Full text of Federal Reserve Bulletin : February 1955
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FEDERAL
ESERV
ULLETIN
FEBRUARY 1955
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
Credit and Monetary Expansion in 1954. .
107-114
The Federal Budget for 1956. .
115-125
Directors of Federal Reserve Banks and Branches. .
126-141
Law Department .
142
Current Events and Announcements..
143-144
National Summary of Business Conditions. .
145-146
Financial, Industrial, Commercial Statistics, U. S. (See p. 147 for list of tables).
147-216
International Financial Statistics (See p. 217 for list of tables) .
217-235
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
236
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
237
Federal Reserve Board Publications..
238-239
Map of Federal Reserve Districts. .
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240
FEDERAL
RESERVE
February 19'5 5
VOLUME 41
BULLETIN
NUMBER 2
CREDIT AND MONETARY EXPANSION IN 1954
Demand deposits and currency held by
individuals and businesses increased about
3 per cent in 1954, more than twice as much
as in 1953. After declining about the usual
seasonal amount early in the year, demand
deposits increased sharply after midyear.
Currency outside banks declined slightly
over the year. Time deposits and other
forms of liquid savings continued the rapid
expansion of recent years until the last
quarter of 1954 when the rate of growth
slowed down somewhat.
Throughout 1954 credit was readily available on terms attractive to borrowers, and
demand for many types of credit continued
to grow. Total loans and investments of
commercial banks increased more than in
any other postwar year. Banks increased
their United States Government security
portfolios nearly 10 per cent and also made
substantial additions to their holdings of
State and local government securities and
real estate loans.
To cushion defense and inventory readjustments and to foster revival and sustained
economic growth, the Federal Reserve until
late 1954 followed a policy of actively promoting credit ease. Reserves made available by the usual seasonal inflow of currency
and contraction of demand deposits in the
early months of the year were not completely
absorbed by Federal Reserve action, and
Federal Reserve Bank discount rates were
reduced twice, in February and again in midFEBRUARY
1955
spring. Additional reserves were made
available through Federal Reserve purchases
of Government securities in May and early
June and through reduction in reserve requirements on demand and time deposits of
all member banks during the summer. To
prevent excess reserves from becoming unduly large temporarily as a result of the
latter action, the Federal Reserve reduced
its holdings of Treasury bills during July
and August. Thereafter, it made purchases
in order to provide for seasonal expansion
in credit and currency needs and to promote
revival of business activity.
Late in the year economic recovery became
quite marked, credit demands were considerably larger, and a less aggressive crediteasing policy was followed by the Federal Reserve. As a result, beginning in late
November and continuing into early 1955,
excess reserves of member banks were
smaller, and their borrowing from Reserve
Banks larger, than during most of 1954.
Interest rates declined sharply early in
1954. After the first quarter yields on most
intermediate- and long-term securities tended
to stabilize, while those on prime short-term
open market paper and on Treasury bills
continued to decline into the summer.
Yields on nearly all types of securities, but
particularly Treasury bills, showed firming
tendencies during the second half of the
year. The rise in interest rates continued in
early 1955.
107
CREDIT AND MONETARY EXPANSION IN 1954
BANK LOANS AND INVESTMENTS
BANK LOANS AND INVESTMENTS
The rise in total outstanding bank credit
in 1954 was close to 11 billion dollars, or
more than 7 per cent. More than half of the
increase was in bank holdings of United
States Government securities, as shown in
the accompanying table. The remainder,
was distributed among holdings of State
and local government securities, real estate
mortgages, and agricultural, security, and
other loans.
ALL COMMERCIAL BANKS
Billions of d o l l a r s
~i 160
150
1
1
LOANS AND INVESTMENTS OF COMMERCIAL BANKS
OTHER LOANS
AND INVESTMENTS
fin billions of dollars!
/
_
Tvpe of loan or
investment
Outstanding,
Dec. 31,
1954i
19541
1953
1952
Loans and investments, total..
156.2
+ 10.7
+4.1
+9.0
1'. S. Government securities...
Other securities
69.4
16.3
+6.0
+ 1.6
+3.2
+0.1
+0.5
+3.4
+ 1.8
+0.8
+6.4
—0 4
—0 7
+? 0
+ 1.1
+0.5
+0.6
+ 1 .9
+0.3
Loans, total
Business....
Real estate
Agricultural
Security
Consumer
Other
70.6
26 8
18.4
5 3
4 5
10.7
5.9
+1.7
+0.3
+0.9
-0.2
+0.8
+ 1.0
+ 1.0
+0.4
+ 1.5
+0.2
The upswing in business activity after midyear resulted in a marked expansion of bank
credit to borrowers other than the United
States Government in November and December, as the chart shows. In early 1955 the
decline in loans was much less than in early
1954 when there were large repayments of
borrowing associated with the excess profits
tax which expired on December 31, 1953.
Banks purchased a large volume of Federal
National Mortgage Association notes issued
in January, but reduced their holdings of
United States Government and other securities, undoubtedly in large part because of
less easy credit conditions. In January 1954
bank holdings of Government and other
securities had increased.
80
_ / —
Preliminary data.
NOTE.—Data exclude interbank loans. Total loans are after,
and types of loans before, deductions for valuation reserves.
Consumer and "other" loans are partly estimated for all dates.
Details may not add to totals because of rounding.
108
-
Change
70
U.S GOVT. SECURITIES
A N D LOANS ON GOVTS.
N.
^^*
N
r*
J
)
-
1952
1953
60
1954
NOTE.—Figures are partly estimated. Data exclude interbank loans. Loans on U. S. Government securities are those
of weekly reporting banks in New York City and Chicago.
Data are for last Wednesday of month except for June and
December call dates. Figures for last half of 1954* are preliminary.
Investments. In 1954 available reserve
funds continued to be in excess of requirements to support private needs for credit,
and banks increased their United States Government security portfolios 6 billion dollars
or nearly 10 per cent. The largest percentage increases occurred at New York City
banks, where outstanding loans declined,
and the smallest at banks outside leading
cities, where loan demands were well sustained during most of the year.
Banks began to acquire Government securities in April and continued such acquisitions through October. Holdings declined
about 3 billion dollars during the first quarter, in part reflecting retirement of tax anticipation certificates by the Treasury. Acquisitions were particularly heavy in May,
FEDERAL RESERVE BULLETIN
CREDIT AND MONETARY EXPANSION IN 1954
August, and October when the Treasury
sold new securities for cash. As private
credit demand strengthened in November
and December, banks reduced their holdings
somewhat.
The Government securities acquired by
banks over the year, directly or indirectly,
came largely from nonfinancial corporations,
life insurance companies, mutual savings
banks, and individuals. Net cash borrowing by the Treasury amounted to less than
1 billion dollars and holdings of the Federal
Reserve Banks decreased by about the same
amount. Thus commercial bank purchases
of Government securities indirectly provided a part of the large supply of funds
made available to private borrowers by other
lending institutions in 1954, and thereby
contributed to the expansion in investment
activity that figured so prominently in economic recovery.
OWNERSHIP
OF TIIV. UNITED
STATES
GOVERNMENT
DF.BT
[In billions of dollars, par value, partly estimated]
Net change
End of
1954
Item
+3.6
+ 7.8
+ 1.3
+5.5
- 1 .0
+2.4
+3.6
+ 1 .2 +0.9
+ 1.8
+0.3
135.1
-2.2
+3.9
15.0
8.8
19.3
14.6
13.7
63.7
-0.8
-0.4
-2.2
-0.4
-0.3
+ 1 .1 - 0 . 3
+ 1.8 + 1.5
+ 1.2 + 1 .1
+0.4
)
Total debt outstanding
Debt held by:
Federal agencies and
funds
Federal Reserve Banks
Commercial banks
trust
Other investors, total
Insurance companies
Mutual savings banks
Other corporations
State and local governments
Miscellaneous investors... .
Individuals, total
Savings bonds..
Other
49.6
24 9
69.2
49.7
14.0
+ 1.7
+0.8
- 1 .3
+0.4
-1.6
+ 1.6
-0.3
-0.3
+0.2
+0.1
+0.1
0)
1
Less than 50 million dollars.
NOTE.—Includes matured and noninterest-bearing debt, guaranteed securities, special issues to Government accounts, and also
increases in debt reflecting the crediting of interest on savings bonds.
Changes in total debt differ from net cash borrowing, quoted in the
text, which amounted to 0.9 billion dollars in 1.954, 4.6 billion in
1953, and 3.4 billion in 1952. Details may not add to totals
because of rounding.
Differences in figures for commercial banks compared to those
in table on page 108 result largely from the use here of par value
data. Changes for Federal Reserve differ from those in the table
on page 112 because changes here, are based on end-of-year figures.
FEBRUARY 1955
The maturity distribution of bank port
folios of United States Government securities lengthened substantially in 1954, reflecting in large part intermediate-term Treasury
offerings during the year. Holdings of certificates declined about 5 billion dollars as
a large volume of these securities was retired.
In major refundings during February, August, and December, banks exchanged about
16 billion dollars of maturing issues for
bonds with 6-9 year maturities. Bank holdings of Treasury notes, particularly 3-5 year
maturities, were also increased substantially
over the year through refundings and cash
purchases. Holdings of Treasury bills rose
only slightly, but there was some shifting
among classes of banks; central reserve city
banks reduced their bill portfolios while reserve city and country banks increased theirs.
Commercial banks also supplied a substantial volume of investment funds through
purchases of State and local government securities. The increase in their holdings exceeded 1.5 billion dollars—about three times
the increase during 1953—and accounted for
about one-third of the net increase in the
outstanding volume of such securities over
the year.
Loans. Total loans of commercial banks
rose more than 3 billion dollars in 1954,
about the same as in 1953. A sharp expansion in the final quarter more than offset
an earlier cumulative decline. Active demand for most types of bank loans was evident late in the year.
Among the various types of loans, business
loans rose substantially in late 1954 whereas
in the same period of 1953 they had declined.
Nevertheless, the increase did not offset
earlier reductions and these loans declined
slightly over the year. The strength of the
business loan demand late in the year varied
with the nature of the borrower's business.
109
CREDIT AND MONETARY EXPANSION IN 1954
New borrowing by some industries with rising seasonal requirements during this period,
such as food processors and commodity
dealers, was larger in 1954 than in 1953.
Constructions loans also rose, although usually they decline during the fall and winter.
The prolonged liquidation of outstanding
loans by metals manufacturers tapered off
and that by sales finance companies was reversed. Although outstanding public utility
loans declined more in late 1954 than in late
1953, the reduction probably represented a
substitution of long-term borrowing for
bank loans and not a decline in the total
demand for funds from this industry.
Real estate loans of commercial banks increased 1.7 billion dollars in 1954. They
rose rapidly in the last half of the year, at
more than twice the rate earlier in the year
and throughout 1953. Consumer loans declined slightly over the year, with reductions
in the first and third quarters and advances
in the spring and late in the year. Loans for
carrying Government and other securities
increased almost a billion dollars, more than
twice as much as in 1953. Agricultural loans
increased much less than in 1953. Less credit
was extended for the price support activities
of the Commodity Credit Corporation, but
short-term agricultural production loans
changed little after declining in 1953.
DEBT AND EQUITY FINANCING
Funds for all types of debt and equity
financing were available in 1954 from other
lending institutions as well as commercial
banks on terms favorable to borrowers, and
found a large demand. The nature of credit
demand was considerably different from the
preceding year, however, with demand for
long-term credit heavier and that for shortterm credit lighter.
A major part of the increase in total out110
standing credit and capital in 1954 was in
real estate mortgages, the volume of which
increased 12 billion dollars compared to 9.8
billion in 1953. Heavy demand for new
homes and commercial facilities, combined
with an ample supply of funds, resulted in
a record volume of mortgage loans. Savings
and loan associations increased their holdings 4.2 billion dollars, or about 20 per cent,
and life insurance companies and mutual
savings banks, as well as commercial banks,
were also large purchasers.
The net increase in outstanding corporate
bonds and stocks, excluding those of investment and consumer finance companies,
was substantially larger in 1954 than in 1953.
New offerings exceeded retirements by
about 6.1 billion dollars compared to 5.4
billion in 1953. New issues of consumer
finance companies, however, were down
substantially, and those of investment companies were off slightly.
State and local governments added 5.2
billion dollars to their outstanding debt in
1954 compared to 4.6 billion in 1953. Flotations of revenue issues continued to grow in
importance. Highway construction was the
most important use of borrowed funds, but
amounts for educational and miscellaneous
purposes also grew substantially. The proportion of new funds supplied by commercial banks and other financial institutions increased while that by individual
investors declined.
The outstanding volume of consumer
financing, an important short-term credit
demand, increased only 0.6 billion dollars
over the year compared to 3.7 billion in 1953.
Extensions of instalment credit, after adjustment for seasonal variations, leveled off during the first half of 1954 and then rose in the
second half, as a greater proportion of sales
FEDERAL RESERVE BULLETIN
CREDIT AND MONETARY EXPANSION IN 1954
DEPOSITS AND CURRENCY
of autos and other consumer durable goods
was financed with instalment credit. A conMonetary expansion was substantially
tinuing high level of repayments dampened greater in 1954 than in 1953. Demand dethe growth in outstanding credit.
posits and currency held by businesses and
Cash outgo of the Federal Government in individuals increased about 4 billion dollars
calendar year 1954 exceeded cash receipts by
DEPOSITS AND CURRENCY
only 300 million dollars. In view of the Billions of dollars
80
DEMAND DEPOSITS
small deficit, net cash borrowing amounted
ADJUSTED
to less than 1 billion dollars in contrast with
4.6 billion in 1953. Net cash offerings of
marketable securities totaled 12.6 billion
dollars, slightly less than in 1953. These
provided funds for redemption of maturing tax anticipation issues, net redemptions
of nonmarketable savings bonds and notes,
and attrition on refundings, as well as for
the cash deficit and an increase in the cash
balance.
During 1954 the Treasury refunded more
than 50 billion dollars of maturing securities—nearly 15 billion more than in 1953.
This included the two largest individual
refundings on record in February and December. By providing advance exchange
offerings on some maturities, the number
1952
1953 1954
1952
1953 1954
of refundings was reduced to one in each
NOTK.—Figures arc partly estimated. Demand and time
deposits ai-e for all banks in the United States and are adjusted
exclude XJ. S. Government and interbank deposits. Demand
quarter. New securities offered both in re- todeposits
are also adjusted to exclude items in process of collection.
deposits include deposits in the Postal Savings
fundings and for cash were restricted SystemTime
and in mutual saving's banks. Figures are for last
Wednesday of month except for June and December call dates.
throughout the year to intermediate and Figures for last half of 1954 are preliminary.
short maturities that would not interfere compared to 1.5 billion in 1953 and a decline
with the flow of funds into long-term pri- of 0.5 billion in the 1949 recession year. Exvate investment. There was, nevertheless, pansion in 1954 was concentrated in the last
an appreciable reduction in the proportion half of the year. It reflected a marked inof the debt maturing within two years and crease in demand deposits and some decline
an increase in intermediate-term securities. in currency outside banks, as shown in the
In early 1955, with construction continu- above chart.
ing at boom levels and with other economic
Demand deposits adjusted declined slightly
activity showing marked recovery, the more than the usual seasonal amount early
Treasury refunded nearly 2 billion dollars in the year and then rose slightly more than
of maturing bonds with a new forty-year seasonally in the second quarter. A 9 billion
3 per cent issue, the first long-term Govern- dollar increase in the last half of the year exment offering since the spring of 1953.
ceeded seasonal expansion by about 3 billion
FEBRUARY
1955
111
CREDIT AND MONETARY EXPANSION IN 1954
dollars. The annual rate of growth in this
period was about 6 per cent compared to 4
per cent for the year and 1 per cent for 1953.
The post-holiday return of currency to
banks early in 1954 exceeded the usual seasonal inflow, and followed a smaller than
usual outflow late in 1953. This downward
trend of currency outside banks, after allowance for seasonal movements, continued until
the closing months of the year when it apparently was reversed as economic activity
and consumer spending increased.
Time deposits of businesses and individuals
continued their rapid growth of recent years,
increasing almost 5 billion dollars, somewhat
more than in 1953. Expansion was generally substantially ahead of that in 1953 until
autumn, when it tended to slow down.
Turnover of demand deposits was generally slightly faster in 1954 than in the previous year, rising from 18.9 times to 19.2
times for banks outside financial centers.
Turnover in New York City, however, was
up substantially, reflecting in large part increased activity in the securities markets.
BANK RESERVE POSITIONS
For 1954 as a whole, the reserves needed
by member banks to back deposit expansion
amounted to about 900 million dollars, which
was considerably less than the 1.6 billion dollar reduction in reserve requirements during
the summer. Thus, total required reserves
were reduced about 700 million dollars. A
decrease in currency supplied reserves approximately equal to the drain resulting from
a decrease in the country's gold stock. Reflecting the net reduction in required reserves, Reserve Bank holdings of Government securities declined 700 million dollars
and banks were able to meet credit and monetary demands from both private and gov112
CHANGI.S IN M E M B E R BANK RKSIZRVES WITH RELATED FACTORS
[Based on monthly averages of daily figures, in billions of dollars]
Dec.
1953Dec.
1954
Item
Dec.
1953Apr.
1954
Apr.Aug.
1054
Aug.Dec.
1954
-0.9
+0.8
Member bank reserves
Total reserves
-0.6
-0.1
Excess reserves
f-0.1
0)
+0.1
-0.7
-0.6
- 1 0 +0.9
Required reserves, total
j
Effect of:
Reduction in reserve re1
.6
!
-1.6
q 11 ire men t percent a ges
+0.9
Change in deposits
-0.6 i +0.6 +0.9
Principal factors affecting
(Signs indicate effect on reserves)
reserves
Currency in circulation
+0.2
Treasury operations
+0.2
Gold stock and foreign accounts —0.3
Float
0)
Other factors
0)
Federal Reserve loans and investments:
I.'. S. Govt. securities, total. .
Bought outright
Held under repurchase
agreements
Discounts and advances:
To member banks
To others
""
-0.7
-0.3
-0.4
-0.2
+0.2
+ 1.2
0)
-0.1
-0.3
-0.1
-0.2
(')
-0.9
+0.2
-0.1
+0.3
+0.1
-0.6
+0.9
-0.1
0)
<l)
- 1 .0
-0.6
-0.7
-0.4
+0.1
0)
-0.3
0)
0)
+0.1
+0.1
+0.1
1
Less than 50 million dollars.
NOTE.—Details may not add to totals because of rounding.
ernment borrowers without increasing their
debt to the Reserve Banks.
In December free reserves—that is, excess
reserves less discounts and advances to member banks—though somewhat larger than
a year earlier, were smaller than in the summer and fall months. After the turn of the
year they declined further.
Bank reserve positions eased in the first
four months of 1954, as shown in the accompanying table. A large seasonal currency inflow, together with a seasonal decline
in deposits and required reserves, released
substantially more reserve funds than were
absorbed, largely by Federal Reserve sales
and redemptions of Treasury bills and some
reduction in float. Member banks reduced
their borrowing from Reserve Banks 300
million dollars and increased their excess
reserves 100 million. Free reserves rose to
an average of more than 600 million dollars
in April.
FEDERAL RESERVE BULLETIN
CREDIT AND MONETARY EXPANSION IN 1954
The reserve position continued to ease
through August. Reserves were made available through open market purchases by the
Federal Reserve in May and early June, and
through a reduction in reserve requirements
on demand and time deposits during the period June 16-August 1. In order to prevent
excess reserves from becoming unduly large
temporarily in July and August, the Federal
MEMBER BANK RESERVES AND RELATED ITEMS
Billions of Dollars
18
BORROWINGS
1952
1953
1954
'55
NOTE.—Data are monthly averages of daily figures.
Reserve sold in the open market or redeemed
Treasury bills. Thereafter, it supplied reserves through open market purchases in
order to meet fall needs for growth in required reserves and currency as well as to
facilitate business recovery. Free reserves
FEBRUARY
1955
reached about 700 million dollars in June
and fluctuated around that level until late
in the year. Member bank borrowing remained small until late in the year.
Bank reserve positions were somewhat less
easy in late November and December. Reserve funds from System purchases of Treasury bills in the market and under repurchase
agreements with dealers, and from the yearend expansion of float, fell somewhat short
of the amounts needed for a larger-thanusual growth in required reserves and currency in circulation. Banks found it necessary to reduce excess reserves somewhat and
to increase their borrowing from Reserve
Banks. Free reserves declined to below 500
million dollars on the average.
In January and early February 1955, member bank borrowings increased somewhat
further and free reserves declined to an
average level of about 350 million dollars.
Reserve funds absorbed through Federal
Reserve sales and redemptions of United
States Government securities and the postholiday reduction in Reserve Bank float
were somewhat greater than those supplied
to banks through the seasonal inflow of
currency and decline in required reserves.
INTEREST RATES
Interest rates declined sharply in the early
part of 1954, continuing the downward trend
that began in mid-1953. The decline reflected the large volume of funds available
as well as some diminution of credit
demand, particularly for short-term funds,
The supply of funds reflected easy bank reserve positions and also a flow of savings
into life insurance, savings and loan shares,
and other institutional channels in unprecedented volume for the postwar period.
During the closing months of the year,
most interest rates moved higher and they
113
CREDIT AND MONETARY EXPANSION IN 1954
MONEY RATES
Per cent per annum
HIGH-GRADE
MUNICIPAL
CORPORATE Aaa
1952
'55
1953
1954
NOTE.—Treasury bill rates are market rates on longest bills.
Yields on long-term U. S. Governments exclude 3)4 per cent
bonds of 1978-83, issued May 1, 1953. Corporate Aaa rates
are from Moody's Investors Service; high-grade municipals,
Corporation. Discount rate is for
from Standard and Poor's Corpon
the Federal Reserve Bank of New York. Latest figures are
for week ending February 4.
continued to rise in early 1955. Demand for
both long- and short-term credit strengthened and the increase in savings slackened
somewhat. The Treasury, which had retired debt in the first half of the year, again
borrowed extensively. After late November bank reserve positions became less easy.
The Treasury bill rate showed the sharpest
decline during the first half of the year and
the sharpest rise during the last half. At its
June low, 0.61 per cent, the rate was only
about one-fourth of the mid-1953 high and
the lowest since mid-1947, when the Reserve
Banks discontinued buying bills at a posted
rate of % of 1 per cent. The sharp ad-
114
vance during midsummer reflected in part
a technical market reaction from the previous
sharp drop and in part some tightening in
the money centers as a result of a temporary
maldistribution of bank reserves. Thereafter, the bill rate remained around 1.00 per
cent until late November and December.
During the last half of December and January, the rate averaged about the same as in
January 1954. By early February Treasury
bill rates declined somewhat, reflecting a
substantial demand for bills from nonbank
sources, related in part to shifts in funds
in connection with the large Treasury refunding operation. Banks, experiencing
pressure on their reserve positions, sold bills.
Yields on corporate and United States
Government bonds declined steadily during the first quarter of 1954 to around 2.85
per cent for high-grade corporate issues and
just under 2.50 per cent for Government
bonds. During the latter part of the year
and early 1955, increases were slight for highgrade corporate bonds but somewhat greater
for United States Government bonds. Highgrade municipal yields also declined steadily
during the first quarter, then rose in the second quarter as new offerings reached an
unprecedented volume and inventories of
unsold issues accumulated at investment
banking houses. Municipal yields declined
again during the summer, but at their low
in August were still substantially above
early 1952 levels. During the remainder
of the year and in early 1955, yields on
municipal securities generally moved upward, reflecting mainly the continuing large
supply of new offerings.
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR 1956 *
In the fiscal year July 1, 1955-June 30,
1956, according to estimates in the Federal
Budget, the Treasury's cash income will
exceed its cash outgo for the first time in
four years. The anticipated cash surplus
of almost 600 million dollars is the excess
of 68.8 billion dollars of receipts from the
public over 68.2 billion of payments to the
public.
Cash expenditures are expected to decline
800 million dollars from the fiscal year 1955,
a much smaller amount than during the two
preceding years. Cash receipts in fiscal year
1956 are estimated to be about 2.1 billion
more than in the current year, following a
decline of almost 5 billion from 1954 to
1955. The drop in 1955 reflected statutory
tax reductions and reduced corporate profits
during the contraction in economic activity.
The estimated increase in receipts in 1956
results entirely from an anticipated rise in
personal and corporate incomes.
The Budget indicates how much of the
nation's output is devoted to activities carried
out by the Government in contrast with
those conducted privately. About 45 billion
dollars of the estimated expenditures in the
fiscal year 1956 will be purchases of goods
and services, amounting to about 12 per cent
of gross national product. This compares to
the recent peak of 16 per cent in 1953 and to
9 per cent in 1950, the last year before the
Korean emergency.
The Budget Message also summarizes the
financial aspects of the President's program
for the United States Government in terms
1
This article was prepared by-William F. Hellmuth, Jr.,
under the supervision of Donald C. Miller, Chief of the
Government Finance Section of the Board's Division of
Research and Statistics.
FEBRUARY
1955
of three broad considerations of national
policy. First, priority continues to be given
to defense against attack from without.
About 67 per cent of the 1956 Budget is the
cost of protection against war, including
major national security activities and economic assistance abroad. Another 10 per
cent goes for interest on the Federal debt—
a cost attributable largely to war.
Promotion of human welfare and economic expansion, while avoiding encroachment on the private sector of the economy, is
the second consideration. It is covered in
the Budget by the cost of civil benefits to
different groups and of general government operations. These functions account
for 23 per cent of 1956 Budget expenditures.
Although the total of such expenditures
will not increase, the Budget Message indicates that programs will be expanded,
financed outside of the conventional Budget.
Maintenance of financial strength, particularly a stable price level, is the third
major goal of Budget policy. Further economies in expenditures and the proposed continuance of corporate income and excise tax
rates at their present levels would avoid a
cash deficit and thus result in a Budget which
in an over-all sense has neither a substantially expansive nor contractive impact on
the economy.
T H E CASH BUDGET
The cash Budget, showing the flow of
money between the public and the Federal
Government, is valuable in considering the
economic impact of Federal financial operations. A large excess of Federal payments to
the public over receipts from the public
115
THE FEDERAL BUDGET FOR 1956
tends to indicate an expansive effect, and
substantial net receipts to indicate a restraining effect on the economy. This comparison
of Treasury cash income and outgo also
indicates the timing and extent of the
Treasury's needs in the money markets.
While the cash Budget, consolidating the
conventional Budget and the trust funds,
is the most comprehensive single measure of
the impact of Federal financial activities on
the economy, other factors are involved
in determining the prospective, full economic effects of Federal financial transactions. In 1956 these include the size and
composition of the Budget, the amount of
new obligational authority proposed, and
such extrabudgetary considerations as new
orders, Federal guaranties and insurance of
private loans, financing of Federally sponsored activities by revenue-type debentures,
and debt management actions.
The following table summarizes the consolidation of the conventional Budget with
the trust funds to provide the totals of receipts from and payments to the public, or
the cash basis. In fiscal year 1956 the estimated cash surplus of 558 million dollars
compares to a deficit of 2.4 billion dollars in
the conventional Budget. The differential between net cash and Budget results,
which has averaged 3 billion dollars recently,
reflects largely net receipts in the trust funds.
An approximately neutral effect of the
Budget on the economy according to the
estimates for the forthcoming fiscal year
results not only from the near balance in the
cash Budget, but also from the expectation
that both expenditures and new orders wTill
continue at a relatively steady rate from 1955
through fiscal year 1956. This is in contrast
with the fiscal year 1954, when the relative
neutrality of the small cash deficit was offset
by a large decline in expenditures and in the
116
CONSOLIDATED CASH BUDGET
[In billions of dollars]
Fiscal year ending June 30—
Item
19532
1956'11955'
Receipts from the public, total. 68.81 66.6 71.6 71.5
Budget receipts
Trust i"iirid receipts
Less: I nongovernmental ;<
transactions and seigniorage
40.9
36.5
6.7
60.01 59.0 64.7 64.8
11.3| 9.8 9.2 8.9
2.3
2.2
Payments to the public, total. . 68.2 69.0 71.9 76.8
43.2
39.6
7.0
Budget expenditures
Trust fund expenditures
Less: Intragovernmental transactions
Net. accrued interest
and other
transactions 4
5:
62.4 63.5
8.8 8.4
2.5
67.8
2.1
Budget deficit ( —)
2.2
2.2
.6
1.2
2.1
1 .0
Gash surplus, or deficit
74.3
5.3
7.2
(—)....
-2.4
-2.4
-.2
-5.3 - 2 . 2
-3.1
-3.1
1
Estimated.
'-Data from Treasury Bulletin adjusted to Budget Bureau basis
of 3classification.
Seigniorage on silver amounts to 73 million dollars or less in
the4 years shown.
Other transactions include change in clearing account, net
transactions oi" Government sponsored enterprises, and relatively
small noncash debt transactions.
NOTE.—The cash Budget provides a comprehensive picture,
since it includes both the conventional Budget and the major trust
funds. Transactions between the Treasury, other Government
agencies, and trust funds, such as interest paid on securfities held
by trust funds, are eliminated. Other noncash transa* ions are
also excluded. The. largest of these is interest accrue on savings bonds, which is reported as a conventional Budget ex jenditure
bonds
at the time of accrual, although not actually paid until
are redeemed. Details may not add to totals because of "ou Ji ding.
placing of new orders. On the other hand,
the larger cash deficit in fiscal year 1955
tended to have an expansive effect on the
economy.
FEDERAL BUDGETING OF EXPENDITURES
The expenditure program of the Government is presented in detail in terms of the
administrative, or conventional, Budget. The
total of these expenditures, at 62.4 billion dollars, is down 1.1 billion from the
current year and 11.9 billion from the peak
expenditures of fiscal year 1953, with fourfifths of the cuts from the 1953 total occurring in the Defense Department.
This estimate of expenditures represents
expected payments during the fiscal year
from both past and new appropriations.
About 40 per cent of 1956 expenditures will
be from unexpended balances of prior years'
appropriations. Generally, no expenditure
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR 1956
can be made unless there has been a prior tional authority, a slight increase over 1955,
authorization from the Congress to incur following a year-to-year decline from 1952
an obligation. Many authorizations expire to 1955. This appears to indicate that the
unless obligated by the end of the fiscal recent large declines in Budget expenditures
year; payments to satisfy these obligations are about over. New obligational authority
may be made during either the year author- for 1956 continues below Budget receipts and
ized or the two following years. Other au- Budget expenditures. Unexpended balances
thorizations are available beyond the year are expected to be reduced 4.3 billion dolin which voted. Many expenditures for lars during the coming fiscal year, as exitems completed in any one fiscal year and penditures for major national security prorequiring a long lead-time, such as atomic grams exceed new authorizations.
energy plants and new type jet planes, repForward looking also is the classification
resent both authorizations made and orders that summarizes expenditures according to
placed one or more years earlier.
the degree of controllability. Major naBudget information on new obligational tional security expenditures required by the
authority and balances of appropriations international situation will cost 40.5 billion
carried forward to the next fiscal year is an dollars in fiscal year 1956. Other programs
indicator of the trend and the amount of required by existing legislation, such as vetfuture Budget expenditures. New obliga- erans' benefits, agricultural price supports,
tional authority rose faster than expenditures interest, and public assistance grants to
during the years 1951-52, as the chart shows, States, will cost 14.8 billion. This leaves
only 7.2 billion for regular government
BUDGET EXPENDITURES AND RELATED ITEMS
operations and for international affairs and
Billions of dollars
100 finance; these activities provide about the
NEW
only room for administrative discretion and
^.v
OBLIGATiONAL
y,^
\
AUTHORITY
for annual review of authorizations and exf
\(DURING YEAR)
-i 80
penditures.
BUDGET
•
/
N
\
\
k
•
EXPENDITURES
40
20
-
«
\
\
1
\
1
\
MAJOR NATIONAL SECURITY PROGRAMS
-
\
UNE XPENDEf ) BALAr4CES
OF APPRO PRSAT1O NS
1 (END OF YEAR)
1
-
S^^CDURING YEAR)
1
i i
1954
1956
1952
Xo'F..—T^igfiires are for fiscal years eticling1 June 30. These
for J955 and 1956 are estimates.
and built up large unexpended balances
that are being drawn upon currently. For
the fiscal year 1956, the President has requested 58.6 billion dollars of new obligaFEBRUARY
1955
Expenditures for national security proposed for the fiscal year 1956 are based on
the philosophy that our military strength
must be maintained indefinitely on a basis
that does not impair the soundness of the
United States economy and on the concept
that there is no assumed target date of maximum danger. This suggests that there
would be major adjustments in the Budget
if the international situation should change.
Major national security expenditures in fiscal
year 1956 are estimated to decline less than
200 million dollars from 1955, suggesting a
leveling-off near 40 billion dollars. For the
THE FEDERAL BUDGET FOR 1956
first time since fiscal year 1952, moreover,
the recommended authority to incur new
obligations is higher than during the preceding year.
Department of Defense. The Defense
Department budget emphasizes the retaliatory power of Air Force and Naval aviation
armed with nuclear weapons as the principal
deterrent to military aggression. Accelerated development of continental air defense,
mobile naval and ground forces, and new
weapons and techniques supplements the
continued strengthening of air power.
About two-thirds of the proposed expenditures of this department for fiscal year
1956 will be devoted to air power and related
programs. Active aircraft in combat units
of the Air Force, Navy, and Marine Corps
will increase approximately one-fourth from
July 1, 1954, to June 30, 1956. Planes of
greater speed, range, and capacity indicate
a qualitative improvement also. Since 1950,
when each of these services spent about 4
billion dollars, expenditures for the Army
and Navy have more than doubled, while
expenditures for the Air Force have more
than quadrupled.
Military personnel will be reduced from
3.2 million currently to about 3 million on
June 30, 1955, and to something over 2.8 million a year later. However, the Air Force
will be increased slightly, with the Navy and
Marine Corps bearing small reductions and
the Army the heaviest reduction in military
personnel.
The Department of Defense budget allocates 10.3 billion dollars for personnel in
1956, about the same as in 1954 and 1955.
Increased pay and benefits to induce capable,
trained men to remain in the armed forces
will offset the savings from the reduction in
numerical strength. The 8.6 billion dollars
for operation and maintenance reverses the
118
FEDERAL BUDGET EXPENDITURES
[In billions of dollarsl
Fiscal year ending June 30 —
Function
1954
1953 j 1950
67.8
74.3
39.6
Major national security programs, total expenditures.. 40.5 40.6 46.5 50.3
13.0
11956' .1955'
62.4
Budget expenditures, Lotal
Defense department, military... 34.0
Atomic energy
2.0
Stockpiling
Mutual security, military
63.5
43.6
1.8
1 .0
3.6
.9
4.0
.4
.1
Nondefense expenditures, total... . 22.0
New oMigational authority:
Total
'.
Major national security programs
58.6 57.3 62.8 80.3 49.3
36.7
34.4
39.5
57.3 17.0
1
Estimated.
NOTE.—Details may not add to totals because of rounding.
recent downward trend in this category.
Major procurement and production—about
two-thirds of which goes for aircraft and
guided missiles—is little changed from the
1955 total of 12.7 billion. Military public
works and research and development also
continue near their recent levels. The
amount budgeted for reserve components increases substantially to 927 million dollars in
1956, reflecting the President's proposals for
a more effective military reserve.
The total for the Defense Department is
reduced by the unusual step of deducting
1,750 million dollars for unallocated reductions, which the Secretary expects to realize
through savings, slippages, and program adjustments not yet specified as to Budget
expenditure category.
Atomic ena'gy. Expenditures for atomic
energy in fiscal year 1956 are estimated to
be slightly lower than 1955 but higher than
any other year. In 1956 capital expenditures
will drop considerably, but operating expenditures will increase from 60 to 75 per
cent of the total as large new facilities are
placed in operation and as raw uranium ores
are procured at a higher rate. The 1956
Budget provides greater expenditures than
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR 1956
ever before for peaceful applications of
atomic power, especially the development
of industrial power reactors.
Stockpiling. A new long-term program
may increase inventories of strategic and
critical materials to a level 3.3 billion dollars
above the 65 billion of minimum objectives.
Procurement will generally be above the
minimum stockpile level only when it serves
both to meet long-range objectives and to
maintain essential domestic production. Expenditures in 1956 are expected to increase
minimum program inventories to 5.1 billion
dollars and the additional long-range stockpile to 1.2 billion.
Mutual security—military. The major national security category includes the military
assistance and direct-forces-support portions
of the mutual security program. The nonmilitary portions are classified under international affairs and finance.
Mutual military assistance provides equipment and training for the forces of our European and Asian allies to the extent that these
countries cannot provide for themselves.
The estimate for fiscal year 1956 is not entirely comparable with earlier years due to
different methods of financing. Actual deliveries of equipment are projected to continue in fiscal years 1955 and 1956 at about
the 3 billion dollar rate attained in 1954.
Expenditures in 1956 will exceed the new
obligational authority requested and, accordingly, will draw down the unexpended balance of earlier appropriations.
The fiscal year 1956 Budget includes 600
million dollars for uniforms, medicines,
rations, and similar items, exclusive of military equipment, for the direct-forces-support
program. This relatively new program, assisting only selected countries where our
security requires active forces beyond the
country's own capacity, is expected to conFEBRUARY
1955
tinue as long as it is necessary to maintain
large armed forces in Asia and the Near East.
PROGRAMS OTHER THAN MAJOR NATIONAL
SECURITY
Budget expenditures for programs other
than major national security account for 35
per cent of fiscal year 1956 expenditures.
They will be approximately 900 million dollars less than in 1955, but 700 million more
than in 1954.
Interest. Interest payments are down 180
million dollars from the 1955 fiscal year to
6.4 billion dollars for 1956. A decline in the
average interest rate on the debt from 2.41 to
2.29 per cent during calendar year 1954, resulting from lower rates on new Treasury
issues, is primarily responsible for the drop.
International affairs and finance. This
class of expenditure is expected to decline
further in fiscal year 1956. However,unew
obligational authority recommended is larger
than in the preceding year, indicating that
future expenditures may stabilize near, or
increase somewhat over, the 1956 level.
Non military economic aid under the
mutual security program is budgeted at one
billion dollars in 1956, down slightly from
1954 and 1955. Most 1956 funds'will go to
Asia, the Middle East, Africa, and Latin
America for economic development and
technical cooperation, bilaterally and
through the United Nations. Small increases are requested for refugee relief and
for foreign information and exchange activities.
The new Budget includes 35 million dollars as the United States' share of 100 million
capital for the proposed International Finance Corporation. This Corporation, to be
an affiliate of the International Bank for Reconstruction and Development, will provide
venture capital without government guaran119
THE FEDERAL BUDGET FOR 1956
PROGRAMS OTIIT:R THAN M A J O R NATIONAL SECURITY
[In billions of dollars!
Fiscal year ending June 30 —
Function
1055
Total expenditures
Interest
International affairs and finance. .
Veterans services and benefits ... .
Welfare, health, and education
Agriculture and agricultural resources
Natural resources
Commerce and manpower
General trover nme.nt
Other*
New obligational authority.
22.0
6.4
1 .3
4.6
2.3
22.9
6.6
1. .4
4.-1
2.3J
3. 1
2.3|
1 . 1
l.Oj
!.('
2.2|
1 .6! 1 .?
. 1
• 31
21 .9
22.«
1954 ; 1953 j 1950
21.3
24.0
.6
.2
.3i
.21
2.0\
26.6
5.8
4.7
6.6
1.7
2.8
1 .1
2.4
1 .2
.3
.ol S I
1
Estimated.
-Reserves for proposed legislation and for contingencies 1955
and 1956; adjustment, to daily Treasury statement basis, 1950.
NOTE.—Details may not add to totals because of rounding.
tees to private businesses in underdeveloped
countries.
Veterans services and benefits. Net veterans expenditures, which declined steadily
from the 1947 postwar peak of 7.4 billion
dollars to 4.3 billion in fiscal 1954, will increase in 1955 and 1956. The long-run outlook is for further increases due to (1) the
large, growing number of eligible veterans—
more than two-fifths of all adult males; (2)
the World War I veterans now reaching
age 65 who are qualifying for pensions in
large numbers; and (3) the increased scope
and liberality of benefits. The largest 1956
components are 2.8 billion dollars for compensation and pensions—equivalent to more
than half the payments from old-age and
survivors' insurance; 770 million dollars for
hospital and medical care; and 587 million
for education and training—90 per cent to
Korean veterans.
Welfare, health, and education. Total
1956 expenditures will remain approximately
at the 1955 figure of 2.3 billion dollars.
About 1.4 billion provides for the public
assistance program. Significant new proposals include 25 million dollars as the initial
capitalization for health reinsurance, a
120
straight 50-50 Federal-State sharing of public
assistance costs, and extension of old-age and
survivors' insurance to military and Federal
civilian personnel not now covered.
The President on February 8 proposed a
Federal-State-local school construction program totaling 7 billion dollars during three
years, of which 1.1 billion will require Federal appropriations. The 1956 Budget allows
Federal funds for the first year of this program under the reserve for proposed legislation and contingencies. Grants for part
of the construction costs for the poorest
school districts will require 200 million dollars, to be matched by State funds. The
other 900 million will be used to buy bonds
of districts that are unable to borrow at a
reasonable rate of interest and to provide
reserves for State agencies that build schools
for lease and eventual purchase by local
school districts. This larger sum is expected
to be repaid gradually to the Federal Treasury.
Agriculture and agricultural resources. An
expected 50 per cent reduction of almost one
billion dollars in agricultural price support
payments is the major factor in the estimate
that net Budget expenditures for agriculture
and agricultural resources will decline to 2.3
billion dollars in fiscal year 1956 from the
postwar high of 3.1 billion in 1955. Small increases are recommended for the rural electrification and telephone, agricultural conservation, research, and extension programs.
The President's recommendation for 1.3 billion dollars of new obligational authority
for agricultural programs during fiscal year
1956 is less than half that for 1955 or 1954.
This drop is attributable almost entirely to
a decrease for the Commodity Credit Corporation.
Net Budget expenditures of the Commodity Credit Corporation, which handles
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR 1956
the farm price-support program, are the ex- control, irrigation, power, and multiple-purcess of its gross expenditures over its receipts. pose river developments. Local interests are
Its gross expenditures are outlays during the expected to finance most power facilities on
year for commodity loans and purchases and a partnership basis. A 5 million dollar exfor repayment of its certificates of interest penditure is also requested to initiate plans
issued largely to banks with CCC-owned for two comprehensive river basin developcommodities as collateral. Its receipts come ments, with ultimate Federal costs estimated
largely from commodity sales, repayment of at 1.1 billion dollars.
commodity loans, and issuance of CCC cerCommerce and manpower. A proposed
tificates of interest.
increase in postal rates and a shift to partial
A decline of 1.5 billion dollars in CCC liquidation of mortgages now held by the
gross price support expenditures estimated Federal National Mortgage Association are
for fiscal year 1956 reflects largely the smaller the major factors accounting for the decline
volume of new loans and purchases antici- expected in total expenditures for commerce
pated as a result of tighter restrictions on and manpower in fiscal year 1956. The
acreages planted. Receipts anticipated from postal rate increase requested would provide
the sale of commodities will rise as efforts to 400 million dollars, which would not only
expand markets for farm products begin to cover the suggested postal pay increases but
show results. Together these will more than
also make the postal system almost selfoffset about 700 million dollars of net repaysupporting.
ments of certificates of interest, necessitated
In 1956, 1.5 billion dollars of receipts from
by a decrease in commodity holdings needed
liquidation of mortgages and properties held
as collateral. CCC commodity holdings
by Federal housing agencies will nearly offare expected to decline about 700 million
set gross expenditures, so net Budget exdollars during 1956—the first decline since
penditures
for housing and community defiscal year 1952—to 5.6 billion at the end of
velopment
are estimated at only 82 million
the fiscal year. Expenditure estimates for
this program, which varies with choice dollars. This figure is comparable to actual
of crops to raise, weather conditions, and net receipts of 445 million dollars in 1954 and
market prices, are subject to a wide margin estimated net expenditures of 387 million
in 1955. The change between 1955 and
of error.
T
Natural resources. The. low er expendi- 1956 is due largely to operations of the
tures estimated for natural resources reflect a FNMA, which will show net expenditures
prospective decline in construction of new in 1955 and net receipts in 1956. This refacilities and increased operating receipts of sults from the Housing Act of 1954, under
the Tennessee Valley Authority. The Budget which the FNMA is liquidating most of its
Message states that the.TVA is giving im- mortgage holdings and, after fulfilling its
mediate attention to the possibilities of previous commitments, will purchase confinancing further expansion of its power sys- siderably fewer mortgages.
New obligational authority of 200 million
tem by means other than Federal appropriadollars
for urban renewal and 100 million
tions.
About two-thirds of the 1956 net expendi- for direct housing loans to veterans is retures for natural resources will be for flood quested, plus a two-year contract authorizaFEBRUAKY
1955
121
THE FEDERAL BUDGET FOR 1956
tion for 35,000 low-rent housing units each
year.
Budget expenditures do not include Federal guaranties and insurance of private loans,
but the Budget document does report them.
Additional loan guaranty authority of more
than 6 billion dollars is requested to meet
anticipated 1956 commitments on about 14
billion of Federal guaranties and insurance
of private housing loans. By June 30, 1956,
mortgage loans guaranteed by the VA or
insured by the Federal Housing Administration are expected to total about 46 billion
dollars—90 per cent of all outstanding Federal guaranties and insurance.
Highway expenditures in the Budget continue to rise slightly from fiscal year 1955
to 725 million dollars in 1956. The Budget
makes no provision for the special Ten-Year
National Highway Program. In January
the President's Advisory Committee on this
Program recommended average annual Federal expenditures of 3.1 billion dollars, including about 623 million of present Budget
expenditures, the remaining 2.5 billion
yearly to be financed largely through bonds
of a new Federal Highway Corporation.
These would be repaid by 1985 from the
anticipated increase in receipts from continuing the gasoline tax at its present rate.
A brief special analysis of the Federal economic statistical programs is a new feature
in the 1956 Budget. This summary permits evaluation of Government statistics by
subject-matter areas. Expenditures for the
continuing programs are estimated at 32
million dollars in fiscal year 1956, over half
of which covers production and distribution,
mostly in agriculture. Relatively large increases are included in the 1956 Budget for
the statistical programs covering unemployment and wages, construction and housing,
and State and local governments. In addi122
tion to the continuing programs, another
11 million dollars is budgeted in 1956 for
the periodic census programs. Almost twothirds of the expenditures for statistical programs are classified under commerce and
manpower, with agriculture accounting for
another quarter of the total.
General government. The varied functions and services included under this heading are expected to require 344 million dollars more in fiscal year 1956 than in 1955.
This increase results primarily from a proposed resumption of payments to help cover
the Government's share of current benefit
disbursements for retired Federal civilian
employees and from an increase in certified
claims, mainly bills presented for payment
after the appropriation has lapsed.
BUDGET RECEIPTS
The expansion of personal incomes and
corporate profits accompanying a growing
prosperity is expected to increase Budget
receipts by 1 billion dollars in the fiscal year
1956 to a total of 60 billion. Assuming tax
rates are unchanged from fiscal year 1955
to 1956, the Treasury estimates that an increase of about 4 per cent in personal inFEDEKAL BUDGET
RECEIPTS
fin billions of dollars]
Fiscal year ending June 30—
Source
19561 19551 1954 1953 1950
Budget receipts, total
60.0 59.0 64.7 64.8 36.5
Individual income taxes
Corporation income and excess
profit taxes
Excise taxes
Employment taxes
Estate and gift taxes
Customs
Miscellaneous receipts
Less:
Transfers to trust funds:
Federal Old Age and Survivors Insurance
Railroad Retirement
Refunds of receipts
32.5 30.7
32.4 32.8
17.4
17.0 18.5 21.5 21 .6 10.9
9.4 9.1 10.0 9.9 7.6
7.1 6.1
2.9
5.4 5.0
1.0
.7
.9
.9
.9
.6
.4
.6
.6
.6
2.5 2.3 2.3 1 .9 1.4
6.2
.6
3.2
5.2
.6
3.3
4.5
.6
3.4
4.1
.6
3A
2.1
.6
2.2
1
Estimated, including President's tax proposals.
NOTE.--Details may not add to totals because of rounding.
FEDERAL RESERVE BULLETIN"
THE FEDERAL BUDGET FOR 195 6
come from calendar year 1954 to calendar
year 1955 will increase individual income
tax gross receipts 1.8 billion dollars, to 32.5
billion, in fiscal year 1956. Receipts from
this source will approach the 1953 record
despite revenue losses since then from lower
rates and from changes in the 1954 Internal
Revenue Code.
An expected rise of about 7 per cent in
corporate profits from calendar year 1954
to the current year will cushion the drop in
corporation tax receipts that is due to result
from statutory changes already made in this
tax. The three principal changes are: (1)
The expiration of the excess profits tax on
December 31, 1953, reducing fiscal year 1956
receipts about 2 billion dollars compared to
fiscal year 1953 or 1954; (2) the more liberal
deductions for depreciation and other expenses under the 1954 Code, reducing corporate tax liabilities collectible in fiscal year
1956 by about 1 billion compared to 1954;
and (3) completion of the transition to the
Mills plan in fiscal year 1955 so that 1956—
the first fiscal year since 1950 not to enjoy
additional receipts resulting from the acceleration of corporate tax payments—will lose
about 1.7 billion dollars of receipts by comparison to 1954 or 1955.
The sensitivity of Budget receipts to any
significant change in general economic conditions is highlighted by the reduction of
3.6 billion dollars in the receipts estimates
for fiscal year 1955 between the January 1954
and the January 1955 Budget documents.
About 1 billion dollars of this revenue loss
is due to the reduction in some excises effective April 1, 1954, the only significant tax
rate reduction not anticipated in the January 1954 estimate. But calendar year 1954
economic activity, instead of maintaining the
1953 level-^with gross national product at
365 billion dollars—as had apparently been
FEBRUARY
1955
anticipated for revenue estimates, declined
slightly to about 357 billion. Corporate
profits before taxes declined about 10 per
cent from calendar year 1953 to 1954. The
resulting drop of 1.8 billion dollars in expected corporate tax receipts largely accounted for the further reduction of 2.6 billion in estimated receipts for fiscal year 1955.
Individual income tax receipts, after allowing for larger refunds, were approximately
unchanged, as 1954 personal income remained at approximately the 1953 level.
CASH BORROWING AND REPAYMENT
Over the long run, the level of total Federal debt outstanding responds to the amount
of surpluses or deficits in the administrative
Budget. Changes in the debt held by the
public, however, move more closely with
the amount of cash surplus or deficit. In
the short run, annual changes in the debt
level differ from the corresponding surplus
or deficit largely because of variations in the
Treasury cash balance.
In fiscal year 1956, with no change anticipated in the Treasury's cash balance, the expected cash surplus will permit repayment
of almost 600 million dollars of debt held by
the public. Noncash borrowing of 2.8 billion dollars from trust funds and other Government agencies and of 500 million dollars
from interest accruing on savings bonds, is
anticipated. The Budget also estimates that
the Federal National Mortgage Association
and some other Government enterprises
whose transactions are included in the
Budget will borrow about 1 billion dollars in
the market on their own obligations—not
counted as part of the Federal debt—which
will reduce by a corresponding amount the
need for Treasury borrowing. These transactions reconcile the cash surplus and net
cash repayment of about 600 million dollars,
123
THE FEDERAL BUDGET FOR 1956
THF. FL-DI-.RAL DKHT AN*D CASH BORROWING FROM THE PUBLIC
pattern of tax collections, especially corporate
taxes, the Treasury expects to operate at a
Fiscal year ending June 3 0 deficit of about 8 billion dollars over the JulyItem
December
half of fiscal 1956, and to borrow
1056» 1955! 1954 1953 1950
from the public in this period a substantial
Net cash surplus ( —) or deficit. . . - . 6
.3 2.2
? mount that can be repaid during the MarchChange in Treasury cash balance. .
+2.4
.3|+2.0
Net cash borrowing from, or
June
1956 period of heavy receipts. Over
!
repayments
to (—), the
4.2
.5
public2
.
6
.6
2
the
next
18 months, therefore, the public
3.2
Plus: Noncash borrowing 3
.0
.3
3.3
Less: Increase in obligations of
debt is likely to be largest, perhaps above
Government enterprises held
•1.8
H.O
by the public
(*)
280 billion, about January 1956. In view of
Net increase in outstanding
this, the President has requested the Con17
5.2
3.0
debt
4.6
Federal debt outstanding, enc\ of
gress "to again increase the debt limit," but
276.0 274.3i271 .3 266.1 257.4
year
I
without specifying a definite figure.
1
Estimated.
The heavy March and June concentrations
-'Adjusted by small amounts for seigniorage. Figures for 1950
and 1953 from Treasury Bulletin not necessarily comparable with
of corporate tax receipts resulting from the
Budget.
Bureau basis of classification.
;i
Represents principally increase in. Government security holdMills plan contributed to a cash deficit
ings of Federal agencies ami trust funds and net interest accruals on
savings bonds.
•'.Includes sale to the public of Federal National Mortgage Assoduring July-December and a cash surplus
ciation debentures in the amount of 750 million dollars in each
year.
during Januarv-June of each fiscal year 1952"Decrease of less than 50 million dollars.
NOTE.—Details may not add to totals because ol rounding.
55. To ease the Treasury's seasonal financing problems, the 1954 Internal Revenue
shown in the table, with the net increase in
Code provides for corporations to accelerate
the outstanding debt.
their tax payments and to make their payIncreases in Federal obligations held by
ments quarterly. The payments on calenGovernment trust funds reduce by an equivadar year 1955 tax liabilities are due Septemlent amount the funds needed from outside
ber and December of the current year and in
the Government to finance the net increase
March and June of 1956, instead of half in
in the Federal debt. Over the period from
each of the latter two months. The SepDecember 31, 1954, to June 30, 1956, the Fedtember and December payments begin at 5
eral debt is expected to decline from 278.3
per cent and increase gradually until the four
billion to 276.0 billion dollars while the debt
held within the Government increases 4.8 quarterly payments become equal in fiscal
billion to 52.3 billion. Thus, over a period year 1960. These provisions apply only to
of 18 months the Treasury expects to retire corporations with annual tax liabilities in
about 7.1 billion of debt now held outside the excess of $100,000, but the approximately
20,000 corporations affected pay about 85 per
Government.
cent
of all corporate taxes.
The statutory limit on the public debt,
The cash surplus anticipated for 1956
temporarily at 281 billion dollars, will revert
would
relieve the Treasury from the pressure
to 275 billion on July 1, 1955, under present
of
raising
additional funds other than on a
legislation. The estimated debt on that date
will squeeze under the ceiling, but the an- seasonal basis, and this would put the Treasticipated 1956 debt increase will put the ury in a more flexible position in managing
debt subject to ceiling at 276 billion on June the Federal debt. On the otljer hand, if
30, 1956. Moreover, due to the seasonal some Government programs, as suggested
fin billions of dollars!
124
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR 1956
for highways and TV A, are to be financed
outside the Budget by borrowing not subject
to the statutory debt limit, consideration
needs to be given such new issues in analyzing the total demand for funds from the
public. The cash borrowing table does include net borrowing by some agencies, such
as FNMA, whose expenditures are included
in the Budget estimates although their obligations are not counted as part of the Federal debt.
OUTLOOK FOR THE FUTURE
Barring international developments which
would upset present calculations, it appears
that prospective Budget expenditures in 1957
and subsequent fiscal years may level off
near present totals. Major national security
expenditures seem to be stabilizing, in view
of the small reduction from 1955 to 1956
and a small increase in new obligational
authority for 1956. Nondefense expenditures have been approximately constant in
the Budget but may increase in programs
financed outside the regular Budget.
The President, in view of the prospective
"FEBRUARY
1955
Budget deficit, recommends in the Budget
Message against any further loss of revenue
through tax reductions this year. Specifically,
he requests legislation to extend for one year
the current corporate and excise tax rates,
which under existing legislation will be automatically reduced on April 1. The present
52 per cent corporate tax rate is scheduled
to drop to 47 per cent, at an anticipated fullyear cost to the Treasury of 2 billion dollars.
The existing excise taxes on liquor, tobacco,
gasoline, and automobiles, unless extended,
will be automatically reduced with a full
year revenue loss estimated at 1 billion.
The Budget Message states that "further
tax reductions can only be made as savings
in governmental expenditures or increased
revenues resulting from growth in our economy are in sight." The President expresses
the hope that savings in expenditures and an
expanding tax base will justify tax reductions
next year, "to spread the relief fairly among
all taxpayers in a way which will be the
most effective to relieve individual tax
burdens and to increase incentive for effort
and investment."
125
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
l^OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present con-*- stituted. The list shows, in addition to the name of each director, his principal business affiliation, the
class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors;
three Class A and three Class B directors, who are elected by the stockholding member banks, and three
Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A
directors are representative of the stockholding member banks. Class B directors must be actively engaged
in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or
employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of
each Federal Reserve District are classified by the Board of Governors of the Federal Reserve System into
three groups, each of which consists of banks of similar capitalization, and each group elects one Class A
and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any
bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors
and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either
five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal
Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System.
One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe.
District No. 1—Boston
Term
Expires
Dec. 31
Class A:
Oliver B. Ellsworth
Lloyd D. Brace
Flarold I. Chandler.
President, Riverside Trust Company, Hartford, Conn..
President, The First National Bank of Boston, Boston, Mass.
President, The Keene National Bank, Keenc, N. H..
1955
1956
1957
President, Aroostook Potato Growers, Inc., Presque Isle, Me..
President, H. P. Hood & Sons, Inc., Boston, Mass.
President and Treasurer, The Tafr-Peirce Manufacturing Company, Woonsocket, R. I..
1955
1956
Class B:
Harry E. Umphrey.
Harvey P. Hood.
Frederick S. Blackall, jr.
1957
Class C:
Harold D. Hodgkinson
James R. Killian, Jr.
Vacancy
1
Vice President, General Manager and Chairman of Management
Board, Wm. Filene's Sons Company, Boston, Mass..
President, Massachusetts Institute of Technology, Cambridge,
Mass.
1955
1956
1957
Chairman.
126
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
District No. 2—New York
Term
Expires
Dec. 31
Class A:
N. Baxter Jackson. .
John R. Evans.
Ferd I. Collins.
Chairman o£ the Board, Chemical Corn Exchange Bank, New
York, N. Y
. ...
1955
. President, The First National Bank of Poughkeepsie, Poughkeepsie, N. Y
1956
President and Trust Officer, Bound Brook Trust Company,
Bound Brook, N. J...
1957
Class S.Clarence Francis
Director and Member of Executive Committee, General Foods
Corporation, New York, N. Y
1955
President, The Grand Union Company, East Paterson, N. J.
1956
President, National Distillers Products Corporation, New York,
N. Y. .
1957
Lansing P. Shield.
John E. Bierwirth.
Class C.Franz Schneider.
Jay E. Crane ! .
New York, N. Y
1955
Vice President, Standard Oil Company, (New Jersey), New
York, N. Y
1956
Provost, Cornell University, Ithaca, N. Y.. .
1957
Forrest F. Hill 2 . .
Buffalo Branch
Appointed by Federal Reserve Ban\:
Bernard E. Finucane.
Edward P. Vreeland.
Robert L. Davis.
Charles H. Diefendorf.
President,
N. Y
President,
President,
President,
Buffalo,
Security Trust Company of Rochester, Rochester,
.
Salamanca Trust Company, Salamanca, N. Y..
The First National Bank of Olean, Olean, N. Y..
The Marine Trust Company of Western New York,
N. Y...
1955
1955
1956
1957
Appointed by Board of Governors:
Edgar F. Wendt 1 . .
Robert C. Tait.
Clayton G. White. .
1
Chairman.
FEBRUARY 1955
2
. President, Buffalo Forge Company, Buffalo, N. Y..
..
President, Stromberg-Carlson Company, Rochester, N. Y
. Dairy farmer, Stow, N. Y.. .
1955
1956
1957
Deputy Chairman,
127
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
District No. 3—Philadelphia
Term
Expires
Dec. 31
Class A:
Bernard C. Wolfe. .
Wm. Fulton Kurtz.
W. Elbridge Brown.
. President, The First National Bank of Towanda, Towanda, Pa. 1955
. Chairman of the Board, The Pennsylvania Company for Banking and Trusts, Philadelphia, P a . . . . .
..
.
1956
. President and Trust Officer, Clearfield Trust Company, Clearfield, Pa.
1957
Class B.Charles E. Oakes.
Warren C. Newton.
Bayard L. England
President, Pennsylvania Power and Light Company, Allentown,
Pa
1955
President, O. A. Newton and Son Company, Bridgeville, Del..
1956
President, Altantic City Electric Company, Atlantic City, N. J. 1957
Class C.Henderson Supplee, Jr.2
Lester V. Chandler. .
William J. Meinel ' .
.President, The Atlantic Refining Company, Philadelphia, Pa..
. Professor of Economics, Princeton University, Princeton, N. J..
President and Chairman of the Board, Heintz Manufacturing
Company, Philadelphia, Pa..
1955
1956
1957
District No. 4—Cleveland
Class A:
President, The Merchants National Bank and Trust Company
of Meadville, Meadville, Pa.
.
President, The Harter Bank & Trust Company, Canton, Ohio.
President, The Pomeroy National Bank, Pomeroy, Ohio
John D. Bainer.
J. Brenner Root. .
Edison Hobstetter
1955
1956
1957
Class B:
Edward C. Doll.
Alexander E. Walker.
Joseph B. Hall.
President, Lovell Manufacturing Company, Erie, Pa..
..
Chairman of the Board, The National Supply Company, Pittsburgh, Pa
President, The Kroger Company, Cincinnati, Ohio
1955
1956
1957
Class C.Sidney A. Swensrud 2 .
John C. Virden '.
Frank J. Welch
1
Chairman.
128
3
Chairman of the Board, Gulf Oil Corporation, Pittsburgh, Pa. 1955
. Chairman of the Board, John C. Virden Company, Cleveland,
Ohio
..
..
1956
. Dean, College of Agriculture and Home Economics, University
of Kentucky, Lexington, Ky..
1957
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Cincinnati Branch
Dec. 31
Appointed by Federal Reserve Bank:
Fred A. Dowd.
Leonard M. Campbell.
Roger Drackett
Bernard H. Geyer.
President,
Ohio
President,
President.
President,
Ohio
The First National Bank of Cincinnati, Cincinnati,
The Second National Bank of Ashland, Ashland, Ky.
The Drackett Company, Cincinnati, Ohio.
The Second National Bank of Hamilton, Hamilton,
1955
1956
1957
1957
Appointed by Board of Governors:
Henry C. Besuden.
Anthony Haswell 3
W. Bay Irvine.
Farmer, Winchester, Ky
...
President, The Dayton Malleable Iron Company, Dayton, Ohio
President, Marietta College, Marietta, Ohio.
1955
1956
1957
Pittsburgh Branch
Appointed by Federal Reserve Ban\:
Paul Malone
Albert L. Rasmussen.
John H. Lucas.
Irving W. Wilson.
President, The Second National Bank of Uniontown, Uniontown, Pa
President, The Warren National Bank, Warren, Pa..
President, Peoples First National Bank & Trust Company, Pittsburgh, Pa
President, Aluminum Company of America, Pittsburgh, Pa..
1955
1956
1957
1957
Appointed by Board of Governors:
Douglas M. Moorhead..
Henry A. Roemer, Jr.1.
John C. Warner.
Farmer, North East, Pa...
President, Sharon Steel Corporation, Sharon, Pa..
President, Carnegie Institute of Technology, Pittsburgh, Pa..
1955
1956
1957
District No. 5—Richmond
Class A:
Warren S. Johnson.
John A. Sydenstricker.
Daniel W. Bell.
1
Investment Counselor, Peoples Savings Bank & Trust Company,
Wilmington, N. C
1955
Executive Vice President, First National Bank in Marlinton,
Marlinton, W. Va
1956
. President and Chairman of the Board, American Security and
Trust Company, Washington, D. C...
1957
Chairman.
FEBRUARY 1955
129
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
H. L. Rust, Jr..
W. A. L. Sibley..
Robert O. Huffman.
. President, H. L. Rust Company, Washington, D. C
Vice President and Treasurer, Monarch Mills, Union, S. C . .
President, Drexel Furniture Company, Drexel, N. C .
1955
1956
1957
Class C:
John B. Woodward, Jr.'
Alonzo G. Decker, Jr.2. .
D. W. Colvard.
. Chairman of the Board, Newport News Shipbuilding & Dry
Dock Company, Newport News, Va
1955
Vice President, The Black & Decker Manufacturing Company,
Towson, Md
1956
. Dean of Agriculture, North Carolina State College of Agriculture and Engineering, Raleigh, N. C.. .
1957
Baltimore Branch
Appointed by Federal Reserve Ban\:
Lacy I. Rice. . .
Stanley B. Trott. .
Charles W. Hoff. .
Charles A. Piper. .
. President,
President,
. President,
.President,
The Old National Bank, Martinsburg, W. Va.. .
Maryland Trust Company, Baltimore, Md
Union Trust Company of Maryland, Baltimore, Md.
The Liberty Trust Company, Cumberland, Md.. .
1955
1955
1956
1957
President, International Bedding Company, Baltimore, Md..
Howard M. Taylor, Jr.1.
Theodore E. Fletcher, Sr.. . . Senior Partner, Albert W. Sisk & Son, Preston, Md.
Clarence R. Zarfoss. .
Vice President, Western Maryland Railway Company, Baltimore, Md.
....
1955
1956
Appointed by Board of Governors:
1957
Charlotte Branch
Appointed by Federal Reserve Ban\:
George S. Crouch.
Jonathan Woody
Archie K. Davis. .
Ernest Patton .
L
Chairman.
130
2
. Chairman of the Board, The Union National Bank, Charlotte,
N. C
1955
. President, First National Bank, Waynesville, N. C
1955
. Senior Vice President, Wachovia Bank and Trust Company,
Winston-Salem, N. C
1956
. Chairman of the Board, The Peoples National Bank of Greenville, Greenville, S. C . .
.
1957
Deputy Chairman..
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dee. 31
Appointed by Board oj Governors:
T. Henry Wilson 1 .
William H. Grier.
Paul T. Taylor.
. President & Treasurer, Henredon Furniture Industries, Inc.,
Morganton, N. C.
1955
. Executive Vice President, Rock Hill Printing & Finishing Company, Rock Hill, S. C .
1956
. President, Taylor Warehouse Company, Winston-Salem, N. C..
1957
District No. 6—Atlanta
Class A:
President,
. President,
. Chairman
gomery,
Leslie R. Driver.
Roland L. Adams.
W. C. Bowman. .
The First National Bank in Bristol, Bristol, Tenn..
1955
Bank of York, York, Ala
1956
of the Board, The First National Bank of MontMontgomery, Ala..
1957
Class B.Donald Comer .
. Chairman of the Board, Avondale Mills, Birmingham, Ala.
1955
Chairman of the Board, Louisiana Coca-Cola Bottling Company,
Ltd., New Orleans, La
1956
. President, J. M. Tull Metal & Supply Company. Inc., Atlanta, Ga. 1957
A. B. Freeman.
Pollard Turman
Class C:
Rufus C. Harris T .
Harllee Branch, Jr.2. .
Vacancy .
. President, The Tulane University of Louisiana, New Orleans,
La
1955
. President, Georgia Power Company, Atlanta. Ga..
1956
1957
Birmingham Branch
Appointed by Federal Reserve Ban\:
John B. Barnett, Jr.. .
Frank M. Moody. .
John Will Gay.
Malcolm A. Smith. .
1
Chairman.
FEBRUARY 1955
2
President, The Monroe County Bank, Monroeville, Ala..
Vice President, The First National Bank of Tuskaloosa. Tuscaloosa, Ala
. President, The First National Bank of Scottsboro, Scottsboro,
Ala
First Vice President, Birmingham Trust National Bank, Birmingham. Ala. .
1955
1955
1956
1957
Deputy Chairman.
131
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec 31
Appointed by Board of Governors:
Thad Holt 1 . . . .
Adolf Weil, Sr
Edwin C. Bottcher. .
. .Investments, Birmingham, Ala..
. .President, Weil Brothers-Cotton, Inc., Montgomery, Ala..
Farmer, Cullman, Ala.. .
1955
1956
1957
Jacksonville Branch
Appointed by Federal Reserve Ban\:
Frank W. Norris. .
J. Carlisle Rogers. .
T. A. Davis, Jr.. . . .
James L. Niblack. .
President, The
ville, Fla
. .President, The
. President, Pan
. President, The
Barnett National Bank of Jacksonville, Jackson1955
First National Bank of Leesburg, Leesburg, Fla. 1955
American Bank of Miami, Miami, Fla..
. . 1956
First National Bank of Lake City, Lake City, Fla. 1957
Appointed by Board of Governors:
Harry M. Smith J . .
McGregor Smith .
J. Wayne Reitz .
. . President and Manager, Winter Garden Ornamental Nursery,
Inc., Winter Garden, Fla
1955
Chairman of the Board and Director, Florida Power and Light
Company, Miami, Fla
1956
. Provost for Agriculture, University of Florida, Gainesville, Fla. 1957
Nashville Branch
Appointed by Federal Reserve Bdn\:
James V. Sprouse. .
T. R. Keys
W. E. Tomlinson. .
J. R. Kellam, Jr.. .
President, The First National Bank of Springfield, Springfield,
Tenn
3955
. President, Erwin National Bank, Erwin, Tenn..
.. .
1955
. President, The Hamilton National Bank of Johnson City, Johnson City, Tenn
....
1956
. Executive Vice President, Commerce Union Bank, Nashville,
Tenn.
...
1957
Appointed by Board of Governors:
Ernest J. Moench 1 .
Frank B. Ward.
A. Carter Myers.
1
. President, Tennessee Tufting Company, Nashville, Tenn..
1955
. Dean, College of Business Administration, University of Tennessee, Knoxville, Tenn
1956
Treasurer, Knoxville Fertilizer Company, Knoxville, Tenn..
1957
Chairman.
132
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
New Orleans Branch
Term
Expires
Dec. 31
Appointed by Federal Reserve Ban\:
Keehn W. Berry.
James T. Brown.
Leon J. Minvielle. .
Philip C. Williams. .
. President, Whitney National Bank of New Orleans, New Orleans, La
..
. Chairman of the Board, First National Bank of Jackson, Jackson,
Miss
. President, The Peoples National Bank of New Iberia, New
Iberia, La
President, Bank of Yazoo City, Yazoo City, Miss..
1955
1955
1956
1957
Appointed by Board of Governors:
E. O. Batson. .
E. E. Wild
Joel L. Fletcher, Jr. \
President, Batson-McGehee Company, Inc., Millard, Miss.. .
. Rice grower, Midland, La
President, Southwestern Louisiana Institute, Lafayette, La..
1955
1956
1957
District No. 7—Chicago
Class A:
Nugent R. Oberwortmann.
Vivian W. Johnson.
Walter J. Cummings.
President, The North Shore National Bank of Chicago, Chicago,
111
President, First National Bank, Cedar Falls, Iowa. . .
Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111..
1955
1956
1957
Class B:
William J. Grcde.
William A. Hanley
Walter E. Hawkinson
. President, Grede Foundries, Inc., Milwaukee, Wis..
Director, Eli Lilly and Company, Indianapolis, Ind.
Vice President in Charge of Finance, and Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis..
1955
1956
1957
Class C.John S. Coleman 1 .
J. Stuart Russell.
Bert R. Prall 2 .
1
Chairman.
FEBRUARY 1955
President, Burroughs Corporation, Detroit, Mich..
Farm Editor, The Des Moines Register & Tribune, Des Moines,
Iowa
President, Butler Bros., Chicago, 111...
1955
1956
1957
~ Deputy Chairman.
133
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Detroit Branch
Term
Expires
Dec. 31
Appointed by Federal Reserve Ban\:
Raymond T. Perring
Ira A. Moore
Ernest W. Potter.
Howard P. Parshall.
.President, The Detroit Bank, Detroit, Mich..
. President, Peoples National Bank of Grand Rapids, Grand
Rapids, Mich.
President, Citizens Commercial & Savings Bank, Flint, Mich..
President, Bank of the Commonwealth, Detroit, Mich.. .
1955
1956
1957
1957
Appointed by Board of Governors:
William M. Day.
Watson H. Vanderploeg n .
John A. Hannah.
Vice President and General Manager, Michigan Bell Telephone
Company, Detroit, Mich
1955
President, Kellogg Company, Battle Creek, .Mich.. .
1956
President, Michigan State College, East Lansing, Mich..
1957
D i s t r i c t N o . 8—St. L o u i s
Class A:
J. E. Etherton...
William A. McDonnell.
Phil E. Chappell..
.President, The Carbondale National Bank, Carbondale, 111..
President, First National Bank in St. Louis, St. Louis, Mo..
President, Planters Bank & Trust Company, Hopkinsville, Ky..
1955
1956
1957
Class B:
S. J. Beauchamp, Jr.
Louis Ruthenburg .
Leo J. Wieck
President, Terminal Warehouse Company, Little Rock, Ark..
1955
Chairman of Board, Servel, Inc., Evansville, Ind..
.
1956
. Vice President and Treasurer, The May Department Stores Company, St. Louis, Mo...
1957
Class C:
Caffey Robertson 2
M. Moss Alexander 1 .
Joseph H. Moore
President, Cafifey Robertson Company, Memphis, Tenn..
. President, Missouri Portland Cement Company, St. Louis, Mo..
Farmer, Charleston, Mo...
1955
1956
1957
Little Rock Branch
Appointed by Federal Reserve Ban\:
Harvey C. Couch, Jr.. .
Donald Barger . . . .
H. C. McKinney, Jr..
E. C. Benton. .
1
Chairman.
134
2
President,
Ark
. President,
President,
Ark
.President,
Union National Bank of Little Rock, Little Rock,
Peoples Exchange Bank, Russellville, Ark
The First National Bank of El Dorado, El Dorado,
...
Fordyce Bank and Trust Company, Fordyce, Ark..
1955
1956
1957
1957
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
A. Howard Stebbins, Jr.
Vacancy
Shuford R. Nichols 1 .
President, Stebbins and Roberts, Inc., Little Rock, Ark..
....
...
..
Farmer, ginner and cotton broker, Des Arc, Ark..
1955
1956
1957
Louisville Branch
Appointed by Federal Reserve Ban\:
Magnus J. Kreisle.
Noel Rush
M. C. Minor
..
W. Scott Mclntosh.
President,
. President,
. President,
President,
The Tell City National Bank, Tell City, Ind..
Lincoln Bank and Trust Company, Louisville, Ky..
The Farmers National Bank of Danville, Danville, Ky.
State Bank of Hardinsburg, Hardinsburg, Ind..
1955
1956
1957
1957
Appointed by Board of Governors:
Smith Broadbent, Jr.1.
David F. Cocks
Pierre B. McBride.
Farmer, Cadiz, Ky. .
. 1955
Vice President and Treasurer, Standard Oil Company (Kentucky), Louisville, Ky
1956
President, Porcelain Metals Corporation, Louisville, Ky..
1957
Memphis Branch
Appointed by Federal Reserve Ban\:
Ben L. Ross. .
John K. Wilson.
John A. McCall.
William B. Pollard.
. .Chairman of Board, Phillips National Bank, Helena, Ark..
. . President, The First National Bank of West Point, West Point,
Miss.
. President, The First National Bank of Lexington, Lexington,
Term.
...
President, National Bank of Commerce in Memphis, Memphis,
Tenn.
1955
1956
1957
1957
Appointed by Board of Governors:
Henry Banks" .
John D. Williams.
A. E. Hohenberg.
. Farmer, Clarkedale, Ark..
..
Chancellor, The University of Mississippi, University, Miss..
President, Hohenberg Bros. Company, Memphis, Tenn..
1955
1956
1957
District No. 9—Minneapolis
Class A:
Edgar F. Zelle
Harold N. Thomson. .
Harold C. Refling
1
. Chairman of the Board, First National Bank of Minneapolis,
Minneapolis, Minn. . . .
.
1955
Vice President, Farmers & Merchants Bank, Presho, S. D.
1956
Cashier, First National Bank in Bottineau, Bottineau, N. D.. . 1957
Chairman.
FEBRUARY 1955
135
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
Homer P. Clark
John E. Corette.
Ray C. Lange.
Honorary Chairman of the Board, West Publishing Company,
St. Paul, Minn..
..
....
President and General Manager, Montana Power Company,
Butte, Mont.
President, Chippewa Canning Company, Inc., Chippewa Falls,
Wis.
'
....
1955
1956
1957
Class C:
F. Albee Flodin.
Leslie N. Perrin 1 .
Vacancy
President and General Manager, Lake Shore Engineering Company, Iron Mountain, Mich
Director, General Mills, Inc., Minneapolis, Minn..
..
1955
1956
1957
Helena Branch
Appointed by Federal Reserve Ban\:
A. W. Heidel. .
J. Willard Johnson.
Geo. N. Lund. .
President, Powder River County Bank, Broadus, Mont.
Financial Vice President and Treasurer, Western Life Insurance
Company, Helena, Mont
Chairman of the Board and President, The First National Bank
of Reserve, Reserve, Mont
1955
1956
1956
Appointed by Board of Governors:
George R. Milburn.
Carl McFarland 1 .
Manager, N Bar Ranch, Grass Range, Mont.. ..
President, Montana State University, Missoula, Mont..
1955
1956
District N o . 10—Kansas City
Class A:
W. S. Kennedy.
W. L. Bunten. .
Harold Kountze
President and Chairman of the Board, The First National Bank
of Junction City, Junction City, Kan.
1955
. President, Goodland State Bank, Goodland, Kan
1956
. President. The Colorado National Bank of Denver, Denver,
Colo.
1957
Class B:
E. M. Dodds.
K. S. Adams.
Max A. Miller.
1
. President, United States Cold Storage Corporation, Kansas City,
Mo
1955
. Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla
1956
Livestock rancher, Omaha, Neb...
1957
Chairman.
136
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class C:
Raymond W. H a l i x .
Cecil Puckett 2
Joe W. Seacrest. .
Vice President and Director, Hall Brothers, Inc., Kansas City,
Mo
Dean, College of Business Administration, University of Denver,
Denver, Colo
President, State Journal Company, Lincoln, Neb.. .
1955
1956
1957
Denver Branch
Appointed by Federal Reserve
Merriam B. Berger. .
Ralph S. Newcomer.
Arthur Johnson .
Appointed
Ban\:
Vice President, The Colorado National Bank of Denver, Denver,
Colo
Executive Vice President, First National Bank in Boulder,
Boulder, Colo
. President, First National Bank in Raton, Raton, N . Mex.. .
1955
1956
1956
by Board of Governors:
Aksel Nielsen 1
Vacancy
President, The Title Guaranty Company, Denver, Colo..
1955
1956
Oklahoma City Branch
Appointed by Federal Reserve
George R. Gear.
F. M. Overstreet. .
R. Otis McClintock..
Ban\:
President, The City National Bank of Guymon, Guymon, Okia.
President, The First National Bank at Ponca City, Ponca City,
Okla
President, The First National Bank and Trust Company of
Tulsa, Tulsa, Okla..
1955
1956
1956
Appointed by Board of Governors:
Davis D. Bovaird 1. .
Phil H. Lovvery.
. President, The Bovaird Supply Company, Tulsa, Okla..
Owner, Lowery Hereford Ranch, Loco, Okla.
.1955
1956
Omaha Branch
Appointed by Federal Reserve
Ellsworth Moser
George J. Forbes.
William N. Mitten. .
1
Chairman.
FEBRUARY 1955
2
Ban\:
President, The United States National Bank of Omaha, Omaha,
Neb.
Executive Vice President, The First National Bank of Laramic,
Laramie, Wyo
....
. Chairman of the Board and President, First National Bank of
Fremont, Fremont, Neb.. .
1955
1955
1956
Deputy Chairman.
137
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Gilbert C. Swanson ! .
Manville Kendrick
. Chairman of the Board, C. A. Swanson & Sons, Omaha, Neb..
. Rancher, Sheridan, Wyo.
.1955
1956
District N o . 11—Dallas
Class A:
J. Edd McLaughlin.
W. L. Peterson.
Sam D. Young.
. President, Security State Bank & Trust Company, Rails, Tex.
President, The State National Bank of Denison, Denison, Tex.
President, El Paso National Bank, El Paso, Tex.
1955
1956
1957
Class B:
J. B. Thomas
President and General Manager and Director, Texas Electric
Service Company, Fort Worth, Tex.. .
Industrialist and Farmer, Henderson, Tex.
Chairman of the Board and President, Lone Star Gas Company,
Dallas, Tex.
John R. Alford.
D. A. Hulcy
1955
1956
1957
Class C:
Henry P. Drought
Hal Bogle 2
Robert J. Smith l .
Attorney at Law, San Antonio, Tex..
. Rancher and Feeder, Dexter, N. Mex..
President, Pioneer Air Lines, Inc., Dallas, Tex.
1955
1956
1957
El Paso Branch
Appointed by Federal Reserve Ban\:
Thomas C. Patterson.
F. W. Barton.
John P. Butler.
J. M. Sakrison.
Vice President, El Paso National Bank, El Paso, Tex..
. President, The Marfa National Bank, Marfa, Tex..
. President, The First National Bank of Midland, Midland, Tex..
President, Southern Arizona Bank and Trust Company, Tucson,
Ariz.
"
1955
1956
1957
1957
Appointed by Board of Governors:
E. J. Workman n .
D. F. Stahmann. .
James A. Dick. .
1
Chairman.
138
2
. President, and Director of Research and Development Division,
New Mexico Institute of Mining and Technology, Socorro,
C
N. Mex
1955
Farmer, Las Cruces, N. Mex..
....
1956
President, James A. Dick Investment Company, El Paso, Tex,.
1957
Deputy Chairman.
FEDERAL RESERVE BULLETIN-
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Houston Branch
Dec. 3 1
Appointed by Federal Reserve Ban\:
S. Marcus Greer.
I. F. Betts
W. B. Callan.
L. R. Br]'an, Jr..
Chairman of Executive Committee, The City National Bank of
Houston, Houston, Tex..
1955
President, The American National Bank of Beaumont, Beaumont, Tex.
1956
. President, The Victoria National Bank, Victoria, Tex.
1957
President, The Second National Bank of Houston, Houston, Tex. 1957
Appointed by Board of Governors:
Charles N. Shepardson "l.
Herbert G. Sutton.
Vacancy
Dean oi: Agriculture, A. & M. College of Texas, College Station,
Tex.
.. "
1955
T. O. Sutton and Sons, Colmesneil, Tex..
1956
1957
San Antonio Branch
Appointed by Federal Reserve Ban\:
Burton Dunn
E. C. Breedlove.
V. S. Marett.
I. W. Beretta.
. President. The Corpus Christi National Bank, Corpus Christi,
Tex. '
1955
President, The First National Bank, Harlingen, Tex..
1956
President, Gonzales State Bank, Gonzales, Tex..
1957
President, First National Bank of San Antonio, San Antonio,
Tex.
1957
Appointed by Board of Governors:
D. Hayden Perry 1 .
Clarence E. Ayres.
Vacancy
Livestock farming, Robstown, Tex..
Professor of Economics, The University of Texas, Austin, Tex.
1955
1956
1957
District No. 12—San Francisco
Class A:
John A. Schoonover.
M. Vilas Hubbard.
Carroll F. Byrd.
1
President, The Idaho First National Bank, Boise, Idaho
1955
.President and Chairman of the Board, Citizens Commercial
Trust and Savings Bank of Pasadena, Pasadena, Calif..
1956
. President. The First National Bank of Willows, Willows, Calif. 1957
Chairman.
FEBRUARY 1955
139
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
Walter S. Johnson. .
Alden G. Roach. .
Reese H. Taylor.
. President, American Forest Products Corporation, San Francisco, Calif
1955
. President, Columbia-Geneva Steel Division and Consolidated
Western Steel Division, of United States Steel Corporation,
San Francisco, Calif
1956
President, Union Oil Company of California, Los Angeles, Calif. 1957
Class C:
Y. Frank Freeman 2 .
A. H. Brawner *.
Vacancy
Vice President, Paramount Pictures Corporation, Hollywood,
Calif
. President, W. P. Fuller & Company, San Francisco, Calif..
1955
1956
1957
Los Angeles Branch
Appointed by Federal Reserve Ban\:
Hugh C. Gruwell. .
Anderson Borthwick .
James E. Shelton.
. President, First National Bank of Arizona, Phoenix, Ariz.. . 1955
. President, The First National Trust and Savings Bank of San
Diego, San Diego, Calif
1956
. President, Security-First National Bank of Los Angeles, Los
Angeles, Calif
1956
Appointed by Board of Governors:
Paul H. Helms .
Bryant Essick T
. President, Helms Bakeries, Los Angeles, Calif..
1955
. President, Essick Manufacturing Company, Los Angeles, Calif. 1956
Portland Branch
Appointed by Federal Reserve Ban\:
E. C. Sammons. .
President, The United States National Bank of Portland, Portland, Ore
1955
. President, The First National Bank of Bonners Ferry, Bonners
Ferry, Idaho . . .
1956
. President, The First National Bank of Baker, Baker, Ore.. .
1956
J. H. McNally. .
John B. Rogers
Appointed by Board of Governors:
Philip I. Welk 1 .
William H. Steiwer, Sr
1
Chairman.
HO
2
.President, Preston-Shaffer Milling Company, Walla
Wash
Livestock and Farming, Fossil, Ore.. . .
Walla,
1955
1956
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Salt Lake City Branch
Appointed by Federal Reserve Ban\:
Harry Eaton
Russell S. Hanson. .
George S. Eccles. .
. . President, Twin Falls Bank and Trust Company, Twin Falls,
Idaho
1955
. .Executive Vice President, The First National Bank of Logan,
Logan, Utah
1956
. . President, First Security Bank of Utah, National Association,
Salt Lake City, Utah..
1956
Appointed by Board of Governors:
Joseph Rosenblatt1 .
Geo. W. Watkins. .
. .President, The Eimco Corporation, Salt Lake City, Utah.
President, Snake River Equipment Company, Idaho Falls, Idaho
1955
1956
Seattle Branch
Appointed by Federal Reserve Ban\:
Charles F. Frankland. .
S. B. Lafromboise. .
James Brennan
. President, The Pacific National Bank of Seattle, Seattle, Wash. 1955
. President, The First National Bank of Enumclaw, Enumclaw,
Wash
1956
. President, First National Bank in Spokane, Spokane, Wash.. .
1956
Appointed by Board of Governors:
D. K. MacDonald x .
Ralph Sundquist
1
. Chairman of the Board, D. K. MacDonald & Company, Inc.,
Seattle, Wash
1955
. Fruit Grower and Cold Storage Operator, Yakima, Wash..
1956
Chairman.
FEBRUARY 1955
141
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations Issued by the
Board of Governors, and other similar material
Common Trust Fund
Publication of Information Concerning
The Board of Governors has been asked to
comment with respect to the limitations contained in section 17 of Regulation F concerning
the publication of information on common trust
funds maintained by a bank. Preparation of a
pamphlet descriptive of the operations of a common trust fund which would contain information
taken from the annual audit report of such fund,
including information concerning the earnings
realized on the fund and the value of the assets
thereof, was proposed. It was planned to make
the pamphlet available to directors and stockholders of the bank, to present and prospective customers, to selected attorneys, and to correspondent
banks for the purpose of furnishing information
relative to the common trust fund and presumably
to point out the desirability of its use by prospective
trust customers. It is believed that the following
discussion will clarify the principles and restrictions
embodied in Regulation F with respect to the
advertising of common trust funds.
The annual reports of audits required to be made
of common trust fund operations are for use solely
in informing those persons to whom a regular
periodic accounting of the trusts participating in
the fund ordinarily would be rendered. Material
contained in these audit reports, or similar to that
so contained, cannot, under existing provisions of
Regulation F, be publicized in booklet form, or in
any other form, with the intent to inform the general public concerning the operations of a common
trust fund. The word "publish", as used in the
publicity prohibition contained in sections I7(a)
and 17(c)(3) of the Regulation, refers not only
to publication in newspapers or periodicals, but to
142
publication in any form designed to reach outside
the group comprising those who ordinarily would
receive periodic accountings related to administration of a common trust fund.
The unsolicited furnishing of information to the
general public, or to selected portions of the public,
should be confined to acquainting the reader with
the existence of the common trust fund and the
purpose and use of such fund. It is wholly appropriate, therefore, to publicize the fact that a common trust fund has been established or is maintained by a bank, as well as to make known its
special and restricted purposes and uses. However,
the common trust fund is not to be regarded as an
investment "entity" to be popularized in and of
itself. Publicity efforts of a trust institution operating a common trust fund should be directed
toward demonstrating the desirability of and need
for corporate fiduciary services. Reference to the
common trust fund in such publicity should be incidental to the provision of such services and should
be discussed only as one medium possibly to facilitate the investment of funds held for true fiduciary
purposes. Furthermore, trusts created and used for
bona fide fiduciary purposes are to be distinguished
from trusts created by individuals primarily seeking
the benefits to be derived from corporate fiduciary
investment management.
While banks operating common trust funds are
enjoined to use particular care in the preparation of
advertising and publicity material to see that it is
in every way compatible with the spirit as well as
with the letter of provisions of sections 17(a) and
17(V)(3) of Regulation F, the Board has not
adopted a practice of determining the propriety of
any specific common trust fund advertising in advance of its use.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
A meeting of the Federal Open Market Committee was held in Washington on January 11, 1955.
The Federal Advisory Council met in Washington on February 13-15, 1955. The annual organization meeting of the Council was held on February
13, at which Edward E. Brown, Chairman of the
First National Bank of Chicago, was re-elected
President; Robert V. Fleming, President and Chairman of The Riggs National Bank, was re-elected
Vice President; and Herbert V. Prochnow was
reappointed Secretary. The Council met with the
Board of Governors on February 15.
Resignation of Branch Director
Effective January 31, 1955, the Board of Governors accepted the resignation of Mr. Sam B.
Strauss, President, Pfeifers of Arkansas, Little
Rock, Arkansas, as a director of the Little Rock
Branch of the Federal Reserve Bank of St. Louis.
Mr. Strauss had served the Branch as a director
since January 1, 1951.
Federal Reserve Charts on Bank Credit, Money Rates,
and Business
A revised edition of the monthly Federal Reserve
Chart Book on Bank Credit, Money Rates, and
Business, containing all information available
through February 17 and with space for plotting
through 1956, is now available. Retrospect has
been substantially cut; most charts now show data
beginning with 1948, and some cover shorter
periods. For earlier data, subscribers can refer to
the historical supplement or to a recent issue of the
preceding edition of the monthly Chart Book.
Revisions in some charts showing quarterly data
will be incorporated later, probably in the May
issue, when data for the first quarter of 1955 will be
available.
The annual subscription price for 12 issues of the
Chart Book, including one issue of the supplementary historical Chart Book, is $6.00. Single
copies of monthly issues or the historical supplement
may be purchased for 60 cents each; in quantities
of 10 or more copies of a single issue for shipment
to one address, there is a special price of 50 cents
per copy.
FEBRUARY
1955
Bulletin Tables
This issue of the BULLETIN includes (pages 210216) a set of special tables showing data for the
full year 1954, on a monthly and a weekly basis,
for the following banking and monetary series:
Member Bank Reserves and Borrowings, Weekly
Reporting Banks in Leading Cities (total cities),
Changes in Commercial and Agricultural Loans
for a Sample of Weekly Reporting Banks, Money
Market Rates, and Bond and Stock Yields.
These tables, together with the new arrangement,
described below, of the table on Member Bank
Reserves and Related Items (averages of daily figures, weekly and monthly) will be available in a
reprint. Requests for this reprint should be addressed to the Division of Administrative Services,
Board of Governors of the Federal Reserve System,
Washington 25, D. C. Monthly data for 1954
for the Consolidated Condition Statement for Banks
and the Monetary System and for All Banks, by
Classes, will be published later, probably in the
BULLETIN for
May.
The following important changes have been made
in tables shown regularly in the BULLETIN:
In view of the increasing use o(: weekly averages
of daily figures for analytical purposes, the first
page of the table on Member Bank Reserves and
Related Items (page 149) has been changed to
show 14 months of weekly averages instead of that
amount of retrospect for Wednesday dates. Wednesday figures are given for three months on the
second page of the table. Other data on these two
pages have also been rearranged.
Treasury financial statistics (pages 172-175) have
been revised to reflect three adjustments: (1) A
revision in. the treatment of carriers taxes to coincide with the treatment of Federal Old Age and
Survivors Insurance Employment taxes, that is, to
appropriate such taxes directly from general receipts
to the trust fund, rather than to include such taxes
in general receipts and then later show the transfers to the trust account as an expenditure in general outlays. (2) To show the Treasury's current
classification of national security programs. This
now includes outlays for military functions of the
Department of Defense, the mutual military program (including Greek-Turkish assistance), atomic
143
CURRENT EVENTS AND ANNOUNCEMENTS
energy, and stockpiling of strategic and critical membership in the Federal Reserve System during
materials. (3) To show data on the Treasury's the period December 16, 1954 to January 15, 1955:
new reporting basis as described in the Treasury
Kansas
Bulletin for April 1954, page A2, and in subsequent
Plainville—The Plainville State Bank.
issues. Beginning with February 1954, the Treasury's daily statement shows cash deposits and withMichigan
drawals in the account of the Treasurer of the
Wayne—Wayne
Bank.
United States. Budget receipts and expenditures
are reported in the monthly treasury statement.
Annually and Semiannually, with
In the new daily statement cash withdrawals re- Tables Published
Latest BULLETIN Reference
flect checks paid, versus checks issued in the monthly
Semiannually
Issue
Page
statement, and cash deposits reflect clearances,
offices:
versus collections in the monthly statement. In ad- Banking
Analysis of changes in number of. . .
Feb. 1955
208
On, and not on, Federal Reserve Par
dition, the daily statement eliminates Government
List, number of
Feb. 1955
209
corporation and agency transactions that are not
Annually
cleared through the Treasurer's account. The Earnings and expenses:
Federal Reserve Banks
Feb. 1955 206-207
monthly statement includes these transactions.
Member banks:
Admission of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
144
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
May 1954 524-534
Oct. 1954
1118
May 1954
535
May 1954 536-537
Aug. 1954 900-902
Feb. 1955 210-216
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released
for publication
Industrial production rose slightly further in
January and construction activity continued at
record levels. Unemployment increased somewhat
less than seasonally. Retail sales were maintained
at exceptionally high levels. Prices of industrial
materials continued to rise from mid-January to
mid-February, and average prices of finished industrial goods and of farm products showed little
change.
February
15]
Activity in nondurable goods industries also
showed some increase in January, largely reflecting
further gains in output of chemicals and petroleum
products. Activity in the textile and apparel industries showed little change, according to preliminary
figures. Minerals production advanced considerably
further as crude petroleum output reached new
record levels.
CONSTRUCTION
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production rose in January to 131 per cent
of the 1947-49 average. This level compares with
130 in December and a low last year of 123.
Further increase in durable goods output in January stemmed mainly from continued strength in the
auto and steel industries. Assembly of1 660,000
autos in January represented a new record rate for
the month and daily average output continued to
advance in the first half of February. Television
output declined further from, earlier exceptionally
high levels. Activity in producers and military
equipment industries continued steady at reduced
levels in January. Output of building materials
was apparently maintained at the record level
reached in late 1954. Steel production has continued to rise and in mid-February was scheduled
at 88 per cent o(: capacity as compared with 83 per
cent in January.
1954
Federal Reserve indexes.
for January.
FEBRUARY
1955
EMPLOYMENT
Labor market conditions changed little from midDecember to mid-January, after allowing for the
usual sharp seasonal reductions in retail trade,
Federal post offices, and construction and other
outdoor activities. Seasonally adjusted employment
in nonfarm establishments at 48.5 million in January was up about 500,000 from last summer's low
CONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
1952
New construction work put in place in January
increased slightly further to a seasonally adjusted
annual rate of more than 40 billion dollars—onesixth larger than a year earlier. Value of contract
awards declined somewhat, but was almost onethird larger than a year earlier and the largest for
any January on record. The number of private
housing units started in January continued unusually large for the winter, at a seasonally adjusted
annual rate of over 1.4 million.
J950
1952
1954
Monthly figures, latest shown are
1953
1954
F. W. Dodge Corporation data for 37 Eastern States.
Monthly figures, latest shown are for January.
145
NATIONAL SUMMARY OF BUSINESS CONDITIONS
but was about 1.4 million below its mid-1953 high.
Unemployment increased by 500,000 to 3.3 million
in early January, a slightly less than seasonal increase.
DISTRIBUTION
Retail sales in January were about 10 per cent
above the reduced year-ago rate and close to the
very high December rate after seasonal adjustment.
Sales or furniture and appliances showed further
strength, and auto sales were down only moderately from the advanced December rate. Dealers'
stocks of new autos rose substantially but remained
one-fifth below a year ago. Sales at department
stores in early February declined from the advanced
December-January level, owing mainly to unusually
severe weather.
COMMODITY PRICES
Prices of scrap metals, textiles, rubber, and some
other materials continued to rise in the month
ending mid-February. Copper prices were raised
10 per cent and various copper and aluminum products were advanced. Strong world demands for
copper and a work stoppage in Rhodesia were
reflected in sharp price rises in London, to about a
third above domestic levels. In early February
temporary Federal limitations on copper exports
were imposed. Prices of most finished industrial
goods continued to change little in wholesale and
retail markets.
Prices of farm products and foods changed little
in the month ending mid-February. While prices
of cows, poultry, and eggs advanced, hogs reached
new lows for the season and meats declined somewhat. Meat supplies contracted seasonally in recent
weeks but continued moderately larger than a year
earlier. Coffee prices broke sharply in early February as changes in Brazilian exchange regulations
reduced minimum prices by nearly one-fifth.
mid-January to early February, averaging about 300
million dollars over the period. Reserves absorbed
through decrease in Federal Reserve holdings of
U. S. Government securities, reductions in float,
and increases in Treasury deposits at the Reserve
Banks were greater than those supplied through
seasonal currency inflow and reduction in required
reserves.
SECURITY MARKETS
Yields on long-term Treasury securities advanced
slightly between mid-January and mid-February,
but other Government yields declined, particularly
those on Treasury bills, which moved down sharply.
Private short-term money rates increased in January.
Early in February the Treasury offered a new 3
per cent forty-year bond in exchange for a maturing 2.6 billion dollar partially tax-exempt issue.
The Treasury also offered a thirteen-month note
in exchange for the latter issue, and offered the
13-month issue or a new 2 per cent 2/4 year note
in exchange for 12.4 billion maturing notes and
certificates. Over 1.9 billion dollars of securities
were exchanged into the new bond, 8.5 billion into
the short-term note, and 3.8 billion into the
intermediate-term note. Unexchanged securities
amounted to 5.6 per cent of all issues eligible for
refunding.
Yields on corporate and municipal bonds increased somewhat during late January and early
February. Common stock prices increased further
and were at record levels in mid-February.
MONEY
RATES
BANK CREDIT AND RESERVES
Total loans and investments at banks in leading
cities changed little in late January and early February, following a substantial decline immediately
after the holidays. Bank holdings of U. S. Government securities declined, but holdings of other
securities rose as banks purchased the new Federal
National Mortgage Association notes. Security loans
increased, but business loans declined as seasonal
borrowing continued to be repaid.
Free reserves of member banks declined from
146
Figures except for Federal Reserve discount rate are monthly
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 Feb. 12.
FEDERAL RESERVE BULLETIN
Ah*
Ai
COMMERCIAL SI'
STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. . .
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks. .
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System.
Money in circulation
Consolidated statement of the monetary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes. .
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations.
Government corporations and credit agencies..
Security prices and brokers' balances
Money market rates; bank rates on business loans; bond and stock yields
Treasury finance . . .
New security issues.
Business finance
Real estate credit statistics
Statistics on short- and intermediate-term consumer credit.
Business indexes
Merchandise exports and imports. .
Department store statistics. . . .
Consumer and wholesale prices.
. . .
Gross national product, national income, and personal income..
Earnings and expenses of Federal Reserve Banks during 1954.
Changes in number of banking offices in the United States.
Number of banking offices on Federal Reserve par list and not on par
list, by Federal Reserve Districts and States.
Banking and monetary statistics, 1954
List of tables published in BULLETIN annually or semiannually,
with references for latest data. .
149-150
150-151
152
153-155
155-156
156
157
158
159-161
162-163
164-165
166
167
168-169
170
17]
172-177
178
179-180
181-183
184-186
187-196
196
197-201
202-203
204-205
206-207
208
209
210-216
144
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.
FEBRUARY
1955
147
• E M E k BANI BESEKVES, i l S i i ¥ £ BANK CREDIT, AND ISIATEB
WsdnascJay Figures, 1946-1950, Weekly Av»rages of Daily Figures, 1951-
Biliions of Dollars
25
15
1********^^
20
v M
«llLj» L > « / 19
•
fflJt ^f^Vr^^t J\«
I
-
TREASURY CA
NONMEMBER
1
DEPOSITS
0
30
I
I
FEDERAL RESERVE CREDIT
25
1946
1947
1948
1949
1950
1951
1952
1953
1954
Latest averages shown are for week ending Jan. 26. See p. 149.
148
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Total
Gold
stock
Deposits, other
Member ba nk
than member bank Other
Treasreserve balai ces
reserve
ury Money Treas- with F. balances,
FedR.
Banks
curin.
ury
eral
rency
circash
Reoutcula- hold- Treas- For- Oth- serve Total
ReExer
ury
acstand- tion
ings
eign
quired 2 cess2
de- counts
ing
dedeposits posits I.) O S its
3
2
2
2
2
26,393
26,647
26,848
27,721
27,486
22,027
22,027
22,028
22.028
22,029
4,881
4,883
4.884
4,885
4,887
30,759
30,872
30,942
31,086
31,051
775
775
770
758
763
2
2
2
2
22.029
22,030
22,023
22,006
21,963
21,956
21,957
21,957
21,958
21,960
21.963
21.964
21,965
21,965
21,966
21,967
21,968
21,969
21,970
21,971
21,972
21,966
21,924
21,925
21,926
21,926
21,927
21,929
21,931
21,924
21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21 711
21,712
21,712
4,891
4,890
4 ,890
4,890
4,898
4,900
4,904
4,905
4,911
4,916
4,919
4,923
4,928
4,933
4,938
4,945
4,946
4,950
4,952
4,955
4,957
4,958
4,958
4,957
4,955
4,956
4,959
4,958
4,958
4,959
r
4:, 960
4,959
4,960
4,961
4,962
4,965
4,967
4,967
4,968
4,971
4.972
4,973
4,973
4,976
4,977
4,978
4,980
4,982
4,982
4,982
4,982
4,982
30,721
30.457
30,199
29,999
29,965
29,941
29,915
29,836
29,895
29,916
29,859
29,722
29,663
29,780
29,817
29,780
29,652
29,738
29,810
29,769
29,707
29,874
29,928
29,870
29,793
29,813
30,066
30,099
29,932
29,815
r
29,890
29,932
29,919
29,850
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30,623
30 755
30,885
30,828
U.S. Govt. securities
Period
DisHeld counts
All
Bought under and Float other^
Total out- repur- adright chase vances
agreement
Averages
of daily
figures
Week ending:
1953
25,054
Dec. 2
Dec. 9
25,252
Dec. 16. . . . 25,553
Dec. 23
25,823
Dec. 30
26,052
25,003
25,084
25,207
25,303
25,318
51
168
346
520
734
612
678
449
518
226
1954
25,786
Jan.
Jan. 136 . . . . 25,438
Jan. 20
25,316
Jan. 27
24,958
24,662
Feb. 3
Feb. 10
24,869
24,895
Feb. 17
Feb. 24
24,723
24,523
Mar. 3
24,67(1
Mar. 10
Mar. 17
24,633
Mar. 24
24,62.1
Mar. 31
24,649
24,632
Apr. 7
Apr. 14. . . . 24,643
Apr. 21
24,632
Apr. 28
24,632
May 5 . . . . 24,632
May 12
24,652
May 19. . . . 24.659
May 26
24,709
June 2. . . . 24.812
June 9 . . . . 24,960
June 1 6 . . . . 24,955
June 23
25,018
June 3 0 . . . . 25,113
July 7 . . . . 25,082
Tuly 14
24,912
July 21
24,765
July 2 8 . . . . 24,517
Aug. 4 . . . . 24,325
24,040
Aug. 11
Aug. 18. . . . 23,980
Aug. 25
23,813
23,938
Sept. 1
Sept. 8
24,013
Sept. 15
24,035
Sept. 22
23,789
Sept. 29
23,868
24,492
Oct. 6
24,60^
Oct. 13
Oct. 2 0 . . . . 24,487
24,381
Oct. 27
Nov. 3 . . . . 14.464
Nov. 10. . . . 24,754
Nov. 17
24,685
Nov. 24
24,553
24,722
Dec. 1
Dec. 8
24,891
Dec. 15. . . 24,9K
24,928
Dec. 22
Dec. 2 9 . . . . 24,918
25,318
468
120
25,318
25,316
24,958
24,654
8
66
?4 803
24,806
89
24,723
24,523
14
24,662
4
24,629
24
24,597
13
24,636
24,632
24,632
ii
24,632
24,632
24,632
20
24,632
19
24,640
24,709
24,812
24,960
24,955
24,986 " " 3 2
133
24,980
25,038
44
24,912
24,765
24,517
24,325
24,023
17
104
23,876
66
23,747
23,845
93
3(
23,977
24.035
23,789
23,868
24,492
24,581 " " 2 5
31
24,456
24,381
24,448
If
Q
24.745
24,685
24,553
7
24,715
24.889
31
24,888
24,888
40
30
24,888
111
155
87
91
1955
24,918 24.874
Jan.
Jan. 125
24,532 24,511
Jan. 19
24,155 24,128
Jan. 2 6 . . . . 23,683 23,671
Monthly:
1954-Tan... 25,263 25,149
F e b . . . 24,77( 24,729
Mar.. . 24,633 24,620
Apr. . . 24.635 24,632
May. . 24,689 24,680
J u n e . . 24,998 [24,960
July.. . 24.771 24,761
Aug... 23.989 23,930
Sept.. . 23.941 23,928
Oct. . . 24,485 24,472
Nov.. . 24.66.1 J24,654
D e c . . 24,917 24,888
1955-Jan... 24.200 124,182
J» Preliminary.
FEBRUARY
1955
44
21
27
12
114
41
13
c
38
10
59
13
13
7
29
18
'Revised.
725
714
844
1,377
1,206
19,637
19,691
19,926
20,032
20,121
19,100
19,081
19,232
19,284
19,308
676
594
570
567
669
362
397
576
605
535
363
345
453
526
544
579
557
465
518
559
514
511
484
466
443
442
432
423
425
409
396
361
405
443
523
413
359
428
420
455
430
452
450
516
428
432
435
437
452
472
440
411
472
394
324
399
405
408
398
346
295
20,194
19,978
20,566
20,374
19,487
19,659
19,569
19,569
19,382
19,441
19,744
19,697
19,492
936 19,300
935 19,194
933 19,384
920 19,630
850 19,490
848 19,418
862 19,506
880 19,690
878 19,555
877 19,805
910 19,934
998 19.818
996 19,188
986 19,377
986 19,166
983 19,261
963 19,036
908 18,698
905 18,586
914 18,525
927 18,353
926 18,346
923 18,336
925 18,373
934 18,596
933 18,250
948 18,756
950 18,832
950 19,136
949 18,895
895 18,810
886 19,364
883 19,306
882 19,205
881 19,052
877 19,162
891 19,241
975 19,512
976 19,250
19,367
19,199
19,292
19,236
19.059
18,986
18,916
18,867
18,831
18,765
19,018
19,017
18,759
18,595
18,595
18,612
18,654
18,769
18,708
18,785
18,924
18,912
18,885
19,043
18.958
18,349
18,419
18,404
18,356
18,347
17,666
17,688
17,662
17,627
17,603
17,556
17,594
17,691
17,663
17,894
18,201
18,269
18,224
18,233
18,244
18,423
18,524
18.464
18,444
18,555
18.690
18,630
491
381
921
652
436
450
501
462
471
378
369
343
438
406
826
879
896
937
938
769
771
773
788
799
807
811
815
328
334
12
46
405
589
627
558
431
469
449
466
450
458
488
461
525
444
425
322
372
371
503
448
817
818
816
806
809
517
566
242
487
670
413
385
289
317
399
819
823
831
827
526
650
680
495
481
460
530
505
486
507
503
461
456
838
837
834
832
830
829
864
912
909
908
912
918
918
826
829
838
829
586
453
551
397
503
572
532
500
827
823
813
806
812
452
342
341
757
1,010
521
549
549
547
579
351
370
411
437
458
358
227
296
384
821
811
807
806
464
392
499
551
588
765
651
569
802
808
802
795
793
795
742
584
558
566
551
479
558
446
652
793
790
796
801
806
796
799
800
806
806
81?
800
801
52 i
1,373
1,138
1
1
26,886
26,370
26,344
25,930
25,447
25,798
25,916
25,735
25,545
25,617
25,509
25,565
25,544
25,370
25,397
25,730
25,453
25,426
25,379
25,542
25,512
25,642
25,802
25,764
26,134
25,901
25,829
25,691
25,673
25,277
?5,154
24.925
24,933
24,690
24,699
24,759
24,939
24,908
24,687
25,338
25,465
25,699
25,360
25,436
25,701
25,708
25,900
25,918
26,080
26,172
26,612
26,433
453
885
756
881
806
1
1
1
1
26,176
25.792
25,482
24,942
21,712
21,713
21,714
21,714
4,984
4,984
4,985
4,985
30,501
30,361
30.079
29,866
804
814
818
827
449
378
275
272
527
493
516
422
413
409
413
280
916
905
902
901
118
308
205
151
172
166
104
210
170
254
345
407
444
861
667
712
696
640
710
695
654
725
720
769
992
805
2
2
2
1
1
1
26,243
25,746
25,553
25,483
25,503
25,876
25,571
24,855
24,838
25,459
25,776
26,317
25,449
22,015
21,957
21,963
21.96C
21,971
21,927
21,926
21,871
21,809
21,787
21,724
21,711
21,714
4,891
4,904
4,920
4,941
4,954
4,956
4,959
4.960
4,967
4,973
4,979
4,982
4,985
30,282
29,903
29,800
29,755
29,773
29,856
29,968
29,896
29,991
'•30,078
30,287
30,749
30,110
778
811
813
825
830
815
810
806
796
797
800
805
819
201
568
490
584
486
602
498
591
541
610
492
443
341
453
470
494
4.81
531
553
632
536
522
455
416
439
477
422
429
352
427
412
321
409
464
431
444
393
365
383
834
870
913
926
864
941
973
916
929
944
883
226
375
316
215
987
775
940
880
558
552
702
796
282
256
186
111
190
153
156
141
148
158
184
143
164
738
684
689
766
703
583
597
955
672
216
170
142
194
157
613
670
665
920
630
71
68
73
168
175
287
229
178
185
147
189
141
191
675
710
833
590
653
598
723
698
576
598
714
977
627
667
599
927
721
617
669
751
179
259
284
257
355
277
271
300
498
465
442
311
377
372
504
4.45
634
541
739
638
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1,046
698
724
810
r
803
805
807
399
379
574
388
19,263 18.580
19,130 18,436
19,176 P.18,382
19,074 P18.427
20,179 19.243
19,557 18,925
19,573 18,881
19.392 1.8.627
19,533 18.817
19,670 18,8.13
19,164 18,329
18,478 1 7,638
18,403 17,628
18,893 18,173
19,207 18,393
(>9O 19,279 18,576
903 19,114
537
610
694
748
813
827
779
1,274
1,138
428
673
653
702
551
676
726
680
733
705
599
772
976
721
710
721
766
643
920
891
860
839
958
762
905
689
1 032
898
863
726
743
780
779
905
587
862
631
867
671
577
1,120
883
681
588
718
686
822
620
683
694
P794
HA1
936
632
692
765
716
857
835
840
775
720
814
703
For footnotes see following page.
149
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
Reserve Bank credit outstandinj
I u.s. t•ovt.
Date
or
period
|
securiti
Hold
Total
Discount;
and
advance:
Total
Float
! Deposits, other
I than me in her bank
Member bank.
reserve bal
Other
reserve balances
! Treas-|
i w i t h F . R. Banks
FedMoney | Treas-j
eral
ury
Gold
Rej j i rency . ~».
.cashserve
scock
! o a t - | colahold- | Treas- For- Othacj stand-! lion j ings
eign er counts
ury
ReExdeTotal
|
deq aired- cessposposits
its
y
year-end:
2 Ifs
1929 —June.
1933—June. 1 ,998
1939—Dec. 2,484
1 94 1 — D e c . 2,254
1945 Dec. 24,262
1947—Doc. 22,550
1940—Dec. 18,885
1950—Dec. 120, 778:
J9v!—Dec. 23,801
1952 —Dee.. 24.697
1953—June. 24,746
D e c . 25,916
148
,998
,484
,25-1
,262
.559
68
\
,6051
,034!
,718|
,3181
53
196
663
28
598
1,037
164
249
8.
78|
67
59
156J
6-ij
28:
52
41
91
94
578
535
534
I ,368
1,184
967
601
935
End of
month:
400
,220
593
,593
.361
. 09!
181
19,499
22,216
25.009
25,825
25,414
26,880
4,037 2,019 i ,459
4,031 2,2861 5 ,434
17,644
. . . . . . . 2 , 9 6 3 ! 7 . 598
22, 73 71
20.065!
22.754J
24,4271
22,706!
2 2,69 51
23,187|
22,4631
22,030
3,247 1.1 ,160
4,339!28 ,515|
4,562J28 868 i
4.598J27 600
4.636 27 741
4 , 7 09129 206
433
4,812
125
4,854
781
4,894
204
264
,409
,215
2 ,287
,336
1
,312
, 293
,270|
,270j
,259!
761j
36
35
634
867
977
870
8211
668 j
247
389
132
346
6
15
397
774
862
392
767
895
526
2!
15!
256
586
446
569
750
565
363
374
346
251
291.
495
563
706
7.11
746
777
951
839 20
423
356
292
653
450
915
899!i
568;
681
05 61
9501
561!
160
2,333
1 ,817
6,444
9,365
14.457!
16,400
15,550!
16,5091
19,6671
20,520!
19,459i
19,39 '
23
475
5,209
3,085
1,458
1 ,499
1 ,018
1,172
389
—570
102
763
|
I
195-124.610
2*. 509!
24,632!
24,632!
.
.
25.037!
JM,325j
124.023:
j24. 2 70",
24.381!
24,888
24.932
Jan
Feb
Mar
Apr
May
June
July
• Vug
Sept
Get
Nov
Dec. . .'
,640
,509
,632
,632
350i
1^7j
\7>\
245j
037
89 I
270
381 j
888
888
1841
200!
1321
297|
398!
143!
129
6401
82 7 i
535!
57f)j
4,899 29 981
4,913129 904
4,935 29,707
4,951!29 , 735
4,957 ,870
4,959 .922
4,960 . 892
8091 4,966 ,9291
672
473
779
7211
657|
808 i
25,4.17
25,688
25,316
25,382 2.1
25,781|21
25,642
2 5 , .183
24,696
25,183
25.401
25.944
25,885
6001
24,960 P 2 1 , 7 1 4
m
956
958
965
969
973
92 7
908!
,759!
,710'
,713
,985
4,972
,074
4,977
, 500
4,982
4,985 30 , 509
793!
811!
819
819
820
811
798
8111
786
806 j
800 j
796!
405
542
722
579
408
875
716
5] 1
704
729
694 j
563!
490
494
471
527
545
533
477
461
426
397
459
491
363
321
645
377
503
501
422
496
830 19,384
909 19,412
360
441 419
899 18,918
18,364
567
213
544
538
425
432
414
400
41.6
249
38!
363
886 18,998
884 19,410
882 19,365
.18,920
18,218
780
18,257 1,153
18,553 K-.812
18,549 "371
742
350
333
310
465
386
358
405
450
57
390
380
324
319
370
18,944
19,073
975 19,562
975 19,367
975 19,233
18,452
18.472
18,611
18,699I:
18,639
850
908
925
931
884
880
907
19,194
19,528'
19,563
19,011
18,702
18,3.16
18,676
18.722
18,985
18,876
368
591
505
68-1
672
599
939
744
952
471
518
258
19,016
18,821
18,689
18,844
18,891
.18,412
17,763
.17,572
17,724
18,25-1 j
18,467 !
18,618
i
1955
23,885
Jan
23,882
475
P29.787
P554
Wednesday
1954
Xov. 3 . . . . 24,670 24,645
24,745 24, 74.
Xov. 10
Xov. 17. . . . 24,628! 24,628
• ,553
Nov. 24. . . . 24,*553 ' 24,55.
Doc.
1
Dec
8....
Dec. 1 5 . . . .
D e c 22
D e c 29
24,888
24.888
24,932
24.888
24,953
1955
Jan.
5....
Jan. 12
Jan. 1.9
Jan. 26
24,838 24,838
24 ,52-i! 24.497
23,909| [23,899
23,674 J23,67.1
25
2 -1. SS8
24,8881
24.888
>4. S3 8
21,888
519
30!
?D1
542
299 1 ,005
43 7
636
63
25,495
25,581
25,933
25,627
21.759
21,709
21,709
21,709
4,977
4,978
4,979
4,982
30,138
30,278
30,233
30,4121
80.1
80.1
802
804
4,982
4,982
4,981
4,982
4,984
30,504
30,697
30,773
30,946
,638
813
818!
80 7!
808
800
377
345
364
26-1
565
699
624
1,191
1 ,328
854
2 5.965121,710
25,858121 ,711
26,487 21,71.1
26,481. 21 ,712
26,371 21,712
358
537
298
446
1.010
678
875
607
26,207 2 1 , 7 1 2 4.984 30,434
25,739 2 1 , 7 1 3 4 , 9 84130,196
2 5 , 0 8 2 2 1 , 7 1 4 4.985 29,959
4 , 9 8 5 29,752
24,728121,714
813
821
827
834
222
457
.160
396
564 401
503 387
434
391
220
905
904
902
901
492
601
951
668
594
19,566 18,565 1,001
19,170 18,389
781
!9,066 P 1 8 , 4 1 3 I
"653
18.890 P 1 8 , 4 3 8 |
P452
p PreliminaryIncludes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
The.se figures are estimated.
Back figures.- See Banking and Monetary Statistics, Tables 101 -103, pp. 369-394; for description, see p p . 360-366 in the same publication.
1
2
MAXIMUM RATES ON TIME DEPOSITS
I Per cent per annum]
M A R G I N REQUIREMENTS
[Per cent of market value!
Jan. 1 7, Feb. 20,
Xov. 1, 1933-J F e b . 1, 1935- Effective
J a n . 3 1 , 1935,Dec 3.1. 1935Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 m o u t h s or more
In 90 days to 6 m o n t h s . . . . {
In less than 90 days
3
3
3
3
3
N O T E . — M a x i m u m rates t h a t m a y 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 t r u s t companies on like, deposits under the laws of the State
in which the member bank is located. Maximum rates t h a t m a y be
paid by insured nonmember banks as established by the F . D . I . C . ,
effective F e b 1, 1936, are the same as those in effect for member b a n k s .
150
J
Prescribed in accordance \ vith
Securities Kxchange Act of 1934
Regulation T :
For extensions of credit b y brokers
and dealers on listed securities
For short sales
Regulation I":
For loans by banks on stocks
1951Feb. 20,
1953
Jan. 4,
1955
Effective
J a n . 4,
1955
75
75
50
50
60
60
75
50
60
1953-
1
Regulations T and u limit the a m o u n t of credit t h a t m a y 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 requirement?" shown in this table are the difference between
the market value (100%) a n d the maximum loan value. Changes on
Feb. 20, 1953, a n d J a n . 4, 1955, were effective after t h e close of business
on those dates.
Back figures.-—Sen 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
Jan. 31
Boston
New York.. .,
Philadelphia. .
Cleveland
Richmond.. ..
Atlanta
Chicago
,
St. .Louis
Minneapolis. .
Kansas City.,
Dallas
San Francisco
In effect
beginning—
Previous
rate
Advances to individuals,
partner ships, or corporations other than member
banks secured by direct
obligations of the U. 3.
(last par. Sec. 13)
Other secured advances
[Sec. lO(b)]
Rate on
Jan. 31
Apr. 27,
Apr. 16,
May 21,
Apr. 23,
May 15,
May 15,
Sept. 13,
Apr. 23,
Apr. 29,
Feb. 12,
Apr. 23,
Apr. i6,
2
2
2
2
2
2
2
2
Aor. 27, 1954
AD:\ 16, 19 54:
May 21, 1954
Aor. 23, 1954
Mav 15, 1954
May 15, 3954
Apr, 14, 1954
Apr. 23, 1954
Apr. 29. 1954
Apr. 23, 1954
Apr. 23, 1954
Apr. 16S 1951
In effect
beginning-—
\*
2
Previous
rate
Rate on
Jan. 31
1954
1954
1954
1954
1954
1954
1954
1954
1954
1954
1954
1954
In effect
beginning—
Feb.
Jan.
Jan.
Aug.
Jan.
Feb.
Aug.
May
Jan.
Jan.
Jan.
Jan.
V
V
3
3M
2M
5,
16,
16,
17,
23,
9,
1.3.
18,
26,
16
23,
20,
Previous
rate
1954
2953
1953
1953
1953
1954
1943
1953
19S3
1953
1953
1953
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; w> days '.or discounts and advance? under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain backers' acceptances and of ag'-icultural paner 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
iimited to maximum maturities of 15 days; 4 month;-: for advances under Section HKb). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115--I1&, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum'
Rate on
Jan. 31
Maturity
1 - 00 days.
91-120 days.
121-180 days.
IK
To financing institutions
On discounts or
purchases
On
loans1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
1
2
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
I
On
commitments
(3)
8
8
8
8
()
Including loans made in participation with financing institutions.
Rate charged borrower less commitment
rate.
4
3Rate charged borrower.
Rate charged borrower but not
to 5exceed 1 per cent above the discount rate.
Charge of y& per cent per annum is made on undisbursed portion
of loan.
°Charge of }4. per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
FEBRUARY
1955
Effective date
of change
Central
reserve
city
banks
Reserve
city
banks
Country
banks
Time
deposits
(all
member
banks)
1917—June 21
1936-Aug. 16
1937—Mar. 1
May 1
1938—Apr. 16..
1941—Nov. i
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 i
July 9
1954—June 16
June 24
July 29
Aug. 1
In effect Feb. 1, 1.9551..
13
10
15
7
3
20
i7y2
20
14
12
14
ian. 13, 1955 j
Ian. 13, 1955 I
Jan. 13. 1955 i
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[hi effect January 31. Per cent per annum]
Federal
Reserve
Bank
Net demand deposits1
Previous
rale
In effect beginning—
NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.-See. Banking and Monetary
Statistics, Table 117, pp. 443-445.
To industrial or
commercial
businesses
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits)
22M
26
22H
26
24
22
20
22
24
26
22
24
21
20
19^
23
22M
22
23
19
24
20
22
19
21
20
18
20
18
5
16
?
5
6
27H
*Wz
15
14
ii
12
18
19
13
27
37
36
2
6
85
25
36
26
14
13
25
S5
12
12
5
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13, 1943-June 30, 1947).
2
Requirement became effective at country banks.
3
Requirement became effective at central reserve and reserve city
banks.
4
Present legal minimum and. maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
151
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
All
member
banks
Month, or
week ending Wednesday-
Central reserve
city banks
New
York
Chicago
Reserve
citybanks
Country
banks
1953—October
November
December
1054—October
November
December . . .
19,536
19,718
19 920
18 893
19,207
19 279
4,718
4,730
4 762
4 482
4,507
4 508
1,270
1 ,288
1,295
1 183
1,212
1,210
7,780
7,849
7,962
7 703
7,852
7,927
5,768
5,852
5,901
S 524
5,636
5,634
Dec. ?2
Dec 29
19 512
19,250
4 558
4,491
1,215
1,201
7,958
7,953
5,782
5,606
Dec. 22
Dec 29
19,263
19,130
19,176
19,074
4,533
4 401
4,372
4,393
1,232
1 ,191
1,202
1,188
7,944
7,902
7,895
7,869
5,555
5,635
5,707
5,625
1955—jan
5
Tan. 12
Jan 19
Jan. 26
1955—Jan. 5
Tan. 1? .
19
Jan 26
Required reserves:
1953—October
November
December
1954—October
November
December
Chicago
Country
banks
752
684
37
19
693
720
14
15
814
704
..
1
59
12
822
594
607
72
66
565
115
96
104
71
535
602
P668
P579
18
24 '
37
2
7
15
241
273
178
51
84
117
102
111
104
29
43
52
3
36
71
129
49
37
75
81
49
147
112
82
149
11
—1
25
621
-1
683
695
^648
19
4
18
3
363
486
434
82
164
246
2
78
115
1
32
62
P794
566
579
148
87
85
96
110
91
1
2
-9
14
—7
4
-5
633
602
725
Borrowings a t Federal
Reserve B a n k s : 3
2
1953—October .
November
December
1954—October
November
December
1953—October
November
December
1954—October
November
December
18 784
19,034
19 22 7
.18,1 73
18,393
1.8,576
4 C>81
4,711
4 748
4,467
4,447
4,497
1,269
1,288
1 295
1,181
1,200
1,210
7,633
7,762
7,877
7,608
7,742
7,836
5,202
5,272
5 307
4,91.8
5,003
5,032
29
18 690
18 630
4 533
4 492
1 214
1,210
7 886
7,887
5 057
5,041
Dec. 22
Dec. 29
1955--Jan. 5
Jnn \">
Tan 10
fan. 26
18 580
18,436
"18 382
-"18,427
4 513
4,398
4 354
4,390
1,218
1,199
, 198
1,193
7,829
7,806
7,791
7,798
5,020
5,033
"5,039
"5,046
1955—Jan. 5
Tan 1 ?
Jan. 19
Jan. 26
Dec 71
Dec.
New
York
Reserve
city
banks
Excess r e s e r v e s : l
Total reserves h e l d :
J<> 11
Central reserve
city banks
All
member
banks
Month, or
week ending Wednesday
P Preliminary.
1
Weekly figures of excess reserves of all member banks and of country
2
See table on preceding page for changes in reserve requirements.
3
147
21
243
29
239
31
370
312
126
90
325
76
51
24
57
59
51
banks are estimates.
Some of these figures are revisions of those published originally.
NOTR.—Monthly"and weekly data for the full year 1954 are shown on pp. 2.10-211 of this BULLETIN.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Item
Central reserve
city banks
New
York
Chicago
Reserve
citibanks
Country
banks
All
member
banks
December 1954
Gross demand deposits:
Total
Interbank.
Other
Net demand deposits 2
Time deposits
.
...
Demand balances due from domestic banks. ..
Reserves with Federal Reserve Banks:
Total
Required'5
Excess
...
Borrowings at Federal Reserve Banks
New
York
Chicago
Reserve
city
banks
Country
banks
December 1953
116,078
13,640
102,438
100,689
39,109
24,062
4,201
19,861
21,581
3,607
6.391
1,296
5,096
5,729
1,294
45,447
6,781
38,666
39,212
15,562
40,178
1 ,362
38,815
34 167
18,645
6,982
52
119
2,108
19,279
18,576
704
4,508
4,497
12
1,210
1,210
—1
246
62
15
Central reserve
city banks
110.712
1.3,056
97,656
96,055
35,832
23,095
4,025
19,069
20.787
2,914
6,198
1,288
4,910
5,550
1,233
43,074
6,541
36,533
36,989
14,147
38,346
1,202
37,143
32 729
17,538
4,703
6,623
48
118
2,063
4,394
7,927
7,836
91
5,634
5,032
602
19,920
19,227
693
4,762
4,748
14
1,295
1,295
1
7,962
7,877
85
5,901
5,307
594
117
52
'•434
115
37
'178
'104
r
Re vised.
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Dem and deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
See table on preceding page for changes in reserve requirements.
152
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars!
Wednesday figures
Item
Knd of month
1955
Jau. 26
Jan. 19
Jan. 12
Jan. 5
1954
1955
Dec. 29
Jan.
1954
Dec.
Jan.
Assets
Gold certificates
Redemption fund for F. R. notes.
20,174.101 20,174.103 20,165,103 20,165,101 20,165,102 20.1 74,103 20,165,102 20.384.103
863,798
865,214
867,287
867,405
857,405
890,116
865,213
563,796
Total gold certificate reserves
21,037,899 21,039,316 21,030,317 21,032,388 21,032,507 21 ,037,899 21.032,507 21,274,219
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans
U. S. Government securities:
Bought outright:
Bills
Certificates:
Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreement
237,798
461,798
228.594
434,823
229,663
412,433
214,746
381,900
206,806
341,279
212 ,568
467,535
321,004
125,000
482
164,264
133,334
572
403,182
133,334
689
224.944
133,334
703
'•431.234
133,334
622
949,744 1,177,944 1,775,744 2,117,000 2,167,000
1,160,144
239,001
374,660
218.954
472,786
354,621
'9,973
120,000
'133,334
708
140.676
15,000
1.865
619
2,167,000 1,918,000
13,882,341 13.882,341 13 882,341 13,882,341 13,882,341
6,037,271 6,037,271
037,271 6,037,271 6.037,271
2,801,750 2,801,750
801,750 2,801,750 2,801,750
882.341 13.882 341
037,271 6.037 ,271
801.750 2,801
23,671,106 23,899,306 24 497,106 24,838,362 24,888,362
3,000
9,500
27,000
63,000
881,506 24,888 ,362 24,639,362
3,000
44 , 000
,816,541
.263,671
,641,150
Total U. S. Government securities.
23,674,106 23,908,806 24,524,106 24,838,362 24,951,362 23,884,506 24.932 362
,639,362
Total loans and securities
24,120,592 24,206,976 25,061,311 25,197,343 25,516,552 24,359.746 25,076 ,374
,796,903
22
22
22
22
22
22
,073.427 4,148,926 4,103,953 3.326,401 3.958 ,555
.501.445
54,981
54.873
54,74!
54,847
54 .748
54.931
52.809
54,915
163,159
148,862
141,669
134,483
136 268
156.009
191,891
167,560
50,054,147 50,630,117 51,010,908 51,171,735 51,390,449 49,625.64 (.50.872,135 50.509.029
Due from foreign banks..
Uncollected cash items. .
Bank premises
Other assets
22
22
3,977,898 4,509.4-16
Total assets
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
Other
25,623,998 25,789,807 25,992,114 26,179.145 26,330,387 25,639,658 26,253,133 25,885,171
18,890,240 19,066,342 19,169,560 19
19,232.875 18.918,221 18.876,128
395,657
159,570
456,838
465,451
359.803
563,13
434,195
475,479
502,733
576.703
441.059
489.960
220,294
391,310
386,541
370,421
419.370
441.493
19,940,386 20,092,701 20,515,672 20,751,681 20,645,450 20,138.453 20,370,718 20,687,939
Total deposits. .
Deferred availability cash items.
Other liabilities and accrued dividends.
2,726,078 3,150.357 2,861,024
14,369
13,945
15,994
48,950,848 49,531,981 49,917,786 50,083,934 50,248,675 18,518,558 \), 788,153 49,450,128
Total liabilities.
Capital Accounts
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
290,166
660,901
27,543
124,689
Total liabilities and capital accounts
Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per c e n t ) . . . .
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments
••Revised.
3.370.981 3,634,593 3,395,461 3,139,058 3,249,855
14,880
14,539
14,050
22,983
15,475
289,453
660,901
27,543
120,239
288,878
660,901
27,543
115,800
287,558
625.013
27,543
201,660
290.314
660.901
27 1543
128,330
287,754
660,901
27,543
107,784
267,301
625.012
27,543
139,045
50,054,14 50,630,117 51,010,908 51,171,735 51 ,390,449 49.625,646 50.872,135 50,509,029
46.
21,455
3,288
2\ .2.14
3,201
19,404
1 ,167
44.8
44.8
19,194
1.154
19,179
n, 961
45.1
22.989
3,151
19,052
'1 ,149
17,393
3,533
474.621
329.067
143.304
8,105
41.865
155,676
134,101
21,575
Maturity Distribution of Loans and U. S. Government Securities1
Discounts and advances—total
Within 1.5 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 I year to 5 years
U. S. Government securities—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
446 004
301 100
64 ,864
297,598
536,516
358,278
142,174
409,379
33,787
223,670
62,051
93,373
572
85
102
41 ,275
93,333
703
17
564.568
429,230
41,908
93,370
65,514
80,040
93.350
80 ,010
93 ,334
482
689
622
619
708
85
16
126
17
17
99
182
177
32
100
182
225
312
416
434
389
429
434
73
73
75
75
75
73
75
23,674 106 23,908,806
,524,106 24 ,838,362 24,951,362
,884,506 24,932,362
337 694
483,194
625,500
625,750
693,250
,115.694
458,550
4,627 050 4,716,250
,189,244
,503,250 5,548,750
,059,450 ,764,450
13.1.93 764 1.3,193,764 13,193,764 13.193,764 13,1.93,764 13,193,764
,193,764
3.087 127 33,087,12
087,127
087,127
.087,127
087,12
,087,127
1.013.614
1,013 614 1
013,614
013,614
,013,614
013,614
,013.614
1,414,857
1 ,414 857 1
414,857
414,857
,414,85
414,857
,414,857
'1^865
320
552
914
79
,639,362
,979,550
,860,650
.855,241
.154.664
.374,400
,414,857
Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.
FEBRUARY
1955
153
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
787,492
424,304
821,963
780,492 2,406,324
47,045
21,595
39,689
Assets
Gold certificates. 20,174,103 1,000,351 5,394,783 1,240,508 1,764,943 1,130,088
Redemption fund
183,390
58,607
76,736
73,874
53,522
863,796
for F. R. notes.
876,401 3,546,454
53,716
143,720
Total gold certificate reserves. . 21,037,899 1,053,873 5,578,173 1,299,115 1,841,679 1,203,962 930,117 3,690,174
F. R. notes of
10,076
56,194
13,635
21,895
211,568
13,521
38,058
14,592
other Banks...
22,922
49,009
73,509
24,41 7 39,246
34,182
Other cash
467,535
108,936
Discounts and
advances:
Secured by
U. S. Govt.
78,890
5,660
21,945
79,050
securities. . .
354,554
37.025
14,225
9,385
8,760
Other
120,067
10,920
16,867
6,000
5,160
35,0-10
7,200
619
525
Industrial loans..
U. S. Government
securities:
Bought out23,881,506 1,317,734 6,100,101 .1,453,381 2,046,812 1,406,573 1,216,309 4,174,9.17
right
Held under
repurchase
3,000
3.000
agreement...
834,537
4 48,899 861,652
28,703
80.199
809,195 2,486.523
7,249
25,757
5,849
10,434
7,532
15,784
10,764
15,885
12,203
4 7,454
25,650
4,560
12,650
3,000
94
43,999
4,560
17,000
5,640
>,O75
12,360
999,322
586,458 1,030,343
938,400 2,611,156
Total loans and
24,359,746 1,339,159 6,217,031 1,468,326 2,079,677 1,421,958 1,258,494 4,270,834. l,02v,532 602,202 1,078,902 961,040 2,632,591
securities
Due from foreign
'6
2
1
1
1
I
2
t
1
2
22
1
3
banks
Uncollected cash
625,266 225,790 318,606 237.498 228,409 532,551 134,671
3,326,401 285,456
82,165 166,375 164,406 325,208
items
7,128
54,915
5,235
5,254
2,574
1,178
2,827
9,217
5,899
4,476
3,865
1,001
6,261
Bank premises...
7,191
9,783
7,031
41,443
14,320
1 7,953
9,742
9,163
167,560
8,87.1
7,481
Other assets
4,028
30,554
49,625,646 2,740,962 12,616,041 3,041,249 4,322,182 2,923,949 2,525,489 8,618,478 2,041,765 1,154,579 2,140,301 1,969,500 5,531,151
Total assets
Liabilities
25,639,658 1,560,006 5,787,752 1,802,883 2,357,629 1,822,360 1,353,336 4,973,062 1,155,4.40
F. R. notes
Deposits:
Member bk.—
reserve accts. 18,918,221 779,178 5,533,714 875,747 1,449,807 792,311 906,535 3,033,837 688,198
U. S. Treas.—
38,191
359,803
59,086
26,826
20,680
3.1,319
42,743
20,726
24,140
gen. acct....
30,806
38,402
18,146
441,0591 25,320 2142,264
16,036
21,100
59,080
Foreign
311,229
6,274
.11,009
5,982
10,437
3,953
419,370
17,267
4,218
Other
Total deposits... 20,138,453 831,498 6,046,293 944,388 1,536,837 84.1,504 961,982 3,139,878 742,181
Deferred availitems
Other liabilities
dividends
572,753 1,016,734
455,654
13,715
10,550
1,857
481,776
721,294 2,516,409
912,650 1,009,872 2,480,718
26,263
16,036
3,530
2.1,677
19,834
2,199
34,437
43,485
41,415
958,479 1,053,582 2,600,055
2,726,078
281,687
463,185
212,468
325,864
201,214
159,488
348,088
99,627
70,425
121,193
142,084
300,755
14,369
663
4,533
742
1,688
549
554
2,461
479
534
513
439
1,214
Total liabilities.. 48,518,558 2,673,854 12,301,763 2,960,481 4,222,018 2,865,627 2,475,360 8,463,489 1,997,72 7 1,125,488 2,096,919 1,917,399 5,418,433
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7). .
Surplus (Sec. 13b)
Other capital
accounts
290,314
660,901
27,543
15,027
40,309
3,011
90,548
188,070
7,319
19,273
47,773
4,489
27,384
60,222
1,006
.12,879
33,480
3,349
12,538
29,480
762
38,767
96,566
1,429
10,066
26,619
521
6,448
16,918
1,073
11,048
24,755
1,137
1.4,692
29,985
1,307
31,644
66,724
2,140
128,330
8,761
28,341
9,233
11,552
8,614
7,349
18,227
6,832
4,652
6,442
6,117
12,210
Total liabilities
accounts
49,625,646 2,740,962 12,616,041 3,041,249 4.322,182 2,923,949 2,525,489 8,618,478 2,041,765 1,154,579 2,140,301 1,969,500 5,531,151
Reserve r a t i o . . . .
46.0%
44.1%
47.1%
47.3%
47.3%
45.2%
40.2%
45.5%
44.0%;
42.6%.
43.6%:
45.6%,
48.6%
Contingent liability on acceptances purchased for foreign
correspondents
22,989
1,290
»7,767
1,569
1,956
1,075
924
3,010
817
538
817
1,011
2,215
Industrial loan
commitments..
3,151
215
598
39
101
16
2,182
1
After
2
After
8
deducting $16,000 participations of other Federal Reserve Banks.
deducting §298,776,000 participations of other Federal Reserve Banks.
After deducting $1.5,222,000 participations of other Federal Reserve Banks.
154
FEDERAL RESERVE BULLETIN
FEDHKAL RESERVE NOTi-S
i-KL^UAL PIi/CFRVi: AGENTS' ACCOUNTS
u - j r . u N of (loll.ii-..;
Wednesday figures
Jan. 19
Jan. 12
Kncl of month
Jan. 5
Dec. 29
Jan.
: an
Doc.
F. R. notes out standing (issued to Bank) . . . . . j26,9O2,252 27,012,747 27 ,117,312,27,273,013 27,383,938 26,821,154 2 7 ,346 , 789 27 ,2 4 6 , 470
Collateral held against notes outstanding:
. | l l , 2 0 8 , 0 0 0 31,208.000 j1,208,000! 11,208,000 1 1,208,000 11,208.000, i l ,208 . 000 11 .0 ;)3. 000
Gold certificates
7 .! 50
74. 980
137.3071
48.954
Kli.gi!.)le paper
82.828j
74.075!
151 13631 " 1 20 '.64-i
J 7, 115,000 1.7,140.000 17 , 140,000 17,140.000! 17 ,140.. 00011 7,115 ,000 17 . 140 '.oho ! 7 0 5 , 000
T". S. Government st*curiLie-j
Total collateral
28,460,307 28.396,954 28,430,828 28,422,075128,499,363 28.443,644 28.355,15Oj28,472,98O
EACH FEDERAL RESERVE BANK ON J A X U A R V 31, 1955
fill thousands of dollars]
Item
Total
Philadelphia
-
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
j San
"M LM.7i.c- j Kansas
Dalla ; j Franapolis ; City
cisco
"I"
F . K. notes o u t s t a n d i n g (issued
to B a n k )
26,821,154 |; ,655,372 6,0C0,009|i, 889,668 2,5 i 0,098; 1,907,045 1,428,407 5,120,865
Collateral held:
640,000 2,6 70,0001 800,000 1,050,0001 675,000 500,000 2,400,000
Gold certificates l l , 2 0 8 , 0 0 0
j
5,660
] 20,6 14;!
14,255
Eligible p a p e r . .
U. S. G o v t . se• 7,115,OOOJ|1 ,200,000 3,600,000j 1,200,000 1,55O,OC(i|i,300.000! 1.000.0C0 2,900,000
1,211,251
7,029J 1,048,4311772,:^6(}|2,659,619
l55,OOo! I 75,0001 280.000 283,000 1,380,000
355,
25,650 ! 2,650
43,999
9,075
920,000 500,000
800,000 525,000 : ,620,000
Total, collateral... 8.443,644 11,854,225 6J27C,COC!./,OO5,66O 2/,00,000J 5,981,38"! i ,500,000 5,300,000 ,3O(>,65o!;;87,65Oi i , 1 23,999808,(30013,009,075
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars!
End of
year or
month
1945
1946
1947
19-18
1949
1950
1951
195?
\ <>53
Number
Parti cipatious
ApT
of
proved
Loans Commitments ingflnancinstibut not
out- 2
outcom- standing
tutions
pleted 1 (amount) standing
out- 3
(amount) standing
Amount (amount)
(amount)
3.511
3,542
3,57-'!
3.607
3 ,649
3,698
3,736
3.753
3,765
544,961.
565,913
586,726
6'. 5,653
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
3,710
3,569
1,086
2,670
4,869
1 .990
2,94 7
3,745
11,985
3,289
3,469
3 , 765
3 ,765
3,766
3,767
3,767
3 .768
3.768
3.768
3 .769
3\ 769
3,770
3.771
805,115
806,648
808.505
810,051
810,779
812,433
813.465
814,765
815,449
816,582
817,605
818,224
1 ,234
1,345
1 ,720
405
45
195
45
45
395
395
520
520
1 ,885
1,792
1 ,487
1 ,302
1,298
1,24 7
1 ,130
630
991
812
652
719
3,532
3,14 5
2.957
2,891
2.373
2,395
2,354
2,794
1,943
1,896
1,898
1,148
3,414
3.344
2 ,666
2,412
1 ,869
1,855
1 ,812
1,773
1 .559
1,343
1 ,202
1 ,027
1
1ncludes applications approved conditionally by the Federal Reserve Ranks and under consideration by applicant.
- 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.
;J
Not covered by Federal Reserve Bank commitment to purchase or
discount.
XOTK. --Tlie difference between amount of applications approved and
the sum of the following four columns represents repayments of advanc.es, and. applications for loans and commitments withdrawn or
expired.
FEBRUARY 1955
[Amounts in thousands of dollars!
Applications
approved
to date
1954
'fariuary . . .
February..
March
April
May
lime
July
August....
September.
October. . .
Noyembcr.
December .
! LOANS GUARANTEED THROUGH FEDERAL RESERVE
I
BANKS UNDER REGULATION V, PURSUANT TO
!
DEFENSE PRODUCTION ACT OF 1950
End or
year or
month
G u a ra nteed 1 oans
authorized
to date
Guaranteed
loans
nd ing
OlltStc
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Amount
Total
amount
Portion
guaranteed
1 ,159
3\ ,326
1,395,444
2,124,123
8,017
675,459
979,428
6,265
546,597
803,132
8,299
472,827
586,303
1 ,294
2,358,387
804,686
666,205
363,667
1 ,304
1 .310
1 ,316
1 .322
.1 .324
1 .331
Tulv
1 342
August. . . . 1 .350
September. 1 ,355
October. . . 1.357
November. 1 ,361
December. 1,367
2,377.628
2,380,186
2,399,321
2,406,651
2,408,226
2,420,326
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499.634
788,320
772,647
737,605
684,631
664,122
640,636
604,750
559,859
546,930
527,074
504,708
471,947
652,706
640,121
612,265
569,551
552,738
534,695
502,902
466,089
455.618
416,713
395,388
367,694
347,969
355,056
32\ ,619
34 7,823
330,408
299,465
311.191
300,676
295,805
283,510
266,798
272.903
1950
195 i
1952
v
' her
62
854
1953
December.
1954
January. . .
February..
March
April
May
June,
NoTii.-—The difference between .guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
j repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.
!
J
i
j
j
'
155
POSTAL SAVINGS SYSTEM
[In millions of dollars]
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950
[In effect January 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
15
20
25
10
15
20
25
30
35
40-50
30
35
40-50
Maximum Rates Financing Institution May Charge Borrower
[Per cent per annum]
Interest rate
Commitment rate.
Assets
Depositors'
balances x
End of month
Total
Cash
in
depository
banks
U. S.
Government
securities
Cash
reserve
funds,
etc.*
1945—December.. .
1946—December.. ,
1947—December
1948—December., .
1949 -December...
1950—December...
1951 —December...
1952—December..
2,933
3,284
3.417
3.330
3,188
2,924
2.705
2,547
3,022
3,387
3,525
3,449
3.312
3,045
2,835
2,736
6
6
6
7
7
11
28
33
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
179
200
212
198
187
166
162
151
1953—September.
October...
November
December
2,401
2,387
2,373
2.359
2,618
2,596
2,577
2,558
33
33
31
31
2,435
2 428
2 407
2 389
150
135
139
138
2,343
2,326
2,309
2,290
2,271
2,251
2,230
P2 208
P2 189
September
October . . . . P2.171
P2 154
December... . J»2,136
2,540
2,505
2,470
2,434
2,416
2,399
2,379
31
31
31
31
31
31
31
2,373
2,336
2,299
2,278
2,256
2,240
2,220
136
139
140
125
130
128
129
1954—January
February
March
April
May
June
July
p Preliminary.
i2 Outstanding principal, represented by certificates of deposit.
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
Without seasonal adjustment
Year or month
1944
1945
1946
1947
1948
1949
1950
1951
1052
. . .
1954
1953—November
December
1954—Tanuary
February
April . .
May
June
July
August
September
October
November
December
1955—January
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Seasonally adjusted2
Total, all
reporting
centers
New
York
City
6
other
centers'
338 other
reporting
centers
New
York
City
848,561
924,464
1,017,084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1.642.853
1,759,069
r
l , 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
301,817
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
140,992
168,596
50,470
65,367
30.477
35,557
60.046
67,672
38 4
43.1
26 4
26 8
20 2
19.7
38.8
38.1
26.0
25.6
19.1
18.7
154,281
141,926
171,354
154 759
149,812
M63 501
••154.848
r 151,504
' 149.898
M52 322
156,843
186,317
62,306
56,115
67.913
60,479
59,535
64,965
61,155
58,316
56.744
58.702
58,787
73,817
30,806
29,341
36,666
33 ,152
31.159
33 ,785
31,556
31 .526
30,922
30.706
32,230
38,217
61,170
56,470
66,776
61,128
59,118
M4.751
'52,137
'61,662
r
62,232
62,823
65,826
74,282
42.7
42 7
44 6
41.3
41.9
44.2
41 .6
40.0
40.4
30 3
42.2
48.1
24 1
25.5
29 2
27 6
25 5
26 8
24 9
24.8
25.3
23.6
26.3
28.1
18.6
19.2
19.7
18.8
18.8
19 7
18.8
18.5
19.4
18.6
20.7
21.0
42.5
43.8
43.5
41.9
43.0
40.9
42.7
46.2
39 4
40.5
42.6
42.6
24.6
26.2
26.7
26.8
25.9
26.3
25.4
27.1
25.6
24.3
25.9
26.9
18.4
19.3
19.8
19.4
19.2
19.7
19.1
19.7
19.1
18.6
19.6
19.9
163,382
62,642
33,531
67,209
42.0
P25.4
P19.5
41.8
z25.9
P19.3
6
338 other
other reporting
centersx centers
New
York
City
6
338 other
other reporting
centers 1 centers
T
Revised.
P1 Preliminary.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
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.
156
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Bank:?. In mill:ons of dollars]
End of year or
month
Coin and small denomination currency 2
Total
in circulation 1
1939
1940
1941
1942
1943
1944
1945
1 946
1947
1948
1949
1950
1951
1952
1953
Coin
Total
3 SI
$2
S10
Lar ge d ei i.om i na lion cu r re ucy S20
Total
-. I
$50
$100
Unassorted
i
^500 SI ,0C0|S5,000 S10,000
598
500
559
5,553
732
648
6.247
610
160
751
8.120
695
410 1.1 ,576
880
801
449 14,871 1,019
909
307 17,580 1 ,156
987
515 20,683 1,274 1 ,039
952 20.437 I .36! 11,029
868 120.020 1 ,4.04 ii .048
224 19,529 U .464 i1.049
600 19,025 ii ,484 !i ,066
741 19,305 ' ,554 ll ,113
206 20,530 .1 ,654 ! 1,182
433 2.1 ,450 ji ,750 1 .228
,781 •21,636 .1 ,812 1 .249
36
39
44
55
70
81
73
67
65
64
62
64
67
71
72
i ,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
" 194
983
782
497
6,275
6,060
5,897
5,998
6,329
6,561
6,565
1 ,576 12,048
5 ,800 2,489
2,545 3.044
4.096 3.837
5,705 5,580
,224 7,730
9,201 7,834
9,310 8,51.8
9,119 8,850
8,846 8,698
8,512 8,578
8,529 8,438
9.177 8,678
9,696 8,985
9,819 9,146
4(0
538
I 724
II .019
1.481
1.996
2,327
12,492
548
I2.494
|2,435
12,422
\2,544
|2,669
2,732
1 ,112
1,433
1. ,910
2,912
•1,153
4,220
4,771
5,070
5,074
5,056
5,043
5,207
5,447
5,581
191
227
261
287
407
555
454
438
428
400
382
368
355
343
333
425
523
556
586
749
990
801
783
782
707
689
588
556
512
486
1 ,775 j 1,180
I ,770 1,170
1,776 1 ,166
1 ,783 1 .173
1 ,787 1,182
1 ,795 1 .183
1,793 1,174
1,801 1 ,1.83
1,811 1 , 2C0
1,819 1,212
1 .836 1.236
1 ,834 1,256
70
70
70
70
69
71
70
70
70
70
71
71
2,031
2,021
2,010
2,006
2,036
2,023
2,016
2,023
2,034
2,049
2.091
2,098
6,351
6,365
6,304
6,325
6,375
6,377
6,366
6,361
6,378
6,400
6,524
6,450
9,531
9,512
9,431
,443
9,496
9,551
9,564
9,578
9,561
9,568
9.716
9,665
9,045
8,999
,952
8.936
8.926
2,693
2,674
2,654
651
651
659
2,654
2,653
2,648
|2.650
12.677
|2 ,720
5,526
5,502
5,473
5,470
5,463
5,457
5,451
5,461
5,486
5,514
5,555
5,612
331
330
328
327
325
324
322
321
320
318
320
321
484
482
481
478
475
473
471
469
466
4.64
465
464
1954—January
29,981
February.. . . 29.904
29,707
March
29,735
April
29,870
May
29.922
June
29,892
July
29,929
August
September.. . 29,985
30,074
October
November. . . 30,500
December. . . 30,509
20.939
i20,908
120,757
(20.799
120.946
20.999
!20.984
121,015
21,054
'21 ,118
121,473
'21,374
1
i
,924
8,910
8,916
8,932
5,958
>.028
9,136
1
•)19
20
30
24
9
9
10
7
32
60
46
25
22
24
24
26
17
17
11
12
12
10
11
8
12
I
1
Total
2
of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
.s destroyed.
estroyea.
a
Paper currency only; SI silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars!
Money held in the Treasury
Total outstanding, As security
Dec. 31,
against
1954
gold a n d
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificate** and Treasury notes of 1890.
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
Total—Dec 31 19S4
Nov. 30 1954
Dec 31 1953
.
21 ,713
21,067
27,347
4,985
21,067
491
2,171
245
2,171
()
2
645
69
82
*2,416
*2 4J6
I ,291
443
347
173
69
(4)
(4)
4
Treasury
cash
Monev
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
18,217
2,816
1,333
375
Dec. 31
1954
Nov. 30,
1954
Dec. 31,
1953
35
25,945
4,529
35
25,895
4,570
36
26,253
4,491
23
5
218
48
6
5
272''
56
9
31
1
1
2 J 44'
1,186
429
311
171
68
(•')
23,483
23.468
23.789
Money in circulation 1
796
800
761
18.217
18,214
18,538
4,523
4,232
4,614
30,509
216
"2', i 73 "
1 ,191
428
319
173
69
30,500
210
2,101
1,179
424
316
190
72
30,781
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other
end-of-month dates are shown in table above; totals by weeks in table on p. 149.
2
Includes SI56,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
r>
significance and is not shown. See note for explanation of these duplications.
Lcss than .S500.000.
NOTV:.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890--SI 56,039,431 in gold
bullion; (ii) as security for Treasury notes of 1.890—an equal dollar amount in standard silver dollars (these notes are being canceled and retiree! 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 Stales 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 agaiu-t 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.
FEBRUARY
1955
157
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY F U N D S 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
26
131
1,204
1/284
2.867
3.328
3,138
2.888
2 ,664
2,577
2,571
2.496
2 .409
11.819
9.863
9.302
8,999
8.577
10,723
12,621
14,741
15,918
17,002
17,374
17.856
18.370
64,698
48,465
75.171
90.637
S91,785
188,148
191,706
199,009
208,727
211,080
220,865
217,594
226,715
200,360
J209.175
8,922
6,436
6,812
7,826
10,979
12.800
14;392
14,624
15,317
16,120
16.647
17,234
!7,53S
2,400
2,400
2,300
2,300
2,300
2,265
2,200
2,200
2,200
2.200
2,200
2,200
18,500
18.900
19 - 000
19,200
19,300
19,591
19,800
19,900
20,200
20,300
20,300
20,400
224,900
224,100
223,000
224,100
225,800
227,514
227,500
229,300
230,800
234.500
236,600
237,900
207,100
1206,200
1205,100
1206,200
207,600
1209,354
209,100
210,500
211,800
1215,400
1217,300
i218,700
17,800
17,900
17,800
17,900
18,200
18,161
18,400
18,800
19,000
19.100
19,300
19,200
Bank credit
Date
Gold
S929-June
1933 -June
1939—Dec.
3.941 -Dec.
1945 ••-Dec.
1947—Dec.
1949 Dec.
1950--Dec,
1951—Dec.
1952-June
Dec.
1953—June
Dec.
29
30
30
31 .
31 ,
31
31 ,.,
30
31
30
31
30
M
£954—Jan. 27
Feb. 24
Mar. 31
Apr. 28
M a y 26
June 30
July 2 8 P
Aug. 2 5 P
vSept. 2 9 P
Oct. 27v
Nov. 2 4 P
Dec. 2 9 P
Treasury
currency
outstanding
U. S. Government obligations
Total
Loans.
net
Total
4.037
4,031
17.644
22.737
20,065
22,754
24,427
22,706
22,695
23,346
23,187
22.463
22,030
2,019
2,286
2,963
3.247
4,339
4,562
4,598
4,636
4. 709
4,754
4.812
4,854
4,894
58,642
42,148
54,564
64 653
167,381
160,832
162,681
171,667
381 ,323
132,980
192,866
190,277
199,791
41.082
21 ,957
22,157
26.605
30,387
43,023
49,604
60,366
67.597
69,712
75.484
77.071
80.486
5,741
10.328
23.105
29,049
128.417
107,086
100,456
96,560
97,808
96.266
100.008
95.350
100,935
,000
,000
,000
,000
,000
,927
,900
,900
,800
,800
,700
,700
4,900
4.900
4.900
4,900
5,000
4.959
5.000
5,000
5.000
5.000
5,000
5,000
198.00G
197.300
196,100
197,200
198,800
200,628
200.600
202,500
204,000
207.800
209,900
211,200
79.100
79.300
80,300
79,900
80,100
81,210
80,800
80,200
81.400
81,900
84,000
85,600
100,400
99.100
96,800
98,200
99,400
99,827
100,000
102,300
102,400
105,600
105,600
105,300
Commercial
and
savings
banks
,
8 199
19 417
25,5!1
101,288
81,199
78.433
72,894
7 i . 343
70,783
72,740
68.108
72.610
73,400
72.000
69.800
71.200
72.400
72.525
73,300
76,200
76.200
79,000
78,000
78,200
Federal
Reserve
Banks
Other
216
1.998
2,484
2 254
24.262
22,559
18,885
20,778
23,801
22,906
24.697
24,746
25,916
24,700
24.600
24.600
24.600
24.700
25,037
24.500
23.900
24.000
24.400
24,600
25,000
Capital
Total
and
deposits misc.
and
accurrency counts,
net
55,776
42,029
68.359
82,811
180,806
175,348
177.313
184,385
193,410
194,960
204,220
Deposits a n d Currency
Deposits adjusted and currency
U. S. Government balances
Date
Total
Foreign
Treasbank
ury
deposits,
cash
net
holdings
At comAt
mercial Federal
and
Reserve
savings Banks
banks
Time deposits 3
Total
Demand
deposits2
Total
Commercial
banks
Mutual
savings
banks 4
Postal
Savings
System
Currency
outside
banks
1929—-June 29.
1933—June 30.
1939 Dec. 30.
1941 -Dec. 31 .
1945 -Dec. 31 .
1947 -Dec. 31.
1949- Dec. 3\ .
1950—Dec. 30.
1951 —Dec. 31 .
1952—June 30.
Dec. 31..
1953—Tune 30.
Dec. 31.
55,776
42,029
68,359
82,811
180,806
175,348
177,313
184,385
193,410
194,960
204,220
200,360
209,175
365
50
1.217
1,498
2,141
1,682
2,150
2,518
2,279
2,319
2,501
2,467
2,694
204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,283
1,270
1,259
761
381
852
846
1,895
24.608
1,452
3,249
2,989
3.615
6,121
5,259
3,942
4,457
36
35
634
867
977
870
821
668
247
333
389
132
346
22,540
54,790
14,411
40.828
29,793
63,253
38.992
76,336
75,851
150.793
87,121
170,008
85,750
169,781
92,272
176,917
98,234
185,999
94,754
184,904
194,801 101,508
96.898
192,560
200,917 102,451
28,611
21,656
27,059
27,729
48,452
56,411
58,616
59,247
61,450
63,676
65,799
68,293
70,375
19,557
10,849
15,258
15,884
30,135
35.249
36,146
36.314
37,859
39,302
40,666
42,245
43,659
8,905
9,621
10,523
10,532
15,385
17,746
19,273
20,009
20,887
21,755
22,586
23,589
24.358
149
1,186
1,278
1.313
2,932
3,416
3,197
2,923
2,704
2,619
2,547
2,459
2,359
3,639
4,761
6,401
9.615
26,490
26,476
25,415
25,398
26,315
26,474
27,494
27,369
28,091
1954—Tan. 27.
Feb, 24.
Mar. 31 .
Apr. 28.
May 26.
June 30.
July 28P
Aug. 25P
Sept. 20P
Oct. 27P
Nov. 24P
Dec. 29P.
207.100
206,200
205.100
206.200
207,600
209,354
209,100
210,500
211,800
215,400
217,300
218,700
2,800
2.900
3,000
3,100
3,100
3,256
3.400
3,400
3.300
3.200
3.200
3,400
800
800
800
800
800
811
800
800
800
800
800
800
3.400
4,500
5,400
4,500
5,100
5,895
3,900
5,500
4,400
6,100
6,900
4,600
200
500
700
500
500
875
500
600
800
600
500
500
199.800
197,400
195,200
197,300
198,000
198,517
200,400
200,300
202,500
204,800
205,800
209,400
102,300
99,600
96,700
98,600
98.700
98,132
100,000
99,400
101.200
103,100
104,100
106,900
70,600
71,000
71,700
72,000
72,500
73,292
73,700
74,000
74.400
74,700
74,300
75,100
43,700
44,000
44,500
44,700
45,000
45,653
46,000
46,200
46,400
46.700
46,200
46,700
24,600
24,700
24,900
25,000
25,200
25,388
25,500
25,600
25,800
25.900
25,900
26,300
2.. 300
2,300
2,300
2,300
2,300
2,251
2,200
2,200
2,200
2,200
2,200
2,100
26,900
26,900
26,900
26.700
26,800
27,093
26,800
26,900
26,900
26,900
27,500
27,400
pPreliminary.
1
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
•Excludes
interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
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 Bui-LimN 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.
158
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY GLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
U. S.
Class of bank
and date
Total
All banks:
1939—Dec. 30.
1941 —Dec. 31
1945—Dec. 31
1947—Dec. 313
1950—Dec 30
1951—Dec. 31
1952—Dec. 31
1953—j u n e 30
Dec. 31
1954—Tune 30
July 28?
Aug. 25P
Sept. 29P
50,884
61,126
40,227
34,924
48,021
54,869
65,626
63,082
171,497
173.343
174J380
176,790
178,040
Oct. 2 7 P . . . .181,680
183,510
Nov. 24P
184,690
Dec. 2 9 P
SAX commercial banks:
40 668
1939—Dec. 30
1941—Dec. 31
50^746
1945—Dec. 31
124,019
1947—Dec. 31»
116,284
1950—Dec. 30
126,675
1951—Dec. 31
132,610
1952—Dec. 31
141,624
1 9 5 3 — T u n e 30
137,957
Dec. 31
145,687
1 9 5 4 — j u n e 30. . . 146 383
July 2 8 P
147,280
Aug. 25P. . . . 149,490
150,580
Sept. 2 9 P
Oct. 2 7 P
154,090
Nov. 24P . . . .1SS 850
Dec. 2 9 P
156,850
AH member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec 30
1951—Dec 31.
1952—Dec. 31
1953—Tune 30
33,941
43,521
107,183
97,846
107,424
112 247
119,547
115,789
122 422
Dec. 31 .
123,185
1954—June 30
123,915
July 28P
Aug. 2 5 P . .. . 126,001
Sept. 29 P
126,851
129,973
Oct. 2 7 P
Nov. 2 4 P . . . . 131,548
Dec. 29*.... 132,270
All m u t u a l savings
banks:
1939—Dec. 30
194i—Dec Si
1945—De<\ 31
1947—Dec. 31»
1950—Dec 30
1951—Dec. 31
1952— Dec. 31
1953—Tune 30
Dec. 31
1 9 5 4 — j u n e 30
July 28P....
Aug. 25P. .. .
Sept. 2 9 P
Oct. 2 7 P . . . .
Nov. 2 4 P
Dec. 29P
10,216
10,379
16 208
18,641
21 346
22^259
24,003
25,124
25,810
26,959
27,100
27,300
27,460
27.590
27,660
27,840
Loans
Government
obligations
Other
securities
Cash
assets1
23,292
27,344
35,415
38,388
41,086
45,531
45,584
42,023
45 811
42 556
40 230
39 480
40 620
41 630
42 180
43 210
Total
ssets—
Total
labilities
and
Total 1
capital
ccounts2
77,068
90,908
77,332
75,091
.91, 317
^02, 903
213, 837
207, 758
220, 140
218, 900
217, 640
219, 300
221 710
226 440
228 830
231 140
68,242
81,816
65,612
61,865
22, 165
26,615
30,362
43,002
60,386
67,608
75,512
77, H 7
80,518
81 227
81 340
80 690
81 680
82 380
84 320
86 150
19,417
25,511
01,288
81, 199
72,894
71,343
72, 740
68, 108
72 610
72 525
73 270
76 210
76 200
79 030
78 910
78 190
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
18,370
19 591
19 770
19 890
20 160
20 270
20 280
20 350
17 238
21 714
26 083
38 057
52 249
57 746
64 163
65 025
67 593
67 ,337
67,290
66 ,450
67 ,250
67 ,790
69 , 540
71 ,150
16 316
21 808
90 606
69 ,221
62 ,027
61 ,524
63 ,318
58 ,644
63 ,426
63 ,508
64,340
67,300
67 ,330
70,190
70 ,160
69 ,460
7 114 22 474 65 216 57 718
225 26 551 79 104 71 283
7 331 34 806 160 312 150 227
9 006 37 ,502 155 377 144 103
12 399 40 ,289 168 932 155 265
13 339 44 645 179 465 164 840
14 143 44 666 188 603 172 931
14 287 41 156 181 425 165 531
14 668 44 828 193 010 176 702
15,538 41 ,569 190 585 174,068
15,650 39 ,260 189 190 171 770
15 ,740 38 ,540 190 670 173 130
16 ,000 39 ,670 192 900 175 ,300
16 ,110 40 ,720 197 560 179 ,380
16 ,150 41 ,260 199 860 181 ,420
16 ,240 42 ,180 201 , 890 182 ,940
,962
1.3
18,021
22 ,775
32 ,628
44, 705
49 ,561
55 ,034
55 ,613
57 ,762
57 ,197
57 ,114
56 , 453
57 , 164
57 , 662
59 ,251
60,612
14,328
19,539
78,338
57 ,914
52 ,365
51.,621
52 ,763
48,318
52 ,603
53 ,111
53 ,832
56 ,476
56 .373
58 , 906
58 , 869
58 ,151
5 ,651
5 ,961
6 ,070
7,304
10,355
11,065
11 ,751
11,858
12,057
12 ,876
12,969
13,072
13,314
13 , 405
13 ,428
13 ,507
19,782
23 ,123
29 ,845
32 ,845
35 ,524
39 ,252
39 ,255
36 ,467
39 ,381
36 ,722
34,514
33,819
34 ,796
35,607
36,205
37 ,028
55 ,361
68 ,121
138,304
132,060
144, 660
153 ,439
160,826
154,258
163,983
162,203
160,748
162, 136
163 ,964
167 ,991
170,177
171 ,823
4 ,927
4 901
4 ,279
4 ,944
8 ,137
9 [862
11 ,349
12,091
12,925
13,890
14,050
14,240
14,430
14, 590
14,780
15 ,000
3 ,101
3 ,704
10,682
11 ,978
10 868
9 ,819
9 ,422
9 ,464
9 ,184
9 ,017
8 ,930
8 ,910
8 ,870
8 ,840
8 ,750
8 ,730
2 ,188
1,774
1,246
1,718
2 ,342
2 ,579
3 ,231
3 , 569
3 ,701
4 ,052
4 ,120
4 ,150
4 ,160
4 .160
4 .130
4 ,110
818
793
609
886
797
886
918
867
983
987
970
940
950
910
920
11 ,852
11,804
17,020
19 .714
22 ,385
23 ,439
25 ,233
26 ,333
27, 130
28,315
28 ,450
28 ,630
28 ,810
28 ,880
28 ,970
29 ,250
1,030
75,296
85, 756
95,552
89, 159
201, 100
99 508
97 310
98 780
201 150
205 330
207 400
209 280
49 ,340
61 ,7.17
129,670
122,528
133 ,089
141 ,015
147,527
140,830
150,164
148,252
145,975
147,179
148,964
.152 ,537
154,420
155 ,581
10,524
10,533
15,385
17 ,763
20 ,031
20 ,915
22 ,621
23 ,628
24,398
25 ,440
25 ,540
25 ,650
25 ,850
25 , 950
25 ,980
26 ,340
Deposits
Other
Interbank 1
Demand
Number
Total
of
capital
accounts banks
Time
112 637
110 590
111 430
113 140
116 700
19 250
119 930
25,852
26,479
45,613
53, 105
56,513
59,025
63, 598
66, 170
68,354
71,371
71,780
72, 140
72 540
72 910
72 490
73,300
8,194
8,414
10,542
11.948
13,837
14,623
15,367
15,791
16, 118
16,664
16,690
16, 770
16 860
3 7,080
17,320
17,370
15,035
14,826
14,553
14,714
14,650
14,618
14,575
14,537
14 509
14 465
14 457
14 446
14 436
14 422
14 406
14 370
9 874
10 982
14 065
13 032
14 039
15 086
15 319
13,598
15 ,955
15,497
14,940
15,210
15 ,470
15,720
32 513
44 349
105 921
95 711
04 723
11 618
16 600
09 352
116 750
112 588
110 540
111 380
113 090
116 650
.1.5,660 119 200
16 ,050 119 ,880
15 331
15,952
30 241
35 360
36 503
38 137
41 0!2
42 581
43 997
45 983
46 290
46 540
46 740
47 010
46 560
47 010
6,885
7,173
8 950
10 059
11 590
12 216
12 888
13 275
13 559
14 038
14 060
14 120
14 200
14 420
14 640
14 690
14 484
14 278
14 011
14 181
14 121
14 089
14 046
14 009
13 981
13 937
13 929
13 919
13 909
13 895
13 879
13 843
9 ,410 28 231
10,525 38 ,846
13,640 91 ,8?0
12 ,403 81 , 785
13 .448 90 ,306
14,425 95 ,968
14,617 100,020
12,933 93 ,780
15,170 99 ,780
14,733 96 ,620
14,204 94 ,616
14,437 95 ,362
14,692 96 ,730
14 ,924 99 , 764
14.854 102 ,022
15 ,228 102 , 546
11 699
12 347
24 210
28 340
29 336
30 623
32 890
34 117
35 ,213
36 ,900
37 , 155
37 ,380
37 , 542
37 ,849
37 , 544
37 ,807
5 522
5 886
7 589
8 464
9 695
10 218
10 761
11 070
11 316
11 709
11 ,724
11 794
11 868
12 035
12 ,250
12 ,280
6 362
6 619
6 884
6 923
6 873
6 ,840
6 ,798
6 ,765
6 ,743
6 ,721
6 ,716
6 ,713
6 ,707
6 , 701
6 ,687
6 ,662
3
6
14
17
22
26
33
37
38
50
50
50
50
50
50
50
10,521
10,527
15,371
17,745
20,009
20,888
22 ,586
23 ,589
24,358
25 ,388
25 ,490
25 ,600
25 ,800
25 ,900
25 ,930
26 ,290
1,309
1,241
1,592
1,889
2 ,247
2 ,407
2 ,479
2 ,516
2 , 559
2 ,626
2 , 630
2 ,650
2 ,660
2 ,660
2 ,680
2 ,680
551
548
542
533
529
529
529
528
528
528
528
527
527
527
527
527
9,874
10,982
14,065
13,033
14 039
1.5 087
15 321
13 600
15 957
15 500
14 940
15 210
15 470
15 720
15 660
16 050
. .
32,516
44,355
105, 935
95,727
104, 744
111, 644
116,633
109,389
116,788
„
2
2
3
3
3
3
3
3
3
3
3
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks' comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 4 million dollars) that became a member
bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust
companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not
available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve
classifications" of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million
at
all
insured commercial banks.
2
Includes "other" assets and liabilities, not shown separately.
For other footnotes see following two pages.
FEBRUARY
1955
159
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Central reserve city
member banks:
New York City:
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
July 28P
Aug. 25P
Sept. 29P
Oct. 27P
Nov. 24P
Dec. 29?
Total
Loans
U.S.
Government
obligations
Other
securities
9,339
12,896
26,143
20,393
20,612
21,379
22,130
20,452
22,058
22,681
22,727
22,966
22,949
23,877
23,933
24,160
3,296
4,072
7,334
7,179
9,729
11,146
12,376
11,883
12,289
11,619
11.574
11,380
11.504
11,741
11,897
12,278
4,772
7,265
17,574
11,972
8,993
8,129
7,678
6,639
7,765
8.695
8.789
9,233
8.976
9,687
9,632
9,386
1,272
1.559
1,235
1,242
1,890
2,104
2,076
1,930
2,004
2,367
2,364
2,353
2.469
2,449
2,404
2,496
2,105
2,760
5,931
5,088
5,569
5,731
6,240
5,627
6.204
5,975
5.980
6,124
189
6,287
6,422
6,492
569
954
1,333
1,801
2,083
2,468
2,748
2,552
2,776
2,589
2,521
2,477
2.497
2,454
2,580
2,780
.203
430
4 213
2,890
2,911
2.711
2,912
2,529
2.856
2.825
2.896
3,077
3.110
3.259
3,250
3,110
Reserve city member
banks:
1939—Dec. 3 0 . . . .
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3 1 . . . .
1950—Dec. 30. . . .
1951—Dec. 31 . . .
1952—Dec. 31
1953—June 30
Dec. 31
1954—June 30
July 2 8 P
Aug. 2 5 P
Sept. 29P
Oct. 2 7 P
Nov. 2 4 P
Dec. 2 9 P
12,272
15,347
40,108
36,040
40,685
42,694
45,583
44,352
46,755
47,056
47,400
48,586
48,779
49,933
50,612
51,079
5,329
7,105
8,514
13,449
17,906
19,651
21,697
22,150
22,763
22,453
22,405
22,268
22,605
22,745
23,580
24,110
Country member
banks:
1939—Dec. 3 0 . . .
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. . .
July 28P
Aug. 25P
Sept. 29P
Oct. 27P
Nov. 24P
Dec. 29P
10,224
12,518
35,002
36,324
40,558
42,444
45,594
45,359
47,404
47,474
47,808
48,325
48,934
49.876
50,581
50,539
4,768
5,890
5,596
10,199
14,988
16,296
18,213
19,028
19,934
20,537
20.614
20,328
20,558
20,722
21,194
21,444
Chicago:
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. . .
July 2 8 P . .
Aug. 25*
Sept. 29P
Oct. 27P
Nov. 24P
Dec. 29P
Cash
assets1
Total
assets—
Total
liabilities
and
capital
accounts2
Deposits
Other
Total i
Interbank^
Demand
Time
Total
Number
capital
of
accounts banks
6,703
6,637
6,439
7,261
7,922
8,564
8,419
7,879
8,074
7,524
6,611
6,654
7,296
6,984
7,349
7,786
16,413
19,862
32,887
27,982
28,954
30,464
31,053
28.814
30,684
30,771
29,949
30,220
30,830
31,463
31.932
32,667
14,507
17,932
30,121
25,216
25,646
26,859
27,309
25,244
27,037
27,225
26,117
26,151
26,938
27.406
27,666
28,233
4,238
4,207
4,657
4,464
4,638
4,832
4,965
4,578
5,214
5,517
5,379
5,241
5.338
5.410
5,404
5,643
9,533
12,917
24,227
19,307
19,287
20,348
20,504
18,736
19,673
19,492
18,379
18,558
19,269
19,622
19,924
20,219
736
807
1,236
1,445
1,722
1,679
1,840
1,930
2,150
2,216
2,359
2,352
2,331
2,374
2,338
2,371
1,592
1,648
2,120
2,259
2,351
2,425
2,505
2,544
2,572
2,630
2,642
2,646
2,644
2,657
2,811
2,805
36
36
37
37
23
22
22
22
22
22
22
22
22
21
21
21
333
376
385
397
576
552
581
546
572
561
563
570
582
574
592
602
1,446
1,566
1,489
1,739
2,034
2,196
2,010
2,058
2.115
2,036
1.936
1,902
1,835
1 ,951
1,866
2,034
3.595
4.363
7,459
6,866
7,649
7,972
8,297
7,729
8,366
8064
7,971
8,077
8,070
8,290
8,341
8,570
3,330
4,057
7,046
6,402
7,109
7,402
7,686
7,119
7,724
7,419
7,270
7,395
7.343
7.619
7,651
7,742
,035
,312
,217
,229
.307
.350
,216
,387
,339
,281
.339
,310
.352
,306
,279
1,947
2,546
5,015
4,273
4,778
4,952
5,132
4,696
5.095
4,813
4.733
4.802
4,775
4,993
5,079
5,179
495
476
719
913
1,103
1,143
1,205
1,207
1.242
1.267
1,256
1,254
1,258
1.274
1,266
1,284
250
288
377
426
490
513
541
551
566
583
583
587
590
590
592
597
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
5,194
6,467
29,552
20,196
19,084
19,194
19,624
17,756
19,559
19,813
20,136
21,398
21,187
22,128
21,986
21,924
1,749
1,776
2,042
2,396
3.695
3,849
4,262
4,446
4,434
4,791
4,859
4,920
4,987
5,060
5,046
5,045
6,785
8,518
11,286
13,066
13,998
15,199
15,544
14,447
15,925
14,656
13,818
13,354
13,566
14,175
14,485
14,678
19,687
24,430
51,898
49,659
55,369
58,654
61,941
59,587
63,547
62,624
62,129
62,858
63,276
65.086
66,063
66,759
17,741
22,313
49,085
46.467
51,437
54,466
57,357
54,861
58,663
57,665
56,838
57,523
57.835
59.544
60,391
60,889
3,686
4,460
6,448
5,649
6.448
6,976
7,001
6,066
7,254
6,636
6,366
6.614
6,772
6,852
6,807
6,939
9,439
13.047
32,877
29,395
33.342
35,218
37,095
35,052
37,277
36,073
35,483
35,822
35,885
37,361
38,338
38,514
4,616
4,806
9,760
11,423
11,647
12,272
13,261
13,743
14,132
14,957
14,989
15,087
15,178
15,331
15,246
15,436
1,828
1.967
2,566
2,844
3,322
3,521
3,745
3,874
3,984
4,124
4,127
4,168
4,205
4,247
4,281
4,321
346
351
359
353
336
321
319
321
319
310
309
307
306
303
303
301
3,159
4,377
26,999
22,857
21,377
21,587
22,549
21,394
22,423
21,779
22,011
22,768
23,100
23,832
24,001
23,731
2,297
2,250
2,408
3,268
4,193
4,561
4,832
4,936
5,047
5,158
5,183
5,229
5,276
5,322
5,386
5,364
4,848
6,402
10,632
10,778
11,571
13,292
13.281
12,083
13,268
12,506
12,149
11,909
12,099
12,497
12,505
12,530
15.666
19,466
46,059
47,553
52,689
56,349
59,535
58,129
61,385
60,745
60,699
60,981
61,788
63,152
63,841
63,827
13,762
17,415
43,418
44,443
48,897
52,288
55,175
53,606
56,740
55,943
55,750
56,110
56,848
57,968
58,712
58,717
598
822
1,223
1,073
1,133
1,309
1,301
1,073
1,315
1,241
1,178
1,243
1,272
1,310
1,337
1,367
7,312
10,335
29,700
28,810
32,899
35,449
37,289
35,295
37,735
36.242
36,021
36,180
36,801
37,788
38,681
38,634
5,852
6.258
12.494
14,560
14,865
15,530
16,585
17,237
17,690
18.460
18,551
18,687
18,775
18,870
18,694
18,716
1,851
1,982
2,525
2,934
3,532
3,760
3,970
4,101
4,194
4,372
4,372
4,393
4,429
4,541
4,566
4,557
5,966
6,219
6,476
6,519
6,501
6,484
6,444
6.409
6,389
6,376
6,372
6,371
6,366
6,364
6,350
6,327
3
Beginning with Dec. 31, 1947. the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
For other footnotes see preceding and opposite pages.
160
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
Total
Loans
U.S.
Government
obligations
Other
securities
Total
assets—
Total
Cash
assets* labilities
and
capital
accounts2
49,290
121,809
114,274
130,820
139,770
143,796
144,451
21,259
25,765
37,583
57,256
63,632
67,082
66,805
21,046
88,912
67,941
60,533
62.308
62.381
62,461
6,984
7,131
8,750
13,031
13,831
14,333
15,185
25,788
34,292
36,926
44,176
44,222
44,398
41,164
National member
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
27,571
69,312
65,280
75,255
80,180
81,913
82,482
11,725
13,925
21,428
32,317
36,004
37.831
37,672
12,039
51,250
38,674
35,063
35,835
35,482
35,759
3,806
4,137
5,178
7,875
8,341
8.600
9,051
14,977
20,114
22,024
25,951
26,333
26,479
24,636
State member
1941—Dec.
1945—Dec.
1947—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—June
banks:
31
31
31
31
31
31
30
15,950
37,871
32,566
36,992
39,367
40,509
40,704
6,295
8,850
11,200
17,243
19,030
19,931
19,525
7,500
27,089
19,240
16,558
16,928
17,121
17,353
2,155
1,933
2,125
3,191
3,409
3,457
3,826
8,145
9,731
10,822
13,301
12,922
12.903
12,086
24,688
48,084
43,379
50,977
52,996
54,179
53,593
Insured nonmeniber
commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—Tune 30
5,776
14,639
16,444
18,591
20,242
21,396
21,288
3,241
2,992
4,958
7,701
8,605
9,328
9,615
1,509
10,584
10,039
8,923
9,556
9,790
9,362
1,025
1,063
1,448
1,967
2,081
2,278
2,310
2,668
4,448
4,083
4,926
4,970
5,020
4,444
1,457
2,211
2,009
1,789
1,854
1,891
1,932
455
318
474
490
531
511
532
761
1,693
1,280
991
1,010
1,045
1,047
241
200
255
308
312
335
354
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
7,233
16,849
18,454
20,380
22,096
23,287
23,220
3,696
3,310
5,432
8,192
9,136
9,838
10,147
2,270
12,277
11,318
9,914
10,567
10,835
10,409
Insured mutual savings
banks:
1911—Dec. 31
1945—Dec. 31
1947—Dec. 31
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
1,693
10,846
12,683
16,190
17.621
19,252
20,121
642
3,081
3,560
7,523
8,691
10,016
10,804
8,687
5.361
5;957
6,069
6,382
6,558
6,838
4,259
1,198
1,384
2,339
2,658
2,910
3,086
Noninsured nonmember. commercial
banks:
1941—Dec. 31
1945— Dec. 31
1947—Dec. 31»
1951—Dec. 31
1952 —Dec. 31
1953—Dec. 31 . . . .
1954—June 30
Noninsured m u t u a l
savings banks:
194i—Dec. 31
1945—Dec. 31
1947—Dec. 313
1951—Dec. 31
10*?—Dec. 31
1953 -Dec. 31
1954—June 30
Deposits
Total
capital
accounts
Other
Total 1
Interbank i
Demand
Time
844
671
734
902
563
239
714
13,426
13,297
13,398
13,439
13,422
13.412
13,380
640
644
409
653
042
7 391
7 686
5,117
5,017
5,005
4,939
4,909
4,856
4,835
69,411
147,775
41,851
162,908
170,971
74,697
172,048
10,654
13,883
12,670
14,777
14,990
15,548
15,044
43,059
04,015
94,300
10,382
15,371
.15,538
11,408
15.699
29,876
34,882
37,749
40,610
43.610
45,596
6
8
9
11
12
13
13
,433 39,458
,220 84,939
,182
82,023
,462 94,173
,830 98,974
,804 100,654
99,362
,611
6,786
9,229
8,410
9,788
9,918
10.152
9,750
24,350
59,486
54,335
63,477
66,362
66,34.1
64,153
8,322
16,224
19,278
20,908
22,694
24,160
25,459
3
4
5
6
7
22,259
44,730
40,505
46,843
48,553
40 5!0
48,890
3,739
4,411
3,993
4,637
4,699
5.019
4,983
14,495
32,334
27,449
32,491
33,658
33,437
32,467
4,025
7,986
9,062
9,715
10,196
11,054
11,441
2
2
3
3
3
3
4
8,708
19,256
20,691
23,732
25,451
26,679
26,012
7,702
18,119
19,340
21,912
23,464
24,555
23,819
129
244
266
353
373
378
312
4,213
12,196
12,515
14,415
15,351
15,758
14,789
3,360
5,680
6,558
7,144
7,740
8.419
8,718
763
514
576
469
444
430
405
2,283
2,768
2,643
2,313
2,348
2,372
2,394
1,872
2,452
2,251
1,932
1,960
2,005
2,020
329
181
363
308
329
407
453
1,291
1,905
1,411
1,235
1,229
1 212
1,179
1,266
1.262
1,703
2,275
2,393
2,613
2,664
3,431
4,962
4,659
5,395
5S414
5 450
4,849
10,992
22,024
23,334
26.046
27,799
29,051
28,406
9,573
20,571
21,591
23,843
25,424
26 560
25,838
157
425
629
661
702
784
764
5,504
54,101
13,926
15,650
16,580
• 6.970
15,968
629
7,160
8,165
6,921
6,593
6,476
6,309
421
606
958
1,746
2,337
2,760
3,008
151
429
675
695
732
799
807
1,958
11.4.24
13,499
17,129
18,612
20,334
21,237
i, 789
10,363
12.207
15,368
16,785
18,383
19,195
1,789
10.351
12,192
15,343
16 75*
18.345
19,145
3,075
3,522
3,813
2,897
2,829
2,707
2,708
1,353
641
760
833
895
941
1,044
642
180
211
191
137
184
180
9,846
5,596
6,215
6,310
6,622
6,796
7,078
8,744
5,022
5,556
5,547
5,836
6,015
6,246
8,738
5 020
5,553
5,544
5,833
6.013
6,243
76,820
157,544
152,733
177,151
186,255
190,638
188,191
246
945
055
565
719
925
023
1,502
1,867
1,918
1,901
1,889
1,887
1 ,886
959
083
271
686
804
925
2 ,007
6,810
6,416
6.478
6,602
6,627
6,672
6,062
253
365
478
388
402
386
388
329
279
325
314
326
320
325
852
714
783
650
624
569
557
3.613
6.045
7.036
7,533
8,142
S 806
9,106
I .288
1, 362
1.596
1.999
2 ,129
2 ,24S
2 , 332
7.662
7,130
7,261
7,252
7,251
7,241
7,219
164
034
252
1 578
t 730
1 ,819
1 ,868
52
192
194
202
206
219
219
077
496
350
339
327
323
309
309
i
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-1 V n the same publication.
in series prior to June 30, 1947, see BULLETIN for July 1947f pp. 870-871.
FEBRUARY 1955
Number
of
banks
55.8
637
729
749
740
758
For revisions
161
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
f[n millions of dollars]
Loans l
Loans for
Compurchasing
meror
carrying
Total
cial,
Other
securities
loans
AgriReal
and
chidto
culinvest- Total i ing
esin- Other
To
ments
tate
loans Total
open tiirdial brok- To loans vidmarers
uals
ket
and othpadeal- ers
per
ers
Class of bank
and
call date
All commercial
banks: 2
1947—Dec. 3 1 .
1952—Dec. 31.
1953—Dec. 31.
1954—June 30.
Investments
U . S. Government obligations
Total
Obligations
Direct
of
States Other
and secuGuar- politCertifian- ical rities
cates
i in- Notes Bonds teed subBills of
debtdivied sions
ness
..
..
..
..
116,284
141,624
145,687
146,383
38,057
64,163
67,593
67,337
18,167
27,871
27,204
26,120
1,660 830 1,220 9,393
3,919 2,060 1,103 15,712
4,965 2,361 1,202 16,694
5,143 2,462 1,256 17,227
5,723
12,684
14,461
14,462
1,063
1,718
1,666
1,657
78,226
77,461
78,094
79,047
69,221
63,318
63,426
63,508
2,193
7,761
5,004
4,704
All insured c o m mercial b a n k s :
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec, 31 . . .
1954—June 30. . .
49,290
121,809
114,274
139,770
143,796
144,451
21,259
25,765
37,583
63,632
67,082
66,805
9,214
9,461
18,012
27,739
27,082
25,976
1 ,450 614
1,314 3,164
1,610 823
3,805 2,050
4,867 2,344
5,057 2,439
4,,j
2,361
5,654
12,603
14,373
14,370
45
28,031
96,043
76,691
76,138
76,714
77,646
21,046
88,912
67,941
62,308
62,381
62,461
2,455
2,124
7,622
4,895
4,575
Member b a n k s ,
total:
1941 Dec 31
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—Tune 30. . .
Oct.
7...
43 521
107,'183
97,846
119,547
122,422
123,185
129,519
18,021
22,775
32,628
55,034
57,762
57,197
57,233
8,671
8,949
16,962
26,232
25,519
24,36?
24,357
1,046
2,416
3,263
3,402
2,391
25,500
84]408
65,218
64,514
2,321 1,060 13,020 11,911 1,518 64,660
2,411 1,106 13,440 11,840 1,513 (55,988
2,451 1,168 13,913 11,915 1,926 72,286
19,539
78,338
57,914
52,763
52,603
53,1 H
58,757
2,275
1,987
6,565
4,095
3,915
4,531
New York City:*
1941—Dec. 3 1 . . .
1945 Dec 31
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 31
1954—Tune 30. . .
Oct. 7 . . .
12,896
26,143
20,'393
22,130
22,058
22,681
23,794
4,072
7 334
7,179
12,376
12,289
11,619
11,633
31. . .
31
31...
30. ..
7...
2,760
5 931
5*,088
6 240
6',204
5,975
6,343
1,333
1,801
2,748
2,776
2,589
2,473
1,418
2,080
1,912
1,835
1,833
6
2
3
14
158
134
6
48
211
73
239
286
242
238
74
73
22
36
46
67
70
81
80
Reserve city banks:
1941—Dec. 3\ . . .
1945—Dec. 31 . . .
1947—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Dec. 31 . . .
1954—Tune 30. . ,
Oct. 7 . . .
15,347
40,108
36,040
45,583
46.755
47,056
49,676
7,105
8,514
13,449
21,697
22,763
22,453
22,531
3,456
3,661
7,088
10,842
10,568
10,010
10,128
300
205
225
501
774
953
497
194
114
427 1,503
170
484
218
422
308
456
326
468
346
523
1,527
1,459
3,147
5,099
5,453
5,639
5,860
1,969
4,347
4,942
4,797
4,825
Country banks:
1941—Dec. 31. . .
1945—Dec. 31 . . .
1947—Dec. 31 . . .
1952—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 30. . .
O~t.
7...
12 518
35,002
36,324
45,594
47,404
47,474
49,706
5,890 1 676 659
5,596 1,484 648
!0,199 3,096 818
18,213 4,630 1,901
19,934 4,822 2,204
20,537 5,071 2,170
20,596 5,092 1,885
Chicago:*
1941—Dec. 3 1 . . .
1945
D e c \J-' .3.I • a •
X J' T*LJ
A ~f\^\^»
1947—Dec.
105? Dec
1953—Dec.
1954—Tune
Oct.
954
All nonmernber
banks: 2
1947—Dec. 3 1 . . . 18,454 5,432
1952—Dec. 3 1 . . . 22.096 9,136
1953—Dec. 3 1 . . . 23,287 9,838
1954—June 30. . . 23,220 10,147
662
3,606
1,190
1,082
1,181
1,228
1,181
1,028
1,683
1,629
1,623
972
598 3 494
3 ( 92
594
855 3,133 3,378 3! 455 1,900 1,104
811 1,065 7,130 4,662
952
2,032 966 12,214 10,396 1,577
8
169
2,807
412
3,044
2,453 1 172
'545 *267
5*361
8,680
1,531 286
8,218 " " 1261,667 320
7.447 144 1 ,778 364
364
2 1,792
7,304
732
760
4. 773
4,677
9,266
15,572
16,566
17,101
1,205 614
1,639 1,503
1,685 1,702
1,758 1,741
52
233
87
66
75
123
80
111
386
383
390
418
988
971
7,789
5,580
10,237
5,572
6.034
11,878
12,439
12,376
53,191
38,077
35,713
40,818
19,071
7,552
5,494
10,076
5,505
3,159
16,045
5,918
11,714
12,283
12,223
12,797 4,102 3,651 3,333
51,321
22 3,873 3,258
14 5,129 3,621
52,334
22 9,977 3,854
37,456
33 10,587 3,746
35,093
38 11,682 3,502
40,121
16,985
5,816
4,255
8,287
4,417
3.74C
3 007 11,729 3 832 3 090 2,871
14,271 44,792
16 3*. 254 2,815
10 4,199 3,105
4,815 45,286
19 8,409 3,342
9,835 32,087
31 8,871 3,185
10,300 29,890
36 9,890 2,987
10,374 34,369
13 10,490 3,639
13,012 37,460
5: 4
8,823 7,265
311
477 3,433
287
298 18', 809 17,574
564
640
330 13*214 11,972 1 002
1,136 539 9 [754 7,678 1,079
233
924 1,104
1,294 475 9,769 7,765
711
1,220 466 11,062 8,695 1,014
552
844
730 12,161 9,643
1,216
c6
51
40
149
26
211
120
234
96
206
74
211
88
1,806
4,598
3^287
3 493
3^428
3,386
3,870
1,430
4 213
2,890
2,912
2,856
2,825
3,302
1 , ' 12
855
404
366
595
611
629
726
8,243
31,594
22,591
23,886
23,993
24,603
27,145
6,467
29,552
20,196
19,624
19,559
19,813
22,042
153
749
248
607
684
721
864
295
751
1,034
6\982
2,358
2,387 1,774
1,230 3,357
1,241 1 ,590
1,381 1,474
5,653
1,901
3,854
4,201
4,183
5,122
373
20
42
23
43
59
66
75
183
471
227
191
210
200
208
1,823
1,881
3,827
6,662
7,114
7,331
7,555
1,979
4,702
5,441
5,618
5,662
363
229
322
336
345
383
6 628
29i407
26,125
27,381
27,470
26,937
29,110
4 377
26,999
22,857
22,549
22,423
21,779
23,770
20
29
40
51
156
137
142
150
2,266
3,505
3,681
3,795
1,061
2,288
2,551
2,622
111
141
148
144
13,021
12,960
13,449
13,073
11,318 206
10,567 1,196
10,835 909
790
10,409
1 « 30
707
1 467
110
630
480
2,692
1,819
1,548
2,062
5,276 3.729
10,188 3,955
10,821 3,847
11,930 3,608
1,623 3,652 1,679 729
1
3,325 10,337
606
558 9,771
638
1,170 5,195
1 1,453
1 1,365
1,130 4,605
6 1,851
1,454 5,510
5 2,016
2,179 6,064
235
224
450
261
223
256
133
132
407
123
113
244
14
22
34
38
119
182
181
213
384
400
387
378
193
204
185
197
172
174
191
4,248 1,173 956 820
916
5 1,126
15,878
3 1,342 1,053
15,560
14 2,934 1.328
11,594
25 3,196 1,238
10,746
26 3,585 1,206
12,773
6 3,875 1,228
14,060
2 926
16,713
17,681
13,625
12,940
14,355
15,366
861
9
6
4
5
4
3
1,222
1,342
2,006
3,639
3,911
4,067
4,221
1 028
1,067
1,262
1,194
1,136
1,090
1,119
1,973 1,219 7,916
1,325 2,043 6,000
1,951 2,139 5,834
1,155 2,002 6,460
4
3
2
2
1,078
1,781
1,951
2,042
625
613
662
621
5,102
2,583
2,024
3,374
1,855
1,492
481
903
1,864
2,274
1,674
1,598
1,731
1,970
830
629
604
623
639
516
501
4,544
2,108
4,204
4,285
4,017
4,847
* These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 4
million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve
System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications 1 of cities and individual banks, and by mergers, etc.
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite paget
162
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
-Continued
RESERVES AND IJ A I?! LIT IKS
[In. millions of dollars]
Time deposits
Demand deposits
ReBalDeserves
mand
with
Cash ances
with
deFederal in
doposits
Revault mestic
adserve
banks 4 justed 5
Banks
Class of bank
and
call date
Interbank
deposits
ForDomestic4 eign
All commerical
banks: 2
1947—Dec. 31. . 17,796 2,216 10,216
1952—Dec. 31. . 19,809 2,753 11,875
19,995 2,512 12,103
1953—Dec. 31.
1954—June 30. . IS,924 2,660 11,033
87,123
101,506
102.452
98,117
11.362
13.109
13,444
12,470
1.430
1.465
1.344
1 ,328
Al! insured commercial b a n k s :
1941—Dec. 31. .
1945—Dec. 31, .
1947—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
12,396
15,810
17,796
19,809
19,995
18,924
1,358
1,829
2,145
2,720
2.482
2,627
8,570
11,075
9,736
11,489
11,724
10,688
37,845
74.722
85.751
100,329
101,289
96,983
9.823
12,566
11,236
12.948
13.221
12,252
Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 31. .
1947—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—Tune 30. .
Oct. 7 . .
12,396
15,811
17,797
19,810
19,997
18.925
18,908
1,087
1,438
1,672
2,081
1,870
2.001
1,930
6,246
7.117
6,270
7,378
7,554
7.062
6,896
33.754
64,184
73,528
85,543
86,127
82.783
85,341
9,714
12,333
10,978
12,594
12.858
11.956
12,280
CertiIndified viduals,
U. S. States
and partnerand
GovshipvS, Interpolitical offiernsubdicers' and cor- bank
ment visions checks, porations
etc.
1,343
4,941
4,146
5,591
6.799
3,910
9,54ft
9,925
2,581
2.956
2 .996
2 ,789
84 987
99,793
100,062
94.282
673 1 ,761
1,248 23,740
1,379 1,325
1 ,437 4.912
1,296 4,116
1,287 5,562
3 677
5,008
6 <>9i
8 776
9 407
9,776
1.077
2,585
2.559
2.938
2»78
2 ,765
36 544
72.593
83 .723
98.746
99.038
93,306
671 1.709
1.243 22,179
1.375 1,176
1.433 4.567
1,291 3.756
1 .280 5,165
1,352 6,546
3 066
4.240
5 .504
7 029
7 530
7 83<)
7,058
1 .009
2 450
2,401
2,744
2.783
? 5R1
2.435
33,061
62,950
72,704
85,680
85,711
81.034
82,775
11,282
15,712
17.646
17.919
17.509
16 601
240
744
1,167
1,699
158
70
54
605
1.031
1,506
140
64
50
592
1,021
1 .497
1,560
L\ S.
Government
and
Postal
Savings
111
346
338
331
States
and
political
subdivisions
IndiCapividuals, Bortal
partner- row- acships, ing's counts
and corporations
866 34,383
1.620 39,046
1.944 4! ,714
2,319 43,334
65
188
62
55
10.059
12,888
13,559
14,038
59
103
111
346
338
331
15,146
29,277
33.946
1,564 38,700
1,891 41,381
2,264 43,001
10
215
61
181
54
50
6.844
8.671
9 734
12,563
13,239
13,714
50
99
105
321
308
300
324
11.878
23,712
27,542
1 ,303 31.266
1,595 33,3\)
4
208
54
165
43
38
409
5,886
7,589
8,464
10,761
11 .316
11 709
12,012
778
1,206 ' ' 195
1,418
30
1.752
132
1,958
23
2.014
1
147
2,090
1,648
2,120
2,259
2.505
2,572
2,630
2,654
492
496
826
418
399
693
1 01? 34.687
2,017 35,370
New York City:*
1941—J3ec#
1945—Dec.
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
Oct.
3i . .
31. .
31. .
31. .
31..
30
7.' .'
5,105
4,015
4,639
5,059
4,846
4.614
4,636
93
111
151
148
129
131
154
141
78
70
84
70
60
39
10,761
15,065
16,653
16.288
15,901
15 430
15,693
3,595
3,535
3,236
3,346
3,363
Chicago:*
1941—]) ec#
1945—Dec.
1947—Dec.
1952—Dec.
1953—Dec.
1954—June
3i
31
31. .
31. .
31. .
30. .
1,021
Oct.
7. .
43
36
30
32
34
30
26
298
200
175
169
166
154
119
2.215
3,153
3,737
4,126
4,211
3.844
3,933
1,027
1,292
1,196
1,308
1,339
1.287
1,276
2,590
2.174
2,125
2,419
2,463
2.352
2,048
11,117
22,372
25,714
30,609
30,986
29,940
30,812
4,302
6,307
5,497
6,662
6,869
6,220
6,616
1,250
1,140
1,230
1,152
3,216
4,665
3,900
4.706
4,855
4.496
4,690
9,661
23,595
27,424
34,519
35,029
33,569
34,903
790
1,199
1,049
1,278
1,288
1.211
1,311
544
672
642
658
3,947
4,498
4,550
3,972
13,595
15,964
16,325
15,334
385
516
586
514
942
1,070
1,144
1,287
1,290
1,136
Reserve city banks:
1941—Dec. 31. .
1945—Dec. 31. .
1947—Dec. 31. .
1952—Dec. 3 1 . .
1953—Dec. 31. .
1954—Tune 3 0 . .
Oct. 7. .
4,060
6,326
7,095
7,788
8,084
7,553
7,724
425
494
562
651
568
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1952—Dec. 31. .
1953—Dec. 3 1 . .
1954—Tune 30. .
Oct. 7..
2,210
4,527
4,993
5,820
5,780
5.468
5.411
526
796
929
All nonmember
banks: 2
1947—Dec 31
1952—Dec. 31
1953—Dec 31
1954—June 30
fill
598
607
1,105
1,217
1,154
1,021
?> '?37 1 033
3,076 1,083
866
6,940
267
1.143
778
1 378
1 994
319
237
290
322
315
404
450
1 338
1,105
1 120
1 071
1 100
333
1,098
8
20
21
37
39
34
41
127
1,552
72
343
259
410
465
233
237
285
242
272
34
66
63
56
64
74
58
54
491
110 8,221
131
405
230 1,814
219 1,504
202 2.015
216 2,453
6
17
12
465
831
1 ,246
16.240 1,276
53
29
20
14
29
139
54
216
2
4
3
4
4
9
11
10
10
10
243
160
332
739
830
10
12
59
51
1 si
2 152
3 160
3,853
4,491
4,500
4 032
4,074
9
13
24
1.144
1.763
2,282
2,693
2.880
2.877
2,392
286 11,127
611 22,281
705 26,003
791 31,798
828 32,065
677 30,503
625 31,217
104
30
22
109
166
214
239
20
38
45
105
98
07
002
103
977
4,542
9.563
11,045
12,417
13,203
13,867
14,186
2
225
8 5,465
7
432
11 1,267
12 1,216
11 1 ,362
11 1,635
1,370
2.004
2,647
3.772
4,063
4,26!
4,068
239
435
528
777
820
720
654
8,500
21,797
25,203
31,473
31,636
29.898
31,244
30
17
17
13
15
19
20
31
52
45
152
153
148
162
146
219
337
525
615
759
815
6,082
12,224
14,177
15,908
16,921
17,553
17,850
55
34
52
48
1,295
1,881
2,016
2,085
180
212
213
209
12,284
14,113
14,351
13,248
190
152
146
202
6
25
30
30
172
317
350
407
6,858
7,800
8.426
8,669
167
374
390
426
207
265
5
476
710
902
1.190
1,229
1 .253
1,245
15
288
377
426
541
566
583
592
1,967
2 2.566
1 2,844
8 3,745
3,984
11 4 . 1 2 4
204 4,226
4
11
23
25
20
26
43
1.982
2; 525
2,934
3,970
4,194
4,372
4,540
12 1,596
23 2,129
19 2,245
17 2,332
3
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
3
Central reserve city banks.
4
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
FEBRUARY 1955
163
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
and
merloans investcial,
and
ments
indusLoans
investtrial,
adadments justed 1 usted 1 and
agricultural
U. S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
seobob- curiliga- curities
ties
tions
Real
estate Other
Total
loans loans
CerOther Loans
tifisecuto
cates
rities banks
of in- Notes Bondsdebtedness
Bills
TotalLeading Cities
2,434
1,079
6,483 7,957 33,001 2,740 5,089 6,503 18,669 7,516
7,038 7,970 37,456 2,611 2,348 8,615 23,8821 8.572
7,128 8,134 37 ,028 2,491 2,547 8,377 23,613] 8,610
7,225 8,205 36,532 2,378 2,681 8,158 23,315 8,645
3...
10. ..
17...
24...
85,721
84,930
86,331
86,523
84,932
84,424
85,745
85,892
38,844 21,104
38,588 21,133
?9,503 22,107
39,947 22,132
2,466
2,165
2,022
2,333
991
1,001
1,014
1,032
6,997
7,026
7,051
7,077
7,949
7,925
7,971
8,035
37,358
37,377
37,677
37,411
2,500
2,539
2,80?
2,605
2,369
2,362
2,359
2,300
8,688
8,626
8,586
8,560
23,801
23.850
23,930
23,946
8.730
8,459
8,565
8,534
789
506
586
631
Dec. 1 . . .
Dec. 8 . . .
Dec. 15. . .
Dec. 2 2 . . .
Dec. 29. . .
86,553
86,376
87,200
87,448
87,249
85,783
85,583
86,470
86,564
86,534
40,114
40,181
40,690
40,751
41,008
22,214
22.255
22,359
22,423
22,486
2,367
2,390
2.679
2,567
2,688
1,037
1,034
1,049
1 ,077
1,113
7,083
7,088
7,136
7,156
7,176
8,075
8,078
8,125
8,187
8,205
37,106
36.752
37,174
37,205
36,902
2,378
2,225
2,615
2,693
2,543
2,240
2,150
2,763
2,816
2,768
8,552
8,488
8,357
8,286
8,200
23,936
23,889
23, 439
23,410
23 ,391
8,563
8,650
8,606
8,608
8,624
770
793
730
884
715
1955—Tan. 5 . . .
Jan. 1 2 . . .
Jan. 19. ..
Jan. 2 6 . . .
86,656
86,290
86,152
86,495
85,824
85,481
85,449
85,729
40,636
40,451
40,309
40,377
22,334
22,237
22,163
22,074
2,541
2,419
2,324
2,449
1,101
1,082
1,080
1,055
7,182
7,217
7,238
7,263
8,181
8,200
8,208
8,240
36,573
36,513
36,602
36,441
2,279
2,301
2,497
2,434
2,729
2,714
2,644
2,638
8,210 23,355 8,615
8,179 23,319 8,517
8,166 23 , 2958,538
8,076 23,293 8,911
832
809
703
766
1954—January... 21,678 21,288 11,674
November. 23,685 23,286' 11,336
December.. 24,081 23,623 11,788
8,209
7,405
7,563
257 1 .069
392 1,264
479 1,371
258
375
387
381 1,646 7,569
447 1,632 9.525
458 1,707 9,382
889
842
840
982 1,120 4, 578 2 045
492 2,127 6,064 2 ,425
497 2,002 6,043 2,453
390
399
458
1955—January. . . 23,630 23,172 11,629
7,404
332 1,488
387
491 1,724 9,050
689
535 1,884 5,942 2,493
458
441
445
448
452
1,61?
1 ,604
1,640
1,672
0,483
9,483
9,599
9,536
747
80?
930
889
512
496
508
453
2,206
2,129
2,096
2,076
6,018
6,056
6,065
6,118
2,523
2,379
2,402
2,397
475
337
407
379
1954—January... 80,275 79,735 !9,218 22,744
November. 85,876 85,248 9 ,220 21,619
"
December.. 86,965 86,187 40,549
22,347
1,812
2,246
2,538
859
1,009
1,062
1955—January... 86,398
85,620 40,443 22,202
1954—Nov.
Nov.
Nov.
Nov.
540
628
778
778
New York City
1954—Nov.
Nov.
Nov.
Nov.
3 . . 23,813
.
10. .. 23,306
17. .. 23,727
24. . .
23,89"
23,338
22,969
23,320
23,518
11,332
11,107
11,319
11,585
300
260
527
7,53?
536
338
276
420
1,254
1,269
1,227
1,305
363
372
381
386
24,022
23,828
24,290
24,134
24,134
23,559
23,417
23,869
23,587
23,686
11,688
11,667
11,924
11,758
11,904
7,575
7,567
7,558
7,547
7,568
422
588
420
508
1 ,302
1,337
1,413
.398
,407
389
376
386
395
391
451
448
461
465
467
1,697
1,699
1 ,700
1,714
1,724
9,474
9,297
9,479
9,369
9,294
821
761
890
874
853
447
409
558
541
531
2,090
2,026
2,006
1,968
1,921
6,116 2,397
6,101 2,453
6.025 2,466
5,986 2 ,460
5,989 2 ,488
463
411
421
547
448
23,800
23,512
23,446
23,761
23,340
23,064
23,020
23,263
11,727
11,636
11,549
11,603
7,454
7,422
7,381
7,358
,447
338 ,464
286 ,479
280 ,561
390
390
382
388
469
48<)
497
508
1,726
1,732
1,724
1,712
9,136
8,97
8,994
9,094
709
620
679
747
588
554
495
503
1,891
1,878
1,885
1,883
5,948
5,925
5,935
5,961
2,477
2,451
2,477
2,566
460
448
426
498
1955
Outside
New York City
1954—January... 58,597 58,447 27,544 14,535
November. 62,191 61,962 27,884 14,214
December.. 62,884 62,564 28,761 14,784
486
590
688
552
620
659
6,102 6,311 25,432
6,591 6,338 27,931
6,670 6,427 27,646
1,851 4,107 5,383 14,091 5,471
1,769 1,856 6.488 17,8186 ,147
1,651 2,050 6,375 17,570 6 ,157
150
229
320
1955—January.
62,768 62,448 28,814
14,798
614
676
6,734 6,483 27,482
1,689 2,146 6,274 17,373 6,152
320
1954- Nov. 3.
Nov. 10.
Nov. 17.
Nov. 24.
61,908
61,624
62 ,604
62,626
61,594
61,455
62,425
62,374
27,512
27,481
28,184
28,362
13,804
13,873
1.4,580
14,600
676
558
519
608
609
617
620
635
6,556
6,581
6,603
6,625
6,337
6,321
6,331
6,363
27,875
27,894
28,078
27,875
1,753 1,857 6,482 17,783 6,207
, 866 6,497 17,794 6,080
1,737
,851 6.490 17,865 6,163
1,872
1 ,716 ,847 6,484 17,828 6,13"
314
169
179
252
1.
8.
15.
22.
29.
62,531
62,548
62,910
63,314
63,115
62,224
62,166
62,601
62,977
62,848
28,426
28,514
28,766
28,993
29,104
14,639
14,688
14,801
14,876
I4.y18
609
631
678
749
773
637
647
651
669
688
6,632
6,640
6,675
6,691
6,709
6,378
6,379
6,425
6,473
6,481
27.632
27,455
27,695
27,836
27,608
,793 6,462 17,820
1.557
,741 6,462 17,788
1,464
1,725 2,205 6,351 17,414
1,819 2,275 6,318 17,424
1,690 2,237 6,279 17,402
6 ,166
6 ,197
6 ,140
6 , 148
6,136
307
382
309
337
267
1955—Jan. 5.
Jan. 12.
Jan. 19.
Jan. 26.
62.856
62,778
62,706
62,734
62,484
62,417
62,429
62,466
28,909
28,815
28,760
28.774
14,880
14,815
14,782
14,716
668
617
559
608
683
678
684
657
6,713
6,728
6,741
6,755
6,455
6,468
6,484
6,528
1,570
27,43
27,536 1,681
27,608 1,818
27,347 1,687
17,407 6,138
17,394 6 , 066
1.7,360 6,061
17,3.1
,332 6 ,345
372
361
277
268
Dec.
Dec.
Dec.
Dec.
Dec.
2,141
2,160
2,149
2,135
6,319
6,301
6.281
6,193
1
3
Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For other footnotes see opposite page.
164
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES A N D LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral
doposits
vault mestic
Read- 2
serve
banks j listed
Banks
Individuals,
partnerships,
and
corporations
In millions of dollars]
Interbank
deposits
Time depsits,
except interbank
States Certiand
fied
IT. vS.
polit- a n d
Govical
offiernsubcers' ment
divi- checks,
sions
etc.
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
U. S.
Government
and
Postal
Savings
Borrowings
Demand
Time
Domestic
Foreign
CapFrom
ita]
Fedaceral From counts
Reothers
serve
Banks
TotalLeading Cities
991 2,781 55,880 57,112 3,932 1,826 1,956 17,564
1954—January . . 14,796
949
965 2,719 55.745 57,405 3,790 2,087 4,222 1.8,633 1,198
November 14,014
December. 14,107 1,052 2,706 57,478 59,275 3,876 2,289 3,387 18,674 1,182
190 11,437 1,258 1,025
203 11,602 1,315 1 ,460
206 11 ,556 1,404 1,448
1955—January.. 13,978
980
1954—Nov. 3 . . 13,877
Nov. 10. . 14,186
Nov. 1 7 . . 14,056
Nov. 24. . 13,935
951
55,472 57,256
984
55,573 56,926
55,682 57.879
964
960 2.542 56,254 57,557
Dec. 1 . . 13,891
Dec. 8. . 13,980
Dec. 15. . 14,355
Dec. 22. . 14,167
Dec. 29. . 14,141
1955—Jan. 5 . .
Tan. 1 2 . .
Jan. 1 9 . .
Jan. 26. .
14,329
13,946
13,869
13,766
2,642 56,41.4 57,876
2,569 56,583 57,648
2,830 57, <;
,036
2,794 58,025 59,697
2,693 58,445 60,117
958 2,69! 57,857 59.012
1,031 2,627 57,981 60,113
964 2,630 58,368 59,884
968 2,504 58,716 59,383
7,591
8,136
8,156
.,792 18,856 1,141
211 11,482
3,865
3.698
3,796
3,803
2,104
1 ,964
1 ,939
2,342
.,793
3,833
4,741
4,522
18,699
18,679
18,578
18,578
1,220
1,215
1,179
1,1 76
203
203
203
203
11,516
11,657
12,119
11,116
1,324
1,293
1,30
1,334
,461
.463
.461
,456
983
387
474
689
3,956
3,754
3,816
3,917
3,939
2,426
1 .849
2,793
2,249
2,129
4,223
3,706
3,226
3,184
2,597
18,555
18.621
18,655
18,732
18,806
1,183
1,180
1,195
1 ,198
1,154
203
203
209
209
209
11,303
11,426
11,953
11,737
11,359
1 ,354
1,380
1,393
1,425
1,470
,456
,458
,443
,440
,444
766
109
128
78
373
652
596
746
632
8,162
8,152
8.146
8,144
8,174
197
355
136
263
713
669
563
563
8,1 76
8,154
8,138
8,172
58,230 59,598 4,032 2,077
967
1,059
1,065
1,084
1,084
1,386 1,464
531
633
816
3,958 2,021 2,242 1.8,845 1,158
3,841 1,793 1,502 18,865 1,157
3,981 1,806 1,477 18,857 1 ,122
4,348 2,689 1,948 18,856 1,126
1,420 1,440
1,403 1,464
210 11,502 1,372 1,473
211 10,695 1,347 1,481
213 12,012
210 11,717
8,160
238
8,131
8,132
8,137
8,142
New York City
1954—January..
November
December
4,876
4,491
4,498
153
163
181
1955—January..
15,923 16,972
15.805 16,837
16,415 17,630
525 1,846
284
951
356 1,130 1,393 2,021
967 2,060
310 1,304
202
297
389
191
3,167 1,084 1,174
253
252
222
222
3.139
3.172
3,343
3,103
1 .070
1,043
1 ,052
1,070
1 ,192
1 ,194
1,192
1 ,196
538
154
113
381
1,405 1,279 2,019
917 1,096 2,037
898 2,069
1,752
862 2,097
1,269
698 2,078
1,175
220
215
222
240
204
3,126
3,106
3,368
3,208
3,249
1,080
1,114
1,132
1,157
1 ,184
1,198
1 .199
1,185
1 ,1 69
1,173
316
2,076
2,074
2,080
2,085
199
208
177
18!
3,289
3,186
3,211
2,983
1,122
1,108
1.066
1 ,038
1
1
1
1
810
961
962
136 8,220
149 8,413
152 8,345
258
256
271
154
16,517 17,532
359 1,124
155
173
156
167
15,801
15,690
15,751
15,978
16,930
16,595
16,876
16,946
449 1 ,217 1,375
331 1,051 1,357
881 1,463
345
299 1,370 1,378
Dec. 1 . . 4,354
Dec. 8. . 4,490
Dec. 15. . 4,553
Dec. 22 . . 4,513
Dec. 29. . 4,581
162
193
188
189
175
16,184
16,118
16,624
16,470
16,681
17,310
16,964
18,256
17,531
18,090
312
277
336
299
328
155
163
146
151
36 16,483
16,320
16,466
16,799
17,456
17,467
17.586
17,620
303
979
289
884
319
860
525 1,770
4,556
4,515
4,367
4,259
3,217 1 ,000 837
3,189 1 ,059 1,104
3,211 1,133 1,185
2,026
2,028
2,005
2,025
4,424
1954—Nov. 3 . . 4,560
Nov. 10. . 4.550
Nov. 1 7 . . 4,395
Nov. 24. . 4,458
-Tan. 5 . .
1955—Jan.
Jan. 1 2 . .
Jan. 1 9 . .
Jan. 26. .
139
237
220
471 2,079
620
403
372
491
,1 70
,1 70
,1 76
,179
39
2,546
2,776
2,770
355 2,780
2,776
2,777
2,779
2,774
2,780
2,768
2,764
444 2,766
438 2,770
419
331
155
427
420
281
294
2.779
2,779
2,780
2,782
Outside
New York City
1954—January.. 9,920
November 9,523
December. 9,609
838 2,736 39,957 40,140 3,648
802 2,673 39,940 40 ,568 3,434
871. 2,652 41 ,063 41 , 645 3,566
875 1,431 1.5,718
957 2,829 16,612
985 2,420 16,614
953 1,321 16,777
1955—January..
9,554
826 2,570 41,713 42,066 3,673
1954—Nov. 3 . .
Nov. 10. .
Nov. 1 7 . .
Nov. 24. .
9,317
9,636
9,661
9,477
796
81.1
808
793
2,576
2,695
2,927
2,498
Dec. 1 . .
Dec. 8. .
Dec. 1 5 . .
Dec. 22. .
Dec. 29. .
9,537
9,490
9,802
9,654
9,560
805
866
877
895
909
2,564 40,230 40,566
2,528 40,465 40 ,684
2.782 41
42,780
2.742 41,555 42 ,166
2,642 41,764 42,027
1955—Jan. 5 . . 9,773
Jan. 12. . 9,431
Jan. 19. . 9,502
Jan. 2 6 . . 9,507
803
868
818
817
2,655
2,585
2,581
2,459
39,671 40,326
39,883 40.331
39,931 41,003
40,276 40 ,611
41,374 41 .556
41,661 42,646
41,902 42,298
41,91.7 41,763
1S8
266
263
329
336
427
5,045
5,360
5,386
950
157 8,315
302
290
16.673
1.6,651
16,573
16,553
967
963
957
954
8,377
149 8,485
149 8,776
149 8,013
254
250
255
264
269
269
269
260
445
233
361
308
3,644 1,021 2,944 16,536
3,477
932 2,610 16,584
3,480 1,041 2.328 16,586
3,618
980 2.322 16,635
3,611
954 1,899 16,728
963
965
973
958
950
8,177
8,320
155 8,585
155 8,529
155 8,110
274
266
261
268
258
259
258
27!
27.1
450
109
128
78
373
233
265
302
194
5,382
5,384
5,382
5,378
5,404
3,655 1 ,042 1,622
3,552
909 1,099
3,662
946 1,105
3,823
919 1 ,457
959
949
945
945
159
156
155
157
270
294
297
302
1
200
13f
263
286
249
282
269
5,397
5,375
5,358
5,390
2,41.8
3,416
3,367
913 2,476
3,451 1,058 3,278
3,504
972 3,144
1.6.769
16.701
16.777
16.77.1
8,723
8,531
8,291
295
30
7,712
309
5,380
199
5.355
5.355
5.358
5,368
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
NOTE.—Monthly averages and Wednesday figures for total leading cities for full year 1954 are shown on pp. 212-213 of this BULLETIN.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures
July 1946-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.
FEBRUARY 1955
165
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing anc
Period
2
Food,
liquor,
and
tobacco
mining
Metals
and
Petrometal
Textiles, oroducts leum,
coal,
apparel, * (incl.
Other
and
machin- chemical,
and
leather
ery and rubber
trans.
equip.)
Trade
(wholesale
and
retail)
Sales
finance
companies
Commodity
dealers
Public
utilities
(incl.
transportation)
Construction
All
other
types
of
business
Comm'I.
ind'l,
and
Net
agr'l.
changes change—
classitotal 3
fied
1951—April-June. .
July-Dec.. . .
-243
932
116
-361
275
873
48
125
60
141
62
16
-421
722
63
30
175
351
44
-93
8
37
186
18
2,769
2,372
1952—Jan.-June. . ..
July-Dec...
-868
754
-73
-40
1.111
176
250
76
36
-105
141
-634
662
-217
544
-2
-57
18
13
-28
191
-546
2,494
-637
2.435
1953— Jan.-June. . .
July-Dec.. . .
-657
537
156
-107
420
-45
138
90
-49
215
-7
-644
392
-91
-137
12
91
18
-23
-11
101
-536
-805
-326
610
795
1954—Tan.-Tune. .
July-Dec
-505
498
-10
88
-1
-62
-41
120
-363
539
-175
32
126
106
167
- 1 496
-225
71
82
-1,314
-26
-577
-548
665
602
130
111
-44
-30
-49
-24
-14
49
-18
-17
30
-68
131
78
63
228
13
46
24
14
50
4
316
390
"1,089
— 119
28
7
— 10
— 116
-82
5
4
—80
-371
-412
—1
48
60
24
o
-9
-13
-15
-38
—5
5
-10
14
-36
3
5
-18
-7
25
10
1
39
25
58
8
29
-21
48
8
23
16
7
-33
7
7
13
-3
13
-24
34
27
52
25
225
14
61
29
974
25
51
34
50
17
-41
-28
2
—3
3
-4
-10
—31
25
3
-10
7
-4
41
4
4
22
7
45
o
74
29
88
-1
8
3
—5
-3
-2
9
7
—25
-25
-34
-22
39
— 14
8
9
91
45
96
55
104
82
41
104
64
63
-70
-8
-17
-24
-1
11
5
14
3
1
15
-13
9
-17
5
3
-7
4
-2
-6
-56
-12
-28
-19
-23
-43
-9
-7
43
-44
11
-4
-144
-100
-152
Monthly:
1954—November...
December...
1955—Janua.iv.
Week ending:
1954—Nov. 3
Nov. 10
Nov. 17
Nov. 24
Dec. .1 . . . .
Dec
8
Dec 15
Dec. 22
Dec. 29
1955—Jan.
Tan.
Jan.
Tan,
5
12....
19....
26....
i
-2
-9
-20
19
68
14
-8
-4
-1
14
-1
4
1
"7
9
-31
30
-37
4
-27
-20
-32
-95
354
-97
-74
-89
-1.8
"Corrected.
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks,
Figures for other than weekly periods are based on weekly changes during period.
3
Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of
revisions in the weekly reporting series see BULLETIN for April 1953. p. 357.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of this BULLETIN.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
fin millions of dollars!
Dollar acceptances outstanding
Commercial and finance
paper outstanding 1
End of month
Based on
Held by
Total
Placed
outPlaced direct- standTotal through2
ing
ly
dealers (finance3
paper)
Accepting banks
Total
Own
bills
Bills
bought
F . R.
Banks
(for
acct.
of
for.
corr.)
Oth-
Goods stored in or
ImExshipped between
ports Dollar
ports
ponits in
from
into
exUnited United change
United Foreign
States States
States countries
674
1948—December
837
1949—December....
920
1950—December... .
1,331
1951—December
1,745
1952—December
1,966
1953—December
277
270
345
449
552
564
397
567
575
882
1,193
1,402
259
272
394
490
492
574
146
128
192
197
183
172
71
58
114
119
126
117
76
70
78
79
57
55
3
11
21
21
20
24
109
133
180
272
289
378
164
184
245
235
232
274
57
49
87
133
125
154
2
23
39
29
25
30
28
55
64
75
44
32
43
1954—January
February....
March
April
May
June
July
August
September.. .
October
November. . .
December....
635
716
735
694
641
679
747
794
803
762
769
733
1,520
1,592
1,556
1,521
1 ,527
1,471
1,461
1 ,434
1,389
1 ,286
1 ,263
1 ,191
586
545
580
623
616
589
589
563
609
687
768
873
195
185
198
228
227
220
205
198
2s9
271
313
289
144
149
149
165
171
164
164
155
178
217
51
36
50
63
56
56
41
43
81
55
71
86
17
10
13
17
14
14
9
5
6
14
19
19
373
350
369
379
374
355
376
360
344
402
437
565
266
238
247
270
277
246
225
205
207
207
248
285
157
151
139
142
143
143
136
134
139
148
164
182
45
44
47
38
36
60
92
75
85
72
42
17
73
71
107
127
115
96
91
101
130
205
247
300
46
41
39
46
45
43
46
47
48
55
66
89
2 ,155
2,308
2,291
2,215
2,168
2 ,150
2.208
2,228
2.192
2,048
2.032
1,924
'=241
203
1
12
9
"Corrected.
*New series; not comparable with earlier data.
reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
2
As
3
166
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAYINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Total
assets
Date
Business securities
Mortgages
Real
estate
Policy
loans
Other
assets
536
5,669
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
2.134
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,247
1,445
1,631
1,903
2,020
3,248
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,954
2,030
2.156
1,840
1,693
1,839
1 704
1,738
1,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
25,975
29,226
2,067
2,178
1,617
1,868
2,575
2,699
2,879
3,135
34,096
34,395
31,781
32,056
2.315
2,339
19,291
21,245
23,017
23,275
2,000
1,994
2,873
2,894
3,201
3,321
34,639
34,816
35,053
35,216
35,371
35,683
35,943
36,094
36,326
36,579
36,663
32,266
32,430
32,635
32,759
32,871
33 150
33,369
33,494
33,717
33,979
34,040
2,373
2,386
2,418
2,457
2,500
2 533
2,574
2,600
2,609
2 ,600
2,623
23,435
23,570
23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
2,039
2,053
2,066
2,086
2,102
2,129
2.147
2,177
2,205
2,241
2,260
2,905
2,923
2.956
2,978
3.000
3,023
3,045
3,066
3,049
3,061
3,075
3,378
3,391
3,389
3,405
3,448
3,468
3,581
3,636
3,653
3,696
3,774
Total
United State and Foreign 2
States
local 1
Total
Bonds 3
Stocks
29,243
30,802
32,731
34,931
37,766
41,054
44,797
48,191
51,743
55.512
59,630
64,020
68,278
73.375
78,533
7,697
8,359
9.478
11,851
14,994
18,752
22,545
23,575
22,003
19.085
17,31.3
16,066
13,667
12,774
12,405
5,373
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829
2,253
2,387
2,286
2,045
1,773
1,429
1,047
936
945
1,199
1,393
1,547
1,736
1,767
1,990
8,465
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570
7,929
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573
E n d of m o n t h : 5
3951 — D e c e m b e r
1952—December
67,983
73,034
13,579
12,683
10,958
10,195
1,702
i , 733
28,042
31,404
1953—November
December
77,552
78,201
12.365
12,322
9,830
9,767
1,945
1,968
78,866
., 79,251
79,649
80,114
80,547
May
80,981
June
. ,.
81 ,510
Tulv
81,965
Aut^'ift
82,362
September
October
82,850
November
83,338
12,470
12,498
12,4-16
12,424
12,452
12,294
12,222
12,197
12,094
12,013
11,992
9,779
9,781
9,661
9,635
9,539
9,343
9,189
9,171
9,086
9,024
8,936
2,105
2,122
2,170
2,208
2,326
2 363
2,456
2,471
2,485
2,509
2,575
End of year: 4
i939
1940
1941
1942
. ...
1943
1944
3 04 5
19^6
104 7
194 8
1949
1950
19SI
1952
1953
. .
1954—January
February
March
71
115
396
511
684
792
915
1,010
1,037
1.140
1,130
1,060
922
755
586
919
755
590
587
586
595
585
581
587
588
577
555
523
480
481
'Includes United States and foreign.
2
Centra] government only.
3
Includes International Bank for Reconstruction and
4
These represent annual statement asset values, with
5
Development.
bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source,—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars1,
Assets
End of
year
1939
2 940
1941
1942
1943
1944
1945
1946
1947
1948
J 949
1950
1951
1952
1953
Total 1
Mortgages2
U. S.
Government
obligations
5,597
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,638
3,806
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
73
71
107
318
853
1,671
>,420
2.009
1,740
1.455
1,462
L,489
1,606
,791
,923
Assets
Cash
274
307
344
410
465
413
450
536
560
663
880
951
1 ,082
1,306
1.500
Others
1,124
940
775
612
493
391
356
381
416
501
566
692
866
1 ,072
1,258
Savings
capital
4,118
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10.964
12,471
13.978
16,073
19,143
22,778
Savings
capital
Total 1
Mortgages2
U. S.
Government
obligations
Cash
Others
1951—4
19,164
15,520
[,606
1,082
866
16,073
1952—1
2
3
4
19,688
20,599
21,295
22,585
16,057
16,875
17,696
18,336
1,690
1,687
1,765
1,791
1,080
1,182
1,044
1,306
774
770
708
1,072
16,811
17,656
18,198
19,143
1953—1 . . . .
2....
3....
4....
1954— 1 P . . .
23,442
24,724
25,582
26,638
19,051
20,099
21,116
21,882
1,926
,997
,982
,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
27,667
22,722
23,847
25,053
1 ,961
,928
1,613
1 ,782
1,671
1,330
1,442
1,400
23,901
25,3 63
25,895
End of
quarter
2 P . . . 29,105
3 P . . . 30,168
,972
P 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.
FEBRUARY
1955
167
GOVERNMENT CORPORATIONS AND CREDTT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department, [n millions of dollars]
End of year
End of quarter
Asset or liability, and agency
1953
1945
Loans, by purpose a n d agency:
To aid agriculture, total
Banks for cooperatives
Federal intermediate
credit banks
Federal land banks 2
Federal Farm Mortgage Corporation.
Farmers Home Administration 3
Rural Electrification Administration.
Commodity Credit Corporation
Other agencies
1946
1947
1948
1949
1950
1951
1954
1952
2,878 2,884 2,299 3,632 4,362 3.884 4,161 5.070 5,512 6.811 7 370 6.389
197
232
276
425
336
305
302
345
424
377
309
354
231
273
336
781
437
510
633
590
774
426
673
658
986
1,088
149
109
242
34
20
80
60
45
25
18
17
16
590
604
558
658
525
535
539
596
648
523
739
754
528
407
734
999 1,301 1,543 1,742 1,920 2.062 2.096 2 130 2,164
120
99
280 1,293 1,729
898
782 1,426 1,651 3,076 3,468 2,368
6
9
7
6
5
7
6
5
5
4
9
896
556
4
486
•1
768 1,251 1,528 2,142 2,603 2.986 2.930 2.858 2,814
199
828 1,347 1,850 2,242 2,540 2,462 2,366 2.301
369
231
10
177
168
110
137
115
108
106
104
123
275
300
326
348
24
246
22
35
169
61
60
62
61
7
852
12
659
6
636
10
25
6
65
To railroads, total
Reconstruction Finance Corporation 5 .
Other agencies
223
205
18
171
153
18
147
145
3
140
138
3
114
112
3
110
108
2
101
99
2
82
80
2
79
77
2
79
77
2
79
77
2
12
10
2
To other industry, total
Reconstruction Finance Corporation 5 T .
Other agencies
232
149
83
192
151
41
272
310
272
38
462
423
38
458
400
58
488
415
74
516
457
536
473
63
509
8294
8214
270
223
415
191
224
To financing institutions, total
Reconstruction Finance Corporation 5 .
Federal home loan banks
Other agencies
267
60
195
12
314
14
293
7
447
7
525
6
515
4
445
8
433
4
824
8
816
814
8
806
802
(•)
801
P52
630
864
952
630
Foreign, total
,
Export-Import Bank
5 7
Reconstruction Finance Corporation
.
U. S. Treasury Department 10
Foreign Operations Administration
526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,010
252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,758
274
235
154
52
246
101
64
58
206
800 3,450 3,750 3,750 3,750 3,750 3,667 3,666
"1,515 1,533
8 043
2,833
52
3,620
1,537
7,987
2,783
45
3,620
1,539
7,965
2,762
42
3,618
1,544
All other purposes, total
5 r
Reconstruction Finance Corporation
.
Public Housing Administration 12
Other agencies
707
309
286
112
623
232
278
113
714
«340
278
96
584
190
294
100
763
57
535
641
29
428
471
32
245
438
478
395
368
To aid home owners, total
Federal National Mortgage Assn 2
Home Owners' Loan Corporation.
Reconstruction Finance Corporation 4 5 .
Veterans Administration
Other agencies 4
Less: Reserve for
losses.
U. S Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks 2
Federal home loan banks
Federal Savings and Loan Insurance
Corp..
Home Owners' Loan Corporation 2
Federal Housing Administration
Reconstruction Finance Corporation 5 7 . . . .
Federal Deposit Insurance Corporation....
Other agencies
31
58
436
4
Commodities, supplies, and materials, total
7
Land, structures, and equipment,
total
Public Housing Administration12
,
Reconstruction Finance Corporation5 7
Tennessee Valley Authority 2
U. S. Maritime Commission
,
War Shipping Administration2
Federal. Maritime
Board and Maritime Adm. 2 .
13
Other agencies
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
Federal intermediate credit banks
Federal land banks 2
Federal home loan banks
864
531
59
779 1,095
50
61
919
609
830
57
612
678
(»)
675
3
88
297
366
99
105
109
126
160
171
184
195
476
185
173
140
252
203
181
255
12,733 13,228 14,422 17,826 18,502 19,883 19,877 18,489
1,683 1.873 1,685 1,854 2,047 2 075 2,226 2.421 2.586 2.602 2,960 2,911
43
43
48
43
43
43
43
43
43
43
43
52
43
48
51
47
74
46
62
44
63
50
. 60
50
67
72
70
42
43
39
45
66
45
43
43
42
145
136
397
118
145
139
249
274
275
311
387
199
672
706
161
172
200
184
199
214
193
208
211
217
222
228
15
VI
12
12
8
106
244
122
144
28.>
316
132
188
318
319
310
257
49
48
I
()
80 1,045 1,020 1,064
1,307 1,353 1,437 1,509 1,526 1,593 1,609
1
28
1
1
1
38
I
29
9
1
1
318 3,385
3,385
3.385
46
24
154
108
35
11
133
98
29
107
83
22
2
2,288 1,265
1,034
463
1,131
667
134
122
822
448
235
138
627
437
157
32
institutions.
Other securities, total^
Reconstruction Finance Corporation 5 .
Production credit corporations
Other agencies
Commodity Credit Corporation
Reconstruction Finance Corporation 5
Other agencies
241
5,290 6,649 9,714 11,692
Total loans receivable (net).
Investments:
Investment in international
\
325
244
55
26
230
159
6
3 385 3385
88
71
16
1
3,385
78
66
11
1
3,385 3,385
44
38
5
1
1,549 1,774 1,461 1,280 2,259
1,376 1,638 1,174
978 1,884
108
134
142
129
17?
28
131
241
30
159
16,924 12,600 3,060 2,962 2,945 3,358 3,213 7,911
227
204 1,448 1,352 1,248 1,251 1.1 73 1,030
611
605
2.861
181
1<)9
35
630
594
830
886 1,048 1,251 1,405
727
754
793
3.301 3,305
7,764 6,507
P4,802
590
493
168
206
465
189
1,948 2,044 1,793
21,017
222
6,91<>
721
3.395
7,813
1,11
8
245
79:
69
1,252
33
293
756
169
689
69
358
965
70
480
78
490
262
415
204
77:
525
349
3,385
8,062 8,035 8,077
1 ,018 958
823
175
161
169
1,475 1,549 1,630
4.834 4.849 4,829
561
511
634
1,190 1,369 1,330 1,243 1,182
110
170
181
119
150
520
674
704
776
619
560
3,385
40
40
54
35
50
35
4
5
1
1
1
2,514 2,696 3,369
2,086 2,20: 2,802
156
91
168
272
476
32
414
949
133
626
971
120
736
190
115
For footnotes see following page.
168
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
Cash
InvestComments
modiLoans ties,
resupceiv- plies, U. S.
able
and
Other
mate- Govt.
rials
30,409
30,966
21,718
23,733
24,635
26.744
29,945
1,398
1,481
630
441
642
931
944
6,649
9,714
11,692
12,733
13,228
14,422
17,826
37.141
38,937
39.313
39,602
1,096 18,502
1,190 19 .883
1 ,139 19.877
1,232 18,489
386
844
46
1.7
306
774
Date, and corporation or agency
Total
All agencies:
1946—Dec. 3 1 2. . .
1947—Dec. 31 2 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . . .
1950—Dec. 3 1 . . .
1951—Dec. 3 1 22 . .
1952—Dec. 3 1 . .
1953—Sept.
Dec.
1954—Mar.
June
302
31
31
30
Classification by agency,
June 30, 1954
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration
Federal Crop Insurance Corp
Mousing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. .
Other. . :
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 5 14
Others
'.
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
2,80'
1,618
1,93
5,381
484
463
8,036
1,562
870
547
3,539
3,518
3,492
3,473
3,463
3,429
16,924 1,753
12,600 1,125
3,060
337
2,962
509
2,945
499
3,358
882
3,213
832
2,259 2.586 3.429 7,911 1,357
2,514 2,602 3,425 8,062 1,261
2,696 2,969 3,425 8,035 1 ,173
3,369 2,911 3,439 8,077 2,085
261
82
38
28
23
43
53
1,252
3,588 24,810
689 2,037 28,015
965
772
1,190
1,369
1,330
1,663
1,720
1,193
1,161
1,728
18,886
21,030
21,995
23,842
26,456
63 1,243
75 1,182
949
75
971
81
2,075
3,818
4,920
4,033
32 ,899
120
736
33,335
33,429
34,030
238
101
46
42
498
143
166
183
234
329
378
424
434
470
486
26
17
40
1
71
135
1
130
00
98
128
28
5
2,281
2,334 3,031
4
691
9
23
4
5
824
-8
9
226
28 1,235
233
227
672
675
228
251
43
823
1
257
118
10J
2,301
97
2,323
13.
285
605
1,873
1,685
1,854
2,047
2,075
2,226
2,421
2,161
2,272 2,802
649
2,282
5,366
695
32
1.392
235
1.263
541
1,265
822
627
1,549
1,774
1,461
1,280
Bonds, notes,
u. s. Priand debenGov- vately
tures payable
Land,
ern- owned
strucOther
ment
interOther
tures,
est
liabil- interasand
Fully
est
ities
equipguaranteed Other
by
U. S.
2
197
1
347
49
)
2.77 =
266
153
44
86
1,609
()
349
3,651
1 ,544
278
52
:
630
829
423
3,385
38'
2,314
134
29
12
284
581
3
93 2,713
122 1,497
67 1,866
176 5,205
1
472
45
8,036
1.539
27
355
4
1 ,000
5'
80
14
4
96
460
24
51
819
1
P Preliminary.
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.f 2after reserve for losses.
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after
June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report
to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of
the Federal Maritime Board and Maritime Administration beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, 4and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration.
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included
with "Other agencies" in 1945 and 1946.
5
RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230),
the RFC
started liquidation of its activities except those which existing law or this law permitted to be transferred elsewhere.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,7 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant
Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective
July 81, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures,
and equipment."
9
Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Dept.
Less than $500,000.
10
Figures represent, largely the Treasury loan to United Kingdom and through 1.952 are based in part on information not shown in Treasury
compilation.
11
Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance
sheet 12for June 30, 19S2; figure not published in treasury compilation, but derived by Federal Reserve.
Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury
Statement with "other agencies" through 1947—were not transferred to the PHA until 1948.
13
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 12.
14
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small
ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the
adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures
see Banking and Monetary Statistics, Table 152, p. 517.
FEBRUARY 1955
169
SECURITY MARKETS 1
Stock prices
Bond prices
Common
U. S. Govt.
(long-term)
Year, month,
or week
NTuniber of issues
Old
series 2
New
series 3
3-7
1
CorMupoPrenicipal rate
(high- (high- ferred*
grade)* grade) 4
Total
Industrial
Railroad
Volume
of
trad-6
ing
(in
Manufacturing
Trade,
thouPubfinsands
Trans- lic ance, Min- of
Non- porta- utiland
ing shares)
To- Dudution
raity servratal
ble
ice
ble
Securities and Exchange Commission series
(index, 1939=100)
Standard and Poor's series
(index, 1935-39=100)
Pub- Tolic
util- tal
ity
480
420
20
40
265
170
98
72
21
29
31
14
129.3
119.7
125.8
115 8
11? 1
117.2
169.7
164 0
174.5
188
189
227
204
204
250
169
118
122
136
195
193
230
220
220
271
189
193
245
249
>45
295
221
219
233
118
122
136
206
207
236
276
241
267
1,313
1,419
2,270
106 16
107 04
109 11
109 65
109.39
109 74
111.07
111 50
110 68
110 59
109.88
109 91
123 6
125.4
125.6
123.9
123.6
123.9
126.9
128.4
127 2
126.9
127.4
126 6
114 6
116 5
117 9
118 1
117.5
117.0
117.5
117.8
117 6
117.5
117.4
117 0
168 7
171 .7
173 3
174.3
173.8
172.9
173.3
174.7
175 8
178 1
1 78.9
178 3
195
200
205
213
220
222
231
236
239
244
252
265
212
217
223
233
242
244
255
261
264
271
282
297
173
176
184
187
182
187
197
218
1955—Jan
97.88 108.43
125.4
116.7
175.7
269
302
Week ending:
Tan.
1
Jan.
8....
Tan. 1 5 . . . .
Fan. 2 2 . . . .
Jan. 2 9 . . . .
98.84
98-. 32
97.96
97.80
97.57
126.2
126.0
125.3
125.3
125.1
116.8
117.0
116.9
116.4
116.4
1.77.7
176.9
176.4
174.8
1 74.9
271
269
271.
266
271
304
302
304
298
304
1952 average
i953 average
1954 average
1954—j an
Feb
Mar
Apr
May
June.
July
Sent
Oct
Nov
Dec
97.27
93 90 mi .46
99.51 109.60
97 42
98 62
99 87
100 36
99.68
99 49
100.36
100.28
99 9?
99 69
99.27
98 97
110.06
109.41
108.42
108.09
108.03
15
15
17
no
180
127
198
228
199
256
206
126
213
239
166
160
165
164
129
131
133
223
224
234
240
253
263
263
204
210
223
233
237
261
268
280
215
212
212
135
135
203
207
216
128
130
132
291
288
221
225
134
134
216
215
220
250
259
266
226
228
270
266
140
142
141
139
141
144
233
237
240
244
254
268
275
280
286
291
305
323
254
257
260
267
284
298
294
301
309
313
324
345
234
237
236
240
259
285
139
141
140
138
141
144
236
243
247
249
260
268
257
263
268
269
278
310
1,669
1,752
1,919
2,089
2,096
1,919
2,469
2,588
1,963
2,103
3,196
3,475
222
145
271
326
307
344
288
145
270
314
3,555
229
222
226
220
223
144
145
145
145
146
274
270
269
270
274
332
326
325
325
330
310
304
305
306
313
352
345
343
342
346
295
291
285
284
293
145
144
145
146
147
271
266
270
269
275
324
312
315
315
315
3,697
4,589
3,474
2.803
3,362
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common
stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2Y2 per cent bonds first callable after 12 years. Of these
the 1967-72 bonds are the longest term issues. Prior
3
to Apr.
1, 1952, only bonds due or first callable after 15 years were included.
The 3M per cent bonds of 1978-83, issued May 1, 1953.
4
Prices
derived
from
average
yields,
as
computed
by
Standard
and
Poor's
Corporation,
on basis of a 4 per cent 20-year bond.
5
Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
dividend.
^Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
(net) > and trading and trading
accounts
accounts
1951—June
December...
1952—June
December...
1953—Tune
December...
1,275
1,292
1,327
1,362
1 ,684
1,694
1954—January....
February. . .
March
April
May
June
July
August
September. .
31,690
31,688
31,716
31,786
31,841
1,857
31,926
31,998
32,081
3
? ni
32,242
a2,429
November. .
December...
10
12
9
8
7
8
10
375
392
427
406
347
404
492
Customers'
credit balances1
Cash on
hand
and in
banks
Money
borrowed2
364
378
365
343
282
297
309
Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
680
695
912
920
1 ,216
1,170
834
816
708
724
653
709
225
259
219
200
163
208
26
42
23
35
23
28
13
11
16
9
16
31
319
314
324
315
319
313
31,108
31,062
31,054
31,094
31,186
1,173
31,169
31,194
31,291
31,364
31,416
31,596
3741
3768
3787
3819
3836
838
3877
3910
»924
3
924
3972
3
1,019
248
23
45
372
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other
of firms' own partners.
!
ind (2)
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503,
170
FEDERAL RESERVE BULLETIN
MONEY MARKET RATES
[Per cent per annum]
Finance
Prime
comcompany
mercial paper
paper, placed
4- to 6- directmonths 1
ly,
3- to 6months 1
Year,
month, or
week
1952 a v e r a g e . . . .
1953 average. . . .
1954 average. . . .
2.33
2.52
1.58
1954-Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
2.11
2.00
2.00
1.76
1.58
1 ,56
1.45
1.33
1.31
1.31
1.31
1.31
1955—Jan
Week ending:
Jan.
1 ...
Jan. 8 . . .
Tan. 1 5 . . .
Jan. 2 2 . . .
Jan. 2 9 . . .
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month2
year
days 1 Market onRate
issues3
new issues
yield
issues
1.75
1.87
1.35
>.16
1.33
: .41
1.72
1.90
.94
1 .766
1.931
.953
I 06
L.78
..58
L. 50
1.38
1.31
1.25
.25
.25
1.25
1.25
1.25
1.88
1.68
1.48
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1 .25
1.25
I .18
.97
1.03
. 96
.76
.64
.72
.92
1.01
.98
.93
1.14
1.214
. 984
1 .053
\ .011
.782
. 650
.710
.892
1.007
.987
.948
1.1.74
1.47
..37
1 .33
1.23
1.31
1.31
1 .39
1.54
1 60
1.25
L.25
.25
.45
.50
1 .25
1.25
1 .30
1.38
1 .38
1 .08
1.09
1 .28
1 .32
1.24
•
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
.81
:.07
.92
33
Annual averages:
19 cities:
1946
1947 .
1948
1949
1950 .
1955
2.13
2.57
1.82
L.02
.90
.76
.76
.65
.64
.89
1.03
.94
1.10
2.04
1.84
1.80
1 71
1.78
1.79
1 .69
1. . 74
1 .80
i . 85
1.90
1.94
1 .257
.36
2.11
1.175
1 .049
1 .222
1 .407
1 .349
.\3
.23
.39
. 42
1 .40
1 .97
2.04
2.13
2.15
2.11
i .01
Size of loan ( thous. of dol.)
19=52
1953 .
1954
June
Sept
Dec
New York City:
1954—Mar
[une
Sept
Dec
7 Northern and Eastern cities:
1954—Mar.
June
Sept
Dec
11. Southern and
Western cities:
1954—Mar
•Data are averages of daily prevailing rates.
includes certificates of indebtedness and selected note and bond issues.
Series includes selected note and bond issues.
NOTE.—Monthly and weekly data for the full year 1954 arc shown on p. 215
Banking
and Monetary
Statistics,
. .
Quarterly:
19 cities:
1954—-Mar... .
2
Series
3
of this BULLETIN.
Back figures.—See
All
loans
Area and period
June
Sept
Dec
$1$10
$10$100
$100$200
4.2
4.2
4.4
4.6
3.1
2 .2
4 0
^ 4
S 0
4.2
4.4
4.3
3.7
3.9
3.9
3.72
3.60
3.56
3.55
4.99
4.97
4.99
4.92
4 37
4.35
4.32
4.29
3.94
3.89
3.82
3.84
3 52
3.37
3.32
3.31
3.50
3.34
^ 29
3.30
4.79
4.75
4 8J
4.66
4.27
4.24
4 21
4.15
3.75
3 71
3 54
3.64
3.37
3.1*
3.13
3.15
3 74
3.61
3 57
3.55
5 06
5. 0<*
5.07
4.99
4 36
4.31
4.34
4.31
3 97
3.83
3.94
3.89
3 57
3.42
3.36
3.33
4.03
3.98
3 .95
3.90
5.05
5.05
5.03
5.01
4.43
4.43
4.39
4.36
4.03
4.05
3.91
3.93
3 76
3 67
3 68
3.60
2.1
2.1
2 5
2.7
2.7
3 1
3.5
S 7
3 6
4 5
4 7
4 .9
5~!o
3.1
3.5
3.7
3.6
2^5
2.8
3.0
3.0
Old
series 2
New
series 3
3 5
3.4
Industrial stocks
f
Corporate (Moody s)«
Municipal
(highgrade) 4
2.4
2.4
2.9
3.3
NOTE.—For description of series see BULLETIN for March
1949, pp. 228-237.
BOND AND STOCK YIELDS *
[Per cent per annum]
]Bonds
U.S. Govt.
(long-term)
1.7
1.8
2 2
Tables 120-121, pp.
448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp.
1251-1253.
Year, month,
or week
$200
and over
By groups
By ratings
Total
Aaa
Aa
A
Dividends/
price ratio
Baa
Industrial
Railroad
PrePublic
utility ferred0
Common 7
Earnings/
price
ratio
Com-8
mon
15
120
30
30
30
30
40
40
40
15
125
125
3 16
2.70
2.19
2 72
2.37
3.19
3 43
3.16
2,96
3.20
2.90
3.04
3 31
3.06
3.23
3 47
3.18
3.52
3 74
3.51
3.00
3.30
3.09
3.36
3 55
3.25
3.20
3 45
3.15
4.13
4 27
4.01
5.55
5.51
4.66
9.49
10.14
2.68
2 60
2 51
2.47
2 52
2 54
2 47
2 48
2.51
2.52
2 55
2.57
2.90
2 85
2 ?3
2 70
2 72
2 70
2 62
2 60
2.64
2 .65
2 68
2.68
2.50
2 39
2 38
2.47
2 49
2 48
2 3)
2 23
2.29
2.32
2 29
2.33
3.34
3 23
3 14
3.12
3 13
3 16
3.15
3 14
3 13
3.13
3 13
3.13
3.06
2.95
2 86
2 85
2 88
2 90
2 89
2 87
2.89
2.87
2 89
2.90
3.22
3.12
3 03
3.00
3 03
3 06
3 04
3 03
3 04
3.04
3 04
3.04
3 35
3.25
3 16
3.15
3 15
3 18
3 17
3 15
3.13
3.14
3 13
3.14
3.71
3 61
3 51
3.47
3 47
3 49
3 50
3 49
3 47
3.46
3 45
3.45
3 23
3.12
3 05
3 04
3 06
3 10
3 10
3 07
3 07
3.06
3 06
3.07
3.47
3.35
3 24
3.19
3 21
3 23
3 23
3 2\
3 22
3.23
3 22
3.23
3.31
3 23
3.14
3 13
3 13
3 15
3 13
3 12
3 13
3.11
3 10
3.10
4.15
4.08
4 04
4 02
4.03
4 05
4.04
4 01
3.98
3.93
3 91
3.93
5.28
5.29
5 .07
4.86
4.81
4 74
4.54
4 66
4.31
4.43
4 29
4.09
1955—January
2.65
2.76
2.39
3.15
2.93
3.15
3.45
3.08
3.25
3.12
3.98
4.10
Week ending:
Tan. 1
Jan. 8
Jan. 15
fan. 22
Jan. 29
2.58
2.62
2.64
2.65
2.67
2.67
2.71
2.76
2.78
2.78
2.35
2.36
2.40
2.40
2.41
3.14
3.14
3.14
3.15
3.16
2.92
2.91
2.92
2 .93
2.94
3.15
3.15
3.15
3.16
3.16
3.44
3.45
3.45
3.46
3.46
3.07
3.07
3.08
3.08
3.09
3.24
3.24
3.24
3.25
3.26
3.11
3.10
3.11
3.12
3.12
3.94
3.96
3.97
4.00
4.00
4.09
4.18
4.16
4.19
4.16
Number of issues...
3-7
2.68
2 93
2.53
1954—January
February....
March
April
May...
June
July
August
September...
October
November
December. . .
1952 average
1953 average
1954 averace
.
1
3.06
3.05
3.05
3.05
3.07
3.07
9.06
8 74
7.29
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for
Wednesday.
Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio).
2
Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to
Apr. 1, 1952, only bonds due or first callable after 15 years were included.
3The
3M Per cent bonds of 1978-83, issued May 1, 1953.
^Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of
bonds included in some of the groups.
6
Standard and Poor's Corporation. 8 Ratio is based on 9 median, yields in a sample of noncallable issues, 12 industrial and 3 public utility.
7
Moody's Investors Service.
Coin|Hited by Federal Reserve from data published by Moody's Investors Service.
Non;.-—Monthly and weekly data for the full year 195-1 arc shown on p. 216 of this 1JI ! LU : :TIX.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp 483-490, and October
947, pp. 1251-1253.
FEBRUARY
1955
171
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS*
[On basis of monthly statements of United States Treasury unless otherwise noted. In millions of dollars]
Summary
Budget receipts and
expenditures
Excess of receipts
or expenditures ( —)
June
July . .
Aug.. .
Sept....
Oct.
Nov
Dec
1955--Jan
General fund of the Treasury
(end of period)
Deposits in
Period
Cal. yr.—1951
1952
1953
1.9541 . . . .
Fiscal yr.—1951 .
1952 .
19531..
1954.. .
Semiannual totals:
1952—Jan.-June
July-Dec..
1953—Jan.-June 1
July-Doc.
1954—Jan.-June.
July-Dec.
Monthly:
1954—Tan
Feb.
Mar
Apr
May
Increase or
decrease (—]
during periocI
Sales a n d
Trust redemptions
Clearand
in m a r k e t
ing
other
of Govt.
acacagency
count
counts obligations
General
fund
balance
Balance
in
general
fund
2,711
7,973
7,777
3,582
2,135
3,883
6,966
5,189
62
1, 770
- 1 , 488
603
1, 839
-388
~2> 299
2 , 096
-255
-64
-248
-250
-53
23
-313
8,286
-1,320
9.097
-3.909
7,490
9
-135
-160
593
-511
146
-97
-222
21
104
-209
425
n.a.
-320
-67
-4,546
811
2 428
-2,215
-276
3.971
-14 5
3 .942
101
-103
-311
Net
receipts
Expenditures
Surplus
or
deficit
52,979
64.840
63.841
61 .171
4 7^568
61.391
64.825
64.655
56,337
70.682
72,997
64.854
44,058
65.408
74,2 74
67,772
-3,358
-5.842
-9,157
-3.683
3,510
-4,017
-9,449
-3,117
759
49
82
807
295
219
460
332
56
-90
25
-73
384
-72
-25
-4
-106
-319
-209
-34
-214
-401
-250
-303
37,947
26.893
37,703
25,757
38.899
22,272
34.496
36,i 86
37,801
34.484
33.288
31,566
3,451
-9,293
-72
121
341
-8.728
5.611
-9.294
-312
-136
46
-71
99
-103
30
5.033
5 444
11,434
2,751
3,592
10,644
2,827
3,911
4.951
2 .639
4,201
3.742
n.a.
5.218
4.707
5,555
5,296
5,203
7,308
4.827
6.731
5.019
-28
-117
-60
-53
123
32
-34
-83
163
-23
33
-26
n.a.
-98
644
164
-185
737
5,879
-2,545
-1,611
3,336
- 2.000
-2.820
-68
4 8=7
3,842
-2.21R
6.288
n.a.
-2.546
n.a.
358
—9
527
253
-375
271
- .19
— M^
387
-283
-288
358
126
n.a.
Gross
direct
public
debt
F . R. Banks
Special
depositaries
Other
net
assets
available
f unds
In process of
collection
4,295
6,064
4,577
5,180
7,357
6,969
4,670
6,766
321
389
346
563
338
333
132
875
146
176
131
111
250
355
210
274
2,693
4,368
3,358
3,461
5,680
5,106
3,071
4,836
1,134
1,132
2 , 674
-904
— 1, 394
-94
2, 190
-I] 587
6,969
6,064
4,670
4.577
6,766
5,180
333
389
132
346
875
563
355
176
210
131
274
111
5,106
4,368
3,071
3,358
4,836
3,461
1,175
1,132
1,256
-533
944
1, 366
567
-1,
700
1, 280
- 2 , 542
1, 233
-3U
518
641
2 124
-451
4,044
4 988
6,355
4,787
5,487
6,766
4.224
5.457
5.145
6,663
7.304
5.180
4,728
404
548
722
579
422
875
727
511
704
736
694
563
360
363
167
462
180
146
274
196
101
170
175
137
111
320
2,406
3 458
4,379
3,273
4,095
4,836
2,538
4,078
3,469
4,936
5,584
3,461
2,907
742
1,045
1,089
1,175
1,256
781
742
781
1,045
871
816
792
756
824
781
764
767
801
816
889
1.045
1,142
Budget expenditures
National security
Period
Cal
vr—jo
=;1
.1952
1.953
1954'
Fiscal vr.—-1951
1.952
19531...
1954
Se m i a nnu al t otals:
1951 -July-Dec. .
1952 —Jan.-June..
Julv-Dec. .
1.953 -Jan.-Tune.
July-Dec i .
1954—fan.-June..
July-Dec. .
Monthlv:
1953-—Dec.
1954 —fan
Keb
Mar
Apr
May
June
July
Aug
Sept
Oct
Xov.
Dec
Internat'l
Interest
on
debt
Social
Veterans
SeAdmin- curity
istraprotion 4
grams
3.524
2,574
2 ,082
1 ,277
3 ,798
2.839
2 .1 84
1 ,566
5.983
6,065
6,357
6.567
5.613
5,859
6.504
6,382
5,088
4.433
4.156
4.206
5,288
4 . 748
4.249
4,176
1 ,463
1,508
1,630
1 ,651
1,415
1 ,424
1,532
1 ,640
711
937
876
926
945
950
987
1 ,372
1 ,467
1 ,107
1,1.13
968
597
680
2,761
3.099
2.966
3,542
2.816
3.567
3.000
2,479
2,269
2,1.64
2,086
2,070
2,106
2,100
187
165
160
181
164
169
110
174
169
160
170
156
.158
118
64
177
50
105
120
81
81
94
152
73
89
192
1 ,294
245
372
588
350
249
1 ,763
213
332
541
346
368
1 ,200
371
340
340
334
375
346
370
333
333
320
341
372
401
Total'
Defense
Dept.,
Military
Mutual
affairs
mili- Atomic and
tary
fi- n
Energy
proance 3
gram
33, {)44
4 7,936
49,363
42.807
21,663
42.867
50,276
46,5.10
29,432
42,078
42.953
36.807
19.148
38,077
43,610
40,336
1
3
3
3
594
052
784
249
948
2 292
3 956
3 629
1 .278
.813
. 889
,937
908
, 648
.791
.895
30,911 19.423
34.496 23.444
36.186 24.491
37.801 25,596
34.484 23.750
33,288 22.760
31,566 20,047
17,425
20,652
21.426
22,134
20.819
.19 ,517
17,290
939
1 353
1 699
2 113
671
t 958
\ 292
4.228
3,648
3.568
3,830
3,691
3,374
4.650
3.061
3.370
3,261
3.300
3.316
3 ,739
3.423
3,185
3,156
3,273
3.137
2.834
3,932
2,493
2,913
2.843
2.908
2,853
3 ,280
553
252
194
321
343
331
516
334
228
210
187
181
152
Total
56 337
70,682
72,997
64.854
44,058
65,408
74.274
67,772
6,437
5,218
4,707
5 .555
5,296
5.203
7.308
4,827
6,731
5.019
4,857
3.842
6,288
Agriculture
Housing
and
Public
home works
finance
Post
office
deficit
Transfers
to
trust Other
accounts
1
1
3.
3,
,010
,564
238
437
635
1 ,219
3 , 134
2 , 841
694
646
-159
-393
460
614
385
-615
1,438
1,573
1 ,685
1 ,526
1,458
1,515
1,660
1 ,519
684
775
525
241
624
740
659
312
507
510
154
115
397
567
461
162
2,901
3,098
3,966
3.419
2,706
3,015
3,231
3,278
718
706
802
791
806
834
819
540
679
885
2 , 178
1 ,237
1 ,604
1, 833
392
222
424
-42
-176
-439
46
858
657
916
740
900
619
907
320
420
355
305
220
92
149
483
84
426
31
118
44
71
1,568
1 ,448
1 ,650
1 ,462
1 ,774
1 ,504
1,915
101
188
126
111
118
122
169
139
118
137
1.71
13.1
123
-92
134
-135
194
468
694
248
270
2 , 039
.144
170
- I , 034
244
-26
12
-104
-54
-195
-14
-85
49
-39
-5
6
96
-61
145
87
90
102
.116
109
1.14
156
137
158
164
142
149
i
-1
42
91
-4.6'
' 148'
2
5
3
5
6
9
5
16
56
2
1
9
1
1
294
496
227
303
259
198
21
468
345
309
279
212
300
r
n.a. N ot available.
*This and related tables on Treasury financial statistics arc revised in this issue of the BULLRTJN to take into account three factors: (1) to
exclude carriers taxes from both net Budget receipts and expenditures, (2) to show the Treasury's current classification of national security, and
(3) to reflect the Treasury's new reporting basis referred to in footnote 1. Data on the new' reporting basis are available by months only from
July 1.953 and by fiscal years beginning with 1953. Figures for earlier periods are based on the old daily statements of the U. S. Treasury. See
p. 143
of this BULLETIN for a more complete explanation of the changes.
]
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling not shown separately.
^Consists of foreign economic: and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
nonmilitary foreign aid programs, and State Department.
•"Excludes transfers to trust accounts, which arc; shown separately.
172
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
Estate
and
Corpo- !
^
ration 1 | U x c &
Excisel
taxes
Unemployment
insurance
taxes
Other
receipts
16,037
20,045
22,605
20.787
13.535
18,521.
21 ,351
2.1 ,635
16,565
22,140
!9.045
19,915
14,388
21,467
21,595
2\ ,523
801
849
923
960
730
833
891
945
8,591
9,566
10,288
9.136
8:693
8,893
9,934
10,014
235
266
269
285
234
259
277
285
2,337
2,639
2.570
2,932
2,263
2,364
2,478
2,882
10,220
9,825
11,34 7
11.078
10,558
10,230
14,318
7,821
13,773
5,375
16,148
3,767
459
390
502
405
540
420
4,519
5,048
4,931
5,-105
4,609
4.527
224
42
234
40
245
40
1 ,251.
1 ,388
1,1.37
1,255
1 ,627
1,305
37,947
26,893
37,703
25,757
38,899
22,272
46
64
87
118
94
73
103
77
64
72
65
61
82
644
703
774
834
763
804
731
713
766
767
785
781
715
2
33
184
6
5
.17
1
4
16
1
4
16
241
397
197
.196
234
215
389
299
166
164
187
272
21.6
4,588
5,033
5,4 44
11,434
2,751
3,592
10,644
2,827
3,911
4,951
2,639
4,201
3,742
Period
Individual
Withheld
Cal. yr.—1951
1952
1953
1954*
Fiscal yr.—1.951
1952
1953*...
195 1
Semiannual totals:
3952—Jan. - J u n e .
July-Doc...
1.953—-Jau.-Juno..
July-Dec*.
1954-—Jan.-June..
July-Dec...
Monthly:
1953—December. .
1954—January. . . ,
February..
March
April
May
June
July
August
September.
October. . .
November.
December.
Other >
,476
,097
. 066
.413
, 108
,601
12
,035
2,578
,422
,077
2,759
1,359
1 ,877
440
396
7,353
615
358
6,956
532
300
1,104
361
290
1,181
Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1951
1952
..
1953....
1.954
Semiannual totals:
1952- Jan.-Jane.
July-Dec..
1953--Tan.-Tune..
July-Dec...
1954—Jan.-June..
July-Dec...
Monthly:
1953—-Dec
1954- -Tan
Feb
Mar
Apr
May
June
July
. Aug
Sept
Oct
Nov
Dec
Other accounts 5
Social security,
retirement, and
insurance accounts
Excise and miscellaneous taxes
Manufacturers'
and retailers'
excise
52,979
64,840
63,
61,171
47,568
61,391
64,825
64,655
Trust and other accounts
I n t e r n a l revenue collections
(on basis of Internal Revenue Service)
Period
58,911
71,788
71 .524
70,217
53,369
67,999
72,649
73,1 73
Total 4
Investments 6
Other*
Receipts
Investments
Expenditures
759
49
82
-'807
295
219
2
460
332
7,906
8.315
8,123
9,191
7,251
8,210
8,529
8,708
3,155
3,504
2,387
1,177
3,360
3,361
3,059
1 ,687
4,507
4.942
5,81.1
7,717
3,752
4.885
5,257
6,8-16
271
329
153
405
196
275
242
367
786
508
310
915
353
530
489
524
988
1,127
1.025
995
1 ,032
n.a.
-72
121
341
-312
644
164
4,242
4,073
4,458
3,660
5 ,048
4,143
2,009
1,495
1,564
823
864
313
2 ,486
2,456
2.80.2
3 ,003
3,843
3,874
223
106
136
37
331
74
404
105
385
— 109
633
282
204
61
267
-126
-9
527
253
584
204
965
768
436
1.212
1,467
389
1,200
414
334
956
850
188
-334
28
-74
25
330
888
-98
281
-82
-148
111
249
521
579
627
689
665
630
651
648
606
682
640
641
657
-19
259
27
44
18
61
-79
7
30
34
6
56
-58
-20
292
244
144
-102
80
-26
32
104
-63
-124
210
124
Total
Liquor
Tobacco
8,682
9,558
9,714
n.a.
8,704
8.971
9,946
9,517
2.460
2,727
2,819
n.a.
2,547
2,549
2,781
2,783
1,446
1,662
1,614
n.a.
1,380
1,565
1,655
1 ,580
2,790
3,054
3,262
n.a.
2,841
2.824
3,359
3,127
1,987
2,115
2,020
n.a.
1.936
2,032
2,152
2,027
4,531
5,027
4,919
4 ,795
4,722
n.a.
1 .245
1,482
\ ,299
1 ,521
1 ,262
n.a.
817
845
810
804
777
n.a.
1,481
1,573
1,786
1,476
1,651
n.a.
587
395
1,316
629
477
1,343
561
713
765
766
786
n.a.
n.a.
216
166
181
224
223
222
246
226
207
250
273
n.a.
n.a.
120
123
111
135
130
130
.147
123
141
137
1.34
n.a.
n.a.
46
45
757
60
50
727
11
38
692
3
42
n.a.
n.a.
Other
211
74
263
157
7328
-276
377
337
n.a.
n.a.
-375
271
-19
-135
387
-283
-288
358
126
n.a. Not available.
l
*See footnote * on preceding page.
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.
3
4
-'Beginning
new reporting basis. See footnote 1. on preceding page.
Less than $500,000.
Excess of receipts, or expenditures (—).
3
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 6, but their operating transactions are included in
Budget
expenditures.
0
Consists of (a) net. investments in public debt securities of Government sponsored corporations and agencies and other trust funds and
(b) beginning November 1950,7 net investments of wholly owned Government corporations and agencies, which prior to that date are included
with Budget expenditures.
Beginning July, includes undistributed depositary receipts.
FEBRUARY 1955
173
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!
Ca
<h deposits, otherthan debt
Cash withdrawals, other than debt
Plus:
Less:
Plus: Equals: Budget Plus:
Less:
Trust
exIntra- Other Cash
Intrapendi- and
deGovt.1 adother
justGovt.
tures accts.
trans. ments2 posits
trans. l
Plus:
Net
Trust
Budget acct.
rec'ts. rec'ts.
Period
56,337
70,682
72.997
64,854
4,397
4,825
5,974
7,182
2,221
2,150
1,989
n.a.
567
734
575
565
1 ,923
2,104
2,214 ' - 2 i 5
101
2,130
53,439
68,093
71 ,326
71,781
44,058
65,408
74,274
67,772
3,945
4,952
5,169
6,769
1,923
2,104
2,214
2,130
477
710
694
509
1 110 n.a.
1 ,039 n.a.
1 ,144 n.a.
41 ?os 34 496
30,104 36,186
4,1 .241 37,801
29,200 34,484
42,582 33,288
25,968 31,566
2,298
2,527
2,642
3,405
3,364
3,817
1,110
1,039
1 ,144
338
396
298
277
234
331
52,979
64,840
63,841
61,17.1
8,582
8,707
8.596
9,571
2,221
2,150
1,989
Fiscal vr.—1951 . . . .
1952
19536...
1954....
Semiannual totals:
1952—-Jan.-Tune. .
July-Dec.. .
1953—Jan.-June. .
I uly-Dec.«.
1954—Tan.-June. .
July-Dec. .
Monthly:
1954---Tan
Feb
Mar
Apr.
May
Tune
Tulv
47,568
61,391
64,825
64,655
7 ,796
8,807
8,929
9,155
37,947
26,893
37,703
25.757
38,899
22,272
4.458
4,248
4 ,683
3,953
5.203
4,368
Aug.
Sept
Oct
Nov.
Dec
1955—Jan
.. .
n i.
847
1,282
n.a.
n.a.
n.a.
343
-242
n i.
233
993
824
479
82
91
64
68
45
932
132
49
100
74
1 ,230
1 ,448
434
1,224
457
370
994
890
-575
184
66
- 125
MM
104
-173
289
-28
-318
n.a.
n.a.
n.a.
n.a.
Exch. Clear- Trans, Other Cash
outwithAccru- Stabi- ing
adside
drawals to lizaacjustals
publics tion4 count Treas. ments-'
Fund
acct.»
59,338
71,396
70,440
68,550
Cal. yr.—1951
1952
1953
19546
5,033
5.444
11 .434
2,751
3,592
10.644
2,827
3,911
4,951
2,639
4,201
3,742
n.a.
Equals:
4.609
6,530
12,260
3,03c
4,882
11.265
2 ,956
5,375
5,280
2,617
5,122
4,617
4,299
5,218
4.707
5,555
5,296
5,203
7,308
4.827
6^731
5,019
4,857
3,842
6,288
n.a.
847
1,282
n.a.
316
411
60.1
810
568
658
660
526
788
800
469
573
72
16
8
19
43
76
70
38
57
50
45
71
51
82
91
64
68
45
932
132
49
100
74
n.a.
n.a.
n.a.
n.a.
-26
38
-82
-188
-13
9
-28
-109
22
16
-44
-38
— 71
-117
-12
-39
-33
—31
16
-112
SL
—9
25
106
319
209
34
Excess
of deposits
or
withdrawals
58,034
1 ,304
72,980 - I .583
76,529 - 6 . 0 9 0
68,866
-317
n.a.
n.a.
n.a.
n.a.
214
401
250
303
-79
-170
-155 ' -215
-274
118
45,726
7,714
307
67,786
76,388 - 5 , 0 6 2
71,941
-159
255
64
248
246
58
-23
n.a.
n.a.
n.a.
-71
343
-202
-223
n. a
35,622
5,671
37,357 - 7 , 2 5 4
39,203 2,038
37,244 - 8 . 0 4 5
34,696
7,885
34,170 -8,202
—9
135
160
-593
511
-146
97
222
-21
-104
209
-425
n.a.
-21
-587
-42
192
-52
85
—24 — 111
-38
105
-25
93
—36 - 1 7 4
89
289
— 126
-29
-9
-318
ii. a.
n.a.
n.a.
4,751
5.296
6,237
5,303
6,228
6,881
5.142
7,788
5,364
5,095
4,385
6.396
5,009
-142
1.234
6,023
-2,267
- 1 ,347
4.384
-2,186
-2.412
-84
-2,478
737
- 1 ,780
-710
n.a. Not available.
*See footnote * on p. 172.
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
Principally adjustment for differences in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
5
To
exclude net transactions not cleared^ through Treasurer's account in securities by Government agencies, adjusted in table below.
6
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable with 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
Increase,
or decrease
Period
Cal. yr.—1951
1952
1953
19547
Fiscal yr.—1951
1952
1953 7 . . . .
1954
Semiannual totals:
1952—Jan.-June.. .
July-Dec. . .
1953—Jan.-June.. .
July-Dec. 7..
1954—Jan.-June.. .
July-Dec. . .
Monthly:
1.954- -Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Jan
Plus:
Cash issuance of
securities of
Federal agencies
Nonguaranteed
2,711
7,973
7,777
3,582
-2,135
3.883
6,966
5,189
16
7
29
37
-102
-3
-31
374
-88
-32
-33
—313
8.286
-1,320
9,097
-3,909
7,490
3
8
-2
24
6
-47
-320
—67
-4,546
811
2,428
-2.215
-276
3,971
-145
3,942
101
-103
-311
Guaranteed
18
12
22
-42
10
i
(8)
1
4
1
1
-61
6
1
5
1
-10
Accruals to public 2
Details of net cash borrowing from or
Equals: repayment ( —) of borrowing to the public:{
Net
cash
borrowPostal
SavDirect
ing, or
SavSav.
table. ings
repay t. mkand
ings
Sys. Other''
bonds
( ~) of
conv.
notes
special
(issue
borrow- issues'
issues
price)
ing
Int. on
saw
bonds
and
Treas.
bills
Payts.
in
form
of
Fed.
sec.
n.a.
n.a.
n.a.
n.a.
-79
-170
-155
-•257
718
770
591
577
638
779
718
524
-.125
-74
66
176
-149
-79
3
94
1,242
3,353
4,601
J>909
5,778
«4,829
3.071
5,874
-695
2 ,763
2 ,255
—3,943
1 .639
«5,294
2 ,530
-1,191
-406
6 -344
-175
-467
-717
o _94
-381
-139
37
-69
76
-109
78
n.a.
n.a.
n.a.
-71
-183
n.a.
361
409
308
283
241
336
-45
-29
34
30
64
112
2,998
6,351
3,433
7,952
5.694
P6,603
- I .544
7,322
"-2,028
6,837
- 4 .307
7,378
-285
-121
0 18
-362
— 19
-1.56
-955
-829
-1 ,33:
1 ,583
-955
-514
-27
-11.8
-60
-57
122
31
27
-90
161
-28
32
-25
n.a.
-33
-34
-33
-10
-37
—36
-36
89
-126
-9
n .a.
n.a.
n.a.
73
17
9
20
44
76
71
39
58
51
45
72
51
11
-391
-290
4.656
699
2 ,046
3.104
-356
3,645
-229
3.996
-149
-92
18
75
32
5
-57
-137
33
-44
-12
12
—9
51
-310
-82
-152
-267
-88
-64
-101
-64
-62
-136
—56
• ( - ) . in
gross
direct
public
debt
Les,~s: Noncash
debt transactions
Adjustment
for
trans.
outside
Treas.
acct. 1
i
38
-14
32
-1
30
-17
111
5
9
-24
-1
P-88
P
-366
J»258
1 ,999
-53
-4.294
829
2.133
-2,773
— 77
3.680
-105
4.129
-50
-198
-216
-1,099
-1,784
248
-1,469
-657
-1.209
-2,1.64
628
-73
-71
-997
46
-113
-122
— 162
-30
— 195 /' -323
286
-1,093
-155 -252
-100 -173
-239 -283
-81
-32
-68
-94
-145
-50
-134
11
-20
-12
-268
-12
-37
-37
-21
-22
-16
-64
-147
-89
—59
82
9
-61
3
-8
-20
-22
28
-37
»34
P-23
-26
P5O5
n.a.
Not available.
if Preliminary.
*See footnote * on p. 172.
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 I Exchange Stabilization Fund are included.
;J
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
•1Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues: and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
"'Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
(i
ICxcludes exchanges of savings bonds into marketable bonds, in the
amount of 41 7 million dollars, of which 40) million represents issue price.
7
8
Beginning new reporting basis. See footnote 6 above,
Less than $500,000,
174
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING*—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS 1
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars!
Period
Total
Cal. yr.—1951
1952
1953
1954"
Fiscal yr.--1951
1952.
1953 '->
1954
Semiannual totals:
1952—Jan.-June. . . .
July-Dec
1953----Jan.-J une. . . .
July-Dec.9. . .
1954—Jan.-June. . . .
July-Dec
Monthly:
1954-:-Jau
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1955—Tan
Cash deposits
Direct Direct Excise !
Social
taxes on' taxes on and
ins.
indicorpo- misc.
revid-2 rations
taxes ceipts 3
uals
Social
Vetseerans
curity
pro- 7 pro- 8
grams grams
Interest on
debt
Other
6.362
6,589
6.693
7,654
5 ,839
6.521
6.849
7,196
2,769
2,823
2,744
3.391
2,531
2.801
2,685
3,147
2,098
2,451
3.137
3.358
2,107
2 ,302
3,151
3,419
58.034
72,980
76,529
68,866
45,726
67,786
76.388
/I,941
3,498
2.612
2,0001
1 ,089
3,785
2 .848
2,156
1,457
4,137
4,230
4.589
4.666
4,052
4.059
4,658
4,633
6.121
5,209
4,885
4,668
5,980
5 ,826
4,920
4,947
4,915
5,617
6,648
8,587
4,458
5,206
6,063
7,645
6,169
7,341
8,031
7,456
5,628
6.912
8,340
6,837
4,519
5,048
4,931
5,357
4.338
4,479
3,386
3,202
3,656
3,031
4,165
3,490
1 ,383
1 ,443
1 .252
1 ,507
1 ,648
1,742
2,000
451
2,700
437
2,982
376
35,622
37,357
39,203
37,244
34,696
34,170
1 ,489
1,123
1 .069
1 ,984
2,246
2,413
2,334
2,299
2,367
2,709
2,500
2,420
2,465
2,4.82
2,186
2,741
2,876
3,247
3.368
4.277
4,311
3,233
4,107
4,448
3,748
3,088
4,367
435
177
267
277
251
240
363
220
204
237
296
422
350
64
306
940
X)7
616
150
82
69
60
39
47
4.751
'5,296
'6,237
5,303
6,228
6.881
5,142
7,788
5,364
5,095
4,385
6,396
5,009
393
411
428
414
392
444
194
381
375
374
419
443
430
714
671
726
716
689
760
674
714
716
758
-5
107
440
144
1,480
755
607
2,625
521
462
-477
630
n.a.
27,149
32.728
34,807
31 .936
24,095
30,713
33.370
33,514
293
104
241
200
582
968
19,687 14,318
13,04.1 7,821
20.329 1.3,773
1.4.478 5,272
19,036 16,378
12,899 3,734
2.987
4.355
4,1 ^
1 ,791
2,875
2,859
1,120
2,985
2,936
1 ,040
2,881
1,938
2,806
Int'l
affairs 6
16,565 8.591
22.140 9.566
19.045 10,288
20,112 8.817
14,388 .,693
21.467 8.893
21,595 9.978
21,650 .,694
338
396
440
550
439
093
326
781
609
530
260
036
882
265
956
375
280
617
122
617
299
(.'ash withdrawals
Other Deduct:
Recash funds
of Total
in- 4
recomeceipts
589
741
673
735
787
797
702
760
722
768
783
744
644
490
469
7,356
763
397
6.903
549
302
1,108
352
271
1,153
353
172
1,093
71.8
378
1 ,188
616
304
1,177
371
260
939
439
P197
80
52
930
526
563
52
177
11
118
87
81
50
110
40
67
80
217
n.a.
180
352
563
299
196
877
152
314
461
286
328
826
183
720
730
n.a.
r
n.a. Not available.
Revised.
*See
footnote * on p. 172.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals of the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
4
Represents mostly nontax receipts.
"Ircludes net redemptions of armed forces leave bonds.
''Includes special International Bank and Monetary Fund notes.
7
Includes payments from veterans life insurance funds.
8
Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds.
"Beginning new reporting basis, described in Treasury Bulletin for April 1.954, p. A2.
UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds
Tax and savings notes
Year or
month
All series
Sales
1946
1947
1948
1949
1950
1951
1952
1953 .
1954"
...
1953—Dec...
1954—Jan...
Feb.
Mar. .
Apr.
May..
June.,
luly. .
Aug...
Sept..
Oct.
Nov. .
Dec.. .
7,427
6,694
7,295
5,833
6,074
3,961
4,161
4,800
6,173
423
561
515
602
511
464
523
508
546
464
456
466
557
Series A-E and H
Redemp- Outstandtions and ing (end of
maturities
period)
6,278
4,915
4,858
4,751
5,343
5 093
4,530
5.661
6,773
1590
615
2
2
480
2
514
-'473
2
453
2 3.S75
2
641
251 1
2
505
-466
2
451
M ,089
Sales
Redemp- Outstandtions and ing (end of
period)
maturities
Series ••', G, J and K
Sales
Redemptions and
maturities
Outstanding (end of
period)
49,776
52,053
55.051
56.707
58,019
57,587
57,940
57,710
57,672
4,466
4,085
4,224
4,208
3,668
3,190
3,575
4,368
4,889
5,667
4,207
4,029
3,948
4,455
4,022
3,622
3,625
3,910
33,410
33,739
34,438
35,206
34,930
34,728
35,324
36,663
38,233
2,962
2,609
3,071
1,626
2,406
770
586
432
1,284
611
708
829
803
888
1,071
908
2.035
2,863
16,366
18,314
20,613
21,501
23,089
22,859
22,616
21,047
19,439
157,710
57,736
57,797
57,902
57,967
58,025
58,061
58,005
58,078
58,088
58.126
58,186
1
57,672
381
485
422
474
390
354
392
393
415
367
369
384
445
309
330
308
347
310
293
36,663
36,887
37,029
37,175
37,279
37,393
37,482
37,597
37,714
37,808
37,930
38,069
P347
38,233
42
77
93
128
122
110
130
115
131
97
87
82
112
1281
2 85
171
2
167
2
163
2
164
2 3189
2
295
2
172
2
183
2
173
2158
pi 747
121,047
20,848
20,769
20,728
20,687
20,633
20,579
20 409
20,364
20,280
20,196
20,118
1
19,439
289
«386
346
339
322
293
2
2
Sales
2,789
2,925
3,032
5,971
3,613
5,823
3,726
5,730
maturities
Outstand
ing (end of
period)
5,300
3,266
3,843
2,934
2,583
6,929
5,491
5,475
1,469
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,026
4,548
178
70
68
306
81
6,026
5,956
5,887
5,581
5,500
5,344
5,079
4 993
4,929
4,829
4,766
4,704
4,54.8
Redemptions and
156
265
86
64
100
63
62
156
P1 Preliminary.
Figures for Dec. 1953 include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds; figures for Dec. 1954 include 526
million dollars of unredeemed Series 1954 F and G bonds. In accordance with Treasury practice all unredeemed bonds of these series were carried
as outstanding
interest-bearing debt until the entire series matured.
2
Corrected to deduct redemptions of Series 1953 issue already included at maturity in December 1953.
;i
Due to a June 1954 change in the Treasury procedure for classifying paid savings bonds, unusually large amounts of Series E and F bonds
redeemed between June and October were not broken down as to issue price and accrued discount. Redemption figures in that period therefore
included rather large amounts of accrued discount, which are being deducted in subsequent months.
NOTE.-—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities
of notes and series A -I), and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in
amount outstanding.
FEBRUARY
1955
175
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues3
Marketable
Total
gross
debt 1
Total
gross
direct2
debt
Total
1940—Dec
1941— Dec
1942—Dec.. •
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—June
Dec
1952—June
Dec
1953—June
Dec
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
255,251
259,461
259,151
267,445
266,123
275,244
45,025
57,938
108.170
165,877
230.630
278,115
259.149
256.900
252,800
257,130
256,708
255,222
259,419
259,105
267,391
266,071
275,168
39,089
50,469
98,276
151.805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
218,198
221,168
219,124
226,143
223,408
231,684
35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
137,917
142,685
140,407
148,581
147,335
154,631
1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
13,614
18,102
17,219
21,713
19,707
19,511
io',534
22,843
30,401
38,155
29,987
21.220
26,525
29,636
5,373
9,509
29,078
28,423
16,712
15,854
26,386
1954—Tan
274,924
274,859
270,312
271 ,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
278,784
274,849
274,782
270.235
271.047
273,475
271,260
270,984
274,955
274,810
278.752
278 853
278,750
231,623 154,631
231,466 154,500
226,821 150,081
227,806 151,104
229,913 153,325
226,681 150,354
226,528 150,342
230,214 154,020
230,033 153,963
234.101 158,148
234.160 158,152
233,165 157,832
19,512
19,510
21,013
22,014
22,019
19,515
19,512
19,508
19,510
19,509
19,507
19,506
26.386
25,278
19,377
19,377
18,577
18,405
18,405
18,277
18,184
18,184
18,184
28,458
End of
month
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
278,463 278,439 233,427
1955—Jan
Total
157,834
Bills
Certificates of Notes
indebtedness
Nonmarketable
Bonds
Convertible
bonds
Total
13,573
12,060
13,095
12,500
12,340
11,989
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,708
66,423
65,622
65,062
63,733
65,065
5
Tax
and
savings
notes
Savings
bonds
Special
issues
Bank
eligible4
Bank
restricted
6.178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
39,258
35,806
18,409
18,963
30,266
30,425
31,406
28,156
33,563
44,519
55.591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
42,928
41,049
48,343
58,874
64.104
63,927
4,945
12,550
24,850
52,216
49.636
49,636
49,636
49,636
49,636
36,061
36,048
27,460
21,016
17,245
13,400
3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,572
57,587
57,685
57,940
57,886
57,710
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4.572
7,610
8,640
7,818
7,534
6,612
5,770
4,453
6,026
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
34,653
35,902
37,739
39,150
40,538
41,197
31,419
26,866
26,787
26,809
31,923
31,960
31,964
31,967
32,001
36,188
36,196
28,033
63,916 13,398 11,976 65,017 57,736
74,171 8,675 11,957 65,009 57,797
74,134 8,674 11,932 64,807 57,902
74,230 8,674 11,910 64,792 57,967
72,133 8,674 11,899 64,690 58,025
71,802 8,672 11,861 64,465 58,061
71,790 8,671 11,857 64,329 58,005
75,596 8,671 11,853 64,34,1 58,078
75,597 8,671 11,820 64,250 58,088
75,597 8,669 11,787 64,226 58,126
75,596 8,668 11,780 64,228 58,186
76,129 5,706 11,767 63,565 57,672
5,956
5,887
5,581
5,500
5,344
5,079
4,993
4,929
4,829
4,766
4,704
4,548
41,009
41,070
41,002
41,049
41,367
42,229
42,152
42,479
42,407
42,238
42,351
42,566
19,507 28,462 28,037 81 ,828
11,764 63,830 57,967
4,498 42,268
1
Includes some debt not subject to statutory
debt limitation (such debt amounted to 514 million dollars on Jan. 31, 1955) and fully guar2
anteed
securities, not shown separately.
Includes noniuterest-bearing debt, not shown separately.
3
Includes
amount
held
by
Government
agencies
and trust funds, which aggregated 7,043 million dollars on Dec. 31, 1954.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
^Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
End of month
Total
Held by
U. S. Government
gross
debt
agencies and1
(includtrust funds
ing guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Miscellaneous
inves3
Savings Other
bonds securities tors
1951—Tune
Dec
1952—June
Dec
1953—June
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
257,377
256,731
255,251
259,461
259,151
267,445
266,123
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
6,596
6,743
7,022
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214,816
221,552
218,563
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
22,906
24,697
24,746
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
61.100
63.400
58,800
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9,500
9,500
6,900
8.200N
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,500
15,700
16,100
16,000
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16,800
18,400
19,700
20,000
20,700
19,100
20,400
18,900
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,600
10.400
11,100
12,000
2,800
5,400
13,400
24,700
36.200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17,000
17,600
16,700
16,400
15,500
15,400
15,500
16,600
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11,600
11,700
12,800
1953—Nov
Dec
275,282 41,013
275,244 41,197
7,156
7,116
227.113 25,095
226,931 25,916
63,900
63,700
9,300
9,200
15,900
15,800
21,700
21,500
12,800
12,900
49,300
49,300
15,700
15,600
13,500
12,900
1954—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
274,924
274,859
270,312
271,127
273,555
271,341
271,005
274,982
274,838
278,786
278,888
7,245
7,223
7,203
7,151
7,182
7,111
7,081
7,032
7.042
7,047
7.080
226,670
226,566
222,107
222,927
225,006
222,001
221,772
225,471
225,389
229,501
229,457
24,639
24,509
24,632
24,632
24,812
25,037
24,325
24,023
24,271
24,38.1
24,888
64,100
63,100
60,900
62,500
63,500
63,700
64,800
67,000
67,100
70,000
69,500
9,200
9,200
9,200
9,200
9,200
9,100
9,000
9,000
8,900
8.900
8.800
15,700
15,700
15,600
15,600
15,500
15,300
15,100
15,100
15,100
15.100
15,000
21,500
22,100
19,700
19,100
19,500
16,800
16,800
18,500
18,600
19,100
19,500
13,200
13,300
13,600
13,800
14,100
14,300
14,300
14,400
14,400
14,500
14.600
49,400
49,400
49,400
49,500
49,500
49,600
49,600
49,700
49,700
49,700
49,800
15,600
15,600
15,600
15,200
15,500
14,900
14,500
' 14,400
14,000
14,100
14,000
13,300
13,600
13,500
13,500
13,500
13,700
13,400
13,300
13,400
13,700
13,500
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—June
Dec
Oct
Nov
41,009
41,070
41,002
41,049
41,367
42,229
42.152
42,479
42,407
42,238
42,351
500
700
700
900
'•Revised.
1
Includes
2
the Postal Savings System.
Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1954.
'Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
176
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding January 31, 1955
[On basis of daily statements of United States Treasury.
Issue and coupon rate
Treasury bills
Feb. 3, 1955. .
Feb. 10, 1955. .
Feb. 17, 1055 . .
Feb. 24, 1955 . .
1,501
1,501
1 ,500
1,500
Mar.
Mar.
Mar.
Mar.
Mar.
1,500
1,500
1,501
1.502
1,501
3,
10,
17,
24,
31,
x
Certificates
Feb. 15, 1955
Mar. 22, 19552
May 17, 1955
Aug. 15, 1955
Dec. 15, 1955
Treasiiury n o t e s
Mar. 15, 1955. . .
Dec. 15, 1955. . .
Apr. 1, 1 9 5 6 . . .
Oct. 1, 1956
Mar. 15, 1957
1,500
Apr. 1, 1957
1,501
May 15, 1957
1 ,501 Oct.
1, 1957
1,500
Apr. 1,1958
Oct. 1, 1958
Feb. 15, 1959
Apr. 1, 1959
Oct. 1, 1959
1955 . .
1955. .
1955. .
1955. .
1955. .
Apr. 7, 1955 . .
Apr. 14, 1955. .
Apr. 21, 1955. .
Apr. 28, 1955. .
3
Issue and coupon rate
Amount
1
Amount
\%
1
1J
1}
1}
7,007
3,734
3,886
8,477
5,359
1}
2%
13
1 J
13
1J
1}
1 ?
\\
H
5,365
6,854
1.007
550
2,997
531
4,155
824
383
121
5.102
119
29
In millions of dollars]
Issue and coupon rate
T r e a s u r y bonds
Mar. 15, 1955-603..21
Mar. 15, 1956-58...2^
Sept. 15, 1956-594..2%
Sept. 15, 1956-59. ..23,
Mar. 15, 1957-59. ..23,
June 15, 1958
2^
June 15, 1958-63*..2%
Dec. 15, 1958
2>
June 15, 1959-62. ..2\.
Dec. 15, 1959-62...2£
Nov. 15, 1960
2),
Dec. 15, 1 9 6 0 - 6 5 * . . 2 ^
Sept. 15, 1961
2%
Nov. 15, 1961
2\
Aug. 15, 1963
2>
June 15, 1962-67...2^
Sold on discount basis. See table on Money Market Rates, p. 171.
4
Partially tax-exempt, called for redemption.
Partially tax-exempt.
2
Issue and coupon rate
Amount
2,611
1,449
982
3.822
927
4,245
919
2,368
5,277
3,465
3,806
1,485
2,239
11,177
6,754
2,116
Amount
Treasury bonds—Gont.
Dec. 15,1963-68...2
June 15,1964-69,
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 15r 1 9 7 8 - 8 3 . . . 3 } i
2,826
3,754
3,830
4,718
2,961
1,887
2,716
3,817
1,606
Postal Savings
bonds
2%
Panama Canal Loan.. 3
21
50
Convertible b o n d s
Investment Series B
Apr. 1, 1975-80. . .2
11,764
Tax anticipation series.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES *
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
U. S.
Govt. Fedageneral
cies
Reand
serve
trust Banks
funds
Total
outstanding
End of month
Type of security:
Total marketable
and convertible:
1952—June
Dec.
1953—June
Dec.
1954—June
Oct
Nov
153,502
161,081
159,675
166,619
162,216
169,935
169,93!
6,467
6 613
6,899
6,989
6,985
6,921
0,flo3
22,906
24 697
24,746
25,916
25,037
24,381
24,88S
54,038
55 828
51,365
55,933
56,199
41
86
106
102
46
62
01
381
1,341
1,455
2,993
2,316
1.660
2,167
5,828
7,047
4,411
4 368
4,187
4,890
4,357
Mutual
savings
banks
8,843
8 740
8,816
8,524
8,353
62,150 8,205
61,015 8,120
Insurance
companies
Life
4,246
4 711
4,808
4,905
4,854
4,993
4,989
103
137
120
126
98
73
49
504
464
327
410
520
453
435
92
119
132
109
101
1.15
124
60 11,821 6,877
27 5,061 4,791
30 4,996 4,351
63 5,967 9,215
41 6,600 4,942
4 6.600 4,035
18 0,600 3,848
120
37
87
184
101
52
49
76
56
27
37
7
1
1
378
317
310
445
202
151
151
2
16
23
8
64
78
84
5,568
13,774
13,774
13,289
13,029
13,029
13,029
10,431
10,955
10,355
1.1,510
11,423
14,214
14,204
42
49
62
130
221
248
241
5
8
5
52
99
70
6S
327
486
529
605
592
691
706
2.928
3,046
3,300
3,377
3,395
84.266 3.336
84 ? 204; 3,351
4,422
4,522
4,522
3,667
3,093
3,093
3,093
30,710
32,849
32,066
30,671
35,481
38,846
39,043
7,221
7,165
7,232
6,820
6,669
6,585
6,544
75,802
79,890
81,349
77,327
80,474
i
Other
End of month
Type of security:
Convertible bonds
(Investment
47,391
Series B):
1952—June
50 979
53,694
Dec
55,233
1953—Jun*
52,121
Dec.
1954—June
54,927
Oct
55,080
Nov
10,268 Marketable secu12,518
rities, maturing:
13,155 Within 1 year*
11 402 1952—June
Dec
12,248
1953—June
12,256
Dec
12,315
1954—June
Oct
9,092
Nov
6,424
6,052 1-5 years:
10,475
1952—June
6,511
Dec
1953—June
7,340
Dec
7.51S
1954—June
Oct
2,587
Nov
4,978
5,678 5-10 years:
5,814
1952—June
6,531
Dec
1953—June
7,857
Dec
7,804
1954—June
Oct
21,580
Nov
23,072
24,890 After 10 years:
23,688
1952—June
23,032
Dec
1953—June
4,968 3,730 23,708
Dec
4,910 3,702 23,021
1954—June
Oct
Nov
5,855
5,807
5,855
5,686
5,164
Total
outstanding
Other
9,613
9 514
9,347
9,120
8,667
8,357
8,280
Treasury bills:
17,219
1952—June
Dec
21,713
1953—June
19,707
Dec.
19.511
1954—June
19,515
Oct
19.509
Nov
ID,507
Certificates:
1952—June
2S,423
Dec
16,712
15,854
1953—June
Dec
26,386
1954—June... . 18,405
18,184
Nov
18,184
Treasury notes:
18,963
1952—June
Dec
30,266
1953—June
80,425
Dec
31,406
1954—June
31,960
Oct
36,188
Nov
30,196
Marketable bonds:*
1952—June
Dec
1953—June
Dec
1954—June
Oct
Nov
Commercial
banks
3,087
3,429
3,484
3,418
3,641
13 095
12,500
12 340
11,989
11,861
11.787
11,780
U.S.
Govt. Fedageneral
cies
Reand
serve
trust Banks
funds
3 437
3,438
3,439
3 439
3,439
3,430
3,439
714
Commercial
banks
191
185
182
168
165
165
163
Mutual
savings
banks
1 356
1,352
1,314
1,264
1,265
1,247
1,244
Insurance
companies
Life
3 172
3,179
3,133
2,935
2,876
2,865
2,865
Other
Other
362
360
353
328
317
306
305
3,864
3,987
3,919
3,854
3,800
3,766
3,703
223
263
476
475
294
255
303
470 19,360
581
733 23,547
532
390 1,082 27,393
1,061
29,023
468
652 24,568
537
631 25,541
466
405
097 20,357
27,858
22,381
18,344
16,056
14,624
20,918
20,933
370
259
464
431
476
529
508
63
996
48
910
914
109
123
980
155
890
170 1.089
168 1,116
8,424
6,938
5,895
5,430
5,308
7,253
7,239
7,740
11,058
8,772
10,051
18,741
IS,027
16,267
1,357
1,775
1,395
1,315
1,389
1,368
1,328
497
885
745
725
516
440
414
765
1,348
1,104
1,198
1,655
1,614
1,494
3,684
5,835
4,865
5,211
6,711
5,544
5,207
4,488
4,595
4,985
1,415 5,218
1,415 5,271
5,537
5,091
5,167
5,039
4 ? 930
4,806
4,743
5,301
4,870
4,969
4,868
4,582
4,416
4,368
1,652
1,361
1,356
1,339
1,339
1.353
1,370
12,059
10,673
11,621
11,716
11,734
45 642
56,953
64.589
73;235
60,123
60,441
03,050
101
133
163
175
107
03
108
12 202 12 705
14,749 16,996
15,505 19,580
16,972 25,062
16,280 17,684
15,632 17,822
16,139 18,981
44.945
37,713
32,330
29,367
27,965
36,440
36,448
46
31
152
192
205
160
103
7,188
7,146
6,452
6,155
6,307
6,321
0,321
15,122
22,834
18,677
20,292
30,542
29,545
26,934
387
546
422
418
494
482
477
693
1,387
1,374
1,374
1,035
1,014
1,014
34,698
31,081
31,739
31,736
31,725
31,722
31,720
2,496
2,464
2,723
2,765
2,740
2,748
2,700
2,109
1,415
1,415
1,415
1,415
6,600
5,940
11,766
11,781
* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed " o t h e r "
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
FEBRUARY
1955
177
NEW SECURITY ISSUES 3
[Estimates, in millions of dollars]
Proposed uses of net proceeds,
all corporate issuers6
Gross proceeds, all issuers 2
Noncorporate
Year or
month
Total
U.S.
FedGoverneral
ment 3 agency4
Corporate
Bonds
State
and
mu- Others Total
nicipal
PrePubPri- ferred
stock
Total licly vately
offered placed
1939.
1940.
5,687
6,564
2,332
2,517
13
109
1,128
1,238
50
24
2,164
2,677
1,979 1,276
2,386 1,628
1941.
1942.
1943.
1944.
1945.
15,157
35,438
44,518
56,310
54,712
11.466
33,846
42,815
52,424
47,353
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
2,667
1,062
1,170
3,202
6,011
1946.
1947.
1948.
1949.
1950.
18,685
19,941
20,250
21,110
19,893
10,217
10.589
10,
11,804
9,687
357
216
30
1,157
2,324
2,690
,907
3,532
56
451
156
132
282
1951.
1952 .
21,265
26,929
28.874
29,793
9,778
12,577
13.957
12,532
110
459
106
458
3,189
4,121
5.558
6,953
1954
1953—Dec...
2,736
1954—Jan.. .
Feb...
Mar..
Apr.. ,
May.
June.
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1,655
1.386
1,961
1,947
4,386
2,438
2,151
1,298
2,131
'6.547
'1 .366
2,529
561
515
602
511
2,669
523
508
546
464
4,61 !.
466
557
71
80
184
New capital
Common Total
stock
New
money7
Miscellaneous
purposes
Retirement
of
bank
debt,8
etc.
69
174
Retirement
of
securities
703
758
98
183
87
108
420
762
325
569
26
19
1,578
811
411
506
369
621
778
1,892
3,851 1,004
167
112
124
369
758
110
34
56
163
397
1,040
868
474
308
657
1 ,080
28
35
27
47
133
144 1,583
138
396
73
789
49 2,389
134 4,555
6,900
6,577
7,078
6,052
6,361
2,389
917
990
2,6701
4,855i
4,88l|
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
,279
,591
,929
. 606
,006
231
168
234
315
364
379 2,868
356 1,352
488
307
637
401
620 1,271
446
237
306
286
7,741
9,534
8.898
9,563
5,691
7,601
7,083
7,545
2,364
3,645
3.856
4,004
3,326
3,957
3.228
3,541
838
564
489
814
777
57
1,478
1,385
1,057
327
43
51
399
414
570
735
783
855
280
300
652
615
'459
891
123
1
63
1
5
4
3
8
2
571
456
726
628
850
462
366
513
408
647
808
1,057
1,237 1,077
369
443
893
1 .014
'817
'1.133
'334
'437
852
.1 .01.1
284
178
226
216
424
343
714
166
581
470
116
288
178
188
286
192
224
465
363
204
312
20
27
69
110
130
131
74
44
59
52
r
37
61
90
63
144
111
73
118
87
30
62
264
66
97
4
71
'218
564
647
408
753
1,347
891 3,889
778 5,115
614 6,651
736 5,558
811 4,990
1 ,212
1 ,369
1 .326
1,204
3
4
5
4
4
1,695
1,854
7.120 6 ,531
8,716 8 ,180
8,495 7 .960
7,561 6 ,987
226
363
537
535
575
1,438 1 ,413
25
26
13
29
70
16
38
47
45
36
27
'143
'48
62
18
9
53
129
183
182
325
91
224
'109
'129
404
544
439
660
486
652
859
898
346
777
1 ,008
'299
592
531
410
590
471
614
812
853
310
749
'865
530
486
664
260
1 ,857
I
Proposed uses of net proceeds, by major groups of corporate issuers
Commercial and
miscellaneous
Manufacturing
Year or
Public utility
Transportation
Communication
Real estate
and financial
month
Total
net
proceeds
New Retire10
capital» ments
1,391
1,175
3,066
3,973
2.218
2,292
1,347
1.026
2,846
3,712
2,128
2,131
1953—December.
41S
409
1954—January...
February..
March....
April
May
June
July
August
September,
October...
November.
December.
134
52
107
86
204
305
528
123
152
'305
'110
187
118
51
107
79
196
284
524
106
135
'•299
'•108
123
1949
1950
1951
1952
1953
1954
44
149
221
261
90
160
16
Total
net
proceeds
Total
New Retire- net
ments L0 proceeds
New Retire- Total
net
10
capproital 9 ments
ceeds
2,276
2,608
2,412
2,626
338
538
518
536
542
926
310
474
462
512
502
S2S
795
806
490
983
589
778
784
609
437
758
553
507
104
100
88
84
200
50
48
26
25
68
62
86
72
44
42
88
84
96
64
62
45
fil
60
'•118
'131
r
77
'79
130
134
65
43
58
58
20
37
97
51
65
36
57
46
20
37
66
51
38
'21
'18
276
269
362
309
501
442
310
159
248
'•271
'•65
459
'46
'69
70
196
53
225
36
271
31
125
25
51
18
2,972
3,670
New Retire- Total
net
10
capproital 9 ments ceeds
2 s 043
1,927
2,326
2,539
2.905
2,673
567
395
605
753
874
712
517
314
600
747
871
655
191
608
608
47
275
26
7
30
26
40
9
2
27
328
'!)S
'75
44
26
7
30
26
40
9
2
27
326
'98
'21
43
12
51
88
51
26
159
190
16!
4*j
'266
'31
103]
316
237
328
382
181
104
173
'•210
'46
152
233
682
85
88
67
997
New Retire- Total
net
ments 10 proceeds
46
173
60
55
75
'61
'18
307
New Retirecap10
ital* ments
593!
558
739i
639
515;
449
448
508
1,561! 1,536
766
1,041
35
100
66
60
24
274
46
12
51
88
27
25
63
61
13
45
'262
'29
92
25
1
97
128
3
3
r
2
11
' Revised.
mber of units by offering price.
4
issues guaranteed.
Issues not guaranteed.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
^Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to u nderwriters, agents, etc., and
expenses.
nses
7
Includes proceeds for plant and equipment and working capital.
88
Includes proceeds for the retirement of mortgages and bank deb
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.
9
Includes
all
issues
other
than
those
for
retirement
of
securities.
10
Retirement of securities only.
Source.—Securities and Exchange Commission.
3
Includes
6
178
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual
Industry
1948
1949
1950
Quarterly
1951
1952
1953
1953
2
1
1954
3
4
1
3
2
Manufacturing
Total (200 corps.):
38,341 37,948 45,351 52,444 53,905 62,665 15,739 16,566
Sales
5,468 5,168 8,042 8,702 7,147 8,225 2,254 2,484
Profits before taxes
3,411 3,186 4,143 3,486 3,117 3,560
928
Profits after taxes
855
1 446 1,710 2,295 2,036 2 036 2,110
493
491
Dividends
1
Nondurable goods industries (94 corps.):
14,739 14,051 15,994 18,670 18.908 20,276 4,994 5,116
Sales
2,360 1,975 2,847 3,324 2,715 2,908
761
782
Profits before taxes
Profits after taxes . . . .
. .
1,574 1,297 1,599 1,481 1,313 1,446
345
355
698
934
759
942
894
912
219
Dividends
218
2
Durable goods industries (106 corps.)
Sales
....
. . . 23,602 23,897 29,357 33,774 34,997 42,390 10,745 11,450
3,108 3,193 5,195 5,378 4,432 5,317 1,493 1,702
Profits before taxes
1,837 1,888 2,544 2,005 1,804 2,114
573
511
Profits after taxes
748
950 1,352 1,142 1,119 l,17f
275
272
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied produces (26 corps.)
Sales
Profits before taxes
. . .
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Snles
Profits before taxes
. .
Profits after taxes
Dividends .
....
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery C27 corps.):
Sales
..
Profits before taxes
Profits ater taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
15,459 14,902 14,233 14,776 13,406
2 093 1 395 1 754 1 923 1 549
787
892
885
891
977
495
520
631
523
524
5,082 5,084 4,961 4,972 4,952
783
635
581
669
676
371
376
353
376
365
275
222
229
228
10,377 9,817 9,272 9,804 8,455
1,309
914
814 1 084 1 247
509
521
600
434
526
287
356
294
296
274
4,528 4,223 4,402 4,909 5,042 5,411 1,316 1,346 1,355 1,394 1,337 1,351 1,338
532
473
446
465
100
455
434
128
132
123
131
99
107
289
227
204
211
46
285
268
54
63
46
60
57
54
161
159
154
154
35
148
149
37
36
37
36
45
37
3,674 3,680 4,577 5,574 5,695 6,071 1,545 1,568 1,506 1,453 1,434 1,471 1,461
674
693 1 133 1,421 1,200 1,260
271
360
346
267
330
224
272
420
415
572
496
493
125
136
458
124
121
123
132
133
398
263
321
448
363
381
91
90
90
98
99
127
98
3,983 3,907 4,260 4,966 5,290 5,757 1,376 1,410 1,473 1,498 1,479 1,442 1,440
689
229
796
195
195
673
869
189
165
176
214
775
552
464
532
571
588
428
495
155
131
129
138
124
157
148
184
223
268
67
66
68
191
74
66
69
68
247
274
9,066 8 187 10 446 12,497 11,557 13,750 3 428 3 653 3 476 3 194 2 910 3 019 2.723
1 ,174
359
993 1,700 2,092 1,161 1,824
457
560
510
295
305
301
179
720
578
854
776
575
793
212
203
196
183
151
150
367
92
270
285
377
381
88
113
88
88
92
100
377
4 563 4,363 5,071 6,183 7,082 8,009 1,967 2,045 1,959 2 038 1 917 1 937 1 864
974 1,009
237
570
520
850 1,003
241
276
298
193
252
202
89
107
334
321
425
370
380
402
95
115
103
117
103
64
127
192
200
49
239
50
49
138
208
90
58
65
8,093 9,577 11,805 12,496 12,825 16,377 4,308 4,657 3,917 3,495 3 485 3,731 2 922
1,131 1,473 2,305 1,913 1,945 2,048
451
648
714
532
235
434
299
639
705
698
747
257
861 1,087
168
168
200
211
127
214
114
479
114
463
117
113
451
671
462
117
114
106
282
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits a^ter taxes
Dividends
9,672 8,580 9,473 10,391 10,581 10,664 2,596 2,732 2,755 2,582 2,275 2,335 2,366
399
700 1 385 1,260 1,451 1,404
336
397
1 14f
272
156
199
226
698
438
784
693
832
871
289
252
312
328
338
412
4,830 5,069 5,528 6,058 6,549
983 1,129 1,313 1,482 1,740
822
814
947
657
757
619
651
560
493
725
2,694 2,967 3,342 3,729 4,136
787
691
333
580
292
384
331
341
186
207
355
27f
178
318
213
186
97
231
73
234
79
219
162
88
96
136
73
172
74
7,113 1,850 1,725 1,716 1,821 1,974 1,810 1,817
428
1,893
456
458
571
478
551
487
235
l,04f
249
294
268
324
268
266
771
194
182
189
206
212
210
211
4,525 1,092 1,126 1,129 1,178 1,174 1,210 1,233
220
925
223
234
248
262
242
262
107
109
114
122
452
116
125
141
104
100
101
108
109
412
111
112
1
2
includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of seriea
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).
FEBRUARY
1955
179
N E T CHANGE IN O U T S T A N D I N G CORPORATE S E C U R I T I E S 1
P R O F I T S . TAXES, AND DIVIDENDS OF
U N I T E D STATES C O R P O R A T I O N S
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars'.
[Estimates, in. millions of dollars]
All types
Profits
before
taxes
Income
taxes
Profits
after
taxes
1939
1941
1943
1945
6.4
17.0
24.6
19.0
1 .4
7.6
14.1
10.7
5.0
9.4
10.5
8.3
3.8
4.5
4.5
4.7
1 .2
4.9
6.0
3.6
1947
1948
1949
1950
29.5
32.8
26.2
40.0
11 .3
12.5
10.4
17.8
18.2
20.3
15.8
22.1
6.5
7.2
7.5
9.2
13.0
8.3
1951
1952
1953
19541 . . .
41.2
37.2
39.4
35.0 |
I
41 .9
40.9
32.5
22.5
20.0
21.1
17.2
.18.7
17.2
18.3
17.8
9.1
9.1
9.4
9.9
9.6
8.1
8.9
8.0
22.5
21.9
17.4
19.5
.19.0
15.1
9.3
9.5
9.6
10.2
9.5
34.5
34.5
34.2
37.0
17.0
17.0
16.8
18.2
17.5
17.5
17.4
18.8
9.6
9.6
9.8
7.9
7.9
7.6
8.4
Year or
quarter
1953—2.
3.
4.
1954—1 .
2.
3.
Year or
quarter
UndisCash
divi- tributed
dends profits
H .7
5.5
10.4
New
issues
New
RetireNet
ments change
U. S.
Government
securities
24.5
32 3
42.1
51.6
54.5
72.9
93.8
97.4
10.8
13.9
21 .6
21 .7
2.2
1947.
1948..
1949
1950
62 1
68.6
72 4
8.1 .6
123.6
133.0
25.0
25.3
26.5
28.1
14.1
14.8
16.8
19.7
1951
1952
1953...
86.5
90.1
92 .6
179.1
186.2
1 89. 7
30.0
30.6
30.7
1954—i
2
3
92 .9
94.2
95 .3
183.3
I 79.6
1 83.9
27.8
28.9
30.1
6,906|
-449
4,92-4
5,996 - l , O 7 2 | 1 .533
6,8821
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
1,2831
1,583j
2 ,802
3.004;
4.655i
3,284i
2,004!
2,772
2,751
2,428
6,277
7,927
7,12!
5.682|
7 , MA
6,651
2.105
2 .403
1,896
9.048
10,679
9,550
1953—3. .
4. .
1 ,861
2,455
1954—1 . .
2. .
3. .
2.700
2.858
3.027|
532
639!
9771
1 ,139i
1 ,314-j
910
623
512
400;
2021
698j
1 .355
1,232
1 .572
1,720
3.577: 3.366 ;
4,940i 3,335''
4.755J 2.898;
666!
348!
2.700
2,987
1 ,867!
1.632!
1.864!
2,418!
533i
2,366
1 .328 1 .313
1,816! 1 ,785
419
508
894;
1,277;
548;
670!
U3|
435
539
1,724-1 1,6.19
1 .719! 1 .863
1,7141 2,3141
758
847!
93 8 i
862 ! 1.081i
1.016*
995i
1.377;
713j
219
292
376
862
703
337
1
C u rre nt iiabilit ies
Notes and accts.
payable
Notes and accts
receivable
Inventories
U. S.
Govt. 2
Other
.0
.6
5.0
2.7
22.1
27.4
21.9
23.2
Other
Total
U. S.
Govt.-'
Other
.0
.8
2.2
.9
21 .9
25.6
24.1
24.8
18.0
25.6
2 7.6
26.3
1.4
1.4
1 .3
2.4
30.0
40.7
51 .6
45.8
38.3
42.4
43.0
1 .1
55 . 7
44.6
48.9
45.3
55.1
1 .6
1 .6
1.4
1.7
61.5
64.4
60.7
79.8
20. 7
20.4
21 .5
2.7
2.8
2.6
58.8
64. 7
65.0
64.9
65 .4
67.5
2.1
2.4
2.4
92 .6
96.1.
97.1
1 .3
2.3
2.2
19.7
16.8
18.6
2.8
2.4
2.3
63 .2
63.4
65 .2
67.3
65.5
65 .1
2.5
2.6
2.7
90.4
85.4
88.6
2.5
2.4
2.6
1
Excludes banks and insurance companies.
each other on corporations' books.
Source.
Net
New ! Retirechange
issues
6,457|
Current assets
1939
1941..
1943
1945
I
1945 . . . .
C U R R E N T ASSETS AND LIABILITIES O F U N I T E D STATES C O R P O R A T I O N S
[Estimates, in billions of dollars]
Cash
Stocks
1
Reflects cash transactions only. As compared with data shown on p. 178, new
issues exclude foreign and include investment company offerings, sales of securities
held by affiliated companies or RFC, special offerings to employees, and also new
stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal
funds or with proceeds of issues for that purpose shown on p. .178.
Source.—Securities and Exchange Commission.
1
Preliminary estimates by Council of Economic Advisers.
Source.—Department
of Commerce.
End of year
or quarter
j
1947
1948
1949
1950
.1951
1952
1953
12.9
Bonds and notes
Federal
income
tax
liabilities
Other
1 .2
7.1
16.6
10.4
6.9
7.2
8.7
9.7
10.7
11 .5
9.3
16.7
13.2
13.5
14.0
14.9
53.6
57.8
57.3
21 .3
17.7
18.7
16.5
18.3
.18.9
53.<)
52.5
53.0
14.9
11 .7
.13.6
19.1
18.8
19.4
37.6
39.3
37.5
.4
47.9
j
2
Receivables from and payable* to U. S. Government do not include amounts offset against
Securities and Exchange Commission.
BUSINESS E X P E N D I T U R E S ON NEW P L A N T AND E Q U I P M E N T i
[Estimates, in millions of dollars]
Year
Total
Manufacturing
Mining
Railroads
Transportation
other
than
rail
Public
utilities
Communications
Other 2
302
321
1 ,776
2,378
1939
194=5
5 512
8,692
1,943
3,983
326
383
280
R48
365
574
520
505
1947
1948
1949
1950
20,612
22.059
1.9,285
20,605
8,703
9,134
7.149
7,491
691
882
792
707
889
,319
,352
1,111
1 ,298
1,285
887
1 ,21.2
1 ,539
2,543
3,125
3.309
1,399
1 ,742
1,320
1,104
1951.
1952
1953
1954*
? S 644
26,493
28,391
26,682
10,852
11.632
12,276
11,240
929
985
1,011
1 ,021
, 174
1.396
1,312
848
1 ,490
1 ,500
1,464
1 ,408
3,664
3,887
4.548
4,209
1,319
6,093
5,154
4.660
5,671
5,916
7 094
7 ,778
7 ,955
Total
Maimfacturing
and
mining
i Trans| portai tion
! incl.
S railj roads
Public
All
utili- other
1
*
ties
1953—\
2
3
4
6 339
7 .289
7.098
7,686
2,972
3.426
3.2.10
3.680
!
!
i
i
650
725
686
7.17
925
1.158
1 .219
1 ,246
1,792
1,979
1,984
2,023
1954—1
2
3
4i
6,240
6,918
6.629
6,894
2.864
3.198
2.962
3.238
1
i
!
|
608
600
535
514
910
1 ,108
1,058
1,134
1 ,859
2,013
2,075
2,009
1955- - 1 '
6,096
2,737 j
531
858
i ,971
Quarter
1
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
Includes communications and other.
Anticipated by business.
Sources.—Department
of Commerce and Securities and Exchange Commission.
3
180
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
Nonfarm
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
All
holders
Farm
1- to 4-family 1louses
Multi-family and
commercial properties1
Total
Financial
institutions
Other
holders
Total
Financial
institutions
Other
holders
All
holders
FinanOther
cial
insti- holders*
tutions
1941
1942 . . .
1943
1944
1945
1946
19*7
1948
1949
1950
1951
1952
1953
1954P
37.6
36.7
35.3
34.7
35.5
41.8
48.9
56.2
62.7
72 8
'82.2
•"91.2
101 0
113.6
20 7
20.7
20.2
20.2
21.0
26 0
31.8
37 8
42.9
51 6
59.5
66.8
75 0
85.7
2 0
1.8
1.4
1.1
.9
6
.5
6
1.1
1 4
2.0
2.4
2 8
2.8
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17 8
18.7
r
19 8
20.7
21.9
r
23 2
25.0
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50 9
57.1
66 7
75.6
84.0
93 3
105.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33 3
37.5
45.1
51.9
58.7
66 3
75.6
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25 0
28.4
35.3
41.2
47.0
53.8
62.4
6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9 8
10.7
11.7
12.5
13.2
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17 6
19.6
21.6
23.7
25.3
27 1
29.7
8 0
7.8
7.4
7.2
7.5
8 4
9.6
10 9
12.4
14 0
15.7
17.0
18 2
20.0
4 8
4.7
4.6
4.6
4.7
5.4
6.1
6.7
7.2
76
8.0
8.3
8 9
9.7
6 4
6.0
5.4
4.9
4.8
4 9
5.1
5 3
5.6
6 1
6.6
7.2
7 7
8.2
1.7
0
2.1
2 3
2.6
2.8
3 0
3.3
1953—Tune
September....
December
96.2
98.7
101.0
70.9
73.0
75.0
2 7
2.8
2.8
22 6
22.9
••23.2
88.7
91.2
93.3
62.5
64.6
66.3
50.3
52.1
53.8
12.2
12.4
12.5
26.1
26.6
27.1
17.6
17.9
18.2
8.6
8.7
8.9
7 5
7.6
7.7
3 0
3.0
3.0
1954—March P
JuneP
September. . .
December P. . .
103 1
106.2
109.8
113.6
76 8
79.5
82.5
85.7
2 7
2.7
2.7
2.8
23 6
24.1
24.6
25.0
95 3
98.2
101.6
105.3
67 7
70.0
72.6
75.6
55.2
57.3
59.7
62.4
12.5
12.7
12.9
13.2
27.5
28.3
29.0
29.7
18.5
19.0
19 5
20.0
9.0
9.2
9.5
9.7
7 8
8.0
8.1
8.2
3.1
3.2
3.2
3.3
7.2
L4
L3
L3
L.3
s
4 9
4.5
4.1
3.7
3.4
3 4
3.3
3 4
3.5
3 7
4.0
4.3
r
4 6
5.0
4 5
4.6
4.6
r
4.7
4.8
4.Q
5.0
^Preliminary.
•"Revised.
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, and all figures for December 1953 except those on total farm (preliminary estimate from
Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies
but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC,
FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and
separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]
End of year
or quarter
Commercial bank holdings 2
Mutual savings bank holdings*
Nonfarm
Nonfarm
Residential3
Total
Total
Total
4 906
746
4 ,521
1941
1942
1943
1944.
1945
1946
1947
1948
1949.
1950
1951.
1952
4 ,430
4 ,772
7 234
o 446
10 897
11 ,644
1 3 664
4 340
4 256
4 058
3,967
4,251
6 533
8 623
10,023
10,736
12 69S
13,728
14,809
15,768
17,465
Farm
FHA- VA- Coninguar- vensured anteed tional
3 ,292
332
3 ,256
Other
924
802
S 146
933
8 ,066
8 ,676
10 431
11 ?70 .3 4?1 ? 9?1
1 ? ,188 3 67S 3 01 >
1 ? ,925 3 ,912 3 061
14 ,200 4 ? ? S 3 37S
Total
Total
1,048
3 ,218
3 ,395
Residenti ais
Total
749
856
1,387
1 690
1,957
. . . . 2,060
2 264
4 ,9?.Q 2,458
S S01 2,621
s ,951 2,843
6 000 3,265
566
491
463
463
S?1
702
823
874
909
968
1 ,004
1 0S8
1 08?
1 16S
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
15,000
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
14,945
3,884
3 725
3,558
3,476
3,387
3,588
3,937
4,758
5,569
7,054
8,595
9,883
11.334
13,195
Farm
FHA- VA- Conguar- veninsured anteed tional
Q00
876
837
805
797
8?7
891
1 oi=;
2,567
3,168
.3.489
3,900
1 7?.fi 4 30.3
? ?.37 4 477
4 7Q?
3
4 1S0 S 14S
1954P
14 73?
IS ,867
\6 . 850
18 ,630
1953—j u n e
September
December
16 ,387 15,283 12 ,545
16 ,640 15,550 12 ,770
16 ,850 15,768 12 ,925
3 ,798 3 013 5 ,734 2,738 1 ,104 12,112 12,062 10,574 3,325 2 590 4 658
3 ,860 3 040 5 ,870 2,780 1 ,090 12,500 12,450 10,930 3,405 2 ,785 4 740
3 ,912 3 061 5 ,951 2,843 1 ,082 12,943 12,890 11,334 3,489 3 ,053 4 792
1954—MarrhP
Tune?
September'....
December?. . . .
16 ,970
17 ,366
17 ,970
18 ,630
3 ,920
3 ,960
4 ,105
4 ,225
15,870 1? ,965
16,227 n ? ? 0
16,810 13 .690
17,465 14 ,200
3 07S S ,970 2,905
3 116 6 144 3,007
3 230 6 ,355 3,120
3 375 6 ,600 3,265
1 100 13,345
1 130 13,881
1 ,160 14,415
1 ,165 15,000
13,292
13,826
14,360
14,945
Other
11,700 3,560 3 ?9S
12,181 3,659 ,3 S79
12,665 3,770 3 , 830
13,195 3,900 4 ,150
4 84^
4 94?
5 ,065
5 145
1 ,099
1 ,164
1 ,774
1 444
1 55ft
1 7 SO
28
26
25
24
24
26
28
34
37
44
47
53
53
55
1 ,488
1 ,520
1 ,556
50
50
53
1 S9?
53
55
55
55
1 64 S
1 .60*
1 , 750
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
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory
agencies, Comptroller of the Currency, and Federal Reserve.
FEBRUARY
1955
181
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans acquired
Loans outstanding (end of period)
Nonfarm
Year or month
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949. ,
1950
1951
1952
898
855
935
976
1,661
2,786
3,407
3,430
4,894
5,134
3,978
4 34.5
5 334
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3 9?5
4 (>21
1953—December
480
435
1954— January
February.
March
April
May
J une
July
August
September
October
November
December
318
282
319
419
443
342
451
421
464
484
471
571
631
277
372
403
318
410
393
435
459
446
538
588
toss
1954
FHAinsured
Nonfarm
VAguaranteed
Farm
Total
Other
Total
FHAinsured
Farm
VAguaranteed
Other
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21.251
23.322
25,927
5,073
5,529
5,830
5 873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21 .436
23.881
1,096
1 286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5.681
6,012
6,122
1,106
1,224
2,026
3,131
3,347
3 560
4 636
4 876
5,538
6,356
7,090
8 176
9,399
10,518
11 864
13 123
1,138
1,327
1,527
1,705
1 886
2,046
668
815
899
913
896
841
800
776
795
895
990
45.S
1,377
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
65
79
291
45
23,322
21,436
6,012
3,560
11,864
1,886
51
57
174
36
44
68
47
48
60
51
53
53
56
80
62
46
77
86
85
100
98
133
156
148
183
208
187
227
270
185
250
244
249
250
242
275
318
42
47
40
24
41
28
29
25
25
33
43
23,435
23,570
23,769
24,005
24,174
24,384
24,572
24,795
25,035
25,260
25,574
25,927
21,538
21,660
21,845
22,060
22,212
22,403
22,575
22,786
23,019
23,235
23,540
23.881
6,027
6,037
6,066
6,081
6,088
6,091
6,095
6,100
6,098
6,103
6,133
6.122
3,599
3,626
3,683
3,746
3,804
3,886
3,951
4,048
4,187
4,302
4 451
4.636
11,912
11,997
12,096
12,233
12,320
12,426
12,529
12,638
12.734
12 830
12 956
13.123
1 .897
1,910
1,924
1,945
1,962
I ,981
.997
2.009
2,016
2,025
2 034
2.046
451
600
366
131
938
1,202
1,350
1,486
1,058
1,294
864
817
673
429
256
844
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 monthlyfiguresrepresent 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-monthfigures,the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
1941
1942
1943
1944
1945
1946
1947
1948..
1949 .
1950 .
1951
1952
1953
1954..
Total
New
construction
VA- ConHome Other
FHAinguar- venpurpur- Total 8
sured anteed tional'
chase poses 1
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,638
5,237
5,250
6,617
7.767
8,969
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2.475
3,076
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2,955
3.488
3,846
4,578
4,583
4,584
4,800
5,376
7,141
8,856
563
10,305
717
11,616
841
13,622
864
15,520
904
18,336
21 882 1,044
26,142 1,171
2,397
2,586
2,969
3,125
3,385
3.961
4,714
1941.,
1942.
1943.,
1944.,
1945.,
1946.,
1947.,
7,345 1948
8,313
9,812
11,530 1951
14,047 1952
16,877 1Q53
20,2f>7 1954
21,882 1,044
3,961
16,877 1953-Dec...
584
187
259
138
1954-Jan...
Feb...
Mar..
Apr..
May..
June..
July.
Aug..
Sept..
Oct...
Nov..
Dec...
495
539
710
732
728
810
802
841
828
824
807
853
152
176
246
257
254
283
281
2S9
282
283
278
295
217
220
288
298
301
341
349
372
369
364
357
369
126
143
176 22,722 1,083
177
173
185 23,847 1,102
173
180
177 25,053 1,150
177
172
189 '26! U 2 i'M'i
1
Includes loans for repair, additions and
a
Prior to 1948, data are not available for
8
1954-Jan...
Feb...
Mar..
4,111 17,528
Apr. .
May..
June..
18,468
4,277
July .
Aug..
Soot..
4,503 ig,466
Oct..
Nov....
4,714' 20',25"
alterations, refinancing, etc.
classifications shown.
Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
Amount, by type of lender
Year
or
ficoath
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1.804
2,047
1953-Dec...
182
[Number in thousands; amounts (except averages) in millions of dollars]
Loans outstanding (end of period)2
Loans made, by purpose
Year or
mouth
NONFARM M O R T G A G E R E C O R D I N G S O F $20,000 OR LESS
Number
Total
Average
amount
Sav- Insur- Com- Mutual
reings & ance
mersav- Other corded
comloan
cial
ings
(dolpanies banks banks
lars)
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
,628
,351
,274
,446
_,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
255
1,622
569
126
291
218
229
281
280
278
303
306
312
313
314
307
318
1,372
1,425
1,784
1,793
1,805
1,990
2,027
2,086
2,122
2,156
2,148
2,267
467
517
666
669
675
741
734
770
766
765
757
7S4
108
105
124
130
124
146
155
166
164
178
177
191
263
274
335
333
330
368
371
369
383
393
399
420
404 1,166
362
886
280
753
257
878
250 1,097
503 2,712
847 3,004
1,016 2,664
,046 2,446
,618 3,365
,615 3,370
,420 3,600
,480 3.680
,768 4,239
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
7,154
2,906
2,918
3,031
3,180
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950
6.241
6,644
128
508
6,372
85
85
103
112
118
133
141
138
141
140
147
158
449 6,292
444 6,223
556 6,339
550 6,411
558 6,484
602 6,573
626 6,625
643 6,684
668 6,789
679 6,874
667 7.004
714 7,131
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1.327
1,501
Source.—Home Loan Bank Board.
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
[In millions of dollars]
VA-guaranteed loans8
FHA-insured loans
Year
or
month
Home
mortgages
Total
Total
New
properties
1940 ,
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950.
1951
1952
1953
1954
991
1,152
1,121
934
877
857
3,058
5,074
5,222
5,250
7,416
6,834
5,830
991
1,152
1,121
934
877
665
756
1,788
3,341
3,826
4,343
3,220
3,113
6.946 3,882
7,323 3,066
1954—Jan
Feb
Mar. . .
Apr....
May...
June . . .
July....
Aug
Sept.. .
Oct
Nov....
D e c . ..
512
488
471
493
512
579
531
680
679
770
760
843
265
221
246
245
243
270
238
262
269
252
266
287
588
728
766
553
484
257
120
477
1,434
1,319
1,637
1,216
969
Projecttype
Ex- mortisting gages1
properties
175
183
208
210
224
217
302
418
684
892
856
713
974
1,259 1,010
1 ,035
907
117
94
95
83
74
86
75
72
77
80
91
92
66
60
67
70
72
79
79
79
59
74
92
109
Property
imTotal
provement2
loans
Home
mortgages
New
properties
Alteration
Exand
isting repair2
properties
13
14
21
85
56
20
13
360
609
216
228
126
86
114
171
192
321 2,302
534 3,286
614 1,881
1 ,021
594 1,424
1,157
694 3,073
582
708 3,614
322
848 2.721
259 1,334 3,064
232
891 4,257
12
13
16
17
25
24
14
40
33
9
7
23
69
54
69
76
71
82
70
71
101
89
76
63
247
267
225
248
269
309
293
418
410
518
494
556
793
1,865
2,667
1,824
2,045
2,686
3
5
6
6
629
1,202
942
890
1,014
1 ,566
174
188
160
163
171
200
178
251
252
307
304
337
6
5
73
79
65
85
98
109
115
167
157
211
189
219
4
.4
.4
.8
.3
.3
.3
.2
.5
.4
.5
.4
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.
2
i948
1949
1950
1951
1952
August
September. ..
October
November...
December....
.1.955--January
Total
sured
VAguaranteed
Mort- Mortgage
gage
pursales
chases (during
(during
period) period)
198
672
1,044
677
538
54?
614
20
469
Hi
56
??i
525
37
47
49
50
38
50
120
33
38
39
50
64
57
50
98
108
30
37
37
39
19
23
11
15
FHA-.
in-
528
848
918
661
1,085
5*0
227
824
485
239
323
63K
476
199
828
1,347
1,850
2,242
2.462
2,434
188
403
169
204
320
691
802
11
425
i.178
1,646
1.922
1.841
1,632
550
542
539
539
560
570
540
594
631
678
0)
C')
666
685
745
812
791
779
737
700
654
603
547
476
2,434
2,424
2,366
2,299
2,299
2,301
2,371
2.355
2,362
2,368
2,396
2,434
625
641
653
667
680
700
724
733
745
752
773
802
1,809
1.783
1,713
1,632
1,619
1,601
1,647
1,622
1,618
1,616
1,623
1,632
0)
418
2 ,462
817
1,645
1954
i*-)54—January
February....
March
April
May
June
July
Mortgage holdings
10
1
No authorization figures shown after October since under its new charter,
effective Nov. I, 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 Mori gage Association.
FEBRUARY 1955
Total
FHA- VAinguarsured anteed
2 3
3 0
2 3
3
4
4
4
3
4
4
4
3
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954*
17 3
18 4
18 2
17 8
17 9
18 5
23 1
28 2
33 3
37 5
45 1
51 9
58 7
66 3
75.6
9 3
12 5
15 0
18 9
22 9
25 4
28 1
31.5
5 3
6 9
8 6
97
10 8
12 0
12.8
1952—Mar. .
June..
Sept..
Dec...
53.3
55.1
57.0
58.7
23.5
24.0
24.7
25.4
1953—Mar...
Tune..
Sept...
Dec.. .
60.4
62.5
64.6
66.3
1954—Mar. P. 67.7
June*. 70.0
Sept. P. 72.6
Dec. i'. 75.6
7
1
2
3
7
1
2
1
7
2
15
15
14
13
13
14
17
18
0
4
5
7
7
2
0
9
24
5 5
72
8 1
10 3
13 2
14 6
16 1
18.7
22 5
26 2
29 0
33 3
^8 2
44.1
10.1
10.4
10.8
13.6
13.9
14.3
14.6
29.8
31.1
32.3
33.3
26.1
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
34.3
35.8
37.1
38.2
28.8
29.7
30.5
31.5
12.2
12.4
12.6
12.8
16.6
17.3
38.9
40 3
42 1
44.1
9.9
17 Q
18.7
v Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board Federal Houaing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY 1
[In millions of dollars]
Author- Comized
mitfunds ments
unu.n~
comdismitted bursed
Conventional
Total
1940
1941
1
End of year
or month
Governmentunderwritten
End of
year or
quarter
Year or month
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Ad-
Repayments
Advances outstanding
(end of period)
Total
Shortterm1
Longterm 2
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—January..
February.
March
April.
May..
June..
July..
August
September.
October.. .
November.
December.
26
15
36
35
28
106
53
59
69
63
74
171
226
88
84
51
33
39
98
31
38
45
38
47
751
677
630
613
608
675
630
659
689
708
743
867
496
438
396
382
377
428
406
422
452
471
495
612
255
239
233
231
231
247
223
236
237
236
248
255
1955—January. ..
38
188
717
491
226
c
Corrected.
Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
1
2
183
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Instalment credit
End of year
or month
Other
Automobile consumer
paper i
goods
paper 1
Total
Total
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Servic*
credit
1939
1940
1941
1942
7,222
8,338
9,172
5,983
4,503
5,514
6,085
3,166
1,497
2,071
2,458
742
1,620
1,827
1,929
1,195
298
371
376
255
1.088
1,245
1,322
974
2,719
2,824
3,087
2,817
787
800
845
713
1,414
1,471
1,645
1,444
518
553
597
660
1945
1946
1947
1948
1949
1950
1951
1952
1951
1954
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22.187
22,467
455
981
1,924
3,054
4,699
6,342
6,242
8,099
10.341
10,396
816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668
182
405
718
843
887
1,006
1,090
1,406
1,649
1,616
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,366
4,787
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
746
1,122
L ,356
1,445
L ,532
1,821
L 934
2,094
2.219
>,420
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3.411
3,518
845
,014
,166
,285
,376
,496
,601
.707
.720
,720
1954—January
February
March
April
May
June
July
August
September
October
November
December
28,724
28,140
27,833
28,095
28,372
28,666
28,725
28,736
28,856
28,975
29,209
30,125
21,836
21,582
21,381
21,426
21,487
21.717
21,849
21,901
21,935
21.952
22,014
22.467
10,158
10,010
9,919
9,942
10,002
10,168
10,298
10,349
10,365
10,340
10,296
10,396
5,697
5,588
5,443
5,413
5,370
5,367
5,328
5,294
5,287
5,324
5.398
5,668
1,635
1,623
1,614
1,617
1,634
1,635
1,637
1,642
1,642
1,637
1,631
1 ,616
4,346
4,361
4,405
4,454
4,481
4,547
4,586
4,616
4,641
4,651
4,689
4.787
6,888
6,558
6,452
6,669
6,885
6,949
6,876
6,835
6,921
7,023
7,195
7,658
2,165
2,133
2.150
2,181
2,313
2,334
2,303
2.312
2,335
2.377
2.407
2,420
3.002
2.682
2,564
2,723
2,786
2,819
2,773
2.734
2,807
2,892
3.042
3,518
L ,721
L ,743
L, 738
,765
,786
,796
,800
1,789
1,779
1,754
,746
.720
.
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Retail outlets
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
1939
1940
1941
1942
4,503
5,514
6,085
3,166
3,065
3,918
4,480
2,176
1,079
1,452
1,726
862
1,197
1,575
1,797
588
132
171
198
128
657
720
759
598
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
1954—January
February
March
April
May
21,836
21,582
21,381
21,426
21,487
21,717
21,849
21,901
21 ,935
21,952
22,014
22,467
18,545
18,300
18,192
18,245
18,325
18,538
18,671
18,731
18,753
18,726
18.719
18,935
8,914
8,755
8,714
8,722
8.729
8.783
8,763
8,731
8,688
8,637
8,586
8,633
6,062
5,974
5,892
5,901
5,944
6,060
6,189
6,256
6,294
6,315
6,325
6,421
1,103
,115
1,136
1,157
1,175
,207
1,228
1,250
1,267
1,270
,282
End of year
or month
June
July
August
September
October
November
December
...
L, 293
Department
stores 1
Furniture
stores
Household
appliance
stores
Automobile
dealers 2
Other
1,438
1,596
1,605
990
354
394
320
181
439
474
496
331
183
196
206
111
123
167
188
53
339
365
395
314
629
840
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
686
937
1,440
1,876
2.269
2,670
2,760
3,274
3,429
3,532
131
209
379
470
595
743
920
1,117
1,040
1,201
240
319
474
604
724
791
760
866
17
38
79
127
168
239
207
244
28
47
101
159
239
284
255
308
270
324
407
516
543
613
618
739
903
890
291
293
380
394
815
754
2,466
2,456
2,450
2,465
2,477
2,488
2,491
2,494
2,504
2,504
2,526
2.588
3,291
3,282
3,189
3.181
3,162
3,179
3,178
3,170
3,182
3,226
3,295
3,532
995
1,065
1,031
1,032
1,027
1,037
1,032
1,032
1,041
1,063
1,098
1,201
872
849
829
823
821
820
818
821
285
281
276
274
271
273
277
276
375
370
366
368
371
379
386
389
764
717
687
684
672
670
665
652
822
830
278
282
390
390
651
661
Other
Total
846
890
283
293
390
394
678
754
1
2
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
184
FEDERAL RESERVE BULLETIN
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT
NONINSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
Total
noninstalment
credit
End of year
or month
Retail
outlets
(charge
accounts)
Financial
institutions
(single-payment loans)
Commercial
banks
Other
Department 1 Other
stores
Service
credit
1939
1940
1941
1942
2,719
2,824
3,087
2,817
625
636
693
593
162
164
152
120
236
251
275
217
1,178
L220
1,370
1,227
518
553
597
660
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 .800
2,085
72
114
153
184
198
245
250
250
320
335
290
452
532
575
584
641
685
730
748
764
1,322
L.624
.821
2,138
2.096
2,365
2,411
2,612
2,663
2,754
845
1,014
1,166
1,285
1954—January...
February..
March. . . .
April
May
June
July
August....
September.
October. . .
November.
December.
6,888
6,558
6,452
6,669
6,885
6,949
6.876
6,835
6.921
7,023
7,195
7,658
1,880
1,841
1,845
1,883
1,918
1,977
1,989
1,985
1,997
2,067
2,049
2.085
285
292
305
298
395
357
314
327
338
310
358
335
607
526
483
502
499
497
448
446
488
517
574
764
2,395
2,156
2,081
2,221
2,287
2,322
2,325
2,288
2,319
2,375
2.468
2,754
1,721
1,743
1,738
1,765
1,786
1,796
1,800
1,789
1,779
1.754
I , 746
1,720
1
L,376
1,496
1,601
1,707
..720
1,720
End of year
or month
Total
instalment
credit
Automobile
paper
Purchased
Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
L939
1940
1941
1942
1,079
1,452
1,726
862
237
339
447
149
178
276
338
134
166
232
309
153
135
165
161
124
363
440
471
302
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
745
1,567
2,625
3,529
4,439
5,798
5,771
7.524
66
169
352
575
849
1,177
1,135
1.633
2.215
2,198
143
311
539
753
946
,294
,311
,62Q
,867
,645
114
299
550
794
1,016
1,456
1,315
1,751
2,078
1,839
110
242
437
568
715
834
888
,137
,317
,275
312
546
747
839
913
,037
,122
,374
.521
,676
191
162
2,164
2,180
2,195
2,237
2,240
2,230
2,224
2.207
188
,807
,773
, 755
,745
, 735
,729
.720
,707
,686
,663
1,636
1,645
2,092
1,997
1,955
1,939
1,925
1.913
1,880
1,857
1,835
1,822
1 ,822
1,839
,303
.290
1,279
1.281
1,293
1,293
1,297
1,299
1.299
1 .206
1 .287
1.275
,521
,533
,561
,577
,581
.611
,626
,638
,644
,649
.653
,676
.
.
8 OO^
8,633
1954—January.. .
February..
March. . . .
April
May
June
July
August
September.
October. .
November,
December.
8,914
8,755
8,714
8,722
8,729
8,783
8,763
8,731
8,688
8,637
8.586
8.633
2,108
Includes mail-order houses.
INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
[Estimated amounts out standing, in millions of dollars]
[Estimated amounts outstanding, in millions of dollars]
End of year
or month
Total
instalment
credit
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
878
115
148
56
1,187
1,363
341
136
167
78
190
201
117
62
66
52
164
377
24
67
185
232
303
313
241
58
141
54
92
242
126
1,197
1,575
1,797
588
1945
1946
1947
1948
1949
1950
1951
19S2
300
677
1,355
1,990
2,950
3,785
3,769
4,833
1,378
2,425
3,257
3,183
4,072
332
82
1954
6,421
5,563
351
81
426
1954—January
February...
March
April
May
June
July
August
September. . .
October
November. . .
December.. . .
6,062
5.974
5,892
5,901
5,944
6,060
6,189
6.256
6.204
6.315
6,325
6,421.
5.228
5,150
5,079
5,089
5,136
5,249
5,371
5,436
5,474
5.491
5,491
5.563
359
351
340
336
86
85
84
84
389
388
389
392
331
331
335
83
83
82
394
397
401
335
336
337
340
351
82
81
81
8t
81
403
403
406
413
426
1Q53
..
6 147
802
216
83
57
70
164
139
158
275
347
Repair
and
modernization
loans
Automobile
paper
1939
1940
1941
1942
789
891
957
726
81
102
122
65
24
30
36
27
15
16
14
14
669
743
785
62 0
1945
1946
1947
1948
1949
1951
1952
1953
1954
731
991
1,275
1.573
1,858
2.237
2,537
3,053
3.613
3,881
54
77
130
189
240
330
358
457
573
596
20
34
69
99
137
182
209
279
337
340
14
22
39
59
89
115
132
187
240
260
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2.4*4
2,685
1954—January
February
March
April
May
June
July
August
September....
October
November. . .
December... .
3.569
3,571
3,586
3,622
3,652
3.695
3,719
3 744
3,771
3.774
3.808
3.881
557
555
555
560
565
574
581
587
591
589
591
596
330
328
325
325
323
323
321
321
324
329
331
340
246
248
251
252
258
259
258
261
262
260
263
260
2,436
2,440
2,455
2,485
2,506
2,539
2,559
2,575
2,594
2,596
2,623
2.685
Personal
loans
1939
1940
1941
1942
Other
consumer
goods
paper
Total
instalment
credit
End of year
or month
^SO
v
Personal
loans
NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial
loan companies, mutual savings banks, savings and loan associations,
and other lending institutions holding consumer instalment loans.
FEBRUARY
1955
185
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
1940
1941
1945
1946
1947
1948
1949
1950 . . .
1951
1952
1953.
1954.. .
Other consumer
goods paper
Automobile
paper
Total
Year or month
Repair and
modernization loans
Extended
Repaid
Extended
Repaid
Extended
Repaid
8,219
9,425
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304
7,208
8,854
3,086
3,823
2,512
3,436
2,588
2,929
2,381
2,827
328
312
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024
999
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12.532
941
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11 379
12,4 77
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
Extended
Personal
loans
Extended
Repaid
255
307
2,217
2,361
206
423
704
143
200
391
702
577
2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889
7.299
7,827
2,060
2,284
2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273
6,784
7,406
651
721
826
853
1,243
1.387
1 ,245
Repaid
677
707
769
927
1 144
1 ,278
WITHOUT SEASONAL ADJUSTMENT
2,696
2,416
964
1,027
883
639
103
99
746
1,947
1,956
2,380
2,400
2,397
2,703
2,549
2,477
2,441
2.454
'"2,554
3.046
2,298
2,210
2.581
2,355
2,336
2,473
2,417
2,425
2,407
2,437
r
2.492
2,593
780
963
538
672
75
554
574
510
574
89
619
719
88
104
100
113
534
638
607
659
650
662
121
109
104
108
549
682
642
622
691
595
625
622
607
629
687
661
641
636
650
105
107
115
111
657
644
635
630
600
831
618
614
610
620
652
733
1953—December
1954—Tanuary
February
March
April
May
June
July
August
September...
October
November
December . .
L ,020
L.038
1,047
1,244
1,163
,114
,062
,031
,040
.184
957
1,111
1,015
987
1,078
1.033
1,063
1,046
1,056
r
l.084
1 ,084
809
r
615
645
105
'716
'642
036
666
107
112
115
106
108
95
102
114
110
593
SEASONALLY ADJUSTED*
1953 —December
2,414
2,323
1 ,053
1 ,026
637
620
109
07
615
580
1954—January r
February
March r. .
April r
Mav r . .
June7"
July- r
August . . .r
September
October r r
November
December
2,306
2,357
2,294
2.358
2,321
2.495
2.455
2.409
2.474
2.461
2.612
2,762
2.368
2.377
2,456
2,358
2.392
2,413
2,364
2,480
2.404
2,424
2 .500
2 ,488
907
959
985
1.041
. 053
.025
I ,010
.056
, 006
.067
,014
,039
1 .098
I . 083
689
636
681
644
97
119
84
102
613
643
618
590
115
110
621
605
957
964
984
1 ,114
1 .060
1 .035
1 .077
1 .068
1 ,109
1 ,298
601
688
644
604
649
666
613
609
633
677
629
658
658
667
678
634
652
631
108
115
95
08
100
106
92
101
100
115
108
100
105
118
106
113
642
618
637
631
661
682
668
725
595
600
501
501
630
638
627
658
679
643
90
108
686
654
* Includes adjustment for differences in trading days.
''Revised.
NOTE.—Back figures by months for the period 1940-52, together with a discussion of the composition and characteristics of the data and a
description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are
shown in the BULLETIN for November 1954, p. 1212. Estimates of instalment credit extended and repaid are based on information from accounting
records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both
credit extended and credit repaid without adding to the amount of credit outstanding.
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Dec.
1954
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account
Nov.
1054
+23
Percentage change
from corresponding
month of preceding
year
Oct.
1954
Dec.
1054
Nov.
1954
Oct.
1954
+ 12
+ 11
+2
-5
-9
+5
+2
+4
+5
+3
+6
0
+21
+ 19
+3
+4
+ 13
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
+6
+5
+8
+3
+2
+5
+1
+1
+1
+1
+1
-1
+ 10
0
-1
+7
+2
Inventories, end of
month, at retail value.
-8
-1
+3
—5
-7
-7
+4
-4
+1
Instalment accounts
Year or month
December
Department
stores
Furniture
stores
14
11
14
14
15
14
14
14
14
13
13
14
13
14
12
11
13
12
12
12
12
12
12
12
12
12
Charge
accounts
Household ap- Department
pliance
stores
stores
1953
46
1954
January
February
March
April
May
June
July
August
September
October
November
December
9
9
10
9
10
10
10
10
10
10
10
9
45
43
48
45
46
47
45
45
46
47
48
46
1
Collections during month as percentage of accounts outstanding at
beginning of month.
186
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts 1
awarded (value)
1947-49 = 100
Industrial production
(physical volume)*
(1947-49 = 100)
Employment and payrolls 2
"1947-49=100
Manufactures
Year
or month
Total
Durable
Total
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
employment
DepartWholeFreight ment
Consale
sumer2 com^ l o a d - store
Manufacturing
ings* sales* prices modity2
production workers 1947-49 (retail 3 1947-49 prices
= 100 value)
= 1CO 1947-49
1947-49
= 100
Pay= 100
Employroils
ment
1
Unad- AdAdjusted justed justed
AdAdUnad- UnadAdAdAdAdAdAdjusted justed justed justed j usted justed justed j usted justed justed
Ad-
justed
Adjusted
Unadjusted
Unadjusted
45
51
66
26
18
27
41
49
57
75
39
45
32
43
42
46
59
61 .4
62 0
55.2
58.5
64.4
63.5
65.2
68.7
69 0
52.8
58.4
66.9
62.1
64.2
31.1
37 1
24 0
25.7
32.6
30.4
32.1
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74 0
85 7
76 4
71 6
72.9
73 1
75.0
69
69
731
63|
73
71
76
52
49
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
30
67
68
70
70
37
37
37
38
75 6
74 2
73 3
73 3
71.4
65 0
62 0
62 9
61 9
56.1
51
34
22
41
42
48
51
55
20
18
24
25
21 5
14.8
15 9
20.4
23 5
32
8
7
7
13
50.2
42.6
47.2
55.1
58 8
79
15
14
17
20
60 4
53.5
53 7
58.8
61 3
59
62
67
69
24
2*
27
90
65 0
58 4
55 3
57.2
58 7
47
42
42
48
52
4
1
8
7
0
61
64
57
66
69
63
71
62
68
76
30
32
35
39
4.4
22
25
27
37
43
35
36
40
40
44
65.9
70.3
66 1
69 3
73 3
63.9
70.1
59 6
66.2
71 2
27.2
32.6
25 3
29.9
34 0
81
84
67
76
83
33
35
32
35
37
59.3
61 4
60 3
59 4
59 9
52
56
51
50
51
5
1
1
1
1
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
82.7
90 8
96.2
94 9
91 7
87.9 49.3
103.9 72 2
121.4 99.0
118 1 102 8
104.0 87.8
98
104
104
106
102
44
50
56
62
70
62.9
69 7
74 0
75 2
76 9
56
64
67
67
68
8
2
0
6
8
90
100
103
97
113
86
101
104
95
116
95
99
10?
99
111
91
KM
ior
82
84
102
113
159
87
86
98
116
185
79
83
105
111
142
94 8
99.4
101 5
99 1
102.3
97.9 81 2
103.4 97.7
102.8 105 1
93.8 97.2
99.6 111.7
100
108
104
88
97
90
98
104
98
105
83
95
102
101
102
78
96
104
99
103
7
4
4
2
1
121
125
114
114
pits
P\U)
115
114
P116
P127
128
136
P153
PI 38
171
183
192
216
170
183
178
232
172 108.2
183 110.5
201 m 6
201 P110.5
136
135
136
130
124
138
135
134
131
127
157
152
151
146
142
119
118
114
111
113
205
184
218
230
224
208
180
183
176
177
220
117
117
115
112
125
125
123
123
125
124
123
123
124
126
'•1.28
130
124
126
126
124
124
124
116
123
126
130
130
128
127
126
125
125
126
125
124
125
126
128
M30 i
132
141
139
135
134
136
135
134
135
136
"•138
M42
145
113
114
114
113
113
112
195
196
191
185
201
205
115
117
116
114
114
115
117
118
118
109
111
114
112
109
108
109
M13
117
196
193
207
206
213
216
227
233
Pl 31
P130
P 133
Pi 46
I'll 9
P121
1919
1920
1921
1922 . . . .
1923
1924
1925.
. ..
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
47
43
49
37
36
34
40
44
42
46
45
53
42
45
62
57
59
34
1926
1927
1928
19?9
1930
5ii
51 i
53j
59
49
50
50
52
58
48
52
49
53
60
45
48
50
51
56
51
63
64
63
68
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
1936
1937
1038
1939
1940
56
61
48
58
67
55
60
46
57
66
49
55
35
49
63
1941
1942
1943
1944
1945
87
106
127
125
107
88
110
133
130
IK
1946
1947
1948
1949
1950
90
100
104
97
112
1951
1952
1953
1954
120
124
P134
Pl?5
136
133
132
129
126
P!36
59
94
105
Pill
34|
30
43
62
its
99
35
4
5
8
8
8
106.4
106.3
112.0
P102.1
129.8
136.6
151 f
PISS.2
101
95
96
86
109
110
112
111.0
113.5
114.4
114.8
114 8
HI 6
110 3
113.8
113.7
112.0
109.4
107.7
154.0
153.4
152.6
148.0
147.2
98
96
95
92
88
112
107
111
113
112
115.0
115.2
115.4
115.0
114.9
110.6
111.0
110.2
109.8
110.1
202 111.7 105.6 105.1
192 111.2 104.6 104.3
182 110.8 103.8 103.6
184 110.4 102.7 101.8
178 110.2 102.1 100.5
193 110 1 101.8 100.9
98.7
188 109.8 100.0
202 109.7 99.7 100.6
217 110.0 100.2 102.0
226 110.3 100.9 102.3
250 110.7 101 .9 ••102.7
102.6
248 110.7
140.8
140.5
138.4
135.0
135.1
136.6
132.3
135.1
138.4
139.5
'142.7
143.9
90
88
85
107
109
105
84
84
84
82
84
84
87
89
93
111
108
112
111
112
107
113
114
Pi 17
115.2
115.0
114.8
114.6
115.0
115.1
115.2
115.0
114.7
114.5
114.6
114.3
110.9
110.5
110 5
111.0
110 9
110 0
110.4
110.5
110.0
109.7
110.0
109.5
P101 .3 "141 .5
92
«117
1953
August . . .
September..
October
November..
December. .
119
243
262
255
229
114 1
113.7
113.7
113.1
112.4
112.7
Hi.7
110.6
108.7
107.1
1954
January....
February...
March
April
Mav
June
July
August
Sentember..
October
November..
December..
218
23!
241
255
259
244
253
263
264
277
1955
January...
102.0
Pi 10.0
110.2
r
'Estimated.
pPreliminary.
Revised.
*Average per working day. P101 .8
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of
Research
and Statistics. For monthly data (dollar value) by groups, see p. 195.
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. 197-201.
Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1.328; department store sales, December 1951, pp. 1490-1515.
1
FEBRUARY
1955
187
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average =100]
1947-49
1953
Annual
proportion
1952 1953P Dec. Jan.
Industry
1954
Feb. Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec.
SEASONALLY ADJUSTED
Industrial Production—Total
Manufactures—Total
10®.00
124
90.02
125
136
Durable Manufactures—Total
45.17
136
153
6.70
116
132
Primary metals
134
126
125
127
127
142
141
113
ill
125
123
123
125
124
123
123
124
126
••128
126
125
125
126
125
124
125
126
128
'130
132
139
135
134
136
135
134
135
136
138
rl42
145
109
103
103
106
108
103
105
105
-111
118
120
148
124
144
125
181
166
135
148
121
147
125
189
161
137
149
124
-147
123
-194
164
137
•754
«i25
••148
122
••198
••181
138
156
126
144
120
192
195
140
130
28,52
5.73
13.68
9.04
4.64
7.54
1.29
146
121
147
136
167
154
142
167
136
160
143
194
189
155
156
126
146
133
172
182
154
155
126
143
130
169
185
148
151
123
141
130
163
179
147
147
120
138
125
163
173
144
147
119
138
125
163
174
139
148
121
138
124
163
178
138
147
122
139
124
170
170
135
147
122
141
125
173
170
136
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
5.91
2.82
3.09
118
125
ill
125
133
118
119
129
110
120
125
•114
125
130
120
123
130
116
121
128
114
125
130
120
118
129
108
113
131
96
114
132
97
124
134
116
130
132
128
130
"136
124
133
135
131
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
4.04
1.64
2.40
118
113
122
131
117
140
124
106
136
120
'106
130
120
103
132
119
104
130
117
103
127
118
102
128
120
104
131
120
106
130
123
109
133
123
109
132
123
"110
132
123
••108
132
122
107
J31
44.85
114
118
112
113
114
114
115
117
116
114
114
115
117
118
118
11.87
6.32
5.55
105
103
108
107
104
110
95
90
101
97
91
104
98
91
106
99
91
108
101
99
93
106
98
95
102
99
94
103
98
95
101
104
94
109
101
95
107
Rubber and leather products
Rubber products
Leather and products
3.20
1.47
1.73
107
116
113
128
. 99
104
116
93
103
112
94
102
110
94
103
\\3
93
103
113
94
106
119
94
107
120
95
99
97
100
97
98
96
103
117
91
Paper and Printing
Paper and allied products
Printing and publishing
8,93
3.46
5.47
118
120
116
125
132
121
122
125
120
122
126
120
123
129
119
124
131
119
125
133
120
126
137
120
126
136
121
126
133
121
126
135
121
Chemical and petroleum, products
Chemicals and allied products
Petroleum and coal products. . „
9.34
6.84
2.50
133
137
123
142
147
130
140
145
128
138
143
124
141
146
126
139
146
122
140
146
124
142
148
125
142
148
124
141
148
122
11.51
10.73
.78
106
105
107
107
108
103
103
112
105
105
105
106
98
106
106
103
106
107
103
110
108
108
107
105
105
101
114
116
113
113
113
112
109
III
114
112
S©9
108
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
* 35
2 68
36
2.32
5.67
113
83
78
84
128
115
78
57
81
133
112
69
55
71
133
114
70
62
72
134
113
68
59
69
135
112
62
52
63
137
111
58
46
60
137
112
65
44
68
134
115
69
48
72
136
112
70
56
72
133
110
68
50
71
130
109
67
49
70
129
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
1.63
.82
.81
115
108
123
119
113
124
114
101
127
111
103
119
112
101
124
110
96
124
99
78
120
106
91
121
110
99
122
108
91
125
102
83
121
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products...
Nondurable
Manufactures—Total
Textiles and apparel
Textile mill products
Apparel and allied products
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
Minerals—Total
no
108
"103
rl()l
rl07
102
101
104
108
\25
94
108
121
96
P99
127
137
121
127
138
121
127
'•137
120
127
136
121
141
149
121
144
150
125
143
150
124
'145
148
151 154
127 P131
105
105
99
105
105
102
105
105
102
•! 0 6
109
'113
r
115
133
106
106
100
117
110
70
43
74
130
115 Pi 17
13
69
66
51
74
72
136 '138
102
82
121
101
81
121
'105
85
125
113
r
P<)9
127
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL PRODUCTIONTOTAL
100.00
124
134
124
124
126
126
124
124
124
116
123
126
130
130
128
MANUFACTURES—TOTAL . . . „ . , .
90. ©2
125
136
125
126
128
128
125
125
125
116
125
127
132
132
129
Durable Manufactures—Total
45.17
136
153
140
.140
141
140
137
136
135
125
132
135
140
-143
143
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
116
115
115
107
117
112
144
114
109
143
132
133
138
130
139
135
165
121
115
154
110
110
114
117
114
116
105
101
98
122
113
111
315
113
115
115
115
103
98
130
113
111
113
108
114
113
119
106
103
125
108
104
105
100
106
105
114
101
100
111
107
102
104
93
105
103
113
98
98
104
108
104
107
94
108
108
109
97
96
100
109
105
108
99
109
111
102
97
96
101
94
91
95
94
96
96
93
80
79
87
100
95
96
93
97
96
104
90
90
91
103
98
101
93
102
101
111
90
89
98
112
107
111
101
112
111
120
97
95
106
118
114
121
110
122
119
138
••98
96
107
117
115
121
.113
121
118
145
1.01
99
,
.
lit)
* Preliminary.
' Revised.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnan ce
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.
188
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49 Annual
1953
propor1952 1953* Bee. Jan. Feb.
tion
Industry
1954
Mar. Apr.
May
119
147
101
115
113
97
240
107
111
96
143
118
122
147
99
114
107
100
245
115
114
101
154
116
120
147
97
107
109
102
246
108
113
102
149
112
June July Aug. Sept. Oct.
Nov. D o c .
WITHOUT SEASONAL ADJUSTMENT
—Continued
P r i m a r y metals—Continued
Nonferrous '"Petals
...,,,
Primary nonferrous metals. ,
Chopper smelting
Oopoer rpf^nirg ,
Aliiminurp
1,67
.
Secondary nonferrous metals.
Nonferrous shapes and castings.,..
Oopoer mill shapes
.
Aluminum mill shapes
Metal Fabricating
,
. .
Fabrlcaf'ecl fintetal products
Structural ^retal parts
Stampings and misc. metal products..
Tii* cans
Furnaces, gas ranges, and heaters., . .
Machinery
Nonelectrical machinery
.
Farm and industrial rrachinerv
Industrial and commercial machinery
Machine tools ?>nd presses ..
Laundry and refrigeration appliances.
144
145
124
125
116
125
88
126
114
143
93
123
106
153
75
125
109
196
104
124
125
111
172
109
141
138
137
128
138
145
128
124
85
126
122
84
125
121
84
119
117
79
118
116
74
12?
116
75
134
177
122
129
167
120
127
161
112
127
157
122
152
88
122
150
91
150
125
172
167
170
172
164
182
166
160
172
162
159
156
162
145
151
116
5 76
152
234
J83
115
135
103
112
67
145
137
106
4S3
124
59
49
183
114
138
103
103
62
164
141
104
489
124
54
42
182
11.4
142
101
104
66
152
180
165
165
116
146
101
104
63
148
141
102
472
118
43
32
175
111
143
100
485
124
54
44
181
117
151
101
J04
68
150
132
101
475
120
49
39
96
472
115
39
25
96
125
78
86
57
99
102
85
469
112
26
17
98
123
79
81
54
113
109
88
465
107
32
22
148
147
145
140
138
135
132
132
124
109
118
129
128
107
119
119
118
63
150
111
116
109
170
134
134
116
126
127
125
80
151
116
126
112
172
140
136
118
134
136
102
98
128
116
145
83
123
167
13S
155
155
153
ISO
121
121
121
122
89
136
137
138
129
93
126
135
131
69
63
124
129
127
104
74
123
127
124
107
73
121
125
121
105
78
120
123
117
122
84
13.68
147
160
149
146
1.47
145
9.04
8.13
1.02
136
135
103
143
139
96
137
134
74
132
130
76
134
129
SO
132
127
84
7.11
140
179
108
145
J88
128
142
186
110
138
181
106
136
181
129
J67
162
184
194
179
230
172
176
157
172
169
173
154
174
101
107
98
100
56
150
149
99
483
127
53
41
155
Transportation e<ju.jpment
Aiitos trucks arid parts
Autos
.•
.
Trucks Ti
7.54
4.80
1.50
121
116
146
5.73
2,68
2.12
-30
.63
.74
148
135
28.52
4.64
3.,23
162
112
122
136
120
S»'er'tpf%a.' machinery a
,.
Electrical ppoaratus nc' parts
79
97
248
147
.20
,33
.69
97
102
245
145
88
108
107
228
120
147
102
113
103
102
240
103
113
100
139
122
.68
93
105
127
142
'98
91
114
90
246
106
124
115
160
r
121
108
145
109
121
108
108
217
101
96
78
126
114
.13
1.16
.63
103
142
109
114
118
137
88
89
109
84
244
105
114
103
159
107
129
144
112
116
101
113
209
114
126
112
168
130
.04
10
.09
122
149
117
139
76
102
98
98
246
105
111
100
163
103
119
123
106
99
100
112
156
114
119
113
140
115
.38
,09
,06
118
145
104
110
96
112
100
109
115
101
ill
156
166
86
91
76
•52
189
126
146
118
112
58
183
229
117
465
135
72
64
Snstrum exits arid related p r o d u c t s . .
1.29
142
155
Clay, Glasst and Lumber Products
S.91
118
1ZS
113
112
120
122
126
122
125
114
122
124
133
1 23
136
139
120
91
132
110
106
115
163
143
12S
116
136
140
102
77
119
106
97
113
157
146
122
115
130
232
115
79
104
97
81
110
143
140
126
120
i 30
133
121
92
110
101
90
110
148
141
128
12?
130
t-31.
125
93
118
107
102
111
152
139
128
117
124
126
121
93
132
111
115
110
157
135
130
117
124
126
126
87
137
111
113
112
161
135
131
115
123
125
111
105
138
118
167
99
118
104
98
140
96
212
88
116
117
112
149
118
199
99
99
93
124
87
184
94
109
160
110
241
90
109
164
109
253
90
119
113
163
111
248
90
122
117
161
119
229
91
115
106
154
128
195
92
91
91
93
90
95
85
4.04
118
131
127
119
122
121
115
114
116
112
121
£?ur*ilture and fixtures
t^ous^hold furniture .
Fixtures and office furniture
1.64
1.10
.54
113
113
112
117
118
116
112
1.09
117
106
103
113
107
105
110
106
105
107
101
100
103
98
96
103
100
98
105
99
98
100
Miscellaneous manufactures
2.40
122
143
138
128
133
131
125
124
127
121
Tjifht tr cks
.66
.22
*
Medium trucks
. 19
.14
07
Auto and truck T>afts
2.58
1,30
Shipbuilding and reoair
.81
„ 53
.35
2 82
Stone, clay, and glass products
1 09
Glass and pottery products
.60
Flat glass and vitreous products!. „ ,
.47
Flat and other glass
.26
Glass containers
.23
I'^o?ne nrlf-isc!'wcire and oottery
32
Cemr-nt
• •
.35
.12
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures,.,
L u m b e r a n d products
7-»umoer
...
3Vf ill work and plvwood
Millwork
".
Softwood nlvwood
Furniture and Misc.
>
•>. . ,
. 20
.48
.58
3.09
2.05
. 60
,39
,12
.29
c
Manufactures
102
103
111
105
69
194
98
368
136
74
112
94
124
112
108
H6
iS5
131
\%?>
96
99
64
132
127
81
138
115
124
111
164
136
'129
'158
'125
'118
107
112
246
P 104
122
111
162
121
123
161
121
131
103
P\ 16
150
'154
156
126
'J25
125
115
142
'121
129
'122
103
'99
131
125
102
80
150
150
146
73
121
11.6
'75
1.23
1 19
80
122
147
123
122
146
121
125
149
121.
189
1 ^4
?07
1S8
341
>"162
325
190
164
258
155
159
90
70
78
74
191
136
174
94103
59
130
131
126
478
107
31
20
113
90
25
18
'120
144
93
99
58
134
r
13S
113
'471
104
24
12
137
138
'140
141
136
130
325
139
125
141
144
119
92
152
115
121
113
168
146
'137
124
'144
148
105
'93
145
117
124
114
'166
146
134
120
117
150
93
80
134
119
207
164
974
116
100
1 86
137
264
89
81
81
74
76
iio
119
84
470
84
155
118
128
112
144
'12*
13?
S05
464
106
113
112
116
162
119
87
91
123
107
191
139
275
'•88
125
129
128
125
307
108
106
111
112
103
113
116
107
112
r
11S
107
113
115
108
130
136
140
139
134
no
187
157
23?
p Preliminary.
r Revised.
For other footnotes see preceding page.
FEBRUARY 1955
189
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
propor1952 1 9 5 3 P
tion
Industry
1953
1954
Dec.
Jan.
Feb.
Mar. Apr.
May
June
July
Aug.
Sept. Oct.
Nov. Dec.
WITHOUT SEASONAL ADJUSTMENT
—Continued
44.85
114
118
110
'112
115
115
114
114
115
108
117
119
123
120
11.87
103
101
92
99
105
104
100
98
95
86
103
99
105
104
98
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
103
105
104
112
102
85
96
83
115
116
121
105
113
95
80
104
107
104
115
101
78
91
75
116
113
118
102
119
99
86
87
90
89
95
83
61
59
62
97
94
97
87
101
88
72
r92
97
100
89
96
58
68
56
103
113
120
96
90
89
76
95
100
101
98
102
58
72
54
109
119
127
102
95
96
85
94
100
100
100
103
60
72
58
105
112
120
93
96
94
83
93
99
97
102
97
63
80
59
103
111
119
91
93
90
77
94
99
95
107
96
68
84
64
105
110
116
95
99
81
68
92
96
92
110
82
70
81
68
106
106
97
101
99
104
98
74
86
71
109
106
108
100
113
88
70
97
100
96
112
86
67
73
66
113
113
116
107
112
95
79
103 rJ02
1.10
109
104
104
121 "•126
.101 M02
69
69
77
72
67
69
113
1.10
115
109
118
112
107
102
112
111
'99
'86
82
62
98
103
95
126
90
"70
98
106
80
66
82
85
80
105
65
68
78
66
89
78
79
77
103
64
36
5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92
108
105
87
83
83
114
108
123
111
110
113
96
92
89
124
103
117
112
98
87
78
81
46
90
98
122
105
107
111
96
102
52
120
113
144
98
115
117
92
96
56
133
126
164
104
116
102
77
80
48
118
138
165
107
168
111
79
78
65
132
116
102
96
103
108
88
84
80
121
105
80
97
99
95
81
75
87
101
104
114
98
91
80
56
52
57
94
96
127
97
110
110
98
92
98
118
114
14fi
105
101
95
77
73
72
106
100
130
107
106
108
82
80
72
124
102
127
110
107
108
'88
'88
66
121
102
130
TIG
99
97
90
94
52
99
96
115
106
3.20
101
113
98
103
108
108
104
103
106
86
98
105
ni4
108
109
1.47
.70
.40
.30
.77
116
115
106
128
117
128
117
117
118
133
111
93
89
99
105
114
96
92
102
129
114
112
111
114
116
118
108
113
101
126
116
111
120
99
120
118
111
122
96
125
121
119
133
100
124
85
84
94
71
86
94
75
81
69
111
118
104
107
90
132
••132
124
110
111
110
136
128
116
119
113
138
1.73
.44
.29
.15
.90
.39
99
87
87
86
99
91
92
89
87
81
86
72
94
87
93
74
102
95
101
82
100
89
92
82
94
86
93
73
89
90
96
79
94
89
93
81
87
71
75
65
101
87
91
78
94
83
89
70
94
88
94
75
?'<>3
101
100
92
85
91
91
82
79
84
87
94
95
97
98
94
Paper and Printing
8.93
118
125
121
120
124
127
128
126
126
116
124
128
133
131
125
Paper a n d allied products
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
120
120
132
116
111
117
112
123
117
112
120
120
126
132
130
142
125
119
116
118
129
134
118
134
133
138
119
117
129
113
112
109
113
123
115
92
121
118
131
126
128
142
122
120
112
122
135
128
96
123
115
147
133
132
145
127
122
121
125
139
130
113
134
126
155
135
133
148
127
124
121
122
138
131
121
137
133
149
136
131
146
125
121
121
116
137
128
124
141
135
158
134
132
148
125
117
120
117
134
132
125
136
133
144
136
136
153
129
120
123
119
136
136
137
135
132
144
120
116
1.33
109
99
96
102
126
112
123
1.24
119
139
137
134
150
128
121
122
121
137
133
131
139
136
146
137
133
148
126
120
120
118
136
129
137
141
141
141
146
140
158
133
122
130
124
145
138
135
152
151
.153
'•140
121
127
124
142
'•137
.129
140
140
141
129
127
142
121
112
124
113
134
123
115
131
131
128
Printing and publishing
Newsnrint consumDtion
Job printing a n d periodicals
5.47
1.85
3.62
116
115
117
121
118
122
122
117
125
116
108
121
118
114
120
121
120
121
122
129
119
121
125
119
119
119
120
113
102
119
116
107
120
122
120
123
125
129
125
.130
122
123
123
124
Chemical and Petroleum Products.
9.34
133
142
141
140
144
142
140
139
139
133
139
143
148
149
115
Nondurable Manufactures—Total...
Textiles and Apparel
Textile mill products
Cotton and synthetic fabrics
Cotton consumption ..
..
Synthetic fabrics
Fabric finishing
W o o l textiles
^A^ool aooarel varns
W o o l fabrics ..
.. ..
Knit goods
Hosiery
. .
Full-fashioned hosiery
Knit garments ...
W o v e n carpets
.
Apparel and allied products
Men's outerwear....
Mien's suits and coats
J^ten's suits
..
Shirts and w o r k clothing...
W o m e n ' s suits and coats
Misc apparel and allied mfrs.
Rubber
and Leather
Products
Rubber products
A u t o tires
Truck and bus tires
Miscellaneous rubber products ..
Leather
Cattlehide leathers
Skin leathers
2t£iscellaneous leather products
..
W o o d pulp
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper a n d board
Converted Daner Droducts
Shipping containers
Sanitarv oaoer Droducts
no
116
117
114
nv
98
88
96
r
72
••139
'I 60
••131
7\
104
102
105
93
106
r>96
*73
122
141
Chemicals and allied Droducts
Industrial chemicals
•
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
•.
Synthetic fibers
Miscellaneous organic chemicals..
Vegetable oils
Paints
6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
137
140
137
141
157
175
141
133
112
110
119
110
112
122
147
154
149
155
183
186
156
144
116
112
131
113
118
124
146
147
148
147
166
153
136
149
135
137
127
117
116
106
146
145
141
145
168
148
133
147
138
138
138
118
114
112
150
150
157
148
192
152
135
144
138
138
140
124
115
136
150
150
159
148
193
144
142
141
122
122
122
127
115
170
147
150
157
148
190
127
145
141
114
109
131
111
116
173
145
150
159
147
179
120
149
141
104
95
132
104
116
137
144
152
155
151
183
122
157
143
96
85
127
99
117
107
138
146
148
145
149
121
148
143
91
80
126
69
117
95
144
150
lSI
150
170
126
152
146
96
84
1?9
104
1J7
99
149
1 53
15=5
152
195
137
148
147
109
101
1M
116
115
109
155
154 ' 1 63
r 161
lS8 '171
156 M61
200
197
147
143
164
156
'151
148
140
138
140
139
134
137
105
117
117
115
113 '108
155
164
170
163
154
130
126
139
105
117
112
p Preliminary.
' Revised.
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
190
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION~Co»/i»«^
[Federal Reserve indexes, 1947-49 average = 100]
Industry
1953
1947-49
Annual
propor1952 1953* Dec. Jan. Feb.
tion
1954
Mar. Apr. M a y June July Aug. Sept. Oct.
Nov. Dec.
WITHOUT SEASONAL ADJUSTMENT
—Continued
Petroleum and coal products
Gasoline
...
.
Automotive gasoline
2.50
1.97
1.04
121
127
126
133
142
138
215
127
161
89
98
111
77
147
132
140
135
214
128
164
87
101
106
110
124
131
142
137
233
123
154
87
99
109
75
127
133
106
110
108
114
119
116
rW9
99
120
124
120
141
104
97
84
98
76
113
212
114
86
132
98
109
115
99
131
106
107
117
118
127
142
115
85
81
r87
66
'95
141
110
90
123
99
258
105
385
123
108
110
'110
Ml. 3
101
104
136
132
134
79
85
91
70
74
86
102
80
117
97
122
128
137
146
141
228
129
153
102
124
109
102
53
134
140
136
214
131
156
104
128
105
97
57
126
136
141
136
227
135
164
102
135
111
90
67
129
135
131
212
127
155
96
116
104
86
78
120
128
137
132
215
121
146
93
106
103
80
103
123
130
140
136
218
121
145
94
99
109
80
118
124
131
141
136
235
122
148
92
100
111
79
135
130
141
136
229
122
150
89
97
104
77
.15
130
135
144
139
227
130
155
101
117
106
111
99
11.51
106
107
98
97
96
98
98
104
.98
.06
.56
.30
.26
.10
.17
.26
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke . .
Asphalt roofing and siding
Foods, Beverages, and Tobacco
125
123
128
132
128
194
128
151
102
119
112
97
102
98
98
115
132
102
104
124
117
95
92
71
101
78
116
96
58
116
2
99
105
98
98
97
106
127
91
119
128
133
115
107
75
99
75
114
96
63
103
24
89
103
103
103
100
105
132
87
135
152
159
139
110
85
106
76
127
96
76
109
42
81
105
115
110
106
108
137
89
145
145
161
139
139
99
114
78
137
98
82
121
43
80
108
126
109
107
111
100
82
96
98
111
129
99
96
115
109
84
87
72
104
83
118
97
63
104
24
110
103
89
102
135
81
128
115
129
109
143
138
112
78
134
99
72
112
32
66
109
118
115
116
108
138
88
115
99
114
94
133
194
110
82
129
98
94
115
71
91
108
108
80
76
65
89
78
79
61
79
86
86
71
88
98
102
69
101
106
64
98
ioo
108
117
64
104
114
128
62
104
103
122
42
85
96
112
39
85
98
93
69
115
96
90
92
98
105
90
96
100
96
101
106
97
99»
103
95
108
113
11?
109
119
111
92
98
83
111
115
112
109
111
113
111
110
109
109
112
115
110
111
113
108
Food and beverage manufactures.. 10.73
8.49
Food manufactures
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
1.16
Grain-mill products
.46
Wheat four
.70
Cereals and feeds
1.64
Bakery products
.27
Sugar
.11
Cane sugar
.13
Beet sugar
.71
Confectionery
Miscellaneous food preparations . . . 1.41
2.24
Beverages
.54
Bottled soft drinks
1.70
Alcoholic beverages
1.02
Beer and ale
.17
Liquor distilling
.37
Liquor bottling
105
106
114
100
119
98
92
103
91
102
117
108
84
124
101
104
109
94
102
100
102
116
98
102
54
99
107
108
115
129
104
105
108
112
93
106
121
106
81
122
100
113
113
108
102
104
105
99
102
125
134
116
81
94
93
74
73
86
101
76
117
97
100
103
60
107
.78
110
114
105
108
.46
.17
Tobacco manufactures
Cigarettes
Cigars
111
108
177
96
242
88
102
84
97
101
126
141
114
86
110
100
78
72
76
106
86
119
95
89
97
77
z-84
129
136
143
139
219
135
172
92
116
110
90
]35
136
131
78
79
87
65
r81
rOO
M03
84
117
"98
273
90
427
125
P!31
P142
/>148
P140
M05
97
87
101
88
107
84
121
142
99
79
92
139
84
83
67
90
111
111
121
103
102
113
111
112
'114
115
no no
113
117
vll8
MINERALS—TOTAL
9.98
114
116
111
Mineral Fuels
8.35
113
1/5
113
115
113
112
111
111
Coal
Anthracite
Bituminous coal
2.68
83
78
84
78
57
81
71
51
74
74
62
75
68
59
69
61
48
63
58
44
60
62
45
65
63
50
65
57
44
59
68
48
71
70
51
72
77
52
81
75
57
78
75
61
77
133
129
124
167
157
154
133
128
120
188
166
163
134
128
120
190
163
170
135
130
122
182
167
163
137
131
125
134
129
124
160
155
163
136
129
125
161
156
176
133
124
120
154
151
129
124
118
159
159
159
P138
P131
163
r
160
170
180
130
123
118
157
151
166
136
130
122
182
161
165
137
132
127
167
156
163
130
124
118
.85
128
125
120
159
145
144
1.63
115
119
98
91
94
93
99
116
123
119
115
113
no
'102
98
.82
.33
.49
.24
.09
.06
108
104
110
114
97
107
113
128
104
114
86
87
74
40
97
110
80
71
74
39
98
111
75
75
76
79
58
93
102
82
78
108
126
96
106
78
78
119
152
98
108
80
79
108
139
87
95
74
72
100
132
78
77
83
75
98
117
85
92
76
67
87
95
106
78
71
78
43
102
P73
42
98
105
91
80
73
39
95
102
87
77
118
116
.81
123
124
122
108
113
114
119
125
127
130
130
129
129
126
122
Crude oil and natural gas
Oil and gas extraction
Natural gas . . . .
Natural gas liquids
Oil and gas well drilling
Metal, Stone, and Earth Minerals .
.36
2.32
5.67
4.82
4.12
.34
.36
Metal mining
Iron ore
Copper mining
Lead mining
Zinc mining
Stone and earth minerals
P!23
171
101 •
9 Preliminary.
» Revised.
For other footnotes see preceding page.
FEBRUARY 1955
191
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve index numbers. 1947-49 average=1001
1953
1947-49 Annual
proportion 1952 1953 Dec. Jan. Feb.
Product
1954
Mar. Apr.
June July Aug. Sept. Oct.
May
Nov. Dec.
SEASONALLY ADJUSTED
CONSUMER DURABLES—TOTAL . 100.00
105
127
109
113
'Ill
116
119
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
109
103
115
109
113
95
99
100
75
106
115
94
184
53
138
146
132
113
118
99
118
123
90
137
141
100
230
67
119
133
109
99
103
86
126
139
115
97
102
82
112
130
145
'•119
96
100
84
436
541
114 119 '120
127 133 134
104 rU8
110
rOO
99
99
104 '•[03 103
87
87
87
95 103 110
100 107 116
70
'84
67
108 r[1 1 128
125 145 140
79
90
89
1.45 ••150 142
59 r 58
47
307
326
325
i!7
129
91
151
43
356
95
102
91
97
88
96
90
102
94
88
100
93
89
96
93
90
96
96
96
Autos
Furniture and floor coverings
Household furniture
Floor coverings
Appliances and heaters
.
Ranges
. .
...
Refrigeration appliances
Laundry appliances
Heating apparatus
Radio and television sets
Radio sets
O t h e r C o n s u m e r Durables
Auto parts and thes
Misc. home and personal goods
30.28
14.00
16.28
100
CONSUMER DURABLES—TOTAL.. 100 00
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
184
53
436
230
67
541
30.28
14.00
16.28
95
90
100
102
91
111
112
'•104
'!08
r
r
r
l 16
n\6
1 •>(>
7<s
83
! 35 'M3
134
124
98
106
178 '196
43
43
436 '487
'118
'116
128 »-126
136 127
'123 ' 1 2 7
96 102
102 104
97
79
110 '•114
111 ' 1 1 8
83
'79
131 '132
113 136
107 101
'243 '•241
47
45
'621 '611
115
109
106
'124
130
125 '113 109
121
94
86
131 ••132 '131
106 107 '106
'109 111 111
96
91
97
109 112 110
113 117 114
74
79
30
125 117 110
146 169 170
96
98
270 •267 ••270
i6
56
'135
144
'130
'103
'111
83
'112
118
77
rJ22
166
05
'259
70
'620
146
166
130
106
111
94
115
119
116
242
70
571
678
'687
'"667
93
89
91
85
98
96
97
95
101
"•93
96
94
96
98
96
100
101
r97
111
106
95
88
101
105
127
103
112
117
119
119
116
116
102
113
108
109
'129
133
109
103
115
109
138
146
132
113
106
107
106
104
126
146
110
92
96
81
112
117
80
147
111
96
155
48
360
98
108
'141
144
'142
'108
'115
86
'114
Ml 6
83
106
149
174
131
110
98
111
81
139
108
112
96
122
121
87
116
181
124
279
48
72?
111
70
149
111
116
99
124
121
87
104
199
156
57
347
131
151
116
97
100
90
116
124
79
153
130
91
172
49
406
121
123
121
102
109
'130
142
120
102
105
94
117
129
93
144
151
79
182
49
435
107
125
92
89
118
127
138
119
103
105
96
117
130
91
145
159
75
170
51
397
125
143
112
93
113
121
135
109
99
103
89
98
106
71
114
135
73
173
58
391
96
84
107
92
84
99
95
87
103
94
85
102
92
87
96
90
94
90
WITHOUT SEASONAL ADJUSTMENT
Major Durables
Autos
Major household goods
Furniture and floor coverings
Floor coverings
IV^ajor appliances
Ranges
.
.
Heating apparatus
Radio and television sets
Radio sets
Television sets
O t h e r C o n s u m e r Durables
Misc. home and personal goods
95
99
100
75
106
115
94
99
118
123
90
88
92
100
66
137
141
100
111
122
68
92
80
112
114
76
64
88
88
53
141
117
104
109
90
86
88
101
96
68
99
128
116
165
44
397
116
29
281
234
51
583
94
96
93
90
91
89
90
94
97
'•133
115
109
115
111
183
107
338
64
860
324
71
806
258
67
623
104
101
106
'100
94
89
101
100
102
'93
105
••Revised.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons!
1954
1055
Industry group
Jan.
Feb.
Mar.
Apr.
May
June
July
Au g-
Sept.
Oct.
X
cc.
,V.
Jan.
SEASONALLY ADJUSTED
13 ,063 1? ,93* 12,840 12,705 12,632 12,589
Total
7,405 7,295 7,227 7,182
7 ,509
7 ,621
Durable goods
165
137
150
125
177
120
Ordnance and accessories
....
657
684
653
663
656
676
Lumber and wood products
786
284
289
Furnitur** a.nd fixtures
.
284
287
284
431
429
426
427
432
425
Stone, clay, and glass products. .
1 ,044
1 ,077
1,005
991
981
983
855
839
844
836
837
865
Fabricated metal products
1,153
1 ,212
1 ,202
1,140
1,184
1,169
Machinery except electrical
831
799
847
784
819
811
Klectrical machinery
1 ,470
1 ,435
1,409
1,380
1,342
1,324
Transportation equipment
Instruments and related prod223
221
936
228
216
ucts
393
396
387
382
382
383
Misc. manufacturing industries..
5 ,442 5 ,426 5,435 5,410 5,405 5,407
Nondurable goods
1,110
1,106
1 ,102 1,103 1,109
1,111
Food and kindred products
94
96
94
93
94
93
Tobacco manufactures
...
980
979
974
979
987
986
Textile-mill products
Apparel and other finished tex1 ,051
1
1,037
1,064
1,046
1,034
tiles
434
435
435
436
433
438
Paper and allied products
Printing, publishing and allied
517
519
519
518
Si7
S14
industries
533
531
530
529
540
525
Chemicals and allied products...
179
180
178
180
180
180
Products of petroleum and coal.
199
196
704
199
198
331
330
327
328
332
326
Leather and leather products. . .
,371 1?, 334 1?
7 ,020
6 , 972
117
in
592
589
430
1 ,277
432
07S
827
1, 121
708
1, 237
714
382
5 ,351
1 ,084
378
5, 362
1, 080
970
834
1 ,119
71?
OS
977
996
7 ,007
114
673
295
435
06 S
820
1 ,123
1? ,48=; rl 7 ,610
7 ,104 ' 7 ,206
112
'110
706
'702
203
436
'437
060
825
'841
1 ,113 '1. .102
80-7
800
'•816
1 ,184
1 .246
'1 , 3 2 6
714
382
5 ,381
1 ,077
92
383
5 ,381
1 ,073
94
007
088
12,588
7,210
106
695
284
432
1 002
835
1 ,092
803
1 ,376
210
375
5,378
1,072
917
911
375
'5 ,404
'1 ,087
96
'982
5 ,396
1 ,082
04
080
'436
1 049
432
1 042
431
517
525
173
907
337
519
528
171
209
336
1 ,
438
1 027
443
1 OU
518
523
179
178
332
S19
524
175
179
329
59()
51Q
521
174
100
328
524
175
707
331
523
'173
440
7 ,226
100
699
288
435
008
835
1 , 094
811
1 ,371
380
439
1
17
'333
09
978
For footnote see following page.
192
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics.
In thousands of persons]
1955
Industry group
Jan.
Feb.
Apr.
Mar.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec. |
Jan.
WITHOUT SEASONAL ADJUSTMENT
Total
13,002 12,906 12,818 12,590 12,437 12,480 12,212 12,449 12,611
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Misc. manufacturing industries..
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
industries
Chemical and allied products
Products of petroleum and coal.
Rubber products
Leather and leather products . .
12,652 '12,697: I2,686j 12,528
7,616
7,520
7,430
7,309
7,208
7,177
6,917
6,933
7,015
7,133 --7,247
7,265
7,200
177
617
293
428
1,049
874
1,230
855
1,470
165
627
292
427
1,027
864
1,220
839
15435
150
643
290
429
1,010
852
1,202
827
1,409
137
649
283
428
991
840
1,187
811
1,380
125
679
277
427
976
833
1,165
791
1,342
120
701
275
427
983
831
1,151
776
1,324
117
604
272
424
969
809
1,108
765
1,277
113
613
288
434
968
819
1,093
782
1,237
114
697
296
437
965
820
1,095
802
1,184
112
720
299
438
969
829
1,091
817
1,246
••988
••845
'1,091
"•828
'1,326
1.09
685
294
437
1,003
843
1,105
827
1,371|
106
657
288
428
1,007
843
1,108
811
1,376
237
386
233
393
229
389
224
380
220
374
215
375
210
363
210
378
214
392
213
398
213
395
5,386
5,386
5,388
5,281
5,229
5,303
5,295
5,516
5,596
5,519
'5,450
1,024
97
997
1,009
90
995
1,009
84
989
1,011
82
979
1,031
82
969
1,079
82
981
1,142
83
953
1,224
102
981
1,252
110
987
1,062
438
1,088
437
1,101
436
1,030
433
985
433
987
436
980
430
1,050
436
514
540
178
206
332
514
536
178
203
339
517
539
177
199
338
516
534
176
195
325
515
525
179
197
315
519
517
181
198
324
513
513
181
173
327
514
516
179
177
337
'7131
299
'439
211
366
213
379
5,421
5,328
1,169! '1,102
103
112
988|
'992
1 ,052
101
995
1,000
93
988
1,053
441
1,050
440
'1,053
'440
1.065
438
1 ,052
433
523
524
177
199
330
525
529
175
204
329i
524
528
••173
'205
525
528
172
210
335
519
528
169
211
336
'33 1|
!
rroduction and related workers who worked
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1954
1954
Jan.
39.4
40.2
40.6
40.2
1.80 I
1.83
1.83
40.1
40.8
41.1
40.9
1.91 '
1.94
1.95
1.96
40.0
39.4
39.6
39. 7
39.3
'40.7
'41.1
'40.9
41 . 1
'39.5
40. 7
40.9
41 .5
41 .0
40.2
39.8
40.3
40.4
40.4 |
40.5
1 .94
1 .59
1 .56
2 .02
S ! 63
1.58
1 .80
.08
2.01
1.67
! . 58
'1 .81
2.14
2.03
1 .61
1 .58
1 .80
2.15
80.93
82.82
75.33
92.00
74.96
65.53
40. 7
41 .2
39.3
40.5
39.9
'41 .3
'40.4
40.7
'•41 . 7
40.3
39.4
'40.5
41.7
40.9
40.5
42.5
40.5
40.7
41.5
40.6
40.5
42.2
40.3
40.2
1 .89
2.00
1.80
2. 12
1.81.
1 .61
1.93
2.03
'1.84
2.18
1 .85
5 .61
\.<K j
2.01 |
1 .8-!- I
2.19 !
1.86 !
1.62 !
1.95
2.04
1 .86
2.18
1 .86
1 .63
66.30
65.86
38.5
39.5
39.7
39.2
1.65
1.67
70.79
49.66
55.07
49.14
76.01
70.07
48.60
54.12
48.47
75.65
40.9
36.2
37.4
34.8
41.9
'41.3
36.9
39.9
36.1
42.8
41.4
38.2
40.2
36.4
4-2.7
40.5
37.1
39.5
35.9
42.5
1 .68
1.27
1 .36
1.37
1.72
1.71
1 .29
1.37
1.34
'1 .78
86.02
8.55 I 89.70
76.86
79.71
79.71
91 .53 '93.66
92.34
75.08 r 83.02
85.69
51.89 '51.06
52.54
87.63
70.93
91 .94
39.0
41.3
40.5
41.8
37.8
38.1
41 .2
40.5
41 .5
37.9
2.24
1.87
2.26
1.94
1.38
70.92
73.57
74.30
73.97
76.59
79.15
80.15
80.16
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products.
Primary metal industries
77.60
62.65
61.78
69.48
81.74
'81.81
'68.64
'64.62
'74.39
'84.53
82.21
66.67
65.5 7
73.80
86.03
80.79
64.88
63.83
72.72
87.08
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
76.92
82.40
70.74
85 .86
72.22
63.43
'79.71
j'82.01
|'74.89
'90. 91
74.56
'65.21
80.90
83.44
74.52
93.08
75.33
65.93
63.53
65.97
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished p r o d u c t s . . . .
Paper and allied products
68.71
45.97
50.86
'70.62
47.60
54.66
47.68
72.07
48.37
'76.18
Printing, publishing and allied products..
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
'Revised
N O T E . — D a t a are for production and related workers,
of Labor Statistics.
1955
an. | Xov.
Jan.
1955
1954
Jan.
Dec.
FEBRUARY
1955
Dec
Xov.
Nondurable goods.
Average hourly earnings
(dollars per hour)
Jan. j Xov.
Jan.
Total
Durable goods.
Average hours worked
(per week)
38.4 38.5
41.1 41.3
40.5 '40.9
85! 49 ! 38! 7 '41 . 1
52.30 | 37.6 '37.0
I
Figures for January 1955 are preliminary.
, '2.30
1 1.93
2.29
j 2.02
! 1.38
1.84
1.67
1.68
1.7!
1 .30
1.37 |
1.35 !
1.78 |
1.73
1.31
1.37
1 .35
1.78
2.30
1.93
2.28
2.05
1.39
2.30
1.94
2.27
2.06
1.38
i
|
i
i
Back data are available from the Bureau
193
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Year or month
Manufacturing
Total
1946
1947
1948
1949
1950
1951
1952
1953
1954
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
41,412
43,438
44,382
43,295
44,696
47,289
48,306
40.660
48,280
14,461
15,290
15,321
14,178
14,967
16,104
16,334
17,250
16,040
852
943
982
918
889
916
885
R44
745
1,661
1,982
2,169
2,165
2,333
2,603
2,634
2.644
2,627
4,023
4,122
4,141
3,949
3,977
4,166
4,185
4,274
4,021
8,602
9,196
9,519
9,513
9,645
10,012
10,281
10.533
10,524
1,586
1,641
1,711
1,736
1,796
1,862
1,957
2.025
2,091
4,621
4,807
4,925
5,000
5,098
5,278
5,423
5.486
5,521
5,607
5,456
5,614
5,837
5,992
6,348
6,609
6.645
6,710
48,812
48,607
48,441
48,268
48,177
48,102
47,982
47,945
48.054
48 209
r
48. 3Q8
48,390
16,497
16,349
16,262
16,122
16,038
15,994
15,775
15,733
15,789
15,886
''16,018
16,034
805
794
772
753
744
740
742
730
715
716
p
7l7
716
2,581
2,618
2,654
2,641
2,634
2,624
2,637
2,640
2,633
2,620
r
2,645
2,599
4,118
4,087
4,012
4,015
4,011
4,016
4,014
4,001
4,016
4,002
'3,982
3,987
10,577
10,543
10,552
10,524
10,494
10,480
10,507
10,504
10.480
10,476
'•10,532
10,616
2,054
2,065
2,067
2,075
2,081
2,083
2,095
2,095
2,115
2,121
2,119
2,121
5,487
5,490
5,488
5,506
5,508
5,518
5,555
5,551
5,523
5,549
'5,539
5,533
6,693
6,661
6,634
6,632
6,667
6.647
6,657
6,691
6,783
6,839
'6, 846
6,784
48,463
15,996
712
2,582
3,985
10,665
2,121
5,531
6,871
48,147
47,880
47,848
48,068
47,935
48,137
47,808
48,045
48,526
48,668
r
48 827
49.476
16,434
16,322
16,234
16,000
15,836
15,888
15,627
15.863
16,019
16,058
16,107
16,095
805
790
772
749
737
744
735
737
719
716
r721
720
2,349
2,356
2,415
2,535
2,634
2,729
2,795
2,851
2.817
2,777
r
2,724
2,547
4,069
4,039
3,992
4,008
4,008
4,032
4,043
4,030
4,032
4,012
r
3,992
3,997
10,421
10,310
10,305
10,496
10,375
10.414
10,377
10,350
10.480
10,581
r
t0,782
11,400
2,033
2,044
2,057
2,075
2,081
2,104
2,126
2,126
2,115
2,110
2 108
2,110
5,377
5,380
5,406
5,506
5,563
5,601
5,638
5,634
5,606
5,549
r
5 511
5,478
6,659
6,639
6,667
6,699
6,701
6,625
6,467
6,454
6.738
6,865
r
6 882
7,129
47,802
15,932
712
2,350
3,941
10,508
2,100
5,420
6,839
SEASONALLY ADJUSTED
February
March
April
May
June
July
August . . .
September
October. .
November
December
1955—T'cimiarv
WITHOUT SEASONAL ADJUSTMENT
1954—January
February
March
April
May. .
June
July
August
September
October
November
December
1955—Tanuarv
'Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. January
1955 figures and 1954 annual averages are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted
data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the
Bureau of Labor Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed1
Total
Total
In nonagricultural industries
In
agriculture
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,651
54,734
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,562
6,504
Unemployed
Not in the
labor force
60,820
61,608
62,748
63,571
64,599
65,832
66,410
67,362
67,818
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,815
64,468
55,250
58,027
59,378
58,710
59,957
61,005
61,293
62,213
61,238
115,634
66,485
62,993
60,680
55,310
5,370
2,313
49,149
115,738
115,819
115,914
115,987
116,083
116,153
116,217
116,329
116,432
116,547
116,659
116,763
66,292
67,139
67,218
67,438
67,786
68,788
68,824
68,856
68,565
68,190
67.909
66,811
62,840
63,725
63,825
64,063
64,425
65,445
65,494
65,522
65,244
64,882
64,624
63,526
59,753
60,055
60,100
60,598
61,119
62,098
62,148
62,277
62,145
62,141
61 ,732
60,688
54,469
54,351
54,225
54,522
54,297
54,470
54,661
55,349
54,618
54,902
55.577
55,363
5,284
5.704
5.875
6,076
6,822
7.628
7,486
6,928
7,527
7,239
6.154
5,325
3.087
3,670
3,724
3,465
3,305
3,347
3,347
3,245
3,100
2,741
2.893
2,838
49,446
48,680
48,696
48,549
48,297
47,365
47.393
47,473
47,865
48.357
48.750
49,952
116,855
66,700
63.497
60,150
54,853
5,297
3,347
50,156
1946
1947
1948
1949
1950
1951
1952
19532
1954
106,370
107,458
108,482
109,623
110,780
111,924
113,119
115,095
116,220
1953—December
1954—January
February
March
April
May
June
July
August
September
October
November
December
1955—January
2,270
2,142
2.064
3,395
3,142
1,879
1,673
1,602
3,230
45,550
45,850
45,733
46,051
46,181
46,092
46.710
47,732
48,402
1
Includes self-employed, unpaid family, and domestic service workers.
Monthly estimates of the labor force beginning 1953 are based on an improved sample covering a larger number of areas and are, therefore,
not strictly comparable with earlier data.
NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtained
from the Bureau of the Census.
2
194
FEDERAL RESERVE BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Private
Year or month
Business
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31,182
33,008
35.256
37.170
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23.877
25,720
1954—Tanuary
February
March
April
Mav
June
Tulv....
August
September
October . . . .
November. . . .
December
2,965
3.051
3,005
3,027
3,089
3,078
3,094
3,145
3 157
3,105
3,192
3,262
1.995
2,004
2,011
2,059
2,131
2,122
2,173
2,219
2,234
2,221
2.259
2.292
1955 — JanuarvP
^ 352
2,361
?> Preliminary.
c
Corrected.
Public
Residential
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
13,450
Total
1,561
2,082
1,287
759
989
Indus- Com- Public
trial mercial utility
442
801
346
156
208
642
348
409
155
33
56
203
1,672
4,195
4,896
5,693
5.322
5,680
7,217
7,460
8.436
8,593
1,062
2,117
2,320
2.229
2,011
1,040
1 .105
1 \ 102
1,150
1 ,192
1,214
1,210
1,228
1,262
724
728
724
714
713
710
708
718
714
707
717
716
170
176
182
183
175
171
167
164
156
152
156
159
189
187
176
165
171
172
174
187
191
188
1 ,299
748
167
978
980
989
1,689
1,702
1,397
972
Other
nonresidential
771
872
786
570
725
827
508
614
413
335
382
463
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4.416
4,400
1,428
2,050
2,580
2,795
3,174
3,574
3,547
3 *11
3,677
189
365
365
366
366
367
367
367
367
367
367
368
368
293
296
298
305
313
310
315
309
306
304
314
314
213
368
314
1,132
856
1,253
1,027
1,288
1,371
1,137
<\1 ,791
2,182
193
Military
Total
Conser- All
vation other
Highway
3,628
385
5,751 1,620
10,660 5 016
6,322 2,550
837
3,073
690
2,398
2,362
188
204
3,433
4,825
158
6,405
137
7,000
177
887
9,418
10,901 1,388
11 379 1 .307
11,450 1,010
1,302
1,066
528
734
446
362
398
895
1,451
1,774
2,131
2,272
2,518
2,820
3 165
3,525
500
357
285
163
130
240
394
629
793
881
853
854
«30
710
1 413
2,565
4 553
3 041
1,711
1 180
1,039
1,384
2,264
3,344
3,670
5,160
5,839
6.077
6,205
994
968
958
956
921
926
923
884
933
970
89
91
92
87
83
91
80
77
75
75
80
90
270
327
300
293
297
292
292
288
299
274
288
305
60
59
62
66
66
63
59
56
S3
53
54
59
551
570
540
522
512
510
490
505
496
482
511
516
991
105
302
59
525
970
1,047
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
9,430
10,359
14,501
15,751
16,775
17 443
19,770
1948
1949
1950
1951
1952
19S3
1954
1.152
[ ,221
t ,528
,692
1,925
1,733
1,837
L ,573
.816
1 ,965
1 ,499
1 .829
1954—January
February
March
April
May
July
August
September
October
November
December
Private
Residential
building
Nonresidential building
Factories
Commercial
6,323
6,641
10,092
9,629
10,064
11.109
13,212
3,608
4,239
6,741
6,205
6,668
rt.479
8,518
1,142
2,883
2,562
2.051
1,274
1,208
363
789
462
436
484
477
669
625
681
509
589
633
475
617
1,043
1,215
,256
L,108
1,156
1,064
,227
.332
1 ,024
1,212
509
668
796
825
720
745
693
777
852
709
762
690
3,107
3,718
4,409
6,122
6,711
6 334
6,558
785
1 ,504
1955—January
By type of construction
Educational
Other
Public
works
and
public
utilities
2,155
2,476
2,578
2,723
3,408
4.008
4,142
725
824
t 4R9
1 ,8.15
915
979
1,180
1,335
1,472
1 770
2,063
1,127
1,376
1,651
1,689
1,686
1 .60S
1,958
111
114
132
117
106
80
94
86
107
108
93
160
145
82
104
93
134
178
179
192
145
141
130
186
129
194
144
179
171
189
186
201
181
182
155
140
204
125
140
163
218
172
187
136
175
186
141
200
244
328
290
428
357
450
330
392
443
299
366
85
166
131
184
249
840
559
975
885
216
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars]
Federal Reserve district
Total
(11 districts)
Boston
New
York
1953—October
November..
December
1,892
1,394
1,300
104
76
90
279
196
262
125
95
63
339
221
145
145
168
110
287
154
167
237
201
159
139
78
88
73
51
55
52
42
49
112
112
114
1954—October
November
December
1,965
1,499
1,829
122
97
109
288
243
308
120
109
119
207
155
205
226
194
159
214
153
233
360
239
274
127
73
106
56
48
42
101
60
113
145
127
160
Month
FEBRUARY
1955
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
195
PERMANENT NONFARM DWELLING UNITS STARTED
fin thousands of units]
Total
Year or month
Urban
•j _
515
706
671
849
932
1 ,025
1 ,396
1,091
1 127
1 ,104
1,220
1 953
1954?'
1954 — y JI mi £> j- -\ -
66
Fefanrarv
"March
-\nril
75
9=5
108
[uno
Tulv
\upii^t..
September
October
November
December
156
272
267
369
525
589
828
595
610
407
436
568
496
517
565
n.'ti-
n.a.
P91
P88
n.a.
458
620
663
846
914
989
1 ,352
1.020
1 .069
1 .068
1 ,201
539
Public
Multifarnily
Total
FlIA
158
220
69
VA
373
533
590
740
20
28
24
34
66
58
48
72
57
87
8
3
158
220
152
440
763
792
1,151
892
939
46
35
42
40
46
104
162
159
88
84
393
466
686
413
420
? 29
291
361
486
264
2 79
42
94
18
36
44
71
58
36
407
257
155
n.a.
n.a.
19
583
276
307
933
n.a.
S3
211
102
105
200
149
141
2
10
1
25
13
12
74
65
2
7
1
30
16
14
93
107
83
96
3
3
7
7
2
1
21
16
20
107
\\3
113
98
102
102
3
3
3
7
8
8
1
4
3
37
44
113
U.3
103
104
100
n.a.
n.a.
3
3
n.a.
n.a.
n.a.
7
6
8
\
2
p(i)
1
65
n.a.
n.a.
p. a
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
ii . a
Ti.a.
ua
n. a.
n.a.
n. a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
109
1 17
\ 16
.114
116
r
l11
Pi 03
M'E>V.
359
434
404
480
2family
family
Total
1939
1941
1946
1947
1948
1949
1950
1951
Governrneiu-imcie •writ ten
Private
Rural
nonfarm
11. H.
Mil
n.a.
n.a.
P103
p'X)
n.a.
P88
53
n.a.
n.a.
74.
24
28
49
56
52
n)
n
25
28
27
33
34
34
36
29
?=;
60
60
27
26
59
62
51
?5
26
22
z>(.)
n.a.
1
1
PPreliminary.
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—without seasonal adjustment
Monthly—seasonally adj usted
Annual
Class
1954
1953
1953
1954
Dec.
July
Total
127
114
117
Coal
Coke
Grain..
Livestock. . .
Forest products
Ore
103
171
135
63
143
215
143
43
92
105
141
62
132
97
135
119
58
135
201
132
40
Merchandise, L c. I
1 44
129
40
1953
Oct.
Aug.
Sept.
109
Ill
Ill
115
80
94
151
54
119
159
125
38
90
90
138
59
119
145
126
40
98
98
131
67
129
137
123
39
105
111
150
72
141
109
125
40
Nov.
1954
Oct.
Nov.
120
124
121
114
98
97
147
89
140
205
133
41
105
109
150
106
116
106
1 ?5
159
85
143
98
134
41
133
Dec.
Dec.
July
Aug.
Sept.
118
123
108
114
114
106
116
163
68
146
109
129
40
105
97
142
112
56
120
62
124
38
80
91
181
47
120
255
126
38
90
87
149
56
125
217
127
40
119
142
62
154
184
135
41
111
149
170
136
41
l>c.
{•0
137
57
127
•40
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Month
January
February
March
April
May
..
.......
June
July
. .
September
October
November
December
. .
Januarv-December
1952
1953
1954
1952
1953
1954
1952
1 ,254
1,344
1,447
1,355
1,480
1,171
l s 030
1,087
1 229
1,216
1,190
1,391
1.293
1,200
L 390
1,394
I .453
1,385
1,360
1,187
1,256
1,253
1,247
.353
1.092
1,182
1,125
t,425
1,399
1,473
1,291
,155
.113
1,189
1,260
1,330
1,187
1,244
1,058
1.016
922
998
922
893
916
981
962
911
922
893
964
933
835
861
839
818
877
918
805
15,194
15,771
927
1 052
1.054
1 085
1,013
P .312
1,108
1.052
1 ,019
1.031
1,138
Pi5,073
13,204
12,260
266
M .242
1 043
995
1,258
1,135
1,114
1,024
954
954
1,163
'•I .157
Pl .214
P12,818
1 ,053
10,718
1953
1954
922
856
833
809
862
957
829
946
822
824
781
763
1 004
1.013
902
933
908
840
926
813
849
907
?'O42
10,873
PIO.207
'839
r
p1 Preliminary.
Revised.
Exports of domestic and foreign merchandise.
2
Department
of
Defense
shipments of grant-aid military equipment and supplies under the Mutual Security Program.
8
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Bureau of the Census, Department of Commerce.
196
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1947-49 average == 100]
Federal Reserve district
United
States
Year or month
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
105
98
105
ill
110
113
103
100
105
113
103
101
109
115
124
104
97
104
108
106
104
98
104
107
110
112
P109
Minne- K a n s a s
Dallas
apolis
City
San
Francisco
SALES*
1948
1949
1950
1951
1952
1953
1954
104
98
105
109
110
112
P 111
102
99
103
105
104
105
P107
'112
108
107
109
105
111
108
112
111
112
107
113
105
109
102
103
98
101
105
101
102
Pi 03
104
100
106
109
109
Mil
PI 09
Pi 05
118
r
121
Pi 21
Pi 28
'109
112
'123
127
109
117
122
104
99
105
104
104
103
99
108
111
113
112
105
102
113
117
124
175
P!12
Pi 04
Pl 1.3
P125
P113
113
107
114
125
109
108
112
108
114
106
122
112
104
108
95
100
104
103
105
105
101
106
M04
113
110
109
103
tl3
109
115
118
112
107
116
113
121
119
121
115
320
123
127
132
127
114
129
130
134
108
107
111
111
114
214
115
115
110
116
104
98
105
109
114
115
SEASONALLY ADJUSTED
1953—December
'954—Tanuary
February
March
April
May
June ....«....o
July
August
September
October ..
November
December
101
101
106
ill
106
109
105
109
109
107
107
105
111
1 13
110
1 i 1
102
99
102
100
102
J01
105
1G2
105
105
105
192
194
178
83
86
89
83
81
86
108
102
110
81
83
85
101
98
99
73
80
106
110
r)T,l
200
1S4
104
104
78
85
111
113
146
198
105
97
105
124
113
116
107
99
108
127
113
119
J05
102
106
107
104
109
HO
134
v 11 7
104
104
92
104
98
107
105
108
101
106
109
1 16
106
107
123
117
127
122
129
132
131
121
138
106
;08
106
111
135
P136
110
11 5
104
112
115
118
215
7-19
*-!85
185
171
189
'210
195
SO
89
97
94
101
82
83
86
509
508
108
86
98
113
114
83
88
92
112
106
110
89
100
111
123
137
193
75
83
79
101
104
96
84
99
11?
122
M20
180
83
86
90
110
109
108
97
104
114
121
130
201
94
98
102
119
119
121
135
147
225
85
86
88
107
107
105
100
111
112
116
134
210
102
96
107
128
117
110
100
104
117
107
"1.14
108
100
113
132
124
136
PJ31
110
101
112
132
126
1S7
P130
111
133
128
128
129
125
127
131
119
122
? 15
120
117
1\z
1 ? /1
124
vn >
101
111
108
110
no
114
118
WITHOUT SEASONAL ADJUSTMENT
J953—December
1954—January
February
March
April
..
.....
May
no
106
June
July
August
September ....
October
106
88
98
112
118
December
P200
.106
77
83
H5
'•186
80
84
91
?09
80
80
82
105
98
i00
82
94
105
111
r
no
329
114
113
93
102
1??
130
i>232
120
114
106
115
123
141
154
P233
1 ?>?.
3 88
ill
us
STOCKSi
1948
1949
1950
1951
1952 ,
1953
1954
107
100
109
129
118
i 05
100
109
124
in
116
. .
?>122
P
i 17
P
! .13
107
100
106
128
111
110
Pi! 5
P139
108
102
120
140
135
146
P140
n 2i.
105
101
113
133
ISO
111
100
110
128
115
123
17.6
P119
It*.
100
110
131
125
1 V?
Pi 25
SEASONALLY ADJUSTED
1953—December
123
112
113
117
121
'•132
142
122
$954—January
February ....,.«,
120
114
lii
115
133
118
117
112
118
117
120
117
116
107
111
113
142
J41
J17
119
121
120
S14
113
112
114
116
1S6
IS*
137
139
139
3 41
117
121
122
127
120
116
April
M a y ...
121
122
July
August
September .
October
November
December
. .
124
124
125
124
124
115
114
318
116
118
1 17
117
115
115
116
113
113
109
305
108
102
106
120
122
121
110
105
114
121
P124
j 17
i 13
112
113
1.17
£15
117
116
115
135
137
J35
122
122
IJ9
129
116
J20
115
116
117
106
110
111
111
111
112
113
119
123
120
120
118
118
129
123
121
124
116
137
135
\M
132
131
128
130
127
127
128
131
133
132
134
132
129
v! 3 1
1 ?9
119
122
141
147
145
1?()
115
120
137
136
143
141
144
vi 37
143
122
124
124
122
122
17?
104
103
106
-316
125
Ill
104
J01
J17
'117
108
98
104
116
118
118
107
104
111
120
130
129
103
99
104
111
119
120
119
109
106
112
121
128
1.30
Pi 05
120
127
142
130
139
147
143
138
128
128
136
147
154
160
126
108
99
108
123
124
123
119
120
119
128
129
127
103
100
106
115
116
113
107
109
114
124
128
133
107
118
125
133
134
134
127
125
130
138
142
146
116
115
127
136
135
130
121
123
129
139
144
111
11.3
125
125
129
122
125
122
132
144
141
1.07
116
115
(17
116
118
116
1 30
129
129
128
128
130
WITHOUT SEASONAL ADJUSTMENT
1953—December
February
March
Anril
May
July
August
September
October
November
December. .
. ..
114
126
127
126
116
115
120
129
138
139
P110
138
110
111
120
123
119
109
103
110
121
132
134
106
146
146
133
135
139
146
158
152
Pi 20
114
126
126
124
116
114
118
126
136
140
111
143
J»Prelirainary.
•'Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annuai average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp, 1463-1515.
FEBRUARY
1955
197
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
A m o u n t s (In millions of dollars)
Sales 1
(total
for
month)
Year or month
Stocks 1
(end
of
month)
Outstanding
orders !
(end of
month)
average
average
average
average
average
average
average
average
average P
345
365
381
361
376
391
397
'•406
-.107
979
925
1,012
1,202
1 ,097
M .163
1,136
964
588
494
373
495
460
435
4?1
387
1953- --December. .
'733
••1,047
1954—January.. . .
February...
March
April
May
June
July
August
September.
October. . .
November. .
December P .
310
299
351
402
372
378
306
350
400
437
509
769
1946
1947
1948
1949
1950
1951
1952
1953
.1954
767
887
1,010
1,075
1,176
1,183
1,161
1,067
1,042
1,095
1,184
1 ,268
1,318
1,049
Receipts 2
(total
for
month)
Ratios to sales3
New
orders 2
(total
for
month)
Outstanding
orders
Stocks
Stocks
plus
outstanding
orders
Receipts
2.3
2.5
2.7
2.7
2.8
3.2
2.9
3 o
3.0
3.0
1.7
1.4
1.1
1.4
1.3
1.2
1 1
1 .0
'35 7
1.4
0.4
1.8
1.1
1.0
1.0
1.0
1.1
1.0
1.0
1.0
1.0
0.6
'359
397
392
347
318
425
362
397
510
512
488
395
3.3
3.6
3.4
2.9
3.1
2.8
3.4
3.1
3.0
2.9
2.6
1.2
1.3
1.0
0.7
0.7
1.0
1.5
1 .3
1.2
1 .1
0.8
0.4
4.5
4.9
4.3
3.6
3.8
3.9
4.9
4.5
4.2
4.0
3.4
1.8
0.9
1.2
1.3
1.0
0.9
0.8
0.9
1 .2
1.2
1.2
1.1.
0.7
373
366
386
358
391
390
397
p
408
407
354
364
363
358
401
379
401
M01
409
'•284
••445
370
403
343
281
249
390
471
465
486
477
406
301
••273
364
452
409
350
284
281
403
489
521
559
500
5.3
4.3
4.1
3.8
4.2
4.4
4.1
'4.1
4.0
"Preliminary.
'Revised.
1
These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of
department stores located in various cities throughout the country. In 1954, sales by these stores accounted for about 50 per cent of estimated
total 2department store sales.
Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on
outstanding
orders.
3
The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of
sales and receipts for the month.
NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102.
WEEKLY INDEX OF SALES
[Weeks ending on dates shown.
1947-49 =100]
Without seasonal adjustment
1951
Mar. 3
10
17
24
31
1
8
15
22
29
1954
1953
1952
oo Mar.
105
101
105
89
8S Mar.
88
90
94
101
7
14
21
28....
96 Mar.
100
109
112
105 Sept. 6 . .
100
13
20....
114
27
111
29.... 114
Apr.
7
101 Apr. 5
109 Apr. 4
14
100
11
12.... 111
21. ... 97
18
19.... 97
28
101
25
26
105
118 Apr. 3. ... 103 Oct. 6
13
113
97
10
20....
118
105
17
27
101
104
24
May
5
111 May 2
113 May 3
12
110
10.... 117
9
19.... 99
17
99
16
26
100
24.... 105
23....
31 .... 97
30
114 May 1
128
8. ...
105
15
112
22. . .
97
29
June 2
9....
16
23
30
95 June
108
106
92
89
7
111 June
14
116
21
98
28.... 91
6
13
20
27
118 June
112
111
94
112 Nov.
123
97
106
.
104
3
10
17
24
97 Dec 1
5
8
12
111
15
19.... 115
22
26
97
29
1952
7
75 July 5
14
83
12
21. . . .81
19
28
80
26
July
88 Aug. 2
Aug. 4
11 . . . 87
.
9. ...
18
93
16 ...
97
23
25
30
1952
1951
6. ... 85 Sept. 1
92
13
8
15....
95
20
22
100
27
79 July 3
79 July 4
10
11. . . .92
83
84
17
18
82
83
24....
25
79
31
93 Jan. 5. . .
12
77
19
88
26
84
87
92 Feb. 2
. Aug. 7
87 Aug. 1 . . . 86
9
92
14
97
8
90
16
21. . . 10C
.
15. ... 95
95
23
22
100
102
28
100
29 . 101
110
1953
113
97
120
118
31
112 Oct. 2
120
9
118
16
113
23
113
30
110
118
119
123
117
7
14
21
28
121 Nov. 6. . ..127
.
133
13
.130
131
20.... .134
133
27
.133
110 Oct. 4. ... 116 Oct. 3
10
11. . . 126
117
18. .. 124
17
116
25. ... 122
24
113
121 Nov.
127
130
123
1
8
15
22
29
161 Dec. 6
13
191
20
213
27
228
92
115 Nov.
118
130
134
138
1954
101 Sept. 4
11
102
120
18
114
25
100 Sept. 5
114
12
19....
113
26
112
195 Dec. 5
190 Dec. 4. .
12
223
216
11
19...
.
237
234
18
26
146
163
25
..192
.
.224
.240
.190
31
81 Jan. 2
9
89
16
92
23
86
30
87
1955
81 Jan. 1. . .... 80
94
8
.106
85
15.... . 99
86
22
. 95
85
29
. 87
84 Feb. 7
14
87
21
89
83
28
88 Feb. 6
13
92
20
85
93
27
86 Feb. 5.... . 85
91
12....
86
19
90
26. . . .
1954
1953
78 Jan. 3 ...
10 ...
92
17. ...
90
24
83
NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.
198
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]
area, or city
Reserve Dec.! Nov. Year Federal Reserve Dec. Nov. Year Federal Reserve Dec. Nov. Year
Dec. iNov. Year Federal
district,
district,
district,
1954 1954 1954
1954 1954 1954
1954 I 1954 1954
1954 j 1954 1954
area, or city
area, or city
area, or city
Cleve.-cont.
Met. Areas-cont.
WheelingSteubenville 2 ..
United States.. P +4, +5j
+3! +8J
Boston
1
Met. Areas
Portland
Boston
Downtown
|
Boston2
1
Suburban
Boston
Cambridge..
LowellLawrence
New Bedford...
Worcester2
Cities
Springfield 2
Providence ....
New York
1
Met. Areas
Albany-Schenectady-Troy
Albany
Schenectady...
Binghamton... .
Buffalo 2
Buffalo
1
Niagara Falls.. I
New York-N. E.j
New Jersey...
Newark 2 2
N. Y. City
...]
Rochester 2
j
Syracuse 2
i
Utica-Rome....
Utica
I
Cities
Bridgeport 2
I
Elmira
Poughkeepsie...
!
.
. i
1
_i
City
3
+3 Portsmouth . . .
+2; +6| + 1 Richmond1
Met. Areas
+ 7! +15| +8 Washington 2 . . . +3'
+3 Downtown
+3! +7;
Wash 2
Oi
+3; +5; - 1 Baltimore
P+8,
2
2
+3, +7
Asheville
+4i +13,
0 Raleigh2
Winston-Salem32 3+6,
Charleston,
S.C. ( ) !
+2i + 1 |
Columbia22
Greenville
+2| +81
Norfolk2
Portsmouth
..
+3| +7|
2
Richmond
+
2
Roanoke
+3!
i
!
+:
•
I
- 1 Charleston,
2
W. Va.
+2l +2!
0
+3! ftj
+4i +5;
0!
-2i
0
-2
-1
Cities
CumberlandHagerstown. . .
Spartanburg....
i
+61
Lynchburg2
Newport News..
2
Huntington . . .
-1
+2 Parkersburg
+3 Atlanta
3 Met. Areas1
2
+ 1 Birmingham ...
Mobile
Montgomery.2 . .
Jacksonville
.. .
2
P + 41
- 6 Miami
231
Orlando
+3 St. Petersburg- P ++2|
2
Tampa
i
St. Petersburg.
+8;
Tampa22
+3 Atlanta
+ lb!
-rr. Augusta
+9'.
Columbus
2
+5!
Macon
- 36
+4
Savannah
- 1 Baton Rouge 2 ..
2
..
: New Orleans
Jackson2
2
Chattanooga
..
2
— s Knoxville2
+6
— 7 Nashville
Cities
+2
^ Rome
Meridian
q
— 7 Bristol
0: +2;
2
+i0 —3
0. o, +2
+ 71 - 4 ,
!
! +2
- 2 ! iii
+4; +10:
0; +11;
+1' - 2 !
+4! +6
+ 1' +3
-5-
Philadelphia...
+4!
Met. Areas
Wilmington....
+8,
Trenton 2 2
Oi
-1!
Lancaster 2
Philadelphia
...
+5!
2
+4i
Reading
Scranton
+5!
Wilkes-Barre—
j
Hazleton 2
j +9
City 2
-i |
York
Cleveland
+3
Met. Areas
Lexington....
-4!
Akron2 2
+3!
Canton 2
_4j
Cincinnati 2. .
+A
-4-:
Cleveland ...
Columbus 22 ...
+4!
Springfield
.
.
+2j
-1
Toledo2
2
-2
Youngstown
.
-2!
Erie2
Pittsburgh 2 . .
3j
-6i
+6
+ 13
+3
+7
+7
+9
0
+3
1
-1
_1
-1
-2
-1
-2
+6
+3
+
1
-3
-4
+!
-I Chicago
+ 1 Met. Areas
Chicago-cont.
Met. Areas-cont.
2
Decatur
2
-2!
- 6 Peoria
Rockford 2
-2'.
Tri-Cities
+5; +2 (Moline,
Rockland;
Davenport)
+7!
Fort Wayne 22...
Indianapolis
...
+81 +2 South Bend2 . . . - 5 '
Terre Haute 2 ... - 1 !
1
Cedar Rapids... +3;
+2 Des
Moines.... +1.
+5,
Dubuque
+11
+9. - 2
City
+2!
+ 1.0; +4 Sioux
Waterloo
+4,
2
Detroit
+6!
+ 12! 1 +1 Flint
2
+|
2
+8|
.
+ 2 Grand Rapids
j
2
Jackson
0 Kalamazoo
+3;
- 4 Lansing2
+ 15|
+6J + 1 Saginaw
-2,
Green Bay
Madison
- 8A}| J
Milwaukee 2 ....
-5
;
+ 1!
+5;
+21!
+3;
+ 14; +1
+ 15|
0!
+13;
+5:
+6!
+4!
+3i
+2;
P+2
+1,
P+2
+3|
1
-5
-4
-9
-7
Chicago2
Aurora
Elgin
Joliet2
Gary
-.1
- l i
+8;
\
+1
+3
+7
+2
+8|
-2
—81
+41
1:
-6
-4
Met. Areas
Fort Smith 2
Little Rock2
Evansville
Louisville2
Springfield2
St. Louis 2
Memphis
Cities
+4 Quincy
Paducah
+4
+|
+4;
-2
Enid
+ 2!
-2
-i
Greeley
- 1 4 Hutchinson..
- 4 Joplin.
+2! +4
ansas City....
+i.3: - 1 Ka
-12'
+5
—5
+4
+1
+9
0
I
I
+6! -12
+6; +10
+ 11 0"
+5| +4!
- 3 , +1
0
0
-2
1
2
1
+4!
-5|
Dallas.
+6
"2
Met. Areas
I
+3| +li - I
Shreveport
Corpus2 Christi.. + 12; +11; +3
+ lli +8, 5 +1
Dallas
+61 - 4
I +
+ 7 El Paso
+ 7; +9!! - I
— 7 Fort Worth
2
0
+6, +5
+4 Houston
+ 8| +1 + 1
Waco
-2
—4
-1
San Francisco.. p+6| +6
— ii
-4,
2'
+5!
+4; +21
+2! +3!
-10; - H i
+l! +6!
+ 18! +12;
p+3; +6!
p+8; +4;
+3 1
— 12! - 2 0 ;
- 5 Minneapolis. . .
-1
+ 1 Met. Areas1
+3 Mpls.-St. Paul2 2 .
Minneapolis ..
-2
St. Paul2
+6 Sioux Falls
+22 +19;
Wichita
— l!
—31
St. Joseph
Omaha
+r>! +3'
Albuquerque. . . + 14- +8,
Oklahoma City. + 17; +23!
Tulsa
+3,
+4 Cities
I
Cities
Danville
-11;
Battle Creek. . .
-2
Muskegon
*+4J
Port H u r o n . . . . - 8 !
Appleton
+3!
Sheboygan
-1;
—;>
+3, —6
+4
+ 10! +2 St. Louis
-1
-1
Kan. City-cont.
Met. Areas-cont,
-2
+3|
0;
-2,
1
Met. Areas
2
+3!
Phoenix
2
+ 13i
Fresno
+5
Los Angeles2. . .
Downtown
P+4| + 1
L. A.2
Westside L.A.*
Long Beach 2 .. +5J
+4!
Pasadena
Santa Monica.. + 8 ! + I81
-1
Riverside
and
+ 1 San BerI
-13
+ 7i
nardino 2
-1
0. +10;
Sacramento
.
.
.
+2 San Diego2
-ii
+ 1 San Francisco- p-lj
+2
+4
Oakland3 . . . .
Oakland- 2
Berkeley
0; -2
+2
Downtown2
-21
Oakland . 2. -3!
San Francisco
Vallejo
+8,
San Jose22
+ 12,
Stockton2
Portland
+
+
Salt Lake
City 2 . +5;
Seattle2 2
+7.. +5.
Spokane2
+5! +8
Tacoma
+ 10;
-9
—7
— 10
-1
-2
4
—3
0
_2
+2
-1
0
+2
+1
-6
c
A
0
2
+1
-9
-2
-4
+1
+2
Cities
Mankato
+7; -9j +2
Duluth- 2
Cities
P+9'
Superior
Tucson
4
+ 14' r+8! +4 Bakersfield2
Great Falls
!
-•
2
Forks. . .
Boise and
- 2 Grand
3
p+\.i\ + 13! + 1
—4
Nampa
LaCrosse
Idaho Falls
+11 —31 - 3
-1
0 Kansas City
+6, +6' + 1 Twin Falls
+6i
- 6
Bellingham
+6!
! - 70
+2 Met. Areas
Everett 2
+i
2
0!
-8
- 5 Denver
...
+11! +| +3 Walla Walla
— 2i - 4
- 1 0 Topeka
+5 - 2 Yakima2
|
Kj
-i
+ 11
r
P1 Preliminary.
Revised.
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve
Bank in the district in which the area or city is located.
3
Data not available.
4
Nine
months 1954.
5
Eleven months 1954.
FEBRUARY 1955
199
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage
change from a
year ago
Department
GRAND TOTAL—entire stored
MAIN STORE—total
Piece goods a n d household t e x t i l e s . . .
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
W o m e n ' s a n d misses' apparel a n d 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
Sales
during
period
Stocks
(end of
mon th)
Eleven
Nov. months
1954
1954
Nov.
1954
+4
+4
+2
+3
+5
+3
+3
i
Women's and misses' dresses.
Inexpensive dresses
Better dresses
+5
+4
+6
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.
+2
+24
+6
+6
+6
+4
+3
123
135
132
138
111
110
114
84
76
87
97
90
8L
96
102
87
81
94
94
-2
-3
-6
-8
+3
3.6
3.8
94
89
3.2
3.0
3.3
3.3
2.9
75
71
96
69
3.9
3.8
4.7
3.5
107
120
77
127
79
68
117
70
96
89
81
126
107
118
79
123
126
120
141
124
121
115
1.32
123
129
122
145
129
0
-3
-6
+6
-2
-2
3.8
93 j
73 I
67
93 i
67 !
-4
4.7
3.3
+1
0
3.4
3.6
137
105
129
146
131
146
-4
-1
0
-1
0
-1.
-5
-1
3.8
3.8
4.0
3.7
3.9
4.3
96
107
121
85
99
102
96
104
115
118
141
146
114
135
121
118
142
146
3.6
4.6
2.4
5.7
4.1
5.4
3.0
6.1
143
124
155
146
111
94
131
102
126
112
129
130
148
147
153
143
134
136
134
137
149
154
154
138
3.5
3.6
119
104
120
114
115
118
2.5
2.7
2.4
2.5
2.6
2.4
191
150
209
112
101
115
186
150
201
168
151
172
155
131
161
165
148
168
2.6
2.7
120
112
117
142
140
144
3.0
2.4
3.5
0.9
3.1
3.4
2.6
3.1
2.3
3.7
1.0
3.4
3.4
2.6
124
151
99
102
148
117
102
110
134
60
131
103
128
90
121
152
104
101
144
109
102
148
190
116
86
130
146
149
142
167
95
112
131
146
135
150
183
127
99
138
139
149
2.9
3.0
3.0
3.1
3.2
3.2
2.7
125
149
105
138
85
112
73
80
123
146
104
138
160
196
136
166
142
175
121
144
167
205
143
173
155
135
151
126
148
162
1.45
138
149
164
106
111
105
144
148
141
150
148
149
145
143
146
- 2
—1
0
-2
+4
+2
+2
+2
2
-1
Q
-13
-5
+5
0
+1
+2
-4
Nov.
-1
0
+4
+1
+5
Oct
109
+1
+3
+8
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Nov.
127
+4
0
Nov.
3.2
0
+3
+7
+3
+4
+4I
+1
Oct
3.0
+4
+2
+7
+4
+1
Nov.
2.8
+ 14
+ 10
+20
+ 12
+4
+3
1953
1954
3.0
+1
+3
1953
1953
-2
+3
+5
-2
1954
1954
Stocks at end
of month
Sales during
period
-2
-i
+3
+6
November
2
2
-2
+
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average=100 2
Ratio of
stocks to
sales i
-4
-5
-4
0
+1
0
0
-1
2
—9
-7
-11
0
-^
+2
-1
-1
2.5
2.5
2.5
-1
+4
-4
2.1
1 .7
1.5
2.4
2.2
1 .7
1 .6
2.4
117
112
132
57
114
115
121
85
112
112
130
59
133
113
128
79
136
132
14-1
92
135
118
131
83
+4
+3
+5
2.0
1.8
135
103
174
121
103
142
130
102
165
151
129
169
154
132
172
145
125
160
-2
2.0
1.8
2.2
2.0
1.6
2.4
92
90
96
100
96
106
88
87
91
115
111
117
117
111
.120
117
110
120
136
91
150
137
78
122
130
90
121
167
.121
119
157
103
119
172
122
126
+ 1•!
1.9
1.5
2.2
+ 21
-3
-1
2.4
2.5
3.0
2
0
0
0
110
110
110
-1
-4
-2
—4
_2
2
-2
+5
5.1
4.4
5.3
131
118
119
102
122
—5
-3
3.4
3.7
148
109
140
152
149
157
-4
-3
0
0
4.0
3.1
3.0
5.0
4.4
3.4
3.2
5.2
136
153
160
127
121
96
128
144
154
123
151
160
139
142
156
149
158
166
139
143
.122
113
140
142
For footnotes see following page.
200
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES A N D STOCKS B Y MAJOR
DEPARTMENTS—Continued
Percentage
change from a
year ago
Department
Homef urnishings
F u r n i t u r e and bedding
Mattresses, springs, a n d studio beds
Upholstered a n d other furniture
Domestic floor coverings
Rugs and carpets
Linoleum
Draperies, curtains, a n d upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop
Radios, phonographs, television, records, etc
Radios, phonographs, television
Records, sheet music, a n d instruments
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
Stocks
(end of
month)
Sales
during
period
Nov.
1954
+4
+6
+5
+6
Ratio of
stocks to
sales i
Eleven
months
1954
Nov.
1954
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 urnishings.
Shoes
NONMERCIIANDISE—total
Barber and beauty shop
1953
Nov.
Oct.
Nov.
Nov.
Oct.
Nov.
3.6
123
113
118
115
115
120
-3
3.3
2.0
3.5
3.8
2.3
4.2
128
124
129
128
148
118
121
118
121
110
132
106
112
131
106
120
141
117
3.5
3.5
3.9
3.8
3.7
4.4
112
112
62
110
109
64
109
111
61
103
102
66
106
105
67
109
107
70
3.1
2.8
5.3
2.5
3.5
3.7
3.2
3.1
5.5
2.8
3.8
3.8
139
136
146
67
123
197
126
108
101
82
105
116
135
133
142
65
115
192
115
123
136
81
133
176
118
119
134
80
127
171
117
132
138
86
135
177
2.2
1.8
3.4
2.2
1.8
3.6
148
180
144
137
158
102
157
199
138
112
132
128
108
112
121
116
141
122
-3
-4
-4
-1
-1
-3
-6
-9
^
-8
+9
-1
-6
i
-5
-1
-3
-6
+4
+1
2.4
2.4
172
95
170
165
158
165
2.5
2.2
4.1
2.6
2.1
4.4
258
313
149
99
102
93
255
317
136
206
253
149
206
257
136
205
251
150
4.1
1.5
5.0
1.6
108
120
73
99
97
112
143
160
133
110
155
151
+9
0
0
+7
+3
+5
+4
-2
-3
2.0
2.2
128
110
123
126
124
130
0
-5
2
2.7
2.7
118
110
118
129
123
131
117
126
121
129
127
140
()
(*)
108
82
129
162
166
134
0)
(0
98
106
145
147
146
Domestics and blankets
Women's and misses' ready-to-wear
1.954
3.3
-2
BASEMENT STORE—total
1953
1953
-8
—6
-9
+3
+3
+2
+2
+2
+7
+3
Luggage
Candy
1954
1954
Stocks a t end
of m o n t h
-4
0
1
Sales during
period
-3
+3
+4
+1
November
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average —100 *
+2
+2
-1
+3
-6
0
+4
+6
+6
-1
-3
0
-11
—7
-3
-10
+1
+2
+1
+ 10
+4
+ .11
+4
+ 13
+6
+9 i +3
+2
+6
+4
-1
+3
+2
+1
+5
+6
-2
1.7
1.8
119
105
-4
2
2.2
2.0
2.3
1.3
1.3
1.8
1.5
1.8
2.4
2.3
2.0
2.4
1.3
1 .3
1.9
1.6
1.9
2.6
123
102
()
101
81
135
171
176
()
97
76
127
140
149
2.1
2.4
165
123
151
—5
-6
2.1
2.1
2.0
2.4
2.5
2.3
162
160
162
116
130
111
146
141
148
-3
2.0
2.2
171
-3
2.1
2.3
136
120
131
-2
3.3
3.4
114
110
111
143
118
140
zj.
-3
+4
0
+3
-2
-9
CO
0)
(0
(0
(0
105
0)
(•l)
107
95
136
148
137
101
102
144
143
149
(*)
142
151
138
139
136
152
144
155
C1)
144
144
137
147
144
113
122
CO
(•')
148
147
115
117
124
124
C1)
(0
(0
*The ratio of stocks to sales is obtained by dividing stocks a t the end of the mouth by sales during t h e m o n t h and hence indicates t h e n u m b e r
of m o n t h s ' supply on hand a t t h e end of t h e m o n t h in terms of sales for t h a t month.
- T h e . l 947-49 average of monthly sales a n d of end-of-month stocks for each d e p a r t m e n t is used as a base in computing t h e sales and stocks
indexes, respectively, for t h a t d e p a r t m e n t . F o r description of indexes, see Bo.LKTrx for November 1953, p p . 1146-1149.
3
F o r m o v e m e n t s of total d e p a r t m e n t store sales a n d stocks, see t h e indexes tor the United States on p . 197.
4
D a t a not available.
N O T E . — B a s e d on reports from a group of large d e p a r t m e n t stores located in various cities t hroughout the country. I n 1953, sales and stocks
a t these stores accounted for almost 50 per cent of estimated total department store s:iles a n d stocks. N o t all stores report d a t a for all of t h e
d e p a r t m e n t s shown; consequently, t h e sample for t h e individual departments is not so comprehensive as t h a t for t h e total.
FEBRUARY
1955
201
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
Year or month
All
items
Gas
and
electricity
Foods
Total
Rent
Solid House- Housefurhold
fuels
nish- operaard
ings
tion
fuel oil
Apparel
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
1929
73 3
6"5 6
117 4
60.3
1933
55.3
41.6
83 6
45.9
62 9
69.7
74.0
7S 2
76.9
83.4
95 5
102.8
101.8
102.8
111.0
113.5
114.4
52 2
61.3
68.3
67.4
68.9
79.0
95 9
104.1
100.0
101.2
112.6
114.6
112.8
95.0
101.7
103.3
106.1
112.4
114.6
117.7
88 4
90 4
90 3
90 6
90 9
91 4
94.4
100.7
105.0
108.8
113.1
117.9
124.1
97.6
100.0
102.5
102.7
103.1
104.5
106.6
88.8
104.4
106.8
110.5
116.4
118.7
123.9
97.2
103.2
99.6
100.3
111.2
108.5
107.9
97.2
102.6
100.1
101.2
109.0
111.8
115.3
55.6
64.9
67 8
72.6
76 3
83.7
97.1
103.5
99.4
98.1
106.9
105.8
104.8
90.6
100.9
108.5
111.3
118.4
126.2
129.7
94.9
100.9
104.1
106.0
111.1
117.3
121.3
97.6
101.3
101.1
101.1
110.5
111.8
112.8
95.5
100.4
104.1
103.4
106.5
107.0
108.0
96.1
100.5
103.4
105.2
109.7
115.4
118.2
1953—December
114.9
112.3
118.9
127.6
107.2
125.3
108.1
117.0
105.3
128.9
123.6
113.6
108.9
120.3
1954—January
February
March
April
May
June
Tulv
August
September
October
November
December
115.2
115.0
114.8
114.6
115.0
115.1
115.2
115.0
114.7
114.5
114.6
114.3
113.1
112.6
112.1
112.4
113.3
113.8
114.6
113.9
112.4
111.8
111.1
110.4
118.8
118.9
119.0
118.5
118.9
118.9
119.0
119.2
119.5
119.5
119.5
119.7
127.8
127.9
128.0
128.2
128.3
128.3
128.5
128.6
128.8
129.0
129.2
129.4
107.1
107.5
107.6
107.6
107.7
107.6
107.8
107.8
107.9
108.5
108.7
109.1
125.7
126.2
125.8
123.9
120.9
120.9
121.1
121.9
122.4
123.8
124.2
125.5
107.2
107.2
107.2
106.1
105.9
105.8
105.7
105.4
106.0
105.6
105.4
105.4
117.2
117.3
117.5
116.9
117.2
117.2
117.2
117.3
11.7.4
117.6
117.8
117.7
104.9
104.7
104.3
104.1
104.2
104.2
104.0
103.7
104.3
104.6
104.6
104.3
130.5
129.4
129.0
129.1
129.1
128.9
126.7
126.6
126 A
125.0
127.6
127.3
123.7
124.1
124.4
124.9
125.1
125.1
125.2
125.5
125.7
125.9
126.1
126.3
113.7
113.9
114.1
112.9
113.0
112.7
113.3
113.4
113.5
113.4
113.8
113.6
108.7
108.0
108.2
106.5
106.4
106.4
107.0
106.6
106.5
106.9
106.8
106.6
120.3
120.2
120.1
120.2
120.3
120.1
120.3
120.2
120.1
120.1
120.0
119.9
1941
194?
1943
1944
1945
1946
1947
1948....
1949
1950..
1951
1952
1953. .
NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised
weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.
Source.—Bureau of Labor Statistics, Department of Labor.
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]
Other commodities
Year or
month
All
commodities
Farm Procprod- essed
ucts foods Total
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
MaPulp,
Chem- Rub- Lum- paper,
Metals chinicals
ber
ery
ber
and
and
and
and allied
and
and wood
metal moallied prodprod- tive
prod- ucts prod- products
ucts products
ucts
ucts
Furniture
and
other
household
durables
Nonmetallic
minerals—
structural
95.6
101.4
103.1
105.3
114.1
112.0
114.2
93.9
101.7
104.4
106.9
113.6
113.6
118.2
Tobacco
mfrs. Misand cellabottled neous
beverages
98.2
106.1
95.7
99.8
111.4
108.8
104.6
95.3
103.4
101.3
105.0
115.9
113.2
114.0
100.1
104.4
95.5
99.2
110.6
99.8
97.3
101.0
102.1
96.9
104.6
120.3
97.2
98.5
90.9
107.1
101.9
103.0
106.7
106.6
109.5
101.4
103.8
94.8
96.3
110.0
104.5
105.7
110.1
94.4 104.3
114.6
95.8
95.6
111.1
107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1
110.9
110.5
110.5
111.0
110.9
110.0
110.4
110.5
110.0
109.7
'1.10.0!
109.5!
106.2
104.8
105.3
105.9
106.8
105.0
106.5
106.4
105.5
103.7
r<
)3.2 103.8
90.0 103.4
114.6
114.4
114.2
114.5
114.5
114.2
114.3
114.4
114.4
114.5
"114.8!
114.91
96.1
95.3
95.0
94.7
94.8
94.9
95.1
95.3
95.3
95.4
95.2
95.2
95.3
94.9
94.7
94.6
96.0
95.6
94.9
94.0
93.0
92.4
'•92.8
91 .8!
110.8
110.5
109.2
108.6
108.2
1.07.8
106.2
106.9
106.9
106.9
107.4
107.8
1947
1948
1949
1950
1951
1952
1953
96.4
104.4
99.2
103.1
114.8
111.6
110.1
1953
December
1954
January
February
March
April
May
June
July
August
September
October
November
December
100.0
107.3
92.8
97.5
113.4
107.0
97.0
97.8
97.7
98.4
99.4
97.9
94.8
96.2
95.8
93.6
93.1
107.2
107.5
107.4
107.2
107.1
106.8
106.7
106.8
106.8
106.9
-107.0
107.0
99.0
102.
98.9
120.5
148.0
134.0
125.0
124.8
124.6
124.9
125.0
125.1
126.1
126.8
126.4
126.9
128.5
131 .4
132.0
93.7
107.2
99.2
113.9
123.9
120.3
120.2
117.0
116.8
116.7
116.2
116.1
116.3
119.1
119.1
119.3
119.8
119.9
120.0
98.6
102.9
98
100.9
119.6
116.5
116.1
117.0
117.1
116.6
116.3
115.8
115.8
116.2
116.3
116.3
116.3
116.0
115.9
91.3
103.9
104.8
110.3
122.8
123.0
126.9
92.5
100.9
106.6
108.6
119.0
121.5
123.0
127.2 124.4
126.2 124.5
126.3 124.5
126.8 124.4
127.1 124.4
127.1 124.3
128.0 124.3
128.6 124.3
129.1 124.4
129.7 124.3
129 9 M25.3
129.8! 125.6
115.2
115.1
115.0
115.6
115.5
115.4
115.3
115.3
115.3
115.6
••115.6
115.7
120.9
121.0
121.0
120.8
119.3
119.1
120.4
120.5
121.7
121.9
121.8
121 .8
98.0
100.4
101.6
102.4
108.1
110.6
115.7
100.8
103.1
96.1
96.6
104.9
108.3
97.8
101.1
102.8
104.9
110.3
109.2
105.1
103.9
102.3
99.1
96.7
'•121.4
97.0
121 .4 98.0
118.2
118.0
117.9
121.5
121.4
121.4
121.4
121.5
121.5
121.5
I
r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
202
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1953
1954
1953
Dec.
Oct.
Nov.
Dec.
89.8
90.6
83.9
.103.2
99 5
97.2
89.7
148.1
101.9
92.9
77.5
107.1
93.8
82.5
91.7
159.6
103.2
93.5
76.4
104 .5
'95.1
83.5
'92.0
164.6
96.9
92.5
74.0
105.0
93.6
64.8
93.8
157.7
Hay and seeds
Other farm products.
Processed Foods:
Cereal and bakery products
Meats, poultry, and fish
Dairy products and ice cream....
Canned, frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage m a t e r i a l s . . . .
Other processed foods
112.2
89.7
111.3
114.5
85.8
H6.5
86.3
108.8
116.8
85.2
108.2
103.9
108.9
171 .6
113.9
105.5
112.0
206.3
99.8
105.5
105.6
111.6
203.4
98.4
90.9
112.1
85.5
139.3
97.9
89.9
108.4
57.7
49.5
82 1
111 .8
108.7
112.3
197.8
97.8
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products.
82.4
86.1.
127.0
98.6
80.9
89.9
106.6
86.9
127.4
98.4
77.6
90.0
106.9
87.2
123.9
98.4
76.9
52.7
r
82.O
111.7
r
96.0
47.4
81.5
111.6
95.9
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products.
111.8
98.2
96.1
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products.
112.5
132.5
109.6
100.7
114.9
105.1
132.4
105.8
101 .8
.109.3
105.1
132.4
•107.3
"103.0
109.5
105.2
132.4
107.3
103.0
110.4
118.6
112.7
96.6
93.8
58.6
111 .4
113.9
105.2
117.6
112.8
97.2
93.6
56.5
109.2
112.1
107.6
117.7
112.8
96.6
93.6
57.8
109.1
11.2.2
107.6
1.17.4
112.8
96.3
93.6
58.9
108.9
1 13 .3
107.8
114.5
130.1
123.2
132.0
129.6
125.2
134.1
1.34.0
125.4
137.6
.134.9
125.2
116.4
131 .3
103.9
119.5
130.2
104.3
119.6
130.2
104.3
! 19.8
130.3
104.3
109.7
79.1
126.8
109.6
83.8
1.26.5
109.6
87.3
1 26.5
109.6
85.5
126.9
Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber...
Millwork.
Plywood. .
Nov.
Dec.
Paperboard
125.9
Converted paper and paperboard.. 113.4
Building paper and board
123.0
124.2
111.9
127.6
124.1
111.3
127.6
124.1
111 .0
127.6
135.0
127.4
131.2
141 .6
118.7
114.3
135.5
127.2
131.6
142.0
118.7
114.3
135.0
127.6
131 .6
142.3
118.7
114.3
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
132.8
122.1
1.28.7
137.2
118.2
11.5.5
117.3
117.9
117.4
117.8
127.2
126.0
1.26.2
125.9
122.5
122.0
121.3
123 .3
131 .1
.1.32.8
131 .6
134.0
•131 .8
134.0
131.9
134.2
128.6
124.5
1 28.1.
126.1
128.1
126.0
128.2
125.9
1.26.8
118.5
125.2
118.6
•126.7
121 .0
126.7
121 .6
114.1
126.2
124.8
109.1
94 .3
74.0
127.7
112.8
127.3
124.0
109.5
95.4
68.7
131 .3
112.9
128.6
124.0
109.1
95.4
69.2
131 .5
112.9
128.6
124.0
109.4
95.4
69.2
131 .5
124.7
119.6
117.2
132.1
122.1
109.9
118.9
123.9
122.1
117.8
135.4
122.1
106.1
1 20.8
123.9
122.1
117.4
135.1
122.1
106.1
119.5
123.9
122.3
117.4
135.4
122.1
106.1
119.5
124.0
103.5
1 20. 7
114.9
125.1
124.0
124.0
103.7
103 . 7
121 .4 121.4
114.3 -•114.3
M8.1
148.1
124.0
103 .7
121 .4
114.3
148.1
112.7 "•112.8
8-1 .3
85.0
101 .2 101.2
103 .5 103.5
1 20.8 -120.9
112.9
86.8
101 .2
103.5
120.9
Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
Furniture and Other Household Durables:
Household furniture
Commercial furniture
Floor covering
Household appliances
Radio
Television
Other household durable goods....
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures and Bottled
Beverages:
Cigarettes
Cigars
Other tobacco products.
Alcoholic beverages
Nonalcoholic beverages.
Miscellaneous:
Pulp, Paper, and Allied Products:
Woodpulp...
Wastepaper.
Paper
Oct.
Nonmetallic Minerals—Structural:
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....
Dec.
Pulp, Paper and Allied Products—
Continued
Farm Products:
Fresh and dried produce.
Grains
Livestock and poultry. . .
Plant and animal fibers. .
Fluid milk
1954
Subgroup
Subgroup
Toys, sporting goods, small arms.. 113.2
Manufactured animal feeds
92.2
Notions and accessories
93.5
Jewelry, watches, photo equipment 101 .9
Other miscellaneous
119.7
'Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 131-313.
FEBRUARY 1955
203
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce, in billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1954
1953
1929
1933
1941
1949
1950
1951
1952
1953
1954
4
Gross national product
104.4
4
56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5 362.0
7.2
9.0
18.4
20.5
23.5
25.3
27.2
27.9
28.2
29.0
29.8
30.2
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.0
1.0
.6
30.0 30.3 30.3
1 .0 1.0
1 0
.6
1.0 - 3 . 7
30.3
1.0
-3.0
30.2
1.0
-3.8
30.0
10
-4.4
30.4
1.0
n.a.
.0
.1
-.2
.2
.2
___ 2
-.3
-.4
— .1
Equals: National income
87.8
Equals: Personal income
3
2
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: 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
1
40.2 104.7 216.2 240.0 277.0 291.0
29.3
-.3
-.4
305.0 300.0 299.9 298.9 299.6 298.8
n.a.
-.5
-.8
10 1
.2
—2 0
.3
14 5
2.8
28 1
5.7
35 1
6.9
39.9
8.2
38 2
8.7
38 5
8.8
34 9
9.7
33 1
8.6
34 1
9.8
34 9
9.7
33 9
9.6
0
.9
1.0
5.8
.6
o
1.5
1.2
2.1
.7
o
2.6
1.3
4 5
.5
0
11.6
4.6
7.5
.8
o
14.3
4,7
9 2
.8
1
11.6
4.8
9 1
1.0
0
12.1
4.9
9 1
1.0
12.8
5.0
9.4
1.0
0
14.8
5.3
9.9
1.0
_ l
13.3
5.2
9.6
1.0
0
14.2
5.2
9.6
1.0
o
14.8
5.3
9 6
1.0
14.7
5.4
9 8
1.0
o
n.a.
9.7
.0
15.5
5.4
10.4
1 .0
96.3 206.8 227.1 255.3 271.2 286.1 286.5 287.3 285.1 285.7 286 2 289.0
85.8
47.2
Less: Personal tax and related payments..
Federal
State and local
2.6
1.3
1.4
1.5
.5
1.0
Equals: Disposable personal income.
83.1
45.7
93.0 188.2 206.1 226.1 236.9 250.1 253.5 251.2 252.3 252.9 253.2 255.9
Less: Personal consumption expenditures
79.0
46.4
81.9 180.6 194.0 208.3 218.4 230.1 23-1.0 229.7 230.5 233.1 234.8 237.7
4.2
-.6
11.1
Equals: Personal saving
18.7
16.2
2.5
3.3
2.0
1.3
7.6
20.9
18.2
2.7
12.1
29.3
26.3
3.0
17.7
34.4
31.1
3.2
18.4
36.0
32.5
3.5
20.©
32.9
29.2
3.7
19.5
36.1
32.6
3.6
21.5
32.8
29.1
3.7
21.8
32.9
29.2
3.7
19.7
32.9
29 2
3.7
18.4
33.1
29.3
3.8
18.2
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1953
1929
1933
1941
1949
1950
1951
1952
1953
1954
1954
87.8
40.2
Compensation of employees
Wages and salaries1
Private
Military
Government civilian
Supplements to wages and salaries..,
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
Proprietors' and rental income 2
Business and professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20.9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
49.9
25.7
14.2
10.0
49.0
26.2
12.2
10.6
48.7
25.9
11.9
10.9
49.1
25.9
12.3
10.8
49.4
25.6
13.0
10.8
49.0
25.9
12.2
10.9
48.5
25.9
11.6
10.9
48.1
26.3
11.0
10.9
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
10.1 - 2 . 0
.2
9.6
.5
1.4
8.3
-.4
.5 - 2 . 1
14.5
17.0
7.6
9.4
-2.5
28.1 35.1
40.0
26.2 17.8
15.8 22.1
1.9 - 4 . 9
39.9
41.2
22.5
18.7
-1.3
38.2 38.5
37.2 39.4
20.0 21.1
17.2 18.3
1.0 - 1 . 0
34.9
35.0
17.2
17.8
-.2
33.1
32.5
17.4
15.1
.6
34.1
34.5
17.0
17.5
-.4
34.9
34.5
17.0
17.5
.4
33.9
34.2
16.8
17.4
-.3
n.a.
n.a.
n.a.
n.a.
-.4
5.0
4.5
5.9
6.8
9.1
8.9
9.0
9.1
9.2
9.2
National income.
Net interest
6.4
104.7 216.2 240.0 277.0 291.0 305.0 300.0 299.9 298.9
64.8 140.9 154.3 180.4 195.4 209.1 207.3 208.8 206.4
62.1 134.3 146.5 170.9 185.0 198.0 195.7 197.6 194.6
51.9 113.9 124.3 142.1 152.2 164.5 161.9 164.1 161.2
1.9
4.2
8.7 10.5 10.2
5.0
9.9
9.7
9.6
8.3 16.2 17.2 20.1 22.4 23.3 24.1 23.5 23.7
2.7
6.5
10.4 11.1 11.7 11.2 11.8
9.5
7.8
5.2
7.4
8.4
299.6 298.8
n.a.
206.6 207.2 208.9
194.9 195.6 197.2
161.5 161.6 163.0
9.6
9.5
9.5
23.8 24.4 24.7
11.7 11.6 11.7
n.a. Not available.
1
Includes employee contributions to social insurance funds.
a
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
204
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce, in billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates
by Quarters
Annual totals
1953
1929
1933
104.4
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction1
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only
1949
1950
1951
1952
1954
1954
1953
56.0 125.8 257.3 285.1 328.2 346.1 364.9 357.2 360.5 355.8 356.0 355.5 362.0
79.0
9.2
37.7
32.1
46.4
3.5
22.3
20.7
81.9 180.6 194.0 208.3 218.4 230.1 234.0 229.7 230.5 233.1 234.8 237.7
9.7
43.2
29.0
23.6 28.6 27.1 26.8 29.7 28.9 28.0 28.0 28.8 28.9
96.9 100.4 111.1 116.0 118.9 120.5 118.7 118.8 120.0 121.1
60.1 65.0 70.1 75.6 81.4 84.6 83.0 83.6 84.3 84.8
16.2
8.7
3.6
5.1
5.9
1.7
1.8
1.4
1.4
.5
1.0
1.6
-1.6
-1.4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
32.5
17.5
8.3
9.2
17.8
-2.7
51.2
22 7
12.6
10.1
21.1
7.4
6.4
56.9
23.3
11.0
12.4
23.2
10.4
9.0
.8
.2
1.1
,5
-2.2
.2
8.5
1.3
1.3
.0
7.2
8.0
2.0
24.8
16.9
13.8
3.2
.0
7.8
43.6
42,0
22.1
18.5
3.9
.3
19.9
62,8
41.0
37.3
4.2
.4
21.8
Net foreign investment
Government purchases of
goods and services
Federal
National security
Other
Less: Government sales2
State and local
1941
2.0
.0
6.0
25.4
19.3
6.6
.4
18.2
50.7
23.7
11.1
12,6
23.3
3.6
3.0
51.4
25.5
11.9
13,6
24.4
1.5
2.2
46.1
27.6
13.3
14.3
22.2
-3.7
-3.8
-1.9
77.2
54.0
48.5
5.8
.4
23.2
85.2
60.1
52.0
8.5
.4
25.1
77.5
50.0
43.6
6.7
.3
27.5
29.9
122.1
85.7
45.5
25.7
li.7
13.9
24.0
-4.2
-3.7
44.5
26.0
11.7
14.3
22.7
-4.2
-4.2
45.6
27.0
12.8
14.2
22.4
-3.S
-4.0
45.3
28.3
14.0
14.2
21.8
-4.8
-5.0
49.5
29.1
14.8
14.3
2.1.7
-1.3
-1.6
-.6
-1.1
-1.0
-.3.
.8
86.0
59.8
50.6
9.6
.3
26.2
55.0
46.9
8.4
.3
26.9
75.6
47.9
42.1
74.1
45.9
40.5
6.1
.2
5.6
2
28'.2
81.9 • 78,3
51.3
44.7
6.9
.3
27.0
27.7
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Personal
income
Other
labor
income3
Total
Commodity
producing industries
Distributive
industries
Service
industries
50 4
29.0
62 1
135.1
134.4
146.5
170.8
185.1
198 1
195.7
21.5
9.8
27 5
60.2
56.9
63.5
74.9
80 6
88 1
83.8
15.6
8.8
16 3
38.8
39.0
41.3
45.8
48.7
51 7
52.6
8.4
4.9
1954
85 8
47.2
96 3
208.7
206.8
227.1
255.3
271.2
286 1
286.5
5.2
8 1
17.4
18.0
19.5
21.3
23 0
74 8
25.5
5.1
10 2
18.7
20.5,
22.2
28.8
32 8
33 6
33.7
.4
7
2.7
3.0
3.8
4.8
5 5
6 3
6.6
1953—December
287.0
196.0
85 5
52.1
25.0
33.4
8954—January
February
March
284.9
285 0
285.0
284.4
286.2
286 5
285.7
285.4
286 6
286.3
289.3
291.1
194.7
194 7
194.5
194.3
195.0
195.5
195.7
195.5
195 4
196.1
198.1
197.4
84.5
84 6
84.2
83.7
84.2
84.0
83.4
82.7
82 4
82.9
84.6
84.3
51.9
51.8
52.0
52.0
52.3
52.5
53.1
52.8
52 9
52.9
53.0
24.8
24.9
25.0
25.2
25.2
25.5
25.4
25.8
25.9
26.1
26.2
26.0
33.5
33.4
33.3
33.4
33.3
33.5
33.8
34.2
34 2
34.2
34.3
34.2
Year cr month
1929
1933
1941
1948
1949
1950
1951
1952
.
May.
Tuiy
. .
August
September...
October
November
December ">'
52.9
Government
Dividends
Proand
prietors'
perand
sonal
rental 4
income interest
income
Transfer
payments5
Less
personal
Noncontributions agricultural
for
social income7
insur-6
ance
1
77.2
43.4
88 0
188.5
190.8
210.5
235.7
253 3
270 0
270.7
20.2
7.6
20 9
45.6
42.0
44.6
49.9
49.9
49 0
48.7
13 2
8.3
10 3
16.1
17.2
19.8
20.7
21 4
2? 8
24.3
6.7
50.2
23.8
14.4
4.1
269.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6.6
6 6
6.6
6.6
6.6
49.6
49.6
48.9
48.2
49.4
49.2
47.9
48.2
48 8
47.2
48.3
48.9
23.9
23.9
23.9
24.0
24.0
24.1
24.2
24.3
24 4
24.5
24.6
26.2
14.8
15 0
15.8
15.9
15.8
15.8
15.8
15.5
16.0
16.5
16.4
16.7
4.7
4.8
4.7
4.6
4.6
4.7
4.5
4.7
4 6
4,6
4.7
4.7
267.9
268.2
268.8
269.1
269.7
270.3
270.6
270.2
271.1
272 3
274.6
276.1
.6
1 5
2.1
3 1
11.3
12.4
15.1
12.6
13 1
n 8
15.9
.2
8
2.2
2.2
2.9
3.4
3 8
4O
4.7
'Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
8
Includes
compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
4
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
6
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as consumer bad debts and other business transfers.
•Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
FEBRUARY
1955
205
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1954
Item
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
Current Expenses
Salaries:
Officers
Employees
Directors' and other fees
Retirement contributions
Traveling expenses
Postage and expressage
....
Telephone and telegraph
Printing, stationery, and supplier
Insurance
."
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
Assessment for expenses of Board of Governors
Federal Reserve currency
All other
."
Boston
N e w York
Philadelphia
Cleveland
Rich mond
Atlanta
$749,576 $217,069 $276,513 $220,540 S276.644
SI 93,855
2,479
34,985
304
1.178
694
6,158
448
13,784
434,837,470! 23,951,036 111,697,773 26,360,236 37,127,258 25,627,428 22,145,602
12,090
9,885
7.181
12,211
6,532
113,371
19,690
$3,478,513
42,902
438,486,040 24,154,776 112,467,039 26,620,165 37,422,140 25,855,252 22,437,993
4,857,821
68,456,540
312,044
6,766,917
1,249,748
15,618,786
924,293
5 .162,460
1,028,361
2,771,539
2,522,722
,116.881
647,542
499,688
1,556,999
4,365,739
4,174,600
6,489,895
1
1,665,852
407,039
294,686
871,985
332,345
418,618
354,800
4,269,294 15,427,610 4,042,966 5,852,256 4,299,586 3,980,110
60,426
16,390
41,177
18,356
14,860
26,301
417,934
393,815
580,087
440,183
423,511 1,455.672
51,707
84,463
107,611
100,915
106.410
180,493
918,222 1,328,437 1,386,941 1,361,017
1,234,294 2,326,553
68,204
61,573
81,259
52,828
194,701
50,024
400,516
398,626
372,015
360,091
923,649
290,014
95,114
64.066
70,295
88,202
200,752
48,412
249,961
138.170
450.210
130,058
616,585
119,437
392,616
162.812
403,814
263,665
309,931
66.352
104,385
91.198
57,858
94,803
194,464
74,991
2.16,81.1
32,979
111,689
29,509
33,281
36,706
64,029
105,584
1,418
3,512
37,248
2,025
71,281
387,818
255,300
440,377
127,525
135,157
662,123
1,207,900
1,311,293
283,170
149,165
323,407
311,000
500,162
118,519
281,330
372,495
382,400
579,512
415,066
164,743
305,784
212,900
531,176
120,868
207,542
268.835
182,500
491,556
108,810
'130,188,427 9,085,569 26,364,830 7,954,335 11,969,874 8,967,804 8,610,814
Total
Less reimbursement for certain fiscal agency and other
expenses
Net expenses.
Current net earnings
System
120,455,496 1,117,461
109,732,931
Profit and Loss
Additions to current, net earnings:
Profits on sales of I". S. Government securities (net).
All other
Total additions.
Deductions from current net. earnings:
Reserves for contingencies
All other
Total deductions. . . .
Net deductions
3,901,978 1,085,998 1,838,603 1,160,133 1 ,389,514
7,968,108 22,462,852 6,868,337 10,131,271 7,807,671 7,221,300
328,753,109 16,186,668 90,004,187 19,751,828 27,290,869 18,047,581 15,216,693
30,741
83
45,289
11,556
31,735
9,213
26,876
85
33,199
111,31'
11:
111 ,434
30,824
56,845
40,948
26,961
412
247,
660 ,507
38.51.2
3,768
65 ,715
7,080
27,181
291
28,7.17
1,454
52,509
637
27,001
50,700
42,280
72,795
27,472
30,171
53,146
77,701
133 .6411
9,081
+38,639
+3,352
+26,674
12,198
50,740
481,620
45,246
32,661
538
526,866
Net earnings before payments to U. S. Treasury
338,619 , 468 16,177,587 90,042,826 19,755,180 27,317,543 18,035,383 15,165,953
Paid U. S. Treasury (interest on F. R. notes)
Dividends paid
Transferred to surplus (Sec. 7).. .
Surplus (Sec. 7), January 1
276,289 .457 13,765,123 73,549,613 16,779,300 23.166,338 15,573.733 13,012,038
707,940
882,897 5,056,042 1,111,286 1,577,114
731,160
16,442 ,236
Surplus (Sec. 7), December 31
660.901,518 40,308,695 188,070,589 47,773,113 60,222,04(1 33,480,005 29,480,095
J
35.887 , 7 751 1,529,567 11,437,171 1 .864,594 2,574,091 1,730,490 1,445,975
625,013 ,743 38,779,128 176,633,418 4.5,908,519 57,647,949 3.1,749,515 28,034,120
After deducting 8389,553 of prorated inter-Bank expenses to avoid duplication in combined totals.
206
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1954— Continued
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
$250,061
$131,054
$237,294
47,450,053
4,878
47,692,225
S632.661
§148,443
$144,803
5,134
171
75,691.706
14,749
18,200,386
3.559
10,679,996
5,482
5,135
18,789.637
12.851
17,116.359
4.263
76,339,287
18,352,388
10,835,415
19,057,684
17,251,676
564.316
11,008,883
18,552
1.083,646
16.1 ,472
2,196.737
110.058
925,187
124,962
390,512
268,506
162,706
42.120
85,4-44
344,340
3,963,345
28.328
391,136
91,773
856,129
58.784
356,607
70.217
101,761
68,052
85,229
73.566
23,887
26.1,667
2,063,321
15,239
201,511
65,524
505,854
34,691
128,933
33,203
100,150
48.684
34,085
14,977
52,576
302,200
3,528,492
25,159
364,851
83,958
885,874
297,951
3,298,237
18,597
344,624
79,971
811 ,336
63,342
187,057
682,985
578,800
1,077,102
281,132
137,804
267,120
159,800
340,930
113.073
37,494
158,693
105,500
125,569
104,114
19,950,177
7,531,881
4,09.1 ,785
ban
Francisco
230,152
47,759
66,066
37,469
45,607
12,966
51,354
407,874
6,722,440
28,659
669.947
135,451
1,807,392
93,950
469,745
107,336
276,946
382,754
81,362
27,080
58,696
53,625
262,426
158,100
251,012
127,485
50,146
233,803
194,300
194,090
84,727
8.1,655
440,250
426,100
647,116
170,916
6,852,745
6,162,497
13.035,669
54,879
306,925
78,043
131,683
118,067
90.193
15,858
13,915
Item
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
Current Expenses
Salaries:
Officers
Employees
Directors' and other fees
Retirement contributions
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
Assessment for expenses of Board of Governors
Federal Reserve currency
All other
Total
Less reimbursement for certain fiscal agency and other
expenses
3,589,960
1,279,010
603,044
1,468,944
1,210,442
2,199,962
16,360,217
6,252,871
3,488,741
5,383,801
4,952,055
10,835,707
Net expenses
59,979,070
12.099,517
7,346,674
13,673,883
12,299,621
36,856,518
Current net earnings
72,999
11,578
25.452
5,050
14,804
3,431
21,791
2,711
46,035
339
84,577
30.502
18,235
24,502
21,920
545
22,465
49,792
111. ,432
21 .655
5,524
.13,429
402
46,374
23.210
57,158
21.921
2,1.77
43,097
7, .145
Profit and Loss
Additions to current net earnings:
Profits on sales of t". S. Government securities (net)
All other
Total additions
Deductions from current net earnings:
Reserves for contingencies
All other
Total deductions
1.61 ,224
27,179
13,831
80,368
24,098
50,242
76,647
+3,323
+4,404
55,866
1 ,633
3,868
59,902,423
12,102,840
7,351,078
13,618.017
12,297,988
36,852,650
Xct earnings before payments to U. S. Treasury
51.963.902
2.164.551
5,773.970
90,791,917
10,380,897
568.325
6.287,237
365,163
11,691,201
627,677
9,632.252
826,455
30,487.823
1 ,823,626
Paid U. S. Treasury (interest on F. R. notes)
Dividends paid
698,678
1 ,153,61.8
25,465,369 16,2.19,368
1,299,139
23,456,04 2
1,839.281
28,145,914
4,541.201
62,182,484
Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1
96,565.887
26,618,987
16,918.046
24,755,181
29,985,195
66,723,685
Surplus (Sec. 7), December 31
FEBRUARY
1955
Net deductions
207
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES x
Commercial and stock savings banks and nondeposit
trust companies
All
banks
Member banks
Mutual savings
Nonmember banks
Total
Total 1
National 1
State
member 2
Total
Insu red
9,042
7,661
7,147
7,261
7 252
7,251
7,241
n , 219
7,699
6,810
6,457
6,478
6 602
6,627
6,672
6,662
6,647
Noninsured
Noninsured
Insured 2
Batiks (head offices)
Dec.
Dec.
Dec
Dec
Dec
Dec.
Dec.
June
Dc"
31, 1934
31. 1941
31 1946
31 i ° 4 7 3
SI 1951
31, 1952
31,1953
30, 1954
31 1954
16,063
14,825
14,585
14,714
14 618
14,575
14,509
'•14,465
14,367
15,484
14,277
14,044
14,181
14 089
14.046
13,981
M3.937
13,840
6,442
6,619
6,900
6,923
6 8*0
6,798
6,743
6,721
6,660
5,462
5,117
5,007
5,005
4 939
4,909
4,856
4,835
4,789
980
1,052
1,893
1 ,918
1 901
1,889
1 ,887
1,886
1,871
3,133
3,699
4,138
4,332
5.383
5,711
6,096
6,325
6,614
3,007
3 564
3,981
4 161
5,153
5.465
5,826
6,031
6,306
2,224
2,580
2,913
3 051
3,837
4,106
4,398
4,569
4,787
1,243
1,565
1 ,781
1,870
2,370
2,556
2,746
2,883
3,056
981
1 ,015
1,132
1 181
1 ,467
1,550
1 .652
1 ,686
1,731
+73
+73
+24
+ 18
-3
-3
511
496
350
339
327
323
309
309
309
68
52
191
194
690
783
650
624
569
'557
536
206
219
219
218
32
115
124
165
177
192
212
221
7,183
Branches and additional offices
Dec. 31, 1934
Dec. 31, 19-tl
Dec. 31. 1946
Dec. 31, 19473
Dec. 31,1951
Dec. 31, 1952
Dec. 31, 1953
Tune 30. 1954
Dec 31 195J-
1 ,343
984
783
,068
,110
,316
,359
,428
, 462
'1783
93?
,006
, 043
,275
,318
,387
, 421
A
\ 26
^1Q
4R3
52
62
67
41
41
41
41
36
+49
+43
+6
-3
-1
-2
-73
-13
—6
-71
-11
2
-2
—5
103
4?
47
65
69
78
82
87
Changes, Jan. 1-Dec. 31, 1954
Banks
New b a ^ k s 5
....
Suspension'•i
Consolidations and absorptions:
Banks converted into branches
...
Other
Voluntarv liouidations 6
. .
Other changes?
Conversions:
National into State
Sfate into national
Federal Reserve membersh ip: 8
Admission of national bank in Alaska. . .
Admissions of State banks
. . .
Withdrawals of State bank^
Federal deposit insurance: 9
Admissions of St'-ite banks
Withdrawal of State bank
Net increase or decrease
— 176
-31
-7
— 175
-31
—7
+1
+1
+1
+1
-102
-18
—1
-80
-14
-I
-3
-3
+1
+3
+8
+1
+ 12
+ 12
—8
+1
—4
-142
-141
+6 .
— 22
-4
+ 12
-4
-12
+4
+1
+3
—7
—1
-11
-1
+4
+28
-1
-28
-83
-67
-16
-58
-25
14,367
13,840
6,660
4,789
1,871
•,183
6,647
De novo branches
Banks converted into brandies
Discontinued
Interclass branch changes:
National to State member
National to nonmember
State member to national
State member of nonmember . . .
Nol"1 member to national
Noninember to State member
Nonmember com'l to mutual savings
Nonin^ured to injured
+371
+ 176
-28
+341
+ 174
-28
+260
+ 127
-22
+ .172
+ 101
-16
+88
+26
-6
+81
+47
-6
+79
+47
-6
-4
—5
+4
+5
+5
Net increase or decrease
+519
Number of banks, Dec. 31, 1954
i
+1
-33
-1
536
218
309
+2
+21
+2
+9
Branches and additional offices1 °
Number of branches and additional offices
Dec. 31, 1954
Banking facilities 1 1
Established
I ~) i scon tinned
[nterciass change
Net increase.
Number of banking facilities, Dec. 3.1,
1954
:
-5
+49
-4
+ 13
+20
••+13'
-4
+20
—6
+4
+4
— 20
-6
— 13
—20
-6
+7
+48.1
+389
+3.10
+ 79
+92
+6
—7
—5
+29
+9
36
221
87
+97
6,416
6,108
4,610
2,900
1,710
1,498
1 ,462
+8
+8
-9
-9
-1
-1
198
198
+6
+5
—5
+1
177
+1
+1
156
21
+2
-2
-1
-1
21
+2
-1
-1
21
'•Revised.
1
Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member
of the Federal Reserve System on Apr. 15, 1954.
2
State member bank and insured mutual savings bank figures both include three member mutual savings banks not included in the total for
"commercial banks." State member bank figures also include one noninsured trust company without deposits.
3
As of June 30, 1947, the series was revised. The revision resulted in a net addition of 115 banks and 9 branches.
4
Separate figures not available.
"Exclusive of new banks organized to succeed operating banks.
0
Exclusive of liquidations incident to succession, conversion, and absorption of banks.
(One institution restored to series, previously eliminated because reported as not engaged in deposit or fiduciary banking.
s
Exclusive of conversions of national banks into State bank members, or vice versa. Shown separately under conversions.
"Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa.
1
"Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent.
1L
Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial
agents of the Government at military and other Government establishments. Figures do not include branches that have also been designated
by the Treasury Department as banking facilities.
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
208
FEDERAL RESERVE BULLETIN
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES l
Federal Reserve
district or State
Total banks on
which checks are
drawn, and their
branches and offices
Dec.
3], 19.M
Dec. 31, 19.'i2
Dec. 31, 1953
Dec. 31, 19M-
Total
list
Not on par list
(nonmember)
Nonmember
Member
Banks
Branches
and offices
Banks
4,824
5,145
5,456
5,81.6
6,296
12,162
12,158
12,122
1.2,085
11., 960
4,534
4,843
5,152
5.503
5,979
6,868
6,835
6,792
6,737
6,654
3,589
3,837
4,1.06
4,398
4,787
5,294
5,323
5,330
5,348
5,306
945
1 .006
1 ,046
1 ,105
1,192
454
787
Til
1,029
1 ,004
1,244
2,485
1,457
1 ,280
1 ,754
1,049
427
456
1 .178
31.8
499
749
294
747
199
116
28
85
1,627
454
787
777
1,029
817
659
2,485
1,142
679
1 ,747
957
427
456
1,1 78
318
499
597
252
747
131
74
28
72
1,627
311
680
587
632
476
373
1,017
490
473
749
632
234
357
1,086
247
436
385
217
387
80
29
18
49
1,496
143
107
190
397
341
286
1,468
652
206
998
325
193
99
92
71
63
212
35
360
51
45
10
23
131
234
1
12
231
163
138
1
12
115
163
37
82
6
1,120
96
1
4
70
107
37
82
23
1,120
59
3
1,033
8
45
56
23
3
87
33
54
11
153
97
34
17
169
5
88
33
54
10
94
57
13
13
87
70
13
44
9
59
40
21
4
82
1
18
20
10
1
121
38
905
473
664
56
65
3
153
162
65
20
513
234
166
51
60
3
95
2
56
18
392
239
498
5
5
58
160
23
.12
42
66
Banks
United States total:
Dec. 31, 19:10
On
14,015
13,987
13,942
13,886
13,747
Branches
and offices
Branches
and offices
Banks
Brandies
and offices
Banks
Branches
and offices
,853
,829
,820
,801
,787
290
302
304
313
317
1.87
585
152
42
315
601
7
92
68
42
By districts and
by States
Dec. 31, 1954
Distri :t
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco"Slate
Alabama. .
Alaska• . . .
Arizona. . .
Arkansas. .
California.
96
Colorado
Connecticut
Delaware
District of Colimbia.
Florida
219
Georgia
Idaho
Illinois
Indiana
Iowa
401
38
907
473
664
59
65
3
Kansas
Kentucky
Louisiana
Maine
Marx-land
602
370
172
60
152
3
66
102
89
1.56
600
370
67
60
152
3
66
75
89
156
212
109
51
37
70
3
43
63
47
90
388
261
16
23
82
Massachusetts. .
Michigan
Minnesota
Mississippi. . . .
Missouri
173
425
678
197
596
232
337
6
86
1
173
425
270
43
535
232
337
6
25
1
136
230
206
32
177
205
273
6
15
1
37
195
64
11
358
Montana
Nebraska
Nevada
New Hampshire.
New Jersey
110
413
8
75
304
1
24
2
231
110
4.13
8
75
304
1
24
2
231
83
139
7
52
262
1
21
1
205
27
274
1
23
42
3
1
26
New Mexico. . . .
New York
North Carolina.
North D a k o t a . .
Ohio
52
558
210
1.54
634
26
960
304
23
333
52
558
106
59
634
26
960
159
6
333
34
490
55
40
407
9
899
89
295
18
68
51
19
227
17
61
70
6
38
Oklahoma
Oregon
Pennsylvania. .
Rhode Island. .
South Carolina.
383
46
8S3
10
151
2
1.38
396
63
78
376
46
853
10
72
2
138
396
63
71
222
20
644
6
34
2
129
335
48
57
154
26
209
4
38
9
61
15
14
South Dakota. .
Tennessee
Texas
Utah
Vermont
170
295
922
54
64
52
128
17
38
13
72
212
879
54
64
27
114
17
38
13
62
84
577
29
38
23
85
17
34
4
10
128
302
25
26
153
97
34
.17
13
116'
17
50
280
2
105"
27
408
154
61
61
104
95
145
17
98
83
43
25
14
27
64
4
29
Virginia
Washington
West Virginia. .
Wisconsin.
Wyoming
1
Excludes Mutual savings banks, or
Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual
FEBRUARY 1955
Reports,
209
MEMBER BANK RESERVES AND BORROWINGS, 1954
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
member
banks
Cent riil reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Total reserves h e l d :
Month, or
week ending Wednesday
All
member
banks
Central reserve
city banks
New
York
Chicago
,243
,925
,881.
,627
,817
,813
,329
,638
,628
,173
, 393
,576
4,717
4,645
4,687
4,627
4,704
4,749
4,468
4,320
4,266
4,467
4,447
4,497
1,313
1,276
1,259
1,210
1,257
1 ,240
1,187
1 ,172
1,151
1 ,181
1,200
1,210
Reserve
city
banks
Country
banks
7,903
7,742
7,684
7,591
7,661
7,686
7,614
7,390
7,401
7,608
7,742
7,836
5,311
5,262
5,252
5,199
5,194
5,138
5,058
4,757
4,810
4,918
5,003
5,032
Required reserves:
January
February
March
April
May
June
July
August
September
October
November
December
20,179
19,557
19,573
19,392
19,533
19,670
19,164
18,478
18,403
18,893
19,207
19,279
4,863
4,652
4,725
4,693
4,738
4,812
4,508
4,311
4,288
4,482
4,507
4,508
1 ,320
1,269
1,267
1,221
1,255
1,251
1,198
1,171
1,154
1 ,183
1,212
1,210
8,065
7,825
7,767
7,739
7,785
7,839
7,780
7,502
7,506
7,703
7,852
7,927
5,932
5,811
5,815
5,740
5,754
5,767
5,678
5,493
5,455
5,524
5,636
5,634
June
Jan. 6
Jan. 13
Jan. 20
Jan. 27
20,194
19,978
20,566
20,374
4,836
4,690
4,946
5,048
1,323
1,319
1,335
1,320
8,075
8,048
8,216
8,078
5,960
5,921
6,069
5,929
Jan. 6
Jan. 13
Jan. 20
Jan. 27
19,367
19,199
19,291.
19,237
4,816
4,679
4,687
4,717
1,326
1,311
1,313
1,307
909
893
969
903
5,316
5,316
5,322
5,310
Feb. 3
Feb. 10
Feb. 17
Feb. 24
19,487
19,659
19,569
19,569
4,691
4,664
4,630
4,701
1,289
1,295
1,259
1 ,268
802
865
817
799
5,705
5,835
5,863
5,802
Feb. 3
Feb. 10
Feb. 17
Feb. 24
19,059
18,987
18,916
18,867
4,702
4,656
4,623
4,624
1,302
1,285
1,271
1,266
788
768
750
7,726
5,267
5,278
5,272
5,251
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
19,382
19,441
19,744
19,697
19,492
4,637
4,658
4,757
4,734
4,777
1 ,259
1,254
1,270
1 ,270
1,254
7,735
697
833
830
7,772
5,751
5,831
5,885
5,863
5,689
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
18,831
18,765
19,018
19,017
18,759
4,659
4,638
4,751
4,720
4,650
1,269
1,251
1,270
1,272
1,235
7,660
7,620
7,737
7,766
7,640
5,243
5,256
5,260
5,259
5,234
Apr. 7
Apr. 14
Apr. 21
Apr. 28
19,300
19,194
19,384
19,630
4,657
4,578
4,665
4,824
1,191
1,215
1,218
1,240
7,686
7,684
7,715
7,830
5,766
5,717
5,787
.,735
Apr. 7
Apr. 14
Apr. 21
Apr. 28
18,595
18,595
18,612
18,654
4,638
4,594
4,607
4,638
1 ,184
1 ,218
1,212
1,216
7,572
7,583
7,589
7,600
5,201
5,200
5,204
5,200
May 5
May 12
May 19
May 26
19,490
19,418
19,506
19,690
4,760
4,636
4,686
4,806
1,260
1,237
1,281
1,269
7,779
7,727
7,759
7,865
5,691.
5,817
5,779
5,750
May 5
May 12
May 19
May 26
18,769
18,708
18,785
18,924
4,716
4,655
4,654
4,738
1,249
1,245
1,274
1,261
7,634
7,625
7,659
7,712
5,170
5,183
5,198
5,213
June
June
June
June
June
2
9
16
23
30
19,555
19,805
19,934
19,818
19,188
4,811
4,853
4,963
4,862
4,619
1,251
1,261
1,267
1,248
1,215
7,816
7,847
7,925
7,851.
7,756
5,677
5,844
5,779
5,858
5,598
June
June
June
June
June
2
9
16
23
30
18.912
18,885
19,043
18,958
18,349
4,785
4,748
4,847
4,860
4,540
1,253
1,246
1,260
1,260
1,186
7,670
7,658
7,738
7,770
7,594
5,204
5,233
5,198
5,068
5,029
July 7
July 14
July 21
July 28
19,377
'19,166
19,261
19,036
4,589
4,487
4,485
4,481
.1 ,221
1 ,185
1,210
1 ,188
7,851
7,791
7,830
7,767
5,716
5,703
.,736
5,600
July 7
July 14
July 21
July 28
18.419
18,404
18,356
18,347
4,537
4,494
4,432
4,467
1,197
1,192
1,191
1,185
7,636
7,661
7,665
7,637
5,049
5,057
5,069
5,058
Aug.
Aug.
Aug.
Aug.
4
11
18
25
18,698
18,586
1.8,525
18,353
4,393
4,344
4,337
4,280
1 ,180
1,170
1,182
1,166
7,481
7,516
7,511
7,489
5,644
5,555
5,495
5,418
Aug.
Aug.
Aug.
Aug.
4
11
18
25
17,666
17,688
17,662
17,627
4,339
4,367
4,316
4,285
1,153
1,179
1,175
1,169
7,286
7,394
7,421
7,407
4,888
4,748
4,750
4,766
Sept.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29
'18,346
'18,336
18,373
18,596
18,250
4,309
4,228
4,282
4,296
4,273
1,171
1 ,160
1,144
1 ,153
1,139
7,488
7,492
7,493
7,560
7,492
5,379
5,456
5,454
5,586
5,346
vSept. 1
Sept. 8
Sept. 15
Sept. 22
Sept. 29
17,603
17,556
17,594
17.691
17,663
4,284
4,239
4,261
4,267
4,285
1,168
1,159
1 ,147
1,147
1,148
7,389
7,364
7,393
7,437
7,414
4,762
4,794
,793
,840
4,816
Oct. 6
Oct. 13
Oct. 20
Oct. 27
18,756
18,832
19,136
18,895
4,465
4,490
4,540
4,487
1,179
1,174
1,197
1,187
7,593
7,699
7,751
7,741
5,51.9
5,468
5,649
5,479
Oct. 6
Oct. 13
Oct. 20
Oct. 27
17,894
18,201
18,269
18,224
4,387
4,500
4,497
4,467
1,163
1,184
1,183
1,184
7,460
7,621
7,655
7,645
4,884
4,896
4,934
4,928
18,810
19,364
19,306
19,205
4,441
4,556
4,505
4,470
1,186
1,230
1,212
1 ,208
7,681
7,873
7,908
7,888
5,503
5,705
5,680
5,639
Nov.
Nov.
Nov.
Nov.
4,459
4,429
4,436
4,465
1,195
1 ,181
1,201
1,216
7,635
7,664
7,776
7,804
4,944
4,970
5,010
5,039
19,052
19,162
19,241
19,512
19,250
4,479
4,470
4,522
4,558
4,491
1,209
1,208
1,213
1,215
1,201
7,830
7,852
7,929
7,958
7,953
5,535
5,631
5,577
5,782
5,606
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
4,461
4,450
4,506
4,533
4,492
1,206
1 ,205
1,211
1,214
1,210
780
766
821
886
5,017
5,023
5,017
5,057
5,041
Nov.
Nov.
Nov.
Nov.
3
10
17
24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
c
,
January
February
March
April
May
July
August
September
October
November
December
3
10
17
24
,
18,244
18,423
18,524
18,464
18,444
18,555
18,690
18,630
Corrected.
210
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES AND BORROWINGS, 1954—Continued
[Averages of daily figures
Month, or
week ending Wednesday
All
member
banks1
Central reserve
city b a n k s
New
York
Chicago
Reserve
city
banks
Coun-
try
banks
Excess reserves:
Tanuarv
February
March
April
. .
936
632
692
765
716
858
836
839
775
790
814
704
146
8
38
66
35
63
40
—9
21
15
59
12
Ta n
6
Tan 13
Jan 90
J a n . 27
8?7
779
1 274
1 ,138
91
Feb
3
Feb 10
Feb. 17
F e b 24
428
673
653
702
— 11
Mar
Mar
Mar
Mar
Mar.
3
10
17
94
31
Tune
July
September
October
November
December
.
. .
\\
259
331
7
—7
8
11
—2
11
11
4
2
11
i
—3
8
92
13
162
83
83
148
124
153
166
112
105
96
110
91
165
1 55
946
175
621
548
563
541
560
630
619
736
645
607
633
602
644
605
747
619
In millions of dollars]
Month, or
week ending Wednesday
Borrowings a t Federal
Reserve B a n k s : 2
Tanuarv
Februarv
March
April
Mav
June
July
August
September
October
November
December
Tan.
591
551
552
678
796
680
732
92
21
6
14
127
— 10
4
—1
—2
18
76
78
96
64
132
508
575
625
604
455
Mar.
Mar
Mar.
Mar.
Mar.
Apr
7
Apr. 14
Apr 21
A or 98
705
598
771
977
19
-17
57
7
-3
25s
565 i
517 j
583
186
114
1.01
196
231
A or. 7
Apr. 14
Apr 21
Apr. 28
Mav 5
M a v 12
M a v 19
M a v 26
72^
709
722
766
45
11
591
-19
33
68
8
8
145
102
100
153
June 2
Tune 9
Tune 16
Tune 93
Tune 30
643
920
890
861
839
26
105
116
2
79
Tulv 7
Tulv 14
Tulv 91
Tulv 28
957
763
904
688
A11fr
4
Aug. 11
Aug 18
Aug. 25
I 039
898
865
725
473
611
-12
29
59
_7
53
13
23
—6
19
3
215
130
165
130
667
54
— 93
29
97
—8
7
-4
195
129
91
82
756
807
745
4
652
635
579
715
4
—9
48
12
—7
46
909
1 39
84
559
25
11
21
99
— 11
Oct
Oct
Oct
Oct
6
13
90
97
863
6 30
8^8
671
79
— 10
43
20
16
— 10
Nov 3
Nov 10
Nov 17
Nov 24
577
1 119
883
682
— 19
197
69
5
589
717
686
822
621
18
21
16
25
-1
3
3
2
2
646
667
^42
133
78
96
96
715
780
779
904
588
1
790 1
569
99
198
100
123
78
1
8
15
22
29
1
8
15
92
29
581
617
669
661
746
Sept.
Sept
Sept.
Sept
Sept.
Dec
Dec
Dec
Dec
Dec
537
146
189
187
81
162
-2
15
-j*
—9
-9
50
85
108
72
66
530
551
735
670
600
518
608
560
725
565
64
115
67
82 !
164 I
246
211
97
67
73
634
581
155
146
131
70
76
9
7
76
o
189 1
139 |
] an 1 3
Tan. 90
'[an. 27
Feb. 3
Feb 10
Feb. 17
Feb. 24
535
100
993
3
10
17
24
31
Central reserve
city banks
New
York
36
16
7
14
2
1
32
62
.
Country
banks
1
46
29
9
8
4
58
148
79
71
65
61
9
2
7
28
51
82
15
117
42
63
65
59
75
67
39
37
28
29
43
52
Chicago
1.
1.1
25
37
67
78
30
1
39
120
53
56
18
153
136
122
47
49
81
58
27
43
18
25
38
99
61
57
71
73
79
76
42
66
138
133
23
5
7
64
70
82
266
236
170
162
175
10
105
27
2
16
16
37
134
140
3
65
Mav
Mav
Mav
Mav
5
12..
19
26
150
7
67
141
1
Tune
Tune
Tune
Tune
Tune
2
9
16
23
30
193
147
117
178
138
1
Tulv 7
Tulv 14
Tulv 21
Tulv 28
56
Aug
Aug.
\ug
Aug.
Sent.
Sept
Sept
Sept
Sept.
1.74
120
28
45
16
4
11
18
25
71
182
139
I
8
15
2">
29
95
57
84
36
88
Oct. 6
Oct. \3
Oct 20
Oct. 27
15
8
63
46
4
1
87
72
1
45
14
1
69
56
3
62
23
53
57
85
. . . .
26
54
41
36
34
360
301
200
.
Reserve
city
banks
2
96
6
— 13
10
-12
2
438
All
member
banks
89
20
23
10
26
33
59
2
32
9
2
20
1
37
21
29
21
39
35
35
14
31
13
20
34
34
38
3
3
2
46
48
63
10
1
170
92
87
121
31
Dec
Dec.
Dec.
Dec
Dec.
1
8
15
22
29
396
291
263
98
118
147
243
9
75
21
29
32
41
31
45
2
21
22
8
3
10
17
24
101
74
72
50
66
12
24
38
1
3
Nov.
Nov.
Nov
Nov.
75
67
66
75
1
2
62
74
99
72
78
47
63
45
71
37
84
44
37
39
32
1
2
2
54
45
73
45
36
40
37
18
1
18
156
118
111
53
54
60
3
36
71
129
51
49
Weekly figures of excess reserves of all member banks and of country banks are estimates.
Some of these figures are revisions of those published originally.
FEBRUARY
1955
211
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, 1954
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans1
Month or date
January
February
March.".
April
May
June
July
August
.September
October
November
December
ComTotal Loans
merand
loans investcial,
and
indusLoans
ments
investtrial,
adadments justed1 justed1 and
agricultural
U. S. Government obligations
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S.
U. S.
Govt. Other
se- Sovt.
obobliga- curi- ligations ties tions
Real
estate Other
Total
loans loans
Bills
CerOther Loans
tifisecuto
cates
2 rities banks
of in- Notes Bonds
debtedness
Other
securities
22,744
22,549
22,682
22,451
22,005
21,784
21,614
20.783
20,934
21 ,116
21,619
22,347
1,8.12
1 ,968
1,887
1 ,786
2.178
2,109
2,151
2,3-13
2,208
2,410
2,246
2,538
859
823
821
836
898
902
882
901
919
969
1 ,009
1 ,062
6,483
6,493
6,503
6,543
6,568
6,625
6,699
6,781
6,865
6,941
7,038
7,128
7,957 33,001
7,823 32,555
7,779 31,978
7,750 ,607
7,720 32 ,592
33,515
7
7,809 33 ,841
7,820 36 ,321
7,871 35,756
7,905 37,478
7,970 37,456
8,134 37,028
2,740
2,210
2,316
2,540
2,536
2,530
2,737
3,536
3,018
2,659
2,611
2,491.
5,089
4,401
3,574
2,936
3,008
2,744
2,749
3,456
2,520
2,426
2,348
2,547
6,503
5,829
4,731
4,592
5,485
6,663
6,667
6,689
6,662
8,653
8,615
8,377
18,669 ,516
20,115 7,731
21,357 7,89.1
21,539 8,032
21,563 8,013
21,578 8.210
21,688 8,239
22,640 8,292
23,556 8,453
23,740 8,590
23,882 8,572
23,613 8,610
540
727
557
584
815
586
602
577
600
708
628
778
Jan. 6. .
Tan. 13..
Jan. 20..
Jan. 27..
80.819 80,139 .9,766 22,942
80,376 79,778! 39,432 22,846
79.838 79,478! 38,960 22,686
80,070 79,545 38,714 22,502
2,11.9
1,913
1,633
1,583
862
856
859
858
6,479
6,490
6,484
6,480
8,001
7,964
7,936
7,927
32,861.
32,870
32,987
33,287
2,594
2,581
2,735
3,048
5,202
5,138
5,076
4,942
6,482
6,525
6,462
6,543
18,583 7.512
18,626 7', 476
18,714 7,531
18,754 7,544
680
598
360
525
Feb. 3
Feb. 10
Feb. 17
Feb. 24
80,660
79,868
79,872
79,744
80,119 39.422
79,151 39,068|
79,083 39.007
78,883, 38,596
22,638
22,556
22,555
22,446
2,180
2,031
1,977
1,682
826
818
830
819
6,486
6,485
6,500
6,501
7,924 32,989
7,810 32,409
7,777 32,346
7,782 52,476
2,517
2,034
2,074
2,216
4,764
4.639
4,110
4,091
6,756 18,952 7,708
6,714 19,022 7,674
4,97•4 21 ,188 7,730
4,871 21,298 7,811
541
717
789
861
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
79,534
79,700
80,765
79.247
78,055
78,855
79,150
80,064
78.634
77.814-
38,722
38,902
39,320
39,1 53
39,076
22,407
22,481
22,939
22,821
22,763
1,907
2,005
1,931
1,834
1,758
811
81.1
814
820
847
6,478
6.489
6,509
6,517
6,522
7,754 32 .292
7,752 32,292
7,767 32,848
7,800 31,609
7,825 30,850
2,084
2,162
2,591
2,669
2,076
4,097
4,067
4,121
2,848
2,737
4,798
4,770
4,744
4,695
4,649
7,841
7,956
7,896
"72
8,8
679
550
701
613
241
Apr. 7
Apr. 14
Apr. 21
Apr. 28
9,078
78.742
78,858
79,118
78,406
78.175
78,261
78,618
38,858
38,839
.8,767
38,441
22,714
22,558
22,348
22,183
676
799
925
744
828
828
840
849
6,532
6,542
6,544
6,553
7,747 31,518
7,751 31.298
7,750 31,452
7,753 32,160
2,486
2,296
2,392
2,987
2,867
2,908
2,925
3,045
4,641 21,524 8,030
4,608
,486 8,038
4,587 21,548 8,042
4,530 21,598 8,017
672
567
597
500
May 5
May 12
May 19
May 26
79,893 79,128 38,669 22,145
79,670 78,794 38,853 22,045
80,530 79,764 38,823 21,975
80,502 79,649 38,569 21,854
2,014
2,31.4
2,275
2,108
866
866
922
938
6,541
6,559
6.582
6,590
7,743 32,377
7,710 31,994
7,709 32,958
7,719 33,041
2,985
2,383
2,400
2,377
3,285
3,408
2,660
2,680
4,455
4,442
6,513
6,531
21,652 8,082
21,761 7,947
21,385 7,983
21,453 8,039
765
876
766
853
Tune 2
June 9
June 16
June 23
June 30
80.5!9
80,151
81,683
80,702
81,081
79.624
79,478
80,997
80,210
80,895
38,324
38,015
38,707
38,5;
38,950
21,599
21,571
21,973
21,8%
21,884
2,141
1 ,847
2,1 20
2.059
2,379
915
910
891
893
899
6,592
33,196 2,428 2,684
33,217 2,370 2,684
6,598
6,623 7,743 34,058 2,909 2,817
6,641 7,741 33,379 2,322 2,760
6,671 7,772 33,724 2,619 2,777
6,582 21 ,502 8.104
6,656 21,507 8,246
6,725 21.607 8,232
6,679 21,618 8,247
6,674 21,654 8,22.1
895
673
686
492
186
July 7. .
July .14..
July 21 ..
July 28..
81.101
81,076
81 ,1.1.1
81,445
80,558
80,437
80,585.
80,746
38,737
38,675
38,341
38,254
21,728
21,647
2.1,558
21,524
2,263
2.271.
2,067
2,005
890
891
874
875
6,674
6,698
6,705
6,718
7,836 33,575
7,823 33,549
7,790 34.018
7,787 34,221
2.518
2,522
2.861
3,045
2,755
2,729
2,758
2,754
6,651 21,651 8,246
6,665 21,633 8,213
6,671 21,728 8,226
6,680 21,742 8,271
543
639
526
699
Aug.
Aug.
Aug.
Aug.
4
11
18
25
83.548 82,850 37,905
83.267 82,720 38,072
82,861 82,405 37,949
82,977 82,368 37,963
20,770
20,829
20,759
20,773
2,368
2,409
2,308
2,286
884
917
907
897
6,736
6,766
6,801
6,823
7,803 36 ,605
7,806 36.389
7,831 36,185
7,839 36,107
3,728
3,57"
3,414
3,423
4,382
4,256
2,614
2,573
6,708 21,787 8,340
6,690 21 ,865 8,259
6,701 23,456 8,271
6,658 23,453 8,298
698
547
456
609
Sept.
Sept..
Sept.
Sept.
Sept.
1
8
15
22
29
82,778
82,670
83,084
82,980
83,222
82,204
82,020
82,440
82,381
82,689
37,967
38,034
38,175
38,018
38,495
20,798
20,829
21,023
21,005
21,015
2,228
2,265
2,145
1 ,999
2,403
904
904
913
932
941
6,831
6,838
6,871
6,884
6,902
7.866 35,862
7,856 35,526
7,882 35,790
7,858 35,908
7,893 35,696
3,135
2,876
3,090
3,124
2,868
2,559
2,505
2,534
2,497
2,504
6,653 23,515 8,375
.,648 23,497 8,460
6,671 23,495 8,475
6,668 23,619 8,455.
6,670 23,654 8,498
574
650
644
599
533
Oct. 6
Oct. 13
Oct. 20
Oct. 27
85,346
85,567
85,412
85,498
84,803
84,72
84,675
84,789
38,548
38,781
38,709
38,679
21,102
21,195
21,126
21,043
2,363
2,457
2,412
2,407
955
956
973
993
6,907
6,924
6,955
6,978
7,883 37,614
7,910 37,364
7.905 37,40;
7,920 37,533
2,765
2,535
2,628
2,706
2,478
2,447
2,402
2,375
8,608
8,665
.,649
8,688
23,763 8,641
23,717 8,577
23,724 8,563
23,764 8,577
543
845
737
709
Nov.
Nov.
Nov.
Nov.
3
10.
17.
24
85,721
84,930
86,33.1.
86,523
84,932
84,424
85,745
85,892
38,844 21,104
38,588 21,133
39,503 22,107
39,947 22,132
2,466
2,165
2,022
2,333
991
I ,001
1,014
1,032
6,997
7.026
7,051
7,077
7,949
7,925
7,971
8,035
37,358 2,500 2,369 8,688 23,801 8,730
37,377 2,539 2,362 8,626 23,850 8,459
37,677 2,802 2,359 8,586 23,930 8,565
37,411 2,605 2,300 8,560 23 ,946 8,534
789
506
586
631
Dec. 1
Dec. 8.
Dec. 15
Dec.
22
—
—
Dec. 29
86,553
86,376
87,200
87,448
87,249
85,783 40,114
85,5
,583 40 ,181
86,470j40 ,690
86,564! 40,751
86,534! 41,008
2,367
2,390
2,679
2,567
2,688
1,037
1,034
1,049
1,077
1,113
7.083
7,088
7,136
7,156
7,176
8,075 37,106
8,078 36,752
8,125 37,174
8,187|37,205
8,205136,902
275
.036
, 460
949
,149
,827
, 183
,163
.947
,455
.876
, 965
79,735
79,309
78,903
78.365
79,334
80,241
80,581.
82.586
82.347
84,747
85,248
86,1.87
39,218
39,023
39,034
38,726
38.729
38,516
38,501
37,973
38,138
38,679
39,220
40,549
22,214
22,255
22,359
22,423
22,486
2,378
2.225
2,615
2,693
2,543
2,240
2,150
2,763
2,816
2,768
2\ ,313
21 , 293
21,392
21,397
21,388
8,552 23,936 8.563
8,488 23, 8898,650
8,35 23,439 8,606
8,286 23,410 8,608
8,200 23,39.1 , 624
770
793
730
884
715
]
Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For references to back figures, see opposite page.
2
212
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, 1954— Continued
RESERVES AND LIABILITIES
[Mcnthly data are averages of Wednesday figures. In millions of dollarsTime deposits,
except interbank
Demand deposits,
except interbank
Month or date
January
February
March
April
May
Tune
July
August
September
October
November
December
Reserves
with Cash
Fedin
eral
vault
Reserve
Banks
BalIndiDeances mand vid- States Certiwith
deuals,
and
fied
posits part- politdoand
mestic adnerical
offibanks justed^* ships, subcers'
and
cor- divi- •hecks,
pora- sions etc.
tions
96
,386
,381
,192
.231
,386
,979
,622
, 431
, 786
.014
,107
991
946
916
936
930
928
953
918
941
972
965
1 ,052
2,781
2.485
2,595
2,635
2,590
2,714
2,641
2,753
2.719
2,706
,880 57,112
,639 55,528
53,740 54,767
53,288 54.135
54,068 54,646
54,462 55.359
,098 55,145
,077 54,775
54,432 55.734
55 ,117 56,931
55 . 745 57,405
57 ,478 59.275
Jan. 6
Jan. 13
Jan. 20
Jan. 27
14,713
14.786
15.159
14,525
1.002
1 ,022
961
979
2,700
2,721
3,003
2,699
55,272
56,044
56,090
56,115
Feb. 3
Feb. .10
Feb. 17
Feb. 24
14.598
14,362
14.487
14,096
912
960
923
990
2,421
2,413
2,559
2,547
114.263
; 14.304
14.863
M 4.483
[13,990
900
939
925
933
Apr. 7
Apr. 14
Apr. 21
Apr. 28
114.006
'14.041
114,299
|14,423
May 5
May 12
May 19
May 26
56,436|
57,6371
57,591
56,782
3,932
4,006
3,895
4,098
4,346
4,225
3,971
3,932
3,753
3,563
3,790
3,876
IndividV. S.
Demand
Govuals, State?
and
cmU. S. part- pol
i.t- men.t
Gov- nerical
ern- ships, suband
ment and
Fordivi- Postal! Docor- sions
Sav- nies- eign
poratic
ings
tions
1 ,826 1.. 956 17,564
1,947 2.511 17,640
1 ,776
1,7471
1.758:
1.848j
1,940!
1,9021
1,900!
1,8271
2.087
2,289
Interbank
deposits
2.905 17,750
2.687 17.835
2.588 17.939
2,907 18,159
2,666 18,301
3.5 70; 18,41.1.
2,733 18,491
4,437 18,642
4,222 18,633
3,387 1.8,674
3.973 2,028 2,31.3
3,843 1,974 1,745
3.905 1,75.1 1,928
4,009 1,553 1,839
949
9671
.047
. 095
,1.37
.140
,248
,267
,218
.215
1,198
1,182
190
192
190
188
188
196
198
205
203
206
10,505
10.400
10.483
10,677
11,040
11., 170
11,298
11,545
11,602
11,556
1 ,258 1 .025
1 ,284 1 ,096
,213
1,257
,317
1,272
,390
1,253
,439
1,252
, 505
I , 292
,543
1.323
,561
1.269
,482
1 ,336
.460
1.315
1 ,404 1,448
53\ 7,591
929 7,639
663 7,674
537 7,731
757 7,781
552 7,800
486 7,818
688 7,852
545 7,886
633 7,926
633 8,136
816 8,156
997
1 ,260
1,253
995
1.246 1 ,045
1,271 1,062
857
571
242
453
190 11,437
190110,482
17,580
17.562
17,540
17,574
945
943
950
959
190
189
190
192
11,743
11,560
1.1,677
10,766
55,588 55,831
54.789 55
15,230
54,143 55,739
54,038 55,313
4,093 2,378! 2,275 1.7,619
4.049
,742 2,107 17,635
3.953 1 ,979 2.862 17,642
3,930 1,690 2,79817,663
970
961
967
972
190
191
192
188
10,619 1,260
1.0,477 1 ,260
10,600 1,299|
10,230 1,318
2.477
2,459
2,608
2,442
2 ,992
53.913
54,753
54,897
53,325
51,812
54,791
55,689
56,535
53,994
52,824
3.908
3.803
3.675
3,858
4,232
1 ,543
1 ,594
1,981
1.774
1 ,987
2,424 1.7,734
1 ,891 17.763
3,011 17,713
3,362 17,767
3,838 17,771
994
997
1 ,049
1.109
1 ,087
189 10,51.7
10,495
10,949
190 10.028
192 10,538
886
965
922
970
2,547
2.670
2,613
2,710
52,376
52,933
53,736
54,108
52.764
54.572
54.714
54.4
3.996
3.971
4,119
4.308
1., 595
1 .813
1 .860
1,720
3,347
2.498
2.232
2,671
17,818
17,817
17.851
17,854
1,1.01
1 ,120
1 ,079
1,078
192
192
193
192
113,954
114,168
,14,433
(14,370
874
963
918
965
2,662 54,047 54,159
2,665 54.153 55.321
2.545 53. 715•';54.485
2,486 54,358154,619
4.467
4.332
4.221
4,362
2,016
1 ,655
1,810
1,552
2,056i 17,895
1 ,601 17.916
3 ,545117,949
3.149 17,996
1 ,147
1 ,123
1.142
1,136
191
190
190
190
June 2
June 9
June 16
June 23
June 30
1.4,241
1.4,675
14,449
14.60-1
13,961
915
951
913
949
909
2,528
2,664
2,920
2.476
2,984
54,597
55,146
57,765
54,572
14,715
4,418
4.129
4,086
4,163
4,329
1,842
1,555
1 ,914
1 ,924
2,004
2,982
2,296
1,983
3,192
4,085
18,041.
18,1101
18.127
18.21.2
18.304
1 ,129
1 .130
1 ,1 75
1,121
1 ,146
189 10.386
188 10.599
188 11,035
10.214
11,151
July 7
Tuly 14
July 21
July 28
14,131
!3,920
13,913
13,952
931
986
930
966
2,853 53,311 54.264
2,745 53.652 55,518
2,7
,481 55.436
2,573 54,949 55,360
1,154
1,277
1,277
1,285
Aug.
Aug.
Aug.
Aug.
4
11
18
25
13,472
13,648
13.748
13,621
883
941
914
932
2,816 54.217 54,564 4,046 2,612 3.683 18,382
2,629 54,127 55,107 3.951 1 ,591 3,413 18,405
2.571 53,748 54,736 3 ,904 1.723 3 ,688 18.411
2,466 54,2.15 54,693 3,826 1., 682 3 ,495 18,443
1,273
1 .267
1 ,265
1,263
Sept.
Sept.
Sept.
Sept.
Sept.
1
8
15
22
29
13.522
13.327
13,569
1.3.297
13,438
885
943
936
951
992
2,489154.066 54,746
2,6341=4.013 55,000
2.805 54,490j57,230
2,731 o4,547155.81 2
2,544 55.043 55,884
Oct. 6
Oct.
Oct. 20
Oct. 27
13,754
13,602
13,924
13,864
Nov.
Nov.
Nov.
Nov.
13,877
14,186
14.056
13,935
Mar.
Mar.
Mar.
Mar.
Mar.
3
10
17
24
31
3
10
17
24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
53.930
54.778
56.166
54,116
53,319
4,026 1 ,898
3.905 2,355
3.922 1 ,813
4,033 1 ,695
3,547:18,256
2,690 18.301
2.335 18,309
2,091 18,337
Time
Bor- Capital
rowacings counts
7,600
7,578
7,579
7,608
1,069
895 7,630
1 ,080 1,027 7,629
1,104
899 7,640
1 ,129
895 7,656
1 .235
1,252
796
725
845
786
161
7,667
7,669
7,663
7,679
7,692
1,282
1,314
1,330
1,344
647
505
568
429
7,723
7,722
7,725
7,755
1.268 1,364
1,251! 1 ,364
1.269 1,406
1,223 1,427
647
943
720
718
7,775
7,778
7,778
7,794
1,227
1 ,235
1.251
1.285
1 ,260
1 ,427
1.421
1 .440
1,447
1 ,459
781
535
541
876
29
7,799
7,802
7,788
7,804
7,806
188 11.403
189 11,306
187 10,936
10,516
1
1
1
1
1,466
1 ,491
1.527
1,535
410
548
371
613
7,823
7,815
7,805
7,831
195 11,494
196 11,361
197 11,115
10,710
1,345
1,325
1,324
1,297
1 ,553
1,539
.1 ,534
1,54
533
793
717
710
7,848
7,852
7,850
7,859
10,911 1 ,301 1 ,560
11,354 1 . 2 7 2 1 ,566
11.970 1 ,252 1 ,562
_
11 .277 1.2571 1,565
10,977 1,262j 1,552
583
571
585
451
537
7,886
7,888
7,878
7,880
7,897
3 ,939 1.864
3,738 1 ,6.17
3.754 2,089
3.579 1 ,700
3 ,756 2,228
3.24 7
2.731
2,400
2,681
2 ,605
18,433 1,257
18,487 1,253
18,501 1 .193
18,514 1 ,194
18,520 1,195
197
197
199
199
200
1 .303
1 .279
1.248
1 .229!
1J2271
1,163
1 ,198
1 ,2.1.9
10,403
10,669
10,354
10,171
1,269
1,285
1.255
1,279
10.731
10.838
10.367
9,995
,293
,260
,261
,355
55,403
57.837
i 5 7,203
57,281
3 ,664
3.442
3,503
3.642
1 ,720
1,802
1 ,857
1,929
5 ,190
4,611
4,165
3,783
18.608
18.639
18,641
18,681
1 ,18!
I , 209
1,238
1,231
203 11 ,744
203 11 ,750
201 11,494
11,190
,-i
1 ,285
1 ,353
1 ,357
1,349
1,526
1 ,4 79
1 ,463
1,459
462
767
681
621
7,913
7,920
7,921
7,949
2.616 55,472
2,738 55,573
2,98-2155.682
2,542 56.254
57.256
56,926
57.879
57,557
3,865
3.698
3.796
3,803
2,104
1 ,964
1 ,939
2,342
3.793
3,833
4.741
4,522
18.699
18.679
18,578
.18,578
1 ,220
1,215
1 ,179
1 ,1 76
11,516
203 11,65 7
203 12,119
203 11,116
1 ,32-4 j 1 .461
1 ,293 1,463
1 ,307 1,461
2 "2 1
.KA
1. ,334
11 ,456
983
387
474
689
8,131
8,132
8,137
8,142
13.891
967 2,642 56,414
13,980 1,059 2,569 56,583
14.355 1 .065 2,830 57.926
1.4,167 1 ,084. 2,794 58,025
14,141 1.084 2,693 58,445
57.876
57,648
61.036
59.697
60,117
3.956
3,753,816
3,917
3.939
2,426
1.849
2 ,793
2,249
2,129
4,223
3.706
3.226
3,184
2,597
18,555
18.621
18,655
18,732
18,806
1 ,183
1 ,180
1 ,195
1,198
1.154
203
209
209
209
1,354 1,456
766
1,380 1 ,458
761
1 .393 1 .443 724
824
1 ,425 1,440
1 ,4 70; 1,444 1,005
8,162
8,152
8,146
8,144
8,174
901 2.750
1 ,032 2.815
947 2,786
1 ,003 2,662
951
984
964
960
54,276
54,672
5 5.4 70
56,050
11,303
\\,426
11.953
11 ,737
11,359
3
Demand deposits other than interbank and l \ 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 .1.953, pp. 550-555. For description of revision beginning July 3, 1945, and for revised figures
July 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,
pp. 127-227.
FEBRUARY 1955
213
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING
MEMBER BANKS, BY INDUSTRY, 1954
[Xet declines, (—).
In millions of dollarsj
business of
Manufacturing and
Period l
Food,
liquor,
and
tobacco
Monthly:
January
February
March....
April
Mav. .
Tune
July
August
Se pi e m her
October
N o v e m b e r
D e c e m b e r
mining
Metals
and
PetroTextiles, metal
apparel, products l c e o ua ml , ,
and
(ind.
leather machin- c h e am n i dc a l ,
ery and
rubber
trans,
equip.)
- 9 8
- 9 4
- 5 8
- 1 4 7
—7 8
- 3 1
5
—24
164
113
130
111
14
46
29
-29
- 9 5
— 10
5
36
40
20
—47
-44
-30
-152
6
133
-135
— 124
-306
-133
—99
-174
—69
-49
-24
—104
8
21
23
60
- 1 8
—64
2
24
90
-1.4
49
W e e k ending:
Tan.
6
Tan. 13. .
Jan.
20..
Jan.
27
9
5
— 16
-7
7
4
10
-152
22
-18
—4
- 4
—1
- 4 8
— 51
F
F
F
F
— 14
-28
-24
— 29
13
9
17
7
11
16
—22
1
3
2
4
.
3
. 10. .
. 17
. 24. .
. 3 1 . .
—24
-29
34
—30
-10
—1
10
23
-1.
_2
—4
57
102
-13
-9
.
.
.
.
7. .
14
21 .
28
-33
— 29
-34
-51
3
1
-18
— 15
v
v
v
y
5
12
19
26
-19
— 20
-10
—29
-7
—1
-2
-42
—4
25
-7
e
e
e
e
b
b
b
b
M
M
M
M
M
a
a
a
a
a
A
A
A
A
p
p
p
p
M
M
M
M
.
.
.
.
r
r
r
r
r
r
r
r
r
a
a
a
a
3
10
17..
24
June
2. .
Tune 9
J u n e 16
June 23. .
June 30
. .
borrower
Other
-31.
-3
36
—9
— 16
22
-13
2
9
— 26
-.18
-1.7
Public
utilities
(inch
transportation)
Trade
(wholesale
and
retail)
C o m modity
dealers
Sales
finance
companies
- 1 0 8
- 3 2
72
7
18
2
- 2 7
9
63
113
30
- 6 8
- 3 7
- 5 2
- 1 2 5
- 8 8
—25
- 3 6
66
45
124
95
131
78
-153
-83
16
-11
— 12
67
-14
—44
-84
— 117
63
228
— 180
13
46
-16
-34
105
-75
—39
183
-88
— 16
Construction
All
other
types
of
business
Comm'l.
ind'l,
and
Net
agr'l.
changes
classi- c h a n g e2 —
total
fied
-11
3
17
15 '
28
.18
16
19
2
7
24
14
- 4 3
- 2
50
34
5
63
- 2 9
3
81
59
50
4
-737
-237
297
-415
— 193
-30
-245
-64
229
38
316
390
- 8 7 8
- 5 6
317
- 5 8 0
—329
30
- 3 6 0
—7 5 1
242
28
1.089
354
- 5 1
—1 4
- 2 5
— 17
- 1 0
—26
3
— =5
-10
-79
-4
—60
8
-8
-9
—7
4
—9
- 3
1
—30
—1 1
-352
-88
-118
— 179
- 4 3 8
—96
- 1 6 0
—184
—4
5
—4
—31
— 19
15
3
1
— 28
-6
—20
8
-30
-9
—52
-4
-14
— 16
—2
3
5
—2
-16
6
3
6
—35
-83
2
— 121
136
— 82
-1
— 109
9
15
10
-10
-4
—1
10
39
- 6
- 6
13
14
27
10
8
— 16
-12
-20
-30
-47
6
-42
57
-1.7
12
—6
6
109
5
-9
1
8
4
5
-7
16
17
—5
30
—31
46
407
-93
-32
—39
74
458
-1.18
-58
-11
—58
-40
-26
-4
3
4
20
1
—9
2
- 4
-1
18
2
-12
-22
—36
-23
-7
22
—4
11
-40
-39
—24
-26
14
5
8
3
32
23
- 2 0
- 1
-47
-107
-139
-122
-49
— 156
-210
-165
-20
—33
-26
—46
18
7
33
-2
18
9
-29
45
-50
-2
—6
1
8
-32
-15
10
10
8
12
7
- 3
— 12
-17
-46
-31
-98
-38
— 100
-70
— 121
-171
—32
10
-46
-67
-50
2
37
9
-22
—i 6
- 2 7
7
- 4
8
—5
— 4
28
5
2
Q
-3
7
i
- 1
-3
—5
-19
-11
2
52
-40
53
8
10
147
13
6
1
3
8
6
4
5
31
.14
11
-261
-34
365
-74
-26
-255
—28
402
-77
-12
4
1
-1.8
- 1 3
17
18
14
18
8
-25
-8
11
-48
— 16
-7
-17
11
5
—28
4
— 11
6
-102
-39
-68
-36
— 156
-81
-89
-34
10
7
10
23
6
—21
— 13
-3
-7
-7
—4
-16
10
8
3
3
5
—20
15
-2
11
-25
31
-71
2
-754
59
-70
14
1
6
21
2
41
5
12
34
13
180
-8
10
25
31
194
-18
10
—1
31
- 9
- 1 4
—7
-9
16
-1
-1
Tulv
Julv
July
July
7 .
1 4
2 1 ..
28
—3
-28
15
21
8
13
8
7
—33
-14
-44
-42
— 27
3
-12
-28
A
A
A
A
u
u
u
u
g
g
g
g
.
.
.
.
4. .
11
18
25
16
7
—31
-17
5
15
15
4
—22
-45
-8
8
9
-18
2
- 4
S
S
S
S
S
e
e
e
e
e
p
p
p
p
p
t . 1.
t. 8
t . 15
t. 22
t. 29. .
24
6
65
24
45
6
6
10
—7
5
-50
-31
-19
— 28
-46
16
6
14
—5
-6
- 1
- 6
11.
9
- 3
- 1 0
25
28
6
13
17
15
20
40
32
10
-8
-8
-44
-35
4
-2
11
—4
-9
O
O
O
O
c
c
c
c
t.
t.
t.
t.
6
13.
20
27. .
32
48
27
7
1
1
-34
-16
—22
-16
-7
-23
19
14
50
7
—9
20
48
31
14
24
17
17
37
21
-52
-67
-20
-74
y
-27
-72
1
8
- 2
- 1
53
4
2
1
68
64
-21
-73
87
93
-69
-83
N
N
N
N
o
o
o
o
v
v
v
v
. 3. .
. 10
. 17
. 24. .
-1
48
60
24
-8
-9
-13
-15
-38 •
-5
5
-10
14
-36
3
5
- 1 8
- 1
1
- 7
25
10
1
39
25
58
8
29
-21
48
8
23
16
7
-33
7
7
13
- 3
13
-24
34
27
52
25
225
14
61
29
974
25
D
D
D
D
D
e
e
e
e
e
c
c
c
c
c
1. .
8
15
22. .
29
51
34
50
17
-41
-28
2
-3
3
-4
-10
-31
25
3
-10
7
39
-14
8
9
- 4
- 3
- 5
—3
2
9
7
- 2 5
—25
-34
41
4
4
22
7
45
-8
74
29
88
-22
- 1
3
-7
9
-31
30
91
45
96
55
104
82
41
104
64
63
.
.
.
.
.
-3
- 3
- 4
4
2
i
1
- 1 0
- 8
- 3
- 4
2
8
-20
19
68
14
-8
1
Monthly
2
figures are based on weekly changes during month.
Xet change at all banks in weekly .reporting series.
NOTE.—Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per
:ent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
214
FEDERAL RESERVE BULLETIN
MONEY MARKET RATES, 1954
[Per cent per annum]
U. S. Government securities (taxable)
Finance
company
paper placed
directly,
3- to 6months ]
Prime
bankers'
icceptances,
90 days 1
2.06
1 .78
1.58
1.50
1.38
1 .31
1.25
1 .25
1.25
1.25
1.25
1.25
1.88
.1 .68
1.48
1.25
1.25
1 .25
1.25
1.25
1.25
1.25
1.25
1.25
1.18
.97
1.03
.96
.76
.64
.72
.92
1.01
.98
.93
1.14
2.25
2.20
2.13
2.13
2.00
2.13
2.13
2.13
2.13
1.88
1.88
1.88
1 .88
1.88
1.88
Feb. 6. . .
Feb. 1 3 . . .
Feb. 20. ..
Feb. 2 7 . . .
2.00
2.00
2.00
2.00
1.88
1.75
1.75
1.75
Mar.
Mar.
Mar.
Mar.
2.00
2.00
2.00
2.00
Apr. 3. .
Apr. 10..
Apr. 17..
Apr. 24. .
Month or week
Prime
commercial
paper,
4- to 6months x
I
3-month bills
9- to 12month
issues2
3- to 5year
issucs3
1.214
.984
1.053
1.011
.782
.650
.710
.892
1.007
.987
.948
1.174
1.33
1.01
1.02
.90
.76
.76
.65
.64
.89
1.03
.94
1.10
2.04
1.84
1.80
1.71
1.78
1.79
1 .69
1.74
1.80
1.85
1.90
1.94
1.48
1.30
1.28
1.12
1.01
1.574
1.314
1.336
1 .208
. 998
1.58
1.56
1 .44
1.22
1.09
2.14
2.12
2.07
1.99
1.97
1 .83
1 .63
1.63
1.63
.99
.91
.98
.98
1.031
.893
1.024
. 986
1.04
.99
1.03
.96
1.93
1.87
1 .82
1.74
1.68
1.63
1.58
1.50
1.63
1.63
1.55
1.25
1.03
1 .04
1.02
1.03
1.059
1.066
1.056
1.030
1.09
1.09
1.01
.94
1 .85
1.85
1.77
1.74
2.00
1.88
1 .69
1.69
1.50
1.50
1.50
1.50
1.25
1.25
1.25
1.25
1.03
1.00
1.04
.99
1.063
1.013
1.066
1 .027
.92
.99
.94
1.75
1 .73
1.74,
1.70
May 1 . .
May
May 15..
May 22. .
May 29. .
1.69
1.64
1 .56
1.56
1.56
1.50
1.40
1.38
1.38
1.38
1.25
1.25
1 .25
1.25
1.25
.82
.75
.80
.79
.71
.886
.773
.825
.813
.718
.78
.69
.74
.82
.79
1 .66
1.70
1.77
1.81
1.86
June
June
June
June
5. .
1.2. .
19. .
26. .
1.56
1 .56
1 .56
1.56
1 .38
1.38
1 .28
1.25
1.25
1.25
1.25
1.25
.69
.61
.63
.62
.714
.616
.633
.635
.81
.78
.75
.72
1.86
1.81
1 .78
1.74
July
July
July
July
July
3..
10..
17. .
24. .
3\. .
1.56
1 .56
1.45
1.38
1.38
1 .25
1.25
1 .25
1 .25
1.25
1 .25
1.25
1.25
1 .25
1.25
.65
.66
.72
.74
.78
. 646
.671
.701
.731
.800
.71
.69
.66
.63
.60
1.72
1.68
1 .67
1.70
1.72
Aug.
Aug.
Aug.
Aug.
7. .
14. .
21..
28. .
1 .38
1 .31
1.31
1.31
1.25
1 .25
1.25
1.25
1 .25
1.25
1 .25
1.25
.79
.91
.92
.99
.797
.892
.898
.983
.58
.63
.62
.69
1.74
1 .76
1.74
1.74
Sept. 4..
Sept. 11..
Sept. 18. .
Sept, 25..
1.31
1 .31
1.31
1.31
1 .25
1.25
1.25
1.25
1.25
1 .25
1 .25
1 .25
1.03
1 .02
1.02
.99
1.023
1.016
1.024
.986
.80
.85
.89
.91
1.75
1.77
1.79
1.82
Oct. 2 . . .
Oct. 9. . .
Oct. 1 6 . . .
Oct. 23. . .
Oct. 30. ..
1 .31
1.31
1.31
1 .31
1.31
1.25
1 .25
1.25
1 .25
1.25
1.25
1.25
1 .25
1.25
1.25
.99
.94
.98
1 .00
1 .00
.984
. 966
.966
1.009
1.007
.97
.98
.99
1.06
1.08
1.84
1 .83
i .82
1.86
1.90
Nov. 6.
Nov. 13.
Nov. 20.
Nov. 27.
1.31
1.31
1.31
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.00
.90
.89
.92
1.023
. 940
.931
.897
1.06
.96
.85
.88
.92
.92
.89
.87
Dec.
Dec.
Dec.
Dec.
Dec.
1.31.
1.31
1.31
1 .31
1.31
1.25
1.25
1.25
1.25
1.25
1 .25
1 .25
1 .25
1.25
1.25
1.02
1.09
1.25
1 .24
1.08
1 .029
1.087
1.247
1 .333
1.175
1 .01
1.04
1.13
1.16
1.13
.91
.92
.94
1.96
1.97
January
February
March
April
May
June
July
August
September
October
November
December
.11
00
00
.76
.58
.56
.45
.33
.31
.31
.31
.31
Week ending."
Jan. 2 . .
Jan. 9 . .
Jan. 16..
Jan 2 3 . .
Tan. 30. .
6. .
13. .
20. .
27. .
4...
11. ..
18. ..
25. ..
31. ..
Market
yield
Rate on
new issues
*Data are averages of daily prevailing rates.
includes certificates of indebtedness and selected note and bond issues.
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and earlier BULLETINS.
2
Series
3
FEBRUARY
1955
215
BOND AND STOCK YIELDS, 1954x
[Per cent per annum]
Bonds
Month or week
U. S. G o v t .
(long-term)
Old
series2
New
series3
Industrial stocks
Corporate (Moody's) 5
Municipal
(highgrade) 4
By groups
By ratings
Total
Aaa
Aa
A
Dividends/
price ratio
Baa
Industrial
Railroad
Public
PreUtility ferred6
Common7
Common 8
125
Number of issues. . .
3-7
1
15
120
30
30
30
30
40
40
40
15
125
January
February
March
April
May
2.68
2.60
2.51
2 47
2 52
2.50
2.39
2.38
2 47
2.49
2 48
2 31
2.23
2 29
2 32
2.29
2 33
3.34
3.23
3.14
3 12
3.13
3 16
3 15
3.14
3 13
3.13
3.13
3 13
2.06
2.95
2.86
2 85
2.88
2 90
2 89
2.87
2 89
2 87
2.89
2 90
3.22
3.12
3.03
3 00
3 03
3 06
3 04
3.03
3 04
3 04
3.04
3 04
3.35
3.25
3.16
3 15
3.15
3 18
3 17
3.15
3 13
3 14
3.13
3 14
3.71
3.61
3.51
3 47
3.47
3 49
3.50
3.49
3 47
3.46
3.45
3 45
3.23
3.12
3.05
3 04
3 06
3 10
3 10
3.07
3 07
3 06
3.06
3 07
3.47
3.35
3.24
3 19
3.21
3 23
3 23
3.21
3 22
3.23
3.22
3 23
3.31
3.23
3.14
3 13
3.13
3 15
3 13
3.12
3 13
3.11
3.10
3 10
4.15
4.08
4.04
4 02
4.03
4 05
4 04
4.01
3 98
3.93
«3.92
3 93
5.28
5.29
5.07
4 86
4 81
4 74
4 54
4.66
4 31
4 43
4.29
4 09
August
September.
October
November
December
2.48
2 51
? 52
2 55
2 57
2.90
2.85
2.73
2 70
2 72
2 70
2 62
2.60
2 64
2 65
2.68
2 68
Week ending:
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
2.74
2.74
2.71
2.66
2.63
2.92
2.93
2.91
2.88
2.87
2.58
2.56
2.52
2.47
2.4.3
3.39
3.37
3.35
3.33
3.30
3.12
3.09
3.08
3.06
3.03
3.27
3.26
3.24
3.21
3.18
3.40
3.38
3.37
3.34
3.31
3.74
3.74
3.72
3.70
3.67
3.28
3.27
3.25
3.22
3.18
3.51
3.50
3.49
3.46
3.43
3.36
3.34
3.32
3.30
3.28
4.20
4.19
4.17
4.13
4.11
5.54
5.49
5.40
5.32
5.28
Feb. 6. .
Feb. 13
Feb. 20
Feb. 27
2.62
2.59
2.60
2.57
2.87
2.86
2.86
2.79
2.42
2.39
2.39
2.37
3.27
3.23
3.22
3.21
2.99
2.94
2.93
2.92
3.16
3.12
3.11
3.10
3.29
3.26
3.24
3.23
3.65
3.62
3.60
3.58
3.16
3.13
3.11
3.10
3.40
3.34
3.34
3.33
3.27
3.23
3.22
3.20
4.08
4.07
4.08
4.08
5.24
5.26
5.34
5.29
Mar.
Mar.
Mar.
Mar.
6
13
20
27
2.53
2 52
2 49
2.50
2.72
2 74
2.73
2.74
2.36
2 36
2.36
2.40
3.18
3 15
3 13
3.12
2.89
2 86
2 85
2.85
3.07
3 04
3 02
3.00
3.20
3 16
3 15
3.15
3.56
3 53
3.50
3.47
3.07
3 05
3 04
3.03
3.31
3 26
3.23
3.20
3.17
3 14
3 13
3.13
4.06
4 04
4 05
4.03
5.21
5 16
5.13
5.17
Apr.
Apr.
Apr.
Apr.
3
10
17. . . .
24
2.50
2 45
2 48
2.47
2.73
2.70
2.72
2.70
2.44
2 .46
2.47
2.48
3.12
3.12
3 11
3.12
2.85
2.85
2 85
2.85
3.00
3.00
2 99
3.00
3.15
3.15
3 15
3.15
3.47
3.47
3.46
3.47
3.04
3.04
3 04
3.04
3.19
3.19
3.18
3.19
3.13
3.12
3 12
3.12
4.03
4.02
4 02
4.01
5.03
4.97
4.92
4.90
May
May
May
Mav
May
1
8
15
22
29
2.46
2 48
2.52
2 54
2.56
2.69
2 69
2.71
2.72
2.74
2.48
2 47
2.47
2.50
2.53
3.13
3 13
3.12
3 A3
3.14
2.87
2 87
2.87
2.87
2.89
3.01
3 02
3.01
3.03
3.04
3.15
3 15
3.14
3.15
3.16
3.47
3 47
3.47
3.47
3.48
3.05
3 05
3.05
3.05
3.08
3.20
3 20
. 3.20
3.21
3.21
3.13
3 13
3.12
3.13
3.14
4.02
4 03
4.02
4.04
4.03
4.86
4 82
4.84
4.82
4.81
June
rune
June
June
5
12
19
26
2.58
2 56
2.53
2.51
2.74
2 70
2.68
2.68
2.51
2 54
2.52
2.42
3.16
3 16
3.15
3.15
2.91
2 91
2.90
2.90
3.07
3 06
3.05
3.05
3.17
3 17
3.18
3.17
3.49
3 50
3.49
3.49
3.10
3 10
3.10
3.09
3.23
3 24
3.23
3.23
3.15
3 15
3.14
3.14
4.03
4 05
4.05
4.05
4.83
4 93
4.82
4.74
Juiv
July
Tulv
July
July
3
10
17. . .
24
31
2 51
2.49
2.46
2.46
2 .45
2.67
2.64
2.62
2.61
2.60
2.38
2.35
2.35
2 .29
2.26
3.16
3.16
3.16
3.15
3.15
2.90
2 .90
2 .89
2.88
2.88
3.05
3.05
3.05
3.04
3.04
3.18
3.18
3.18
3.18
3.17
3.49
3 .50
3.50
3.50
3.50
3.10
3.10
3.10
3.09
3.09
3.23
3.23
3.23
3 .23
3.22
3.14
3.14
3.14
3.13
3.13
4.07
4.06
4.05
4.03
4.02
4.67
4.64
4.66
4.60
4.54
Aug.
Aug.
Aug.
Aug.
7
14
21
28
2 .44
2.47
2.48
2.49 •
2.59
2.59
2.60
2.61
2.24
2.23
2.23
2.23
3.14
3.14
3.13
3.13
2.87
2.87
2.86
2.87
3.03
3.02
3.02
3.03
3.16
3/16
3.14
3.13
3.08
3.08
3.06
3.06
3.22
3.2.1
3.21
3.21
3.12
3.12
3.11
3.12
4.02
4.02
4.00
4.00
4.53
4.53
4.43
4.54
Sept.
Sept,
Sept.
Sept.
4.
11
18
25
2 50
2.51
2.51
2.51
2 63
2.64
2.64
2 .65
2 24
2.26
2.31.
2.33
3 13
3.13
3.14
2 88
2.89
2.89
2.89
3 03
3.04
3.04
3.05
3 13
3.13
3.13
3.14
3.50
3.49
3.49
3.47
3 47
3.47
3.47
3.48
3 06
3.06
3.07
3.07
3 21
3.21
3.21
3.22
3 12
3.12
3.13
3.13
4 01
4.02
3.98
3.96
4 57
4.49
4.40
4.31
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
2.51
2.51
? =>2
2 53
2.54
2.65
2.63
2 63
2 65
2.67
2.33
2.34
2 32
2 30
2.30
3.14
3.14
3 13
3 13
3.12
2.89
2.88
2 88
2 87
2.87
3.05
3.05
3 04
3 04
3.04
3.14
3.14
3 14
3 14
3.13
3.48
3.48
3 47
3 46
3.45
3.06
3.06
3 06
3 05
3.05
3.23
3.23
3 22
3 22
3.22
3.12
3.12
3 12
3 11
3.10
3.95
3.95
3 94
3 93
3.91
4.31
4.28
4 41
4 35
4.43
Nov.
Nov.
Nov.
Nov.
6. .
13
20
27
2.54
2.55
2.55
2.56
2.68
2.68
2.68
2.68
2.30
2.28
2.28
2.28
3.13
3.13
3.13
3.12
2.88
2.89
2.89
2.88
3.04
3.04
3.04
3.03
3.14
3.14
3.46
3.45
3.45
3.45
3.06
3.06
3.05
3.06
3.22
3.23
3.22
3.22
3.11
3.11
3.11
3.10
3.91
3.91
3.92
3.92
4.43
4.32
4.40
4.28
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
25
31
2.57
2.56
2 58
2.59
2.58
2.68
2.67
2 69
2.69
2.67
2.29
2.31
2 34
2.35
2.35
3.13
3.13
3 13
3.14
3.14
2.89
2.89
2 90
2.91.
2.92
3.04
3.03
3 04
3.05
3.05
3.13
3.45
3.45
3 45
3.45
3.44
3.06
3.06
3 06
3.07
3.07
3.22
3.22
3 23
3.24
3.24
3.10
3.10
3 10
3.11
3.11
3.92
3.93
3 92
3.92
3.94
4.25
4.23
4 22
4.17
4.09
Tune...
July
.
2 =54
2 47
.
3.13
3.13
3.13
3.13
3 14
3.14
3.15
Earnings/
price
ratio
9.06
8 74
7 29
c
Corrected.
1
Data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures
for common
stocks are as of the end of the period (quarterly in the case of earnings/price ratio).
2
Fully
taxable, marketable 2x/i per cent bonds first callable alter
12 years. Of these the 1967-72 bonds are the longest term issues.
;s
4
The
3]4
per cent bonds of 1978-83, issued May 1, 1953.
Standard and Poor's Corporation.
5
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups.
"Standard and Poor's Corporation.
Ratio is based on 9 median yields in. a sample of noncallable issues, 12 industrial and 3 public utility.
7
8
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and earlier BULLETINS.
216
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTIC
PAGE
International capital transactions of the United States...
218-222
Gold production
222
Estimated foreign gold reserves and dollar holdings...
223
Reported gold reserves of central banks and governments...
224
Net gold purchases and gold stock of the United States. .
225
International Monetary Fund and Bank. .
226
Central banks
226-230
.
Money rates in foreign countries. . .
231
Commercial banks
232
.
Foreign exchange rates. .
233
Price movements in principal countries:
Wholesale prices .
234
Consumers' price indexes..
235
Security prices .
235
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States arc collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
FEBRUARY 1955
217
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
Total foreign
countries
International
institutions2
Date
Official
Officials
and
NethUnited
King- France
erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
Ail
other
private
is?3()—Dec. 31... 1,527.8 7,116.9
\o*\—Dec, 31.. 1,641.1 7,661.1
1,584.9 8,961.2
! 053—Dec. 31. . 1,629.4 10,019.0
3,620.3
3,547,6
4,654.2
5,666,9
656.6
642.6
817.9
708.9
260 7
289.4
342 6
428.5
193.6
14S.8
203.1
242.9
553 0
521.3
641.8
674.2
314.7
300.5
308.9
465./
1,007.8
1,103.4
1.441.3
2,213.4
1954—Jan.
Feb.
Mar.
Apr.
May
fune
July
Aug.
Sept.
Oct.
Nov.
Dec.
5,741.2
5,903.1
5,925.2
6,062.9
6,265.0
6,307.0
6,438.6
6,287.3
6,319.2
6,387.3
6,375.3
6,783.1
714.0
734.4
797.9
899.5
952.2
986.1
942.2
'851.9
837.9
84 2.8
829.7
639.5
412.0
435.6
419.9
285.9
387.0
441.4
376.5
418.9
474.2
489.6
502.1
711 .9
211.6
215.6
215.4
226.9
250.4
272.3
305.7
252.9
247.6
248.7
239.4
249.3
670.4
671.7
665.2
664.8
651.8
636.0
680.5
680.8
668.5
650.0
622.4
672.5
474.5
491.8
494.6
519.2
483.0
455.6
468.8
510.7
528.4
553.9
566.0
578.9
2,315.8
2,391.7
2,417.3
2,501.4
2,550.9
2,513.8
2,639.1
2,648.9
2,673.4
2,700.1
2,719.9
2,765.4
IO?-I —r>ec. 31
31..
28..
3H.
30 5.
31 .
30..
31 . .
31..
30.
31 P.
1,702.1
1,677.6
1,698.5
1,678.0
1,679.0
1,637.0
1,656.5
1,751.0
1,801.9
t,773.0
30P. 1,792.8
31 P. 1,769.9
10,127.0
10,300.1
10,350.0
10.460.6
10,575.7
10,561.3
10,770.3
M0,686.1
10,730.1
10,737.4
10,781.9
11,158.5
2,986.3
899.0 1,612.9 1,364.2 254.5
3,005.9 1,307.1 1,455.2 1,595.5 297.4
3,755.5 1,420.7 1,612.9 1,836.5 335.6
4,733.6 1,295.5 1,768.4 1,895 5 326 1
4,798.3
4,940.8
5,010.3
5,097.7
5,275.4
5,305.4
5,412.8
r
5,364.0
5,430.0
5,485.0
5,479.5
5,617.4
1,772.5
1,788.1
1,866.8
1,998.6
1,993.9
1,954.3
2,036.7
1,918.2
1,889.0
1,838.8
1,849.4
1,917.3
1,334.9
1,348.4
1,340.4
1,282.3
1,286.6
1,320.6
1,342.0
1 ,380.4
1,384.1
1,365.1
1,376.4
1,533.3
1,901.9 319.3
1,892.0 330.8
1,801.7 330.9
1,762.1 319.9
1,711.0 308.7
1,682.5 298.5
1,693.2 285.6
1,748.2 275.2
1,764.1 262.9
1,777.5 271.1
1,812.8 263.8
1,825.5 265.1
Table la.—Other Europe
Date
Other
AusEurope tria
Bel- Czech- Dengium oslo- mark
vakia
1950—Dec.
1951—Dec.
1052—Dec.
1953—Dec.
31. .
31..
31..
31..
1,007.8
1,103.4
1.441 .3
2,213.4
41 9
57.1
91 1
190.9
128.2
134.7
123.9
130.3
1954-Jan.
Feb.
Mar.
Apr.
31..
28..
31*.
30«.
31..
30..
31. .
31. .
30. .
31 P.
30 P.
31 P.
2,315.8
2,391.7
2,417.3
2,501.4
2,550.9
2,513.8
2,639.1
2,648.9
2,673.4
2.700.1
2,719.9
2,765.4
199.7
208.4
217.4
227.6
234.3
238.5
260.5
275.6
281.9
285.0
274.9
273.2
135.1
133.9
142.1
121.2
122.9
111.6
118.0
99.3
104.0
104.6
103.2
99.8
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Finland
45 5
45.3
70.4
95.7
18 3
27.0
28.5
37.9
104.2
97.0
102.4
102.0
.7 92.4
.6
92.7
.6
80.7
.6
79.5
.7
76.4
.8
68.8
.7
69.0
.7
71.1
39.7
42.5
44.7
39.1
41.6
42.4
42.4
41.0
37.7
39.1
40.0
41.3
5.6
1.3
.6
.6
.6
.6
.6
.9
Germany,
Nor- Po- Por- Ru : Spain Swe- Tur- U.S.S.R. Yugo- All
Fed. Greece way land tugal mania
slavia other
den key
Rep.
of
118 5
4 ?
2 .8
3 .4
2 .2
45.7
40.7
57.4
72.4
6
6
6
5
106 .5 118 5
110.8 118 7
112 .4 122 0
109 .3 130 1
116 .0 130 6
114 .0 131 2
112 .1 127 2
104 .5 129 1
94 .3 132 3
93 .8 125.8
110 .2 113 8
112 .7 103 4
2 .9
3 .8
2 .4
2 .8
2 .2
2 .2
2 .2
1 .7
1 .8
1 .9
2 .2
2 .1
71.9
74.2
76.1
77.0
83.5
86.3
88.5
83.8
83.5
85.0
88.9
91.3
5 .7
7 .8
7 .9
7 .8
7 .8
7 .9
7 .9
7 .9
7 .9
8 .1
8 .0
7 .8
Netherlands
West
Indies
and
Suri-
Panama,
Republic of
Peru
El
Salvador
221.6 32 3
405.6 45 .8
551.1 47 .3
898.8 100 .9
943.1
971.7
994.3
1 ,039.3
1 ,051.2
1 ,084.9
1 ,222.1
1 ,225.1
1 ,247.6
1 ,256.2
1 .287.2
I ,372.2
43 6
99 7
110.3
1 21 3 115.3
.1 17 1 71.7
.1 19 2 91.0
.8 36 0 116.7
14.3
14.1
4.0
2.5
1.7
2.0
8.4
14.2
32.6 124.7 10.9
22 0 129.4
8.8
21 9 119.2
9.4
20.5 121.0 9 . 2
22 1 120.4
7.9
26.2 123.1 7 . 4
37 5 157.0
6.4
46 0 173.6
6.2
58 3 180.5
6.4
66 1 179.4
8.2
70 9 159.0
8.1
71 3 141.0
8.2
3 i
23
1.8
2.5
2.2
3.1
2.8
3.0
2.1
2.0
5.2
2.0
13.2 ?46 8
7 . 1 124.7
12.0 218.8
6 . 9 383.5
6.1
6.3
5.8
4.8
6.2
5.9
6.8
6.4
6.9
6.8
9.0
8.6
410.4
453.3
436.8
486.3
509.0
435.9
366.4
365.5
351.0
368.4
369.6
358.8
Table lb.—Latin America
Latin
America
Date
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
Dominican Guate- MexRemala
ico
public
Uruguay
Other
Vene- Latin
zuela America
nam
1950—Dec.
1951—Dec.
1052—Dec.
1953—Dec.
31.
31.
31.
31.
1954—Jan. 31.
Feb. 28.
Mar. 314
Apr. 306
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31 P
Nov. 30 P
Dec. 31 v
1,612.9
1,455.2
1,612.9
1,768.4
301.8
249.7
138.8
130.0
20.4
27.8
24.5
19.1
226.0
100.3
72.5
101.7
79.5 53.4
54.0 106.4
79.3 118.2
78.8 150.2
259.1
263.6
301.2
340.8
42.7
45.8
44.2
39.3
25.4
27.3
34.3
37.9
207.1
158.2
231.2
183.2
30.2
34.9
44.3
51.5
59.2
67.7
80.8
89.9
60.2
47.2
60.9
68.0
16.1 75.1 85.2
27.8 84.7 71.9
25.6 94.1 145.5
26.8 109.6 222.4
71.3
87.8
117.4
119.2
1,772.5
1,788.1
1,866.8
1,998.6
1,993.9
1,954.3
2,036.7
1,918.2
1,889.0
I,838.8
1,849.4
,917.3
139.2
160.8
170.4
175.4
173.8
176.7
181.8
191.1
204.8
190.7
175.3
159.2
18.8
20.3
27.1
26.5
28.5
31.4
28.0
27.3
30.2
31.9
32.3
29.2
101.4
90.1
110.1
100.7
92.6
96.1
167.4
102.6
91.3
139.1
160.3
127.3
68.6
65.7
60.5
56.4
55.8
61.2
73.9
78.9
74.7
72.8
73.2
69.6
345.1
353.5
362.2
376.0
377.1
346.5
328.8
309.6
291.2
269.0
243.7
242.3
42.8
45.4
49.2
52.7
53.4
55.8
61.1
60.9
60.7
58.5
58.2
59.1
44.7
52.0
53.1
53.5
54.1
48.0
44.9
40.4
37.1
34.1
31.5
34.5
184.9
187.4
167.1
233.5
203.5
201.3
210.0
236.8
254.7
265.4
265.5
328.9
53.3
55.7
52.4
52.8
49.1
51.5
50.9
50.1
50.1
46.3
46.9
48.7
87.8
89.3
92.8
94.3
88.3
87.2
91.6
86.2
76.3
76.6
75.1
73.0
73.7
69.9
73.0
68.9
67.2
66.6
66.6
69.2
76.4
79.2
79.6
83.4
38.0
42.5
47.2
50.2
44.9
41.6
36.3
30.5
25.0
23.0
20.4
30.4
120.8
126.0
150.2
141.1
140.3
134.0
138.7
136.6
136.1
123.0
123.2
125.5
152.5
151.2
160.6
170.5
190.5
230.6
236.2
215.0
168.2
147.7
168.6
222.2
99.5
99.1
102.3
104.9
105.2
107.7
112.8
104.1
101.6
98.5
93.5
90.3
201.4
179.2
188.7
241.0
269.8
218.0
207.7
179.1
210.5
183.0
202.2
193.6
r
^Preliminary.
Revised.
For footnotes see following page.
218
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 lc.—Asia and All Other
j
Date
ForKomosa
rea,
and Hong India Indo- Iran Israel Japan RePhil- Thai- Other
China Kong
nesia
pub- ippines land
Asia
Mainlic
land
of e
Asia
1950—Dec.
1951-Dec.
1952-Dec.
1953—Dec,
3 1 . 1,364.2
1,595.5
31
,836.5
31 .
31
,895.5
81.7
87.4
76 4
73.6
86.1
62.4
70 9
68.0
1954—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
28.
31*
305
31.
30.
31.
31 .
30.
1,901.9
1,892.0
1,801.7
1,762.1
L,711.0
,682.5
1,693.2
,748.2
L,764.1
,777.5
,812.8
,825.5
77.0
79.2
79.6
79.0
76,7
75.8
75.1
74.2
69.6
71.1
71.3
70.0
68.0
65.8
65.3
66.3
66.8
65.1
64.6
64.2
64.3
64.7
64.6
60.8
3?P
30v
31 P
55.7
62.1
64.6
99 0
114.7
140.6
61.0
39.3
20.3
25.5
19.2
43.6
12.6
26.6
18.8
18.0
97.5 75.7
120.2 74.6
82.2 68.3
85.1 65.2
86.7 63.8
91.3 59.2
79.2 60.5
75.5 81.9
73.4 87.3
77.7 95.4
82.11100.6
86.9 100.3
41.5
40.5
47.7
45.4
39.4
34.0
28.6
23.3
26.1
24.7
28.2
31.4
26.0
20.0
33.7
31.0
458.5
596.0
808 0
827.9
19.5
26.2
54 4
91.5
795.4
737.7
675.8
639.7
2 7 . 4 616.9
28.9 615.4
25.1 616.0
36.0 643.4
33.1 668.5
24.7 689.8
26.0 712.6
41 .0 724.9
98.7
95.5
102.8
103.7
104.7
105.9
101.2
98.2
94.9
93.8
88.7
95.6
Egypt
and
Union
Belof
AusOther
gian Anglotralia Congo
Egyp- South
tian Africa
All
other
Sudan
374.4 48.2 92.4
329.7 96.7 142.2
315,1 181.0 167.1
295.5 167.9 171.2
254.5
297.4
335.6
326.1
19.1 58.1 75.6
38.5 54.5 110.7
47 2 118.6 59.7
59.2 89.6 43.3
44.0
7.0
23 6
38.2
57.7
86.8
86.5
95.7
298.1
313.0
309.9
317.7
303.1
298.9
308.2
314.2
308.5
289.7
276.8
257.4
319.3
330.8
330.9
319.9
308.7
298.5
285.6
275.2
262.9
271 .1
263.8
265. .1
51.5
53.4
49.6
49.5
49.6
48.0
42.8
41.3
35.4
40.6
36.3
34.5
44.8
43.9
32.8
34.2
37.8
38.6
37.9
33.5
30 4
38.1
32.7
98.1
99.0
104.3
104.8
99.5
97.4
101.3
102.8
99.7
153.3
157.5
155.1
144.6
139.3
130.1
127.1
126.2
125.0
117.8
124.2
123.1
170.7
188.0
181 .2
184.3
186.3
177.8
207.6
211 .2
213.3
228.0
237.6
234.1
; 4 7.7
91 1
87 7
83.3
81.1
74.1
63.6
51.3
45.5
44.2
47.0
44.4
43.6
44.0
45.9
49.7
51.8
51.3
51.7
51.5
47.7
45.1
45.2
47.6
4 7.1
99 _ o
97.4
94.0
Table Id.—Supplementary Areas and Countries 7
End of year
End of year
Area or country
Other Europe:
Albania
Azores
British dependencies
Estonia
Hungary
Iceland
Ireland, Republic of
Latvia
Lithuania
Luxembourg
Monaco
, . ..
Other Latin America:
British dependencies
Cost a R ica
Feu a dor
French West Indies
Guiana
Haiti
Honduras
Area or country
1950
1951
1952
1953
.6
.1
.5
.6
29
1.1
21
9.2
6.4
,1
.3
.6
.6
27
1.0
35
15.9
1.3
.2
.3
.4
.6
1 9
1.0
37
12.6
1.3
n.a.
n.a.
.4
.6
1 9
1.0
75
n.a.
t.3
1.0
.6
.6
.4
11 9
11 8
5 0
2.9
3.2
2.6
4.1
5.6
4,1
4.0
3.0
2.5
8.7
6.5
19 3
14.6
8.7
11 4
14.6
12.1
23 7
18.0
13.4
17 7
and French
.2
77
9 8
5 7
41
2.2
.6
10 3
17 2
8 3
.8
11 6
15 4
13.4
9 3
n.a.
16.0
5.4
5.0
6.0
Other Asia:
Afghanistan
British dependencies
Burma
French India
Indochina
IraQ
Jordan
Lebanon
Pakistan
Portuguese dependencies
Saudi Arabia
Syria
All o t h e r :
British dependencies
Ethiopia
French dependencies
Italian Somaliland
Liberia
Libva
New Zealand
Portuguese dependencies
Tangier
. . . .
. . . .
1950
1951
1952
1953
8.3
23.7
.4
3 4
g
3.1
2 9
.5
12 3
13.0
.7
7.9
6.8
10.6
21.0
9.5
19 2
1 3
7.3
12 9
.5
15 3
13 1
2.7
13.2
5.4
4.0
25.5
16.9
13.9
1 8
7.7
14 1
.6
19 3
14.4
2.8
15.9
11.4
n.a.
19.8
n.a
n..a.
n a.
6.9
13 8
.9
23 9
9 7
5 3
18 5
20.5
.9
3.3
26 5
.2
1 6
3
2 7
3.0
.2
16.9
1.2
6.9
36 5
1.6
3.0
27 0
6 1
10 3
23
52
3 5
6.3
.2
26.7
.1
5
4.3
.2
21.5
l!l
1.6
ii,a.
22 2
!.1
11 8
na
2 i
5.0
.2
36.1
PPreliminary
n.a. Not available.
l
"Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in
aot more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and
commercial
paper and of liabilities payable, in foreign currencies are also included.
2
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations.
Excludes Bank for International Settlements, reported under "Other Europe."
3
Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments, etc.).
'Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption
reported a total of 15.9 million dollars of such liabilities on that date.
^Beginning Apr. 30, 1954, includes liabilities Lo foreigners held by banks in the territories and possessions of the United States. These banks
reported
a total of 16 million dollars of such liabilities on that date.
6
Through 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 breakdowr 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.
FEBRUARY 1955
219
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]
United
King- France
dom
Total
Date
898.0 105.7
968.4 35.0
1,048.7 30.3
1950—Dec. 31
1951—Dec. 31
1952—Dec. 31
910.0
904.5
1953—Nov. 30
Dec. 31
1954—Jan. 31
Feb. 28
Mar. 312
Apr. 30
May 31
June 30
July 31
Aug. 3]
Sept. 30
Oct. 31 v
Nov. 30*
48.1
70.5
Netherlands
Switzerland
31.4
10.1
31.9
3.4
5.0
4.4
11.2
7.1
20.7
10.3
17.8
68.0
111.8
120.7
8.2
6.3
8.6
16.8
17.9
20.3
18.8
6 2
9 4
13.1
18.1
16.1
12 8
12.5
10.7
12.1
14.6
16.1
17.4
16.4
12.6
10.6
923.8 66 9
901.5 59 9
867.1 59.5
879.9 87.0
915.4
79.7
971.1 77.0
1,109.6 85.1
'•1,108.6 f-94.4
1,187.4 128.7
1,286.4 124.8
1,320.4 130.7
74
7.1
9.6
9.2
8.9
7.9
8.8
10.2
11.9
14.1
10.9
11.2
14.6
9.5
7.5
9.3
9.4
7.1
10.3
8.7
Canada
Latin
America
Asia
All
other
237.9
183.4
212.2
125.8
92.0
62.3
378.8
489.3
662.0
95 4
161.8
89.8
60.0
41 9
22.4
97.6
109.5
197.2
235.9
67.1
56.4
506.5
472.7
117.7
114.8
21.6
24.9
16.7
17.5
13.7
14.4
14.4
15.3
16.7
13.4
12.9
15.8
19.3
132.3
131.1
134.7
138.2
149.3
131.5
128.4
129.9
125.2
142 .4
155.8
247.6
241.2
243.5
269.2
271.7
258.0
263.6
'270.7
309.2
317.8
343.2
51.7
59.2
60.0
47.5
52.6
65.2
66.4
65.6
70.9
66.9
66.2
473.3
450.4
426.4
433.3
447.9
499.3
625.8
613.9
646.5
739.9
748.5
125.5
126.7
111.4
101.9
114.6
113.3
117.5
125.7
125.6
128.1
129.9
25.7
24.0
25.8
27.9
28.6
35.3
36.2
32.8
35.2
33.9
32.5
Nor-
Portugal
Spain
Sweden
Tur-
Yugoslavia
All
other
1.6
3.9
8.6
4.0
4.0
5.4
Italy
Other
Total
Europe Europe
Table 2a.—Other Europe
Other
Europe
Date
Austria
Belgium
Denmark
Finland
Germany,
Fed.
Rep. of
Greece
1950—Dec. 31..
1951—Dec. 31..
1952—Dec. 31..
68 0
111.8
120.7
2
(3)
.8
21.5
39.6
16.2
3 2
4.8
2.1
22
3 1
5 6
25 4
28 3
26.8
2
.2
.2
1953—Nov. 30. .
Dec. 31..
97.6
109.5
.2
.8
12.3
13.0
5.3
6.2
1.8
1.9
31.3
30.5
1954—Jan. 3 1 . .
Feb. 28..
Mar. 312.
Apr. 30..
May 3 1 . .
June 30..
July 3 1 . .
Aug. 3\..
Sept. 30..
Oct. 31 P.
Nov. 30".
132.3
131.1
134.7
138.2
149.3
131.5
128.4
129.9
125.2
142.4
155.8
.2
.2
.2
.2
.1
.2
.1
.2
.2
.2
.3
13.4
14.3
13.2
14.9
15.2
14.8
15.3
14.7
16.0
14.3
17.0
6.0
4.1
2.9
4.3
3.5
4.1
4.2
3.5
4.8
6.0
7.5
L.5
1.3
1.3
L.6
L.6
L.9
L.8
1.4
2.0
2.3
>.l
40.1
43.6
53.4
58.9
57.0
53.7
52.5
51.9
48.4
47.3
56.1
way
1 4
key
2.5
1.9
.5
.8
.5
18 8
11.2
6.9
5.4
2.5
38.8
1.3
.8
1.0
.6
.6
22.8
24.3
2.4
2.7
15.7
4.3
4.8
7.5
6.8
1.4
1.4
1.5
2.0
1.9
1.8
2.6
2.6
3.6
3.6
3.4
1.2
1.6
.3
1.4
1.3
1.3
1.5
1.4
L.7
1.4
1.7
.4
.5
.4
.6
.6
.6
24.4
19.8
12.2
10.6
2.1
1.7
1.4
2.2
1.9
2.4
2.7
2.6
2.4
2.8
3.0
29.2
31.0
35.4
29.8
49.2
35.9
32.7
37.0
33.3
55.0
52.4
4.5
5.4
5.9
5.2
5.1
5.3
5.7
4.2
3.0
.6
1.0
7.9
6.2
5.6
6.6
6.1
6.2
6.5
6.3
5.3
4.4
5.3
.7
5.7
3.5
2.1
3.5
4.0
4.0
5.5
.7
.5
.5
.7
.6
.9
.6
7.7
Table 2b.—Latin America
Date
Latin
BoAmer- Argenlivia
tina
ica
1950—Dec. 31. . 378.8 45.9
1951—Dec. 31. . 489.3 7 . 6
1952—Dec. 3 1 . . 662.0 8 . 2
Brazil Chile
Colombia
Cuba
8.7
7.5
5.8
78.0 6 . 8
185.0 24.8
356.4 26.4
42.5
43.7
41.7
27.6
32.3
32.5
1.9
1.8
1.6
2.6
3.8
4.2
70.6
90.6
88.6
1.3
1.2
1.3
3.1
9.7
186.5 7 . 1
125.1 22.6
52.0
56.9
49.4
51.2
1.7
1.9
4.7
4.1
90.1
92.9
1.6
2.6
7.4
4.6
121 .9
116.7
117.3
117.4
129.1
167 A
276.6
269.6
288.0
361 .5
319.9
53.1
50.6
47.8
54.4
59.1
66.4
64.6
64.0
70.2
79.9
91.8
60.0
62.2
2.0
1.8
1.6
2.2
2.4
2.5
2.4
2.4
2.4
2.2
2.5
3.4
3.4
2.6
3.2
3.0
2.9
3.0
3.2
3.6
3.3
4.9
98.1
87.2
85.3
77.3
76.6
81.7
85.5
91.7
94.7
99.2
114.7
2.6
1.8
1.1
1.5
1.8
2.5
2.1
2.0
1.8
1.3
1.3
5.7
6.2
7.1
7.4
6.2
7.7
8.5
5.4
6.4
6.3
1953—Nov. 30. . 506.5
Dec. 31. . 472.7
6.7
7.1
10.8
473.3
450.4
426.4
433.3
447.9
499.3
625.8
613.9
646.5
739.9
748.5
7.3
7.2
5.4
6.2
5.6
5.7
5.8
5.8
5.8
6.1
7.0
9.2
8.7
1.9
1.7
2.3
2.0
2.9
1.7
2.5
2.2
2.2
1954—Jan. 3 1 . .
Feb. 28. .
Mar. 312.
Apr. 30. .
May 3 1 . .
June 30..
July 3 1 . .
Aug. 31 . .
Sept. 30. .
Oct. 31*.
Nov. 30^.
NetherDolands Panminican Guate- Mex- West ama,
Reico Indies pubRemala
and
pubSuri- lic of
lic
nam
20.9
20.1
19.9
19.6
18.5
12.2
21.0
14.9
11.3
6.8
11.8
58.4
55.2
55.9
59.2
56.9
59.7
62.7
63.9
62.0
3 0
6.5
12.0
Other
Vene- Latin
zuela America
El
Salvador
Uruguay
11.0
11.8
14.8
18.5
20.2
6.8
9.5
9.1
10.5
14.3
49.4
41.7
36.7
14.6
14.5
13.7
7.9
8.2
4.4
3.7
40.3
41.6
18.6
19.3
18.8
17.2
14.7
16.4
15.2
16.0
15.7
14.2
13.9
14.2
14.6
8.9
7.4
5.5
5.0
4.1
4.6
5.4
5.1
7.1
9.5
2.8
3.3
2.1
2.7
3.2
4.4
3.9
3.3
3.2
3.7
5.8
40.8
38.8
38.9
45.7
47.7
46.4
51.6
50.4
52.7
57.3
61.4
17.8
17.8
16.9
17.3
17.1
17.6
20.1
20.4
20.2
22.3
23.8
Peru
12.7
8.0
P1 Preliminary.
'Revised.
"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. The term ''foreigner" is used to designate foreign governments, central banks, and other official institutions,
as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign
subsidiaries
and offices of U. S. banks and commercial firms.
2
Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported
a total of 9.6 million dollars of such claims on that date.
3 Less than $50,000.
220
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other
Date
Asia
Egypt
and Union
of
AusAnglogian Egyp- South
Other
tralia Congo
tian Africa
Sudan
Formosa
Korea,
IndoRePhil- Thai- Other All
and Hong
China Kong India nesia Iran Israel Japan pub- 1 ippines land Asia other
Mainlic of
land
1950—Dec. 3 1 . . 95.4
1951—Dec. 3 1 . . 161.8
1952—Dec. 3 1 . . 89.8
18.2
10.1
10.1
3.0
3.1
1.2
16.2
13.4
.2
.3
.9
6 . 6 18.9 12.1
9 . 3 30.0 12.2
10.2 15.1 12.5
29.3
1953—Nov. 30. . 117.7
Dec. 3 1 . . 114.8
8.5
8.1
4 3
4 1
3.1
3.7
6
.8
13 3 23.4 26.6
13.8 22.9 25.6
1954—Jan. 3 1 . . 125.5
Feb. 28.2 . 126.7
Mar. 3 1 . 111.4
Apr. 3 0 . . 101.9
May 31 . 114 6
Tune 3 0 . . 113.3
July 3 1 . . 117.5
Aug. 31. . 125.7
Sept. 30. . 125.6
Oct. 31 P . 128.1
Nov. 30P. 129.9
8.1
8.1
8.4
8.1
2.3
2.2
2.2
3.2
2.9
3.2
4.1
3.9
8 2
3 4
5 1
8.1
8.1
8.2
8.1
8.1
8.1
3.1
3.6
2.8
2.4
2.6
3.3
4.3
3.5
4.2
3.9
4.5
4.8
4.4
14.7
14.7
.7 14.3
. 5 15.1
1 4 15.3
.6 16.0
.6 17.5
.4 20.3
. 6 16.9
. 6 17.7
.8 16.7
1.0
.9
32.7
27.6
22.1
16.2
8.8
8.0
8.4
9.3
9.3
8.2
9.4
28.5
31.7
32.8
30.6
36.7
38.6
33.3
30.9
30.0
33.3
33.9
(3)
.1
.2
.2
.5
.2
.4
.3
.3
.2
.5
7.3
6.7
2.0
7.2
6.5
3.8
57
5 8
8.0
6.3
4
.5
2.3
2.4
7.4
7.8
6.5
6.5
6.7
6.4
7.1
7.8
7.9
7.5
6.9
6.8
6.6
.7
.5
1.3
.3
.5
.3
.2
.4
.5
.5
.4
4.7
5.1
4.5
5.5
5.8
5.9
5.3
5.2
5.3
5.2
5.8
6.8
4.6
13.9
51.6
24.6
60.0
41.9
22.4
40.8
22.8
10.1
52
6 8
5.8
6.1
24 9
24.7
21 6
24.9
6.0
8.0
4.9
6.4
5.5
5.2
4.3
4.9
10.5
5.7
23.9
25.0
17.5
13.0
19.5
20.1
26.3
31.3
34.5
34.8
35.3
25.7
24.0
25.8
27.9
28 6
35.3
36.2
32.8
35.2
33.9
32.5
6.9
7.2
7.6
8.7
7.7
7.6
A
4.4
5.7
6.0
1.5
2.5
3.3
4.9
8.7
9.7
12.0
12.3
10.8
10.7
6.2
5.6
6.2
6.7
6.9
7.1
10.2
12.1
10.1
10.5
10.9
10.4
5.7
7.0
7 6
11.1
10.7
9.5
12.1
10.4
9.4
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES *
[In millions of dollars]
U. S. corporate Donds
and stocks
U. S. Government bonds
and notes
Year or month
Net
purchases
or sales
Purchases
1,236.4
942.1
294.3
673 6 1,356 6 —683 0
533.7
231 A
302.3
646.0
-82.0
728.0
774.7
859 8
850.3
801.9
772.3
761.0
837.7
731.4
98.7
12.6
70.5
589.2
500.4
495.3
542.5
60.4
" 64.1
-3.0
11.3
34.6
39.5
71.6
85.7
95.8
96.5
96.4
99.9
100 5
'108.5
86 6
111.4
133.4
—2.9
-8.6
2.2
15.6
14.4
58.6
64.8
46.8
54.3
37.3
'57.8
'57.3
'70.7
126.0
100.0
43.0
Purchases
1950
1951
1952
1953
Sales
1953—November
December
37.0
191.1
38.6
192.6
-1.6
— 1.5
57.5
75.4
1954—Jaruary
February
March
April
May
33.7
87.4
55 0
65.2
87.3
'49.2
33 4
86.9
38 6
48 0
118.5
38.0
99.9
22 1
30.0
88 4
'27.7
24 3
33.9
39 2
25 9
99.3
—4.3
-12.6
32.9
35.2
— 1.2
'21.4
9 1
53.0
— 6
22 1
68.7
77.1
98.0
112.1
110.8
107.2
133.2
110.6
103 8
117.2
169.1
Tulv .. .
August
September
October P
November?
Net
purchases
or sales
Foreign bonds
Sales
2.4
7.3
32.7
'2.1
17.2
5.7
35.7
Purchases
Foreign stocks
Net
purchases
or sales
Purchases
Sales
Net
purchases
or sales
710.2 - 1 2 1 . 0
801 0 —300 6
677.4 - 1 8 2 . 1
-79.0
621.5
173.8
272 3
293.9
310.1
198.2
348.7
329.6
303.4
-24.4
-76 4
-35.8
-45.0
-24.4
25.6
34.5
25.6
30.9
234.4 - 1 7 5 . 9
29.1
35.6
82.6
-35.8
80.0
-25.7
34 3
3 0
48.9
'8.9
49.0
'8 3
'33.2
'37.5
47 3
78 7
48.4
51.6
-3.4
46.3
28.1
26.9
32.6
31.3
29.5
29.7
34 8
'37.5
30 3
36 4
39.3
26.9
38.9
41.6
46.5
56.1
79.6
39.6
101.4
40.7
49.1
60.0
Sales
79.6
64.0
6.8
3.6
1.2
-12.0
—9.0
-15.2
—26.6
-49.9
—4 8
'-63.9
— 10 3
-12.7
-20.7
TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or
month
1950
1951
1952
1953
1953—Nov....
Dec....
1954—Jan
Feb.. . .
Mar....
Apr.. „ .
May.. .
June...
July...
Aug....
Sept... .
Oct.P. .
Nov. P..
Total
International foreign
insticountutions
tries
United
Kingdom
823.2
121.2
— 15.9 —568.4
14,7
300.2
-34.3
22.7
64.0
21.4
70.4
71,3
-41.7
-13.0
14.2
-2.5
25.7
.2
1.1
-8.1
-21.8
34.5
30.1
--8.6
'28.1
46.2
'13.8
14.6
2.2
9.0
6.1
9.2
5.0
3.4
3.5
5.7
6.5
.7
5.9
55.5
10.5
8.5
-4.4
.9
.7
.5
.6
21.8
.5
-4.4
41 .2
2.0
25.6
-.6
France
Nether- Switzerlands
land
197.8
6.0
5.5
-7.1
— 16.2
21.4
36.1
2.2
1.5
3.0
.1
9
.9
1.0
Italy
19.0
45.9
50.7
57.1
1.9
.5
-.5
— 1
-1.1
2.1
1.2
-.5
.1
-2.0
-2.9
-3.7
-4.6
-3.4
— 1.9
-1.5
-2.9
-3.4
o
—2.1
1.1
.1
2.3
—6.3
-22.2
-21.9
-21.3
10.5
5.4
-.2
24.8
.5
1 .2
4.5
16.4
— .7
(3)
-.1
-.4
.1
4.
'.2
.6
.1
— 1.2
.3
Other
Europe
Total
Europe
Canada
73.8
-43.8
347.5
111.4
62.4
458.2
-595.5
191.6
-120.6
-.7
28.5
-14.9
-17.4
2.1
-6.8
-6.7
6.2
-2.5
(3)
1.6
1.0
1.9
1.4
2.7
3.6
1.5
.9
.4
8.6
-.7
-4.7
9.2
-11.1
30.2
49.7
10.8
4.6
32.8
5.2
7.3
8.6
20.8
-.3
-5.2
-34.3
' - 8 . 7r
r
—3. >
1 7
—4 \ 5
-5.2
-2.3
Latin
America
30.1
13.9
4.7
24.9
3.9"
2.7
-3.3
-2.9
3.2
3.3
14.8
31.2
15.8
10.5
11.2
.1
36.3
Asia
— 15.3
4.8
-9.5
All
other
2.7
— .7
(3)
— !9
-.5
-.5
-.8
.9
-.3
-.1
( )
.8
-.2
'.4
1.1
— .3
.5
.1
.1
.3
— 1.0
1.4
1.4
.4
.7
I
A
A
-1.4
.6
3
p Prelim inary.
'Revised.
iNot reported separately until Mar. 31, 1954.
2
See footnote 2 on opposite page.
•Less
than $50,000.
4
Includes transactions of international institutions.
FEBRUARY 1955
221
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONGTERM FOREIGN SECURITIES OWNED IN THE
UNITED STATES, BY AREAS
[Net sales, ( - ) .
Year or
month
[In millions of dollars]
In millions of dollars]
Inter- Total
national foreign Total Caninsticoun- Europe ada
tutions tries
Latin
Asia
Amer-
— 141 8
-224.3
—99.8
— 11.0
13.4
28.5
19.9
96.3
— 190 0
-258.6
— 141.0
-137.8
-45.5
-20.3
4.8
4.7
-49.6
-23.3
2.2
1.6
1954—Jan.... -100.6 - 7 4 . 0
8.9 -95.3
6.7
8.0
Feb. . .
10.5
10.7
.1 -44.8
8.3 -53.2
Mar...
Apr....
. 7 —41.6 -5.9
-35.9
-.9
May. .
- 4 . 7 r - 1 8 . 8 -18.6
— .7 -40.3
June. .
-9.9 - 2 9 . 3
r
— 1.1
.2
July..
"•-2.3
4.7
Aug.. .
- 6 . 0 r-24-!7
— 7 r-28.2
Sept.. . - 5 4 . 6
52.9
9! . 6 25! 9
Oct. P . .
-2.9
50.3
38.5 -10.3
Nov. P.
- 1 . 9 -22.2 -9.3
-4.6
5.6
.1
1.3
1.7
3.9
2.4
1.4
1950
1951
1952
1953
—3 6
-152.7
— 118 1
—61.2
1953—Nov...
Dec...
^Preliminary.
.6
-.5
r
Assets in custody
All
other
29 8
1 0
33.8 - 3 6 . 0
25.3 — 10.0
34.6 —29.9
3 9
423
2,586
106
1954—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
O t 31
Nov. 30
Dec. 31
440
490
494
471
527
545
533
477
461
426
397
490
2,632
2,716
2,784
2,840
2,969
2,900
3,033
2,989
3,013
3,050
3,002
2,908
99
88
92
96
93
87
85
82
101
99
104
105
1955—Jan. 31. ..
441
3,000
117
1955—Tan.
Jan.
Jan.
Jan.
564
503
475
434
2,89.1
2,960
2,976
3,024
107
113
115
113
.5
2.1
-2.6
9.4
-4.8 -7.4
1.0
-2.2
.9
—2.5
.4
3
.
6
r
.3
-3.9
8.0
-2.6
4.0
1 .8 - 1 .4
1.9
8.6
1.7
-.3
-2.8
—6.4
2.3
-.2
-1.6
Revised.
U. S. Govt.
Miscelsecurities2 laneous3
1953—Dec. 31
7.9
6 0
25.8
-3.5
-5.4
Deposits
Date
5
12
19
26
1
Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 225, 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.
fin millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production Total
outside
U.S.S.R.1 reported
monthly
South
Africa
Rhodesia
Other
North and South America
Africa
West Belgian2 United3
Africa2 Congo States
Canada
Mexico
Colombia
Chile
Nica- Austra- India2
ragua 4
lia
$1 = 15 ft I grains of gold »io fine: i. e., an ounee of fine gold = \535.
75.8
107.5
123.5
144.2
155.4
153.7
156.5
142.4
16.3
12.9
14.2
14.3
13.8
16.1
16.9
13.4
11.7
12.6
13.3
15 1
14.8
15.3
9 6
2.0
2.1
1.0
.9
1.6
.8
1.3
705.5
728.1
753.2
777.1
758.3
780.9
776.5
392.0
405.5
409.7
408.2
403.1
413.7
417.9
18.3
18.0
18.5
17.9
17.0
17.4
17.5
19.3
23.4
23.1
24.1
22.9
23.8
25.4
10.8
11.1
12.9
12.0
12.3
12.9
13.0
70.9
67.3
80.1
66.3
67.4
69.0
1953—November
December
64 3
64.4
35.1
35.7
1.5
1.5
2.2
2.2
1.1
.9
6.2
6.1
9.6
1954—January
February..
March....
April
63.4
61 .8
68.7
66.0
68.9
70.0
71.1
71.4
35.7
34.5
37.5
37.0
38.3
38.3
39.4
39.8
39.9
40.5
40.7
1.5
1.5
1.5
1.6
1.6
1.7
1.6
1.6
1.5
2.1
2.2
2.2
2.2
2.3
2.3
2.3
2.4
2.4
2.3
1.5
1
2
1
0
0
0
4
1
.9
.9
5.1
4.9
5.4
4.9
5.0
6.1
6.1
5.8
5.1
5.6
5.6
10.3
10.9
12.9
12.5
13.4
13.2
13.3
12.9
13.1
13.3
13.5
766.5
805 0
840.0
864.5
840 0
864.5
857 5
1947
1948
1949
1950
1951
1952
1953
July
August...
September
October
November.
1 .2
1 .0
1 .4
5.9
5.7
6.3
6.7
7.4
7.8
7.7
8.0
32.8
31.2
31.3
30.4
31 3
34.3
37.7
6.1
6.5
5.7
6.7
6 1
8 8
6.2
4.6
8.9
9.1
6
1
4
.4
7
.7
3 3
3.7
6
.5
4
.4
.3
.4
.3
.5
.3
4
.3
.7
.7
2 9
3 0
6
.6
,7
.7
.7
.7
8
.7
7
6
.6
3.5
.7
7
3.3
3.3
.6
.7
7
.7
6
6
.6
1
9
0
0
1
1
3 2
3 4
3.2
7.9
8.9
7 8
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 are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948. p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.
222
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1950
1952
1951
1954
1953
Area and country
Dec. 31
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian
Congo)
France (and dependencies) 1
Germany (Federal Republic of). . .
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and defender*cies).....
Spain (a*id dependencies^
Sweden
....
Switzerland
Turkey
.
.
.
.
.
..
Other 2
Dec. 31 Sept. 30 Dec. 31
Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30
143
154
166
208
267
289
896
434
633
1 v 036
1,021
604
638
1,035
967
691
655
1,052
883
770
65!
1,044
926
893
660
1 081
t 003
1,053
714
1 098
1 049
1 225
812
1,124
1,060
1,381
841
1,055
1,092
1,503
802
1 024
1,124
1,822
874
559
94
257
132
205
2.023
164
828
S24
150
331
128
224
1,973
165
651
733
154
356
131
280
2,018
155
942
815
160
374
130
275
2,053
151
919
905
171
391
130
283
2,051
153
980
953
164
4J2
134
280
2.091
152
1,032
i 022
169
437
138
309
2.120
157
1,091
1.055
171
469
150
335
2,133
157
1,183
1 064
169
499
136
337
2,134
153
1,292
1,125
178
516
142
342
2,105
151
1,318
1,118
177
537
174
399
2,172
150
1,201
6,829
7,114
8,194
8,368
8,574
8,907
9,502
10,075
10,457
10,618
11,107
3,557
120
303
241
232
2,843
99
309
197
326
2.241
109
302
170
353
2,318
113
312
194
347
2,627
113
323
207
356
2,886
109
334
212
369
3,051
111
340
214
354
3,009
108
346
214
373
3,198
105
329
221
371
3,536
105
338
225
373
3,388
104
320
234
366
4,453
3,774
3,175
3,284
3,626
3,910
4,070
4,050
4,224
4,577
4,412
1,988
2,157
2,437
2,492
2,435
2,238
2,292
2,417
2,487
2,463
2,543
518
543
120
530
415
311
518
417
99
575
366
306
398
406
100
601
320
302
427
390
121
515
375
301
485
393
128
527
393
309
520
481
134
587
325
311
503
423
121
531
341
337
543
431
102
548
329
329
550
417
103
532
258
335
578
413
117
477
315
329
Venezuela
Other
519
451
129
579
339
311
458
560
445
634
527
683
519
721
490
812
530
S14
571
779
595
772
562
868
621
907
614
817
Total
3,455
3,360
3,337
3,369
3,537
3,672
3,708
3,623
3,712
3,723
3,660
Total
Sterling Area:
United Kingdom
United Kingdom dependencies. . . .
India
Union of South Africa
Other
Total
Canada
.
Latin America:
Brazil
Chile
Cuba
Mexico
.
. .
.
....
92
20?
848
898
834
222
571
126
238
335
Asia:
Indonesia
Iran
Japan....
. . . . . .
Thailand
Other
. . . .
324
160
421
163
367
156
296
157
275
156
246
155
198
168
184
181
166
185
140
171
587
377
166
256
729
337
210
325
898
329
271
355
936
324
294
360
1,026
334
306
401
1,022
316
311
363
1.062
318
304
374
958
304
281
401
807
319
268
451
747
308
243
444
801
318
238
465
168
163
1,870
2,185
2,376
2,367
2,498
2,413
2,424
2,309
2,196
2,053
2,153
Eastern Europe 3
344
309
310
307
307
306
314
306
308
309
308
All other:
Egypt
Other
173
285
266
234
227
229
218
217
224
226
219
28
42
45
49
57
61
63
67
74
67
70
201
327
311
283
284
290
281
284
298
293
289
19,140
19,226
20,140
20,470
21,261
21,736
22,591
23,064
23,682
24,036
24,472
3,090
3,171
3,265
3,287
3,249
3,272
3,212
3,331
3,401
3,364
3,536
22,230
22,397
23,405
23,757
24,510
25,008
25,803
26,395
27,083
27,400
28,008
Total
.
Total
International1
1
2
Includes gold reserves of Bank of France and French dependencies only.
Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements (both for its own and
European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished
gold 3reserves of certain Western European countries.
Excludes gold reserves of the U. S. S R.
4
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
ntern ational 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.
FEBRUARY
1955
223
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
United States
total world
(excl.
U.S.S.R.) 1 Treasury Total*
End of
month
1949—Dec
1950—Dec
1951—Dec. . .
1952—Dec
1953—D e c
1954—y an#
Feb
35,410
35,820
35,970
36 280
36,710
mm
Mar
Apr . . .
May
June
July
Aug
Sept....
36,920
37,100
37,200
Oct
Nov.
Dec.. . . P37.35O
End of
month
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—j a n
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Egypt
End of
month
24,427
22,706
22,695
23 187
22,030
24,563
22,820
22,873
23 252
22 091
21,956
21 958
21 965
21,969
21 973
21,927
21,908
21 809
21,810
21 759
21,710
21,713
22,044
22 036
22 035
22,083
22 039
22,027
21,960
21 897
21,863
21 827
21 791
21,793
France 3
Germany,
GuateFederal
mala
Republic
of
216
216
268
Belgium
Bolivia
Brazil
Canada
698
587
621
706
776
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
40
40
45
42
42
779
787
787
788
779
765
765
756
760
760
767
778
21
21
8
8
5
5
5
5
321
321
321
321
321
321
322
322
322
322
322
322
J .00.5
017
L ,022
1L.030
L,034
1,042
1,050
L,O52
1,059
I 065
1,071
1,080
42
42
42
42
42
42
42
42
42
42
42
India
27
27
27
27
27
247
247
247
247
247
340
369
387
414
406
418
478
544
574
599
612
626
27
27
27
27
27
27
27
27
27
27
27
247
247
247
247
247
247
247
247
247
247
247
South
Africa
Spain
Sweden
53
97
174
174
174
523
523
548
573
576
28
140
326
174
174
174
174
J74
174
174
174
174
174
174
576
576
"576
576
576
576
576
576
576
576
576
576
Portugal
El Salvador
Dec
Argentina
Indonesia
178
209
280
235
145
Switzerland
Iran
Italy
Chile
Mexico
Colombia
52
74
86
Netherlands
Cuba
Denmark
Ecuador
299
271
311
214
186
32
31
31
31
31
21
19
22
23
23
186
186
186
186
186
186
186
186
186
186
186
186
31
31
31
31
31
31
31
31
31
31
31
31
23
23
23
23
23
23
23
23
23
23
23
23
Norway
Pakistan
Peru
140
140
138
138
137
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
137
137
137
137
138
138
138
138
138
138
138
138
346
346
346
346
346
346
346
346
346
346
160
161
162
86
87
57
58
59
60
787
772
772
772
772
777
794
796
796
796
796
796
48
47
47
47
47
47
45
45
45
45
45
38
38
38
38
38
38
38
38
38
38
38
38
36
36
36
36
36
36
34
34
34
34
34
35
Thailand
Turkey
United
Kingdom
Uruguay
Venezuela
International
Monetary
Fund
Bank for
International
Settlements
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
128
197
190
170
176
85
61
51
51
54
70
90
152
184
218
1,504
1,470
1,452
1,411
1,459
118
118
113
113
113
154
150
151
143
143
41,688
43,300
42,335
41,846
42,518
178
236
221
207
227
373
373
373
373
373
1,451
1,495
,530
1,692
1L.7O2
68
167
115
196
193
1954—Jan
Feb
Mar
Apr
May....
373
379
386
391
393
393
403
410
416
422
4?7
29
29
29
29
29
29
29
29
29
29
29
29
176
177
177
180
180
187
188
193
195
199
194
199
54
54
54
54
55
56
56
56
56
56
56
56
218
218
218
218
218
219
219
219
219
224
246
265
1,458
1,469
1,469
1,471
1,450
1,469
1,485
1,490
1,503
1,513
1,513
1,513
113
113
113
113
113
113
113
113
113
144
144
144
144
144
144
144
144
144
144
144
144
42,543
42,583
42,685
42,820
42,985
43,017
43,013
42,918
42,901
42,936
4
2,925
42,762
227
227
227
227
227
227
227
227
227
227
373
373
373
373
373
403
403
403
403
403
403
403
L.7O2
,702
,703
,719
,727
,727
,733
,734
,734
,734
.736
194
190
199
197
186
182
186
193
195
193
193
196
June
July....
Aug
Sept
Oct
Nov
Dec
pPreliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United
States Money, Outstanding and in Circulation, by Kinds."
8
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
4
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank
of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and
Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back
figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
224
FEDERAL RESERVE BULLETIN
NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
Total
United
Kingdom
Belgium
-452.9
721 3
2,864.4
1 510 0
193.3
--1,725.2
75.2
393.7
-1,164.3
— '.2
406.9
734 3
446.3
-1,020.0
469.9
440.0
-480.0
31.1
14.2
222.8
69 8
-41.0
-55.0
-10.3
-3.8
-84.9
Year or
quarter
1945
1946
1947 ,
1948
1949
1950
1951
1952 .
1953
France
Germany,
Fed.
Rep. of
Netherlands
278.5
264.6
15.8
-84.8
—20.0
130.8
40 7
-23.5
-79.8
-4.5
' - 1 0 . 0 -100.0
-130.0 -65.0
Portugal
-47.9
-10.0
116.0
63 0
14.0
-15.0
-34.9
-5.0
-59.9
Sweden
86!2
238.0
3.0
-22.9
-32.0
-20.0
Switzerland
Other
Europe1
Canada
Argentina
-7.4
-86.8
36.8 -224.9
153 2
—29.9
27.3
337 9
10.0
86.6
311.2
727.5
114 1
—5.6
5 8
- 4 0 . 0 2._i59.9
3.4
-49.9
-38.0
- 6 8 . 0 -100.0
-15.0
-60.1
— 10 0 II49 9
22.5
••-17.3
7.2
-20.0
-65.0
—84 8
-111.8
Cuba
Mexico
-85.0
-23.8
—30 0
36 9
-65.0
45.4
— 10 0
61 6
— 10 0 — 16 1
28.2 - 1 1 8 . 2
—20 0
—60 2
87.7
-28.1
1952
Jan.-Mar..
Apr .-June.
July-Sept
Oct.-Dec. .
520.0
557.3
105.7
— 1.3
-268.0
20.2
22 5
—10 1
11.3
101.4
6 9
.3
-80.0
-24.0
' - 1 0 . 0 -100.0
-599.1
-128.2
—306 6
-130.3
-320.0
-40.0
—120.0
-36.5
-3.4
-12.4
-32.6
-30.0 -25.0
— 10 0
—40 0 —40 0
-50.0
—63.0
-19.6
-171.8
-50.0
-5.0
'-7.2
-20.0
-25.0
-45.0
—8 8
—42.8
-15.3
-54.9
—20 0
— 10.0
-28.1
1953
Jan.-Mar..
Apr.-June.
July-Sept
Oct.-Dec..
-15.0 -10.0
— 15 0
-15.0 -10.0
-15.0
-20.0
—25 0
-15.0
-5.0
1954
Apr.-June.
July-Sept..
-20.0
-5 0
-20 0
-40 0
— 15 6
-140.0
-8.0
—2.4
—1 1
-2.5
80.3
NET GOLD PURCHASES BY THE UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars at $35 per fine troy ounce]
[In millions of dollars]
Year or
quarter
Uruguay
Venezuela
- 3 7 . 9 —73.1
—9.2
-4.9
25 1
-3 7
10.7 - 1 0 8 . 0
- 1 4 . 4 —50.0
-64.8
22.2
— .9
14.9
-15.0
1945
1946
1947
1948
1949
1950
1951
1952
1953
Other
Asia
Latin
and
Amer- Oceania
ica
—27.8 3—188.3
13.7
25.0
79.1
1.0
13.4
—4.1
—52.1
-7.5
-17.2
-35.4
- 1 7 . 2 5-50.1
—25.1
—7.0
-6.1
-3.8
Union
of
South
Africa
Gold stock at
end of period
All
other
10.0
-17.6
-7.4
—2 0
2.0
.
4.8
-3.2
-2.4
4
-1.8
4.3
7.2
— 1
-1.9
1953
Jan.-Mar
Apr.-June
July-Sept.
Oct -Dec
-10.0
—5.0
-3.6
— "l
— 1.1
-1.2
— 1.4
—2 4
-9.9
1954
-5.0
Jan.-Mar
Aor -Tune
July-Sept.
'Revised.
1
Includes
2
Includes
3
Includes
4
' 'J.30 6
13.2
2 0
-8.9
-1.2
Bank for International Settlements.
sale of 114.3 million dollars of gold to Italy.
sales of 185.3 million dollars of gold to China.
Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
5
Includes sales of 45.0 million dollars of gold to Indonesia.
FEBRUARY
1955
Treasury
Total1
1943
1944
1945
1946
1947
1948
] 949
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
21,981
68.9 —803 .6 48.3
20,631 —1,349.8 —845^4 —459'. 8 35^8
- 5 4 7 . 8 —106.3 —356.7 32.0
20,083
20,706 2 623.1 311.5
465.4 51.2
22,868 2,162.1 1,866.3
75^8
24,399
1,530.4 1,680.4 —159!2 70.9
164.6 686^5 —495'. 7 67.3
24,563
22,820 —1,743.3 —371.3 -1,352 .4 80.1
52.7 —549.0
22,873
66 3
617.6
23,252
379.8 684.3 —304.8 67.4
22,091 — 1,161.9
2 . 2 -1,170.8 '69.0
—297.2
21,793
16.6 —325.2 65.4
1954—Jan...
Feb...
Mar..
Apr...
May..
21,956
21,958
21,965
21,969
21,973
21,927
21,908
21,809
21,810
21,759
21,710
21,713
22,044
22,036
22,035
22,083
22,039
22,027
21,960
21,897
21,863
21,827
21,791
21,793
3.7
22.9
94.3
256.0
11.9
6.9
498.6
195.7 4 - 1 . 6
13.1 4 - 4 7 . 2
52.1 - 8 4 . 0
11.5
-2 0
-9.9
1952
Jan.-Mar
Apr -June .
Tulv-Seot
Oct.-Dec
Period
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total port or crease
gold
producor
inexport
stock
tion
crease
June..
July..
Aug...
Sept...
Oct....
Nov.. .
Dec.
1955—Jan. . . P21.714 P21,786
-46.6
-7.7
-1.5
47.9
—44.1
-11.6
-66.5
-63.6
-33.6
-36.7
-35.9
2.6
P-7.5
-5.5
1.6
'5.4
2.4
1.2
3.3
1.5
1.7
1.1
1.6
1.5
.7
<•>
-43.3
-9.9
-2.0
37.5
-48.4
-16.9
-72.7
-65.4
—34.6
-34.6
-36.7
5.1
4.9
5.4
4.9
5.0
6.1
6.1
5.8
5.1
5.6
5.6
5.8
4
w
1.8
-9.7
pPreliminary.
'Revised.
!
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 6,818.6 million dollars on Jan. 31, 1955. Gold
under earmark is not included in the gold stock of the United States
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
225
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[ End-of-month figures.
1954
In millions of dollars]
1953
1954
Dec.
Sept.
June
Mar,
Dec.
478
415
466
468
427
Dollar deposits and U. S. securities
990 1,011
Other currencies
and securities 1 . 1,010 1,049 1,034
Effective loans 2
1,738 1,620 1,663 1,562 1,535
31
33
Other assets3
33
25
37
777
742
IBRD bonds outstanding
850
653
849
336
380
357
401
Undisbursed loans
420
9
10
7
7
Other liabilities
11
154
146
129
Reserves
165
137
Capital 3
1,806 1,831 1,830 1,808 1,808
Gold
Currencies:1
United States
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income
Loans as of December 31, 1954
Country8
Country
Principal
Total.
Quota
Outstanding
4
Disbursed
Undisbursed
Repaid
Sold
to
others5
178.0
84.5
133.2
13.9
35.4
38.8
27.9
243.7
43.0
10.8
64.7
141.2
25.0
23.1
22.2
27.2
101.1
38.1
30.8
49.1
73.3
488.9 129.6 1,404.9
62,023.3 1,534.5
6.0
18.4
4.3
.6
5.7
6.1
2.6
10.4
2.0
2.3
5.5
6.0
.5
'3.2
7
81.4
Oct.
JuJy
Apr.
Jan,
Oct.
1,733
1,733
1,719
1,702
1,700
1,574 1,472 1 ,408 1,386 1,310
4,739 4,746 4,824 4,847 4.920
798
889
892
796 '799
8,853 8,853 8,849 8,739 8,739
-9
—9
Cumulative net drawings
on the Fund 9
Subscription
paid
1954
111
gold
Total
204.0
106.0
194.1
37.3
74.3
40.0
38.1
257.5
116.7
40.2
141.3
221.5
25.0
44.5
25.4
63.4
110.0
42.0
33.0
60.7
148.4
Australia
Belgium
Brazil
Chile
Colombia
Denmark
Finland
France
India
Japan
Mexico
Netherlands
Norway
Pakistan
Thailand
Turkey
Union of S. Africa
United Kingdom..
Uruguay
Yugoslavia
Other
1953
Monetary F u n d
I n t e r n a t i o n a l Bank
Australia
Brazil
Denmark
France
Germany
India
Indonesia
Japan
Mexico
Turkey
United States
200
150
68
525
330
400
110
250
90
43
2,750
Nov.
8.4
37.5
5.9
108.1
33.0
27.5
15.5
62.5
22.5
10.8
687.5
Oct.
1953
Sept,
Nov.
20.0
20.0
20.0
50.0
65.5
65.5
65.5
37.5
10.2
10.2
10.2
10.2
105.0 105.0 105.0 125.0
-4.4
- 4 9 . 5 —46.1 - 4 6 . 1
100.0
53.3
53.3
53.3
15.0
15.0
15.0
62.4
62.4
62.4
50.4
22.5
22.5
22.5
27.0
27.0
27.0
30.0
-445.8 - 4 5 5 . 8 -455.8 -724.7
1
2
Currencies include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed to be sold to others, and exchange adjustment.
3Excludes
uncalled portions of capital subscriptions.
4
Loans to dependencies of member countries are included with
member.
includes also effective loans agreed to be sold but not yet disbursed.
6
Includes 69 million dollars in loans not yet effective.
*Of this amount, 21 million dollars is guaranteed and 60 million is
not8 guaranteed by the Bank.
Includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
9
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
I945—Dec.
1945—Dec
I947—Dec
194g—D ec
I949—Dec
1950—Dec
1951—Dec.
1952—Dec.
1953—Dec
26
25
31
29
28
27
26
31
30
1954—Tan 27
Feb. 24
Mar 31
Apr 28 .
May 26
June 30
July 28
Aug 25
Sept. 29
Oct 27
Nov. 24
Dec. 29 .
Assets of issue
department
Other
assets 2
Notes
and
coin
Discounts
and advances
1.400.0
L,450 0
L,450.0
L,325.0
L,350.0
L,375.0
1,450.0
1,575.0
L,675.0
20.7
23.4
100.8
36.1
33.7
19.2
14.1
51.3
57.8
13.6
15.2
16.7
14.8
29.2
18.2
11.2
4.9
1,575.0
L,575.0
4 1,625.0
1,625.0
1,625.0
4 1.675.0
4
1,750.0
4
l,700 0
4
1,675.0
1,675.0
1,675.0
4
1,775.0
42.6
29.9
51.3
15.5
14.7
30.2
36.8
48.7
42.3
41.7
25.9
26.0
Goldi
.2
.2
.2
.2
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
Assets of banking
department
4
8.4
15.4
14.0
15.2
7.5
7.0
11.7
8.2
7 0
6.5
2.1
4.5
8.9
Securities
Liabilities of banking department
Note
circulation 8
Deposits
Bankers'
Public
327.0
327 6
331.3
401.1
489.6
384.0
389.2
371.2
338.1
1,379.9
1,428.2
1,349.7
1.293.1
,321.9
L,357.7
1,437.9
1,525.5
1,619.9
274.5
278.9
315.1
314.5
299.2
313.5
299.8
302.8
290.2
10.3
18.6
11.7
11.6
15.4
13.4
10.0
14.9
330.2
340.1
319.3
369.5
352.5
374.6
338.7
310 1
337.6
351.1
374 9
350.7
1,535.2
1,547.9
1,576.9
1,612.6
1,613.4
1,647.4
1,715.8
1,654 0
1,635.4
L,635.9
1,651.9
1,751.7
278.6
284.0
262.7
289.3
267.8
307.7
269.1
267.2
276.1
295.6
293.7
276.1
10.7
10.9
30.6
11.7
14.0
10.6
14.8
14 6
16.4
9.8
11.7
15.4
Other
liabilities and
capital
ECA
Other
17.4
97.9
.4
58.5
57 3
95.5
92 1
111.2
85 0
89.8
78.5
70.4
17.8
18.1
18.
18.
18.
18.
68.1
65.9
72.9
67.1
69.8
71.3
71.3
63 8
69.0
65.4
72 3
66.3
18.3
18.4
18.6
17.8
18.0
18.2
18.3
18 4
18 5
17.8
17 9
18.1
5.3
.6
24.3
7.2
12.5
4.7
1.0
6.6
4.6
8.7
10.2
1.7
6.3
6.3
9 6
9.6
18.
18.
18.2
2
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27; increased by 50 million on Mar. 17, June 2
and July 13, by 25 million on July 28; decreased by 50 million on Aug. 18, by 25 million on Sept. 1; and increased by 50 million on Dec. 2 and Dec.
15. For details on previous changes, see BULLETIN for February 1954, p. 222.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
226
FEDERAL RESERVE BULLETIN
CENTRAL
BANKS—CoiffffffieJ
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadi;in clollars)
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
-Dec.
1954— Tan.
Feb.
Mar.
Apr.
May
Tune
July
Aug.
Sept.
Oct.
Nov.
Dec.
Gold
Sterling
and United
States
dollars
1
Dominion and provincial government
securities
Shortterm -
31
31
30
31
31
31
31
31
30
3\
31
31
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
117.8
77.1
54.9
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781 .4
,229.3
,141.8
, 459.8
,376.6
30
27
31
30
31
30
31
31
30
30
30
31
61.6
53.0
50.0
58.3
61.5
54.2
53.6
56.9
57.9
52.3
57.7
54.2
,328.3
,374.8
,552.8
,703.8
,740.4
,568.5
,651.2
,669.9
,660.8
,438.2
,444.3
,361.5
111.4
Deposits
Other
assets
Note
i
circulation3;
Chartered
banks
Other
Dominion
government
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
893. 7
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
1,367.4
1,464.2
1,561.2
1,599.1
259.9
340.2
401.7
521 .2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9
51.6
20.5
12.9
153.3
60.5
68.
98.
30.
24.
94.9
16.2
51.5
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5
24.0
55.4
209. .1
198.5
42.7
42.4
43.1
119.2
1.72.6
200.0
132.9
133.1
880.6
900.8
636.3
568.0
520.5
702.0
502.3
502.4
545.6
809.9
837.5
871.1
103.1
116.7
146.2
101.2
103.2
112.9
109.9
77.2
73.3
105.5
85.1
114.1
1. ,51.9.2
1,506.2
1,512.6
1,535.7
1,546.6
1,553.5
1,572.1
1,573.0
1,585.3
1,579.8
1,587.1
1,623.5
634.4
676.6
660.0
661.7
589.3
624.4
543.9
531 .0
521.4
595.2
528.8
529.6
48.8
126.1
81.8
86.0
143.8
99.0
50.5
49.6
8.1.8
49.8
141.1
56.3
29.5
34.4
28.9
27.3
30.3
41 .4
30.9
31.5
25.8
31.4
36.0
30.5
141.6
102.0
102.0
120.6
115.7
119.2
119.5
121.3
123.2
149.5
131. .5
161 .0
Liabilities
Assets
Bank of France
(Figures in
m illions of francs) j Gold 5
Domestic bills
Foreign I
ex-
1942—Dec. 31. .j 84,598
1943--Dec. 30. 8 4 , 5 9 8
1 9 4 4 — o o c . 78..
75,151
1945—Dec. 27.. 1129,817
1946--De:. 26.
94,81.7
1947--Dec. 31 .. i 6 5 , 2 2 5
1948--Dec. 30..
65,225
1949—Doc. 29.. 6 2 , 2 7 4
1950--De.-. 28. . 182,785
1951—Dec. 27.. 191,447
1952 - D e c . 3 1 . . 200,187
1953 -Dec. 31 .. 201,282
1954- -Tan. 2 8 . . .
Feb. 2 5 . . .
Mar. 2 5 . . .
A or. 2 9 . . .
May 26...
June 2 4 . . .
July 2 9 . . .
Aug. 2 6 . . .
Sent. 3 0 . . .
Oct.
28...
Nov. 2 5 . . .
Dec. 3 0 . . .
,282
,282
,282
,282
,282
,282
,282
,282
,282
, 282
,282
,282
Advances to
Government 0
Other
assets 0
I
Other
37
37
42
68
7
12
30
61,943
162,017
28,320
31,068
15,421
8.420
9,518
12.170
17,980
37,618
67,395
97,447
137,689
136,947
234,923
2 74,003
292,465
64
8,577
28,548
34,081
31,956
57,042
61,108
18,596
20,807
23,646
27,862
3i ,34434,133
3 7,884
41,059
45 ,117
48,971
51,939
57,291
262,211.
272,186
227,003
218,436
208,288
217,399
264,197
265,330
262,922
264,861
224,487
236,765
56,988
51 ,577
40,319
33,162
26,612
18,317
12,206
5,129
15,058
32,697
44,593
48,925
169
29
48
303
3,135
Current
Other
5,368 68,250
7,543 64,400
18,592 15,850
25,5-18
76,254 67|900
117,826 147,400
238,576 150,900
335,72 157,900
393,054 158,900
741,267 160,000
937,459 172,000
891,560 200,000
250,965
366,973
475,447
-1.45,447
480,447
558,039
558,039
560,990
181,039
481,039
479,982
679,849
195,000
195,000
195,000
195,000
195,000
195,000
1.95,000
1.95,000
195,000
195,000
195,000
195,000
657,549
667,549
672,949
663,349
651,849
656,749
652,449
648,049
634,749
626,249
619,549
617,649
895,508
870,066
905,854
982,829
934,538
946,002
1,018.726
980,146
1,030,309
1,027,934
1,013,121
1,130,183
Other
Other
liabilities
and
capital 1
Note
circulation
Deposits 7
Government
ECA
Other
Other
liabilities
and
capital
770
16,990 382,774
578
16,601 500,386
748
20,892 572,510
24,734 570,006 12,048
721,865
33,133
765
733
59.024 920,831
806
57,622 987,621
112,658 ,278,211 1,168
70
212,82211 ,560,561
29
190,830 1 ,841. ,608
27
159.727 2 .123,514
21
169,964 2 ,310,452
29,935 821 ,318
33,137 *15,596
37,855
7,078
57,755
4,087
63,468
7,213
82,479 10,942
171,783 16,206
158,973 1.9,377
15.058 16.1 ,720 24,234
10,587 166,226 41,332
897 137,727 49,305
2,061 142,823 56,292
72
42
70
15
17
84
70
100
6
93
628 133, 398 62,323
62 7 131, 996
47,425
617 62.064
79
98
387 59,704
134
816 57,869
155 65,043
202
348 132 203 59,047
178 66,377
83
192 59,441
90
406 67,563
98
920 I 72,162
3.304
3,744 154 100 '67,935
162,
159,
146,
192.
210,
185.
196, 282
191 874
224, 089
218, 288
218. 584
f)
277, 215J2
,253,485
,257,405
,235,417
,322,140
,272,409
,270,081
,386,357
,333.133
,443;797
,428,122
,386,103
,538,455
.<•
c:
76
^ n May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (nee BI;LLI:TIN: for
July 1940, pp. 677-678).
^Securities maturing in two years or less.
3
Includes notes held by the chartered banks, which constitute an important part of their reserves.
4
Beginning November 191-1, includes a certain amount of sterling and United States dollars.
5
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951. p. 121 1; September 1950, pp. 1132 and 1261; fune 194'.), p. 747; May 1948, p. 601; May 1940, pp. 405-407; January 1939, p. 29; September 1937, p. 853; and
November 1936, pp. 878-880.
"For explanation of these items, sec BULLETIN for January 1950, p. 11 7, footnote 6.
"Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not .strictly
comparable with those shown for earlier dates.
8
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1942, 16,857;
1943, 0 10,721.
Includes advance to Stabilization Fund, amounting to 136.8 billion francs on Dec. 30.
NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645
and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank
(February 1945), see BULLETIN for December 1946, p. 1424.
FEBRUARY 1955
227
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationajized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (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 Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange (net)
Loans and discounts
Claim against Government
Other assets.
Note circulation
Deposits—Banks
Other
Blocked
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
EGA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad
Foreign exchange (net) 1
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
Central Bank of Chile (millions
of 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 the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 2
1954
Dec.
Nov.
623
552
727
690
257
641
820
467
920
1953
Oct.
1,623
1,653
3,710
65,594
278
27,773
39,666
603
4,816
418,669 422,712 425,542
5,863
6,780 6,751
484,756 459, 693 467,859
60,551
58,308 55,
352,327
391,577 353,
670 295,670 310,670
295,6
36,677
35,004 37
246,263 257 444 260,142
556
8,704
5,272
1,848
367
12,252
2,213
566
1,716
556
079
176
776
372
656
638
819
846
498
9,674
5,158
1,776
22
11,575
2,890
812
1,850
,345 37,976
,234 12,205
,465
6,180
,660 34.660
,163
9,882
,809
4,667
,857 100,371
,271
1,820
87
89
,460
3,291
38,911
12,005
6,956
34,660
8,812
4,918
100,826
1,916
88
3,432
(Aug.)*
1,515
13,338
10,932
2,505
1,047
17,198
5,590
6,548
524,494
501 436 484,519
26.960
4,448
376,240 373
23,005
105,423
51,234
23,300
012 19,014
5,254
687
292 380,973
7,279
668
320 92,532
856 51,302
,737
865
, 569
,468
,442
519
,953
.849
. 066
,732
5,7.12
979
3,139
11,468
9.134
3.421
22,132
3,510
610
7,601
501,354 393,112 361,549
-24,370 24,380 24,379
Dec.
Central Bank
(Figures as of last report
date of month)
1954
Dec.
Nov.
1953
Oct.
Bank of the Republic of Colombia— Cont.
Loans and discounts
465,468 408,018 459,965
Government loans and securities. 328,965 332,147 325 ,604
Other assets
104,648 98,249 105,982
Note circulation
780,107 657,451 641,822
Deposits
472,133 468,423 511 , 703
199
Other liabilities and capital
123,824 130,032 123,954
26,496
34,304 Central Bank of Costa Rica
(thousands of colones):
456
Gold
3,780
11,503 11,503 11,503
Foreign exchange
76,267 55,430 48,502
Net claim on Int'l. Fund 2
7,032 7,032 7,032
Loans and discounts
520,530
122,264 130,341 121,244
Securities
2,828 2,828 3,828
5,732
Other assets
23,523 26,726 26,581
Note circulation
445,329
166,631 147,718 140,041
Demand deposits
21,187
46,062 54,061 47,368
Other liabilities and capital
363,613
30,724 32,080 31,281
National Bank of Cuba
(thousands of pesos):
283,765
Gold
59,855
185,875 185,875 185,875
Foreign exchange (net)
285,545
57,960 57,719 33,202
Foreign exchange (Stabilization
Fund)
201,041 226,351 246,740
Silver
101
Net claim on Int'l. Fund 2
6,956
12,512 12,
12,512
5,847
Loans and discounts
47,032 48,
42,663
1,858
Credits to Government
58,379
77,006 61,
Other assets
77,764
29
76,259 77,
10,474
Note circulation
423,822 413, 155 418,322
Deposits
215,704 237,924 219,857
1,496
Other liabilities and capital
816
18,158 19,531 18,958
3
2,004 National Bank of Czechoslovakia
National Bank of Denmark
(millions of kroner):
38,787
Gold
68
68
69
13,986
Foreign exchange
715
776
730
6,147
254
Loans and discounts
397
322
34,660
Securities
492
505
510
8,873
Govt. compensation account.... 3,161 3,214 3,215
4,499
Other assets
445
418
383
100,976
Note circulation
2,145 1,991 1,964
1,688
1,273 1,285 1,279
Deposits—Government
193
Other
1,667 1,652 1,739
4,095
Other liabilities and capital
.
256
247
246
Central Bank of the Dominican
Republic (thousands of pesos):
4,4.18
Gold
12,076 12,076 12,076
8,636
23,771 23,979 24,521
Foreign exchange (net) 2
5,945
1,250 1,250 1,250
Net claim on Int'l. Fund
2,505
3,083 3,339 3,165
Loans and discounts
186
9,420 9,420 9,420
Government securities
12,389
7,544 7,424 7,456
Other assets
2,983
Note circulation
42,076 40,647 38,359
6,318
12,701 14,511 17,243
Demand deposits
2,367 2,330 2,286
Other liabilities and capital
Central Bank of Ecuador
245,074
(thousands of sucres):
72,100
342, S
,861 342,752
Gold
151,349
150,043
,988 165,719
Foreign exchange (net) 2
7,797
,757 18,757
18,757
Net claim on Int'l. Fund
367,091
364 375,652
339,478
Credits—Government
771
215,753
830 240,427
Other
65,759
762 210,877
77,922
Other assets.
42,699
602 726,945
698,846
Note circulation
051 230,678
Demand deposits—Private banks. 214,808
077 160,259
142,291
Other
832 236,302
5,647
188,913
Other liabilities and capital
557 National Bank of Egypt (thou2,361
sands of pounds):
7,995
60,553 60,553 60,553
Gold
8,091
81,979 19,523 18,628
Foreign assets4
2,559
11,417 271,843 271,676
Egyptian Govt. securities
18,879
Clearing and other accounts (net) -12,823
3,461
18,801 22,346 26,799
Loans and discounts
1,182
Advances to Government
3,689
2,940
3,652
2,845
Other assets
82,218 181,093 185,367
Note circulation
83,443 78,201 76,966
Deposits—Government
370,666
79,070 106,596 107,378
Other
24,376
18,847 11,314 10,791
Other liabilities and capital
1,623
1,461
3,907
57,845
Dec.
331,972
251,602
92,923
688,088
294,428
89,022
11,503
87,377
7,032
109,469
22,337
150,602
58,839
28,277
185,748
29,516
251,432
7,883
12,512
28,431
28,295
70,423
416,448
182,878
14,912
69
937
199
482
3,245
189
2,118
1,317
1,474
212
12,076
16,162
1,250
1,647
9,750
3,841
37,G6O
5,562
2,104
341,925
125,019
18,757
290,989
230,906
170,609
601,041
209,138
155,561
212,463
60,553
18.283
272,440
16,408
3,159
184,382
67,875
105,645
12,941
•Latest month available.
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3
For 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.
228
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1953
1954
Dec.
Central Reserve Bank of El Salvador (thousands of colones):
71,811
Gold
34,745
Foreign exchange (net) 1
1 ,568
Net claim on Int'l. Fund
49,319
Loans and discounts
Government debt and securities.. 11,477
6,490
Other assets
104,579
Note circulation
61,949
Deposits
8,884
Other liabilities and capital
Bank of Finland (millions of rnarkkaa):
6,934
Gold
25,658
Foreign assets (net)
3,946
Clearings (net)
Loans and discounts
. . . . 40,438
2,250
Securities
1,905
Other assets
47,902
Note circulation
19,209
Deposits
Other liabilities and capital . . . 14,020
Bank of German States 2
(millions of German marks):
Gold
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities
and capital
Bank of Greece 3 (millions of drachmae) *
Gold and foreign exchange (net).
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
.. .
Reconstruction and
relief accts
.. .
Other
Other liabilities and 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 ?nd capital
National Bank of Hungary 5
Reserve Bank of India "(millions of
rupees):
Issue department1
Gold at home and abroad
Foreign securities
Indian Govt. securities
Rupee coin
Note circulation
Sanking department"
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
..
Deposit*'
Other liabilities and capital
Bank Indonesia (millions of rupiah):
Gold and foreign exchange (net) 6 . 1,119
500
Loans and discounts
..
8.315
Advances to Government
371
Other assets
Nov.
Oct.
Dec.
Central Bank
(Figures as of last report
date of month)
Bank Indonesia—Cont.
Note circulation
72.673
Deposits—EC A
28 672
Other
1,567
Other liabilities and capital
29.026 Central Bank of Ireland (thousands
13,221 of pounds):
2 462
Gold
Sterling funds
95,490
43 645
Note circulation
8,485 Bank of Italy (billions of lire):
Gold
Foreign exchange
5 862
6 940 6,946
Advances to Treasury
24,374 21,686 11,536
Loans and discounts
9,597
5,392 6,575
Government securities
Other assets
35,880 35,300 43,180
2,174 2,179
2,241
Note circulation
1,903
1,943 1,976
Deposits—Government
48,711 46,498 45.019
Demand
12 189 12 749 11 729
Other
15,802 15,416 17,569
Other liabilities and c a p i t a l . . . .
Bank of Japan (millions of yen):
Bullion. . . .
2,568 2,514
1 .368
Advances to Government
6,964
8,288 8,259
Loans and discounts
1,703 1,632
3,226
Government securities
4,190 4 401
5 887
Other assets
1,225 1,121
825
Note circulation
12,164 12,127 11,547
Deposits—Government
1,109 1 ,103
1,290
Other
3,311
2,643 2,616
Other liabilities
241 Bank of Mexico (millions of pesos):
224
220
1,835 1,861
1,881
Monetarv reserve^ . . .
"Authorized" holdings of securities, etc
4,965 4,679 45.044
Bills and discounts
157
205
4193
Other assets
8,739 8,609 48,389
Note circulation
4,423 4,538 43,603
Demand liabilities
1 ,989 1,985 4 1,953
Other liabilities and capital
3.449 3,582 43,503 Netherlands Bank (millions of
1,508 1,441
41,059 guilders):
Gold
. .
7,101 7,006 47,110
Silver (including subsidiary coin).
3,433 3,359 42,605
Foreign assets (net)
4,783 4,630 44,906
Loans and discounts
Govt. debt and securities
Other assets
27,227 27,228 27,228
Note circulation—Old
4,099 3,884 12,633
New
1,250
1,250 1,250
Deposits—Government
ECA
12,538 11,390 19,125
46 808 46,564 28,508
Other
51 ,257 50,720 51,826
Other liabilities and capital
3,630 Reserve Bank of New Zealand
3,701 3,701
2,411
5,100 6,309
(thousands of pounds):
11,273 9,919 13 371
Gold . .
20,591 19,667 17,506
Foreign exchange reserve
. .
Loans and discounts
Advances to State or State undertakings
Investments
400
400
400
Other assets
...
5 782
6 232 6 232
Note circulation
4,214
4,177 4,177
Demand deposits
963
1 ,070 1 ,064
Other liabilities and capital
11,619 11,619 11,255 Bank of Norway (millions of kroner):
Gold
104
253
260
Foreign assets (net)
1,445
979 1,022
Clearing accounts (net)
114
35
45
Loans and discounts
9
7
18
Securities
944
1 ,098 1,221
Occupation account (net) .
2,320
2 098 2,266
Other assets
305
294
Note circulation
273
Deposits—Government
1,315
994
917
Banks
433
503
484
FOA—MSA
8,249 7,990
5,272
Other liabilities and capital. . . .
71,891
14 835
1,568
50,803
6,578
7,138
92,441
50,899
9,473
339
71,966
20 658
1,568
45,138
5,723
7,338
87,525
53,186
11,680
354
1954
1953
Dec.
Nov.
Oct.
7,054
495
2,108
649
6,789
495
2,160
621
6,525
495
2,220
524
4,920
495
1,383
2,646 2,646 2.646
73,350 68,087 67,331
75,996 70,733 69 977
2,646
68.181
70,827
4
72
567
4i9
4
80
567
370
4
82
567
379
Dec.
509
4
63
567
376
345
848
1,538
37
79
329
831
1,403
42
57
322
810
1,403
39
56
448
537
532
142
133
141
448
448
1,283
1,377
265,249 321,621
483,573 378,177
110 493 91,272
622,061 542,138
55,804 53,742
84.430 86,022
98,751 110,993
448
1,377
380,952
288,562
85,440
529,814
42,785
85,000
"99,179
448
11,513
391,107
314,380
114,392
629,892
59,869
88,168
53,911
151
3,015
18
1,451
57
728
473
28
3,579
626
650
620
238
283
'767
1,449
7
72
390
1,338
1,321
1,290
3,402
507
857
4,001
1,353
3,451
507
772
3,871
1,412
3,163
704
534
3,603
1,557
751
770
531
3,015
21
1,369
3,015
19
1,295
2,792
16
1,509
35
735
474
28
3,516
455
704
710
237
30
1,217
428
31
3,330
736
1,002
833
235
679
220
6,175 6,1 74
52,548 62,661
20,808 1.3,464
38,503
33,430
1 ,749
70,065
73 937
9,211
203
-63
-97
48
25
5,546
59
3,134
1,237
527
161
664
35
735
478
29
3,367
305
803
6,052
60,826
6,019
34.365 54,071
33,421 57,081
1,301
1,700
69,169 76,612
73,780 100,462
8,436
8,675
203
67
-84
50
25
5,546
72
3,124
1 ,248
684
214
608
255
— 10
-43
74
127
5,546
48
3,128
1.539
721
182
428
287
'•Revised.
"Corrected.
iThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
Combined figures for the Bank of German States and the nine Land Central Banks.
3On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar.
4
Figure expressed in billions of drachmae.
6
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
8
Gold not reported separately beginning January 1954.
^Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
2
FEBRUARY
1955
229
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1954
Dec.
Nov.
1953
Oct.
State B a n k of P a k i s t a n (millions of
rupees):
Issue department:
81
81
81
Gold at home and abroad..,
382
433
383
Sterling securities
1,357
1,339
Pakistan Goyt. securities. . . 1,404
221
178
147
Govt. of India securities. . . .
300
300
300
India currency
49
52
Rupee coin
2,399 2,286 2,209
Notes in circulation
Banking department:
64
94
89
Notes of issue department. .
12
13
Bills discounted
.10!
53
99
Loans to Government
397
378
384
Other assets
460
406
460
Deposits
113
111
131
Other liabilities and capital.
Central B a n k of P a r a g u a y
(Sept.)*
(thousands of guaranies):
3.981
Gold'
58.730
Foreign, exchange (net) 2
40
Net claim on Int'l. Fund
469.142
Loans and discounts
489.182
Government loans and securities
368.608
Other assets
604,602
Note and coin issue
152.644
Deposits—Government
159,663
Other
472,778
Other liabilities and capital. . .
Central Reserve Bank of Peru
(millions of soles):
459
379
Gold and foreign exchange
67
67
Net claim on Int'l. Fund 2
588
647
Loans and discounts to banks. . .
1 .142 1,144
Loans to Government
94
109
Other assets
1,715 1 .728
Note circulation
400
375
Deposits
235
244
Other liabilities and c a p i t a l . . . .
Central Bank of t h e Philippines
(thousands of pesos):
18. 813 18,813 18.813
Gold
356.
387,660 410.002
Foreign exchange
29.
29, 504 29,504
Net claim on Int'l. Fund 2
62.
49 708 37.388
Loans
095 225,573
261
.
226
Domestic securities
70 799 166 644 168,008
Other assets
629
219
608,149
(.04,784
Circulation—Notes
85. 176
85,110
Coin
.135.
903
138.702
Demand deposits
48, 913
60,693
Other liabilities and capital
Bank of Portugal (millions of
escudos):
5,544 5.479
Gold
13,147 13,097
Foreign exchange (net)
977
890
Loans and discounts
1 .414 1 ,408
Advances to Government
1
,094
1,056
Other assets
10,118 10.012
Note circulation
2,195 2,305
Demand deposits—Government..
25
17
EGA
7,590 7.377
Other
2,249 2,2.19
Other liabilities and capital
South African Reserve B a n k
(thousands of pounds):
70. ~'>3 68,900 70,431
Gold
72.007 57,709 52,494
Foreign bills
6. {)')<) 6,203 9,745
Other bills and loans
49.570 46,556 45,443
Other assets
101,986 101,458
105.417
Note circulation
73,564 58,599 57,58.1
Deposits
19,259
18,784 19,073
Other liabilities and capital
Bank of Spain (millions of pesetas):
613
613
613
Gold
323
323
323
Silver
16,070
15.030
14,838
Government loans and securities.
29,360 29,125 28,022
Other loans and discounts
Dec.
Central Bank
(Figures as of last report
date of month)
1954
Dec.
Nov.
1953
Oct.
Dec.
Bank of Spain—Cont.
37,742 37,814 37.636 34,926
Other assets..
Note circulation
42,954 40,622 41,083 38,758
81
Deposits—Government
3,636
7,620
5,900
2.808
425
Other
3,549 3,068 3,074
4,113
,247
Other liabilities and capital
32,931 32,636 31,375 31,462
126 Bank of Sweden (millions of kroner):
300
584
494
Gold
543
482
62
Foreign assets (net)
1,105
1,274
1,416
1,492
,198
Net claim on Int'l. Fund 2
129
129
129
129
Swedish Govt. securities and ad-3
42
3,267 2,699 2,642
vances to National Debt Office
2,786
99
44
Other domestic bills and advances
72
357
1,032
883
950
906
Other assets
422
5,087
4,730
4,739
Note circulation
4,835
371
289
105
213
363
Demand deposits—Government.
102
152
29
85
182
Other
688
684
688
771
Other liabilities and c a p i t a l . . .
Swiss National Bank (millions of
1 ,138 francs):
44,331
6,323 6,321 6,321
Gold
6,086
11
508
650
Foreign exchange
488
522
345.185
107
220
Loans and discounts
116
272
567,810
94
117
96
Other assets
99
115,514
5,41.2 5,115 5,066
Note circulation
5,228
496,234
1,758
1,692
1,700
1,54.1.
Other sight liabilities
123,267
206
206
206
Other liabilities and capital . .
210
257.866 Central Bank of the Republic of
196,622 Turkey (millions of pounds):
402
402
402
Gold
402
Foreign exchange and foreign
451
172
1.94
182
197
clearings
67
2,720 2,657 2,637
2,042
Loans and discounts
619
30
30
30
25
Securities
1,003
107
93
98
Other assets
150
119
1 ,474 1,500
1,554
Note circulation
1,414
1,602
154
154
154
153
Deposits—Gold
426
1,338
1 ,242
1,166
Other
846
231
465
467
487
Other liabilities and c a p i t a l . . . .
402
Bank of the Republic of Uruguay
(thousands of pesos):
(July)*
18.813
344,167 344,167
Gold
441,718
8,583
Silver
8,671
29,504
Advances to State and Govern27,334
132,958 107,041
ment bodies
230.518
374,919 352,778
Other loans and discounts
151,653
558,292 585,760
Other assets
619,304
165,970 451,859
Note circulation
164,270 .127,281
84,804
Deposits—Government
333,536 320,845
151,716
Other
455,143 498,432
43,715
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,233
1,233
1,233
1,141
••5,069
Gold
221
221
218
322
12,597
Foreign exchange (net)
175
186
168
109
'779
Other assets
990
'•1.421
1,041
1,121
1,038
Note circulation
202
261
203
262
Deposits
427
269
306
339
Other liabilities and capital
,
r
for International Settlel ,370, Bank
m
e
n
t
s
(millions
of
Swiss
gold
6
"•7,330 francs):
592
589
592
Gold in bars
...
599
n, 092
72
58
45
Cash on hand and with banks.
77
1
1
1
Sight funds at interest
1
62.445
Rediscountable bills and accept
36,211
278
319
316
303
ances (at cost)
28,331
360
350
108
346
Time funds at interest
46 ,117
355
473
277
469
Sundry bills and investments.
99,539
297
297
297
297
Funds invested in Germany. . . . .
54,652
3
4
3
5
Other assets
18,911
436
432
432
436
Demand deposits (gold)
Short-term deposits:
596
992 1,128
652
1,098
Central banks—Own account. .
336
27
29
31
46
Other
229
15,096
229
229
229
Long-term deposits: Special
284
26,185
285
283
280
Other liabilities and capital
'•Revised.
*x Latest month available.
On
Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3 Includes small amount of non-Government bonds.
230
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of —
Date
c 'fective
Canada
In effect Dec. 31,
1 <)48
M a v 2 7, 1949
Tiily 14
Oct. 6
June 8, .1950..
Sent 11
Oct
\y2
4
*3jK
i-
]an
Mar
Aug.
Aug.
3
3 i^
6
2
4
4
Date
effective
Central
bank of—
Mar.
Tune
Oct.
Sept.
1, 1936 Ireland
3, 1954 Italy
29, 1953 Japan
30, 1950 Mexico
Oct.
June
Tune
July
Feb.
17, 1950 Netherlands
11, 1954 New Zealand.
13, 1935 Norway
18, 1933 P a k i s t a n . . . .
l r 1950
Rate
Dec.
31
r)ate
effi active
Mar. 25, 1952
Apr. 6, 1950
5.84 Oct. 1, 1951
June 4, 1942
2-Ms
4
Aor. 7, 1953
Nov. 26, 1954
Tan. 9, 1946
July 1, 1948
3VA
3
iy>
8
9
Denmark
Ecuador
Egypt
El Salvador, . .
Finland
4
?? 195?
1 ">
4
5
29
1
21
18
8 1953
5J4 June
May
Nov.
Mar.
Dec.
10
3
3
23, 1954
13, 1948
15, 1952
22, 1950
16, 1951
Peru
Portugal....
South Africa.
Spain
Sweden . .
6
Switzerland..
Turkey
United Kingdom
U.S.S.R
1L£
3
Nov. 26, 1936
Feb. 26, 1951
3
4
May 13, 1954
July 1, 1936
4.
3M
Nov.
Jan.
Mar.
July
Nov.
13,
12,
27,
1,
20,
1947
1944
1952
1954
1953
3
4K
4
3
3]X
3V
3 V*
Oct
2%
1
3
3
2
3
3
3
Dec. 2, 1954
May 20, 1954
Jan. 1, 1954
Nov. 15, 1951
Apr. 1, 1946
2H
3)4
3
3
3
10
France
Germany *•
Greece
India
Indonesia
2>£
Anr
v 1 • 11
Sept
I u ne 17
29
Xov. 20
4 1954
Fob
Mav 13
May 20
2
Dec.
In of feet Dec.
31. 1954
3)4
Canada
. .
Cevlon
Chile
Colombia . . . .
Costa R i c a . . . .
6
17 1951
Julv
Sept. 13
11
Oct
Xov.
3
2
17
27
Apr
Xov
Argentina
Austria
Belgium.......
Bolivia
iy
5
3
' • >
Rate
Dec.
31
Central
bank of—
United
Ger- Bel- Neth- SweK ing- France many1 gium erlands den
el om
3
2%
2%
Rates established for the Land Central banks.
NOTE.—Changes since Dec. 3 1 : Greece—Jan. 1, from 10 to 9 i >er cent;
United Kingdom—Jan. 27, from 3 to 3)4 per cent; Norway—Feb. 14, from
2% to 3}/2 per cent; Canada—Feb. 15, from 2 to 1}^ per cent.
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasurv
bills
3 months 1
Dav-tod aymo ney-
Bankers' Treasurv
acceptbills '
ances
3 months 3 months
Dav-today
money
France
Bankers'
allowance
on
deposits
1.03
53
1.00
.51
1.00
.63
.50
.50
53
53
.51
51
.63
63
.50
50
.41
51
.62
.92
1 21
1 .90
.56
69
.69
1.38
3 00
2.19
.51
.52
.51
.84
2 38
2.10
.63
.63
.63
.92
2 25
1.94
.50
.50
.50
.69
2 00
1.75
1.953—December
1.88
2.19
2.11
1.94
1.75
1954— Fanuarv
Februarv
March
April
1 86
1 .75
1 62
2 19
2.15
2.16
2 17
1 89
1.66
1.60
1 .61
1.64
1 62
1.62
2 12
2.07
2.10
2 09
1.79
1.61
1 .57
1.60
1.63
1 59
1.60
1.94
1.94
1.94
1 .94
1.63
1.44
1.44
1 .44
1.44
1 .44
1.44
1.75
1.75
1 .75
1.75
1 .44
1.25
1.25
1.25
1.25
1 .25
1.25
1944—November
194 5 —November
19--16—Xoveinbor
1947 —Xovornher
1948 —November
1949 —Xovember
1950--November
1951 —Xovember .
19 =; ;—Xovember
1953—Xoveinbor
Mav
]uue
Tnly
August
September
October
November
.38
36
40
41
58
60
.57
.38
32
.21
18
1.17
1 .43
1.16
1 06
.95
96
.78
Dav-today
money
1.21
1.36
1 .21
2 12
2.03
P2.55
2.19
3.27
3.98
4.00
Netherlands
Treasury
bills
3 months
1.01
Day-today
money
. 78
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
3-5_y2
3-5
3-5
3-5
1 .25
1.25
1 25
1 38
1 .63
1 50
1 .50
1 .50
1 50
1 .50
1 .50
93
74
2 \x -A y>
1.08
1.16
1.20
1.17
.87
.28
. 77
.93
.88
1.00
.54
.50
2y2-%y2
3.75
.03
.50
3-5
3.66
3.55
3.42
3.55
3.54
3.57
3.79
3.82
3.77
3.65
3.51
.23
.25
.45
.50
.50
.50
2M-5
2%~5
.41
.38
.38
.40
.50
. 50
.50
.50
.53
. 75
.88
.88
.51
.63
.87
.50
2^-5
2M-5
2 %~5
2K-5
2%-S
1.50 '
1 .50
1 .50
1 50
1.50
1 .50
1.50
1.50
1 .50
1.50
1.50
^Preliminary.
1
Beginning January 1.953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 1.5th 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.
FEBRUARY 1955
231
COMMERCIAL BANKS
Assets
United K i n g d o m 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
Loans to
deposit2 Securities customers
short
counted receipts
notice
194g—DcembT
1949—December ..
1950—December
1951—December
1952—December
1953—December
502
532
540
531
549
542
485
571
592
598
529
501
741
1,109
1,408
972
1,248
1,417
1954—January
February
March
April
526
504
512
483
454
468
535
489
1,330
1,113
1 .078
1,088
1,122
1,170
L ,185
I ,209
L .262
,296
1,300
1,313
May
June
July
Aujrust
September
October
November
December
501
531
534
534
521
Liabilities
463
455
428
438
418
532
534
437
452
571
498
1,397
793
456
102
Deposits
Other
assets
Total
Demand
Time
1 ,478
1 ,512
1 ,528
1 ,965
2 ,148
2 ,275
1,396
1,534
1,660
1,950
1,764
1,725
621
579
735
867
748
729
6,200
6,202
6,368
6,333
6,460
6,694
4,159
4,161
4,262
4,290
4,232
4,327
2,041
2,041
2,106
2,042
2,228
2,368
420
427
550
651
528
495
? ,277
2 ,275
? ,269
? ,280
2 ,305
? ,311
? ,351
? ,348
? ,360
2 ,364
? ,364
2 ,353
1,706
1,754
1,773
1,786
1,804
1,856
1,836
1,840
1,828
1,836
1,871
1,920
633
638
632
6,457
6,237
6,243
6,378
6,335
6,533
6,466
6,519
6,539
6,609
6,684
6,941
4,124
3,954
3,957
4,056
4,005
4,193
4,121
4,173
4,171
4,214
4,244
4,485
2,333
2,283
2,286
2,321
2,330
2,340
2,345
2,346
2,367
2,396
2,440
2,456
499
501
489
699
643
711
643
656
670
691
725
881
(11 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
due from
Other
loans and foreign
banks
discounts
Security
loans
1948—December ..
1949—December
1950—December
1951—December
1952—December
1953—December
749
765
824
907
916
906
101
133
134
107
155
154
2,148
2,271
2,776
3,028
3,289
3,897
144
146
171
227
326
424
4 268
4 345
4 ,286
^ ,876
3 955
3 ,831
t954—January
February
Miarch
April
May
881
898
143
197
370
370
923
892
866
167
144
215
3,929
3,951
3 899
3 925
3,925
3,943
3,924
3,917
3 890
3,892
3,984
3 944
,885
June
Tuly
;
\ugust
September
October
November
872
780
809
802
833
810
238
211
174
1 75
293
297
421
398
382
360
352
312
322
330
334
3
4
4
4
774
780
780
806
096
220
337
4 442
4 473
Other
assets
502
501
510
505
520
545
562
595
Total
Demand
Time
Other
liabilities
and
capital
7,027
7,227
7,828
7,896
8,421
8,881
2,970
2,794
3,270
3,284
3,497
3,847
3,679
3,681
3,535
3,397
3,441
3,506
3,474
3,487
3,641
3,781
3,930
4,057
4,433
4,558
4,612
4,924
5,034
1,537
1,477
1,667
1,714
1,736
1,841
5,093
5,162
5,245
5 312
5,378
5,423
5,473
5,535
5,585
5,687
5,532
1,832
1,791
1 830
1 839
1,830
1,829
1,683
1,690
1 695
1,777
1,864
Notes 4
169
I ,C158
1,304
1,464
1,516
1,510
1,337
1,332
1,426
1,408
1,481
1,540
1,266
1,280
, 396
,454
,428
16
14
(4)
8,772
8,843
8 780
8 708
8,818
8,929
8,946
9,022
9,226
9,469
9,462
Liabilities
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
reserves
499
Liabilities
Assets
Canada3
Other
liabilities
and
capital
Cash
reserves
Due from
banks
Bills discounted
Loans
1948—December
1949—December
1950—December
1951—December
1952—December
45,397
40,937
48,131
60,215
51,155
35,633
42,311
52,933
72,559
68,243
354,245
426,690
527,525
627,648
636,624
126,246
129,501
135,289
165,696
170,298
34,030
29,843
31,614
38,114
29,734
1953—November
December
47,103
50,746
78,797
86,273
696,942
744,076
189,753
184,930
1954—January
February
March
April
May
.
June
July
August
September
October
46,077
44,083
43,889
43,467
49,186
45,701
51 ,277
47,292
46,676
51,991
76,601
75,183
80,266
78,411
79,438
85,313
90,693
84,294
87,028
83,631
782,293
770,445
714,717
710,596
719,284
721,240
r
787,897
719,014
730,466
820,800
180,524
193,050
201,349
206,008
213,557
214,988
208,091
227,750
223,746
214,681
Other
assets
Deposits
Total
Own
acceptances
Other
liabilities
and
capital
Demand
Time
552 ,221
627 ,266
749 ,928
906 ,911
902 ,547
545,538
619,204
731,310
879,767
870,504
6,683
8,062
18,618
27,145
32,043
30,638
26,35.s
28,248
33,774
24.957
12,691
15,662
17,316
23,54?
28,551
60,636
35,673
978 ,019
1,037 ,169
935,267
994,620
42,752
42,549
28,142
30,308
67,070
34,222
37,840
40,242
45,611
45,340
46,594
48,348
49,709
49,845
52,147
56,909
1,056 ,908 1,013,546
1,054 ,531 1,010,245
1,011 ,093
968,648
967,024
1,007 ,632
1,030 ,758
989,474
1,034 ,079
993,533
1,103 ,289 1,061,250
1,043 ,036
999,131
1,052 ,196 1,007,956
1,133 ,087 1,087,933
43,363
44,286
42,444
40,608
41,284
40,546
42,039
43,905
44,241
45,154
31,301
32,539
34,322
31,538
29,721
28,422
26,945
24,248
23,179
25,355
35,126
35,933
40,416
44,652
47,580
53,090
57,432
60 910
64,688
69,570
•"Revised.
!This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except
in June
and December when the statements give end-of-month data.
2
Represent six-month loans to the Treasury with a yield of JH? per cent after October 1945.
3
In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.
232
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
5.4406
5 4406
5.4406
5.4406
S 4d.9f)
13.5261
14.2808
42.973
32.788
32.849
32.601
32 595
32.641
4.2808
4,2808
4.2808
4.2808
4 2808
4.2808
14.2808
32.656
32.668
32.689
32.681
32.666
32.689
32.644
32.553
32.634
32 625
32.544
103.439
102.996
101.786
101.575
101.882
102.611
103.060
103.112
103.094
103.160
103.292
32.538
103.498
Free
1949
1950
1951
1952
1953
1954
29.774
26.571
20.000
20.000
20 000
20.000
13 333
13.333
13,333
11 111
13.333
8 289
7.067
7.163
7 198
7.198
293.80
223 15
223.07
222.63
^?4 1?
223 80
3 8580
3 8580
2.2009
1 9908
1 9859
1.9878
2 0009
1 9976
1954—February
March
April
May .
June
July
August
September
October
November
December
20.000
20.000
20 000
20.000
20 000
20.000
20.000
20.000
20.000
20 000
20.000
13.333
13.333
13 333
13.333
13 333
13.333
13.333
13 333
13.333
13 333
13.333
7.198
7.198
7.198
7.198
7 198
7.198
7.198
7 198
7.198
7 198
7.198
224.13
224.27
224 55
224.58
224 56
224.51
224.13
223 18
222.89
222 67
222.10
3..85 80
3.8580
3 8580
3.8580
3 8580
3.8580
3.8580
3 8580
3.8580
3 8580
3.8580
2.0036
1.9931
1 9868
1.9909
2 0032
2.0009
1.9994
2 0007
1.9977
1 9082
1.9954
20.000
13.333
7.198
221.92
3.8580
1.9959
Ceylon
(rupee)
Year or month
Denmark
(krone)
France
Brazil
(cruzeiro)
3.5261
3.5261
3.5261
3.5261
3.5261
3.5261
13.5261
Netherlands
(guilder)
*
.4354
.4354
. 4354
4354
3017
2858
23 838
23.838
.2856
.2856
23.838
.2856
.2856 *223!838'
27.706
20 870
20.869
20.922
21.049
21.020
280.38
279.68
281.27
280.87
12.620
11 570
11.564
11.588
11.607
39.052
34.528
26 252
26.264
26.315
26.340
26.381
23.838
23 838
23.838
23 838
23 838
23.838
23 838
21 838
23.838
21.047
21.056
21.084
21.084
21.085
21 094
21.061
20.970
20 938
20 0?2
20.863
281.29
281.45
281.81
281.85
281.82
281 76
281.29
280.08
279 72
279 45
278.74
11.614
1t.608
39.965
7.995
7.995
8 000
8.005
8.005
8.005
8 005
8.006
26.408
26.408
26.413
26.418
26.426
26.415
26.396
26.364
26.267
26 200
26.346
23.838
20.843
278.52
8.006
26.349
Official
Free
.4354
. 4354
.4354
4354
.4354
4354
4354
4354
4354
4154
.4354
.2856
. 2856
.2856
.2856
.2856
2856
.2856
.2856
2856
2856
.2856
1955—January
20.843
.4354
.2856
Zealat d
(pourici
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
(krona)
Sweden
Switzerland
(franc)
United
Kingdom
(pound)
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
?S0.21
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
278 50
278,67
279 02
279 06
279.03
278 97
278.50
277 31
276.95
276 68
275.98
14 008
14.008
14 008
14 008
14.008
14 008
14.008
14 008
14.008
14 008
14 008
4.9 677
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 4000
3 4900
280 23
280,40
280 76
280 80
280.76
280 71
280.24
279 04
278.68
278 40
277 69
19 331
19.333
19 333
19.333
19.333
19 313
19.333
19 311
J 9.333
19 333
19 333
23 315
23.308
23 313
23 333
23.334
23 320
23.322
23 32 5
23.320
23 328
23 335
281 29
281.45
281 81
281 85
281.82
281 76
281.29
280 08
279.72
279 45
278.74
275.76
14.008
49.677
3.4900
277.48
19.333
23.326
278.52
1554
.
February
March
April
May
June
July
August
September
October
November
December
1955—January
.
92.881
91.474
94.939
102.149
101 650
102.724
Mexico
(peso)
21.044
21.052
21.079
21.078
21.077
21 094
21 059
20.968
20 935
20 920
20.863
. . .
97.491
90.909
Ireland
(pound)
1954—February
March
April
May
June
luly .
August
September
October
November
December
1949
1950
1951
1952
1953
1954
Frea
India
(rupee)
(franc)
27 839
20 8*50
20,849
20 903
21.046
21 017
Year or month
Official
Germany
(deutsche
mark)
Finland
(markka)
1949
1950
1951
1952
1953
1954
19 117
14 494
14.491
14.492
Canada
(dollar)
Austria Belgium
(schilling) (franc)
Preferential
1955—January
British
Malaysia
(dollar)
Australia
(pound)
Basic
. .
In cents per unit of foreign currency]
.4671
2
Uruguay 4
(peso)
65.830
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
42.553
42,553
42 553
42.553
42.553
1 Based on quotations through Aug. 13, 1954.
2
Based on quotations beginning Apr. 1, 1054.
3
The Mexican peso was devalued, effective Apr.
4
19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see, BULLETIN for December 1954, p. 1333.
FEBRUARY
1955
233
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers;
Year or month
United
States
(1947-49
= 100)
Canada
(1935-39
= 100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
France
(1949 =
100)
1944
1945 .
1946
1947
. .
1948
1949
1950
1951
1952
. . .
1953
1954
68
69
79
96
104
99
103
115
112
110
131
13?
139
163
193
198
211
240
226
221
217
179
199
229
242
260
285
311
386
400
393
429
166
169
175
19?
219
230
262
320
328
328
P330
1.4
20
34
52
89
100
108
138
145
138
P136
1953—December
110
219
396
326
138
1 9 5 4 — January
February
March
April
Mav
Tune
July
Aupust
September
October
November
December
111
111
111
111
111
110
110
. . .
396
397
401
411
431
437
437
441
439
450
454
460
220
219
219
218
218
218
217
216
215
214
215
215
in
110
110
110
110
138
138
136
137
139
135
134
136
135
134
135
P135
326
326
329
330
331
332
333
329
329
329
P331
»336
Italy
(1938 =
100)
Japan
(1934-36
average
Netherlands
(1948 =
100)
2
4
5,159
5,443
5 169
4,897
5 581
5,270
5,250
16
48
128
209
246
343
349
'352
5,256
r360
r363
'364
5,286
5,328
5,336
5,295
5,292
5,256
5,251
5,261
'5,267
5,273
'354
'348
'342
'341
'342
'344
343
346
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
100
104
117
143
140
134
196
194
186
199
214
216
227
299
317
298
207
205
200
208
217
206
203
227
220
213
214
134
296
211
135
136
135
136
137
137
134
134
134
136
136
296
296
296
297
296
298
297
296
295
296
J>298
213
213
214
215
214
215
214
214
215
215
216
217
pPreliminary.
'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]
Year or month
Farm
products
1944
1945
1946
1947
1948 .
1949
1950
1951
1952
1953 .
1954
United Kingdom
(1930 = 100)
Canada
(1935-39 = 100)
United States
(1947-49 = 100)
Other
Processed commodfoods
ities
Farm
products
R a w and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
Netherlands
(1948 = 100)
Foods
Industrial r a w
products
Industrial
finished
products
100
101
112
122
129
123
100
108
128
171
166
156
100
104
116
143
135
132
69
72
83
100
107
93
98
113
107
97
n.a.
n.a.
n.a.
98
106
96
100
111
109
105
70
71
78
95
103
101
105
116
113
114
155
165
177
190
230
226
237
269
250
221
209
134
136
140
164
196
197
213
238
219
207
205
129
130
138
162
192
199
211
242
231
229
224
158
158
158
165
18.1.
197
221
247
284
307
P308
1953—December
94
104
115
210
204
228
302
122
153
132
1954—January
February
March
April
May
Tune ....
July
August
September
October
November
December
98
98
98
99
98
95
96
96
94
93
93
90
.106
105
105
106
107
105
107
106
106
104
104
103
115
114
114
115
115
114
114
114
114
115
115
115
213
212
210
209
213
213
218
208
204
201
204
205
207
205
204
206
208
207
207
205
203
201
202
203
228
227
227
225
225
225
224
222
223
222
222
222
302
305
311
310
310
311
313
304
302
301
P306
P315
127
128
126
127
129
131
118
116
116
122
124
153
153
154
153
155
155
155
156
156
156
156
133
133
133
133
133
134
133
135
135
135
135
.
.
170
175
184
207
242
249
286
P364
»352
n.a. Not available.
^Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
234
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All
Year or month
1
1
1
1
1
1
1
1
1
9
9
9
9
9
9
9
9
9
U n i t e d
S t a t e s
(1947-49
= 1 0 0 ) i
46
47
48
49
50
51
52
53
54
C a n a d a
(1949
= 100)
83
96
103
102
103
111
114
114
US
78
85
97
100
103
114
116
115
116
1953 — D e c e m b e r .
115
1 9 5 4 — J a n u a r y
F e b r u a r y
115
115
115
115
115
115
115
115
115
115
115
114
April
M a y
..
June
J
A
S
O
N
D
uly
u g u s t
e p t e m b e r
ctober
o v e m b e r
e c e m b e r
1
T h e s e series
uary 1953 indexes
N O T E . — F o r s
BULLETIN for D e c
U n i t e d
K i n g d o m
(Jan.
15, 1 9 5 2
= 100)
F o o d
items
F r a n c e
(1949
= 100)
N e t h e r l a n d s
(1949
= 100)
S w i t z erl a n d
(Aug.
1939 =
100)
77
82
84
86
95
103
106
108
35
57
90
100
111
130
145
144
143
100
109
119
120
1?0
126
152
158
163
162
159
167
171
170
171
116
106
142
120
116
116
116
116
116
116
116
117
117
117
117
117
106
106
107
107
107
107
109
108
108
109
100
110
143
144
144
142
144
144
142
142
143
143
144
145
1
1
1
1
1
1
1
1
1
1
1
1
23
24
24
25
26
27
27
26
26
27
27
27
U n
S t
(19
=
i t e d
a t e s
47-49
100)1
C a n a d a
(1949
= 100)
F r a n c e
(1949
= 100)
N e t h e r l a n d s
(1949
= 100)
Switzerl a n d
(Aug.
1 9 3 9 100)
160
170
176
174
176
181
184
184
188
100
103
117
117
113
112
67
72
76
82
91
105
11?
114
36
57
92
100
111
128
141
137
135
112
112
110
134
122
186
113
113
112
112
113
114
115
114
112
112
111
110
1
1
1
1
1
1
1
1
1
1
1
1
110
110
112
113
112
114
118
116
115
116
117
118
136
137
136
134
137
136
133
132
134
134
135
136
124
126
127
129
131
134
132
130
M n
1.30
129
185
185
184
185
186
187
188
190
191
102
192
192
79
96
104
100
101
113
115
in
113
170
170
170
169
170
170
171
171
172
172
173
173
173
12
12
11
10
10
12
12
14
14
14
13
13
1
1
1
1
1
0
1
2
2
2
0
1
1
3
4
are t h e revised indexes, reflecting, b e g i n n i n g J a n u a r y 1953. the inclusion of s o m e n e w series a n d revised weights.
Prior to Janare based o n the "interim adjusted" a n d "old" indexes, converted to the base 1.947-49 = 100.
ources a n d references c o n c e r n i n g c h a n g e s in the structure of price indexes for various countries (except the U n i t e d States), see
e m b e r 1952, p. 1357.
S E C U R I T Y
P R I C E S
[Index n u m b e r s except: as otherwise
specified]
Common stocks
Bonds
Y e a r or
U n i t e d
K i n g d o m
(Jan.
15,1952
= 100)
m o n t h
United
States 1
(high
grade)
Number of issues. . .
Canada
(1935-39
=100)
17
United
Kingdom
(December
1921=100)
87
France
(1949
=100)
60
Netherlands 2
14
United
States
(1935-39
=100)
480
Canada
(1935-39
=100)
99
United
France
Kingdom
(1926=100) (1949=100)
278
Netherlands3
295
27
100
90
112
143
240
219
217
215
192
1948
1949
1950
1951
1952
1053
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
11? 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
214
277
1953—December....
113.5
85.3
114.2
113.8
102.7
190.7
153.6
93.5
170
230
1954—January
February....
March
April
May
June
July
August
September. . .
October
November. . .
December
114.6
116.5
117.9
118.1
117.5
117.0
117.5
117.8
117.6
117.5
117.4
117.0
87.0
88.7
95.5
99.8
100.3
100.3
102.1
102.8
102.1
101.9
101 .2
101.1
114.3
114.8
115.3
116.6
117.3
116.0
118.5
119.7
118.9
119.4
119.7
118.1
114.6
114.9
116.0
115.7
115.4
114.9
114,9
116.6
116.4
117.6
119.6
120.1
103.0
100.9
98.8
100.0
101.8
105.0
103.7
102.7
103.4
104.3
106.3
108.3
195.4
199.6
204.9
212.7
219.8
221.8
231.1
236.4
238.5
243.5
252.2
264.5
157.4
163.2
165.0
173.6
179.5
180.5
182.3
187.0
189.5
190.2
199.5
206.8
94.1
95.8
95.6
97.0
97.8
98.5
100.0
101.7
102.1
103.8
105.3
106.1
180
184
187
194
199
194
198
221
234
240
260
271
239
245
250
256
261
269
282
285
289
300
322
325
1
Prices deri
Represents
A v e r a g e of
N O T E . — F o r
1952, p. 1357.
2
3
FEBRUARY
ved
the
the
sou
from average yields, as c o m p u t e d b y S t a n d a r d
reciprocals of a v e r a g e yields. T h e a v e r a g e yie
ratios of current prices to nominal values, expr
rces a n d references concerning changes in the
1955
a n d Poor's Corporation, o n basis of a 4 per cent 20-year b o n d .
ld in the base period ( J a n u a r y - M a r c h 1937) w a s 3.39 per cent.
essed as a percentage.
structure of price series for various countries, see BULLETIN for
D e c e m b e r
235
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
M. S. SZYMCZAK
A. L. MILLS, JR.
J. L. ROBERTSON
JAMES K. VARDAMAN, JR.
C. CANBY BALDERSTON
ELLIOTT TI-IURSTON,
WOODLIEF THOMAS,
Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic
KENNETH B. WILLIAMS, Assistant Director
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
"Research
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
ALBERT R. KOCH, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant
Director
OFFICE OF DEFENSE LOANS
GARDNER L. BOOTHE, II, Administrator
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
OFFICE OF THE CONTROLLER
EDWIN J. JOHNSON, Controller
M. B. DANIELS, Assistant Controller
Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON
MALCOLM BRYAN
H. G. LEEDY
A. L. MILLS, JR.
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
C. S. YOUNG
J. L. ROBERTSON
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
KARL R. BOPP, Associate Economist
GEORGE W. MITCHELL, Associate Economist
EARLE L. RAUBER, Associate Economist
H. V. ROELSE, Associate Economist
CLARENCE W. TOW, Associate Economist
RALPH A. YOUNG, Associate Economist
G. ROUSE, Manager of System Open
Market Account
FEDERAL
ADVISORY COUNCIL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
WILLIAM R. K. MITCHELL
PHILADELPHIA DISTRICT
FRANK R. DENTON
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. W. CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
GEO. G. MATKIN,
DALLAS DISTRICT
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
ROBERT
236
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman x
Deputy Chairman
President
First Vice President
Boston.
Harold D. Hodgkinson
J. A. Erickson
Alfred C. Neal
Robert B. Harvey 3 Carl B. Pitman
E. O. Latham
O. A. Schlaikjer
R. F. Van Amringe
New York.
Jay E. Crane
Forrest F. Hill
Allan Sproul
William F. Treiber
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia..
William J. Meinel
Henderson Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poorman
J. V. Vergari
Richard G. Wilgus 2
Cleveland.
John C. Virden
Sidney A. Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
A. H. Laning 3
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
Hugh Leach
John B. Woodward, Jr.
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
James M. Slay
C. B. Strathy
Chas. W. Williams
Atlanta.
Rufus C. Harris
Harllee Branch, Jr.
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Chicago.
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
2
Vice Presidents
(Vice Presidents in charge of branches are listed in
lower section of this page)
L. H. Jones
L. G. Meyer
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
St. Louis
M. Moss Alexander
Caffey Robertson
Delos C. Johns
Dale M. Lewis
Frederick L. Deming Wm. E. Peterson
H. H. Weigel
J. C. Wotawa
Minneapolis. .
Leslie N. Perrin
O. S. Powell
A. W. Mills
E. B. Larson
H. G< McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
Kansas City..
Raymond W. Hall
Cecil Puckett
H. G. Leedy
Henry O. Koppang
John T. Boysen 3
Clarence W. Tow
E. D. Vanderhoof
D. W. Woolley
Dallas
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
E. B. Austin
W. H. Holloway3
T. W. Plant
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
San Francisco.
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
E. R. Millard
H. F. Slade
Eliot J. Swan 3
O. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Atlanta
Chicago
St. Louis
Also Federal Reserve Agent.
FEBRUARY
Vice Presidents
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford 4
J. E. McCorvey
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
1
Branch
1955
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
C. W. Groth
Kansas City
Denver
Oklahoma City
Omaha
G. A. Gregory
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
J. L. Cook
W. E. Eagle
San Francisco.... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Acting Manager.
237
FEDERAL RESERVE BOARD PUBLICATIONS
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the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
THE
FEDERAL
FUNCTIONS.
pages.
RESERVE
SYSTEM—PURPOSES AND
Revised edition.
July 1954. 224
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Federal Reserve System. Issued each year.
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Sub-
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BANKING AND MONETARY STATISTICS.
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—Board of Governors of the Federal Reserve
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BUSINESS. Issued annually in September. Annual
1
A more complete list, including periodic releases and
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BULLETIN.
238
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
EXTENSIONS AND REPAYMENTS OF CONSUMER IN-
STALMENT CREDIT. January 1954. 14 pages.
(From Federal Reserve Bulletin unless preceded by an asterisk)
REVISED WEEKLY
PUBLICATIONS
INDEX OF DEPARTMENT
STORE
BANK CREDIT AND MONEY IN 1953. February 1954.
6 pages.
SALES. April 1952. 4 pages.
STATEMENT BY CHAIRMAN OP THE BOARD OF GOV- INTERNATIONAL
ERNORS
BEFORE
SUBCOMMITTEE
ON GENERAL
CREDIT CONTROL AND DEBT MANAGEMENT, MARCH
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CHANGES IN INSTALMENT CREDIT TERMS. May 1952.
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REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-
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PROBLEMS OF TRADE EQUILIBRIUM.
SERIES
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RECENT CREDIT EXPANSION.
STORE
SALES,
December
1952.
7
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1953. 7 pages.
MONETARY SYSTEM OF THE UNITED STATES,
February 1953. 16 pages.
1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1954 SURVEY OF CONSUMER
FINANCES. March 1954. 4 pages. PURCHASES OF
DURABLE GOODS AND HOUSES IN 1953. June 1954.
17 pages. T H E FINANCIAL POSITION AND C O M
July 1954. 20 pages.
(Also, similar surveys for earlier years from
1947, 1948, 1949, 1950, 1951, 1952, and 1953
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
T H E BALANCE SHEET OF AGRICULTURE, 1954. August
THE
PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
BILITY. May 1953. 7 pages.
REVISION OF CONSUMER CREDIT STATISTICS.
April
1953. 19 pages.
RECENT FINANCIAL
CHANGES IN WESTERN GER-
MANY. October 1954. 10 pages.
*DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATETERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
BANK
RESPONSIBILITIES.
May
1953. 5 pages.
UNITED STATES POSTWAR
INVESTMENT IN LATIN
AMERICA. May 1953. 6 pages.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
DEPARTMENT STORE SALES AND STOCKS, BY MATOR
DEPARTMENTS (Revised
1953. 65 pages.
FEBRUARY 1955
FINANCING OF LARGE CORPORATIONS IN 1953. August
1954. 13 pages.
ECONOMIC STABILITY. March 1953. 16 pages.
RESERVE
AND BUSINESSES. July 1954. 2 pages. (Also,
similar article from July 1953 BULLETIN)
1954. 9 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON
March 1953 BULLETIN)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
CREDIT AND MONETARY REVIEW FOR 1952. February
FEDERAL
MOVEMENTS.
BULLETINS)
ON DEPARTMENT
STOCKS, AND ORDERS. October 1952. 5 pages.
THE
AND DOLLAR
MITMENTS OF CONSUMERS.
9 pages.
REVISED
GOLD
March 1954. 9 pages. (Also, similar article from
Indexes)
November
WORLD TRADE AND PRODUCTION IN 1953-54. Octo-
ber 1954. 8 pages.
USE OF MONETARY INSTRUMENTS SINCE MID-1952.
December 1954. 8 pages.
DIRECTLY PLACED FINANCE COMPANY PAPER.
De-
cember 1954. 8 pages.
CREDIT AND MONETARY EXPANSION IN 1954.
Feb-
ruary 1955. 8 pages.
T H E FEDERAL BUDGET FOR 1956.
February 1955.
11 pages.
BANKING AND MONETARY STATISTICS, 1954.
(Se-
lected series of banking and monetary statistics
for 1954 only) February 1955. 8 pages.
239
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
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FEDERAL RESERVE BRANCH CITIES
@FedFRASER