of lenders together hold about 70 per cent
of all instalment credit outstanding.
Sales finance companies accounted for
half of the 5 billion dollar increase in instalment credit outstanding over the past year
while the increase in commercial bank holdings accounted for nearly a third. In addition to expanding their own holdings of instalment credit, commercial banks contributed indirectly to the expansion in total instalment credit through increased loans to
sales finance companies and other lenders.
Sales finance companies, which specialize
in automobile credit, increased their share
of total instalment credit outstanding to 32
per cent at the end of October, compared
with 29 per cent a year earlier. This change
was accompanied by slight declines in the
proportions held by commercial banks and
retail stores, as shown in the table*
HOLDERS OF CONSUMER INSTALMENT CREDIT
Type of holder
Amount
Percentage distribution
Oct. 31,
1955
(million Oct. 31, Oct. 31, Oct. 31,
1955
1954
dollars)
1953
10,145
Commercial banks
Sales finance companies. . . 8,771
1,547
Credit unions
Other financial institutions 2,861
3,639
Retail stores
All institutions
26,963
38
32
6
11
13
39
29
6
11
15
41
28
5
11
15
100
100
100
Sales finance companies borrowed substantial amounts in both long- and shortterm credit markets. As a group they increased their debt by an estimated 2 billion
DECEMBER
1955
CREDIT
dollars in the first ten months of 1955. This
included more than 1 billion dollars of new
debentures, about 500 million dollars in debt
to banks—loans and bank-held commercial
paper—and about 400 million of commercial paper placed directly with nonbank
investors.
Among sales finance companies the methods of financing varied. Five of the larger
companies, which have about three-fifths of
the instalment debt held by all sales finance
companies, accounted for three-fourths of
the increase in total long-term debt issues
this year and all of the increase in directly
placed paper. Banks supplied a smaller proportion of the increased financing needs of
the larger companies than of other finance
companies.
Interest rates on short-term funds borrowed by sales finance companies have risen
during 1955, reflecting in part heavy demands of these companies in the credit market during a period when demands for other
purposes were also large. The rate on 3- to
6-month commercial paper placed by the
larger sales finance companies directly with
nonbank investors increased to 2% per cent
from ll/2 per cent in December 1954, while
the rate paid on bank loans by these companies increased to 3l/2 per cent, from 3 per
cent. Rates on commercial paper sold in
the open market by smaller sales finance
companies increased to as much as 3% per
cent, from 1% per cent at the close of 1954.
CURRENT SITUATION
Rapid growth in credit extensions and in
outstanding consumer instalment credit this
year has not been accompanied by a proportionate increase in the burden of repayments.
In part because longer maturities have dampened the growth in repayments and in part
because incomes have also increased, the
1315
GROWTH OF CONSUMER INSTALMENT CREDIT
ratio of repayments, including finance
charges, to disposable personal income has
increased only moderately, as is shown in the
chart.
RELATION OF INSTALMENT CREDIT TO INCOME
Per cent
16
RATIOS TO DISPOSABLE PERSONAL INCOME:
14
12
*— " *
1952
CREDIT REPAID
1953
10
1954
1955
Moving up gradually after mid-1954, the
ratio of repayments to disposable income
reached an all-time high of about 11.8 per
cent in the third quarter of this year. The
small rise in this ratio contrasts with rapid
growth in the ratio of extensions to disposable income, which increased from 11.5 per
cent to 1.4.1 per cent over the past year.
The relatively high level of repayments
this year has not been accompanied by an
increase in the proportion of instalment
1316
loans on which payments are delinquent. At
commercial banks, for example, delinquent
loans as a percentage of all instalment loans
held are now less than at any time in recent
years. The current favorable experience of
lenders reflects in part the high levels of employment and income.
Liberalization of contract terms, particularly on automobiles, has resulted in a reduction of consumers' equities in instalment
purchases and an increase in lenders' risks.
For example, for a new automobile which is
purchased on terms of one-fourth down and
36 months to pay the owner's equity at the
end of a year may be as little as 10 per cent
of the estimated depreciated value of the
car. Under extremely liberal terms the
amount of the loan for a number of months
may exceed the depreciated value of the
automobile purchased.
Efforts of producers and distributors to
maintain high levels of output and sales of
automobiles and other consumer durable
goods continue to exert pressures for increased extensions of instalment credit. On
the other hand, funds have become less
readily available to instalment lenders, and
the rates charged for such funds have increased. Many lenders have taken steps to
raise lending standards, and the trend toward
further easing of down payments and maturities appears to have slowed.
FEDERAL RESERVE BULLETIN
MONETARY POLICY AND THE REAL ESTATE MARKETS1
Congress has placed on the Federal Reserve System responsibility for formulating
and carrying out national credit and monetary policies. The System's objective is to
contribute to sustainable economic growth
and to maintenance of a stable value for the
dollar. This responsibility for credit and
monetary conditions relates to the over-all
credit situation, not to markets for particular goods and services or to the activities
of particular producer or consumer groups.2
The System's actions influence most directly
the lending and investing activities of commercial banks, which supply the credit used
by individuals or businesses. These operations of the commercial banks, in turn, influence other financial institutions and markets.
The general economic developments with
which the System is primarily concerned are
the result of combined activities of the many
markets that make up the economy. The
System must keep itself informed constantly
about these particular markets in order to
make judgments and to determine appropriate credit and* monetary policies.
Response to the Subcommittee's inquiry
about the influence of credit and monetary
policy on mortgage and housing markets
must be considered against this background.
As these are specific markets, the influence
of credit and monetary policies upon them is
indirect.
1
Statement on behalf of the Board of Governors of the
Federal Reserve System, presented by Wm. McG. Martin, Jr.,
Chairman, at a roundtable discussion before the Subcommittee on Housing, Senate Banking and Currency Committee,
Nov. 28-29, 1955.
2
The System's only direct influence on a particular market
is exercised through margin requirements (Regulations T
and U) in the market for registered stocks.
DECEMBER
1955
MONETARY POLICY AND REAL ESTATE MARKETS
OVER THE PAST F E W YEARS
The amount of housing that may be built,
sold, and financed within any period depends
upon a number of considerations. Demand
for housing depends on growth and shifts
in families and other occupants, upon price
factors, and upon ability of individual buyers
to finance their purchases. It also depends
upon the physical availability of resources
for construction of new homes—land, building materials, and labor. This places definite limits on the amount of housing that can
be added to the supply within any short period of time.
The capacity of the economy to finance
home purchases must also be considered.
The availability of funds for investment in
mortgages depends on the flow of savings,
on alternative opportunities for investing
funds, and on credit and capital market conditions generally.
Residential building and home purchases
are strongly influenced by the availability
and terms of credit. The nature of this influence is not easy to trace, for many other factors are always at work. It is clear, however,
that because of the complexity of these markets, the impact of credit and monetary
policy on their different sectors and on
participants therein varies considerably.
Mortgage markets and lenders. Because
mortgage markets are local in important respects, variations usually develop among
geographic areas, reflecting different market
structures as well as differences in regional
economic development. To a considerable
extent the development of Federally underwritten mortgages has served to reduce re1317
MONETARY POLICY AND THE REAL ESTATE MARKETS
gional differences in the supply of savings
relative to local investment demands. The
relative attractiveness of Federally underwritten mortgages and conventional mortgages may change from time to time, partly
because interest rates on the latter are free
to vary more widely than are rates on the
former.
The effects of changes in credit and monetary policy normally take some time to permeate a market as complex and variable as
the mortgage market. They may be particularly slow to influence construction, for instance, if the amount of financing commitments by lending institutions is large. The
precise timing of events cannot be foreseen
in view of the many variables involved and
the changing circumstances of each period.
For example, from mid-1952 to mid-1953
large over-all demands for credit pressed
upon limited, though growing, credit availability and resulted in some strains on financial markets. Expansion of real estate mortgage debt was restrained at the start of this
period by the selective regulation of real
estate construction credit. Regulation X,
governing the extension of conventional
credit on new houses and other new structures, was suspended in September 1952, but
some restrictive conditions on Federally
underwritten mortgages continued until
April 1953.
Federally underwritten mortgages having
relatively low maximum interest rates became less attractive to investors in a market
of generally rising yields, and were salable
only at discounts from par. GI loans on new
houses, in particular, declined markedly during the year ending June 1953 and were a
much smaller proportion of total mortgage
lending than in comparable earlier periods.
Conventional mortgage lending meanwhile
increased substantially, although such loans
1318
were generally available to borrowers only
at higher interest rates and on more restrictive terms than had been the case prior to
selective credit regulation and general credit
restraint.
Interest rates on Federally underwritten
mortgages were raised in May 1953. Shortly
afterwards, the slackening of other credit
demands, the easing in credit and monetary
policy, and the resulting decline in yields on
nonmortgage investments improved the
competitive position of mortgages generally
in financial markets. Moreover, the flow of
savings to financial institutions was increasing rapidly while issues of corporate securities available to investors were reduced.
The changed demand and supply situation in financial markets began to be reflected significantly in mortgage markets late
in 1953. By that time, with slackening in
other demands for credit and a continuing
decline in yields on competitive investments,
funds for mortgages with Federal underwriting became much more readily available,
with both F H A and V A loans selling in secondary markets at prices close to par, and
interest rates on conventional loans reduced
by % to l/2 per cent. Investors began actively to seek mortgages on terms which they
would not have granted six months earlier.
Commitments by lenders to take mortgages,
especially those guaranteed by VA, were
made in increasing volume toward the end
of 1953 and rose sharply in 1954, and many
lenders who earlier did not engage in such
activity began to do so.
The rise in mortgage credit on newly completed and existing properties did not occur
until the second half of 1954. In that period
total mortgage lending was one-fourth larger
than in the preceding six months, reflecting
gains in most types of loans for purchase of
both new and existing houses. GI loans
FEDERAL RESERVE BULLETIN
MONETARY POLICY AND T H E REAL ESTATE MARKETS
were increasingly available to borrowers with
no down payment and maturities of 30
years, and other types of mortgage loans
were also readily available on favorable
terms.
Mortgage lending on residential properties
expanded sharply in the first half of 1955 to
an all-time high of almost 14 billion dollars.
The volume of GI loans made on new houses
rose markedly to over 2 billion dollars, the
largest total by far for any half year. In the
same period there was a sharp rise in FHAinsured loans on existing houses to over 900
million dollars, reflecting chiefly a liberalization of terms made possible by the Housing
Act of 1954.
For the full year ending June 30,1955, new
records for nearly all types of mortgage lending were established. The ready acceptance
by investors of VA-guaranteed loans on
terms favorable to borrowers and the accumulation of a large backlog of commitments by lending institutions, to take mortgages in the future, stand out as major influences on the mortgage market during this
period. Increase in the volume of VA loans
amounted to over two-thirds of the increase
in lending on new houses and over two-fifths
of the increase in lending on existing houses.
Meanwhile, FHA-insured loans made on
new houses during these 12 months showed
little change from the two preceding 12month periods.
Housing markets. The influence of credit
conditions on home building and purchase
is even more difficult to trace than that on
mortgage markets, particularly as far as the
timing of changes is concerned. For example, there was little decline in residential
construction activity as a result of the credit
stringency in the spring of 1953. Subsequently, there was considerable lag in the
adjustment of residential market activity to
DECEMBER
1955
the change toward easier credit availability
which began around mid-1953. The number of housing units started through the first
half of 1954 was little different from comparable periods in preceding years. Statistical measures of pre-building activity did not
begin to move upward until early 1954, but
thereafter rose rapidly. By August, requests
by builders to the Veterans Administration
for appraisal of proposed houses were more
than double the largest monthly total in the
three preceding years. Applications to FHA
for mortgage insurance on new houses also
reached considerably higher levels in the
summer and autumn of 1954 than in previous comparable periods.
Reflecting the upsurge in pre-building activity, new private housing starts beginning
in June 1954 increased contraseasonally
through the end of the year, with monthly
totals in the last quarter the largest for any
comparable month on record. The substantially larger volume of units started in the
second half of 1954 compared with the like
period of 1953 reflected chiefly a more than
doubling in units started under VA guarantee. Units started under FHA financing arrangements also increased slightly, while
conventionally financed starts declined.
Sales of old as well as new houses accelerated in the second half of 1954 and continued strong through the middle of 1955.
In the 12 months ending June 1955, substantially more houses were sold than during
preceding comparable periods. Reflecting
the impact of easing terms in the GI loan
market during 1954, the increase in units
sold with VA-guaranteed mortgages in the
year ending June 1955 amounted to almost
two-thirds of the increase in new house sales
and nearly two-fifths of the increase in existing house sales.
1319
MONETARY POLICY AND T H E REAL ESTATE MARKETS
THE CURRENT SITUATION
This summer and autumn economic activity in most lines has been at new high
levels. The gross national product in the
third quarter was a record 392 billion dollars
(seasonally adjusted annual rate) and a further large increase is indicated for the current quarter. In October, industrial production continued at the new high established
in September and nonagricultural employment was a record for any October.
The most striking economic developments
over the past year have been the marked expansion in consumer buying, especially of
durable goods, renewed rise in business outlays for fixed capital, and the relatively
moderate nature of inventory accumulation.
Since output in many areas is now close to
capacity, further increases in production will
necessarily be at a slower pace and growth
in consumption and investment demands will
need to be correspondingly moderated.
Reflecting the pressures of expanding demands upon limited supplies, wholesale
prices of industrial commodities have been
rising considerably since midyear, with the
increases more recently extending to intermediate products and finished goods. Consumer prices, which have been relatively
stable for two years, have recently shown
signs of edging up.
The situation is not greatly different in
construction and real estate markets, except
that these markets have been extraordinarily
strong for a longer period. Since the recovery in the general economy began more than
a year ago, activities revolving about construction and real estate, which continued
high throughout the 1953-54 recession, have
expanded sharply further and are now at record levels. The evidence in recent months
suggests increasingly that construction and
1320
real estate activities—even more markedly
than most manufacturing activities—are close
to capacity. In these areas, as in the economy
as a whole, a major current problem is to
prevent development of inflationary forces,
which could lead to serious maladjustments
and declines from the gratifying levels of
activity experienced in recent years.
The recent volume of construction and
high levels of economic activity generally
have resulted in large and widespread price
increases for building materials. After about
two years of comparatively easy material supplies and efficient operations, materials shortages and delays in the progress of work have
reappeared. Likewise, financing—in competition with many other expanded demands
in a capital market characterized by large,
though limited, supply—has become more
difficult and more expensive for many types
of undertakings.
Some observers in recent weeks have attributed these developments and the moderately reduced level of starts solely to a more
restrictive monetary policy. This is by no
means an adequate explanation. For example, although housing starts for some
months have been below the very high levels
reached last spring, the number of houses
under construction this summer was probably larger than ever before. If construction delays have been as serious as some
trade reports suggest, this number may still
be rising. The number of new houses completed and occupied in the first six months
of 1955 was considerably larger than in any
other first half year. Completions in the second half will undoubtedly rise further to
exceed the all-time record second half of
1950.
These completions have required an exceptionally heavy volume of financing. In addition, sales of an unprecedented number of
FEDERAL RESERVE BULLETIN
MONETARY POLICY AND THE REAL ESTATE MARKETS
old houses have also been financed. Accordingly mortgage lending so far this year is at
record levels, more than one-fourth higher
than in the comparable period last year. Demands for financing are still rising. Whatever effects the present credit situation may
be having on housing markets, it has not
prevented an extraordinarily large volume
of inbrtgage underwriting. It is the large
demands for credit throughout the economy,
rather than a curtailment of funds for investment in housing, that has caused a tightening in the money market.
Mortgage repayments have also been rising, but at a slower rate. As a result, the
amount of mortgage debt outstanding has
been growing rapidly. Mortgage debt outstanding on small properties this year can be
expected to increase by about 13 billion dollars, compared with 9.6 billion dollars in
1954.
This year's increase in all nonfalrm mortgage debt will be close to 16 billion dollars,
and of this over 11 billion will be acquired
by three major groups of lenders—savings
and loan associations, mutual savings banks,
and life insurance companies. This is a very
large proportion of the total increase this
year in the capital and liabilities due from
these institutions to the public. In other recent years the increase in their capital and
liabilities to the public exceeded the increase
in their mortgage holdings by a wider margin.
*
To obtain the funds needed to keep up the
recent high and rising level of mortgage
lending and to meet other financing demands which have also been large, these
institutions have been borrowing heavily this
year from commercial banks. Mortgage
lenders have also been obtaining forward
commitments from the banking system in
order to be in a position to make good their
DECEMBER
1955
own forward commitments to lend. A special survey of large city banks indicated that
in the year ended August 10 loans of such
banks to mortgage lenders had risen by over
half a billion dollars and that additional commitments for 154 billion dollars of loans to
such lenders were outstanding. In addition,
direct real estate loans by commercial banks
are likely to rise this year by over 3 billion
dollars. It should be borne in mind that
expansion in commercial banking operations
creates new supplies of money in contrast
to other financial institutions which lend
existing funds.
It is evident that consumers have been
buying houses—both old and new—at a
higher rate than ever before. Builders' operations—which means houses under construction, builders' financial obligations, consumption of materials and need for credit—
have been higher than ever before. Commitments of financial organizations to take
mortgage loans have been very close to, if not,
the largest on record. Moreover, a larger
proportion of financial institutions appears
to be obligated on commitments. This
means that individual institutions have not
had the freedom to respond to the current
demands that they might otherwise have
had. It no doubt accounts in part for reports that builders are unable to obtain additional forward commitments.
With the housing industry operating close
to capacity and bidding actively against other
industries for resources, prices of construction materials have increased. Properties
under construction have been very high and
so also has been construction financing to
carry these inventories. The demand for
funds has been beyond the supply of savings, and additional funds have been supplied
from an unusually large expansion of bank
credit.
1321
MONETARY POLICY AND THE REAL ESTATE MARKETS
Except, perhaps, for the extent to which
commitments to finance future transactions
are outstanding, the situation in residential
construction and real estate is very much like
the credit situation generally. Heavy demands for credit have been in evidence almost everywhere—to finance the high level
of consumer buying of automobiles and other
durable goods; to finance business expansion of fixed plant and equipment; to finance
public improvements by State and local governments. T h e Federal Government has
also been a substantial borrower in recent
months, but most, if not all, of this borrowing will be offset by debt retirement during
the remainder of the fiscal year. The volume of investable funds becoming available
from consumer and business savings has not
been adequate to take care of all these demands. Mortgages are competing with all
these other uses for the large, but limited,
supply of funds.
While some expansion of commercial bank
credit has been desirable in order to supply
1322
additional cash balances, consistent with the
growth needs of the economy, the commercial banking system could not have met all
of these demands for credit not supplied
from savings without running the risk of
inflationary consequences.
In a prosperous, expanding economy,
funds for financing home ownership, as well
as financing ownership of other long-lasting
capital goods, should come as far as possible
from savings in the hands of the owners or
made available on loan from institutional or
other holders of accumulated savings funds.
Free competitive credit markets are the most
effective means for allocating these funds to
applicants.
Under prevailing conditions, demands for
funds are running far ahead of the supply
of savings. To meet these demands by creating new supplies of money through the commercial banking system with Federal Reserve assistance, would invite dangerous inflationary repercussions throughout the entire
country.
FEDERAL RESERVE BULLETIN
CREDIT EXTENDED BY BANKS TO REAL ESTATE MORTGAGE LENDERS
Credit extended to real estate mortgage
lenders by weekly reporting member banks
on November 16, 1955 amounted to 1,618
million dollars as compared with 1,411 million on August 10, 1955 and 606 million on
August 11, 1954. Commitments to extend
1,249 million dollars of additional credit to
these lenders were also available, 46 million
less than on August 10, 1955.
Real estate mortgage loans purchased from
mortgage lenders under resale agreements
accounted for 405 million dollars of the 1,618
million total of holdings on November 16
and for 66 million of the increase since August. Of the 66 million increase, 26 million
was purchased from insurance companies
and 22 million from mortgage companies.
Loans to real estate mortgage lenders secured by the pledge of real estate mortgage
loans accounted for 1,105 million dollars of
the holdings and 122 million of the increase
since August. As in the previous survey,
these loans were largely to real estate mortgage companies. Other loans to real estate
mortgage lenders, which were not secured
or were secured other than by real estate
mortgage loans, amounted to 108 million
dollars on November 16.
Unused portions of firm commitments
made by the reporting banks to purchase
real estate mortgage loans from real estate
lenders with or without resale agreement, or
to make secured or unsecured loans to these
lenders, amounted to 147 million dollars for
insurance companies, 918 million for mortgage companies, and 183 million for other
lenders. These commitments have decreased
46 million dollars since August 10, 1955.
The data for November 16 and the August
DECEMBER
1955
CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY
WEEKLY
REPORTING M E M B E R
BANKS IN LEADING
NOVEMBER 16 AND AUGUST 10, 1955
AND AUGUST 11,
CITIES
1954
[In millions of dollars]
Outstanding on
Increase (or
Decrease —)
Aug.
Nov.
Aug.
Aug.
16,
10,
11,
1955
Real estate mortgage loans
purchased from real estate
mortgage lenders under resale agreement, total
1955 r 1954 r
Aug.
10 to
Nov.
11,
1954
to
16,
Aug.
1955
10,
1955'
405
339
52
66
287
261
116
28
235
94
10
4
44
4
26
22
17
231
50
6
Loans to real estate mortgage lenders secured by
the pledge of real estate
mortgage loans owned by
the borrowers, total
1 ,105
983
517
122
466
Insurance companies. . .
37
Mortgage
companies.... 1,008
1
59
Others
13
910
59
12
479
26
24
98
1
431
34
108
89
37
19
52
2
38
68
4
25
60
2
10
25
-2
13
8
2
15
35
Total loans to real estate
mortgage lenders
1,618
1,411
606
207
805
Unused portions of firm commitments to purchase real
estate mortgage
loans
from real estate mortgage
lenders with or without resale agreement, or to
make secured or unsecured
loans to real estate mortgage lenders, total
1,249
1,295
Insurance companies. . .
Mortgage companies. . .
Others 1
Loans to real estate mortgage lenders, not secured,
or secured other than by
the pledge of real estate
mortgage loans owned by
the borrowers, total
Insurance companies. . .
Mortgage companies....
Others 1
Insurance companies. . .
Mortgage companies....
Others 1
147
918
183
184
895
217
-46
See
note
-37
23
-34
r
Revisions in current survey of figures previously reported by
banks.
1
Savings and loan associations, mutual savings banks, builders
and other organizations (other than banks) that make or hold
substantial amounts of real estate loans.
NOTE.—Reporting banks were asked to estimate Aug. 11, 1954
figures, except commitments. Banks reporting less than a million
dollars of loans and commitments at Aug. 10, 1955 were not asked
to report on Nov. 16, but their Aug. 10 figures are included in
Nov. 16 data shown above for comparative purposes.
Details may not add to totals due to rounding.
dates were obtained in two surveys undertaken for the purpose of ascertaining the
amounts of all types of credit extended by
1323
CREDIT EXTENDED BY BANKS TO REAL ESTATE MORTGAGE LENDERS
commercial banks to real estate mortgage
lenders. Results of the earlier survey were
published in the September issue of the Federal Reserve BULLETIN. Both surveys provide
data on various types of "warehousing loans"
which are not set forth separately in the loan
figures published each Wednesday in the
statement of condition of weekly reporting
member banks in leading cities. Most of
the loans and commitments to real estate
lenders are financed at the large banks in-
1324
cluded in the weekly reporting series; banks
in this series hold about two-thirds of total
loans of all member banks.
Although banks that reported less than a
million dollars of loans and commitments
at August 10, 1955 were not asked to report
as of November 16, their holdings at August 10, amounting to 39 million dollars in
loans and 9 million in commitments, are included in the November 16 figures for comparison with the earlier dates.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
A meeting of the Chairmen and Deputy Chairmen of the Federal Reserve Banks with the members of the Board of Governors was held in Wash- Class A
ington on December 1-2, 1955.
A meeting of the Federal Open Market Committee was held in Washington on December 13,
1955.
Increase in Federal Reserve Discount Rates
Shortly following the increase in discount rates
to 2% per cent by six Federal Reserve Banks as
noted in the November BULLETIN, the Board of
Governors of the Federal Reserve System approved
actions by the other six Reserve Banks to increase
their discount rates to 254 per cent. The approval
and effective dates of the new rates are as follows:
Approval
date
Nov. 18, 1955
Nov. 18, 1955
Nov. 21,1955
Nov. 21, 1955
Nov. 21,1955
Nov. 22, 1955
Reserve
Ban\
Kansas City
Minneapolis
St. Louis
Boston
Richmond
Dallas
Effective
date
Nov. 21, 1955
Nov. 21, 1955
Nov. 22, 1955
Nov. 22, 1955
Nov. 22, 1955
Nov. 23,1955
The rate previously in effect at these six banks
was 2 J4 per cent, as it had been at the six banks
that increased their discount rates effective November 18, 1955.
Class A
LINDLEY S. HURFF, President and
Trust Officer, The First National
Bank, Milton, Pennsylvania. Mr.
Hurff succeeds Mr. Bernard C.
Wolfe, President, The First National
Bank, Towanda, Pennsylvania.
Class B
E.
UMPHREY,
Washburn,
Maine. President, Aroostook Potato
DECEMBER 1955
CHARLES E. OAKES, President and Di-
rector, Pennsylvania Power and
Light Company, Allentown, Pennsylvania. (Re-elected)
CLEVELAND
Class A
KING E. FAUVER, Director, The Sav-
ings Deposit Bank and Trust Company, Elyria, Ohio. Mr. Fauver
succeeds John D. Bainer, President,
The Merchants National Bank and
Trust Company, Meadville, Pennsylvania.
Class B
OLIVER B. ELLSWORTH, President and
HARRY
Director, General
Foods Corporation, New York, New
York. (Re-elected)
PHILADELPHIA
Trust Officer, Riverside Trust Company, Hartford, Connecticut. (Reelected)
Class B
Board, The First National City Bank
of New York, and Chairman of the
Board, City Bank Farmers Trust
Company, New York, New York.
Mr. Sheperd succeeds N. Baxter
Jackson, Chairman, Chemical Corn
Exchange Bank, New York, New
York.
CLARENCE FRANCIS,
BOSTON
Class A
NEW YORK
HOWARD C. SHEPERD, Chairman of the
Class B
Election of Class A and Class B Directors
The Federal Reserve Banks have announced the
results of the annual elections by their member
banks of Class A and Class B directors as shown
below. The directors have been elected to serve for
three years beginning January 1, 1956.
Growers, Inc., Presque Isle, Maine.
(Re-elected)
Z. HARDWICK, Executive Vice
President and Director, The Ohio
Oil Company, Findlay, Ohio. Mr.
Hardwick succeeds Edward C. Doll,
President, Lovell Manufacturing
Company, Erie, Pennsylvania.
CHARLES
RICHMOND
Class A
E. HEALY, President, Citizens
National Bank, Hampton, Virginia.
JOSEPH
1325
CURRENT EVENTS AND ANNOUNCEMENTS
Mr. Healy succeeds Warren S.
Johnson, Investment Counselor, Peoples Savings Bank and Trust Company, Wilmington, North Carolina.
Class B
Class A
VINTON HERSHEY, President, The Hagerstown Shoe Company, Hagerstown, Maryland. Mr.
Hershey succeeds H. L. Rust, Jr., Class A
President, H. L. Rust Company,
Washington, D. C.
Class B
ATLANTA
WILLIAM C. CARTER, Chairman and
DONALD
COMER,
Chairman
of
the
Board, Avondale Mills, Birmingham, Alabama. (Re-elected)
Class B
R. OBERWORTMANN, President, The North Shore National Class A
Bank, Chicago, Illinois. (Re-elected)
NUGENT
Class B
WILLIAM
Class A
J. E. ETHERTON, President, The Carbondale National Bank, Carbondale,
Illinois. (Re-elected)
J. GREDE, President, Grede
Foundries, Inc., Milwaukee, Wiscon- Class B
sin. (Re-elected)
ST. LOUIS
Class B
S. J. BEAUCHAMP, JR., President, Terminal Warehouse Company, Little
Rock, Arkansas. (Re-elected)
MINNEAPOLIS
Class A
JOSEPH F. RINGLAND, President
and
Chairman of the Board, Northwestern National Bank, Minneapolis,
Minnesota. Mr. Ringland succeeds
Edgar F. Zelle, Chairman of the
Board, First National Bank, Minneapolis, Minnesota.
1326
KANSAS CITY
W. S. KENNEDY, President and Chairman, First National Bank, Junction
City, Kansas. (Re-elected)
E. M. DODDS, Chairman of the Board,
United States Cold Storage Corporation, Kansas City, Missouri. (Reelected)
DALLAS
Class A
CHICAGO
Class A
G. HARRISON, President, Super
Valu Stores, Inc., Minneapolis, Minnesota. Mr. Harrison succeeds
Homer P. Clark, Honorary Chairman of the Board, West Publishing
Company, St. Paul, Minnesota.
THOMAS
LAWRENCE
President, Gulf National Bank, Gulfport, Mississippi. Mr. Carter succeeds Leslie R. Driver, President,
The First National Bank, Bristol,
Tennessee.
Class B
Class B
J.
President, Security State Bank and Trust Company,
Rails, Texas. (Re-elected)
J. B. THOMAS, President and General
Manager, Texas Electric Service
Company, Fort Worth, Texas. (Reelected)
EDD MCLAUGHLIN,
SAN FRANCISCO
A. SCHOONOVER, President, The
Idaho First National Bank, Boise,
Idaho. (Re-elected)
WALTER S. JOHNSON, President, American Forest Products Corporation,
San Francisco, California. (Reelected)
JOHN
Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually
Issue
Page
Banking offices:
Analysis of changes in number of. . . Aug. 1955
944
On, and not on, Federal Reserve Par
List, number of
Aug. 1955
945
Stock Exchange firms, detailed debit
and credit balances
Sept. 1955 1046-1047
Annually
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by
class and State
Operating ratios, member banks
Banking and monetary statistics, 1954
Feb.
1955
206-207
May 1955
Oct. 1955
May 1955
564-572
1188
573
Apr. 1955
June 1955
|^eb- ^55
430-431
712-714
210-216
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released for publication December 14]
Economic activity continued to increase in November. Industrial production, employment, and
incomes expanded somewhat further. Sales at department stores were also up slightly further in
November and early December. Industrial commodity prices continued to advance and prices of
farm products and foods declined again. Bank
loans continued to expand, the Federal Reserve discount rate was increased again, and short-term
money rates rose further.
INDUSTRIAL PRODUCTION
Reflecting continued strength in durable and nondurable goods and minerals industries, the Board's
preliminary seasonally adjusted index of industrial
production in November advanced 1 point to a new
high of 144 per cent of the 1947-49 average.
Output of primary metals reached a new record
in November, with steel production at 99 per cent
of capacity. Steel mill activity continued at record
rates in early December. Auto and truck assemblies
have been close to earlier peak rates since midNovember, following completion of model changeovers. Auto output for the calendar year 1955 is
expected to total about 8 million cars. Output of
furniture continued to increase in November, while
production of appliances and television declined
somewhat further. Reduced activity in some elecINDUSTRIAL PRODUCTION
TOTAL
4
\
^
/A
140
120
DURABLE
MANUFACTURES
-
f \j /\/
-
100
140
MINERALS
120
|
^I n
M
1953
1
100
,
, ! , M M M . U K
1954
1955
195
2
MIMMMMI
I | M
1953
1954
K
1955
Federal Reserve indexes. Monthly figures, latest shown are
for November.
DECEMBER
1955
CONSTRUCTION
The number of private housing units started in
November was at a seasonally adjusted annual
rate of 1.2 million units, slightly below the preceding two months. Value of contract awards was
only slightly less than in October as private residential awards declined less than seasonally and
contracts for all other construction remain unchanged. The value of new construction put in
place was maintained at a seasonally adjusted annual rate of close to 42 billion dollars.
EMPLOYMENT
Seasonally adjusted employment in nonagricultural establishments increased in November to a
peak of 50.1 million, 1.8 million above a year ago.
Manufacturing employment was up further, and
the average factory workweek increased slightly to
41.2 hours. Reflecting both longer hours and a
further rise in hourly earnings, average weekly pay
at factories increased to $79.52, or 8 per cent above
a year ago. Unemployment increased seasonally to
2.4 million as outdoor activities were curtailed and
holiday job seekers entered the labor market.
DISTRIBUTION
NONDURABLE
MANUFACTURES
-
,Ml|,,,,,,,,,
1952
/_
trical appliance and equipment lines reflected in
part a work stoppage at plants of a major producer.
Output of most types of producers' equipment continued to advance. Production of construction materials continued at exceptionally high levels.
Nondurable goods output in November was at
a new record rate as gains continued in textile, apparel, rubber, and paper products industries. Activity in the leather products industries declined
moderately, reflecting in part work stoppages. Production of petroleum and metal mining activity expanded in November, after allowance for seasonal
changes, and total minerals output reached a new
peak.
Seasonally adjusted retail sales in November were
slightly below their advanced September-October
level and about 8 per cent above a year ago. Department store sales increased slightly further in
November to about their July high. Auto sales
1327
NATIONAL SUMMARY OF BUSINESS CONDITIONS
remained below earlier record levels and, with output of the new models close to the spring peak
rates, dealers' stocks of new autos rose sharply
from reduced levels. Used car stocks were little
changed in November.
COMMODITY PRICES
Prices of industrial commodities continued to rise
from mid-November to mid-December. Steel
scrap rose sharply to record levels and prices of
various steel products, copper scrap, tin, rubber,
cement, fuel oils, and cotton textiles advanced.
Prices of farm products and foods, on the other
hand, continued to decline, chiefly because of
further reductions in livestock and meat prices.
Marketings of both cattle and hogs have continued
in exceptionally large volume.
serve averaged about one billion dollars during
November and early December, and excess reserves
somewhat above 500 million dollars. Federal Reserve purchases of U. S. Government securities supplied some reserves to banks but not in sufficient
amounts to offset substantial and larger-than-usual
currency outflow.
In November, the discount rate at all Federal
Reserve Banks was increased to 2l/2 per cent.
SECURITY MARKETS
Following the increase in discount rates, yields
on short- and intermediate-term Government securities rose substantially. In mid-December the market yield on 90-day Treasury bills was around 2l/2
per cent. In a Treasury refunding offering for 12.2
billion dollars of Treasury securities maturing in
December, about 11.4 billion, half of which were
BANK CREDIT AND RESERVES
held in Federal Reserve account, were exchanged
Loans and investments at city banks changed into a new 2% per cent certificate or a 2% per
little during November and early December as cent two and one-half year note. To obtain cash
substantial loan expansion was offset by sales of needed to cover the cash redemption and for other
U. S. Government and other securities. Business purposes, the Treasury subsequently sold on an
loans increased one billion dollars. Loans to bor- auction basis 1.5 billion dollars of March taxrowers with special seasonal needs rose further and anticipation bills at an average issuing rate of 2.47
loans to sales finance companies, public utility con- per cent. Yields on the longest-term Government
cerns, and metal manufacturers expanded consider- bonds remained stable at levels slightly below their
ably. Real estate and consumer loans continued summer peaks. Yields on corporate and municipal
bonds increased, the latter rather sharply, in late
to increase.
Member bank borrowings from the Federal Re- November and the first part of December. Common stock prices fluctuated within a narrow range
PRICES AND TRADE
at levels close to the September peak.
Per cent, 1947-49 = 100
MONEY RATES
WHOLESALE PRICES
Per cent per
FARM.
PRODUCTS
V
" w
V
DEPARTMENT STORE TRADE
DISPOSABLE PERSONAL
INCOME
V^
*
^
„/
'
HjJ 100
Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total
retail sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices
exclude processed foods, included in total but not shown separately. Monthly figures, latest shown: October for income,
consumer prices, and department store stocks; November for
other series.
1328
1952
1953
1954
1955
Figures except for Federal Reserve discount rate are weekly
average market yields. Corporate Aaa bonds, Moody's Investors Service; U. S. Government long-term (excludes 3J4 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 Dec. 7.
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
1331-1332
1332-1333
1334
1335-1337
1337-1338
1338
1339
1340
1341-1343
1344-1345
1346-1347
1348
1349
1350-1351
1352
1353
1354-1359
1360
1361-1362
Real estate credit statistics
1363-1365
Statistics on short- and intermediate-term consumer credit. .
1366-1368
Business indexes
1369-1378
Merchandise exports and imports. .
1378
Department store statistics. . .
1379-1383
Consumer and wholesale prices.
1384-1385
Gross national product, national income, and personal income
1386-1387
List of tables published in BULLETIN annually, or semiannually
with references for latest data.
1326
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 tables may be obtained from earlier
BULLETINS.
DECEMBER
1955
1329
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-
Billions of dollars
MEMBER BANK
RESERVE BALANCES
20
15
EXCESS RESERVES
MONEY IN CIRCULATION
25
20
^AA
TREASURY CASH AND DEPOSITS
1
1
1
1
L NONMEMBER DEPOSITS 1
30
FEDERAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:
25
20
I
HELD UNDER
REPURCHASE AGREEMENTS
-
-.- -— -
~
A , . - . --A-.
1
J
.
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
^^^
1949
1950
1951
1952
1953
1954
1955
Latest averages shown are for week ending Nov. 30. See p. 1331.
1330
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities
DisHeld
counts
under
and
Bought
Float
out- repur- a d Total
right cna e vances
ment
p<;riod
All
oth- Total
er*
Gold
stock
Treasury Money
curin
rency
ciroutculastand- tion
ing
Deposits, other
Member bank
than member bank
Other
reserve balances
reserve balances,
TreasFedwith F. R. Banks
ury
eral
cash
Rehold- Treas- For- Oth- serve
ReExer
ury
ings
eign
Total quired 2 cess'
acj«
d e - counts
dedeposits posits posits
Averages
of daily
figures
Week ending:
1954
Oct
6....
oct! 1 3 . ! ! !
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov 1 7 . . . .
Nov! 2 4 ! ! ! !
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
24,464
24,754
24 685
24,553
24,448
24,745
24,685
24,553
16
9
355
277
271
300
617
669
751
1,046
25,338
25,465
25,699
25,360
25,436
25,701
25,768
25,900
24,722
24,891
24,919
24,928
24,918
24,715
24,889
24,888
24,888
24,888
7
2
31
40
30
498
465
442
311
377
698
724
810
1,373
1,138
25,918
26,080
26,172
26,612
26,433
21,710
21,710
21,711
21,712
21,712
24,918
24,532
24,155
23,683
44
21
27
12
8
114
81
372
504
445
453
524
555
387
395
490
479
483
630
745
885
756
881
806
666
640
668
804
26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
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
24 492 74,492
24,606 24,581
24,487 24,456
24,381 24,381
25
31
179
259
284
257
667
599
927
721
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
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
30,010
30,143
30,125
30,028
793
790
796
801
676
594
570
567
484
466
443
442
452
472
440
411
948
950
950
949
30,088
30,206
30,262
30,318
806
796
799
800
669
362
397
576
432
423
425
409
472
394
324
399
30,466
30,623
30,755
30,885
30,828
806
806
812
800
801
605
535
363
345
453
396
361
405
443
523
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
5,003
5,003
5,003
5,005
5,005
5,005
5,006
5,006
5.006
5,007
5,007
5,007
5,009
5,009
5,009
5,008
5,008
5,008
30,501
30,361
30,079
29,866
449
378
275
272
29,767
29,794
29,782
29,771
804
814
818
827
834
827
824
825
29,796
29,819
29,833
29,793
29,716
4,979
4,982
4,985
4,990
4,996
4,997
4,999
5,001
5,003
5,004
5,006
5,008
5,008
17,894
895
886
883
882
18 756
18!832
19,136
18,895
18,810
19,364
19,306
19,205
405
408
398
346
295
881
877
891
975
976
527
493
516
422
413
409
413
280
916
905
902
901
431
472
399
490
441
447
486
390
419
480
458
486
899
895
913
959
827
828
817
818
826
575
548
356
887
1,000
324
364
422
339
338
481
476
358
435
490
957
955
957
964
964
29,831
29,940
29,793
29,686
821
812
820
813
559
325
483
541
344
349
419
367
492
553
454
438
976
979
978
978
29,767
29,859
29,877
29,826
815
811
821
818
675
280
310
437
360
363
417
394
443
442
377
421
923
920
924
937
29,961
30,059
30,058
30,035
30,021
823
835
832
818
814
582
440
304
213
323
400
387
434
408
425
478
416
387
278
275
936
935
940
981
981
30,299
30,416
30,287
30,157
814
803
793
798
420
440
416
480
367
425
460
439
468
419
415
403
970
971
970
967
30,237
30,285
30,33t>
30,288
30,268
30,436
30,520
30,401
30,323
30,428
30,552
30,621
30,498
803
800
797
803
803
806
803
794
787
791
788
777
778
638
o46
507
594
479
447
431
579
693
525
514
534
496
422
434
474
415
399
412
396
400
393
394
900
885
910
946
946
379
419
377
370
381
383
391
381
393
400
394
386
390
429
409
387
30,528
30,657
30,794
30,824
30,962
772
774
774
783
782
500
571
613
532
439
408
384
400
395
399
30,287
30,749
30,110
29,784
29,790
29,807
29,861
30,050
30,284
30,289
30,420
30,532
30,791
800
805
819
826
823
816
818
825
801
801
797
781
778
492
443
341
477
690
501
421
329
461
569
540
509
538
416
439
477
420
363
370
389
412
423
431
386
390
394
18,269
18,224
631
867
671
18,233
18,244
18,423
18',524
577
1,120
883
681
19,052
19,162
19,241
19,512
19,250
18,464
18,444
18,555
18,690
18,630
588
718
686
822
620
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
18,580
18,436
18,383
18,429
683
694
793
645
18,361
18,272
18,236
18,108
591
728
570
608
18,089
18,018
18,149
18,123
17,918
553
578
630
681
490
556
654
642
617
385
433
564
399
398
943
942
990
990
999
1,011
1,010
1,010
951
939
938
935
935
18,611 18,055
18,868 18,214
18,895 18,253
18,877 18,260
18,659 18,201
18,920 18,176
18,853 18,207
18,673 18,192
18,496 18,063
18,648 18,036
18,678 18,099
18,998
18,653 18!164
18,609 18,085
18,779 18,047
18,774 18,209
18,945 18,386
18,910 18,320
18,824 18,163
18,757 18,155
18,673 18,100
18,614 18,130
18,685 18,111
18,750 18,142
18,767 18,191
18,618 18,134
18,700 18,189
18,728 18,175
19,119 18,494
18,891 18,433
18,898 18,421
18,899 18,343
18,883 *>18,297
19,036 P 1 8 , 4 3 4
18,794 P 1 8 , 3 4 7
393
365
383
473
442
481
432
345
423
398
392
403
444
883
929
903
927
960
973
928
959
962
918
968
1,000
937
19,207
19,279
19,114
18,819
18,635
18,800
18,746
18,715
18,824
18,728
18,711
18,870
18,902
1 955
2
9
16
23....
23,852
24,016
23,908
23,732
24,874
24,511
24,128
23,671
23,844
23,902
23,827
23,732
2
9
16
23
30....
23,604
23,604
23,606
23,664
23,604
23,604
23,604
23,604
23,604
23,604
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar,
Mar
Mar
613
662
521
544
544
23,666 23,613
53
4
137
374
23,839 23,702
11
23
317
23,687 23,664
18
23,513 23,513
427
25
3
612
23,603 23,600
1
23,683
533
23,683
8
23,588 23,588
558
15
348
22 .*;.'.' 23,554 23,554
23,554 23,554
456
29
688
11
23,703 23,692
6
14
685
23,957 23,943
13
357
23,943 23,943
20
439
2 7 . . . . 24,140 24,035 " ' 105
781
24,044 23,982
62
3
72
888
1 0 . . . . 24,055 23,983
796
1 7 . . . . 23,891 23,891
23,796 23,796
724
24
23,761 23,761
770
31
865
65
7. . . . 23,826 23,761
23,813 23,744
69
918
14
23,564 23,564
768
21
901
2 8 . . . . 23,598 >3,587
ii
843
117
23,844 23,727
5
119
909
23,911 23,792
12
24,021 23,916
105 1,041
19
23,973 23,973
771
26
943
23,995 23,995
2
24,024 24,024
1,144
9
50 1,173
24,068 24,018
16
816
23,888 23,888
23
973
98
24,001 23,903
30
Apr. 6
Apr. 13
Apr. 20
Apr. 2 7 . . . .
May
May
May
May
June
June
June
June
June
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept
Sept
Sept
Sept.
Oct.
Oct.
Oct.
Oct.
Nov
Nov
"Nov
Nov
TSJov
2
60
23,643
23,682
23,604
23,604
23,604
23,604
23,604
23,604
39
78
(8)
797
789
719
1,032
677
656
801
1,031
861
743
696
888
880
772
812
793
1,137
789
858
913
1,118
915
802
627
794
891
671
687
826
1,263
960
816
874
1,088
985
793
776
1,013
1,486
1,019
7
24,918 21,719
14 25,159 21,669
19 25,175 21,670
21 25,031 21,671
17 24,971 21,671
15 24,924 21,671
24,908 21,672
U 24,834 21,673
1^ 25,001 21,674
25,044 21,675
j * 24,956 21,676
16 25,055 21,676
16 24,815 21,677
16 25,265 21,678
16 25,571 21,679
14 25,432 21,680
12 25,506 21,681
11 25,638 21,682
14 25,584 21,682
15 25,495 21,682
15 25,425 21,682
15 25,217 21,682
24 25,401 21,682
21 25,577 21,682
18 25,613 21,683
19 25,478 21,683
21 25,525 21,684
20 25,714 21,684
19 26,169 21,685
19 25,747 21,685
18 25,748 21,686
19 25,963 21,686
18 26,272 21,686
18 26,208 21,687
18 26,012 21,688
458
744
646
481
433
612
579
697
489
524
732
565
559
590
661
602
573
484
574
608
576
484
511
553
625
458
477
556
P586
P602
M47
Monthly:
1954-Nov...
Dec...
JI955-Tan. . .
Feb...
Mar...
Apr...
May..
June. .
July...
Aug...
Sept...
Oct. .
Nov..
24,661
24,917
24,200
23,838
23,619
23,632
23,666
23,598
23,967
23,886
23,709
23,951
23,997
^Preliminary.
DECEMBER
1955
24,654
24,888
24,182
23,787
23,604
23,604
23,617
23,596
23,925
23,870
23,668
23,881
23,963
7
29
18
51
15
28
49
42
16
41
70
34
345
407
444
473
566
585
445
465
576
803
872
895
1,018
769
992
805
710
804
838
798
878
940
746
924
926
1,055
16
15
16
14
14
20
19
18
25,776
26,317
25,449
25,021
24,989
25,070
24,924
24,958
25,497
25,450
25,525
25,792
26,089
21,724
21,711
21,714
21,715
21,718
21,680
21,673
21,676
21,680
21,682
21,682
21.685
21,687
18,393
18,576
18,432
18,195
18,050
18,210
18,166
18,146
18,205
18,152
18,148
18,345
814
703
682
624
585
590
580
569
619
576
563
525
For footnotes see following page.
1331
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Date
or
period
DisAll
Held counts
under
Float oth- Total
Bought repur- and
adTotal out- chase
right agree- vances
ment
Deposits, other
than member bank
reserve balances,
Treaswith F. R. Banks
ury Money Treasin
ury
curGold rency
circash
stock out- culahold- Treas- For- Other
ings
stand- tion
ury
eign deing
dede- posposits posits its
Member bank
reserve balances
Other
Federal
Reserve
acReExcounts Total
quired*
Midyear or
year-end:
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June.
Dec.
1954—June.
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
24,746
25,916
25,037
148
1,998
2,484
2,254
24,262
22.559
20,725
23,605
24,034
24,718
25,318
25,037
52
68 1,037
164
4
7
91
3
94
249
578
85
535
67
1,368
53
19 1,184
196
156
663
967
64
28
601
28
598
935
37
567
1,400 4,037
2,220 4,031
2,593 17,644
2,361 22,737
25,091 20,065
23,181 22,754
22,216 22,706
25,009 22,695
25,825 23,187
25,414 22,463
26,880 22,030
25,642 21,927
2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339 28,515
28,
4,562 28,868
4,636 "~,741
27
4, 709 29;,206
4,812 30,433
4,854 30,125
30;
4,894 30,781
4,959 29,922
204
264
2,409
2,215
2,287
1,336
1,293
1,270
1,270
1,259
761
811
36
35
634
867
977
870
668
247
389
132
346
875
6
15
397
774
862
392
895
526
550
527
423
545
21
151
256
586
446
569
565
363
455
176
493
377
374 2,356
346 2,292
251 11,653
291 12,450
495 15,915
563 17,899
714 17,681
746 20,056
777 19,950
951 19,561
839 20,160
988 19,011
2,333
1,817
6,444
9,365
14,457
16,400
16,509
19,667
20,520
19,459
19,397
18,412
23
475
5,209
3,085
1,458
1,499
1,172
389
-570
102
763
599
518
258
End of
month:
1954
Nov..
Dec.
24,888 24,888
24,932 24,888
1955
Jan..
Feb..
Mar..
Apr..
44
398
143
657
808
25,944 21,710 4,982 30,500
25,885 21,713 4,985 30,509
800
796
694
563
397 381
490 441
880 18,985 18,467
907 18,876 18,618
475
485
391
560
460
128
754
470
603
706
618
600
678
659
799
643
850
864
665
792
683
883
960 21,714 4,989 29,789
,817
769 21,716 4,996 "29
,800
667 21,719 4.998 29!
988 21,671 4.999 29,769
24,780 21,674 5,002 30,009
24,601 21,678 5,002 30,229
25,719 21,682 5,003 30,244
24,911 21,682 5,005 30,317
25 250 21,684 5,006 30,422
25 430 21,686 5.008 30,559
25,776 P21,688 *>5,OO8 P30,988
837
828
819
809
828
812
798
804
787
776
360
564
724
812
649
380
623
393
554
484
477
441
320
351
360
402
374
410
387
385
402
408
419
433
448
490
413
448
419
383
379
396
412
899
957
959
923
936
972
910
945
990
941
931
18,918
18,562
18,283
18,495
18,221
18,066
18,999
18,368
18,423
18,565
18,474
18,337
18,091
17,871
18,161
18,029
18,139
18,311
18,151
18,212
18,393
P18.383
581
471
412
334
192
-73
688
217
211
172
598
659
536
956
872 1,064
662
788
25,034 21,682
21,682
25,518 21,683
25,172 21,683
5,005 30,536
5,005 30,452
5,006 30,332
5,007 30,338
810
805
793
791
475
427
717
512
377
410
403
383
374
382
383
372
942!18,207
941 18,452
990 18,589
989 18,475
18,088
18,181
18,180
18,178
119
271
409
297
798
776
783
777
779
779
783
777
481
502
575
494
388
385
379
407
388
662
380
379
18,213
18,412
18,506
18,431
294
234
457
504
535
617
635
479
477
387
400
383
404
408
382
388
396
380
412
940 19,151 18,443
939 18,554 18,306
936 18,658 1 8 , 4 1 1
935 18,533 *>18,389
931 18,474 P 1 8 , 3 8 3
70&
24a
P247
23,885
23,605
23,612
23,612
23,662
23,607
24,090
23,761
23,834
24,024
24,256
23,882
23,605
23,604
23,604
23,662
23,554
23,982
23,761
23,729
24.024
23,991
1955
Sept. 7.... 23,761
Sept. 14
23,673
Sept. 21.... 23,563
Sept. 28
23,702
23,761
23,673
23,563
23,680
5.... 23,832
23,993
12
23,973
19
23,973
26
23,729
23,873
23,973
23,973
103
120
650
817
882 1,020
803 1,144
1,026
731
25,320 21 ,684
25,914 21 ,685
25,939 21 ,685
25,748 21 ,t585
5,006 30,437
5,007 30,623
5,008 30,542
5,009 30,441
24,024
Nov. 2
Nov. 9..... 24,024
Nov. 16: ... 23,987
Nov. 23. ... 23,888
Nov. 30
24,256
24,024
24,024
23,987
23,888
23,991
1,185
792
1,201
524
548 1,288
796 1,056
618
883
265
26,018 21,686
21,686
25,840 21,686
25,757 21,687
25,776 P21.688
5,009 30,540
5,009 30,786
5,008 30,743
5,008 30,945
P30.988
June
July
Aug
Sept
Oct
Nov
53
108
105
"265
Wednesday
Oct.
Oct.
Oct.
Oct.
1,010
1,011
1,009
1,009
18,507
18,646
18,963
18,935
v1 Preliminary.
Includes industrial loans and acceptances, which are shown separately in subsequent tables.
a
These figures are estimated.
»Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARGIN REQUIREMENTS 1
[Per cent of market value)
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1,1935- Effective
Jan. 31. 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
2H
1
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
1332
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, Effective
19531955Jan. 4, Apr. 22, Apr. 23.
1955
1955
1955
50
50
60
60
70
70
50
60
70
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; t h e
"margin requirements" shown in this table are the difference between:
the market value (100%) and the maximum loan value. Changes om
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.See Banking and Monetary Statistics, Table 145, p. 504,
and Annual Report for 1948, p. 77. and 1953, p. 76.
FEDERAL RESERVE BULLETIN:
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Federal Reserve Bank
Advances secured by Government
obligations and discounts of and
advances secured by eligible paper
(Sees. 13 and 13a) 1
Rate on
Nov. 30
Boston
,
New York
Philadelphia. .
Cleveland.
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco
2H
2V2
2V2
2%
2V2
2V2
2Y2
Previous
rate
In effect
beginning—
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
22, 1955
18, 1955
18' 1955
18, 1955
22, 1955
18, 1955
18, 1955
22, 1955
21, 1955
21, 1955
23, 1955
18, 1955
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Nov. 30
Vi
2M
2M
2M
2M
2M
'2H
2M
In effect
beginning—
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Previous
rate
Rate on
Nov. 30
In effect
beginning—
22, 1955
18, 1955
18, 1955
18, 1955
22, 1955
18, 1955
18, 1955
22, 1955
21, 1955
21, 1955
23, 1955
18, 1955
Nov. 22, 1955
Sept. 9, 1955
Nov. 18, 1955
N o v . 18, 1955
Nov. 22, 1955
Nov. 18, 1955
Nov. 18, 1955
Nov. 22, 1955
Sept. 12,1955
Sept. 9, 1955
Aug. 5, 1955
Nov. 18, 1955
Previous
rate
V*
3
3
3
3M
3
k
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENT'S UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect November 30. Per cent per annum]
To industrial or
commercial
businesses
On
loans 1
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
On
commitments
To financing institutions
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
3-5
2^-5
3-5
2M-5
3-5^
3-5%
Net demand deposits 1
Effective date
of change
On discounts or
purchases
Federal
Reserve
Bank
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
3^
003
()
()
(8)
1
Including loans made in paticipation with financing
2
Rate charged borrower less commitment rate.
3
institutions.
Rate charged borrower.
*Rate charged borrower but not to exceed 1 per cent above the discount rate.
^Charge of H P e r c e n t per annum is made on undisbursed portion
of 6loan.
Charge of M P e r cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16. .
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
1953—July 1
July 9
1954—June 16
June 24
July 29
Aug. 1
In effect Dec. 1.1955 4 .
Central
reserve
city
banks
13
22%
26
22%
Reserve
city
banks
Country
banks
10
15
20
26
24
22
20
22
24
20
26
22
24
21
20
14
12
14
16
15
23
19
18
18
19
24
26
*22*
19
21
20
18
20
18
23
g
Time
deposits
(all
member
banks)
14
13
27
37
36
26
12
35
25
13
36
26
14
13
25
35
12
12
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
* Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
DECEMBER
1955
1333
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
Oct
Oct.
Nov.
Nov
Nov.
Nov
Nov.
. . . . 18,478
. . . . 18,403
18,893
18,728
18,711
18,870
4,311
4,288
4,482
4,286
4,262
4,316
1,171
1,154
1,183
1,140
1,129
1,127
7,502
7.506
7,703
7,737
7,738
7,823
5,493
5,455
5,524
5,565
5,583
5,604
1954—August
September
October
1955—August
September
October
19,119
18,891
18,898
18,899
18,883
19 036
18,794
4,388
4,336
4,378
4,251
4,230
4,229
4,284
1,135
1,131
1,133
1,140
1,139
1,148
1,145
7,904
7,837
7,823
7 827
7,839
7 889
7,836
5,692
5,587
5,565
5,682
5,676
5,770
5,530
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
19
26
2
9
16
23
30
Chicago
Country
banks
112
105
736
645
96
54
63
64
607
514
487
460
54
49
525
425
45
61
47
43
27
408
505
P5O7
P578
P369
1954—August
September
October
1955—August
September
October
37
28
29
161
122*
116
. . .
839
775
720
577
564
524
-9
21
15
10
14
1
623
459
477
557
P448
38
-17
23
— 11
33
— 14
47
115
67
82
765
849
884
30
2
1
149
141
151
11
9
2
60
114
137
37
28
50
395
472
1,028
761
943
1,143
1,173
811
970
302
47
105
290
440
195
233
172
110
97
65
98
33
56
454
484
592
662
490
19
26
2
9
16
23
30
P587
2>603
4
2
-1
6
2
1
2
4
5
Borrowings at Federal
Reserve Banks:
Required reserves:1
Oct. 19
Oct. 26
Nov. 2
Nov 9
Nov. 16
Nov. 23
NTV 30
New
York
Reserve
city
banks
Excess reserves: 1
Total reserves held:
1954—August
September
October
J955—August
September
October
Central reserve
city banks
All
member
banks
Month, or
week ending Wednesday
Country
banks
17,638
17,628
18,173
18,152
18,148
18,345
4,320
4,266
4,467
4,277
4,248
4,316
1,172
1,151
1,181
1,141
1,128
1,127
7,390
7,401
7,608
7,682
7,675
7,759
18,494
18,433
18,421
18,343
4,349
4,354
4,354
4,262
4,197
4,243
4,237
1,129
1,129
1,132
1,139
1,140
1,152
1,140
7,850 5,166
7,788 5,162
7,778 5,157
7,765 5,177
7,791 P5,169
7,846 P 5 , 1 9 3
7,809
P18,297
P18,434
P18,347
1954—August
September
October
1955—August
September....
October
4,757
4,810
4,918
5,052
5,096
5,144
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
.
480
477
531
100
120
149
126
145
106
150
*» Preliminary.
i Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
Backfigures.—SeeBanking 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 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
Central reserve
city banks
New
York
October 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
Borrowings at Federal Reserve Banks
Chicago
Reserve
city
banks
Country
banks
October 1954
115,186
12,774
102,412
99,371
40,484
23,539
4,018
19,520
20,729
3,397
6,035
1,201
4,834
5,304
1,314
45,190
6,270
38,921
38,567
16,347
40,422
1,285
39,137
34,770
19,426
113,213
13,530
99,683
98,091
39,276
23 ,883
4 ,141
19 ,742
21 ,432
3 ,616
6 ,227
1 ,307
4 ,920
5 ,584
1 ,283
43 ,974
6 ,748
37 ,226
37 ,952
15 ,523
39,129
1,333
37,796
33,124
18,854
6,344
76
106
1,963
4,199
6,983
49
122
2 ,090
4,722
18,870
18,345
524
4,316
4,316
1
1,127
1,127
7,823
7,759
64
5,604
5,144
460
18,893
18,173
,482
,467
15
1 ,183
1 ,181
2
7 ,703
7 ,608
96
5,524
4,918
607
884
151
137
480
116
82
1
2
50
29
720
4
4
1
Averages of daily closingfiguresfor 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.
1334
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1955
Item
Nov. 30
Nov. 23
1955
Nov. 16
Nov. 9
Nov. 2
Nov.
1954
Oct.
Nov.
Assets
Gold certificates
Redemption fund for F. R. notes..
20,138,351 20,138,353 20, 155,353 20,171,352 20,173,351 20,138,351 20,173,353 20,166,102
833,294
863,877
832,159
863,750
833,339
863,750
867,002
845,003
Total gold certificate reserves.
21,002,101 21,005,355 21,000,356 21,003,511 21,006,645 21,002,101 21,006,692 21,029,979
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.
Total U. S. Government securities.
227,338
325,148
224,989
323,153
242,460
331,144
618,329
787,897
8,000
733
547,916
704
674
17,493
16,981
16,174
221,305
318,481
258,776
345,073
227,338
325,148
239,667
358,602
123,338
320,730
1,201,287 1,185,252
618,329
705,631
669
562
704
693
225,530
172,667
641
17,450
16,882
17,493
16,219
1,269,846 1,166,846 1,265,546 1,302,546 1,302,546 1,269,846 1,302,546 2,167,000
2,520 076
,520,076 2,520,076 2,520,076 2,520,076 2,520 ,076
17,399 536 17 ,399,536 17,399,536 17,399,536 17,399,536 17,399 ,536
2,801 750
,801,750 2,801,750 2,801,750 2,801,750 2,801 ,750
520,076 6,599,791
399,536 13,029,021
801,750 3,092,550
23,991 208 23 ,888,208 23,986,908 24,023,908 24,023,908 23,991 ,208 24, 023,908 24,888,362
265 160
265 ,160 .
24,256,368 23,888,208 23,986,908 24,023,908 24,023,908 24,256,368 24,023,908 24,888,362
24,892,894 24,701,819 24,551,672 25,243,314 25,226,604 24,892,894 24,746,451 25,287,200
Total loans and securities
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
4,487
60
200
22
22
22
22
22
,750,795 5,962,732 3,948,522 4,468,309 4,487 ,715
59,587
60 ,407
59,720
60,430
60,372
166,145
200 ,942
174,763
190,668
182,813
22
,646,664 3,844,467
59,591
54,346
203,360
163,313
51,196,567 51,257,231 52,331,571 50,969,638 51,531,161 51,196,567 50,221,002 50,863,442
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.
26,629,284 26,579,858 26,406,228 26,412,576 26,234,224 26,629,284 26,246,368 26,081,314
18,474,
476.
407,
411.
18,532,824 18,657,786 18,553,667 19 ,150,587 18,474,
476,
616,571
535,462
478,867
635,136
407.
383,466
399,707
386,881
404,203
411,
395,572
388,428
382,081
379,823
18 ,565,337
484,412
402,222
395,843
,984,898
694,336
396,635
381,089
19,770,371 19,795,717 20,071,960 19,958,373 20,455,011 19,770,371 19,847,814 20,456,958
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
,
3,604,
20,
Total liabilities and capital accounts.
2,963,187
19,417
,187,399
20,855
50,024,534 50,091,328 51,172,137 49,816,714 50,385,200 50,024,534 49,076,786 49,746,526
300,220
660,901
27,543
183,369
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
3,695,271 4,674,254 3,424,755 3,676,577 3,604.
20,
20,482
19,695
21,010
19,388
300,165
660,901
27,543
177,294
299,896
660,901
27,543
171,094
299,755
660,901
27,543
164,725
299,328
660,901
27,543
158,189
300,220
660,901
27,543
183,369
299,252
660,901
27,543
156,520
283,954
625,013
27,543
180,406
51,196,567 51,257,231 52,331,571 50,969,638 51,531,161 51,196.567 50,221,002 50,863,442
45.3
45.3
45.2
45.3
45.0
45.3
45.6
45.2
27,234
2,339
27,734
2,312
26,681
2,452
28,832
2,638
27,135
2,745
27,234
2,339
26,128
2,751
18,583
1,899
618,329
610,079
8,209
41
704
12
33
555
104
17,493
5,163
12,330
705,631
697,535
8,091
5
693
13
33
542
105
16,219
5,691
10,528
398,197
246,321
45,140
106,736
641
2
186
422
31
23 ,888,208 23 ,986,908 24,023,908 24 ,023,908 24 ,256 368 24,023, 908
191,300 6,123. 059
72,700
142,600
119,700
169,100
,864,945 1,165 646 6,913,645
6,800,845 6,850,145 6,983,545
,952,065 12,952 065 12,952,065
12,952,065 12,952,065 12,952,065
,587,127 1,587. 127 1,587,127
1,587,127 1,587,127 1,587,127
,013,614 1,013 614 1,013,614
1,013,614 1,013,614 1,013,614
,414,857 1,414 857 1,414,857
1,414,857 1,414,857 1,414,857
24,888,362
7,532,550
5,839,200
2,767,391
6,320,750
1,013,614
1,414,857
M a t u r i t y Distribution of Loans a n d U. S. G o v e r n m e n t Securities 1
Discounts and advances—total....
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Acceptances—total
Within 15 days
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
618,329
610,079
8,209
41
704
12
33
555^
104
17,493
5,163
12,330
256,368
123,059
165,646
952,065
587,127
013,614
414,857
795,897
789,719
6,130
48
733
12
33
584
104
16,981
7,412
9,569
547,916 1,201,287
542,658 1,155,991
45,291
5,253
5
5
669
674
12
11
33
33
519
526
105
104
17,450
16,174
5,778
6,755
9,419
11,672
185,252
176,681
8,566
5
562
12
33
412
105
16,882
6,734
10,148
1
Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity
of the agreements.
DECEMBER
1955
1335
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.#
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates. 20,138,351
Redemption fund
863,750
for F. R. notes.
958,180 5,028,787 1,186,686 1,808,178 1,282,217
51,969
182,474
60,564
75,848
876,725 3,785,314
74,807
49,070
155,769
Total gold certificate reserves. . 21,002,101 1,010,149 5,211,261 1,247,250 1,884,026 1,357,024 925,795 3,941,083
F. R. notes of
18,244
19,991
37,152
18,782
8,631
227,338
43,116
16,183
other Banks...
18,472
17,713
31,593
61,358
27,710
46,361
325,148
22,902
Other cash
Discounts and
advances:
Secured by
U. S. Govt.
79,085
63,490
23,340
617,933
71,153
29,120
58,625
securities. . .
13,025
150
396
Other
643
704
Industrial loans..
Acceptances:
Bought
17,493
17,493
outright
Held under
repurchase
agreement. .
U. S. Government
securities:
Bought
outright.... 23,991,208 1,324,891 6,097,246 1,460,153 2,061,876 1,413,418 1,238,378 4,184,714
Held under
repurchase
agreement. .
265,160
265,160
702,968 2,563,428
877,472
339,994
728,402
44,696
23,790
41,884
922,168
363,784
770,286
8,581
17,652
8,410
7,957
5,617
12,094
16,528
13,551
26,103
47,785
33,000
41,996
106,194
114
61,155
132
37,750
27,058
75,821
730,026 2,639,249
61
995,587
581,379 1,043,378
961,999 2,628,189
Total loans and
securities
24,892,894 1,337,916 6,458,984 1,484,136 2,090,996 1,472,043 1,309,531 4,248,354 1,028,587 623,436 1,149,686 1,023,286 2,665,939
Due from foreign
2
1
1
1
1
3
banks
1
1
22
6
Uncollected cash
items
4,487,715 355,641
834,775 267,986 445,935 315,987 313,335 754,050 188,533 117,719 229,492 227,007 437,255
5,043
5,072
10,168
5,695
4,261
3,405
2,036
3,455
1,848
Bank premises...
6,088
5,638
7,698
60,407
17,204
11,561
11,780
21,368
10,881
8,025
9,203
8,403
4,740
Other assets
36,168
10,788
200,942
50,821
51,196,567 2,759,218 12,668,019 3,052,183 4,484,082 3,200,122 2,628,666 9,050,889 2,176,952 1,127,895 2,179,034 2,021,638 5,847,869
Total assets
Liabilities
26,629,284 1,606,505 6,017,554 1,820,301 2,467,446 2,017,443 1,363,710 5,136,526 1,233,325
F. R. notes
Deposits:
Member bk.—
reserve accts. 18,474,149 726,552 5,196,991 853,153 1,475,198 789,410 877,075 3,039,602 687,786
U. S. Treas.—
29,647
37,344
69,293
46,591
42,999
26,617
476,841
51,586
27,833
gen. acct....
53,760
34,944
19,200
28,032
16,512
14,592
407,615
23,040 2135,718
Foreign
5,264
2,594
9,871
966
14,832
411,766
324,865
1,536
4,149
Other
530,857 1,046,299
727,641 2,661,677
428,953
847,383
977,242 2,574,804
25,983
9,600
1,113
37,713
14,592
2,360
Total deposits... 19,770,371
Deferred availability cash
items
3,604,599
Other liabilities
and accrued
dividends
20,280
781,574 5,709,160
40,029
18,048
1,270
41,206
39,577
42,946
928,400 1,558,405
840,851
941,714 3,163,621
743,827
465,649
902,048 1,036,589 2,698,533
299,618
608,226
217,873
350,258
278,822
268,392
581,347
152,717
100,047
183,246
199,387
364,666
1,023
5,609
1,149
2,288
972
1,027
3,284
706
537
881
782
2,022
Total liabilities.. 50,024,534 2,688,720 12,340,549 2,967,723 4,378,397 3,138,088 2,574,843 8,884,778 2,130,575 1,097,090 2,132,474 1,964,399 5,726,898
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts
300,220
660,901
27,543
15,865
40,309
3,011
89,272
188,070
7,319
19,719
47,773
4,489
183,369
11,313
42,809
12,479
28,464
60,222
1,006
13,692
33,480
3,349
13,584
29,480
762
39,955
96,566
1,429
10,413
26,619
521
6,846
16,918
1,073
11,891
24,755
1,137
16,473
29,985
1,307
34,046
66,724
2,140
11,513
9,997
28,161
8,824
5,968
8,777
9,474
18,061
Total liabilities
and capital
51,196,567 2,759,218 12,668,019 3,052,183 4,484,082 3,200,122 2,628,666 9,050,889 2,176,952 1,127,895 2,179,034 2,021,638 5,847,869
accounts
Reserve ratio
45.3%
42.3%
44.4%
45.4%
46.8%
47.5%
40.2%
47.5%
46.6%
36.5%
39.5%
41.4%
49.2%
Contingent liability on acceptances purchased for foreign
correspondents
27,234
1,632
37,977
1,986
2,475
1,360
1,170
3,808
1,033
680
1,033
1,278
2,802
Industrial loan
commitments..
2,339
86
322
11
1,920
1
After
2
After
s
deducting $16,000 participations of other Federal Reserve Banks.
deducting $271,872,000 participations of other Federal Reserve Banks.
After deducting $19,257,000 participations of other Federal Reserve Banks.
1336
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
End of month
Wednesday figures
Item
1955
1955
Nov. 30
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Nov. 23
Nov. 16
Nov. 9
Nov. 2
1954
Oct.
Nov.
Nov.
27,566,730 27,426,256 27,320,810 27,219,006 27,098,294 27,566,730 27,139,852 27,053,582
11,538,000 11,438,000 11,438,000 11 ,413,000 11,413,000 11,538,000 11 413,000 11,168,000
139,040
276,180
248,151
187,125
276,180
263,888
272,669
256,526
17,085,000 17 ,085,000 16,985,000 16,935,000 16,935,000 17,085,000 16 935,000 16,965,000
Total collateral
28,899,180 28,786,888 28,610,125 28,620,669 28,604,526 28,899,180 28,596,151 28,272,040
EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
apolis
City
Dallas
San
Francisco
F. R. notes outstanding (issued
to Bank)
27,566,730 1,651,046 6,231,692 1,895,834 2,567,110 2,068,572 1,424,070 5,227,077 1,285,235 577,421 1,076,235 770,065 2,792,373
Collateral held:
f
Gold certificates 11,538,000 640,000 2,
725,000 1,070,000 795,000 500,000 2,400,000 425,000 150,000 280,000 283,000 1 ,500,000
,770,000
t
Eligible paper. .
276,180
33,000 41,996 106,194
13,025
23,340
58,625
U. S. Govt. securities
17,085,000 1,200,000 3,600,000 1,200,000 1,550,000 1,300,000 1,000,000 3,000,000 910,000 500,000 800,000 525,000 1,500,000
Total collateral... 28,899,180 1,853,025 6,370,000 1,948,340 2,620,000 2,153,625
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
ParticiApCommit- ofpations
proved
Loans
ments ingfinancinstibut not
outouttutions
com- l standing 2 standing
out- 3
pleted (amount) (amount)
standing
Amount (amount)
(amount)
Number
1945
1946
1947.. . . . .
1948
1949
1950
1951
1952
1953
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
t,869
1,990
2,947
5,745
1 1,985
5,289
5,469
1954
3,769
3,770
3,771
816,582
817,605
818,224
395
520
520
812
652
719
1,896
1,898
1,148
1,343
L,2O2
L,O27
1955
January . .
February. .
March.....
April
May
June
July
August....
September.
October. . .
3,772
3,772
3,775
3,775
3,775
3,775
3,775
3,777
3,777
3,777
821,407
822,063
823,195
823,359
823,754
824,441
824,847
825,161
825,282
825,666
170
170
315
270
170
170
170
45
45
45
629
542
521
675
707
460
489
586
700
693
3,152
3,227
3,519
3,389
3,410
3,571
3,265
3,416
2,795
2,751
,504
L,498
,564
[,576
,586
1,577
,305
,392
,230
,224
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.
DECEMBER
LOANS GUARANTEED THROUGH FEDERAL RESERVB
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
October
November.
December..
500,000 5,400,000 1,368,000 691,996 1,186,194 808,000 3,000,000
1955
Number
Amount
Total
amount
Portion
guaran^teed
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
1,357
1 .361
1,367
2,478,939
2,481,669
2,499,634
527,074
504,708
471,947
416,713
395,388
367,694
283.510
266.798
272,903
January.. . 1.370
February.. 1,375
M a r c h . . . . 1,380
April
1 ,384
May
1,388
June
1,390
July
1,302
August.... 1 .396
September. 1,400
October... 1,402
2,501,179
2,504,169
2,511,829
2.522,864
2.530,259
2,542,819
2.544,344
2.552.549
2.557.069
2,563,784
454,209
437,185
442,268
425,394
398,867
394,343
295,711
291.416
280,550
269,498
347.008
333,717
333,269
320,557
298,354
293,507
224,659
221,444
217,419
209,936
264,549
263,248
254,840
255,248
272,484
234,634
211,296
207,196
204,416
202,468
End of
year or
month
1950
1951
1952
1953
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
1954
October.. .
November.
December.
1955
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.
1337
POSTAL SAVINGS SYSTEM
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect November 30]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
10
15
20
25
30
35
40-50
70 or less
75
80
85
90
95
Over 95
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
[In millions of dollars]
Assets
Depositors'
balances 1
Total
1945—December
1946—December
1947—December....
1948—December
1949—December
1950—December
1951—December
1952—December
1953—December....
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
2,359
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
1954—July
August
September. . .
October
November
December....
2,230
2,208
2,189
2,171
2,154
2,136
2,379
2,360
2,339
2,304
2,287
2,292
31
31
31
31
31
31
2,220
2,196
2,176
2,156
2,134
2,134
129
133
133
118
123
127
1955—January
February. . . .
March
April
May
June
July
August
September
October
2,115
2,095
2,074
2,051
2,029
2,007
*1,983
P\,960
*>1,942
Pi 924
2,253
2,231
2,237
2,186
2,163
2,138
31
31
31
31
31
31
2,101
2,074
2,074
2,044
2,019
1,993
122
127
132
111
113
114
End of month
Cash
in
depository
banks
U.S.
Cash
Govern- reserve
ment
funds,
securietc. 2
ties
pPreliminary.
1
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
1944
1945
1946
1947
1948.
1949
1950
1951
1952
1953
1954
. . .
. .
....
. .
. .
1954—September
October
November
December
.
1955—January
February
March
April
Tune..
July
August
September
October
November
.
.
.
. . .
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusted 3
Total, all
reporting
centers
New
York
City
6
other
centers x
337 other
reporting
centers 2
New
York
City
848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,815
632,801
738,925
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390,066
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133
740,436
758,375
22 3
24.1
25 1
23.8
26 9
27 9
31.1
31 9
34.4
36 7
42.3
18 3
17.5
18 3
19.7
21 6
20 9
22 6
24 0
24.1
25 6
25.8
14 6
13 5
14 1
15.5
16 6
15 9
17 2
18 4
18.4
18 9
19.2
149,898
152,322
156,843
186,317
56,744
58,792
58,787
73,817
30,922
30,706
32,230
38,217
62,232
62,823
65,826
74,282
40.4
39 3
42.2
48 1
25.3
23 6
26 3
28 1
19.4
18 6
20.7
21 0
39.4
40 5
42.6
42 6
25.6
24 3
25.9
26 9
19.1
18 6
19.6
19 9
163,393
149,744
178,924
158,296
167,714
177,917
161,748
167,365
169,001
175,807
173,198
62,642
57,091
67,242
57,634
62,211
67,634
58,904
58,980
62,550
67,568
63,406
33,531
31,595
39,908
34,494
36,570
37,569
34,123
35,863
35,126
35,803
36,876
67,220
61,058
71,774
66,168
68,933
72,714
68,721
72,522
71,324
72,437
72,916
42.0
41.9
41 7
37 3
42.7
44 7
40 7
38.2
43 5
44 7
45.4
25 4
26.4
30 2
27 1
28.4
28 3
26 6
25.9
27 4
26 5
P29.0
19 6
19.6
20 0
19 2
20.6
20 8
20 4
19.9
21 1
20 3
41 8
43.0
40 7
37 9
43.8
41 4
41 7
44.2
4? 4
46 1
45.9
25.9
27.1
27 6
26 3
28.8
27 7
27 1
28.3
27 7
27 3
P28.6
19 4
19.7
20 1
19 8
21.0
20 8
20 7
21.2
20 8
20 3
P20.9
6
337 other
other reporting
centers 1 centers 2
P22.0
New
York
City
337 other
6
other
reporting
centers 1 centers 2
^Preliminary.
1
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
338 centers prior to April 1955.
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.
1338
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
1,019
1,156
1,274
1,361
1,404
1,464
1,484
1,554
1,654
1,750
1,812
1954—October
30,074
November... 30,500
December... 30,509
21,118
21,473
21,374
1939
1940
1941
1942 . .
1943
1944
1945
1946
1947. . .
1948
1949
1950
1951
1952
1953
.
1955—January .
February
Large denomination currency 2
Coin and small denomination currency 2
Total
in circulation 1
End of year or
month
29,789 20,777
29,817 20,845
29,800 20,854
April
29,769 20,856
May
30,009 21,098
30,229 21,312
July . . .
30,244 21,351
30,317 21,406
August
September... 30,422 21,489
October
30,559 21,609
3
$500 $1,000 $5,000 $10,000
Unassorted
$1
$2
$5
$10
$20
Total
$50
$100
559
610
695
801
909
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6.565
1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
2,435
2,422
2,544
2,669
2,732
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
5,581
191
227
261
287
407
425
523
556
586
749
20
30
24
9
9
32
60
46
25
22
2
4
4
3
2
555
454
438
990
801
783
10
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
24
24
26
3
2
3
782
707
7
8
5
5
382
689
4
11
3
368
355
343
333
588
556
512
486
4
4
4
4
12
12
10
11
2
2
2
2
1,819 1,212
1,836 1,236
1,834 1.256
70
71
71
2,049 6,400 9,568 8,958
2,091 6,524 9,716 9,028
2,098 6,450 9,665 9,136
2,650 5,514
2,677 5,555
2,720 5,612
318
320
321
464
465
464
3
3
3
8
8
15
2
2
2
1,808
1,810
1,822
1,831
1,843
1,858
1,865
1,878
1,887
1,900
71
71
70
71
71
2,017
2,020
2,021
2,020
2,051
2,061
2,052
2,055
2,072
2,088
2,673
2,660
2,647
2,641
2,647
2,658
2,652
2,657
2,653
2,655
317
316
317
314
313
460
457
457
454
451
448
445
444
442
440
4
3
4
4
3
9
9
9
9
9
2
2
1
1
1
3
9
3
3
4
4
9
9
9
9
987
1,191
1,190
1,196
1,202
1,219
1,226
1,228
1,234
1,252
1,270
72
72
72
72
72
6,267
6,316
6,324
6,309
6,394
6,471
6,466
6,476
6,495
6,513
9,425
9,438
9,421
9,425
9,520
9,625
9,668
9,692
9,711
9,767
9,014
8,974
8,946
8,914
8,912
8,917
8,894
8,911
8,933
8,951
5,550
5,527
5,512
5,492
5,489
5,487
5,475
5,489
5,518
5,538
428
400
312
310
309
308
306
17
17
3
3
(4)
(4)
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks,
2
Includes unassorted currency held in Treasury and Federal Reserve Banks; prior to June 30, 1955, also included $1,000,000 reported by
the Treasury as destroyed.
'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 held in the Treasury
Total outstanding, As security
Oct. 31,
against
1955
gold and
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
]Vtinor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—Oct. 31 1955
Sept. 30, 1955
Oct. 31, 1954 .
21,686
21,041
27,140
5,008
21,041
489
2,194
32,415
1 ,298
454
347
160
67
111
2,194
(44)
(4)
()
23,456
23,453
23,524
Treasury
cash
2
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
Money in circulation1
Oct. 31,
1955
Sept. 30,
1955
Oct. 31,
1954
34
25,936
4,589
34
25,806
4,582
35
25,487
4,552
645
18,191
71
59
2,816
1,133
359
35
6
228
227
216
20
2
3
5
()
(B)
266
49
9
27
2
1
2,149
1,229
443
318
157
66
2,155
1,229
441
316
158
66
2,171
1,179
424
320
174
69
4,307
4,354
4,191
30,599
776
787
806
18,191
18,178
18,263
30,422
30,074
J
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. 1331.
includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
*To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
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.
DECEMBER
1955
1339
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[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
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
192,866
190,277
199,791
200,628
41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
75,484
77,071
80,486
81,210
Capital
Total
and
deposits misc.
and
accurrency counts,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
100,008
95,350
100,935
99,827
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
68,108
72,610
72.525
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
24,746
25,916
25,037
26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,571
2,496
2,409
2,265
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
18,370
19,591
64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
220,865
217,594
226,715
227,514
55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
204,220
200,360
209,175
209,354
8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,647
17,234
17,538
18,161
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—Dec. 31.
1953—June 30.
Dec. 31.
1954—June 30.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,187
22,463
22 030
21,927
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,854
4,894
4,959
1954—Oct. 27.
Nov. 24.
Dec. 31.
21,800
21,700
21,713
5,000 207,700
5,000 209,700
4,985 210,988
81,900 105,600
83,900 105,600
85,730 104,819
79,000
78,900
77,728
24,400
24,600
24,932
2,200
2,200
2,159
20,300
20,300
20,439
234,400
236,400
237,686
215,400
217,200
218,882
19,100
19,200
18,806
1955—Jan. 26
Feb. 23
Mar. 30
Apr. 27.
May 25.
June 30.
July 27*
Aug. 31*
Sept. 28P
Oct. 26*
21,700
21,700
21,700
21,700
21,700
21,678
21,700
21,700
21,700
21,700
5,000
5,000
5,000
5,000
5,000
5,002
5,000
5,000
5,000
5,000
85,200 103,600
85,800 101,400
87,100 98,700
87,900 100,100
89,000 99,300
91,349
97,572
92,000 98,600
93,200 96,900
94,600 96,400
95,800 97,300
77,800
75,600
73,000
74.400
73,700
71,947
72,400
71,200
70,700
71,400
23,700
23,700
23,600
23,600
23,500
23,607
24,100
23,800
23,700
24,000
2,100
2,100
2,100
2,100
2,000
2,018
2,000
2,000
2,000
1,900
20,900
21,000
21,200
21,200
20,900
20,951
20,900
20,900
20,900
20,800
236,300
234,900
233,700
235,800
235,800
236,552
238,100
237,800
238,600
240,700
217,500
216,000
214,500
216,900
216,600
217,595
218,800
218,200
218,800
220,700
18,800
18,900
19,100
18,900
19,200
18,956
19,300
19,600
19,800
20,000
209,600
208,200
207.000
209,100
209,100
209,872
211,400
211,100
211,900
214,000
Details of Deposits and Currency
U.S. Govt. balances
Foreign
bank
Date
de-
posits,
net
At
At
Treas- commercial F. R.
ury
and
Banks
cash
hold- savings
banks
ings
Time deposits3
Total
Total
1954—Oct. 27
Nov. 24
Dec. 31
3,200
3,200
3,329
800
800
796
6,100
6,900
4,510
54 ,790
35 40 ,828
63 ,253
76 ,336
150 ,793
170 ,008
176 ,917
185 ,999
194 ,801
192 ,560
200 ,917
198 ,517
600 204 ,700
500 205 ,800
563 209 J684
1955—Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 30
July 27*
Aug. 31*
Sept. 28*
Oct. 26*
3,200
3,100
3,200
3,100
3,200
3,247
3,300
3,100
3,200
3,200
800
800
800
800
800
812
800
800
800
800
3,800
4,600
4,400
5,000
5,500
5,418
6,100
5,200
4,500
4,900
400
600
900
600
400
380
500
*00
500
500
1929—June
1933—j une
1939—Dec#
1941—Dec#
1945—£>ec
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
1954—June
29
30
..
30
31. . . . .
31
31
30
31
31
30
31
30
365
50
1,217
1,498
2,141
1,682
2,518
2,279
2,501
2,467
2,694
3,256
204
264
381
852
846
2,409
2,215 1,895
2,287 24,608
1,336 1,452
1,293 2,989
1,270 3,615
1,270 5,259
1,259 3,942
761
4,457
811
5,895
Seasonally adjusted series5
Deposits adjusted and currency
209
206
205
207
206
207
208
208
209
211
Currency
outside
banks
Total
demand
deposits
adjusted
posits
currency
justed
and
Demand
de-
ad-
Currency
outside
banks
8,905
9,621
10,523
10,532
15,385
17,746
20,009
20,887
22,586
23,589
24,358
25,388
149
1 ,186
1 ,278
1 ,313
2 ,932
3 ,416
2 ,923
2 ,704
2 ,547
2 ,459
2 ,359
2 ,251
22,540
14,411
29,793
38,992
75,851
87,121
92,272
98,234
101,508
96,898
102,451
98,132
3,639
4,761
6,401
9,615
26,490
26,476
25,398
26,315
27,494
27,369
28,091
27,093
111
114
120
124
126
126
126
,700
,100
,700
,700
74,800 46,700 25,900
74,300 46,300 25,900
75,282 46,844 26,302
2 ,200
2 ,200
2 ,136
103,100 26,900
104,000 27,500
106,550 27,852
128
129
129
,700
,500
,700
101, 900 26,800
102, 600 26,900
102, 800 26,900
26,500
26,600
26,900
26,900
27,100
27,277
27,400
27,500
27,700
27,800
2 ,100
2 ,100
2 ,100
2 ,100
2 ,000
2 ,007
2 ,000
2 ,000
1 ,900
1 ,900
107,000
104,500
102,400
104,500
103,300
103,234
103,900
103,900
104,900
106,100
131
131
131
132
131
131
132
132
133
132
,200
,200
,500
,600
,700
,900
,700
.700
,300
,000
104,
104,
104,
105,
104,
104,
105,
105,
106,
104,
28,611
21,656
27,059
27,729
48,452
56,411
59,247
61,450
65,799
68,293
70,375
73,292
,200
,900
,300
,400
,700
,738
,100
,600
,700
,300
75,400
75,700
76,200
76,200
76,500
77,129
77,100
77,400
77,700
77,900
36
634
867
977
870
668
247
389
132
346
875
Demand
deCom- Mutual Postal
mercial savings Savings posits4
banks bankS3 System
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
40,666
42,245
43,659
45,653
46,800
47,000
47,200
47,200
47,400
47,846
47,700
48,000
48,000
48,200
26,800
26,800
26,700
26,700
26,800
27,375
27,100
27,300
27,200
27,300
,100
,300
100
85,
89,
94;
97,
98,
99,
99,
200
700
400
800
800
500
700
200
300
600
600
800
900
500
500
200
800
25,900
24,600
25,700
26,900
27,300
27,200
27,000
27,000
26,900
26,900
27,000
26,900
27,000
27,200
27,200
27,100
27,200
^Preliminary.
1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
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.
^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.
1340
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER O F BANKS
[Figures partly eatimated except on call dates. Amounts in millions of dollars]
Loans and investments
Deposits
TVkf oi
i otai
Class of bank
and date
Total
Loans
U.S.
Govern- Other
ment
obligations
securities
Cash
asstits 1
assets—
Total
Ua :
Diiities
capital
accounts 2
Other
T
Total*
50,884
61,126
140,227
134 924
148,021
165,626
171.497
173,343
181,600
183,784
184,410
184,253
186,190
186,070
186,810
188,490
22,165 19,417 9,302
26,615 25,511 8,999
30,362 101,288 8,577
43,002 81,199 10,723
60,386 72,894 14,741
75,512 72,740 17,374
80,518 72,610 18,370
81,227 72,525 19,591
82,330 79,000 20,270
85,617 77,728 20.439
89,790 73,740 20,880
91,355 71,947 20,951
92,930 72,410 20,850
93.940 71,190 20,940
95,240 70,680 20,890
96,260 71,410 20,820
23 292
27 344
35 415
38 ,388
41 ,086
45 ,584
45 ,811
42 ,556
41 ,630
44 ,585
39 ,650
42 ,014
40 ,720
40 ,610
41 ,110
41 ,480
77,068
90,908
177,332
175,091
191,317
213,837
220,140
218,900
226,360
231,654
227,410
229,631
230,240
230,060
231,230
233,340
68
81
165
161
175
195
201
199
205
211
205
208
207
207
208
210
11 commercial b a n k s :
1939_Dec. 30
1941—Dec. 31 . . .
1945—Dec. 31
1947—D ec> 313
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Oct. 27.
Dec. 3 1 .
1955—May 25.
June 30.
July 2 7 P
Aug. 31 P
Sept. 2 8 P
Oct. 26P
40,668
50,746
124,019
116 284
126,675
141,624
145,687
146,383
154,010
155,916
155,570
155,264
156,990
156,680
157,260
158,860
17,238
21,714
26,083
38,057
52,249
64,163
67,593
67,337
67,740
70,619
73,850
75,183
76,570
77,340
78,390
79,210
16,316
21,808
90,606
69,221
62,027
63,318
63 426
63,508
70,160
68,981
65,000
63,271
63,700
62,490
62,020
62,860
7,114
7,225
7,331
9,006
12,399
14,143
14,668
15,538
16,110
16,316
16,720
16,809
16,720
16,850
16,850
16,790
22 ,474
26 ,551
34 ,806
37 502
40 ,289
44 ,666
44 828
41 ,569
40 ,720
43 ,559
38 ,700
41 ,025
39 ,790
39 ,680
4 0 ,190
40 ,590
33,941
43,521
107,183
97,846
107,424
119,547
122,422
123,185
129,973
131,602
131,035
130,788
132,331
131,897
132,277
133,650
13,962
18,021
22,775
32,628
44,705
55,034
57,762
57,197
57,662
60,250
63,111
64,315
65,647
66,291
67,193
67,889
14,328
19,539
78,338
57,914
52,365
52,76^
52,60^
53,111
58,906
57 809
54,083
52,543
52,838
51,642
51,144
51,897
5,651
5,961
6,070
7,304
10,355
11,751
12,057
12,876
13,405
13,543
13,841
13,930
13,846
13,964
13,940
13,864
19
23
29
32
35
39
39
36
35
38
34
36
35
35
35
35
10,216
10,379
16,208
18,641
21,346
24,003
25,810
26,959
27,590
27,868
28,840
28,990
29,200
29,390
29,550
29,630
4,927
4,901
4,279
4,944
8,137
11,349
12,925
13,890
14,590
14,998
15,940
16,172
16,360
16,600
16,850
17,050
3,101
3,704
10,682
11,978
10,868
9,422
9,184
9,017
8,840
8.748
8,740
8,675
8,710
8,700
8,660
8,550
Aug. 3 1 P . . . .
Sept. 2 8 P
Oct. 26P
All mutual savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31* . . . .
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Oct. 27
Dec. 31
1955—May 25
June 30
July 2 7 P
Aug. 31 P
Sept. 28P
Oct. 2 6 P
2,188
1,774
1,246
1,718
2 342
3,231
3,701
4,052
4,160
4,123
4,160
4,142
4,130
4,090
4,040
4,030
interbank i
,750
,710
,450
9 ,874
10 ,982
14 ,065
13 033
14 ,039
15 ,321
15 ,957
15 ,500
15 ,670
16 ,811
14 ,020
15 ,245
14 ,490
14 ,570
14 ,700
14 ,710
1
2
4
4
5
5
4
5
5
5
4
4
4
65,216
79,104
160,312
155,377
168,932
188,603
193,010
190,585
197,480
202,378
197,210
199,249
199,710
199,340
200,350
202,410
57 ,718
71 ,283
150 ,227
144 ,103
155 ,265
172 ,931
176 ,702
174 ,068
179 ,300
184 ,757
177 ,990
181 ,516
180 ,470
180 ,200
180 ,990
182 ,640
9 ,874
10 982
14 ,065
13 ,032
14 ,039
15 ,319
15 955
15 ,497
15 ,670
16 ,809
14 ,020
15 ,242
14 ,490
14 ,570
14 ,700
14 ,710
513
349
921
1
94
101
2
111
4
4
112
5 ,591 106
730 110
4 172 116
5 ,130 111
5 078 112
5 ,740 112
4 ,860 112
4 ,220 113
4 ,530 114
,782
,123
,845
,845
,524
,255
,381
,722
,607
,076
,074
,300
,152
,018
,400
,732
55,361
68,121
138,304
132,060
144,660
160,826
163,983
162,203
167,991
172,242
167,702
169,686
170,058
169,535
170,231
171,983
49
61
129
122
133
147
150
148
152
157
151
154
153
153
153
155
,340
,717
,670
,528
,089
,527
,164
,252
,537
,252
,282
,670
,657
,215
,725
,108
9 410
10 ,525
13 ,640
12 ,403
13 ,448
14 ,617
15 ,170
14 ,733
14 ,924
15 ,983
13 ,320
14 ,462
13 ,744
13 ,811
13 ,930
13 ,936
818
793
609
886
797
918
983
987
910
11,852
11,804
17,020
19,714
22,385
25,233
27,130
28,315
28,880
29,276
30,200
30,382
30,530
30,720
30,880
30,930
1 ,026
950
989
930
930
920
890
ac
242
816
612
865
296
552
100
508
250
,115
100
850
900
10 ,524
10 533
15 ,385
17 ,763
20 031
22 ,621
24 ,398
25 ,440
25 ,950
26 ,359
27 ,110
27 ,334
27 ,430
27 ,550
27 ,720
27 ,810
32
44
105
346
809
944
149
594
730
176
130
081
740
860
220
530
516
355
935
9 4 381
101, 936
111, 690
112, 639
107 043
110 920
116 617
111 110
113 034
112 240
112 490
113 690
114 910
32
44
105
343
806
941
146
743
1 709
22 ,179
1
2 ', 523
4 ,567
3 756
5 ,165
5 ,206
3 715
4 ',624
4 ,656
5 ,264
4 ,424
3 ,797
4 ,109
27
37
69
80
87
95
96
91
94
99
94
96
95
96
97
98
367
917
659
604
996
870
567
060
983
190
440
640
860
489
136
640
609
783
453
024
455
558
604
928
742
,996
,125
048
,030
3
14
3
3
3
3
3
1
2
4
)
(4 )
(4)
(4 )
(4)
(4)
(4)
(4)
( )
4
f4)
(4
)
of
counts
U.S.
Govern- Other
ment
All banks:
1939—Dec. 30
1941—j) ec# 3i
1945—Dec. 31
1947—D ec# 313
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—Tune 30
Oct. 27
Dec. 31
1955—May 25
June 30 . . .
July 2 7 P
Aug. 31 P
Sept. 28P
Oct. 26P
All m e m b e r b a n k s :
1939—i>ec> 30 . . .
1941—Dec. 31
1945—Dec. 31 .
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Oct. 27
Dec. 31
1955—May 25
June 30
July 27*
Total Ni imcapital b er
Demand
A
14
19
30
35
47
50
50
50
51
50
<?(
50
50
ba
tiks
Time
25, 852
26 479
45, 613
194
414
542
948
837
367
118
664
080
270
630
663
750
890
930
090
15 ,035
14 ,826
14 ,553
14 714
14 ,650
14 ,575
14 ,509
14 .465
14 ,422
14 ,367
14 ,312
14 ,309
14 ,303
14 ,290
14 ,286
14 ,269
14 ,484
14 ,278
14 ,011
14 ,181
14 ,121
14 ,046
13 ,981
13 ,937
13 ,895
13 ,840
13 ,784
13 ,781
13 ,776
13 ,763
13 ,759
13 ,742
53,
56,
63,
68
71,
72
73,
74
75
75
75
76,
76
105
513
598
354
371
930
510
840
491
430
830
100
300
8,
8,
10,
11
13,
15,
16,
16
17,
17,
17
17
17
17
17
18
15
15
30
35
36
41
43
45
47
47
47
48
48
48
48
48
331
952
241
360
503
012
997
983
030
209
780
214
050
330
430
540
6 885
7 173
8 950
10 059
11 590
12 888
13 559
038
14 ! 420
14 576
14 890
14 906
14 980
15 100
15 110
15 300
11
12
24
28
29
32
35
36
37
37
38
38
38
38
38
39
699
347
210
340
336
890
213
900
849
950
410
810
653
855
5
5
7
8
9
10
11
11
12
12
12
12
12
12
12
12
,950
,033
10 ,521
10 527
15 ^371
17 ,745
20 009
22 ',586
24 ,358
25 ,388
25 ,900
26 ,302
27 ,060
27 ,277
27 ,380
27 ,500
27 ,670
27 ,760
522
886
589
464
695
761
316
709
035
210
446
461
517
617
624
,774
1 ,309
1 ,241
1 ,592
1 ,889
2 ,247
2 ,479
2 ,559
2 ,626
2 ,660
2 ,694
2 ,740
2 ,757
2 ,770
2 ,790
2 ,820
2 ,790
6 362
6 ,619
6 884
6 923
6 .873
6 798
6 ,743
6 ,721
6 ,701
6 660
6 ,619
6 ,611
6 ,603
6 ,589
6 ,584
6 ,571
551
548
542
533
529
529
528
528
527
527
528
528
527
527
527
527
pPreliminary.
•"All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska 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.
^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.
DECEMBER 1955
1341
ALL BANKS IN THE UNITED STATES, BY CLASSES*—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and nvestments
Class of bank
and date
Central reserve city
member banks:
New York City:
1939—Dec. 30 .
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30 .
1952—Dec. 31
1953—Dec. 31
1954—June 30
Oct. 27
Dec. 31
1955—May 25
June 30
July 27?
Aug. 31?
Sept. 28?
Oct. 26?
Chicago:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—D ec# 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31 . . . .
1954—June 30
Oct. 27
Dec. 31 .
1955—May 25
June 30
July 2 7 ? . . . . .
Aug. 31?
Sept. 28?
Oct. 26?
Total
9,339
12,896
26,143
20,393
20,612
22,130
22,058
22,681
23,877
23,880
23,257
23,099
23,445
22.915
22,852
23,142
Deposits
assets—
Total
liabilities
_ _
ana
capital
accounts 2
Other
U.S.
Government
obligations
Other
securities
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,376 7,678
12,289 7,765
11,619 8,695
11,741 9,687
12,039 9.342
12,946 8,010
13,016 7,782
13,618 7,557
13,596 6,959
13,716 6,782
13,868 7,015
1,272
1,559
1,235
1,242
1,890
2,076
2,004
2,367
2,449
2,499
2,301
2,300
2,270
2,360
2,354
2,259
6,703
6,637
6,439
7,261
7,922
8,419
8,074
7,524
6,984
7,581
6,668
7,748
6,979
6,993
7,104
7,022
16,413
19,862
32,887
27,982
28,954
31,053
30.684
30,771
31,463
32,193
30,646
31,559
31,099
30,595
30,631
30,850
14,507
17,932
30,121
25,216
25,646
27,309
27,037
27,225
27,406
28,252
26,464
27,791
26,927
26,471
26,495
26,737
3,595
4,363
7,459
6 866
7,649
8,297
8,366
8,064
8,290
8,520
8,055
8,102
8,171
8,166
8,140
8,247
3,330
4,057
7,046
6,402
7,109
7,686
7,724
7,419
7,619
7,845
7,321
7,431
7,408
7,414
7,345
7,387
Loans
Cash
assets 1
J
Total 1
Demand
U.S.
Government
2,105
2,760
5,931
5 088
5,569
6,240
6 204
5,975
6,287
6,518
6,170
6,288
6,276
6,235
6,202
6,264
1,333
1 801
2,083
2,748
2 776
2,589
2,454
2,784
2,698
2,846
2,862
2,887
2,950
2,977
1,203
1,430
4,213
2 890
2,911
2,912
2 856
2,825
3,259
3,120
2,80/
2,742
2,712
2,637
2,543
2,581
333
376
385
397
576
581
572
561
614
665
699
702
711
709
706
574
1,446
1,566
1,489
1 739
2,034
2,010
2,115
2,036
1,951
1,954
1,836
1,763
1,844
1,875
1,889
1,930
Reserve city m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Oct. 27 .
Dec. 3 1 . . . .
1955—May 25
June 30
July 27?
Aug. 31?
Sept. 28?
Oct. 26?
12,272
15,347
40,108
36,040
40,685
45,583
46 755
47,056
49,933
50 738
50,705
50,596
51,338
51 293
51,306
51,986
5,329
7,105
8,514
13,449
17,906
21,697
22 763
22,453
22,745
23,986
25,114
25,654
26,193
26,630
27,041
27,334
5,194
6,467
29,552
20,196
19,084
19,624
19 559
19.813
22,128
21,718
20,354
19,697
19,954
19,476
19,137
19,526
1,749
1,776
2,042
2,396
3,695
4,262
4 434
4,791
5,060
5,034
5,237
5,245
5,191
5.187
5,128
5,126
6,785
8,518
11,286
13,066
13,998
15,544
15,925
14,656
14,175
15,424
14,152
14,696
14,484
14,195
14,430
14,757
19,687
24,430
51,898
49,659
55,369
61,941
63 547
62,624
65,086
67,165
65,883
66,293
66,845
66,535
66,765
67,782
17,741
22,313
49,085
46,467
51,437
57,357
58,663
57,665
59,544
61,796
59,744
60,854
60,723
60,415
60,582
61,350
Country member
banks:
1939—Dec.
30......
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30
Oct. 27
Dec. 31
1955—May 25
June 30.
July 27?
Aug. 31?
Sept. 28?
Oct. 26?
10,224
12,518
35,002
36,324
40,558
45,594
47,404
47,474
49,876
50,466
50.903
50,806
51,272
51,454
51,917
52,258
4,768
5,890
5,596
10,199
14,988
18,213
19,934
20,537
20,722
21,442
22,353
22,799
22,974
23,178
23,486
23,710
3,159
4,377
26,999
22 857
21,377
22,549
22,423
21,779
23,832
23,629
22,912
22,321
22,615
22,570
22,682
22,775
2,297
2,250
2,408
3,268
4,193
4,832
5,047
5,158
5,322
5,395
5,638
5,685
5,683
5,706
5,749
5,773
4,848
6,402
10,632
10,778
11,571
13,281
13,268
12,506
12,497
13,117
11,418
12,092
11,845
11,955
11,977
12,023
15,666
19,466
46,059
47 553
52,689
59,535
61,385
60,745
63,152
64,364
63,118
63,732
63,943
64,239
64,695
65,104
13,762
17,415
43,418
44 443
48,897
55,175
56 740
55,943
57,968
59,360
57,753
58,594
58,599
58,915
59,303
59,634
569
954
Inter1bank1
4,238
4,207
4,657
4,464
4,638
4,965
5,214
5,517
5,410
5,709
4,982
5,454
5,138
5,037
5,097
5,048
888
1,035
1,312
1,217
U350
1,387
1,339
I 352
t!321
1,126
1,180
1,163
1,222
1,218
1,200
$,686
t,460
<5,448
5,649
5,448
7,001
7,254
(5,636
5,852
7,444
i 5,059
( 5,545
( 5,234
5 332
<5,383
( 5,420
Total
capital
accounts
74
866
6,940
267
451
1,143
778
1 .378
1,395
736
1,178
1,131
1,471
995
696
1,060
80
127
1,552
72
174
343
259
410
344
251
296
343
382
296
241
251
435
491
8,221
405
976
1,814
1,504
2,015
1,804
1,457
1.730
l'843
1,891
1,754
1,522
1,477
598
822
154
225
1,223
L,O73
1,133
1,301
1,315
1,241
1,310
1,508
1,153
1,283
1,209
1,220
1,232
L,268
5,465
432
922
1,267
1,216
,362
1,663
1,271
1,420
1,339
L.520
1,379
1,338
1,321
Number
of
banks
Time
Other
736
807
9,459
12,051
17,287
19,040
18,836
19,361
18,894
18,114
18,227
19,414
18.027
18,926
18,131
18,210
18,446
18,358
1,236
1,445
1,722
1,840
2,150
2.216
2,374
2,392
2,277
2,281
2,187
2,229
2,256
2,271
1,592
1,648
2,120
2,259
2,351
2,505
2,572
2.630
2,657
2,803
2,717
2,715
2,716
2,746
2,722
2,734
36
36
37
37
23
22
22
22
21 1
21
18
18
18
18
18
18
1,867
2,419
3,462
4,201
4,604
4,789
4,837
4,403
4,649
4,977
4,608
4,606
4,577
4,616
4,590
4,635
495
476
719
913
1,103
1,205
1,242
1,267
1,274
1,295
1.291
1,303
1,286
1,280
1,296
L,301
250
288
377
426
490
541
566
583
590
600
605
612
613
621
616
619
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
9,004
12,557
24,655
28,990
32,366
35,281
35,773
34,058
35,557
37,418
36,140
36,459
36,659
36,345
36,698
37,386
1,616
t,806
9,760
1 1,423
1 1,647
i : $,261
14,132
14.957
U 5,331
1.5,476
1!5,815
If ),007
It 5,939
It 5,984
It 5,979
U >,067
1,828
1,967
2,566
2,844
3,322
3,745
3,984
4,125
4,247
4,300
4,473
4,492
4,510
4,543
4,571
4,625
346
351
7,158
10,109
24,235
28,378
31,977
36,022
36,520
34,879
36,125
37,794
36,153
36,751
36,629
36,954
37,314
37,651
i
i
(
5,852 1,851
),258 1,982
i: 5,494 2,525
t,560
u
14t,865
2,934
3,532
1(),585 3,970
v r,690
I? 5.460
5,870
iui 5,787
u>,O27
>,220
>,241
i<>,362
is>,419
u),394
4,194
4,372
4,541
4,506
4,651
4,642
4,678
4,707
4,715
4,796
359'
353
336
319
319
310
303
300
296
297
298
297
297
295
5,966
6,219
6,476
6,519*
6,501
6,444
6,389
6,376
6,364
6.326
6,292
6,283
6,274
6,261
6,256
6,245
3
Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars wasadded, 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.
1342
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
]Deposits
Loans and investments
Total
assets—
Total
Total
All insured commercial
banks:
1941—Dec.
1945—Dec.
1947_Dec.
1953—Dec.
1954—j u n e
Dec.
1955—June
31
31
31
31
30
31
30
Other
.
National member
banks:
49,290
121,809
114,274
143,796
144,451
154,115
153,488
U.S.
Cash
Govern- Other assets 1 bilities
and
ment
secuLoans
capital
obliga- rities
actions
counts 2
Total*
6,984
7,131
8,750
14,333
15,185
15,976
16,454
69,411
147,775
141,851
174,697
172,048
182,886
179,728
21,259
25,765
37,583
67,082
66,805
70,127
74,692
21,046
88,912
67,941
62,381
62,461
68,012
62,342
25,788
34,292
36,926
44,398
41,164
43,161
40,685
76,820
157,544
152,733
190,638
188,191
200,127
197,077
Other
10 ,654
13 ,883
1? ,670
IS ,548
15 044
16 S76
14 794
1 ,762
7^ ,740
1 ,325
4 ,116
5 ,562
4 .154
5 ,064
41,298
80,276
92,975
111,423
105,847
115,482
111,993
15,699
29,876
34,882
43,610
45,596
46,874
47,876
6,844
8,671
9,734
13,239
13,714
14,252
14,579
13,426
13,297
13,398
13,412
13,380
13,303
13,267
,786
1 ,088
14 ,013
795
? ,525
23,262
45,473
53,541
63,819
60,827
66,426
60,919
8,322
16,224
19,278
24,160
25,459
26,202
26,554
3,640
4,644
5,409
7,391
7,686
8,085
7,714
5,117
5,017
5,005
4,856
4,835
4,789
4,744
621
,166
13,874
24,168
27,068
32,206
30,627
33.177
35,823
4,025
7,986
9.062
11,054
11,441
11,748
12,256
2,246
2,945
3,055
3,925
4,023
4,125
4,747
1,502
1,867
1,918
1,887
1,886
1.871
1,867
4,162
10,635
12,366
15,398
14,392
15,879
15,251
3,360
5,680
6,558
8,419
8,718
8.947
9,090
959
1,083
1,271
1,925
2,007
2,044
2,121
6,810
6,416
6,478
6,672
6,662
6,647
6,660
253
365
329
279
852
714
27,571 11,725 12,039
69,312 13,925 51,250
65,280 21,428 38,674
81,913 37,831 35,482
82,482 37,672 35,759
88,509 39,712 39,392
83,315 39,424 34,673
3,806 14,977
4,137 20,114
5,178 22,024
8,600 26,479
9,051 24,636
9,405 25,662
9,219 22,892
State member
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec
1954—j u n e
Dec.
1955—June
banks:
31
31 .
31
31
30
31
30
15,950 6,295
8,850
37,871
32,566 11,200
40,509 19,931
40 t 704 19,525
43,093 20,538
47,473 24,891
7,500
27,089
19,240
17,121
17,353
18.417
17,870
2,155
1,933
2,125
3,457
3,826
4,138
4,711
8,145
9,731
10,822
12 903
12,086
12,414
13,408
24,688
48,084
43,879
54,179
53,593
56,407
61,945
22,259
44,730
40,505
49,510
48,890
51,401
56,034
3 ,739
4 ,411
3,241 1,509
2,992 10,584
4,958 10,039
9,328 9,790
9,615 9,362
9.886 10,215
10,385 9,811
1,025
1,063
1,448
2,278
2,310
2,436
2,527
2,668
4,448
4,083
5 020
4,444
5,088
4,388
8,708
19,256
20,691
26,679
26,012
27,911
27,417
7,702
18,119
19,340
24,555
23,819
25,657
25,082
179
744
766
S78
^1?
241
200
763
514
1,872
2,452
2,251
2,005
2,020
1,871
1,788
31
31
31
31
30
31
30
Noninsured nonmember commercial
banks:
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—j u n e
Dec
1955—j u n e
31
31 .
313
31 .
30
31
30
All nonmember c o m mercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1953—Dec. 31
I954—j u n e 30
Dec. 31
1955—June 3 0 . . .
Insured mutual savings
banks:
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June
31
31 .
31
31
30
31
30
Noninsured mutual
savings banks:
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec
1954—j u n e
Dec.
1955—j u n e
31
31
313
31
30
31
30
5,776
14,639
16,444
21,396
21,288
22,536
22,723
1,457
2,211
2,009
1,891
1,932
1,800
1,776
455
318
491
7,233
16,849
18,454
23,287
23,220
24,337
24,499
3,696
3,310
5,432
9,838
10,147
10.378
10,876
1,693
10,846
12,683
19,252
20,121
20,830
21,617
3,081
3,560
10,016
10,804
11,651
12,567
7,160
8,165
6,476
6,309
6,117
5,998
8 687
5,361
5,957
6,558
6,838
7,038
7,373
4 259
1,198
1,384
2,910
3,086
3,346
3,605
3,075
3,522
3.813
2,707
2,708
2,630
2,677
474
511
532
492
642
43,433 39,458
90,220 84,939
88,182 82,023
109,804 100,654
108,611 99,362
115,835 105,851
107,741 98,636
969
354
339
405
397
930
355
340
2,283
2,768
2,643
2,372
2,394
2,250
2,172
2,270
12,277
11,318
10,835
10,409
11.184
10,741
1,266
1,262
1,703
2,613
2,664
2,775
2,881
3 431
4,962
4,659
5,450
4,849
5,485
4,728
10,992
22,024
23,334
29,051
28,406
30,161
29,589
9,573
20,571
21,591
26,560
25,838
27,528
26,870
629
421
606
958
151
429
675
799
807
832
808
1,958
11,424
13,499
20,334
21,237
21,981
22,761
1,789
10 363
12,207
18,383
19,195
19,885
20,590
642
180
9 846
5,596
6,215
6 796
7,078
7,295
7,621
8 744
5,022
5,556
6 015
6,246
6,474
6,743
761
1,693
1,280
1,045
1,047
255
335
2,760
3,008
3.062
3,052
1,353
641
760
941
1,044
1,061
1,090
576
430
211
184
180
194
180
Time
U.S.
Government
31 . . . .
31
31 . .
31
30
31
30 . .
Insured nonmember
commercial banks:
Demand
Interbank 1
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—j u n e
Dec.
1955__j u n e
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—j u n e
Dec
1955—June
Total Numcapital ber
of
accounts banks
Ho
Class of bank
and date
6
9
8
10
9
10
8
779
,410
,15?
750
714
314
3 993
«>,019
4 ,983
5 769
6 ,148
W
3 ,325
? ,508
? ,849
8
381
1 ,232
1 ,840
1 .207
1 ,807
53
t ,560
149
360
396
439
408
379
181
478
386
5 ,504
14 ,101
167 13.758
390 16,580
426
15,542
457 16,964
422 16,241
18
30
45S
433
30
18
448
13
457
425
629
784
764
825
780
1 ,291
1 ,905
1,392
1,182
1,150
1,085
990
363
407
12
1
7
3
7
2
2
2
3
2
12
33
45
48
49
5
I
2
2
1
2
2
1955
783
569
388
335
325
324
337
327
3,613
6,045
7,036
8,806
9,106
9,282
9,427
1,288
1,362
1,596
2,245
2,332
2,368
2,448
7,662
7,130
7,261
7,241
7,219
7.183
7,173
1,789
10,351
12,192
18,345
19,145
19,831
20,536
164
1,034
,252
,819
,868
52
192
194
219
219
218
218
8,738
5,020
5,553
6,013
6,243
6,471
6,741
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
DECEMBER
325
320
920
.965
1,077
558
637
740
758
774
792
557
536
513
496
350
339
309
309
309
310
For revisions
1343
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
Total
loans
and
invest- Total
ments
Investments
Loans for
Compurchasing
meror
carrying
cial,
Other
in- Agri- securities
Real loans
clud- culto
esing
in- Other
To
tate
loans Total
open turdial brok- To loans vidmarers
ket
uals
and othpadeal- ers
per
ers
U. S. Government obligations
Total
Obligations
Direct
of
States Other
and secuCertifiguar- polit- rities
cates
an- ical
of inBills debt- Notes Bonds teed subdiviedsions
ness
All commercial
2
banks:
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June
31...
31...
30...
31...
30. ..
116,284
145,687
146,383
155,916
155,264
38,057 8,167 1,660 830 1,220
57,593 27,204 4 ,965 2,361 1,202
67,337
6,120 5,143 2,462 1,256
r
0,619 6,867 5,200 2,929 1,525
,391 2,859 1,613
75,183
All insured commercial b a n k s :
1941—Dec. 3 1 . . .
1945—Dec. 31. . .
1947—Dec. 3 1 . . ,
1953—Dec. 31. . .
1954—June 3 0 . . .
Dec. 3 1 . . ,
1955—June 3 0 . . ,
49,290
121,809
114,274
143,796
144,451
154,115
153,488
21,259
25,765
37,583
67,082
66,805
0,127
4,692
9,214 ,450
9,461 1,314
8,012 1,610
27,082 4,,867
15,976 !5,057
:6,731 5,108
28,7294,319
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 31. .,
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 3 1 . .
1955—June 30. .
43,521
107,183
97,846
122,422
123,185
131,602
130,788
8,021
22,775
32,628
7,762
57,197
60,250
64,315
8,671
972 594
8,949 855 3,133
16,962 1,046
811
25,519 3,263 2,321
24,362 3,402 2,411
25,007 3,529 2,881
26,894 2 ,799 2,808
New York City:*
1941—Dec. 3 1 . .
1945—Dec. 31. .
1947—Dec. 31. .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 3 1 . .
1955—June 30. .
Chicago:3
1941—Dec.
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June
31. .
31..
31..
31..
30. .
31. .
30. .
12,896
26,143
20,393
22,058
22,681
23,880
23,099
4,072 2,807
7,334 3,044
7,179 5,361
12,289 8,218
11,619 7,447
12,039 7,231
13,016 7,928
9,393
16,694
17,227
18,418
19,779
614 662 4,773
3 164 3,606 4,677
823 1,190 9,266
2,344 1,181 16,566
2,439 1,228 17,101
2,907 1.501 18,302
834 1,589 19,661
598
,378
,065
,060
,106
363
440
5,723
14,461
14,462
14,750
16,365
1,063 78,226 69 ,221 2,193 7,789 6,034 53,191
1,666 78,094 63 ,426 ,004 10,237 12,439 35 ,713
1,657 79,047 63,508 ,704 5,572 12,376 40 ,818
2,000 85 ,297 >8,981 ,065 5,361 14,672 43 ,861
2,428 80,081 63,271 ,220 1,710 16,640 41 ,685
4, 545
28,031
2,361 1,181 96,043
5,654 1,028 76 ,691
14,373 1,629 76,714
14,370 1 ,623 77,646
14,,676 1,973 83,988
16,,283 2,400 78,796
21,046
988
3,159 12,797
88,912 2,455 19,071 6,045 51,321
7,941 2,124 7,552 5,918 52,334
2,381 4,895 10,076 12,283
2,
35 ,093
62,461 ,575 5,505 2,,223 40,121
.8,012 ,901 5,279 4,,523 43 ,287
2,342 ,996 1,667 6,479 41 ,185
25,500 19,539
3,494
3,007
3,692
971
3,455 1,900 1 ,104 84,408 8,338 ,275 16,985 14,271
7,130 4,662 952 65,218 57,914 1,987 5,816 4,815
13,020 11,911 1,518 64,660 52,603 4,095 8,287 10,300
13,440 11,840 1,513 65,988 53,111 3,915 4,417 10,374
14,433 12,127 1,858 71,352 57,809 4,075 4,307 12,464
15,594 13,489 2 ,285 66,473 52,543 2,377 1,281 13,969
412
2,453
545
126 1,667
144 1,778
204 2,041
16 2,034
169
,172
267
320
364
432
466
123
80
111
383
390
467
656
52
233
87
75
74
89
88
22
36
46
70
81
91
122
554
287
564
1,294
1,220
1,232
1,379
298
330
475
466
644
754
8,823
18,809
13,214
9,769
11,062
11,841
10,083
11,729
44,792
45 ,286
29,890
34 ,369
36,944
34,903
5,276 3 ,729
10,821 3,847
11,930 3,608
12.586 3 ,729
12,785 4,025
,102 3,651 3,333
22 3,873 3,258
14 5,129 3,621
33 10,587 3 ,746
38 11,682 3,502
21 12,352 3,624
15 12,549 3,906
,832 3,090 2,871
16 3,254 2 ,815
104,1993,105
8,871 3,185
9,890 2,987
20 10,449 3,094
13 10,584 3,346
7,265 311
1,623 3,652 1,679
729
7,574 477 3,433 3,325 10,337
1 606
558 9,771
1,97 1,002
640
638
7,765 924 1,104 1,130 4,605
' 1 1,365
8,695 ,014
711 1,454 5,510
6 1,851
785
9,34:
597 1,924 6,026
10 1,977
537
7.78:
146 1,830 5,262
7 1,754
1,806 1,430
96
40 4,598 4,213
51
149
26 3,28' 2,890
234
96 3,428 2,856
206
74 3,386 2,825
223
105 3,734 3,120
244
139 3,441 2,742
830
629
604
639
516
523
547
2,760
5,931
5,088
6,204
5,975
6,518
6,288
954
1,333
1,801
2,776
2,589
2,784
2,846
732
760
1,418
1,912
1,835
1,847
1,940
158
134
140
102
48
211
73
286
242
34:
270
Reserve city banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 31. .
1955—June 30. .
15,34
40,108
36,040
46,755
47,056
50,738
50,596
7,105
8,514
13,449
22,763
22,453
23,986
25,654
3,456
3,661
7,088
10,568
10,010
10,624
11,210
300
205
225
774
953
956
700
114 194
42' 1,503
170 484
308 456
326 468
62:
40
444 651
1,527
1,459
3,147
5,453
5,639
6,134
6,603
8,243
1,512
855 404 31,594
1,969
366 22,591
4,942 611 23,993
4,797 629 24,603
4,912
720 26,75:
5,500
954 24 ,942
6,467
29,552
20,196
19,559
19,813
21,718
19,69
295
1,034
373
1,230
1,241
1,326
503
6,982
2,358
3,357
1,590
1,695
481
751
5,653
1,901
4,201
4,183
4,954
5,773
4,248 1,173
956 820
15,878
5 1,126 916
15,560
3 1,342 1,053
10,746
25 3,196 1,238
12,773
26 3,585 1,206
13,736
7 3,782 1,252
12,937
3 3,916 1,330
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—June 30..
12,518
35,002
36,324
47,404
47,474
50,466
50,806
5,890
5,596
10,199
19,934
20,537
21,442
22,799
1,676
1,484
3,096
4,82
5,071
5,306
5,815
659
648
818
2,204
2,170
2,229
1,980
183
471
22
210
200
220
234
1,823
1,881
3,82'
7,114
7,331
7,74:
8,214
6,628
1,530
707 363 29,407
1,979
229 26,125
5,441 336 27,470
5,618 34. 26,937
5,760 388 29,024
0,366 439 28,006
4,377
26,999
22,85
22,42.
21,779
23,62
22,32
110
630
480
1,819
1,548
1,893
1,261
5,102
2,583
3,374
1,85.
1,774
58"
481
4,544
2,108
4,285
4,017
4,731
5,554
2,926
16,713
17,681
12,940
14,355
15,228
14,916
861 1,222
9 1,342
6 2,006
3,911
4 4 ,067
4,275
4,458
18,454 5,43:
23,287 9,838
23,220 10,147
24,337 10,378
24,499 10,876
,205
,685
,758
,859
,979
614
1,702
1,741
1,671
1,592
156
142
150
161
173
2,266
3,681
3,795
3,993
4,194
1,061
2,551
2,622
2,623
11,318
10,83,
10,409
11,184
10,74
206
909
790
991
843
1,973
1,951
1,155
1,054
429
1,219
2,139
2,00:
2,209
2,67
7,916
5,834
6,460
6,928
6,794
1,078
1,951
2,04:
2,139
2,203
All nonmember
banks: 2
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 3 0 . .
Dec. 3 1 . .
1955—June 30..
6
2
2,875
111
148
14
143
143
13,021
13,449
13,073
13,959
13,622
256
133 1,467
132
235
450
123
261
113
241
70
66
76
153
749
248
684
721
855
812
903
1,864
2,274
1,598
1,731
1,953
1,788
119
182
181
213
400
387
415
456
193
204
185
172
174
199
243
1,028
1,067
1,262
1,136
1,090
1,120
1,227
625
662
621
636
679
*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 savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are
not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes
in Federal
Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
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 to be shown net.
For other footnotes see opposite page.
1344
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Re-
Class of bank
and
call date
serves
Cash
with
n
Federal
Revault
serve
Banks
Bal-
anc:es
with
do-
mestic
banks 4
Time deposits
De-
mand
de-
posits
adjusted 6
Interbank
deposits
Do-
U S.
For-
Government
1
4
5
4
5
343
146
591
172
078
1
23
1
4
5
4
5
761
740
325
116
562
154
064
mestic* eign
All commercial
banks:2
1947—Dec. 31. .
1953—Dec. 31 . .
1954—June 30. .
Dec. 31
1955—June 30
17
19
18
18
17
796 2 ,216
99.S 2 ,512
924 2 ,660
734 2 ,469
941 2 ,681
10
12
11
12
10
216 87,123 11 362
103 102,452 13 444
033 98,117 12 470
202 106,540 13 ,511
529 103,221 11 906
1,430
1,344
1,328
1 ,539
1,577
All insured c o m mercial b a n k s :
1941—Dec. 31 . .
1945—Dec. 31
1947—Dec. 31 ' '
1953—Dec. 31. .
1954—June 30
Dec. 31
1955—June 30. .
12 396 1 ,358
15 810 1 ,829
17 ,796 2 ,145
19 .995 2 ,482
18 .924 2 ,627
18 .734 2 .444
17 ,941 2 ,655
8
11
9
11
10
11
10
570 37,845 9 ,823
075 74,722 12 ,566
736 85,751 11 ,236
724 101,289 13 ,221
688 96,983 12 ,252
854 105,471 13 .392
241 102,247 11 ,801
1,248
1,379
1,296
1,287
1.497
1,534
673
Certi-
Individuals,
and
partnerships,
political
subdi- cers' and corvisions checks, poraetc.
tions
States
6 , 799
9 , 546
9 , 925
9 , 902
10, 278
Red
ind
Dffi-
2 ,581 8 4 , 987
2 ,996 100, 062
2 ,789 9 4 , 282
- ,199 103, 466
3 ,154 9 9 , 550
3,
5
6
9
9
677 1 ,077
098 2 ,585
692 2,559
407 2,978
776 1!,765
Q 763
3,176
10 150 3,131
36,
72
83
99
93
102
98
544
593
723
038
306
543
712
1 ,009
U.S.
CapiGov- States Indiern- a n d viduals, Bor- t a l
ment polit- partner- row- acical
ships, ings counts
Inter- and
bank Postal subdi- and corSav- visions poraings
tions
240
1 ,167
1 ,699
1 ,759
1 ,759
111
338
331
365
368
158
70
54
59
103
111
338
331
365
368
1 ,031
1 ,506
1 ,487
1 ,459
866
1,944
2,319
2,402
2,435
492
496
826
1,891
2,264
2.348
2,374
3 4 , 383
4 1 , 714
43 334
44 441
4 5 , 410
65
62
55
31
150
10, 059
1 3 , 559
14, 038
1 4 , 576
4 , 906
1 5 , 146
29 277
33 946
41 381
43 001
44 160
45 135
10
215
61
54
50,
21
137
6, 844
8 671
9 734
13 239
13 714
14 252
14 579
878
712
542
311
687
650
504
4
208
54
43
38
15
115
5
7
8
11
11
12
12
886
589
464
316
709
210
461
1
2
2
2
2
2
2
648
120
259
572
630
803
715
Member banks,
total:
6 246
7 117
6 270
7 554
7 062
7 613
6 704
33,754
64,184
73,528
86,127
82,783
89,836
87,207
9 ,714
12 ,333
10 ,978
12 ,858
11 ,956
13 .015
11 ,482
93
111
151
129
131
126
138
141
78
70
70
60
67
87
10,761
15,065
16,653
15,901
15,430
16.500
15,859
3 ,595
3 ,535
3 ,236
3 ,363
3 ,237
3 ,336
3 ,129
1 ,021
942
1 ,070
1 ,287
1 290
1 ,177
1 ,021
43
36
30
34
30
29
28
298
200
175
166
15^
162
127
2,215
3,153
3,737
4,211
3,844
4,400
4,024
1 ,027
1 ,292
1 ,196
1 ,339
1 ,287
1 ,264
1 ,125
Reserve city banks.
1941—Dec. 3 1 . . 4 ,060
1945—Dec. 31. . 6 ,326
1947—Dec. 31. . 7 ,095
1953—Dec. 31. . 8 ,084
1954—Tune 30. . 7 ,553
bee. 31 . . 7 .783
1955—June 30. . 7 ,359
425
494
562
568
611
558
634
2 ,590
2 ,174
2 ,125
2 ,463
2 ,352
2 ,327
2 ,232
11,117
22,372
25,714
30,986
29,940
32,694
32,024
4 ,302
6 ,307
5 ,497
6 ,869
6 ,220
6 ,946
5 ,979
526
796
929
1 ,140
1 ,230
1 ,129
1 ,217
3 ,216
4 ,665
3 ,900
4 .855
4 ,496
5 ,057
4 ,259
9,661
23,595
27,424
35,029
33,569
36.242
35,299
790
1 ,199
1 ,049
1 ,288
1 ,211
1 ,469
1 ,249
544
642
658
627
664
3 ,947
4 ,550
3 ,972
4 .590
3 ,825
13,595
16,325
15,334
16,704
16,014
385
586
514
496
424
1945—Dec.
1941—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June
31..
31. .
31. .
31. .
30. .
31 . .
30. .
12 ,396 1 ,087
15 .811 1 ,438
17 .797 1 ,672
19 ,997 1 ,870
18 .925 2 ,001
18 ,735 1 ,843
17 ,942 2 ,017
New York City:*
5 ,105
1941—Dec. 3 1 . .
1945—Dec. 31 . . 4 ,015
1947—Dec. 31. . 4 ,639
1953—Dec. 31. . 4 ,846
1954—Tune 30. . 4 ,614
Dec. 31. . 4 ,398
1955—June 30. . 4 ,399
Chicago:*
1941—Dec.
1945—Dec.
1947—D e( \
1953 Dec.
1954—Tune
Dec.
1955—Tune
31. .
31
31 . .
31
30
31*. '.
in
Country banks:
1941—Dec. 31. .
1945—Dec. 3\ . .
1947—Dec. 31. .
1953—Dec. 3 1 . .
1954—Tune 3 0 .
Dec. 31. .
1955—June 30. .
AH nonmember
banks: 3
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—June
31
31. .
30
31 .
30. .
2 .210
4 ,527
4 ,993
5 ,780
5 ,468
5 ,377
5 ,163
671
1 709
179
176
756
165
715
656
066
240
504
530
839
781
117
2,450
2,401
2,783
2,581
2,964
2,919
33
62
72
85
81
88
85
061
950
704
711
034
859
706
1,105 6 940
267
1,217
778
1,021
1,033 1 ,378
736
1,177
1,187 1 ,131
319
237
290
315
404
368
374
450
1,338
1,105
L ,071
1,109
1,223
1,252
11
15
17
17
16
17
17
282
712
646
509
601
823
300
8
20
21
39
34
40
39
127
1 ,552
72
259
410
251
343
233
237
285
272
297
274
288
34
66
63
64
74
80
79
2
3
3
4
4
4
4
54
110
131
219
202
259
289
491
8 ,221
405
1 ,504
2 ,015
1 ,457
1 ,843
1 ,144
1 ,763
2 ,282
2 ,880
2 ,877
2 ,876
3 ,021
286
611
705
828
677
866
757
11
22
26
32
30
33
32
2
225
8 5 ,465
7
432
12 1 ,216
11 1 ,362
17 1 ,271
15 1 ,339
1 ,370
2 ,004
2 ,647
4 ,063
4 ,261
4 ,263
4 ,433
55
52
48
46
47
1 ,295
2 ,016
2 ,085
2 .121
2 ,162
1,243 22
1,375 1
1,291 3
1,280 5
1 ,493 3
1,531 4
607
866
167
390
426
457
422
3
4
5
7
7
7
8
140
64
50
1 ,021
1 ,497
1 ,475
1 ,449
6
17
12
831
50
99
105
308
300
334
338
418
399
693
1,595
1,912
1,966
1,968
11
23
27
33
34
35
36
1
1
1
2
2
2
778
206 " l 9 5
30
418
23
958
1
014
1
146
10
114
1
1
1
1
476
719
902
229
253
280
287
288
377
426
566
583
600
612
1 .967
2 2 ,566
1 2 ,844
3 ,984
4 ,124
3 4 ,300
50 4 492
4
11
23
20
26
11
55
1 ,246
1 ,196
1 ,137
53
51
54
57
29
20
14
139
151
192
110
152
160
853
500
032
622
238
9
18
18
16
2
3
4
6
6
9
10
10
10
10
127
281
003
065
,503
,677
,081
104
30
22
166
214
239
277
20
38
45
98
97
111
117
243
160
332
830
992
965
1,018
4 542
9 ,563
11 045
13 203
13 867
14 .399
14 871
239
435
528
820
720
795
831
8 500
21 ,797
25 ,203
31 ,636
29 ,898
32 ,736
31 ,487
30
17
17
15
19
22
19
31
52
45
153
148
163
158
146
219
337
615
759
799
830
6 ,082
12 ,224
14 ,177
16 ,921
17 ,553
17 ,826
18 ,232
180
213
209
235
235
12 ,284
14 ,351
13 ,248
14 ,608
13 ,844
190
146
202
284
309
6
30
30
31
30
172
350
407
436
468
6 ,858
8 ,426
8 ,669
io
12
8.814
8 ,929
ii
1 ,982
2 ,525
2 ,934
4 ,194
4 ,372
4 ,506
4 ,642
12 1 ,596
19 2 ,245
17 2 ,332
16 2 ,369
35 2 ,448
2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
3
Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commerical banks.
^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
DECEMBER 1955
1345
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars!
Loans 1
Month or date
ComTotal Loans
merand
loans investcial,
and
indusments
Loans
investtrial,
adadments justed 1 justed 1
and
agricultural
U. S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S.
U.S.
Other
Govt. Other
se- Govt.
obob- curiliga- curiligations ties tions ties
Real
estate Other
Total
loans loans
CerOther Loans
tifisecu- to
cates
2 rities banks
Bills of in- Notes Bonds
debtedness
TotalLeading Cities
1954—November. 85,876 85,248 39,220 21,619
2,246
1,009
7,038 7,970 37,456 2,611 2,348 8,615 23,882 8,572
628
1955—September. 85,432 84,473 45,072 24,427
Octobers. . 86,324 85,458 45,930 25,082
November. 86,362 85,473 46,903 25,683
2,398
2,624
2,622
1,197
1,195
1,248
_
8,199 9,588 30,656
564 8,212 20,869 8,745
1,011
8,015 9,750 30 ,891 1,058 1,148 8,023 20,662 8,637
8,138 9,950 30,168
794 1,007 7,646 20,721 8,402
959
866
889
1955—Sept. 7... 85,189
Sept. 14...85,824
Sept. 21...85,318
Sept. 28. . .85,399
84,150
84,735
84,516
84,493
44,570
45,029
45,241
45,449
24,080
24,400
24,570
24,660
2,392
2,404
2,391
2,406
1,188
1,200
1,206
1,194
8,135
8,188
8,216
8,257
9,513
9,575
9,595
9,669
30,791 890
30,940 1,1.50
30,546 1,009
30,347 994
Oct. 53. .85,502
Oct. 12... 86,93
Oct. 19... 86,509
Oct. 26... 86,350
84,616
86,102
85,542
85,571
/45,644
\45,641
46,035
45,974
46,071
24,692
25,010
25,114
25,082
25,124
2,560
2,567
2,705
2,636
2,587
1,186
1,177
1,198
1,180
1,224
8,266
7,972
8,001
8,040
8,049
9,675
9,650
9,754
9,771
9,824
r 886
480 8,103 20 ,710
30,282 989
833
31,419 1,141 1,544 8,082 20,652 8,648
967
30,941 1,03,5 1,300 7,959 20, 647 8 ,627
779
30 ,922 1,067 1,266 7,948 20,641 8,578
2... 86,356
9... 86,013
16. .. 86,790
23... 86,167
30. .. 86,487
85,623
85,259
85,781
85,369
85,337
46,499
46,604
47,017
47,067
47,331
25,303
25,485
25,783
25,833
26,014
2,689
2,593
2,646
2,578
2,605
1,245
1,248
1,249
1,249
1,248
8,073
8,106
8,143
8,181
8,188
9,926
9,910
9,935
9,964
10,015
1954—November. 23,685 23,286
Nov.
Nov.
Nov.
Nov.
Nov.
30,559
30 300
30,377
29,961
29,643
607
617
537
496
8,352
8,267
8,160
8,070
20,942 8,789 1.039
20,906 8,766 1,089
802
20.840 8,729
20,787 8,697
906
733
842 1,196 7,877 20,644 8,565
754
77.5 1,088 7,741 20,696 8,355
932 1,053 7,645 20,747 8 ,387 1,009
798
8,341
7,559
20
,743
872
787
824 7,406 20,777 8,363 1,150
636
New York City
11,336
7,405
392 1,264
1955—September. 22,765 22,166 13,083
Octobers. . 23,102 22,574 13,443
November. 22,961 22,408 13,713
8,484
8,692
8,896
1955—Sept. 7... 22,725
Sept. 14.. . 23,004
Sept. 21. .. 22,576
Sept. 28... 22,756
22,008
22,292
22.128
22,239
12,859
13,096
13,140
13,237
8,302
8,490
8,547
8,600
149 1,538
217 1,622
178 1,664
1,556
167 1,524
136 1,537
156 1,533
Oct. 53.. 22,921
Oct. 12. .. 23,298
Oct. 19. .. 23,145
Oct. 26... 23,045
22,388
22,821
22,504
22,585
/8,669
13,381 \8,749
13,488 8,701
13,455 8,654
13,449 8,665
22,996
22,764
23,127
22,825
23,095
22,572
22,309
22,477
22,322
22,362
13,640
13,618
13,751
13,718
13,841
Nov.
Nov.
Nov.
Nov.
Nov.
2...
9...
16...
23 ...
30. ..
8.766
8,810
8,928
8,943
9,033
375
447 1,632 9,525
842
492 2,127 6,064 2,425
399
448
477
699 1,978 6,731
618 2,049 6,837
612 2,089 6,564
294
393
234
1,523 4,840 2,352
203 1,505 4,736 2 ,294
165 1,363 4,802 2,131
599
528
553
442
439
441
440
688
700
703
705
1,940
1,981
1,982
2,009
6,778
6,825
6,660
6,664
344
298
303
100 1,525
53 1,461
47 1,510
2,371
2,371
2,328
2,338
717
712
448
517
1,597
337 1,528
140 1,745
212 1,616
440
441
440
471
1707
\627
621
621
604
•1,991
2,063
2,058
2,084
6,672
7,016
6,768
6,893
40 1,526
336 1,529
199 1,488
237 1,477
4,781
4,725
4,717
4,722
2,335
2,317
2 ,281
2,243
477
641
460
1,647
1,666
1,664
1,673
1,668
479
480
478
476
472
603
608
616
617
618
2,094
2,084
2,085
2,086
2,098
6,701
6,600
6,614
6,499
6,408
325
426
364
457
301
2 50
269
219
130
1,468 4,719
1,404 4,787
1.5.5 1,351 4,839
136 1,316 4,
162 1,278 4,838
2,231
2,091
2,112
,105
2,113
424
455
650
503
733
173
183
126
156
1,596 4,851
4,856
4,848
4,804
533
Outside
New York City
1954—November. 62,191
61,962 27,884 14,214
590
620
1955—September 62,667 62,307 31,989 15,943
Octobers. . 63,222 62,884 32,487 16,390
November. 63,401 63,065 33,190 16,787
711
785
780
743
733
756
6,591 6,338 27,931
7.^00 7,610
7.397 7,701 24,0.54
7,526 7,861 23,604
1,856 6,488 17,818 6,147
229
360
338
336
560
490 6,689 16 .029 6,393
945 6,518 15,926 6 ,343
842 6,283 15,919 6 ,271
1955—Sept. 7... 62,464
Sept. 14...62,820
Sept. 21. .. 62,742
Sept. 28... 62,643
62,142
62,443
62,388
62,254
31,711
31,933
32,101
32,212
15,778
15,910
16,023
16,060
699
713
718
717
733
747
752
741
7,447
7,488
7.513
7,552
7.573
7,594
7.613
7.660
?4,013
74.11*
23.88*
23.683
657
80*
711
691
500
517
484
449
16,091 6.418
16.0^0 6.395
15,992 6,401
15 ,983 6,359
322
377
354
389
Oct. 53 . . 62,581
Oct. 12. . . 63,637
Oct. 19. . . 63,364
Oct. 2 6 . . . 63,305
62,228
63,281
63,038
62,986
(32,263
\32,260
32,547
32,519
32,622
16,023
16,261
16,413
16,428
16,459
783
790
840
751
759
732
723
743
726
739
'7,559
7,34.5
7,380
7.419
7,445
7,684
7,659
7,691
7.713
7,740
23,610,
24.403
24 ,173,
24,029
/6,355
440 6,577 15,929 \ 6,358
664
6,331
6,553
15,927
1,208
715
671 1,101 6,471 15, 930 6,346
610 1,029 6,471 15, 919 6.335
353
356
326
319
Nov. 2 . . . 63,360
Nov. 9 . . . 63,249
Nov. 16. .. 63.663
Nov. 2 3 . . . 63,342
Nov. 30. .. 63,392
63,051
62,950
63,304
63,047
62,975
32,859
32,986
33,266
33,349
33,490
16,537
16,675
16,855
16,890
16,981
788
754
799
779
781
751
753
756
758
761
7,470
7,498
7,527
7,564
7,570
7,832
7 826
7,850
7,878
7,917
23,858
23 700
23,763
23,462
23,235
541
525
663
568
506
983
929
898
736
662
6,756
6,742
6,699
6,560
6,409
6,337
6,294
6,243
6,128
15,925 6,334
15,909 6 264
15,908 6 ,275
15,915 6,236
15,,939 6 ,250
309
299
359
295
417
^Corrected.
Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
3Certain figures for Oct. 5 are shown on two bases; the figures on the first line are before and those on the second line are after reclassification.
The reclassification was the result of reporting errors disclosed incident to a survey of credit extended to real estate mortgage lenders. The
monthly averages are computed on new basis.
For other footnotes see opposite page1
2
1346
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
ReBalDeserves
with Cash ances mand
with
deFedin
doposits
eral vault
mestic ad- 4
Rebanks justed
serve
Banks
Month or date
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, subcers'
and
divi- checks,
cor- sions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
Govand
U. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Postal DodiviForcor- sions Sav- meseign
poraings
tic
tions
Borrowings
Time
From
Federal From
Reothers
serve
Banks
Capital
TotalLeading Cities
1954—November 14,014
2,719 55,745 57,405 3,790 2,087 4,222
1,198
1955—September 13,262 1,000 2,480 56,058 58,567 3,696 1,856 2,369 19,176 1,015
998 2,502 56,209
,209 58,773 3,708 1,965 3,144 19,296
October.. . 13,533
968
992 2,456 56,336 58,815 3,972 2,151 2,864 19,252
957
November 13,478
203 11,602 1,315
1 .460
8,136
203 10,69^ 1 ,441 1 ,416
200 10,645 1,462 1,423
205 10,607 1,433 1,457
537
732
774
575 8.348
488 8,404
490 8,466
973 2,361 55,555 57,310
1955—Sept. 7 . .13,116
Sept. 14. .13,198 1,031 2,657 56,110 59,946
Sept. 21. .13,364
967 2,474 56,263 58,699
Sept. 28. .13,370 1,030 2,426 56,306 58,316
3,734
3,642
3,636
3,772
1,667
1,931
1,903
1,923
2,522
2,102
2,219
2,635
19,128 1,031
19,158 1,028
19,209 1,007
19,210
993
207
202
202
202
10,665
11,401
10,524
10,188
1,423 1,402
1,442 1,417
1,436 1,421
1,464 1,425
467
404
737
538
608
802
388
501
8,356
8,342
8,339
8,353
2,509 55,860 57,857
2,603 55,618 58,996
2,453 56,293 59
"",145
2,441 57,066 59,094
3,790
3,641
3,606
3,793
2,049
2,041
1,996
1,777
2,364
3,995
3,284
2,9.32
19,249
19,318
19,292
19,324
979
973
966
954
202
200
199
200
10,863
10,883
10,614
10,218
1,490 1,440
1,452 1,416
1,474 1,415
1,433 1,419
548
773
710
897
532
488
623
308
8,392
8,401
8,393
8,433
948 2,381 56,394 58,130
Nov. 2. .13,899
Nov. 9. . 13,382 1,041 2,386 55,955 57,994
977 2,686 56,047 59,817
Nov. 16. .13,285
969 2,340 56,386 58,662
Nov. 23. .13,392
Nov. 30. .13,431 1,023 2,487 56,900 59,475
4,055
3,963
3,976
3,895
3,971
1,968
2,071
2,433
2,049
2,234
2,876
2,496
3,115
2,962
2,870
19,356
19,338
19,195
19.180
19,192
952
947
954
961
971
205
206
205
205
204
10,593
10,687
11 ,246
10,219
10,288
1,470 1,452 1,109
1,448 1,443 1,106
1,456 1,476
472
1,409 1 ,472 686
1,380 1,443
495
351
326
626
426
723
8,456
8,468
8,453
8,458
8,495
968
Oct. 5. .13,307
Oct. 12.. 13,338 1,022
990
Oct. 19.. 13,713
Oct. 26. .13,772 1,012
New York City
1954—November
1,194
4,491
163
46 15,805 16,837
356 1,130 1,393 2,021
237
1955—September 4,085
October.. . 4,278
November 4,132
148
150
159
56 15,758 17,035
68 15.684 16,957
77 15,429 16,811
654 2,030
883
269
301 1,025 1,104 2,074
924 2,075
335 1,101
95
83
95
2,894 1,105 1,097
2.898 1,129 1,100
2,938 1,108 1,151
21
121
166
7. .
14. .
21 ..
28. .
3,961
3,988
4,150
4,239
145
152
139
154
43
63
59
61
15,647
15,729
15,827
15,829
16,668
17,304
17,024
17,143
242
265
271
297
1,990
2.028
2.049
2.054
99
99
96
85
2,833
3,042
2,854
2,845
1,081
1,110
1.099
1,132
1,090
1,096
1,099
1,104
24
21
13
25
233
360
221
310
2,699
2,696
2,689
2,688
Oct. 5. .
Oct. 1 2 . .
Oct. 1 9 . .
Oct. 26. .
4,254
4,162
4,299
4,395
146
158
146
151
75
70
62
64
15,719
15,371
15,661
15,984
16,887
16,798
17.019
17,123
675 2,076
306 1,070
304 1,090 1,464 2.095
259 1,049 1,219 2,051
337
890 1,059 2,075
85
86
84
78
2,908
2,920
2,924
2,838
1,162
1,124
1.139
1.092
1,105
1,097
1,097
1,102
200
133
63
87
334
269
276
197
705
703
703
700
Nov.
Nov.
Nov.
Nov.
Nov.
4,535
4,111
3.725
4.147
4,13?
148
188
151
157
153
56
61
94
58
116
15,711
15,171
15,137
15,402
15,725
16,637
16.491
16,858
16,690
17,377
994 1,022 2 , 0^8
472
864 2,C
382 1,126
968 2,054
289 1,242
2,053
255
996
2,083
279 1,147
81
100
98
99
98
2 ,896
2,941
3.0S5
2.851
2,947
1,143
1,118
1,133
1,087
1,060
1,137
1,138
1,169
1,166
1,143
244
306
53
194
30
254
243
262
277
351
2,718
2,716
2,710
2.704
2,726
1955—Sept.
Sept.
Sept.
Sept.
2. .
9. .
16. .
23. .
30. .
733
942
876
984
769
609
540
698
3,189 1,059
2,776
281 2,693
269 2,703
277 2,715
Outside
New York City
1954—November
957 2,829 16,612
961
149 8,413
852 2,424 40,300 41,532 3,427
973 1,715 17,146
848 2,434 40,525 41,816 3.407
940 2,040 17,222
833 2,379 40 907 42,004 3,637 1,050 1,940 17,177
920
885
862
336
333
325
319
323
306
516
611
608
932
929
911
908
14 7.801
144 7,747
147 7,669
151 7,832
146 8,359
146 7,670
146 7,343
342
332
337
332
312
321
322
321
443
383
724
' 513
375
442
167
191
5,657
5,646
5,650
5,665
9,523
1955—September 9,177
October.
9,255
November 9,346
2,673 39,940 40,568 3,434
336
5,360
294 5,655
219 5,701
213 5,751
9,155
9,210
9,214
9,131
828
879
828
876
2,318 39,908 40,642
2,594 40,381 42,642
2,415 40, 436 41,675
2,365 40,477 41,173
934 1,753 17,138
3,492
989 1,493 17,130
3,377
3,365 1,027 1,679 17,160
3,475
939 1,937 17,156
Oct. 5. . 9,053
Oct. 12. . 9,176
Oct. 1 9 . . 9,414
Oct. 26. . 9,377
822
864
844
861
2,434 40,141 40,970
2,533 40,247 42,198
2,391 40,632 42,126
2,377 41,082 41,971
3,484
3,337
3,347
3,456
17,173
17,223
17,241
17,249
894
887
882
876
146
144
143
144
7,955
7,963
7,690
7,380
328
328
335
341
335
319
318
317
348
640
647
810
198
219
347
111
5,687
5,698
5,690
5,733
9,364
9,271
9,560
9,245
9,292
800
853
826
812
870
2,325 40 683 41,493
2,325 40 784 41,503
2,592 40 910 42,959
2,282 40,984 41 ,972
2,371 41,175 42,098
974 1,854 17,258
3,583
3.581
945 1,632 17,250
3,687 1,191 2,147 17,141
3,640 1,053 2,078 17,127
3,692 1,087 1,989 17,109
871
847
856
862
873
146
147
147
147
146
7,697
7,746
8,191
7,368
7,341
327
330
323
322
320
315
305
307
306
300
865
800
419
492
465
97
83
364
149
372
5,738
5,752
5,743
5,754
5,769
1955—Sept.
Sept.
Sept.
Sept.
Nov.
Nov.
Nov.
Nov.
Nov.
7
14.
21
28
2. .
9. .
16. .
23. .
30. .
979
951
947
887
1,689
2,531
2,065
1,873
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953. p. 357, and for figures on the "revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953. pp. 550-555. 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
DECEMBER
1955
1347
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, (—). In millions of dollars]
]Business
of borrowei
Manufacturing and mining
Period
Metals
and
Petrometal
leum,
Food, Textiles, products
coal,
liquor, apparel,
(incl. chemical,
Other
and
and
machinand
tobacco leather ery and
rubber
trans.
2
Trade
(wholesale
and
retail)
Commodity
dealers
Sales
finance
companies
Public
utilities
(incl.
transportation)
Construction
Comm'l.
ind'l,
All
and
Net
other
agr'l.
changes
types
change—
classiof
total
fied
business
equip.)
1953—Jan.-June...
July-Dec....
-657
156
-45
138
90
—49
-644
-107
420
-326
215
537
-7
392
1954—Jan.-June...
July-Dec....
-505
-577
-548
-10
88
-1
-62
-41
120
-363
498
55
-26
1955—Jan.-June...
-540
220
177
313
153
Monthly:
1955—j u iy
August
September. .
October
November...
-65
60
128
161
135
28
78
75
-55
-57
—46
33
5
88
18
20
17
22
76
Sept. 7
Sept. 14
Sept. 21
Sept. 2 8 . . . .
29
35
21
43
4
80
—7
—2
-8
5
17
— 10
Oct.
12. . . .
19
26....
39
39
49
34
2
-2
-26
—29
Nov. 2
Nov. 9 . . . .
N o v . 16
Nov. 2 3 . . . .
Nov. 30
38
43
46
11
_2
—27
_2
-2
-11
-14
-11
101
-536
610
795
106
132
-1,314
-1,496
-225
71
82
630
539
589
384
134
143
1,257
1,078
66
29
113
159
108
-37
274
-126
-204
315
2
41
50
65
120
38
40
49
125
705
407
180
899
25
645
489
73
36
2
26
17
22
15
27
8
12
-3
34
47
35
-171
25
20
8
14
11
18
2
14
9
1
4
28
13
-120
-91
320
170
90
-3
5
-8
-6
10
69
46
38
41
34
31
53
6
-122
-60
-28
-83
-5
-20
3
9
53
73
-4
58
3350
-3
3
4
-10
9
19
26
41
44
14
25
13
12
53
38
65
51
107
47
-9
24
2
9
189
158
283
66
203
179
182
298
50
181
-91
-137
12
91
18
-23
126
539
-175
32
146
-461
29
17
20
-13
2
30
31
62
163
87
-11
16
1
10
11
10
-6
5
-6
22
-2
— 14
23
-11
1
10
3
26
26
19
15
5
6
20
-8
54
-109
-805
3464
890
Week ending:
Oct.
Oct.
Oct.
5
5A
-2
288
134
105
_7
23
35
-11
7
-7
-5
5
16
16
9
19
6
13
y
104
-32
42
1
Sample includes about 210 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.
3
Figures include increase of 318 million dollars resulting from errors disclosed incident to the recent survey of credit extended to real estate
mortgage lenders.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown on p. 524 of the BULLETIN for April 1955.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
fin millions of dollars]
Dollar acceptances outstanding
Commercial and finance
paper outstanding
End of month
Total
Total
Placed
outPlaced direct- standing
throughl
ly
dealers (finance2
paper)
1949—December
1950—December . *
1951—December..
1952—December
1953—December
837
920
1,331
1,745
1,966
270
345
1954—October
November
December
1955—January
February
March..
April
]VIay
June
July ,
August
..
September
October
Held b y
Accepting banks
Total
Own Bills Own Forbills bought acct. eign
corr.
272
394
128
192
58
114
490
197
552
564
492
574
183
172
119
2,048
2,032
1,924
762
769
733
1,286
1,263
1,191
687
768
873
2,064
2,187
2,191
2,171
2,335
2,303
2,411
2,359
2,245
2,255
713
703
681
1,351
1,484
1,510
1,548
1,763
1,731
1,818
1,779
1,681
1,708
623
572
572
593
580
F. R.
Banks
Oth-
567
575
882
1,193
1,402
449
Based on
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
126
117
70
78
57
55
11
21
21
20
24
133
180
272
289
378
184
245
235
232
274
49
87
133
125
154
2
23
39
29
271
313
289
217
241
203
55
71
86
14
19
19
402
437
565
207
248
285
148
164
182
72
42
17
869
831
807
282
242
236
206
182
187
77
61
767
686
655
650
655
206
192
182
184
186
164
143
138
144
142
23
28
29
28
26
26
23
27
27
26
564
561
538
517
453
431
433
427
433
430
273
235
227
229
207
216
223
220
253
258
187
178
182
189
188
189
186
182
189
201
17
41
56
68
53
40
41
41
33
33
79
49
42
49
44
40
44
' " '4
17
14
16
10
14
Goods stored in or
shipped between
points in
United Foreign
States countries
30
28
55
64
75
20S
247
300
9
32
303
283
248
90
93
93
190
150
125
108
111
92
88
85
92
101
21
43
564
671
190 147
108
144
16
45
547
662
189
82
x
As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with investors.
Back figures.—For hankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
1348
44
32
43
55
66
89
87
87
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Date
Total
assets
Business securities
United State and
States
local i Foreign 2
Total
Mortgages
Real
estate
Policy
loans
Other
assets
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
2,914
3,127
2,156
1,840
1,693
1,830
1,704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
3,523
Total
Bonds3
Stocks
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
31,997
34,194
554
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755
586
481
End of year:*
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
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
? - 045
1,773
L,429
L,047
936
945
L,190
L.393
1,547
1,736
L ,767
L.990
2,549
End of month: 5
1952—-December
1953—December
73,034
78,201
12,683
12,322
10,195
9,767
1,733
.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—September
October
November
December
'82,364
82,850
83,338
84,052
12,094
12,013
11,992
12,037
9,086
9,024
8,936
9,021
2,485
2,509
2,575
2,533
523
480
481
483
'36,328
36,579
36,663
36,843
33,717
33,979
34,040
34,147
'2,611
2,600
2,623
2,696
25,035
25,260
25,574
25,927
2,205
2,241
2,260
2,275
3,049
3,061
3,075
3,087
3,653
3,696
3,774
3,883
1955—'January
February
March
April
IVtay
Tune
July
August
September
84,912
85,324
85,627
86,061
86,515
86,967
87,636
88,087
88,529
12,348
12,323
12,153
12,167
12,099
12,086
12,138
12,218
12,175
9,233
9,242
9,091
9,105
9,058
9,046
9,096
9,179
9,129
2,643
2,664
2,649
2,643
2,632
2,629
2,643
2,638
2,636
472
417
413
419
409
411
37,061
37,130
37,384
37,524
37,693
37,830
38.081
38,071
38,273
34,305
34,367
34,611
34,733
34,906
35 001
35,212
35,196
35,403
2,756
2,763
2,773
2,791
2/787
2,829
2,869
2,875
2,870
26,223
26,474
26,727
26,949
27,217
27 483
27,748
28,001
28,250
2,310
2,344
2,367
2,381
2,407
2,420
2,453
2,471
2,492
3,127
3,144
3,159
3,177
3,190
3,207
3,230
3,245
3,260
3,843
3,909
3,837
3,863
3,909
3,941
3,986
4.081
4,079
115
399
401
410
'Revised.
1
Includes United States and foreign.
2
Central government only.
3
Includes International Bank for Reconstruction and
4
These represent annual statement asset values, with
6
Development.
bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1955; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
End of
year
1940
1941
1942
1943
1944
1945
1946
1947
1948 ..
1949
1950
1951
1952
1953
1954?
Total i
Mortgages2
5,733
6,049
6 150
6,604
7 458
8,747
10,202
11,687
13,028
14,622
16 846
19,164
22,585
26,638
31,680
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142
U. S.
Government
obligations
Assets
Cash
Others
71
107
307
344
318
853
410
465
413
612
493
391
450
536
356
381
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,923
2,026
560
663
880
951
1,082
1,306
1,500
1,958
940
775
416
501
566
692
866
1,072
1,258
1,481
Savings
capital
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259
End of
quarter
1952—4
Total i
Mortgages 2
U. S.
Government
obligations
Cash
Other 3
Savings
capital
22,585
18,336
1,791
1,306
1,072
19,143
1953—1. . . 23 442
2
24,724
3. . . . 25,582
4
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—1P. . . 27,667
2P. . . 29,105
3P...
30,168
4=P.. . 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...
27,313
28,988
30,616
2,207
2,287
2,339
1,911
1,948
1,581
1,514
1,652
1,632
28,398
29,839
30,516
2P...
3P...
33,006
34,946
36,233
^Preliminary.
1
Includes gross mortgages
2
Net of mortgage pledged
3
with no deduction for mortgage pledged shares.
shares.
Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.
DECEMBER
1955
1349
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year
End of quarter
Asset or liability, and agency
1955
1954
1946
1947
1948
1949
1950
1951
1953
1952
1
Loans, by purpose and agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks
Federal Farm Mortgage Corporation. .
Farmers Home Administration
Rural Electrification Administration. . .
Commodity Credit Corporation
Other agencies
2,884 2,299 3,632 4,362 3,884 4,161
305
276
425
232
302
345
336
273
426
633
437
510
109
149
80
34
60
45
590
2525
539
558
523
535
528
734
999 1,301 1,543 1,742
120
280 1,293 1,729
782
6
7
5
6
9
,070 6,811 6.527 6,929
424
377
367
343
590
673
754
63Q
18
25
15
13
648
754
596
701
,920 2,096 2.200 2,226
,426 3,076 2,457 2,981
5
4
4
6
466 6.362
340
322
725
847
1?
774
770
,286
,137
1
To aid home owners, total
Federal National Mortgage Assn 3
Home Owners' Loan Corporation
Reconstruction Finance Corporation 4
Veterans Administration
Other agencies
659
6
636
10
To railroads, total
Reconstruction Finance Corporation 4
Other agencies
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
101
99
2
82
80
2
79
77
2
To other industry, total
Reconstruction Finance Corporation 4
Department of the Treasury
Other agencies
192
151
272
241
462
423
458
400
420
426
58
58
509
294
174
40
413
38
488
415
74
516
457
31
310
272
38
349
64
353
67
353
73
To financing institutions, total
Federal home loan banks
Other agencies
314
293
7
447
436
4
525
515
4
445
433
4
824
816
814
806
864
864
952
952
691
689
2
870
868
2
556
4
486
61
65
13
13
348
78
1.017
2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,043 7,968
1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,833 2,788
52
246
64
154
- 235
206
101
58
800 3,450 3,750 3,750 3,750 3,750 3,667 3,620 3,618
Foreign, total
Export-Import Bank
Reconstruction Finance Corporation 4 ,
TJ. S. Treasury Department 5
Foreign Operations Administration 3 ...
61,515 1,537
623
232
278
113
All other purposes, total
Reconstruction Finance Corporation 4 ,
Public Housing Administration
Other agencies
478
Less: Reserve for losses
6,649
Total loans receivable (net).
Investments:
714
6
340
278
96
395
9,714
531
59
584
190
294
100
484
297
99
366
368
476
185
105
11,692 12,733 13,228
8,001 7,968 8.032
2,806 2,768 2,774
3,570 3,570 3,567
1,563 1 ,624 1 ,630 1,692
779 1,095
61
50
609
919
109
126
763
451
57
535 ' " i 4 4
173
203
140
171
14,422 17,826 19,883
438
451
474
110
307
113
325
100
374
276
228
18,603 19,348
332
259
494
19,782 18,927
1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2,988 2,967 3,187 3.108
43
43
43
48
43
43
43
43
43
43
43
43
63
46
58
48
51
47
44
74
60
61
60
60
42
45
42
72
39
43
70
66
42
43
42
42
199
387
687
139
249
275
145
274
641
311
771
661
193
217
222
184
200
214
172
199
228
208
234
241
12
17
12
8
319
324
132
244
285
122
144
188
344
316
354
327
1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,526 1,610 1 ,624 1 ,692 1,706
1
1
1
1
29
28
9
1
1
2
2
1
3,385
3,385
3,385
3,385
3,385
3,385 3,385
3,385
318
3,385 3,385
3,385
40
154
78
133
107
230
44
45
35
66
108
98
83
159
36
47
11
4
5
35
29
22
8
3
46
3
3
43
38
42
40
11
\ 24
2
3
2
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal home loan banks
Federal Savings and Loan Insurance
Corp
Home Owners' Loan Corporation 3
Federal Housing Administration
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions.
Other securities, total^
Reconstruction Finance Corporation4.
Production credit corporations
Department of the Treasury
Other agencies
2
822
448
235
C o m m o d i t i e s , supplies, a n d materials, t o t a l . . . .
Commodity Credit Corporation
Reconstruction Finance Corporation 4
Department of the Treasury
Other agencies
1,265
463
667
\ 134
Land, structures, and equipment, total
Public Housing Administration
Reconstruction Finance Corporation4
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm3.,
Other agencies 9
16,924 12,600
204
227
35
2,861
754
727
Bonds, notes, and debentures payable
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal home loan banks . . . . :
Federal National Mortgage Assn
768 1,251 1,528 2,142 2,603 2,930 2,818 2,907 3,013 3,095
199
828 1,347 1,850 2,242 2,462 2,392 2,461
2,593
369
231
10
108
177
123
168
115
137
300
367
383
408
430
169
22
24
35
246
60
59
63
67
72
138
2,044 1,793
(not
,
1,252
33
293
169
689
69
358
262
1,549 1,774 1,461 1,280 2,514 3,709 3,852 3,612 3,476
437 1,376 1,638 1,174
978 2,086 3,059 3,302 2,983 2,910
156
129
108
157
142
172
95
80
65
19
28
159
32
30
131 f{ 272
556
470
564
547
3,060 2,962 2,945 3,358 3,213 8,062 8,061 8,046 7,982 7,82]
1,448 1,352 1,248 1,251 1,173 1,018
80
64
8128
96
605
175
630
611
594
199
886 1,048 1,251 1,475 1,685 1 ,739 1,781 1.812
793
830
4,834 4,782 4,798 4,749 4,807
561 1,466 1,4-12 1,37? 1,137
189
168
206
465 " 5 9 0
627
965
70
480
415
772 1,190 1,369 1,330 1,182 1,072 1,068 1,561 1,840
110
78
170
150
181
131
156
139
123
520
490
674
619
704
762
640
713
811
560
204
414
525
445
179
272
139
336
570
570
For footnotes see following page.
1350
FEDERAL RESERVE BULLETIN"
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued
PRINCIPAL ASSETS AND LIABILITIES
[Based on compilation by United States Treasury Department.
In millions of dollars]
Liabilities, other than
interagency items
Assets, other than interagency items 1
Date, and corporation or agency
Total
Cash
InvestComments
modiLoans ties,
resupceiv- plies, U. S.
Other
able
and
Govt.
secumate- securities
rials
rities
Bonds, notes,
and debentures payable
Land,
strucOther
Other
tures,
asliabiland
sets
Guarities
equipanteed
ment
Other
by
U.S.
PriU. S. vately
Govt. owned
inter- interest
est
All agencies
21,718
23,733
24,635
26,744
29,945
38,937
630
441
642
931
944
1,190
1,854
2,047
2,075
2,226
2,421
2,602
3,518
3,492
3,473
3,463
3,429
3,425
3,060
2,962
2,945
3,358
3,213
8,062
337
509
499
882
832
1,261
38
965 1,663
28
772 1,720
23 1,190 1,193
43 1,369 1,161
53 1,330 1,728
75 1,182 3,818
1954—Sept. 30
Dec. 31
40.443
41,403
1,324 18,603 3 709 2,988
1,371 19,348 3,852 2,967
3,433
3,432
8,061
8,046
2,325
2,387
28
33
1955—Mar. 31
June 30
41.996
1 .375 19.782
1,244 18,927
3.187
3,108
3.429
3,430
7,982
7,821
2,629
2,634
31
41
43
60
42
3
1948—Dec.
1949—D ec
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31
31
31
313
313
313
.
40,639
11,692
627
12,733 1,549
13,228 1,774
14,422 1,461
17,826 1,280
19,883 2,514
Classification by agency
J u n e 30, 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
2,399
5,525
713
26
6 2,282
32 1,845
18
662
19
1,735
248
323
587
2,696
774
51 1,017
1
25
99
45
55
85 2,594
38
226
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
34
2,827
1,717
2 010
5,435
476
613
8,545
1,695
888
1
33
4 2,796
3
160
268
38
147
431
112 3 913
2 1,692
152
105
388
925
46
14
22
11
1
2
3.612
3,476
318
847
5
7
i
••er
662
241
354
1
146
64
1
1
472
1
(7)
1,706
«
29
44
12
3
19
459
(7)
166
183
234
329
378
434
1,072
1,068
2,357 36,488
4,183 35,610
498
508
1,561
1,840
4,013 35,848
3,019 35,171
543
568
123
811
0
12
2,910
18,886
21,030
21 995
23,842
26,456
33 429
0)
26
8
9
1 812
4,807
315
5
422
3
30
3 425
27 1 049
1
66
106
236
107
45
13
28
1 2 399
1,336 4,189
711
2
9
17
110
593
30
7
5
6
135
132
17
37
1
7
336
41
570
-3
862
10
238
25
298
171
376
37 2 088
7
767
540
34
103 2 724
126 1,591
51 1 960
179 5,256
462
14
8
605
12 8 533
1,695
59
829
*Totals shown for these years include figures for certain important agencies not shown. Figures for those agencies appear on p. 1150 of the
BULLETIN for October 1955. For details concerning coverage of agency figures in these years, see footnotes on p. 1151 of that issue.
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for
losses.
2
Includes figures for the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the FHA
since dissolution of the RACC in 1949.
3
Changes in coverage over the period for which data are shown are as follows: exclusion of the Home Owners' Loan Corporation after June
1951, when U. S. Govt. interest was repaid; 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.
4The 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.
5
Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury
compilation.
6
Figure not published in Treasury compilation, but derived by Federal Reserve. See also footnote 3.
7
Less than $500,000.
8
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, shown under "Other agencies."
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 8.
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 3). For back figurea
see Banking and Monetary Statistics, Table 152, p. 517.
DECEMBER 1955
1351
SECURITY MARKETS 1
Bond prices
Stock prices
Common
U. S. Govt.
(long-term)
Year, month,
or week
Old
series 2
Number of issues.
Standard and Poor's series
(index, 1935-39=100)
Municipal
(highNew grade)4
series 3
3-7
15
CorpoPrerate
(high- erred*
grade) *
Total
17
14
Industrial
Railroad
Volume
of
tradings
(in
Manufacturing
Trade,
thoufisands
Trans- Public nance, Minof
Non- porta- utiland
ing shares)
du- tion
To- Duraservity
ratal
ice
ble ble
Securities and Exchange Commission series
(index, 1939=100)
Public Total
util
ity
480
420
20
40
265
170
98
72
21
29
31
14
1952 average
1953 average
1954 average
129.3 115.8 169.7 188
97.27
93.90 101.46 119.7 112.1 164.0 189
99.51 109.60 125.8 117.2 174.5 227
204
204
250
169
170
180
118
122
136
195
193
230
220
220
271
189
193
249
245
295
221
219
233
118
122
136
206
207
236
276
240
267
1,404
1,419
2,270
1954—Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug.......
Sept
Oct
Nov
99.27 109.88 127.4 117.4 178.9 252
98.97 109.91 126.6 117.0 178.3 265
282
297
197
218
141
144
254
268
305
323
284
298
324
345
259
285
141
144
260
268
278
310
3,196
3,475
Week ending:
Nov,
Nov.
Nov,
Nov,
Dec.
97.88
96.97
97.08
96.31
96.53
96.37
94.96
94.51
94.87
95.83
95.46
108.43
103.51
103.63
103.43
103.66
103.75
102.73
101.57
101.95
102.75
102.73
125.4
125.0
124.4
124.9
125.1
123.9
121.4
120.5
121.3
122.5
122.6
116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2
113.1
113.6
113.7
175.7
175.0
174.6
176.0
175.6
175.8
176.7
174.3
172.7
173.5
174.7
269
278
278
286
285
301
315
311
323
306
322
302
312
311
322
320
341
360
354
371
350
369
222
232
238
252
251
259
256
250
257
241
255
145
150
150
152
152
153
156
156
155
151
154
271
281
280
287
289
303
319
315
327
310
328
326
340
337
347
350
370
395
390
407
385
411
307
320
318
327
324
344
366
368
387
365
389
344
358
354
365
372
393
421
410
425
403
430
288
300
305
320
326
337
334
324
33\
309
325
145
150
151
152
154
154
157
156
155
151
154
270
276
275
277
280
294
304
302
320
307
325
314
315
315
311
303
314
317
311
317
294
313
3,555
3,201
2,907
2,689
2,163
2,643
2,423
1,818
2,862
2,008
2,252
96.20
95.68
95.37
95.02
95.01
103.21
102.68
102.61
102.54
102.65
123.1
123.3
123.1
122.4
121.2
113.7
113.9
113.9
113.7
113.1
175.1
175.7
174.9
174.2
173.5
307
321
327
326
327
351
368
377
375
375
239
250
257
261
266
152
153
155
154
155
321
329
331
333
332
401
411
415
416
415
376
390
395
397
394
424
431
432
433
435
313
323
324
340
338
153
155
155
154
155
314
323
331
332
329
304
307
316
323
329
1,939
2,338
2,486
2,244
2,498
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
Series is composed of fully taxable, marketable 2% per cent bonds as follows: prior to Apr. 1, 1952, due or first callable after 15 years; Apr.
1, 1952-Sept. 30, 1955, first callable after 12 years; beginning Oct. 1, 1955, due or callable in 10-20 years.
3The
3% per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
4
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
^Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
©Average daily volume of trading in stocks on the New York Stock Exchange 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
for
Bank loans to
Net debit
balances
purchasing
others for purbalances
secured
or carrying
chasing or carryexcluding
by U. S.
U.S.
ing securities
balances
Government1
except U. S.
secured by U. S.
obligations Government2
obligations
Government2
Government1
obligations
obligations
Money
borrowed
except on
U. S.
Government1
obligations
Money
borrowed
on
U. S.
Government1
obligations
Customers'
net free
credit
balances1
1951—December
1952—December
1953—December
1,826
1,980
2,445
1,253
1,332
1,665
573
648
780
40
33
31
118
149
88
659
877
1,074
36
30
88
822
111
713
1954—October
November
December
3,050
3,203
3,436
2,095
2,202
2,388
955
11,001
] L,048
36
40
41
38
31
65
1,295
1,353
1,529
69
63
69
924
972
1,019
1955—January
February
March
April
May
June
July
August
September
October
3,537
3,643
3,732
3,785
3,787
3,870
3,911
3,865
3,966
3,944
2,517
2,590
2,652
2,704
2,684
2,711
2,734
2,710
2,805
2,749
L,020
1,053
1,080
L,081
1,103
1,159
:1,177
1,155
1,161
L ,195
42
63
49
48
47
46
45
43
43
40
35
39
33
27
28
31
29
29
33
29
1,620
1,666
1,861
1,988
2,047
2,020
2,003
1,994
2,056
2,088
77
113
78
74
72
73
77
71
68
71
1,069
1,063
1,022
973
928
917
918
887
977
920
1
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. e., all accounts of one customer
are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges.
Data 2 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.
1352
FEDERAL RESERVE BULLETIN
MONEY MARKET RATES
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
Finance
company
paper
placed
directly,
3- to 6-1
months
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month2
year
Rate issues
days 1 Market on
issues 3
new
yield
issues
1952 average
1953 average. . . .
1954 average. . . .
2.33
2.52
1.58
2.16
2.33
1.42
.75
.87
.35
1.72
1.90
.94
1 .766
1 .931
.953
1.81
2.07
.92
2.13
2.56
1.82
1954—Nov
Dec
1.31
1.31
1.25
1.25
.25
.25
.93
1.14
.948
1 .174
.94
1.10
1.90
1.94
1955—Jan
Feb,
Mar
Apr
May.....
June
July
Aug
Sept.
Oct
Nov
1.47
1.68
1.69
1.90
2.00
2.00
2.11
2.33
2.54
2.70
2.81
1.37
1.50
1.50
1.73
1.88
1.82
1.87
2.02
2.28
2.46
2.53
.33
L.38
1.38
L.43
L .50
1.50
L .50
L .67
2.08
2.23
2.17
1.23
1.17
1.28
1.59
1.45
1.41
1.60
1.90
2.07
2.23
2.25
L .257
L .177
1.335
L.620
L.491
1.432
L .622
L .876
2.086
2.259
2.225
1.36
1.41
1.49
1.71
1.72
1.71
1.88
2.12
2.14
2.19
2.28
2.11
2.18
2.30
2.39
2.40
2.42
2.54
2.73
2.72
2.58
2.70
Week ending:
Nov. 5 . . .
Nov. 1 2 . . .
Nov. 1 9 . . .
Nov. 2 6 . . .
Dec. 3 . . .
2.75
2.75
2.81
2.86
2.88
2.50
2.50
2.50
2.56
2.63
2.13
2.13
2.13
2.25
2.25
2.06
2.07
2.29
2.41
2.41
2.179
2.034
2.248
2.440
2.450
2.11
2.14
2.28
2.43
2.44
2.57
2.61
2.73
2.79
2.80
2
Data are averages of daily prevailing rates.
2
Series includes certificates of indebtedness and
3
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.
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
Size of loan (thous. of dol.)
Area and period
All
loans
Annual averages:
19 cities:
1948
1949
1950..
1951
1952
1953
1954
2.5
2.7
2.7
3.1
3.5
3.7
3.6
4.4
4.6
4.5
4.7
4.9
5.0
5.0
3.5
3.7
3.6
4.0
4.2
4.4
4.3
2.8
3.0
3.0
3.4
3.7
3.9
3.9
2.2
2.4
2.4
2.9
3.3
3.5
3.4
3.55
3.54
3.56
3.77
4.92
4.93
4.92
4.98
4.29
4.29
4.29
4.43
3.84
3.83
3.83
3.99
3.31
3.30
3.33
3.56
3.30
3.29
3 30
3.54
4.66
4.68
4.73
4.83
4.15
4.14
4.18
4.39
3.64
3.65
3.62
3.87
3.15
3.14
3.15
3.39
3 55
3.55
3.55
3.76
4.99
5.02
4 97
5.06
4.31
4.32
4.29
4.43
3.89
3.84
3.78
3.99
3.33
3.35
3.37
3.58
3.90
3.87
3.95
4.11
5.01
5.00
4 98
5.01
4.36
4.35
4.34
4.47
3.93
3.92
4.01
4.07
3.60
3.54
3.67
3.88
Quarterly:
19 cities:
1954—Dec
1955—Mar
June
Sept
New York City:
1954—Dec
1955—Mar
June
Sept
7 Northern and Eastern cities:
1954—Dec
1955—Mar
June
Sept
11 Southern and
Western cities:
1954—Dec
1955—Mar
June
Sept
110
10100
100200
200
and over
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
State and local government
Year, month,
or week
U. S. Govt.
(long-term)
Old
series2
New
series3
General obligations
Total
4
By selected
ratings
Revenue
bonds 6
By selected
ratings
Dividends /
price ratio
By
groups
Earnings/
price
ratio
Total
Aaa
Aaa
6
Baa
Baa
Industrial
Railroad
Public
Preutility ferred7
Common8
Common 9
Number of issues..
3-7
1
20
5
10
120
30
30
40
40
40
14
125
125
1952 average
1953 average
1954 average
2.68
2.93
2.53
"3A6'
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
3.19
3.43
3.16
2.96
3.20
2.90
3.52
3.74
3.51
3.00
3.30
3.09
3.36
3.55
3.25
3.20
3.45
3.15
4.13
4.27
4.02
5.55
5.51
4.70
9.49
10.14
8.75
1954—November..
December. .
2.55
2.57
2.68
2.68
2.34
2.40
1.95
2.01
2.96
2.99
2.76
2.76
3.13
3.13
2.89
2.90
3.45
3.45
3.06
3.07
3.22
3.23
3.10
3.10
3.92
3.93
4.29
4.09
8.15
1955—January....
February...
March
April
May
June
July
August....
September..
October....
November. .
2.65
2.72
2.71
2.77
2.75
2.76
2.87
2.91
2.88
2.82
2.85
2.76
2.92
2.92
2.92
2.91
2.91
2.96
3.02
3.00
2.96
2.96
2.48
2.49
2.49
2.50
2.48
2.49
2.62
2.69
2.70
2.64
2.60
2.09
2.10
2.09
2.08
2.06
2.09
2.23
2.33
2.31
2.25
2.20
3.04
3.05
3.07
3.08
3.07
3.08
3.17
3.22
3.24
3.22
3.20
2.77
2.79
2.80
2.79
2.77
2.80
2.86
2.92
2.92
2.89
2.87
3.15
3.18
3.20
3.21
3.23
3.23
3.24
3.29
3.31
3.30
3.29
2.93
2.99
3.02
3.01
3.04
3.05
3.06
3.11
3.13
3.10
3.10
3.45
3.47
3.48
3.49
3.50
3.51
3.52
3.56
3.59
3.59
3.58
3.08
3.12
3.14
3.14
3.17
3.18
3.18
3.25
3.25
3.23
3.22
3.25
3.28
3.31
3.30
3.32
3.31
3.32
3.36
3.40
3.38
3.38
3.12
3.15
3.17
3.17
3.19
3.21
3.22
3.26
3.29
3.27
3.28
3.98
4.00
4.01
3.98
3.99
3.98
3.96
4.01
4.06
4.04
4.01
4.10
4.14
4.18
4.03
4.05
3.71
3.63
3.76
3.76
3.96
3.96
Week ending:
Nov. 5 . . . .
Nov. 12. . . .
Nov. 19
Nov. 26. . . .
Dec. 3
2.79
2.83
2.86
2.88
2.88
2.94
2.96
2.96
2.96
2.96
2.59
2.59
2.59
2.61
2.67
2.19
2.19
2.19
2.21
2.27
3.19
3.19
3.19
3.20
3.24
2.86
2.86
2.86
2.88
2.92
3.30
3.28
3.28
3.30
3.31
3.10
3.08
3.08
3.11
3.12
3.59
3.58
3.58
3.59
3.59
3.23
3.21
3.21
3.22
3.23
3.38
3.38
3.37
3.38
3.39
3.28
3.27
3.27
3.29
3.29
4.00
3.99
4.00
4.02
4.04
3.95
3.87
3.90
3.95
3.98
5
8.25
8.17
"•7.09
^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
Series is composed of fully taxable, marketable 2% per cent bonds as follows: prior to Apr. 1, 1952, due or first callable after 15 years; Apr.
1, 1952—Sept.
30, 1955, first callable after 12 years; beginning Oct. 1, 1955, due or callable in 10-20 years.
3
The 3-M 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, 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 groups has varied somewhat.
The 7total 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.
DECEMBER 1955
1353
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Budget receipts and
eexpenditures
Increase or
decrease (—)
during period
Excess of receipts
or expenditures
Account of Treasurer of the United
States (end of period)
Deposits n
Period
Sales and
redemptions
in market
of Govt.
agency
obligations
Net
receipts
Expenditures
Surplus
or
deficit
(-)
Trust
and
other
accounts
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
2,711
7,973
7,777
3,582
1,770
-1,488
4 295
6 064
4 577
180
321
389
346
563
146
176
131
111
2,693
4,368
3,358
3,461
Fiscal yr.—1952.. .
19531..
1954...
1955...
Semiannual totals:
1952—July-Dec.
1953—Jan.-June.1
July-Dec.
1954—Jan.-June.
July-Dec.
1955—Jan.-June.
Monthly:
1954—Nov.
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
-72
-25
-4
881
-401
-250
-303
3,883
6,966
5,189
3,115
-388
-2,299
2,096
-551
6
4
6
6
969
670
766
216
333
132
875
380
355
210
274
343
5,106
3,071
4,836
4,365
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
-64
8,286
-1,320
9,097
-3,909
7,490
-4,376
-904
-1,394
6
4
4
6
5
6
064
670
577
766
180
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
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10 038
2 ,765
4,734
5,498
2,692
n.a.
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
6,225
5,340
5,355
n.a.
7
5
4
5
5
6
5
6
6
5
5
5
5
304
180
728
411
151
401
880
216
811
753
376
314
119
694
563
360
564
724
814
649
380
624
393
554
484
477
137
111
320
196
149
362
153
343
179
143
191
177
141
5,584
3,461
2,907
3,561
3,203
4,023
4,054
4,365
4,972
4,188
3,638
3,672
3,538
Dec
1955—Jan.
Feb. . . .
Mar.
Apr.
May
June
July
Aug.
Sept..
Oct....
Nov
-612
121
341
-98
-8,728
5,611
-9,294
5,102
-317
648
164
-775
358
126
358
—2,546
-287
596
3,846
-1,496
-919
3,361
-2,617
— 1,491
158
-2,663
n.a.
46
-71
99
-103
30
851
33
—26
511
—37
73
29
36
238
27
120
59
280
n.a.
-179
26
-80
— 193
-79
-269
-261
-338
277
-373
.n.a.
Clearing
account
-34
257
-248
-246
-57
23
234
-209
425
-186
354
36
309
-384
104
237
-74
-40
353
n.a.
Gross
direct
public
debt
F . R. B a n k s
General
fund
balance
62
603
-94
2,190
-1,587
1,036
101
— 103
-311
-257
—4,134
2,601
824
-3,098
3,210
725
-833
2,341
319
641
—2,124
-451
682
—260
1,250
-522
336
595
-1,058
-378
-62
—195
Balance
Special
In proc- depositaries
Avail- ess of
able
funds collection
Other
net
assets
1,134
1,132
742
1,045
1,175
1,256
781
1,127
1,132
1,256
742
781
1,045
1,127
889
1,045
1,142
1,089
1,074
1,201
1,023
1 ,127
1,036
1,028
993
981
963
Budget expenditures
INational security
Period
Total
TotaP
InterVetSocial
nat'l. Inter- erans
seaffairs
est Admin- curity
De- Mutual
fense
mili- Atomic and
on
istraproDept.,
fitary energy
debt
tion* grams
milinance3
protary
gram
Cal. yr.—1951
1952
1953
19541
56,337
70,682
72,997
64,854
33,044
47,936
49,363
42,820
29,432
42,078
42,953
36,807
1, 594
3 , 052
3 , 784
3 , 249
1 278
1, 813
1 f 889
1 . 937
3,524
2,574
2,082
1,265
5,983
6,065
6,357
6,567
5,088
4,433
4,156
4,206
1,463
,508
,630
,653
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—Oct.
Nov
Dec.
1955—Jan
Feb
Mar.
Apr
May
June.
July
Aug
Sept.
Oct
65,408
74,274
67,772
64,494
42,867
50,276
46,522
5
40,989
38,077
43,611
40,336
35,730
2 , 292
3 , 956
3 , 629
1, 895
648
791
1 1 895
1, 856
2,839
2,184
1,553
*1.175
5,859
6,504
6,382
6,389
4,748
4,249
4,176
4,376
,424
,532
,640
,669
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
1, 699
2 , 113
1, 671
1, 958
1 , 292
605
876
926
945
950
987
869
1,107
1,113
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
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
0,225
5,340
5,355
3,300
3,316
3,739
3,176
3,048
3,759
3,382
3,346
3,939
2,863
3,420
3,611
3,161
2,908
2,853
3,280
3,092
2,705
3,261
3,020
3,017
3,345
2,547
3,111
3,372
2,729
187
181
152
170
156
158
158
151
153
134
126
147
138
138
121
129
73
89
192
171
148
109
78
184
97
56
95
60
153
346
368
341
372
401
373
364
386
379
378
397
357
370
351
359
171
131
123
181
119
119
153
133
145
159
165
115
196
—113
163
63
122
99
271
92
88
35
297
:
968
585
680
787
1,200
222
396
478
355
443
1,495
592
522
529
542
Agriculture
1,010
1,564
3 , : >38
3,437
1,219
TransHousfers
ing
Post
to
and Public office
Other
home works def- trust
acfiicit
counts
nance
1.438
1,573
- 1 5 9 1,685
- 3 9 3 1,526
684
775
525
241
507
510
154
182
2,901
3,098
3,966
3,350
740
659
312
366
567
462
164
157
3,015
3,229
3,277
3,086
426
31
118
46
137
20
1,650
1,462
1,774
1,502
1,847
1,239
9
1
65
7
3
1
5
3
1
341
61
3
4
279
212
234
272
288
269
-60
294
175
404
470
198
359
694
646
3,1 34
614
385
2,841
4,689
-615
127
,515
,660
,519
.472
885
424
-42
916
740
2,178
1,237
1,604
1,833
2,856
170
—1,034
244
381
269
690
781
390
345
346
933
317
397
46
81
907
565
355
305
220
92
149
216
6
96
—61
35
36
—17
26
34
—33
28
164
142
149
101
89
85
99
108
84
151
132
139
153
148
2
23
72
16
31
43
32
85
59
36
21
900
-176
- 4 3 9 V 619
—1
— 18
13
r
Revised.
n.a. Not available.
i Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.'
2
Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International
affairs and finance"), 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.
5
Monthly figures do not add to total because figures for reclassified items are not available for July-February.
1354
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
Income and profits taxes
Individual
Period
Cal. yr.—1951
1952
1953
19543
Fiscal yr.—1952
19533
1954
1955
Semiannual totals:
1952—July-Dec
July-Dec. 3 .
Deduct
Estate
and
gift
taxes 1
Excise1
taxes
8,591
9,566
10,288
9,136
235
266
269
8,893
9,934
10,014
9,194
Withheld
Other 1
16, r>37
20 04 S
2 2 , 60S
10,311
11,834
11,279
10,477
16,565
22,140
19,045
19,915
801
849
923
18, 521
21 351
11,359
11,417
10,747
10,407
21,467
21,595
21,523
18,265
833
891
9
11 347
1 1 , 078
10 558
2,826
8,481
2,593
8,154
2,323
8,084
7,821
13,773
5,375
16,148
3,767
14,498
390
502
405
540
420
516
5,048
4,931
5,405
4,609
4,527
4,666
199
361
65
785
2 , 759
1 359
884
2, 916
78
272
1 181
290
61
82
62
781
715
649
(4)
20, 787
•«•
Corporation 1
UnemployTotal
ment
Other
budget
insur- receipts 2 receipts
ance
taxes
2 1 , 63S
10, 230
11, 013
1 077
July-Dec..
1955—Jan.-June..
Monthly:
1954—October .
November.,
December
1955—January
February..
March
April
IVtay
1,
967
2 , 091
1,
884
004
1 604
1, 014
June
July
August
September
October...
2,239
881
745
2,190
602
960
945
936
355
274
6,812
67
151
478
377
77
94
64
79
77
66
68
1,428
6,201
277
115
547
328
1,685
1,100
178
392
58,941
71,788
71,524
70.217
3,355
3,814
3,918
5,121
509
683
628
2,098
2 451
3,137
3,322
52 979
64 840
63 841
61,171
259
277
2,364
2,478
2,882
3,104
67,999
72,649
73,173
69,368
3,569
4,086
4,537
5,040
738
620
2,302
3 118
3,377
3,426
61,391
64 825
64 655
60 303
42
234
40
245
1,388
1,137
1,255
1,627
1,305
1,800
29,546
42,910
28,195
44,978
25,239
44,129
1,891
2,195
1,722
2,815
2,305
2,734
311
311
321
282
2 700
322
278
2 982
339
3,087
4
187
16
31
272
216
483
4
15
2
2
16
1
4
171
333
301
290
446
264
236
2,887
4,905
4,217
4,833
5,954
11,089
4,941
6,119
11,193
3,089
5,848
6,180
2,998
285
279
40
239
321
191
167
20
717
843
907
796
867
881
821
Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1952
1953....
1954....
1955
Semiannual totals:
1952—July-Dec...
!953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
1955—Jan.-June..
Monthly:
1954—Oct
Nov
Dec
1955—[an
Feb
Mar
Apr.
May
June
July
Aug.
Sept
Oct
Tobacco
Investments 7
Other*
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
3,843
3,874
4,226
106
136
37
331
74
238
105
385
-109
633
282
-356
42
696
337
-322
391
340
—288
358
334
956
-148
111
640
641
10
27
676
126
850
227
569
249
657
704
697
6
56
-124
210
-58
200
47
124
164
75
786
778
273
280
134
124
209
155
181
108
131
119
99
9
754
123
1
Other accounts 6
1,127
1,025
995
1,031
835
900
1,573
1,786
1,476
1,651
1,480
1,688
135
874
817
399
110
118
103
21
786
503
310
919
530
489
524
-74
845
810
804
777
766
804
n.a.
208
741
271
329
153
405
275
242
367
312
482
299
521
•262
445
1 281
256
19
80
53
15
85
60
18
64
46
1,507
1,942
5.811
7,717
4,885
5,257
5,846
3,100
5,027
4,919
4,795
4,722
4,527
4,674
n.a.
316
785
703
198
Q12
519
268
255
562
2 639
4 201
3 742
4 655
5,427
9 741
3 732
4 438
10 038
2 765
4 734
5 498
2,692
3,155
3,504
2,387
1,177
3,361
3,059
1,687
1,222
1 987
2 115
2 0?,0
1,867
2,032
2,151
2,027
1,735
881
56
82
48
7 ,906
8 ,315
8 ,123
9 ,191
8 ,210
8 ,529
8 .708
9 ,096
2,790
3,054
3,262
3,131
2,824
3,359
3,127
3,169
n.a.
39
759
49
82
3812
219
3460
332
-612
,446
,662
,614
,543
,565
,655
,580
,571
i
21
94
64
17
Expenditures
2 460
2 727
819
2 707
2 549
2 781
2 78.3
'2 743
139
122
143
150
116
154
188
26 893
37 703
25 757
38 899
22,272
38,031
Investments
8,682
9,558
9,714
9,248
8,971
9,946
9,517
'9,218
246
209
224
267
231
245
395
Receipts
Other
Liquor
844
718
844
908
798
867
451
554
329
113
Total*
Total
719
654
707
603
600
Social security
retirement, and
insurance accounts
Excise and miscellaneous taxes
Manufacturers'
and retailers'
excise
604
Trust and other accounts
Internal revenue collections
(on basis of Internal Revenue Service reports)
Period
Net
budget
Refunds receipts
Railroad
of
Old-age retire- receipts
trust
ment
fund
account
2,337
2,639
2,570
2,932
285
709
841
Appropriations to:
-269
360
378
-277
368
977
-179
26
-80
-193
-79
-269
-261
-338
277
n.a.
n.a.
-373
729
489
1 ,298
1 ,641
692
1 ,465
689
466
-334
-126
39
-358
644
1,044
252
982
-334
-270
733
700
705
686
671
673
58
-55
-62
50
-133
-37
661
111
-26
40
21
-395
—91
-130
-164
— 185
-110
-347
n.a.
Not available.
'Revised.
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
6
Beginning new reporting basis. See footnote 1 on preceding page.
Less than $500,000.
Excess of receipts, or expenditures (—).
• 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.
DECEMBER 1955
1355
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
Plus:
Less:
Period
Plus:
Net
Trust
Budget acct.
rec'ts. rec'ts.
Less: Plus: Equals: Budget Plus:
Exch. Clear- Trans, Other
Trust
Cash
exIntra- Other
Stabi- ing
outadaddependi- and Intra- Accru- lizaGovt.1 justside justacposits tures other Govt.1 als to3 tion
trans.
2
Treas.
ments2
accts. trans. public
4
Fund count acct. 6 ments
Excess
of deEquals. posits
or
Cash
withwithdraw- drawals
als
)
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.
2,086 -65
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
106
n.a.
319
n.a.
209
n.a.
34 -274 - 3 5
58,034 1,304
72,980 -1,583
76,529 -6,090
68,896
-301
Fiscal y r . — 1 9 5 2 . . . .
1953«...
1954
1955
Semiannual totals:
1952—July-Dec.. .
1953—Jan.-June. .
July-Dec.«.
1954—Jan.-June.
.
-J<
July-Dec.. .
1955—Jan.-June..
Monthly:
1954—Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
61,391
64,825
64,655
60,303
8,807
8,929
9,155
9,538
2,104
2,194 -215
101
2,097
2,009 -62
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
2,009
710
694
509
488
401 -170
9
250 -155 -215
-28
303 -274
118
-109
-290
-156 -257
67,786
307
76,407 -5,062
71,974
-159
69,899 -2,130
26,893
37,703
25,757
38,899
22,272
38,031
4,248
4,683
3,953
5,203
4,368
5,170
1,039
1,144
849
1,248
838
1,170
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
1,170
396
298
277
234
331
157
64
16
-44
248
-38
246
-71
57
-117
-23
-39 -234
n.a.
n.a.
374
-71
-202 —223
-94
188
-385
37,357 -7,254
39,203 2,038
37,244 -8,045
34,730 7,886
34,167 -8.187
35,732 6,057
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,038
2,765
4,734
5,498
2,692
n.a.
994
890
268
600
778
528
1,320
1,677
745
1,502
721
505
n.a.
3,842
469
6,288
573
4,942
581
4,831
653
5,894
761
5,228 1,134
5,356
817
6,677
»-842
5,382
887
6,225
895
5,340
804
5,355 1,108
n.a
58
427
42
53
64
78
59
874
394
156
77
151
n.a.
45
71
51
—18
4
31
39
51
68
31
40
25
40
-1
-33
-11
449
- 2 4 -582
-40
434
-63
479
-584
-182
177
c —171
249
-164
166
n.a.
748
4,374
6,401 -1,775
-710
5,009
825
5,481
6,932 4,010
5,355 -1,704
6,278
-731
6,677 4,368
5,352 -2,358
7,256
-923
5,904
84
5,659 -2,789
5,951
n.a.
n.a.
376
-242
177
-241
58 -14
5,122
421 4,626
427
42 -582
4,299
53
332 6,306
64
488 tO,943
78 -532
3,651
5,547
59 -152
874
205 11,045
394 -121
2,994
156
254 6,333
77 -155
5,988
151
2,869
-177
5,934
-9
25
209
-425
186
' - 8 -354
-36
-36
- 6 -309
384
11 -104
-237
-46
74
40
-353
n.a
r
c
x
n.a. Not available.
Revised.
Corrected.
Represents principally (1) interest payments between Treasury and Government
agencies
and trust funds (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
2
Represents principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
6
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.-JuneP..
Monthly:
1954—Nov
Dec
1955—Jan
Feb
Mar
Apr
May
June*3
July
Aug
Sept
Oct
Nov
Increase,
or decrease
( - ) , in
gross
direct
public
debt
Plus:
Cash issuance of
securities of
Federal agencies
Less: Noncash
debt transactions
Details of net cash borrowing from or
Equals: repayment ( —) of borrowing to the public 3
Net
cash
borrowDirect
SavPostal
ing, or
Sav.
Savrepay t. mktable. ings
and
bonds
ings
Sys. Others
( - ) , of
conv.4
(issue notes special
borrowissues
price)
issues
ing
Guaranteed
Nonguaranteed
Adjustment
for
trans.
outside
Treas.1
acct.
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
908
n.a.
n.a.
n.a.
-266
-170
-155
-256
-228
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
830
n.a.
n.a.
-71
-183
-83
-143
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
8-2,028
6,837
-4,307
7,378
-3,090
101
-103
-311
-257
-4,134
2,601
824
-3,098
3,210
725
-833
2,341
319
1
(8)
-10
3
6
5
5
1
-3
2
4
(8)
32
-25
521
-40
67
24
31
227
29
118
55
-280
n.a.
-20
17
-24
63
-72
-52
-30
-28
-50
-5
-9
11
n.a.
167
191
-134
-79
97
-413
582
1,094
119
944
-360
-230
n.a.
45
72
51
-17
5
31
39
51
69
31
41
26
40
9
-26
-1
7
35
5
(8)
-11
45
-1
-1
-11
(8)
-107
-349
259
-143
-4,270
2,955
209
-4,031
2,953
-135
-462
2,728
-178
-50
-198
-211
-241
-4,291
3,144
1,778
-3,270
3,306
229
509
2,918
P253
Net inv. Accruals to
in Fed.
Int. on
sec. by
sav.
Govt.
bonds
agen.
and
and tr.
Treas.
funds
bills
public
2
Payts.
in
form
of
Fed.
sec.
1,999 — 1 . 1 V I -1,099
-406 -1,784
5.77S
248
«4,829 6-344
-175 -1,469
3,071
-717 -1,209
1,639
«5,294 «-94 -2,164
-381
628
"2.530
- 1 0 -3,168
4,288
—997
-113
-162
-195
-155
-100
-239
-122
46
-122
-30
—326
-252
-173
-283
590
-121
-829
«18 -1,335
-362 1,583
-19
-955
-156
-514
147 -2,654
-32
-68
-94
-145
-50
-72
11
-20
-12
-268
-58
648
12
-62
-9
—136
51
-56
169
-59
94 -129
-88
-42
-32 -1,476
-48
-891
-39
-259
8 -453
-197
-771
-54
-324
-27
-21
-22
15
-6
501
16
-5
—30
-36
203
-35
106
-4
161
-26
-27
62
-30
-25
-26
-20
-25
26
-30
P-352
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 in6 this column. An exception was the sale for cash of about 300 million dollars in June 1952.
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
6
Excludes exchanges of savings bonds into marketable bonds in 8the amount of 409 million dollars,
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
1356
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS *
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits
Total
Direct
taxes on
individuals 2
59,338
71,396
70,440
68,595
27,149
32,728
34,807
31,785
Period
Cal. yr.—1951
1952
1953
1954»
. .
Fiscal yr.—1952 9
1953
1954 . .
1955.
Semiannual totals:
1952—July-Dec
1953—Jan.-June.9 . . .
July-Dec. . . .
1954—Jan.-June. . . .
July-Dec
1955—Jan.-June....
Monthly:
1954—NOV
Dec
1955—Jan
Feb .
Mar
Apr
May
July
Sept. .
Oct
Nov
5,122
4,626
4,299
6,306
10,943
3,651
5,547
11,045
2,994
6,333
5,988
2,869
5,934
Other Deduct:
cash Refunds
inof recome 4 ceipts
Direct Excise Social
taxes on and
ins.
corpo7 misc.
rerations taxes ceipts 3
Total
Nat'l.
Infl.
sec.
af- 6
pro- 5 fairs
grams
Interest on
debt
Social
Vetseerans curity
Other
pro- 7 programs grams 8
16,565 8,591
22,140 9,566
19,045 10,288
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
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
5,422
2,302
3,151
3,419
3,444
67,786
76,407
71,974
69,899
42,935
50,250
46,422
41,031
2,848
2,156
1,444
1,019
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
6,682
9,080
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
.498
L.680
1,754
L.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
1,069
930
10
271
1,153
353
330
6,844
444
394
6,102
616
343
1,090
360
783
744
644
703
864
694
802
922
812
899
820
866
885
296
432
350
346
241
235
221
275
313
466
220
294
47
80
52
189
705
874
829
420
125
121
103
87
4,374
6,401
5,009
5,481
6,932
5,355
6,278
6,677
5,352
7,256
5,904
5,659
5,951
3,314
3,552
3,191
3,100
10
3,808
3,084
3,253
3,927
2,758
3,668
3,292
3,434
n.a.
80
217
171
140
10
73
72
341
939
439
197
1,019
715
464
1,215
819
280
1,405
548
427
1,094
68,093 30,713
71,345 33,370
71,815 33,363
67,769 32,563
30,104
41,241
29,199
42,615
25,980
41,790
Cash withdrawals
2,881
1,938
2,806
4,096
2,984
2,688
3,743
3,346
1,097
3,341
3,413
1,009
3,354
348
88
2,246 2,500
2,413 2,420
2,334 2,465
526 102,299 "2,482
2,367 2,186
563
2,580 2,579
748
2,876 4,107
3,247 4,448
3,368 3,748
4,277 W3.121
4,311 4,364
4,747 4,717
r3H
826
183
424
470
314
481
707
157
448
505
320
419
443
430
409
439
434
432
436
379
456
401
398
330
445
720 ' - 4 7 0
635
730
834
200
641
768
792 1,351
794
657
783 1,144
723
775
769 1,279
786 1,803
725
••921
r
801
542
n.a.
n.a.
184
108
io
r
95
'60
164
n.a.
r
n.a. Not available.
Revised.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
2
Includes estate and gift taxes.
3 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
5
Represents mostly nontax receipts.
Includes net redemptions of armed forces leave bonds.
i n c l u d e s special International Bank and Monetary Fund notes.
i n c l u d e s payments from veterans life insurance funds.
8
Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds.
9
Beginning new reporting basis, described in. Treasury Bulletin for April 1954, p. A2.
18
Monthly figures do not add to fiscal year because figures for unclassified items are not available for November-June.
UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Series A-E and H
All series
Calendar year
or month
Redemptions
1
Sales
Total
Before
maturity
Outstanding
(end of
period)
Sales
Series F, G, J and K
Redemptions 1
Before
maturity 2
Outstanding
(end of
period)
Sales
Redemptions
Total
1
Total
Before
maturity
Outstanding
(end of
period)
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
5,951
4,529
4,408
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
5,340
3,821
3,579
3,276
3,695
33,410
33,739
34,438
35,206
34,930
2,962
2,609
3,071
1,626
2,406
611
708
829
803
888
611
708
829
803
888
16,366
18,314
20,613
21,501
23,089
1951
1952
1953
1954
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
2,804
34,728
35,324
36,663
38,233
770
586
432
1,284
1,071
908
1,909
2.428
1,071
908
984
851
22,859
22,616
21,047
19.439
466
557
454
566
226
306
58,186
57,672
384
445
294
348
196
232
38,069
38,233
112
82
160
218
30
74
20,118
19,439
742
602
614
535
488
496
494
487
462
451
438
691
433
520
623
520
544
532
480
659
505
465
368
— 134
161
332
255
263
324
256
402
182
226
57,967
58,225
58,366
58,326
58,346
58,365
58,407
58,450
58,290
58,261
58,279
573
465
518
448
419
428
439
439
414
404
395
337
190
63
176
38,515
38,721
38,914
39,063
39,181
39,285
39,432
39,553
39,656
39,780
39,906
169
257
336
354
176
184
293
177
171
180
136
319
200
155
178
— 197
-15
103
19
33
82
33
174
-12
18
19,451
19,504
19,452
19,263
19,166
19,080
18,975
18,897
18,635
18,481
18,373
1954—Nov
Dec
1955—j a n
Feb.
Mar
Apr
May
June....
July
Aug....
Sent
Oct
Nov.
330
343
229
236
373
230
353
344
340
305
311
242
223
228
193
209
137
95
87
69
68
55
48
48
47
43
1
A change in procedure for processing redeemed sayings bonds, beginning in June 1954, resulted in a high level of redemptions which were not
classified between matured and unmatured bonds. This and the subsequent distribution oi these redemptions temporarily obscured relationships 2between matured and unmatured classifications.
Redemptions of extended Series E bonds are included with matured issues.
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.
DECEMBER
1955
1357
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basi? of daily statements of United States Treasury. In millions of dollars]
Public issues*
Marketable
Nonmarketable
Total
gross
debt*
Total
gross
direct
debt a
Total
1940—Dec
1941 - D e c
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
1,310
39,089 35,645
6,178 28,156
2,002
50,469 41,562
5,997 33,563
76,488 6,627 i6^534 9,863 44,519
98,276
151,805 115,230 13,072 22,843 11,175 55,591
212,565 161,648 16,428 30,401 23,039 66,931
255,693 198,778 17,037 38,155 22,967 68,403
233,064 176,613 17,033 29,987 10,090 69,866
225,250 165,758 15,136 21,220 11,375 68,391
218,865 157,482 12,224 26,525 7,131 61,966
221,123 155,123 12,319 29,636 8,249 55,283
220,575 152,450 13,627 5,373 39,258 44,557
221,168 142,685 18,102 29,078 18,409 41,049
219,124 140,407 17,219 28,423 18,963 48,343
226,143 148,581 21,713 16,712 30,266 58,874
223,408 147,335 19,707 15,854 30,425 64,104
231,684 154.631 19.511 26.386 31,406 63,927
226,681 150,354 19,515 18,405 31,960 71,802
1954—Nov.. . .
Dec
278.888 278,853 234,160
278,784 278,750 233,165
158,152
157,832
19,507 18,184 36.196 75,596
19,506 28,458 28,033 76,129
4 955—Jan.
Feb
Mar
Apr.
. .
May . . .
June
July
Aug
Sept
Oct
Nov
278,463
278,209
274,080
276,686
277.515
274,418
277,626
278,352
277,524
270,866
280,189
233,427
233,517
229,103
232,233
232,563
228.491
231.615
231.472
230.988
233.619
233,615
157,834
157,752
153,350
156,578
158.404
155,206
158,571
158.860
159,475
162.544
162,561
19,507
19,505
19,505
19,507
19.511
19,514
19,913
20,311
20,810
20.812
20,812
End of
month
278,439
278.182
274,048
276,649
277.472
274,374
277,584
278.309
277,476
279.818
280,136
Total
Bills
Certificates of Notes
indebtedness
28,462
21,455
17,722
20.932
17,046
13,836
16,037
9.047
9.047
12.017
12,017
28,037
35,280
34,989
35.007
40.718
40,729
40,746
47,608
47,707
47,797
47,817
Bonds
Bank
eligible*
Bank
restricted
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
81,828
81,512
81,134
81.132
81.130
81.128
81,875
81,894
81,910
81,918
81,915
Convertible
bonds
Total*
Savings
bonds
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
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
Tax
and
savings
notes
8,668 11,780 64,228 58.186
5,706 11,767 63,565 57,672
11,764
11,738
11,710
11,692
11,687
11,676
11,659
11,637
11,538
11,448
11,428
63,830
64,027
64,043
63,963
62,473
61,609
61,384
60.975
59,975
59,628
59,627
57,967
58,225
58,366
58,326
58,346
58.365
58,407
58,450
58.290
58.261
58,279
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
Special
issues
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
4,704 42,351
4,548 42,566
4,498
4,443
4,318
4,279
2,804
1,913
1,655
1,202
399
81
65
42,268
42,047
42,097
41,691
42,240
43,250
43,340
44.238
43,891
43,657
44,013
includes some debt not subject to statutory
debt limitation (such debt amounted to 476 million dollars on Nov. 30, 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 7,389 million dollars on Oct. 31, 1955.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
6
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Total
Held by
U. S. Government
gross
agencies and1
debt
trust funds
(including guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal
ComReserve mercial2
Banks banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Miscellaneous
invesSavings Other
3
bonds securities tors
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
255,251
259,461
259,151
267,445
266,123
275,244
271,341
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
42,229
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,490
6,305
6,379
6,596
6,743
7,022
7,116
7,111
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
217,533
214,293
217,180
214,816
221,552
218,563
226,931
222,001
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
20,778
22,982
23,801
22,906
24,697
24,746
25.916
25,037
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
61,800
58,400
61,600
61,100
63,400
58,800
63,700
63,600
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
10,900
10,200
9,800
9,600
9,500
9,500
9,200
9,100
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
18,700
17,100
16,500
15,700
16,100
16,000
15,800
15,300
2,000
500
700
4,000
10,100
1,000
16,400
2,100
21,400
4,300
22,200
6,500
15,300
6,300
14,100
7,300
14,800
7,900
16,800
8,100
19,700
8,800
20,100
9,400
20,700
9,600
18,800
10,400
19,900 11,100
18,400 I2,nnn
21,000 1 ? 700
16,400 1 3 900
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,600
49,100
49.100
49,000
49,200
49,300
49,400
49,500
7,800
8,200
10,300
12,900
17,100
21,200
20,100
19,400
17,600
17,000
16,700
16,300
15.5(M!
15,700
16,000
17,100
1 6 000
15,500
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
10,500
10,700
10,600
11,600
11,700
12,800
13,200
13,700
1954—Sept
Oct
Nov
Dec
274,838
278,786
278,888
278,784
42,407
42,238
42,351
42,566
7,042
7,047
7,080
7,043
225,389 24,271
229,501 24,381
229,457 24,888
229,175 24,932
67,100
70.100
69,700
69.200
8,900
8.900
8,800
8,800
15.100
15,100
15,000
15,000
18,100
18.700
19,300
19 300
13,800
13,900
13,800
13,800
49 700
49.800
49,900
50,000
14,700
14,700
14,300
14,200
13.700
14,000
13,800
13,900
1955—Jan
Feb..
Mar
Apr
May
June
July
Aug
Sept
278,463
278,209
274,080
276,686
277,515
274.418
277,626
278,352
277,524
42,268
42,047
42,097
41,691
42,240
43,250
43,340
44,238
43,891
23,885 68,700
23,605 66,900
23,613 64,200
23,612 >-65,800
23,662 r 64,800
23,607 '63,500
24.091 ^63,800
23.760 r 62,700
23,834 62,100
8,800
8,800
8,800
8,800
8,800
8.700
8,800
8.800
8,700
15,200
15,200
15,000
15,000
14,900
14,800
14.900
15.000
15,000
20 000
21.200
19.000
20,100
21,200
18,800
19,600
21.000
20,900
14,100
14,300
14,500
14,600
14,700
14,700
15,000
15,100
15,100
50,000
50.100
50,200
50,200
50,200
50,200
50,300
50,300
50,200
14,500
14,900
15,300
15,300
15,300
15,100
15,300
15,400
15,600
13.900
13.900
14,200
14,400
14,400
14,400
15,000
14,900
15,000
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—June
Dec
7,167 229,028
»7,203 '228,959
7,257 224,726
7,229 227,766
7,223 228.052
7,287 223,881
7,300 226,986
7,315 226,790
7,312 226,321
700
900
r
Revised.
1
Includes
2
Includes
3
the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1955.
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.
1358
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding November 30, 1955
[On basis of daily statements of United Stales Treasury. In millions of dollars]
Issue and coupon rate
Treasury Bills i
Dec. 1, 1955
Dec. 8, 1955
Dec. 15, 1955
Dec. 22, 1955
Dec. 29, 1955
1,600
1,602
1,602
1.601
1,601
Jan. 5, 1956
Jan. 12, 1956
Jan. 19, 1956
Jan. 26 1956
1,600
1,601
1,601
1,602
Feb.
2
Feb.
9
Feb. 16
Feb. 23,
1,602
1,600
1,600
1,600
1956
1956
1956
1956
Issue and coupon rate
Amount
Issue and coupon rate
Amount;
Certificates
Dec. 15, 1955
Mar. 22, 19562
June 22, 19562
June 22, 19562
\\i
1%
2
2\i
Treasury notes
Dec. IS, 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
1 % 6,854
1%
8,472
1,007
1H
2 12,547
1^
550
2%
2,997
531
IH
4,155
1%
3,792
2
824
1^
IH
383
121
1H
5,102
\%
1J9
\)4
5,350
2,202
1 ,486
2,970
Treasury notes—Cont.
Oct.
1, 1Q59. . . . 1)4
Anr. 1. 1060
m
Oct. 1, 1960
\}4
99
198
66
Treasury bonds
Mar.
Sept.
Sept.
Mar.
June
June
Dec.
June
Dec.
Nov.
Dec.
Sept.
Nov.
Aug.
June
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
15,
Issue and coupon rate
Amount
1,449
1956-58. . 2 ^
982
1956-593 2%
1956-59
2}4
3.821
1957-50. . .2%
927
1958...
.2%
4,245
1958-633 .2%
919
1958
2}/2
2,368
1959-62. . .234
5,276
1959-62. . .2\i
3,*64
1960
2j|
3,806
1960-653.. 2 % 1,485
1961
2%
2,239
1961
2% 11,177
1963
2)4
6,755
1962-67... 2 ^
2,116
Amount
Treasury bonds—Cont.
Dec. 15, 1963-68
2H
June 15, 1964-69
2H
Dec. 15, 1964-69
Mar. 15, 1965-70
Mar. 15, 1966-71.
June 15. 1967-72.
Sept. 15, 1967-72.
Dec. 15, 1967-72.
June IS 1978-83
Feb. 15, 1995
3
2,825
3,753
3,829
4,716
2,960
1,880
2,716
3,806
1,606
2,745
Panama Canal Loan. . .3
50
Convertible bonds
Investment Series B
Apr. 1, 1975-80. ..2%
11,428
!Sold on discount basis. See table on Money Market Rates, p. 1353.
3
Tax anticipation series.
Partially tax-exempt.
3
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES <
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
Total
outstanding
End of month
Type of security:
Total marketable
and convertible:
1953—June
Dec
1954—June
Dec. . . .
1955—June..."
Aug
Sept
U.S.
Govt.
agencies
and
trust
funds
159,675 6,899
166,619 6,989
162,216 6,985
169,599 6,918
166,882 7,162
170,497 7,192
171,013 7,187
Treasury bills:
1953—June . . .
Dec
1954—June
Dec. . . .
1955—June
Aug
Sept
Certificates:
1953—June....
Dec
1954—June . . .
Dec
1955—June
Aug
Sept
Treasury notes:
1953—June
Dec.
1954—June
Dec
1955—June
Aug
Sept
Marketable bonds:1
1953—June
Dec
1954—June.....
Dec
1955—June'.'.'.'.!
Aug
Sept
19,707
19,511
19,515
49,506
19,514
20,311
20,810
15,854
26,386
18,405
28,458
13,836
9,047
9,047
Fed- Com- Mueral
mer- tual
Resavcial
serve
ings
banks
Banks
banks
Insurance
companies
Other
Life
24,746
25,916
25,037
24,932
23,607
Other
51,365
55,933
56,199
61,082
55,667
23,760 54,765
23,834 54,234
8,816
8,524
8,353
8,113
8,069
4,411
4,368
4,187
4,399
2,721
2,712
2,846
120
126
98
75
84
120
158
327
410
520
537
537
672
719
30 4,996 4,351
63 5,967 9,215
41 6,600 4,942
4 13,882 4,835
8 8,274 1,455
4 2,520 1,274
4 2,524 1,107
87
184
101
57
53
21
20
27
37
7
4
4
7
5
310 6 ,052
445 10 ,475
202 6 ,511
179 9 ,496
70 3 ,973
60 5 162
52 5 ,334
10,355
11,510
11,423
13,649
15,385
14,911
14,602
62
130
221
242
289
289
279
5
52
99
67
71
69
65
529 5 ,678
605 5 ,814
592 6 ,531
675 7 ,310
718 12 ,502
732 14 ,096
770 14 ,483
4,522 32,066
3,667 30,671
3,093 35,481
2,802 38,037
2,802 35,942
2,802 35,708
2,802 35,520
7,232
6,820
6,669
6,499
6,422
6,446
6,388
5 855
5 686
5 164
4 898
4 873
4, 942
4 904
106
102
46
51
40
30
39
30,425
31,406
31,960
28,033
40,729
47,608
47,707
23
8
64
46
119
112
104
81,349
77,327
80,474
81,835
81,128
81,894
81,910
3,300
3,377
3,395
3,378
3,556
3,607
3,601
1,455
2,993
2,316
2,204
886
1,039
1,104
13,774
13,289
13,029
6,044
11,646
17,400
17,404
9 ,347
9 ,120
8 ,667
8 ,371
8 ,339
8,096 8 521
8,061 8 ,452
4
4
4
4
4
4
4
808
905
854
958
779
806
833
53 ,694
55 ,233
52 ,121
55 ,226
59 ,260
63 ,358
64 ,413
132
109
101
125
93
104
121
13 ,155
11 ,402
12 ,248
12 ,115
15 ,153
15 ,634
15 ,822
3 484
3 418
3 641
3 673
3, 606
3, 619
3, 601
24 ,890
23 ,688
23 ,032
22 ,548
23 ,927
24 769
25 ,094
End of month
Total
outstanding
U.S.
Govt.
agencies
and
trust
funds
Type of security:
Convertible bonds
(Investment
Series B):
1953—June
12,340 3 ,439
Dec.
11,989 3 439
1954—June
11,861 3 ,439
D e c . . . " 11,767 3 ,439
1955—June
11,676 3 ,439
Aug
11,637 3 ,439
Sept
11,538 3 ,439
Marketable securrities, maturing:
Within 1 year:
64,589
1953—June
163
73,235
Dec
175
60,123
1954—June
107
c62,829
Dec
70
49,703
1955—June
74
Aug
58,238
76
Sept
58,737
84
1-5 years:
1953—June
32,330
152
Dec
29,367
192
27,965
1954—June
205
29,606
Dec
137
1955—June
38,188
199
162
32,520
Aug
32,619
Sept
150
5-10 years:
1953—June
18,677
422
Dec
20,292
418
30,542
1954—June
494
33,677
Dec
477
33,687
1955—June
506
Aug
33,687
505
Sept
33,686
507
After 10 years:
1953—June
31,739 2 723
Dec
31,736 2 765
1954—June
31,725 2 740
•
Dec
31,719 2 796
1955—June
33,628 2 944
Aug
34,415 3 010
Sept
34,432 3 007
Fed- Com- Mueral
mer- tual
Resavcial
serve banks ings
Banks
banks
Insurance
companies
Ot ber
]ife
Other
182
168
165
163
164
160
158
1 ,314
1 ,264
1 ,265
1 ,239
1 ,222
1 ,220
1 ,216
15,505
16,972
16,280
19,417
17,405
19,245
19,318
19,580
25,062
17,684
15,738
7,187
8,132
7,880
476
475
294
159
164
200
240
390 1,082 27, 393
468 1,061 29, 023.
652 24,568
537
546
598 26,301
554
256 24,062
698
295 29,592
746
323 30,145>
5,452
3,155
3,307
5,087
5,773
2,087
2,087
18,344
16,056
14,624
18,846
21,712
19,797
19,556
464
431
476
502
533
493
474
109
914 5, 895
123
980 5, 430
155
890 5, 308
158 1,022 5, 855
152 1,187 10, 633
139 ,181 8, 661
130 :1,189 9, 033-
8,772
10,051
18,741
21,101
21,110
1,014 21,094
1,014 21,035
1 ,395
1 ,315
1 ,389
1 ,544
1 ,405
1 ,359
1 ,358
i
1,374
1,374
1,035
1,014
1,014
1,415 4,488
4,595
4,985
5,234
,415 5,494
5 ,167
5 ,039
4 ,930
4 ,668
4 ,746
l ,415 5,582 4 ,823
,415 5,605 4 ,773
:]1,415
,415
,415
3 ,133
2 ,935
2 ,876
2 ,865
2 ,854
2 ,830
2 ,758
353
328
317
305
291
291
288
745 1,104
725 1,198
516 1,655
439 1,664
388 : ,639
369 1 .631
369 ]1,608
4 ,969
4 ,868
4 ,582
4 ,364'
4 ,390
4 ,485
4 ,449
]L,356
] ,339
1 ,339
11,369
1 ,406
1 ,407
l ,425
3 919
3 854
3 800
3 756
3 , 706
3 697
Q
679
4, 865
5, 211
6, 711
7, 439
7, 626
7, 715
7, 797
11, 621
11, 716
11, 734
11, 874
13, 233
13, 694
13, 759
c
Corrected.
•Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
DECEMBER
1955
1359-
NEW SECURITY ISSUES 1
[Estimates, in millions of dollars]
Proposed uses of net proceeds,
all corporate issuers0
Gross proceeds, all i s s u e r s '3
Noncorporate
Year or
month
Total
FedU.S.
Governeral
ment8 agency 4
State
and
mu- O t h e r 6 Total
nicipal
2, 517
109
1,128
1,238
15,157
35,438
44,518
56,310
54,712
11, 166
33, *46
38
1
4 2 , ^15
5 2 , 1?4
4 7 , *S3
2
1
506
956
524
J946
1947 . .
1948
1949
1950
18,685
19,941
20,250
21,110
19,893
10,
10,
10,
11,
9,
?17
589
357
587
1951
1952
1953
1954
21,265
27,209
28.824
29,765
9,
12,
13,
12,
1939
1940
5,687
6,564
1941
1942
1943
1944
1945
1954— Oct.
Nov
Dec
1955—Jan.
Feb.. .
Mar
Apr
May....
June
Tulv
Aug
Sept
Oct
13
2.
New capital
Corporate
Bonds
Retirement
of
bank
debt,
etc. s
Mis-
Pre- Common
PubPri- ferred
stock
stock
Total licly vately
offered placed
New 7 laneTotal money
ous
purposes
Retirement
of
securities
50
24
2,164
2,677
1,979
2,386
1,276
1,628
703
758
183
108
l?0
?62
325
26
19
69 1,695
174 1,854
30
5
2,389
917
1,578
506
811
411
167
112
28
35
144 1,583
138
396
621
369
778
124
369
758
110 1 , 340
34
<547
868
474
990
56
163
397
108
753
1 , U7
308
657
27
47
133
73
49
134
891
778
614
736
811
,279
231
168
234
315
364
379
356
488
637
620
2,868
1,352
6 5S1
5, 558
4 , 390
363
226
537
535
709
486
664
260
98
87
i
569
435
661
795
97
22
47
2,667
1,062
1,170
3,202
6,011
2,670
4,855
1,892
3,851 1,004
216
30
1,157
2,324
2,690
2,907
3,532
56
451
156
132
282
6,900
6,577
7,078
6,052
6,361
4,881
5,035
5,973
4,890
4,920
3,019
2,888
2,963
2,434
2,360
1,862 1,126
2,147 761
3,010 492
2.455 424
2,560 631
778
577
^57
5^P
110
459
106
458
3,189
4,401
5,558
6,969
446
237
306
289
7,741 5,691
9,534 7,601
8,898 7,083
9,516 7,488
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
7 PO
8 716
8, 195
7, 190
6 ,531
8 ,180
6,544
1,350
2,552
4 , 511
166
184
615
459
3
4
1,130
71
1,019
343
205
52
37
265
64
1 103
906
470
116
856
244
146
46
89
400
2,706
1,431
2,583
1,654
4,399
1,915
2,487
1,656
1,640
2,597
74?
716
541
35
465
81
114
30
328
540
429
350
362
1 ,190
444
791
74
71
50
112
56
135
165
74
v>i
557
50?
514
535
3,< r?o
196
1, ?65
509
181
161
651
470
259
1
9
15
2
4
15
3
2
>-407
909
422
813
321
854
288
566
62
3,
s
103
672
484
252
232
53
135
501
364
871
475
694
156
524
297
465
208
346
178
229
25
37
54
95
113
512
146
209
1,420
675
998
796
533
583
737
887
672
749
574
1,225 1,034
190
136
508
304
857
344
447
164
270
177
4 ,591
5 ,929
4 606
4 ,006
7 ,960
6 ,780
515
504
546
136
1 761
194
303
597
206
101
583
200
554
93
680
153 1, 138
57
53
16
82
39
1 ,080
635
514
623
562
1 ,058
789
2,389
4,555
307
401
1,271
1,875
109
123
81
140
216
55
70
62
69
32
118
79
Proposed u s e s of n e t proceeds , by major groups of corporate issuers
Year or
month
1949
1950
1951
1952
1953
1954
1954—October
November..
December..
1955—January ..
February...
March
April
May
June
July
August. . . .
September..
October....
Commercial and
miscellaneous
Manufacturing
Total
Retire-10 net
ments proceeds
Total
net
proceeds
New
capital"
1,391
1,175
3,066
3,973
2,218
2,234
1,347
1,026
2,846
3,712
2,128
2,044
44
149
221
261
90
190
338
538
518
536
542
923
310
474
278
108
187
186
84
632
167
424
174
354
169
186
131
273
105
123
5
3
64
144
74
137
163
68
547
141
376
164
215
119
167
128
23
16
85
26
48
10
138
50
18
3
50
100
96
38
46
121
66
41
82
55
New
capitals
Transportation
Total
Retire-10 net
ments proceeds
New
capital'
28
63
56
24
40
93
795
806
490
983
589
771
437
758
553
501
127
73
132
16
4
47
69
70
22
18
52
45
5
12
3
1
4
11
1
5
6
13
80
8
36
107
55
57
28
203
55
99
462
512
502
831
88
94
37
42
110
66
36
76
42
784
609
37
8
Public utility
Retirements10
11
196
53
225
36
270
25
51
18
43
36
18
89
52
27
45
50
46
5
1
158
5
53
55
Total
net
proceeds
?
1^ew Retire- Total
net
jap- ments10 protal«
ceeds
043
,276
,608 1
i ,412
326
,626 \ 539
2 ,972 2 905
3 ,665 2 675
333
682
85
88
67
990
,>67
195
j505
f53
I374
rn
272
61
459
212
46
153
60
15
305
98
74
44
239
108
224
214
247
275
103
91
221
146
198
41
8
27
36
17
15
7
44
27
18
?A
70
45
90
29
393
101
196
178
260
103
90
208
146
Real estate
and financial
Communication
1
13
1
New Retire- Total
net
cap- ments10 proital"
ceeds
New
itS
Retire-1
ments"
49
81
593
739
558
639
35
100
66
60
24
273
54
1
274
27
108
270
26
100
4
1
8
6
2
26
18
21
6
6
12
24
31
39
45
90 . . . . . . . .
19
693
97
148
381
114
181
80
128
276
163
85
97
145
368
108
177
78
127
274
160
84
517
314
600
747
871
651
98
20
43
449
5
515
6
448
508
3 1,561 1,536
60 1,061
788
2
13
6
5
2
2
3
1
•"Revised.
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying
principal amounts or number of units by offering price.
4
36 Includes issues guaranteed.
Issues not guaranteed.
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.
1
2
1360
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual
Industry
1949
1950
1951
Quarterly
1952
1953
1954
1954
I
1955
3
2
1
4
2
3
Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.): 2
Sales
Profits before taxes
. . .
Profits after taxes
Dividends
.
8, 176
5, 250
3 ?44
. . . 1, 737
5 , 598
8, 133
4 900
2 , 327
2, 693
8, 806
3 530
2, 064
4 , 266 3, 100
7, 271 8, 338
3, 191 3, 639
2, 062 2, 066
5 079
699
391
236
5 046
657
370
237
5 49Q
705
448
345
5 508
797
441
255
011 4 9 396 37 977 9 976 9 808
438 5 320 4 442 1 085 1 248
807 9 115 9 9?3
601
597
120 1 102 1 315
294
296
8 448
913
433
288
9
746
1 194
661
437
1 037
1 ,646
770
319
4
6 ?38 8 903 9 95S 0, 704
2, 054 2 , 932 3, 420 2 , 833 3, 018
1 353 1 653 1 S99 1 384 1 ,517
974
785
920
942
964
895 9 9 360 33 790
3 196 5 201 5 386
1 8Q0 9 547 9 008
951 1 354 1 143
93
...
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
4 409 4 909 5 04?
532
473
446
90
2
1
1
691
756
S99
053
99 7
159
904
154
5 411
465
911
154
5 464
989
161
3 904 4 817
734 1 178
441
597
338
467
5 889
1 490
52
38
5 96S
1 257
485
396
6 373
1 308
520
413
4 003 4 369
582
709
490
454
?04
?3
5 09
90
55
?6
5 418
722
590
?89
^ 066
695
381
233
751
'844
6 033
864
489
271
259
n
911
1 099
1 512
'316
791
376
1 488
1 337
99
46
36
1 351
132
63
36
1 339
122
59
39
1 437
108
56
45
1 35S
99
46
36
1 465
132
64
36
6 18
1 17
61
49
1 509
282
138
100
1 540
282
142
102
1 518
277
137
99
1 699
334
194
194
1 791
367
183
114
1 811 1 801
»-380
390
"•192
198
115
134
5 89
6 01
834
74
599
56
?9
98
1 511
223
154
71
1 473
195
149
1 471
174
134
79
1 560
154
134
76
1 , 567
207
148
76
1 619
198
145
76
8 184 10 448 19 50 11 564 13 750 11 59
996 1 ,706 2 ,099 1 ,166 1 ,82
1 ,37
79
580
77
85
578
71
286
38
378
36
37
40
9 919
9
302
151
100
3 091
360
180
92
4 ,36
5 ,07
39
13
49
1 ,919
252
117
58
1 ,939
237
107
64
1 ,866 2 ,030
209
199
143
109
65
76
57
1 ,47
86
45
11 80
3 731
532
957
113
4
434
?68
149
520
9
Dividends
3S
4
1
1
7, 898 4 , 342 4 , 887 3 , 494 5, 175 6 545 r'17,867 17 061
2 376
7, 198 1, 780 1, 947 1, 570 1, 899 2 444 2,754
999
3, 815
908
803 1 109 1 210 1,385 1 909
782
529
574
575
647
525
530
2, 368
6 ,18
1 ,00
37
19
7 ,08
2 ,30
1 ,08
49
1 ,91
70
47
1? 89
1 ,94
,47
1 ,38
10 ,39
1 ,26
69
85
20
67
19
46
994
156
8 ,01
1 ,01
40
16
7 ,75
13 94
1 ,74
89
3 485
43^
46
16 37
2 ,04
74
46
59
114
10 ,58
1 ,45
10 ,66
1 ,40
97
38
20
69
89
47
26
71
715
306
151
92
9
874
407
93S
125
,9?9
299
197
106
3 80?
476
?99
196
,366
226
179
9
139
69
39
1 880
216
155
78
3 301 »\3 858 3 ,706
>-633
487
582
241
991
109
115
118
1 ,955
232
110
67
2 ,046 1 ,980
»-252
207
191
103
67
68
4 7?9
819
367
108
5 031
885
415
113
4 909
584
9S9
159
Public Utility
Railroad:
Profits before taxes
Profits after taxes
Electric power:
profits before taxes
•
8 ,58
70
43
Q
5 ,06
1 ,12
5 ,52
1 ,31
8?
75
56
Telephone:
9
Profits before taxes
Dividends
•
,96
33
?0
21
78
31
61
3 ,34
58
33
27
83
39
33
87
41
6 ,05
1 ,48
81
65
6 ,54
1 ,74
7 ,13
1 ,89
1 ,03
79
78
3 ,79
69
34
31
4 ,13
4 , 59
94
78
38
35
92
45
41
9
,37
90
67
37
9
,975
156
88
96
7 ,61
2 ,04
1 ,14
85
1 ,984
570
39
4 ,90
1 ,05
59
44
1 ,174
242
116
109
9
,335
199
136
73
1 ,819
487
966
910
1 ,910
262
19
11
74
,395
319
977
136
1 ,831
478
?64
1 ,976
513
?88
9
911
1 ,933
262
141
112
994
1 ,98
284
14
116
9
,309
259
175
101
9
,591
358
949
90
9
,631
370
943
74
2 ,171
636
341
225
1 ,993 2 ,024
1 ,298
306
152
118
1 ,340
315
156
122
523
996
99Q
535
984
99Q
1 ,368
325
161
126
"•Revised.
Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
1
2
DECEMBER
1955
1361
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars!
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
[Estimates, in millions of dollars]
All types
Year or
quarter
Profits
before
taxes
come
taxes
1939....
1945
6 .4
19 0
1 4
10 7
5 0
8 3
3 8
4 7
1947
1948....
1949
1950
29
32
26
40
5
8
2
0
11
12
10
17
3
5
4
8
18 2
20 3
15 8
22
6 5
72
1951
1952
1953
1954
41
35
38
34
2
9
3
0
19 8
21 3
17 1
18
16
17
17
7
1
0
0
1954—1.
2.
3.
4.
32
33
33
36
7
7
5
0
16
16
16
18
4
9
8
1
16
16
16
17
3
8
9.7
9.8
7
9
10.0
10.6
6.6
7.0
6 7
7.3
1955—1.
2.
31
40 9
43 0
44 0
20 4
21 4
21 9
10.2
10.7
11.0
10.2
10.7
10.9
In-
22.5
20 5
21 6
22 1
Year or
quarter
Profits Cash Undisafter
divi- tributed
taxes dends profits
1 2
3.6
11
13
8
12
7.5
9 2
9 1
7
0
3
9
9 6
7.2
7.7
6.9
9.0
9.3
10.0
Bonds and notes
j
Stocks
New Retire- Net
issues ments change
New
issues
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
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
1954—3
4.. .
1955—1. . .
2. . .
3. . .
3,027
'3,097
1 .314
1,714
1,205
2,314
2,075
938
1 ,354
1 377
713
721 '1,022
376
'538
337
484
1,719 1,681
1 .407 1.802
1.4681 1,838
702
767
923
979 '1,333
1.034 '1,089
915 1,057
'593
'717
504
740*
373
55&
'•3,014
'2,891
2,895
n ,892
n ,295
n ,484
l ,427
Net
Retirements change
New
issues
RetireNet
ments change
512
400
292
698
1 ,355>
1 ,232:
1 ,572
1 , 720-
'Revised.
1
Reflects cash transactions only. As compared with d a t a shown on p. 1360, new
issues exclude foreign and include investment company offerings, sales of securities;
held by affiliated companies or R F C , special offerings to employees, and also n e w
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 t h a t purpose shown on p. 1360.
Source.—Securities and Exchange Commission.
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS 1
[Estimates, in billions of dollars]
Current assets
Net
working
capital
End of year
or quarter
1939
1945
1948
1949
1950..
. .
1951
1952
1953
1954—3
4
1955—1
2...
Total
Cash
U. S.
Government
securities
Current liabilities
Notes and accts.
receivable
U. S.
Govt. 2
24.5
51.6
54.5
97.4
10.8
21.7
21.1
2.7
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
86.5
90.1
92.6
179.1
186.2
189.6
30.0
30.8
30.9
20.7
19.9
21.0
95.5
95.8
183.9
187.3
30.3
31.7
98.1
100.6
187.9
190.1
30.3
30.8
2.2
Notes and accts.
payable
Inventories
Other
18.0
26.3
2.4
30.0
45.8
Total
U. S.
Govt. 2
Other
22.1
23.2
.0
42 .4
43 .0
1.4
.0
.9
48 9
45.3
55.1
1 6
1.4
1.7
64 4
60.7
79.8
.4
2.7
2.8
2.6
55.7
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
18.1
19.3
2.3
2.4
65.1
66.2
65.4
65.1
2.7
2 6
88.4
91 5
2.6
2 4
19.0
18.8
2.2
2.1
67.8
70.1
65.8
65.5
2.8
2.8
89.8
89.6
2.5
2.3
Federal
income Other
tax
liabilities
Other
21.9
24.8
39 3
37 5
1.2
47.9
53 6
57.0
56.3
52 3
54 0
54.2
54.9
6.9
10 4
9.7
11 5
9.3
16.7
13.5
14.0'
14.9
21 3
18.1
19.2
16 5«
18.7
19.3'
14.0
15 7
13.4
12.1
19.5
19 4
19.7
20.1
1
2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset againateach other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT '
[Estimates, in millions of dollars]
Transporta- Public Comtion
muni- Other 2
other utilities
cations
than
rail
Total
Manufacturing
Mining
Railroads
1939
1945
5,512
8,692
1,943
3,983
326
383
280
548
365
574
520
505
302
321
1,776
2,378
1948
1949
1950
1951
22.059
19,285
20.605
25.644
9,134
7.149
7.491
10.852
882
792
707
929
1,319
1,352
1.111
1.474
1,285
887
1,212
1.490
2,543
3,125
3.309
3.664
1,742
1,320
1,104
1,319
5,154
4,660
5,671
5,916
1952
1953
1054
19554 '
26,493
28,322
26.827
28,268
11,632
11,908
11.038
11,320
985
986
975
933
1,396
1.311
854
929
1,500
1.565
I «5t?
1,598
3,887
4.552
4.210
4,378
1,537 5,557
1,690 6,310
1 .717 6.513
9, L10
Year
Quarter
Total
1953—4
1954—1
2
3
4
1955—1
2
3'
44r
1956—14
7,625
6,266
6.932
6,640
6.988
5.847
7.009
7,449
7,962
7,290
Manu- Transfactur- portaing
tion
and
incl.
minrailing
roads
3,565
2,788
3.120
2.896
3.209
2,435
3,030
3,147
3,641
3,343
743
634
620
553
559
538
637
616
736
750
Public
All
utili- other^
ties
1.247
929
1,121
1,060
1.109
845
1,052
1,174
1,307
971
2,070*
1.916
2,071
2,133
2.110
2,030
2.290
2,5122,278;
2,226-
'Revised.
1
Corporate
3
2
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.
1362
FEDERAL RESERVE BULLETIN:
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
fin billions of dollars'
Nonfarm
All properties
End of year
ar quarter
£941
1942...
1943
1944
1945
1946
1947 .
1948
1949
1950
1951
1952
1953
1954
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
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
85.7
2.0
1954—March
June
September.. . .
December. . . .
103 1
106.2
109.7
113.5
76 9
79 5
82 5
85 7
1955—March
June
September?...
117 2
121 9
126.3
92 6
96.3
.
.....
1- to 4-family 1louses
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Financial
institutions
7.2
6.7
6.3
9.1
9.8
10.7
11.7
12.5
13.2
55 0
57.2
59.7
62.4
12.5
12.6
12 9
13.2
65 0
68.2
71.4
13.5
13.8
14.2
1.1
1.4
2.0
2.4
2.8
2.8
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
93.4
105.4
18.4
18 2
17.8
17.9
18 6
23.0
28 2
33.3
37.6
45 2
51.7
58 4
66.0
75.7
11.2
11 5
11.5
11.7
12.2
16.0
20 6
25.0
28.5
35.4
41.0
46 8
53.5
62.4
2 7
2.7
2 7
2.8
23 6
24 1
24 5
25.0
95 3
98.2
101.6
105.4
67 6
69.9
72.7
75.7
2 9
3 0
25 5
26 3
27.0
108 7
113.1
117.4
78 5
82.1
85.6
1.1
.9
.6
5
.6
3.0
Total
12.9
12.5
12.1
11.8
12.2
13.8
15 7
17.6
19.5
21.6
23.9
25 6
27.4
29.7
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.8
20.7
21.9
23.3
25.0
1 8
1.4
88 7
All
holders
Farm
6.2
6.4
7.0
7.6
8.3
Other
holders
All
holders
Financial
Other
insti- holders2
tutions
9 5
10.9
12.3
13.9
15.9
17.2
18.5
20.0
4.8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8.9
9.7
4.9
5.1
5.3
1.5
1.7
1.9
5.6
6.1
6.6
7.2
7.7
8.2
2.1
2.3
2.6
2.8
3.0
3.3
3 3
3 4
3.5
3 7
4.0
4 3
4 6
4.9
27 7
28.3
29.0
29.7
18 7
19.1
19.5
20.0
9.0
9 2
9.4
9.7
7.8
8 0
81
8.2
3.1
3.2
3,2
3.3
4 7
4.8
4.9
4.9
30 3
31.0
31.8
20 4
20.9
21.4
9.9
10.2
10.4
8.4
8R
8.1
7 8
7.4
7.2
7.4
8.5
6.4
6.0
5.4
1.5
1.4
1.3
4.9
4.8
1.3
1.3
9.0
4.9
4 5
4 1
3.7
3 4
3.4
3 4
5 1
3.5
3.6
5.4
5.3
pPreliminary.
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 *
fin millions of dollars]
Commercial bank holdings2
Mutual savings bank holdings4
Nonfarm
Monfarm
End of year
or Quarter
Residential'
Total
Total
Total
Farm Total
FHA- VA- Coninguar- vensured anteed tional
Other
4 ,906 4 340 3 ,79?
3 , 33?
4 746 4
4 ,521 4 ,058
4 ,430
,218
,967
39 S
4 ,77? 4
7 ,234 6 533
,146
9 ,446 8 623 6 933
10 ,897 10 ,023 8 ,066
11 644 10 736 8 676
H ,664 1? ,69S 10 ,431
14 .732 13 ,728 11 ,270
15 .867 14 ,809 12 ,188
, 76S 1? 9? 5
16
18 ,573 17 41s? 14
j ,?64
3 421 2,921 4 929 2 ,458
675
3
3,012 5 501 2 ,621
3 91? 3,061
951
843
4 106 3,350 6 69 S •^
1954—March
16 ,970
17 ,382
17 ,920
18 ,573
3
3
4
4
June .
. . .
September
December
15 ,870
16 ,242
16 ,770
17 , 4 1 5
12 ,965
13 ,232
13 ,655
14 ,152
1 048
9?4
80?
749
8S6
1 ,387
1 ,690
1 ,957
060
19 ,125 17 ,920 14 ,535
19 ,940 18 677 1S
September 5 P.. . 20 ,625 19 ,335 15 ,600
1955—March
Tnnp
920
962
020
106
3,075
3,117
3,235
3,350
5
6
6
6
Farm
Total
Total
1941.
1942
1943
1944
1945.
1946
1947
1948
1949
1950
1951
1952
1953
1954
s
Residential8
970 2 ,905
153 3 ,010
400 3 .115
695 3 ,263
4 205 3,450 6 880 3 ,385
4
,549
3,601 7 166
4 485 3,685 7 430 3 ,735
FHA- VAConguar- veninsured anteed tional
Other
4,784
4,601
4,395
4,281
4,184
4,415
4,828
5,773
6,668
8,218
9,869
11,327
12,890
14,951
3,884
900
876
3,725
3,558
837
3,476
805
3,387
797
3,588
827
3,937
891
1 ,015
4,758
1 099
5,569
1 ,164
7,054
8,595 2 567 1,726 4 ,303 1 ,274
9,883 3 168 2,237 4 477 1 ,444
11,334 3 489 3,053 4 79? 1 SS6
149 1 740
800 4,262
13,211
28
26
25
24
24
26
28
34
37
44
1,004
1,058
1,082
,159
4,812
4,627
4,420
4,305
4,208
4,441
4,856
5,806
6,705
8,261
9,916
11,379
12,943
15,007
.100
.140
,150
,159
13,345
13,881
14,415
15,007
13,292
13,826
14.360
14,951
11,700
12,181
12,665
13,211
1 ,592
1 ,645
1 ,695
1 .740
53
55
55
56
,205 15,560 15,503 13,745 3 895 4,600 5 250 1 ,758
1 77S
,263 16,173 16,114 14.339 4 000 4.976
,290 16,855 16,795 15,000 4 125 5,385 5 490 1 ,795
57
59
566
491
463
463
521
702
823
874
909
968
3
3
3
3
560
659
725
800
3,295
3,579
3,900
4,262
4
4
5
5
845
942
040
149
47
53
53
56
60
pPreliminary.
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 Bank Call
Report and from weekly reporting member banks.
3 Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
cstatistics.
March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
5
Commercial bank holdings at the end of September reflect classification corrections based on a survey of credit extended to real estate mortgage lenders and a business loan survey. These corrections reduced holdings about 300 million dollars; current figures are not strictly comparable
with earlier ones.
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.
DECEMBER 1955
1363
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
FHAinsured
Farm
VAguaranteed
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,925
>-4,921
1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,345
"5-, 334
1954—October
November
December
r469
r571
»-631
1955—January. .
February
IVtarch
April
May
June
July
August
September
October
521
495
563
480
525
519
488
536
513
578
451
1,202
1,350
1,486
1,058
864
817
'673
r
600
366
131
938
1,294
429
455
1,377
FHAinsured
Total
1,469
1,546
1,642
2,108
2,371
2,313
2,653
'•2,871
178
266
293
307
362
411
372
420
413
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
r25,927
.
898
855
935
976
Total
Other
Farm
VAguaranteed
Other
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
4,405
4 714
4 734
4 587
4 478
4 466
254
4 878
843
5 539
1,104
6,358
1,223
7,091
2,025
8,177
3,130
9,400
3 346 10 519
3,560 11,864
'4,636 '13,123
1,138
1,327
1,527
1 705
1,886
'2,046
668
815
899
913
896
841
800
776
795
895
990
56
80
62
••183
588
'208
r240
'275
r318
25
33
'43
'25,260
'25,574
••25,927
'23,235
'23,540
••23,881
'6,103
'6,133
'6,122
'4,302
'4,451
'4,636
'12,830
'12,956
'13,123
'2,025
'2,034
'2 046
479
69
161
249
42
118
154
259
262
52
70
431
481
478
454
503
485
535
71
76
71
72
77
80
76
128
135
151
118
140
127
160
232
270
256
264
286
278
299
49
44
41
34
33
28
43
26,223
26,474
26,727
26,949
27,217
27,483
27,748
28,001
28,250
28,563
24,171
24,405
24,629
24,824
25,067
25,310
25,551
25,787
26,025
26,320
6,132
6,156
6,166
6,171
6,200
6,202
6,225
6,244
6,260
6,289
4,771
4,861
4,982
5,070
5,168
5,297
5,373
5,468
5,573
5,692
13,268
13,388
13,481
13,583
13,699
13 811
13.953
14.075
14,192
14,339
2,052
2,069
2,098
2,125
2,150
2,173
2,197
2,214
2 225
2,243
444
r538
443
493
66
77
148
'Revised.
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
[In millions of dollars]
Loans outstanding (end of period)2
Loans made by purpose
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
....
1954-Oct....
Nov...
Dec...
1955-Jan
Feb....
Mar...
Apr
May
June...
July
Aug—
SeptP..
Oct....
Total
New
construction
Home
purchase
1 379
1 051
1 184
1 454
1 913
3,584
3 811
3,607
3 636
5 237
5 250
6,617
7 767
8 969
437
190
106
95
181
616
894
1,046
1 083
1 767
1 657
2,105
2 475
3 076
581
361
574
287
802
276
295
1 064
374
1,358
2,357
611
2 128
789
851
1,710
994
1 559
2 246 1,224
2 357 1 236
2,955 1,557
3 488 1,804
3 846 2 047
824
807
853
283
278
295
364
357
369
177
172
189
744
252
265
386
380
395
418
371
416
342
303
326
340
427
430
470
536
494
553
503
406
166
171
212
205
775
1,026
1 016
1 069
1,157
1 054
1,171
1,012
880
NONFARM MORTGAGE RECORDINGS OF $20,000 OR L E S S
^Number in thousands; amount (except averages) in millions of dollars'
Other
purposes l
Total 3
2,397
2,586
2,969
3 125
3,385
3,961
4 714
26442
Savings &
loan
assns.
Insurance
companies
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
,016
,046
,618
,615
1,420
1,480
L7fi8
1954-Oct....
Nov...
Dec...
314
307
318
2,156
2,148
2,267
765
757
784
1955-Jan....
Feb....
Mar...
Apr
May...
June...
22,387
July
Aug....
Sept...
23,6i7
Oct....
284
277
343
328
2,024
1,958
2,455
2,357
2,483
2,636
2,463
2,697
2,522
2,387
688
702
928
900
950
1,024
953
1,060
946
835
1941
1942
1943
1944
1945
1946
1947
7,345 1948
8,313 1949
9,812 1950
11 530 1951
14,047 1952
16,877 1953
20 257 1954
20^257
27,313
1,232
4,946
203 28,988
188201
167 30,616
152
1,283
5,318
1,350
5,649
205
Number
Total
ConVAFHAvenguarinsured anteed tional 3
4,578
4 583
4,584
4 800
5,376
7,141
8 856
10,305
563
11 616
717
13,622
841
15 520
864
904
18,336
21,882 1,044
26 142 1 171
Amount, by type of leader
Year
or
month
21,135
pPreliminary.
1
Includes loans for repair, additions and alterations, refinancing,
2
Prior to 1948, data are not available for classifications shown.
3
Source.—Home
344
360
335
366
342
326
Com- Mutual
mersavcial
ings
banks banks
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
3 940
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
5,335
5 701
5,950
6,241
6 644
178
177
191
393
399
420
140
147
158
679
667
714
6,874
7,004
7,131
165
151
174
165
379
365
458
456
128
116
134
136
153
171
168
179
168
167
665
624
761
700
734
750
708
773
747
727
7,120
7,077
7,153
7 182
7,215
7,312
7 348
7,362
7.277
163
174
161
163
155
153
1,166
Other
Average
amount
recorded
(dollars)
886
753
878
482
516
472
521
505
505
7,320
Loan Bank Board,
etc.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
1364
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS —Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guaranteed loans 3
FHA-insured loans
Year
or
month
Home
mortgages
Total
Total
New
properties
Projecttype
Ex- mortisting gages1
properties
Property
improve- Total
ment 2
loans
665
756
1,788
3,341
3,826
4,343
3,220
3,113
3,882
3,066
770
760
843
252
266
287
80
91
92
74
92
109
9
7
23
89
76
63
518
494
556
307
304
337
211
189
219
.4
.5
.4
931
1955—Jan....
840
Feb...
856
Mar...
809
Apr...
May.
832
June..
888
July...
803
Aug.. . 967
Sept...
937
O c t . . . . 1,055
309
274
324
294
284
336
283
350
347
338
107
89
109
93
93
107
92
113
113
113
145
138
160
151
136
163
138
166
162
160
5
12
9
5
3
5
3
4
9
2
52
36
46
45
51
62
50
67
64
63
622
567
532
515
548
552
520
617
590
717
390
357
345
319
341
348
332
386
378
461
231
209
186
195
207
204
187
230
211
255
1.2
.7
.6
.6
.5
.6
.5
.8
.5
.9
1954-Oct....
Nov...
Dec.. .
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
1948.
1949.
1950.
1951.
1952.
1953.
1954.
1954—October. . .
November.
December.
1955—January.. .
February..
March. . . .
April
May
June
July
August
September.
October. . .
528
848
918
661
1.085
550
0)
678
0)
0)
(x)
0)
0)
0)
0)
0)
0)
0)
Total
199
828
FHAinsured
VAguaranteed
227
824
485
239
323
638
476
1,347
1,850
2,242
2,462
2,434
188
403
169
204
320
621
802
1 .178
1,646
1.922
1 841
1,632
603
547
476
2.368
2,396
2,434
752
773
802
418
359
287
215
163
127
116
104
105
83
2,462
2,488
2,512
2.545
2,562
2,567
2.567
2,573
2,564
2,587
817
832
839
855
860
867
868
876
871
891
11
425
MortMortgage
gage
pursales
chases
(during
(during
period) period)
198
672
677
538
542
614
20
469
111
56
221
525
1,616
1.623
1,632
39
50
64
23
11
15
1.645
1,656
1.673
1,690
1,702
1,700
1,699
1,696
1 ,693
1,696
48
48
54
58
39
21
15
19
11
42
10
8
18
11
7
3
1 .044
I
1
1
1
*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.
DECEMBER 1955
FHA- VAinguarsured anteed
33.3
37.6
45.2
51.7
58.4
66.0
75.7
4.3
6.1
9.3
12.5
15.0
18.9
22.9
25.4
28.1
32.1
4.1
3.7
3.8
5.3
6.9
8.6
97
10.8
12.0
12.8
.2
2.4
5.5
7.2
8.1
10.3
13.2
14.6
16.1
19.3
14.3
16.9
18.9
20.8
22.6
26.3
28.8
33.0
37.9
43.6
1952—Dec...
58.4
25.4
10.8
14.6
33.0
1953—Mar...
June...
Sept...
Dec...
60.1
62.3
64.4
66.0
26.1
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
34.0
35.6
36.9
37.9
1954—Mar...
June...
Sept...
Dec...
67.6
69.9
72.7
75.7
28.8
29.7
30.5
32.1
12.2
12.4
12.6
12.8
16.6
17.3
17.9
19.3
38.8
40.2
42.2
43.6
1955—Mar. .. 78.5
June... 82.1
Sept.p . 85.6
33.5
'35.3
37.0
13.2 20.3 45.0
13.5 ••21.8 '46.8
13.9 23.1 48.6
r
P Preliminary.
Revised.
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]
Mortgage holdings
Conventional
18.6
23.0
28.2
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Monthly figures do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for more than that amount must be.
3 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 closed. 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.
Author- Comized
mitfunds
ments
ununcomdismitted bursed
Total
Total
1
2
End of year
or month
Governmentunderwritten
End of
year or
quarter
Alter
ation
Exand
New
repair 2
prop- isting
properties erties
857
3,058
5,074
5,222
5,250
7,416
6,834
5,830
6,946
7,323
1945. ,
1946
1947
1948
1949
1950
1951
1952
1953
1954
257
217
20
192
171
120
302
13
321 2,302
477
418
360
534 3,286
1,434
684
609
614 1,881
1,319
892 1,021
594 1,424
1,637
856 1,157
694 3,073
1,216
713
582
708 3,614
969
974
322
848 2,721
1,259 1,030
259 1,334 3,064
1,035
907
232
891 4,257
Home
mortgages
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
Short-1
term
Long-2
term
1945
1946
1947
1948....
1949
1950....
1951
1952
1953....
1954
278
329
351
360
256
675
423
586
728
734
213
231
209
280
337
292
433
528
640
818
195
293
436
515
433
816
806
864
952
867
176
184
218
257
231
547
508
565
634
612
19
109
217
258
202
269
298
299
317
255
1954—November.
December.
74
171
38
47
743
867
495
612
248
255
1955—January.,.
February..
March
April
May
June
July
August
September.
October...
November.
38
34
71
85
104
237
152
156
115
90
60
188
63
58
33
37
42
107
30
27
21
40
717
688
702
754
821
1,017
1,061
1,187
1,275
1,344
1,364
491
466
464
497
542
715
748
822
885
932
875
226
223
238
257
279
302
313
365
390
412
489
1
Secured
2
or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
1365
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
goods
paper i
paper 1
Total
Total
Repair
and modernization
loans 2
Total
1,088
1,245
1,322
2,719
2,824
3,087
800
845
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
1939
1940
1941
7,222
8,338
9,172
4,503
5,514
6,085
1,497
2,071
2,458
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
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668
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
1954—October
November
December
28,975
29,209
30,125
21,952
22,014
22,467
10,340
10,296
10,396
5,324
5,398
5,668
1,637
1,631
1,616
4,651
4,689
4,787
\955—January
February
Miarch
April
May
June
July .
August
September
October
29,760
29,518
29,948
30 655
31,568
32,471
32 896
33.636
34,293
34,640
22,436
22,508
22,974
23,513
24,149
24,914
25.476
26.155
26,699
26,963
10,459
10,641
11,053
11,482
11,985
12,561
13,038
13.547
13.929
14,095
5,609
5,484
5,479
5,492
5,555
5,639
5,676
5,762
5,848
5,917
J .574
,550
1,530
1,534
1,546
1,562
L,57O
1,589
I ,611
1,627
4,794
4,833
4,912
5,005
5,063
5,152
5,192
5,257
5,311
5,324
455
981
1,620
1,827
1,929
298
371
376
182
405
718
843
887
816
Singlepayment
loans
Personal
loans
Service
credit
Charge
accounts
1,414
i;471
1,645
553
597
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
1,014
1,166
1,285
L ,376
,4961,601
,707
,720'
.720
7,023
7,195
7,658
2,377
2,407
2,420
2,892
3,042
3,518
1,754
1,746
1,720
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
7,677
2,371
2,427
2,481
2,496
2,589
2,686
2,595
2,629
2,657
2,666
3,225
2,831
2,735
2,859
3,011
3,040
2,991
3,019
3,108
3,218
1,72$
1,752
J .758
,787
1,819
1,831
1,834
1,833
1,829
1,793
787
746
518
845
includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Retail outlets
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1940
1941.
4,503
5,514
6,085
3,065
3,918
4,480
1,079
1,452
1,726
1,197
1,575
1,797
132
171
198
657
720
759
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
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
1954—October. . .
November.
December.
21,952
22,014
22,467
18,726
18,719
18,935
8,637
8.586
8,633
6,315
6,325
6.421
,270
,282
.293
1955- -January. .
February..
March
April
May
June
July
August
September.
October. . .
22,436
22,508
22,974
23,513
24,149
24,914
25,476
26,155
26,699
26,963
18,977
19.153
,19.613
20,127
20.718
21,432
21,980
22.605
23,101
23,324
8,651
8 688
8.844
9.020
9,228
9,495
9,656
9.871
10,060
10,145
6,462
6.570
6 808
7.077
7.390
7.747
8,087
8.422
8,667
8,771
,282
,298
,330
.360
395
,434
,458
,495
,528
1,547
End of year
or month
Total
Department
stores 1
Furniture
stores
Household
appliance
stores
Automobile
dealers 2
Other
1,438
1,596
1,605
354
394
320
439
474
496
183
196
206
123
167
188
339
365
395
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
2,504
2,526
2,588
3,226
3,295
3,532
1.063
1,098
1,201
830
846
890
282
283
293
390
390
394
661
678
754
2,582
2,597
2,631
2.670
2.705
2,756
2,779
2,817
2.846
2,861
3,459
3,355
,361
3,386
3,431
3,482
3,496
3,550
3,598
3,639
1,158
1,108
1,123
1.138
1.150
1,160
1,155
1 ,167
1,191
1,203
862
848
838
834
842
851
856
871
878
889
291
286
280
278
277
279
281
284
283
281
397
404
420
437
457
481
501
523
538
546
751
709
700
699
705
711
703
705
708
720
Other
1
Included mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
2
1366
FEDERAL RESERVE
BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
NONINSTALMENT CREDIT, BY HOLDER
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS.
BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
non-
End of year
or month
ment
credit
Retail
outlets
(charge
accounts)
Financial
institutions
(single-payment loans)
Commercial
banks
Other
Department 1
stores
Service
<:redit
1939
1940
1941
2,719
2,824
3,087
625
636
693
162
164
152
236
251
275
1,178
1,220
1,370
518
553
597
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
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
290
452
532
575
584
641
320
335
748
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
,601
1 707
1 720
1,720
1934—October...
November.
December.
7,023
7,195
7,658
2,067
2,049
2,085
310
358
335
517
574
764
2,375
2,468
2,754
1,754
1,746
1,720
1955—January...
February..
March
April
May
June. . .
July
. .
August....
September*
October. . .
7,324
7,010
6,974
7,142
7,419
7,557
7,420
7,481
7,594
7,677
2,048
2,085
2,114
2,165
2,199
2,303
2,268
2,277
2,273
2,311
323
342
367
331
390
383
623
535
507
526
532
518
2,602
2,296
2,228
2,333
2,479
2,522
2,517
2,544
2,589
2,656
1,728
1,752
1,758
L.787
L.819
L 831
1,834
,833
1,829
1,793
1
. .
250
250
685
730
327
474
352
384
355
475
519
562
Total
instalment
credit
Repair
Automobile
paper
Purchased
Direct
Other
consumer
goods
and
Personal
loans
modernization
loans
Other
1939
1940
1941
. .
End of year
or month
845
Includes mail-order houses.
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1954—October. . .
November.
December.
1955—January...
February..
March....
April
May
June
July
August...
September.
October. . .
1,079
1,452
1,726
237
339
447
178
276
338
166
232
309
135
165
161
363
440
471
745
66
169
352
575
849
143
311
539
753
946
114
299
550
794
1,177
1,135
1,633
2,215
2,198
1,294
1,311
1,629
1,867
1,645
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
1,122
,374
,521
,676
2,207
2,188
2,198
1,663
1,636
1,645
1,822
1,822
1,839
1,296
1,287
1,275
,649
,653
,676
2,208
2,241
2,309
2,371
2,466
2,591
2,656
2,765
2,842
2,901
1,656
1,680
1,751
1,818
1,880
1,940
1,995
2.041
2,088
2,090
1,859
1,845
1,846
1,842
1,865
1 ,897
1,921
1,950
1,986
2,009
1,241
L,219
1,201
1,205
L ,211
1,223
1,231
,243
1,259
1,273
,687
,703
,737
,784
,806
,844
,853
,872
,885
,872
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
8,637
8,586
8,633
8,651
8,688
8,844
9,020
9,228
9,495
9,656
9,871
10.060
10.145
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
[Estimated amounts outstanding, in millions of dollars]
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
Other
consumer
goods
paper
Repair
and
modernization
loans
Automobile
paper
1939
1940
1941
1,197
1,575
1,797
878
1,187
1,363
115
136
167
148
190
201
56
62
66
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
164
377
802
1,378
2,425
3,257
3,183
4,072
5,306
5,563
24
67
185
232
303
313
241
332
367
351
58
141
242
216
83
57
70
82
83
81
54
92
126
164
139
158
275
347
391
426
6,315
1954—October
November. . . 6,325
December.... 6,421
5,491
5,491
5,563
337
340
351
81
81
81
406
413
426
6,462
6,570
6,808
7,077
7,390
7,747
8,087
8,422
8,667
8,771
5,603
5,709
5,945
6,207
6,512
6,857
7,180
7.496
7,729
7,822
350
349
348
348
353
361
372
384
392
398
79
78
76
76
77
78
78
80
81
82
430
434
439
446
448
451
457
462
465
469
1955—January
February. . . .
March
April
May
June
July
August
September. . .
October
DECEMBER
1955
Personal
loans
Repair
and
Personal
loans
Automobile
paper
1939
1940
1941
789
891
957
81
102
122
24
30
36
15
16
14
669
743
785
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
731
991
54
1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881
3,774
1954—October
November. . . 3,808
December
3,881
1955—January
3,864
February. . . . 3,895
March
3,961
April
4,030
May
4,100
June
4,190
July
4,237
August
4,312
September. . . 4,374
October
4,408
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
589
591
596
329
331
340
260
263
260
2,596
2.623
2,685
595
607
628
649
670
692
706
722
732
736
338
339
344
353
363
380
388
401
410
417
254
253
253
253
258
261
261
266
271
272
2,677
2,696
2,736
2,775
2,809
2,857
2,882
2,923
2,961
2,983
End of year
or month
Total
instalment
credit
End of year
or month
Other
consumer
goods
paper
Total
instalment
credit
[Estimated amounts outstanding, in millions of dollars]
77
modernization
loans
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
1367
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
Extended
Repaid
Extended
Repaid
Extended
Repaid
8,219
9,425
7,208
8,854
3,086
3,823
2,512
3,436
2,588
2,929
2,381
2,827
328
312
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12,532
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477
941
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700
1,999
2,603
3,645
4,581
4 889
5,607
6,585
6,901
7,511
7,863
206
423
704
702
721
826
2,454
2,554
3 f 046
2,437
2,492
2,593
1 .031
,040
,184
1,056
1 084
1,084
687
716
936
2,389
2,416
3.159
3,089
3,206
3,443
3,131
3,436
3.241
3,051
2,420
2,344
2,693
2,550
2,570
2,678
2,569
2.757
2,697
2,787
,060
,167
,569
,512
,616
,766
,594
,745
1,592
L ,417
997
985
1,157
1,083
1.113
1,190
1,117
1 .236
1,210
1,251
616
529
708
703
2,461
2,612
2,762
2,424
2,500
2,488
,068
,109
,298
1,039
1,098
1,083
633
677
679
652
2,823
2,898
3 035
3.017
3.091
3,165
3,122
3,200
3,279
3,064
2,496
2,521
2 562
2,552
2,634
2,612
2,602
2.714
2,691
2,773
1,233
1,382
1,472
L.404
,517
,580
1,510
1,020
1,071
1 ,096
1,093
1 ,139
1,165
1,132
1 ,195
1,173
1,231
788
660
741
754
791
770
756
678
697
720
696
719
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953.. ..
1954
. ..
Repair and
modernization loans
999
Repaid
Personal
loans
Extended
Repaid
255
307
2,217
2,361
2,060
2,284
143
200
391
577
677
707
853
1,243
1,387
1,245
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
650
642
666
106
108
95
111
114
110
630
690
831
620
652
733
675
654
713
690
67
72
99
106
109
96
119
102
646
648
783
768
639
609
704
675
728
786
670
697
111
130
128
103
111
106
715
768
738
675
703
684
126
110
723
710
643
92
101
99
106
113
108
668
725
686
627
658
654
684
680
683
87
97
109
104
97
116
715
759
713
688
673
667
768
723
678
686
109
107
113
119
109
102
105
108
722
714
758
791
660
671
694
714
111
106
765
717
Extended
WITHOUT SEASONAL ADJUSTMENT
1954—October
November
March
April
MayJune
July
August
September
October
.
..
741
766
711
793
783
785
678
682
674
707
697
716
109
109
121
125
SEASONALLY ADJUSTEL*
1954—October
November
December
..
1955—January
February
March
April
May
June
July
August
September
October
55Q
1,613
1,467
736
736
721
672
687
109
115
109
122
* 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.
FURNITURE STORE STATISTICS
Item
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
Oct.
1955
Sept.
1955
Aug.
1955
Oct.
1955
Sept.
1955
Aug.
1955
+13
+ 16
+14
+8
-3
-3
+8
+9
+7
+12
+11
+ 12
+11
+15
+14
+11
+15
+12
+14
+13
-4
—4
+ 15
+17
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
+2
+1
+3
+1
+1
+2
+4
+2
+9
+ 10
+7
+16
+9
+7
+14
+9
+6
+15
Inventories, end of
month, at retail value.
+5
+5
+1
+4
+2
+3
Instalment accounts
Month
Department
stores
Furniture
stores
1954—October. . ,
November
December.
14
13
14
12
1955—January. .
February.
March....
April
May
June
July
August. . .
September
October. .
14
14
15
15
15
15
14
14
15
12
11
13
12
12
12
12
13
12
12
15
12
12
Charge
accounts
Household ap- Department
pliance
stores
stores
10
10
9
47
48
46
9
9
44
43
48
44
45
46
43
46
9
10
45
47
0
9
9
9
9
9
1
Collections during month as percentage of accounts outstanding at
beginning of month.
1368
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
Manufactures
Year
or month
Total
Total
Durable
Nondurable
Minerals
Total
Residential
Employment and payrolls 2
1947-49 = 100
All
other
DepartWholeFreight ment
Consale
carload- store
sumer2 comManufacturing
ings*
sales* prices modity2
production workers 1947-49 (retail 3 1947-49 prices
= 100 value) = 100 1947-49
1947-49
= 100
= 100
PayEmployrolls
ment
Nonagricultural
employment
AdAdAdAdAd- Unad- Unad- AdAdAdAdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
Adjusted
Unadjusted
Unadjusted
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
34
30
43
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61 .4
62.0
55.2
58 5
64 4
63 5
65,2
68.7
69.0
52.8
58 4
66 9
62 1
64.2
31.1
37 1
24.0
25.7
32.6
30 4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74
85
7
7i
72
73
75
0
7
4
6
9
1
0
51
51
53
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
67
68
70
70
62
67 6
67 9
68.0
71.0
66.7
65 5
64.1
64 2
68 3
59 5
33.0
32.4
32.8
35.0
28.3
115
111
112
115
99
37
37
37
38
35
75
74
73
73
71
6
2
3
3
4
1931
1932
1933
1934
1935
40
31
37
40
39
30
36
39
31
19
24
30
48
42
48
49
51
42
48
51
34
15
14
17
22
8
7
7
41
20
18
24
46
38
55
55
20
13
25
4
5
7
8
3
50.2
42.6
47 2
55.1
58.8
21 5
14.8
15 9
20.4
23.5
79
59
62
67
32
24
24
27
47
60
53
53
58
61
65 0
58 4
55 3
57 2
58.7
47 4
42 1
42 8
48 7
52.0
1936
1937.
1938
1939
1940
56
55
49
61
63
30
22
35
55
35
49
63
64
57
66
69
71
62
68
76
32
35
39
44
25
27
37
43
36
40
40
44
27 2
32.6
25.3
29 9
34.0
33
60
46
57
66
63.9
70.1
59.6
66.2
71.2
81
61
48
58
67
65 9
70 3
66 1
69.3
73.3
84
67
76
83
35
32
35
37
59
61
60
59
59
3
4
3
4
9
52
56
51
50
51
5
1
1
1
1
1941
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
74
116
45
30
50
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
69
74
75
76
9
7
0
2
9
56
64
67
67
68
8
2
0
6
8
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
91
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
103.4
102.8
93,8
99.6
81.2
97.7
105.1
97.2
111.7
100
108
104
88
97
90
98
104
98
105
S3
95
102
101
102
4
5
8
8
8
78
96
104
99
103
7
4
4
2
1
1951
1952
1953
1954
120
124
134
121
125
128
136
115
114
116
171
183
192
170
183
178
»137
pin
216
232
129.8
136.6
151.4
137.7
101
95
96
P127
106.4
106.3
111 8
101 8
109
Pi 25
108 2
110 4
113 6
204 110.4
111
113
114
114
0
5
4
8
114 8
111 6
110 1
110.3
100 5
98.5
100.4
101.7
102.0
102.3
102.2
135 8
131.9
134.8
138.0
139.1
142.2
143.1
84
111
112
115 1
115 2
115 0
114.7
114.5
114.6
114.3
110 0
82
101.8 101 .2
102.5 102.3
103.5 103.3
104.6 103 6
105.8 104.1
106.7 105.8
106.1 104.7
107.2
106^4 1 0 8 . 1
107.3 108.7
P108.8 P109.4
141.5
144.4
146 6
146.7
150.1
152.1
151.0
154.6
158.7
161.1
164.4
114 3
114 3
114.3
114 2
114 2
114 4
114 7
114 . 5
114.9
114.9
no i
no 4
no o
1926
1927
1928
1929
1930
....
. .
. .
ni
i 14
114
118
P116
too
172
183
201
69
86
29
no
112
111
65
62
62
61
56
0
0
9
9
1
1954
June
July
August
September..
October
November..
December..
124
114
135
116
124
134
114
112
125
126
128
130
131
135
137
139
142
143
114
115
117
118
119
109
108
109
113
116
218
231
241
255
259
244
253
263
264
277
202
217
226
250
248
145
147
148
151
153
155
121
121
124
126
127
128
120
123
121
119
121
122
261
261
260
253
245
253
288
297
291
286
280
290
126
12C
257
296
243
238
239
230
221
228
231
246
246
266
116
123
124
126
128
130
123
126
130
130
128
132
133
135
136
138
139
132
135
138
138
138
139
140
142
143
139
14?
147
133
134
136
138
140
141
141
142
144
145
P146
207
227
125
124
123
206
233
193 110 1
188 109.8
109.8
109.8
110.0
110.6
110.6
101.4
99.7
99.4
99.8
100.6
101.6
101.7
84
84
87
89
93
113
113
116
92
92
93
93
96
94
119
112
115
119
117
114
111
no 4
no 5
no o
109 7
110.0
109.5
1955
January
February.. .
March
April
May
June
July
August....
September.
October
November..
130
130
155
158
160
162
P163
125
127
128
P129
121
122
122
P125
259
250
260
278
256
252
110.6
110.7
111.5
111.7
112.5
113.2
113.5
113.7
114.0
114.2
2>114.6
95
124
96
96
118
121
99
P122
123
110 5
109 9
110 3
110 5
110.9
111 7
111.6
111.2
e
Estimated.
pPreliminary.
"-Revised.
^Average per working day.
1
Three-month moving average, based on F. VV. 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. 1377.
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. 1379-1383.
Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.
DECEMBER
1955
1369
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average=100]
1947-49 Annual
1954
1955
proportion 1953* 1954* Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
Industry
SEASONALLY ADJUSTED
Industrial Production—Total
, 100.00
134
125
126
128
130
132
133
135
136
138
139
139
140
142
Manufactures—Total
90.02
136
127
128
130
131
133
134
136
138
140
141
141
142
144
145
Durable Manufactures—Total
43.17
133
137
139
142
143
145
147
148
151
153
155
155
158
160
162
Primary metals
Metal fabricating
,
Fabricated metal products
,
Machinery
,
Nonelectrical machinery
,
Electrical machinery
Transportation equipment
Instruments and related products..,
Clay, glass, and lumber Products
Stone, clay, and glass products
Lumber and products
,
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
,
143
6.70
132
108
111
118
121
127
131
136
138
140
143
134
139
'146
147
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
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
130
149
131
185
197
143
162
134
151
134
183
199
142
163
135
155
136
193
194
149
167
135
158
138
197
203
151
169
137
160
140
200
206
153
171
141
163
141
205
'205
'155
174
142
166
145
207
209
158
5.91
2.82
3.09
125
133
118
123
131
115
130
132
128
130
136
124
133
135
131
132
136
129
132
138
127
135
143
127
136
146
127
138
149
128
143
153
133
138
152
125
140
155
127
141
'155
127
141
153
130
4.04
1.64
2.40
131
117
140
121
106
131
123
110
132
123
108
132
122
108
131
122
109
132
124
109
133
126
112
136
127
113
136
132
117
142
136
121
145
134
122
143
137
124
145
137
125
145
136
124
145
44.83
118
116
117
118
119
121
121
124
126
127
128
126
125
127
128
Textiles and apparel
Textile mill products
Apparel and allied products
11.87
6.32
5.55
107
104
110
100
95
105
102
101
103
103
101
105
104
101
107
106
103
108
104
103
106
109
104
115
112
109
114
112
109
115
110
106
116
110
106
113
107
105
111
112
110
114
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
113
128
99
104
115
95
108
125
94
108
122
96
115
133
100
123
143
105
120
138
104
122
140
105
123
144
105
125
147
105
127
149
107
120
137
106
119
138
102
rlO9
107
111
'122
143
"104
Paper and printing
Paper and allied products
Printing and publishing
8.93
3.46
5.47
125
132
121
125
134
120
127
138
121
127
137
120
127
136
121
130
140
123
131
143
123
134
147
125
135
151
125
138
156
126
139
156
128
139
155
128
138
153
128
140
157
130
141
158
131
9.34
6.84
2.50
142
147
130
142
148
125
143
150
124
145
152
127
148
155
129
148
155
131
151
158
134
154
161
134
156
163
136
159
168
134
161
170
136
160
170
134
'160
168
135
173
135
11.51
10.73
78
107
107
108
106
106
103
105
105
102
106
106
100
106
106
101
107
107
107
106
106
106
108
109
107
110
110
103
110
110
109
110
110
109
107
107
101
107
107
100
107
107
100
Nondurable
Manufactures—Total
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
,
124
148
104
161
171
135
110
110
Minerals—Total
9.98
116
111
109
113
116
120
123
121
119
121
122
120
121
122
122
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
8.35
2.68
.36
2.32
5.67
115
78
57
81
133
113
67
52
70
134
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
72
45
76
145
121
72
41
77
143
121
81
42
87
139
122
86
43
92
139
122
87
53
92
139
122
82
41
89
141
'122
80
50
84
142
122
80
42
86
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
82
81
119
113
124
106
90
123
101
81
121
105
86
125
115
103
127
118
110
126
119
114
124
123
113
132
114
100
120
111
129
123
117
129
109
88
130
117
105
130
119
133
126
121
131
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTIONTOTAL
100 00
134
125
130
130
128
132
135
138
138
138
139
130
139
142
147
MANUFACTURES—TOTAL
90.02
136
127
132
132
129
133
136
140
140
140
141
132
140
144
149
Durable Manufactures—Total....
45.17
153
137
140
143
143
147
151
154
155
155
155
146
153
157
163
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings....
Iron and steel castings
Steel forgings
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
132
133
138
130
139
135
165
121
115
154
108
105
108
101
109
108
115
97
95
106
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
111
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
128
127
132
144
141
146
137
147
144
169
129
127
139
122
125
132
129
133
130
147
108
108
108
132
132
140
134
141
136
168
114
114
115
143
142
149
140
150
144
186
125
123
133
149
148
153
141
154
149
188
137
134
148
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.
1370
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average — 100]
1954
1947-49
Annual
proportion 1953* 1954? Oct. Nov. Dec. Jan. Feb.
Industry
1955
Mar. Apr. M a y June July Aug. Sept. Oct.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Nonferrous metals
Primarv nonferrous metals
Copper smelting
Copper refining .
Lead
Zinc
Aluminum
....
Secondary nonferrous metals
Nonferrous shapes and castings....
Copper mill shapes
Nonferrous castings .
Metal Fabricating
Fabricated metal products
Structural metal parts . . .
Stampings and misc. metal products..
Tin cans
Furnaces, gas ranges, and heaters. . . .
Machinery
Nonelectrical machinery
Farm machinery
Industrial and commercial machinery . .
Machine tools and presses
Laundry and refrigeration appliances.
Electrical machinerv
Klectrical apparatus and parts
Radio and television sets
Transportation equipment
Autos trucks, and parts .
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
An to and truck Darts
Aircraft and parts
Shipbuilding and repair..
Railroad equipment
Railroad cars
1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33
126
112
168
130
120
147
101
109
105
101
244
105
113
100
154
114
127
142
98
91
114
90
246
108
129
158
124
118
107
112
246
107
124
115
160
121
123
111
162
122
124
160
121
131
103
116
250
107
114
90
168
128
146
159
118
122
99
118
252
114
146
135
183
144
149
167
140
134
99
119
253
125
146
125
196
155
155
169
134
133
112
122
256
133
153
133
202
163
148
166
133
124
115
118
257
124
144
114
204
168
144
166
132
133
101
118
258
123
139
110
209
155
'132 '147
151
171
136
126
119
122
265
154
167
130
133
110
110
259
121
112
127
49
50
53
116
261
100
'118 130
108 127 '141
91 110
75
188 215 218
124 '144 154
147
114
222
165
173
145
143
125
168
89
142
137 '141
126 129
203 10?
128 '142
142
153
161
169
137
131
'69
142
136
94
140
168
142
170
154
128
228
158
150
95
97
82
116
263
173
'139
142
116
'117
265
28.52
167
150
150
154
156
159
162
165
166
165
163
157
5.73
2.68
2.12
.30
.63
136
123
126
125
124
124
126
130
115
142
121
122
103
99
124
102
78
124 M26
110 107
99
87
131
134
117
131
90
129
126
107
131
143
105
135
136
128
149
117
130 '139
138
129
93
129
131
13.68
160
142
150
150
146
148
152
154
152
151
153
9.04
8.13
1.02
143
139
96
125
121
79
121
116
73
121
116
75
123
119
80
126
119
85
129
121
90
132
124
94
134
126
95
135
129
95
137
131
95
131
128
92
131
129
87
7.11
.68
145
188
127
160
122
146
125
149
124
148
125
149
128
152
131
154
134
157
135
165
128
114
124
122
146
155
164
161
155
136
161
133
160
.69
122
147
123
157
116
113 '147
152
4.64
3.23
194
177
206
165
258
191
165
261
196
167
272
195
169
261
189
171
228
181
184
165
194
207
222
162
325
191
191
136
174
94
103
59
130
131
125
478
110
31
200
150
195
98
102
64
143
138
137
479
111
32
205
157
210
87
77
48
144
160
145
477
113
36
209
163
215
104
109
67
141
170
148
479
115
213
171
223
137
148
89
193
185
150
472
117
38
.74
. . .
129
144
112
116
101
113
209
114
7.54
4.80
1.50
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
137
126
127
129
179
230
160
214
207
158
341
189
126
146
118
112
58
183
229
117
465
135
72
175
159
109
131
92
95
59
133
130
101
474
112
39
90
70
78
74
46
121
132
105
464
106
28
179
120
144
93
99
58
134
135
113
471
106
24
130
127
129
111
108
132
136
132
162
175
190
176
192
169
143
170
254
209
165
205
132
139
88
192
176
150
469
115
47
200
151
184
134
124
81
220
205
137
466
118
41
197
147
195
126
119
81
203
174
125
469
114
37
134
197
138
175
289
186
315
'192
185
197
137
166
106
93
65
167
192
129
469
'122
138
153
106
121
50
138
202
45
45
491
115
50
130
102
106
53
138
199
122
'484
'117 '117
.35
64
29
18
12
20
20
25
35
26
28
39
29
22
32
30
38
Instruments and related products..
1.29
155
140
138
140
142
140
142
145
144
142
149
147
r 150
'155
160
Clay, Glass, and Lumber Products..
5.91
125
123
136
130
125
124
129
133
137
139
146
133
145
Stone, clav, and glass products
2.82
1.09
.60
.47
133
123
136
139
131
118
131
133
137 134
124
21
144 1148
148 151
132
126
148
151
134
129
147
150
140
131
149
152
146 149
132
150 '132
152
152 152
.26
.23
.32
.35
.12
.20
120
91
132
110
106
115
117
85
135
111
113
111
139
125
141
144
93
'81
131
113
112
115
114
'83
119
107
101
114
124
124
r93
132
119
121
120
125
'95
151
121
127
120
Glass
pottery
productsproducts...
Flatand
glass
and vitreous
Flat and other glass
Olass containers
Structural clav products .
...
Brick
Clav firebrick, pipe and tile
Concrete and plaster products
Misc. stone and earth manufactures..
.48
.58
163
143
161
140
119
92
152
115
121
113
105
'94
145
117
124
114
168
146
166
146
134
162
149
155
147
'90
115
111
106
115
155
151
165
155
123
'89
159
125
132
122
184
164
141
149
155 149
136 '124
139
154
154 136
158 '158
137
138
152 '161
153 '163
161
144
164
166
138
'88
163
134
146
128
130
'76
161
128
134
126
'140
190
170
191
167
143
'95
164
138
146
134
127
'86
164
133
102
151
134
138
142
137
Lumber and products
Lumber
Millwork and plywood
Mill work
Softwood plywood
^Vood containers
3.09
2.05
118
115
123
116
117
125
126
129
129
106
161
123
222
88
100
186
137
264
88
101
193
143
274
88
108
206
151
794
88
109
210
155
298
91
115
201
148
288
89
116
195
139
285
91
118
119
207
164
274
91
107
191
139
275
88
137
.60
.39
.12
.29
112
149
118
199
99
195 '196
174 '175
133 136
122
207
151
299
94
108
160
121
224
85
119
198
148
279
86
121
209
155
295
90
122
211
157
299
93
Furniture and Misc. Manufactures.
4.04
131
121
129
128
125
121
126
128
125
127
131
125
134
140
144
Furniture and fixtures
1.64
1.10
.54
117
118
116
106
106
107
113
112
109
113
114
110
106
116
109
113
115
109
113
114
111
118
114
114
111
123 *127
124 '179
121 '123
129
115
107
111
113
107
116
116
107
112
115
108
2.40
140
131
140
139
134
129
134
137
135
137
141
133
142
154
174
160
149
193
178
138
132
122
pPreliminary.
'Revised.
For other footnotes see preceding page.
DECEMBER 1955
1371
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
1954
1955
proportion 1953 * 1954* Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
Industry
W I T H O U T SEASONAL ADJUSTMENT
—Continued
44.85
118
116
123
120
115
120
122
125
124
124
127
117
11.87
107
100
105
104
98
108
112
115
113
no
108
93
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
104
107
104
115
101
78
91
75
116
113
118
102
119
95
100
97
108
93
66
76
64
106
108
113
97
103
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
7?
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
116
104
146
103
83
91
82
108
103
108
92
113
106
110
100
135
92
85
84
86
113
108
111
102
119
86
71
82
62
71
84
83
86
85
71
81
44
72
85
92
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
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
17.5
160
109
123
113
88
91
55
130
143
165
112
117
118
92
90
76
135
129
109
103
113
119
105
100
101
127
116
96
104
110
107
92
86
92
117
114
123
108
95
84
59
55
60
98
98
129
103
116
120
110
102
115
126
117
145
112
111
109
91
84
99
119
108
129
117
117
117
95
93
82
130
113
139
122
3.20
113
104
114
108
no
123
127 128
124
121
126
105
119
124
131
1.47
.70
.40
.30
.77
128
117
117
118
133
115
105
110
99
124
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
145
117
158
147
128
140
113
164
146
135
150
116
155
151
146
161
126
155
121
127
138
111
115
133
116
125
104
148
145
128
135
119
160
157
140
143
136
172
1.73
.44
.29
.15
.90
.39
99
91
92
89
95
87
92
75
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
93
99
80
105
95
101
83
92
74
79
63
108 '107
90 '90
96 '98
77 r 7 4
108
100
90
97
98
94
91
100
103
92
89
96
97
8.93
125
125
133
131
125
127
132
137
137
137
138
128
135
3 46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
5.47
1,85
3.62
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
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
138
132
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
154
175
145
130
138
130
159
158
14?
158
159
154
121
118
122
120
119
121
125
129
122
125
130
122
123
123
124
119
114
122
122
121
123
128
132
125
127
134
124
127
135
123
Products..
9 34
142
142
147
149
149
152
155
157
156
C h e m i c a l s a n d allied products ....
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
6 84
2.54
.57
1.97
24
11
.59
1.03
,64
.48
.16
.71
.66
.23
147
154
149
155
183
186
156
144
116
112
131
113
118
124
148
153
157
152
184
136
152
146
118
113
133
108
116
122
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
158
169
175
168
206
180
172
155
127
125
135
109
116
116
162
177
181
175
231
193
181
157
128
123
145
115
116
124
166
184
184
184
243
202
196
160
117
111
136
108
119
177
165
182
180
182
247
202
189
161
108
99
134
108
122
176
Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products . ...
Cotton and synthetic fabrics
Svnthetic fabrics
W o o l textiles
. .
W o o l apparel yarns. ...
W o o l fabrics
Hosiery
W o v e n carpets
Apparel a n d allied products
Men's suits
Men's outercoats
Misc. apparel and allied mfrs
Rubber and Leather
Products
Tires and tubes
Truck and bus tires. ..
Miscellaneous rubber products
.
....
Leather
Cattlehide leathers
Skin leathers
Miscellaneous leather products
Paper and Printing
Paper a n d allied products
^Vood pulp
Paper and board
Printing paper
.
...
Coarse paper
Building paper and board
Sanitary paper products
Printing a n d publishing
Newsprint consumption
Chemical and Petroleum
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
Vegetable oils
Grease and tallow
Soap and allied products
Paints
Fertilizers
.
..
128 '130
135
rlO9
115
91 108 *106
96 115 '•111
84 106 103
133 134 '132
67 ••106 r87
73
79 ••80
80
80
90
72
77 '80
114
98 113
85 104 '•106
86 107 107
82
99 101
116 123 125
112
117
109
134
111
85
90
84
118
113
114
110
126
112
104 1 0 4
106
141
147
139
135
156
126
112
107
117
148
133
133
144
141
153
155 157
151 150
173 169
141 143
127 130
122 134
126 128
156 156
155 153
151 145
159 165
160 167
152 156
167
158
179
150
132
140
137
175
160
142
176
175
179
127
131
125
121
112
125
123
116
127
131
132
131
135
142
131
156
157
152 '157 rl62
166
165
182
185
182
244
211
178
166
109
98
142
105
125
154
165
185
179
186
246
208
184
171
105
93
143
103
131
109
158 163 rl71
176 182 190
159 166 179
181 187 rl94
207 234 264
211 217 222
177 184 191
174 175 1 7 6
99 103 122
90 115
87
133 145 144
79 104 126
130 130 126
90 115
91
176
192
188
193
227
188
174
156
157
154
130
127
118
r
pPreliminary.
Revised.
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1
2
1372
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION—Continued
Federal Reserve indexes, 1947-49 average = 100]
Industry
947-49 Annual
proportion 1953* 1954P Oct.
1954
1955
Nov. Dec. Jan. Feb.
Mar. Apr. M a y June July Aug. Sept. Oct.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Petroleum
coal products
Petroleum and
refining
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
....
.. .
Lubricating oil
Coke
Asphalt roofing and siding
2 50
1.97
1.04
.98
.06
130
135
144
125
133
141
126
132
140
129
136
143
129
140
146
132
142
146
134
144
147
139
227
136
221
135
214
139
214
141
232
142
216
143
209
130
155
101
117
106
111
128
158
93
110
108
84
128
164
87
101
106
84
135
172
92
116
110
90
140
177
97
125
108
93
146
184
101
134
109
96
152
196
101
123
105
98
.15
99
103
133
106
62
70
75
11.51
.56
.30
.26
.10
.17
.26
133
139
143
132
136
144
131
135
146
140
205
140
212
141
226
142
181
97
117
110
102
129
163
91
102
124
104
128
161
91
97
113
105
110
131
124
138
143
157
136
140
152
134
141
156
133
173
88
88
118
103
247
131
167
89
94
108
101
114
142
146
246
144
151
252
133
17?
89
95
116
104
136
141
155
149
247
132
172
87
91
111
107
107
106
116
109
99
99
97
100
101
105
112
110
117 rl21
107
108
115
106
107
117
117
118
127
110
113
135
101
104
136
98
102
138
97
99
124
135
103
106
110
116
94
104
112
107
81
124
97
117
106
121
99
142
115
85
81
87
66
95
141
110
90
123
99
258
105
385
123
136
131
78
79
87
65
81
99
103
84
117
98
273
90
427
125
104
102
114
132
134
79
85
91
70
74
87
101
80
115
98
176
87
248
87
140
133
85
99
95
76
78
77
103
87
114
94
93
100
81
106
101
100
118
112
108
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
129
117
91
101
102
86
84
72
102
85
113
95
61
106
17
112
100
100
128
117 rl22
125
118
129
118
134
121
104
104
113
100
100
74
101
83
113
95
67
110
24
96
133
106
117
119
133
116
107
81
102
79
116
94
64
101
27
93
138
98
140
143
164
143
122
87
104
76
122
97
64
102
28
78
111
109
104
137
83
132
130
107
153
142
110
80
130
100
73
121
26
65
151
96
120
90
113
94
151
198
106
77
125
98
81
128
36
79
155
111
101
84
102
82
118
113
121
111
114
109
111
106
122
40
104
118
46
99
r 94
102
97
83
.78
.46
.17
92
99
82
112
117
110
107
109
111
Tobacco manufactures
Cigarettes
104
105
105
103
100
103
60
98
99
68
107
102
108
111
107
103
106
105
108
110
101
88
100
84
99
79
92
84
83
67
80
85
61
142
139
90
76
93
111
111
121
103
102
113
83
86
82
105
111
99
104
106
107
107
84
121
105
97
101
89
86
84
67
106
113
101
101
103
107
100
101
66
106
113
68
109
104
107
120
58
105
108
106
99
102
99
109
115
105
96
114
147
93
145
139
165
138
139
110
110
80
129
100
71
108
35
86
110
127
117
126
58
120
116
121
111
116
P156
P130
108
131
Food and beverage manufactures.. . 10 73
Food manufactures
8.49
1.48
Meat products
.46
Beef
.83
Pork
.
69
Dairy products
.14
Butter
.07
Natural cheese
.19
Concentrated milk
.28
Ice cream
1.13
Canned and frozen foods
Grain-mill products
1.16
.46
Wheat flour
70
Cereals and feeds
1.64
Bakery products
.27
Sugar
.11
Cane sugar
.13
Beet sugar
.71
Confectionery . .
Miscellaneous food preparations. . . 1.41
2.24
Beverages
54
1.70
Beer and ale
1.02
.17
Liquor distilling
.37
Liquor bottling
Foods, Beverages, and Tobacco
P142
108
83
99
111
129
90
140
121
122
125
143
154
133
88
88
90
75
93
160
111
96
120
99
134
108
118
MINERALS—TOTAL
9 98
116
111
112
114
114
117
119
118
119
122
121
119
124 '126
126
Mineral Fuels
8 35
115
113
113
117
117
121
123
121
120
120
118
119
122 rl23
124
Coal
Anthracite
Bituminous coal
2 68
78
67
77
75
75
77
79
52
52
57
61
55
72
77
88
81
70
81
78
77
81
61
71
2.32
41
39
43
Crude oil and natural &as
Oil and gas extraction
Crude oil
..
Natural gas
Natural gas liquids
5 67
4.82
4.12
.34
133
129
124
167
134
128
122
172
130
124
118
167
136
130
122
184
157
154
160
167
142
138
130
202
.36
.85
163
160
170
171
138
132
123
199
172
171
175
163
Metal, Stone, and Earth Minerals...
1 63
119
106
no
102
99
97
99
.82
113
90
92
79
76
79
85
.33
.49
24
.09
128
104
114
86
84
94
103
80
87
95
106
78
43
103
118
82
37
102
116
83
36
108
124
83
39
117
134
89
.06
87
75
71
74
73
80
83
.81
124
123
129
126
122
115
113
.36
Metal mining
Iron ore
..
Nonferrous metal mining
Copper mining
Zinc mining
Stone and earth minerals .
57
82
144
140
131
207
176
168
74
77
82
83
46
42
39
53
82
89
139
132
127
173
139
132
141
133
128
142
135 Pl36
129 P129
157
177
159
178
163
187
170
180
132
138
120
131
141
104
179
116
133
87
168
62
50
79
179
135
139
76
77
83
145
139
132
194
143
138
132
183
139
133
128
170
161
174
157
175
104
114
86
101
41
117
133
91
79
115
132
87
152
117
135
88
169
175
85
122
83
128
86
133
78
84
134
127
81
88
93
138
132
r
136
126
181
P116
r
96
78
79
135
82
80
82
139
p Preliminary.
'Revised.
For other footnotes see preceding page.
DECEMBER 1955
1373
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average—100]
Annual
1947-49
proportion 1953 1954
Product
1954
1955
Oct.
Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug.
Sept. Oct.
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL.. 100.00
127
116
112
119
125
131
135
139
144
145
147
153
152
154
152
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
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
164
180
153
117
122
173
195
156
117
121
172
194
155
121
125
172
194
157
123
127
170
196
149
122
127
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
110
114
79
110
170
97
270
62
667
114
120
77
122
174
95
259
70
620
115
119
82
117
181
100
242
70
571
128
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
152
101
166
199
121
226
65
532
153
105
169
188
125
222
68
516
150
156
122
178
163
132
269
66
658
150
159
119
173
193
121
290
76
698
143
150
98
160
206
119
294
70
720
149
156
98
172
205
126
279
72
676
259
95
572
Other Consumer Durables
30.28
14.00
16.28
102
01
111
95
01
99
98
96
100
97
93
101
96
94
'98
98
99
'96
'101
100
103
'100
-105
106
107
•103
100
r97
'103
106
'98
111
107
115
112
106
117
Auto parts and tires
Misc. home and personal goods
»"95
r
112
95
WITHOUT SEASONAL ADJUSTMENT
CONSUMER DURABLES—TOTAL..
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings 1
Appliances and heaters
Major appliances
Ranges. ..#
Refrigeration appliances..
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
Television sets
Other Consumer Durables
100.00
127
116
109
129
132
142
151
155
156
147
144
137
139
136
146
69.72
32.10
36.13
15.32
11.31
4.01
138
146
132
113
118
125
131
122
101
106
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
141
113
118
152
195
115
105
114
152
166
141
117
124
145
130
159
124
129
159
153
166
127
132
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
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
181
113
189
75
408
152
160
117
191
168
128
192
65
434
116
120
76
144
131
103
143
49
321
127
122
91
116
181
142
254
62
619
151
149
107
143
219
159
289
68
710
30.28
102
01
111
95
91
99
104
101
106
100
93
105
94
89
rgg
99
99
102
••92 '95 100
105 103 103
106
105
106
103
110
r94
102
103
107
112
115
113
14.00
16.28
Auto parts and tires
Misc. home and personal goods
95
97
'96
102
105
315
99
726
118
112
123
'Revised.
1
Publication suspended pending revision of data for the period 1952 to date.
NOTE—indivMiial 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
Nov.
1955
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
SEASONALLY ADJUSTED
12 ,572 12 ,580 12 ,586 12 ,673 12 ,798 12, 934 13,081 13,200 13 ,119
Total
7 ,191
7 ,350
7 ,269
7 ,159 7 ,177
7, 443 7,549
7,634 7 ,609
Durable £oods
96
97
94
94
91
98
89
90
89
Ordnance and accessories . , .
674
668
669
654
658
675
680
709
706
Lumber and wood products
.7.91
289
7.90
295
298
794
306
309
310
Furniture and fixtures
434
438
435
442
448
436
456
464
467
Stone, clay, and glass products..
997 1 ,008 1 ,027 1 ,052 1, 076 1,102
988
1 ,109
1,115
Primary metal industries
851
835
826
836
864
840
881
893
890
Fabricated metal products
1 ,127
1, 147
1 ,095
1 ,093
1 ,108
1 ,103
1,162
1 ,172
1,170
Machinery except electrical
792
795
795
804
799
793
817
831
Electrical machinery
824
1 ,400
1 ,447
1 ,334
1 ,375
1 ,426
1 ,420
1,456
1,447
1, 462
Transportation equipment
Instruments and related prod-
Misc. manufacturing industries..
Nondurable g o o d s . . . . . . .
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
718
375
5 ,448
1,091
92
717
378
5,491
1,113
90
212
387
5,532
1,116
91
221
393
5,566
1,119
94
, 1?7
7 ,592
88
703
470
1 ,118
886
1 ,185
8,3 S
1 ,379
160
13, ?67
7, 698
84
702
317
477
1 t 138
M
894
899
r\ 178
1, 220
87S
1 357
1, 370
r7
614
'87
r
701
'•318
77,3
973
968
967
970
975
983
970
979
978
1 ,060
440
1 ,057
435
1 ,058
435
1 ,064
435
1 ,072
437
1, 073
441
1,096
1,108
446
453
1 ,073
457
1 ,079
461
M 088
464
1 ,106
465
1,132
513
511
512
515
519
519
525
531
173
204
532
172
208
540
174
212
546
175
212
553
175
220
523
528
173
199
556
176
217
521
534
171
207
516
553
175
223
551
173
219
337
336
337
339
339
345
344
347
342
531
551
172
7,7,4
347
552
171
228
334
••530
••550
171
223
344
Printing, publishing and allied
industries
Chemicals and allied products...
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
369
5 ,403
1 ,094
93
369
5 ,395
1,085
90
371
5 ,404
1,078
93
392
5 ,510
1 ,090
91
390
5, 569
1, 087
95
991
226
391
5,614
1,094
91
388
,535
n ,089
95
i ,001
375
5 ,413
1,097
96
390
546
p
l 082
95
rQQQ
13,456
7,842
82
693
315
476
1 146
910
1,233
863
1,507
998
462
534
352
For footnote see following page.
1374
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954
1955
Industry group
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
WITHOUT SEASONAL ADJUSTMENT
Total
,
12,657 12,645 12,523 12,649 12,778 12,816 12,882 13,086 12,951 13,262 13,373 13,442 13,535
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal products
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. . .
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
7,198
7,218
7,182
7,282
7,375
7,457
7,530
7,630
7,499
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
683
298
456
1,096
877
1,174
809
1,456
89
727
300
466
1,115
884
1,182
816
1,447
89
720
298
460
1,098
863
1,160
802
1,420
731
313
472
1,112
877
1,155
818
1,379
218
390
218
373
217
360
216
371
219
377
218
376
211
379
220
385
219
372
220
388
••223
5,459
5,427
5,341
5,367
5,403
5,359
5,352
5,456
5,452
5,709
1,111
103
983
1,062
100
983
1,007
91
977
985
89
985
991
83
985
1,011
80
983
1,035
80
965
1,089
82
974
1,150
79
954
1,060
444
1,073
442
1,069
437
1,101
437
1,110
439
1,057
441
1,041
444
1,058
451
1,025
448
1,101
459
518
533
173
202
332
519
534
172
207
335
512
534
169
209
336
512
535
170
209
345
516
548
172
212
347
516
551
173
211
337
516
550
175
216
331
521
545
176
219
342
518
542
177
216
342
520
543
176
217
351
7,553
7,623
7,726
7,885
'87
'726
'320
84
716
323
479
1,138
903
1,196
884
1,370
82
703
323
478
1,146
915
1,221
876
1,507
400
227
406
227
407
'5,750
5,716
5,650
1,250 1,245
105
114
986
'989
1,188
113
991
1,107
97
998
1,115
462
1,123
465
1,132
467
'530
'553
174
223
346
536
557
172
226
345
539
558
171
231
350
r479
1,134
894
1,149
'855
1,357
'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 November 1955 are preliminary. Back data may
be obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiledby Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1954
Nov.
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
1955
Sept.
Average hours worked
(per week)
1954
Oct.
Nov.
Nov.
1955
Average hourly earnings
(dollars per hour)
1954
Sept.
Oct.
Nov.
Nov.
1955
Sept.
Oct.
Nov.
73.57
77.71
78.50
79.52
40.2
40.9
41.1
41.2
1.83
1.90
1.91
1.93
79.15
'84.46
85.07
86.10
40.8
41.4
41.7
42.0
1.94
'2.04
2.04
2.05
81.81
68.64
64.62
74.57
84.53
'85.28
'70.93
'69.37
'79.19
'97.39
85.28
71.21
70.13
78.77
96.10
86.94
69.80
70.29
78.81
97.21
40.7
41.1
40.9
41.2
39.5
'41.0
'41.0
42.3
41.9
'41.8
41.0
41.4
42.5
41.9
41.6
41.6
41.3
42.6
41.7
41 .9
2.01
1.67
1 -8
1.81
2.14
2.08
1.73
1.64
1.89
2.33
2.08
1.72
1.65
1.88
2.31
2.09
1.69
1.65
1.89
2.32
79.52
82.01
74.89
91.12
74.56
65.21
'84.02
'88.83
76.17
'93.11
79.52
68.30
85.24
90.10
78.47
93.71
80.51
69.38
84.85
91.59
78.66
97.75
78.94
68.88
41.2
40.4
40.7
41.8
40.3
40.5
'41.8
'42.1
40.3
'41.2
41.2
40.9
42.2
42.3
41.3
41.1
41.5
41.3
41.8
42.6
41.4
42.5
40.9
41.0
1.93
2.03
1.84
2.18
1.85
1.61
n. oi
2.02
2.13
1.90
2.28
1.94
1.68
2.03
2.15
1.90
2.30
1.93
1.68
65.97
'68.97
69.32
69.77
39.5
'40.1
40.3
40.1
1.67
2.11
1.89
2.26
1.93
1.67
1.72
1.72
1.74
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products... .
Paper and allied products
70.04
47.60
54.53
48.37
76.18
'72.98
'50.50
56.70
'50.05
81.10
73.63
51.25
57.39
50.59
81.35
74.80
51.17
58.65
50.05
82.34
41.2
36.9
39.8
36.1
42.8
'41.7
'40.4
40.5
36.8
43.6
41.6
41.0
43.5
41.1
37.9
41.3
36.8
43.8
1.70
1.29
1.37
1.34
1.78
1.75
1.25
1.40
1.36
1.86
1.77
1.25
1.41
1.36
1.87
1.82
1.35
1.42
1.36
1.88
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
88.55
79.71
93.66
83.02
51.43
'93.14
84.25
100.36
'86.74
52.45
92.90
83.21
98.88
89.25
53.39
92.04
84.66
99.29
91.37
54.29
38.5
41.3
40.9
41.1
37.0
'39.3
41.5
'41.3
'41.5
37.2
39.2
41.4
41.2
42.1
37.6
39.0
41.5
41.2
42.3
37.7
2.30
1.93
2.29
2.02
1.39
2.37
2.03
'2.43
'2.09
1.41
2.37
2.01
2.40
2.12
1.42
2.36
2.04
2.41
2.16
1.44
Nondurable goods
'Revised.
NOTE.—Data are for production and related workers. Figures for November 1955 are preliminary. Back data are available from the Bureau
of Labor Statistics.
DECEMBER 1955
1375
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Manufacturing
Total
Year or month
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
770
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
15,972
15,992
745
743
2,522
2,476
3,976
3,986
10,496
10,575
2,145
2,147
5,650
5,644
6,880
6,817
48,398
48,440
48,766
48,881
49,214
49,505
49,640
»-49,735
'•49,857
49,969
50,149
15,993
16,091
16,229
16,380
16,545
16,688
16,635
'16,661
16,691
16,805
16,995
741
750
749
2,458
2,410
2,478
2,499
2,526
2.514
2,548
2,543
r
2,568
2,530
2,493
3,974
3,984
3,986
3,946
4,000
4,064
4.082
4,106
r
4,135
4,132
4,131
10,574
10,541
10,633
10,600
10,655
10,711
10,765
10,797
••10,824
10,798
10,826
2,145
2,154
2,161
2,161
2,171
2,184
2,204
2,208
»"2,223
2,223
2,220
5,646
5,649
5,656
5,674
5,676
5,690
5,730
5,732
5,705
5,729
5,722
6,867
6,870
6,884
6,878
6,892
6,898
6,919
6,941
6,957
7,002
7,013
1954—November
December
48,808
49,463
16,057
16,050
749
747
2,598
2,426
3,986
3,996
10,745
11,354
2,134
2,136
5,622
5,588
6,917
7,166
J955—January.
February
March
April
May
June.. .
July
August
September
October.
November
47,741
47,753
48,212
48,643
48,918
49,508
49.420
49,858
r
5O,322
50,461
50,608
15,925
16,060
16,201
16,255
16,334
16,577
16,475
16,807
r
16,915
16,985
17,084
741
737
2,237
2,169
2,255
2,399
2,526
2,615
2,701
2,746
r
2,748
2,682
2,568
3,927
3,937
3,966
3,939
3,997
4,081
4;113
4,137
r
4,152
4,143
4,142
10,419
10,309
10,408
10,549
10,534
10,643
10,633
10,638
10,824
10,906
11,082
2,124
2,132
2,150
2,161
2,171
2,206
2,237
2,241
r
2,223
2,212
2,209
5,533
5,536
5,571
5,674
5,733
5,775
5,816
5,818
5,791
5,729
5,693
6,835
6,873
6,922
6,927
6,881
6,851
6,696
6,717
6,911
7,054
7,077
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
982
918
889
1954—November
December
48,386
48,380
1955—January . .
February
1948
1949
1950
1951
1952
1953
1954
.
.
916
885
852
SEASONALLY ADJUSTED
March
April
May
June
July
August
September
October
November
741
739
743
749
756
757
747
754
_
WITHOUT SEASONAL ADJUSTMENT
...
739
739
742
760
749
754
758
750
753
•"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
onth. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures
for November 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
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
108 482
109,623
110,780
111.924
113 119
115.095
116.220
62,748
63.571
64,599
65,832
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—October
November
December
116,547
116,659
116.763
68.190
67.909
66.811
64.882
64.624
63.526
62.141
61,732
60,688
54,902
55,577
55,363
7,239
6,154
5,325
2,741
2,893
2,838
48,357
48,750
49,952
1955—January
February
March
April
T^ay
116.855
116.901
117,051
117.130
117.236
117.318
117.404
117.517
117.634
117,749
117,864
66,700
66,550
66.840
67.784
68,256
69.692
70,429
70.695
69.853
70,250
70,164
63,497
63.321
63.654
64,647
65,192
66,696
67,465
67,726
66,882
67,292
67,206
60,150
59,938
60.477
61,685
62.703
64.016
64,994
65,488
64.733
65,161
64,807
54,853
54.854
54,785
55,470
55,740
56,335
57.291
57.952
56,858
57,256
57,887
5,297
5,084
5,692
6,215
6,963
7,681
7.704
7.536
7,875
7,905
6,920
3,347
3,383
3,176
2.962
2,489
2,679
2.471
2,237
2.149
2,131
2,398
50,156
50,352
50,212
49,346
48,979
47,626
46,975
46.823
47,781
47.499
47,701
1948
1949
1950
1951
1952
1953 2
1954
...
June
July
August
September.
October
November
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 the
Census.
1376
FEDERAL RESERVE
BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Private
Year or month
Total
1954—November
December
1955—January
February
March
April
May
June
July
August
September?
October?
November?
pPreliminary.
Total
Industrial
Com- Public
mercial utility
Other
nonresidential
Business
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Public
Residential
Total
Military
Highway
385
3,628
5,751 1,620
10,660 5,016
6,322 2,550
837
3,073
690
2,398
188
2,362
204
3,433
158
4,825
137
6,405
177
7,000
887
9,418
10,901 1,388
11,394 1,307
11,809 1,030
1,302
1,066
734
446
362
398
S95
1,451
1,774
2,131
2,272
2,518
2,820
3,160
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
Conser- All
vation other
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
1,132
856
1,253
1,027
1,288
1,371
1,137
1,791
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
3,254
3,429
2,269
2.350
1,229
1.307
724
730
173
180
186
184
365
366
316
313
985
1,079
90
97
320
393
53
55
522
534
3,418
3,451
3,462
3,521
3,576
3,564
3,541
3,524
3,536
3,480
3,468
2,398
2,437
2,464
2,523
553
546
556
551
1,337
1,346
1,348
1,390
1,418
1,419
1,416
1,390
1,381
1,324
1,297
748
777
798
811
813
816
827
854
874
882
861
181
183
188
188
191
197
202
205
207
214
217
199
223
236
247
248
245
252
276
295
297
274
368
371
374
376
374
374
373
373
372
371
370
313
314
318
322
322
311
313
307
308
307
312
1,020
1,014
998
998
1,023
1,018
985
973
973
967
998
93
101
93
104
110
117
112
109
110
117
122
340
338
335
334
350
338
336
332
326
324
344
55
51
54
54
55
53
50
48
46
45
44
532
524
516
506
508
510
487
484
491
481
488
2,513
2,470
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
1948
1949
1950
1951
1952
1953
1954
Private
By type of construction
Residential
building
Nonresidential building
Factories
Commercial
Educational
Other
J .127
L .376
L ,651
1,689
1,686
1,695
Public
works
and
public
utilities
2,155
2,476
2,578
2,723
3,408
4,008
4,142
9,430
10,359
14,501
15,751
16,775
17,443
19,770
3,107
3,718
4,409
6,122
6,711
6,334
6,558
6,323
6,641
10,092
9,629
10,064
11,109
13 212
3,608
4,239
6,741
6,205
6,668
6,479
8,518
559
1,142
2,883
2,562
2,051
1,274
979
1,489
1,815
915
824
1,180
1,335
1,472
1,720
2,063
1954—November.
December
1 499
1,829
475
617
1 .024
1,212
709
762
82
104
129
194
140
204
200
February
March
April
May
J une
July
August
September
October
November
1,504
1,581
2,135
2,322
2,185
2,255
2,272
1,895
2,035
1,863
1,797
480
1,024
1,109
1,458
1,646
L.510
1,498
690
85
166
131
184
249
744
990
113
176
142
171
163
146
170
201
186
178
133
194
174
183
228
288
215
197
185
200
135
201
195
201
181
231
153
163
163
143
153
189
195
171
270
227
144
148
159
142
303
386
546
448
461
420
378
593
388
408
472
677
676
675
757
761
549
621
551
511
1,346
1,414
1,312
1,070
1,011
951
959
835
733
783
726
840
975
885
1,208
725
95R
141
299
366
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]
Federal Reserve district
Total
(11 districts)
Boston
New
York
1954—August
September
October
1,573
1,816
1,965
109
107
122
199
263
288
1955—August
September
October
1 .895
2,035
1,863
110
123
114
310
259
298
Month
DECEMBER
1955
Cleveland
Richmond
106
122
120
193
220
207
133
151
226
175
173
214
306
311
360
85
124
127
112
147
123
233
224
221
151
194
210
206
220
219
357
386
310
87
164
106
Philadelphia
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
76
66
56
90
111
101
102
166
145
64
77
52
125
92
86
139
149
124
1377
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Year or month
Total
1948
1949
1950
1951 . .
1952
1953 .
1954
932
132
138
135
123
125
P113
P107
P90
FHA
393
466
686
413
420
407
585
291
361
486
264
279
252
277
102
105
200
149
141
VA
42
34
94
90
93
80
3
3
8
7
0)
62
51
26
22
36
29
0)
46
45
54
61
66
72
63
68
»-58
54
P46
20
17
24
26
28
32
26
27
25
19
26
n.a.
n.a.
103
90
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a»
n.a.
n.a.
n.a.
n.a.
n.a.
88
90
114
Total
933
1,077
n.a.
n.a.
539
Multifamily
104
162
159
88
84
n.a.
565
2family
Public
46
35
42
40
46
763
792
1,151
104
91
1955—January
February
March . .
April
May...
June
July
August .
September...
October
November
1family
914
989
407
436
568
496
517
n.a.
1954—November..
December
Total
1,352
1,020
1,069
1,068
1,202
525
589
828
595
610
1,025
1,396
1,091
1,127
1,104
1,221
Government-underwritten
Private
Rural
nonfarm
Urban
892
939
18
36
44
71
58
36
19
87
78
2
7
88
113
79
100
6
9
131
120
3
4
3
8
2
135
131
122
122
P112
P107
122
121
113
112
n.a.
n.a.
n.a.
3
3
3
3
n.a.
n.a.
10
8
6
8
n.a.
3
3
1
2
Pi
P89
2
1
n.a.
n.a.
n.a.
0)
Pi
155
308
28
30
35
38
40
37
41
r
33
P35
P28
P18
r
1
^Preliminary.
Revised,
n.a. Not available.
Less than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average=100]
Monthly— seasonally adjusted
]Monthly—without seasonal adjustment
Annual
1954
Class
Oct.
May
June
July
114
115
128
125
92
105
141
62
132
144
129
40
105
111
150
72
141
109
125
40
105
149
155
57
139
177
144
40
99
151
152
50
147
191
140
42
1953
1954
Total....
127
Coal.. .
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1
103
171
135
63
143
215
143
43
1954
1955
1955
Oct.
Oct.
May
June
127
129
124
130
115
169
138
60
143
213
139
39
115
169
162
67
141
202
141
40
105
109
150
111
149
170
136
41
105
147
133
52
145
271
146
40
Aug.
Sept.
125
126
104
156
164
50
145
190
139
43
109
166
141
51
148
202
140
40
July
Aug.
130
131
99
148
155
41
153
296
144
42
104
151
197
41
146
305
140
42
Sept.
Oct.
131
138
139
109
160
152
49
156
303
142
41
115
167
154
80
155
320
151
41
115
166
162
103
149
283
154
41
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
January. .
February
. .
April
May
July
. . . .
August
September
October .
...
November
December
January-October
••Revised.
. .
. . . .
. .
^Preliminary.
Merchandise exports excluding
military-aid shipments 2
1953
1954
1955
1953
1954
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
L ,183
1,126
1,426
L.401
1,474
L290
.156
1,115
1,265
1.250
1,318
1,168
•1,237
1,343
1,261
1,322
1,318
1,268
1,234
1,253
Pl.395
1,016
927
1,052
1,054
1,085
1,013
965
911
1,052
1,019
1,031
1,138
923
998
1,258
1,137
1,115
1,023
955
962
1,162
1,165
1,221
10,094
10,456
13,174
12,528
P12,799
923
Merchandise imports-4
1955
1953
1954
1955
1,083
L ,143
,251
1,167
r.
L.190
L,190
.140
1,106
1,154
922
856
1,004
1,013
902
833
809
'865
957
829
871
850
1,019
871
959
r
936
885
959
P945
e
l,034
P1,275
933
908
840
926
813
849
PI1,699
947
822
825
780
763
840
907
942
9,117
8,430
"9,329
"Estimated.
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.
1378
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
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
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
rli3
113
116
109
110
110
'•103
106
106
109
111
113
106
107
110
'123
124
128
136
133
135
108
109
112
112
114
117
106
104
111
119
116
120
131
131
136
116
115
118
119
112
115
119
117
114
124
118
121
P122
114
109
107
108
111
107
114
107
'112
114
108
101
105
102
103
104
108
106
108
108
113
108
111
115
115
114
121
114
120
120
111
108
107
116
113
108
124
114
»"116
121
133
122
129
126
128
123
136
134
134
P132
137
134
133
142
137
136
152
143
140
P148
116
109
114
119
117
114
122
115
118
120
123
114
116
122
120
108
132
120
119
P122
112
103
108
107
107
103
111
107
112
109
124
114
120
126
120
118
136
124
127
125
140
129
134
142
134
132
145
139
131
138
125
118
118
120
118
118
123
122
126
126
1954—October
November
December
118
137
201
110
133
200
'•110
134
186
rH4
146
197
111
133
191
130
153
231
141
154
234
114
133
123
137
194
122
120
180
125
133
205
138
149
228
116
134
209
1955—January
February
March
April
M!ay
June
JulyAugust
September
October
91
88
100
114
116
110
98
105
123
P128
90
82
90
108
111
107
82
86
120
115
85
82
93
99
101
100
77
82
111
116
85
83
101
109
114
107
90
92
124
125
87
83
93
112
110
104
96
104
••116
125
91
91
111
125
129
118
107
112
138
P140
106
107
129
141
134
121
122
129
136
i»154
98
114
116
112
96
103
123
126
92
89
101
118
120
106
102
109
122
P135
80
81
88
108
108
95
89
102
119
126
94
89
104
123
119
113
111
117
127
132
110
103
120
136
133
120
123
129
131
147
97
93
97
112
116
113
107
118
123
126
107
99
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
114
105
101
113
133
130
143
139
108
102
120
140
136
146
141
108
97
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—October
November
December
122
123
124
116
118
119
••116
114
114
115
117
121
114
114
117
••144
141
144
142
143
144
117
119
120
113
114
118
118
119
119
128
128
130
134
133
139
127
128
128
1955^-"January
February
March
April
123
123
124
124
123
127
127
129
129
P129
118
118
119
121
120
124
121
122
124
123
113
113
113
113
111
115
116
117
116
117
118
117
118
116
119
124
125
122
126
125
114
114
113
113
113
116
118
118
118
119
140
142
144
144
139
143
145
145
150
152
146
147
150
149
148
151
148
154
156
P156
118
118
119
120
122
124
121
123
121
120
121
120
117
120
121
126
126
126
123
129
116
116
116
113
117
123
119
123
122
125
129
129
131
131
132
136
134
136
135
141
134
136
139
137
137
143
143
145
146
147
131
127
129
128
126
130
131
138
137
P134
137
138
110
131
138
111
130
131
104
132
134
107
128
129
104
n59
152
120
155
162
127
'134
138
108
127
129
106
128
133
107
138
142
117
148
147
126
144
141
108
110
117
127
129
127
121
119
. 126
135
P145
107
111
122
125
123
115
109
118
127
139
101
106
116
119
115
108
105
114
123
131
103
112
122
124
124
116
112
117
132
144
101
109
117
119
117
110
109
114
123
133
125
132
149
153
146
139
142
148
155
168
134
145
156
155
150
142
139
150
163
P170
106
112
121
123
123
116
114
120
127
137
105
114
124
126
121
116
116
126
133
145
107
111
119
118
118
116
115
120
128
136
116
125
135
136
135
131
129
134
140
152
119
132
144
144
139
133
136
144
155
162
116
118
129
133
136
131
130
133
142
P153
Year or month
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALES1
1948
1949
1950
1951
1952
1953
1954
SEASONALLY ADJUSTED
1954—October
November
December
1955— Tanuarv
February
March
April
!May ,
June
July
August
September
October
J
WITHOUT SEASONAL ADJUSTMENT
00
oo
00 Tf
oooc
STOCKSi
1948
1949
1950
1951
1952
1953
1954
SEASONALLY ADJUSTED
June
July
August
September
October
WITHOUT SEASONAL ADJUSTMENT
1954—October
November
December
1955—Tanuarv
February . . .
March
April
]Vtay
June
JulyAugust
September
October
r
pPreliminary.
Revised.
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.
DECEMBER
1955
1379
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Amounts (In millions of dollars)
Sales i
(total
for
month)
Year or month
1948 average
1949 average
1950 average
1951 average
1952 average.
1953 average .
1954 average
Stocks i
(end
of
month)
345
365
381
Outstanding
orders 1
(end of
month)
767
887
979
361
376
Receipts 2
(total
for
month)
964
588
494
Ratios to sales 3
New
orders 2
(total
for
month)
354
364
363
373
366
386
407
925
1,012
1,202
1,097
1,163
1,136
1954—October
November
December
'•1,275
1 .318
1,056
r t79
'524
••515
509
766
406
301
559
504
488
399
1955—January
February
March
April
May
June
July
August
.
September
October**
336
307
302
413
404
390
324
382
426
473
1,042
1,105
1,190
1,216
1,189
1.122
1,090
1,157
1 .244
1,350
385
414
367
308
307
449
554
550
576
580
322
370
477
439
377
323
292
449
513
579
406
399
430
380
376
465
397
445
539
583
391
397
406
.
373
495
435
421
387
397
408
407
358
391
460
Stocks
Stocks
plus
outstanding
orders
30
5 3
4 3
2.3
2.5
2.7
1.7
1.4
2.7
2.8
358
401
390
Outstanding
orders
379
3.2
29
3.0
3.0
29
26
14
401
401
409
3.1
3.6
3.0
1.1
1.4
1.3
12
11
1.0
1 l
08
04
3.8
4 2
4 4
4.1
4 1
4.0
0
0
1.1
4
4
4
3
3
1.0
L 1
0
1.0
0
1.0
4 0
3 4
1 8
2.9
0.8
1.2
34
30
17
1 .4
2.9
2.9
1 1
4.1
1 3
0 9
07
29
29
Receipts
I 2
I l
() 7
2
9
0
7
7
0
L 2
1.2
I i
9
8
) 9
4.0
c)
()
4.3
4.1
L.2
5 1
4 5
1.4
1.2
2
?
r
J1» Preliminary.
Revised.
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals
of sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 = 100)
Without seasonal adjustment
1952
1955
1954
1953
81
94
85
86
85
Jan.
86
91
86
90
Feb. 5
85
92
95
100
Mar. 5
5....
12
19
26....
78 Jan. 3
92
10
90
17
83
24
Jan.
31
81
89
92
86
87
2. . . .
9. . . .
16
23
84 Feb. 7
14
87
89
21
83
28
88
92
85
93
Feb. 6
85 Mar. 7
88
14
90
21. . .
94
28
101
96
100
109
112
Mar. 6
5
12
19
26
109 Apr. 4
111
11
97
18
105
25
118
97
105
104
Apr. 3
May
3
10
17
24
31
111 May 2
117
9
99
16
105
23
97
30
114 May 1. . . . 112 May 7
123
128
14. . .
8
97
105
21. . .
15
106
112
28
22
104
97
29
June
7
14
21
28
111 June 6
116
13
98
20
91
27....
118
112
111
94
Jan.
Feb.
Mar. 1
8
15
22...
29
Apr.
2
9
16....
23. . .
30. . .
13
20
27....
13
20
27
10
17
24
June 5
1
8
15
22
29
12
19
26
12
19
26
103 Apr. 2
113
9
118
16
101
23
30
97 June
111
12
19. . . . 115
97
26
4
11
18
25
1952
. 80 July 5
.106
12
. 99
19
. 95
26
. 87
.
.
.
.
1953
79 July 4
83
11
82
18
79
25....
1954
79 July 3 . .
92
10. .
84
17. .
83
24
1955
..
..
..
31. .. .
93 July 2
9
77
16
88
84
87
23
30
86 Aug. 2. . . . 87 Aug. 1. .
86 Aug. 7
92 Aug. 6
92
9. . . . 90
92
8
14. . . . 97
13
95
95
20
90
16
15
2 1 . . . . 100
100
27
93
23
2 2 . . . . 100
28. . . . 102
110
101
30
29
. 98
87
97
94
98
97
.100
.106
.111
..98 Sept. 6. . .
.102
13
.108
20
.103
27
100 Sept. 5
114
12
113
19
112
26
101 Sept. 4. . .
102
11. . .
120
18. . .
114
25. . .
.114 Oct. 4
.122
11
.103
18
.112
25
.120
116 Oct.
3
126
10
124
17...
122
24....
112 Oct.
120
118
113
113
.134 Nov. 1
. .108
8
.115
15
.114
22
29
115 Nov. 7
118
14
130
21
134
28
138
121 Nov. 6. . . ..127 Nov. 5. .-. . .128
133
1 2 . . . . .141
13. . . . .13t
131
19
.142
20. . . ..134
133
26
.146
2 7 . . . ..133
195 Dec. 5
223
12
237
19
146
26
190 Dec. 4 . . . . .192 Dec. 3
216
10
11. . . . .224
234
17
1 8 . . . ..240
163
24
2 5 . . . ..190
.102 Dec. 6 . . . .
.114
13
.117
20
.103
27....
31....
3
10
17
24
.125
.108
.125
.121
110 Oct. 1
8
118
15
119
22
123
29
117
.126
.125
.128
.133
.126
. 113 Sept.
. 97
. 120
. 118
2. . . .
9. . . .
16. . . .
23... .
30... .
.197
31
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
1380
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 Oct.. Sept. 10
district,
1955 1955 1955
area, or city
United States.. p + 8
+9
+5 r + 4
Boston
+7 llexe.-cont.
Met. Areas-cont.
Wheeling+4 Steubenville2.
Met. Areas*
+4 +3 +5
Portland
Boston
,
•«
+3
+5
Downtown
2
0
+3 - 5
Boston
Suburban
+7 + 9 +8
Boston
Cambridge.. + 10 +7 +5
Quincy
+ 3 + 12 + 6
Lowell
+ 9 + 13 + 11
New Bedford..
.
-1
-1
-4
Worcester2
+7 +5 +5
Cities
Springfield. 2
Providence ....
+4
+9
+3
-5
+ 14
+5
New York
+6
+3
+3
Met. Areas1
Albany-Schenectady-Troy
+8 +5
Albany
+ 12 +8
Schenectady...
+1 + 1
Binghamton
+4
+7
Buffalo 2
+5 +4
Buffalo
+5 +5
Niagara Falls.. +4
j
New York-N.E,
+7 + 4
New Jersey..
2
Newark
-1
-1
i
N. Y. City 2 .. . +4
—1
Rochester2 2
+5
Syracuse
+ 9 + 11
Utica-Rome....
+2
+8
Utica
+9 +3
+2
+6
Philadelphia
+10
+7
+8
Met. Areas
Wilmington.
.
Trenton 2
Lancaster 2 ..2 .
Philadelphia
Reading 2 ....
Scranton
Wilkes-BarreHazleton 2 ..
+4
+ 10
+7
+3
+ 13
+ 10 + 4
+7 + 6
+ 14 + 10
+ 15 +2
+11 + 11
City 2
York
+29
+41
Cleveland
+13
+ 11 +11
Met. Areas
Lexington
Akron2 2
Canton
Cincinnati 2 . .
Cleveland 22.. .
Columbus2 ...
Springfield
..
Toledo2
2
Youngs
town
Erie2
Pittsburgh 2 . .
+8
+15
+7
+8
+10
+3
+4
+7
+7
+4
+9
Met. Areas1 2
Washington .
Downtown
Wash 2
Baltimore
.. . .
2
Asheville
Raleigh2.
Winston-Salem 2
Charleston,
S. C.2
Columbia2 2 . . .
Greenville ....
NorfolkPortsmouth 2
Richmond22 . . .
Roanoke ....
Charleston,
W. Va. 2
+ 13
+7
+3
+3
+12
+9
?>+8 + 14
+8
P+3
+9
+4
*>+4
+7
+5
+6 + 13
+7
+1
P+8
-3
+6
+ 14 + 14 + 11
+3
0 +43 +31
+ 17 +39 + 11
+4. + 12 + 11
+ 8 + 17
+ 11 + 7
+ 1 +8
+9
+9
+4
+7
+8
+9
+7
+4
+4
+7
+8
+5
+6
0
Richmond....
+9
-3
+ 11 + 13
+ 1 +7
+ 13 + 11
City
Portsmouth 2 . .
+ 3 Cities
+2 CumberlandHagerstown
+5'
+2 Spartan
burg
..
+ 16
2
+2 Lynchburg
News.
(3)
+4 Newport
- 1 FairmontP+27
Morgantown
2
+ 1 Huntington
.
+ 16.
0
Parkersburg..
+23
+5
+ 3 Atlanta
P+9
Cities
Bridgeport2
Poughkeepsie...
+11
Federal Reserve Oct. Sept. 10
district,
1955 1955 mos.
area, or city
1955
+8
+ 11
+ 13
+2
+7
+4
+6
+7
+8
+ 11
+7
+ 10
+ 11
+ 16
Chicago -cont.
1
Met. Areas
-cont.
Joliet2
Gary 2
Decatur . . . .
Peoria2
Rockf ord 2
Fort Wayne 2.
Indianapolis ..
Muncie
South Bend 22.
Terre Haute .
Cedar Rapids..
Des Moines
Dubuque....
Sioux City. . .
Waterloo
Detroit 2
Flint2....
2
Grand Rapids
Jackson 2 ...
Kalamazoo..
Lansing2
Saginaw
Green Bay
Madison 2
Milwaukee
.
+4
+9
-4
+ 14
+ 1.7
+9
+8
+ 13
+3
+9
+ 11
+7
+6
+1
+4
+ 11
+6
+ 13
+ 14
+7
+ 10
+1
+20
+ 11
+8
-1
+8
Cities
+ 17
Danville
+38
Battle Creek. .
+4
Muskegon
Port Huron. . . . + 10
-4
Appleton
-3
Sheboygan
+ 11 4
+ 15 + 14
+ 10 +9 St. Louis...
+ 18 + 17
Met. Areas
+ 11 +11 Fort Smith..2
Met. Areas1 2
Birmingham ..
+8
+8
Mobile.
+ 10 + 16
Montgomery 2
P-3
+9
Jacksonville .
+5 + 14
Orlando...
+7
+
10
St. Petersburg+ 11 + 7
Tampa
St. Petersburg + 12 + 11
Tampa 2
+ 10 +5
Atlanta 2
+ 2 + 15
Augusta
—3
+1
Columbus
P + 9 + 13
2
Macon
+3
+8
Savannah.. 2
2
+4
Baton Rouge2
+
1
+8
New Orleans
.
+7
+4
2
Jackson ... 2
-2
+3
Chattanooga
..
0
+4
2
Knoxville2
- 1 1 + 14
Nashville
+8
+5
Cities
Rome
+ 18 + 15
Meridian..
+ 19 + 11
Bristol
+8
+3
Chicago...
+ 10 + 9
+ 11 + 11
1
Areas
+ 13 + 7 + 12 Met.
2
..
+ 11 + 8 + 10 Chicago
Aurora.
.
.
+26 +22 + 14
+ 12 + 15 + 4 Elgin
+22 + 18 +20
Federal Reserve Oct. Sept. 10
district,
1955 1955 mos.
1955
area, or city
Little Rock2 .
Evansville . .
Louisville2 . .
Springfield.
+ 11 St. Louis 2 ....
+7
2
+ 6 Memphis . . ,
+9
+9
Cities
+ 5 Quincy
+ 9 Paducah....
+2
+ 12 Minneapolis
+2
+ 18 Met. Area
+7
+ 8 Sioux Falls. . .
+4
+ 7 Cities
+2 Mankato
2
.
0 Minneapolis
2
+ 13 St. Paul
Duluth+8
Superior2. . .
Great Falls...
+ 10 Grand Forks.
+ 11 LaCrosse
-2
+ 7 Kansas City.
+ 5 Met. Areas
+ 8 Denver. . .
+7 Topeka...
10
Kan. City-cont.
Met. Areas-cont.
-3
+5 + 14
+ 11 +16 Wichita
+ 15 + 12 St. Joseph
+ 1 +27 +7
+4
+5
Omaha
+3 + 3 +2
+5 +9 Albuquerque. . . +10 +11 + 12
+ 10 +6 Oklahoma City
+8 +9 +12
+8 +7 Tulsa
+ 11 +2 +3
+7| +6
+ 16 + 11 Cities
+ 6 + 10 +8
+5| +8 Greeley
Hutchinson
+3
+5 +5
+5 +5
y
+3 Joplin
+1
+8
+3 +4
+4
Kansas
City.
.
.
0
+4
0
- 1 4 - 1 2 -13
+ 12 +6 Enid
+8 +7
+ 16 + 12 Dallas .
+6 +7 + 10
+ 17 + 13
+6 +3
+7 +8 Met. Areas
+5 +4 Shreveport . . . +7 +2 +7
- 2 4+9
+31 +20 Corpus2 Christi. (3)
+11 +8 Dallas
+7 + 9 + 11
+ 15 +9 El Paso
+7 + 7 +9
Fort Worth. . .
+9
+5
+8
+9
+5 + 1 Houston2
+6 +7 +7
+8
San Antonio...
+6
+2
Waco
+ 9 + 18 + 13
+ 151 + 15
+381 +31
+ 10 + 10 San Francisco P + 9 + 10 +8
+ i +8
-1
+3 Met. Areas*
2
+ 10
+4
+2
+3
+11
+24
+11
Federal Reserve Oct. Sept.
district,
1955 1955
area, or city
+8
+ 13 + 11
0 +1
+ 11 +5
+6
+5 +37
+36 +8
+ 13
+3 +5
+5
-4
+2
-7
+3
+7
+4
+7
+9
+4
+4 +4
+3 +2
+2 + 15
+9 +3
+2 +2
+6 +2
+5 + 7
Phoenix
Fresno2
Los Angeles2
Downtown
L. A 2
2
WestsideL.A.
Long Beach2
Pasadena.
Santa Monica.
Riverside and
San Bernardino
Sacramento22 . .
San Diego ....
San FranciscoOakland2
Oakland- 2
Berkeley ..
Downtown2
Oakland
San Francisco2
Vallejo 2
San Jose 2
Stockton2 ....
Portland
Salt Lake
City 2
Seattle2 2
Spokane2
Tacoma
+1
+4
+2
+2
+6
+2 Cities
+4 Tucson
Bakersfield 2 ...
Boise and
+9 +8 Nampa
Idaho Falls....
Twin Falls . .
Bellingham...
.
2
+ 11 + 13 + 15 Everett
2
..
+5 +9 +5 Walla Walla
Yakima 2 .
+8
+8
+6
+7
0
-1
0
+4
+8
+4
+3
+4
+7
P+9
P+5
0
+6
+ 15 + 10
+7 +4
+ 12 + 15 + 15
+ 17 + 17 + 16
+5 + 5 +5
+4
+9
+8 +8
+8
P+9
+6
+4
+6
+4
+4
+9
+3
+4
+6
+ 13 ^5
+9
+22
+6
+4
+2
+4
+2
+ 12
+8
+5
+
+ 11 + 11 11
+6
+7
+4
+2 + 13 +7
+ 14 +7
*>+7 + 17 + 12
+9
+6
+4
+7
+ 12 +10
-4
0
-5
-3
+ 15
+1
+6
+6
+ 1 + 11
-4
-3
+2
+5
+1
+9
+6
-1
r
pPreliminary.
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
Nine months 1955.
DECEMBER
1955
1381
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Ratio of
stocks l to
sales
Percentage change
from a year ago
Department
Sept.
1955
GRAND TOTAL—entire stores.. .
MAIN STORE — total
Piece goods and household textiles. . .
Piece goods
Silks, velvets, and synthetics.
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings....
Blankets, comforters, and spreads.
Small wares.
Laces, trimmings, embroideries, and ribbons.
Notions
Toilet articles, drug sundries
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches
Art needlework.
Books and stationery. . .
Books and magazines.
Stationery
Women's and misses' apparel and accessories.
Women's and misses' ready-to-wear accessories..
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear.
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel
Infants' wear
Handbags, and small leather goods.
Women's and children's shoes.
Children's shoes
Women's shoes
Women's and misses' ready-to-wear apparel
Women's and misses' coats and suits
Coats
Suits
Juniors' and girls' wear
Juniors' coats, suits, and dresses.
Girls' wear
Women's and misses' dresses.
Inexpensive dresses
Better dresses
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs
Men's and boys' wear.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.
Stocks
(end of
month)
Sales
during
period
Nine
months
1955
+5
+6
+4
+5
+5
+2
-1
-3
0
-4
-6
-7
-1
+2
+6
+3
+8
+7
+5
+5
+5
+4
+7
+4
+
-2
+7
+9
+6
+5
0
+5
+12
+1
+ 11
+10
-6
+7
2
-3
+9
+17
+6
+4
+4
+5
+5
+7
+4
-4
-2
+5
+6
+1
+4
+5
+1
+8
+5
+8
+6
+1
+7
+4
0
+3
+2
+2
0
-6
^
+3
+4
0
+1
+
t
+1
+3
+6
+4
+2
+4
+3
-3
i
-9
+5
+4
+5
+3
+2
+5
+4
+5
+5
+5
+ 12
+3
+2
+5
0
+5
+6
+8
+4
+6
+4
+2
+6
+5
+4
+5
+5
+5
Sept.
1955
September
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2
Sales during
period
Stocks at end
of month
1955
1955
1955
1954
1954
Sept.
Aug
Sept.
Sept.
Aug
Sept.
+3
+3
+3
+1
+2
-3
+7
+4
+4
+4
+4
+5
3.1
3.2
3.3
3.4
106
93
100
127
117
123
3.8
88
104
84
109
102
106
3.7
4.0
2.7
4.3
3.9
3.6
3.8
2.8
4.1
72
59
110
67
58
44
73
76
73
60
110
94
66
102
110
92
84
107
106
92
84
105
102
3.8
4.6
3.7
3.1
3.9
4.6
3.8
3.3
98
84
96
126
137
116
175
122
92
81
89
117
117
106
136
121
106
97
118
113
113
102
131
116
3.7
3.7
101
86
96
119
111
114
+1
+4
+3
+9
+14
+ 11
+7
+2
+3
+1
+4
4.1
3.4
3.3
78
106
107
65
85
99
77
99
98
105
130
106
103
124
102
104
125
103
4.8
6.1
3.2
8.3
4.1
3.6
3.5
4.4
5.9
2.7
8.2
93
89
97
91
77
85
73
83
93
81
104
85
130
142
125
123
116
133
111
108
118
125
113
115
4.7
4.6
86
71
113
105
3.2
2.6
3.4
3.1
3.6
2.6
111
106
114
89
87
89
102
91
108
126
103
138
117
98
124
122
102
132
+4
+4
+7
-6
+2
+4
+3
+3
+6
XI
+2
+9
+6
+5
+6
+5
2
0
-5
3.5
2.6
3.1
2.4
4.7
0.8
5.7
3.0
2.7
3.7
3.6
4.0
3.2
2.6
2.3
4.3
3.6
4.5
2.2
2.4
2.6
2.1
+5
+6
+5
+6
+6
+6
+10
+2
+6
+3
2.0
1.8
2.2
1.6
1.3
2.0
2.1
2.0
5.3
0
5.8
4.9
3.6
5.3
+4
+8
+3
4.9
86
114
91
109
140
128
134
3.1
2.3
4.8
0.8
5.9
3.1
2.6
3.8
3.6
4.0
3.3
110
123
47
141
72
132
86
82
85
43
63
36
112
61
106
118
49
143
69
124
85
140
155
74
106
118
151
130
128
142
64
101
98
143
121
134
145
78
112
115
146
126
74
96
62
75
74
97
64
69
72
92
61
70
124
164
108
113
104
135
94
92
121
154
107
109
2.7
2.3
136
120
129
111
141
135
138
122
137
124
4.4
3.4
4.6
2.2
2.5
2.6
2.1
2.0
1.8
2.2
138
143
137
109
77
98
131
90
130
141
128
162
157
163
154
163
153
153
149
154
118
95
93
94
99
67
76
57
113
95
90
102
140
141
153
106
128
129
138
115
134
145
153
112
135
114
159
133
104
167
129
110
152
157
143
168
142
127
155
149
134
160
1.6
1.3
1.9
2.1
2.2
4.9
4.9
6.0
4.9
3.5
5.5
110
104
118
80
79
87
105
99
112
120
109
127
102
97
109
114
102
119
153
89
91
125
93
109
145
79
91
165
94
126
156
90
116
151
93
119
95
77
91
142
125
138
95
79
131
117
70
66
118
91
90
75
129
110
153
133
143
139
134
114
131
132
153
128
132
136
For footnotes see following page.
1382
FEDERAL RESERVE B U L L E T I N
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Ratio of
stocks to
sales1
Percentage change
from a year ago
Department
Stocks
(end of
month)
Sales
during
period
September
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =1002
Sales during
period
1955
Sept.
1955
Homefurnishings
Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture
Domesticfloorcoverings
Rugs and carpets
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop
+10
+11
+8
+ 10
+ 11
+ 15
+ 12
months
1955
Sept.
1955
+11
+ 10
+9
+ 10
+3
3.5
+4
+7
+5
+11
+ 12
+6
-2
+3
1955
Stocks at end
of month
1955
1954
1954
1954
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
3.8
Ill
107
101
113
107
110
3.4
1.5
4.1
3.6
1.6
4.4
127
153
114
142
178
129
115
141
103
115
136
110
109
123
107
110
127
105
3.8
3.7
4.1
4.4
4.5
4.4
101
97
55
81
88
56
91
85
49
106
101
64
97
101
64
107
103
62
0
0
3.9
3.6
7.0
2.0
3.3
5.8
4.2
3.8
7.4
2.4
3.5
6.0
107
96
102
87
120
98
85
78
94
105
109
96
100
89
98
72
108
93
114
113
126
85
126
142
110
105
125
SO
119
133
115
109
126
81
119
137
+5
+ 10
2.2
1.6
4.1
130
146
75
99
106
83
123
143
68
98
97
79
92
93
101
93
89
78
-i
+5
+4
+7
+4
+29
+ 13
+3
Radios, phonographs, television, records, etc.
Radios, phonographs, television
Records, sheet music, and instruments. .. .
+5
+2
+ 10
+6
+5
+7
+1
2.2
1.7
3.7
Miscellaneous merchandise departments..
+9
+6
0
3.7
4.0
85
79
78
127
110
126
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
+14
+ 12
+ 17
+10
+7
+14
0
-2
5.7
6.0
5.2
6.6
7.1
5.8
87
79
99
77
63
99
77
71
85
158
180
125
126
133
113
158
184
121
Luggage
Candy
+6
+ 12
+10
+6
+1
4.6
1.2
4.6
1.3
79
83
104
65
74
75
117
91
109
75
110
89
+1
+3
+2
2.3
2.3
107
93
104
119
108
118
2.7
2.8
109
128
104
120
108
117
1.9
1.9
104
88
101
117
105
115
+2
+7
+1
+2
+5
+3
+3
-8
2.5
2.2
2.6
2.0
1.2
1.5
1.6
2.0
2.5
2.5
2.0
2.7
2.0
1.2
1.5
1.6
2.0
2.8
97
90
94
121
108
119
78
79
149
151
157
56
75
118
156
119
78
75
139
148
151
110
88
132
145
139
104
75
118
131
130
114
87
126
141
134
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
Homef urnishing s
Shoes
NONMERGHANDISE—total
Barber and beauty shop
+6
+7
+13
+11
+3
+4
+3
+3
+1
+3
0
+1
+2
+4
+3
+2
+2
+1
+3
+1
+5
+4
+4
+2
+4
+2
+2
+1
+2
+1
+1
-6
0
+4
+6
+4
-3
+6
+6
+6
+6
+7
+7
+2
+2
+1
+4
+6
+6
+3
+3
+3
+2
+3
+2
+7
+1
2.7
2.7
117
100
115
138
120
133
2.9
3.1
2.8
2.9
3.0
2.8
106
115
98
87
92
86
103
114
95
134
140
127
115
127
111
131
136
124
2.3
2.1
156
154
154
151
135
141
2.8
2.9
101
87
97
108
103
108
-1
3.2
3.3
120
97
115
122
117
123
(4)
(4)
(4)
106
106
102
(4)
(4)
(4)
(4)
(4)
(4)
119
103
(4)
(4)
(4)
105
J
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes,
respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes for the United States on p. 1379.
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.
DECEMBER
1955
1383
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
H o u sing
All
items
Year or month
Foods
Total
Rent
Solid House- HouseGas
hold
fuels
furand
and
nish- operaelection
ings
tricity fuel oil
Apparel
Transportation
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
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
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
88.8
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 A
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
114.5
114.6
114 3
111.8
111.1
110 4
119.5
119.5
119 7
129.0
129.2
129.4
108.5
108.7
109 1
123.8
124.2
125 5
105.6
105.4
105.4
117.6
117.8
117.7
104.6
104.6
104.3
125.0
127.6
127.3
125.9
126.1
126.3
113.4
113.8
113.6
106.9
106.8
106.6
120.1
120.0
119 9
114.3
114.3
114 3
114.2
114.2
114.4
114.7
114.5
114 9
114.9
110.6
119.6
119.6
119 6
119.5
119.4
119.7
119.9
120 0
120 4
120.8
129.5
129.7
130 0
129.9
130.3
130.4
130.4
130.5
130.5
130.8
109.4
109.9
110 3
110.3
110.9
110.7
110.8
110.8
111 2
111.2
126.1
126.2
126 2
125.7
122.5
122.7
123.2
123.8
125 2
126.3
104.6
104.8
104.6
104.5
103.7
103.8
103.6
103 2
103.6
104.4
117.7
117.7
117.9
118.1
119.0
119.2
119.4
119.5
119.8
120.1
103.3
103.4
103.2
103.1
103.3
103.2
103.2
103.4
104.6
104.6
127.6
127.4
127.3
125.3
125.5
125.8
125.4
125.4
125.3
126.6
126.5
126.8
127.0
127.3
127.5
127.6
127.9
128 0
128.2
128.7
113.7
113.5
113.5
113.7
113.9
114.7
115.5
115.8
116.6
117.0
106.9
106.4
106 6
106.6
106.5
106.2
106.3
106 3
106.7
106.7
119.9
119 8
119 8
119 8
119.9
119.9
120.3
120 4
120 6
120.6
1941
1942
1943
1944
1945
1946
1947 .
1948
1949
1950 .
1951
1952
1953
1954
. . .
1954—October
November
...
February
March
April
May
July
..
August
September
October
95.6
110.8
110 8
111.2
111.1
111.3
112.1
111 .2
111 6
110.8
NOTE.—Revised indexes, reflecting, beginning January 1953, the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights.
Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=-100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
Other commodities
Year or
month
All
com- Farm
modi- products
ties
Processed
foods
Total
1948
1949.
1950
1951
1952
1953
1954
104.4 107.3 106.1 103.4
99 2 92.8 95.7 101.3
103.1 97.5 99.8 105.0
114.8 113.4 111.4 115.9
111 .6 107.0 108.8 113.2
110 1 97.0 104.6 114.0
110.3 95.6 105.3 114.5
1954
October
November
December
109.7
110.0
109.5
1955
January.
February
March
April
May
June
July
August
September
October.
110.1
11-0.4
110 0
110 5
109.9
110 3
110.5
110.9
r i l l .7
111.5
93.1 103.7 114.5
93.2 103.8 114.8
89.9 103.5 114.9
92.5
93.1
92.1
94.2
91.2
91.8
89.5
88 1
89.3
86.7
103.8
103.2
101.6
102.5
102.1
103.9
103.1
101 9
101.5
100.2
115.2
115.7
115.6
115.7
115.5
115.6
116.5
117.5
118.5
119.0
Ma- FurniTex- Hides, Fuel, ChemToPulp,
chin- ture Nontile
power, icals Rub- Lumme- bacco
ber paper, Metals
and
ery
prod- skins,
and
ber
and
tallic
mfrs.
Misand light- and
and
and
and other minucts leather
and wood
and cellaallied metal
mo- house- erals—
and proding allied
prodprodbottled
neous
hold
prod- ucts
tive
apma- prod- ucts prodbevucts
ucts
prod- dura- strucparel ucts terials ucts
ble? tural erages
ucts
104.4 102.1 107.1 103 8 102.1 107.2
95.5 96.9 101.9 94.8 98.9 99 2
99.2 104.6 103.0 96.3 120.5 113.9
110.6 120.3 106.7 110.0 148.0 123 9
99.8 97.2 106.6 104.5 134.0 120.3
97.3 98.5 109.5 105.7 125.0 120 2
95.2 94.2 108.1 107.0 126.9 118 0
95.4
95.2
95.2
95.2
95.2
95.3
95.0
95.0
95.2
95.3
05 3
'95.4
95.5
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 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
92.4 106.9 106 9 128 5 119 8 116 3 129 7 124 3 115 6 121 9 121 5
92.8 107.4 107.0 131 .4 119 9 116.0 129 9 125 3 115 6 121 8 121 4
91.8 107.5 107.0 132.0 120 0 115.9 129.8 125 7 115 7 121 8 121 4
96 7
97 0
98 0
91.9
92.3
92.2
93.2
92.9
92.9
93.7
91 8
94.0
95.3
108.5
108.7
108.5
107.4
107 0
106.8
106.4
107.2
108.0
108.2
107.1
107.1
106 8
107.1
106.8
106 8
106.0
105.9
106.0
106.5
136.8
140.6
138 0
138.3
138.0
140 3
143.4
148 7
151.7
147.9
120 3
121.2
121 4
122.4
123.5
123 7
124.1
125 1
125.7
125.5
116 3
116.6
116 8
117.4
117.7
118 3
119.0
11«.7
120.5
122.8
130 1
131.5
131 9
132 9
132.5
132 6
136 7
139.5
141.9
142.3
125 8
126 1
126 1
126 3
126.7
127 1
127 5
128 5
130.0
131.3
101 4
103 1
105 3
114.1
112 0
114 2
115 4
115 5
115 4
115 1
115 1
115.1
115 2
115 5
116 0
116.4
116.9
122 0
121 8
121 9
122 3
123.2
123 7
125 3
126 1
126.4
126.8
121 4
121 6
121 6
121 6
121.6
121 6
121 6
121 .7
121.7
121.7
•
97 0
97 1
95 6
94 0
91.3
89 1
90 8
89.8
90.3
91.6
••Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
1384:
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1955
1954
1954
Oct.
Aug.
Sept.
Oct.
101.9
92 9
77 5
107.1
93 8
82.5
91.7
159 6
99.5
78 6
75 5
102.9
91 8
95 4
81.6
138 6
102.1
81 4
75.5
100.8
>"93 6
103.0
75.1
146 2
92.9
82 4
71.8
99.1
95.2
92.6
75.9
143 2
114.5
85.8
108.7
115.1
86.3
107.8
114.4
87.5
104.3
114.8
81.7
105.0
105 5
112 0
206.3
99.8
105 0 1 0 6 8
110 1 109 6
173.7 176.6
99.5
98.1
107.4
110.1
183.8
98.3
89.9
108 4
86.1
127.0
98 6
80 9
91.7
103 9
86 7
128.7
98 6
72 9
»-92.5
103 0
86.7
126.8
r98 6
72.1
92.8
102 8
86.4
123.7
98 7
71.6
49.5
82.1
111.8
96.1
58.9
85 0
111.4
96.3
60.9
85.1
111.4
96.0
62.3
86.1
113.4
96.0
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Fluid milk
Eggs
Other farm oroducts
Processed Foods:
Treats Doultrv and fish
Dairy products and ice cream
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Other processed foods
.
Textile Products and Apparel:
Cotton products
Wool products
Silk products.
Apparel
Other textile products
r
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
105 1
132.4
105.8
101.8
109.3
Coal .
Coke
Gas
Electricity
Petroleum and products
102 2 1 0 8 l
137 4 1 3 7 . 2
106.8 1 0 7 . 8
»-96.6 '95.5
113.0 114.0
108.6
138.8
107.8
95.5
114.2
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials ,
Drugs, Pharmaceuticals, cosmetics.
Fats and oils inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
117 6
112 8
97.2
93.6
56 5
109.2
112.1
107.6
118 1 rllg 2
114 8 114 8
97.6
97.6
92.4
92.4
54 6 '55.8
108.9 108.5
112.1 112.0
104.0 104.0
118.9
115.0
97.4
92.3
58.4
108.5
112.3
104.5
132.0
129 6
125 2
170 3 176.4
147 2 147 2
137 1 141 4
164.7
147 2
138 3
119 5
130 2
104.3
126 4
128 3
105.7
127.1
128 2
106.1
126.9
128.2
106.1
109.6
83.8
126.5
113.8
129.1
130.5
113.8
129.1
131.0
114.2
120.3
131.2
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber..,.. . . ,
Millwork
Plywood
Pulp, Paper, and Allied Products:
Woodpulp..
Wastepaper
Paper
1955
Subgroup
Subgroup
,
Oct.
Pulp, Paper, and Allied
Continued
Aug.
Sept.
Oct.
124 2
111.9
127.6
128 0 129 5
113 2 114 3
132.7 132.7
129 7
118 9
132 7
135 0
127.4
131.2
141.6
118.7
114.3
144 9 145 0
145.0 154.2
132.8 132.8
146.1 147.8
128.1 128.1
116.0 117.2
145 6
153.5
132.8
151.3
129.4
117.3
117.9
126.5
127.0
127.4
126 0
129 3 130 8
131 4
122 0
122 4 126 3
126 8
131 6
134.0
138 2
146.7
140 5
146.9
141 9
147.2
128 1
126.1
134 8 136 7
130.2 132.0
138 3
133.0
125.2
118 6
127.7 130.6
122 0 122 0
130.8
124 5
112 8
127.3
124 0
109.5
95.4
68.7
131.3
114.3 115.2
134.3 136.2
126 8 128.0
106.6 106.2
89.2
89.4
68.9
69.3
134.1 134.1
115.4
137.1
128 7
186.1
89.4
69.5
135.5
123 9
122.1
117.8
135.4
122.1
106.1
120.8
131.1
125.3
118.6
142.9
122.1
114.5
122.5
131.1
125.3
119.8
143.9
122.1
114.6
122.8
133.0
125.6
120.1
144.2
122.1
114.6
122.8
124.0
103.7
121.4
114.3
148.1
124.0
103.9
122.5
114.7
148.1
124.0
103.9
122.5
114.7
148.1
124.0
104.2
122.5
114.7
148.1
112.7
84.3
101.2
103.5
120.8
113.4
71.7
91.0
104.3
121.5
113.6
72.5
91.0
104.3
122.2
113.8
74.7
91.0
104.4
122.3
Products-
Paperboard
Converted paper and paperboard.
Building paper and board
Metals and Metal Products:
Iron and steel
Nonferrous metals
„.
Mietal 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 equip
ment . . . .
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
,
Electrical machinery and equipment
Furniture and Other Household Durables:
Household furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods...
Nonmetallic
Minerals—Structural:
Flat glass
Concrete ingredients
„
Structural clay p r o d u c t s . . . . . . . .
Gypsum products
Prepared asphalt roofing
Other nonmetallic m i n e r a l s . . . . .
Tobacco Manufactures
Beverages:
and Bottled
Cigarettes
,
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic b e v e r a g e s . . . . . . . . .
Miscellaneous:
Toys, sporting goods, small arms.
Notions and accessories
Jewelry, watches, photo equipment.
•"Revised.
Source.—-Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
DECEMBER
1955
1385
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
1955
1954
1929
Gross national product
104.4
1933
1952
1953
1954
7.2
9.0
18.4
20.5
23.5
25.5
27.8
30.0
7.1
.7
.9
11.3
.5
.4
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
-.8
.0
.1
-.2
,2
.2
-.1
-.4
— .1
-.1
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance. .
Excess of wage accruals over disbursements
Plus: Government transfer payments...
Net interest paid by government..
Dividends
Business transfer payments
10,1 - 2 . 0
.3
.2
.0
.0
.9
1.5
1.0
1.2
5.8
2.1
.6
.7
Equals: Personal income
85.8
47.2
2.6
1.3
1.4
1.5
.5
83.1
Less: Personal consumption expenditures
1951
7.0
.6
.3
87.8
State and local
1950
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 391.5
Equals: National income
Equals: Disposable personal income.
1949
8.6
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Less: Personal tax and related payments. .
. Federal
1941
79.0
4.2
Equals: Personal saving
40.2 104.7 216.2 240.0 277.® 289.5 303.6 299.7
1.0
45.7
46.4
-.6
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
30.4 30.9 31.2 31.9
30.0 30.7 31.1 31.7
1.2
1.2
1.2
1.2
.7
.7 — .2
-1.5 - . 3
.4
.3
.0 303.2 311.4 320.7
298.7
33.1 35.5 39.6 42,2
9.6 10.5 10.8
9.6
.4
.0
.0
.1
15.0 15.7 15.9 16.2
5.0
5.1
5.2
5.2
10.0 10.6 10.2 10.7
1.2
1.2
1.2
1.2
32.7
32.2
! 1.2
n.a.
.6
n.a.
n.a.
11.2
-.6
15.7
5.0
11.0
1.2
96.3 206.8 227.1 255.3 271.1 286.2 287.6 287.3 290.8 293.6 300.5 306.1
3.3
2.0
1.3
18.7
16.2
2.5
20.9
18.2
2.7
29.3
26.3
3.0
34.4
31.2
3.2
35.8
32.4
32.8
29.1
3.7
32.8
29.1
3.7
33.1
29.3
3.8
32.6
28.8
3.8
33.4
29.5
3.9
34.4
30.4
4.0
3.4
254.8 254.5 257.8 261.0 267.1
271.7
81.9 180.6 194.0
218.3
236.5 237.9 241.0 245.8 250.5
256.0
208.3
230.6
11.1
7.6 12.1
18.3 16.6 16.8 15.3 16.6
18.4
93.0 188.2 206.1
236.7
226.1
250.4
17.7
19.8
15.7
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1955
1954
1929
1933
1941
1949
1950
1951
1952
1953
1954
3
N a t i o n a l i n c o m e
.
.
.
.
.
.
Wages and salaries1 .
Private
Military
Government civilian
Supplements to wages and salaries...
Proprietors' »nd rental I n c o m e 2 . . . .
Business and professional
Farm
............
Rsntal income of persons
• •«
Corporate profits and 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
4
1
2
87.8
40.2 104.7 216.2 240.0 277.0 289.5 303.6 299.7 298.7 303.2 311.4 320.7
51.1
50.4
45,5
29.5
29.0
23.9
.3
4.6
.3
4.9
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
.7
10.1
9.6
1.4
8.3
.5
6.4
,5
3
n.a.
64.8 140.9 154.3 180.4 195.3 209.2 207.9 207.8 209.8 213.1 219.5 224.3
62.1 134.3 146.5 170.9 185.1 198.5 196.2 196.1 198.1 200.8 207.0 211.3
51,9 113.9 124.3 142.1 152.2 164.7 162.4 162.1 163.8 166.5 171.7 175.6
5.0
9.1
9.3
9.3
10.5 10.3
4.2
9.4
9.1
9.5
8.7
1.9
8.3
16.2 17,2 20.1 22.5 23.5 24.4 24.5 25.0 25.3 25.9 26.6
7.8
9.5 10.2 10.8 11.7 11.7 11.8 12,2 12.5 13.0
6.5
2.7
20,9
10.9
6.5
3.5
42.©
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.3
9.9
48.4
25,9
12.3
10.3
48.4
25.9
12.0
10.5
48.3
26.0
11.7
10.6
48.2
26.3
11.2
10.7
48.8
26.6
11.5
10.7
48.7
27.1
11.0
10.7
48.8
27.6
10.6
10.7
- 2 . ® 14.5
.2 17.0
7.6
.5
9.4
— .4
-2.1 -2.5
28.1
26.2
10.4
15.8
1.9
35.1
40.0
17.8
22.1
-4.9
39.9
41.2
22.5
18.7
-1.3
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
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
42.2
43.0
21.6
21.4
-.8
n.a.
n.a.
n.a.
n.a.
-2.6
4.5
5.2
5.9
6.8
7.4
8.8
9.5
9.5
9.7
9.9
10.3
10.7
5,®
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.
1386
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
1955
1954
1929
1933
1941
1950
1949
1951
1952
1954
1953
3
104.4
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
79.®
9.2
Gross private domestic
investment
New construction^ .
Residential, nonfarm
....
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only
Net foreign investment
Government purchases of
goods a n d services
Federal
National security
Other
Less: Government sales2
State and local .
46.4
3.5
22.3
20.7
16,2
8.7
1.4
1 4
,5
1.0
s.i
1.6
5.9
1.7 - 1 . 6
1
.4
i.S
.8
a2
8.5
1.3
}•••
7 .=2 0
3
2
56.® 125.8 257.3 285.1 328.2 345.2 364.5 360.5 358.8 367.1 375.3 384.8 391.5
37.7
32.1
3.6
1
4
8.0
2.0
6.0
%13 180.6 194.® 2©8.3 218.3 230.6 236.5 237.9 241.0 245.8 250.5 256.0
9.7 23.6 28.6 27.1 26.6 29.8 29.3 29.4 30.4 34.4 35.1 37.2
43.2 96.9 100.4 111.1 116.0 118.9 120.9 121.5 122.5 122.4 125.3 127.0
29.0 60.1 65,0 70.1 75.7 81.8 86.4 87.0 88.1 89.0 90.2 91.8
£8.1
6.6
3.5
3.1
6.9
4.5
4.0
32.5
17 5
£ .3
9.2
17 8
-2 7
-t 9
51.2
ZZ.7
12 6
10.1
21 1
7.4
6.4
56.9
23.3
11.0
12,4
23.2
10.4
9.0
49.6
23 7
11.1
12.6
23.1
2.8
2.1
51.4
25 8
11.9
13.8
24.4
1.2
1.9
47.2
27 8
13.5
14.3
22.3
-2.9
-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
54.1
31 2
16.1
15.1
21.5
1.5
1.5
60.1
32 6
16.9
15.7
23.2
4.3
4.2
60.3
32.8
16.7
16.1
25.1
2.4
2.0
1.1
5
-2.2
.2
-.2
-2.0
-.3
-.7
.9
-.4
-.7
-.5
24.8
16.9
/13.8
(3.2
41.6
25 4
19.3
6.6
.4
18.2
22.1
18.5
3.9
.3
19.9
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.®
49.2
43.2
6.3
.4
27.8
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
75.8
45.5
40.6
7.8
5.2
.3
30.2
PERSONAL INCOME
(Seasonally adjusted monthly totals a? annual rates'
Wage and salary disbursements
Year or month
Personal
income
Total
Commodity
producing industries
Distributive
industries
Service
industries
Government
Other
labor
income8
DhiProdends
prietors'
and
and
perrental 4
sonal
ncome interest
income
Transfer
payments s
Less
personal
contriNosabutions agriculfor
tural
social income 7
insur-&
ance
1929,
1933.
1941.
1948.
1949,
1950.
1951
1952.
1953.
1954.
85.8
47.2
96.3
208.7
206.8
227.1
255.3
271.1
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.S
60.2
56.9
63.S
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
8.4
5.2
8.1
17.4
18.0
19.5
21.3
23.0
24.8
25.9
4.9
5.1
10
18
20 5
2? 2
28.8
32.9
33.8
33.8
.6
.4
.7
2.7
3.0
3.8
4.8
5.3
6.0
6.6
20.2
7.6
20.9
45.6
42.0
44.6
49.9
49.9
48.4
48.4
10.3
16.2
17.2
19.8
20.7
21.3
23.1
24.7
14.0
16.2
1954—October...
November.
December.
288.4
290.8
293.4
196.8
198.6
198.8
83.4
85.2
84.8
52.7
52.5
53.1
26.5
26.6
26.6
34.2
34.3
34.3
6.7
6.7
24.9
24.9
26.5
17.0
16.8
17.1
4.5
6.7
47.5
48.3
48.9
4.5
4.6
273.8
275.9
278.1
1955—January
February
March
April
May
June.....
July
August
September
OctoberP
292.2
293.2
295.7
298.9
301.4
301.6
305.3
305.3
307.9
309.6
199.3
200.3
202.6
204.6
207.3
208.0
212.4
211.2
212.4
213.6
85.4
86.3
87.8
88.9
90.6
90.9
91.7
91.5
92.2
92.9
52.9
53.0
53.6
53.6
54.5
54.9
55.7
56.1
56.4
56.7
26.8
26.7
27.0
27
27
27
27
27.9
28.0
28.1
34.2
34.3
34.2
34.9
34.8
34.8
37.2
35.7
35.8
35.9
6.S
6.8
6.8
6.9
6.9
6.9
7.0
7.0
7.1
7.1
49.1
48.8
48.5
49.0
48.8
48.5
47.9
48.8
49.7
49.8
25.0
25.3
25.5
25.9
26.1
26.3
26.4
26.7
27.1
27.5
17.0
17.0
17.4
17.6
17.5
17.1
16.9
16.9
16.9
16.9
5.0
5.0
5.1
5.1
5.2
5.2
5.3
5.3
5.3
5.3
276.5
277.7
280.9
283.7
286.6
287.2
291.7
290.8
293.0
294.8
13.2
8.3
1.5
2.1
3.1
11.3
12.4
1S.1
n
6
13.2
A
fl
.8
2.2
2/1
2.9
3.4
3.8
3.9
4.5
77.7
43.6
88.0
188.5
190/8
210. S
235.7
253.1
270.2
271.9
^Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Includes
compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
5
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.
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividendspaid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
DECEMBER 1955
1387
PAGE
International capital transactions of the United States..
1390-1394
Gold production
1394
Estimated foreign gold reserves and dollar holdings.
1395
Reported gold reserves of central banks and governments.
1396
Net gold purchases and gold stock of the United States.
1397
International Bank and Monetary Fund. .
1398
Central banks .
1398-1402
Money rates in foreign countries..
1403
Commercial banks
1404
Foreign exchange rates..
1405
Price movements in principal countries:
Wholesale prices. .
1406
Consumers' price indexes..
1407
Security prices
1407
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.
DECEMBER 1955
1389
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
institutions 2
Date
Total foreign
countries
France
Official
and
private
Official
Germany
Fed.
Rep.
Switz- United
Kingerdom
land
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
of
1951—Dec. 3 1 .
1952—Dec. 3 1 .
1953—Dec. 3 1 .
1,641.1 7,661.1 3,547.6
1,584.9 8,961.2 4,654.2
1,629.4 10,019.0 5,666.9
289 4
342 6
428 5
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
1954—Oct. 3 1 .
Nov. 3 0 .
Dec. 3 1 .
1,773.9 10,752.2 6,404.2
1,792.8 10,781.8 6,379.3
1,769.9 11,152.6 6,774.0
495 8 1,257. 2 553.9 645.5
502 1 1,287. 2 563.0 623.7
715 4 1,372. 5 578.6 672.4
842.8 1,690. 1 5,485.3 1,372.8 1,839 5 1,782.5 272.1
829.7 1,673. 7 5,479.2 1,377.8 1,848 1 1,811.8 264.9
639.5 1,642. 1 5,620.5 1,535.7 1,905 9 1,825.4 265.1
1955—Jan.
Feb.
Mar.
Apr.
1,752.2
,784.9
,812.8
,820.7
,875.0
,854.4
,860.8
,858.6
1,844.2
1,820.8
31.
28.
31.
30.
May 31.
June 3 0 .
July 3 1 .
Aug.
Sept.
Oct.
31P
30P
31P
11,100.7
10,924.9
10,915.2
11,066.5
11,177.8
11,263.1
11,280.8
11,182.2
11,507.3
11,744.0
6,749.5
706 5
6,540.3 725 1
749 6
6,508.1
6,632.9 670 7
6,711.3 766 1
785 1
6,775.7
6,658.0 834 7
6,552.0 914 6
6,803.0 980 4
6,888.5 1,017 .1
1,368. 9
1,406. 9
1,411. 1
1,404. 5
1,407.6
1,397. 0
1,418. 3
1,420. 1
1,421. 8
1,425. 0
591.5
612.2
611.2
629.3
637.7
645.7
675.7
711.7
769.0
813.4
659.2
598.9
637.1
676.7
663.6
689.1
623.2
561.1
575.2
645.3
624.2
634.5
649.9
657.6
672.4
685.2
702.2
675.6
682.8
709.1
5,625.4
5,604.4
5,650.1
5,698.4
5,723.9
5,789.7
5,814.8
5,853.2
5,993.2
6,166.9
1,675. 1
1,626. 7
1,591. 1
1,659. 5
1,576. 6
1,587. 6
1,560. 8
1,570. 2
1,564. 0
1,556. 9
1,529.1
1,366.9
1,320.7
1,318.9
1,274.7
1,269.3
1,302.3
1,168.8
1,184.4
1,143.0
1,836 6
1,811 6
1,794 7
1,899 1
1,989 0
1,920 5
1,896 5
1,853 1
1,915.3
1,937 9
1,842.1
1,857.7
1,859.9
1,852.3
1,884.7
1,982.6
1,967.7
1,990.7
2,085.5
2,161.7
267.4
284.3
289.8
297.9
305.4
301.0
299.5
316.5
328.9
334.6
Table la.—Other ]Europe
Other
Europe
Date
Austria
Belgium
NethDen- Finermark land Greece lands
Nor- Po- Por- Ru- Spain Swe- Tur- U.S.S.R. Yugo- All
den key
slavia other
way land tugal mania
1951—Dec. 31
1952—Dec. 31
1953—Dec# 3i
846 6 57.1 134.7
1,093 3 •91.1 123.9
1,557 5 190.9 130 3
45.3 27.0 45.8 148.8 99.7
70.4 28.5 47.3 203.1 110.3
95 7 37.9 100.9 242.9 118.5
2.8
3.4
2.2
40.7
57.4
72.4
6 . 1 17.1 71.7 14.1
6 . 1 19.2 91.0
8.4
•5.8 36.0 116.7 14.2
2.5
1.7
2.0
1954— Oct. 31
Nov. 30
Dec. 31
1,690.1 283.6 104.6
1,673 7 272 4 103 2
1,642.1 273.2 99.8
68.8 40.6 93.8 248.7 125.8
69.2 39.8 110.2 241.4 115.8
71.1 41.3 112.5 249.3 103.4
1.9
2.2
2.1
85.0
88.9
91.3
8.1
8.0
7.8
8,?.
2.0
5.2
1.8
6,8
9.0
8.6
366.7
370.3
359.5
1.8
1.7
1.5
1.8
2.0
3.1
1.1
.9
9.4
9.8
8.0
8.9
8.6
381.9
382.9
358.0
400.9
364.0
360.1
324.4
300.2
264 2
258.9
1955—Jan. 31
Feb. 28 .
Mar. 31
Apr. 30.
May 31
June 30
July 31
Aug. 31 P
Sept 30P
Oct. 3 1 P
...
1 675 1
1,626 7
1,591.1
1,659 5
1,576 6
1,587 6
1,560 8
1,570 2
1 564 0
1,556.9
272 8
276 6
274.7
272 3
271.7
268 6
273.4
282 7
279 9
279.1
98 1
92 7
98.9
105 5
103.5
106 8
99.5
104 0
104 4
104.8
76 2
70.3
69.3
69 7
64.3
54 2
56.5
60 3
63 7
54.5
39 7
41.6
37.8
37.2
40.4
38.5
40.1
41 9
41 1
46.4
129 2
134.2
130.5
134 5
131.0
126.6
124.7
126 2
134 0
140.6
256.3
219.2
222.1
218.2
194.6
202.3
202.1
190.0
199 3
182.5
88.8
66.2
64.3
76.8
67.8
71.2
67.6
65.8
67 7
72.2
2 . 0 92.6
1.7 98.1
2 . 4 91.9
2 . 3 94,6
1.9 94.1
3 . 5 94.4
2 . 2 100.6
1.8 106.4
2 0 111 6
2 . 7 119.8
66.1 179.4
70.9 159.0
71.3 141.0
78.4
84.7
92.6
99.2
100.6
108.9
112.9
119.3
8 2 120 1
8 . 3 117.2
8.0
8.0
8.2
8.3
8.1
8.0
8.0
7.9
8.1
8.2
130.5 9 . 5
129.7 9 . 2
121.0 9 . 9
118.2 11.1
113.9 10.3
118.9 11.8
130.4 9 . 0
143.7 9 . 6
147 9 9 3
148.5 9 . 1
7 . 1 125.9
12.0 219.3
6 . 9 384.1
10.8
8.4
9.5
1 4
1.0
9 2
11.3
Table lb.—Latin America
Date
Latin
America
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
Re- mala
Indies
ico
puband
lic
Suri-
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
nam
1951—Dec. 31. 1,455.2 249.7
1952—Dec. 31. 1,612.9 138.8
£953—Dec. 3 1 . 1,768.4 130.0
27.8 100.3
24.5 72.5
19.1 101.7
54.0 106.4
79.3 118.2
78.8 150.2
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
25.6 94.1
26.8 109.6
71.9 87.8
145.5 117.4
222.4 119.2
1954—Oct. 31. 1,839.5 190.7
Nov. 30. 1,848.1 175.3
Dec. 31. 1,905.9 160.4
31.9 139.1
32.3 160.3
29.2 119.6
72.8 147.7
73.2 168.6
69.6 222.2
269.0 59.9
243.7 59.6
236.7 60.4
34.1 265.4
31.5 265.5
34.5 328.9
46.3
46.9
48.7
77 A
75.6
73.8
79.2
79.6
83.4
23.0
20.4
30.4
98.5
91.7
90.3
183.0 121.7
202.2 121.9
193.6 124.1
1955—Jan. 31.
Feb. 28.
Mar. 3 1 .
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31 P
Sept. 30P
Oct. 31 P
30.8
27.2
26.3
26.5
28.3
27.6
25.7
25.0
25.6
25.4
335.8
357.7
363.3
376.0
371.7
341.3
326.8
321.2
340.1
362.2
42.7
44.7
45.1
43.6
45.2
42.1
44.3
42.9
46.5
42.4
73.4
75.1
79.2
77.7
73.7
84.3
79.8
84.7
84.8
81.7
81.0
79.0
79.4
81.8
81.8
83.1
88.9
85.9
88.7
95.3
39.6
46.6
42.6
46.3
48.4
49.7
45.1
38.8
32.5
26.6
86.8
83.3
80.9
74.1
67.5
63.9
61.3
59.6
61.4
60.3
177.7
176.8
187.5
243.2
284.7
261.3
253.1
234.5
258.8
260.3
1,836.6
1,811.6
1,794.7
1,899.1
1,989.0
1,920.5
1,896.5
1,853.1
1,915.3
1,937.9
143.3
144.2
151.7
155.9
167.4
156.6
165.3
173.7
164.8
152.7
100.4
104.8
95.1
110.7
129.3
119.6
117.7
125.5
147.0
161.9
73.3
67.3
75.3
75.8
94.8
94.2
88.8
75.3
87.1
77.0
189.5
138.7
97.4
88.0
90.8
101.5
103.0
105.5
98.2
105.7
234.2
228.1
234.3
251.7
254.0
244.6
241 .3
230.5
235.7
249.1
68.2
65.4
63.1
67.8
67.3
70.7
70.6
71.0
69.6
68.3
37.5
42.6
44.5
48.2
51.1
50.5
51.1
46.7
42.6
38.5
122.4
130.1
129.0
131.6
133.2
129.5
133.7
132.2
131.9
130.7
P Preliminary.
For footnotes see following page.
1390
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 COUNTRIES *—Continued
[Amounts outstanding, in millions of dollars]
Table lo.—Asia and All Other
Date
Asia
1951—Dec. 31.
1952 -Dec. 31.
1953—Dec. 31
1954-Oct. 31.
Nov. 30.
Dec. 31.
1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31 P
Sept. 30P
Oct. 31 P
1,595.5
1,836.5
1,895.5
,782.5
,811.8
,825.4
,842.1
,857.7
,859.9
,852.3
L.884.7
,982.6
1L,967.7
,990.7
J.085.5
2,161.7
•
Formosa
Indoand Hong
China Kong India nesia Iran Israel Japan
Mainland
87.4
76.4
73.6
71.1
71.3
69.9
69.2
70.3
70.0
69.1
70.4
70.6
72.3
71.7
71.9
74.9
62.4 62.1 140.6
70 9 64.6 61.0
68.0 99.0 39.3
64.7 77.7 95.4
64.6 82.1 100.6
60.8 86.9 100.3
60.8 95.0 109.3
60.1 101.5 112.3
61.2 87.5 97.7
59.0 83.5 96.0
61.0 93.4 99.9
60.3 97.0 115.4
61.7 77.5 107.9
60.2 73.1 109.8
58.1 92.0 120.0
56.5 89.7 127.4
25.5
19.2
43.6
24.7
28.2
31.4
44.5
47.0
40.1
47.0
51.6
51.6
47.7
42.4
35.5
42.3
KoEgypt
and Union
rea,
Re- Phil- Thai- Other All Aus- gian Anglo- of Other
Egyp- South
pub- ippines land Asia other tralia
lic
tian Africa
of*
Sudan
26.6 596.0 26.2
18.8 808.0 54.4
18.0 827.9 91.5
24.7 695.8 93.8
26.0 712.6 88.7
41.0 724.9 95.6
38.9 707.3 98.9
40.7 700.1 96.8
45.3 714.2 96.5
44.7 709.1 98.4
43.1 720.1 105.8
41.2 757.4 107.9
43.1 773.8 106.2
54.9 803.6 101.6
46.5 864.6 99.6
46.0 914.3 95.1
329.7
315.1
295.5
289.7
276.8
257.4
264.9
263.2
253.6
249.3
249.3
252.0
258.5
260.5
253.1
246.8
96.7
181.0
167.9
117.8
124.2
123.1
131.6
133.1
132.0
130.2
128.8
129.9
121.2
122.0
122.9
125.0
142.2
167.1
171.2
227.0
236.6
234.1
221.9
232.6
261.9
265.9
261.1
299.1
297.7
291.0
321.3
343.7
297.4
335.6
326.1
272.1
264.9
265.1
267.4
284.3
289.8
297.9
305.4
301.0
299.5
316.5
328.9
334.6
38.5 54.5 110.7
47.2 118.6 59.7
59.2 89.6 43.3
41.6 47.0 45.2
37.3 44.4 47.6
47.7 43.6 47.1
44.4 45.9 48.6
58.6 42.7 52.0
56.8 44.3 53.6
60.4 44.4 53.9
70.2 42.9 48.3
64.2 42.6 50.3
70.0 42.2 45.0
74.9 45.9 46.9
72.3 44.3 59.6
73.7 44.9 70.5
7.0
23.6
38.2
39.4
38.1
32.7
31.4
36.2
33.4
35.9
33.8
30.1
32.8
36.8
36.9
34.3
86.8
86.5
95.7
99.0
97.5
94.0
97.1
94.8
101.8
103.4
110.2
113.8
109.5
111.9
115.8
111.2
Table Id.—Supplementary Areas and Countries 5
End of year
Area or country
Other Europe:
Albania
Azores
British dependencies
Bulgaria
Czechoslovakia
Eastern Germany
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies and French
Guiana
Haiti
Honduras
Nicaragua.
Paraguay
End of year
Area or country
1951
1952
1953
1954
.2
n.£
.6
1.3
n.a.
2.7
1.0
3.5
15.9
1.3
.6
11.8
3.2
5.6
14.6
8.7
11.4
.8
10.3
17.2
8.3
5.4
.6
.6
n.a.
1.9
1.0
3.7
12.6
1.3
.6
5.0
2.6
4.1
.6
.6
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.5
.6
.7
1.2
n.a.
1.0
8.9
n.a.
1.0
.5
4.5
5.3
2.2
14.6
18.0
13.4
17.7
.6
9.3
18.7
16.0
19.0
15.3
21.2
.4
12.7
n.a.
10.3
2.2
11.6
15.4
13.4
5.0
6.0
3.6
Other Asia:
Afghanistan
British dependencies.
Bu
Ceylon
Iraq
Jordan
Lebanon
Pakistan
Palestine
Portuguese dependencies.
Saudi Arabia
Syria
Viet-Nam
All other:
British dependencies
Ethiopia and Eritrea
French dependencies
Italian Somaliland
Liberia
Libya
New Zealand
Portuguese dependencies.
Spanish dependencies... .
Tangier
1951
1952
1953
1954
10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1
4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
.1
2.8
15.9
11.4
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
6.3
.2
26.7
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
?Preliminary.
n.a. 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
paper2 and of liabilities payable in foreign currencies are also included.
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
6Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of
the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount
in the "other" categories.
NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms
and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order,
and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545.
DECEMBER
1955
1391
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES1
[Amounts outstanding, in millions of dollars)
GerFrance many,
Fed.
Rep. of
Total
Date
Italy
Switz- United Other
Total
erKing- Europe Europe
dom
land
Canada
Latin
America
Asia
All
other
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
968.4
1,048.7
904.5
10.1
31.9
10.6
28.3
26.8
30.5
10.3
17.8
18.8
11.2
7.1
17.9
35.0
30.3
70.5
88.5
98 2
87.5
183.4
212.2
235.9
92.0
62.3
56.4
489.3
662 0
472 7
161.8
89 8
114.8
41.0
22 4
24.9
1954—Sept. 30
Oct. 31
Nov. 30
Dec. 31
1955—jan# 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30 .
July 31
Aug. 3\P
Sept. 3QP
1,187.4
1,290.6
1,315.5
1,386.5
14.1
10.3
14.2
7.1
48.4
47.3
56.1
70.2
12.9
15.8
19.3
19.7
17.4
16.4
12.6
16.2
128.7
126.2
128.2
173.5
87 7
107.5
114.4
108 6
309.2
320.4
340.7
402.5
70 9
68.0
66.2
75.6
646 5
740.3
750.2
728 1
125 6
128 1
125.9
143 3
35.2
33.9
32.5
37 0
1,380.2
1,367.8
1,365 7
1,380.2
1,414.7
1,450 4
1,416.4
1,413.9
1,388.0
12.5
12.0
75
8.5
10.3
99
11.7
9.8
11.3
72.7
80.1
73 6
78.8
77.2
83 7
79.9
73.8
69.0
20.2
21.9
22 6
22.9
26.3
27 7
26.3
30.3
27.4
18.5
21.9
19 3
20.2
22.0
20.5
20.9
21.5
22.7
145.9
115.9
119 1
96.3
98.5
90 8
70.3
74.4
75.6
137.5
142.6
140 0
127 4
135.0
142 7
153.9
150.8
151.6
407.3
394.4
382 1
354.1
369.3
375 3
363.0
360.6
357.6
103.6
105.3
91 0
103 8
107.6
122 3
118.2
112.2
114.6
677.2
670.6
686 2
694 3
683.7
670 8
653.0
665.5
622.4
152 3
160.0
169 8
189 6
213.1
239 1
240.0
236.3
251.8
39.8
37.6
36 5
38 5
41.1
42 9
42.2
39.4
41.7
Turkey
Yugoslavia
All
other
4.0
5.4
6.8
Table 2a.—Other Europe
Other
Europe
Date
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31.
1954—Sept. 30
Oct. 31
Nov. 3 0 . . . .
Dec. 31
1955_j a n . 3i
Feb. 28
Mar. 31
Apr. 30
May 31.
June 30
July 31
Aug. 31 P
Sept. 30?
Austria
88.5
98.2
87.5
.8
87.7
107.5
114.4
108.6
.2
3
.4
137.5
142.6
140 0
127.4
135 0
142.7
153.9
150.8
151.6
.2
.7
1.2
.7
.4
6
.4
.4
.5
.6
Belgiujn
Denmark
Finland
Greece
Netherlands
Norway
Portugal
Spain
Sweden
39.6
16 2
13.0
4.8
2.1
6.2
3.1
5.6
.2
.2
1.3
5.0
4.4
8.6
2.5
1.9
10
.8
.5
.6
13.8
11.2
24.3
5.4
2.5
2.7
.6
38.8
35 7
3.9
8.6
4.8
16 0
14.2
17 0
19.6
4.8
2.0
21
3 6
.5
.7
2.5
33.3
55.0
52.4
40.7
3 0
9.7
10.9
11.2
14.6
15.9
1.7
3.6
3.4
3.3
19.3
19.1
18 9
17.7
17 8
15 2
13.9
12.5
11.2
9.1
2.2
3.4
66.4
67.5
68.4
62.1
67.5
80.1
89.4
88 5
91.8
2.9
r
2.3
6.0
75
2.0
2.9
9.1
73
2.2
7.0
3.3
3.7
3.6
72
24
4 5
6.8
2.9
3.2
2.3
3.2
2.9
3.0
6.7
8.7
8.4
3.0
3.5
40
2.4
.6
.5
3 0
2.1
4.0
5.5
4.0
2.3
.6
3.1
4.2
1.4
1 7
18.3
18.0
18.8
14.8
14.6
13.3
11.5
11.7
12.6
2.9
2.8
2.8
4.1
24
1.0
.7
.8
1 0
3.6
2.7
3.9
4 3
2.2
.9
5.3
2.7
1.9
3.2
8.0
5.7
.9
.7
3.8
6.2
.7
3.4
4.1
3.0
41
5.1
5.1
5.7
5.6
.6
1 0
1.3
5 3
5.6
5.3
4.6
5.1
6.2
4.4
5.3
4.6
4.3
2.6
5.0
4.4
4.5
.3
4.9
43
2.0
.5
8.1
6.7
Table 2b.—Latin America
Date
NetherDolands
minican Guate- Mex- West
ico Indies
Remala
and
publie
Surinam
Latin
BoAmer- Argenlivia Brazil Chile
tina
ica
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
Panama,
Republic «f
lie ot
Pern
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
1.2
1.3
2.6
3.0
6.5
4,6
11.8
14.8
20.2
9.5
9.1
8.2
10.5
14.3
3.7
41.7
36.7
41.6
14.5
13.7
19.3
6.4
7.7
7.1
9.5
8.8
13.9
14.2
14.6
16.2
12.7
10.0
3.2
3.7
5.8
6.9
52.7
57.3
61.4
62.7
20.2
22.3
23.8
26.5
12.8
14.6
17.7
17.9
20.4
17.9
15.2
14.9
12.6
15.2
14.7
15.1
16.1
15.7
16.4
18.1
20.4
18.7
8.6
7.2
5.8
6.4
4.8
4.9
5.9
5.6
6.1
6.7
o.5
8.4
6.6
6.7
5.7
5.1
9.6
4.5
62.9
76.3
78.7
79.1
81.2
82.9
84.8
89.0
88.3
25.5
24.5
23.6
25.0
27.1
31.7
31.9
31.9
33.0
1951—Dec. 3 1 . . 489.3
1952—Dec. 3 1 . . 662.0
1953—Dec. 31. . 472.7
7.6
8.2
7.1
10.8
1954—Sept. 30..
Oct. 31.
Nov. 30. .
Dec. 31. .
646.5
740.3
750.2
728.1
5.8
6.1
5.8
5.6
2.5
2.2
2.2
2.5
288.0 11.3 70.2
78.9
360.5 6 . 8
321.6 11.8 91.8
273.5 14.1 107.0
62.7
64.9
63.1
70.7
2.4
2.2
2.5
2.6
3.6
3.3
4.9
3.9
94.7
99.2
114.7
115.7
1.8
1.3
1.3
1.4
1955—Jan. 3 1 . .
Feb. 28..
Mar. 31. .
Apr. 30. .
May 31. .
June 30. .
July 3 1 . .
Aug. 31*.
Sept. 30*.
677.2
670.6
686.2
694.3
683.7
670.8
653.0
665.5
622.4
5.8
5.8
5.5
5.5
5.7
8.1
6.3
5.9
6.0
2.1
2.2
3.0
3.1
3.5
2.8
2.8
2.8
2.9
252.0
249.3
220.5
221.1
188.8
153.5
136.8
132.7
106.0
15.2
11.9
18.5
13.0
10.8
15.4
17.1
14.8
52.7
47.6
64.5
69.0
70.6
64.5
59.6
55.9
55.0
3.6
3.8
4.4
4.4
4.0
3.9
3.9
3.8
3.7
3.8
3.8
4.0
4.4
4.6
3.7
3.8
3.7
3.7
111.4
111.0
127.7
124.6
121.8
124.6
133.1
141.3
146.5
1.9
1.9
1.4
1.4
1.6
2.5
4.0
1.2
1.2
7.5
5.8
7.2
97.0
89.5
87.6
96.6
116.5
132.3
124.7
131.9
127.2
12.0
P1 Preliminary.
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 564 million dollars on Sept. 30, 1955. The term "foreigner" is used to designate foreign gsvernments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S.
citizens
domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2
Less than $50,000.
1392
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS I N THE UNITED STATES,
BY COUNTRIES*—Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other
Formosa
Korea,
Re- Phil- Thai- Other
IndoAll
and Hong
China Kong India nesia Iran Isra<il Japan pub- 2 ippines land Asia othei
Mainlic of
land
Date
Asia
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—Sept. 3 0 . .
Oct. 31. .
Nov. 3 0 . .
Dec. 3 1 . .
1955—j a n . 3 1 . .
Feb. 28. .
Mar. 3 1 . .
Apr. 3 0 . .
May 31. .
June 30. .
July 3 1 . .
Aug. 3 1 P
Sept. 30 P
161. 8
10.1
10.1
8.1
3. 1
1. 2
3. 1
13 .4
4 .3
3 .7
.3
.9
.8
6
1
9
3
8.1
8.1
8.1
8.1
2. 4
2 6
3
3 4
4 5
4 8
4 .4
4 .9
.6
.6
.8
152 3
8.1
8.1
8.C
8.1
8.0
7.8
7.9
3
3
4
4
4
3
4
3
3
3 6
4 .4
4 .9
4 .7
3 .9
3 .8
3 c
6
4 0
.9
1.4
.5
.4
.3
.4
.5
7
.8
89. 8
114 8
125
128
125
143
160.0
169
189
213
239
240
236
251
8
6
1
.1
.0
•;
8
79
8.0
4
3
0
7
5
5
\
q
8
9 3
13 8
.7
a
30. 0
12 .2
10.2 1 5 . 1 12 .5
16
17
16
15
9
18
18
16
18
?
7
7
8
7
4
8
19.1
19
21
22
20
9
3
4
?
22. 9
25 .6
Egypt
and
•Q-1
Union
Aus- gian Anglo- of
tralia Congo Egyp- South Other
tian Africa
Sudan
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
30 0
8 ? 33
9 . 4 29 .9
1 0 . 7 50 .0
.2
.4
.3
.2
12. 3
10. 8
10. 7
7. 3
6 7
6 9
7 1
6 3
34. S
34. 8
35. 3
36. 0
35. 9
33. 9
32. 5
37. 0
10 S
10 Q
10 4
14 1
6 9
6 8
6 6
6.3
48 1
.4
.5
.5
.3
.6
.8
.4
5
.6
9. 6
8. 7
9 8
12 6
17. 8
14 8
16 7
15 ?
17
5
11 .2
11 . 9
15 . 3
17 .2
35.9
39.8
35. 2
46. 0
47. 7
47. 0
37. 6
36. 5
38. 5
41. 1
42. 9
42. 2
39 4
41. 7
13
11
10
10
11
4
7
9
5
3
6 ?
6 0
5 6
5 5
5 .1
5 3
5 1
4 7
5 .0
p
10
8
7
7
7
7
7
8
3
5
4
4
7
9
60.3
60 .3
69 .6
87 .1
92 .5
104 .6
Q 9 108 4
8
110 ?
19.6
68.3
12 .9
11 ?
7 6
60. 3
52 4
70 7
10.3
10 2
9
11 .1
.2
.5
.5
6.7
2.0
2.4
6.5
3.8
7.8
.5
5.3
5.2
5.8
5.9
12.1
10.4
.4
1.0
1.1
.9
1.0
1.3
1.8
3.3
1.5
7.5
8.3
6.8
6.4
7.9
6.9
6.7
.5
9.4
9.6
11.7
10.8
12.3
14.9
15.1
17.2
18.7
7 1 16.7
5 . 9 18.3
1 6
1.4
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY T Y P E S 8
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Purchases
Net
purchases
or sales
(-)
Sales
U. S. corporate bonds
and stocks
Net
purchases
or sales
(-)
Purchases
761.0
859.8
837.7
850.3
801 .9
731.4
1.404.8 1,263.7
98.7
12.6
70.5
141.1
500.4
495.3
542 5
792.4
Purchases
Sales
Foreign stocks
Foreign bonds
Net
purchases
or sales
(-)
Purchases
Sales
Net
purchases
or sales
(-)
801 0 —300.6
677.4 -182.1
621 5 —79.0
841.3
—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
Sales
1951
1952
1953
1954
673.6 1,356.6
231.4
533.7
646.0
728.0
800.9
792.7
—683.0
302.3
—82.0
1954—September
October
November
December
38.6
48.0
115 1
101.3
39.2
25.9
101.8
261.3
— .6
22.1
13.3
-160.0
103.8
117.2
168.9
197.4
86.6
111.4
130.2
180.5
17.2
5.7
38.7
16.9
126.0
103.5
48.2
75.9
78.7
53.4
46.3
69.3
47.3
50.1
1.9
6.6
30.5
35.7
38.0
38.6
41.0
49.5
62.5
61.2
— 10.5
-13.8
—24.6
-22.6
1955—January
February
IVtaxch
April..
May
June
July
August^
Septembers ..
120.8
360.8
83.3
48.4.
249 (7
14.1
47 8
180.6
38.2
81.1
216.0
72.1
44 8
142.4
17.1
23.9
24.3
33.0
39.7
144.8
11.2
3 6
106.6
-3.0
23 9
156.3
5.2
177.0
159.5
184.6
135 4
147 5
176.1
166 9
134.8
180.1
148.7
161.2
162.9
130 1
132.6
157.5
139 1
115.8
154.3
28.2
-1.7
21.7
5 3
14.9
18.6
27 8
19.1
25.8
75.7
130.9
59.3
49 2
45.1
70.4
59 6
40.5
36.6
62.7
70.3
30.0
45 7
27 4
34.1
30 3
20.0
40.6
13.0
60.7
29.3
3 5
17.7
36.2
29.2
20.5
-4.0
42.3
43.3
54.3
47 8
54.4
68.9
55 0
53.7
70.6
87.7
70.3
74.9
57 7
55.8
91.8
67.6
73.7
77.6
-45.4
-27.0
-20.6
—9 9
-1 4
-22.9
— 12 6
-19.9
-7.0
8.2
TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or
month
1951
1952
1953
1954 . .
1954—Sept....
Oct....
Nov....
Dec...
1955—Jan
Feb....
Mar....
Apr.. . .
May...
June...
July...
Aug.?..
Sept.?..
International
institutions
Total
foreign
countries
—15 9 —568 4
14.7
300.2
22.7
—34 3
77.7
71.6
2.0
14.6
25.6
2.2
-.6
-11.2
2.0
10.2
.3
.4
-44.2
.7
3.0
2.8
1.3
52.6
-132.0
France
6.0
5.5
—41.7
17.0
.2
.9
3.0
-27.9
66.0
133.0
32.5
2.4
.7
1.3
2.1
165.6
14.9
48.8
172.6
29.7
-1.2
8.6
.7
.3
1.7
1.5
Germany,
Federal
Republic of
(*)
.2
.2
— .1
-.1
(4)
.1
(4)
(4)
!i
(4)
1.9
.9
.1
.6
.9
Italy
1.9
.5
— .5
— .6
.1
Switzerland
United
Kingdom
Other
Europe
Total
Europe
45.9
50.7
57.1
73.4
21 4
70.4
71.3
69.8
—66 0
—15.9
—24 0
-20.5
111.4
62.4
138.9
1.2
4.5
-1.7
-6.4
-8.3
20.3
-4.0
.3
.2
13.0
10.2
.7
5.9
8.0
6.8
.5
20.1
15.1
19.9
17.9
22.0
-1.7
25.8
27.5
19.1
41.1
14.8
13.4
-1.0
-8.9
-1.2
-5.0
.3
- 24 . 4
()
(4)
-.3
— .1
.5
2.5
-.8
9.0
4.0
5.3
3.8
1.4
39.3
-1.3
9.0
4.3
6.0
9.2
7.3
8.6
17.9
-19.1
44.7
53.2
15.8
7.6
80.4
24.0
48.4
32.9
19.3
Canada
—595.5
191.6
—120.6
—187.2
-4.5
-5.2
-2.3
-108.0
-7.9
76.3
-5.2
-5.0
78.4
-8.6
-2.2
132.0
-10.2
Latin
America
13.9
4.7
24.9
113.2
11.2
.1
36.3
-6.9
4.8
—9.5
(4)
— 1.9
.6
6.7
13.3
— .7
1.9
— 9
3.5
3.2
.5
.1
.1
1.4
-1.4
29.1
3.3
6.0
4.4
6.2
All
other
Asia
.3
.2
14.6
1.2
(4)
1.2
.7
.3
6.3
.1
.6
.6
-.2
(4)
1.3
.4
.7
.1
1.3
.6
1.0
^Preliminary.
2
footnote 1 on preceding page.
Not reported separately
until Mar. 31, 1954.
4
Includes transactions of international institutions.
Less than $50,000.
1
See
3
DECEMBER
1955
1393
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
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR
FOREIGN
CORRESPONDENTS l
[Net sales, (—). In millions of dollars]
[In millions of dollars]
Year or
month
1951
1952
1953
1954 .
Inter- Total
national foreign Total
insti- coun- Europe
tutions tries
—152.7 —224.3
—118!l —99 8
—61.2 —11.0
— 163.9 —136.5
ada
—258.6
1954—Sept...
Oct....
Nov...
Dec...
-54.6
-2.9
-1.9
-2.6
91.4 25.9
39.2 - 4 . 1
-20.8 -11.7
-13.4 -3.4
52.7
38.6
-.8
4.7
-1.4
-2.8
-6.4
-3.3
1955—Jan....
Feb....
Mar.. .
Apr. . .
May..
-2.6
10.9
-29.9 -22.7
22.8 - 8 . 4
.3
-3.7
—4.0 - 8 . 1
.7
20.5
13.3 - 2 1 . 2
26.3 - 7 . 6
-.2
-1.3
1.5
-6.7
-14.6
34.6
3.6
2.0
-5.3
-3.7
June . .
July...
Aug.p..
Sept.*.
-2.4
-4.1
.1
-9.7
.8
-12.4
All
33.8 —36.0
25!3 —io!o
— 137.8 34.6 —29^9
— 133.2 32.8 —34.2
7.9
6 0
25 8
—141 !o
8.6
7.7
-.3
-1.9
6.3
6.2
-.9
-.2
6.8
2.3
-.2
9.2
-1.8
.6
0)
5.1
1.7
1.2
3.1
2.5
MiscelU. S. Govt.
securities2 laneous*
1953—Dec. 31
423
2,586
106
1954—Nov. 30
Dec. 31
397
490
3,002
2,908
104
105
441
320
408
3,000
2,966
3,062
3,137
3,264
3,295
3,288
3,373
3,463
3,506
3,558
137
387
400
383
404
3,519
3,554
3,540
3,542
137
138
136
137
1955—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
J une 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov 30
-1.6
-9.8
-2.4
-2.3
-2.3
-2.7
-4.4
-2.9
.4
.8
4.8
1.6
2.7
1.8
16.2
30.2
33.7
7.2
1.9
Deposits
Date
other
ica
28.5
19^9
96! 3
—9.1
.3
Assets in custody
Latin
Amer• _ Asia
Can-
1955—Nov.
Nov.
Nov.
Nov.
^Preliminary.
iLess than $50,000.
351
360
402
374
410
387
385
402
2
9. . .
16
23
117
128
131
137
141
139
135
141
142
138
1
Excludes assets held for Int* 1. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1397, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production
U.S.S.R.
1
Tota 1
reported
monthly
South
Africa
Rhodesia
Other
North and South America
Africa
West Belgian United
Africa2 Congo2 States 3
Canada
Mexico
Coloifbia
Chile
Nica- Austra- India2
lia
ragua4
$1= 15 Hi grain.? of gold Ho fine: * e., an ounce of fitte gold «=$35.
1951
1952
1953 . . . .
1954
840.0
••868.0
r
864.5
913.5
403 1
413 7
417 Q
462 4
17.0
17.4
17.5
18.8
22.9
23.8
25.4
27.5
12.3
66 3
r> 9
r ;> o8
r
67 4
69 0
65 1
153.7
156.5
142.4
152.8
16 1
16 9
13 S
15.1
14.8
15.3
13.2
6. 1
6.
4
4. 4
2
3
0
3
39.9
40.5
40,7
40 8
J -5
L.7
6
L.5
2.4
2.3
2.3
2.3
iL.I
.9
Q
.9
5 1
5 6
5 6
5
13.1
13.3
13.5
13.5
9
1 4
1
8
1.1
1.1
1.2
.8
4
3
4
4
40
38
42
41
42
7
8
L.4
1.6
S
L.6
6
2.2
2.2
2.2
2.2
2.1
L.5
.2
5
4
5
5 .0
5
.9
1 8
1 6
1.6
1.1
1.2
1.1
9
5
3
42
43
44
43
7
7
4
6
S
6
2.2
12.8
12.3
13.0
12.9
13 4
13.0
13 5
13.5
13.8
70
71
72
71
1955—~Tanuarv
February .
70 4
67 9
73
71.4
April
M!ay
June...
July
August
September.
7
8
22
2.2
2.2
L.3
t
0
0
.9
L.I
O00"<*
1954—September.
October
November.
December.
00
758 3
780 9
776
826 2
5 6
4 1
5 .9
7 .0
13.8
1 .3
1.2
8
1 1
s
4
s
8.8
8.9
91
82
.7
.6
6
.7
.6
.6
6
.7
8
8
8
7
7
31.3
34.3
37 7
39.1
3.4
3.1
3.3
3.4
2.8
2.7
3.3
2.8
3.0
7.9
8.9
7.8
8.4
.6
.6
.6
.6
.5
.5
.6
.5
6
.6
6
.6
.5
^Revised.
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.
1394
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1951
1952
1953
1955
1954
Area and country
Dec. 31
Continental Western Europe:
Austria
...
Belgium-Luxembourg (and Belgian
Congo)
Denmark
Finland
France (and dependencies)1
Germany (Federal Republic o f ) . . .
Greece
Italy
Netherlands (and Netherlands
West Indies and Surinam)... .
Norway
Portugal (and dependencies)..
Spain (and dependencies)
Sweden
..
Turkey
Other2
;
Total
Sterling Area:
United Kingdom
United Kingdom dependencies....
India
Union of South Africa
Other
Total
Canada
Latin America:
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Guatemala
Mexico
Panama, Republic of..
Peru
El Salvador
Uruguay
Venezuela
Other
Total
Asia:
Indonesia
Japan
Thailand
Other
Total
Dec. 31 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31
June 30 Sept. 3QP
143
208
238
267
'329
'331
'325
341
1 035
101
55
967
691
57
655
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
1,108
85
69
1,452
2,155
138
992
1,146
95
73
1,648
2,247
145
1,115
1,022
169
437
138
309
2,120
1,055
171
469
150
335
2,133
1,064
169
499
136
337
2,134
1,125
178
516
142
342
2,105
1,118
177
537
174
399
2,172
1,118
148
560
188
406
2,185
1,107
116
571
225
383
2,170
1,109
113
580
237
412
2,196
157
839
157
887
153
972
1 109
109
570
209
386
2 149
165
477
815
160
374
130
275
2,053
151
712
151
150
928
152
154
156
153
1,004
'947
1,016
'1,239
1,270
7,118
8,374
9,509
10,082
10,464
10,626
11,115
11,652
11,929
12,291
12,880
2 843
99
309
2,318
113
312
194
3,051
111
340
3 009
108
346
3,198
105
329
3 536
105
338
3,388
104
320
3 190
103
334
3 139
102
344
2,800
100
339
214
373
221
371
225
373
234
371
232
381
242
347
214
354
3 137
103
334
395
405
251
426
3,774
3,284
4,070
4,050
4,224
4,577
4,417
4,240
4 205
4,232
3,916
2,157
2,492
2,292
2,417
2,487
2,463
2,543
2,616
2,493
2,539
2,623
518
51
417
427
45
390
518
41
481
501
40
423
541
35
431
548
36
417
576
35
413
117
254
477
531
32
442
523
26
417
536
26
469
112
118
528
28
442
136
129
308
423
183
420
188
431
184
422
107*
898
76
53
896
434
49
633
524
150
331
128
224
1,973
197
326
121
134
154
575
194
515
202
587
58
56
57
54
366
68
93
61
375
81
107
63
325
102
106
99
121
236
531
51
65
341
90
104
102
247
548
61
80
329
93
109
289
103
317
532
335
68
73
72
75
83
82
75
258
88
103
64
315
76
110
62
391
74
118
72
427
79
114
78
419
84
118
70
3418
85
124
54
55
63
306
445
'102
301
519
'132
311
571
••145
130
163
146
147
3,360
3,379
3,706
3,621
3,710
3,721
3,658
421
163
729
337
210
325
296
157
929
324
294
360
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
56
337
595
80
329
562
236
79
61
291
664
277
662
74
58
59
72
335
621
329
614
317
597
134
308
591
'140
140
205
'3,672
'3,565
'3,709
3,750
168
164
794
318
238
465
181
169
851
266
236
520
194
178
841
264
245
551
211
190
884
263
243
601
216
174
992
266
235
618
2,185
2,360
2,417
2,302
2,189
2,047
2,147
2,223
2,273
2,392
2,501
Eastern Europe*
309
307
314
306
308
309
308
309
310
311
308
All other:
Egypt
Other
285
42
234
49
218
63
217
67
224
74
226
67
219
70
221
69
228
71
224
84
234
85
Total
Total foreign countries .
International 5
Grand total
327
283
281
284
298
293
289
290
299
308
319
19,230
20,479
22,589
23,062
23,680
24,036
24,477
'25,002
'25,074
'25,782
26,297
3 171
3 287
3.212
3.331
3 401
3 364
3,536
3.560
3,565
3,677
3,673
22,401
23,766
25,801
26.393
27,081
27,400
28,013
'28,562
'28,639
'29,459
29,970
^Preliminary.
'Revised.
1
Includes gold reserves of Bank of France and French dependencies only.
2
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.
3
Includes latest available figure (July 31) for Mexican gold reserves.
4
Excludes
gold reserves of the U. S. S. R.
5
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.
DECEMBER
1955
1395
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
Estimated
United States
total world
(excl.
U.S.S.R.)i Treasury Totals
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Oct
Nov.. .
Dec.. . .
1955—j a n
Feb.
Mar....
Apr
May
June...
July
Aug. .
Sept....
Oct
Argentina
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
37,350
21,759
21,710
21,713
21,827
21,791
21,793
21,714
21,716
21,719
21,671
21,674
21,678
21,682
21,682
21,684
21,686
21,786
21,788
21,763
21,724
21,727
21,730
21,734
21,732
21,745
21,747
37,500
37,730
P37,87O
Belgium
Brazil
Canada
371
698
587
621
706
776
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
371
371
371
760
767
778
5
3
3
322
322
322
1,065
1,071
1,080
371
371
371
371
371
371
371
371
371
781
797
824
839
848
839
845
850
877
920
322
322
322
322
322
322
322
322
322
322
1,083
1,086
1,097
1,103
1,111
1,112
1,122
1,134
1,141
1,150
Germany,
France 4 Federal GuateRepublic mala
of
End of
month
Egypt
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
53
97
174
174
174
523
523
548
573
576
28
140
326
27
27
27
27
27
247
247
247
247
247
1954—Oct
Nov
Dec,. . .
174
174
174
576
576
576
599
612
626
27
27
27
1955—Jan., , .
Feb
Mar.. . .
Apr....
May
June
July....
Aug
Sept.. . .
Oct
174
174
174
174
174
174
174
174
174
576
576
576
576
576
576
576
576
576
576
650
700
714
722
740
758
776
802
825
27
27
27
27
27
27
27
27
27
Portugal
El Salvador
1949—Dec...
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
128
197
190
170
176
1954—Oct
Nov.. . .
Dec...
422
427
429
29
29
29
1955—Jan.
Feb
Mar.. . .
Apr
May....
June....
July....
Aug
Sept
Oct. .
431
431
438
438
438
436
422
425
425
29
29
29
29
29
29
29
29
28
28
End of
month
Bolivia
India
(•)
(')
(8)
Indonesia
178
209
280
235
145
Iran
Italy
40
40
45
42
42
52
74
Cuba
Denmark
Ecuador
299
271
311
214
186
32
31
31
31
31
21
19
22
23
23
42
42
42
186
186
186
31
31
31
23
23
23
43
43
43
43
43
42
42
42
42
186
186
186
186
186
186
186
186
186
181
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
23
23
23
86
Mexico
Netherlands
Norway
Pakistan
Peru
256
256
333
346
346
52
208
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
247
247
247
138
138
138
346
346
346
61
62
62
796
796
796
45
45
45
38
38
38
34
34
35
247
247
247
247
247
247
247
247
247
247
138
138
138
138
138
138
138
138
138
138
346
346
346
346
346
346
63
63
64
65
77
78
78
796
796
798
800
804
804
804
804
804
836
45
45
45
45
45
45
45
45
45
45
38
38
38
38
38
38
48
48
48
48
35
35
35
35
35
35
35
35
35
Turkey
United
Kingdom
«1,688
«3,300
82,335
81,846
62,518
178
236
221
207
227
373
373
373
373
373
L,451
1,495
1,530
1,692
1,702
68
167
115
196
193
52,936
2,925
82,762
227
227
in
403
403
403
1,734
L,736
L,740
193
193
196
227
227
227
227
227
227
227
227
216
403
403
403
403
403
403
403
403
403
403
1,744
L,744
1,744
1,744
1,745
1,745
1,747
1,751
1,751
L ,751
198
209
204
204
207
230
227
226
215
208
Switzerland
85
61
51
51
54
70
90
152
134
218
1,504
1,470
1,452
1,411
1,459
118
118
113
113
113
154
150
151
143
143
199
194
199
56
56
56
224
246
265
1,513
1,513
L.513
113
113
113
144
144
144
195
201
203
208
207
212
215
212
214
56
56
56
56
56
56
56
56
56
56
265
265
265
258
263
264
264
264
264
270
1,512
,501
1,499
1,493
1,473
1,485
1,495
1,501
1,513
L ,535
113
113
113
113
113
113
112
112
144
144
144
144
144
144
144
144
144
144
Spain
•
Colombia
140
140
138
138
137
Sweden
South
Africa
Chile
Thailand
6
82,763
«2,681
82,667
82,686
82,686
82,680
82,544
5
2,457
5
2,345
82,297
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
Settle
tary
ment?
Fund
^Preliminary.
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."
3Less
than $500,000.
4
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
fi
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
1396
FEDERAL RESERVE BULLETIN
N E T GOLD PURCHASES BY T H E U N I T E D STATES, BY C O U N T R I E S
(Negative figures indicate net sales by the United States)
fin millions of dollars at $35 per fine troy ounce]
Year or
quarter
United
Kingdom
Total
—452 9
1945
721.3
1946..,...
2,864.4
406. 9
1947 . .
734. 3
1948
1,510.0
446. 3
193.3
1949......
— 1,725 2 —1,020. 0
1950 .
469. 9
75.2
1951......
440. 0
393.7
1952
—480. 0
1953 . . - 1 . 1 6 4 3
-50. 0
1954......
-326.6
Germany,
Fed.
Rep. of
Netherlands
Belgium
France
^1
14 2
278 5
—47 9
-10 0
222 .8
69 8
264.6
15 8
130. 8 116 .0
40 7 6$ 0
14 0
—23.
—41 0
0
-10 3
- 3 .8
—84 9
—84.8
—20 0
Portugal
—79 8 —IS 0
—4. S - 3 4 9
.0
1
0 0 . 0 - 5 .0
-10
9
—130 0 —65 0
- 5 4 .9
- 2 2 5 .6
Switzerland
Other
Europe 1
—86 8
—29.9
10.0
—5.6
-40.0
—22.9 - 3 8 . 0
—32.0 - 1 5 . 0
22.5
—20 !6" —65.0
-15.0
-15.5
—7 4
27.3
86.6
5.8
—159.9
—68 0
—60.1
-17.3
—ill 8
-17.4
Sweden
80.2
238.0
3.0
3
Canada
Argentina
36 8
337 Q
311 .2
-224.9
3 4
-100 0
— 10 0
7 .2
Cuba
Mexico
—85,0
-23.8
-30.0
36.9
45.4
-65.0
—10.0
61.6
-16.1
—10 0
28.2 —118.2
-60.2
—20.0
87.7
-28.1
80.3
153.2
727.5
114.1
-49.9
-49.9
-20.0
-84.8
1953
-320. 0
-40. 0
-120. 0
-599.1
-128.2
-306.6
-130.3
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec
- 3 6 .5
- 3 .4
—12 .4
- 3 2 .6
-30
-10
-40
-50
.0
.0
.0
.0
-23. 0 -15
-15
-15
-15
' -46!6
.0
.0
.0
.0
-10.0
-io!6'
-20.0
-25,0
-15. 0
-3.0
-28.1
-54.9
-20.0
-10.0
-45.0
-8.8
-42.8
1954
-63.0
-19.6
—171.8
-72.3
Jan.-Mar..
Apr.-June.
July-Sept..
Oct.-Dec..
-50.0
—40 0
— 15 6
— 140 0
-30 0
—20 0
—10 0
-5 0
—5 0
0
- 1 0 .0
-15.0
—8.0
-7.5
—2 4
—1.1
—2,5
-11.3
80.3
1955
—22.5
—45 0
-36.9
-41.7
8.7
Jan.-Mar.
Apr.-Tune,
July-Sept..
3.5
N E T GOLD PURCHASES BY T H E U N I T E D STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars]
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
Uruguay
1945
1946
1947
. . . . •.
1948. . ,
.....
1949
1950
1951
1952
1953
1954
-37.9
-4.9
25 1
10.7
-14.4
-64.8
22.2
14 9
— 15.0
—5.0
Venezuela
—73.1
—9.2
—3.7
—108.0
-50.0
—30.0
Other
Latin
America
Asia
and
Oceania
—27.8 8-188.3
25.0
13.7
79.1
1 0
13.4
—4.1
-7.5
-52.1
-17.2
-35.4
—17.2 «—50.1
—7.0
—25.1
—3,8
—6.1
—10.4
17.2
Union
of
South
Africa
Gold stock at
end of period
All
other
July-Sept.
Oct -Dec.
-10.0
—5 0
-3.6
—~ I
— .1
......
-1.1
—1 2
—1.4
—2 4
-9.9
1954
—5 0
Jan -!Mar
Aor.-June . . .
.
July-Sept
Oct -Dec.
-30.0
13 2
2.0
1.9
—8 9
—1.2
-.1
—1
-.4
1955
Jan -M!ar
11.0
July-Sept
1
8
Includes
Includes
8Includes
4
Includes
dollars;
and
6
Includes
— 1
—2 7
1955
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
—757.9
68.9 —803. ft 48.3
21,981
20,631 — 1,349.8 —845.4 —459 8 35^8
20,083
—547.8 —106.3 —356 7 32.0
51.2
20,706 2 623.1 311.5
465 4
22,868 2,162.1 1,866.3
210 0
75 8
1,530.4
1,680.4 — 159 2 70.9
24,399
164.6 686 5 —495 7 67.3
24,563
22,820 —1,743.3 —371.3 -1,352 4 80.1
52 7 —549.0
22,873
617.6 66.3
23,252
379.8 684 3 —304 8 67.4
2 . 2 -1,170 8
22,091 — 1,161.9
69.0
—297.2
21,793
16.6 - 3 2 5 2 65.4
1954—Nov...
Dec...
21,710 21,791
21,713 21,793
1955—Jan...
Feb...
Mar...
Apr...
May..
June. .
July..
Aug.. .
Sept...
Oct....
Nov...
21,714
21,716
21,719
21,671
21,674
21,678
21,682
21,682
21,684
21,686
P21.688
21,786
21,788
21,763
21,724
21,727
21,730
21,734
21,732
21,745
21,747
P21.751
-35.9
2.6
-7.3
1.6
-24.7
-39.4
2.9
3.1
4.4
-2.2
12.7
2.0
P3.8
1.5
.7
-36 7
1 8
5 6
2.2
3.2
2.7
2.5
4.5
3.8
1.6
3.6
4.4
-9
—
-27
-41
—1
—
—
-2
10
-7
5.0
4.8
5.4
5.0
5.3
5.6
4.1
5.9
7.0
6.8
(3)
10.4
(3)
4
7
8
7
8
0
9
1
9
6
1
-27.0
5.8
-2.2
Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
sales of 185.3 million dollars of gold to China.
sales of gold to Egypt as follows: 1950, 44.8 million
1951, 76.0 million,
sales of 45.0 million dollars of gold to Indonesia,
DECEMBER
3 4
— .1
-.1
Treasury
3.7
22.9
94.3
256 0
11 9
6.9
498.6
195.7
-1.6
13.1 4-47.2
52.1 4 - 8 4 . 0
11 5
—2 0
—9.9
.
—.4
1953
Jan.-Mar
Pc riod
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total port or crease
gold
producexport
or
instock
tion
crease
^Preliminary.
!See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,917.5 million dollars on Nov. 30, 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.
1397
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures In millions of dollars!
1955
1954
1955
Monetary Fund
International Bank
Sept.
June
Dec.
Mar.
Sept,
July
464
485
478
440
466
Dollar deposits and U. S. securities
Other currencies
and securities'
977
996 1,001 1,010 1,049
2
1,694 1,738 1,620
1,837
1,796
Effective loans
35
33
52
37
36
Other assets 3
850
838
849
849
852
IBRD bonds outstanding
386
420
336
429
456
Undisbursed loans
11
9
10
11
9
Other liabilities
165
154
184
174
193
Reserves
1,831
1,806
1,806
1,810
1,806
Capitals.....
.
Gold
1,747 1,744
Currencies:1
1,643 1,609
United States
4,656 4,691
Other
Unpaid member subscriptions...
805
798
*8,863 58,853
Member subscriptions
Accumulated net income
-11
-11
Loans as of October 31, 1955
Country 9
Country
Disbursed
Principal
258.5
106.0
194.1
37 3
94.7
40.0
50.1
267 5
125.1
90 0
45.5
27.0
141.3
221.5
50 0
77.3
36.0
37.4
61.0
110.0
66.0
38.5
60.7
154.5
Australia......
Belgium . . , . . „ .
Brazil
Chile
Colombia
.....
Denmark.
Finland
France „
India
Italy
Japan. . ,
Lebanon
Mexico .
NetherJ ands
Norway
..
Pakistan
Peru
Thailand. .
Turkey
Union of S. Africa
United Kingdom..
Uruguay
Yugoslavia
Other
Total
Quota
Outstanding
4
217.6
92.7
148.1
19 9
51.6
40.0
40.0
254.5
62.1
32.8
32.1
96.6
221.5
50 0
31.1
10.3
24.2
39.9
110.0
61.2
31.4
55.6
60.8
62,390.0 1,784.1
Usdisbursed
40.9
13.3
46.0
17 4
43.1
"*"io!i
13.0
63.0
57.2
13.4
27 0
44.7
46.1
25.7
13.2
21.1
4.8
7.1
5.1
93.7
Repaid
1.6
2.5
4.7
4.4
6.3
1.9
8.1
8.3
16.6
Total
216.1
90.2
143.3
15.5
45.2
38.1
31.9
246.2
45.5
32.8
32.1
20.9
18.0
3.5
.5
3.0
1.3
2.3
21.6
5.7
6.0
91.7
86.8
50.0
27.8
2.4
8.3
2.0
4.9
134.6
3.4
.6
1.0
.4
3.4
3.5
10.3
Sold
to
others5
9.7
6.1
2.0
3.1
23.3
39.5
106.6 " 1 3 1
61.2 14.7
29.7
.2
52.2
50.5
Apr.
150
Brazil
50
Colombia
525
France
330
Germany
India
400
110
Indonesia
Japan
250
15
Philippines
43
Turkey » . . .
United S t a t e s . . . . 2,750
Subscription
paid
in
gold
Jan,
Oct.
July
1,744 1,734 1,73*
1,567 1,574 1,472
4,734 4,738 4,746798
798
892
88,853 8,853 8,853
-10
-9
-9
Cumulative net drawings
on the Fund io
1955
Sept.
Aug.
1954
Sept
July
65.5
37.5
65.5
65.5
65. S
25.0
25.0
12.5
25.0
108.1
105.0 105.0 105.0 105.6'
33.0
-49,5 -49.5 -49.5 -46.1
27,5
12.6
12.6
12.6
53.3
15.5
15.0
15.0
15.0
15.0*
62 5
62 4
62.4
62.4
02.4
10.0
10.0
3.8
10.0
20.0
20.0
>o 0
10.8
27 0
687.5 - 3 8 2 . 9 - 3 8 2 . 9 -332.9 -455.8
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
6
Includes 170 million dollars in loans not yet effective.
includes
122 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
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 currency by it or other countries.
605.9 218.0 1,566.1 7 139.5
CENTRAL BANKS
Bank of England
Assets of issue
department
Assets of banking
department
Other
assets
Notes
and
coin
Discounts
and advances
Securities
.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
1954—Nov. 24. . . . . . . . .
Dec. 29
.4
.4
1,675.0
1,775.0
25.9
26.0
4.5
8.9
1955—Jan. 26 . . . . •
Feb. 23
Mar. 30
Apr. 27
May 25
June 29
July 27
Aug. 31
Sept. 28
Oct. 2 6 . . .
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
21,725.0
1,725.0
1,725.0
2
1,750.0
2
1,775.0
21,825.0
21,875.0
2
1,825.0
2
1,800.0
1,800.0
62.8
68.8
31.5
21.3
25.6
45.1
16.9
45.5
36.4
37.3
16.4
52.4
16.1
18.0
11.8
5.7
21.0
20.0
11.1
20.2
(Figures in millions of
pounds sterling)
1948—Dec.
1949—Dec.
1950—Dec.
1951-Dec,
1952—Dec.
1953—Dec.
29..
28
27
....
26 . . . . . . .
31 . . . . . .
30
Gold*
Liabilities of banking department
Note
circulation
Deposits
Bankers'
Public
EGA
Other
Other
liabilities and
capital
1 ,293.1
11,321.9
1L,357.7
L,437.9
L525.5
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
374.9
350.7
1,651.9
1,751.7
293.7
276.1
11.7
15.4
72.3
66.3
17.9
18.1
298.0
248.1
328.8
319.2
307.2
301 .6
305.9
280.2
295.8
301.2
1,664.9
1,658.9
1,696.3
1,731.5
1,752.2
1,782.7
1,860.9
1,782,3
1,766.4
L.765.5
251.9
271.1
275.7
253.9
240.5
246.6
240.8
243.6
239.3
250.6
16.3
11.3
11.7
18.6
13.7
14.2
13.6
10.9
14.5
21.9
9.6
9.6
4.7
4.7
4.1
4.6
6.9
.5
2.2
2.7
2.6
2.6
85.9
63.7
66.4
63.6
65.6
72.9
68.8
70.0
68.2
65.7
18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.6
17.8
*On Sept. 19, 1949, the official buying price of the Bank of England for 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 and Aug. 17, and by 25 million on Sept. 7; increased by 25 million on Apr. 6 and
May 4, and by 50 million on June 8 and July 20. For details on previous changes, see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.
1398
FEDERAL RESERVE BULLETIN
C E N T R A L BANKS—Co»*/»tt<?<*
As<sets
Bank of Canada
(Figures in millions of
ian dollars)
Goldi
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Other
Note
circulation
li abilities
and
Dominion
government
capital
Shortterm
Other
111.4
117 ft
77.1
54 9
1 ( 157 3
197.4
1 022 0
233.7
1 781 4
1 229.3
141 8
1 459 8
f 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 ?
565,5
536 2
S47 3
541 7
S78 6
619 0
626
623 9
153 3
60.5
68 8
98.1
30 7
24.7
04 0
51 S
93.8
67 5
81.0
126 9
207 1
66 1
44 5
?9 5
1954—NOV> 30. .
Dec 31
S7 f
54 2
1, 444.3
361 5
837.5
871 1
85.1
114 1
1,587.1
1 623 5
528 ft
S29 6
141.1
56 3
36.0
30 5
131 5
161 0
1955—j a n 31
Feb. 28
Mar. 31. .
51 5
52 4
SO 8
59 0
52 3
55 8
59 6
S7 7
60 6
56.6
1 249 8
1 ,320 6
1 ,325.6
385 5
1 357 6
4=51 9
1 233 4
1 18S 2
1 103 2
1, 318.5
876 0
815 1
821.6
808 4
817 5
834 9
1,032 4
1,140 3
1 196 S
991.2
87 7
82 1
101.4
123 6
87 1
121 5
134 9
73 2
156 6
158.3
1,545 9
1,541 7
1,552.9
1,579 3
1,597 7
1 618 8
1,651 8
1,653 9
1 665 8
1,674.2
528 7
503 8
9
570 7
516 9
577 0
532 9
S^R 7
S6S 7
580 7
56 5
63 2
57 5
50 8
50 6
n 1
52 9
59 5
63 4
62.4
3S 6
47 3
42 7
40 5
35 6
36 5
45 2
38 1
29 1
34.5
95 4
114 1
104 3
135 2
113 7
160 4
177 S
175 2
192 8
173.0
1945—Dec.
1946—Dec,
1947—Dec.
194g—Dec.
1949__Dec
1950—Dec.
1951—Dec
1952—Dec.
1953—Dec
ISrt.R
1 0
2 0
31. .
31. .
31
31..
4
7A i
31
30 .
31
31 .
31
A p r 30
M a y 31 .
30
30
June
July
Aug.
Sept
Oct.
31 .
30
31..
Chartered
banks
16 7
Assets
B a n k of France
Domestic bills
Foreign
(Figures in
change
Open
Special
1?9 817
94 ,817
6S 225
30 , 6S 225
6^ 274
29
28... 182 ,785
27... 191 ,447
3 1 . . . 200 ,187
3 1 . . . 201 ,282
17 ,980
68
7
,618
67 395
12
30
97 ,447
689
61 943
L62 .017 136 ,947
28 ,320 234 ,923
31 ,068 274 ,003
15 ,421 292 ,465
303
3 ,135
64
8 577
548
34 ,081
31 ,956
57 ,042
61 ,108
1954—Nov. 25... 201 ,282
Dec. 30... 201 ,282
51 ,939 224 ,48?
57 ,291 236 ,765
44 ,593
48 ,925
1945—Dec
1946_Dec.
1947—Dec
1948—Dec.
1949—Dec
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
27
26 .
31
27...
24...
31...
28...
26...
30...
28...
25...
29...
27...
201 ,282
201 ,282
201 ,282
201 ,282
201 ,282
201 ,282
201 ,282
201 ,282
201 ,282
201 ,282
60 ,482 226 ,244
66 ,689 172 ,750
86 ,467 160 ,613
21 ,962 200 ,233
53 ,030 210 ,448
: 83 ,869 245 ,543
:100 ,145 247 ,594
:100 ,186 190 ,030
1100 ,195 235 ,818
: 00 ,231 245 ,399
198
42
42
43
119
172
200
132
133
?Q R
5
7
4
1
2
6
0
9
1
Llabilities
Advances to
Government
Deposits
Other
Current
Other
25 548
76,254
117 826
238,576
335 727
393,054
741,267
937,459
891,560
67 900
147 400
150 900
157 900
158,900
160,000
172,000
200,000
445 447
480,447
558 039
558 039
S60 990
481,039
481,039
479,982
679,849
1,013,121 195,000 619,549
1,130,183 195,000 617,649
46 ,054 1,063,937 190,000
40 ,224 1,062,552 190,000
32 ,564 1,138,808 190,000
28 ,526 1,113,385 190,000
26 ,545 1,028,496 190,000
16 ,393 1,054,765 190,000
11 ,343 1,061,877 190.000
7 ,462 1,042,874 190.000
14 ,853 1,076,626 190,000
30 ,002 1,060,834 190,000
Other
liabil-
Note
Other
ci
market
Other
tion
Government
and
capital
EGA
Other
4 087
7,213
10 942
16 206
19 377
24,234
41,332
49,305
56,292
570 006
721 »86S
920 831
987 621
1 278 211
1,560 ,561
1,841 ,608
2,1 23 ,514
2,310 ,452
048
765
733
806
i 168
70
29
27
21
15, 058
10, 587
897
2 , 061
5 7 , 7SS
468
8 2 ' 479
171 , 783
158 973
161, 720
166, 226
137, 727
142, 823
218,584 2,386 ,103
277 9 2i5 2 , . 538 ,455
65
76
3 , 304
3 , 744
106, 920
154, 100
72,162
67,935
97
61
24
51
20
45
93
83
95
69
3 , 733
137
7, 351
1 1 , 302
1 1 , 120
1 1 , 713
1 1 , 680
8, 841
4 , 223
870
125,
121,
115,
128,
129,
126,
133,
116,
133,
138,
64,006
53,062
54.064
54,410
64,823
58,283
59,308
68,919
55,683
72,374
24 734
33 133
59 024
57 622
112 658
212,822
190,830
159,727
169,964
592,249 286,200
617,649 306,480
597,449 353,285
546,749 336,294
584,949 334,389
579,449 355,574
579,849 355,485
^79,349 371 ,580
557,949 409,794
545,249 3429,910
2,472 ,650
2 ^ t82 ,667
2 583 ,654
2 , . 544 ,115
2 , . 523 ,444
2,( >29 ,933
2 , ( 542 ,828
2 ,-588 ,468
2,( )92 ,538
2,( 391 ,418
962
699
374
552
730
899
666
452
979
176
1
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 292.8 billion francs on Oct. 27.
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
i n same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424.
DECEMBER
1955
1399
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banka..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital . . .
C o m m o n w e a l t h Bank of A u s tralia (thousands of pounds):
Gold and foreign exchange....
Checks and bills of other banks
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banki:
Special
Other
Other liabilities and capital
Austrian N a t i o n a l B a n k (million!
©f schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
Other liabilities and capital
National Bank of Belgium
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts
Consolidated Government debt
Government securities
Other assets
Note circulation.
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Mone
tary dept. (millions of bolivianos);
Gold at home and abroad
Foreign exchange (net)
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Advances to Government
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
C e n t r a ! Bank of Chile (millions
©f pesos):
Gold
Foreign exchange (net)
Discounts for member banks. . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts
Government loans and securities.
Other assets
Note circulation
1955
Ojt.
Sept.
1954
Aug.
,623 1,623
519
678
,049 4,056
,231 77,008
435
362
,734 32,042
,575 45,385
914
812
,634 5,489
297,262 313,286
5,654 4,304
5,632
Oct.
1,623
1,653
3,710
65,594
278
27,773
39,666
603
4,816
425,542
5,863
526, 560 508,739 499,780 467,859
62,552 65
58,557
60,551
370,753 370;
367,753 352,327
265,444 265 444 265,444 310,670
31,558 35
34,441
36,677
224,274 220,263 229 ,435 260,142
1,742
7,540
5,641
1,557
981
12,508
1,515
654
1,415
1,370
45,993
9,866
7,009
34,660
9,020
5,178
104,573
3,536
56
3,562
,742
,881
,426
,557
822
,508
,465
739
,424
,292
557
8,038
5,437
1,857
498
12,660
1,535
567
1,626
498
9,674
5,158
1,776
22
11,575
2,890
812
1,850
43. 831 42,518
37,976
10 555 10,769
12,205
8.055
6,180
6.956
34,660
34 660 34,660
8,238
9,882
9 352
5,179
4,667
5. 185
105 047 104,629 100,371
1,175
1 853
1,820
56
55
89
583
3,560
3,291
(Apr.)*
495
854
26,019
2,505
894
23,159
3,493
4,115
1,515
ui.iso
10,906
2,505
3,594
19,294
3,600
6,777
648,280 640,579 638,115
18,176
6,133
416,648 409
50,456
144,300
61,185
484,519
23,300
050 19,150
19,014
085
8,037
5,254
372 394,367 380,973
951 103,031
7,279
530 110,62-7
92,532
861 57,277
51,302
811
5,811
052
295
147
5,493
270 16,270
034 14,711
195
5,608
802 36,177
943
4,196
440
2,113
325
5,703
5,712
979
3,139
11,468
9,134
3,421
22,132
3,510
610
7,601
230,293 257.
268,339
24,380 24,
24,380
555,170 554,152 610 ,014
471,058 460 ,742 461,256
102,485 101 ,822 99,905
634,331 618 134 628,089
361,549
24,379
459,965
325,604
105,982
641,822
1955
Central Bank
(Figures as of last report
date of month)
Oct.
Bank of the Republic of Colombia— Cont.
Deposits
Other liabilities and capital
Central Bank of Costa Rica
(thousands of colones):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts
Securities
Other assets
Note circulation
Demand deposits
#
Other liabilities and capital
National Bank of Cuba
(thousands of pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Net claim on Int'l. Fund 2
Loans and discounts
Credits to Government
Other assets
Note circulation
Deposits
Other liabilities and c a p i t a l . . . .3
National Bank of Czechoslovakia
National Bank of D e n m a r k
(millions of kroner):
Gold.
Foreign exchange
Loans and discounts
Securities
.#
Govc. compensation account. .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of t h e Dominican
Republic (thousands of pesos):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
.
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 2
Net claim on Int'l. F u n d . . . . , ,
Credits—Government
Other
Other assets
Note circulation
Demand deposits—Private banks.
Other
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
Gold
Foreign assets 4
Egyptian Govt. securities
Clearing and other accounts (net)
Loans and discounts
Other assets
Note circulation
Deposits—Government.........
Other
Other liabilities and capita!
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
Other liabilities and capital
Sept.
1954
Aug.
Oct.
558,130 603,708 664,210 511,703
190,925 176,662 171,595 123,954
11,503
,503
,950
109,968
,032
7,032
,472
82,704
,158
6,558
,129
26,321
150,580 147 ,068
,242
59,829
,934
33,677
11,503 11,503
124,649 48,502
7,032
7,032
68,363 121,244
2,858
3,828
24,344 26,581
146,332 140,041
60,125 47,368
32,292 31,281
180,873 185,878 185,878 185,875
133,939 127,413 110,825 33,202
204,800
12,512
48,334
66,729
79,889
407, 615
196,770 199,742 246,740
12,512 12,512
12,512
47,688 45,602
42,663
64,906 59,844
58,379
79,534 79,055
77,764
411,389 414,647 418,322
298,436 282,794 258 ,915 219,857
21,025 20,517 19,897
18,958
68
649
192
558
3,124
816
2,007
1,481
1,654
265
68
688
176
480
3,124
837
1,959
1,458
1,698
259
68
658
179
477
3,125
919
1,926
1,429
1,816
256
69
730
322
510
3,215
383
1,964
1,279
1,739
246
12,076
14,441
1,250
2,500
8,890
14,906
42,318
8,980
2,765
12,076
13,339
1,250
3,030
8,890
14,917
41,879
8,917
2,706
12,076
12,134
1,250
3,274
8,890
14,783
41,582
8,179
2,646
12,076
24,521
1,250
3,165
9,420
7,456
38,359
17,243
2,286
343,526
48,590
18,757
398,052
244,807
275,076
683,145
188,923
170,962
285,778
343,477
30,393
18,757
411,145
252,234
265,052
679,907
203,468
163,231
274,453
342,752
165,719
18,757
375,652
240,427
210,877
726,945
230,678
160,259
236,302
60
164
74
-18
17
2
160
24
93
21
553
131
290
,578
488
680
791
814
310
649
60,553
170,780
74,205
-18,545
15,699
2,509
157,117
29,040
96,805
22,239
60,553
18,628
271,676
"26 ',799
2,845
185,367
76,966
107,378
10,791
71,229
39,995
1,569
50,076
9,071
7,405
87,845
81,609
9,890
71,280
47,013
1,569
49,876
7,366
7,373
87,953
86,803
9,719
71,966
20,658
1,568
45,138
5,723
7,338
87,525
53,186
11,680
60,553
160,507
78,875
-18,596
22,310
3,168
174,947
20,069
90,012
21,788
71,182
28,718
1,569
56,009
7,381
6,853
87,099
74,531
10,081
*Latest month available.
i2Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
Represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.
1400
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1955
Oct.
1954
Sept.
Aug.
7,096
28,522
20,925
20,000
2,040
11,075
50,634
19,699
19,325
6,882
26,846
18,864
20,000
2,064
9,160
50,376
16,866
16,573
Bank of Finland (millions of marka
Gold
Foreign assets and liabilities (net).
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of German States 1
(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):
Gald and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital
Bank of Guatemala (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 Hungary 2
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 department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Bank Indonesia (millions of rupiahs);
Gold and foreign exchange (net)..
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits—ECA
Other
Other liabilities and capital
Bank Melli Iran 3 (millions of rials):
Gold
Foreign exchange
Gold contribution to Int'l. Fund.
Government-secured debt
Government loans and discounts.
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
7,347
29,716
24,117
20,000
2,008
11,029
51,433
23,426
19,357
3,566
9,046
3,210
4,252
3,463 3,370
9,008 8,952
1,961
3,061
4,246
4,177
1,020
882
837
13,241 13,337 12,920
1,727
2,515
2,309
2,985
3,369 3,127
218
224
219
1,700
1,594
1,566
27,227
15,506
1,250
9,958
41,955
48,769
3,745
7,341
15,921
20,121
5,619
208
9,425
4,940
1,627
4,273
1,195
5,544
168
9,489
4,970
1,564
4,130
1,197
7,611
4,042
4,699
7,611
4,054
4,742
27,227
18,153
1,250
7,275
41,650
48,201
3,698
8,719
15,437
19,501
27,227
21,480
1,250
6,098
36,913
47,647
3,674
7,096
16,287
18,264
400
400
400
6,271
6,220
6,718
5,436 4,889
5,437
1,101
1,111
1,121
13,059 12,802 12,851
160
853
72
824
1,531
378
326
477
143
20
851
1,488
329
307
955
123
8
1,027
2,087
333
1,530
623
8,840
416
8,145
495
1,949
819
1,403
477
9,619
404
8,236
495
2,281
892
1,266
423
9,581
379
8,210
495
2,077
868
4,242 4,242 4,242
244
244
244
282
282
282
7,187
7,187
7,187
10,800 10,749 11,073
4,719 4,849 4,476
411
411
410
2,703
2,905
2,855
9,938 9,873 9,912
5,114
5,097 5,169
1,262
1,131
1,198
11,093 11,421 11,317
3,215
3,330 3,157
Oct.
Central Bank
(Figures as of last report
date of month)
1954
1955
Oct.
Sept.
Aug.
Oct.
Central Bank of Ireland (thousands
of pounds):
2,646
2,646
2,646
Gold
2,646
Sterling funds
70,863 68,558 67,274 67,331
Note circulation
73,509 71,204 69,920 69,977
4
Bank of Israel (thousands of pounds)
2,032
2,026
Gold. . .
84,184 101,004
Foreign exchange
4,294 6,006
Clearing accounts (net)
10,842 10,074
Loans and discounts
38,365 25,100
Advances to Government
16,546 17,228
Other Government accounts
128,866 125,096
Government securities
14,448 15,371
2,514
Other assets
8,259
Notes and coin in circulation. . . .
184,357 179,586
1,632
7,825
8,015
Deposits—Government
4,401
Other
92,503 100,124
1,121
Other liabilities and capital
14,892 14,179
12,127 Bank of Italy (billions of lire):
4
1,103
Gold
4
4
4
82
2,616
Foreign exchange
76
76
76
567
220
Advances to Treasury
567
567
567
1,861
379
Loans and discounts
374
381
396
322
Government securities
381
366
376
810
Other assets
935
859
918
1,403
Note circulation
1,506
1,481
4,679
1,496
39
29
Deposits—Government
35
205
29
56
Demand
83
83
8,609
74
532
Other
510
566
4,538
587
133
Other liabilities and c a p i t a l . . . .
153
143
1,985
152
3,582 Bank of Japan (millions of yen) :
448
Bullion
448
448
1,441
448
1,377
Advances to Government
,250
1,250
1,250
380,952
Loans
and
discounts
,892
181,554
98,199
7,006
,215 413,334 288,562
Government securities
461,140
3,359
85,440
,376 164,881
Other assets
206,960
4,630
,847 540,849 529,814
Note circulation
549,348
,271
42,785
Deposits—Government
69,412
51,165
,231 67,573
85,000
Other
27,228
83,230
,831 83,633
99,179
Other liabilities
3,884
84,254
of
pesos):
1,250 Bank of Mexico (millions
5
1,321
Monetary
reserve
1,614
1,582
1,630
11,390
"Authorized" holdings of secu46,564
3,451
rities, etc
4,457
4,777 4,611
50,720
507
Bills and discounts
474
412
326
3,701
772
Other assets
504
519
499
6,309
3,871
Note circulation
4,369 4,374
4,501
9,919
1,412
Demand liabilities
1,953
2,087
2,019
19,667
770
Other liabilities and capital. .
700
690
712
Netherlands Bank (millions of
guilders):
3,015
Gold
3,046 3,046
3,166
19
Silver (including subsidiary coin).
30
32
36
400
1,295
Foreign assets (net)
1,441
1,423
1,362
6,232
30
Loans and discounts
31
30
35
4,177
735
Govt. debt and securities
622
623
622
1,064
478
Other assets
400
395
405
11,619
29
Note circulation—Old
28
28
28
3,367
New
3,770
3,866 3,715
253
305
Deposits—Government
345
274
1,022
214
803
ECA
514
514
514
35
833
Other
693
831
790
7
235
Other liabilities and capital
203
205
1,221
213
2,266 Reserve Bank of New Zealand
(thousands of pounds):
273
6,174
6,161
6,161
Gold
53,919 55,117 62,661
917
Foreign exchange reserve
13,464
17,739 27,948
503
Loans and discounts
7,990
Advances to State or State un30,779 18,946 34,365
354
dertakings
33,263 33,257 33,421
6,525
Investments
1,301
1,767
1,276
495
Other assets
68,618 68,344 69,169
2,220
Note circulation
73,780
66,227 65,826
524
Demand deposits
8,436
8,534
8,783
Other liabilities and capital
4,242 Bank of Norway (millions of kroner):
203
203
203
208
224
Gold
67
-49
-96
-84
282
Foreign assets (net)
-84
-44
-50
-38
6,354
Clearing accounts (net)
50
77
75
80
10,225
Loans and discounts
25
84
76
3,906
91
Securities
5,546
848
5,546 5,546 5,546
Occupation account (net)
72
83
56
94
2,011
Other assets
3,124
3,156 3,168
10,071
3,161
Note circulation
1,248
1,415
1,278
1,395
3,505
Deposits—Government
684
491
439
428
1,112
Banks
214
103
103
103
FOA
10,170
608
784
771
Other liabilities and capital
812
3,256
6,946
'28,261
••15,300
20,000
2,179
1,976
46,498
12,749
15,416
'Revised.
1
2
Combined figures for the Bank of German States and the nine Land Central Banks.
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
'Items for issue and banking departments consolidated.
*Bank began operations in December 1954.
^Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
DECEMBER
1955
1401
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1955
Oct.
Sept.
1954
Aug.
State Bank of Pakistan (millions of
rupees):
Issue department:
114
114
Gold at home and abroad 1 ..
114
594
644
Sterling securities
594
,024 1,024
Pakistan Goyt. securities. . . 1,074
275
275
Govt. of India securities....
275
431
431
India c u r r e n c y . . . . . . . . . . . . . .
431
40
34
Rupee coin
46
,407 2,380
Notes in circulation........ 2,493
Banking department:
73
80
Notes of issue department...
104
2
20
Bills discounted
12
12
Loans to Government
30
642
559
Other assets
601
642
564
Deposits
643
86
107
Other liabilities and capital. .
92
Central Bank of Paraguay
(thousands of guaranies):
(July)1
Gold
3,984
Foreign exchange (net) 2
30,853
Net claim on Int'l. Fund
7.915
Loans and discounts
1,101,775
Government loans and securities.
496,375
Other assets
281,092
Note and coin issue
845,299
Deposits—Government
194,739
Other
147,398
Other liabilities and capital
734,557
Central Reserve Bank of Peru
(millions of soles):
578
Gold and foreign exchange
548
67
Net claim on Int'l. Fund 2
67
688
Loans and discounts to banks....
648
,101 1,129
Loans to Government
142
Other assets
174
,834 1,842
Note circulation
518
Deposits
469
224
Other liabilities and capital
256
Central Bank of the Philippines
(thousands of pesos):
27,714 25,297 25,099
Gold
307,356 331,870 345 ,656
Foreign exchange
9,504
504 9,504
Net claim on Int'l. Fund 2
,964 76,254
Loans
30,504
,326 303,933
Domestic securities
366,892
,547 166,078
Other assets
164,925
,259 582,991
599,167
Circulation—Notes
,613 86,767
Coin
86,569
Demand deposits
170,202
.717 208,102
Other liabilities and capital
,919 48,663
50,957
Bank of Portugal (millions of
escudos):
Gold
536 5,496
Foreign exchange (net)
276 13,175
912
Loans and discounts
912
386
Advances to Government
1,383
358
Other assets
1,353
546 10,484
Note circulation
548
Demand deposits—Government..
1,732
101
ECA
101
697
Other
7,424
575 2,579
Other liabilities and capital
South African Reserve Bank
(thousands of pounds):
,936 75,063
74,716
Gold
,020 38,980
30,285
Foreign bills
,527 21,796
21,219
Other bills and loans. ..
53,424
,349 53,983
Other assets
107,069
,357 107,154
Note circulation
53,479
,366 65,461
Deposits
19,195
,109 17,206
Other liabilities and capital
Bank of Spain (millions of pesetas):
615
615
Gold
615
321
323
Silver
323
,783 15,940
Government loans and securities. 15,959
,020 31,233
32,403
Other loans and discounts
,100 39,235
Other assets
40,469
,849 43,948
Note circulation
45,216
,496 4,992
Deposits—Government
4,151
,608 4,490
Other
5,170
Other liabilities and capital
35,231
33,916
Oct.
1955
Central Bank
(Figures as of last report
date of month)
Oct.
Bank of Sweden (millions of kronor):
Gold
Foreign assets
Net claim on Int'l. Fund 2
81
Swedish Govt. securities and ad382
vances to National Debt Offices
1,339
Other domestic bills and advances
147
Other assets
300
Note circulation
55
Demand deposits—Government..
2,209
Other
Other liabilities and capital
94
13 Swiss National Bank (millions of
francs):
99
Gold.
384
Foreign exchange
460
Loans and discounts
131
Other assets
Note circulation
Other
sight liabilities
3,984
Other liabilities and capital
56,745
Central
Bank
of the Republic of
40
Turkey (millions of pounds):
558.640
Gold
483,906
Foreign exchange and foreign
373,521
clearings
619,082
Loans and discounts
156,957
Securities
166,758
Other assets
534,066
Note circulation
Deposits—Gold
Other
379
Other liabilities and capital
67
647 Bank of the Republic of Uruguay
(thousands of pesos):
1,144
Gold
109
Silver
1,728
Advances to State and Govern375
ment bodies
244
Other loans and discounts
Other assets
Note circulation
18,813
Deposits—Government
410,002
Other
29,504
Other liabilities and capital
37,388
225,573 Central Bank of Venezuela (millions of bolivares):
168,008
Gold
604,784
Foreign exchange (net)
85,110
Other assets
138,702
Note circulation
60,693
Deposits
Other liabilities and capital
5,479 National Bank of Federal People's
Republic of Yugoslavia (millions
13,097
of dinars):
890
Gold
1,408
Gold contribution to Int'l. Fund.
1,056
Foreign assets
10,012
Loans (short-term)
2,305
Government debt (net)
17
Other assets
7,377
Notes and coin in circulation....
2,219
Demand deposits
Foreign liabilities
Long-term liabilities (net)
70,431
Other liabilities and capital
52,494
9,745 Bank for International Settlements (millions of Swiss gold
45,443
francs):
101,458
Gold in bars
57,581
Cash on hand and with banks....
19,073
Rediscountable bills and acceptances (at cost)
613
Time funds at interest
323:
Sundry bills and investments....
14,838
Funds invested in Germany
28,022
Other assets
,
37,636
Demand deposits (gold)
,
41,083
Short-term deposits:
5,900
Central banks—Own account..
3,074
Other
31,375
Long-term deposits: Special
Other liabilities and capital
Sept.
1954
Aug.
Oct.
594
1,096
129
582
1,087
129
582
1,047
129
494
1,416
129
3,210
29
1,026
4,924
106
285
768
2,839
159
1,017
4,861
97
96
760
2,866
68
1,015
4,775
106
131
695
2,642
44
883
4,730
105
85
688
6,415
578
174
96
5,222
1,830
212
6,323
627
177
98
5,228
1,788
209
6,268
561
149
101
5,131
1,743
204
6,321
508
107
94
5,066
1,758
206
402
402
402
402
175
,488
30
134
,963
155
,550
563
171
3,438
30
128
1,936
154
1,559
520
188
3,235
30
131
1,759
154
1,551
521
194
2,637
30
98
1,554
154
1,166
487
327,411 344,167 344,167
8,644
10,743 10,634
176,702 164,
476,237 469
934,
460,324 464
153,702
350,146 327
961,507
1,234
425
123
1,016
260
506
146,291
377,729
567,781
456,805
159,756
322,563
505,488
1,234
321
164
1,022
297
399
1,233
218
168
990
202
427
4,612 4,589
2,369 2,369
57,647 57,763
730,298 715 ,891
17,619 27,102
52,366 51,275
87,067 86,891
196,038 194,062
103,398 102,130
367,,753 368,290
110,655 107,616
4,269
2,369
66,407
725,745
-24,138
47,009
82,577
187,355
107,901
354,549
89,279
1,234
412
133
1,032
263
484
636
78
313
145
439
297
1
518
658
77
296
152
391
297
2
464
692
67
589
'60
287
151
398
297
1
456
303
346
473
297
4
432
854
20
229
288
866
27
229
287
89.
29
229
286
1,098
31
229
283
*Latest month available.
'Revised.
*On July 31, 1955 gold revalued from 115.798 to 166.667 rupees per troy ounce of fine gold.
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.
2
1402
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Can- United
France Gerada Kingdom
In effect Dec. 31,
1949
Tune 8 1950
Sept. 11
Sept. 26
Oct. 17
Oct. 27
Dec.
1
Apr. 17, 1951.
July
Sept.
Oct
Nov.
Nov.
Jan.
Mar.
May
Aug.
Aug.
Dec
Jan.
Apr.
June
IK
4
3
2
Rate
Oct.
31
Central
bank of—
Bel- Nether- Swegium lands
den
Mar. 1, 1936
May 20,1955
Aug. 4, 1955
Sept. 30, 1950
Ireland
Italy
Japan
Mexico
4^
4
5
Oct.
June
June
July
Apr.
12, 1955
11, 1954
13, 1935
18, 1933
1, 1954
Netherlands .
New Zealand.
Norway
Pakistan
SM
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
3
Dec.
2, 1954
Switzerland..
Turkey
United Kingdom
U.S.S.R.
Argentina
3M
2M
Central
bank of—
Date
effective
2H Austria
Belgium
Bolivia
3
6
Canada
Ceylon
Chile
Colombia....
Costa Rica
3
2
Rate
Oct.
31
3
4
7.3
4K
Date
effective
May
Apr.
Aug.
June
25, 1954
6, 1950
10, 1955
4, 1942
2
6
3
4
5
13
11
8
9. . .
22, 1952..
12
29
1 .
21
18
3H
3M
3
Apr. 7,1953
Oct. 19, 1955
Feb. 14, 1955
July 1, 1948
4
3%
Denmark
Ecuador
Egypt
El Salvador. . .
Finland
4
5
3
4K
8,1953..
3
4
7
6
414
3%
Nov. 13, 1947
Jan. 12, 1944
Sept. 29, 1955
July 1, 1954
Apr. 19, 1955
2H
11 . . .
Sept. 17
Oct. 29
Nov. 20 . . .
Feb
4 1954
May 13 . . . .
May 20
Dec
2
Jan. 27, 1955
Feb. 15
Feb. 24
Apr. 19
Aug. 4
Aug. 5 . . .
Oct. 12
In effect Oct.
31, 1955
3H
2%
"2%
3M
3
"h"
3
2
2H
3
3y2
3
3V2
3
3K
Germany1
Greece
India
Indonesia
Aug. 4, 1955
sy2 Jan.
1. 1955
9
Nov. 15, 1951
3Y2 Apr. 1, 1946
3
Nov. 26, 1936
June 28, 1955
Feb. 24,1955
July 1, 1936
1
Rates estaolished for the Land Central banks.
NOTE.—Changes since Oct. 31: Austria—Nov. 17, from 4>£ to 5; Canada—
Nov. 18, from 2M to 2% per cent.
2V2
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills
day
3 months1 money2
.36
.40
.41
.41
.51
Bankers' Treasury
acceptbills
ances
3 months 3 months
1945—September.
1946—September
1947—September
1948—September
1949—September
1950—September
1951—September
1952—September
1953—September.......
1954—September
1.14
1.91
1.21
.95
1.03
.53
.53
.56
.69
.69
1.00
3.00
2.67
1.64
1954—October
November.
December.,
1.18
1.17
1.08
.96
.78
.76
1.62
1.62
1.78
1955—January...,
February..
March
April
May
June
,
July
August
September.
.99
.90
1.13
1.23
1.24
1.36
1.43
1.60
1.77
.69
.69
.98
.97
.77
1.11
1.11
1.36
1.64
2.02
2.58
3.81
3.83
3.94
3.99
4.00
4.06
4.15
.62
.88
1.00
.51
.51
.51
.52
.52
.51
2.49
2.27
1.63
2.05
2.68
3.80
3.81
3.92
3.97
3.97
4.00
4.07
Day-today
money
France
Bankers'
allowance Day-today
on
money
deposits
Netherlands
bills
3 months
Treasury
Day-today
money
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
2.25
2.09
1.44
.50
.50
.50
.50
.50
.50
.50
2.00
.88
.25
1.41
1.32
1.44
2.84
P2.03
2.22
2.56
4.00
4.34
3.77
1.72
1.30
1.08
1.10
1.15
1.33
1.24
.85
.43
.88
1.08
1.00
.75
.84
1.01
.91
1.00
.62
.50
.51
1.25
1.25
1.25
1.63
1.50
1.50
1.50
1.50
1.50
1.50
1.44
1.44
1.45
.25
.25
.25
3.65
3.51
3.29
.88
.87
.77
.63
.50
.57
1.50
1.50
1.50
1.55
2.15
3.29
3.17
3.33
3.21
3.14
3.24
3.15
.29
.67
2.50
2.50
2.50
2.50
2.50
2.50
2.50
3.27
3.25
3.28
3.23
3.27
3.19
3.30
3.06
3.00
.79
.79
1.16
1.04
1.49
.91
.75
.80
1.04
.58
.53
.71
.58
.90
.62
.50
.56
.75
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.13
.63
.63
.63
.63
.63
.63
^Preliminary.
1
Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
DECEMBER
1955
1403
COMMERCIAL BANKS
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Cash
reserves
Money at
Loans to
call and Bills dis- Treasury
deposit2 Securities customers
counted receipts
short
notice
Deposits
Other
assets
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
1,300
1,313
2,364
2,353
1,871
1,920
725
881
6,684
6,941
4,244
4,485
2,440
2,456
562
595
1,283
1,072
966
973
1,011
996
1,015
1,113
1,177
1,228
2,351
2,298
2,281
2,217
2,141
2,099
2,098
2,082
2,084
2,086
1,904
2,013
2,037
2,080
2,116
2,207
2,149
2,116
1,995
1,978
759
810
843
811
829
879
807
801
780
794
6,718
6,525
6,402
6,381
6,361
6,510
6,406
6.406
6,345
6,376
4,303
4,112
4,017
4,033
4,040
4,155
4,068
4,101
4,043
4,081
2,415
2,413
2,384
2,348
2,321
2,356
2,339
305
302
2,295
611
637
677
673
668
637
655
645
638
638
571
592
598
529
501
1,109
1,408
972
1,248
1,417
1954—November
December.
534
571
452
498
1955—January. .
February.
March....
April
May
June
July
August. . .
September
October...
546
525
514
539
515
526
535
515
526
520
486
445
438
434
417
440
458
424
422
408
793
456
102
Assets
Liabilities
Security
loans
abroad
and net Securities
Other due from
Security loans
and foreign
loans
discounts banks
Deposits payable in Canada
excluding interbank deposits
3
1949—December
1950—December
1951—December
1952—December
Entirely in Canada
1953—December
765
824
907
916
906
133
134
107
155
154
1954—October
November
December
833
810
810
293
297
211
1955—January
806
760
791
802
805
793
790
838
814
176
214
197
230
250
244
269
230
177
February
March
April
May
June
July
August
September
France
(4 large banks. End
of month figures in
millions of francs)
Time
1,534
1,660
1,950
1,764
1,725
532
540
531
549
542
Cash
reserves
Demand
1,512
1,528
1,965
2,148
2,275
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Total
Other
liabilities
and
capital
2,271
2,776
3,028
3,289
3,897
3,892
3,984
3,952
3,876
3,857
3,873
3,954
3,955
4,044
4,122
4,189
4,293
Other
assets
Notes*
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
,477
,667
,714
,736
,841
146
171
227
326
424
4,345
4,286
3,876
3,955
3,831
,058
,304
,464
,516
,510
330
334
325
4,442
4,473
4,429
,454
,428
,706
9,469
9,462
9,579
3,781
3,930
3,964
5,687
5,532
5,615
,777
,864
,854
288
285
252
255
275
255
254
275
255
4,625
4,707
4,795
4,812
4,874
4,869
4,953
4,948
4,858
,488
,663
,619
,618
,730
,921
9,402
9,608
9,650
9,788
9,946
10,202
10,200
10,234
10,405
3,656
3,728
3,678
3,667
3,825
4,018
3,961
3,939
4,072
5,746
5,880
5,972
6,120
6,122
6,184
6,238
6,295
6,333
,857
,879
,877
,883
,942
,924
,909
,919
,948
.721
1.672
1,956
14
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
Deposits
Other
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—September
October. ..
November.
December.
46,676
51,991
47,696
53,346
87,028
83,631
82,270
84,873
730,466
820,800
797,574
849,368
223,746
214,681
229,729
225,030
52,147
56,909
63,785
41,311
1,052,196
1,133,087
1,119,354
1,183,308
1,007,956
,087,933
1,071,500
1,163,648
44,241
45,154
47,854
46,085
23,179
25,355
28,515
31,372
64,688
69,570
73,185
39,250
1955—January...
February..
March
April
May
June
July
August
46,988
44,424
44,381
49,515
49,995
47,724
50,210
44,623
84,521
79,631
78,810
83,746
79,657
82,363
85,419
80,047
823,669
815,141
833,482
931,684
854,865
849,846
969,559
850,788
231,670
241,070
234,246
220,980
240,985
249,129
234,263
259,496
39,982
45,850
48,261
51,883
54,806
57.989
62,116
63,415
1,158,280
1,155,013
1,164,788
1,256,477
1,196,037
1,186,981
1,295,223
1,190,341
1,113,206
1,111,675
1,122,034
1,211,953
1,152,548
1,142,713
1,252,485
1,147,089
45,074
43,338
42,754
44,524
43,489
44,268
42,738
43,252
32,205
33,543
32,406
33,910
33,528
31,766
32,808
31,017
36,344
37,559
41,986
47,420
50,743
68,304
73,536
77,010
iThis table represents aggregates offiguresreported 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.
1404
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Basic
Preferential
1949
1950
1951
1952
1953
1954
29.774
26.571 " 13.333'
20.000
13.333
20.000
13.333
20.000
13.333
20.000
13.333
1954—December
20.000
1955—January
February
March
April
May
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
20.000
2
20.000
July
.
August
Sentember
October
. .
. .
Year or month
Free
AusAustria Belgium
tralia
(pound) (schilling) (franc)
Brazil
(cruzeiro)
British
Malaysia
(dollar)
Official
Free
97.491
90.909
92.8S1
91.474
94.939
102.149
101.650
102.724
293.80
223.15
223.07
222.63
224.12
223.80
3.8580
3.8580
L.9859
t L.9878
2.0009
L.9976
13.333
7.198
222.10
3.8580
1L.9954
32.544
103.292
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
13.333
2
13.333
7.198
7.198
7.198
7.198
7.168
7.175
7.175
7.173
7.175
2
7.175
221.92
221.80
222.42
222.83
222.78
222.29
221.91
222.04
221.98
222.47
223.22
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
3.8580
1.9959
L.9938
L9856
] I.9890
L.9896
L,9871
L.9864
L.9874
1.9874
t 9911
9955
32.538
32.535
32.608
32.675
32.686
32 614
32.544
32.577
32.568
32.639
32.753
103.498
102.384
101.587
101.404
101.405
101.568
101.555
101.502
101.228
100.474
100.047
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
2.2009
J QQOft
France
(franc)
27.839
20.850
20.849
20.903
21.046
21.017
19.117
14.494
14.491
14.492
5.4406
5.4406
5.4406
5.4406
5 4<t?n
H.2808
13.5261
Germany
(deutsche
mark)
.3017
.2858 "23! 838
.2856
23.838
.2856
23.838
.2856
.2856 323!838
Netherlands
India
(rupee)
Ireland
(pound)
27.706
20.870
20.869
20.922
21 049
21.020
280.38
279.68
281.27
280.87
12.620
11.570
11.564
11.588
11.607
49.052
34.528
26.252
26.264
26.315
26.340
26.381
Mexico
(peioft
Free
.4354
.4354
.4354
.4354
.4671
42.973
32.788
32.849
32.601
32.595
32.641
Canada
(dollar)
*8!289
7.067
7.163
7.198
7.198
Official
1949
1950
1951
1952
1953
1954
In cents per unit of foreign currency]
(guilder)
1954—December
20.863
.4354
.2856
23.838
20.863
278.74
8.006
26.34$
1955—January
February
March
20.843
20.834
20.892
20.930
20.927
20.877
20.847
20.861
20.8.52
20.907
20.979
.4354
.4354
.4354
4354
.4354
. 4354
.4354
.4354
.4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2856
.2855
.2855
23.838
23.838
23.838
23.834
23.744
23.733
23.732
23.729
23.726
23.724
23.721
20.843
20.834
20.892
20.930
20.927
20.877
20.847
20.861
20.852
20.907
20.979
278.52
278.36
279.14
279.65
279.59
278.98
278.50
278.67
278.58
279.21
280.15
8.006
8.006
8.006
8.006
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
26.127
26.148
26.213
26.211
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1949
1950
1951
1952
1953
1954
365.07
277.28
277.19
276.49
278.48
278.09
18.481
14.015
14.015
14.015
14.015
14.008
49.723
49.621
49.639
49.675
49.676
49.677
3.8800
3.4704
3.4739
3.4853
3.4887
3.4900
366.62
278.38
278.33
278.20
280.21
279.82
25.480
19.332
19.327
19.326
19.323
19.333
23.314
23.136
23.060
23.148
23.316
23.322
368.72
280.07
279.96
279.26
281.27
280.87
1954—December
275.98
14.008
49.677
3.4900
277.69
19.333
23.335
278.74
1955—January
February
March
275.76
275.60
276.38
276.88
276.82
276.22
275.74
275.91
275.82
276.44
277.37
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
14.008
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
49.677
3.4900
3.4900
3.4900
3.4900
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
277.62
277.54
278.16
279.10
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
19.333
23.326
23.319
23.329
23.330
23.333
23.335
23.332
23.331
23.334
23.332
23.335
278.52
278.36
279.14
279.65
279.59
278.98
278.49
278.66
278 58
279.20
280.14
May.,
June
July
August
September
October
November
Year or month
May
July
August
September
October
November
Uruguay 5
(peso)
65.830
65 833
65 833
65 833
65.833
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
1 Based on quotations through Aug. 13, 1954.
Based on quotations through Oct. 27, 1955.
'Based on quotations beginning Apr. 1, 1954.
4
The
Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
6
For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for thil
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 sam«
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333,
2
DECEMBER 1955
1405
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers}
United
States
(1947-49
-100)
Canada
(1935-39
-100)
Mexico
(1939100)
United
Kingdom
(1930100)
69
79
96
104
99
103
115
112
110
110
132
139
163
193
198
211
240
226
221
217
199
229
242
260
169
J954—October
110
110
110
1955—January
February
March
April
May
June
July
110
110
110
Year or month
1945. i
1946
1947
••«
3 9 4 g •••-..
1949
1950.
1951
3952.;.
1953
1954.
111
September... .
October . . . . . .
110
110
111
111
112
112
Italy
(1938100)
France
(1949100)
Japan
(1934-36
311
386
400
393
429
192
219
230
262
320
328
328
330
34
52
89
100
108
138
145
138
136
5,159
5 443
5,169
4,897
5,581
5,270
5,250
5,293
4
16
48
128
209
246
343
349
352
349
214
215
215
450
454
460
329
331
336
134
135
135
5,276
5,320
5,350
216
217
217
463
468
478
337
338
335
136
135
135
5,353
5,322
5,317
5,325
5,328
5,321
'5,294
5,277
P5.275
285
219
483
218
219
218
220
221
220
482
485
20
175
135
334
137
133
134
135
P137
P136
333
336
342
343
343
P345
Netherlands
(1948100)
Sweden
(1935100)
Switzerland
(Aug. 1939
-100)
194
186
199
214
216
227
299
117
143
140
134
136
317
298
297
205
200
208
217
206
203
227
220
213
214
343
346
344
136
136
136
296
298
299
215
216
217
345
346
348
344
342
'338
•"340
342
138
137
136
300
302
304
216
215
215
ioo
104
136
136
136
136
136
342
136
305
307
308
313
311
P312
P314
215
214
215
215
215
216
216
^Preliminary.
'Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
llndexes for groups included in total index above]
Canada
(1935-39-100)
United States
(1947-49-100)
Year or month
Other
Farm
Farm
Processed commodproducts
products
foods
ities
United Kingdom
(1930-100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
72
83
100
107
93
98
113
107
97
96
n.a.
n.a.
98
106
96
100
111
109
105
105
71
78
95
103
101
105
116
113
114
115
166
180
192
232
229
237
269
250
222
210
136
140
164
196
197
213
238
219
207
205
130
138
162
192
199
211
242
231
229
224
158
158
165
181
197
221
247
284
307
308
December
93
93
90
104
104
104
115
115
115
202
204
205
201
202
204
222
222
222
1955—January
February........
March
April
May
June
July
August
September
October
93
93
92
94
91
92
90
88
89
87
104
103
102
103
102
104
103
102
102
100
115
116
116
116
116
116
117
118
r
119
119
207
207
204
213
213
212
210
205
203
197
205
208
206
210
210
210
210
211
212
211
222
223
224
224
223
224
224
225
226
226
1945
1946
1947
1948
1949
3950.
3951
3952
1953
1954......
*....
1954—October
Industrial
products
175
184
207
242
249
286
»364
P352
Netherlands
(1948-100)
Foods
IndusIndustrial
trial raw finished
products products
100
101
112
122
129
123
124
100
108
128
171
166
156
155
100
104
116
143
135
132
134
301
305
315
122
124
123
156
156
156
135
135
136
315
311
303
301
298
305
313
305
306
P314
123
120
117
116
116
117
116
114
120
158
158
158
159
159
160
161
161
162
139
139
138
138
138
138
137
137
135
n.a. Not available.
^Preliminary.
'Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
1406
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
Food
All items
United
SwitzKing- France NethererUnited
lands
dom
land
States
(1949
(1951
(Jan.
(Aug.
(1947-49
15,1952 = 100) = 100)2 1939 =
= 100)1
= 100)
100)
United
States
(1947-49
= 100)1
Canada
(1949
= 100)
1947
1948
1949
1950
1951
1952
1953
1954
96
103
102
103
85
77
97
100
103
82
84
86
111
114
114
115
114
116
115
116
1954—October
November
115
115
114
1955—January
114
114
114
114
114
114
115
115
115
115
Year or month
March .
April
May
July
August
September
October
Canada
(1949
= 100)
United
SwitzKing- France Nethererdom
land
lands
(1949
(Jan.
(1951 2
(Aug.
=
100)
15,1952
-100)
1939= 100)
100)
57
158
163
162
159
96
104
100
101
100
103
76
82
92
100
111
100
101
101
105
167
171
170
171
113
115
113
113
117
117
113
112
91
105
112
114
128
141
137
135
100
103
104
108
170
176
174
176
181
184
184
188
143
144
145
105
106
106
173
173
173
112
111
110
114
113
113
116
117
118
134
135
136
108
108
109
192
192
192
145
145
145
145
146
145
143
143
J>145
P146
107
107
107
106
106
107
107
106
105
105
172
172
172
172
172
172
172
173
173
173
111
111
111
111
111
111
112
111
112
111
112
112
111
111
112
111
112
112
114
114
119
119
119
120
120
125
126
122
124
126
137
136
136
136
137
136
133
133
P135
P138
112
111
111
109
109
112
112
109
108
P108
190
189
189
189
189
189
189
190
191
191
95
103
106
108
57
90
100
111
130
145
144
143
117
117
117
109
109
110
116
116
116
116
116
116
116
116
117
117
110
110
110
111
111
113
113
113
113
114
67
72
P Preliminary.
i These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights, Prior to January 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), sea
BULLETIN for December 1952, p. 1357.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(high
grade)1
Canada
(1935-39
= 100)
United
Kingdom
(December
1921=100)
Common stocks
France
(1949
= 100)
Netherlands"
United
States
(1935-39
= 100)
Canada
(1935-39
-100)
United
France
Kingdom
(1926 = 100) (1949-100)
Netherlands
(1953
-100)*
295
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
100
90
112
143
159
214
113
102
102
101
91
100
125
1954—October
November...
December....
117.5
117.4
117.0
101.9
101.2
101.1
119.4
119.7
118.1
117.6
119.6
120.1
104.3
106.3
108.3
243.5
252.2
264.5
190.2
199.5
206.8
103.8
105.3
106.1
240
260
271
134
141
141
1955—January
February.
March
April
May
June
July
August
September...
October
116.7
115.7
115.4
115.3
114.7
114.5
114.3
113.2
113.1
113.6
100.3
103.3
104.3
105.0
104.0
104.5
103.5
98.5
97.9
97.2
117.7
114.9
112.5
114.7
111.2
111.2
111.3
108.6
106.6
108.6
121.0
122.4
124.3
126.6
127.1
127.4
127.9
129.3
129.6
105.9
105.0
106.9
106.6
107.6
107.6
107.3
105.0
103.4
101.8
268.8
278.1
277.5
286.2
285.0
300.7
315.3
311.0
323.2
306.2
207.3
214.7
213.7
216.5
222.1
237.1
246.5
245.3
255.9
239.9
109.1
110.0
106.7
108.6
109.5
113.2
114.4
112.2
112.7
108.1
282
290
308
337
301
288
297
310
314
141
142
147
150
152
154
166
172
175
161
Number of issues...
17
87
60
14
480
99
278
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.
*For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewetea
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.
DECEMBER
1955
1407
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. KENYON, Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
DIVISION O F BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Associate Director
LOWELL MYRICK, Assistant Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
DIVISION O F EXAMINATIONS
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION O F RESEARCH A N D 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
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
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant
Director
OFFICE O F DEFENSE LOANS
GARDNER L. BOOTHE, II,
DIVISION O F I N T E R N A T I O N A L FINANCE
Administrator
OFFICE O F T H E CONTROLLER
ARTHUR W . MARGET, Director
EDWIN J. JOHNSON, Controller
LEWIS N . DEMBITZ, Assistant Director
M. B. DANIELS, Assistant Controller
FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman
ALLAN SPROUL,
Vice Chairman
C. CANBY BALDERSTON A. L. MILLS, JR.
C. E. EARHART
J. L. ROBERTSON
W. D. FULTON
CHAS. N. SHEPARDSON
W. H . IRONS
M. S. SZYMCZAK
HUGH LEACH
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
Director
DIVISION O F ADMINISTRATIVE SERVICES
FEDERAL
ADVISORY COUNCIL
W I L L I A M D . IRELAND,
BOSTON DISTRICT
H E N R Y C. ALEXANDER,
N E W YORK DISTRICT
WILLIAMR.K.MITCHELL,
PHILADELPHIA DISTRICT
FRANK R. D E N T O N ,
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 C I T Y DISTRICT
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
G E O . G. M A T K I N ,
DALLAS DISTRICT
RALPH A. YOUNG, Associate Economist
J O H N M . WALLACE,
SAN FRANCISCO DISTRICT
ROBERT G. ROUSE, Manager of System Open
Market Account
1408
W I L L I A M J. KORSVIK, Acting
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman l
Deputy Chairman
President
First Vice President
Boston
Harold D. Hodgkinson
Robert C. Sprague
J. A. Erickson
Alfred C. Neal
D. H. Angney
E. O. Latham
J. E. Lowe2
Carl B. Pitman
O. A. Schlaikjer
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. Poor man
J. V. Vergari
Richard G. Wilgus •
Cleveland.
John C. Virden
Sidney A. Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
G. H. Emde2
A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
John B. Woodward, Jr.
Hugh Leach
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan»
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 8
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Chicago.
John S. Coleman
Bert R. Prall
C. 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
0. B. Jesness
Kansas City...
Raymond W. Hall
Joe W. Seacrest
Delos C. Johns
Wm. J. Abbott, Jr.
Frederick L. Deming Dale M. Lewis
Wm. E. Peterson
O. S. Powell
C. W. Groth
A. W. Mills
E. B. Larson8
H. G< McConnell
H. G. Leedy
John T. Boysen 8
Henry O. Koppang
Clarence W. Tow
Dallas
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
San Francisco..
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
Vice Presidents
(Vice Presidents in charge of branches are listed in
lower section of this Page)
E. B. Austin
Howard Carrithers
W.H.Holloway 3
T. W. Plant
E. R. Millard
H. F. Slade
George W. Mitchell
A. L. Olson
W. W. Turner
H. H. Weigel
J. C. Wotawa
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
E. D. Vanderhoof
D. W. Woolley
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
New York
Cleveland
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
Atlanta
Chicago
St. Louis
1
Branch
Also Federal Reserve Agent.
DECEMBER
1955
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
* Cashier.
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
Kyle K. Fossum
Kansas City
Denver
Oklahoma City
Omaha
Cecil Puckett
R. L. Mathea
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
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
* Also Cashier.
1409
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.
RESERVE
SYSTEM—PURPOSES AND
November 1955. 224 pages.
ANNUAL REPORT of the BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Issued each year.
Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
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60 cents per copy; elsewhere $7.00 per annum or
70 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00
for 12 months.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. Annual
subscription includes one issue of Historical Supplement listed on this page. Subscription price
in the United States and the countries listed above
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
per annum or 70 cents per copy.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. An-
nual subscription to monthly chart book includes
one issue of Supplement. In the United States
1410
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.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
A
new accounting record designed to picture the
flow of funds through the major sectors of the
national economy. December 1955. 390 pages.
$2.75 per copy.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.
January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
A STATISTICAL STUDY OF REGULATION V LOANS.
September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
BANKING AND MONETARY STATISTICS.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. $1.00 per
cloth-bound copy.
THE FEDERAL RESERVE ACT,
RULES OF ORGANIZATION AND RULES OF PROCEDURE
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
PERIODIC RELEASES
PUBLICATIONS
DEPARTMENT STORE CREDIT
DEPARTMENT STORE MERCHANDISING DATA
WEEKLY
WEEKLY AVERAGES OF MEMBER BANK RESERVES,
RESERVE BANK CREDIT, AND RELATED ITEMS AND
STATEMENT OF CONDITION OF THE FEDERAL R E -
EMPLOYMENT
MENTS
IN
NONAGRICULTURAL
ESTABLISH-
FEDERAL RESERVE PAR LIST (Also annual list.
Both
available at Federal Reserve Banks only)
SERVE BANKS
CHANGES IN COMMERCIAL
AND INDUSTRIAL LOANS
INTERDISTRICT SETTLEMENT FUND
BY INDUSTRY
INDEX NUMBERS OF WHOLESALE PRICES
CHANGES IN STATE BANK MEMBERSHIP
MONTHLY DEPARTMENT STORE SALES
CONDITION OF WEEKLY REPORTING MEMBER BANKS
MONTHLY DEPARTMENT STORE SALES AND STOCKS,
IN LEADING CITIES
BY DEPARTMENTS
CONDITION OF WEEKLY REPORTING MEMBER BANKS
MONTHLY DEPARTMENT STORE STOCKS
IN CENTRAL RESERVE CITIES
WEEKLY DEPARTMENT STORE SALES
MONTHLY FOREIGN EXCHANGE RATES
WEEKLY
NATIONAL SUMMARY OF BUSINESS CONDITIONS
DEPARTMENT
STORE
SALES—SELECTED
CITIES AND AREAS
OPEN-MARKET MONEY RATES AND BOND PRICES
WEEKLY FOREIGN EXCHANGE RATES
RETAIL FURNITURE REPORT
WEEKLY REVIEW OF PERIODICALS (Available only
for domestic distribution)
SALES FINANCE COMPANIES
STATE MEMBER BANKS OF THE FEDERAL RESERVE SYS-
SEMIMONTHLY
TEM AND NONMEMBER BANKS THAT MAINTAIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER
ACCOUNTS
WITH
FEDERAL
RESERVE
BANKS (Also annual list)
BANKS
SELECTED
CLEARING
LIST
OF ADDITIONS
TO THE RESEARCH
SEMIANNUAL-QUARTERLY
LIBRARY
A L L BANKS IN THE UNITED STATES AND POSSESSIONS—
MONTHLY
ASSETS AND LIABILITIES
UNITED
STATES
PRINCIPAL ASSETS AND LIABILITIES
OF A L L BANKS
(Including
IN THE
Consolidated
State-
ment for Banks and the Monetary System)
ASSETS AND LIABILITIES OF A L L MEMBER BANKS, BY
MEMBER BANK CALL REPORT
MEMBER BANK EARNINGS
MEMBER BANK LOANS
DISTRICTS
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
BUSINESS INDEXES
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
ANNUAL
CONSUMER CREDIT (Short- and Intermediate-Term
Ti
/-.J-T?
J J
i
1 r >
and Consumer Instalment Credit Extended and
Repaid)
r>
T^
r>.
T^
A
BANKS DEBITS TO DEMAND DEPOSIT ACCOUNTS
DEPARTMENT STORE TRADE
CONSUMER FINANCE COMPANIES—LOANS OUTSTANDING AND VOLUME OF LOANS MADE
CONSUMER
INSTALMENT
BANKS
DECEMBER 1955
CREDIT
AT COMMERCIAL
BIENNIAL
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND
STANDARD METROPOLITAN AREAS
1411
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
NOTES ON FOREIGN CURRENCY ADJUSTMENTS. N O -
(From Federal Reserve Bulletin unless preceded by an asterisk)
T H E HISTORY OF RESERVE REQUIREMENTS FOR BANKS
IN THE UNITED STATES.
Vember 1949. 14 pages.
MEASUREMENT OF CONSUMER CREDIT.
November 1938. 20
November
1950. 9 pages,
pages.
* T H E TREASURY—CENTRAL BANK RELATIONSHIP IN
T H E PAR COLLECTION SYSTEM OF THE FEDERAL RE-
FOREIGN
SERVE BANKS. February 1940. 8 pages.
COUNTRIES—PROCEDURES
AND TECH-
NIQUES. November 1950. April 1951. 19 pages.
HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE™
A -i min
11
SERVE POLICY. April
1940. 11 rpages.
r
°
n
T^
*X
T^
HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING
_
~
T
n
n
THE INTRODUCTION OF REAL ESTATE CREDIT REGU-
TT
LATION. July 1951. 23 pages.
GENERAL INDEXES OF BUSINESS ACTIVITY.
June 1940.
7 pages.
REVISED INDEXES OF DEPARTMENT STORE SALES AND
STOCKS. December 1951. 53 pages.
MEASUREMENT OF PRODUCTION.
September 1940.
16 pages.
RECENT CHANGES IN GERMANY'S FOREIGN TRADE
BALANCE. March 1952. 7 pages.
FEDERAL RESERVE BANK LENDING POWER NOT D E PENDENT ON MEMBER BANK RESERVE BALANCES.
February 1941. 2 pages.
g
pages<
ADJUSTMENT FOR SEASONAL VARIATION.
Descrip-
tion of method used by Board in adjusting economic data for seasonal variation. June 1941.
11 pages.
REVISED
SALES.
W E E K L Y
INDEX
OF
DEPARTMENT STORE
April 1952. 4 pages,
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
LATION X. June 1952. 18 pages.
ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28.
September 1945. 2 pages.
REVISED
SERIES
ON DEPARTMENT
STORE
SALES,
STOCKS, AND ORDERS. October 1952. 5 pages.
BUSINESS LOANS OF MEMBER BANKS.
March, May,
June, July, and August 1947. 80 pages.
T H E
MONETARY SYSTEM OF THE UNITED STATES.
February 1953. 16 pages.
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH.
March 1947.
9 pages.
ECONOMIC STABILITY. March 1953. 16 pages.
BANKING ASSETS AND THE MONEY SUPPLY SINCE
1929.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
January 1948. 9 pages.
SALES FINANCE
COMPANY
OPERATIONS
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY. May 1953. 7 pages.
IN 1947.
July 1948. 6 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
April
1953. 19 pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of
the Act.
In part a reprint from the August
1948 BULLETIN.
36 pages.
*DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemcn-
N E W STATISTICS OF INTEREST RATES ON BUSINESS
LOANS. March 1949. 10 pages.
1412
tary details for item listed above), April 1953.
25 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
FEDERAL
RESERVE
BANK
RESPONSIBILITIES.
May
BANKING AND MONETARY STATISTICS, 1954.
STATES POSTWAR
INVESTMENT
IN LATIN
AMERICA. May 1953. 6 pages.
(Se-
lected series of banking and monetary statistics
for 1954 only) February and May 1955. 12
pages.
1953. 5 pages.
UNITED
PUBLICATIONS
DOLLAR
FLOWS
AND INTERNATIONAL
FINANCING.
March 1955. 8 pages.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E POSITS ADJUSTED AND CURRENCY OUTSIDE BANKS.
March 1955. 4 pages.
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS (Revised
1953. 65 pages.
Indexes)
November
UNITED STATES BANKS AND FOREIGN TRADE FINANC-
ING. April 1955. 11 pages.
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
PRODUCTION, 1953 Revision. December 1953. 96
pages.
STATES.
May 1955. 13 pages.
1955 SURVEY OF CONSUMER FINANCES—From March,
EXTENSIONS
AND REPAYMENTS
May, June, and August issues of BULLETIN. 52
pages. (Also, similar Surveys are available for
most earlier years from 1947, 1948, 1949, 1950,
OF CONSUMER IN-
STALMENT CREDIT. January 1954. 14 pages.
1951, 1952, 1953, and 1954 BULLETINS.)
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS. May 1954, 15 pages. (Also, similar reprint from October 1951 BULLETIN)
ESTIMATES OF CONSUMER INSTALMENT CREDIT EX-
TENDED AND REPAID, 1929-1939.
June 1955. 8
pages.
T H E PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
FINANCING OF LARGE CORPORATIONS IN 1954.
June
1955. 8 pages.
RECENT
FINANCIAL
CHANGES
IN WESTERN GERSELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS
MANY. October 1954. 10 pages.
AND BUSINESSES. July 1955. 2 pages. (Also,
similar article from July 1954 BULLETIN)
USE OF MONETARY INSTRUMENTS SINCE MID-1952,
December 1954. 8 pages.
CREDIT AND MONEY IN 1955. July 1955. 8 pages.
DIRECTLY PLACED FINANCE COMPANY PAPER.
DC-
cember 1954. 8 pages.
Feb-
ruary 1955. 8 pages.
11 pages.
DECEMBER 1955
FLOW-OF-FUNDS SYSTEM OF NATIONAL ACCOUNTS,
ANNUAL ESTIMATES, 1939-54. October 1955. 40
pages.
CREDIT AND MONETARY EXPANSION IN 1954.
T H E FEDERAL BUDGET FOR 1956.
A
BALANCE OF INTERNATIONAL PAYMENTS IN 1954-55.
October 1955. 8 pages.
February 1955.
MONETARY POLICY AND THE REAL ESTATE MARKETS.
December 1955. 6 pages.
1413
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
w
r=.
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
if
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
®
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
DECEMBER 1,1954
YSTEM
INDEX TO VOLUME 41
GUIDE TO PAGE NUMBERS
Month of Issue
January
February
March
April
Pages
1-106
107-240
241-356
357-456
Month of Issue
May
June
July
August
Acceptances, bankers':
Buying rates
27, 151, 277
Financing in the U. S., article on
482
Open market rates
47, 171, 297, 395, 529,
677, 787, 909, 1011, 1153, 1249, 1353
1954 data
215
Rates, discussion
489
Volume outstanding
42, 166, 292, 390, 524,
672, 782, 904, 1006, 1148, 1244, 1348
Agricultural loans of commercial banks. . . .38, 162, 288, 386,
520, 668, 778, 900, 1002, 1144, 1240, 1344
Agricultural situation, article on
973
Agriculture:
Balance sheet, 1955
869
Govt. agency loans
44, 168, 294, 392, 526,
674, 784, 906, 1008, 1150, 1246, 1350
National summary of business conditions... .760,. 1127
Alaska, banks on Par List
269
American Overseas Finance Corporation, granted final
permit to commence business
758
Annual report, Board of Governors, 1954
268
Argentina :
Central Bank of:
Condition
94, 288, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1401
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1390
Gold reserves and dollar holdings. . . .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1397
Articles (See Leading articles; Special articles)
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Agriculture
870
Banks, by classes
35, 159, 285, 383, 517,
665, 775, 897, 999, 1141, 1237, 1341
1954 data
575
Commercial banks, by classes. .38, 162, 288, 386, 520,
668, 778, 900, 1002, 1144, 1240, 1344
Consolidated monetary statement. . . .34, 158, 284, 382,
516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
Corporate, composite balance sheet and income
statement, 1952-1954
629
Corporate, current
56, 180, 306, 404, 538,
686, 796, 918, 1020, 1162, 1258, 1362
Federal Reserve Banks
29-30, 153-154, 279-280,
377-378, 511,-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
DECEMBER
1955
Pages
457-602
603-740
741-848
849-972
Month of Issue
September
October
November
December
Pages
973-1074
1075-1214
1215-1310
1311-1432
Assets and liabilities—Continued
Foreign central banks
j . . .92, 226, 342, 442, 588,
724, 832, 956, 1058, 1198, 1294, 1398
Foreign commercial banks
98, 232, 348, 448, 594,
730, 838, 962, 1064, 1204, 1300, 1404
Govt. corporations and credit agencies, by type
and agency
44, 168, 294, 392, 526,
674, 784, 906, 1008, 1150, 1246, 1350
Selected liquid asset holdings of individuals and
businesses
749
Weekly reporting member banks. .40, 164, 290, 388, 522,
670, 780, 902, 1004, 1146, 1242, 1346
1954 data
212
Australia:
Commonwealth Bank of, condition. . . .94, 228, 344, 444,
590, 726, 834, 958, 1060, 1200, 1296, 1400
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold production
88, 222, 338, 438, 584,
720, 828, 952, 1054, 1194, 1290, 1394
Austria:
Austrian National Bank:
Condition
94, 228, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold reserves and dollar holdings
.
89, 223, 953,
1055, 1195, 1291, 1395
Automobiles:
Consumer durable goods output index. . . .68, 192, 318,
416, 550, 698, 808, 930, 1032, 1174, 1270, 1374
Consumer instalment credit. . . .60-62, 184-186, 310-312,
408-410, 542-544, 690-692, 800-802, 922-924,
1024-1026, 1166-1168, 1262-1264, 1366-1368
Consumer instalment credit, growth of
1312
Industrial production i n d e x . . . 65, 189, 315, 413, 547,
695, 805, 927, 1029, 1171, 1267, 1371
Production and sales
3
Purchases in 1954, survey of consumer finances 465, 475
Balance of international payments in 1954-1955,
article on
. 1075
Balance sheet of agriculture, 1955
869
Balance sheet and income statement, large corporations in selected industries, 1952-1954...
.629
Balderston, C. Canby:
Designation as Vice Chiairman of Board of
Governors .
268
Supervision of bank administration of pension
trusts, statement on
879
Bank credit and reserves, national summary of business conditions
21, 146, 271, 370, 504,
651, 761, 884, 986, 1128, 1224, 1328
1415
INDEX TO VOLUME 41
Pages
Pages
Bank debits (See Debits to deposit accounts)
Bank holding company legislation, statements of Chairman Martin on
260, 753
Bank for International Settlements:
Condition
96, 230, 346, 446, 592
728, 836, 960, 1062, 1202, 1298, 1402
Gold reserves
90, 224, 340, 440, 586
722, 830, 954, 1056, 1196, 1292, 1396
Bank mergers and consolidations, statement of Chairman Martin on
642
Bankers' balances (See also Foreign liabilities and
claims reported by banks):
Commercial banks, by classes
39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Weekly reporting member banks. .41, 165, 291, 389, 523,
671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Banking and monetary statistics, 1954, special tables.. 143,
210, 502, 574
Banking offices:
Changes in number
208, 944
On, and not on, Par List, number
209, 945
Banks and branches, number, by class and State
430
Banks and the monetary system, consolidated statement
34, 158, 284, 382, 516, 664,
774, 896, 998, 1140, 1236, 1340
1954 data
„•
574
Belgian Congo, gold production
88, 222, 338, 438, 584,
720, 828, 952, 1054, 1194, 1290, 1394
Belgium:
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings 89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
National Bank of:
Condition
94, 228, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Board of Governors:
Annual Report, 1954
268
Expenses, assessment on Federal Reserve Banks. . . 206
Members:
Balderston, C Canby:
Designation as Vice Chairman
268
Supervision of bank administration of
pension trusts, statement on
879
Martin, Wm. M c C , Jr.:
Bank holding company legislation, statements on
260, 753
Bank mergers and consolidations, statement on
642
Monetary policy and real estate markets,
statement on
1317
Redesignation as Chairman
268
Re-elected Chairman of Federal Open
Market Committee
268
Securities Exchange Act, proposed
changes, statement on S. 2054
751
Silver legislation, statement on S. 1427. .. .755
Stock market credit, statement on
256
Shepardson, Charles N., appointment
268
Members and officers
102, 236, 352, 452, 598,
734, 842, 966, 1068, 1208, 1304, 1408
Board of Governors—Continued
Publications
104, 238, 354, 454, 600,
736, 844, 968, 1070, 1210, 1306, 1410
Bogle, Hal, appointed Deputy Chairman at Dallas
19
Bolivia:
Central Bank of:
Condition
94, 228, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings 585, 721, 829, 953,
1055, 1195, 1291, 1395
Bonds (See also U. S. Govt. securities):
Corporate, outstanding, net change in ..56, 180, 306,
404, 538, 686, 796, 918, 1020, 1162, 1258, 1362
New issues
54, 178, 304, 402, 536,
684, 794, 916, 1018, 1160, 1256, 1360
Prices:
Domestic
46, 170, 296, 394, 528
676, 786, 908, 1010, 1152, 1248, 1352
Foreign
101, 235, 351, 451, 597,
1416
Yields
1954 data
733, 841, 965, 1067, 1207, 1303, 1407
47, 171, 297, 395, 529, 677,
787, 909, 1011, 1153, 1249, 1353
.
216
Yields, changes in table
759
Braley, Warren W., appointed director at Portland
Branch
984
Branch banks, domestic:
Number, by class and State
,. . 431
Branch banks, Federal Reserve System:
Directors (See Directors, Federal Reserve Branch
Banks)
Managing officers
103, 237, 353, 453, 599,
13$, 843, 967, 1069, 1209, 1305, 1409
Branch, Harllee, Jr., appointed Deputy Chairman
at Atlanta
18
Brazil:
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold reserves
90, 224, 340, 440, 586, 722,,
830, 954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings. . .89, 223, 339, 439 r
585, 721, 829, 953, 1055, 1195, 1291, 1395
British Malaysia, foreign exchange rates 99, 233, 349, 449,
595, 731, 839, 963, 1065, 1205, 1301, 140S
Brokers and dealers in securities, bank loans to:
Commercial banks, by classes. . . .38, 162, 288, 386, 520,,
668, 778, 900, 1002, 1144, 1240, 1344
Weekly reporting member banks
40, 164, 290, 388,,
522, 670, 780, 902, 1004, 1146, 1242, 1346
1954 data
212
Brown, Edward E., re-elected President of Federal
Advisory Council
143
Business conditions, national summary of
20, 145, 270,
369, 503, 650, 760, 883, 985, 1127, 1223, 1327
Business expenditures on new plant and equipment 56, 180,
306, 404, 538, 686, 796, 918, 1020, 1162, 1258, 1362
Business financing in early 1955, article on
603
Business indexes
63, 187, 313, 411, 545,
693, 803, 925, 1027, 1169, 1265, 1369
Business investment, discussion
1218
Business loans (See Commercial and industrial loans)
Business situation, article on
l
Cameron, G. Ted, appointed director at Little Rock
Branch
6491
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
Canada:
Bank of:
Condition
93, 227, 343, 443, 589,
725, 833, 957, 1059, 1199, 1295, 1399
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Commercial banks
98, 232, 348, 448, 594,
730, 838, 962, 1064, 1204, 1300, 1404
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold production
SB, 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Gold purchases by U. S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings. . . .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Price indexes. .100-101, 234-235, 350-351, 450-451, 596597, 732-733, 840-841, 964-965, 1066-1067,
1206-1207, 1302-1303, 1406-1407
Capital accounts:
Banks, by classes
35, 159, 285, 383, 517,
665, 775, 897, 999, 1141, 1237, 1341
1954 data
575
Commercial banks, by classes. . . .39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Federal Reserve Banks .29-30, 153-154, 279-280, 377378, 511-512, 659-660, 769-770, 891-892, 993-994,
1135-1136, 1231-1232, 1335-1336
Weekly reporting member banks . . .41, 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Carloadings
72, 196, 322, 420, 554,
702, 812, 934, 1036, 1178, 1274, 1378
Central banks, foreign:
Assets and liabilities
92, 226, 342, 442, 588,
724, 832, 956, 1058, 1198, 1294, 1398
Discount rates
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722, 830,
954, 1056, 1196, 1292, 1396
Ceylon:
Condition of Central Bank. .94, 228, 344, 444, 590, 726,
834, 958, 1060, 1200, 1296, 1400
Foreign exchange rates. .99, 233, 349, 449, 595, 731, 839,
963, 1065, 1205, 1301, 1405
Chairman, Board of Governors, redesignation of
Mr. Martin
268
Chairmen, Federal Reserve Banks:
Appointments for 1955
15
List
103, 237, 353, 453, 599, 735, 843,
967, 1069, 1209, 1305, 1409
Meeting
1325
Smith, Robert J., designated at Dallas
19
Chart book on bank credit, money rates,
and business
143, 368, 984
Charts:
Activity and prices
1
Agricultural prices
977
Automobile ownership
467
Average weekly earnings in manufacturing
851
Balance sheet of agriculture
869
Bank loans and investments, all commercial
banks
. . . .^
108, 741
Budget expenditures and related items
117
Business investment
1219
Business loans at commercial banks
608
Business sales and inventories
.1220
DECEMBER
1955
41
Pages
Charts—Continued
Construction contracts awarded
145, 369, 650
Construction outlays
457
Consumer instalment credit
1311, 1312
Corporate new capital issues
607
Crop production
974
Debts and major assets of agriculture
978
Demand deposits and currency
745
Demand deposits adjusted and currency outside
banks
252
Deposits and currency
Ill
Dollar acceptances outstanding
483
Employment in nonagricultural establishments. .20, 270
Excess reserves and borrowings, classes of member banks
744
Farm land, changes in dollar value of
872
Farm mortgage debt held by major lenders
875
Farm population and income
978
Financing of U. S. exports
360
Foreign gold reserves and dollar holdings
241, 244
Foreign imports and gold reserves and dollar
holdings, by area
247
Foreign liabilities and assets of U. S. banks
363
Funds from operations
605
Gross national product
1215
Home ownership, within age groups
860
Households, net increase in
462
Import relationships, U. S
1082
Imports of selected countries
1079
Income grouping of consumers
610
Industrial production
145, 270, 369, 503, 650, 760,
883, 985, 1127, 1223, 1327
Instalment credit, relation to income
1316
Labor force, growth of
852
Loans and investments, member banks in leading
cities.
21, 370, 651, 986, 1224
Member bank reserves and related items
113
Member bank reserves, Reserve Bank credit, and
related items
24, 148, 274, 372, 506, 654, 764,
886, 988, 1130, 1226, 1330
Money rates
114, 146, 504, 748, 761, 884, 1128, 1328
Mortgage financing, structure of
463
Mortgage status related to length of house ownership
861
Nonagricultural employment
849
Nonfarm mortgage lendings.
459
Non-real-estate farm loans
877
Output of consumer durables
2
Output of nondurable manufactures
5
Ownership of demand deposits
639
Personal consumption expenditures
1217
Personal income, consumption, and saving
1221
Plant and equipment expenditures, change in
626
Plant and equipment outlays
604
Prices and trade. .20, 271, 503, 884, 986, 1128, 1224, 1328
Production and prices
973
Ratio of credit extended to purchases
1314
Ratio of demand deposits and currency to gross
national product
746
Relation of liquid asset holdings to credit financing of household goods
470
Retail sales and stocks of new autos
3
Rooms per person, housing arrangements of consumers
857
Selected bank loans, change, Jan.-June, 1955
742
Selected business indexes
1216
Selected short-term money rates
490
Unemployment
855
Wholesale prices of foods
6
1417
INDEX TO VOLUME
41
Pages
Charts—Continued
World exports
1076
World industrial production
1075
Chile:
Central Bank of:
Condition
94, 228, 344, 444, 590, 726, 834,
958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593, 729, 837,
961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722, 830,
954, 1056, 1196, 1292, 1396
Gold production
88, 222, 338, 438, 584, 720, 828,
952, 1054, 1194, 1290, 1394
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Coins, circulation of
33, 157, 283, 381, 515, 663, 773,
895, 997, 1139, 1235, 1339
Colombia:
Bank of Republic of:
Condition
94, 228, 344, 444, 590, 726, 834,
958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593, 729, 837,
961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722, 830,
954, 1056, 1196, 1292, 1396
Gold production
88, 222, 338, 438, 584, 720, 828,
952, 1054, H94, 1290, 1394
Colvard, Dean W., appointed Class C director at
Richmond
18
Commercial banks:
Assets and liabilities, by classes. .35-39, 159-163, 285-289,
383-387, 517-521, 665-669, 775-779, 897-901,
999-1003, 1141-1145, 1237-1241, 1341-1345
1954 data
575
Assets and liabilities of foreign
98, 232, 348, 448, 594,
730, 838, 962, 1064, 1204, 1300, 1404
Branches, number, by class and State
431
Consumer loans held, by t y p e . . . .61, 185, 311, 409, 543,
691, 801, 923, 1025, 1167, 1263, 1367
Loans and investments, discussion
108, 742
Number, by class
35, 159, 285, 383, 517, 665,
775, 897, 999, 1141, 1237, 1341
Number, by class and State
430
Real estate mortgages held, by type
57, 181, 307, 405,
539, 687, 797, 919, 1021, 1163, 1259, 1363
Commercial and industrial loans:
Bank term credit to railroads
627
Business loans, early 1955, discussion
607
Commercial banks, by classes
38, 162, 288, 386, 520,
668, 778, 900, 1002, 1144, 1240, 1344
Weekly reporting member banks:
1954 data
212, 214
Sample
42, 166, 292, 390, 524, 672, 782,
904, 1006, 1148, 1244, 1348
Total, leading cities
40, 164, 290, 388, 522, 670,
780, 902, 1004, 1146, 1242, 1346
Commercial paper:
Rates
47, 171, 297, 395, 529, 677, 787,
1954 data
909, 1011, 1153, 1249, 1353
215
Volume outstanding
42, 166, 292, 390,
672, 782, 904, 1006, 1148, 1244,
Commodity Credit Corporation:
Assets and liabilities
44, 168, 294, 392,
674, 784, 906, 1008, 1150, 1246,
Financial operations, discussion
Common trust funds, publication of information
Condition statements {See Assets and liabilities)
Conferences {See Meetings)
1418
524,
1348
526,
1350
975
142
Conkling, Gerald M., appointed Assistant Director,
Division of Bank Operations
882
Construction:
Contracts awarded
71, 195, 321, 419, 553,
701, 811, 933, 1035, 1177, 1273, 1377
Dwelling units started
72, 196, 322, 420, 554,
702, 812, 934, 1036, 1178, 1274, 1374
Housing markets, article on
457
National summary of business conditions. .20, 145, 270,
369, 503, 650, 760, 883, 985, 1127, 1223, 1327
Residential, discussion
1218
Value of new activity
71, 195, 321, 419, 553,
701, 811, 933, 1035, 1177, 1273, 1377
Consumer credit:
Furniture store statistics
62, 186, 312, 410, 544,
692, 802, 924, 1026, 1168, 1264, 1368
Instalment credit:
Extensions and repayments, by type. .62, 186, 312,
410, 544, 692, 802, 924, 1026, 1168, 1264, 1368
Extensions and repayments, 1929-1939, article on
631
Growth of, article on
1311
Outstanding, by holder. . . .60-61, 184-185, 310-311,
408-409, 542-543, 690-691, 800-801, 922-923,
1024-1025, 1166-1167, 1262-1263, 1366-1367
Major parts
60, 184, 310, 408, 542,
690, 800, 922, 1024, 1166, 1262, 1366
Noninstalment credit, by holder. .61, 185, 311, 409, 543,
691, 801, 923, 1025, 1167, 1263, 1367
Ratio of collections to accounts receivable. .62, 186, 312,
410, 544, 692, 802, 924, 1026, 1168, 1264, 1368
Consumer durable goods:
Output, discussion
2
Output indexes
68, 192, 318, 416, 550,
698, 808, 930, 1032, 1174, 1270, 1374
Annual
981
Purchases in 1954
465
Consumer finances, survey of, 1955:
Financial position of consumers
609
Housing arrangements of consumers
856
Preliminary
findings
249
Purchases of durable goods in 1954.
465
Consumer price indexes:
Domestic
78, 202, 328, 426, 560,
Foreign
708, 818, 940, 1042, 1184, 1280, 1384
101, 235, 351, 451, 597,
733, 841, 965, 1067, 1207, 1303, 1407
Consumption expenditures
80-81, 204-205, 330-331,
428-429, 562-563, 710-711, 820-821, 942-943,
1044-1045, 1186-1187, 1282-1283, 1386-1387
Consumption expenditures, discussion
1217, 1311
Corporate balance sheet and income statement, selected industries, 1952-1954
629
Corporate financing in 1954, article on
623
Corporate profits, early 1955, discussion
606
Corporate sales, profits, taxes, and dividends. .55-56, 179180, 305-306, 403-404, 537-538, 685-686, 795-796,
917-918, 1019-1020, 1161-1162, 1257-1258, 1361-1362
Corporate securities:
New issues
54, 178, 304, 402, 536,
684, 794, 916, 1018, 1160, 1256, 1360
New issues, early 1955, discussion
607
Outstanding, net change in
56, 180, 306, 404, 538,
686, 796, 918, 1020, 1162, 1258, 1362
Prices:
Domestic
'
46, 170, 296, 394, 528,
676, 786, 908, 1010, 1152, 1248, 1352
Foreign
101, 235, 351, 451, 597,
733, 841, 965, 1067, 1207, 1303, 1407
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 4 1
Pages
Corporate securities—Continued
Yields
.
47, 171, 297, 395, 529,
677, 787, 909, 1011, 1153, 1249, 1353
1954 data
216
Corporate stock, ownership of, survey of consumer
finances data
. 612
Cost of living (See Consumer price indexes)
Costa Rica:
Central Bank of:
Condition
94, 228, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063 1203, 1299, 1403
Crandall, Shannon, Jr., appointed director at Los
Angeles Branch
984
Credit extended by banks to real estate mortgage
lenders, articles on
980, 1323
Credit, international flows, and bankers' acceptances. . . 493
Credit and monetary expansion in 1954, article on. . . . .107
Credit and money in 1955, article on
741
Cuba:
Gold purchases by U, S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
National Bank of:
Condition
94, 228, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1400
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Currency (See also specific types of currency):
Consolidated monetary statement
34, 158, 284, 382,
516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data. . .
...574
Outside banks, seasonal adjustment factors
252
Outstanding and in circulation, volume and
kind
33, 157, 283, 381, 515,
663, 773, 895, 997, 1139, 1235, 1339
Customer credit, stock market
46, 170, 296, 394, 528,
676, 786, 908, 1010, 1152, 1248, 1352
Customer debit and credit balances
46, 170, 296,
394, 528, 676, 1046
Customers' debit balances and related items, stock
exchange firms, replaced by new monthly table. . . . . .759
Debits to deposit accounts
32, 156, 282, 380, 514,
662, 772, 894, 996, 1138, 1234, 1338
Debt and equity
financing
•,
110
Decker, Alonzo G., Jr. appointed Deputy Chairman
at Richmond
18
Defense Production Act of 1950, amendments of 1955. . .983
Defense production loans:
Fees and rates
32, 156, 282, 380, 514,
662, 772, 894, 996, 1138, 1234, 1338
Guaranteed under Regulation V . . 31, 155, 281, 379, 513,
661, 771, 893, 995, 1137, 1233, 1337
Demand deposits:
Adjusted, banks and the monetary system. .34, 158, 284,
382, 516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
Adjusted, commercial banks, by classes... .39, 163, 289,
387, 521, 669, 779, 901, 1003, 1145, 1241, 1345
Adjusted, and currency outside banks, seasonal
adjustment factors, article on
252
Banks, by classes
.35, 159, 285, 383, 517, 665,
775, 897, 999, 1141, 1237, 1341
1954 data
575
Held by consumers and businesses, discussion
745
Ownership of, article on. .
639
DECEMBER
1955
Demand deposits—Continued
Type of holder, at commercial banks. .39, 163, 289, 387,
521, 669, 779, 901, 1003, 1145, 1241, 1345
Weekly reporting member banks. . . . 4 1 , 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
..213
Denmark:
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold reserves and dollar holdings
585, 721, 829,
953, 1055, 1195, 1291, 1395
National bank of:
Condition
94, 228, 344, 444, 590,
726, 834, 958, 1060, 1200, 1296, 1404
Discount rate
97, 231, 347,, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Department stores:
Merchandising data
74, 198, 324, 422, 556,
704, 814, 936, 1038, 1180, 1276, 1380
Sales
73-77, 197-201, 323-327,
421-425, 555-559, 703-707, 713-817, 935-939,
1037-1041, 1179-1183, 1275-1279, 1379-1383
Sales and stocks indexes, revised
882, 935
Stocks:
Federal Reserve districts. .. .73, 197, 323, 421, 555,
703, 813, 935, 1037, 1179, 1275, 1379
Major departments
76, 200, 326, 424, 558,
706, 816, 938, 1040, 1182, 1278, 1382
Deposits (See also specific types of deposits):
Adjusted, and currency
34, 158, 284, 382, 516,
664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
Banks, by classes
35, 159, 285, 383, 517,
665, 775, 897, 999, 1141, 1237, 1341
1954 data
575
Commercial banks, by classes. . .39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Expansion of, discussion.
I l l , 745
Federal Reserve Banks:
Condition statement data. .29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Held for foreign correspondents. .88, 222, 338, 438,
584, 720, 828, 952, 1054, 1194, 1290, 1394
Maximum rates on time deposits. .26, 150, 276, 374,
508, 656, 766, 888, 990, 1132, 1228, 1332
Postal savings:
Consolidated monetary statement
34, 158, 284,
382, 516, 664, 774, 896, 998, 1140, 1236, 1340
Maximum rates
26, 150, 276, 374, 508,
656, 766, 888, 990, 1132, 1228, 1332
Monthly balances
32, 156, 282, 380, 514,
662, 772, 894, 996, 1138, 1234, 1338
1954 data
. .574
Savings deposits not evidenced by pass book,
amendments to Regulations D and Q and
interpretations
»
500, 648, 1125
Turnover of
32, 156, 282, 380, 514,
662, 772, 894, 996, 1138, 1234, 1338
Weekly reporting member banks
41, 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
.213
Deposits, reserves, and borrowings, by class of member bank
'.28, 152, 278, 376, 510,
658, 768, 890, 992, 1134, 1230, 1334
Deputy Chairmen, Federal Reserve Banks:
Appointments for 1955
.16
1419
INDEX TO VOLUME 41
Pages
Pages
Deputy Chairmen, Federal Reserve Banks—Continued
Bogle, Hal appointed at Dallas
19
Branch Harllee, Jr., appointed at Atlanta
18
Decker, Alonzo G., Jr., appointed at Richmond. . ...18
Hill, F. F., appointed at New York
18
Jesness, Oscar B., appointed at Minneapolis
368
List
103, 237, 353, 453, 599, 735,
843, 967, 1069, 1209, 1305, 1409
Seacrest, Joe W., appointed at Kansas City
1222
Sprague, Robert C., appointed at Boston
269
Detoy, Charles, appointed director at Los Angeles
Branch
1222
Directors, Federal Reserve Banks:
Appointments for 1955
16
Bogle, Hal, appointed Deputy Chairman at Dallas. .19
Branch, Harllee, Jr., appointed Deputy Chairman at Atlanta
18
Chairmen and Federal Reserve Agents, appointments for 1955
15
(See also Chairmen, Federal Reserve Banks)
Class A and B, elected for 1956
1325
Colvard, Dean W., appointed Class C at Richmond. .18
Decker, Alonzo G., Jr., appointed Deputy Chairman at Richmond
18
Deputy Chairmen, appointments for 1955
16
(See also Deputy Chairmen, Federal Reserve Banks)
Drought, Henry P., appointed Class C at Dallas.. . .19
Hill, F. F., appointed Class C and Deputy Chairman at New York
18
Jesness, Oscar B., appointed Class C and Deputy
Chairman at Minneapolis
368
Killian, James R., Jr., appointed Class C at Boston. .15
List
..126
Parten, J. R., resignation as Class C at Dallas
19
Puckett, Cecil, resignation as Class C at Kansas
City
758
Seacrest, Joe W.:
Appointed Class C at Kansas City
19
Appointed Deputy Chairman at Kansas City. .1222
Smith, Robert J., designated Chairman and Federal Reserve Agent at Dallas
19
Sprague, Robert C., appointed Class C and Deputy Chairman at Boston
269
Swensrud, Sidney A., appointed Deputy Chairman at Cleveland
18
Welch, Frank J., appointed Class C at Cleveland
18
Welk, Philip I., appointed Class C at San Francisco. . 649
Willham, Oliver S., appointed Class C at Kansas
City
1222
Directors, Federal Reserve Branch Banks:
Appointments for 1955
17
Braley, Warren W., appointed at Portland
984
Cameron, G. Ted, appointed at Little Rock
649
Crandall, Shannon, Jr., appointed at Los Angeles. . .984
Detoy, Charles, appointed at Los Angeles
1222
Essick, Bryant, resignation at Los Angeles
758
Flanagan, John C, appointed at Houston
368
Hall, Wm. Purnell, appointed at Baltimore
758
Helms, Paul H., resignation at Los Angeles
758
Irvine, W. Bay, appointed at Cincinnati.
18
List
127-141
Maddox, D. U., appointed at New Orleans
984
Myers, A. Carter, appointed at Nashville
18
Reynolds, Ray, appointed at Denver
649
Shepardson, Charles N., resignation at Houston... .268
Strauss, Sam B., resignation at Little Rock
143
Taylor, Howard M., Jr., resignation at Baltimore.. .758
Thomas, Alex R., appointed at San Antonio
368
Timm, Tyrus, R., appointed at Houston
368
Directors, Federal Reserve Branch Banks—Continued
Warner, J. C , appointed at Pittsburgh
18
Welk, Philip I., Portland, appointed Class C director at San Francisco
649
Williams, Philip C , New Orleans, death of
882
Discount rates:
Federal Reserve Banks:
Changes in
657, 884, 986, 991, 1133, 1222, 1325
Table
27, 151, 277, 375, 509, 657, 767,
889, 991, 1133, 1229, 1333
Foreign central banks.. .97, 231, 347, 447, 593, 729, 837,
961, 1063, 1203, 1299, 1403
Discounts and advances by Federal Reserve Banks:
Condition statement data
29, 153, 279, 377, 511, 659,
769, 891, 993, 1135, 1231, 1335
Regulation A revised
8
Weekly and monthly data. .
25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Dividends:
Corporate
55-56, 179-180, 305-306, 403-404,
537-538, 685-686, 795-796, 917-918,
1019-1020, 1161-1162, 1257-1258, 1361-1362
Federal Reserve Banks
15, 206
Member banks
495, 499, 564, 1083, 1188
Dollar assets, foreign
88-89, 222-223, 338-339, 438-439,
584-585, 720-721, 828-829, 952-953,
1054-1055, 1194-1195, 1290-1291, 1394-1395
Dollar flows and international financing, article on
241
Dominican Republic:
Condition of Central Bank. .94, 228, 344, 444, 590, 726,
834, 958, 1060, 1200, 1296, 1400
Gold reserves and dollar holdings
585, 721, 829, 953,
1055, 1195, 1291, 1395
Drought, Henry P., appointed Class C director at Dallas. . 19
Dwelling units started
72, 196, 322, 420, 554, 702, 812,
934, 1036, 1178, 1274, 1378
Earnings and expenses:
Federal Reserve Banks
15, 206
Insured commercial banks
573
Member banks
495, 564, 1083, 1188
Earnings and hours, manufacturing industries. .69, 193, 319,
417, 551, 699, 809, 931, 1033, 1175, 1271, 1375
Economic expansion in 1954-1955, article on
1215
Ecuador:
Central Bank of:
Condition
94, 228, 344, 444, 590, 726, 834,
958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593, 729, 837,
961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Egypt:
Gold reserves and dollar holdings. .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
National bank of:
Condition
94, 228, 344, 444, 590, 726,
834, 958, 1060, 1200, 1296, 1400
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
El Salvador:
Central Reserve Bank of:
Condition
95, 229, 345, 445, 591,
727, 835, 959, 1061, 1201, 1296, 1400
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
1420
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME
41
Pages
El Salvador—Continued
Gold reserves and dollar holdings. .585, 721, 829, 953,
1055, 1195, 1291, 1395
Employment:
Labor force
70, 194, 320, 418, 552,
700, 810, 932, 1034, 1176, 1272, 1376
Labor market in mid-1955, article on
849
Manufacturing production worker..68, 192, 318, 416,
550, 698, 808, 930, 1032, 1174, 1270, 1374
National summary of business conditions. .20, 145, 270,
369, 503, 650, 760, 883, 985, 1127, 1223, 1327
Nonagricultural
70, 194, 320, 418, 552,
700, 810, 932, 1034, 1176, 1272, 1376
England {See United Kingdom)
Essick, Bryant, resignation as director at Los Angeles
Branch
758
Export financing, trends in
359
Export-Import Bank, loans, etc.. .44, 168, 294, 392, 526, 674,
784, 906, 1008, 1150, 1246, 1350
Exports:
Agricultural, discussion
976
Merchandise
72, 196, 322, 420, 554, 702, 812,
934, 1036, 1178, 1274, 1378
World, discussion
1076
Farm assets and claims, balance sheet of agriculture,
1955
869
Farm mortgage loans:
Bank holdings
57, 181, 307, 405, 539, 687, 797,
919, 1021, 1163, 1259, 1363
Govt. agency loans
44, 168, 294, 392, 526, 674,
784, 906, 1008, 1150, 1246, 1350
Life insurance company holdings. .53, 182, 308, 406, 540,
^ 688, 798, 920, 1022, 1164, 1260, 1364
Farmers, financial position
978
Farrell, John R., appointed Assistant Director, Division of Bank Operations
882
Fauver, Clarke L., appointed Assistant Secretary of
Board of Governors
882
Federal Advisory Council:
Directory
102, 236, 352, 452, 598, 734, 842,
966, 1068, 1208, 1304, 1408
Meetings
143, 502, 1126, 1222
Federal budget for 1956, article on
115
Federal Deposit Insurance Corporation, assets and
liabilities
44, 168, 294, 392, 526, 674, 784,
906, 1008, 1150, 1246, 1350
Federal home loan banks:
Assets and liabilities. . .44, 168, 294, 392, 526, 674, 784,
906, 1008, 1150, 1246, 1350
Lending activity
59, 183, 309, 407, 541, 689,
799, 921, 1023, 1165, 1261, 1365
Federal Housing Administration:
Assets and liabilities
44, 168, 294, 392, 526, 674,
784, 906, 1008, 1150, 1246, 1350
Loans insured by
57-59, 181-183, 307-309, 405-407,
539-541, 687-689, 797-799, 919-921,
1021-1023, 1163-1165, 1259-1261, 1363-1365
Federal National Mortgage Association:
Assets and liabilities
44, 168, 294, 392, 526, 674, 784,
906, 1008, 1150, 1246, 1350
Lending activity
.59, 183, 309, 407, 541, 689, 799,
921, 1023, 1165, 1261, 1365
Federal Open Market Committee:
Executive committee discontinued
756
Meetings
143, 268, 502, 758, 882, 984,
1126, 1222, 1325
Members:
Elected
268
Martin, Wm. M c C , Jr., re-elected Chairman.. .268
DECEMBER 1955
Pages
Federal Open Market Committee—Continued
Members—Continued
Sproul, Allan, re-elected Vice Chairman
268
Members and staff
102, 236, 352, 452, 598, 734, 842,
966, 1068, 1208, 1304, 1408
Federal Reserve Act, section 24, amendments to permit national banks to make twenty-year real estate
loans and nine-month residential construction loans.. 983
Federal Reserve Agents:
Appointments for 1955
15
Smith, Robert J., designated at Dallas
19
Federal Reserve Bank notes, outstanding and in circulation
33, 157, 283, 381, 515, 663, 773,
895, 997, 1139, 1235, 1339
Federal Reserve Bank of Kansas City:
Puckett, Cecil, appointment as Vice President
758
Federal Reserve Banks:
Assessment for expenses of Board of Governors. . . .206
Branches {See Branch banks, Federal Reserve System)
Chairmen {See Chairmen, Federal Reserve Banks)
Condition statement
29-30, 153-154, 279-280, 377378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Deputy Chairmen {See Deputy Chairmen, Federal Reserve Banks)
Directors {See Directors, Federal Reserve Banks)
Earnings and expenses
15, 206
Federal Reserve Agents {See Federal Reserve Agents)
Officers
103, 237, 353, 453, 599, 735,
843, 967, 1069, 1209, 1305, 1409
U. S. Govt. security holdings:
Condition statement data
29-30, 153-154, 279280, 377-378, 511-512, 659-660, 769-770, 891892, 993-994, 1135-1136, 1231-1232, 1335-1336
Ownership data . . . 5 2 - 5 3 , 176-177, 302-303, 400401, 534-535, 682-683, 792-793, 914-915,
1016-1017, 1158-1159, 1254-1255, 1358-1359
Weekly and monthly data
25, 149, 275, 373,
507, 655, 765, 887, 989, 1131, 1227, 1331
Federal Reserve Bulletin, changes in subscription rates. .982
Federal Reserve Chart Book
143, 368, 984
Federal Reserve credit:
Condition statement data
29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Weekly and monthly data
25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Federal Reserve notes:
Collateral for
31, 155, 281, 379, 513, 661,
771, 893, 995, 1137, 1233, 1337
Condition statement data ...29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Federal Reserve Agents' accounts
31, 155, 281, 379,
513, 661, 771, 893, 995, 1137, 1233, 1337
Interest paid to Treasury
15, 206
Outstanding and in circulation . . . 33, 157, 283, 381,
515, 663, 773, 895, 997, 1139, 1235, 1339
Federal Reserve System:
Admissions of State banks to membership . 144, 269,
368, 502, 649, 758, 882, 1126, 1222
Map . .
106, 240, 356, 456, 602,
740, 846, 970, 1072, 1212, 1308, 1414
Finance company paper:
Rates
47, 171, 297, 395, 529, 677,
1954 data
787, 909, 1011, 1153, 1249, 1353
.215
Volume outstanding
42, 166, 292, 390, 524,
672, 782, 904, 1006, 1148, 1244, 1348
1421
INDEX TO VOLUME 41
Pages
Pages
Financing of large corporations in 1954, article o n . . . . 6 2 3
Finland:
Bank of:
Condition
95, 229, 345, 445, 591, 727,
835, 959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold reserves and dollar holdings
585, 721, 829,
953, 1055, 1195, 1291, 1395
First Vice Presidents of Federal Reserve B a n k s . 103, 237,
353, 453, 599, 735, 843,
967, 1069, 1209, 1305, 1409
Flanagan, John C , appointed director at Houston
Branch
368
Fleming, Robert V., re-elected Vice President of Federal Advisory Council
143
Flow-of-Funds Study, publication of
1085, 1222
Flow-of-funds system of national accounts, annual
estimates, 193*9-54
1085
Foreign banking corporations:
American Overseas Finance Corporation, granted
final permit to commence business
758
Foreign banking facilities, comparison of
364
Foreign central banks:
Assets and liabilities
92, 226, 342, 442, 588,
724, 832, 956, 1058, 1198, 1294, 1398
Discount rates
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Foreign commercial banks
98, 232, 348, 448, 594,
730, 838, 962, 1064, 1204, 1300, 1404
Foreign deposits in U. S. banks:
Banks and the monetary system, consolidated. .34, 158,
284, 382, 516, 664, 774, 896, 998, 1140, 1236, 1340
Commercial banks, by classes. .. 39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Federal Reserve Banks:
Condition statement data. .29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Held for foreign correspondents
88, 222, 338, 438,
584, 720, 828, 952, 1054, 1194, 1290, 1394
Weekly and monthly data . 25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Weekly reporting member banks . 41, 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Foreign lending by U. S. banks
246
Foreign liabilities and claims reported by banks .84-88, 218222, 334-338, 434-438, 580-584, 716-720,
824-828, 948-952, 1050-1054, 1190-1194,
1286-1290, 1390-1394
Foreign liabilities and claims reported by banks, discussion
358-363
Foreign trade
72, 196, 322, 420, 554,
702, 812, 934, 1036, 1178, 1274, 1378
Foreign trade and monetary reserves
246
Foreign trade financing and U. S. banks, article on
357
France:
Bank of:
Condition
93, 227, 343, 443, 589,
725, 833, 957, 1059, 1199, 1295, 1399
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
France—Continued
Bank of—Continued
Gold reserves
. .90, 224, 340, 440, 586,
722, 830, 954, 1056, 1196, 1292, 1396
Commercial banks
98, 232 348, 448, 594,
730, 838, 962, 1064, 1204, 1300, 1404
Foreign exchange rates
.99, 233, 349, 440, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Open market rates
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Price indexes
100-101, 234-235, 350-351,
450-451, 596-597, 732-733, 840-841, 964-965,
1066-1067, 1206-1207, 1302-1303, 1406-1407
Freight carloadings (See Carloadings)
Furniture and household appliances, purchases, survey of consumer finances data
469, 480
Furniture store statistics
62, 186, 312, 410, 544,
692, 802, 924, 1026, 1168, 1264, 1368
General fund balance
48, 172, 298, 396, 530,
678, 788, 910, 1012, 1154, 1250, 1354
Germany:
Bank of German States:
Condition
95, 229, 345, 445, 591,
727, 835, 959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593,
729, 837, 961, 1063, 1203, 1299, 1403
Foreign exchange rates
99, 233, 349, 449, 595,
731, 839, 963, 1065, 1205, 1301, 1405
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953% 1055, 1195, 1291, 1395
Gold:
Earmarked
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
Foreign purchases of newly produced
.243
Movements, discussion
243
Net purchases by U. S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
Outstanding, U. S. m o n e y . . . . . .33, 157, 283, 381, 515,
663, 773, 895, 997, 1139, 1235, 1339
Production:
Domestic
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
World
88, 222, 338, 438, 584,
720, 828, 952, 1054, 1194, 1290, 1394
Reserves of central banks and governments.... 90, 224,
340, 440, 586, 722, 830, 954, 1056, 1196, 1292, 1396
Reserves of foreign countries and international
institutions
89, 223, 339, 439, 585,
721, 829, 953, 1055, 1195, 1291, 1395
Estimated changes during 1954
248
Reserves, regional changes in holdings
244
Stock:
Changes in. . .,
91, 225, 341, 441, 587, 723, 831,
955, 1057, 1197, 1293, 1397
Consolidated monetary statement
34, 158, 284,
382, 516, 664, 774, 896,
998, 1140, 1236, 1340
1954 data
574
Weekly and monthly d a t a . . .25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Gold certificates:
Collateral against Federal Reserve notes
31, 155,.
281,379,513, 661, 771,
893, 995, 1137, 1233, 1337
1422
FEDERAL RESERVE BULLETINS
INDEX TO VOLUME 4 1
Pages
Gold certificates—Continued
Federal Reserve Bank condition statement data. .29-30,
153-154, 279-280, 377-378,
511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Outstanding and in circulation
33, 157, 283, 381,
515, 663, 773, 895, 997, 1139, 1235, 1339
Govt. agencies, assets and liabilities, by type and
agency
44, 168, 294, 392, 526, 674, 784,
906, 1008, 1150, 1246, 1350
Govt. debt (See U. S. Govt. securities)
Govt. expenditures, discussion
. . . 1220
Govt. securities (See U. S. Govt. securities)
Greece:
Bank of:
Condition
95, 229, 345, 445, 591, 727, 835,
959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves and dollar holdings
585, 721, 829, 953,
1055, 1195, 1291, 1395
Gross national product
80-81, 204-205, 330-331, 428-429,
562-563, 710-711, 820-821, 942-943,
1044-1045, 1186-1187, 1282-1283, 1386-1387
Guatemala:
Bank of:
Condition
95, 229, 345, 445, 591, 727, 835,
959, 1061, 1201, 1297, 1401
Gold reserves
90, 224, 340, 440, 586, 722, 830,
954, 1056, 1196, 1292, 1403
Gold reserves and dollar holdings
585, 721, 829, 953,
1055, 1195, 1291, 1395
Hall, Wm. Purnell, appointed director at Baltimore
Branch
758
Hawaii, banks on Par List
269
Helms, Paul H., resignation as director at Los Angeles
Branch
758
Hill, F. F., appointed Class C director and Deputy
Chairman at New York
18
Holding company affiliates, legislation, statements by
Chairman Martin on
260, 753
Home owners, Govt. agency loans
44, 168, 294, 392, 526,
674, 784, 906, 1008, 1150, 1246, 1350
Horbett, J. E., appointed Associate Director, Division
of Bank Operations
882
Hours and earnings, manufacturing industries. .69, 193, 319,
417, 551, 699, 809, 931, 1033, 1175, 1271, 1375
Housing arrangements of consumers, 1955 survey of
consumer
finances
856
Housing markets, article on
45 7
Imports and balance of payments
1077
Imports of merchandise
72, 196, 322, 420, 554,
702, 812, 934, 1036, 1178, 1274, 1378
India:
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold production
88, 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Gold reserves and dollar holdings. .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Reserve Bank of:
Condition
95, 229, 345, 445, 591, 727,
835, 959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
DECEMBER 1955
Pages
Indonesia, Bank of:
Condition
95, 229, 345, 445, 591, 727, 835,
959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Industrial advances by Federal Reserve Banks:
Condition statement data
29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Number and amount
31, 155, 281, 379, 513, 661,
771, 893, 995, 1137, 1233, 1337
Rates .
..27, 151, 277, 375, 509, 657, 767,
889, 991, 1133, 1229, 1333
Industrial production:
Developments in
1
National summary of business conditions. .20, 145, 270,
369, 503, 760, 883, 985, 1127, 1223, 1327
Industrial production indexes
64, 188, 314, 412, 546,
694, 804, 926, 1028, 1170, 1266, 1370
Annual
„
981
Instalment credit, growth of
1311, 1314
Instalment loans
60-62, 184-186, 310-312, 408-410,
542-544, 690-692, 800-802, 922-924, 10241026, 1166-1168, 1262-1264, 1366-1368
Insurance companies:
Mortgage activity of life insurance companies. .58, 182,
308, 406, 540, 688, 798, 920, 1022, 1164, 1260, 1364
Principal assets of life insurance companies. . 4 3 , 167,
293, 391, 525, 673, 783, 905, 1007, 1149, 1245, 1349
U. S. Govt. security holdings
52-53, 176-177, 302303, 400-401, 534-535, 682-683, 792-793, 914-915,
1016-1017, 1158-1159, 1254-1255, 1358-1359
Insured commercial banks:
Assets and liabilities
37-39, 161-163, 287-289, 385387, 519-521, 667-669, 777-779, 899-901,
1001-1003, 1143-1145, 1239-1241, 1343-1345
Banking offices, changes in number
208, 944
Branches, number, by State
431
Earnings and expenses
573
Number
37, 161, 287, 385, 519, 667,
777, 899, 1001, 1143, 1239, 1343
Number, by State
430
Interbank deposits:
Banks, by classes
35, 159, 285, 383, 517, 665, 775,
897, 999, 1141, 1237, 1341
1954 data
575
Commercial banks, by classes. . . .39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Weekly reporting member banks. . . . 4 1 , 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Interest rates:
Bankers' acceptances, discussion
489
Bond yields
47, 171, 297, 395, 529, 677,
787, 909, 1011, 1153, 1249, 1353
Bond yields, changes in table
759
Business loans by banks
47, 171, 297, 395, 529,
677, 787, 909, 1011, 1153, 1249, 1353
Changes in, discussion
113, 748
Discount rates, Federal Reserve Banks:
Changes in
657, 884, 986, 991,
1133, 1222, 1325
....27, 151, 277, 375, 509, 657,
767, 889, 991, 1133, 1229, 1333
Federal Reserve rates
27, 151, 277, 375, 509, 657,
767, 889, 991, 1133, 1229, 1333
Table .
1423
INDEX TO VOLUME 4 1
Pages
Pages
Iran—Continued
Bank Melli Iran—Continued
97, 231, 347, 447, 593, 729,
Gold reserves
90, 224, 340, 440, 586, 722,
837, 961, 1063, 1203, 1299, 1403
830, 954, 1056, 1196, 1292, 1396
National summary of business conditions
986
Gold reserves and dollar holdings. . . .89, 223, 339, 439,
Open market rates:
585, 721, 829, 953, 1055, 1195, 1291, 1395
Domestic
47, 171, 297, 395, 529, 677,
787, 909, 1011, 1153, 1249, 1353 Ireland:
Central Bank of:
1954 data
215
Condition
95, 229, 345, 445, 591, 727, 835,
Foreign
97, 231, 347, 447, 593, 729, 837,
959, 1061, 1201, 1297, 1401
961, 1063, 1203, 1299, 1403
Discount rate
97, 231, 347, 447, 593, 729, 837,
Regulation V loans
32, 156, 282, 380, 514, 662, 772,
961, 1063, 1203, 1299, 1403
894, 996, 1138, 1234, 1338
Foreign exchange rates
99, 233, 349, 449, 595, 731,
Stock yields
47, 171, 297, 395, 529, 677, 787,
839, 963, 1065, 1205, 13.01, 1405
909, 1011, 1153, 1249, 1353
1954 data
216 Irvine, W. Bay, appointed director at Cincinnati Branch 18
Israel, Bank of, condition statement
1297, 1401
Stock yields, changes in table
759
Time deposits, maximum rates. . . .26, 150, 276, 374, 508, Italy:
Bank of:
656, 766, 888, 990, 1132, 1228, 1332
Condition
95, 229, 345, 445, 591, 727, 835,
Internal revenue collections
49, 173, 299, 397, 531, 679,
959, 1061, 1201, 1297, 1401
789, 911, 1013, 1155, 1251, 1355
Discount rate
97, 231, 347, 447, 593, 729, 837,
International capital transactions of the U. S
84, 218,
961, 1063, 1203, 1299, 1403
334, 434, 580, 716, 824,
Gold reserves
90, 224, 340, 440, 586, 722, 830,
948, 1050, 1190, 1286, 1390
954, 1056, 1196, 1292, 1396
International financial institutions:
Gold reserves and dollar holdings. .89, 223, 339, 439, 585,
Condition
92, 226, 342, 442, 588, 724, 832,
721, 829, 953, 1055, 1195, 1291, 1395
956, 1058, 1198, 1294, 1398
Wholesale prices
100, 234, 350, 450, 596, 732, 840,
Gold reserves
90, 224, 340, 440, 586, 722, 830,
964, 1066, 1206, 1302, 1406
954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings
89, 223, 339, 439, Japan:
Bank of:
585, 721, 829, 953, 1055, 1195, 1291, 1395
Condition
95, 229, 345, 445, 591, 727,
International financing and dollar flows, article on
241
835, 959, 1061, 1201, 1297, 1401
International flows of credit and bankers' acceptances. .493
Discount rate
97, 231, 347, 447, 593, 729,
Interpretations:
837, 961, 1063, 1203, 1299, 1403
Regulation D, savings deposits not evidenced by
Gold reserves and dollar holdings
89, 223, 339, 439,
pass book, withdrawals from
648
585, 721, 829, 953, 1055, 1195, 1291, 1395
Regulation F, common trust funds, publication of
Wholesale prices
100, 234, 350, 450, 596, 732, 840,
information
142
964, 1066, 1206, 1302, 1406
Regulation Q:
Savings deposits, agreement without pass
Jesness, Oscar B., appointed Class C director and
book
:
1125
Deputy Chairman at Minneapolis
368
Savings deposits, withdrawals not evidenced
Killian, James R., Jr., appointed Class C director at
by pass book
648
Boston
15
Regulations T and U, arranging loan to purchase
Koch, Albert R., appointed Assistant Director, Diviopen-end investment company shares
267
sion of Research and Statistics
15
70, 194, 320, 418, 552, 700, 810,
Inventories
81, 205, 331, 429, 563, 711, 821, Labor force
932, 1034, 1176, 1272, 1376
943, 1045, 1187, 1283, 1387
Labor market in mid-1955, article on
849
Inventories, early 1955, discussion
604
Leading articles:
Investments (See also specific types of investments):
Agricultural situation
973
Banks, by classes
35, 159, 285, 383, 517, 665,
Balance of international payments in 1954-1955.... 1075
775, 897, 999, 1141, 1237, 1341
Business financing in early 1955
603
1954 data
575
Consumer instalment credit, growth of
1311
Commercial banks, by classes. . . .38, 162, 288, 386, 520,
Credit and monetary expansion in 1954
107
668, 778, 900, 1002, 1144, 1240, 1344
Credit and money in 1955
741
Commercial banks, discussion
108, 742
Current business situation
1
Federal Reserve Banks
29-30, 153-154, 279-280,
Dollar flows and international
financing
241
377-378, 511-512, 659-660, 769-770, 891-892,
Economic expansion in 1954-1955
1215
993-994, 1135-1136, 1231-1232, 1335-1336
Housing markets
457
Govt. agencies, etc
44, 168, 294, 392, 526, 674, 784,
Labor market in mid-1955
849
906, 1008, 1150, 1246, 1350
U. S. banks and foreign trade
financing
357
Life insurance companies
43, 167, 293, 391, 525, 673,
783, 905, 1007, 1149, 1245, 1349 Legislation:
Bank holding company, statements by Chairman
Savings and loan associations
43, 167, 293, 391, 525,
673, 783, 905, 1007, 1149, 1245, 1349
Martin on
260, 753
Defense Production Act of 1950, amendments of
Weekly reporting member banks
40, 164, 290, 388,
522, 670, 780, 902, 1004, 1146, 1242, 1346
1955
983
1954 data
212
Federal Reserve Act, section 24, amendments to
permit national banks to make twenty-year
Iran:
real estate loans and nine-month residential
Bank Melli Iran:
construction loans
983
Condition
. . .959, 1061, 1201, 1297, 1401
Interest rates—Continued
Foreign countries
1424
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 41
Legislation—Continued
Securities Exchange Act, proposed changes in,
statement of Chairman Martin on S. 2054
751
Silver, statement of Chairman Martin on S. 1427. . .755
Life insurance companies (See Insurance companies)
Liquid asset holdings of individuals and businesses
749
Loans (See also specific types of loans):
Bank credit extended to real estate mortgage
lenders, articles on
980, 1323
Banks, by classes
35, 159, 285, 383, 517,
665, 775, 897, 999, 1141, 1237, 1341
1954 data
575
Commercial banks by classes. . . .38, 162, 288, 386, 520,
668, 778, 900, 1002, 1144, 1240, 1344
Commercial banks, discussion
109, 742
Federal Reserve Banks:
Condition statement data. .29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Industrial advances . 3 1 , 155, 281, 379, 513, 661,
771, 893, 995, 1137, 1233, 1337
Member bank borrowings. . . .28, 152, 278, 376, 510,
658, 768, 890, 992, 1134, 1230, 1334
1954 data
211
Weekly and monthly data. .25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Foreign lending by U. S. banks
246
Govt. agencies, etc
44, 168, 294, 392, 526,
674, 784, 906, 1008, 1150, 1246, 1350
Life insurance companies:
Assets
43, 167, 293, 391, 525,
673, 783, 905, 1007, 1149, 1245, 1349
Mortgage activity
58, 182, 308, 406, 540,
688, 798, 920, 1022, 1164, 1260, 1364
Savings and loan associations:
Assets
43, 167, 293, 391, 525,
673, 783, 905, 1007, 1149, 1245, 1349
Mortgage activity
58, 182, 308, 406, 540,
688, 798, 920, 1022, 1164, 1260, 1364
Weekly reporting member banks. .40, 164, 290, 388, 522,
670, 780, 902, 1004, 1146, 1242, 1346
1954 data
212, 214
Loans insured or guaranteed:
FHA-insured
57-59, 181-183, 307-309,
405-407, 539-541, 687-689, 797-799, 919-921,
1021-1023, 1163-1165, 1259-1261, 1363-1365
Regulation V loan guarantees. . . .31, 155, 281, 379, 513,
661, 771, 893, 995, 1137, 1233, 1337
VA-guaranteed
57-59, 181-183, 307-309,
405-407, 539-541, 687-689, 797-799, 919-921,
1021-1023, 1163-1165, 1259-1261, 1363-1365
Luxembourg, gold reserves and dollar holdings .89, 223, 339,
439, 585, 721, 829, 953, 1055, 1195, 1291, 1395
Maddox, D. U., appointed director at New Orleans
Branch
984
Manufacturers, production indexes:
Annual
981
Consumer durable goods output. .68, 192, 318, 416, 550,
698, 808, 930, 1032, 1174, 1270, 1374
Industrial. .
64, 188, 314, 412, 546, 694, 804,
926, 1028, 1170, 1266, 1370
Map of Federal Reserve System
106, 240, 356, 456, 602,
740, 846, 970, 1072, 1212, 1308, 1414
Margin requirements:
Increases in
8, 500
Table
26, 150, 276, 374, 508, 656, 766,
888, 990, 1132, 1228, 1332
DECEMBER 1955
Martin, Wm. M c C , Jr.:
Bank holding company legislation, statements
on
260, 753
Bank mergers and consoldations, statement o n . . . . 642
Monetary policy and real estate markets, statement on
1317
Redesignation as Chairman of Board of Governors
268
Re-elected Chairman of Federal Open Market
Committee
268
Securities Exchange Act, proposed changes, statement on S. 2054
751
Silver legislation, statement on S. 1427
755
Stock market credit, statement before Senate
Banking and Currency Committee
256
Meetings:
Chairmen of Federal Reserve Banks
1325
Federal Advisory Council
143, 502, 1126, 1222
Federal Open Market Committee. .143, 268, 502, 758,
882, 984, 1126, 1222, 1325
Presidents of Federal Reserve Banks
268, 758, 1126
Member banks:
Assets and liabilities, by classes . 35-39, 159-163, 285289, 383-387, 517-521, 665-669. 775-779, 897-901,
999-1003, 1141-1145, 1237-1241, 1341-1345
1954 data
575
Banking offices, changes in number
208, 944
Borrowings at Federal Reserve Banks:
By class of member bank
28, 152, 278, 376,
510, 658, 768, 890, 992, 1134, 1230, 1334
Weekly and monthly data
25, 149, 275, 373,
507, 655, 765, 887, 989, 1131, 1227, 1331
Branches, number, by State
431
Deposits and reserves, by classes . . . 2 8 , 152, 278, 376,
510, 658, 768, 890, 992, 1134, 1230, 1334
Earnings and expenses
495, 564, 1083, 1188
Number, by class
35, 159, 285, 383, 517, 665,
775, 897, 999, 1141, 1237, 1341
Number, by class and State
430
Operating ratios
712
Reserve positions
112, 744
Reserve requirements, by classes. .. .27, 151, 277, 375,
509, 657, 767, 889, 991, 1133, 1229, 1333
Reserves and borrowings at Federal Reserve
Banks, 1954 data
210
Reserves and related items
25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Changes in
745
Revision of table
145
Weekly reporting series . . .40, 164, 290, 388, 522, 670,
780, 902, 1004, 1146, 1242, 1346
1954 data
212-214
Membership in Federal Reserve System, admissions
of State banks
144, 269, 368, 502, 649,
758, 882, 1126, 1222
Mexico:
Bank of:
Condition
95, 229, 345, 445, 591, 727,
835, 959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Foreign exchange rates . . 99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold production . . .
88, 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Gold purchases by U. S
91, 225, 341, 441, 587,
723, 831, 955, 1057, 1197, 1293, 1397
1425
INDEX TO VOLUME 41
Pages
Pages
Mexico—Continued
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Minerals, production index
64, 188, 314, 412, 546, 694,
804, 926, 1028, 1170, 1266, 1370
Annual
981
Monetary and credit expansion in 1954, article on
107
Monetary policy and real estate markets, statement
of Chairman Martin on
1317
Monetary reserves and international financing
245
Money in circulation:
Volume and kind
33, 157, 283, 381, 515, 663, 773,
895, 997, 1139, 1235, 1339
Weekly and monthly data
25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Money and credit in 1955, article on
741
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks:
Assets and liabilities
35, 159, 285, 383, 517, 665,
1954 data
775, 897, 999, 1141, 1237, 1341
576
Banking offices, changes in number
208, 944
Branches, number, by State
431
Consolidated monetary statement . . . .34, 158, 284, 382,
516, 664, 774, 896, 998, 1140, 1236, 1340
Number
35, 159, 285, 383, 517, 665, 775,
897, 999, 1141, 1237, 1341
Number, by State
430
Real estate loans held by
57, 181, 307, 405, 539,
687, 797, 919, 1021, 1163, 1259, 1363
U. S. Govt. security holdings
52-53, 176-177, 302303, 400-401, 534-535, 682-683, 792-793, 914915, 1016-1017, 1158-1159, 1254-1255, 1358-1359
Myers, A. Carter, appointed director at Nashville
Branch
18
National bank notes, outstanding and in circulation
33,
157, 283, 381, 515, 663, 773, 895, 997, 1139, 1235, 1339
National banks:
Assets and liabilities
37, 161, 287, 385, 519, 667,
777, 899, 1001, 1143, 1239, 1343
Banking offices, changes in number
208, 944
Branches, number, by State
431
Collective investment of trust funds established
under employee pension, profit-sharing, or
stock bonus plans, amendment to Regulation
F
501
Common trust funds, publication of information... 142
Earnings and expenses
564
Number. . . .'
37, 161, 287, 385, 519, 667,
777, 899, 1001, 1143, 1239, 1343
Number, by State
430
Real estate loans and residential construction
loans, amendments to section 24 of Federal
Reserve Act with respect to maximum permissible maturity
983
National income
80, 204, 330, 428, 562, 710,
820, 942, 1044, 1186, 1282, 1386
National security expenditures:
Federal budget for 1956
117
National product series
81, 205, 331, 429, 563, 711,
821, 943, 1045, 1187, 1283, 1387
Treasury statement basis
48, 172, 298, 396, 530, 678,
788, 910, 1012, 1154, 1250, 1354
National summary of business conditions
20, 145, 270,
369, 503, 650, 760, 883, 985, 1127, 1223, 1327
Netherlands:
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
1426
Netherlands—Continued
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Netherlands Bank:
Condition
95, 229, 345, 445, 591, 727,
835, 959, 1061, 1201, 1297, 1401
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Open market rates
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Price indexes.
100-101, 234-235, 350-351, 450-451,
596-597, 732-733, 840-841, 964-965,
1066-1067, 1206-1207, 1302-1303, 1406-1407
New Zealand:
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Reserve Bank of:
Condition
95, 229, 345, 445, 591, 727,
835, 959, 1061, 1201, 1297, 1390
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1401
Nicaragua, gold production
88 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Nonmember banks:
Assets and liabilities.. .37-39, 161-163, 287-289, 385-387,
519-521, 667-669, 777-779, 899-901,
1001-1003, 1143-1145, 1239-1241, 1343-1345
Banking offices, changes in number
208, 944
Branches, number, by State
431
Discounts and advances by Federal Reserve
Banks
29, 153, 279, 377, 511, 659,
769, 891, 993, 1135, 1231, 1335
Number
37, 161, 287, 385, 519, 667,
777, 899, 1001, 1143, 1239, 1343
Number, by State
430
Norway:
Bank of:
Condition
95, 229, 345, 445, 591, 727,
835, 959, 1061, 1201, 1297, 1401
Discount rate
97, 213, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold reserves and dollar holdings. .89, 223, 339, 439, 585,
721, 829, 953, 1055, 1195, 1291, 1395
Open market rates (See Interest rates)
Open-end investment company shares, arranging loan
to purchase, interpretation of Regulations T and U
267
Operating ratios, member banks
712
Ownership of demand deposits, article on
639
Pakistan, State Bank of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Panama, Republic of, gold reserves and dollar
holdings
585, 721, 829, 953, 1055, 1195, 1291, 1395
Par List
209, 269, 945
Paraguay, condition of Central Bank of
96, 230, 346, 446,
592, 728, 836, 960, 1062, 1202, 1298,1402
Parten, J. R., resignation as Class C director at Dallas... .19
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 41
Pages
Pages
63, 187, 313, 411, 545, 693,
803, 925, 1027, 1169, 1265, 1369
National summary of business conditions
883
Pension trusts, supervision of bank administration of,
statement by Vice Chairman Balderston on
879
Personal income
81,. 205, 331, 429, 563, 711,
821, 943, 1045, 1187, 1283,-1387
Personal income, discussion
1221
Peru:
Central Reserve Bank of:
Condition.
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
.90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings
585, 721, 829, 953,
1055, 1195, 1291, 1395
Philippine Republic:
Central Bank of the Philippines,
condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Portugal:
Bank of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings... .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Postal Savings System:
Depositors' balances and assets. . . .32, 156, 282, 380, 514,
662, 772, 894, 996, 1138, 1234, 1338
Deposits:
Consolidated monetary statement
34, 158, 284,
382, 516, 664, 774, 896, 998, 1140, 1236, 1340
Maximum rates
26, 150, 276, 374, 508, 656,
766, 888, 990, 1132, 1228, 1332
1954 data
574
Presidents of Federal Reserve Banks:
List
103, 237, 353, 453, 599, 735,
843, 967, 1069, 1209, 1305, 1409
Meetings
268, 758, 1126
Prices:
Agricultural, discussion
977
Commodity, changes in, discussion
5
Commodity, national summary of business conditions
21, 146, 271, 370, 504, 651,
761, 884, 986, 1128, 1224, 1328
Consumer
78, 202, 328, 426, 560, 708,
818, 940, 1042, 1184, 1280, 1384
Federal price support operations
975
Foreign... 100-101, 234-235, 350-351, 450-451, 596-597,
732-733, 840-841, 964-965, 1066-1067,
1206-1207, 1302-1303, 1406-1407
Security ..
46, 170, 296, 394, 528, 676,
786, 908, 1010, 1152, 1248, 1352
Prices—Continued
Wholesale commodity . . . .78, 202, 328, 426, 560, 708,
818, 940, 1042, 1184, 1280, 1384
Production:
Annual indexes
981
Consumer durable goods output. .68, 192, 318, 416, 550,
698, 808, 930, 1032, 1174, 1270, 1374
Developments in
1
Industrial
64, 188, 314, 412, 546, 694,
804, 926, 1028, 1170, 1266, 1370
Profits:
Corporate
55-56, 179-180, 305-306, 403-404,
537-538, 685-686, 795-796, 917-918,
1019-1020, 1161-1162, 1257-1258, 1361-1362
Member banks
1083, 1188
Publications:
Annual Report, Board of Governors, 1954
268
Banking and monetary statistics, 1954, special
tables
502
Board of Governors, list. .104, 238, 354, 454, 600, 736,
844, 968, 1070, 1210, 1306, 1410
Federal Reserve Bulletin, changes in subscription
rates
982
Federal Reserve Chart Book
143, 368, 984
Flow-of-Funds Study
1085, 1222
Puckett, Cecil, resignation as Class C director at
Kansas City, to accept appointment as Vice President of Federal Reserve Bank of Kansas City
758
Rates (See Foreign exchange rates; Interest rates)
Real estate loans:
Commercial banks
57, 181, 307, 405, 539, 687,
797, 919, 1021, 1163, 1259, 1363
Commercial banks, by classes . .38, 162, 288, 386, 520,
668, 778, 900, 1002, 1144, 1240, 1344
Farm-mortgage loans
875
Housing markets, article on
457
Mortgage debt, survey of consumer finances data. .860,
867, 868
National banks, amendments to section 24 of
Federal Reserve Act with respect to maximum
permissible maturity
983
Type of mortgage holder. .. .57-59, 181-183, 307-390,
405-407, 539-541, 687-689, 797-799, 919-921
1021-1023, 1163-1165, 1259-1261, 1363-1365
Type of property mortgaged
57-59, 181-183,
307-309, 405-407, 539-541, 687-689, 797-799, 919-921,
1021-1023, 1163-1165, 1259-1261, 1363-1365
Weekly reporting member banks. 40, 164, 290, 388, 522,
670, 780, 902, 1004, 1146, 1242, 1346
1954 data
212
Real estate markets and monetary policy, statement
of Chairman Martin on
1317
Real estate mortgage lenders, credit extended bv
banks to, articles on
980, 1323
Reconstruction Finance Corporation, loans, etc. . .44, 168,
294, 392, 526, 674, 784, 906} 1008, 1150, 1246, 1350
Regulations, Board of Governors:
A, Advances and Discounts by Federal Reserve Banks:
Revision of
8
D, Reserves of Member Banks:
Savings deposits not evidenced by pass book:
Amendment to section 1 (e)
500
Withdrawal from, interpretation
648
F, Trust Powers of National Banks:
Collective investment of trust funds established under employee pension, profit-sharing, or stock bonus plans, amendment with
respect to
501
Payrolls:
Manufacturing index
DECEMBER
1955
1427
INDEX TO VOLUME 41
Pages
Pages
Regulations, Board of Governors—Continued
F, Trust Powers of National Banks—Continued
Common trust funds, publication of information
142
Q, Payment of Interest on Deposits:
Savings deposits not evidenced by pass book:
Amendment to section l(e)
500
Interpretations with respect to
648, 1125
T, Extension and Maintenance of Credit by
Brokers, Dealers, and Members of National
Securities Exchanges:
Amendments increasing margin requirements. 8, 500
Arranging loan to purchase open-end investment company snares
267
U, Loans by Banks for the Purpose of Purchasing
or Carrying Stocks Registered on a National
Securities Exchange:
Amendments increasing margin requirements. 8, 500
Arranging loan to purchase open-end investment company shares
267
V, Loan Guarantees for Defense Production:
Fees and rates. .. .32, 156, 282, 380, 514, 662, 772,
894, 996, 1138, 1234, 1338
Loans guaranteed
31 155, 281, 379, 513, 661,
771, 893, 995, 1137, 1233, 1337
Regulations, Federal Open Market Committee:
Amendment discontinuing executive committee.... 756
Reserve requirements, member banks
27, 151, 277, 375,
509, 657, 767, 889, 991, 1133, 1229, 1333
Reserves:
Commercial banks, by classes. . .39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Federal Reserve Banks
29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Foreign central banks and governments. . . .90, 224, 340,
440, 586, 722, 830, 954, 1056, 1196, 1292, 1396
Foreign countries and international institutions.... 89,
223, 339, 439, 585, 721, 829,
953, 1055, 1195, 1291, 1395
Foreign monetary, and international
financing
245
Member banks:
Accounts with Federal Reserve Banks
29-30,
153-154, 279-280, 377-378, 511-512, 659-660,
769-770, 891-892, 993-994, 1135-1136,
1231-1232, 1335-1336
By class of member bank
28, 152, 278, 376, 510,
658, 768, 890, 992, 1134, 1230, 1334
1954 data
210
Commercial bank statement. .. .39, 163, 289, 387,
521, 669, 779, 901, 1003, 1145, 1241, 1345
Reserve positions
112, 744
Reserves and related items. .25, 149, 275, 373, 507,
655, 765, 887, 989, 1131, 1227, 1331
Revision of table
143
Savings deposits not evidenced by pass book,
amendment to Regulation D and interpretation . ..
500, 648
Weekly reporting banks
41, 165, 291, 389, 523,
671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Reserves and bank credit, national summary of business conditions
21, 146, 271, 370, 504, 651,
761, 884, 986, 1128, 1224, 1328
Residential construction, discussion
1218
Residential construction loans, national banks,
amendment to section 24 of Federal Reserve Act
with respect to maximum permissible m a t u r i t y . . . . 983
Residential mortgage loans
57-59, 181-183, 307-309,
405-407, 539-541, 687-689, 797-799, 919-921,
1021-1023, 1163-1165, 1259-1261, 1363-1365
Resignations:
Essick, Bryant, as director at Los Angeles Branch . 758
Helms, Paul H., as director at Los Angeles Branch. 758
Puckett, Cecil, as Class C director at Kansas
City, to accept appointment as Vice President
of Federal Reserve Bank of Kansas City
758
Shepardson, Charles N., as director of Houston
Branch, to become Member of Board of Governors
268
Strauss, Sam B., as director at Little Rock Branch. .143
Taylor, Howard M., Jr., as director at Baltimore
Branch
;
758
Youngdahl, C. Richard, as Assistant Director,
Division of Research and Statistics
15
Reynolds, Ray, appointed director at Denver Branch. .649
Rhodesia, gold production.
88, 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Russia (See Union of Soviet Socialist Republics)
Sales finance companies, consumer loans of. .. .60-61, 184185, 310-311, 408-409, 542-543, 690-691, 800-801,
922-923, 1024-1025, 1166-1167, 1262-1263, 1366-1367
Savings
80, 204, 330, 428, 562, 710,
820, 942, 1044, 1186, 1282, 1386
Savings, discussion
1221
Savings bonds, sales and redemptions. . . .51, 175, 301, 399,
533, 681, 791, 913, 1015, 1157, 1253, 1357
Savings deposits (See also Time deposits):
Pass book, not evidenced by, amendments to
Regulations D and Q and interpretations
500,
648, 1125
Savings institutions, principal assets. .43, 167, 293, 391, 525,
673, 783, 905, 1007, 1149, 1245, 1349
Savings and loan associations:
Mortgage activity
58, 182, 308, 406, 540, 688,
798, 920, 1022, 1164, 1260, 1364
Principal assets
43, 167, 293, 391, 525, 673
783, 905, 1007, 1149, 1245, 1349
Seacrest, Joe W.:
Appointed Class C director at Kansas City
19
Appointed Deputy Chairman at Kansas City. . . . 1222
Securities, international transactions
87-88, 221-222,
337-338, 437-438, 583-584, 719-720, 827-828,
951-952, 1053-1054, 1193-1194, 1289-1290, 1393-1394
Securities Exchange Act, proposed changes, statement
of Chairman Martin on S. 2054
751
Security issues:
Corporate, outstanding, net change in. .56, 180, 306,
404, 538, 686, 796, 918, 1020, 1162, 1258, 1362
New issues
54, 178, 304, 402, 536, 684,
794, 916, 1018, 1160, 1256, 1360
Security markets, national summary of business conditions
21, 146, 271, 370, 504, 651,
761, 884, 986, 1128, 1224, 1328
Shepardson, Charles N., appointment as Member of
Board of Governors
268
Silver coin and silver certificates, outstanding and in
circulation
33, 157, 283, 381, 515, 663,
773, 895, 997, 1139, 1235, 1339
Silver legislation, statement of Chairman Martin on
S. 1427
755
Smith, Robert J., designated Chairman and Federal
Reserve Agent at Dallas
19
1428
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 41
Pages
Pages
South Africa:
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold production
88, 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Reserve bank:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Spain:
Bank of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Special articles:
Balance sheet of agriculture, 1955
869
Bank holding company legislation, statements of
Chairman Martin on
260, 753
Bank mergers and consolidations, statement of
Chairman Martin on
642
Bankers' acceptance financing in the U. S
482
Consumer instalment credit extended and repaid,
1929-1939, estimates of
631
Credit extended by banks to real estate mortgage
lenders
980, 1323
Federal budget for 1956
115
Financing of large corporations in 1954
623
Flow-of-funds system of national accounts, annual estimates, 1939-1954
1085
Member bank earnings, 1954
495
Member bank earnings, first half of 1955
1083
Monetary policy and the real estate markets,
statement of Chairman Martin on
1317
Ownership of demand deposits
639
Production indexes, annual
. 981
Seasonal adjustment factors for demand deposits
adjusted and currency outside banks
252
Securities Exchange Act, proposed changes in,
statement of Chairman Martin on S. 2054
751
Selected liquid asset holdings of individuals and
businesses
749
Silver legislation, statement of Chairman Martin
on S. 1427
755
Stock market credit, statement of Chairman
Martin on
256
Supervision of bank administration of pension
trusts, statement of Vice Chairman Balderston
on
879
Survey of consumer finances, 1955:
Financial postion of consumers
609
Housing arrangements of consumers
856
Preliminary
findings
249
Purchases of durable goods in 1954
465
Sprague, Robert C , appointed Class C director and
Deputy Chairman at Boston
269
Sproul, Allan, re-elected Vice Chairman of Federal
Open Market Committee
268
D E C E M B E R 1955
Staff of Board of Governors:
Conkling, Gerald M., appointed Assistant Director, Division of Bank Operations
882
Farrell, John R., appointed Assistant Director,
Division of Bank Operations
882
Fauver, Clarke L., appointed Assistant Secretary
of Board of Governors
882
Horbett, J. E., appointed Associate Director,
Division of Bank Operations
882
Koch, Albert R., appointed Assistant Director,
Division of Research and Statistics
15
Youngdahl, C. Richard, Assistant Director, Division of Research and Statistics, resignation
15
State member banks:
Admissions to membership in Federal Reserve
System
144, 269, 368, 502, 649, 758, 882, 1126, 1222
Assets and liabilities
37, 161, 287, 385, 519, 667,
777, 899, 1001, 1143, 1239, 1343
Banking offices, changes in number
208, 944
Branches, number, by State
431
Earnings and expenses
564
Number
37, 161, 287, 385, 519, 667,
777, 899, 1001, 1143, 1239, 1343
Number, by State
430
State and municipal securities:
New issues
54, 178, 304, 402, 536, 684,
794, 916, 1018, 1160, 1256, 1360
Prices. ..
46, 170, 296, 394, 528, 676,
786, 908, 1010, 1152, 1248, 1352
Yields
47, 171, 297, 395, 529, 677,
787, 909, 1011, 1153, 1249, 1353
1954 data
216
States and political subdivisions:
Deposits:
Commercial banks, by classes. . . .39, 163, 289, 387,
521, 669, 779, 901, 1003, 1145, 1241, 1345
Weekly reporting member banks. .41, 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Holdings of U. S. Govt. securities
52, 176, 302, 400,
534, 682, 792, 914, 1016, 1158, 1254, 1358
Ownership of obligations of:
Commercial bank holdings. .38, 162, 288, 386, 520,
668, 778, 900, 1002, 1144, 1240, 1344
Life insurance company holdings
43, 167, 293,
391, 525, 673, 783, 905, 1007, 1149, 1245, 1349
Stock market credit:
Arranging loan to purchase open-end investment
company shares, interpretation of Regulations T and U
267
Customers' balances and related items, June and
Dec, 1941-1955
1046
Margin requirements, increases in
8, 500
Monthly table
46, 170, 296, 394, 528, 676,
786, 908, 1010, 1152, 1248, 1352
New table to replace customers' debit balances
and related items
759
Statement of Chairman Martin before Senate
Banking and Currency Committee
256
Stocks:
Corporate, outstanding, net change in
56, 180, 306,
404, 538, 686, 796, 918, 1020, 1162, 1258, 1362
New issues
54, 178, 304, 402, 536, 684,
794, 916, 1018, 1160, 1256, 1360
Prices:
Domestic
46, 170, 296, 394, 528, 676,
Foreign
786, 908, 1010, 1152, 1248, 1352
101, 235, 351, 451, 597, 733,
841, 965, 1067, 1207, 1303, 1407
1429
INDEX TO VOLUME 41
Pages
Stocks—Continued
Yields
1954 data
47, 171, 297, 395, 529, 677,
787, 909, 1011, 1153, 1249, 1353
216
Yields, changes in table
759
Strauss, Sam B., resignation as director at Little Rock
Branch
143
Supervision of bank administration of pension trusts,
statement by Vice Chairman Balderston on
879
Survey of consumer finances, 1955:
Financial position of consumers
609
Housing arrangements of consumers.
856
Preliminary findings
249
Purchases of durable goods in 1954
465
Sweden:
Bank of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate . . . .97, 231, 347, 447, 593, 729, 837,
961, 1063, 1203, 1299, 1403
Gold reserves. . . 90, 224, 340, 440, 586, 722, 830,
954, 1056, 1196, 1292, 1396
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings. . . .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Open market rates
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Wholesale prices
100, 234, 350, 450, 596, 732,
840, 964, 1066, 1206, 1302, 1406
Swensrud, Sidney A., appointed Deputy Chairman at
Cleveland
18
Switzerland:
Foreign exchange rates. .99, 233, 349, 449, 595, 731, 839,
963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Open market rates
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Price indexes
100-101, 234-235, 350-351, 450-451,
596-597, 732-733, 840-841, 964-965,
1066-1067, 1206-1207, 1302-1303, 1406-1407
Swiss National Bank:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Tables, Federal Reserve Bulletin:
Banking and monetary statistics, 1954 special
tables
143, 210, 502, 574
Bond and stock yields, changes in
759
Customers' debit and credit balances and related
items of stock exchange firms, detailed series
to be published semiannually
759
Index to statistical tables, monthly
758
Member bank reserves and related items,
revision of
143
Published annually and semiannually, with latest
Bulletin reference
15, 144, 269, 368, 502, 649,
759, 882, 984, 1126, 1326
Stock market credit, to replace monthly table on
customers' debit balances and related items
759
1430
Pages
Tables, Federal Reserve Bulletin—Continued
Treasury financial statistics, revision of
143
Tax receipts, Federal
.49, 173, 299, 397, 531, 679,
789, 911, 1013, 1155, 1251, 1355
Taylor, Howard M., Jr., resignation as director of
Baltimore Branch
758
Thailand:
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Thomas, Alex R., appointed director at San Antonio
Branch
368
Time deposits:
Adjusted, banks and the monetary system. . . .34, 158,
284, 382, 516, 664, 774,
896, 998, 1140, 1236, 1340
1954 data
574
Banks, by classes
35, 159, 285, 383, 517, 665,
775, 897, 999, 1141, 1237, 1341
1954 data
575
Commercial banks, by classes. . . .39, 163, 289, 387, 521,
669, 779, 901, 1003, 1145, 1241, 1345
Foreign commercial banks
98, 232, 348, 448,
594, 730, 838, 962, 1064, 1204, 1300, 1404
Maximum rates
26, 150, 276, 374, 508, 656,
766, 888, 990, 1132, 1228, 1332
Member banks, by classes. . .28, 152, 278, 376, 510, 658,
768, 890, 992, 1134, 1230, 1334
Weekly reporting member banks
41, 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
Timm, Tyrus R., appointed director at Houston Branch. .368
Trade:
Foreign trade and monetary reserves
246
Merchandise exports and imports
72, 196, 322, 420,
554, 702, 812, 943, 1036, 1178, 1274, 1378
U. S. banks and foreign trade
financing
357
Treasury cash:
Consolidated monetary statement. . . .34, 158, 284, 382,
516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
Weekly and monthly data. . .25, 149, 275, 373, 507, 655,
765, 887, 989, 1131, 1227, 1331
Treasury currency:
Consolidated monetary statement... .34, 158, 284, 382,
516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
Outstanding and in circulation
33, 157, 283, 381,
515, 663, 773, 895, 997, 1139, 1235, 1339
Weekly and monthly data. . .25, 149, 275, 373, 507, 655,
765, 887, 989, 1131, 1227, 1331
Treasury deposits:
Federal Reserve Banks:
Condition statement data
29-30, 153-154,
279-280, 377-378, 511-512, 659-660, 769-770, 891892, 993-994, 1135-1136, 1231-1232, 1335-1336
Treasury statement basis
48, 172, 298, 396,
530, 678, 788, 910, 1012, 1154, 1250, 1354
Weekly and monthly data. . ' . . . . .25, 149, 275, 373,
507, 655, 765, 887, 989, 1131, 1227, 1331
Special depositories.
48, 172, 298, 396, 530, 678,
788, 910, 1012, 1154, 1250, 1354
Treasury finance:
Cash income, outgo, and borrowing. . .50, 174, 300, 398,
532, 680, 790, 912, 1014, 1156, 1252, 1356
First half of 1955, discussion
746
General fund balance
48, 172, 298, 396, 530, 678,
788, 910, 1012, 1154, 1250, 1354
FEDERAL RESERVE BULLETIN
INDEX TO VOLUME 41
Pages
Treasury finance—Continued
Receipts and expenditures. . .48, 172, 298, 396, 530, 678,
788, 910, 1012, 1154, 1250, 1354
Treasury financial statistics, revision of tables
143
Trust funds:
Collective investment of, established under employee pension, profit-sharing, or stock bonus
plans, amendment to Regulation F
501
Common, publication of information
142
Pension trusts, supervision of bank administration
of, statement by Vice Chairman Balderston o n . . . .879
Turkey:
Central Bank of the Republic of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Gold reserves and dollar holdings. . . .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Unemployment
70, 194, 320, 418, 552, 700,
810, 932, 1034, 1176, 1272, 1376
Unemployment, labor market in mid-1955
.854
Union of Soviet Socialist Republics, discount
rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
United Kingdom:
Bank of England:
Condition
92, 226, 342, 442, 588, 724,
832, 956, 1058, 1198, 1294, 1398
Discount rate
97, 231, 347, 447, 593, 729,
837, 961, 1063, 1203, 1299, 1403
Gold reserves
90, 224, 340, 440, 586, 722
830, 954, 1056, 1196, 1292, 1396
Commercial banks
98, 232, 348, 448, 594, 730,
838, 962, 1064, 1204, 1300, 1404
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1025, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Open market rates
97, 231, 347, 447, 593, 729
837, 961, 1063, 1203, 1299, 1403
Price indexes
, . .100-101, 234-235, 350-351, 450-451
596-597, 732-733, 840-841, 964-965,
1066-1067, 1206-1207, 1302-1303, 1406-1407
U. S. balance of payments
1080
U. S. banks and foreign trade financing, article on. . . .357
U. S. Govt. balances:
Commercial bank holdings, by classes. .39, 163, 289, 387,
521, 669, 779, 901, 1003, 1145, 1241, 1345
Consolidated monetary statement
34, 158, 284, 382,
516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
Treasury deposits at Federal Reserve Banks:
Condition statement data. .29-30, 153-154, 279-280,
377-378, 511-512, 659-660, 769-770, 891-892,
993-994, 1135-1136, 1231-1232, 1335-1336
Treasury statement basis
48, 172, 298, 396,
530, 678, 788, 910, 1012, 1154, 1250, 1354
Weekly and monthly data
25, 149, 275, 373,
507, 655, 765, 887, 989, 1131, 1227, 1331
Weekly reporting member banks
41, 165, 291, 389,
523, 671, 781, 903, 1005, 1147, 1243, 1347
1954 data
213
DECEMBER
1955
U. S. Govt. securities:
Bank holdings:
By class of bank
35, 159, 285, 383, 517, 665,
775, 897, 999, 1141, 1237, 1341
1954 data
575
Consolidated monetary statement
34, 158, 284,
382, 516, 664, 774, 896, 998, 1140, 1236, 1340
1954 data
574
1955, discussion
743
Ownership data
52-53, 176-177, 302-303,
400-401, 534-535, 682-683, 792-793, 914-915,
1016-1017, 1158-1159, 1254-1255, 1358-1359
Commercial bank holdings
38, 162, 288, 386, 520,
668, 778, 900, 1002, 1144, 1240, 1344
Federal Reserve Bank holdings:
Condition statement data
29-30, 153-154,
279-280, 377-378, 511-512, 659-660, 769-770,
891-892, 993-994, 1135-1136, 1231-1232, 1335-1336
Ownership data
52-53, 176-177, 302-303,
400-401, 534-535, 682-683, 792-793, 914-915,
1016-1017, 1158-1159, 1254-1255, 1358-1359
Weekly and monthly data
25, 149, 275, 373,
507, 655, 765, 887, 989, 1131, 1227, 1331
International transactions
87, 221, 337, 437, 583,
719, 827, 951, 1053, 1193, 1289, 1393
New issues, gross proceeds
54, 178, 304, 402, 536,
684, 794, 916, 1018, 1160, 1256, 1360
Ownership of
52-53, 176-177, 302-303, 400-401,
534-535, 682-683, 792-793, 914-915,
1016-1017, 1158-1159, 1254-1255, 1358-1359
Ownership of, 1954
109
Prices
46, 170, 296, 394, 528, 676,
786, 908, 1010, 1152, 1248, 1352
Savings bonds, sales and redemptions. . . .51, 175, 301,
399, 533, 681, 791, 913, 1015, 1157, 1253, 1357
Volume and kind outstanding
52-53, 176-177, 302303, 400-401, 534-535, 682-683, 792-793, 914-915,
1016-1017, 1158-1159, 1254-1255, 1358-1359
Weekly reporting member bank holdings. .40, 164, 290,
388, 522, 670, 780, 902, 1004, 1146, 1242, 1346
1954 data
212
Yields
47, 171, 297, 395, 529, 677,
787, 909, 1011, 1153, 1249, 1353
1954 data
_^...216
United States notes, outstanding and in circulation. .33, 157,
283, 381, 515, 663, 773,
895, 997, 1139, 1235, 1339
Uruguay:
Bank of the Republic of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Foreign exchange rates
99, 233, 349, 449, 595, 731,
839, 963, 1065, 1205, 1301, 1405
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings
89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
Venezuela:
Central Bank of:
Condition
96, 230, 346, 446, 592, 728,
836, 960, 1062, 1202, 1298, 1402
Gold reserves
90, 224, 340, 440, 586, 722,
830, 954, 1056, 1196, 1292, 1396
Gold purchases by U. S
91, 225, 341, 441, 587, 723,
831, 955, 1057, 1197, 1293, 1397
Gold reserves and dollar holdings. . . .89, 223, 339, 439,
585, 721, 829, 953, 1055, 1195, 1291, 1395
1431
INDEX TO VOLUME 41
Pages
Pages
44, 168, 294, 392, 526, 674
784, 906, 1008, 1150, 1246, 1350
Loans guaranteed by
57-59, 181-183, 307-309,
405-407, 539-541, 687-689, 797-799, 919-921,
v
r, •
1021-1023, 1163-116S, 1259-1261, 1363-1365
Vice Chairman of Board of Governors, designation of
Mr. Balderston
268
Warner, J. C, appointed director at Pittsburgh
Branch
18
Welch, Frank J., appointed Class C director at Cleveland
18
Welk, Philip I., appointed Class C director at San
Francisco
649
West Africa, gold production. ...88, 222, 338, 438, 584, 720,
828, 952, 1054, 1194, 1290, 1394
Wfflham, Oliver S., appointed Class C director at
* J ^ ^
^ d i r e c t o r a t N e w Orleans'Branch,
death
gg2
Yields (See interest rates)
Youngdahl, C. Richard, resignation as Assistant Director, Division of Research and Statistics
15
Yugoslavia, National Bank of Federal People's Republic of, condition. .728, 836, 960, 1062, 1202, 1298, 1402
Veterans Administration:
Assets and liabilities
1432
FEDERAL RESERVE BULLETIN
@FedFRASER