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F E D E R A L




R E S

BULLETIN
JANUARY 1954

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

Recent Production and Price Developments .
Extensions and Repayments of Consumer Instalment Credit .

1-8
9-22

Inter-Agency Bank Examination School. .

23-25

Current Events and Announcements. . .

26-31

National Summary of Business Conditions. . .

32-33

Financial, Industrial, Commercial Statistics, U. S. (See p. 35 for list of tables) . .

35-93

International Financial Statistics (See p. 95 for list of tables). . .

95-113

Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council

114

Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .

115

Federal Reserve Board Publications. . .

116-117

Map of Federal Reserve Districts. . .

Subscription Price of Bulletin
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118

FEDERAL
VOLUME 40

RESERVE

BULLETIN

January 1954

NUMBER 1

RECENT PRODUCTION AND PRICE DEVELOPMENTS
At the beginning of 1954 total output at
factories and mines was moderately smaller
than a year earlier, owing mainly to a shift
to liquidation of business inventories in
recent months from rapid accumulation
earlier in 1953. Consumer and other business demands were generally at about the
same high levels in both periods. Activity
in the construction industry continued at
advanced levels through the fourth quarter
of 1953, as shown in the chart. Production
of many farm commodities for the second
season was above domestic and foreign demands and Federal holdings of farm products expanded further.
Industrial activity was at sharply advanced
levels in the first half of 1953, but declined
appreciably after July. At 128 per cent of
the 1947-49 average in December, the Board's
revised production index was below the exceptionally high levels of late 1952 and early
1953, but above any earlier postwar period.
Consumer buying of goods, following exceptional activity in the first half of 1953, slackened for a time in the autumn, in part as
a result of unseasonal weather. In the closing months of the year consumer buying
strengthened somewhat and Christmas sales
were near the record 1952 volume. In the
business equipment area, over-all expenditures remained at record levels throughout
1953, but new orders declined. Federal
outlays for national security purposes declined moderately after mid-1953, following
JANUARY 1954




three years of expansion. Foreign demands
for domestic merchandise were maintained
during the second half of last year at about
the level of the preceding 12 months, and
trade and production abroad generally continued to increase.
Commodity prices generally remained stable during the period of production readjustments in 1953. Late in the year weakness
developed in prices of some industrial materials, but on the average wholesale prices
of industrial products changed little. Prices
BUSINESS INDEXES
1947-49 - 100
150

150
CONSTRUCTION
ACTIVITY

130

130

120

120

J_
120

NONAGRICULTURAL
EMPLOYMENT

110

CONSUMER PRICES
TOTAL
FOODS

'~"\

110

/INDUSTRIAL

V
100

100
1952

1953

1952

1953

NOTE.—Seasonally adjusted series, except for prices. Based
on Commerce data for income and sales; Bureau of Labor Statistics for employment and prices, with employment seasonally
adjusted by Federal Reserve; Commerce and Labor for construction activity, representing deflated value of work put in
place. Latest figures shown: fourth quarter for construction;
December for other series. December figures for income and
prices estimated by Federal Reserve.

RECENT PRODUCTION

AND PRICE

of farm products declined slightly further
in 1953, following substantial declines in
1951 and 1952. Average consumer prices
edged up until late in the year, as rents and
prices of most other services continued to rise.
Recent declines in industrial output have
been accompanied by reductions in average
hours of work and in industrial employment.
In December, nonagricultural employment
was down 500,000 or 1 per cent from a year
earlier and, after seasonal adjustment, was
2 per cent below the record mid-1953 level.
Unemployment increased considerably
more than seasonally in November and December from the exceptionally low levels
prevailing during most of 1953. Initial
claims for unemployment benefits in December were at a rate not far below the postwar
high for this month recorded in 1949. With
wage and salary payments reduced, personal
income at the end of 1953 was moderately
below the record levels of last summer, but
above December 1952.
RECENT DECLINE IN INDUSTRIAL ACTIVITY

In December the Board's revised seasonally
adjusted index of industrial production was
128 per cent of the 1947-49 average, 7 per
cent below the record level of 137 reached
last May and July. For the year as a whole,
however, output averaged 134 per cent of
the 1947-49 average and was 8 per cent above
the previous postwar record annual volume
in 1952. Output for 1953 also exceeded the
peak year in World War II, when the nation's then available resources were intensively devoted to maximizing industrial production.
Curtailments in the latter part of 1953
from midyear highs were widespread. Nondurable manufactures reached a peak in May
and then declined, while July was the high
month for durable manufactures and miner-




DEVELOPMENTS

als. In December output in each of the three
major industry divisions was down from
July and was below year-ago levels. Changes
varied considerably within these areas, however, as shown in the table and also in the
chart on page 4. Large declines occurred
in primary metals and some metal fabricating groups and in textiles, apparel, rubber,
leather products, and coal mining, while
activity in the food, paper and printing,
many building materials, and some other important industries was generally close to
earlier advanced levels.
CHANGES IN DURABLE GOODS INDUSTRIES

Output of durable goods reached a new
postwar high in July 1953, 20 per cent above
INDUSTRIAL PRODUCTION

[Seasonally adjusted, 1947-49=100]

Industry group

Dec.
1953

Percentage increase or
decrease (—) to December
1953 from:
July
1953

Dec.
1952

Dec.
1951

Total.

128

-7

-4

8

Manufactures—total

129

-7

-4

8

144
118
157
128
133
177

-8
-13
- 8
-10
-8
-12

-5
-13
-5
-4
-7
-10

12
-6
15
8
2
20

181

-8

-5

30

Durable manufactures
Primary metals
Metal fabricating
Fabricated metal prod.. .
Nonelectrical machinery.
Electrical machinery. . . .
Transportation equipment
Instruments and related
products
Clay, glass, and lumber
products
Furniture and misc. manufactures
Nondurable manufactures
Textiles and apparel
Rubber and leather products
Paper and printing
Chemical and petroleum
products
Foods, beverages, and tobacco
Minerals—total
Mineral fuels:
Coal
Crude oil and natural gas
Metal, stone, and earth
minerals:
Metal mining
Stone and earth minerals

155

15
-3

1

8
15

126

-6

-2

115
97
104
122

-5
-13
-10
-3

-3
-13
-10
0

142

-3

3

108

1

2

5

113

-6

-3

-4

69
133

-21
-1

-16
-1

-27
4

104
125

-10
0

-2
2

-11
-2

NOTE.—December 1953 partly estimated.
FEDERAL RESERVE BULLETIN

RECENT PRODUCTION AND PRICE DEVELOPMENTS

levels prevailing before the extended steel
strike in mid-1952 and almost 60 per cent
above the 1947-49 average. Rapid expansion in output to early 1953 permitted replenishment of stocks of steel and various steel
products to meet the generally high and
rising demands for finished consumer durable goods and for business and military
equipment. After early 1953, with final demands tending to level off, business stocks
of durable goods rose sharply further, as is
shown in the chart. Production was cur-

chiefly changes in steel. Production of basic
nonferrous metals, in contrast to iron and
steel, generally remained at high levels in
the latter part of the year. Reflecting in
part important additions to capacity, aluminum ingot production expanded further in
1953 and at year-end was substantially above
the year-ago rate. Some decline in activity,
however, occurred at aluminum mills where
basic metal is rolled and drawn into industrial shapes and forms. Activity at copper
mills also declined at the end of the year
as a result of curtailment in the metal fabriINVENTORIES
Billions of Dollars
cating industries. With copper imports
markedly reduced, however, domestic copper
output continued at a rate well above 1952.
Steel production declined only moderately
40
from last spring until the autumn and then
was sharply reduced in the last two months
of 1953 as activity in such consuming industries as autos was curtailed and defense deDISTRIBUTORS
30
mands slackened. In December and early
January the industry was operating at about
75 per cent of its January 1, 1954 rated capacity, which was 124.3 million tons, almost
20
7 million larger than a year earlier. For
1953
1951
1953
1951
1953 as a whole, 112 million tons of steel were
NOTE.—Department of Commerce seasonally adjusted book
value data. Latest figures shown are for end of November 1953.
produced, 6 million more than in 1951, the
tailed considerably after midyear, and be- previous record year.
ginning in October stocks were reduced.
Metal fabricating industries. Over-all acNevertheless, at their November level the tivity in metal fabricating industries declined
value of stocks held by durable goods manu- about 8 per cent from the extraordinarily
facturers was about 2.8 billion dollars, or 12 high July level to December. Fairly large
per cent, larger than a year earlier.
declines were general in consumer goods
Metals. Output of primary metals, after industries, including those making appliallowance for seasonal changes, turned down ances and autos. Activity in industries proafter May, while over-all activity in metal ducing machinery and equipment for busifabricating industries rose through July. ness and military uses was generally mainMoreover, the total decline to year-end was tained through last summer and then showed
much greater for primary metals than for a moderate decline to the year-end. Output
metal fabricating, as the chart on page 4 of certain types of producers' equipment—
shows.
notably farm machinery and trucks—was
The decline in primary metals reflected cut back considerably, while output of most

A-

JANUARY 1954




RECENT PRODUCTION AND PRICE DEVELOPMENTS

other types was maintained at advanced
levels.
Federal expenditures for national security
purposes showed a moderate further increase
in early 1953 and in the last half declined
to about year-ago levels. Deliveries of hard
goods to the military declined about 10 per
cent from the peak rate in early summer to
the closing months of the year, and further
decreases are likely this year.
MANUFACTURING OUTPUT
Ratio Scale
120

1947-49 • 100
180

TEXTILES &
APPAREl / \

170

110
160
/
METAL
^
/ FABR1CATING _

150

100
1

140

V /**y
130

f

—\
120 _ \

110
•

140
130

_

\ -

1 PRIMARY
METALS

' !

\
\
V

RUBBER &
LEATHER
A
PRODUCTS ^ ^ \

•JS

-

110

100

150
CHEMICALS &
PETROLEUM S * \ .
PRODUCTS^/
^ ^ ^ 140
-

CLAY, GLASS, &
LUMBER PRODUCTS

- 130
- 120

120

.
—-'

110

- 120

*

PAPER &
PRINTING
1

110

1952
1953
1952
1953
NOTE.—Seasonally adjusted indexes. December 1953 partly
estimated.

Building materials. With construction activity at advanced levels in 1953, output of
most building materials remained in large
volume throughout the year. Lumber output in the last half was below the unusually
advanced rates of early 1953, but near the
high levels of late 1952. Output of other
building materials, particularly those manufactured from stone and earth minerals, such
as structural clay products and concrete
products, generally remained at advanced
levels all year.




CONSUMER DURABLE GOODS

Output readjustments to more moderate
demand levels started early in 1953 for
household durable goods and late in the
year for autos. Curtailment of household
durables followed an expansion of about 40
per cent from early 1952 to early 1953. This
marked rise had been accompanied by a
substantial increase in manufacturers' and
distributors' stocks. Late in the year, with
retail sales showing some increase, business
stocks of these goods began to decline.
Readjustments varied among the major
household items. Output of major appliances
declined about 30 per cent from the first to
the last quarter of 1953, reflecting especially
sharp curtailments from the high spring
levels for refrigerators, freezers, and ranges.
Furniture output also declined and at yearend was about 10 per cent below the record
levels of the spring. Television output rose
sharply after midyear to near record rates
in September—earlier in the year than usual.
Following a further expansion of television
stocks from high levels, output turned down
markedly and in November and December
was about 25 per cent below the high rates
of the corresponding months of 1952.
Auto output was curtailed considerably in
November and December, owing in part to
model changeovers and in part to efforts to
reduce dealers' stocks. Output for these two
months was at an annual rate of about 4.6
million units, compared with 4.9 for the corresponding months of 1952. For the year as
a whole, passenger car output totaled 6.1 million units, which was second only to the 1950
record of 6.7 million. In 1952 production
amounted to 4.3 million, reflecting in part restrictions imposed by the defense program,
Retail sales of passenger cars were also very
large in 1953, but the near-record volume of
output was accompanied by substantial inFEDERAL RESERVE BULLETIN

RECENT PRODUCTION AND PRICE DEVELOPMENTS

creases in dealers' stocks of new and used
cars and a marked decline in used car prices.
NONDURABLE MANUFACTURING INDUSTRIES

In May the revised seasonally adjusted index of production of nondurable manufactures reached a new record of 123 per cent
of the 1947-49 average, 4 per cent above the
previous peak in early 1951. In the summer
and early fall, output was substantially curtailed in the textile, apparel, and rubber and
leather products industries. This reduction
reflected mainly decreased buying by retail
and other distributive merchants as the expectations of continued high sales, on which
earlier advanced output levels had been
based, were not fulfilled. Apparel stocks at
retail stores, following some rise earlier in
the year, were stabilized by September at a
level only moderately above the high reached
in the latter months of 1952. After September 1953, activity in the leather and rubber
industries showed little further change, at
a considerably reduced level. In the textile
and apparel industries, however, curtailment
continued, as unseasonally warm weather
contributed to further cuts in consumer purchases in the early autumn and manufacturers acted to reduce stocks.
Output in the chemical and petroleum
products industries, on the other hand,
reached new record levels in mid-1953, and
was reduced only slightly in the latter part
of the year. The reduction in the chemicals
group occurred in large part in industrial
chemicals consumed by the textile, steel,
and other industries in which output had
been cut back. Although stocks of gasoline
remained large and the warm autumn lightened the seasonal demands for heating oils,
petroleum refining was generally maintained
near peak rates, or over 90 per cent of a
greatly expanded capacity.
JANUARY 1954




In the paper and printing industries, sustained business demands resulted in a very
steady and high rate of production during
most of 1953. Step-up in advertising volume
was an important factor in maintaining publishing activity. Over-all production of
foods, beverages, and tobacco products also
was maintained.
WHOLESALE PRICES

Commodity prices generally changed little
in 1953. Weakness developed in prices of
some industrial materials in the second half
of the year, as business demands for inventories declined. Consumer buying, however,
was near record levels at the year-end and
prices of basic foodstuffs were somewhat
above autumn levels. Wholesale prices of
WHOLESALE PRICES
1947-49-100

1950
1951
1952
1953
NOTE.—BLS midmonth indexes, except for basic commodities, which are weekly. "Other commodities*' excludes processed
foods, which are included in total but not shown separately.
Latest figures shown are for December 1953.

RECENT PRODUCTION AND PRICE DEVELOPMENTS

farm products declined slightly further in
1953. At the beginning of the year prices
of most Federally supported farm products
were already near support levels. By midyear
cattle prices had reached the lowest levels
since the elimination of wartime price controls in 1946.
For many materials, as well as some finished goods, price stability during 1953 followed a period of substantial readjustment
from the highs reached in early 1951. This
readjustment in general had resulted in a
lowering of prices of materials in relation to
those of finished goods.
Industrial commodities. A slight decline
in the average level of prices of industrial
materials accompanied the production curtailments in the second half of 1953. The
price decline reflected mainly moderate decreases in cotton and synthetic textiles, hides
and leather, lumber, and metals.
Steel scrap prices, following a recovery
from the spring low, declined again in late
summer and early autumn. A moderate
recovery, based in part on relaxation in early
October of export controls on steel scrap,
was followed by another decline, as steel output was reduced substantially and orders for
early 1954 lagged. In early January steel
scrap prices, at around $29 per ton, were $14
below the level prevailing in 1952 and early
1953, but still about $9 above the 1949 low.
List prices for finished steel have been maintained at the high levels reached at midyear.
With the domestic supply of steel products
considerably larger in 1953, however, use of
higher cost steel, particularly conversion steel,
has been virtually eliminated. Also, since
October mills have absorbed some of the
freight costs.
Lead and zinc prices strengthened late
in 1953 as foreign demand—which had been
considerably curtailed earlier when stocks




accumulated—increased and as mine production curtailments in this country became
effective. Copper prices held close to peak
levels through the second half of 1953, supported to some extent by the high selling
price maintained by Chile and an accumulation of stocks in that country. Current production of Chilean copper is now being sold
at world market prices.
Prices of cotton yarns and fabrics and of
some synthetic fabrics declined further in
the second half of 1953 as sales and output
of apparel and other textile products were
reduced. The price of raw cotton was stable
at about the Federal support level, however,
and in November rayon and acetate yarn
prices were raised somewhat. Textile prices
generally were down substantially from
earlier highs and were only slightly above
late 1949 and early 1950 levels. Over-all, the
relationship of prices of textile materials to
prices of finished textile products in 1953 was
about the same as that in late 1949.
Gasoline and fuel oil prices were reduced
somewhat in late 1953, to about the levels
prevailing in the spring. Output rates were
generally maintained despite substantial
stocks and the influence of a relatively warm
autumn on demands for fuel oils.
Prices of most other finished goods have
been maintained. Machinery, with the exception of agricultural equipment, advanced
further in the summer, following the increases in steel prices. List prices of new
automobiles have changed little, but prices
of used cars have declined sharply. In December prices of late model cars, after allowance for depreciation, averaged 13 per cent
below midyear and near the postwar low of
late 1949. In relation to new car prices, used
car prices were lower than at any other time
in the postwar period but still somewhat
higher than in the prewar period.
FEDERAL RESERVE BULLETIN

RECENT PRODUCTION AND PRICE DEVELOPMENTS

Farm products. Average prices of farm were maintained at relatively high levels.
products declined little further in the second In late September, however, marketings exhalf of 1953 and in mid-December were panded rapidly, earlier than usual for the
5 per cent below a year earlier and 20 per season, and in October prices dropped about
cent below the early 1951 peaks. While agri- one-fifth.
After mid-November, marketcultural supplies increased somewhat fur- ings fell off considerably and prices rether, there was a very large movement of covered sharply. Pork output is expected
crops into Federal loan. Domestic demands to continue relatively small until after midfor most products apparently changed little 1954. Hog producers have placed more corn
and exports were at the earlier reduced levels. than usual under Federal loan and, despite
Average livestock prices declined consider- the much more favorable relationship beably in the early autumn, as shown in the tween hog prices and feed costs since early
following chart, but had recovered substan- 1953, they have not yet increased appreciably
tially by mid-January. With consumer de- the number of hogs raised.
Cattle marketings also rose substantially in
FARM PRODUCT PRICES
1947-49=100
late September and beef supplies toward the
130
end of 1953 were about 25 per cent above
the increasing volume of a year earlier. Much
120
of the increased slaughter was of lower grade
cattle. For 1953 as a whole, marketings
probably exceeded slightly the number of
animals raised, resulting in some decrease
in cattle numbers on farms.
A Federal purchase program, started at
midyear, became an important factor in catLIVESTOCK
|
AND POULTRY \ |
tle market developments in the last four
months of the year. In that period the lower
quality beef purchased amounted to about 7
per cent of beef production and 4 per cent of
total meat output. Despite large Federal
70
purchases, prices of cows declined somewhat
1950
1951
1952
1953
NOTE.—BLS midmonth indexes. "All other" derived by- further to a level at the year-end about oneFederal Reserve. Latest figures shown are for December 1953.
third below a year ago. Prices of high-grade
mand for meats apparently maintained steers, however, which had dropped sharply
through the second half of 1953, prices fluc- in early 1953, advanced about one-eighth in
tuated in response to changes, in part sea- July and at year-end were about one-fifth
sonal, in market supplies. Thus, while total below the highs of late 1952.
meat output in the second half exceeded a
Cotton prices have been stable in recent
year earlier by about 10 per cent, December months at about the support level, while
output was slightly below a year earlier.
seasonally adjusted cotton consumption has
Hog marketings throughout most of the declined. Wheat prices have recovered,
July-December period continued well be- following the sharp spring drop, and corn
low levels of other recent years and prices has advanced from the seasonally reduced
JANUARY 1954




RECENT PRODUCTION AND PRICE DEVELOPMENTS

levels reached in October and November.
During the autumn, producers placed a
larger proportion of the crops being harvested under Federal price support loan or
purchase agreement than they had a year
earlier. At the end of 1953 a record volume
of cotton was under loan and the amount
of wheat loans was larger than in 1952
despite the smaller crop in 1953. As a result, supplies of these crops in commercial
channels are smaller and prices have strengthened, despite large total supplies, domestic
and foreign.
To reduce domestic supplies and limit Federal outlays for price support, marketing
quotas for wheat and cotton have been placed
in operation and corn will probably be under acreage allotment These crops together
account for about half of the acreage usually
planted to crops.
Reflecting tightening world supplies,
prices of coffee and cocoa rose sharply in
December and early January—to new high
levels. In mid-January cocoa was 65 per
cent above the seasonally low prices of January 1953, and coffee was 30 per cent above
a year ago.
CONSUMER PRICES

Average prices of consumer goods and
services in the second half of 1953 remained
close to peak levels, and in December were
1 per cent above a year earlier. Rents continued to rise and the rise accelerated after
midyear when most remaining rent controls
were terminated. Costs of medical care and
such other consumer services as public transportation and auto repairs also advanced
further. Prices of apparel and footwear,
•housefurnishings, and food, which together




account for 40 to 50 per cent of consumer
budgets, changed little.
Consumer demand for foods appears to
have been well maintained during the second half of 1953. With supplies, chiefly of
meats, larger than in the same period of
1952, retail food prices averaged about 2 per
cent lower, but consumer expenditures for
food were slightly larger. During December, retail food prices rose somewhat, reflecting in part the contraction in pork output.

Readjustment in industrial output and
employment, which began in mid-1953, continued through the end of the year. The
main elements in the decline were the shift
from large inventory accumulation to some
liquidation recently and from gradual increase to gradual reduction in defense outlays. Other demands have been relatively
well sustained and incomes have been reduced only moderately. Tax reductions,
effective at the beginning of 1954, are contributing to the maintenance of personal
disposable income and business income after
taxes.
Average prices have been unusually stable
for a period of appreciable production declines. This stability reflects in part operation of support programs for many agricultural products, the substantial declines which
had taken place much earlier in prices of
many materials, and the generally high levels
of most types of domestic and foreign demands. In this situation, the ready availability of credit and the adjustment achieved
thus far in business inventory positions are
favorable factors for business prospects.

FEDERAL RESERVE BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
Statistics on consumer credit contribute to interpreting other economic events. Because
the understanding of an important sector of of the importance of instalment credit in
the economy. For more than a decade, the consumer purchases of automobiles and other
Board of Governors of the Federal Reserve consumer durable items, information on the
System has compiled and published in the amount of instalment credit extended is
Federal Reserve BULLETIN data on the amount often fundamental to the interpretation of
of consumer credit outstanding. Those data developments in markets for these products.
will now be supplemented by current statis- Because of the contractual nature of repaytics on extensions and repayments of con- ments, information on their volume provides
sumer instalment credit. The new estimates an indication of the current and prospective
indicate more clearly the flow of instalment burden of instalment credit on consumers
credit to and from the consumer and thus and as such may provide some insight into
give additional information about the causes future consumer expenditures.
and implications of changes in instalment
The importance of data on credit extencredit outstanding. This article presents the sions and repayments was recognized by the
new series, month by month, from January National Bureau of Economic Research and
1940 to date, and explains the method of pre- the Russell Sage Foundation in their early
paring the estimates.1
studies of consumer instalment credit and the
The amount of credit outstanding is con- first estimates were developed as part of their
stantly being altered as new contracts are work in this field.2 Estimates have also been
written and payments are made on old con- prepared by the Board's staff and have been
tracts. It is through this continuous process published from time to time in the Federal
that economic events affect the outstanding Reserve BULLETIN. The new series depend
amount of credit. Credit extensions are much to some extent on the same sources of informore dynamic and volatile than repayments mation as the earlier estimates. A number
and reflect more directly the impact of chang- of modifications in estimating techniques
ing market conditions. The volume of re- have been made, however, and some new and
payments is governed by the amount and improved data have been incorporated in the
terms of past contracts and is affected by series. The new estimates are consistent with
current economic developments only to the the revised series of consumer credit outextent that they result in delinquencies or standing.3 The estimates for total instalment
prepayments.
credit extended and repaid together with the
In addition to their usefulness in analyzing changes in outstanding instalment credit are
instalment credit developments, data on shown in the chart on the next page.
extensions and repayments are valuable in
1

This article was prepared by Paul F. Smith. The work
on the estimates was organized and conducted by Tynan
Smith and Paul F. Smith of the Consumer Credit and
Finances Section of the Board's Division of Research and
Statistics. Members of the staff who contributed substantially
to the work are: Alfred P. Johnson, Elsie T. Nelson,
Katharyne P. Reil and Philip M. Webster.
JANUARY 1954




2
See Duncan McC. Holthausen, Malcolm L. Merriam, and
Rolf Nugent, The Volume of Consumer Instalment Credit,
1929-38 (National Bureau of Economic Research*, Studies in
Consumer Instalment Financing, Number 7), 1940.
3
A description of the revised consumer credit series is
given in the article "Revision of Consumer Credit Statistics,"
Federal Reserve BULLETIN, April 1953, pp. 336-54.

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT

Since a strong seasonal pattern occurs in
some of the components of these series, seasonally adjusted series have been prepared
to facilitate interpretation. Monthly figures
for both the unadjusted and the adjusted
series for the period from January 1940 to
date for each of the four major types of consumer instalment credit (automobile paper,
other consumer goods paper, repair and modernization loans, and personal loans) are
given in the tables at the end of this article.
Current estimates will be published regularly
in the BULLETIN.
CHARACTERISTICS OF CREDIT EXTENSIONS AND
REPAYMENTS

Instalment credit is extended by a wide variety of financial institutions and retail organizations. Retail stores and automobile dealers
write a major proportion of all instalment
contracts. Many of these contracts, however,

are in turn sold to commercial banks or sales
finance, companies, and only a relatively small
proportion is held on the books of the retail
outlets. Commercial banks and other financial institutions, in addition to buying instalment paper, make direct loans secured by
automobiles and other durable goods and
make personal loans that may be secured or
unsecured. During 1953 retail stores, including automobile dealers, originated and
retained about 15 per cent of all instalment
credit extended. In addition, they originated
and sold another 43 per cent. Financial institutions extended the remaining 42 per cent
directly to consumers. Thus financial institutions extended either directly or by purchase about 85 per cent of all instalment
credit during 1953.
Figures on credit extensions and repayments have been developed for four types

CONSUMER INSTALMENT CREDIT
Without Adjustment for Seasonal Variation and Differences in Trading Days
Millions of Dollars

3000
2500
2000
1500
1000

INSTALMENT
CREDIT REPAID
I

I

j

I

I

I

J

500

J

I

L

NET CHANGE IN INSTALMENT
CREDIT OUTSTANDING

500

-500
1941

10




1943

^945

1947

1949

1951

1953

FEDERAL RESERVE BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT

of instalment credit: automobile paper, other
consumer goods paper, repair and modernization loans, and personal loans. As indicated in the accompanying table, automobile
credit was the most important factor in instalment credit extensions before World War
II and regained this position in 1949. During
1953 automobile paper represented about 45
per cent of all instalment credit extended.
DISTRIBUTION

OF INSTALMENT

CREDIT

EXTENDED, BY T Y P E OF CREDIT

[Dollar amounts in millions]
Percentage distribution

Year

Total
instalment
credit
extended

Automobile
paper

Other
consumer
goods
paper

Repair
and modernization
loans

Personal
loans

1940..
1941. .
1942. .
1943. .
1944. .

$ 8,219
9,425
5,239
4,587
4,894

38
41
20
17
19

31
31
41
43
40

4
3
3
2
3

27
25
36
38
38

1945. .
1946. .
1947. .
1948. .
1949. .

5,379
8,495
12,713
15,540
18,002

18
23
29
34
40

38
36
35
34
31

4
5
6
5
4

40
36
30
27
25

1950. .
1951. .
1952.e .
1953 .

21,256
22,791
28,397
29,700

42
41
44
45

30
29
28
26

4
4
4
5

24
26
24
24

e

Includes estimate for December.

The factors leading to the demand for
instalment credit depend to some extent upon
the type of credit. In the case of automobile
paper, other consumer goods paper, and repair and modernization loans, the demand
for credit is closely related to the demand
for the commodities associated with each
type of credit. Personal loans, however, are
used for a wide variety of purposes. As in
the case of other types of instalment credit,
they may sometimes be used to purchase
durable goods but more frequently they are
used for medical expenses, income tax payments, consolidation of debts, or other personal expenses.
The volume of each type of instalment
credit is related to the general level of income
JANUARY 1954




and consumption expenditures and also reflects certain types of seasonal outlays. Instalment credit may serve as an alternative
to the use of accumulated savings or it may
be the only way in which the consumer can
finance his expenditure. The amount of
credit used depends on the demand for the
goods involved, the willingness of the individual to commit his future income, and the
availability of credit on acceptable terms.
The terms on which credit is available
depend to some extent on the type of credit.
Down payments may vary from zero in the
case of clothing or small items to one-third
or more for automobiles. Maturities may
range from a few months for some nondurable and small durable items to three years
or more for repair and modernization loans.
Contract terms are an important factor in the
ability and willingness of consumers to use
instalment credit and in turn to make current
purchases. Large down payments or large
monthly instalments may make it impossible
for some potential buyers to make current
purchases, particularly of the large and more
expensive items.
As has previously been indicated, the pattern of repayments is determined in large
measure by the amount of credit extended in
previous periods and by contract terms. The
relationship of repayments to the outstanding
amount of credit differs for each type of
credit because of differences in the rate of
credit extensions and variations in contract
terms. Personal loans and other consumer
goods paper normally have the shortest average maturities and the volume of repayments
during any period of time is relatively large
compared to the outstanding amount. Maturities on automobile paper are somewhat
longer so that repayments are not as large
in relation to outstandings. In the case of
repair and modernization loans, where three11

EXTENSIONS

AND REPAYMENTS

OF CONSUMER

year contracts are common, repayments are
comparatively small in relation to the outstanding amount of credit.
RELATIONSHIP TO OUTSTANDING CREDIT

Estimates of instalment credit extended,
repaid, and outstanding represent summaries
of accounting records. Conceptually the
amount of outstanding instalment credit
represents the sum of the balances in the
instalment receivable accounts of financial
institutions and retail outlets on any given
date. Credit extended covers all debit entries
to these accounts during a given period and
credit repaid covers all of the credit entries
except charge-oflfs. The difference between
credit extended and credit repaid during any
given period is thus equal to the change in
the outstanding balance during the period,
if allowance is made for losses and chargeoflfs.4 In these estimates, charge-oflfs are included as repayments in most of the components of the series. Information is not available to make separate estimates of the amount
of charge-oflfs and under most circumstances
the amounts involved are relatively small.
In a small segment of the total, where estimates are developed from data on collections
(see section describing methods of estimation), the effect of charge-oflfs of bad debts
is to reduce moderately the derived estimates
of credit extended.
There is a necessary relationship between
credit extensions and repayments which is
determined by the nature of the instalment
contract. Once a contract is made, the schedule of repayments is determined. Repayments will be made over a number of months

INSTALMENT

CREDIT

and the payment in each month will be only
a fraction of the amount extended. Each
month repayments originating from contracts
written in the previous month add to the
volume of repayments. At the same time,
repayments on earlier contracts that have
expired drop out of the flow of repayments.
This pattern is interrupted only when delinquencies or prepayments occur. This relationship between extensions and repayments
results in the lag that is observed in repayments as credit extensions expand or contract.
The length of the lag depends upon the maturities of the contracts involved and varies
with changes in maturities.
The ratio of repayments to the outstanding
amount of credit at the beginning of the
month is sometimes used without proper
qualification to estimate the average of original contract maturities of the instalment
credit outstanding. Where R equals the
ratio of repayments to the outstanding
amount at the beginning of the period, the
formula used to calculate the average maturity in months is as follows:
(2/R) — 1 = average contract maturity.
This formula assumes a stable level of credit
extensions and is, consequently, subject to
severe limitations.5 In practice, credit extensions are rarely stable over periods of more
than a few months, and the formula tends
to overstate or understate the average maturity according to whether the volume of extensions is expanding or contracting. Another use sometimes made of this formula
is as a measure of the average maturity on
contracts currently being written. The limitations of the formula in this use are even
greater since repayments on contracts currently being written are such a small proportion of total repayments.

*For a mathematical description of the relationship of
credit extended and outstanding credit see Gottfried Haberler,
Consumer Instalment Credit and Economic Fluctuations, Appendix B by Paul A. Samuelson (National Bureau of Eco5
nomic Research, Studies in Consumer Instalment Financing,
For a description of this formula, see Milan V. Ayres,
Number 9), 1942.
Instalment Mathematics Handbook, 1946, pp. 100-103.

12




FEDERAL RESERVE BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT

credit extended tends to increase during the
The monthly amounts of instalment credit spring, with the seasonal expansion in autoextended and repaid reflect in part seasonal mobile sales, to a high point in June. Some
influences. Seasonal patterns vary widely as decline is then usually evident during the
between credit extensions and repayments remainder of the year. Seasonal variations in
and among the different types of credit. Pre- automobile credit extended have not been
liminary to the preparation of seasonal fac- as great in recent years as in most prewar
tors, adjustments were made in the estimates years.
The other three types of instalment credit
for differences in the number of trading days
extended tend to rise and fall twice during
in each month.
the year. This is particularly true of other
The method used to make the seasonal
consumer goods paper, which shows wider
adjustments for both the instalment credit
seasonal variations than other segments.
extended and the credit repaid series was the Credit extended on other consumer goods
modified ratio-to-moving-average method de- reaches the first seasonal peak late in the
scribed by H. C. Barton, Jr., in "Adjustment spring. From this point it usually declines
for Seasonal Variation," published in the somewhat throughout the summer months
Federal Reserve BULLETIN, June 1941. The and then gradually increases during the renumber of trading days and the seasonal mainder of the year, reaching the highest
factors used in making the adjusted estimates point with the Christmas peak in retail sales.
for 1953 are shown in the accompanying
Repair and modernization loans extended
table. An additional minor adjustment was also increase from a seasonal low in January
made in the monthly figures to bring their to a peak in June. After some slackening
total into line with the annual totals of the in midsummer, they rise again in the autumn
unadjusted figures.
and then drop off sharply near the end of
Seasonal variations for credit extensions the year.
are closely related to the expenditure patExtensions of personal loans tend to externs for the commodities associated with pand from a comparatively low level in Janeach type of credit. Automobile instalment uary and February to a high point in June.
SEASONAL BEHAVIOR

NUMBER OF TRADING DAYS AND SEASONAL FACTORS USED IN ADJUSTED ESTIMATES
OF INSTALMENT CREDIT EXTENDED AND REPAID FOR
Mar.

Apr.

May

June

July

Aug.

26

25

26

26

26

110 .0
100 .0

108.0
92.0

106 0
97 5

101 .0
106 • 0

108 .0
103 .0

113 .0
107 .0

107 0
102 5

109 0
96 0

97 5
101 0

100 .0
101 .0

100 .5
99 .0

101 0
97 5

92 0
98 0

92 .0
100 .0

98 .0
104 .0

103 0
103 0

Jan.

Number of trading days1
Seasonal factors—
Credit extended:
Automobile paper
Other consumer goods paper.
Repair and modernization
loans
Personal loans
Credit repaid:
Automobile paper
Other consumer goods paper.
Repair and modernization
loans
Personal loans

Feb.

26

24

88.0
80.0

90 .0
85 .5

101.0
90.5

106 0
94 0

109 .0
103 .0

79.0
92.5

79 .
0
91 .
0

86 0
104 0

95.0
98.5

100.0
101.0

0
98 .
102 .5

100 0
99 0

108.0
95.0

105 .0
5
96 .

97 0
100 0

26

1953
Oct.

Nov.

Dec.

27

24

26

95 .0
107 .0

96.0
108.5

110 .0
95 .5

112 0
93 0

109.0
97.5

90.0
136.0
93.0
119.5

98.0
93.0

105 .5
102 .5

100.0
98.0

101.0
104.0

100 0
96 0

100 .0
98 .0

102 0
97 5

103.0
101.5

Sept.
25

98.5
101.5
100.0
110.5

i Number of calendar days in each month minus Sundays and principal holidays that fall on days other than Sundays. Holidays
excluded are New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.
JANUARY

1954




13

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT

The increase during this period is accelerated
temporarily in March by an expansion in the
volume of loans for income tax purposes.
From a relatively high level in June, extensions of personal loans decline gradually
until about November and then increase
sharply to another seasonal peak in December.
Because repayments on instalment contracts are distributed evenly over a number
of months, data on repayments show much
less seasonal variation than data on extensions. The seasonal movements that do
occur in repayments are related to some extent to the seasonal movements in extensions
although the relationship is a complex one
because of the wide variety of contract maturities. In the case of personal loans, seasonal
variations in credit repaid tend to accompany,
in a dampened form, seasonal fluctuations in
#
credit extended. This reflects to a consider-

able extent the importance of renewals, which
are reported both as repayments on old loans
and extensions of new credit.
Seasonally adjusted estimates of credit extended and repaid are shown in the accompanying chart. Differences between these
two series measure seasonally adjusted
changes in the outstanding amount of instalment credit as shown at the bottom of
the chart.
RELATIONSHIP TO OTHER STATISTICS

Several features of these data should be
borne in mind whenever they are used. Like
the estimates of the amount outstanding, the
estimates of instalment credit extended include any finance and insurance charges included as part of the instalment contract.
Similarly, instalment credit repayments include the payments on these charges. The
inclusion of finance charges is general for

CONSUMER INSTALMENT CREDIT
Adjusted for Seasonal Variation and Differences in Trading Days
Millions of Dollars

3000
2500
2000

INSTALMENT
CREDIT EXTENDED

1500
INSTALMENT
CREDIT REPAID

1000
500

NET

HIM I,

CHANGE IN INSTALMENT
CREDIT OUTSTANDING

500

I.I.

I'11'

J
1941

14




L_
1943

J
1945

1947

1949

L

1951
FEDERAL RESERVE

-500
1953
BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT

most types of instalment contracts since they
are usually written on a discount basis. The
inclusion of insurance charges is of importance primarily in the case of automobile
instalment credit.
Another fact to consider in using figures
on instalment credit extended and repaid is
the inclusion of loans to refinance or consolidate other instalment obligations or to renew
existing loans. These items simultaneously
add to both credit extended and credit repaid with no net effect on the amount outstanding. Little is known of the exact
amount of such refinancing, but it is not
believed to be sufficiently large most of the
time to have any significant effect on the
totals of instalment credit extended and repaid. Renewals and refinancing occur most
frequently in the personal instalment loan
category and in this component changes in
the amounts involved may be large enough
to influence movements from time to time.
Inclusion of the various items described
above in the estimates of instalment credit
extended and repaid probably causes no serious difficulty for many analytical purposes.
Most of the time the broad movements of
credit extended and repaid would not be
affected by the inclusion of finance and insurance charges and renewals.
When some types of comparisons are attempted, however, considerable difficulty
arises from the lack of comparability between
these credit data and other economic measures. For example, in attempting to measure
the extent to which instalment credit is used
to finance the purchase of automobiles, adjustments are required in the estimates of
credit extended to eliminate the extraneous
elements. Adjustments are also required in
the Commerce Department's estimates of
consumer expenditures for automobiles since
the published estimates, which are intended
JANUARY

1954




to measure only current production and to
exclude transfers of existing goods from one
group to another, include only the dealers'
margins on used car sales. Also, most of the
accessories purchased with new cars are not
included in the automobile expenditure estimates but rather are included in the separate
estimates of automobile parts and accessories.
Another source of incomparability is the difference between the adjustment that is made
to eliminate business credit from the estimates of instalment credit extended and the
adjustment made to eliminate business purchases from the consumer expenditure estimates. These are only the more important
problems involved in deriving a precise relationship between these two particular series.
Similar difficulties arise in comparing instalment credit extended or repaid with many
other economic series. Each comparison
must be carefully analyzed to determine the
significance of any incomparabilities. Either
appropriate adjustments should be made or,
if this is not possible, the analysis should take
account in a general way of the influence on
the comparison of any source of incomparability for which adjustments are not made.
METHODS OF ESTIMATION

The monthly reporting samples of the different types of financial institutions and retail stores that are used in obtaining the
information needed to prepare estimates of
instalment credit outstanding also provide
information that can be used to estimate the
volume of instalment credit extended and
repaid.6 Financial institutions are usually
6
These reporting samples were described in connection
with the Board's revision of the consumer credit estimates.
See Detailed Description of Sources and Methods Used in
Revision of Short- and Intermediate-Term Consumer Credit
Statistics, Board of Governors of the Federal Reserve System, Washington, D. C , April 1953, copies of which are
available upon request.

15

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT

able to report figures on the volume of instalment loans made during the month. Retail
outlets can usually report the volume of repayments on instalment contracts and can
sometimes report the volume of new instalment contracts written during the month.
This information either provides repayment figures directly or, together with the
data for the outstanding amount of instalment credit at the beginning and end of the
period, makes it possible to derive them for
all reporting stores or institutions. Estimates
of repayments for financial institutions that
report the volume of new loans and for retail
outlets that report the amount of contracts
written, are obtained as follows:
Outstanding amount at end of previous
month + credit extended during month —
outstanding amount at end of current month
= credit repaid.
Estimates of the amount of repayments
for each reporting sample, together with
available information on the outstanding
amount of instalment credit at the beginning
and end of each month, are used to prepare
the monthly estimates of credit extensions
and repayments for all financial institutions
and retail stores. The preparation of these
estimates is based upon the assumption that
the "collection ratio," that is, the ratio of
credit repaid to the outstanding amount at
the end of the preceding month for the

16




firms in each reporting sample, is representative of the ratio for all stores or institutions
of the same type. The collection ratios computed from the sample data are applied to the
estimates of the total amount of instalment
credit outstanding at all financial institutions
or retail stores within each group to obtain
estimates of credit repaid. Estimates of
credit extended are derived by adding the
estimates of credit repaid during the month
to the amount outstanding at the end of the
month and subtracting the amount outstanding at the end of the preceding month.
Separate estimates of credit extended and
repaid are prepared for each type of credit
and each type of retail store or financial institution for which separate information on
outstandings is compiled. The same general
procedure is used in each case. For retail
outlets and financial institutions for which no
sample data are available, collection ratios
for similar types of stores or institutions are
used.
The following table gives the size and
coverage of the reporting samples that provide information for developing monthly
estimates of credit extended and repaid. The
proportion of total instalment credit held by
each type of institution, as shown in the
table, is an approximate measure of the relative importance of each type of institution
in the estimates of total instalment credit
extended and repaid.

FEDERAL RESERVE BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
DESCRIPTION OF SAMPLE DATA USED FOR MONTHLY ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID

Type of institution

Total—all institutions

Percentage of
total instalment credit
held by each
type of
institution,
Nov. 1953.1

Monthly sample data

100

Financial institutions:
Commercial banks

41

Data on loans extended are obtained from about 375 commercial banks
that hold about one-half of the consumer instalment credit at commercial banks.

Sales finance companies

29

Data on loans extended are obtained from about 100 sales finance
companies that hold about two-thirds of the consumer instalment
paper held by all such companies.

5

Data on total loans extended are obtained from about 950 Federal and
State credit unions that hold about one-fifth of the loans of all such
organizations.

11

Data on loans extended are obtained from about 550 consumer finance
companies that hold over one-half of the loans of all such companies.
Data are also obtained from about 100 industrial loan companies.
No information is available for the volume of loans extended by the
other institutions in this category. Estimates are based on the data
available for other types offinancialinstitutions.

Credit unions
Other financial institutions

Retail outlets:
Department stores and mail order houses..

Furniture stores

y

4

Household appliance stores
Other retail outlets

Data on collections on instalment accounts are obtained from about
400 department stores that hold about 80 per cent of the instalment
credit held by all such stores. Adjustments to exclude down payments are based on information from stores that report collections
exclusive of down payments. A program is underway to obtain
either co lections excluding down payments or the volume of new
contracts written from the entire sample.
Data are available on the instalment collections of the four principal
mail order houses.
Data on collections are obtained from about 250 furniture stores that
hold about 10 per cent of the instalment receivables held by all stores
of this type. Adjustments to exclude down payments are based on
information from a smaller sample. A program is underway to
enlarge the sample reporting either collections excluding down payments or the volume of new contracts written.
Data on either new instalment contracts written or collections are
obtained from about 250 household appliance stores. These stores
account for about 10 per cent of the receivables held by all such stores.

4

No monthly data are available for these stores. Collection ratios for
each type of store have been computed on the basis of the 1948 Census
data. These ratios are carried forward by the changes in the collection ratio of department stores and are used to estimate the extensions and repayments at these outlets.

J
This proportion indicates the approximate importance of each type of institution in the estimates of total instalment credit extended
and repaid. Similarly, the approximate importance of each type of institution to each type of instalment credit extended and repaid depends upon the proportion of the total of each type of credit held. Of total automobile paper outstanding on Nov. 30, 1953 commercial
banks held 39 per cent, salesfinancecompanies 51 per cent, and otherfinancialinstitutions and automobile dealers held the remainder. On
the same date commercial banks held about 37 per cent of other consumer goods paper, department stores and mail order companies 18 per
cent, furniture stores 15 per cent, and other types of retail stores andfinancialinstitutions held the remainder. Commercial banks held 81
per cent of all repair and modernization loans; other types of financial institutions held the remainder. Commercial banks also held 35
per cent of the personal loans outstanding while consumer finance companies and credit unions held most of the remainder.

JANUARY

1954




17

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
TABLE 1
ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID

[Without adjustment for seasonal variation and differences in trading days. In millions of dollars]
Automobile
paper

Total
Month and year
Extended

Repaid

1940
1941
1942
1943
1944

8,219
•9,425
5,239
4,587
4,894

7,208
8,854
8,158
5,617
4,854

3,086
3,823
1,022
762
930

1945
1946
1947
1948
1949

5,379
8,495
12,713
15,540
18,002

5,093
6,785
10,190
13,267
15,454

1950
1951
1952
1940—January.. .
February..
March
April
May
June
July
August
September
October. ..
November,
December.

21,256
22,791
28,397

Repaid

2,512
3,436
2,738
1,149
888

2,588
2,929
2,176
1,985
1,957

2,381
2,827
2,910
2,361
1,985

328
312
142
102
124

999
1,969
3,692
5,280
7,182

941
1,443
2,749
4,150
5,537

2,024
3,077
4,498
5,280
5,533

1,999
2,603
3,645
4,581
4,889

18,282
22,444
24,550

8,928
9,362
12,306

7,285
9,462
10,449

6,458
6,518
7,959

530
533
646
711
756
757
674
684
634
724
732
838

546
542
576
581
593
595
610
608
604
650
635
668

198
210
244
279
301
304
272
247
218
265
270
278

179
180
192
192
201
211
217
220
225
232
230
233

1941—January...
February..
March
April
May
June.. . .. ,
July
August
September
October. . .
November,
December.

648
664
822
943
988
919
857
844
681
650
631
778

667
632
736
691
731
746
751
758
768
783
755
836

280
274
360
418
437
431
384
325
252
221
203
238

1942—January.. .
February..
March
April
May
June
July
August
September
October. ..
November.
December.

484
449
580
506
437
411
388
400
381
389
363
451

773
718
771
731
707
702
673
674
623
627
565
594

1943—January...
February..
March
April
May
June
July
August
September
October. . .
November,
December.

292
302
410
389
364
410
356
369
403
398
413
481

1944—January.. ,
February.,
March
April
May
June
July
August... ,
September
October. ..
November,
December.

307
323
444
366
419
420
394
410
404
434
448
525




Repaid

Repair and
modernization loans

Extended

1
8

Extended

Other consumer
goods paper

Extended

Repaid

255
307
263
227
135

2,217
2,361
1,899
1,738
1,883

2,060
2,284
2,247
1,880
1,846

206
423
704
702
721

143
200
391
577
677

2,150
3,026
3,819
4,278
4,566

2,010
2,539
3,405
3,959
4,351

5,607
6,585
6,901

826
853
1,243

707
769
927

5,044
6,058
6,889

4,683
5,628
6,273

150
143
195
222
233
232
188
220
211
237
251
306

194
188
195
194
196
194
197
199
194
207
211
212

18
16
17
25
26
29
31
36
38
34
30
28

19
18
20
20
21
21
23
21
24
29
18
21

164
164
190
185
196
192
183
181
167
188
181
226

154
156
169
175
175
169
173
168
161
182
176
202

239
227
284
259
270
299
302
287
324
309
296
340

156
184
223
283
304
254
245
279
239
224
234
304

225
210
226
217
236
230
235
247
247
254
245
255

23
22
20
28
29
30
28
33
35
28
18
18

25
22
27
24
26
26
26
26
27
27
27
24

189
184
219
214
218
204
200
207
155
177
176
218

178
173
199
191
199
191
188
198
170
193
187
217

125
102
122
97
90
89
89
93
71
55
48
41

287
270
269
254
239
235
227
230
206
191
166
164

182
177
233
218
183
143
135
149
162
187
176
231

264
242
259
255
256
247
236
232
226
240
223
230

13
12
16
17
14
9
9
9
9
11
10
13

28
25
30
27
27
23
25
22
14
17
11
14

164
158
209
174
150
170
155
149
139
136
129
166

194
181
213
195
185
197
185
190
177
179
165
186

538
509
557
501
477
476
447
428
421
420
417
426

41
46
66
65
66
72
68
73
75
63
63
64

137
124
135
109
98
99
88
80
76
68
67
68

134
136
155
178
160
162
143
148
164
184
196
225

230
207
212
206
205
197
189
180
174
186
189
186

7
6
6
8
9
10
9
9
11
9
10
8

14
24
25
24
21
20
19
19
16
16
16
13

110
114
183
138
129
166
136
139
153
142
144
184

157
154
185
162
153
160
151
149
155
150
145
159

399
384
428
383
409
397
390
406
397
416
417
428

58
60
78
76
91
91
94
89
76
78
71
68

67
63
76
69
77
72
76
81
78
80
76
73

120
123
158
149
163
149
132
154
166
197
205
241

174
167
173
160
166
156
149
156
158
172
176
178

7
7
8
8
9
12
10
13
12
12
12
14

13
11
12
12
12
11
10
11
11
12
9
11

122
133
200
133
156
168
158
154
150
147
160
202

145
143
167
142
154
158
155
158
150
152
156
166

Extended

Repaid

Personal
loans

FEDERAL RESERVE BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
T A B L E 1 (cont.)
ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID

[Without adjustment for seasonal variation and differences in trading days.
Automobile
paper

a
l

Other consumer
goods paper

In millions of dollars]
Repair and
modernization loans

Personal
loans

Month and year
Extended

1945—January.. .
February..
March
April
May

June

July
August
September
October. . .
November
December.
1946—January.. .
February..
March. . . ,
April
May
June
July
August
September
October. . .
November,
December.
1947—January.. .
February..
March
April
May
June
July
August
September
October. . .
November
December.

355
334
472

Repaid

415

Extended

Repaid

66
65

78
75

441
405
414
417
407
415

85
73
74
87

80

85
81

405
452

84
97

78
79
75

460
471

100
102

495
502
620
672
679
661
696

474

112

456
518
516
538

744

582
584
646
645

112
133
156
161
152
166
178
179
200
193

1,037

718

227

806

687
673
776

232
236
290
306
303
306
315
299
324
341
354
386

393

423
445
408
410
420
525

554
640

721
825

843

790

391

534
574

74
75
80

86
82

79
92
92
103
103
112

114
123
127
132

147
138
160
164
159
191
209
207
220

981
1,020
1,040
1,056
1,029
1,003
1,089
1,167
1,239
1,493

952
1,063

1948—January.. ,
February..
March. .'. .
April
May
June
July
August
September
October. . .
November
December.
1949—January.. .
February..
March
April
May
June
July
August
September
October. . .
November
December.

1,095
1,034
1,356
1,347
1,298
1,365
1,338
1,357
1,384
1,182
1,272
1,512

981
949
L,O79
1,050
1,080
1,164
1,135
1,143
1,166
1,133
1,162
1,225

1,056
1,082
1,423
1,477
1,561
1,583
1,481
L,625
1,557
1,624
1,659
L ,874

1,167
1,125
L,3O7
L.245
1,260
1,311
1,271
L ,337
1,289
1,337
1,374
L.431

379
397

608

531

1950—January...
February..
March....
April
May
June
July
August
September
October. . .
November.
December.

1,404
1,441
1,748
1,657
,894
2,007
2,057
2,050
2,000
1,720
1,487
1 ,791

1,401
1,370
1,532
,413
1,502
1,518
,513
,594
,603
,623
,586
,627

602
637
774
719

535

JANUARY

1954




789
801
842
870
842

940
955

366
352
482

472
420
460
488
506

494
385
420

435

595
612
653
638
627
706
644
665
658

816
915

945
873
840
691

548
568

247
235
270
280
271
296
282
273
316
318
326
368
361
384
399
359
374
390
383
366
444
426
440

471
455
497
487
512
525

523

611
551
605
613
601
648
667
668
632
631

Extended

137
124
172
146
155
155
137
149

154
210
222
263

175
179
214
242

247
231
239
256

257
308
322

407
266
259
329
347
367
369
328
333
390
424

Repaid

Extended

Repaid

174

11

10

163

10

174

13
15
17

8
9

161

165
158
153
156
152
175
186
182
191
183

197
202
208
205
215
217
223
245
252
265
269
248
283

274

477

297
305
298
297
332
329
342

609

20

17
19
18
22
23
21

14
10
12
12
13

15
12

14
14

20
22
30
33

12
13
16
16

34

17
17
17

36

37
43
40
46
43
39

18
18
20

36
37
43
54

19
33
26
23
31
28
30
30
36

59
62
62
66

75

21
15

Extended

141
135
202

159
177
183
169
161
164
196
209

254

Repaid

153
145
178
156
164
167
164
167
163

179
178
196

188

179

189

168
202
195
201
198
219
220
211

243
241
237
242

254
267
245
271
285
364
272
258
319
313
311
319
324
305
300
322
343
433

234
234
278
235
233

276
283
266
289
295
280
302
299
300

47

371

80
65
65

357

345

50

331
428

354
368
368
388
410
383
376
388

47
57

56
41
44
41
44
47
49
52

322
304
389

49
51

346
317

51
52

348

339

440

378
332
317
375
361
356
359
366
372
352
357
378
426

452
462
463
420
435
482
420
443
587

398
398
405

312
343
389
433

390
385
430

475
475
417

413
430
395
409
393
411
411
415

451
481
525

525
707
391
408
487
482
551
532
583
633

667
565
476
683

407

441
445
458

68
68
62

57
60
62
60
61
50

39

49

62

355
348
380

342
331
330

60

59

498

52
55

61
57

359
341

61

439

57

400
445
476
441
455

57

50
52
61

58
51
51
51
55
59

72
53
80
68
73

57
57

428
447

48
56
82

439

84

457
471
495

64
55

513

88
89
80
79

508
505

65
48

56
53

56
60
65
62

323
322
339

356

76
61

37

298
281

351

373

327
305
389
380
372
398
384
388
364
361
400

38

347

325

364
345
402

377

413
385
398

394
406
390
411
386
380
390

492

438

19

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
TABLE 1

(cont.)

ESTIMATES OF CONSUMER INSTALMENT C R E D I T EXTENDED AND R E P A I D

[Without adjustment for seasonal variation and differences in trading days.
Automobile
paper

Total
Month and year
Extended

Repaid

Extended

Other consumer
goods paper

Repaid

Extended

In millions of dollars]
Repair and
modernization loans

Repaid

Extended

Repaid

Personal
loans
Extended

Repaid

1951—January
February
March
April
May
June
July
August
September
October
November
December

1,573
1,462
1,763
1,685
1,889
1,894
1,806
2,194
2,014
2,147
2,079
2,285

1,725
1,629
1,807
1,751
1,846
1,840
1,887
1,950
1,894
2,110
1,989
2,016

609
565
689
705
833
843
816
998
870
869
802
763

704
641
730
707
771
773
820
872
819
932
850
843

463
444
492
449
486
466
420
583
596
657
645
817

536
534
545
537
548
524
527
529
578
586
572
569

53
44
59
62
76
71
72
80
77
94
86
79

66
57
58
58
62
69
63
62
60
73
65
76

448
409
523
469
494
514
498
533
471
527
546
626

419
397
474
449
465
474
477
487
437
519
502
528

1952—January
February
March
April
May
June..
July
August
September
October
November
December

1,866
1,834
2,044
2,182
2,633
2,755
2,550
2,236
2,364
2,661
2,341
2,931

2,043
1,928
2,044
1,995
2,045
2,023
2,114
1,976
2,043
2,140
1,991
2,208

801
789
842
936
1,232
1,308
1,157
897
997
1,158
1,037
1,152

897
824
868
841
881
874
929
826
881
908
811
909

489
489
563
600
686
699
673
662
701
794
650
953

584
572
593
587
560
540
564
561
572
598
583
587

64
65
74
91
110
118
119
120
126
136
116
104

75
66
73
70
68
75
75
81
82
86
85
91

512
491
565
555
605
630
601
557
540
573
538
722

487
466
510
497
536
534
546
508
508
548
512
621

1953—January
February
March
April
May
June
July
August
September
October
November

2,282
2,154
2,713
2,605
2,580
,670
2,602
2,436
2,389
2,486
2,297

2,115
2,023
2,304
2,229
2,134
2,248
2,233
2,222
2,260
2,347
2,197

1,050
1,044
1,281
1,258
1,218
1,219
1,226
1,126
1,089
1,121
974

876
837
962
946
897
959
945
963
993
1,016
953

580
507
657
648
658
687
622
619
625
668
646

620
587
648
648
603
626
604
608
635
654
606

95
80
111
109
115
129
124
120
120
131
108

98
79
99
90
88
98
101
102
92
108
89

557
523
664
590
589
635
630
571
555
566
569

521
520
595
545
546
565
583
549
540
569
549

NOTE.—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.
TABLE

2

A D J U S T E D ESTIMATES OF CONSUMER INSTALMENT C R E D I T EXTENDED AND R E P A I D

[Adjusted for st;asonal variation and differences in trading days.
Automobile
paper

Total

Other consumer
goods paper

Month and year
Extended
194.0—Tanuarv
February
March
April
May
June
J U ly
August
September
October
November
December
1941—January
February
March
April
May

June

July
August
September
October
November
December

20




Repaid

Extended

In millions of dollars]

Repaid

Extended

Repaid

Repair and
modernization loans
Extended

Repaid

Personal
loans
Extended

Repaid

640
631
645

545
554
559

231
246
237

183
185
187

215
193
213

183
188
192

24
21
21

20
19
19

170
171
174

159
162
161

647
657
688
662
673
718
736
759
763

584
582
599
615
596
637
633
641
663

238
243
252
247
244
259
287
300
302

194
202
210
214
214
228
225
234
236

205
205
223
202
215
226
222
235
234

197
189
201
203
197
203
201
209
218

26
24
28
29
31
35
28
30
31

20
20
20
23
20
25
27
18
24

178
185
185
184
183
198
199
194
196

173
171
168
175
165
181
180
180
185

662

332

243

223

211

670
711

340
353

242
275

257
243

30

25

826
822

218
222

29
26

24
25

196

183

200
200

186
189

852
856
827
843
862

695
717
748
754
769

361
359
360
354
337

262
272
297
297
289

259
264
243
262
280

744
659

772
764

291
243

315
300

245
207

221
227
237
242
253

28
27
28
26
28

24
24
25
25
26

204
206
196
201
217

30
23

27
27

188
194
189
190
201

178
186

794
798

240
253

183
191

679
674

314
330

225
221

18
19

29
26

196
181

199
191

781

247
246
252
251

FEDERAL RESERVE BULLETIN

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
TABLE 2 (cont.)
ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID

[Adjusted for seasonal variation and differences in trading days. In million of dollars]
Other consumer
goods paper

Automobile
paper

Tot a
l

Repair and
modernization loans

Personal
loans

Month and year
Extended

Repaid

Extended

Repaid

Extended

Repaid

Extended

Repaid

Extended

Repaid

557
533

768
762

145
124

290
288

217
221

249
251

16
16

29
28

179
172

200
195

551
470
440
387
401
416

735
727
724
681
678
683

117
86
80
73
80
85

259
256
249
224
223
229

236
199
187
149
157
166

255
253
257
248
243
239

19
17
13
8
8
8

28
26
27
21
25
22

179
168
160
157
156
157

193
192
191
188
187
193

397
371
363
353

633
604
590
573

78
59
53
42

200
182
175
163

165
161
157
161

236
229
227
223

7
8
9
13

14
16
12
15

147
143
144
137

183
177
176
172

354
372

552
540

50
56

144
132

166
170

225
215

129
139

168
167

514
498
486
466
453
442

61
60
63
61
62
68

125
110
102
94
86
80

152
164
167
170
167
165

203
204
205
198
195
191

9
7

15
26

364
375
377
390
376
389

7
8
9
9
10
8

24
23
20
19
19
19

144
143
138
150
137
148

162
161
159
155
153
152

419
394
394
383

426
422
412
406

79
69
66
67

74
67
67
68

168
166
171
159

182
185
180
178

9
8
9
9

16
16
16
14

163
151
148
148

154
154
149
146

1944—January
February
March
April
May
June
July
August
September . . . .
October
November
December

379

409

70

70

152

170

9

14

148

155

384
394
370
411
404
425

393
399
398
405
389
401

70
71
74
83
79
89

64
72
72
78
69
76

150
156
144
163
158
162

167
166
166
161
156
159

9
9
8
9
10
10

11
12
12
12
10
10

155
158
144
156
157
164

151
149
148
154
154
156

419
423
427
428
430

407
403
419
411
420

80
80
83
76
75

78
76
80
77
76

166
171
177
181
177

162
165
171
167
175

12
11
11
11
15

11
11
12
9
11

161
161
156
160
163

156
151
156
158
158

1945—January
February
March
April
IVtay
June
July
August
September
October
November
December

421
414
422

410
418
412

77
79
76

78
80
76

166
157
170

14
14
14

11
9
9

164
164
162

157
160
160

397
416
433
439

420
410
410
418

70
66
76
80

77
76
77
78

141
157
164
168

164
169
167

167
161
158
163

15
16
18
16

13
10
11
12

171
177
175
175

163
163
164
165

418
458

416
427

72
90

77
75

162
166

162
165

17
18

12
16

167
184

165
171

498
528

438
453

97
105

82
83

182
196

168
176

19
22

11
14

200
205

177
180

535

461

111

82

195

179

23

15

206

185

1946—January
February
!March
April

578
611
612

477
490
505

130
136
125

93
99
101

212
228
221

186
191
196

25
28
35

13
14
16

211
219
231

185
186
192

651
652
669
697
743
780
805
810
887

513
530
543
564
583
614
625
637
704

144
144
140
150
159
189
200
206
246

104
112
114
118
123
134
139
140
166

237
241
255
258
278
277
282
285
303

200
202
210
219
224
238
235
241
261

32
31
33
35
39
40
40
41
44

16
16
16
17
18
19
19
20
16

238
236
241
254
267
274
283
278
294

193
200
203
210
218
223
232
236
261

929
968
966
990
996

694
720
763
791
792
846
855
86y
939
926
985

270
288
273
282
272
284
286
276
328
339
391
403

166
172
188
212
209
219
237
236
262
265
287
296

323
330
340
346
359
387
355
371
395
394
463
435

262
258
281
278
289
306
304
319
338
315
344
351

46
50
50
53
55
56
59
60
71
70
64
70

20
33
26
25
29
29
29
30
37
44
41
48

290
300
303
309
310
316
322
316
322
334
350
347

246
257
268
276
265
292
285
284
302
302
313
315

1942—January
February
March
April
May
June
July
August
September
October
November
December
1943—January
February
March
April

. ..

May
June
July
August
September
October
November
December

May
June
July
August
September
October
November
December
1947— Tanuary
February. .
March
April
May
June
July
August
September
October .
. .
November
December

JANUARY 1954




1,043
1,022
1,023
1,116
1,137
1,268
1,255

1,010

21

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT
TABLE 2

(cont.)

ADJUSTED ESTIMATES OF CONSUMER INSTALMENT C R E D I T EXTENDED AND REPAID

[Adjusted for seasonal variation and differences in trading days.

Extended

1950—January
March
April
May . .

June
July

August
September
October
November
December

. .

July
August .
September
October . . .
November
December
1952—January
February
March
April
May

June

July .
August
September
October . . . .
November
December

1953—January
February
March
April
May

June

July . . .
August
September
October .
November

Repaid

Extended

Repaid

Extended

Repaid

Personal
loans
Extended

Repaid

431
433
440
440
395
413
446
472
503
400
450
457

287
298
301
323
335
353
351
387
389
354
381
391

426
415
432
452
464
456
451
475
467
403
416
423

336
369
354
374
394
396
392
397
394
397
392
386

62
61
62
67
66
54
54
54
58
53
58
53

55
42
43
45
45
48
48
51
50
49
50
51

344
353
356
351
358
359
356
367
372
354
353
355

465

396

398

395

50

64

363

349

58
57
54
52

354
355
374
375

350
350
352
365

51

376

380
384
391
403
406
405

348

396

381

399
399
408
425
437
435
448

380
380
381
387
392
390
396

.

489
545
571
616

313
311
329
316
331
330
332
337
334
342
340
344

597
635
655
691
705
639

462
480
474
504
533
531

429
396
446
475
472
468
464
468
501
500
516

1,428
1,466
1,453
1,456
1,471
1,484
1,539
1,558
1,595
1,618
1,584
1,630

695

546

491

444

68

55
56
58
55
59
58
57

749
720
687
730
812
888
774

568
577
580
591
598
607
625

460
436
432
433
434
478
477

645
655

641
524

492
513

75
53
61
76
73
84
78

58
60
63
60
60
64
60

844
710

503
501
514
524
521
651
628

75
70

56
60

442
427

402
390

678
641

639
654

448
512

498
510

61
52

55
54

408
420

392
412

1,697
1,748
1,718
1,805
1,816
1,805
1,924
1,920
1,969
2,022
1,995
2,025

682
670
647
680

693
697
692
742

572
552
517
492

521
554
520
544

66
60
65
67

60
58
57
64

477
479
476
480

423
439
449
455

752
755
773
892
919
867

758
757
831
843
828
883

534
520
552
538
601
566

70
62
70
70
75
80

856
869

2,033
1,997
2,024
2,001
2,019
2,059
2,074
2,030
2,047
2,057
2,084
2,125

899
900
823

886
863
857

607
590
617

571
573
590

81
87
81
86
86

66
69
62
59
64
68

472
473
496
526
526
545

862
876

467
462
470
572
602
584

2,134
2,131
2 063
2,158
2,457
2,655
2,471
2,193
2,393
2,570
2,504
2,668

September...
October
November
December

. .

Extended

Repair and
modernization loans

1,797
1,761
1,705
1,719
1,761
1,752
1,809
2,060
2,122
2,076
2,120
2,109

. .

2951—January
February
March
April
May.. .

1,204
1,206
1,239
1,251
1,283
1.276
1,301
1,315
1,295
1,341
1,374
1,369

1,650
1,726
1,673
1,670
1,755
1,843
2,058
1,928
2,002
1,731
1,595
1,625

1949—January
February
March
April
May

991
1,020
1 .027
1,058
1,105
1,127
1,123
1,172
1,167
1,142
1,163
1,172

1,276
1,322
1,351
1,442
1,524
1,486
1,498
1,554
1,577
1,661
1,683
1,628

June

July
August
September
October
November
December

July

Repaid

1,263
1,262
1,290
1,310
1,283
1,282
1,307
1,368
1,400
1,210
1,277
1,288

1948—January
February
March
April
May
. .

Other consumer
goods paper

Automobile
paper

Total
Month and year

In million of dollars]

872

851
870
893
908
832

633
660
721
725
674

573
547
560
570
595

1,012
1,158
1,154
1,262

2 598
2,590
2,717
2,550
2,490
2,462
2,501
2,363
2,414
2,397
2,445

2,095
2,175
2,276
2,231
2,186
2,194
2,183
2,273
2,255
2,249
2,295

1,174
1.237
,248
,168
,143
1,090
,117
1,045
1,103
L.118
1,081

574

1,115
1,220
1,056
835

398
421
432
448
458

610
618

400
411
413
418
419

416
415
396
408
404
394

562
573

50
55
51
58
64
53
71
63
66
72
68

368
364
367
374
378
386

64
78
69
65
74

573
535

458
459
479
480
476
505
507
498

547
555
537

507
496
503

96
102
108
110
110

75
73
78
72
80

557
580
606
580
574

502
529
528
524
523

682
709

573
580

119
117

84
80

580
586

533
534

858

644

599

116

88

590

539

911

697

570

112

89

597

555

862

714

604

118

89

592

540

910

632

611

108

80

613

947
955

714
679

644
632

127
113

100
97

628
590

857
863

918

653

611

109

585

939
921

98

574
585
547
559

676
665

622
609

112
114

98
96

584
605

967
963
963

625
604
592
635

643
634
633
621

108
112
111
106

100
94
100
92

585
595
576
623

535
557

1,006

563
564
553
576

NOTE.—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, purchases 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.

22




FEDERAL RESERVE BULLETIN

INTER-AGENCY BANK EXAMINATION SCHOOL
The Inter-Agency Bank Examination
School, instituted by the three Federal bank
supervisory agencies in 1952 to provide special training in bank examination work, will
have five sessions this year. That will equal
the number of sessions that have been held
since the School was opened September 15,
1952, by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.
The 1954 program, under decisions recently made, will consist of two sessions of
the School for Examiners, presenting an
advanced course, and three sessions of the
School for Assistant Examiners, devoted primarily to training newly appointed assistant
examiners in the basic duties of a junior
assistant examiner.
The five sessions will be held in Washington, D. C , and, to the extent that facilities
are available, the various State banking departments will be invited to send representatives if interested in participating in the program. The 1952-53 sessions were attended
by approximately 150 men, representing the
three Federal bank supervisory agencies, the
State banking departments of Louisiana,
North Dakota, Oklahoma, and Virginia, and
the Treasury Department of the Commonwealth of Puerto Rico.
The 1953 program was completed on October 23 with the ending of the first session
of the School for Examiners, presenting a
training program for experienced assistant
examiners under consideration for appointment as examiners, and for men who recently
had become full-fledged examiners. This
session, attended by 31 men, presented an
intensive course of four weeks' duration.
JANUARY

1954




The School for Assistant Examiners has, in
its four sessions thus far, provided intensive
training over five-week periods to 120 men.
The Inter-Agency Bank Examination
School was established on an experimental
basis with a view to improving training procedures, shortening the training process, and
developing better examiners. It was further
regarded as a work shop through which to
develop better bank examination procedures
and a more thorough system of analysis by
bank examining personnel of bank policies
and practices.
The objectives of the School for Assistant
Examiners are, in brief, as follows:
(1) To orient the newly appointed assistant examiners in their immediate responsibilities in their field duties and to
acquaint them with the function of the
examiner in the banking system.
(2) To train the newly appointed assistant examiners through class instruction
and discussions, actual examination work
in a demonstration bank (established in the
Federal Reserve building in Washington),
and through assigned general reading so
that upon their return to their respective
posts of duty they will be able immediately
to discharge with reasonable effectiveness
the basic duties of a junior assistant examiner.
(3) To lay a firm foundation upon
which, by actual field experience, the
newly appointed assistant examiner may
be expected to progress with reasonable
assurance and dispatch toward the time
when he will be qualified for further training in anticipation of appointment, if
qualified, for a commission as an examiner.
23

INTER-AGENCY BANK EXAMINATION SCHOOL

It is not intended that the School for Assistant Examiners take the place of "onthe-job" training in the field. Rather, it
was established to make possible the shortening of the period of such training, relieve
the examiner of the more routine fieldtraining tasks, and make the assistant's work
more effective.
The Inter-Agency Bank Examination
School is conducted under the supervision
of a School Committee of three Associate
Directors, representing each of the three Federal bank supervisory agencies. The Committee currently comprises Edward H . DeHority, Assistant Chief, Division of Examination, Federal Deposit Insurance Corporation; Henry F. Quinn, Assistant Chief National Bank Examiner, Office of the Comptroller of the Currency; and Glenn M. Goodman, Assistant Director, Division of Examinations, Board of Governors of the Federal
Reserve System.
The regular instructors of the School for
Assistant Examiners have been examiners
and experienced assistant examiners on the
staffs of the three Federal bank supervisory
agencies. In the senior school, bankers from
different parts of the United States, outstanding in various fields, served as lecturers along
with bank supervisory personnel. Lecturers
participating in the recent senior school program were:
Cecil Ashwood, National Bank Examiner,
New York.
N. L. Armistead, Vice President, Federal
Reserve Bank of Richmond.
Henry Benner, Assistant Director, Division
of Examinations, Federal Reserve Board.
Joseph R. Campbell, Assistant Vice President, Federal Reserve Bank of Philadelphia.
Philip F. Coleman, Vice President, The
First National Bank of Philadelphia.
24




Carlisle R. Davis, Vice President, StatePlanters Bank and Trust Company,
Richmond.
Carl M. Flora, Vice President, First Wisconsin National Bank, Milwaukee.
Frederick L. Frey, Technical Representative, Federal Reserve Bank of New York.
Glenn M. Goodman, Assistant Director,
Division of Examinations, Federal Reserve Board.
Thomas F. Glavey, Second Vice President,
The Chase National Bank of the City
of New York.
Roger K. Grobel, Chief Examiner, Federal
Reserve Bank of Minneapolis.
Howard H. Hackley, Assistant General
Counsel, Federal Reserve Board.
Henry Harfield, Sherman & Sterling &
Wright, New York.
Raymond E. Hengren, Deputy Chief, Division of Research and Statistics, Federal Deposit Insurance Corporation.
Wilson L. Hooff, Assistant Counsel, Federal Reserve Board.
J. E. Horbett, Assistant Director, Division
of Bank Operations, Federal Reserve
Board.
Nicholas Jamba, Vice President, The National Bank and Trust Company of Norwich, New York.
L. A. Jennings, Deputy Comptroller of
the Currency.
Walter E. Jones, Chief, Analysis Division,
Bank Examinations Department, Federal Reserve Bank of New York.
W. Donald Jordan, Secretary, Chemical
Bank and Trust Company, New York.
Robert C. Masters, Assistant Director, Division of Examinations, Federal Reserve
Board.
Harry J. Meyer, Senior Examiner, Federal
Reserve Bank of New York.
Neal T. Moore, Review Examiner, Federal
FEDERAL RESERVE BULLETIN

INTER-AGENCY BANK EXAMINATION

Deposit Insurance Corporation.
F. A. Nelson, Assistant Director, Division
of Examinations, Federal Reserve Board.
John L. Nosker, Assistant Vice President,
Federal Reserve Bank of Richmond.
L. E. Quackenbush, Manager, Bank Examinations Department, Federal Reserve
Bank of New York.
Vance L. Sailor, Chief, Division of Examination, Federal Deposit Insurance Corporation.
L. H. Sedlacek, District Chief National
Bank Examiner, Cleveland.
Geo. S. Sloan, Director, Division of Examinations, Federal Reserve Board.
Francis R. Steyert, President, South Or-

JANUARY 1954




SCHOOL

ange Trust Company, South Orange,
New Jersey.
Woodlief Thomas, Economic Adviser,
Federal Reserve Board.
Andrew N. Thompson, Federal Reserve
Examiner, Federal Reserve Board.
Frank E. Tracy, Assistant Chief, Division
of Examination, Federal Deposit Insurance Corporation.
Paul M. Welch, Vice President, The Citizens & Southern National Bank, Atlanta.
Sigurd R. Wendin, President, HeberFuger-Wendin, Inc., Detroit.
C. Richard Youngdahl, Assistant Director,
Division of Research and Statistics, Federal Reserve Board.

25

CURRENT EVENTS AND ANNOUNCEMENTS
Transfer of Federal Reserve Branch Territory

Death of Director

Effective January 1, 1954, the counties in Michigan which had been included in the Head Office
territory of the Federal Reserve Bank of Chicago
were transferred to the territory of its Detroit
Branch. The Detroit Branch territory now consists of the entire lower peninsula of Michigan.

Mr. W. F. Beall, President and General Manager,
3 Beall Brothers 3 Department Stores, Jacksonville,
Texas, who had been serving as a Class B director
of the Federal Reserve Bank of Dallas since April
23, 1946, died on December 25, 1953.

Earnings and Expenses of the Federal Reserve Banks
in 1953 and 1952
A condensed comparative statement of earnings
and expenses of the Federal Reserve Banks in 1953
and 1952 is shown below. A detailed statement
of earnings and expenses of each Federal Reserve
Bank in 1953 will appear in the February Federal
Reserve BULLETIN.
Thousands of dollars
Item

1953
513,037
113,515

Current earnings
Current expenses

1952
456,060
104,694

399,522

351,366

Additions to current net earnings
Deductions from current net earnings....

12,096
3,155

12,195
611

Net additions or deductions (—)

-1,059

1,584

Current net earnings

Net earnings before payments to U. S.
Treasury

398,463

352,950

Paid U. S. Treasury (interest on F. R.
notes)
Dividends
Transferred to surplus (Sec. 7)

342,568
15,558
40,337

291,934
14,682
46,334

includes net profits of $1,952,000 in 1953 and $1,992,000 in
1952 on sales of U. S. Government securities.

Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period November 16, 1953 to December 15,
1953:
California
Long Beach—Bank of Belmont Shore.
Los Angeles—Bank of Encino (Encino).
West Virginia
Huntington—Huntington Trust & Savings Bank.
Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually
Banking offices:
Analysis of changes in number o f . . .
On, and not on, Federal Reserve Par
List, number of
Annually
Bank suspensions
Earnings and expenses:
Federal Reserve Banks
Member banks:
Calendar year
First half of year
Insured commercial banks
Banks and branches, number of, by
class and State
Operating ratios, member banks

Issue

Page

Aug. 1953

907

Aug. 1953

908

Feb. 1952

135

Feb. 1953

182-183

May 1953
Oct. 1953
May 1953

536-546
1114
547

May 1953
Aug. 1953

548-549
904-906

Appointments of Chairmen, Deputy Chairmen, and Directors

The following designations and appointments at the Federal Reserve Banks and branches have been
made by the Board of Governors of the Federal Reserve System:
Federal Reserve Ban\

Name of Appointee
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR

Boston
New York
Philadelphia
26




1954

Harold D. Hodgkinson of Boston, Massachusetts
Jay E. Crane of Orange, New Jersey
William J. Meinel of Philadelphia, Pennsylvania
FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Ban\
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Name of Appointee
John C. Virden of Shaker Heights, Ohio
#
John B. Woodward, Jr., of Newport News, Virginia
*Rufus C. Harris of New Orleans, Louisiana
John S. Coleman of Detroit, Michigan
#
M. Moss Alexander of St. Louis, Missouri
*Paul E. Miller of St. Paul, Minnesota
Raymond W. Hall of Kansas City, Missouri
J. R. Parten of Houston, Texas
*A. H. Brawner of San Mateo, California

DEPUTY CHAIRMEN FOR YEAR

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

1954

Ames Stevens of North Andover, Massachusetts
William I. Myers of Ithaca, New York
^Henderson Supplee, Jr., of Radnor, Pennsylvania
Leo L. Rummell of Columbus, Ohio
#
W. G. Wysor of Richmond, Virginia
*Paul E. Reinhold of Jacksonville, Florida
Bert R. Prall of Winnetka, Illinois
#
Caf!ey Robertson of Memphis, Tennessee
^Leslie N. Perrin of Minneapolis, Minnesota
Cecil Puckett of Denver, Colorado
Robert J. Smith of Dallas, Texas
*Y. Frank Freeman of Beverly Hills, California

FEDERAL RESERVE B A N K DiRECTORsf

(Appointed by the Board of Governors for three-year terms beginning January 1, 1954)
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
St. Louis
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
San Francisco

Karl T. Compton of Cambridge, Massachusetts
Jay E. Crane of Orange, New Jersey
#
Lester V. Chandler of Princeton, New Jersey
John C. Virden of Shaker Heights, Ohio
#
Alonzo G. Decker, Jr., of Towson, Maryland
#
Harllee Branch, Jr., of Atlanta, Georgia
^JCaffey Robertson of Memphis, Tennessee
#
M. Moss Alexander of St. Louis, Missouri
^Leslie N. Perrin of Minneapolis, Minnesota
Cecil Puckett of Denver, Colorado
Hal Bogle of Dexter, New Mexico
*%Y. Frank Freeman of Beverly Hills, California
*A. H. Brawner of San Mateo, California

t Each Federal Reserve Bank has a Board of Directors consisting of nine members, divided into three classes, designated
as Classes A, B, and C. The six A and B directors are elected by the member banks, and the three C directors are appointed
by the Board of Governors. The terms of two of the elected directors and one of the appointed directors expire at the
end of each year.
X Indicates appointment for unexpired portion of term.
* Indicates position filled by a new incumbent.
JANUARY 1954




27

CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Ban\ and Branch

Name of Appointee

FEDERAL RESERVE BANK BRANCH DIRECTORS!!

New Yor\
Buffalo

....

. . . Robert C. Tait of Pittsford, New York

Cleveland
Cincinnati
Pittsburgh

*Anthony Haswell of Dayton, Ohio
Henry A. Roemer, Jr., of Sharon, Pennsylvania

Richmond
Baltimore . .

. . . . *JClarence R. Zarfoss of Baltimore, Maryland

Atlanta
Birmingham
Nashville
New Orleans

#

Adolph Weil, Sr., of Montgomery, Alabama
*Frank B. Ward of Knoxville, Tennessee
* Everett E. Wild of Midland, Louisiana

Chicago
Detroit . . . .

. . . . JWilliam M. Day of Grosse Pointe, Michigan

St. Louis
Little Rock
Louisville
Memphis
Memphis

Sam B. Strauss of Little Rock, Arkansas
*David F. Cocks of Louisville, Kentucky
*JA. E. Hohenberg of Memphis, Tennessee
*John D. Williams of University, Mississippi

Minneapolis
Helena
Helena

«

Kansas City
Denver
Oklahoma City
Omaha

r.

Dallas
El Paso
Houston
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle

#G. R. Milburn of Grass Range, Montana
t*#Carl McFarland of Missoula, Montana
. JAksel Nielsen of Denver, Colorado
*#Davis D. Bovaird of Tulsa, Oklahoma
^Gilbert C. Swanson of Omaha, Nebraska
D. F. Stahmann of Las Cruces, New Mexico
Herbert G. Sutton of Colmesneil, Texas

,

JPaul H. Helms of Los Angeles, California
*#Philip I. Welk of Walla Walla, Washington
# Joseph Rosenblatt of Salt Lake City, Utah
#D. K. MacDonald of Bellevue, Washington

f t 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.
# Indicates appointment for two-year term beginning January 1, 1954.

All other appointments are for three-year terms.

X Indicates appointment for unexpired portion of term.
* Indicates position filled by a new incumbent.
28




FEDERAL RESERVE

BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
The new appointees are as follows:
Federal Reserve Bank of Philadelphia
Mr. Henderson Supplee, Jr., of Radnor, Pennsylvania, who has been serving as a Board-appointed
director of the Federal Reserve Bank of Philadelphia since January 1, 1953, was appointed Deputy
Chairman for the year 1954. Mr. Supplee is President of the Atlantic Refining Company, Philadelphia,
Pennsylvania. As Deputy Chairman, Mr. Supplee succeeded Mr. C. Canby Balderston, Dean, Wharton
School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pennsylvania, whose term
as a director expired December 31, 1953.
Mr. Lester V. Chandler of Princeton, New Jersey, was appointed a director of the Federal Reserve
Bank of Philadelphia for a three-year term beginning January 1, 1954. Mr. Chandler is the Gordon S.
Rentschler Professor of Economics, Princeton University, Princeton, New Jersey. He succeeded Mr. C.
Canby Balderston, whose term as a director expired December 31, 1953.
Federal Reserve Bank of Cleveland
Mr. Anthony Haswell of Dayton, Ohio, was appointed a director of the Cincinnati Branch of the
Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1954. Mr. Haswell is
President of the Dayton Malleable Iron Company, Dayton, Ohio. He succeeded Mr. Granville R. Lohnes,
Treasurer, National Cash Register Company, Dayton, Ohio, whose term expired December 31, 1953.
Federal Reserve Bank of Richmond
Mr. John B. Woodward, Jr., of Newport News, Virginia, who has been serving as a Board-appointed
director of the Federal Reserve Bank of Richmond and Deputy Chairman since January 1, 1949, was
designated Chairman and Federal Reserve Agent for the year 1954. Mr. Woodward is President of the
Newport News Shipbuilding & Dry Dock Company, Newport News, Virginia. As Chairman and
Federal Reserve Agent, Mr. Woodward succeeded Mr. Charles P. McCormick, President and Chairman
of Board, McCormick & Company, Inc., Baltimore, Maryland, whose term as a director expired December
31, 1953.
Mr. W. G. Wysor of Richmond, Virginia, who has been serving as a Board-appointed director of the
Federal Reserve Bank of Richmond since January 8, 1937, was appointed Deputy Chairman for the year
1954. Mr. Wysor is Management Counsel of the Southern States Cooperative, Inc., Richmond, Virginia.
As Deputy Chairman, Mr. Wysor succeeded Mr. John B. Woodward, Jr., who was designated Chairman
and Federal Reserve Agent. Mr. Wysor formerly served as Deputy Chairman from January 1, 1938,
through December 31, 1946, and as Chairman and Federal Reserve Agent from January 1, 1947, through
December 31, 1948.
Mr. Alonzo G. Decker, Jr., of Towson, Maryland, who had been serving as a Board-appointed
director of the Baltimore Branch of the Federal Reserve Bank of Richmond since January 1, 1952, was
appointed a director of the Federal Reserve Bank of Richmond for a three-year term beginning January
1, 1954. Mr. Decker is Vice President of The Black and Decker Manufacturing Company, Towson,
Maryland. He succeeded Mr. Charles P. McCormick whose term as a director expired December 31, 1953.
Mr. Clarence R. Zarfoss of Baltimore, Maryland, was appointed a director of the Baltimore Branch
of the Federal Reserve Bank of Richmond for the unexpired portion of the term ending December 31,
1954. Mr. Zarfoss is Vice President of the Western Maryland Railway Company, Baltimore, Maryland.
He succeeded Mr. Alonzo G. Decker, Jr., who was appointed a director of the Federal Reserve Bank
of Richmond.
Federal Reserve Bank of Atlanta
Mr. Rufus C. Harris of New Orleans, Louisiana, who has been serving as a Board-appointed director
of the Federal Reserve Bank of Atlanta since January 28, 1938, and Deputy Chairman since January 1,
1949, was designated Chairman and Federal Reserve Agent for the year 1954. Mr. Harris is President
of the Tulane University of Louisiana, New Orleans, Louisiana. As Chairman and Federal Reserve
Agent, Mr. Harris succeeded Mr. Frank H. Neely, Chairman of the Board, Rich's, Incorporated, Atlanta,
Georgia, whose term as a director expired December 31, 1953.
JANUARY 1954




29

CURRENT EVENTS AND ANNOUNCEMENTS

Mr. Paul E. Reinhold of Jacksonville, Florida, who has been serving as a Board-appointed director
of the Federal Reserve Bank of Atlanta since January 1, 1949, was appointed Deputy Chairman for the
year 1954. Mr. Reinhold is Chairman of the Board of Foremost Dairies, Inc., Jacksonville, Florida. As
Deputy Chairman, Mr. Reinhold succeeded Mr. Rufus C. Harris, who was designated Chairman and
Federal Reserve Agent.
Mr. Harllee Branch, Jr., of Atlanta, Georgia, was appointed a director of the Federal Reserve Bank
of Atlanta for a three-year term beginning January 1, 1954. Mr. Branch is President of the Georgia
Power Company, Atlanta, Georgia. He succeeded Mr. Frank H. Neely, whose term expired December
31, 1953.
Mr. Adolph Weil, Sr., of Montgomery, Alabama, was appointed a director of the Birmingham
Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr.
Weil is President of Weil Brothers-Cotton, Inc., Montgomery, Alabama. He succeeded Mr. John M.
Gallalee, President Emeritus, University of Alabama, Tuscaloosa, Alabama, whose term expired December 31, 1953.
Mr. Frank B. Ward, of Knoxville, Tennessee, was appointed a director of the Nashville Branch of
the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr. Ward is
Dean of the College of Business Administration, University of Tennessee, Knoxville, Tennessee. He
succeeded Mr. C. E. Brehm, President, University of Tennessee, Knoxville, Tennessee, whose term expired
December 31, 1953.
Mr. Everett E. Wild of Midland, Louisiana, was appointed a director of the New Orleans Branch
of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr. Wild is
engaged in rice farming. He succeeded Mr. H. G. Chalkley, Jr., President, Sweet Lake Land & Oil
Company, Lake Charles, Louisiana, whose term expired December 31, 1953.
Federal Reserve Bank of St. Louis
Mr. M. Moss Alexander of St. Louis, Missouri, who had been serving since January 1, 1949, as a
director elected by the member banks, was appointed a director of the Federal Reserve Bank of St. Louis
for a three-year term beginning January 1, 1954, and was designated Chairman and Federal Reserve
Agent for the year 1954, Mr. Alexander is President of the Missouri-Portland Cement Company, St.
Louis, Missouri. As a director, Mr. Alexander succeeded Mr. Wm. H. Bryce, Chairman of the Board,
Dixie Wax Paper Company, Memphis, Tennessee, whose term expired December 31, 1953, and as
Chairman and Federal Reserve Agent, he succeeded Mr. Russell L. Dearmont, Chief Counsel for Trustee,
Missouri-Pacific Lines, St. Louis, Missouri, who resigned as a director effective December 31, 1953.
Mr. Caffey Robertson of Memphis, Tennessee, who had been serving as a Board-appointed director
of the Memphis Branch of the Federal Reserve Bank of St. Louis since January 1, 1952, was appointed
a director of the Federal Reserve Bank of St. Louis, for the unexpired portion of the term ending December 31, 1955, and Deputy Chairman for the year 1954. Mr. Robertson is President of the Caffey
Robertson Company, Memphis, Tennessee. As a director, Mr. Robertson succeeded Mr. Russell L. Dearmont, who resigned as a director, effective December 31, 1953, and as Deputy Chairman, he succeeded
Mr. Wm. H. Bryce, whose term as a director expired December 31, 1953.
Mr. David F. Cocks of Louisville, Kentucky, was appointed a director of the Louisville Branch of
the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1954. Mr. Cocks is
Vice President and Treasurer of the Standard Oil Company (Kentucky), Louisville, Kentucky. He
succeeded Mr. Alvin A. Voit, President, Mengel Company, Louisville, Kentucky, whose term expired
December 31, 1953.
Mr. A. E. Hohenberg of Memphis, Tennessee, was appointed a director of the Memphis Branch
of the Federal Reserve Bank of St. Louis for the unexpired portion of the term ending December 31,
1954. Mr. Hohenberg is President of Hohenberg Bros. Company, Inc., Memphis, Tennessee. He succeeded Mr. Caffey Robertson, who was appointed a director of the Federal Reserve Bank of St. Louis.
Mr. John D. Williams of University, Mississippi, was appointed a director of the Memphis Branch
of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1954. Mr. Williams
30




FEDERAL RESERVE BULLETIN

CURRENT EVENTS AND ANNOUNCEMENTS
is Chancellor of the University of Mississippi, University, Mississippi. He succeeded Mr. M. P. Moore,
owner of Circle M Ranch, Senatobia, Mississippi, whose term expired December 31, 1953.
Federal Reserve Bank of Minneapolis
Mr. Paul E. Miller of St. Paul, Minnesota, who has been serving as a Board-appointed director of
the Federal Reserve Bank of Minneapolis since January 1, 1946, and Deputy Chairman since December
27, 1951, was designated Chairman and Federal Reserve Agent for the year 1954. Mr. Miller is the
Director of the University of Minnesota Agricultural Extension Division, St. Paul, Minnesota. As
Chairman and Federal Reserve Agent, Mr. Miller succeeded Mr. Roger B. Shepard of St. Paul, Minnesota,
whose term as a director expired December 31, 1953.
Mr. Leslie N. Perrin of Minneapolis, Minnesota, was appointed a director of the Federal Reserve
Bank of Minneapolis for a three-year term beginning January 1, 1954, and Deputy Chairman for the
year 1954. Mr. Perrin is a Director of General Mills, Inc., Minneapolis, Minnesota. As a director, Mr.
Perrin succeeded Mr. Roger B. Shepard, whose term as a director expired December 31, 1953, and as
Deputy Chairman, he succeeded Mr. Paul E. Miller, who was designated Chairman and Federal Reserve
Agent.
Mr. Carl McFarland of Missoula, Montana, was appointed a director of the Helena Branch of the
Federal Reserve Bank of Minneapolis for the unexpired portion of the term ending December 31, 1954.
Mr. McFarland is President of Montana State University, Missoula, Montana. He succeeded Mr. John
E. Corette, President and General Manager, Montana Power Company, Butte, Montana, who was
elected by the member banks of the District as a director of the Federal Reserve Bank of Minneapolis.
Federal Reserve Bank of Kansas City
Mr. Davis D. Bovaird of Tulsa, Oklahoma, was appointed a director of the Oklahoma City Branch
of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1954. Mr. Bovaird
is President of the Bovaird Supply Company, Tulsa, Oklahoma. He succeeded Mr. Cecil W. Cotton,
President, C. W. Cotton Supply Company, Tulsa, Oklahoma, whose term expired December 31, 1953.
Mr. Gilbert C. Swanson of Omaha, Nebraska, was appointed a director of the Omaha Branch of
the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1954. Mr. Swanson
is President of C. A. Swanson and Sons, Omaha, Nebraska. He succeeded Mr. Joe W. Seacrest, President,
State Journal Company, Lincoln, Nebraska, whose term expired December 31, 1953.
Federal Reserve Bank of San Francisco
Mr. A. H. Brawner of San Mateo, California, was appointed a director of the Federal Reserve Bank
of San Francisco for a three-year term beginning January 1, 1954, and was designated Chairman and
Federal Reserve Agent for the year 1954. Mr. Brawner is President of W. P. Fuller & Company, San
Francisco, California. As a director, Mr. Brawner succeeded Mr. William R. Wallace, Jr., a member
of the firm of Wallace, Garrison, Norton & Ray, Attorneys at Law, San Francisco, California, whose
term as a director expired December 31, 1953, and as Chairman and Federal Reserve Agent, he succeeded Mr. Brayton Wilbur, President, Wilbur-Ellis Company, San Francisco, California, who resigned
as a director effective December 31, 1953.
Mr. Y. Frank Freeman of Beverly Hills, California, was appointed a director of the Federal Reserve
Bank of San Francisco for the unexpired portion of the term ending December 31, 1955, and Deputy
Chairman for the year 1954. Mr. Freeman is Vice President of Paramount Pictures, Inc., Hollywood,
California. As a director, Mr. Freeman succeeded Mr. Brayton Wilbur, who resigned effective December
31, 1953, and as Deputy Chairman, he succeeded Mr. William R. Wallace, Jr., whose term as a director
expired December 31, 1953. Mr. Freeman formerly served as a Board-appointed director of the Los
Angeles Branch of the Federal Reserve Bank of San Francisco from November 20, 1942 through December 31, 1949.
Mr. Philip I. Welk of Walla Walla, Washington, was appointed a director of the Portland Branch
of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1954. Mr. Welk
is Vice President of the Preston-Shaffer Milling Company, Walla Walla, Washington. He succeeded
Mr. Aaron M. Frank, President, Meier & Frank Company, Inc., Portland, Oregon, whose term expired
December 31, 1953.
JANUARY 1954




31

NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 29 and released for publication December j / ]

Industrial production continued to decline moderately in November while construction activity
and retail sales strengthened somewhat further.
For the first time since last February consumer
prices declined. Wholesale prices of industrial
commodities decreased slightly in December, while
farm products recovered from the November dip
as hog prices rose sharply.
INDUSTRIAL PRODUCTION

The Board's revised index of industrial production declined in November to a seasonally adjusted
level of 130 per cent of the 1947-49 average. This
compares with 132 in October and the record 137
reached last May and again in July. In November
a year ago the index was 133.
Output of durable manufactures in November,
as measured by the revised seasonally adjusted
index, was 147 per cent of the 1947-49 average,
down 6 per cent from the exceptionally high rate
reached earlier this year. Moderate further declines from October to November among metal
fabricating industries reflected mainly decreases in
consumer goods. There was a sharp drop in auto
output in November, associated in large part with
model changeovers. With demands from consuming industries declining, output of primary
metals decreased further in November to a level

10 per cent below the peak rates of last spring.
Steel output continued to decline in December to
about 80 per cent of rated capacity as compared
with 90 in November.
The revised seasonally adjusted nondurable
manufactures index in November showed a slight
further decline to 116, which is 5 per cent below
the record May level. The November decline reflected mainly further reductions at textile and
apparel factories, where curtailments since last
spring have been marked. Output of rubber and
leather products showed little further change at
levels considerably below the spring high. Activity
in the paper, chemicals, and petroleum refining
industries was also steady and at rates only slightly
below earlier peaks.
A slight further decline in the revised minerals
index to 113, from 114 in October and 120 in midsummer, reflected mainly declines in coal mining—
associated in part with output curtailments in steel
and some other heavy consuming industries. Crude
petroleum production and output at metal mines
have also been reduced in recent months, while production of stone and earth minerals has continued
at advanced rates.
CONSTRUCTION

Dollar volume of construction work put in place,
PRICES AND TRADE
Per Cent, 1947-49-100
WHOLESALE PRICES

INDUSTRIAL PRODUCTION
.Per Cent, Physical Volume, Se

fed, 1947-.4P..100

140

ALL
COMMODITIES

DISPOSABLE
../v,—.
•PERSONAL I N C O M E / T A / V

_ 120

120

'
TOTAL
RETAIL SALES

r\

- 100

100

^

y

PRODUCTS
80

80

--f

140

140

DEPARTMENT
STORE TRADE
/

*
K

^S~
1

1
1950.

32




^J^-

1
1951

\ STOCKS

1
1952

120

120

100

CONSUMER PRICES _

Federal Reserve indexes. Monthly figures, latest shown are
for November.

40

100

uul 80
1953

,1

1,

L,

80

Seasonally adjusted series except for prices. Price indexes
compiled by Bureau of Labor Statistics. Total retail sales and
disposable personal income, Federal Reserve indexes based on
Department of Commerce data. Department store trade, Federal Reserve indexes. Monthly figures, latest shown are for
November.
FEDERAL RESERVE BULLETIN

NATIONAL SUMMARY OF BUSINESS CONDITIONS
seasonally adjusted, increased slightly further in
November and was not far below the early spring
peak. The number of housing units started in
November, at 80,000, was down less than seasonally from October and was not far below the relatively large number started in November 1952
(86,000). Value of contracts awarded for nonresidential construction declined substantially in
November from the close-to-record October level.

COMMODITY PRICES

The average level of wholesale commodity prices
in December was somewhat higher than in midNovember, owing chiefly to sharp increases in prices
of hogs and pork. Hog marketings, which had
expanded in October—earlier than usual for the
season—dropped to unusually low levels in late
November and December. Prices of some other
foodstuffs also advanced. Average prices of industrial commodities decreased slightly, as prices
EMPLOYMENT
of scrap metals, hides, fuel oil, and gasoline deSeasonally adjusted employment in nonagricul- clined.
tural establishments declined 400,000 in November
Consumer prices declined .3 per cent in Novemto 48.7 million, about the same as in November ber, the first decrease since last February. Rents
1952 and almost 800,000 below the midyear peak. and various services continued to rise, but there
Unemployment increased nearly 300,000 in early were decreases in prices of foods and used cars.
November to 1.4 million, the same as a year earlier. Average retail food prices probably changed little
Claims for unemployment benefits increased fur- in December.
ther in December and were considerably more
numerous than last year.
BANK CREDIT AND RESERVES

DISTRIBUTION

Department store sales in November and the
pre-Christmas weeks of December compared favorably with last year's high level. Seasonally
adjusted sales in most other retail lines also
strengthened in November, with new and used
car sales volume remaining unusually large. Total
retail sales in the first eleven months of 1953 were
about 5 per cent above the comparable period of
1952. Seasonally adjusted stocks held by department stores at the end of November are estimated
to have continued at about the level of the preceding two months.
LOANS AND INVESTMENTS
MEMBER BANKS I N LEADING CITIES
'"» o f Dollars

Total loans and investments at banks in leading
cities increased somewhat during the first three
weeks of December. Bank holdings of corporate
and municipal securities and loans for purchasing
and carrying securities increased. Commercial,
industrial, and agricultural loans showed only a
moderate rise for this season of the year. Holdings
of U. S. Government securities were little changed.
Bank reserve positions between late November
and late December tended to be somewhat tighter
than in other recent months. On average, however,
member bank excess reserves exceeded borrowings
at the Federal Reserve. System purchases of U. S.
Government securities, both outright and under
repurchase agreements, and Federal Reserve Bank
float supplied a substantial volume of reserves to
banks. These funds were absorbed in part through
a pre-Christmas outflow of currency into circulation, by increases in required reserves and at times
by increases in the Treasury balance at the Federal
Reserve.
SECURITY MARKETS

* " Includ.j additional bonki. t

Excludes

int.rbonk.

I

Federal Reserve data. Weekly figures, latest shown are for
Dec. 23.
JANUARY 1954




Yields on longer term Treasury securities declined sharply during December and yields on other
high-grade bonds declined slightly. Reflecting
seasonal influences in the money market, Treasury
bill yields increased somewhat in the first half of
December and declined later in the month.
33

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks
Federal Reserve Bank statistics
Regulation V: guaranteed loans, fees, and rates
Bank debits and deposit turnover; Postal Savings System
Money in circulation
Consolidated statement of the monetary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes
Weekly reporting member banks
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations
Government corporations and credit agencies
Security prices and brokers' balances
Money 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 . .
List of tables published in BULLETIN annually or
semiannually, with references for latest data

37-38
38-39
40
41-43
43-44
44
45
46
47-49
50-51
52-53
54
55
56-57
58
59
60-65
66
67-68
69-71
72-74
75-84
84
85-89
90-91
92-93
26

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.

JANUARY

1954




35

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
Wednesday Figures, 1946-1950, Weekly Averoges of Daily Figures, 1951-

Billions of Dollars
25

20

15

DISCOUNTS AND ADVANCES

FEDERAL RESERVE FLOAT

AAIAWSWJVMAM^AAA
1946

1947

1948

1949

1950

1951

1952

1953

1954

Latest averages shown are for week ending Dec. 23. See page 38.

36




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U.S. Govt. securities

D ate
Total

Wednesday
1952
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
1953
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13. . .
May 20
May 27

June
June
June
June
July

3.
10.
17.
24.

23,520
23,567
23,563
23,761
23,968
24,239
24,469
24,613
24,697
24,391
24,205
24,034
23,970
23,989
23,929
23,890
23,853
23,853
23,853
23,963
23,869
23,806
23,806
23,821
23,806
23,806
23,860
23,879
23,922
24,088

. .
..
..
..

24,121
24,637
25,154
24,837
1
24,766
July 8
24,964
July 15
24,964
July 22 . . . . 24,964
July 2 9 . . . . 24,964
Aug. 5
24,964
Aug. 12. . . . 24,964
Aug. 19
25,008
Aug. 26
25,017
Sept. 2 . . . . 25,067
Sept. 9. . . . 25,126
Sept. 1 6 . . . . 25,207
Sept. 23
25,185
Sept. 30
25,235
Oct. 7
25,348
Oct. 14. . . . 25,363
Oct. 2 1 . . . . 25,348
Oct. 28
25,348
Nov. 4
25,447
Nov. 11. . . . 25,123
Nov. 1 8 . . . . 24,958
Nov. 25
25,022
Dec. 2 . . . . 25,081
Dec. 9
25,345
Dec. 1 6 . . . . 25,457
Dec. 23
25,886
Dec. 30
25,902

End of
month
1952
Dec
1953
Jan.

Feb..
Mar.

Apr.
May.

June

July.
Aug..
Sept.
Oct..
Nov.
Dec.

DisHeld
under counts
and Float
Bought repur
adoutchase
right agree vances
ment

23,495
23,492
23,502
23,612
23,712
23,787
23,914
23,997
24,034

25 1 ,663
528
75 1 ,583
542
61 1 ,486 1 ,140
149 1 ,615
921
256 1 ,591 1 ,188
452 1 ,752
866
555 1 ,022 1 ,543
616 1 ,728 1 ,515
663
156
967

24,034
24,034
24,034
23,970

357
171

23,888
23,888
23,888
23,853
23,853
23,853
23,963
23,869
23,806
23,806
23,806
23,806
23,806
23,806
23,851
23,891
23,963

101
41

24,071
24,632
25,154
24,837
24,766
24,964
24,964
24,964
24,964
24,964
24,964
24,989
24,989
25,014
25,034
25,084
25,185
25,235

54
28
31
125
50
i

728
770
649
1 ,023
743
1 ,062
770
1 ,202
810
748
709
856
743
581
647
684
832
645
785
646
1 ,213
619
737
677
756
777

747

15

1 ,336
1 ,076
862
1 ,307
1 ,385
1 ,329
732
806
824
1 ,315
1 ,009
705
465
908
868
842
837
933
1 ,264
530
571
507
454
286
317
245
341
200
521

588

25,348
25,348
25,348
25,348
25,398
24,958
24,958
24,993
25,043
25,143
25,243
25,318
25,318

29
38
202
214
568
584

24,697 24,034

663

156

56
23

1 735
1 309

23,944
C
23,876
23,806
23,880
24,246
24,746
24,964
25,063
25,235
25,348
25,095
25,916

23,888
23,853
23,806
23,806
24,031
24,718
24,964
4,989
5,235
5,348
4,993
5,318

15

49
165

485
74 1 014
731
215
64
28
644
343
74
329
413
369
102
28
598

Total

- 25,714

25,696
26,193
26,301
26,751
26,860
27,039
27,860
25,825

23,339
23,338
23,337
23,338
23,337
23,337
23,277
23,186
23,187

4,794
4,794
4,797
4,797
4,803
4,804
4,806
4,809
4,812

29 ,748
29 ,905
29 ,842
30 ,152
30 ,274
30 ,370
30 ,487
30 ,732
30 ,433

1 ,278
1 ,282
1 ,292
1 ,267
1 ,278
1 ,280
1 ,269
1 ,266
1 ,270

789
505
703
317
719
645
371
665
389

643
639
691
711
734
720
729
729
550

250
244
258
270
147
316
208
201
455

805 20 ,334
805 20 ,447
803 20 ,738
801 20 ,917
800 20 ,939
802 20 ,868
860 21 ,198
863 21 ,400
777 19 ,950

19,884
19,906
20,073
20,409
20,371
20,288
20,582
20,531
20,520

26,695
26,166
25,904
26,009
26,148
25,912
25,648
25,406
25,742
25,941
26,178
25,387
25,023
25,427
25,549
25,395
25,227
25,443
25,831
25,288
25,308
25,418
25,741
26,656
25,776
25,752
25,984
25,923
26,265
26,301
26,153
26,352
26,577
26,131
26,071
26,179
26,464
26,228
26,252
26,238
26,322
26,437
26,309
26,830
26,111
26,487
26,428
26,302
26,681
26,921
27,692
26,977

23,137
23,137
23,088
23,036
22,935
22,832
22,722
22,662
22,662
22,611
22,612
22,562
22,563
22,562
22,562
22,562
22,562
22,561
22,561
22,562
22,536
22,536
22,537
22,513
22,487
22,463
22,438
22,374
22,276
22,277
22,227
22,228
22,228
22,228
22,178
22,178
22,178
22,179
22,128
22,128
22,128
22,077
22,077
22,076
22,077
22,076
22,027
22,028
22,028
22,028
22,029
22,029

4,814
4,814
4,814
4,815
4,820
4,820
4,821
4,821
4,824
4,824
4,826
4,826
4,827
4,828
4,833
4,834
4,836
4,840
4,841
4,844
4,845
4,849
4,850
4,851
4,851
4,854
4,854
4,853
4,853
4,853
4,858
4,859
4,861
4,862
4,865
4,865
4,868
4,869
4,872
4,872
4,873
4,874
4,874
4,877
4,878
4,878
4,879
4,882
4,883
4,884
4,886
4,889

30 ,153
29 ,884
29 ,687
29 ,592
29 ,657
29 ,776
29 ,654
29 735
29 ,772
29 ,780
29 708
29 ,600
29 ,754
29 ,780
29 ,753
29 ,722
29 787
29 863
29 ,845
29 ,795
29 ,825
29 ,980
30 ,003
29 970
29 ,929
30 ,152
30 279
30 ,163
30 051
30 ,044
30 139
30 158
30 145
30 105
30 240
30 479
30 335
30 210
30 275
30 374
30 412
30 305
30 268
30 428
30 540
30 487
30 691
30 791
30 904
30 953
31 156
30 890

1 ,280
1 ,280
1 ,291
1 ,298
1 ,331
1 ,312
1 ,288
1 ,291
1 ,295
1 ,299
1 ,305
1 ,306
1 ,304
1 ,300
1 ,278
1 ,279
1 ,278
1 ,285
1 ,285
1 ,282
1 ,284
1 ,282
1 ,289
1 ,276
1 ,272
1 ,269
1 ,266
1 ,264
1 ,267
1 ,264
1 ,276
1 ,275
1 ,280
1 ,273
1 278
1 274
1 278
1 277
1 ,283
1 284
1 271
1 270
1 282
1 283
784
786
777
774
778
769
763
773

622
455
343
745
672
431
395
389
488
331

570
699
622
612
562
558
458
454
512
581
496
511
550
568
574
585
518
517
618
584
504
520
587
598
615
521
488
561
525

343
364
348
337
326
340
244
211
240
345
381
351
344
343
200
356
401
374
366
286
238
253
173
252
158
174
176
179
323

776 20 ,902
776 20 ,660
774 20 ,741
775 20 ,502
770 20 ,584
770 20 ,376
835 20 318
834 19 975
830 20 090
829 20 212
852 20 865
852 20 148
869 19 305
868 19 629
865 19 932
864 19 476
784 19 489
780 19 811
780 19 912
777 19 824
111 19 706
902 19 729
902 20 168
958 20 958
960 0 173
949 9 828
948 9 690
947 9 397
947 9 742

841

547

343

863

460
675
738
669
541
574
356
619
642
524
348
530
644
664
322
503
522
526
488
224
799
377

557
551
610
518
538
569
507
543
512
484
461
461
471
453
449
419
429
431
491
464
461
474

332
329
390
354
333
363
381
259
352
370
375
358
366
376
534
398
335
339
331
259
427
380

860
859
862
862
859
859
882
881
880
899
899
897
895
801
808
805
805
878
880
936
937
936

20,309
593
20,274
386
20,255
486
20,095
407
19,956
628
19,894
482
19,979
339
19,791
184
19,840
250
19,821
391
20,002
863
19,854
294
19,518 - 2 1 3
19,472
157
19,560
372
19,481
-5
19,395
94
19,386
425
19,282
630
19,312
512
19,298
408
19,209
520
19,449
719
19,778 1,180
19,594
579
19,113
715
19,002
688
18,253 1,144
19,098
644
19,014
515
18,959
655
18,942
651
18,865
776
18,860
580
18,884
441
18,731
373
18,885
886
18,868
618
18,816
493
18,757
546
18,728
829
18,817
750
18,796
538
18,845
934
19,026
604
19,187
857
19,150
625
19,161
313
19,053
667
19,309
920
19,297
767
19,364
702

3 0 , 433

1 270

389

550

455

777

9 950

20,520

—570

29 691
2 9 , 793

1 308
1 284

770
833

0 611
0 511

19,997
19,796
19,607
19,389
19,263
19,459
19,017
18,802
18,816
18,826
19,087
19,397

-285
351
806
102
590
476
493
634
347
763

965
881

1 ,005

561
625
776
609
815
751
524
587
391
610
491
559
311
943
228
813
329
685
281
606
271
685
260
826
359
599
822
559
365
622
933
594
636
768
792
427
606
727
268 1 ,193
435 1 ,369
973
100

19
28
53
92
123

All
oth

Deposits, other
than member bank Other
Member b?ink
Treas
reserve balances,
reserve bala nces
ury Money Treas with F. R. Banks
Fedin
curury
eral
Gold
circash
Restock rency cula- hold- Treas For- Oth- serve
outer
eign detion
ury
Restandings
acExdedeing
count T otal quired 2 cess *
posits posits posits

'L

l

-

I

\

\

\

\

\

1
1
I

967

4 25,825 23,187 4,812

796
1 006

4 26,478 22,986 4,820
4 26,194 22,662 4,824

632
649
607
601
565
549
685
787
667
935

3
3
4
3
3
3
3
3
3
2

24,927
25,546
25,589
25,414
26,176
25,958
26,252
26,550
26,133
26,880

22,563
22,562
22,537
22,463
22,277
22,178
22,128
22,077
22,028
22,029

4,829
4,841
4,849
4,854
4,859
4,867
4,872
4,879
4,885
4,890

29, 754
29, 842
29, 951
30, 125
30, 120
30, 248
30, 275
30, 398
30, 807
30, 769

1 293
1, 269
1 272
1 259
1 263
1, 269
1, 283
1, 275
766
P769

286
329
341
509
367
214
428
145
355
137
6
8
8
176
431
640
539

809
336

222
393
221
132
548
496
642
654
451
346

586
511

536
506
515
527
566
524
512
448
417
423

508
412

342
416
171
176
346
325
352
468
367
493

850
783
775
951
862
862
880
802
804
839

9 529

9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
20
9
9
9
0
20
20

614
593
641
440
325
104
771
486
309
303
557
567
334
779
630
044
775
474
720
229
064
066

9 322
9, 740
0, 069
9, 561
9, 607
9, 278
9, 309
9, 460
9, 434
0, 160

450
541
665
508
568
580
616
869
-570

614
715

r
P Preliminary.
Corrected.
For footnotes see following page.

JANUARY

1954




37

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned
[In millions of dollars]
DUtstanding
Reserve Bank credit <
U. S. Govt. securities
Date
or
period

DisHeld counts
All
under and Float oth- Total
Bought repur- ader1
Total out- chase vances
right agreement

Depc sits, other
Member bank
than member bank
reserve balances
reserve balances, Other
Treaswith F. R. Banks Fedury Money Treaseral
ury
in
Gold curRecash
stock rency cirOth- serve
out- cula- hold- Treas- Foracer
ings
stand- tion
eign de- counts Total
ExReury
ing
dequired2 cessa
deposits posits posits

End of
month:
216

148

68

1,037

1,998
2,484
2,254
24,262
22,559
23,333
18,885
20,778
22,982
23,801
22,906
24,697
24,746

1,998
2,484
2,254
"24,262
22,559
23,333
18,885
20,725
22,932
23,605
22,764
24,034
24,718

53
50
196
142
663
28

164
7
3
249
85
223
78
67
53
19
59
156
64

24,400
24,202
23,918
23,892
23,861
23,973
24,748
24,955
25,000
25,168
25,344
25,172
25,639

23,876
24,011
23,875
23,878
23,806
23,881
24,729
24,943
24,974
25,097
25,341
25,078
25,218

524
191
43
14
55
92
19
12
26
71
3
94
421

Oct. 7
Oct. 14
Oct. 21
Oct. 28

25,320
25,360
25,348
25,348

25,317
25,349
25,348
25,348

3
11

Nov.
Nov.
Nov.
Nov.

4....
11
18 ..
25....

25,362
25,396
25,087
25,005

25,355
25,215
24,957
24,963

7
181
130
42

467
403
407
500

Dec 2
Dec 9 . . . .
Dec 16
Dec. 2 3 . . . .
Dec 3 0 . . . .

25,054
25,252
25,553
25,823
26,052

25,003
25,084
25,207
25,303
25,318

51
168
346
520
734

612
678
449
518
226

1929—June.
1933—June.
1939—Dec..
1941—Dec.
1945—Dec
1947—Dec..
1948—Dec..
1949—Dec..
1950—Dec..
1951—June.
Dec.
1952—June.
Dec.
1953—June.

634
2,409
867
2,215
2,287
977
870
1,336
1,325 1.123
1,312
821
668
1,293
317
1,281
247
1,270
333
1,283
389
1,270
132
1,259

6
15
397
774
862
392
642
767
895
870
526
548
550
527

21
151
256
586
446
569
547
750
565
392
363
298
455
176

374
346
251
291
495
563
590
706
714
765
746
783
777
951

2,356
2,292
11,653
12,450
15,915
17,899
20,479
16,568
17,681
19,020
20,056
19,381
19,950
19,561

2,333
1,817
6,444
9,365
14,457
16,400
19,277
15,550
16,509
18,604
19,667
19,573
20,520
19,459

569
552
500
244
395
356
52
545
656
537
557
497
602

745
611
526
530
563
552
566
537
548
538
463
434
466

290
405
336
378
397
350
203
239
376
354
406
424
390

832
775
800
841
861
779
933
939
861
871
889
805
908

21,180
20,958
20,520
20,416
20,007
19,897
20,287
19,653
19,526
19,552
19,536
19,718
19,920

20,457
20,251
19,882
19,828
19,472
19,306
19,499
18,869
18,882
18,834
18,784
19,035
19,227

723
707
638
588
535
591
788
784
644
718
752
683
693

1,277
1,277
1,266
1,273

590
525
550
518

494
470
439
451

380
459
398
390

900
899
898
896

19,466 18,791
19,466 18,710
19,744 18,823
19,515 18,779

675
756
921
736

22,077
22,077
22,077
22,027

4,877 30,404 1,281
4,878 30,499 1,067
782
4,878 30,546
783
4,879 30,558

651
467
430
511

452
444
433
414

440
439
445
384

802
805
806
806

18,853
18,886
19,122
19,164

597
769
732
639

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

491
521
381
921
652

436
450
501
462
471

378
369
343
438
406

826
879
896
937
938

19,450
19,655
19,854
19,803
19,637
19,691
19,926
20,032
20,121

19,100
19,081
19,232
19,284
19,308

537
610
694
748
813

95
54
11
10
2
1
1
2
3
5
5
5
4
3

1,400 4,037
2,220 4,031
2,593 17,644
2,361 22,737
25,091 20,065
23,181 22,754
24,097 24,244
19,499 24,427
22,216 22,706
24,043 21,756
25,009 22,695
23,551 23,346
25,825 23,187
25,414 22,463

2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
4,339 28,515
4,562 28,868
4,589 28,224
4,598 27,600
4,636 27,741
4,655 27,809
4,709 29,206
4,754 29,026
4,812 30,433
4,854 30,125

4
4
4
4
4
4
3
3
3
3
3
3
2

27,299 23,276
26,586 23,101
26,080 22,797
26,025 22,606
25,892 22,562
25,682 22,557
25,960 22,514
26,123 22,366
26,322 22,226
26,410 22,176
26,514 22,102
26,413 22,057
27,107 22,028

4,806 30,494 1,271
4,814 29,920 1,280
4,821 29,718 ,299
4,825 29,752 1,296
4,832 29,782 L ,281
4,843 29,869 1,279
4,851 30,011 L ,273
4,853 30,165 1,264
4,860 30,167 L ,273
4,867 30,328 1,273
4,873 30,366 1,274
915
4,878 30,555
767
4,885 30,967

741

3
3
3
3

26,452
26,533
26,710
26,391

22,128
22,128
22,085
22,077

4,872 30,345
4,873 30,437
4,873 30,373
4,874 30,300

694
621
844
847

3
3
3
2

26,526
26,422
26,341
26,354

725
714
844

3
2
2
2
2

26,393
26,647
26,848
27,721
27,486

52
4
91
94
578
535
541
534

1,368
1,002
1,184

581
967
601

204
264

36
35

23
475

5,209
3,085
1,458
1,499
1,202
1,018
1,172
416
389

-192
-570
102

Averages
of dally
figures
Monthly:
1952—Dec..
1953—Jan..
Feb..
Mar.
Apr..
May.
June.
July .
Aug..
Sept.
Oct..
Nov.
Dec.

1,633 1,262
1,372 1,008
822
1,336
909
1,220
843
1,184
955
433
428
658
468
367
494
448

750
776
737
660
771
800
744

1,018

Weekending:
415
499
250
299

714
671

1,109

1,377
1,206

775
775
770
758
763

"Corrected. l Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.
These figures are estimated.
Backfigures.—SeeBanking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.

2

MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]

MARGIN REQUIREMENTS *
[Per cent of market value]

Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.

38




Prescribed in accordance with
Securities Exchange Act of 1934

Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

Mar. 30, Jan. 17, Effec19491951tive
Jan. 16, Feb. 19, Feb. 20,
1951
1953
1953

50
50

75
75

50
50

50

75

50

1

Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, February 1947, p. 162, and
February 1953, p. 130.
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)i
Rate on
Dec. 31

Boston
New Y o r k . . . .
Philadelphia. .
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. ,
Dallas
San Francisco

Previous
rate

In effect
beginning—
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)

Other secured advances
[Sec. 10(b)]

Rate on
Dec. 31

In effect
beginning—
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

1953
20,
1953
16,
1953
16,
1953
16,
1953
23,
1953
16,
1953
16,
1953
16,
1953
16,
1953
16,
1953
23,
1953
20,

Rate on
Dec. 31

Previous
rate

Previous
rate

Jan. 20, 1953
Jan. 16, 1953
Jan. 16, 1953
Aug. 17, 1953
Jan. 2 3 , 1953
July 20, 1953
Aug. 13, 1948
May 18, 1953
Jan. 26, 1953
Jan. 16, 1953
Jan. 23, 1953
Jan. 20, 1953

3
3

20,
1953
16,
1953
16,
1953
16,
1953
23,
1953
16,
1953
16,
1953
16,
1953
16,
1953
16,
1953
23,
1953
20,
1953

In effect
beginning—

V

3
3M
2%
3
3
2M
3
3
i Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate on
Dec. 31

Maturity
1- 90 days
91-120 days
121-180 days

2VB

2M
2%

In effect beginning—
Jan. 16, 1953
Jan. 16, 1953
Jan. 16, 1953

MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]

1%

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect December 31. Per cent per annum]

To financing institutions

On discounts or
purchases

Federal
Reserve
Bank

On
loans 1

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...

On
commitments

Portion
for which
institution is
obligated

Remaining
portion

()
00

^ 5
2-2^
(2)

()

On
commitments

1954




Central
reserve
city
banks

X-iX
ZH-IX
X-iX
X-i*A
X-iX

&1

A-iV8
A-iys

61

Reserve
city
banks

Country
banks

Time
deposits
(all
member
banks)

1917—June 2 1 .

13

10

1936—Aug. 16.
1937—Mar. 1.
May 1.

22M
26

15
17
20

10M

1938—Apr. 16.

22M

17

12

5

1941—Nov.
1942—Aug.
Sept.
Oct.

1.
20.
14.
3.

26
24
22
20

20

14

6

1948—Feb.
June
Sept.
Sept.

27
11
16
24

22
24

1949—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.

1.
5.
30.
1.
1.
11.
16.
18.
25.
1.

26

1953—July
July

21
20

5X
6

16

23H
'23'"

22
23

19
18>
18

27
37
2

22

19

22

6

12

35
25

13

36
26

19
20

4

15
14
13

1.
9.

In effect Jan. 1, 1954

22

24

1951—Jan. 11.
Jan. 16.
Jan. 25.
Feb. 1.

1 Including loans made in participation with financing institutions.
2
Rate charged borrower less commitment rate.
s Rate charged borrower.
*Rate charged borrower but
not to exceed 1 per cent above the discount rate.
5
Charge of % per cent per annum is made on undisbursed portion
of 6
loan.
Charge of }£ per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.

JANUARY

Effective date
of change

2H

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

Net demand deposits 1

Previous
rate

ii'
13

19

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-June30, 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.

39

MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.

Month, or
week ending Wednesday

All
member l
banks

Central reserve
city banks
New
York

Chicago

Reserve
city
banks

In millions of dollars]

Country
banks 1

Month, or
week ending Wednesday

Total reserves held:

Central reserve
city banks

All
member
banksi

New
York

Reserve
city
banks

Chicago

banks»

Coun-

Excess reserves:

1952—September
October
November
1953—September
October
November

20,514
20,611
20,744
19,552
19,536
19,718

5,256
5,215
5,201
4,717
4,718
4,730

1,369
1,369
1,367
1,283
1,270
1,288

8,009
8,081
8,172
7,779
7,780
7,849

5,880
5,946
6,004
5,773
5,768
5,852

1952—September
October
November
1953—September
October
November

778
648
657
718
752
684

63
6
1
-4
8
31 " "—2
37
1
19

155
99
102
116
148
87

554
553
547
573
566
579

Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

19,854
19,803
19,637
19,691
19,926
20,032

4,740
4,765
4,716
4,717
4,801
4,758

1,291
1,308
1,286
1,295
1,294
1,294

7,892
7,905
7,851
7,871
7,960
7,986

5,931
5,825
5,783
5,809
5,871
5,994

Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

732
639
537
610

-2

77
86
56
82
105
64

652
526
494
517

P696
P755

10
19
-4
5
16
17

P676

683
1,048
1,532
468
363
487

117
116
198
32
2
78

30
100
266
51
18
24

384
667
862
275
241
270

151
164
206
110
102
115

397
491
605
671
430
503

62
117
101
181
89
218

11
13
35
86
39
27

219
256
355
276
185
159

105
105
114
128
117
99

18
25
2
9
16
23

-7
8
-9
6

P575

Borrowings at Federal
Reserve Banks:

Required reserves: 2
1952—September
October
November
1953—September
October
November

19,736
19,963
20,087
18,834
18,784
19,034

5,193
5,214
5,193
4,686
4,681
4,711

1,364
1,373
1,367
1,285
1,269
1,288

7,854
7,982
8,070
7,663
7,633
7,762

Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

19,122
19,164
19,100
19,081

4,730
4,746
4,720
4,712
4,785
4,741

1,298
1,300
1,295
1,288
1,294
1,296

7,815 5,279
7,819 5,299
7,796 5,289
7,789 5,292
7,856 P 5 , 2 9 6
7,922 P 5 , 3 1 8

18
25
2
9
16
23

18
25
2
9
16
23

P19,231
P19,277

5,326
5,393
5,458
5,200
5,202
5,272

1952—September
October
November
1953—September
October
November
Nov. 18
Nov. 25
Dec. 2
Dec. 9
Dec. 16
Dec. 23

P Preliminary.
1
Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member
banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.
2
Reserve requirements were reduced in July 1953; see table on preceding page.
Back figures.—See Banking and Monetary Statistics, pp. 396-399.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1

Item

All
member
banks

Central reserve
city banks
New
York

Chicago

In millions of dollars]
Reserve
city
banks

Country
banks

All
member
banks

November 1953
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required 3
Excess
Borrowings at Federal Reserve Banks

22,979
3,988
18,991
20,653
2,797

6 ,178
1 ,314
4 ,864
5 ,525
1 ,217

42
6
36
36
14

,437
,425
,013
,410
,067

6,568

48

117

2

,008

4,394

19,718
19,034

4,730
4,711

1 ,288
1 ,288

7 ,849
7 ,762
87

487

78

24

270

19

New
York

Chicago

Reserve
city
banks

Country
banks

November 1952

109,694
12,913
96,782
95,010
35,706

684

Central reserve
city banks

38,101 109,423
1,186
12,934
36,914 96,488
32,423
94,814
17,624 33,010

23,323
4,029
19,294
21,089
2,201

6,056
1,259
4,797
5,402
1,170

42,411
6,424
35,987
36,396
13,173

37,633
1,222
36,411
31,927
16,466

6,512

44

118

1,925

4,425

5,852
5,272
579

20,744
20,087
657

,201
,193
8

1,367
1,367

8,172
8,070
102

6,004
5,458
547

115

1,532

198

266

862

206

1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
2
Demand deposits subject to reserve requirements, i. e.t gross demand deposits minus cash items reported as in process of collection and
demand balances due from domestic banks.
3 Reserve requirements were reduced in July 1953; see table on preceding page.

40




FEDERAL RESERVE BULLETIN

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures

End of month

1953

Item
Dec. 30
Assets
Gold certificates
Redemption fund for F. R. notes.

Dec. 23

Dec. 16

1952

1953
Dec. 9

Dec. 2

Dec.

Nov.

Dec.

20,448,103 20,458,103 20,460,103 20,469,103 20,501,102 20,453,102 20,501,100 21 ,185,102
880,644
900,644
876,001
881,571
847,246
800,603
900,643
847,247

Total gold certificate reserves..
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

21,348,746 21,338,747 21,341,674 21,345,104 21,348,348 21,353,746 21,348,347 21,985,705
340,225

298,380

309,803

301,166

310,246

371,761

309,614

322,020

85,100
15,000
1,973

420,065
15,000
2,405

253,437
15,000
2,291

720,269
7,000
2,402

419,755
7,000
2,443

12,855
15,000
1,879

361,716
7,000
2,524

126,879
29,500
3,892

2,596,312 2,596,312 2,521,312 2,421,312 2,271,312 2,596,312 2,221,312

741,950

5,816,541 5,816,541 5,816,541 5,816,541 5,841,541 5,816,541 5,841,541 4,995,716
13,263,671 13,263,671 13 263,671 13,263,671 13,273,671 13 263,671 13,273,671 13,773,671
3,641,150 3,641,150 3,641,150 3,641,150 3,656,150 3,641,150 3,656,150 4,521,975

Total bought outright
Held under repurchase agreement.
Total U. S. Government securities.
Total loans and securities

25,317,674 25,317,674 25 242,674 25, 142,674 25 042,674 25 317,674 24 992,674
567,700
214,200
584,500
102,500
597,900
202,250
38,000

,033,312
663,700

25,902,174 25,885,374 25,456,874 25,344,924 25,080,674 25,915,574 25,095,174 24,697,012
26,004,247 26,322,844 25,727,602 26,074,595 25,509,872 25 ,945 ,308 25 ,466,414 24,857 ,283

Due from foreign b a n k s . . . .
F. R. notes of other Banks.
Uncollected cash items. . . .
Bank premises
Other assets

22
22
194,275
166,865
4,281,658 4,502,969
51,882
51,726
145,148
152,668

22
22
157,809
158,485
,035,181 3,483,433
50,957
50,360
135,322
185,494

22
142,254
,958,433
50,362
177,135

22
22
136,218
214,128
,225,210 3,589,924
50,364
52,465
248,754
151,917

23
239,458
,238,779
48,348
160,878

52,373,723 52,826,701 52,758,370 51,598,659 51,496,672 52,314,557 51,149,657 51,852,494

Total assets.
Liabilities

Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
Total deposits.

26,628,322 26,808,043 26,619,000 26,576,315

455,398 26,558,372 26,454,703 26,250,299

20,065
376
473,
379

473,625 20,160,435 19,433,693
450,555
345,866
525,811
417,137
423,298
430,899
367,187
492,815
339,396

20,063,919 20,228,791 19,719,748
799 327
223,652
487,652
460 837
463,608
490,980
427, 265
258,877
331,330

,950,372
388,808
549,959
454,915

21,296,104 21,751,348 21,174,928 21,029,710 20,769,731 21,422,414 20,668,572 21,344,054

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities.

Capital Accounts

Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

3,308 720 3,133,654 3,841,949
25,638
22,767
25,

Total liabilities and capital accounts.

,922,916
21,362

,271,561
14,923

51,258,806 51,718,683 51,658,644 50,506,357 50,412,426 51,289,363 50,067,553 50,880,837

265,092
584,676
27,543
237,606

Ratio of gold certificate reserves to deposit and
F. R. note liabilities combined (per cent)
Contingent liability on acceptances purchased
for foreign correspondents
Industrial loan commitments

,877,253 3,166,199 3,290,407
23,079
18,170
21,098

264,882
584,676
27,543
230,917

52,373,723

264,156
584,676
27,543
223,351

263,558
584,676
27,543
208,469

265,266
625,013
27,543
107,372

263,289
584,676
27,543
206,596

252,634
584,676
27,543
106,804

52,758,370 51,598,659 51,496,672 52,314,557 51,149,657 51,852,494
43.9

23,931
3,464

263,739
584,676
27,543
216,344

23,003
3,017

44.8
22,540
3,236

45.2

21,518
3,154

20,662
3,129

45.3
23,940
3,569

19,817
3,096

19,792
3,211

27,855
16,480
11,375

368,716
336,883
31,650
183
2,524
536
605
1,319
64
25,095,174
,366,550
,636,562
860,541
442,264
374,400
414,857

156,379
117,875
38,504

Maturity Distribution of Loans and U. S. Government Securities 1
Discounts and advances—total
Within 15 days
16 days to 90 days
91 days to 1 year
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
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

100,100
88,350
11,750
1,973
821
72
1,020
60
902,174
, 264,800
,838,212
855,241
154,664
374,400
414,857

435,065
417,090
17,975

268,437
243,487
24,950

727,269
696,783
30,486

2 ,405
2,291
2,402
878
952
451
72
75
599
1,396
1,205
1,289
59
59
63
,885,374 25 456,874 25 344,924
,263,950
914,358
725,608
,822,262
743,354
585,504
,855,241
855,241
815,541
154,664
154,664 13,429,014
374,400
374,400
,374,400
414,857
414,857
,414,857

426,755
393,325
33,347
83
2,443
464
635
1,281
63
25,080,674
473.808
,523,054
,860,541
13,434,014
,374,400
414,857

1,879
373
655
788
63
,915,574
998,400
,118,012
,855,241
,154,664
,374,400
,414,857

' "3,892
256
1,987
1,304
345
,697,012
925,400
,167,800
,520,141
,655,200
,070,224
,358,247

1
Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,
callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements.

JANUARY 1954




41

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1953
[In thousands of dollars]
Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

St.
Louis

Minneapolis

912,263 3,743,997

857,457

484,485

854,501

151,495

49,407

25,562

41,453

510,047
7,658

895,954
15,080

1,350
375
99

525
570

Atlanta

Chicago

Kansas
City

Dallas

San
Francisco

Assets
Gold certificates. 20,453,102 1,035,380 5,197,850 1,300,725 1,770,513 1,064,892
Redemption fund
900,644
for F. R. notes.
54,927
183,706
61,086
82,247
76,974

58,813

Total gold certificate reserves. . 21,353,746 1,090,307 5,381,556 1,361,811 1,852,760 1,141,866 971,076 3,895,492 906,864
Other cash
27,559
371,761
75,299
62,522
26,837
24,613
22,580
24,452
32,527
Discounts and
advances:
Secured by
U. S. Govt.
securities. . .
12,855
600
2,625
3,430
1,000
350
1,275
1,200
Other
15,000
915
4,425
570
1,125
2,055
645
1,380
75C
Industrial loans
1 879
1 380
340
60
U. S. Government
securities:
Bought out25,317,674 1,394,092 6,517,478 1,525,491 2,149,192 1,501,338 1,294,974 4,375,704 1,065,140
right
Held under
repurchase
597,900
agreement...
597,900

817,442 2,413,597
30,399

84,575

847,841 2,498,172
15,322
37,312

675

500
1,515

624,866 1,103,420 1,005,694 2,760,285

Total loans and
s e c u r i t i e s . . . . . 25,945,308 1,395,607 7,122,428 1,531,426 2,151,847 1,503,348 1,296,309 4,378,759 1,065,710 626,690 1,104,515 1,006,369 2,762,300
Due from foreign
1
1
3
1
1
1
1
1
1
2
2
2
banks
22
6
F. R. notes of
3,972
17,104
8,901
12,737
214,128
26,487
27,164
20,939
29,747
15,376
7,847
other Banks...
13,707
30,147
Uncollected cash
4,225,210 324,264
790,662 253,896 416,386 335,529 324,678 719,839 178,013 112,856 217,604 196,615 354,868
items
2,245
52,465
6,232
7,390
4,734
6,448
587
2,898
1,024
Bank premises...
7,263
3,636
5,289
4,719
7,319
38,519
8,845
25,931
3,681
Other assets
151,917
8,151
6,568
16,569
8,676
6,261
12,544
8,853
Total assets

52,314,557 2,856,093 13,442,347 3,204,655 4,477,148 3,047,043 2,666,650 9,116,158 2,199,575 1,269,804 2,251,619 2,086,040 5,697,425

Liabilities
26,558,372 1,632,903 5,924,481 1,896,948 2,463,795 1,849,093 1,417,107 5,111,406 1,214,921 644,293 1,019,799 743,749 2,639,877
F. R. notes
Deposits:
Member bk.—
reserve accts. 20,160,435 848,626 6,049,923 959,879 1,533,769 827,255 890,376 3,250,620 764,061 468,968 965,518 1,050,684 2,550,756
U. S. Treas.—
41,479
20,931
19,314
17,791
8,742
70,675
30,135
30,189
18,078
345,866
39,023
gen. acct....
38,382
11,127
18,414
15,550
17,596
10,230
24,961 2134,793
30,690
56,060
15,550
423,298
41,348
Foreign
37,646
20,460
8,116
3,504
5,679
3,849
8,744
361,474
8,688
17,776
11,351
492,815
42,369
Other
14,503
6,762
Total deposits.. . 21,422,414
Deferred availability cash
items
3,290,407
Other liabilities
and accrued
dividends
18,170

891,073 6,616,865 1,029,392 1,624,300

865,604

932,965 3,354,645

809,040

267,333

605,851

201,073

293,806

277,385

269,537

505,628

133,779

96,521

180,744

179,523

279,227

821

6,787

875

1,355

762

714

3,017

612

703

605

523

1,396

500,838 1,010,115 1,114,081 2,673,496

Total liabilities.. 51,289,363 2,792,130 13,153,984 3,128,288 4,383,256 2,992,844 2,620,323 8,974,696 2,158,352 1,242,355 2,211,263 2,037,876 5,593,996
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7)..
Surplus (Sec. 13b)
Other capital
accounts

265,266
625,013
27,543

14,443
38,779
3,011

81,852
176,633
7,319

18,017
45,909
4,489

25,410
57,648
1,006

11,655
31,750
3,349

11,158
28,034
762

35,001
90,792
1,429

9,150
25,465
521

5,952
16,219
1,073

10,139
23,456
1,137

13,279
28,146
1,307

29,210
62,182
2,140

107,372

7,730

22,559

7,952

9,828

7,445

6,373

14,240

6,087

4,205

5,624

5,432

9,897

Total liabilities
and capital
52,314,557 2,856,093 13,442,347 3,204,655 4,477,148 3,047,043 2,666,650 9,116,158 2,199,575 1,269,804 2,251,619 2,086,040 5,697,425
accounts
Reserve ratio

44.5%

43.2%

Contingent liability on acceptances purchased for foreign
correspondents

23,940

1,460

Industrial loan
commitments..

3,569

42.9%

3 7,068

46.5%

45.3%

42.1%

41.3%

46.0%

44.8%

44.5%

44.1%

45.6%

47.0%

1,795

2,202

1,197

1,029

3,279

909

598

909

1,077

2,417

1,724

748

51

131

28

•

887

1
After
2
After
8

deducting $16,000 participations of other Federal Reserve Banks.
deducting $288,486,000 participations of other Federal Reserve Banks.
After deducting $16,872,000 participations of other Federal Reserve Banks.

42




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item

End of month

1953
Dec. 30

F. R. notes outstanding (issued to Bank).
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities

Dec. 23

Dec. 16

1953
Dec. 9

Dec. 2

1952

Nov.

Dec.

Dec.

27,780,066 27,776,943 27,678,936 27,585,345 27,389,141 27,771,106 27,388,037 27,420,694
11,093,000 11,468,000 11,468,000 11,693,000 11,518,000 11,093,000 11,493,000 12 ,399,000
230,110
124,062
50,300
380,730
204,725
10,130
120,554
203,620
17,420,000 17,020,000 17,020,000 16,620,000 16,620,000 17,420,000 16,620,000 15,440,000

Total collateral

28,563,300 28,718,110 28,612,062 28,693,730 28,342,725 28,523,130 28,316,620 27,959,554

EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1953
[In thousands of dollars]

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minne- Kansas
apolis
City

Dallas

San
Francisco

F. R. notes outstanding (issued
27,771,106 1,706,340 6,164,619 1,997,552 2,577,829 1,955,595 1,501,548 5,274,078 1,277,506 663,225 1,057,504 787,694 2,807,616
to Bank)
Collateral held:
000
Gold certificates 11,093,000 640,000 2,670,000 800,000 1,050,000 625,000 435,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000
1,200
1,350
10,130
3,430
600
Eligible paper..
500
2,525
525
U. S. Govt. securities
1,200,000 3,600,000 1,200,000 1,550,000 1,350,000 1,100,000 3,000,000 975,000 500,000 800,000 525,000 1,620,000
Total collateral.. 28,523,130 1,840,600 6,272,525 2,003,430 2,600,000 1,976,200 1,535,000 5,400,000 1,330,000 676,350 1,080,525 808,000 3,000,500

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]

End of
year or
month

Participations
Approved
Loans Commit- of financto date
ments ing instibut not
outoutcom- standing2
tutions
pleted1 (amount) standing
out(amount) standing'
Num- Amount (amount)
(amount)
ber

4,819
3,513

2,178
2,632
4,687

1,644
8,309
7,434
1,643
2,288
3,754
6,036

762,620
766,492

1,351
1,638

3,868
3,921

4,044
3,210

7,010
3,289

770,541
773,013
776,461
780,468
784,246
788,058
790,798
793,196
795,496
797,656
800,420

2,513
1,185
1,188
1,751
1,698
1,646
1,162
1,492

3,895
4,054
3,678
3,485
3,706
3,223
3,292
2,801
2,993
2,685
2,546

3,176
2,816
2,756
2,866
2,671
3,142
3,304
3,355
3,341
3,381
3,097

3,236
3,234
3,193
3,131
3,141
3,141
3,129
2,955
3,134
2.970
3,640

544,961
565,913
586,726
615,653
629,326
651,389
710,931

November. 3,752
December.. 3,753

320

4,577
945
335
539

1,995
554

1,387
995

1,086
2,670
4,869
1,990
2,947
3,745
11,985

1952

1953

Guaranteed loans
authorized
to date

Guaranteed
loans
outstanding

End of
month
Number

Amount

Total
amount

Portion
guaranteed

Additional
amount
available to
borrowers
under guarantee agreements
outstanding

1950
December.

62

31,326

8,017

6,265

8,299

254
484
729
854

300,955
654,893
1,154,942
1,395,444

68,833
252,100
492,167
675,459

56,973
209,465
400,652
546,597

47,822
276,702
450,013
472,827

971
1,050
1,113

1,677,786
1,867,643
2,052,327

836,739
883,262
922,129

672,974
703,774
736,833

467,392
615.139
656,995

October. . . 1,130
November. 1,143
December. 1,159

2,069,697
2,081,888
2,124,123

993,856
989,678
979,428

811,132
811,117
803,132

591,762
600,304
586,303

2,147,953 984,295
2,170,443 999,794
2,190,643 1,023,666
2,211,201 972,193
2,258,011 957,541
2,283,755 906,584
2,292,777 891,865
2,301,987 868,274
860,874
2,310,182
842,529
2,320,187
837,238
2,324,612

808,986
822,257
838,704
801,945
792,015
748,691
736,723
716,618
709,488
695,550
691,727

578,061
548,916
520,517
469,324
469,048
487,928
482,394
444,265
438,091
416,690
375,977

1951
March....
June
September.
December.
1952

January. . .
February. .
March
April
May

3,754
3,755
3,756
3,757
3,758
June
3,758
July
3,759
August.... 3,760
September. 3,760
October. . . 3,762
November . 3,764
1

997

1,242
1,682

Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
8
Not covered by Federal Reserve Bank commitment to purchase or
discount.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.

JANUARY

[Amounts in thousands of dollars]

Applications
approved

3,511
3,542
3,574
3,607
3,649
3,698
3,736

1945
1946
1947
1948
1949
1950
1951

LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950

1954




March
June
September

1953
January.. .
February..
March....
April
May
June
July
August....
September
October. . .
November

1,173
1,188
1,204
1,212
1,221
1.237
1,244
1,259
1,269
1,279
1,284

NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amounts
repaid, guarantees authorized but not completed, and authorizations
expired or withdrawn.

43

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 December 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Guarantee fee
(percentage of
interest payable
by borrower)

70 or less
75
80
85
90
95
Over 95

Percentage of
any commitment
fee charged
borrower

10
15
20
25
30
35
40-50

Percentage of
loan guaranteed

10
15
20
25
30
35
40-50

Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.

Assets
Depositors'
balances 1

Total

1945—December
1946—December... .
1947—December
1948—December
1949—December
1950—December
1951—December

2,933
3,284
3,417
3,330
3,188
2,924
2,705

1952—October
November....
December... .
1953—January
February
March
April
May
June
July
August
September. . .
October....
November....

End of month

Cash
in
depository
banks

U. S.
Government
securities

Cash
reserve
funds,
etc. 2

3,022
3,387
3,525
3,449
3,312
3,045
2,835

6
6
6
7
7
11
28

2,837
3,182
3,308
3,244
3,118
2,868
2,644

179
200
212
198
187
166
162

2,561
2,555
2,547

2,760
2,749
2,736

33
33
33

2,553
2,553
2,551

174
162
151

2,536
2,523
2,510
2,495
2,477
2,457
2,438
2,419
?2,402

2,724
2,715
2,708
2,697
2,665
2,653
2,648
2,635

33
33
33
33
33
33
33
33

2,538
2,524
2,520
2,520
2,488
2,477
2,469
2,452

152
158
155
144
144
143
146
151

P2,387
P2,373

P Preliminary.
1
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Annual rate of turnover of
demand deposits except interbank
and U. S. Government deposits

Debits to demand deposit accounts,
except interbank and
U. S. Government accounts
Year or month
Total, all
reporting
centers

1952—January
February
March
.
April
May
June
July
August
September
October.
November
December
1953—January
February
March
April
May
.
June
July
August
September
October
November.

. . .

. .

....

6
other
centers 1

338 other
reporting
centers

New
York
City

6
other
centersx

338 other
reporting
centers

757,356
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

1943
1944 . . .
1945
1946
1947
1948
1949
1950
1951
1952

New
York
City
281,080
327,490
382,760
406 790
398,464
443,216
446,224
509,340
544 367
597,815

175,499
194,751
200,202
218,477
246,739
270,912
260,897
298,564
336,885
349,904

300,777
326,320
341,502
391,817
458,517
513,348
499,172
572,208
661,302
695,133

20.4
22.3
24.1
25 1
23.8
26.9
27.9
31.1
31 9
34.4

18.0
18.3
17.5
18.3
19.7
21.6
20.9
22.6
24.0
24.1

15.3
14.6
13.5
14.1
15.5
16.6
15.9
17.2
18.4
18.4

135,801
125,159
136,275
134,110
133,000
139,740
137,313
122,175
136,048
150,470
127,647
165,115

47,650
44,418
49,213
49 745
48,830
53,385
50,472
42,778
49,131
54,893
44,209
63,091

28,937
26,713
30,007
28,761
27,974
29,305
29,483
25,550
28,611
32,322
27,064
35,179

59,215
54,029
57,055
55,604
56,197
57,050
57,358
53,847
58,306
63,255
56,374
66,845

31.2
32.3
33.6
34.0
32.8
37.4
34.4
29.6
35.4
36.4
34.1
41.8

23.0
23.4
25.7
24.6
22.8
24.9
24.0
20.8
24.3
25.0
24.1
26.9

18.3
18.5
18.2
17.8
17.9
18.8
18.1
17.0
18.9
18.7
19.3
19.8

145,971
129,289
153,459
145,697
142,113
154,056
148,090
134,527
147,830
149,738
141,115

52,048
45,749
53,898
52,038
50,255
56,623
51,799
45,516
54 888
54,152
50,470

31,660
28,126
35,339
32,742
32,283
33,807
32,683
29,958
31,422
31,778
30,477

62,263
55,414
64,222
60,918
59,575
63,625
63,608
59,053
61,520
63,808
60,169

34.3
35.1
37.1
35.4
35.6
38.9
36.0
32.2
40.2
35.8
38.4

23.9
24 4
'28.7
'26 7
r
26 2
'26.5
••25 7
'23.6
r
25 9
'23 9
26.5

18.4
18.9
19.4
18.5
18.8
19.3
19.2
17.9
19.4
18.5
20.2

r

Revised.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
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.
1

44




FEDERAL RESERVE BULLETIN

U N I T E D STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars|
Total
in circulation 1

End of year or
month

Coin and small denomination currency2

Large denomination currency2

Total

Coin

«$1

$2

$5

$10

$20

5,553
7,598
6,247
8,732
8,120
11,160
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
28,868 20,020
28,224 19,529
27,600 19,025
27,741 19,305
29,206 20.530

590

559

36

1,019
909
1,156
987
1,274 1,039
1,361 1,029
1,404 1,048
1,464 1,049
1,484 1,066
1,554 1,113
1,654 1,182

64
62
64
67

1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120

1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329

1,576
1,800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177

1952—November... 30,236
December. . . 30,433

21,392
21,450

1,739 1,199
1,750 1,228

69
71

2,123 6,600 9,661 8,846 2,612 5,367
2,143 6,561 9,696 8,985 2,669 5,447

1953—January
February
March
April
May

20,799
20,918
20,896
20,979
21,085
21,243
21,237
21,331
21,321
21,414
21,771

1,721
1,725
1,737
1,747
1,755
1,766
1,769
1,778
1,792
1,802
1,816

69
68
67
68
69
69
70
70
69
70
71

2,051
2,052
2,048
2,056
2,065
2,071
2,055
2,061
2,060
2,071
2,123

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

29,691
29,793
29,754
29,843
29,951
30,125
June
July
30,120
30,248
August
September... 30,275
October
30,398
November.. . 30,807

648
751
880

610
695
801

1,157
1,158
1,165
1,163
1,172
1,176
1,171
1,182
1,207
1,214
1,232

39
44
55

70
81
73
67
65

6,359
6,432
6,418
6,448
6,482
6,527
6,511
6,531
6,499
6,524
6,659

Total

$50

$100

2,048
460
919
2,489
538 1,112
3,044
724 1,433
3,837 1,019 1,910
5,580 1,481 2,912
7,730 1,996 4,153
7,834 2,327 4,220
8,518 2,492 4,771
8,850 2,548 5,070
8,698 2,494 5,074
8,578 2,435 5,056
8,438 2,422 5,043
8,678 2,544 5,207

9,442
9,483
9,462
9,497
9,542
9,635
9,660
9,709
9,694
9,734
9,871

8,894
8,877
8,859
8,865
8,867
8,883
8,885
8,918
8,956
8,986
9,038

2,634
2,629
2,621
2,623
2,627
2,645
2,646
2,655
2,659
2,665
2,689

5,399
5,390
5,383
5,388
5,388
5,391
5,396
5,423
5,458
5,488
5,519

$500 $1,000 $5,000 $10,000
191

227
261
287

425

523
556
586

32

20

30
24

60
46

9

25

407
555

749
990

9
10

22
24

454
438
428

801
783
782

7
8
5

24
26
17

707
689
588
556

5
4
4
4

17
11
12
12

342
343

513
512

4
4

8
10

341
340
339
339
338
337
335
334
334
333
332

508
507
505
503
502
499
496
494
493
489
487

4
4
3
4
4
4
4
4
4
4
4

8
8
8
8
8
8
8
8
8
8
8

400
382
368
355

Unasd
sorte2

4
4
3
2
3
2
3
3

3
3
2
2
2
2
2
2
1
1
1
1
2

2
2
2

1
Total
2

of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money.

In millions of dollars]

Money in circulation l
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and Nov. 30, Oct. 31, Nov. 30,
1952
1953
1953
Banks and
agents
agents

Money leld in the Treasury
Total outstanding, As security
against
Nov. 30,
Treasury
gold and
1953
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890. .
Subsidiary silver coin
JVIinor coin
United States notes
Federal Reserve Bank notes .
. . .
National Bank notes
Total—Nov 30 1953
Oct 31 1953
Nov 30 1952

22,028
21,384
27,388
4,885
492

2,138

21,384

()
(4)
4

( )

643

*2,373

69
54

235

18,533

44

2,138

^2,373
1,213
428
347
195
73
4

2

6

()
23,758
23,303
24,542

4

253"
23
4
23
2
1

6
1
2
1

766
1,275
1,261

2,816
1,070
310

18,533
18,081
19,329

4,195
4,308
4,151

36

26,249
4,522
208
* 2 * 121
1,185
423
321
192
72

36
25,879

4,482
207

2,099 "
1,174
420
316
193
72

37

25,733
4,466
197

2,116
1,135
407
322
212
76

30,807

30,398

30,236

1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
lor other end-of-month dates are shown in table above, totals by weeks in table on p. 37.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
6
>significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
rreceipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
- of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
4 and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
'Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a
redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable
) in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

JANUARY

1954




45

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS1
[Figures 1partly estimated except on call dates.

In millions of dollar s

Assets

Liabilities
and Capital
Total
assets,

Bank credii
Date
Gold

Treasury
currency
outstanding

u. s. Government
Total

Loans,
net

Total

Commercial
and
savings
banks

1929—June
1933—jUne
1939—Dec.
1941—Dec.
1945—D ec .
1947—Dec.
1948—D ec .
1949—Dec.
1950—Dec.
1951 June
Dec.
1952—June

29
30
30
31
31
31
31
31
30
30
31
30

Nov 26
Dec. 31
1953—Jan. 28
Feb 25
Mar. 25
Apr. 29
May 27
June 30
July 29?
Aug. 26*> r
Sept 30?
Oct. 2 8 P
Nov. 2 5 P

4 037
4, 031
17 644

2,019
2,286
2,963
3,247
4,339
4,562
4,589
4,598
4,636
4,655
4,706
4,754

58 ,642
4? ,148
54 ,564
64 ,653
167 ,381
160 ,832
160 ,457
16? ,681
171 ,667
,447
181 ,323
182 ,98G

4 1 , 087
957
22 157
7 6 , 605
30 387
4 3 , 073
48 341
49 604

4,800 191 ,500
4,812 19? ,866

74 300

23 187
?1 000
9 9 700
22 600
22 600
22 500
22 463
22 300
22 200
99 100
22 100
22 000

4,800
4,800
4,800
4,800
4,800
4,854
4,900
4,900
4 900
4,900
4,900

5 ,741
10 328
73 ,105
79 049
178 ,417
107 ,086
100 ,694
100 ,456

74 900
75 000

737
? 0 065
754
74 244
?4 427
22 706

756

22 695
2 3 , 346

300

191 ,200
190 ,300
190 ,200
189 ,000
188 ,900
190 ,277
195 ,500
195 ,400
19S ,900
196 ,600
198 ,100

96 ,560
94 ,450
97 ,808
96 ,266

5,499
8,199
19,417
25,511
101,288
81,199
74,097
78,433
72,894
68,726
71,343
70.783

100

99 ,900
,008

73,600
72,740

98 ,800
97 ,800
000 96 ,400
500 94 ,700
600 94 ,400
071 95 ,350
400 100 ,200
700 99 ,600
400 99 ,300
100 99 ,500
500 100 ,400

72,300
71,400
70,000
68,400
67,800
68,108
72,700
72,100
71,600
71,700
73.OOC

60, 366
63 821
67 597

69, 712
75 484

76
76
76
77
77
77
78
79
79

Dbligation;I

Federal
Reserve
Banks

Other

Other
securities

Total
liabilities
and
capital,
net

Capital
Total
and
deposits misc.
and
accurrency counts,
net

55,776
42,029
68,359
82,811
180,806
175,348
176,121
177,313
199, 009 184,385
199 858 185,038
708, 724 193,404
2 1 1 , 080 194,960

8 922
6 436
6 812
7 826
10 979
1? 800
13 168
14 392
14 624
14 820
15 320
16 120

73 801
2 2 , 906

2 664
2 , 577

11,819
9,863
9,302
8,999
8,577
10,723
11,422
12,621
14,741
15,176
15,918
17,002

800
?4 697

7, 600
7, 571

17,300 7^0 600 202 700
17,374 9 9 0 865 204,220

16 900
16 647

?4 000
900

9 , 500

202,100
201 000
200,600
199,100
199,100
200,360
205,100
204,800
204 900
205,400
206,800

16 900
16 800
17 000
17 300
17 200
17 234
17 600
17 700
1S 000
18 ,200
18 ,200

716

26
131
1 704
1 784
867
3 328
^l 264
3 138
2 , 888

1 ,998
7
2,
74
7?

484
754
262
559
333
18 885

20, 778
7? 982

742

600

23
23
24
24
25
25

900
800
100
746
000
000
7S 200
25 300
25 000

2 , 500
2 , 500
2, 500
2, 496
2 500
2 500
9 500

2 400
2 400

17,500
17 500
17,800
17,800
17,800
17,856
18,000
18,200
18 200
18,100
18,200

64,
43
75,
90,
191

698
465
171
637
785
188, 148
189 290
191 , 706

91Q 0 0 0

717 800

217
216
216
217
222
222
222
223
225

600
400
200
594
700
500
900
600
000

Deposits and Currency
U. S. Government balances
Date
Total

1929—June
1933—June
I939—Dec.
1941—Dec.
1945_Dec.
I947—Dec.
1948—/Dec
1949—Dec.
1950—Dec.
1951—June
Dec.
1952—June

29
30
30
31
31
31
31
31
30
30
31
30

Nov. 26
Dec. 31
1953—Jan. 28
Feb. 25
Mar. 25
Apr 29
May 27
June 30
July 2 9 P
Aug. 2 6 P
Sept. 30P
Oct. 2 8 P
Nov. 25 P

55 776
029
68 359
8 7 811
180 806
348
176 121
177 313
18-1 385
185 ,038

Foreign
bank
deposits, Treasury
net
cash

At comAt
mercial Federal
and
savings Reserve
Banks
holdings
banks

365
50

204
264

,409
,215
,287
,336
,325
.312
,293
,281
L.279
,283

381
852
846
895
608
452
451
249

36
35
634
867
977
870

Deposits adjusted and currency
Time deposits3
Total

54,790
40,828
63,253
76,336
150,793
170,008
169,119
169,781
176,917
174,684
185,984
184,904

Demand
deposits 2

77
14
79
38

540
411
793
992
851

194

,404
,960

1,217
1,498
2,141
1,682
2,103
2.150
2,518
2,424
2,279
2,319

,700
,220

2,500
2,501

1
1,300
1
L.27O

7

?04

000
5 759

300 191,600 99 ,400
389 194,801 101 ,508

100

2,500
2,300
2,400
2,400
2,400
2,467
2.500
2,400
2,500
2,400
2,400

1,300
1,300
1,300
1,300
1,300
1,259
1,300
1,300
1,300
1,300
800

4 ,700
5 ,400
5 ,800
9 ,900
,900
3 ,942
7 ,500
7 ,000

700
400

,000
,600
1 9 9 ,100
1 9 9 ,100
7 0 0 ,360
9 0 5 ,100
9 0 4 ,800
9 0 4 ,900
205 ,400
206 .800

701

1
74
1
3

1 ,123

75
87 ,121
85 ,520
85 750
9? ,272

Total

28
71
27
27
48
56
57
58
59
59
61

611
656
059
729
452
411
570
616
247
948
447

6 337
3 ,615

821
668
317
247

6 ,121

333

94 ,754

63 676
64 800

,989

6 700

3 ,800
5 ,700

400
400
132
800
700
600

600
500

88 960
9 8 ,234

193,300 100 ,500
191,600 98 ,300
191,000 97 400
192,200 98 ,000
192,100 97 ,500
192,560 96 898
193,000 97 ,400
193,400 97 500
194,300 97 700
197,300 100 ,300
197,400 100 .200

65 799
66 ,100
66 400
66 ,800
67 700
67 ,600
68 , 293
68 400
68 ,700
69 ,100

69 ,600
69 ,300

Commercial
banks

Mutual
savings
banks*

19,557
10,849
15,258
15,884
30,135
35,249
35,804
36,146
36,314
36,781
37,859
39,302

10
10
15
17
18
19
70
20
20

40,000
40,666
40,700
41,000
41,200
41,500
41,700
42,245
42,300
42,500
42,800
43,200
42,900

8 905
9 621
523
53?
385
746
387
273
009

Postal
Savings
System
149

Currency
outside
banks
639
4 761
6 ,401

21 ,755

1,186
1,278
1,313
2,932
3,416
3,329
3,197
2,923
2,785
2,701
2,619

22 ,300
22 ,586

2,600
2,547

?7 400
77 ,494

22 ,800
7? 900
73 ,100
73 ,300
73 400
73 ,589
?3 ,700
73 800
74 ,000

2,500
2,500
2,500
2,500
2,500
2,459
2,400
2,400
2,400
2,400
2,400

800
? 6 ,900
?6 ,900
?7 000
77 ,000
77 ,369
77 ,200
77 ,300

,382
887

24 ,100
24 ,000

,615
,490
,476
,079
,415
,398
,776
,303
26 ,474
9

76
?6
?6
75
75
75
?6

,500
27 ,400
27 ,900

r
P Preliminary.
Revised.
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.
8
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
5
*Prior to June 30, 1947, includes a relatively small amount of demand deposits.
Less than 50 million dollars.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against the same item 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.

46




FEDERAL RESERVE

BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits

Loans a n d investments

Other

Investment s

Class of bank
and date

Total

Loans

Total

All b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 312
1947—Dec. 3 1
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
Nov. 26
Dec. 31
1953—May 27
June 30
July 2 9 P
Aug. 26P . .
Sept. 30P *-....
Oct. 2 8 P
Nov. 2 5 P
All commercial b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 312
1947—Dec. 3 1
1948—Dec. 3 1 . . . .
1949—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—June 30
Nov. 26
Dec. 31
1953—May 27. . . .
June 30
July 2 9 P . .
Aug. 2 6 P

50 884

61 ,196
140 ,227
134 ,9?4
133 ,693
140 ,S98
148 091
154 ,869
157 S?8
165 490
165 6?6

163 ,100
163 08?
168 SOO
168 S90

168 ,560
169 S?0
171 170
40
50
124
116
114
120
126
132
134

668
746
019
984
?98
197
67S
610
437

9 ? ,165
98 ,719
?6 ,615
34 ,511
30 ,362 109 ,865
43 ,002 91 ,923
48 ,174 85 ,519
49 544 91 ,054
60 ,386
87 ,635
67 ,608 87 ,261
69 ,742 87 ,786
90 ,890
74 ,600
75 ,512
90 ,114
77 ,420 85 680
77 ,117 8S 965
90 650
77 ,850
78 ,370
90 220
78 ,730 89 830
79 ,720 89 800
91 160
80 ,010

17 ,238
?1 ,714
?6 ,083
38 ,057
4? ,488
4?, ,965
S? ,249
57 ,746
S9 ,233

141 660 63 ,400
141 674 64 ,163
138 100 65 ,440
137 957 65 ,025
143 190 65 ,630
143 130 66 ,040
Sept. 3 0 P » \ . . . 142 990 66 ,260
Oct. 28 P . . . 143 910 67 ,120
Nov. 2 5 P
145 460 67 ,250

All m e m b e r b a n k s :
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—Dec. 30
1951— Dec. 31
1952—June 30
Nov. 26
Dec. 31
1953—May 27
June 30
July 29P
Aug. 2 6 P
Sept. 30 r
Oct. 2 8 P
Nov. 2 5 P
All m u t u a l savings
banks:
1939—Dec 30
1941—Dec 31
1945—Dec 31
1947—Dec. 3 1 2
1948—Dec. 31
1949—Dec 31
1950—Dec 30
1951—Dec. 31
1952—June 30
Nov. 26
Dec. 31
1953—May 27
June 30
July 29P
Aug 2 6 P
Sept. 30P
Oct. 2 8 P
Nov. 2 5 P

Cash
assets 1

U. S.
Government
obligations

Other
securities

19 417
?S ,511
101 ,288
^ ,199
74 ,097
78 ,433
79 ,894
71 ,343
70 ,783
73 ,560
7? ,740
67 ,840
68 ,108
79 ,700
7? ,070
71 ,620
71 ,660
79 ,990

9 ,302
8 ,999
8 ,577
10 ,723
11 ,422
1? ,621
14 ,741
15 ,918
17 ,002
17 ,330
17 374
17 ,840
17 ,856
17 ,950
18 ,150
18 ,210
18 ,140
18 ,170

93 292
97 ,344
35 ,415
38 ,388
39 ,474
36 ,522
41 ,086
45 ,531
41 ,667
49 ,620
4S ,584
39 ,240
49 ,023
39 ,230
39 ,060
41 ,480
41 ,040
41 ,550

68 242
81,816
165,612
161,865
161,248
164 467
175,296
185,756
184 130
190,620
195,552
185,030
189,159
190,620
190,350
193,080
193,140
194,950

Total i

?3
?9
97
78
71
77
74
74
7S
78
77
7?
7?
77
77
76
76
78

430
032
936
226
811
73?,
426
863
204
260
461
660
93?
560
090
730
790
210

16
?1
90
69
6?
67
6?
61
61
64
63
58
58
63
62
62
67
63

316
808
606
221
622
005
027
574
178
090
318
310
644
220
590
200
340
720

7 ,114
7 ,225
7 ,331
9 ,006
9 189
10 777
1? 399
13 339
14 026
14 170
14 143
14 350
14 787
14 340
14 500
14 530
14 450
14 490

7? ,474
76 ,551
34 ,806
37 ,502
38 ,596
35 ,650
40 ,289
44 ,645
40 ,702
41 ,820
44 ,666
38 ,450
41 ,156
38 ,420
38 ,260
40 ,640
40 ,160
40 ,740

57,718
71,283
150,227
144,103
142,843
145,174
155,265
164,840
162,348
168,340
172,931
161,630
165,531
166,880
166,520
169,090
169,050
170,880

Interbank i

9 874

10 ,982
14 ,065
13 ,033
12 ,269
19 710
14 ,039
15 ,087
13 ,513
13 ,880
IS ,321
12 ,650
13 ,600
19 ,960
19 ,920
13 ,900
14 ,300
14 ,230

Demand

8 194
8,414
10,542
11,948
12,479
13 088
13,837
14,623
15 039
15,280
15,367
15,680
15,791
15 810
15,890
16,070
16,120
16,200

290
810
060
220
440

15,331
15,952
30,241
35,360
35,921
36,328
36,503
38,137
39,614
40,300
41,012
42,050
42,581
42,630
42,790
43,130
43,530
43,210

6,885
7,173
8,950
10,059
10,480
10,967
11,590
12,216
12,601
12,820
12,888
13,180
13,275
13,290
13,350
13,520
13,570
13,630

14 ,057
14 ,046
14 ,018
14 ,009
14 ,006
14 ,004
13 ,997
13 ,990
13 ,982

104 744

111 ,644
109 ,247
114 190
116 633

106 960
109 389

111 320
110 850

112 100
111 260
113 480
3?
44
105
9S
94
96
104
111
109

1? ,650
13 598

106 930
109 357

513
349
921
711
654
136
7?3
618
222

13 ,880 114 160
15 319 116 600
111
110
112
111
113

Time

25 852
26,479
45,613
53,105
54,308
55,601
56,513
59,025
61,369
62,550
63,598
65,420
66,170
66,340
66,580
67,080
67,580
67,240

3 9 516

44 ,355
105 ,935
9S ,727
94 ,671
96 156

9 ,874
10 ,982
14 ,065
13 ,032
19 ,269
1? ,709
14 ,039
1S ,086
13 ,512

12 ,960
12 ,920
13 ,900
14 ,300
14 ,230

Total NLimber
capital
of
accounts b anks

15 035
14 ,826
14 ,553
14 ,714
14 ,703
14 687
14 ,650
14 ,618
14 599
14 ,586
14 ,575
14 ,546
14 ,537
14 534
14 532

14 ,525
14 ,518
,510

14

14 ,484
14 278
14 ,011
14 181
14 ,171
14 ,156
14 ,121
14 ,089
14 070

941
521
183
846
616
528
424
247
502
564
S47
922
789
S46
398
18S
050
299

13 ,962
18 ,021
22 ,775
32 ,628
36 ,060
36 ,230
44 ,705
49 ,561
50 ,526.
54 ,283
,034
56 ,006
55 ,613
S6 ,128
56 ,491
S6 ,633
57 ,415
57 ,465

19
25
84
65
S9
65
62
62
62
65
64
59
60
64
63
63
63
64

979
500
408
218
556
297
719
687
976
281
514
916
176
418
907
552
635
834

14
19
78
57
S?
56
52
51
51
53
S?
47
48
S?
51
S1
51
52

378
539
338
914
154
883
365
621
261
486
763
982
318
500
859
506
663
845

5
5
6
7
7
8
10
11
11
11
11
11
11
11
12
1?
11
11

651
961
070
304
402
414
355
065
715
795
751
934
858
918
048
047
972
989

19 ,782
23 ,123
29 ,845
32 ,845
34 ,203
31 ,317
35 ,524
39 ,252
36 ,046
36 ,896
39 ,255
33 ,936
36 ,467
33 ,883
33 ,730
3S ,919
35 ,168
35 ,775

49,340
61,717
129,670
122,528
121,362
123,885
133,089
141,015
138,769
143,478
147,527
137,209
140,830
141,914
141,507
143,803
143,453
145,028

9 ,410 78 731
10 ,525 38 846
13 ,640 91 820
12 ,403 81, 785
11 ,641 80 881
12 ,097 82, 628
13 ,447 90, 306
14 ,425 95, 968
12 ,812 94, 169
13 ,120 98 006
14 ,617 100, 020
12 ,083 91, 459
12 ,933 93, 780
19 ,318 QS 474
12 ,278 94, 995
13 ,238 96 051
13 ,610 95. 022
13 ,520 96 896

11,699
12,347
24,210
28,340
28,840
29,160
29,336
30,623
31,788
32,352
32,890
33,667
34,117
34,122
34,234
34,514
34,821
34,612

5,522
5,886
7,589
8,464
8,801
9,174
9,695
10,218
10,526
10,700
10,761
11,000
11,070
11,077
11,116
11,251
11,299
11,344

6 ,362
6 ,619
6 ,884
6 ,923
6 918
6 ,892
6 ,873
6 ,840
6 ,8t5
6 ,801
798
6 ,771
6 ,765
762
6 ,759
ft 753
6 ,752
6 ,747

10 916
10, 379
16 908

4 ,927
4 901
4 279
4 ,944
S ,686

5
5,
11
13
13
13
13
12,
12,
12
12,
13
13
13,
13
13,
13
12

289
478
928
696
709
822
209
398
582
630
654
0?0
033
090
130
100
010
950

3 101
3 704
10 682
11 978
11 476
11 428
10 868
9 819
9 606
9 470
9, 422
9 530
9 464
9 480
9 480
9 420
9 320
9 270

?
1
1
1
7
?
?
2
2
3
3,
3
3
3
3
3
3
3

188
774
246
718
733
394
342
579
976
160
231
490
569
610
650
680
690
680

818
793
609
886
878
873
797
886
966
800
918
790
867
810
800
840
880
810

10,524
10,533
15,385
17,763
18,405
19,293
20,031
20,915
21,782
22,280
22,621
23,400
23,628
23,740
23,830
23,990
24,090
24,070

3
6
14

10,521
10,527
15,371
17,745
18,387
19,273
20,009
20,888
21,755
22,250
22,586
23,370
23,589
23,710
23,790
23,950
24,050
24,030

1,309
1,241
1,592
1,889
1,999
2,122
2,247
2,407
2,438
2,460
2,479
2,500
2,516
2,520
2,540
2,550
2,550
2,570

551
548
542

33
43
107
97
95
101
107
112
113
119
119
115
115
120
120
120
121
122

18, 641
19, 395
20 400
21 346

22, 259
23, 091
23 830
24, 003
25, 000
25 1?4

25 310
25 460
25, 570
25, 610
25 710

6 578
8 137

9 ,862
10 509
11 200
11 349
11 980
19 091

12 220
19 330
12 470
12 600
12 ,760

1
1

2
2
2
2
7

17
17
20
22

26
26
30
33
30

3

37

3
3
3
3
3

30
40
40
40
40

533
532
531
529

529
529
529
529
528
528

528
528
528
528
528

r
Revised to give effect to September 30 member bank call date figures.
Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial[ 1
banks" comprise "all nonmember commercial banks" and "all member banks" with exception of 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.
For other footnotes see following two pages.

JANUARY

1954




47

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 md investments

Deposits
Other

Investment
Class of bank
and date

Total

Central reserve city
member banks:
New York City:

1939—Dec 30
1941—Dec 31
1945—Dec. 31
1947—Dec 31
. .
1948—Dec 31
1949—Dec 31
1950—Dec 30
1951—Dec. 31 . . . .
1952—June 30
Nov. 26
Dec 31
1953—May 27
June 30
July 2 9 P
Aug 2 6 Pr
Sept 3 0 . . . .
Oct. 2 8 P
Nov 2 5 P

Chicago:
1939—Dec 30
1941—Dec. 31
1945—Dec. 31
1947—Dec 31
1948—Dec 31
1949—Dec 31
1950—Dec. 30
1951—Dec. 31
1952—jUne 30
Nov 26
Dec 31
1953—May 27
June 30
July 2 9 P . . . .
Aug. 2 6 P
Sept 30 r
Oct. 2 8 P . . .
Nov. 2 5 P

Reserve city member
banks:

1939—Dec 30
1941—Dec 31
1945—Dec 31
1947—Dec. 31
1948—Dec 31
1949—Dec 31
1950—Dec. 30
1951—Dec 31
1952—June 30
Nov. 26
Dec 31
1953—May 27 . . . .
June 30
July 29P
Aug. 26*
Sept 3 0 r
Oct. 2 8 P
Nov. 2 5 P

Country member
banks:
1939—Dec. 30
1941—Dec 31
1945—Dec. 31 . . . .
1947—Dec 31
1948—Dec. 31
1949—Dec. 31
1950—Dec 30
1951—Dec 31
1952—June 30
Nov. 26
Dec. 31
1953—May 27
June 30
July 2 9 P
Aug. 2 6 P
Sept. 30 r
Oct. 2 8 P
Nov. 2 5 P

Total

9, 339
12, 896
143
20, 393
18 759
19 583
20 612
21 379
21 710
21 696
130
20 542
90 452
21 742
407
21 568
21 901
21 926
2 105
2 760
5 931

s 088
4 799
s 424
5 569
5 731
s 664
6 112
6 240

U.S.
Government
obligations

6, 043
8 823
18 809
13 214
10 712
12 033
10 883
10 233
10 442
9 723
9 754
8 165
8 569
9 828
Q 404
9 454
9 414
9 636

4, 772
7, 265
17 574
11. 972
q 649
10, 746
8, 993
8, 129
8, 212
7 695
7 678
6 164
6 639
7 838
7 380
7 436
7 482
7 704

536
806
598
287
016
806
487
264
284

1 203
1 430
4 213
890
2 633
3 324
2 911
2 711
2 721

Loans

3, 296
4, 072
7, 334
7, 179
8 048
7, 550
9, 729
11. 146
11. 268
11 973
1? 376
12 377
11 883
11 914
003
12 114
12 487
12 290
569
954
333
801
783
618
083
468
7 380

1
1
1
1
2

7 592
748

1
1
4
3
3
3
3
3
3

3 520
3 493

560
627
116
984
973
984
093

2 595
2 552
712
2 670
7 609
2 597
2 607

2 965
3 ,075
3 404
3 ,314
3 ,364
3 ,387
3 ,486

12 272
IS 347

5 329
7 105

40 108

8 514

6 ,944
8 ,243
,594
22 ,591
,047
23 ,931
22 ,779
,043
73 ,346
74 ,477
23 ,886
7? ,166
77 ,201
23 ,913
23 ,845
,413
23 ,509
24 ,024

5
6
5
S
5
6

36 ,040
3S ,332
38 ,301
40 ,685
694
43 ,091
45 ,583
44 ,304
44 ,352
46 ,252
46 ,397
4S ,906
46 ,221
46 ,825

13 ,449
14 ,285
14 ,370
17 ,906
19 ,651
19 ,745
71 ,677
21 ,697
7? ,138
,150
22 ,339
22 ,552
,493
22 ,712
22 ,801

10 ,224
,518
3S ,002
36 ,324
36 ,726
,219
40 ,558
47 ,444
43 ,037
45 ,652
45 ,594
45 ,516
45 ,359
46 ,436
46 ,610
46 ,739
46 ,944
47 ,455

4 ,768
s ,890
s ,596
10 ,199
11 ,945
1? ,692
14 ,988
16 ,296
17 ,133
18 ,091
18 ,213
18 ,896
19 ,028
19 ,163
19 ,266
19 ,417
19 ,619
19 ,767

46 104

S,456

6 ,628
79 ,407

26 ,125
24 ,782
?s ,527
25 ,570
76 ,148
25 ,904
27 ,561
27 ,381
26 ,620
26 ,330
27 ,273
27 ,344
27 ,322
27 ,325
27 ,688

2 933
2 912

2 426
2 529
7 816
758
804
2 824
2 918
5 194
6 467

79 552

20 ,196
18 ,594
20 ,951
19 ,084
19 194
19 ,123
70 ,127
19 ,624
17 ,657
17 ,756
19 ,481
19 ,339
18 ,959
19 ,049
19 ,592
.3 ,159
4 377
76 ,999

22 ,857
21 ,278
71 ,862
21 ,377
71 ,587
21 ,206
22 ,731
22 ,549
21 ,735
21 ,394
22 ,365
22 ,382
22 ,306
22 ,308
22 ,631

Cash
assets 1
Other
securities

1,272
1,559
1 235
1,242
1 063
1,287
1,890
2,104
2,231
2,028
2 076
2,001
1 930
1,990
2 024
2,018
1,932
1,932

6, 703
6, 637
6 439
7, 261
7 758
6 985
7 922
8 564
8 135
7 818
8 419
6 920
7 879
6 751
6 655
7 598
6 932
7 085

333
376
385
397
383
482
576
552
563

1
1
1
1
1
1
2
2
1

587
581

120
2 010

539
546
588
556
560
563
568

1,749
1,776
2,042
2,396
2,453
2,980
3,695
3 849
4,223
4,350
4,262
4,509
4,446
4,432
4,506
4,453
4,460
4,432
2,297
2,250
2,408
3,268
3,504
3,665
4,193
4,561
4,698
4,830
4,832
4,885
4,936
4,908
4,962
5,016
5,017
5,057

446
566
489
739
932
850
034
196
899

2 014
2 058
1 992
2 006
083
1 ,972
1 ,994
6 ,785
8 ,518
13 ,066
13 ,317
12 ,168
13 ,998
199
is ,925
13
14 ,585
15 ,544
13 ,525
14 ,447
13 ,575
13 ,546
14 ,196
14 ,179
14 ,444

11 286

Total i

Interbank i

Demand

Time

4, 238
4, 207
4, 657
4, 464
4 ( 213
4, 192
4, 638
4, 832
4, 639
4, 440
4, 965
4, 356
4 578
4, 336
4 267
4, 645
4 719
4 713

9, 533
12, 917
74, 227
19, 307
18, 131
18, 139
19, 287
20, 348
20, 311
19, 884
70, 504
17, 887
18, 736
18, 994
18 605
19, 420
18 780
18 723

736
807
,236
,445
,680
,651
,722
,679
,795
,784
,840
,850
[,930
,875
1,834
L.931
2,006
2,026

888
035
312
217
064
191
228
307
182

1, 947
2, 546
5 015
4 273
4 227
4 535
4 778
4 952
4 681

368
7 686

1 221
1 350

4 981
s 132

495
476
719
913
1,001
1,083
1,103
1,143
L.164
1,166
1,205
1,185
1,207
1,196
1,190
1,204
1,204
1,216

17 741
77 ,313

3 686
4 460

439
047

6 448

3? 877

14, 509
17, 932
30, 121
2 5 , 216
024
23, 983
25, 646
26, 859
26, 745
26 108
77 309
24 093
244
25 205
706
25 996
25 505
25 462
3
4
7
6
6
6
7
7
7
7

330
057
046
402
293
810
109
402
027

6
7
7
7
7
7
7

947
119
397
357
338
323
448

49 085

46 ,467
4S ,943
47 ,559
51 ,437
S4 466
S3 ,425
S.S ,923
57 ,357
S3 ,279
S4 861

55 ,299
55 ,338
SS ,713
55 ,710
56 ,541

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

137
216
201
224
278
315
269

5 649
s 400
5 713
6 448
6 976
S 908
6 278

29
79
30
33
3S

625
696
000
943
855
804
963

395
153
182
342
218

34 764
.36 604

37 095
34 113

5 756
5 ,760
6 ,233
6 ,443
6 ,378

35 819
35 798
3S ,621
35 ,320
36 290

6 066

4 ,848

13 ,762

598

17 415
43 ,418

822
1 ,223

44 ,443
45 ,102
4S ,534
48 ,897
S? ,288
51 ,571
54 ,079
55 ,175
52 ,890
53 ,606
54 ,013
54 ,106
54 ,756
54 ,915
55 ,577

4
4
S
4
4
4
4

7 001
s 593

6 402
10 ,632

10 ,778
11 ,196
10 ,314
11 ,571
13 ,292
12 ,087
12 ,373
13 ,281
11 ,477
12 ,083
11 ,565
11 ,523
12 ,041
12 ,085
12 ,252

Total
Number
capital
of
accounts banks

1 ,073
964
1 ,001
1 ,133
1 ,309
1 ,083
1 ,181
1 ,301
997
1 ,073
1 ,025
1 ,027
1 ,081
1 ,133
1 ,160

3S 052

7 ,312

10 ,335
79 ,700

28 ,810
29 ,370
79 771
32 ,899
3S ,449
34 ,414
36 ,537
37 ,289
34 ,834
35 ,295
35 ,661
35 ,649
36 ,155
36 ,118
36 ,920

1 616
4^806
9 760
11,423
11,391
11,664
11,647
12,272
12,754
13,041
13,261
13,573
13,743
13,724
13,780
13,859
13,947
13,873
5,852
6 258
12,494
14,560
14,768
14,762
14,865
15 530
16,075
16,361
16,585
17,059
17,237
17,327
17,430
17,521
17,664
17,497

1, 592
1, 648

2, 259
7, 306
2, 312
2, 351
2, 425
2, 460
2, 476
505
2 , 537
544
2 , 546
550
2. 563
2, 566
2 573

36
36
37
37
35
25
23
22
22
22
22
22
22
22
22
22
22
22

250
288
377
426
444
470
490
513
530

14
13
12
14
13
13
13
13
13

537
541

13
13

7, 120

545
551
547
552
557
558
559

13
13
13
13
13
13
13

1 828
1 967

346
351

566

359

2 844

928
3 087
3 322
3 521

353
335
341
336
321

3 663
3 770

319
319

3 874

321

1 ,851

5,966
6 219
6,476
6,519
6,535
6,513
6,501
6 484
6,461
6,447
6,444
6,415
6,409
6,406
6,405
6,399
6,398
6,393

3 745
3 844
3 871
3 881
3 917
3 953
3 ,970

1 982

,525
2 ,934
3 ,123
3 ,305
3 ,532
3 760
3 ,873
3 ,967
3 ,970
4 ,074
4 ,101
4 ,113
4 ,133
4 ,213
4 ,222
4 ,242

319
321
321
319
319
319
319

2
Beginning with December 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.

48



FEDERAL RESERVE BULLETIN

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits

Loans and investments

Other

Investments
Class of bank
and date

Cash
assets ]

Total

Total

All insured commercial
banks:
1941 — Dec. 31 . . .
1945- Dec 31 . . .
1947—Dec. 31
1950—Dec. 30
1951- Dec. 31
1952—Dec. 31
1953—June 30

U. S.
Government
obligations

Other
securities

Loans

Total i

Interbank^

Total Number
capital
of
accounts banks

Demand

Time

49,290
121,809
114,274
124,822
130,820
139,770
136,144

21,259
25,765
37,583
51,723
57,256
63,632
64,522

28,031
96,043
76,691
73,099
73,564
76,138
71,622

21,046
88,912
67,941
60,986
60,533
62,308
57,667

6,984
7,131
8,750
12,113
13,031
13,831
13,955

25,788
34,292
36,926
39,821
44,176
44,222
40,756

69,411
147,775
141,851
153,288
162,908
170,971
163,650

10,654
13,883
12,670
13,744
14,777
14,990
13,242

43,059
104,015
94,300
103,499
110,382
115,371
108,222

15,699
29,876
34,882
36,045
37,749
40,610
42,186

6,844
8,671
9,734
11,263
11,902
12,563
12,950

13,426
13,297
13,398
13,432
13,439
13,422
13,417

National member
banks:
1941 -Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30 , .
1951—Dec 31 . .
1952—Dec. 31
1953—June 30. . . .

27,571
69.312
65,280
72,090
75,255
80,180
77,848

11,725
13.925
21,428
29,184
32,317
36,004
36,420

15,845
55,387
43,852
42,906
42,938
44,176
41,428

12,039
51,250
38,674
35,587
35,063
35,835
32,958

3,806
4,137
5,178
7,320
7,875
8,341
8,471

14,977
20,114
22,024
23,763
25,951
26,333
24,279

39,458
84,939
82,023
89,281
94,173
98,974
94,475

6,786
9,229
8,410
9,133
9,788
9,918
8,594

24,350
59,486
54,335
60,251
63,477
66,362
62,364

8,322
16,224
19,278
19,897
20,908
22,694
23,516

3,640
4,644
5,409
6,313
6,653
7,042
7,221

5,117
5,017
5,005
4,958
4,939
4,909
4,874

State member banks:
1941—-Dec. 31
1945—Dec. 31
1947—Dec. 31
1950 Dec. 30 . . .
1951—Dec. 31
1952—Dec. 31
1953—June 30

15,950
37,871
32,566
35,334
36,992
39,367
37,941

6,295
8,850
11,200
15,521
17,243
19,030
19,194

9,654
29,021
21,365
19,813
19,748
20,337
18,748

7,500
27,089
19,240
16,778
16,558
16,928
15,361

2,155
1,933
2,125
3,035
3,191
3,409
3,387

8,145
9,731
10,822
11,762
13,301
12,922
12,188

22,259
44,730
40,505
43,808
46,843
48,553
46,355

3,739
411
993
315
637
699
4,339

14,495
32,334
27,449
30,055
32,491
33,658
31,415

4,025
7,986
9,062
9,438
9,715
10,196
10,601

2,246
2,945
3,055
3,381
3,565
3,719
3,850

1,502
1,867
1,918
1,915
1,901
1,889
1,891

Insured nonmember
commercial banks:
1941 -Dec. 31
.
1945- Dec. 31
1947—Dec. 31
1950—Dec. 30 . . .
1951—Dec. 31
1952—Dec. 31
1953—June 30

5,776
14,639
16,444
17,414
18,591
20,242
20,375

3,241
2,992
4,958
7,023
7,701
8,605
8,915

2,535
11.647
11,486
10,391
10,890
11,638
11,460

1,509
10.584
10,039
8,632
8,923
9,556
9,361

1,025
1,063
1,448
1,759
1,967
2,081
2,099

2,668
4,448
4,083
4,299
4,926
4,970
4,292

7,702
18,119
19,340
20,216
21,912
23,464
22,841

129
244
266
297
353
373
309

4,213
12,196
12,515
13,194
14,415
15,351
14,443

3,360
5,680
6,558
6,726
7,144
7,740
8,090

959
1,083
1,271
1,570
1,686
1,804
1,882

6,810
6,416
6,478
6,562
6,602
6,627
6,655

Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31 . . .
1947—Dec. 31*
1950—Dec. 30 . . .
1951—Dec. 31 . . .
1952—Dec. 31
1953—June 30

1,457
2,211
2,009
1,853
1,789
1,854
1,813

455
318
474
527
490
531
504

1,002
1,893
1,535
1,327
1,299
1,322
1,310

761
1,693
1,280
1,040
991
1,010
977

241
200
255
286
308
312
332

763
514
576
468
469
444
400

1,872
2.452
2,251
1,976
1,932
1,960
1,880

329
181
363
294
308
329
356

1,291
1.905
1,411
1,224
1,235
1,229
1,130

253
365
478
458
388
402
395

329
279
325
327
314
326
325

852
7J4
783
689
650
624
592

All nonmember commercial banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31 2. . .
1950— Dec. 30 . . .
1951—Dec. 31 . . . .
1952—Dec. 31
1953—June 30

7,233
16,849
18,454
19,267
20,380
22,096
22,188

3,696
3,310
5,432
7,550
8,192
9,136
9,419

3,536
13,539
13,021
11,718
12,189
12,960
12,769

2,270
12,277
11,318
9,672
9,914
10,567
10,339

1,266
1,262
1,703
2,040
2,275
2,393
2,431

3,431
4.962
4,659
4,767
5,395
5,414
4,691

9,574
20,571
21,591
22,193
23,843
25,424
24,722

457
425
629
591
661
702
665

5,504
14,101
13,926
14,417
15,650
16,580
15,572

3,613
6,045
7,036
7,184
7,533
8,142
8,485

1,288
1,362
1,596
1,897
1,999
2,129
2,207

7,662
7,130
261
251

Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30

1,693
10,846
12,683
15,101
16,190
17,621
18,610

642
3,081
3,560
6,086
7,523
8,691
9,325

1,050
7,765
9,123
9,015
8,668
8,930
9,284

629
7,160
8,165
7,487
6,921
6,593
6,642

421
606
958
1,528
1,746
2,337
2,642

151
429
675
617
695
732
692

1,789
10,363
12,207
14,320
15,368
16,785
17,695

12
14
19
23
30
35

1,789
10,351
12,192
14,301
15,343
16,753
17,657

164
1,034
1,252
1,513
1,678
1,730
1,771

52
192
194
194
202
206
213

8,687
5.361
5,957
6,245
6,069
6,382
6,515

259
198
384
050
2,339
2,658
2,766

4,428
4,163
4,573
4,194
3,730
3,724
3,749

3,075
3,522
3,813
3,380
2,897
2,829
2,822

1,353
641
760
814
833
895
927

642
180
211
180
191
187
175

8,744
022
556
711

8,738
5,020
5,553
5,708
5,544
5,833
5,931

1,077
558
637
734
729
749
745

350
339
335
327
323
315

Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 »
1950—Dec. 30
1951—Dec. 31
1952—Dec. 31
1953—June 30

5,547
5,836
5,933

For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.

JANUARY

1954




7,252
7,251
7,247

For revisions

49

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Loans for
Compurchasing
merTotal
or carrying
cial,
Other
loans
in- Agri- securities Real
and
to
esinvest- Total 1 clud- culin- Other Total
ing
tate
ments
To
di- loans
open tur- brokloans vidal
marTo
ers othket
uals
and ers
padealper
ers

Class of bank
and
call date

All commercial
banks:2
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June

Investments

3 1 . . . 116,284
3 0 . . . 126,675
3 1 . . . 132,610
3 1 . . . 141,624
30. . . 137,957

38,057
52,249
57,746
64,163
65,025

18,167
21,927
25,879
27,871
27,418

1,660
2,905
3,408
3,919
3,675

830 1,220 9,393 5,723 1,063
1,802 1,057 13,541 10,120 1,573
1,581 980 14,580 10,451 1,681
2,060 1,103 15,712 12,684 1,718
1,719 1,074 16,231 14,111 1,737

49,290
121,809
114,274
124,822
130,820
139,770
136,144

21,259
25,765
37,583
51,723
57,256
63,632
64,522

9,214
9,461
18,012
21,776
25,744
27,739
27,282

1,450
1,314
1,610
2,823
3,321
3,805
3,594

3,164 3,606
823 1,190
1,789 1,036
1,571 960
2,050 1,082
1,704 1,051

4,773
4,677
9,266
13,389
14,450
15,572
16,100

2,361
5,654
10,049
10,378
12,603
14,025

43,521
107,183
97,846
107,424
112,247
119,547
115,789
120,185

18,021
22,775
32,628
44,705
49,561
55,034
55,613
56,633

8,671
8,949
16,962
20,521
24,347
26,232
25,763
26,025

598 3,494
594
972
855 3,133 3,378 3,455
811 1,065 7,130
927 10,522
l.J $08 1,770
851 11,334
2,1 40 1,551
2,416 2,032 966 12,214
933 12,628
2,: 534 1,687
898 12,840
2 , : $68 1,783

1,900
4,662
8,314
8,524
10,396
11,612
11,819

12,896
26,143
20,393
20,612
21,379
22,130
20,452
21,568

4,072
7,334
7,179
9,729
11,146
12,376
11,883
12,114

2,807
3,044
5,361
6,328
7,852
8,680
8,345
8,475

8

954

732

6
2
3
9
16
14
7
6

U. S. Government obligations

Obligations

Direct
Total

r»f
OI

States wtner
Guar- and secuCertifian- polit- rities
cates
ical
Bills of in- Notes Bonds teed subdebtdiviedsions
ness

78,226
74,426
74,863
77,461
72,932

69,221
62,027
61,524
63,318
58,644

2,193
4,236
7,337
7,761
5,050

28,031
96,043
76,691
73,099
73,564
76,138
71,622

21,046
88,912
67,941
60,986
60,533
62,308
57,667

2,455
2,124
4,118
7,219
7,622
4,927

25,500
1,104 84,408
952 65,218
1,438 62,719
1,535 62,687
1,577 64,514
1,585 60,176
1,732 63,552

19,539
78,338
57,914
52,365
51,621
52,763
48,318
51,506

2,275
1,987
3,665
6,399
6,565
4,064
4,171

7,789
1,969
7,657
5,580
5,092

6,034
17,033
11,408
11,878
11,259

53,191
38,778
35,101
38,077
37,212

19,071
7,552
1,932
7,526
5,494
5,000

3,159
16,045
5,918
16,756
11,256
11,714
11,119

12,797 4,102 3,651 3,333
22 3,873 3,258
51,321
14 5,129 3,621
52,334
11 7,933 4,179
38,168
21 8,989 4,042
34,511
22 9,977 3,854
37,456
32 10,302 3,653
36,589

16,985
5,816
1,468
6,010
4,255
3,807
8,602

3,007
14,271
4,815
14,054
9,596
9,835
9,242
10,909

11,729 3,832 3,090 2,871
16 3,254 2,815
44,792
10 4,199 3,105
45,286
8 6,640 3,714
33,170
15 7,528 3,538
29,601
19 8,409 3,342
32,087
29 8,680 3,178
31,176
30 8,902 3,145
27,793

14
11
21
22
32

5,276 3,729
8,118 4,281
9,198 4,141
10,188 3,955
10,533 3,754

All insured commercial banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .

Member banks,
total:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Sept. 3 0 . . .

614

662

1,046

4,J 45

1,181
1,028
1,534
1,645
1,683
1,702

3 , ( 92

988

971

New York City:*
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Sept. 3 0 . . .

412

169

545

267
285
262
286
237
211

123
80
111
442
514
386
406
395

52
233
87
69
63
66
71
71

22
36
46
65
70
67
70
68

114
194
427 1,503
484
170
207
386
347
203
218
422
229
424
409
203

1,527
1,459
3,147
4,423
4,651
5,099
5.270
5,358

2,453 1,172

1,421
1,219
1,531
i 1,274
1 1,383

51 4
287
564
930
920

7,265 311
1,623 3,652 1,679 729
17,574 477 3,433 3,325 10,337
606
1
640
558 9,771
638
11,972 1,002
250 1,711 6,206
2 1,123
8,993 824
2 1,385
616 1,428 4,960
8,129 1,122
1 1,453
233 1,170 5,195
7,678 1,079
203 1,035 4,611
789
2 1,318
6,639
828 1,132 1,143 4,331
1 1,422
7,436

298
330
460
551
539
517
558

8,823
18,809
13,214
10,883
10,233
9,754
8,569
9,454

<6
40
51
149
26
207
87
180
109
211
120
235
90
89
242

1,806
4,598
3,287
3,487
3,264
3,493
3,075
3,364

1,430
4,213
2,890
2,911
2,711
2,912
2,529
2,804

1,5 12
404
855
366
603
572
595
645
751

8,243
31,594
22,591
22,779
23,043
23,886
22,201
23,413

6,467
29,552
20,196
19,084
19,194
19,624
17,756
18,959

1,136
1,285
1,275

830
629
604
767
719
623
612
596

Chicago:3
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—Tune 3 0 . . .
Sept. 3 0 . . .

2,760
5,931
5,088
5,569
5,731
6,240
5,627
5,973

760
1,333
1,801 1,418
2,083 1,567
2,468 1,977
2,748 2,080
2,552 1,992
2,609 2,041

48
211
73
110
94
239
142
145

256
133
132
232
334
407
147
119

235
131
332
224
235
541

153
749
248
700
520
607
551
686

1,034 6,982
373 2,358
499
1,218
2,524 2,493
2,387 1,774
1,344 1,453
1,167 3,494

5,653
1,901
5,536
3,640
3,854
3,542
4,335

1,467

903

1,864
2,274
1,847
1,526
1,674
1,596
1,458

119

182
181
213
335
351
384
375
384

193
204
185
242
201
197
170
176

Reserve city banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Sept. 3 0 . . .

Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 3 0 . . .
1951—Dec. 3 1 . . .
1952—Dec. 3 1 . . .
1953—June 3 0 . . .
Sept. 3 0 . . .

All nonmember
banks: 2
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June

3 1 . .. . .
30 .
31...
31...
30. . .

15,347
40,108
36,040
40,685
42,694
45,583
44,352
45,906

7,105
8,514
13,449
17,906
19,651
21,697
22,150
22,493

3,456
3,661
7,088
8,646
10,140
10,842
10,609
10,718

12,518
35,002
36,324
40,558
42,444
45,594
45,359
46,739

5,890
5,596
10,199
14,988
16,296
18,213
19.028
19,417

1,676
1,484
3,096
3,980
4,377
4,630
4.817
4,790

18,454
19,267
20,380
22,096
22,188

5,432
7,550
8,192
9,136
9,419

500

]205

225
$92
K
513
501
i 169
i 177

1,969
3,498
3,518
4,347
4.849
4,922

295

t559
<
S48
i318
i,< 107
i , ( 510
i ^ ?01
<
I! 757
i , 383

20
42
23
33
35
43
41
52

6,628 4,377
183 1,823
110
1,5 30
471 1,881
630
707 363 29,407 26,999
227 3,827 1,979
229 26,125 22,857
480
187 5,591 3,679
288 25,570 21,377 1,390
178 6,099 3,906
303 26,148 21,587 2,418
191 6.662 4,702
322 27,381 22,549 2,692
201 6.883 5.243
334 26,330 21,394 1,784
334 27,322 22,306 2,056
206 7,018 5,379

1,205
514
1,405 i , ( D96
1,533 i , : 268
1,639 i , . 503
1,655 I,-*141

20
31
30
29
32

156 2,266 1,061
130 3,024 1,807
130 3,252 1,927
137 3,505 2,288
141 3,610 2.499

111
134
146
141
151

13,021
11,718
12,189
12,960
12,769

751

4,248 1,173 956 820
916
15,878
5 1,126
3 1,342 1,053
15,560
1 2,184 1,511
11,830
8 2,458 1,390
10,528
14 2,934 1,328
11,594
23 3,184 1,262
11,393
24 3,220 1,233
9,939
1,222
1,342
2,006
2,998
5 3,334
4 3,639
4 3,802
5 3,876

481 2,926
'5,i02 4,544 16,713
2,583 2,108 17,681
588 6,107 13,287
2,568 4,008 12,587
2.024 4,204 13,625
1.916 4.114 13,576
3,436 4,745 12,065

861
9
6
5

11,318 206 1,973 1,219 7,916
501 2,979 5,618
9,672 571
939 1,647 1,812 5,510
9,914
10,567 1,196 1,325 2,043 6,000
10,339 987 1,285 2,017 6,047

4
3
6
3
3

1,078
1,478
1,671
1,781
1,855

1,028
1,067
1,262
1,194
1,227
1,194
1,134
1,141

625

567
604
613
576

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members
of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and
the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.

50



FEDERAL RESERVE BULLETIN

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date

All commercial
banks: 2
1947—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30. .

ReDeBalserves
with
Cash ances mand
dewith
Federal
in
doRevault mestic posits
ad- 6
serve
banks* justed
Banks

Interbank
deposits

Time deposits

ForDomestic4 eign

Certified
U. S. States and
and
Gov- political offiern- subdiment visions cers'
checks,
etc.

U. S.
IndiIndiGov- States viduals Bor- Capividuals,
tal
ernand
partner- Inter- ment polit- partner- row- acships, bank and
ships, ings counts
ical
and corPostal subdi- and corporaSav- visions porations
tions
ings

17,796
17,458
19,911
19,809
19,446

2,216
2,174
2,697
2,753
2,590

10,216
10,863
11,969
11,875
10,233

87,123
92,282
98.243
101,506
96,892

11,362
12,102
13.123
13,109
11,409

1,430
1,476
1,413
1,465
1,343

1,343
2,806
3,359
4,941
3,634

6,799
8,012
8,426
8,910
9,350

2,581
2,918
3,166
2,956
2,449

84,987
90,986
96,666
99,793
93,918

240
462
550
744
846

1,358
1,829
2,145
2,145
2,665
2,720
2,559

8,570
11,075
9,736
10,463
11,561
11,489
9,885

37,845
74,722
85,751
91,099
97,048
100,329
95,795

9,823
12,566
11,236
11,955
12,969
12,948
11,241

673

1953—June 30. .

12,396
15,810
17,796
17,458
19,911
19,809
19,446

1,248
1,379
1,442
1,381
1,437
1,305

1,761
23,740
1,325
2,788
3,344
4,912
3,620

3,677
5,098
6,692
7,892
8,288
8,776
9,211

1,077
2,585
2,559
2,898
3,147
2,938
2,431

36,544
72,593
83,723
89,922
95,604
98,746
92,961

Member banks,
total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30..
Sept. 30. .

12,396
15,811
17,797
17,459
19,912
19,810
19,448
19,215

1,087
1,438
1,672
1,643
2,062
2,081
1,956
2,010

6,246
7,117
6,270
6,868
7,463
7,378
6,378
6,323

33,754
64,184
73,528
78,370
83,100
85,543
81,774
82,177

9,714
12,333
10,978
11,669
12,634
12,594
10,947
11,153

1,243
1,375
1,437
1,369
1,431
1,300
1,341

1,709
22,179
1,176
2,523
3,101
4,567
3,378
5,555

3,066
4,240
5,504
6,400
6,666
7,029
7,403
6,989

1,009
2,450
2,401
2,724
2,961
2,744
2,256
2,375

New York City:*
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 30..
1951—Dec. 31. .
1952—Dec. 3 1 . .
1953—June 30..
Sept. 30. .

5,105
4,015
4,639
4,693
5,246
5.059
5,204
4,885

93
111
151
118
159
148
127
135

141
78
70
78
79
84
49
49

10,761
15,065
16,653
15,898
16,439
16,288
15.384
15,221

3,595
3,535
3,236
3,207
3,385
3,346
2,979
2,969

607

866

319
237
290
258
321
322
333
332

1,338
1,105
1,087
1,289
1,120

1,021
1,070
1,216
1,407
1,144
1,318
1,367

43
36
30
30
32
32
31
28

298
200
175
133
165
169
123
113

2,215
3,153
3,737
3,954
4,121
4,126
3.913
3,914

1,027
1,292
1,196
1,177
1,269
1,308
1,175
1,233

8
20
21
48
38
37
33
37

233
237
285
284
240
242
320
301

34
66
63
70
66
56
53
61

2,152
3,160
3,853
4,250
4,404
4,491
4,123
4,125

3
1
5
8
8

4
3
3

9
10
11
11
10
10

JReserve city banks:
1941—Dec. 3 1 . . 4,060
1945—Dec. 3 1 . . 6,326
1947—Dec. 3 1 . . 7,095
4950—Dec. 30. . 6,806
1951—Dec. 31. . 7,582
1952—Dec. 31. . 7,788
1953—June 30.. 7,420
Sept. 30. . 7,499

425
494
562
519
639
651
609
626

2,590
2,174
2,125
2,206
2,356
2,419
2,150
2,071

11,117
22,372
25,714
27,938
29,489
30,609
29,444
29,578

4,302
6,307
5,497
6,174
6,695
6,662
5,744
5,895

54
110
131
217
192
230
197
202

1,124
1,814
1,358
2,063

1,144
1,763
2,282
2,575
2,550
2,693
2,866
2,489

286
611
705
852
822
791
636
638

11,127
22,281
26,003
28,938
30,722
31,798
30.192
30,432

104
30
22
57
90
109
124
136

20
38
45
60
85
105
103
103

243
160
332
631
714
739
794
775

526
796
929
976

1,231
1,250
1,189
1,221

3,216
4,665
3,900
4,450
4,862
4,706
4,057
4,090

9,661
23,595
27,424
30,581
33,051
34,519
33.033
33,463

1,199
1,049
1,111
1,285
1,278
1,049
1,055

225
2
8 5,465
7
432
10
922
11
876
11 1,267
11
932
12 1,429

1,370
2,004
2,647
3,282
3,554
3,772
3.885
3,868

239
435
528
715
783

8,500
21,797
25,203
27,980
30,234
777 31,473
668 29,810
664 30,193

30
17
17
12
13
13
14
14

31
52
45
82
125
152
154
154

146
219
337
443
491
525
553

544
532
635
672
635

3,947
3,996
4,507
4,498
3,856

13,595
13,912
15,144
15,964
15,118

385
432
489
516
462

167
283
258
374
256

1,295
1,612
1,761
1,881
1,946

180
195
205
212
193

12,284
12,326
13,426
14,113
13,177

190
120
128
152
160

6

7
22
25
27

172
263
298
317
335

All insured commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1950—Dec. 3 0 . .
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .

Chicago:*
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1950—Dec. 30..
1951—Dec. 3 1 . .
1952—Dec. 3 1 . .
1953—June 30..
Sept. 30. .

^Country banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 31. .
1950—Dec. 30..
1951—Dec. 31. .
1952—Dec. 31. .
1953—June 30..
Sept. 30. .

942

2,210
4,527
4,993
4,745
5,676
5,820
5.505
5,465

790

671

1,105 6,940
267
1,217
451
L.162
858
1,128
1,154 1,143
887
1,059
1,089 1,694
127

1,552

72
174
242
343
201
368
491

8,221
405
976

111
189
278

866

158
70
54
347
427
605
696

59
103
111
189
278
346
336

492
496
826

33,061
62,950
72,704
78,659
83,240
85,680
80,741
81,132

140
64
50
341
422
592
686
744

50
99
105
183
257
321
310
310

1,121
1,238
1,303
1,395
1,380

11,282
15,712
17,646
17,490
17,880
17,919
899 16,617
1,012 16,381

6
17
12
268
318
465
540
587

10
12
37
43
59
50
49

29
20
14
37
22
29
39
37

450

1,384
1,536
, 346 1,620
336 1,731

2
3

5

1,331
1,485
1,564
1,675

418
399
693

34,383
34,930
36,323
39,046
40,514

65
90
34
188
113

10,059
11,590
12,216
12,888
13,275

15,146
29,277
33,946
34,525
35,986
38,700
40,176

10
215
61
82
30
181
103

6,844
8,671
9,734
11,263
11,902
12,563
12,950

11,878
23,712
27,542
28,032
29,128
31,266
32,412
32,825

4
208
54
79
26
165
75
591

5,886
7,589
8,464
9,695
10,218
10,761
11,070
11,251

778
1,648
1,206 "195 2,120
30 2,259
1,418
70 2,351
1,647
5 2,425
1,614
1,752 132 2,505
8 2.544
1,841
2 2,563
1,844
476
719
902

1,089
1,128
1,190
1,194
1,191 " l 3 3
4,542
9,563
11,045
10,956
11,473
12,417
12,847
12,980

6,082
12,224
14,177
14,339
14,914
15,908
16,531
557 16,810

288
377
426
490
513
541
551
557

1,967

2 2,566
1 2,844
4
8
17
354

3,322
3,521
3,745
3,874
3,917

4 1,982
11 2,525
23 2.934
9 3,532
16 3,760

25 3,970
4,101
4,213

49
103

AH nonmember
2

banks:
1947—Dec. 3 1 . .
1950—Dec. 30. .
1951—Dec. 31. .
1952—Dec. 31
1953—June 30

55
38
44
34
43

6,858
6,915
7,213
7,800
8,123

12 1,596
11 1,897
8 1,999
23 2,129
38 2,207

2
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding table.
3
Central reserve city banks.
4
Begmning 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.
5
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

JANUARY

1954




51

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]

Loans1

Date or month

Total
loans
and
invest- Total1
ments

Investments

For purchasing
or carrying securities
CommerTo brokers
cial,
indus- and dealers To others Real Loans Other
to
estate
Total
trial,
and
loans banks loans
agri- U. S. Other U.S. Other
cul- Govt. se- Govt. seobobtural
liga- curi- liga- curitions ties tions ties

U. 3. Government obligations

Total

Bills

CerOther
tifisecucates
rities
2
of in- Notes Bonds
debtedness

TotalLeading Cities
1952—December.. 79,570 38,944 23,352

1,744

764

6,086

431

7,145 40,626 33,232

4,421 2,470 6,078 20,263 7,394

1953—October. . . 79,157 40,109 23,190
November. 80,204 40,399 23,309
December.. 80,832 40,573 23,217

1,653
1,895
2,045

730
753
791

6.420
6,448
6,464

771 7,966 39,048 31,515
642 7.973 39,805 32,362
691 7,987 40,259 32,798

2,180 5,466 6,619 17,250 7 533
2,274 5,442 6,760 17,886 7,443
2,509 5,351 6,424 18,514 7,461
2,097
2,013
2,222
2,388

Oct. 7 . . .
Oct. 14. . .
Oct. 2 1 . . .
Oct. 28. . .

79,115
78,902
79,072
79,538

40,174
40,037
39,929
40,294

23,146
23,201
23,112
23,301

1,792
1,696
1,460
1,663

734
732
728
724

6,398
6,418
6,425
6,438

772
656
850
806

7,953
7,955
7,975
7,983

38,941
38,865
39,143
39,244

31,359
31,319
31,588
31,795

5,446
5,438
5,477
5,502

6,571
6,625
6,625
6,654

17,245
17,243
17,264
17,251

7,582
7,546
7,555
7,449

Nov.
Nov.
Nov.
Nov.

79,413
80,494
80,540
80,371

40,224 23,315
40,650 23,340
40,511 23,377
40,210 23,205

1,847
2,003
1,861
1,869

720
773
755
762

6,427
6,445
6,457
6,462

555
735
718
561

7,982
7,975
7,965
7,971

39,189
39,844
40,029
40,161

31,652 2,236 5,485
32,448 2,152 5,424
32,605 2,308 5,460
32,745 2,399 5,401

6,680
6,723
6,750
6,886

17,251
18,149
18,087
18,059

7,537
7,396
7,424
7,416

80,522 40,268 23,134
80,386 40,311 23,081
81,058 40,560 23,130
80,896 40,707 23,361
81,302 41,020 23,380

1,877
1,947
2,135
2,016
2,248

748
753
757
827
868

6,449
6,458
6,473
6,461
6,481

703
724
714
670
646

7,978
7,970
7,973
7,995
8,019

40,254
4C.075
40,498
40,189
40,282

32,792
32,668
33,036
32,696
32,800

2,394
2,350
2,745
2,489
2,569

5,399
5,363
5,348
5,344
5,303

6,458
6,430
6,439
6,380
6,411

18,541
18,525
18,504
18,483
18,517

7,462
7,407
7,462
7,493
7,482

1,117

4...
11. . .
18. . .
25...

Dec. 2 . . .
Dec. 9 . . .
Dec. 16. . .
Dec. 2 3 . . .
Dec. 3 0 . . .
New York City

1952—December.. 21,972

12,306

8,726

368

981

37

223

387

244

1,523 9,666

7,620

240

1,137 5,126 2,046

30
41
49

190
200
215

393
391
392

522 1.633 9.265
375 1,633 9,418
423 1,642 9,613

7,248
7,473
7,641

734 1,139
719 1,144
865 1,137

1,123 4 252 2,017
1,177 4,433 1,945
1,136 4,503 1,972

1953—October. . . 21,663
November. 21,884
December.. 22,182

12,398
12,466
12,569

8,543
8,554
8,468

277 996
420 1,039
450 1,117

Oct. 7 . . .
Oct. 14. . .
Oct. 2 1 . . .
Oct. 2 8 . . .

21,727
21,376
21,666
21,883

12,438
12,303
12,324
12,526

8,541
8,555
8,512
8,564

331 1,060
307 994
163 934
305 995

27
36
30
28

195
183
189
192

390
393
395
396

456
389
646
598

1,625
1,632
1,641
1,635

9,289
9,073
9,342
9,357

7,248
7,033
7,294
7,418

729
571
789
846

1,114 1,129 4,276 2,041
1,112 1,112 4,238 2.040
1,148 1,121 4,236 2,048
1,184 1,129 4,259 1,939

Nov.
Nov.
Nov.
Nov.

4...
11. . .
18. . .
25...

21,499
22,136
22,014
21,889

12,240
12,714
12,591
12,320

8,567
8,574
8,580
8,496

371
475
440
392

1,006
1,078
1,042
1,030

29
45
44
45

189
213
196
204

388
390
394
394

249
490
442
318

1,628
1,636
1,640
1,628

9,259
9,422
9,423
9,569

7,291
7,489
7,480
7,632

712
640
710
816

1,164
1,147
1,125
1,138

1,139
1,169
1,172
1,229

4,276
4,533
4,473
4,449

1,968
1.933
1.943
1,937

Dec. 2 . . .
Dec. 9 . . .
Dec. 16. . .
Dec. 2 3 . . .
Dec. 30. . .

21,965
21,940
22,411
22,010
22,584

12,381
12,386
12,717
12,448
12,914

8,447
8,423
8,465
8,473
8,530

394
462
431
409
554

1,033
1,034
1,281
1,095
1,142

45
48
47
48
59

191
191
195
246
253

390
395
397
391
385

437
382
448
322
527

1,631
1,638
1,640
1,651
1,653

9,584
9,554
9,694
9,562
9,670

7,641
7,630
7,708
7,561
7,663

829
817
950
800
928

1,136
1,164
1,129
1,154
1,101

1,146
1,162
1,152
1,111
1,108

4,530
4,487
4,477
4,496
4,526

1,943
1,924
1,986
2,001
2,007

1952—December.. 57,598 26,638

14,626

395

504

5,699

187

5,622 30,960 25,612

3,304 2,230 4,941 15,137 5,348

1953—October. . . 57,494 27,711
November. 58,320 27,933
December.. 58,650 28,004

14,647
14,755
14,749

380
436
478

510
512
527

6,027
6,057
6,072

249 6,333 29,783 24,267
267 6,340 30,387 24,889
268 6,345 30,646 25,157

1.446 4,327 5 496 1?998 5,516
1,555 4,298 5,583 13,453 5,498
1,644 4,214 5,288 14,011 5,489

Outside
New York City

57,388
57,526
57,406
57,655

27,736
27,734
27,605
27,768

14,605
14,646
14,600
14,737

401
395
363
363

512
513
509
504

6,008
6,025
6,030
6,042

316
267
204
208

6,328
6,323
6,334
6,348

29,652
29,792
29,801
29,887

24,111
24,286
24,294
24,377

1,368
1,442
1,433
1,542

4,332
4,326
4,329
4,318

5,442
5,513
5,504
5,525

12,969
13 005
13,028
12,992

S.541
5 506
5,507
5,510

4 . . . 57,914
1 1 . . . 58,358
18. . . 58,526
2 5 . . . 58,482

27,984
27,936
27,920
27,890

14,748
14,766
14,797
14,709

470
450
379
447

502
515
515
513

6,039
6,055
6,063
6,068

306
245
276
243

6,354
6,339
6,325
6,343

29,930
30,422
30,606
30,592

24,361
24,959
25,125
25,113

1,524
1,512
1,598
1,583

4,321
4,277
4,335
4,263

5,541
5,554
5,578
5,657

12,975
13,616
13,614
13,610

5,569
5,463
5,481
5,479

58,557
58,446
58,647
58,886
58,718

27,887
27,925
27,843
28,259
28,106

14,687
14,658
14,665
14,888
14,850

450
451
423
512
552

512
514
515
533
556

6,059
6,063
6,076
6,070
6,096

266
342
266
348
119

6,347
6,332
6,333
6,344
6,366

30,670
30,521
30,804
30,627
30,612

25,151
25,038
25,328
25,135
25,137

1,565
1,533
1,795
1 ,689
1,641

4,263
4,199
4,219
4,190
4,202

5,312
5,268
5,287
5,269
5,303

14,011
14,038
14,027
13,987
13,991

5,519
5,483
5,476
5,492
5,475

Oct. 7 . . .
Oct. 14. . .
Oct. 21. . .
Oct. 2 8 . . .
Nov.
Nov.
Nov.
Nov.

Dec. 2 . . .
Dec. 9 . . .
Dec. 16. . .
Dec. 2 3 . . .
Dec. 3 0 . . .
1
Figures
2

for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.
Includes guaranteed obligations.
For other footnotes see opposite page.

52




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks

Date or month

Interbank
deposits

Time deposits,
except interbank

IndiDeBalvidances mand
States Certidewith
uals,
and
fied
posits partdoU. S.
politand
mestic adGovnerical
offibanks justed 3 ships, suberncers'
and
divi- checks, ment
corsions
etc.
porations

Individuals,
partnerships,
and
corporations

U. S.
States Govand
ernpolit- ment
ical
and
subPostal
diviSavsions
ings

Demand

Borrowings
Time

Domestic

Capital

accounts

Foreign

TotalLeading Cities
1 952—December

15,412

1,027

2,606 55,676 57,536

3,601

1,805

3,413 16,401

761

196 11,045

1,366

582

1,329

7 234

1953—October
November
December

14,195
14,529
14,583

975 2,647 53,732 55,491
978 2,549 53,919 55,539
1,048 2,691 55,503 57,022

3,569
3,657
3,778

1,686
1,768
1,802

2,899 17,339
3,540 17,354
2,683 17,438

839
860
919

189 10,869
190 10,874
190 11,128

1,253
1,275
1,289

832
936
987

796
1,069
872

7 526
7,569
7,566

14,094
14,254
14,272
14,160

925
1,018
954
1,004

2,516
2,805
2,650
2,617

52,961
53,307
53,968
54,692

53,847
56,446
55,706
55,965

3,684
3,425
3,555
3,612

1,831
1,728
1,526
1,660

3,662
3,039
2,549
2,346

17,289
17,324
17,371
17,374

795
839
856
865

189
188
189
187

10,693
11,322
10,837
10,622

1,248
1,229
1,264
1,273

781
829
840
878

841
673
821
849

7,515
7,511
7 532
7,544

14,483
14,280
14,749
14,604

948
1,002
985
975

2,493
2,559
2,659
2,483

54,005
53,675
53,697
54,302

55,408
55,132
55,771
55,845

3,725
3,670
3,540
3,696

1,851
1,805
1,892
1,525

2,369
3,859
4,165
3,768

17,400
17,405
17,305
17,307

864
857
855
865

187
191
191
189

10,913
11,008
11,153
10,421

1,279
1,254
1,277
1,290

904
943
944
953

1,167
895
1,115
1,098

7,568
7,573
7,564
7,570

14,235
14,494
14,821
14,665
14,701

982 2,568 54,376 55,727
1,089 2,424 55,159 56,236
1,067 2,779 56,085 58,121
1,034 2,709 55,679 57,210
1,066 2,972 56,217 57,817

3,685 1,733
3,607 1,700
3,731 1,803
3,902 1,604
3,963 2,170

3,410
2,406
2,412
2,595
2,594

17,311
17,366
17,431
17 486
17 596

882
918
923
940
932

190
189
190
191
190

10,792
10,680
11,475
11,124
11,568

1,310
1,300
1,286
1,259
1,292

960
980
990
1,003
1,000

916
1,235
754
887
567

7,577
7 573
7,557
7 550
7 572

57

2 457

Oct. 7
Oct. 14
Oct 21
Oct. 28
Nov. 4
Nov. 11
Nov. 18
Nov. 25

. .

Dec.
2
Dec
9
Dec. 16
Dec 23
Dec. 30
New York City

5,307

1952—December

174

45 16,508 17,625

305

897

1,098

1,665

31

3,059

1,113

458

482

368
347
267

867
873
864

1,090
1,257
800

1,786
1,798
1,862

88
116
126

49 2,986
51 2,980
53 3,098

1,016
1,032
1,033

668
763
803

185 2,536
377 2,546
355 2,532

4,678
4,874
4,778

154
164
183

42 15,543 16,485
41 15,490 16,518
48 16,026 17,116

Oct.
7
Oct. 14
Oct. 21
Oct. 28

4,715
4,671
4,654
4,672

147
165
146
159

39
43
45
40

15,431
15,218
15,604
15,920

15,996
16,613
16,521
16,809

438
344
390
301

1,051
868
705
843

1,366
1,129
967
898

1,791
1,776
1,790
1,789

40
89
106
116

49
49
49
49

2,948
3,068
2,970
2,957

1,010
990
1,024
1,040

625
665
672
709

252
136
189
164

Nov. 4
Nov. 11
Nov. 18
Nov. 25

4,984
4,696
4,990
4,826

161
166
156
171

37
38
45
43

15,575
15,461
15,437
15,487

16,660
16,374
16,519
16,520

363
355
324
346

1,004
924
914
651

861
1,457
1,441
1,270

1,788
1,817
1,782
1,803

117
114
118
117

49
50
52
52

2,983
2,995
3,059
2,882

1,041
1,015
1,033
1,040

734
770
770
778

429 2 548
258 2,549
406 2 548
415 2,539

4,719
4,794
4,903
4,752
4,722

165
197
194
184
175

49
40
48
47
56

15,682
15,934
16,310
15,929
16,273

16,719
16,880
17,436
16,956
17,588

267
246
267
275
279

764 1,141
857
762
804
673
746
717
1,149
707

1,795
1,838
1,871
1,891
1,913

121
126
126
129
129

52
52
53
53
53

2,948
2,856
3,217
3,106
3,363

1,056
1,043
1,029
1,004
1,033

778
800
808
817
814

268
515
425
328
241

1953—October
November
December

Dec
2
Dec
9
Dec 16
Dec. 23
Dec. 30

...

2,539
2,536
2,536
2,533

2 542
2,534
2 530
2,527
2,528

Outside
New York City
1952—December

. . 10,105

853 2,561 39,168 39,911

3,296

908 2,315 14,736

730

139

7,986

253

124

847 4 777

i953—October
November
December

9,517
9,655
9,805

821 2,605 38,189 39,006
814 2,508 38,429 39,021
865 2,643 39,477 39,906

3,201
3,310
3,511

819 1,809 15,553
895 2,283 15,556
938 1,883 15,576

751
744
793

140 7,883
139 7,894
137 8,030

237
243
256

164
173
184

611 4,990
692 5,023
517 5 034

Oct
7
Oct. 14
Oct. 21
Oct. 28

9,379
9,583
9,618
9,488

778
853
808
845

2,477
2,762
2,605
2,577

37,530
38,089
38,364
38,772

37,851
39,833
39,185
39,156

3,246
3,081
3,165
3,311

780
860
821
817

15,498
15,548
15,581
15,585

755
750
750
749

140
139
140
138

7,745
8,254
7,867
7,665

238
239
240
233

156
164
168
169

589
537
632
685

4 976
4,975
4 996
5,011

Nov. 4
Nov. 11
Nov 18
Nov. 25

9,499
9,584
9,759
9,778

787
836
829
804

2,456
2,521
2,614
2,440

38,430
38,214
38,260
38,815

38,748
38,758
39,252
39,325

3,362
3,315
3,216
3,350

847 1,508 15,612
881 2,402 15,588
978 2,724 15,523
874 2,498 15,504

747
743
737
748

138
141
139
137

7,930
8,013
8,094
7,539

238
239
244
250

170
173
174
175

738
637
709
683

5,020
5,024
5 016
5,031

Dec.
2
Dec
9
Dec. 16
Dec. 23
Dec. 30

9,516
9,700
9,918
9,913
9,979

817
892
873
850
891

2,519
2,384
2,731
2,662
2,916

38,694
39,225
39,775
39,750
39,944

39,008
39,356
40,685
40,254
40,229

3,418
3,361
3,464
3,627
3,684

969 2,269 15,516
843 1,644 15,528
999 1,739 15,560
858 1,878 15,595
1,021 1,887 15,683

761
792
797
811
803

138
137
137
138
137

7,844
7,824
8,258
8,018
8,205

254
257
257
255
259

182
180
182
186
186

648
720
329
559
326

5,035
5,039
5,027
5,023
5,044

2,296
1,910
1,582
1,448

3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. 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.

JANUARY

1954




53

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY 1
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Period*

Metals
and
Petroleum,
Food, Textiles, metal
liquor, apparel, products coal,
(incl. chemical, Other
and
and
and
tobacco leather machinery and rubber
trans.
equip.)

-421

63
30

175
351

44
-98

8
37

186

18

722

2,769

2,372

1,111

176
250

76
36

-105

-634

-217

141

662

544

-2
-57

18
13

-28
191

-546
2,494

-637
2,435

-10
102

95
-54

208
1

-632

-90

18
-23

-8
98

-593

-138

84
18

-360

380

433

583

-21
18
39
14

-16
-5
55
84
67

-5
19

-154

-9
-1
-21

9
50
26
3
-22
32

-113

-56
170

-17
76
-13
23
-72
21

-5

-185

25
-11
68
165
81
53

36
-60
-29

46

11
7
-4
—9
-21
-38

8
5
-21
-12

1
14
3
-4

1
-4
-4
-2

13
35
16
21

34
39
45
48

-67
-23
-74
-36

18
-31
15
21

-4
4
-7
-3

-2
-3
-12
21

54
59
-52
52

43
55
-89
189

-12
-10
-19
-17

-11
2
13
-28

-6
11
3

-6

17
36
15

36
16
11
19

19
-25
-21
-28

-15
-27
-17
-13

5
-5

-9
1
15
-30

18
27
38

14
25
37

-107

-172

-12
-4
-11
-4
-4

-21
14
-5
-37
-36

13

7
14
18
13
1

22
-25
-1
45
130

-22
-21
38
12
14

-4
-2
9
11
18

-43
-26
78
-6
43

-71
-53
49
231
19

1952—Jan.-June.. .
July-Dec

-868
754

—73
-40

1953—Jan.-June. . . -621
501
July-Dec.. . .

151

446

-101

-351

34
33
-14
-63
-57
-35

-159

" -17"
-28
-18

-119

89
248
124
73
86

2 8 . . . .

Nov. 4
Nov. 1 1 . . . .
N o v . 18. . . .

5
32
36

Oct.

Nov. 25. .
Dec.
2 . . . .
Dec.
9 . . . .
Dec. 16. ...
Dec. 23
Dec. 3 0 . . . .

other
types
of
business

62
16

-361

52
41
15
16

Construction

Comm'l.
ind'l,
and
Net
agr'l.
changes change—
classitotal'
fied

60
141

116

932

Oct. 14
Oct. 21

Sales
finance
companies

All

48
125

-243

Week ending:
Oct.
7....

Commodity
dealers

Public
utilities
(incl.
transportation)

275
873

1951—April-June. .
July-Dec

Monthly:
1953—July
Aug
Sept
Oct
Nov
Dec

Trade
(wholesale
and
retail)

i

27
23
53
-3
-14

-50
-13
-20
-25
-85

7

i

9
-5
31

Q

-3
-3
-13
3
-12
-4
-11

i

-27
-21
-25
-28
-85

-199

-13

y

6
—6
-2

201
212
113
-25
45

248
212
198
-96
175

1
Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
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.

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Based on

Held by

Commercial
paper
Total
out- 1
outstanding standing

Accepting banks

Total

Own
bills

Bills
bought

Others

Imports
into
United
States

Exports
from
United
States

Dollar
exchange

3
1

Goods stored in or
shipped between
points in
United
States

Foreign
countries
11
12
9
32
44
31
32
34
32
32
31
32
35
35
38
38
34
41

1947—December
1948—December
1949—December
1950—December
1951—December

287
269
257
333
434

261
259
272
394
490

197
146
128
192
197

88
71
58
114
119

109
76
70
78
79

64
112
144
202
293

159
164
184
245
235

63
57
49
87
133

2
23

25
25
30
28
55

1952—November
December

575
539

478
492

172
183

114
126

58
57

306
309

233
232

123
125

29
39

62
64

1953—January
February
March
April
May
June
July
August
September
October
November

504
511
507
464
441
408
429
451
475
535
582

487
490
468
455
417
428
435
478
515
517
534

159
158
149
115
111
123
131
148
159
160
170

111
110
105
78
85
92
108
108
110
122
125

48
48
44
36
26
30
23
40
49
38
45

328
331
319
340
306
306
304
329
356
357
364

225
234
237
229
198
214
213
211
237
227
246

120
114
110
115
111
112
115
128
135
145
139

43
57
39
43
37
35
40
64
66
56
49

65
53
49
37
39
32
32
36
40
56
59

1

As reported by dealers; includes some finance company paper sold in open market.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.

54




FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
U N I T E D STATES L I F E INSURANCE COMPANIES
[In millions of dollars]

Business securities

Government securities
Total
assets

Date

Mortgages

Real
estate

Policy
loans

Other
assets

Total

United State and Foreign 2
States
local 1

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

7,697
8,359
9,478
11,851
14,994
18 752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774

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

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

71
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755

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

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

536
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446

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

2,134
2.060
1,878
1,663
1,352
1,063
857
735
860
L,055
1,247
1,445
L ,631
,903

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

2,030
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

63,687
67,983

15,933
13,579

13,361
10 958

1,520
1,702

1,052
919

25,209
28,042

23,231
25,975

1,978
2,067

16,101
19,291

,428
,617

2,397
2,575

2,619
2,879

1952—November. . . .
December

72,415
73,034

12,780
12,683

10,297
10,195

J .728
1,733

755

755

31 143
31,404

28,986
29,226

2,157
2,178

21 087
21,245

,766
,868

2 698
2,699

2,941
3,135

1953—January
February
March
April
May
June
July
August
September
October
November.

73,621
73,943
74,295
74,686
75,063
7 " 403
5
75,855
76,244
76,612
77,121
77,552

12,862
12,844
12,630
12,666
12,543
12,456
12,429
12,436
12,397
12,395
12,365

10,329
10,287
10,063
10,089
10,082
10,030
9,991
9,994
9,930
9,913
9,830

1,774
1,800
L,820
1,837
1,835
1,840
1,857
L,861
L880
1 .897
n.a.

759
757
747
740
626
586
581
581
587
585
n.a.

31,690
31,878
32,243
32,472
32,732
33,021
33,247
33,349
33,614
33,887
34,096

29,471
29,644
30,005
30,218
30,462
30,752
30,977
31,079
31,319
31,585
31,781

2,219
2 234
2,238
2,254
2,270
2,269
2,270
2,270
2,295
2,302
2,315

21,396
21 547
21,725
21,897
22,055
22,221
22 429
22,552
22,698
22,842
23,017

,880
,887
,897
,918
,924
,935
943
,967
: ,972
1 .990
2,000

2,718
2 727
2,742
2,756
2,770
2,789
2 808
2,819
2,831
2,851
2,873

3,075
3 060
3,058
2,977
3,039
2,981
2,999
3,121
3,100
3,156
3,201

End of year:
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

Total

Bonds

3

Stocks

4

. . .

End of month: 5
1950—December
1951—December

n.a. Not available.
1
Includes United States and foreign.
2
Central government only.
8
Includes International Bank for Reconstruction and Development.
* These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.
6
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 T H E UNITED STATES
[In millions of dollars]
Assets
End of
year

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952P

Assets

Total 1

Mortgages 2

U. S.
Government
obligations

Cash

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
22,700

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
18,444

73
71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791

274
307
344
410
465
413
450
536
560
663
880
951
1,082
1,293

Others

1,124
940
775
612
493
391
356
381
416
501
566
692
866
1,083

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
19,211

End of
quarter

Total 1

Mortgages 2

U. S.
Government
obligations

Cash

16,846
17,232
17,977
18,429
19,164
19,848
20,853
3 P . . . 21,656
4 P . . . 22,700
1953—1 P . . . 23,506
2 P . . . 24,772
3 P . . . 25,633

13,622
13,999
14,539
15,058
15,520
16,073
16,891
17,740
18,444
19,105
20,133
21,145

1,489
1,547
1,558
1,577
1,606
1,718
1,702
1,782
1,791
1,931
2,003
1,990

951
844
940
852
1,082
1,100
1,212
1,046
1,293
1,263
1,337
1,200

1950—4
1951—1
2
3....
4
1952—IP...
2P. . .

Other 3

692
751
849
852
866
867
959
999
1,083
1,121
1,216
1,215

Savings
capital

13,978
14,286
14,910
15,317
16,073
16,801
17,661
18,210
19,211
20,105
21,154
21,742

P Preliminary.
1
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3
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.

JANUARY

1954




55

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
End of year

End of quarter

1944

1945

1947

1946

1948

1949

1950

1951
L

2

1 070
4?4
673

1 671
367
728

4 00T
3?4
82#

?5
596
1 9?0
1 4?6

?3
653
1 966
1 9? 7

22*
646

3

Loans, by purpose and agency:
To aid agriculture, total
Federal intermediate credit banks

884
73?

700

3 63?

30 S

4,362

1 088

273
986

77 ft
336

426

302
437

604
407
99

149
590
5?8
170

109
558
734
?80

999

10

9

6

7

1 737

806

610

116

3, 381
189
257
1
351
643
361
353

Farmers Home Administration '
Rural Electrification Administration
Other agencies
To aid home owners, total

5?

RFC Mortgage Corporation 4
Home Owners' Loan Corporation 2

878
197

231

7

1?
1

10

1

To railroads total
Reconstruction Finance Corporation
Other agencies

343
321
21

To other industry, total
.
Reconstruction Finance Corporation 6
To

financing

total

. . . . .

.

. .

768 1,251

9
8

6

2 147 2,437
1 850 2,097

603

777

173

169

223

246

270

305

110
108
2
458
400
58

101
99
2

84
82
2

82
80
2

70
77
2

70
77
2

488
415
74

480
412
67

516
457
58

526
468
59

536
47K

824
8
816

814
8
806

716

864

611

864

611

718
7
)
71*

192
151
41

272
741
31

310
77?
38

462
423
38

267
60
195
12

314
14
793
7

447
7
436
4

525
6
515
4

445
8
433
4

22

117

n

394

115

113

,784 1 673 6 10? 6,090 6 078 6 110 7,826 7 736 7 713
1 978 7 145 2,187 7 ,776 7 ,796 2,546
496
466

1 749
735

746

706

154

101

64

58

S8

55

800 3 ,450 3 ,750 3,750 3 ,750 3 ,750 5,222 5 ,182 5 ,191

827
305
106

309
286
112

673
232
278
113

438

478

5
014

35

232
149
83

707

014'
1 163

5

i

7

498
111

5*

7 70R
S47
55
5 ,196

714
340
278
96

184
190
294
100

484
88
297
99

131
59
366
105

770
61
609
109

933 1 001
50
61
919
750
126
123

87?
51
688
133

871
54
626
142

395

368

476

185

173

150

140

159

226

6 387 5 ,790 6 ,649 9 714 11 ,692 12,733 13 ,228 14 ,422 16,890 17 ,876 18 089 17 637

Total loans receivable (net)
Investments:
U. 5. Government securities, total
Federal intermediate credit banks
Production credit corporations
.
Federal land b a n k s '
Federal home loan banks
Federal Savings and Loan Insurance Corp. .
Home Owners' Loan Corporation 2
Federal Housing Administration
Public Housing Administration 10
Reconstruction Finance Corporation^
Federal Deposit Insurance Corporation
.
Other agencies

5

24

114
112
3

448

Reconstruction Finance Corporation'
Public Housing Administration 10

859

10
137

140
138

1

1,873

231
168

147
145
3

176

6

828

171
153
18

774

7

27
606

199

205
18

225
( 8)
8
)

Reconstruction Finance Corporation 6
Other agencies 9

34
539
1 74?
78?

369
177

« 1
65

20

45
535
1 543
898

370
822

1
1 ,347

1

Foreign, total

1 630
43
39

60
220

1 ,683
43
43

,873
43
47

681
48
48
72

1 814
43
44
66

139

774

67
145

70
136

118

145

151
15

161
15

172
17

184
12

87

106

1??

13?

144

.

7
75
760
28

Investment in international institutions
Other securities, total

474
789

63
71

Production credit corporations

2 ,942
1 ,450
1 ,053
438

Commodities, supplies, and materials, total
Commodity Credit Corporation
Reconstruction Finance Corporation 8
Other agencies

199
12

144

2,047
43
74
39
275

214
8
188

2 071
43
46
42

2 ,226
43
51
43

2,371

471
43
60
43

? 641

7 188

43
61
43

43
53
44

43
S?
45

199
193

749
200

298
203

311
208

46C
212

378

744

785

299

316

330

344

8
8
8
8
7
1
49
48
,307 1 ,353 1,423 1 ,437 1 ,500 1 ,508
897 1 ,045 1 ,020 1 ,064 1,205 1r)
1
1
1
20
21
30
1
1
1
1
1
318 3 ,385 3 ,385 3,385 3 ,385 3
3 ,385 3 ,385 3 ,385
,385 3,385
133
88
107
230
114
371
41
44
4?
78
51
159
66
39
98
71
3S
108
83
36
744
42
11
29
22
16
55
46
35
6
8
8
6
1
2
24
6
11
1
26
1
822
627 1,549 1 ,774 1 ,461 1,377 1 ,280 1 ,259 2 ,201
2 ,288 1 ,265
437 1,376 1 ,638 1 ,174 1,034
463
1 ,034
448
978 1 ,013 1 ,876
1
119
108
157
142
667
194
?35
17?
114
32
30
159
134
28
122
149
138
131
211

16 ,237 71 ,017 16 ,924 12 ,600 3 ,060 2,962 2 ,945 3 ,358
200
222
227
204 1 ,448 1,352 1 ,248 1 ,251
35
630
60S
594
6 ,S?6 6 ,919
,861
611
793
830
886 1 ,048
710
7?7
7S4

Land, structures, and equipment, total
10
Public Housing Administration
Reconstruction Finance Corporation 6
Tennessee Valley Authority 2
U. S. Maritime Commission
War Shipping Administration 2

3 ,113 3 ,395 3 ,301 3 ,305
5 ,427 7 ,813 7 ,764 6 ,507
262 1 ,948 2 ,044 1 ,793

Federal Maritime Board and Maritime Adm.2
u

Other agencies

Bonds, notes, and debentures payable (not
guaranteed), total
Federal intermediate credit banks
Federal land banks *

Federal home loan banks

1,301
1,729
9

216
66
131

.

Reconstruction Finance Corporation
Other agencies

5

191
118
73

.. . . . . . .

institutions

1 ,793

60
523

4,563

4

6
636

81

1 091
1?

80

3 884 4 161
475
345
510
633

4

486

6

24
85?

Other agencies

1953

1952

Asset or liability, and agency

. .

,m

1 ,395 1
1
33
24
293
274
245
756
792
818
212
67

69

169

3,212

3 ,713 3 ,740 7 867
1,216 1 ,173 1 ,149 1 ,029
199
202
197
18S
1,209 1 7S1 1 ?99 1 360
P 4 80?

189

168

689
69

965
70
480

772 1 ,190 1 ,369 1,301 1 ,330 1 ,107 1 ,131
170
78
110
120
145
181
112
674
490

520

262

415

204

560

358

206

465

586

590

595

491

864

525

704

710

788

317

445

252

231

For footnotes see following page.

56



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 *

Date, and corporation or agency
Total

All agencies:
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

Cash

InvestComments
modiLoans ties,
resupceiv- plies, U. S.
Other
able
and
mate- Govt. secu-5
rials secu- rities
rities

Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ernstruc- Other
Other ment owned
tures,
asliabil- inter- interand
Fully
est
est
ities
equip- sets guarment
anteed Other
by
U. S.

31
31
31
31 a
31 *
31
31
312

31,488
33,844
30,409
30,966
21,718
23,733
24,635
26,744

756
925
1,398
1,481
630
441
642
931

6,387
5,290
6,649
9,714
11,692
12,733
13,228
14,422

2,942
2,288
1,265
822
627
1,549
1,774
1,461

1,632
1,683
1,873
1,685
1,854
2,047
2,075
2,226

1952—Sept. 30 2
Dec. 31
1953—Mar. 312
June 30

28,922
29,945
30,564
36,153

932 16,890
944 17,826
936 18,089
1,063 17,637

1,377
1,280
1,259
2,201

390
903
51
1
24
2,122
3,460
574
38

3,111 1,537 1,395 4,196 23 ,857
555 1,113 4,212 27 ,492
2,317
1,753
261 1,252 3,588 24,810
689 2,037 28 ,015
1,125
82
,663 18,886
337
38
965
720 21,030
509
28
772
193 21,995
23 1,190
499
,161 23,842
43 1,369
882

2,371 3,436 3,212
2,421 3,429 3,213
2,645 3,427 3,240

322
824

Classification by agency,
June 30, 1953
Department of Agriculture:
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Agricultural Marketing Act
Federal Farm Mortgage Corp
Rural Electrification Administration
Commodity Credit Corporation
Farmers Home Administration3
Federal Crop Insurance Corp
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association.. .
Other

1,029
1

9,812

1
732
2,547

341
141
217 5,600

252
105
51
1
23
2,121
()
535 2,925
574
1
10
28

25

231

511
()
7
216
52 1,802
245
260

390

10
4

185
1
)

2,498
58
32

3
4
94
118

)
27

718
633
37

8
9
5

367
378
401
415

83
377
26
5

536

()

25,780
26,456
26,938
32,576

()

()

,508
120

39 1,301
,434
53 1,330
728
48 1,107 2,069
1,131 1,979

504
472
498
143
166
183
234
329

112
788

704
832
968
2,588 3,430 7,867 1,367

22
27 2,011
1,876
1,099

,132
223
,853
556

Reconstruction Finance Corporation:
Assets held for U. S. Treasury 12
340
Other «
806
Export-Import Bank
2,597
Federal Deposit Insurance Corp
1,522
Tennessee Valley Authority
1,732
Federal Maritime Board and Maritime Adm.f. 5,390
All other

424 16,237
325 21,017
547 16,924
3,539 12,600
3,518 3,060
3,492 2,962
3,473 2,945
3,463 3,358

40
28
41
9
8

378
218

344

114
1,508
()
22
51
138

()
1,360
3,385 4,802
366

()

396
107

2,499
119

46
52
115
47
250
73

340
760
2,546
1,407
1,684
5,140
9,739

P Preliminary.
1
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for

losses
2

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 beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953.
3
This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures
have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of
which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund."
* Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.
5
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948,6 appear to have been included with "other" loans in the statement for Dec. 31, 1947.
Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense
Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent
effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment."
7 Less than $500,000.
8
Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.
9
Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet
for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).
10
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.
11
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 10.
12
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.
13
Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.
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.

JANUARY

1954




57

SECURITY MARKETS 1
Stock prices

Bond prices

Common

U. S. Govt.
(long-term)
Year, month,
or week
Old
se-

Number of issues
1951 average
1952 average
1953 average. . . .

CorpoMunicipal rate
Pre(high- 4 (high- ferred*
New grade) grade)Toseries3
tal

Industrial

Railroad

Volume
of
trading 6
(in
Manufacturing
Trade,
thousands
Pub- finTrans- lic
of
Non- porta- util- ance, Min- shares)
ing
and
tion
To- Du- duraity
ratal ble
ble

Securities and Exchange Commission series
(index, 1939=100)

Standard and Poor's series
(index, 1935-39=100)

Public Toutil- tal
ity

480

420

20

40

265

170

98

72

21

28

32

14

133.0 117.7 170.4 177
98.85
129.3 115.8 169.7 188
97.27
93.90 101.46 119.7 112.1 164.0 189

192
204
204

149
169
170

112
118
122

185
195
193

207
220
220

178
189
192

233
249
245

199
221
219

113
118
121

208
206
207

205
275
241

3-7

15

17

15

1,684
1,313
1,419

1952—Dec

96.32

125.3 115.3 170.3 197

214

185

123

204

231

205

255

238

123

212

267

1,842

1953—Jan-.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

95.68
95.28
94.31
93.25
91.59 99.75
91.56 99.16
92.98 100.03
92.89 100.44
93.40 101 .00
95.28 103.30
94.98 103.67
95.85 104.93

124.0
122.7
121.6
121.3
119.4
115.2
115.1
116.8
116.9
119.7
121.4
122.3

114.5
114.0
113.4
111.7
109.8
108.8
110.7
111.4
110.9
112.6
113.6
113.5

168.4
166.3
165.7
161.7
160.0
156.8
160.1
163.1
162.8
167.3
168.8
166.5

198
196
198
190
190
183
186
187
179
183
188
191

214
212
215
206
205
198
200
202
193
197
202
206

185
181
185
173
174
169
174
170
156
157
159
157

124
124
125
122
121
117
119
121
120
122
124
125

205
202
204
194
194
187
190
190
181
187
191
193

232
229
232
220
221
213
217
217
205
214
219
221

208
204
207
194
196
187
188
186
175
184
190
192

255
252
256
245
244
236
243
245
232
240
245
249

239
235
238
223
226
219
223
217
199
202
204
200

124
124
124
120
120
117
119
121
119
121
123
125

212
210
212
207
209
204
206
206
198
201
207
209

261
256
263
252
247
237
237
236
219
219
232
230

1,623
1,678
1,931
1,637
1,227
1,185
967
1,138
1,294
1,225
1,482
1,644

Week ending:
Nov. 28. .
Dec. 5. .
Dec. 12. .
Dec. 19. .
Dec. 26. .

94.68 103.67
95. 04 104.17
95.73 104.84
95. 90 104.89
95.98 105.10

121.7
121.7
122.9
122.9
121.7

113.3
113.2
113.4
113.8
113.6

167.9
167.3
166.9
165.9
166.3

188
192
191
192
190

203
208
206
207
205

158
161
158
158
155

125
126
126
125
125

193
195
193
194
193

220
223
220
223
222

192
194
191
194
191

246
249
248
251
249

204
205
200
202
197

124
125
125
124
124

208
212
209
208
207

234
235
228
231
229

1,507
1,705
1,414
1,603
1,563

1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2}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 3}4 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.
6
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

Customers'
credit balances 1

Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)i
accounts
accounts

Cash on
hand
and in
banks

Money
borrowed 2

12
9
10
12
9
8

314
397
364
378
365
343

282

1950—June
December...
1951—June
December...
1952—June
December...

1,256
1,356
1,275
1,292
1.327
1,362

1953—January. . . .
February. . .
March
April
May
June
July
August
September. .
October
November. .

81,345
31,350
31,513
81,594
31,671
1,684
31,664
31,682
31,624
3
1,641
31,654

386
399
375
392
427
406
i

7

347

Other credit balances
In partners'
In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts

Free

Other
(net)

827
745
680
695
912
920

673
890
834
816
708
724

166
230
225
259
219
200

25
36
26
42
23
35

11
12
13
11
16
9

312
317
319
314
324
315

3908
3871
8
966
31,068
31,193
1,216
31,161
31,182
31,070
'31,249
31,357

3732
3 730
3
744
3738
3673
653
3651
3
641
3674
'3672
3
682

163

23

16

319

r
1

Revised.
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
firms' own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
3
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): September, 34; October, 31; November, 31.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the^last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503.

58



FEDERAL RESERVE BULLETIN

OPEN MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]

Prime
commercial
paper,
4- to 6months1

Year,
month, or
week

U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
ances,
9-to 12- 3- to 590
month
year
days 1 Market Rate issues2 issues8
yield on new
issues

1953—January...
February. .
March
April
May
June
July
August....
September.
October. . .
November.
December..

2.17
2.33
2.52
2.31
2.31
2.31
2.36
2.44
2.68
2.75
2.75
2.75
2.74
2.55
2.32
2.25

1.60
1.75
1.88
1.75
1.82
1.88
1.88
1.88
1.88
1.88
1.88
1.88
1.88
1.88
1.88
1.88

1.96
1.97
2.01
2.19
2.16
2.11
2.04
2.04
1.79
1.38
1.44
1.60

Week ending:
Nov. 28. . .
Dec.
5...
Dec. 12 . . .
Dec. 19. . .
Dec. 26. . .

2.25
2.25
2.25
2.25
2.25

1.88
1.88
1.88
1.88
1.88

1.50
1.59
1.62
1.68
1.64

1951 average
1952 average
1953 average
1952—December..

BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]

1.52
1.72
1.90
2.09

1.552
1.766
1.931
2.126
2.042
2.018
2.082
2.200
2.231
2.101
2.088
1.876
1,402
1.427
1.630

1.73
1.81
2.06
2.03
1.97
1.97
2.04
2.27
2.41
2.46
2.36
2.33
2.17
1.72
1.53
1.53
1.50
1.55
1.53
1.57
1.54

Annual averages:
19 cities:
1945
1946
1947..
1948
1949
1950
1951. .
1952
1953
Quarterly:
19 cities:
1953—Mar
June
Sept
Dec
New York City:
1953—Mar
June
Sept
Dec
7 Northern and Eastern cities:
1953—Mar
June
Sept
Dec
11 Southern and
Western cities:
1953—Mar
June
Sept
Dec

1.93
2.13
2.57
2.30
2.39
2.42
2.46
2.61
2.86
2.92
2.72
2.77
2.69
2.36
2.36
2.20

1.488
1.589
1.603
1.682
1.704

Size of loan

2.37
2.31
2.23
2.21
2.18

2.177

All
loans

Area and period

1
2

Monthly figures are averages of weekly prevailing rates.
Series includes certificates of indebtedness and selected note and
bond issues.
'Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.

$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over

2.2
2.1
2.1
2.5
2.7
2.7
3.1
3.5
3.7

4.3
4.2
4.2
4.4
4.6
4.5
4.7
4.9
5.0

3.2
3.1
3.1
3.5
3.7
3.6
4.0
4.2
4.4

2.3
2.2
2.5
2.8
3.0
3.0
3.4
3.7
3.9

2.0
1.7
1.8
2.2
2.4
2.4
2.9
3.3
3.5

3.54
3.73
3.74
3.76

4.89
4.98
5.01
4.98

4.25
4.38
4.40
4.39

3.75
3.91
3.93
3.96

3.32
3.53
3.54
3.57

3.31
3.52
3.52
3.51

4.55
4.63
4.76
4.70

4.13
4.25
4.25
4.25

3.55
3.79
3.76
3.77

3.17
3.39
3.40
3.38

3.50
3.71
3.71
3.79

4.95
5.07
5.08
5.07

4.24
4.38
4.45
4.40

3.74
3.87
3.91
3.96

3.30
3.54
3.52
3.63

3.90
4.05
4.10
4.10

5.02
5.09
5.10
5.06

4.31
4.46
4.46
4.46

3.91
4.02
4.06
4.09

3.62
3.79
3.86
3.86

NOTE.—For description of series see BULLETIN for March 1949.
pp. 228-237.

BOND AND STOCK YIELDS *
[Per cent per annum]
Industrial stocks
Earnings/
price
ratio

Bonds
U. S. Govt.
(long-term)

Year, month,
or week

Old
series 2

New
series3

Corporate (Moody's) 5
Municipal
(highgrade)*

By groups

By ratings

Total
Aaa

Aa

A

Dividends/
price ratio

Baa

Industrial

Railroad

Public
Preutility ferred o

Common 7

Common 8

15

120

30

30

30

30

40

40

40

15

125

125

2.00
2.19
2.72

3.08
3.19
3.43

2.86
2.96
3.20

2.91
3.04
3.31

3.13
3.23
3.47

3.41
352
3.74

2.89
3.00
3.30

3.26
3.36
3.55

3.09
3.20
3.45

4.11
4.13
4.27

6.29
5.55
5.51

10.42
9.49

2.71
2.75

2.40
2.40

3.20
3.19

2.98
2.97

3.06
3.05

3.24
3.22

3.53
3.51

3.05
3.04

3.37
3.34

3.19
3.19

4.12
4.11

5.33
5.14

1953—January
February....
March
April
May
June
July
August
September...
October
November.. .
December. . .

2.80
2.83
2.89
2.97
3.09
3.09
2.99
3.00
2.97
2.83 "
2.85
2.79

3.29
3.25
3.22
3.19
3.06
3.04
2.96

2.47
2.54
2.61
2.63
2.73
2.99
2.99
2.88
2.88
2.72
2.62
2.59

3.22
3.26
3.31
3.40
3.53
3.61
3.55
3.51
3.54
3.45
3.38
3.39

3.02
3.07
3.12
3.23
3.34
3.40
3.28
3.24
3.29
3.16
3.11
3.13

3.09
3.14
3.18
3.29
3.41
3.49
3.42
3.39
3.43
3.33
3.26
3.28

3.25
3.30
3.36
3.44
3.58
3.67
3.62
3.56
3.56
3.47
3.40
3.40

3.51
3.53
3.57
3.65
3.78
3.86
3.86
3.85
3.88
3.82
3.75
3.74

3.07
3.11
3.16
3.27
3.39
3.48
3.42
3.37
3.40
3.33
3.27
3.28

3.36
3.39
3.43
3.51
3.63
3.73
3.67
3.61
3.65
3.56
3.51
3.52

3.23
3.29
3.33
3.44
3.57
3.62
3.56
3.54
3.58
3.46
3.38
3.37

4.16
4.21
4.23
4.33
4.38
4.47
4.37
4.29
4.30
4.19
4.15
4.21

5.18
5.26
5.36
5.52
5.53
5.60
5.44
5.79
5.76
5.60
5.53
5.54

Week ending:
Nov. 28
Dec.
5
Dec. 12
Dec. 19
Dec. 26

2.88
2.85
2.80
2.79
2.78

3.04
3.01
2.97
2.97
2.96

2.60
2.60
2.59
2.59
2.60

3.39
3.39
3.39
3.38
3.39

3.13
3.14
3.13
3.12
3.12

3.28
3.29
3.28
3.27
3.28

3.40
3.41
3.40
3.40
3.40

3.75
3.74
3.73
3.73
3.73

3.27
3.27
3.27
3.27
3.28

3.52
3.53
3.52
3.52
3.52

3.38
3.38
3.37
3.36
3.36

4.17

5.59
5.49
5.55
5.50
4.55

Number of issues...

3-7

1951 average
1952 average
1953 average

2.57
2.68
2.93

1952—November...
December. . .

1

3.16

3i26

4.18
4.20
4.22
4.21

10.56

9.39
10.47
Pl6.89

pPreliminary.
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 2XA 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 3\i per cent bonds of 1978-83, issued May 1, 1953.
^Standard and Poor's Corporation.
6
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 6reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.
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 BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
JANUARY

1954




59

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury unless otherwise noted.

In millions of dollars]

Summary
Budget receipts and
expenditures
Period
Expenditures

Net
receipts

Calendar year:
1950
1951
1952
1953
Fiscal year:
1950
1951
1952 . . .
1953
Semiannual totals:
1950-July-Dec.
1951—Jan.-June.
July-Dec..
1952—Jan.-June.
July-Dec..
1953—Jan.-June
July-Dec. .
Monthly:
1952—Dec. .
1953—Jan
Feb
Mar
Apr
May
June
July
Sept
Oct.
Nov....
Dec

Increase or
decrease (—)
during period

Excess of receipts
or expenditures ( —)

Surplus
or
deficit

Sales and
Trust redemptions Clearand
in market
ing
other
of Govt.
acacagency
count
counts obligations

Bal-

Gross
direct
public
debt

1

38,255
56,846
71,366
73,626

1-422
-3,358
-5,84?
-9,157

i-™
759
49
82

-00
19

349
56

87
-106
-319
-209

-423
2,711

37,045
48,143
62,129
65,218

40,167
1
44,633
66,145
74,607

—3,122
13,510
—4,017
-9,389

121

—22
384
—72
-25

483

—214
—401
-312

4,587
-2,135
3,883
6,966

18,464 119,063
29,679 25,570
23,809 31,276
38,320 34,869
27,204 36,497
38.014 38.110
26,454 35,515

1-599
4,109
-7,467
3,451
-9,293
-96
-9,061

1-173
468
291
-72
121
-259

392
-8
64
-136
46
-71
90

-254
40
-146
-255
-64
-248
40

-1,121
-676
-116
4,315
—3,513
— 1,862
1,756
—2,759
-1,473
-79
—2,818
-728
-1,204

-218
-140
404
-209
—157

-46
29
— 133
12
—50

-145
401
-2
-135
289
-428
-373

6,003
5,061
5,479
10,502
2 849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183

7,124
5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387

377
65

38
32
26
1

-260
299

-40
-149

75
-70

-37
-72

116
-59

466

-430
117
235
-376
29

imce

General
fund
balance

37,834
53,488
65,523
64,469

219
462

General fund of the Treasury
(end of period)

in
1
general
fund

-447

Deposits in
F. R. Banks
Special
Avail- In proc- deposess of itaries
able
funds collection

Othet
net
assets

4 ,232
4 ,295
6 064
4 ,577

690
321
389
346

129
146
176
131

2,344
2,693
4.368
3,358

1.069
,134
,132

— 2 , 799

,517
7 ,357
6 ,969
4 ,670

950
338
333
132

143
250
355
210

3,268
5,680
5,106
3,071

,156
,089
L.175
1,256

-650
-1,486
4,197
-313
8,286
-1.320
9,097

-1,285
3,124
-3,062
2,674
-904
-1.394
-94

4 ,232
7 ,357
4 ,295
6 ,969
6 ,064
4 .670
4 ,577

690
338
321
333
389
132
346

129
250
146
355
176
210
131

2,344
5,680
2,693
5,106
4,368
3.071
3,358

1,069
1,089
L.134
1,175
1,132
,256
742

-41
11
182
-3,099
105
1,930
-449
6,598

-1,572
-376
335
884
— 3 , 376

6 ,064
5 ,689
6 ,024
6 ,908
3 ,582
,639
4 ,670
8 ,741
7 ,674
7 ,478
,126
,923
4 ,577

389
811
351
222
393

176
350
174
448
180
108
210
181
96
183
185
81
131

4,368
3,318
4,376
4,983
1,859
2,109
3,071
6,690
5,825
5,255
2,892
4,545
3,358

1,132
1,209
,123

7 Q73

7,777

536

-269
449
1,822

6?
\ 770
- 1 , 488
2 , 047
1 , 839

—388

57
1, 037
4 , 071
- 1 , 067

-196
-2,352
i

-40

7Q7
346

221
132
548
496

642
662
451
346

742

,255
L ,151
,756
1
L,322
.257

1,398
1,387
847

742

Budget expenditures
Major national tsecurity programs
Period

Total
Totals

Calendar year:
1950. .
1951
1952
1953
Fiscal year:
1950. .
1951
1952
1953
Semiannual totals:
1950—July-Dec..
1951—Jan.-June..
July-Dec..
1952—Jan.-June..
July-Dec..
1953—Jan.-June..
July-Dec..
Monthly:
1952—Dec. .
1953—Jan
Feb. . . .
Mar
Apr.
May
June
July
Sept..
Oct
Nov
Dec

National
defense

Military
assistance
abroad

VetSocial Agri- Housculing
seInter- Atomic Inter- erans
est Admin- curity ture
and
naDeon
Energy
home
istraprotional Com- debt
partfition 4 grams* ment 6 nance
ecomisnomic
3
sion
aid

40,167
44,633
66,145
74,607

4 012
18,509 13,476
37,154 30,275 1 559 3 560
51.121 43.176 2. 975 2 652
P52.819 P44.462 3 810 P? 190
4 941
44
17,950 12,346
3 863
884
25,891 19,955
904
46,319 39,033 2
52,847 44,584 3 760 7

19,063
25,570
31,276
34,869
36,497
38,110
35,515

9,850
16,041
21,113
25,206
25.915
26,932
P25.887

7,505
12,450
17,825
21,208
21,968
22,616
P21,845

247
637
921
1, 306
1, 669
2, 092
1, 718

7,124
5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387

4,640
4,216
4,168
4,670
4,582
4,481
4,815
4,645
4,172
4,392

4,081
3,632
3,501
3,789
3,891
3,746
4,056
3,890
3,519
3,787
3,647
3,540
P3,462

38 255
56,846
71.366
73,626

P4,263
P4,035
P4,380

1.351
,463
,508
p\ ,631

5,750
5,613
1,648 5,859
1,802 6,508

5,714
5,088
4 433
4,157
6,043
5,288
4,748
4,250

,375
,415
,424
.593

611 5,580
1,278 5.983
1.813 6,065
1,889 6,357
524
908

1,499
1,010
1,564
n.a.
2,986

Post
Public office
works deficit

643
684

Transfers
to
trust Other
accounts

2,464
2,315
2,487
n.a.

— 17
694
646
n.a.

L.438
1,573
V 1,681

1,219
3,063

—270
460
614
382

1,575
L.458
1,515
1,655

593
624
740
660

1,305
1,079

972

2 781
2,276
2,402
2,570

635

775
525

961

1,016
1.193
P783

1,383

692
170
389
514
137
134
055

341
567
711
937
876
926
963

2,390
3,223
2,761
3,099
2,966
3.542
2,816

2,678
2,610
2,479
2,269
2.164
2.086
2,072

670
745
718
706
802
791
P840

164
470
540
679
885
2,178
n.a.

158
302
392
222
424
-42
n.a.

878
580
858
657
916
740
P941

260
364
320
420
355
305
220

804
168
848
457
737
342
P441

1,210
1,066
1,249
1,153
1,333
1,236
n.a.

?7S
277
316

117
138
171

378
348
339

104
180
109

181
120
278

10
239
125

289
357
285

325
451
197
232

112
-80
19
—3
—35
66
-10
—78
95
34
-46
-89

138
89 160
70
88 - 3 0
193 125
155
145
50
174
155 160
158
161
157
60
P136

67
20
101

573
366
78S

127 1,146
235
158
311
151

252
213
192
193
232
213
194
237
270
217
P192
P233
n.a.

198
484

1
2

157
167
153

563
372
179

358
350
348

246
151

140 1,882
237
117

343
369

258
169

157
155
208

206
560
354

330
323
336

t'171
P162
P144

164
95
231 1,294

343
371

281
293
581

128
177

382
254

120
101
211

377
275
-12

123
P109

302
n.a.

n.a.

58
13
92

59
53
157
60
18

95
P57

nuitary ioreign am programs, as wen as state department expenditures.
' axuuues iransiers to trust ac
5
Exdudes expenditures for forest development of roads and trails, which are included with public works




FEDERAL RESERVE BULLETIN

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of daily statements of United States Treasury , unless otherwise noted. In millions of dollars
Treasury receipts
Internal revenue collections
(on basis of Internal Revenue
Service)

Budget receipts, by principal sources
Income
and old-age
insurance taxes

Period

Withheld
by
employers
Calendar year:
1950
1951
1952 .
1953...
Fiscal year:
1950 ..
1951
1952 .
1953
Semiannual totals:
1950—July-Dec...
1951—Jan.-June.,.
July-Dec...
1952—Jan.-June...
July-Dec...
1953—Jan.-June...
July-Dec.
Monthly:
1952—Dec
1953—j a n
Feb
Mar.
Apr

enue

internal

Other
Individual

Taxes
on
carriers
and on
employers
of 8 or
more

Miscella-

Corporation

Deduct

receipts

Total
budget
receipts

AppropriaRetions
funds
of
to oldage
receipts
trust
fund

"ii.i

]Net

budget
receipts

13,775
19 392
23,658
*26 318

26,876
34,174
30,524

1 7 , 361

8,771
9,392
10,416
11,211

770
944
90?
P901

L.980
2,337
2,639
2 570

42,657
58 941
71.788
71,524

2,667
3,355
3.814
3 918

12,180
16,654
21,889
25 058

18,189
24,218
33,026
33,101

8,303
9,423
9,726
10,870

776
811
994
902

1,862
2,263
2,364
2-525

41,311
53,369
67,999
72,455

2,106
3,120
3,569
4 086

,834
2,156
2 098 S3 488
2.451 65 .523
3 137 64 469
2,160 37 ,045
2,107 48 ,143
2,302 62 ,129
3 151 6S 218

7,209
9,445
9,947
11,942
11,716
13,342
P12.976

6,841
17,376
9,499
23,526
10,647
22.454
2,799 5.272

4,779
4,644
4,748
4,978
5,438
5,432
5,779

317
494
449
545
357
545

1,039
1,223
1,114
1,251
1,388
1.137
1,433

20,185
33,184
25,757
42,242
29,546
42.910
28,614

1,411
1,709
1,646
1,922
1,891
2.195
1,723

311
1,796
302
2,000
451
2.700
437

54

387

6,350
260 5,232
150 6,300
158 11,870
144 4,044
220 5,140
206 10,323
3,619
286
187 5,153
203 6,402
176 2,894
229 5,144
351 5,403

303

June
July
Aug. ..
Sept
Oct
Nov
Dec

1,882
989
3,544
2,102
1,170
3,399
2,138
1,252
3,500
1,837
Pl.137
P3,418

PI,833

3 088

939

3,111
1,479
8,551
1,837
490
6,986

842
856
993
880
922
939

474

651

79
1,689
159
89
309

326
1,636
385
336
1,938

937

955
981
1,019
968
919

30
271
66
14
109
54
19
106
55
P18
P105

117
486
425
232
516
420
206

519
299
160
388
151

Excise and miscellaneous taxes
Total

Calendar year:
1950
1951
1952
1953
Fiscal year:
1950
1951
1952
1953
Semiannual totals:
1950—July-Dec...
1951—Jan.-June..
July-Dec.. .
1952—Jan.-June. .
July-Dec . .
1953—Jan.-June..
July-Dec..
Monthly:
1952—Dec
1953— Jan
Feb
Mar
Apr
May
June
July . .
Aug
Sept
Oct
Nov
Dec

Liquor

Tobacco

Manufacturers'
and retailers'
excise

8,150
8,682
9.558

2,419
2,460
2.727

1 U8
1 146
1, 562

2,519
2,790
3,054

4

472
608
1,442

276
292

176
193

-209
-157

718
248
869

129
136
125
145
140

320
307
312
267
4

-260

147
126

74
773

173
174
213
156
61

1,394
1,446
1,343
1,481
1,573
1.786

994
942
1 045
988
1,127
1 025

220
188
186

175
136
133

313
283
308

144
133

294
276

•

•

56

15.S

-218
-140

683
697
748
817
845
810

•

•\
a

212
154
155

870
760
782

1,391
1,156
1,304
1,245
1,482
1,299

•

6,543
7 906
8.315
8,123

,557
L.803
,352
',009
L,495
L, 564
823

1.806
1.936
2 032
2,152

229
237
244
225
266

40
82
121

3,312
3,939
3,967
4,242
4,073
4.458
3,665

1,655

2,245
2,841
2,824
3,359

1 380
1, 565

229
230

-38
759

Investments

-173
468
291
-72
121
341
-259

4,462
4,241
4,440
4,531
5,027
4,919

851
854
895
793

1,864
1,987
2,115

Receipts

Other

6,266
7 251
8 210
8,531

1 ,328

825
848

Total i

295
219
462

2,219
2,547
2,549
2,781

9,937
16 565
22,140

658
801
849

11,762 7,264
15,901 9,908
21,313 11,545
24,750 11,604

10,854
14,388
21,467
21,595

706
730
833
891

1,881
8,027
2,335
9,210
2,770
8,834

4,971
9,416
7,149
14,318
7,821
13.773

303
427
374
459
390
502

358

2 785
501
404
6.171
654
359
5 683

77
65
154
84
62
60

651

83

190

1,144
4,990
328
1,667
4,520
527
1,792
4,434
313
1,934
4,398

2,855
839
2,698
855
151
1,437
324

91
1,6-31
79
77

Social security,
retirement, and
insura nee accounts

3 504
2,387
—402
3 360
3 361
3 059

7,599
8,704
8,971
9,946

?84
12,963
18 840 10 362
23,090 11,980

18 ,464 6,858
29 ,679 9,043
23 ,809 9,798
38 ,320 11,515
27 ,204 11,574
38 .014 13,176
,454

6 ,003
45
54 5 ,061
336 5 ,479
944 10 ,502
849
963
244 4 ,380
159 9 744
,308
105
65 4 ,568
63 6 ,041
75 2 ,659
60 4 ,695
69 5 ,183

Estate
and
gift
taxes

326
1 767
478
318

70

60
64
96
56

Trust and other accounts

Treasury receipts—Continued
Internal revenue collections—cont.
(on basis of Internal Revenue Service)
Period

Individual income and old- Corpoage insurance ration
intaxes
come
and
With- Other profits
taxes
held

94
267

404
377
65

596
405
1,020
1,319
405

299
-40

1,070

-149
-37
-72

328
817
597

449

363

-103
223

Expenditures
6,214
4 507
4.942
5,811

Investments3

Other*

—22
271

—333

153

786

508
310

6,484
3 752
4 885
5,257

196
275
242

353
530
489

1,644
2,108
2,398
2,486
2,456
2.802
3,009

—22
219
52
223
106
13*
17

-307
660
126
404
105
385
-74

462
447
449

-14
233
—54
38
— 17
42
— 107
—29
— 14

-125

61
128

488
478

412
843
90
409
16

463
476
470
462
506

-80
199
188

Other accounts 2

537
502
533

—62

55
4
40
-39

188
154

-217
27
274
-42
—134
86
87
-16
-113
14

1
P Preliminary.
Excess of receipts, or expenditures (—).
2
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of partially owned Government 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 3, but their operating transactions are included in Budget expenditures.
3
Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950. which prior to that date are included with Budget expenditures (for exceptions see
footnote 1 on previous page). 4 Reporting of some excises changed to quarterly basis.

JANUARY

1954




61

TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash operating outgo, other than debt

Cash operating income, other than debt
Plus: Trust
acct. receipts

Net Budget
receipts

Period

Total
net
receipts
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951....
1952....
1953
Semiannual totals:
1950—July-Dec...
1951—Jan.-June. .
July-Dec.. .
1952—Jan.-June. .
July-Dec.. .
1953—Jan.-June. .
July-Dec...
Monthly:
1952—Dec
1953—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

Less:
Noncash1

37,834
53,488
65,523
64,469

171
222
184

37,045
48,143
62,129
65,218

120
256
138
210

18,464
29,679
23,809
38,320
27,204
38,014
26,454

91
164
58
77
107
104

6,003
5,061
5,479
10,502
2,849
4,380
9,744
3,308
4,568
6,041
2,659
4,695
5,183

71
43
3
2
3
4
49
31
3
43
10
4

Total

Less:
Noncash2

Equals:
Cash
operating
income

Budget expenditures
Less: Noncash
Total

Accru- Intraals to
Govt.
publics trans. 4

Plus: Tr. acct.
expenditures

Total

Less:
Noncash 5

2,211
2,508
2,649

42,451
59,338
71,396

38,255
56,846
71.366
73,626

503
567
734

2,307
2,625
2,807

6,923
4,397
4.825
5,974

65
90
28

2,623
2,244
2,705
2,595

40,970
53,439
68,093
71,344

40,167
44,633
66,145
74,607

436
477
710
694

2,754
2,360
2,837
2,774

6,881
3,945
4,952
5,169

13
138
5
31

3,562
4,234
4,349
4,458
4,248
4.683
3,913

1,033
1,210
1,298
1,406
1,243
1,351

20,900
32,537
26,799
41,293
30,104
41,241

19,063
25,570
31,276
34,869
36,497
38.110
35,515

281
196
371
338
396
298

1,075
1,279
1,346
1,488
1,319
1,456

2,201
1,744
2,653
2,298
2,527
2,642
3,332

55
82
8
-4
32
-2

747
286
920
649
443
1,047
1,338
429
1,158
482
378
839
627

360
65
128
106
75
129
848
91
196
107
78
133

6,320
5,239
6,267
11,042
3,214
5,294
10,185
3,615
5,526
6,373
2,950
5,396

7,124
5,737
5,595
6,187
6,362
6,241
7,988
6,068
6,042
6,119
5,477
5,423
6,387

95
82
38
21
40
47
70
108
27
21
-1
40

409
100
129
107
82
131
907
120
194
108
91
133

617
296
346
758
488
217
537
629
464
451
604
636
549

23
8
2
1
-3
1
-11
2
5
41
-3
3

7,001
8,582
8,707
8,596
6,669
7,796
8,807
8,932

Plus:
Exch.
ClearStabilizaing action
count
Fund6

Net
cash
operatCash ing inoperat- come
or
ing
outgo outgo

Equals:

-262
-26
38
-82
-207
-13
9
-28

-87
106
319
209
-483
214
401
312

41,969
482
58,034
1,304
72,980 -1,583

-13
-13
22
16
—44
-38

254
-40
146
255
64
248
-40

796
20,105
6,839
25,700
32,334 -5,534
5,671
35,622
37,357 -7,254
2,038
39,203

5
-19
19
-44
11
11
-60

145
-401
2
135
—289
428
373
-466
430
-117
-235
376
-29

43,155 -2,185
7,635
45,804
137
67,956
76,561 -5,217

7,364
5,442
5,754
6,970
6,443
6,662
7,932
6,001
6,720
6,294
5,759
6,258

-1,044
-203
513
4,072
-3,229
-1,368
2,253
-2,386
-1,193
78
-2,809
-862

1

Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially
owned Government corporations.
2
Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement
accounts, and transfers shown as Budget expenditures.
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.
* Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for
noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5).
6
Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest
receipts by such corporations on their investments in the public debt (negative entry).
6
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.)

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC

Period

In
crease,
or decrease

( - ) , in
gross
dir. pub.
debt

—423
Cal. yr.—1950
2,711
1951
7.973
1Q52
7,777
1953
4,587
Fiscal yr.—1950
1951
-2,135
1952
3,883
1953
6,966
Semiannual totals:
1950—July-Dec
-650
1951—Jan.-June. . . - 1 , 4 8 6
4,197
July-Dec
1952—Jan.-June. . .
-313
July-Dec
8,286
1953—Jan.-June. . . - 1 , 3 2 0
July-Dec.
9,097
Monthly:
1952—Dec
—41
11
1953—Jan
182
Feb.
-3,099
Mar
105
Apr
1,930
May
-449
June
July
6,598
536
Aug.
-269
Sept
Oct...
449
Nov
1,822
Dec
-40

Plus: Cash
issuance of
securities of
Federal agencies
Guaranteed

Nonguaranteed

-6
18
12
22
-8
10
16

355
37
-102

Less: Noncash debt transactions
1

N e t inv.
Accruals to public
in Fed.
sec. by
Int. on sav. P a y t s . in
Govt. agen. bonds
form of
& tr. funds Treas. and Fed. sec.
bills

Equals:
Net cash
borrowing, or
( - ) of
borrowing

Details of net cash b o r r o w i n g from or
repayment (—) of b o r r o w i n g t o t h e p u b l i c 2
Direct
Savings
mktable. bonds
& conv.
(issue
issues 3
price)

602
718
770

163
— 125
—74

—929
— 1 242
3,353

7

-14
374
-88
-32

94
3,418
3.833
2,540
-308
3,557
3,636
3,301

574
638
779
719

68
— 149
-79
3

4,231
-5,795
-525
2,918

4
5
13
3
8
—2
24

388
-13
51
-139
37
—69
66

1,544
2,014
1,404
2,232
1,601
1.700
840

337
301
417
361
409
308

-56
-92
-33
-45
-29
34

-2,081
-3,714
2,472
-2,998
6,351
-3,433

-2,761
-1,184
3,183
-1,544
7,322
'5 - 2 , 0 2 8
6,857

292
-758
-432
-285
— 121
518
—362

3
—6
2
1
1

-50
35
— 134
11
-51
38
33
15
1
75
-72
108
-61

349
130
170
100
112
453
735
61
395
71
— 76
240
150

97
84
40
23
42
48
71
«109
628
22

—7
-2
17
—21
—2
43
—1
-1

—527
— 173
— 178
—3,188
-97
1,425
— 1,222
6,456
127
-274
457
1 659

-172
— 199
—81
—2 503
47

—5
112
93
58
1

ii
2
8
2

— 12

-12
<

41

j
59

—2,649
751
1 999 — 1 191
5,778
—406
4 829
—344
211
728
-3,943
-467
1,639
-717
'55,294 6-103

8-147

—862 8 —98
6,333
—122
6—51
—72
-931
-90
—51
—36
1 647
— 22
-41
-70

Postal
Savings Sav. Sys. O t h e r *
special
notes
issues
—250
1,021
—997
— 1 099
-113
— 1,784
— 162
248
-150
3,601
-657 - 1 , 0 9 3
-1,209
-155
-100
-2,164

198
46
— 122

187
-845
-255
-955
-829
-1,335
1 583

-170
-923
-74
-81
-32
-68
—94

371
-5
51
-134
11

—302
—99
—38
—768
—83
-6
—341
252
271
662
618
53
-167

_2
—8
— 13
—4

—46
21
— 139
29
—62
39
90
—7
—4
101
—67
123

-32
— 11
— 17
-16
_7
36
-18

-158
365
-82
r _ Q

' Revised.
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
Includes redemptions of tax anticipation bills and savings notes used in payment of taxes.
3
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
4
Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
6
6
Excludes exchanges of savings bonds into marketable bonds.
See footnote 2 at bottom of following page.
1

2

62




FEDERAL RESERVE BULLETIN

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
CastL operating outgo

Cash operating income
Direct
Direct
taxes on taxes on
individ- corpor1
uals
ations l

Excise
and
misc.
taxes

Social
ins. receipts 2

Other
cash
income 3

Deduct:
Refunds
of receipts

Total

19,191
27,149
32,728
p^4 775
18,115
24,095
30,713
33,370

9,937
16,565
22,140
19 045
10,854
14,388
21,467
21,595

8 ,113
8 ,591
9 .567

5 ,121
6 ,362
6 ,589

2 ,245
2 ,769
? ,823

2 156
2 098
? 451

41,969
58,034
72,980

7 .597
8 ,693
8 ,893
9 ,978

4 ,438
5 ,839
6 ,521
6 ,858

2 ,126
2 ,531
2 ,801
? ,694

2 160
2 107
2 302
s 151

43,155
45,804
67,956
76,561

20,900
32,537
26,799
41,293
30,104
41,241

7,971
16,124
11,025
19,687
13,041
20.329
P14.446

4,971 4 ,476
9,416 4 ,217
7,149 4 ,374
14,318 4 ,519
7,821 5 ,048
13.773 4 931
5,272 PS 386

2 ,611
3 ,228
3 ,135
3 ,386
3 ,202
3 .656
PS ,041

1 ,182
1 ,348
1 ,418
1 ,383
1 ,443
1 ,252

311
1 ,796
302
2 ,000
451
2 ,700
437

6 320
5,239
6,267
11 042
3,214
5 294
10 185
3,615
5,526
6,373
2,950
5,396

1,952
3,558
4,198
4,211
2,204
3,076
3,081
1,603
3,119
3,292
Pl,232

415

345

45

214

255
197

54
336

207
180
243
173
278
260
192
P177
P25O

944
963
244
159
105
65
63

Period
Total
Cal. yr.—1950
1951
1952
1953
Fiscal yr.—1950
1951
1952
1953
Semiannual totals:
1950— July-Dec
1951—Jan.-June
July-Dec
1952—Jan.-June.. .
July-Dec
1953—Jan.-June
July-Dec
Vtonthly:
1952—Dec.
1953—Jan
Feb
Mar.
Apr
May

June
July
Aug
Sept
Oct
Nov

42,451
59,338
71,396
40,970
53,439
68,093
71 344

Dec

P3,173
P2,061

2,785
501
404
6,171
654
359

5,683
651
326

1,636
385
336
1,938

v6 697

868

765
791
840
795
860
879
854
894
917

,000
528
333
991
399
P268
P789
*>261

P963
P908
P849

18,347
37,279
51,195
P52.755
17,879
26,038
46,396
52,843

4,072
4,137
4,230

H 864
6 121
5 209

4,264
4,052
4,059
4,658

9 146
5 ,980
5 ,826
4 920

20,105
25,700
32,334
35,622
37,357
39,203

9,905
16,133
21,146
25,250
25,944
26,898
P25.856

1,997
2,058
2,079
1,984
2,246
2,413

2 ,977
3 ,003
3 ,117
2 ,709
2 ,500
2 ,420
2 465

7,364
5,442
5,754
6,970
6,443
6,662
7,932
6,001
6,720
6,294
5,759
6,258

4,646
4,218
4,151
4,691
4,583
4,438
4,817
4,647
4,184
4,404

781

431

149
269

478

397
390

576
506

526
297
127

418
408
406
401
428
386
378

436
658
529
543
586
522
509

137

1 ,013
557
344

75
60

Major
VetSocial
Internatl. sec. est on erans security Other
proproprodebts grams 8 grams 7
grams *

P4,264

P4.036

4 885

1,045
128
178
525

322
122

6,286
5,582
6,729

2,007
2,450
2,465
2,741
2,876
3.247

3,219
2,056
3,527
2,938
3,791
4,225

7,126
5,276
6,469
8,016

P3,402

625
572

456
393

P4 321

69

4,400
4,915
5,617
* 6 649
>
4,740
4,458
5,206
6,124

423

1,028
102
438
899
497

1,162
1,126
212

1,450
478
P92
P1,132

P588

pPreliminary.
1
Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to
Treasury daily statement. Income taxes through June 1953 are from internal revenue collectors' reports, thereafter from Treasury daily
statement.
2
Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.
8
4
Represents mostly nontax receipts.
Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds
and special International Bank and Monetary Fund notes.
^Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest
paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.
Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.
7
Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and
Government employees and Railroad retirement funds.
UNITED STATES SAVINGS BONDS AND NOTES SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
Savings bonds

Sales
1941
1942
1943
1944
1945 . .
1946
1947
1948
1949
1950 . . .
1951
1952
1952—Nov.. .
Dec...
1953—Jan. . .
Feb...
Mar...
Apr...
May..
June..
July. .
Aug.. .
Sept...
Oct.. .
Nov. .

3,036
9,157
13,729
16,044
12,937
7,427
6,694
7,295
5,833
6,074
3,961
4,161
303
375
504
414
440
383
371
370
402
371
368
384
368

Redemp- Outstandtions and ing (end of
period)
maturities
162
343

1,576
3,321
5,503
6,278
4,915
4,858
4,751
5,343
5,093
4,530
310
379
390
319
380
380

!906
H85

2524
421
457
419
390

To v

Series A-E and H

All series

Year or
month

Sales

6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,940

1,643
5,989
10,344
12,380
9,822
4,466
4,085
4,224
4,208
3,668
3.190
3.575

57,850
57,940
58,134
58,268
58,371
58,413
57,920
57,886
57,871
57,851
57,795
57,775
57,806

271
334
441
362
397
351
340
340
370
346
343
357
339

Redemp- Outstandtions and ing (end of
maturities
period)
160
307

1,452
3,063
5,135
5,667
4,207
4,029
3,948
4,455
4.022
3.622
239
299
320
251
308
318
300
308
P2344

P276
P326
P289
P271

Series F, G, J and K
Sales

Redemp- Outstandtions and ing (end of
maturities
period)

4,750
10,526
19,573
29,153
34,204
33,410
33,739
34,438
35,206
34,930
34.728
35,324

1,393
3,168
3,385
3,664
3,115
2,962
2,609
3,071
1,626
2,406
770
586

1,071

35,206
35,324
35,511
35,657
35,784
35.852
35,939
36,048
36,168
36,264
36,311
36,391
36,509

32
42
64
52
43
31
31
30
33
25
25
27
29

70
80
70
68
72
62

2
36
124
258
368
611
708
829
803
888
908

1606
H78

P181
P146
P130
P129
P120

lax ami savings nutea

Sales

Redemp- Outstandtions and ing (end of
maturities
period)

1,390
4,523
7,790
11,208
13,979
16,366
18,314
20,613
21,501
23,089
22,859
22,616

2,479
6,479
8,055
8,533
5,504
2,789
2,925
3,032
5,971
3,613
5,823
3,726

2,565
5,853
7,276
7,111
5,300
3,266
3,843
2,934
2,583
6,929
5,491

22,645
22,616
22,623
22,611
22,587
22,561
21,981
21,837
21,703
21,587
21,484
21,385
21,297

173
168
107
80
63
109

110
488
200
114
826
190

1,714
1,068

1,719
1,408

472
479
952
687
2

219
208
290
68
55

8

2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
5,770
6,089
5,770
5,676
5,642
4,879
4,798
4,793
4,453
4,706
4,977
5,639
6,258
6,204

p Preliminary.
figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953,
for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included
above.
2
Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued
discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed 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-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding.

JANUARY

1954




63

UNITED STATES GOVERNMENT DEBT—VOLUME A N D ]ECIND O F S E C U R I T I E S
[On basis of daily statments of United States Treasury. In millions of dollars]
Public issues

i

Marketable
Total
gross
debt*

End of
month

1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—june
Dec
1948—june
Dec
1949—june
Dec
1950—June . . .
Dec
1951—June
Dec
1952—Tune
Dec
1953_yan
Feb
Mar....
Apr
May
June . , .
Tulv
Aug
Sept
Oct.
Nov.
Dec.
.. .

gross
direct
debt a

50
64
112
170

942 45 025
?6? 57 938
471 108 170
108 165 877
232 144 ?30 630
278 682 278 115
259 487 259 149

258
256
252
252
252
257

257
256
255
259

376
981
366
8S4
798
160

377
731
251
461

259 1S1

258
256
252
252
252
257

257
256
255
259

?86
900
?9?
800

770

no

357
708
222
419

259 105

267 445 267 391

Total

39, 089
50, 469
98, 276
151, 80S
212, S6S
255, 693
233, 064
111 747
225, ?S0
219, 85?
?18 86 S
217, 986
221, 1?3
222, 853
220, S7S
218, 198
221. 168
219, 1?4
226, 143

Total

Bills

35,645
41,562
76,488
115,230
161,648
198,778
176,613
168,702
165,758
160,346
157,482
155,147
155,123
155,310
152,450
137,917
142,685
140,407
148,581

1 ,310
? 00?
6 ,627 10 ,534
n 07? ?? ,843
1 6 478 30 ,401
17 ,037 38 ,155
17 033 ?9 ,987
is ,775 ?S ,296
15 136 ?1 ,220

148,574
148,445
145,988
146,133
148,324
147,335
272 ,732 272 ,669 230 009 153,757
,?69 273 ?06 230 157 153,694
273
273 ,001 272 9^7 229 78S 152,804
273 ,452 273 ,386 230 403 152,977
275 ?8? 275 ,?09 232 IIS 154,726
275 ,244 275 ,168 231 684 154,631

267 450 267 40? 226, ??6
267 634 ?67 584 226, 187
264
264
266
266

536
64?
57?

264
264
266
,1?3 266

485
S90
5?0
071

Certificates of Notes
indebtedness

223 0?S
223, 077
224 73S
223 408

13 757
1? ?74
11 ,536
1? 319

??
?6
?9
?9

S88
S?5

6 ,178
s 997
9 ,863
11 ,175
? 3 039

22 ,967
10 ,090
8 142
11 ,37S
11 ,375
7 131
3 ,596
8 ,?49

,4?7
,636
13 ,533 18 ,418 20 ,404
13 ,6?7 s ,373 39 ,?S8
13 ,614 9 ,509 35 ,806
18 ,10? ?9 ,078 18 ,409
17 ?19 ? 8 ,4?3 18 963
21 ,713 16 ,712 30 ,266
?1 ,709 16 ,71? 30 ,?7S
71 710
19 ,?11
19 31?
19 , 9 H
19 ,707

15 9S8 30 ?8?
15 ,9S9 30 ,3?7
IS ,9S9 30 ,37S
IS ,9S9 30 ,411
IS ,854 30 4?S

19 S08

?6 369

20 ,207 21 ,756 30 ,455
?0 ?08 ?1 ,6SS 30 49?
33 S78

19 ,509 26 ,385 33 ,736
19 ,509 ?<5 ,386 S3 ,249
19 ,511 26 ,386 31 ,406

Nonmarketable
Convertible
bonds

Total

28 ,156
33 S63
44 ,519 4,945
ss ,S91 12,550
66 931 24,850
68 ,403 52,216
69 ,866 49,636
69 ,852 49,636
68 ,391 49,636
6? 990 49,636
61 966 49,636
60 9S1 49,636
SS ?83 49,636
53 ,319 49,636
44 SS7 49,636
42 ,928 36,061
41 ,049 36,048
48 343 27,460
58 ,874 21,016

13 573
1? 060
13 09 S
12 500

3,444
8,907
21,788
36,574
50,917
56,915
56,451
59 045
59,492
59,506
61,383
62,839
66,000
67,544
68,125
66,708
66,423
65,622
65,062

3,195
6,140
15,050
27,363
40,361
48,183
49,776
51 367
52,053
53,274
55,051
56,260
56,707
57,536
58,019
57,572
57,587
57,685
57,940

S8 ,864 21,013
483 21,012
48? 21,009
?18 17,249
79S 17,248
104 17,245
64 ,096 17,243
64 099 17,240
S9 944 13,406
59 ,942 13.404
<S? ,181 13,402
63 ,927 13,400

1? 491 65,161
1? 484 65,258
1? 438 64,599
1? 391 64,553
1? 3SS 64,056
1? 340 63,733
12 310 63,942
1? ?73 64,190
1? 168 64,814
12 ,025 65,402
1? 019 65 377
11 ,989 65,065

58,134
58,268
58,371
58,413
57,920
57,886
57,871
57,851
57,795
57,775
57 806
57,710

Bonds
Bank
eligible*

Bank
restricted

59
S9
63
64
64

8

Tax
and
savings
notes

Savings
bonds

? ,471
6 ,384
8 ,586
9 843
8 ,235
s ,7?S
s 560
s ,384
4 ,394
4 , 57?
4 ,860
7 ,610
8 ,472
8 ,640
7 ,818
7 ,534
6 ,612
5 ,770

Special
issues

5 ,370

f> ,98?
9 ,032
1 ? ,703

16 ,3?6
20 ,000
?4 ,S8S
?7 366
?8 ,955
30 ,211
31 714
3? 776
33 ,89ft

32 ,356
33 ,707
34 ,653
35 ,902
37 ,739
39 ,150

s 676 39 ,097

s ,64?

4 879
4 ,798
4 793
4 ,453

4 ,706
4 977
s ,639
6 ,258
204
6 ,026

39 ,30?
39 3S4
39 ,474
39 ,710
40 ,538

40 ,594
40 ,988
40 ,9S8
40 .888
-11 013
41 ,197

i n c l u d e s some debt not subject to statutory debt limitation (such debt amounted to 573 million dollars on Dec. 31, 1953) and fully guar2
anteed securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held b y Government agencies and trust funds, which aggregated 7,156 million dollars on Nov. 30, 1953.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D F U L L Y G U A R A N T E E D
[Par value in millions of dollars]
Held by
Total
U. S. Government
gross
agencies and
debt
(includtrust funds l
End of month ing guaranteed
Special Public
securiissues
issues
ties)
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—June
Dec

1948—June
Dec
1949—June
Dec
1950—June
Dec
1951—June
Dec
1952—June
1952—Oct
Nov
Dec
1953—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

Held by the public

Total

Federal
Reserve
Banks

Commercial
banks3

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
governments

Individuals

Miscellaneous
invesSavings Other
tors 3
bonds securities

50,942
5,370
64,262
6,982
112,471
9,032
170,108 12,703
232,144 16,326
278,682 20,000
259,487 24,585
258,376 27,366
256,981 28,955
252,366 30,211
252,854 31,714
252,798 32,776
257,160 33,896
257,377 32,356
256,731 33,707
255,251 34,653
259,461 35,902
259,151 37,739

2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,445
5,404
5,549
5,614
5,512
5,464
5,474
5,490
6,305
6,379
6,596

43,312
54,722
100,221
153,163
210,470
251,634
228,564
225,565
222,622
216,606
215,526
214,510
217,800
219,547
217,533
214,293
217,180
214,816

2,184
2,254
6,189
11,543
18,846
24,262
23,350
21,872
22,559
21,366
23,333
19,343
18,885
18,331
20,778
22,982
23,801
22,906

17,300
21,400
41,100
59,900
77,700
90,800
74,500
70,000
68,700
64,600
62,500
63,000
66,800
65,600
61,800
58,400
61,600
61,100

3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,100
12,000
12,000
11,500
11,600
11,400
11,600
10,900
10,200
9,800
9,600

"6,900
'8,200
11,300
15,100
19,600
24,000
24,900
24,600
23,900
22,800
21,200
20,500
20,100
19,800
18,700
17,100
16,400
15,700

2,000
4,000
10,100
16,400
21,400
22,000
15,300
13,900
14,100
13,600
14,800
15,600
16,800
18,800
20,500
20,800
21,300
19,700

1,000
2,100
4,300
6,500
6,300
7,100
7,300
7,800
7,900
8,000
8,100
8,700
8,800
9,400
9,600
10,400

2,800
5,400
13,400
24,700
36,200
42,900
44,200
45,500
46,200
47,100
47,800
48,800
49,300
49,900
49,600
49,100
49,100
49,000

7,800
8,200
10,300
12,900
17,100
21,400
20,100
20,900
19,400
18,600
17,600
18,000
17,000
17,200
15,900
15,600
15,000
14,900

2,300
4,400
7,000
9,100
8,100
9,600
8,400
8,700
8,900
9,600
9,400
9,700
10,500
10,700
10,600
11,600

264,964
267,483
267,445
267,450
267,634
264,536
264,642
266,572
266,123
272,732
273,269
273,001
273,452

6.681
6,757
6,743
6,895
6,869
6,908
6,866
7,057
7,022
7,007
6,986
7,076
7,078

219,893
221,938
221,552
221,458
221,463
218,274
218,302
219,805
218,563
225,131
225,295
224,967
225,486

23,575
23,821
24,697
23,944
23,875
23,806
23,880
24,246
24,746
24,964
25,063
25,235
25,348

63,100
64,200
63,400
62,800
61,900
59,500
59,100
58,600
58,800
63,500
62,700
62,500
62,700

9,600
9,500
9,500
9,500
9,600
9,600
9,500
9,600
9,500
9,500
9,500
9,500
9,300

16,000
16,100
16,000
16,200
16,100
16,000
16,000
16,000
15,900
15,900
15,900
15,900
15,800

20,500
21,000
21,000
21,400
21,800
20,700
20,500
21,400
19,200
20,300
20,800
20,500
20,700

11,000
i1,000
11,100
11,200
11,300
11,400
11,500
11,900
12,000
12,200
12,200
12,200
12,200

49,000
49,100
49,200
49,300
49,400
49,500
49,600
49,300
49,300
49,300
49,300
49,300
49,200

15,100
15,000
14,900
14,800
15,000
15,200
15,200
16,100
16,300
16,200
16,300
16,500
16,400

12,000
12,200
11,700
12,300
12,500
12,500
13,000
12,800
12,800
13,300
13,500
13,400
13,700

38,390
38,788
39,150
39,097
39,302
39,354
39,474
39,710
40,538
40,594
40,988
40,958
40,888

500
700

700
900

r
1
Revised.
Includes the Postal Savings System.
^Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953.
•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.

64




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding December 31, 1953
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate

Treasury bills
Jan. 7, 1954,
Jan. 14, 1954
Jan. 21, 1954
Jan. 28, 1954

1 ,501
1 ,501
1 ,501
1 ,500

Feb. 4, 1954
Feb. 11, 1954
Feb. 18, 1954
Feb. 25, 1954

1 ,501
1 ,500
1 ,502
1 ,501

Mar. 4, 1954.
Mar. 11, 1954.
Mar. 18, 1954.
Mar. 25, 1954.

1 ,500
1 ,501
\ ,501
1 ,501

Apr.

1 ,502

1, 1954.

Issue and coupon rate

Amount

Certificates

Amount

2%
2%
2\i
2%
2%

Treasury notes
Mar. 15. 1954
Dec. 15, 1954
Mar. 15, 1955
Dec. 15, 1955
, 1956
Apr.
Oct.
. 1956
Mar. 15, 1957
1957
Apr.
Oct.
1 9 5
Apr.
,1958
Oct.
, 1958

8,114
4,858
5,902
2,788
4,724

1«
1]
1J
15

Feb. 15, 1954
June 1, 1954
Mar. 22, 1954 2
Aug. 15, 1954
Sept. 15, 1954

4,675
8,175
5,365
6,854
1,007
550
2,996
531
824
383
45

,
2J

7 }
1J.
1)

Issue and coupon rate
Treasury
June 15,
June 15,
June 15,
June 15,
June 15,
Mar. 15,
Mar. 15,
Sept. 15,
Sept. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Dec. 15,
Sept. 15,
June 15,

bonds
19543
2
1954
2
1954-55...2M
1954* 8
2
1954-56 . .2H
1955-60 « . . 2 V8
1956-58. ..2H
1956-59«..2M
1956-59. ..2X
1957-59. ..2%
1958
2%
1958-63*.. 2%
1958
2^
1959-62. ..2X
1959-62. ..2\i
1960-65 « . . 2*4
1961
2%
1962-67...2 M

1
Sold on discount basis. See table on Open Market Money Rates, p. 59.
3Maturity Dec. 15, 1955.
^Maturity Dec. 15, 1954.
^Partially tax exempt.

Issue and coupon rate

Amount

510
5,825
1,501
8,662
681
2,611
1,449
982
3,822
927
4,245
919
2,368
5,277
3,466
1,485
2,239
2,116

Amount

Treasury bonds—Cont.
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 15, 1978-83...3}

2,827
3,755
3,831
4,720
2,962
1,891
2,716
3,826
1,606

Postal Savings
bonds
2^
Panama Canal Loan. .3

57
50

Convertible bonds

Investment Series B
Apr. 1, 1975-80... 2

11,989

2
Tax anticipation series.
6Restricted.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •
Marketable and Convertible Direct Public Securities
[Par values in millions of dollars]

End of month

Type of security:
Total marketable
and convertible:
1951—June
Dec
1952—June
Dec
1953—June

U.S.
Total Govt. Fed- Com- Muagen- eral
mer- tual
outRecies
stand- and serve cial savings
ing
trust Banks banks banks
funds

151,490
154,745
153,502
161,081
159,675

6,177
6,251
6,467
6,613
6,899

9,504
9,123
8,843
8,740
8,816

Other
Life

13,614
18,102
17,219
21,713
19,707

26
50
41
86
106

Sept
Oct
Certificates:
1951—June
Dec
1952—June
Dec
1953—June

19,508
19,509
9,509
29,078
28,423
16,712
15,854

84
93

49
60
27
30

Sept
Oct
Treasury notes:
1951—June
Dec
1952—June
Dec
1953—June

26,369
26,385

78
73

35,806
18,409
18,963
30,266
30,425

14
3
2
16
23

Sept
Oct
Marketable bonds:1
1951—June
Dec
1952—June
Dec
1953—June

33,578
33,736
78,989
77,097
75,802
79,890
81,349

17

3,750
6,773
5,828
1,341 7,047
1,455 4,411

11,138
10,289
9,613
9,514
9,347

4,161
4,301
4,246
4,711
4,808

45,855
46,679
47,391
50,979
53,694

122
71
103
137
120

756
428
504
464
327

72
104
92
119
132

8,360
10,080
10,268
12,518
13,155

4,500
4,579
2,753
6,773
6,877
4,791
4,351

111
119

386
412

134
133

37

41
120
27
87

113

217
76
56
27

174

445
378
317
310

12,350
12,117
3,221
8,761
9,692
6,424
6,052

5,852 9,540
5,852 9,468

246
223

70
50

471
465

10,112
10,254

120
67
42
49
62

208
1
5
8
5

478
315
327
486
529

8,841
2,489
2,587
4,978
5,678

527
596
381

1,943
2,056
3,194
12,793
11,821
5,061
4,996

12,439
5,068
5,568
13,774
13,774

13,704
10,465
10,431
10,955
10,355

168
687 6,633
28 13,774 12,273
15
164
678 6,615
28 13,774 12,399
78
3,215 4,108 31,298 7,974 7,139 3,125 22,129
3,243 4,130 30,119 7,697 6,720 3,120 22,068
2,928 4,422 30,710 7,221 5,855 3,087 21,580
3,046 4,522 32,849 7,165 5,807 3,429 23,072
3,300 4,522 32,066 7,232 5,855 3,484 24,890

73,350 3,320
73,346 3,316

U.S.
Insurance
Govt. Fed- Com- Mucompanies
agen- eral
mer- tual
savRecies
Other
and serve cial ings
trust Banks banks banks Life Other
funds

Type of security:
Convertible bonds
(Investment
Series B):
1951—June
Dec
1952—June
Dec
1953—June
Sept
Oct
Marketable secu- 2
rities, maturing:
Within 1 year:
1951—June

13,573
12,060
13,095
12,500
12,340
12,168
12,025

2,905
2,905
3,437
3,438
3,439
3,439
3,439

42,789
48,204
45,642
56,953
64,589
66,919
66,937
45,033
44,401
44,945
37,713
32,330
35,465
35,624

55
112
101
133
163

8,914
8,914
15,122
22,834
18,677
18,675
18,674

194
152
387
546
422

405
403

1,387
1,374
1,374
1,374

6,790
6,881
7,740
11,058
8,772
8,978
9,033

41,181
41,168
34,698
31,081
31,739
31,745
31,742

2,947
3,036
2,496
2,464
2,723
2,764
2,764

2,410
2,428
2,109
1,415
1,415
1,415
1,415

5,210
5,177
5,544
5,207
4,488
4,552
4,535

Other

164,972 6,949 25,235 54,730 8,766 9,276 4,863 55,153
165,001 6,949 25,348 54,966 8,625 9,238 4,855 55,021

Sept
Oct
Treasury bills:
1951—June
Dec.
1952—June
Dec.
1953—June

Sept
Oct

22,982 51,671
23,801 54,302
22,906 54,038
24,697 55,828
24,746 51,365

End of month

Total
outstanding

Insw"ance
comp anies

3,666 28,239 6,960 5,770 3,239 22,156
3,666 28,346 6,839 5,747 3,252 22,180

Dec

1952—June
Dec
1953—June
Sept
Oct
1-5 years:
1951—June
Dec
1952—June
Dec
1953—June
Sept
Oct
5-10 years:
1951—June
Dec
1952—June
Dec
1953—June
Sept
Oct
After 10 years:
1951—June
Dec
1952—June
Dec
1953—June
Sept
Oct

191
195

77
45
46
31
152
149
148

2,714
1,214
714

1 ,252
1 ,246
1 ,356
1 ,352
1 ,314
178 1 ,282
173 ; ,279
166
172
191
185
182

12,592 10,234
13,437 14,081
12,202 12,705
14,749 16,996
15,505 19,580
15,993 20,704
16,106 20,814
5,235 29,272
6,688 27,991
7,188 27,858
7,146 22,381
6,452 18,344
6,452 20,317
6,452 20,411
31
34
693

201
182
223
263
476
457
456

613
419
370
259
464
554
518
86
73

1,357
1,775
1,395
1,325
1,285
r,353
r,202
5,537
5,091
5,167
5,148
5,086

2,921
2,923
3,172
3,179
3,133
3,035
2,952

312
318
362
360
353

1,077

451
576
470
733

332
327

3,304
3,281
3,864
3,987
3,919
3,901
3,854

18,180
19 167
19,360
23,547
1,082 27,393
469 1,001 28,103
475
979 27,912
218 1,035 8,583
132
992 8,133
63
996 8,424
910 6,938
48
109
914
5,895
117 1,088
6,788
179 1,106
6,809

648
581
532
390

131
118
497
885
745

202
201

765
1,348
1,104
701 1,099
688 1,100
6,791 2,161
6,470 2,213
5,301 1,652
4,870 1,361
4,969 1,356
4,953 1,344
4,944 1,344

1,480
1,454
3,684
5,835
4,865
4,791
4,792
14,309
14,643
12,059
10,673
11,621
11,569
11,654

* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings
by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other"
are residuals.
1
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
2
Beginning with the September 1953 issue of the BULLETIN, the basis for classifying bonds with optional call dates has been changed from
a first call to a final maturity date.

JANUARY

1954




NEW SECURITY ISSUES1
[Estimates, in millions of dollars]
Proposed u s e s of n e t proceeds,
all corporate i s s u e r s 0

Gross proceeds, all i s s u e r s 2
Corporate

Noncorporate
Year or
month

Total

State
and
FedU.S.
Govern- eral 4 mu- Other* Total
ments agency nicipal

New capital
Re

Bonds
Total

RetireMis- tire- ment
cel- ment
of
laneof
secuous bank rities
purposes debt,
etc.8

Pre- ComNew
Pri- ferred mon Total money 7
Publicly vately stock stock
offered placed

115 1,108
13 1,128
109 1,238

69
50
24

2,155 2,044
2,164 1,979
2,677 2,386

691
703
758

86
98
183

25
87
108

903
420
762

681
325
569

7
26
19

215 1,206
69 1,695
174 1.854

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 2,389 1,578
811
917
1,062
506
411
990
1,170
369
621
778
3,202 2,670 1,892
6,011 4,855 3,851 1,004

167
112
124
369
758

110 1,040
647
34
408
56
753
163
397 1,347

868
474
308
657
1,080

28
35
27
47
133

144 1,583
396
138
789
73
49 2,389
134 4,555

18,685
19,941
20,250
21,110
19,893

10,217
10,589
10,327
11,804
9,687

357 1,157
2,324
2,690
216 2,907
30 3,532

56
451
156
132
282

6,900
6,577
7,078
6,052
6,361

3,889 3,279
5,115 4,591
6,651 5,929
5,558 4,606
4,990 4,006

231
168
234
315
364

379 2,868
356 1,352
307
488
401
637
620 1,271

21,265
26,961

9,778
12.577

446
237

7.741 5,691 2,364 3,326
9,582 7.649 3,645 4,005

1,212 7,120 6,531
1,369 8 769 8,223

226
174

363
371

486
660

1952—Nov
Dec. ,

1,108
2,079
1,783
1,592
1,604
1,667
4,630
3,053
1,928
1,430
2,576
2,248
1,183

13
28
25
23
24
13
49
64
13
19
20
19
15

38
46

1953—Jan
Feb
Mar,
Apr
May
June
July
Aug
Sept
Oct
Nov

480
547
611
494
503
491
3,244
1.454
884
853
1,320
1,070
370

no 3,189
459 4,105
219
231
389

1938
1939
1940

5,926
5,687
6,564

2,480
2,332
2,517

1941
1942
1943
1944
1945

15,157
35,438
44,518
56,310
54,712

1946
1947..
1948
1949
1950
1951
1952

30

76

392
390
405
349
650
416
522
260
454
473
400

4,881
5,035
5,973
4,890
4,920

1,353
1,276
1,628

3,019
2,888
2,963
2,435
2,360

1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631
838
564

891
778
614
736
811

25
4

384
908

314
731

126
140

188
591

20
58

49
119

340
851

293
780

34
43

86
2

664
706
696
818
731
1,179
521
315
766
579
394

497
536
517
659
484
988
407
243
675
344
292

186
307
153
375
287
575
106
110
439
151
197

310
229
364
284
197
413
301
133
235
193
95

51
47
62
35
82
33
31
7
44
23
34

634
116
666
123
672
116
789
124
696
165
159 1,134
501
82
307
65
753
47
543
212
386
68

603
635
630
757
612
1,046
479
278
695
517
364

6
8
17
18
35
24
9
9
38
7
6

9
5
3
1
2
36
50
19

21
28
12
17
19
27
9
2
3
23
1

Proposed uses of n e t proceeds, by major groups of corporate issuers
Commercial and
miscellaneous

Manufacturing
Year or
month

Transportation

New Retire- Total
net
cap- ments ° proital'
ceeds

New Retire- Total
net
cap- ments i° proital*
ceeds

Real estate
and financial

Communication

Public utility

New Retire- Total
net
cap- ments10 proital"
ceeds

Total
net
proceeds

Total
net
proceeds

New Retire- Total
net
cap- ments 10 proital"
ceeds

2,180
1,391
1,175
3,066
4,022

2,126
1,347
1,026
2,846
3,765

54
44
149
221
257

403
338
538
518
536

382
310
474
462
512

21
28
63
56
24

748
795
806
490
983

691
784
609
437
758

56
11
196
53
225

2,150
2,276
2,608
2.412
2,626

2,005
2,043
1,927
2.326
2,539

144
233
682
85
88

891
567
395
605
753

890
517
314
600
747

2
49
81
5
6

587
593
739
515
508

557
558
639
449
448

30
35
100
66
60

1952—November
December

164
327

147
309

18
18

21
149

21
148

....

45
115

32
93

12
23

43
216

43
213

3

48
34

47
33

1
1

56
56

50
55

7

1953—January....
February.
March....
April
May
JuneJuly
August
September..
October....
November..

283
148
203
312
114
285
145
55
122
35
78

276
144
194
309
97
278
141
54
122
35
78

7
3
9
2
17
7
4
1

24
92
31
31
57
41
55
22
19
87
26

24
89
30
25
56
41
51
21
18
85
25

51
51
81
66
40
42
46
15
32
46
19

38
33
81
66
40
42
46
15
32
46
19

14
18

245
257
212
223
397
334
210
97
243
350
213

245
254 "" ' 3
210
2
215
8
397
317 •••• —
210
97
242
i'
329
21
213

4
7
15
13
7
43
15
29
89
10
5

4
7
15
13
7
43
15
29
89
10
5

47
140
142
162
99
415
39
91
251
38
47

47
140
141
161
99
412
38
91
250
38
47

1

1948
1949
1950
1951
1952

...

3
1
6
1
4
1
1
2
1

New RetireitaM ments °

New Retirecap- ments i
ital"

1
1
3
1
1

1
2
8
6
6

Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Includes issues guaranteed.
* Issues not guaranteed.
Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and equipment and working capital.
8
Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement
of short-term bank debt 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

66




FEDERAL RESERVE BULLETIN

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual

Quarterly

Industry

1953

1952

1947

1949

1948

1950

1951

1952
1

2

3

1

4

2

3

Manufacturing
Total (200 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (94 corps.):1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (106 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
.
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
. ...
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes .
Dividends

31,967 38 ,190 37 ,803 45 ,204
4,178 5 ,390 5 ,122 7 ,993
3 3S6
2,569
3 1S1 4 106
1,193
1 ,429
1 ,686 2 ,272

52,331 53 ,810 13 ,066 12,914 12 ,543 15,287 15 ,709 16,519 15 ,424
8,668 7 ,125 1 ,957 1,643 1 ,525 2,000 2 ,241 2,471 2 ,083
839
688
3,456 3 096
643
926
920
879
848
2,015 2 ,010
489
482
483
556
485
487
491

12,438 14 ,588 13 ,906 15 ,847 18,557 18 ,813 4 ,638 4,525 4 ,692 4,958 4 ,964 5,068 5 ,035
1 ,930 2 ,798 3,290 2 ,693
1,860
2 ,282
724
628
669
672
769
768
748
1,210
1 5?0 1 ?63 1 563 1,451 1 ?91
3?6
300
318
347
346
368
338
575
682
891
736
919
872
212
251
216
213
213
2 13
216
19,529 ?3 60? ?3 897 7 9 3S7
2,319 3 ,108 3 ,193 5 ,195
1 837 1 888 ? S44
1,359
618
950 1 ,352
748

4,238
466
287

4 S?8
4SS
?8S

142

148

3,193
563

3 674
674

346
222

420
?63

2,906
456

4 ??3 4 40? 4,909
S3?
4*4
473
?89
?68
227
149
161
158

36
1 ,406

3 ,94 ?
7?1

3 ,86S

4 ,234
6S0

4,999

S?S

548
17?

406
17?

442
70S

515
231

s

9

,066

863

s

319
686
485

?s?

8 ,187 10 ,446 12,501 11 ,557
1 700 2,092 1 161
993
578
S75
8S4
776
285
377
367
381

247

270

3,658

4 563
S70
334
1?7

4 363
S?0
3?1
138

8 n93
1 131

9 , S77 11 80S

s

071 6,183
8S0 1,003
4?S

?08

370
192

7 ,082
974
380
200

3??

112
89
1 ,318
704

1 473
861
451

? 30 S 1,923
1 ,087
705
671
479

8,685
777
479
236

9 ,672
1 ,148
699
289

8 ,580
700
438
252

9 ,473 10,391 10 ,580
1 384 1,260 1 ,436
783
693
816
312
328
336

4,291
954
643
494

4 830

S

2,283
215
138

? 604

131

178

1 94 S
698
46?

127
S7

116
52
38

104
50

37

43

1 369 1 401
289
286
108
109
89
90

1,520
304

128
114

t ,325 1,402

1 ,316
99
46

35
1 545
357

123
90

128
54

1 3S4
131
S7

37

37

1,346

1 568 1 506
346

125
90

327

124
91

1 396 t 460

16S

171

1 381
194

129
69

189

??S

115
60

127
65

124
61

150
61

3 ,074 2,385
4? 5
98
??8
31
87
88

7 605

3 494

491

431
217

428
457
183

3 653

?08
100

560
212

?03

86

106

88

88

88

1 ,594

1 697

130
64

?33

83
49

1,274
147
111
60

1,725
232
80
49

12,496 12.825 3 ,032 3.427

639
?8?

809
445
195

100
46

154

1 ,174
7?0

6,692

446
?04

4 ,577
1 133

891
545

449
274
116

S 04? 1 ??8 1,220 1 980 1,315

5,573 s ,69S
1,421 1 ? 0 0
572
458
496
381
448
363

3 680
693
415
3?1

350
127
7,545

33,774 34 997 8 4?8 8,389 7 8S1 10,329 10 ,745 11,450 10 390
5,378 4 ,432 1 ,233 1,015
857 1,328 1 ,493 1,702 1 ,315
S13
2,005 1 804
342
579
370
510
573
511
1,142 1 ,119
273
270
270
305
272
274
275

S01
171
117

596
194
114

2 066 1 967 2 045 1 957
290
128
53

298
103
49

?4S

,681 3,684 4 308 4,657
34 S
714
503
648

^ ,917
4S?
168
114

?18
89

49
?

51?

143
114

190
117

276
89
50

200
117

211
114

97
49

Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
•.
Telephone:
Operating revenue
Profits before taxes .
Profits after taxes
Dividends .

. . .

.

983
6S7
493
292
186

?

2 ,587 2,532
?QS
261
141
149
74
80

2 ,633

OSS s 431 5,867 6 ,224
,129 1 ,303 1,480 1 ,718
824
818
922
7S7
553
619
709
661

1 ,603
498
?S7
172

1,491
400
214
173

1 ,513

967 3 34? 3,729 4 ,136
333
691
580
787
331
341
384
?07

993
194
93
85

1,023
205
98
87

1 ,037

213

276

318

355

368
208
66
382
207
177
182
88
91

2,828 2 ,596 2,732 2 ,755
399
512
336
397
234
318
186
231
79
97
116
73
1,618 1 ,710 1,625 1 ,643
439
454
426
545
?33
244
?88
246
194
182
189
186
1,084 1 ,092 1,126 1 ,1?9
220
206
223
234
109
104
107
114
93

100

101

104

1
2

Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1).
Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile
(6); and miscellaneous (7).
NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).

JANUARY

1954




67

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
[Estimates, in millions of dollars]

PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
Year or
quarter

Profits
before
taxes

Income
taxes

Profits Cash Undisafter divi- tributed
taxes dends profits

9.6
11.9
13.0
10.8
18.2

50
9.4
9.4
10.6
10 8
8.5
13 9
18.5
20.7
16.3
22.7

3.8
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7.3
7.5
9.1

43.7
39.2

23.6
20.6

20.1
18.6

9.2
9.1

1951—3
4

39.4
40.6

21.2
21.8

18.2
18.8

9.3
9.5

1952—1
2
3
4

41.5

38.2
37.0
40.3

21.8
20.1
19.4
21.2

19.7
18.0
17.5
19.1

9.1
9.1
9.1
9.1

1953—1
2
3

44.6
45.9
43.3

24.4
25.0
23.6

20.3
20.8
19.6

9.2
9.4
9.6

7 8
11.7
14.4
13.5
11.2

1946
1947
1948
1949
1950

23.5
30.5
33.8
27.1
41.0

1951 .
1952

Source.—Department

-539

1,939

2,550

-611

243

171

72

2,817
1.464
2,129
3,899
6,846

-24
-313
-796
-475
-389

2,391
929
996
2,693
4,924

-125
2,516
-398
1,327
1,800
-804
3,391
-698
5,995 - 1 , 0 7 1

402
222
337
731
1,533

301
137
329
508
851

101
85
8
223
682

7,180
6,882
7,570
6,732
7,224

4,798
2,523
1,684
1,875
3,500

2,382
4,359
5,886
4,856
3,724

4,721
5,015
5,938
4,867
4,806

3,625
2,011
1,284
1,583
2,802

1,096
3,004
4,654
3,284
2,004

2,459
1,867
1,632
1,865
2,418

1,173
512
400
292
698

1,286
1,355
1,232
1,572
1,720

9,048
10,727

2,772
2,653

6,277 5,683
8,074 7,392

2,107
2,300

3,577 3,365
5,092 3,335

665
353

2,701
2.982

603
717
774

2,432 2,127
1,716 1,793
2,146 1,928

514
612
684

1,613
1,181
1,244

908
640
992

89
105
90

819
535
902

1953—1.... 2,321
2 . .. 2,928
3 . .. 1,867

11.1
11.4
10.0

17.2
21.1
25.1
24.3
19.7

2,721

2,793
1,151
1,333
3,424
6,457

1952—2.... 3,035
3 . . . . 2,433
4 . . . . 2,920

10.6
8.9
8.4
10.0

1941
1942
1943
1944
1945

2,182

1946
1947
1948 ,
1949
1950

8.9
9.3

15

New Retire- Net
Net
New RetireNew Retire- Net
issues ments change issues ments change issues ments change

1941
1942
1943
1944
1945

10.9
9.5

6.5

Stocks

1939

1.2
4.9
5.1
6.2
6.1
3.8
8.1
12.0
13 5
8.8
13.6

1939

Bonds and notes

All types
Year or
quarter

1

612
607
529

1,710 1,492
2,321 2,096
1,338 1,327

481
458
417

1,012
1,638
910

829
832
540

131
149
112

698
683
428

1951
1952

1
Reflects cash transactions only. As compared with data shown on p. 66, 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. 66.
Source.—Securities and Exchange Commission.

of Commerce.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *
[Estimates, in billions of dollars]
Current liabilities

Current assets
End of year
or quarter

1939
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952—3
4

1953—i
2
3

Net
working
capital

24.5
32.3
36.3
42.1
45.6
51.6
56.2
62.1
68.6
72.4
78.4
82.5
85 4
85.6
86.7
'87.9
88.5

Total

54 5
72.9
83 6
93.8
97.2
97.4
108.1
123 6
133.0
133 1
156.1
174 4
178 0
181.1
180.4
'180.9
185.4

Cash

10 8
13.9
17 6
21.6
21.6
21.7
22.8
25 0
25.3
26.5
27.4
29.6
30 0
30.2
27.6
29.2
29.6

U. S.
Government
securities

Notes and accts.
receivable
U. S.
Govt. 2
.6
4.0
5.0

4.7
2.7
.7
38 3

1.1
2.7
2 5
2.8
2.9
2.7
2.7

21 !l

Notes and accts.
payable

18.0
25.6
27.3
27.6
26.8
26.3
37.6
44 6
48.9
45 3
52.6
62.6
62 0
62.9
64.3
'64.5
65.4

22.1
27.4
23.3
21.9
21.8
23.2
30.0

42 .4
43 .0

52.8
56 1
61 0
61.8
62 4
'62.7
64.1

Federal
income
tax
liabilities

U. S.
Govt. 2
30.0
40.7
47 3
51.6
51.7
45.8
51.9
61 5
64.4
60 7
77.7
91.9
92 6
95.5
93 7
'92.9
96.8

1 4
1 4
3
.3

L.4
5.4
7
6

L.6
L 74
2 1
2 3
2.4
2.4
2.4
2.4

Other

.0
.8

2 0
2.2

1 8
9
1
37 6

Other

1.2

Total

Other

Other

.0

2.2
4.0

10.1
16.4
20.9
21.1
15.3
14.1
14.8
16.8
20.5
21.3
20 2
21.0
20.7

Inventories

6.9

21 9
25.6
24 0
24.1
25.0
24 8
31 5

7.2
8.7

7.1

12.6
16.6
15.5
10.4

8.7
9.4
9.7
11.8
13.2
13.5
14.0
15.7
16.7
18 9
18.4
'18.6
19.2
19.8

8.5

10.7
11 5
9 3
14.8
19.7
16.2
16.4
'15 2
'14.5
16.8

39 .3
37 5
4
46 8
54 2
1 3
2 1
55 4
2.2
58.6
57 5
2 5
2.2
'57.0
2.1
58.1

2
'Revised.
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts
offset against each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Estimates, in millions of dollars]

1939
1945
1946
1947
1948
1949
1950
1951
1952
1953 4 .

Total

5,512
8,692
14,848
20,612
22,059
19,285
20,605
25,644
26,455

Year

Manufacturing
1,943
3,983
6,790
8,703
9,134
7,149
7,491
10,852
11,994

27,827

1

12,423

Mining

Railroads

326
383
427
691

280
548
583
889

882
792
707

929
880
891

1,319
1,352
1,111
1,474
1,391
1,323

Transportation
other
than
rail
365
574
923

1,298
1,285
887
1,212
1,490
1,363
1,363

Public Comutili- muni- Other 2
cations
ties

520
505
792

1,539
2,543
3,125
3,309
3,664
3,838

302
321
817

1,399
1,742
1,320
1,104
1,319
1,598

4,484

1,776
2,378
4,516
6,093
5,154
4,660
5,671
5,916
5.391

7,345

Quarter

Total

Manu- Transfactur- portaing
tion
and
incl.
minrailing
roads

1952—2
3... .

6 808
6,244
7 265

3 384
3,026
3 596

758
591
692

1953—1
2

6,147
7,225
7,076
7,379

2,946
3 492
3,317
3,557

621
697

6,490

3,042

4

.

3.

4*
1954—I

4

All
Public
utili- others
ties

928
947

1 142

J 73 S
[ 680
835

654
713

904
1 148
1 206
1,225

1,675
I 887
I 899

609

1,012

1,828

S«4

2

Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
3 Includes communications and other.
•*Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.

68




FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
All properties

End of year
or quarter

1939
1940
1941
1942
1943
1944
1945
1946
t947
1948
1949
1950
1951
1952*
1951—December
1952—March?
JuneP
September P. . .
December P . . .
1953—March?
JuneP
SeptemberP. . .

AH
holders

35.5
36 5
37.6
36 7
35.3
34 7
35.5
41.8
48 9
56 2
62 7
72.8
82 1
90.9
82.1
84.0
86.3
88.7
90.9
93 0
95.7
98.2

Nonfarm

Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies

All
holders

14.7
14.8
14.9
14.2
13.6
13.3
13.7
15.1
16 6
17 8
18.7
19.7
20 7
21.5
20.7
20.8
21.1
21.3
21.5
21 8
22.1
22.4

28.9
30.0
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50 9
57.1
66.7
75.6
83.8
75.6
77.3
79.3
81.6
83.8
85.7
88.2
90.5

18.6
19 5
20.7
20 7
20.2
20 2
21.0
26.0
31.8
37 8
42.9
51.6
59.5
66.9
59.5
61.0
63.0
65.1
66.9
68 6
70.9
73.0

2.2
2 1
2.0
1 8
1.4
1 l
.9
.6
.5
6
1 1
1.4
2 0
2.4
2.0
2.2
2.2
2.3
2.4
2 6
2.7
2.8

Farm

1- to 4-family louses

Multi-family and
commercial properties *

Total

Financial
institutions

Financial
institutions

Other
holders

16.3
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.2
51.9
53.2
54.8
56.5
58.2
59.6
61.5
63.3

9.3
10.2
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
46.8
41.2
42.3
43.8
45.4
46.8
48.0
49.8
51.4

7.8
7 8

4.8
4.8
4.8
47
4.6
46
4.7
5.4
6.1
67
7.2
7.6
8.0
8.3
8.0
8.1
8.1
8.2
8.3
84

6.6
6.5
6 4
6.0
5.4
4.9
4.8
4.9
5.1
5 3

L5

5.6

8.5
8.7

7.5
7.6

2 1
2.3
2 6
2.8
2.6
2.6
2.7
2.8
2.8
2 9
3 0

5.1
5 0
4.9
4 5
4.1
3 7
3 4
3 4
3 3
3 4
3 5
3.7
4 0
4.3
4.0
4.1
4.2
4.3
4.3
4 4
4 6

3.0

4.6

Other
holders

Total

7.0
7.1
7.2
6.7
6.3
6.2
6.4
7.0
7.6
8.3
9.1
9.8
10.7
11.3
10.7
10 9
11.0
11.1
11.3
11 6
11.7
11.9

12.5
12.6
12.9
12 5
12.1
11 8
12.2
13.8
15.7
17 6
19.6
21.6
23.7
25.6
23.7
24.1
24.6
25.1
25.6
26.1
26 7
27.2

8.0
78
7.4
7 2
7.5
8.4
9.6
10 9
12.4
14.0
15.7
17.3
15.7
16.0
16.4
16.9
17.3
17 7
18.1
18.5

All
holders

Financial
Other
insti- holders'
tutions

6.1
6 6
7.1
6.6
6.7
7.0
7.1
7.1
7 3

L.5
4
L.3

1.3
1.5
7
o

p Preliminary.
1
2
Derived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year, and all figures for December 1952 except those on 1- to 4-family houses and total farm
(preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and
loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).
Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]

Commercial bank holdings2

Mutual savings bank holdings 4

Nonfarm
End of year
or quarter

Nonfarm

Residential8

Residential 3

Farm

Total
Total
Total

1939
1940
1941. . .
1942
.
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

. . . .

4,266
4,578
4,906
4,746
4,521
4,430
4,772
7 234
9,446
10,897
11,644
13 664
14,732
15,867

3,697
4,003
4,340
4,256
4,058
3,967
4,251
6,533
8,623
10,023
10,736
12 695
13,728
14,809

FHA- VA- Con- Other
inguar- vensured anteed tional

Total

1,026
569 4,836 4,807
2,671
575 4,859 4,829
2,963
1,040
1,048
566 4,812 4,784
3,292
924
491 4,627 4,601
3,332
802
463 4,420 4,395
3,256
749
463 4,305 4.281
3,218
521 4,208 4.184
856
3,395
702 4,441 4,415
1,387
5,146
1,690
823 4,856 4,828
6,933
874 5,806 5,773
8,066
1,957
2,060
909 6,705 6,668
8,676
2,264
968 8,261 8 218
10 431
11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869
12,188 3,675 3.012 5.501 2,621 1,058 11,379 11,306

1951—December

14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004
14,860
15,176
15,590
15,867

June

September
December

Farm
Total

1952—March

13,830
14,113
14,530
14,809

Total

11,350
11,602
11,970
12,188

3,432
3,441
3,580
3,675

2,928
2,952
3,000
3,012

4,990
5,209
5,390
5,501

2,480
2,512
2,560
2,621

1,030
1,063
1,060
1,058

FHA- VAConinguar- vensured anteed tional

3,875
3,914
3,884
3,725
3,558
3,476
3,387
3,588
3,937
4,758
5,569
7 054
8,595
9,875

2,567
3,168

1,726
2,237

Other

4,303
4,470

932
915
900
876
837
805
797
827
891
1,015
1,099
I 164
1,274
1,431

29
30
28
26
25
24
24
26
28
34
37
44
47
73

9,916

9,869

8,595

2,567

1,726

4,303

1,274

47

10,203
10,554
10,940
11,379

10,156
10,506
10,880
11,306

8,843
9,145
9,485
9,875

2,720 1,815
2,898 1,917
3,025 2,069
3,168 2,237

4,308
4,330
4,392
4,470

1,313
L ,361
L.394
1,431

47
48
60
73

1,465
1,488
1,525

50
50
50

1953—March P . . . . 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165
16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574
June?
16,640 15,530 12,765 3,867 3,038 5,860 2,765 1,110 12,500 12,450 10,925
SeptemberP

3,230 2,395 4,540
3,325 2,590 4,658
3,414 2,759 4,752

p Preliminary.
2
includes all banks in the United States and possessions.
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. For 1940, figures except for the grand total are Federal Reserve estimates based on data for
insured commercial 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.

JANUARY

1954




69

REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Loans outstanding (end of period)

Loans acquired
Nonfarm

Year or month

Total
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

FHAinsured

Nonfarm

VAguaranteed

Farm

Total

Other

FHAinsured

Total

Farm

VAguaranteed

Other

4,794
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

668
815
1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5.257
5.681

256
844
1,106
1,224
2,026
3,131
3,347

4,876
5,538
6,356
7,090
8,176
9,399
10,518

889
899
913
896
841
800
776
795
895
990
,138
L.327
L.527
,705

898
855
935
976
1,661
2,786
3,407
3,430
4,980
5,111
3,978

1,483
2.520
3,114
3,123
4,621
4,704
3.606

451
1,202
1,350
1,572
1,051
864

600
366
131
930
1,268
429

1,469
1,546
1,642
2,119
2,385
2,313

178
266
293
307
359
407
372

5,683
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

1952—November
December

288
390

260
352

65
86

22
31

173
235

28
38

21,087
21,245

19.411
19,560

5,648
5,690

3,340
3,349

10,423
10,521

1,676
1,685

1953—January
February
March
April
May
June
July
August
September
October
November

347
327
403
364
344
359
405
305
313
338
352

309
289
353
321
308
330
371
279
289
309
327

80
69
88
77
62
67
71
62
57
60
60

25
25
29
27
30
34
36
32
40
42
56

204
195
236
217
216
229
264
185
192
207
211

38
38
50
43
36
29
34
26
24
29
25

21,396
21,547
21,725
21,897
22,055
22,221
22,429
22,552
22,698
22,842
23,017

19,701
19,834
19,992
20,139
20,277
20,425
20,614
20,722
20,860
20,993
21,161

5,725
5,751
5,804
5,820
5,854
5,884
5,905
5,924
5,943
5,963
5,983

3,358
3,367
3.370
3,388
3,390
3,396
3,412
3.430
3,448
3,473
3,511

10,618
10,716
10,818
10,931
11,033
11.145
11.297
11,368
11,469
11,557
11,667

1,695
1,713
1,733
1,758
1,778
1,796
1,815
L.830
,838
1,849
1,856

.

NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may diffei
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance—end-of-year figures. Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
[Number in thousands; amounts (except averages) in millions of dollars]

[In millions of dollars]
Loans outstanding (end of period)2

Loans made, by purpose
Year or
month

New
construction

Home
purchase

Other
pur-

Total«

1,200
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617

301
399
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2.105

340
426
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2.955

345
375
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557

3,806
4,125
4,578
4,583
4,584
4,
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,444

563
717
841
864
906

1952-Nov...
Dec...

523
541

163
161

117
132

18,444

906 3,398

1953-Jan....
Feb....
Mar...
Apr....
May...
June..
July...
Aug...
Sept...
Oct....
Nov...

497
523
639
678

147
164
206
226
232
241
237
218
208
219
190

243
248
222
222
266
288
295
327
355
340
328
318
265

19,105

924

3,492

20,133

962

3,593

2M45

1^015

3,745

Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

758
707
684
688
586

128
137
167
164
163
165
166
149
148
151
131

FHAinsured

VAConguarvenanteed tional3

2,397
2,586
2,969
3,125
3,398

1939
1940
1941
1942
1943
1944
1945
1946
1947
7,345 1948
8,313 1949
9,812 1950
11,530 1951.
14,140 1952
14,140




1952-Nov
Dec.

1953-Jan..
Feb.
Mar..
Apr..
May.
June .
July.
Aug.
Sept..
16,385
Oct...
Nov..
14,689

includes loans for repair, additions and alterations, refinancing, etc.
2
Prior to 1948, data are not available for classifications shown.
'Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.

70

Amount, by type of lender
Year
or
month

Number

Average
amount
recorded
(dollars)

Total

Savings &
loan

Insurance
com-

Com- Mutual
mersavcial
banks

Other

1,288
1,456
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028

3,507
4,031
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018

1,058
1,283
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452

287
334
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420

891
1,006
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600

143
170
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137

1,128
1,238
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409

2,722
2,769
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5.950

245
252

,492
,553

540

116
126

298
305

104
112

448
470

6,085
6,171

228
229
264
275
273
282
286
273
275
278
245

,401
391
1,627
,709
,699
,769
,798
,709
,729
,746
,549

477
503
605
642
641
682
699
671
654
658
564

111
110
126
127
133
131
132
122
125
123
114

278

93
84
92
102
111
120
127
111
123
123
113

442
425
488
513
497
511
517
495
512
522
468

6,136
6,068
6,153
6,206
6,221
6,282
6,282
6,270
6,276
6,283
6,311

317
325
323
310
315
320
290

Source.—Home Loan Bank Board

FEDERAL RESERVE BULLETIN

REAL ESTATE CREDIT STATISTICS—Confine
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO ••FAMILY PROPERTIES
[In billions of dollars]

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]

VA-guaranteed loans 3

FHA-insured loans
Home
mortgages

Year
or
month

Total

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

Total

925
991

New
properties

969

1 152 1 152
1,121 1,121

3
5
5
5
7
6
5

934
877
665
756

1952—Nov. . .

Dec...
1953—Jan

Feb....
Mar.. .
Apr
May. . .

June...

July. . .
Aug....
Sept... .
Oct
Nov...

058
074
222
250
416
834
830

1 788
3 341
3 826
4,343
3 220
3 113

208
175
183
208
210
224
217
302
418
684
892
856
713
974

486
588
728
766
553
484
257
120
477

925
991

934
877
857

Projecttype
Ex- mortisting gages1
properties

1
1
1
1

434
319
637
216

52
13
14
21
85
56
20
13
360
609

1,021
1,157
584
322

Property
im- Total
provement2
loans

179
216
228
126
86
114
171
321
534
614
594
694
707
848

Home
mortgages

Alteration
and 2
Existing repair
properties

New
properties

192

2,302
3,286
1,881
1,424
3,073
3,614
2.721

793

3
5
6
6

629

1,865 1,202
942
2,667
1,824
890

503
519

259
293

97
108

87
98

17
23

59
63

243
227

157
155

85
71

296
265
276
342
314
274
363
349
320
368
408

108
103
103
109
97
91
109
106
106
113
105

103
86
89
92
90
95
94
87
80
80
68

18
15
20
22
25
19
40
23
12
23
25

67
61
64
119
102
69
120
133
122
151
210

243
274
228
235
216
242
239
248
309
293
286

161
184
152
157
149
164
160
166
197
193
192

82
90
75
78
66
78
79
82
112
99
93

.6
.6
.5
.4
.5
.4
.4
.3
.4
.5
.5

1
Monthly figiures do not reflect mortgage amendments included in annual totals.
2
FHA-insured property improvement loans < not ordinarily secured by mortgagesr, VAire
guaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for more than that amount must be.
"Prior to 1949, data are not available for classifications shown.
NOTE.—FHA -insurec i loans represent gros s 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 loan<j, amounts by
type are derived from data on number and average amount of loans closed.
Sources.—Federal Housing Administration and Veterans Administration.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]

End of year
or month

Author- Comized
mitfunds
ments
un-

un-

committed

disbursed

Mortgage holdings

Total

FHAin-

VA-

sured

guaranteed

Total

16.3
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 2

199
828

Mort- Mortgage
gage
pursales
chases (during
(during period)
period)

188
403
169
204
320

11
425

198
672

1,347
1,850
2,242

1,178
1,646
1.922

1,044
677
538

20
469
111
56

1,085

323

2,242

320

1,922

65

14

1,043
1,008

321
313
322
326
357
542
526
512
517
501
491
469

2,286
2,329
2,394
2,448
2,477
2,498
2,527
2,541
2,540
2,526
2,490
2,462

338
358
395
429
457
477
508
536
556
585
594
621

1,948
1,971
1,999
2,019
2,020
2,020
2,019
2,005
1,984
1,941
1,896
1,841

61
53
81
68
40
31
39
33
26
39
30
42

1,085

1952—December
1953—January
February....
March
April
May
June
July
August
September...
October
November . . .
December?...

528
848
918
661

934
876
816
610
597
586
566
556
552
550

^Preliminary.
iLess than $500,000
Source.—Federal National Mortgage Association,

FHA- VAinguarsured anteed

12.5
15.0
18.9
22.9
25 4

10 8

10.3
13.2
14 6

14.5
15 0
15.4
14 5
13.7
13.7
14.2
17.0
18 9
20.8
22.5
26.2
29.0
32 8

1951—Sept. . . 50.4

22.0
22.9

9.5
9.7

12.5
13.2

28.4
29.0

1952—Mar.*. . 53.2

June*.. 54.8
56.5
58.2

23.5
24.0
24.7
25.4

9.9

Sept.*..
Dec.»..

10.1
10.4
10.8

13.6
13.9
14.3
14.6

29.7
30.8
31.7
32.8

1953—Mar.p.. 59.6
June?.. 61.5
Sept. P.. 63.3

26.1
26.7
27.5

11.1
11.4
11.7

15.0
15.3
15.8

33.5
34.8
35.8

1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952 »

Dec... 51.9

1.8

1.8

2 3

23
3.0

3.0

3 7

4.1
4.2
4.3
6.1
9.3

37

4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7

.2
2.4

55

7.2
8.1

* Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Fede ral Rest*rve estimates.
For conventional, figures are derived
Sources.—Home Loan Bank Board. Ffdpral Honsing Administration, y Veterans Administration, and
Federal Reserve.

FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]

227
824
485
239
323

1948
1949
1950
1951
1952

Conventional

Total

.6
.5

539
539
504
577
530
516
602
597
629
661
694

Governmentunderwritten

End of
year or
quarter

Year or month

Advances

Repayments

Advances outstanding
(end of period)
Total

1945...
1946...
1947...
1948...
1949...
1950...
1951...
1952...
1953...

10
3
7 1952—December.
3
3 1953—January...
1
February..
March
0)
11
April
19
May
44
June
59
July
61
August....
September.
October. . .
November.
December.

Shortterm 1

Long3

213
231
209
280
337
292
433
528

195
293
436
515
433
816
806
864

176
184
218
257
231
547
508
565

19
109
217
258
202
269
298
299

106

33

864

565

300

16
14
30
47
44
97
61
70
83
62
71
79

197
71
46
32
26
23
79
25
28
45
25
14

683
627
610
626
645
718
700
746
801
819
865
952

439
401
391
406
416
471
469
510
557
564
589
634

245
226
219
220
229
248
231
236
244
255
276
317

278
329
351
360
256
675
423
586

term

1

Secured or unsecured loans maturing in one year or less.
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
2

JANUARY

1954




71

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Ins talment credit
End of year
or month

Total
Total

Other
Automobile consumer
goods
paper 1
paper*

Noninstalment credit

Repair
and modernization
loans 2

Singlepayment
loans

Charge
accounts

Service
credit

Personal
loans

Total

298

1,088
1,245
1,322
974

2,719
2,824
3,087
2,817

800
845
713

787

1,414
1,471
1,645
1,444

553
597
660

182
405
718
843

1,090
,406

1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851

3,203
4,212
4,875
5,443
5,588
6., 323
6,631
7,143

746
1,122
1,356
1,445
1,532
1,821
1,934
2,094

1,612
2,076
2,353
2,713
2,680
3,006
3,096
3.342

845
1,014
1,166
1,285
1,376
1,496
1,601
L,7O7

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

1945
1946
1947
1948
1949
1950
1951
1952

5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684

455
981
1,924
3,054
4,699
6,342
6,242
8,099

816
1,290
2,143
2,842
3,486
4,337
4,270
5,328

1952—October.
November
December

24,147
24,611
25,827

17,611
17,961
18,684

7,630
7,856
8,099

4,895
4,962
5,328

,362
1,393
1,406

3,724
3,750
3,851

6,536
6,650
7,143

2,025
2,100
2,094

2,789
2,839
3,342

L.722
1,711
L,7O7

1953—January
February
March
April
May
June
July
August
September
October ..
November

25,674
25,504
25,946
26,455
27,056
27,411
27,581
27,810
27,979
28,166
28,252

18,851
18,982
19,391
19,767
20,213
20,635
21,004
21,218
21,347
21,486
21,586

8,273
8,480
8,799
9,111
9,432
9,692
9,973
10,136
10,232
10,337
10,358

5,288
5,208
5,217
5,217
5,272
5,333
5,351
5,362
5,352
5,366
5,406

1,403
L,404
1,416
1,435
1,462
1,493
1,516
1,534
1,562
. 585
1,604

3,887
3,890
3,959
4,004
4,047
4,117
4,164
4,186
4,201
4,198
4,218

6,823
6,522
6,555
6,688
6,843
6,776
6,577
6,592
6,632
6,680
6,666

2,143
2,118
2,211
2,246
2,294
2,197
2,079
2,131
2,130
2,131
2,100

2,975
2,678
2,613
2,682
2,763
2,781
2,705
2,668
2,716
2,811
2,840

1,705
L.726
1,731
1,760
1,786
1,798
7Q3
1,793
1,786
1,738
1,726

371
376
255

8R7
:1,006

518

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 for 1952 are shown on p. 1214 of the BULLETIN for November 1953. 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
Total
instalment
credit

Total

Commercial
banks

Sales
finance
companies

4,503
5,514
6,085
3,166

3,065
3,918
4,480
2,176

1,079
1,452
1,726

1,197
1,575
1,797

1945
1946
1947
1948
1949
1950
1951
1952

2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684

1,776
3,235
5,255
7,092
9,247
11,820
12,077
15 410

1952—October
November
December

17,611
17,961
18,684

1953—January.
February
March
April

18,851
18,982
19,391
19,767
20,213
20,635
21,004
21,218
21,347
21,486
21,586

End of year
or month

1939
1940
1941
1942

.

. . .

May

June
July
August
September
October
November
1
2

Retail outlets

Credit
unions

Other

Total

132
171
198
128

657
720
759
598

1,438
1,596
1,605

629

686

862

588

745

300

102

1,567
2,625
3,529
4,439
5,798
5,771
7 524

677
1,355
1,990
2,950
3,785
3,769
4,833

151
235

14,615
14,948
15,410

7,158
7,310
7,524

4,523
4,670
4,833

15,678
15,910
16,380
16,800
17,222
17,621
18,000
18,205
18,328
18,439
18,495

7,665
7,797
8,059
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881

4,930
5,031
5,174
5,312
5,480
5,633
5,816
5,924
6,005
6,093
6,147

990

837

840
1,040
1,239
1,420
1,647
1,902
2,216

937
1,440
1,876
2,269
2,670
2,760
3/274

808
818
837

2,126
2,150
2,216

2,996
3,013
3,274

842

2,241
2,231
2,267
2,296
2,323
2,351
2,378
2,393
2,401
2,397
2,417

3,173
3,072
3,011
2,967
2,991
3,014
3,004
3,013
3,019
3,047
3,091

334
438
590
635

851
880
906
928
962

988
1,009
1,029
1,041
1,050

Department
stores *

Furniture
stores

354
394
320
181

439
474
496
331

Household
Autoapplimobile
ance
dealers2
stores
183
196
206
111

123
167
188
53

Other

339
365
395
314

131

240

209
379

319
474

38
79

28

270

47
101

324
407

470
595
743
920

604
724
791
760

1.117

127
168
239
207

866

244

159
239
284
255

516
543
613
618

1,053
1,033
1,117

795
809
866

226
229
244

291
299
308

631
643
739

1,084
1,023
974
925
933

832

237

822
812
807
809

315

236
236
242
248

324
336
348
362

937

667
653
645
639

812

256

373

636

923
931
943
957
983

812
813
811
812
826

17

260
263
265
266
270

308

386
396
399
406
408

739

705

623
610
601
606
604

Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.

72




FEDERAL RESERVE BULLETIN

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
NONINSTALMENT CREDIT, BY HOLDER

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,
BY TYPE OF CREDIT

(Estimated amounts outstanding, in millions of dollars

[Estimated amounts outstanding, in millions of dollars]

Total
End of year
or month

noninstalment
credit

Retail

Financial
institutions
(single-payment oans)
Commercial
banks

Other

outlets
(charge
accounts)
Department 1
stores

Service
credit

Total
instalment
credit

Automobile
paper

Repair
and
modernization
loans

Direct

Other
consumer
goods
paper

237
339
447
149

178
276
338
134

166
232
309
153

135
165
161
124

363
440
471
302

66
169
352
575
849

143
311
539

114
299
550
794

110
242
437
568
715
834
888

312
546
747
839
913

Purchased

Personal
loans

Other

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
1,220
1,370
1,227

518
553
597
660

1945
1946
1947
1948
1949
1950
1951
1952

3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143

674

1,008
1,203
1,261
1,334
1,576
1,684
1,844

72
114
153
184
198
245
250
250

290
452
532
575
584
641
685
730

1,322
1,624
1.821
2^138
2,096
2,365
2,411
2,612

1,014
1,166
1,285
1,376
1,496
1,601
1,707

1952—October. . . 6,536
November. 6,650
December . 7,143

1,796
1,814
1,844

229
286
250

511
550
730

2,278
2,289
2,612

1,722
1,711
1,707

6,823
6,522
6,555
6,688
6,843
6,776
June
6,577
July
August.... 6,592
September. 6,632
October. . . 6,680
November. 6,666

1,878
1,887
1,960
1,984
1,985
1,922
1,830
1,870
1,857
1,867
1,798

265
231
251
262
309
275
249
261
273
264
302

587
504
492
487
498
492
457
453
500
524
578

2,388
2,174
2,121
2,195
2,265
2,289
2,248
2,215
2,216
2,287
2,262

1,705
1,726
1,731
1,760
1,786
1,798
1,793
1,793
1,786
1,738
1,726

1953—January...
February..
March....
April
May

End of year
or month

845

1939
1940
1941
1942

1,079
1,452
1,726

1945
1946
1947
1948
1949
1950
1951
1952

1,567
2,625
3,529
4,439
5,798
5,771
7,524

1,177
1,135
1,633

1,294
1,311
1,629

1,016
1,456
1,315
1,751

1,137

1,037
1,122
1,374

1952—October. . . 7,158
November. 7,310
December . 7,524

1,524
1,572
1,633

1,569
1,598
1,629

1,609
1,659
1,751

1,109
1,130
1,137

1,347
1,351
1,374

1953—January...
February. .
March....
April
May
June
July
August....
September.
October. . .
November.

1,685
1,733
1,814
1,902
1,989
2,043
2,095
2,123
2,141
2,157
2,150

1,652
1,695
1,761
1,821
1,869
1,906
1,941
1,957
1,948
1,939
1,920

1,809
1,835
1,909
1,956
1,990
2,029
2,055
2,056
2,036
2,032
2,027

1,133
1,136
1,144
1,160
1,184
1,212
1,234
1,251
1,273
1,291
1,303

1,386
1,398
1,431
1,447
1,459
1,485
1,493
1,492
1,495
1,489
1,481

862
745

7,665
7,797
8,059
8,286
8,491
8,675
8,818
8,879
8,893
8,908
8,881

753
946

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 outstanding, in millions of dollars

[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

Automobile
paper

1939
1940
1941
1942

1,197
1,575
1,797
588

878
1,187
1,363
341

115
136
167
78

148
190
201
117

56
62
66
52

1945
1946
1947
1948
1949 . .
1950
1951
1952

300
677
1,355
1,990
2,950
3,785
3,769
4,833

164
377
802
1,378
2,425
3,257
3,183
4,072

24
67
185
232

58
141
242
216

54
92
126
164

303

83

4,523
4,670
4,833

3,804
3,940
4,072

4,930
5,031
5,174
5,312
5,480
5,633
June
5,816
July
5,924
August
September. . . 6,005
October
6,093
November. . . 6,147

4,159
4,260
4,402
4,536
4,694
4,836
5,007
5,108
5,186
5,272
5,321

End of year
or month

.

1952—October
November
December
1953—January
February
March
April
May

313
241
332

139

57
70
82

158
275
347

312
317
332

78
79
82

329
334
347

337
339
342
345

81
80
79
80

353
352
351
351

351

78

357

356
367
374
375
372
368

76
75
72
74
76
79

365
367
370
370
373
379

Other
consumer
goods
paper

Repair
and
modernization
loans

Total
instalment
credit

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
620

1945
1946
1947
1948
1949
1950
1951
1952

731
991
1,275
1,573
1,858
2,237
2,537
3,053

54
77
130
189
240
330
358
457

20
34
69
99
137
182
209
279

14
22
39
59
89
115
132
187

643
858
1,037
1,226
1,392
1,610
1,838
2,130

1952—October
November
December....

2,934
2,968
3,053

442
447
457

269
272
279

175
184
187

2,048
2,065
2,130

1953—January
February
March
April
May
June
July
August
September. . .
October
November. . .

3,083
3,082
3,147
3,202
3,251
3,313
3,366
3,402
3,430
3,438
3,467

462
468
486
504
518
534
544
552
558
563
559

284
286
291
297
302
307
311
315
321
321
328

189
188
193
195
200
205
207
211
215
218
222

2,148
2,140
2,177
2,206
2,231
2,267
2,304
2,324
2,336
2,336
2,358

End of year
or month

Personal
loans

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.

JANUARY

1954




73

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Other consumer
goods paper

Automobile
paper

Total

Year or month

Repair and
modernization loans

Extended

Repaid

Extended

Repaid

Extended

Repaid

8,219
9,425
5,239

7,208
8,854
8,158

3,086
3,823
1,022

2,512
3,436
2,738

2,588
2,929
2,176

2,381
2,827
2,910

328
312

5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397

5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550

999
1,969
3,692
5,280
7,182
8,928
9,362
12,306

941
1,443
2,749
4,150
5,537
7,285
9,462
10,449

2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959

1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901

206
423
704
702

1952—October
November
December

2,661
2,341
2,931

2,140
1,991
2,208

1,158
1,037
1,152

908
811
909

794
650
953

598
583
587

1953—January
February
March
April
May

2,282
2,154
2,713
2,605
2,580
2,670
2,602
2,436
2,389
2,486
2,297

2,115
2,023
2,304
2,229
2,134
2,248
2,233
2,222
2,260
2,347
2,197

1,050
1,044
1,281
1 .258
1,218
1,219
1,226
1,126
1,089
1,121
974

876

580

620

1952—October
November
December

2,570
2,504
2,668

2,057
2,084
2,125

1 .158
1,154
L.262

863

858
911

644
697

599
570

1953—January
February
March
April
May

2,598
2,590
2,717
2,550
2,490
2,462
2,501
2,363
2,414
2,397
2,445

2,095
2,175
2,276
2,231
2,186
2,194
2,183
2,273
2,255
2,249
2,295

1,174
1,237
1,248
1,168
1,143
1,090
L ,117
1,045
1,103
1,118
1,081

862
910
947
955
918
939
921
967
963
963
1,006

714
632
714
679
653
676
665
625
604
592
635

604
611
644
632
611
622
609
643
634
633
621

1940
1941.
1942

.

1945
1946
1947
1948
1949.
1950
1951
1952

Extended

Repaid

Personal
loans
Extended

Repaid

255
307

263

2,217
2,361
1,899

2,060
2,284
2,247

826
853
1,243

143
200
391
577
677
707
769
927

2,150
3,026
3,819
4,278
4,566
5,044
6,058
6,889

2,010
2,539
3,405
3,959
4,351
4,683
5,628
6,273

136
116
104

86
85
91

573
538
722

548
512
621

95

98

142

721

UNADJUSTED

June
July . . .

August
September
October
November.

837
962
946
897
959

507
657
648
658
687

945

622

963
993
1,016
953

587
648
648
603
626
604

619
625
668
646

80
111
109
115
129
124

608
635
654
606

580

117

523
664
590
589
635

101

120
120
131
108

521

557

79
99
90
88
98

630

520
595
545
546
565
583

571
555
566
569

102
92
108
89

549
540
569
549

SEASONALLY ADJUSTED*

June

July
August
September
October
November

709

80

586

116
112

88
89

118
108
127
113
109
112
114
108
112
111
106

89
80
100
97
98
98
96
100
94
100
92

534

590
597
592
613
628
590
585
584
605
585
595
576
623

539
555
540
574
585
547
559
535
557
563
564
553
576

* Includes adjustment for differences in trading days.
NOTE.—Back figures by months beginning January 1940, 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 on pp. 9-22 of this BULLETIN. Estimates of instalment
credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance,
insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the
amount of credit outstanding.
FURNITURE STORE STATISTICS

Item

Percentage change
from preceding
month

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i

Percentage change
from corresponding
month of preceding
year

Nov.
1953
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account

Oct.
1953

Sept.
1953

Nov.
1953

Oct.
1953

+16
+ 19

-8
-11

-6
-2

-7
-3

-4

+18
+ 14

-7
-6

-9
-3

-10

-9
-7
-10
-5

A

Accounts receivable, end
of month:
Total
Instalment

+2
+2

+1
0

0
0

+5
+2

+7
+2

+8
+6

Collections during
month:
Total
Instalment .

-6
-6

+9
+11

-3
0

-1
-1

+4
+4

+1
+1

Inventories, end of
month, at retail value.

-2

+2

+4

-4

-2

+3

74




Year or month

October
November
December
January
February
March
April
May
June
July
August
September
October
November

Charge
account!

Household ap- Department
pliance
stores
stores

Department
stores

Furniture
stores

18
17
17

Sept.
1953

-2
0

Instalment accounts

11
10
10

11
11
11

50
48
48

16
15
17
15
15
15
15
15
15
16
15

10
9
10
10
10
1
1
10
10
10
10
10

1
1
10
1
1
10
10
10
10
10
10
10
9

47
44
49
46
46
47
46
45
46
48
47

1952

1953

,

1
Collections during month as percentage of accounts outstanding at
beginning of month.

FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 2
1947-49=100

Industrial production
(physical volume)* 1
(1947-49 = 100)

Employment and payrolls 3
1947-49=100

Manufactures
Year
or month

Total
Total

Durable

Nondurable

Total
Minerals

Residential

All
other

Nonagricultural
employment

Freight
carloadManufacturing
ings'
production workers 1947-49
= 100
Employment

DepartWholement
sale
Constore sumer
comsales* prices 3 modity
3
(retail
value) 4 1947-49 prices
1947-49 = 100 1947-49
= 100
= 100

Payrolls

AdAdAdAdAdAdAdAd- Unad- Unad- AdAd- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed

Adjusted

Unadjusted

Unadjusted

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
34
30
43
45
51
66

26
18
27
41
49
57
75

39
45
32
43
42
46
59

61.6
62.2
55.4
58.7
64.6
63.8
65.5

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
76
71.6
72.9
73.1
75.0

1926
1927
1928
1929
1930

51
51
53
59
49

50
50
52
58
48

52
49
53
60
45

48
50
51
56
51

63
64
63
68
59

69
69
73
63
49

73
71
76
52
30

67
68
70
70
62

67.9
68.2
68.3
71.3
67.0

65.5
64.1
64.2
68.3
59.5

33.0
32.4
32.8
35.0
28.3

115
111
112
115
99

37
37
37
38
35

75.6
74.2
73.3
73.3
71.4

65.0
62.0
62.9
61.9
56.1

1931..
1932..
1933..
1934..
1935..

40
31
37
40
47

39
30
36
39
46

31
19
24
30
38

48
42
48
49
55

51
42
48
51
55

34
15
14
17
20

22
8
7
7
13

41
20
18
24
25

60.6
53.7
53.9
59.0
61.6

50.2
42.6
47.2
55.1
58.8

21.5
14.8
15.9
20.4
23.5

79
59
62
67
69

32
24
24
27
29

65.0
58.4
55.3
57.2
58.7

47 A
42.1
42.8
48.7
52.0

1936
1937
1938
1939
1940

56
61
48
58
67

55
60
46
57
66

49
55
35
49
63

61
64
57
66
69

63
71
62
68
76

30
32
35
39
44

22
25
27
37
43

35
36
40
40
44

66.2
70.6
66.4
69.6
73.6

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

52.5
56.1
51.1
50.1
51.1

1941
1942
1943
1944
1945

87
106
127
125
107

88
110
133
130
110

91
126
162
159
123

84
93
103
99
96

81
84
87
93
92

66
89
37
22
36

54
49
24
10
16

74
116
45
30
50

83.1
91.2
96.6
95.3
92.1

87.9
103.9
121.4
118.1
104.0

49.3
72.2
99.0
102.8
87.8

98
104
104
106
102

44
50
56
62
70

62.9
69.7
74.0
75.2
76.9

56.8
64.2
67.0
67.6
68.8

1946
1947
1948
1949
1950

90
100
104
97
112

90
100
103
97
113

86
101
104
95
116

95
99
102
99
111

91
100
106
94
105

82
84
102
113
159

87
86
98
116
185

79 95.1
83 99.4
105 101.5
111 99.1
142 102.3

97.9
103.4
102.8
93.8
99.6

81.2
97.7
105.1
97.2
111.7

100
108
104
88
97

90
98
104
98
105

83.4
95.5
102.8
101.8
102.8

78.7
96.4
104.4
99.2
103.1

1951..
1952..
1953..

120
124

121
125

128
136

114
114

115
114

171
183

170
183

172 108.0
183 109.8
P112.4

106.2
105.5

101
95
96

109
110

111.0
113.5

114.8
111.6

mo.4

129.6
135.3
P149.2

118
115
123
129
130
133
133

118
108
123
131
134
134
131

119
116
125
130
132
135
135

125
119
135
144
147
151
152

113
113
114
116
117
118
118

106
105
111
119
111
118
117

172
177
207
207
210
196
205

193
196
193
191
185
178
183

158
165
217
218
227
207
219

108.6
108.3
109.9
110.8
111.3
111.8
112.0

102.0
100.6
104.7
106.8
107.8
109.2
110.0

100.9
98.9
105.7
109.0
109.6
110.2
110.8

127.3
122.2
134.2
143.3
145.7
146.3
150.9

82
77
95
101
97
101
99

112
*107
113
108
115
111
115

113.4
114.1
114.3
114.1
114.2
114.3
114.1

111.2
111.8
112.2
111.8
111.1
110.7
109.6

134
134
135
136
137
136
137
136
133
132
P130

132
136
138
136
136
136
129
136
135
136
P131

136
136
137
138
139
138
139
138
134
134
P132

154
155
155
155
156
154
157
'157
152
151
i>147

117
118
119
121
123
121
121
119
117
117
116

116
116
115
115
117
119
120
119
118
114

190
173
177
179
161
169
172
205
218
230
224

173
182
176
179
164
174
175
184
180
183
177

201
167
178
179
159
166
170
220
243
262

112.1
112.4
112.5
112.5
112.8
113.2
113.2
112.8
112.6
112.6
111.8

110
111
112
112
112
112
112
111109
108
106

110.1
111.0
111.8
111.2
110.8
111.5
110.5
112.0
'•111 .8
110.2
107.7
P105.6

148.4
149.3
151.9
150.0
149.9
150.8
148.9
151.6
'150.9
149.4
145.7
143.2

101
98
99
97
98
97
93
98
96
95
92

111
112
115
110
117
115
113
112
107
110
P113
113

113.9
113.4
113.6
113.7
114.0
114.5
114.7
115.0
115.2
115.4
115.0

109.9
109.6
110.0
109.4
109.8
109.5
110.9
110.6
111.0
110.2
109.8
110.1

1952
June
July
August....
September.
October. . .
November.
December.
1953
January.. .
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.

e
r
Estimated; all estimates are those of Federal Reserve.
P Preliminary.
Revised.
* Average per working day.
1
Revised index; for description see BULLETIN for December 1953.
2
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. 83.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of
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.
4
For indexes by Federal Reserve districts and for other department store data, see pp. 85-89.
Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1 4901515.

JANUARY

1954




75

INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average = 100]

Industry

947-49
Annual
proportion
1951 1952

1953

1952
Nov. Dec. Jan.

Feb.

Mar. Apr. May June July Aug. Sept. Oct.

Nov

SEASONALLY ADJUSTED

Industrial Production—Total

100.00

120

124

133

133

134

134

135

136

137

136

137

136

133

Manufactures—Total

90.02

121

125

135

135

136

136

137

138

139

138

139

138

134

134 P132

Durable Manufactures—Total

45.17

128

136

151

152

154

155

155

155

156

154

157

157

152

151

6.70

126

136

135

135

137

136

136

139

137

136

137

130

128

•123

28.52
5.73
13.68
9.04
4.64
7.54
1.29

131
122
130
126
138
135
128

146
121
147
136
167
154
142

164
132
161
142
198
185
150

166
134
161
143
197
190
154

168
135
164
144
203
191
153

168
136
163
145
200
191
153

168
137
163
147
195
190
155

169
138
164
147
195
190
153

169
139
162
146
194
192
156

168
139
161
144
194
188
157

171
142
164
145
200
196
156

171
140
165
145
203
191
156

166
134
161
141
199
186
156

165
132
159
141
194
189
155

'160
•131
P154
'137
P186
P180

Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products

5.91
2.82
3.09

121
131
113

118
125
111

124
129
119

122
129
115

126
129
122

128
133
124

127
135
121

127
134
120

127
135
119

124
134
114

127
135
119

125
135
116

123
134
113

124 P126
133 P133
116 P116

Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures

4.04
1.64
2.40

116
111
120

118
113
122

127
118
134

129
120
135

129
120
135

128
119
135

131
121
138

134
124
141

135
123
143

135
122
145

134
121
143

119
146

130
115
140

129 P127
113 P110
140 P139

44.85

114

114

118

118

117

118

119

121

123

121

121

119

117

117

11.87
6.32
5.55

106
107
105

105
103
108

111
111
112

111
108
114

107
103
112

108
106
110

110
108
112

113
109
116

115
113
117

113
111
115

111
108
114

106
104
109

102
100
104

103 P99
100
106 P101

Rubber and leather products
Rubber products
Leather and products

3.20
1.47
1.73

105
119
94

107
116
99

116
127
106

115
128
104

117
131
104

118
134
104

119
138
103

120
137
104

122
139
108

113
130
99

116
130
104

111
127
97

105
121
91

106 P106
120 •122
93 P 9 3

Paper and printing
Paper and allied products
Printing and publishing

8.93
3.46
5.47

118
125
113

118
120
116

122
128
119

122
127
119

121
125
119

123
130
119

125
133
120

125
134
120

126
134
121

126
134
121

126
134
121

126
133
121

126
135
121

127 P126
132 P132

Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products

9.34
6.84
2.50

132
136
122

133
137
123

137
140
130

138
141
128

138
142
128

139
143
128

140
145
128

144
148
131

146
151
131

145
150
131

146 143 144
152 •148 •148
132 132 131

146 P146
129 P130

11.51
10.73
.78

105
105
107

106
105
110

107
107
109

106
106
114

106
106
106

108
107
120

108
107
116

108
108
108

109
109
107

106
106
103

107
108
103

108 P109
108 P109
106 P107

Primary metals
Metal fabricating
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products. . .

Nondurable

Manufactures—Total

Textiles and apparel
Textile mill products
Apparel and allied products

Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures

108
108
104

108
108
104

132 P130

P147

Minerals—Total

9.98

115

114

118

117

116

116

115

115

117

119

120

119

118

114

Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas

8.35
2.68
.36
2.32
5.67

114
94
82
96
123

113
83
78
84
128

116
87
77
88
130

117
82
74
83
134

116
77
60
80
134

115
77
59
80
134

113
74
56
77
132

114
75
47
79
133

116
85
65
88
131

119
86
62
89
134

120
87
68
89
135

119
86
59
90
135

118
81
57
84
136

114
76
54
80
131

Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

1.63
.82
.81

121
116
127

115
108
123

124
126
122

115
106
123

116
111
121

118
113
123

121
116
126

121
118
124

120
118
122

121
117
125

121 120
116 117
125 1 2 4

120
117
123

117
107 P108
125

70
50
73

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTIONTOTAL

100.00

120

124

134

131

132

136

138

136

136

136

129

136

135

136

P131

MANUFACTURES—TOTAL

90.02

121

125

136

133

135

139 '140

139

138

138

130

137

136

138

P133

Durable Manufactures—Total

45.17

128

136

152

151

154

158

160

159

157

155

147

153

151

154

P147

6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23

126
129
131
123
131
128
153
127
124
140

116
115
115
107
117
112
144
114
109
143

136
137
143
130
144
138
182
123
117
153

131
134
142
132
143
137
178
117
110
154

137
139
145
133
146
139
189
125
118
164

142
142
145
132
146
139
192
136
128
181

143
145
149
135
150
143
194
136
128
179

141
142
144
130
146
139
191
136
129
176

142
143
147
133
148
140
196
133
125
179

138
138
142
133
143
137
183
127
120
166

124
127
136
132
137
131
170
106
101
133

130
131
138
131
138
133
169
116
112
141

127
127
134
130
134
131
152
113
109
137

129 P 1 2 3
130 P124
136 128
132 127
136 129
138 131
126 113
117
113
139

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

76




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
Annual
proportion
1951 1952

Industry

1953
Nov. Dec, Jan.

Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.

WITHOUT SEASONAL ADJUSTMENT

—Continued
Primary metals—Continued
Nonferrous metals
Primary nonferrous metals
Copper smelting
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings. . . .
Copper mill shapes
Aluminum mill shapes
Nonferrous castings

116
114
107
102
92
109
140
120
116
108
128
124

119
123
106
99
100
112
156
114
119
113
140
115

132
124
103
103
114
111
152
119
136
136
152
128

122
129
105
109
108
112
164
105
122
110
152
126

132
131
101
106
105
112
177
115
135
128
160
132

142
143
114
110
111
116
202
126
143
131
178
145

139
146
126
110
106
115
205
122
138
119
190
144

138
147
122
115
107
114
207
133
136
113
195
146

139
143
115
116
96
113
207
118
139
125
186
138

139
144
108
129
84
116
212
121
139
128
183
135

115
143
109
120
89
111
215
101
107
85
174
109

28.52

Metal Fabricating

1.67
.38
.09
.06
.04
.10
.09
.13
1.16
.63
.20
.33

131

146

164

166

169

172

175

173

170

168

122
122
128
120
98

121
121
121
122
89

132
131
133
101
110

134
137
141
92
85

134
136
141
101
86

1-36
137
142
104
91

138
139
145
105
92

139
139
145
114
99

139
139
144
120
102

139
140
143
134
86

Fabricated metal prodvicts
Structural metal parts
Stampings and misc. metal products. .
Tin cans
Furnaces, gas ranges, and heaters. . . .
Machinery

128 Pl2l
147 P146
114
111
124
121
99
120
1 1 5 P108
213
110
123
110
103
158
137
127

128
141
105
107
84
115
217
'110
125
112
169
124

126
147
111
116
97
115
222
105
121
108
163
122

161

166

164

167

P159

135
135
137
160
83

'140
137
136
199
108

137
134
133
182
106

135
135
133
139

P131

13.68

130

147

163

164

167

170

172

167

163

159

148

157

158

161

Nonelectrical machinery
Farm and industrial machinery
Farm machinery
Industrial and commercial machinery
Machine tools and presses
Laundry and refrigeration appliances.

9.04
8.13
1.02

126
126
114

136
135
103

141
137
90

147
144
107

147
143
107

149
143
110

154
146
112

150
144
109

148
142
105

146
142
102

138
137
98

137
136
'93

137
135
'86

138
135
79

7.11
.68
.69

128
144
124

140
179
108

143
186
132

149
193
134

148
192
142

148
190
163

151
193
186

149
192
163

148
191
148

148
189
137

143
184
101

142
183
96

142
184
107

143
188
116

Electrical machinery
Electrical apparatus and parts
Radio and television sets

4.64
3.23
.74

138
127
178

167
162
184

206
173
301

196
179
244

207
178
288

210
179
294

206
183
266

199
184
237

192
182
208

184
182
180

168
176
136

197
178
242

199
179
249

178
276

Transportation equipment
Autos, trucks, and parts
Autos
Trucks
Light trucks
Medium trucks
Heavy trucks
Truck trailers
Auto and truck parts
Aircraft and parts
Shipbuilding and repair
Railroad equipment

7.54
80
1.50
.66
.22
.19
.14
.07
2.58
1.30
.81
.53
.35

135
120
127
125
120
93
180
161
114
211
121
89

154
102
103
111
105
69
194
137
98
368
136
74
62

180
119
126
126
144
71
192
150
113
429
135
69

182
115
114
113
129
60
171
143
116
452
144
77

189
126
132
119
126
61
195
163
124
455
142
79

195
134
151
121
118
55
214
184
127
461
138
83

194
137
162
124
107
53
201
285
125
452
136
76

193
136
166
106
76
37
198
270
126
452
135
74

190
131
161
118
113
57
175
247
116
461
133
62

189
126
153
127
118
62
186
282
110
'473
'130
^66
56

71

76

198
143
170
142
138
80
218
246
127
452
139
78
65

82

66

62

182
114
134
115
114
54
151
275
102
'477
127
'63
55

62

199
142
161
144
144
87
233
187
131
461
138
76
64

58

157

155

153

156

127

130

132
128
139
143
123
107
119
106
97
114
155
142

P133

Railroad cars

77

Instruments and related products. .

1.29

142
152

156

153

153

125
114
122
124
112
94
124
112
108
116
155
131

123
130
119
133
138
105
101
134
111
107
115
159
136

115
128
118
136
142
95
96
123
107
96
116
159
138

117
125
120
134
139
107
100
111
100
84
113
149
137

124
129
125
136
141
114
110
113
103
90
113
153
139

113
107
136
116
159
105

111
105
138
118
167
99

117
111
145
134
157
102

103
92
142
125
165
105

110
101
153
136
177
101

119
110
170
142
211
102

4.04

116

118

133

133

128

Furniture and fixtures
Household furniture
Fixtures and office furniture

1.64
1.10
.54

111
109
114

113
113
112

123
125
117

125
128
120

Miscellaneous manufactures

2.40

120

122

140

137

Clay, Glass, and Lumber

Products

5.91

128

Stone, clay, and glass products
Glass and pottery products
Flat glass and vitreous products. . .
Flat and other glass
Glass containers
Home glassware and pottery
Cement
Structural clay products
Brick
Clay firebrick, pipe, and tile
Concrete and plaster products
Misc. stone and earth manufactures. .
Lumber and products
Lumber
Millwork and plywood
Millwork
Softwood plywood
Wood containers

2.82
1.09
.60
.47
.26
.23
.32
.35
.12
.20
.48
.58
3.09
2.05
.60
.39
.12
.29

Furniture

and Misc.

Manufactures

P193

189
122
151
106
106
50
147
233
109
481
125
82
83

156

157

151
122
132
113
128
128
122
65
142
114
113
117
172
141

129

134
126
138
142
122
99
132
111
108
114
162
142

129
136
123
135
137
129
86
138
117
119
118
168
142

127

128
135
125
137
139
126
93
137
110
108
114
164
143

137
123
134
135
132
'86
143
'114
114
•117
'175
143

136

122
112
172
143
218
103

126
120
164
125
226
103

122
114
159
124
215
103

122
117
152
109
222
104

112
109
128
98
174
101

122
123
135
115
164
98

119
118
138
117

131

133

132

130

131

125

132

121
123
117

122
126
116

123
127
116

121
123
118

118
119
115

117
117
117

113
112
114

132

136

140

140

139

140

133

118
121
131
120
130
131
113
103
123
122
121
123
151
143

156

122
137
140
121
••83
144
114
118
116
171
144

P136
134
P77

P172

'103
107
93
85
47
134
102'

61
P156
P126

131
140
128
141
146
127
93
145
115
116
118
173
145

P134

'149
114

137
P114

122
120
145

P115

133

135

P!33

116
116
117

116
115
119

117
115
119

P115

143

144

148

P146

'•93'

110
93

P Preliminary.
For other footnote see p. 76.

JANUARY

1954




77

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]

Industry

1947-49
Annual
propor1951 1952
tion

1952
Nov. Dec. Jan. Feb.

WITHOUT SEASONAL ADJUSTMENT
—Continued
Nondurable Manufactures—Total.

44.85

114

114

120

Textiles and Apparel..

11.87

106

105

111 107

Textile mill products
Cotton and synthetic fabrics. . .
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns
Wool fabrics
Knit goods
Hosiery
Full-fashioned hosiery
Seamless hosiery
Knit garments
Floor coverings
Woven carpets

6.32
3.72
2.30

107
112
114
122
100
97
99
97
110
113
119
98
106
90
78

103
105
104
112
102
85
96
83
115
116
121
105
95
80

112
113
112
116
113
89
100
88
129
127
131
119
130
110
99

Apparel and allied products
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing
Women's outerwear
Women's suits and coats
Misc. apparel and allied mfrs

5.55
1.78

1.92

105
103
88
84
86
104
106
120
108

108
105
87
83
83
114
108
123
111

110
113
97
92
92
123
96
117
121

Rubber and Leather Products

3.20

Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products

1.47

Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers
Miscellaneous leather products

1.73

Paper and Printing

8.93

Paper and allied products
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board
Converted paper products
Shipping containers
Sanitary paper products

3.46
1.76

.51
.11

115
123
125
130
126
115
125
124
131

Printing and publishing
Newsprint consumption
Job printing and periodicals

5.47
1.85
3.62

113
115
113

Chemical and Petroleum Products

9.34

Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous organic chemicals.
Vegetable and animal oils
Vegetable oils
Grease and tallow
Soap and allied products
Paints
Fertilizers

6.84
2.54

.97
.45
.97
.16
.75
1.15

.65
.45
.20
.50
.48
.31

.73
.50
.13
.99
1.85

.76

.70
.40
.30
.77
.44
.29
.15
.90
.39

.51
1.25

.22
.14
.20
.18
.41
.10
1.70

.57
1.97

.24
.11
.59
1.03

.64
.48
.16
.71
.66
.23

1953

115

119

Mar. Apr. May June July Aug. Sept. Oct.

121

118

122

Nov.

123

119

121

108 117

116 108 111

114

104
107
103
115
113
82
93
81
114
104
107
99
125
108
94

104
106
106
111
100
79
90
78
119
120
124
110
117
109
100

112
114
113
116
119
83
98
80
125
128
134
116
120
118
110

113
117
114
120
124
82
99
79
123
122
128
108
124
117
110

109
111
107
125
106
83
93
81
123
123
130
105
124
114
106

112
115
110
129
112
91
103
89
123
121
128
103
125
100
87

111
114
110
130
108
98
110
96
117
111
116
100
125
98
82

93 107
95 110
87 107
124 119
74 100
85 '89
90 '102
84
86
102 118
88 114
89 117
87 105
121 125
67 r94
45
80

111
113
98
96
83
122
102
126
117

113
110
92
94
65
121
115
147
114

123
128
107
109
69
142
123
160
118

120
134
109
112
71
151
106
109
119

107
123
100
98
85
138
86
53
112

110
128
110
102
114
141
94
67
110

117
124
109
98
125
133
119
142
110

102
83
63
57
74
94
116
150
107

115 -107
117 113
107
94
94
83
133 115
122 125
116
98
156 115
112 108

106 P100
105
90
83
94
114
100
123
114 P 1 0 8

105 107

116 110

117

125 125

121 118

113

101

112 107

111

119
115
94
144
123

116
115
106
128
117

129
120
110
134
138

123
117
107
130
129

132
122
114
132
142

140
135
128
145
144

143
138
136
142
148

140
135
134
137
145

137
132
134
130
142

131
123
125
121
138

114
109
117
97
119

122
106
112
99
137

122
103
104
102

127
108
109
106

94
84
87
77
97
99

99
87
87
86
104
101

104
98
98
97
104
112

98
91
91
89
98
109

104
94
97
89
110
103

112
100
100
98
120
108

110
94
92
96
118
109

104
96
97
94
109
104

102
101
101
100
106
95

97
93
91
97
99
98

91
80
79
81
93
98

103
93
94
90
109
102

94
85
86
r
$3
97
97

97
91
94
87
85
97
101 P101

118 118

126 121 119 124 128 128

132

125

120

130

126
132
123

120
132
116
111

113"

115

113 '121
97

111 104

104 vlOO

102 102
105 103
104 103
109 102
87
100
r
81
77
82
93
78
73
116 115
115 114
119 118
104 104
117 116
r98
102
89
83

101
105
96
65

106

126

125

116

123

127

117
112
123
117
112
120
120
126

137
121
113
111
115
123
132
116
135
139
131

121
116
129
111
110
100
105
121
118
101
125
128
124

125
127
141
121
118
109
117
129
130
105
123
120
137

133
131
142
127
121
118
120
131
136
117
136
136
141

136
132
144
127
120
118
120
130
138
119
141
143
141

136
134
146
129
122
122
120
132
138
128
139
138
146

132
131
144
126
119
122
120
126
135
126
132
133
131

134
133
146
128
119
118
117
129
140
132
136
137
132

120
117
130
112
108
96
104
118
118
116
124
122
131

135
133
146
127
121
118
118
127
141
121
137
138
134

135
130
141
126
118
118
118
128
137
122
140
141
139

140
138 P133
151 147
132 127
124 120
121 120
127 124
136 131
143 137
123 108
143 P136
140 135
151 139

116
115
117

124
127
122

121
116
123

116
106
121

118
115
120

123
125
122

123
127
120

122
127
120

120
118
121

114
102
119

116
106
121

122
119
123

127 P126
129 131
125 124

132 133

141 139 140

142

143 144

143

145

136
146
135
149
163
184
148
143
112
112
111
107
108
112

144
148
147
148
182
161
155
135
142
145
134
110
114
110

147
150
153
149
190
191
149
135
131
127
143
126
116
139

149
154
152
155
200
210
157
138
119
115
130
121
118
168

137
140
137
141
157
175
141
133
112
110
119
110
112
122

126

143
148
146
149
180
169
156
136
130
132
124
101
116
112

144
149
149
149
178
179
156
135
134
134
137
112
116
119

150
159
154
161
199
221
170
140
112
105
135
112
119
177

r

143 142

139 '141

148
159
152
161
191
220
168
143
104
93
136
112
122
139

141 '143 -146
157 157 154
146 147 149
160 160 156
163 175 181
205 176 162
171 167 152
148 150 152
84
94 109
70
83 106
124 125 120
76
97 116
122 119 117
101 104 113

146
161
149
164
194
214
174
146
95
83
131
100
121
112

P130

P145

150 P150
151
141
153 '151
179
147
145
150 P152
140
144
129
134 128
116 P116
109

P Preliminary.
For other footnote, see p. 76.

78




FEDERAL RESERVE BULLETIN

INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]

Industry

1947-49
Annual
proportion
1951 1952

1952

1953

Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.

WITHOUT SEASONAL ADJUSTMENT

—Continued
Petroleum and coal products
Petroleum refining
Gasoline
Automotive gasoline
Aviation gasoline
Fuel oil
Distillate fuel oil
Residual fuel oil
Kerosene
Lubricating oil
Coke
Asphalt roofing and siding

2.50
1.97
1.04
.98
.06
.56
.30
.26
.10
.17
.26
.15

122
125
126
123
174
123
138
105
122
124
112
103

123
128
132
128
194
128
151
102
119
112
97
102

131
137
142
138
208
135
160
106
129
111
109
101

128
136
140
136
210
135
160
107
138
105
112
60

129
136
140
136
204
136
162
107
142
100
113
66

128
134
141
136
223
134
160
104
132
95
113
72

127
132
137
133
216
132
158
103
118
103
114
80

127
131
137
132
227
127
151
100
118
105
113
108

129
132
140
135
235
125
148
98
107
109
114
118

131
136
145
140
241
130
155
101
107
106
114
109

132
137
149
144
234
128
153
100
105
103
113
111

135 133
138 136
150 147
144 141
243 247
128 128
152 153
98
100
105 108
110 112
112 -•111
139 123

Foods, Beverages, and Tobacco. . ..

11.51

105

106

110

101

98

98

100

100

103

108

111

118

122

120

Food and beverage manufactures.
Food manufactures
Meat products
Beef
Pork
Dairy products
Butter
Natural cheese
Concentrated milk
Ice cream
Canned and frozen foods
Grain-mill products
Wheat flour
Cereals and feeds
Bakery products
Sugar
Cane sugar
Beet sugar
Confectionery
Miscellaneous food preparations . .
Beverages
Bottled soft drinks
Alcoholic beverages
Beer and ale
Liquor distilling
Liquor bottling

10.73
8.49
1.48
.46
.83
.69
.14
.07
.19
.28
1.13
1.16
.46
.70
1.64
.27
.11
.13
.71
1.41
2.24
.54
1.70
1.02
.17
.37

105
105
110
92
117
96
91
100
91
98
121
104
84
117
101
100
102
101
102
97
105
107
104
100
120
107

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

110
112
128
105
138
74
74
82
64
77
100
107
89
120
104
250
92
377
128
104
101
95
103
83
54
156

102
105
141
105
156
75
84
86
69
71
87
106
79
124
102
142
86
184
95
100
87
95
85
86
42
95

98
102
134
117
139
81
94
88
73
74
82
108
86
122
98
68
106
30
110
95
84

97
99
118
119
114
89
102
96
78
86
79
102
81
116
99
55
105
8
110
98
91

99
99
117
120
112
100
111
107
91
95
75
102
81
116
100
67
128
8
101
99
99

99
98
111
127
98
112
122
124
111
100
80
99
75
114
98
67
105
30
98
97
105

102
101
103
126
87
136
145
151
137
121
90
104
81
120
100
57
116
1
89
101
110

108
105
105
128
89
146
143
159
140
144
103
110
78
131
103
80
123
39
74
107
119

112
110
98
127
79
132
120
130
110
149
162
108
78
128
102
73
129
20
64
109
121

118 123
118 126
102 111
132 139
82
92
118
99
111
88
116 102
72
94
135 118
209 '225
109 mo
83
84
'126 '127
101 102
75 106
124 121
89
27
92 135
108 114
118 113

120
123
123
144
107
85
82
89
67
94
155
111
90
126
101
250
105
370
135
111
116

82
87
45
80

90
46
97

100
103
54
110

102
109
53
105

102
106
55
110

107
117
51
104

107
127
41
90

108
129
33
92

108
111
67
115

118
100
122
148

100
79
88
146

.78
.46
.17

107
110
101

110
114
105

112
115
114

93
99

104
109
101

117
119
122

113
119
109

104
107
106

107
109
112

110
114
108

94
99

117
123
110

111
115
110

116
118
120

110

9.98

115

114

119

113

113

111

115

118

120

117

122

122

118

114

113

114

115

117

114

119

119

116

114

74
45
79

81
65
83
134
130
126
152
154
157

69
54
71

85
56
90

84
60

84
66
87

135
130
127
154
154
163

135
131
126
156
158
160

136
131
126
150
160
167

131
127
120

76
55
79
133

Tobacco manufactures
Cigarettes
Cigars
MINERALS—TOTAL

87
115

Mineral Fuels

8.35

114

113

119

Goal
Anthracite
Bituminous coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Natural gas
Natural gas liquids
Oil and gas well drilling

2.68
.36
2.32
5.67
4.82
4.12
.34
.36
.85

94
82
96
123
121
118
148
136
133

83
78
84

95
85
96

128
125
120
159
145
144

130
130
124
169
154
133

118
85
69
87
134
133
127
174
159
138

Metal, Stone, and Earth Minerals

117

115

81
60
84
134
132
126
180
158
147

77
59
80
134
132
126
187
156
140

74
52
' 77
132
131
125
172
155
140

133
129
124
164
155
157

81
66
84
131
127
122
152
151
154

131 P 1 3 2
135 P137
143
138
220
128 P 1 2 9
155
97
116
111
110 107
121
90
113

135
139
128
77
86
86
68
80
102
103
82
120

128
106
99

159
159

1.63

121

115

120

98

95

98

102

121

132

136

134

137

135

127

Metal mining
Iron ore
Nonferrous metal mining
Copper mining
Lead mining
Zinc mining.

.82
.33
.49
.24
.09
.06

116
124
111
114
99
109

108
104
110
114
97
107

116
126
109
117
93
99

79
41
104
111
87
93

80
43
105
111
90
101

85
45
111
116
97
104

88
53
112
120
94
101

119
131
111
118
95
100

139
184
109
120
89
93

142
201
102
109
87
90

138
199
98
109
78
79

140
199
100
112
80
80

139
198
100
112
'81

121
155
99
113
79
72

Stone and earth minerals

.81

127

123

124

118

110

112

116

123

125

130

130

133

130

132

112

126

P Preliminary.
For other footnote, see p. 76.

JANUARY

1954




79

OUTPUT OF MAJOR CONSUMER DURABLE GOODS
(Adjusted for Seasonal Variation)
[Federal Reserve index numbers, 1947-49 average =100)
1952

1953

Product group
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

July

June

Aug.

Sept.

Oct.

Nov.

Total

134

134

141

148

146 148

144

142

144

138

131

132

P123

Passenger automobiles

131

129

134

146

151

159

155

158

159

149

139

142

P!27

Household goods, total
Carpets

137
98

139
94

141
101
123
125
226

135
98
126
121
201

131
87
126
122
182

128

127

122

122

P120

123

122

112

112

115
236

150
104
122
126
273

125

114
237

149
103
121
123
279

109
182

93
221

92
217

0)
0)

108
204

120

Major appliances

125

100
217

P Preliminary.
1
Publication of detailed indexes for household goods has been discontinued pending a general revision of the major consumer durable goods

index.

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
1952

1953

Industry group or industry
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

ADJUSTED FOR SEASONAL
VARIATION
13,513 13,607 13,682 13,757 13,857 13,906 13,930 13,943 13,904 13,732 '13,571 13,405 13,225
Total
7,862
7,944
8,009 8,089 8,175 8,218 8,220 8,228 8,202 '8,099 '7,983 7,879 7,722
Durable goods
159
149
134
147
156
150
139
142
162
159
137
158
156
Ordnance and accessories
'704
673
723
698
696
712
690
694
718
708
724
713
Lumber and wood products
701
'320
301
321
330
307
331
324
325
328
324
327
330
'314
Furniture and fixtures
'461
457
459
459
463
462
456
455
463
453
465
461
464
Stone, clay, and glass products..
1,120
1,133 1,136 1,139 1,144 1,149 1,149 1,151 '1,134 '1,119 1,100 1,079
1,126
Primary metal industries
922
943
957
899
908
966
933
967
'960
'940
909
Fabricated metal products
947
923
1,313 1,316 1,322 1,314 1,300 1,294 1,277 1,247 '1,231 1,219 1,207
1,295
Machinery except electrical
1,266
890
928
924
875
907
'913
Electrical machinery
920
916
859
'923
876
926
897
1,484
1,509 1,543 1,574 1,576 1,556 1,548 1,533 '1,521 '1,477 1,467 1,422
Transportation equipment
1,450
Instruments and related prod242
236
240
240
243
243
244
241
242
240
238
245
248
ucts
Misc. manufacturing industries..
393
398
395
413
426
'423
407
396
404
432
'429
431
411
Nondurable goods
5,673 5,668 5,682 5,688 5,710 5,715 5,702 '5,633 5,588 5,526 5,503
5,651
5,663
Food and kindred products
1,135 1,144 1,138 1,132 1,138 1,124 1,121 '1,102 '1,109 1,111 1,116
1,124
1,127
Tobacco manufactures
97
102
96
97
'96
105
98
98
97
95
'97
94
101
Textile-mill products
1,117
1,135
1,119
1,123
1,129
1,122
1,128 '1,119 '1,109
1,049
1,123
1,079
1,121
Apparel and other finished tex1,093
1,109 1,104 1,106 1,103 1,111 1,123 1,120 '1,093 '1,059 1,053 1,068
1,098
tiles
437
447
434
435
440
453
431
434
442
451
456
448
'452
Paper and allied products
Printing, publishing and allied
502
500
497
501
508
506
'504
498
'508
498
502
502
501
industries
518
508
511
526
502
500
521
511
512
508
529
528
526
Chemicals and allied products...
188
188
188
190
186
184
'187
188
188
189
189
188
'186
Products of petroleum and coal.
221
213
218
222
208
199
'216
217
215
222
222
220
215
Rubber products
354
357
357
359
332
337
342
359
361
358
358
349
'338
Leather and leather products. . .
WITHOUT SEASONAL ADJUSTMENT
13,634 13,699 13,619 13,733 13,831 13,758 13,699 13,787 13,666
Total
7,916
8,020
8,115
8,010
8,190
8,215
8,179
8,056
8,211
Durable goods
139
147
134
13\
142
150
Ordnance and Accessories
156
16,
158
676
730
704
677
701
713
731
718
688
Lumber and Wood Products
406
433
420
404 - 408
416
422
432
426
Sawmills and planing mills..
329
329
330
332
329
322
317
333
315
Furniture and Fixtures
243
242
243
246
242
237
232
247
228
Household furniture
451
461
458
453
462
461
465
459
456
Stone, Clay, and Glass Products..
1,139 1,142
1,126
1,13
1,138 1,143 „ 1,134
1,145 1,144
•
Primary Metal Industries
Blast furnaces, steel works
55
564
561
562
563
562
562
567
571
903
952
and rolling mills
922
931
942
952
956
938
95,
1,260
1,301 1,313 1,323 1,335
1,321
1,300 1,264
Fabricated Metal Products
1,307
223
228
226
226
227
228
227
222
22
Machinery except Electrical
872
925
893
899
916
926
919
911
89,
Metalworking machinery...
Electrical Machinery
271
275
287
277
285
281
288
288
28:
Electrical apparatus (gen399
398
410
415
411
418
418
407
388
erating, etc.)
Communication equipment. 1,450 1,48- 1,509 1,543 1,574 1,576 1,556 1,548 1,533
Transportation Equipment
735
750
821
769
798
831
816
803
796
Motor vehicles and equip510
524
542
531
538
533
532
53.
537
ment
237
240
244
241
241
244
24245
24
Aircraft and parts
415
404
410
393
404
411
413
41.
403
Instruments and Related Products.
Misc. Manufacturing Industries.

13,851 13,820 13,624 13,345
'8,054 '8,000 7,930 7,775
149
156
159
159
706
715
680
r722
420
'424
'429
309
313
'316
'315
226
'229
'228
459
465
466
'463
1,084
'1, 128 '1,119 1,105
572
564
'946
'940
r1,235 '1,225
'221
'223
'905
'913

561
928
1,213
223
906

'281
'281
'411
'405
'1,521 '1,477

278
408
1,467

1,422

721
550
241
430

243
427

'775
'545
239
'420

'726
'552
242
'429

914
1,201

889

For footnotes see following page.

80




FEDERAL RESERVE

BULLETIN

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve.
1952

In thousands of persons]

1953

Industry group or industry
Dec.

Jan.

Feb.

5,718
1,142
254
172
187
109
1,146
506
239

5,689
1,093
256
143
184
108
1,146
508
236

5,599
1,045
249
132
179
101
1,132
502
230

5,618
1,033
241
129
180
94
1,134
502
232

1,104
280

1,114
280

1,109
279

331
435

347
441

219
505
147
161
518
188
188
144
217
355
226

Nondurable goods
Food and Kindred Products
Meat products
Canning and preserving....
Bakery products
Tobacco Manufactures
Textile-mill Products
Broad-woven fabric mills...
Knitting mills
Apparel and Other Finished Textiles
Men's and boys' furnishings.
Women's and misses' outerwear
Paper and Allied Products
Pulp, paper and paperboard
mills
Printing, Publishing and Allied
Industries
Newspapers
Commercial printing
Chemicals and Allied Products...
Industrial organic chemicals.
Products of Petroleum and Coal..
Petroleum refining
Rubber Products

Leather and Leather

Products....

Apr.

May

5,620
1,025
238
123
180
87
1,134
499
235

5,543
1,027
233
134
179
85
1,119
494
233

5,520
1,051
233
146
181
85
1,117
494
232

1,137
284

1,139
289

1,086
289

351
436

360
437

356
439

224

223

223

505
147
162
518
189
187
144
219
359
232

Nov.

Mar.

498
144
161
516
190
186
144
219
359
236

497
144
159
519
189
186
144
219
364
238

June

July

Aug.

5,597
1,097
237
165
184
85
1,122
497
232

5,610
1,184
240
244
184
85
1,094
490
226

5,797 5,820 5,694
'1,264 '1,292 1,205
'240
'242
248
••316
'337
236
182
182
183
'107
'116
112
n, 102 '1,098 1,079
485
477
486
'228
231
225

5,570
1,134

1,061
288

1,072
288

'1,109 '1,091 1,090
289
'290
'291

1,079

318
440

298
440

309
446

1,053
277
314
442

223

222

222

225

225

499
146
159
526
190
186
144
221
363
238

498
146
158
526
191
188
144
221
355
232

499
148
158
517
192
188
143
220
344
226

502
148
159
513
195
190
145
220
351
231

496
146
157
508
195
190
145
213
344
224

Footwear (except rubber)...

Sept.

Oct.

'319
454

227

229

228

'508
148
'159
515
194
'189
145
215
'343
'222

104
1,059

317
453

'499
'146
'156
511
196
r
191
'146
'214
351
'228

Nov

513
150
161
512
191
186
144
210
335
213

'335
'450

511
510
184
203
335

' Revised.
NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked
during, or received pay for, the pay period ending nearest the 15th of the month. Figures for November 1953 are preliminary. Back data and
data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data
beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group

1952

1953
Sept.

Nov.

Oct.

Average hours worked
(per week)
1952

Nov.

Nov.

1953
Sept.

Oct.

Average hourly earnings
(dollars per hour)
1952

Nov.

Nov.

1953
Sept.

Oct.

Nov.

Total

70.28

71.02

71.73

71.02

41.1

39.9

40.3

39.9

1.71

1.78

1.78

1.78

Durable goods

76.26

'76.73

77.49

76.73

41.9

'40.6

41.0

40.6

1.82

1.89

1.89

1.89

79.13
66.09
'62.52
71.10
'85.44

79.54
66.74
64.12
72.10
84.24

73.92
63.76
63.65
70.70
83.20

41.0
41.2
42.1
41.3
41.4

41.0
40.3
'40.6
40.4
'40.3

41.0
41.2
41.1
41.2
40.5

38.7
40.1
40.8
40.4
40.0

1.83
1.60
1.50
1.67
2.00

1.93
'1.64
1.54
1.76
2.12

1.94
1.62
1.56
1.75
2.08

1.91
1.59
1.56
1.75
2.08

75.90
80.94
70.72
85.48
74.38
64.26

75.70
'82.37
•71.86
'83.62
74.34
'63.20

77.04
83.58
71.51
85.48
74.52
65.03

76.26
82.98
71.20
84.65
73.80
64.55

42.4
42.6
41.6
41.9
42.5
42.0

40.7
'41.6
40.6
'40.2
41.3
'40.0

41.2
42.0
40.4
40.9
41.4
40.9

41.0
41.7
40.0
40.5
41.0
40.6

1.79
1.90
1.70
2.04
1.75
1.53

1.86
1.98
'1.77
'2.08
1.80
1.58

1.87
1.99
1.77
2.09
1.80
1.59

1.86
1.99
1.78
2.09
1.80
1.59

Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries

,
,

Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries

75.03
65.92
63.15
68.97
82.80

r

r

62.56

'63.41

63.50

63.57

40.1

'38.9

39.2

39.0

1.56

'1.63

1.62

1.63

Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products
Paper and allied products

64.64
45.05
55.35
48.36
72.27

'67.14
'46.77
'51.65
46.98
73.87

67.23
48.19
52.33
48.60
73.53

68.72
47.11
51.54
47.79
73.36

41.7
38.5
40.4
37.2
43.8

'41.7
'39.3
'37.7
34.8
42.7

41.5
39.5
38.2
36.0
43.0

41.4
38.3
37.9
35.4
42.9

1.55
1.17
1.37
1.30
1.65

1.61
'1.19
1.37
1.35
1.73

1.62
1.22
1.37
1.35
1.71

1.66
1.23
1.36
1.35
1.71

Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products

83.07 87.30
72.56 '77.42
87.94 '93.71
76.86 '74.11
50.76 49.48

86.80
75.81
91.80
74.87
49.90

85.75
76.82
91.80
n.a.
49.96

39.0
41.7
40.9
41.1
37.6

38.8
'41.4
'41.1
'38.8
35.6

39.1
41.2
40.8
39.2
35.9

38.8
41.3
40.8
n.a.
36.2

2.13
1.74
2.15
1.87
1.35

1.39

2.22
1.84
2.25
1.91
1.39

2.21
1.86
2.25
n.a.
1.38

Nondurable goods

p
n.a. Not available.
Revised.
NOTE.—Data are for production and related workers. Figures for November 1953 are preliminary. Back data are available from the Bureau
of Labor Statistics.

JANUARY

1954




81

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]
Transportation and
public
utilities

Manufacturing

Mining

40,069
41,412
43,438
44,382
43,295
44,696
47,202
47,993

15,302
14,461
15,290
15,321
14,178
14,967
16,082
16,209

826
852
943
982
918
889
913
872

1,132
1,661
1,982
2,169
2,165
2,333
2,588
2,572

3,872
4,023
4,122
4,141
3,949
3,977
4,166
4,220

1952—November
December

48,857
48,957

16,755
16,870

870
871

2,571
2,548

1953—January
February
March
April
May
June
July
August
September
October
November

49,014
49,113
49,148
49,154
49,297
49,486
49,511
'49,302
'49,157
49,144
48,743

16,949
17,039
17,168
17,229
17,276
17.319
17,303
'17,126
'16,951
16,779
16,590

872
867
854
838
833
831
816
'821
'821
808
811

1952—November
December

49,310
50,140

16,874
16,952

1953—January
February
March
April
May
June
July
August
September
October
November

48,382
48,369
48,685
48,860
49,058
49,416
49,215
'49,409
'49,629
49,578
49,206

16,884
17,013
17,135
17,077
17,040
17,162
17,069
'17,258
'17,208
17,008
16,711

Year or month

1945
1946
1947
1948
1949
1950
1951
1952

Total

Contract
construction

Trade

Federal,
State, and
local
government

Finance

Service

7,522
8,602
9,196
9,519
9,513
9,645
10,013
10,251

,394
,586
,641
,711
,736
,796
,861
,957

4,055
4,621
4,807
4,925
5,000
5,098
5,207
5,280

5,967
5,607
5,456
5,614
5,837
5,992
6,373
6,633

4,293
4,281

10,366
10,397

,993
,988

5,292
5,290

6,717
6.712

2,531
2,562
2,529
2,517
2,484
2,508
2,511
'2,514
'2,535
2,569
2,535

4,246
4,261
4,272
4,266
4,282
4,282
4,293
'4,287
'4,302
4,317
4,283

10,437
10,445
10,390
10,402
10,466
10,521
10,524
'10,489
'10,491
10,550
10,448

1,989
1,987
1,993
2,004
2,015
2,026
2,044
'2,055
'2,064
2,068
2,067

5,298
5,300
5,305
5,307
5,304
5,317
5,333
•5,329
•5,308
5,326
5,323

6,692
6,652
6,637
6,591
6,637
6,682
6,687
6,681
6,685
6,727
6,686

871
870

2,648
2,497

4,286
4,293

10,650
11,218

,973
,978

5,266
5,237

6,742
7,095

866
856
846
835
831
835
823
'831
'828
812
812

2,303
2,280
2,301
2,416
2,509
2,608
2,662
'2,715
'2,712
2,723
2,611

4,210
4,210
4,235
4,244
4,279
4,315
4,340
'4,337
'4,324
4,310
4,276

10,283
10,214
10,284
10,314
10,348
10,415
10,355
'10,334
'10,452
10,603
10,735

,969
,977
,993
2,014
2,025
2,046
2,075
•2,076
-2,054
2,047
2,046

5,192
5,194
5,225
5,307
5,357
5,397
5,413

6,675
6,625
6,666
6,653
6,669
6,638
6,478
6,449
6,663
6,749
6,719

SEASONALLY ADJUSTED

UNADJUSTED

409
388
5,326
5,296

'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. November
1953 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]
Civilian labor force
Year or month

Total noninstitutional
population

Total
labor
force

Employed *
Total
Total

In nonagricultural industries

In
agriculture

Unemployed

Not in the
labor force

65,140
60,820
61,608
62,748
63,571
64,599
65,832
c
66,410
66,965

53,860
57,520
60,168
61,442
62,105
63,099
62,884
62,966
63,417

52,820
55,250
58,027
59,378
58,710
59,957
61,005
61,293
61,894

44,240
46,930
49,761
51,405
50,684
52,450
53,951
54,488
55,366

8,580
8,320
8,266
7,973
8,026
7,507
7,054
6,805
6,528

1,040
2,270
2,142
2,064
3,395
3.142
,879
,673
,523

40,230
45,550
45,850
45,733
46,051
46,181
46,092
46,710
48,081

113,703

66,309

62,921

61,509

55,812

5,697

,412

47,394

114,191
114,479
114,755
114,828
114,931
115,032
115,132
115,232
115,342
115,449
115,544
115,634'

65,959
66,255
66,679
66,338
66,497
68,290
68,258
68,238
67,127
66,954
66,873
66,106

62,416
62,712
63,134
62,810
62,964
64,734
64,668
64,648
63,552
63,404
63,353
62,614

60,524
60,924
61,460
61,228
61,658
63,172
63,120
63,408
62,306
62,242
61,925
60,764

55,072
55,558
55,740
55,158
55,268
55,246
55,492
56,134
55,044
55,083
55,274
55,326

5,452
5,366
5,720
6,070
6,390
7,926
7,628
7,274
7,262
7,159
6,651
5,438

,892
,788
,674
1,582
,306
1,562
L.548
,240
L,246
1,162
L.428
1,850

48,232
48,224
48,076
48,490
48,434
46,742
46,874
46,994
48,215
48,495
48,671
49,528

1945.
1946.
1947.
1948
1949.
1950.
1951.
1952.
1953.

105,370
106,370
107,458
108,482
109,623
110,780
111,924
C
113,119
115,046

19521953—Tannnrv
February
March
April
May
June
July
August
September . .
October
November
December
c

Corrected.
Includes self-employed, unpaid family, and domestic service workers.
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 are available
from the Bureau of the Census.
1

82




FEDERAL RESERVE BULLETIN

VALUE OF NEW CONSTRUCTION ACTIVITY
[Adjusted for seasonal variation. In millions of dollars]
Private
Year or month

Business

Total
Total

1939
1940
1941
1942
1943
1944
1945
1946. .
1947
1948
1949
1950
1951
1952

8,198
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
30,895
32,638

Public
Other
nonresidential

4,389
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,564
21,812

Residential

2,680
2,985
3,510
1,715
885
815
1,100
4,015
6,310
8,580
8,267
12,600
10,973
11,100

Total

Indus- Comtrial mercial

1,229
1,561
2,082
1,287
759
989
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460

254
442
801
346
156
208
642
1,689
1,702
1,397
972
1,062
2,117
2,320

292
348
409
155
33
56
203
1,132
856
1,253
1,027
1,288
1,371
1,137

683
771
872
786
570
725
827
1,374
2,338
3,043
3,323
3,330
3,729
4,003

Total

Military

High- Conser- All
vation other
way

480 3,809
508 3,628
614 5,751
413 10,660
335 6,322
382 3,073
463 2,398
1,428 2,362
2,050 3,433
2,580 4,825
2,795 6,405
3,174 7,000
3,374 9,331
3,252 10,826

Public
utility

125
385
1,620
5,016
2,550
837
690
188
204
158
137
177
887
1,388

1,381
1,302
1,066
734
446
362
398
895
1,451
1,774
2,131
2,272
2,518
2,860

570
528
500
357
285
163
130
240
394
629
793
881
853
854

1,733
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,073
5,724

1952—December

2,774

1,871

980

624

179

114

331

267

903

121

190

71

521

1953—Januaryr
February
March r
April r
MayT
June r
July r
August r
September r
October?
November*9
December?

2,824
2,987
3,050
3,025
2,910
2,922
2,849
2,811
2,824
2,841
2,900
2,900

1,863
1,953
2,055
2,059
1,980
1,986
1,955
1,937
1,928
1,945
1,969
1,985

946
1,007
1,089
1,080
989
1,008
979
956
942
957
963
989

652
681
700
706
711
707
702
712
717
717
728
723

191
203
208
208
202
191
182
178
173
165
163
162

125
133.
131
126
132
139
143
154
163
172
186
187

336
345
361
372
377
377
377
380
381
380
379
374

265
265
266
273
280
271
274
269
269
271
278
273

961
1,034
995
966
930
936
894
874
896
896
931
915

129
138
134
123
121
122
105
96
89
80
88
98

241
290
265
257
244
253
267
267
271
278
273
244

74
74
77
80
77
74
70
64
60
57
56
59

517
532
519
506
488
487
452
447
476
481
514
514

f

Preliminary.

Revised.

Source.—Joint estimates of the Departments of Commerce and Labor.

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Total

Year or month

Public

1945
1946
1947
1948
1949
1950
1951
1952

Private

By type of construction
Nonresidential building

Residential
building

Factories

Public
works
and

Commercial

Educational

Other
377
404
597
1,127
1,376
1,651
1,689
1,686

885
1,631
1,890
2,155
2,476
2,578
2,723
3,408

public
utilities

3,299
7,490
7,760
9,430
10,359
14,501
15,751
16,775

1,311
1,754
2,296
3,107
3,718
4,409
6,122
6,711

1,988
5,735
5,464
6,323
6,641
10,092
9,629
10,064

563
3,142
3,154
3,608
4,239
6,741
6,205
6,668

1,027
1,317
941
840
559
1,142
2,883
2,562

346
773
785
975
885
1,208
979

100
221
392
725
824
1,180
1,335
1,472

1952—December.

1.467

478

990

439

313

100

146

154

316

1953—Tanuarv
February . .
March
April
May
j une
July
August

1,076
1,021
1,348
1,742
1,606
1,116
1,793
1,414
L.742

450
351
417
673
554
372
610
532
725
689
483

626
671
931
1,069
1,052
744
1,183
882
1,017
1,203
911

460
419
605
674
638
463
653
508
507
635
484
442

76
89
105

87
100
101

106
102
124

138
83
120

262
132
85

120
156
99

147
163
148

151
131
127

209
228
293
387
386
193
376
361
451
500
298
326

.

September
October
November
December

L.892
L.394

1,308

915

207
110
383
235
232

200
111
145
171
101

136

97

176
146
138
153
140

181
179
116
200
138

176

131

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 thousands of dollars]

Month

Total
(11 districts)

Federa i Reserve district
New
York

Boston

1952—September
October
November

2 ,029,203
1 ,320,958
1 ,248,803

78 ,315 188 057
9S 40? 236 441

1953—September
October
November

1 ,741,673
1 ,892,388
1 ,394,050

58 ,991
Q?S
75 ,550

c

262 ?74
263 712
279 404
195 768

C

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

74 375 114 768 93,648 578,108 174 629 518,352
83,225
7^ 178 114 676 125,405 130,320
75

106 837

110,193

126,615

192 761

93,888

81 327 495 865 112,562 155,570 219 201 80,634
124 789 338 S69 144,973 286,593 237 388 139,427
94 915

221 361

167,722

154,402 200 532

78,206

Minneapolis

Kansas
City

Dallas

39 666
57

73,519
65,799
61,039

95,766
105,969
99 695

57 513

69,293
51,937
42,174

147,005
112,361
112,270

35 9 6 ?

73 0??
51 150

Corrected.

JANUARY 1954




83

PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]

Total

Year or month

1939
1941
1945
1946
1947
1948
1949
1950
1951
1952

515
706
209
671
849
932

.

1,025
1,396
1,091
1,127

Urban

359
434
134
404
480
525
589
828
595
610

Private

Rural
nonfarm

Total

1family

517

1,352
1,020
1,069

Government-underwritten

2family

373
533
185
590
740
763
792
1,151
892
939

156
272
75
267
369
407
436
568
496

458
620
208
663
846
914
989

Public

Multifamily

20
28
9
24
34
46
35
42
40
46

Total

VA

57
87
1
8
3
18
36
44
71
58

66
58
15
48
72
104
162
159
88
84

FHA

158
220
47
152
440
393
466
686
413
420

158
220
41
69
229
291
361
486
264
279

5
83
211
102
105
200
149
141

1952—December

72

41

31

68

58

3

6

4

29

19

10

1953— Tanuarv
February
March »
.
April
May
June
July
August
September
October
November
December

72
79
106

38
43
59

34
36
47

68
74
96

58
64
84

3
3
4

7
7
9

57
55

54
53

4
4

9
8

18
17
22

94
93

27
27
32

9
10
10

111
108

107
106

4
5
10

3
4
3
3
n.a.
n.a.
n.a.

9
8
8
8
n.a.
n.a.
n.a.

3
0)
3

36
34

23
22

13
12

105
97
93
95
P88

P80
P68

53
48
46
47
n.a.
n.a.
n.a.

102
96
92
92
P88

51
49
47
48
n.a.
n.a.
n.a.

P78
P67

90
84
82
81
n.a.
n.a.
n.a.

4
3

P(I)

P2
Pi

24
24
23
22
r
22
20
16

38
39
41
36
r
37
33
28

14
15
18
14
15
13
12

p Preliminary.
n.a. Not available.
iLess 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 FHAfiguresare based onfieldoffice reports of first compliance inspections; VAfiguresprior to June 1950, estimates
based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued,
reported starts of public units, and a sample of places not issuing permits.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average =100]
Monthly—seasonally adjusted

Monthly—unadjusted

Annual
1953

1952

Class
1951

1952

1952

Nov.

June

July

Aug.

Sept.

Oct.

1953

Nov.

Nov.

June

July

Aug.

Sept.

Oct.

Nov.

Total

134

126

134

128

123

130

126

126

122

138

133

128

134

137

135

124

Coal
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
Merchandise, 1. c. 1

121
208
143
69

109
168
142
69

123

105

112

152
233

145
212

146
213

145
221

137
216

163
157
70

104
155
140
69

123
195
144
95

105
176
158
52

94
162
166
46

112

144
181

179
155
60

114
164
131
59

110

195
147
76

94
167
138
60

114
162
147
78

110
160
157
108

104
155
137
86

147
48

140
46

144
46

142
43

139
42

145
44

139
43

137
44

134
42

150
205

169
131
58

145
172

136
172

149
258
150
47

162
142
55

151
328

147
341

153
331

148
324

144
263

146
43

141
42

146
44

150
45

149
45

142
160
140
43

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 imports 2

Excess of exports

Month
1951
January
Februarv
March
April
May
June .
July
August
September
October
November
December

974

. . . "

.

.

1,076
1,295
1,369
L.354
1,297
1,186
1.270
1,232
1,152
1,388
1,438
13,593

January-November

1952

1953

1951

1,254
1.344
1,447
1,352
L.474
1,168
L.O27
1,087
L.228

1.292
,197
L.389
1,397
r 1,450
r 1,382
r 1,355
1,185
L.237
Pi,245
e
l,246

1,025
910
1,102
1,034
1,018
881
721
834
819
800

818
877
918
805
1,053

P814

390
510
319
569
638

•14,375

10,169

9,665

•9,959

3,427

1.216

1,191
1,391
13,788

930
895

1952
922

893
964
933
835
861
839

1953

1951

922

-51

856
1,004
1,013
902

'933
908

842
926
•839

1952

1953

332

370

166
193

451
483

336
337
366
292

420
639
306
188

341
384
384

••548
r
448
r
448

269
351
297
386
338

>"344
312
P431
«407

4,122

•4,417

T

p Preliminary.
Revised.
• Estimated.
1
Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments
under2 the Mutual Security Program as follows (in millions of dollars): 1951, 1,065; 1952, 1,998; January-November, 1953, 3,286.
General imports including imports for immediate consumption plus entries into bonded warehouses.
Source.—Department of Commerce.

84




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

98
104
98
105
109
110

99
102
99
103
105
104

99
103
98
101
105
101

96
104
100
106
109
109

97
105
98
105
111
110

97
103
100
105
113
118

96
103
101
109
115
124

99
104
97
104
108
106

97
104
98
104
107
110

111
115

104
107

101
103

109
111

113
117

116
123

128
129

107
114

111
112
115
110
117
115
113
112
107
110
P113

105
106
105
106
106
103
106
99
105
107
107

100
100
103
102
104
102
104
99
98
104
102

108
112
112
113
119
110
117
116
104
106
108

113
115
116
105
115
118
114
120
109
110
115

113
117
124
117
129
119
120
114
114
116
118

126
124
128
118
134
128
127
130
119
128
P128

134
196

126
193

127
181

143
194

139
194

142
214

85
88
103
104
115
....
108
89
98
112
115
P136

83
80
95
101
106
103
76
79
112
107
129

80
81
93
95
101
99
75
75
102
110
129

82
85
106
103
118
105
83
92
108
114
142

87
89
107
103
115
111
89
104
114
115
142

93
107
100
109
129
118

95
105
100
109
124
111

98
105
97
105
124
112

93
107
99
108
127
113

122
120

112
111

114
113

123
123
122
125
127
128
130
131
128
128

115
114
116
119
120
117
117
119
117
117
115

1952—November
December

137
107

1953—Tanuary
February
March .
April
May
June
July
August .
September
October
November

111
119
127
132
132
123
121
126
132
141
P142

Minne- Kansas
Dallas
apolis
City

San
Francisco

98
104
99
105
104
104

98
103
99
108
111
113

94
105
102
113
117
124

99
104
98
105
109
114

111
115

104
110

115
118

128
128

117
117

107
110
114
110
114
112
110
109
106
109
113

108
113
118
111
118
122
107
110
102
108
114

103
105
108
99
107
106
105
102
100
103
105

114
115
114
112
115
118
111
112
103
108
P112

127
125
126
124
131
134
124
127
112
122
127

116
116
119
116
124
121
117
113
110
111
112

129
186

132
189

120
175

132
196

145
215

137
208

83
89
110
111
128
112
96
97
121
121
144

145
221
97
102
124
117
131
114
102
114
122
130
P146

83
85
101
104
114
110
89
98
113
112
137

83
89
104
105
118
110
86
100
109
119
136

74
80
92
97
107
98
84
97
110
118
121

86
91
103
106
115
111
91
104
109
114
P129

101
101
117
117
127
118
104
116
119
128
144

91
94
102
105
117
112
101
109
111
111
132

93
107
100
106
128
111

94
105
101
113
133
130

90
108
102
120
140
135

89
111
100
110
128
115

93
102
96
107
128
117

91
110
100
104
117
107

93
108
100
113
132
124

89
110
101
112
132
126

93
107
100
110
131
125

115
114

113
112

139
130

143
144

118
116

122
119

til
109

126
124

131
132

131
131

113
111
112
116
118
118
121
122
117
116
115

116
115
112
117
121
122
122
122
122
122
120

114
115
113
114
117
122
124
124
121
124
121

140
137
138
140
142
146
145
148
139
142
144

144
146
145
145
145
147
148
141
148
148
P149

119
119
118
123
123
123
125
128
127
126
124

125
119
122
128
131
132
131
134
129
124
121

111
113
111
114
115
114
117
120
122
118
115

129
129
129
131
136
140
146
145
141
138
P138

135
134
133
138
139
141
140
142
141
139
P137

132
133
133
132
135
135
138
135
132
132
133

131
104

131
103

131
100

128
98

147
114

158
127

136
106

133
104

123
99

140
109

145
120

141
109

103
108
118
124
121
110
106
114
120
132
134

101
108
117
122
121
111
107
118
123
130
132

101
112
120
126
124
113
108
116
127
139
137

104
113
119
121
119
115
112
119
127
137
136

126
132
144
151
150
139
141
147
143
153
151

131
144
151
153
147
139
137
141
152
161
P165

109
116
122
128
125
117
117
121
129
139
143

105
113
125
137
138
132
122
130
138
138
132

105
109
115
119
117
109
114
115
123
126
128

118
127
133
140
144
136
137
137
144
149
P153

122
132
142
146
141
130
131
140
147
152
P152

119
125
134
141
147
136
133
128
137
148
144

SALESi
1947
1948
1949
1950
1951
1952

^

SEASONALLY ADJUSTED
December .
1953—Tanuarv
March
.
April
May
June
July
August
SeDtember
October
November

....

UNADJUSTED
1952—November
December
1953—January
Februarv
March
April
May
June
July
August
October
November

STOCKS i
1947
1948
1949
1950
1951
1952

.

.

.

. .

SEASONALLY ADJUSTED
1952—November
December
1953—January
February
M!arch
April
.
May
June
July
August
September
October
November . ...

.

..

UNADJUSTED

r
p Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
1

JANUARY

1954




85

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
Ratios to sales1

A m o u n t s (In million 3 of dollars)
Sales2
(total
for
month)

Year or month

1944
1945
1946
1947
1948
1949
1950
1951
1952

average
average
average
average
average
average
average
average
average

'466
736

1953—January...
February.
March.
April
May
June
July
August
September
October
November

325
301
381
373
387
375
305
343
388
440
478

Receipts 3
(total
for
month)

New
orders 3
(total
for
month)

574
604
767
887
979
925
1,012
1,202
L.093

596
775
964
588
494
373
495
460
433

244
277
373
366
386
358
391
390
395

1,281
1,018

'458
358

L.027
1,100
1,169
1,213
1,184
L.103
L.081
,135
,206
1,297
] ,329

246
276
345
365
381
361
376
391
395

1952—November.
December.

Outstanding
orders2
(end of
month)

452
455
401
324
321
461
525
491
492
462
375

Stocks 2
(end
of
month)

r

Stocks

Outstanding
orders

Stocks
plus
outstanding
orders

Receipts

256
291
354
364
363
358
401
379
398

2.4
2.3
2.3
2.5
2.7
2.7
2.8
3.2
2.9

2.5
3.0
3.0
1.7
L.4
L.I
L.4
L.3
L.2

5.0
5.3
5.3
4.3
4.1
3.8
4.2
4.4
4.1

1.0
L.O
LI
.
L.O
L.O
L.O
L.I
L.O
L.O

'510
479

'391
383

'2.7
1.4

L.O
)4
.

3.7
1.9

LI
.
(.
)7

334
374
450
417
358
294
283
397
459
531
510

428
377
396
340
355
434
347
363
460
501
423

3.2
3.7
3.1
3.3
3.1
2.9
3.5
3.3
3.1
2.9
2.8

L.4
L.5
LI
.
)9
.
)8
.
.2
.7
.4
.3
.1
(.
)8

4.6
5.2
4.1
4.1
3.9
4.2
5.3
4.7
4.4
4.0
3.6

L.O
L.2
L.2
LI
.
i.
)9
)8
.
i) 9
.
12
.
.2
1.2
1.1

* Preliminary.
« Revised.
•
1
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
aales2and receipts for the month.
Thesefiguresare 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 1952, sales by these stores accounted for about 50 per cent of estimated
total department 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.
NOTE.—For description and monthlyfiguresfor 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
1950

1951

Feb. 4. . . .78 Feb.
82
11. . . .
80
18
25
76

105 Sept. 6
100
13
114
20
111
27
114

100 Sept. 5. . .
..101
114
12. .. ..102
113
19. . . .120
.
112
26. .. . .114

4
11
18
25

118 Oct. 7
14
97
21
105
28
104

112 Oct. 6
13
111
20
105
27
108

110 Oct. 4
117
11
116
18
113
25

.
116 Oct. 3. . . .112
126
10. . .
..120
124
17. . . .118
.
122
24. .. ..113
31 ... ..113

113 May 3 . . 111 May 2
9
117
10
110
16
99
17
99
23
105
24
100
30
97
31

114 Nov. 4
11
128
18
105
25
112
97

109 Nov. 3
10
118
127
17
24
no

127
130
123

Nov. 1
8
15
22
29

IIS Nov. 7.. . 121
118
14. ... .133
130
21. .. ..131
134
28. .. ..133
138

118 Dec. 2
9
112
16
111
23
94
30

153 Dec. 1
191
8
220
15
221
22
82
29

161 Dec. 6
191
13
213
20
228
27
92

1
8
15
22
29

104 Apr. 7
14
110
21
88
28
96
98

101 Apr.
100
97
101

May

6
13
20
27

104 May 5
12
106
19
95
26
97

July

1
8
15
22
29.

91 July 7
14
75
21
91
28
104
102

1953

107 Sept. 1
8
102
15
127
22
111
29
110

Apr.

2
9
16
23
30

1952

1951

85 Mar. 7
96 Sept. 2
9
14... . 100
88
16
109
21
90
23
112
28
94
30
101

84 Mar. 3
87
10
91
17
96
24
31

90 June
104
104
86

1950

86
102
88
2. ... 84 Feb. 7. . . . Aug. 5. . . . Aug. 4. ... 88 Aug. 2. ... 87 Aug. 1
9
11
8
90
92
87
94
12
92
14.
9. ... 87
16
95
15
18. . . 93
95
19* . . . 97
85
21
89
16
23
100
97
22... ..100
25
99
26
93
28
83
23
30
110
29... ..101

99 Mar. 1
8
105
15
101
22
105
29
89

Mar. 4
11
18
25

June 3
10
17
24

1953

1952

3. ... 81 Feb.
10.... 94
94
17
24
95

95 June
108
106
92
89

5
12
19
26

7
14
21
28

75 July 5
12
83
19
81
26
80

109 Apr.
111
97
105

111 June
116
98
91

6
13
20
27

1951
79 July 4
. 79
. 92
11
83
. 84 Jan. 6
18
82
13
25.... . 83
79
20. .
27

1952
98 Jan. 5
105
12
104
19
96
26

1953
78 Jan. 3
92
10
90
17
24
83
31. . -

195 Dec. 5. . .
.
223
12. .. .
237
19. . .
.
146
26. ...

.190
.216
.234
.163

1954
81 Jan. 2. . . . .81
89
9. . .
92
16
86
23
87
30. ..

NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.

86




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES
[Percentage change from corresponding period of preceding year]
Federal Reserve district,
area, or city

11
Nov. Oct. mos.
1953 1953 1953

Federal Reserve district,
area, or city

PO

-4

+2 Richmond Dist. (Cont.)

Boston District
Metropolitan Areas
Portland, Maine
Lowell-Lawrence, Mass...
New Bedford, Mass
Worcester, Mass.1
Cities
Downtown Boston, Mass.
Springfield, Mass 1
Providence, R. I.

+1

-2

+1

New York District
Metropolitan Areas2
New York-Northeastern
New Jersey, N.Y. & N.J.
New York City, N. Y.1
Newark, N. J.1
Buffalo, N . Y
Buffalo City, N. Y.i
Niagara Falls, N. Y
Binghamton, N . Y
Rochester, N. Y.1
Syracuse, N. Y.1
Cities
Albany, N . Y
Elmira, N. Y
Poughkeepsie, N . Y
Schenectady, N. Y
Utica, N . Y

+1

11
Nov. Oct. mos.
1953 1953 1953

United States

Philadelphia District....
Metropolitan Areas
Trenton, N. J
Lancaster, Pa
Philadelphia, Pa
Reading, Pa
Wilkes-Barre-Hazleton,
Pa
Wilmington, Del
City
York, Pa

0
0

+4

—2
—2

0
-6

+2
+4

0

+1
+2

-1

c

+4

0
2

3

-4
c

+ 1 +1
1
+ 1 +1
1

0

+9
0
+2
+6

+2

0
0

—7

+5
+1
+2

+2

-1

5

A

3

+1
-4

5

-2

_3

+1
-2

-8
-1
-6
-7

3

-3

-4

+1

+2

+7

Cleveland District
Metropolitan Areas
Akron, Ohio1 J
Canton, Ohio 1
Cincinnati, Ohio
1
Cleveland, Ohio1
Columbus, Ohio 1
Springfield, Ohio
Toledo, Ohio 1
Youngstown, Ohio1
Erie, Pa.1
Pittsburgh, Pa. 1 1
Wheeling, W. Va.
City
Portsmouth, Ohior

P+2

Richmond District
Metropolitan Areas3 1
Washington, D. C.
Downtown Wash., D. C,
Baltimore, Md.1
Asheville, N. C.1
Raleigh, N. C.1
Winston-Salem, N. C. 1 ..
Charleston, S. C.1
Columbia, S. C.11
Greenville, S. C.

+1
i

+10
c
+4
^
+2
+2
+5
(3)

-4
c

-1
0
-4

+1
-9
-9

+2

-3

-4
-9
-9

+ 13

+7

P-1

-6

p-3

-7
-11
-8
0
-4

P-4

+1
-3
-3
-1
-1

P-1

-8

+1
+2
+3
-2

+5
+6
+3
+2
0

+3

0

Metropolitan Areas2-Cont.
Norfolk-Portsmouth, Va..
Richmond, Va.1
Roanoke, Va.1
Charleston, W. Va.1
Cities
Spartanburg, S.1C
Lynchburg, Va.
Newport News, Va 1
Huntington, W. Va.

-3
P+1
-11

+5

-3
3

0
£.

-4 -2
-3 +6
-13 -12
y
-2

+1

0

+3
+4
-2

Federal Reserve district,
area, or city
Minneapolis Dist. (Cont.)
Cities
Mankato, Minn
Great Falls, Mont
Grand Forks, N. D
Duluth-Superior,
Minn.-Wisc.1
La Crosse, Wise

+4 Kansas City District
5
_3 Metropolitan Areas
Denver, Colo
+2 Pueblo, Colo
Topeka, Kans
0 Wichita, Kans
+8 St. Joseph, Mo
Omaha, Nebr
+1 Albuquerque, N. Mex
-2 Oklahoma City, Okla
+6 Tulsa, Okla
+6
+4 Cities
+4 Kansas City, Mo
+4 Joplin, Mo
+2 Hutchinson, Kans
-10 Enid, Okla
-3
+ 1 Dallas District
+1
Areas
+8 Metropolitan La
+5 Shreveport,
Corpus Christi, Tex
-3
1
+7 Dallas, Tex.
El Paso, Tex
+9 Fort Worth, Tex
+4 Houston, Tex.1
San Antonio, Tex
+3 Waco, Tex

-2
P+1
Atlanta District
0 Metropolitan Areas2
-9
-5
Birmingham, Ala.1
Mobile, Ala
+2 +5
P-7 r ^
Montgomery, Ala1
-1
2
Jacksonville, Fla.
—2
+4
1
Miami,
+4 +7
+1 Orlando,Fla.
Fla
+8 +5
+5 St. Ptrsbg.-Tampa, Fla.. .
+4 +1
+4
St. Petersburg, Fla
+3 -2
+5
Tampa, Fla.1
+5 +4
-1
1
P+2
Atlanta, Ga.
-2
+5 Augusta, Ga
-14 -18
+5 Columbus, Ga
0 +3
Macon, Ga.1
-4
0
—2
Savannah, Ga
-2
-5
+2 Baton Rouge, La.11
+5 +4
P+6
New Orleans, La.
-1
-2
-6
+2 Jackson, Miss.1
1
0
+2
+4 Chattanooga, Tenn.
1
Knoxville, Tenn.1
+ 13 +4
Nashville, Tenn.
-1
+4
+2
Cities
-4 + 1
Rome, Ga
+1
-1 -13 +3
+4 Meridian, Miss
Bristol, Tenn
-1
-7
-4 San Francisco District. . .
+1
2
+3 Chicago District
-2 +4 Metropolitan Areas
P+4
Phoenix, Ariz.1
1
+ 1 Metropolitan Areas
Fresno, Calif.
-1 Chicago, 111.1
+5 -2 + 1 Los Angeles, Calif.1
P+1
Downtown L. A., Calif.1
-5 +3
Peoria, 111.1
1
Westside L. A., Calif.1..
+ 18 +20 +13
+ 10 Fort Wayne, Ind. 1
Long Beach, Calif.1
Indianapolis, Ind. 1
+2 -1 +4
Pasadena, Calif
Ind+2 -5 +2
+4 Terre Haute, Iowa
Santa Monica, Calif
Des Moines, 1
C
+ 1 -4
A
P+4
Riverside and San BerDetroit, Mich.
+7
1
nardino, Calif 1
+7 +6 +21
+2 Flint, Mich.
1
Grand Rapids,
+8 -2 +9 Sacramento, Calif.
1
+4 Lansing, Mich.1Mich.
+ 13 + 1 +9 San Diego, Calif.
1
+6
Wis.1
+4 -6 + 1 San Fran.-Oakland, Calif.
+ 1 Milwaukee, Wis.1
San Francisco, Calif.1
Green Bay,
+8 +9
+6 Madison, Wis
Oakland-Berkeley, Calif.*
-4 -4
-1
Downtown Oakland,
+5 St. Louis District
+2 -5 +2
Calif.1
+1
1
Vallejo, Calif 1
Metropolitan Areas
4 +4
-5
-1 San Jose, Calif. 1
-2
+l Little Rock, Ark.1
Stockton, Calif.
+2 Fort Smith, Ark
3
-9
-3
Portland, Ore.1
Evansville, Ind
+2 -5 +8 Salt Lake City, Utah 1 . . .
Louisville, Ky.1
0 Seattle, Wash.1
+2 -7
+20 St. Louis, Mo
+4 -3 +3 Spokane, Wash.11
Springfield, Mo 1
-3
-7 -2 Tacoma, Wash.
0
Memphis, Tenn.
0 -6
0
Cities
City
-3
+2 +2 +1 Tucson, ArizCalif.1
-6 Quincy, 111
Bakersfield,
2
Boise and Nampa,
0 Twin Falls, Idaho Idaho.
Minneapolis District
+1 -5
0
j Metropolitan Areas2
Idaho Falls, Idaho
1
+3 -4 +1 Bellingham, Wash
+4 Mpls-St. Paul, Minn.
Minneapolis City, Minn.1 +3 -3 +1 Everett, Wash.1
+2
1
St. Paul City, Minn.1.. .
+4 -6 +1 Walla Walla, Wash.
+3 Sioux Falls, S. D
1
0 Yakima, Wash.
+6 -1
+2

Nov. Oct.
1953 1953 1953

-1
-5

+9
+1

0

+1

+3
JC

-1

3

+
1

0 -11
-4

-4

-4
-13
-5
-1
-5

0
-2

-4

c

c

-3
-1

5
^

-3
+6 -3
-21 -10
-8
-6
-4 -5

+4 + 10

+1 0
-16 -15
0

i

+2
+1
+1
-1

+2
+2

0
+4
+2

-4

+1

-4
-9
-3
-8 -1
+2 -8
+2 -4
-7
-2
-11 -13

+2
+3
+2
+2

P-5

-5

+1

P-17
P-12
P-1
PO

-11
-4
-5
-6

-2
-7

+2

+1

p-8

-2
-6
-8
-3

3

-6
-4
-12

+4
-6

-4
c

+2
0
+3
0
+3
+7
-1
-6

-2
-3
-2

-3
-1
-7
-5
-6
-4

+2

0

-1

+8

+1
+1
+4

P-10

+2

P-22
P-9

-9
-4
-5

+3

0
-8
-3
0
-2

+2

0

-19

-7

P-16

+3

+1
0

0
0
+1
+3
+2
-3
-2
-4
-4

r
-15
-21 -8
Q
-17 -13
(3)
() 5 + 18
'
-15 -12 -1
-24 -10 -9
P-10
-5
-3

r
P Preliminary.
Revised.
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.
2
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
*Data not available.
« Ten months 1953.
6
Six months 1953.

JANUARY

1954




87

DEPARTMENT STORE STATISTICS—Cowfmue*/
SALES AND STOCKS BY MAJOR DEPARTMENTS
[Based on retail value figures]
Percentage
change from a
year ago
Number of
stores
reporting

Sales
during
period

October

Stocks
(end of
month)

Ten
Oct.
1953 months
1953
366

_3

MAIN STORE—total

366

-3

Piece goods and household textiles

331

Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linens and towels
Domestics—muslins, sheetings
Blankets, comforters, and spreads

307
218
182
202

-2
-2
-6
-1

1952

1953

Sept.

Oct.

Oct.

Sept.

Oct.

3.2

+1

+5
+5

3.4

3.1

112

100

115

136

126

129

0

+3

3.7

3.5

94

85

96

114

110

110

3.2
3.4
2.4
3.8

3.3
3.3
2.4
4.0

82
70
123
70

72
60
113
63

83
75
124
68

94
87
107
100

99
93
118
102

97
91
105
101

3.6
4.4
3.8
2.8

103
94
90
133

95
82
91
122

105
97
88
142

124
117
137
128

117
105
138
118

117
114
129
117

+3
+1

3.9
4.6
3.9
3.3

-3
-7

2.9

++++
to to to to

+3

1952

1952
Oct.

l+l 1

GRAND TOTAL—entire store3

1953

Stocks at end
of month

Sales during
period
1953

Oct.
1953

to to CnCM

Department

Federal Reserve index numbersi
without seasonal adjustment,
1947-49 average = 1002

Ratio of
stocks 1to
sales

+6
+3
+7
+ 10

352

0

+2

+2

3.9

3.8

106

92

106

130

113

128

Laces, trimmings, embroideries, and ribbons. .
Notions
Toilet articles, drug sundries

207
253
337

-1
-3
-1

-3
0

-1

+3
+1

3.9
3.8
3.8

3.9
3.6
3.7

90
102
105

80
98
94

91
105
106

113
135
119

105
125
100

114
131
118

Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches

330
231
295
95

+1
+2
+4
-6

-1

+2
+1
+6
-4

4.5
6.0
3.0
7.3

4.4
6.0
2.9
7.1

103
93
115
98

85
80
89
78

102
91
111
104

134
143
137
131

120
133
115
111

132
141
129
136

Art needlework

245

-6

-1

+2

3.9

3.6

112

90

119

119

114

117

Books and stationery
Books and magazines
Stationery

297
134
251

XI

+7
+5
+8

+6
+6
+6

3.6
3.0
3.9

3.5
2.8
3.7

118
116
118

101
94
105

115
114
115

150
129
155

121
105
129

142
122
146

Small wares

321
297
274
260

Women's and misses' apparel and accessories

363

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

363
321
291
170
340
352
354

Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel....

358
263
309
280

Infants' wear
Handbags, and small leather goods
Women's and children's shoes
Children's shoes
Women's shoes

346
347
262
232
243

-2
-2

+3

+3

+1
+3

0
+6

-3

+2

+6

2.7

2.4

116

110

120

143

134

135

-2

+2
-3
-7

+5
+ 14
-5
+4
+3
+7
+2

3.2
2.2
4.9
0.9
4.6
3.0
2.5

3.0
2.1
4.9
0.8
3.8
3.0
2.4

113
145
65
143
107
127
97

107
122
51
153
74
119
87

115
134
70
149
128
119
102

146
171
104
122
139
139
136

135
145
83
121
121
136
121

139
150
110
117
135
131
133

+1
+1
+1
+3

+3
+6
+1
+3

3.9
3.7
4.1
3.6

3.7
3.4
3.9
3.4

89
114
75
87

74
93
64
74

91
116
77
89

151
186
131
149

127
162
112
113

146
176
129
145

-6
0

+1
0

+8
+4

2.6
2.4

132
117

130
108

140
117

148
142

138
122

137
137

+2
+2
+2

+4
+3
+3

+6
+9
+6

2.9
2.4
4.7
4.9
4.7

4.6
4.6
4.5

120
103
123

129
139
127

117
100
121

151
145
151

153
145
156

142
133
143

361
354
247
240

-5
-18
-22
-2

+2

+7
+6
+9

2.2
1.9
1.9
1.8

1.9
1.4
1.4
1.8

119
125
130
98

113
104
98
112

124
152
166
100

140
144
159
94

133
149
161
113

131
136
146
96

Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear

335
293
334

-3

1.9
1.6
2.3

124
112
139

129
112
150

128
113
146

153
134
168

142
131
152

139
123
150

356
281
292

+3
+7
0

+ 10
+8
+ 11
+1
+1
+1

2.2
1.8
2.7

Women's and misses' dresses
Inexpensive dresses
Better dresses

1.7
1.3
2.0

1.8
1.4
2.0

105
102
110

103
96

HI

102
96
110

120
112
125

110
96
119

119
111
123

Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs

357
304
270

+5
+4
-19

+4
+4
+4
+3
+4
+2
+6
+4
-11

+ 16
+2
-6

2.3
2.6
4.1

2.1
2.6
3.5

139
79
115

143
79
79

132
76
141

159
107
125

146
91
129

137
105
133

348

-7

+2

+9

4.8

4.1

107

89

114

155

142

142

282
330
324
210

-8
-4
-10

+1
+2
+3
+3

+9
+8
+14
+ 10

4.8
4.8
4.2
5.7

4.1
4.3
3.3
5.3

120
94
119
112

89
73
128
106

130
98
133
112

163
155
145
144

157
133
137
136

150
144
128
131

Women's and misses' ready-to-wear apparel...
Women's and misses' coats and suits
Coats
Suits

Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys* wear
Men's and boys' shoes and slippers

+8
-6
-4
-16
+7

+10

+8

1 1 1 1

to to to to

A

-5

+1

-6
-1

For footnotei fee following page.




FEDERAL RESERVE BULLETIN

DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR

DEPARTMENTS—Continued

[Based on retail value figures]
Percentage
change from a
year ago

Department

Number of
stores
reporting

Ratio of
stocks 1to
sales

Sales
during
period

October

Oct.
1953

Homef urnishings

Stocks
(end of
month)

Ten
months
1953

331

-3

Furniture and bedding
Mattresses, springs, and studio beds
Upholstered and other furniture

260
190
196

i

Domestic floor coverings
Rugs and carpets
Linoleum

288
168
86

Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop

313
265
267
244
278
195

+2

+1

+1
0

+4
+3

Radios, phonographs, television, records, etc... .
Radios, phonographs, television
Records, sheet music, and instruments

237
172
128

-15
-22

-9
-13

Miscellaneous merchandise departments. . . .

337

+5
-3

0

+1

-20
-3

c

+ 11

Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras

320
262
162

+2
+3

Luggage

289
191

-10

Candy
BASEMENT STORE—total
Domestics and blankets
Women's and misses' ready-to-wear
Intimate apparel
Hosiery
Underwear, corsets and brassieres
Coats and suits
Dresses
Blouses, skirts, and sportswear
Girls' wear
Infants' wear
Aprons, housedresses, uniforms
Men's and boys' wear
Men's wear
Men's clothing
Men's furnishings
Boys' wear

201
139
191
165
124
122
177
176
158
126
126
119
169

156
110
126
123

Homef urnishings

107

Shoes

118

NONMERCHANDISE—total

186

Barber and beauty shop
x

79

0

-2

+3
+6
+2
-1
-1
-12
0
-2

-3

+6
+1
+6
+6
+6
^
+2

-6
-1
-6
-2
-4
-1
-21

+3
+4
-6

-5
-9
-11
-5
-12

-5
-1
-6
+ 14

+2
-1

+1
+2
-6

Oct.
1953

+3
+7
+9
+7
+2
+3

-16

+2
+5
+1
-6
+4
+10
+5
+6
+ 11
+10
+ 15
+ 19
+5
+4
+6

+3
+5
+3
+2
0
+4
+3

+6
+5
+2

-7
+ 14
+ 12
+7

+2
+1

+9
+7

-7

0

+3
+4
+1
+2
+5

+4
+ 10
+ 16
-1
0

Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2
Sales during
period
1953

Stocks at end
of month

1952

1953

1952

1953
Oct.

Sept

Oct.

Oct.

Sept.

Oct.

3.6

3.4

118

100

121

121

117

117

3.4
1.8
4.1

3.2
3.7

132
150
123

112
136
101

133
142
127

121
141
117

122
142
117

113
129
109

3.4
3.5
4.4

3.4
3.4
4.2

122
125
65

93
86
53

122
124
82

114
114
77

118
113
66

111
110
92

3.3
3.4
6.9
2.4
3.7
5.7

3.2
3.1
6.9
2.3
3.6
5.1

134
117
112
75
109
125

101
87
103
70
107
97

138
123
110
81
108
124

122
128
136
86
127
173

120
118
130
86
119
138

120
122
135
91
121
156

2.5
2.2
4.5

2.1
1.6

141
166
103

119
141
61

166
213
92

123
141
116

109
118
76

117
134
104

4.2

3.8

97

75

97

162

129

147

6.7
6.9
5.8

6.0
6.0
5.6

99
103
92

72
65
83

97
100
92

211
268
137

164
195
121

184
225
131

6.4
1.2

5.6
1.1

71
101

73

78
103

145
105

117
80

139
99

2.3

2.1

113

120

130

121

125

2.6

2.4

120

121

126

122

121

1.9

1.7

111

118

127

117

123

2.4
2.0
2.6
1.5
1.2
1.8
1.9
2.1
2.7

2.3
1.9
2.4
1.2
1.4
1.6
1.6
1.8
2.7

105

108

130

()

()

()

()

143
78
127
149
158

123
94
141
153
145

125
83
127
138
139

120
100
124
137
136

72

104
111
103

()
113
81
132
141
149

95
()
*
(4)
88
78
137
144
149

128

3.0

2.5

116

108

127

149

136

136

3.1
2.9
3.1

2.6
2.4
2.7

109
121
104

95
102
89

118
135
109

144
139
146

134
137

134
134
133

133

151

158

2.4

2.3

124

94

131

119

3.6

3.6

109

113

110

128

123

101
100

144

136

131

107

128

93

114
125

121
128

The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months' supply on hand at the end of the month in terms of sales for that month.
2
The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks
indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149.
3
For movements of total department store sales and stocks, see the indexes for the United States on p. 85.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

JANUARY

1954




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

Foods
Total

Rent

Gas
Other
and
shelter* electricity

Solid House- Housefuels
furnhold
and
ishoperafuel oil
ings
tion

APparel

Transportation

Medical
care

Personal
care

Reading
and
recreation

Other
goods
and
services

1929... .

73.3

65.6

117 4

60 3

1933... .

55.3

41.6

83 6

45 9

1941
1942
1943... .
1944
1945
1946
1947
1948
1949
1950...
1951
1952..

62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5

52.2
61.3
68.3
67.4
68.9
79.0
95.9
104.1
100.0
101.2
112.6
114.6

55 6
64.9
67 8
72 6

95.0
101.7
103.3
106.1
112.4
114.6

88 4
90.4
90 3
90.6
90.9
91.4
94.4
100.7
105.0
108.8
113.1
117.9

97.6
100.0
102.5
102.7
103.1
104.5

88.8
104.4
106.8
110.5
116.4
118.7

97.2
103.2
99.6
100.3
111.2
108.5

97.2
102.6
100.1
101.2
109.0
111.8

83 7
97.1
103.5
99.4
98.1
106.9
105.8

90.6
100.9
108.5
111.3
118.4
126.2

94.9
100.9
104.1
106.0
111.1
117.3

97.6
101.3
101.1
101.1
110.5
111.8

95.5
100.4
104.1
103.4
106.5
107.0

96.1
100.5
103.4
105.2
109.7
115.4

1952—Nov...
Dec...

114.3
114.1

115.0
113.8

115.7
116.4

119.5
120.7

105.4
105.6

121.6
123.2

108.0
108.2

113.3
113.4

105.2
105.1

128.9
128.9

118.9
119.3

112.4
112.5

107.4
108.0

115.8
115.9

1953—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug
Sept...
Oct
Nov. . .

113.9
113.4
113.6
113.7
114.0
114.5
114.7
115.0
115.2
115.4
115.0

113.1
111.5
111.7
111.5
112.1
113.7
113.8
114.1
113.8
113.6
112.0

116.4
116.6
116.8
117.0
117.1
117.4
117.8
118.0
118.4
118.7
118.9

121.1
121.5
121.7
122.1
123.0
123.3
123.8
125.1
126.0
126.8
127.3

105.9
106.1
106.5
106.5
106.6
106.4
106.4
106.9
106.9
107.0
107.3

123.3
123.3
124.4
123.6
121.8
121.8
123.7
123.9
124.6
125.7
125.9

107.7
108.0
108.0
107.8
107.6
108.0
108.1
107.4
108.1
108.1
108.3

113.4
113.5
114.0
114.3
114.7
115.4
115.7
115.8
116.0
116.6
116.9

104.6
104.6
104.7
104.6
104.7
104.6
104.4
104.3
105.3
105.5
105.5

129.3
129.1
129.3
129.4
129.4
129.4
129.7
130.6
130.7
130.7
130.1

119.4
119.3
119.5
120.2
120.7
121.1
121.5
121.8
122.6
122.8
123.3

112.4
112.5
112.4
112.5
112.8
112.6
112.6
112.7
112.9
113.2
113.4

107.8
107.5
107.7
107.9
108.0
107.8
107.4
107.6
107.8
108.6
108.9

115.9
115.8
117.5
117.9
118.0
118.2
118.3
118.4
118.5
119.7
120.2

76.3

1
Indexes for this subgroup are not yet available.
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

1947
1948
1949.
1950
1951
1952

96.4
104 4
99.2
103 1
114.8
111.6

100.0 98.2
107 3 106 1
92.8 95.7
97 5 99.8
113.4 111.4
107.0 108.8

1952
November
December

110 7
109.6

103 6 107.7 112.8
99.2 104.3 112.9

98.6
98.2

109.9
109.6
110.0
109.4
109.8
109.5
110.9
110.6
111.0
110.2
109.8

99.6
97.9
99.8
97.3
97.8
95.4
97.9
96.4
98.1
r
95.3
93.6

105.5
105.2
104.1
103.2
104.3
103.3
105.5
104.8
106.6
104.7
103.8

98.8
98.5
97.5
97.4
97.6
97.4
97.5
97.5
96.9
96.5
96.2

1953
January
February
March
April
May
June
July
September
October
November

Fuel,
Hides, power, Chem- Rubicals
skins, and
ber
and
and
and
leather light- allied proding
prod- ma- prod- ucts
ucts terials ucts

95.3 100.1 101.0 90.9
103 4 104 4 102.1 107 1
101.3 95.5 96.9 101.9
105.0 99 2 104.6 103 0
115.9 110.6 120.3 106.7
113.2
99.8 97.2 106.6

113.1
113.1
113.4
113.2
113.6
113.9
114.8
114.9
114.7
114.6
114.5

97.6 106.7
99.0 107.2
97.3
98.0
98.1
97.9
100.4
101.0
100.0
99.9
99.7
••97.1
97.2

107.8
108.1
108.4
107.4
107.1
108.3
111.1
111.0
110.9
rUl 2
111.0

101.4
103 8
94.8
96.3
110.0
104.5

99.0
102 1
98.9
120.5
148.0
134.0

ToMa- Furnibacco
chin- ture Non- manumeand
ery
Lum- Pulp, Metals and other tallic facMisminber paper, and
cellamo- house- erals— tures neous
and
and
and metal tive
hold struc- bottled
wood allied prod- prod- durabevprod- prod- ucts
bles tural erages
ucts
ucts
ucts
93.7
107 2
99.2
113.9
123.9
120.3

98.6
102.9
98.5
100.9
119.6
116.5

91.3
103.9
104.8
110.3
122.8
123.0

92.5
100 9
106.6
108.6
119.0
121.5

95.6
101.4
103.1
105.3
114.1
112.0

93.9
101.7
104.4
106.9
113.6
113.6

98.0
100.4
101.6
102.4
108.1
110.6

100.8
103.1
96.1
96.6
104.9
108.3

103.5 126.4 119.7 115.5 123.9 121.4 112.1 114.5 110.8 105.7
103.3 127.7 119.7 115.9 124.0 121.4 112.3 114.6 110.8 105.1
103.6
103.6
104.2
105.5
105.5
105.6
106.2
106.3
106.7
106 7
107.2

127.3
126.2
125.7
124.8
125.4
125.0
124.6
123.5
124.0
124.2
124.3

120.5
121.1
121.7
122.2
121.8
121.5
121.1
120.4
119.2
r
118.1
117.5

115.8
115.3
115.1
115.3
115.4
115.8
115.8
116.2
116.9
117.5
117.3

124.0
124.6
125.5
125.0
125.7
126.9
129.3
129.4
128.5
r
127.9
127.9

121.5
121.6
121.8
122.0
122.4
122.9
123.4
123.7
124.0
124.1
124.2

112.7
112.9
113.1
113.9
114.1
114.3
114.7
114.8
114.9
114.8
114.9

114.6
114.6
115.1
116.9
117.2
118.1
119.4
119.6
120.7
120.7
120.8

112.2 103.0
111.9 101.2
114.8 101.7
114.8 98.5
114.8 99.7
114.9 95.8
115.6 95.3
115.6 96.4
116.2 94.7
118.1 94.4
118.1 93.2

r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.

90




FEDERAL RESERVE BULLETIN

PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]

Subgroup
Nov.

Sept.

Oct.

113.2
96.5
93.0
107.1
113.1
117.6
98.5
132.5

96.0
88.3
90.6
103.6
99.0
122.5
81.1
149.3

'94.2
87.9
82.0
103.2
r
100.7
126.3
84.3
146.2

107.1
102.0
115.5

110.8
97.4
111.3

112.0
'88.9
112.7

106.0
109.9
161.9
122.1

104.7
110.1
169.8
116.8

'104.9
110.2
169.8
117.1

98.4
112.6
89.0
139.3
98.3
86.9

93.7
111.2
86.7
134.7
98.5
82.9

92.4
111.6
85.9
135.8
'98.7
82.7

69.2
90.1
111.0
99.6

74.2
94.5
111.8
99.1

64.4
90.4
111.7
'99.1

113.6
124.3
104.9
98.0
108.1

112.3
131.8
106.0
98.0
116.5

112.5
132.5
106.6
'98.5
116.6

Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
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
Textile Products and Apparel:
Cotton products
Wool products
Synthetic textiles
Silk products
Apparel
Other textile products
Hides, Skins, and Leather Products:
Hides and skins
Leather
Footwear
Other leather products
Fuel, Power, and Lighting Materials:
Coal
Coke
Gas
Electricity
Petroleum and products

Industrial chemicals
Paint and paint materials
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products....

Pulp, Paper and Allied Products—
Continued
94.2
Converted paper and paperboard. .
89.3
Building paper and board
78.4
103.5
101.7 Metals and Metal Products:
111.6
Iron and steel
88.0
Nonferrous metals
145.9
Metal containers
Hardware
Plumbing equipment
Heating equipment
112.6
Fabricated structural metal prod86.2
ucts
113.9
Fabricated nonstructural metal
products
104.9
108.7
171.0 Machinery and Motive Products:
110.2
Agricultural machinery and equipment
Construction machinery and equipment
91.6
Metal working machinery
111.5
General purpose machinery and
85.2
equipment
136.5
Miscellaneous machinery
98.6
Electrical machinery and equip83.5
ment
Motor vehicles
64.3 Furniture and Other Household Durables:
90.7
111.8
Household furniture
99.1
Commercial furniture
Floor covering
Household appliances
Radio
112.5
Television
132.5
Other household durable goods
106.6
98.5
116.3 Nonmetallic Minerals—Structural:

112.7
106.3
91.9
53.1
110.9
111.1
102.9

120.0
107.3
93.5
51.1
112.0
113.0
103.3

119.5
'107.9
93.5
'53.3
111.7
112.9
103.4

119.2
108.2
93.5
58.0
111.6
112.9
104.9

130.3
126.3
124.3

120.1
126.4
123.0

111.3
130.1
123.2

112.0
130.1
123.2

120.0
127.5
102.3

118.3
131.4
106.8

117.2
131.2
104.7

116.3
131.2
10s. 6

108.8
65.7
124.9
124.8

108.8
109.6
126.5
126.0

109.7
112.9
126.6
126.2

109.7
90.8
126.8
126.1

Rubber and Products:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:

Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures
Beverages:

Sept.

Oct.

Nov.

112.3
118.2

112.3
123.0

113.2
123.0

113.4
123.0

127.0
122.5
125.1
125.3
118.1
113.6

134.6 133.4
122.8 122.1
128.6 '128.7
136.9 137.2
118.7 118.2
115.8 115.8

133.6
122.3
128.7
137.2
118.2
115.8

114.1

117.9

117.7

117.5

125.9

127.0 127.2

127.2

121.6

122.3

122.4

122.5

126.2
128.9

131.0
132.7

131.0
132.8

121.8
119.6

130.9
132.8
127.9
124.2

128.2
124.1

128.5
124.4

119.5
119.7

126.2
118.6

126.5
118.5

126.5
118.5

112.8
123.2
122.4
107.2
95.0
74.9
119.6

114.2
125.8
125.2
109.1
94.8
74.2
126.9

114.2
125.8
125.2
109.0
94.8
74.2
126.8

114.2
126.2
125.0
109.0
94.3
74.2
127.6

114.4
112.9
112.7
124.0
117.7
106.0
115.1

124.7
119.3
117.4
132.0
122.1
109.8
117.8

124.7
119.4
117.4
132.0
122.1
109.9
118.0

124.7
119.4
117.4
132.1
122.1
109.9
118.9

105.7
102.4
118.4
111.2
119.7

124.0
103.5
120.7
111.2
125.1

124.0
103.5
120.7
114.9
125.1

124.0
103.5
120.7
114.9
125.1

113.2
103.3
91.1
101.0
120.8

114.0
81.6
93.5
102.0
119.3

114.1
81.0
93.5
101.9
119.5

114.0
78.7
93.5
101.9
119.5

and Bottled

Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
Miscellaneous:

,

Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
Paperboard

Nov.

Nov.

Chemicals and Allied Products:

Lumber
Millwork
Plywood

1953

1952

1953

1952
Subgroup

Toys, sporting goods, small arms. .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment,
Other miscellaneous

r
Revised.
Source.—Bureau of Labor Statistics, Department of Labor.
Backfigures.—SeeBULLETIN for March 1952, pp. 311-313.

JANUARY 1954




91

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

1953

1952
1929

1933

1941

1947

1948

1949

1950

1951

1952
3

Gross national product

103.8

55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.3 361.1 362.0 372.4 369.0

Less: Capital consumption allowances..
Indirect business tax and related
liabilities
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises

8.8

7.2
7.1
.7
1.2

11.3
.5

0)

.1

Equals: National income

87.4

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

17.6

19.4

21.6

24.2

27.0

27.0

28.2

28.2

29.2

29.6

18.7 20.4
.7
7
.3 —3.2

9.3

7.0
6
— .1
— .1

3

2

1

4

21.6
g

23.7
.8

25.7
.9

28.1
.9

28.9
.9

.4

1.1

.5

29.3
.9
-3.1

30.1
.9

.2

28.3
.9
— 1.4

30.0
.9
n.a.

.0

.4

.4

.1

— .1

— .2

.0

.2

14.8

1.6

— .1

.0

1.6

1.7

39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 290.4 301.4 306.7 310.7

-.3

n.a.

10.3
.2

-2.0
.3

14.6
2.8

24.7
5.7

31.7
5.2

29.2
5.7

36.0
6.9

42.4
8.2

40.2
8.6

37.7
8.7

41.7
8.8

43.8
9.0

45.2
9.0

n.a.
8.8

0
.9
1.0
5.8
.6

.0
1.5
1.2
2.1
.7

.0
2.6
1.3
4.5
.5

.0
11.1
4.4
6.6
.7

.0
10.5
4.5
7.2
.7

0
11.6
4.6
7.5
.8

0
14.3
4.7
9.1
.8

.0
11.6
4.8
9.2
.9

— .1
12.0
4.9
9.1
.9

— .3
12.2
4.9
9.1
.9

.0
12.4
4.9
9.1
.9

.0
12.6
4.9
9.2
.9

.0
12.6
5.0
9.4
.9

.0
12.6
5.1
9.6
.9

85.1

46.6

2.6
1.3
1.4

1.5
.5
1.0

Equals: Disposable personal income.

82.5

45.2

92.0 169.5 188.4 187.2 205.8 225.0 235.0 236.6 243.0 245.4 247.7 249.8

Less: Personal consumption expenditures

78.8

46.3

82.3 165.6 177.9 180.6 194 6 208 1 218.1 217.2 224.4 227.7 230.4 231.0

3.7

-1.2

Equals: Personal income
Less: Personal tax and related payments..
Federal

State a n d local

.

. . . .

Equals * Personal saving

95.3 191.0 209.5 205.9 226.7 254.3 269.7 271.4 278.3 281.6 284.4 286.8
3.3
2.0
1.3

21.5
19.6
1.9

3.9

9.8

21.1
19.0
2.1

18.6
16.2
2.5

10.5

6.7

20.9
18.1
2.8

11.3

29.3
26.2
3.2

16.9

34.6
31.1
3.6

34.8
31.2
3.6

16.9

35.3
31.6
3.7

19.4

18.6

36.2
32.3
3.8

17.7

36.7
32.8
3.9

17.2

37.0
33.1
3.9

18.8

NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters

Annual totals

1952
1929

1933

1941

1947

1948

1949

1950

1951

1953

1952

National income

87.4

39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 290.4 301.4 306.7 310.7

Compensation of employees
Wages and salaries2
Private
Military
Government civilian
Supplements to wages and salaries..

50.8
50.2
45.2
.3
4.6
.6

29.3
28.8
23.7
.3
4.9
.5

Proprietors' and rental i n c o m e 3 . . .
Business and professional
Farm
Rental income of persons

19.7
8.3
5.7
5.8

7.2
2.9
2.3
2.0

20.8
9.6
6.9
4.3

42.4
19.8
15.6
7.1

47.3
22.1
17.7
7.5

42.1
21.6
12.8
7.7

45.4
23.6
13.3
8.5

50.7
26.1
15.5
9.1

51.2
26.3
14.8
10.0

51.5
26.1
15.2
10.2

51.1
26.7
14.0
10.3

50.8
27.0
13.4
10.4

49.7
27.0
12.3
10.4

49.1
26.9
11.6
10.6

Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability....
Corporate profits after tax
Inventory valuation adjustment. . . .

10.3
9.8
1.4
8.4

14.6

.5

-2.0
.2
.5
-.4
-2.1

17.2
7.8
9.4

-2.6

24.7
30.5
11.9
18.5
-5.8

31.7
33.8
13.0
20.7
-2.1

29.2
27.1
10.8
16.3
2.1

36.0
41.0
18.2
22.7
-5.0

42.4
43.7
23.6
20.1
-1.3

40.2
39.2
20.6
18.6
1.0

37.7
37.0
19.4
17.5
.7

41.7
40.3
21.2
19.1
1.4

43.8
44.6
24.4
20.3
-.8

45.2
45.9
25.0
20.8
-.6

n.a.
n.a.
n.a.
n.a.
-2.6

6.5

5.0

4.1

3.5

4.3

5.0

5.7

6.4

7.0

7.1

7.4

7.6

7.7

7.9

Net Interest

n.a.
64.3 128.0 140.2 139.9 153.4 178.9 193.2 194.1 201.3 204.5 208.0 210.4
61.7 122.1 134.4 133.4 145.6 169.8 183.6 184.4 191.3 194.5 198.0 200.6
51.5 104.8 115.7 113.0 123
141.2 151.1 151.5 158.3 161.3 164.5 166.9
4.1
1.9
4.0
4.2
10.4 10.6 10.4 10.4 10.6 10.5
5.0
8.6
8.3 13.2 14.7 16.1 17.1 20.0 22.2 22.4 22.6 22.8 22.9 2 3 . 1
2.6
5.9
5.8
6.6
9.6
9.8
7.9
9.1
10.0 10.0 10.0
9.6

n.a. Not available.
1
Less than 50 million dollars.
3
Includes employee contributions to social insurance funds.
•Includes noncorporate inventory valuation adjustment.
NOTB.—Details may not add to totals because of rounding.
Source.—Department of Commerce.

92




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

1952
1929

1941

1933

1947

1948

1949

1950

1951

3

1

4

3

2

55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.3 361.1 362.0 372.4 369.0

103.8

Personal consumption
expenditures

1953

1952

82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 224.4 227.7 230.4 231.0
9.8 21.4 22.9 23.8 29.2 27.3 26.7 25.1 28.2 30.2 30.7 30.4
44.0 95.1 100.9 99.2 102.6 113.4 118.8 118.7 121.1 121.2 122.1 121.3
79.2
28.5 49.1 54.1 57.5 62.7 67.4 72.7
73.3 75.1 76.3 77.6

78.8
9.4
37.7
31.7

Net foreign investment
Government purchases of
goods and services

Federal
National security
Other
Less: Government sales 2
State and local

\

18.3
6.8
3.5
3.3
7.7
3.9
3.4

30.2
13.9
6.3
7.6
17.1
-.8
1.4

42.7
17.7
8.6
9.1
19.9
5.0
3.7

33.5
17.2
8.3
9.0
18.7
-2.5
-1.6

52.5
22.7
12.6
10 1
22.3
7.5
6.6

58.6
23.1
11.0
12 2
24.6
10.9
9.6

52.5
23.4
11.1
12.3
25.4
3.7
3.1

52.3
23.1
10.8
12 3
24.9
4.2
3.6

57.9
23.9
11.6
12.3
25.5
8.5
8.1

54.0
25.0
12.2
12.8
26.2
2.9
2.6

61.0
25.3
12.0
13.4
26.9
8.8
8.7

56.5
24.9
11.5
13.4
27.1
4.5
4.4

.2

1.1

8.9

1.9

.5

-2.3

.3

-.2

-2.0

-1.6

-2.1

-2.5

-2.1

8.5
1.3

New construction *
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories....
Nonfarm only

1.3
1.1
.5
.7
1.8
-1.6
— 1.3

.8

Gross private domestic
investment

46.3
3.5
22.3
20.6

15.8
7.8
3.6
4 2
6.4
1.6
1.8

Durable goods
Nondurable goods
Services

8.0
2.0

11

2.0

24.7
16.9
13.8
3.2

28.6
15.8
13.3
3.8
1 3
12.8

36.6
21.0
16.1
5.6

43.6
25.4
19.3
6.6

42.0
22.1
18.5
3.9

62.9
41.1
37 A
4.1

77.5
54.2
48.9
5.8

77.8
54.6
49.2
6.0

80.4
56.4
50.5
6.3

82.4
57.4
51.6
6.5

83.5
58.9
53.5
6 0

83.6
58 4
52.1
6 8

'a

(•>
7.8

6

4

2

4

5

6

5

7

7

5

15.6

18.2

19.9

21.8

23.4

23.2

24.0

24.9

24.6

25.2

PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates!
Wages and salaries

Year or month

Personal
income

Wage and salary disbursements
Total
receipts4

Total
disbursements

1929
1933
1941
1947
1948
1949
1950
1951.
1952.

85.1
46.6
95.3
191.0.
209.5
205.9
226.7
254.3
269.7

50.0
28.7
60.9
119.9
132.1
131.2
142.6
166.4
180.1

50.2
28.8
61.7
122.0
134.3
133.4
145.5
169.8
183.7

1952-—September
October .
November.. . .
December

276.4
277.3
277.2
280.6

184.8
186.6
187.8
188.7

280.5
281.0
283.6
282.7
284.7
286.3
June
287.5
July
287.0
August
September. . . . 286.3
287.2
October
November?. . . 285.4

188.8
190.9
192.4
192.8
194.2
195.6
197 3
197.1
196.0
195.6
193.9

1953—January
February
March
April
May

Commodity
producing industries

Distrib- Service
utive
indus- industries
tries

Government

Other
labor
income*

Dividends
Proand
prietors'
perand
sonal
rental 6
income interest
income

54.3
60.2
56.9
63.5
74.9
80.6

15.5
8.8
16.3
35.1
38.8
38.9
41.3
45.9
48.7

8.2
5.1
7.8
15.3
16.6
17.2
18 6
20.3
21.8

5.0
5.2
10.2
17.2
18.7
20.4
22 1
28.7
32.5

.5
.4
.6
2.4
2.8
3.1
3.9
4.3
4.7

19.7
7.2
20.8
42.4
47.3
42.1
45.4
50.7

188.4
190.2
191.4
192.5

83.8
84.7
85.6
87.0

49.4
50.0
50.0
50.1

22.3
22.4
22.5
22.6

32.9
33.1
33.3
32.8

4.9
5 0
5.
5.

52.5

192.8
194.6
196.2
196 6
198.0
199.5
201 2
201.0
199.9
199.3
197.7

86.8
88.0
88.8
88 8
89.3
89.8
90 6
90.2
89.3
88.7
87.3

50.2
50.6
50.9
51 0
51.7
52.2
52 9
52.9
52.7
52.7
52.6

22 7
22.8
23.2
23 4
23.5
23.9
24 2
24.1
24.1
24.2
24.1

33 1
33.2
33.3
33 4
33.5
33.6
33 5
33.8
33.8
33.7
33.7

5
5.
5.

51.6

21.5
9.8

27.5

5

5.
5.1
5 1
5.1

5.1
5.1
5.1

51.2
51.4

50.0
51.8

50.2
50.7
49.4
50.0
50.1
49.5
48.9
49.0
49.5
50.0

Less
personal
Trans- contriNonbutions agriculfer
for
pay- 7
tural
social
ments
income1
insur8
ance

13.3
8.2
9.9
14.5
16.0
17.1
19.6
20.5
21.0

1.5
2.1
3.1
11.8
11.3
12.4
15.1
12.5
12.9

.1
.2
.8
2.1
2.2
2.2
2.9
3.4
3.8

76.8
43.0
86.1
170.8
187.1
188.7
209 0
234.0
249.9

21.2
21.3
21.4
21.5

13.3
13.3
13.1
13.6

3.9
3.9
3.8
3.9

255.7
258.0
259.1
261.6

21.6
21.7
21.9
22.0
22.1
22.3
22.4
22.5
22.7
22.8
22.8

13.5
13.3
13.7
13.6
13.5
13.5
13.5
13.6
13.6
14.5
13.8

4.1
3.9
4.0
4 0
4.0
4.2

261 1
263.3
265 4
265 5
267.2
268 8
270 6
270 7
270.0
270.5
268.6

4.2
4.1

4.0
4.0
4.0

^Preliminary.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Less than 50 million dollars,
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.6 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
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.
8
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.
9
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest, and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Department of Commerce.
JANUARY

1954




93

PAGE

International capital transactions of the United States

96-101

Gold production

101

Reported gold reserves of central banks and governments

102

Net gold purchases and gold stock of the United States

103

International Monetary Fund and Bank

104

Central Banks

104-108

Money rates in foreign countries

109

Commercial banks

110

Foreign exchange rates

Ill

Price movements in principal countries:
Wholesale prices

112

Consumers' price indexes

113

Security prices

113

Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.

JANUARY 1954




95

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES
[Net movement from United States, (—). In millions of dollars]

Increase in banking funds in U. S.
From Jan. 2, 1935,
through—

Total

Foreign
official*

Foreign
other

International2

Domestic
securities:
Inflow of
foreign
funds3

Decrease
in U. S.
banking
funds
abroad

Total

Foreign
securities:
Return
of U. 3
S.
funds

Inflow in
brokerage
balances

31
31
31
31

8,569.1
8,763.5
10,521.1
10,140.7

6,963.9
6,863.9
7,890.7
8,548.1

2,126.0
2,197.8
2,715.6
2,770.2

2,993.6
3,028.2
3,472.8
4,089.6

1,844.3
1,637.8
1,702.3
1,688.3

116.8
307.6
231.4
160.9

183.3
258.5
1,202.9
618.6

1,182.1
1,209.9
1,064.5
687.5

123.1
123.7
131.7
125.6

1952—Oct. 31
Nov. 30
Dec. 31

11,438.2
11,567.3
11,399.5

9,833.5
9,924.0
9,792.0

3,831.9
3,959.7
3,770.4

4,191.8
4,218.6
4,283.1

1,809.8
1,745.6
1,738.5

110.7
108.2
80.6

859.6
901.4
933.5

506.6
513.6
469.6

127.9
120.1
123.8

1953—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31 P

11,385.4
11,245.3
11,424.9
11,683.2
11,867.8
11,938.6
12,013.5
12,213.6
12,405.4
12,495.0

9,746.9
9,646.2
9,849.7
10,125.8
10,183.7
10,153.5
10,239.4
10,435.0
10,641.4
10,769.8

3,691.8
3,641.4
3,866.7
4,043.8
4,101.5
4,145.6
4,110.0
4,246.4
4,439.2
4,487.0

4,308.0
4,279.6
4,298.4
4,340.9
4,318.6
4,250.7
4,360.6
4,414.4
4,426.1
4,414.3

,747.1
1,725.2
L.684.7
1,741.1
,763.5
L,757.2
,768.7
,774.1
,776.1
1,868.5

93.4
95.3
88.8
99.4
152.5
181.7
208.9
211.5
228.8
223.4

967.4
968.9
976.6
977.3
983.5
1,003.5
965.8
968.9
922.7
924.8

450.4
412.5
389.0
361.1
428.9
481.2
479.0
481.2
495.2
463.6

127.3
122.4
120.7
119.5
119.3
118.7
120.5
117.0
117.3
113.3

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES *
[Amounts outstanding, in millions of dollars]

Date

1948—Dec. 31...
1949—Dec. 31...
1950— Dec. 31...
1951—Dec. 31...

International
institutions 8

Official
and
private

Official

l

1,864.3 5,853.7 2,836.3
1,657.8 5,960.2 2,908.1
1,722.2 «6,922.6 3,425.9
1,708.2 7,594.0 3,480.5

1952—Oct. 3 1 . . 1,829.7
Nov. 30. . 1,765.6
Dec. 31. . 1,758.4
1953—Jan. 3 1 . .
Feb. 28. .
Mar. 31. .
Apr. 30. .
May 31. .
June 30..
July 31. .
Aug. 31. .
Sept. 30P.
Oct. 31 P.

Total foreign
countries

1,767.1
1,745.2
1,704.6
1,761.0
1,783.5
1,777.1
1,788.7
1,794.0
1,796.0
1,888.4

8,757.9 4,542.2
8,912.5 4,670.0
8,787.6 4,480.7
8,734.0
8,655.1
8,899.2
9,118.9
9,154.3
9,130.5
9,204.8
9,395.0
9,599.5
9,635.5

4,402.1
4,351.7
4,577.0
4,754.1
4,811.8
4,855.9
4,820.3
4,956.7
5,149.5
5,197.3

NethUnited
King- France erdom
lands

Switzerland*

Italy

122.8
170.5
193.6
148.8

538.9
576.9
553.0
521.3

333.5 738.1
303.6 717.0
314.7 799.2
300.5 1,022.2

890.1 348.4 384.3
976.3 337.3 343.1
817.9 342.6 203.1

624.0
627.7
641.8

305.7 1,207.9 3,760.5 1,373.3 1,520.7 1,781.9 321.5
326.2 1,243.1 3,853.8 1,356.5 1,561.2 1,812.9 328.1
308.9 1,259.3 3,573.5 1,420.7 1,612.9 1,845.0 335.6

210.4
221.1
230.7
231.5
245.0
268.6
227.5
243.1
230.7
241.2

610.5
608.6
632.6
657.8
624.1
650.1
659.9
663.7
666.4
665.0

308 3
286.6
304.9
312.1
314.4
313 6
336.0
353.9
365.2
390.8

546.3
574.4
•656.6
642.6

887.8
754.4
751.6
837.3
900.0
911.2
887.6
890.0
900.8
916.3

192.8
171.6
260.7
289.4

249.5
253.5
259.1
233.3
255.0
301.8
334.0
362.6
376.6
425.6

Other
Total
Europe Europe

1,225 0
1,273.7
1,307.1
1,370.8
1,411.0
1,444 5
1,537.8
1,619.5
1,676.1
1,707.8

Canada

2,472.4
775.2
2,513.9
869.1
62,777.7
899.0
2,924.7 L,307.1

3,491 5
3,397.8
3,485.9
3,642.7
3,749.6
3,889 8
3,982.9
4,132.9
4,215.7
4,346.9

L,442 0
1,387.5
L,349.1
1,365.0
1,231.4
1,119 4
L,142.1
1,147.5
1,195.1
1,205.7

Latin
America

Asia

All
other

L,287.0 1,151.8 167.4
1,436.7
961.0 179.5
1,612.9 1,378.5 254.5
1,455.2 1,609.6 297.4

591 4
1,610.0
1,692.5
L,744.0
1,827.9
I,801 9
1,777.5
1,807.4
1,834.4
1,730.8

1,855 3 353.7
1,901.5 358.4
2,012.6 359.1
2,005.6 361.5
1,966.7 378.7
1,935 3 384.1
1,948.2 354.1
1,963.4 343.9
2,001.1 353.2
2,000.9 351.3

pPreliminary.
1
Represents funds held with banks and bankers in the United States 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.), and also funds held in
accounts with the U. S. Treasury.
2
Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and
United Nations and other international organizations.
3
Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are
included in foreign securities.
4
"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in
not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate
foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other 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.
5
Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
•Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,
but which have been excluded in the past from reported liabilities.
NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,
certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.
For further explanation and information on back figures see BULLETIN for August 1951, p. l'O3O.

96




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 2a. — Other Europe
Other Aus- Bel- Czech- DenosloEurope tria gium vakia mark

Date
1948—D e c <
1949—Dec.
1950—Dec.
1951—Dec.

31
738.1
31..
717 0
799.2
31..
3 1 . . 1,022.2

1952—Oct. 3 1 . . 1,207.9
Nov. 3 0 . . 1,243.1
Dec. 3 1 . . 1,259.3

1,225.0
1,273.7
1,307.1
1,370.8
1,411.0
June 30. . 1,444.5
July 3 1 . . 1,537.8
Aug. 31. . 1,619.5
Sept. 30?. 1,676.1
Oct. 31 P . 1,707.8

1953—Jan.
Feb.
Mar.
Apr.
May

31..
28. .
31..
30..
31..

Finland

GerNormany Greece way

Poland

Portugal

Rumania Spain

Swe- USSR Yugo- All 1
den
slavia other

128.7
119 9
41I9 128.2 "5.6'
57.1 134.7 1.3

44.7
38.0
45.5
45.3

19.1
25.1
18.3
27.0

178.9
149.4
221 6
405.6

77.7
69.4
43.6
99.7

4.2
2.8

37.7
38 1
45.7
40.7

6.1
6.1

13.6
15 7
21.3
17.1

7.1

119.3
117 4
52.4
57.6

77.7 131.8
84.9 140.2
91.1 123.9

.5
.5
.6

59.6
69.9
70.4

26.7
26.7
28.5

534.3 41.2 109.6
544.7 42.8 109.4
551.1 47.3 110.3

3.6
1.8
3.4

46.7
49.9
57.4

6.0
6.1
6.1

24.4
21.4
19.2

82.8
84.5
91.0

4.8
2,1
1.7

13.0
13.4
12.0

45.3
45.0
45.2

.6
.5
.6
.6
.6
.7
.7
.6
1.4
.5

63.7
60.7
62.3
70.0
69.4
71.0
72.6
77.2
81.7
88.1

32.9
28.6
26.1
26.9
29.7
34.3
35.7
32.8
30.7
33.5

531.5
552.2
585.7
626.8
645.7
682.8
739.5
773.3
793.7
827.2

2.3
2.3
2.4
2.1
2.2
2.0
2.4
2.9
3.4
2.2

47.8
54.6
54.9
55.1
57.8
57.2
62.9
70.3
66.7
70.0

6.1
6.1
5.8
5.8
5.8
5.8
5.8
5.8
5.8
5.8

20.2
19.0
17.6
18.2
22.7
19.3
19.9
22.1
23.4
32.7

86.6
93.0
89.2
88.7
88.5
86.7
87.9
94.3
103.5
96.0

3.5
3.4
2.8
1.6
1.3
2.2
6.5
8.0
8.3
2.0

12.1

44.2
45.3
44.3
44.7
46.6
47.8
52.6
51.2
51.0
52.0

Netherlands
West Peru
Indies
and
Surinam

Republic of
Panama

El
Salvador

Uruguay

*75.'i
84.7

94.9
96.3
102.3
108.2
115.1
118.7
129.9
144.4
161.1
169.9

121.3
131.2
130.8
133.9
129.1
128.4
132.9
139.8
146.5
118.2

21.1
29.6
32.3
45.8

50.7
53.8
57.1
62.0
66.5
70.7
69.5
73.3
77.9
85.1

106.8
116.9
115.9
116.6
119.2
109.1
108.4
110.3
113.7
115.7

7.0

6 7

49.0 21.3
90.1 10 2
115.3 4 . 0
71.7 2 . 5

19.9
7.6

13.2

9.7
9.3
9.8

10.8
7.9

10.5
13.2
7.4
9.0

Table 2b.—Latin 4mt jrica

Latin
BoAmer- Argen- livia
tina
ica

Date

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

Bra zil Chile

Colombia

Cuba

Dominican Guate- MexRe- mala
ico
public

17 1 123 7
13 .5 192. 8
20 .4 226. 0
27 . 8 100. 3

55 .6
60 . 9
79 .5
54 . 0

54
85
53
106

0
9
4
4

219 .4
164 .2
259 .1
263 .6

42'. 7
45.8

25 A
27 . 3

146
214
207
158

7
.6
.1
2

24 3
25.9
30.2
34.9

52 6
52.8
60.2
47.2

71 8
74.3
59.2
67.7

16.1
27.8

1952—Oct. 3 1 . 1,520.7 131 .9
Nov. 3 0 . 1,561.2 146 .2
Dec. 3 1 . 1,612.9 138 .8

18 .7
16 .6
24 .5

72. 3
78. 2
72. 5

62 .4

87 9
96 4
118 2

285 .7
284 .2
301 .2

43.3
43.5
44.2

32 .2
33 .2
34 .3

232 1
251 0
231 2

39.5
41.9
44.3

62.0
67.0
60.9

81.1
82.4
80.8

131 .7
142 .6
142 .5
152 . 4
153 .1
155 .6
151 .3
145 .9
146 .6
143 .1

18 .9
20 .2
20 .1
19 .6
27 .4
25 .6
22 .9
20 .6
20 .3
19 .9

9
4
7
2
119. 7

75 .7
82 . 4
86 .2
89 .1
93 .1
88 .1
89 .1
84 1
92 .1
86 .0

113 4

275
278
331
356
370
381
388
400
389
383

.9 44.9
.3 45.3
.3 47.0
.9 48.3
.5 48.0
.0 47.5
.0 50.2
.1 48.9
.0 45.0
.3 41.9

38 .5
41 .2
45 .6
49 .1
47 .2
45 .2
43 .2
40 .3
36 .4
32 .7

239 3
213.3
213 9
199 4
181 7
167 5
168 7
160 5
170 3
181 1

44.5
45.4
45.3
41.2
42.3
44.8
45.6
45.1
43.6
49.0

61.5 87.7
61.9 90.4
67.5 91.1
63.8 90.4
62.5 95.2
63.4 97.1
61.2 103.8
62.0 108.1
59.2 99 A
68.2 79.3

31. 1,287.0 215 .8
3 1 . 1,436.7 201 .1
3 1 . 1,612.9 301 .8
3 1 . 1,455.2 249 .7

1953—Jan. 3 1 . 1 , 5 9 1 . 4
Feb. 2 8 . 1.610.0
Mar. 3 1 . 1,692.5
3 0 . 1,744.0
M a y 3 1 . 1,827.9
3 0 . 1,801.9
June
July 31 . 1,777.5
Aug. 3 1 . 1,807.4
Sept. 3 0 P 1,834.4
Oct. 3 1 * 1,730.8

71.
83.
75.
81.

133.6
83. 5

132. 5
164. 4
110. 0

69.2
79 .3

126 5
123.9

125
122
121
130
129
115
116

4
0
6
4
9
6
2

Other
Vene- Latin
zuela America a

121.7
143.2
85.2
71.9

184.1
207.4
71.3
87.8

21.6
19.9
25.6

94.8 141.6
92.8 126.2
94.1 145.5

113.4
112.5
117.4

40.1
44.2
54.8

94.2
97.3
91.7
94.1
90.2
88.5
91.3
89.6
89.0
93.5

128.8
133.6
138.6
137.8
139.6
140.9
139.7
135.2
131.7
124.7

52.2

48.9
44.7
42.1
39.2
33.7
28.7

124.3
103.9
117.3
143.2
186.4
156.8
166.5
165.2
197.8
173.1

Tal Die 2c.—Asia and All Other

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

Formosa
Philippine Thai- Tur- Other All
and Hong
Indoland key Asia3 other
China Kong India nesia Ira n Israel Japan ReMainpublic
land

Asia

Date

31.
31
31.
31.

1,151.8 216.2 51.1
961 0 110 6 83 9
1,378.5
81.7 86.1
1,609.6
87.4 62.4

51 . 8 41 .5
63 3 15 7
55 .7 114 .7 20 .3
62 .1 140 .6 25 .5

81.4 488 .3
214.6 297
12.6 458.5 374 .4
26.6 596.0 329 7

48 .2
96 .7

Egypt
and
Union
BelAus- gian Anglo- of
tralia Congo Egyp- South Other*
tian Africa
Sudan

17.5 204.0 167.4 22.2
9 . 8 165.7 179.5 32.4
14.3 111.9 254.5 19.1
14.1 168.4 297.4 38.5

27.7
61 6
75.6
54.5 110.7
58J

15.8 101 . 6
6 0 79 '5
44.0 57 .7
7.0

86 . 8

1952—Oct. 31
Nov. 3 0 .
Dec. 3 1 .

1,781.9
1,812.9
1,845.0

83.3 70.2 54 .1 64 .9 20 .1 27.9 767.5 321 8 166 .6 9 . 7 195.8 321.5 50.1 96.6
80.3 70.7 55 . 0 60 . 0 18 .9 19.3 789.1 315 1 176 .5 11.0 217.1 328.1 48.4 105.2
76.4 70.9 64.6 61 . 0 19 .2 18.8 808.0 315 1 181 .0 8 . 4 221.5 335.6 47.2 118.6

72.1
62.0
59.7

13.3
23.0
23.6

89 . 4
89 . 5
86 . 5

1953—Jan. 3 1 .
Feb. 2 8 .
Mar. 3 1 .
Apr. 3 0 .
May 3 1 .
June 3 0 .
July 3 1 .
Aug. 3 1 .
Sept. 3 0 P
Oct.

1,855.3
1,901.5
2,012.6
2,005.6
1,966.7
1,935.3
1,948.2
1,963.4

73.5
72.8
70.7
72.1
72.1
71.3
71.6
73.3
75.9
77.1

117.8
119.5
125.9
124.9
130.5
126.3
119.4
112.5
119.4
110.6

58.4
55.1
53.4
54.1
54.4
55.2
45.3
44.5
43.2
44.7

36.3 90 .1
38.1 93 .5
33.2 91 . 9
36.0 88 .7
33.3 94 . 0
37.4 97 . 8
37.2 101 .7
39.6 93 .4
37.4 99 .6
44.7 90 .1

2,001.1

2,000.9

p Preliminary.
beginning January
2
Beginning January
•Beginning January
4
Beginning January

JANUARY

1954




72.0
71.4
71.4
70.1
67.3
67.2
68.2
68.5
68.8
67.9

1950, excludes
1950, excludes
1950, excludes
1950, excludes

70 .2
75 .1
76 . 3
85 .3
92 .3
87 .4
89 .1
93 .5
92 .7
95 .3

58 . 0
60 .7
67 .3
64 .3
58 .9
38 .4
39 .6
33 .6
35 .1
34 .7

16 .5
16 .4
19 .3
19 .5
17 .1
17 .8
20 .3
22 .9
31 . 0
47 .4

26.2
22.7
15.4
15.3
16.4
16.5
14.2
19.6
19.5
18.3

821.6
862.8
897.1
892.6
882.9
891.7
910.2
919.4
932.2
912.0

309
313
324
327
326
307
303
309
308
303

6 186 .7
7 190 .4
8 193 .0
9 194 .8
1 192 .1
4 197 .5
0 191 .9
8 188 .2
8 191 .3
3 187 .1

10.2 210.7
8 . 6 206.9
8 . 8 268.4
8 . 4 255.3
7 . 4 234.2
8 . 0 232.2
6 . 3 233.9
8 . 4 226.4
14.2 231.6
16.7 241.0

353.7
358.4
359.1
361.5
378.7
384.1
358.2
343.9
354.1
351.3

51.1
52.3
54.8
57.9
66.5
67.3
54.6
53.9
54.6
61.2

Austria, Czechoslovakia, and Poland, reported separately as of that date.
Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
Iran, Israel, and Thailand, reported separately as of that date.
Belgian Congo, reported separately as of that date.

97

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
[Amounts outstanding, in millions of dollars]

1948 —Dec.
1949 —Dec.
1950 —Dec.
1951—Dec.

NethUnited
King- France
erdom
lands

Total

Date

1,018.7 24.5
827.9 37.2
898.0 105.7
968.4 35.0

31
31
31
31

1.018.7
1,021.1
L.048.7

35.8
33.8
30.3

1,036.0

1952—Oct. 31
Nov. 30
Dec. 31
1953—j a n . 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct 31 P

32.5
35.4
35.8
23.4
27.3
28.7
28.5
26.6
33.9
39.5

1
1,034.1

,040 6

L.029.9

.

...

119.0
51.8
31.4
10.1

976.8
947.7
920.5
917 9
900.6
905.9

9.4
7.6

31.9

Switzerland

51.4
5.2
3.4
5.0

28.6

6.4

8.8

6.2
6.9
5.9

8 2
8.8

9.5
7.8
10.5
9.7
9.9
9.8

5.6
5.1
5.2
5.7
7.2
9.1

Latin
America

Asia

All
other

106.3
98.5
67.1
111.2

323.8
219.2
237.0
182.8

39.8
37.6
125.8
92.0

516.6
411.1
378.8
489.3

118.8
139.7
96.3
162.4

19.7
20.4
60.0
41.9

17.8

79.0
82.7
81.9

151.4
154.8
173.4

73.7
73.8
62.3

638.6
641.8
662.0

132.8
127.9
128.6

22.2
22.8
22.4

22.9
20.2
25.3
25.6
25.5
24.8
22.1
22.2
21.7
20.0

78.4
72.9
70.9
74.8
71.3
70 0
75.4
84.1
90.7
93.8

182.4
156.7
161.5
152.4
151.9
151.7
155.7
161.7
175.8
187.5

56,3
57.8
61.3
60.6
57.4
58.3
49.6
42.0
56.7
80.7

647.5
676.9
672.7
663.0
636.1
603.9
591.2
594.2
541.5
503.4

125.9
124.0
125.5
132.0
110.3
112.1
103.6
100.2
106.3
112.0

24.1
18.7
19.6
21.9
21.1
21.6
20.4
19.8
20.3
22.3

Greece

Norway

Portugal

Spain

Sweden

Yugoslavia

All
other 1

8.4
7.4

.7
.5
.5
.8

2.9
1.6
18.8

1.4
2.3
6.9
5.4

6.0
(»)

29.8
22.6
4.0
4.0

17
8

.5
.6
.5

12.6
11.8
11.2

3.3
3.0

2.5

8.0
7.9
8.6

7
7

.5

9.4

2.6

7.8

.6
.5
.5
.5
.5
.5
.4
.5
.4

5.7
5.9
7.5
6.7
6.9

2.2
2.4
3.2
2.9
2.4
2.6
1.8
2.2
1.7

3.9
1.5
3.5
4.5
4.7
5.3
5.8
4.2
5.3

8.0
9.2
7.1

4.4

4.4

Canada

15.8
22.6
20.7
10.3
16.4
17.2

6.9
3.8
8.7
11.2

2.7

Other
Total
Italy Europe Europe

13.5
13.2
14.2
13.9
12.8
15.2
14.0
13.4
12.4
15.4

j
Table 3 1.—Other Europ<

Other
Europe

Date
1948 —Dec.
1949 —Dec.
1950 —Dec.
1951 —Dec.

31
31
31
31

106.3
98.5
67.1
111.2

1952 —Oct. 31
Nov. 30
Dec. 31

79 0
82.7
81.9

1953—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31 P

Austria

78.4
72.9
70.9
74.8
71 3
70.0
75 4
84.1
90 7
93.8

.2
(s)
1.0
1.0

.8
.3
.2
.2
.1
.1
.1
.2
.4
3
.1

Belgium

Denmark

Finland

Germany

21.4
19.3
21.5
39.6

.6
.4
3.2
4.8

3.4
8.2

30.5
30.0
25.4
28.3

1.2

13.2
17.7
16.2

2 8
3.3
2.1

3.8

28.0
25.4
26.8

.2

16.2
15.8
14.8
14.1
12 4
11.6
12 2
10.3
11 1
11.0

3.5

5.1

.2

4.3
5.1
3.6
1.5
1.3

4.4
5.1
4.1
2.9
3.8
3.5
3.4
2.3
2.7

24.1
27.3
27.2
30.2
31.0
30.9
27.0
30.3
33.6
35.7

2 3
3.5

4 3
5.7

2.2
3.1
4.0

5.6

.2
.2
.2

.2
.1
.3
.1
.2
.1
.1
.2
.4
.5

1.4
2.5
L.9

S
1
1.1
.8
.8
1.0
.9

7.0

14.4
20.3
24.1
22.6

3.9

3.8
5.8

5.4
7.0
6.6
6.5
6.7
7.3
6.5
6.4
6.9
6.7
7.1

Table 3b.—Latin America

Latin
BoAmer- Argen- livia
tina
ica

Date

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

31..
31..
31..
31..

516.6 72.4
411.1 53.6
378.8 45.9
489.3 7.6

1952—Oct. 3 1 . . 638.6
Nov. 3 0 . . 641.8
Dec. 3 1 . . 662.0
1953—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 31. .
Sept. 30P.
Oct. 31 P .

8.1
9.3
8.2

647.5 7.4
676.9 7.2
672.7 7.1
663.0 7.7
636.1 10.2
603.9 9 . 0
8.0
591.2
594.2 7 . 6
541.5 7 . 5
503.4 7 . 0

Brazil Chile

2.7 165.4
2.3 136.9
8.7 78.0
7.5 185.0

15.2
15.5
6.8

24.8

Colombia

Cuba

32.6
21.1
42.5
43.7

83.1
27.5
27.6
32.3

NetherDolands
minican Guate- Mex- West
Reico Indies
mala
and
pubSurilic
nam

"i!9*
1.8

"i'.i'
3.8

73.8
73.0
70.6
90.6

1.5
L.3
L.3
1.2
L.2
L.3

6.2 356.2
6.0 354.5
5 . 8 356.4

18.3
20.5
26.4

34.9
36.0
41.7

36.1
30.6
32.5

1.6
1.7
1.6

3.2
3.5
4.2

88.4
90.3
88.6

353.2
383.3
370.7
382.7
367.4
325.1
317.2
319.7
274.7
204.6

23.4
19.4
19.0

36.4
36.8
37.8
38.9
39.8
47.7
44.4
48.9
47.4
47.1

26.5
30.7
37.8
34.9
27.2
27.0
28.8
24.0
21.6
41.8

1.8
2.3
2.9
2.8
2.7
2.9
1.9
1.9
1.7
1.7

4.4
4.9
4.4
4.5
3.1
3.2
3.2
3.0
3.6
4.2

94.2
94.5
96.1
86.9
83.0
88.3
86.4
89.0
79.3
86.3

6.5

10.7
J3.4
14.6
15.4
14.7
14.3
13.4
13.2
11.9

9.6
9.0
7.5
7.7
7.5
7.5
6.1

1.3
1.4
L.9

2.1
2.2
2.5
2.1
2.4
2.2
1.8
3.0

Peru

Republic of
Panama

Other
El
UruLatin
Sal- guay Vene- Amerzuela
vador
ica8

5.8
11.0
11.8

4.6
5.3
3.1
3.0

11.7
13.2
14.8

4.4
4.2
6.5

9.0
9.1

15.7
17.2
14.7
12.5
13.7
14.3
13.7
15.1
16.8
17.7

5.7
5.0
4.2
5.4
4.9
5.4
5.6
5.4
5.8
4.9

8.5
6.8
4.9
5.0
3.4
4.0
3.3
3.7
4.8
6.0

4.4

"i'.i'
9.5
7.1

10.5

26.0
25.6
49.4
41.7

34.7
43.1
14.6
14.5

14.3
12.9
14.3

33.1
35.6
36.7

13.9
13.2
13.7

14.0
9.2
7.3

34.2
33.0
35.7
33.4
35.1
35.2
35.6
35.4
36.3
39.2

14.3
14.1
14.8
14.5
14.0
13.9
15.5
14.2
16.1
18.2

7.4
4.6
3.6
3.3
3.2
3.4
3.8

'Preliminary.
1
Beginning January 1950, excludes Austria, reported separately as of that date.
»Less than $50,000.
'Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.

98




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
Table 3c—Asia and All Other

Asia

Date

1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

31..
31..
31..
31..

1952—Oct.

31..

Nov. 30..
Dec. 3 1 . .
1953—j an , 31 > #
Feb. 2 8 . .
Mar. 31. .
Apr. 3 0 . .
May 3 1 . .
June 3 0 . .
July 3 1 . .
Aug. 31. .
Sept. 30*>.
Oct. 31 P .

118.8
139.7
96.3
162.4
132.8
127.9
128.6
125.9
124.0
125.5
132.0
110.3
112.1
103.6
100.2
106.3
112.0

Formosa
Philand Hong
ippine Thai- Tur- Other All
IndoChina Kong India nesia Iran Israel Japan Reland key Asia* other
Mainpublic
land
24.2
16.6
18.2
10.1
10.1
10.1
10.1
10.4
9.8
9.4

3.4
3.7
3.0
3.1
.9
1.3
1.2
1.9
2.4
2.0

20.4
17.4
16.2
13.4
3.5
3.7
4.3
3.6
3.3
4.0

8.8

2.7

3.9

8.5

2.6

3.4

8.4
8.1
8.2
7.9
8.5

2.1
2 3
2.3
2.9
2.9

3.1
2 9
2.5
2.7
2.9

1.9
.2
.2
.3
.9
.7
.9
.8
.6
.6

6\6

9.3
10.1
10.2
10.2
10.2
10.2
10.9
. 6 11.7
.8 12.6
1.1 12.8
1.2 13.3
1.6 13.9
1.1 13.0
.6 14.2

18]9
30.0
18.7
17.4
15.1
25.9
25.1
25.2
24.2
20.5
19.4
17.8
18.8
24.4
25.9

15.9
14.1
12.1
12.2
12.6
12.2
12.5
11.5
15.6
17.0
20.0
14.2
16.6
18.8
17.1
20.5
17.7

37.3
23.2
4.9
29.3
6.4
3.0
7.6
10.7
11.6
10.0
14.2
13.6
11.8
10.8
10.1
9.4

4.3
5.3
4.5
5.2
5.9

1.4
14.3
.9
.6
51.0
47.4
38.8
26.7
21.2
18.6
17.4
10.5
11.3
8.7
4.5
1.0

5.5

6.2

7.7

1.5

2.5
3.4
4.0
3.3
2.6
3.0
6.1
4.8

14.3
50.3
13.9
51.6
15.3
17.7
24.6
21.6
21.3
21.6
23.8
20.2
20.4
15.5
15.5
16.7
19.7

19.7
20.4
60.0
41.9
22.2
22.8
22.4
24.1
18.7
19.6
21.9
21.1
21.6
20.4
19.8
20.3
22.3

Egypt
and Union
BelAus- gian Anglo- of Other2
tralia Congo Egyp- South
tian Africa
Sudan
4.7
7.9
40.8
22.8
8.7
10.0
10.1
9.2
6.4
7.0
7.2
7 2
6.3
6.3
7.0

6.7
6.6
7.1
5.9
5.7

.4
.2
.3
.2
.5
.1
.5
1.0
.8
.3
.9
1.0
.3
.2
.2
.1

5.8

5.7

.2

7.6

4A

5.7
6.7
6.5
6.0
7.0
6.6
6.5
7.1

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES
(Inflow of Foreign Funds)
[In millions of dollars]
U. S. Government bonds and notes*
Year or month
Purchases
1948
1949
1950
1951
1952
1952—October
December
February
March .
April
May
June
July
August
September^
October?

282.4
430.0
1,236.4
673.6
533.7
188.8
49.4
45.0
42.6
27.6
26.3
12 9
145.5
28 8
36.6
30.1
. ...
43.1
29.4

Corporate bonds and stocks*

Sales

Net
purchases

Purchases

Sales

Net
purchases

330.3
333.6
294.3
1,356.6
231.4
18.8
21.1
17.0
14.9
37.5
18.6
9.6
136.7
22 7
82.3
29.3
115.4
28.8

—47.9
96.4
942.1
-683.0
302.3
170.1
28.3
27.9
27.7
-9.8
7.7
3.3

369.7
354.1
774.7
859.8
850.3
77.2
69.8
93.7
81.8
76.2
85.8
71.3
61.7
65.0
56.2
49.7
71.2
53.3

514.1
375.3
772.3
761.0
837.7
61.5
56.3
89.4
75.6
64.9
85.8
73.9
64.3
51.1
48.3
47.3
45.1
51.8

—144.3
—21.2
2 4
98.7
12.6
15.7
13.5
4.3
6.2
11.3
(•)
—2.6
—2.7
14 0

8.8
6.1

-45.7
.8
-72.3
.6

7.9

2.4
26.1
1.5

7.9
4.5
7.3
6.7
2.3
2.6
2.0
2.5
2.1
2.7
2 8
2.8
2.9
2.9
2.9
2 3

6.8
7.7
72
6.5
4.0
3.6
3.8
4.4
2.8
3.1
3 5
3.4
4.6
3.9
4.6
5 1

2.7

7.8

8

Total
purchases

Total
sales

Net
purchases
of
domestic
securities

652.2
784.1
2,011 1
1,533.3
1,384.0
266.1
119.2
138.6
124.4
103.8
112.1
84 2
207.2
93 8
92.8
79.7
114.3
82.6

844 4
708.9
1,066 6
2,117.6
1,069.0
80 3
77.5
106.5
90.5
102.3
104.4
83 5
201.0
73 8
130.5
76.5
160.5
80.5

— 192 2
75 2
944 4
—584 3
314 9
185 8
41 8
32.2
33 9
1.4
7.7
7
6 2
20 0
—37 8
3.2
-46.2
2.1

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY TYPES 3
(Return of U. S. Funds)
[In millions of dollars]
Foreign bonds

Foreign stocks
Year or month
Purchases
1948
1949
1950
1951
1952
1952—October

March
April
May
J U ly
August
September**
OctoberP

Sales

Net
purchases

Purchases

Sales

Net
purchases

81.7
88.8
173.8
272.3
293.9
22.1
19.5
26.8
25.4
24.7
27.5
21.8
16.9
44.9
23.1
18.6
23.9
23.1

96.7
70.8
198.2
348.7
329.6
20.8
16.5
20.9
26.1
24.3
37.6
20.8
41.8
21.9
21.2
18.5
16.3
18.4

-15.0
18.0
-24.4
-76.4
-35.8

211.6
321.2
589.2
500.4
495.3
87.6
18.2
25.7
33.0
29.4
29.7
29.2
111.7
62.1
46.2
20.0
23.2
74.8

291.4
311.5
710.2
801.0
677.4
77.8
14.1
75.7
51.5
67.8
43.0
58.2
19.0
32.8
50.3
17.9
16.9
111.1

-79.8

1.3
3.0
5.9

-.7
.4

-10.1
1.0

-24.9
23.0
2.0
.1
7.7
4.7

9.8

-121.0
-300.6
-182.1
9.7
4.1

-49.9
-18.4
-38.4
-13.3
-29.0
92.7
29.3
-4.1
2.1
6.3

-36.3

Total
purchases

Total
sales

293.3
410.1
763.0
772.7
789.1
109.6

388.2
382.3
908.4
1,149.7
1,007.0
98.6
30.7
96.6
77.6
92.1
80.6
79.0
60.8
54.7
71.5
36.4
33.1
129.5

37.7

52.6
58.4
54.1
57.2
51.1
128.6
107.1
69.3
38.6
47.1
97.9

Net
purchases
of
foreign
securities
—94 8
27.8
-145.4
-377.0
-217.9
11 0
7.1

-44.0
-19.2
-38.0
—23 4
-28.0
67.8
52.3
-2.2
2.2

14 0
-31.6

P Preliminary.
1
Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported separately as 4 that date.
of
3 Includes transactions of international institutions.
Through 1949 includes transactions in corporate bonds.
5
6
Through 1949 represents transactions in corporate stocks only.
Less than $50,000.
JANUARY

1954




99

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES,
BY COUNTRIES
(Inflow of Foreign Funds)
(Net sales, (—). In millions of dollars]
Year or
month
1948
1949
1950
1951
1952

..

1952—Oct
Nov....
Dec....

International
institutions

Total

7 6
87.0
121.2
—15.9
14.7

—199 8
— 11.8
823.2
—568.4
300.2

11.3

174.5
40.9
31.3

.9
.9

1953—Jan
25.5
Feb....
10.5
1.0
Mar....
Apr....
-1.2
5.2
May...
1.3
June...
.5
July...
Aug.. . . - 4 . 2
Sept.p.. - 1 4 . 1
Oct. P . . - 8 . 2

United
Kingdom

France

6.0
5.5

5.8
2.1

10.0
2.5
-.6
5.4
9.0
6.8
2.6
4.2

18.7
-38.3
7.4

-32.2
10.3

5.4
5.3
4.5

1.3
-.4
.6
.1
.4
2.0

11.4

6.8
-.5
1.0

-2.7
— .6
-2.2
-2.1
-1.3
-3.4
-5.4

13.4

-49.0

1.0
.7
.3

(i)

-.9

-.5
.2

-2.7

Total
Europe

Canada

2.6
2.2

—190.4
36 5
347.5

7.5
—49 !o

1.5
-.7
1.9
.5

73.8
—43.8
6.2

111.4

.2
-.1
-.3

3.9
3.3

-1.2

45.9
10.2
13.4

2.0

20.4

-7.7
-1.4

10.0

0)

6.7
4.4
2.7
2.5
5.2
2.5
5.5
9.6
1.2

-1.1
— 1.9

Other
Europe

Italy

—40.0
44.2
19.0
45.9
50.7

.1
.5
1.2

1.8

-9.1

—79.3
—25.5
-6.3
—22.2
—21.9

—82 8
—6.8
197.8

9.1

20.9
64.0
21.4
70.4
38.9

8.4

Nether- Switzerlands
land

.1
-.2
-.1
-.7
.1
.4
.1

9.2

-.5

.1

0)

0)

-.2
2.6

-1.5

.5
1.7

0)

0)

.8

11.4
-36.3
11.4
13.7
4.7

458.2

—595.5

191.6
126.1
27.2
16.3
-10.3
-8.8
-3.8
-1.0

Latin
America
10.2
2 5
30.1
13.9

—23.3
2! 1
—15!3
4.8

—3.9
2
2.7
— .7

4.7

—9^5

1.1
3.4
.1

1.2
-.1
1.0

.1
.2
.5

-1.1
— .4

.3
.1
-.5

-.9
.6
.2

.8
1.4
.8
.8
1.5
2.3
.3

— .4
6.0

-3.1
-6.5
-47.5
-10.9

All
other

Asia

0)

.2
.1
-.2
.5
.4
.1

11.8

1.9

-1.0
— .5
.4

— .1
-.3
1.0
4.7

TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES
Other Europe; Latin America; and Asia

Year or
month

1948.
1949
1950
1951
1952
1952—Oct....
Nov. . .
Dec. . .

Other AusEurope tria 2

2.6
-.3
1.6
-.9
12.6 36.7
5.7 - 3 8 . 1
c
6.0

2.6
2.2
18.4
73.8
- 4 3 . 8 -11.9
.4
6.2
3.9
3.3
— 1.2

2.0
1953—Jan
Feb.... - 7 . 7
Mar.... - 1 . 4
Apr
.1
May...
0)
June...
July...
2^6
Aug.. . . - 1 . 5
Sept.p .
Oct. P ..
1.7

— .2
.6
— 1.5

0)

3.2
3.1
-.1

.9
.9
-.1 -6.8
.2 -.1

0)
(")'
0)

c

0)
C1)
0)
0)
2.0

2 2
-2.8

Colombia

All Latin
other America

Norway

Belgium

E

0)

Republic Uru- Other
Latin
of
1
Pan- guay America
ama

Mexico

Cuba

10.2
2.5
30.1
13.9
4.7

c

3
.9
-.3

.2 - . 8
1.2 - 1 . 0
- 1 . 2 24.6
6.1
.5
.2
-.8

2.9
.3
.5
2.5
2.6

1.1
3.4
.1

.3
1.4
6.0

-.2
-.3
.4 0)
-.1 -1.6

.1
.3
1.1

.8
2.3
.4

.4
-.2
-.3
3

-.6
.3
.7
1

.2 -1.1 -1.3
-.6
— .4 - . 3
-.1
-1.5
.8
14
c
-.1
.8
0)
.8
— .6
1 5
2.3
1.4
0)
1.0
0)
11.8
0)

0)
0)

.8

-.3

e

.6
.1
11.7

C

12.6
-2.1
11.1
1.5
6.6

0)
0)

_ .4
_3
.2
«4

'.3 -2.t
1
-.1

2.0
_ 3
.6

— .1
— .]

0)

Asia

-23.3
-2.1
-15.3
4.8
-9.5
1.2
1.1
-.1
.6
1.0
.4

-4.7
4.2
.1 -5.6
.8
2.6
-6.5
2.7

(1
c

Formosa
Philipand Hong pine Other
China Kong ReAsia
Mainpubland
lic

.1

.3
.1

0)

-.6
.3
.2
1.2
1.0
1 0
.6
c

— .5

.4
.2
-1.2
.5
-1.0
5.5
.9 -15.6
2.3
7.0 - 2 . 1
0)
1.3 - 1 1 . 4
.9
.2 0)
.9
.1
.1
— .1 0)
.1
1.1
-.1

-22.7
-7.2
-3.0
-.2

.2

0)
0)

0)
.1
-.2
.5
.4
.1

0)
0)

.1
.1
.6

0)

8

.3
.1
— .5
— .2
.2

0)
0)
0)
0)
0)

0)

8

— !i
-.2
C1)

0)

-.1
.1
.1
.2

0)

.1
.1
.5
.1
.1

TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED
IN THE UNITED STATES, BY COUNTRIES
(Return of U. S. Funds)
[Net sales, (—). In millions of dollars]
Year or
month

International
institutions

1948 . . .
1949
1950
1951
1952

— 16.0
—3.6
— 152.7
-118.1

1952—Oct
Nov
Dec

-58.8
-.8
-.7

(i)

1953—Jan... .
0)
9.5
Feb.. ..
-.1
Mar....
3.4
Apr....
-.5
May...
2.1
June...
July...
-2.2
-.3
Aug
Sept.? .
0)
Oct.p . . - 7 3 . 1
Preliminary.
iLess than $50,000.

100




Total

United
Kingdom

—94.9
43.8
— 141.8
—224.3

—9.9
—13.5
-6.1
-2.0
-4.4

—4.3

4.0
-.7

.1
-.1
-.4

-99.8
69.8
7.9

-43.3
-19.2
-47.5
-23.3
-31.3
68.3
50.3
.1
2.5

14.0
41.4

-1.1
-.3
.3
2.9

0)

-1.1
21.7
-.1
-.2
-.2
5.8

France

.4

— 1.3
-4.1
4.9

.3
.3
.6
1.2
.4
.9

0)

-.1
1.9

0)

Nether- Switzerlands
land
-5.3
— .1
—4.7
2.8

-8.7
— 2
—A
3.9

-1.5
1.4
.1
-.3

0)

-.4
-2.8
-2.3
-.7
5.2

-35.4
19.1
17.2
14.2
8.7
1.8
.4
.7
2.1
1.1
.5
.5
2.2
2.3
2.1
1.9
5.2

15.7

Latin
America

Other
Europe

Total
Europe

Canada

.1
.4
.5
1.2
1.2

11.4
24.6

-43.4
30.8
13.4
28.5
19.9

—102.2
— 10.6
— 190.0
—258.6
-141.0

1.0

3.9
.7
.3

10.6

39.8

13.1

6.7

.3
3.5

8.8

.2
2.3

-1.6
-3.9

.7
.5
5.2
1.7
.7
1.6
.8
.4
1.2
5.1

1.7
3.8
9.4
3.1
2.1

1.1
1.9
1.3
3.1
.9
7.3
2.1
1.4
2.4
9.3

-4.1
-2.6
-1.7
-3.8
-2.1
-2.2
-2.7
— .4

Italy

0)

.2
.4
.1
.1

0)
0)

.2
.6
.1
-.9
1.9

7.8

16.4
18.2

26.3
.5
2

—46.0
-18.3
-47.9

-32.6
-33.8

67.2
22.9
-18.0

6.5

.3
5.1

33.7

-4.5

40 7
20.2
29 8
33*8
25.3

Asia

1.6
.8
1.0

—36.0
— 10.0

-.7
-.8

All
other

8.4

2 .6
3.9

7 .9

6.0
-.3
.2

.7
.4

-2.6

.3
.1
.2

-4.1
18.1
1.4
.7
3.8

»Not available until 1950.
FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 8.—INFLOW I N BROKERAGE BALANCES, BY
COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S.
and of Decreases in Balances Held by Brokers and Dealers in
U. S. with Brokers and Dealers Abroad)

TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR FOREIGN
CORRESPONDENTS *
[In millions of dollars]
Assets in custody

[In millions of dollars]

Total

Latin
America

-20.8

.6
8.0

:

Canada

1.0
3.0

—6.1
-1.8

1948
1949
1950
1951
1952

Europe

-19.3

Year or month

-3.3
-1.6

.1
.9
-3.0
2.8
-1.0

1.2
-1.3
4.4
-5.0
1.0

-1.8
-1.2

.2
-2.4
2.1

1.0
-1.0
.1

.7
-1.0
-1.1
-2.2

.4
— 2
— .9
.6
.1
-.8
.7
-.6
.2
-1.2

1952—October.
November. . .
December....
1953—January
February....
March
April
May
June
July
August
September?. .
October?

.3

.9

-7.8

-3.2

3.7

1.5

3.5

-4.8
-1.7
— 1.2

.3

-4.7
-1.3
4.7
-.5

-.2
-.6
1.8

-3.5
2

-4.9

-2.9

.2

-4.0

2.6

-.8
2.0

0)
2.0
1.1
1.6

—4.4
.8
6.7

-1.7
— .5
-.1

-6.1

Deposits

U. S. Government
securities 2

Miscellaneous 8

1951—Dec. 31
1952—Dec. 31

526
550

1,383
2,156

80
86

1953—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

31
28
31
30
31
30
31
31
30
31
30
31

586
511
536
506
515
527
566
524
512
448
417
423

2,182
2,170
2,246
2,425
2,455
2,449
2,378
2,588
2,641
2,674
2,694
2,586

85
89
90
97
95
101
95
95
94
97
99
106

1953—Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30

431
491
464
461
474

2,691
2,680
2,715
2,737
2,703

99
100
103
104
105

Date

Asia
and all
other

0)

.3

3.5
-.6
-.2

-.6

-1.7

.2
.6
1.0
1.4

* Preliminary.
Less than $50,000.
'Amounts outstanding (in millions of dollars): foreign brokerage
balances in U. S., 74.3; U. S. brokerage balances abroad, 37.9.
1

1
Represents dollar assets belonging to foreign monetary authorities
and the Bank for International Settlements. Excludes assets held for
the International Bank for Reconstruction and Development and
International Monetary Fund and earmarked gold. See footnote 4,
p. 103, for total gold under earmark at Federal Reserve Banks for
foreign and international accounts.
2
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 USSR
[In millions of dollars]
Production reported monthly
Estimated
world
production
Total
outside
reported
USSR*
monthly

Year or
month

766 5
805.0
840 0
864.5
840 0
864.5

1947
1948
1949
1950
1951
1952
1952—October
November..
December
February.
March
April
May. . .
July
August
September
October. .

705 5
728.1
753.2
777.1
758.3
780.9

Africa
South
Africa

Rhodesia

North and South America

West Belgian United
Africa1 Congo 2 States3

i
$1 =15 /si grains of gold 9/10
19.3
18.3
10.8
392 0
23.4
18.0
11.1
405.5
23.
18.5
12.9
409 7
24.
12.0
17.9
408.2
17.0
22. <
12.3
403.1
17.4
23.1
12.9
413.7

70 6
64.9
66 7

35 4
34.3
34.6

64.0
60.9
65.2
64 2
65 5
64.7

34.7
32.4
34.7
34 3
34.9
34.1
35 9
35 6
35 0
35.6

J .5
1.5
4

5
S
5

2.

1.1

2.
2.

1.1
9

2.
2.
2.
2.
2.
2.
2.
2
2.
2.2

L.2

Mexico

Colombia

fine: i. e., an ou nee of fine
75.8 107.5
16.3
70.9 123.5
12.9
67.3 144.2
14.2
80.1 155.4
14.3
66.3 153.7
13.8
67.4 156.5
16.1
6.8

6.0
5.9
4.5
4.3
5.2
5.2
6.1
6.0
6.8

1 2
I2

Canada

6 2
6.2
6.8

14.1
13.6
13.7
13.0
12.4
13.3
12.9
12.9
12.7
12.9
11 5
11.7
9.9

Chile

Nica- Austra- India 2
ragua*
lia

gold = $35.
13.4
5.9
5,7
11.7
6.3
12.6
13.3
6.7
6.1
15.1
14.8
6.2

7.4
7.8
7.7
8.0
8.8
8.9

32.8
31.2
31.3
30.4
31.3
34.3

8.9

.3
1.8

.5
.5
.4

.7
.8
.8

3 6
2.9
3.3

.7
7

1.4
1.2
1.2
1.2
1.1
1.0

.6
.3
.4
.4
.3
.4

.7
.7
.7
.7

2.9
2.8
3.1
2.9
3.0
3.4
2.8

.6
.6
.6
,7
.7
.5

3 7

6
7
.6

> 9
1.2
1

1.1

1
7
•5

1
1 ?,

Other

r

l.l
1 l
1.9

.9
.8
.9
8
.7
.8

6 1
6.5

5 7
6.7

7 9
8

7

' Revised.
Gold production in USSR: No regular government statistics on gold production in USSR 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.
s 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.

JANUARY

1954




101

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Estimated
United States
total world
(exd.
USSR)* Treasury Total*

End of
month
1947—Dec.. . .
1948—Dec
1949—Dec
1950—Dec
1951—Dec.. . .
1952—Dec.. . .

34,550
34,930
35,410
35,820
35,960
36,270

1953—Jan
Feb
Mar..

36,330

Apr
May

36,390
June...
July
Aug.. .
P36 480
SeDt
Oct
Nov.. ..

End of
month
1947—D ec
1948—D ec
1949—Dec>
1950—Dec
1951—Dec
1952—Dec

Egypt

53
53
53

22,754
24,244
24,427
22,706
22,695
23 186

22,868
24,399
24,563
22,820
22,873
23,252

22,986
22,662
22,563
22,562
22 537
22,463
22,277
22,178
22 128
22,077
22,028

23,079
22,751
22,649
22 639
22 590
22,521
22 353
22,275
22 220
22,146
22,112

28
140

174
174
174
174
174
174
174
174
174
174
174

573
573
573
573
573
573
573
576
576
576
576

165
184
184
185
210
210
224
247
259
282
303

End of
month

Portugal

El Salvador

South
Africa

1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec
1952—Dec

310
236
178
192
265
286

15
15
17
23
26
29

1953—Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept.. . .
Oct.. . .
Nov.. . .

297
298
305
311
318
324
330
331
337
348
350

29
29
29
29
29
29
29
29
29
29
29

1953—Jan
Feb
Mar.. . .
Apr
May....
June
July....
Aug
Sept
Oct

Nov.. . .

597

268

621
706

624
698

587
709
701
702
690
695
696
701
715
721
754
766

27
27

97
174
174

Belgium

322
143
216
216

Germany,
France* Federal Guatemala
Republic
of
548
548
523
523
548
573

#

Argentina

27
27
27
27
27
27
27
27
27
27
27
27
27

India

274
256
247
247
247

247
247
247
247
247
247
247
247
247
247
247

Bolivia

Brazil

23
23

Chile

23
23
23
21

354
317

317
317
317
317

294
408
496
590
850
896

45
43
40
40
45
42

21
21
21
21
21
21
21
21

317
317
317
317
317
317
317
317
317
317
317

900
904
911
924
934
944
951
960
970
976
984

Colombia

42
42
42
41
41
41
41
41
42
42
42

Indonesia
M80

Iran

178
209
280
235

142
140
140
140
138
138

218
208
208
208
208
208
177
168
163
150
150

138
138
137
137
137
137
137
137
137
137
137

Thailand

Spain

Sweden

Switzerland

762
183
128
197
190
170

HI

51

105
81
70
90
152
184

,356
,387
,504
,470
.452
1,411

165
173
174
173
175
175
175
176
175
175
175

51
52
52
53
53
54
54
54
54
54
54

195
194
194
194
194
193
203
204
206
219
219

1,417
1,417
,418
,418
1,432
,441
1,450
,452
1,456
,460
1,460

111
85
61
51

Canada

Italy

58

Mexico

Cuba

Denmark

Ecuador

Netherlands

96
256
256
333
346

100
42
52
208
208
144

231
166
195
311
316
544

346
346
346
346
346
346
346
346

149
178
179
180
181
172
173
174

567
597
605
605
605
615
662
683
723
733

P733

279
289
299
271
311
214

32
32
32
31
31
31

20
21
21
19
22
23

214
214
196
196
196
196
196
196
196
186

83
51
52
74

3-1
31
31
31
31
31
31
31
31
31
31

23
23
23
23
23
23
23
23
23
23
23

Norway

72
52
51

Pakistan

50
50

14
27
27
27
38

55
55
55
55
55
55
55
55
55
55
55

38
38
38
38
38
38
38
38
38
38
38

50

Peru

20
20
28
31
46
46
46
46
46
46
46
46
46
46

Inter- Bank for
national InterMone- national
tary
SettleFund
ments

Turkey

United
Kingdom

34
34
118
118
113
113

170
162
154
150
151
143

«2,079
«1,856
«1,688
«3,300
»2,335
«1,846

175
164
178
236
221
207

215
323
373
373
373
373

1,356
1,436
1,451
1,495
1,530
1,692

30
36
68
167
115
196

113
113
113
113
113
113
113
113
113
113

143
144
144
144
144
144
144
143
143
143
143

«1,978
«2,103
«2,166
82,273
«2,321
«2,367
8
2,456
»2,469
5
2,486
6
2,52O
5
2,561

207
207
217
217
222
222
222
222
222
222

373
373
373
373
373
373
373
373
373
373

1,692
1,692
1,693
1,693
1,693
1,698
1,699
1,700
1,700
1,700

215
214
233
242
211
193
195
188
198
195
190

Uruguay

Venezuela

p Preliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
^Figure as of Mar. 31.
6
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.

102




FEDERAL RESERVE BULLETIN

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES
[Negative figures indicate net sales by the United States]
(In millions of dollars at $35 per fine troy ounce)

Year or quarter

Belgium

—452 9
721.3
-.2
406.9
2,864.4
734.3
1,510 0
193.3
446.3
— 1,725 2 —1,020.0
75.2
469.9
393.7
440.0

1945
1946
1947
1948
1949
1950
1951
1952

United
Kingdom

31.1
14.2
222.8
69.8
-41.0
—55 0
-10.3
-3.8

Total

Netherlands

Portugal

Switzerland

Other
Europe x

Canada

Argentina

130.8
40.7
-23.5
— 79.8
-4.5
-100.0

-86.8
—47 9
80.2 - 2 9 . 9
-10.0
116.0 238.0
10.0
63 0
—5.6
3 0
-40.0
14.0
— 15 0 - 2 2 9 - 3 8 0
-34.9 -32.0 -15.0
-5.0
22.5

-7.4
27.3
86.6
5.8
2
-159.9
-68.0
-60.1
-29.3

36.8
337.9
311.2

—224 9
153.2

— 13 0

— 12 4
-11.9

France

278.5
264.6
15.8
-84! 8
-20.0

Sweden

3.4
—100.0
-10.0
7.2

in .5

114 1
-49.9
-49.9
-20.0

Cuba

Mexico

—85 0
—23 8
-30.0
36.9
-65.0
45.4
— 10 0
61 6
-10.0
-16.1
28 2 — 118 2
-20.0
-60.2
87.7

1950
—201 3
—30 4
-731 0
-762.4

-580.0
-360.0

-876.3
—55 6
291 A
715 7

-400.0
—80 0
320.0
629 9

-12.3
2 0

557 3
105.7
-1.3
—268 0

520 0

20 2

—80 0

—24.0

—599 1
— 128 2
-306.6

Jan -!Mar
Apr -June
July-Sept.
Oct.-Dec

—80 0

—35 0
—20 0

—320 0
—40 0
-120.0

—36 5
-3.4
-12.4

-28.5
-56.3

-79.8 -15.0

-3 0
-16.0
-4.0

-25.0

— 15 8
8 2
20.0

3.4

-47.1

-100.0

—40 5
-61.9

1951
Jan.-Mar.
Apr -June
July-Sept.
Oct -Dec

-91.7

-4.5 -10.0 -15.0
— 15 0
- 5 . 0 -17.0
—5 0

71.7

-15.0

-44.3
-11.2
-3.5
— 1.1

— 10.0

-49.9
—20 0

— 124 4
64 1

1952
Jan -M!ar
Anr -Tune
Tulv-SeDt.
Oct -Dec

22 5

— 10.1
-19.3

— 100 0 —5 0

6.9
.3

11 3
101.4
—20 0

—25 0

-54 9
-20.0
-10.0

—28 1

1953
Jan -]Vtar
Aor -Tune
July-Sept.

—25 0 — 15 0 - 1 0 . 0
-15.0
-40.0 -15.0 -10.0

-20.0
-25.0
-15.0

-71.7
-18.8
-82.8

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

Urugnay

Venezuela

Union
Other
Asia
of
Latin
and
Amer- Oceania South
Africa
ica

- 3 7 . 9 -73.1
-9.2
-4.9
-3.7
25.1
10.7 -108.0
- 1 4 . 4 -50.0
-64.8
22.2
14.9

-12.0
-2.0
-23.9
-26.9

1945
1946
1947
1948
1949
1950
1951
1952

-27.8 8 188.3
25.0
13.7
1.0
79.1
13.4
-4.1
- 7 . 5 -52.1
-17.2 -35.4
-17.2 -50.1
-4.8
-25.1
-10.4
-.9
— .1
-5.9

94.3
256.0
498.6
195.7
13.1
52.1
11.5

Gold stock at
end of period
All
other

3.7
22.9
11.9
6.9
-1.6
*-47.2
*-84.0
-2.0

1950
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec

.2
1.0
-13.9
-22.8

3.9 - 2 6 . 9
9.2 - 2 . 8
-14.7
-2.8

1951
-50.9

Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec

15.0
28.0
30.1

-.9

3.5
-4.0

-18.8
-2.4
-3.9
-25.0

-17.6
-7.4
-2.0
2.0

-3.2
-2.4
.4
.3

-3.6

-4.3
-1.2
-1.4

-11.7
-5.0

-28.0
12.7 - 2 5 . 0
20.3 - 3 1 . 0

19.2

1952
Jan.-Mar
Apr.-June
July-Sept
Oct.-Dec

10.0

"4.8

4.3
7.2

-.1
-1.9

1953

-10.0
-5.0

Jan.-Mar.. .
Apr.-June..
July-Sept..
1

" -'. i

Includes Bank for International Settlements,
includes sale of 114.3 million dollars of gold to Italy.
Includes sales of 185.3 million dollars of gold to China.
* Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars; and 1951, 76.0 million.
8
Includes sales of 45.0 million dollars of gold to Indonesia.
8

JANUARY

1954




Period
Treasury
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1952—Dec...
1953—Jan. . .
Feb...
Mar...
Apr. . .
May..
June..
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec.. .

22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23.186
*>22,029

Total i

(-)

22,739
- 2 3 . 0 315.7 - 4 5 8 . 4 125.4
21,981
-757.9
68.9 - 8 0 3 . 6 48.3
20,631 -1,349.8 -845.4 - 4 5 9 . 8 35.8
20,083
-547.8 -106.3 -356.7
32.0
465.4 51.2
20,706
623.1 311.5
210.0 75. S
22,868 2 2,162.1 1,866.3
24,399 1,530.4 1,680.4 - 1 5 9 . 2
70.9
24,563
164.6 686.5 -495.7
67.3
22,820 - 1 , 7 4 3 . 3 - 3 7 1 . 3 -1,352.4 80.1
617.6 66.3
22,873
52.7 - 5 4 9 . 0
23.252
378 9 684.3 —304.8 67.4
^22,090 P-1,161.1
(3) -1,170.8
(3)

23,186 23,252
22,986
22,662
22,563
22,562
22,537
22,463
22,277
22,178
22,128
22,077
22,028
*>22,029

EarNet
Increase gold im- marked Domesgold: de- tic gold
in total port or
crease
gold
export or in- producstock
tion
crease

23,079
22,751
22,649
22,639
22,590
22,521
22,353
22,275
22,220
22,146
22,112
P22.090

-252.6
-172.8
-327.5
-102.5
—10.0
-48.7
-69.4
-168.0
-77.4
-55.6
-73.3
-34.0
P-21.9

8.1

-263.2

5.9

- 2 . 2 -171.7
- 2 . 0 -324.1
3.5 - 1 0 6 . 5
7.0
-16.8
.1
-48.9
-2.0
-68.5
- . 5 -171.7
-.1
-78.8
-.1
-55.0
.6
-72.5
- .3 6
-35.1
( ) 4-21.2

4.5
4.3
5.2
5.2
6.1
6.0
6.8
6.2
6.2
6.8
6.2
(3)

p Preliminary.
1
See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions amounted to 6,483.8 million dollars on Dec. 31, 1953. 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.

103

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1953

1953

1952

1952

International Bank

International Fund
Oct.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions
Other assets
Member subscriptions
Accumulated net income

July

Apr.

1,700 1,699 1,693 1,691
1,310 1,332 1,338 1,293
4,920 14,885 4,640 4,390
812 1,057 1,354
799
1
1
1
8,739 8,737 8,737 8,737
-8
-8
-7
1953

Net currency purchased2
(Cumulative—millions of dollars)

Nov.

Oct.

1952
Sept.

Nov.

50.0 50.0 50.0 50.0
11.4 11.4 11.4 11.4
2
2.5
2.5
65.5 65.5 37.5 37.5
10.7 10.7 10.7
3.6
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
- 5 . 5 - 5 . 5 - 5 . 5 -5.5
4.5
4.5
4.5
125.0 125.0 125.0 125^6
100.0 100.0 100.0 100.0
8.8
8.8
8.8
50.4 14.0 14.0
48.1
30.0 30.0 30.0 10.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
- 1 . 6 - 1 . 6 - 1 . 6 -1.6

Australian pounds
Belgian francs
Bolivian bolivianos
Brazilian cruzeiros
Chilean pesos
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Finnish markkaa
French francs
Indian rupees
Iranian rials
Japanese yen
Netherlands guilders. . . .
Turkish liras
Pounds sterling
Yugoslav dinars
Allother
Total.

Sept.

Oct.

776.8 740.4 712.4 712.3

June

Mar.

Sept.

Gold
Currencies (balances with depositories
and securities payable on demand):
13
3
United States
Other
1,008 1,022 1,033 1,035
Investment securities (U. S. Govt. obli385
423
472
446
gations)
4
4
3
3
Calls on subscriptions to capital stock*.
Loans (ind. undisbursed portions and
ind. obligations sold under Bank's
1,484 1,487 1,445 1,330
guarantee)
18
14
15
17
Other assets
567
556
496
Bonds outstanding
556
Liability on obligations sold under guar70
76
59
66
antee
407
325
398
404
Loans—undisbursed
8
9
7
9
Other liabilities
82
77
63
71
General reserve
40
37
30
35
Special 3
reserve
1,808 1,807 1,807 1,807
Capital
1
Includes 5 million dollars receivable from a member country for
currency adjustment.
2
As of Nov. 30, 1953, the Fund had sold 914.0 million U. S. dollars.
In addition, other sales have included the following: to the Netherlands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian
francs (May 1948); to Norway, 200.0 million Belgian francs (June and
July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and
October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million
Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling
(September 1953) and 13.0 million pounds sterling (November 1953).
Repurchases amounted to 271.0 million dollars. Currencies the net
transactions in which amount to less than one million are reported
under "All other."
8
Excludes uncalled portions of capital subscriptions, amounting to
7,231 million dollars as of September 30, 1953, of which 2,540 million
represents the subscription of the United States.

CENTRAL BANKS

Bank of England
(Figures in millions of
pounds sterling)

1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.

Other
assets 3

Notes
and
coin

Discounts
and advances

Securities

1,100.0
1,250.0
1,400.0
1,450.0
1,450.0
1,325.0
1,350.0
1,375.0
1,450.0

12.5
13.5
20.7
23.4
100.8
36.1
33.7
19.2
14.1

2.5
5.1
8.4
13.6
15.2
16.7
14.8
29.2
18.2

307.9
317.4
327.0
327.6
331.3
401.1
489.6
384.0
389.2

1,575.0

51.3

11.2

L,500.0
1,500.0
4 1,550.0
1,550.0
1,550.0
4 1,600.0
4 1,625.0
4 1,575.0
1,575.0
1,575.0
1,575.0

52.9
37.3
63.3
38.2
19.8
62.2
29.0
32.2
45.2
45.5
27.9

6.5
7.1
6.2
13.8
6.0
8.1
10.7
3.6
5.2
12.9
7.6

Gold*

29
27
26
25
31
29
28
27
26

.2
.2
.2
.2
.2
.2
.4
.4
.4

1952—Dec. 31

.4

1953—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4

28
25
25
29
27
24
29
26
30
28
25

Assets of banking
department

Assets of issue
department

4

Liabilities of banking department
Note
circulation8

Deposits
Bankers'

Public

1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
1,357.7
1,437.9

234.3
260.7
274.5
278.9
315.1
314.5
299.2
313.5
299.8

10.3
5.2
5.3
10.3
18.6
11.7
11.6
15.4
13.4

371.2

1,525.5

302.8

10.0

343.2
389.9
359.0
354.8
384.9
346.9
369.1
367.8
356.6
343.2
362.9

1,448.9
1,464.7
1,488.8
1,514.0
1,532.4
1,540.2
1,598.8
1,545.7
1,532.7
1,532.4
1,549.9

274.5
292.6
288.3
261.8
260.3
276.7
274.8
277.5
287.3
287.3
288.8

11.5
9.8
14.6
13.8
15.7
9.8
9.8
8.8
10.7
9.9
10.4

ECA

Other

Other
liabilities and
capital

17.4
97.9
.4
.6

60.4
52.3
58.5
57.3
95.5
92.1
111.2
85.0
89.8

17.9
17.8
17.8
18.1
18.1
18.1
18.1
18.1
18.1

24.3

78.5

18.1

32.2
44.6
32.0
39.5
45.7
44.5
38.4
31.6
19.9
17.6
11.5

66.1
68.8
75.0
73.9
71.0
68.2
67.5
67.3
70.6
68.9
69.9

18.3
18.4
18.5
17.8
18.0
18.1
18.3
18.4
18.6
17.8
17.9

1
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. 7 and 25 million on Jan. 14; increased by 50 million on Mar. 25 and June 3 and
by 25 million on July 29; and decreased by 50 million on Aug. 26. For details on previous changes, see BULLETIN for February 1953, p. 194.
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.

104




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)

1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.

Gold

Sterling
and United
States
dollars

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8

127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
712.5
1.049.3
767.2

12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3

64.3
72.0
65.5
68.0
59.3
66.4
74.9
67.4
69.0
70.5
61.2

,351.2
,411.9
,371.0
,436.6
,364.8
,405.5
,451.6
,414.0
,385.7
,469.9
,378.6

803.0
817.5
810.9
796.0
821.4
852.0
838.5
830.9
824.9
812.1
894.9

82.3
88.8
79.4
86.5
99.9
100.2
87.5
83.0
81.0
118.6
89.7

Dominion
govern-

Other

359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
.561.2

217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6

10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2

9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5

28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9

,479.6
,472.8
,493.4
,504.8
,517.9
,529.0
,547.2
,549.7
,552.5
,555.9
1,559.3

603.1
668.0
601.1
646.7
594.9
647.6
646.6
617.8
616.9
733.6
625.6

40.5
88.6
60.6
48.3
45.6
47.9
43.8
66.4
15.4
3.8
50.3

47.6
51.4
66.5
76.8
72.1
82.6
68.7
35.2
37.8
37.2
43.4

130.1
109.3
105.1
110.6
114.8
116.9
146.3
126.4
138.0
140.8
145.7

Other

1953—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 30 .
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.

Other
liabilities
and
capital8

Chartered
banks

Shortterm1

38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1

31.
31.
31.
31.
30.
31.
31.
31.
31.
31.
30.
31.
31.

Note
circulation2

Liabilities
Bank of France
(Figures in
millions of francs)

Gold*

Foreign
exchange

Domestic bills

Advances to
Government8

Open
market6

Special

Other

Current

7,802
42
84,616
38
6,812
84,598
37
8,420
84,598
37
9,518
84,598
42
12,170
75,151
68
17,980
129,817
37,618
94,817
12
67,395
65,225
30
97,447
65,225
61,943 137,689
62,274
182,785 162,017 136,947
191,447
28,320 234,923
31,068 274,003
200,187

661
12
169
29
48
303
3,135
64
8,577
28,548
34,081
31,956
57,042

3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459

63,900
69,500
68,250
64,400
15,850
67,900
147,400
150,900
157,900
158,900
160,000
172,000

112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982

1953—Jan. 29.
Feb. 26.
Mar. 26.
Apr. 30.
May 28.
June 25.
July 30.
Aug. 27.
Sept. 24.
Oct. 29.
Nov. 26.

200,187
200,187
200,187
200,187
200,187
200,187
200,187
201,282
201,282
201,282
201,282

55,681
48,658
41,544
32,627
28,494
20,630
15,341
4,877
23,441
49,968
59,533

915,903
929,291
911,458
923,968
926,296
926,024
960,622
953,856
905,862
877,283
836,117

175,000
185,300
199,400
199,400
199,600
199,700
200,000
200,000
200,000
200,000
200,000

501,982
504,982
504,982
546,482
534,982
554,982
650,482
668,349
617,049
632,149
654,949

Note
circulation

Other

1940— Dec. 26.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 30.
1944—Dec. 28.
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec. 29.
1950—Dec. 28.
1951—Dec. 27.
1952—Dec. 31.

Other
assets6

16,040
16.502
16,734
14,700
14,896
15,088
2,275
2,870
4,803
9,319
12,444

262,363
263,286
252,386
281,119
291,555
281,415
262,811
276,048
260,777
272,559
255,680

Deposits7
Government

218,383
984
18,571
17,424
270,144
1,517
16,990 382,774
770
500,386
16,601
578
572,510
20,892
748
24,734
570,006 12,048
721,865
765
33,133
59,024
920,831
733
57,622
987,621
806
112,658 1,278,211
1,168
212,822 1 ,560,561
70
190,830 1,841,608
29
27
159,727 ,123,514
124,578
121,445
122,995
153,101
129,412
118,309
139,754
144,154
133,385
152,085
»15O,222

,065,210
,067,257
,051,991
,127,140
,065,483
,054,347
,163,216
,176,277
,141,807
,193,383
.168,977

56
55
10
60
64
46
70
41
73
96
78

ECA

Other

Other
liabilities
and
capital

27.202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
171,783
158,973
15.058 161,720
10.587 166,226
897 137,727

8
44,986
8

730 128,731
3,479 146,509
498 128,788
312 165,572
18,525 182,849
16,838 182,828
18,883 193,516
397 188,594
394 139,313
479 139,662
458 131,490

57,008
52,350
68,399
58,500
58,501
62,276
55,788
86,126
65,011
61,023
69,224

68,474
»21,318
H5,596
7,078
4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305

1
Securities maturing
2
Includes notes held
8

in two years or less.
by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 61940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853;
and November 1936, pp. 878-880.
6
For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
7
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly comparable with those shown for earlier dates.
8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 9 64,580; 1942, 16,857; 1943. 10,724.
Includes advance to Stabilization Fund, amounting to 19.4 billion francs on Nov. 26.
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.

JANUARY

1954




105

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
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
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
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad *
Foreign exchange (net)
Loans and discounts
Government securities
Other assets..
Note circulation
Deposits
Other liabilities and capital 1 . .
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) 4
Net claim on Int'l. Fund
Discounts for member b a n k s . . .
Loans to Government
Other loans and discounts
Other assets.
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 4

1953
Nov.

Oct.

1952
Sept.

1,623
1,623
1,328
1,180
3,208 3,190
55,405 54,694
263
222
23,626 23,152
33,900 33,573
410
407
3,892 3,777
492,055 487,588 485,934
5,928 4,148 8,763
413,808 386,373 415,582
29,090 32,870 44,163
335,113 333,113 332,613
251,530 251,730 251 ,730
33,849 28,619 43,951
320,388 297, 516 326,147
101
6,395
5,742
1,852
33
9,883
1,424
873
1,943

101
6,131
5,737
1,852
31
9,664
1,502
673
2,014

101
5,761
5,915
1,852
29
9,601
1,471
583
2,003

38,290
13,812
6,096
34,660
6,566
4,567
98,103
1,542
192
4,154

37,702
13,o79
7.108
34,660
6,887
4,840
98,602
1,896
187
4,193

36,050
14,762
6,935
34,660
9,004
4,219
98,501
1,488
184
5,457
(Aug.)*
4,418
2
7,883
2,893
2,505
197
9,774
1,885
6,238

259,680 281
81,400 74,
121,543 118
9,942 12
363,752 375
974 1,
61,986 65
45,853 44,
5,639 35,637
432
648

302,300
70,500
145,676
7,422
379,508
1,239
101,851
43,301
1 ,582
158

2,763 2,489 1,689
5,435 5,535 4,020
6,691 6,667 11,141
2,711 2,666 2,868
15,876 15,664 15,550
3,308 3,293 2,787
423
622
507
4,081 3,963 2,697
338,733 324,176 319,330
24,376 24,376 24,374

Nov.

1953

Central Bank
(Figures as of last report
date of month)

Nov.

Bank of t h e Republic of Colombia—Cont.
814
Loans and discounts
215
Government loans and securities.
2,125
Other assets
47,334
Note circulation
259
Deposits
18,788
Other liabilities and capital
27,775 Central Bank of Costa Rica
817
(thousands of colones):
3,366
Gold
Foreign exchange
Net claim on Int'l. Fund 4
327,280
Loans and discounts
5,625
Securities
Other assets
437,662
Note circulation
37,682
Demand deposits
315,668
Other liabilities and capital
National Bank of Cuba
157,595
(thousands of pesos):
47,197
Gold
287,789
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
98
Silver
1,981
Net claim on Int'l. Fund 4
6,396
Loans and discounts
2,854
Credits to Government
46
Other assets
8,678
Note circulation
290
Deposits
570
Other liabilities and capital
1,837 National Bank of Czechoslovakia 6
National Bank of D e n m a r k
(millions of kroner):
35,547
Gold
17,600
Foreign exchange
4,246
Loans and discounts
34,763
Securities
8,490
Govt. compensation a c c o u n t . . . .
4,088
Other assets
95,141
Note circulation
1,481
Deposits—Government
1,310
Other
6,801
Other liabilities and capital
Central Bank of the Dominican
1,516 Republic (thousands of pesos):
1,984
Foreign exchange (net) 4
1,858
Net claim on Int'l. Fund
1,830
Loans and discounts
350
Government securities.
5,503
Other assets
1,238
Note circulation
797
Demand deposits
Other liabilities and capital
Central Bank of Ecuador
423,813
74,000 (thousands of sucres):
Gold
55,528
Foreign exchange (net) 4
6,566
Net claim on Int'l. Fund
383,111
Credits—Government
6,000
Other
130,587
Other assets
40,208
Note circulation
Demand deposits—Private banks
Other
1,110
Other liabilities and capital
215
221 National Bank of Egypt (thou2,780
iands of pounds):
664
Gold
9,315
Foreign exchange
2,852
Foreign and Egyptian
11,364
Government securities
2,584
Loans and discounts
300
Advances to Government
2,910
Other assets
Note circulation
Deposits—Government
268,423
Other
24,372
Other liabilities and capital

Oct.

1952
Sept.

323,749 334 ,671 344,318
238,663 229 ,485 219,990
90,321 93,346 101,728
580,018 546 ,234 534,429
337,976 367,455 383 ,251
,455
97,847 92,366 92,060

Nov.

r

390,577
168,337
101,085
529,608
342,281
»-80,907

11,511 11,511 11,511 11,511
86,111 90,807 99,960 64,437
7,032 7,031 7,031
7,031
100,527 90,134 81,649 92,450
1,376
7,349
25,394 24,697 24,140 25,185
135,968 133,407 133,513 119,804
65,308 62,547 65,453 66,198
29,299 28,226 26,701 21,961
185,748 195,748 253,748
56,741 41,483 54,284
260, ,587 255 ,677 142,624
8,896 10,399 36,326
12,512 12,511 12,511
34,603 38,178 48,593
26,377 26,379 41,077
71,616 72,178 33,691
407,034 413 ,158 411,030
234,617 224,559 200,790
15,428 14,837

11,036

69
918
114
456
3,258
145
1,827
1,544
1,389
200

69
630
85
440
3,356
403
1,812
1,528
1,472
171

12,076 12,076 12,076
14,251 14,862 16,702
1,250
1,250
1,250
1,896
1,684
1,516
9,950 9,950 9,950
4,723
1,672
1 ,579
33,646 33,454 33,920
8,427
5,999
7,146
2,073
2,041
2,006

12,076
19,702
1,250
509

7,621
r
2,156
33,252
8,216
1,846

341,536 340,460 339 ,665
138,082 128 862 131,210
18,757 18 757 18,757
310,722 313 579 309,090
241,862 260 595 261,340
188,595 188 180 184,513
597,948 602 413 605,104
176,815 175 910 186,363
171,040 178 549 198,245
293,752 293 562 254,863

338,555
238,983
18,757
189,963
182,834
166,121
565,461
178,675
159,343
231,735

60,553 60,553 60,553
18,425 18,905 19,102

60,553
19,977

281,172 293,835 279,810
18,136 20,965 17,006

275,886
23,167
7,364
4,706
195,668
67,695
104,971
23,319

69
945
132
476
3,251
192
1,933
1,398
1,526
207

4,118
186,323
78,506
105,885
11,690

69
927
152
462
3,256
189
1,916
1,562
1,372
205

3,402
2,448
192,850 178,102
87,494 63,941
106,160 123,998
11,155 12,878

r
•Latest month available.
'Corrected.
Revised.
*On May 14, 1953, gold reserve revalued from 0.0148112 to O.OO467722 grams of fine gold per boliviano.
2
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
3
On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.
4
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
B
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.

106




FEDERAL RESERVE BULLETIN

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold

1953
Nov.

72 ,745
31 ,635
1 ,566
Net claim on Int'l. Fund 1
Loans and discounts
. ...
99 734
Government debt and securities.. 8 ,528
3 019
Other assets . . . .
85 ,847
Note circulation
45 ,965
Deposits
8 ,415
Other liabilities and capital
Bank of Finland (millions of markkaa)*
5 ,862
Gold
11 ,667
Foreign assets (net)
8 99 5
Clearings (net)
576
Loans and discounts
9
Securities
9 020
Other assets
45 590
Note circulation
. . .
6 ,391
Deposits
18 33?
Other liabilities and capital
2
Bank of German States
(millions of German marks):
1 973
Gold
6 ,547
Foreign exchange
Loans and discounts
9 190
6 ,153
Loans to Government
S80
Note circulation
.
. . . . 11 403
1 214
Deposits—Government
9 424
Banks
9 SO
Other
1 691
Other liabilities and capital
Bank of Greece (billions 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 and capital
National Bank of Hungary 4
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Foreign securities
Indian Govt securities
Rupee coin
,
Note circulation
Banking department:
Notes of issue department
Balances abroad
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital....
Bank Indonesia 5 (millions of rupiah):
1, 701
Gold 6
Foreign exchansre (net)
544
Loans and discounts
5 , 035
Advances to Government

Oct.

1952
Sept.

Nov.

Central Bank
(Figures as of last report
date of month)

Bank Indonesia—Cont.
Other assets
73 ,551
Note circulation . . .
15 ,877
Deposits—ECA
1 ,566
Other .
34 081
Other liabilities and c a p i t a l . . . .
6 ,590 Central Bank of Ireland (thousands
? ?08
of pounds);
85 ,220
Gold
41 ,253
Note circulation
7 ,490
Bank of Italy (billions of lire):
Gold
5 ,863
Foreign exchange
5 ,862 5 ,862
11 ,652 11 ,374
8 ,502
8 171 7 016
3 867
Loans and discounts
580 40 , 507 4 ? ,994
9 308
1 700
1 165
Other assets
1 ,898
1 036
1 ,926
Note circulation
45 497
4? 750 43 184
Deposits—Government
9 ,454 7 ,040
3 ,193
Demand .
...
Other
18 ?46 18 931 15 ,626
Other liabilities and capital
Bank of Japan (millions of yen):
1 087
1 185
Bullion
57?
Advances to Government
6 356 6 ,141
4 ,282
9 056
9 ,349
? ,597
Loans and discounts
Government securities
6 ,476
6 385
7 ,953
833
Other assets
838
884
11 37? 11 ?77
Note circulation
10 401
1 085 1 ,221
Deposits—Government
1 ,718
494
Other . . .
2 9 9 7 9 367
1 941
Other liabilities
243
280
1 706 1 ,782
1 ,950 Bank of Mexico (millions of pesos):
Monetary reserve 7
"Authorized" holdings of secu1 591
660 4 540
rities, etc
4
129
Bills and discounts
252
8 ,658
8 618
9 ,100
Other assets
3 334
3 405
3 416
Note circulation
9 254
9
1 ,600
Demand liabilities
9 971
3 141
2 ,223
Other liabilities and c a p i t a l . . . .
1 ??0
1 99S
(millions of
87? Netherlands Bank
guilders):
7 394
940
6 888
Gold
Silver (including subsidiary coin).
2 ,372
2 596
2 ,130
3 ,215
Foreign assets (net)
340 5 ,587
Loans and discounts
Govt. debt and securities
9 7 228
97 228
Other assets
11 ,903
10 ,126
Note circulation—Old
New
1 ,250
1 ,250
11 ,605
8 ,658
Deposits—Government
9 8 638
ECA
21 365
43 785
Other
41 ,611
Other liabilities and capital
3 534
3 434
3 ,865
3 ,623 Reserve Bank of New Zealand
10 360
(thousands of pounds):
8 ,509
Gold
17 ,302
13 ,227
Foreign exchange reserve
Loans and discounts
Advances to State or State undertakings
Investments
400
400
400
Other assets
5 ,382
5 582 5 ,582
4 214 /\ 214
4 501
Note circulation . . . .
970
Demand deposits
853
965
10 737
Other liabilities and capital
10 778 10 715
Bank of Norway (millions of kroner):
Gold
399
397
446
1 ,408
1 ,568
Foreign assets (net) . . . .
1, 422
23
Clearing accounts (net)
17
16
35
Loans and discounts
1 019
1 043
1 157
Securities
Occupation account (net)
2 848
2, 574 2,677
Other assets . . .
238
333
280
Note circulation
968
Deposits—Government
1, 701 1,851
256
Banks
—903
738
FO A—MSA
756
483
Other liabilities and capital
4 , 746
4 716
3 752
72 ,809
39 ,566
1 ,566
?9 306
5 ,026
9 648
84 ,322
51 ,259
8 ,430

72 ,877
49 ,159
1 ,566
10 318
4 ,381
9 ,686
84 ,099
57 ,394
8 ,495

1953
Nov.

Oct.

278
4 ,853
495
1 ,357
548

276
4,883
495
1,290
504

1952
Sept.

Nov.

277
4,891
495
1,243
495

489
3 ,768
496
1 ,151
787

2 ,646 2,646 2,646
66 ,205 65,711 62,315
68 ,851 68,357 64,961

2 ,646
61 ,250
63 ,896

4
61
567
310

4
60
567
332

261
730
1 317
23

1 300

53
427
123

246
717
35

63
409
118

4
58
567
311

4
42
578
977

256
728

239
783
1 271
57

1,307

21

58
416
122

448
448
448
11 ,513 11,513 37,344
410 776 446,320 446,063
234 ,816 176,234 138,772
OS 236 118 420 139 281
547 9S3 533,568 520,922
75 ,906 96,892 128,660
70 783 68 171 61 413
40 846 54 303 50,914

53
432
108

448
38 ,390
,117
203 ,280
106 474
486 ,439
82 ,637
60 353
399

41 280

1 ,165

1,151

1,157

1 ,189

9 ,820
644
532
3 900
1 ,360
502

2,796

2,737

3 ,?37

683
472

731
497

479
347
3 ,305
1 454
493

9 775

2 775
16
1 ,454
35
1,217
428

16
1 ,406
40
1 ,217
437
31

3,210
1 393
499

31

3,109
1,518
497

2 725
16
1,419
36
1,217
455

1 435

13

1 ,989

34
1 ,451
605

31

40

3,120
596
1,201

3,152
798
1,195

767
211

482
210

163
292
217

6 ,028 6,028 6,027
61 ,971 63,010 66,289
6 ,019 6,019 6,019

6 ,012
33 ,120
6 ,019

3

253
681
999
802

55 ,168
59 049
1 ,488
65 800
108 ,249

54,280
47 030
1,515
64 667
104,891
8 674
8,322

281
39
-32
71
38
5 546
63
2 938
1 788
641
182
456

281
84
-2
69
38
5,546
63
2,916
1,849
671
176
467

,960
855
1

2

58,868
42 017
1,535
63 054
109,520
8,181

53 ,713
46 132
1 ,383
62 038

281
110
26
60
43
5,546
54
2,897
1,910
694
176
444

242
434
52
42
45
5 ,546
68
2 ,755
2 ,105
711
305
554

76 656
7 ,685

1
This
2

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.
3The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953.
4
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
5
As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent
Issue6 and Banking Departments combined.
Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold.
7
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

JANUARY

1954




107

CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital..
Central Bank of Paraguay 1
(thousands of guaranies):
Gold
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and c a p i t a l . . . .
South African Reserve Bank
(thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas):
Gold
Silver
Government loans and securities.
Other loans and discounts

1953
Nov.

81
425
1,187
126
300
65
2,097

1952

Oct.

Sept.

81
425
1,147
126
300

Nov.

457
506
106

113
54
24
455
557
89

416
67
529
1,003
165
1,539
384
258

81
440
992
126
300
68
1,953

111
18
102
473
618
86

' ' '159
440
547
106

(May)*
1,138
60,151
11
198,666
349,909
248,361
424,830
75,386
134,950
223,072

86
40
30

68
2,147

81
425
1,117
126
300
69
2,007

1,142
53,543
11
82,676
321,867
'218,765
350,588
49,480
133,891
'144,047

432
67

493
1,008
145
1,534
375
237

18,813
443,339
29,504
16,180
228,125
156,126
574,786
85,260
181,958
50,084

54

561
67
324
863

••178
1,332
400
260
18,395
438,777
29,504
50,180
231,857
148,998
546,280

90,309
235,135
r
45,987

4,887 4,846
12,272 12,273
685
711
1,430
1,427
748
702
9,238 9,359
1,532
1,452
7,112
2,135

6,995
2,147

4,445
11,463
841
1,430
560
9,125
1,577
29
5,887
2,121

62,101
26,281
34,475
43,301
95,818
51,314
19,025

62,116
26,372
35,765
42,392
94,232
51,893
20,521

56,489
61,650
19,488
38,712
88,635
64,588
23,116

596
596
596
336
336
336
16,157 15,899 15,828
23,663 23,942 23,636

559
374
15,955
23,789

6

61,924
27,896
32,849
43,644
96,679
49,412
20,221

6

Central Bank
(Figures as of last report
date of month)

1953
Nov.

Oct.

1952
Sept

Bank of Spain—Cont.
555 32,106 31,589
Other assets
069 37,595 37,514
Note circulation
880
3,501
3,490
Deposits—Government
522
3,448 3,195
Other
835 28,335 27,786
Other liabilities and capital
Bank of Sweden (millions of kronor):
482
483
455
Gold
,416
1,374
1,362
Foreign assets (net)
129
129
129
Net claim on Int'l. Fund 2
Swedish Govt. securities and ad- 3
2,352
,326
2,389
vances to National Debt Office
325
325
353
Other domestic bills and advances
854
883
864
Other assets
,511
4,503 4,365
Note circulation
205
192
406
Demand deposits—Government..
82
113
51
Other
738
734
730
Other liabilities and capital
Swiss National Bank (millions of
francs):
,092
6,092 6,073
Gold
504
509
Foreign exchange
532
207
207
Loans and discounts
208
73
73
Other assets
74
,993
Note circulation
4,943
4,938
,676
1,731
Other sight liabilities
1,742
207
Other liabilities and capital
208
207
Central Bank of the Republic of
Turkey (millions of pounds) :
402
Gold
402
402
Foreign exchange and foreign
202
clearings
196
186
,047
Loans and discounts
1,993
1,924
26
Securities
26
26
159
Other assets
141
124
,439
Note circulation
1,474
1,414
153
Deposits—Gold
153
153
853
Other
805
757
389
Other liabilities and capital
325
337
Bank of the Republic of Uruguay
(thousands of pesos):
(July)*
Gold
336,572
Silver
9,238
Advances to State and Government bodies
121,599
Other loans and discounts
338,903
Other assets
605,581
Note circulation
404,390
134,100
Deposits—Government
360,619
Other
512,784
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
1,141
1,141
Gold
291
308
Foreign exchange (net)
85
88
Other assets
906
909
Note circulation
248
258
Deposits
364
370
Other liabilities and capital
Bank for International Settlem e n t s (thousands of Swiss gold
francs):
583, 070 596,511 605,869
Gold in bars
Cash on hand and with banks. . . 62, 374 77,039 62,889
1,310
1,162
2,585
Sight funds at interest
Rediscountable bills and accept294 938 302,631 315,759
ances (at cost)
88. 521 45,519 18,387
Time funds at interest
290 827 247,852 234,282
Sundry bills and investments
297. 201 297,201 297,201
Funds invested in Germany
2. 072
1,703
1,302
Other assets
448, 968 448,871 449,273
Demand deposits (gold)
Short-term deposits:
Central banks—Own account.. 603. 508 555,927 531,407
59, 864 57,710 51,895
Other
228, 909 228,909 228 ,909
Long-term deposits: Special
279, 064 278,200 276,789
Other liabilities and capital

Nov.

32,700
36,832
4,480
3,418
28,645
407
1,331
129

2,549
310
'811
4,291
350
151
-•746
,812
462
238
82
,842
,547
205
402
127
1,826
27
123
1,267
153
829
255
310,763
9,358
130,018
357,441
'504,086
370,836
93,116
315,113
'532,602
1,141
162
71
909
230
234

585,413
84,526
8,211
255,394
87,736
274,646
297,201
1,427
454,906
595,214
43,086
228,909
272,438

r
* Latest month available.
Revised.
J
The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution.
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.

108




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective

Central
bank of—

SwitzUnited
Ger- Bel- NetherKing- France many gium er- Sweden
dom
land
lands

In effect Dec. 31,
1947
2
June 28, 1948. .
Sept 6 .
Oct. 1
May 27, 1949. .
July 14 ..
Oct. 6
June 8, 1950. .
Sept. 11
Sept. 26
Oct. 27
Dec. 1
Apr. 17, 1951. .
July 5
Sept. 13
Oct. 11
Nov. 8
••i«
Nov. 9
Jan. 22 1952
Mar. 12
4
May 29
Aug. 1 . . . .
Aug. 21
Dec. 18
Jan. 8, 1953. .
Apr 7
June 11. . . .
Sej5t. 17
3K
Oct. 29
Nov. 20
In effect Nov.
30, 1953

2^&3
15

3y2 &4
3

Rate
Nov.
30

Central
bank of—

Rate
Nov.
30

Date
effective

1, 1936
24, 1953
29, 1953
30, 1950

Ireland
Italy
Japan
Mexico

Oct.
July
June
July
Feb.

17, 1950
23, 1953
13, 1935
18, 1933
1, 1950

Netherlands .
New Zealand.
Norway
Pakistan....

3

Sept. 23, 1953
May 13, 1948

Peru
Portugal....
South Africa.
Spain
Sweden

4
4
2%

Nov.
Jan.
Mar.
Mar.
Nov.

Sept.
June
July
Nov.
Apr.

4
2%
6

Mar.
Sept.
Oct.
Sept.

Dec. 16, 1951

Argentina
Austria
Belgium
Bolivia

3y2

Date
effective

Switzerland..
Turkey
United Kingdom
USSR

3

Nov. 26, 1936
Feb. 26, 1951

4

Sept. 17, 1953
July 1, 1936

4
5.84

Mar.
Apr.
Oct.
June

25, 1952
6, 1950
1, 1951
4, 1942

141/
2
3

Canada
Ceylon
Chile
Colombia
Costa R i c a . . . .

3H
3M

3

1

6

4
4

2

Apr. 7, 1953
July 26, 1941
Jan. 9, 1946
July 1, 1948

3
4

Denmark
Ecuador
Egypt
El Salvador. . .
Finland

3M

3
4

10

1, 1952
sy2 July 22, 1950
Mar.

6

13, 1947
12, 1944
27, 1952
18, 1949
20, 1953

15

France . .
Germany
Greece
India
Indonesia

HX
14

3y2

131/2

«

•

3

17, 1953
11, 1953
12, 1948
15, 1951
1, 1946

1
Rates established for the Land Central banks.
NOTE.—Changes since Nov. 30: None.

2%
•

12

2%

OPEN MARKET RATES
[Per cent per annum]

Month

1943—October
1944—October
1945—October
1946—October
1947—October
1948—October
1949—October
1950—October
1951—October
1952—October

France

United Kingdom

Canada
Treasury
bills
3 months

Bankers'
acceptances
3 months

Treasury
bills
3 months

Day-to-

.43
.38
.36
.40
.41
.41
.51
.62
.93

1.03
1 03

1.00
1 00

1.00
1.10

day

money

Bankers'
allowance
on deposits

Netherlands

money

Treasury
bills
3 months

Day-today
money

1.30
1.07
.95
L.03
L .07
1.27
1.16
.84

1.00
.90
.95
.78
.78
.88
1.00
.50

Day-today

Sweden

Switzerland

Loans
up to
3 months

Private
discount
rate

3-sy2
3-5H
2y2~sA
2y2-±y2
2y2-±y2
3-5
3-5

1.25
1.25
l!25
1.25
1.38
1.63
1.50
1.50
1.50
1.50

1.19

1.00
3.00

2.43

2.25

2.00

1.73
1.73
1.25
1.29
1.64
2.09
P2.25
2.28
2.78
3.98

1952—November. . . .
December

1.21
1.35

3.00
3.00

2.38
2.41

2.25
2.25

2.00
2.00

3.98
3.93

.87
.92

.54
.58

3-5
3-5

1.50
1.50

1953—January
February
March
April
May

1.35
1.47
1.50
1.53
1.53
1 70
1.76
1.80
1.91
1.93

3.00
3.00
3.00
3.00
3.00
3 00
3.00
3.00
2.67
2.19

2.39
2.42
2.40
2.41
2.38
2 37
2.35
2.36
2.27
2.11

2.25
2.25
2.25
2.25
2.25
2 25
2.25
2.25
2.09
1.94

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.88
1.75

3.97
4.10
3.93
4.05
4.22
3.94
4.13
4.18
4.34
3.91

.83
.81
.90
.93
.64
.57
.50
.50
.43
.38

.54
.50
.51
.71
.52
.50
.50
.50
.50
.50

3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5
3-5

1.50
1.50
1 50
1.50
1.50
1.50
1.50
1.50
1.50
1.50

June

July
August
September. . . .
October

.83
.53
.53
.56
.69
.69

.75
.51
.51
.51
.52
.51
.51

.96
.63
.63
.63
.63
.63
.63

.50
.50
.50
.50
.50
.50
.50
.50
.50

23J-41J
2y2~±y2

p Preliminary.
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.

JANUARY

1954




109

COMMERCIAL BANKS
Assets

United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)

Cash
reserves

Liabilities

Money at
Treasury
call and Bills dis- deposit Securities Loans to
short
counted receipts *
notice

1947—December.
1948—December.
1949—December.
1950—December.
1951—December.
1952—December.

502
502
532
540
531
549

480
485
571
592
598
529

1953—January...
February..
March....
April
May
June
July
August. . .
September
October...
November

498
491
497
498
498
514
510
511
515
518
520

515
456
472
454
464
469
460
456
476
476
469

Deposits

Other

Total

Demand

Time

1,248

1,483
1,478
1,512
1,528
1.965
2,148

,219
,396
,534
,660
,950
,764

567
621
579
735
867
748

5,935
6,200
6,202
6,368
6,333
6,460

3,962
4,159
4,161
4,262
4,290
4,232

1,972
2,041
2,041
2,106
2.042
2,228

396
420
427
550
651
528

1,204
,046
,024
1,010
,080
,209
1,244
,331
,376
,340
,354

2,148
2,130
2,122
2,119
2,123
2,136
2,140
2,140
2,137
2,238
2,245

,764
,783
,811
,825
,784
,778
,742
,688
,675
,666
,687

659
649
641
664
654
673
633
595
623
607
626

6,259
6,029
6,053
6,060
6,083
6,299
6,247
6,240
6,320
6,373
6,419

025
836
3,873
,860
,896
,040
3,990
3,971
4,004
4,041
4,080

2,234
2,192
2,179
2,200
2,187
2,259
2,257
2,269
2,316
2,332
2,339

528
525
515
511
520
481
483
480
482
472
483

793
741

,109
,408
972

1,288
1,397
793
456
102

Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)

Liabilities

Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks

Deposits payable in Canada
excluding interbank deposits

Entirely in Canada
Cash
reserves

Security
loans

Other
liabilities
and
capital

Other
assets

Notes»

Other
liabilities
and
capital

Total

Demand

Time

6,412
7,027
7,227
7,828
7,896

2,671
2,970
2,794
3,270
3,284

3,740
4,057
4,433
4,558
4,612

,544
,537
,477
,667
,714

1947—December.
1948—December.
1949—December.
1950—December.
1951—December.

731
749
765
824
907

105
101
133
134
107

1,999
2,148
2,271
2,776
3,028

106
144
146
171
227

3,874
4,268
4,345
4,286
3,876

,159
,169
,058
,304
,464

1952—November.
December.

827
916

121
155

3,350
3,289

308
326

4,006
3,955

,424
,516

8,291
8,421

3,376
3,497

4,916
4,924

,746
,736

1953—January..
February.
March....
April
May
June
July
August. . .
September
October...

835
877
851
897
822
903
877
883
897
962

135
141
140
152
138
123
125
135
110
144

3,394
3,508
3,526
3,576
3,649
3,732
3,772
3,838

293
301

308
330
322
345
331
331
328
353
330
342

3,981
4,042
4,082
4,135
4,024
3,956
3,872
3,886
3,918
3,789

,321
,342
,394
,380
,402
,509
,359
,329
,372
1,432

8,188
8,310
8,458
8,642
8,486
8,634
8,496
8,651
8,692
8,744

3,244
3,301
3,391
3,535
3,386
3,508
3,344
3,445
3,466
3,596

4,945
5,008
5,067
5,107
5,100
5,126
5,152
5,206
5,226
5,148

,684
,724
,724
,774

Cash
reserves

Due from
banks

Bills discounted

,755
,764
,713
,667
1,706
1,763

Liabilities

Assets

France
(4 large banks. End
of month figures in
millions of francs)

18
16
14

Loans

Other
assets

Deposits
Total

Demand

Time

Own
acceptances

Other
liabilities
and
capital

1947—December.
1948—December.
1949—December.
1950—December.
1951—December.

22,590
45,397
40,937
48,131
60,215

19,378
35,633
42,311
52,933
72,559

219,386
354,245
426,690
527,525
627,648

86,875
126,246
129,501
135,289
165,696

27,409
34,030
29,843
31,614
38,114

341,547
552,221
627,266
749,928
906,911

338,090
545,538
619,204
731,310
879,767

3,457
6,683
8,062
18,618
27,145

25,175
30,638
26,355
28,248
33,774

8,916
12,691
15,662
17,316
23,547

1952—October...
November.
December.

45,375
47,709
51,155

67,846
68,646
68,243

595,383
666,402
636,624

185,930
163,992
170,298

47,721
51,882
29,734

863,250
914,021
902,547

831,713
882,233
870,504

31,536
31,789
32,043

18,292
20,222
24,957

60,713
64,388
28,551

1953—January...
February..
March
April
May
June
July
August
September

47,150
46,436
46,064
48,314
48,079
47,394
47,903
50,451
47,177

69,200
68,971
75,743
83,702
84,973
85,411
85,806
89,197
81,649

642,991
638,377
630,601
634,643
690,729
643,804
661,082
651,314
644,000

174,912
174,329
175,934
174,379
166,926
184,584
189,591
198,784
199,498

33,586
34,793
37,896
41,925
44,885
46,676
49,269
49,226
50,250

907,691
900,626
900,928
910,867
962,225
930,986
952,454
956,528
939,282

873,232
864,734
864,528
873,209
924,151
892,185
913,188
917,027
900,010

34,459
35,892
36,400
37,658
38,074
38,801
39,265
39,501
39,272

27,216
27,960
27,291
29,219
29,618
28,728
27,446
25,209
22,928

32,932
34,321
38,019
42,878
43,750
48,155
53,751
57,234
60,364

x
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 b
data.
2
Represent six-month loans to the Treasury with a yield of /%per cent after October 1945.
3
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; fpr 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.

110




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Canada

Argentina
(peso)
Year or month
Basic
1948
1949
1950
1951
1952
1953
1953—January
February
March
April
May
June
July .
August
September
October
November
December

..

Year or month

29.773
29.774
26 571
20.000
20.000
20.000
20 000
20.000
20.000
20 000
20.000
20 000
20 000
20.000
20.000
20 000
20.000
20.000

Ceylon
(rupee)

1^48
1949.
1950
1951
1952
1953

27 839
20 850
20.849
20.903
21.046

1953—January
February
March
April
May
June
July
August
September
October
November
December

Preferential

13 333
13.333
13.333
13.333
13 333
13.333
13.333
13 333
13.333
13 333
13 333
13.333
13.333
13.333
13.333
13.333
Denmark
(krone)
20.857
19 117
14.494
14.491
14.492

1948
1949
1950
1951
1952
1953
1953—January
February
March

.

May
June
July
August
September
October
November
December

8 289
7.067
7.163
7.198
7 198
7.198
7.198
7 198
7.198
7 198
7 198
7.197
7.198
7.198
7.198
7.198

321.22
293.80
223 15
223.07
222.63
224.12
224 13
224.62
224.35
224 43
224.25
224 19
224 32
224.30
223.33
223.57
223.97
223.93

2

3.8580

23.8580
3.8580

France
Finland
(markka)

(franc)
Official

Free

.4354
.4354
.4354

.3240
.3017
.2858
.2856
.2856
.2856

.4354
.4354
.4354 • • • • • • • •
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354
.4354

21.068
21.088
21.061
21.067
21.046
21.041
21.047
21.067
20.990
21.004
21.041
21.037

Year or month

Free

AusAustria Belgium
tralia
(pound) (schilling) (franc)

2.2816
2.2009
1.9908
1.9859
1.9878
2.0009
1.9934
1.9966
1.9976
1.9971
2.0019
2 0007
2.0011
2.0006
2.0050
2.0063
2.0062
2.0053

5.4406
5.4406
5 4406
5 4406
5.4406
35.4420
5 4406
5.4406
5.4406
5.4406
5.4406
5 4406
5.4406
5.4455
5.4466
35.4466
3.5261
4.2808
3.5261
4.2808

42.973
32.788
32.849
32.601
32.595
32.560
32.612
32.586
32 589
32.585
32 579
32 582
32.610
32.569
32.596
32,641
32.635

Germany India
(deutsche
(rupee)
mark)

.2856
.2856
.2856
.2856
.2856
.2856
.2855
.2855
.2855
.2856
.2856
.2856

.4929
4671

Brazil i
(cruzeiro)

British
Malaysia
(dollar)

23.838
23.838
23 838

30.169
27.706
20.870
20.869
20.922
21.049
21.074
21.089
21.061
21.069
21.049
21.044
21.051
21.073
20.995
21.005
21.044
21.039

Philip- PortuNorway
pine
gal
Republic (escudo)
(krone)
(peso)

South
Africa
(pound)

Sweden
(krona)

Switzerland
(franc)

400.75
366.62
278.38
278.33
278.20
280.21
280.23
280.84
280.51
280.61
280.38
280.30
280.47
280.45
279.24
279.53
280.04
279.98

27.824
25.480
19.332
19.327
19.326
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323
19.323

23.363
23.314
23.136
23.060
23.148
23.316
23.311
23.318
23.317
23.329
23.329
23.331
23.333
23.334
23.332
23.310
23.255
23.289

403.13
368.72
280.07
279.96
279.26
281.27
281.28
281.90
281.56
281.66
281.43
281.35
281.53
281.50
280.28
280.58
281.09
281.03

20.159
18.481
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015

49.723
49.621
49.639
49.675
49.676
49.677
49.677
49.677
49.677
49.677
49.676
49.677
49.676
49.677
49.677
49.677
49.677

Mexico
(peso)

Official

Free

100.000
97.491
90.909

91.691
92.881
91.474
94.939
102.149
101.650
103 014
102.302
101.666
101 655
100.559
100 546
100 782
101.180
101.580
101.762
102.266
102.754

New
Netherlands Zealand
(guilder) (pound)

280.38
279.68
281.27

18.860
12 620
11.570
11.564
11.588
11.607

37.668
34 528
26 252
26.264
26 315
26.340

350.48
365 07
277.28
277.19
276 49
278.48

281.28
281.90
281.56
281.66
281.43
281.35
281.53
281.50
280.29
280.58
281.09
281.03

11.625
11.620
11.614
11.608
11.564
11.561
11.589
11.620
11.615
11.624
11.627
11.626

26.281
26.269
26.321
26.335
26.340
26.334
26.321
26.322
26.338
26.400
26.410
26.410

278.50
279.11
278.78
278.87
278.65
278.57
278.74
278.71
277.51
277.80
278.30
278.25

United
Kingdom
(pound)

4.0183
3.8800
3.4704
3.4739
3.4853
3.4887
3.4872
3.4856
3.4842
3.4882
3.4903
3.4897
3.4896
3.4897
3.4896
3.4896
3.4899
3.4900

Ireland
(pound)

(dollar)

Uruguay4
(peso)

65.830
65.830
65.833
65.833
65.833
5
65.833
«65.833
665.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
565.833

56.182
56.180
56.180
56.180
556.180
56.180
856.180
«56.180
56.180
56.180
56.180
56 180
56.180
56.180
56.180
56.180
56.180
6
56.180

42.553
42 553
42.553
542 553
42 553
642 553
642.553
42 553
42.553
42.553
42 553
42.553
42.553
42 553
42.553
42.553
S
42.553

534.217
736.025
35 547
34.205
33.633
33 270
32.994
34.001
35 228
34.791
33.567
5
32.573

*Forfigureson free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was
2.3274.
2
Based on quotations beginning Nov. 30, 1953.
3Ofncial rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios
for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former
rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these
two rates were 4.2808 and 3.5261, respectively.
4
Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the December average for this rate was 53.1914.
5
Based on quotations through Dec. 4, 1953.
6
Quotations not available Jan. 28 through Feb. 9, 1953.
7
Free rate, based on quotations beginning Feb. 10, 1953.
NOTE.—For backfigures,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 1953, p. 1409.

JANUARY

1954




111

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1947-49
= 100)

Year or month

Mexico
(1939 =
100)

Canada
(1935-39
= 100)

United
Kingdom
(1930 =
100)

France
(1949
= 100)

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

67
68
69
79
96
104
99
103
115
112

128
131
132
139
163
193
198
211
240
226

146
179
199
229
242
260
285
311
386
400

163
166
169
175
192
219
230
262
320
328

12
14
20
34
52
89
100
108
138
145

1952—November
December.

111
110

222
221

395
393

324
328

1953—January..
February.
March
April
May
June
July
August. . .
September
October...
November

110
110
110
109
110
110
111
111
111
110
110

222
221
222
220
220
222
221
222
222
221
219

387
384
386
387
393
391
397
395
398
401
388

328
324
328
333
331
330
329
327
P326

Japan

Italy
(1938 =
100)

Switzerland

(Aug. 1939
= 100)

100
104
117
143
140

203
207
205
200
208
217
206
203
227
220

343
342

138
139

304
305

218
217

349
351
351
350
350
352
353
355
357

137
136
136
134
135
134
133
133
133
P133

303
302
301
300
299
299
298
296
P295

215
214
214
212
214
213
213
212
212
212
212

5,159
5,443
5,169
4,897
5,581
5,270
5,292
5,287

141
139
140
139
139
139
137
137
137
P136
P137

P327

Sweden
(1935 =
100)
196
196
194
186
199
214
216
227
299
317

2
2
4
16
48
128
209
246
343
349

140
141

P325

Netherlands
(1948
= 100)

(1934-36
average
= 1)

5,264
5,243
5,264
5,234
5,250
5,250
5,258
'5,270
5,249

r
Preliminary.
Revised.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, !
1952, p. 1356.

BULLETIN for December

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39=100)

United States
(1947-49=100)
Year or month
Other
Farm
Processed
commodfoods
products
ities

Farm
products

Netherlands
(1948=100)

United K i n g d o m
(1930=100)

R a w and Fully and
chiefly
partly
manumanufactured factured
goods
goods

Foods

Industrial
products

Foods

IndusIndustrial
trial raw finished
products products

69
69
72
83
100
107
93
98
113
107

n.a.
n.a.
n.a.
n.a.
98
106
96
100
111
109

69
70
71
78
95
103
101
105
116
113

145
155
165
177
190
230
226
237
269
249

131
134
136
140
164
196
197
213
238
219

127
129
130
138
162
192
199
211
242
231

160
158
158
158
165
181
197
221
247
284

164
170
175
184
207
242
249
286
*364
*352

100
101
112
122
129

100
108
128
171
166

100
104
116
143
135

1952—November
December

104
99

108
104

113
113

233
232

211
210

228
228

293
297

P340
P344

131
132

163
162

132
132

1953—January
February
March
April

100
98
100
97
98
95
98
96
98
95
94

106
105
104
103
104
103
106
105
107
105
104

113
113
113
113
114
114
115
115
115
115
115

230
226
224
218
221
223
223
214
209
209
205

209
208
210
206
206
207
207
210
207
205
203

229
229
229
228
228
230
230
230
230
230
228

297
300
302
318
317
316
315
309
P306
P302
P305

P341

128
127
124
122
124
124
118
119
121
P120

160
159
159
157
157
155
155
155
155
P154

132
132
132
131
131
131
131
131
132
P132

1943
1944
1945
1946
1947
1948
1949
1950
1951
1952

..

.

May
June
July
August
September
October
November

*>337
P337

n.a. Not available.
P Preliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.

112




FEDERAL RESERVE

BULLETIN

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
All items
United
King- France Netherdom
lands
(1949
(Jan.
(1949
= 100)
15, 1952 = 100)
= 100)

Switzerland
(Aug.
1939 =
100)

United
States
(1947-49
= 100)i

77
82
84
86
95
103

22
35
57
90
100
111
130
145

100
109
119
120

153
152
158
163
162
159
167
171

69
79
96
104
100
101
113
115

116
116

104
105

144
145

119
120

171
171

116
116
115
115
114
115
115
116
116
117
116

104
105
105
106
106
107
107
106
106
106

146
146
145
145
146
145
144
143
141
P141

120
120
120
120
121
121
121
120
121
121

170
170
169
169
170
170
170
170
170
170
170

United
States
(1947-49
-100)1

Canada
(1949
= 100)

1945
1946
1947
1948
1949
1950
1951
1952

77
83
96
103
102
103
111
114

75
78
85
97
100
103
114
116

1952—November
December

114
114

1953—January
February
March
April
May
June
July
August
September
October
November

114
113
114
114
114
115
115
115
115
115
115

Year or month

Food

Canada
(1949
= 100)

United
Kingdom
(Jan.
15,1952
= 100)

France Netherlands
(1949
(1949
= 100)
= 100)

Switzerland
(Aug.
1939 =
100)

100
103
117
117

67
72
76
82
91
105

21
36
57
92
100
111
128
141

100
111
121
123

164
160
170
176
174
176
181
184

115
114

116
114

108
109

140
141

122
122

186
186

113
112
112
112
112
114
114
114
114
114
112

114
113
112
111
110
111
113
113
114
116
113

109
110
111
113
113
114
114
112
111
111

141
142
141
140
141
141
137
136
132
132
P132

123
124
123
124
125
127
127
123
126
125

184
183
183
182
183
184
184
185
186
187
187

P Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.

SECURITY PRICES
(Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

Number of issues. . .

United
Statesi
(high
grade)

United
Canada Kingdom
(1935-39 (December
= 100)
1921 =100)

France
(1949
= 100)

Netherlands2

Canada
(1935-39
= 100)

United
France
Kingdom
(1926=100) (1949=100)
295

Netherlands 3

480

103

278

1946
1947
1948
1949
1950
1951
1952

123.4
122.1
118.3
121.0
122.0
117.7
115.8

117.2
118.5
105.0
107.6
109.6
95.7
86.1

132.1
130.8
129.9
126.5
121.2
117.6
108.3

131.5
120.0
106.4
100.0
99.8
101.4
111.1

109.0
105.6
107.1
106.8
106.7
87.0
85.6

139.9
123.0
124.4
121.4
146.4
176.5
187.7

115.7
106.0
112.5
109.4
131.6
168.3
173.1

96.2
94.6
92.0
87.6
90.0
97.1
91.1

100
90
112
143

195
233
240
219
217
215
192

1952—November. . .
December....

115.2
115.3

84.9
84.7

108.3
109.0

115.0
114.6

89.9
91.6

189.8
197.0

167.3
168.4

89.9
91.0

141
141

194
196

1953—January
February....
March
April
May
June
July
August
September. . .
October
November. . .

114.5
114.0
113.4
111.7
109.8
108.8
110.7
111.4
110.9
112.6
113.6

84.5
84.2
84.1
84.1
83.6
82.9
82.9
82.6
82.3
82.8
84.2

109.1
109.7
110.5
111.3
111.4
112.2
111.5
112.0
112.8
114.2
114.9

114.3
112.7
111.9
112.6
113.2
112.9
112.9
114.1
115.0
114.7

93.6
96.3
95.8
98.0
99.7
101.2
102.7
101.8
102.1
104.0

197.6
195.9
198.0
190.0
189.6
182.8
185.5
187.3
179.2
183.4
187.5

172.3
169.0
170.0
160.8
159.8
156.8
160.7
161.2
152.9
151.9
154.2

92.0
92.0
93.2
92.3
91.1
91.1
91.6
92.5
91.4
92.1
93.7

151
153
150
150
153
153
157
161
165
167

201
207
206
203
206
207
214
218
215
217

17

87

60

14

United
States
(1935-39
= 100)

27

1
Prices derived from average yields, as
2
Represents the reciprocals of average
3

computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
Average of the ratios of current prices to nominal values, expressed as a percentage.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.

JANUARY

1954




113

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . M C C . MARTIN, JR., Chairman
JAMES K. VARDAMAN, JR.
A. L. MILLS, JR.

M . S. SZYMCZAK
R. M. EVANS
J. L. ROBERTSON

ELLIOTT THURSTON, Assistant to the Board

WINFIELD W. RIEFLER, Assistant to the Chairman

WOODLIEF THOMAS, Economic Adviser to the Board
ALFRED K. CHERRY, Legislative

Counsel

DIVISION OF EXAMINATIONS

OFFICE O F T H E SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary

GEORGE S. SLOAN, Director

C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant

Director

ARTHUR H. LANG, Chief Federal Reserve Examiner
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

ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director

DIVISION O F BANK OPERATIONS
ROBERT F . LEONARD, Director

J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant

DIVISION O F RESEARCH A N D STATISTICS

Director

DIVISION OF PERSONNEL ADMINISTRATION

RALPH A. YOUNG, Director

DWIGHT L. ALLEN, Director

FRANK R. GARFIELD, Adviser on Economic Research

H . FRANKLIN SPRECHER, JR., Assistant

KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director

GUY E. NOYES, Assistant Director
C. RICHARD YOUNGDAHL, Assistant

Director

Director

DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director

JOSEPH E. KELLEHER, Assistant

Director

OFFICE O F DEFENSE LOANS
DIVISION O F I N T E R N A T I O N A L FINANCE
ARTHUR W . MARGET, Director

LEWIS N . DEMBITZ, Assistant Director

FEDERAL OPEN
MARKET COMMITTEE
WM. MCC. MARTIN, JR., Chairman

GARDNER L. BOOTHE, II,

Administrator

OFFICE O F T H E CONTROLLER
EDWIN J. JOHNSON,

Controller

FEDERAL
ADVISORY COUNCIL
W I L L I A M D . IRELAND,

BOSTON DISTRICT

H E N R Y C. ALEXANDER,

N E W YORK DISTRICT

GEOFFREY S. S M I T H ,

PHILADELPHIA

GEORGE G U N D ,

CLEVELAND DISTRICT

ROBERT V . FLEMING,

RICHMOND DISTRICT

WALLACE M . DAVIS,

ATLANTA DISTRICT

ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel

EDWARD E . BROWN,

CHICAGO DISTRICT

FREDERIC SOLOMON, Assistant General Counsel

W . W . CAMPBELL,

ST. L O U I S DISTRICT

W M . J. ABBOTT, JR., Associate Economist

JOSEPH F . RINGLAND,

MINNEAPOLIS DISTRICT

L. MERLE HOSTETLER, Associate Economist
J. MARVIN PETERSON, Associate Economist

CHARLES J. CHANDLER,

KANSAS C I T Y DISTRICT

G E O . G. M A T K I N ,

DALLAS DISTRICT

JOHN M . WALLACE,

SAN FRANCISCO DISTRICT

ALLAN SPROUL, Vice Chairman
J. A. ERICKSON
A. L. MILLS, JR.
R. M. EVANS
O. S. POWELL
W. D. FULTON
J. L. ROBERTSON
DELOS C. JOHNS
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W . RIEFLER, Secretary

WOODLIEF THOMAS,

Economist

H. V. ROELSE, Associate Economist
PARKER B. WILLIS, Associate Economist
RALPH A. YOUNG, Associate Economist

ROBERT G. ROUSE, Manager of System Open
Market Account

114




DISTRICT

HERBERT V.

PROCHNOW,

Secretary

FEDERAL RESERVE BULLETIN

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman 1
Bank of
Deputy Chairman
Boston

Harold D. Hodgkinson
Ames Stevens

J. A. Erickson
Alfred C. Neal

New York

Jay E. Crane
William I. Myers

Vice Presidents

President
First Vice President

(Vice Presidents in charge of branches are listed in
lower section of this page)

Robert B. Harvey
E. 0. Latham

3

Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts

Cleveland

John C. Virden
Leo L. Rummell

Richmond

John B. Woodward, Jr.
W. G. Wysor

Atlanta

Rufus C. Harris
Paul E. Reinhold

Chicago

John S. Coleman
Bert R. Prall

St. Louis

M. Moss Alexander
Caffey Robertson

H. A. Bilby
H. H. Kimball
L. W. Knoke
A. Phelan
H. V. Roelse
Karl R. Bopp
P. M. Poor man
Alfred H. Williams
Robert N. Hilkert J. V. Vergari *
W. J. Davis
Richard G. Wilgus 2
E. C. Hill
Wm. G. McCreedy
Roger R. Clouse
H. E. J. Smith
W. D. Fulton
Paul C. Stetzelberger
Donald S. Thompson A. H. Laning 3
Martin Morrison
N. L. Armistead
C. B. Strathy
Hugh Leach
Edw. A. Wayne
Aubrey N. Heflin K. Brantley Watson
Upton S. Martin Chas. W. Williams
R. W. Mercer»
V. K. Bowman
L. B. Raisty
Malcolm Bryan
Lewis M. Clark
J. E. Denmark 3 Earle L. Rauber
John L. Liles, Jr. S. P. Schuessler
Harold T. Patterson
Neil B. Dawes
L. G. Meyer
C. S. Young
George W. Mitchell
W. R. Diercks
E. C. Harris
A. L. Olson
W. A. Hopkins
2
Alfred T. Sihler
L. H. Jones
W. W. Turner
Dale M. Lewis
H. H. Weigel
Delos C. Johns
Frederick L. Deming Wm. E. Peterson J. C. Wotawa

Minneapolis....

Paul E. Miller
Leslie N. Perrin

0. S. Powell
A. W. Mills

H. C. Core
E. B. Larson
H. G. McConnell

H. G. Leedy
Henry 0. Koppang

John T. Boysen 2
Clarence W. Tow

Allan Sproul
William F. Treiber

Philadelphia.... William J. Meinel
Henderson Supplee, Jr.

Kansas C i t y . . . . Raymond W. Hall
Cecil Puckett
J. R. Parten
Robert J. Smith

Dallas

E. B. Austin
J. L. Cook 3
Watrous H. Irons
E. R. Millard
H. F. Slade

W. D. Gentry

San Francisco... A. H. Brawner
Y. Frank Freeman

C. E. Earhart
H. N. Mangels

J. Marvin Peterson
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
E. D. Vanderhoof
D. W. Woolley
L. G. Pondrom
Harry A. Shuford
Ronald T. Symms 3
0. P. Wheeler

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of

Richmond
Atlanta

Chicago
St. Louis

Also Federal Reserve Agent.

JANUARY

I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford
R. E. Moody, Jr.
M. L. Shaw
R. A. Swaney
C. M. Stewart
C. A. Schacht
Darryl R. Francis

BufKo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis

New York
Cleveland

1

Vice Presidents

Branch

1954




2

Cashier.

8

Federal Reserve
Bank of

Branch

Vice Presidents

Minneapolis.... Helena

C. W. Groth

Kansas C i t y . . . . Denver
Oklahoma City
Omaha

G. A. Gregory
R. L. Mathes
P. A. Debus

Dallas

C. M. Rowland
W. H. Holloway
W. E. Eagle

El Paso
Houston
San Antonio

San Francisco... Los Angeles
Portland
Salt Lake City
Seattle

Also Cashier.

4

W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner

Counsel.

115

FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from BANKING STUDIES. Comprising 17 papers on bankthe Division of Administrative Services, Board of
ing and monetary subjects by members of the
Governors of the Federal Reserve System, WashBoard's staff. August 1941; reprinted October
ington 25, D. C. Where a charge is indicated,
1952. 496 pages. Paper cover, f 1.00 per copy;
remittance should be made payable to the order
in quantities of 10 or more copies for single
of the Board of Governors of the Federal Reserve
shipment, 75 cents each.
System.
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

of the Board of Governors of the
Federal Reserve System. Issued each year.
Available without charge upon request.

ANNUAL REPORT

Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador,
Uruguay, and Venezuela is $2.00 per annum or
20 cents per copy; elsewhere $2.60 per annum or
25 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50
for 12 months.

FEDERAL RESERVE BULLETIN.

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $6.00

per annum including edition of historical supplement (listed below) available when subscription
is entered or renewed. 60 cents per copy; in
quantities of 10 or more copies of a particular
issue for single shipment, 50 cents each. (Domestic rates)
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued semiannually, usually April

and September. Annual subscription to monthly
chart book includes one issue of supplement.
Single copies, 60 cents each; in quantities of 10
or more copies for single shipment, 50 cents
each. (Domestic rates)
1
A more complete list, including periodic releases and
reprints, appeared on pp. 1414-17 of the December 1953

BULLETIN.

116




FUNCTIONS. November 1947 edition out of print.
Revised edition in process.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).

BANKING AND MONETARY STATISTICS.

A STATISTICAL STUDY OF REGULATION V LOANS.

September 1950. 74 pages. 25 cents per copy;
in quantities of 10 or more copies for single
shipment, 15 cents each.
THE DEVELOPMENT OF BANK DEBITS AND CLEARINGS AND THEIR USE IN ECONOMIC ANALYSIS.

January 1952. 175 pages. 25 cents per copy; in
quantities of 10 or more copies for single shipment, 15 cents each.
as amended to November 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.

THE FEDERAL RESERVE ACT,

COMPILATION OF FEDERAL AND STATE LAWS RELATING TO BRANCH BANKING WITHIN THE UNITED
STATES. (July 1, 1951.) December 1951. 33

pages.
RULES OF ORGANIZATION AND RULES OF PROCEDURE

—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
31 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.
FEDERAL RESERVE BULLETIN

FEDERAL RESERVE BOARD
REPRINTS

THE

TRANSITION TO FREE MARKETS.

RECENT CHANGES IN GERMANY'S FOREIGN TRADE

BALANCE. March 1952. 7 pages.

FEDERAL

1953.
April 1952.

8

pages.

UNITED

RESERVE

SALES.

SUBCOMMITTEE

May

STATES POSTWAR

INVESTMENT IN LATIN

May 1953. 6 pages.

1953 SURVEY OF CONSUMER FINANCES—PART I. T H E
GENERAL

STATEMENT BY CHAIRMAN OF THE BOARD OF GOVBEFORE

RESPONSIBILITIES.

STORE

April 1952. 4 pages.

ERNORS

BANK

5 pages.

AMERICA.

REVISED WEEKLY INDEX OF DEPARTMENT

April 1953.

6 pages.

(From Federal Reserve Bulletin unless preceded by an asterisk,)

BANKING IN THE SOVIET UNION.

PUBLICATIONS

ON GENERAL

FINANCIAL

POSITION

OUTLOOK OF CONSUMERS.
PART II.

AND ECONOMIC

June 1953.

16 pages.

PURCHASES OF DURABLE GOODS IN 1952

CREDIT CONTROL AND DEBT MANAGEMENT, MARCH

AND BUYING PLANS FOR 1953. July 1953. 12 pages.

11, 1952. April 1952. 4 pages.

PART III. HOUSING OF CONSUMERS. August 1953.

CHANGES IN INSTALMENT CREDIT TERMS.

May 1952.

6 pages.

LECTED

EXCESS PROFITS

TAXES

OF COMMERCIAL

BANKS.

June 1952. 18 pages.
REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

LATION X. June 1952. 18 pages.
PROBLEMS OF TRADE EQUILIBRIUM.

October 1952.

N E T WORTH OF CONSUMERS,

PRELIMINARY

FINDINGS

OF THE 1953

SURVEY OF CONSUMER FINANCES.

March 1953.

2 pages. (Also, similar surveys for earlier years
from 1946, 1947, 1948, 1949, 1950, 1951, and
1952 BULLETINS.)
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.

9 pages.
REVISED

10 pages. PART IV.

EARLY 1953. September 1953. 16 pages. SE-

SERIES

ON DEPARTMENT

STOCKS, AND ORDERS.

STORE

SALES,

October 1952. 5 pages.

RECENT CREDIT EXPANSION.

December

1952.

7

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1953. 2 pages. (Also
similar article from July 1952 BULLETIN.)

pages.
RECENT
CREDIT AND MONETARY REVIEW FOR 1952.

1953.
THE

February

7 pages.

MONETARY SYSTEM OF THE UNITED STATES.

THE

AND MONETARY

DEVELOPMENTS.

8 pages.

BALANCE

SHEET

OF AGRICULTURE,

1953.

August 1953. 13 pages.

February 1953. 16 pages.
INFLUENCE OF CREDIT AND MONETARY MEASURES ON

ECONOMIC STABILITY.

CREDIT

July 1953.

March 1953. 16 pages.

UNITED STATES BALANCE OF PAYMENTS IN 1952-53.

October 1953. 9 pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY.

REVISED INDEXES OF DEPARTMENT STORES SALES AND

May 1953. 7 pages.

STOCKS, BY MAJOR DEPARTMENTS.
INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952.

1953.

November

65 pages.

March 1953. 8 pages. (Also similar article from
March 1952 BULLETIN.)
REVISION OF CONSUMER CREDIT STATISTICS.

1953.
#

FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
April

19 pages.

DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATE-

PRODUCTION, 1953 Revision. December 1953. 96
pages. (Also, similar index from August 1940,
September 1941, and October 1943 issues of
BULLETIN with supplementary data. October
1943. 120 pages.)

TERM CONSUMER CREDIT STATISTICS (supplemen-

tary details for item listed above), April 1953.
25 pages.
JANUARY 1954




EXTENSIONS AND REPAYMENTS OF CONSUMER I N -

STALMENT CREDIT.

January 1954.

14 pages.

117




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

•

FEDERAL RESERVE BRANCH CITIES


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102